五洲交通(600368) - 2025 Q2 - 季度财报

Important Notice Report Overview and Risk Statement This unaudited report is guaranteed for its truthfulness, accuracy, and completeness, with no profit distribution plan or significant risks identified - This semi-annual report is unaudited, and the company's Board of Directors, Supervisory Committee, and senior management guarantee its content is true, accurate, and complete[4][5] - Company head Wu Zhongjie, Chief Accountant Yu Li, and Head of Accounting Pan Wenhui declare that the financial statements in the semi-annual report are true, accurate, and complete[5] - There is no profit distribution plan or plan to convert capital reserves to share capital for the reporting period[5] - Forward-looking statements do not constitute substantive commitments, and investors should be aware of investment risks[5] - There was no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period[6] - There were no instances of providing external guarantees in violation of prescribed decision-making procedures during the reporting period[6] - No significant risks were identified during the reporting period[6] Section I Definitions Definitions of Common Terms This section defines common terms used in the report, including company names, regulatory bodies, and major subsidiaries to ensure clarity - Defines "Wuzhou Transportation" and "the Company" as Guangxi Wuzhou Transportation Co, Ltd[10] - Defines regulatory bodies such as "CSRC", "SSE", and "Regional SASAC"[10] - Defines "Jiaotou Group" as the controlling shareholder and "China Merchants Expressway" as the second-largest shareholder[10] - Lists major expressway projects (Tanbai Road, Cenluo Road, Censhui Road) and their operating companies[10] - Lists other key subsidiaries (Xingtong, Jinqiao, Wantong, Pingxiang Wantong, Lihe, Property, Finance) and associate companies[10] Section II Company Profile and Key Financial Indicators Company Information and Contact Details This section provides the company's basic registration information, legal representative, contact details, and stock information - The company's Chinese name is 广西五洲交通股份有限公司, abbreviated as Wuzhou Transportation, with Wu Zhongjie as the legal representative[12] - The Board Secretary is Yu Li, and the Securities Affairs Representative is Li Mingsen, with contact details disclosed[13] - The company's registered address was changed on November 21, 2022, to the 43rd floor, Block A, Fuya International Business Building, Nanning, Guangxi[14] - Designated information disclosure newspapers are China Securities Journal, Shanghai Securities News, and Securities Daily, with the website http://www.sse.com.cn[15](index=15&type=chunk) - The company's A-shares are listed on the Shanghai Stock Exchange under the stock code 600368[16] Key Accounting Data and Financial Indicators During the reporting period, revenue remained stable, but net profit declined due to lower toll fee income, and operating cash flow also decreased Key Accounting Data (Jan-Jun 2025 vs Prior Year Period) | Indicator | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 813,182,580.57 | 789,655,004.92 | 2.98 | | Total Profit | 364,887,038.39 | 407,319,111.73 | -10.42 | | Net Profit Attributable to Shareholders | 316,271,868.13 | 353,234,289.97 | -10.46 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 305,846,238.51 | 344,163,038.61 | -11.13 | | Net Cash Flow from Operating Activities | 400,426,539.09 | 539,113,564.61 | -25.73 | | Net Assets Attributable to Shareholders (End of Period) | 6,975,664,768.31 | 6,870,257,555.58 | 1.53 | | Total Assets (End of Period) | 9,696,636,815.42 | 9,615,088,215.83 | 0.85 | Key Financial Indicators (Jan-Jun 2025 vs Prior Year Period) | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | Change vs Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | 0.1965 | 0.2194 | -10.44 | | Diluted Earnings Per Share (RMB/Share) | 0.1965 | 0.2194 | -10.44 | | Basic EPS (Excluding Non-recurring Items) (RMB/Share) | 0.1900 | 0.2138 | -11.13 | | Weighted Average Return on Equity (%) | 4.55 | 5.49 | Decreased by 0.94 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | 4.40 | 5.35 | Decreased by 0.95 percentage points | - Net profit attributable to shareholders decreased by 10.46% year-on-year, mainly due to the decline in toll revenue affected by multimodal transport and road network diversion[18] - Net cash flow from operating activities decreased by 25.73% year-on-year, primarily because the prior period included repayment of advanced funds for a construction project, and toll revenue declined in the current period[19] Non-recurring Profit and Loss Items and Amounts This section lists non-recurring profit and loss items for the period, totaling RMB 10.43 million, mainly from government subsidies and trust management fees Non-recurring Profit and Loss Items and Amounts | Non-recurring Item | Amount (RMB) | | :--- | :--- | | Government Subsidies Included in Current Profit/Loss | 3,361,191.00 | | Reversal of Impairment Provision for Individually Tested Receivables | 72,427.77 | | Custody Fee Income from Entrusted Operations | 7,547,169.84 | | Other Non-operating Income and Expenses | 1,314,304.72 | | Less: Income Tax Impact | 1,732,384.60 | | Minority Interest Impact (After Tax) | 137,079.11 | | Total | 10,425,629.62 | - Custody fee income of RMB 7.55 million was primarily from the asset management of Cenluo Company[22] Section III Management Discussion and Analysis Industry and Main Business Overview The company operates in the expressway and logistics industries, with a focus on toll roads, trade logistics, and asset management - As of June 30, 2025, China's expressway mileage exceeded 186,000 km, with Guangxi's nearing 12,000 km and planned to exceed 15,200 km by 2030[24] - The expressway industry is trending towards smart, green, and regionally coordinated development, supported by the national "14th Five-Year Plan"[24][25] - The high-end logistics warehousing market is booming, driven by digitalization and low-carbon initiatives, with rapid growth in demand for high-standard facilities[26] - The company's main businesses include toll roads, trade logistics, and asset management[27] Toll Road Revenue (Jan-Jun 2025 vs Jan-Jun 2024) | Road Section | Jan-Jun 2024 (RMB million) | Jan-Jun 2025 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Tanbai Road | 470.27 | 432.92 | -7.94% | | Cenluo Road | 105.76 | 107.90 | 2.03% | | Total | 576.03 | 540.83 | -6.11% | - Tanbai Road's toll revenue decreased by 7.94% year-on-year, mainly due to traffic diversion by a parallel secondary road[27][28] - The trade logistics business provides facility leasing, cold chain storage, vehicle management, customs declaration, and trading services[28] - The asset management business generates income from operating assets such as the Fuya International Business Building and the Modern International Building[29] Discussion and Analysis of Operating Performance The company advanced its Tanbai Road expansion, enhanced operations with technology, and strengthened its logistics and asset management businesses - The Tanbai Road expansion project is progressing, with RMB 2.024 billion in investment completed and key approvals and contracts secured[30] - Highway operations were enhanced through technological innovation, with 10 innovation projects completed, including 4 software copyrights and 2 utility model patents[31] - Measures such as fuel price discounts and traffic diversion strategies were implemented to boost toll revenue[31] - Logistics parks stabilized operations by attracting new clients and optimizing layouts, leading to increased customs declaration volumes for new vehicles[33] - Asset management income was boosted by leasing over 10,000 sq. meters in the Fuya International Business Building and monetizing idle assets[33] - The company launched a RMB 3 billion convertible bond application, increased its 2024 cash dividend to RMB 211 million, and improved its ESG rating from B to BBB[34] - Cost reduction efforts included issuing a RMB 350 million medium-term note at a record-low interest rate and negotiating lower rates on existing loans[35] Analysis of Core Competitiveness The company's core competitiveness lies in its strategic location, high-quality assets, operational excellence, experienced management, and strong financing platform - Strategic Location Advantage: The Tanbai and Cenluo expressways are core parts of the G80 national trunk line, connecting Southwest China with the Greater Bay Area and ASEAN[36] - High-Quality Assets: As Guangxi's only listed toll road operator, its assets generate stable cash flow, with the Tanbai expansion set to enhance asset quality and scale[37](index=37&type=chunk][38] - Operational Management Excellence: The company leverages intelligent toll collection, optimized tunnel lighting, and ultra-fast charging facilities to improve efficiency and service quality[38] - Experienced Management Team: The company possesses a team of high-quality management talent with extensive operational experience and a professional capital operations team[38] - Strong Financing Platform: Maintaining an AA+ credit rating with a stable outlook, the company has smooth financing channels, successfully issuing a RMB 350 million medium-term note in H1[39] Main Operating Activities during the Reporting Period This section analyzes financial statement changes, asset and liability structure, investment activities, and the performance of major subsidiaries Analysis of Financial Statement Item Changes (Jan-Jun 2025 vs Prior Year Period) | Item | Current Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 813,182,580.57 | 789,655,004.92 | 2.98 | | Operating Costs | 427,946,120.01 | 297,663,874.16 | 43.77 | | Selling Expenses | 7,060,585.50 | 48,329,580.08 | -85.39 | | Administrative Expenses | 42,679,605.57 | 45,484,259.46 | -6.17 | | Financial Expenses | 41,421,984.81 | 59,143,938.62 | -29.96 | | Net Cash Flow from Operating Activities | 400,426,539.09 | 539,113,564.61 | -25.73 | | Net Cash Flow from Investing Activities | -296,473,765.71 | 45,163,009.14 | -756.45 | | Net Cash Flow from Financing Activities | -246,401,233.70 | -518,637,401.55 | 52.49 | - The changes in operating costs (+43.77%) and selling expenses (-85.39%) were mainly due to an accounting reclassification of toll collection expenses[41] - Financial expenses decreased by 29.96% due to reduced interest payments from a lower total outstanding loan balance[41] - Net cash flow from investing activities dropped by 756.45%, primarily due to payments for the Tanbai Road expansion project[41] Changes in Assets and Liabilities (End of Period vs End of Prior Year) | Item | End of Current Period (RMB) | End of Prior Year (RMB) | Change (%) | Reason | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 312,208,225.93 | 455,617,603.25 | -31.48 | Payments for Tanbai expansion project | | Prepayments | 8,606,401.54 | 3,858,044.14 | 123.08 | Prepayments for trade logistics goods | | Other Receivables | 34,366,262.98 | 75,861,023.07 | -54.70 | Collection of dividends receivable from Cenxing Company | | Loans and Advances | 0 | 13,528,000.00 | -100.00 | Reclassification after cancellation of micro-loan license | | Construction in Progress | 865,435,646.58 | 663,949,998.25 | 30.35 | Increased investment in Tanbai expansion project | | Other Non-current Assets | 171,454,730.34 | 25,732,391.54 | 566.30 | Prepayments for Tanbai expansion project engineering costs | | Advances from Customers | 21,145,668.29 | 15,693,481.24 | 34.74 | Pre-received rental income | | Contract Liabilities | 7,172,359.62 | 3,834,314.18 | 87.06 | Pre-received contract payments for trade logistics | | Employee Benefits Payable | 15,940,543.79 | 36,869,257.77 | -56.76 | Payment of 2024 employee performance bonuses | | Other Current Liabilities | 138,627.82 | 355,184,403.84 | -99.96 | Repayment of short-term financing bills | | Bonds Payable | 350,000,000.00 | 0 | 100.00% | Issuance of medium-term notes in the current period | - As of the period end, restricted assets included RMB 4.81 million in cash (judicial freeze), RMB 44.20 million in inventory (judicial seizure), and pledged toll rights for two expressways[47] - The major non-equity investment is the G80 Nanning-Baise Expressway expansion project, with an estimated investment of RMB 20.43 billion and a cumulative investment of RMB 2.024 billion as of June 2025[49] Financials of Major Subsidiaries and Associates (Jan-Jun 2025) | Company Name | Type | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Tanbai Expressway Co, Ltd | Subsidiary | 1,804,000,000.00 | 3,994,290,703.96 | 3,068,846,788.13 | 449,601,744.41 | 281,601,258.33 | 240,168,492.95 | | Guangxi Cenluo Expressway Co, Ltd | Subsidiary | 820,193,600.00 | 1,195,024,956.36 | 956,357,610.45 | 117,809,826.28 | 58,566,465.05 | 49,897,079.25 | | Guangxi Cenxing Expressway Development Co, Ltd | Associate | 1,807,050,000.00 | 3,346,635,824.30 | 2,765,445,666.75 | 366,538,547.46 | 239,059,220.52 | 204,684,377.77 | - Nanning Lihe Investment Co, Ltd had its micro-loan operating license cancelled and completed its business scope and name change registration in May 2025[52] Potential Risks and Countermeasures The company faces risks from market competition, rising operating costs, and uncertainties related to its major expansion project - Market Competition Risk: The logistics park market in Pingxiang, Guangxi, is facing a situation of oversupply, leading to intense competition[54] - Operating Cost Risk: Aging facilities and equipment in the parks are leading to higher failure rates, maintenance expenses, and energy consumption, significantly increasing operating costs[54] - Expansion Project Risk: The Tanbai Expressway expansion faces risks of cost overruns due to rising material and labor prices, uncertainty in future traffic volumes, and an unconfirmed toll collection period post-completion[54] - Countermeasures include facility upgrades, optimizing tenant mix, innovating services, strictly controlling construction costs, and implementing measures to maximize post-completion operating income[55] Section IV Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, Zhou Yizhu retired as Chairman, and Wu Zhongjie was appointed as the new Chairman and legal representative - Zhou Yizhu retired from the position of Chairman[58] - Wu Zhongjie was appointed as a non-independent director and subsequently elected as the Chairman of the 10th Board of Directors and the company's legal representative on August 7[58] Profit Distribution or Capital Reserve Conversion Plan The company has no profit distribution or capital reserve conversion plan for the reporting period - The company will not distribute profits or convert capital reserves, with zero bonus shares, dividends, or conversion shares per 10 shares[59] Environmental Information and Rural Revitalization Efforts The company maintains compliant environmental practices and actively supports rural revitalization through agricultural product sales and logistics support - All company facilities, including toll stations, service areas, and logistics parks, are equipped with properly functioning wastewater treatment systems[60] - Construction projects adhere to environmental protection requirements, with proper disposal of waste and control of dust and noise pollution[60] - In H1 2025, the company deepened its efforts to support rural revitalization by linking poverty alleviation achievements with new initiatives[61] - Through its logistics network and e-commerce platforms, the company facilitated the sale of approximately RMB 2 million worth of agricultural products from 14 counties[61] - The Jinqiao cold storage facility stored over 1,300 tons of local fruits like mangoes and passion fruit, preventing market oversupply and price drops[61] - Special sales counters and events for local agricultural products were set up at service areas during major holidays to promote rural products[61] Section V Important Matters Fulfillment of Commitments The controlling shareholder, Jiaotou Group, has strictly adhered to its commitment to avoid non-competition with the company - Jiaotou Group committed not to engage in activities that compete with Wuzhou Transportation and to yield any competing project opportunities to the company[63] - In cases where Jiaotou Group's projects compete with Wuzhou Transportation's existing roads, solutions such as asset swaps or injections will be implemented to benefit the company[63] - During the reporting period, Jiaotou Group's commitments were timely and strictly fulfilled[63] Major Litigation and Arbitration The company is involved in an ongoing major litigation concerning an equity transfer dispute with Huang Haile and Guangxi Aorun Investment - The company has an ongoing equity transfer dispute with Huang Haile and Guangxi Aorun Investment Management Co, Ltd, as detailed in the 2024 Annual Report[65] Integrity Status of the Company and Its Controlling Shareholders The company and its controlling shareholders maintained a good integrity record with no unfulfilled court judgments or major overdue debts - During the reporting period, the company and its controlling shareholders had no unfulfilled court judgments or significant overdue debts[66] Major Related-Party Transactions The company engaged in financial transactions with related parties, including deposits and loans with the controlling shareholder's finance company Deposit Business with Related-Party Finance Company (Jan-Jun 2025) | Related Party | Relationship | Max Daily Deposit Limit | Deposit Rate Range | Opening Balance (RMB) | Deposits this Period (RMB) | Withdrawals this Period (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Communications Investment Group Finance Co, Ltd | Same controlling shareholder | Not exceeding RMB 1 billion | Compliant with PBOC regulations | 196,101,941.97 | 1,572,601,364.74 | 1,706,359,166.90 | 62,344,139.81 | Loan Business with Related-Party Finance Company (Jan-Jun 2025) | Related Party | Relationship | Credit Line | Loan Rate Range | Opening Balance (RMB) | Loans this Period (RMB) | Repayments this Period (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Communications Investment Group Finance Co, Ltd | Same controlling shareholder | Not exceeding RMB 3.5 billion | Not higher than rates for similar entities | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | Credit Line from Related-Party Finance Company (Jan-Jun 2025) | Related Party | Relationship | Business Type | Total Amount | Actual Amount Used | | :--- | :--- | :--- | :--- | :--- | | Guangxi Communications Investment Group Finance Co, Ltd | Same controlling shareholder | Loan Credit | Not exceeding RMB 3.5 billion | RMB 30 million | - The company's deposit balance at the finance company was RMB 62.34 million, and the loan balance was RMB 30 million[73] - The controlling shareholder, Jiaotou Group, provides an unlimited joint liability guarantee for all deposits placed by the company in the finance company[74] - The G80 Expressway expansion project's entrusted construction management was awarded to a joint venture of the controlling shareholder's subsidiaries, with cumulative management fees of RMB 40.50 million recognized[75] - Construction and procurement contracts for the G80 Expressway expansion, totaling RMB 4.58 billion, were awarded to subsidiaries of the controlling shareholder[76][77][78] Major Contracts and Their Performance The company has ongoing asset custody and leasing contracts, including managing an expressway for a related party and leasing out market facilities Custody Arrangements (Jan-Jun 2025) | Entrusting Party | Trustee | Custody Asset | Asset Value (RMB million) | Start Date | End Date | Custody Income (RMB million) | Basis for Income | Related-Party Transaction | Relationship | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Communications Investment Group Co, Ltd | Guangxi Cenluo Expressway Co, Ltd | Other asset custody | 3,038.77 | Apr 1, 2020 | Dec 31, 2025 | 7.55 | Based on fair market price | Yes | Controlling shareholder | - Cenluo Company manages the Cenxi-Shuiwen Expressway, generating RMB 7.55 million in income for H1 2025, which constitutes a related-party transaction[80] Leasing Arrangements (Company as Lessor, Jan-Jun 2025) | Lessee Name | Leased Asset | Start Date | End Date | Lease Income (RMB million) | Basis for Income | Related-Party Transaction | Relationship | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Baiyun Shijing Jiangnan Agricultural Products Wholesale Center, et al | Jinqiao Market sheds and planning areas | Nov 1, 2016 | Oct 30, 2028 | 163.32 | Contract area and unit price | No | Other | | Guangzhou Baiyun Shijing Jiangnan Agricultural Products Wholesale Center, et al | Jinqiao Market sheds and commercial building shops | Jul 1, 2018 | Oct 31, 2028 | 40.50 | Contract area and unit price | No | Other | | Guangzhou Baiyun Shijing Jiangnan Agricultural Products Wholesale Center, et al | Jinqiao Market sheds 11 and 12 | Aug 1, 2018 | Oct 31, 2028 | 3.13 | Contract area and unit price | No | Other | | Guangxi Junyi Jiangnan Market Development Co, Ltd | Jinqiao Market comprehensive building, 2nd floor | Jul 1, 2018 | Sep 30, 2028 | 10.42 | Contract area and unit price | No | Other | Major Guarantees Provided During the Reporting Period The company provided guarantees for its subsidiaries, with a total outstanding guarantee balance of RMB 130 million at the period end Company's Total Guarantee Amount (Including Guarantees for Subsidiaries) | Indicator | Amount (RMB million) | | :--- | :--- | | Guarantees for Subsidiaries Incurred During the Period | 20.00 | | Outstanding Guarantee Balance for Subsidiaries at Period End (B) | 130.00 | | Total Guarantee Amount (A+B) | 130.00 | | Total Guarantee Amount as a Percentage of Net Assets (%) | 1.89% | | Guarantees for Shareholders, Actual Controllers, and Their Affiliates (C) | 0 | | Guarantees for Entities with Asset-Liability Ratio Over 70% (D) | 0 | | Guarantees Exceeding 50% of Net Assets (E) | 0 | | Total of the Above Three Items (C+D+E) | 130.00 | - The company provided guarantees for loans obtained by its subsidiary, Guangxi Wuzhou Jinqiao Agricultural Products Co, Ltd, from China Everbright Bank and the related-party finance company, with a total outstanding balance of RMB 130 million[83][84] Section VI Share Capital Changes and Shareholder Information Changes in Share Capital The company's total number of shares and share capital structure remained unchanged during the reporting period - There were no changes in the company's total number of shares or share capital structure during the reporting period[86] Shareholder Information As of the period end, the company had 65,872 common shareholders, with the top two being state-owned entities holding a combined 50.31% - The total number of common shareholders was 65,872 at the end of the reporting period[87] Top Ten Shareholders (as of Period End) | Shareholder Name | Shares Held at Period End | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Guangxi Communications Investment Group Co, Ltd | 586,755,686 | 36.45 | State-owned legal person | | China Merchants Expressway Network & Technology Holdings Co, Ltd | 223,032,982 | 13.86 | State-owned legal person | | Great Wall Life Insurance Co, Ltd - Own Funds | 21,600,000 | 1.34 | State-owned legal person | | China Construction Bank - Orient Red CSI Orient Red Dividend Low Volatility Index Fund | 6,900,800 | 0.43 | Other | | Hong Kong Securities Clearing Company Ltd | 6,560,640 | 0.41 | Foreign legal person | | Hu Qunxia | 4,989,760 | 0.31 | Unknown | | Ding Xiaobao | 4,279,990 | 0.27 | Unknown | | Chen Yan | 4,254,704 | 0.26 | Unknown | | Zhang Junting | 4,096,100 | 0.25 | Unknown | | Tang Caiquan | 3,707,944 | 0.23 | Unknown | - Among the top ten shareholders, Guangxi Communications Investment Group (36.45%) and China Merchants Expressway (13.86%) are state-owned legal persons[89] - The top ten holders of unrestricted shares are identical to the top ten shareholders list[90] Section VII Bond-Related Information Debt Financing Instruments in the Inter-bank Bond Market The company issued short-term commercial papers, which have matured, and a RMB 350 million medium-term note with a 2.15% interest rate Basic Information on Non-financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Issue Date | Start Date | Maturity Date | Outstanding Balance (RMB 100 million) | Interest Rate (%) | Repayment Method | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Wuzhou Transportation 2024 Phase I Short-term Commercial Paper | 24 Wuzhou Jiao CP001 | 042480052.IB | Jan 23, 2024 | Jan 24, 2024 | Jan 18, 2025 | 0 | 2.77 | Principal and interest at maturity | Inter-bank bond market | | Guangxi Wuzhou Transportation 2024 Phase II Short-term Commercial Paper | 24 Wuzhou Jiao CP002 | 042480482.IB | Sep 20, 2024 | Sep 23, 2024 | Jan 21, 2025 | 0 | 2.10 | Principal and interest at maturity | Inter-bank bond market | | Guangxi Wuzhou Transportation 2025 Phase I Medium-term Note | 25 Wuzhou Jiao MTN001 | 102580232.IB | Jan 13, 2025 | Jan 15, 2025 | Jan 15, 2028 | 3.5 | 2.15 | Annual interest, principal at maturity | Inter-bank bond market | Key Accounting Data and Financial Indicators Liquidity ratios improved due to debt repayment, while the asset-liability ratio decreased, and interest coverage ratios rose due to lower interest expenses Key Accounting Data and Financial Indicators (Period End vs Prior Year End, Current Period vs Prior Year Period) | Key Indicator | Current Period End/Period | Prior Year End/Period | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Current Ratio | 1.05 | 0.86 | 22.09% | Repayment of short-term commercial paper | | Quick Ratio | 0.87 | 0.74 | 17.57% | Repayment of short-term commercial paper | | Asset-Liability Ratio (%) | 28.94% | 29.41% | Decreased by 0.47 p.p. | Repayment of existing loans reduced total liabilities | | Net Profit (Excluding Non-recurring Items) | 305,846,238.51 | 344,163,038.61 | -11.13% | Decreased profit due to lower toll revenue | | Total Debt to EBITDA Ratio | 0.23 | 0.24 | -4.17% | Repayment of existing loans reduced total liabilities | | Interest Coverage Ratio | 9.14 | 7.95 | 14.97% | Repayment of existing loans reduced interest expenses | | Cash Interest Coverage Ratio | 10.03 | 10.14 | -1.08% | Decrease in net cash flow from operating activities | | EBITDA Interest Coverage Ratio | 12.66 | 10.62 | 19.21% | Repayment of existing loans reduced interest expenses | | Loan Repayment Rate (%) | 100% | 100% | 0 | - | | Interest Payment Rate (%) | 100% | 100% | 0 | - | Convertible Corporate Bonds The company is proceeding with the issuance of RMB 3 billion in convertible bonds to fund the Tanbai Road expansion project - The company plans to issue RMB 3 billion in convertible corporate bonds to the public to fund the Tanbai Road expansion project[100] - The issuance was approved by the Board of Directors, the controlling shareholder, and the shareholders' meeting in early 2025[100] - The matter is subject to review by the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission before implementation[100] Section VIII Financial Report Company Basic Information Guangxi Wuzhou Transportation Co, Ltd, established in 1992 and listed in 2000, primarily engages in toll roads, logistics, and asset management - Guangxi Wuzhou Transportation Co, Ltd was established on December 31, 1992, and was listed on the Shanghai Stock Exchange in December 2000 with stock code "600368"[137] - As of June 30, 2025, the company's total share capital is 1,609,653,858 shares, with its headquarters in Nanning, Guangxi[137] - The company and its subsidiaries' main businesses are operating toll roads, trade logistics, asset management, and financial services[137] - These financial statements were approved for issuance by the 10th Board of Directors' 30th meeting on August 7, 2025[137] Basis of Preparation and Going Concern The financial statements are prepared on a going concern basis in accordance with Chinese Accounting Standards, with no identified threats to continued operations - The company's financial statements are prepared on a going concern basis, in accordance with the requirements of the Chinese Accounting Standards for Business Enterprises[138] - The company has assessed its ability to continue as a going concern for the next 12 months and has found no material uncertainties[139] Significant Accounting Policies and Estimates This section details the key accounting policies and estimates used, including a change in the depreciation estimate for Tanbai Road - The financial statements comply with enterprise accounting standards, truly and completely reflecting the company's financial position and performance[141] - The company's fiscal year is the calendar year, with a normal operating cycle of one year and RMB as the functional currency[142][143][144] - Key policies disclosed include business combinations, consolidation, financial instruments, inventory, contract assets, investment property, fixed assets, construction in progress, intangible assets, employee benefits, provisions, revenue recognition, government grants, deferred taxes, and leases[147][150][169][191][196][215][217][220][225][235][243][245][254][258][267] - A change in accounting estimate for the Tanbai Road depreciation coefficient resulted in a RMB 0.41 million decrease in accumulated depreciation and a RMB 0.35 million increase in net profit[279][280] Taxation The company is subject to various taxes and benefits from several preferential tax policies, including reduced income tax rates for Western Development Main Taxes and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable value-added amount | 1%, 3%, 5%, 6%, 9%, 11%, 13% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | - Several subsidiaries enjoy a reduced 15% corporate income tax rate under the Western Development tax incentive policy until December 31, 2030[282] - Certain subsidiaries qualify as small and micro-enterprises, benefiting from a 20% corporate income tax rate on 25% of their taxable income until December 31, 2027[282] - A subsidiary is exempt from property tax and urban land use tax for its agricultural product wholesale market operations until December 31, 2027[283] - A logistics subsidiary benefits from a 50% reduction in urban land use tax for its warehousing facilities until December 31, 2027[283] - The company and its subsidiaries are exempt from the local water conservancy construction fund until December 31, 2026[284] Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, explaining significant changes and balances Cash and Cash Equivalents (End of Period vs Beginning of Period) | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Bank Deposits | 244,819,607.81 | 253,447,451.38 | | Other Monetary Funds | 5,044,478.31 | 6,068,209.90 | | Deposits in Finance Company | 62,344,139.81 | 196,101,941.97 | | Total | 312,208,225.93 | 455,617,603.25 | - Cash and cash equivalents decreased by 31.48% from the beginning of the period, mainly due to payments for the Tanbai expansion project[44] - The top five customers accounted for 76.23% of the total balance of accounts receivable and contract assets[306] - Construction in progress increased by 30.35% to RMB 865.44 million, driven by investment in the Tanbai expansion project[44][375] - Short-term borrowings increased by 18.18% to RMB 130 million, primarily guaranteed loans for a subsidiary[44][399][400][401] - Bonds payable stood at RMB 350 million at period-end due to the issuance of medium-term notes[45][439] - Long-term borrowings increased by 4.00% to RMB 1.32 billion, consisting of pledged and credit loans[45][430] - The company provided loan guarantees for a subsidiary, with an outstanding balance of RMB 190 million at period-end[564] - Operating revenue was RMB 813.18 million and operating cost was RMB 427.95 million; the 43.77% increase in operating cost was due to an accounting reclassification[42][461][465] - Financial expenses decreased by 29.96% to RMB 41.42 million due to reduced interest payments on a smaller loan balance[42][468] - The company is involved in several unresolved lawsuits and arbitrations, the financial impact of which cannot be accurately estimated at present[560][561][562][563] R&D Expenditures The company's R&D expenditure relates to the development of a financial shared services center system, which has been capitalized Capitalized Development Expenditures for R&D Projects | Project | Opening Balance (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | | Financial Shared Services Center | 1,454,000.00 | 1,454,000.00 | - The R&D project is for the development of a financial shared services center software system, with capitalization starting on June 12, 2023[499] - As of June 30, 2025, the project is 88.52% complete and is expected to be finished by June 12, 2026[499] - The project aims to improve work efficiency and data accuracy through internal software use[499] Interests in Other Entities The company holds controlling stakes in several subsidiaries and a significant interest in an associate, while recognizing losses for certain joint ventures Composition of the Corporate Group (Major Subsidiaries) | Subsidiary Name | Registered Location | Business Nature | Ownership (%) | Investment Method | | :--- | :--- | :--- | :--- | :--- | | Guangxi Wantong International Logistics Co, Ltd | Nanning | Logistics | 70.00 (Direct) | Capital contribution | | Guangxi Pingxiang Wantong International Logistics Co, Ltd | Pingxiang | Logistics | 100.00 (Indirect) | Capital contribution | | Guangxi Cenluo Expressway Co, Ltd | Nanning | Transportation | 100.00 (Direct) | Capital contribution | | Guangxi Wuzhou Jinqiao Agricultural Products Co, Ltd | Nanning | Services | 100.00 (Direct) | Business combination | | Guangxi Tanbai Expressway Co, Ltd | Nanning | Transportation | 100.00 (Direct) | Business combination | Significant Associate Companies | Associate Name | Main Operating Location | Registered Location | Business Nature | Ownership (%) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Cenxing Expressway Development Co, Ltd | Yulin | Nanning | Transportation | 34.00 (Direct) | Equity method | - The company has unrecognized cumulative excess losses for a joint venture and an associate, totaling -RMB 34.38 million and -RMB 416.58 million, respectively[511] - An ongoing equity transfer dispute with Huang Haile involves performance commitments related to the joint venture Guangxi Pingxiang Heyue Investment Co, Ltd[511][512] Government Grants The company recognized government grants totaling RMB 3.36 million, primarily for infrastructure and agricultural logistics projects Government Grants Recognized in Current Profit or Loss (Jan-Jun 2025) | Type | Amount this Period (RMB) | | :--- | :--- | | Asset-related | 3,207,257.04 | | Income-related | 153,933.96 | | Total | 3,361,191.00 | Liability Items Related to Government Grants (Deferred Income) | Grant Project | Opening Balance (RMB) | New Grants (RMB) | Reclassified to Other Income (RMB) | Closing Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Provincial Border Toll Station Removal Grant | 11,950,000.00 | 0 | 1,792,500.00 | 10,157,500.00 | Asset-related | | Agricultural Product Circulation & Supply Chain Project | 2,190,000.00 | 0 | 180,000.00 | 2,010,000.00 | Asset-related | | Service Industry Cluster Development Fund | 5,607,079.99 | 0 | 84,955.74 | 5,522,124.25 | Asset-related | | Pingxiang Government Infrastructure Grant | 4,939,704.00 | 0 | 274,428.00 | 4,665,276.00 | Asset-related | | Essential Goods Circulation Guarantee Fund | 5,000,000.00 | 0 | 67,873.32 | 4,932,126.68 | Asset-related | | Economic Promotion Project Investment Reward | 0 | 750,000.00 | 750,000.00 | 0 | Asset-related | | Total | 29,888,034.23 | 750,000.00 | 3,207,257.04 | 27,430,777.19 | / | Risks Related to Financial Instruments The company is exposed to credit risk, liquidity risk, and market risks, including foreign exchange and interest rate fluctuations - The company's financial instrument risks stem from its financial assets and liabilities, encompassing credit, liquidity, and market risks[515] - Credit risk arises from cash, receivables, and loans, which is managed by assessing customer creditworthiness and monitoring their payment history[515] - Liquidity risk is managed through centralized cash management, which includes short-term investment of surplus cash and arranging loans to meet anticipated cash needs[519] - Foreign exchange risk arises from USD-denominated assets and liabilities; a 10% appreciation or depreciation of the RMB against the USD would impact net profit by approximately RMB 48.33 million[521][522] - Interest rate risk arises from floating-rate long-term debt; a 50 basis point increase or decrease in interest rates would impact net profit by approximately RMB 10.84 million[522] Fair Value Disclosures The company discloses assets and liabilities measured at fair value, primarily related to non-recurring measurements from business combinations Fair Value of Assets and Liabilities at Period End | Item | Level 1 Fair Value (RMB) | Level 2 Fair Value (RMB) | Level 3 Fair Value (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | I. Continuous Fair Value Measurement | | | | | | (I) Trading Financial Assets | | | | | | (II) Other Debt Investments | | | | | | (III) Other Equity Instruments | | | | | | (IV) Investment Property | | | | | | Total Assets at Continuous Fair Value | | | | | | (VI) Trading Financial Liabilities | | | | | | Total Liabilities at Continuous Fair Value | | | | | | II. Non-continuous Fair Value Measurement | | | | | | (I) Assets Held for Sale | | | 4,779,997,779.20 | 4,779,997,779.20 | | Total Assets at Non-continuous Fair Value | | | 4,779,997,779.20 | 4,779,997,779.20 | | Total Liabilities at Non-continuous Fair Value | | | 1,342,880,616.78 | 1,342,880,616.78 | - Non-continuous fair value measurements relate to the identifiable assets and liabilities acquired in the business combinations of two subsidiaries[526] - For investments in non-listed equity instruments, the company uses the cost less impairment as a reasonable estimate of fair value[527] - The carrying amounts of financial assets and liabilities measured at amortized cost are considered to be a reasonable approximation of their fair values[528] Related Parties and Transactions The company engages in extensive related-party transactions with its controlling shareholder and its subsidiaries, including financing, procurement, and services - The company's controlling shareholder is Guangxi Communications Investment Group Co, Ltd, and the ultimate controlling party is the Guangxi SASAC[530] Purchases of Goods/Services (Related-Party Transactions, Jan-Jun 2025) | Related Party | Transaction Content | Amount this Period (RMB) | | :--- | :--- | :--- | | Guangxi Communications Investment Group Finance Co, Ltd | Interest on borrowings | 389,333.34 | | Guangxi Computing Center Co, Ltd | O&M technical service fees | 16,560,118.20 | | Guangxi Jiaotou Hongguan Engineering Consulting Co, Ltd | Engineering cost consulting services | 1,348,939.43 | | Guangxi Zhitou Electromechanical Engineering Co, Ltd | Equipment procurement | 3,948,758.00 | | Guangxi Nanbai Expressway Co, Ltd | Entrusted construction management fees | 17,851,689.32 | Sales of Goods/Provision of Services (Related-Party Transactions, Jan-Jun 2025) | Related Party | Transaction Content | Amount this Period (RMB) | | :--- | :--- | :--- | | Nanning Fangde Business Co, Ltd | Group purchase sales | 281,941.58 | | Guangxi Communications Investment Group Chongzuo Expressway Operation Co, Ltd | Group purchase sales | 441,599.32 | | Guangxi Lvdao Expressway Service Area Management Co, Ltd | Group purchase sales | 210,849.52 | | Guangxi Pingxiang Heyue Investment Co, Ltd | Fund lending | 122,818.50 | Related-Party Borrowings (Inward, Jan-Jun 2025) | Related Party | Borrowing Amount (RMB) | Start Date | End Date | | :--- | :--- | :--- | :--- | | Guangxi Communications Investment Group Finance Co, Ltd | 30,000,000.00 | Jun 3, 2024 | Jun 2, 2025 | | Guangxi Communications Investment Group Finance Co, Ltd | 30,000,000.00 | Jun 17, 2025 | Jun 16, 2026 | Related-Party Lendings (Outward, Jan-Jun 2025) | Related Party | Lending Amount (RMB) | Start Date | End Date | Status | | :--- | :--- | :--- | :--- | :--- | | Guangxi Pingxiang Heyue Investment Co, Ltd | 650,000.00 | Mar 20, 2018 | Mar 19, 2022 | Overdue | | Guangxi Pingxiang Heyue Investment Co, Ltd | 870,000.00 | Jun 8, 2018 | Mar 19, 2022 | Overdue | | Guangxi Pingxiang Heyue Investment Co, Ltd | 1,000,000.00 | Sep 20, 2018 | Mar 19, 2022 | Overdue | | Guangxi Pingxiang Heyue Investment Co, Ltd | 1,000,000.00 | Jan 31, 2019 | Mar 19, 2022 | Overdue | | Guangxi Pingxiang Heyue Investment Co, Ltd | 500,000.00 | Oct 28, 2019 | Mar 19, 2022 | Overdue | | Guangxi Pingxiang Heyue Investment Co, Ltd | 500,000.00 | Apr 20, 2020 | Mar 19, 2022 | Overdue | | Guangxi Pingxiang Heyue Investment Co, Ltd | 500,000.00 | Jan 20, 2021 | Jan 19, 2022 | Overdue | | Guangxi Pingxiang Heyue Investment Co, Ltd | 500,000.00 | Jan 13, 2022 | Jan 12, 2023 | Overdue | | Guangxi Pingxiang Heyue Investment Co, Ltd | 50,000.00 | Mar 1, 2022 | Feb 28, 2023 | Overdue | | Guangxi Pingxiang Heyue Investment Co, Ltd | 8,000,000.00 | Jan 23, 2017 | Jul 22, 2018 | Overdue | - Remuneration for key management personnel for the current period amounted to RMB 1.92 million[547] Commitments and Contingencies The company faces contingent liabilities from several unresolved lawsuits and provides loan guarantees for a subsidiary totaling RMB 190 million - The company is involved in an equity transfer contract dispute with Huang Haile, with the potential loss currently inestimable as the case is still under review[560] - A subsidiary is involved in a coal trade contract dispute and has been ordered to refund a deposit of RMB 7.23 million plus fees; the case is in the enforcement stage[561] - The company is involved in a housing quality dispute and has been ordered to repair a building's exterior walls; an appeal has been filed[562] - A subsidiary is involved in loan contract disputes, with some loans under enforcement and provisions for bad debt already made[562][563] Contingent Liabilities from Guarantees for Other Entities (Jan-Jun 2025) | Guaranteed Entity | Guarantee Item | Amount (RMB) | Term | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Guangxi Wuzhou Jinqiao Agricultural Products Co, Ltd | Loan Guarantee | 50,000,000.00 | 2024-12-11 to 2025-12-10 | No | | Guangxi Wuzhou Jinqiao Agricultural Products Co, Ltd | Loan Guarantee | 20,000,000.00 | 2025-4-23 to 2026-2-7 | No | | Guangxi Wuzhou Jinqiao Agricultural Products Co, Ltd | Loan Guarantee | 30,000,000.00 | 2025-5-26 to 2026-2-7 | No | | Guangxi Wuzhou Jinqiao Agricultural Products Co, Ltd | Loan Guarantee | 30,000,000.00 | 2025-6-17 to 2026-6-16 | No | | Total | - | 190,000,000.00 | - | - | Other Important Matters The company participates in an enterprise annuity plan and segments its operations into four main business divisions for management reporting - The company participates in an enterprise annuity plan, with employee and employer contribution rates of 4% and 8%, respectively[566] - The company's operations are divided into four reportable segments: Transportation, Asset Management, Finance, and Trade & Logistics[568] Financial Information by Reportable Segment (Jan-Jun 2025) | Item | Transportation (RMB) | Asset Management (RMB) | Finance (RMB) | Logistics & Trade (RMB) | Inter-segment Elimination (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 567,078,237.36 | 7,857,537.08 | 773,997.62 | 237,472,808.51 | 0 | 813,182,580.57 | | Operating Costs | 202,683,667.78 | 11,540,706.74 | 0 | 213,721,745.49 | 0 | 427,946,120.01 | | Operating Profit/(Loss) | 388,892,734.03 | -20,539,432.85 | 900,016.81 | -5,696,150.36 | 0 | 363,557,167.63 | | Total Assets | 12,929,622,339.88 | 468,094,147.62 | 0 | 965,532,530.52 | -4,666,612,202.60 | 9,696,636,815.42 | | Total Liabilities | 2,792,633,271.88 | 287,353,239.00 | 0 | 767,090,478.83 | -1,040,913,341.66 | 2,806,163,648.05 | XIX. Notes to Major Items in the Parent Company's Financial Statements Accounts Receivable The parent company's accounts receivable had a carrying amount of RMB 2.41 million, with no bad debt provision for intra-group balances Parent Company Accounts Receivable by Aging (End of Period vs Beginning of Period) | Aging | Closing Gross Balance (RMB) | Opening Gross Balance (RMB) | | :--- | :--- | :--- | | Within 1 year | 2,174,437.25 | 15,077.46 | | 2 to 3 years | 366,503.46 | 366,503.46 | | Over 5 years | 255,425.49 | 255,425.49 | | Subtotal | 2,796,366.20 | 637,006.41 | | Less: Bad Debt Provision | 383,394.45 | 376,703.33 | | Total | 2,412,971.75 | 260,303.08 | Parent Company Accounts Receivable by Bad Debt Provision Method (End of Period) | Category | Gross Balance (RMB) | Percentage (%) | Bad Debt Provision (RMB) | Provision Rate (%) | Carrying Amount (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Provision by portfolio | 2,796,366.20 | 100.00 | 383,394.45 | 13.71 | 2,412,971.75 | | Of which: Intra-group receivables | 1,855,218.36 | 66.34 | 0 | 0 | 1,855,218.36 | | Receivables from other customers | 621,928.95 | 22.24 | 376,371.63 | 60.52 | 245,557.32 | | Receivables from leasing customers | 319,218.89 | 11.42 | 7,022.82 | 2.20 | 312,196.07 | - The top five customers accounted for 99.96% of the parent company's total accounts receivable balance[581] Other Receivables The parent company's other receivables totaled RMB 873.59 million, primarily consisting of inter-company loans and dividends receivable Parent Company Other Receivables by Item (End of Period vs Beginning of Period) | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Interest Receivable | 0 | 0 | | Dividends Receivable | 100,000,000.00 | 55,187,106.46 | | Other Receivables | 873,591,856.50 | 978,479,506.90 | | Total | 973,591,856.50 | 1,033,666,613.36 | Parent Company Dividends Receivable (End of Period vs Beginning of Period) | Investee | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Guangxi Cenxing Expressway Development Co, Ltd | 0 | 55,187,106.46 | | Guangxi Tanbai Expressway Co, Ltd | 100,000,000.00 | 0 | | Total | 100,000,000.00 | 55,187,106.46 | Parent Company Other Receivables by Nature (End of Period vs Beginning of Period) | Nature of Receivable | Closing Gross Balance (RMB) | Opening Gross Balance (RMB) | | :--- | :--- | :--- | | Inter-company loans, equity transfer proceeds & interest | 908,487,320.74 | 1,013,801,180.66 | | Deposits | 13,985,000.00 | 14,004,182.00 | | Other | 1,428,934.95 | 1,057,703.46 | | Subtotal | 923,901,255.69 | 1,028,863,066.12 | | Less: Bad Debt Provision | 50,309,399.19 | 50,383,559.22 | | Total | 873,591,856.50 | 978,479,506.90 | - The top five other receivables accounted for 99.89% of the parent company's total balance, with Guangxi Wantong International Logistics Co, Ltd representing 49.44%[600] Parent Company Bad Debt Provision for Other Receivables (End of Period) | Bad Debt Provision | Stage 1 (12-month ECL) | Stage 3 (Lifetime ECL - Credit Impaired) | Total | | :--- | :--- | :--- | :--- | | Balance at Jan 1, 2025 | 18,250.14 | 50,365,309.08 | 50,383,559.22 | | Balance at Jun 30, 2025 | 19,121.20 | 50,290,277.99 | 50,309,399.19 | Long-term Equity Investments The parent company's long-term equity investments totaled RMB 5.64 billion, comprising investments in subsidiaries and associates Parent Company Long-term Equity Investments (End of Period) | Item | Gross Balance (RMB) | Impairment Provision (RMB) | Carrying Amount (RMB) | | :--- | :--- | :--- | :--- | | Investments in Subsidiaries | 3,695,306,772.16 | 0 | 3,695,306,772.16 | | Investments in Associates and Joint Ventures | 1,981,364,733.09 | 36,739,700.00 | 1,944,625,033.09 | | Total | 5,676,671,505.25 | 36,739,700.00 | 5,639,931,805.25 | Parent Company Investments in Subsidiaries (End of Period) | Investee | Carrying Amount (RMB) | | :--- | :--- | | Guangxi Tanbai Expressway Co, Ltd | 2,045,303,123.00 | | Guangxi Cenluo Expressway Co, Ltd | 893,088,249.16 | | Guangxi Wuzhou Jinqiao Agricultural Products Co, Ltd | 369,627,200.00 | | Nanning Jinqiao Property Services Co, Ltd | 5,100,000.00 | | Guangxi Wuzhou Xingtong Investment Co, Ltd | 30,000,000.00 | | Nanning Lihe Investment Co, Ltd | 177,188,200.00 | | Guangxi Wantong International Logistics Co, Ltd | 175,000,000.00 | | Total | 3,695,306,772.16 | Parent Company Investments in Associates and Joint Ventures (End of Period) | Investee | Carrying Amount (RMB) | Impairment Provision (RMB) | | :--- | :--- | :--- | | Guangxi Pingxiang Heyue Investment Co, Ltd | 0 | 36,739,700.00 | | Guangxi Cenxing Expressway Development Co, Ltd | 1,414,955,286.10 | 0 | | Guangxi Quanxing Expressway Development Co, Ltd | 492,536,110.27 | 0 | | Guangxi Wuzhou Cenwu Expressway Co, Ltd | 37,133,636.72 | 0 | | Total | 1,944,625,033.09 | 36,739,700.00 | Operating Revenue and Costs The parent company generated operating revenue of RMB 5.20 million against operating costs of RMB 25.01 million for the period Parent Company Operating Revenue and Costs (Jan-Jun 2025) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 2,757,484.14 | 23,087,752.91 | | Other Business | 2,440,474.22 | 1,923,984.47 | | Total | 5,197,958.36 | 25,011,737.38 | Parent Company Revenue and Cost Breakdown by Contract Type (Jan-Jun 2025) | Contract Type | Asset Management Revenue (RMB) | Asset Management Cost (RMB) | Logistics & Trade Revenue (RMB) | Logistics & Trade Cost (RMB) | Total Revenue (RMB) | Total Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Direct Sales | 2,750,880.37 | 9,882,691.20 | 6,603.77 | 13,205,061.71 | 2,757,484.14 | 23,087,752.91 | Investment Income The parent company's investment income for the period was RMB 254.75 million, primarily from its long-term equity investments Parent Company Investment Income (Jan-Jun 2025 vs Prior Year Period) | Item | Amount this Period (RMB) | Amount Prior Period (RMB) | | :--- | :--- | :--- | | Long-term equity investment income (cost method) | 170,000,000.00 | 370,000,000.00 | | Long-term equity investment income (equity method) | 84,747,557.78 | 79,700,822.27 | | Total | 254,747,557.78 | 449,700,822.27 | XX. Supplementary Information Details of Non-recurring Profit and Loss Non-recurring profit and loss for the period totaled RMB 10.43 million, mainly from government grants and trust management fees Details of Non-recurring Profit and Loss (Jan-Jun 2025) | Item | Amount (RMB) | Notes | | :--- | :--- | :--- | | Government grants included in current profit/loss | 3,361,191.00 | - | | Reversal of impairment provision for individually tested receivables | 72,427.77 | - | | Custody fee income from entrusted operations | 7,547,169.84 | Asset management by Cenluo Company | | Other non-operating income and expenses | 1,314,304.72 | - | | Less: Income tax impact | 1,732,384.60 | - | | Minority interest impact (after tax) | 137,079.11 | - | | Total | 10,425,629.62 | - | Return on Equity and Earnings Per Share The company's weighted average return on equity was 4.55%, with a basic and diluted earnings per share of RMB 0.1965 Return on Equity and Earnings Per Share (Jan-Jun 2025) | Item | Weighted Average ROE (%) | Basic EPS (RMB/Share) | Diluted EPS (RMB/Share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders | 4.55 | 0.1965 | 0.1965 | | Net profit attributable to common shareholders (excluding non-recurring items) | 4.40 | 0.1900 | 0.1900 |