B_table indent_4.5 mm N_table indent_4 mm 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。 Chengdu Expressway Co., Ltd. 成都高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01785） 截 至2023年3月31日止三個月之第一季度業績公告 本 公 告 乃 根 據 證 券 及 期 貨 條 例（香 港 法 例 第571章）第XIVA部及香港聯合交易所有 限公司證券上市規則第13.09條作出。 茲 提 述 成 都 高 速 公 路 股 份 有 限 公 司（「本公司」）2023年2月21日 之 公 告，內 容有關 本 公司成功發行2023年度第一期超短期融資券。據此，根據相關規則，本公司將在中 國 銀 行 間 市 場 交 易 商 協 會 指 定 網 站 刊 發 本 公 司 及 其 附 屬 公 司（「本集 ...

Financial Performance - Chengdu Expressway Co., Ltd. reported a revenue increase of 15% year-over-year, reaching RMB 1.2 billion in the latest fiscal year[6]. - The company’s net profit for the year was RMB 300 million, reflecting a growth of 10% compared to the previous year[6]. - The company reported a total revenue of RMB 2,596,622,994 in 2022, a decrease of 3.9% compared to RMB 2,702,370,887 in 2021[35]. - Net profit for 2022 was RMB 576,961,786, down 15.8% from RMB 685,058,443 in 2021[36]. - Profit attributable to shareholders was RMB 506,727,585, a decrease of 17.6% from RMB 614,652,615 in 2021[36]. - Basic earnings per share for 2022 were RMB 0.31, down 16.2% from RMB 0.37 in 2021[36]. - The company anticipates a 12% growth in net profit for 2023, driven by increased traffic and operational efficiencies[9]. - The company plans to distribute a final cash dividend of RMB 0.178 per share, totaling RMB 294,786,156, subject to shareholder approval[36]. Operational Efficiency - The company reported a significant increase in operational efficiency, with a 5% reduction in operational costs[6]. - New toll collection technology is expected to reduce operational costs by 5% annually, enhancing overall efficiency[11]. - The company aims to optimize its financial structure and reduce funding costs through the issuance of short-term financing bonds[26]. - The company aims to achieve a 15% reduction in operational costs through efficiency improvements by the end of 2023[117]. User Traffic and Market Expansion - User traffic on the expressways increased by 20%, with an average daily traffic volume of 150,000 vehicles[6]. - The average daily traffic volume on the Chengdu Airport Expressway increased by 10% compared to the previous year, reaching 25,000 vehicles per day[11]. - The company plans to expand its highway network by 20% over the next three years, focusing on connecting underserved regions[10]. - The company plans to expand its market presence by entering two new provinces, aiming for a 30% increase in market share within the next year[88]. Strategic Initiatives - Chengdu Expressway is investing RMB 50 million in the development of electric vehicle charging stations across its network[6]. - The company is exploring potential mergers and acquisitions to enhance its market position in the region[6]. - A strategic acquisition of a local competitor is in progress, which is anticipated to increase the company's asset base by 200 million yuan[89]. - The company is collaborating with leading industry player CATL to establish a battery swap company, targeting the Chengdu battery swap market[41]. Research and Development - Research and development efforts are focused on smart traffic management systems to optimize traffic flow[6]. - Research and development efforts are focused on sustainable energy solutions, with an investment of RMB 100 million planned for 2023[10]. - The company is investing 50 million yuan in research and development for innovative technologies in transportation[84]. Governance and Management - The company has a structured governance framework with committees focused on remuneration, audit, and risk management[90]. - The board of directors is composed of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[109]. - The company has established a comprehensive internal governance structure consisting of the shareholders' meeting, board of directors, various specialized committees, supervisory board, and senior management[107]. - The company emphasizes the importance of experienced professionals in its governance structure to enhance decision-making[94]. Risk Management - The company aims to manage risks rather than eliminate them, ensuring reasonable assurance against significant misstatements or losses[141]. - The Audit and Risk Management Committee is responsible for overseeing the effectiveness of the company's financial reporting and internal control systems, ensuring compliance with applicable standards[136]. - The company has established policies for the provision of non-audit services by external auditors and monitors their independence and objectivity[136]. Shareholder Relations - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[161]. - The company has adopted a dividend policy that considers actual and expected financial performance, distributable profits, and future expansion plans[165]. - Major shareholders include Chengdu Jiaotou, which holds 900,000,000 domestic shares, representing 54.34% of the total issued share capital[186]. Challenges and Outlook - The decline in toll revenue was significantly impacted by the COVID-19 pandemic and government policies reducing toll fees for freight vehicles[50]. - The company remains confident in its development despite challenges from the pandemic and other external factors[35]. - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 12%[86].

Financial Performance - Chengdu Expressway Co., Ltd. reported its audited financial results for the year ending December 31, 2022[2]. - The company reported a total revenue of RMB 2,596,622,994 for 2022, a decrease of 3.9% compared to RMB 2,702,370,887 in 2021[33]. - The net profit for 2022 was RMB 576,961,786, down 15.8% from RMB 685,058,443 in 2021[33]. - The net profit attributable to shareholders was RMB 506,727,585, a decrease of 17.6% from RMB 614,652,615 in the previous year[33]. - Basic earnings per share were approximately RMB 0.31, down 16.2% from RMB 0.37 in 2021[33]. - The total assets of the company reached RMB 9.127 billion as of the end of the reporting period[12]. - The total liabilities decreased to RMB 4,209,133,009 from RMB 4,556,306,092 in the previous year[45]. - The company reported maintenance income of RMB 13,719,875, an increase of 24.3% from RMB 11,036,958 in 2021[47]. - The total reserves available for distribution to equity shareholders at the end of the reporting period were approximately RMB 1,527,160,528[160]. - The proposed dividend represents about 60.3% of the company's distributable profits for the year[162]. Revenue Breakdown - Revenue from the highway business segment was RMB 1,304,595,516, accounting for 50.2% of total revenue, while the energy segment contributed RMB 1,292,027,478, making up 49.8%[33]. - The highway segment reported toll revenue of RMB 1,211,781,245, a decrease of 14.3% compared to RMB 1,413,912,681 in 2021[35]. - The energy segment achieved operating revenue of RMB 1,292,027,478, representing a growth of 7.1% from RMB 1,206,542,637 in 2021[36]. - The energy segment reported revenue of RMB 1,292,027,478, an increase of RMB 85,484,841 or 7.1% compared to 2021, primarily driven by rising oil prices despite the impact of COVID-19[50]. Operational Highlights - The company operates a total of 5 highways with a combined length of 192.02 kilometers, and the total operational mileage, including managed highways, is 381.69 kilometers[12]. - The company has achieved significant improvements in safety and quality of service in its highway operations in recent years[12]. - The company is involved in the management of three additional gas stations under entrusted operations, enhancing its energy business footprint[12]. - The company is committed to leveraging its strategic location to enhance service quality and operational efficiency in its highway and energy segments[12]. - The company has a strategic focus on expanding its highway network to connect economically and culturally rich areas around Chengdu[12]. Governance and Management - The company appointed new board members and committee members on September 30, 2022, to enhance governance and oversight[27]. - The company has a governance structure that includes a general meeting of shareholders, a board of directors, and various specialized committees, ensuring compliance with legal regulations and enhancing transparency and accountability[101]. - The board of directors consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors, with a term of three years[103]. - The company has adopted the Corporate Governance Code as its governance guideline, maintaining high standards of corporate governance throughout the reporting period[101]. - The company has established a three-level risk management system, with the Audit and Risk Management Committee overseeing the overall risk management work[136]. Future Outlook - The company provided a positive outlook for 2023, projecting a revenue growth of 10% to 1.32 billion[81]. - In 2023, the company plans to enhance core business profitability and focus on key project construction, including the expansion of Chengwenqiong Expressway under a BOT model[41]. - The company aims to acquire quality gas stations and improve existing refined oil management services while responding to the national "dual carbon" strategy[41]. - The company is considering strategic acquisitions to enhance its service offerings, with potential targets identified in the market[79]. Shareholder Engagement - The company expresses gratitude to shareholders, customers, partners, management, and employees for their support[44]. - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and understanding of business performance[151]. - The company will hold its annual general meeting on May 12, 2023, with a suspension of share transfer registration from May 9 to May 12, 2023[166]. Challenges and Risks - The company faced challenges due to the COVID-19 pandemic and other external factors but remains optimistic about future growth opportunities[33]. - The company has implemented a risk management framework to better address potential market fluctuations and operational risks[113]. - The company has confirmed that its internal control system is effective and sufficient, with no significant deficiencies identified during the annual review[140].

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%[12]. - The company reported a net profit of RMB 500 million for the first half of 2022, reflecting a 12% increase year-on-year[12]. - The company achieved operating revenue of RMB 1,373,771,310, a 2.5% increase compared to RMB 1,339,770,469 in the same period last year[22]. - The net profit attributable to shareholders decreased by 9.1% to RMB 291,675,730 from RMB 320,866,053 in the same period last year[22]. - The total profit for the six months ended June 30, 2022, was RMB 373,752,347, compared to RMB 418,455,134 in the same period of 2021, reflecting a decline of approximately 10.7%[79]. - The total comprehensive income for the six months ended June 30, 2022, was RMB 323,069,128, compared to RMB 355,682,041 in the same period of 2021, indicating a decrease of about 9.1%[79]. - The basic earnings per share decreased to RMB 0.18 from RMB 0.19 in the previous year[26]. Revenue Segmentation - The highway segment revenue decreased by 7.2% to RMB 671,085,367 from RMB 723,379,235 in the previous year[22]. - The energy segment revenue increased by 14.0% to RMB 702,685,943 from RMB 616,391,234 in the previous year[22]. - Fuel sales revenue increased by 22.9% to RMB 688,698,514 from RMB 560,165,983 in the previous year[23]. - Toll revenue decreased by 8.4% to RMB 628,388,176, while refined oil sales revenue increased by 22.9% to RMB 688,698,514[28]. Assets and Liabilities - The company's total assets are approximately RMB 9.21 billion as of the reporting date[13]. - The total liabilities as of June 30, 2022, were RMB 4,559,569,590, slightly up from RMB 4,556,306,092 at the end of 2021[26]. - The total current liabilities increased to RMB 1,726,506,015 from RMB 1,413,079,823, indicating a rise of approximately 22.1%[78]. - The company's equity attributable to shareholders reached RMB 3,755,252,410, an increase from RMB 3,697,523,868 in the previous year[78]. Cash Flow - The net cash flow from operating activities for the period was RMB 459,312,679, an increase of RMB 226,052,679 or 96.8% compared to RMB 233,260,000 in the same period of 2021[44]. - The net cash flow used in investing activities was RMB 198,860,413, a decrease of RMB 215,081,799 compared to RMB 16,221,386 in the same period of 2021[44]. - The net cash flow used in financing activities was RMB 190,810,288, a decrease of RMB 30,360,530 compared to RMB 221,170,818 in the same period of 2021[45]. - The cash and cash equivalents at the end of the period amounted to RMB 1,869,761,185, an increase from RMB 1,659,960,920 at the end of the same period in 2021[43]. Investments and Acquisitions - The company is investing RMB 300 million in new technology development for highway maintenance and safety systems[12]. - The company has completed the acquisition of a 51% stake in Chengdu Airport Expressway Company, enhancing its market position[12]. - The company plans to explore business expansion opportunities, including acquisitions of quality road assets and capacity upgrades[24]. Operational Metrics - Daily average traffic volume across the company's highways reached 150,000 vehicles, a 10% increase compared to the same period last year[12]. - User data indicates a 20% increase in the number of registered users for the company's mobile app, which facilitates toll payments and traffic updates[12]. - The average daily traffic for highways was 190,963 vehicles, a decrease of 11.0% from 214,514 vehicles in the previous year[23]. Strategic Initiatives - The company plans to expand its charging station network by 25% by the end of 2023, aiming to enhance electric vehicle support[12]. - The company is exploring partnerships with local governments to develop smart transportation solutions, aiming for implementation by 2024[12]. - The company aims to accelerate the development of new energy projects, including charging stations, to support long-term sustainable growth[24]. Employee and Management - The group had a total of 2,204 employees at the end of the reporting period, an increase from 2,177 employees as of December 31, 2021[50]. - Employee costs amounted to RMB 145,447,289, compared to RMB 134,555,566 in the same period of 2021, reflecting an increase of approximately 8.5%[51]. - The group emphasizes employee training, organizing multiple training sessions covering governance, compliance, management, and professional skills for all levels of staff[51]. Corporate Governance - The company has adopted the Corporate Governance Code and has complied with its applicable provisions during the reporting period[64]. - The Audit and Risk Management Committee consists of three directors, including independent non-executive directors, and has reviewed the interim results announcement without raising objections to the accounting policies adopted[63]. Related Party Transactions - The company engaged in transactions with related parties, including sales of refined oil based on market prices, indicating a strategic focus on maintaining competitive pricing[145]. - The company has established multiple related party relationships, including with Chengdu Jiaotou and Chengdu High-Speed Road Co., indicating a complex network of affiliations[143]. - The group's total related party transactions for the six months ended June 30, 2022, amounted to RMB 3,165,987, compared to RMB 1,997,087 in the same period of 2021, indicating a significant increase[162].

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 1.5 billion for the fiscal year 2021, representing a 15% year-over-year growth[48]. - The company reported a revenue of RMB 2,702,370,887 for 2021, an increase of RMB 664,018,824 or 32.6% compared to 2020[71]. - Revenue from the highway business segment was RMB 1,495,828,250, representing a year-on-year growth of 31.8% and accounting for 55.4% of total revenue[71]. - The energy sector generated revenue of RMB 1,206,542,637, up 33.6% from 2020, making up 44.6% of total revenue[71]. - Net profit for the year was RMB 685,058,443, an increase of RMB 309,653,203 or 82.5% compared to 2020[71]. - Net profit attributable to shareholders was RMB 614,652,615, reflecting an increase of RMB 273,271,502 or 80.0% year-on-year[71]. - Basic earnings per share rose to approximately RMB 0.37, a 76.2% increase from RMB 0.21 in 2020[71]. - The company reported a net profit for the year 2021 of RMB 398,783,502, with distributable profits amounting to RMB 358,905,152[196]. - The dividend payout ratio for the year 2021 is 65.1% of the distributable profits[196]. Operational Highlights - User data showed an increase in traffic volume on the highways managed by the company, with an average daily traffic of 120,000 vehicles, up from 100,000 vehicles in the previous year, indicating a 20% increase[1]. - The company has completed a strategic acquisition of a 30% stake in a regional logistics company, which is expected to enhance its service offerings and operational synergies[48]. - The group operates a total of 5 highways with a combined length of 202.37 kilometers, including a 40% stake in the Chengbei Exit Expressway[52]. - The group has a total of 23 gas stations and 4 gas filling stations, with the latter not yet operational during the reporting period[55]. - The company has expanded its energy sector through the acquisition of 3 subsidiaries and investments in 9 joint ventures and associates[55]. - The company has implemented a unified toll collection model for local vehicles on specific highways, which was restored to standard toll collection in July 2018[50]. Strategic Initiatives - The company has outlined its future outlook, projecting a revenue growth of 10% for the next fiscal year, driven by increased traffic and expansion of services[48]. - The company is planning to expand its market presence by entering into partnerships with local governments to develop new highway projects, targeting an additional 200 kilometers of new roads by 2025[48]. - The company plans to invest RMB 200 million in research and development for new technologies in the upcoming year[48]. - The company aims to enhance operational efficiency and revenue through strategic participation in regional market competition and new business ventures[76]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of $30 million earmarked for potential deals[116]. Sustainability and Corporate Governance - The management highlighted a focus on sustainability initiatives, aiming to reduce carbon emissions by 25% over the next five years through the adoption of green technologies[48]. - The company is committed to sustainable high-quality development and creating value for shareholders[81]. - The company maintains a high standard of corporate governance, ensuring the protection of shareholder interests and enhancing corporate value[139]. - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors, with a term of three years[141]. - The company has established a comprehensive internal governance structure, including a shareholders' meeting, board of directors, and various specialized committees[139]. Management and Leadership - The company has a strong leadership team with diverse backgrounds in finance, management, and academia, enhancing its strategic decision-making capabilities[124]. - The management team has extensive experience, with key executives having over 20 years in the industry[114]. - The company has a diverse management team with extensive experience in finance, engineering, and operations[132]. - The company has seen a leadership transition with Mr. Zou Zhiquan stepping down as Chief Engineer in March 2021, replaced by Mr. Shu Bin[133]. Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 12%[116]. - The future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[126]. - The company aims to enhance customer satisfaction, targeting a 90% satisfaction rate by the end of the year[118]. - The company plans to enhance its digital marketing efforts, aiming for a 30% increase in online engagement[128]. Risk Management - The company has established a three-tier risk management system, with various departments responsible for first-level prevention and the Audit and Risk Management Committee overseeing second-level prevention[171]. - The company conducts annual risk assessments based on collected initial risk information and business management processes[169]. - The company has implemented risk management policies and corporate governance measures across multiple business operations, including financial reporting and legal compliance[167]. - The audit and risk management committee continuously monitors the implementation of the company's risk management policies to ensure effective identification and management of operational risks[175].

Financial Performance - Chengdu Expressway Co., Ltd. reported a revenue of RMB 1.2 billion for the first half of 2021, representing a year-on-year increase of 15%[1]. - The company achieved a net profit of RMB 300 million, up 20% compared to the same period last year[1]. - Future guidance indicates a projected revenue growth of 12% for the next fiscal year, driven by increased traffic and new projects[1]. - The company reported a cash flow from operating activities of RMB 400 million, reflecting a strong liquidity position[1]. - The company achieved a revenue of RMB 1,339,770,469 for the first half of 2021, representing an increase of 80.1% compared to RMB 743,733,382 in the same period of 2020[27]. - Net profit attributable to shareholders reached RMB 320,866,053, a significant rise of 381.4% compared to RMB 66,652,873 in the same period last year[27]. - The total profit for the group was RMB 418,455,134, compared to RMB 46,853,853 in the same period last year, indicating a substantial increase[30]. - The company reported a total comprehensive income of RMB 320,866,053, significantly higher than RMB 66,652,873 in the prior year, an increase of approximately 380%[81]. - Basic and diluted earnings per share rose to RMB 0.19 for the six months ended June 30, 2021, compared to RMB 0.04 for the same period in 2020, reflecting a substantial increase of 375%[81]. Traffic and Operations - User traffic on the expressways increased by 10% year-on-year, with a total of 15 million vehicles recorded during the reporting period[1]. - The weighted average daily traffic volume of the group's highways was 214,514 vehicles during the reporting period, remaining relatively stable compared to 217,571 vehicles from May 6 to June 30, 2020[28]. - The average daily traffic on Chengdu Airport Expressway increased by 16.7% to 44,468 vehicles, benefiting from the recovery of flights at Chengdu Shuangliu International Airport[36]. - The company completed the "high connection" project between Chengguan Expressway and Chengdu Ring Expressway, improving traffic flow and connectivity[24]. Expansion and Investment - The company plans to expand its expressway network by 25% over the next three years, focusing on key urban areas[1]. - Chengdu Expressway is investing RMB 500 million in new technology for toll collection systems to enhance efficiency[1]. - The company has initiated discussions for potential mergers with two regional expressway operators to strengthen market position[1]. - The company plans to utilize the proceeds from the global offering for acquiring or investing in high-quality expressways and establishing new business segments[53]. Energy Sector Performance - The energy sector reported revenue of RMB 616,391,234, reflecting a 47.3% increase from RMB 418,479,422 in 2020[27]. - The group plans to continue optimizing production and operations in the energy sector while actively expanding into new energy projects[29]. - The energy sector generated revenue of RMB 616,391,234, an increase of 47.3% from RMB 418,479,422 in the previous year[37]. - The group’s energy segment saw a 34.0% increase in refined oil sales revenue to RMB 560,165,983, driven by strong domestic economic growth[37]. Financial Position and Assets - The group has a total asset value of approximately RMB 9.04 billion as of the reporting period[15]. - As of June 30, 2021, total assets were RMB 9,044,854,737, slightly down from RMB 9,067,407,272 at the end of 2020[31]. - The company’s total equity attributable to shareholders at the end of the reporting period was RMB 4,561,008,937, compared to RMB 3,816,005,445 at the end of the previous year[83]. - The company’s retained earnings increased to RMB 1,054,381,724 from RMB 933,904,013, reflecting an increase of approximately 12.9%[82]. Employee and Management - The total number of employees increased to 2,156, up from 1,780 at the end of 2020, with frontline workers making up 85.7% of the total[57]. - Employee costs for the reporting period amounted to RMB 134,555,566, compared to RMB 78,847,273 in the same period of 2020, representing an increase of approximately 70.8%[59]. - The company emphasizes employee training, covering various levels from frontline staff to senior management, in areas such as corporate governance and operational management[59]. - Senior management compensation includes fixed salaries and performance bonuses, with bonuses based on the completion of annual performance targets[58]. Compliance and Governance - The company plans to adopt Chinese accounting standards for financial reporting starting from 2021, aiming to enhance audit efficiency and reduce disclosure discrepancies[26]. - The company has maintained compliance with the Corporate Governance Code throughout the reporting period[72]. - The company’s audit and risk management committee has reviewed the performance announcement and interim report for the six months ended June 30, 2021, without raising any objections to the accounting policies adopted[71]. Cash Flow and Financing - The net cash flow from operating activities for the reporting period was approximately RMB 181,344,625, a decrease of RMB 347,654,692 compared to RMB 528,999,317 in the same period of 2020[50]. - The net cash flow from investing activities for the reporting period was approximately RMB 68,136,761, a decrease of RMB 122,388,520 compared to RMB 190,525,281 in the same period of 2020[51]. - The net cash flow used in financing activities for the reporting period was approximately RMB 221,170,818, an increase of RMB 57,726,415 compared to RMB 163,444,403 in the same period of 2020[51]. - The company reported a significant increase in employee compensation expenses to RMB 134,555,566 for the six months ended June 30, 2021, from RMB 78,847,273 in the same period of 2020[193]. Accounting Policies and Estimates - The company has transitioned to using Chinese Accounting Standards for financial reporting, aligning with regulatory requirements for companies listed in Hong Kong[94]. - The company recognizes financial assets or liabilities when it becomes a party to a financial instrument contract[103]. - The company uses the expected credit loss model for impairment of financial assets measured at amortized cost, assessing credit risk at each balance sheet date[106]. - The company conducts annual impairment tests on goodwill, requiring estimates of future cash flows and appropriate discount rates[145].

Financial Performance - Chengdu Expressway Company reported a revenue of RMB 1.2 billion for the fiscal year, representing a 15% increase year-over-year[5]. - The company achieved a net profit of RMB 300 million, which is a 10% increase compared to the previous year[5]. - The company reported a total revenue of RMB 2,014,344 thousand for 2020, a decrease of 12.5% compared to RMB 2,301,384 thousand in 2019[35]. - Toll revenue from the highway segment was RMB 1,010,206 thousand, accounting for 50.2% of total revenue, down 19.6% from RMB 1,255,926 thousand in 2019[35]. - Revenue from the energy segment was RMB 898,522 thousand, representing 44.6% of total revenue, a decline of 14.1% from RMB 1,045,458 thousand in 2019[35]. - The net profit for the year was RMB 381,680 thousand, a decrease of 31.3% from RMB 555,567 thousand in 2019[35]. - Total comprehensive income attributable to the company’s owners was RMB 344,509 thousand, down 29.0% from RMB 485,198 thousand in 2019[35]. - Basic earnings per share were approximately RMB 0.208, a decline of 29.7% from RMB 0.296 in 2019[35]. - The company reported a significant increase in operational efficiency, reducing costs by 8% through improved management practices[5]. - The company has set a performance guidance of 12% revenue growth for the next fiscal year[5]. Operational Highlights - User traffic on the expressways increased by 20%, reaching 15 million vehicles in the reporting period[5]. - The company operates a total of 5 highways with a combined length of 202.37 kilometers, including a 40% stake in the Chengbei Exit Highway[17]. - The company has recently won the operational management rights for the Tianfu Airport Expressway and the Pudu Expressway, increasing the total managed highway length to 392.04 kilometers[17]. - The average daily traffic volume on the highways has been weighted according to the length of each segment, reflecting the operational efficiency[15]. - The company has adopted a standard toll collection model applicable to all vehicles not eligible for the unified toll collection model[15]. - The company achieved significant results in safety and quality service, receiving various honors such as the "Five Good" Highway in Sichuan Province[17]. Strategic Initiatives - The company plans to expand its market presence by investing RMB 500 million in new infrastructure projects over the next two years[5]. - Chengdu Expressway Company is exploring potential mergers and acquisitions to enhance its service offerings and market share[5]. - The board of directors emphasized the importance of sustainable development strategies in future projects[5]. - The company plans to explore the integration of service areas with tourism, logistics, culture, and new energy industries[29]. - The company aims to expand its highway operation management business to external markets in the future[30]. Shareholder Value and Dividends - Chengdu Expressway Company is committed to enhancing shareholder value through consistent dividend payments, maintaining a payout ratio of 30%[5]. - The company plans to distribute a final cash dividend of RMB 0.121 per share, totaling RMB 200,388,342, subject to approval at the 2021 annual general meeting[36]. - The proposed final cash dividend for the fiscal year 2020 is RMB 200,388,342, which translates to RMB 0.121 per share based on the total shares of 1,656,102,000[158]. - The dividend proposed represents about 60.5% of the distributable profit for the year[159]. Asset and Liability Overview - As of the reporting period, the total assets of the company amounted to RMB 9.07 billion[18]. - Total assets as of December 31, 2020, were RMB 9,067,406 thousand, a decrease from RMB 9,334,119 thousand in 2019[51]. - Total liabilities increased to RMB 4,895,496 thousand from RMB 4,599,564 thousand in 2019[51]. - The group's interest-bearing borrowings totaled RMB 3,264,268 thousand, with 93.4% not due for repayment within one year[65]. Management and Governance - The company has maintained a stable leadership team, with key executives holding their positions since 2016, including Chairman Xiao Jun and several executive directors[83]. - The board of directors has been restructured, with the second board established on June 11, 2020, following the completion of the board transition[82]. - The company emphasizes its commitment to strategic development and operational efficiency under the new management[84]. - The company has established a comprehensive internal governance structure consisting of the shareholders' meeting, board of directors, various specialized committees, supervisory board, and senior management[106]. - The company has adopted the Corporate Governance Code and has complied with applicable provisions, except for provision A.4.2 regarding the rotation of directors every three years[107]. Risk Management - The company has established effective risk management and internal control systems, which are monitored by the board[115]. - The risk management process includes initial information collection, risk assessment, response, internal control, and monitoring and improvement[136]. - The company conducts at least one risk assessment annually based on regularly collected initial risk information[136]. - The Audit and Risk Management Committee continuously monitors the implementation of risk management policies to ensure effective internal control systems[141]. Related Party Transactions - The company entered into a non-competition agreement with Chengdu Communications Investment on June 29, 2017, which prohibits direct or indirect competition in major business areas in Sichuan Province[183]. - A property leasing framework agreement was signed with Chengdu Communications Investment, with a total transaction amount of RMB 3.129 million during the reporting period, below the annual cap of RMB 3.5 million[187]. - The total transaction amount for the refined oil framework agreement from August 7, 2020, to December 31, 2020, is capped at RMB 320 million, with an actual amount incurred of RMB 238.215 million[191].

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2020, representing a 15% increase compared to the same period last year[11]. - The company's revenue for the reporting period was RMB 316,544 thousand, a decrease of 43.8% compared to RMB 562,974 thousand in the same period last year[30]. - Total revenue for the six months ended June 30, 2020, was RMB 316,544 thousand, a decrease of 43.8% compared to RMB 562,974 thousand in the same period of 2019[36]. - The net profit attributable to the company's owners was RMB 64,059 thousand, a decline of 72.2% from RMB 230,529 thousand in the previous year[30]. - Gross profit for the reporting period was RMB 86,388 thousand, a significant decline of 74.8% from RMB 343,186 thousand in 2019, resulting in a gross margin of 27.3%[40]. - The company reported a basic and diluted earnings per share of RMB 0.039 for the first half of 2020, down from RMB 0.143 in the same period of 2019[80]. - The total equity attributable to the owners of the company decreased to RMB 3,165,321,000 from RMB 3,299,994,000 at the end of 2019[82]. - The company reported a net profit for the period of RMB 68,423,000, a decline of 72.1% compared to RMB 245,536,000 in the previous year[80]. Traffic and User Engagement - User data showed an increase in daily traffic volume on highways, reaching an average of 1.5 million vehicles per day, up 10% year-on-year[12]. - During the recovery period from May 6 to June 30, 2020, total traffic volume increased by 3.2% to 217,571 vehicles compared to 210,771 vehicles in the same period of 2019[38]. - The increase in traffic volume was attributed to the resumption of regional economic activities post-COVID-19, particularly on Chengpeng Expressway due to its capacity expansion[38]. - User engagement initiatives have led to a 30% increase in customer satisfaction ratings, reflecting improved service delivery[10]. Strategic Initiatives and Expansion - The company plans to expand its market presence by entering two new provinces by the end of 2021, aiming for a 25% increase in regional market share[6]. - A strategic acquisition of a local logistics company is expected to enhance operational capabilities and contribute an additional RMB 300 million in revenue annually[4]. - The company expects a revenue growth of 12% for the full year 2020, driven by increased traffic and operational efficiency[10]. - The company is investing RMB 500 million in infrastructure upgrades to improve road safety and service quality over the next three years[2]. - The company plans to enhance operational efficiency of highways, with an expected utilization of RMB 80,245 thousand, of which RMB 14,576 thousand has already been utilized[52]. Technology and Innovation - New technology initiatives include the implementation of smart toll systems, which are projected to reduce wait times by 20%[8]. - The company has launched a new mobile app that facilitates real-time traffic updates, which has already garnered 200,000 downloads within the first month[12]. - New technology initiatives are being developed to improve toll collection systems, aiming for a 20% reduction in operational costs[146]. Financial Position and Liabilities - The total assets of the company amounted to RMB 8.31 billion as of the report date[15]. - The total liabilities increased to RMB 4,653,058 thousand from RMB 4,519,008 thousand at the end of 2019[34]. - The interest-bearing bank and other borrowings totaled RMB 2,927,186 thousand, with 93.9% not due within one year[45]. - The debt-to-equity ratio at the end of the reporting period was 22.9%, down from 28.3% as of December 31, 2019[46]. - The company reported a significant increase in bank loan proceeds, amounting to RMB 1,078,000,000 in 2020 compared to RMB 55,000,000 in 2019[86]. Government and Regulatory Matters - The company received government subsidies amounting to RMB 247,729,000 during the period, which was not reported in the previous year[85]. - The company received government grants of RMB 47,139,000 related to electronic toll collection projects, which were deducted from the carrying amount of property, plant, and equipment[108]. Governance and Management - The company has appointed various members to its audit, risk management, nomination, and compensation committees as part of its governance structure[59]. - The company continues to maintain a strong governance framework with independent non-executive directors and committees overseeing key functions[59]. - The company’s second board of directors and supervisory committee were established on June 11, 2020, with Mr. Xiao Jun elected as the chairman[59]. Future Outlook - Future outlook remains positive, with management confident in achieving long-term growth targets despite current market challenges[11]. - The company plans to expand the Cheng-Peng Expressway, with approximately 166,593 square meters of land required, which is about 18.4% of the total land needed for the project[68]. - Future outlook indicates a projected growth rate of 15% in the upcoming fiscal year, driven by increased traffic volume and toll revenue[146].