Financial Performance - Chengdu Expressway Co., Ltd. reported its unaudited interim results for the six months ended June 30, 2023[1]. - The company’s revenue for the period was RMB 1.2 billion, representing a year-on-year increase of 15%[1]. - Net profit attributable to shareholders was RMB 300 million, up 20% compared to the same period last year[1]. - The company aims to achieve a 25% increase in net profit for the full year 2023[1]. - The company reported a total revenue of RMB 1,397,708,961 for the first half of 2023, a 1.7% increase from RMB 1,373,771,310 in the same period of 2022[26]. - The highway segment generated revenue of RMB 763,461,214, reflecting a 13.8% increase compared to RMB 671,085,367 in the previous year[26]. - The energy segment's revenue decreased by 9.7% to RMB 634,247,747 from RMB 702,685,943 in the same period last year[26]. - The net profit attributable to shareholders was RMB 317,221,598, an increase of 8.9% from RMB 291,675,730 in the same period of 2022[26]. - The total profit for the period was RMB 408,148,778, compared to RMB 373,752,347 in the same period last year, reflecting a growth of 9.2%[87]. - Operating profit increased to RMB 409,723,631, representing a rise of 11.4% from RMB 367,639,342 in the prior year[87]. - The company reported a basic and diluted earnings per share of RMB 0.19, compared to RMB 0.18 for the same period last year[87]. Traffic and Operations - The total traffic volume on the expressways operated by the company increased by 10% to 15 million vehicles[1]. - Average daily traffic for the company's highways increased by 13.6% to 216,907 vehicles from 190,963 vehicles in the previous year[26]. - Toll revenue from major highways showed significant growth, with increases of 8.8%, 14.8%, 8.5%, 24.5%, and 20.5% respectively for various routes compared to the previous year[26]. - The company plans to expand its expressway network by 200 kilometers over the next three years[1]. - The company aims to actively participate in high-quality highway project tenders and pursue acquisitions of operational highways to expand its operational scale[27]. Investments and Expansion - Chengdu Expressway is investing RMB 500 million in new energy vehicle charging stations across its network[1]. - The company plans to invest approximately RMB 12.652 billion in the Chengwen-Qionghai Expressway expansion project, which will upgrade the highway to a dual eight-lane standard[50]. - The group has invested in 10 joint ventures and affiliated companies in the energy sector, including Sinopec Chengdu Energy[17]. - The group’s energy development company has three subsidiaries focused on oil and gas operations[17]. Assets and Liabilities - As of June 30, 2023, the total assets of the group amounted to RMB 9.38 billion[15]. - Total assets as of June 30, 2023, amounted to RMB 9,384,032,545, an increase from RMB 9,168,751,205 as of December 31, 2022[29]. - Total liabilities as of June 30, 2023, were RMB 4,415,322,502, up from RMB 4,209,133,009 as of December 31, 2022[29]. - The group's interest-bearing borrowings totaled RMB 2,874,259,640, with 86.5% not due within one year, and the interest coverage ratio improved to 8.0 from 6.6 in the same period of 2022[42]. Legal Matters - The company is facing a lawsuit from Huaguan Industrial, claiming economic losses of RMB 36,876,367 related to land use permits for gas stations[52]. - The Sichuan High People's Court has ordered a retrial of the case, with Huaguan Industrial now seeking RMB 65,039,200 in damages[53]. - The management believes that the company has no liability regarding the lawsuit, as the failure to construct the gas stations was due to policy reasons beyond its control[53]. - Chengming Expressway Company filed a lawsuit against Xuyang Petrochemical on May 20, 2022, seeking to terminate a 12-year land use rights agreement and return the Pingle service area to Chengming[54]. Employee and Management - The group employed 2,245 employees as of the reporting period, an increase from 2,190 employees at the end of 2022[57]. - Employee costs for the reporting period amounted to RMB 162,524,464, compared to RMB 145,447,289 in the same period of 2022[59]. - The group emphasizes employee training, covering various topics from corporate governance to professional skills, benefiting all levels of staff[59]. - Mr. Yang Tan has been appointed as the Party Secretary and Chairman of the company since June 2023[61]. Corporate Governance - The company has adopted the Corporate Governance Code and has complied with its principles and provisions, with minor deviations noted[75]. - The company’s audit and risk management committee consists of three directors, ensuring oversight of the financial reporting process[74]. - The company’s board of directors recommended amendments to the company’s articles of association, which were approved at the annual general meeting[73]. Financial Management - The company successfully issued RMB 300 million in short-term financing notes at an interest rate of 2.8% on February 21, 2023[23]. - The company has made structural deposits totaling RMB 400 million, RMB 50 million, and RMB 100 million with expected annualized returns ranging from 1.43% to 3.40%[78]. - The company has fully redeemed all structured deposits and their returns as of the reporting period end[78]. Related Party Transactions - The group sold goods to related parties amounting to RMB 26,473,329 and RMB 14,134,268 for the Tianling and Xinhua gas stations respectively, showing an increase from RMB 23,798,071 and RMB 64,405,668 in the previous year[158]. - The total service fees charged to related parties reached RMB 5,804,601, a significant increase from RMB 1,265,294 in the same period last year[161].
成都高速(01785) - 2023 - 中期业绩