香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致之任何損失承擔任何責任。 安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） (1)二Ｏ二三年第三季度報告 (2)補充公告－關連交易：出售三間公司之股權 二零二三年第三季度報告 此公告乃根據香港法例第571章證券及期貨條例第XIVA部及香港聯合交易所有限 公司證券上市規則第13.09(2)(a)及13.10B條的規定作出。根據中華人民共和國（「中 國」）上海證券交易所（本公司A股上市的交易所）的適用規則，安徽皖通高速公路 股份有限公司（「本公司」）及其附屬公司（與本公司合稱為「本集團」）二零二三年第 三季度報告（「二零二三年第三季度報告」）將於二零二三年十月三十一日刊登於中 國之報章。 隨附將刊登的本公司二零二三年第三季度報告。二零二三年第三季度報告所載的本 集團截至二零二三年九月三十日止三個月（「報告期」）之財務資料乃 ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2023, representing a year-on-year increase of 15%[9]. - The company's operating revenue for the first half of 2023 was CNY 2,323,838,937.32, a decrease of 17.48% compared to CNY 2,816,252,364.25 in the same period last year[20]. - Net profit attributable to shareholders for the same period was CNY 839,500,426.23, an increase of 26.06% from CNY 665,973,527.50 year-on-year[20]. - Basic earnings per share for the first half of 2023 were CNY 0.5061, up 26.06% from CNY 0.4015 in the same period last year[21]. - The company reported a net profit of RMB 667,510 thousand for the first half of 2023, compared to a profit of RMB 647,267 thousand in the same period of 2022, reflecting an increase of approximately 3.9%[133]. - The company’s total equity as of June 30, 2023, was RMB 11,958,768 thousand, slightly down from RMB 11,979,823 thousand at the end of 2022[133]. - The company reported a net loss from foreign exchange of RMB 89,000 for the six months ended June 30, 2023, compared to a loss of RMB 15,000 in the same period of 2022[148]. Revenue Sources - Toll revenue for the first half of 2023 reached RMB 2,036,390 thousand, an increase of 14.29% from RMB 1,781,735 thousand in the same period last year[34]. - The revenue from construction and renovation services under franchise arrangements was RMB 236,174 thousand, down 76.2% from RMB 991,634 thousand in the prior year[146]. - Toll revenue, rental income, and other income amounted to RMB 2,087,665 thousand, an increase of 14.5% from RMB 1,824,618 thousand in the previous year[146]. Operational Efficiency - New product development includes the introduction of smart toll collection systems, expected to enhance operational efficiency by 25%[9]. - The company is focusing on enhancing operational management and improving toll collection efficiency to mitigate the impact of rising costs and policy changes[64]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and service quality[20]. Market Expansion - The company plans to expand its market presence by entering two new provinces by the end of 2024, aiming for a 30% increase in regional market share[9]. - The company is actively enhancing investor relations management to strengthen investor confidence and support future capital structure improvements[32]. - The company plans to leverage the strategic opportunities presented by the integration of the Yangtze River Delta to promote sustainable development[66]. Risk Management - Risk factors identified include potential regulatory changes that could impact operational costs, which the company is actively monitoring[5]. - The company has developed a comprehensive risk prevention mechanism to address potential risks such as natural disasters and market fluctuations, ensuring no return to poverty due to these factors[84]. Environmental Initiatives - The company is actively engaged in environmental protection, with no violations or administrative penalties reported as of June 30, 2023[80]. - The company has initiated noise reduction measures, including the installation of sound barriers and low-noise road surfaces, to address community concerns[81]. - The company has implemented measures to reduce carbon emissions, including promoting non-excavation maintenance technologies, which significantly lowered road waste generation and carbon emissions during maintenance[82]. Employee Management - As of June 30, 2023, the company had a total of 1,910 employees, a decrease from 2,025 employees as of June 30, 2022, representing a reduction of approximately 5.7%[77]. - Employee compensation for the reporting period was RMB 212.49 million, an increase of 9.2% compared to RMB 194.53 million in the same period of 2022[77]. - The company has implemented a multi-channel career development and compensation promotion system to enhance employee motivation and performance[77]. Shareholder Relations - The company is committed to protecting shareholder interests and will continue to support acquisitions[88]. - The company plans to increase the annual cash dividend ratio to no less than 75% of the net profit attributable to the parent company from 2023 to 2025 following the completion of the asset acquisition transaction[97]. - The company has completed the share reform and plans to implement long-term incentive plans[88]. Asset Management - The total assets of the company as of June 30, 2023, were CNY 21,926,546,123.47, representing a 2.93% increase from CNY 21,303,368,819.17 at the end of the previous year[20]. - The company has allocated RMB 200 million for research and development in new technologies for highway management systems[9]. - The company reported a fair value change loss of RMB -70,800,000, a significant decline of 906.97% year-on-year[51]. Strategic Acquisitions - The company plans to acquire 100% equity of Liu Wu Company from Anhui Communications Control Group for a transaction price of RMB 366,600.39 million[94]. - The company intends to issue A-shares and raise matching funds from no more than 35 qualified investors through an inquiry method[94]. - The company is awaiting necessary approvals for the asset acquisition plan, which may affect the timeline for implementation[97].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2023, representing a year-on-year increase of 15%[10]. - Net profit attributable to shareholders reached RMB 300 million, up 20% compared to the same period last year[10]. - The company's operating revenue for the first half of 2023 was RMB 2,323,838,937.32, a decrease of 17.48% compared to RMB 2,816,252,364.25 in the same period last year[17]. - Net profit attributable to shareholders for the first half of 2023 was RMB 839,500,426.23, an increase of 26.06% from RMB 665,973,527.50 in the previous year[17]. - Basic earnings per share for the first half of 2023 was RMB 0.5061, reflecting a 26.06% increase compared to RMB 0.4015 in the same period last year[19]. - The total profit for the period was RMB 1,171,790 thousand, reflecting a 27.33% increase from RMB 920,292 thousand in the previous year[33]. - The company reported a net profit of CNY 911,048,465.53 for the first half of 2023, compared to CNY 856,610,356.26 in the same period of 2022, reflecting a growth of 6.4%[133]. - The total comprehensive income for the first half of 2023 was CNY 895,088,590.75, compared to CNY 856,928,951.79 in the same period of 2022[133]. Revenue Sources - Toll revenue increased to RMB 2,036,390 thousand (after tax), a rise of 14.29% compared to RMB 1,781,735 thousand in the same period of 2022[35]. - The revenue from tolls in Anhui Province was RMB 2,298,043,829.54, with a gross profit margin of 57.42%, reflecting a year-on-year increase of 20.33 percentage points[52]. - The company’s revenue from the highway business segment was RMB 499,103.79, with a net profit of RMB 134,079.26 from Xuan Guang Company[70]. - Total revenue from sales of goods and services reached CNY 1,406,310,606.35, up from CNY 1,140,793,324.58 in the first half of 2022, marking a growth of 23.3%[137]. Traffic and Operations - The average daily traffic volume on the expressways increased by 10% to 1.5 million vehicles[10]. - The average daily traffic flow for the He-Ning Expressway increased by 42.53% to 46,848 vehicles in the first half of 2023, compared to 32,868 vehicles in the same period of 2022[36]. - The total traffic flow for all toll roads increased by 14.30% to 2,098,285 vehicles in the first half of 2023, compared to 1,835,694 vehicles in the same period of 2022[36]. - The company managed a total of 5,126 kilometers of toll roads, providing management services for other operating road property entities in Anhui Province[28]. Investments and Future Plans - The company plans to expand its expressway network by 200 kilometers by the end of 2024[10]. - Investment in new technology for toll collection systems is projected to reach RMB 50 million in 2023[10]. - The company plans to complete the XuanGuang Expressway expansion project by 2024, with a total estimated cost of RMB 131.07 million[64]. - The company is actively pursuing asset injection and investment management to enhance investor confidence and improve capital structure[32]. Financial Position - The total assets as of June 30, 2023, were RMB 21,926,546,123.47, an increase of 2.93% from RMB 21,303,368,819.17 at the end of the previous year[18]. - The total liabilities increased by 10.77% to RMB 8,649,235,000 as of June 30, 2023, compared to RMB 7,808,394,000 at the end of the previous year[27]. - The net assets attributable to shareholders at the end of the reporting period were RMB 11,836,117,405.25, a decrease of 0.74% from RMB 11,924,812,353.80 at the end of the previous year[18]. - The company's cash and cash equivalents were CNY 5,254,456,203.97, compared to CNY 4,731,499,274.61 in the previous period, representing a growth of approximately 11.04%[126]. Compliance and Governance - The company has no significant non-operating fund occupation by controlling shareholders[3]. - There are no violations of decision-making procedures regarding external guarantees[3]. - The company has not faced any risks that would prevent the board from ensuring the accuracy of the semi-annual report[3]. - The company will focus on compliance management and risk control measures to improve governance capabilities[77]. Employee and Community Engagement - As of June 30, 2023, the company employed 1,910 people, a decrease from 2,025 employees on June 30, 2022[84]. - Employee compensation for the reporting period amounted to RMB 212.49 million, compared to RMB 194.53 million in the first half of 2022, reflecting an increase of approximately 9.9%[84]. - The company has been involved in poverty alleviation efforts, providing continuous support to Lishucun village for seven years, aligning with rural revitalization strategies[91]. - The company has implemented a comprehensive support policy for rural development, allocating funds annually to assist in the development of specialty agriculture and infrastructure improvements[92]. Environmental and Social Responsibility - The company has actively promoted green and low-carbon initiatives, including the use of low-noise pavement and environmentally friendly de-icing agents, to reduce carbon emissions[90]. - In the first half of 2023, the company's toll stations recorded approximately 24 million ETC vehicle passes, saving about 770,000 liters of fuel and reducing emissions by approximately 140 tons[90]. - The company has focused on ecological improvements, completing major road repairs and enhancing waste management systems in rural areas[94]. Strategic Acquisitions and Shareholder Relations - The company plans to acquire 100% equity of Liu Wu Company for a transaction price of RMB 366,600.39 million[105]. - The company intends to issue A-shares and pay cash to acquire assets and raise supporting funds, with the plan announced on April 4, 2023[104]. - The company aims to increase its annual cash dividend payout ratio to no less than 75% of the net profit attributable to the parent company from 2023 to 2025[106]. - The company has engaged in ongoing discussions regarding future cash dividend arrangements to protect minority shareholders' interests[106].

Financial Performance - For the six months ended June 30, 2023, the total revenue was RMB 2,323,839, a decrease of 17.5% compared to RMB 2,816,252 for the same period in 2022[3]. - The operating profit for the same period was RMB 1,268,549, representing an increase of 22.8% from RMB 1,032,491 in 2022[3]. - The net profit attributable to the owners of the company was RMB 838,399, up 25.6% from RMB 667,510 in the previous year[3]. - Basic and diluted earnings per share increased to RMB 0.5055 from RMB 0.4025, reflecting a growth of 25.6%[3]. - The company reported a total comprehensive income of RMB 844,954 for the period, compared to RMB 647,586 in the previous year, reflecting a growth of 30.5%[5]. - The net profit for the first half of 2023 is RMB 838,399 thousand, compared to RMB 667,510 thousand for the same period in 2022, representing a year-on-year increase of approximately 25.5%[9]. - Total profit amounted to RMB 1,171,790 thousand, an increase of 27.33% from RMB 920,292 thousand year-on-year[40]. - Net profit attributable to shareholders was RMB 839,500 thousand, up 26.06% from RMB 665,974 thousand in the previous year[40]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 21,968,907, an increase from RMB 21,345,566 at the end of 2022[6]. - The total liabilities as of June 30, 2023, were RMB 8,649,235, up from RMB 7,808,394 at the end of 2022[7]. - As of June 30, 2023, the total equity attributable to the company's owners is RMB 13,319,672 thousand, a decrease from RMB 13,537,172 thousand as of December 31, 2022[8]. - Current assets increased to RMB 5,542,729, compared to RMB 5,213,960 at the end of 2022, marking a growth of 6.3%[6]. - Non-current assets, including toll road operating rights, rose to RMB 13,834,832 from RMB 13,497,875, indicating a growth of 2.5%[6]. Cash Flow - The cash flow from operating activities for the first half of 2023 is RMB 1,302,860 thousand, an increase from RMB 971,608 thousand in the same period of 2022, indicating a growth of approximately 34%[11]. - The company incurred a net cash outflow from investing activities of RMB 1,293,808 thousand in the first half of 2023, compared to RMB 1,489,356 thousand in the same period of 2022, showing a decrease of about 13.1%[12]. - The financing activities resulted in a net cash outflow of RMB 313,751 thousand for the first half of 2023, contrasting with a net cash inflow of RMB 664,144 thousand in the same period of 2022[12]. - The company’s cash and cash equivalents decreased to RMB 2,599,158 thousand as of June 30, 2023, down from RMB 3,506,314 thousand at the end of the previous year[12]. Revenue Sources - Toll revenue, rental income, and other income amounted to RMB 2,087,665 thousand, up 14.5% from RMB 1,824,618 thousand in the previous year[17]. - The average daily traffic volume for the first half of 2023 increased significantly, with toll revenue reaching RMB 2,036,390 thousand, a growth of 14.29% compared to RMB 1,781,735 thousand in the same period of 2022[42]. - The toll revenue for the Anhui section of the Lianhuo Expressway increased by 1.51% year-on-year, despite competitive pressures from nearby road networks[44]. - The group experienced a 52.56% increase in toll revenue for the 205 National Road Tianchang section, reflecting strong growth in freight traffic[43]. Operational Challenges and Strategies - The company faces challenges due to increased competition from parallel and alternative routes, which may affect toll revenue growth[83]. - Rising maintenance costs for aging road sections are anticipated as most of the company's routes have entered a mature phase[83]. - The expiration of toll road concessions poses a risk to the company's sustainable development if new projects are not acquired in time[84]. - The company aims to leverage the national strategy of the Yangtze River Delta integration to accelerate the expansion and upgrading of certain highway sections[84]. - The implementation of policies to increase ETC usage and adjust truck tolls is expected to enhance toll road efficiency in the long term[82]. Corporate Governance and Compliance - The company has complied with the corporate governance code, maintaining high standards to enhance transparency and protect shareholder interests[75]. - The company has established a board diversity policy, which was approved in the 20th meeting of the sixth board[76]. - The company has adopted a code of conduct for securities trading by directors and supervisors, ensuring compliance with the Hong Kong Stock Exchange regulations[79]. - The company has three independent non-executive directors, two of whom possess accounting or financial management expertise[78]. Future Plans and Investments - The company plans to acquire 100% equity of Liu Wu Company from Anhui Transportation Holding Group for a transaction price of CNY 3,666 million[64]. - The company intends to increase the annual cash dividend ratio to no less than 75% of the net profit attributable to the parent company for the years 2023 to 2025 following the completion of the transaction[67]. - The company plans to invest RMB 500 million in the establishment of the Anhui Conch Jinshi Innovation Development Investment Fund, with a total target scale of RMB 5 billion[81].

Financial Performance - The company's operating revenue for Q1 2023 was CNY 1,145,086,806.22, representing an increase of 18.51% compared to the same period last year[4] - Net profit attributable to shareholders of the listed company was CNY 459,462,788.58, reflecting a growth of 13.15% year-on-year[4] - Basic earnings per share for the period was CNY 0.2770, which is a 13.15% increase from the same quarter last year[5] - Total revenue for Q1 2023 reached ¥1,145,086,806.22, a 18.5% increase from ¥966,250,859.11 in Q1 2022[23] - Net profit for Q1 2023 was ¥478,671,148.35, up 18.2% compared to ¥404,833,684.13 in Q1 2022[25] - Operating profit for Q1 2023 was ¥649,180,536.06, an increase of 20.8% from ¥537,408,000.28 in Q1 2022[25] Cash Flow - The net cash flow from operating activities reached CNY 1,029,461,546.80, showing a significant increase of 93.23% compared to the previous year[4] - Cash flow from operating activities in Q1 2023 was ¥1,646,294,503.14, significantly higher than ¥1,035,531,771.59 in Q1 2022[26] - The net cash flow from operating activities for Q1 2023 was approximately $1.03 billion, a significant increase from $532.77 million in Q1 2022, representing a growth of 93%[27] - Total cash inflow from operating activities amounted to $1.65 billion, compared to $1.04 billion in the same period last year, indicating a year-over-year increase of 58.7%[27] - The ending cash and cash equivalents balance was approximately $2.96 billion, down from $3.61 billion at the end of Q1 2022, a decrease of 18%[27] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 21,687,721,940.73, up by 1.80% from the end of the previous year[5] - Total assets as of March 31, 2023, amounted to ¥21,687,721,940.73, compared to ¥21,303,368,819.17 at the end of 2022[22] - Total liabilities decreased to ¥7,703,363,781.00 from ¥7,798,806,600.25 at the end of 2022, reflecting a reduction of 1.2%[22] - The company's total equity increased to ¥13,984,358,159.73 as of March 31, 2023, compared to ¥13,504,562,218.92 at the end of 2022[22] Traffic and Toll Revenue - The company reported an increase in toll revenue, which contributed to the rise in cash flow from operating activities[8] - In Q1 2023, the average daily traffic on the G205 National Road Tianchang section increased by 51.96% to 7,162 vehicles compared to Q1 2022[13] - The total toll revenue for the G205 National Road Tianchang section rose by 79.74% to RMB 20,093,000 in Q1 2023 from RMB 11,179,000 in Q1 2022[13] - The total toll revenue across all projects in Q1 2023 reached RMB 1,112,082,000, marking a 13.70% increase from RMB 978,098,000 in Q1 2022[14] - The average daily traffic on the Hehui Expressway increased by 30.53% to 50,444 vehicles in Q1 2023 compared to 38,646 vehicles in Q1 2022[13] - The toll revenue for the Hehui Expressway increased by 18.19% to RMB 361,079,000 in Q1 2023 from RMB 305,501,000 in Q1 2022[13] - The company reported a 10.95% increase in average daily traffic on the Ninghuai Expressway Tianchang section, reaching 48,223 vehicles in Q1 2023[14] Government Support and Policies - The company received government subsidies amounting to CNY 3,562,031.87, related to highway construction projects[6] - The company implemented various policy-based fee reductions totaling RMB 175 million in Q1 2023, including RMB 31 million for green channel vehicles[16] - The company continues to offer an 85% discount policy for trucks holding Anhui transportation cards, which has been effective since July 2016[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 22,350, with the largest shareholder holding 31.63% of the shares[9] Acquisition Plans - The company plans to acquire 100% equity of Anhui Liwu Expressway Co., Ltd. for an estimated price not exceeding RMB 4 billion through a combination of issuing A-shares and cash[20] - The company's A-shares were suspended from trading on April 3, 2023, due to the pending acquisition, and resumed trading on April 18, 2023[20] Non-Operating Income and Expenses - Non-operating income and expenses resulted in a total loss of CNY 10,028,353.80, primarily due to fair value losses on financial assets[6] Accounting Standards - The company did not apply new accounting standards for the first quarter of 2023[28]

Financial Performance - The company's operating revenue for Q1 2023 was CNY 1,145,086,806.22, representing an increase of 18.51% compared to the same period last year[3]. - Net profit attributable to shareholders for the same period was CNY 459,462,788.58, reflecting a growth of 13.15% year-on-year[3]. - The net profit after deducting non-recurring gains and losses was CNY 469,491,142.38, which is an increase of 14.89% compared to the previous year[3]. - Basic earnings per share for Q1 2023 were CNY 0.2770, up by 13.15% from the same period last year[3]. - Operating profit for Q1 2023 was CNY 649,180,536.06, representing a 20.8% increase compared to CNY 537,408,000.28 in Q1 2022[24]. - The company reported a decrease in other comprehensive income, with a net amount of CNY -3,565,177.16 in Q1 2023 compared to CNY 101,481.20 in Q1 2022[25]. Cash Flow - The net cash flow from operating activities reached CNY 1,029,461,546.80, showing a significant increase of 93.23% year-on-year[3]. - Cash flow from operating activities for Q1 2023 was CNY 1,029,461,546.80, significantly higher than CNY 532,774,016.77 in Q1 2022[27]. - The company received cash from financing activities totaling $80 million, a significant decrease from $943.33 million in Q1 2022[28]. - The net cash flow from financing activities in Q1 2023 was -$6 million, compared to a positive $812.94 million in the same period last year[28]. - Cash and cash equivalents at the end of Q1 2023 amounted to approximately $2.96 billion, down from $3.61 billion in Q1 2022[28]. - The net increase in cash and cash equivalents for Q1 2023 was approximately $57.27 million, down from $250.63 million in Q1 2022[28]. Assets and Liabilities - Total assets at the end of Q1 2023 amounted to CNY 21,687,721,940.74, a 1.80% increase from the end of the previous year[3]. - The total amount of current assets was RMB 6.056 billion, an increase from RMB 5.214 billion as of December 31, 2022, representing a growth of approximately 16.2%[19]. - The total liabilities as of March 31, 2023, were RMB 7.703 billion, a slight decrease from RMB 7.799 billion as of December 31, 2022[21]. - The company's total equity increased to CNY 13,984,358,159.73 as of March 31, 2023, from CNY 13,504,562,218.92 at the end of 2022[22]. Traffic and Toll Revenue - The average daily traffic flow for the Huning Expressway increased by 30.53% to 50,444 vehicles in Q1 2023 compared to 38,646 vehicles in Q1 2022[13]. - Toll revenue for the Huning Expressway rose by 18.19% to RMB 361,079,000 in Q1 2023 from RMB 305,501,000 in Q1 2022[13]. - The new section of National Highway 205 saw a 51.96% increase in average daily traffic flow, reaching 7,162 vehicles in Q1 2023[13]. - Toll revenue for the new section of National Highway 205 surged by 79.74% to RMB 20,093,000 in Q1 2023 from RMB 11,179,000 in Q1 2022[13]. - The total average daily traffic flow across all reported expressways was 1,112,082 vehicles in Q1 2023, a 13.70% increase from 978,098 vehicles in Q1 2022[13]. - The company reported a total toll revenue of RMB 1,112,082,000 for Q1 2023, reflecting a significant increase compared to the previous year[13]. Shareholder Information - The company has a total of 22,285 A-share shareholders and 65 H-share shareholders as of the reporting period[12]. - The top ten shareholders hold a significant portion of the company's shares, with the largest shareholder owning 31.63%[11]. Government Subsidies and Discounts - Non-operating income included government subsidies amounting to CNY 3,562,031.87, related to highway construction funding[4]. - The total amount of policy-related fee reductions during the first quarter of 2023 was RMB 175 million, including RMB 31 million for approximately 37,200 vehicles in the green channel[14]. - During the Spring Festival, the flow of small passenger vehicles (7 seats and below) on the group's managed routes reached 1.6962 million, resulting in a fee exemption of approximately RMB 73 million[14]. - The ETC discount amounted to RMB 67 million, with RMB 37 million attributed to the Anhui transportation card for trucks, accounting for 55.22% of the total ETC reductions[14]. - The company plans to extend the 15% discount policy for trucks holding Anhui transportation cards for an additional three years, from January 1, 2021, to December 31, 2023[15]. - The company has signed a cooperation agreement to subsidize small passenger vehicles with specific license plates for toll exemptions on the Anqing Yangtze River Highway Bridge, with a subsidy of RMB 21 per trip[16]. Acquisition Plans - The estimated price for acquiring 100% equity of Anhui Liwu Expressway Co., Ltd. is expected to be no more than RMB 4 billion, with the company planning to issue A-shares and pay cash for this transaction[17].

Financial Performance - The net profit for the year 2022, according to Chinese accounting standards, was RMB 1,525,975 thousand, while under Hong Kong accounting standards, it was RMB 1,514,040 thousand[26]. - The total distributable profit for shareholders for 2022 is RMB 1,514,040 thousand, which is the lower amount calculated under both accounting standards[26]. - Net profit attributable to shareholders for 2022 was CNY 1,445,017,073.40, a decrease of 4.57% from CNY 1,514,167,905.95 in 2021[41]. - The total profit for the year was RMB 1,976.93 million, a decrease of 6.71% from RMB 2,119.13 million in the previous year[71]. - Basic earnings per share for 2022 were CNY 0.8712, a decrease of 4.57% from CNY 0.9129 in 2021[43]. - The weighted average return on net assets for 2022 was 12.48%, a slight decrease of 0.1 percentage points from 12.58% in 2021[43]. - The company reported a total liability of CNY 7,808,394,000 in 2022, compared to CNY 7,985,646,000 in 2021[45]. - The company achieved a total operating revenue of RMB 5,206.37 million in the reporting period, representing a year-on-year increase of 32.78% compared to RMB 3,920.96 million in 2021[71]. - Operating revenue increased by 32.78% to CNY 5,206,366,427.90 from CNY 3,920,958,228.02 in the previous year[85]. - The group achieved toll revenue of RMB 3,676,379 thousand, a decrease of 4.04% compared to RMB 3,831,092 thousand in the previous year[72]. Dividends and Shareholder Returns - The proposed cash dividend is RMB 5.5 per 10 shares, totaling RMB 912,235.50 thousand, based on a total share capital of 1,658,610,000 shares[26]. - The total retained earnings available for distribution to shareholders as of December 31, 2022, amounted to RMB 9,865,178 thousand, an increase from RMB 9,263,334 thousand in 2021[133]. - The company's undistributed profits calculated under Chinese accounting standards reached RMB 10,323,407 thousand as of December 31, 2022, compared to RMB 9,709,667 thousand in 2021[133]. - The company has distributed cash dividends totaling approximately RMB 7.503 billion since its listing, with a cumulative dividend per share of RMB 4.5575[154]. - The proposed cash dividend for the current year is RMB 0.55 per share, resulting in a payout ratio of 63.13%[154]. Risk Management and Compliance - The report includes a detailed description of existing risk factors and future development strategies, urging investors to be aware of investment risks[27][29]. - The company emphasizes the importance of rational investment and awareness of risks in its forward-looking statements[27]. - The company has implemented a comprehensive emergency response plan, enhancing its emergency response capabilities significantly[60]. - The company is actively addressing policy risks related to toll road operations, which are subject to government regulations and potential changes in toll pricing policies[126]. - The company faces risks associated with the expiration of operating rights for toll roads, which could impact sustainable development if not supplemented by new projects[127]. - The company has established a comprehensive risk management approach, including quarterly risk inspection reports to analyze risk response measures[155]. - The company has complied with significant laws and regulations affecting its operations during the reporting period[157]. Corporate Governance - The company has confirmed that all board members attended the board meeting, ensuring accountability for the report's accuracy[25]. - The board of directors consists of 9 members, including 4 executive directors, 2 non-executive directors, and 3 independent directors[146]. - The independent directors hold a majority in the audit committee and the human resources and remuneration committee, ensuring compliance with governance standards[146]. - The company has conducted 8 supervisory board meetings during the reporting period, with all supervisors present[147]. - The company has maintained a strict insider information management system, with no incidents of insider trading reported during the year[150]. - The company emphasizes the importance of internal audit and control, focusing on risk prevention and management, with a successful risk control situation reported for 2022[155]. - The company is committed to improving corporate governance and compliance management to enhance overall operational efficiency[125]. Operational Highlights - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency[46]. - The company successfully connected the Ningxuanhang Expressway with Jiangsu and Zhejiang provinces, enhancing operational capabilities[58]. - The company established an AI-integrated inspection platform to promote intelligent and precise auditing[58]. - The company launched the "Anhui Beautiful Highway" travel service system, which includes a framework of "1 system, 3 supports, 5 carriers, and 100 working methods" to improve service quality[61]. - The company has established a mature highway management system over nearly 27 years, characterized by low management costs and high operational efficiency[69]. - The company is focusing on integrating smart transportation and digitalization to expand its main business scale and drive transformation[65]. Investment and Growth Strategies - The company anticipates continued investment growth in highway infrastructure, driven by economic development and supportive government policies, despite challenges in the toll road industry[103]. - The company completed a significant investment of RMB 1.41755 billion in the Xuan Guang expansion PPP project during the reporting period[110]. - The company successfully subscribed to the Anhui Expressway REITs project with an investment amount of RMB 423.232 million, accounting for 3.89% of the total fund shares[111]. - The company is actively pursuing strategic opportunities in the Yangtze River Delta integration initiative[109]. - The company is focusing on deepening reforms and innovation development in response to favorable policies for state-owned enterprises[106]. Employee and Management Structure - The total number of employees in the parent company and major subsidiaries is 1,972[198]. - The number of production personnel is 1,292, while sales personnel count is 0[199]. - The educational background of employees includes 81 with postgraduate degrees, 560 with bachelor's degrees, and 862 with associate degrees[200]. - The management team includes professionals with advanced degrees and certifications, ensuring a high level of expertise in financial and operational management[174]. - The company appointed Wu Changming as Deputy General Manager and Secretary of the Board in June 2022, with extensive experience in legal affairs and management within the transportation sector[172]. Financial Position and Debt Management - The net cash flow from operating activities for 2022 was RMB 1,937,699,977.46, down 7.60% from RMB 2,097,060,846.01 in 2021, primarily due to a decrease in toll revenue[98]. - The net cash flow from investing activities for 2022 was RMB -2,477,041,910.04, compared to RMB 200,183,936.09 in 2021, mainly due to capital expenditures for the expansion of Xuanguang[98]. - The group obtained bank loans totaling RMB 1.993 billion during the reporting period, compared to RMB 3.778 billion in 2021, with a remaining bank loan balance of RMB 6.644 billion as of the end of the reporting period[134]. - The capital debt ratio at the end of 2022 was 22.08%, an increase from 14.96% in 2021, according to Hong Kong accounting standards[135]. - The group has fixed-rate bank loans of RMB 380 million with an annual interest rate of 1.2%, while floating-rate loans range from 3.05% to 4.90%[134].

Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 5,206,366 thousand, an increase of 29.2% compared to RMB 4,029,476 thousand in 2021[2] - Operating profit for the same period was RMB 2,194,606 thousand, down 7.4% from RMB 2,371,088 thousand in 2021[2] - Net profit attributable to the owners of the company was RMB 1,445,457 thousand, a decrease of 4.4% from RMB 1,511,965 thousand in 2021[2] - Basic and diluted earnings per share for 2022 were RMB 0.8715, compared to RMB 0.9116 in 2021[2] - Total revenue for the year ended December 31, 2022, was RMB 5,206,366, an increase from RMB 4,029,476 in 2021, representing a growth of approximately 29.2%[13] - Toll revenue decreased to RMB 3,676,379 in 2022 from RMB 3,831,092 in 2021, reflecting a decline of about 4.0%[13] - Revenue from construction and renovation services under franchise arrangements surged to RMB 1,417,554 in 2022, up from RMB 108,518 in 2021, marking a significant increase of approximately 1205.5%[13] - The total profit for the year was RMB 1,976,932 thousand, a decrease of 6.71% from RMB 2,119,127 thousand in the previous year[35] - Net profit attributable to shareholders was RMB 1,445,017 thousand, down 4.57% from RMB 1,514,168 thousand in 2021[35] - Basic earnings per share for 2022 was RMB 0.8715, down from RMB 0.9116 in 2021, indicating a decrease of about 4.9%[22] Assets and Liabilities - Total assets as of December 31, 2022, amounted to RMB 21,345,566 thousand, an increase of 6.9% from RMB 19,965,469 thousand in 2021[6] - Non-current assets, including toll road operating rights, were RMB 13,497,875 thousand, up from RMB 13,207,681 thousand in 2021[5] - Cash and cash equivalents decreased to RMB 2,903,848 thousand from RMB 3,359,918 thousand in 2021[5] - Total liabilities as of December 31, 2022, were RMB 7,808,394 thousand, a slight decrease from RMB 7,985,646 thousand in 2021[7] - The company’s total liabilities decreased to RMB 1,977,818 million in 2022 from RMB 2,116,190 million in 2021, indicating a reduction of approximately 6.6%[20] Tax and Expenses - Total tax expenses for the year were RMB 562,194 million, slightly lower than RMB 573,077 million in the previous year, reflecting a decrease of approximately 1.5%[17] - The company reported a deferred tax expense of RMB 23,220 million for 2022, compared to a deferred tax benefit of RMB 17,833 million in 2021[17] - Interest expenses for the year increased to RMB 214,432 in 2022 from RMB 143,159 in 2021, representing a rise of about 49.8%[15] - Employee benefits expenses, including salaries and social security, increased to RMB 430,281 million in 2022 from RMB 401,274 million in 2021, marking an increase of approximately 7.2%[22] Dividends and Retained Earnings - The proposed final dividend for 2022 is RMB 0.55 per share, totaling RMB 912,236 million, consistent with the previous year's dividend[23][24] - The company’s retained earnings increased to RMB 9,611,890 thousand from RMB 9,078,629 thousand in 2021[6] Operational Performance - The company recorded a loss of RMB 8,286 million from the sale of toll road concessions in 2022, compared to a gain of RMB 4,173 million in 2021[20] - The company noted that the operational performance of toll roads was affected by competitive road network changes and parallel road expansions[40] - The company anticipates continued impacts from various policy exemptions and external factors on toll revenue in the upcoming periods[43] - The company reported a significant impact on toll revenue due to construction on the Anhui section of the G4221 highway, leading to a shift of some vehicles to national roads[51] Investments and Projects - The company successfully implemented the PPP project for the expansion of the Xuanguang Highway, enhancing its asset scale and overall competitiveness[57] - The company’s investment in Ningxuanhang Company improved its financing capacity and reduced credit risk, benefiting the overall strategic development[57] - The company’s investment in the Anhui Expressway REITs project further strengthened its competitive edge and profitability[57] - The company completed a significant investment of RMB 1.41755 billion in the PPP project during the reporting period[59] - The company agreed to subscribe up to RMB 500 million for the Anhui Expressway REITs, acquiring 3.89% of the total fund shares, with a final subscription amount of RMB 423.232 million confirmed[59] Governance and Compliance - The audit committee held five meetings in 2022, reviewing the company's financial reports and internal control evaluations[67] - The company’s governance structure was improved by revising 12 internal regulations to enhance operational efficiency and compliance with legal standards[66] Market and Economic Conditions - The toll road industry faces challenges such as slowing economic growth limiting toll revenue, rising construction and operational costs, and increasing management costs due to various policy exemptions[79][80] - The company anticipates continued growth in highway infrastructure investment, driven by the integration of the Yangtze River Delta and the construction strategy for a strong transportation nation, indicating significant investment opportunities in Anhui province[78] Future Outlook - The company emphasizes the integration of information technology, artificial intelligence, new materials, and new energy into the transportation industry[82] - The focus for the next phase of highway information development is on smart leadership and the integration of infrastructure networks, transportation service networks, and information networks[82] - The aim is to expand resource sharing, enhance user experience, and improve organizational efficiency[82] - The company is committed to transitioning from traditional factor-driven development to innovation-driven development[82]

Financial Performance - The company's net profit for 2022, according to Chinese accounting standards, was RMB 1,525,975 thousand, while the profit under Hong Kong accounting standards was RMB 1,514,040 thousand[5]. - The distributable profit for shareholders for 2022 is RMB 1,514,040 thousand, leading to a proposed cash dividend of RMB 5.5 per 10 shares, totaling RMB 912,235.50 thousand[5]. - The company's operating revenue for 2022 was CNY 5,206,366,427.90, representing a 32.78% increase compared to CNY 3,920,958,228.02 in 2021[20]. - Net profit attributable to shareholders for 2022 was CNY 1,445,017,073.40, a decrease of 4.57% from CNY 1,514,167,905.95 in 2021[20]. - The total profit for the year was RMB 1,976.93 million, a decrease of 6.71% from RMB 2,119.13 million in the previous year[49]. - The net profit after deducting non-recurring gains and losses was CNY 1,424,748,352.88, which is a 4.55% increase from CNY 1,362,706,570.12 in 2021[20]. - Basic earnings per share for 2022 were CNY 0.8712, a decrease of 4.57% from CNY 0.9129 in 2021[21]. - The weighted average return on equity for 2022 was 12.48%, a slight decrease of 0.1 percentage points from 12.58% in 2021[21]. Dividend Policy - The company has maintained a high cash dividend policy, which has garnered strong support from investors[48]. - The company has continuously distributed cash dividends for 26 years since its listing, adhering to its cash dividend policy[160]. - The company has implemented a cash dividend distribution plan in 2021, committing to distribute at least 60% of the net profit attributable to shareholders in cash over the next three years[161]. - In 2021, the total cash dividend distributed amounted to RMB 912,235,500, which represents 63.13% of the net profit attributable to shareholders for the year[164]. Audit and Compliance - The company has received a standard unqualified audit report from Ernst & Young Hua Ming[4]. - The company has not violated any decision-making procedures regarding external guarantees[7]. - The company has not identified any insider trading incidents related to sensitive information disclosure during the reporting period[113]. - The internal control system was optimized in 2021, and the trial operation was completed in 2022, with ongoing risk assessments and adjustments made based on internal and external changes[118]. - The company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and management team to enhance decision-making efficiency[105]. Operational Highlights - The company successfully implemented the PPP project for the expansion of the Xuanguang highway, enhancing its operational capacity[34]. - The company completed the national highway network technical condition monitoring in Anhui, receiving high praise for its maintenance management results[35]. - The company launched an integrated AI inspection platform to improve operational efficiency and accuracy in auditing[34]. - The company achieved a significant improvement in road safety management, completing emergency response plans and enhancing its emergency response capabilities[36]. - The company is focusing on expanding its main business scale and promoting transformation, leveraging opportunities from national strategies and technological advancements[38]. Challenges and Risks - The company faces challenges such as a slowdown in traffic growth and uncertainties from policy changes affecting toll revenue, which constitutes over 90% of its income[42]. - The company acknowledges potential policy risks related to highway toll pricing and regulatory changes that could impact revenue generation[100]. - The toll road industry is sensitive to macroeconomic fluctuations, with road transport volume closely linked to GDP, which may impact the company's performance[102]. Investments and Strategic Initiatives - The company completed a significant equity investment in Xuanguang Company, amounting to RMB 599,158,940, acquiring a 55.47% stake[87]. - The company successfully subscribed to the Anhui Expressway REITs project with an investment of RMB 423,232,000, representing 3.89% of the total fund shares[89]. - The company plans to enhance toll service quality by implementing a standardized service system and improving road maintenance and safety measures[99]. - The company is focusing on the integration of information technology and transportation, emphasizing smart infrastructure and service networks[86]. Social Responsibility and Environmental Initiatives - The company has emphasized social responsibility, adhering to laws and regulations while creating value for shareholders and stakeholders[119]. - The company has actively pursued green initiatives, including the construction of photovoltaic projects to promote energy efficiency[175]. - The company invested 698.36 million CNY in poverty alleviation and rural revitalization projects, with 690 million CNY allocated as funds and 8.36 million CNY as material donations, benefiting 3,717 individuals[180][181]. - The company received the "National Civilized Unit" title in 2022 for its social responsibility efforts, which were recognized by major media outlets[179]. Employee and Management - The total number of employees in the parent company is 1,362, and the total number of employees in major subsidiaries is 610, resulting in a combined total of 1,972 employees[154]. - The company has established an enterprise annuity plan, contributing RMB 19.19 million in 2022 to incentivize employee retention[158]. - The total remuneration for directors, supervisors, and senior management was RMB 4.5607 million[137]. - The company has implemented a training plan for employees, focusing on enhancing management, skills, and professional knowledge[159]. Future Outlook - The company achieved a total toll revenue target of approximately RMB 3.978 billion for 2023, compared to RMB 3.676 billion in 2022, indicating a growth expectation of about 8.2%[98]. - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 1.65 billion[128]. - The company plans to expand its market presence in three new provinces, aiming for a 30% increase in market share by 2025[133].

Financial Performance - The company's operating revenue for Q3 2022 was CNY 1,168,872,488.46, representing a 15.05% increase compared to the same period last year[3]. - Net profit attributable to shareholders was CNY 507,311,867.65, reflecting a 7.37% increase year-over-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 491,441,943.72, which is a 30.41% increase compared to the previous year[3]. - The basic earnings per share for the quarter was CNY 0.3059, a 7.37% increase from the same period last year[3]. - Total operating revenue for the first three quarters of 2022 reached ¥3,985,124,852.71, a 36% increase from ¥2,930,829,385.08 in the same period of 2021[28]. - Net profit for the first three quarters of 2022 was ¥1,150,997,031.16, down 9.5% from ¥1,272,044,569.30 in 2021[28]. - Operating profit decreased to ¥1,579,087,329.85, compared to ¥1,713,333,476.28 in the previous year, reflecting a decline of 7.8%[28]. - Basic earnings per share for the first three quarters of 2022 was ¥0.7074, compared to ¥0.7463 in 2021, indicating a decrease of 5.4%[30]. - Total comprehensive income for the first three quarters of 2022 was ¥1,151,423,975.26, down from ¥1,272,374,945.52 in the same period of 2021[30]. Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 21,587,979,383.56, showing an 8.37% increase from the end of the previous year[7]. - As of September 30, 2022, the company's total assets amounted to RMB 21.59 billion, an increase from RMB 19.92 billion as of December 31, 2021, reflecting a growth of approximately 8.4%[24]. - The company's current assets reached RMB 5.74 billion, up from RMB 4.48 billion in the previous year, indicating a growth of about 28.5%[25]. - The total liabilities of the company as of September 30, 2022, were RMB 8.58 billion, compared to RMB 7.98 billion at the end of 2021, representing an increase of approximately 7.3%[26]. - The company's equity attributable to shareholders increased to RMB 11.65 billion from RMB 11.39 billion, marking a growth of around 2.3%[26]. - The company has successfully reduced its current liabilities to RMB 1.80 billion from RMB 2.80 billion, indicating a decrease of about 35.5%[26]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date was CNY 1,769,476,114.56, an increase of 5.81% compared to the previous year[3]. - The company reported a net cash flow from operating activities of ¥1,769,476,114.56, an increase from ¥1,672,318,792.19 in the same period last year[31]. - Cash and cash equivalents at the end of the period totaled ¥2,768,327,975.10, down from ¥3,913,760,011.51 at the end of the previous year[33]. - The company reported a total operating cost of ¥2,454,601,011.86, which is a significant increase from ¥1,288,955,502.95 in the previous year[28]. - The company’s financial expenses decreased to ¥112,683,017.19 from ¥134,379,685.52 in the previous year, showing a reduction of approximately 16%[28]. - The company’s investment activities resulted in a net cash outflow of ¥2,711,389,017.74, compared to a net outflow of ¥75,715,315.49 in the same period last year[31]. - The company has committed to invest up to RMB 500 million in the Anhui Expressway REITs, representing a strategic move to enhance its investment portfolio[19]. - The company plans to hold its investment in the infrastructure fund for no less than 36 months, ensuring a long-term commitment to its investment strategy[20]. Revenue and Traffic Data - The average daily traffic volume for 合宁高速公路 in Q3 2022 was 37,424 vehicles, an increase of 3.38% compared to Q3 2021[14]. - Toll revenue for 合宁高速公路 in Q3 2022 was RMB 316,539,000, up 3.26% from RMB 306,555,000 in Q3 2021[14]. - The total toll revenue for all projects in Q3 2022 was RMB 1,016,452,000, a decrease of 0.88% from RMB 1,025,475,000 in Q3 2021[14]. - For the first nine months of 2022, total toll revenue was RMB 2,852,147,000, down 3.49% from RMB 2,955,159,000 in the same period of 2021[15]. - The traffic volume for 宁淮高速公路天长段 in Q3 2022 was 41,523 vehicles, an increase of 27.45% compared to Q3 2021[14]. - The average daily traffic volume for 205国道天长段新线 in Q3 2022 was 6,961 vehicles, with toll revenue of RMB 23,593,000, reflecting a significant increase of 44.84% compared to the previous year[14]. - The company reported that the National Day holiday free passage policy for small passenger vehicles resulted in approximately 1,195,300 vehicles passing through its toll roads, leading to a revenue loss of about RMB 51,398,800[17]. - The company noted that the traffic data excludes small passenger vehicles during major holidays, which may affect overall traffic volume reporting[16]. Government Subsidies and Policies - The company received government subsidies amounting to CNY 13,815,144.50 during the quarter, primarily related to infrastructure projects[8]. - A temporary reduction of 10% in toll fees for freight trucks will be implemented from October 1, 2022, to December 31, 2022, in line with national policies[23]. - The company has received approval for a 30-year toll operation period for the Ningshao Expressway from December 30, 2017, to December 29, 2047, extending its revenue-generating capacity significantly[22]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 23,335, with the top ten shareholders holding a combined 86.77% of shares[11]. - HKSCC NOMINEES LIMITED held 524,644,220 shares, representing 31.63% of total shares, while 招商局公路网络科技控股股份有限公司 held 488,209,899 shares, or 29.43%[12].