证券代码：600020 证券简称：中原高速 公告编号：临 2024－056 河南中原高速公路股份有限公司 2024 年 9 月份通行费收入和交通量数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 河南中原高速公路股份有限公司（以下简称"公司"）2024 年 9 月份通行 费收入为 403,739,450.41 元，各路段情况如下： | 路段 | 通行费收入 | 交通量 | | --- | --- | --- | | | （元） | （折算数，台次） | | 京港澳高速公路郑州至漯河段 | 178,907,724.87 | 3,016,830 | | 京港澳高速公路漯河至驻马店段 | 43,123,517.43 | 1,578,000 | | 郑栾高速公路郑州至尧山段 | 69,191,872.83 | 789,652 | | 郑州至民权高速公路 | 47,444,820.50 | 955,113 | | 德上高速公路永城段 | 9,188,834.10 | 404,997 | | 商丘至登封高速公路 | 55,8 ...

证券代码：600020 证券简称：中原高速 公告编号：临 2024－055 河南中原高速公路股份有限公司 关于独立董事辞职的公告 特此公告。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 河南中原高速公路股份有限公司董事会 河南中原高速公路股份有限公司（以下简称"公司"）董事会于今日收到独 立董事宋公利先生提交的书面辞职报告。宋公利先生因年纪原因，申请辞去公司 独立董事及董事会战略委员会、审计委员会、薪酬与考核委员会委员职务。 2024 年 10 月 9 日 鉴于宋公利先生的辞职将导致公司独立董事人数低于董事会成员人数的三 分之一，根据《公司法》、《上市公司独立董事管理办法》及《公司章程》等有关 规定，公司董事会将按规定尽快提名新的独立董事候选人，提交股东大会选举。 在新任独立董事任职前，宋公利先生仍将继续履行公司独立董事及相关董事会专 门委员会委员职责。 1 公司及董事会对宋公利先生在任职期间对公司发展所做出的重要贡献表示 衷心感谢！ ...

Investment Rating - Buy (First Coverage) with a target price of 4.71 yuan for the next 6 months [1] Core Views - The company is the leading road and bridge operator in Henan Province, with toll revenue accounting for nearly 80% of total revenue in H1 2024 [1] - The company has completed the integration of its real estate sector by transferring equity to Henan Jiaotou Yikang Investment Development Co Ltd [1] - The company has implemented an active dividend policy, with a dividend payout ratio exceeding 40% for the first time, offering a dividend yield of approximately 4% [1] Company Overview - The company operates key highways in Henan Province, including Airport Expressway, Zhengzhou-Zhumadian section of Jinggang'ao Expressway, and Zhengzhou-Yaoshan section of Zheng-Luan Expressway, with a total managed mileage of 808 kilometers [1] - The company's core business is toll collection, which provides stable income and profit, with toll revenue accounting for nearly 80% of total revenue in H1 2024 [1] Industry Analysis - The highway industry has weak cyclicality and strong risk resistance, with China's highway construction investment reaching 1.6 trillion yuan in 2023, maintaining a high level despite a 1.9% year-on-year decline [1] - Highway demand is expected to remain stable, supported by further improvements in road infrastructure and the central government's policy of "seeking progress while maintaining stability" [1] Real Estate Sector Integration - The company's real estate business adopts a rolling development model, with projects mainly located in Zhengzhou and third- and fourth-tier cities [1] - Real estate sales revenue declined from 850 million yuan in 2021 to 210 million yuan in 2023, with gross margins also decreasing from 47.5% to 26.6% over the same period [1] - The company has completed the integration of its real estate sector by transferring equity to Henan Jiaotou Yikang Investment Development Co Ltd [1] Financial Optimization and Dividend Policy - The company has optimized its debt structure, replacing 4.91 billion yuan of long-term debt in H1 2024, saving 60 million yuan in interest expenses [1] - The company has implemented an active dividend policy, with a dividend payout ratio exceeding 40% for the first time, offering a dividend yield of approximately 4% [1] Profit Forecast and Valuation - The company's revenue is expected to be 5.55 billion yuan, 5.58 billion yuan, and 5.67 billion yuan for 2024, 2025, and 2026, respectively, with net profit attributable to shareholders of 870 million yuan, 930 million yuan, and 990 million yuan [1] - The company's PB ratio is expected to be 0.7x, 0.7x, and 0.6x for 2024, 2025, and 2026, respectively, with a target price of 4.71 yuan based on a 0.9x PB ratio for 2024 [1] Key Financial Data - Toll revenue for 2021-2023 and H1 2024 was 4.63 billion yuan, 3.63 billion yuan, 4.62 billion yuan, and 2.15 billion yuan, respectively [1] - The company's comprehensive gross margin was 41.2%, 20.5%, 41.8%, and 46.8% for 2021-2023 and H1 2024, respectively [1] - The company's debt-to-asset ratio was 73.51%, 74.60%, 70.51%, and 70.38% at the end of 2021-2023 and H1 2024, respectively [1]

证券代码：600020 证券简称：中原高速 公告编号：临 2024－054 河南中原高速公路股份有限公司 2024 年 8 月份通行费收入和交通量数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 河南中原高速公路股份有限公司（以下简称"公司"）2024 年 8 月份通行 费收入为 437,436,017.67 元，各路段情况如下： | 路段 | 通行费收入 | 交通量 | | --- | --- | --- | | | （元） | （折算数，台次） | | 京港澳高速公路郑州至漯河段 | 186,305,381.49 | 3,139,060 | | 京港澳高速公路漯河至驻马店段 | 43,986,268.45 | 1,602,948 | | 郑栾高速公路郑州至尧山段 | 87,354,463.78 | 984,408 | | 郑州至民权高速公路 | 49,680,476.58 | 999,238 | | 德上高速公路永城段 | 10,212,807.15 | 440,730 | | 商丘至登封高速公路 | 59, ...

证券代码：600020 证券简称：中原高速 河南中原高速公路股份有限公司 投资者关系活动记录表 编号：2024-002 | --- | --- | --- | --- | |-----------------------------|-----------------------------------------------------------|---------------------------------------------|---------------------------------------------------------------------------------------------------------| | | 特定对象调研 | 分析师会议 | | | | 媒体采访 | 业绩说明会 | | | 投资者关系活动 | 新闻发布会 | 路演活动 | | | 类别 | 现场参观 | | | | | | 其他（请文字说明其他活动内容） | | | 参与单位名称及人 员姓名 | 线上参与本次会议的全体投资者 | | | | 时间 | 2024 年 9 月 9 | 日 15: ...

证券代码：600020 证券简称：中原高速 公告编号：临 2024－053 河南中原高速公路股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 投 资 者 可 于 2024 年 9 月 9 日 ( 星期一 ) 前 访 问 网 址 https://eseb.cn/1htdMKW28ve或通过公司邮箱zygs600020@163.com进行提问。公 司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行 回答。 河南中原高速公路股份有限公司（以下简称"公司"）已于 2024 年 8 月 16 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 9 日下午 15:00-16:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频录播+网络文字互动形式召开，公司将针对 2024 年半年度的经营成 ...

2024年上半年半年度报告昨天晚上报告今天已经出来了具体的情况我们已经在半年报里面有了详细的一个阐述我这边就把主要的一些财务指标给大家做一个介绍报告期内公司实现营业收入是27.44亿元集中通行费收入是21.45亿元实现利润总额是8.08亿元 归属于上市公司股东的净利润6.16亿元扣非净利润是6个亿截止到2024年的六三零公司的总资产是504.87亿元归属于上市公司股东的净资产是149.55亿元公司资产负债率是70.38%在报告期内公司实现了营业收入27.44亿元同比增加2.87亿元 增付是11.67%其中高速板块实现营收21.64亿元同比减少1.05亿元这是路费收入同比减负是4.63%房地产板块实现营收0.94亿元同比减少0.73亿元减负43.6% 投资板块实现营收0.12亿元同比增加0.05亿元增幅67.98%建造服务收入4.73亿元同比增加4.59亿元增幅是3361.51%所以说我们今年的营收这个增加11.67%主要还是我们的那个那主要原因 这边我给大家也介绍一下这个包括这个通行费收入路费啊降幅4.63%还是因为这个上半年高速板块年初受极端雨雪天气春节假日小客车免费天数增加差异化收费政策以及2023年底取 ...

[Definitions](index=5&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and key financial performance metrics [Company Basic Information](index=6&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter provides the company's basic business registration information, including Chinese and English names, legal representative, contact details, and registered and office addresses - The company's full name is **Henan Zhongyuan Expressway Co., Ltd.**, stock code **600020**, listed on the Shanghai Stock Exchange[8](index=8&type=chunk)[12](index=12&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by 11.67% year-on-year, while net profit attributable to shareholders slightly decreased by 0.92%; net cash flow from operating activities decreased by 30.98% year-on-year, and total assets and net assets showed a slight increase compared to the end of the previous year Key Accounting Data (January-June 2024) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | CNY 2,743,770,873.78 | CNY 2,457,122,290.08 | 11.67% | | Net Profit Attributable to Shareholders | CNY 615,849,267.62 | CNY 621,596,480.94 | -0.92% | | Net Profit Attributable to Shareholders (Excl. Non-recurring) | CNY 599,801,093.04 | CNY 598,681,395.82 | 0.19% | | Net Cash Flow from Operating Activities | CNY 878,330,234.80 | CNY 1,272,610,237.10 | -30.98% | | | **End of Current Period** | **End of Prior Year** | **YoY Change (%)** | | Net Assets Attributable to Shareholders | CNY 14,955,319,502.46 | CNY 14,763,661,507.10 | 1.30% | | Total Assets | CNY 50,486,674,495.23 | CNY 50,060,670,731.46 | 0.85% | Key Financial Indicators (January-June 2024) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.2460 | 0.2539 | -3.11% | | Weighted Average Return on Net Assets (%) | 4.93% | 5.36% | Decrease of 0.43 percentage points | | Weighted Average Return on Net Assets (Excl. Non-recurring) (%) | 4.79% | 5.15% | Decrease of 0.36 percentage points | [Non-Recurring Gains and Losses Items](index=8&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to CNY 16.05 million, primarily from government subsidies related to assets Non-Recurring Gains and Losses Items and Amounts (CNY) | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Government grants recognized in current profit/loss | 26,290,695.38 | | Capital occupation fees collected from non-financial enterprises recognized in current profit/loss | -2,765,768.17 | | Other non-operating income and expenses | -1,182,183.97 | | Other gains and losses items defined as non-recurring | 285,710.19 | | Less: Income tax impact | 6,579,771.27 | | Less: Impact on minority interests (after tax) | 507.58 | | **Total** | **16,048,174.58** | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive discussion and analysis of the company's operational performance, financial condition, and future outlook [Industry and Main Business Overview](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business involves the investment, construction, and operation management of expressways, with revenue primarily derived from transportation, real estate, and construction services; as of the end of the reporting period, the company managed approximately 808 kilometers of expressways and actively pursued new energy and other innovative businesses - The company operates in the road transport industry (G54), primarily engaged in expressway investment, construction, and operation management, supplemented by diversified businesses including real estate, financial investment, and road-side economic development[18](index=18&type=chunk)[19](index=19&type=chunk) - As of the end of the reporting period, the company manages approximately **808 kilometers** of expressways, including core assets like Airport Expressway and Zhengzhou-Zhumadian section of Beijing-Hong Kong-Macau Expressway[19](index=19&type=chunk) - The company actively promotes innovative businesses, including integrating its real estate segment to establish Henan Jiaotou Yikang Investment Development Co., Ltd., and forming strategic partnerships with Huawei and Zhongzhou Times to jointly advance smart expressways and new energy businesses[20](index=20&type=chunk)[21](index=21&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies are primarily reflected in its unique geographical advantages, high-quality core road assets, efficient management team, professional development philosophy, and excellent financing platform, collectively forming the foundation for its stable development - The expressways operated by the company are all located in Henan Province, a national transportation hub, demonstrating significant **geographical advantages**[22](index=22&type=chunk) - The company possesses high-quality core assets, including key sections of national north-south arteries like the Airport Expressway and the Zhengzhou-Zhumadian section of the Beijing-Hong Kong-Macau Expressway[22](index=22&type=chunk) - The company maintains stable cash flow, a robust capital structure, and a strong credit record, providing a significant **financing platform advantage** that strongly supports future development[23](index=23&type=chunk) [Discussion and Analysis of Operating Performance](index=11&type=section&id=%E4%B8%89%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2024, the company's total assets reached CNY 50.49 billion, achieving operating revenue of CNY 2.74 billion, with toll revenue of CNY 2.15 billion, and net profit attributable to shareholders of CNY 616 million; the company achieved significant results by focusing on 'efficiency enhancement, quality improvement, and capital optimization' through measures such as traffic attraction, evasion control, debt structure optimization, and road-side economy expansion Key Operating Data for H1 2024 | Indicator | Amount (CNY Billion) | | :--- | :--- | | Operating Revenue | 2.74 | | Of which: Toll Revenue | 2.15 | | Total Profit | 0.81 | | Net Profit Attributable to Shareholders | 0.62 | | Net Profit Attributable to Shareholders (Excl. Non-recurring) | 0.60 | - In the first half of the year, the company proactively refinanced **CNY 4.91 billion** of existing long-term debt, projected to save **CNY 57 million** in interest expenses for the year, effectively reducing financial costs[28](index=28&type=chunk) - Through audit and evasion control, the company addressed **79,000 instances** of toll evasion in the first half, recovering **CNY 12.83 million** in toll fees[28](index=28&type=chunk) - The company actively expanded its road-side economy, with joint ventures achieving **CNY 91 million** in investment income, and participated in establishing a new energy company to deploy expressway charging piles and 'super-charging' networks[28](index=28&type=chunk) - In terms of capital operations, the company completed the integration of its real estate segment and implemented a proactive dividend policy, distributing **CNY 335 million** in cash dividends, achieving a **4% dividend yield**[30](index=30&type=chunk) [Main Business Analysis](index=14&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by 11.67%, but operating costs significantly rose by 37.03%; financial expenses decreased by 18.70% year-on-year, mainly due to debt structure optimization; net cash flow from operating activities decreased by 30.98%, while net cash outflow from investing activities substantially increased by 156.15% Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,743,770,873.78 | 2,457,122,290.08 | 11.67 | | Operating Cost | 1,459,109,187.76 | 1,064,823,869.66 | 37.03 | | Financial Expenses | 459,389,559.18 | 565,066,385.92 | -18.70 | | Net Cash Flow from Operating Activities | 878,330,234.80 | 1,272,610,237.10 | -30.98 | | Net Cash Flow from Investing Activities | -1,010,697,763.60 | -394,566,137.26 | -156.15 | | Net Cash Flow from Financing Activities | 64,778,988.87 | 599,041,689.14 | -89.19 | [Analysis of Assets and Liabilities](index=14&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's asset and liability structure remained stable; accounts receivable increased by 45.37% due to higher toll revenue receivables, and short-term borrowings significantly increased by 95.69%; concurrently, the company effectively managed liabilities, with notable decreases in accounts payable, employee benefits payable, other payables, and non-current liabilities due within one year; most of the company's expressway toll operation rights have been pledged for loans Changes in Major Asset and Liability Items | Item Name | Period-End Amount (CNY) | Change from Prior Year-End (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Accounts Receivable | 1,022,957,521.70 | 45.37% | Increase in toll revenue receivables | | Construction in Progress | 110,228,968.75 | 44.23% | Increase in construction project investments | | Short-term Borrowings | 2,741,761,944.46 | 95.69% | Increase in short-term borrowings | | Accounts Payable | 387,022,229.60 | -59.11% | Subsidiary Zheng-Luo project paid prior period payables | | Employee Benefits Payable | 139,382,377.57 | -41.18% | Payment of prior year's unpaid performance bonuses | | Non-current Liabilities Due Within One Year | 1,868,408,783.93 | -45.99% | Decrease in long-term borrowings due within one year | | Other Current Liabilities | 0.00 | -100.00% | Prior period-end ultra-short-term financing bonds matured and repaid in current period | - The company pledged the toll operation rights of multiple expressways to secure syndicated loans and other types of loans totaling over **CNY 10 billion**, providing financial support for its project construction and operations[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) [Analysis of Investment Status](index=19&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's long-term equity investments amounted to CNY 5.12 billion, a slight increase of 0.31% from the beginning of the period; the company continued to advance the Zheng-Luo project investment and construction, with cumulative investment reaching CNY 4.57 billion; financial assets measured at fair value had a period-end balance of CNY 96.29 million, a slight increase from the beginning of the period - The company's long-term equity investments had a period-end balance of **CNY 5.12 billion**, an increase of **CNY 15.81 million** from the beginning of the period, representing a **0.31% increase**[40](index=40&type=chunk) - The significant non-equity investment project, Zheng-Luo project, has accumulated construction investment of **CNY 4.57 billion**, accounting for **22.83%** of the total project investment[43](index=43&type=chunk) [Analysis of Major Holding and Associate Companies](index=22&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) During the reporting period, among the company's major holding subsidiaries, real estate businesses like Yingdi Real Estate and Gaosu Real Estate Company recorded losses; however, associate financial enterprises such as Zhongyuan Trust, Zhongyuan Agricultural Insurance, and Asset Management Company performed steadily, all achieving profitability Operating Performance of Major Holding and Associate Companies (Unit: CNY 10,000) | Company Name | Main Business | Total Assets | Net Assets | Net Profit | | :--- | :--- | :--- | :--- | :--- | | **Holding Subsidiaries** | | | | | | Bingyuan Investment | Project investment, investment management | 112,070.63 | 95,566.69 | -561.27 | | Yingdi Real Estate | Real estate development, sales | 213,630.30 | 151,253.64 | -2,056.34 | | Gaosu Real Estate Company | Real estate development and operation | 209,719.36 | 137,792.91 | -1,066.75 | | Zheng-Luo Company | Road management and maintenance | 586,627.25 | 116,045.29 | -0.51 | | **Associate Companies** | | | | | | Zhongyuan Trust (27.27% stake) | Trust business | 1,086,988.56 | 1,028,535.91 | 8,268.31 | | Zhongyuan Agricultural Insurance (13.63% stake) | Agricultural insurance | 1,157,448.17 | 533,929.21 | 26,955.50 | | Asset Management Company (10.00% stake) | Non-performing asset management | 3,531,270.09 | 1,449,173.74 | 37,103.47 | [Potential Risks](index=24&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces key risks including macroeconomic environment changes, industry policy adjustments, financing pressure, and operational management challenges; the company has formulated corresponding countermeasures, such as strengthening capital operations, exploring new 'toll-plus' service models, diversifying financing channels, and enhancing audit and evasion control, to improve overall risk resilience - Macroeconomic fluctuations may impact traffic volume and thus the company's operating performance; the company's strategy involves continuously monitoring the macroeconomic environment, optimizing capital planning, and managing capital operations[48](index=48&type=chunk) - Uncertainties in toll road policy adjustments could impact main business revenue; the company will actively adapt to new models, exploring 'toll-plus' services to enhance transit service quality[48](index=48&type=chunk) - The company anticipates strong external financing needs in the coming years, facing risks of rising market funding costs; it will coordinate capital arrangements, diversify financing products, and optimize debt structure[48](index=48&type=chunk) - Under the new 'single network' operation model, audit and evasion control face higher demands; the company will strengthen special case governance and technological evasion control to ensure all toll fees are collected[49](index=49&type=chunk) [Corporate Governance](index=26&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section details the company's corporate governance structure, including changes in its board of directors, supervisory board, and senior management [Changes in Directors, Supervisors, and Senior Management](index=26&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were significant changes in the company's directors, supervisors, and senior management; Ms. Liu Jing was elected as the new Chairperson, and Mr. Feng Ke was elected as the new Chairman of the Supervisory Board; concurrently, several directors, supervisors, and senior executives resigned due to work adjustments or retirement, and new senior management personnel were appointed - Ms. Liu Jing was elected as the company's **Chairperson** in March 2024, succeeding Mr. Ma Chenzhong who resigned due to work adjustments[52](index=52&type=chunk)[53](index=53&type=chunk) - Mr. Feng Ke was elected as the **Chairman of the Supervisory Board** in June 2024, succeeding Mr. Wang Yuanzheng who resigned due to work adjustments[52](index=52&type=chunk)[53](index=53&type=chunk)[55](index=55&type=chunk) - The company appointed Mr. Peng Wuhua and Ms. Yang Yazi as **Deputy General Managers**, and Ms. Wang Lixue as **Chief Financial Officer** (Financial Controller)[52](index=52&type=chunk)[54](index=54&type=chunk) [Environmental and Social Responsibility](index=29&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) This section outlines the company's commitment and actions regarding environmental protection and social responsibility initiatives [Environmental Information](index=29&type=section&id=%E4%B8%80%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company is not classified as a key pollutant-discharging entity and had no environmental administrative penalties during the reporting period; the company is committed to building green expressways, implementing various environmental protection measures in maintenance, service area operations, and office work, such as recycling asphalt waste, promoting waste sorting, and advocating paperless office practices; additionally, the company actively participates in new energy construction to promote green and low-carbon transformation - The company achieves **100% recycling** of asphalt concrete waste in maintenance construction, reducing environmental pollution[58](index=58&type=chunk) - The company participated in establishing Jiaotou New Energy Company, adopting an integrated 'wind-solar-storage-charging-swapping' photovoltaic solution to build a green transportation energy system[60](index=60&type=chunk) - On July 11, 2024, the company signed a strategic cooperation agreement with Zhongzhou Times New Energy Technology Co., Ltd., to jointly promote the construction of green, low-carbon, and smart expressways[60](index=60&type=chunk) [Social Responsibility and Rural Revitalization](index=30&type=section&id=%E4%BA%8C%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by continuously consolidating its assistance efforts in Wangzhuang Village, Dayu Town; it established a support working group to implement targeted assistance, currently supporting 8 individuals and sponsoring 6 students, thereby strengthening poverty alleviation achievements through talent revitalization - The company established a support working group to implement 'one household, one policy' targeted assistance for beneficiaries, currently supporting **8 individuals** and sponsoring **6 students**[60](index=60&type=chunk)[61](index=61&type=chunk) [Significant Matters](index=32&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers important events and transactions affecting the company, including fulfillment of commitments, related-party transactions, and significant contracts [Fulfillment of Commitments](index=32&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company's controlling shareholder, Henan Communications Investment Group, and its second-largest shareholder, China Merchants Expressway, along with other related parties, strictly fulfilled their long-term commitments made during share reform, acquisitions, and initial public offerings, regarding avoiding horizontal competition and maintaining the company's independence - The controlling shareholder, Henan Communications Investment Group, committed to designating the company as its ultimate integration platform for high-grade highway and large bridge project investment and operation businesses, and continues to fulfill its commitment to avoid horizontal competition[62](index=62&type=chunk)[63](index=63&type=chunk) [Significant Related-Party Transactions](index=35&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company's daily related-party transactions primarily involved maintenance services, electromechanical construction, and leasing businesses with its parent company and its subsidiaries; the total estimated related-party transactions for 2024 are CNY 446.77 million, with CNY 90.75 million actually incurred during the reporting period - The company anticipates **CNY 446.77 million** in daily related-party transactions with affiliates for 2024, with **CNY 90.75 million** actually incurred in the first half[67](index=67&type=chunk) [Significant Contracts and Their Performance](index=37&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's significant contracts primarily involve asset leasing and guarantees; the company leases land use rights from the Henan Provincial Department of Transportation and leases service area assets to its affiliate, Henan Jiaotou Service Area Management Co., Ltd.; additionally, the company's wholly-owned subsidiaries provide phased mortgage loan guarantees for commercial property purchasers, with a period-end guarantee balance of CNY 218 million Significant Guarantees (Unit: CNY 10,000) | Guarantor | Guaranteed Party | Guarantee Type | Period-End Guarantee Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | | Yingdi Real Estate (Wholly-owned subsidiary) | Commercial property purchasers | Joint and several liability guarantee | 17,264.86 | | Gaosu Real Estate (Wholly-owned subsidiary) | Commercial property purchasers | Joint and several liability guarantee | 4,485.22 | | **Total** | | | **21,750.08** | - The company's total guarantees represent **1.45%** of its net assets[73](index=73&type=chunk) [Share Changes and Shareholder Information](index=40&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section provides details on changes in the company's share capital and information about its shareholders [Shareholder Information](index=40&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had a total of 58,867 common shareholders; the top two shareholders, Henan Communications Investment Group and China Merchants Expressway Network Technology Holdings Co., Ltd., held 45.09% and 15.43% respectively, indicating a stable equity structure; Great Wall Life Insurance is the third largest shareholder, holding over 9% combined Top Ten Shareholders' Shareholding | Shareholder Name | Period-End Shareholding (Shares) | Percentage (%) | | :--- | :--- | :--- | | Henan Communications Investment Group Co., Ltd. | 1,013,313,285 | 45.09 | | China Merchants Expressway Network Technology Holdings Co., Ltd. | 346,704,888 | 15.43 | | Great Wall Life Insurance Co., Ltd. - Own Funds | 133,284,407 | 5.93 | | Great Wall Life Insurance Co., Ltd. - Dividend - Individual Dividend | 71,939,790 | 3.20 | | Hong Kong Securities Clearing Company Limited | 22,470,555 | 1.00 | [Bond-Related Information](index=43&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides an overview of the company's outstanding bonds and their key terms [Non-Financial Enterprise Debt Financing Instruments](index=43&type=section&id=(%E4%BA%8C)%20%E9%93%B6%E8%A1%8C%E9%97%B4%E5%80%BA%E5%88%B8%E5%B8%82%E5%9C%BA%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, one tranche of the company's medium-term notes (21 Zhongyuan Expressway MTN001) matured and was repaid; as of the end of the period, the company had 4 outstanding medium-term notes totaling CNY 3.7 billion, all perpetual notes with deferral options; all bonds are unsecured, and the company has developed corresponding repayment plans Outstanding Medium-Term Notes (Unit: CNY Billion) | Bond Abbreviation | Code | First Call Date | Bond Balance | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | | 22 Zhongyuan Expressway MTN001 | 102280766 | 2025-4-14 | 10 | 3.38 | | 22 Zhongyuan Expressway MTN002 | 102281639 | 2025-7-26 | 12 | 3.09 | | 23 Zhongyuan Expressway MTN001 | 102380416 | 2026-3-8 | 10 | 3.79 | | 23 Zhongyuan Expressway MTN002 | 102380888 | 2026-4-14 | 5 | 3.60 | - The company's first tranche of 2021 medium-term notes (Rural Revitalization) matured and was redeemed on **April 21, 2024**[80](index=80&type=chunk)[286](index=286&type=chunk) [Financial Report](index=46&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [Financial Statements](index=46&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's unaudited consolidated and parent company financial statements, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position at the end of the reporting period and its operating results and cash flows during the reporting period [Notes to Consolidated Financial Statements](index=99&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes and explanations for major items in the consolidated financial statements, including the composition, changes, and application of relevant accounting policies for items such as cash and bank balances, accounts receivable, inventories, fixed assets, intangible assets, short-term and long-term borrowings, and bonds payable - Accounts receivable had a period-end book balance of **CNY 1.11 billion**, a significant increase from **CNY 750 million** at the beginning of the period, primarily due to toll fees receivable from Henan Expressway Network Monitoring Toll Communication Service Co., Ltd[209](index=209&type=chunk)[212](index=212&type=chunk) - Inventories had a period-end book value of **CNY 4.88 billion**, mainly comprising development costs (**CNY 3.27 billion**) and developed products (**CNY 1.61 billion**)[222](index=222&type=chunk) - Long-term borrowings had a period-end balance of **CNY 27.72 billion**, an increase from **CNY 25.46 billion** at the beginning of the period, primarily to meet project construction and operational funding needs[275](index=275&type=chunk) - Toll fee business is the company's primary source of revenue and cost, contributing **CNY 2.15 billion** in revenue during the reporting period, accounting for **79.7%** of main business revenue[299](index=299&type=chunk)

证券代码：600020 证券简称：中原高速 公告编号：临 2024－052 河南中原高速公路股份有限公司 关于会计政策变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 根据中华人民共和国财政部（以下简称"财政部"）发布的《关于印发< 企业数据资源相关会计处理暂行规定>的通知》（财会〔2023〕11号）（以下简称 "暂行规定"）、《关于印发<企业会计准则解释第17号>的通知》（财会〔2023〕21 号）（以下简称"17号解释"），河南中原高速公路股份有限公司（以下简称"公 司"）将进行会计政策变更。 本次会计政策变更不会对公司当期的财务状况、经营成果和现金流量产 生影响，不涉及以前年度的追溯调整。 一、会计政策变更概述 2023 年 8 月 1 日，财政部发布了暂行规定，规定了适用于企业按照企业会 计准则相关规定确认为无形资产或存货等资产类别的数据资源，以及企业合法拥 有或控制的、预期会给企业带来经济利益的、但由于不满足企业会计准则相关资 产确认条件而未确认为资产的数据资源的相关会计处理。暂行规定 ...

证券代码：600020 证券简称：中原高速 公告编号：临 2024－051 河南中原高速公路股份有限公司 第七届监事会第十九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 （一）河南中原高速公路股份有限公司(以下简称"公司")第七届监事会第 十九次会议的召开符合法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。 （二）会议通知及相关材料已于 2024 年 8 月 2 日以专人或传真、电子邮件 方式发出。 （三）会议于 2024 年 8 月 15 日上午以通讯表决方式召开。 （四）会议应出席监事 5 人，实际出席 5 人。 （五）本次会议由监事会主席冯可主持。 二、监事会会议审议情况 会议审议了通知中所列的全部事项。审议情况如下： 特此公告。 本次会计政策变更是公司根据财政部发布的相关通知的规定和要求进行的 1 变更，符合相关法律法规规定和公司实际情况，不会对公司当期的财务状况、经 营成果和现金流量产生影响，不涉及以前年度的追溯调整。同意公司本次会计政 策变更。 表决结果： ...