| 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 ...

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].

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） 2023 年第一季度報告 | --- | |--------------------------------------------------------------------------------| | | | 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.09(2) 、 13.10B 條及相關要 | | 求項下的披露責任而作出。 | | 本報告乃依照中國證券監督管理委員會及上海證券交易所關於上市公司季度報告信 | | 息披露的有關規定編製。本報告所載的財務數據未經審計。本公司股東及公眾投資者 | | 在買賣本公司股份時應審慎操作。 | 一、 重要提示 1.1 深圳高速公路集團股份有限公司（「本公司」或「公司」，與其附屬公司統稱為「本 集團）或「集團」）董事會、監事會及董事、監事、高級管理人員保證季度報告內 容的真實 ...

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].

Financial Performance - Operating revenue for Q3 2022 was RMB 2.42 billion, an increase of 5.45% compared to RMB 2.41 billion in Q3 2021[6] - Net profit attributable to shareholders for Q3 2022 was RMB 716.68 million, a significant increase of 62.46% from RMB 708.36 million in Q3 2021[6] - Basic earnings per share for Q3 2022 rose by 66.78% to RMB 0.307 from RMB 0.303 in Q3 2021[7] - Total operating revenue for the first nine months of 2022 reached RMB 6,646,320,880.31, a slight increase from RMB 6,639,420,774.92 in the same period of 2021[24] - Operating profit for the first nine months of 2022 was RMB 2,523,926,856.20, compared to RMB 2,512,432,877.06 in the previous year, indicating a stable performance[24] - Net profit attributable to shareholders of the parent company was RMB 2,012,856,197.18, up from RMB 1,925,284,133.25 in the same period last year, reflecting a growth of approximately 4.5%[25] - Basic and diluted earnings per share for the first nine months of 2022 were both RMB 0.859, compared to RMB 0.819 in the same period of 2021, showing an increase of 4.9%[25] - The total comprehensive income attributable to shareholders of the parent company was RMB 1,067,425,878.93, down from RMB 2,217,618,067.71 in the same period last year, reflecting market fluctuations[25] - The company reported a significant increase in financial expenses, totaling RMB 1,122,762,658.29, compared to RMB 722,953,292.23 in the previous year, which may impact future profitability[24] Assets and Liabilities - Total assets as of September 30, 2022, were RMB 69.95 billion, a decrease of 3.25% from RMB 72.30 billion as of December 31, 2021[4] - Net assets attributable to shareholders of the listed company decreased by 13.56% to RMB 22.10 billion from RMB 25.56 billion[4] - Total liabilities increased to RMB 42,473,497,058.48 from RMB 40,772,361,268.89, reflecting a growth of about 4.2%[23] - The company's total equity decreased to RMB 27,478,449,722.47 from RMB 31,532,573,897.70, representing a decrease of about 12.8%[23] - As of September 30, 2022, total current assets decreased to RMB 9,893,635,724.02 from RMB 11,282,262,306.50 as of December 31, 2021, representing a decline of approximately 17.5%[22] - The company's cash and cash equivalents decreased to RMB 4,965,383,934.19 from RMB 5,948,688,887.14, a reduction of approximately 16.5%[22] - Long-term receivables increased significantly to RMB 2,143,500,277.19 from RMB 1,116,297,854.71, marking an increase of about 92.0%[22] - The total non-current assets decreased slightly to RMB 60,058,311,056.93 from RMB 61,022,672,860.09, a decline of approximately 1.6%[22] - Inventory increased to RMB 1,486,408,931.62 from RMB 1,338,820,859.08, reflecting an increase of approximately 11.0%[22] - The total amount of contract liabilities decreased to RMB 166,076,853.82 from RMB 219,246,400.33, a decline of approximately 24.2%[23] Cash Flow - Cash flow from operating activities for the first nine months of 2022 was RMB 2.58 billion, a slight decrease of 4.52% from RMB 2.66 billion in the same period of 2021[5] - Cash flow from operating activities generated RMB 2,587,314,668.15, an increase from RMB 2,475,319,558.21 in the previous year, indicating improved operational efficiency[26] - Cash flow from investing activities showed a net outflow of RMB 2,554,941,491.53, compared to a net outflow of RMB 1,880,243,418.44 in the same period last year, highlighting increased investment activities[26] - Cash flow from financing activities resulted in a net outflow of RMB 1,106,442,440.92, contrasting with a net inflow of RMB 910,620,038.91 in the previous year, indicating changes in financing strategies[26] - The company's cash and cash equivalents at the end of the period were RMB 4,481,323,832.32, down from RMB 5,078,125,172.60 at the end of the previous year, indicating a decrease in liquidity[26] Shareholder Information - The total number of shareholders is 18,907, with 18,661 A-share shareholders and 246 H-share shareholders[12] - The top three shareholders hold significant stakes: HKSCC NOMINEES LIMITED at 33.47% (729,988,042 shares), Xintong Industrial Development (Shenzhen) Co., Ltd. at 30.03% (654,780,000 shares), and Shenzhen Shengan Highway Development Co., Ltd. at 18.87% (411,459,887 shares)[12] Project and Investment Activities - The company acquired a 10% stake in Nanjing Sanqiao, increasing its ownership from 25% to 35%, with the transaction valued at approximately RMB 175 million[15] - The total operating revenue from organic waste treatment projects for the first three quarters of 2022 was RMB 117.22 million, with a total treatment volume of 241.62 thousand tons[16] - The Guizhou project of the organic waste treatment had a treatment volume of 28.77 thousand tons and generated operating revenue of RMB 21.44 million from July to September 2022[16] - The company has a 40% stake in the Shuiguan Extension project, which reported daily toll revenue of RMB 205,000 for the period of July to September 2022[14] - The average daily toll revenue for the Guangzhou West Second Ring was RMB 1.31 million, with a 25% ownership stake[14] - The company’s total revenue from the organic waste treatment projects in the first nine months of 2022 was RMB 318.50 million, reflecting a significant operational scale[16] - The average daily toll revenue for the Guangshen Expressway was RMB 7.32 million, with a 45% ownership stake[14] - The company reported a total revenue of RMB 177,404.30 thousand for the Baotou South Wind project in Q3 2022, with a total of 515,129.97 thousand for the first nine months of 2022[18] - Xinjiang Mulei project generated RMB 222,253.60 thousand in revenue for Q3 2022, totaling RMB 632,157.80 thousand for the first nine months of 2022[18] - The company signed a PPP contract for the Jihe Expressway expansion project with a total investment of approximately RMB 43.29 billion, with a construction subsidy of RMB 15 billion from the Shenzhen government[20] - The company plans to invest approximately RMB 12.65 billion annually based on performance evaluations for the operational phase of the Jihe Expressway project[20] Capital Management - The company completed a capital reduction process in the reporting period, impacting previous year's capital surplus[9] - The company issued RMB 4 billion perpetual bonds in 2020, affecting the calculation of earnings per share and return on net assets[8] - The company completed a capital reduction of RMB 3.8 billion for the Yangjiang company, reducing its registered capital from RMB 6.6 billion to RMB 2.8 billion[19] - The company and Vanke Group hold 34.3% and 65.7% stakes in United Land, respectively, and have decided to reduce capital by RMB 3.3 billion to improve capital efficiency[19] - The company issued short-term financing bonds totaling RMB 5 billion with a maturity of 270 days and an interest rate of 1.72%[20] - The company has invested RMB 5.09 billion in wealth management products, with an expected return of RMB 2,237.287 thousand during the reporting period[21]

Financial Performance - The company reported a revenue of 1.5 billion RMB for the first half of 2022, representing a year-on-year increase of 10%[6]. - The company's operating revenue for the first half of 2022 was approximately RMB 4.09 billion, a decrease of 2.96% compared to RMB 4.22 billion in the same period of 2021[67]. - Net profit attributable to shareholders for the first half of 2022 was approximately RMB 848.55 million, down 29.79% from RMB 1.21 billion in the previous year[67]. - The company achieved a total revenue of approximately RMB 4.094 billion in the first half of 2022, representing a year-on-year decrease of about 2.96%[91]. - The company reported a net profit attributable to shareholders of RMB 848,549 thousand for the first half of 2022, a decrease of 29.79% compared to RMB 1,208,604 thousand in the same period of 2021[126]. - Operating revenue for the first half of 2022 was RMB 4,094,094 thousand, down 2.96% from RMB 4,219,156 thousand in the previous year[127]. - The overall gross margin for toll road operations was 47.70%, down 2.42 percentage points year-on-year, due to reduced toll income while operational costs remained stable[136]. User Engagement and Market Expansion - User data showed an increase in active users by 15% compared to the same period last year, reaching 2 million active users[6]. - The company expects a revenue growth of 12% for the second half of 2022, driven by new product launches and market expansion strategies[6]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by the end of 2023[6]. - The company has launched a new digital platform aimed at improving user engagement, with initial feedback indicating a 30% increase in user satisfaction[6]. Investment and Development - Investment in new technology development increased by 20% in the first half of 2022, focusing on smart transportation solutions[6]. - A strategic acquisition of a local competitor is anticipated to be completed by Q4 2022, expected to enhance operational efficiency[6]. - The company is involved in various infrastructure projects, including the construction of the Qinglian Expressway, which connects Qingyuan to Lianzhou[29]. - The company has invested in 17 highway projects, with a total mileage of approximately 712 kilometers, of which 5.7 kilometers are still under construction[67]. - The company is actively engaged in the planning and design of the third phase of the Outer Ring Expressway, which is approximately 16.8 kilometers long[29]. Financial Management and Strategy - The company has set a target to achieve a net profit margin of 15% by the end of 2022, up from 12% in the previous year[6]. - The company has maintained a high credit rating and established good relationships with financial institutions, ensuring smooth financing channels for development[90]. - The company is focusing on innovation in business models, including government procurement of toll road services and PPP cooperation for new projects, to meet both government and commercial objectives[90]. - The company plans to utilize self-funding and bank loans to meet capital expenditure needs[161]. Environmental and Infrastructure Initiatives - The company is actively expanding its operations in the environmental sector, with a focus on solid waste resource processing and clean energy projects[75]. - The company is involved in the construction of the Deep-Shan Ecological Environment Technology Industrial Park, which includes infrastructure and supporting projects[29]. - The company is focused on expanding its logistics capabilities to align with the national "14th Five-Year" transportation plan, aiming for a modern comprehensive transportation system by 2035[58][59]. - The company is exploring new business models in the toll road industry, including professional road maintenance services to enhance operational efficiency[80]. Challenges and Economic Outlook - Future outlook remains positive, with management confident in achieving the annual revenue target of 3 billion RMB for 2022[6]. - In the first half of 2022, China's GDP reached 56.26 trillion yuan, with a year-on-year growth of 2.5%, indicating a challenging economic environment but a potential stabilization in the second half of the year[79]. - The overall toll revenue from the group's toll road projects decreased year-on-year due to the adverse impact of the domestic pandemic and government control measures, which reduced logistics and public transport demand[95]. Acquisitions and Partnerships - The group completed the acquisition of Bay Area Development, indirectly holding interests in Guangshen Expressway and Xixian Expressway, further consolidating its toll road asset scale[81]. - The company completed the acquisition of 100% equity in Shenzhen Investment Control Infrastructure, indirectly holding approximately 71.83% of Bay Area Development, which includes profit-sharing rights for the Xixian Expressway and Guangshen Expressway[94]. - The company has acquired subsidiaries through business combinations under common control, including Shenzhen Investment Control Infrastructure, and through business combinations not under common control, including Lise Environmental Protection[179]. Financial Position and Liabilities - As of June 30, 2022, the company's total assets were approximately RMB 72.21 billion, a slight decrease of 0.14% from RMB 72.30 billion at the end of 2021[67]. - The group's interest-bearing liabilities increased by approximately 9.23% to CNY 33,216,533 thousand as of June 30, 2022, compared to CNY 30,409,335 thousand at the end of 2021, primarily due to payments for equity acquisitions[150]. - The company's debt-to-asset ratio increased to 60.94% from 56.39% year-over-year[158]. - The company has pledged assets totaling approximately 19.39 billion CNY for a fixed asset loan with China Industrial and Commercial Bank[154]. Operational Efficiency and Cost Management - Operating expenses were reduced by 5% due to improved cost management strategies implemented in early 2022[6]. - The company reported a decrease in operating costs to RMB 2,501,187 thousand, an increase of 4.69% from RMB 2,389,157 thousand in the previous year[127]. - The company aims to enhance operational management and risk control of Lande Environmental to improve its profitability[107]. Research and Development - The company has established a digital technology company with a 51% stake, focusing on digitalization in transportation infrastructure and clean energy[125]. - The company reported an increase in R&D expenditures, reflecting a focus on new product and technology development[153].

[Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) [Company Profile and Key Financial Indicators](index=10&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=10&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) Shenzhen Expressway Company Limited (SZEC) is a Shenzhen-registered joint-stock company, with its A-shares and H-shares listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange respectively Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-shares | Shanghai Stock Exchange | Shenzhen Expressway | 600548 | | H-shares | The Stock Exchange of Hong Kong Limited | Shenzhen Expressway Company Limited | 00548 | [Main Business and Corporate Structure](index=11&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E4%B8%8E%E5%85%AC%E5%8F%B8%E6%9E%B6%E6%9E%84) The company's core businesses include toll roads and environmental protection, covering investment, construction, operation, and management, alongside extended services like construction and operation management - The company's main businesses are investment, construction, and operation management of toll roads and major environmental protection businesses (solid waste resource utilization, clean energy)[23](index=23&type=chunk) - As of the reporting date, the Group operates and invests in **17 highway projects**, with an attributable mileage of approximately **712 km**; it also invests in **16 environmental, clean energy, and financial projects**[23](index=23&type=chunk) - The company's largest shareholder is **Xintongchan Company** (holding approximately **30.03%** of shares), with **Shenzhen International** as the indirect controlling shareholder (indirectly holding over **50%**)[23](index=23&type=chunk) [Key Accounting Data and Financial Indicators](index=13&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2022, the company's operating revenue decreased by **2.96%** to **RMB 4.09 billion**, and net profit attributable to shareholders significantly dropped by **29.79%** to **RMB 849 million**, primarily due to pandemic impacts and exchange rate fluctuations H1 2022 Key Accounting Data (Unit: RMB) | Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,094,093,645.65 | 4,219,156,183.22 | -2.96 | | Net Profit Attributable to Shareholders of Listed Company | 848,549,138.56 | 1,208,603,816.90 | -29.79 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 758,925,627.05 | 1,138,473,872.55 | -33.34 | | Net Cash Flow from Operating Activities | 1,592,514,611.01 | 1,566,271,291.26 | 1.68 | | **Indicator** | **Current Period End** | **Prior Year End (Adjusted)** | **YoY Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 22,494,990,772.83 | 25,560,589,952.65 | -11.99 | | Total Assets | 72,205,202,609.00 | 72,304,935,166.59 | -0.14 | H1 2022 Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.347 | 0.512 | -32.23% | | Basic EPS (Excluding Non-recurring Items) (RMB/share) | 0.306 | 0.480 | -36.25% | | Weighted Average Return on Net Assets (%) | 3.89 | 5.45 | Decreased by 1.56 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | 3.43 | 5.11 | Decreased by 1.68 percentage points | - Due to the inclusion of **Shenzhen Investment Holdings Infrastructure** through a business combination under common control in January 2022, the company retrospectively adjusted consolidated financial statement data for prior years[27](index=27&type=chunk) [Non-recurring Gains and Losses and Amounts](index=14&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 89.62 million**, primarily driven by **RMB 111 million** in fair value changes from financial assets H1 2022 Non-recurring Gains and Losses (Unit: RMB) | Non-recurring Gain/Loss Item | Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 4,830,762.65 | | Government Grants | 7,806,721.40 | | Gains/Losses from Fair Value Changes of Financial Assets Held for Trading | 110,627,475.53 | | Other Non-operating Income and Expenses | 4,205,279.19 | | Net Profit/Loss of Subsidiaries from Beginning of Period to Acquisition Date under Common Control | -4,489,534.28 | | Less: Income Tax Impact | 31,661,755.93 | | Less: Impact on Minority Interests (After Tax) | 2,237,287.73 | | **Total** | **89,623,511.51** | [Management Discussion and Analysis](index=16&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Business Overview and Industry Analysis](index=16&type=section&id=%E4%B8%9A%E5%8A%A1%E6%A6%82%E5%86%B5%E4%B8%8E%E8%A1%8C%E4%B8%9A%E5%88%86%E6%9E%90) The company pursues a dual-core strategy in toll roads and environmental protection, benefiting from national infrastructure plans and 'dual carbon' goals, with broad market opportunities - The company's main businesses are toll roads and major environmental protection, having established multiple business platforms including urban infrastructure, environmental protection, operations, construction, and new energy[33](index=33&type=chunk) - Toll road industry: The national '14th Five-Year Plan' promotes expansion and renovation of busy road sections and market-oriented maintenance, presenting development opportunities for the company[36](index=36&type=chunk) - Major environmental protection business: The solid waste resource utilization industry benefits from 'waste-free city' construction, and the clean energy industry sees stable development under 'dual carbon' targets, both being key strategic directions for the company[39](index=39&type=chunk)[40](index=40&type=chunk) [Core Competitiveness Analysis](index=20&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include its position as a state-owned infrastructure platform in the Greater Bay Area, strong integrated project management, continuous innovation, and robust financing capabilities - **Greater Bay Area State-owned Platform Advantage**: As a Shenzhen state-owned platform, the company benefits from 'dual zone' construction opportunities and secures core road assets like Guang-Shen Expressway through controlling **Greater Bay Area Development**[42](index=42&type=chunk)[43](index=43&type=chunk) - **Integrated Management Capability**: Accumulated rich experience in investment, construction, and operation of heavy-asset, concession-based businesses (highways, environmental protection), forming upstream and downstream industry chain synergy[43](index=43&type=chunk) - **Innovation Capability**: Continuous innovation in business models (e.g., PPP), technology applications (e.g., smart highways), and strategic transformation (entering the major environmental protection industry)[44](index=44&type=chunk) - **Strong Financing Platform**: Possesses A+H share listing platforms and added **Greater Bay Area Development** as an overseas financing platform, with high credit ratings and smooth financing channels[44](index=44&type=chunk) [Operating Performance Discussion and Analysis](index=22&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%BA%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) H1 2022 saw toll road revenue decline due to pandemic impacts, while environmental protection business advanced steadily with increased organic waste treatment capacity and expanded clean energy operations H1 2022 Revenue Composition | Revenue Category | Amount (RMB Billion) | Proportion of Total Revenue | | :--- | :--- | :--- | | Toll Revenue | 2.41 | 58.87% | | Environmental Business Revenue | 0.84 | 20.42% | | Other Revenue | 0.85 | 20.71% | | **Total** | **4.09** | **100.00%** | [Toll Road Business](index=22&type=section&id=%E6%94%B6%E8%B4%B9%E5%85%AC%E8%B7%AF%E4%B8%9A%E5%8A%A1) Toll road revenue declined due to pandemic-related traffic reductions, though some projects saw growth from new openings or upgrades, while the company expanded its core road asset portfolio H1 2022 Key Toll Road Operating Data | Toll Road | Average Daily Mixed Traffic Volume (Thousand Vehicles/Day) | Average Daily Toll Revenue (RMB Thousands) | | :--- | :--- | :--- | | **Shenzhen Area** | | | | Outer Ring Project | 221 | 2,434 | | Jihe East Section | 267 | 1,665 | | Shuiguan Expressway | 221 | 1,500 | | **Other Areas** | | | | Guang-Shen Expressway | 507 | 6,214 | | West Line Expressway | 215 | 2,918 | | Qinglian Expressway | 44 | 1,713 | - Outer Ring Phase II opened on January 1, 2022, creating a through-route effect with Phase I, positively impacting overall project operations[49](index=49&type=chunk)[55](index=55&type=chunk) - Guanglian Expressway's opening at the end of 2021 diverted traffic from Qinglian Expressway, leading to a significant year-on-year decrease in its toll revenue[51](index=51&type=chunk) - Yangmao Expressway completed its expansion and renovation at the end of 2021, improving traffic capacity and increasing toll rates, resulting in a significant year-on-year increase in toll revenue[51](index=51&type=chunk) - Completed the acquisition of **Shenzhen Investment Holdings Infrastructure**, indirectly holding approximately **71.83%** of **Greater Bay Area Development** shares, thereby acquiring interests in Guang-Shen Expressway and West Line Expressway, consolidating regional market share[56](index=56&type=chunk) [Major Environmental Protection Business](index=27&type=section&id=%E5%A4%A7%E7%8E%AF%E4%BF%9D%E4%B8%9A%E5%8A%A1) The environmental protection segment expanded significantly, with organic waste treatment capacity exceeding **6,000 tons/day** through strategic acquisitions and investments, while clean energy operations grew to **648 MW** - Increased capital contribution to **Land Environmental Protection** to **RMB 1.55 billion**, raising its shareholding from **67.14%** to **85.17%**, enhancing its business expansion capabilities[60](index=60&type=chunk) - Acquired **70%** equity of **Lisai Environmental Protection**, gaining exclusive concession rights for kitchen waste treatment in Longhua District, Shenzhen, boosting market share in the Shenzhen area[62](index=62&type=chunk) - As of the end of the reporting period, the Group's designed organic waste treatment capacity exceeded **6,000 tons/day**, ranking among the top in the domestic industry[39](index=39&type=chunk) H1 2022 Wind Power Project Operating Data | Project | Group Equity Ratio | On-grid Power (MWh) | Operating Revenue (RMB Thousands) | | :--- | :--- | :--- | :--- | | Baotou Nanfeng Project | 100% | 337,725.67 | 115,580.5 | | Xinjiang Mulei Project | 100% | 409,904.20 | 192,064.9 | | Yongcheng Zhuneng Project | 100% | 45,560.66 | 24,191.6 | | Zhongwei Gantang Project | 100% | 53,380.17 | 25,588.8 | [Entrusted Management and Other Infrastructure Development](index=30&type=section&id=%E5%A7%94%E6%89%98%E7%AE%A1%E7%90%86%E5%8F%8A%E5%85%B6%E4%BB%96%E5%9F%BA%E7%A1%80%E8%AE%BE%E6%96%BD%E5%BC%80%E5%8F%91) The company actively engaged in entrusted construction and management, securing a **RMB 290 million** contract for 'Four Roads' maintenance, while prudently advancing land development projects and recovering **RMB 1.13 billion** from a joint venture - Entrusted construction business: Duohua Bridge project completed approximately **94%** of its physical progress; Bimeng Garden resettlement community project completed approximately **67%**[73](index=73&type=chunk) - Entrusted management business: Successfully renewed the comprehensive maintenance project for 'Four Roads' (Nanguang, Yanpai, Yanba, Longda Shenzhen Section), with a 3-year contract period and a total contract value of approximately **RMB 290 million**[74](index=74&type=chunk) - Land development: Guizhou 'Youshan Meishu' project has some commercial and residential units for sale and under construction; Meilincun urban renewal project residential units are sold out, and a capital reduction of **RMB 1.13 billion** was initiated to recover investment[76](index=76&type=chunk)[77](index=77&type=chunk) [Financial Position Analysis](index=34&type=section&id=%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) H1 2022 net profit declined by **29.79%** due to reduced toll revenue and a **64.02%** increase in financial expenses from exchange rate fluctuations, while interest-bearing debt rose by **9.23%** to **RMB 33.22 billion** Financial Statement Key Item Variation Analysis (Unit: RMB Thousands) | Item | Current Period Amount | Prior Year Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,094,094 | 4,219,156 | -2.96 | | Operating Cost | 2,501,187 | 2,389,157 | 4.69 | | Financial Expenses | 718,156 | 437,859 | 64.02 | | Investment Income | 338,910 | 546,208 | -37.95 | | Income Tax Expense | 191,640 | 364,212 | -47.38 | - Financial expenses significantly increased by **64.02%** year-on-year, primarily due to exchange losses on foreign currency-denominated debts caused by exchange rate fluctuations[84](index=84&type=chunk)[99](index=99&type=chunk) - Investment income decreased by **37.95%** year-on-year, mainly due to reduced income from joint/associate toll road enterprises affected by the pandemic, and a higher base from Derun Environment in the prior year[102](index=102&type=chunk) - As of June 30, 2022, the Group's total interest-bearing debt was **RMB 33.22 billion**, an increase of **9.23%** from the beginning of the year, primarily due to increased borrowings for the acquisition of **Shenzhen Investment Holdings Infrastructure** equity[110](index=110&type=chunk) Capital Structure and Solvency Indicators | Key Indicator | Current Period End | Prior Year End (Restated) | | :--- | :--- | :--- | | Asset-Liability Ratio | 60.94% | 56.39% | | Net Debt-to-Equity Ratio | 98.26% | 79.13% | | Interest Coverage Ratio (times) | 2.94 | 4.10 | [Outlook and Plans](index=53&type=section&id=%E5%89%8D%E6%99%AF%E8%AE%A1%E5%88%92) In H2 2022, the company plans to strengthen its dual-core strategy by integrating toll road operations with **Greater Bay Area Development**, advancing key projects, expanding environmental protection and clean energy businesses, and optimizing financing channels - **Toll Roads**: Enhance refined operations, deeply integrate **Greater Bay Area Development** businesses, and advance preliminary work for projects like Jihe Expressway expansion and Outer Ring Phase III[149](index=149&type=chunk) - **Major Environmental Protection**: Deepen focus on solid waste resource utilization and clean energy, high-quality completion of **Guangming Environmental Park** project, increase development and M&A of wind and solar power projects, and build an integrated clean energy system[149](index=149&type=chunk)[150](index=150&type=chunk) - **Financial Management**: Broaden financing channels, ensure funding for investment expansion and project construction, reduce financing costs, and ensure financial security[150](index=150&type=chunk) [Corporate Governance](index=55&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) [Shareholders' Meetings and Executive Changes](index=55&type=section&id=%E8%82%A1%E4%B8%9C%E5%A4%A7%E4%BC%9A%E4%B8%8E%E9%AB%98%E7%AE%A1%E5%8F%98%E5%8A%A8) The company held its 2021 Annual General Meeting on June 30, 2022, approving key resolutions, while Ms. Chen Haishan retired from the board and Ms. Gong Taotao resigned as Board Secretary - One shareholders' meeting (2021 Annual General Meeting) was held in H1 2022, approving **11 proposals** including 2021 final dividend, director changes, and bond issuance authorization[151](index=151&type=chunk)[152](index=152&type=chunk) - Board members changed, with Ms. Chen Haishan retiring and Mr. Lv Dawei elected as a new director[153](index=153&type=chunk)[155](index=155&type=chunk) - Board Secretary changed, with Ms. Gong Taotao resigning and Ms. Zhao Guiping, the company's Chief Accountant, concurrently assuming the role[153](index=153&type=chunk)[155](index=155&type=chunk) [Profit Distribution Plan](index=56&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%96%B9%E6%A1%88) The Board recommended no interim dividend for 2022 and no capital reserve conversion, while the 2021 annual profit distribution of **RMB 0.62** per share (tax inclusive) totaling **RMB 1.35 billion** was completed - The Board recommended no interim dividend for 2022 and no conversion of capital reserves into share capital[3](index=3&type=chunk)[156](index=156&type=chunk) - The 2021 annual profit distribution plan has been implemented, distributing a cash dividend of **RMB 0.62** per share (tax inclusive), totaling **RMB 1.352 billion**[157](index=157&type=chunk) [Environmental and Social Responsibility](index=59&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) [Environmental Protection and Carbon Reduction](index=59&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%9D%E6%8A%A4%E4%B8%8E%E7%A2%B3%E5%87%8F%E6%8E%92) The company actively promotes environmental protection and carbon reduction through investments in wind power, energy-efficient lighting, and solar water heaters, processing **401,180 tons** of kitchen waste during the period - The company promotes energy conservation and emission reduction through investments in wind power, use of energy-efficient LED lights, and adoption of solar water heaters[167](index=167&type=chunk) - During the reporting period, the company processed **401,180 tons** of kitchen waste[167](index=167&type=chunk) [Social Responsibility and Rural Revitalization](index=59&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E4%B8%8E%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4) The company actively fulfills its social responsibility by purchasing **RMB 1.21 million** in poverty alleviation products and successfully branding 'Daan Garlic' as a nationally recognized agricultural product - As of June 30, 2022, the company purchased **RMB 1.2131 million** in poverty alleviation products, supporting development in impoverished areas[168](index=168&type=chunk) - The company successfully created the 'Daan Garlic' poverty alleviation brand, which was included in the second batch of national famous, special, excellent, and new agricultural products list in 2021[169](index=169&type=chunk) [Significant Matters](index=61&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=61&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company and related parties fulfilled all commitments, notably resolving the non-compete pledge from controlling shareholder **Shenzhen Investment Holdings** through the acquisition of **Shenzhen Investment Holdings Infrastructure** - To resolve the non-compete commitment, the company completed the acquisition of **100%** equity of **Shenzhen Investment Holdings Infrastructure** on January 11, 2022, thereby indirectly controlling **Greater Bay Area Development** and acquiring interests in Guang-Shen Expressway and other road assets[173](index=173&type=chunk) [Material Litigation and Related Party Transactions](index=62&type=section&id=%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E4%B8%8E%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no material litigation, but engaged in significant related party transactions, including the **HKD 10.48 billion** acquisition of **Shenzhen Investment Holdings Infrastructure** and a **RMB 1.13 billion** capital reduction from **United Land** - The company has no material litigation or arbitration matters; subsidiaries **Nanjing Wind Power** and **Land Environmental Protection** are involved in several contract disputes, which are still being processed[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk) - Completed the acquisition of **Shenzhen Investment Holdings Infrastructure** from a related party, with a total cost not exceeding **HKD 10.479 billion**; the transaction was completed on January 11, 2022[179](index=179&type=chunk) - A capital reduction was performed on related party **United Land**, with the company recovering approximately **RMB 1.132 billion**; this capital reduction has been completed[179](index=179&type=chunk) [Material Contracts and Guarantees](index=66&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E4%B8%8E%E6%8B%85%E4%BF%9D) As of the period end, the company's total guarantees amounted to **RMB 4.54 billion**, representing **20.18%** of net assets, with all guarantees executed in compliance and no overdue situations Guarantees at Period End (Unit: RMB Million) | Guarantee Category | Guarantee Balance at Period End | | :--- | :--- | | External Guarantees (Excluding Subsidiaries) | 1,349.95 | | Guarantees to Subsidiaries | 3,190.53 | | **Total Guarantees** | **4,540.48** | | Total Guarantees as % of Company's Net Assets | 20.18% | [Other Significant Matters](index=73&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company issued **RMB 1.5 billion** in corporate bonds and **RMB 2 billion** in short-term notes, adjusted its strategy to have **Greater Bay Area Development** acquire **51%** of **Yanjiang Company**, and completed several other equity acquisitions and capital increases - Issued **RMB 1.5 billion** in 7-year corporate bonds ('22 Shengao 01') with a coupon rate of **3.18%**[197](index=197&type=chunk) - Issued two tranches of super short-term financing bonds, totaling **RMB 2 billion**, with coupon rates of **2.12%** and **2.00%** respectively[197](index=197&type=chunk) - Canceled the plan to absorb and merge **Yanjiang Company**, adjusting to have **Greater Bay Area Development** increase capital in **Yanjiang Company** by **RMB 2.998 billion**, after which **Greater Bay Area Development** will hold **51%** of **Yanjiang Company**'s equity[199](index=199&type=chunk)[200](index=200&type=chunk) [Share Changes and Shareholder Information](index=77&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Shareholder Information](index=77&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company's total share capital remained **2.181 billion shares** across **18,492 shareholders**, with **HKSCC NOMINEES LIMITED**, **Xintongchan Company**, and **Shenzhen Guanghui Highway Development** as the top three shareholders Top Ten Shareholders' Shareholdings at Period End | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | HKSCC NOMINEES LIMITED | 730,014,042 | 33.48 | Overseas Legal Person | | Xintongchan Industrial Development (Shenzhen) Co., Ltd. | 654,780,000 | 30.03 | State-owned Legal Person | | Shenzhen Guanghui Highway Development Co., Ltd. | 411,459,887 | 18.87 | State-owned Legal Person | | China Merchants Highway Network Technology Holdings Co., Ltd. | 91,092,743 | 4.18 | State-owned Legal Person | | Guangdong Road and Bridge Construction Development Co., Ltd. | 61,948,790 | 2.84 | State-owned Legal Person | - **Xintongchan Company** and **Shenzhen Guanghui Company** are related parties under common control of **Shenzhen International**[212](index=212&type=chunk) [Bond-Related Information](index=81&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Overview of Outstanding Bonds](index=81&type=section&id=%E5%AD%98%E7%BB%AD%E5%80%BA%E5%88%B8%E6%A6%82%E8%A7%88) As of the reporting period end, the company maintained a diverse portfolio of outstanding bonds and debt financing instruments, including corporate bonds and super short-term notes, with new issuances totaling **RMB 3.5 billion** Overview of Key Outstanding Bonds and Debt Financing Instruments (Unit: RMB Billion) | Abbreviation | Code | Bond Balance | Interest Rate (%) | Maturity Date | | :--- | :--- | :--- | :--- | :--- | | 07 Shenzhen Expressway Bond | 078037 | 0.80 | 5.50 | 2022/07/31 | | 20 Shengao 01 | 163300.SH | 1.40 | 3.05 | 2025/03/20 | | G20 Shengao 1 | 175271.SH | 0.80 | 3.65 | 2025/10/22 | | G21 Shengao 1 | 175979.SH | 1.20 | 3.49 | 2026/04/19 | | 21 Shengao 01 | 188451.SH | 1.00 | 3.35 | 2026/07/27 | | 22 Shengao 01 | 185300.SH | 1.50 | 3.18 | 2029/01/20 | | 18 Shenzhen Expressway MTN002 | 101800882 | 0.80 | 4.49 | 2023/08/15 | | 22 Shenzhen Expressway SCP001 | 012280888 | 1.00 | 2.12 | 2022/09/02 | | 22 Shenzhen Expressway SCP002 | 012281995 | 1.00 | 2.00 | 2023/02/27 | [Financial Report](index=88&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Consolidated Financial Statements](index=88&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) As of June 30, 2022, the company reported total assets of **RMB 72.21 billion**, total liabilities of **RMB 44.00 billion**, and net assets attributable to parent company of **RMB 22.50 billion**, with H1 operating revenue of **RMB 4.09 billion** and net profit of **RMB 880 million** Consolidated Income Statement Core Data (Jan-Jun 2022) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 4,094,093,645.65 | | Total Operating Cost | 3,467,660,986.71 | | Investment Income | 338,909,623.64 | | Operating Profit | 1,067,282,719.24 | | Total Profit | 1,071,487,998.43 | | Net Profit | 879,848,262.33 | | Net Profit Attributable to Parent Company Shareholders | 848,549,138.56 | Consolidated Cash Flow Statement Core Data (Jan-Jun 2022) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 1,592,514,611.01 | | Net Cash Flow from Investing Activities | (2,621,719,346.50) | | Net Cash Flow from Financing Activities | 1,016,160,256.48 | | Net Increase in Cash and Cash Equivalents | 50,040,346.21 | [Notes to Financial Statements (Selected)](index=100&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8%EF%BC%88%E8%8A%82%E9%80%89%EF%BC%89) Notes detail accounting policies, including the traffic-flow method for toll road concession amortization, equity method for investments in associates, and segment information highlighting tolling as the primary profit driver - Toll road concession rights, classified as intangible assets, are amortized using the traffic-flow method, requiring management to regularly review and adjust the unit amortization amount based on projected total traffic volume[329](index=329&type=chunk) Book Value of Major Associates' Investments at Period End (Unit: RMB) | Investee | Balance at Period End | | :--- | :--- | | Derun Environment | 5,063,080,829.44 | | Guang-Shen-Zhu Expressway Co., Ltd. | 5,743,481,046.26 | | Guangdong Guangzhu West Line Expressway Co., Ltd. | 3,678,996,482.20 | | Shenzhen International United Land Co., Ltd. | 1,230,568,579.64 | H1 2022 Segment Financial Information (Unit: RMB) | Item | Toll Business | Major Environmental Protection Business | Other | Total | | :--- | :--- | :--- | :--- | :--- | | Revenue from External Transactions | 2,410,155,296.36 | 836,209,660.64 | 847,728,688.65 | 4,094,093,645.65 | | Total Profit | 1,164,210,639.65 | 166,163,326.77 | (429,121,051.13) | 1,071,487,998.43 | | Total Assets | 43,129,457,888.09 | 18,855,735,991.82 | 8,152,165,718.65 | 72,205,202,609.00 |