四川成渝(601107) - 2025 Q2 - 季度财报

Part I Definitions This section defines key terms and abbreviations used in the report, ensuring clarity regarding the company's expressway assets, related entities, and financial market terminology Definitions This chapter defines key terms and abbreviations used in the report, primarily covering the company's expressway assets, related corporate entities, and financial market terminology to ensure clear understanding of the content - The report defines multiple expressways including Chengyu Expressway, Chengya Expressway, Chengle Expressway, Chengbei Exit Expressway, Airport Expressway, Chengren Expressway, Suiguang Expressway, Suixi Expressway, Tianqiong Expressway, and Chengdu Second Ring West Expressway[13] - The company and its subsidiaries are collectively referred to as 'the Group', with clear definitions of A-shares and H-shares and their respective listing exchanges[14] - Project types such as BOT, BT, and PPP are defined, along with regulatory bodies like the China Securities Regulatory Commission (CSRC), Shanghai Stock Exchange (SSE), and Hong Kong Stock Exchange (HKEX)[14][15] Part II Company Profile and Key Financial Indicators This section provides the company's basic information, contact details, and a comprehensive overview of its key financial performance and indicators for the reporting period I. Company Information This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - The company's Chinese name is Sichuan Chengyu Expressway Company Limited, abbreviated as Sichuan Chengyu[17] - The company's legal representative is Luo Zuyi[17] II. Contact Persons and Information This section lists the contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax numbers, and email addresses - The Board Secretary is Yao Jiancheng, and the Securities Affairs Representative is Qiu Zhu[18] - The company's contact address is No. 252 Wuhouci Street, Chengdu, Sichuan Province, China[18] III. Overview of Changes in Basic Information This section clarifies the company's registered and office addresses, noting no historical changes during the reporting period - Both the company's registered address and office address are No. 252 Wuhouci Street, Chengdu, Sichuan Province, China[19] IV. Overview of Changes in Information Disclosure and Document Storage Locations This section discloses the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the locations where semi-annual reports are available for inspection - The company's selected newspapers for information disclosure are China Securities Journal and Shanghai Securities News[20] - The website address for publishing semi-annual reports is http://www.sse.com.cn[20](index=20&type=chunk) - The company's semi-annual reports are available for inspection both domestically (No. 252 Wuhouci Street, Chengdu) and in Hong Kong (40/F, Dah Sing Financial Centre, 248 Queen's Road East, Wanchai, Hong Kong)[20] V. Company Stock Overview This section outlines the company's stock listing status, including the listing exchanges, stock abbreviations, and codes for both A-shares and H-shares - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Sichuan Chengyu and code 601107[21] - The company's H-shares are listed on The Stock Exchange of Hong Kong Limited, with stock abbreviation Sichuan Chengyu Expressway and code 00107[21] VI. Other Relevant Information This section provides information on the domestic and overseas law firms engaged by the company, as well as the names and office addresses of the domestic and overseas share registrars - The company's domestic law firm is Beijing Zhongyin (Chengdu) Law Firm, and its overseas law firm is Zhong Lun Law Firm[22][23] - The domestic share registrar is China Securities Depository and Clearing Corporation Limited Shanghai Branch, and the Hong Kong registrar is Hong Kong Registrars Limited[23] VII. Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the first half of 2025, showing a decrease in operating revenue compared to the same period last year, but an increase in total profit and net profit attributable to shareholders, along with improved earnings per share and return on net assets Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,126,034,968.39 RMB | 5,368,417,182.37 RMB | -23.14 | | Total Profit | 1,067,876,903.97 RMB | 901,596,674.35 RMB | 18.44 | | Net Profit Attributable to Shareholders of Listed Company | 837,253,765.83 RMB | 698,099,371.60 RMB | 19.93 | | Net Cash Flow from Operating Activities | 1,406,704,163.15 RMB | 1,663,537,807.59 RMB | -15.44 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 19,578,016,887.68 RMB | 18,404,171,806.44 RMB | 6.38 | | Total Assets (Period-end) | 61,307,200,630.84 RMB | 61,070,435,445.00 RMB | 0.39 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.2596 | 0.2283 | 13.71% | | Diluted Earnings Per Share (RMB/share) | 0.2596 | 0.2283 | 13.71% | | Basic EPS after Deducting Non-recurring Gains and Losses (RMB/share) | 0.2528 | 0.2205 | 14.65% | | Weighted Average Return on Net Assets (%) | 4.97 | 4.36 | Increased by 0.61 percentage points | | Weighted Average Return on Net Assets after Deducting Non-recurring Gains and Losses (%) | 4.85 | 4.21 | Increased by 0.64 percentage points | VIII. Differences in Accounting Data under Domestic and Overseas Accounting Standards This section discloses the differences in net profit and net assets attributable to shareholders of the listed company reported under Chinese and overseas accounting standards, primarily due to factors such as special reserves and numerical precision Differences in Net Profit and Net Assets under Domestic and Overseas Accounting Standards | Indicator | Net Profit Attributable to Shareholders (Current Period) | Net Profit Attributable to Shareholders (Prior Period) | Net Assets Attributable to Shareholders (Period-end) | Net Assets Attributable to Shareholders (Period-start) | | :--- | :--- | :--- | :--- | :--- | | Under Chinese Accounting Standards | 837,253,765.83 RMB | 698,099,371.60 RMB | 19,578,016,887.68 RMB | 18,404,171,806.44 RMB | | 1. Special Reserves | 1,094,520.03 RMB | -2,248.40 RMB | - | - | | 2. Differences due to numerical precision, etc. | 2,714.14 RMB | -2,123.20 RMB | 1,112.32 RMB | -1,806.44 RMB | | Under Overseas Accounting Standards | 838,351,000.00 RMB | 698,095,000.00 RMB | 19,578,018,000.00 RMB | 18,404,170,000.00 RMB | IX. Non-recurring Gains and Losses Items and Amounts This section lists the specific amounts of non-recurring gains and losses items for the reporting period, totaling RMB 20,560,494.81, primarily including gains/losses from disposal of non-current assets, government grants, and other non-operating income/expenses Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 2,270,483.41 | | Government grants recognized in current profit/loss | 15,661,789.57 | | Gains/losses from changes in fair value and disposal of financial assets/liabilities | -22,548.41 | | Other non-operating income and expenses | 1,191,317.62 | | Other items meeting the definition of non-recurring gains and losses | 7,299,643.18 | | Less: Income tax impact | 5,764,430.23 | | Impact on minority interests (after tax) | 75,760.33 | | Total | 20,560,494.81 | X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-based Payment Impact The company had no equity incentive or employee stock ownership plans during the reporting period, thus no disclosure of net profit after deducting share-based payment impact is required XI. Others There are no other matters requiring disclosure in this chapter Part III Management Discussion and Analysis This section provides an in-depth review of the company's industry, business operations, financial performance, core competencies, and future development plans for the reporting period I. Explanation of the Company's Industry and Principal Business During the Reporting Period This section details the overall operating conditions of the transportation industry to which the company belongs, including growth in freight volume, port throughput, and cross-regional passenger flow, as well as the company's core business as an investor, constructor, operator, and manager of expressways (I) Industry Overview In the first half of 2025, the transportation economy generally operated smoothly, with sustained growth in freight volume, port cargo throughput, and cross-regional passenger flow, while transportation fixed asset investment remained high, though urban passenger volume decreased Key Transportation Industry Data for H1 2025 | Indicator | Volume Completed | Year-on-Year Growth | | :--- | :--- | :--- | | Commercial Freight Volume | 28.03 billion tons | 3.9% | | Road Freight Volume | 20.57 billion tons | 4.0% | | Waterway Freight Volume | 4.90 billion tons | 4.3% | | National Port Cargo Throughput | 8.90 billion tons | 4.0% | | Container Throughput | 170 million TEUs | 6.9% | | Cross-regional Passenger Flow | 33.76 billion person-times | 4.2% | | Urban Passenger Volume | 51.66 billion person-times | -2.4% | | Transportation Fixed Asset Investment | 1.6 trillion RMB | - | (II) Principal Business Overview The company's principal business involves investing, constructing, operating, and managing expressway projects within Sichuan Province, alongside expanding into green energy investments and integrated development of roadside resources. As of June 30, 2025, the company operates approximately 900 kilometers of expressways, with total assets and net assets of approximately RMB 61.307 billion and RMB 20.673 billion, respectively - The company's principal businesses include investing, constructing, operating, and managing certain expressway projects within the province, green energy investment, and integrated development of roadside resources[33][37] - As of June 30, 2025, the Group operates approximately 900 kilometers of expressways (of which approximately 858 kilometers are toll roads)[33] Company Asset Overview (As of June 30, 2025) | Indicator | Amount (RMB) | | :--- | :--- | | Total Assets | 61,307,200,630.84 | | Net Assets | 20,672,819,600.00 | | Total Share Capital | 3,058,060,000 shares | - All expressways under the company are operational expressways, generating operating income through vehicle toll collection[36] II. Discussion and Analysis of Operating Performance This section reviews the company's operating performance in the first half of 2025, noting profit growth achieved through project construction and management improvements despite a decrease in operating revenue. It also analyzes economic, policy, and road network factors affecting toll road and bridge operations, and outlines progress on major investment and financing projects and future business development plans (I) Business Review and Analysis In the first half of 2025, the company's operating revenue decreased by 23.14% year-on-year to RMB 4.126 billion, while net profit attributable to shareholders of the listed company increased by 19.93% to RMB 837 million. Road toll revenue accounted for 55.10% of operating revenue, influenced by macroeconomic conditions, policy environment (e.g., green channel policy, ETC discount policy), and road network changes (e.g., opening of Tianfu Airport Expressway branch, traffic diversion to Suiguang-Suixi Expressway) H1 2025 Operating Performance Summary | Indicator | Amount (RMB) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 4,126,034,968.39 | -23.14% | | Revenue from Expressway Management and Maintenance | 2,273,610,400.00 | - | | Construction Service Revenue | 650,194,300.00 | - | | Goods Sales Revenue | 1,080,555,100.00 | - | | Net Profit Attributable to Shareholders of Listed Company | 837,253,765.83 | 19.93% | | Basic Earnings Per Share | 0.2596 | 13.71% | | Road Toll Revenue | 2,273,610,400.00 | -2.25% | H1 2025 Operating Performance of Each Expressway | Project | Equity Ratio (%) | Average Daily Traffic (vehicle-times) | Toll Revenue (RMB 1,000) | | :--- | :--- | :--- | :--- | | Chengyu Expressway | 100 | 21,974 (3.70% Change) | 422,012 (0.52% Change) | | Chengya Expressway | 100 | 37,763 (-1.68% Change) | 492,375 (-2.33% Change) | | Chengren Expressway | 100 | 33,598 (-1.98% Change) | 402,305 (-7.21% Change) | | Chengle Expressway | 100 | 40,421 (2.26% Change) | 295,986 (0.92% Change) | | Chengbei Exit | 60 | 50,711 (8.24% Change) | 52,787 (4.93% Change) | | Suiguang Expressway | 100 | 11,548 (-3.19% Change) | 136,081 (3.50% Change) | | Suixi Expressway | 100 | 10,493 (3.82% Change) | 89,251 (4.10% Change) | | Chengdu Second Ring West Expressway | 100 | 26,370 (-5.03% Change) | 382,814 (-6.09% Change) | - Sichuan Province's expressway toll discount policy has been extended to December 31, 2025, increasing discounts for non-new energy freight vehicles with ETC to 6% (8% at night), new energy freight vehicles to 20%, and international standard container transport vehicles to 60%[43] - Effective November 6, 2024, hydrogen-powered vehicles equipped with ETC are exempt from expressway tolls within Sichuan Province[43] (II) Major Investment and Financing Projects The company continues to advance major investment and financing projects, with the Chengle Expressway expansion project having accumulated RMB 14.377 billion in investment, the Tianqiong Expressway BOT project completed and operational with RMB 7.002 billion invested, and the G5 Beijing-Kunming Expressway Chengdu-Ya'an section expansion project awarded and a project company established - The Chengle Expressway expansion project has an adjusted construction mileage of 136.1 kilometers, an estimated total investment of RMB 25.15 billion, and as of June 30, 2026, cumulative investment reached approximately RMB 14.377 billion[45] - The Tianqiong Expressway BOT project, with a total length of approximately 42 kilometers and an estimated total investment of approximately RMB 8.685 billion, was fully completed and opened to traffic on September 13, 2024, with cumulative investment reaching approximately RMB 7.002 billion as of June 30, 2025[46] - The G5 Beijing-Kunming Expressway Chengdu-Ya'an section expansion project has been awarded, with a total route length of 159.115 kilometers and an estimated total investment of approximately RMB 28.548 billion, and the project company was established on August 13, 2025[47] (III) Business Development Plan For the second half of 2025, the company plans to focus on its core business, expanding road asset scale through expansion, integration, and M&A; seizing policy opportunities to promote diversified development, including deepening capital operations, optimizing service area operations, and exploring hydrogen and new energy innovative businesses; establishing market-oriented operating principles, building a refined cost control system, and strengthening the bottom line for safety and risk prevention - Focus on the core business, accelerate the construction of the Chengle Expressway expansion project, and expand road asset scale through strategies such as upgrading and expanding existing roads, asset integration, and acquiring high-quality road assets[47] - Regarding diversified industrial layout, the company will leverage its investment platform to deepen capital operations, optimize service area operations, focus on commercial pilot projects for hydrogen energy business, and expand into new energy innovative business models such as energy storage and power sales[48] - Establish a refined cost control system, strengthen full-process budget control and expenditure efficiency evaluation, and reinforce the bottom line for safety and risk prevention, optimizing strategic positioning[48][49] III. Analysis of Core Competencies During the Reporting Period As the sole A+H share listed company in road infrastructure in Sichuan Province, the company possesses a high-caliber management team, expressway concession rights, superior regional road asset location advantages, and benefits from the rapid economic and road network development in Sichuan Province, indicating significant future growth potential - The company is the only A+H share listed company in road infrastructure within Sichuan Province, holding a strong regional market position[50] - The company's management team is highly qualified and experienced, with its expressway business management system ranking among the leaders in Sichuan Province's industry[50] - The company holds concessions for expressway construction, management, maintenance, and toll collection, with strong support from its controlling shareholder, Shu Dao Investment Group Co., Ltd[50] - Most of the company's road assets are regional transportation arteries, located in economically developed areas and popular tourist destinations in Sichuan Province, demonstrating significant geographical advantages[51] - Sichuan Province's economy and road network construction are rapidly developing, with the total planned mileage of the expressway network reaching 20,000 kilometers, providing substantial future growth opportunities for the company[51] IV. Key Operating Performance During the Reporting Period This section provides an in-depth analysis of the company's key operating performance during the reporting period, including changes in financial statement items, asset-liability structure, investment activities, and the performance of major controlled and associate companies, revealing the drivers of profit growth amidst declining revenue and optimized asset structure (I) Analysis of Principal Business During the reporting period, the company's operating revenue decreased by 23.14% year-on-year, but operating costs decreased by 31.62% and financial expenses decreased by 31.03%, leading to an increase in profit indicators. Net cash flow from investment activities significantly decreased, primarily due to the opening of Tianqiong Expressway and the slowdown of the Chengle Expressway expansion project; net cash flow from financing activities turned negative, mainly due to repayment of expressway construction loans Analysis of Changes in Financial Statement Items | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,126,034,968.39 | 5,368,417,182.37 | -23.14 | | Operating Cost | 2,581,318,509.72 | 3,774,801,544.66 | -31.62 | | Selling Expenses | 32,563,141.92 | 34,302,862.50 | -5.07 | | Administrative Expenses | 226,213,399.99 | 265,518,781.50 | -14.80 | | Financial Expenses | 289,962,122.06 | 420,406,588.87 | -31.03 | | Net Cash Flow from Operating Activities | 1,406,704,163.15 | 1,663,537,807.59 | -15.44 | | Net Cash Flow from Investing Activities | -1,180,992,639.40 | -1,836,906,259.43 | N/A | | Net Cash Flow from Financing Activities | -682,696,405.89 | 1,040,258,555.26 | -165.63 | - Operating costs decreased by RMB 1.110131 billion, a 63.06% reduction, primarily due to a decrease in construction service costs[54] - The decrease in financial expenses is mainly attributed to the significant achievements in optimizing the company's existing debt structure[54] - The change in net cash flow from investing activities is primarily due to the full opening of the Tianqiong Expressway project and the slowdown of the Chengle Expressway expansion project, resulting in a significant decrease in cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets[54] - The change in net cash flow from financing activities is mainly due to the company's repayment of expressway construction loans[54] (II) Explanation of Significant Profit Changes Caused by Non-Principal Business During the reporting period, the company's profit did not experience significant changes due to non-principal business activities (III) Analysis of Assets and Liabilities The company's asset and liability structure underwent several changes: accounts receivable decreased by 30.75% due to enhanced management; prepayments increased by 38.59% due to advance freight payments for transportation projects; short-term borrowings decreased by 97.19% due to loan repayments; contract liabilities increased by 133.25% due to new unified toll fees; other payables increased by 42.14% due to an increase in dividends payable; other equity instruments increased by 60.62% due to the new issuance of RMB 1.2 billion in perpetual bonds; and other comprehensive income increased by 3,504.91% due to fair value changes in other equity instrument investments. Overseas assets accounted for 0.01% of total assets Analysis of Changes in Asset and Liability Status | Item | Current Period-end Amount (RMB) | % of Total Assets (Period-end) | Prior Year-end Amount (RMB) | % of Total Assets (Prior Year-end) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 156,058,703.59 | 0.25 | 225,370,286.30 | 0.37 | -30.75 | Enhanced accounts receivable management | | Prepayments | 178,998,531.11 | 0.29 | 129,160,754.95 | 0.21 | 38.59 | Advance freight payments for Duolian Company's transportation projects | | Contract Assets | 3,034,333.35 | 0.00 | 10,119,683.75 | 0.02 | -70.02 | Duolian Company completed partial project settlements | | Non-current Assets Due Within One Year | 95,279,289.53 | 0.16 | 44,000,000.00 | 0.07 | 116.54 | Part of Shunan Company's BT project long-term receivables due within one year | | Short-term Borrowings | 20,000,000.00 | 0.03 | 710,503,750.01 | 1.16 | -97.19 | Repayment of some short-term borrowings | | Advances from Customers | 29,448,204.62 | 0.05 | 21,259,575.81 | 0.03 | 38.52 | Shuxia Company's new advance rental income | | Contract Liabilities | 41,777,183.31 | 0.07 | 17,911,134.56 | 0.03 | 133.25 | New unified toll fees for East-West Urban Axis involving Chengyu Road recognized as contract liabilities | | Other Payables | 728,959,837.55 | 1.19 | 512,846,076.19 | 0.84 | 42.14 | Dividends payable balance of RMB 282 million at period-end, paid in July 2025 | | Other Equity Instruments | 3,212,485,540.35 | 5.24 | 2,000,000,000.00 | 3.27 | 60.62 | New issuance of RMB 1.2 billion perpetual bonds | | Other Comprehensive Income | 54,847,691.35 | 0.09 | 1,521,471.62 | 0.00 | 3,504.91 | Fair value changes of other equity instrument investments | - Overseas assets amounted to RMB 5,711,199.51, accounting for 0.01% of total assets[58] - As of June 30, 2025, the company's restricted monetary funds included RMB 171,500 for ETC account deposits; the toll operation rights of Chengren Expressway, Suiguang-Suixi Expressway, Chengle Expressway, Tianqiong Expressway, and Chengdu Second Ring West Expressway were pledged for borrowings[59][61] (IV) Analysis of Investment Status During the reporting period, the book value of the company's external equity investments increased by RMB 3.561 billion, a 30.00% growth, primarily due to a RMB 3 billion capital injection into its subsidiary Suiguang-Suixi Company via debt-to-equity swap. Major non-equity investment projects (Chengle expansion, Tianqiong project) progressed smoothly. The company also disclosed fair value measured financial assets, including stock and private equity fund investments - At the end of the reporting period, the company's book value of investments in subsidiaries, associates, and joint ventures was RMB 15.43 billion, an increase of RMB 3.561 billion or 30.00% from the beginning of the period[60] - The main reason is a RMB 3 billion capital injection into its subsidiary Suiguang-Suixi Company via debt-to-equity swap during the current period[60] - The company holds financial assets measured at fair value, including stocks (e.g., Chongqing Rural Commercial Bank, Zhejiang Commercial Bank, Everbright Bank) and private equity funds (Hainan Chuanshang No. 12 Private Equity Fund Center)[63][64] (V) Major Asset and Equity Disposals During the reporting period, the company had no major asset or equity disposal matters (VI) Analysis of Major Controlled and Associate Companies This section presents the financial performance of the company's major controlled and associate companies, with Sichuan Chengle Expressway Co., Ltd. reporting the highest net profit, while Sichuan Suiguang-Suixi Expressway Co., Ltd. and Sichuan Shunan Investment Management Co., Ltd. incurred net losses Financial Performance of Major Controlled and Associate Companies (Unit: RMB 10,000) | Company Name | Company Type | Principal Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan Chengle Expressway Co., Ltd. | Subsidiary | Responsible for the operation and management of Chengle Expressway and the Chengle Expressway expansion project | 56,079.00 | 1,696,073.91 | 455,487.95 | 92,080.92 | 20,775.24 | 17,433.98 | | Sichuan Suiguang-Suixi Expressway Co., Ltd. | Subsidiary | Responsible for the operation and management of Suixi Expressway and Suiguang Expressway | 657,338.00 | 1,095,688.23 | 358,641.15 | 22,570.70 | -6,790.89 | -6,761.14 | | Sichuan Chengqiongya Expressway Co., Ltd. | Subsidiary | Responsible for the investment, construction, and operation of Tianqiong Expressway | 173,700.00 | 741,844.76 | 151,560.98 | 2,618.77 | 0.00 | 0.00 | | Sichuan Rongcheng Second Ring Expressway Development Co., Ltd. | Subsidiary | Responsible for the operation and management of Chengdu Second Ring West Expressway | 68,421.00 | 1,314,732.11 | 298,972.92 | 39,158.28 | 6,126.52 | 5,201.80 | | Chengdu Chengbei Exit Expressway Co., Ltd. | Subsidiary | Responsible for the operation and management of Chengbei Exit Expressway and Qinglongchang Interchange | 22,000.00 | 39,326.18 | 37,653.00 | 5,281.01 | 4,358.13 | 3,747.94 | | Sichuan Shunan Investment Management Co., Ltd. | Subsidiary | Primarily engaged in project investment and management, construction, maintenance, design, technical consulting, and supporting services for highways, bridges, and tunnels | 20,000.00 | 216,925.60 | 57,006.09 | 8,560.93 | 407.66 | -786.72 | | Sichuan Shu Dao Chengyu Investment Co., Ltd. | Subsidiary | Primarily engaged in investments and investment consulting services aligned with the company's development direction | 15,277.25 | 57,600.20 | 32,314.94 | 0.00 | 1,889.77 | 1,895.22 | | Sichuan Shuxia Industrial Co., Ltd. | Subsidiary | Primarily responsible for the management of expressway roadside assets, service areas, advertising, etc. | 20,000.00 | 47,148.23 | 41,295.54 | 4,697.20 | 1,628.75 | 1,143.65 | | Sichuan Shu Dao New Energy Technology Development Co., Ltd. | Subsidiary | Primarily engaged in the investment, construction, and operation of new energy infrastructure such as charging/swapping stations, battery banks, and hydrogen refueling stations along expressways and in urban areas | 48,000.00 | 57,322.85 | 44,141.51 | 4,932.75 | -48.10 | -47.01 | | Sichuan Chengyu New Energy Construction Co., Ltd. | Subsidiary | Construction engineering; installation and maintenance of power transmission, supply, and reception facilities; interior decoration; construction engineering design, etc. | 10,000.00 | 11,809.92 | 6,767.24 | 78.78 | -206.48 | -207.28 | | Xincheng Hong Kong Investment Co., Ltd. | Subsidiary | Equity investment business | 13,290.90 | 21,902.87 | 21,309.23 | 0.00 | 646.55 | 528.17 | | Sichuan Zhonglu Energy Co., Ltd. | Subsidiary | Primarily engaged in the sale of refined oil products at expressway service stations and chemical products | 5,200.00 | 30,269.82 | 22,925.50 | 63,162.88 | 4,072.66 | 2,878.63 | | Sichuan Chengya Expressway Oil Supply Co., Ltd. | Subsidiary | Primarily engaged in the sale of refined oil products and LNG at expressway service stations | 2,720.00 | 16,163.95 | 9,965.80 | 35,804.61 | 3,226.70 | 2,507.99 | | Sichuan Multimodal Transport Investment Development Co., Ltd. | Subsidiary | Primarily engaged in multimodal transport hub investment, operation services, supply chain management services, international freight forwarding services, technical equipment services, etc. | 100,000.00 | 107,680.60 | 100,928.29 | 2,761.72 | 392.47 | 386.51 | | Sichuan Chengyu Private Equity Fund Management Co., Ltd. | Subsidiary | Primarily engaged in private equity investment fund management and venture capital fund management services | 2,000.00 | 657.27 | 513.79 | 0.00 | -145.46 | -144.95 | (VII) Information on Structured Entities Controlled by the Company Information on structured entities controlled by the company can be found in Section VIII 'Interests in Other Entities' of the financial report - For information on structured entities controlled by the company, please refer to 'Section VIII Financial Report, X. Interests in Other Entities'[69] V. Other Disclosure Matters This section details the policy, market, financial, and management risks the company may face, outlining corresponding management and mitigation measures. It also highlights the company's continuous efforts in quality improvement, investor protection, and optimizing shareholder returns (I) Potential Risks The company faces policy risks (toll policy adjustments, operating period limitations, toll collection method changes), market risks (macroeconomic fluctuations, road network changes), financial risks (potential tax risks, financing risks), and management risks (daily operations, natural disasters, project investment risks). The company has established a systematic risk management mechanism and actively responds through enhanced communication, strengthened capabilities, and optimized strategies - Policy risks include adjustments to toll policies, limitations on operating periods (e.g., Chengbei Exit Expressway toll collection ends September 17, 2025; Chengyu Expressway until 2027; Chengya Expressway until 2029), and changes in toll collection methods (e.g., cancellation of provincial border toll stations)[70][71] - Market risks primarily stem from macroeconomic fluctuations and changes in the road network (e.g., the 'Sichuan Provincial Expressway Network Plan (2022-2035)' will expand the provincial expressway network to 20,000 kilometers)[72][73] - Financial risks include potential tax risks and financing risks, which the company addresses by strengthening regulatory compliance, engaging professional institutions, and optimizing financing models[74] - Management risks involve daily operations, natural disasters, and expressway project investment risks, which the company mitigates through enhanced maintenance, emergency management, and investment strategy reviews[75][76] (II) Other Disclosure Matters The company continues to implement quality improvement, efficiency enhancement, and high-return initiatives, focusing on core business operations, and highly values shareholder returns (committing to cash dividends of no less than 60% of consolidated net profit attributable to the parent company from 2023-2025, with RMB 889 million distributed in 2024). It also optimizes investor communication, with both A-share and H-share prices reaching a 10-year high during the reporting period - The company commits to distributing annual cash dividends of no less than 60% of the consolidated net profit attributable to owners of the parent company from 2023 to 2025[77] - In 2024, the company distributed cash dividends of RMB 889 million, accounting for 60.79% of the consolidated net profit attributable to owners of the parent company for 2024, fulfilling its dividend commitment[77] - During the reporting period, the company's A-share closing price was RMB 6.02, and H-share closing price was HKD 4.82, representing increases of 27.01% and 49.92% respectively from the end of 2024, with both share prices reaching a 10-year high[78] Part IV Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, profit distribution plans, environmental disclosures, and contributions to poverty alleviation and rural revitalization efforts I. Changes in Company Directors and Senior Management During the reporting period, Luo Maoquan resigned as Chairman of the Supervisory Board due to retirement, and Mr. Yao Jiancheng was elected as an Executive Director of the company's Eighth Board of Directors - Mr. Luo Maoquan resigned as a supervisor and Chairman of the company's Eighth Supervisory Board due to retirement[80] - Mr. Yao Jiancheng was elected as an Executive Director of the company's Eighth Board of Directors on January 9, 2025[80] II. Profit Distribution or Capital Reserve Conversion Plan The Board of Directors decided not to distribute an interim dividend as of June 30, 2025, nor to convert capital reserves into share capital - The Board of Directors decided not to distribute an interim dividend as of June 30, 2025[6][81] - The Board of Directors decided not to convert capital reserves into share capital[6][81] III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law There are no relevant environmental information disclosure matters in this chapter V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization In the first half of 2025, the company actively supported rural revitalization by donating 11 tons of highland barley planting fertilizer and teaching equipment to Kuasha Township, organizing youth volunteers to conduct special courses, establishing long-term assistance mechanisms, and completing RMB 899,400 in consumption-based assistance through the 'Shu Dao Employee Preferred Mall' platform - The company donated 11 tons of highland barley planting fertilizer to Kuasha Township to support agricultural production[83] - Donated 4 computers and 1 printer and other teaching equipment to the township central school to improve educational facilities[83] - Organized youth volunteers to conduct special courses on safety knowledge, art creation, and intangible cultural heritage[83] - Completed RMB 899,400 in consumption-based assistance through the 'Shu Dao Employee Preferred Mall' platform[83] Part V Significant Matters This section details the fulfillment of commitments by controlling shareholders and related parties, absence of illegal guarantees or fund occupation, and significant related party transactions, along with other important disclosures I. Fulfillment of Commitments The company's controlling shareholder, Shu Dao Investment Group Co., Ltd., and its predecessor, Sichuan Provincial Investment Group Co., Ltd., along with China Merchants Expressway Network Technology Holdings Co., Ltd., have strictly fulfilled their commitments to avoid horizontal competition and regulate related party transactions. Additionally, Shu Dao Expressway and Shu Dao Group are in the process of fulfilling their performance commitments for the acquisition of 100% equity in Rongcheng Second Ring Company - Sichuan Provincial Investment Group Co., Ltd. committed to avoiding substantive horizontal competition with the company and regulating related party transactions, a commitment that remains long-term effective[85][86] - Shu Dao Investment Group Co., Ltd. inherited the aforementioned commitments and pledged to resolve horizontal competition issues and avoid unnecessary related party transactions within a 5-year transition period[86][87] - China Merchants Expressway Network Technology Holdings Co., Ltd. committed not to engage in businesses that directly or indirectly compete with the company's principal business within Sichuan Province, China[87] - Shu Dao Expressway and Shu Dao Group's performance commitment period for the acquisition of 100% equity in Rongcheng Second Ring Company is from January 1, 2023, to December 31, 2029, with a cumulative net profit commitment for the target enterprise of no less than RMB 231.1778 million from 2023 to 2025[88] II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties III. Irregular Guarantees During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures IV. Semi-Annual Report Audit Status This semi-annual report is unaudited - This semi-annual report is unaudited[5][91] V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Prior Year's Annual Report There are no relevant matters in this chapter VI. Bankruptcy and Reorganization Matters There are no relevant matters in this chapter VII. Major Litigation and Arbitration Matters During the reporting period, the company had no major litigation or arbitration matters VIII. Alleged Violations, Penalties, and Rectification by the Listed Company, Its Directors, Senior Management, Controlling Shareholders, and Actual Controllers There are no relevant matters in this chapter IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholders, and Actual Controllers During the Reporting Period There are no relevant matters in this chapter X. Major Related Party Transactions The company disclosed several major related party transactions, including framework agreements for recurring related party transactions with Sichuan Intelligent Transportation Company, Sichuan Shu Dao Property Services Group, and Shu Dao Investment Group, as well as the termination of the related party transaction to acquire 85% equity in Hubei Jingyi Expressway Co., Ltd. through share issuance and cash payment. Additionally, Rongcheng Second Ring Company achieved a net profit of RMB 52.018 million during its performance commitment period - The company signed the 'Sichuan Provincial Expressway Network Toll System Operation Guarantee Service Agreement' with Sichuan Intelligent Transportation System Management Co., Ltd., with recurring related party transactions not exceeding RMB 35 million/year, and RMB 9.2741 million incurred during the reporting period[91][92][94] - The company signed a 'Framework Agreement on Property Management Services' with Sichuan Shu Dao Property Services Group Co., Ltd., with total recurring related party transactions not exceeding RMB 180 million for 2025-2027, an annual cap of RMB 60 million, and RMB 12.7785 million incurred during the reporting period[95][96][97] - The company signed a 'Construction Engineering and Related Services Related Party Transaction Framework Agreement' with Shu Dao Investment Group Co., Ltd., with total related party transactions not exceeding RMB 2.503 billion for 2025, and RMB 467.0555 million incurred during the reporting period[98][99][100] - The company terminated the related party transaction involving the issuance of shares and cash payment to acquire 85% equity in Hubei Jingyi Expressway Co., Ltd[101][102] - Rongcheng Second Ring Company achieved a net profit of RMB 52.018 million in the first half of 2025, which is within its performance commitment period[107] XI. Major Contracts and Their Fulfillment During the reporting period, the company had no major entrustment, contracting, leasing matters, or significant guarantees XII. Explanation of Progress in Use of Raised Funds There are no relevant matters in this chapter XIII. Explanation of Other Significant Matters There are no other significant matters to explain in this chapter Part VI Share Changes and Shareholder Information This section details the company's share capital changes, shareholder structure, and information on directors and senior management, as well as any changes in controlling shareholders I. Share Capital Changes During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[111] II. Shareholder Information As of the end of the reporting period, the company had 35,568 common shareholders. Among the top ten shareholders, Shu Dao Investment Group Co., Ltd. held 39.86%, HKSCC NOMINEES LIMITED held 29.06%, and China Merchants Expressway Network Technology Holdings Co., Ltd. held 21.73% - As of the end of the reporting period, the company had a total of 35,568 common shareholders[112] Shareholding of Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period-end | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shu Dao Investment Group Co., Ltd. | 1,218,979,662 | 39.86 | State-owned Legal Person | | HKSCC NOMINEES LIMITED | 888,734,570 | 29.06 | Overseas Legal Person | | China Merchants Expressway Network Technology Holdings Co., Ltd. | 664,487,376 | 21.73 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 27,488,581 | 0.90 | Overseas Legal Person | | Guolian Minsheng Securities Co., Ltd. | 16,425,600 | 0.54 | Other | | China Construction Bank Corporation - E Fund Rich Theme Mixed Securities Investment Fund | 16,008,349 | 0.52 | Other | | China Construction Bank Corporation - Southern Modern Education Stock Fund | 10,461,800 | 0.34 | Other | | Orient Securities Co., Ltd. | 10,018,100 | 0.33 | Other | | China Merchants Bank Co., Ltd. - Huishang Huize Flexible Allocation Mixed Initiated Securities Investment Fund | 6,349,500 | 0.21 | Other | | China Merchants Bank Co., Ltd. - Southern CSI 1000 Exchange Traded Index Securities Investment Fund | 6,029,100 | 0.20 | Other | - Shu Dao Capital Holdings Group Co., Ltd., a controlled subsidiary of Shu Dao Investment Group Co., Ltd., holds a 5.77% stake in China Merchants Expressway Network Technology Holdings Co., Ltd[117] III. Directors and Senior Management Information During the reporting period, there were no changes in the shareholdings of the company's current and former directors and senior management IV. Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller V. Preferred Share Information There are no relevant matters in this chapter Part VII Bond-Related Information This section provides an overview of the company's issued corporate bonds and non-financial enterprise debt financing instruments, confirming their current status and absence of delisting risks I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments The company disclosed the basic information of its issued corporate bonds and non-financial enterprise debt financing instruments, including '24 Chengyu 01' corporate bonds and '24 Chengyu Expressway MTN001', '21 Chengyu Expressway MTN001' medium-term notes, none of which pose a risk of delisting Basic Information of Corporate Bonds | Bond Name | Abbreviation | Code | Issue Date | Interest Commencement Date | Maturity Date | Bond Balance (billion RMB) | Interest Rate (%) | Trading Venue | Risk of Delisting | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan Chengyu Expressway Co., Ltd. 2024 Publicly Issued Corporate Bonds to Professional Investors (Tranche 1) | 24 Chengyu 01 | 241012.SH | 2024-05-24 | 2024-05-24 | 2029-05-24 | 20.00 | 2.30 | Shanghai Stock Exchange | No | Basic Information of Non-Financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Issue Date | Interest Commencement Date | Maturity Date | Bond Balance (billion RMB) | Interest Rate (%) | Trading Venue | Risk of Delisting | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan Chengyu Expressway Co., Ltd. 2024 First Tranche Medium-Term Notes | 24 Chengyu Expressway MTN001 | 102485587 | 2024-12-26 | 2024-12-27 | 2099-12-31 | 10.00 | 2.06 | Interbank Bond Market | No | | Sichuan Chengyu Expressway Co., Ltd. 2021 First Tranche Medium-Term Notes | 21 Chengyu Expressway MTN001 | 102100999 | 2021-05-26 | 2021-05-28 | 2026-05-28 | 1.00 | 2.07 | Interbank Bond Market | No | II. Convertible Corporate Bonds There are no relevant matters in this chapter Part VIII Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies, tax information, and financial risks I. Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited[5][91][129] II. Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity as of June 30, 2025 - The financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[130][134][138][141][145][148][150][152][153][154][155][156][157][158] III. Company Basic Information Sichuan Chengyu Expressway Company Limited was incorporated on August 19, 1997, listed on the Hong Kong Stock Exchange in October 1997, and on the Shanghai Stock Exchange on July 27, 2009. The company's principal business is expressway operation management and investment construction, with the ultimate controlling party being the State-owned Assets Supervision and Administration Commission of Sichuan Provincial People's Government - The company was incorporated on August 19, 1997, listed on the Hong Kong Stock Exchange in October 1997, and on the Shanghai Stock Exchange on July 27, 2009[159] - The Group's principal operating activities are the operation management and investment construction of expressways[159] - The company's parent company is Shu Dao Investment Group Co., Ltd., and the ultimate controlling party is the State-owned Assets Supervision and Administration Commission of Sichuan Provincial People's Government[160] IV. Basis of Financial Statement Preparation These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, and on a going concern basis - These financial statements are prepared in accordance with the 'Accounting Standards for Business Enterprises' issued by the Ministry of Finance and 'No. 15 Rules for Information Disclosure by Companies Issuing Securities Publicly – General Provisions on Financial Reports' issued by the China Securities Regulatory Commission[161] - These financial statements are prepared on a going concern basis, and the company believes there are no significant matters affecting its ability to continue as a going concern within 12 months from the end of the reporting period[162] V. Significant Accounting Policies and Estimates This section details the specific accounting policies and estimates followed by the company in preparing its financial statements, covering areas such as compliance with Accounting Standards for Business Enterprises, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, notes receivable, accounts receivable, other receivables, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, preferred shares/perpetual bonds, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The company adheres to Accounting Standards for Business Enterprises to truly and completely reflect its financial position, operating results, and cash flows[165] - The company uses RMB as its functional currency and adopts the calendar year as its accounting year[166][168] - Financial instruments are classified as financial assets and financial liabilities measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[178][180] - Revenue recognition primarily includes vehicle toll revenue (recognized upon completion of passage and clearing settlement), highway ancillary service revenue (recognized when performance obligations are satisfied), and construction period revenue (recognized based on progress of performance)[250][251] - Expressway concession rights are amortized using the unit-of-production method (traffic volume method), with estimated traffic volume reviewed periodically[229] VI. Taxation This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax. The company and some subsidiaries enjoy a 15% preferential corporate income tax rate under the Western Development policy Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Revenue from sales of goods and taxable services | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual VAT paid | 1%, 5%, 7% | | Education Surcharge | Actual VAT paid | 3% | | Local Education Surcharge | Actual VAT paid | 2% | | Corporate Income Tax | Taxable income | 15%, 25% | - The company and its subsidiaries, Chengdu Chengbei Exit Expressway Co., Ltd., Sichuan Chengle Expressway Co., Ltd., and Sichuan Rongcheng Second Ring Expressway Development Co., Ltd., qualify for the Western Development policy and enjoy a 15% preferential corporate income tax rate[269][271] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, financial assets held for trading, accounts receivable, other receivables, inventories, contract assets, long-term receivables, long-term equity investments, other equity instrument investments, investment properties, fixed assets, construction in progress, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, assets restricted by ownership or use rights, short-term borrowings, accounts payable, advances from customers, contract liabilities, employee benefits payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, long-term borrowings, bonds payable, lease liabilities, long-term payables, deferred income, other non-current liabilities, share capital, other equity instruments, capital reserves, other comprehensive income, special reserves, surplus reserves, undistributed profits, operating revenue and operating costs, taxes and surcharges, selling expenses, administrative expenses, financial expenses, other income, investment income, gains from changes in fair value, credit impairment losses, gains from asset disposals, non-operating income, non-operating expenses, income tax expenses, other comprehensive income, and cash flow statement items - The period-end balance of monetary funds was RMB 2,490,680,840.86, of which restricted monetary funds for ETC account deposits amounted to RMB 171,500[274][275] - The period-end balance of accounts receivable was RMB 156,058,703.59, with an allowance for doubtful accounts of RMB 6,026,005.72[282] - The period-end book value of intangible assets was RMB 52,343,245,630.16, primarily consisting of expressway concession rights[339] - The period-end balance of short-term borrowings was RMB 20,000,000.00, a significant decrease of 97.19% from the beginning of the period[363] - Operating revenue for the current period amounted to RMB 4,126,034,968.39, and operating costs were RMB 2,581,318,509.72[423] VIII. Research and Development Expenses There are no relevant matters in this chapter IX. Changes in Consolidation Scope During the reporting period, there were no changes in the company's consolidation scope X. Interests in Other Entities This section details the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, key financial information of significant non-wholly owned subsidiaries, and major joint ventures and associates. The company exercises significant influence over some associates, even with lower equity stakes - The company has 15 first-tier subsidiaries, with business activities covering expressway operations, investment, auxiliary services, and green energy[470] Financial Information of Significant Non-Wholly Owned Subsidiaries (Unit: RMB) | Subsidiary Name | Minority Shareholding (%) | Current Period Profit/Loss Attributable to Minority Shareholders | Dividends Declared to Minority Shareholders in Current Period | Period-end Minority Interests Balance | | :--- | :--- | :--- | :--- | :--- | | Chengdu Chengbei Exit Expressway Co., Ltd. | 40.00 | 14,991,763.62 | - | 150,592,751.33 | | Sichuan Chengya Expressway Oil Supply Co., Ltd. | 49.00 | 12,289,150.42 | 22,050,000.00 | 48,832,434.78 | | Sichuan Zhonglu Energy Co., Ltd. | 49.00 | 14,105,269.61 | 29,471,769.33 | 112,335,958.37 | | Sichuan Multimodal Transport Investment Development Co., Ltd. | 49.00 | 1,347,174.69 | - | 494,306,992.27 | | Sichuan Chengqiongya Expressway Co., Ltd. | 18.00 | - | - | 272,809,756.08 | - The company holds a 7.474% stake in Sichuan Renshou Rural Commercial Bank Co., Ltd., but exercises significant influence due to having a board representative, and thus accounts for it using the equity method[478](