Financial Performance - The company's operating revenue for Q1 2022 was ¥684,211,164.06, representing a decrease of 5.05% compared to the same period last year[6]. - The net profit attributable to shareholders of the listed company was ¥224,790,355.69, down by 2.63% year-on-year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥224,490,334.07, a decline of 10.60% compared to the previous year[6]. - Total revenue for Q1 2022 was ¥684,211,164.06, a decrease of 5.0% compared to ¥720,601,971.77 in Q1 2021[30]. - Net profit for Q1 2022 was ¥287,490,382.79, slightly down from ¥288,482,426.88 in Q1 2021, representing a decrease of 0.3%[34]. - Earnings per share for Q1 2022 was ¥0.0819, compared to ¥0.0841 in Q1 2021, reflecting a decline of 2.6%[36]. - Other comprehensive income after tax for Q1 2022 was ¥54,160,869.84, compared to a loss of ¥633,338.17 in Q1 2021[34]. - The company reported a total comprehensive income of ¥341,651,252.63 for Q1 2022, up from ¥287,849,088.71 in Q1 2021, indicating a growth of 18.7%[36]. Cash Flow - The net cash flow from operating activities decreased by 29.56%, amounting to ¥430,126,968.35[6]. - Cash flow from operating activities in Q1 2022 was ¥630,436,827.80, down from ¥772,051,709.27 in Q1 2021, a decrease of 18.3%[38]. - The net cash flow from operating activities was $430,126,968.35, a decrease from $610,588,748.25 in the previous period, reflecting a decline of approximately 29.5%[41]. - Cash outflows from operating activities totaled $200,309,859.45, compared to $161,462,961.02 previously, indicating an increase of about 24%[41]. - The net cash flow from investing activities was $21,814,503.41, a significant recovery from a negative cash flow of $170,112,254.19 in the prior period[41]. - Cash outflows for the acquisition of fixed assets, intangible assets, and other long-term assets amounted to $24,888,556.85, down from $170,522,609.19 previously, showing a reduction of approximately 85.3%[41]. - Cash outflows from financing activities totaled $136,625,756.64, compared to $18,061,320.01 in the previous period, representing an increase of about 657%[43]. - The net cash flow from financing activities was negative at -$136,625,756.64, compared to -$18,061,320.01 previously, indicating a worsening position[43]. - The ending balance of cash and cash equivalents was $681,823,408.75, down from $769,650,453.47 in the previous period, reflecting a decrease of approximately 11.4%[43]. - The total cash inflow from investment activities was $46,703,060.26, a significant increase from $410,355.00 previously[41]. Assets and Liabilities - The total assets at the end of the reporting period were ¥16,903,600,213.03, an increase of 1.24% from the end of the previous year[9]. - Total liabilities were RMB 3,697,131,387.89, with current liabilities at RMB 1,849,952,175.77[27]. - Non-current liabilities decreased to RMB 1,847,179,212.12 from RMB 1,938,604,624.93[27]. - The company reported a decrease in long-term borrowings to RMB 774,310,000.00 from RMB 886,810,000.00[27]. - The total equity of the company was RMB 13,206,468,825.14 as of March 31, 2022[27]. - Total liabilities amounted to ¥3,697,131,387.89, a slight decrease from ¥3,831,004,088.28 in the previous period[29]. - Total equity increased to ¥13,206,468,825.14 from ¥12,864,817,572.51, marking a growth of 2.7%[29]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 88,760[12]. - The equity attributable to shareholders of the listed company was ¥10,750,346,605.96, reflecting a growth of 2.66% year-on-year[9].

Financial Performance - The company's operating revenue for 2021 was CNY 2,977,220,759.39, representing a 28.00% increase compared to CNY 2,325,878,077.58 in 2020[33]. - The net profit attributable to shareholders for 2021 was CNY 829,219,482.66, an increase of 83.37% from CNY 452,213,073.02 in 2020[33]. - The net cash flow from operating activities for 2021 was CNY 2,368,927,087.15, up 34.64% from CNY 1,759,500,566.20 in 2020[33]. - The basic earnings per share for 2021 was CNY 0.3021, an increase of 83.31% compared to CNY 0.1648 in 2020[35]. - The weighted average return on equity for 2021 was 8.15%, an increase of 3.48 percentage points from 4.67% in 2020[35]. - The total assets at the end of 2021 were CNY 16,695,821,660.79, a 3.18% increase from CNY 16,180,632,460.62 at the end of 2020[33]. - The net assets attributable to shareholders at the end of 2021 were CNY 10,471,395,380.43, reflecting a 6.03% increase from CNY 9,875,587,114.78 at the end of 2020[33]. - The company reported a net profit of CNY 115,848,275.51 in Q4 2021, with total operating revenue of CNY 749,336,459.86 for the same quarter[39]. - The company achieved a main business revenue of 2.942 billion RMB, a year-on-year increase of 29.12%[45]. - The company reported a net profit attributable to shareholders of 829 million RMB, representing an 83.37% year-on-year growth[45]. - The total operating revenue for the company was 2.977 billion RMB, reflecting a 28.00% increase compared to the previous year[51]. Dividend Policy - The company plans to distribute a cash dividend of 1.5 CNY per 10 shares based on a total share capital of 2.7444 billion shares, which corresponds to a 10% allocation from the net profit for the year[7]. - In 2021, the company distributed a cash dividend of 1 RMB per 10 shares, totaling 274,440,000 RMB based on 2,744,400,000 shares[136]. - For the year 2021, the proposed cash dividend is 1.5 RMB per 10 shares, which accounts for 49.64% of the net profit attributable to the parent company[136]. - The company has committed to maintaining a cash distribution of at least 30% of distributable profits for the years 2021-2023[136]. Governance and Compliance - The company has established a governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and management team, ensuring clear responsibilities and effective operation[86]. - The board of directors comprises 11 members, including 4 independent directors, exceeding one-third of the total board members, in compliance with legal requirements[86]. - The company has completed the re-election of the ninth board of directors and supervisory board, and appointed a new management team during the reporting period[89]. - The company has implemented a series of financial management systems to ensure independent accounting and financial activities without interference from the controlling shareholder[86]. - The company has actively engaged in investor relations management, including hosting online annual performance briefings and participating in investor interaction activities[86]. - The company has established a comprehensive information disclosure system, ensuring timely and accurate communication of relevant information to all shareholders[86]. - The company has conducted self-inspections on corporate governance and compliance with regulations, leading to continuous improvement in governance standards[89]. - The company has established specialized committees under the board, including strategy, nomination, compensation and assessment, and audit committees, which actively fulfill their responsibilities[86]. - The company has adhered to strict procedures for related party transactions, ensuring fairness and transparency without harming the interests of other shareholders[86]. Risk Management - The company has outlined potential risks in its future development strategies, emphasizing the importance of risk management[9]. - The company faces risks from macroeconomic pressures, including demand contraction and supply shocks, which may impact transportation demand[83]. - The company is monitoring policy changes in the highway sector, particularly regarding the revision of the "Highway Toll Management Regulations," which could affect revenue stability[83]. - The company is committed to improving its risk management framework to mitigate investment and operational risks associated with its business model[83]. Investments and Strategic Development - The company is exploring investment opportunities in smart transportation and new energy sectors to diversify its revenue streams[79]. - The company plans to enhance its main business through internal development and external mergers and acquisitions to improve sustainable growth capabilities[79]. - The company is focusing on data analysis and vehicle flow management to attract more traffic to highways, including measures like container fee reductions and joint precise overload control[80]. - The company invested 800 million RMB to acquire 46 million shares of Industrial Bank at a price of 17.39 RMB per share[45]. - The company confirmed an investment loss of 52.9 million RMB from Haixia Insurance during the reporting period[45]. Employee and Workforce Management - The company reported a total of 1,351 employees, with 93 in the parent company and 1,258 in major subsidiaries[128]. - The company has a total of 54 financial personnel, 243 administrative personnel, and 547 toll collection personnel among its workforce[131]. - The company has implemented a salary distribution policy that considers operational performance and individual performance, ensuring internal and external equity in compensation[132]. - The training plan includes professional training for technical staff, focusing on enhancing comprehensive quality and innovation capabilities[133]. - The company has maintained a focus on enhancing employee training and development to improve overall staff quality[133]. Audit and Internal Control - The company has received a standard unqualified audit report from the accounting firm Rongcheng[6]. - The company's financial report has been verified for authenticity and completeness by its management team[5]. - The company has established a robust internal control system, ensuring effective execution of resolutions and budget management[141]. - There were no significant deficiencies in internal control reported during the period[141]. - The internal control audit report issued was a standard unqualified opinion[144]. - The company has implemented internal audits and checks on subsidiaries to enhance governance and financial compliance[141]. Shareholder Information - The total number of ordinary shareholders reached 91,502 by the end of the reporting period, an increase from 89,306 at the end of the previous month[172]. - The largest shareholder, Fujian Expressway Group Co., Ltd., holds 992,367,729 shares, representing 36.16% of the total shares[173]. - The second largest shareholder, China Merchants Highway Network Technology Holdings Co., Ltd., holds 487,112,772 shares, accounting for 17.75%[173]. - The top ten shareholders include individuals such as Gao Xiubo and Li Ming, with holdings of 29,000,000 and 28,000,000 shares respectively[176]. - There were no changes in the total number of shares or the capital structure during the reporting period[169]. - The company has not issued any new securities during the reporting period[170]. Debt and Financing - The company successfully issued corporate bonds totaling 600 million RMB with a coupon rate of 3.54% on July 27, 2020[197]. - The entire raised funds of 600 million RMB were utilized to repay the principal and interest of the "15 Min Expressway" corporate bonds, in accordance with the issuance announcement[197]. - The bond "20 Min Gao 01" was listed on the Shanghai Stock Exchange on August 4, 2020, under the code 163751[197]. - The company has a stable credit rating of AA+ from China Chengxin International Credit Rating Co., Ltd., with no changes in the rating outlook[198]. - The bond has a maturity date of July 26, 2022, and pays interest annually without compounding[190]. - The company has no overdue bonds or risks associated with the termination of bond trading[193]. - All funds raised were used as planned, with no violations in the use of raised funds[197].

Financial Performance - The company's operating revenue for Q3 2021 was ¥735,665,616.78, a decrease of 11.07% compared to the same period last year[5]. - Net profit attributable to shareholders was ¥227,971,421.07, down 4.17% year-on-year, while net profit after deducting non-recurring gains and losses was ¥224,552,828.02, a decrease of 18.34%[5]. - Year-to-date revenue reached ¥2,227,884,299.53, reflecting a significant increase of 46.81% compared to the previous year[5]. - Basic earnings per share for the quarter were ¥0.0830, a decrease of 4.27% year-on-year, while year-to-date earnings per share increased by 187.18% to ¥0.2599[7]. - The company reported a net profit of CNY 1,202,917,050.80 for the first three quarters, compared to CNY 457,656,565.47 in the previous year, indicating a substantial increase in profitability[30]. - The comprehensive income attributable to the parent company's owners was ¥675,345,898.02, compared to ¥299,708,065.31 in the same period last year, indicating an increase of about 125.5%[36]. - The total comprehensive income for the period was ¥868,503,379.01, compared to ¥384,962,898.69 in the previous year, representing an increase of approximately 125.5%[34]. Assets and Liabilities - The total assets at the end of the reporting period were ¥16,719,790,446.92, representing a 3.33% increase from the end of the previous year[7]. - Total current assets reached ¥1,787,430,219.85, up from ¥1,160,799,058.26 in the previous year[21]. - Total liabilities rose to CNY 4,084,768,159.32, compared to CNY 3,954,973,552.03, indicating an increase of approximately 3.27%[26]. - Current liabilities totaled CNY 2,012,080,962.18, up from CNY 1,490,960,404.07, marking an increase of around 35%[26]. - The equity attributable to shareholders increased to CNY 10,276,493,012.80 from CNY 9,875,587,114.78, showing a growth of about 4.07%[26]. - Long-term borrowings decreased to CNY 1,053,610,000.00 from CNY 1,252,680,000.00, reflecting a reduction of approximately 15.9%[26]. - The company’s total non-current liabilities decreased to CNY 2,072,687,197.14 from CNY 2,464,013,147.96, indicating a reduction of approximately 15.9%[26]. Cash Flow - Cash flow from operating activities for the year-to-date was ¥1,675,799,074.07, an increase of 24.23% compared to the same period last year[5]. - Cash inflows from operating activities totaled ¥2,274,660,417.42, up from ¥1,868,500,971.80, marking an increase of around 21.7%[38]. - The net cash flow from operating activities was ¥1,675,799,074.07, compared to ¥1,348,959,956.25 in the previous year, showing a growth of approximately 24.2%[38]. - Cash outflows from investing activities amounted to ¥309,760,776.46, slightly down from ¥318,420,918.60, indicating a decrease of about 3.3%[42]. - Cash outflows from financing activities were ¥795,806,561.04, down from ¥2,160,376,415.36, indicating a decrease of approximately 63.2%[42]. - The ending balance of cash and cash equivalents was ¥918,730,501.74, compared to ¥601,558,022.92 in the previous year, reflecting an increase of about 52.7%[42]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 92,805[14]. - The largest shareholder, Fujian Provincial Highway Group Co., Ltd., holds 992,367,729 shares, accounting for 36.16% of the total shares[14]. - The second largest shareholder, China Merchants Highway Network Technology Holdings Co., Ltd., holds 487,112,772 shares, representing 17.75%[14]. - The company has no pledged, marked, or frozen shares among the top ten shareholders[14]. - The top ten shareholders do not have any related party relationships or concerted actions as per the regulations[14]. Operational Insights - The company recognized other income of ¥387.14 million, mainly from deferred revenue related to station withdrawal subsidies[13]. - The company has not disclosed any significant operational issues during the reporting period[18]. - The company reported a decrease in accounts payable by RMB 128,841,000.00, indicating improved cash flow management[48].

Financial Performance - The company's operating revenue for the first half of the year reached ¥1,492,218,682.75, a 116.18% increase compared to ¥690,272,449.65 in the same period last year [23]. - Net profit attributable to shareholders was ¥485,399,786.08, marking a significant increase of 4,564.32% from ¥10,406,650.39 year-on-year [23]. - The net profit after deducting non-recurring gains and losses was ¥502,351,622.92, up 1,369.25% from ¥34,191,003.49 in the previous year [23]. - The net cash flow from operating activities was ¥1,041,568,779.46, reflecting a 63.68% increase from ¥636,338,777.85 in the same period last year [23]. - Basic earnings per share rose to ¥0.1769, a 4,555.26% increase compared to ¥0.0038 in the previous year [25]. - The weighted average return on equity increased to 4.80%, up 4.7 percentage points from 0.11% year-on-year [25]. - The company's total assets at the end of the reporting period were ¥16,702,834,668.01, a 3.23% increase from ¥16,180,632,460.62 at the end of the previous year [23]. - The net assets attributable to shareholders increased to ¥10,049,140,013.33, reflecting a 1.76% growth from ¥9,875,587,114.78 at the end of the previous year [23]. - The company reported non-recurring losses of ¥16,951,836.84, primarily due to asset disposal losses and other non-operating income adjustments [26]. Revenue Sources - The company achieved toll revenue of ¥1,470,791,770.59, a year-on-year increase of 119.63% [36]. - The operating income for the reporting period was ¥1,492,218,682.75, up 116.18% compared to the same period last year [37]. - The company continues to focus on highway investment, construction, toll collection, and operation management, with no new highway mileage added during the reporting period [31]. Financial Position - The company's financial expenses decreased by 37.50% to ¥51,154,932.10, due to a reduction in interest-bearing liabilities and interest rates [37]. - The company’s cash and cash equivalents increased by 89.57% to ¥658,268,563.20, primarily due to increased toll revenue [41]. - The management expenses rose by 51.76% to ¥39,250,458.59, driven by increased toll revenue [40]. - The company reported a fixed asset value of ¥341,149,134.50 for an office space acquisition, with the property certificate currently being processed [66]. - The total assets as of the reporting date were ¥9,561,372,418.25, up from ¥9,236,760,009.92 at the end of the previous period, marking an increase of about 3.5% [111]. Risks and Challenges - The company has outlined potential risks in its future development strategies, which investors should be aware of [7]. - The company faces economic fluctuation risks due to the ongoing global pandemic, which has created uncertainty in economic activities [49]. - Traffic diversion risks are present as the provincial highway network expands, leading to a shift in freight transport from road to rail and water [49]. - The company is focusing on enhancing its main business operations and exploring related industry investments to mitigate risks associated with its reliance on toll revenue [49]. Corporate Governance - The board of directors confirmed that all members attended the board meeting, ensuring the accuracy and completeness of the semi-annual report [5]. - The company has a commitment to transparency, with its semi-annual report available on designated websites and in specific newspapers [20]. - The company has a modern corporate governance structure, including a board of directors and various departments such as finance and audit [161]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 94,344 [75]. - The top ten shareholders hold a total of 1,634,000,000 shares, representing 58.00% of the total shares [82]. - The company has no strategic investors or general legal entities becoming top ten shareholders due to new share placements [83]. Compliance and Reporting - The semi-annual report has not been audited, but the management has declared the financial report's authenticity and completeness [5]. - The company’s financial statements comply with the requirements of the enterprise accounting standards, reflecting its financial status and operating results accurately [168]. - The company’s financial reports are prepared based on the assumption of going concern, ensuring the reliability of its financial information [165].

证券代码：600033 证券简称：福建高速 编号：临 2021-008 债券代码：163751 债券简称：20 闽高 01 福建发展高速公路股份有限公司 关于参加 2021 年度福建上市公司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，使广大投资者能更深入全面地了解公司 情况，本公司将参加由福建证监局与福建省上市公司协会、深圳市全景网络有限 公司举办的"2021 年度福建上市公司投资者网上集体接待日活动"。现将有关事项 公告如下： 本次投资者网上集体接待日活动将通过深圳市全景网络有限公司提供的网 上平台采取网络远程的方式举行，投资者可以登录"全景网投资者关系互动平台" （http://ir.p5w.net）参与本次投资者网上集体接待日活动，网上互动交流活动时间 为 2021 年 5 月 14 日（星期五）15:30 至 17:00。 出席本次集体接待日的人员有：公司总经理程辛钱先生、董事会秘书何高文 先生、财务总监郑建雄先生。 欢迎广大投资者积极参与。 ...

Financial Performance - Net profit attributable to shareholders reached CNY 230,868,715.49, a significant increase of 764.57% year-on-year[13] - Operating revenue surged by 225.27% to CNY 720,601,971.77 compared to the same period last year[13] - Basic earnings per share rose to CNY 0.0841, compared to a loss of CNY 0.0127 in the same period last year, marking a 762.20% increase[15] - The company reported a net profit of CNY 1,628,011,421.90 for the first quarter, up from CNY 1,509,611,543.20, representing a growth of about 7.8%[40] - The company reported a total profit of ¥387,468,676.08 for Q1 2021, contrasting with a loss of ¥37,039,426.92 in the same period last year[45] - The total comprehensive income for Q1 2021 was ¥287,849,088.71, compared to a loss of ¥52,522,610.75 in Q1 2020, reflecting improved overall performance[46] - The company reported a significant reduction in credit impairment losses, which were ¥1,220,688.83 in Q1 2021, compared to ¥178,506.14 in Q1 2020[45] Cash Flow - Net cash flow from operating activities improved to CNY 610,588,748.25, a 543.55% increase from the previous year[13] - The net cash flow from operating activities improved significantly to ¥610,588,748.25 from -¥137,658,337.60, mainly due to increased toll revenue[27] - Cash flow from operating activities generated a net inflow of CNY 610,588,748.25, a substantial improvement from a net outflow of CNY 137,658,337.60 in the previous year[54] - The cash outflow for investing activities was CNY 170,522,609.19, significantly higher than CNY 5,292,316.99 in Q1 2020[54] - The cash outflow for financing activities was CNY 18,061,320.01, compared to CNY 25,250,000.00 in the same quarter of the previous year[56] Assets and Liabilities - Total assets increased by 2.39% to CNY 16,567,448,910.98 compared to the end of the previous year[13] - Total liabilities increased to CNY 4,053,940,913.68, up from CNY 3,954,973,552.03, representing a growth of approximately 2.7%[35] - Total equity attributable to shareholders rose to CNY 10,105,822,492.10, compared to CNY 9,875,587,114.78, reflecting an increase of about 2.3%[35] - Non-current assets totaled CNY 8,827,626,700.69, slightly up from CNY 8,787,955,928.19, showing a growth of about 0.5%[39] - The total liabilities to equity ratio stands at approximately 0.32, indicating a stable leverage position[40] Shareholder Information - The total number of shareholders reached 96,248 by the end of the reporting period[18] - The top shareholder, Fujian Expressway Group Co., Ltd., holds 36.16% of the shares, totaling 992,367,729 shares[18] Operating Costs and Expenses - Operating costs increased by 29.48% to ¥247,273,077.78 from ¥190,966,720.98, driven by higher traffic volume leading to increased depreciation of road assets[24] - Management expenses surged by 78.18% to ¥18,081,121.40 from ¥10,147,403.07, attributed to increased toll revenue leading to higher industry management costs[27] - Financial expenses decreased by 47.25% to ¥22,079,929.51 from ¥41,857,146.77, mainly due to a reduction in interest-bearing debt and interest rates[27] - The total operating costs for Q1 2021 were ¥290,169,213.22, an increase from ¥244,067,570.38 in Q1 2020, indicating rising operational expenses[45] Future Outlook - The company expects significant growth in operating performance year-on-year due to the recovery of toll collection business[28] - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[58] Other Financial Metrics - The company reported a net loss from non-operating income of CNY -20,230,898.45, primarily due to various non-recurring expenses[15] - The company has not disclosed any new product developments or market expansion strategies in this report[12] - The company maintained a strong capital reserve of CNY 1,721,492,674.94, unchanged from the previous period, ensuring financial stability[40]

Financial Performance - The company's operating revenue for 2020 was ¥2,325,878,077.58, a decrease of 19.91% compared to ¥2,904,136,382.09 in 2019[27]. - Net profit attributable to shareholders for 2020 was ¥452,213,073.02, down 45.36% from ¥827,577,174.23 in 2019[27]. - The net profit after deducting non-recurring gains and losses was ¥553,569,772.51, a decrease of 35.61% compared to ¥859,657,207.41 in 2019[27]. - The company's total assets at the end of 2020 were ¥16,180,632,460.62, a decline of 5.78% from ¥17,172,450,462.63 at the end of 2019[27]. - Basic earnings per share for 2020 were ¥0.1648, down 45.36% from ¥0.3016 in 2019[28]. - The weighted average return on net assets for 2020 was 4.67%, a decrease of 4.16 percentage points from 8.83% in 2019[28]. - The net cash flow from operating activities for 2020 was ¥1,759,500,566.20, a slight decrease of 1.71% from ¥1,790,179,085.47 in 2019[27]. - The company's net assets attributable to shareholders at the end of 2020 were ¥9,875,587,114.78, an increase of 3.84% from ¥9,510,749,082.72 at the end of 2019[27]. - The company reported a non-recurring loss of ¥101,356,699.49 in 2020, compared to a loss of ¥32,080,033.18 in 2019[36]. - The company's EBITDA for 2020 was approximately ¥1.71 billion, a decrease of 27.18% compared to ¥2.34 billion in 2019[159]. Dividend Distribution - The company plans to distribute a cash dividend of 1 RMB per 10 shares, based on a total share capital of 2.7444 billion shares, after allocating 10% of the net profit to statutory surplus reserves[8]. - The company will continue to implement cash dividend policies, proposing a cash dividend of CNY 1 per 10 shares for the 2020 fiscal year, amounting to 60.69% of the net profit attributable to the parent company[76]. - In 2020, the company distributed cash dividends totaling RMB 274,440,000, representing 60.69% of the net profit attributable to ordinary shareholders[79]. - The company reported a cash dividend of RMB 1 per 10 shares in 2020, compared to RMB 0.5 in 2019 and RMB 1.5 in 2018[79]. Audit and Compliance - The company has received a standard unqualified audit report from the accounting firm, ensuring the accuracy and completeness of the financial report[6]. - The company’s legal representatives and financial officers have confirmed the authenticity and completeness of the annual report[7]. - The company’s board of directors and supervisory board have ensured the report's accuracy, with no absent directors affecting this assurance[10]. - The audit opinion indicates no significant misstatements were found in the financial statements, ensuring reliability for stakeholders[172]. - The company has implemented internal controls related to the depreciation of highway assets and impairment testing, which were evaluated during the audit[169]. Operational Challenges and Strategies - The company has outlined potential risks in its future development strategies, which investors should be aware of[10]. - The company is subject to a risk statement regarding forward-looking statements, indicating that future plans do not constitute a commitment to investors[9]. - The company faced significant impacts from a 79-day toll exemption policy due to the COVID-19 pandemic, affecting main business revenue[45]. - The company is facing challenges in new highway project investments due to rising costs and diminishing returns on investment[63]. - The company plans to enhance its main business through management strengthening, operational efficiency, and cost reduction measures, aiming to improve operational returns[68]. - The company is exploring both internal and external development strategies, including potential mergers and acquisitions, to solidify its main business foundation[68]. Revenue and Cost Analysis - Operating costs increased by 6.67% to CNY 1.16 billion[46]. - The company's revenue from highway tolls was CNY 2,278,642,839.21, representing a decrease of 17.03% compared to the previous year, with a gross margin of 50.98%, down 13.07 percentage points[51]. - The revenue from the Quanzhou-Xiamen Expressway was CNY 931,382,840.09, a decline of 14.51% year-on-year, with a gross margin of 51.74%, down 12.91 percentage points[51]. - The revenue from the Fuzhou-Quanzhou Expressway was CNY 1,265,648,045.98, down 16.38% year-on-year, with a gross margin of 57.46%, down 12.03 percentage points[51]. Management and Governance - The company has established a robust governance structure, including a general meeting of shareholders, a board of directors, a supervisory board, and a management team, ensuring clear responsibilities and effective operations[138]. - The board of directors includes 4 independent directors, exceeding one-third of the total number of directors, ensuring compliance with governance standards[138]. - The company has maintained a stable management structure with no significant changes in personnel during the reporting period[115]. - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to 284.03 million CNY[113]. Employee and Workforce Management - The total number of employees in the parent company is 83, while the main subsidiaries employ 1,310, resulting in a total of 1,393 employees[132]. - The company has a diverse workforce with 569 employees holding university degrees or higher, contributing to a well-educated labor pool[132]. - Training programs are in place to enhance the capabilities of middle management and improve overall employee qualifications through various educational initiatives[134]. Future Outlook - The company provided a positive outlook for 2021, projecting a revenue growth of 25% driven by new product launches and market expansion initiatives[120]. - Future guidance indicates a focus on sustainability initiatives, with a goal to reduce carbon emissions by 25% by 2025[120]. - The company plans to focus on market expansion and new product development as part of its future strategy[190].

Financial Performance - Net profit attributable to shareholders was CNY 248,307,001.90, down 62.61% year-on-year[18]. - Operating revenue for the first nine months was CNY 1,517,547,432.43, a decrease of 27.39% compared to the same period last year[18]. - Basic earnings per share decreased by 62.60% to CNY 0.0905[20]. - The weighted average return on net assets was 2.59%, a decrease of 4.56 percentage points compared to the previous year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 309,180,501.37, down 53.32% year-on-year[18]. - Total revenue for Q3 2020 reached ¥827,274,982.78, an increase from ¥737,848,530.88 in Q3 2019, representing a growth of approximately 12.0%[49]. - Net profit for Q3 2020 was ¥300,598,749.13, compared to ¥286,713,969.61 in Q3 2019, reflecting a growth of approximately 4.3%[53]. - Total comprehensive income for Q3 2020 amounted to CNY 437.23 million, significantly higher than CNY 289.38 million in Q3 2019, marking an increase of approximately 51.1%[62]. - The company’s total comprehensive income for the first three quarters of 2020 was CNY 978.82 million, compared to CNY 412.25 million in the same period of 2019, representing a growth of approximately 137%[62]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 16,040,355,705.34, a decrease of 6.59% compared to the end of the previous year[18]. - Total assets decreased from CNY 17,172,450,462.63 to CNY 16,040,355,705.34, a decline of approximately 6.6%[42]. - Current assets decreased significantly from CNY 1,987,174,142.54 to CNY 1,210,925,141.00, representing a reduction of about 39%[42]. - Non-current assets also saw a decrease from CNY 15,185,276,320.09 to CNY 14,829,430,564.34, a decline of approximately 2.3%[42]. - Total liabilities decreased from CNY 5,437,747,413.88 to CNY 4,056,463,125.90, a reduction of about 25.4%[42]. - The company's equity attributable to shareholders increased from CNY 9,510,749,082.72 to CNY 9,674,683,780.03, an increase of approximately 1.7%[43]. - Total liabilities also decreased from ¥3,250,467,376.05 to ¥2,157,459,881.66, a reduction of approximately 33.6%[49]. - The company's long-term borrowings decreased from CNY 1,608,010,000.00 to CNY 1,508,940,000.00, a reduction of approximately 6.2%[42]. Cash Flow - Net cash flow from operating activities increased by 42.89% to CNY 1,348,959,956.25 for the first nine months[18]. - Operating cash inflow for the first three quarters of 2020 reached CNY 1,868,500,971.80, an increase of 17.4% compared to CNY 1,591,686,455.93 in the same period of 2019[64]. - Cash outflow from operating activities totaled CNY 519,541,015.55, a decrease of 19.8% from CNY 647,635,470.80 in the previous year[64]. - Cash inflow from financing activities amounted to CNY 597,420,000.00, with total cash outflow from financing activities reaching CNY 2,160,376,415.36[67]. - The net increase in cash and cash equivalents for the third quarter of 2020 was -CNY 532,155,334.60, compared to an increase of CNY 22,156,741.55 in the same quarter of 2019[67]. Shareholder Information - The total number of shareholders at the end of the reporting period was 101,051[24]. - The largest shareholder, Fujian Provincial Highway Group, held 36.16% of the shares[24]. Operational Highlights - The company reported a non-operating income of CNY 2,130,764.53 for the third quarter[23]. - The company anticipates significant revenue decline due to a 79-day toll exemption policy during the COVID-19 pandemic[32]. - Operating revenue decreased by 27.39% to ¥1,517,547,432.43 from ¥2,089,862,606.63, primarily due to the impact of COVID-19 on toll income[29]. - Financial expenses decreased by 29.48% to ¥101,792,993.02 from ¥144,353,833.84, due to lower interest rates and reduced interest-bearing liabilities[29]. Investment and Expenses - Investment income decreased significantly by 332.00% to -¥28,612,869.80 from -¥6,623,376.83, primarily due to prior period gains from Xiamen International Bank investments[29]. - Research and development expenses for the year totaled ¥101,792,993.02, compared to ¥144,353,833.84 in the previous year, indicating a decrease of approximately 29.4%[53]. - The company reported a significant reduction in financial expenses, down to ¥19,944,216.13 from ¥46,262,370.47, a decrease of about 56.9%[53].

Financial Performance - The company's operating revenue for the first half of the year was ¥690,272,449.65, a decrease of 48.94% compared to ¥1,352,014,075.75 in the same period last year [24]. - Net profit attributable to shareholders was ¥10,406,650.39, down 97.67% from ¥447,068,952.93 year-on-year [24]. - The basic earnings per share decreased by 97.67% to ¥0.0038 from ¥0.1629 in the same period last year [25]. - The weighted average return on equity decreased by 4.63 percentage points to 0.11% from 4.74% year-on-year [25]. - The company's toll revenue for the reporting period was CNY 66,966.01 million, a year-on-year decrease of 49.55% [36]. - The total operating revenue for the first half of 2020 was CNY 69,027.24 million, down 48.94% compared to the previous year [39]. - The net profit attributable to the parent company was CNY 1,040.67 million, a significant decline of 97.67% year-on-year [36]. - The company reported a significant reduction in management expenses to RMB 25,863,799.53 from RMB 35,026,621.05, demonstrating cost control efforts [108]. - The total comprehensive income for the period was reported at -¥107,053,780.71, contrasting sharply with a positive income of ¥320,809,661.34 in the previous period [118]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 54.67% to ¥636,338,777.85, compared to ¥411,427,840.78 in the previous year [24]. - The company's cash and cash equivalents decreased to ¥852,790,080.21 from ¥1,133,713,357.52 [95]. - Cash outflow from operating activities totaled CNY 399,253,737.68, a decrease of 12.8% compared to CNY 458,043,821.06 in the first half of 2019 [122]. - The ending balance of cash and cash equivalents was CNY 852,790,080.21, up from CNY 698,021,248.17 at the end of the first half of 2019 [125]. - The company reported a net increase in cash and cash equivalents of CNY -280,923,277.31, compared to CNY -294,935,594.85 in the previous year [125]. Assets and Liabilities - The total assets at the end of the reporting period were ¥16,240,537,613.92, a decrease of 5.43% from ¥17,172,450,462.63 at the end of the previous year [24]. - The total liabilities decreased to ¥4,693,875,202.88 from ¥5,437,747,413.88 [100]. - The company's equity decreased to RMB 6,653,679,290.82 from RMB 6,896,506,439.53, indicating a decline in shareholder value [108]. - Total current assets decreased to ¥1,434,012,706.69 from ¥1,987,174,142.54 [95]. - Total non-current assets decreased to ¥14,806,524,907.23 from ¥15,185,276,320.09 [98]. Corporate Governance and Compliance - The board of directors confirmed that the financial report is true, accurate, and complete, with no significant omissions [4]. - The company has not engaged in non-operating fund occupation by controlling shareholders or related parties [8]. - The company has not violated decision-making procedures for external guarantees [8]. - The financial report for the first half of 2020 has not been audited [5]. - The company has not disclosed any significant related party transactions during the reporting period [61]. Risk Management - The report includes a detailed description of potential risks faced by the company in future development [8]. - The impact of the COVID-19 pandemic and related government policies resulted in significant negative effects on the company's main business revenue due to toll exemptions [33]. - The company faces risks from insufficient external demand due to the global COVID-19 pandemic, affecting consumer confidence and leading to reduced economic growth forecasts by major financial institutions [47]. - The company is exploring viable development paths for expressway-related economies to enhance value chain and mitigate operational risks from macroeconomic fluctuations [50]. Investment and Development - The company continues to focus on highway investment, construction, toll collection, and operational management, leveraging its experience and competitive advantages in the industry [34]. - The company is adapting to changes in toll collection models, including a shift to vehicle-type based charging and promoting the use of electronic toll collection (ETC) systems [50]. - The company is actively pursuing transformation and development strategies to diversify its business, while managing risks associated with investment decisions and operational integration [50]. Shareholder Information - The company has a total of 106,813 common stock shareholders as of the end of the reporting period [68]. - The largest shareholder, Fujian Expressway Group Co., Ltd., holds 992,367,729 shares, representing 36.16% of the total shares [71]. - The second largest shareholder, China Merchants Road Network Technology Holdings Co., Ltd., holds 487,112,772 shares, accounting for 17.75% [71]. Accounting Policies and Financial Instruments - The company adheres to the accounting standards, ensuring that financial statements accurately reflect its financial position, operating results, changes in shareholders' equity, and cash flows [161]. - The company recognizes transaction costs related to mergers as expenses in the period incurred [165]. - Financial instruments are recognized and derecognized on the trade date, which is the date the company commits to buy or sell the financial asset [174]. - The company applies the expected credit loss model for impairment of financial assets, including loan commitments and financial guarantee contracts [177]. Miscellaneous - There were no significant litigation or arbitration matters reported during the reporting period [55]. - The company has not disclosed any environmental information as it does not fall under the key pollutant discharge units [65]. - The company has not implemented any significant changes in accounting policies or estimates compared to the previous accounting period [67].

Financial Performance - Net profit attributable to shareholders was CNY -34,739,384.71, representing a decline of 117.45% year-on-year[13] - Operating revenue for the period was CNY 221,536,975.33, down 66.96% from CNY 670,429,779.05 in the same period last year[13] - Basic earnings per share were CNY -0.0127, a decrease of 117.49% compared to CNY 0.0726 in the same period last year[13] - The total comprehensive income for the period was -60,036,726.75 CNY, compared to 121,397,435.46 CNY in the previous year[59] - Net profit for Q1 2020 was a loss of ¥31,865,577.79, compared to a profit of ¥264,567,878.42 in Q1 2019[52] - Operating profit for Q1 2020 was -¥36,875,755.56, a significant decline from ¥362,708,216.75 in Q1 2019[52] Revenue and Costs - Operating revenue decreased by 66.96% to ¥221,536,975.33 compared to ¥670,429,779.05 in the same period last year, primarily due to the impact of the pandemic on toll fee income[25] - Total operating costs for Q1 2020 were ¥244,067,570.38, down 16.4% from ¥291,784,675.11 in Q1 2019[49] - Management expenses reduced by 37.88% to ¥10,147,403.07 from ¥16,336,112.54, attributed to the decline in toll fee income[25] - Financial expenses for Q1 2020 were ¥41,857,146.77, down 15% from ¥49,313,239.88 in Q1 2019[52] Cash Flow - Net cash flow from operating activities improved to CNY -137,658,337.60, a 27.49% increase compared to CNY -189,842,229.81 in the previous year[13] - Cash inflows from operating activities amounted to 22,221,602.41 CNY, an increase from 15,621,070.01 CNY year-over-year[61] - Cash outflows from operating activities totaled 159,879,940.01 CNY, down from 205,463,299.82 CNY in the previous year[63] - The cash flow from financing activities resulted in a net outflow of -25,250,000.00 CNY, an improvement from -55,390,657.50 CNY year-over-year[63] Assets and Liabilities - Total assets at the end of the reporting period were CNY 17,057,932,009.15, a decrease of 0.67% compared to the end of the previous year[13] - The company’s net assets attributable to shareholders decreased to CNY 9,455,352,665.05, down 0.58% from the previous year[13] - Total liabilities decreased from ¥5,437,747,413.88 to ¥5,375,751,571.15, a reduction of approximately 1.14%[37] - Current liabilities decreased from ¥3,262,661,562.87 to ¥3,214,080,357.35, a decrease of about 1.48%[37] - Non-current liabilities decreased from ¥2,175,085,851.01 to ¥2,161,671,213.80, a decline of approximately 0.61%[37] Shareholder Information - The total number of shareholders at the end of the reporting period was 109,093[21] - The largest shareholder, Fujian Expressway Group Co., Ltd., held 36.16% of the shares[21] Other Financial Metrics - The weighted average return on net assets was -0.37%, a decrease of 2.51 percentage points from 2.14% in the previous year[13] - The company reported a total of CNY 79,377.68 in non-recurring gains and losses for the period[16] - Deferred income tax assets increased by 43.46% to ¥88,523,123.44 from ¥61,705,678.04, reflecting the company's tax asset situation[24] - The company reported a significant decrease in other comprehensive income, dropping to -¥18,588,542.61 from ¥2,068,490.35, mainly due to changes in the fair value of other equity investments[24]