Financial Performance - Profit attributable to equity shareholders decreased by 13% year-on-year to approximately RMB 461 million, primarily due to provisions related to road resurfacing responsibilities and a decline in performance from the Park Shangcheng project[3]. - The group's total revenue for the year ended December 31, 2024, was approximately RMB 2.81 billion, a decrease of 5% compared to RMB 2.95 billion in 2023[57]. - The net profit attributable to the company's equity shareholders for the year was approximately RMB 461 million, reflecting a year-on-year decrease of 13% from RMB 528 million[57]. - The company's revenue for the year ended December 31, 2024, was RMB 879,489,000, a decrease of 6.9% compared to RMB 944,777,000 in 2023[99]. - The net profit for the year was RMB 597,859,000, down 6.3% from RMB 638,229,000 in the previous year[101]. - Basic earnings per share decreased to RMB 14.96 from RMB 17.15, reflecting a decline of 12.9%[99]. - The net profit from the group's share of the three toll highway projects totaled approximately RMB 846 million, an increase of 2% from RMB 830 million last year[65]. - The corporate income tax expense for 2024 was RMB 25,374,000, a substantial increase from RMB 1,701,000 in 2023[126]. Revenue and Toll Collection - Net toll revenue increased by 1% year-on-year to approximately RMB 2.668 billion, driven by the opening of the second phase of the Jiangjiang Expressway (Shenzhen section) and the Shenzhen-Zhongshan Link in June 2024[3]. - The total toll revenue for the Guangzhou-Shenzhen Expressway in 2024 is projected to be approximately RMB 2.885 billion, with a daily average toll revenue decrease of 0.5% to about RMB 7.88 million[39]. - The total toll revenue for the Guangzhu West Line Expressway in 2024 is approximately RMB 1.269 billion, with a daily average toll revenue of about RMB 3.47 million, reflecting a year-on-year decrease of 3%[43]. - The total toll revenue for the Shenzhen section of the Yanjiang Expressway in 2024 is estimated at around RMB 736 million, with a daily average toll revenue increasing by 17% to approximately RMB 2.01 million[47]. - The contribution of Class I vehicles to the toll revenue and mixed traffic volume on the Guangzhou-Shenzhen Expressway is 82.2% and 92.2%, respectively[39]. Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.0715 per share, with a total payout ratio of 100% of profit attributable to equity shareholders[6]. - The company proposed a final dividend of RMB 0.0715 per share, which, along with the interim dividend, results in a total regular dividend of RMB 0.1495 per share, a decrease of 13% from the previous year's RMB 0.1710 per share[17]. - Total dividends paid increased to RMB 596,307,000 in 2024 from RMB 271,189,000 in 2023, indicating a significant rise in shareholder returns[130]. Project Developments and Future Plans - The company is actively participating in land development projects along expressways, with plans to advance projects like Luogang Interchange and Tongle Interchange to supplement profits[11]. - The Guangzhou-Shenzhen section of the Jinggang'ao Expressway expansion project is progressing steadily, with multiple construction tenders completed and entering full implementation[9]. - The company anticipates the approval of the Shenzhen section expansion project by 2025, aiming to commence construction as soon as possible[12]. - The company aims to enhance its core competitiveness in the toll road industry through the ongoing expansion of the Jinggang'ao Expressway and the exploration of acquisition opportunities in the Greater Bay Area[12]. - The company is focusing on the management of individual toll road projects and land development projects following the acquisition of the Jiang River Company in 2022[114]. Economic Environment - The GDP of Guangdong Province is projected to grow by 3.5% year-on-year, reaching approximately RMB 14.16 trillion, providing a favorable economic environment for the company's operations[8]. - In 2024, China's GDP is projected to grow by 5.0%, reaching approximately RMB 134.9 trillion[27]. - The Greater Bay Area's GDP in 2024 is estimated at RMB 14.8 trillion, accounting for about 11% of the national GDP[29]. Financial Position and Debt - As of December 31, 2024, the group's cash and cash equivalents were RMB 291 million, down from RMB 382 million in 2023[74]. - The group's net debt at headquarters increased to RMB 3.755 billion from RMB 3.168 billion in the previous year[74]. - The group's total liabilities increased to RMB 9,785 million in 2024 from RMB 9,333 million in 2023, representing a rise of about 4.8%[76]. - The debt-to-asset ratio increased to 40% in 2024 from 38% in 2023, indicating a higher leverage position[76]. - The net debt-to-equity ratio rose to 74% in 2024 from 64% in 2023, reflecting increased reliance on debt financing[76]. Operational Insights - The company is responsible for the construction and management of the toll road during the concession period, which is set to expire no later than 2038[132]. - The company will conduct internal reviews of the forecasted total standard vehicle flow annually, with independent traffic research institutions engaged every 3 to 5 years to ensure accurate projections[133]. - The company has recognized an impairment loss of RMB 2,638,235,000 related to the operating intangible assets as of December 31, 2024[133]. Governance and Compliance - The board of directors includes four executive directors and three independent non-executive directors, ensuring a diverse governance structure[145]. - The company maintained compliance with all provisions of the corporate governance code, except for the absence of the chairman at the annual general meeting due to other commitments[96].
湾区发展(00737) - 2024 - 年度业绩