证券代码：600033 证券简称：福建高速 编号：临 2023-025 公司《2023 年第三季度报告》请见上海证券交易所网站（www.sse.com.cn）。 二、审议通过《关于修订公司<内部控制手册>的议案》。表决结果：10 票同 意，0 票反对，0 票弃权。 三、审议通过《关于修订公司<财务管理办法>的议案》。表决结果：10 票同 意，0 票反对，0 票弃权。 特此公告。 福建发展高速公路股份有限公司 董事会 福建发展高速公路股份有限公司 第九届董事会第十七次会议决议公告 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。 福建发展高速公路股份有限公司于 2023 年 10 月 19 日以专人送达和传真、 电子邮件的方式发出关于召开第九届董事会第十七次会议的通知。本次会议于 2 023 年 10 月 30 日以通讯表决的方式召开，会议应到董事 10 人，实到董事 10 人， 会议符合《公司法》和《公司章程》等有关规定。 经出席会议的董事认真审议，会议表决通过以下议案： 一、审议通过《2023 年第三季度报告》。表决结果 ...

证券代码：600033 证券简称：福建高速 编号：临 2023-024 福建发展高速公路股份有限公司 关于副董事长辞职的公告 1 特此公告。 福建发展高速公路股份有限公司董事会 2023 年 9 月 12 日 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。 福建发展高速公路股份有限公司（以下简称"公司"）于近日收到公司副董 事长史秀丽女士的书面辞职报告。因工作需要，史秀丽女士辞去公司董事、副董 事长职务，同时一并辞去公司薪酬与考核委员会委员和战略委员会委员职务。根 据《公司法》及《公司章程》等有关规定，史秀丽女士的辞职不会导致公司董事 会成员人数低于法定最低人数，其辞职报告自送达公司董事会之日起生效。公司 将根据《公司章程》的规定，按照法定程序尽快补选董事。 史秀丽女士在担任副董事长期间勤勉尽责、认真履职，公司对她任职期间所 做的贡献表示衷心感谢！ ...

股票代码：600033 股票简称：福建高速 公告编号：临 2023-023 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相应的法律 责任。 重要内容提示： ● 会议召开时间：2023 年 9 月 14 日（星期四） 上午 9:30-11:30，下午 14:00-17:00 ● 会议召开地点：上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/） ● 会议召开方式：线上播放业绩讲解视频（上午），现场交流、视频直播和 网络文字互动（下午） ● 投资者可于 2023 年 9 月 13 日（星期三）16:00 前登录上证路演中心网 站首页点击"提问预征集"栏目或通过公司邮箱 stock@fjgs.com.cn 进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 福建发展高速公路股份有限公司（以下简称公司）已于 2023 年 8 月 31 日在 上海证券交易所网站（www.sse.com.cn）发布 2023 年半年度报告。根据中国证 监会《上市公司投资者关系管理工作指引》等相关规定，为了便于广 ...

Financial Performance - The company's operating revenue for the first half of 2023 was CNY 1,465,174,746.67, representing an increase of 11.88% compared to CNY 1,309,544,843.96 in the same period last year[11]. - The net profit attributable to shareholders for the same period was CNY 531,095,353.43, up 6.69% from CNY 497,813,910.62 year-on-year[11]. - The net cash flow from operating activities was CNY 924,960,777.03, reflecting a 3.43% increase compared to CNY 894,292,679.42 in the previous year[11]. - The company's total assets at the end of the reporting period were CNY 16,642,114,429.86, a slight increase of 0.26% from CNY 16,598,597,643.28 at the end of the previous year[11]. - The net profit after deducting non-recurring gains and losses was 524.2 million yuan, representing a 7.93% increase from the previous year, attributed to increased toll revenue[6]. - Total operating revenue for the first half of 2023 reached ¥1,465,174,746.67, an increase from ¥1,309,544,843.96 in the same period of 2022, representing a growth of approximately 11.9%[124]. - Total comprehensive income amounted to CNY 560,037,274.66, a decrease of 8.7% from CNY 613,461,940.30 in the previous period[126]. Assets and Liabilities - The company's total assets as of June 30, 2023, amounted to CNY 10,242,079,746.74, compared to CNY 9,976,015,287.96 at the end of 2022, indicating an increase of about 2.66%[97]. - Total liabilities increased to RMB 3,502,440,889.90, compared to RMB 3,422,601,377.98 in the previous period, reflecting a growth of 2.3%[73]. - The debt-to-asset ratio was reported at 21.05%, an increase of 0.43 percentage points year-over-year, primarily due to cash dividends declared but not yet paid[5]. - The total liabilities rose to ¥2,188,447,426.58, up from ¥2,033,041,128.43, indicating an increase of 7.6%[74]. Investment and Expansion - The company continues to focus on its core business of highway investment, construction, toll collection, and operation management, with no new highway mileage added during the reporting period[14]. - The company is undergoing expansion projects on existing highways, including the upgrade of Fuzhou-Quanzhou and Quanzhou-Xiamen highways from four lanes to eight lanes[14]. - The company has invested in Xiamen International Bank, Haixia Insurance, and Industrial Bank, yielding good investment returns and supporting sustainable development[14]. - The company plans to focus on market expansion and new product development in the upcoming quarters[71]. - Market expansion plans include entering three new international markets by Q4 2023, aiming for a 5% market share in each[168]. Operational Efficiency - The company emphasizes the integration of technology in transportation, aiming for digitalization and smart management as key trends in the industry[14]. - The company's liquidity ratios improved, with a current ratio of 140.95% and a quick ratio of 139.87%, reflecting an increase of 29.9 and 29.76 percentage points respectively compared to the previous year[4]. - The company maintained a loan repayment rate and interest payment rate of 100%[10]. - The company reported a decrease in management expenses to ¥16,189,947.21 from ¥17,287,470.57, a reduction of 6.4%[78]. Shareholder Information - The total number of shares held by the top ten shareholders at the end of the reporting period was approximately 2.73 billion shares, with the largest shareholder holding 36.16%[37]. - The total equity attributable to shareholders rose to RMB 10,803,103,767.29, compared to RMB 10,786,033,261.97, a marginal increase of 0.2%[73]. - Basic earnings per share increased to CNY 0.1935, up from CNY 0.1814, reflecting a growth of 11.6%[126]. Future Outlook - The company provided a positive outlook for the second half of 2023, projecting a revenue growth of 10% to 12%[168]. - New product launches are expected to contribute an additional 200 million in revenue by the end of the year[168]. - The company is considering strategic acquisitions to bolster its market position, with a target of identifying at least two potential candidates by the end of the year[168]. Financial Management - The company has established a solid capital market image, enhancing its competitive advantage in operations and development[38]. - The company reported a credit impairment loss of CNY -216,166.24, which is an increase from CNY -98,240.38 in the previous year, indicating a potential increase in credit risk[99]. - The company has not reported any significant non-operating profit changes during the period[41]. - The company has not engaged in any major non-equity investments during the reporting period[44].

证券代码：600033 证券简称：福建高速 编号：临 2023-012 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： 会议召开时间：2023 年 6 月 6 日(星期二)下午 15:00-16:30 会议召开地点：上海证券交易所上证路演中心（网址：http://roadshow.sseinfo. com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2023 年 5 月 30 日(星期二) 至 6 月 5 日(星期一)16:00 前登录上证路 演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@fjgs.com.cn 进行 提问，公司将在说明会上对投资者普遍关注的问题进行回答。 福建发展高速公路股份有限公司 关于召开 2022 年度业绩说明会的公告 二、说明会召开的时间、地点 （一）会议召开时间：2023 年 6 月 6 日下午 15:00-16:30 （二）会议召开地点：上海证券交易所上证路演中心（网址：http://roadshow. sseinfo.com/） （三）会 ...

证券代码：600033 证券简称：福建高速 编号：临 2023-010 福建发展高速公路股份有限公司 关于参加福建辖区上市公司 2023 年投资者网上集体接待日 活动的公告 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。 为进一步加强与投资者的互动交流，福建发展高速公路股份有限公司（以下 简称"公司"）将参加由福建证监局、福建省上市公司协会与深圳市全景网络有限 公司联合举办的"2023 年福建辖区上市公司投资者网上集体接待日活动"，现将相 关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（https: //rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次 互动交流，活动时间为 2023 年 5 月 15 日（周一）16:00-17:30。届时公司高管 将在线就公司 2022 年度业绩、公司治理、发展战略、经营状况、融资计划和可 持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃 参与！ 特此公告。 福建发展高速公路股份有限公司 董事 ...

Financial Performance - Total operating revenue for Q1 2023 was CNY 711,694,057.95, an increase from CNY 684,211,164.06 in Q1 2022, representing a growth of approximately 4.3%[23] - The total operating revenue for the reporting period was approximately 711.69 million, representing a year-over-year increase of 4.02%[34] - The net profit attributable to shareholders of the listed company was approximately 231.55 million, reflecting a growth of 3.01% compared to the same period last year[34] - The total comprehensive income for the first quarter of 2023 was CNY 272,485,230.35, a decrease of 20.2% from CNY 341,651,252.63 in the same period of 2022[47] - The net profit attributable to the parent company was CNY 231,551,814.16, up 3.4% from CNY 224,790,355.69 year-over-year[59] - Basic earnings per share increased to CNY 0.0844 from CNY 0.0819, reflecting a growth of 3.1%[47] Operating Costs and Cash Flow - Total operating costs for Q1 2023 amounted to CNY 314,806,492.74, up from CNY 301,428,271.20 in Q1 2022, indicating an increase of about 4.6%[23] - The net cash flow generated from operating activities was approximately 304.19 million, showing a decrease of 29.28% year-over-year[34] - Cash received from sales of goods and services was CNY 504,480,904.76, down 19.0% from CNY 622,675,097.70 in the previous year[47] - The cash flow from operating activities was CNY 504,480,904.76, indicating a decline in cash inflow from operations[47] Assets and Liabilities - The total assets at the end of the reporting period amounted to approximately 16.77 billion, an increase of 1.06% from the end of the previous year[34] - Total liabilities decreased from CNY 3,422,601,377.98 at the end of 2022 to CNY 3,325,382,177.07 by March 31, 2023[22] - The total assets amounted to CNY 16,598,597,643.28, a slight decrease from CNY 16,670,630,053.95 year-over-year[51] - The total liabilities were CNY 1,527,731,157.66, remaining stable compared to the previous year[51] Equity and Shareholder Information - The total equity attributable to shareholders increased from CNY 10,786,033,261.97 at the end of 2022 to CNY 10,994,293,341.88 by March 31, 2023[22] - The equity attributable to shareholders of the listed company was approximately 10.99 billion, up by 1.93% compared to the previous year-end[34] - The company has a significant shareholder structure, with the largest shareholder holding 992 million shares, representing 36.16% of total shares[38] Current and Non-Current Assets - Current assets amounted to CNY 1.85 billion, up from CNY 1.53 billion, indicating a growth of approximately 20.93%[42] - Accounts receivable increased significantly to CNY 848 million from CNY 626 million, representing a growth of about 35.39%[42] - The company's cash and cash equivalents stood at CNY 883 million, compared to CNY 787 million previously, marking an increase of approximately 12.19%[40] - Non-current assets totaled CNY 14.93 billion, a slight decrease from CNY 15.07 billion, reflecting a decline of about 0.93%[42] Investments and Other Income - The company reported a government subsidy of CNY 1,937,400.62 recognized in the current period, excluding other non-operating income and expenses[2] - The company reported an investment loss of CNY 3,034,752.32, compared to a loss of CNY 2,342,079.31 in the previous year[59] - The company has ongoing investments in long-term equity, amounting to CNY 118.94 million, slightly down from CNY 121.11 million[42] Future Outlook - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[48]

Financial Performance - In 2022, the company achieved operating revenue of 2.671 billion yuan, a year-on-year decrease of 10.26%[2] - The total operating cost was 1.337 billion yuan, down 6.36% year-on-year[2] - The company reported a net profit of 1.059 billion yuan, an increase of 0.12% compared to the previous year[12] - The company’s toll revenue distribution was 2.639 billion yuan, with a decline of 10.30% year-on-year[12] - The net profit attributable to shareholders was CNY 840 million, up 1.35% year-on-year, with earnings per share of CNY 0.3062[20] - The weighted average return on equity was 7.89%, a decrease of 0.26 percentage points year-on-year[20] - The net cash flow from operating activities decreased by 25.61% to CNY 1.762 billion due to reduced toll revenue[20] - The company maintained a high cash dividend ratio, supported by stable operating cash flow[19] - The company reported an increase in government subsidies, amounting to CNY 9.206 million, up from CNY 7.372 million in the previous year[26] Investment and Financing - The company successfully issued a new 1 billion yuan bond, ensuring seamless connection with old company bonds[12] - The company has invested in financial institutions such as Xiamen International Bank, Haixia Insurance, and Industrial Bank, contributing to sustainable long-term development[31] - The company plans to distribute cash dividends of 1.5 yuan per 10 shares (including tax) based on the total share capital of 2.7444 billion shares as of December 31, 2022[38] - The company reported a significant increase in long-term expenses, which rose by 236.18% to ¥16,499,864.27 due to new renovation costs[70] - The company issued two bonds: 22 Min Gao 01 with a total amount of 60,000 million RMB and 22 Min Gao 02 with 40,000 million RMB[198] - Both bonds have been fully utilized, with 100% of the raised funds allocated to their intended purposes[200] - The interest rate for bond 22 Min Gao 01 is 3.04% and for bond 22 Min Gao 02 is 3.49%[198] Operational Strategy - The company focused on optimizing its organizational structure to enhance operational efficiency[12] - The company is actively exploring digitalization and intelligent transportation as part of its strategic development[12] - The company emphasizes a development strategy of "core business enhancement and investment-driven" to improve overall value[31] - The company plans to focus on improving quality and efficiency, aiming for advanced management goals and enhancing operational effectiveness through cost management and centralized actions against toll evasion[99] - The company will strengthen collaboration with government departments to secure policy support for the highway industry amid increasing uncertainties[100] - The company aims to optimize data management and establish a vehicle credit system to ensure accurate toll collection[101] Governance and Compliance - The company’s financial report has been verified by Huaxing Accounting Firm, which issued a standard unqualified audit opinion[54] - The company acknowledges potential risks in future plans and development strategies, advising investors to be cautious[55] - The company is committed to enhancing its governance structure and ensuring compliance with regulatory requirements to maintain operational integrity[103] - The company has implemented measures to enhance corporate governance and operational efficiency, including the completion of board member elections[128] - The company has established specialized committees, including an Audit Committee and a Compensation and Assessment Committee, to oversee governance and management practices[168] Employee and Management - The total remuneration paid to current and former directors, supervisors, and senior management during the reporting period amounted to 2.7534 million yuan[141] - The company has implemented a training program focusing on enhancing the skills and management capabilities of its employees[175] - The company has a robust decision-making process for executive compensation, approved by the board of directors[163] - The total number of employees in the company and its main subsidiaries is 1,312, with 73 in the parent company and 1,239 in subsidiaries[182] Risks and Challenges - The company faces risks from highway toll expiration and will conduct feasibility studies for road asset expansion to ensure sustainable operations[100] - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[39] - The company has not experienced any significant risks identified by the Supervisory Board during the reporting period[173] Future Outlook - The company is committed to integrating new technologies in transportation, aligning with national policies promoting smart transportation systems[119] - The company is actively exploring investment projects that align with its core business to broaden its investment portfolio[120] - The company has plans to conduct feasibility studies for the expansion and renovation of key road assets to ensure sustainable development[120]

Financial Performance - The company's operating revenue for Q3 2022 was ¥744,624,724.58, representing a year-over-year increase of 1.22%[6] - The net profit attributable to shareholders for Q3 2022 was ¥234,490,672.98, reflecting a year-over-year increase of 2.86%[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥236,258,159.55, with a year-over-year increase of 5.21%[6] - Total revenue for the first three quarters of 2022 was CNY 2,054,169,568.54, a decrease of 7.8% compared to CNY 2,227,884,299.53 in the same period of 2021[25] - The company reported a net profit of CNY 1,191,906,330.16 for the third quarter, compared to CNY 1,239,107,691.23 in the previous year[28] - The total profit for the current period is approximately ¥1.20 billion, slightly down from ¥1.20 billion in the previous period[32] - The net profit attributable to shareholders of the parent company is approximately ¥732.30 million, an increase of 2.6% from ¥713.37 million in the previous period[32] - The total comprehensive income for the current period is approximately ¥800.30 million, down from ¥868.50 million in the previous period, indicating a decrease of 7.8%[34] Assets and Liabilities - The total assets at the end of Q3 2022 amounted to ¥16,837,441,856.35, showing a slight increase of 0.85% compared to the end of the previous year[9] - Total assets amounted to CNY 16,837,441,856.35, an increase from CNY 16,695,821,660.79 in the previous period[25] - Total liabilities were CNY 3,805,619,805.22, slightly down from CNY 3,831,004,088.28[25] - Non-current assets totaled CNY 15,030,085,863.45, a decrease from CNY 15,640,887,160.30[25] - Current liabilities decreased to CNY 1,365,272,026.20 from CNY 1,892,399,463.35, reflecting a reduction of 27.8%[25] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥1,435,638,748.43, down 14.33% year-over-year[9] - Cash flow from operating activities generated a net amount of approximately ¥1.44 billion, down from ¥1.68 billion in the previous period, a decline of 14.3%[39] - Cash flow from investing activities resulted in a net outflow of approximately ¥101.45 million, compared to a net outflow of ¥308.50 million in the previous period, showing an improvement[39] - Cash flow from financing activities resulted in a net outflow of approximately ¥585.21 million, compared to a net outflow of ¥795.81 million in the previous period, indicating a reduction in cash outflow[39] - The company received cash from operating activities totaling approximately ¥2.12 billion, down from ¥2.27 billion in the previous period, a decrease of 6.6%[39] Shareholder Information - The total number of common shareholders at the end of the reporting period is 89,196[15] - The largest shareholder, Fujian Expressway Group Co., Ltd., holds 992,367,729 shares, accounting for 36.16% of total shares[15] - The company has no pledged or frozen shares among the top ten shareholders[15] - The top ten shareholders include state-owned entities, indicating a strong government presence in ownership[15] - There are no significant changes in the shareholder structure or related party transactions reported[18] Government Support and Investments - The company reported a significant increase of 48.82% in government subsidies recognized during the period[12] - The company experienced a 67.12% increase in net cash flow from investing activities year-over-year[12] - The company plans to continue expanding its market presence and investing in new projects to drive future growth[12] - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency[25] - The company is focusing on strategic acquisitions to bolster its market position and drive future growth[25] Other Financial Metrics - The weighted average return on equity for Q3 2022 was 2.20%, a decrease of 0.03 percentage points compared to the previous quarter[9] - Basic earnings per share for Q3 2022 were ¥0.0854, an increase of 2.86% compared to the same period last year[9] - Research and development expenses were reported at CNY 63,877,644.21, slightly lower than CNY 64,812,738.29 in the previous year[28] - The company's cash and cash equivalents as of September 30, 2022, amount to RMB 1,115,485,141.08, an increase from RMB 366,507,693.63 at the end of 2021[20] - Accounts receivable increased to RMB 564,554,226.22 from RMB 524,360,729.76 year-over-year[20] - The total current assets as of September 30, 2022, are RMB 1,807,355,992.90, compared to RMB 1,054,934,500.49 at the end of 2021[20] - Long-term equity investments decreased to RMB 133,659,985.72 from RMB 141,634,926.87 year-over-year[20] - The company reported a decrease in other comprehensive income after tax, amounting to approximately -¥117.83 million, compared to -¥38.03 million in the previous period[32] - The ending cash and cash equivalents balance is approximately ¥1.12 billion, an increase from ¥918.73 million in the previous period, reflecting a growth of 21.5%[39]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥1,309,544,843.96, a decrease of 12.24% compared to ¥1,492,218,682.75 in the same period last year [25]. - The net profit attributable to shareholders of the listed company was ¥497,813,910.62, an increase of 2.56% from ¥485,399,786.08 in the previous year [25]. - The net cash flow from operating activities was ¥894,292,679.42, down 14.14% from ¥1,041,568,779.46 in the same period last year [25]. - The total assets at the end of the reporting period were ¥17,448,608,548.99, an increase of 4.51% compared to ¥16,695,821,660.79 at the end of the previous year [25]. - The basic earnings per share for the first half of 2022 was ¥0.1814, a 2.54% increase from ¥0.1769 in the same period last year [26]. - The company achieved toll revenue of ¥1,292,992,670.42, a year-on-year decrease of 12.09% [34]. - Operating revenue was ¥1,309,544,843.96, down 12.24% compared to the previous year [34]. - The net profit attributable to the parent company was ¥497,813,910.62, an increase of 2.56% year-on-year [34]. - Financial expenses decreased by 20.77% to ¥40,527,558.17 due to lower financing costs [34]. - The company’s weighted average return on equity was 4.64% [34]. Corporate Governance and Compliance - The board of directors confirmed the authenticity, accuracy, and completeness of the semi-annual report, assuming legal responsibility for any misstatements [4]. - The report period was not audited, but the financial report was declared true and complete by the responsible persons [5]. - The management team is responsible for ensuring the accuracy of the financial statements presented in the report [5]. - The company has not faced any significant governance issues, as all directors were able to ensure the report's integrity [8]. - The company has a commitment to transparency, as indicated by the detailed disclosure of its financial and operational status [4]. Risk Management - The company has detailed risk factors and countermeasures in the board report regarding future development [8]. - The company faces macroeconomic risks due to geopolitical tensions and monetary policy shifts, impacting transportation demand [45]. - The company plans to enhance its main business operations and explore derivative economic development paths to mitigate risks from economic fluctuations [45]. - The company is at risk of traffic diversion due to the increasing density of the highway network in Fujian Province, which has over 6,000 kilometers of operational highways [48]. - The company aims to improve operational management and engage in differentiated marketing strategies to counteract potential traffic diversion [48]. - The company’s revenue heavily relies on highway tolls, posing investment development risks due to regulatory impacts and a lack of diversified income sources [48]. - The company will conduct feasibility studies for investment projects and establish a risk control team to enhance decision-making processes [48]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 87,576 [73]. - The top ten shareholders hold a total of 1,600,000,000 shares, representing 58.48% of the total shares [73]. - Fujian Expressway Group Co., Ltd. is the largest shareholder, holding 992,367,729 shares, which is 36.16% of the total shares [73]. - The second largest shareholder, China Merchants Highway Network Technology Holdings Co., Ltd., holds 487,112,772 shares, accounting for 17.75% [73]. Financial Instruments and Assets - The company confirmed financial assets and liabilities upon entering financial instrument contracts [175]. - Financial assets are classified into three categories: amortized cost, fair value through profit or loss, and fair value through other comprehensive income [178]. - Financial liabilities are classified into fair value through profit or loss, loan commitments at below market rates, and amortized cost [178]. - The company uses the effective interest method for subsequent measurement of financial liabilities at amortized cost [178]. - Financial assets are initially measured at fair value, with transaction costs directly expensed for those measured at fair value through profit or loss [177]. Cash Flow and Liquidity - The net cash flow from operating activities for the first half of 2022 was ¥894,292,679.42, a decrease of 14.2% compared to ¥1,041,568,779.46 in the first half of 2021 [123]. - The total cash inflow from operating activities was ¥1,398,862,079.62, down from ¥1,464,258,884.29 in the previous year, reflecting a decline of approximately 4.5% [123]. - The cash outflow from operating activities increased to ¥504,569,400.20, compared to ¥422,690,104.83 in the same period last year, representing a rise of about 19.4% [123]. - The net increase in cash and cash equivalents for the first half of 2022 was ¥1,183,800,813.43, compared to ¥311,033,283.78 in the same period of 2021, indicating a growth of approximately 280.5% [123]. - The ending balance of cash and cash equivalents reached ¥1,550,308,507.06, up from ¥658,268,563.20 at the end of the previous year [123]. Capital Structure and Financing - The company issued ¥1 billion in corporate bonds during the reporting period [37]. - The company has issued corporate bonds with a total outstanding amount of 60,000 million RMB at an interest rate of 3.54% [80]. - The company also issued bonds in 2022 with a total outstanding amount of 60,000 million RMB at an interest rate of 3.04% [80]. - The credit rating for the bonds remains at AA+ with a stable outlook, with no changes during the reporting period [83]. - The current liquidity ratio increased to 109.78%, up 54.03 percentage points from the previous year's end of 55.75% due to the receipt of RMB 1 billion from corporate bonds [85]. - The quick ratio rose to 108.80%, an increase of 55.67 percentage points compared to the previous year's 53.13%, primarily driven by the same bond issuance [88]. - The debt-to-asset ratio increased to 26.38%, up 3.43 percentage points from 22.95% last year, attributed to the issuance of RMB 1 billion in corporate bonds [88]. Subsidiaries and Operations - The company has three subsidiaries: Fujian Fuquan Expressway Co., Ltd. (63.06% ownership), Fujian Luoning Expressway Co., Ltd. (100% ownership), and Fujian Quanzhou-Xiamen Expressway Management Co., Ltd. (100% ownership) [157]. - The company operates in the expressway industry, focusing on the investment, development, construction, and operation of expressways, including the Shenhai Expressway segments from Quanzhou to Xiamen and Fuzhou to Quanzhou [154]. - The company operates a total of 282 kilometers of highways, with no new highway mileage added during the reporting period [32]. Accounting and Reporting Standards - The company follows the Chinese Accounting Standards, ensuring compliance and accuracy in financial reporting [160]. - The financial statements are prepared based on the principle of continuous operation, ensuring a true and complete reflection of the company's financial status and operating results [160]. - The company assesses impairment for investments in subsidiaries, associates, and joint ventures according to specified methods [196].