证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2024-013 广东省高速公路发展股份有限公司 第十届董事会第十九次（临时）会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 表决结果：赞成 13 票，反对 0 票，弃权 0 票。 《2024 年第一季度报告》中的财务信息已在董事会前经董事会审计委员会 审议同意。 （二）审议通过《关于召开 2023 年年度股东大会的议案》 公司定于 2024 年 5 月 20 日（星期一）下午 15:00 在公司 45 楼会议室召开 2023 年年度股东大会，会议将审议以下事项： 1、关于 2023 年度财务决算报告的议案； 一、董事会会议召开情况 广东省高速公路发展股份有限公司（以下简称"公司"）第十届董事会第十 九次（临时）会议（以下简称"本次会议"）于 2024 年 4 月 26 日（星期五）上 午以通讯表决形式召开。本次会议的会议通知及相关会议文件已于 2024 年 4 月 18 日以传真、电子邮件或当面递交方式通知送达各位董事。会议应到董事 13 名， 实到董事 ...

证券简称：粤高速 A 、粤高速 B 证券代码：000429、200429 公告编号：2024-015 广东省高速公路发展股份有限公司 关于召开 2023 年年度股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、召开会议的基本情况 1、本次股东大会为广东省高速公路发展股份有限公司2023年年度股东大会。 2、本次股东大会的召集人为公司董事会。2024年4月26日召开的公司第十届 董事会第十九次（临时）会议审议通过了《关于召开2023年年度股东大会的议案》。 3、公司董事会召集召开本次股东大会会议符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的相关规定。 4、会议召开的日期、时间 （1）现场会议召开时间：2024年5月20日（星期一）下午3:00 （2）网络投票时间为：2024年5月20日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为2024年5月 20日上午9:15至9:25，9:30至11:30,下午1:00至3:00；通过深圳证券交易所互联 网投票的具体时间为2024年5月20日上午9:15至下午3:00。 5、会 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥1,124,466,320.26, a decrease of 2.61% compared to ¥1,154,573,212.16 in the same period last year[4] - Net profit attributable to shareholders was ¥420,705,862.42, representing an increase of 2.65% from ¥409,848,394.33 year-on-year[4] - Total operating revenue for Q1 2024 was CNY 1,124,466,320.26, a decrease of 2.5% compared to CNY 1,154,573,212.16 in Q1 2023[13] - Total operating costs for Q1 2024 were CNY 426,299,548.13, down 6.3% from CNY 454,724,175.02 in the same period last year[13] - Operating profit for Q1 2024 was CNY 739,601,765.30, slightly increased from CNY 739,601,642.65 in Q1 2023[13] - Net profit for Q1 2024 was CNY 560,618,118.35, compared to CNY 561,338,525.85 in Q1 2023, reflecting a marginal decline[13] - The net profit for the first quarter of 2024 is CNY 560,618,118.35, a slight decrease from CNY 561,338,525.85 in the previous period[14] - The net profit attributable to the parent company is CNY 420,705,862.42, an increase of 2.1% compared to CNY 409,848,394.33 in the previous period[14] - The total comprehensive income for the first quarter is CNY 604,347,403.32, up from CNY 555,537,475.72 in the previous period[14] Cash Flow - The net cash flow from operating activities decreased by 17.61% to ¥808,097,600.77, down from ¥980,823,464.23 in the previous year[4] - The cash flow from operating activities is CNY 808,097,600.77, down from CNY 980,823,464.23 in the previous period[16] - Cash inflow from sales of goods and services is CNY 1,120,872,060.77, compared to CNY 1,158,951,954.12 in the previous period[15] - The cash outflow for purchasing goods and services is CNY 52,276,345.09, down from CNY 61,222,267.53 in the previous period[16] - The cash flow from financing activities shows a net outflow of CNY 409,907,051.46, compared to a net inflow of CNY 203,003,959.46 in the previous period[16] - The cash and cash equivalents at the end of the period amount to CNY 4,859,876,914.81, down from CNY 5,310,691,736.87 in the previous period[16] Assets and Liabilities - Total assets at the end of the reporting period were ¥21,587,569,215.12, reflecting a 1.02% increase from ¥21,368,963,167.41 at the end of the previous year[4] - Total assets at the end of Q1 2024 were CNY 21,587,569,215.12, up from CNY 21,368,963,167.41 at the beginning of the year[12] - Total liabilities decreased to CNY 8,574,416,008.22 from CNY 8,960,157,363.83 at the start of the year, a reduction of approximately 4.3%[12] - Owner's equity increased to CNY 13,013,153,206.90 from CNY 12,408,805,803.58, representing a growth of about 4.9%[12] Investments and Assets Changes - Long-term equity investments increased to ¥3,163,199,553.92 from ¥3,095,578,288.00, showing a rise of about 2.19%[10] - Fixed assets decreased to ¥8,751,107,435.14 from ¥9,010,168,712.92, a decline of approximately 2.87%[10] - Construction in progress increased to ¥2,102,273,551.94 from ¥1,960,092,562.22, reflecting a growth of about 7.24%[10] - The company reported a decrease in intangible assets to ¥215,136,446.58 from ¥221,328,753.00, a decline of approximately 2.79%[10] Borrowings and Tax - Short-term borrowings increased by ¥95,060,000, a rise of 86.35%, primarily due to new short-term loans from a subsidiary[7] - Tax payable increased by ¥49,180,000, a growth of 31.70%, attributed to higher income tax provisions[7] - Long-term borrowings rose to CNY 6,215,479,300.00 from CNY 5,944,716,050.00, an increase of approximately 4.6%[11] - Deferred income tax assets decreased to CNY 37,865,341.58 from CNY 39,836,115.11, a decline of 4.9%[11] Shareholder Information - The total number of common shareholders at the end of the reporting period was 49,496, with the largest shareholder holding 24.56%[9] - The company has no significant changes in the participation of major shareholders in margin trading and securities lending[9] Other Financial Metrics - The company's weighted average return on equity was 4.17%, down from 4.42% in the same period last year, a decrease of 0.25%[4] - Other comprehensive income increased to CNY 207,297,686.30 from CNY 163,568,401.33, reflecting a growth of about 26.7%[12] - The company reported a tax effect of CNY 43,729,284.97 in other comprehensive income, compared to a loss of CNY 5,801,050.13 in the previous period[14] - Basic and diluted earnings per share remain at CNY 0.20, unchanged from the previous period[14]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 10.66 CNY, based on the current price of 9.72 CNY [1]. Core Views - The company achieved a steady recovery in 2023, with a revenue of 4.879 billion CNY, representing a year-on-year growth of 17.04%, and a net profit attributable to shareholders of 1.634 billion CNY, up 28.01% year-on-year [5]. - The company maintains a high dividend payout ratio of 70%, distributing 1.144 billion CNY in dividends, which translates to a cash dividend of 5.47 CNY per 10 shares [5][8]. - The increase in traffic volume has positively impacted the company's toll revenue, which grew by 17.46% to 4.811 billion CNY in 2023 [6]. - The company has demonstrated excellent cost control, resulting in an improved gross margin of 64.32%, an increase of 2.36 percentage points year-on-year [7]. - The company has a robust shareholder return plan, committing to distribute no less than 70% of the annual net profit in cash dividends from 2024 to 2026, leading to an estimated dividend yield of approximately 5.9% for 2024 [8]. Financial Summary - The company forecasts revenues of 4.988 billion CNY, 5.129 billion CNY, and 5.211 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 2.23%, 2.83%, and 1.60% [9]. - The projected net profits for the same years are 1.710 billion CNY, 1.796 billion CNY, and 1.864 billion CNY, with growth rates of 4.64%, 5.07%, and 3.79% [9]. - The company’s earnings per share (EPS) are expected to be 0.82 CNY, 0.86 CNY, and 0.89 CNY for 2024, 2025, and 2026, respectively [9]. - The company’s price-to-earnings (P/E) ratio is projected to be 13 times for 2024, indicating a favorable valuation compared to peers [9].

广东省高速公路发展股份有限公司 证券代码：000429，200429 证券简称：粤高速 A、B 公告编号：2024-012 根据《公司法》和《公司章程》的规定，汪春华先生的辞职报告自送达董事 会之日起生效。 汪春华先生有本公司B股股票 135,100 股，辞职后将继续严格遵守《上市公 司股东、董监高减持股份的若干规定》《深圳证券交易所上市公司股东及董事、 监事、高级管理人员减持股份实施细则》等相关规定。 特此公告 广东省高速公路发展股份有限公司董事会 2024 年 4 月 9 日 关于公司董事总经理辞职的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，公告不存在虚假记载、误导 性陈述或者重大遗漏。 广东省高速公路发展股份有限公司（以下简称"本公司"）董事总经理汪春 华先生已届退休年龄，于 2024 年 4 月 8 日向本公司董事会辞去董事、总经理以 及董事会战略委员会委员职务。汪春华先生辞职后将不在本公司担任职务。 汪春华先生在担任本公司董事总经理期间，勤勉尽责，本公司董事会对汪春 华先生在任职期间所做出的贡献表示衷心感谢。 ...

Investment Rating - The investment rating for the company is "Accumulate" and it is maintained [2][3] Core Views - The company reported a strong recovery in performance for 2023, with operating revenue reaching 4.879 billion yuan, a year-on-year increase of 17.04%, and a net profit attributable to shareholders of 1.634 billion yuan, up 28.01% year-on-year [3][4] - The company plans to maintain a dividend payout ratio of 70% from 2024 to 2026, with a proposed cash dividend of 5.47 yuan per 10 shares for 2023, corresponding to a dividend yield of 5.66% based on the closing price of 9.66 yuan on March 15, 2024 [3][4] - The recovery in traffic volume due to domestic economic recovery has positively impacted revenue and profit, with toll revenue from the company's four controlled highways reaching 4.811 billion yuan, a year-on-year increase of 17.46% [3][4] Financial Summary - For 2023, the company achieved operating revenue of 4.879 billion yuan, with a year-on-year growth of 17.0% [4] - The net profit attributable to shareholders for 2023 was 1.634 billion yuan, reflecting a year-on-year growth of 28.0% [4] - The gross profit margin for 2023 was 64.3%, an increase of 2.38 percentage points year-on-year [4] - The company’s return on equity (ROE) for 2023 was 16.6% [4] - The earnings per share (EPS) for 2023 was 0.78 yuan [4] Market Data - As of March 15, 2024, the closing price of the company's stock was 9.66 yuan, with a total share capital of 2.091 billion shares and a circulating share capital of 1.303 billion shares [5] - The company's net assets amounted to 9.848 billion yuan, while total assets were 21.369 billion yuan [5] Investment Strategy - The company is expected to benefit from the recovery of traffic volume in the post-pandemic era, supported by the completion of expansion projects that enhance network effects [7] - The company has committed to a high dividend payout, making it a defensive investment choice with stable performance [7] - Profit forecasts for 2024, 2025, and 2026 are adjusted to 1.552 billion yuan, 1.472 billion yuan, and 1.532 billion yuan respectively, with a maintained dividend payout ratio of 70% [7]

关于本报告 本报告是广东省高速公路发展股份有限公司（以下简称"粤高速""公司""我们"）向社会发布的第二份环境、社会及治理报告。 报告本着客观、规范、透明和全面的原则，详细披露粤高速 2023 年在环境、社会及治理方面的工作绩效。 重要提示 本报告所披露的信息和数据均来源于粤高速总部及各子公司内部 正式文件、统计报告与年报。报告书中的财务信息以人民币为单 位。财务数据以年度财务报告为准。 公司董事会及全体董事已批准本报告，并保证本报告内容不存在 任何虚假记载、误导性陈述或重大遗漏，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。 报告边界及时间范围 报告边界为粤高速及其附属子公司，其中财务相关数据采用 2023 年年报合并财务报表范围统计口径，环境、社会、公司治 理议题相关数据统计口径涵盖公司总部以及分、子公司。 本报告时间范围是 2023 年 1 月 1 日至 2023 年 12 月 31 日（"报 告期"），部分内容及数据适当超出以上范围。报告范围与公司 2023 年年度报告范围一致。 发布周期 本报告为年度报告，其报告周期与财务报告保持一致。 编写标准 深圳证券交易所《深圳证券交易所上市公司自律 ...

广东省高速公路发展股份有限公司 未来三年股东回报规划（2024 年度—2026 年度） （经公司第十届董事会第十八会议审议通过，尚待股东大会审议） 为完善和健全科学、持续、稳定的分红决策和监督机制，积极回报投资者， 引导投资者树立长期投资和理性投资理念，广东省高速公路发展股份有限公司 （以下简称"公司）董事会根据中国证监会《上市公司监管指引第3号——上市 公司现金分红》（2023年修订）的要求，结合《深圳证券交易所上市公司规范运 作指引》以及《公司章程》对利润分配政策的相关规定，以及公司的实际情况， 制订了《未来三年股东回报规划（2024年度-2026年度）》。 第一条 制定本规划考虑的因素 （三）现金分红规划：公司根据《公司法》等有关法律法规及《公司章程》 的规定，足额提取法定公积金、任意公积金以后，在公司可供分配利润为正、且 1 现金能够满足公司持续经营和长期发展的前提下，如无重大投资计划或重大现金 支出等事项发生，公司每年应当采取现金方式分配股利，2024-2026年度现金分 配的股利应满足"每年度以现金方式分配的利润不低于当年度实现的合并报表归 属母公司所有者净利润的百分之七十"的条件。具体各个年度的 ...

Financial Performance - The company's operating revenue for 2023 reached ¥4,879,066,948.19, representing a 17.04% increase compared to ¥4,168,634,113.98 in 2022[15]. - Net profit attributable to shareholders for 2023 was ¥1,633,811,033.68, up 28.01% from ¥1,277,069,521.90 in 2022[15]. - The net profit after deducting non-recurring gains and losses was ¥1,705,099,801.05, reflecting a 30.07% increase from ¥1,311,599,314.34 in 2022[15]. - The net cash flow from operating activities for 2023 was ¥3,831,785,563.47, a significant increase of 39.24% compared to ¥2,752,026,558.38 in 2022[15]. - Basic and diluted earnings per share for 2023 were both ¥0.78, an increase of 27.87% from ¥0.61 in 2022[15]. - The weighted average return on equity for 2023 was 17.30%, up from 14.30% in 2022[15]. - Total assets at the end of 2023 amounted to ¥21,368,963,167.41, marking a 5.43% increase from ¥20,267,197,153.88 at the end of 2022[15]. - Net assets attributable to shareholders reached ¥9,847,531,855.89 at the end of 2023, an 8.50% increase from ¥9,075,877,244.12 at the end of 2022[15]. Revenue Sources - The main source of profit for the company is highway toll revenue, which is subject to approval by government authorities, making it difficult for the company to adjust toll rates based on operational costs or market demand changes[3]. - The toll revenue from the controlled highways increased year-on-year, with the Guangfo Expressway traffic volume rising by 21.72% to 94,937.1 vehicles[26]. - The revenue from the Foshan-Kaiping Expressway was approximately ¥1.52 billion, accounting for 31.18% of total revenue, with a year-on-year growth of 17.38%[28]. Investments and Projects - The company operates a total of 306.78 kilometers of controlled highways and has investments in several other highway projects[22]. - The company is focusing on the investment management of highway expansion projects to improve management levels and effective investment[25]. - The company is actively exploring high-quality investment projects in the highway sector and emerging transportation industries to accumulate development momentum[25]. - The company plans to enhance the quality of service areas and promote the construction of charging infrastructure as part of its strategic initiatives[25]. Research and Development - The company reported a decrease in research and development expenses to approximately ¥3.25 million, down from ¥14.59 million in the previous year[34]. - The company's R&D investment decreased by 55.75% to ¥6,457,084 in 2023 from ¥14,591,773 in 2022, representing only 0.13% of operating revenue[36]. - The number of R&D personnel dropped to 0 in 2023 from 25 in 2022, indicating a 100% reduction[36]. - The company has completed research on a drainage design guide for wide pavement, which aims to enhance traffic safety and reduce accidents during rainfall[35]. - A technology study on unmanned toll collection systems has been completed, improving operational efficiency and digital management of toll stations[35]. Governance and Compliance - The company maintains independent operations in business, assets, personnel, finance, and institutions, ensuring no interference from major shareholders[59]. - The company has established an independent accounting system and financial management practices, with independent bank accounts and tax obligations[59]. - The company’s governance structure complies with relevant laws and regulations, ensuring effective operation and management[58]. - The company has a clear ownership structure, with all shareholders' contributions fully in place and property rights clearly defined[59]. - The company has maintained a consistent governance structure with no directors absent for two consecutive meetings[81]. Shareholder Meetings and Decisions - The company held its 2022 Annual General Meeting on June 28, 2023, with a participation rate of 66.79%[61]. - The company approved the 2022 financial settlement report and the profit distribution plan during the 2022 Annual General Meeting[61]. - The first temporary shareholders' meeting in 2023 was held on August 23, with a participation rate of 64.41%, approving changes to the 2020 major asset restructuring performance commitment[61]. - The second temporary shareholders' meeting in 2023 took place on November 6, with a participation rate of 40.71%, approving an investment increase in the G80 Guangkun Expressway project[61]. - The third temporary shareholders' meeting in 2023 was held on December 5, with a participation rate of 65.27%, approving revisions to the independent director system and the company’s articles of association[61]. Future Outlook and Strategic Plans - The company aims for a total operating revenue of 4.714 billion RMB in 2024, with operating costs controlled within 1.791 billion RMB[54]. - The company plans to enhance strategic execution by implementing the mid-term adjustment plan of the "14th Five-Year" development plan, focusing on strategic management and resource allocation[54]. - The company will promote investment in renovation and expansion projects, ensuring funding for ongoing projects such as Guangzhu East and Jiangzhong[54]. - The company intends to innovate service area upgrades and accelerate the construction of Zhi Mountain Service Area (North District) and Yayao Service Area "micro-renovation" projects[54]. - The company will focus on post-investment empowerment and value creation for its new energy equity projects[54]. Financial Stability and Risk Management - The company has maintained a 100% loan repayment rate and interest payment rate, demonstrating strong financial stability[153]. - The company reported a significant increase in cash received from other operating activities, totaling CNY 562,750,580.32 in 2023, compared to CNY 120,557,326.45 in 2022[173]. - The company has established a complete internal control system, with 100% of the total assets and operating income of the evaluated units included in the consolidated financial statements[96]. - There were no significant internal control deficiencies identified during the reporting period, with zero major or important deficiencies reported[98]. - The audit committee confirmed that the internal control system was effective as of December 31, 2022, in all material aspects[83]. Environmental and Social Responsibility - There were no environmental penalties or major environmental issues reported during the period[101]. - The company has not disclosed any measures taken to reduce carbon emissions during the reporting period[101]. - The company has not reported any social responsibility initiatives or activities related to poverty alleviation or rural revitalization[102]. Share Capital and Ownership - The total number of shares outstanding is 2,090,806,126, with 20.99% being restricted shares[132]. - The largest shareholder, Guangdong Provincial Transportation Group Co., holds 24.56% of the shares, totaling 513,485,480 shares[136]. - The company reported a total of 48,738 common shareholders at the end of the reporting period[136]. - The company’s capital structure remains stable with no new securities issued during the reporting period[134]. Audit and Compliance - The company received a standard unqualified audit opinion for its financial statements, affirming compliance with accounting standards[154]. - The financial report was approved by the board of directors on March 15, 2024, and is based on the going concern assumption[192]. - The company has maintained its ability to continue as a going concern for at least 12 months from the reporting date[194].

广东省高速公路发展股份有限公司 二〇二三年度财务报表 审计报告 目 录 一、审计报告 永拓会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http: the first for and the state of the state of the states of the states of the states of the station of the states of the station of the states of the states of the states of the station of e and the same 二、财务报表 1. 2023年12月31日合并资产负债表及母公司资产负债表 2. 2023 年度合并利润表及母公司利润表 3. 2023 年度合并现金流量表及母公司现金流量表 4. 2023 年度合并股东权益变动表及母公司股东益变动表 5. 2023 年度财务报表附注 会计师事务所(特殊普通合伙) ertified Public Accountants 计 告 报 目 永证审字(2024)第110002 号 广东省高速公路发展 ...