Financial Performance - The company reported unaudited interim results for the six months ended June 30, 2024, with a focus on compliance with Hong Kong Stock Exchange regulations[1]. - The company's operating revenue for the reporting period was approximately RMB 2,807,598 thousand, an increase of about 69.45% compared to RMB 1,656,842 thousand in the same period last year[13]. - The company reported a total revenue of approximately RMB 2,807,598 thousand, representing a year-on-year increase of about 69.45%[29]. - The gross profit was approximately RMB 356,274 thousand, reflecting a year-on-year decline of about 20.98%, with a gross margin of 12.69%, down approximately 15 percentage points from 27.21% in the previous year[29]. - The net profit attributable to the parent company was approximately RMB 248,588 thousand, a decrease of about 17.27% from RMB 300,473 thousand in the same period last year[21]. - The total comprehensive income for the six months ended June 30, 2024, was RMB 248,588 thousand, compared to RMB 300,473 thousand for the same period in 2023, reflecting a decrease of approximately 17.24%[57]. - Basic earnings per share for the period was RMB 0.12, compared to RMB 0.15 in the same period last year, reflecting a 20% decrease[54]. - The company reported a decrease in pre-tax profit to RMB 334,469 thousand for the six months ended June 30, 2024, down from RMB 401,583 thousand in the previous year, representing a decline of approximately 16.67%[58]. - The total income tax expense for the period was RMB 81,604,000, compared to RMB 103,238,000 for the same period in 2023, indicating a decrease of 21%[72]. Revenue Sources - Toll revenue from the Jizhao Expressway was approximately RMB 230,140 thousand, a decrease of about 33.79% from RMB 347,572 thousand in the previous year[13]. - Revenue from the Deshang Expressway (Liaocheng to Fan County section) was approximately RMB 230,860 thousand, down about 7.46% from RMB 249,462 thousand year-on-year[13]. - Revenue from the Xinnan Expressway was approximately RMB 22,503 thousand, a decrease of about 13.58% from RMB 26,039 thousand in the same period last year[13]. - The company recorded construction and sales revenue of approximately RMB 2,322,692 thousand, an increase of about 125.03% from RMB 1,032,166 thousand year-on-year, mainly due to the Jizhao Expressway expansion project[13]. - Rental income for the reporting period was approximately RMB 992 thousand, a decrease of about 23.93% from RMB 1,304 thousand in the previous year, primarily due to reduced income from advertising and communication signal transmission pipeline rentals[14]. Traffic Volume - Daily traffic volume on the Jizhao Expressway decreased from approximately 48,300 vehicles to about 31,200 vehicles during the reporting period[13]. - Daily traffic volume on the Deshang Expressway decreased from approximately 58,700 vehicles to about 52,900 vehicles during the reporting period[13]. - Daily traffic volume on the Xinnan Expressway decreased from approximately 11,600 vehicles to about 10,100 vehicles during the reporting period[13]. - In the first half of 2024, traffic volume on Jihe Expressway, Deshan Expressway (Liaocheng to Fanxian section), and Xinnan Expressway was approximately 31,206 vehicles, 52,931 vehicles, and 10,109 vehicles per day, respectively[30]. Corporate Governance - The company is focused on maintaining compliance with corporate governance codes as outlined in the Hong Kong Stock Exchange regulations[5]. - The company is committed to maintaining high standards of corporate governance and has adopted all applicable provisions of the Corporate Governance Code[50]. - The board will continue to review and enhance its corporate governance system to ensure compliance with the Corporate Governance Code[50]. - The company has confirmed that all directors and supervisors complied with the standards of the Model Code regarding securities transactions during the reporting period[50]. - The company aims to enhance shareholder value and accountability through effective corporate governance systems[50]. Shareholder Information - The company has a significant shareholder, Shandong Expressway Co., Ltd., which holds approximately 38.93% of the issued shares[8]. - Major shareholders include Shandong Expressway holding 38.93% and China COSCO Shipping Group holding 30% of H-shares[43]. - The company reported a total of 121,500,000 shares held by three major shareholders, each representing approximately 6.08% of the total issued share capital[44]. - Prudential Corporation Holdings Limited and its affiliates collectively hold 103,750,000 shares, accounting for about 5.19% of the total issued share capital[44]. - The company has no treasury shares and did not engage in any stock transactions during the reporting period[47]. Investments and Projects - The company is involved in the operation and management of the Jinan to Heze Expressway, which spans approximately 153.6 kilometers[6]. - The company is actively involved in the expansion and improvement of expressway projects, including the Jinan to Heze expressway upgrade[6]. - The total investment for the Jihe Expressway expansion project is estimated at RMB 18.6 billion, with a total length of 152.7 kilometers, expanding from a four-lane to an eight-lane highway[36]. - As of the reporting period, the project has completed investments of approximately RMB 28.56 billion, with cumulative investments reaching RMB 118.01 billion[36]. - The project has achieved 94.83% completion for subgrade works, 89.36% for pavement works, and 90.02% for bridge and culvert works[36]. Employee Information - The company employed a total of 672 employees as of June 30, 2024, down from 702 employees a year earlier, with total employee compensation expenses of approximately RMB 108,201 thousand[25]. Cash Flow and Financial Position - Cash generated from operating activities for the six months ended June 30, 2024, was RMB 201,360 thousand, significantly lower than RMB 524,781 thousand in the previous year, indicating a decrease of approximately 61.73%[58]. - The company reported a net cash outflow from investing activities of RMB 1,542,214 thousand for the six months ended June 30, 2024, compared to RMB 1,686,598 thousand in the same period of 2023[59]. - Financing activities generated a net cash inflow of RMB 1,919,922 thousand for the six months ended June 30, 2024, an increase from RMB 1,028,525 thousand in the previous year[59]. - Total liabilities increased to RMB 10,644,842 thousand from RMB 8,455,016 thousand at the end of 2023, indicating a rise in financial obligations[56]. - The company reported a total dividend payable of RMB 225,000 thousand as of June 30, 2024, with no previous amount recorded as of December 31, 2023[93]. Related Party Transactions - The company engaged in significant transactions with related parties, indicating a strong reliance on these relationships for revenue generation and operational support[88]. - Total income from related party transactions was RMB 157,804,000, compared to RMB 103,013,000 in the same period last year, indicating a year-on-year increase of about 53%[88]. - The total expenses related to transactions with subsidiaries of the ultimate holding company were RMB 924,604,000, a substantial rise from RMB 291,510,000 in the previous year, reflecting an increase of approximately 216%[90].
齐鲁高速(01576) - 2024 - 中期业绩