Revenue and Financial Performance - Net toll revenue increased by 26% year-on-year to approximately RMB 1.23 billion, driven by the recovery of domestic transportation volume and the economic stability of cities along the highways [2]. - The total revenue for the group for the six months ended June 30, 2023, was RMB 1.26 billion, representing a year-on-year increase of 27% [24]. - For the six months ended June 30, 2023, total revenue was RMB 444,125,000, an increase from RMB 352,977,000 in the same period last year, reflecting a growth of approximately 26% [50]. - The profit before tax decreased to RMB 272,728,000 from RMB 311,504,000 year-on-year, representing a decline of about 12.5% [50]. - The net profit for the period was RMB 225,139,000, slightly down from RMB 232,597,000 in the previous year, showing a decrease of approximately 3.2% [50]. - The net profit attributable to equity shareholders decreased by 16% year-on-year to approximately RMB 172 million, primarily due to increased financial costs [2]. - The company's share of joint venture profits increased to RMB 218,917,000, up from RMB 208,727,000 year-on-year [79]. Toll Revenue and Traffic Volume - Average daily toll revenue for the Guangshen Expressway grew by 27% to approximately RMB 7.69 million, with average daily mixed traffic volume increasing by 24% to 627,000 vehicles [4]. - Average daily toll revenue for the Guangzhu West Line Expressway rose by 20% to approximately RMB 3.41 million, with average daily mixed traffic volume up by 22% to 262,000 vehicles [4]. - Average daily toll revenue for the Yanjiang Expressway (Shenzhen section) increased by 29% to approximately RMB 1.64 million, with average daily mixed traffic volume rising by 39% to 182,000 vehicles [4]. - In the first half of 2023, the total toll revenue for the Guangzhou-Shenzhen Expressway was approximately RMB 1.391 billion, with daily toll revenue and mixed traffic volume increasing by 27% and 24% year-on-year, respectively [9]. - The average daily mixed traffic volume on the Guangzhou-Shenzhen Expressway reached approximately 627,000 vehicles, indicating strong operational performance [9]. Dividends and Shareholder Returns - The company plans to maintain a full-year dividend payout ratio of 100% based on recurring income, with an interim dividend of RMB 0.0555 per share [2]. - The interim dividend declared is RMB 0.0555 per share, equivalent to HKD 0.06043062, representing 100% of the profit attributable to equity shareholders for the six months ended June 30, 2023 [44]. Economic and Market Context - The GDP of Guangdong Province grew by 5.0% year-on-year in the first half of 2023, contributing to the overall economic recovery in the region [5]. - The Greater Bay Area's GDP exceeded RMB 13.0 trillion in 2022, accounting for about 11% of the national GDP, indicating significant economic potential [6]. - The Guangdong provincial government has implemented policies to support the development of new energy vehicles, which is expected to boost consumer confidence and stimulate demand in the automotive sector [8]. - In the first half of 2023, national automobile sales reached approximately 13.24 million units, reflecting a year-on-year growth of 9.8% [8]. Infrastructure Development and Projects - The expansion project of the Guangzhou-Shenzhen Expressway aims to extend 118.2 kilometers, increasing from the current 6 lanes to 8-12 lanes, with an estimated cost exceeding RMB 40 billion [12]. - The company is actively pursuing land development opportunities along the Guangzhou-Shenzhen Expressway, with a compensation contract for land recovery valued at approximately RMB 317 million [13]. - The expansion of the Dongguan section of the Guangzhou-Shenzhen Expressway is being planned in conjunction with land development, focusing on key interchanges for future research [13]. - The company is currently constructing a 5.7 km section of the Shenzhen Jiang Expressway, which is part of the larger infrastructure development plan [81]. Financial Costs and Liabilities - The group's financial costs surged by 443% to approximately RMB 76 million, up from RMB 14 million in the same period last year, primarily due to rising interest rates [28]. - The total interest and tax expenses for the group increased by 4% to approximately RMB 221 million, compared to RMB 212 million in the previous year [26]. - The repayment profile indicates that 41% of the group's borrowings are due within one year, up from 29% at the end of 2022 [37]. - The total borrowings, including joint ventures, reached approximately RMB 76.03 billion, an increase from RMB 74.54 billion at the end of 2022 [35]. Corporate Governance and Compliance - The company maintained compliance with all corporate governance codes during the review period [48]. - The board of directors consists of four executive directors and five non-executive directors, ensuring a diverse governance structure [85]. - The company is committed to improving corporate governance standards in accordance with the listing rules and guidelines [82].

Revenue and Profitability - For the first quarter of 2023, the average daily toll revenue for the Guangzhou-Shenzhen Expressway increased by 34% to RMB 7,527,000 compared to RMB 5,636,000 in the same period of 2022[2] - The average daily toll revenue for the Guangzhou-Zhuhai West Line Expressway increased by 19% to RMB 3,374,000 from RMB 2,830,000 in the first quarter of 2022[2] - The average daily toll revenue for the Shenzhen section of the Jiangnan Expressway surged by 42% to RMB 1,545,000 from RMB 1,087,000 year-on-year[2] - Toll revenue for the three months ended March 31, 2023, was RMB 139,081,000, an increase of 42% compared to RMB 97,874,000 for the same period in 2022[15] - Total revenue for the three months ended March 31, 2023, reached RMB 234,508,000, significantly up from RMB 102,115,000 in the same period last year, marking a growth of 130%[15] - The segment performance for toll roads totaled RMB 155,913,000 for the three months ended March 31, 2023, compared to RMB 146,605,000 for the same period in 2022, reflecting a 6% increase[14] - The net profit attributable to the company's owners for the first quarter of 2023 was RMB 107,093,000, down from RMB 122,824,000 in the same period last year[5] - The net profit attributable to the owners of the company for the three months ended March 31, 2023, was RMB 107,093,000, down from RMB 122,824,000 in the same period last year, indicating a decrease of 12%[14] Cash Flow and Financial Position - The company's unaudited revenue for the first quarter of 2023 was RMB 234,508,000, a significant increase from RMB 102,115,000 in the same period of 2022[5] - Net cash from operating activities for the three months ended March 31, 2023, was RMB 194,696 thousand, a significant increase from RMB 58,696 thousand in the same period of 2022[8] - Cash generated from investment activities amounted to RMB 175,479 thousand for the three months ended March 31, 2023, compared to RMB 346,168 thousand in the same period of 2022[8] - The net cash from financing activities showed a decrease, with a net outflow of RMB 69,308 thousand for the three months ended March 31, 2023, compared to a net inflow of RMB 990 thousand in the same period of 2022[8] - The total cash and cash equivalents increased to RMB 2,265,849 thousand as of March 31, 2023, up from RMB 1,859,995 thousand at the end of the previous year[8] - The company received RMB 181,377 thousand in dividends during the three months ended March 31, 2023, indicating active investment returns[8] - The company reported an increase in restricted bank deposits, which rose by RMB 2,760 thousand during the reporting period[8] - The company's total assets as of March 31, 2023, were RMB 611,092,000, an increase from RMB 502,226,000 as of March 31, 2022[14] - Total assets as of March 31, 2023, were RMB 12,317,880,000, an increase from RMB 12,220,047,000 as of December 31, 2022[6] Operational Performance - The average daily mixed vehicle flow on the Guangzhou-Shenzhen Expressway rose by 30% to 609,000 vehicles from 468,000 vehicles year-on-year[2] - The average daily mixed vehicle flow on the Guangzhou-Zhuhai West Line Expressway grew by 18% to 256,000 vehicles compared to 217,000 vehicles in the same period last year[2] - The average daily mixed vehicle flow on the Shenzhen section of the Jiangnan Expressway increased by 56% to 175,000 vehicles from 112,000 vehicles in the first quarter of 2022[2] - The company focuses on toll highway projects and land development as its main operational segments, which are critical for resource allocation and performance evaluation[11] Financial Costs and Expenses - The company’s financial costs increased significantly to RMB 37,146,000 for the three months ended March 31, 2023, compared to RMB 6,729,000 in the same period last year[16] - The total tax expense for the group increased from RMB 19,551 thousand in 2022 to RMB 24,373 thousand in 2023, marking an increase of around 24.5%[19] - The group's deferred tax expense for corporate income tax increased from RMB 12,071 thousand in 2022 to RMB 17,058 thousand in 2023, showing a growth of approximately 41.4%[19] Investments and Acquisitions - The company has completed the acquisition of Jiangjiang Company, which is now included in the consolidated financial statements, reflecting the current group structure[10] - The company recognized construction revenue of RMB 95,427,000 for the three months ended March 31, 2023, compared to RMB 4,241,000 for the same period in 2022, representing a substantial increase[15] - The total segment revenue from land development projects was RMB 15,321,000 for the three months ended March 31, 2023, compared to RMB 5,025,000 in the same period last year[15] Shareholder Information - The basic earnings per share for the group decreased from RMB 122,824 thousand in 2022 to RMB 107,093 thousand in 2023, reflecting a decline of approximately 12.8%[20] - The number of ordinary shares used to calculate basic earnings per share remained constant at 3,081,690,283 shares for both years[20] Joint Ventures and Interest Income - The group's share of joint venture performance increased from RMB 139,703 thousand in 2022 to RMB 157,970 thousand in 2023, representing a growth of approximately 13%[18] - The estimated interest income recognized by the group from providing interest-free registered capital rose from RMB 15,271 thousand in 2022 to RMB 16,230 thousand in 2023, an increase of about 6.3%[18] - Interest income from bank deposits decreased to RMB 1,272,000 for the three months ended March 31, 2023, down from RMB 2,601,000 in the same period last year[16] - The group's estimated interest expenses related to providing interest-free registered capital increased from RMB (15,271) thousand in 2022 to RMB (16,230) thousand in 2023, reflecting a rise in financial obligations[18] Compliance and Review - The audit committee reviewed the accounting standards and practices adopted by the group for the three months ended March 31, 2023, ensuring compliance and accuracy in financial reporting[21]

Financial Performance - The company reported a net toll revenue of RMB 2,546 million for 2022, a decrease of 1.5% compared to RMB 2,565 million in 2021[4]. - The profit attributable to the company's owners for 2022 was RMB 279 million, down 60.8% from RMB 712 million in 2021[10]. - The total revenue for 2022 was RMB 2,050 million, a decrease of 20.1% from RMB 2,565 million in 2021[12]. - The company’s operating profit before interest, tax, depreciation, and amortization (EBITDA) for 2022 was RMB 1,748 million, a decrease of 22.3% from RMB 2,251 million in 2021[12]. - The company reported a significant drop in profit from joint ventures, with a contribution of RMB 354 million in 2022 compared to RMB 657 million in 2021[10]. - The profit attributable to the company's owners for 2022 was RMB 279 million, representing a year-on-year decline of 61%[20]. - Basic earnings per share for 2022 were RMB 0.0904[20]. - The company's share of EBITDA from three toll highways decreased by 23% from RMB 2.256 billion to RMB 1.741 billion[111]. - The group's share of net profit from the Guangzhou-Shenzhen joint venture decreased by 32% to RMB 318 million, down from RMB 466 million last year[116]. - The group's share of net profit from the Guangzhou-Zhuhai West Line joint venture dropped by 42% to RMB 94 million from RMB 163 million last year[116]. Debt and Financial Ratios - The company’s debt-to-asset ratio was 66% as of December 31, 2022, compared to 50% in 2021[5]. - The net debt-to-equity ratio was 40% as of December 31, 2022, up from 22% in 2021[5]. - The total assets decreased from RMB 19,870 million in 2021 to RMB 17,662 million in 2022, representing a decline of approximately 11.1%[134]. - The total liabilities increased from RMB 8,311 million in 2021 to RMB 10,276 million in 2022, an increase of about 23.6%[134]. - The net asset value attributable to the company's owners dropped significantly from RMB 8,361 million in 2021 to RMB 4,536 million in 2022, a decrease of approximately 45.8%[134]. - The debt-to-asset ratio rose from 22% in 2021 to 40% in 2022, indicating increased financial leverage[134]. - The net debt-to-equity ratio was recorded at 66% in 2022, reflecting a significant reliance on debt financing[134]. Investments and Acquisitions - The company completed a capital injection of RMB 2.998 billion to acquire a 51% stake in the Yanjiang Company, which became an indirect non-wholly owned subsidiary[7]. - The company completed a capital injection agreement of RMB 2.998 billion to acquire a 51% stake in the Yangtze River Expressway, which is now a non-wholly owned subsidiary[107]. - The company has invested approximately RMB 8.91 billion in the New Tang joint venture, including registered capital of RMB 4.56 billion and shareholder loans of RMB 2.10 billion[126]. - The group has injected RMB 29.98 billion into the Yangjiang company to acquire a 51% stake, financed by a new 7-year bank loan of RMB 17.98 billion and self-funding of RMB 12 billion[126]. Revenue and Traffic Trends - The company's revenue from investment projects for 2022 was RMB 2.05 billion, a year-on-year decrease of 20% due to reduced traffic volume caused by the ongoing COVID-19 pandemic in Guangdong Province[20]. - The average daily toll revenue and vehicle flow for the Guangzhou-Shenzhen and Guangzhou-Zhuhai expressways significantly declined year-on-year due to the ongoing impact of COVID-19 and competition from newly opened highways[23]. - Average daily toll revenue for the Guangzhou-Shenzhen Expressway decreased by 21% year-on-year to RMB 6.37 million, with average daily traffic volume down 20% to 74,000 vehicles[63]. - Average daily toll revenue for the Guangzhou-Zhuhai West Line Expressway fell by 22% year-on-year to RMB 2.948 million, with average daily traffic volume down 21% to 42,000 vehicles[63]. - Average daily toll revenue for the Yanjiang Expressway (Shenzhen section) decreased by 19% year-on-year to RMB 1.318 million, with average daily traffic volume down 16% to 141,000 vehicles[63]. Future Outlook and Strategic Goals - The company plans to focus on infrastructure development and related businesses in the Guangdong-Hong Kong-Macao Greater Bay Area[1]. - The company aims to enhance its market presence through strategic investments and partnerships in the region[1]. - The company plans to enhance its toll road operations and land resource activation in the Guangdong-Hong Kong-Macao Greater Bay Area, expecting a gradual recovery in traffic volume in 2023[28]. - The company aims to solidify its core toll road business and advance land development projects, targeting improved sales outcomes for ongoing projects[28]. - The strategic goal during the 14th Five-Year Plan period is to establish a "3+1" industrial structure focusing on toll roads, land development, and innovation parks, with an emphasis on new industries[26]. - The company expects a recovery in social transportation volume in 2023 due to the optimization of COVID-19 prevention measures, which will support the operational performance of its expressways[61]. Corporate Governance and Management - The company has appointed several new executive directors with extensive experience in management and legal affairs, enhancing its leadership team[39][40][42][43][45]. - The board of directors includes five executive directors, two non-executive directors, and four independent non-executive directors, with over one-third being independent[163]. - The company has established a corporate governance structure to ensure compliance with governance codes and enhance shareholder value[155]. - The board is responsible for formulating the company's medium to long-term development strategy, which includes the "14th Five-Year" development plan approved on August 4, 2022[159]. - The company has implemented a board diversity policy since January 2019 to promote diverse perspectives in decision-making[169]. - The company has established an executive committee responsible for reviewing and approving daily business operations, composed of all executive directors[177]. Employee and Training Initiatives - The company is committed to competitive compensation packages and provides medical insurance to all employees, along with personal accident insurance for senior staff[153]. - The company has implemented training programs aimed at improving employee productivity and addressing skill gaps identified in performance evaluations[153]. - The company provided comprehensive training and orientation for newly appointed board members regarding its main business operations and practices[192]. - The board members received timely updates on business developments and legal responsibilities throughout the year[192].

Financial Performance - Net toll revenue decreased by 21% year-on-year to RMB 2.019 billion, primarily due to the ongoing COVID-19 pandemic in Guangdong Province, which significantly reduced social transportation volume[2]. - Profit attributable to owners of the company fell by 61% year-on-year to RMB 279 million, mainly due to the decline in toll revenue and foreign exchange losses from RMB depreciation[2]. - The group's net profit for the year was RMB 818 million, a decline of 61% compared to RMB 2.09 billion last year[44]. - The net profit attributable to the company's owners for 2022 was RMB 278,572,000, down from RMB 711,434,000 in 2021[92]. - The company reported a net exchange loss after tax of RMB 74,848,000 in 2022, compared to a gain of RMB 17,719,000 in 2021[94]. - The total dividends declared decreased from RMB 568,006 thousand in 2021 to RMB 509,642 thousand in 2022, a decline of about 10.3%[106]. Toll Revenue and Traffic Volume - The average daily toll revenue and traffic volume for the year showed a significant decline due to the impact of the COVID-19 pandemic and the diversion effects from newly opened highways[6]. - Daily average toll revenue for the Guangzhou-Shenzhen Expressway decreased by 21% year-on-year to RMB 6.37 million, with total vehicle flow down 20% to 74,000 vehicles[14]. - Daily toll revenue for Guangshen Expressway decreased by 21% from RMB 8,087 thousand in 2021 to RMB 6,372 thousand in 2022[16]. - Daily equivalent full-length vehicle flow for Guangshen Expressway dropped by 20% from 93 thousand vehicles in 2021 to 74 thousand vehicles in 2022[16]. - Daily toll revenue for Guangzhu West Line Expressway fell by 22% from RMB 3,758 thousand in 2021 to RMB 2,948 thousand in 2022[16]. - Daily equivalent full-length vehicle flow for Guangzhu West Line Expressway decreased by 21% from 53 thousand vehicles in 2021 to 42 thousand vehicles in 2022[16]. Acquisitions and Investments - The company completed the acquisition of a 51% stake in the Yangjiang Company, which has been consolidated into the group's financial statements[2]. - The company completed a capital injection agreement of RMB 2.998 billion to acquire a 51% stake in the Yanjiang Company, which is now a non-wholly owned subsidiary[41]. - The company completed the acquisition of the target company, resulting in an indirect ownership of approximately 71.83% of the issued shares[71]. - The company agreed to invest RMB 2,998,000,000 in Jiangsu Company to acquire a 51% stake, with the remaining 49% paid in cash, classified as an internal transfer[77]. Dividend and Payout Policy - The board proposed a final dividend of RMB 0.0325 per share, with a total payout ratio of 100% of profit attributable to owners[4]. - The proposed final dividend for the year ended December 31, 2022, is RMB 0.0325 per share, totaling RMB 0.09 per share for the year, a decrease of 54% compared to RMB 0.1975 per share in the previous year[11]. - The group aims to maintain a regular dividend payout ratio of 100% of recurring income, supported by stable dividends from joint ventures[47]. Economic Environment - Guangdong Province's GDP grew by 1.9% year-on-year, reaching approximately RMB 13 trillion, providing a favorable operating environment for the company[5]. - The national GDP in 2022 increased by 3% to about RMB 121 trillion, reflecting the resilience of the Chinese economy[17]. - The overall domestic macroeconomic environment is expected to improve, although external challenges remain significant[14]. Future Outlook and Strategic Plans - The company plans to leverage its Hong Kong listing platform to develop a "3+1" industrial structure focusing on toll roads, land development, and innovation industry parks[8]. - The company anticipates a gradual recovery in traffic volume in 2023 due to improved pandemic control measures, which will enhance operational performance[14]. - The company aims to leverage synergies with its controlling shareholder to acquire quality resources in the Guangdong-Hong Kong-Macao Greater Bay Area and explore market investment opportunities[14]. - The company will actively pursue external mergers and acquisitions to support strategic implementation and enhance asset and revenue stability[14]. Financial Position and Liabilities - The group's total assets decreased from RMB 19,870 million in 2021 to RMB 17,662 million in 2022, reflecting a decline of approximately 11.1%[52]. - The group's net assets attributable to the owners decreased from RMB 8,361 million in 2021 to RMB 4,536 million in 2022, a drop of about 45.8%[52]. - The total liabilities increased from RMB 8,311 million in 2021 to RMB 10,276 million in 2022, representing an increase of approximately 23.6%[52]. - The liquidity ratio for the group was 22% in 2022, compared to 40% in 2021, indicating a decrease in financial stability[52]. - The group's net debt to equity ratio of 66% indicates a high level of leverage[52]. Compliance and Governance - The company adhered to corporate governance codes and maintained compliance throughout the year[68]. - All directors and relevant employees confirmed compliance with the securities trading code in 2022[69].

Revenue and Profitability - Average toll revenue for Guangzhou-Shenzhen Expressway decreased by 16% to RMB 7,322,000 in Q3 2022 from RMB 8,766,000 in Q3 2021[1] - Average daily full-length vehicle flow for Guangzhou-Shenzhen Expressway dropped by 14% to 87,000 vehicles in Q3 2022 compared to 101,000 vehicles in Q3 2021[1] - Average toll revenue for Guangzhou-Zhuhai West Line Expressway fell by 13% to RMB 3,466,000 in Q3 2022 from RMB 3,980,000 in Q3 2021[1] - Average daily full-length vehicle flow for Guangzhou-Zhuhai West Line Expressway decreased by 11% to 50,000 vehicles in Q3 2022 from 56,000 vehicles in Q3 2021[1] - Total revenue for the nine months ended September 30, 2022, was RMB 47,735,000, down from RMB 61,975,000 in the same period of 2021, representing a decline of approximately 23%[5] - The company's net profit for the nine months ended September 30, 2022, was RMB 225,228,000, a decrease of 54% from RMB 489,887,000 in the same period of 2021[5] - Basic earnings per share for the nine months ended September 30, 2022, was RMB 7.2, down from RMB 15.7 in the same period of 2021[5] - Revenue from the Guangzhou-Shenzhen Expressway for the nine months ended September 30, 2022, was RMB 785,651 thousand, a decrease from RMB 910,038 thousand in 2021[11] - The total segment revenue for the nine months ended September 30, 2022, was RMB 1,350,115 thousand, compared to RMB 1,472,673 thousand in 2021, showing a decline[11] - The net profit attributable to the owners of the company for the nine months ended September 30, 2022, was RMB 221,560 thousand, down from RMB 483,046 thousand in 2021[11] Cash Flow and Financial Position - Net cash used in operating activities for the nine months ended September 30, 2022, was RMB (49,118) thousand, compared to RMB (182,964) thousand for the same period in 2021, indicating an improvement[8] - Cash inflow from investment activities for the nine months ended September 30, 2022, was RMB 387,778 thousand, up from RMB 954,670 thousand in 2021, reflecting a significant decrease[8] - Total cash and cash equivalents as of September 30, 2022, amounted to RMB 1,534,017 thousand, down from RMB 1,304,205 thousand in 2021[8] - New bank loans added during the nine months ended September 30, 2022, were RMB 487,805 thousand, compared to RMB 1,896,393 thousand in 2021, indicating a reduction in borrowing[8] - The cash inflow from financing activities for the nine months ended September 30, 2022, was RMB (357,858) thousand, compared to RMB 11,578 thousand in 2021, reflecting a negative trend[8] Tax and Other Income - The company's income tax expense for the nine months ended September 30, 2022, was RMB 25,837 thousand, down from RMB 67,181 thousand in 2021, a decrease of 61.5%[17] - The total revenue from other income decreased from RMB 61,975 thousand in 2021 to RMB 47,735 thousand in 2022, a decline of 23%[14] - The deferred tax expense significantly decreased from RMB 53,319 thousand in 2021 to RMB 7,661 thousand in 2022, a reduction of 85.6%[17] Investments and Joint Ventures - The company’s interest income from loans to a joint venture decreased to RMB 13,468 thousand for the nine months ended September 30, 2022, from RMB 33,205 thousand in 2021[11] - Interest income from bank deposits increased from RMB 20,911 thousand in 2021 to RMB 26,084 thousand in 2022, representing a growth of 24.4%[14] - The share of profits from joint ventures decreased from RMB 589,174 thousand in 2021 to RMB 350,277 thousand in 2022, a decline of 40.6%[16] - The estimated interest income from joint ventures was RMB 44,010 thousand in 2021 and RMB 46,771 thousand in 2022, showing a slight increase of 6.2%[16] - The company declared a 5% income tax on dividends from joint ventures amounting to RMB 11,438 thousand in 2022, up from RMB 8,744 thousand in 2021, an increase of 30.5%[18] Foreign Exchange and Other Losses - The company reported a foreign exchange loss of RMB (87,809) thousand for the nine months ended September 30, 2022, compared to a gain of RMB 15,776 thousand in 2021[11] - The net exchange gain (loss) was RMB 7,654 thousand in 2021 compared to a loss of RMB 15,058 thousand in 2022, indicating a significant negative shift[15] - The company reported a net unrealized loss of RMB 12,056 thousand in 2021, while there was no unrealized loss reported in 2022, indicating a recovery[15]

Toll Revenue and Traffic Volume - The average daily toll revenue for the Guangzhou-Shenzhen Expressway and the Guangzhou-Zhuhai West Line decreased by 20% year-on-year to RMB 9.13 million, with total toll revenue amounting to RMB 1.65 billion[5]. - The average daily toll revenue for the Guangzhou-Shenzhen Expressway fell to RMB 6.21 million, while the average daily traffic volume decreased by 20% to 71,000 vehicles[6]. - The average daily toll revenue for the Guangzhou-Zhuhai West Line also dropped to RMB 2.92 million, with a 21% decline in average daily mixed traffic volume to 215,000 vehicles[6]. - The total toll revenue for the Guangzhou-Shenzhen Expressway in the first half of 2022 was RMB 1.125 billion, with a daily average toll revenue of RMB 6.21 million, reflecting a year-on-year decline of 20%[13]. - The average daily traffic volume on the Guangzhou-Shenzhen Expressway decreased by 20% and 17% for full-length and mixed traffic, respectively, compared to the previous year[13]. - In the first half of 2022, the total toll revenue for the Guangzhou-Zhuhai West Line Expressway was RMB 528 million, with average daily toll revenue down 20% year-on-year to RMB 2.92 million[19]. - The average daily traffic volume decreased by 20% to 41,000 vehicles, and the mixed traffic volume fell by 21% to 215,000 vehicles[19]. - The revenue from the Guangzhou-Zhuhai West Line Expressway showed a decline of 18% compared to the previous year, with a toll revenue of RMB 319 million[25]. Financial Performance - The company reported a net profit of RMB 287 million for the six months ended June 30, 2022, representing a year-on-year decrease of 38%[25]. - The company’s total revenue for the first half of 2022 was RMB 931 million, down 18% from the previous year[25]. - The company’s financial costs amounted to RMB 9 million, while general and administrative expenses were RMB 20 million[25]. - The company’s bank deposit interest income was RMB 17 million, while the income from structured deposit investments was RMB 1 million[25]. - The net profit attributable to the company's owners for the first half of 2022 was RMB 286,582,000, compared to RMB 177,149,000 in the same period of 2021, reflecting a significant increase of approximately 62%[75]. - The total comprehensive income for the period was RMB 292,576,000, significantly higher than RMB 90,972,000 in the previous year, marking an increase of 221.5%[63]. - The total operating expenses, including interest and tax expenses, amounted to RMB 222,411,000, compared to RMB 203,989,000 in the previous year, reflecting an increase of about 9.3%[75]. - The company reported a tax expense of RMB 52,451,000 for the period, compared to RMB 18,750,000 in the previous year, representing an increase of 179.5%[63]. Joint Ventures and Acquisitions - The company is in the process of due diligence and asset evaluation for the potential acquisition of a 51% stake in Shenzhen Guangshen Haojiang Expressway Investment Co., Ltd.[5]. - The company has a potential acquisition of a 51% stake in Shenzhen Guangshen Yangjiang Expressway Investment Co., Ltd., with a memorandum of understanding signed on March 7, 2022[45]. - The company is collaborating with Guangdong Highway Construction to establish a joint venture for land development around the Luogang Interchange, pending government approval[18]. - The group’s share of joint venture performance decreased from RMB 353,368,000 in 2021 to RMB 246,326,000 in 2022, a decline of approximately 30.3%[82]. Economic Context and Future Outlook - The GDP growth for mainland China and Guangdong Province was 2.5% and 2.0% respectively in the first half of 2022, despite significant economic pressures[7]. - The company anticipates that the implementation of the government's economic stabilization policies will help restore economic stability in the Guangdong-Hong Kong-Macao Greater Bay Area[8]. - The Greater Bay Area had a total population exceeding 86 million and a GDP exceeding RMB 12.6 trillion in 2021, highlighting its economic significance[9]. - The company expects the Guangshen and Guangzhu West Line expressways to benefit from favorable policies, particularly in the Greater Bay Area[30]. - The company is focusing on market expansion and new technology development to enhance operational efficiency[108]. - The company has plans for future acquisitions to strengthen its market position[109]. - The company is committed to maintaining high corporate governance standards as per the corporate governance code[107]. Assets and Liabilities - The group maintains a dividend payout target of 100% of recurring income for the full year[30]. - The group's financial position includes assets and liabilities from the group headquarters and its share of joint ventures, with total assets of RMB 2,203 million as of June 30, 2022, compared to RMB 2,200 million as of December 31, 2021[32]. - The total assets amounted to RMB 12,965 million as of June 30, 2022, compared to RMB 12,789 million as of December 31, 2021, indicating an increase of 1.4%[36]. - The total liabilities increased to RMB 8,128 million from RMB 7,711 million as of December 31, 2021, reflecting a growth of 5.4%[36]. - The equity attributable to the owners of the company decreased to RMB 4,812 million as of June 30, 2022, down from RMB 5,056 million as of December 31, 2021, a decline of 4.8%[36]. - The debt-to-asset ratio improved to 34% as of June 30, 2022, from 29% as of December 31, 2021, showing a higher leverage position[36]. Dividends and Shareholder Information - The interim dividend declared is RMB 0.0575 per share, equivalent to HKD 0.0667299, representing 100% of the profit attributable to the owners for the six months ended June 30, 2022[46]. - The company will suspend share transfer registration on September 5, 2022, to determine shareholders eligible for the interim dividend[47]. - The company has a total of 2,213,449,666 shares held by its subsidiary, with a 43.49% ownership by Shenzhen Investment Holdings[55]. - The company declared dividends of RMB (332,495) thousand during the first half of 2022[67]. Operational Efficiency and Future Plans - The company plans to continue expanding its expressway projects and land development initiatives to enhance revenue streams in the future[75]. - The financial performance indicates a robust recovery trajectory post-pandemic, with strategic focus on operational efficiency and revenue growth[75]. - Ongoing research and development efforts are focused on enhancing product offerings and improving operational efficiency[111].

Financial Performance - Net profit for the group fell by 33% year-on-year to RMB 107 million[2] - The company's basic earnings per share decreased from RMB 5.15 to RMB 3.46 year-on-year[4] - The net profit attributable to the owners of the company for the three months ended March 31, 2022, was RMB 106,574,000, compared to RMB 158,823,000 in the same period of 2021[10] - The net profit attributable to the company's shareholders for the three months ended March 31, 2022, was RMB 106,574, down from RMB 158,823 in 2021, indicating a decline of about 32.8%[18] - The company’s share of profits from joint ventures for the three months ended March 31, 2022, was RMB 123,531, compared to RMB 158,754 in 2021, reflecting a decrease of approximately 22.2%[15] Revenue and Traffic - Average toll revenue for the Guangzhou-Shenzhen Expressway decreased by 27% year-on-year to RMB 5,805,000, while the average toll revenue for the Guangzhou-Zhuhai West Line dropped by 20% to RMB 2,915,000[3] - Average daily traffic volume for the Guangzhou-Shenzhen Expressway decreased by 32% to 63,000 vehicles, and for the Guangzhou-Zhuhai West Line, it decreased by 23% to 41,000 vehicles[3] - Revenue from the Guangzhou-Shenzhen Expressway project for the three months ended March 31, 2022, was RMB 113,665,000, compared to RMB 310,752,000 in the same period of 2021, reflecting a decline[10] - The company reported a total segment revenue of RMB 470,513,000 for the three months ended March 31, 2022, down from RMB 470,513,000 in the same period of 2021[10] Assets and Liabilities - Total assets increased from RMB 7,171,742,000 as of December 31, 2021, to RMB 7,291,019,000 as of March 31, 2022[5] - The group’s total liabilities increased from RMB 2,093,257,000 to RMB 2,101,305,000[6] - The company’s total assets as of March 31, 2022, amounted to RMB 21,629,000, compared to RMB 10,372,000 in 2021, reflecting an increase of about 108.7%[13] Cash Flow and Financing - For the three months ended March 31, 2022, the net cash used in operating activities was RMB (10,087,000) compared to RMB (159,539,000) for the same period in 2021, indicating a significant reduction in cash outflow[7] - The net cash from investment activities for the three months ended March 31, 2022, was RMB 371,863,000, a decrease from RMB 527,707,000 in the same period of 2021[7] - New bank loans added during the three months ended March 31, 2022, amounted to RMB 440,098,000, down from RMB 1,310,685,000 in the previous year[7] - The total cash and cash equivalents increased to RMB 1,915,084,000 as of March 31, 2022, compared to RMB 891,292,000 at the end of the previous year[7] - The company’s total financing cash flow for the three months ended March 31, 2022, was RMB 989,000, a decrease from RMB 1,890,000 in the same period of 2021[7] Expenses and Income - The group’s other income decreased from RMB 21,629,000 to RMB 10,372,000[4] - Financial costs increased from RMB 4,031,000 to RMB 6,729,000[4] - The company incurred corporate general and administrative expenses of RMB (10,144,000) for the three months ended March 31, 2022, compared to RMB (9,647,000) in the previous year[10] - The company’s interest income from bank deposits was RMB 2,601,000 for the three months ended March 31, 2022[10] - The estimated interest income recognized by the company from providing interest-free registered capital was RMB 14,370,000 for the three months ended March 31, 2022, compared to RMB 15,271,000 in 2021, a decrease of about 5.9%[15] Tax and Other Financial Metrics - The company reported a total tax expense of RMB 8,930 for the three months ended March 31, 2022, compared to RMB 14,367 in 2021, a reduction of about 37.8%[16] - The deferred tax expense for the three months ended March 31, 2022, was RMB 7,480,000, down from RMB 8,703,000 in 2021, a decrease of approximately 14.1%[16] - The company declared a 5% withholding tax on dividends from joint ventures amounting to RMB 4,575,000 for the three months ended March 31, 2022[17] - The company reported a foreign exchange gain of RMB 5,118,000 for the three months ended March 31, 2022, compared to a loss of RMB 43,000 in 2021, indicating a significant turnaround[14] Acquisitions - The company completed the acquisition of Shenzhen Investment Holdings International Capital Holdings Infrastructure Co., Ltd., resulting in a 71.83% indirect ownership[2]

Financial Performance - The company reported a profit attributable to owners of RMB 689 million for the year, reflecting a significant increase compared to previous years[9]. - The company achieved a revenue of RMB 1,974 million in 2021, showing growth from RMB 1,573 million in 2020[10]. - The company's attributable profit for 2021 was RMB 609 million, reflecting a 25% increase from RMB 497 million in 2020, primarily due to the low base effect from a 79-day toll exemption policy in 2020[18]. - The basic earnings per share for 2021 was RMB 19.77 cents, a decrease of 12% year-on-year, but an increase of 118% when excluding a one-time gain from the sale of a joint venture in 2020[18]. - The return on equity for 2021 was 12%, down from 14% in 2020[16]. - The total revenue from toll expressway projects for the year was RMB 1.573 billion, with a contribution of RMB 1.041 billion from the Guangshen Expressway[80]. - The group recorded a net profit attributable to shareholders of RMB 609 million in 2021, a decrease of 12% compared to RMB 689 million in 2020[91]. Assets and Liabilities - Total assets amounted to RMB 6,619 million as of December 31, 2021, with total liabilities reaching RMB 1,617 million[12]. - The company’s equity attributable to owners was RMB 4,978 million as of December 31, 2021, indicating a stable financial position[12]. - The company's debt-to-equity ratio was approximately 24% as of the end of 2021, indicating a manageable level of leverage[7]. - The debt-to-asset ratio increased to 29% in 2021, compared to 24% in 2020, indicating a rise in leverage[16]. - The group's total liabilities decreased from RMB 8,095 million in 2020 to RMB 7,734 million in 2021, a decrease of approximately 4.5%[98]. Cash Flow and Investments - The company's net cash used in operating activities for 2021 was RMB (183) million, a significant decline compared to previous years[13]. - The total cash and cash equivalents at the end of 2021 increased to RMB 1,552 million, up from RMB 519 million in 2020[13]. - The net cash from financing activities in 2021 was RMB 2,466 million, a decrease from RMB 3,190 million in 2020[13]. - The company reported a net cash inflow from investment activities of RMB 1,495 million in 2021, indicating a strong recovery in cash generation from investments[13]. Dividends - The proposed final dividend for 2021 is RMB 10.45 cents per share, representing a payout ratio of approximately 71.83% of the company's issued shares[18]. - The total regular dividend for the year ending December 31, 2021, amounts to RMB 0.1975 per share, representing a 117% increase compared to RMB 0.091 per share from the previous year[27]. - The regular dividend payout ratio for the year is 100% of the profit attributable to the company's owners[27]. - The interim dividend of RMB 0.093 per share was distributed on October 22, 2021, equivalent to HKD 0.11147631 per share at the exchange rate of RMB 1 to HKD 1.19867[27]. Market and Growth Strategy - The company plans to focus on infrastructure development in the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing its market expansion strategy[5]. - The company aims to enhance its competitive position through strategic acquisitions and partnerships in the infrastructure sector[5]. - The company plans to enhance its highway business and land development in the Greater Bay Area, aiming to leverage major opportunities for growth and improve asset scale, revenue, and profitability[22]. - The company is actively pursuing project investments and acquisitions to boost its competitive edge and explore new business avenues for profit growth[22]. Operational Efficiency and Technology - The company is exploring new product and technology developments to improve operational efficiency and service offerings[5]. - The company aims to improve operational efficiency by 12% through strategic initiatives and cost management measures[34]. - The company is investing in new technology development, with a budget allocation of $50 million for R&D in the upcoming year[34]. Governance and Corporate Structure - The company has appointed multiple directors with extensive experience in investment, mergers, and corporate governance, enhancing its leadership team[34][35][36][37][38]. - The board consists of five executive directors, two non-executive directors, and four independent non-executive directors, with over one-third being independent[119]. - The company has established a nomination committee to oversee the nomination process for new directors, enhancing governance practices[127]. - The audit committee consists of three independent non-executive directors, ensuring compliance with corporate governance codes and overseeing financial reporting[128]. Economic Environment - The GDP of Guangdong Province grew by 8.0% year-on-year in 2021, reaching over RMB 12 trillion, aligning with the national economic recovery and providing a favorable operating environment for the company[20]. - In 2021, China's GDP grew by 8.1%, while Guangdong Province's GDP increased by 8.0%, laying a solid foundation for the "14th Five-Year Plan"[50]. - The total import and export value of Guangdong Province reached a historic high, exceeding RMB 8 trillion, accounting for one-fifth of the national total[50]. Traffic and Toll Revenue - The average daily toll revenue for the Guangzhou-Shenzhen Expressway increased by 24% year-on-year to RMB 8.087 million, while the average daily traffic volume rose by 26% to 93,000 vehicles[44]. - The average daily toll revenue for the Guangzhou-Zhuhai West Line Expressway grew by 26% year-on-year to RMB 3.758 million, with an average daily traffic volume increase of 23% to 53,000 vehicles[44]. - Total toll revenue for the year amounted to RMB 4.323 billion, reflecting a significant increase despite the impact of COVID-19[42]. Challenges and Risks - The company faced challenges due to local COVID-19 cases, which led to reduced travel and stricter government measures affecting traffic flow[42]. - Major risks identified include macroeconomic factors and road safety, with operational risks such as toll evasion and rising costs[155]. - The inherent risks remain stable, indicating no significant changes in risk levels[156].

Revenue and Traffic Performance - The average daily toll revenue for the Guangzhou-Shenzhen Expressway increased by 101% year-on-year to RMB 7.735 million, while the total toll revenue reached RMB 2.06 billion[38]. - The average daily toll revenue for the Guangzhu West Line Expressway rose by 106% year-on-year to RMB 3.636 million, with an average daily traffic volume of 51,000 vehicles, an increase of 89%[39]. - The group's net consolidated toll revenue was RMB 931 million, reflecting a 102% year-on-year increase, with contributions from the Guangzhou-Shenzhen Expressway and Guangzhu West Line Expressway at 66% and 34%, respectively[38]. - The average daily traffic volume for the Guangzhou-Shenzhen Expressway reached 89,000 vehicles, marking a 98% increase year-on-year[39]. - The average daily toll revenue for the Guangzhou-Shenzhen Expressway increased by 101% year-on-year to RMB 7.74 million, with total toll revenue reaching RMB 1.4 billion in the first half of 2021[45]. - The average daily traffic volume on the expressway rose by 98% year-on-year to 89,000 vehicles, with passenger vehicles contributing 69.8% to toll revenue and 80.9% to traffic volume[45]. - The average daily toll revenue for the Guangzhu West Line Highway increased by 106% year-on-year to RMB 3.64 million, with total toll revenue reaching RMB 658 million in the first half of 2021[51]. - The average daily traffic volume for the Guangzhu West Line Highway rose by 89% year-on-year to 51,000 vehicles, with passenger vehicles contributing 67.3% to toll revenue and 78.4% to traffic volume[51]. Economic Environment and Growth - The GDP growth for mainland China in the first half of 2021 was 12.7%, while Guangdong Province's GDP grew by 13.0%, outperforming other major global economies[40]. - The Greater Bay Area's GDP exceeded RMB 11 trillion in 2020, accounting for approximately 12% of the national GDP, indicating significant economic activity and development potential[41]. - The company anticipates continued benefits from the favorable economic environment, particularly in the context of the Greater Bay Area development strategy, which is a key national initiative[41]. - The Guangdong provincial government plans to enhance the construction of the Greater Bay Area, which is expected to support the long-term stable development of the company's expressway operations[42]. - The company operates in a competitive environment, with ongoing economic recovery and infrastructure development supporting the stability of the expressway industry[40]. COVID-19 Impact - The company faced challenges due to COVID-19 variants and related restrictions, which impacted traffic volumes and toll revenues during certain periods[40]. - The company is closely monitoring the impact of the COVID-19 pandemic on toll revenue and traffic volume due to renewed restrictions in May 2021[48]. - The total toll revenue for the two expressways increased by 102% to RMB 931 million, driven by the resumption of toll collection after the COVID-19 pandemic[58]. Financial Performance - The group's revenue for the six months ended June 30, 2021, was RMB 462 million, representing a 102% increase compared to the same period last year[57]. - The EBITDA from the Guangzhou-Shenzhen Expressway increased by 139% to RMB 562 million, while the Guangzhou-Zhuhai West Line Expressway's EBITDA rose by 153% to RMB 293 million[58]. - The group's share of net profit from the Guangzhou-Shenzhen Expressway was RMB 214 million, while the Guangzhou-Zhuhai West Line Expressway contributed RMB 88 million, resulting in a total net profit of RMB 302 million[60]. - The group reported a net profit of RMB 302 million for the two expressway projects, a significant turnaround from a net loss of RMB 72 million in the same period last year[60]. - The company reported a profit attributable to owners of RMB 287 million, compared to a loss of RMB 115 million in the same period last year[62]. - The company declared dividends amounting to RMB 320,807 thousand during the period, reflecting a commitment to return value to shareholders[104]. Investments and Joint Ventures - The company provided a total of RMB 2.56 billion in shareholder loans to the New Tang joint venture during the review period[61]. - The company has invested approximately RMB 749 million in the New Tang joint venture, including registered capital of RMB 45.6 million and shareholder loans of approximately RMB 693.4 million[61]. - The company anticipates that the New Tang joint venture will start contributing profits as early as 2023[61]. - The investment cost in joint ventures increased to RMB 2,476,789,000 as of June 30, 2021, from RMB 2,022,289,000 at the end of 2020[121]. - The company's share of joint venture results improved significantly from a loss of RMB 110,269 thousand in 2020 to a profit of RMB 307,584 thousand in 2021[102]. Corporate Governance and Shareholder Information - The company adheres to corporate governance codes to enhance shareholder value[92]. - The board of directors has not established a nomination committee due to existing policies for selecting and nominating directors[93]. - The company has established competitive compensation packages for employees, including stock options and performance bonuses[91]. - The company has not repurchased, sold, or redeemed any of its listed securities in the six months ending June 30, 2021[92]. - The interim dividend declared on August 20, 2021, is RMB 0.093 per share, representing 100% of the profit attributable to shareholders for the six months ended June 30, 2021[82]. Debt and Financial Position - The group's total liabilities decreased from RMB 8,095 million on December 31, 2020, to RMB 7,663 million on June 30, 2021, reflecting a reduction of 5.4%[69]. - The net debt of the group was RMB 3,700 million as of June 30, 2021, compared to RMB 4,830 million on December 31, 2020, indicating a decrease of 23.4%[70]. - The group's total assets, including the head office and share of joint ventures, were RMB 13,097 million on December 31, 2020, compared to RMB 12,672 million on June 30, 2021, showing a decline of 3.2%[72]. - The group's cash and bank deposits amounted to RMB 1,352 million, a decrease of 13.4% from RMB 1,561 million on December 31, 2020[65]. - The overall yield on bank deposits, including structured deposits, was 2.92% for the first half of 2021, compared to 1.46% in the same period of 2020[80]. Future Outlook and Strategic Plans - The company is focused on leveraging its strategic position within the Greater Bay Area to enhance its operational performance and market presence[41]. - The company plans to leverage the Shenzhen Pilot Demonstration Zone for further growth opportunities[146]. - The company is committed to maintaining high corporate governance standards as per the listing rules[145]. - The company plans to expand its market presence through strategic acquisitions and partnerships, as indicated by the recent agreement with Shenzhen Investment International Capital Holdings[131]. - The company anticipates continued growth in revenue and profitability in the upcoming quarters, driven by increased operational efficiency and market expansion strategies[133].

關於我們 深圳投控灣區發展有限公司（「本公司」，前稱合和公路基建有限公司） 於開曼群島註冊成立之有限公司，自二零零三年八月六日起在香港聯合 交易所有限公司上市，股份代號737（港幣櫃檯）及80737（人民幣櫃檯）。 深圳市投資控股有限公司為本公司的最終母公司。 本公司主要經營高速公路業務，發展策略聚焦於粵港澳大灣區內的基礎 設施建設和相關聯業務以及廣深高速公路沿線土地開發利用。 目 錄 2 財務摘要（按比例綜合法呈列） 3 五年財務摘要 6 主席報告書 10 股息及暫停辦理股份過戶登記手續 12 董事簡介 18 管理層討論及分析 18 業務回顧 33 財務回顧 48 其他 49 企業管治報告書 68 董事會報告書 81 獨立核數師報告書 87 綜合損益及其他全面收益表 88 綜合財務狀況表 89 綜合權益變動表 90 綜合現金流量表 91 綜合財務報表附註 141 附錄 — 綜合財務資料（按比例綜合法編製） 144 詞彙 150 公司資料 151 財務日誌 財務摘要 （按比例綜合法呈列） 0 200 400 600 800 0 400 800 1,200 1,600 2,000 2,400 612 689 3 ...