Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,286,864,373.72, representing a year-on-year increase of 12.38%[3] - Net profit attributable to shareholders was CNY 459,671,340.30, showing a slight increase of 0.05% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 7.62% to CNY 433,717,075.67[3] - The company's basic and diluted earnings per share were both CNY 0.2771, reflecting a year-on-year increase of 0.05[3] - Total revenue for Q1 2024 reached ¥1,286,864,373.72, an increase of 12.4% compared to ¥1,145,086,806.22 in Q1 2023[27] - Net profit for Q1 2024 was ¥474,742,275.92, slightly down from ¥478,671,148.35 in Q1 2023, representing a decrease of 0.6%[28] Cash Flow and Financing - The net cash flow from operating activities was CNY 674,132,876.34, down 34.52% year-on-year, primarily due to a decrease in toll revenue[3][8] - Cash inflow from financing activities totaled $407,560,000 in Q1 2024, a significant increase from $80,000,000 in Q1 2023, representing a growth of 409.5%[31] - The net cash flow from financing activities was $341,313,693 in Q1 2024, compared to a negative cash flow of $6,001,223.83 in Q1 2023, indicating a turnaround in financing performance[31] - The net increase in cash and cash equivalents for Q1 2024 was $876,177,500.96, a substantial rise from $57,271,415.83 in Q1 2023, reflecting a growth of 1421.5%[31] - Cash received from borrowings increased to $400,000,000 in Q1 2024, up from $80,000,000 in Q1 2023, marking a 400% increase[31] - Cash paid for debt repayment was $7,310,000 in Q1 2024, a decrease from $25,810,000 in Q1 2023, reflecting a reduction of 71.7%[31] Assets and Liabilities - Total assets at the end of the reporting period were CNY 22,644,542,609.70, an increase of 4.17% from the end of the previous year[4] - Long-term borrowings increased to RMB 6,331,588,045.56 as of March 31, 2024, compared to RMB 5,959,721,502.65 as of December 31, 2023[25] - Total liabilities as of March 31, 2024, were RMB 8,047,356,035.50, up from RMB 7,623,858,820.55 at the end of 2023[25] - The company's retained earnings rose to ¥10,988,247,234.60 as of March 31, 2024, compared to ¥10,528,575,894.30 at the end of 2023, marking an increase of 4.4%[26] Operating Costs and Revenue - The company's operating costs increased by 54.06%, mainly due to the construction costs of expanded PPP projects[8] - The total toll revenue for the first quarter of 2024 was RMB 1,022,953,000, a decrease of 8.01% compared to RMB 1,112,082,000 in the same period of 2023[15] - The average daily traffic volume for the He Ning Expressway in Q1 2024 was 47,536 vehicles, down 5.76% from 50,444 vehicles in Q1 2023[15] - The company reported a decrease in toll revenue across several expressways, with the highest decline being 47.20% for the Xuanguang Expressway[15] Investments - Investment income surged by 154.69%, attributed to dividends from the CICC Anhui Expressway REIT fund[8] - The company completed an investment of RMB 6.6417 million in the Anhui Expressway Investment Fund during the reporting period[17] - The company invested RMB 10 million in the establishment of the Anhui Expressway Jinshi Emerging Industry Equity Investment Fund during the reporting period[18] Shareholder Information - 安徽省交通控股集团有限公司持有524,644,220股，占总股本的31.63%[10] - HKSCC NOMINEES LIMITED持有489,043,879股，占总股本的29.49%[10] - 招商局公路网络科技控股股份有限公司持有404,191,501股，占总股本的24.37%[10] - 香港中央结算有限公司持有24,063,843股，占总股本的1.45%[10] - 中国建设银行股份有限公司－银华富裕主题混合型证券投资基金持有8,318,138股，占总股本的0.50%[10] - 中国平安人寿保险股份有限公司－自有资金持有7,308,054股，占总股本的0.44%[10] - 丁秀玲持有4,914,735股，占总股本的0.30%[10] - 汇添富基金管理股份有限公司－社保基金1103组合持有4,662,600股，占总股本的0.28%[11] - 中国银行股份有限公司－易方达中证红利交易型开放式指数证券投资基金持有4,520,969股，占总股本的0.27%[11] - 上海浦东发展银行股份有限公司－招商中证红利交易型开放式指数证券投资基金持有4,014,700股，占总股本的0.24%[11] Accounting Standards - The company has adopted new accounting standards starting in 2024, which may impact financial reporting[31]

Financial Performance - Total revenue for the fiscal year ended December 31, 2023, was RMB 6,631,337 thousand, an increase of 27.3% from RMB 5,206,366 thousand in 2022[2] - Gross profit for the same period was RMB 2,593,637 thousand, up 16.7% from RMB 2,222,171 thousand in 2022[2] - Operating profit increased to RMB 2,468,857 thousand, representing a growth of 12.5% compared to RMB 2,194,606 thousand in 2022[2] - Net profit attributable to the owners of the company was RMB 1,657,726 thousand, a rise of 14.7% from RMB 1,445,457 thousand in the previous year[2] - Basic and diluted earnings per share for 2023 were RMB 0.9995, compared to RMB 0.8715 in 2022, reflecting a 14.7% increase[2] - The company reported a total comprehensive income of RMB 1,660,573 thousand for 2023, compared to RMB 1,415,902 thousand in 2022, marking an increase of 17.3%[3] - The total profit for the year was RMB 2,266,764 thousand, up 14.66% from RMB 1,976,932 thousand in the previous year[38] - Net profit attributable to shareholders reached RMB 1,659,929 thousand, reflecting a 14.87% growth compared to RMB 1,445,017 thousand in 2022[38] - Basic earnings per share for 2023 was RMB 0.9995, compared to RMB 0.8715 in 2022, reflecting an increase of about 14.7%[24] Revenue Breakdown - Toll revenue increased to RMB 4,041,761 thousand in 2023, up 9.9% from RMB 3,676,379 thousand in 2022[14] - Revenue from construction and renovation services under franchise arrangements rose significantly to RMB 2,475,491 thousand, a 74.7% increase from RMB 1,417,554 thousand in 2022[14] - The group achieved toll revenue of RMB 4,041,761 thousand, a year-on-year increase of 9.94% compared to RMB 3,676,379 thousand in 2022[41] - The total toll revenue for the group in 2023 was RMB 4,164,678 thousand, compared to RMB 3,788,021 thousand in 2022, marking a 9.94% increase[42] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 21,776,552 thousand, slightly up from RMB 21,345,566 thousand in 2022[6] - Non-current assets, including toll road operating rights, increased to RMB 15,024,602 thousand from RMB 13,497,875 thousand, indicating a growth of 11.4%[5] - The total equity attributable to the owners of the company rose to RMB 12,688,049 thousand from RMB 11,958,153 thousand, reflecting a growth of 6.1%[6] - The company’s total liabilities decreased to RMB 13,750 thousand in 2023 from RMB 13,750 thousand in 2022, remaining stable[30] Expenses and Financial Management - Financial expenses decreased to RMB 213,627 thousand in 2023, down 5.8% from RMB 226,521 thousand in 2022[16] - Employee benefits expenses, including salaries and pensions, amounted to RMB 446,700 thousand in 2023, an increase from RMB 430,281 thousand in 2022[17] - Interest expenses on bank loans increased to RMB 230,254 thousand in 2023, compared to RMB 214,432 thousand in 2022[16] - The total tax expense for the group in 2023 was RMB 587,659 thousand, up from RMB 562,194 thousand in 2022, indicating a rise of approximately 4.5%[19] Investments and Capital Expenditures - The company has committed capital expenditures of RMB 4,337,572 thousand for 2023, significantly higher than RMB 259,494 thousand in 2022, showing a substantial increase[29] - The company has invested RMB 2 billion in the establishment of the New Emerging Industry Fund, with an additional RMB 1 million paid during the reporting period[59] - The company completed an investment of RMB 2.475 billion in the expansion of the Xuan Guang Expressway PPP project, with a cumulative investment of RMB 3.893 billion to date[59] - The company plans to invest in the Anhui Haicui Jinshi Innovation Development Investment Fund with a total target size of RMB 5 billion, with the company contributing RMB 500 million, accounting for 10% of the total[76] Corporate Governance and Compliance - The company has continuously improved its corporate governance in accordance with relevant laws and regulations, ensuring compliance with the requirements of the China Securities Regulatory Commission[66] - The Audit Committee held five meetings in 2023 to oversee internal audit systems and review financial information[68] - The company proposed revisions to its Articles of Association and related documents to enhance governance structure[66] - The company’s risk management and internal control systems were assessed, with a focus on major risk evaluations for 2023[70] Market and Industry Trends - The company anticipates continued growth in highway infrastructure investment, driven by economic development and government policies supporting transportation infrastructure[80] - The toll road industry faces challenges such as rising construction and operational costs, limiting revenue growth from toll fees[81] - The integration of new technologies such as AI and information technology into the transportation sector is expected to enhance operational efficiency and service quality[84]

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 - 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[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 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'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]