Financial Performance - Chengdu Expressway Co., Ltd. reported audited financial results for the year ending December 31, 2023[1]. - Chengdu Expressway Co., Ltd. reported a revenue of RMB 1.2 billion for the fiscal year ending December 31, 2023, representing a year-on-year increase of 15%[9]. - The company achieved a net profit of RMB 300 million, up 20% compared to the previous year, driven by increased traffic volume on expressways[11]. - Total revenue for 2023 reached RMB 2,894,040,981, an increase of 11.5% compared to RMB 2,596,622,994 in 2022[41]. - Net profit attributable to shareholders was RMB 618,766,312, representing a 26.2% increase from RMB 490,148,932 in 2022[41]. - Basic earnings per share for 2023 were RMB 0.37, consistent with the previous year[41]. - The energy sector generated revenue of RMB 1,300,509,697, slightly down from RMB 1,292,027,478 in 2022[41]. - The company plans to distribute a final cash dividend of RMB 0.168 per share, totaling RMB 278,225,136 based on 1,656,102,000 shares[45]. - The proposed dividend represents approximately 60.1% of the company's distributable profits for the year[169]. Operational Highlights - The company operates a total of 5 highways with a combined length of 192.02 kilometers, and the total operational management mileage, including entrusted management, reaches 474.77 kilometers[17][20]. - The company is involved in the operation and management of the Sichuan Chengmian Cangba Expressway segment[6]. - User data indicates a 10% increase in daily traffic on Chengdu-Pengzhou Expressway, reaching an average of 150,000 vehicles per day[12]. - The average daily traffic volume across all highways increased by 21.5% to 220,496 vehicles in 2023 compared to 181,497 vehicles in 2022[60]. - The Chengdu Airport Expressway saw a significant toll revenue increase of 31.4% to RMB 111,378,926, driven by a recovery in traffic post-pandemic[59]. Strategic Initiatives - The company plans to expand its market presence by investing RMB 500 million in new highway projects over the next two years[14]. - Chengdu Expressway Co., Ltd. is exploring potential acquisitions in the transportation sector to enhance its service offerings and market share[14]. - The company is focused on expanding its service areas, including the Ande service areas on the Chengdu-Guan Highway[6]. - The company is committed to developing new technologies, including electric vehicle charging stations[6]. - The company is committed to sustainability, aiming to reduce carbon emissions by 25% by 2025 through various initiatives[14]. Governance and Management - The board of directors includes executive directors Yang Tan, Xia Wei, and Ding Dapan, along with non-executive and independent directors[2]. - The company has a diverse board with members holding significant experience in engineering, finance, and management, enhancing strategic decision-making capabilities[100][101][102]. - The company emphasizes the importance of governance and strategic development through its various committees and board structure[97][100]. - The company has established mechanisms to ensure the board receives independent opinions to enhance decision-making effectiveness[125]. - The company has adopted high standards of corporate governance to protect shareholder interests and enhance corporate value[110]. Risk Management - The company has established a three-tier risk management system, with various departments responsible for different levels of risk prevention and management oversight[144]. - The company conducts risk assessments at least once a year based on collected initial risk information and business management processes[143]. - The Audit and Risk Management Committee is responsible for overseeing the company's risk management efforts and reporting to the Board of Directors[144]. - The company has developed a corrective action plan based on the annual internal control assessment results to address significant internal control deficiencies[147]. - The company has completed an annual evaluation of the effectiveness of its risk management and internal control systems, concluding that there are no significant deficiencies[148]. Shareholder Relations - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[158]. - The company maintains sufficient public float as per listing rules[175]. - H shareholders must submit transfer documents by May 31, 2024, to qualify for the final dividend payment[173]. - The company will withhold a 10% corporate income tax for non-resident shareholders on dividends distributed[170]. - The company has not engaged in any purchase, sale, or redemption of its listed securities during the reporting period[166]. Legal Matters - Chengdu High-Speed Railway Company is involved in a lawsuit with Huaguan Industrial, claiming economic losses of RMB 36,876,367 due to unresolved land use procedures for gas stations[83]. - The Sichuan High People's Court ruled on February 15, 2023, that the contract relationship between Chengdu High-Speed Railway Company and Huaguan Industrial exists, leading to a retrial of the case[83]. - Chengdu High-Speed Railway Company is also in litigation with Xuyang Petrochemical, with Xuyang claiming RMB 28,162,100 in economic losses due to contract termination[86]. - On June 13, 2023, a court ruled that Chengdu High-Speed Railway Company must pay Xuyang RMB 16,672,060, including various damages and interest[87]. Future Outlook - The company has set a performance guidance for 2024, expecting a revenue growth of 12% and a net profit increase of 15%[11]. - The company is actively pursuing A-share IPO registration, with materials currently under review by regulatory authorities[51]. - The company aims to become a leading integrated service provider in the transportation sector, focusing on the Chengdu area and gradually expanding to other markets[114].
成都高速(01785) - 2023 - 年度业绩