河南中原高速公路股份有限公司 2021 年第三季度报告 单位：元 币种：人民币 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 2021 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人马沉重、主管会计工作负责人王铁军、彭武华及会计机构负责人（会计主管人员） 冯莉保证季度报告中财务报表信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 本报告期 年初至报告期 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|------------------------------|------------- ...

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 3,022,923,799.38, representing a 51.04% increase compared to CNY 2,001,348,601.53 in the same period last year[20]. - The net profit attributable to shareholders of the listed company reached CNY 642,318,043.70, a significant turnaround from a loss of CNY 278,074,212.18 in the previous year, marking a 330.99% increase[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 611,210,998.97, compared to a loss of CNY 308,738,103.50 in the same period last year, reflecting a 297.97% increase[20]. - The net cash flow from operating activities was CNY 1,720,355,759.28, up 129.45% from CNY 749,789,297.00 in the previous year[20]. - Basic earnings per share reached 0.2631 yuan, compared to a loss of 0.1466 yuan in the same period last year, representing a growth of 279.47%[21]. - The weighted average return on equity increased to 5.69%, up 8.92 percentage points from -3.23% in the previous year[21]. - The net profit after deducting non-recurring gains was 611 million yuan, reflecting a year-on-year increase of 297.97%[36]. - The company reported a total of 14,504.14 million yuan in actual daily related transactions during the reporting period, with maintenance services and others accounting for 12,123.48 million yuan[149]. Assets and Liabilities - Total assets decreased slightly by 1.07% to CNY 46,967,839,094.92 from CNY 47,476,059,202.76 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company increased to CNY 12,357,456,301.13, a 4.04% rise from CNY 11,877,958,273.90 at the end of the previous year[20]. - The company's total equity increased to CNY 12,421,418,929.50, up from CNY 11,961,405,264.19, reflecting a growth of 3.84%[199]. - Total liabilities decreased to CNY 34,546,420,165.42, a reduction of 2.73% from CNY 35,514,653,938.57[199]. - Short-term borrowings significantly decreased to CNY 1,786,969,609.56, down 62.9% from CNY 4,810,534,310.72[197]. - The long-term borrowings increased to CNY 24,545,315,656.00, up 18.5% from CNY 20,681,840,749.00[197]. Operational Management - The company has not disclosed any plans for profit distribution or capital reserve conversion during this reporting period[7]. - The company has initiated a "100-day sword" campaign to combat toll evasion, enhancing its operational management and compliance[48]. - The company has successfully integrated resources by acquiring remaining shares of a highway real estate company, promoting synergistic development[69]. - The company reduced its operating costs by 10.68%, with total costs amounting to CNY 1.52 billion compared to CNY 1.70 billion last year[70]. Strategic Initiatives - The company plans to expand its highway network, with a goal of adding 3,750 kilometers by 2035, enhancing its strategic position in the national transportation network[28]. - The company maintains a diversified business strategy, including investments in banking, insurance, and real estate, alongside its core highway operations[29]. - The company is focused on rural revitalization and poverty alleviation, collaborating with local governments to enhance community development[130]. - The company has initiated a series of environmental improvement projects, including waste management and sanitation upgrades, to enhance the living environment in Wangzhuang Village[136]. Risk Management - The company has provided a detailed analysis of potential risks in the report, which investors are advised to review[8]. - The company is facing risks from macroeconomic changes, which could impact traffic flow and toll revenue due to economic downturns and the COVID-19 pandemic[104]. - The company is exposed to industry policy risks, particularly regarding toll fee regulations and the impact of "green channel" policies on revenue[105]. - The company is implementing measures to minimize the impact of the COVID-19 pandemic on traffic volume and revenue[106]. Corporate Governance - The company held its first extraordinary general meeting in 2021, with 61.0361% of shares represented, to elect new board members[111]. - The company elected a new board of directors and supervisory board members on March 10, 2021, including non-independent and independent directors[116]. - The company appointed Wang Tiejun as the chairman of the board and general manager, with a term until the end of the seventh board's tenure[117]. - The company has not reported any significant litigation or arbitration matters during the reporting period[146]. Related Party Transactions - The total amount of guarantees provided by the company, excluding those to subsidiaries, was 136,910.00 million RMB, which represents 11.02% of the company's net assets[164]. - The company provided 6,680,148.83 RMB in funding to related parties during the reporting period, indicating active financial engagement[157]. - The company’s financial transactions with related parties were primarily due to project settlements, with no significant impact on the company's operational results or financial status reported[157].

Financial Performance - Net profit attributable to shareholders reached CNY 358,670,090.68, a significant turnaround from a loss of CNY 433,585,852.72 in the same period last year, representing an increase of 182.72%[10] - Operating revenue surged by 109.52% to CNY 1,431,456,178.48 from CNY 683,210,207.59 year-on-year[10] - Basic earnings per share improved to CNY 0.1483 from a loss of CNY 0.2044, marking a 172.55% increase[10] - The weighted average return on equity rose to 3.25%, an increase of 7.78 percentage points from -4.53% in the previous year[10] - The company reported a net profit of ¥340,894,282.23 for Q1 2021, a significant improvement compared to a net loss of ¥488,366,381.72 in Q1 2020, marking a turnaround of over 170%[53] - The total comprehensive income for the period was ¥353,801,273.82, a significant recovery from -¥442,484,763.27 in Q1 2020, indicating a strong overall performance[53] Cash Flow - Net cash flow from operating activities increased by 292.27% to CNY 765,096,390.77 compared to CNY 195,044,041.52 in the previous year[10] - Cash received from sales of goods and services increased by 88.61% to CNY 1,128,392,652.89 from CNY 598,261,504.45, reflecting recovery from the pandemic[23] - Cash inflow from operating activities amounted to CNY 1,279,302,080.35, significantly increasing from CNY 665,772,593.74 year-over-year[55] - The net cash flow from operating activities was CNY 765,096,390.77, up from CNY 195,044,041.52 in the first quarter of 2020, representing a growth of approximately 292%[55] - Cash outflow from investing activities totaled CNY 179,666,676.99, a decrease from CNY 471,276,750.63 in the previous year[57] - The net cash flow from investing activities was negative at CNY -178,295,659.36, compared to CNY -471,241,903.92 in the first quarter of 2020[57] - Cash inflow from financing activities was CNY 4,465,000,000.00, down from CNY 5,343,399,900.00 in the same quarter of 2020[57] - The net cash flow from financing activities was CNY 283,164,360.13, a decrease from CNY 1,264,397,199.43 year-over-year[57] Assets and Liabilities - Total assets increased by 1.51% to CNY 48,194,604,416.30 compared to the end of the previous year[10] - The company's cash and cash equivalents increased by 91.12% to CNY 1,823,456,370.96 from CNY 954,076,274.51, primarily due to increased cash reserves for rigid repayment[19] - Accounts receivable rose by 58.86% to CNY 410,307,787.95 from CNY 258,286,860.55, attributed to increased toll revenue from Henan Provincial Highway Network Monitoring Communication Services Co., Ltd.[19] - Total liabilities decreased to ¥35,951,689,680.31 from ¥35,514,653,938.57, a decline of approximately 1.23%[36] - Long-term borrowings increased to ¥23,200,050,749.00 from ¥20,681,840,749.00, representing a growth of about 7.34%[36] - The company's total equity increased to ¥12,242,914,735.99 from ¥11,961,405,264.19, reflecting an increase of approximately 2.35%[36] Shareholder Information - The total number of shareholders reached 75,850 by the end of the reporting period[15] - The largest shareholder, Henan Transportation Investment Group Co., Ltd., holds 45.09% of the shares[15] Government Support and Non-Recurring Items - Government subsidies recognized in the current period amounted to CNY 21,876,644.55, primarily related to asset-related government support based on traffic volume[13] - The company reported a total of CNY 18,849,551.52 in non-recurring gains and losses for the period[15] Investment and R&D - Research and development expenses for Q1 2021 amounted to ¥369,618.16, compared to ¥147,297.17 in Q1 2020, showing an increase of about 150%[46] - The company reported an investment income of ¥74,023,325.57 in Q1 2021, up from ¥57,472,882.75 in Q1 2020, reflecting an increase of approximately 29%[46] Future Outlook - The company expects a substantial increase in cumulative net profit compared to the same period last year, influenced by the previous year's losses due to COVID-19 toll exemptions[28] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[56]

Financial Performance - In 2020, the company's operating revenue was CNY 5,076,800,822.64, a decrease of 20.50% compared to CNY 6,386,265,797.93 in 2019[28] - The net profit attributable to shareholders was CNY 242,399,645.74, down 83.40% from CNY 1,460,148,730.75 in the previous year[28] - The net cash flow from operating activities was CNY 2,270,434,995.77, a decline of 29.84% compared to CNY 3,236,009,067.79 in 2019[28] - The total assets at the end of 2020 were CNY 47,476,059,202.76, a decrease of 2.74% from CNY 48,812,934,843.46 at the end of 2019[28] - The net assets attributable to shareholders were CNY 11,877,958,273.90, down 1.97% from CNY 12,116,879,871.15 in 2019[28] - Basic earnings per share decreased by 89.19% to CNY 0.0619 from CNY 0.5725 in 2019[29] - Total profit for the year was CNY 287 million, down 85.07% year-on-year, with net profit at CNY 245 million, a decline of 83.28%[56] - The company achieved operating revenue of CNY 5.08 billion in 2020, a decrease of 20.50% compared to the previous year[56] Revenue and Cost Analysis - Total operating revenue decreased by 20.32% to CNY 4,981,000,871.12, with a gross margin reduction of 23.21 percentage points[60] - Revenue from the transportation industry was CNY 3,836,764,682.54, down 29.14% year-on-year, with a gross margin decrease of 25.01 percentage points[60] - Real estate revenue increased by 70.16% to CNY 1,140,850,468.32, with a significant rise in operating costs by 188.81%[60] - The company incurred total costs of CNY 3,431,889,146.06, reflecting a 20.04% increase compared to the previous year[63] Cash Flow and Financing - The company’s cash flow from operating activities decreased by 29.84% to CNY 2.27 billion[57] - Cash received from investment activities increased by 346.77% to CNY 214,692,303.91, attributed to additional investments in joint ventures[69] - The company’s total liabilities increased significantly, with cash received from borrowings reaching CNY 12,715,959,650.00, up 108.23% year-on-year[72] - Short-term borrowings increased by 154.88% to ¥4,810,534,310.72, indicating a significant rise in financing activities[76] Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 0.35 per 10 shares, totaling CNY 78,658,014.12[6] - In 2020, the company's cash dividend distribution was 0.58 RMB per 10 shares, totaling 130,347,566.26 RMB, representing 10.13% of the net profit attributable to ordinary shareholders[126] - The company has not proposed any cash dividend distribution plan despite having positive profits, which requires detailed disclosure of reasons and future plans for undistributed profits[129] Risk Management and Future Plans - The report includes a detailed analysis of potential risks faced by the company in its future development[8] - The company is facing risks from macroeconomic changes and industry policies, necessitating proactive risk management strategies[120] - The company plans to invest over RMB 400 billion to expand the highway network by adding more than 3,000 kilometers by the end of 2025, aiming to rank 4th in the country for total highway mileage[107] - The company aims to enhance its market competitiveness and risk resistance by implementing a "1+N" industrial model, focusing on both core highway operations and expanding into finance, investment, and real estate[111] Social Responsibility and Community Engagement - The company has established a targeted poverty alleviation plan, focusing on the Wangzhuang Village, with a leadership team dedicated to the initiative[181] - The company has received the Henan Province Poverty Alleviation Contribution Award for its efforts in poverty alleviation[190] - The company emphasizes the importance of social responsibility, with a detailed report on its 2020 social responsibility efforts available on the Shanghai Stock Exchange website[197] Technological and Operational Improvements - The company implemented a new technology for road surface maintenance, effectively addressing issues such as rutting and surface cracking[52] - The company is focused on high-quality development and aims to enhance its sustainable profitability and create value for shareholders[111] - The company is actively developing the "Safe Wangzhuang Smart Management Platform" to enhance grassroots governance and support rural revitalization through technology[196] Compliance and Governance - The actual controller and shareholders have made commitments regarding the independence of the company, ensuring no interference in its operations and management[133] - The company has committed to maintaining its independence in financial and operational matters, with strict adherence to market pricing principles in related transactions[133] - The company’s financial statements were adjusted to reflect the cumulative impact of the new revenue standard on retained earnings[143]

Financial Performance - Net profit attributable to shareholders was CNY 125.06 million, down 90.56% year-on-year[16]. - Operating revenue for the first nine months was CNY 3.54 billion, a decline of 27.27% compared to the same period last year[16]. - The company reported a significant decline in net profit due to reduced traffic and toll revenue amid the ongoing economic challenges[16]. - Total revenue for Q3 2020 was CNY 1,539,356,753.92, a decrease of 3.7% compared to CNY 1,598,953,485.50 in Q3 2019[51]. - Net profit for the first three quarters of 2020 was CNY 3,503,144,982.73, a decrease from CNY 3,835,227,260.60 in the previous year[50]. - The company reported a total profit of CNY 524,176,956.50 for Q3 2020, compared to CNY 605,696,771.20 in Q3 2019, indicating a decline of about 13.4%[57]. - The company reported a net profit of CNY 405,172,872.48 for Q3 2020, compared to CNY 466,488,544.56 in Q3 2019, indicating a decrease of approximately 13.1%[56]. - The net profit for the first three quarters of 2020 was CNY 374,279,320.70, a decrease of 17.3% compared to CNY 447,251,297.51 in the same period of 2019[59]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 47.77 billion, a decrease of 2.14% compared to the end of the previous year[16]. - The total liabilities stood at CNY 35,644,579,688.23, down from CNY 36,611,313,348.37, which is a decrease of approximately 2.64%[43]. - The company's long-term borrowings rose to CNY 20,033,328,442.00 from CNY 18,878,886,201.67, an increase of about 6.10%[43]. - The total equity attributable to shareholders was CNY 12,040,089,243.36, slightly down from CNY 12,116,879,871.15, indicating a decrease of approximately 0.63%[45]. - The company's current assets totaled CNY 5,351,151,182.19, down from CNY 5,558,360,353.20, indicating a decrease of about 3.74% year-over-year[40]. - The total liabilities reached approximately $32.58 billion, remaining unchanged from the previous reporting period[83]. Cash Flow - Net cash flow from operating activities was CNY 1.47 billion, a decrease of 39.14% year-on-year[16]. - The company reported a 43.05% decline in cash received from sales and services, totaling CNY 2,859,930,887.37, largely due to the impact of the pandemic[31]. - The company’s cash flow from financing activities saw a 94.65% increase in cash received from borrowings, amounting to CNY 10,528,399,900.00[31]. - The cash inflow from operating activities totaled CNY 3,328,633,771.51 in 2020, down from CNY 5,112,019,703.78 in 2019, reflecting a decrease of 34.9%[64]. - The total cash inflow from financing activities was CNY 10,528,399,900.00, compared to CNY 6,358,750,000.00 in the previous year, indicating an increase of about 65.5%[68]. - The company’s cash flow from financing activities showed a net outflow of -CNY 956,023,448.70, compared to -CNY 2,997,664,301.15 in the previous year, indicating an improvement in cash flow management[68]. Shareholder Information - The total number of shareholders at the end of the reporting period was 78,930[22]. - The largest shareholder, Henan Transportation Investment Group Co., Ltd., held 1,013,313,285 shares, accounting for 45.09% of total shares[22]. Government Support and Subsidies - The company received government subsidies amounting to CNY 40.21 million during the reporting period, primarily related to asset-related government support[20]. - Other income increased by 36.69% to CNY 83,248,125.51, attributed to government subsidies[29]. Research and Development - Research and development expenses increased significantly, reflecting a focus on innovation and technology development[29]. - Research and development expenses for Q3 2020 were CNY 515,533.29, reflecting ongoing investment in innovation[51].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 2,001,348,601.53, a decrease of 38.78% compared to CNY 3,269,350,264.36 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was a loss of CNY 278,074,212.18, representing a decline of 132.38% from a profit of CNY 858,766,971.14 in the previous year[20]. - The net cash flow from operating activities was CNY 749,789,297.00, down 62.67% from CNY 2,008,517,679.62 in the same period last year[20]. - Basic earnings per share were CNY -0.1466, a decrease of 143.35% compared to CNY 0.3382 in the same period last year[20]. - The total profit was -395 million RMB, a decline of 135.56% year-on-year[40]. - The net profit was -277 million RMB, down 132.06% compared to the previous year[40]. - The significant decline in revenue was primarily due to the policy of exempting vehicle tolls during the COVID-19 pandemic[40]. - The net profit after deducting non-recurring gains and losses was CNY -308,738,103.50, down 137.98% from CNY 812,875,960.91 in the previous year[20]. Assets and Liabilities - The net assets attributable to shareholders of the listed company decreased by 3.88% to CNY 11,647,234,941.54 from CNY 12,116,879,871.15 at the end of the previous year[20]. - The total assets decreased by 1.55% to CNY 48,054,423,463.31 from CNY 48,812,934,843.46 at the end of the previous year[20]. - The company's total equity decreased to RMB 11,730,718,826.68 from RMB 12,201,621,495.09, reflecting a decline of 3.9%[158]. - The total liabilities amounted to RMB 36,323,704,636.63, a decrease of 0.8% from RMB 36,611,313,348.37[158]. - Short-term loans increased by 107.22% to CNY 3,911,126,026.12, reflecting a significant rise in the company's borrowing[59]. - The company's asset-liability ratio increased to 75.59% from 75.00%, a rise of 0.59 percentage points compared to the previous year[143]. Revenue and Cost Management - The company implemented 36 measures to increase revenue, reduce costs, and improve efficiency across various business areas[41]. - Operating costs increased by 21.54% to ¥1,702,465,851.36 from ¥1,400,787,427.41 year-on-year[47]. - The company implemented cost-saving measures, including reducing training expenses and optimizing office supplies usage[45]. - The company is implementing cost-cutting measures to mitigate the financial impact of the pandemic[78]. Business Strategy and Operations - The company operates approximately 792 kilometers of expressways, with a focus on investment, construction, and management[34]. - The company has diversified its business strategy, including banking, trust, insurance, and real estate[34]. - As of May 6, 2020, the company resumed charging vehicle tolls, leading to a gradual recovery in toll revenue[40]. - The company is committed to maintaining service quality despite the toll-free policy during the pandemic[78]. Shareholder and Governance - The first extraordinary general meeting in 2020 was held on February 11, with 29 shareholders participating, representing 1,369,557,072 shares, accounting for 60.94% of the total share capital[83]. - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for the reporting period[7]. - The company has committed to avoiding competition with its controlling shareholder, Henan Transportation Investment Group, ensuring no competing projects are developed[91]. - The company has adhered to its commitments regarding independence from its controlling shareholder, ensuring no interference in operations or management[91]. Social Responsibility and Community Engagement - The company maintained its commitment to social responsibility during the pandemic by ensuring the smooth transportation of essential goods[41]. - The company has established a poverty alleviation leadership group to support Wangzhuang Village, which has a population of 616 and has successfully lifted all registered impoverished households out of poverty[109]. - The company is committed to improving rural living conditions and infrastructure to support economic development in Wangzhuang Village[118]. Financial Reporting and Compliance - The company has not experienced any non-compliance issues with court judgments or significant debt defaults during the reporting period[96]. - The company has not reported any significant changes in the integrity status of its controlling shareholders or actual controllers during the reporting period[96]. - The company has not disclosed any new employee stock ownership plans or other incentive measures during the reporting period[97]. - The company has not made any changes to its accounting firm during the reporting period[94]. Future Outlook - The company plans to focus on expanding its market presence and enhancing operational efficiency in the upcoming quarters[167]. - The company is facing risks related to macroeconomic changes and industry policies due to the ongoing pandemic[75].

Financial Performance - Net profit attributable to shareholders was -¥433,585,852.72, a decrease of 193.77% year-on-year[10] - Operating revenue for the period was ¥683,210,207.59, down 60.50% from ¥1,729,800,306.95 in the same period last year[10] - Basic earnings per share were -¥0.2044, a decrease of 199.37% from ¥0.2057 in the same period last year[10] - The decline in revenue and profit was primarily due to the suspension of tolls on expressways during the COVID-19 pandemic, effective from February 17, 2020[10] - The company anticipates a significant decline in cumulative net profit compared to the same period last year due to the suspension of toll fees during the COVID-19 pandemic[28] - The company reported a significant decrease in sales expenses, down 72.03% to CNY 1,898,717.69 from CNY 6,788,825.09, due to the disposal of a subsidiary[23] - The company reported a net loss of approximately ¥488.37 million for the first quarter of 2020, compared to a net profit of ¥322.03 million in the same period of 2019, representing a significant decline[54] - Total comprehensive income for Q1 2020 was a loss of RMB 442,484,763.27, compared to a gain of RMB 470,602,842.71 in Q1 2019[51] Assets and Liabilities - Total assets at the end of the reporting period reached ¥49,243,170,109.23, an increase of 0.88% compared to the end of the previous year[10] - Total liabilities increased to ¥37,509,728,238.52 from ¥36,611,313,348.37, representing a growth of approximately 2.4%[41] - Total current assets increased to ¥2,785,131,793.99 from ¥1,787,061,153.37, reflecting a growth of about 55.8%[41] - The total current liabilities decreased to 12,844,625,997.20 from 13,203,810,901.59, indicating improved liquidity management[69] - Total liabilities amounted to CNY 36,611,313,348.37, with non-current liabilities at CNY 23,407,502,446.78[72] Cash Flow - Net cash flow from operating activities was ¥195,044,041.52, a significant decline of 78.25% compared to the previous year[10] - Cash and cash equivalents increased by 77.27% to CNY 2,258,268,458.12 from CNY 1,273,894,388.92, mainly due to increased borrowings[21] - The net cash flow from operating activities was 204,454,267.98, a significant decrease from 893,242,876.79 in the previous period[62] - Cash outflow from investing activities totaled 469,802,317.28, compared to 218,694,356.75 in the prior period, indicating increased investment expenditures[62] - The net cash flow from financing activities was 1,287,292,900.53, a turnaround from a negative cash flow of -64,150,254.61 previously, reflecting improved financing conditions[62] Shareholder Information - The total number of shareholders at the end of the reporting period is 88,412[22] - The largest shareholder, Henan Transportation Investment Group Co., Ltd., holds 1,013,313,285 shares, representing 45.09% of the total shares[22] Government Support - The company received government subsidies amounting to ¥11,633,677.13, related to traffic volume during the reporting period[14] - The Ministry of Transport announced the resumption of toll collection starting May 6, 2020, which may positively impact future revenue[12] Investment and Capital Expenditures - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was $348.10 million, an increase of 60.54% compared to the previous period[28] - Cash invested amounted to $120.15 million, a significant increase of 13,188.94% due to additional investments in the Zhongyuan Industrial Fund by a subsidiary[28] - Cash received from borrowings reached $5.34 billion, reflecting a 55.25% increase due to higher borrowings during the period[28] Equity and Retained Earnings - Total equity attributable to shareholders decreased to ¥11,648,054,916.95 from ¥12,116,879,871.15, a decline of about 3.9%[41] - The company's retained earnings attributable to shareholders decreased to ¥4,765,217,744.37 from ¥5,224,498,458.20, a decline of approximately 8.8%[41]

Financial Performance - In 2019, Henan Zhongyuan Expressway Company Limited achieved a net profit of CNY 1,265,481,192.16, with a 10% statutory reserve fund of CNY 126,548,119.22, resulting in distributable profits of CNY 1,138,933,072.94[6] - The company proposed a cash dividend of CNY 0.58 per 10 shares, totaling CNY 130,347,566.26, with remaining undistributed profits carried forward to the next year amounting to CNY 1,329,801,164.49[6] - As of the end of 2019, the company had a distributable profit balance of CNY 3,835,227,260.60 after accounting for previous dividends paid[6] - The company's operating revenue for 2019 was CNY 6,386,265,797.93, representing a year-on-year increase of 10.56% compared to CNY 5,776,036,469.33 in 2018[23] - The net profit attributable to shareholders for 2019 was CNY 1,460,148,730.75, an increase of 82.79% from CNY 798,804,153.45 in 2018[23] - The basic earnings per share for 2019 was CNY 0.5725, reflecting a significant increase of 179.00% compared to CNY 0.2052 in 2018[25] - The weighted average return on equity for 2019 was 12.94%, an increase of 8.88 percentage points from 4.06% in 2018[25] - The net cash flow from operating activities for 2019 was CNY 3,236,009,067.79, a decrease of 29.80% from CNY 4,609,528,029.39 in 2018[23] - The total assets at the end of 2019 were CNY 48,812,934,843.46, a decrease of 2.66% from CNY 50,147,838,115.17 at the end of 2018[23] - The net assets attributable to shareholders at the end of 2019 were CNY 12,116,879,871.15, an increase of 8.99% from CNY 11,117,210,976.08 at the end of 2018[23] Operational Developments - The company reported a significant increase in user data, reflecting a growing customer base and usage of expressway services[6] - The company has completed the cancellation of provincial boundary toll stations, enhancing traffic efficiency and reducing logistics costs for enterprises[47] - The company has successfully completed the construction acceptance of multiple highway expansion projects, including Zhengluo and Zhengmin highways[52] - The company has implemented intelligent operation management systems, enhancing the efficiency of toll collection and traffic monitoring[47] - The company has actively engaged in infrastructure improvements, including the beautification of highways and the upgrade of service area facilities[48] Strategic Initiatives - Future outlook includes strategic plans for market expansion and potential mergers and acquisitions to enhance operational capabilities[7] - The company is committed to ongoing research and development of new technologies to improve service efficiency and customer satisfaction[7] - The company aims to enhance its market expansion by integrating financial, investment, and real estate sectors into its core highway operations, following a "1+N" industry model[101] - The company is exploring strategic partnerships to seize new market opportunities and enhance its competitive edge[104] - The company plans to leverage its public listing to enhance financing capabilities and reduce financial costs[112] Risk Management - The company has conducted a detailed risk analysis regarding potential future challenges in its operational environment[10] - The company has faced risks related to macroeconomic changes and industry policy adjustments, which could impact toll revenue[109] Governance and Compliance - The board of directors confirmed that there were no non-operational fund occupations by controlling shareholders or related parties[8] - The company maintains a strong governance structure with all board members present at the meetings, ensuring effective oversight and decision-making[5] - The company has focused on legal compliance and contract management, achieving zero disputes and errors in contract management for three consecutive years[52] - The company has ensured that related party transactions are minimized to protect the interests of all shareholders[121] Financial Adjustments and Standards - The company adopted new financial instrument standards effective January 1, 2019, which require a shift to an expected credit loss model for impairment[129] - The adjustment of financial assets under the new standards resulted in a reclassification of 430.18 million RMB from available-for-sale financial assets to other equity investments[136] - The company’s retained earnings increased to 4.31 billion RMB after adjustments related to the new financial instrument standards[139] - The company confirmed that the impairment provisions for accounts receivable and other receivables were 11.67 million RMB and 53.10 million RMB, respectively, as of December 31, 2018[139] Related Party Transactions - The company reported a total of 55,400 million RMB in expected related party transactions for 2019, with actual transactions amounting to 35,397.06 million RMB, representing a decrease of approximately 36% from the expected amount[172] - The actual related party transactions included 25,704.52 million RMB for maintenance services, 6,200.62 million RMB for electromechanical construction, 3,101.21 million RMB for leasing, and 390.71 million RMB for product sales[172] - The company’s total related party debts increased by 82,534,163.55 RMB during the reporting period, highlighting a growing reliance on related party financing[182] Investment and Financing Activities - The company signed a fixed asset loan contract with China Bank for CNY 1.25 billion and CNY 2.95 billion, pledging the toll rights of the Zhengzhou Airport to Luohe section as collateral[80] - The company completed a capital increase of CNY 990 million for its wholly-owned subsidiary, Henan Junchen Real Estate Co., Ltd., raising its registered capital to CNY 1 billion[85] - The company approved a perpetual financing business with a total amount not exceeding RMB 2.8 billion to enhance liquidity[199] - The company completed the issuance of RMB 9.5 billion of perpetual entrusted debt for debt replacement and working capital, with an initial fixed interest rate of 5.9%[199]

河南中原高速公路股份有限公司 2019 年第三季度报告 公司代码：600020 公司简称：中原高速 河南中原高速公路股份有限公司 HENANZHONGYUAN EXPRESSWAYCOMPANY LIMITED 2019 年第三季度报告 2019 年 10 月 28 日 1 / 28 河南中原高速公路股份有限公司 2019 年第三季度报告 一、 重要提示 二、 公司基本情况. 三、 重要事项 四、 附录 目录 2 / 28 河南中原高速公路股份有限公司 2019 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 未出席董事情况 未出席董事姓名 未出席董事职务 未出席原因的说明 被委托人姓名 王 辉 董事 工作原因 陈 伟 1.3 公司负责人马沉重、主管会计工作负责人王铁军、彭武华及会计机构负责人（会计主管人员） 冯莉保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- ...

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 3,269,350,264.36, representing a year-on-year increase of 20.93% compared to CNY 2,703,532,542.18[20] - Net profit attributable to shareholders of the listed company reached CNY 858,766,971.14, up 41.00% from CNY 609,058,846.18 in the same period last year[23] - The net profit after deducting non-recurring gains and losses was CNY 812,875,960.91, an increase of 33.16% compared to CNY 610,434,786.82 in the previous year[23] - The basic earnings per share increased to CNY 0.3382, reflecting an 84.51% rise from CNY 0.1833 in the same period last year[23] - The weighted average return on net assets rose to 7.75%, an increase of 4.19 percentage points compared to 3.56% in the previous year[23] - The total operating revenue for the first half of 2019 was RMB 3,269,350,264.36, an increase of 21% compared to RMB 2,703,532,542.18 in the same period of 2018[181] - The total profit for the period was CNY 1,110,968,543.86, compared to CNY 771,840,360.11 in the previous year, reflecting a growth of 43.9%[187] Revenue Sources - Toll revenue increased by 14.84% due to higher traffic volume during the reporting period[23] - Real estate sales revenue from the subsidiary Yingdi Real Estate surged by 163.32% year-on-year due to the delivery of residential properties[23] - The net profit attributable to the parent company was ¥859 million, up 41.00% year-on-year, driven by a 14.84% increase in toll revenue and a 163.32% increase in real estate sales from the subsidiary[46] Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 50,620,677,317.49, a slight increase of 0.94% from CNY 50,147,838,115.17 at the end of the previous year[23] - The company's total liabilities reached ¥40,407,778,328.79, compared to ¥38,936,720,717.06 in the previous period, indicating a rise in liabilities[173] - The company's equity attributable to shareholders decreased to ¥10,118,341,306.92 from ¥11,117,210,976.08, reflecting a decline of approximately 9%[173] Cash Flow - The net cash flow from operating activities was CNY 2,008,517,679.62, showing a decrease of 1.05% compared to CNY 2,029,881,195.72 in the previous year[23] - Cash inflows from operating activities amounted to CNY 3,400,574,688.71, compared to CNY 3,120,362,920.24 in the same period last year, indicating an increase of about 9.0%[192] - The net cash flow from financing activities was CNY -583,368,582.73, an improvement from CNY -1,774,901,371.89 in the previous year, indicating a reduction in cash outflow by approximately 67.1%[195] Investments and Financing - The company expanded its financing channels, ensuring timely funding and smooth loan replacements, achieving the lowest borrowing rate in the industry during the low-interest window[45] - The company issued three bonds with a total balance of CNY 48 billion, with interest rates ranging from 4.95% to 5.67%[145] - The company successfully repaid CNY 5.406 billion in bank loans and interest during the first half of 2019[159] Corporate Governance - The company has made commitments regarding the independence of its operations and management, ensuring no interference from controlling shareholders[86] - The company appointed Deloitte Touche Tohmatsu as the financial auditor for the 2019 fiscal year, with total audit fees amounting to RMB 1.86 million, including RMB 1.31 million for financial audit and RMB 0.55 million for internal control audit[91] - The company has committed to avoiding competition with its major shareholder, Henan Transportation Investment Group, as per agreements made in 2010 and 2016[89] Shareholder Information - The largest shareholder, Henan Transportation Investment Group Co., Ltd., holds 1,013,313,285 shares, accounting for 45.09% of the total shares[120] - The company issued 34 million preferred shares at a price of 100 yuan each, with a coupon rate of 5.8%[126] - The total number of preferred shareholders as of the reporting period was 6[127] Risk Management - The company is exposed to macroeconomic risks that could impact toll revenue due to fluctuations in transportation demand[77] - Industry policy risks include potential changes in toll collection regulations that may affect the company's primary revenue source from vehicle tolls[78] - The company is actively monitoring economic conditions to mitigate the impact of macroeconomic changes on its performance[77] Community Engagement - The company actively engages in targeted poverty alleviation efforts, focusing on the development of rural tourism and collective economy to enhance community well-being[110] - The company has established a leadership group for poverty alleviation, directly supporting Wangzhuang Village in Jiyuan City[109] - The company plans to continue exploring rural tourism and industrial development to promote common prosperity in Wangzhuang Village[115]