| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2023-053 | | --- | --- | --- | --- | --- | --- | | 债券代码：175271 | 债券简称：G20 | 深高 | 1 | | | | 债券代码：175979 | 债券简称：G21 | 深高 | 1 | | | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | 深圳高速公路集团股份有限公司 2023 年半年度业绩说明会预告公告 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法律责任。 重要内容提示： 1、召开时间：2023 年 8 月 28 日（星期一）及 2023 年 8 月 30 日（星期三） 2、召开方式：现场和网络相结合方式 3、欢迎投资者于 2023 年 8 月 18 日下午 5:00 之后通过访问全景·路演天下 提供的问题征集专题页面：https://ir.p5w.net/zj/，或者通过电话 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 董事會會議通告 深圳高速公路集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會將於 2023年8月25日（星期五）舉行會議，以審議及批准本公司截至2023年6月30日止六個月未 經審計之中期業績及其他事項（如有）。 承董事會命 趙桂萍 聯席公司秘書 中國，深圳，2023年8月11日 於本公告之日，本公司董事為：廖湘文先生（執行董事兼總裁）、王增金先生（執行董事）、 文亮先生（執行董事）、戴敬明先生（非執行董事）、李曉艶女士（非執行董事）、呂大 偉先生（非執行董事）、白華先生（獨立非執行董事）、李飛龍先生（獨立非執行董事）、 繆軍先生（獨立非執行董事）和徐華翔先生（獨立非執行董事）。 ...

| 证券代码：600548 | 股票简称：深高速 | | 公告编号：临 | 2023-050 | | --- | --- | --- | --- | --- | | 债券代码：175271 | 债券简称：G20 | 深高 1 | | | | 债券代码：175979 | 债券简称：G21 | 深高 1 | | | | 债券代码：188451 | 债券简称：21 | 深高 01 | | | | 债券代码：185300 | 债券简称：22 | 深高 01 | | | 深圳高速公路集团股份有限公司 关于发行 2023 年度第三期超短期融资券的公告 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法律责任。 深圳高速公路集团股份有限公司（"本公司"）于 2023 年 8 月 8 日-8 月 9 日 发行了 2023 年度第三期超短期融资券，现将发行基本情况公告如下： 深圳高速公路集团股份有限公司董事会 2023 年 8 月 10 日 本期超短期融资券的募集说明书、发行公告等相关文件已在上海清算所网 站（http://www.shclearing.c ...

深圳高速公路集团股份有限公司（"本公司"）股东大会已向董事会授予发 行债券类融资工具的一般性授权。根据中国银行间市场交易商协会向本公司签发 的《接受注册通知书》（中市协注[2022]SCP136 号），自该《接受注册通知书》 落款之日起 2 年内，本公司可分期发行总金额不超过人民币 20 亿元的超短期融 资券。据此，本公司计划于 2023 年 8 月 8 日-8 月 9 日发行 2023 年度第三期超短 期融资券（"本期超短融"），发行规模为人民币 15 亿元，期限 270 天，募集资金 拟全部用于偿还本公司到期债务融资工具，发行对象为全国银行间债券市场的机 构投资者（国家法律、法规禁止购买者除外），由主承销商组织承销团，采用集 中簿记建档方式按面值公开发行。本期超短融发行的主承销商兼簿记管理人为华 夏银行股份有限公司，联席主承销商为广发银行股份有限公司。本期超短融计划 于 2023 年 8 月 9 日完成发行，8 月 10 日缴款，并于 2023 年 8 月 11 日在银行间 债券市场上市流通。 本期超短融的募集说明书、发行公告等相关文件将在上海清算所网站 （http://www.shclearing.co ...

Financial Performance - The company's operating revenue for Q1 2023 was CNY 1,903,638,574.41, representing a year-on-year increase of 7.38% compared to CNY 1,772,728,100.22 in the same period last year[4]. - Net profit attributable to shareholders was CNY 442,550,909.53, an increase of 7.13% from CNY 412,718,223.34 in the previous year[4]. - The total comprehensive income for Q1 2023 was ¥708,832,729.06, compared to ¥492,019,184.13 in Q1 2022, indicating a substantial increase[24]. - Basic earnings per share for Q1 2023 were ¥0.182, up from ¥0.168 in Q1 2022, marking an 8.33% increase[24]. - Operating profit increased to ¥592,266,796.17, compared to ¥527,125,105.96 in the same period last year, reflecting a growth of 12.37%[23]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 65.92%, reaching CNY 1,013,802,070.16, primarily due to increased toll revenue and receipt of electricity subsidies from previous years[7]. - Cash flow from operating activities for Q1 2023 was ¥1,013,802,070.16, significantly higher than ¥611,009,879.13 in Q1 2022[25]. - The company's cash and cash equivalents increased to CNY 3.93 billion from CNY 3.64 billion, reflecting a growth of approximately 7.93%[20]. - The company’s cash and cash equivalents at the end of Q1 2023 stood at ¥3,538,404,110.36, down from ¥5,771,494,381.63 at the end of Q1 2022[26]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 68,934,852,011.45, a decrease of 0.39% from CNY 69,201,468,263.76 at the end of the previous year[4]. - The company's total liabilities decreased to CNY 40.92 billion from CNY 41.84 billion, indicating a reduction of about 2.19%[21]. - Total assets increased to approximately ¥69.20 billion, with a slight adjustment to ¥69.20 billion as of January 1, 2023, reflecting a change of ¥3.20 million[27]. - Total liabilities stood at approximately ¥41.84 billion, unchanged from the previous reporting period[29]. Shareholder Information - The total number of shareholders was 18,545, with the top ten shareholders holding significant stakes, including HKSCC Nominees Limited at 33.46%[8]. - The equity attributable to shareholders increased by 2.97%, amounting to CNY 21,980,798,157.07 compared to CNY 21,346,287,718.08 at the end of the previous year[4]. - Shareholders' equity increased from approximately ¥27.36 billion to ¥27.36 billion, with an adjustment of ¥3.20 million[29]. Operational Highlights - The toll revenue saw a month-on-month recovery with a growth of approximately 22.65%, although there was a decrease of about CNY 100 million due to the expiration of the Wu-Huang Expressway's operation in December last year[5]. - The average daily mixed traffic volume for the Meiguan Expressway was 155, with a daily toll revenue of RMB 398,000 for Q1 2023[11]. - The average daily toll revenue for the Guangzhou West Second Ring was RMB 1,217,000 with an average daily mixed traffic volume of 85 for Q1 2023[12]. - The company reported a daily toll revenue of RMB 3,001,000 for the Outer Ring Project with an average daily mixed traffic volume of 284 for Q1 2023[11]. Project Developments - The company is focusing on expanding its toll road projects and enhancing operational efficiency to drive future growth[5]. - The company is involved in the PPP project for the Jihe Expressway expansion, which received approval from the Guangdong Provincial Development and Reform Commission[17]. - The company has entered into investment cooperation agreements for the Jihe Expressway project with Shenzhen Special Zone Construction and Development Transportation Investment Co., Ltd.[17]. - The company is currently assisting in the adjustment of the construction and financing plans for the Jihe Expressway expansion project, which has faced delays due to changes proposed by the Shenzhen government[18]. Investment and Wealth Management - The company reported a pre-tax expected return of CNY 6.13 million from newly initiated wealth management products during the reporting period[18]. - The company has a total of CNY 8.7 billion in wealth management products, all issued by banks, with no overdue principal or returns[18]. - The company has initiated three new bank-issued wealth management transactions during the reporting period, with a total entrusted amount of CNY 870 million[18].

Financial Performance - Operating revenue for Q1 2023 was RMB 1,903,638,574.41, representing a year-on-year increase of 7.38% compared to RMB 1,772,728,100.22 in Q1 2022[6] - Net profit attributable to shareholders for Q1 2023 was RMB 442,550,909.53, an increase of 7.13% from RMB 412,718,223.34 in Q1 2022[6] - Basic earnings per share for Q1 2023 were RMB 0.182, reflecting an increase of 8.02% from RMB 0.168 in Q1 2022[6] - Operating profit for Q1 2023 was RMB 592,266,796.17, up from RMB 527,125,105.96 in Q1 2022, indicating a growth of 12.37%[27] - Net profit for Q1 2023 was RMB 468,505,606.61, representing a 6.5% increase compared to RMB 438,848,215.75 in Q1 2022[27] - The company reported a significant increase in other comprehensive income after tax, amounting to RMB 240,327,122.45 in Q1 2023, compared to RMB 53,170,968.38 in Q1 2022[27] Cash Flow - Net cash flow from operating activities for Q1 2023 was RMB 1,013,802,070.16, a significant increase of 65.92% compared to RMB 611,009,879.13 in Q1 2022[5] - Cash inflow from operating activities for Q1 2023 reached RMB 2,216,994,727.44, a 20.8% increase from RMB 1,835,093,385.02 in Q1 2022[28] - Cash inflow from investment activities totaled RMB 1,139,341,901.47, significantly up from RMB 433,123,413.61 in Q1 2022[28] - Net cash flow from investment activities was negative at RMB (297,860,123.80), an improvement from RMB (1,640,864,261.66) in Q1 2022[28] - Cash inflow from financing activities was RMB 4,238,101,929.14, down from RMB 8,707,578,372.69 in Q1 2022[28] - Net cash flow from financing activities was negative at RMB (369,176,092.63), compared to a positive RMB 1,356,369,407.48 in the same period last year[28] Assets and Liabilities - Total assets as of March 31, 2023, were RMB 69,201,468,263.76, a decrease of 0.39% from December 31, 2022[4] - The total liabilities decreased to RMB 40,922,345,089.61 as of March 31, 2023, down from RMB 41,840,560,313.98 at the end of 2022[26] - The total assets and liabilities combined stood at RMB 68,934,852,011.45, slightly down from RMB 69,201,468,263.76 at the end of 2022[26] - The company's cash and cash equivalents increased to RMB 3.93 billion from RMB 3.64 billion year-over-year[25] - Accounts receivable decreased to RMB 868.15 million from RMB 1.05 billion, indicating improved collection efficiency[25] - Inventory increased to RMB 1.40 billion from RMB 1.31 billion, reflecting a strategic buildup of stock[25] Shareholder Information - The total number of shareholders as of the reporting period was 18,545, with 18,298 A-share shareholders and 247 H-share shareholders[12] - The company reported a retained earnings increase to RMB 8,081,435,344.31, reflecting a growth of RMB 2,156,541.77[32] - Minority interests amounted to RMB 6,015,661,624.56, reflecting the company's diverse ownership structure[32] Project Developments - The company has initiated preliminary design work for the Jihua Expressway expansion project, approved by the board in January 2018[20] - The company has terminated the PPP contract for the expansion project of the Jihe Expressway as of March 31, 2023, due to the failure to complete the necessary approval procedures within the stipulated timeframe[21] - The company is currently assisting in the adjustment of the construction implementation plan and financing scheme for the Jihe Expressway expansion project[21] Investments and Financial Products - The company issued short-term financing bonds totaling RMB 20 billion in 2023, with the first and second phases each amounting to RMB 1 billion, at interest rates of 2.16% and 2.20% respectively[21] - The company has invested RMB 870 million in three bank-issued principal-protected floating income financial products, with an expected return of RMB 6.13 million for the reporting period[22] Revenue from Specific Projects - The total operating revenue from organic waste treatment projects amounted to RMB 120,262,430 in Q1 2023, processing 266.97 thousand tons of organic waste[18] - The wind power business generated revenue of RMB 30,482,380 from the Huai'an Zhongheng project, with a total electricity generation of 23,900.64 MWh in Q1 2023[19] - The company holds a 100% stake in the Guizhou project, which processed 34.63 thousand tons of organic waste, generating RMB 18,548,410 in revenue[18] - The company has 14 organic waste treatment projects in commercial operation, contributing to a significant increase in revenue[17] Traffic and Toll Revenue - The toll revenue for the highway projects experienced a month-on-month recovery, with a growth rate of approximately 22.65%[7] - The average daily mixed traffic volume on the Meiguan Expressway was 155, generating a toll revenue of RMB 398,000 in Q1 2023[15] - The average daily toll revenue for the Jihua East Section reached RMB 1,769,000 with a traffic volume of 304 vehicles[15] - The average daily toll revenue for the Guangshen Expressway was RMB 7,527,000 with a traffic volume of 609 vehicles[15] - The total traffic volume on the Longda Expressway was 156 vehicles, generating RMB 390,000 in toll revenue[15] Strategic Focus and Future Plans - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[27] - The company will continue to monitor and adjust its investment strategies based on market conditions and project developments[21] - The company is expanding its operations in the wind power sector, with significant contributions from projects in Baotou and Xinjiang[19] Accounting and Reporting Changes - The company implemented new accounting standards starting January 1, 2023, affecting the financial statements retroactively[29] - Total assets as of January 1, 2023, were RMB 69,201,468,263.76, with a slight adjustment of RMB 3,197,934.63 from previous reporting[30] - The company reported a total of RMB 59,904,346,757.68 in non-current assets as of January 1, 2023, reflecting a minor adjustment[30]

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法律责任。 重要内容提示： 深圳高速公路集团股份有限公司 2023 年第一季度业绩说明会预告公告 | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2023-021 | | --- | --- | --- | --- | --- | --- | | 债券代码：175271 | 债券简称：G20 | 深高 | 1 | | | | 债券代码：175979 | 债券简称：G21 | 深高 | 1 | | | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | 1、召开时间：2023 年 4 月 28 日（星期五）上午 10:00-11:00 2、召开方式：网络方式，网址为 http://rs.p5w.net/c/600548.shtml 3、欢迎投资者于 2023 年 4 月 21 日下午 5:00 之后通过访问全景·路演天下提供的 问题征集专题页面：https ...

Financial Performance - The company reported a total revenue of RMB 3.5 billion for the year 2022, representing a year-on-year increase of 12%[1] - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the year, representing a 15% year-over-year growth[10] - The company achieved a total revenue of approximately RMB 9.373 billion in 2022, a year-on-year decrease of about 13.93%[74] - Operating revenue for the year was RMB 9,372,583 thousand, down 13.93% from RMB 10,889,581 thousand in the previous year, influenced by decreased travel willingness and the diversion of traffic due to the opening of the Guanglian Expressway[120] - The company reported a net profit margin of 25% for 2022, maintaining a stable performance despite market fluctuations[1] - Net profit attributable to shareholders for 2022 was RMB 2,014,112,457.01, down 22.92% from RMB 2,613,119,318.24 in 2021[30] - The net profit after deducting non-recurring gains and losses was RMB 1,225,846,825.30, a significant decline of 47.40% from RMB 2,330,720,351.84 in the previous year[31] - The company reported a net profit of 303,525 thousand RMB from its wholly-owned subsidiary, representing 15.20% of the total net profit attributable to shareholders[172] Traffic and User Engagement - User traffic on the expressways increased by 15% compared to 2021, with an average daily traffic volume reaching 1.2 million vehicles[1] - User data showed an increase in traffic volume on the highways managed by the company, with an average daily traffic of 150,000 vehicles, up 10% compared to the previous year[11] - The average daily toll revenue for the Meiguan Expressway in 2022 was RMB 373.2 thousand, a decline of 16.8% from RMB 448.9 thousand in 2021[39] - Daily average traffic volume and toll revenue for various toll road projects were reported, with the highest daily toll revenue from the Guangshen Expressway at RMB 6.186 million[78] Strategic Initiatives and Future Outlook - The company anticipates a revenue growth of 10% for the upcoming fiscal year, driven by increased traffic and new projects[1] - Future outlook remains positive, with management expressing confidence in achieving sustainable growth through ongoing investments and strategic initiatives[1] - The company plans to continue expanding its infrastructure and environmental business segments, focusing on sustainable development and technological innovation[28] - The company plans to conduct a review and assessment of its "14th Five-Year" strategic plan in 2023, aligning its development strategy with national trends and its own strengths[56] - The company aims to explore and cultivate new urban construction and industry-finance integration businesses, maximizing the value of the industrial chain through financial tools like industrial funds and leasing[57] Investments and Acquisitions - Investment in new technologies and infrastructure development is projected to reach RMB 500 million in 2023, focusing on smart traffic management systems[1] - A strategic acquisition of a local toll road operator is expected to be finalized by Q3 2023, which will enhance the company's asset portfolio[1] - The company completed the acquisition of 100% equity in Shenzhen Investment Control Infrastructure in January 2022, indirectly holding 71.83% of Bay Area Development[40] - The company completed the acquisition of a 70% stake in Lishai Environmental Protection and 100% equity of Shenzhen Investment Control Infrastructure, indirectly holding 71.83% of Bay Area Development[47] - The company expanded its toll road business by acquiring 71.83% of Bay Area Development, adding 105 kilometers of toll road rights[55] Cost Management and Efficiency - Operating expenses were reduced by 5% due to improved efficiency measures implemented in 2022[1] - The company has implemented new strategies to optimize toll collection processes, aiming to reduce operational costs by 5%[10] - The company is focusing on cost reduction and efficiency improvement, aiming for lean management in its toll road operations[57] - Operating costs decreased by 10.58% to RMB 6,353,596 thousand from RMB 7,105,227 thousand, attributed to lower depreciation costs from reduced traffic volume on subsidiary toll roads[118] Environmental and Technological Advancements - The company is focusing on digital technology advancements, with an investment of 100 million RMB allocated for the development of smart traffic management systems[11] - The company is actively promoting the application of new technologies to build "smart highways," enhancing operational development[68] - The company aims to leverage the "carbon peak" and "carbon neutrality" goals to develop a comprehensive clean energy system, focusing on wind and solar energy projects[98] - The company is actively constructing the Guangming Environmental Park project, which is scheduled to be completed and put into operation in 2023[73] Market Expansion and Regional Development - The company plans to expand its market presence by entering two new provinces, aiming for a 20% increase in regional revenue[1] - The company is actively pursuing market expansion, with plans to invest in three new highway projects in the Guangdong province, estimated to cost around 500 million RMB[10] - The company is focusing on the Greater Bay Area infrastructure opportunities, leveraging its state-owned platform advantages to enhance operational performance in highway and environmental projects[115] Financial Health and Debt Management - The total assets at the end of 2022 were RMB 69,201,468,263.76, a decrease of 4.29% from RMB 72,304,935,166.59 in 2021[33] - The company's debt-to-asset ratio increased to 60.46% in 2022 from 56.39% in 2021[45] - The company has unused bank credit lines of 30,462 million RMB, up from 28,277 million RMB[151] - The company raised RMB 1.5 billion through the issuance of corporate bonds, allocating RMB 1.25 billion for debt repayment and RMB 250 million for working capital[157] Challenges and Risks - The company is experiencing increased competition in both the toll road and environmental sectors, making it more difficult to acquire quality project resources[200] - The company faces challenges in the toll road sector due to stricter requirements for toll systems and potential negative impacts on toll revenue from discounts for ETC users[198] - The company emphasizes the importance of risk management, particularly in relation to policy changes, operational management, investment expansion, financing, and construction management[195]

Financial Performance - The company reported a total revenue of 70.3 billion CNY for the year 2022, reflecting a year-over-year increase of 12%[14]. - The company's operating revenue for 2022 was CNY 9,372,582,546.59, a decrease of 13.93% compared to CNY 10,889,580,617.88 in 2021[27]. - The net profit attributable to shareholders for 2022 was CNY 2,014,112,457.01, down 22.92% from CNY 2,613,119,318.24 in 2021[27]. - The net profit after deducting non-recurring gains and losses was CNY 1,225,846,825.30, a decline of 47.40% compared to CNY 2,330,720,351.84 in 2021[27]. - The total assets at the end of 2022 were CNY 69,201,468,263.76, a decrease of 4.29% from CNY 72,304,935,166.59 at the end of 2021[27]. - The net assets attributable to shareholders at the end of 2022 were CNY 21,346,287,718.08, down 16.49% from CNY 25,560,589,952.65 at the end of 2021[27]. - Basic earnings per share for 2022 were CNY 0.838, a decrease of 24.71% compared to CNY 1.113 in 2021[28]. - The weighted average return on equity for 2022 was 9.93%, down 1.60 percentage points from 11.53% in 2021[28]. - The company achieved a net profit of 2,014,112 thousand RMB in 2022, a decrease of 22.92% compared to 2,613,119 thousand RMB in 2021, primarily due to reduced toll revenue from expressways and increased foreign exchange losses from foreign currency debts[112]. - Total operating revenue for the year was 9,372,583 thousand RMB, down 13.93% from 10,889,581 thousand RMB in the previous year, influenced by decreased travel willingness and toll revenue[113]. Dividends and Shareholder Returns - The company proposed a cash dividend of RMB 0.462 per share for the year 2022, subject to approval at the annual general meeting[4]. - The proposed cash dividend for the year is 0.462 yuan per share, totaling approximately 1.008 billion yuan, which represents 55.13% of the net profit attributable to ordinary shareholders[44]. - The board of directors has approved a new dividend policy, increasing the payout ratio to 40% of net income[200]. Audit and Compliance - The company reported a standard unqualified audit opinion from Deloitte Huayong Certified Public Accountants[3]. - The board of directors and management guarantee the authenticity and completeness of the annual report[2]. - The company has not violated decision-making procedures for providing guarantees[6]. - There were no non-operating fund occupations by controlling shareholders or related parties[6]. Risk Management and Future Outlook - The report includes a detailed analysis of risks faced by the group in future operations and development[7]. - The company emphasizes the importance of risk awareness regarding forward-looking statements[5]. - The company plans to implement a new digital platform for customer engagement, which is anticipated to increase user satisfaction scores by 15%[14]. - The forecast for 2023 indicates continued growth in revenue and profitability, driven by market expansion and new project developments[30]. - The company aims to enhance its competitive advantage in infrastructure investment, construction, operation, and integrated management through various business platforms[54]. Market Expansion and Strategic Initiatives - The company is expanding its market presence by entering three new provinces, aiming to increase its market share by 10% in these regions[14]. - A strategic acquisition of a local construction firm was completed, which is projected to contribute an additional 5 billion CNY in revenue over the next two years[15]. - The company has invested 1.5 billion CNY in R&D for new technologies aimed at improving road safety and reducing maintenance costs by 25%[14]. - The company plans to enhance the digitalization and intelligence of its toll road operations in 2023, while seeking investment and acquisition opportunities in quality projects[46]. - The company aims to focus on solid waste resource treatment and clean energy generation, aligning with national environmental policies and the "dual carbon" goals[46]. Environmental and Sustainability Initiatives - Environmental initiatives have been prioritized, with a commitment to reduce carbon emissions by 20% by 2025 through sustainable practices[15]. - The company is actively pursuing market expansion in the solid waste resource processing and clean energy sectors, leveraging policy support and its resource advantages[66]. - The company’s clean energy strategy aligns with national goals, aiming for a significant increase in non-fossil energy consumption by 2025, targeting a 20% share[63]. - The company is committed to high-quality sustainable development, capitalizing on opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area[48]. Operational Efficiency and Technology - The company has developed a road network monitoring and command scheduling system platform, which has been launched to enhance operational monitoring and management[60]. - The company is actively promoting research and application of smart transportation and environmental protection technologies in response to rapid digital information technology development[111]. - The company aims to enhance its toll road operations through digitalization and smart innovations, focusing on improving traffic efficiency and exploring quality acquisition projects[174]. Financial Management and Investments - The company maintained a strong financing platform with high credit ratings and completed a controlling acquisition for Bay Area development, enhancing its overseas financing capabilities[111]. - The company has approved capital expenditures for projects including the Outer Ring Road and Jiangjiang Phase II, with a focus on enhancing operational capabilities[176]. - The company is facing increased risks due to international geopolitical tensions, which may lead to fluctuations in market interest rates and exchange rates, impacting road traffic volume and financial costs[180]. - The company is committed to enhancing its core competitiveness through standardized operations and lean management practices[184]. Governance and Corporate Structure - The company has adopted the Corporate Governance Code and has not deviated from its provisions during the reporting period[190]. - The company has a governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and management team, with clear responsibilities and rules[191]. - The company has strengthened internal controls to reduce design changes and manage construction costs effectively[189].

Financial Performance - The company reported a total operating revenue of RMB 9,372,583,000 for 2022, a decrease of 13.93% compared to RMB 10,889,581,000 in 2021[5]. - Net profit attributable to shareholders was RMB 2,014,112,000, down 22.92% from RMB 2,613,119,000 in the previous year[5]. - Basic earnings per share for 2022 were RMB 0.838, a decline of 24.71% compared to RMB 1.113 in 2021[6]. - The company experienced a decrease in cash flow from operating activities, which amounted to RMB 3,369,490,111.19, down 10.32% from RMB 3,757,315,986.90 in 2021[6]. - The weighted average return on equity for 2022 was 9.93%, a decrease of 1.60 percentage points from 11.53% in 2021[6]. - The overall gross margin for toll roads was 43.75%, a decrease of 5.31 percentage points compared to the previous year[74]. - The company achieved a total revenue of approximately 9.373 billion yuan in 2022, a year-on-year decrease of about 13.93%[22]. - Revenue from toll fees was approximately 4.978 billion yuan, accounting for 53.12% of total revenue[22]. - Revenue from clean energy and solid waste resource processing was about 1.757 billion yuan, representing 18.75% of total revenue[22]. Assets and Liabilities - The total assets at the end of 2022 were RMB 69,201,468,263.76, representing a decrease of 4.29% from RMB 72,304,935,166.59 in 2021[6]. - The equity attributable to shareholders decreased by 16.49% to RMB 21,346,287,718.08 from RMB 25,560,589,952.65 in 2021[6]. - The company's total liabilities increased slightly to RMB 41.84 billion in 2022 from RMB 40.77 billion in 2021, an increase of approximately 2.6%[170]. - The debt-to-asset ratio increased to 60.46% at the end of 2022, up from 56.39% at the end of 2021, indicating a rise in financial leverage[97]. - The company's total current liabilities exceeded current assets by RMB 13,946,229,088.15[184]. Dividends and Shareholder Information - The company plans to distribute a final cash dividend of RMB 0.462 per share for the year 2022, totaling approximately RMB 1,007,515,890.61[4]. - The number of shareholders at the end of 2022 was 18,431, with 17,990 being A-shareholders[7]. - The company has maintained a continuous cash dividend distribution for 25 years since its listing, adhering to a policy that aims for a minimum cash dividend ratio of 55% of the net profit attributable to shareholders after certain deductions[116]. Business Strategy and Development - The company primarily engages in toll road and environmental protection business, focusing on investment, construction, and management[11]. - The company's development strategy for the 14th Five-Year Plan (2021-2025) aims for sustainable urban development solutions, emphasizing innovation, intelligence, and efficiency[11]. - The company plans to expand its core businesses in toll roads and environmental protection, leveraging digital technology for operational efficiency[11]. - The company aims to achieve scale growth, structural optimization, and capability enhancement during the 14th Five-Year Plan period[11]. - The company is actively exploring investment opportunities in other solid waste resource treatment areas, supported by national environmental policies[41]. Operational Performance - The company completed a controlling acquisition of Bay Area Development, indirectly holding interests in Guangshen Expressway and Xixian Expressway, further consolidating its toll road asset scale[15]. - The company currently operates 16 toll road projects with a total controlling mileage of approximately 643 kilometers, primarily located in Shenzhen and the Guangdong-Hong Kong-Macao Greater Bay Area, showcasing strong regional advantages[15]. - The company is advancing the application of innovative technologies, including a drone road inspection system to enhance operational management and maintenance capabilities[25]. - The company anticipates a recovery in travel demand in 2023 as the domestic economy regains momentum, leading to a stable development phase for expressway operations[29]. Environmental Initiatives - The environmental protection business includes solid waste resource treatment and clean energy, with increasing demand expected[13]. - The company is focusing on integrating and managing acquired enterprises to enhance overall market competitiveness in the clean energy sector[22]. - The company aims to become a leading player in organic waste treatment, focusing on the organic waste processing sector under the broader environmental industry[41]. - The company is committed to environmental sustainability through various initiatives and projects across different regions[162]. Financial Management - The company plans to continue optimizing its financial strategy and funding arrangements to support future growth[65]. - The company has significant restricted assets, including a pledge of toll rights valued at RMB 26.4 billion[92]. - The company has various pledges and mortgages on assets, including a total of RMB 83 billion in loans secured by 80.27% equity in Shenzhen Investment Control[93]. - The company is committed to maintaining stable development in its dual main businesses through strategic reviews and adjustments[129]. Challenges and Risks - The company is facing challenges in acquiring quality projects in both toll road and environmental sectors due to increased competition and high construction costs[133]. - The group is focusing on risk management by identifying and assessing risks related to policy changes, operational management, investment expansion, financing, and construction management[126]. - The company is in a capital expenditure peak period, requiring careful management of financing risks to support ongoing and new projects[135]. Future Outlook - The company has set its operational goals for 2023, focusing on revenue growth, efficiency improvement, infrastructure strengthening, management optimization, and risk control[121]. - The company plans to invest in wind and solar power projects, creating an integrated clean energy system that includes equipment manufacturing, project development, operation, and financing[120]. - The group plans to invest CNY 2.18 billion in Bay Area development acquisitions in 2023, which includes debt repayment[125].