香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 董事會會議通告 深圳高速公路集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會將於 2023年8月25日（星期五）舉行會議，以審議及批准本公司截至2023年6月30日止六個月未 經審計之中期業績及其他事項（如有）。 承董事會命 趙桂萍 聯席公司秘書 中國，深圳，2023年8月11日 於本公告之日，本公司董事為：廖湘文先生（執行董事兼總裁）、王增金先生（執行董事）、 文亮先生（執行董事）、戴敬明先生（非執行董事）、李曉艶女士（非執行董事）、呂大 偉先生（非執行董事）、白華先生（獨立非執行董事）、李飛龍先生（獨立非執行董事）、 繆軍先生（獨立非執行董事）和徐華翔先生（獨立非執行董事）。 ...

| 证券代码：600548 | 股票简称：深高速 | | 公告编号：临 | 2023-050 | | --- | --- | --- | --- | --- | | 债券代码：175271 | 债券简称：G20 | 深高 1 | | | | 债券代码：175979 | 债券简称：G21 | 深高 1 | | | | 债券代码：188451 | 债券简称：21 | 深高 01 | | | | 债券代码：185300 | 债券简称：22 | 深高 01 | | | 深圳高速公路集团股份有限公司 关于发行 2023 年度第三期超短期融资券的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 深圳高速公路集团股份有限公司（"本公司"）于 2023 年 8 月 8 日-8 月 9 日 发行了 2023 年度第三期超短期融资券，现将发行基本情况公告如下： 深圳高速公路集团股份有限公司董事会 2023 年 8 月 10 日 本期超短期融资券的募集说明书、发行公告等相关文件已在上海清算所网 站（http://www.shclearing.c ...

深圳高速公路集团股份有限公司（"本公司"）股东大会已向董事会授予发 行债券类融资工具的一般性授权。根据中国银行间市场交易商协会向本公司签发 的《接受注册通知书》（中市协注[2022]SCP136 号），自该《接受注册通知书》 落款之日起 2 年内，本公司可分期发行总金额不超过人民币 20 亿元的超短期融 资券。据此，本公司计划于 2023 年 8 月 8 日-8 月 9 日发行 2023 年度第三期超短 期融资券（"本期超短融"），发行规模为人民币 15 亿元，期限 270 天，募集资金 拟全部用于偿还本公司到期债务融资工具，发行对象为全国银行间债券市场的机 构投资者（国家法律、法规禁止购买者除外），由主承销商组织承销团，采用集 中簿记建档方式按面值公开发行。本期超短融发行的主承销商兼簿记管理人为华 夏银行股份有限公司，联席主承销商为广发银行股份有限公司。本期超短融计划 于 2023 年 8 月 9 日完成发行，8 月 10 日缴款，并于 2023 年 8 月 11 日在银行间 债券市场上市流通。 本期超短融的募集说明书、发行公告等相关文件将在上海清算所网站 （http://www.shclearing.co ...

Financial Performance - The company's operating revenue for Q1 2023 was CNY 1,903,638,574.41, representing a year-on-year increase of 7.38% compared to CNY 1,772,728,100.22 in the same period last year[4]. - Net profit attributable to shareholders was CNY 442,550,909.53, an increase of 7.13% from CNY 412,718,223.34 in the previous year[4]. - The total comprehensive income for Q1 2023 was ¥708,832,729.06, compared to ¥492,019,184.13 in Q1 2022, indicating a substantial increase[24]. - Basic earnings per share for Q1 2023 were ¥0.182, up from ¥0.168 in Q1 2022, marking an 8.33% increase[24]. - Operating profit increased to ¥592,266,796.17, compared to ¥527,125,105.96 in the same period last year, reflecting a growth of 12.37%[23]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 65.92%, reaching CNY 1,013,802,070.16, primarily due to increased toll revenue and receipt of electricity subsidies from previous years[7]. - Cash flow from operating activities for Q1 2023 was ¥1,013,802,070.16, significantly higher than ¥611,009,879.13 in Q1 2022[25]. - The company's cash and cash equivalents increased to CNY 3.93 billion from CNY 3.64 billion, reflecting a growth of approximately 7.93%[20]. - The company’s cash and cash equivalents at the end of Q1 2023 stood at ¥3,538,404,110.36, down from ¥5,771,494,381.63 at the end of Q1 2022[26]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 68,934,852,011.45, a decrease of 0.39% from CNY 69,201,468,263.76 at the end of the previous year[4]. - The company's total liabilities decreased to CNY 40.92 billion from CNY 41.84 billion, indicating a reduction of about 2.19%[21]. - Total assets increased to approximately ¥69.20 billion, with a slight adjustment to ¥69.20 billion as of January 1, 2023, reflecting a change of ¥3.20 million[27]. - Total liabilities stood at approximately ¥41.84 billion, unchanged from the previous reporting period[29]. Shareholder Information - The total number of shareholders was 18,545, with the top ten shareholders holding significant stakes, including HKSCC Nominees Limited at 33.46%[8]. - The equity attributable to shareholders increased by 2.97%, amounting to CNY 21,980,798,157.07 compared to CNY 21,346,287,718.08 at the end of the previous year[4]. - Shareholders' equity increased from approximately ¥27.36 billion to ¥27.36 billion, with an adjustment of ¥3.20 million[29]. Operational Highlights - The toll revenue saw a month-on-month recovery with a growth of approximately 22.65%, although there was a decrease of about CNY 100 million due to the expiration of the Wu-Huang Expressway's operation in December last year[5]. - The average daily mixed traffic volume for the Meiguan Expressway was 155, with a daily toll revenue of RMB 398,000 for Q1 2023[11]. - The average daily toll revenue for the Guangzhou West Second Ring was RMB 1,217,000 with an average daily mixed traffic volume of 85 for Q1 2023[12]. - The company reported a daily toll revenue of RMB 3,001,000 for the Outer Ring Project with an average daily mixed traffic volume of 284 for Q1 2023[11]. Project Developments - The company is focusing on expanding its toll road projects and enhancing operational efficiency to drive future growth[5]. - The company is involved in the PPP project for the Jihe Expressway expansion, which received approval from the Guangdong Provincial Development and Reform Commission[17]. - The company has entered into investment cooperation agreements for the Jihe Expressway project with Shenzhen Special Zone Construction and Development Transportation Investment Co., Ltd.[17]. - The company is currently assisting in the adjustment of the construction and financing plans for the Jihe Expressway expansion project, which has faced delays due to changes proposed by the Shenzhen government[18]. Investment and Wealth Management - The company reported a pre-tax expected return of CNY 6.13 million from newly initiated wealth management products during the reporting period[18]. - The company has a total of CNY 8.7 billion in wealth management products, all issued by banks, with no overdue principal or returns[18]. - The company has initiated three new bank-issued wealth management transactions during the reporting period, with a total entrusted amount of CNY 870 million[18].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 深圳高速公路集团股份有限公司 2023 年第一季度业绩说明会预告公告 | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2023-021 | | --- | --- | --- | --- | --- | --- | | 债券代码：175271 | 债券简称：G20 | 深高 | 1 | | | | 债券代码：175979 | 债券简称：G21 | 深高 | 1 | | | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | 1、召开时间：2023 年 4 月 28 日（星期五）上午 10:00-11:00 2、召开方式：网络方式，网址为 http://rs.p5w.net/c/600548.shtml 3、欢迎投资者于 2023 年 4 月 21 日下午 5:00 之后通过访问全景·路演天下提供的 问题征集专题页面：https ...

Financial Performance - The company reported a total revenue of 70.3 billion CNY for the year 2022, reflecting a year-over-year increase of 12%[14]. - The company's operating revenue for 2022 was CNY 9,372,582,546.59, a decrease of 13.93% compared to CNY 10,889,580,617.88 in 2021[27]. - The net profit attributable to shareholders for 2022 was CNY 2,014,112,457.01, down 22.92% from CNY 2,613,119,318.24 in 2021[27]. - The net profit after deducting non-recurring gains and losses was CNY 1,225,846,825.30, a decline of 47.40% compared to CNY 2,330,720,351.84 in 2021[27]. - The total assets at the end of 2022 were CNY 69,201,468,263.76, a decrease of 4.29% from CNY 72,304,935,166.59 at the end of 2021[27]. - The net assets attributable to shareholders at the end of 2022 were CNY 21,346,287,718.08, down 16.49% from CNY 25,560,589,952.65 at the end of 2021[27]. - Basic earnings per share for 2022 were CNY 0.838, a decrease of 24.71% compared to CNY 1.113 in 2021[28]. - The weighted average return on equity for 2022 was 9.93%, down 1.60 percentage points from 11.53% in 2021[28]. - The company achieved a net profit of 2,014,112 thousand RMB in 2022, a decrease of 22.92% compared to 2,613,119 thousand RMB in 2021, primarily due to reduced toll revenue from expressways and increased foreign exchange losses from foreign currency debts[112]. - Total operating revenue for the year was 9,372,583 thousand RMB, down 13.93% from 10,889,581 thousand RMB in the previous year, influenced by decreased travel willingness and toll revenue[113]. Dividends and Shareholder Returns - The company proposed a cash dividend of RMB 0.462 per share for the year 2022, subject to approval at the annual general meeting[4]. - The proposed cash dividend for the year is 0.462 yuan per share, totaling approximately 1.008 billion yuan, which represents 55.13% of the net profit attributable to ordinary shareholders[44]. - The board of directors has approved a new dividend policy, increasing the payout ratio to 40% of net income[200]. Audit and Compliance - The company reported a standard unqualified audit opinion from Deloitte Huayong Certified Public Accountants[3]. - The board of directors and management guarantee the authenticity and completeness of the annual report[2]. - The company has not violated decision-making procedures for providing guarantees[6]. - There were no non-operating fund occupations by controlling shareholders or related parties[6]. Risk Management and Future Outlook - The report includes a detailed analysis of risks faced by the group in future operations and development[7]. - The company emphasizes the importance of risk awareness regarding forward-looking statements[5]. - The company plans to implement a new digital platform for customer engagement, which is anticipated to increase user satisfaction scores by 15%[14]. - The forecast for 2023 indicates continued growth in revenue and profitability, driven by market expansion and new project developments[30]. - The company aims to enhance its competitive advantage in infrastructure investment, construction, operation, and integrated management through various business platforms[54]. Market Expansion and Strategic Initiatives - The company is expanding its market presence by entering three new provinces, aiming to increase its market share by 10% in these regions[14]. - A strategic acquisition of a local construction firm was completed, which is projected to contribute an additional 5 billion CNY in revenue over the next two years[15]. - The company has invested 1.5 billion CNY in R&D for new technologies aimed at improving road safety and reducing maintenance costs by 25%[14]. - The company plans to enhance the digitalization and intelligence of its toll road operations in 2023, while seeking investment and acquisition opportunities in quality projects[46]. - The company aims to focus on solid waste resource treatment and clean energy generation, aligning with national environmental policies and the "dual carbon" goals[46]. Environmental and Sustainability Initiatives - Environmental initiatives have been prioritized, with a commitment to reduce carbon emissions by 20% by 2025 through sustainable practices[15]. - The company is actively pursuing market expansion in the solid waste resource processing and clean energy sectors, leveraging policy support and its resource advantages[66]. - The company’s clean energy strategy aligns with national goals, aiming for a significant increase in non-fossil energy consumption by 2025, targeting a 20% share[63]. - The company is committed to high-quality sustainable development, capitalizing on opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area[48]. Operational Efficiency and Technology - The company has developed a road network monitoring and command scheduling system platform, which has been launched to enhance operational monitoring and management[60]. - The company is actively promoting research and application of smart transportation and environmental protection technologies in response to rapid digital information technology development[111]. - The company aims to enhance its toll road operations through digitalization and smart innovations, focusing on improving traffic efficiency and exploring quality acquisition projects[174]. Financial Management and Investments - The company maintained a strong financing platform with high credit ratings and completed a controlling acquisition for Bay Area development, enhancing its overseas financing capabilities[111]. - The company has approved capital expenditures for projects including the Outer Ring Road and Jiangjiang Phase II, with a focus on enhancing operational capabilities[176]. - The company is facing increased risks due to international geopolitical tensions, which may lead to fluctuations in market interest rates and exchange rates, impacting road traffic volume and financial costs[180]. - The company is committed to enhancing its core competitiveness through standardized operations and lean management practices[184]. Governance and Corporate Structure - The company has adopted the Corporate Governance Code and has not deviated from its provisions during the reporting period[190]. - The company has a governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and management team, with clear responsibilities and rules[191]. - The company has strengthened internal controls to reduce design changes and manage construction costs effectively[189].

3、欢迎投资者于 2023 年 3 月 17 日下午 5:00 之后通过访问全景·路演天下 提供的问题征集专题页面：https://ir.p5w.net/zj/，或者通过电话、传真或电子邮件 联系本公司，向本公司提出所关注的问题，本公司将在说明会上就投资者普遍关 注的问题进行回答。 一、说明会类型 深圳高速公路集团股份有限公司（"本公司"）2022 年年度业绩说明会。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1、召开时间：2023 年 3 月 27 日（星期一）及 2023 年 3 月 29 日（星期三） 2、召开方式：现场和网络相结合方式 | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2023-010 | | --- | --- | --- | --- | --- | --- | | 债券代码：163300 | 债券简称：20 | 深高 | 01 | | | | 债券代码：175271 | 债券简称：G20 | 深高 | 1 | | | | 债券代码：175979 | ...

[Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) [Company Profile and Key Financial Indicators](index=10&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=10&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) Shenzhen Expressway Company Limited (SZEC) is a Shenzhen-registered joint-stock company, with its A-shares and H-shares listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange respectively Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-shares | Shanghai Stock Exchange | Shenzhen Expressway | 600548 | | H-shares | The Stock Exchange of Hong Kong Limited | Shenzhen Expressway Company Limited | 00548 | [Main Business and Corporate Structure](index=11&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E4%B8%8E%E5%85%AC%E5%8F%B8%E6%9E%B6%E6%9E%84) The company's core businesses include toll roads and environmental protection, covering investment, construction, operation, and management, alongside extended services like construction and operation management - The company's main businesses are investment, construction, and operation management of toll roads and major environmental protection businesses (solid waste resource utilization, clean energy)[23](index=23&type=chunk) - As of the reporting date, the Group operates and invests in **17 highway projects**, with an attributable mileage of approximately **712 km**; it also invests in **16 environmental, clean energy, and financial projects**[23](index=23&type=chunk) - The company's largest shareholder is **Xintongchan Company** (holding approximately **30.03%** of shares), with **Shenzhen International** as the indirect controlling shareholder (indirectly holding over **50%**)[23](index=23&type=chunk) [Key Accounting Data and Financial Indicators](index=13&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2022, the company's operating revenue decreased by **2.96%** to **RMB 4.09 billion**, and net profit attributable to shareholders significantly dropped by **29.79%** to **RMB 849 million**, primarily due to pandemic impacts and exchange rate fluctuations H1 2022 Key Accounting Data (Unit: RMB) | Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,094,093,645.65 | 4,219,156,183.22 | -2.96 | | Net Profit Attributable to Shareholders of Listed Company | 848,549,138.56 | 1,208,603,816.90 | -29.79 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 758,925,627.05 | 1,138,473,872.55 | -33.34 | | Net Cash Flow from Operating Activities | 1,592,514,611.01 | 1,566,271,291.26 | 1.68 | | **Indicator** | **Current Period End** | **Prior Year End (Adjusted)** | **YoY Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 22,494,990,772.83 | 25,560,589,952.65 | -11.99 | | Total Assets | 72,205,202,609.00 | 72,304,935,166.59 | -0.14 | H1 2022 Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.347 | 0.512 | -32.23% | | Basic EPS (Excluding Non-recurring Items) (RMB/share) | 0.306 | 0.480 | -36.25% | | Weighted Average Return on Net Assets (%) | 3.89 | 5.45 | Decreased by 1.56 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | 3.43 | 5.11 | Decreased by 1.68 percentage points | - Due to the inclusion of **Shenzhen Investment Holdings Infrastructure** through a business combination under common control in January 2022, the company retrospectively adjusted consolidated financial statement data for prior years[27](index=27&type=chunk) [Non-recurring Gains and Losses and Amounts](index=14&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 89.62 million**, primarily driven by **RMB 111 million** in fair value changes from financial assets H1 2022 Non-recurring Gains and Losses (Unit: RMB) | Non-recurring Gain/Loss Item | Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 4,830,762.65 | | Government Grants | 7,806,721.40 | | Gains/Losses from Fair Value Changes of Financial Assets Held for Trading | 110,627,475.53 | | Other Non-operating Income and Expenses | 4,205,279.19 | | Net Profit/Loss of Subsidiaries from Beginning of Period to Acquisition Date under Common Control | -4,489,534.28 | | Less: Income Tax Impact | 31,661,755.93 | | Less: Impact on Minority Interests (After Tax) | 2,237,287.73 | | **Total** | **89,623,511.51** | [Management Discussion and Analysis](index=16&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Business Overview and Industry Analysis](index=16&type=section&id=%E4%B8%9A%E5%8A%A1%E6%A6%82%E5%86%B5%E4%B8%8E%E8%A1%8C%E4%B8%9A%E5%88%86%E6%9E%90) The company pursues a dual-core strategy in toll roads and environmental protection, benefiting from national infrastructure plans and 'dual carbon' goals, with broad market opportunities - The company's main businesses are toll roads and major environmental protection, having established multiple business platforms including urban infrastructure, environmental protection, operations, construction, and new energy[33](index=33&type=chunk) - Toll road industry: The national '14th Five-Year Plan' promotes expansion and renovation of busy road sections and market-oriented maintenance, presenting development opportunities for the company[36](index=36&type=chunk) - Major environmental protection business: The solid waste resource utilization industry benefits from 'waste-free city' construction, and the clean energy industry sees stable development under 'dual carbon' targets, both being key strategic directions for the company[39](index=39&type=chunk)[40](index=40&type=chunk) [Core Competitiveness Analysis](index=20&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include its position as a state-owned infrastructure platform in the Greater Bay Area, strong integrated project management, continuous innovation, and robust financing capabilities - **Greater Bay Area State-owned Platform Advantage**: As a Shenzhen state-owned platform, the company benefits from 'dual zone' construction opportunities and secures core road assets like Guang-Shen Expressway through controlling **Greater Bay Area Development**[42](index=42&type=chunk)[43](index=43&type=chunk) - **Integrated Management Capability**: Accumulated rich experience in investment, construction, and operation of heavy-asset, concession-based businesses (highways, environmental protection), forming upstream and downstream industry chain synergy[43](index=43&type=chunk) - **Innovation Capability**: Continuous innovation in business models (e.g., PPP), technology applications (e.g., smart highways), and strategic transformation (entering the major environmental protection industry)[44](index=44&type=chunk) - **Strong Financing Platform**: Possesses A+H share listing platforms and added **Greater Bay Area Development** as an overseas financing platform, with high credit ratings and smooth financing channels[44](index=44&type=chunk) [Operating Performance Discussion and Analysis](index=22&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%BA%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) H1 2022 saw toll road revenue decline due to pandemic impacts, while environmental protection business advanced steadily with increased organic waste treatment capacity and expanded clean energy operations H1 2022 Revenue Composition | Revenue Category | Amount (RMB Billion) | Proportion of Total Revenue | | :--- | :--- | :--- | | Toll Revenue | 2.41 | 58.87% | | Environmental Business Revenue | 0.84 | 20.42% | | Other Revenue | 0.85 | 20.71% | | **Total** | **4.09** | **100.00%** | [Toll Road Business](index=22&type=section&id=%E6%94%B6%E8%B4%B9%E5%85%AC%E8%B7%AF%E4%B8%9A%E5%8A%A1) Toll road revenue declined due to pandemic-related traffic reductions, though some projects saw growth from new openings or upgrades, while the company expanded its core road asset portfolio H1 2022 Key Toll Road Operating Data | Toll Road | Average Daily Mixed Traffic Volume (Thousand Vehicles/Day) | Average Daily Toll Revenue (RMB Thousands) | | :--- | :--- | :--- | | **Shenzhen Area** | | | | Outer Ring Project | 221 | 2,434 | | Jihe East Section | 267 | 1,665 | | Shuiguan Expressway | 221 | 1,500 | | **Other Areas** | | | | Guang-Shen Expressway | 507 | 6,214 | | West Line Expressway | 215 | 2,918 | | Qinglian Expressway | 44 | 1,713 | - Outer Ring Phase II opened on January 1, 2022, creating a through-route effect with Phase I, positively impacting overall project operations[49](index=49&type=chunk)[55](index=55&type=chunk) - Guanglian Expressway's opening at the end of 2021 diverted traffic from Qinglian Expressway, leading to a significant year-on-year decrease in its toll revenue[51](index=51&type=chunk) - Yangmao Expressway completed its expansion and renovation at the end of 2021, improving traffic capacity and increasing toll rates, resulting in a significant year-on-year increase in toll revenue[51](index=51&type=chunk) - Completed the acquisition of **Shenzhen Investment Holdings Infrastructure**, indirectly holding approximately **71.83%** of **Greater Bay Area Development** shares, thereby acquiring interests in Guang-Shen Expressway and West Line Expressway, consolidating regional market share[56](index=56&type=chunk) [Major Environmental Protection Business](index=27&type=section&id=%E5%A4%A7%E7%8E%AF%E4%BF%9D%E4%B8%9A%E5%8A%A1) The environmental protection segment expanded significantly, with organic waste treatment capacity exceeding **6,000 tons/day** through strategic acquisitions and investments, while clean energy operations grew to **648 MW** - Increased capital contribution to **Land Environmental Protection** to **RMB 1.55 billion**, raising its shareholding from **67.14%** to **85.17%**, enhancing its business expansion capabilities[60](index=60&type=chunk) - Acquired **70%** equity of **Lisai Environmental Protection**, gaining exclusive concession rights for kitchen waste treatment in Longhua District, Shenzhen, boosting market share in the Shenzhen area[62](index=62&type=chunk) - As of the end of the reporting period, the Group's designed organic waste treatment capacity exceeded **6,000 tons/day**, ranking among the top in the domestic industry[39](index=39&type=chunk) H1 2022 Wind Power Project Operating Data | Project | Group Equity Ratio | On-grid Power (MWh) | Operating Revenue (RMB Thousands) | | :--- | :--- | :--- | :--- | | Baotou Nanfeng Project | 100% | 337,725.67 | 115,580.5 | | Xinjiang Mulei Project | 100% | 409,904.20 | 192,064.9 | | Yongcheng Zhuneng Project | 100% | 45,560.66 | 24,191.6 | | Zhongwei Gantang Project | 100% | 53,380.17 | 25,588.8 | [Entrusted Management and Other Infrastructure Development](index=30&type=section&id=%E5%A7%94%E6%89%98%E7%AE%A1%E7%90%86%E5%8F%8A%E5%85%B6%E4%BB%96%E5%9F%BA%E7%A1%80%E8%AE%BE%E6%96%BD%E5%BC%80%E5%8F%91) The company actively engaged in entrusted construction and management, securing a **RMB 290 million** contract for 'Four Roads' maintenance, while prudently advancing land development projects and recovering **RMB 1.13 billion** from a joint venture - Entrusted construction business: Duohua Bridge project completed approximately **94%** of its physical progress; Bimeng Garden resettlement community project completed approximately **67%**[73](index=73&type=chunk) - Entrusted management business: Successfully renewed the comprehensive maintenance project for 'Four Roads' (Nanguang, Yanpai, Yanba, Longda Shenzhen Section), with a 3-year contract period and a total contract value of approximately **RMB 290 million**[74](index=74&type=chunk) - Land development: Guizhou 'Youshan Meishu' project has some commercial and residential units for sale and under construction; Meilincun urban renewal project residential units are sold out, and a capital reduction of **RMB 1.13 billion** was initiated to recover investment[76](index=76&type=chunk)[77](index=77&type=chunk) [Financial Position Analysis](index=34&type=section&id=%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) H1 2022 net profit declined by **29.79%** due to reduced toll revenue and a **64.02%** increase in financial expenses from exchange rate fluctuations, while interest-bearing debt rose by **9.23%** to **RMB 33.22 billion** Financial Statement Key Item Variation Analysis (Unit: RMB Thousands) | Item | Current Period Amount | Prior Year Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,094,094 | 4,219,156 | -2.96 | | Operating Cost | 2,501,187 | 2,389,157 | 4.69 | | Financial Expenses | 718,156 | 437,859 | 64.02 | | Investment Income | 338,910 | 546,208 | -37.95 | | Income Tax Expense | 191,640 | 364,212 | -47.38 | - Financial expenses significantly increased by **64.02%** year-on-year, primarily due to exchange losses on foreign currency-denominated debts caused by exchange rate fluctuations[84](index=84&type=chunk)[99](index=99&type=chunk) - Investment income decreased by **37.95%** year-on-year, mainly due to reduced income from joint/associate toll road enterprises affected by the pandemic, and a higher base from Derun Environment in the prior year[102](index=102&type=chunk) - As of June 30, 2022, the Group's total interest-bearing debt was **RMB 33.22 billion**, an increase of **9.23%** from the beginning of the year, primarily due to increased borrowings for the acquisition of **Shenzhen Investment Holdings Infrastructure** equity[110](index=110&type=chunk) Capital Structure and Solvency Indicators | Key Indicator | Current Period End | Prior Year End (Restated) | | :--- | :--- | :--- | | Asset-Liability Ratio | 60.94% | 56.39% | | Net Debt-to-Equity Ratio | 98.26% | 79.13% | | Interest Coverage Ratio (times) | 2.94 | 4.10 | [Outlook and Plans](index=53&type=section&id=%E5%89%8D%E6%99%AF%E8%AE%A1%E5%88%92) In H2 2022, the company plans to strengthen its dual-core strategy by integrating toll road operations with **Greater Bay Area Development**, advancing key projects, expanding environmental protection and clean energy businesses, and optimizing financing channels - **Toll Roads**: Enhance refined operations, deeply integrate **Greater Bay Area Development** businesses, and advance preliminary work for projects like Jihe Expressway expansion and Outer Ring Phase III[149](index=149&type=chunk) - **Major Environmental Protection**: Deepen focus on solid waste resource utilization and clean energy, high-quality completion of **Guangming Environmental Park** project, increase development and M&A of wind and solar power projects, and build an integrated clean energy system[149](index=149&type=chunk)[150](index=150&type=chunk) - **Financial Management**: Broaden financing channels, ensure funding for investment expansion and project construction, reduce financing costs, and ensure financial security[150](index=150&type=chunk) [Corporate Governance](index=55&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) [Shareholders' Meetings and Executive Changes](index=55&type=section&id=%E8%82%A1%E4%B8%9C%E5%A4%A7%E4%BC%9A%E4%B8%8E%E9%AB%98%E7%AE%A1%E5%8F%98%E5%8A%A8) The company held its 2021 Annual General Meeting on June 30, 2022, approving key resolutions, while Ms. Chen Haishan retired from the board and Ms. Gong Taotao resigned as Board Secretary - One shareholders' meeting (2021 Annual General Meeting) was held in H1 2022, approving **11 proposals** including 2021 final dividend, director changes, and bond issuance authorization[151](index=151&type=chunk)[152](index=152&type=chunk) - Board members changed, with Ms. Chen Haishan retiring and Mr. Lv Dawei elected as a new director[153](index=153&type=chunk)[155](index=155&type=chunk) - Board Secretary changed, with Ms. Gong Taotao resigning and Ms. Zhao Guiping, the company's Chief Accountant, concurrently assuming the role[153](index=153&type=chunk)[155](index=155&type=chunk) [Profit Distribution Plan](index=56&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%96%B9%E6%A1%88) The Board recommended no interim dividend for 2022 and no capital reserve conversion, while the 2021 annual profit distribution of **RMB 0.62** per share (tax inclusive) totaling **RMB 1.35 billion** was completed - The Board recommended no interim dividend for 2022 and no conversion of capital reserves into share capital[3](index=3&type=chunk)[156](index=156&type=chunk) - The 2021 annual profit distribution plan has been implemented, distributing a cash dividend of **RMB 0.62** per share (tax inclusive), totaling **RMB 1.352 billion**[157](index=157&type=chunk) [Environmental and Social Responsibility](index=59&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) [Environmental Protection and Carbon Reduction](index=59&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%9D%E6%8A%A4%E4%B8%8E%E7%A2%B3%E5%87%8F%E6%8E%92) The company actively promotes environmental protection and carbon reduction through investments in wind power, energy-efficient lighting, and solar water heaters, processing **401,180 tons** of kitchen waste during the period - The company promotes energy conservation and emission reduction through investments in wind power, use of energy-efficient LED lights, and adoption of solar water heaters[167](index=167&type=chunk) - During the reporting period, the company processed **401,180 tons** of kitchen waste[167](index=167&type=chunk) [Social Responsibility and Rural Revitalization](index=59&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E4%B8%8E%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4) The company actively fulfills its social responsibility by purchasing **RMB 1.21 million** in poverty alleviation products and successfully branding 'Daan Garlic' as a nationally recognized agricultural product - As of June 30, 2022, the company purchased **RMB 1.2131 million** in poverty alleviation products, supporting development in impoverished areas[168](index=168&type=chunk) - The company successfully created the 'Daan Garlic' poverty alleviation brand, which was included in the second batch of national famous, special, excellent, and new agricultural products list in 2021[169](index=169&type=chunk) [Significant Matters](index=61&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=61&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company and related parties fulfilled all commitments, notably resolving the non-compete pledge from controlling shareholder **Shenzhen Investment Holdings** through the acquisition of **Shenzhen Investment Holdings Infrastructure** - To resolve the non-compete commitment, the company completed the acquisition of **100%** equity of **Shenzhen Investment Holdings Infrastructure** on January 11, 2022, thereby indirectly controlling **Greater Bay Area Development** and acquiring interests in Guang-Shen Expressway and other road assets[173](index=173&type=chunk) [Material Litigation and Related Party Transactions](index=62&type=section&id=%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E4%B8%8E%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had no material litigation, but engaged in significant related party transactions, including the **HKD 10.48 billion** acquisition of **Shenzhen Investment Holdings Infrastructure** and a **RMB 1.13 billion** capital reduction from **United Land** - The company has no material litigation or arbitration matters; subsidiaries **Nanjing Wind Power** and **Land Environmental Protection** are involved in several contract disputes, which are still being processed[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk) - Completed the acquisition of **Shenzhen Investment Holdings Infrastructure** from a related party, with a total cost not exceeding **HKD 10.479 billion**; the transaction was completed on January 11, 2022[179](index=179&type=chunk) - A capital reduction was performed on related party **United Land**, with the company recovering approximately **RMB 1.132 billion**; this capital reduction has been completed[179](index=179&type=chunk) [Material Contracts and Guarantees](index=66&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E4%B8%8E%E6%8B%85%E4%BF%9D) As of the period end, the company's total guarantees amounted to **RMB 4.54 billion**, representing **20.18%** of net assets, with all guarantees executed in compliance and no overdue situations Guarantees at Period End (Unit: RMB Million) | Guarantee Category | Guarantee Balance at Period End | | :--- | :--- | | External Guarantees (Excluding Subsidiaries) | 1,349.95 | | Guarantees to Subsidiaries | 3,190.53 | | **Total Guarantees** | **4,540.48** | | Total Guarantees as % of Company's Net Assets | 20.18% | [Other Significant Matters](index=73&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company issued **RMB 1.5 billion** in corporate bonds and **RMB 2 billion** in short-term notes, adjusted its strategy to have **Greater Bay Area Development** acquire **51%** of **Yanjiang Company**, and completed several other equity acquisitions and capital increases - Issued **RMB 1.5 billion** in 7-year corporate bonds ('22 Shengao 01') with a coupon rate of **3.18%**[197](index=197&type=chunk) - Issued two tranches of super short-term financing bonds, totaling **RMB 2 billion**, with coupon rates of **2.12%** and **2.00%** respectively[197](index=197&type=chunk) - Canceled the plan to absorb and merge **Yanjiang Company**, adjusting to have **Greater Bay Area Development** increase capital in **Yanjiang Company** by **RMB 2.998 billion**, after which **Greater Bay Area Development** will hold **51%** of **Yanjiang Company**'s equity[199](index=199&type=chunk)[200](index=200&type=chunk) [Share Changes and Shareholder Information](index=77&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Shareholder Information](index=77&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company's total share capital remained **2.181 billion shares** across **18,492 shareholders**, with **HKSCC NOMINEES LIMITED**, **Xintongchan Company**, and **Shenzhen Guanghui Highway Development** as the top three shareholders Top Ten Shareholders' Shareholdings at Period End | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | HKSCC NOMINEES LIMITED | 730,014,042 | 33.48 | Overseas Legal Person | | Xintongchan Industrial Development (Shenzhen) Co., Ltd. | 654,780,000 | 30.03 | State-owned Legal Person | | Shenzhen Guanghui Highway Development Co., Ltd. | 411,459,887 | 18.87 | State-owned Legal Person | | China Merchants Highway Network Technology Holdings Co., Ltd. | 91,092,743 | 4.18 | State-owned Legal Person | | Guangdong Road and Bridge Construction Development Co., Ltd. | 61,948,790 | 2.84 | State-owned Legal Person | - **Xintongchan Company** and **Shenzhen Guanghui Company** are related parties under common control of **Shenzhen International**[212](index=212&type=chunk) [Bond-Related Information](index=81&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Overview of Outstanding Bonds](index=81&type=section&id=%E5%AD%98%E7%BB%AD%E5%80%BA%E5%88%B8%E6%A6%82%E8%A7%88) As of the reporting period end, the company maintained a diverse portfolio of outstanding bonds and debt financing instruments, including corporate bonds and super short-term notes, with new issuances totaling **RMB 3.5 billion** Overview of Key Outstanding Bonds and Debt Financing Instruments (Unit: RMB Billion) | Abbreviation | Code | Bond Balance | Interest Rate (%) | Maturity Date | | :--- | :--- | :--- | :--- | :--- | | 07 Shenzhen Expressway Bond | 078037 | 0.80 | 5.50 | 2022/07/31 | | 20 Shengao 01 | 163300.SH | 1.40 | 3.05 | 2025/03/20 | | G20 Shengao 1 | 175271.SH | 0.80 | 3.65 | 2025/10/22 | | G21 Shengao 1 | 175979.SH | 1.20 | 3.49 | 2026/04/19 | | 21 Shengao 01 | 188451.SH | 1.00 | 3.35 | 2026/07/27 | | 22 Shengao 01 | 185300.SH | 1.50 | 3.18 | 2029/01/20 | | 18 Shenzhen Expressway MTN002 | 101800882 | 0.80 | 4.49 | 2023/08/15 | | 22 Shenzhen Expressway SCP001 | 012280888 | 1.00 | 2.12 | 2022/09/02 | | 22 Shenzhen Expressway SCP002 | 012281995 | 1.00 | 2.00 | 2023/02/27 | [Financial Report](index=88&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Consolidated Financial Statements](index=88&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) As of June 30, 2022, the company reported total assets of **RMB 72.21 billion**, total liabilities of **RMB 44.00 billion**, and net assets attributable to parent company of **RMB 22.50 billion**, with H1 operating revenue of **RMB 4.09 billion** and net profit of **RMB 880 million** Consolidated Income Statement Core Data (Jan-Jun 2022) | Item | Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 4,094,093,645.65 | | Total Operating Cost | 3,467,660,986.71 | | Investment Income | 338,909,623.64 | | Operating Profit | 1,067,282,719.24 | | Total Profit | 1,071,487,998.43 | | Net Profit | 879,848,262.33 | | Net Profit Attributable to Parent Company Shareholders | 848,549,138.56 | Consolidated Cash Flow Statement Core Data (Jan-Jun 2022) | Item | Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 1,592,514,611.01 | | Net Cash Flow from Investing Activities | (2,621,719,346.50) | | Net Cash Flow from Financing Activities | 1,016,160,256.48 | | Net Increase in Cash and Cash Equivalents | 50,040,346.21 | [Notes to Financial Statements (Selected)](index=100&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8%EF%BC%88%E8%8A%82%E9%80%89%EF%BC%89) Notes detail accounting policies, including the traffic-flow method for toll road concession amortization, equity method for investments in associates, and segment information highlighting tolling as the primary profit driver - Toll road concession rights, classified as intangible assets, are amortized using the traffic-flow method, requiring management to regularly review and adjust the unit amortization amount based on projected total traffic volume[329](index=329&type=chunk) Book Value of Major Associates' Investments at Period End (Unit: RMB) | Investee | Balance at Period End | | :--- | :--- | | Derun Environment | 5,063,080,829.44 | | Guang-Shen-Zhu Expressway Co., Ltd. | 5,743,481,046.26 | | Guangdong Guangzhu West Line Expressway Co., Ltd. | 3,678,996,482.20 | | Shenzhen International United Land Co., Ltd. | 1,230,568,579.64 | H1 2022 Segment Financial Information (Unit: RMB) | Item | Toll Business | Major Environmental Protection Business | Other | Total | | :--- | :--- | :--- | :--- | :--- | | Revenue from External Transactions | 2,410,155,296.36 | 836,209,660.64 | 847,728,688.65 | 4,094,093,645.65 | | Total Profit | 1,164,210,639.65 | 166,163,326.77 | (429,121,051.13) | 1,071,487,998.43 | | Total Assets | 43,129,457,888.09 | 18,855,735,991.82 | 8,152,165,718.65 | 72,205,202,609.00 |