公司代码：600377 公司简称：宁沪高速 2021 年半年度报告 江苏宁沪高速公路股份有限公司 2021 年半年度报告 1 / 159 2021 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人孙悉斌、主管会计工作负责人戴倩及会计机构负责人（会计主管人员）姚群芳声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告中所涉及的发展战略、未来计划等前瞻性描述不构成本公司对投资者的实质承诺， 本公司未来的实际结果可能会与这些前瞻性陈述出现差异,敬请投资者及相关人士对此保持足够 的风险认识，并请理解计划、预测与承诺之间的差异。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 是否存在半数以上董事无法保 ...

Financial Performance - Operating revenue for the first quarter reached CNY 2,392,460,566.03, a significant increase of 148.30% compared to the same period last year[7] - Net profit attributable to shareholders was CNY 1,144,186,487.95, recovering from a loss of CNY 32,726,431.30 in the previous year[7] - Net profit after deducting non-recurring gains and losses was CNY 1,133,760,046.59, compared to a loss of CNY 37,591,335.30 last year[7] - Basic earnings per share increased to CNY 0.2271 from a loss of CNY 0.0065 in the previous year[7] - The group achieved a net profit attributable to shareholders of approximately RMB 1,144,186 thousand, with earnings per share of approximately RMB 0.2271[19] - Investment income surged to RMB 201,697,901.81 from a loss of RMB 50,170,240.28 in the previous year, reflecting improved performance in the toll road sector[33] - Net profit for Q1 2021 was RMB 1,154,108,744.03, a turnaround from a net loss of RMB 44,087,170.51 in Q1 2020[66] - Total comprehensive income for Q1 2021 was RMB 1,813,824,486.72, compared to a loss of RMB 748,981,553.72 in Q1 2020[68] Assets and Liabilities - Total assets increased by 6.27% to CNY 64,929,303,539.94 compared to the previous year[5] - Net assets attributable to shareholders rose by 6.36% to CNY 30,003,728,204.47 year-on-year[5] - The group’s cash and cash equivalents increased by 44.00% to RMB 556,850,276.22 compared to the end of the previous year[24] - The group’s trading financial assets rose by 37.69% to RMB 2,111,945,281.42, mainly due to an increase in financial products held[24] - Total liabilities increased by 30.76% to RMB 2,225,013,731.33, mainly due to higher construction payables for ongoing projects[27] - Total liabilities rose to ¥30,066,209,412.21 from ¥28,046,290,724.15, reflecting an increase of approximately 7.2%[55] - Total equity increased to ¥34,863,094,127.73 from ¥33,049,269,641.01, showing a growth of about 5.5%[57] Cash Flow - Cash flow from operating activities surged by 821.35% to CNY 1,037,934,638.41 compared to the previous year[6] - Cash inflow from operating activities was ¥2,633,398,405.81 in Q1 2021, up from ¥1,093,098,758.52 in Q1 2020, indicating a growth of about 141%[73] - Net cash flow from operating activities for Q1 2021 was ¥1,037,934,638.41, compared to ¥112,654,156.12 in Q1 2020, marking an increase of approximately 820%[77] - Cash inflow from financing activities reached ¥8,107,380,000.00 in Q1 2021, significantly higher than ¥3,425,510,000.00 in Q1 2020, representing an increase of approximately 136%[80] Revenue Sources - The main toll road business generated toll revenue of approximately RMB 1,978,768 thousand, an increase of approximately 253.59% compared to the same period last year[18] - Daily average toll revenue for the Shanghai-Nanjing Expressway Jiangsu section was approximately RMB 14,172.74 thousand, reflecting a year-on-year growth of about 239.68%[18] - Operating revenue for the first quarter reached RMB 2,392,460,566.03, a significant increase of 148.30% compared to RMB 963,551,993.82 in the same period last year, primarily due to a strong recovery in toll revenue after the impact of COVID-19[32] Shareholder Information - The total number of shareholders reached 29,976, with Jiangsu Transportation Holding Co., Ltd. holding 54.44% of shares[11][12] Government Support - The company received government subsidies amounting to CNY 5,061,319.86, closely related to its normal business operations[10] Other Financial Metrics - The weighted average return on net assets improved to 3.95% from -0.12% year-on-year[7] - Other comprehensive income rose by 80.50% to RMB 1,456,535,587.63 from RMB 806,954,969.94, driven by fair value adjustments of other equity instruments[29] - The company anticipates a significant increase in cumulative net profit for the year compared to the previous year, supported by stable growth in traffic volume[43]

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 2,464,214 thousand, with earnings per share of about RMB 0.4891[3]. - The company's operating revenue for 2020 was CNY 8,032,466,746.34, a decrease of 20.30% compared to CNY 10,078,181,218.81 in 2019[44]. - Net profit attributable to shareholders for 2020 was CNY 2,464,213,675.74, down 41.32% from CNY 4,199,704,371.82 in 2019[44]. - The net cash flow from operating activities decreased by 45.56% to CNY 3,137,401,530.39 from CNY 5,763,283,624.15 in the previous year[44]. - Basic earnings per share for 2020 were CNY 0.4891, a decrease of 41.33% compared to CNY 0.8336 in 2019[46]. - The weighted average return on equity for 2020 was 8.82%, down 7.07 percentage points from 15.89% in 2019[46]. - The net profit after deducting non-recurring gains and losses was CNY 2,339,998,349.98, a decline of 44.10% from CNY 4,186,308,062.59 in 2019[44]. - The net profit attributable to shareholders decreased by 41.44% to CNY 2.464 billion, down from CNY 4.200 billion in 2019[56]. - Operating revenue fell by 20.30% to CNY 8.032 billion, compared to CNY 10.078 billion in 2019[56]. - The company's earnings per share decreased to CNY 0.4891 from CNY 0.8336 in 2019[56]. - The weighted average return on equity was 8.82%, down from 15.89% in 2019[56]. - The company maintained a strong cash flow from operations of CNY 3.137 billion, although it decreased from CNY 5.763 billion in 2019[56]. Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 0.46 per share (including tax), based on a total share capital of 5,037,747,500 shares, expected to be paid by July 15, 2021[3]. - The cash dividend distribution ratio for 2020 is 94.04% of the net profit attributable to shareholders[144]. - The proposed cash dividend is RMB 0.46 per share, amounting to a total of RMB 2,317.36 million (including tax)[143]. Assets and Liabilities - The total assets at the end of 2020 were CNY 61,095,560,365.16, an increase of 9.83% from CNY 55,625,048,624.75 in 2019[45]. - The total liabilities increased by 22.25% to CNY 28,046,290,724.15 from CNY 22,942,211,489.26 in 2019[45]. - The net assets attributable to shareholders at the end of 2020 were CNY 28,209,961,098.83, a decrease of 1.18% from CNY 28,546,983,607.15 in 2019[45]. - The total debt ratio rose to 45.91%, an increase of 4.67 percentage points from the last reporting period[101]. - The group’s total liabilities were approximately RMB 28.05 billion at the end of the reporting period[110]. Operational Highlights - The company operates 17 toll road projects, maintaining over 850 kilometers of operational toll roads in Jiangsu Province, which is a key area for transportation[51]. - The company achieved a toll revenue of approximately RMB 6,016.3 million, a year-on-year decrease of about 23.19%, accounting for approximately 74.90% of total operating revenue[63]. - Daily average toll revenue for the Shanghai-Nanjing Expressway was approximately RMB 10.73 million, reflecting a year-on-year decline of about 25.15%[63]. - The company invested RMB 1.96 billion in the Wufengshan Bridge project, with 87.40% of the total investment completed, expected to open in July 2021[57]. - The company also invested RMB 967 million in the Longtan Bridge project, with 21.40% of the total investment completed, expected to open in 2024[57]. Risk Management and Compliance - The company has established a comprehensive risk management system to adapt to new market conditions and enhance risk governance capabilities[55]. - The company has not faced any non-operational fund occupation by controlling shareholders or related parties[4]. - There are no violations of decision-making procedures regarding external guarantees[4]. - The company confirmed that there were no major issues regarding the integrity of its controlling shareholders or actual controllers during the reporting period[149]. - The company has implemented credit risk control measures, resulting in a low credit risk exposure[113]. Strategic Initiatives - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency[39]. - The company is focused on optimizing cost control and main business operations to mitigate the impact of the COVID-19 pandemic and free passage policies[56]. - The company aims to enhance operational efficiency through the integration of 5G, AI, big data, and cloud computing technologies[132]. - The strategic focus includes optimizing the industrial structure and expanding into international markets through mergers and acquisitions[131]. - The company will continue to prioritize its core business in road and bridge operations while exploring new revenue streams from ancillary services[131]. Related Party Transactions - The company’s independent non-executive directors confirmed that related party transactions were conducted under normal commercial terms and in the overall interest of shareholders[196]. - The company reported a related party transaction with Hu Su Zhe Company, with a balance of RMB 100,106,944.44 at the end of the period[195]. - The company engaged in continuous related party transactions, including construction contracts with Modern Heat Power Company amounting to RMB 70 million[198]. - The company’s related party transactions complied with the disclosure requirements of the Hong Kong Listing Rules Chapter 14A[196]. Future Outlook - The company plans to reduce capital expenditures in 2021 to approximately RMB 4,340,344,400, a decrease of RMB 1,821,737,000 compared to 2020[132]. - Key capital expenditure projects for 2021 include investments of RMB 1,078,000,000 for Wufengshan Bridge and RMB 1,000,000,000 for the Turkey ICA project[133]. - The ongoing impact of the pandemic and free passage policies has significantly affected the performance of subsidiaries in the road and bridge sector[129]. - Future development strategies will emphasize digital transformation and the establishment of a smart highway system[132].

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 2,464,214 thousand, with earnings per share of about RMB 0.4891[3]. - The company reported a total revenue of 1.2 billion RMB for the year 2020, representing a year-on-year increase of 10% compared to 2019[12]. - The net profit attributable to shareholders for 2020 was CNY 2,464,213,675.74, down 41.32% from the previous year[20]. - The company's operating revenue for 2020 was CNY 8,032,466,746.34, a decrease of 20.30% compared to 2019[20]. - The gross profit margin improved to 35%, up from 30% in the previous year, reflecting better cost management and pricing strategies[12]. - The company reported a significant decrease in net profit for Wufengshan Bridge Company by 88.11%, with a net profit of CNY 208,944.57[81]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2020, representing a year-over-year growth of 15%[139]. - The company reported a significant increase in revenue, achieving a total of 40 projects approved by national and provincial authorities[140]. Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 0.46 per share (including tax), based on a total share capital of 5,037,747,500 shares, expected to be distributed by July 15, 2021[3]. - The company is committed to a high cash dividend policy, fostering a stable investor base and positive market image[31]. Audit and Compliance - The company has received a standard unqualified audit opinion from Deloitte Huayong Accounting Firm[2]. - The company ensures the accuracy and completeness of the financial report, as stated by the responsible executives[2]. - The annual financial report is prepared in accordance with Chinese accounting standards and complies with Hong Kong regulations[2]. - The company has implemented a compliance management system to improve management efficiency and quality, ensuring stable development[87]. - The internal control self-assessment report for 2020 has been prepared, with no significant deficiencies reported during the period[167]. - Deloitte Huayong issued a standard unqualified opinion on the internal control audit report for the year ended December 31, 2020[168]. Operational Efficiency and Cost Management - The company has set a target to reduce operational costs by 10% through efficiency improvements and technology integration[12]. - Management expenses decreased by approximately 13.34% to ¥197,226,000 due to enhanced budget management and strict cost control measures[57]. - The company has implemented measures to enhance project management and brand building to address risks associated with real estate inventory reduction[90]. Market Expansion and Growth Strategies - The company plans to expand its market presence by entering two new provinces in 2021, aiming for a 5% market share in these regions within the first year[12]. - The company provided a future outlook, projecting a revenue growth of 12% for the upcoming fiscal year, driven by new product launches and market expansion strategies[12]. - New product launches are expected to contribute an additional 200 million in revenue in 2021, focusing on innovative technology solutions[139]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 300 million allocated for potential mergers and acquisitions[139]. Risk Management - The company has conducted a detailed analysis of potential risks in its business operations and development in the annual report[6]. - The company is focusing on risk prevention to avoid major safety incidents, legal disputes, and significant asset losses[87]. - The company faces industry policy risks, particularly regarding toll revenue, which is its main income source, and plans to establish a dynamic tracking and evaluation mechanism to mitigate these risks[89]. Investments and Financial Management - The company raised RMB 19.09 billion through direct financing during the reporting period, with total borrowings amounting to RMB 10.32 billion as of December 31, 2020[71]. - The company has a high credit rating and low debt-to-asset ratio, indicating strong solvency and financing capabilities[31]. - The company is exploring various financing methods, including convertible bonds and overseas debt, to optimize its capital structure and reduce financial risks[88]. - The company has a diversified portfolio of wealth management products, indicating a strategic approach to cash asset management[114]. Employee and Management Structure - The total number of employees in the parent company and major subsidiaries is 5,456, with 3,909 in the parent company and 1,547 in major subsidiaries[150]. - The company has implemented a performance evaluation system to adjust and optimize assessment indicators based on strategic goals and annual work priorities[151]. - The management team consists of experienced professionals, including a financial director with extensive experience in financial management since 2014[141]. Environmental and Social Responsibility - The company is actively involved in environmental protection initiatives, including noise reduction measures along highways[127]. - The board of directors emphasized the importance of sustainable practices in future operations, aligning with global environmental standards[139]. Governance and Shareholder Structure - The company’s board consists of 12 members, including 3 executive directors and 9 non-executive directors, ensuring sufficient independence in decision-making[164]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[132]. - The total number of ordinary shareholders at the end of the reporting period was 29,820, down from 31,749 at the end of the previous month[129].

Financial Performance - Operating revenue decreased by 28.60% to CNY 5.35 billion for the first nine months of the year[11] - Net profit attributable to shareholders decreased by 46.74% to CNY 1.90 billion for the first nine months[11] - Basic earnings per share decreased by 46.75% to CNY 0.3762[11] - The company's operating profit for Q3 2020 was approximately RMB 1,839,684 thousand, an increase of about 10.94% year-on-year[23] - Net profit attributable to shareholders was approximately RMB 1,409,727 thousand, reflecting a year-on-year growth of about 10.36%[23] - Total operating revenue for Q3 2020 was approximately CNY 2.68 billion, a slight increase from CNY 2.66 billion in Q3 2019[62] - Net profit for Q3 2020 was approximately CNY 1.45 billion, an increase from CNY 1.31 billion in Q3 2019[64] - Total profit for Q3 2020 was approximately CNY 1.86 billion, compared to CNY 1.66 billion in Q3 2019[64] - The company reported a decrease in financial expenses to approximately CNY 104.99 million in Q3 2020 from CNY 126.72 million in Q3 2019[62] Cash Flow - Cash flow from operating activities decreased by 45.53% to CNY 2.38 billion compared to the same period last year[10] - Cash flow from operating activities for the first three quarters of 2020 was CNY 2,383,978,147.26, significantly lower than CNY 4,376,860,353.90 in the first three quarters of 2019, a decrease of about 45.6%[71] - The total cash inflow from operating activities was CNY 5,556,597,309.09 for the first three quarters of 2020, compared to CNY 8,065,263,054.35 in the same period of 2019, a decrease of about 30.9%[71] - The company reported a net increase in cash and cash equivalents of CNY 22,781,705.11 in 2020, compared to a decrease of CNY 13,965,973.82 in 2019[82] Assets and Liabilities - Total assets increased by 7.68% to CNY 59.90 billion compared to the end of the previous year[10] - As of September 30, 2020, total liabilities amounted to CNY 27.82 billion, an increase of 21.5% compared to CNY 22.94 billion on December 31, 2019[55] - Current liabilities totaled CNY 14.59 billion, up from CNY 13.12 billion, reflecting a year-over-year increase of 11.2%[60] - Non-current liabilities reached CNY 13.24 billion, compared to CNY 9.82 billion, marking a significant increase of 34.5%[55] - The total current assets increased to CNY 5.09 billion from CNY 1.07 billion, a substantial increase of 376.5%[58] Shareholder Information - The total number of shareholders reached 28,942 by the end of the reporting period[15] - Jiangsu Transportation Holding Co., Ltd. holds 2,742,578,825 shares, accounting for a significant portion of the company's equity[16] - BlackRock, Inc. and Mitsubishi UFJ Financial Group, Inc. are among the top foreign shareholders, holding 144,359,895 and 135,096,597 shares respectively[16] Revenue Sources - The company reported non-operating income of CNY 38.09 million for the first nine months[14] - Toll revenue reached approximately RMB 2,185,162 thousand, growing by about 3.47% compared to the same period last year[22] - Road toll revenue for the first nine months was approximately RMB 3,962,763 thousand, down about 32.74% year-on-year[25] - Revenue from external income surged by 545.71% to ¥56,837,760.00 compared to ¥8,802,302.23, primarily due to loans received for excavation projects[39] Investment and Financing - The company has invested ¥1.2 billion in the Guochuang Kaiyuan Phase II Fund, with a total subscription of ¥9.45 billion[48] - The establishment of the Nanjing Lode Huizhi Equity Investment Partnership has been completed, with a total investment of ¥800 million across five projects[49] - Long-term borrowings increased to ¥10,848,679,717.96, reflecting a 30.15% increase, primarily due to additional borrowings for ongoing road projects[33] - The company received CNY 9,590,000,000.00 from financing activities in 2020, significantly higher than CNY 3,999,280,045.33 in 2019, marking an increase of approximately 139.5%[78] Operational Metrics - Average daily traffic on the Shanghai-Nanjing Expressway was 101,937 vehicles, a decrease of approximately 0.80% year-on-year[22] - The average daily traffic flow on the Nanjing-Changzhou Expressway increased by 20.30% year-on-year, reaching 50,127 vehicles[24] - The company's construction in progress reached ¥18,355,826,197.73, up 26.58% from the previous year, driven by increased investment in ongoing road projects[30] Other Financial Metrics - The weighted average return on net assets decreased by 6.42 percentage points to 6.64%[11] - Investment income decreased to ¥433,563,887.06, primarily due to the impact of the pandemic and free toll policies affecting the performance of significant road and bridge enterprises[37] - Deferred income tax liabilities decreased by 38.27% to ¥257,174,983.70, mainly due to adjustments in other comprehensive income related to the fair value of other equity investments[34] - Other income increased by 115.76% to ¥13,276,796.03 from ¥6,153,500.98 due to the VAT deduction policy implemented since April 1, 2019[39]

Financial Performance - Operating revenue for the current period was CNY 963,551,993.82, representing a decline of 59.21% year-on-year [8]. - Net profit attributable to shareholders was CNY -32,726,431.30, with a significant decrease from CNY 1,034,435,704.26 in the previous year [8]. - Basic earnings per share were CNY -0.0065, compared to CNY 0.2053 in the previous year [8]. - The group reported an operating loss of approximately RMB 22,748 thousand and a net loss attributable to shareholders of approximately RMB 32,726 thousand, resulting in a loss per share of approximately RMB 0.0065 [20]. - The company's net profit for the upcoming reporting period is expected to decline significantly compared to the same period last year due to the ongoing free toll policy affecting operations [37]. - Total operating revenue for Q1 2020 was CNY 963,551,993.82, a decrease of 59.3% compared to CNY 2,362,097,802.05 in Q1 2019 [50]. - Net profit for Q1 2020 was a loss of CNY 44,087,170.51, compared to a profit of CNY 1,059,470,492.53 in Q1 2019 [51]. - Total comprehensive income for Q1 2020 was CNY -501,746,213.73, compared to CNY 1,296,999,213.06 in Q1 2019 [57]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 55,407,058,985.02, a decrease of 0.39% compared to the end of the previous year [7]. - The total net assets attributable to shareholders were CNY 27,833,318,542.64, a decrease of 2.50% from the previous year [7]. - Total current assets as of March 31, 2020, amounted to ¥6,040,471,221.24, slightly up from ¥6,026,637,306.82 at the end of 2019 [39]. - Total non-current assets decreased to ¥49,366,587,763.78 from ¥49,598,411,317.93 at the end of 2019 [40]. - Total liabilities increased to ¥23,400,383,403.25 from ¥22,942,211,489.26 at the end of 2019 [41]. - Total liabilities as of March 31, 2020, were CNY 12,140,815,251.09, an increase from CNY 12,007,667,559.19 as of December 31, 2019 [48]. Cash Flow - Net cash flow from operating activities was CNY 112,654,156.12, down 92.10% compared to CNY 1,426,162,773.65 in the same period last year [7]. - Cash flow from operating activities decreased by 92.10% to ¥112,654,156.12 compared to the same period last year, primarily due to the impact of the pandemic and free toll policies, leading to a significant reduction in toll revenue and pre-sale income from real estate projects [33]. - Cash flow from financing activities increased by 429.55% to ¥852,558,641.99, mainly due to increased cash from loans obtained by the group during the reporting period [35]. - Cash flow from investing activities for Q1 2020 was CNY -1,069,290,338.89, compared to CNY -1,675,597,235.35 in Q1 2019 [60]. - The net cash flow from financing activities was RMB 342.24 million in Q1 2020, compared to a negative RMB 87.33 million in the same period last year [65]. Shareholder Information - The total number of shareholders at the end of the reporting period was 30,040 [12]. - Jiangsu Transportation Holding Co., Ltd. held 54.44% of the shares, making it the largest shareholder [13]. - The total equity attributable to shareholders decreased to ¥27,833,318,542.64 from ¥28,546,983,607.15 at the end of 2019 [42]. Other Financial Metrics - The weighted average return on net assets was -0.12%, a decrease of 3.97 percentage points from 3.85% in the previous year [8]. - The group’s investment income was a loss of approximately RMB 50,170,240.28, compared to a profit of RMB 145,076,684.30 in the same period last year, mainly due to losses in joint ventures [28]. - Other comprehensive income after tax decreased significantly, with a net amount of approximately -704,894,383.21, primarily due to the decline in the fair value of other equity investments [30]. - The group’s deferred income tax liabilities decreased by approximately 48.85% to RMB 213,114,511.03, reflecting adjustments related to the fair value of other equity investments [24]. Business Operations - Revenue from the main toll road business was approximately RMB 559,628 thousand, down approximately 69.91% year-on-year, with an average daily toll income of RMB 4,172.35 thousand, a decrease of about 69.64% [19]. - Revenue from supporting businesses was approximately RMB 290,850 thousand, a decrease of about 4.58% year-on-year, with rental income increasing by approximately 4.09% to RMB 52,049 thousand [20]. - Real estate business revenue was approximately RMB 96,227 thousand, a decrease of about 48.93% year-on-year due to lower project delivery volumes [20]. - Other business revenue increased by approximately 87.42% year-on-year to RMB 16,848 thousand, mainly due to increased advertising revenue [20]. Governance - The board of directors includes independent non-executive members, ensuring governance and oversight [67]. - The company established a wholly-owned subsidiary in Hong Kong, completing registration in January 2020 [35].