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].

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2022, representing a year-on-year increase of 15%[10]. - The net profit attributable to shareholders was RMB 300 million, up 10% compared to the same period last year[10]. - The company's operating revenue for the first half of the year reached CNY 2,816,252,364.25, representing a 47.07% increase compared to the same period last year[18]. - Net profit attributable to shareholders was CNY 665,973,527.50, a decrease of 12.98% from the previous year[18]. - The company's revenue for the six months ended June 30, 2022, was RMB 2,816,252,000, representing a 44.59% increase compared to RMB 1,947,814,000 in the same period of 2021[28]. - The company's profit attributable to equity holders for the same period was RMB 667,510,000, a decrease of 12.66% from RMB 764,241,000 in 2021[28]. - The total profit decreased by 12.43% to RMB 920,292 thousand from RMB 1,050,880 thousand in the previous year[34]. - The company achieved operating revenue of RMB 2,816,252,364.25, a significant increase of 47.07% compared to RMB 1,914,863,814.09 in the same period last year[53]. - The company reported a decrease in traffic and revenue for the HeNing Expressway due to the impact of the COVID-19 pandemic in March 2022[41]. Traffic and Operations - User traffic on the expressways increased by 20% year-on-year, indicating a recovery in travel demand[10]. - The average daily traffic volume decreased by 9.38% to 32,868 vehicles compared to 36,271 vehicles in the same period of 2021[37]. - The overall traffic flow on the G50 highway increased due to a rise in passenger vehicle traffic during the Spring Festival, despite pandemic impacts in the second quarter[44]. - The company experienced a 31.36% year-on-year increase in the flow of Class 6 trucks during the first half of 2022, compensating for the overall traffic decline[43]. - The company reported a significant decline in traffic flow due to strict pandemic control measures, particularly affecting the Ningxuanhang Expressway[47]. Investments and Expansion Plans - The company plans to expand its expressway network by 200 kilometers over the next two years, enhancing connectivity in the region[10]. - The company has allocated RMB 100 million for research and development of sustainable infrastructure solutions[10]. - The company plans to continue expanding its construction services and improve operational efficiency in response to market conditions[51]. - The company plans to increase its investment in Xuanguang Company by RMB 1.51378 billion, with a total investment of RMB 1.21522 billion from Xuancheng Transportation Investment[65]. - The G50 Hu-Yu Expressway expansion project has a total estimated cost of RMB 13.107 billion and is expected to be completed by 2024, with RMB 992 million invested so far[67]. Financial Position and Assets - The total assets of the company at the end of the reporting period were CNY 21,148,687,292.20, an increase of 6.16% from the end of the previous year[18]. - The total assets as of June 30, 2022, amounted to RMB 21,191,790,000, reflecting a 6.14% increase from RMB 19,965,469,000 at the end of 2021[28]. - The total liabilities increased by 15.62% to RMB 9,233,022,000 from RMB 7,985,646,000 in the previous year[28]. - The company's equity attributable to owners was RMB 11,180,247 thousand, slightly down from RMB 11,424,654 thousand, a decrease of approximately 2.14%[158]. - The company’s retained earnings decreased to RMB 8,833,923 thousand from RMB 9,078,629 thousand, a decline of approximately 2.7%[158]. Research and Development - New technology initiatives include the implementation of smart toll collection systems, expected to reduce wait times by 30%[10]. - The company has implemented an AI-integrated inspection platform to enhance toll collection and management efficiency[32]. - The company is actively participating in the construction of a smart highway system in the Yangtze River Delta region[32]. Environmental and Social Responsibility - The company has implemented a green maintenance technology that effectively balances economic and environmental benefits, promoting low-noise and high-friction surface technology[96]. - The company has provided employment services to 323 poverty-stricken households, totaling 1,101 individuals, and achieved sales of RMB 489,100 from local agricultural products[109]. - The company has actively promoted green office practices, including the use of energy-efficient lighting and encouraging double-sided printing to reduce resource consumption[104]. - The company has implemented multiple sewage treatment and renovation projects, aiming for centralized sewage treatment and rainwater separation at all toll stations[99]. Corporate Governance - The company has maintained compliance with the Corporate Governance Code, ensuring high standards of corporate governance[137]. - The Audit Committee held three meetings during the reporting period to review financial reports prepared under Chinese and Hong Kong accounting standards[140]. - The company has implemented a board diversity policy as part of its governance practices[138]. Risk Management - The company emphasized its focus on financial risk management, addressing foreign exchange risk, credit risk, liquidity risk, and cash flow and fair value interest rate risk[176]. - The company has maintained its risk management policies without any changes since the end of the last fiscal year[176]. Employee Management - As of June 30, 2022, the company had a total of 2,025 employees, a decrease from 2,109 employees as of June 30, 2021[92]. - Employee compensation for the reporting period amounted to RMB 194.53 million, an increase from RMB 185.83 million in the same period of 2021[92]. - The company emphasizes employee training and has developed a 2022 education and training plan to enhance business skills and compliance awareness[92].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2022, representing a year-on-year increase of 15%[13]. - Net profit attributable to shareholders reached RMB 300 million, up 10% compared to the same period last year[13]. - The company's operating revenue for the first half of the year reached ¥2,816,252,364.25, representing a 47.07% increase compared to ¥1,914,863,814.09 in the same period last year[20]. - Net profit attributable to shareholders was ¥665,973,527.50, a decrease of 12.98% from ¥765,343,272.48 in the previous year[20]. - The company achieved operating revenue of RMB 2,816,252 thousand, a year-on-year increase of 47.07% compared to RMB 1,914,864 thousand in the same period of 2021[36]. - The net profit attributable to shareholders was RMB 665,974 thousand, a decrease of 12.98% from RMB 765,343 thousand in the same period of 2021[36]. - The company reported a net cash flow from operating activities increased by 11.10% to ¥1,084,074,384.91, up from ¥975,725,032.81 in the same period last year[20]. - The total toll revenue for the first half of 2022 across all projects was RMB 1,835,694,000, down 4.83% from RMB 1,929,029,000 in the same period last year[40]. Future Outlook and Growth Strategies - Future outlook indicates a projected revenue growth of 20% for the second half of 2022, driven by increased traffic and new service offerings[13]. - Market expansion plans include entering two new provinces by the end of 2022, which is expected to increase market share by 5%[13]. - A new product line is set to launch in Q4 2022, anticipated to contribute an additional RMB 100 million in revenue[13]. - The company plans to continue expanding its highway construction projects and improve service offerings to enhance revenue streams[52]. - The company is actively seeking quality investment opportunities to increase asset scale and drive growth[77]. Cost Management and Efficiency - The company has implemented cost control measures that are expected to reduce operational expenses by 12% in the upcoming fiscal year[13]. - The company is investing RMB 200 million in new technology development aimed at enhancing operational efficiency and user experience[13]. - Total operating costs rose significantly by 138.63%, amounting to RMB 1,768,572,618.27, compared to RMB 741,130,334.36 in the previous year[50]. Shareholder Returns and Dividends - The board has approved a dividend distribution plan, with a proposed payout ratio of 30% of net profit for the first half of 2022[13]. - The company distributed dividends amounting to approximately CNY 912.24 million in the first half of 2022, compared to CNY 381.48 million in the same period of 2021, indicating a substantial increase in shareholder returns[146]. Assets and Liabilities - The total assets of the company increased by 6.16% to ¥21,148,687,292.20, compared to ¥19,920,862,968.50 at the end of the previous year[21]. - The total liabilities increased by 15.62% to ¥9,233,022, compared to ¥7,985,646 at the end of the previous year[30]. - The company's total assets at the end of the period were RMB 20,000,000 thousand, with cash and cash equivalents accounting for 23.57% of total assets[62]. Employee and Operational Management - As of June 30, 2022, the company employed 2,025 personnel, a decrease from 2,109 personnel in the same period of 2021[85]. - Employee compensation for the reporting period amounted to RMB 194.53 million, compared to RMB 185.83 million in the first half of 2021[85]. - The company has implemented a comprehensive training program for employees, focusing on enhancing business skills and compliance awareness[85]. Environmental and Social Responsibility - The company strictly adheres to environmental protection laws and has not faced any administrative penalties related to environmental issues as of June 30, 2022[87]. - The company has established a management system for environmental protection, ensuring compliance with relevant laws and promoting sustainable development[87]. - The company has actively engaged in rural revitalization efforts, assisting 323 households and 1,101 individuals in poverty alleviation as of June 30, 2022[95]. Financial Reporting and Compliance - The company adheres to the enterprise accounting standards, ensuring that the financial statements reflect a true and complete view of its financial status as of June 30, 2022[156]. - The financial statements are prepared based on the principle of going concern, indicating the company's ongoing viability[155]. - The company’s financial reporting complies with the regulations set forth by the Ministry of Finance and the China Securities Regulatory Commission[154]. Investment and Capital Management - The company reported a long-term loan increase of 31.84%, reaching approximately RMB 6.23 billion, primarily for the investment in the PPP project and acquisition payments[63]. - The company completed a capital increase of RMB 5.49 billion for the Xuan Guang Company during the reporting period, with a total investment of RMB 9.92 billion in the PPP project[66]. - The company has increased its investment in Xuan City Investment by RMB 0.441 billion to support the project capital[109]. Risk Management - The company faces risks related to the expiration of toll road concessions, which could impact sustainable development if not supplemented by new projects[76]. - The company plans to enhance its governance structure and optimize internal control management systems to support high-quality development[77].

Financial Performance - The company's operating revenue for Q1 2022 was ¥966,250,859.11, representing a 0.27% increase compared to ¥847,416,635.46 in the same period last year[4] - Net profit attributable to shareholders was ¥406,052,424.41, a 6.33% increase from ¥352,142,964.39 in the previous year[4] - The basic earnings per share for the period was ¥0.2448, up 6.33% from ¥0.2123 in the same period last year[6] - The net cash flow from operating activities was ¥532,774,016.77, showing a 1.27% increase from ¥513,206,269.59 in the previous year[6] - The return on equity increased to 3.50%, up 0.23 percentage points from 3.16% in the same period last year[6] - The company reported total operating revenue of RMB 966,250,859.11 for Q1 2022, a slight increase from RMB 963,691,866.09 in Q1 2021, representing a growth of approximately 0.16%[27] - The net profit for Q1 2022 was RMB 404,833,684.13, compared to RMB 391,375,887.44 in Q1 2021, indicating an increase of approximately 3.46%[29] - Basic earnings per share for Q1 2022 were CNY 0.2448, compared to CNY 0.2302 in Q1 2021, reflecting a growth of 2.0%[30] Assets and Liabilities - Total assets at the end of the period were ¥19,915,284,836.18, a slight decrease of 0.03% from ¥19,920,862,968.50 at the end of the previous year[6] - The company's total liabilities decreased to RMB 7,384,939,764.43 in Q1 2022 from RMB 7,975,853,576.21 in Q1 2021, a decline of about 7.43%[26] - Long-term borrowings rose to RMB 5,400,694,555.22 in Q1 2022 from RMB 4,726,408,251.50 in Q1 2021, an increase of approximately 14.25%[26] - The company's cash and cash equivalents increased to RMB 4,566,767,521.65 as of March 31, 2022, up from RMB 4,318,206,161.01 at the end of 2021, marking a growth of about 5.76%[25] Traffic and Toll Revenue - In Q1 2022, the average daily traffic flow on the HeNing Expressway was 38,646 trips, a 5.11% increase from 36,767 trips in Q1 2021[15] - Toll revenue for the HeNing Expressway reached RMB 305.501 million in Q1 2022, up 5.67% from RMB 289.120 million in Q1 2021[15] - The new line of National Highway 205 saw a traffic decrease of 17.45%, with 4,713 trips compared to 5,709 trips in Q1 2021[15] - The total toll revenue for the new line of National Highway 205 was RMB 11.179 million, a decrease of 35.27% from RMB 17.271 million in Q1 2021[15] - The total toll revenue for the Ninghuai Expressway Tianchang section was RMB 27.919 million, a decrease of 5.45% from RMB 29.529 million in Q1 2021[17] - The total toll revenue for the Anqing Yangtze River Highway Bridge was RMB 87.206 million, an increase of 3.41% from RMB 84.334 million in Q1 2021[17] Government Support and Policy Changes - The company received government subsidies amounting to ¥2,843,451.26 related to asset support during the reporting period[7] - The company provided a total of RMB 169 million in policy-related fee reductions in Q1 2022, including RMB 38 million for green channel vehicles[19] - The company implemented an 85% discount policy for trucks using Anhui Transportation Cards, resulting in a reduction of RMB 64 million in ETC fees[19] - The company continues to execute various policy-related fee reductions, impacting overall revenue and traffic patterns[19] Financial Management and Audit - The company reported a significant decrease in financial expenses by 41.37%, from ¥57,183,731.03 to ¥33,529,112.94[11] - The company has appointed Ernst & Young Hua Ming as its new auditor starting from 2022, replacing PwC, which had exceeded its term limit[22] - The company did not apply new accounting standards for the first time in 2022[33] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 23,619[12] - The total number of A-share shareholders was 23,553, while H-share shareholders totaled 66 as of the end of the reporting period[14]

Financial Performance - The company's operating revenue for Q1 2022 was RMB 966,250,859.11, representing a 0.27% increase compared to RMB 963,691,866.09 in the same period last year[6] - Net profit attributable to shareholders for Q1 2022 was RMB 406,052,424.41, a 6.33% increase from RMB 381,881,827.84 in the previous year[6] - The net profit after deducting non-recurring gains and losses was RMB 408,647,217.63, reflecting a significant increase of 17.78% compared to RMB 346,969,162.69 in the same period last year[6] - Basic earnings per share for Q1 2022 were RMB 0.2448, up 6.33% from RMB 0.2302 in the same period last year[6] - Total revenue for Q1 2022 was RMB 966,250,859.11, a slight increase from RMB 963,691,866.09 in Q1 2021, representing a growth of 0.16%[29] - Net profit for Q1 2022 was RMB 404,833,684.13, compared to RMB 391,375,887.44 in Q1 2021, reflecting an increase of about 3.44%[30] Cash Flow - The net cash flow from operating activities for Q1 2022 was RMB 532,774,016.77, which is a 1.27% increase from RMB 526,107,178.32 in the previous year[6] - In Q1 2022, cash inflow from operating activities was $1,039,689,810.70, up from $844,010,371.65 in Q1 2021, representing a growth of approximately 23.2%[32] - Cash inflow from investment activities in Q1 2022 totaled $198,245,317.02, compared to $17,711,416.45 in Q1 2021, indicating a significant increase[32] - The net cash flow from investment activities in Q1 2022 was -$1,095,087,131.59, an improvement from -$2,193,028,858.60 in Q1 2021[32] - Cash inflow from financing activities in Q1 2022 was $943,332,860.00, down from $1,660,000,000.00 in Q1 2021[33] - The total cash and cash equivalents at the end of Q1 2022 amounted to $3,610,548,749.05, significantly higher than $1,208,199,121.23 at the end of Q1 2021[33] Assets and Liabilities - Total assets attributable to shareholders at the end of Q1 2022 were RMB 19,915,284,836.18, a slight decrease of 0.03% from RMB 19,920,862,968.50 at the end of the previous year[6] - Total liabilities decreased to RMB 7,384,939,764.43 as of March 31, 2022, from RMB 7,975,853,576.21 as of December 31, 2021, a decline of approximately 7.43%[27] - The company’s total equity increased to RMB 12,530,345,071.75 as of March 31, 2022, from RMB 11,945,009,392.29 as of December 31, 2021, reflecting a growth of about 4.89%[27] Shareholder Information - The top ten shareholders hold a total of 1,505,000,000 shares, with Anhui Transportation Holding Group Co., Ltd. being the largest shareholder at 31.63%[15] Operational Metrics - The average daily traffic flow for the Huning Expressway in Q1 2022 was 38,646 vehicles, a 5.11% increase from 36,767 vehicles in Q1 2021[19] - Toll revenue for the Huning Expressway in Q1 2022 reached RMB 305.5 million, up 5.67% from RMB 289.1 million in Q1 2021[19] - The total toll revenue across all expressways in the report period was RMB 973.1 million, a slight increase of 0.17% compared to RMB 971.5 million in the same period last year[19] Government and Policy Impact - Policy-related fee reductions amounted to RMB 169 million in Q1 2022, including RMB 38 million for green channel vehicles and RMB 63 million for small passenger cars during the Spring Festival[20] - The ETC discount for freight vehicles using Anhui Transportation Cards resulted in a reduction of RMB 64 million, with freight vehicle discounts accounting for 57.09% of the total ETC reductions[20] - A cooperation agreement was signed to provide financial subsidies for small passenger cars using the Anqing Yangtze River Highway Bridge, with a subsidy of RMB 21 per vehicle trip[22] Investment Activities - The company plans to invest RMB 100 million in the Anhui Transportation Control招商产业基金二期, with the board approving the investment[24] - The company received $1,105,000,000.00 in cash for acquiring subsidiaries in Q1 2022, with no such transactions reported in Q1 2021[32] - Cash paid for the acquisition of fixed assets in Q1 2022 was $53,447,726.39, a decrease from $210,740,275.05 in Q1 2021[32]

Financial Performance - The company's net profit for 2021, according to Chinese accounting standards, was RMB 1,412,094 thousand, while the profit under Hong Kong accounting standards was RMB 1,409,981 thousand[5]. - The distributable profit for shareholders for 2021 was RMB 1,409,981 thousand, with a proposed cash dividend of RMB 5.5 per 10 shares, totaling RMB 912,235.50 thousand[5]. - The company's operating revenue for 2021 was CNY 3,920,958,228.02, representing a 33.65% increase compared to 2020[21]. - The net profit attributable to shareholders for 2021 was CNY 1,514,167,905.95, a 74.19% increase from the previous year[21]. - The net cash flow from operating activities for 2021 was CNY 2,097,060,846.01, reflecting a 22.90% increase year-on-year[21]. - The basic earnings per share for 2021 was CNY 0.9129, up 74.19% from CNY 0.5241 in 2020[22]. - The total profit reached RMB 2,119,127 thousand, an increase of 79.07% compared to the previous year[47]. - Toll revenue amounted to RMB 3,831,092 thousand, marking a 40.71% increase from RMB 2,722,668 thousand in the previous year[49]. Assets and Liabilities - The total assets at the end of 2021 were CNY 19,920,862,968.50, a decrease of 4.05% compared to the end of 2020[21]. - The net assets attributable to shareholders at the end of 2021 were CNY 11,389,109,507.83, a slight decrease of 0.99% from the previous year[21]. - The asset-liability ratio stood at 28.86%, indicating a relatively low level of debt[42]. - Long-term borrowings increased by 187.85% to RMB 4,726,408,251.50, primarily due to loans taken for the acquisition of equity and debt from Anqing Bridge Company[79]. Acquisitions and Investments - The company acquired 100% equity of Anhui Anqing Yangtze River Highway Bridge Co., Ltd. from its controlling shareholder in December 2021, leading to retrospective adjustments in previously disclosed data[22]. - The company successfully completed the acquisition of 100% equity in Anqing Yangtze River Highway Bridge Co., enhancing its asset scale and extending toll collection periods[88]. - The company plans to invest an additional 1.51378 billion RMB in the G50 Hu-Yu Expressway expansion project, in collaboration with its controlling shareholder[88]. - The company has invested RMB 1 billion in the first phase of the Jinshi Fund, which is performing well[200]. Revenue Sources and Growth Strategies - The company's main revenue source is from toll road investments and operations, with significant reliance on government-approved toll standards[101]. - The company plans to enhance its operational management platform and aims to adapt to the national "one network" operational management model during the 14th Five-Year Plan period[98]. - The company is exploring diversification strategies to address the decreasing toll collection periods on its highways[41]. - The company plans to leverage its geographical advantages and government strategies to enhance network economic benefits in the future[46]. Risk Management and Compliance - The company has detailed risk factors and countermeasures in the management discussion and analysis section of the report[8]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[7]. - The company has not violated any decision-making procedures in providing guarantees[7]. - The company has implemented a robust insider information management system, ensuring no insider trading incidents were reported during the year[112]. Corporate Governance - The company has established a governance framework involving a shareholders' meeting, board of directors, and supervisory board to ensure effective oversight[106]. - The board of directors consists of 9 members, including 4 executive directors, 2 non-executive directors, and 3 independent directors, ensuring a diverse range of expertise in various fields such as finance and corporate management[108]. - The company has emphasized investor relations management, utilizing various platforms to communicate its development strategy and operational status, including online investor presentations[115]. - The company has established a three-in-one internal control system, optimizing risk management and compliance supervision in response to regulatory requirements[117]. Social Responsibility and Environmental Initiatives - The company has actively engaged in social responsibility initiatives, complying with relevant laws and regulations, and creating value for stakeholders[119]. - The company has committed to implementing green maintenance practices and aligning with national carbon neutrality goals, emphasizing energy conservation and emissions reduction[100]. - The company has achieved 100% harmless recycling of milling waste generated from maintenance projects in 2021, promoting zero waste in material reuse[165]. - The company invested over RMB 80,000 in drinking water safety projects, completing 7 new construction, renovation, and repair projects[178]. Future Outlook - The outlook for the highway industry remains positive, with expected strong growth in infrastructure investment driven by government policies[82]. - The company anticipates challenges due to the ongoing impact of COVID-19 and a complex international economic environment, which may hinder economic recovery[102]. - The company plans to enhance its service quality and public satisfaction through initiatives like the "smile service" campaign and improving emergency response mechanisms[100].

Financial Performance - The company's operating revenue for Q3 2021 was ¥893,662,778.43, a decrease of 3.47% compared to the same period last year[4] - The net profit attributable to shareholders for Q3 2021 was ¥378,562,826.63, an increase of 1.84% year-on-year[4] - For the year-to-date period, the operating revenue reached ¥2,581,313,394.81, reflecting a significant increase of 47.95% compared to the previous year[4] - The net profit attributable to shareholders for the year-to-date period was ¥1,088,827,889.25, showing a substantial increase of 126.18% year-on-year[4] - The basic earnings per share for Q3 2021 was ¥0.2283, up by 1.84% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2021 reached ¥2,581,313,394.81, a significant increase of 48.2% compared to ¥1,744,686,313.56 in the same period of 2020[24] - Net profit for the first three quarters of 2021 was ¥1,123,036,855.70, up 170.5% from ¥414,924,621.98 in the previous year[24] - Basic earnings per share for Q3 2021 was ¥0.6565, compared to ¥0.2902 in Q3 2020, reflecting a growth of 126.3%[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥17,633,127,490.05, representing an increase of 8.57% from the end of the previous year[5] - Total assets increased to ¥17,633,127,490.05 in Q3 2021, up from ¥16,240,743,095.33 in Q3 2020, marking a growth of 8.6%[23] - Total liabilities rose to ¥5,089,779,204.26 in Q3 2021, compared to ¥4,326,109,729.27 in Q3 2020, an increase of 17.6%[23] - Non-current liabilities increased significantly to ¥3,654,361,896.26 in Q3 2021, up from ¥2,201,742,469.12 in Q3 2020, representing a growth of 65.9%[23] - The company’s total equity reached ¥12,543,348,285.79 in Q3 2021, compared to ¥11,914,633,366.06 in Q3 2020, an increase of 5.3%[23] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥1,663,969,853.65, an increase of 49.55% compared to the previous year[5] - The net cash flow from operating activities for the first three quarters of 2021 was CNY 1,663,969,853.65, an increase of 49.4% compared to CNY 1,112,686,694.98 in the same period of 2020[27] - Total cash inflow from operating activities reached CNY 2,708,235,782.71, up from CNY 1,759,330,125.40, reflecting a growth of 53.8% year-over-year[27] - The net increase in cash and cash equivalents for the period was CNY 1,935,651,927.08, compared to a decrease of -CNY 786,995,280.95 in the previous year[28] - The ending balance of cash and cash equivalents stood at CNY 3,903,406,047.42, up from CNY 1,118,266,635.46 at the end of the same period last year[28] Traffic and Toll Revenue - The total traffic volume for the 合宁高速公路 in Q3 2021 was 36,200 vehicles, an increase of 4.18% compared to 34,748 vehicles in Q3 2020[15] - The toll revenue for the 合宁高速公路 in Q3 2021 reached RMB 306,555,000, reflecting a 1.87% increase from RMB 300,915,000 in Q3 2020[15] - The total toll revenue for the first nine months of 2021 was RMB 2,596,548,000, a significant increase of 60.69% compared to RMB 1,615,847,000 in the same period of 2020[17] - The average daily traffic volume for the 高界高速公路 in Q3 2021 was 23,599 vehicles, up 6.53% from 22,152 vehicles in Q3 2020[15] - The toll revenue for the 高界高速公路 in Q3 2021 was RMB 220,686,000, which is a 3.90% increase from RMB 212,399,000 in Q3 2020[15] Government Subsidies and Investments - The company received government subsidies amounting to ¥2,559,921.28 during the reporting period, contributing to its financial performance[6] - The company’s long-term equity investments decreased to RMB 130,103,515.03 as of September 30, 2021, from RMB 136,982,397.72 at the end of 2020[22] - The company received CNY 30,269,883.70 in investment income, down from CNY 36,655,481.40 in the previous year[27] Other Financial Metrics - The weighted average return on equity for the year-to-date period was 9.34%, an increase of 4.96 percentage points year-on-year[5] - The company reported a decrease in total operating costs to ¥1,091,257,524.08 in the first three quarters of 2021, down from ¥1,162,529,446.67 in the same period of 2020, a reduction of 6.1%[24] - Investment properties amounted to ¥380,712,923.95 in Q3 2021, slightly down from ¥396,055,639.68 in Q3 2020, a decrease of 3.9%[23] - The company reported an increase in other income to ¥4,745,348.46 in the first three quarters of 2021, compared to ¥2,423,406.12 in the same period of 2020, a growth of 95.7%[24] Debt and Financing Activities - The company paid CNY 993,200,440.34 in debt repayment, compared to CNY 219,408,933.47 in the previous year, indicating a significant increase in debt servicing[27] - Cash inflow from financing activities was CNY 1,926,796,072.22, significantly higher than CNY 420,427,900.00 in the same period last year, marking an increase of 357.5%[27] Strategic Decisions - The company has decided to liquidate its financial project, 皖通典当, due to adverse industry conditions and increasing market competition[20] - The new toll fee standards were officially implemented on January 1, 2021, with a 5% discount for ETC users[18] - The total number of ordinary shareholders at the end of the reporting period was 24,932[11] - The total number of A-share shareholders was 24,863, while H-share shareholders numbered 69 as of the report date[14]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2021, representing a year-on-year increase of 15%[9]. - The net profit attributable to shareholders was RMB 300 million, up 20% compared to the same period last year[9]. - The company's operating revenue for the first half of the year reached CNY 1,687,650,616.38, representing a 106.10% increase compared to the same period last year[18]. - Net profit attributable to shareholders was CNY 710,265,062.62, a significant increase of 547.64% year-over-year[18]. - The net profit after deducting non-recurring gains and losses was CNY 691,841,524.36, reflecting a 637.13% increase from the previous year[18]. - The net cash flow from operating activities amounted to CNY 964,867,896.11, up 200.68% compared to the same period last year[18]. - Basic earnings per share (EPS) increased to CNY 0.4282, a 547.81% rise from CNY 0.0661 in the same period last year[21]. - The weighted average return on net assets rose to 6.14%, an increase of 5.1 percentage points compared to the previous year[21]. - The company achieved a total profit before income tax of CNY 1,007,450, reflecting a substantial increase from CNY 95,956 in the previous year[28]. - The total profit amounted to RMB 1,008,921 thousand, reflecting a significant year-on-year increase of 930.39%[34]. - The company achieved toll revenue of RMB 1,646,047 thousand in the first half of 2021, a significant increase of 133.78% compared to the same period in 2020[35]. Operational Developments - User data indicates an increase in traffic volume on highways managed by the company, with a 10% rise in average daily traffic[9]. - The company plans to expand its highway network by 200 kilometers over the next two years, aiming to enhance connectivity and accessibility[9]. - New technology initiatives include the implementation of smart toll collection systems, expected to reduce wait times by 30%[9]. - The company has allocated RMB 100 million for research and development of new road safety technologies in 2021[9]. - The company has expanded its operational highway mileage to 557 kilometers and managed a total of 3,825 kilometers of highways[30]. - The company is actively exploring advertising, financial services, and fund investment businesses to enhance profitability[30]. - The company has implemented a high-quality revenue collection strategy, achieving significant improvements in operational efficiency[32]. - The company is focusing on safety management and compliance to ensure smooth traffic flow, especially during major holidays and adverse weather conditions[68]. Financial Position - Total assets at the end of the reporting period were CNY 17,478,510,012.55, a 7.62% increase from the end of the previous year[20]. - Net assets attributable to shareholders increased by 2.92% to CNY 11,605,704,401.65 compared to the previous year[20]. - Cash and cash equivalents increased to ¥4,409,528,266.21, representing 25.23% of total assets, a 92.40% increase compared to the previous year[58]. - The company’s total liabilities as of June 30, 2021, were RMB 5,343,478 thousand, compared to RMB 4,334,693 thousand at the end of 2020, representing an increase of 23.3%[125]. - The company reported a basic and diluted earnings per share of RMB 0.4276 for the first half of 2021, compared to RMB 0.0652 in 2020, indicating a significant improvement in earnings[127]. Corporate Governance - The board of directors has confirmed that all members attended the board meeting, ensuring accountability for the report's accuracy[3]. - The report has not been audited but has been reviewed by the company's audit committee[3]. - The company has not provided any guarantees that violate regulatory decision-making procedures[4]. - The company has maintained good integrity status, with no significant debts or court judgments pending[6]. - The company has complied with the corporate governance code, ensuring high standards of corporate governance to protect shareholder interests[107]. Environmental and Social Responsibility - The company has implemented over 150 ETC dedicated lanes, significantly improving highway traffic efficiency and reducing fuel consumption and emissions[88]. - The company has adopted environmentally friendly snow melting agents, controlling their usage based on snowfall conditions to minimize environmental impact[85]. - The company has established a water collection pool under the Dongpu Reservoir Bridge to prevent wastewater from entering drinking water sources, ensuring compliance with national wastewater discharge standards[85]. - The company has planted over 6,080 trees to reduce highway noise impact on nearby residential areas, investing RMB 408,200 in the initiative[86]. - The company completed the seventh batch of poverty alleviation tasks in Lishuzhuang Village, helping 326 households and 1,097 individuals escape poverty by the end of 2020[88]. - The company conducted 32 charitable activities, providing a total of RMB 28,610 to support vulnerable groups such as elderly individuals and children[4]. Future Outlook - The company anticipates continued growth in toll revenue as economic recovery progresses and traffic demand increases[39]. - The company plans to invest approximately $48.195 million to acquire a 51% stake in a consortium for the Istanbul Third Bridge and North Ring Expressway project[62]. - The company is actively communicating with the government and major shareholders to understand road network planning and project construction progress[66]. - The company is leveraging the national strategy of the Yangtze River Delta integration to improve project performance and mitigate negative impacts on its operations[67].