Financial Performance - Total revenue for 2021 reached RMB 6,270,530, an increase of 12% from RMB 5,585,541 in 2020[17] - Revenue from highway service area operations was RMB 3,726,307, up 24% from RMB 3,003,512 in 2020[17] - The operating loss for the year was RMB 244,076, compared to a loss of RMB 233,251 in 2020, reflecting a 5% increase in losses[17] - Net loss attributable to shareholders was RMB 220,330, compared to a profit of RMB 85,981 in 2020, indicating a significant decline[17] - Total assets decreased to RMB 10,543,633, down 5% from RMB 11,052,730 in 2020[19] - Total net assets fell to RMB 2,742,709, a decrease of 13% from RMB 3,150,113 in 2020[19] - The gross profit margin improved to 6.49%, up 37% from 4.75% in 2020[19] - The company reported a basic loss per share of RMB 0.28, compared to RMB 0.29 in 2020, a 4% decrease[17] Strategic Initiatives - The company aims to enhance its comprehensive transportation service platform as part of its "14th Five-Year Plan" strategy[6] - The company is focusing on expanding its transportation network resources to achieve international standards in service[6] - The company has established a network of 58 self-built gas stations by the end of 2021, with plans to exceed 100 stations during the "14th Five-Year Plan" period, aiming to expand revenue significantly[32] - The company operates 546 convenience store outlets under the brand "Le Yi," achieving a multi-channel network expansion and completing a logo upgrade[32] - The company has built 72 urban bus charging stations with 654 charging piles, and a total of 186 service areas equipped with charging stations, enhancing its influence in the energy sector[32] - The company signed a strategic cooperation agreement with NIO on November 22 to promote the development of new energy business in highway service areas[29] - The company is focusing on digital transformation and platform-based operations, enhancing the "Yuexing" platform to achieve "one-click travel" services[37] Operational Developments - The company has integrated advertising resources across 61 highways and 358 service areas, transitioning towards becoming a "full-media supplier" for transportation[34] - The company has completed the comprehensive development of the Dahuai service area and upgraded 20 service areas, enhancing their commercial value significantly[34] - The company has established partnerships with major companies like NIO and Tesla for third-party charging station access, laying a solid foundation for future new energy business expansion[68] - The company has expanded its self-operated gas station network to 207 stations, including 58 self-operated and 136 contracted stations by the end of December 2021[65] - The company is actively pursuing new energy initiatives, including the development of charging stations and battery swap stations, in response to carbon neutrality goals[48] Market Position and Competitiveness - The company has the largest number of highway service area operating rights in Guangdong Province, with 358 service areas, of which 346 are operational, leveraging the high traffic volume for business growth[34] - The "Yueyun Express" brand is recognized for its strong competitiveness in the road passenger transport industry[37] - The company is the largest road transport enterprise in the Guangdong-Hong Kong-Macao Greater Bay Area, holding a 29.7% stake in the Guangdong Hong Kong-Zhuhai Bridge Shuttle Bus Company, making it the largest single shareholder[37] - The company is focusing on upgrading service area quality through public service projects like "toilet revolution" and waste classification[53] Risk Management - The group faced risks from fuel price fluctuations, which are a major operational cost in the road passenger transport business, potentially impacting profitability if prices continue to rise[116] - The company is facing operational risks due to potential traffic diversion from new transportation routes like the Shenzhen-Zhongshan Channel[121] - The company’s business operations are susceptible to adverse weather conditions and natural disasters, which may directly impact operations[119] - The company is exposed to policy risks related to government adjustments in toll fees, which could affect revenue stability[120] Governance and Management - The company has a diverse supervisory team with members holding advanced degrees and professional qualifications in finance and accounting[151] - The company emphasizes the importance of experienced management in overseeing financial and operational activities[152] - The supervisory board plays a crucial role in ensuring compliance and risk management within the organization[154] - The company has established various committees, including the audit and corporate governance committee, to oversee specific areas of governance and compliance[180] Future Outlook - The company has set a future outlook with a revenue target of 1.5 billion for the next fiscal year, indicating an expected growth of 25%[138] - The company plans to expand its market presence by entering three new provinces, aiming for a 20% increase in market share[138] - A strategic acquisition of a regional competitor is in progress, expected to add 200 million in annual revenue[138] - The company is investing 50 million in R&D for innovative technologies in transportation logistics[138]

Company Overview [Company Profile](index=3&type=section&id=Company%20Profile) Guangdong Yueyun Transportation Co., Ltd. (03399.HK) is a comprehensive transportation service provider controlled by Guangdong Provincial Communications Group, focusing on travel services and aiming for an international-level integrated platform - The company's controlling shareholder is Guangdong Provincial Communications Group Co., Ltd., holding approximately **74.12%** of the shares[8](index=8&type=chunk) - The company's core business is travel services, divided into highway service area operations, road passenger transport and related services, and Taiping Interchange operations[9](index=9&type=chunk) - The company's '14th Five-Year Plan' strategic goal is to become an international-level comprehensive transportation service group[9](index=9&type=chunk) Financial Highlights [Financial Highlights](index=5&type=section&id=Financial%20Highlights) In H1 2021, revenue grew 19% to RMB 3.09 billion, and gross profit surged 888% to RMB 212 million, though the company still reported a net loss of RMB 124 million, with attributable net loss narrowing to RMB 60.76 million H1 2021 Performance Highlights (Six Months Ended June 30) | Indicator | H1 2021 (RMB Thousand) | H1 2020 (RMB Thousand) | Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **3,092,467** | **2,601,847** | **19%** | | Highway Service Area Operations | 1,820,236 | 1,410,175 | 29% | | Road Passenger Transport and Related Services | 1,184,237 | 1,026,373 | 15% | | Taiping Interchange Operations | 57,310 | 19,572 | 193% | | **Total Gross Profit** | **212,368** | **21,489** | **888%** | | **Operating Loss** | (69,761) | (193,855) | N/A | | **Net Loss** | (123,988) | (182,471) | N/A | | **Net Loss Attributable to Parent Company Shareholders** | **(60,764)** | **(111,440)** | **N/A** | | **Basic Loss Per Share (RMB)** | **(0.08)** | **(0.14)** | **N/A** | Key Financial Ratios and Balance Sheet Highlights | Indicator | June 30, 2021 | December 31, 2020 | Change | | :--- | :--- | :--- | :--- | | Total Assets (RMB Thousand) | 10,658,846 | 11,052,730 | (4%) | | Equity Attributable to Parent Company Shareholders (RMB Thousand) | 2,015,543 | 2,071,291 | (3%) | | Gross Profit Margin | 6.87% | 0.83% (as of June 30, 2020) | 727% | | Asset-Liability Ratio | 71.96% | 71.50% | 1% | | Current Ratio (times) | 0.82 | 0.83 | (1%) | Chairman's Report [Macro Environment and Strategy](index=7&type=section&id=Macro%20Environment%20and%20Strategy) The Chairman noted the stable recovery of the national economy and the '14th Five-Year Plan' opening year's opportunities for integrated transportation, emphasizing the company's focus on adjusting industrial layout and accelerating market-oriented transformation for high-quality development - China's economy continues to recover steadily, with accelerated recovery in the transportation sector providing a favorable external environment for the company's development[22](index=22&type=chunk) - The '14th Five-Year Plan' will promote integrated transportation development, benefiting the company from policies supporting comprehensive transportation system construction[23](index=23&type=chunk) - The company will align with the '14th Five-Year' strategic development plan to adjust its industrial layout, optimize resource allocation, and accelerate market-oriented business transformation[24](index=24&type=chunk) [H2 2021 Business Outlook](index=8&type=section&id=H2%202021%20Business%20Outlook) In H2 2021, the company plans to focus on highway service area operations and road passenger transport, emphasizing self-operated gas station construction, retail brand enhancement, and digital transformation for passenger transport, alongside expanding logistics and cross-border services [Highway Service Area Operations](index=8&type=section&id=Highway%20Service%20Area%20Operations) In H2, the company will pursue self-operated gas station development targeting 60 stations, expand retail with 30 new stores and local specialties, deepen integrated investment promotion for differentiated service areas, and enhance digital media development for advertising - Energy Business: Aims to complete construction of 10 gas stations, achieving **60** self-operated stations, and actively promoting upgrades to integrated oil, gas, electricity, and photovoltaic stations[28](index=28&type=chunk)[31](index=31&type=chunk) - Retail Business: Strives to add **30** new stores, build the 'Yipin Hui' brand, and gradually achieve parallel online and offline development[32](index=32&type=chunk) - Investment Promotion: Adopts a 'one category, one policy' differentiated development strategy, focusing on creating logistics, tourism, and commercial service areas[34](index=34&type=chunk) - Advertising Business: Strengthens internal resource integration, enhances digital media resource development capabilities, and collaborates with external media agencies[35](index=35&type=chunk) [Road Passenger Transport and Related Services](index=11&type=section&id=Road%20Passenger%20Transport%20and%20Related%20Services) The company will adjust traditional passenger routes to develop diversified services like public transport and ride-hailing, leveraging the 'Yuexing' platform for digital transformation and platform-based operations, while enhancing safety, promoting integrated station development, and exploring logistics and cross-border transport - Business Structure Adjustment: Accelerates the adjustment of traditional routes to develop diversified services such as public transport, rural passenger transport, customized routes, ride-hailing, and commuter charters[37](index=37&type=chunk) - Digital Transformation: Leverages the 'Yuexing' platform to achieve the goal of 'one ticket, one network, one center, one platform,' promoting online-offline integration[37](index=37&type=chunk) - Asset Revitalization: Strengthens comprehensive development of passenger transport stations, transforming them into shopping centers, tourist distribution centers, and other diverse formats to achieve 'sustaining stations through commerce'[38](index=38&type=chunk) - New Business Expansion: Actively explores niche logistics markets, including station-front warehouses and cold chain logistics, and continues to develop cross-border transport services[40](index=40&type=chunk) Management Discussion and Analysis [Business Review](index=13&type=section&id=Business%20Review) In H1 2021, the company balanced epidemic control with business development, seeing energy business revenue grow 40% in service areas, a 13-percentage-point increase in non-station passenger aggregation for road transport, and over 200% growth in Taiping Interchange operations due to prior-year toll exemptions [Highway Service Area Operations](index=13&type=section&id=Highway%20Service%20Area%20Operations) In H1, energy business revenue reached RMB 1.38 billion, up 40%, with 54 self-operated gas stations; retail revenue was RMB 226 million, stable, with 622 'Leyu' convenience stores; investment promotion revenue was RMB 162 million, covering 358 service areas; and advertising revenue was RMB 49.8 million, slightly down - Energy business revenue increased by **40%** to **RMB 1.382 billion**, with **6** new self-operated gas stations added in H1, totaling **54** stations[44](index=44&type=chunk) - Retail business revenue was **RMB 226 million**, largely flat year-on-year, with the total number of 'Leyu' convenience stores reaching **622**[47](index=47&type=chunk) - Investment promotion business revenue was **RMB 162 million**, with the number of service areas (including parking areas) under operation increasing to **358**[51](index=51&type=chunk) - Advertising business revenue was **RMB 49.8 million**, with **587** advertising resources[54](index=54&type=chunk) [Road Passenger Transport and Related Services](index=17&type=section&id=Road%20Passenger%20Transport%20and%20Related%20Services) To adapt to industry changes and pandemic impacts, the company actively pursued market-oriented transformation, achieving RMB 120 million in non-station passenger aggregation revenue, a 13-percentage-point increase, while 'Yuexing' platform revenue grew 178% to RMB 4.7272 million, though cross-border passenger transport remained suspended - Non-station passenger aggregation businesses (e.g., ride-hailing, customized transport, commuter services) generated **RMB 120 million** in revenue, with its proportion increasing by **13** percentage points year-on-year[58](index=58&type=chunk) - 'Yuexing' platform's intercity and customized carpooling business revenue was **RMB 4.7272 million**, a **178%** increase year-on-year, serving **91,900** passengers, up **132%**[59](index=59&type=chunk) - Cross-border passenger transport business has been suspended since February 2020 due to border closures caused by the pandemic[61](index=61&type=chunk) [Taiping Interchange Operations](index=18&type=section&id=Taiping%20Interchange%20Operations) In H1 2021, Taiping Interchange recorded approximately **15.37 million** toll vehicle trips and **RMB 57.31 million** in toll revenue, representing year-on-year increases of **212.5%** and **259.7%** respectively, primarily due to toll exemptions in the prior year Taiping Interchange Operating Data (H1 2021) | Indicator | Value | Year-on-Year Growth | | :--- | :--- | :--- | | Cumulative Toll Vehicle Trips | Approx. **15.37 million** vehicle trips | Approx. **212.49%** | | Cumulative Toll Revenue | Approx. **RMB 57.31 million** | Approx. **259.7%** | [Financial Review](index=19&type=section&id=Financial%20Review) This section details the company's H1 2021 financial performance, highlighting revenue and gross profit growth driven by energy business expansion, road passenger transport transformation, and Taiping Interchange recovery, despite a net loss due to reduced new energy vehicle subsidies, with stable capital structure and improved operating cash flow [Performance Overview](index=19&type=section&id=Performance%20Overview) For the six months ended June 30, 2021, the Group's revenue grew 19% to RMB 3.09 billion, gross profit surged 888% to RMB 212 million, and attributable net loss narrowed significantly to RMB 60.76 million, driven by energy business growth, road passenger transport transformation, and increased Taiping Interchange toll days, offset by reduced new energy vehicle subsidies H1 2021 Key Performance Data | Indicator | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Operating Revenue | 3,092,467 Thousand RMB | 2,601,847 Thousand RMB | | Gross Profit | 212,368 Thousand RMB | 21,489 Thousand RMB | | Net Loss Attributable to Parent | 60,764 Thousand RMB | 111,440 Thousand RMB | | Basic Loss Per Share | 0.08 RMB | 0.14 RMB | [Revenue Analysis](index=19&type=section&id=Revenue%20Analysis) Total revenue increased 19% to RMB 3.09 billion, with highway service area operations revenue up 29% to RMB 1.82 billion, driven by a 40% increase in energy business revenue, road passenger transport and related services up 15% to RMB 1.18 billion, Taiping Interchange operations up 193% to RMB 57.31 million due to prior-year toll exemptions, and other business revenue down 79% Revenue by Business Segment (RMB Thousand) | Business Segment | H1 2021 | H1 2020 | Change | | :--- | :--- | :--- | :--- | | Highway Service Area Operations | 1,820,236 | 1,410,175 | +29% | | - Energy Business | 1,382,083 | 983,959 | +40% | | Road Passenger Transport and Related Services | 1,184,237 | 1,026,373 | +15% | | Taiping Interchange Operations | 57,310 | 19,572 | +193% | | Other Businesses | 30,684 | 145,727 | -79% | | **Total** | **3,092,467** | **2,601,847** | **+19%** | [Gross Profit Analysis](index=21&type=section&id=Gross%20Profit%20Analysis) The Group's gross profit totaled RMB 212 million in H1, surging 888% with gross margin improving from 0.83% to 6.87%; highway service area operations gross profit grew 5% to RMB 297 million, road passenger transport gross loss narrowed to RMB 135 million, and Taiping Interchange operations gross profit soared 1090% to RMB 48.44 million Gross Profit by Business Segment (RMB Thousand) | Business Segment | H1 2021 | H1 2020 | Change | | :--- | :--- | :--- | :--- | | Highway Service Area Operations | 296,832 | 282,401 | +5% | | Road Passenger Transport and Related Services | (134,855) | (266,298) | Loss Narrowed | | Taiping Interchange Operations | 48,437 | 4,074 | +1090% | | Other Businesses | 1,954 | 1,312 | +49% | | **Total** | **212,368** | **21,489** | **+888%** | - Road passenger transport business gross loss narrowed but was still impacted by the pandemic and reduced new energy vehicle operating subsidies, which are recognized under 'other income' rather than operating costs[81](index=81&type=chunk) [Expenses and Other Income/Loss Analysis](index=24&type=section&id=Expenses%20and%20Other%20Income%2FLoss%20Analysis) In H1, selling and administrative R&D expenses decreased by 9% and 2% respectively, while finance costs rose 6% due to increased borrowings; other income decreased 33% to RMB 165 million, mainly due to reduced new energy vehicle operating subsidies, but investment income significantly increased to RMB 6.52 million from associates and joint ventures - Other income decreased by **33%** year-on-year to **RMB 165 million**, primarily due to a reduction in new energy vehicle operating subsidies recognized this period as new subsidy standards are yet to be clarified[89](index=89&type=chunk) - Investment income significantly increased year-on-year to **RMB 6.52 million**, mainly due to increased net profits from associates and joint ventures this period[90](index=90&type=chunk) [Working Capital and Capital Structure](index=25&type=section&id=Working%20Capital%20and%20Capital%20Structure) The company maintains prudent financial management, with net debt of RMB 1.693 billion, a capital gearing ratio of 36.16%, and a stable asset-liability ratio of 71.96% as of June 30, 2021; operating cash inflow increased to RMB 510 million, investment cash outflow decreased, and financing cash flow turned to net outflow due to increased debt repayment, while maintaining sufficient bank credit lines Capital Structure (RMB Thousand) | Item | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Net Debt | 1,692,768 | 1,804,640 | | Total Shareholders' Equity | 2,989,205 | 3,150,113 | | Capital Gearing Ratio | 36.16% | 36.42% | | Asset-Liability Ratio | 71.96% | 71.50% | Cash Flow Summary (RMB Thousand) | Cash From/(Used In) | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Operating Activities | 510,097 | 352,216 | | Investing Activities | (212,576) | (413,786) | | Financing Activities | (272,169) | 59,368 | - As of June 30, 2021, the Group's total outstanding borrowings amounted to **RMB 2.957 billion**, with approximately **59%** bearing interest at fixed rates[105](index=105&type=chunk) Other Information [Equity Information](index=30&type=section&id=Equity%20Information) As of June 30, 2021, the company's total share capital was 799,847,800 shares, with controlling shareholder Guangdong Provincial Communications Group Co., Ltd. directly holding approximately 74.12% of the shares, and information on other substantial shareholders and directors' holdings also disclosed - Controlling shareholder Guangdong Provincial Communications Group Co., Ltd. holds **74.12%** of the company's shares[117](index=117&type=chunk) - For the six months ended June 30, 2021, there were no changes in the company's shares, nor were any listed shares purchased, sold, or redeemed[124](index=124&type=chunk)[125](index=125&type=chunk) [Corporate Governance](index=33&type=section&id=Corporate%20Governance) The company is committed to high corporate governance standards, confirming full compliance with the Listing Rules' Corporate Governance Code during the reporting period, with the Board, Audit and Corporate Governance Committee, and Supervisory Committee compositions disclosed, and the Audit and Corporate Governance Committee having reviewed the unaudited interim financial report - The company complied with all code provisions of the Corporate Governance Code for the six months ended June 30, 2021[133](index=133&type=chunk) - The Audit and Corporate Governance Committee reviewed the unaudited interim financial report for the six months ended June 30, 2021, and recommended its adoption by the Board[138](index=138&type=chunk) [Employees and Dividends](index=35&type=section&id=Employees%20and%20Dividends) As of June 30, 2021, the Group had 22,014 employees, with total employee costs of approximately RMB 941 million in H1, and the Board did not recommend an interim dividend for the six months ended June 30, 2021 - As of June 30, 2021, the Group had **22,014** employees, with total employee costs of approximately **RMB 941 million** in H1[141](index=141&type=chunk) - The Board did not recommend the payment of an interim dividend for the six months ended June 30, 2021[143](index=143&type=chunk) [Significant Litigation](index=36&type=section&id=Significant%20Litigation) The report disclosed two significant litigations: one to recover RMB 472 million in steel prepayments from companies in bankruptcy, for which full impairment has been recognized, and another for RMB 35.68 million in advances by a subsidiary, which was settled and closed in June 2021 - The company is still pursuing a significant lawsuit to recover **RMB 472 million** in prepayments, but full impairment provision has been made as the debtor has entered bankruptcy proceedings[146](index=146&type=chunk) - Another lawsuit involving **RMB 35.68 million** was settled and closed in June 2021[147](index=147&type=chunk) Unaudited Interim Financial Statements [Review Report](index=37&type=section&id=Review%20Report) Independent auditor Lixin Certified Public Accountants (Special General Partnership) reviewed the company's H1 2021 financial statements under Chinese CPA Review Standard No. 2101, concluding that nothing came to their attention suggesting the statements were not prepared in accordance with accounting standards or did not fairly reflect the company's financial position and operating results, noting that a review provides less assurance than an audit, thus no audit opinion was expressed - The auditor performed review procedures, which provide a lower level of assurance than an audit, and therefore did not express an audit opinion[149](index=149&type=chunk) - Based on the review, the auditor found no matters that caused them to believe the interim financial statements contained material misstatements[150](index=150&type=chunk) [Consolidated Financial Statements](index=38&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's unaudited consolidated balance sheet, income statement, cash flow statement, and statement of changes in equity as of June 30, 2021, along with the parent company's corresponding financial statements, detailing the financial position, operating results, cash flows, and equity changes for the reporting period [Notes to the Interim Financial Statements](index=60&type=section&id=Notes%20to%20the%20Interim%20Financial%20Statements) The notes detail the company's background, basis of preparation, significant accounting policies and estimates, major taxes, and provide breakdowns of key consolidated financial statement items, along with disclosures on changes in consolidation scope, interests in other entities, related party relationships and transactions, commitments, and segment information [Company Background and Basis of Preparation](index=60&type=section&id=Company%20Background%20and%20Basis%20of%20Preparation) The notes describe the company's history and main operations, confirming the financial statements are prepared on a going concern basis, as management believes sufficient funds are available for the next 12 months, despite current liabilities exceeding current assets by RMB 540 million as of June 30, 2021, due to an unused credit line of RMB 4.188 billion - As of June 30, 2021, the Group's current liabilities exceeded current assets by **RMB 540 million**, but with an unused comprehensive credit line of **RMB 4.188 billion**, the financial statements are still prepared on a going concern basis[220](index=220&type=chunk) [Changes in Significant Accounting Policies and Estimates](index=111&type=section&id=Changes%20in%20Significant%20Accounting%20Policies%20and%20Estimates) During the reporting period, the company changed its accounting estimate for new energy bus depreciation from 6-8 years to a uniform 8 years, effective January 1, 2021, applying the prospective method, which reduced fixed asset depreciation by RMB 48.38 million and deferred income amortization by RMB 14.59 million this period - Effective January 1, 2021, the company changed the depreciation period for new energy buses from 6-8 years to **8** years, applying the prospective method of accounting[445](index=445&type=chunk) - This change in accounting estimate resulted in a **RMB 48.375 million** reduction in fixed asset depreciation and a **RMB 14.594 million** reduction in deferred income amortization for new energy buses this period[446](index=446&type=chunk) [Related Parties and Related Party Transactions](index=156&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) The notes extensively disclose transactions with the parent company, Guangdong Provincial Communications Group Co., Ltd., and its controlled entities, covering a wide range of activities including procurement, services, service area management, advertising, asset leasing, intercompany borrowings, and financial company deposits/loans, which are integral to the company's daily operations - The company entered into service area management contracts and highway outdoor advertising resource operation contracts with multiple related parties, forming a significant source of investment promotion and advertising business revenue[612](index=612&type=chunk)[625](index=625&type=chunk) - The company holds substantial deposits with Guangdong Provincial Communications Group Finance Co., Ltd. and obtains short-term and long-term borrowings from it, constituting important financing and cash management channels for the company[649](index=649&type=chunk)[656](index=656&type=chunk)

Financial Performance - Total revenue for 2020 was RMB 6,657,213 thousand, representing a 16% increase from RMB 5,585,541 thousand in 2019[14] - The gross profit for 2020 was RMB 1,053,217 thousand, a 75% increase compared to RMB 265,547 thousand in 2019[14] - The net loss attributable to shareholders of the parent company was RMB 229,193 thousand, a 175% increase from a profit of RMB 304,970 thousand in 2019[14] - The total operating revenue for the group in 2020 was RMB 5,585,541 thousand, a decrease of RMB 1,071,672 thousand or 16% compared to 2019[84] - The group experienced a net loss of RMB 315,174 thousand in 2020, compared to a net profit of RMB 365,084 thousand in 2019, marking a decrease of RMB 680,258 thousand or 186%[82] - The total profit for 2020 was a loss of RMB 238,597, compared to a profit of RMB 497,308 in 2019, indicating a significant downturn[142] - The net profit attributable to shareholders for 2020 was a loss of RMB 229,193, down from a profit of RMB 304,970 in 2019, reflecting a decline of approximately 175%[142] Assets and Liabilities - Total assets as of December 31, 2020, were RMB 11,052,730 thousand, a slight decrease from RMB 11,095,005 thousand in 2019[16] - The company's total equity attributable to shareholders decreased by 11% to RMB 2,071,291 thousand from RMB 2,319,316 thousand in 2019[16] - Total liabilities rose to RMB 7,902,617 thousand in 2020, compared to RMB 7,608,084 thousand in 2019, marking an increase of 3.86%[115] - Net debt increased to RMB 1,804,640 thousand in 2020, up from RMB 1,505,030 thousand in 2019, representing a 19.87% increase[115] - The debt-to-asset ratio increased to 71.50% in 2020 from 68.57% in 2019, indicating a rise in financial leverage[16] Revenue Segmentation - The travel service segment generated RMB 5,367,174 thousand in revenue, accounting for approximately 96.09% of total revenue, with a decrease of RMB 810,706 thousand or 13% from 2019[88] - The highway service area business saw an increase in revenue to RMB 3,003,512 thousand, up RMB 750,603 thousand or 33% year-on-year, primarily due to the addition of self-operated gas stations and new subsidiaries[88] - The materials logistics segment reported revenue of RMB 210,418 thousand, down RMB 261,947 thousand or 55% from 2019, representing about 3.77% of total revenue[91] - The energy business generated revenue of CNY 2.108 billion, representing a 64% year-on-year increase, with 207 gas stations operated by the company by the end of 2020[70] Operational Strategies - The company aims to develop an integrated travel service operation platform to meet the growing demand for transportation services[5] - Future strategies include enhancing operational efficiency and exploring potential mergers and acquisitions to strengthen market position[5] - The company plans to enhance its road passenger transport services through a digital transformation strategy, focusing on an integrated travel service platform to improve operational efficiency[43] - The company is committed to developing customized and ride-hailing services to adapt to changing consumer needs and improve operational flexibility[47] - The company aims to implement a systematic adjustment of its business structure, particularly in the bus sector, to ensure stable revenue and profit growth[47] Market Position and Competition - Guangdong Yueyun Transportation Co., Ltd. holds the largest market share in road transportation within Guangdong Province, with a strong competitive position in the industry[31] - The company faces risks from competition with other transportation modes, particularly high-speed rail and intercity rail, which could impact its bus services[132] - The company is focusing on integrating its transportation services to enhance market control and improve operational efficiency[132] Corporate Governance - The company has a strong management team with extensive experience in transportation and finance, including positions held in various transportation and engineering firms[152][153][154] - The company is committed to maintaining high standards of corporate governance and compliance, as evidenced by its independent non-executive directors' roles[158][159] - The company has implemented a robust governance structure with independent directors and supervisors to ensure compliance and accountability[163] - The company held 13 board meetings in the year ending December 31, 2020, with an average attendance rate of 99%[182] COVID-19 Impact and Response - The impact of the COVID-19 pandemic in 2020 led to a significant reduction in bus service frequency and occupancy rates, adversely affecting business performance[138] - The company has focused on enhancing service quality and cost control to mitigate the negative impacts of the COVID-19 pandemic, ensuring sustainable development[62] - The company was recognized as an excellent collective in the fight against COVID-19 by the China Road Transport Association[28] Future Outlook - The company expects to maintain a good growth trend in its operations, targeting to enter the 10 billion revenue group by the end of the "14th Five-Year Plan" period[43] - The company anticipates a recovery in travel service operations following the implementation of COVID-19 vaccination and effective government control measures[47]

廣東粵運交通股份有限公司 GUANGDONG YUEYUN TRANSPORTATION COMPANY LIMITED (於中學人民共和國註冊成立的股份有限公司) 股份代號 : 03399 键服务区欢迎您 EB 返 能源 189元 时间 Cally (2) 8 中期報告 2020 * 僅供識別 目錄 公司簡介 2 公司資料 3 財務摘要 4 主席報告 6 管理層討論及分析 10 其他資料 25 | --- | |---------------------------------| | | | 未經審計的中期財務報告 審閱報告 | | 合併資產負債表 | | 母公司資產負債表 | | 合併利潤表 | | 母公司利潤表 | | 合併現金流量表 | | 母公司現金流量表 | | 合併股東權益變動表 | | 母公司股東權益變動表 | | 中期財務報告附註 | 33 34 37 40 43 45 49 52 54 56 有關前瞻性陳述的提述聲明 本報告載有若干前瞻性資料及 ╱ 或並非基於過往資料而產生的資料，並使用「預測」、「相信」、「擬」、「可能」、「預 期」、「估計」、「可以」、「應該」、「應會」或「會」等前瞻性 ...

Financial Performance - Total revenue for the year ended December 31, 2019, was RMB 6,657,213 thousand, a 2% increase from RMB 6,531,848 thousand in 2018[56]. - Gross profit margin decreased to 15.82% in 2019 from 17.73% in 2018, reflecting an 11% decline[58]. - Net profit attributable to shareholders of the parent company was RMB 304,970 thousand, a 2% increase from RMB 300,021 thousand in the previous year[56]. - Total assets as of December 31, 2019, amounted to RMB 11,095,005 thousand, representing a 6% increase from RMB 10,512,947 thousand in 2018[58]. - Operating profit for the year was RMB 497,308 thousand, showing a slight increase of 0% compared to RMB 496,612 thousand in 2018[56]. - The company reported a 28% increase in other income, rising to RMB 340,581 thousand from RMB 265,362 thousand in 2018[56]. - The company's debt-to-asset ratio increased to 68.57% in 2019 from 66.65% in 2018, indicating a 3% rise in leverage[58]. - Basic earnings per share for the year was RMB 0.38, reflecting a 2% increase from the previous year[56]. - The gross profit for 2019 was RMB 1,053,217 thousand, down RMB 104,862 thousand or 9% from RMB 1,158,079 thousand in 2018, with a gross margin of 16% compared to 18% in 2018[122]. - The travel services segment achieved a gross profit of RMB 1,038,117 thousand in 2019, a decrease of RMB 68,969 thousand or 17% compared to 2018[126]. - The highway service area business reported a gross profit of RMB 436,929 thousand in 2019, an increase of RMB 88,303 thousand or 25% year-on-year[126]. - The advertising business generated a gross profit of RMB 68,219 thousand in 2019, reflecting a year-on-year increase of RMB 17,420 thousand or 34%[126]. Business Expansion and Operations - The group operates a total of 330 highway service areas, an increase of 13.79% from 290 in the previous year[28]. - The number of urban buses increased to 5,679, up 27.8% from 4,446 in the previous year[21]. - The total number of operating vehicles reached 11,092, representing a growth of 11.5% from 9,954 in the previous year[21]. - The group has expanded its retail business with 329 directly operated convenience stores, up from 285 the previous year, marking a growth of 15.4%[28]. - The number of gas stations operated by the group increased to 180, up from 169, reflecting a growth of 6.5%[28]. - The company aims to establish 600 convenience stores under the "Le Yi" brand by 2020, expanding its retail network across Guangdong Province[78]. - The company plans to develop 60 self-operated gas stations and a total of 142 stations through various operational models by 2020[76]. - The company has built 843 charging piles at passenger transport stations, contributing to a comprehensive charging network across the province[76]. - The company has expanded its brand resource pool to 90 high-quality brand merchants, enhancing its service area offerings[111]. - The company has completed the planning for differentiated positioning of 9 pairs of service areas along the Guangzhan line, promoting healthy competition and personalized development[110]. Strategic Goals and Initiatives - The group aims to build an integrated travel service platform and logistics network, focusing on transportation resources[4]. - The company plans to enhance its market presence through strategic expansions and new service offerings[4]. - The group is committed to deepening its operational capabilities in transportation services and logistics[4]. - The company is focused on developing new technologies and services to improve customer experience and operational efficiency[4]. - The company is actively promoting the integration of logistics, car rental, and ticketing services to enhance business synergy[78]. - The company is committed to reducing transportation production costs and stabilizing operational efficiency while enhancing resource integration[86]. - The company is focused on enhancing the commercial value of idle resources and expanding its service area development business[86]. - The company plans to optimize and adjust road passenger transport resources, innovating service product types and improving intercity and county-level bus operation systems[89]. - The company is focusing on enhancing the integration of ticketing, energy, convenience stores, and online services to promote digital transformation and platform operations[91]. Corporate Governance and Management - The company has 11 directors and 7 supervisors, with no significant relationships among them[157]. - There are 5 executive directors, 2 non-executive directors, and 4 independent non-executive directors[158]. - The company emphasizes the importance of strategic development and financial management in its operations[165]. - The management team is committed to enhancing the company's operational efficiency and strategic growth in the transportation sector[167]. - The board of directors consists of 11 members, including 5 executive directors, 2 non-executive directors, and 4 independent non-executive directors[187]. - The board held 17 meetings in the year ending December 31, 2019, with an average attendance rate of 99%[190]. - The company is committed to corporate governance, ensuring compliance with applicable laws and regulations[190]. - The board prioritizes the interests of shareholders in all its decisions and actions[199]. - The company guarantees timely publication of the group's financial statements[199]. Challenges and Risks - The company is facing risks from competition with other transportation modes, particularly high-speed rail and intercity rail, which may impact its road passenger transport business[149]. - The company is exposed to policy risks, particularly regarding government adjustments to toll fees and subsidies for public transport services[151]. - The company continues to monitor foreign exchange risks closely, with most transactions settled in RMB, minimizing exposure to currency fluctuations[146]. COVID-19 Impact and Response - The company plans to accelerate its transformation and upgrade efforts, focusing on high-quality development in response to the impacts of the COVID-19 pandemic[86]. - The company has implemented regular disinfection measures for passenger stations and vehicles, ensuring safety during the pandemic[86]. - The company anticipates a gradual recovery in travel demand following the end of the pandemic, as restrictions are lifted[86]. - The company anticipates a recovery in its travel service operations as passenger travel demand resumes following effective control of the COVID-19 pandemic in Guangdong Province[89].

Financial Performance - Total revenue for the first half of 2019 was RMB 3,163,963,000, a decrease of 1% compared to RMB 3,183,477,000 in the same period of 2018[10] - Revenue from transportation services increased by 13% to RMB 2,945,798,000, up from RMB 2,600,573,000 in 2018[10] - Net profit attributable to shareholders of the parent company decreased by 6% to RMB 185,652,000, compared to RMB 198,312,000 in the previous year[10] - Operating profit for the first half of 2019 was RMB 311,181,000, a slight increase of 1% from RMB 307,759,000 in 2018[10] - Basic earnings per share for the first half of 2019 were RMB 0.23, down from RMB 0.25 in the same period of 2018, representing a 6% decline[10] - The net profit for the same period was RMB 234,205 thousand, an increase of RMB 9,372 thousand or 4% year-on-year, while the net profit attributable to shareholders decreased by RMB 12,660 thousand or 6% year-on-year[55] - The travel service segment generated revenue of RMB 2,945,798 thousand, representing a year-on-year increase of RMB 345,225 thousand or approximately 13%, accounting for about 93% of total revenue[61] - The service area operations achieved revenue of RMB 1,033,596 thousand, a year-on-year increase of RMB 225,308 thousand or 28%, driven by significant growth in energy and招商业务[63] - The energy business reported revenue of RMB 572,466 thousand, an increase of RMB 149,405 thousand or approximately 35% year-on-year, due to an increase in the number of self-operated gas stations[63] - The company reported a decrease in accounts receivable to RMB 151,724,606.80 from RMB 194,620,429.69, a decline of about 22.1%[147] Assets and Liabilities - Total assets as of June 30, 2019, were RMB 10,363,100,000, reflecting a 3% increase from RMB 10,046,646,000 in 2018[12] - The company’s total liabilities to total assets ratio was 66.53%, showing a slight increase from 66.31% in the previous year[12] - The total liabilities increased to RMB 6,894,439 thousand from RMB 6,661,558 thousand, representing a rise of 3.5%[88] - The company's total equity as of June 30, 2019, was RMB 1,362,067,207.04, a decrease from RMB 1,455,656,061.02 as of December 31, 2018, reflecting a decline of approximately 6.4%[154] - Current assets totaled RMB 2,605,439,173.69, up from RMB 2,415,706,877.65 at the end of 2018, indicating an increase of about 7.85%[137] - Non-current assets reached RMB 7,757,660,817.49, compared to RMB 7,630,939,542.99 at the end of 2018, reflecting a growth of approximately 1.66%[137] - Total current liabilities reached RMB 982,338,614.35 as of June 30, 2019, compared to RMB 720,662,771.27 at the end of 2018, representing an increase of approximately 36.3%[150] Operational Developments - The company aims to enhance its integrated transportation service platform and logistics network as part of its strategic positioning[6] - The company is focusing on integrating urban and rural passenger transport networks and enhancing service capabilities in rural areas[24] - The company is actively pursuing opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, particularly in expanding transportation services related to the Hong Kong-Zhuhai-Macao Bridge[24] - The company is implementing a strategy of "secondary reform and secondary entrepreneurship" in 2019, focusing on enhancing customer experience and integrating service resources[21] - The company is focusing on digital transformation in the road passenger transport business, enhancing user experience and online transaction volume[37] - The company is advancing its A-share listing process to leverage capital markets in mainland China and Hong Kong for sustainable development[33] Employee and Corporate Governance - The company had a total of 23,080 employees as of June 30, 2019, an increase from 22,569 employees on December 31, 2018[128] - Total employee costs for the six months ended June 30, 2019, amounted to approximately RMB 968 million, compared to RMB 887 million for the same period in 2018[128] - The company conducted a total of 577 training courses, with 17,200 participants and a total of approximately 10,755 training hours[130] - The board of directors confirmed compliance with the corporate governance code throughout the reporting period[117] - The company emphasizes the importance of effective corporate governance for business success and shareholder value enhancement[116] Cash Flow and Financial Management - The net cash inflow from operating activities for the first half of 2019 was RMB 688,867 thousand, a significant increase of RMB 683,228 thousand compared to RMB 5,639 thousand in the same period of 2018[91] - Cash outflow from investing activities decreased to RMB 480,341 thousand from RMB 585,916 thousand, showing a reduction of RMB 105,575 thousand year-over-year[92] - Cash outflow from financing activities increased to RMB 100,450 thousand from RMB 38,865 thousand, an increase of RMB 61,585 thousand compared to the previous year[93] - The group maintained a cash balance of RMB 4,111,452 thousand in available credit from banks and other financial institutions, ensuring sufficient operational funding[86] - Cash inflow from financing activities reached RMB 258,840,345.49, an increase of 10.8% compared to RMB 234,192,350.00 last year[189] Strategic Initiatives - The company aims to expand its "Yueyun Leyi" convenience store network to 600 locations[28] - The company plans to enhance its online platform "Yuexing" to optimize the ticket purchasing process and promote mobile travel services[25] - The company is actively promoting the integration of urban and rural public transport, car rental, and charter services to enhance its travel service offerings[34] - The company is committed to improving its advertising media business and optimizing revenue structures[28] - The company is exploring various business models such as "platform + self-operated," "platform + cooperation," and "platform + franchise" to attract social capital and professional management teams[47]

廣東粵運交通股份有限公司 Guangdong Yueyun Transportation Company Limited* （於中華人民共和國註冊成立的股份有限公司） 股份代號：03399 保 持 戰略定力 聚 焦 出行服務 年 報 2018 * 僅供識別 | --- | --- | --- | |-----------------------------------------------------------------------------------------|-------|-------| | | | | | 公司簡介 | | | | 廣東粵運交通股份有限公司(「本公司」)及其附屬公司(統 | | | | 稱「本集團」)是綜合性交通服務提供商,成立於1999年， | | | | 2005年於香港聯合交易所有限公司主板上市(股份代號： | | | | 03399)。公司目前總股本799,847,800股,其控股股東廣 | | | | 東省交通集團有限公司(「交通集團」)持有其約74.12% 的股 份,H股股東持有其約25.88% 的股份。 | | | | 本集團目前從事的業務主要是出行服務業務 ...