GPED(SZ:200429)2022-08-26 16:00Financial Performance - The company's operating revenue for the first half of 2022 was CNY 2,057,420,809.68, a decrease of 17.32% compared to CNY 2,488,474,669.81 in the same period last year[26]. - Net profit attributable to shareholders was CNY 773,786,851.68, down 8.84% from CNY 848,860,350.64 year-on-year[26]. - The net cash flow from operating activities decreased by 20.48% to CNY 1,443,551,266.30, compared to CNY 1,815,293,217.25 in the previous year[26]. - Basic earnings per share were CNY 0.37, a decline of 9.76% from CNY 0.41 in the same period last year[26]. - The total comprehensive income for the first half of 2022 was CNY 1,026,680,100.83, a decrease from CNY 1,164,929,452.39 in the first half of 2021[184]. - The net profit after deducting non-recurring gains and losses was 743.09 million RMB, a decrease of 11.82% compared to the same period last year[157]. - The company reported a basic earnings per share of CNY 0.37 for the first half of 2022, compared to CNY 0.41 in the same period of the previous year[184]. Assets and Liabilities - Total assets increased by 4.56% to CNY 19,737,220,017.64 from CNY 18,875,766,799.31 at the end of the previous year[26]. - The net assets attributable to shareholders decreased by 4.82% to CNY 8,549,301,415.60 from CNY 8,982,437,985.17 at the end of the previous year[26]. - Current liabilities totaled ¥2,538,032,275.16, significantly higher than ¥1,163,336,681.35 at the beginning of the year, indicating a rise of approximately 118.5%[168]. - The total liabilities increased to ¥8,859,503,595.52 from ¥7,554,777,641.18, indicating a rise of about 17.3%[168]. - The total equity as of June 30, 2022, was CNY 8,607,122,573.51, down from CNY 8,849,719,956.95 at the beginning of the year, indicating a decrease of about 2.7%[178]. Cash Flow - The company reported a cash flow from operating activities of approximately CNY 1.44 billion, down 20.48% year-on-year, attributed to decreased toll revenue[44]. - Cash flow from operating activities was CNY 1,443.55 million, down 20.5% from CNY 1,815.29 million in the first half of 2021[197]. - The company's cash and cash equivalents increased to approximately 4.04 billion RMB from 2.96 billion RMB at the beginning of the year[161]. - The company's cash and cash equivalents at the end of the first half of 2022 totaled CNY 4,042.99 million, an increase from CNY 3,566.08 million at the end of the first half of 2021[200]. Revenue Sources - Revenue from highway transportation accounted for 98.16% of total revenue, amounting to ¥2,019,631,631.41, down 17.25% year-on-year[48]. - The revenue from the Guangfo Expressway dropped by 69.88% to ¥64,781,007.00 due to the cessation of tolls since March 3, 2022[48]. - Traffic volume on the Guangfo Expressway decreased by 4.69% year-on-year to 36,349,485 vehicles, with toll revenue dropping by 69.88% to CNY 64.78 million[39]. - The traffic volume on the Huizhou-Yanjiang Expressway fell by 17.25% to 21,272,389 vehicles, with toll revenue decreasing by 16.91% to CNY 96.90 million[42]. Investments and R&D - The company invested CNY 1.37 million in R&D, focusing on projects such as the "Intelligent Toll Station Unmanned System" and "Key Technologies for In-Situ Thermal Regeneration of Road Surface"[44]. - The company approved an investment of ¥250,000,000.00 during the reporting period, marking a 100% increase compared to the previous year[61]. - The company plans to invest ¥95,000,000.00 in Shenzhen Garage Electric Pile Technology Co., Ltd. through its wholly-owned subsidiary[61]. Shareholder Information - The largest shareholder, Guangdong Provincial Transportation Group Co., Ltd., holds 24.56% of the shares, totaling 513,485,480 shares[132]. - The second-largest shareholder, Guangdong Provincial Highway Construction Co., Ltd., holds 22.30% of the shares, totaling 466,325,020 shares[132]. - The total number of shares before the change was 2,090,806,126, with a breakdown of 21.01% as restricted shares and 78.99% as unrestricted shares[127]. - The number of restricted shares decreased by 421,322, resulting in a total of 438,833,395 restricted shares, which is 20.98% of the total[127]. Operational Challenges - The company experienced a significant decline in traffic volume in the first four months due to economic slowdown and pandemic-related restrictions, but a recovery trend was noted starting in May[43]. - The company faced risks related to toll pricing adjustments, which are subject to government approval, impacting revenue from expressway tolls[78]. - The company actively participated in pandemic prevention efforts, ensuring road safety and smooth traffic flow during the reporting period[90]. Cost Management - The company’s management expenses decreased by 8.12% to CNY 85.77 million, indicating cost control measures[44]. - The company reported a decrease in sales expenses and management expenses, indicating improved cost management strategies[189].