FUJIAN EXPRESSWAY(600033)2024-08-30 09:03Financial Performance - The company's operating revenue for the reporting period was CNY 1,465,174,746.67, representing a year-on-year increase of 0.79%[17]. - The net profit attributable to shareholders was CNY 531,095,353.43, with a slight increase of 0.0048% compared to the same period last year[17]. - The net cash flow from operating activities reached CNY 924,960,777.03, marking a year-on-year increase of 0.38%[17]. - The total assets at the end of the reporting period were CNY 16,753,669,563.84, reflecting a 1.87% increase from the previous year-end[17]. - The company's revenue for the reporting period reached 1.477 billion yuan, a year-on-year increase of 0.79%[22]. - The net profit attributable to the parent company was 531 million yuan, remaining basically flat compared to the previous year, with earnings per share at 0.1935 yuan[22]. - The toll revenue distribution amounted to 1.463 billion yuan, reflecting a year-on-year growth of 1.18%[22]. - The cash flow from operating activities was 928 million yuan, showing a slight increase of 0.38% compared to the previous year[23]. - The company's cash and cash equivalents at the end of the period were approximately 1.597 billion yuan, representing 9.36% of total assets, an increase of 38.96% year-on-year[24]. - The company reported a significant increase in other payables, which rose by 180.32% to 320 million yuan, primarily due to increased dividends payable to minority shareholders[24]. Corporate Governance - The board of directors confirmed that all members attended the board meeting, ensuring the authenticity and completeness of the semi-annual report[3]. - The semi-annual report has not been audited, but the management has declared the financial report's authenticity and completeness[3]. - The company has established a contact point for investor relations, ensuring transparency and communication[12]. - The company held its annual general meeting on May 30, 2024, where all resolutions were approved, leading to the election of a new board and supervisory committee[31]. - The company has established a modern corporate governance structure, including a board of directors and various departments[77]. Risk Management - The company has detailed risk factors and countermeasures in the board report regarding future development[6]. - The company faces risks from macroeconomic fluctuations, with pressures on domestic demand and supply impacting transportation needs, prompting a focus on enhancing core business and exploring derivative economic development[28]. - The company is addressing industry policy risks due to uncertainties in toll collection as many expressways approach the end of their toll periods, necessitating close monitoring of regulatory changes[28]. - The company plans to enhance operational management and collaborate with key logistics hubs to mitigate the impact of traffic diversion[29]. - The company will conduct thorough feasibility studies for investment projects and establish a risk control team to minimize investment decision risks[29]. Investment and Development - The company is actively exploring investment opportunities in smart transportation, logistics, and new energy sectors[19]. - The company has invested in Xiamen International Bank, Haixia Insurance, and Industrial Bank, yielding good investment returns[19]. - The company operates a total of 282 kilometers of highways, with no new highway mileage added during the reporting period[19]. - The company's main business revenue primarily comes from highway tolls, with other income sources including advertising and ETC card revenues[19]. - The company is focusing on enhancing service levels and optimizing operational efficiency while promoting high-quality development[22]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 74,694[40]. - The largest shareholder, Fujian Expressway Group Co., Ltd., holds 992,367,729 shares, representing 36.16% of the total shares[41]. - The second largest shareholder, China Merchants Highway Network Technology Holdings Co., Ltd., holds 487,112,772 shares, accounting for 17.75%[41]. - The company has not reported any changes in share capital structure during the reporting period[39]. - There are no significant changes in the number of shares held by the top ten shareholders compared to the previous period[42]. Debt and Liabilities - The company's interest-bearing debt at the beginning and end of the reporting period was CNY 999.7 million and CNY 998 million, respectively, reflecting a year-on-year change of 0.07%[47]. - The total amount of interest-bearing debt at the end of the reporting period was CNY 998 million, with 100% being corporate credit bonds[48]. - The current ratio decreased by 37.24 percentage points to 144.86% compared to the end of the previous year, primarily due to an increase in payable minority shareholder dividends and company bonds maturing within one year[53]. - The total liabilities amounted to ¥3,277,549,666.69, up from ¥3,170,617,972.62, showing an increase of about 3.37%[56]. - The total amount of short-term borrowings and overdue short-term borrowings is not applicable, indicating no short-term debt issues[186]. Accounting Policies - The company adheres to the accounting standards and reflects its financial status accurately, including operating results and cash flows[80]. - The company has not reported any changes in accounting policies or prior period error corrections during this reporting period[75]. - The company’s accounting year runs from January 1 to December 31[81]. - The company recognizes financial assets transferred based on whether the transfer meets derecognition criteria, with the difference between the carrying amount and the consideration received recognized in profit or loss[93]. - The company prioritizes observable inputs for fair value measurement of financial instruments, using unobservable inputs only when necessary[92]. Employee Compensation - Employee compensation includes various forms of remuneration for services rendered, including short-term and post-employment benefits[119]. - The company recognizes short-term employee benefits as liabilities based on actual occurrences during the accounting period, excluding post-employment benefits and termination benefits[120]. - The total employee compensation payable increased from CNY 7,225,042.86 to CNY 8,390,908.40, reflecting an increase of about 16.2%[192]. Cash Flow and Liquidity - Cash flow from operating activities generated a net inflow of CNY 928.48 million, slightly up from CNY 924.96 million in the first half of 2023[66]. - Cash and cash equivalents at the end of the first half of 2024 totaled CNY 1.60 billion, an increase from CNY 1.09 billion at the end of the first half of 2023[66]. - The company reported a total of CNY 407,292.92 in other cash equivalents, which increased from CNY 264,608.62 at the beginning of the period[144]. - The total cash and cash equivalents, including bank deposits and other monetary funds, increased by 39.0% compared to the previous period[143]. - The company reported a total of CNY 599,138,746.72 in bonds payable due within one year[195]. Inventory and Receivables - Inventory at the end of the period totaled ¥15,534,260.10, an increase from ¥11,940,143.99 at the beginning of the period, representing a growth of 30.5%[163]. - The total accounts receivable at the end of the period totaled CNY 848,475,847.06, up from CNY 731,129,106.80 at the beginning of the period, representing a growth of 16.0%[145]. - The provision for bad debts was reversed by ¥5,965.27 during the period, contributing to the overall reduction in the bad debt provision[160]. - The company has not recognized any significant bad debt recovery or reversal during the reporting period[154]. - The total balance of other receivables was classified as follows: cash advances ¥439,737.09, deposits ¥19,300.00, and withheld payments ¥63,889.18, contributing to a total of ¥584,188.79[159].