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]

Financial Performance - The company plans to distribute a cash dividend of 0.50 CNY per 10 shares based on a total share capital of 2.7444 billion shares, which corresponds to a total distribution of approximately 137.22 million CNY[6]. - The company has extracted 10% of the net profit for the year as statutory surplus reserves, indicating a commitment to financial prudence and shareholder returns[6]. - In 2019, the company's operating revenue reached ¥2,904,136,382.09, representing a year-on-year increase of 9.07% compared to ¥2,662,673,032.59 in 2018[26]. - The net profit attributable to shareholders was ¥827,577,174.23, up 12.82% from ¥733,512,571.27 in the previous year[26]. - The net profit after deducting non-recurring gains and losses was ¥859,657,207.41, reflecting an 18.73% increase from ¥724,027,422.31 in 2018[26]. - The basic earnings per share increased to ¥0.3016, a rise of 12.83% compared to ¥0.2673 in 2018[27]. - The weighted average return on equity rose to 8.83%, an increase of 0.58 percentage points from 8.25% in the previous year[27]. - The company's total assets at the end of 2019 were ¥17,172,450,462.63, a slight decrease of 0.73% from ¥17,298,921,728.72 at the end of 2018[26]. - The net cash flow from operating activities was ¥1,790,179,085.47, down 6.38% from ¥1,912,187,902.06 in 2018[26]. - The net assets attributable to shareholders increased to ¥9,510,749,082.72, a growth of 4.60% from ¥9,092,477,409.92 at the end of 2018[26]. Governance and Compliance - The company has received a standard unqualified audit report from the accounting firm, ensuring the accuracy and completeness of the financial statements[5]. - There are no non-operating fund occupations by controlling shareholders or related parties, indicating a stable financial governance structure[8]. - The company has a comprehensive governance structure with all board members present at the board meeting, reflecting strong leadership and oversight[5]. - The company has established a strong governance framework with independent directors overseeing key decisions[115]. - The management team emphasizes the importance of compliance and risk management in all operational aspects[115]. - The company has established a financial management system to ensure independent accounting and prevent interference from controlling shareholders[139]. - The board of directors and supervisory board operate in compliance with relevant laws and regulations, ensuring independent oversight of the company's operations[139]. - The company has not been subject to any penalties from securities regulatory authorities in the past three years[130]. Operational Highlights - The company achieved total operating revenue of CNY 2.904 billion, a year-on-year increase of 9.07%[43]. - Main business revenue from highway tolls was CNY 2.746 billion, up 4.84% year-on-year[43]. - Daily average traffic for Fuzhou-Quanzhou highway was 25,731 vehicles, a 6.88% increase year-on-year[42]. - Daily average traffic for Quanzhou-Xiamen highway was 43,435 vehicles, with a 6.23% year-on-year increase[42]. - Daily average traffic for Luoyuan-Ningde highway saw a significant increase of 36.63% for passenger vehicles and 67.44% for freight vehicles[42]. - The total length of operational highways managed by the company is 282 kilometers, accounting for 5.09% of the total operational highway length in Fujian Province[39]. Future Outlook and Strategy - The company has outlined potential risks in its future development strategy, emphasizing the importance of risk management in its operations[7]. - The company is focused on expanding its highway network and enhancing service capabilities in response to national transportation efficiency initiatives[41]. - The company plans to continue expanding its market presence and investing in new technologies[48]. - The company is actively researching business development strategies to promote sustainable and high-quality growth in the context of new market conditions[66]. - The company expects a significant decline in annual revenue due to the exemption of highway tolls for all vehicles during the pandemic, with the duration of this policy still uncertain[67]. - The company plans to enhance cash flow management and maintain operational funding during the toll exemption period, ensuring liquidity is not severely impacted[70]. - The company aims to optimize its business structure to mitigate risks associated with a single revenue model, emphasizing the need for diversified cash flow sources[70]. - The company is exploring transformation strategies to diversify its business model, aiming to improve decision-making and risk management capabilities[74]. Shareholder Information - The largest shareholder, Fujian Expressway Group Co., Ltd., holds 992,367,729 shares, accounting for 36.16% of the total shares[98]. - The second largest shareholder, China Merchants Highway Network Technology Holdings Co., Ltd., holds 487,112,772 shares, accounting for 17.75% of the total shares[98]. - As of the end of the reporting period, the total number of ordinary shareholders is 111,255, an increase from 109,093 at the end of the previous month[96]. - The company has not reported any significant changes in its ordinary share capital structure during the reporting period[96]. Employee and Management Information - The total number of employees in the parent company is 102, while the total number of employees in major subsidiaries is 1,319, resulting in a combined total of 1,421 employees[132]. - The number of employees with a university degree or above is 559, while those with a college diploma is 562, and those with a secondary vocational education or below is 300[132]. - The company has implemented a unified performance-based salary system, ensuring that salary distribution is fair and competitive for key positions[134]. - The company has established a comprehensive training plan aimed at enhancing the skills and competencies of its workforce, with a focus on political, business, legal, and safety training[135]. Financial Management and Debt - The company maintains a credit rating of AA+ for its 2015 corporate bonds, with a stable outlook as per the tracking report by China Chengxin Securities Rating Co., Ltd.[158]. - The company's liquidity ratios decreased significantly, with the current ratio at 60.91%, down 32.17 percentage points, and the quick ratio at 60.29%, down 32.49 percentage points, primarily due to the reclassification of bonds to current liabilities[164]. - The debt-to-asset ratio improved to 31.67%, a decrease of 4.38 percentage points compared to the previous year[164]. - The company has a 100% loan repayment rate and a 100% interest payment rate, indicating strong financial health[164]. - The company reported a net value of fixed assets in highways at CNY 1,295,449.74 million, with depreciation for the year amounting to CNY 61,616.83 million[169].

Financial Performance - Operating revenue for the first nine months was ¥2,089,862,606.63, representing a year-on-year increase of 6.08%[18] - Net profit attributable to shareholders of the listed company was ¥664,151,696.62, up 9.47% from the same period last year[18] - Basic earnings per share rose to ¥0.2420, a 9.45% increase compared to ¥0.2211 in the previous year[18] - Total operating revenue for Q3 2019 was RMB 737,848,530.88, an increase of 6.2% from RMB 695,076,010.36 in Q3 2018[49] - Net profit for Q3 2019 reached RMB 286,713,969.61, representing a 4.4% increase compared to RMB 275,510,556.30 in Q3 2018[52] - The total comprehensive income for Q3 2019 was RMB 289,379,044.52, compared to RMB 276,425,883.69 in Q3 2018, marking an increase of 4.0%[54] Assets and Liabilities - Total assets at the end of the reporting period reached ¥17,701,267,513.28, an increase of 2.33% compared to the end of the previous year[18] - Total liabilities decreased from CNY 6,235,633,354.82 to CNY 5,963,724,299.07, a reduction of approximately 4.36%[40] - Current liabilities increased from CNY 1,605,449,186.54 to CNY 3,274,101,918.60, representing an increase of approximately 103.09%[40] - Non-current liabilities decreased from CNY 4,630,184,168.28 to CNY 2,689,622,380.47, a decrease of approximately 41.96%[40] - Total liabilities amounted to approximately ¥6.24 billion, with a slight decrease from ¥6.27 billion in the previous period[75] Cash Flow - The net cash flow from operating activities for the first nine months decreased by 34.37% to ¥944,050,985.13 compared to the previous year[18] - The company's operating cash flow for the first three quarters of 2019 was CNY 944,050,985.13, down 34.4% from CNY 1,438,459,428.31 in the same period of 2018[64] - Cash inflow from operating activities decreased significantly, with cash inflow totaling ¥627,321,174.50, down from ¥841,284,632.02 in the previous year, indicating a decline of 25.4%[66] - Cash outflow from financing activities totaled ¥861,895,140.79, down from ¥1,133,601,056.46 in the previous year, indicating a reduction of 24%[66] Shareholder Information - The total number of shareholders at the end of the reporting period was 111,955[23] - The top shareholder, Fujian Expressway Group Co., Ltd., held 36.16% of the shares, totaling 992,367,729 shares[23] - Total equity attributable to shareholders increased from CNY 9,092,477,409.92 to CNY 9,567,786,737.72, an increase of approximately 5.23%[40] Other Financial Metrics - Non-recurring gains and losses totaled ¥722,367.12 for the current period, with a cumulative amount of ¥1,847,420.61 for the year-to-date[20] - The weighted average return on equity increased by 0.32 percentage points to 7.15%[18] - Investment income improved by 68.84% to a loss of CNY 6,623,376.83, mainly due to a decrease in investment losses from Strait Property Insurance[29] - The company reported a financial expense of RMB 46,262,370.47 in Q3 2019, down from RMB 53,096,018.56 in Q3 2018, indicating a decrease of 6.9%[49] Changes in Receivables and Inventory - Accounts receivable increased by 122.52% to CNY 1,044,777,603.13, primarily due to an increase in toll revenue distribution[27] - Inventory increased by 137.38% to CNY 25,102,994.11, primarily due to an increase in electronic tag purchases[27] - Other receivables increased by 146.02% to CNY 64,348,853.94, attributed to an increase in dividends receivable from Xiamen International Bank[27] Comprehensive Income - Other comprehensive income rose significantly by 298,148.67% to CNY 222,531,622.96, due to the implementation of new financial instrument standards[29] - The company reported a decrease in other comprehensive income from ¥106.81 million to ¥74.61 thousand[77]