Workflow
中原高速(600020) - 2025 Q2 - 季度财报

Glossary This chapter defines key professional terms and company abbreviations used in the report - This section primarily explains professional terms and company abbreviations used in the report, such as 'Zhongyuan Expressway' and 'Henan Communications Investment Group', providing a basis for understanding the report's content14 Company Profile and Key Financial Indicators This section provides the company's fundamental information and presents key financial data and performance indicators for the reporting period Company Basic Information This chapter provides the company's basic business registration information, including names, legal representative, and addresses Company Information | Item | Information | | :--- | :--- | | Chinese Name | 河南中原高速公路股份有限公司 | | Stock Abbreviation | 中原高速 | | Stock Code | 600020 | | Listing Exchange | Shanghai Stock Exchange | | Legal Representative | Liu Jing | Key Accounting Data and Financial Indicators The company achieved year-on-year growth in revenue and net profit, with a significant increase in operating cash flow and improved profitability Main Accounting Data (Jan-Jun 2025) | Main Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,105,036,865.41 | 2,743,770,873.78 | 13.17% | | Total Profit | 843,977,625.02 | 808,415,101.48 | 4.40% | | Net Profit Attributable to Shareholders of Listed Company | 663,116,405.30 | 615,849,267.62 | 7.68% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 628,627,283.49 | 599,801,093.04 | 4.81% | | Net Cash Flow from Operating Activities | 1,146,284,155.08 | 878,330,234.80 | 30.51% | | | End of Current Period (yuan) | End of Prior Year (yuan) | Period-end vs. Prior Year-end Change (%) | | Total Assets | 53,013,088,005.69 | 52,163,406,051.21 | 1.63% | Key Financial Indicators (Jan-Jun 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.2685 | 0.2460 | 9.15% | | Weighted Average Return on Net Assets (%) | 5.16% | 4.96% | Increase 0.20 percentage points | - During the reporting period, the company's non-recurring gains and losses totaled 34,489,121.81 yuan, primarily from government subsidies recognized in current profit or loss27 Management Discussion and Analysis This section discusses the company's industry, main business operations, core competencies, key financial performance, and potential risks during the reporting period Description of the Company's Industry and Main Business Operations During the Reporting Period The company's main business is expressway investment and management, with profits from operations and associates, managing 808 kilometers of roads, and pursuing innovation - The company's main business is expressway investment, construction, and operation management, with profits primarily from expressway operations and investment income from associates32 - As of the end of the reporting period, the company managed approximately 808 kilometers of road sections, including Airport Expressway and Zhengzhou-Zhumadian section of Beijing-Hong Kong-Macau Expressway, which are core road assets33 - The company vigorously promotes technological innovation, establishing a new Technology Innovation Department and a Digital Intelligence Technology Innovation Company, with signed contracts totaling approximately 14.5 million yuan in the first half of the year, demonstrating initial advantages in technology empowerment35 Discussion and Analysis of Operations In H1 2025, the company achieved revenue growth and increased net profit, driven by strategic initiatives and effective market value management Operating Performance H1 2025 | Indicator | Amount (billion yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 3.105 | 13.17% | | Toll Revenue | 2.193 | 2.23% | | Total Profit | 0.844 | 4.40% (compared to total profit of 0.808 billion yuan) | | Net Profit Attributable to Parent | 0.663 | 7.68% | | Net Profit Attributable to Parent (Excluding Non-Recurring Items) | 0.629 | 4.81% | - The company's key tasks in the first half of the year included issuing "Guidance on Traffic Diversion and Revenue Enhancement", orderly advancing projects like the Zheng-Luo Expressway, saving approximately 2.64 million yuan in interest expenses through low-cost fund replacement, steadily increasing road-related economic income, improving corporate governance, and restoring market value through share repurchases434445 - The company's market value management achieved results, with controlling shareholder Henan Communications Investment Group completing an additional 1.72% shareholding, pushing total market capitalization past the 10 billion yuan mark, and its Wind ESG rating improving to A-level45 Analysis of Core Competencies During the Reporting Period Core competencies include unique strategic location, high-quality assets, efficient management, professional development, and strong financing capabilities - The company's expressway assets are all located in Henan Province, a central plain region and a hub for national transportation arteries, giving it a unique geographical advantage48 - The company possesses high-quality core road assets such as the Airport Expressway, the Zhengzhou-Zhumadian section of the Beijing-Hong Kong-Macau Expressway, and the Zhengzhou-Yaoshan section of the Zheng-Luan Expressway, all of which are important transportation corridors within the region49 - The company maintains stable cash flow, a high credit rating, and good relationships with creditors, demonstrating excellent financing platform capabilities that secure its future development54 Key Operating Performance During the Reporting Period This section details financial status, showing revenue growth, cost increases, finance cost reduction, and changes in assets, liabilities, and investments Analysis of Main Business Operating revenue increased, while operating costs rose, sales expenses decreased, finance costs fell, and operating cash flow grew significantly Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,105,036,865.41 | 2,743,770,873.78 | 13.17 | | Operating Cost | 1,894,627,820.85 | 1,459,109,187.76 | 29.85 | | Selling Expenses | 1,005,369.24 | 7,854,847.25 | -87.20 | | Finance Costs | 373,275,184.18 | 459,389,559.18 | -18.75 | | Net Cash Flow from Operating Activities | 1,146,284,155.08 | 878,330,234.80 | 30.51 | | Net Cash Flow from Financing Activities | -50,965,718.87 | 64,778,988.87 | -178.68 | Analysis of Assets and Liabilities The asset and liability structure changed, with increases in other receivables and non-current financial assets, and debt structure optimization Major Asset and Liability Item Changes | Item Name | Period-end Amount (yuan) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Other Receivables | 79,043,219.48 | 84.24 | Primarily due to increased dividends receivable from associates in the current period | | Other Non-Current Financial Assets | 160,500,000.00 | 613.33 | Primarily due to increased equity fund investments by the parent company | | Short-Term Borrowings | 1,803,851,686.10 | -35.09 | Primarily due to a decrease in short-term borrowings in the current period | | Other Current Liabilities | 300,154,849.32 | 100.00 | Primarily due to the issuance of ultra-short-term commercial papers in the current period | | Bonds Payable | 500,000,000.00 | 100.00 | Primarily due to the issuance of medium-term notes in the current period | - As of the end of the reporting period, the company had approximately 33.3 billion yuan in fixed assets and intangible assets (primarily tolling rights) pledged or mortgaged for borrowings, serving as a crucial guarantee for the company's financing59 Analysis of Investment Status Long-term equity investments increased from associate income, with continued non-equity investment in the Zheng-Luo project and fair value financial assets - The company continues to advance the Zheng-Luo Expressway project, investing 771 million yuan in H1 2025, with cumulative investment reaching 6.93 billion yuan, accounting for 34.86% of the project's total investment64 - The company's financial assets measured at fair value primarily include equity in Zhongyuan Bank, equity in Henan Communications Science Research Institute, and various equity investment funds65 Potential Risks The company faces macroeconomic, industry policy, and financing risks, which it plans to address through strategic measures - The company faces three major risks: macroeconomic conditions, industry policies, and financing. The company will actively respond by extending its industrial chain, strengthening policy communication, and optimizing its debt structure687072 Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management during the reporting period Changes in the Company's Directors, Supervisors, and Senior Management The board and senior management underwent personnel changes, including new elections, appointments, and departures Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Yang Shaojun | Director | Election | | Yang Jianguo | Director | Election | | Meng Jie | Director | Departure | | Liu Qiang | Deputy General Manager | Appointment | Significant Matters This section covers the fulfillment of commitments, significant related-party transactions, and major contracts and their performance Fulfillment of Commitments Controlling and major shareholders strictly fulfilled long-term commitments regarding competition avoidance and company independence - Controlling shareholder Henan Communications Investment Group committed to using the company as its ultimate integration platform for high-grade highway and large bridge project investment and operation businesses, and pledged to avoid horizontal competition81 Significant Related-Party Transactions Daily related-party transactions were within estimates, primarily for services, leasing, and sales, alongside non-operating debt with affiliates - The company projected total daily related-party transactions of 452 million yuan for 2025, with 118 million yuan actually incurred during the reporting period, primarily for maintenance services, leasing, and product sales85 Major Contracts and Their Performance The company has important leasing contracts and external guarantees, mainly for subsidiary property purchasers - The company has two major leasing contracts: leasing land for the Luohe-Zhumadian Expressway from the Henan Provincial Department of Transportation, and leasing service area assets under its jurisdiction to Henan Communications Investment Service Area Management Co., Ltd.92 - As of the end of the reporting period, the company's external guarantee balance was 64.8766 million yuan, accounting for 0.42% of net assets, with the guaranteed parties being property purchasers of subsidiary Jiaotou Yikang95 Share Changes and Shareholder Information This section details the company's shareholder structure and significant changes in shareholdings Shareholder Information The share capital structure remained unchanged, with top shareholders maintaining significant stakes and the controlling shareholder increasing its holding Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-end | Proportion (%) | Change During Reporting Period | | :--- | :--- | :--- | :--- | | Henan Communications Investment Group Co., Ltd. | 1,052,005,785 | 46.81 | +38,692,500 | | China Merchants Expressway Network Technology Holdings Co., Ltd. | 346,704,888 | 15.43 | 0 | | Great Wall Life Insurance Co., Ltd. - Proprietary Funds | 133,284,407 | 5.93 | 0 | | Great Wall Life Insurance Co., Ltd. - Participating - Individual Participating | 84,100,497 | 3.47 | +12,160,707 | - As of the end of the reporting period, the company had a total of 48,010 common shareholders99 Bond-Related Information This section provides an overview of the company's non-financial enterprise debt financing instruments, including new issuances and outstanding balances Non-Financial Enterprise Debt Financing Instruments The company issued new ultra-short-term commercial papers and medium-term notes, with total outstanding debt financing instruments of 4.5 billion yuan Overview of Outstanding Non-Financial Enterprise Debt Financing Instruments | Bond Abbreviation | Bond Balance (billion yuan) | Interest Rate (%) | Maturity Date | | :--- | :--- | :--- | :--- | | 25 Zhongyuan Expressway SCP001 | 0.3 | 1.57 | 2026-02-06 | | 25 Zhongyuan Expressway MTN002 | 0.5 | 1.88 | 2028-05-23 | | 22 Zhongyuan Expressway MTN002 | 1.2 | 3.09 | 2025-07-26 (First Call Date) | | 23 Zhongyuan Expressway MTN001 | 1.0 | 3.79 | 2026-03-08 (First Call Date) | | 23 Zhongyuan Expressway MTN002 | 0.5 | 3.60 | 2026-04-14 (First Call Date) | | 25 Zhongyuan Expressway MTN001 | 1.0 | 2.20 | 2028-04-24 (First Call Date) | - During the reporting period, the company's interest coverage ratio improved from 2.43 to 2.67, and its cash interest coverage ratio significantly increased from 2.73 to 3.72, indicating enhanced debt repayment capability111 Financial Report This section presents the company's unaudited semi-annual consolidated and parent company financial statements, along with detailed notes Financial Statements This chapter provides the unaudited H1 2025 consolidated and parent company financial statements, showing asset, liability, and equity figures Consolidated Balance Sheet Summary (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 53,013,088,005.69 | | Total Current Assets | 7,080,644,861.61 | | Total Non-Current Assets | 45,932,443,144.08 | | Total Liabilities | 37,643,607,646.27 | | Total Current Liabilities | 5,369,079,843.20 | | Total Non-Current Liabilities | 32,274,527,803.07 | | Total Owners' Equity | 15,369,480,359.42 | | Total Owners' Equity Attributable to Parent Company | 15,369,460,359.42 | Consolidated Income Statement Summary (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | I. Total Operating Revenue | 3,105,036,865.41 | | II. Total Operating Costs | 2,353,864,668.23 | | Including: Operating Costs | 1,894,627,820.85 | | Finance Costs | 373,275,184.18 | | III. Operating Profit | 825,365,789.60 | | IV. Total Profit | 843,977,625.02 | | V. Net Profit | 663,116,405.30 | | Net Profit Attributable to Parent Company Shareholders | 663,116,405.30 | Consolidated Cash Flow Statement Summary (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 1,146,284,155.08 | | Net Cash Flow from Investing Activities | -969,300,753.97 | | Net Cash Flow from Financing Activities | -50,965,718.87 | | Net Increase in Cash and Cash Equivalents | 126,017,682.24 | Significant Accounting Policies and Estimates This chapter details the company's accounting policies and estimates for financial statement preparation, notably using the workload method for expressway assets - The company's expressway assets are depreciated using the workload method, with depreciation calculated based on the ratio of actual traffic volume to total estimated traffic volume for the period216 - The company's concession rights (intangible assets) are also amortized using the workload method over the operating period of the toll roads and bridges, based on actual traffic volume222 - For revenue recognition, toll revenue is recognized when services are provided; real estate sales revenue is recognized upon completion and acceptance of commercial properties meeting specified conditions; and PPP project construction service revenue is recognized based on the progress of performance242243 Notes to Consolidated Financial Statement Items This chapter provides detailed notes on key consolidated financial statement items, including monetary funds, accounts receivable, inventory, and long-term borrowings - Period-end accounts receivable had a book balance of 1.711 billion yuan, of which 99.88% was due from Henan Provincial Expressway Network Monitoring and Toll Communication Service Co., Ltd276282 - Inventory had a period-end book value of 4.789 billion yuan, comprising 3.405 billion yuan in development costs and 1.382 billion yuan in developed products, with 283 million yuan in inventory impairment provisions299300 - Long-term borrowings constitute the company's primary liability, with a period-end balance of 29.526 billion yuan, mainly consisting of pledged borrowings for expressway project construction389390