GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
2020AnnualReport
March2021
I.ImportantNotice,TableofContentsandDefinitions
TheBoardofDirectorsandthedirectors,SupervisoryCommitteeandsupervisorsandSeniorExecutivesoftheCompanyherebywarrantthatattheyear,therearenomisstatement,misleadingrepresentationorimportantomissionsinthisreportandshallassumejointandseveralliabilityfortheauthenticity,accuracyandcompletenessofthecontentshereof.Mr.ZhengRenfa,TheCompanyleader,Mr.WangChunhua,GeneralManager,Mr.LuMing,ChieffinancialofficerandtheMs.ZhouFang,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthisannualreport.AllthedirectorsattendedtheboardmeetingforreviewingtheAnnualReport.ThetollrevenuesofExpresswayismainsourceofthemajorbusinessincomeofthecompany,Thechargestandardofvehicletollmustbesubmittedtothesamelevelpeople'sgovernmentforreviewandapprovalafterthetransportregulatorydepartmentofprovince,autonomousregionormunicipalitydirectlyunderthecentralgovernmentinconjunctionwiththepriceregulatorydepartmentatthesamelevelconsenteduponexamination.Therefore,theadjustmenttrendofthechargepriceandthechargepriceifhasthecorrespondingadjustmentinthefuturepricelevelwhenthecostofthecompanyrisesstilldependontheapprovalofrelevantnationalpoliciesandgovernmentdepartments,andthecompanyisn'tabletomaketimelyadjustmenttothechargestandardinaccordancewiththeitsownoperationcostorthechangeofmarketsupplydemand.So,thechangeofchargepolicyandtheadjustmentofchargestandardalsohaveinfluenceontheexpresswaysoperatedbythecompanytosomeextent.So,thechargingpolicychangesandchargesadjustmentwillaffectthehighwaysoperationofthecompany.Theprofitdistributionproposalreviewedandapprovedbytheboardingmeetingwassummarizedasfollows:
2,090,806,126forthebase,theCompanywoulddistributecashdividendtoalltheshareholdersattherateofCNY
2.91forevery10shares(withtaxinclusive),0bonusshares（includingtax）andnoreservewouldbeconvertedintosharecapital.
TableofContents
I.ImportantNotice,TableofcontentsandDefinitionsII.BasicInformationoftheCompanyandFinancialindexIII.OutlineofCompanyBusinessIV.Management’sDiscussionandAnalysisV.ImportantEventsVI.ChangeofsharecapitalandshareholdingofPrincipalShareholdersVII.SituationofthePreferredSharesVIII.InformationaboutconvertiblecorporatebondsIX.InformationaboutDirectors,SupervisorsandSeniorExecutivesX.AdministrativestructureXI.CorporateBondXII.FinancialReportXIII.Documentsavailableforinspection
Definition
| Termstobedefined | Refersto | Definition |
| Reportingperiod,Thisyear | Refersto | January1,2020toDecember31,2020 |
| Reportingdate | Refersto | Theannualreportofthecompanywasapprovedbytheboardofdirectorson2020,thatisMarch25,2021 |
| YOY | Refersto | Comparedwith2019 |
| TheCompany/ThisCompany | Refersto | GuangdongProvincialExpresswayDevelopmentCo.,Ltd. |
| CommunicationGroup | Refersto | GuangdongCommunicationGroupCo.,Ltd. |
| ProvincialExpressway | Refersto | GuangdongProvincialFreewayCo.,Ltd. |
| ConstructionCompany | Refersto | GuangdongHighwayConstructionCo.,Ltd. |
| TechnologyCompany/GuangdongExpresswayTechnology | Refersto | GuangdongExpresswayTechnologyInvestmentCo.,Ltd |
| FokaiCompany | Refersto | GuangdongFokaiExpresswayCo.,Ltd. |
| ReconstructionandextensionProjectoftheSouthSectionofFokaiExpressway | Refersto | ReconstructionandExpansionProjectofSanbao-ShuikouSectionofFokaiExpressway. |
| GuangfoCompany | Refersto | GuangdongGuangfoExpresswayCo.,Ltd. |
| GuangzhuTransportation1 | Refersto | GuangzhouGuangzhuTransportationInvestmentManagementCo.,Ltd. |
| GuangdongExpresswayCapital | Refersto | YuegaoCapitalInvestment(Hengqin)Co.,Ltd. |
| GuangzhuEastCompany | Refersto | JingzhuExpresswayGuangzhuSectionCo.,Ltd. |
| GuanghuiCompany | Refersto | GuangdongGuanghuiExpresswayCo.,Ltd. |
| Majorassetsrestructuring | Refersto | GuangdongProvincialExpresswayDevelopmentCo.,Ltd.acquired21%equityofGuangdongGuanghuiExpresswayCo.,Ltd.heldbyGuangdongProvincialExpresswayCo.,Ltd.bypayingcashin2020 |
II.BasicInformationoftheCompanyandFinancialindex1．CompanyInformation
| Stockabbreviation: | GuangdongExpresswayA,B | Stockcode： | 000429,200429 |
| Stockexchangeforlisting | ShenzhenStockExchange | ||
| NameinChinese | 广东省高速公路发展股份有限公司 | ||
| ChineseAbbreviation | 粤高速 | ||
| Englishname(Ifany) | GuangdongProvincialExpresswayDevelopmentCo.Ltd. | ||
| EnglishAbbreviation(Ifany) | GPED | ||
| LegalRepresentative | ZhengRenfa | ||
| Registeredaddress | 85BaiyunRoad,Guangzhou,GuangdongProvince | ||
| PostalcodeoftheRegisteredAddress | 510100 | ||
| OfficeAddress | 45-46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDisrtict,Guangzhou | ||
| Postalcodeoftheofficeaddress | 510623 | ||
| InternetWebSite | www.gpedcl.com | ||
| ygs@gdcg.cn | |||
2.Contactpersonandcontactmanner
| Boardsecretary | SecuritiesaffairsRepresentative | |
| Name | YangHanming | LiangJirong |
| Contactaddress | 46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDistrict,Guangzhou | 45/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDistrict,Guangzhou |
| Tel | 020-29004619 | 020-29004523 |
| Fax | 020-38787002 | 020-38787002 |
| Hmy69@126.com | 139221590@qq.com |
3.Informationdisclosureandplaced
| NewspapersselectedbytheCompanyforinformationdisclosure | SecuritiesTimes,ChinaSecurities,ShanghaiSecuritiesDailyandHongkongCommercialDaily. |
| InternetwebsitedesignatedbyCSRCforpublishingtheAnnualreportoftheCompany | www.cninfo.com.cn |
| TheplacewheretheAnnualreportispreparedandplaced | SecuritiesaffairDeptoftheCompany |
4.ChangesinRegistration
| OrganizationCode | 91440000190352102M |
| Changesinprincipalbusinessactivitiessincelisting(ifany) | Nochange |
| Changesisthecontrollingshareholderinthepast(isany) | OnNovember2000,InaccordancewithCaiGuanZi(2008)No.109DocumentofMinistryofFinanceandYueBanHan(2000)No.574DocumentofGeneralOfficeofGuangdongPeople'sGovernment,thestate-ownedsharesofGuangdongExpresswayoriginallyentrustedtoGuangdongExpresswayCompany(nowrenamedas"GuangdongProvincialExpresswayCo.,Ltd.")formanagementweretransferredtoGuangdongCommunicationGroupCo.,Ltd.forholdingandmanagement.Afterthetransferofstate-ownedshares,GuangdongCommunicationGroupCo.,Ltd.becamethelargestshareholderoftheCompany.Thenatureofequitywasdefinedasstate-ownedshares. |
5.OtherRelevantInformationCPAsengaged
| NameoftheCPAs | YongTuoCerifiedPublicAccountants(SpecialGeneralPartnership) |
| Officeaddress： | 13/F,2Building,No.1NorthStreet,Guandongdian,ChaoyangDistrict,Beijing |
| NamesoftheCertifiedPublicAccountantsasthesignatories | ShiShaoyu,LiJunjie |
ThesponsorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod.
□Applicable√NotapplicableTheFinancialadvisorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod
√Applicable□Notapplicable
| Name | Officeaddress | Nameofsponsor | Consitentsupervisionperiod |
| ChinaInternationalCapitalCorporationLimited | 27-28/F,2Black，No1.GuomaoBuilding,JianguomenWaiStreet,ChaoyangDistrict,Beijing | XieYi,LongHai | 2020-2021 |
6.SummaryofAccountingdataandFinancialindexWhetherithasretroactiveadjustmentorre-statementonpreviousaccountingdata
√Yes□NoRetroactiveadjustmentorrestatementofcauses:Mergerofenterprisesunderthesamecontrol
| 2020 | 2019 | ChangesofthisperiodoversameperiodofLastyear(%) | 2018 | |||
| Beforeadjustment | Afteradjustment | Afteradjustment | Beforeadjustment | Afteradjustment | ||
| Operatingincome（RMB） | 3,790,348,876.26 | 3,057,935,584.43 | 4,999,016,766.74 | -24.18% | 3,218,694,083.94 | 5,074,352,303.23 |
| Netprofitattributabletotheshareholdersofthelistedcompany（RMB） | 867,842,774.78 | 1,258,628,101.71 | 1,469,187,067.83 | -40.93% | 1,677,028,179.18 | 1,880,524,910.95 |
| Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany（RMB） | 704,821,643.20 | 1,249,576,930.75 | 1,249,579,043.32 | -43.60% | 1,395,441,391.82 | 1,395,441,391.82 |
| Cashflowgeneratedbybusinessoperation,net（RMB） | 2,636,187,241.05 | 1,988,551,897.83 | 3,222,681,187.05 | -18.20% | 1,915,985,578.04 | 3,300,975,145.20 |
| Basicearningpershare(RMB/Share) | 0.42 | 0.60 | 0.70 | -40.00% | 0.80 | 0.90 |
| Dilutedgainspershare(RMB/Share) | 0.42 | 0.60 | 0.70 | -40.00% | 0.80 | 0.90 |
| WeightedaverageROE(%) | 8.27% | 13.09% | 14.18% | -5.91% | 18.37% | 19.10% |
| Endof2020 | Endof2019 | Changedoverlastyear | Endof2018 | |||
| Beforeadjustment | Afteradjustment | Afteradjustment | Beforeadjustment | Afteradjustment | ||
| Grossassets（RMB） | 19,748,578,658.11 | 17,674,545,340.78 | 20,666,939,285.90 | -4.44% | 16,295,910,774.45 | 19,998,135,903.61 |
| Netassetsattributabletoshareholdersofthelistedcompany（RMB） | 7,933,136,499.11 | 9,823,426,849.75 | 10,557,360,463.78 | -24.86% | 9,586,701,904.06 | 10,281,913,855.74 |
Thelowerofthecompany’snetprofitbeforeandafterthedeductionofnon-recurringgainsandlossesinthelastthreefiscalyearsisnegative,andtheauditor'sreportofthepreviousyearshowsthattheCompany’sgoingconcernabilityisuncertain.
□Yes√NoThelowerofthenetprofitbeforeandafterthedeductionofthenon-recurringgainsandlossesisnegative.
□Yes√No
7.Thedifferencesbetweendomesticandinternationalaccountingstandards1．SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.
□Applicable□√NotapplicableNone
2.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.
□Applicable√Notapplicable
None
8.MainFinancialIndexbyQuarters
InRMB
| Firstquarter | Secondquarter | Thirdquarter | Fourthquarter | |
| Operatingincome | 354,885,621.22 | 763,073,802.24 | 1,361,154,456.80 | 1,311,234,996.00 |
| Netprofitattributabletotheshareholdersofthelistedcompany | -65,790,927.23 | 90,407,352.98 | 416,728,710.01 | 426,497,639.02 |
| Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany | -71,989,487.82 | 62,474,770.40 | 348,606,597.62 | 365,729,763.00 |
| NetCashflowgeneratedbybusinessoperation | 163,886,674.37 | 545,776,621.44 | 1,035,210,364.11 | 891,313,581.13 |
Whethersignificantvariancesexistbetweentheabovefinancialindexortheindexwithitssumandthefinancialindexofthequarterlyreportaswellassemi-annualreportindexdisclosedbytheCompany.
√Yes□NoIn2020,theCompanyimplementedamajorassetrestructuringthroughpurchasing21%equityofGuanghuiExpresswaybycashshares,whichwascompletedonDecember25,2020,realizingthemergerunderthesamecontrol,andadjustingthequarterlyandsemi-annualfinancialreportdataaccordingly.
9.Itemsandamountofnon-currentgainsandlosses
√Applicable□Notapplicable
InRMB
| Items | Amount(2020) | Amount(2019） | Amount(2018) | Notes |
| Gains/Lossesonthedisposalofnon-currentassets | -8,261,533.18 | 7,607,268.21 | 63,173,138.25 | |
| Governmentgrantsrecognizedinthecurrentperiod,exceptforthoseacquiredintheordinarycourseofbusinessorgrantedatcertainquotasoramountsaccordingtothecountry’sunifiedstandards | 8,359,291.82 | 87,937.00 | 1,113,228.32 | |
| Currentnetgainsandlossesoccurredfromperiod-begintocombinationdaybysubsidiariesresultingfrombusinesscombinationundercommoncontrol | 546,213,524.55 | 701,856,178.51 | 678,322,439.24 | TheCompanyoriginallyheld30%equityofGuanghuiExpressway,In2020,theCompanypurchased21%equityofGuanghuiExpresswayincash,andthemergerdateunderthesamecontrolwasDecember31,2020,whichwas70%ofthenetprofitandlossrealizedbyGuanghuiExpresswayin2020fromthebeginningofmergertothedateofmerger. |
| Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | -1,069,827.30 | -1,393,149.65 | -1,545,368.05 | |
| Othernon-recurringGains/lossitems | 974,321.89 | 1,652,603.05 | ||
| Less:Influencedamountofincometax | 2,214.32 | 1,130,270.54 | -230,679,518.30 | |
| Influencedamountofminorshareholders’equity(aftertax) | 383,192,431.88 | 489,072,542.07 | 486,659,436.93 | In2020,theCompanypurchased21%equityofGuanghuiExpresswayincash,andthemergerdateunderthesamecontrolwasDecember31,increasingthenetprofitandlossrealizedbyGuanghuiExpresswayin2020whichwasattributabletominorityshareholdersbyRMB382,722,793.66. |
| Total | 163,021,131.58 | 219,608,024.51 | 485,083,519.13 | -- |
FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√NotapplicableNoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod.
III.BusinessProfile
Ⅰ.MainBusinesstheCompanyisEngagedinDuringtheReportPeriodTheCompanyisaninfrastructureindustry,withmainbusinessindevelopingandoperatingexpresswayandbigbridges.ItisoneofthemaininstitutionsofdevelopingexpresswayandbigbridgeinGuangdongExpresswaySystem.Theexpresswayindustryistheindustryhelpedbygovernment.TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpresswayandJingzhuExpresswayGuangzhuSectioninvestmentintechnologicalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangzhouGuanghuiExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyPettyLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.,GuoyuanSecuritiesCo.,Ltd.andHunanLianzhiTechnologyCo.,Ltd.Asoftheendofthereportingperiod,thecompany’sshare-controlledexpresswayis306.78km,andtheshare-participationexpresswayis295.88km.Ⅱ.MajorChangesinMainAssets
1.MajorChangesinMainAssets
| Mainassets | Majorchanges |
| Equityassets | Comparedwiththebeginningoftheyear,itincreasedbyRMB175.11million,and7.93%,whichwasmainlyduetotheincreaseoflong-termequityinvestmentbyRMB130millionyuanforthesubscriptionofGuoyuanSecurities,andincreaseoflong-termequityinvestmentbyRMB80millionfortheinvestmentinHunanLianzhi;andduetothecapitalreductionofGanzhouGankangExpresswayCo.,Ltd.,toreducethelong-termequityinvestmentbyRMB45million. |
| Fixedassets | Comparedwiththebeginningoftheyear,itdecreasedbyRMB920.11million,and7.38%,whichwasmainlyduetothecomprehensiveimpactofdepreciationofexpresswaysectionsandcancellationoftemporaryestimationandconversiontofixedassetsofexpresswaytollstationprojectsatprovincialboundaries. |
| Intangibleassets | Comparedwiththebeginningoftheyear,itincreasedbyRMB293.62million,and3351.04%,mainlybecauseaccordingtotherelevantgovernmentdocuments,theholdingexpresswaycompanyincludedtherelevantoperatingexpensesincurredduringtheepidemicpreventionandcontrolperiodfromFebruary17,2020toMay5,2020intothebookvalueoftheintangibleasset-tollroadfranchise |
| Constructioninprocess | Comparedwiththebeginningoftheyear,itincreasedbyRMB99.34million,and41.17%,whichwasmainlyduetothecomprehensiveimpactoftheincreasedpavementtreatmentworksandbridgedecktreatmentworksofDayongViaductbyGuangzhuEastCompany,andtheincreasedGualvhuInterchangeProject,andcancellationoftemporaryestimationandconversiontofixedassetsofexpresswaytollstationprojectbyGuanghuiCompany. |
| Othercurrentassets | Comparedwiththebeginningoftheyear,itdecreasedbyRMB196.55million,and99.99%,ItwasmainlybecausethatGuanghuiExpresswayrecoveredallexternalloansattheendoftheyear. |
2.MainConditionsofOverseasAssets
□Applicable√NotapplicableIII.AnalysisOncoreCompetitivenessThetollrevenueofexpresswayindustrymainlydependsontheregionaleconomicdevelopment.Theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume.TheGuangfoexpresswayandtheFokaiexpressway,controlledbythecompany,arepartoftheNationalExpresswayNetworkPlanning-“Fiveverticalandsevenhorizontal”,Theshare-controlledJingzhuExpresswayGuangzhuSectionisafastandconvenientexpressway.Andmanyofthecompany’sequity-participationexpresswaysthatarepartofthemainskeletonoftheGuangdongProvincialExpresswayPlanning-“Tenverticalandfivehorizontal”,whichprovidesastrongguaranteeforstabletrafficvolume.Meanwhile,theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume,asGuangdongprovinceistheeconomicallydevelopedregion,withyears’continuoushighgrowthofGDP,sothatprovidesthestablerisingdemandforthecompany.
IV.Management’sDiscussionandAnalysisI.GeneralIn2020,theCompanyactivelyfulfilleditssocialresponsibilities,strovetoovercometheadverseeffectsoftheepidemic,workedhardandovercamedifficulties.Whilestrictlyimplementingvariousepidemicpreventionandcontrolmeasurestoachievezeroinfectioninthecompany'ssystem,italsoadheredtothefrontlineofepidemicprevention,ensuredsmoothtraffic,madeoverallplanstopromotethepreventionandcontrolofthenormalizedepidemicandalltasks,andeffectivelypromotedthestabilizationandimprovementofeconomicoperation.
1.MajorassetrestructuringoftheCompanywascompletedontime.OnJuly16,2020,theCompanystartedmajorassetrestructuring,andacquired21%equityofGuanghuiCompanyheldbyProvincialExpresswayincashtorealizeholding.Throughtheinjectionofhigh-qualityroadassets,themileageofexpresswaycontrolledbytheCompanyhasnearlydoubled,andthesustainableprofitabilityofexpressway,themainbusiness,andthefinancingabilityoftheCompanyhavebeenfurtherimproved.
2.Thefirstintelligenttransportationforeigninvestmentprojectwasimplementedsmoothly.InJune2020,theCompanycompletedtheprojectinvestmentofRMB80millioninHunanLianzhiTechnologyCo.,Ltd.byincreasingcapitaltoYuegaoCapital,andthemembersofYuegaoCapitalProjectTeamimplementedthefollow-upinvestmentsimultaneously.ThisprojectistheCompany'sfirstoverseasinvestmentprojectinsmarttransportation,anditisalsothefirstprojectfortheprojectteammemberstomakefollow-upinvestment,whichisanewbreakthroughfortheCompanytoexploreandinnovatetheinvestmentmechanismunderthenewsituation.
3.Thecrucialtaskofcancelingtheprovincialboundarystationwassuccessfullycompleted.AfterthetollcollectionwasresumedonMay6,2020,thetollstationsoftheCompany'sholdingsectionsarewithsmoothtraffic,theservicepointsofUnitollExpresswayinGuangdongoperatedorderly,thetolldisplayanddatatransmissionoftolllaneswerecorrect,thelaneconfigurationwascontinuouslyoptimized,andtheETCsystemwasgenerallystable.
4.Therevitalizationoflandresourcesalongtheroutewasaccelerated.TheCompanyinsistedonthecomprehensivedevelopmentoflandresourcesalongthelineasthemaindirection.ThelandresourcesalongtheFokaiExpressway,includingZhishan,Chenshan,XinjitianandYanshanserviceareas,havemadephasedprogressintheirrevitalization.
5.Theadditionalinvestmentoftheoriginalfinancialequityprojectswascompletedinanorderlymanner.InNovember2020,theCompanyinvestedaboutRMB130millionandsubscribedfor23.88millionsharesofGuoyuanSecuritiesinfullatRMB5.44pershare,whichwellsafeguardedtherightsandinterestsoftheCompany.
6.Thepreparationofstrategicplanningwasstartedintime.In2020,theCompanystartedthepreparationofthe"14thFive-YearPlan",setupaleadinggroupandaworkinggroup,andcombinedwithinternalinterviewsandexternalresearch,withconsiderationofthecurrentandlong-termsituation,andbasedonacomprehensivesummaryoftheimplementationofthe"13thFive-YearPlan",preparedthe"14thFive-Year"StrategyPlan(firstdraft),whichwillbefurtherrevisedandimproved.
7.GuangzhuTransportationCompanywassuccessfullyconsolidatedbymerge.TheCompanystartedtoconsolidatebymergeGuangzhuTransportationinMay2020,andsuccessivelycompletedthepreparatorywork,assetsverification,specialaudit,agreementsigning,internaldecision-making,taxsettlementandotherwork.Throughtheeffortsofallparties,thecancellationapprovalnoticewasobtainedonDecember18,andthetaskof
reducingthehierarchywassuccessfullycompleted.
8.Theapplicationforre-approvaloftheoperationperiodofthereconstructionandexpansionprojectofthesouthsectionofFokaiExpresswaywascloselyfollowedup.Accordingtotherequirementsoftheauditunit,theCompanyhassupplementedtherelevantinformationforre-approvaloftheoperationperiodformanytimesandmadeexplanations,strivingtoobtainthegovernment'sapprovalassoonaspossible.II.Mainbusinessanalysis
1.General
| Volumeofvehicletrafficin2020（Tenthousandsvehicles） | Increase/Decrease(%) | Tollincomein2020（Tenthousands） | Increase/Decrease(% | |
| GuangfoExpressway | 7,269.75 | -4.25% | 32,971.09 | -30.05% |
| FokaiExpressway | 7,718.23 | 0.65% | 96,148.43 | -24.68% |
| JingzhuExpresswayGuangzhuEastSection | 6,189.52 | -15.56% | 78,237.88 | -34.11% |
| GuanghuiExpressway | 7,487.22 | 6.45% | 159,235.27 | -16.97% |
| HuiyanExpressway | 4,349.60 | -3.57% | 18,593.50 | -24.62% |
| GuangzhaoExpressway | 2,892.08 | -17.52% | 43,561.59 | -21.58% |
| JiangzhongExpressway | 6,095.58 | -0.82% | 33,867.12 | -25.79% |
| KangdaExpressway | 147.82 | -54.41% | 21,190.46 | -17.47% |
| GankangExpressway | 440.48 | -14.87% | 12,833.68 | -30.40% |
| GuangleExpressway | 3,467.39 | 14.00% | 248,409.48 | -22.01% |
Note:Thetrafficvolumeintheabovetableincludesthetrafficvolumeduringtoll-freeperiodduetotheimpactoftheepidemic.
In2020,duetotheimpactoftheepidemic,andthefirst-levelemergencyresponsewasactivatednationwide.Thetoll-freeperiodoftheoriginalstatutorySpringFestivalholiday(January24-January30,2020)wasextendedtoFebruary8;Meanwhile,accordingtotherelevantpoliciesoftheMinistryofTransport,withtheapprovaloftheStateCouncil,from0:00onFebruary17,2020to24:00onMay5,2020,thetollsoftollroadsnationwidewillbeexempted.Thispolicyledtoasignificantyear-on-yeardeclineinthetollrevenueoftheCompany'sparticipatingcompanies.Moreover:
(1)GuangzhusectionofJingzhuExpressway:①AffectedbytheclosureofHumenBridgefor9days,thetollincomedecreased;②InSeptember,theone-waymaintenanceofthesectionfromtheMinzhongtoXinlongInterchangelastedfor21days,whichledtoadecreaseinvehicletrafficandadecreaseintollrevenue;③TheimpactoftheopeningofNanshaBridgein2019andthegoodsrestrictionofHumenBridgetendedtobestableinthefourthquarterof2020;Underthesameroadnetworkconditions,thefourthquarterachievedayear-on-yeargrowthtrend.
(2)GankangExpressway:①ThenationalhighwayG323wascancelledandsomenationalhighwayswererepairedandrestored,whichdivertedsometraffic;②SomesectionsofnationalhighwaysG236andG319were
restricted,andsomevehiclesweredivertedtootherexpressways.
(3)KangdaExpressway:①Duetothecancellationoftheprovincialboundarysystem,thecalculatedtrafficvolumeisdifferentfrompreviousyearsinstatisticalcaliber;②Aftertherecoveryofcharges,thepublic'sroadtripincreasedcomparedwiththepast,andthepassengercartrafficincreasedyear-on-year;Logisticsvehiclessuchastransportationcoldchain,freshfoodandexpressdeliveryvehicleshavegrownrapidly,andthetrafficvolumeoftruckshasalsoincreased.
2.Revenueandcost
(1)ComponentofBusinessIncome
InRMB
| 2020 | 2019 | Increase/decrease | |||
| Amount | Proportion | Amount | Proportion | ||
| Totaloperatingrevenue | 3,790,348,876.26 | 100% | 4,999,016,766.74 | 100% | -24.18% |
| Industry | |||||
| Highwaytransportations | 3,665,926,709.10 | 96.72% | 4,853,094,808.04 | 97.08% | -24.46% |
| Other | 124,422,167.16 | 3.28% | 145,921,958.70 | 2.92% | -14.73% |
| Product | |||||
| Highwaytransportations | 3,665,926,709.10 | 96.72% | 4,853,094,808.04 | 97.08% | -24.46% |
| Other | 124,422,167.16 | 3.28% | 145,921,958.70 | 2.92% | -14.73% |
| Area | |||||
| GuangfoExpressway | 329,710,947.81 | 8.70% | 471,345,653.88 | 9.43% | -30.05% |
| FokaiExpressway | 961,484,310.59 | 25.37% | 1,276,614,430.61 | 25.54% | -24.68% |
| JingzhuExpresswayGuangzhuSection | 782,378,756.64 | 20.64% | 1,187,425,165.18 | 23.75% | -34.11% |
| GuanghuiExpressway | 1,592,352,694.06 | 42.01% | 1,917,709,558.37 | 38.36% | -16.97% |
| Other | 124,422,167.16 | 3.28% | 145,921,958.70 | 2.92% | -14.73% |
(2)SituationofIndustry,ProductandDistrictOccupyingtheCompany’sBusinessIncomeandOperatingProfitwithProfitover10%
√Applicable□Notapplicable
InRMB
| Turnover | Operationcost | Grossprofitrate(%) | Increase/decreaseofrevenueinthesameperiodofthepreviousyear(%) | Increase/decreaseofbusinesscostoverthesameperiodofpreviousyear(%) | Increase/decreaseofgrossprofitrateoverthesameperiodofthepreviousyear(%) | |
| Industry | ||||||
| Highway | 3,665,926,709.10 | 1,585,926,446.48 | 56.74% | -24.46% | -13.08% | -5.66% |
| transportations | ||||||
| Product | ||||||
| Highwaytransportations | 3,665,926,709.10 | 1,585,926,446.48 | 56.74% | -24.46% | -13.08% | -5.66% |
| Area | ||||||
| GuangfoExpressway | 329,710,947.81 | 112,789,778.87 | 65.79% | -30.05% | -0.89% | -10.07% |
| FokaiExpressway | 961,484,310.59 | 650,430,454.36 | 32.35% | -24.68% | -16.53% | -6.61% |
| JingzhuExpresswayGuangzhuSection | 782,378,756.64 | 279,884,229.56 | 64.23% | -34.11% | -23.46% | -4.98% |
| GuanghuiExpressway | 1,592,352,694.06 | 542,821,983.69 | 65.91% | -16.97% | -4.08% | -4.58% |
Undercircumstancesofadjustmentinreportingperiodforstatisticscopeofmainbusinessdata,adjustedmainbusinessbasedonlatestonyear’sscopeofperiod-end.
□Applicable√Notapplicable
(3)WhethertheCompany’sPhysicalSalesIncomeExceededServiceIncome
□Yes√No
(4)DegreeofPerformanceoftheSignificantSalesContractSigneduptothisReportPeriod
□Applicable√Notapplicable
(5)ComponentofbusinesscostIndustrycategory
InRMB
| Industrycategory | Items | 2020 | 2019 | Increase/Decrease(%) | ||
| Amount | Proportionintheoperatingcosts(%) | Amount | Proportionintheoperatingcosts(%) | |||
| Highwaytransportations | DepreciationandAmortized | 1,020,703,974.74 | 61.41% | 1,188,983,865.18 | 61.78% | -14.15% |
| Highwaytransportations | Outofpocketexpenses | 565,222,471.74 | 34.00% | 635,659,655.25 | 33.03% | -11.08% |
| Other | Other | 76,297,249.65 | 4.59% | 99,834,413.47 | 5.19% | -23.58% |
Note
(6)WhetherChangesOccurredinConsolidationScopeintheReportPeriod
√Yes□No
Comparedwith2019,thescopeofconsolidationinthisyearwasreducedtoGuangzhouGuangzhuTransportationInvestmentManagementCo.,Ltd.,whichwasduetotheinternalconsolidationbymergerofthe
Company.Comparedwith2019,GuangdongGuanghuiExpresswayCo.,Ltd.wasaddedtothescopeofconsolidationthisyear,becausetheCompanyacquiredits21%equityandheld51%equityofGuanghuiExpressway,andGuanghuiExpresswaywaschangedfromanaffiliatedcompanytoasubsidiary.
(7)RelevantSituationofSignificantChangesorAdjustmentoftheBusiness,ProductorServiceintheCompany’sReportPeriod
□Applicable√Notapplicable
(8)SituationofMainCustomersandMainSupplier
□Applicable√Notapplicable
3.Expenses
InRMB
| 2020 | 2019 | Increase/Decrease | Notes | |
| Administrativeexpenses | 203,945,119.58 | 218,914,654.80 | -6.84% | |
| Financialexpenses | 216,182,374.88 | 224,177,216.66 | -3.57% | |
| R&Dexpenses | 404,303.70 | 100.00% | In2020,YuegaoTechnologyincurredtheexpenditureof"R&DofAutomaticCardCheckingMachineforExpresswayCompositePassCards". |
4.ResearchandDevelopment
√Applicable□Notapplicable
SinceJanuary1,2020,the5.8GHzCPCcardhasbeenuniformlyusedinthetollcollectionmediaofMTCvehiclesacrossthecountry,andthenationalunifiedCPCcardmanagementplatformhasbeenenabled,andallcardshavebeenuniformlymanaged,whichrequiresthecardcheckingandwarehousingoperationforeachallocatedcard.Accordingtothefeedbackfromsomeroadsectionswithlargetrafficvolume,intheprocessofcardallocation,theworkofcardreadingandsortingistediousanddull,andmanualoperationispronetoerrors.Therefore,itisexpectedthatsuchmanualoperationcanbereplacedbyautomaticcardreadingandsortingmachines.TheCompanyactivelyseeksautomationequipmentmanufacturerstojointlydevelopautomaticcheckingmachineproductsforcompositepasscards.Thisprojectismainlytodevelopanautomaticcardcheckingequipment,whichenablesticketmanagersintollstationsandCPCcarddispatchingcentertocompleteautomaticcardchecking,arrangewholecardsinanorderlymannerandsortoutdefectivecardsonlybyputtingthescatteredcardsintothecardbinwithoutmanualcardswipingandtesting.Thelocationofeachcardisrecorded,whichisconvenientforlocatingthecards,andreducestheunnecessarycardlocatingworkcausedbythesealingfailureduetotheregisterofadefectivecardinadifferentplace.Andeachdetectedcardcanbeautomaticallydisinfected,thusensuringthehealthofpeoplecontactingthecard.R&Dinvestment
| 2020 | 2019 | Increase/decrease |
| NumberofResearchandDevelopmentpersons(persons) | 2 | 0 | 100.00% |
| ProportionofResearchandDevelopmentpersons | 0.07% | 0.00% | 0.07% |
| AmountofResearchandDevelopmentInvestment(InRMB) | 404,303.70 | 0.00 | 100.00% |
| ProportionofResearchandDevelopmentInvestmentofOperationRevenue | 0.01% | 0.00% | 0.01% |
| AmountofResearchandDevelopmentInvestmentCapitalization(InRMB) | 0.00 | 0.00 | 0.00% |
| ProportionofCapitalizationResearchandDevelopmentInvestmentofResearchandDevelopmentInvestment | 0.00% | 0.00% | 0.00% |
TheReasonoftheProminentChangeinTotalAmountofResearchandDevelopmentInputOccupyingtheBusinessIncomeYearonYear
√Applicable□NotapplicableIn2020,YuegaoTechnologyincurredanexpenditureofRMB404,303.7on"R&DofAutomaticCardCheckingMachineforExpresswayCompositePassCards",whichisnotincurredin2019.ReasonsforthedrasticchangeofcapitalizationrateofR&Dinvestmentanditsrationalityexplanation
□Applicable√Notapplicable
5.CashFlow
InRMB
| Items | 2020 | 2019 | Increase/Decrease(%) |
| Subtotalofcashinflowreceivedfromoperationactivities | 4,051,493,610.08 | 5,167,390,664.45 | -21.59% |
| Subtotalofcashoutflowreceivedfromoperationactivities | 1,415,306,369.03 | 1,944,709,477.40 | -27.22% |
| Netcashflowarisingfromoperatingactivities | 2,636,187,241.05 | 3,222,681,187.05 | -18.20% |
| Subtotalofcashinflowreceivedfrominvestingactivities | 372,548,657.83 | 369,542,087.83 | 0.81% |
| Subtotalofcashoutflowforinvestmentactivities | 884,922,836.28 | 1,164,320,280.23 | -24.00% |
| Netcashflowarisingfrominvestmentactivities | -512,374,178.45 | -794,778,192.40 | -35.53% |
| Subtotalcashinflowreceivedfromfinancingactivities | 2,258,963,500.00 | 3,662,685,000.00 | -38.32% |
| Subtotalcashoutflowforfinancingactivities | 4,591,305,613.77 | 5,780,920,106.63 | -20.58% |
| Netcashflowarisingfromfinancingactivities | -2,332,342,113.77 | -2,118,235,106.63 | 10.11% |
| Netincreaseincashandcashequivalents | -206,800,360.26 | 308,133,367.29 | -167.11% |
Notestotheyear-on-yearchangeoftherelevantdata
√Applicable□Notapplicable
Thecashinflowoffund-raisingactivitiesisRMB2.259billion,whichisthesubsidyfundforobtainingloansandtheGualvhuInterchangeProjectreceivedbyGuanghuiCompany;Comparedwiththesameperiodoflastyear,itdecreasedbyRMB1.404billion,mainlyduetothedecreaseinloans.
ReasonsofmajordifferencebetweenthecashflowofoperationactivityinreportperiodandnetprofitoftheCompany
√Applicable□Notapplicable
InRMB
| Year2020 | |
| Adjustingnetprofittocashflowfromoperatingactivities | |
| Netprofit | 1,364,385,006.07 |
| Creditlossprovision | 2,457,808.51 |
| Impairmentlossprovisionofassets | 1,231,918.94 |
| Depreciationoffixedassets,oilandgasassetsandconsumablebiologicalassets | 1,009,578,943.06 |
| Amortizationofintangibleassets | 26,319,338.62 |
| AmortizationofLong-termdeferredexpenses | 457,642.44 |
| Fixedassetsscraploss | 13,637,658.30 |
| Financialcost | 265,092,013.47 |
| Lossoninvestment | -171,366,835.55 |
| Decreaseofdeferredincometaxassets | 54,738,687.74 |
| Increasedofdeferredincometaxliabilities | -41,819,079.34 |
| Decreaseofinventories | 57,922.16 |
| Deceaseofoperatingreceivables | 136,745,935.47 |
| IncreasedofoperatingPayable | -25,329,718.84 |
| Netcashflowsarisingfromoperatingactivities | 2,636,187,241.05 |
III.AnalysisofNon-coreBusiness
√Applicable□Notapplicable
InRMB
| Amount | Proportionintotalprofit | Explanationofcause | Sustainable(yesorno) | |
| InvestmentIncome | 171,366,835.55 | 9.23% | Itisduetotheoperationaccumulationofparticipantcompanies | Sustainable |
| Assetimpairment | -1,231,918.94 | -0.07% | GuanghuiCompanyaccruedimpairmentreserveforfixedassets | Notsustainable |
| Non-operatingincome | 11,749,841.36 | 0.63% | Mainlyinsuranceclaims,roadpropertyclaims,andcompensationincomefordemolition | Notsustainable |
| Non-operatingexpenses | 20,642,932.77 | 1.11% | Mainlynon-currentassetdisposallossesandroadpropertyrepairexpenses | Notsustainable |
| Creditimpairmentlosses | -2,457,808.51 | -0.13% | Impairmentprovisionofaccountsreceivableandotherreceivablesaccrual | Notsustainable |
IV.ConditionofAssetandLiabilities
1.ConditionofAssetCausingSignificantChangeAdjustmentstotheFinancialStatementsattheBeginningoftheFirstExecutionYearofanyNewStandardsGoverningFinancialInstruments,RevenueorLeasesfromyear2020
Applicable
InRMB
| Endof2020 | Endof2019 | Proportionincrease/decrease | Notestothesignificantchange | |||
| Amount | Proportioninthetotalassets(%) | Amount | Proportioninthetotalassets(%) | |||
| Monetaryfund | 2,847,398,003.89 | 14.42% | 3,054,198,364.15 | 14.78% | -0.36% | |
| Accountsreceivable | 168,907,517.56 | 0.86% | 179,449,777.42 | 0.87% | -0.01% | |
| Inventories | 53,761.06 | 0.00% | 111,683.22 | 0.00% | 0.00% | |
| Investmentrealestate | 3,110,381.89 | 0.02% | 3,331,500.37 | 0.02% | 0.00% | |
| Long-termequityinvestment | 2,382,381,165.60 | 12.06% | 2,207,266,324.84 | 10.68% | 1.38% | |
| Fixedassets | 11,540,075,929.69 | 58.43% | 12,460,188,469.66 | 60.29% | -1.86% | |
| Constructioninprocess | 340,611,095.47 | 1.72% | 241,274,698.97 | 1.17% | 0.55% | |
| Shore-termloans | 200,192,500.00 | 1.01% | 0.00% | 1.01% | ||
| Long-termloans | 4,977,438,800.00 | 25.20% | 4,926,015,000.00 | 23.84% | 1.36% | |
2.AssetandLiabilitiesMeasuredbyFairValue
√Applicable□Notapplicable
InRMB
| Items | Openingamount | Gain/Lossonfairvaluechangeinthereportingperiod | Cumulativefairvaluechangerecordedintoequity | Impairmentprovisionsinthereportingperiod | Purchasedamountinthereportingperiod | Soldamountinthereportingperiod | Otherchanges | Closingamount |
| Financialassets | ||||||||
| 4.Otherequityinstrumentinvestment | 1,835,822,604.77 | 421,106,349.76 | 1,737,015,528.29 | |||||
| Subtotaloffinancialassets | 1,835,822,604.77 | 421,106,349.76 | 1,737,015,528.29 | |||||
| Totaloftheabove | 1,835,822,604.77 | 421,106,349.76 | 1,737,015,528.29 | |||||
| Financialliabilities | 0.00 | 0.00 |
OtherNoneDidanysignificantchangeoccurtotheattributeoftheCompany’smainassetmeasurementduringthereportingperiod?
□Yes√No
3.AssetsrightrestrictiontillendofreportingperiodThebalanceofrestrictedbankdepositsattheendoftheperiodwasRMB1,221,200.00,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofsanbaotoshuikousectionofFokaiExpressway.III.Investmentsituation
1.General
√Applicable□Notapplicable
| InvestmentAmountin2020(Yuan) | InvestmentAmountin2019(Yuan) | Changerate |
| 2,703,460,018.24 | 1,140,508,126.36 | 137.04% |
2.ConditionofAcquiringSignificantShareRightInvestmentduringtheReportPeriod
√Applicable□Notapplicable
InRMB
| NameoftheCompanyInvested | MainBusiness | InvestmentWay | InvestmentAmount | ShareProportion% | CapitalSource | Partner | InvestmentHorizon | ProductType | ProgressuptoBalanceSheetDate | AnticipatedIncome | GainorLessortheCurrentInvestment | WhethertoInvolveinLawsuit | DateofDisclosure | DisclosureIndex |
| GuanghuiExpressway | Expressway | Purchase | 2,493,549,576.00 | 51.00% | Selfandloans | GuangdongProvincialFreewayCo.,Ltd. | Onthebasisofthetermofoperationapprovedbythegovernment | LimitedCompany | Completed | 0.00 | 0.00 | No | November24,2020 | AnnouncementofResolutionsofthe13th(Provisional)MeetingoftheNinthBoardofDirectors |
| HunanLianzhiTechnologyCo.,Ltd. | Identification&testing | Purchase | 80,000,000.00 | 11.45% | Self | None | Onthebasisofthetermofoperationapprovedbythegovernment | LimitedCompany | Completed | 0.00 | 0.00 | No | June24,2020 | AnnouncementofResolutionsofthe7th(Provisional)MeetingoftheNinthBoardofDirectors |
| GuoyuanSecuritiesCo.,Ltd. | Securities | Increasecapital | 129,910,442.24 | 2.37% | Self | None | Untilreductioniscomplete | Markettablesecurities | Completed | 0.00 | 0.00 | No | September30,2020 | AnnouncementofResolutionsofthe10th(Provisional)MeetingoftheNinthBoardofDirectors |
| Total | -- | -- | 2,703,460,018.24 | -- | -- | -- | -- | -- | -- | 0.00 | 0.00 | -- | -- | -- |
3.SituationoftheSignificantNon-equityInvestmentUndergoingintheReportPeriod□Applicable√Notapplicable
4.InvestmentofFinancialAsset
（1）Securitiesinvestment√Applicable□Notapplicable
InRMB
| Securitycategory | Securitycode | StockAbbreviation: | Initialinvestmentcost | Modeofaccountingmeasurement | Bookvaluebalanceatthebeginningofthereportingperiod | Changesinfairvalueofthethisperiod | Cumulativefairvaluechangesinequity | Purchaseamountinthethisperiod | Saleamountinthethisperiod | Gain/lossofthereportingperiod | Bookvaluebalanceattheendofthereportingperiod | Accountingitems | Sourcesoffunds |
| Domesticandforeignstocks | 601818 | EverbrightBank | 517,560,876.80 | FVM | 1,037,474,303.04 | 0.00 | 421,106,349.76 | 0.00 | 0.00 | 50,344,558.02 | 938,667,226.56 | Otherequityinstrumentinvestment | Self |
| Total | 517,560,876.80 | -- | 1,037,474,303.04 | 0.00 | 421,106,349.76 | 0.00 | 0.00 | 50,344,558.02 | 938,667,226.56 | -- | -- | ||
| DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheBoardofDirectors | July22,2009 | ||||||||||||
| DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheShareholdersMeeting(Ifany) | August7,2009 | ||||||||||||
（2）InvestmentinDerivatives□Applicable√NotapplicableTheCompanyhadnoinvestmentinderivativesinthereportingperiod.
5.Applicationoftheraisedcapital
□Applicable√NotapplicableTheCompanyhadnoapplicationoftheraisedcapitalinthereportingperiod.VI.Salesofmajorassetsandequity
1.Salesofmajorassets
□Applicable√NotapplicableTheCompanyhadnosalesofmajorassetsinthereportingperiod.
2.Salesofmajorequity
□Applicable√Notapplicable
VII.AnalysisoftheMainShareHoldingCompaniesandShareParticipatingCompanies
√Applicable□NotapplicableSituationofMainSubsidiariesandtheJoint-stockCompanywithover10%netprofitinfluencingtotheCompany
InRMB
| CompanyName | Companytype | Leadingproductsandservices | Registeredcapital | Totalassets | Netassets | OperatingIncome | Operatingprofit | NetProfit |
| GuangfoExpressway | Subsidiary | OperatingGuangfoExpresswayCo.,Ltd.(startsfromHengsha,Guangzhou,endsinXiebian,Foshan.Totallength15.7kilometers | RMB200million | 531,194,012.93 | 460,405,493.14 | 333,647,719.92 | 202,903,321.04 | 155,032,248.63 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | Subsidiary | TheoperationandmanagementofGuangzhuExpresswayandprovisionofsupportingservicesincludingfueling,salvageandsupplyofpartsandcomponents | RMB580million | 2,390,811,046.60 | 951,363,541.68 | 812,354,042.82 | 413,718,175.77 | 301,738,807.80 |
| GuangdongGuanghuiExpresswayCo.,Ltd. | Sharingcompany | InvestmentinandconstructionofGuanghuiExpresswayCo.,Ltd.andsupportingfacilities,thetollcollectionandmaintenancemanagementofGuanghuiExpressway,TheGuanghuiExpressway'ssupportinggasstation,salvation,vehiclemaintenance,vehicletransport,catering,warehousinginvestmentanddevelopment | RMB2.352million | 4,518,271,534.85 | 3,971,913,931.56 | 1,616,980,738.55 | 1,046,966,245.16 | 780,305,035.07 |
Subsidiariesobtainedordisposedinthereportingperiod
√Applicable□Notapplicable
| Name | Waystoacquireanddisposeofsubsidiariesduringthereportingperiod | Impactonoverallproduction,operationandperformance |
| GuangdongGuanghuiExpresswayCo.,Ltd. | Combinationunderthesamecontrol | IncreaseofthenetprofitattributabletolistedcompaniesbyRMB163.86millionin2020 |
| GuangzhouGuangzhuTransportationInvestmentManagementCo.,Ltd. | Absorptionmerges | None |
ParticularsabouttheMutualholdingcompanies
1.GuangfoExpresswayCo.,Ltd.(theCompanyholds75%equity)buildsandoperatesGuangfoExpressway,anditsoperationandmanagementincludesroadmaintenance,tollcollection,maintenanceoftrafficfacilitiessuchassignsandmarkings,andvehiclerescue.ThenetprofitofthecurrentperioddecreasedbyRMB95.73millionyearonyear,or38.18%.Themainreasonforthedecreasewasthatthetollrevenuedecreasedduetothetoll-freepolicyoftheepidemicsituation.
2.JingzhuExpresswayGuangzhuSectionCo.,Ltd.(thecompanyholds75%equity)operatesGuangzhou-ZhuhaiExpresswayandprovidesthesupportingrefueling,rescueandsparepartssupplyservicesofexpressway.ThenetprofitofthecurrentperioddecreasedbyRMB211,327,000year-on-year,or41.19%.Themainreasonforthedecreasewasthatthetollrevenuedecreasedduetothetoll-freepolicyoftheepidemicsituation.
3.GuangdongGuanghuiExpresswayCo.,Ltd.(thecompanyholds51%equity)investsinandbuildsGuanghuiExpresswayandsupportingfacilities;TollcollectionandmaintenancemanagementofGuanghuiExpressway;Investmentanddevelopmentofgasstations,rescue,automobilemaintenance,automobiletransportation,cateringandwarehousingforGuanghuiExpressway.ThenetprofitofthecurrentperioddecreasedbyRMB222,346,600year-on-year,or22.18%.Themainreasonforthedecreasewasthatthetollrevenuedecreasedduetothetoll-freepolicyoftheepidemicsituation.VIII.SpecialpurposevehiclecontrolledbytheCompany
□Applicable√NotapplicableIX.ProspectforfuturedevelopmentoftheCompany
2021isthefirstyearofthe14thFive-YearPlan.Thegeneralrequirementsoftheworkin2021areasfollows:
adheretothegeneraltoneofstrivingforstability,consolidateandexpandthemainbusinessofexpressways,focusoneconomicbenefits,takemarket-orientedreformasthedrivingforce,strengtheninnovationdrive,promotetheintelligentupgradeoftransportationindustry,emphasizeonimprovingcapitaloperationcapability,resolutelyguardagainstmajorrisksofenterprises,andachieveagoodstartinthe14thFive-YearPlan.
1.Persistinstabilizingtheexpresswayindustryandprovideasolidfoundationforhigh-qualitydevelopment.Firstly,appropriatelyincreasetheshareholdingratioofexistinghigh-qualityroadpropertyprojects,acceleratetheintegrationofsuperiorresources,andstrivetoincreasethenumberofexpresswayholdingprojects.Secondly,promotethereconstructionandexpansionofthebottleneckexpresswayandverifytheoperationperiod.Thirdly,basedonthemainbusinessapplicationscenarioandcombinedwiththeindustrialchainecosystem,increasethepopularizationandapplicationofnewtechnologies,promotethedigitalizationandintelligentupgradingof
operationandmanagement,andgraduallyapplymoderninformationtechnologiessuchascloudcomputing,bigdataandAItoallsectionsofmanagement,soastorealizethetransformationofscientificandtechnologicalproductioncapacityandempowerthedevelopmentofthemainbusiness.
2.Graspthestrategiclayoutandcapitaloperation,promotetransformation,anddevelopbusinessdevelopmentandinnovationAccordingtothecompany's"14thFive-YearPlan"developmentplanandtheGroup'sworkrequirements,thestrategicplanshouldbelaunchedassoonaspossible,soastomakeagoodstartfortheintegrationofsmarttransportationandotheremergingindustries.Firstly,learnfromandbenchmarkthepracticalexperienceoffirst-classmanagemententerprises,andactivelyexplorecooperationmodelsbyusingtechnicalforcessuchasindustryR&Dcentersandresearchinstitutestolayagoodscientificandtechnologicalfoundationforthedevelopmentoftheindustry;Secondly,seizetheopportunityofstate-ownedenterprisereform,leveragethecapitalmarket,promotemergersandacquisitionsofstrategicemergingindustriesrelatedtosmarttransportation,obtainhigh-endproductsintheindustrialchain,strivefortheimplementationofaproject,andrealizethedevelopmentofsuperiormainbusinessempowerment;Thirdly,activelyparticipateintheresearchonassetrestructuringofthesmarttransportationtechnologysector,explorethefeasiblemodeofimplementingtheintegrationofemergingindustryresourceswithintheGroup,andacceleratethecultivationofnewkineticenergyfortheCompany'sdevelopment;
3.Continuetopromoteandsupportthedevelopmentoflandresourcesalongtheroute,intensifytherevitalizationandutilizationoflandparcelssuchasXinjitian,Chenshan,DayanshanandHengsha,andfullypushforwardtheupgradingandreconstructionprojectofZhishanServiceAreatoensurethesmoothimplementationofthedevelopment,constructionandoperationoftheservicearea.
4.Deepenreform,layasolidfoundation,andaccomplishkeyspecialtasksinasolidmanner
Promotetheupgradingofoperationalmanagement.AccordingtothedeploymentrequirementsoftheProvincialDepartmentofTransportationandtheProvincialTransportationGrouptoalleviatecongestionandensuresmoothness,implementthespecificworkoflinkageandsmoothworkinsmallareas,strengthenthemonitoringofroadnetworkoperation,optimizerelevantprocesses,andstrengthenearlywarninganddispatchingmechanisms;PerformsystematictransformationofGuangfoExpresswaytollstations,implementtheexpansionprojectofGuangfoExpresswayMichongandShayongtollstations,andupgradeandtransformperipheralurbanroadstoalleviatetrafficcongestionattheentrancesandexitsofthetwotollstations;Constantlystrengthentheinspectionofoverloadingsupervisionattheexpresswayentrance,serviceareasupervision,supervisionforspaceunderbridgeandpavement,enhancetheabilityofscientificandtechnologicaltransformation,andcontinuouslypromotetheupgradingofserviceareaandthepromotionofbrandimage.
5.Strengthentheconstructionofmodernenterprisesystem.UndertheoverallstrategicframeworkoftheCompany,improvetheconnectionbetweeninternalbusinessassessmentandstrategy,formulatequantitativeandqualitativeindicatorsofbusinessplan,comprehensivelycoverallbusinessactivitiesoftheCompanyandtheplatform,andenhancecomprehensiveservicecapabilities.Steadilypromotethemarket-orientedoperationmechanism,completethetenuresystemandcontractualmanagementofmanagers,exploreandcontinuouslyoptimizethetalentintroductionmechanism,furtherstrengthentheconstructionoftalentechelon,promotetheextensionofthereformpilotworkresultsintegrating"incentive,restraintandfaulttolerance"tothegrassrootslevel,strengthenthecooperationofproduction,educationandresearchandindependentinnovationcapabilities,andstrivetobreakthehumanresourcesbarriersthatrestricttheCompany'sdevelopment,thusprovidingguaranteefortheCompany'sdevelopmentkineticenergytransformationandindustrialupgrading.
X.Listofthereceivedresearches,visitsandinterviews
1.Particularsaboutresearches,visitsandinterviewsreceivedinthisreportingperiod
√Applicable□Notapplicable
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| April7,2020 | MeetingRoomoftheCompany | ByPhone | Organization | 1FengSiqiSheshangSecurities.2.XuSenzhouBOCOMSCHRODERS.3.GuoShuaitongNewChinaFund.4.GuanPanlongJiashiFund.5.GuoZhaoyangICBCCS.6.RenYilinBROADfund.7.PengKeEfunds.8.MaoWei,YiLiSouthernAssetManagement9.HaoXudongNuodeFund10.NiuYongtaoYiminFund.11.YaoShuangChinaMerchantsfund.12.ZhangChichengBaankofChinainvestmentManagement.13.ZhangYixin,LiShoufengFuandaFund14.ZhangKeYinhuaFund.15.DongkailiBoseraFund16.LiZhechaoDachengFund. | 1.Themaincontentofresearch:1.thedailyoperation;2.thecompany'sfinancialdataanalysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports | （2020001）www.cninfo.com.cn |
| April7,2020 | MeetingRoomoftheCompany | ByPhone | Organization | 1.HuataiSecuritiesShenXiaofeng,LinXiaying2.ZhejiangShanyuanInvestmentManagementCo.,Ltd.TangCong,LiuMingxia3.ChinaInnovationCapitalCarolChen4.ElevationCapitalBenZhang5.PrimeCapitalLuPeijie6.YunyingAssetTeresaLei7.BooCommLifeWangYaoyong8.KaishiFundManagementCo.,Ltd.ZhaoChenkai9.HuabaoFundManagementCo.,Ltd.LuYi10.GuosenSecuritiesWangChengqi11.ChinaMerchantsLifeInsuranceWangKangjian12.CMBWealthManagement | 1.Themaincontentofresearch:1.thedailyoperation;2.thecompany'sfinancialdataanalysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports | （2020002）www.cninfo.com.cn |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex |
| ZhangYing13.MorgenTaowei14.InvescoGreatWallFundHeJinyang.15.BiyunAssetFanJia16.JinChongInvestmentMarioFei | ||||||
| April29,2020 | MeetingRoomoftheCompany | ByPhone | Organization | 1.GuotaiJunanSecuritiesInstitureZhengWu,HuangpuXiaohan,YueXin2.Danshuiquan(Beijing)InvestmentManagementCo.,Ltd.QianYueqiang3.SouthernAssetManagementCo.,Ltd.YiLi4.ShanghaiDazhengInvestmentWangZhitong5.BOCInternational(China)Co.,Ltd.LuShasha6.BoseraFundsLiuXiaolong7.ShenzhenXimengbeiAssetManagementCo.,Ltd.SunYuanjia8.UBSSDICTangHaibo9.InvescoGreatWallFundManagementCo.,Ltd.HeJinyang10.BoCommLifeWangYaoyong11.TaipingFundManagementCo.,ltd.LiTeng12.GuotuoAnxinFuturesCo.,Ltd.WangJianing13.QianhaiTaihangAssetManagement(Shenzhen)Co.,Ltd.XuLongping | 1.Themaincontentofresearch:1.thedailyoperation;2.thecompany'sfinancialdataanalysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports | www.cninfo.com.cn |
| August27,2020 | MeetingRoomoftheCompany | ByPhone | Organization | 1.GuotaiJunanSecuritiesInstitureZhengWu,HuangpuXiaohan2.ShanghaiDazhengInvestmentCo.,Ltd.WangZhitong3.TibetYuanchengInvestmentManagementCo.,Ltd.ZengShang4.ShenzhenXimengbeiAssetManagemeentCo.,Ltd.ZhangGang5.BOSCASSETYanFeng6.ShenzhenQianhaiDingyeInvestmentDevelopmentCo.,Ltd.ChenZhixiong | 1.Themaincontentofresearch:1.thedailyoperation;2.thecompany'sfinancialdataanalysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports | www.cninfo.com.cn |
| Receptiontime | Placeofreception | Wayofreception | Typesofvisitors | Visitorsreceived | Maincontentsdiscussedandinformationprovided | Basicindex | |
| October29,2020 | MeetingRoomoftheCompany | ByPhone | Organization | 1.HuataiSecuritiesLinXiaying2.GuotaiJunanSecutiesHuangpuXiaohan3.TianfengSecuritiesZengFanzhe4.ZheshangSecuritiesLiXiang,5.NortherstSecuritiesZhangYunkai6.DachengFundZhengXin7.ShenghaiTrustLiuBai8.ChinaLifeAMPAssetManagementCo.,Ltd.YanKun9.ChengzhouAssetZhuYeting10.MorganVivianTao11.GreenCorutJiaFan | 1.Themaincontentofresearch:1.thedailyoperation;2.thecompany'sfinancialdataanalysis;3.developmentstrategy;4.analysisontheindustry.2.Primarydatainvestigation:Publicinformationcompanyregularlyreports | www.cninfo.com.cn | |
| Receptiontimes | 5 | ||||||
| Receptionagencyamount | 62 | ||||||
| Receptionpersonalnumber | 0 | ||||||
| Others | 0 | ||||||
| Whethertodisclose,revealordisclosenon-publicmaterialinformation | No | ||||||
V.ImportantEvents
I.SpecificationofprofitdistributionofcommonsharesandcapitalizingofcommonreservesFormulation,implementationandadjustmentofprofitdistributionpolicyofcommonsharesespeciallycashdividendpolicyduringthereportingperiod
□Applicable√NotapplicableTheprofitdistributionpreplanorproposalandthePlan(preplan)orproposalofconversionofthecapitalreserveintosharecapitalinthepastthreeyears(withthereportingperiodinclusive):
(1)TheCompany'sprofitdistributionplanfor2018isasfollows:
1.10%ofthenetprofitofthecompany,i.e.230,581,431.32yuan,istobeallocatedforstatutorycommonreservefund.
2.Theprofitfor2018istobedistributedasfollows:1,175,033,042.81yuan.istobeallocatedasthefundfordividenddistributionfor2018.withthetotalsharesattheendof2018,i.e.,2,090,806,126shares,asthebase,cashdividendof5.62yuan(includingtax)istobedistributedforevery10shares.Theremainingundistributedprofitsaretobecarriedforwardtothenextyear.TheforeignexchangetranslationofthecashdividendsforshareholdersholdingBshareandoverseascorporateshareswillbedeterminedaccordingtoHKD:RMBbank’sMiddleratequotedbyPeople’sBankofChinaonthefirstworkingdayafter2018annualshareholders’generalmeetingmakesresolutionondividenddistribution.
(2)TheCompany'sprofitdistributionplanfor2019isasfollows:
1.10%ofthenetprofitofthecompany,i.e.135,022,507.55yuan,istobeallocatedforstatutorycommonreservefund.
2.Theprofitfor2019istobedistributedasfollows:882,320,185.17yuan.istobeallocatedasthefundfordividenddistributionfor2019.withthetotalsharesattheendof2019,i.e.,2,090,806,126shares,asthebase,cashdividendof4.22yuan(includingtax)istobedistributedforevery10shares.Theremainingundistributedprofitsaretobecarriedforwardtothenextyear.TheforeignexchangetranslationofthecashdividendsforshareholdersholdingBshareandoverseascorporateshareswillbedeterminedaccordingtoHKD:RMBbank’sMiddleratequotedbyPeople’sBankofChinaonthefirstworkingdayafter2019annualshareholders’generalmeetingmakesresolutionondividenddistribution.
(3)TheCompany'sprofitdistributionpreplanfor2020isasfollows:
1.10%ofthenetprofitofthecompany,i.e.93,232,912.82yuan,istobeallocatedforstatutorycommonreservefund.
2.Theprofitfor2020istobedistributedasfollows:608,424,582.67yuan.istobeallocatedasthefundfordividenddistributionfor2020.withthetotalsharesattheendof2020,i.e.,2,090,806,126shares,asthebase,cashdividendof2.91yuan(includingtax)istobedistributedforevery10shares.Theremainingundistributedprofitsaretobecarriedforwardtothenextyear.TheforeignexchangetranslationofthecashdividendsforshareholdersholdingBshareandoverseascorporateshareswillbedeterminedaccordingtoHKD:RMBbank’sMiddleratequotedbyPeople’sBankofChinaonthefirstworkingdayafter2020annualshareholders’generalmeetingmakes
resolutionondividenddistribution.
Dividenddistributionofthelatestthreeyears
InRMB
| Yearforbonusshares | Amountforcashbonus(taxincluded) | Netprofitattributabletocommonstockshareholdersoflistedcompanyinconsolidationstatementforbonusyear | Ratioofthecashbonusinnetprofitattributabletocommonstockshareholdersoflistedcompanycontainedinconsolidationstatement | Proportionforcashbonusbyotherways(i.e.sharebuy-backs) | Ratioofthecashbonusbyotherwaysinnetprofitattributabletocommonstockshareholdersoflistedcompanycontainedinconsolidationstatement | Totalcashbonus(otherwaysincluded) | Ratioofthetotalcashbonus(otherwaysincluded)innetprofitattributabletocommonstockshareholdersoflistedcompanycontainedinconsolidationstatement |
| 2020 | 608,424,582.67 | 867,842,774.78 | 70.11% | 0.00 | 0.00% | 608,424,582.67 | 70.11% |
| 2019 | 882,320,185.17 | 1,258,628,101.71 | 70.07% | 0.00 | 0.00% | 882,320,185.17 | 70.10% |
| 2018 | 1,175,033,042.81 | 1,677,028,179.18 | 70.07% | 0.00 | 0.00% | 1,175,033,042.81 | 70.07% |
Inthereportingperiod,boththeCompany’sprofitandtheparentcompany’sretainedearningswerepositivehowevernotcashdividenddistributionproposalhasbeenputforward.
□Applicable√Notapplicable
II.ProfitdistributionplanandcapitalizingofcommonreservesplanforthePeriod
√Applicable□Notapplicable
| Bonussharesforeverytenshares(Shares) | 0 |
| Cashdividendforeverytenshares(Yuan)(Tax-included) | 2.91 |
| Distributeadditional(shares)for10shares | |
| Atotalnumberofsharesasthedistributionbasis(shares) | 2,090,806,126 |
| Cashdividendamount(yuan,includingtax | 608,424,582.67 |
| Othermeans(suchasrepurchaseofshares)cashdividendamount(yuan) | 0.00 |
| Totalcashdividend(yuan,includingtax) | 608,424,582.67 |
| Distributableprofit(yuan) | 3,667,543,163.36 |
| Proportionofcashdividendinthedistributableprofit | 100% |
| Cashdividenddistributionpolicy | |
| TheCompanyisinafastgrowthstage,therefore,thecashdividendwillreach80%oftheprofitdistributionatleast.Cashdividenddistributionpolicy. | |
| DetailsofprofitdistributionorreservecapitalizationPreplan | |
III.Commitmentstofulfillthesituation
1.Thefulfilledcommitmentsinthereportingperiodandunder-fulfillmentcommitmentsbytheendofthereportingperiodmadebythecompany,shareholder,actualcontroller,acquirer,director,supervisor,seniormanagementpersonnelandotherrelatedparities.
√Applicable□Notapplicable
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| Commitmentonsharereform | ||||||
| Commitmentintheacquisitionreportorthereportonequitychanges | ||||||
| Commitmentmadeupontheassetsreplacement | GuangdongProvincialFreewayCo.,Ltd. | Performancecommitment | ThepredictednetprofitofGuangdongGuanghuiExpresswayCo.,Ltd.afterdeductingnon-recurringgainsandlossesin2020,2021and2022(hereinafterreferredtoas"predictednetprofit")isRMB652,477,500,RMB1,112,587,300andRMB1,234,200,900respectively.Accordingtothespecialauditopinionissuedbytheaccountingfirm,iftheaccumulatedrealizednetprofitofGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.attheendofanyfiscalyeardoesnotreachtheaccumulatedpredictednetprofitwithinthecompensationperiod,GuangdongProvincialFreewayCo.,Ltd.willcompensateincashasagreed. | November25,2020 | 2020-2022 | Normalperformance |
| GuangdongExpressway | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.Theexplanations,commitmentandinformationprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredfor | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| signingandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions.4.TheCompanyshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.Incaseofanylosscausedtoinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw. | ||||||
| Alldirectors,supervisorsandseniormanagementpersonnelofGuangdongExpressway | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.Theexplanations,commitmentandinformationprovidedbythePromiseeforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbythePromiseetotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.ThePromiseeguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions.4.Ifthistransactionissuspectedoffalse | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| records,misleadingstatementsormajoromissionsintheinformationprovidedordisclosed,andisputonfileforinvestigationbyjudicialorgansorbyChinaSecuritiesRegulatoryCommission,thetransferofitsshareswithinterestsinthelistedcompanywillbesuspendeduntiltheinvestigationconclusionofthecaseisobtained.5.ThePromiseeshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.Incaseofanylosscausedtoinvestorsduetoviolationoftheabovecommitments,thePromiseewillbearcorrespondingliabilityforcompensationaccordingtolaw. | ||||||
| Alldirectors,supervisorsandseniormanagementpersonnelofGuangdongExpressway | Aboutthesharereductionplanfromthedateofdisclosureoftheannouncementofthisreorganizationtothecompletionofimplementation | Fromthedatewhenthelistedcompanydisclosedthistradingindicativeannouncementtothecompletionofthistransaction,Iwillnotreducethesharesofthelistedcompanydirectlyorindirectly.IfChinaSecuritiesRegulatoryCommissionandShenzhenStockExchangehavenewregulationsonreduction,Iwillalsostrictlyabidebysuchregulations.Iftheabovecommitmentsareviolated,thuscausinglossestothelistedcompanyorotherinvestors,IpromisethatIwillbeliableforcompensationtothelistedcompanyorotherinvestorsaccordingtolaw | November25,2020 | Completionofthistransaction | Completionofperformance | |
| Alldirectors,supervisorsandseniormanagement | Commitmentonfillingmeasurestodilute | 1.Ipromisenottotransferbenefitstootherunitsorindividualswithoutcompensationorunderunfairconditions,nortodamagetheinterestsoftheCompanybyothermeans.2.Ipromisetorestrainmyjobconsumptionbehavior.3.IpromisenottousetheassetsoftheCompanytoengageinanyinvestmentandconsumptionactivitiesunrelatedtomy | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| personnelofGuangdongExpressway | immediatereward | duties.4.IpromisethatthesalarysystemformulatedbytheBoardofDirectorsortheRemunerationCommitteeofGuangdongExpresswaywillbelinkedwiththeimplementationoftherewardfillingmeasuresofGuangdongExpressway.5.IfGuangdongExpresswayplanstoimplementequityincentive,IpromisethattheexerciseconditionsofequityincentiveofGuangdongExpresswaytobeannouncedwillbelinkedwiththeimplementationoftherewardfillingmeasures.6.IncaseofanylosscausedtoGuangdongExpresswayoritsshareholdersduetoviolationoftheabovecommitmentsorrefusaltoperformtheabovecommitments,Iwillbearcorrespondingcompensationresponsibilitiesaccordingtolaw. | ||||
| GuangdongProvincialFreewayCo.,Ltd. | Commitmentonavoidinghorizontalcompetition | 1.TheCompanyanditsholdingsubsidiarieswillnotusethecontrollingshareholder'sholdingrelationshipwithGuangdongExpresswaytoconductbusinessactivitiesthatharmthelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.2.TheCompanyanditsholdingsubsidiarieswillnotusetheinformationobtainedfromGuangdongExpresswayanditsholdingsubsidiariestoengageinthemainbusinesscompetingwithGuangdongExpresswayoritsholdingsubsidiaries,andwillnotengageinanyactsoractivitiesthatdamageormaydamagethelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.3.IftheCompanyanditsholdingsubsidiariestransferanytollroads,bridges,tunnelsandrelatedancillaryfacilitiesorrightsinvestedormanagedbytheCompanytoacompanyotherthanGuangdongCommunicationsGroupCo.,Ltd.andthecompanydirectlyorindirectlycontrolledbyit,GuangdongExpresswaywillbeentitledtothepreemptiverightunderthesameconditions,unlessthetransfereeisexplicitlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations.4.Inthefuture,iftheCompanyanditsholdingsubsidiariesinvestintheconstructionofexpresswaysparalleltoorinthesamedirectionwithin20kmfromeachsideoftheexpresswaycontrolledbyGuangdong | June26,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| Expressway,GuangdongExpresswaywillenjoythepriorityofinvestmentoverGuangdongCommunicationsGroupCo.,Ltd.anditsdirectlyorindirectlycontrolledcompaniesexceptGuangdongExpresswayanditsholdingsubsidiaries,exceptfortheprojectswhoseinvestmententitiesareclearlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations. | ||||||
| GuangdongProvincialFreewayCo.,Ltd. | Commitmentonmaintainingtheindependenceoflistedcompanies | TheCompanywillnotdamagetheindependenceofGuangdongExpresswayduetotheincreaseofsharesheldbytheCompanyafterthecompletionofthismajorassetrestructuring,andwillcontinuetomaintaintheprincipleofseparationfromGuangdongExpresswayintermsofassets,personnel,finance,organizationandbusiness,andstrictlyabidebytherelevantregulationsofChinaSecuritiesRegulatoryCommissionontheindependenceoflistedcompanies,andwillnotuseGuangdongExpresswaytoprovideguarantees,noroccupyGuangdongExpresswayfundsillegally,soastomaintainandprotecttheindependenceofGuangdongExpresswayandprotectthelegitimaterightsandinterestsofothershareholdersofGuangdongExpressway. | June26,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance | |
| GuangdongProvincialFreewayCo.,Ltd. | Commitmentonreducingandstandardizingrelated | 1.Afterthecompletionofthismajorassetrestructuring,theCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyandotherrelatedpartieswilltrytoavoidrelatedtransactionswithGuangdongExpresswayanditsholdingsubsidiaries;Relatedtransactionsthatarereallynecessaryandunavoidablearecarriedoutinaccordancewiththeprinciplesoffairness,equityandcompensationofequal | June26,2015 | Thisletterofcommitmentisvalidfromthedateofsigningtothe | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| transactions | value.Thetransactionpriceisdeterminedatareasonablepricerecognizedbythemarket.Thetransactionapprovalproceduresandinformationdisclosureobligationsareperformedinaccordancewithrelevantlaws,regulationsandnormativedocuments,andtheinterestsofGuangdongExpresswayanditsminorityshareholdersareeffectivelyprotected.2.TheCompanyguaranteestoexerciseshareholders'rightsandfulfillshareholders'obligationsinstrictaccordancewithrelevantlawsandregulations,rulesandnormativedocumentspromulgatedbyChinaSecuritiesRegulatoryCommission,businessrulespromulgatedbyShenzhenStockExchangeandArticlesofAssociationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,anditwillnotusethecontrollingpositionofGuangdongExpressway'scontrollingshareholderstoseekimproperbenefitsordamagethelegitimaterightsandinterestsofGuangdongExpresswayanditsminorityshareholders. | datewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | ||||
| GuangdongProvincialFreewayCo.,Ltd. | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.TheinformationinvolvedintheexplanationsandcommitmentprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalse | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| records,misleadingstatementsormajoromissions. | ||||||
| GuangdongCommunicationsGroupCo.,Ltd.,GuangdongProvincialFreewayCo.,Ltd..,GuangdongHighwayConstructionCo.,Ltd.,GuangdongCommunicationsDevelopmentCo.,Ltd.andXinyueCo.,Ltd. | Statementandcommitmentonsharereductionplan | Fromthedatewhenthelistedcompanydisclosedthistradingindicativeannouncementtothecompletionofthistransaction,theCompanywillnotreducethesharesofthelistedcompanydirectlyorindirectly.IfChinaSecuritiesRegulatoryCommissionandShenzhenStockExchangehavenewregulationsonreduction,theCompanywillalsostrictlyabidebysuchregulations.Iftheabovecommitmentsareviolated,thuscausinglossestothelistedcompanyorotherinvestors,theCompanypromisethatitwillbeliableforcompensationtothelistedcompanyorotherinvestorsaccordingtolaw.FortheCompany'sincreasedholdingsofsharesoflistedcompaniesduetoissuessuchasshareofferingbylistedcompaniesandconversionofcapitalreserveintosharecapital,theabovecommitmentofnotreducingitsholdingswillalsobeobserved. | November25,2020 | Completionofthistransaction | Completionofperformance | |
| GuangdongProvincialFreewayCo.,Ltd. | Commitmentonmaintainingtheindependence | TheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswillnotdamagetheindependenceofGuangdongExpresswayduetotheincreaseinthesharesofGuangdongExpresswayheldbytheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiaries | June18,2015 | Thisletterofcommitmentisvalidfromthedateofsigningtothe | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| oflistedcompanies | afterthecompletionofthismajorassetrestructuring,andwillcontinuetomaintaintheprincipleofseparationfromGuangdongExpresswayintermsofassets,personnel,finance,organizationandbusiness,andstrictlyabidebytherelevantregulationsofChinaSecuritiesRegulatoryCommissionontheindependenceoflistedcompanies,andwillnotuseGuangdongExpresswaytoprovideguarantees,noroccupyGuangdongExpresswayfundsillegally,soastomaintainandprotecttheindependenceofGuangdongExpresswayandprotectthelegitimaterightsandinterestsofothershareholdersofGuangdongExpressway. | datewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | ||||
| GuangdongCommunicationGroupCo.,Ltd | Commitmentonavoidinghorizontalcompetition | 1.TheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswillnotusethecontrollingshareholder'sholdingrelationshipwithGuangdongExpresswaytoconductbusinessactivitiesthatharmthelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.2.TheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswillnotusetheinformationobtainedfromGuangdongExpresswayanditsholdingsubsidiariestoengageinthemainbusinesscompetingwithGuangdongExpresswayoritsholdingsubsidiaries,andwillnotengageinanyactsoractivitiesthatdamageormaydamagethelegitimaterightsandinterestsofGuangdongExpressway,itsminorityshareholdersanditsholdingsubsidiaries.3.IftheCompanyandothercompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiariestransferanytollroads,bridges,tunnelsandrelatedancillaryfacilitiesorinterestsinvestedormanagedbytheCompanytocompaniesotherthantheCompanydirectlyorindirectlycontrolledbytheCompany,GuangdongExpresswayshallbeentitledtothepreemptiverightunderthesame | June26,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdongExpressway | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| conditions,unlessthetransfereeisexplicitlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations.4.Inthefuture,iftheCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiariesinvestintheconstructionofexpresswaysparalleltoorinthesamedirectionwithin20kmfromeachsideoftheexpresswaycontrolledbyGuangdongExpressway,GuangdongExpresswaywillbeentitledtothepriorityinvestmentrightcomparedwiththeCompanyandthecompaniesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiaries,exceptfortheprojectswhoseinvestmententitiesareclearlydesignatedbytherelevantgovernmentauthoritiesunderthepremisepermittedbyrelevantlawsandregulations. | ||||||
| GuangdongCommunicationGroupCo.,Ltd | Commitmentonreducingandstandardizingrelatedtransactions | 1.Afterthecompletionofthismajorassetrestructuring,theCompanyandothercompaniesandotherrelatedpartiesdirectlyorindirectlycontrolledbytheCompanyexceptGuangdongExpresswayanditsholdingsubsidiarieswilltrytoavoidrelatedtransactionswithGuangdongExpresswayanditsholdingsubsidiaries;Relatedtransactionsthatarereallynecessaryandunavoidablearecarriedoutinaccordancewiththeprinciplesoffairness,equityandcompensationofequalvalue.Thetransactionpriceisdeterminedatareasonablepricerecognizedbythemarket.Thetransactionapprovalproceduresandinformationdisclosureobligationsareperformedinaccordancewithrelevantlaws,regulationsandnormativedocuments,andtheinterestsofGuangdongExpresswayanditsminorityshareholdersareeffectivelyprotected.2.TheCompanyguaranteestoexerciseshareholders'rightsandfulfillshareholders'obligationsinstrictaccordancewithrelevantlawsandregulations,rulesandnormativedocumentspromulgatedbyChinaSecuritiesRegulatoryCommission,businessrulespromulgatedbyShenzhenStockExchangeandArticlesofAssociationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.,anditwillnotusethecontrollingpositionof | June18,2015 | ThisletterofcommitmentisvalidfromthedateofsigningtothedatewhentheProvincialExpresswayisnolongercontrolledbythecontrollingshareholderofGuangdong | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| controllingshareholderstoseekimproperbenefitsordamagethelegitimaterightsandinterestsofGuangdongExpresswayanditsminorityshareholders. | Expressway | |||||
| GuangdongCommunicationGroupCo.,Ltd | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.Theexplanations,commitmentandinformationprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Thevalidityoftheoriginalsofeachdocumenthasnotbeenrevokedwithinitsvalidityperiod,andsuchoriginalsareheldbytheirrespectivelegalholdersuptonow;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatiftherearefalserecords,misleadingstatementsormajoromissionsintheinformationprovidedordisclosedforthistransaction,whicharefiledforinvestigationbyjudicialorgansorfiledforinvestigationbyChinaSecuritiesRegulatoryCommission,beforetheinvestigationconclusionisrevealed,theCompanypromisestosuspendthetransferofshareswithinterestsinGuangdongExpressway,andsubmitthewrittenapplicationforsuspensionoftransferandthestockaccounttotheBoardofDirectorsofGuangdongExpresswaywithintwotradingdaysafterreceivingthenoticeoffilinginspection,andtheBoardofDirectorsofGuangdongExpresswaywillapplyforlockingonbehalfoftheCompanytothestockexchangeandtheregistrationandclearingcompany;Iftheapplicationforlockingisnotsubmittedwithintwotradingdays,the | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| BoardofDirectorsofGuangdongExpresswayisauthorizedtodirectlysubmittheidentityinformationandaccountinformationoftheCompanytothestockexchangeandtheregistrationandclearingcompanyafterverificationandapplyforlocking;IftheBoardofDirectorsofGuangdongExpresswayfailstosubmittheCompany'sidentityinformationandaccountinformationtothestockexchangeandtheregistrationandclearingcompany,thestockexchangeandtheregistrationandclearingcompanyareauthorizedtodirectlylocktherelevantshares.Iftheinvestigationresultsshowthatthereareviolationsoflawsandregulations,theCompanypromisestolockinsharesandusethemvoluntarilyforcompensationarrangementsofrelevantinvestors.4.TheCompanyshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.IncaseofanylosscausedtoGuangdongExpresswayorinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw. | ||||||
| GuangdongCommunicationGroupCo.,Ltd | Commitmentonfulfillingfillingmeasurestodiluteimmediatereward | 1.ItwillnotinterferewiththebusinessactivitiesofGuangdongExpresswaybeyondauthority,andwillnotencroachontheinterestsofGuangdongExpressway.2.IncaseofanylosscausedtoGuangdongExpresswayorinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw. | November25,2020 | Permanentlyeffective | Normalperformance | |
| CommitmentonlandandrealestateofGuanghui | 1.ThelandoccupiedandusedbyGuangzhou-HuizhouExpresswaywithatotalareaof3,732,185.08squaremetershasnotyetobtainedtheownershipcertificate.TheCompanyundertakesthat:(1)Theownershipofthelanduserightoftheabove-mentionedlandisclearwithnodispute,andGuangzhou-HuizhouExpressway | November25,2020 | Permanentlyeffective | Normalperformance |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| Expressway | canlegallyoccupyandusetheabove-mentionedland;(2)Guangzhou-HuizhouExpresswaywillcontinuetoeffectivelyoccupyandusetherelevantlandbeforetheownershipcertificateisobtained,andwillnotbemateriallyadverselyaffectedthereby;(3)Afterthecompletionofthistransaction,ifGuangdongExpresswaysufferslossesasashareholderofGuangzhou-HuizhouExpressway,forlossessufferedbecauseGuangzhou-HuizhouExpresswayoccupiesandusestheabove-mentionedlandwithoutownershipcertificate,orengagesinengineeringconstructiononsuchland,theCompanywillbeartheactuallossessufferedbyGuangdongExpressway.2.ThelandoccupiedandusedbyGuangzhou-HuizhouExpresswaywithatotalareaof12,324,867.92squaremetersiscurrentlyregisteredunderthenameofGuangdongChangdaHighwayEngineeringCo.,Ltd.(nowrenamedas"PolyChangdaEngineeringCo.,Ltd.",hereinafterreferredtoas"ChangdaCompany"),ofwhich8,799,336.79squaremetersoflandhasobtainedtheownershipcertificate,andtheother3,525,531.13squaremetersoflandhasnotyetobtainedtheownershipcertificate.TheCompanypromisesthatafterthecompletionofthistransaction,ifGuangdongExpresswaysufferslossesasashareholderofGuangzhou-HuizhouExpresswayandbecauseGuanghuiExpresswayoccupiesandusesthelandregisteredunderthenameofChangdaCompany,theCompanywillbeartheactuallossessufferedbyGuangdongExpressway.3.Thepropertyownershipcertificatehasnotbeenobtainedforthepropertywithatotalareaof72,364.655squaremetersoccupiedandusedbyGuangzhou-HuizhouExpressway.TheCompanypromisesthat:(1)Theownershipoftheabove-mentionedpropertywithoutownershipcertificatecurrentlyusedbyGuanghuiExpresswayisclearwithnodispute,andGuangzhou-HuizhouExpresswaycanlegallyoccupyandusetheabove-mentionedproperty;(2)Guangzhou-HuizhouExpresswaywillcontinuetoeffectivelyoccupyandusetheabove-mentionedpropertybeforethepropertyownershipcertificateisobtained,andwillnotbemateriallyadverselyaffected;(3)Afterthecompletionofthis |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| transaction,ifGuangdongExpresswaysufferslossesasashareholderofGuangzhou-HuizhouExpresswayandbecauseGuangzhou-HuizhouExpresswayoccupiesandusestheabove-mentionedpropertywithoutrelevantpropertyownershipcertificate,theCompanywillbeartheactuallossessufferedbyGuangdongExpressway. | ||||||
| GuangdongGuanghuiExpresswayCo.,Ltd. | Commitmentonauthenticity,accuracyandcompletenessoftheinformationprovided | 1.Theexplanations,commitmentandinformationprovidedbytheCompanyforthistransactionareauthentic,accurateandcomplete,andtherearenofalserecords,misleadingstatementsormajoromissions.2.TheinformationprovidedbytheCompanytotheintermediariesthatprovideprofessionalservicessuchasauditing,evaluation,legalandfinancialconsultingforthistransactionisauthentic,accurateandcompleteoriginalwritteninformationorduplicateinformation,andtheduplicateorphotocopyoftheinformationisconsistentwithitsoriginalinformationororiginalcopy;Thesignaturesandsealsofalldocumentsareauthentic,andthelegalproceduresrequiredforsigningandsealinghavebeenfulfilledandlegalauthorizationhasbeenobtained;Therearenofalserecords,misleadingstatementsormajoromissions.3.TheCompanyguaranteesthatitwillprovidetimelyinformationaboutthistransactioninaccordancewithrelevantlawsandregulations,relevantregulationsofChinaSecuritiesRegulatoryCommissionandShenzhenStockExchange,ensuretheauthenticity,accuracyandcompletenessofsuchinformation,andguaranteethattherearenofalserecords,misleadingstatementsormajoromissions.4.TheCompanyshallbearindividualandjointlegalresponsibilitiesfortheauthenticity,accuracyandcompletenessoftheinformationprovidedordisclosedforthisexchange.Incaseofanylosscausedtoinvestorsduetoviolationoftheabovecommitments,theCompanywillbearcorrespondingliabilityforcompensationaccordingtolaw. | November25,2020 | Permanentlyeffective | Normalperformance | |
| GuangdongCommunicatio | Othercommitment | Inordertopromotethesmoothprogressoftheissueofshares,thecashpurchaseofassetsandtheraisingofmatchingfunds(hereinafterreferredtoas"themajorasset | April27,2019 | Itcontinuedtopush | Normalperforman |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| nGroupCo.,Ltd | restructuring")approvedbyGuangdongExpresswayDevelopmentCo.,Ltd.atitssecondextraordinaryshareholders'meetingin2015,withregardtoallthelandandrealestate(hereinafterreferredtoas"relevantlandandrealestate")ownedbyGuangdongFokaiExpresswayCo.,Ltd.(hereinafterreferredtoas"FokaiCompany")andJingzhuExpresswayGuangzhuSectionCo.,Ltd.(hereinafterreferredtoas"GuangzhuEastCompany")withoutownershipcertificates(hereinafterreferredtoas"relevantlandandrealestate")disclosedinthereportofGuangdongExpresswayDevelopmentCo.,Ltd.onissuingsharesandpayingcashtopurchaseassetsandraisingmatchingfundsandrelatedtransactions,thecompanyundertooktourgeFokaiCompanyandGuangzhuEastCompanytogothroughtheownershipregistrationformalitiesaccordingtothefollowingplanundertheconditionthatitisconducivetosafeguardingtherightsandinterestsoflistedcompanies;Continuedtopushforwardtheprogressofaccreditation,andcompletedtheregistrationproceduresofrelevantlandandrealestateownershipwithinthreeyearsaftertherelevantpolicieswereclearandtherelevantlandandrealestatemettheconditionsforhandlingtheregistrationproceduresofownership,inaccordancewiththerelevantlawsandregulationsandtherequirementsofthecompetentgovernmentdepartments. | forwardtheprogressofaccreditation,andcompletedtheregistrationproceduresofrelevantlandandrealestateownershipwithinthreeyearsaftertherelevantpolicieswereclearandtherelevantlandandrealestatemettheconditionsforhandlingtheregistrationproceduresofownership,inaccordancewiththerelevantlaws | ce |
| Commitment | Commitmentmaker | Type | Contents | Timeofmakingcommitment | Periodofcommitment | Fulfillment |
| andregulationsandtherequirementsofthecompetentgovernmentdepartments | ||||||
| Commitmentsmadeuponfirstissuanceorrefinance | ||||||
| Equityincentivecommitment | ||||||
| Othercommitmentsmadetominorityshareholders | ||||||
| Completedontime(Y/N) | Yes | |||||
| Wherethecommitmentisoverdueandhasnotbeenfulfilled,thenthespecificreasonsforthefailuretocompleteandthenextworkplanshallbespecified | ||||||
2.Theexistenceofthecompany'sassetsorprojectsearningsforecastsandearningsreportingperiodisstillintheforecastperiod,thecompanyhasassetsorprojectsmeettheoriginalprofitforecastmadeandthereasonsexplained
√Applicable□Notapplicable
| Earningsforecastassetorprojectname | Forecaststarttime | Forecastendtime | Currentforecastperformance(RMB10，000） | CurrentActualperformance(RMB10，000） | Reasonsfornotmeetingtheforecast(ifapplicable) | Originalforecastdisclosuredate | Originalforecastdisclosureindex |
| GuanghuiExpresswayCo.,Ltd. | January1,2020 | December31,2022 | 65,247.75 | 76,923.26 | Notapplicable | November26,2020 | www.cninfo.com.cn |
Note：
Thedisclosureindexincludesthelinktothewebsiteoriginallypredictedtobedisclosed,thedateofdisclosure,thenameoftheannouncement,thenumberoftheannouncement,etc.Commitmentsmadebythecompany’sshareholdersandcounterpartiesinthereportingyear’soperatingperformance
□Applicable√NotapplicableThecompletionofperformancecommitmentsanditsimpactontheimpairmenttestofgoodwillIn2020,theactualnetprofitofGuangdongGuanghuiExpresswayCo.,Ltd.afterdeductingnon-recurringgainsandlosseswasRMB769,232,600,whichwasRMB116,755,100morethanthepromisedamountofRMB652,477,500.IV.Particularsaboutthenon-operatingoccupationoffundsbythecontrollingshareholder
□Applicable√NotapplicableNomeV.ExplanationoftheSupervisoryCommitteeandIndependentDirectors(Ifapplicable)ontheQualifiedAuditor’sReportIssuedbytheCPAs.
□Applicable√Notapplicable
VI.Explainchangeoftheaccountingpolicy,accountingestimateandmeasurementmethodsascomparedwiththefinancialreportingoflastyear.
√Applicable□Notapplicable
(I)ChangesinaccountingpoliciesTheMinistryofFinanceissuedthe"No.14AccountingStandardsforBusinessEnterprises-Revenue(2017Revision)"(No.22-[2017]Caikuai)(hereinafterreferredtoasthe"NewRevenueStandards")onJuly5,2017.AsapprovedbythefourthmeetingoftheninthboardofdirectorsoftheCompanyonApril3,2020,theCompanyshallbegintoimplementtheaforementionednewrevenuestandardsonJanuary1,2020.
Thenewrevenuestandardestablishesanewrevenuerecognitionmodelforregulatingrevenuegeneratedfromcontractswithcustomers.Inordertoimplementthenewrevenuestandards,theCompanyreassessedtherecognitionandmeasurement,accountingandpresentationofrevenueofmaincontract.Accordingtotheprovisionsofthenewrevenuestandard,theselectionisonlytoadjustthecumulativeimpactamountofcontractsthathavenotbeencompletedonJanuary1,2020.Thefirstadjustmentamountofcumulativeimpactofthefirstimplementationistoimplementtheamountofretainedearningsandotherrelateditemsinthefinancialstatementsatthebeginningofthefirstimplementationperiod(ieJanuary1,2020),anditshallnotbeadjustedforthecomparableperiodinformation.(II)Changesinaccountingestimates
1.OnDecember31,2019,theCompanyheldthe3rd(provisional)meetingoftheninthboardofdirectors,whichpassedtheProposalonChangesinAccountingEstimates,andagreedtoadopttheTrafficVolumeForecastandChargeRevenueReportofFoshan-KaipingExpresswayandtheTrafficVolumeForecastandChargeRevenueReportofGuangzhuSectionofJingzhuExpresswayissuedbyGuangdongTransportationPlanningandDesignInstituteCo.,Ltd.in2019fortheFokaiBranchofGuangdongExpresswayDevelopmentCo.,Ltd.,abranchoftheCompany,andJingzhuExpresswayGuangzhuSectionCo.,Ltd.,aholdingsubsidiaryfromJanuary1,2020.TheCompanyadoptsthefutureapplicablemethodforthisitem.ThischangeinaccountingestimateresultsinadecreaseofRMB172,308,077.27indepreciationoffixedassetsinthecurrentperiodthantheoriginalaccountingestimate,adecreaseofRMB172,308,077.27inoperatingcost,anincreaseofRMB129,231,057.95innetprofitattributabletotheshareholdersoftheparentcompany,anincreaseofRMB123,155,223.57innetprofitattributabletotheminorityshareholdersoftheparentcompany，andanincreaseofRMB6,075,834.39inImpactattributabletominorityshareholdergainsandlosses.
2.OnAugust26,2020,theCompanyheldthe9th(provisional)meetingoftheninthboardofdirectors,whichpassedtheProposalonChangesinAccountingEstimates,ItisagreedthatfromSeptember1,2020,thedepreciationperiodofmachineryandequipment,electronicequipmentandotherequipmenthasbeenchanged,andthenetsalvagevaluerateoffixedassets(exceptroadproperty)hasalsobeenchanged.Forthismatter,theCompanyadoptsthefutureapplicablemethod,andsuchchangeinaccountingestimateresultsindepreciationoffixedassetsinthecurrentperiodofRMB33,759,072.50morethantheoriginalaccountingestimate.anincreaseofRMB33,759,072.50inoperatingcost,adecreaseofRMB25,319,304.38innetprofit，adecreaseofRMB24,086,113.34innetprofitattributabletotheminorityshareholdersoftheparentcompany，andadecreaseofRMB1,233,191.05inImpactattributabletominorityshareholdergainsandlosses.VII.Explainretrospectiverestatementduetocorrectionofsignificantaccountingerrorsinthereportingperiod
□Applicable√NotapplicableNoneVIII.Explainchangeoftheconsolidationscopeascomparedwiththefinancialreportingoflastyear.
√Applicable□Notapplicable
1.Comparedwith2019,thescopeofconsolidationinthisyearwasreducedtoGuangzhouGuangzhuTransportationInvestmentManagementCo.,Ltd.,whichwasduetotheinternalconsolidationbymergeroftheCompany.
2.Comparedwith2019,GuangdongGuanghuiExpresswayCo.,Ltd.wasaddedtothescopeofconsolidation
thisyear,becausetheCompanyacquiredits21%equityandheld51%equityofGuanghuiExpressway,andGuanghuiExpresswaywaschangedfromanaffiliatedcompanytoasubsidiary.IX.Engagement/DisengagementofCPAsCPAscurrentlyengaged
| NameofthedomesticCPAs | YongTuoCertifiedPublicAccountants(SpecialGeneralPartnership) |
| Remunerationfordomesticaccountingfirm(Tenthousandsyuan) | 127.20 |
| SuccessiveyearsofthedomesticCPAsofferingauditingservices | 1 |
| ContinuousfixednumberofyearfortheauditingserviceprovidedbyCPAindomesticCPAFirms | 1 |
HastheCPAsbeenchangedinthecurrentperiod
√Yes□NoWhethertochangetheemploymentofaccountingfirmduringtheauditperiod
□Yes√NoWhethertoperformtheexaminationandapprovalproceduresforchangeofaccountingfirm
√Yes□NoAdetailedexplanationofthechangeofemploymentandaccountingfirm
The6thmeetingofthe9thBoardofDirectorsheldonJune8,2020deliberatedandpassedtheProposalonHiringAuditInstitutionforFinancialReportin2020,agreeingthattheCompanywouldhireYongTuoCertifiedPublicAccountants(SpecialGeneralPartnership)astheauditinstitutionfortheCompany'sfinancialreportin2020.OnJune29,2020,thecompany'sshareholders'meetingin2019deliberatedandpassedtheProposalonHiringAuditInstitutionforFinancialReportin2020.DescriptionoftheCPAs,financialadviserorsponsorengagedforinternalcontrolauditing
√Applicable□Notapplicable
1.The6thmeetingofthe9thBoardofDirectorsheldonJune8,2020deliberatedandpassedtheProposalonHiringAuditInstitutionforFinancialReportin2020,agreeingthattheCompanywouldhireYongTuoCertifiedPublicAccountants(SpecialGeneralPartnership)astheauditinstitutionfortheCompany'sfinancialreportin2020.OnJune29,2020,thecompany'sshareholders'meetingin2019deliberatedandpassedtheProposalonHiringAuditInstitutionforFinancialReportin2020.
2.Duringthereportingperiod,theCompanyhiredChinaInternationalCapitalCorporationasanindependentfinancialadviserfortheCompanytoacquire21%ofthesharesofGuanghuiCompanyheldbytheProvincialExpresswayCompanythroughcashpayment.X.SituationofFacingListingSuspensionandListingTerminationaftertheDisclosureoftheYearlyReport
□Applicable√NotapplicableXI.RelevantMattersofBankruptcyReorganization
□Applicable√Notapplicable
NoneXII.MattersofImportantLawsuitandArbitration
□Applicable√NotapplicableXIII.SituationofPunishmentandRectification
□Applicable√Notapplicable
None
XIV.CreditConditionoftheCompanyanditsControllingShareholdersandActualControllers
□Applicable√NotapplicableXV.ImplementationSituationofStockIncentivePlanoftheCompany,EmployeeStockOwnershipPlanorOtherEmployeeIncentiveMeasures
□Applicable√NotapplicableNoneXVI.Materialrelatedtransactions
1.Relatedtransactionsinconnectionwithdailyoperation
□Applicable√NotapplicableNone
2.Related-partytransactionsarisingfromassetacquisitionorsale
□Applicable√NotapplicableNone
3.Related-partytransitionswithjointinvestments
□Applicable√NotapplicableNone
4.Creditsandliabilitieswithrelatedparties
□Applicable√NotapplicableNone
5.Othersignificantrelated-partytransactions
√Applicable□Notapplicable
1.Inthe3rd(Provisional)meetingoftheninthsessionoftheboardofdirectorsoftheCompany,itdeliberatedandapprovedthe"ProposalonBorrowingEntrustedLoansfromGuangdongJiangzhongExpresswayCo.,Ltd."andagreedthattheCompanyborrowedunsecuredentrustedloansfromGuangdongJiangzhongExpresswayCp.,Ltd,withtheloanamountdoesnotexceed18millionyuan,whichshallbedrawnaccordingtotheactualneedsoftheCompanyandshallbeusedfordailybusinessturnover,withatermof5yearsandusingthe"1+1+1+1+1"model-thatis,everyyearisoneloancycle,andiftheCompanydoesnotproposetorepaytheloan,
theloanwillbeautomaticallytransferredtothenextone-yearperiod.Theinterestrateis10%loweredthanthebenchmarkone-yearloaninterestrateannouncedbythePeople'sBankofChinaandit’sadjustedannually.
2.Inthe4thmeetingoftheninthboardofdirectorsoftheCompany,itdeliberatedandapprovedthe"ProposalontheCompany’sEstimatedRoutineRelatedPartyTransactionsin2020",agreedtotheestimatedroutinerelatedtransactionsin2020fortheCompany’sheadquarteranditswholly-ownedandholdingsubsidiaries’,withthetransactionamounttotaledin64,091,200yuan.
3.Inthe5th(Provisional)meetingoftheninthsessionoftheboardofdirectorsoftheCompany,itreviewedandapprovedthe"ProposalonRenewingtheLeaseofLitongPlazaOfficePlace",agreeingthattheCompanywillcontinuetoleasethe43,44full-floorunits(full-floorunitsoffloors45,46uponitself-edited)oftheplannedfloorsofLitongPlazafromGuangdongLitongRealEstateInvestmentCo.,Ltdforofficespace,withaleasetermof3years-fromMay5,2020toMay4,2023.ThemonthlyrentfortheperiodfromMay5,2020toMay4,2021is815,233.68yuan,themonthlyrentfortheperiodfromMay5,2021toMay4,2022is839,690.69yuan,andthemonthlyrentfortheperiodfromMay5,2022toMay4,2023is864,884.64yuan..
4.Inthe6th(Provisional)meetingoftheeighthsessionoftheCompany’sboardofdirectors,itdeliberatedandapprovedthe“Proposalonthesigningofthe2018-2020entrustedoperationandmanagementcontractofGuangzhuNorthSectionofGuangdongJingzhuExpresswaybetweentheGuangzhuSectionCompanyandtheGuangzhuNorthSectionCompany,agreedtotheJingzhuExpresswayGuangzhuSectionCo.,Ltd.(hereinafterreferredtoas"GuangzhuSectionCompany")andGuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd.(hereinafterreferredtoas"GuangzhuNorthSectionCompany")tosign“The2018-2020EntrustedOperationManagementContractfortheNorthSectionofGuangzhuSectionofGuangdongJingzhuExpressway,withthetotalcontractamountdoesnotexceed60millionyuan.Fordetailsofthismatter,pleaserefertothe"AnnouncementonRelatedPartyTransactiononEntrustedOperationsofSubsidiaries"publishedbytheCompanyonJanuary31,2018.
5.Inthe12th(Provisional)meetingoftheNinthSessionoftheBoardofDirectorsoftheCompany,itreviewedandapprovedthe"ProposalonRenewingtheFinancialServiceAgreementwithGuangdongCommunicationGroupFinanceCo.,Ltd.".
6.Inthe13th(Provisional)meetingoftheninthboardofdirectorsoftheCompanyandthethirdextraordinarygeneralmeetingofshareholdersin2020,itreviewedandapprovedthe"ProposalontheCompany'sMajorAssetReorganizationNamelytheRelatedPartyTransaction",andagreedtotheCompanyacquiring21%equityofGuanghuiExpresswayheldbyProvincialExpresswaythroughcashpayment.Thewebsitetodisclosetheinterimannouncementsonsignificantrelated-partytransactions
| Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
| Announcementofrelatedpartytransaction | January2,2020 | www.cninfo.com.cn |
| EstimatesannouncementoftheDailyRelatedPartyTransactionof2020 | April7,2020 | www.cninfo.com.cn |
| Announcementofrelatedpartytransaction | April29,2020 | www.cninfo.com.cn |
| Announcementonrelatedtransactionstotheentrustedoperationbysubsidiaries | June9,2020 | www.cninfo.com.cn |
| Announcementofrelatedpartytransaction | October29,2020 | www.cninfo.com.cn |
| AnnouncementofResolutionsofthe13th | November26,2020 | www.cninfo.com.cn |
| (Provisional)MeetingoftheNinthBoardofDirectors,"MajorAssetPurchasesandRelatedPartyTransactionsReport",etc | ||
| AnnouncementofResolutionoftheThirdProvisionalShareholder'sMeeting | December16,2020 | www.cninfo.com.cn |
XVII.Particularsaboutsignificantcontractsandtheirfulfillment
1.Particularsabouttrusteeship,contractandlease
(1)Trusteeship
□Applicable√NotapplicableNone
(2)Contract
□Applicable√NotapplicableNone
(3)Lease
□Applicable√NotapplicableNone
2.Guarantees
√Applicable□Notapplicable
（1）Guarantees
InRMB
| GuaranteeoftheCompanyforthecontrollingsubsidiaries(Excludecontrolledsubsidiaries) | ||||||||
| NameoftheCompany | Relevantdisclosuredate/No.oftheguaranteedamount | AmountofGuarantee | Dateofhappening(Dateofsigningagreement) | Actualmountofguarantee | Guaranteetype | Guaranteeterm | Completeimplementationornot | Guaranteeforassociatedparties(Yesorno) |
| GuangdongCommunicationGroupCo.,Ltd | May11,2012 | 172,500 | May31,2013 | 172,500 | Pledge | 2012.9.25-2020.3.25 | Yes | Yes |
| TotalofexternalguaranteeapprovedatPeriod-end(A3) | 0.00 | TotalbalanceofactualexternalguaranteeatPeriod-end(A4) | 0.00 | |||||
| GuaranteeoftheCompanyforthecontrollingsubsidiaries | ||||||||
| NameoftheCompanyguaranteed | Relevantdisclosuredate/No.oftheguaranteedamount | Amountofguarantee | Dateofhappening(Dateosigningagreement) | Actualmountofguarantee | Guaranteetype | Guaranteeterm | Completeimplementationornot | Guaranteeforassociatedparties(Yesorno) |
| Guaranteeofthesubsidiariesforthecontrollingsubsidiaries | ||||||||
| NameoftheCompanyguaranteed | Relevantdisclosuredate/No.oftheguaranteedamount | Amountofguarantee | Dateofhappening(Dateosigningagreement) | Actualmountofguarantee | Guaranteetype | Guaranteeterm | Completeimplementationornot | Guaranteeforassociatedparties(Yesorno) |
| TotalofCompany’sguarantee（namelytotalofthelargethreeaforementioned） | ||||||||
| TotalofguaranteeatPeriod-end（A3+B3+C3） | 0.00 | TotalofactualguaranteeatPeriod-end（A4+B4+C4） | 0.00 | |||||
| TheproportionofthetotalamountofactuallyguaranteeinthenetassetsoftheCompany(thatisA4+B4+C4) | 0.00 | |||||||
| Including | ||||||||
| Amountofguaranteeforshareholders,actualcontrolleranditsassociatedparties（D） | 0.00 | |||||||
| TotalguaranteeAmountoftheabovementionedguarantees（D+E+F） | 0.00 | |||||||
Note
（2）Illegalexternalguarantee
□Applicable√NotapplicableNone
3.SituationofEntrustingOthersforManagingSpotAsset
(1)SituationofEntrustedFinance
□Applicable√Notapplicable
None
(2)SituationofEntrustedLoans
4.Majorcontractsfordailyoperations
□Applicable√NotapplicableNone
5.Othersignificantcontract
□Applicable√NotapplicableNoneXVIII.Socialresponsibility
1.ExecutionofsocialresponsibilityoftargetedpovertyalleviationIn2020,theCompanystrivedtoovercometheadverseeffectsoftheepidemic,workedpragmaticallyandsolidlyandovercomethedifficulties.WhilestrictlyimplementingvariouspreventionandcontrolmeasurestoachievezeroinfectionintheCompany,itstoodfirmlyinthefrontlineofepidemicprevention,ensuredsmoothroadstraffic,andfullycoordinatethepromotionofnormalizedepidemicpreventionandcontrolandpromotedtheCompany’svarioustasks,effectivelypromotedthestabilityandimprovementofitseconomicoperations.
(1)Inordertopreventandcontroltheepidemic,theCompany'sparticipation-inandholdingexpresswaycompaniesactivelyrespondedtothehigher-levelpolicies,andfrom00:00onFebruary17,2020to24:00onMay5,thevehicletollsofthenationaltollroadwereexempted.TheCompany’spartycommitteeandmanagementteamactivelymobilizedvolunteersfromthepartyworkinggrouptoparticipateintheepidemicpreventionandcontrolworktoeffectivelyfighttheepidemic.
(2)Thepolicyofexemptionoftolls,intermittenttoll-freerelease,andgreenchannelpreferentialpoliciesforpassengercarswithlessthansevenseatsonhighwaysduringmajorholidaysshallcontinuetobeimplemented.GuangfoCompany,FokaiBranch,Guangzhu-DongCompany,andGuanghuiCompanyeffectivelyimplementedthe"Recognition,personnel,responsibilities,andmeasuresareinplace"andsuccessfullycompletedvarioustaskstoensuresafetyandsmoothflow.
(3)Activelyrespondedtogovernmentpoliciesandprovidedpreferentialreductionsandexemptionsinaccordancewithlawsandregulationstoreducecorporatetransportationcostsandpublictravelcosts.
(4)Conscientiouslyimplementedthegovernment'stasksandcompletedthetransformationandswitchingoftheETCtollcollectionsystemattheprovincialtollstationontime.AftertheresumptionoftollcollectiononMay6,2020,theCompany'sholdingsectionoftollgatesransmoothly,YuetongCardExpresswayservicepointswereoperatedinanorderlymanner,thetolllanefeedisplayanddatatransmissionwerenormal,thelaneconfigurationwascontinuouslyoptimized,andtheETCsystemisgenerallystablyoperated.
2.OverviewofthetargetedpovertyalleviationThecompanyhasnoprecisesocialresponsibilityforpovertyalleviationintheperiodandbasnofollow-upplan
either.
3.MajorenvironmentalprotectionTheListedCompanyanditssubsidiarywhetherbelongstothekeysewageunitsreleasedfromenvironmental
protectiondepartmentNoXIX.Explanationonothersignificantevents
□Applicable√Notapplicable
None
XX.SignificanteventofsubsidiaryoftheCompany
□Applicable√Notapplicable
VI.ChangeofsharecapitalandshareholdingofPrincipalShareholders
I.Changesinsharecapital
1.Changesinsharecapital
Inshares
| Beforethechange | Increase/decrease（+，-） | AftertheChange | |||||||
| Amount | Proportion | Shareallotment | Bonusshares | Capitalizationofcommonreservefund | Other | Subtotal | Quantity | Proportion | |
| 1.Shareswithconditionalsubscription | 439,384,658 | 21.02% | -129,941 | -129,941 | 439,254,717 | 21.01% | |||
| 1.State-ownedshares | 410,032,765 | 19.61% | 7,931 | 7,931 | 410,040,696 | 19.61% | |||
| 2.State-ownedlegalpersonshares | 21,712,738 | 1.04% | 0 | 21,712,738 | 1.04% | ||||
| 3.Otherdomesticshares | 7,639,155 | 0.37% | -137,872 | -137,872 | 7,501,283 | 0.36% | |||
| Including：DomesticLegalpersonshares | 7,028,355 | 0.34% | -63,260 | -63,260 | 6,965,095 | 0.33% | |||
| Domesticnaturalpersonshares | 610,800 | 0.03% | -74,612 | -74,612 | 536,188 | 0.03% | |||
| 4.Foreignshares | 0 | 0.00% | 0 | 0 | 0 | 0.00% | |||
| Including：Foreignlegalpersonshares | 0 | 0.00% | 0 | 0 | 0.00% | ||||
| Foreignnaturalpersonshares | 0 | 0.00% | 0 | 0 | 0.00% | ||||
| II.Shareswithunconditionalsubscription | 1,651,421,468 | 78.98% | 129,941 | 129,941 | 1,651,551,409 | 78.99% | |||
| 1.CommonsharesinRMB | 1,302,772,793 | 62.31% | 129,941 | 129,941 | 1,302,902,734 | 62.32% | |||
| 2.Foreignsharesindomesticmarket | 348,648,675 | 16.68% | 0 | 0 | 348,648,675 | 16.68% | |||
| 3.Foreignsharesinforeignmarket | 0 | 0.00% | 0 | 0 | 0 | 0.00% | |||
| 4.Other | 0 | 0.00% | 0 | 0 | 0 | 0.00% | |||
| III.Totalofcapitalshares | 2,090,806,126 | 100.00% | 0 | 0 | 2,090,806,126 | 100.00% | |||
Reasonsforsharechanged
√Applicable□Notapplicable
1.Withinthereportingperiod,17shareholdersreimbursed7,931sharesofGuangdongProvincialCommunicationGroupCo.,Ltd.,whichwereconvertedfromdomesticnaturalpersonto"nationalshareholding".
2.Duringthereportingperiod,51，112sharesheldbydomesticnaturalpersonswithlimitedsalesconditionswereconvertedintoshareswithunlimitedsalesconditions.
3.Duringthereportingperiod,63，260sharesheldbydomesticnaturalpersonswithlimitedsalesconditionswerefromdomesticLegalperson.
4.Duringthereportingperiod,Ms.LiMei,theoutgoingsupervisor，held86,629restrictedsharesandchangedthemintounrestrictedshares.
4.Duringthereportingperiod,Mr.DuJun,theoutgoingDirector，held7,800Unrestrictedsharesandchangedthemintorestrictedshares.ApprovalofChangeofShares
□Applicable√NotapplicableOwnershiptransferofsharechanges
□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod
□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators
□Applicable√NotapplicableProgressonanysharerepurchase:
□Applicable√NotapplicableProgressonreducingtherepurchasedsharesbymeansofcentralizedbidding:
□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod
□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators
□Applicable√Notapplicable
2.Changeofshareswithlimitedsalescondition
√Applicable□Notapplicable
Inshares
| ShareholderName | InitialRestrictedShares | NumberofUnrestrictedSharesThisTerm | NumberofIncreasedRestrictedSharesThisTerm | RestrictedSharesintheEndoftheTerm | ReasonforRestrictedShares | DateofRestrictionRemoval |
| GuangdongCommunicationGroupCo.,Ltd. | 410,032,765 | 7,931 | 410,040,696 | Thesharesforrestrictedsalesbysharereformhasnotyetbesubjecttotheproceduresforliftingtherestriction. | Unknown | |
| WangJianhuaandother17shareholders | 59,043 | 51,112 | 0 | Releaseofrestrictionsonsales | June24,2020 | |
| LiMei | 86,629 | 86,629 | 0 | DeletionoftopSupervisorlockingshares | January2020 | |
| DuJun | 0 | 7,800 | 7,800 | Topdirectorlockingshares | Unknown | |
| Total | 410,178,437 | 15,731 | 137,741 | 410,048,496 | -- | -- |
II.Securitiesissueandlisting
1.ExplanationoftheSituationoftheSecurityIssue(NoPreferredShares)intheReportPeriod
□Applicable√Notapplicable
2.Changeofassetandliabilitystructurecausedbychangeoftotalcapitalsharesandstructure
□Applicable√Notapplicable
3.Abouttheexistingemployees’shares
□Applicable√Notapplicable
III.Shareholdersandactualcontrollingshareholder
1.Numberofshareholdersandshareholding
InShares
| Totalnumberofcommonshareholdersattheendofthereportingperiod | 36,100 | Totalshareholdersattheendofthemonthfromthedateofdisclosingtheannualreport | 55,412 | Thetotalnumberofpreferredshareholdersvotingrightsrestoredatperiod-end(ifany)(Note8) | 0 | Totalpreferenceshareholderswithvotingrightsrecoveredatend | 0 |
| oflastmonthbeforeannualreportdisclosed(ifany)(Note8) | ||||||||||
| Particularsaboutsharesheldabove5%byshareholdersortoptenshareholders | ||||||||||
| Shareholders | Natureofshareholder | Proportionofsharesheld（%） | Numberofsharesheldatperiod-end | Changesinreportingperiod | Amountofrestrictedsharesheld | Amountofun-restrictedsharesheld | Numberofsharepledged/frozen | |||
| Stateofshare | Amount | |||||||||
| GuangdongCommunicationGroupCo.,Ltd | State-ownedlegalperson | 24.56% | 513,420,438 | 7,931 | 410,040,696 | 103,379,742 | ||||
| GuangdongHighwayConstructionCo.,Ltd, | State-ownedlegalperson | 22.30% | 466,325,020 | 466,325,020 | ||||||
| ShangdongExpresswayInvestmentDevelopmentCo.,Ltd. | State-ownedlegalperson | 9.68% | 202,429,149 | 202,429,149 | ||||||
| TibetYingyueInvestmentManagementCo.,Ltd. | State-ownedlegalperson | 4.84% | 101,214,574 | 101,214,574 | ||||||
| GuangdongProvincialFreewayCo.,Ltd. | State-ownedlegalperson | 2.53% | 52,937,491 | 19,582,228 | 33,355,263 | |||||
| ChinaLifeInsuranceCo.,Ltd.－Dividend－Personaldividend-005L-FH002Shen | Other | 1.96% | 41,009,355 | 6,233,802 | 41,009,355 | |||||
| ChinaLifeInsuranceCo.,Ltd.－Traditional－Commoninsuranceproducts-005L-CT001Shen | Other | 1.78% | 37,225,847 | 5,913,227 | 37,225,847 | |||||
| FengWuchu | Domesticnaturalpersonshares | 0.99% | 20,793,853 | 4,329,406 | 20,793,853 | |||||
| XinyueCo.,Ltd. | Overseaslegalperson | 0.63% | 13,201,086 | 13,201,086 | ||||||
| GuangdongTapai | Domesticnon | 0.55% | 11,550,604 | 11,150,604 | 11,550,604 | |||||
| GroupCo.,Ltd. | State-ownedLegalperson | |||
| Strategicinvestororgenerallegalpersonbecomingtop-10ordinaryshareholderduetorightsissue(ifany)（SeeNote3) | None | |||
| Relatedoracting-in-concertpartiesamongshareholdersabove | GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.andGuangdongProvincialFreewayCo.,Ltd.，ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies. | |||
| Shareholdingoftop10shareholdersofunrestrictedshares | ||||
| Nameoftheshareholder | Quantityofunrestrictedsharesheldattheendofthereportingperiod | Sharetype | ||
| Sharetype | Quantity | |||
| GuangdongHighwayConstructionCo.,Ltd, | 466,325,020 | RMBCommonshares | 466,325,020 | |
| ShangdongExpresswayInvestmentDevelopmentCo.,Ltd. | 202,429,149 | RMBCommonshares | 202,429,149 | |
| GuangdongCommunicationGroupCo.,Ltd | 103,379,742 | RMBCommonshares | 103,379,742 | |
| TibetYingyueInvestmentManagementCo.,Ltd. | 101,214,574 | RMBCommonshares | 101,214,574 | |
| ChinaLifeInsuranceCo.,Ltd.－Dividend－Personaldividend-005L-FH002Shen | 41,009,355 | RMBCommonshares | 41,009,355 | |
| ChinaLifeInsuranceCo.,Ltd.－Traditional－Commoninsuranceproducts-005L-CT001Shen | 37,225,847 | RMBCommonshares | 37,225,847 | |
| GuangdongProvincialFreewayCo.,Ltd. | 33,355,263 | RMBCommonshares | 33,355,263 | |
| FengWuchu | 20,793,853 | RMBCommonshares | 18,487,990 | |
| Foreignsharesplacedindomestic | 2,305,863 | |||
| XinyueCo.,Ltd. | 13,201,086 | Foreignsharesplacedindomestic | 13,201,086 | |
| GuangdongTapaiGroupCo.,Ltd. | 11,550,604 | RMBCommonshares | 11,550,604 | |
| Explanationonassociatedrelationshiporconsistentactionamongthetop10shareholdersofnon-restrictednegotiablesharesandthatbetweenthetop10shareholdersofnon-restrictednegotiablesharesandtop10shareholders | GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.andGuangdongProvincialFreewayCo.,Ltd.，,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies. | |||
| Top10ordinaryshareholdersconducting | None | |||
Whethertoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldhaveabuy-backagreementdealinginreportingperiod.
□Yes√NoThetoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldoftheCompanyhavenobuy–backagreementdealinginreportingperiod.
2.ControllingshareholderNatureofControllingShareholders:Localstateholding
Type:Legalperson
securitiesmargintrading(ifany)(seenote4)NameoftheControllingshareholder
| NameoftheControllingshareholder | Legalrepresentative/Leader | Dateofincorporation | Organizationcode | Principalbusinessactivities |
| GuangdongCommunicationGroupCo.,Ltd. | DengXiaohua | June23,2000 | 91440000723838552J | Equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Valueaddedtelecommunicationservices. |
| Equityinotherdomesticandforeignlistedcompaniesheldbythecontrollingshareholderbymeansofcontrolandmutualshareholdinginthereportingperiod | GuangdongCommunicationGroupCo.,Ltd.holds74.12%equityofGuangdongNanyueLogisticsCo.,Ltd.,acompanylistingHshares. | |||
TypeofControllingShareholders:LegalpersonChangesofcontrollingshareholderinreportingperiod
□Applicable√Notapplicable
NochangesofcontrollingshareholderfortheCompanyinreportingperiod.3．InformationaboutthecontrollingshareholderoftheCompanyActualcontrollernature：LocalstateownedassetsmanagementActualcontrollertype：Legalperson
| Nameoftheactualcontroller | Legalrepresentative/Leader | Dateofincorporation | Organizationcode | Principalbusinessactivities |
| State-ownedAssetssupervisionandadministrationCommissionofGuangdongProvincialPeople’sGovernment | LiCheng | June26,2004 | 114400007583361658 | AsanadhocbodydirectlyundertheGuangdongProvincialPeople'sGovernment,commissionedbytheprovincialgovernmenttofulfilltheState-ownedassetinvestor,regulatoryenterprisestoimplementtherights,obligationsandresponsibilities,pipeassetcontrolandpeoplemanagement. |
| Equityofotherdomestic/foreignlistedcompanywithsharecontrollingandshareparticipationbycontrollingshareholderinreportingperiod | AsanadhocbodydirectlyundertheGuangdongProvincialPeople'sGovernment,commissionedbytheprovincialgovernmenttofulfilltheState-ownedassetinvestor,regulatoryenterprisestoimplementtherights,obligationsandresponsibilities,pipeassetcontrolandpeoplemanagement. | |||
Changesofcontrollingshareholderinreportingperiod
□Applicable√NotapplicableNochangesofcontrollingshareholderfortheCompanyinreportingperiodBlockDiagramoftheownershipandcontrolrelationsbetweenthecompanyandtheactualcontroller
Theactualcontrollercontrolsthecompanybymeansoftrustormanagingtheassetsinotherway
□Applicable√Notapplicable
4.Particularsaboutotherlegalpersonshareholderswithover10%shareheld
√Applicable□Notapplicable
| Legalpersonshareholder | Legalperson/personinchargeoftheunit | Dateoffoundation | Registercapital | Mainoperationbusinessormanagementactivities |
| GuangdongHighwayConstructionCo.,Ltd. | WangKangchen | April16,1987 | 8,827.36846696millionyuan | Highway,bridge,tunnelbridge,trafficinfrastructureconstruction,investmentandmanagement,technicalconsulting,leasingofroadconstructionmachinery;salesofconstructionmaterials,constructionmachineryequipment;vehiclerescueservices(operatedbythebranch). |
5.SituationofShareLimitationReductionofControllingShareholders,ActualControllers,RestructuringPartyandOtherCommitmentSubjects□Applicable√Notapplicable
| 24.55% | 2.53% |
GuangdongProvincialExpresswayDevelopmentCo.,Ltd
GuangdongHighwayConstructionCo.,Ltd.
GuangdongHighwayConstructionCo.,Ltd.GuangdongProvince
TransportationDevelopmentCo.,Ltd
GuangdongProvince
TransportationDevelopmentCo.,Ltd
22.30%
| 0.10% | 22.30% |
| GuangdongProvinceExpresswayCo.,Ltd. | GuangdongXinyueCo.,Ltd. | |
State-ownedAssetsSupervisionandAdministrationCommissionthepeople’sGovernmentofGuangdong
ProvinceGuangdongCommunicationGroup
Co.,Ltd.
GuangdongCommunicationGroup
Co.,Ltd.100%
100%
0.63%
VII.SituationofthePreferredShares
□Applicable√NotapplicableTheCompanyhadnopreferredsharesinthereportingperiod.
VIIIInformationaboutconvertiblecorporatebonds
□Applicable√NotapplicableDuringthereportingperiod,thecompanydidnothaveconvertiblecorporatebonds.
IX.InformationaboutDirectors,SupervisorsandSeniorExecutivesI.Changeinsharesheldbydirectors,supervisorsandseniorexecutives
| Name | Positions | Officestatus | Sex | Age | Startingdateoftenure | Expirydateoftenure | Sharesheldattheyear-begin(share) | Amountofsharesincreasedatthereportingperiod(share) | Amountofsharesdecreasedatthereportingperiod(share) | Otherchangesincrease/decrease | Sharesheldattheyear-begin(share) |
| ZhengRenfa | BoardChairman | Inoffice | Male | 51 | January4,2017 | September20,2022 | |||||
| WangChunhua | Director,GeneralManager | Inoffice | Male | 56 | October19,2015 | September20,2022 | 135,100 | 135,100 | |||
| ChenMin | Director | Inoffice | Male | 57 | July19,2017 | September20,2022 | |||||
| ZengZhijun | Director | Inoffice | Male | 50 | December4,2017 | September20,2022 | |||||
| YouXiaocong | Director | Inoffice | Male | 53 | July21,2020 | September20,2022 | |||||
| ZhuoWeiheng | Director | Inoffice | Male | 49 | December4,2017 | September20,2022 | |||||
| WuHao | Director | Inoffice | Female | 48 | November2,2020 | September20,2022 | |||||
| HuangHai | Director | Inoffice | Male | 45 | July21,2016 | September20,2022 | |||||
| GuNaikang | Independentdirector | Inoffice | Male | 55 | July | September |
| Name | Positions | Officestatus | Sex | Age | Startingdateoftenure | Expirydateoftenure | Sharesheldattheyear-begin(share) | Amountofsharesincreasedatthereportingperiod(share) | Amountofsharesdecreasedatthereportingperiod(share) | Otherchangesincrease/decrease | Sharesheldattheyear-begin(share) |
| 21,2016 | 20,2022 | ||||||||||
| BaoFangzhou | Independentdirector | Inoffice | Male | 42 | July21,2016 | September20,2022 | |||||
| ZhangHua | Independentdirector | Inoffice | Male | 55 | December4,2017 | September20,2022 | |||||
| LiuZhonghua | Independentdirector | Inoffice | Male | 55 | December4,2017 | September20,2022 | |||||
| ZengXiaoqing | Independentdirector | Inoffice | Female | 51 | May20,2019 | September20,2022 | |||||
| JiangChangwen | ChairmanoftheSupervisoryCommittee | Inoffice | Male | 53 | May20,2019 | September20,2022 | |||||
| LiHaihong | Supervisor | Inoffice | Female | 49 | July21,2016 | September20,2022 | |||||
| KeLin | Supervisor | Inoffice | Female | 51 | September15,2017 | September20,2022 | |||||
| FengYuan | Supervisor | Inoffice | Male | 56 | September9,2019 | September20,2022 | |||||
| ZhouYisan | Supervisor | Inoffice | Male | 40 | September9,2019 | September20,2022 | |||||
| ZuoJiang | DeputyGeneralManager | Inoffice | Female | 48 | October19,2015 | September20,2022 |
| Name | Positions | Officestatus | Sex | Age | Startingdateoftenure | Expirydateoftenure | Sharesheldattheyear-begin(share) | Amountofsharesincreasedatthereportingperiod(share) | Amountofsharesdecreasedatthereportingperiod(share) | Otherchangesincrease/decrease | Sharesheldattheyear-begin(share) |
| ChengRui | DeputyGeneralManager | Inoffice | Male | 46 | August28,2017 | September20,2022 | |||||
| LuMing | Chiefaccountant | Inoffice | Male | 42 | December25,2020 | September20,2022 | |||||
| LuoBaoguo | DeputyGeneralManager | Inoffice | Male | 47 | December25,2020 | September20,2022 | |||||
| HeBing | legalcounsel | Inoffice | Female | 53 | July23,2012 | September20,2022 | |||||
| YangHanming | SecretarytotheBoard | Inoffice | Male | 51 | August28,2017 | September20,2022 | |||||
| WangPing | Director,Chiefengineer | Dimission | Female | 56 | April21,2014 | January8,2020 | 3,500 | 3,500 | |||
| DuJun | Director | Dimission | Male | 55 | July21,2016 | June24,2020 | 0 | 10,400 | 10,400 | ||
| CaoYu | Director | Dimission | Male | 35 | July21,2016 | September4,2020 | 150,000 | 150,000 | |||
| FangZhi | Director,Chiefaccountant | Dimission | Male | 57 | December31,2015 | December21,2020 | |||||
| Total | -- | -- | -- | -- | -- | -- | 288,600 | 10,400 | 0 | 0 | 299,000 |
II.Changeinsharesheldbydirectors,supervisorsandseniorexecutives
√Applicable□Notapplicable
| Name | Positions | Types | Date | Reason |
| WangPing | Director,Chiefengineer | Dimission | January8,2020 | Retired |
| DuJun | Director | Dimission | June24,2020 | Jobchange |
| CaoYu | Director | Dimission | September4,2020 | Jobchange |
| FangZhi | Director,Chiefaccountant | Dimission | December21,2020 | Jobchange |
III.PostsholdingWorkExperienceinthepastfiveyearsofDirectors,supervisorsandseniorExecutivesinCurrentofficeMr.ZhengRenfa，HeservedasChairman,MasterDegree,Senioreconomicengineer.SinceDecember2005，HeservedasDeputyMinisterofInvestmentManagementDepartmentofGuangdongCommunicationGroup，SinceApril21,2014，Heservedasdirector,SinceAugust15,2016,theimplementationofthedutiesoftheBoardofDirectorsandthelegalrepresentativeoftheduties.SinceJanuary4,2017,hewasthechairmanoftheboardofdirectorsoftheCompanyandholdaconcurrentpostofevecutivedirectorandLegalrepresentativeofGuangdong
YuegaokeCapitalInvestment(Hengqin)Co.,Ltd.Mr.WangChunhua,HeservedasDirectorandGeneralManageroftheCompany,MasterDegree,seniorengineerandsenioreconomicengineer,SinceSeptember2006,heservedasDeputyGeneralManageroftheCompany.FromMarch2013toOctober2015,HeservedasdirectorandDeputyGeneralManageroftheCompany,SinceOctober2015,HeservedasDirectorandGeneraldirectoroftheCompany,andholdaconcurrentpostofvicechairmanofShenzhenHuiyanExpresswayCo.,Ltd.
LuMing,isthedirectoroftheCompany,chiefaccountant,senioraccountant,withthegraduatedegreeandMBA.FromJuly1999toFebruary2001,heservedastheaccountantofJingzhuExpresswayGuangzhuSectionCo.,Ltd;fromFebruary2001toNovember2003,heservedastheaccountantoftheZhongjiangExpresswayProjectPreparationOffice,andfromNovember2003toSeptember2006,heservedasDeputyManageroftheAccountingandFinanceDepartmentoftheWestRingSection(SouthSection)ofthePearlRiverDeltaRingExpressway.FromSeptember2006toFebruary2008,heservedastheaccountantoftheFinancialAuditDepartmentofGuangdongProvincialHighwayConstructionCo.,Ltd.FromFebruary2008toMarch2009,hesuccessivelyservedasthedeputymanagerandmanageroftheFinanceDepartmentoftheSouthernBranchoftheWestSecondRingRoadofGuangdongProvincialHighwayConstructionCo.,Ltd;fromMarch2009toDecember2020,heservedasthemanagerpersonnel,deputysupervisorofbusinessandbusinesssupervisoroftheFinancialManagementDepartmentofGuangdongProvincialCommunicationsGroupCo.,Ltd.DuringtheperiodfromDecember2018toDecember2019,heservedasthefirstsecretaryofthePartybranchoftheYinghuaiManagementOfficeoftheLonghuaiExpresswayManagementCenterofNanyueTransportationofGuangdongProvince.HehasbeenthechiefaccountantoftheCompanysinceDecember25,2020,andhehasservedasthedirectoroftheCompanysinceFebruary3,2021.Mr.ChinMin,HeservesasDirector,undergraduatedegree,senioreconomist,corporatelegaladviser,costengineer.FromSeptember2001toAugust2009,HeservedasSenioreconomist,DirectorandGeneralManagerofGuangdongJingtongHighwayEngineeringConstructionGroupCo.,Ltd.,FromAugust2009toApril2011,HeservedasDeputyGeneralManagerofGuangdongNanyueLogisticsCo.,Ltd.,FormApril2011toDecember2014,HeservedasDuputyMinisterofLegalAffairsofGuangdongCommunicationsGroupCo.,Ltd.,SinceDecember2014,HeservedasMinisterofLegalAffairsofGuangdongCommunicationsGroupCo.,Ltd.,SinceJuly,19,
2017,HeservedasDirectoroftheCompany.Mr.ZengZhijun,economist,isadirectoroftheCompany,withmasterdegree.SinceJune2010,hehasservedasthedeputychiefeconomistofGuangdongProvincialExpresswayCo.,Ltd.FromJanuary2015toSeptember2015,heservedasMinisterofInvestmentPlanningDepartmentofGuangdongProvincialExpresswayCo.,Ltd;sinceSeptember2015,hehasservedasMinisterofLegalAffairsDepartmentofGuangdongProvincialExpresswayCo.,Ltd.，SinceSeptember2020,HeservesasMinisterofpersonnelresourcedepartment，SinceDecember4,2017,
heservesasDirectoroftheCompany.
YouXiaocong,senioraccountant,isthedirectoroftheCompany,withbachelordegree.FromAugust1990toMay2008,hesuccessivelyservedasthedeputymanagerandmanagerofthefinancedepartmentofGuangfaTransportationCo.,Ltd.,andthemanager,directorandchiefaccountantofthefinancedepartmentofMacauQi’guanChe’luCo.,Ltd.FromMay2008toJanuary2015,heservedastheassignedchairmanoftheboardofsupervisorsofGuangdongProvincialCommunicationsGroupCo.,Ltd.FromJanuary2015toMay2015,heservedasthedirectorandchiefaccountantofGuangdongProvincialHighwayConstructionCo.,Ltd.,andsinceMay2015,hehasservedasthedirector,chiefaccountant,andmemberofthepartycommitteeofGuangdongProvincialHighwayConstructionCo.,Ltd.HehasservedasdirectoroftheCompanysinceNovember2,2020.
Mr.ZhuoWeiheng,isasenioraccountant,withbachelordegree.FromJanuary2008toMay2009,heservedastheministerofthefinancialauditdepartmentofGuangdongProvincialHighwayConstructionCo.,Ltd.SinceMay2009,hehasservedastheMinisterofFinanceManagementDepartmentofGuangdongProvincialHighwayConstructionCo.,Ltd.,FromDecember4,2017toFebruary24,2021,heservedasDirectoroftheCompany.WuHao(resignedfromthedirectorandmemberoftheAuditCommitteeonDecember21),isthedirectoroftheCompany,withbachelordegree.FromSeptember1992toOctober2011,shesuccessivelyservedasasectionmemberanddeputysectionchiefoftheFinanceSectionoftheAdministrationforIndustryandCommerceofTongziCounty,GuizhouProvince.FromOctober2011toFebruary2012,heservedasthesectionchiefoftheFinanceSectionoftheHuichuanDistrictAdministrationforIndustryandCommerce,ZunyiCity,GuizhouProvince.FromApril2013toMay2020,Shesuccessivelyservedasdeputymanagerofthefinancedepartment,deputymanageroftheinvestmentbusinessdepartment,andmanageroftheinvestmentbusinessdepartmentofShandongExpresswayInvestmentDevelopmentCo.,Ltd.ShehasservedasthedeputygeneralmanagerandmemberofpartycommitteeofShandongExpresswayInvestmentDevelopmentCo.,LtdsinceMay2020.FromNovember2,2020,hehasservedasdirectoroftheCompany.
Mr.HuangHai,MBA,joinedtheworkin1997.HehadsuccessivelyservedasthebusinessmanagerofthefinancialdepartmentofShenzhenWofaMedicalNewTechnologyDevelopmentCo.,Ltd.,themanagerofthemarketingdepartmentofShantouBranchofGuangzhouXingdaCommunicationCo.,Ltd,themanagerofthesecuritiesdepartmentandsecuritiesaffairsrepresentativeofZhongshanPublicTechnologyCo.,Ltd.,andDeputyGeneralManageroftheSecuritiesDepartmentofPolyRealEstateandDirectoroftheOfficeoftheSecretaryoftheBoardofDirectorsofPolyRealEstate,currentlyservingasSecretaryoftheBoardandDirectoroftheOfficeoftheBoardofDirectorsofPolyDevelopmentHoldingGroupCo.,Ltd.,ChairmanofPolyPropertyDevelopmentCo.,Ltd.,ExecutiveDirectorandGeneralManagerofTibetYingyueInvestmentManagementCo.,Ltd.SinceJuly21,2016,hehasservedasdirectoroftheCompany.Mr.BaoFangzhou,IndependentdirectoroftheCompany,MasterofLaw.ShanghaiJinTianchengLawFirm,SeniorPartner,2008-2014FormerIndependentDirectorofNewNanyangCo.,Ltd.Since2013,hehasbeenanindependentdirectorofHubeiWushiPharmaceuticalCo.,Ltd.sinceJune2016,PowerCo.,Ltd.IndependentDirector.FromJuly21,2016,HeisanindependentdirectoroftheCompany.
GuNaikang,IndependentdirectorsanddoctoratedegreeoftheCompany.SinceJune2004,hehasbeenaprofessoranddoctoraltutorofFinanceandInvestmentDepartmentofZhongshanUniversitySchoolofManagement.HeiscurrentlyanindependentdirectorofGuangxiGuitang(Group)Co.,Ltd.,anindependentdirectorofDongguanYuqiuElectronicsCo.,Ltd.andanindependentdirectorofGuangzhouZhujiangIndustrialDevelopmentCo.,Ltd.FromJuly21,2016,heisanindependentdirectoroftheCompany.
Mr.LiuZhonghua,professorofaccounting,isanindependentdirectoroftheCompany,withmasterdegree.InSeptember2005,hewastransferredtotheSchoolofManagementofGuangdongUniversityofForeignStudiestoteach.HeiscurrentlyaprofessorattheSchoolofAccountingofGuangdongUniversityofForeignStudies,heisamastertutor,concurrentlyservesasmemberofAccountingSocietyofChina,executivememberofChinaAssociationofForeignTradeandEconomicAccounting,vicechairmanofGuangdongProvinceManagementAccountingAssociation,executivememberofGuangdongProvincialAccountingAssociationandmemberofGuangdongAuditSociety.SinceDecember4,2017,heisanindependentdirectoroftheCompany.
Mr.ZhangHua,economist,isanindependentdirectoroftheCompany,withMasterDegree.FromMay2006toMay2012,heservedasdeputygeneralmanagerandchiefinvestmentdirectorofGuangzhouYingzhiCaihua
InvestmentCo.,Ltd.FromJune2012toSeptember2016,heservedasthedeputygeneralmanagerofGuangzhouDe’ruiInvestmentCo.,LtdandconcurrentlyservedasDeputyGeneralManagerofShenzhenDongyingRuitongInvestmentManagementPartnership(LimitedPartnership);sinceOctober2016,hehasservedasgeneralmanagerofShanghaiErLuoInvestmentManagementServiceCenter(GeneralPartnership).FromNovember2010toJanuary2017,heservedasanindependentdirectorofGuangzhouYuYinTechnologyCo.,Ltd.FromDecember2011toSeptember2017,heservedasanindependentdirectorofGuangdongElectricPowerDevelopmentCo.,Ltd.InSeptember2017,hewasanindependentdirectorofZhuhaiTaichuanCloudCommunityTechnologyCo.,Ltd.,SinceDecember4,2017,heisanindependentdirectoroftheCompany.
Ms.ZengXiaoqing,anindependentdirectoroftheCompany,withbachelor's,master'sanddoctor'sdegreesfromTongjiUniversity.Since1993,sheconductedtrainingandstudyatTsinghuaUniversityandGermanDarmstadtUniversityofTechnology.FromFebruary2000toOctober2002,sheconductedpost-doctoralresearchandstudyinTokyoInstituteofTechnology,Japan.ShebegantoworkinTongjiUniversityin1993,servedasassistantdirectorofShanghaiMunicipalGovernment'sExpoScienceandTechnologyPromotionCenterfrom2005to2012,andservedasvice-chairmanandsecretary-generalofShanghaiCreativeStudiesInstitutefrom2012;SheiscurrentlythedirectorofTongjiUniversity'sJointExperimentalCenterforTrafficInformationControl,professoranddoctoralsupervisorofTongjiUniversity'sSchoolofTransportationEngineering.FromMay20,2019,sheservedastheindependentdirectoroftheCompany.
Mr.JiangChangwen,male,is52yearsold,masterofmanagement,senioraccountant,senioreconomist.FromJuly1999toNovember2006,heworkedinGuangshenzhuExpresswayCo.,Ltd.,andservedasthesupervisor,deputymanagerandmanageroftheaccountingdepartment.FromNovember2006toJanuary2009,heworkedintheJiangzhongExpresswayCompany,andservedasthefinancedepartmentmanager;sinceJanuary2009,hehasworkedintheGuangdongProvincialTransportationGroupCo.,Ltd,andhasservedasasupervisor.FromMay20,2019,heistheassignedchairmanofthesupervisoryboardofGuangdongCommunicationGroupCo.,Ltd.
Ms.LiHaihong,SupervisorsoftheCompany,bachelordegree,senioreconomistandroadandbridgeengineer.SinceOctober2008,shehasbeenworkingasasupervisoryandauditingdepartmentoftheGuangdongProvincialCommunicationsGroup.FromOctober2008toSeptember2012,shewasappointedfull-timesupervisorofGuangdongExpresswayCo.,Ltd.,FromOctober2012toMarch2016,shewasappointedfull-timesupervisorofGuangdongYueyunTrafficCo.,Ltd.andGuangdongCommunicationsIndustrialInvestmentCo.,Ltd.,FormMarch2016toDecember2017,shewasappointedfull-timesupervisorofGuangdongLitongRealEstateInvestmentCo.,Ltd.,SinceDecember2017,shewasappointedfull-timesupervisorofGuangdongNanyueTrafficInvestmentConstructionCo.,Ltd.,SinceMarch2016,shewasappointedfull-timesupervisorofGuangdongTrafficIndustryInvestmentCo.,Ltd.,fromDecember2018topresent,isthefirstsecretaryofthepartyorganizationofGuangdongKaiyangExpresswayCo.,Ltd.FromJuly21,2016,shehasservedassupervisoroftheSupervisoryCommitteeoftheCompany.
Ms.KeLin,bachelordegree,BachelorofScience,assistantresearcher.ShebegantotakeajobinJuly1991.Shehadsuccessivelyservedascadreofpersonneldepartment,deputyhead,headofthepersonneldepartment,sectionchiefrankcadreofdisciplineinspectionandsupervisiondepartment,directorofthecommissionfordisciplineInspection(deputy-directorlevel).InNovember2008,shewastransferredtoworkinProvincialTransportationGroup,successivelyservedasmemberofpartycommittee,unionchairmananddisciplineinspectioncommissionsecretary.FromJanuary2013toAugust2017,shehasservedaspartycommitteemember,disciplineinspectioncommissionsecretaryandchairmanoftheunioninYueyunTransportation..SinceSeptember15,2017,SheservedassupervisorofBoardofsupervisoroftheCompany.
Mr.FengYuan,supervisoroftheCompany,bachelorofscience,associateprofessor.FromOctober2009to
October2014,heservedasdeputygeneralmanagerofGuangdongJiangzhongExpresswayCo.,Ltd.anddirectoranddeputygeneralmanagerofJingzhuExpresswayGuangzhuSectionCo.,Ltd.FromOctober2014toDecember2018,heservedasdirector,generalmanageranddeputysecretaryofthePartyCommitteeofGuangdong-FoshanExpresswayCo.,Ltd.andhehasbeendeputyeconomistoftheCompanysinceDecember2018.FromSeptember9,2019,heservedastheemployeesupervisorofthe9thSupervisoryCommitteeoftheCompany.Mr.ZhouYisan,supervisoroftheCompany,postgraduatedegree,masteroflaw,enterpriselegalconsultant,withnationallegalprofessionalqualification,boardsecretaryqualification,andsecurities,fundandfuturespractitionerqualification.FromFebruary2014toApril2016,hewasthedeputysupervisoroftheLegalAffairsDepartmentofGuangdongTransportationGroupCo.,Ltd.FromApril2016toSeptember2017,hewasthedeputyheadoftheInvestmentDevelopmentDepartmentandLegalAffairsDepartmentoftheCompany,andhehasbeentheheadofLegalAffairsDepartmentoftheCompanysinceSeptember2017.FromSeptember9,2019,heservedastheemployeesupervisorofthe9thSupervisoryCommitteeoftheCompany.Ms.ZuoJiang,DeputyGeneralManageroftheCompany,MasterofEconomics,SeniorEconomist,QualifiedasLegalAdviseroftheEnterprise,SecretaryoftheBoardofDirectors.HehasbeenworkingintheCompanysince1994.HehasbeentheMinisterofSecuritiesAffairsoftheCompanysince1999.HehasbeentheSecretaryoftheBoardofDirectorsandDirectorofSecuritiesAffairsDepartmentsinceMarch2006.FromOctober2015toJuly2016,hewastheDeputyGeneralManagerandSecretaryoftheBoardofDirectorsAndMinisterofSecuritiesAffairs.SinceOctober2015,hehasbeentheDeputyGeneralManageroftheCompany,andholdaconcurrentpostofDirectorofYuekeTechnologyPettyLoanCo.,Ltd.,anddirectorofGuoyuanSecuritiesCo.,Ltd.
Mr.ChengRui,On-jobpostgraduate,masterofbusinessadministration,withalawyerqualification.HebegantotakeajobinJuly1997.Hehadsuccessivelyservedasdevelopmentdepartmentstaff,deputymanagerofinvestmentmanagementdepartmentandmanagerofinvestmentmanagementdepartmentinXinyueCo.,Ltd,servedasDeputyGeneralManagerofXinyueCompanyinAugust2015,andservedasdeputyministerofstrategicdevelopmentdepartmentfromApril2016toAugust2017.SinceAugust2017,heservedasDeputyGeneralManageroftheCompany.Duringthisperiod,startingfromMay2019,shewasassignedasthefirstsecretaryofthePartyorganizationinShanhuVillage,JinheTown,JiexiCounty,JieyangCity.Mr.LuoBaoguo,deputygeneralmanageroftheCompany,withgraduatedegreeandmasterofengineering,isseniorengineer.FromJuly1999toDecember2003,hesuccessivelyservedasthechiefengineeroftheLbidprojectofthesouthernsectionoftheJingzhuExpresswayoftheGuangdongProvincialHighwayEngineeringConstructionGroupCo.,Ltd.,thedeputymanagerandtechnicalsponsorofthesouthernJingzhupavementproject,DeputyManagerandChiefEngineerofthePavementProjectDepartmentoftheJingzhuSouthernFogangSection,ManageroftheProjectManagerDepartmentandDeputyManageroftheSecondBranchoftheEighthContractSectionofHenanJiaozuo-JinchengExpressway.FromDecember2003toMarch2007,hesuccessivelyservedasthemanageroftheuniversitytownproject,themanagerofthebusinesscontractdepartment,andtheemployeesupervisoroftheGuangdongJingtongHighwayEngineeringConstructionGroupCo.,Ltd.FromMarch2007toJuly2014,heservedasDirectoroftheProjectDevelopmentOfficeandDirectoroftheInvestmentDevelopmentDepartmentofGuangdongExpresswayDevelopmentCo.,Ltd.FromAugust2014toJuly2017,heservedasthedirector,generalmanageranddeputypartysecretaryofGuangdongFokaiExpresswayCo.,Ltd.FromAugust2017toDecember2020,heservedasthegeneralmanager(personincharge)anddeputysecretaryofthePartyCommitteeofFokaiBranchofGuangdongExpresswayDevelopmentCo.,Ltd.FromDecember25,2020,hehasservedasthedeputygeneralmanageroftheCompany.HeconcurrentlyservesasthechairmanofZhaoqingYuezhaoHighwayCo.,Ltd.-thecompany'sshare-participatingcompany,andservesasthevicechairmanof
GuangdongJiangzhongExpresswayCo.,Ltd.Ms.HeBing,generalcounsel,master'sdegreeinlaw,enterpriselegaladviser,fromAugust2005toJuly2012,sheservedasDeputychiefeconomicengineeroftheCompany,SinceJuly2012,sheservedasChieflegaladviseroftheCompany.andholdaconcurrentpostofDirectorofHuiyanExpresswayCo.,Ltd.,andDirectorofGuanghuiExpresswayCo.,Ltd.
Mr.YangHanming,hehasbeentheSecretaryoftheBoard，bachelor'sdegree,senioreconomist,corporatelegaladviser,withtheboardsecretaryqualifications.SinceMarch2000,hehasbeensuccessivelyservedasdeputyministerofinvestmentplanningandministeroflegalaffairsinGuangdongProvincialExpresswayDevelopmentCo.,Ltd.SinceAugust2014,hehasbeenconcurrentlyservedasministerofinvestmentanddevelopment.SinceAugust2017,hehasbeentheSecretaryoftheBoardoftheCompany,viceChairmanofGanzhouGankangExpresswayCo.,Ltd.,DirectorofGuangdongJiangzhongExpresswayCo.,ltd.andsupervisorofGuangdongYuekeTechnologyPettyLoanCo.,Ltd.,SinceSeptember2019,heservedasMinisterofDevelopmentDeptoftheCompany.Officetakinginshareholdercompanies
√Applicable□Notapplicable
| Namesofthepersonsinoffice | Namesoftheshareholders | Titlesengagedintheshareholders | Sharingdateofofficeterm | Expirydateofofficeterm | Doeshe/shereceiveremunerationorallowancefromtheshareholder |
| ChenMin | GuangdongCommunicationGroup | MinisterofInvestmentManagementDept. | December1,2014 | Yes | |
| YouXiaocong | GuangdongHighwayConstructionCo.,Ltd. | Director,Chiefaccountant | January14,2015 | Yes | |
| ZhuoWeiheng | GuangdongHighwayConstructionCo.,Ltd. | DeputyChiefAccountant | March26,2018 | Yes | |
| ZengZhijun | GuangdongExpresswayCo.,Ltd | MinisteroflegalaffairsDept | September1,2015 | Yes | |
| HuangHai | TibetYinyueInvestmentManagementCo.,Ltd. | Executivedirector | June1,2015 | No | |
| JiangChangwen | GuangdongCommunicationGroupCo.,Ltd. | Dispatchedchairmanofthesupervisorycommittee | January1,2009 | Yes | |
| LiHaihong | GuangdongCommunicationGroupCo.,Ltd. | Full-timefieldsupervisors | July21,2016 | Yes |
Officestakeninotherorganizations
√Applicable□Notapplicable
| Nameofthepersonsinoffice | Nameofotherorganizations | Titlesengagedintheotherorganizations | Startingdateofofficeterm | Expirydateofofficeterm | Doeshe/shereceiveremunerationorallowance |
| fromotherorganization | |||||
| BaoFangzhou | ShanghaiAllbrightlawfirm | Lawyer,Seniorpartner | January1,2000 | Yes | |
| BaoFangzhou | LaurelPowerCo.,Ltd. | Independentdirector | June1,2016 | Yes | |
| GuNaikang | FinanceandInvestment,SchoolofBusinessSunYAT-SENUniversity | Professor,doctoralsupervisor | January1,2004 | Yes | |
| GuNaikang | GuangzhouZhujiangIndustryDevelopmentCo.,Ltd. | Independentdirector | May1,2014 | July1,2020 | Yes |
| GuNaikang | MingyangIntelligentEnergyGroupCo.,Ltd. | Supervisor | July1,2017 | Yes | |
| GuNaikang | ZhuboDesignCo.,Ltd. | Independentdirector | December1,2019 | Yes | |
| GuNaikang | GuangfaSecuritiesCo.,Ltd. | Supervisor | June1,2016 | June1,2020 | Yes |
| ZhangHua | ShanghaiErroInvestmentManagementServiceCentre(Generalpartnership) | GeneralManager | October1,2016 | Yes | |
| ZhangHua | ZhuhaiTaichuanCommunityTechnologyCo.,Ltd. | Independentdirector | September1,2017 | Yes | |
| ZhangHua | GuangzhouYuyinTechnologyCo.,Ltd. | Independentdirector | November1,2018 | Yes | |
| LiuZhonghua | CollegeofAccounting,GuangdongUniversityofForeignStudies | Professor,Master’ssupervisor | September1,2005 | Yes | |
| LiuZhonghua | GelinmeiCo.,Ltd. | IndependentDirector | March20,2019 | Yes | |
| LiuZhonghua | GuangdongShaogangSongshanCo.,Ltd. | IndependentDirector | June25,2019 | Yes | |
| WuHao | ShandongExpresswayInvestmentDevelopmentCo.,Ltd. | DeputyGM | May,29,2020 | Yes | |
| HuangHai | PolyDevelopmentsandHoldingsGroupCo.,Ltd. | SecretarytotheBoard | April26,2012 | Yes | |
| HuangHai | PolyPropertyDevelopmentCo.,Ltd. | Boardchairman | April22,2019 | No | |
| ZengXiaoqing | TongjiUniversity'sSchoolofTransportationEngineering | Professoranddoctoralsupervisor | June1,2007 | Yes | |
| ZengXiaoqing | TongjiUniversity'sJointExperimentalCenterforTrafficInformationControl | Director | June30,2003 | No |
Punishmentstothecurrentandleavingboarddirectors,supervisorsandseniormanagersduringthereportperiodbysecuritiesregulatorsintherecentthreeyears
□Applicable√Notapplicable
IV.Remunerationtodirectors,supervisorsandseniorexecutivesDecision-makingprocedures,basisfordeterminationandactualpaymentoftheremunerationtodirectors,supervisorsandseniorexecutivesTheremunerationofmembersoftheEighthboardofdirectorsandsupervisorycommitteewasexaminedanddeterminedatthesecondprovisionalshareholders’generalmeetingin2019Theremunerationoftheseniorexecutivesisdeterminedbytheassetsoperationresponsibilitysysteminthatyear.
1.ThedirectorsoftheCompanyandthecontrollingshareholderoftheCompanyanditsrelatedparties,aswellasthedirectorsoftheCompany,shallnotreceivetheremunerationofthedirectors.
2.DirectorswhohavenotheldotherpositionsintheCompanyandthecontrollingshareholderoftheCompanyanditsrelatedpartiesareremuneratedbythedirectorsoftheCompany,andthestandardisRMB6,000(taxincluded)perpersonpermonth.Inaddition,theexpensesincurredbytheindependentdirectorsattheboardofdirectorsandtheshareholders'generalmeetingandtheexpensesincurredinexercisingtheirfunctionsandpowersinaccordancewiththearticlesofassociationmaybereimbursedinthecompany.Remunerationtodirectors,supervisorsandseniorexecutivesinthereportingperiod
InRMB10,000
| Name | Positions | Sex | Age | Officestatus | TotalremunerationreceivedfromtheCompany | Whethertogetpaidinthecompanyrelatedparty |
| ZhengRenfa | BoardChairman | Male | 51 | InOffice | 75.19 | No |
| WangChunhua | Director,GeneralManager | Male | 56 | Inoffice | 72.54 | No |
| WangPing | Director,ChiefEngineer | Female | 56 | Dimission | 16.87 | No |
| FangZhi | Director,Chiefaccountant | Male | 57 | Dimission | 61.59 | No |
| ChenMin | Director | Male | 42 | Inoffice | 0 | No |
| ChenMin | Director | Male | 57 | InOffice | 0 | Yes |
| ZengZhijun | Director | Male | 50 | InOffice | 0 | Yes |
| DuJun | Director | Male | 55 | Dimission | 0 | Yes |
| YouXiaocong | Director | Male | 53 | InOffice | 0 | Yes |
| ZhuoWeiheng | Director | Male | 49 | InOffice | 0 | Yes |
| CaoYu | Director | Male | 35 | Dimission | 4.8 | No |
| WuHao | Director | Female | 48 | InOffice | 0 | Yes |
| Name | Positions | Sex | Age | Officestatus | TotalremunerationreceivedfromtheCompany | Whethertogetpaidinthecompanyrelatedparty |
| HuangHai | Director | Male | 45 | InOffice | 1.8 | No |
| GuNaikang | Independentdirector | Male | 55 | InOffice | 7.2 | No |
| BaoFangzhou | Independentdirector | Male | 42 | InOffice | 7.2 | No |
| ZhangHua | Independentdirector | Male | 55 | InOffice | 7.2 | No |
| LiuZhonghua | Independentdirector | Male | 55 | InOffice | 7.2 | No |
| ZengXiaoqing | Independentdirector | Female | 51 | InOffice | 7.2 | No |
| JiangChangwen | ChairmanoftheSupervisoryCommittee | Male | 54 | InOffice | 0 | Yes |
| LiHaihong | Supervisor | Female | 49 | InOffice | 0 | Yes |
| KeLin | Supervisor | Female | 51 | InOffice | 62.63 | No |
| FengYuan | Supervisor | Male | 56 | InOffice | 47.9 | No |
| ZhouYisan | Supervisor | Male | 40 | InOffice | 48.04 | No |
| ZuoJiang | DeputyGeneralManager | Female | 48 | InOffice | 61.59 | No |
| ChengRui | DeputyGeneralManager | Male | 46 | InOffice | 64.59 | No |
| LuoBaoguo | DeputyGeneralManager | Male | 47 | InOffice | 0 | No |
| HeBing | Chieflegaladviser | Female | 53 | InOffice | 49.3 | No |
| YangHanming | SecretarytotheBoard | Male | 51 | InOffice | 51.31 | No |
| Total | -- | -- | -- | -- | 654.15 | -- |
Incentiveequitytodirectors,supervisorsor/andseniorexecutivesinthereportingperiod
□Applicable√NotapplicableV.Particularsaboutemployees.
1.Numberofstaff,professionalstructureandeducationalbackground
| Numberofin-servicestaffoftheparentcompany(person) | 109 |
| Numberofin-servicestaffofthemainsubsidiaries(person) | 2,847 |
| Thetotalnumberofthein-servicestaff(person) | 2,956 |
| Thetotalnumberofstaffreceivingremunerationinthecurrentperiod(person) | 2,949 |
| Retiredstaffwithchargespaidbytheparentcompanyandmainsubsidiaries(person) | 105 |
| Professional | |
| Category | Numberofpersons（person） |
| Operatingpersonnel | 2,348 |
| Salepersonnel | 0 |
| TechnologyPersonnel | 391 |
| Financialpersonnel | 61 |
| Managementpersonnel | 156 |
| Total | 2,956 |
| Education | |
| Category | Numberofpersons（person） |
| Holdersofmaster’sdegreeorabove | 54 |
| Graduatesofregularuniversity | 558 |
| Graduatesofjuniorcolleges | 1,554 |
| Other | 790 |
| Total | 2,956 |
2.Remunerationpolicies
Accordingtothecompany'soveralldevelopmentplan,tofurtherestablishandimproveavarietyofhumanresourcemanagementsystem,strengthenthemacrosalarymanagement,tomaintainthelevelofsalarymarketcompetitiveness.Advocatesalaryandperformancerelated,andconstantlyimprovetheperformanceappraisalmechanism,personalperformanceappraisalapproach,staffpromotionsystem,todevelopbothincentiveandrestrictivesalaryperformancepolicy.Thinkhighlyoftheestablishmentandperfectionofwelfaresystem,inaccordancewiththerelevantprovisionsofthestateontimeandinfullforthefullpaypensioninsurance,medicalinsurance,work-relatedinjuryinsurance,unemploymentinsurance,maternityinsurance,housingprovidentfundandotherstatutorybenefits,complywiththeprovisionsonworkinghours,restandvacations,theestablishmentofsupplementarymedicalinsurance,enterpriseannuityandwelfaresystem.
3.Trainingplan
None
4.Outsourcingsituation
□Applicable√NoApplicable
X.AdministrativestructureI.Generalsituation
TheCompanystrictlyfollowedtherequirementoflawsandregulationsin<companylaw>,<theSecuritiesLaw>,<CodeofCorporateGovernanceforListedCompaniesinChina>,<StockListingRules>etc.andkeptonimprovingcorporategovernancestructures,improvingnormativeoperationlevel.Companyhadstipulatedrulessuchas<articlesofassociation>,rulesofproceduresinthreemeetings,workingguideofspecialcommitteeinboardofdirectors,workingguideofgeneralmanageretc.andinternalcontrolsystembasicallycoveringalloperatingmanagementsuchascompanyfinancialmanagement,investmentmanagement,informationdisclosure,relatedtransaction,externalguarantee,fundraisingetc.Allrulesarewellimplemented.Inthereportperiod,strictlyfollowingtherelevantprovisionsof“CompanyLaw”and“Regulations”,theshareholder’smeetingofourbankeffectivelyperformedthefunctions.Theboardofdirectorsistoberesponsiblefortheshareholder’smeeting,totaketheultimateresponsibilityforthebank’soperationandmanagementandtoconveneameetingaswellasperformingthefunctionandpoweraccordingtolegalprocedure.Inlinewiththeattitudewhichisresponsibleforallshareholdersandkeepinginclosecontactandcommunicationwiththeboardofdirectorsandthemanagement,theboardofsupervisorscarriesouttheassessmentworkondutyexercisingfortheboardofdirectorsandtheboardofsupervisors,effectivelyperformingfunctionsandobligationsofsupervision.Doesthereexistanydifferenceincompliancewiththecorporategovernance,thePRCCompanyLawandtherelevantprovisionsofCSRC,
□Yes√NoThereexistnodifferenceincompliancewiththecorporategovernance,thePRCCompanyLawandtherelevantprovisionsofCSRC.II.IndependenceandCompletenessinbusiness,personnel,assets,organizationandfinance
1.Independentbusiness
ThecompanymainlyengagedinbusinessisGuangfoExpressway,FokaiExpresswayandJingzhuExpresswayGuangzhusectionofthechargesandmaintenancework,investmentinscienceandtechnologyindustryandproviderelevantadvice.ithasinvestedinorholdsShenzhenHuiyanExpresswayCo.,Ltd.,GuanghuiExpresswayCo.,Ltd.,JiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoHighwayCo.,Ltd.,GanzhouKangdaExpresswayCo.,Ltd,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyPettyLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.,GuoyuanSecuritiesCo.,Ltd.andHunanLianzhiTechnologyCo.,Ltd.TheCompanyhasoutstandingmainoperation,independentandcompletebusinessandtheabilityofindependentoperation.AllbusinessdecisionsoftheCompanyweremadeindependently,beingcompletelyseparatedfromtheshareholderwithactualcontrol.Relatedtransactionswerecarriedoutinlightoftheprincipleoffairtransaction,whichdidnotharmtheinterestsoftheCompanyandothershareholdersoftheCompany.Thecontentofrelatedtransactionswasfully,timelyandaccuratelydisclosed,whichdidnothavenegativeinfluenceontheCompany.
2.CompleteassetsTherelationshipoftheCompany'spropertyrightisclear.TheassetsinjectedbyshareholdersintheCompanyareindependentandcompleteandhaveclearpropertyright.Allcapitalwaspaidupandrelevantformalitiesofpropertyrightchangeweresettled.
3.IndependentpersonnelAsforpersonnelrelationship,thegeneralmanager,deputygeneralmanagers,thesecretarytotheboardofdirectorsandfinancialcontrolleroftheCompanywerefull-timeemployeesandreceivedsalaryfromtheCompany,whodidnotconcurrentlyholdpositionsattheparentcompany.AlldirectorsandsupervisorsoftheCompanywereelectedthroughlegalprocedure.Thegeneralmanager,deputygeneralmanagers,chiefaccountant,chiefeconomicengineerandchiefengineerweredirectlyappointedbytheboardofdirectors.Othermanagerialpersonnelofalllevelsweredirectlyappointedbythegeneralmanager.TheCompanyownsindependentpowerofpersonnelappointmentandremoval.
4.IndependentfinanceTheCompany,includingsubsidiariesestablishedindependentaccountingdepartment，independentaccountingsystemandregulationsonfinancialmanagement.
TheCompanyindependentlyopenedbankaccountanddidnotdepositfundsintheaccountsofthefinancecompanyorsettlementcenterofthemajorityshareholder.TheCompanyindependentlypaidtax.TheCompany'sfinancialdecisionswereindependentlymade.Themajorityshareholderdidnotinterferewiththeuseoffundsbylistedcompanies.
5.IndependentorganizationTheboardofdirectors,thesupervisorycommitteeandotherinternalorgansoftheCompanyoperatedindependently.Itsorgansarecompleteandindependent.III.HorizontalCompetitions
□Applicable√Notapplicable
IV.AnnualGeneralMeetingandExtraordinaryShareholders’MeetingsintheReportingPeriod
1.AnnualGeneralMeeting
| Sessions | MeetingDate | Descriptionofproposals | Resolution | Disclosuredate | Disclosureindex |
| 2019Shareholders’generalmeeting | AnnualShareholders’GeneralMeeting | 67.90% | June29,2020 | June30,2020 | AnnouncementofResolutionsoftheshareholders'generalmeetingin2019.www.cninfo.com.cn |
| TheFirstprovisionalshareholders’Generalmeetingof2020 | Provisionalshareholders’Generalmeeting | 61.46% | November2,2020 | November3,2020 | AnnouncementofResolutionsoftheFirstprovisionalshareholders'generalmeetingof2020.www.cninfo.com.cn |
| TheSecondprovisionalshareholders’ | Provisionalshareholders’General | 63.68% | November25,2020 | November26,2020 | AnnouncementofResolutionsoftheSecondprovisionalshareholders'generalmeeting |
| Generalmeetingof2020 | meeting | of2020.www.cninfo.com.cn | |||
| TheThirdprovisionalshareholders’Generalmeetingof2020 | Provisionalshareholders’Generalmeeting | 70.97% | December15,2020 | December16,2020 | AnnouncementofResolutionsoftheThirdprovisionalshareholders'generalmeetingof2020.www.cninfo.com.cn |
2.Requestforextraordinarygeneralmeetingbypreferredstockholderswhosevotingrightsrestore
□Applicable√NotapplicableV.Responsibilityperformanceofindependentdirectorsinreportperiod
1.Theattendingofindependentdirectorstoboardmeetingsandshareholders’generalmeeting
| Theattendingofindependentdirectors | |||||||
| IndependentDirectors | NumberofBoardmeetingsnecessarytobeattendedinthereportingperiod | Numberofspotattendances | NumberofmeetingsattendedbyCommunication | Numberofattendancesbyrepresentative | Numberofabsence | Failuretopersonallyattendboardmeetingssuccessivelytwice(Yes/No) | Attendanceoftheshareholders'generalmeeting |
| GaoFangzhou | 11 | 0 | 11 | 0 | 0 | No | 4 |
| GuNaikang | 11 | 0 | 11 | 0 | 0 | No | 4 |
| LiuZhonghua | 11 | 0 | 11 | 0 | 0 | No | 4 |
| ZhangHua | 11 | 0 | 11 | 0 | 0 | No | 4 |
| ZengXiaoqing | 11 | 0 | 11 | 0 | 0 | No | 4 |
NotestofailuretopersonallyattendBoardMeetingsSuccessivelyTwice
None
2.ObjectionforrelevanteventsfromindependentdirectorsIndependentdirectorscomeupwithobjectionaboutCompany’srelevantmatters
□Yes√NoNoobjectionsarisingfromtheindependentdirectorsonrelevanteventsoftheCompanyduringthePeriod
3.OthernotestodutyperformanceofindependentdirectorsHasanindependentdirector’sadvicetotheCompanybeenaccepted
√Yes□No
Explanationonacceptanceoforfailuretoacceptanindependentdirector’sadvicetotheCompany.Independentdirectorsseriouslyexercisetherightsconferredbylaw,keepabreastofthecompany'sproductionandmanagementinformation,concernedaboutthecompany'scomprehensivedevelopment,activelyattendrelevantmeetingsheldbythecompanyin2020,publishedanindependentandobjectiveadviceonrelevantmattersforconsiderationbytheBoardofDirectorsoftheCompany.Faithfullyperformtheirduties,givefullplaytotheindependentroleoftheindependentdirectors,tosafeguardtheinterestsofthecompanyasawhole,andtosafeguardthelegitimaterightsandinterestsofallshareholders,especiallyminorityshareholders.Theadvicesonbusinessdevelopmentandcorporategovernancegivenbyindependentdirectorscanbeadopted.VI.DutyPerformanceofSpecialCommitteesundertheBoardofDirectorsintheReportingPeriod
1.Theboardofdirectorshasanauditcommitteecomposedofthreedirectors.i.e.,Mr.LiuZhonghua,Mr.ZhangHuaandMr.FangZhi（ResignedasDirectorandBoardofAuditorson21December）.Theparticularsoftheworkoftheauditcommitteeinthereportperiodareasfollows:
AccordingtotheRulesofProcedureofAuditCommitteeoftheBoardofDirectorsandWorkingRegulationsofAuditCommitteeoftheBoardofDirectorsonAnnualReportandtheworkrequirementsofCSRCandShenzhenStockExchangeonannualreportfor2019theauditcommitteecarriedoutaseriesofworkfortheannualauditoftheCompanyfor2019,includingdecidingtheworkingschedulefortheauditoffinancialreportforthereportyearafterconsultationwiththecertifiedpublicaccountantsincharge,reviewingthefinancialreportpreparedbytheCompanyandformingwrittenopinions,issuingtheUrgingLetterforAudittocertifiedpublicaccountantsandrequiringcertifiedpublicaccountantstocarryoutoverallworkplanforauditandsubmitrelevantprogressreporttotheauditcommittee,reviewingthefinancialreportfor2019submittedbytheFinanceDept.oftheCompany(onwhichthecertifiedpublicaccountantsinchargeofannualauditissuedstandardunqualifiedopinions)andgivingwrittenauditingopinions.
2.Theboardofdirectorshasaremunerationcommitteecomposedofthreedirectors,i.e.,Mr.BaoFangzhou,Mr.GuNaikangandMrHuangHai.Theparticularsoftheworkoftheremunerationcommitteeinthereportperiodareasfollows:
AccordingtotheCompany'sRegulationsonPerformanceAppraisalandRemunerationManagementofSeniorExecutives,theremunerationandappraisalcommitteeauditedtheremunerationdisclosedbytheCompany'sdirectors,supervisorsandseniorexecutivesfor2018andexpressedauditingopinionsandexaminedandadoptedtheremunerationschemeandappraisalschemeforseniorexecutivesoftheCompanyfor2019.
3.Inthereportperiod,Theboardofdirectorshasanstrategycommitteecomposedoffivedirectors.i.e.,Mr.ZhengRenfa,Mr.WangChunhua,Mr.BaoFangzhou,Mr.ZhangHuaandMs.ZengXiaoqing.StrategyCommitteewillstrengthenthecompany'sstrategicdirection,strategicplanning,research,andsupervisetheimplementationofcorporatestrategies,providetimelyadvicetotheBoarddecisionsonstrategicdevelopment.
4.TheboardofdirectorshassetupaRiskManagementCommitteecomposedofthreedirectors,includingchairmanMr.ZhengRenfa,membersMr.GuNaikangandMr.BaoFangzhou.TheRiskManagementCommitteewillworkinaccordancewiththeCompany'sMeasuresfortheManagementofRiskManagementandInternalControlandtheRulesofProcedureoftheRiskManagementCommitteeoftheBoardofDirectors.TheresultsoftheCompany'sannualriskassessmentwerereviewedandapproved.
VII.WorkofthesupervisoryCommitteeDidthesupervisoryCommitteefindanyriskexistinginperformingthesupervisionactivitiesinthereportingperiod
□Yes√NoThesupervisoryCommitteehasnoobjectionagainstanymattersundersupervisioninthereportingperiodVIII.AssessmentandincentiveMechanismforSeniorexecutivesTheCompanyimplementedpositionresponsibilitytoeveryseniormanagement,andmadeclearregulationsonjobstandards,appraisalstandards.Theseniormanagementstaffshallreporttoworkerrepresentativesandacceptcomments.IX.InternalControlI.Specificsituationsonmajordefectsofinternalcontroldiscoveredduringreportperiod
□Yes√NoII.Self-evaluationreportoninternalcontrol
| Disclosuredateofappraisalreportoninternalcontrol | March26,2021 |
| Disclosureindexofappraisalreportoninternalcontrol | www.cninfo.com.cn |
| Theratioofthetotalassetsofunitsincludedinthescopeofevaluationaccountingforthetotalassetsonthecompany'sconsolidatedfinancialstatements | 87.40% |
| Theratiooftheoperatingincomeofunitsincludedinthescopeofevaluationaccountingforthe | 57.36% |
| operatingincomeonthecompany'sconsolidatedfinancialstatements | ||
| StandardsofDefectsEvaluation | ||
| Type | FinancialReport | Non-financialReport |
| Qualitativestandard | ThequalitativecriteriafortheevaluationofinternalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Thefollowingsituations(includingbutnotlimitedto)shallbedeemedas“materialdeficiencies”intheinternalcontrolofthefinancialreport.(1)Therearemajorfraudsmadebythedirectors,orsupervisors,orseniormanagementpersonnelinthecompany’smanagementactivities;(2)Therearematerialmisstatementsinthecurrentfinancialreportbuttheinternalcontrolfailedtofindthemisstatementsduringitsoperation;(3)Thesupervisionsmadebythecompany'sauditcommitteeandtheinternalauditorganizationontheinternalcontrolareinvalid;(4)Thecontrolenvironmentisinvalid;(5)Thematerialdeficienciesfoundandreportedtothemanagementbutarenotcorrectedwithinareasonabletime;(6)Thereisanadministrativepunishmentfromthesecuritiesregulatoryinstitutionduetoaccountingerrors.Thefollowingsituations(includingbutnotlimitedto)shallbedeemedas“significantdeficiencies”intheinternalcontrolofthefinancialreportandthereareintensesignsforthesituationsbecoming“materialdeficiencies”:(1)Fraudsmadebystaffinkeypositions;(2)Thesupervisoryfunctiononcomplianceisinvalid,andtheviolationsofregulationsmayhaveasignificantimpactonthereliabilityofthefinancialreport;(3)Thesignificantdeficienciesreportedtothemanagementbutarenotcorrectedwithinareasonableperiod.Thefollowingsituations(includingbutnotlimitedto)shallbedeemedas | Thequalitativecriteriafortheevaluationofinternalcontroldeficienciesinnon-financialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:seriousviolationsandbeingsentencedtoheavyfinesorneedtakingcriminalresponsibility;utterlydisregardtherulesoflaw,illegalbehaviorsintheoperationandmanagementareparticularlysevereandthecircumstanceisverybad,whichleadstothesuspensionorcessationtothecompany'sdailyoperationandmanagementactivities,andleadstotheauditreportwithadisclaimerofopinionoranegativeopinionissuedbytheCPA;thenegativenewsspreadalloverthecountry,whichcausedseveredamagetothecompany’sreputation;resultedindeceaseofanumberofworkersorcitizens,orresultedindamagesthatareunabletorecovertoworkersorcitizens;reachedthecircumstance(gradeII)ofmajorenvironmentalevent.Significantdeficiencies:illegalandbeingpunished;disregardtherequirementsofthecompany’smanagementsystemandtherelevantrulesoflaw,thereareillegalactsofusingtheauthoritytoseekillegalinterestsinthework,whichsignificantlyaffecttheefficiencyandtheresultofdailyoperationandmanagementactivitiesandleadtotheauditreportwithqualifiedopinionissuedbytheCPA;thenegativenewsspreadinaregion,whichcausedthelarge-extentdamagetothecompany’sreputation;resultedindeceaseofaworkeroracitizen,orresultedindamagesthatneedlongtimetorecovertoworkersorcitizens;reachedthecircumstance(gradeⅢ)ofbigenvironmentalevent.Generaldeficiencies:minorviolations;theawarenessofmanagementunderincompliancewithlawsandregulationsisweak,lackingofbusinessand |
| “generaldeficiencies”intheinternalcontrolofthefinancialreport.(1)Fraudsmadebystaffinnonkeypositions,orbusinessoperatorsexecutetheimplementationproceduresnotstrictlyconformingtothecompany’spolicybutresultedinnosignificantimpactonthereliabilityofthefinancialreport.(2)Thesupervisoryfunctiononcomplianceisinvalid,andtheviolationsofregulationsmaynothaveasignificantimpactonthereliabilityofthefinancialreport;(3)Thegeneraldeficienciesreportedtothemanagementbutarenotcorrectedwithinareasonableperiod. | managementknowledge,andtherearephenomenasuchasbeingslackinperformingmanagementduties,beingpassiveandpoorlyexecutetheinstitutioninthework,whichshallaffecttheefficiencyandtheresultofdailyoperationandmanagementactivitiesandleadtosmalleffectstothecompany’smanagementgoal;thenegativenewsspreadwithinthecompany,whichcausedthelittle-extentdamagetothecompany’sreputation;shortlyaffectedthehealthoftheworkersorcitizensandtheworkersorcitizenscanberecoveredinashorttime;reachedthecircumstance(gradeⅣ)ofgeneralenvironmentalevent. | |
| StandardsofQuantization | ThequalitativecriteriafortheevaluationofinternalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:potentialmisstatement≧1%ofthetotalamountoftheowner’sequityorRMB200million;significantdeficiencies:0.5%ofthetotalamountoftheowner’sequityorRMB100million≤potentialmisstatement＜1%ofthetotalamountoftheowner’sequityorRMB200million;generaldeficiencies:potentialmisstatement＜0.5%ofthetotalamountoftheowner’sequityorRMB100millionStandardsofQuantization | ThequalitativecriteriafortheevaluationofinternalcontroldeficienciesinfinancialreportsconfirmedbytheCompanyisasfollows:Materialdeficiencies:potentialmisstatement≧1%ofthetotalamountoftheowner’sequityorRMB200million;significantdeficiencies:0.5%ofthetotalamountoftheowner’sequityorRMB100million≤potentialmisstatement＜1%ofthetotalamountoftheowner’sequityorRMB200million;generaldeficiencies:potentialmisstatement＜0.5%ofthetotalamountoftheowner’sequityorRMB100millionStandardsofQuantization |
| Numberofmajordefectsinfinancialreporting（a） | 0 | |
| Numberofmajordefectsinnonfinancialreporting(a) | 0 | |
| Numberofimportantdefectsinfinancialreporting（a） | 0 | |
| Numberofimportantdefectsinnonfinancialreporting（a） | 0 | |
X.InternalControlauditreport
√Applicable□Notapplicable
| Reviewopinionsintheinternalcontrolauditreport | |
| Inouropinion,GuangdongExpresswayhasmaintainedeffectivefinancialreportinternalcontrolinallmaterialaspectsaccordingtothebasicstandardsforEnterpriseinternalcontrolandrelevantregulationsendedDecember31,2020. | |
| Disclosureofinternalauditreport | Disclosure |
| Disclosuredateofauditreportofinternalcontrol(full-text) | March26,2021 |
| Disclosureindexofauditreportofinternalcontrol(full-text) | www.cninfo.com.cn |
| Internalauditreport’sopinion | Unqualifiedauditopinion |
| Non-financialreportingtheexistenceofsignificantdeficiencies | No |
HastheCPAsissuedaqualifiedauditor’sreportofinternalcontrol.
□Yes√NoDoestheinternalcontrolauditreportissuedbytheCPAsagreewiththeself-assessmentreportoftheBoardofDirectors
√Yes□No
XI.Corporationbonds
WhetherornottheCompanypublicofferingcorporationbondsinstockexchange,whichundueorwithoutpaymentinfullatmaturityontheapprovaldateforannualreportdisclosed
XII.FinancialReport
I.Auditreport
| Typeofauditopinion | StandardUnqualifiedauditopinion |
| Dateofsignatureofauditreport | March25，2021 |
| Nameofauditfirm | YongTuoCertifiedPublicAccountants(specialgeneralpartnership) |
Auditors’Report
ToallshareholdersofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.
I.OpinionWehaveauditedthefinancialstatementsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.(hereinafterreferredtoas"theCompany"),whichcomprisethebalancesheetasatDecember31,2020,andtheincomestatement,thestatementofcashflowsandthestatementofchangesinowners'equityfortheyearthenendedandnotestothefinancialstatements.
Inouropinion,theattachedfinancialstatementsareprepared,inallmaterialrespects,inaccordancewithAccountingStandardsforBusinessEnterprisesandpresentfairlythefinancialpositionoftheCompanyasatDecember31,2020anditsoperatingresultsandcashflowsfortheyearthenended.
II.BasisforOurOpinionWeconductedourauditinaccordancewiththeAuditingStandardsforCertifiedPublicAccountantsinChina.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor'sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.AccordingtotheCodeofEthicsforChineseCPA,weareindependentoftheCompanyinaccordancewiththeCodeofEthicsforChineseCPAandwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.
III.KeyAuditMatters
Keyauditmattersarethosemattersthat,inourprofessionaljudgment,wereofmostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.Wehaveidentifiedthefollowingitemsaskeyaudititemsthatneedtobecommunicatedintheauditreport.
(I)Depreciationoffixedassets
1.Itemdescription
Asmentionedin"ThisSectionV.17,FixedAssets"and"ThisSectionVII.12,FixedAssets",thebookvalueoftheGuangdongExpresswayattheendof2020wasRMB10,626,919,377.93,accountingfor53.81%oftheconsolidatedtotalassets;thedepreciationprovidedforthetollroadin2020wasRMB1,030,814,662.76,accountingfor62.01%oftheconsolidatedoperatingcosts.GuangdongExpresswaytollroadsaredepreciatedaccordingtothetrafficflowmethod,whichcalculatesdepreciationforthecurrentperiodbasedontheratioofthe
actualtrafficflowtotheexpectedtotalremainingtrafficflowduringtheoperatingperiod.TotaltrafficvolumeovertheoperatingperiodistheforecastoftotaltrafficvolumeovertheoperatingperiodofGDHCandisasignificantaccountingestimate.Therefore,wedeterminethepricinganddepreciationoftollroadsofGuangdongExpresswayCompanyasthekeyaudititems.In2019,GuangdongExpresswayhiredprofessionalorganizationstore-measurethetotaltrafficflowduringtheoperationperiodofFokaiExpresswayandGuangzhuSectionofJingzhuExpressway,andfromJanuary1,2020,andaccruethedepreciationofroadpropertyaccordingtothere-measuredtotaltrafficflowmeter,whichisanimportantchangeinaccountingestimation.Therefore,wedeterminedtheaccuracyofdepreciationofhighwaysandbridgesandthepricingofhighwaysandbridgesofGuangdongExpresswayCompanyaskeyaudititems.
2.AuditresponseInresponsetotheabovekeyauditmatter,wehaveimplementedthefollowingmainauditprocedures:
(1)Understand,evaluateandtesttheinternalcontrolofthemanagementoftheCompanyonthedailymanagementandaccountingtreatmentoftollroads;
(2)CheckwhethertheactualtrafficflowdataappliedbyGuangdongExpresswayCompanyinthedepreciationcalculationoftollroadsisconsistentwiththeactualtrafficflowdataobtainedbyGuangdongExpresswayCompanyfromexternalserviceunits;
(3)Evaluatetheindependenceandprofessionalcompetenceofthethird-partyorganizationemployedbytheCompanythatcarriesouttrafficflowforecast;
(4)Understandthemethodsusedintrafficflowforecastreportsissuedbythird-partyorganizationstoforecastthetrafficflowinthefuture,andevaluatethereliabilityoftrafficflowforecastreportsbycomparingthepredictedtrafficflowforthepastyearwiththeactualtrafficflowforthatperiod;
(5)Recalculatethedepreciationofroadsandbridgestoverifytheaccuracyofthedepreciationamountofroadsandbridgesinthefinancialstatements.(II)InvestmentequityItemdescriptionAsdescribedin"ThisSectionVII-9,Long-termequityinvestments",“ThisSectionVII-10,Investmentsinotherequityinstruments"and"ThisSectionVII-42,Investmentincome",thetotalyear-endequityinvestmentsofGuangdongExpresswayin2020amountedtoRMB4,119,396,693.89,ofwhichRMB2,382,381,165.60inlong-termequityinvestmentsandRMB1,737,015,528.29inotherequityinstrumentsaccountedfor20.86%ofthetotalconsolidatedassets,ofwhichRMB165,302,997.18intotalinvestmentincomefromequityinvestmentsin2020accountedfor12.12%oftheconsolidatednetprofitin2020.Equityinvestmentshaveasignificantimpactonthe2020financialstatements.
Therefore,wehavedeterminedtherecognitionandmeasurementofequityinvestmentofGuangdongExpresswayCompanyasthekeyauditmatter.
2.AuditresponseInresponsetotheabovekeyauditmatter,wehaveimplementedthefollowingmainauditprocedures:
(1)Obtaininvestmentagreement,articlesofassociationandotherdocumentsofequityinvestment,andunderstandthepurpose,businessmodelandcashflowcharacteristicsofinvestmentcontractofGuangdongExpresswayCompany;
(2)Throughexaminationofrelevantdocumentsandrecords,understandthejointcontrolormajorimpactofGuangdongExpresswayCompanyonthejointventurecompany,includingappointingrepresentativestotheboardofdirectorsofthejointventurecompanytoparticipateintheformulationoffinancialandoperatingpolicies;
(3)CommunicateanddiscusswiththemanagementofGuangdongExpresswayCompanytoevaluatetheactualimpactofGuangdongExpresswayCompanyonthemajordecisionsofthejointventurecompanyandrelatedoperations,andtoevaluatewhethertherehasbeenanysignificantchangecomparedwiththepreviousyear;
(4)Checktheauditreportoftheimportantjointventureandassociatecompany,andimplementon-siteauditproceduresfortheimportantfinancialstatementitemsoftheimportantjointventureandassociatecompanythathaveinfluenceontheequitymethodaccountingofGuangdongExpresswayCompany;implementreviewproceduresforthefinancialstatementsofotherjointventureandassociatecompany;
(5)PayattentiontowhethertherearedifferencesbetweentheaccountingpoliciesofjointventureandaffiliatedcompanyandGuangdongExpresswayCompany,andcheckwhethertheaccountingpoliciesofequitymethodofGuangdongExpresswayCompanyhavebeenadjusted;
(6)Recalculatetheaccuracyofequitymeasurement;
(III)Mergerandreorganization
1.ItemdescriptionGuangdongExpresswaypaidcashconsiderationtoGuangdongProvincialExpresswayCo.,Ltd.controlledbythesamegroup,toacquired21%equityofGuangdongGuanghuiExpresswayCo.,Ltd.soastoachievecontroloverit.Thisreorganizationresultedinachangeinthescopeofconsolidation,andadjustmentintherelateditemsinthecomparativestatementsaccordingtotheAccountingStandardsforBusinessEnterprises,whichhadasignificantimpactonthefinancialstatementsofGuangdongExpressway.
Therefore,weidentifiedthemergerandreorganizationofGuangdongExpresswayasakeyaudititem.
2.AuditresponseInresponsetotheabovekeyauditmatter,wehaveimplementedthefollowingmainauditprocedures:
(1)Obtainresolutionsofshareholders'meeting,boardofdirectorsandannouncementsrelatedtorestructuringtransactions,andrelevantimportantinternalapprovaldocumentsoftheCompany;
(2)Checktheequitypurchaseagreement,theapprovaldocumentsofrelevantdepartments,thetransferofequity,theamendmentstothearticlesofassociationoftheinvestee,etc.,andreviewthemanagement'sjudgmentonwhethertheequityisundercontrol;
(3)Obtainandreviewthefinancialstatementsandaccountingtreatmentoftheacquiredcompanyonthemergerday;
(4)Evaluatewhetherthedisclosureofthereorganizationmattersinthefinancialstatementsmeetsthedisclosurerequirementsofmajorassetreorganizationmatters.(IV)Compensationforlossduringepidemicpreventionandcontrol
1.ItemdescriptionAsstatedin"ThisSectionV-20,IntangibleAssets"and"ThisSectionVII-14,IntangibleAssets",accordingtotherelevantgovernmentdocuments,GuangdongExpresswayincludedtherelevantoperatingexpensesincurredduringtheepidemicpreventionandcontrolperiodfromFebruary17,2020toMay5,2020intothebookvalueofintangibleassets-tollroadfranchise,andbegantoamortizethenewlyaddedintangibleassets-tollroadfranchiseinMay2020accordingtothetrafficflowmethodduringtheremainingoperationperiod.Thetotalimpactontheconsolidatednetprofitin2020isRMB221,195,846.78,accountingfor16.21%oftheconsolidatednetprofitin2020.Thisaccountingtreatmenthasagreatimpactonthefinancialstatementsin2020.
Therefore,weidentifiedthelosscompensationtreatmentduringtheepidemicpreventionandcontrolperiod
ofGuangdongExpresswayasakeyaudititem.
2.Auditresponse
(1)Obtainandcheckgovernmentdocumentsrelatedtocompensationforepidemicpreventionandcontrollosses,andunderstandthepolicyofcompensationforepidemicpreventionandcontrollosses;
(2)Understandthescopeofthecollectionofepidemiclosses,andchecktheentrybasisofcontractsandinvoicesrelatedtolossesduringepidemicpreventionandcontroltoassesstheirauthenticityandaccuracy;
(3)Audittheaccountingtreatmentofcompensationforlossduetoepidemicpreventionandcontrol,andcheckwhethertheaccountingtreatmentmeetstherequirementsofaccountingstandardsforbusinessenterprises.IV.OtherMatterTheconsolidatedandcompanybalancesheetonDecember31,2019,theconsolidatedandcompanyincomestatement,theconsolidatedandcompanycashflowstatement,theconsolidatedandcompanyshareholders'equitystatementandthenotestotherelevantfinancialstatementswereauditedbyotheraccountingfirms,andanunqualifiedopinionwasissuedonApril3,2020.V.OtherinformationThemanagementofGuangdongExpresswayCompanyisresponsibleforotherinformation.Otherinformationincludestheinformationcoveredinthe2020annualreportofGuangdongExpresswayCompany,butdoesnotincludethefinancialstatementandourauditreport.Ourauditopiniononthefinancialstatementsdoesnotcoverotherinformation,andwedonotissueanyformofverificationconclusiononotherinformation.Incombinationwithourauditofthefinancialstatements,ourresponsibilityistoreadotherinformation,andconsiderinsuchprocesswhetherotherinformationismateriallyinconsistentwiththefinancialstatementsortheinformationwelearnedduringtheaudit,orwhetherthereappearstobeamaterialmisstatement.Basedontheworkthatwehavealreadyperformed,ifwedeterminethatotherinformationcontainsmaterialmisstatements,weshouldreportsuchfact.Inthisregard,wehavenothingtoreport.
VI.ResponsibilitiesofManagementandThoseChargedwithGovernancefortheFinancialStatementsTheCompany'smanagementisresponsibleforpreparingthefinancialstatementsinaccordancewiththerequirementsofAccountingStandardsforBusinessEnterprisestoachieveafairpresentation,andfordesigning,implementingandmaintaininginternalcontrolthatisnecessarytoensurethatthefinancialstatementsarefreefrommaterialmisstatements,whetherduetofraudsorerrors.Inpreparingthefinancialstatements,managementoftheCompanyisresponsibleforassessingtheCompany'sabilitytocontinueasagoingconcern,disclosingmattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessmanagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.ThosechargedwithgovernanceareresponsibleforoverseeingtheCompany'sfinancialreportingprocess.VII.Auditor'sResponsibilitiesfortheAuditoftheFinancialStatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor'sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewiththeauditstandardswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.
AspartofanauditinaccordancewithISAs,weexerciseprofessionaljudgmentandmaintainprofessionalscepticismthroughouttheaudit.Wealso:
(1)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,omissions,misrepresentations,ortheoverrideofinternalcontrol.
(2)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.
(3)EvaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebymanagementoftheCompany.
(4)ConcludeontheappropriatenessofusingthegoingconcernassumptionbythemanagementoftheCompany,andconclude,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany'sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor'sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor'sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.
(5)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,includingthedisclosures,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.
(6)ObtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheCompanytoexpressanopiniononthefinancialstatementsandbearallliabilityfortheopinion.Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditmatters,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor'sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.YongTuoCertifiedPublicAccountantsCo.,Ltd.(SpecialGeneralPartnership)CertifiedPublicAccountantofChina:LiJunjie(projectpartner)
CertifiedPublicAccountantofChina:ShiShaoyu
BeijingChinaMarch25,2021
II.FinancialstatementsCurrencyunitforthestatementsinthenotestothesefinancialstatements:RMB
1.ConsolidatedbalancesheetPreparedby:GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
December31,2020
InRMB
| Items | December31,2020 | December31,2019 |
| Currentasset： | ||
| Monetaryfund | 2,847,398,003.89 | 3,054,198,364.15 |
| Settlementprovision | ||
| Outgoingcallloan | ||
| Transactionalfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountreceivable | 168,907,517.56 | 177,099,124.09 |
| Financingofreceivables | ||
| Prepayments | 3,607,538.01 | 11,829,452.88 |
| Insurancereceivable | ||
| Reinsurancereceivable | ||
| ProvisionsofReinsurancecontractsreceivable | ||
| Otheraccountreceivable | 60,925,367.64 | 30,103,478.60 |
| Including：Interestreceivable | ||
| Dividendreceivable | 2,705,472.90 | 7,205,472.90 |
| Repurchasingoffinancialassets | ||
| Inventories | 53,761.06 | 111,683.22 |
| Contractassets | 5,452,813.90 | |
| Assetsheldforsales | ||
| Non-currentassetduewithin1year | 51,745.32 | 51,745.32 |
| Othercurrentasset | 27,051.69 | 196,576,603.21 |
| Totalofcurrentassets | 3,086,423,799.07 | 3,469,970,451.47 |
| Items | December31,2020 | December31,2019 |
| Non-currentassets： | ||
| Loansandpaymentonother’sbehalfdisbursed | ||
| Creditor'srightinvestment | ||
| Otherinvestmentonbonds | ||
| Long-termreceivable | ||
| Longtermshareequityinvestment | 2,382,381,165.60 | 2,207,266,324.84 |
| Otherequityinstrumentsinvestment | 1,737,015,528.29 | 1,835,822,604.77 |
| Othernon-currentfinancialassets | ||
| Propertyinvestment | 3,110,381.89 | 3,331,500.37 |
| Fixedassets | 11,540,075,929.69 | 12,460,188,469.66 |
| Constructioninprogress | 340,611,095.47 | 241,274,698.97 |
| Productionphysicalassets | ||
| Oil&gasassets | ||
| Userightassets | ||
| Intangibleassets | 302,381,356.52 | 8,762,039.52 |
| Developmentexpenses | ||
| Goodwill | ||
| Long-germexpensestobeamortized | 3,462,122.00 | 3,919,764.44 |
| Deferredincometaxasset | 330,755,418.39 | 385,494,106.13 |
| Othernon-currentasset | 22,361,861.19 | 50,909,325.73 |
| Totalofnon-currentassets | 16,662,154,859.04 | 17,196,968,834.43 |
| Totalofassets | 19,748,578,658.11 | 20,666,939,285.90 |
| Currentliabilities | ||
| Short-termloans | 200,192,500.00 | |
| LoanfromCentralBank | ||
| Borrowingfunds | ||
| Transactionalfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountpayable | 369,773,342.71 | 368,307,598.41 |
| Advancereceipts | 11,309,007.41 | 15,605,094.69 |
| Items | December31,2020 | December31,2019 |
| Contractliabilities | 309,734.51 | |
| Sellingofrepurchasedfinancialassets | ||
| Deposittakingandinterbankdeposit | ||
| Entrustedtradingofsecurities | ||
| Entrustedsellingofsecurities | ||
| Employees’wagepayable | 16,726,198.13 | 15,173,142.46 |
| Taxpayable | 217,748,392.78 | 175,201,627.19 |
| Otheraccountpayable | 1,512,619,359.78 | 474,689,554.26 |
| Including：Interestpayable | ||
| Dividendpayable | 22,262,804.39 | 20,020,119.31 |
| Feesandcommissionspayable | ||
| Reinsurancefeepayable | ||
| Liabilitiesheldforsales | ||
| Non-currentliabilityduewithin1year | 266,328,017.47 | 796,246,790.61 |
| Othercurrentliability | 648,581.64 | 1,246,636.74 |
| Totalofcurrentliability | 2,595,655,134.43 | 1,846,470,444.36 |
| Non-currentliabilities： | ||
| Reservefundforinsurancecontracts | ||
| Long-termloan | 4,977,438,800.00 | 4,926,015,000.00 |
| Bondpayable | 1,426,488,336.65 | 678,124,972.89 |
| Including：preferredstock | ||
| Sustainabledebt | ||
| Leaseliability | ||
| Long-termpayable | 40,406,172.37 | 39,369,379.91 |
| Long-termremunerationpayabletostaff | ||
| Expectedliabilities | ||
| Deferredincome | 89,170,569.64 | 51,000,000.00 |
| Deferredincometaxliability | 387,103,060.74 | 428,922,140.08 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 6,920,606,939.40 | 6,123,431,492.88 |
| Totalofliability | 9,516,262,073.83 | 7,969,901,937.24 |
| Items | December31,2020 | December31,2019 |
| Owners’equity | ||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
| Otherequityinstruments | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Capitalreserves | 645,969,210.48 | 3,094,017,129.31 |
| Less：Sharesinstock | ||
| Othercomprehensiveincome | 302,895,877.65 | 382,193,344.90 |
| Specialreserve | ||
| Surplusreserves | 1,167,785,965.63 | 1,074,553,052.81 |
| Commonriskprovision | ||
| Retainedprofit | 3,725,679,319.35 | 3,915,790,810.76 |
| Totalofowner’sequitybelongtotheparentcompany | 7,933,136,499.11 | 10,557,360,463.78 |
| Minorityshareholders’equity | 2,299,180,085.17 | 2,139,676,884.88 |
| Totalofowners’equity | 10,232,316,584.28 | 12,697,037,348.66 |
| Totalofliabilitiesandowners’equity | 19,748,578,658.11 | 20,666,939,285.90 |
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang
2.ParentCompanyBalanceSheet
InRMB
| Items | December31,2020 | December31,2019 |
| Currentasset： | ||
| Monetaryfund | 1,781,764,519.09 | 2,791,384,501.78 |
| Transactionalfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountreceivable | 27,004,827.41 | 21,864,051.27 |
| Financingofreceivables | ||
| Prepayments | 2,181,215.03 | 1,737,598.88 |
| Otheraccountreceivable | 54,148,114.53 | 13,435,651.19 |
| Including：Interestreceivable | ||
| Dividendreceivable | 2,705,472.90 | 7,205,472.90 |
| Inventories | ||
| Contractassets | ||
| Assetsheldforsales | ||
| Non-currentassetduewithin1year | 256,279,340.60 | 151,637,139.08 |
| Othercurrentasset | 27,051.69 | |
| Totalofcurrentassets | 2,121,405,068.35 | 2,980,058,942.20 |
| Non-currentassets： | ||
| Debtinvestment | 287,903,684.98 | 537,903,684.98 |
| Otherinvestmentonbonds | ||
| Long-termreceivable | ||
| Longtermshareequityinvestment | 5,529,362,536.53 | 4,789,404,907.17 |
| Otherequityinstrumentsinvestment | 1,737,015,528.29 | 1,835,822,604.77 |
| Othernon-currentfinancialassets | ||
| Propertyinvestment | 2,858,243.64 | 3,079,362.12 |
| Fixedassets | 6,245,462,940.39 | 6,818,701,482.08 |
| Constructioninprogress | 43,086,545.58 | 46,952,925.08 |
| Productionphysicalassets | ||
| Oil&gasassets | ||
| Userightassets | ||
| Intangibleassets | 150,582,241.22 | 2,533,878.12 |
| Items | December31,2020 | December31,2019 |
| Developmentexpenses | ||
| Goodwill | ||
| Long-germexpensestobeamortized | ||
| Deferredincometaxasset | 322,365,911.10 | 385,296,935.33 |
| Othernon-currentasset | 7,089,990.48 | 36,901,029.57 |
| Totalofnon-currentassets | 14,325,727,622.21 | 14,456,596,809.22 |
| Totalofassets | 16,447,132,690.56 | 17,436,655,751.42 |
| Currentliabilities | ||
| Short-termloans | 200,192,500.00 | |
| Transactionalfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountpayable | 105,919,984.52 | 129,930,285.56 |
| Advancereceipts | ||
| ContractLiabilities | ||
| Employees’wagepayable | 6,472,802.81 | 6,340,740.61 |
| Taxpayable | 9,165,801.86 | 8,704,510.83 |
| Otheraccountpayable | 1,431,814,861.38 | 582,131,356.01 |
| Including：Interestpayable | ||
| Dividendpayable | 22,262,804.39 | 20,020,119.31 |
| Liabilitiesheldforsales | ||
| Non-currentliabilityduewithin1year | 190,331,701.48 | 744,589,133.72 |
| Othercurrentliability | 539,618,124.00 | 821,133,339.57 |
| Totalofcurrentliability | 2,483,515,776.05 | 2,292,829,366.30 |
| Non-currentliabilities： | ||
| Long-termloan | 4,389,653,800.00 | 4,243,730,000.00 |
| Bondpayable | 1,426,488,336.65 | 678,124,972.89 |
| Including：preferredstock | ||
| Sustainabledebt | ||
| Leaseliability | ||
| Long-termpayable | 40,406,172.37 | 39,369,379.91 |
| Long-termremunerationpayabletostaff |
| Items | December31,2020 | December31,2019 |
| Expectedliabilities | ||
| Deferredincome | 13,403,327.12 | |
| Deferredincometaxliability | 105,636,866.50 | 129,978,356.56 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 5,975,588,502.64 | 5,091,202,709.36 |
| Totalofliability | 8,459,104,278.69 | 7,384,032,075.66 |
| Owners’equity | ||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
| Otherequityinstruments | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Capitalreserves | 938,969,546.79 | 2,974,458,696.93 |
| Less：Sharesinstock | ||
| Othercomprehensiveincome | 302,895,877.65 | 382,193,344.90 |
| Specialreserve | ||
| Surplusreserves | 987,813,698.07 | 894,580,785.25 |
| Retainedprofit | 3,667,543,163.36 | 3,710,584,722.68 |
| Totalofowners’equity | 7,988,028,411.87 | 10,052,623,675.76 |
| Totalofliabilitiesandowners’equity | 16,447,132,690.56 | 17,436,655,751.42 |
3.ConsolidatedIncomestatement
InRMB
| Items | Year2020 | Year2019 |
| I.Incomefromthekeybusiness | 3,790,348,876.26 | 4,999,016,766.74 |
| Incl：Businessincome | 3,790,348,876.26 | 4,999,016,766.74 |
| Interestincome | ||
| Insurancefeeearned | ||
| Feeandcommissionreceived | ||
| II.Totalbusinesscost | 2,106,157,423.78 | 2,392,975,172.99 |
| Incl：Businesscost | 1,662,223,696.13 | 1,924,477,933.90 |
| Interestexpense | ||
| Feeandcommissionpaid |
| Items | Year2020 | Year2019 |
| Insurancedischargepayment | ||
| Netclaimamountpaid | ||
| Netamountofwithdrawalofinsurancecontractreserve | ||
| Insurancepolicydividendpaid | ||
| Reinsuranceexpenses | ||
| Businesstaxandsurcharge | 23,401,929.49 | 25,405,367.63 |
| Salesexpense | ||
| Administrativeexpense | 203,945,119.58 | 218,914,654.80 |
| R&Dcosts | 404,303.70 | |
| Financialexpenses | 216,182,374.88 | 224,177,216.66 |
| Including：Interestexpense | 264,407,174.38 | 257,098,768.09 |
| Interestincome | 50,618,519.70 | 39,377,414.30 |
| Add:Otherincome | 12,819,409.84 | 1,740,540.05 |
| Investmentgain（“-”forloss） | 171,366,835.55 | 214,765,043.56 |
| Incl:investmentgainsfromaffiliates | 114,517,784.14 | 168,708,231.04 |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
| Gainsfromcurrencyexchange | ||
| Netexposurehedgingincome | ||
| Changingincomeoffairvalue | ||
| Creditimpairmentloss | -2,457,808.51 | -188,983.92 |
| Impairmentlossofassets | -1,231,918.94 | -7,238,195.84 |
| Assetsdisposalincome | 19,031,900.46 | |
| III.Operationalprofit（“-”forloss） | 1,864,687,970.42 | 2,834,151,898.06 |
| Add：Non-operationalincome | 11,749,841.36 | 8,832,100.71 |
| Less:Non-operatingexpense | 20,642,932.77 | 17,755,553.62 |
| IV.Totalprofit(“-”forloss) | 1,855,794,879.01 | 2,825,228,445.15 |
| Less：Incometaxexpenses | 491,409,872.94 | 673,785,022.80 |
| V.Netprofit | 1,364,385,006.07 | 2,151,443,422.35 |
| (I)Classificationbybusinesscontinuity | ||
| 1.Netcontinuingoperatingprofit | 1,364,385,006.07 | 2,151,443,422.35 |
| 2.Terminationofoperatingnetprofit | ||
| (II)Classificationbyownership |
| Items | Year2020 | Year2019 |
| 1.Netprofitattributabletotheownersofparentcompany | 867,842,774.78 | 1,469,187,067.83 |
| 2.Minorityshareholders’equity | 496,542,231.29 | 682,256,354.52 |
| VI.Netafter-taxofothercomprehensiveincome | -79,297,467.25 | 126,887,291.61 |
| Netofprofitofothercomprehensiveincomeattributabletoownersoftheparentcompany. | -79,297,467.25 | 126,887,291.61 |
| （I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | -74,105,307.36 | 125,273,257.68 |
| 1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
| 2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | ||
| 3.Changesinthefairvalueofinvestmentsinotherequityinstruments | -74,105,307.36 | 125,273,257.68 |
| 4.Changesinthefairvalueofthecompany’screditrisks | ||
| 5.Other | ||
| （II）Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss. | -5,192,159.89 | 1,614,033.93 |
| 1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | -5,192,159.89 | 1,614,033.93 |
| 2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
| 5.Reserveforcashflowhedges | ||
| 6.Translationdifferencesincurrencyfinancialstatements | ||
| 7.Other | ||
| NetofprofitofothercomprehensiveincomeattributabletoMinorityshareholders’equity | ||
| VII.Totalcomprehensiveincome | 1,285,087,538.82 | 2,278,330,713.96 |
| Totalcomprehensiveincomeattributabletotheowneroftheparentcompany | 788,545,307.53 | 1,596,074,359.44 |
| Items | Year2020 | Year2019 |
| Totalcomprehensiveincomeattributableminorityshareholders | 496,542,231.29 | 682,256,354.52 |
| VIII.Earningspershare | ||
| （I）Basicearningspershare | 0.4151 | 0.7027 |
| (II)Dilutedearningspershare | 0.4151 | 0.7027 |
Thecurrentbusinesscombinationundercommoncontrol,thenetprofitsofthecombinedpartybeforeachievednetprofitofRMB0.00,lastperiodthecombinedpartyrealizedRMB0.00.LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang
4.IncomestatementoftheParentCompany
InRMB
| Items | Year2020 | Year2019 |
| I.Incomefromthekeybusiness | 975,440,382.58 | 1,290,289,841.76 |
| Incl：Businesscost | 655,670,622.07 | 783,821,932.19 |
| Businesstaxandsurcharge | 8,077,542.21 | 7,618,743.78 |
| Salesexpense | ||
| Administrativeexpense | 111,210,597.86 | 118,364,771.13 |
| R&Dexpense | ||
| Financialexpenses | 208,439,841.94 | 198,989,995.09 |
| Including：Interestexpenses | 250,230,473.17 | 224,948,208.12 |
| Interestincome | 40,734,373.10 | 28,519,844.52 |
| Add：Otherincome | 3,249,141.80 | 483,367.72 |
| Investmentgain（“-”forloss） | 1,009,976,324.53 | 1,236,812,045.82 |
| Including:investmentgainsfromaffiliates | 343,597,391.91 | 469,503,736.12 |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
| Netexposurehedgingincome | ||
| Changingincomeoffairvalue | ||
| Creditimpairmentloss | -93,582.00 | |
| Impairmentlossofassets | -7,238,195.84 | |
| Assetsdisposalincome | 276,051.47 | |
| II.Operationalprofit（“-”forloss） | 1,005,173,662.83 | 1,411,827,668.74 |
| Add：Non-operationalincome | 3,221,547.75 | 1,856,765.81 |
| Less：Non-operationalexpenses | 12,774,779.05 | 1,427,763.63 |
| III.Totalprofit(“-”forloss) | 995,620,431.53 | 1,412,256,670.92 |
| Less：Incometaxexpenses | 63,291,303.29 | 62,031,595.44 |
| IV.Netprofit | 932,329,128.24 | 1,350,225,075.48 |
| 1.Netcontinuingoperatingprofit | 932,329,128.24 | 1,350,225,075.48 |
| 2.Terminationofoperatingnetprofit | ||
| V.Netafter-taxofothercomprehensiveincome | -79,297,467.25 | 126,887,291.61 |
| （I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | -74,105,307.36 | 125,273,257.68 |
| Items | Year2020 | Year2019 |
| 1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
| 2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | ||
| 3.Changesinthefairvalueofinvestmentsinotherequityinstruments | -74,105,307.36 | 125,273,257.68 |
| 4.Changesinthefairvalueofthecompany’screditrisks | ||
| 5.Other | ||
| (II)Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss | -5,192,159.89 | 1,614,033.93 |
| 1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | -5,192,159.89 | 1,614,033.93 |
| 2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
| 5.Reserveforcashflowhedges | ||
| 6.Translationdifferencesincurrencyfinancialstatements | ||
| 7.Other | ||
| VI.Totalcomprehensiveincome | 853,031,660.99 | 1,477,112,367.09 |
| VII.Earningspershare | ||
| （I）Basicearningspershare | ||
| (II)Dilutedearningspershare |
5.ConsolidatedCashflowstatement
InRMB
| Items | Year2020 | Year2019 |
| I.Cashflowsfromoperatingactivities | ||
| Cashreceivedfromsalesofgoodsorrendingofservices | 3,866,637,428.50 | 5,063,829,880.79 |
| Netincreaseofcustomerdepositsandcapitalkeptforbrothercompany |
| Items | Year2020 | Year2019 |
| Netincreaseofloansfromcentralbank | ||
| Netincreaseofinter-bankloansfromotherfinancialbodies | ||
| Cashreceivedagainstoriginalinsurancecontract | ||
| Netcashreceivedfromreinsurancebusiness | ||
| Netincreaseofclientdepositandinvestment | ||
| Cashreceivedfrominterest,commissionchargeandcommission | ||
| Netincreaseofinter-bankfundreceived | ||
| Netincreaseofrepurchasingbusiness | ||
| Netcashreceivedbyagentinsecuritiestrading | ||
| Taxreturned | ||
| Othercashreceivedfrombusinessoperation | 184,856,181.58 | 103,560,783.66 |
| Sub-totalofcashinflow | 4,051,493,610.08 | 5,167,390,664.45 |
| Cashpaidforpurchasingofmerchandiseandservices | 391,854,339.69 | 465,134,590.94 |
| Netincreaseofclienttradeandadvance | ||
| Netincreaseofsavingsincentralbankandbrothercompany | ||
| Cashpaidfororiginalcontractclaim | ||
| Netincreaseinfinancialassetsheldfortradingpurposes | ||
| NetincreaseforOutgoingcallloan | ||
| Cashpaidforinterest,processingfeeandcommission | ||
| Cashpaidtostaffsorpaidforstaffs | 384,566,222.40 | 468,448,589.84 |
| Taxespaid | 553,265,616.61 | 930,941,776.42 |
| Othercashpaidforbusinessactivities | 85,620,190.33 | 80,184,520.20 |
| Sub-totalofcashoutflowfrombusinessactivities | 1,415,306,369.03 | 1,944,709,477.40 |
| Netcashgeneratedfrom/usedinoperatingactivities | 2,636,187,241.05 | 3,222,681,187.05 |
| II.Cashflowgeneratedbyinvesting | ||
| Cashreceivedfrominvestmentretrieving | 210,000,000.00 | 192,500,000.00 |
| Cashreceivedasinvestmentgains | 162,479,782.83 | 156,977,952.83 |
| Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 68,875.00 | 20,064,135.00 |
| Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | ||
| Otherinvestment-relatedcashreceived | ||
| Sub-totalofcashinflowduetoinvestmentactivities | 372,548,657.83 | 369,542,087.83 |
| Cashpaidforconstructionoffixedassets,intangibleassetsand | 660,012,394.04 | 939,320,280.23 |
| Items | Year2020 | Year2019 |
| otherlong-termassets | ||
| Cashpaidasinvestment | 224,910,442.24 | 225,000,000.00 |
| Netincreaseofloanagainstpledge | ||
| Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
| Othercashpaidforinvestmentactivities | ||
| Sub-totalofcashoutflowduetoinvestmentactivities | 884,922,836.28 | 1,164,320,280.23 |
| Netcashflowgeneratedbyinvestment | -512,374,178.45 | -794,778,192.40 |
| III.Cashflowgeneratedbyfinancing | ||
| Cashreceivedasinvestment | ||
| Including:Cashreceivedasinvestmentfromminorshareholders | ||
| Cashreceivedasloans | 2,169,880,000.00 | 3,576,700,000.00 |
| Otherfinancing–relatedcashreceived | 89,083,500.00 | 85,985,000.00 |
| Sub-totalofcashinflowfromfinancingactivities | 2,258,963,500.00 | 3,662,685,000.00 |
| Cashtorepaydebts | 1,730,365,000.00 | 3,474,420,769.28 |
| Cashpaidasdividend,profit,orinterests | 1,588,108,152.77 | 2,305,707,953.35 |
| Including:Dividendandprofitpaidbysubsidiariestominorshareholders | 380,689,946.00 | 665,429,842.00 |
| Othercashpaidforfinancingactivities | 1,272,832,461.00 | 791,384.00 |
| Sub-totalofcashoutflowduetofinancingactivities | 4,591,305,613.77 | 5,780,920,106.63 |
| Netcashflowgeneratedbyfinancing | -2,332,342,113.77 | -2,118,235,106.63 |
| IV.Influenceofexchangeratealternationoncashandcashequivalents | 1,728,690.91 | -1,534,520.73 |
| V.Netincreaseofcashandcashequivalents | -206,800,360.26 | 308,133,367.29 |
| Add:balanceofcashandcashequivalentsatthebeginningofterm | 3,052,977,164.15 | 2,744,843,796.86 |
| VI..Balanceofcashandcashequivalentsattheendofterm | 2,846,176,803.89 | 3,052,977,164.15 |
6.CashFlowStatementoftheParentCompany
InRMB
| Items | Year2020 | Year2019 |
| I.Cashflowsfromoperatingactivities | ||
| Cashreceivedfromsalesofgoodsorrendingofservices | 993,839,736.20 | 1,319,322,493.90 |
| Taxreturned | ||
| Othercashreceivedfrombusinessoperation | 93,504,920.38 | 77,128,413.98 |
| Sub-totalofcashinflow | 1,087,344,656.58 | 1,396,450,907.88 |
| Items | Year2020 | Year2019 |
| Cashpaidforpurchasingofmerchandiseandservices | 103,008,692.77 | 127,357,495.28 |
| Cashpaidtostaffsorpaidforstaffs | 127,409,377.73 | 147,473,541.71 |
| Taxespaid | 38,537,660.12 | 49,562,069.12 |
| Othercashpaidforbusinessactivities | 345,450,155.26 | 235,160,213.53 |
| Sub-totalofcashoutflowfrombusinessactivities | 614,405,885.88 | 559,553,319.64 |
| Netcashgeneratedfrom/usedinoperatingactivities | 472,938,770.70 | 836,897,588.24 |
| II.Cashflowgeneratedbyinvesting | ||
| Cashreceivedfrominvestmentretrieving | 150,000,000.00 | 105,000,000.00 |
| Cashreceivedasinvestmentgains | 891,162,907.16 | 1,152,310,903.36 |
| Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 7,700.00 | 4,900.00 |
| Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | 4,694,628.72 | |
| Otherinvestment-relatedcashreceived | ||
| Sub-totalofcashinflowduetoinvestmentactivities | 1,045,865,235.88 | 1,257,315,803.36 |
| Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 270,834,718.98 | 704,297,796.17 |
| Cashpaidasinvestment | 1,486,620,726.24 | |
| Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
| Othercashpaidforinvestmentactivities | ||
| Sub-totalofcashoutflowduetoinvestmentactivities | 1,757,455,445.22 | 704,297,796.17 |
| Netcashflowgeneratedbyinvestment | -711,590,209.34 | 553,018,007.19 |
| III.Cashflowgeneratedbyfinancing | ||
| Cashreceivedasinvestment | ||
| Cashreceivedasloans | 1,809,290,000.00 | 3,290,000,000.00 |
| Otherfinancing–relatedashreceived | ||
| Sub-totalofcashinflowfromfinancingactivities | 1,809,290,000.00 | 3,290,000,000.00 |
| Cashtorepaydebts | 1,479,775,000.00 | 2,575,665,000.00 |
| Cashpaidasdividend,profit,orinterests | 1,101,090,057.96 | 1,407,137,756.96 |
| Othercashpaidforfinancingactivities | 1,122,177.00 | 791,384.00 |
| Sub-totalofcashoutflowduetofinancingactivities | 2,581,987,234.96 | 3,983,594,140.96 |
| Netcashflowgeneratedbyfinancing | -772,697,234.96 | -693,594,140.96 |
| IV.Influenceofexchangeratealternationoncashandcashequivalents | 1,728,690.91 | -1,534,520.73 |
| Items | Year2020 | Year2019 |
| V.Netincreaseofcashandcashequivalents | -1,009,619,982.69 | 694,786,933.74 |
| Add:balanceofcashandcashequivalentsatthebeginningofterm | 2,790,163,301.78 | 2,095,376,368.04 |
| VI..Balanceofcashandcashequivalentsattheendofterm | 1,780,543,319.09 | 2,790,163,301.78 |
7.ConsolidatedStatementonChangeinOwners’EquityAmountinthisperiod
InRMB
| Items | Year2020 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| I.Balanceattheendoflastyear | 2,090,806,126.00 | 3,094,017,129.31 | 382,193,344.90 | 1,074,553,052.81 | 3,915,790,810.76 | 10,557,360,463.78 | 2,139,676,884.88 | 12,697,037,348.66 | |||||||
| Add:Changeofaccountingpolicy | |||||||||||||||
| Correctingofpreviouserrors | |||||||||||||||
| Mergerofentitiesundercommoncontrol | |||||||||||||||
| Other | |||||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 3,094,017,129.31 | 382,193,344.90 | 1,074,553,052.81 | 3,915,790,810.76 | 10,557,360,463.78 | 2,139,676,884.88 | 12,697,037,348.66 | |||||||
| III.Changedinthecurrentyear | -2,448,047,918.83 | -79,297,467.25 | 93,232,912.82 | -190,111,491.41 | -2,624,223,964.67 | 159,503,200.29 | -2,464,720,764.38 | ||||||||
| （1）Totalcomprehensiveincome | -79,297,467.25 | 867,842,774.78 | 788,545,307.53 | 496,542,231.29 | 1,285,087,538.82 | ||||||||||
| （II）Investmentordecreasing | 45,432,5 | 45,432,585. | 43,650,915.00 | 89,083,500.00 | |||||||||||
| Items | Year2020 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| ofcapitalbyowners | 85.00 | 00 | |||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | |||||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | |||||||||||||||
| 3．Amountofsharespaidandaccountedasowners’equity | |||||||||||||||
| 4．Other | 45,432,585.00 | 45,432,585.00 | 43,650,915.00 | 89,083,500.00 | |||||||||||
| （III）Profitallotment | 93,232,912.82 | -1,057,954,266.19 | -964,721,353.37 | -380,689,946.00 | -1,345,411,299.37 | ||||||||||
| 1.Providingofsurplusreserves | 93,232,912.82 | -93,232,912.82 | |||||||||||||
| 2.Providingofcommonriskprovisions | |||||||||||||||
| 3．Allotmenttotheowners(orshareholders) | -882,320,185.17 | -882,320,185.17 | -380,689,946.00 | -1,263,010,131.17 | |||||||||||
| 4．Other | -82,401,168.2 | -82,401,168 | -82,401,168.20 | ||||||||||||
| Items | Year2020 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| 0 | .20 | ||||||||||||||
| (IV)Internaltransferringofowners’equity | |||||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | |||||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | |||||||||||||||
| 3．Makinguplossesbysurplusreserves. | |||||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | |||||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | |||||||||||||||
| 6．Other | |||||||||||||||
| (V).Specialreserves | |||||||||||||||
| 1.Providedthisyear | |||||||||||||||
| Items | Year2020 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| 2．Usedthisterm | |||||||||||||||
| （VI）Other | -2,493,480,503.83 | -2,493,480,503.83 | -2,493,480,503.83 | ||||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 645,969,210.48 | 302,895,877.65 | 1,167,785,965.63 | 3,725,679,319.35 | 7,933,136,499.11 | 2,299,180,085.17 | 10,232,316,584.28 | |||||||
Amountinlastyear
| Items | Year2019 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| I.Balanceattheendoflastyear | 2,090,806,126.00 | 2,536,774,965.31 | 245,109,114.81 | 775,402,561.35 | 3,938,609,136.59 | 9,586,701,904.06 | 459,599,723.87 | 10,046,301,627.93 | |||||||
| Add:Changeofaccountingpolicy | 10,196,938.48 | -9,749,843.30 | 447,095.18 | 447,095.18 | |||||||||||
| Correctingofpreviouserrors | |||||||||||||||
| Mergerofentitiesundercommoncontrol | 513,389,814.00 | 164,127,983.91 | 17,247,058.59 | 694,764,856.50 | 1,621,117,998.50 | 2,315,882,855.00 | |||||||||
| Other | |||||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 3,050,164,779.31 | 255,306,053.29 | 939,530,545.26 | 3,946,106,351.88 | 10,281,913,855.74 | 2,080,717,722.37 | 12,362,631,578.11 | |||||||
| III.Changedinthecurrentyear | 43,852,350.00 | 126,887,291.61 | 135,022,507.55 | -30,315,541.12 | 275,446,608.04 | 58,959,162.51 | 334,405,770.55 | ||||||||
| （1）Totalcomprehensiveincome | 126,887,291.61 | 1,469,187,067.83 | 1,596,074,359.44 | 682,256,354.52 | 2,278,330,713.96 | ||||||||||
| （II）Investmentordecreasingofcapitalbyowners | 43,852,350.00 | 43,852,350.00 | 42,132,650.00 | 85,985,000.00 | |||||||||||
| 1．OrdinarySharesinvestedbyshareholders | ||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | ||||||||||
| 3．Amountofsharespaidandaccountedasowners’equity | ||||||||||
| 4．Other | 43,852,350.00 | 43,852,350.00 | 42,132,650.00 | 85,985,000.00 | ||||||
| （III）Profitallotment | 135,022,507.55 | -1,499,502,608.95 | -1,364,480,101.40 | -665,429,842.01 | -2,029,909,943.41 | |||||
| 1.Providingofsurplusreserves | 135,022,507.55 | -135,022,507.55 | ||||||||
| 2.Providingofcommonriskprovisions | ||||||||||
| 3．Allotmenttotheowners(orshareholders) | -1,175,033,042.81 | -1,175,033,042.81 | -665,429,842.01 | -1,840,462,884.82 | ||||||
| 4．Other | -189,447,058.59 | -189,447,058.59 | -189,447,058.59 | |||||||
| (IV)Internaltransferringofowners’equity | ||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | ||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | ||||||||||
| 3．Makinguplossesbysurplusreserves. |
InRMB
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | |||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | |||||||||||||
| 6．Other | |||||||||||||
| (V).Specialreserves | |||||||||||||
| 1.Providedthisyear | |||||||||||||
| 2．Usedthisterm | |||||||||||||
| （VI）Other | |||||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 3,094,017,129.31 | 382,193,344.90 | 1,074,553,052.81 | 3,915,790,810.76 | 10,557,360,463.78 | 2,139,676,884.88 | 12,697,037,348.66 |
8.Statementofchangeinowner’sEquityoftheParentCompanyAmountinthisperiod
InRMB
| Items | Year2020 | |||||||||||
| Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| I.Balanceattheendoflastyear | 2,090,806,126.00 | 2,974,458,696.93 | 382,193,344.90 | 894,580,785.25 | 3,710,584,722.68 | 10,052,623,675.76 | ||||||
| Add:Changeofaccountingpolicy | ||||||||||||
| Correctingofpreviouserrors | ||||||||||||
| Other | ||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 2,974,458,696.93 | 382,193,344.90 | 894,580,785.25 | 3,710,584,722.68 | 10,052,623,675.76 | ||||||
| III.Changedinthecurrentyear | -2,035,489,150.14 | -79,297,467.25 | 93,232,912.82 | -43,041,559.32 | -2,064,595,263.89 | |||||||
| （I）Totalcomprehensiveincome | -79,297,467.25 | 932,329,128.24 | 853,031,660.99 | |||||||||
| (II)Investmentordecreasingofcapitalbyowners | 26,725,050.00 | -2,035,489,150.14 | ||||||||||
| 1．OrdinarySharesinvestedbyshareholders | ||||||||||||
| Items | Year2020 | |||||||||||
| Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | ||||||||||||
| 3.Amountofsharespaidandaccountedasowners’equity | ||||||||||||
| 4．Other | 26,725,050.00 | -2,035,489,150.14 | ||||||||||
| （III）Profitallotment | 93,232,912.82 | -975,553,097.99 | -882,320,185.17 | |||||||||
| 1.Providingofsurplusreserves | 93,232,912.82 | -93,232,912.82 | ||||||||||
| 2．Allotmenttotheowners(orshareholders) | -882,320,185.17 | -882,320,185.17 | ||||||||||
| 3．Other | ||||||||||||
| (IV)Internaltransferringofowners’equity | 182,410.43 | 182,410.43 | ||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | ||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | ||||||||||||
| 3．Makinguplossesbysurplusreserves. | ||||||||||||
| Items | Year2020 | |||||||||||
| Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | ||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | ||||||||||||
| 6．Other | 182,410.43 | 182,410.43 | ||||||||||
| (V)Specialreserves | ||||||||||||
| 1.Providedthisyear | ||||||||||||
| 2．Usedthisterm | ||||||||||||
| （VI）Other | -2,062,214,200.14 | |||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 938,969,546.79 | 302,895,877.65 | 987,813,698.07 | 3,667,543,163.36 | 7,988,028,411.87 | ||||||
Amountinlastyear
InRMB
| Items | Year2019 | |||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| I.Balanceattheendoflastyear | 2,090,806,126.00 | 2,948,663,196.93 | 245,109,114.81 | 759,558,277.70 | 3,680,165,040.86 | 9,724,301,756.30 | ||||||
| Add:Changeofaccountingpolicy | 10,196,938.48 | -9,749,843.30 | 447,095.18 | |||||||||
| Correctingofpreviouserrors | ||||||||||||
| Other | ||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 2,948,663,196.93 | 255,306,053.29 | 759,558,277.70 | 3,670,415,197.56 | 9,724,748,851.48 | ||||||
| III.Changedinthecurrentyear | 25,795,500.00 | 126,887,291.61 | 135,022,507.55 | 40,169,525.12 | 327,874,824.28 | |||||||
| （I）Totalcomprehensiveincome | 126,887,291.61 | 1,350,225,075.48 | 1,477,112,367.09 | |||||||||
| (II)Investmentordecreasingofcapitalbyowners | 25,795,500.00 | 25,795,500.00 | ||||||||||
| 1．OrdinarySharesinvestedbyshareholders | ||||||||||||
| 2．Holdersofotherequityinstru | ||||||||||||
| Items | Year2019 | |||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| mentsinvestedcapital | ||||||||||||
| 3.Amountofsharespaidandaccountedasowners’equity | ||||||||||||
| 4．Other | 25,795,500.00 | 25,795,500.00 | ||||||||||
| （III）Profitallotment | 135,022,507.55 | -1,310,055,550.36 | -1,175,033,042.81 | |||||||||
| 1.Providingofsurplusreserves | 135,022,507.55 | -135,022,507.55 | ||||||||||
| 2．Allotmenttotheowners(orshareholders) | -1,175,033,042.81 | -1,175,033,042.81 | ||||||||||
| 3．Other | ||||||||||||
| (IV)Internaltransferringofowners’equity | ||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | ||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | ||||||||||||
| 3．Makinguplossesbysurplus | ||||||||||||
| Items | Year2019 | |||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| reserves. | ||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | ||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | ||||||||||||
| 6．Other | ||||||||||||
| (V)Specialreserves | ||||||||||||
| 1.Providedthisyear | ||||||||||||
| 2．Usedthisterm | ||||||||||||
| （VI）Other | ||||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 2,974,458,696.93 | 382,193,344.90 | 894,580,785.25 | 3,710,584,722.68 | 10,052,623,675.76 | ||||||
III.CompanyProfile
1.BasicinformationoftheIPOandsharecapitalofthecompany
1.TheCompanywasestablishedinFebruary1993,whichwasoriginallynamedasGuangdongFokaiExpresswayCo.,Ltd.OnJune30,1993,itwasrenamedasGuangdongProvincialExpresswayDevelopmentCo.,Ltd.afterreorganizationpursuanttotheapprovaloftheOfficeofJointExaminationGroupofExperimentalUnitsofShareHoldingSystemwithYLSB(1993)No.68document.Thesharecapitalstructureafterreorganizationisasfollows:
Compositionofstate-ownedshares:Theappraisednetvalueofstate-ownedassetsofGuangdongJiujiangBridgeCo.andGuangfoExpresswayCo.,Ltd.asofJanuary31,1993confirmedbyGuangdongState-ownedAssetManagementDept.,i.e.,RMB418.2136million,wasconvertedinto155.025millionshares.GuangdongExpresswayCo.investedcashofRMB115milliontosubscribefor35.9375millionshares.OtherlegalpersonsinvestedcashofRMB286.992milliontosubscribefor89.685millionshares.StaffoftheCompanyinvestedRMB87.008milliontosubscribefor27.19millionshares.ThetotalisRMB307.8375millionshares.2．PursuanttotheapprovalofGuangdongEconomicSystemReformCommitteeandGuangdongSecuritiesRegulatoryCommissionwithYTG(1996)No.67document,partoftheshareholdersofnon-state-ownedlegalpersonsharestransferred20millionnon-state-ownedlegalpersonsharestoMalaysiaYibaoEngineeringCo.,Ltd.inJune1996.
3.PursuanttotheapprovalofSecuritiesCommissionundertheStateCouncilwithWF(1996)No.24approvaldocumentandthatofGuangdongEconomicSystemReformCommitteewithYTG(1996)No.68document,theCompanyissued135milliondomesticallylistedforeigninvestmentshares(Bshares)tooverseasinvestorsatthepriceofHKD3.54(equivalenttoRMB3.8)withtheparvalueofeachsharebeingRMB1duringJunetoJuly1996.
4.PursuanttothereplyoftheMinistryofForeignTradeandEconomicCooperationofthePeople’sRepublicofChinawith(1996)WJMZYHZNo.606document,theCompanywasapprovedtobeaforeign-investedjointstockcompanylimited.5．TheCompanydistributeddividendsandcapitalizedcapitalcommonreservefortheyear1996inthefollowingmanner:TheCompanypaid1.7bonussharesforeach10sharesandcapitalizedcapitalcommonreserveon
3.3-for-10basis.
6.PursuanttotheapprovalofChinaSecuritiesRegulatoryCommittee(CSRC)withZJFZ(1997)No.486andNo.487document,theCompanyissued100millionpublicshares(Ashares)atthepriceofRMB5.41intermof“payableinfullonapplication,pro-rateplacingandsubjecttorefund”withtheparvalueofeachsharebeingRMB1inJanuary1998.7．InaccordancewiththeResolutionsofthe1999Shareholders’GeneralMeetingoftheCompanyandpursuanttotheapprovalofGuangzhouSecuritiesRegulatoryOfficeunderCSRCwithGZZJH(2000)No.99andthatofCSRCwithZJGSZ(2000)No.98,theCompanyoffered3Rightsforevery10sharesof764.256249millionsharesatthepriceofRMB11perRight.73,822,250ordinaryshareswereactuallyplacedtoall.
8.PursuanttothereplyoftheGeneralOfficeofthePeople’sGovernmentofGuangdongProvincewithYBH(2000)No.574document,thestate-ownedsharesweretransferredtoGuangdongCommunicationGroupCo.,Ltd.(GroupCo.)forholdingandmanagementwithoutcompensation.
9.PursuanttotheapprovalofShenzhenStockExchange,53.0205millionstaffsharesoftheCompany(132,722sharesheldbydirectors,supervisorsandseniorexecutivesaretemporarilyfrozen)werelistedonFebruary5,2001.
10.Inaccordancewiththeresolutionsof2000annualshareholders’generalmeeting,theCompanycapitalizedcapitalcommonreserveinto419,039,249shareson5-for-10basiswiththetotalsharecapitalasoftheendof2000,i.e.,838,078,499sharesasbase.ThedateofstockrightregistrationwasMay21,2001.Theex-rightdatewasMay22,2001.11．OnMarch8,2004,AsapprovedbyChinaSecuritiesRegulatoryCommissionbydocumentZheng-Jian-Gong-Si-Zi[2003]No.3,the45,000,000non-negotiableforeignshareswereplacedinShenzhenStock
12.OnDecember21,2005,theCompany'splanforshareholdingstructurereformwasvotedthroughattheshareholders'meetingconcerningAshares.OnJanuary262006,TheMinistryofCommerceofPRCissued“TheapprovalonshareconvertingofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.”toapprovetheshareequityrelocationandtransformation.OnOctober92006,accordingtothe“Circularaboutimplementingofshareequityrelocationandrelativetrading”issuedbyShenzhenStockExchange,theabbreviationIDoftheCompany’sAshareswasrestoredfrom“G-Expressway”“ExpresswayA”.
13.UpontheapprovaldocumentofCSRCNo.230-2016ZhengJianXuke-ApprovaloftheShare-IssuingtoPartiessuchasGuangdongProvincialExpresswayCo.,LtdtoPurchaseAssetsandRaiseMatchingFundsbyGuangdongProvincialExpresswayDevelopmentCo.,Ltd,inJune2016thecompanyissued33,355,263sharesandpaidRMB803.50milliontoGuangdongProvincialExpresswayCo.,Ltdforpurchasingthe25%stakeofGuangdongProvincialFokaiExpresswayCo.,LtdheldbyGuangdongProvincialExpresswayCo.,Ltd;andissued466,325,020sharestoGuangdongProvincialHighwayConstructionCo.,Ltdforpurchasingthe100%stakeofGuangzhouGuangzhuTrafficInvestmentManagementCo.,LtdheldbyGuangdongProvincialHighwayConstructionCo.,Ltd.OnJune21,2016,thecompanydirectionallyissued334,008,095A-sharestoYadongFuxingYalianInvestmentCo.,Ltd,TibetYinyueInvestmentManagementCo.,LtdandGuangfaSecuritiesCo.,Ltd.TheissuanceofshareshavebeenregisteredonJuly7,2016,thenewshareswillbelistedonJuly8,2016.
2.Company'sregisteredplaceandheadquartersaddressCompanyname：GuangdongProvincialExpresswayDevelopmentCo.,Ltd.RegistrationplaceNo.85,BaiyunRoad,YuexiuDistrict,Guangzhou.HeadquartersOffice：45-46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou
3.BusinessnatureandmainbusinessactivitiesIndustryandmainproductsofthecompany:highwaymanagementandmaintenance.
Generalbusinessitems:investment,construction,charging,maintenanceandservicemanagementofexpressways,graderoadsandbridges;Automobilerescueservice,maintenanceandcleaning;Parkinglotcharges;Design,production,releaseandagencyofallkindsofadvertisementsathomeandabroad;Landdevelopmentalongthehighway;Warehousingbusiness;Intelligenttransportationtechnologyresearchanddevelopmentandservice;Equityinvestment,managementandconsultation.(Projectsthatmustbeapprovedaccordingtolawcanbeoperatedonlyafterbeingapprovedbyrelevantdepartments).TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpresswayandJingzhuExpresswayGuangzhuSection,investmentintechnologicalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhen
HuiyanExpresswayCo.,Ltd.,GuangzhouGuanghuiExpresswayCo.,Ltd.,JingzhuExpresswayGuangzhuCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyMicroLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.，GuoyuanSecuritiesCo.,Ltd.andHunanLianzhiTechnologyCo.,Ltd.
4.Scopeandchangesofconsolidatedfinancialstatementsinthecurrentperiod
(1)ScopeofcurrentconsolidatedfinancialstatementsTheconsolidatedscopeofthecurrentfinancialstatementsinvovlesGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,GuangzhouGuangzhuTransportationInvestmentManagementCo.,Ltd.,YuegaoCapitalInvestment(Hengqin)Co.,Ltd.,itsholdingsubsidiariesGuangfoExpresswayCo.,Ltd.，JingzhuExpresswayGuangzhuSectionCo.,Ltd.andGuangdongGuanghuiExpresswayCo.,Ltd..
Thesubsidiariesnewlyincludedintheconsolidationscopeinthisperiodinclude:subsidiariesacquiredbybusinesscombinationunderthesamecontrol:GuangdongGuanghuiExpresswayCo.,Ltd..Inthisperiod,duetoabsorptionandcombination,thesubsidiariesthatarenolongercombinedinclude:
GuangzhouGuangzhuTransportationInvestmentManagementCo.,Ltd.
5.ApprovalandsubmissiondateoffinancialreportThefinancialstatementshavebeenauthorizedforissuancebythe16thmeetingoftheNinthBoardofDirectorsoftheCompanyonMarch25,2021.IV.Basisforthepreparationoffinancialstatements
1.Preparationbasis
ThefinancialstatementsoftheCompanyhavebeenpreparedonbasisofgoingconcerninconformitywithChineseAccountingStandardsforBusinessEnterprisesandtheAccountingSystemsforBusinessEnterprisesissuedbytheMinistryofFinanceofPeople’sRepublicofChina(MinistryofFinanceissuedorderNo.33,theMinistryofFinancerevisedorderNo.76)onFebruary15,2006,andrevisedAccountingStandards(order42oftheMinistryofFinance)andCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15–GeneralProvisionsonFinancialReports(2014Revision)issuedbytheChinaSecuritiesRegulatoryCommission(CSRC).
AccordingtotherelevantaccountingregulationsinChineseAccountingStandardsforBusinessEnterprises,theCompanyhasadoptedtheaccrualbasisofaccounting.Held-for-salenon-currentassetsaremeasuredatthelowerofitsbookvalueatitsclassificationdateandfairvalueminusexpecteddisposalcosts.Whereassetsareimpaired,provisionsforassetimpairmentaremadeinaccordancewithrelevantrequirements
2.Continuation
Therewillbenosucheventsorsituationsinthe12monthsfromtheendofthereportingperiodthatwillcausematerialdoubtsastothecontinuationcapabilityoftheCompany.V.SignificantAccountingPoliciesandAccountingEstimatesSpecificaccountingpoliciesandaccountingestimatesareindicatedasfollows:
Accordingtotheactualproductionandoperationcharacteristicsandtheprovisionsofrelevantaccountingstandardsforenterprises,theGrouphasformulatedanumberofspecificaccountingpoliciesandaccounting
estimatesforrevenuerecognitionandothertransactionsandevents.Fordetails,see"25,Revenue"inVofthissection.Pleasereferto"32,SignificantAccountingJudgmentsandEstimates"inVofthissectionforexplanationsofsignificantaccountingjudgementsandestimatesmadebymanagement.
1.StatementofCompliancewiththeAccountingStandardsforBusinessEnterprises
ThefinancialstatementsoftheCompanyarerecognizedandmeasuredinaccordancewiththeregulationsintheChineseAccountingStandardsforBusinessEnterprisesandtheygiveatrueandfairviewofthefinancialposition,businessresultandcashflowoftheCompanyasofDecember31,2020andyear2020,.Inaddition,thefinancialstatementsoftheCompanycomply,inallmaterialrespects,withthereviseddisclosingrequirementsforfinancialstatementsandtheCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15—GeneralProvisionsonFinancialReports(2014Revision)issuedbyChinaSecuritiesRegulatoryCommission(CSRC).
2.Accountingperiod
TheaccountingperiodoftheCompanyisclassifiedasinterimperiodandannualperiod.Interimperiodreferstothereportingperiodshorterthanacompleteannualperiod.TheaccountingperiodoftheCompanyisthecalendaryearfromJanuary1toDecember31.
3.OperatingcycleThenormaloperatingcyclereferstotheperiodfromthetimewhentheGrouppurchasesassetsforprocessingtothetimewhencashorcashequivalentsarerealized.TheCompanytakes12monthsasabusinesscycleandusesitasacriterionforliquidityclassificationofassetsandliabilities.
4.Standardcurrencyforbookkeeping
TheCompanyadoptsCNYtoprepareitsfunctionalstatements.
5.AccountingsforBusinessCombinationsundertheSameControl&BusinessCombinationsnotundertheSameControl
1.BusinessCombinationsundertheSameControl
Ifbusinessparticipatinginthecombinationareultimatelycontrolledbythesamepartyorpartiesbeforeandafterthecombination,andthecontrolisnottemporary,itisanbusinesscombinationunderthesamecontrol.Usually,businesscombinationunderthesamecontrolreferstothecombinationbetweenbusinesswithinthesamebusiness,exceptwhichitisgenerallynotregardedasbusinesscombinationunderthesamecontrol.
TheassetsandliabilitiesobtainedbytheCompanyasthecombiningpartyinthebusinesscombinationshallbemeasuredaccordingtothebookvalueofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthecombinationdate.Forthelong-termequityinvestmentformedbyholdingcombinationunderthesamecontrol,thecompanytakestheshareofthebookowner'sequityofthecombinedpartyonthecombinationdateastheinitialinvestmentcostforformingthelong-termequityinvestment.Seethelong-termequityinvestmentforrelevantaccountingtreatment;TheassetsandliabilitiesobtainedbyabsorptionandcombinationunderthesamecontrolshallberecordedbytheCompanyaccordingtotheoriginalbookvalueoftherelatedassetsandliabilitiesinthecombinedparty.Thecompanyadjuststhecapitalreserveaccordingtothedifferencebetweenthebookvalueofthenetassetsobtainedandthebookvalueofthecombinationconsideration
paid(orthetotalparvalueoftheissuedshares);Ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.AlldirectlyrelatedexpensesincurredbytheCompanyasacombiningpartyforbusinesscombination,includingauditfees,evaluationfees,legalservicefees,etc.,areincludedinthecurrentprofitsandlosseswhenincurred.Feesandcommissionspaidforbondsissuedbyenterprisesorotherdebtsshallbeincludedintheinitialmeasurementamountofbondsandotherdebtsissued.Fees,commissionsandotherexpensesincurredinissuingequitysecuritiesinbusinesscombinationshallbeoffsetagainstthepremiumincomeofequitysecurities,andifthepremiumincomeisinsufficienttooffset,theretainedearningsshallbeoffset.Iftheholdingunderthesamecontroliscombinedtoformaparent-subsidiaryrelationship,theparentcompanyshallprepareconsolidatedfinancialstatementsontheconsolidationdate,includingconsolidatedbalancesheet,consolidatedincomestatementandconsolidatedcashflowstatement.
Fortheconsolidatedbalancesheet,thebookvalueofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyshallbeincorporatedintotheconsolidatedfinancialstatements,andthetransactionsbetweenthecombiningpartyandthecombinedpartyontheconsolidationdateandthepreviousperiodshallberegardedasinternaltransactionsandoffsetaccordingtotherelevantprinciplesof"ConsolidatedFinancialStatements";Theconsolidatedincomestatementandcashflowstatementincludethenetprofitandcashflowrealizedbythecombiningpartyandthecombinedpartyfromthebeginningofthecurrentconsolidationperiodtotheconsolidationdate,andinvolvethecashflowgeneratedbythetransactionsandinternaltransactionsbetweenthetwopartiesinthecurrentperiod,whichshallbeoffsetaccordingtotherelevantprinciplesoftheconsolidatedfinancialstatements.
2.Ifthepartiesinvolvedinthecombinationarenotultimatelycontrolledbythesamepartyorpartiesbeforeandafterthecombination,itisabusinesscombinationnotunderthesamecontrol.BusinessCombinationsnotundertheSameControl
Determinethecostofbusinesscombination:thecostofbusinesscombinationincludesthefairvalueofcashornon-cashassetspaidbythepurchaserforbusinesscombination,debtsissuedorassumed,andequitysecuritiesissuedonthepurchasedate.
Inthebusinesscombinationnotunderthesamecontrol,theintermediaryexpensessuchasauditing,legalservices,evaluationandconsultationandotherrelatedmanagementexpensesincurredbythepurchaserforthebusinesscombinationshallbeincludedinthecurrentprofitsandlosseswhentheyoccur;Transactioncostsofequitysecuritiesordebtsecuritiesissuedbythepurchaserascombinationconsiderationshallbeincludedintheinitialrecognizedamountofequitysecuritiesordebtsecurities.
Forthelong-termequityinvestmentobtainedbyholdingcombinationnotunderthesamecontrol,thecompanytakesthecombinationcostdeterminedonthepurchasedate(excludingcashdividendsandprofitsthatshouldbecollectedfromtheinvestee)astheinitialinvestmentcostforthelong-termequityinvestmentofthepurchaser;Allidentifiableassetsandliabilitiesobtainedbyabsorptionandcombinationunderdifferentcontrolthatmeettherecognitionconditionsshallberecognizedasassetsandliabilitiesoftheenterpriseatfairvalueonthedateofpurchase.IftheCompanytakesnon-monetaryassetsasconsiderationtoobtainthecontrolrightofthepurchaserorvariousidentifiableassetsandliabilities,thedifferencebetweenthefairvalueoftherelevantnon-monetaryassetsonthepurchasedateandtheirbookvalueshallbetakenasthedisposalprofitandlossoftheassetsandrecordedintheincomestatementofthecurrentconsolidationperiod.
Inabusinesscombinationnotunderthesamecontrol,thedifferencebetweenthecostofbusinesscombinationandthefairvalueshareofidentifiablenetassetsofthepurchaserobtainedinthecombinationisrecognizedasgoodwill;Inthecaseofabsorptionandcombination,thedifferenceisrecognizedasgoodwillinthe
individualfinancialstatementsoftheparentcompany;Inthecaseofholdingcombination,thedifferenceislistedasgoodwillintheconsolidatedfinancialstatements.
Thecostofbusinesscombinationislessthanthedifferencebetweenthefairvalueshareofidentifiablenetassetsacquiredduringthecombination,whichisincludedintheprofitsandlosses(non-operatingincome)ofthecurrentcombinationperiodafterreviewbytheCompany.Inthecaseofabsorptionandcombination,thedifferenceisincludedintheindividualincomestatementoftheparentcompanyinthecurrentcombinationperiod;Inthecaseofholdingcombination,thedifferenceisincludedintheconsolidatedincomestatementofthecurrentcombinationperiod.Ifthebusinesscombinationnotunderthesamecontrolrealizedstepbystepthroughmultipleexchangetransactionsisapackagetransaction,eachtransactionwillbetreatedasatransactiontoobtaincontrolrights;Ifitisnotapackagetransaction,theequityofthepurchasedpartyheldbeforethepurchasedateshallbere-measuredaccordingtothefairvalueoftheequityonthepurchasedate,andthedifferencebetweenthefairvalueanditsbookvalueshallbeincludedinthecurrentinvestmentincome;Iftheequityofthepurchasedpartyheldbeforethepurchasedateinvolvesothercomprehensiveincome,othercomprehensiveincomerelatedtoitshallbeconvertedintotheinvestmentincomeofthecurrentperiodonthepurchasedate,exceptforothercomprehensiveincomearisingfromthere-measurementofnetliabilitiesorchangesinnetassetsofthedefinedbenefitplansbytheinvestedparty.
6.Compilationmethodofconsolidatedfinancialstatements
(1)Consolidationscope
Theconsolidationscopeofconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol.ControlmeansthattheCompanyhasthepowerovertheinvestee,isentitledtovariablereturnsbyparticipatingintherelatedactivitiesoftheinvestee,andhastheabilitytousethepowerovertheinvesteetoinfluenceitsreturnamount.SubsidiariesrefertosubjectscontrolledbytheCompany(includingenterprises,divisiblepartsofinvestee(s),structuredsubjects,etc.).
(2)Compilationmethodofconsolidatedfinancialstatements
TheconsolidatedfinancialstatementsoftheCompanyarebasedonthefinancialstatementsoftheparentcompanyanditssubsidiaries,andarepreparedaccordingtootherrelevantinformation.Whencompiling,theimportantinternaltransactionsbetweentheparentcompanyanditssubsidiaries,suchasinvestment,transactions,purchaseandsaleofinventoriesandtheirunrealizedprofits,areoffsetandcombineditembyitem,andtheminorityshareholders'rightsandinterestsandthecurrentincomeofminorityshareholdersarecalculated.Iftheaccountingpoliciesandaccountingperiodsofsubsidiariesareinconsistentwiththoseoftheparentcompany,theaccountingstatementsofsubsidiariesshallbeadjustedaccordingtotheaccountingpoliciesandaccountingperiodsoftheparentcompanybeforecombination.
(3)Increaseanddecreasetheconsolidatedreportprocessingofsubsidiariesduringthereportingperiod
Duringthereportingperiod,whenpreparingtheconsolidatedbalancesheet,thebalanceatthebeginningoftheconsolidatedbalancesheetisadjustedforthesubsidiariesaddedduetobusinesscombinationunderthesamecontrol.Whenpreparingtheconsolidatedbalancesheet,thebalanceatthebeginningoftheyearoftheconsolidatedbalancesheetisnotadjustedforthesubsidiariesaddedduetobusinesscombinationnotunderthesamecontrol.Duringthereportingperiod,thesubsidiariesaredisposedofandthebalanceatthebeginningoftheconsolidatedbalancesheetisnotadjustedwhentheconsolidatedbalancesheetisprepared.
Duringthereportingperiod,theincome,expensesandprofitsofsubsidiariesaddedbybusinesscombinationunderthesamecontrolfromthebeginningtotheendofthereportingperiodareincludedintheconsolidated
incomestatement,andthecashflowsfromthebeginningtotheendofthereportingperiodareincludedintheconsolidatedcashflowstatement.Forsubsidiariesaddedduetobusinesscombinationnotunderthesamecontrol,theincome,expensesandprofitsofsuchsubsidiariesfromthepurchasedatetotheendofthereportingperiodareincludedintheconsolidatedincomestatement,andtheircashflowfromthepurchasedatetotheendofthereportingperiodisincludedintheconsolidatedcashflowstatement.Duringthereportingperiod,thesubsidiaryisdisposedof,andtheincome,expensesandprofitsfromthebeginningoftheperiodtothedisposaldateareincludedintheconsolidatedincomestatement,andthecashflowfromthebeginningoftheperiodtothedisposaldateisincludedintheconsolidatedcashflowstatement.
Whenthecontrolrightoftheoriginalsubsidiaryislostduetothedisposalofpartoftheequityinvestmentorotherreasons,theremainingequityinvestmentafterdisposalshallbere-measuredaccordingtoitsfairvalueonthedateoflossofcontrolright.Thesumoftheconsiderationobtainedfromthedisposalofequityandthefairvalueoftheremainingequity,minusthedifferencebetweentheshareoftheoriginalsubsidiary'snetassetscalculatedcontinuouslyfromthepurchasedateandthesumofgoodwillcalculatedaccordingtotheoriginalshareholdingratio,isincludedintheinvestmentincomeinthecurrentperiodwhenthecontrolrightislost.Othercomprehensiveincomerelatedtotheoriginalsubsidiary'sequityinvestmentisconvertedintocurrentinvestmentincomewhenthecontrolrightislost,exceptforothercomprehensiveincomegeneratedbytheinvestee'sre-measurementofnetliabilitiesorchangesinnetassetsofthesetincomeplan.
Thedifferencebetweenthenewlyacquiredlong-termequityinvestmentduetothepurchaseofminoritysharesandtheidentifiablenetassetsshareofsubsidiariescalculatedaccordingtotheincreasedshareholdingratio,andthedifferencebetweenthedisposalpriceobtainedfrompartialdisposalofequityinvestmentinsubsidiariesandthenetassetsshareofsubsidiariescorrespondingtothedisposaloflong-termequityinvestmentareusedtoadjusttheequitypremiuminthecapitalreserveintheconsolidatedbalancesheet.Iftheequitypremiuminthecapitalreserveisinsufficienttooffset,theretainedearningswillbeadjusted.
(4)Processingofconsolidatedstatementsfromstep-by-stepdisposalofequitytolossofcontrolrights
Ifthetransactionsthatdisposeoftheequityinvestmentinsubsidiariesuntilthelossofcontrolrightsareofapackagetransaction,thetransactionsshallbetreatedastransactionsthatdisposeofsubsidiariesandlosecontrolrights;However,thedifferencebetweenthedisposalpriceandtheshareofthesubsidiary'snetassetsrelatedtothedisposalinvestmentbeforethelossofcontrolrightisrecognizedasothercomprehensiveincomeintheconsolidatedfinancialstatements,whichwillbetransferredtothecurrentprofitandlosswhenthecontrolrightislost,exceptforothercomprehensiveincomearisingfromthere-measurementofthenetliabilitiesorchangesinnetassetsofthesetincomeplanbytheinvestee.Ifitisnotapackagetransaction,beforethelossofcontrol,thedifferencebetweenthedisposalpriceandthecorrespondingnetassetscontinuouslycalculatedbythesubsidiaryfromthepurchasedatewillbeadjustedtothecapitalreserve,andifthecapitalreserveisinsufficienttooffset,theretainedearningswillbeadjusted;Incaseoflossofcontrolright,theaccountingtreatmentshallbecarriedoutaccordingtotheaboveaccountingpolicywhenthecontrolrightovertheoriginalsubsidiaryislost.
7.JointventurearrangementsclassificationandCo-operationaccountingtreatment
Ajointarrangementisanarrangementofwhichtwoormorepartieshavejointcontrol.Ajointarrangementiseitherajointoperationorajointventure,dependingontherightsandobligationoftheCompanyinthejointarrangement.AjointoperationisajointarrangementwherebytheCompanyhasrightstotheassets,andobligationsfortheliabilities,relatingtothearrangement.AjointventureisajointarrangementwherebytheCompanyhasrightstothenetassetsofthearrangement.
(1)Identificationofjointventurearrangement
Aslongastwoormoreparticipantsexercisejointcontroloveranarrangement,sucharrangementcanberegardedasajointventurearrangement,andallparticipantsarenotrequiredtobeentitledtojointcontroloverthe
arrangement.
(2)ReassessmentIfthelegalform,contracttermsandotherrelevantfactsandcircumstanceschange,theparticipantsinthejointventurearrangementshallreassessthejointventurearrangement:First,assesswhethertheoriginaljointventurepartystillhasjointcontroloverthearrangement;Second,assesswhetherthetypeofjointventurearrangementhaschanged.
(3)Accountingtreatmentofparticipantsinjointoperation
①AccountingtreatmentofthejointventureinjointoperationA.GeneralaccountingprinciplesThejointventureshallrecognizethefollowingitemsrelatedtoitsshareofinterestsinthejointoperationandcarryoutaccountingtreatmentinaccordancewiththerelevantaccountingstandardsforenterprises:Firstly,recognizetheassetsheldseparatelyandrecognizetheassetsheldjointlyaccordingtotheirshare;Secondly,recognizetheliabilitiesundertakenseparatelyandrecognizetheliabilitiesjointlyundertakenaccordingtotheirshare;Thirdly,recognizetheincomegeneratedfromthesaleofitsshareofjointoperatingoutput;Fourthly,recognizetheincomegeneratedbythejointoperationduetothesaleofoutputaccordingtoitsshare;Fifthly,recognizetheexpensesincurredseparately,andrecognizetheexpensesincurredinjointoperationaccordingtoitsshare.
Thejointventuremayuseitsownassetsforjointoperations.Ifthejointventureretainsallownershiporcontrolovertheseassets,theaccountingtreatmentoftheseassetsisnodifferentfromtheaccountingtreatmentofthejointventure'sownassets.
Thejointventuremayalsopurchaseassetstogetherwithotherjointventurestoinvestinjointoperations,andjointlybeartheliabilitiesofjointoperations.Inthiscase,thejointventureshallrecognizetheinterestshareintheseassetsandliabilitiesinaccordancewiththerelevantprovisionsoftheAccountingStandardsforBusinessEnterprises.Forexample,accordingtotheAccountingStandardsforBusinessEnterprisesNo.4-FixedAssets,theinterestshareinrelatedfixedassetsisrecognized,andtheshareinrelatedfinancialassetsandfinancialliabilitiesisrecognizedaccordingtothefinancialinstrumentrecognitionandmeasurementstandards.
Whenthejointoperationisachievedthroughaseparateentity,thejointventureshallrecognizetheliabilitiesundertakenseparatelyaccordingtotheaboveprinciples,andrecognizetheliabilitiesjointlyundertakenaccordingtotheshareoftheenterprise.However,ifthejointventureisjointlyandseverallyliableinaccordancewiththerelevantlawsofChinaortherelevantcontractualstipulationsduetothefailureofothershareholderstoprovidefundstothejointventurearrangementasagreed,itsaccountingtreatmentshallbesubjecttotheAccountingStandardsforBusinessEnterprisesNo.13-Contingencies.
B.Accountingtreatmentforthejointventuretoinvestorsellassetsthatdonotconstitutebusiness.
Whenthejointventureinvestsorsellsassetsforjointoperation(exceptthattheassetsconstitutebusiness),beforethejointoperationsellstherelatedassetstoathirdpartyortherelatedassetsareconsumed(i.e.theunrealizedinternalprofitsarestillincludedinthebookvalueoftheassetsheldbythejointventure),onlythegainsorlossesattributabletootherparticipantsinthejointventureshallberecognized.IfthetransactionshowsthattheassetsinvestedorsoldmeettheassetimpairmentlossesspecifiedinAccountingStandardsforBusinessEnterprisesNo.8-AssetImpairment(hereinafterreferredtoas"AssetImpairmentLossStandards"),thejointventureshallfullyrecognizethelosses.
C.Accountingtreatmentofassetspurchasedbythejointventurefromjointoperationthatdonotconstitutebusiness
Beforethejointventurebuysassetsfromjointoperation(exceptthattheassetsconstitutebusiness)andsellstheassetstoathirdparty(i.e.,whenunrealizedinternalprofitsarestillincludedinthebookvalueofassetsheld
bythejointventure),theshareofprofitsandlossesarisingfromthetransactionthatthejointventureisentitledtoshallnotberecognized.Thatis,atthistime,onlythepartoftheprofitandlossarisingfromthetransactionthatbelongstootherparticipantsinthejointoperationshallberecognized.D.Accountingtreatmentofthejointventure'sshareoftheinterestsofthejointoperationthatconstitutesthebusiness
Whenthejointventureobtainstheshareofinterestsinthejointoperation,andthejointoperationconstitutesbusiness,thecorrespondingaccountingtreatmentshallbecarriedoutinaccordancewiththerelevantstandardssuchasbusinesscombinationstandards,howevertheprovisionsofotherrelevantstandardscannotconflictwiththeprovisionsofthejointventurearrangementstandards.Theenterpriseshalljudgewhetherthejointoperationconstitutesabusinessinaccordancewiththerelevantprovisionsofthebusinesscombinationstandards.Thistreatmentprincipleisnotonlyapplicabletotheacquisitionoftheshareofinterestsintheexistingjointoperationthatconstitutesbusiness,butalsototheestablishmentofjointoperationwithotherparticipants,andbecauseotherparticipantsintroducetheexistingbusiness,thejointoperationconstitutesbusinesswhenitisestablished.
②Accountingprinciplesforparticipantswhodonotenjoyjointcontroloverjointoperations
Participants(non-jointventures)whoarenotentitledtojointcontrolofthejointoperationshallbetreatedasthejointventuresiftheyareentitledtotheassetsrelatedtothejointoperationandbeartheliabilitiesrelatedtothejointoperation.Thatis,theparticipantsinthejointoperation,regardlessofwhethertheyareentitledtojointcontrolornot,willbesubjecttothesameaccountingtreatmentasthejointventuresaslongastheyareentitledtotherighttojointlyoperaterelatedassetsandundertaketheliabilitiesobligationrelatedtojointoperation.Otherwise,itsprofitshareshallbeaccountedforinaccordancewiththerelevantaccountingstandardsforenterprises.
（(4)Accountingtreatmentofparticipantsinajointventure
Inajointventure,theparticipantsshallaccountfortheirinvestmentinthejointventureinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo.2-Long-termEquityInvestment.
Participants(non-parties)whoarenotentitledtojointcontroloverthejointventureshallcarryoutrelevantaccountingtreatmentaccordingtotheirinfluenceonthejointventure:iftheyhavesignificantinfluenceonthejointventure,theirinvestmentinthejointventureshallbeaccountedforinaccordancewiththeprovisionsofthelong-termequityinvestmentstandards;Ifithasnosignificantimpactonthejointventure,itsinvestmentinthejointventureshallbeaccountedforinaccordancewiththeprovisionsoftheStandardsforRecognitionandMeasurementofFinancialInstruments.
8.RecognitionStandardofCash&CashEquivalents
CashandcashequivalentsoftheCompanyincludecashonhand,readyusabledepositsandinvestmentshavingshortholdingterm(normallywillbeduewithinthreemonthsfromthedayofpurchase),withstrongliquidityandeasytobeexchangedintocertainamountofcashthatcanbemeasuredreliablyandhavelowrisksofchange.
9.ForeignCurrencyTransaction
(1)Foreigncurrencybusiness
ForeigncurrencytransactionsoftheCompanyareconvertedintotheamountofbookkeepingbasecurrencyaccordingtothespotrateonthetransactiondate.
Onthebalancesheetdate,foreigncurrencymonetaryitemsandforeigncurrencynon-monetaryitemsshallbetreatedaccordingtothefollowingprovisions:foreigncurrencymonetaryitemsshallbeconvertedatthespotrateonthebalancesheetdate.Exchangedifferencesarisingfromthedifferencebetweenthespotrateonthe
balancesheetdateandthespotrateatthetimeofinitialrecognitionorthepreviousbalancesheetdateareincludedinthecurrentprofitsandlosses;Foreigncurrencynon-monetaryitemsmeasuredathistoricalcostarestillconvertedatthespotrateonthetransactiondate,withoutchangingtheirbookkeepingbasecurrencyamount;Foreigncurrencynon-monetaryitemsmeasuredatfairvalueshallbeconvertedatthespotrateonthefairvaluedeterminationdate,andthedifferencebetweentheconvertedbookkeepingbasecurrencyamountandtheoriginalbookkeepingbasecurrencyamountshallbetreatedaschangesinfairvalue(includingexchangeratechanges)andincludedinthecurrentprofitsandlosses;Duringthecapitalizationperiod,theexchangedifferencebetweentheprincipalandinterestofforeigncurrencyspecialloansiscapitalizedandincludedinthecostofassetsthatmeetthecapitalizationconditions.
(2)TranslationofforeigncurrencyfinancialstatementsWhenconvertingforeigncurrencyfinancialstatements,theCompanyshallcomplywiththefollowingregulations:assetsandliabilitiesinthebalancesheetshallbeconvertedatthespotrateonthebalancesheetdate,andotheritemsofowner'sequityexcept"undistributedprofits"shallbeconvertedatthespotrateatthetimeofoccurrence;Theincomeandexpenseitemsintheincomestatementshallbeconvertedatthespotrateonthetransactiondate(orattheexchangeratedeterminedbyasystematicandreasonablemethodandsimilartothespotrateonthetransactiondate).Thetranslationdifferenceofforeigncurrencyfinancialstatementsgeneratedaccordingtotheabovetranslationisrecognizedasothercomprehensiveincome.Theconversionofcomparativefinancialstatementsshallbehandledaccordingtotheaboveprovisions.
10.Financialinstruments
TheCompanyrecognizesthefinancialassetsorliabilitieswheninvolvedinfinancialinstruments’agreements.
（1）Classification,recognitionandmeasurementoffinancialassets
Inaccordancewiththecharacteristicsofbusinessmodelformanagingfinancialassetsandthecontractualcashflowoffinancialassets,theCompanyclassifiesfinancialassetsinto:financialassetsmeasuredinamortizedcost;financialassetsmeasuredatfairvalueandtheir'schangesareincludedinothercomprehensiveincome;financialassetsmeasuredatfairvalueandtheir'schangesareincludedincurrentprofitsandlosses.
Theinitialmeasurementoffinancialassetsiscalculatedbyusingfairvalue.Forfinancialassetsmeasuredatfairvalue,whosechangesareincludedincurrentprofitsandlosses,relevanttransactioncostsaredirectlyincludedincurrentprofitsandlosses;Forothertypesoffinancialassets,relevanttransactioncostsareincludedintheinitialrecognitionamount.
①FinancialassetsmeasuredatamortizedcostThebusinessmodeloftheCompany'smanagementoffinancialassetsmeasuredbyamortizedcostisaimedatcollectingthecontractualcashflow,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwiththebasiclendingarrangements,thatis,thecashflowgeneratedonaspecificdateisonlythepaymentofprincipalandinterestbasedontheamountofoutstandingprincipal.Forsuchfinancialassets,theCompanyadoptsthemethodofrealinterestrateandmakessubsequentmeasurementaccordingtothecostofamortization.Theprofitsorlossesresultingfromamortizationorimpairmentareincludedincurrentprofitsandlosses.
②FinancialassetsmeasuredatfairvalueandchangesincludedinothercomprehensiveincomeTheCompany'sbusinessmodelformanagingsuchfinancialassetsistocollectthecontractualcashflow,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwiththebasiclendingarrangements.TheCompanymeasuressuchfinancialassetsatfairvalueandtheirchangesareincludedinothercomprehensivegains,butimpairmentlossesorgains,exchangegainsandlossesandinterestincomecalculated
accordingtotheactualinterestratemethodareincludedincurrentprofitsandlosses.
Inaddition,theCompanydesignatedsomenon-tradingequityinstrumentinvestmentsasfinancialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome.TheCompanyincludestherelevantdividendincomeofsuchfinancialassetsincurrentprofitsandlosses,andthechangesinfairvalueinothercomprehensivegains.Whenthefinancialassetceasestoberecognized,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensivegainsshallbetransferredintoretainedincomefromothercomprehensiveincome,andnotbeincludedincurrentprofitandloss.
③Financialassetsmeasuredatfairvalueandchangesincludedincurrentprofitsandlosses
TheCompanyincludestheabove-mentionedfinancialassetsmeasuredatamortizedcostandthosemeasuredatfairvalueandtheir'schangesinfinancialassetsotherthanfinancialassetsofcomprehensiveincomeandclassifiesthemasfinancialassetsmeasuredatfairvalueandtheir'schangesthatareincludedincurrentprofitsandlosses.Inaddition,theCompanydesignatessomefinancialassetsasfinancialassetsmeasuredatfairvalueandincludestheirchangesincurrentprofitsandlossesinordertoeliminateorsignificantlyreduceaccountingmismatchesduringinitialrecognition.Inregardwithsuchfinancialassets,theCompanyadoptsfairvalueforsubsequentmeasurement,andincludeschangesinfairvalueintocurrentprofitsandlosses.
（2）Classification,recognitionandmeasurementoffinancialliabilities
TheGroup’sfinancialliabilitiesare,oninitialrecognition,classifiedintofinancialliabilitiesatfairvaluethroughprofitorlossandotherfinancialliabilities.Forfinancialliabilitiesatfairvaluethroughprofitorloss,relevanttransactioncostsareimmediatelyrecognizedinprofitorlossforthecurrentperiod,andtransactioncostsrelatingtootherfinancialliabilitiesareincludedintheinitialrecognitionamounts.
1Financialliabilitiesmeasuredbythefairvalueandthechangesrecordedinprofitorloss
Theclassificationbywhichfinancialliabilitiesheld-for-tradeandfinancialliabilitiesdesignedattheinitialrecognitiontobemeasuredbythefairvaluefollowsthesamecriteriaastheclassificationbywhichfinancialassetsheld-for-tradeandfinancialassetsdesignedattheinitialrecognitiontobemeasuredbythefairvalueandtheirchangesarerecordedinthecurrentprofitorloss
Transactionalfinancialliabilities(includingderivativesbelongingtofinancialliabilities)aresubsequentlymeasuredaccordingtofairvalue.Exceptforhedgingaccounting,changesinfairvalueareincludedincurrentprofitsandlosses.
Financialliabilitiesdesignatedasfinancialliabilitiesthataremeasuredatfairvalueandtheir'schangesareincludedincurrentprofitsandlosses.TheliabilitiesareincludedinothercomprehensivegainsduetochangesinfairvaluecausedbychangesintheCompany'sowncreditrisk,andwhentheliabilitiesareterminated,thechangesinfairvaluecausedbychangesinitsowncreditriskofothercomprehensivegainsareincludedinthecumulativechangesinitsfairvaluecausedbychangesinitsowncreditriskofothercomprehensivegains.Theamountistransferredtoretainedearnings.Theremainingchangesinfairvalueareincludedincurrentprofitsandlosses.Iftheabove-mentionedwayofdealingwiththeimpactofthechangesinthecreditriskofsuchfinancialliabilitieswillresultinorexpandtheaccountingmismatchintheprofitsandlosses,theCompanyshallincludealltheprofitsorlossesofsuchfinancialliabilities(includingtheamountoftheimpactofthechangesinthecreditriskoftheenterpriseitself)intothecurrentprofitsandlosses.
②Otherfinancialliabilities
Inadditiontothetransferofafinancialassetisnotinconformitywiththeconditionstostoptherecognitionorformedbyitscontinuousinvolvementinthetransferredfinancialasset,financialliabilitiesandfinancialguaranteecontractofotherfinancialliabilitiesclassifiedasfinancialliabilitiesmeasuredattheamortizedcost,measuredattheamortizedcostforsubsequentmeasurement,recognitionhasbeenstoppedoramortizationoftheprofitorlossisincludedinthecurrentprofitsandlosses.
(3)RecognitionbasisandmeasurementmethodsfortransferoffinancialassetsFinancialassetssatisfyingoneofthefollowingconditionsshallbeterminatedandrecognized:①Thecontractualrighttocollectthecashflowofthefinancialassetisterminated;②Thefinancialassethasbeentransferred,andalmostalltherisksandrewardsintheownershipofthefinancialassethavebeentransferredtothetransferee;③Thefinancialassethasbeentransferred,althoughtheenterpriseneithertransfersnorretainsalmostalltherisksandrewardsintheownershipofthefinancialasset,butitabandonedcontrolofthefinancialassets.Incasethattheenterprisedoesnottransferorretainalmostallrisksandrewardsonfinancialassetsownershipnorwaivetocontroltheseassets,relevantfinancialassetsshallberecognizedinaccordancewiththedegreeforcontinuedinvolvementoffinancialassetstransferredandrelevantliabilitiesshallberecognizedcorrespondingly.westbankTheterm"continuousinvolvementinthetransferredfinancialasset"shallrefertotherisklevelthattheenterprisefacesresultingfromthechangeofthevalueofthefinancialasset.
Iftheoveralltransferofthefinancialassetssatisfiesthederecognitioncriteria,thedifferencebetweenthebookvalueofthetransferredfinancialassetsandthesumoftheconsiderationreceivedfromtransferandcumulativechangeinfairvaluepreviouslyrecognizedinothercomprehensiveincomeisaccountedintothecurrentprofitorloss.
Incasethatthepartialtransferoffinancialassetsmeetsde-recognitionconditions,thebookvalueoffinancialassetstransferredshallbeallocatedasperrespectivefairvaluebetweende-recognizedornotde-recognizedparts,andthedifferencebetweenthesumoftheconsiderationreceivedduetotransferwiththeaccumulatedamountoffairvaluechangesthatispreviouslyincludedinothercomprehensiveincomeandshallbeallocatedtode-recognizedpartsandtheaforesaidbookamountallocatedshallbeincludedinthecurrentprofitorloss.
TheCompanyshalldeterminewhetheralmostalltherisksandrewardsoftheownershipofthefinancialassetssoldbymeansofrecourseorendorsedtotransferthefinancialassetsitholdshavebeentransferred.Ifalmostalltherisksandrewardsintheownershipofthefinancialassethavebeentransferredtothetransferee,theconfirmationofthefinancialassetshallbeterminated;ifalmostalltherisksandrewardsintheownershipofthefinancialassethavebeenretained,theconfirmationofthefinancialassetshallnotbeterminated;ifneitherthetransfernortheretentionofalmostalltherisksandrewardsintheownershipofthefinancialassethasbeenmade.Incaseofremuneration,itshallcontinuetodeterminewhethertheenterprisehasretainedcontrolovertheassetsandconductaccountingtreatmentinaccordancewiththeprinciplesdescribedintheprecedingparagraphs.
(4)Terminationconfirmationoffinancialliabilities
Ifthecurrentobligationofafinancialliability(orpartthereof)hasbeendischarged,theCompanyshallterminatetherecognitionofthefinancialliability(orpartthereof).IftheCompany(thedebtor)signsanagreementwiththelendertoreplacetheoriginalfinancialliabilitiesbyassumingnewfinancialliabilities,andthecontracttermsofthenewfinancialliabilitiesaresubstantiallydifferentfromthoseoftheoriginalfinancialliabilities,itshallterminatetherecognitionoftheoriginalfinancialliabilitiesandatthesametimeconfirmanewfinancialliabilities.IftheCompanysubstantiallyamendsthecontracttermsoftheoriginalfinancialliabilities(orpartthereof),itshallterminatetheconfirmationoftheoriginalfinancialliabilitiesandatthesametimeconfirmanewfinancialliabilitiesinaccordancewiththerevisedterms.
Ifthefinancialliabilities(orpartthereof)areterminated,thedifferencebetweentheirbookvalueandtheconsiderationpaid(includingthetransferrednon-cashassetsorliabilitiesassumed)shallbeincludedintheprofitsandlossesofthecurrentperiod.
（5）Offsettingfinancialassetsandfinancialliabilities
WhentheCompanyhasalegalrightthatiscurrentlyenforceabletosetofftherecognizedfinancialassets
andfinancialliabilities,andintendseithertosettleonanetbasis,ortorealizethefinancialassetandsettlethefinancialliabilitysimultaneously,afinancialassetandafinancialliabilityshallbeoffsetandthenetamountispresentedinthebalancesheet.Exceptfortheabovecircumstances,financialassetsandfinancialliabilitiesshallbepresentedseparatelyinthebalancesheetandshallnotbeoffset.
(6)MethodfordeterminingthefairvalueoffinancialassetsandfinancialliabilitiesFairvaluereferstothepricethatamarketparticipantmustpaytosellortransferaliabilityinanorderlytransactionthatoccursonthemeasurementdate.ThefairvalueoffinancialinstrumentsexistinginanactivemarketisdeterminedbytheCompanyaccordingtoitsquotedpriceinthismarket.westbankThequotedpricesintheactivemarketrefertotheprices,whichareeasilyavailablefromthestockexchanges,brokers,industryassociations,pricingserviceinstitutionsandetc.atafixedterm,andwhichrepresentthepricesatwhichactuallyoccurredmarkettransactionsaremadeunderfairconditions.?¨Incanafinancialinstrumentdoesnotexistinactivemarkets,itsfairvalueshallbedeterminedbytheCompanywithassessmenttechniques.Thevalueappraisaltechniquesmainlyincludethepricesadoptedbytheparties,whoarefamiliarwiththecondition,inthelatestmarkettransactionupontheirownfreewill,thecurrentfairvalueobtainedbyreferringtootherfinancialinstrumentsofthesameessentialnature,thecashflowcapitalizationmethodandtheoptionpricingmodel,etc.Invaluation,theCompanyadoptsvaluationtechniquesthatareapplicableinthecurrentsituationandsupportedbysufficientdataandotherinformationtoselectinputvaluesconsistentwiththecharacteristicsofassetsorliabilitiesconsideredbymarketparticipantsinthetransactionsofrelatedassetsorliabilities,andgiveprioritytotheuseofrelevantobservableinputvaluesasfaraspossible.Unallowablevaluesareusediftherelevantobservableinputvaluesarenotavailableorarenotpracticable.
（7）EquityinstrumentsAnequityinstrumentisanycontractthatevidencesaresidualinterestintheassetsoftheCompanyafterdeductingallofitsliabilities.Theconsiderationreceivedfromissuingequityinstruments,netoftransactioncosts,areaddedtoshareholders’equity.Alltypesofdistribution(excludingstockdividends)madebytheCompanytoholdersofequityinstrumentsaredeductedfromshareholders’equity.
Thedividends(including"interest"generatedbythetoolsclassifiedasequityinstruments)distributedbytheCompany'sequityinstrumentsduringtheperiodoftheirexistenceshallbetreatedasprofitdistribution.
11.Impairmentoffinancialinstruments
TheCompanyrequirestoconfirmthatthefinancialassetslostbyimpairmentarefinancialassetsmeasuredbyamortizedcost,investmentindebtinstrumentsandleasereceivableswhicharemeasuredatfairvalueandwhosechangesareincludedinothercomprehensivegains,mainlyincludingnotesreceivable,accountsreceivable,otherreceivables,creditor'srightsinvestment,othercreditor'srightsinvestmentandlong-termreceivablesandetc.Inaddition,provisionforimpairmentandconfirmationofcreditimpairmentlossesarealsomadeforcontractassetsandsomefinancialguaranteecontractsinaccordancewiththeaccountingpoliciesdescribedinthissection.
(1)Methodofconfirmingimpairmentprovision
Basedonanticipatedcreditloss,theCompanycalculatesimpairmentpreparationandconfirmscreditimpairmentlossaccordingtotheapplicableanticipatedcreditlossmeasurementmethod(generalmethodorsimplifiedmethod).
Creditlossreferstothedifferencebetweenthecashflowofallcontractsdiscountedaccordingtotheoriginalrealinterestrateandtheexpectedcashflowofallcontractsreceivableaccordingtothecontract,thatis,thepresentvalueofallcashshortages.Amongthem,theCompanydiscountsthefinancialassetspurchasedororiginatedwithcreditimpairmentattheactualinterestrateadjustedbycredit.
ThegeneralmethodofmeasuringanticipatedcreditlossiswhetherthecreditriskoftheCompany's
financialassets(includingotherapplicableitemssuchascontractassets,similarlyhereinafter)hasincreasedsignificantlysincetheinitialrecognitiononeachbalancesheetday.Ifthecreditriskhasincreasedsignificantlysincetheinitialrecognition,theCompanyshallmeasurethelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlossinthewholeduration.Ifthecreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanyshallmeasurethelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlossinthenext12months.TheCompanyshallconsiderallreasonableandevidencedinformation,includingforward-lookinginformation,whenevaluatingexpectedcreditlosses.Assumingthattheircreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanymaychoosetomeasurethelossreserveaccordingtotheexpectedcreditlossinthenext12monthsforfinancialinstrumentswithlowcreditriskonthebalancesheetdate.
(2)CriteriaforjudgingwhethercreditriskhasincreasedsignificantlysincetheinitialrecognitionIftheprobabilityofdefaultofafinancialassetontheestimateddurationofthebalancesheetissignificantlyhigherthantheprobabilityofdefaultduringtheestimateddurationoftheinitialrecognition,thecreditriskofthefinancialassetissignificantlyincreased.Exceptforspecialcircumstances,theCompanyusesthechangeofdefaultriskinthenext12monthsasareasonableestimateofthechangeofdefaultriskintheentiredurationtodeterminewhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.
(3)Aportfolio-basedapproachtoassessingexpectedcreditriskTheCompanyshallevaluatethecreditriskoffinancialassetswithdistinctdifferencesincreditrisk,suchastherelatedparty'sreceivables,thereceivablesindisputewiththeotherpartyorinvolvinglitigationandarbitration,andreceivablesthathasbeenprovedthatthedebtormaynotbeabletofulfilltheobligationofrepayment,etc.Inadditiontothefinancialassetsthatassesscreditriskindividually,theCompanyshalldividefinancialassetsintodifferentgroupsbasedoncommonriskcharacteristics,andassesscreditriskonthebasisofportfolio.
(4)AccountingtreatmentofimpairmentoffinancialassetsAttheendoftheduration,theCompanyshallcalculatetheanticipatedcreditlossesofvariousfinancialassets.Iftheanticipatedcreditlossesaregreaterthanthebookvalueofitscurrentimpairmentprovision,thedifferenceisdeemedasimpairmentloss.Ifthebalanceislessthanthebookvalueofthecurrentimpairmentprovision,thedifferenceisdeemedasimpairmentprofit.
(5)Methodofdeterminingcreditlossesofvariousfinancialassets
①ReceivableAccountandContractassetsInregardtoreceivableswithoutsignificantfinancingcomponents,theCompanyshallmeasurelosspreparationaccordingtotheamountofanticipatedcreditlossequivalenttotheentireduration.
Inregardtoaccountsreceivablewithsignificantfinancingcomponents,theCompanyshallchoosetomeasurelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlosswithinthedurationallthetime.
Inadditiontotheaccountsreceivablethatassessesthecreditriskindividually,receivablesaredividedintodifferentportfoliosbasedontheircreditriskcharacteristics:
| Items | Basisfordeterminingcombination: |
| Protfolio1：Agingprotfolio | Thisportfolioischaracterizedbytheagingofreceivablesasacreditrisk. |
| Portfolio2：QualityGuaranteeportfolio | Thisportfolioisthecontractqualityguaranteefundandotherfunds |
Fortheaboveportfolio1,themeasurementmethodofbaddebtsreserveistheaginganalysismethod,specificallyasfollows：
| Aging | Proportion（%） |
| Within1year（Including1year） | 0 |
| 1-2years | 10 |
| 2-3years | 30 |
| 3-4years | 50 |
| 4-5years | 90 |
| Over5years | 100 |
Fortheguaranteefundportfolioofportfolio2,noprovisionforbaddebtsshallbemadeunlessthereisobjectiveevidencethatthemoneycannotberecoveredaccordingtotheoriginaltermsofaccountsreceivableandcontractassets.
②OtherreceivableTheCompanyhasmeasuredtheimpairmentlossbasedontheamountofexpectedcreditlossesinthenext12monthsortheentireduration,basedonwhetherthecreditriskofotherreceivableshasincreasedsignificantlysincetheinitialrecognition.Inadditiontotheotheraccountsreceivablewhichassessesthecreditriskindividually,theyaredividedintodifferentportfoliosbasedontheircreditriskcharacteristics:
| Items | Basisfordeterminingcombination: |
| Protfolio1 | Thisportfolioisacollectionofvariousdeposits,advances,pledgesandotherreceivablesindailyactivities. |
| Protfolio2 | Thisportfolioisareservefundborrowedbyemployeesintheirdailybusinessactivities. |
| Protfolio3 | Otherreceivablesotherthantheaboveportfolio. |
Combinationofdeposit,qualityassurancefundanddepositandreservefundcombinationexceptforobjectiveevidencethattheGroupwillnotbeabletorecovertheamountaccordingtotheoriginaltermsofreceivables,willnotnormallybeaccruedforbaddebtreserves.Themeasurementmethodofbaddebtreservesforothercombinationsisaginganalysis,andtheaccrualproportionisthesameasaccountsreceivable.
③Creditor'srightsinvestment
Creditor'srightsinvestmentmainlyaccountsforbondinvestmentmeasuredbyamortizedcost,etc.TheCompanyhasmeasuredtheimpairmentlossbasedontheamountofexpectedcreditlossesinthenext12monthsortheentireduration,basedonwhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.TheCompanyadoptsthemethodofevaluatingcreditriskwithindividualassetsforcreditor'srightsinvestment.
12.Inventory
1.Investoriesclass:
Thecompany’sstockscanbeclassifiedas:rawmaterials,etc.
2.Valuationmethodofinventoryissued:Thecompanycalculatesthepricesofitsinventoriesaccordingtotheweightedaveragesmethodorthefirst-infirst-outmethod.
(3)Measurementofendinginventory
Onthebalancesheetdate,inventoryshallbemeasuredatthelowerofcostandnetrealizablevalue.Ifthecostofinventoryishigherthanitsnetrealizablevalue,provisionforinventorydepreciationshallbeaccruedandrecordedintothecurrentprofitsandlosses.
Ifthedifferencebetweenthecostcalculatedbyasingleinventoryitemanditsnetrealizablevalueishigher,theinventorydepreciationreserveshallbeaccruedandrecordedintothecurrentprofitsandlosses.Netrealizablevaluereferstotheestimatedsellingpriceofinventoryindailyactivitiesminustheestimatedcoststobeincurred
uponcompletion,estimatedsalesexpensesandrelatedtaxesandfees.
4.Physicalinventoriesaremanagedbytheperpetualinventorytakingsystem.
13.ContractassetsTheCompanyliststhecustomer'sunpaidcontractconsiderationforwhichtheCompanyhasfulfilleditsperformanceobligationsaccordingtothecontract,andwhichisnottherighttocollectmoneyfromcustomersunconditionally(thatis,onlydependingonthepassageoftime)asacontractassetinthebalancesheet.Contractassetsandliabilitiesunderthesamecontractarelistedinnetamount,whilecontractassetsandliabilitiesunderdifferentcontractsarenotoffset.
SeeNoteIII.11,ImpairmentofFinancialInstrumentsforthedeterminationmethodandaccountingtreatmentmethodofexpectedcreditlossofcontractassets.
14.Contractcost
IftheincrementalcostincurredbytheCompanyforobtainingthecontractisexpectedtoberecovered,itshallberecognizedasanassetasthecontractacquisitioncost.However,iftheamortizationperiodoftheassetdoesnotexceedoneyear,itwillbeincludedinthecurrentprofitsandlosseswhenitoccurs.
IfthecostincurredfortheperformanceofthecontractdoesnotfallwithinthescopeofotheraccountingstandardsforbusinessenterprisesotherthanAccountingStandardsforBusinessEnterprisesNo.14-Revenue(revisedin2017)andmeetsthefollowingconditionsatthesametime,itwillberecognizedasanassetascontractperformancecost:①Suchcostisdirectlyrelatedtoacurrentorexpectedcontract,includingdirectlabor,directmaterials,manufacturingexpenses(orsimilarexpenses),costsexplicitlybornebycustomers,andothercostsincurredonlyduetothecontract.②SuchcostincreasestheresourcesoftheCompanyforfulfillingitsperformanceobligationsinthefuture;③Suchcostisexpectedtoberecovered.
Assetsrelatedtothecontractcostareamortizedonthesamebasisastherecognitionofcommodityrevenuerelatedtotheassets,andareincludedinthecurrentprofitsandlosses.
15.Long-termequityinvestments
(1)Initialmeasurement
TheCompanymakesinitialmeasurementoflong-termequityinvestmentinthefollowingtwosituations:
①Theinitialinvestmentcostoflong-termequityinvestmentformedbybusinesscombinationshallbedeterminedinaccordancewiththefollowingprovisions:
A.Inabusinesscombinationunderthesamecontrol,ifthecombiningpartypayscash,transfersnon-cashassetsorassumesdebtsasthecombinationconsideration,theshareofthebookvalueoftheowner'sequityofthemergedpartyintheconsolidatedfinancialstatementsofthefinalcontrollingpartyshallbetakenastheinitialinvestmentcostoflong-termequityinvestmentonthecombinationdate.Thedifferencebetweentheinitialinvestmentcostoflong-termequityinvestmentandthecashpaid,thetransferrednon-cashassetsandthebookvalueofthedebtsundertakenisadoptedtoadjustthecapitalreserve;Ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.Alldirectlyrelatedexpensesincurredforbusinesscombination,includingauditfees,evaluationfees,legalservicefees,etc.,areincludedinthecurrentprofitsandlosseswhentheyoccur.
B.Inthebusinesscombinationnotunderthesamecontrol,theCompanydeterminesthecombinationcostbydistinguishingthefollowingsituations:
a)Forbusinesscombinationrealizedbyoneexchangetransaction,thecostofcombinationisthefairvalueofassetspaid,liabilitiesincurredorassumedinordertogaincontroloverthepurchasedpartyonthepurchasedate;
b)Forbusinesscombinationrealizedstepbystepthroughmultipleexchangetransactions,thesumofthebookvalueoftheequityinvestmentofthepurchasedpartyheldbeforethepurchasedateandthenewinvestmentcostonthepurchasedateshallbetakenastheinitialinvestmentcostoftheinvestment;
c)Intermediaryexpensessuchasauditing,legalservices,evaluationandconsultation,andotherrelatedmanagementexpensesincurredforbusinesscombinationareincludedinthecurrentprofitsandlosseswhentheyoccur;
d)Iffutureeventsthatmayaffectthecombinationcostareagreedinthecombinationcontractoragreement,ifitisestimatedthatthefutureeventsarelikelytooccuronthepurchasedateandtheamountofimpactonthecombinationcostcanbereliablymeasured,theywillbeincludedinthecombinationcost.
②Exceptforthelong-termequityinvestmentformedbybusinesscombination,theinitialinvestmentcostoflong-termequityinvestmentobtainedbyothermeansshallbedeterminedinaccordancewiththefollowingprovisions:
A.Forthelong-termequityinvestmentobtainedbycashpayment,theactualpurchasepriceshallbetakenastheinitialinvestmentcost.Initialinvestmentcostincludesexpenses,taxesandothernecessaryexpendituresdirectlyrelatedtoobtaininglong-termequityinvestment.
B.Forlong-termequityinvestmentobtainedthroughexchangeofnon-monetaryassets,theinitialinvestmentcostshallbedeterminedaccordingtoAccountingStandardsforBusinessEnterprisesNo.7-ExchangeofNon-monetaryAssets.
C.Forlong-termequityinvestmentobtainedthroughdebtrestructuring,theinitialinvestmentcostshallbedeterminedaccordingtoAccountingStandardsforBusinessEnterprisesNo.12-DebtRestructuring.
③Nomatterhowthelong-termequityinvestmentisobtained,whentheinvestmentisobtained,thecashdividendsorprofitsincludedinthepaidconsiderationthathavebeendeclaredbutnotyetissuedbytheinvesteeareseparatelyaccountedasreceivableitems,whichdoesnotconstitutetheinitialinvestmentcostofobtainingthelong-termequityinvestment.
(2)Subsequentmeasurement
Long-termequityinvestmentthatcanbecontrolledbytheinvesteeshallbeaccountedbythecostmethodinindividualfinancialstatements.Long-termequityinvestmentsthathavejointcontrolorsignificantinfluenceontheinvesteeshallbeaccountedbyequitymethod.
①Long-termequityinvestmentaccountedbycostmethodispricedaccordingtotheinitialinvestmentcost。Adjustthecostoflong-termequityinvestmentbyaddingorrecoveringinvestment.Cashdividendsorprofitsdeclaredanddistributedbytheinvesteeshallberecognizedascurrentinvestmentincome.
Iftheinitialinvestmentcostoflong-termequityinvestmentaccountedbyequitymethodisgreaterthanthefairvalueshareofidentifiablenetassetsoftheinvestee,theinitialinvestmentcostoflong-termequityinvestmentshallnotbeadjusted;Iftheinitialinvestmentcostoflong-termequityinvestmentislessthanthefairvalueshareoftheidentifiablenetassetsoftheinvesteeatthetimeofinvestment,thedifferenceshallbeincludedinthecurrentprofitsandlosses,andthecostoflong-termequityinvestmentshallbeadjustedatthesametime.
Afterobtainingthelong-termequityinvestment,theinvestmentincomeandothercomprehensiveincomeshallberecognizedrespectivelyaccordingtotheshareofthenetprofitandlossandothercomprehensiveincomerealizedbytheinvestedunit,andthebookvalueofthelong-termequityinvestmentshallbeadjustedatthesametime;Accordingtotheprofitorcashdividenddeclaredanddistributedbytheinvestee,thebookvalueoflong-termequityinvestmentshallbereducedaccordingly;Thebookvalueofthelong-termequityinvestmentisadjustedandincludedintheowner'sequityforotherchangesintheowner'sequityoftheinvesteeexceptnetprofitandloss,othercomprehensiveincomeandprofitdistribution.Whenrecognizingtheshareofthenetprofitandlossoftheinvestee,thenetprofitoftheinvesteeisrecognizedafteradjustmentbasedonthefairvalueofthe
identifiablenetassetsoftheinvesteeatthetimeofobtainingtheinvestment.IftheaccountingpoliciesandaccountingperiodsadoptedbytheinvesteeareinconsistentwiththoseoftheCompany,thefinancialstatementsoftheinvesteeshallbeadjustedaccordingtotheaccountingpoliciesandaccountingperiodsoftheCompany,andtheinvestmentincomeandothercomprehensiveincomeshallberecognizedaccordingly.Thenetlossincurredbytheinvesteeisrecognizedtobewrittendowntozerobythebookvalueoflong-termequityinvestmentandotherlong-termintereststhatsubstantiallyconstitutethenetinvestmentoftheinvestee,unlesstheCompanyisobligatedtobearadditionallosses.Iftheinvesteeachievesnetprofitinthefuture,theCompanywillresumetherecognitionoftherevenuesharingamountafteritsrevenuesharingamountcompensatesfortheunrecognizedlosssharingamount.Whencalculatingandrecognizingthenetprofitandlossthatshouldbeenjoyedorsharedbytheinvestee,theunrealizedinternaltransactionprofitandlosswiththeaffiliatedenterpriseandthejointventureshallbecalculatedaccordingtotheproportionthatshouldbeenjoyed,andthepartattributabletotheCompanyshallbeoffset,andtheinvestmentincomeshallberecognizedonthisbasis.UnrealizedinternaltransactionlossesbetweentheCompanyandtheinvesteeareassetimpairmentlosses,whichshallbefullyrecognized.
Partofthecompany'sequityinvestmentinaffiliatedenterprisesisindirectlyheldthroughventurecapitalinstitutions,mutualfunds,trustcompaniesorsimilarentitiesincludinginvestment-linkedinsurancefunds.Regardlessofwhethertheaboveentitieshaveasignificantimpactonthispartofinvestment,theCompanychoosestomeasurethispartofindirectinvestmentatfairvalueanditschangeisincludedinprofitorlossinaccordancewiththerelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,andtherestisaccountedforbyequitymethod.
③WhentheCompanydisposesoflong-termequityinvestment,thedifferencebetweenitsbookvalueandtheactualpurchasepriceshallbeincludedinthecurrentprofitsandlosses.Forlong-termequityinvestmentaccountedbyequitymethod,whendisposingoftheinvestment,itadoptsthesamebasisastheinvestee'sdirectdisposalofrelatedassetsorliabilities,andaccountsforthepartoriginallyincludedinothercomprehensiveincomeaccordingtothecorrespondingproportion.
(3)Basistodeterminejointcontroloverandsignificantinfluenceontheinvestee
Jointcontrolreferstothecommoncontrolofanarrangementinaccordancewiththerelevantagreement,andtherelevantactivitiesofsucharrangementmustbeunanimouslyagreedbytheparticipantswhosharethecontrolrightsbeforemakingdecisions.Significantinfluencemeansthattheinvestorhastherighttoparticipateinthedecision-makingonthefinancialandoperatingpoliciesoftheinvestee,butcannotcontrolorjointlycontroltheformulationofthesepolicieswithotherparties.Whendeterminingwhethertheinvesteecanbecontrolledorexertsignificantinfluence,thepotentialvotingrightsfactorssuchascurrentconvertiblebondsandcurrentexecutablewarrantsoftheinvesteeheldbytheCompanyandotherpartiesshallbeconsideredatthesametime.
16.InvestmentPropertyThemeasurementmodeofinvestmentpropertyThemeasurementbythecostmethodDepreciationoramortizationmethod
Investmentpropertyisheldtoearnrentalsorforcapitalappreciationorforboth.Investmentpropertyincludesleasedorreadytotransferaftercapitalappreciationlanduserightsandleasedbuildings.
（1）Themeasurementmodeofinvestmentproperty①Depreciationoramortizationmethod
Theestimatedservicelife,netsalvagevaluerateandannualdepreciation(amortization)rateofinvestment
realestatearelistedasfollows:
| Type | Estimatedservicelife(years) | Estimatednetsalvagevaluerate | Annualdepreciation(amortization)rate |
| Landuseright | Remainingusefullife | ||
| Housesandbuildings | 20-30years | 3%-10% | 3%-4.85% |
②ImpairmenttestmethodandaccountingtreatmentmethodSee"30.AssetImpairment"fordetailsofimpairmenttestmethodsandimpairmentprovisionaccrualmethodsofinvestmentrealestate.
(2)ConversionofinvestmentrealestateTheCompanyhasconclusiveevidencethattheuseofrealestatehaschanged.Whenconvertinginvestmentrealestateintoself-userealestateorinventory,thefairvalueonthedayofconversionistakenasthebookvalueofself-userealestate,andthedifferencebetweenfairvalueandoriginalbookvalueisincludedincurrentprofitsandlosses.Whenself-userealestateorinventoryisconvertedintoinvestmentrealestatemeasuredbyfairvaluemodel,theinvestmentrealestateispricedaccordingtothefairvalueontheconversionday.Ifthefairvalueontheconversiondayislessthantheoriginalbookvalue,thedifferenceisincludedinthecurrentprofitsandlosses;Ifthefairvalueontheconversiondateisgreaterthantheoriginalbookvalue,thedifferenceshallbeincludedinothercomprehensiveincome.
17.Fixedassets
（1）ConfirmationconditionsTheCompany'sfixedassetsrefertotangibleassetsheldfortheproductionofcommodities,provisionoflaborservices,leasingoroperationmanagement,whichhaveaservicelifeofmorethanoneyear,andwhoseeconomicbenefitsarelikelytobeincludedintotheCompanyandwhosecostscanbereliablymeasured.TheCompany'sfixedassetsincluderoadsandbridges,housesandbuildings,machineryandequipment,electronicequipment,transportationtoolsandotherequipment.
（2）Depreciationmethod
| Type | Depreciationmethod | Expectedusefullife(Year) | Residualrate（%） | Annualdepreciationrate(%) |
| GuangfoExpressway | Workingflowbasis | 28years | 0% | |
| FokaiExpressway-XiebiantoSanbaoSection | Workingflowbasis | 40years | 0% | |
| FokaiExpressway-SanbaotoShuikouSection | Workingflowbasis | 30years | 0% | |
| JingzhuExpresswayGuangzhuSection | Workingflowbasis | 30years | 0% | |
| GuanghuiExpresswayCo.,Ltd. | Workingflowbasis | 23years | 0% | |
| HouseBuilding | Thestraight-linemethod | 20-30years | 3%-5% | 3.17%-4.85% |
| MachineEquipment | Thestraight-line | 3-10years | 3%-5% | 9.50%-32.33% |
| method | ||||
| TransportationEquipment | Thestraight-linemethod | 5-8years | 3%-5% | 11.88%-19.40% |
| Other | Thestraight-linemethod | 5years | 3%-5% | 19.00%-19.40% |
Exceptforthefixedassetsthathavebeenfullydepreciatedandcontinuetobeused,thedepreciationoffixedassetsisclassifiedandaccruedbythelifeaveragemethodandworkloadmethod,andthedepreciationrateisdeterminedaccordingtothecategoryoffixedassets,estimatedservicelifeandestimatednetsalvagevaluerate.
Forthefixedassetsformedbyspecialreserveexpenditure,thespecialreserveshallbeoffsetaccordingtothecosttoformthefixedassets,andtheaccumulateddepreciationofthesameamountshallberecognized.Thefixedassetswillnotbedepreciatedinfutureperiods.
Accordingtothenatureandusageoffixedassets,theCompanydeterminestheservicelifeandestimatednetsalvagevalueoffixedassets.Attheendoftheyear,theservicelife,estimatednetsalvagevalueanddepreciationmethodoffixedassetsshallberechecked,andifthereisanydifferencewiththeoriginalestimate,correspondingadjustmentsshallbemade.
(3)Identificationbasis,valuationanddepreciationmethodoffixedassetsleasedbyfinancing
Whentheleasedfixedassetshavesubstantiallytransferredallrisksandrewardsrelatedtotheassets,theCompanyrecognizesthattheleaseofthefixedassetsisafinanciallease.
Thecostoffixedassetsacquiredbyfinanceleaseshallbedeterminedaccordingtothelowerofthefairvalueoftheleasedassetsontheleasestartdateandthepresentvalueoftheminimumleasepayment.
Thedepreciationpolicyconsistentwiththeirowndepreciatedassetsisadoptedforfixedassetsleasedbyfinancing.Ifitcanbereasonablydeterminedthattheownershipoftheleasedassetisacquiredattheexpirationoftheleaseterm,depreciationshallbeaccruedwithintheserviceablelifeoftheleasedasset;Ifitisimpossibletoreasonablydeterminethattheownershipoftheleasedassetcanbeacquiredattheexpirationoftheleaseterm,depreciationshallbeaccruedwithintheshorterperiodoftheleasetermandtheserviceablelifeoftheleasedasset.
18.Construction-inprocess
TheconstructioninprogressoftheCompanyreferstotheplant,equipmentandotherfixedassetsunderconstruction,whichareaccountedforindetailaccordingtotheprojectandrecordedaccordingtotheactualcost,includingdirectconstructionandinstallationcostsandborrowingcoststhatmeetthecapitalizationconditions.Whentheconstructioninprogressreachesthescheduledusablestate,itwillbecarriedovertofixedassetsbytemporaryestimation,stopinterestcapitalization,andstarttoaccruedepreciationaccordingtothedetermineddepreciationmethodoffixedassets.Aftertheprojectiscompletedandfinalaccountsaremade,theoriginalestimatedamountwillbeadjustedaccordingtotheamountoffinalaccounts,buttheoriginalaccrueddepreciationamountwillnotbeadjusted.
19.Borrowingcost
(1)Recognitionprincipleandcapitalizationperiodofborrowingcostcapitalization
BorrowingcostsincurredbytheCompanycanbedirectlyattributedtothepurchase,constructionorproductionofassetsthatmeetthecapitalizationconditions,andshallbecapitalizedwhenthefollowingconditionsaremetatthesametimeandincludedintherelevantassetcosts:
①Productionandexpenditurehaveoccurred;
②Borrowingcostshavealreadyoccurred;
③Thepurchase,constructionorproductionactivitiesrequiredtomaketheassetsreachtheintendedusableorsaleablestatehavestarted.
Capitalizationofborrowingcostsshallbesuspendediftheassetsthatmeetthecapitalizationconditionsareabnormallyinterruptedintheprocessofpurchase,constructionorproduction,andtheinterruptiontimecontinuouslyexceeds3months.Borrowingcostsincurredduringtheinterruptionperiodarerecognizedasexpensesandincludedinthecurrentprofitsandlossesuntilthepurchaseandconstructionofassetsortheresumptionofproductionactivities.Iftheinterruptionisanecessaryprocedureforthepurchased,builtorproducedassetsthatmeetthecapitalizationconditionstoreachtheintendedusableorsaleablestate,thecapitalizationofborrowingcostswillcontinue.
Capitalizationofborrowingcostsshallbestoppedwhenassetseligibleforcapitalizationarepurchased,builtorproducedtotheintendedusableorsaleablestate.Borrowingcostsincurredinthefuturearerecognizedasexpensesinthecurrentperiod.
(2)Calculationmethodofcapitalizationamountofborrowingcosts
Whereaspecialloanisborrowedforthepurposeofpurchasing,buildingorproducingassetsthatmeetthecapitalizationconditions,itshallbedeterminedbydeductingtheinterestincomeobtainedbydepositingunusedloanfundsintothebankfromtheinterestexpensesactuallyincurredinthecurrentperiodofspecialloanorbytheinvestmentincomeobtainedbytemporaryinvestment.
Ifthegeneralloanisoccupiedforthepurposeofpurchasing,buildingorproducingassetsthatmeetthecapitalizationconditions,theinterestamountofthegeneralloanthatshouldbecapitalizedshallbecalculatedanddeterminedaccordingtotheweightedaverageoftheaccumulatedassetexpenditureexceedingthespecialloanportionmultipliedbythecapitalizationrateoftheoccupiedgeneralloan.Capitalizationrateiscalculatedanddeterminedaccordingtotheweightedaverageinterestrateofgeneralborrowings.
20.Intangibleassets
(1)Pricingmethod,usefullifeandimpairmenttest
TheCompanyrecognizestheidentifiablenon-monetaryassetsownedorcontrolledbytheenterpriseasintangibleassets,whichhavenophysicalform,andtheestimatedfutureeconomicbenefitsrelatedtotheassetsarelikelytoflowintotheenterpriseandthecostoftheassetscanbereliablymeasured.
TheintangibleassetsoftheCompanyarerecordedaccordingtotheamountactuallypaidorthedeterminedvalue.
(1)Ifthepurchasepriceofintangibleassetsexceedsthenormalcreditconditions,whichisoffinancingnatureinessence,thecostofintangibleassetsisdeterminedbasedonthepresentvalueofthepurchaseprice.Thedifferencebetweentheactualpaidpriceandthepresentvalueofthepurchasepriceshallbeincludedinthecurrentprofitsandlosseswithinthecreditperiod,exceptthatitshouldbecapitalizedaccordingtotheregulations.
(2)Theintangibleassetsinvestedbyinvestorsshallbetakenasthecostaccordingtothevalueagreedintheinvestmentcontractoragreement,unlessthevalueagreedinthecontractoragreementisunfair.
(3)TheexpenditureofinternalresearchanddevelopmentprojectsoftheCompanyisdividedintoresearchstageexpenditureanddevelopmentstageexpenditure.Researchreferstoanoriginalandplannedinvestigationtoacquireandunderstandnewscientificortechnicalknowledge.Developmentreferstotheapplicationofresearchresultsorotherknowledgetoaplanordesigntoproduceneworsubstantiallyimprovedmaterials,devicesandproductsbeforecommercialproductionoruse.
Expendituresduringtheresearchphaseofinternalresearchanddevelopmentprojectsareincludedinthe
currentprofitsandlosseswhentheyoccur.Expendituresinthedevelopmentstageofinternalresearchanddevelopmentprojectsthatmeetthefollowingconditionsarerecognizedasintangibleassets:itistechnicallyfeasibletocompletetheintangibleassetssothattheycanbeusedorsold;Havetheintentiontocompletetheintangibleassetsanduseorsellthem;Thewaysinwhichintangibleassetsgenerateeconomicbenefits,includingthosethatcanprovethatthereisamarketforproductsproducedbyusingtheintangibleassetsorthattheintangibleassetsthemselvesexistinthemarket,andthattheintangibleassetswillbeusedinternally,shouldprovetheirusefulness;Havesufficienttechnical,financialandotherresourcestocompletethedevelopmentoftheintangibleassetsandhavetheabilitytouseorselltheintangibleassets;Expendituresattributabletothedevelopmentstageoftheintangibleassetscanbemeasuredreliably.IntangibleassetswithlimitedservicelifeoftheCompanyshallbeamortizedonaveragewithintheservicelifesincetheintangibleassetsareavailableforuse.Intangibleassetswithuncertainservicelifearenotamortized.Theamortizationamountofintangibleassetsistheamountafterdeductingtheestimatedsalvagevaluefromitscost.Forintangibleassetsforwhichimpairmentprovisionhasbeenmade,theaccumulatedamountofimpairmentprovisionforintangibleassetshastobededucted.Theamortizationperiodofintangibleassetswithlimitedservicelifeisasfollows:
| Type | Amortizationperiod |
| Landuseright | Remainingusefullife |
| Software | 3-5years |
| Tollroadfranchises | Operatingperiodforresidualcharges |
21.Long-termamortizableexpenses
Long-termdeferredexpensesarerecordedaccordingtotheactualamountincurred,andareamortizedequallyininstallmentsduringthebenefitperiodorwithintheprescribedperiod.Ifthelong-termprepaidexpenseitemcannotbenefitthefutureaccountingperiod,theamortizedvalueoftheitemthathasnotbeenamortizedwillbetransferredtothecurrentprofitsandlosses.
22.Contractliabilities
ContractliabilitiesrefertotheobligationoftheGrouptotransfergoodstocustomersforthereceivedorreceivableconsiderationfromcustomers.IfthecustomerhaspaidthecontractconsiderationortheGrouphasobtainedtheunconditionalcollectionrightbeforetheGrouptransfersthegoodstothecustomer,theGroupwilllistthereceivedorreceivableamountasthecontractliabilityattheearlieroftheactualpaymentmadebythecustomerandtheduedateforpayment.Contractassetsandliabilitiesunderthesamecontractarelistedinnetamount,whilecontractassetsandliabilitiesunderdifferentcontractsarenotoffset.
23.EmployeeBenefitsEmployeecompensationreferstovariousformsofremunerationorcompensationgivenbytheCompanyforobtainingservicesprovidedbyemployeesordissolvinglaborrelations.Employeecompensationincludesshort-termsalary,post-employmentbenefits,dismissalbenefitsandotherlong-termemployeebenefits.BenefitsprovidedbytheCompanytospouses,children,dependents,survivorsofdeceasedemployeesandotherbeneficiariesofemployeesarealsoemployeecompensation.
（1）Accountingmethodsofshort-termbenefitsDuringtheaccountingperiodwhenemployeesprovideservices,theCompanyrecognizestheactualshort-termsalaryasaliability,whichisincludedinthecurrentprofitsandlosses,exceptthatotheraccountingstandardsrequireorallowittobeincludedinthecostofassets.
(2)Accountingmethodsforpost-employmentbenefits
TheCompanyclassifiesthepost-employmentbenefitplanintodefinedcontributionplananddefinedbenefitplans.Post-employmentbenefitplanreferstotheagreementreachedbetweentheCompanyandemployeesonpost-employmentbenefits,ortherulesormeasuresformulatedbytheCompanytoprovidepost-employmentbenefitstoemployees,amongwhichthesetdepositplanreferstothepost-employmentwelfareplaninwhichtheCompanynolongerundertakesfurtherpaymentobligationsafterpayingafixedfeetoanindependentfund;Definedbenefitplansreferstothepost-employmentbenefitplanexcepttheset-updepositplan.
(3)AccountingTreatmentMethodofDemissionWelfare
IftheCompanyprovidesdismissalbenefitstoemployees,theemployeecompensationliabilitiesarisingfromthedismissalbenefitsshallberecognizedassoonaspossibleandincludedinthecurrentprofitsandlosses:whenthecompanycannotunnaturallywithdrawthedismissalbenefitsprovidedbytheterminationoflaborrelationsplanorreductionproposal;whentheCompanyrecognizesthecostsorexpensesrelatedtothereorganizationinvolvingthepaymentofdismissalbenefits.
（4）Otherlong-termemployeebenefits
Ifotherlong-termemployeebenefitsprovidedbytheCompanytoemployeesmeettheconditionsofthesetdepositplan,theyshallbehandledaccordingtotheaccountingpoliciesofthesetdepositplanmentionedabove;Otherwise,thenetliabilitiesornetassetsofotherlong-termemployeebenefitsshallberecognizedandmeasuredinaccordancewiththeaccountingpoliciesofdefinedbenefitplansmentionedabove.
24.Estimatedliabilities
(1)Recognitioncriteriaofestimatedliabilities
IftheobligationsrelatedtocontingenciesstipulatedbytheCompanymeetthefollowingconditionsatthesametime,theyarerecognizedasestimatedliabilities:
①Theobligationsarethecurrentobligationsundertakenbytheenterprise;
②Fulfillingtheobligationsislikelytocauseeconomicbenefitstoflowoutoftheenterprise;
③Theamountoftheobligationscanbemeasuredreliably.
(2)Measurementmethodofestimatedliabilities
Estimatedliabilitiesareinitiallymeasuredaccordingtothebestestimateofexpenditurerequiredtofulfillrelevantcurrentobligations.Thereisacontinuousrangeofrequiredexpenditure,andthepossibilityofoccurrenceofvariousresultsinthisrangeisthesame,andthebestestimateisdeterminedaccordingtotheintermediatevalueinthisrange.Inothercases,thebestestimatesaretreatedasfollows:
①Contingenciesinvolvingasingleitemshallbedeterminedaccordingtothemostprobableamount.
②Contingenciesinvolvingmultipleitemsshallbecalculatedanddeterminedaccordingtovariouspossible
resultsandrelevantprobabilities.Whendeterminingthebestestimate,therisk,uncertaintyandtimevalueofmoneyrelatedtocontingenciesshallbeconsideredcomprehensively.Ifthetimevalueofmoneyhasgreatinfluence,thebestestimateisdeterminedbydiscountingtherelatedfuturecashoutflow.
IfallorpartoftheexpensesrequiredbytheCompanytopayofftheestimatedliabilitiesareexpectedtobecompensatedbyathirdparty,thecompensationamountcanberecognizedasanassetonlywhenitisbasicallyconfirmedthatitcanbereceived.Therecognizedcompensationamountshallnotexceedthebookvalueoftheestimatedliabilities.
TheCompanyrechecksthebookvalueoftheestimatedliabilitiesonthebalancesheetdate.Ifthereisconclusiveevidencethatthebookvaluecannottrulyreflectthecurrentbestestimate,thebookvalueshallbeadjustedaccordingtothecurrentbestestimate.
25.RevenuesAccountingpoliciesadoptedforincomerecognitionandmeasurement
(1)RevenuerecognitionprincipleSincethestartingdateofthecontract,thecompanyshallevaluatethecontract,identifieseachindividualperformanceobligationcontainedin,anddetermineswhethereachindividualperformanceobligationisperformedwithinacertainperiodoftimeoratacertainpointoftime.Theperformanceobligationisdefinedasfulfillmentwithinacertainperiodoftimeifoneofthefollowingconditionsismet,otherwise,itisdefinedasfulfilledatacertainpointintime:①Thecustomerobtainsandconsumestheeconomicbenefitsbroughtbythecompany'sperformancewhilethecompanyperformsthecontract;
②Thecustomercancontrolthegoodsundermanufacturingorservicesduringthecompany'sperformance;③Thegoodsorservicesproducedduringthecompany'sperformancehaveirreplaceableuses,andthecompanyhastherighttoaccumulateforthecompletedperformancesduringtheentirecontractperiod.Forobligationsperformedwithinacertainperiodoftime,thecompanyrecognizesrevenueinaccordancewiththeperformanceprogressinthatperiod.Iftheperformanceprogresscannotbereasonablydetermined,andthecostincurredisexpectedtobecompensated,therevenueshallberecognizedaccordingtotheamountofthecostincurreduntiltheperformanceprogresscanbereasonablydetermined.Forobligationsperformedatacertainpointintime,revenueshallberecognizedatthepointwhenthecustomerobtainscontroloftherelevantgoodsorservices.Whenjudgingwhetherthecustomerhasobtainedcontroloftheproduct,thecompanyshallconsiderthefollowingpoints:①Thecompanyhasthecurrentrighttoreceivepaymentfortheproduct,thatis,thecustomerhasthecurrentpaymentobligationfortheproduct;②Thecompanyhastransferredthelegalownershipoftheproducttothecustomer,thatis,thecustomerhasthelegalownershipoftheproduct;③Thecompanyhastransferredthephysicalproducttothecustomer,thatis,thecustomerhasphysicallytakenpossessionofthe
product;④Thecompanyhastransferredthemainrisksandrewardsontheownershipoftheproducttothecustomer,thatis,thecustomerhasobtainedthemainrisksandrewardsontheownershipoftheproduct;⑤Thecustomerhasacceptedtheproduct;⑥Othersignsthatthecustomerhasobtainedcontroloftheproduct.
(2)Principleofrevenuemeasurement
①Thecompanyshallmeasurerevenuebasedonthetransactionpriceallocatedtoeachindividualperformanceobligation.Thetransactionpriceistheamountofconsiderationthatthecompanyexpectstobeentitledtoreceiveduetothetransferofgoodsorservicestocustomers,whiledoesnotincludepaymentsreceivedonbehalfofthirdpartiesandpaymentsexpectedtobereturnedtocustomers.
②Ifthereisvariableconsiderationinthecontract,thecompanyshalldetermineitsbestestimateaccordingtotheexpectedvalueorthemostlikelyamount,butthetransactionpriceincludingthevariableconsiderationshallnotexceedtheaccumulatedamountthat,ifrelevantuncertaintyiseliminated,willmostlikelyhavenosignificantreversal.
③Ifthereisanysignificantfinancingcomponentinthecontract,thecompanyshalldeterminethetransactionpricebasedontheamountpayableincashwhenthecustomerassumescontrolofthegoodsorservices.Thedifferencebetweentransactionpriceandcontractconsiderationshallbeamortizedthrougheffectiveinterestmethodduringthecontractperiod.Onthestartingdateofcontract,ifthecompanyexpectsthatthecustomerwillobtaincontrolofthegoodsorservicesandpaysthepricewithinoneyear,thesignificantfinancingcomponentincontractshallnotbeconsidered.
④Ifthecontractcontainstwoormoreperformanceobligations,thecompanyshall,ondateofthecontract,allocatethetransactionpricetoeachindividualobligationiteminaccordancewiththerelativeproportionoftheseparatesellingpriceofpromisedgoods.
Theadoptionofdifferentbusinessmodelsinsimilarbusinessesleadstodifferencesinaccountingpoliciesforrevenuerecognition
(3)Specificmethodsofrevenuerecognition
(1)Tollservicefeeincome
Thetollincomeofroadsandbridgesisdeterminedaccordingtotheamountcollectedandreceivablebyvehicleswhenpassingthrough.
(2)Incomefromprovidinglaborservices
Forservicesstartedandcompletedinthesamefiscalyear,incomeisrecognizedwhentheservicesarecompleted.Ifthebeginningandcompletionoflaborservicesbelongtodifferentfiscalyears,theCompanyshall,onthebalancesheetdate,recognizetherelatedlaborincomebythepercentageofcompletionmethod,providedthattheresultofthelaborservicetransactioncanbereliablyestimated.Whenthefollowingconditionscanbe
satisfied,theresultsofthetransactioncanbereliablyestimated:①thetotalincomeandtotalcostoflaborservicescanbereliablymeasured;②theeconomicbenefitsrelatedtothetransactioncanflowintotheenterprise;
③thedegreeofcompletionoflaborservicescanbereliablydetermined.
Forservicesstartedandcompletedinthesamefiscalyear,incomeisrecognizedwhentheservicesarecompleted.Ifthebeginningandcompletionoflaborservicesbelongtodifferentfiscalyears,theCompanyshall,onthebalancesheetdate,recognizetherelatedlaborincomebythepercentageofcompletionmethod,providedthattheresultofthelaborservicetransactioncanbereliablyestimated.Whenthefollowingconditionscanbesatisfied,theresultsofthetransactioncanbereliablyestimated:①thetotalincomeandtotalcostoflaborservicescanbereliablymeasured;②theeconomicbenefitsrelatedtothetransactioncanflowintotheenterprise;Ifthetransactionresultofprovidinglaborservicesonthebalancesheetdatecannotbeestimatedreliably,thefollowingsituationsshallbedealtwithrespectively:
①Ifthelaborcostalreadyincurredisexpectedtobecompensated,theincomefromtheserviceshallberecognizedaccordingtotheamountofthelaborcostalreadyincurred,andthelaborcostshallbecarriedoveratthesameamount.
②Iftheincurredlaborcostisnotexpectedtobecompensated,theincurredlaborcostshallbeincludedintheprofitsandlossesofthecurrentperiod,andtheincomefromtheprovisionoflaborserviceshallnotberecognized.
WhenthecontractsoragreementssignedbetweentheCompanyandotherenterprisesincludesellinggoodsandprovidingservices,ifthepartforsellinggoodsandthepartforprovidingservicescanbedistinguishedandmeasuredseparately,thepartforsellinggoodswillbetreatedasgoodssalesandthepartforprovidingserviceswillbetreatedasserviceprovision.Salesofgoodsandservicescannotbedistinguished,oralthoughtheycanbedistinguished,theycannotbemeasuredseparately.Allpartsforthesellinggoodsandprovidingserviceswillbetreatedassalesofgoods.Theadoptionofdifferentbusinessmodelsinsimilarbusinessesleadstodifferencesinaccountingpoliciesforincomerecognition
26.GovernmentGrants
Governmentsubsidiesarerecognizedwhentheymeettheconditionsattachedtogovernmentsubsidiesandcanbereceived.
Governmentsubsidiesformonetaryassetsshallbemeasuredaccordingtotheamountreceivedorreceivable.Governmentsubsidiesfornon-monetaryassetsaremeasuredatfairvalue;Ifthefairvaluecannotbeobtainedreliably,itshallbemeasuredaccordingtothenominalamountof1yuan.
GovernmentsubsidiesrelatedtoassetsrefertogovernmentsubsidiesobtainedbytheCompanyforpurchasingandbuildingorforminglong-termassetsinotherways;Otherwise,asagovernmentsubsidyrelatedtoincome.
Wherethegovernmentdocumentsdonotspecifytheobjectofthesubsidy,andthesubsidycanformlong-termassets,thepartofthegovernmentsubsidycorrespondingtothevalueoftheassetsshallberegardedasthegovernmentsubsidyrelatedtotheassets,andtherestshallberegardedasthegovernmentsubsidyrelatedtotheincome;Whereitisdifficulttobedistinguished,governmentsubsidiesasawholearetreatedasincome-relatedgovernmentsubsidies.
Governmentsubsidiesrelatedtoassetsoffsetthebookvalueofrelatedassets,orarerecognizedasdeferredrevenueandincludedinprofitsandlossesbystagesaccordingtoareasonableandsystematicmethodwithintheservicelifeofrelatedassets.Governmentsubsidiesrelatedtoincome,whichareusedtocompensaterelatedcosts
orlossesthathaveoccurred,shallbeincludedincurrentprofitsandlossesoroffsetrelatedcosts;Iftheyareusedtocompensaterelatedcostsorlossesinlaterperiods,theywillbeincludedinthedeferredrevenue,andtheywillbeincludedinthecurrentprofitsandlossesoroffsetrelatedcostsduringtherecognitionperiodofrelatedcostsorlosses.Governmentsubsidiesmeasuredinnominalamountaredirectlyincludedincurrentprofitsandlosses.TheCompanyadoptsaconsistentapproachtothesameorsimilargovernmentsubsidybusiness.Governmentsubsidiesrelatedtodailyactivities,accordingtotheessenceofeconomicbusiness,areincludedinotherincomeoroffsetrelatedcosts.Governmentsubsidiesirrelevanttoroutineactivitiesshallbeincludedintothenon-operatingreceiptanddisbursement.Whentherecognizedgovernmentsubsidyneedstobereturned,ifthebookvalueofrelatedassetsisoffsetduringinitialrecognition,thebookvalueofassetswillbeadjusted;Ifthereisarelevantdeferredrevenuebalance,thebookbalanceoftherelevantdeferredrevenuewillbeoffset,andtheexcesswillbeincludedinthecurrentprofitsandlosses;Inothercases,itisdirectlyincludedinthecurrentprofitsandlosses.Forthediscountinterestofpreferentialpolicyloans,ifthefinanceallocatesthediscountinterestfundstothelendingbank,theactuallyreceivedloanamountistakenastherecordedvalueoftheloan,andtheborrowingcostiscalculatedaccordingtotheloanprincipalandpreferentialpolicyinterestrate.IfthefinancedirectlyallocatesthediscountinterestfundstotheCompany,thediscountinterestwilloffsettheborrowingcosts.
27.DeferredincometaxassetsanddeferredincometaxliabilitiesTheCompanyadoptsthebalancesheetliabilitymethodforincometaxaccountingtreatment.
(1)Deferredtaxassets
①Ifthereisadeductibletemporarydifferencebetweenthebookvalueofanassetorliabilityanditstaxbasis,thedeferredincometaxassetsgeneratedbythedeductibletemporarydifferenceshallbecalculatedandconfirmedaccordingtotheapplicabletaxrateduringtheexpectedperiodofrecoveringtheassetorpayingofftheliability.
②Onthebalancesheetdate,ifthereisconclusiveevidencethatsufficienttaxableincomeislikelytobeobtainedinthefutureperiodtooffsetthedeductibletemporarydifference,theunrecognizeddeferredincometaxassetsinthepreviousperiodshallberecognized.
③Onthebalancesheetdate,thebookvalueofdeferredincometaxassetsshallbereviewed.Ifitisunlikelythatenoughtaxableincomewillbeobtainedinthefutureperiodtooffsetthebenefitsofdeferredincometaxassets,thebookvalueofdeferredincometaxassetswillbewrittendown.Whensufficienttaxableincomeislikelytobeobtained,thewritten-downamountwillbereversed.
(2)Deferredincometaxliabilities
Ifthereisataxabletemporarydifferencebetweenthebookvalueofassetsandliabilitiesandtheirtaxbasis,thedeferredincometaxliabilitiesarisingfromthetaxabletemporarydifferenceshallberecognizedaccordingtotheapplicabletaxrateduringtheexpectedperiodofrecoveringtheassetsorpayingofftheliabilities.
28.Lease
(1)Accountingmethodsforoperatingleases
Asthelessee,theCompany'soperatingleaserentisincludedintherelevantassetcostorcurrentprofitandlossaccordingtothestraight-linemethodineachperiodoftheleaseterm;Theinitialdirectexpensesincurredareincludedinthecurrentprofitsandlosses;Contingentrentsareincludedincurrentprofitsandlosseswhentheyactuallyoccur.
Asthelessor,theCompanyincludestheassetsusedasoperatingleasesintherelevantitemsinthebalance
sheetaccordingtothenatureoftheassets;Fortherentofoperatinglease,itisrecognizedasthecurrentprofitandlossaccordingtothestraight-linemethodineachperiodoftheleaseterm;Theinitialdirectexpensesincurredareincludedinthecurrentprofitsandlosses;Forthefixedassetsintheoperatingleaseassets,thedepreciationpolicyofsimilarassetsisadoptedfordepreciation;Forotheroperatingleaseassets,asystematicandreasonablemethodisadoptedforamortization;Contingentrentsareincludedincurrentprofitsandlosseswhentheyactuallyoccur.
(2)Accountingmethodsforfinancialleasing
①AsthelesseeOnthestartdateoftheleaseterm,theCompanytakesthelowerofthefairvalueoftheleasedassetsontheleasestartdateandthepresentvalueoftheminimumleasepaymentastherecordedvalueoftheleasedassets,andtheminimumleasepaymentastherecordedvalueofthelong-termpayables,withthedifferenceastheunrecognizedfinancingexpenses;Initialdirectexpensessuchashandlingfees,attorneyfees,travelexpenses,stampduty,etc.,whichoccurduringtheleasenegotiationandsigningoftheleasecontract,areincludedinthevalueoftheleasedassets;Unrecognizedfinancingexpensesareallocatedineachperiodoftheleaseterm,andthecurrentfinancingexpensesarecalculatedandrecognizedbytheeffectiveinterestratemethod;Contingentrentsareincludedincurrentprofitsandlosseswhentheyactuallyoccur.
Whencalculatingthepresentvalueoftheminimumleasepayment,ifthelessor'sleaseinclusiveinterestratecanbeobtained,theleaseinclusiveinterestrateshallbeusedasthediscountrate;Otherwise,theinterestratestipulatedintheleasecontractshallbeusedasthediscountrate.Ifthelessor'sleaseinterestratecannotbeobtainedandtheleasecontractdoesnotstipulatetheinterestrate,thebankloaninterestrateofthesameperiodshallbeusedasthediscountrate.
TheCompanyadoptsthedepreciationpolicyconsistentwiththatoftheself-ownedfixedassetstowithdrawthedepreciationoftheleasedassets.Ifitcanbereasonablydeterminedthattheownershipoftheleasedassetisacquiredattheexpirationoftheleaseterm,depreciationshallbeaccruedwithintheservicelifeoftheleasedasset.Ifitisimpossibletoreasonablydeterminethattheownershipoftheleasedassetcanbeacquiredattheexpirationoftheleaseterm,depreciationshallbeaccruedwithintheshorterperiodoftheleasetermandtheservicelifeoftheleasedasset.
②Asthelessor
Onthestartdateoftheleaseterm,theCompanyshalltakethesumoftheminimumleasereceiptamountandtheinitialdirectexpensesontheleasestartdateastherecordedvalueofthefinancialleasereceivable,andrecordstheunsecuredresidualvalue;Recognizethedifferencebetweenthesumoftheminimumleasepaymentamount,initialdirectexpensesandunsecuredresidualvalueanditspresentvalueasunrealizedfinancingincome;Distributeunrealizedfinancingincomeineachperiodoftheleaseterm;Calculateandconfirmthefinancingincomeofthecurrentperiodbyusingtheeffectiveinterestratemethod;Andincludecontingentrentsincurrentprofitsandlosseswhentheyactuallyoccur.
29.Held-for-salenon-currentassets,disposalgroupandterminationofoperation
(1)Classificationandmeasurementofheld-for-salenon-currentassetsordisposalgroups
Whenthebookvalueisrecoveredmainlybyselling(includingtheexchangeofnon-monetaryassetswithcommercialsubstance)ratherthancontinuouslyusinganon-currentassetordisposalgroup,thenon-currentassetordisposalgroupisclassifiedasheldforsale.
Theabove-mentionednon-currentassetsdonotincludeinvestmentrealestatemeasuredbyfairvaluemodel,biologicalassetsmeasuredbynetamountoffairvalueminussellingexpenses,assetsformedbyemployeecompensation,financialassets,deferredincometaxassetsandrightsarisingfrominsurancecontracts.
Thedisposalgroupreferstoagroupofassetsdisposedoftogetherbysaleorothermeansinatransactionasawhole,andliabilitiesdirectlyrelatedtotheseassetstransferredinthetransaction.Undercertaincircumstances,thedisposalgroupincludesgoodwillobtainedinbusinesscombination,etc.
Atthesametime,non-currentassetsordisposalgroupsthatmeetthefollowingconditionsareclassifiedasheldforsale:accordingtothepracticeofsellingsuchassetsordisposalgroupsinsimilartransactions,thenon-currentassetsordisposalgroupscanbesoldimmediatelyunderthecurrentsituation;Thesaleisverylikelytohappen,thatis,aresolutionhasbeenmadeonasaleplanandafirmpurchasecommitmenthasbeenobtained,anditisexpectedthatthesalewillbecompletedwithinoneyear.Ifthecontroloversubsidiariesislostduetothesaleofinvestmentsinsubsidiaries,whetherornottheCompanyretainspartoftheequityinvestmentsafterthesale,whentheinvestmentinsubsidiariestobesoldmeetstheclassificationconditionsofheld-for-sale,theinvestmentinsubsidiarieswillbeclassifiedasheld-for-saleasawholeinindividualfinancialstatements,andallassetsandliabilitiesofsubsidiarieswillbeclassifiedasheld-for-saleinconsolidatedfinancialstatements.
Whenthenon-currentassetsordisposalgroupsheldforsaleareinitiallymeasuredorre-measuredonthebalancesheetdate,thedifferencebetweenthebookvalueandthenetamountafterdeductingthesellingexpensesfromthefairvalueisrecognizedastheassetimpairmentloss.Fortheamountofassetimpairmentlossrecognizedfortheheld-for-saledisposalgroup,thebookvalueofgoodwillinthedisposalgroupisoffsetfirst,andthenthebookvalueofnon-currentassetsinthedisposalgroupisoffsetproportionally.
Ifthenetamountofnon-currentassetsheldforsaleordisposalgroup'sfairvalueminussellingexpensesincreasesonthesubsequentbalancesheetdate,thepreviouslywritten-downamountwillberestoredandreversedwithintheamountofassetimpairmentlossrecognizedafterbeingclassifiedasheld-for-sale,andthereversedamountwillbeincludedinthecurrentprofitsandlosses.Thebookvalueofoffsetgoodwillshallnotbereversed.
Non-currentassetsheldforsaleandassetsindisposalgroupheldforsalearenotdepreciatedoramortized;Interestandotherexpensesofliabilitiesindisposalgroupheldforsalecontinuetoberecognized.Allorpartoftheinvestmentsofaffiliatedenterprisesorjointventuresclassifiedasheld-for-saleshallbeaccountedforbytheequitymethodforthoseclassifiedasheldforsale,whilethoseretained(notclassifiedasheld-for-sale)shallcontinuetobeaccountedforbytheequitymethod;WhentheCompanylosessignificantinfluenceontheaffiliatedenterpriseandjointventureduetothesale,itshallstopusingtheequitymethod.
Ifacertainnon-currentassetordisposalgroupisclassifiedasheldforsale,buttheclassificationconditionsofheldforsalearenolongermet,theCompanywillstopclassifyingitasheldforsaleandmeasureitaccordingtothelowerofthefollowingtwoamounts:
①Forthebookvalueoftheassetordisposalgroupbeforeitisclassifiedasheldforsale,theamountadjustedaccordingtothedepreciation,amortizationorimpairmentwhichshouldhavebeenrecognizedwithoutbeingclassifiedasheldforsale;
②Recoverableamount.
(2)Terminationofoperation
TerminationofoperationreferstothecomponentsthathavebeendisposedofbytheCompanyorclassifiedasheldforsalebytheCompanyandcanbedistinguishedseparately,whichmeetoneofthefollowingconditions:
①Thiscomponentrepresentsanindependentmainbusinessoraseparatemainbusinessarea.
②Thiscomponentispartofanassociatedplantodisposeofanindependentmainbusinessoraseparatemainbusinessarea.
③Thiscomponentisasubsidiaryacquiredforresale.
(3)Presentation
Inthebalancesheet,theCompanyliststhenon-currentassetsheldforsaleortheassetsinthedisposalgroupheldforsaleas"assetsheldforsale",andliststheliabilitiesinthedisposalgroupheldforsaleas"liabilitiesheld
forsale".TheCompanyseparatelyliststheprofitandlossfromcontinuingoperationsandtheprofitandlossfromterminationofoperationsintheincomestatement.Fornon-currentassetsordisposalgroupsheldforsalethatdonotmeetthedefinitionofterminationofoperation,theimpairmentloss,reversalamountanddisposalprofitandlossarelistedastheprofitandlossofcontinuingoperations.Operatingprofitandlossanddisposalprofitandlosssuchasimpairmentlossandreversalamountofdiscontinuedoperationarelistedasdiscontinuedoperationprofitandloss.Adisposalgroupthatintendstoterminateitsuseinsteadofsellingandmeetstheconditionsofrelevantcomponentsinthedefinitionofoperationterminationshallbelistedasoperationterminationfromthedatewhenitceasestouse.Forthediscontinuedoperationslistedinthecurrentperiod,inthecurrentfinancialstatements,theinformationoriginallylistedastheprofitandlossofcontinuingoperationsisre-listedastheprofitandlossofdiscontinuedoperationsinthecomparableaccountingperiod.Iftheterminationofoperationnolongermeetstheclassificationconditionsforheld-for-sale,theinformationoriginallylistedastheprofitandlossofoperationterminationinthecurrentfinancialstatementswillbelistedagainastheprofitandlossofcontinuingoperationinthecomparableaccountingperiod.
30.ImpairmentofassetsThefollowingsignsindicatethattheassetsmaybeimpaired:
(1)Themarketpriceofassetsfellsharplyinthecurrentperiod,whichwassignificantlyhigherthantheexpecteddeclineduetothepassageoftimeornormaluse.
(2)Theeconomic,technicalorlegalenvironmentinwhichtheCompanyoperatesandthemarketinwhichtheassetsarelocatedhaveundergonemajorchangesinthecurrentperiodorinthenearfuture,whichwillhaveadverseeffectsontheCompany.
(3)Themarketinterestrateorothermarketreturnoninvestmenthasincreasedinthecurrentperiod,whichaffectsthediscountrateusedbyenterprisestocalculatethepresentvalueoftheestimatedfuturecashflowofassets,resultinginasignificantdecreaseintherecoverableamountofassets.
(4)Thereisevidencethattheassetsareoutdatedortheirentitieshavebeendamaged.
(5)Assetshavebeenorwillbeidle,terminatedorplannedtobedisposedofinadvance.
(6)Theevidencereportedbythecompanyshowsthattheeconomicperformanceofassetshasbeenorwillbelowerthanexpected,suchasthenetcashflowcreatedbyassetsortherealizedoperatingprofit(orloss)isfarlowerthantheexpectedamount.
(7)Otherindicationsthatassetsmayhavebeenimpaired.Onthebalancesheetdate,theCompanyjudgesvariousassetsthatareapplicabletotheAccountingStandardsforBusinessEnterprisesNo.8-ImpairmentofAssets,suchaslong-termequityinvestment,fixedassets,engineeringmaterials,constructioninprogress,intangibleassets(exceptthosewithuncertainservicelife),andconductsimpairmenttestwhentherearesignsofimpairment-estimatingtheirrecoverableamount.Therecoverableamountisdeterminedbythehigherofthenetamountofthefairvalueoftheassetminusthedisposalexpensesandthepresentvalueoftheestimatedfuturecashflowoftheasset.Iftherecoverableamountofanassetislowerthanitsbookvalue,thebookvalueoftheassetshallbewrittendowntotherecoverableamount,andthewritten-downamountshallberecognizedastheassetimpairmentloss,whichshallbeincludedinthecurrentprofitsandlosses,andthecorrespondingassetimpairmentreserveshallbeaccruedatthesametime.
Iftherearesignsthatanassetmaybeimpaired,theCompanyusuallyestimatesitsrecoverableamountonthebasisofindividualassets.Whenitisdifficulttoestimatetherecoverableamountofasingleasset,therecoverable
amountoftheassetgroupisdeterminedbasedontheassetgrouptowhichtheassetbelongs.AssetgroupisthesmallestassetportfoliothatcanberecognizedbytheCompany,anditscashinflowisbasicallyindependentofotherassetsorassetgroups.Theassetgroupconsistsofassetsrelatedtocashinflow.Theidentificationofassetgroupisbasedonwhetherthemaincashinflowgeneratedbyassetgroupisindependentofotherassetsorcashinflowofassetgroup.TheCompanyconductsimpairmenttesteveryyearforintangibleassetswithuncertaingoodwillandservicelifeformedbybusinesscombinationandnotyetinserviceablecondition,regardlessofwhetherthereisanysignofimpairment.Theimpairmenttestofgoodwilliscarriedoutincombinationwithitsrelatedassetgrouporcombinationofassetgroups.Oncetheassetimpairmentlossisconfirmed,itwillnotbereversedinthefollowingaccountingperiod.
31.FairvaluemeasurementFairvaluereferstothepricethatamarketparticipantmustpaytosellortransferaliabilityinanorderlytransactionthatoccursonthemeasurementdate.
TheCompanymeasuresrelatedassetsorliabilitiesatfairvalue,assumingthattheorderlytransactionofsellingassetsortransferringliabilitiesisconductedinthemainmarketofrelatedassetsorliabilities;Ifthereisnomajormarket,theCompanyassumesthatthetransactionwillbeconductedinthemostfavorablemarketofrelatedassetsorliabilities.Themainmarket(orthemostfavorablemarket)isthetradingmarketthattheCompanycanenteronthemeasurementday.TheCompanyadoptstheassumptionsusedbymarketparticipantstomaximizetheireconomicbenefitswhenpricingtheassetsorliabilities.
Whenmeasuringnon-financialassetsatfairvalue,theabilityofmarketparticipantstousetheassetsforthebestpurposetogenerateeconomicbenefitsortheabilitytoselltheassetstoothermarketparticipantsforthebestpurposetogenerateeconomicbenefitsshallbeconsidered.
TheCompanyadoptsthevaluationtechnologywhichisapplicableinthecurrentsituationandsupportedbysufficientavailabledataandotherinformation,andgivesprioritytotherelevantobservableinputvalues,andonlyusestheunobservableinputvalueswhentheobservableinputvaluesareunavailableorimpractical.
Forassetsandliabilitiesmeasuredordisclosedatfairvalueinfinancialstatements,itshalldeterminethefairvaluelevelaccordingtothelowestlevelinputvaluewhichisofgreatsignificancetofairvaluemeasurementasawhole:thefirst-levelinputvalueistheunadjustedquotationofthesameassetsorliabilitiesthatcanbeobtainedonthemeasurementdateinanactivemarket;Thesecond-levelinputvalueisdirectlyorindirectlyobservableinputvaluesofrelatedassetsorliabilitiesexceptthefirst-levelinputvalue;Thethirdlevelinputvalueistheunobservableinputvalueofrelatedassetsorliabilities.
Oneachbalancesheetdate,theCompanyreassessestheassetsandliabilitiesrecognizedinthefinancialstatementsthatarecontinuouslymeasuredatfairvaluetodeterminewhetherthereisaconversionbetweenthefairvaluemeasurementlevels.
32.Changeofmainaccountingpoliciesandestimations
(1)Changeofmainaccountingpolicies
√Applicable□Notapplicable
| Contentsandcausesforchangesofaccountingpolicy | Approvalprocedures | Remarks |
| OnJuly5,2017,theMinistryofFinanceissuedtheAccountingStandardsforBusinessEnterprisesNo.14-Income(Revisedin2017)(CK[2017]No.22)(hereinafterreferredtoasthe"NewIncomeStandards"). | Itwasadoptedatthe4thmeetingofthe9thBoardofDirectorsoftheCompanyonApril3,2020 | TheNewIncomeStandardsestablishanewincomerecognitionmodelforregulatingtheincomegeneratedbycontractswithcustomers.Inordertoimplementthenewrevenuestandard,theCompanyre-evaluatedtherecognition,measurement,accountingandpresentationofmaincontractincome.Accordingtothenewincomestandards,onlythecumulativeimpactofunfinishedcontractsonJanuary1,2020areadjusted.Theaccumulatedimpactamountofthefirstimplementationisadjusted.Theamountofretainedearningsatthebeginningofthefirstimplementationperiod(i.e.January1,2020)andotherrelateditemsinthefinancialstatementswillnotbeadjustedfortheinformationofcomparableperiods. |
InfluenceofimplementingnewincomestandardsonfinancialstatementsonJanuary1,2020:
| Items | December31,2019（Beforechange） | January1,2020（Afterchange） |
| Consolidatedstatements | Consolidatedstatements | |
| Accountreceivable | 177,099,124.09 | 179,449,777.42 |
| Otheraccountreceivable | 30,103,478.60 | 22,706,427.50 |
| Contractassets | 5,046,397.77 | |
| Inventories | 111,683.22 | 111,683.22 |
| OtherNon-currentassets | 50,909,325.73 | 50,909,325.73 |
| Advancereceipts | 15,605,094.69 | 12,817,484.06 |
| Contractliabilities | 2,787,610.63 |
（2）Significantestimateschanges
√Applicable□Notapplicable
| Contentsandcausesofchangesinaccountingestimates | Approvalprocedure | Timepointatwhichtheapplicationbegins | Remarks |
| FromJanuary1,2020,theTrafficVolumeForecastandChargeRevenueReportofFokaiExpresswayandtheTrafficVolumeForecastandChargeRevenue | OnDecember31,2019,thethird(provisional)meetingoftheninthboardofdirectorswasheld,andthemeeting | January1,2020 | Forthismatter,thecompanyadoptsthefutureapplicablemethod.Thischangeinaccountingestimateresultsinadecreaseindepreciationoffixedassetsinthecurrentperiodthantheoriginal |
| ReportofGuangzhuSectionofJiangzhuExpresswayissuedbyGuangdongTransportationPlanningandDesignInstituteCo.,Ltd.in2019fortheFokaiBranchofGuangdongExpresswayDevelopmentCo.,Ltd.,abranchoftheCompany,andJingzhuExpresswayGuangzhuSectionCo.,Ltd.,aholdingsubsidiaryareusedasdepreciationbasis | passedtheProposalonChangesinAccountingEstimates | accountingestimatebyRMB172,308,077.27,adecreaseinoperatingcostbyRMB172,308,077.27,ANincreaseinnetprofitbyRMB129,231,057.95,anincreaseinnetprofitattributabletoshareholdersoftheparentcompanybyRMB123,155,223.57,andanincreaseinimpactofprofitandlossattributabletominorityshareholdersbyRMB6,075,834.39.、 | |
| FromSeptember1,2020,thedepreciationperiodofmachineryandequipment,electronicequipmentandotherequipmenthasbeenchanged,andthenetsalvagevaluerateoffixedassets(exceptroadproperty)hasalsobeenchanged. | OnAugust26,2020,the9th(provisional)meetingoftheninthboardofdirectorswasheld,andthemeetingpassedtheProposalonChangesinAccountingEstimates | September1,2020 | Forthismatter,thecompanyadoptsthefutureapplicablemethod.ThischangeinaccountingestimateresultsinadecreaseindepreciationoffixedassetsinthecurrentperiodthantheoriginalaccountingestimatebyRMB33,759,072.50,anIncreaseinoperatingcostbyRMB33,759,072.50,AdecreaseinnetprofitbyRMB25,319,304.38,adecreaseinnetprofitattributabletoshareholdersoftheparentcompanybyRMB24,086,113.34,andadecreaseinimpactofprofitandlossattributabletominorityshareholdersbyRMB1,233,191.05. |
（3）AdjustmentstotheFinancialStatementsattheBeginningoftheFirstExecutionYearofanyNewStandardsGoverningFinancialInstruments,RevenueorLeasesfromyear2020Applicable
Whetherneedtoadjustthebalancesheetaccountatthebeginningoftheyear
√Yes□No
Consolidatedbalancesheet
InRMB
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| Currentasset： | |||
| Monetaryfund | 3,054,198,364.15 | 3,054,198,364.15 | |
| Settlementprovision | |||
| Outgoingcallloan |
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| Transactionalfinancialassets | |||
| Derivativefinancialassets | |||
| Notesreceivable | |||
| Accountreceivable | 177,099,124.09 | 179,449,777.42 | 2,350,653.33 |
| Financingofreceivables | |||
| Prepayments | 11,829,452.88 | 11,829,452.88 | |
| Insurancereceivable | |||
| Reinsurancereceivable | |||
| ProvisionsofReinsurancecontractsreceivable | |||
| Otheraccountreceivable | 30,103,478.60 | 22,706,427.50 | -7,397,051.10 |
| Including：Interestreceivable | |||
| Dividendreceivable | 7,205,472.90 | 7,205,472.90 | |
| Repurchasingoffinancialassets | |||
| Inventories | 111,683.22 | 111,683.22 | |
| Contractassets | 5,046,397.77 | 5,046,397.77 | |
| Assetsheldforsales | |||
| Non-currentassetduewithin1year | 51,745.32 | 51,745.32 | |
| Othercurrentasset | 196,576,603.21 | 196,576,603.21 | |
| Totalofcurrentassets | 3,469,970,451.47 | 3,469,970,451.47 | |
| Non-currentassets | |||
| Loansandpaymentonother’sbehalfdisbursed | |||
| Debtinvestment | |||
| Otherinvestmentonbonds | |||
| Long-termreceivable | |||
| Longtermshareequityinvestment | 2,207,266,324.84 | 2,207,266,324.84 | |
| Otherequityinstrumentsinvestment | 1,835,822,604.77 | 1,835,822,604.77 | |
| Othernon-currentfinancialassets | |||
| Propertyinvestment | 3,331,500.37 | 3,331,500.37 | |
| Fixedassets | 12,460,188,469.66 | 12,460,188,469.66 | |
| Constructioninprogress | 241,274,698.97 | 241,274,698.97 | |
| Productionphysicalassets |
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| Oil&gasassets | |||
| Userightassets | |||
| Intangibleassets | 8,762,039.52 | 8,762,039.52 | |
| Developmentexpenses | |||
| Goodwill | |||
| Long-germexpensestobeamortized | 3,919,764.44 | 3,919,764.44 | |
| Deferredincometaxasset | 385,494,106.13 | 385,494,106.13 | |
| Othernon-currentasset | 50,909,325.73 | 50,909,325.73 | |
| Totalofnon-currentassets | 17,196,968,834.43 | 17,196,968,834.43 | |
| Totalofassets | 20,666,939,285.90 | 20,666,939,285.90 | |
| Currentliabilities | |||
| Short-termloans | |||
| LoanfromCentralBank | |||
| Borrowingfunds | |||
| Transactionalfinancialliabilities | |||
| Derivativefinancialliabilities | |||
| Notespayable | |||
| Accountpayable | 368,307,598.41 | 368,307,598.41 | |
| Advancereceipts | 15,605,094.69 | 12,817,484.06 | -2,787,610.63 |
| Contractliabilities | 2,787,610.63 | 2,787,610.63 | |
| Sellingofrepurchasedfinancialassets | |||
| Deposittakingandinterbankdeposit | |||
| Entrustedtradingofsecurities | |||
| Entrustedsellingofsecurities | |||
| Employees’wagepayable | 15,173,142.46 | 15,173,142.46 | |
| Taxpayable | 175,201,627.19 | 175,201,627.19 | |
| Otheraccountpayable | 474,689,554.26 | 474,689,554.26 | |
| Including：Interestpayable | |||
| Dividendpayable | 20,020,119.31 | 20,020,119.31 | |
| Feesandcommissionspayable | |||
| Reinsurancefeepayable | |||
| Liabilitiesheldforsales |
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| Non-currentliabilityduewithin1year | 796,246,790.61 | 796,246,790.61 | |
| Othercurrentliability | 1,246,636.74 | 1,246,636.74 | |
| Totalofcurrentliability | 1,846,470,444.36 | 1,846,470,444.36 | |
| Non-currentliabilities： | |||
| Reservefundforinsurancecontracts | |||
| Long-termloan | 4,926,015,000.00 | 4,926,015,000.00 | |
| Bondpayable | 678,124,972.89 | 678,124,972.89 | |
| Including：preferredstock | |||
| Sustainabledebt | |||
| Leaseliability | |||
| Long-termpayable | 39,369,379.91 | 39,369,379.91 | |
| Long-termremunerationpayabletostaff | |||
| Expectedliabilities | |||
| Deferredincome | 51,000,000.00 | 51,000,000.00 | |
| Deferredincometaxliability | 428,922,140.08 | 428,922,140.08 | |
| Othernon-currentliabilities | |||
| Totalnon-currentliabilities | 6,123,431,492.88 | 6,123,431,492.88 | |
| Totalofliability | 7,969,901,937.24 | 7,969,901,937.24 | |
| Owners’equity | |||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 | |
| Otherequityinstruments | |||
| Including：preferredstock | |||
| Sustainabledebt | |||
| Capitalreserves | 3,094,017,129.31 | 3,094,017,129.31 | |
| Less：Sharesinstock | |||
| Othercomprehensiveincome | 382,193,344.90 | 382,193,344.90 | |
| Specialreserve | |||
| Surplusreserves | 1,074,553,052.81 | 1,074,553,052.81 | |
| Commonriskprovision | |||
| Retainedprofit | 3,915,790,810.76 | 3,915,790,810.76 | |
| Totalofowner’sequitybelongtothe | 10,557,360,463.78 | 10,557,360,463.78 |
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| parentcompany | |||
| Minorityshareholders’equity | 2,139,676,884.88 | 2,139,676,884.88 | |
| Totalofowners’equity | 12,697,037,348.66 | 12,697,037,348.66 | |
| Totalofliabilitiesandowners’equity | 20,666,939,285.90 | 20,666,939,285.90 |
AdjustmentstatementParentCompanyBalanceSheet
InRMB
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| Currentasset： | |||
| Monetaryfund | 2,791,384,501.78 | 2,791,384,501.78 | |
| Transactionalfinancialassets | |||
| Derivativefinancialassets | |||
| Notesreceivable | |||
| Accountreceivable | 21,864,051.27 | 21,864,051.27 | |
| Financingofreceivables | |||
| Prepayments | 1,737,598.88 | 1,737,598.88 | |
| Otheraccountreceivable | 13,435,651.19 | 13,435,651.19 | |
| Including：Interestreceivable | |||
| Dividendreceivable | 7,205,472.90 | 7,205,472.90 | |
| Inventories | |||
| Contractassets | |||
| Assetsheldforsales | |||
| Non-currentassetduewithin1year | 151,637,139.08 | 151,637,139.08 | |
| Othercurrentasset | |||
| Totalofcurrentassets | 2,980,058,942.20 | 2,980,058,942.20 | |
| Non-currentassets： | |||
| Debtinvestment | 537,903,684.98 | 537,903,684.98 | |
| Otherinvestmentonbonds | |||
| Long-termreceivable | |||
| Longtermshareequityinvestment | 4,789,404,907.17 | 4,789,404,907.17 |
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| Otherequityinstrumentsinvestment | 1,835,822,604.77 | 1,835,822,604.77 | |
| Othernon-currentfinancialassets | |||
| Propertyinvestment | 3,079,362.12 | 3,079,362.12 | |
| Fixedassets | 6,818,701,482.08 | 6,818,701,482.08 | |
| Constructioninprogress | 46,952,925.08 | 46,952,925.08 | |
| Productionphysicalassets | |||
| Oil&gasassets | |||
| Userightassets | |||
| Intangibleassets | 2,533,878.12 | 2,533,878.12 | |
| Developmentexpenses | |||
| Goodwill | |||
| Long-germexpensestobeamortized | |||
| Deferredincometaxasset | 385,296,935.33 | 385,296,935.33 | |
| Othernon-currentasset | 36,901,029.57 | 36,901,029.57 | |
| Totalofnon-currentassets | 14,456,596,809.22 | 14,456,596,809.22 | |
| Totalofassets | 17,436,655,751.42 | 17,436,655,751.42 | |
| Currentliabilities | |||
| Short-termloans | |||
| Transactionalfinancialliabilities | |||
| Derivativefinancialliabilities | |||
| Notespayable | |||
| Accountpayable | 129,930,285.56 | 129,930,285.56 | |
| Advancereceipts | |||
| ContractLiabilities | |||
| Employees’wagepayable | 6,340,740.61 | 6,340,740.61 | |
| Taxpayable | 8,704,510.83 | 8,704,510.83 | |
| Otheraccountpayable | 582,131,356.01 | 582,131,356.01 | |
| Including：Interestpayable | |||
| Dividendpayable | 20,020,119.31 | 20,020,119.31 | |
| Liabilitiesheldforsales | |||
| Non-currentliabilityduewithin1year | 744,589,133.72 | 744,589,133.72 | |
| Othercurrentliability | 821,133,339.57 | 821,133,339.57 |
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| Totalofcurrentliability | 2,292,829,366.30 | 2,292,829,366.30 | |
| Non-currentliabilities： | |||
| Long-termloan | 4,243,730,000.00 | 4,243,730,000.00 | |
| Bondpayable | 678,124,972.89 | 678,124,972.89 | |
| Including：preferredstock | |||
| Sustainabledebt | |||
| Leaseliability | |||
| Long-termpayable | 39,369,379.91 | 39,369,379.91 | |
| Long-termremunerationpayabletostaff | |||
| Expectedliabilities | |||
| Deferredincome | |||
| Deferredincometaxliability | 129,978,356.56 | 129,978,356.56 | |
| Othernon-currentliabilities | |||
| Totalnon-currentliabilities | 5,091,202,709.36 | 5,091,202,709.36 | |
| Totalofliability | 7,384,032,075.66 | 7,384,032,075.66 | |
| Owners’equity | |||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 | |
| Otherequityinstruments | |||
| Including：preferredstock | |||
| Sustainabledebt | |||
| Capitalreserves | 2,974,458,696.93 | 2,974,458,696.93 | |
| Less：Sharesinstock | |||
| Othercomprehensiveincome | 382,193,344.90 | 382,193,344.90 | |
| Specialreserve | |||
| Surplusreserves | 894,580,785.25 | 894,580,785.25 | |
| Retainedprofit | 3,710,584,722.68 | 3,710,584,722.68 | |
| Totalofowners’equity | 10,052,623,675.76 | 10,052,623,675.76 | |
| Totalofliabilitiesandowners’equity | 17,436,655,751.42 | 17,436,655,751.42 |
Note
（4）RetrospectiveRestatementofPreviousComparativeDataduetotheFirstExecutionofanyNewStandardsGoverningFinancialInstrumentsorLeasesfromyear2020
□Applicable√NotapplicableVI.Taxation
1.Majorcategoryoftaxesandtaxrates
| Taxcategory | Taxbasis | Taxrate |
| VAT | Taxableincome | 3%，5%，6%，9%，13% |
| Citymaintenanceandconstructiontax | Theactualpaymentofturnovertax | 7%，5% |
| Enterpriseincometax | Taxableincome | 25% |
| EducationFeeSurcharge | Theactualpaymentofturnovertax | 3% |
| Localeducationsurcharge | Theactualpaymentofturnovertax | 2% |
2.Preferentialtax
AccordingtotheNoticeoftheMinistryofFinanceandtheStateAdministrationofTaxationonFullyOpeningthePilotofChangingBusinessTaxtoVAT(CS[2016]No.36),thequalifiedcontractenergymanagementservicesofthesubsidiaryGuangdongHigh-speedTechnologyInvestmentCo.,Ltd.areexemptfromVAT.VII.NotestothemajoritemsofconsolidatedfinancialstatementUnlessotherwisespecified,inthefollowingnotes(includingthenotestomainitemsinthefinancialstatementsoftheparentcompany)"thebeginningoftheperiod"referstoJanuary1,2020,"theendoftheperiod"referstoDecember31,2020,"currentperiod"referstoYear2020,and"lastperiod"referstoYear2019.
1.MonetaryCapital
InRMB
| Items | Amountinyear-end | BalanceYear-beginning |
| Cash | 54,482.68 | 75,833.29 |
| Bankdeposit | 2,846,821,352.23 | 3,052,884,045.33 |
| Other | 522,168.98 | 1,238,485.53 |
| Total | 2,847,398,003.89 | 3,054,198,364.15 |
OthernoteOnDecember31,2020,Thebalanceofrestrictedbankdepositsattheendoftheperiodwas1,221,200.00yuan,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofSanbaotoShuikousectionofFokaiExpressway.
2.Accountreceivable
1.Classificationaccountreceivables.
InRMB
| Category | Amountinyear-end | BalanceYear-beginning | ||||||||
| BookBalance | Baddebtprovision | Bookvalue | BookBalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | Amount | Proportion(%) | |||
| Ofwhich： | ||||||||||
| Accrualofbaddebtprovisionbyportfolio | 172,621,378.99 | 100.00% | 3,713,861.43 | 2.15% | 168,907,517.56 | 180,802,658.14 | 100.00% | 1,352,880.72 | 0.75% | 179,449,777.42 |
| Ofwhich： | ||||||||||
| Agingportfolio | 171,846,750.22 | 99.55% | 3,713,861.43 | 2.16% | 168,132,888.79 | 179,305,712.71 | 99.17% | 1,352,880.72 | 0.75% | 177,952,831.99 |
| Qualityguaranteeportfolio | 774,628.77 | 0.45% | 774,628.77 | 1,496,945.43 | 0.83% | 1,496,945.43 | ||||
| Total | 172,621,378.99 | 3,713,861.43 | 168,907,517.56 | 180,802,658.14 | 1,352,880.72 | 179,449,777.42 | ||||
①Accrualofbaddebtprovisionbysingle：None
②Accrualofbaddebtprovisionbyportfolio：Accrualofbaddebtprovisionbyagingportfolio
InRMB
| Name | Balanceinyear-end | ||
| Bookbalance | Baddebtprovision | Withdrawalproportion | |
| Within1year | 155,744,121.98 | 0.00% | |
| 1-2years | 6,216,340.00 | 517,764.40 | 10.00% |
| 2-3years | 9,303,445.25 | 2,684,406.38 | 30.00% |
| 3-4years | 75,000.00 | 37,500.00 | 50.00% |
| 4-5years | 336,523.39 | 302,871.05 | 90.00% |
| Over5years | 171,319.60 | 171,319.60 | 100.00% |
| Total | 171,846,750.22 | 3,713,861.43 | -- |
Noteofthebasisofrecognizingtheportfolio:
Provisionforbaddebtsaccordingtotheageportfolio
③Accrualofbaddebtprovisionbyportfolio:NotesofthebasisofQualityguaranteethegroup
InRMB
| Name | Balanceinyear-end | ||
| Bookbalance | Baddebtprovision | Withdrawalproportion | |
| Qualityguarantee | 774,628.77 | 0.00% | |
| Total | 774,628.77 | -- | |
Notesofthebasisofrecognizingtheportfolio:
ProvisionforbaddebtsaccordingtoQualityguaranteeportfolioRelevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableDisclosurebyaging
InRMB
| Aging | Closingbalance |
| Within1year（Including1year） | 155,744,121.98 |
| 1-2years | 6,247,640.00 |
| 2-3years | 9,410,005.85 |
| Over3years | 1,219,611.16 |
| 3-4years | 157,725.20 |
| 4-5years | 575,094.67 |
| Over5years | 486,791.29 |
| Total | 172,621,378.99 |
(2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：
InRMB
| Category | Openingbalance | Amountofchangeinthecurrentperiod | Closingbalance | |||
| Accrual | Reversedorcollectedamount | Write-off | Other | |||
| Agingportfolio | 1,352,880.72 | 2,360,980.71 | 3,713,861.43 | |||
| Total | 1,352,880.72 | 2,360,980.71 | 3,713,861.43 | |||
Ofwhichthesignificantamountofthereversedorcollectedpartduringthereportingperiod:None
（3）Thecurrentaccountsreceivablewrite-offssituation
None
（4）Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties
InRMB
| Name | Amount | Proportion(%) | Baddebtprovision |
| GuangdongUnionElectronicServicesCo.,Ltd. | 100,047,025.70 | 57.96% | |
| GuangzhouLingteElectronicCo.,Ltd. | 16,299,000.00 | 9.44% | |
| GuangdongHumenBridgeCo.,Ltd. | 11,044,082.54 | 6.40% | |
| GuangdongLuluTrafficDevelopmentCo.,Ltd. | 10,420,000.00 | 6.04% | |
| ShandongBoanIntelligentTechnologyCo.,Ltd | 7,409,966.25 | 4.29% | 2,222,989.88 |
| Total | 145,220,074.49 | 84.13% |
（5）AccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone
(6)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccountsreceivableNone
3.Prepayments
（1）Aginganalysis
InRMB
| Aging | Balanceinyear-end | BalanceYear-beginning | ||
| Amount | Proportion（%） | Amount | Proportion（%） | |
| Within1year | 3,518,401.18 | 97.53% | 11,659,714.88 | 98.57% |
| 1-2years | 89,136.83 | 2.47% | ||
| Over3years | 169,738.00 | 1.43% | ||
| Total | 3,607,538.01 | -- | 11,829,452.88 | -- |
Notesofthereasonsoftheprepaymentagesover1yearwithsignificantamountbutfailedsettledintime:
None
(2)Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget
InRMB
| Name | RelationswiththeCompany | Amount | Aging | Reasonsfornon-settlement | Proportion% |
| ChinaPacificPropertyInsuranceCo.Ltd.GuangdongBranch | Non-Relatedparty | 838,016.00 | Within1year | Unliquidated | 23.23 |
| ChinaPingAnPropertyInsuranceCo.Ltd.GuangdongBranch | Non-Relatedparty | 819,624.15 | Within1year | Unliquidated | 22.72 |
| GuangdongLitongPropertyInvestmentCo.,Ltd. | Relatedparty | 776,413.03 | Within1year | Unliquidated | 21.52 |
| TianjingKechangHuitongInformationTechnologyCo.,Ltd. | Non-Relatedparty | 300,000.00 | Within1year | Unliquidated | 8.32 |
| GuangdongPowerGridEnergyDevelopmentCo.,Ltd. | Non-Relatedparty | 240,500.00 | Within1year | Unliquidated | 6.67 |
| Total | / | 2,974,553.18 | / | / | 82.46 |
4.Otheraccountsreceivable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Dividendreceivable | 2,705,472.90 | 7,205,472.90 |
| Otherreceivable | 58,219,894.74 | 15,500,954.60 |
| Total | 60,925,367.64 | 22,706,427.50 |
（1）Dividendreceivable
1)Dividendreceivable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 1,205,472.90 | 1,205,472.90 |
| GanzhouGankangExpresswayCo.,Ltd. | 1,500,000.00 |
| GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 6,000,000.00 | |
| Total | 2,705,472.90 | 7,205,472.90 |
2）Significantdividendreceivableagedover1year
InRMB
| Items | Balanceinyear-end | Aging | Reasonsfornon-recovery | Whetherwithimpairmentandthejudgmentbasis |
| 广GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 1,205,472.90 | Over1year | TheCompanyaccountistemporarilyfrozen | No,itcanberecoveredinthefuture |
（2）Otheraccountsreceivable
1)Otheraccountsreceivableclassifiedbythenatureofaccounts
InRMB
| Nature | Closingbookbalance | Openingbookbalance |
| Balanceofsettlementfundsforsecuritiestransactions | 47,528,056.18 | 47,528,056.18 |
| CapitalreductionduefromGankang | 45,000,000.00 | |
| Pettycash | 5,654,205.42 | 6,125,222.52 |
| GelinEnzeAccount | 4,007,679.91 | 4,007,679.91 |
| Cashdeposit | 4,001,660.43 | 3,435,790.57 |
| TranOthersaferoflong-termassetsreceivable | 935,820.00 | 935,820.00 |
| Other | 2,754,248.87 | 5,033,333.69 |
| Leas：Bad-debtprovision | -51,661,776.07 | -51,564,948.27 |
| Total | 58,219,894.74 | 15,500,954.60 |
）Thewithdrawalamountofthebaddebtprovision：
InRMB
| BadDebtReserves | Stage1 | Stage2 | Stage3 | Total |
| Expectedcreditlossesoverthenext12months | Expectedcreditlossoverlife(nocreditimpairment) | Expectedcreditlossesfortheentireduration(creditimpairmentoccurred) | ||
| BalanceasatJanuary1,2020 | 29,212.18 | 51,535,736.09 | 51,564,948.27 | |
| BalanceasatJanuary1,2020in | —— | —— | —— | —— |
| current | ||||
| Accrual | 96,827.80 | 96,827.80 | ||
| BalanceasatDecember31,2020 | 126,039.98 | 51,535,736.09 | 51,661,776.07 |
Ofwhichthesignificantamountofthereversedorcollectedpartduringthereportingperiod:None
Note1：Theparentcompanyoncepaid33,683,774.79yuanintoKunlunSecuritiesCo.,Ltd,GuangdongExpresswaytechnologyinvestmentCo.,Ltdoncepaid18,000,000.00yuanintoKunlunSecuritiesCo.,Ltd.QinghaiProvinceXiningCity’sintermediatepeople’scourtmadeaadjudicationunderlawdeclaredthatKunlunSecuritiesCo.,LtdwentbankruptandrepaiddebtinNovember11,2006.OnMarch2007,TheCompanyandGuangdongExpresswayTechnologyInvestmentCo.,LtdhadswitchedthemoneythatpaidintoKunlunSecuritiesCo.,Ltdtootheraccountreceivable,andfollowthecarefulprincipletodoubtfuldebtsprovision.The710,349.92yuanCreditwasRecoveredin2008,The977,527.77yuancreditwasrecoveredin2011,The652,012.00yuanCreditwasrecoveredin2014,The1,815,828.92yuanCreditwasrecoveredin2018,andtheprovisionforhaddeb
Note2：GuangdongExpresswayTechnologyinvestmentCo.,Ltd.shouldchargeBeijingGelinEnzeOrganicFertilizerCo.,Ltd.for12,220,079.91yuan.Eightmillionsofitwasentrustloan,threemillionwastemporaryborrowing12,400.00yuanisthecommissionloaninterest,therestofitwasadvancemoneyforanother,BeijingGelinEnzeOrganicFertilizerCo.,Ltd’soperatingstatuswashadandhadalreadyceasedproducing,Accordingly,thecontrollingsubsidiaryofthecompanyGuangdongExpresswayInvestmentCo.,Ltd.accountedfullprovisionforBaddebt12,220,079.91yuanprovision.Thecompanyin2014recoveredarrearsof8,000,000.00yuan,rushedbacktotheprovisionforbaddebtsandwriteoffuncollectedinterestentrustedloansaccordingtotThesettlementagreementof212,400.00yuan.Changesinsignificantbookbalancesforlosspreparationcurrentperiod
□Applicable√NotapplicableDisclosurebyaging
InRMB
| Aging | Closingbalance |
| Within1year（Including1year） | 54,791,424.11 |
| 1-2years | 985,257.58 |
| 2-3years | 723,934.77 |
| Over3years | 53,381,054.35 |
| 3-4years | 426,977.40 |
| 4-5years | 493,491.88 |
| Over5years | 52,460,585.07 |
| Total | 109,881,670.81 |
3）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：
InRMB
| Category | BalanceYear-beginning | Amountofchangeinthecurrentperiod | Balanceinyear-end | |||
| Accrual | Reversedorcollectedamount | Write-off | Other | |||
| Accrualofsingleitem | 51,535,736.09 | 51,535,736.09 | ||||
| Accrualofportfolio-Agingportfolio | 29,212.18 | 96,827.80 | 126,039.98 | |||
| Accrualofportfolio-Otherportfolio | ||||||
| Total | 51,564,948.27 | 96,827.80 | 51,661,776.07 | |||
Wherethecurrentbaddebtsbackorrecoversignificantamounts:None
4)Theactualwrite-offotheraccountsreceivable:None
5)Top5oftheclosingbalanceoftheotheraccountsreceivablecollatedaccordingtothearrearsparty
InRMB
| Name | Nature | Closingbalance | Aging | Proportionofthetotalyearendbalanceoftheaccountsreceivable(%) | Closingbalanceofbaddebtprovision |
| KunlunSecuritiesCo.,Ltd | Securitiestradingsettlementfunds | 47,528,056.18 | Over5years | 43.25% | 47,528,056.18 |
| GanzhouGankangExpresswayCo.,Ltd. | CapitalreductionduefromGankang | 45,000,000.00 | Within1year | 40.95% | |
| BeijingGelinEnze | Currentaccount | 4,007,679.91 | Over5years | 3.65% | 4,007,679.91 |
| GuangdongLitongRealEstatesInvestmentCo.,Ltd. | Deposit | 1,630,467.36 | Within1year | 1.52% | |
| Vehicleparkingdeposit | 35,680.00 | Over5years | |||
| GuangdongExpresswayMediaCo.,Ltd. | Currentaccount | 1,218,110.44 | Within1year | 1.11% | |
| Total | -- | 99,419,993.89 | -- | 90.48% | 51,535,736.09 |
(6)AccountsreceivableinvolvedwithgovernmentsubsidiesNone
(7)OtheraccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone
(8)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofotheraccountsreceivableNone
5.InventoriesWhetherthecompanyneedtocomplywiththedisclosurerequirementsoftherealestateindustry
No
（1）CategoryofInventory
InRMB
| Items | Closingbookbalance | Openingbookbalance | ||||
| Bookbalance | Provisionforinventoryimpairment | Bookvalue | Bookbalance | Provisionforinventoryimpairment | Bookvalue | |
| Rawmaterial | 49,380.53 | 49,380.53 | 111,683.22 | 111,683.22 | ||
| Stockgoods | 4,380.53 | 4,380.53 | ||||
| Total | 53,761.06 | 53,761.06 | 111,683.22 | 111,683.22 | ||
(2)InventorydepreciationreserveNone
(3)DescriptionofTheclosingbalanceofinventoriescontaintheamountofborrowingcostscapitalizedNone
（4）DescriptionofamortizationamountofcontractperformancecostinthecurrentperiodNone
6.Contractassets
InRMB
| Items | Year-endbalance | Year-beginningbalance | ||||
| Bookbalance | Baddebtprovision | Bookvalue | Bookbalance | Baddebtprovision | Bookvalue | |
| Qualityguarantee | 5,452,813.90 | 5,452,813.90 | 5,046,397.77 | 5,046,397.77 | ||
| Total | 5,452,813.90 | 5,452,813.90 | 5,046,397.77 | 5,046,397.77 | ||
Amountandreasonofmaterialchangeofbookvalueofcontractassetsinthecurrentperiod::NoneProvisionforimpairmentofcontractassetsinthecurrentperiod
None
7.Non-currentassetduewithin1year
InRMB
| Items | Year-endbalance | Year-beginningbalance |
| Pre-paymentofbusinesstaxbeforereplacingbusinesstaxwithVAT | 51,745.32 | 51,745.32 |
| Total | 51,745.32 | 51,745.32 |
8.Othercurrentassets
InRMB
| Items | Year-endbalance | Year-beginningbalance |
| Incometaxtobededucted | ||
| Incometaxtobecertified | 27,051.69 | |
| Short-termCreditor'sInvestment | 196,576,603.21 | |
| Total | 27,051.69 | 196,576,603.21 |
9.Long-termequityinvestment
InRMB
| Investees | Openingbalance | Increase/decrease | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Additionalinvestment | Negativeinvestment | Investmentprofitandlossrecognizedundertheequitymethod | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofimpairmentprovision | Other | ||||
| I.Jointventure | |||||||||||
| 2.AffiliatedCompany | |||||||||||
| GuangdongJiangzhongExpresswayCo.,Ltd. | 179,491,516.98 | 12,760,987.96 | 192,252,504.94 | ||||||||
| GanzhouGankangExpresswayCo.,Ltd. | 213,672,650.90 | 45,000,000.00 | -21,398,030.18 | 1,500,000.00 | 145,774,620.72 | ||||||
| GanzhouKangdaExpresswayCo.,Ltd. | 234,733,526.86 | 9,080,563.64 | 27,000,000.00 | 216,814,090.50 | |||||||
| ShenzhenHuiyanExpresswayCo.,Ltd. | 262,682,427.44 | 22,726,327.71 | 285,408,755.15 | ||||||||
| ZhaoqingYuezhaoHighwayCo.,Ltd. | 308,122,059.69 | 44,064,159.14 | 49,750,000.00 | 302,436,218.83 | |||||||
| GuoyuanSecuritiesCo.,Ltd. | 793,926,807.52 | 129,910,442.24 | 32,205,888.19 | -5,192,159.89 | 11,940,297.90 | 938,910,680.16 | |||||
| GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 214,637,335.45 | 10,065,984.93 | 9,000,000.00 | 215,703,320.38 | |||||||
| HunnanLianzhiTechnologyCo.,.Ltd. | 80,000,000.00 | 5,011,902.75 | 69,072.17 | 85,080,974.92 | |||||||
| Subtotal | 2,207,266,324.84 | 209,910,442.24 | 45,000,000.00 | 114,517,784.14 | -5,192,159.89 | 69,072.17 | 99,190,297.90 | 2,382,381,165.60 | |||
| Total | 2,207,266,324.84 | 209,910,442.24 | 45,000,000.00 | 114,517,784.14 | -5,192,159.89 | 69,072.17 | 99,190,297.90 | 2,382,381,165.60 | |||
Othernote
8.OtherEquityinstrumentinvestment
InRMB
| Items | Closingbalance | Openingbalance |
| GuangleExpresswayCo.,Ltd. | 748,348,301.73 | 748,348,301.73 |
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 50,000,000.00 | 50,000,000.00 |
| ChinaEverbrightBankCo.,Ltd. | 938,667,226.56 | 1,037,474,303.04 |
| HuaxiaSecuritiesCo.,Ltd.（Notes1） | ||
| HuazhengAssetManagementCo.,Ltd.（Notes2） | ||
| KunlunSecuritiesCo.,Ltd.（Notes3） | ||
| Total | 1,737,015,528.29 | 1,835,822,604.77 |
Note1:Theowner'sequityofHuaxiaSecuritiesCo.,Ltd.wasnegativeanditenteredliquidationprocedureinDecember2005.TheCompanymadefullprovisionforimpairmentinrespectofthislong-termequityinvestmentofRMB5.4million.Note2:AccordingtoDeWeiPingGuZi2005No.88AppraisalReportissuedbyBeijingDeweiAppraisalCo.,Ltd.AstheJune30,2005,theamountofnetassetsofHuazhengAssetManagementCo.,Ltd.inbookwas279.132millionyuanandtheappraisedvaluewas-2299.5486millionyuan,OnOctober14,2005,JianyinCITICAssetManagementCo.,Ltd.issuedtheLetterofSolicitingOpinionsonEquityAssignmenttotheCompany.JianyinCITICAssetManagementCo.,Ltd.waswillingtopaythepriceofnotmorethan42millionyuantoacquire100%equityofHuazhengAssetManagementCo.,Ltd.andsolicitedtheCompany'sopinions.TheCompanyrepliedonDecember5,2005,abandoningthepreemptiverightunderthesameconditions.TheCompanymadeprovisionof1.3932millionyuanforimpairmentinrespectofthislong-termequityinvestmentof1.62millionyuan.Note3.Theowner'sequityofKunlunSecuritiesCo.,Ltd.wasnegativeanditenteredliquidationprocedureinOctober2005.AwhollyownedsubsidiaryofGuangdongExpresswayTechnologyInvestmentCo.,Ltd.WillinvestKunlunSecuritiesCo.,Ltd.'sfullprovisionforimpairmentof30millionyuan.
Breakdowndisclosureofinvestmentinnon-tradableequityinstrumentsinthecurrentperiod
InRMB
| Items | Dividendincomerecognized | Cumulativegain | Cumulativeloss | Amountofotherconsolidatedincometransferredtoretainedearnings | Reasonsfordesignationasmeasuredatfairvalueandchangesincludedinothercomprehensiveincome | Reasonsforotherconsolidatedincometransferredtoretainedearnings |
| GuangleExpresswayCo.,Ltd. | Non-transactionalpurposefor |
| Items | Dividendincomerecognized | Cumulativegain | Cumulativeloss | Amountofotherconsolidatedincometransferredtoretainedearnings | Reasonsfordesignationasmeasuredatfairvalueandchangesincludedinothercomprehensiveincome | Reasonsforotherconsolidatedincometransferredtoretainedearnings |
| shareholding | ||||||
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 440,655.02 | 7,802,784.15 | Non-transactionalpurposeforshareholding | |||
| ChinaEverbrightBankCo.,Ltd. | 50,344,558.02 | 421,106,349.76 | Non-transactionalpurposeforshareholding | |||
| HuaxiaSecuritiesCo.,Ltd. | 5,400,000.00 | Non-transactionalpurposeforshareholding | ||||
| HuazhengAssetManagementCo.,Ltd. | 1,620,000.00 | Non-transactionalpurposeforshareholding | ||||
| KunlunSecuritiesCo.,Ltd. | 30,000,000.00 | Non-transactionalpurposeforshareholding | ||||
| Total | 50,785,213.04 | 428,909,133.91 | 37,020,000.00 |
11.Investmentproperty
(1)Investmentpropertyadoptedthecostmeasurementmode
√Applicable□Notapplicable
InRMB
| Items | Housesandbuildings | Landuseright | Constructioninprogress | Total |
| I.Originalvalue | ||||
| 1.Openingbalance | 12,664,698.25 | 2,971,831.10 | 15,636,529.35 | |
| 2.Increasedamountoftheperiod | ||||
| （1）Outsourcing | ||||
| (2)Inventory,FixedassetsandConstructionprojectinto | ||||
| (3))IncreasedofEnterpriseconsolidation |
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| （2）OtherOut |
| 4.Closingbalance | 12,664,698.25 | 2,971,831.10 | 15,636,529.35 | |
| II.Accumulateddepreciationaccumulatedamortization | ||||
| 1.Openingbalance | 10,547,091.78 | 1,757,937.20 | 12,305,028.98 | |
| 2.Increasedamountoftheperiod | 147,549.12 | 73,569.36 | 221,118.48 | |
| (1)Withdrawaloramortization | 147,549.12 | 73,569.36 | 221,118.48 |
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| （2）OtherOut |
| 4.Closingbalance | 10,694,640.90 | 1,831,506.56 | 12,526,147.46 | |
| III.Impairmentprovision |
| Items | Housesandbuildings | Landuseright | Constructioninprogress | Total |
| 1.Openingbalance | ||||
| 2.Increasedamountoftheperiod | ||||
| （1）Withdrawal |
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| （2）OtherOut |
| 4.Closingbalance | ||||
| IV.Bookvalue | ||||
| 1.Closingbookvalue | 1,970,057.35 | 1,140,324.54 | 3,110,381.89 | |
| 2.Openingbook | 2,117,606.47 | 1,213,893.90 | 3,331,500.37 |
(2)Investmentpropertyadoptedfairvaluemeasurementmode
□Applicable√Notapplicable
(3)Detailsofinvestmentpropertyfailedtoaccomplishcertificationofproperty
InRMB
| Items | Bookbalance | Reason |
| HousesandBuilding | 1,292,746.74 | Transportationandotherancillaryfacilities,Notaccreditation |
| Total | 1,292,746.74 |
12.Fixedassets
InRMB
| Items | Year-endbalance | Year-beginningbalance |
| Fixedassets | 11,540,066,429.69 | 12,460,188,469.66 |
| liquidationoffixedassets | 9,500.00 | |
| Total | 11,540,075,929.69 | 12,460,188,469.66 |
(1)Listoffixedassets
InRMB
| Items | GuangfoExpressway | FokaiExpressway | GuanghuiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Officeequipmentandother | Total |
| I.Originalprice | |||||||||
| 1.Openingbalance | 1,460,270,190.66 | 10,935,058,609.66 | 6,475,428,904.48 | 4,816,156,616.45 | 651,538,302.92 | 1,581,718,051.00 | 62,473,441.73 | 109,565,991.37 | 26,092,210,108.27 |
| 2.Increasedamountoftheperiod | 8,724,808.53 | 1,757,934.00 | 296,199,676.97 | 2,009,197.16 | 34,672,992.94 | 343,364,609.60 | |||
| （1）Purchase | 5,228,185.60 | 2,009,197.16 | 12,979,530.72 | 20,216,913.48 | |||||
| （2）Transferofprojectunderconstruction | 8,724,808.53 | 1,578,211.00 | 290,971,491.37 | 21,693,462.22 | 322,967,973.12 | ||||
| (3)IncreasedofEnterpriseconsolidation | |||||||||
| （4）Other | 179,723.00 | 179,723.00 |
| 3.Decreasedamountoftheperiod | 42,240,682.36 | 139,438.00 | 70,836,932.08 | 3,054,950.00 | 9,992,986.30 | 126,264,988.74 | ||
| （1）Disposalorscrap | 42,240,682.36 | 139,438.00 | 70,836,932.08 | 3,054,950.00 | 9,992,986.30 | 126,264,988.74 | ||
| （2）Governmentsubsidyoffset |
| 4.Closingbalance | 1,460,270,190.66 | 10,892,817,927.30 | 6,475,428,904.48 | 4,824,881,424.98 | 653,156,798.92 | 1,807,080,795.89 | 61,427,688.89 | 134,245,998.01 | 26,309,309,729.13 |
| Items | GuangfoExpressway | FokaiExpressway | GuanghuiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Officeequipmentandother | Total |
| II.Accumulateddepreciation | |||||||||
| 1.Openingbalance | 1,460,270,190.66 | 4,494,205,215.58 | 3,233,900,466.28 | 2,841,639,585.51 | 404,319,093.80 | 1,062,403,571.32 | 49,538,185.49 | 78,507,134.13 | 13,624,783,442.77 |
| 2.Increasedamountoftheperiod | 539,758,748.04 | 337,731,036.15 | 153,324,878.57 | 28,686,206.44 | 177,723,828.53 | 3,143,306.74 | 8,179,629.68 | 1,248,547,634.15 | |
| （1）Withdrawal | 539,758,748.04 | 337,731,036.15 | 153,324,878.57 | 28,686,206.44 | 177,723,828.53 | 3,143,306.74 | 8,179,629.68 | 1,248,547,634.15 |
| 3.Decreasedamountoftheperiod | 34,351,051.30 | 92,136.45 | 65,778,334.71 | 2,853,709.15 | 9,482,660.65 | 112,557,892.26 | ||
| （1）Disposalorscrap | 34,351,051.30 | 92,136.45 | 65,778,334.71 | 2,853,709.15 | 9,482,660.65 | 112,557,892.26 |
| 4.Closingbalance | 1,460,270,190.66 | 4,999,612,912.32 | 3,571,631,502.43 | 2,994,964,464.08 | 432,913,163.79 | 1,174,349,065.14 | 49,827,783.08 | 77,204,103.16 | 14,760,773,184.66 |
| II.Accumulateddepreciation | |||||||||
| 1.Openingbalance | 6,638,789.88 | 599,405.96 | 7,238,195.84 | ||||||
| 2.Increasedamountoftheperiod | 1,231,918.94 | 1,231,918.94 | |||||||
| （1）Withdrawal | 1,231,918.94 | 1,231,918.94 |
| Items | GuangfoExpressway | FokaiExpressway | GuanghuiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Officeequipmentandother | Total |
| 3.Decreasedamountoftheperiod | |||||||||
| （1）Disposalorscrap |
| 4.Closingbalance | 7,870,708.82 | 599,405.96 | 8,470,114.78 | ||||||
| IV.Bookvalue | |||||||||
| 1.Closingbookvalue | 5,893,205,014.98 | 2,903,797,402.05 | 1,829,916,960.90 | 220,243,635.13 | 624,861,021.93 | 11,599,905.81 | 56,442,488.89 | 11,540,066,429.69 | |
| 2.Openingbook | 6,440,853,394.08 | 3,241,528,438.20 | 1,974,517,030.94 | 247,219,209.12 | 512,675,689.80 | 12,935,256.24 | 30,459,451.28 | 12,460,188,469.66 |
⑵Temporarilyidlefixedassets
InRMB
| Items | Originalprice | Accumulateddepreciation | Impairmentprovision | Bookvalue | Remark |
| Houseandbuildings | 6,014,243.63 | 4,047,283.20 | 1,966,960.43 | ||
| Total | 6,014,243.63 | 4,047,283.20 | 1,966,960.43 |
⑶Detailsoffixedassetsfailedtoaccomplishcertificationofproperty
InRMB
| Items | Bookvalue | Reason |
| Transportationandotherancillaryfacilities | 153,886,038.13 | Transportationandotherancillaryfacilities，Notaccreditation. |
（4）liquidationoffixedassets
InRMB
| Items | Year-endbalance | Year-beginningbalance |
| Transportationequipment | 9,500.00 | |
| Total | 9,500.00 |
13.Projectunderconstruction
InRMB
| Items | Year-endbalance | Year-beginningbalance |
| Projectunderconstruction | 340,611,095.47 | 241,274,698.97 |
| Total | 340,611,095.47 | 241,274,698.97 |
（1）Projectunderconstruction
InRMB
| Items | Year-endbalance | Year-beginningbalance | ||||
| Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
| BridgeDeckTreatmentProjectofDachongViaduct | 117,493,329.30 | 117,493,329.30 | 67,204,790.39 | 67,204,790.39 | ||
| PavementTreatment | 105,958,479.27 | 105,958,479.27 | 46,573,355.85 | 46,573,355.85 | ||
| Items | Year-endbalance | Year-beginningbalance | ||||
| Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
| Project | ||||||
| GualuhuInterchangeproject | 52,045,974.12 | 52,045,974.12 | 338,747.00 | 338,747.00 | ||
| ReconstructionandExpansionofSanbaotoShuikou | 29,547,232.58 | 29,547,232.58 | 15,943,015.38 | 15,943,015.38 | ||
| Oddproject | 35,566,080.20 | 35,566,080.20 | 40,110,826.35 | 40,110,826.35 | ||
| BridgeDrainageImprovementProjectAcrossCentralizedDrinkingWaterSources | 71,103,964.00 | 71,103,964.00 | ||||
| Total | 340,611,095.47 | 340,611,095.47 | 241,274,698.97 | 241,274,698.97 | ||
(2)Changesofsignificantconstructioninprogress
InRMB
| Nameofproject | Budget | Openingbalance | Increase | Transferredtofixedassets | Otherdecrease | Endbalance | Proportion% | Projectprocess | Capitalizationofinterest | Including:capitalizationofinterestthisperiod | Capitalizationofinterestrate(%) | Sourceoffunding |
| ReconstructionandExpansionofSanbaotoShuikou | 3,426,206,700.00 | 15,943,015.38 | 13,604,217.20 | 29,547,232.58 | 75.76% | 82.29 | 72,779,504.82 | Other | ||||
| BridgeDrainageImprovementProjectAcrossCentralizedDrinkingWaterSources | 295,867,737.02 | 71,103,964.00 | 204,100,412.74 | 275,204,376.74 | 93.02% | 100.00 | Other | |||||
| GualuhuInterchangeproject | 197,520,000.00 | 338,747.00 | 51,707,227.12 | 52,045,974.12 | 26.35% | 26.35 | Other | |||||
| PavementTreatmentProject | 186,000,000.00 | 46,573,355.85 | 59,385,123.42 | 105,958,479.27 | 56.97% | 56.97 | 2,301,824.65 | 2,301,824.65 | 4.25% | Other | ||
| BridgeDeckTreatmentProjectofDachongViaduct | 123,000,000.00 | 67,204,790.39 | 50,288,538.91 | 117,493,329.30 | 95.52% | 95.52 | 3,953,599.55 | 3,953,599.55 | 4.25% | Other | ||
| Total | 4,228,594,437.02 | 201,163,872.62 | 379,085,519.39 | 275,204,376.74 | 305,045,015.27 | -- | -- | 79,034,929.02 | 6,255,424.20 | -- |
(3)Provisionforimpairmentofconstructionprojectsinthecurrentperiod
None
14.Intangibleassets
(1)Listofintangibleassets
InRMB
| Items | Landuseright | Software | Tollroadfranchises | Total |
| I.Originalprice | ||||
| 1.Openingbalance | 1,311,658.00 | 39,920,855.16 | 41,232,513.16 | |
| 2.Increasedamountoftheperiod | 1,636,467.03 | 318,348,741.86 | 319,985,208.89 | |
| (1)Purchase | 929,667.03 | 929,667.03 | ||
| (2)InternalDevelopment | ||||
| (3)IncreasedofEnterpriseCombination | ||||
| （4）Other | 706,800.00 | 318,348,741.86 | 319,055,541.86 | |
| 3.Decreasedamountoftheperiod | 1,645,037.00 | 1,645,037.00 | ||
| （1）Disposal | 1,645,037.00 | 1,645,037.00 |
| 4.Closingbalance | 1,311,658.00 | 39,912,285.19 | 318,348,741.86 | 359,572,685.05 |
| II.Accumulatedamortization | ||||
| 1.Openingbalance | 1,311,658.00 | 31,158,815.64 | 32,470,473.64 | |
| 2.Increasedamountoftheperiod | 2,944,945.74 | 23,420,946.15 | 26,365,891.89 | |
| (1)Withdrawal | 2,944,945.74 | 23,420,946.15 | 26,365,891.89 |
| 3.Decreasedamountoftheperiod | 1,645,037.00 | 1,645,037.00 | ||
| （1）Disposal | 1,645,037.00 | 1,645,037.00 |
| 4.Closingbalance | 1,311,658.00 | 32,458,724.38 | 23,420,946.15 | 57,191,328.53 |
| III.Impairmentprovision |
| Items | Landuseright | Software | Tollroadfranchises | Total |
| 1.Openingbalance | ||||
| 2.Increasedamountoftheperiod | ||||
| (1)Withdrawal |
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| 4.Closingbalance | ||||
| IV.Bookvalue | ||||
| 1.Closingbookvalue | 7,453,560.81 | 294,927,795.71 | 302,381,356.52 | |
| 2.Openingbookvalue | 8,762,039.52 | 8,762,039.52 |
Theintangibleassetsbytheendoftheformationofthecompany'sinternalR&DaccountedoftheproportionofthebalanceofintangibleassetsNote:Accordingtotherelevantgovernmentdocuments,thecompanyincludedtherelevantoperatingexpensesincurredduringtheepidemicpreventionandcontrolperiodfromFebruary17,2020toMay5,2020intointangibleassets-bookvalueoftollroadfranchise,andbegantoaccrueandamortizetheremainingoperatingperiodinMay2020accordingtothetrafficflowmethod.⑵DetailsofLanduserightfailedtoaccomplishcertificationofpropertyNone
15.Long-termamortizeexpenses
InRMB
| Items | Balanceinyear-begin | Increaseinthisperiod | Amortizedexpenses | Otherloss | Balanceinyear-end |
| Rentalfeeforplant | 1,114,764.44 | 107,017.44 | 1,007,747.00 | ||
| Prepaidbusinesstaxandsurchargesbeforereplacementof | 2,805,000.00 | 350,625.00 | 2,454,375.00 |
| businesstaxwithvalue-addedtax | |||||
| Total | 3,919,764.44 | 457,642.44 | 3,462,122.00 |
16.Deferredincometaxassets/deferredincometaxliabilities
(1)Deferredincometaxassetshadnotbeenoff-set
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning | ||
| Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
| Assetsimpairmentprovisions | 8,705,572.16 | 2,176,393.04 | 7,238,195.84 | 1,809,548.96 |
| Deductibleloss | 1,000,101,381.76 | 250,025,345.44 | 1,054,468,552.04 | 263,617,138.01 |
| Amortizationofintangibleassets | 269,669,149.91 | 67,417,287.48 | 480,269,676.65 | 120,067,419.16 |
| Deferredincome | 44,545,569.73 | 11,136,392.43 | ||
| Total | 1,323,021,673.56 | 330,755,418.39 | 1,541,976,424.53 | 385,494,106.13 |
(2)Deferredincometaxliabilitieshadnotbeenoff-set
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning | ||
| Deductibletemporarydifference | Deferredincometaxliabilities | Deductibletemporarydifference | Deferredincometaxliabilities | |
| Changesinthefairvalueofotherequityinstruments | 421,106,349.76 | 105,276,587.44 | 519,913,426.24 | 129,978,356.56 |
| Deductibletemporarydifferencesintheformationofassetimpairment | 1,124,772,402.32 | 281,193,100.58 | 1,195,775,134.08 | 298,943,783.52 |
| Differenceofamortizationmethodoffranchiseoftollroad | 2,533,490.83 | 633,372.72 | ||
| Total | 1,548,412,242.91 | 387,103,060.74 | 1,715,688,560.32 | 428,922,140.08 |
（3）Detailsofunrecognizeddeferredtaxassets
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Deductibleloss | 11,452,524.12 | 8,013,102.87 |
| Assetsimpairmentprovisions | 91,984,931.50 | 89,939,941.56 |
| Costofoutstandinginvoices | 1,941,115.68 | |
| Total | 103,437,455.62 | 99,894,160.11 |
（4）Deductiblelossesoftheun-recognizeddeferredincometaxassetwillexpireinthefollowingyears
InRMB
| Year | Balanceinyear-end | BalanceYear-beginning | Remark |
| 2020 | |||
| 2021 | |||
| 2022 | 1,133,109.04 | 1,133,109.04 | |
| 2023 | 3,129,535.72 | 3,210,991.23 | |
| 2024 | 3,618,779.07 | 3,669,002.60 | |
| 2025 | 3,571,100.29 | ||
| Total | 11,452,524.12 | 8,013,102.87 | -- |
17.OtherNon-currentassets
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning | ||||
| Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
| Prepaidfixedassetsengineeringfees | 21,946,578.75 | 21,946,578.75 | 50,442,297.97 | 50,442,297.97 | ||
| Prepaidbusinesstax | 467,027.76 | 467,027.76 | 518,773.08 | 518,773.08 | ||
| Less：Partduewithin1year(thissectionVII-7) | -51,745.32 | -51,745.32 | -51,745.32 | -51,745.32 | ||
| Total | 22,361,861.19 | 22,361,861.19 | 50,909,325.73 | 50,909,325.73 | ||
18.Short-termBorrowing
（1）Short-termBorrowing
InRMB
| Items | Balanceinyear-end | Unpaid/Uncarryoverreason |
| CreditBorrowing | 200,000,000.00 | |
| Interestaccruedonshort-termborrowing | 192,500.00 | |
| Total | 200,192,500.00 |
（2）Overdueshort-termborrowings
None
19.Accountpayable
（1）Listofaccountpayable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Within1year（Including1year） | 252,654,968.64 | 246,906,431.07 |
| 1-2years（including2years） | 44,097,234.36 | 14,937,937.96 |
| 2-3years（including3years） | 10,392,605.88 | 4,199,281.77 |
| Over3years | 62,628,533.83 | 102,263,947.61 |
| Total | 369,773,342.71 | 368,307,598.41 |
（2）Significantpayableagingmorethan1year
InRMB
| Items | Balanceinyear-end | Reason |
| FoshanLandandresourcesBureau. | 30,507,598.21 | Unsettled |
| GuangZhongjiangExpresswayprojectManagementDept | 28,000,000.00 | Unsettled |
| GuangzhouTuzhilingComputertechnologyCo.,Ltd. | 9,426,384.44 | Unsettled |
| HeshanLandandresourcesBureau | 10,186,893.60 | Unsettled |
| GuangdongProvincialFreewayCo.,Ltd. | 8,746,491.18 | Unsettled |
| Total | 86,867,367.43 | -- |
Othernote：
20.Prepaymentreceived
(1)ListofPrepaymentreceived
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Within1year（Including1year） | 1,473,106.10 | 1,865,984.63 |
| 1-2years（Including2years） | ||
| 2-3years（Including3years） | ||
| Over3years | 9,835,901.31 | 10,951,499.43 |
| Total | 11,309,007.41 | 12,817,484.06 |
(2)Significantadvancefromcustomersagingoveroneyear
InRMB
| Items | Balanceinyear-end | Unpaid/Uncarryoverreason |
| GuangzhouHuanlongExpresswayCo.,Ltd. | 7,961,163.14 | Unsettled |
| GuanghdongXinleTechnologyDevelopmentCo.,Ltd. | 1,427,700.65 | Unsettled |
| Total | 9,388,863.79 | -- |
（3）Settlementofoutstandingprojectsresultingfromfinalconstructioncontracts
None
21.Contractliabilities
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Paymentsreceivedinadvance | 309,734.51 | 2,787,610.63 |
| Less：Othernon-currentliabilities | ||
| Total | 309,734.51 | 2,787,610.63 |
22.PayableEmployeewage
（1）PayableEmployeewage
InRMB
| Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| I.Short-termcompensation | 15,173,142.46 | 420,274,135.08 | 418,721,079.41 | 16,726,198.13 |
| II.Post-employmentbenefits-definedcontributionplans | 28,537,890.35 | 28,537,890.35 |
| III.Dismissalbenefits | 80,117.63 | 80,117.63 | ||
| Total | 15,173,142.46 | 448,892,143.06 | 447,339,087.39 | 16,726,198.13 |
（2）Short-termRemuneration
InRMB
| Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| 1.Wages,bonuses,allowancesandsubsidies | 642,463.49 | 315,741,784.41 | 315,919,184.41 | 465,063.49 |
| 2.Employeewelfare | 33,098,661.41 | 33,098,661.41 | ||
| 3.Socialinsurancepremiums | 21,778,259.66 | 21,778,259.66 | ||
| Including：Medicalinsurance | 13,057,047.19 | 13,057,047.19 | ||
| Workinjuryinsurance | 26,725.04 | 26,725.04 | ||
| Maternityinsurance | 2,427,076.20 | 2,427,076.20 | ||
| Other | 6,267,411.23 | 6,267,411.23 | ||
| 4.Publicreservesforhousing | 37,421,150.00 | 37,421,150.00 | ||
| 5.Unionfundsandstaffeducationfee | 13,216,025.40 | 10,494,429.86 | 9,131,476.16 | 14,578,979.10 |
| 8.Other | 1,314,653.57 | 1,739,849.74 | 1,372,347.77 | 1,682,155.54 |
| Total | 15,173,142.46 | 420,274,135.08 | 418,721,079.41 | 16,726,198.13 |
（3）Definedcontributionplanslisted
InRMB
| Items | BalanceYear-beginning | Increaseinthisperiod | Payableinthisperiod | Balanceinyear-end |
| 1.Basicold-ageinsurancepremiums | 2,832,716.48 | 2,832,716.48 | ||
| 2.Unemploymentinsurance | 87,937.45 | 87,937.45 | ||
| 3.Enterpriseannuitypayment | 25,617,236.42 | 25,617,236.42 | ||
| Total | 28,537,890.35 | 28,537,890.35 |
23.TaxPayable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| VAT | 19,253,425.01 | 19,799,902.60 |
| EnterpriseIncometax | 192,073,414.37 | 149,304,329.42 |
| IndividualIncometax | 2,589,498.58 | 3,294,428.41 |
| CityConstructiontax | 1,270,608.27 | 1,384,098.16 |
| Educationsubjoin | 594,019.27 | 631,151.81 |
| LocalityEducationsubjoin | 376,577.48 | 401,070.94 |
| Landusetax | ||
| Propertytax | 45,461.47 | 17,061.15 |
| Stamptax | 1,514,826.65 | 218,722.91 |
| Constructioncostsforculturalundertaking | 30,561.68 | 31,200.00 |
| Other | 119,661.79 | |
| Total | 217,748,392.78 | 175,201,627.19 |
24.Otheraccountspayable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Dividendpayable | 22,262,804.39 | 20,020,119.31 |
| Otheraccountpayable | 1,490,356,555.39 | 454,669,434.95 |
| Total | 1,512,619,359.78 | 474,689,554.26 |
（1）Dividendspayable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Commonstockdividends | 22,262,804.39 | 20,020,119.31 |
| Total | 22,262,804.39 | 20,020,119.31 |
Note:Includingsignificantunpaiddividendspayableoveroneyear,theunpaidreasonshallbedisclosed:
Finaldividendpayable19,637,548.28yuanformorethanayearinunpaiddividendstoshareholdersovertheyearwasmainlyduetonon-paymentofshareholderdividendsdidnotprovideinformationoninterest-bearingbank,didnotsharereformofshareholderstoreceivedividendsorprovideapplicationtoreceivedividendsthebankinformationisincorrect,resultinginfailuretopayadividendorrefund.
（2）Otheraccountspayable
(1)Otheraccountspayablelistedbynatureoftheaccount
InRMB
| Items | Year-endbalance | Year-Beginningbalance |
| M&AfundspayabletoGuanghui21%equity | 1,221,839,292.00 | |
| Estimatedprojectcost | 147,443,692.67 | 305,588,291.39 |
| Deposit,warrantyandsecuritydeposit | 82,529,159.41 | 88,113,871.73 |
| Other | 36,456,530.29 | 60,277,636.22 |
| Temporarycollectionpayable | 2,087,881.02 | 686,335.61 |
| Withheldandremittedpayment | 3,300.00 | |
| Total | 1,490,356,555.39 | 454,669,434.95 |
(2)Othersignificantaccountspayablewithagingoveroneyear
InRMB
| Items | Closingbalance | Unpaid/un-carryoverreason |
| YayaotoXiebianextension | 12,499,448.48 | Outstanding |
| PolyChangdaHighwayEngineeringCo.,Ltd. | 14,146,027.78 | ProjectQualityguarantees,constractliquidateddamages |
| GuangdongGuanyueRoad&BridgeCo.,Ltd. | 6,967,006.70 | ProjectQualityguarantee |
| GuangdongNengdaHighGradeHighwayMaintenanceCo.,Ltd. | 3,420,026.10 | Contractliquidateddamages,Wagemarginformigrantworkers |
| DahaoMunicipalConstructionCo.,Ltd. | 3,000,000.00 | ProjectQualityguarantee |
| Total | 40,032,509.06 | -- |
25.Non-currentliabilitiesduewithin1year
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Long-termloansduewithin1year | 203,536,200.00 | 765,445,000.00 |
| Long-termpayableduewithin1year | 732,075.46 | 256,603.77 |
| Interestpayableduewithin1year | 62,059,742.01 | 30,545,186.84 |
| Total | 266,328,017.47 | 796,246,790.61 |
26.Othercurrentliabilities
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Taxtoberewritten | 648,581.64 | 1,246,636.74 |
| Total | 648,581.64 | 1,246,636.74 |
27.Long-termloan
(1)Categoryoflong-termloan
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Pledgeloan | 657,365,000.00 | 447,365,000.00 |
| Guaranteedloan | 375,000,000.00 | |
| Creditloan | 4,523,610,000.00 | 4,869,095,000.00 |
| Long-termloansduewithinoneyear | -203,536,200.00 | -765,445,000.00 |
| Total | 4,977,438,800.00 | 4,926,015,000.00 |
28.Bondpayable
（1）Bondpayable
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Medium-termnote | 1,426,488,336.65 | 678,124,972.89 |
| Total | 1,426,488,336.65 | 678,124,972.89 |
（2）Changesofbondspayable(Notincludingtheotherfinancialinstrumentofpreferredstockandperpetualcapitalsecuritiesthatclassifyasfinancialliability
InRMB
| Nameofthebond | Bookvalue | Issuedate | Period | Issueamount | Openingbalance | Thecurrentissue | Withdrawinterestatpar | Overflowdiscountamount | Payincurrentperiod | Closingbalance |
| 19GuangdongExpresswayMTN001 | 680,000,000.00 | 2019.2.27 | 2019.3.1-2024.3.1 | 680,000,000.00 | 678,124,972.89 | -450,343.98 | 678,575,316.87 | |||
| 20GuangdongExpresswayMTN001 | 750,000,000.00 | 2020.3.13 | 2020.3.17-2025.3.17 | 750,000,000.00 | 750,000,000.00 | 2,086,980.22 | 747,913,019.78 | |||
| Total | -- | -- | -- | 1,430,000,000.00 | 678,124,972.89 | 750,000,000.00 | 1,636,636.24 | 1,426,488,336.65 |
(3)Notetoconditionsandtimeofsharetransferofconvertiblebonds
None
（4）Otherfinancialinstrumentsthatareclassifiedasfinancialliabilities
None
29.Long-termpayable
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Long-termpayable | 40,406,172.37 | 39,369,379.91 |
| Total | 40,406,172.37 | 39,369,379.91 |
(1)Long-termpayablelistedbynatureoftheaccount
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Non-operatingassetpayable | 2,022,210.11 | 2,022,210.11 |
| Entrustloans | 36,000,000.00 | 36,000,000.00 |
| Mediumtermbillunderwritingfee | 3,116,037.72 | 1,603,773.5 |
| Less：Partduewithin1year | 732,075.46 | 256,603.77 |
30.Deferredincome
InRMB
| Items | Openingbalance | Increase | Decrease | Closingbalance | Cause |
| Governmentsubsidy | 58,351,800.00 | 13,806,230.36 | 44,545,569.64 | ||
| Rentalincome | 51,000,000.00 | 6,375,000.00 | 44,625,000.00 | ||
| Total | 51,000,000.00 | 58,351,800.00 | 20,181,230.36 | 89,170,569.64 | -- |
Detailsofgovernmentsubsidies：
InRMB
| Items | Beginningofterm | Newsubsidyincurrentperiod | Amounttransferredtonon-operationalincome | Otherincomerecordedinthecurrentperiod | Amountofcostdeductedinthecurrentperiod | Otherchanges | Endofterm | Asset-relatedorincome-related |
| CancellationofExpresswayProvincialTollStationProject | 55,851,800.00 | 11,306,230.36 | 44,545,569.64 | Relatedtoassets | ||||
| Financialdiscount | 2,500,000.00 | 2,500,000.00 | Relatedtoincome |
31.Stockcapital
InRMB
| BalanceYear-beginning | Changed（+，-） | Balanceinyear-end | |||||
| Issuanceofnewshare | Bonusshares | Capitalizationofpublicreserve | Other | Subtotal | |||
| Totalofcapitalshares | 2,090,806,126.00 | 2,090,806,126.00 | |||||
32.Capitalreserves
InRMB
| Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| Sharepremium | 3,002,260,722.99 | 2,493,549,576.00 | 508,711,146.99 | |
| (1)Capitalinvestedbyinvestors | 2,508,408,342.99 | 2,508,408,342.99 | ||
| (2)Influenceofbusinesscombinationunderthesamecontrol | 493,852,380.00 | 2,493,549,576.00 | -1,999,697,196.00 | |
| Othercapitalreserves | 91,756,406.32 | 45,501,657.17 | 137,258,063.49 | |
| (1)Changesinotherequityoftheinvesteeundertheequityaccounting | 456,002.32 | 69,072.17 | 525,074.49 | |
| （2）Other | 91,300,404.00 | 45,432,585.00 | 136,732,989.00 | |
| Total | 3,094,017,129.31 | 45,501,657.17 | 2,493,549,576.00 | 645,969,210.48 |
-Thesituationofchangeinthecurrentcapitalreserveisasfollows:
①Thereductionofcapitalreserve-equitypremiuminthisperiodisduetothemergerofGuangdongGuanghuiExpresswayCo.,Ltd.underthesamecontrol,whichreducescapitalreservebyRMB2,493,549,576.00.
②Theincreaseofcapitalreserve-othersinthisperiodismainlyduetotheagreementsignedbyGuanghuiandZengchengDistrictPeople'sGovernmenttoaddinterchangeonZengchengSectionofGuanghuiExpressway,whichstipulatesthatGuanghuiwillbuildShaningRoadInterchangeandXinchengAvenueInterchange,andallexpensesincurredinbuildinginterchangewillbebornebyZengchengDistrictPeople'sGovernment.Aftertheprojectiscompleted,itwillbemanagedbyGuanghui.AtotalofRMB179,020,400.00wasreceivedfromZengchengDistrictGovernmentatthebeginningoftheperiod,ofwhichtheopeningbalanceofcapitalreserve
attributabletotheparentcompany-othercapitalreservewasRMB91,300,404.00,andRMB89,083,500.00wasnewlyreceivedinthisperiod,ofwhichcapitalreserveattributabletotheparentcompany-othercapitalreserveincreasedbyRMB45,432,585.00inthisperiod.
33.Othercomprehensiveincome
InRMB
| Items | Year-beginningbalance | Amountofcurrentperiod | Year-endbalance | |||||
| Amountincurredbeforeincometax | Less：Amounttransferredintoprofitandlossinthecurrentperiodthatrecogniedintoothercomprehensiveincomeinpriorperiod | Less：Priorperiodincludedinothercompositeincometransfertoretainedincomeinthecurrentperiod | Less：Incometaxexpenses | After-taxattributetotheparentcompany | After-taxattributetominorityshareholder | |||
| 1.Othercomprehensiveincomewillbereclassifiedintoincomeorlossinthefuture | 389,935,069.68 | -98,807,076.48 | -24,701,769.12 | -74,105,307.36 | 315,829,762.32 | |||
| Changesinfairvalueofinvestmentsinotherequityinstruments | 389,935,069.68 | -98,807,076.48 | -24,701,769.12 | -74,105,307.36 | 315,829,762.32 | |||
| 2.Othercomprehensiveincomereclassifiabletoprofitorlossinsubsequentperiods | -7,741,724.78 | -5,192,159.89 | -5,192,159.89 | -12,933,884.67 | ||||
| Including：Shareofothercomprehensiveincomeoftheinvesteethatcannotbetransferredtoprofitorlossaccountedforusingtheequitymethod | -7,741,724.78 | -5,192,159.89 | -5,192,159.89 | -12,933,884.67 | ||||
| Totalofothercomprehensiveincome | 382,193,344.90 | -103,999,236.37 | -24,701,769.12 | -79,297,467.25 | 302,895,877.65 | |||
Othernotes,includingtheadjustmentoftherecognitionofinitialamountofeffectivepartofthecashflowhedginggainsandlossestransferintoarbitrageditems:
34.Surplusreserve
InRMB
| Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| Statutorysurplusreserve | 1,074,553,052.81 | 93,232,912.82 | 1,167,785,965.63 | |
| Total | 1,074,553,052.81 | 93,232,912.82 | 1,167,785,965.63 |
35.Retainedprofits
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Beforeadjustments:Retainedprofitsinlastperiodend | 3,915,790,810.76 | 3,938,609,136.59 |
| Adjustthetotalundistributedprofitsatthebeginningoftheperiod | 7,497,215.29 | |
| Afteradjustments:Retainedprofitsattheperiodbeginning | 3,915,790,810.76 | 3,946,106,351.88 |
| Add：Netprofitbelongingtotheowneroftheparentcompany | 867,842,774.78 | 1,469,187,067.83 |
| Less:Statutorysurplusreserve | 93,232,912.82 | 135,022,507.55 |
| Commonstockdividendpayable | 882,320,185.17 | 1,175,033,042.81 |
| Other（Note） | 82,401,168.20 | 189,447,058.59 |
| Retainedprofitattheendofthisterm | 3,725,679,319.35 | 3,915,790,810.76 |
Asregardsthedetailsofadjustedthebeginningundistributedprofits
(1)AstheretroactiveadjustmentonEnterpriseAccountingStandardsanditsrelatednewregulations,theaffectedbeginningundistributedprofitsareRMB0.00.
(2)Asthechangeoftheaccountingpolicy,theaffectedbeginningundistributedprofitsareRMB0.00.
(3)Asthecorrectionofsignificantaccountingerror,theaffectedbeginningundistributedprofitsareRMB0.00.
(4)Asthechangeofconsolidationscopecausedbythesamecontrol,theaffectedbeginningundistributedprofitsareRMB0.00.
(5)OtheradjustmentofthetotalaffectedbeginningundistributedprofitsareRMB0.00.
Note:Otheritemsarethedividendscorrespondingtothe21%equityofthismajorassetrestructuringtransactiondistributedbyGuangdongGuanghuiExpresswayCo.,Ltd.totheshareholderGuangdongProvincialFreewayCo.,Ltd..asstatedin"VIII.ChangesintheScopeofConsolidation1.BusinessCombinationundertheSameControl"duringthereportingperiod.
36.Operationincomeandoperationcost
InRMB
| Items | Amountofthisperiod | Amountoflastperiod | ||
| Income | Cost | Income | Cost | |
| Mainoperation | 3,722,365,693.29 | 1,633,666,936.51 | 4,929,198,882.32 | 1,891,514,552.64 |
| Otheroperation | 67,983,182.97 | 28,556,759.62 | 69,817,884.42 | 32,963,381.26 |
| Total | 3,790,348,876.26 | 1,662,223,696.13 | 4,999,016,766.74 | 1,924,477,933.90 |
Whetherthenetprofitbeforeandafterdeductingnon-recurringgainsandlossesisnegativeafteraudit
□Yes√No
37.Businesstaxandsubjoin
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Urbanconstructiontax | 7,512,714.60 | 9,899,795.27 |
| Educationsurcharge | 3,578,509.64 | 4,705,324.22 |
| Propertytax | 5,212,158.72 | 3,635,796.50 |
| Landusetax | 1,830,767.01 | 2,607,625.78 |
| Vehicleusetax | 77,663.79 | 71,398.77 |
| Stamptax | 2,310,400.84 | 756,487.51 |
| Businesstax | 370,495.32 | 370,495.32 |
| LocalityEducationsurcharge | 2,379,608.64 | 3,130,192.25 |
| Constructionofculturalundertakings | 84,510.00 | |
| Other | 129,610.93 | 143,742.01 |
| Total | 23,401,929.49 | 25,405,367.63 |
38.Administrativeexpenses
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Wage | 141,324,125.20 | 149,431,400.61 |
| DepreciationandAmortization | 9,870,249.16 | 11,781,051.98 |
| Items | Amountofthisperiod | Amountoflastperiod |
| Intangibleassetsamortization | 2,368,807.27 | 2,397,249.26 |
| Lowconsumablesamortization | 1,316,594.00 | 1,747,119.88 |
| Rentalfee | 9,351,373.71 | 11,677,765.22 |
| Officeexpenses | 7,437,025.62 | 7,837,930.83 |
| Travelexpenses | 573,930.76 | 1,324,609.53 |
| Consultationexpenses | 2,595,902.63 | 3,290,750.94 |
| Thefeeforhiringagency | 7,179,452.28 | 5,558,915.38 |
| Listingfee | 864,123.92 | 869,876.63 |
| Informationcostandmaintenancefee | 2,830,419.98 | 2,674,063.40 |
| Other | 18,233,115.05 | 20,323,921.14 |
| Total | 203,945,119.58 | 218,914,654.80 |
39.R&Dexpenses
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Wags | 315,808.12 | |
| Materialsexpenses | 88,495.58 | |
| Total | 404,303.70 |
Othernote：
40.Financialexpenses
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Interestexpenses | 264,407,174.38 | 257,098,768.09 |
| Depositinterestincome（-） | -50,618,519.70 | -39,377,414.30 |
| ExchangeIncomeandloss（Gain-） | -1,815,160.91 | 1,590,432.88 |
| Bankcommissioncharge | 881,757.74 | 1,077,195.61 |
| Other | 3,327,123.37 | 3,788,234.38 |
| Total | 216,182,374.88 | 224,177,216.66 |
41.Othergains
InRMB
| Items | Amountofthisperiod | Amountoflastperiod | Relatedtoassets/Relatedtoincome |
| Governmentsubsidy-CancellationofExpresswayProvincialTollStationProject | 11,306,230.36 | Relatedtoassets | |
| Governmentsubsidy-Stablejobsubsidies | 516,603.84 | Relatedtoincome | |
| Maternityallowance | 440,077.14 | 642,489.29 | Relatedtoincome |
| Veterans'VATreductionandexemption | 326,184.25 | Relatedtoincome | |
| Withholdingandremittingenterpriseprepaidincometaxfees | 195,477.50 | 414,891.18 | Relatedtoincome |
| Inputtaxplusdeduction | 34,836.75 | 19,409.20 | Relatedtoincome |
| Withholdingandremittingenterpriseprepaidincometaxfees | 575,813.38 | Relatedtoincome | |
| Enterpriseincentivesubsidyfunds | 66,000.00 | Relatedtoincome | |
| Enterpriseofficespacerentalsubsidy | 21,937.00 | Relatedtoincome |
42.Investmentincome
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Long-termequityinvestmentincomebyequitymethod | 114,517,784.14 | 168,708,231.04 |
| Dividendsearnedduringtheholdingperiodoninvestmentsinotherequityinstrument | 50,785,213.04 | 38,912,399.15 |
| Interestincomeonentrustedloans | 6,063,838.37 | 7,144,413.37 |
| Total | 171,366,835.55 | 214,765,043.56 |
43.Creditimpairmentlosses
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Impairmentlossesonaccountsreceivable | -2,360,980.71 | -176,000.73 |
| Impairmentlossesonotherreceivable | -96,827.80 | -12,983.19 |
| Total | -2,457,808.51 | -188,983.92 |
44.Assetimpairmentloss
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Lossonimpairmentoffixedassets | -1,231,918.94 | -7,238,195.84 |
| Total | -1,231,918.94 | -7,238,195.84 |
45.Assetsdisposalincome
InRMB
| Source | Amountofthisperiod | Amountoflastperiod |
| Non-currentassetsdisposalgains | 276,051.47 | |
| Including：IncomefromdisposalofFixedassets | 276,051.47 | |
| IncomefromdisposalofIntangibleassets | ||
| IncomefromdisposalofIntellectualpropertyright | 18,755,848.99 | |
| Total | 19,031,900.46 |
46.Non-Operationincome
InRMB
| Items | Amountofthisperiod | Amountoflastperiod | Recordedintheamountofthenon-recurringgainsandlosses |
| Insuranceclaimincome | 3,538,886.07 | 3,028,261.81 | 3,538,886.07 |
| Roadpropertyclaimincome | 2,858,053.10 | 2,772,329.53 | 2,858,053.10 |
| Relocationcompensationincome | 3,353,085.30 | 3,353,085.30 | |
| Compensationforconstructionlandandgroundattachments | 1,210,712.86 | 2,292,510.28 | 1,210,712.86 |
| Other | 789,104.03 | 738,999.09 | 789,104.03 |
| Total | 11,749,841.36 | 8,832,100.71 | 11,749,841.36 |
47.Non-Operationexpense
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod | Theamountofnon-operatinggains&losses |
| Roadrehabilitationexpenditure | 5,167,239.28 | 4,310,540.20 | 5,167,239.28 |
| Loss&abandonmentofnon-currentassets | 13,637,658.30 | 11,690,361.16 | 13,637,658.30 |
| Fine | 711,701.58 | 2,216.57 | 711,701.58 |
| Relocationcompensationincome | 405,100.00 | 1,595,684.00 | 405,100.00 |
| Other | 721,233.61 | 156,751.69 | 721,233.61 |
| Total | 20,642,932.77 | 17,755,553.62 | 20,642,932.77 |
48.Incometaxexpense
(1)Listsofincometaxexpense
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Currentincometaxexpense | 453,788,495.42 | 639,863,876.23 |
| Deferredincometaxexpense | 37,621,377.52 | 33,921,146.57 |
| Total | 491,409,872.94 | 673,785,022.80 |
(2)Adjustmentprocessofaccountingprofitandincometaxexpense
InRMB
| Items | Amountofcurrentperiod |
| Total | 1,855,794,879.01 |
| Currentincometaxexpenseaccountedbytaxandrelevantregulations | 463,948,719.75 |
| Influenceofincometaxbeforeadjustment | -62,313.43 |
| Influenceofnontaxableincome | -41,215,585.54 |
| Impactofnon-deductiblecosts,expensesandlosses | 14,846,139.47 |
| Thecurrentperioddoesnotaffectthedeferredtaxassetsrecognizeddeductibletemporarydifferencesordeductibleloss | 1,342,110.41 |
| Other | 52,550,802.28 |
| Incometaxexpense | 491,409,872.94 |
49.ItemsofCashflowstatement
（1）Othercashreceivedfrombusinessoperation
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Interestincome | 50,618,519.70 | 39,377,414.30 |
| Unitcurrentaccount | 75,997,867.92 | 64,183,369.36 |
| Nettollincomereceivedbynetworkedtollclearing | 2,387,993.96 | |
| CancellationofExpresswayProvincialTollStationProject | 55,851,800.00 | |
| Total | 184,856,181.58 | 103,560,783.66 |
（2）Othercashpaidrelatedtooperatingactivities
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Managementexpense | 47,721,287.38 | 54,682,646.22 |
| Unitcurrentaccount | 37,898,902.95 | 14,791,928.56 |
| Nettollincomereceivedbynetworkedtollclearing | 10,709,945.42 | |
| Total | 85,620,190.33 | 80,184,520.20 |
Note：
(3)Cashreceivedrelatedtootherinvestmentactivities
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Governmentinfrastructureinvestmentsubsidies | 89,083,500.00 | 85,985,000.00 |
| Total | 89,083,500.00 | 85,985,000.00 |
(4).CashpaidrelatedtootherFinancingactivities
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Issuancefeeofmedium-termnotes | 1,122,177.00 | 791,384.00 |
| Purchaseof21%equityconsiderationofGuanghui | 1,271,710,284.00 | |
| Total | 1,272,832,461.00 | 791,384.00 |
50.SupplementInformationforcashflowstatement
（1）SupplementInformationforcashflowstatement
InRMB
| SupplementInformation | Amountofcurrentperiod | Amountofpreviousperiod |
| I.Adjustingnetprofittocashflowfromoperatingactivities | -- | -- |
| Netprofit | 1,364,385,006.07 | 2,151,443,422.35 |
| Add:Creditlossprovision | 2,457,808.51 | 188,983.92 |
| :Impairmentlossprovisionofassets | 1,231,918.94 | 7,238,195.84 |
| Depreciationoffixedassets,oilandgasassetsandconsumablebiologicalassets | 1,009,578,943.06 | 1,207,510,097.27 |
| DepreciationofUserightassets | ||
| Amortizationofintangibleassets | 26,319,338.62 | 3,149,424.55 |
| AmortizationofLong-termdeferredexpenses | 457,642.44 | 457,642.44 |
| Lossondisposaloffixedassets,intangibleassetsandotherlong-termdeferredassets | -19,031,900.46 | |
| Fixedassetsscraploss | 13,637,658.30 | 11,690,361.16 |
| Lossonfairvaluechanges | ||
| Financialcost | 265,092,013.47 | 266,483,287.67 |
| Lossoninvestment | -171,366,835.55 | -214,765,043.56 |
| Decreaseofdeferredincometaxassets | 54,738,687.74 | 61,990,928.66 |
| Increasedofdeferredincometaxliabilities | -41,819,079.34 | -28,069,782.09 |
| Decreaseofinventories | 57,922.16 | -30,665.31 |
| Deceaseofoperatingreceivables | 136,745,935.47 | -15,041,345.19 |
| IncreasedofoperatingPayable | -25,329,718.84 | -210,532,420.20 |
| Other | ||
| Netcashflowsarisingfromoperatingactivities | 2,636,187,241.05 | 3,222,681,187.05 |
| II.Significantinvestmentandfinancingactivitiesthatwithoutcashflows: | -- | -- |
| Conversionofdebtintocapital | ||
| Convertiblecorporatebondsmaturingwithinoneyear |
| SupplementInformation | Amountofcurrentperiod | Amountofpreviousperiod |
| Financingoffixedassetsleased | ||
| 3．Movementofcashandcashequivalents： | -- | -- |
| Endingbalanceofcash | 2,846,176,803.89 | 3,052,977,164.15 |
| Less:Beginningbalanceofcashequivalents | 3,052,977,164.15 | 2,744,843,796.86 |
| Add：Endbalanceofcashequivalents | ||
| Less:Beginningbalanceofcashequivalents | ||
| Netincreaseofcashandcashequivalent | -206,800,360.26 | 308,133,367.29 |
（2）Compositionofcashandcashequivalents
InRMB
| Items | Balanceinyear-end | Balanceinyear-Beginning |
| Cash | 2,846,176,803.89 | 3,052,977,164.15 |
| Ofwhich:Cashinstock | 54,482.68 | 75,833.29 |
| Banksavingscouldbeusedatanytime | 2,845,600,152.23 | 3,051,662,845.33 |
| Othermonetarycapitalcouldbeusedatanytime | 522,168.98 | 1,238,485.53 |
| Balanceofcashandcashequivalentsattheperiodend | 2,846,176,803.89 | 3,052,977,164.15 |
Othernote：
51.Theassetswiththeownershiporuserightrestricted
InRMB
| Items | Bookvalueattheendoftheperiod | Restrictedreason |
| Monetaryfund | 1,221,200.00 | Landreclamationfundsinthefundescrowaccount |
| Total | 1,221,200.00 | -- |
Other：
AsofDecember31,2020,theCompany'ssubsidiaryJingzhuExpresswayGuangzhuSectionCo.,Ltdborrowed657,365,000.00yuanfromWuyangSub-branchofIndustrialandCommercialBankofChina(including
75,170,000.00yuaninnon-currentliabilitiesduewithinoneyearand582,195,000.00yuaninlong-termloans),and
providedapledgeguaranteeof19.2%oftheproject'stollinterest(therighttocollecttollsforvehiclestravelingontheGuangzhusectionofJingzhuExpresswayandtherevenuegeneratedbyowningsuchright).
VIII.Changesofmergescope
1.Businesscombinationunderthesamecontrol
(1)BusinessCombinationunderthesamecontrolduringthereportingperiod
InRMB
| Name | Proportionofstockrights | Formingthebasisformergerofenterprisesunderthesamecontrol | Combinationdate | RecognitionbasisofCombinationdate | Incomefromtheperiod-begintothecombinationdateofthecombination | Netprofitfromthereportingperiodtothecombinationdateofthecombination | Incomeduringtheperiodofcomparison | Netprofitduringtheperiodofcomparison |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 51.00% | Underthecontrolofthesameparty | December31,2020 | Acquisitionofcontrol | 1,616,980,738.55 | 780,305,035.07 | 1,943,745,753.48 | 1,002,651,683.59 |
Othernote：
（2）Combinedcost
InRMB
| Combinedcost | GuangdongGuanghuiExpresswayCo.,Ltd. |
| --Cash | 2,493,549,576.00 |
（3）Thebookvalueoftheassetsandliabilitiesofthemergedpartyonthedateofconsolidation
InRMB
| GuangdongGuanghuiExpresswayCo.,Ltd. | ||
| Combinationdate | Lastclosingperiod | |
| Monetaryfunds | 1,006,493,048.13 | 236,277,469.65 |
| Accountreceivable | 59,804,115.72 | 57,890,140.44 |
| Fixedassets | 3,271,321,898.32 | 3,534,487,996.01 |
| Loans | 5,590,000.00 | 285,590,000.00 |
| Accountpayable | 135,706,707.74 | 79,235,904.15 |
| Payabletoemployees | 308,597.50 | 350,617.76 |
| Netassets | 3,971,913,931.56 | 3,494,911,911.72 |
| Less：Minorityshareholders'rights | 1,946,237,826.46 | 1,712,506,836.74 |
| Netassetsacquired | 2,025,676,105.10 | 1,782,405,074.98 |
Contingentliabilitiesofthecombinedpartyundertakenincombination：
None
2.OtherreasonsforthechangesincombinationscopeNotestoreasonsforthechangesincombinationscope(Newlyestablishedsubsidiaryandsubsidiaryofliquidation)andrelevantinformation:
| Originalsubsidiaryname | Placeofregistration | Businessnature | Shareholdingratio(%) | Proportionofvotingrightsentitledto(%) | Reasonsfornotbecomingasubsidiaryinthisyear |
| GuangzhouGuangzhuTransportationInvestmentManagementCo.,Ltd | Guangzhou | InvestmentManagement | 100.00 | 100.00 | Consolidationbycombination |
IX.Equityinotherentities
1.Equityinsubsidiary
(1)Thestructureoftheenterprisegroup
| NameofSubsidiary | MainPlacesofOperation | RegistrationPlace | NatureofBusiness | ShareholdingRatio(%) | ObtainingMethod | |
| Directly | Indirectly | |||||
| GuangfoExpresswayCo.,Ltd. | Guangzhou | Guangzhou | ExpresswayManagement | 75.00% | Underthesamecontrolbusiness | |
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Guangzhou | Guangzhou | Investmentintechnicalindustriesandprovisionofrelevant | 100.00% | Investment | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | Guangzhou | Guangzhou | Investmentmanagement | 51.00% | Underthesamecontrolbusinesscombination | |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | Zhongshan | Guangzhou | ExpresswayManagement | 75.00% | Underthesamecontrolbusinesscombination | |
| YuegaoCapitalInvestment(Hengqin)Co.,Ltd. | Guangzhou | Zhuhai | Investmentmanagement | 100.00% | Investment |
Notes:holdingproportioninsubsidiarydifferentfromvotingproportion:NoneBasisofholdinghalforlessvotingrightsbutstillbeencontrolledinvesteeandholdingmorethanhalfofthevotingrightsnotbeencontrolledinvestee:NoneSignificantstructureentitiesandcontrollingbasisinthescopeofcombination:NoneBasisofdeterminewhethertheCompanyistheagentortheprincipal:None
(2)ImportantNon-wholly-ownedSubsidiary
InRMB
| NameofSubsidiary | ShareholdingRatioofMinorityShareholders(%) | ProfitorLossOwnedbytheMinorityShareholdersintheCurrentPeriod | DividendsDistributedtotheMinorityShareholdersintheCurrentPeriod | EquityBalanceoftheMinorityShareholdersintheEndofthePeriod |
| GuangfoExpresswayCo.,Ltd. | 25.00% | 38,758,062.16 | 61,436,760.63 | 115,101,373.29 |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 49.00% | 382,349,467.18 | 192,269,392.46 | 1,946,237,826.46 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 25.00% | 75,434,701.95 | 126,983,792.91 | 237,840,885.42 |
Holdingproportionofminorityshareholderinsubsidiarydifferentfromvotingproportion
None
(3)Themainfinancialinformationofsignificantnotwhollyownedsubsidiary
InRMB
| NameofSubsidiary | Year-endbalance | Year-beginningbalance | ||||||||||
| Currentassets | Non-currentassets | Totalassets | CurrentLiabilities | Non-currentliabilities | Totalliabilities | Currentassets | Non-currentassets | Totalassets | CurrentLiabilities | Non-currentliabilities | Totalliabilities | |
| GuangfoExpresswayCo.,Ltd. | 475,293,044.67 | 55,900,968.26 | 531,194,012.93 | 67,267,992.50 | 3,520,527.29 | 70,788,519.79 | 560,965,221.56 | 47,173,764.91 | 608,138,986.47 | 57,018,699.42 | 57,018,699.42 | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 1,066,412,539.00 | 3,451,858,995.85 | 4,518,271,534.85 | 305,774,405.46 | 240,583,197.83 | 546,357,603.29 | 676,184,932.27 | 3,551,837,539.85 | 4,228,022,472.12 | 206,052,396.61 | 527,058,163.79 | 733,110,560.40 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 118,177,442.22 | 2,272,633,604.38 | 2,390,811,046.60 | 470,629,108.30 | 968,818,396.62 | 1,439,447,504.92 | 301,043,906.12 | 2,257,506,902.82 | 2,558,550,808.94 | 377,916,598.72 | 1,023,074,304.71 | 1,400,990,903.43 |
InRMB
| Name | Amountofcurrentperiod | Amountofpreviousperiod | ||||||
| Businessincome | Netprofit | TotalComprehensive | Cashflowsfromoperating | Businessincome | Netprofit | TotalComprehensive | Cashflowsfromoperating | |
| income | activities | income | activities | |||||
| GuangfoExpresswayCo.,Ltd. | 333,647,719.92 | 155,032,248.63 | 155,032,248.63 | 188,091,317.89 | 475,502,565.03 | 250,762,288.30 | 250,762,288.30 | 244,313,182.32 |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 1,616,980,738.55 | 780,305,035.07 | 780,305,035.07 | 1,173,180,438.28 | 1,943,745,753.48 | 1,002,651,683.59 | 1,002,651,683.59 | 1,234,129,289.22 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 812,354,042.82 | 301,738,807.80 | 301,738,807.80 | 542,082,484.05 | 1,218,734,018.60 | 513,065,829.93 | 513,065,829.93 | 772,968,519.31 |
Othernote：
(4)SignificantrestrictionsofusingenterprisegroupassetsandpayoffenterprisegroupdebtNone
(5)ProvidefinancialsupportorothersupportforstructureentitiesincorporateintothescopeofconsolidatedfinancialstatementsNone
2.ThetransactionoftheCompanywithitsowner’sequitysharechangedbutstillcontrollingthesubsidiary
(1)SignificantjointventurearrangementorassociatedenterpriseNone
（2）Affectofthetransactionontheminorityequityandowner'sequityattributabletotheparentcompanyNone
3.Equityinjointventurearrangementorassociatedenterprise
(1)Significantjointventurearrangementorassociatedenterprise
| Name | Mainoperatingplace | Registrationplace | Businessnature | Proportion | Accountingtreatmentoftheinvestmentofjointventureorassociatedenterprise | |
| Directly | Indirectly | |||||
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Zhaoqing,Guangdong | Zhaoqing,Guangdong | ExpresswayManagement | 25.00% | Equitymethod | |
| ShenzhenHuiyanExpresswayCo.,Ltd. | ShenzhenGuangdong | ShenzhenGuangdong | ExpresswayManagement | 33.33% | Equitymethod | |
| GuangdongJiangzhongExpresswayCo.,Ltd. | Zhongshan,Guangdong | Guangzhou,Guangdong | ExpresswayManagement | 15.00% | Equitymethod | |
| GanzhoukangdaExpresswayCo.,Ltd. | Gangzhou,Jiangxi | Gangzhou,Jiangxi | ExpresswayManagement | 30.00% | Equitymethod | |
| GanzhouGankangExpresswayCo.,Ltd. | Gangzhou,Jiangxi | Gangzhou,Jiangxi | ExpresswayManagement | 30.00% | Equitymethod | |
| GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | Guangzhou,Guangdong | Guangzhou,Guangdong | Handeallkindsofsmallloans | 20.00% | Equitymethod | |
| GuangyuanSecuritiesCo.,Ltd. | Hefei,Anhui | Hefei,Anhui | Securitybusiness | 2.37% | Equitymethod | |
| HunanLianzhiTechnologyCo.,Ltd. | Changsha | Changsha | Researchandexperimentaldevelopment | 10.10% | Equitymethod | |
Notestoholdingproportionofjointventureorassociatedenterprisedifferentfromvotingproportion:
NoneBasisofholdinglessthan20%ofthevotingrightsbuthasasignificantimpactorholding20%ormorevotingrightsbutdoesnothaveasignificantimpact:
Guangdong,JiangzhongExpresswayCo.,Ltd.,GuangyuanSecuritiesCo.,Ltd..andHunanLianzhiTechnologyCo.,Ltd.holds20%ofthevotingrights,buthasthepowertoparticipateinmakingdecisionsontheirfinancialandoperatingdecisions,andthereforedeemedtobeabletoexertsignificantinfluenceovertheinvestee.
(2)Mainfinancialinformationofsignificantjointventure
None
(3)Mainfinancialinformationofsignificantassociatedenterprise
InRMB
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |
| GuoyuanSecuritiesCo.,Ltd. | GuoyuanSecuritiesCo.,Ltd. | |
| Currentassets | 57,918,624,287.41 | |
| Non-currentassets | 26,015,472,537.63 | |
| Totalassets | 90,751,959,774.27 | 83,934,096,825.04 |
| Currentliabilities | 46,206,352,399.19 | |
| Non-currentLiabilities | 12,890,023,021.47 | |
| Totalliabilities | 59,096,375,420.66 | |
| MinorityShareholders’Equity | 11,785,075.26 | |
| Shareholders’equityattributabletoshareholdersoftheparent | 30,860,056,478.72 | 24,825,936,329.12 |
| Proratashareofthenetassetscalculated | 731,815,047.62 | 587,200,989.50 |
| --Goodwill | 207,095,632.54 | 206,725,818.02 |
| Thebookvalueofequityinvestmentsinjointventures | 938,910,680.16 | 793,926,807.52 |
| Fairvalueofequityinvestmentofassociatedenterpriseswithopenquotation | 927,203,934.72 | 737,910,410.22 |
| Buinsessincme | 4,579,605,087.78 | 3,302,720,958.61 |
| Netprofit | 917,476,547.45 | |
| Othercomprehensiveincome | 95,017,342.59 | |
| Totalcomprehensiveincome | 1,012,493,890.04 |
| Dividendsreceivedfromassociatesduringtheyear | 11,940,297.90 | 19,900,496.50 |
Othernote
(4)Summaryfinancialinformationofinsignificantjointventureorassociatedenterprise
InRMB
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |
| Jointventure： | -- | -- |
| Totalamountoftheproratacalculationofthefollowingitems | -- | -- |
| Associatedenterprise： | -- | -- |
| Totalbookvalueoftheinvestment | 1,443,470,485.44 | 1,413,339,517.32 |
| Totalamountoftheproratacalculationofthefollowing--Netprofitms | -- | -- |
| -Nitprofit | 82,311,895.95 | 147,340,576.39 |
| --Totalcomprehensiveincome | 82,311,895.95 | 147,340,576.39 |
Note
Asthebookvalueofthelong-termequityinvestmentintheassociatedenterprisesandjointventuresexceptthoselistedin(2)and(3)inthecurrentperiodandin2018and2019isnothigherthan5%ofthetotalowner'sequityattributabletotheparentcompany,theCompanyconsidersthatallassociatedenterprisesandjointventuresexcepttheimportantassociatedenterprisesandjointventureslistedin(2)and(3)arenon-importantassociatedenterprisesandjointventures.
(5)NotetothesignificantrestrictionsoftheabilityofjointventureorassociatedenterprisetransferfundstotheCompanyNone
(6)TheexcesslossofjointventureorassociatedenterpriseNone
(7)TheunrecognizedcommitmentrelatedtojointventureinvestmentNone
(8)ContingentliabilitiesrelatedtojointventureorassociatedenterpriseinvestmentNone
4.Significantcommonoperation
None
5.Equityofstructureentitynotincludinginthescopeofconsolidatedfinancialstatements
NoneX.RisksRelatedtoFinancialInstrumentsThecompanyhasthemainfinancialinstruments,suchasbankdeposits,receivablesandpayables,investments,loansandsoon.PleaserefertotherelevantdisclosureinNotesforthedetails.Therisksassociatedwiththesefinancialinstrumentsmainlyincludecreditrisk,marketriskandliquidityrisk.Thecompany’smanagementshallmanageandmonitortheserisksandensureaboveriskstobecontrolledwithincertainscope.
(I)ThetargetsandpoliciesofriskmanagementThetargetofriskmanagementistoobtaintheproperbalancebetweentheriskandbenefit,toreducethenegativeimpactthatiscausedbytheriskoftheCompanytothelowestlevel,andtomaximizethebenefitsofshareholdersandotherequityinvestors.Basedonthetargetsofriskmanagement,thebasicstrategyoftheCompany’sriskmanagementistoidentifyandanalyzetheriskswhicharefacedbytheCompany,establishsuitablerisktolerancebaselineandproceedtheriskmanagement,andsuperviseavarietyofriskstimelyandreliably,andcontroltheriskswithinalimitedrange.
1.Marketrisk
（1）Foreignexchangerisk
Foreignexchangeriskreferstotheriskoflossduetoexchangeratefluctuationsgenerally.Ourforeignexchangeriskis
mainlyrelatedtoHongKongDollar.BesidesannualdistributionofB-shareshareholderdividends,othermajorbusinessactivitiesofourCompanyaresettledinRMB.Duringthereportingperiod,duetotheshortcreditperiodoftheCompany'sincomeandexpenditurerelatedtoforeigncurrency,itwasnotaffectedbyforeignexchangerisk.
（2）InterestrateriskTheCompany'sriskofcashflowchangesinfinancialinstrumentscausedbyinterestratechangesismainlyrelatedtofloatingratebankborrowings(seethisSectionVII27).TheCompany'spolicyistomaintainthefloatinginterestrateoftheseborrowings,andatthesametimetoreasonablyreducetheriskofinterestratefluctuationbyshorteningthetermofasingleloanandspecificallyagreeingonprepaymentterms.
（3）OtherpriceriskTheinvestmentsheldbytheCompanyareclassifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome(financialassetsavailableforsaleonorbeforeDecember31,2018)andaremeasuredatfairvalueonthebalancesheetdate.Therefore,theCompanybearstheriskofchangesinthesecuritiesmarket.
2.CreditriskOnDecember31,2020,thelargestcreditriskexposurethatmaycausefinanciallossesoftheCompanymainlycomesfromthelossoffinancialassetsoftheCompanycausedbythefailureoftheotherpartytoperformitsobligations.Inordertoreducecreditrisk,theCompanyonlydealswithrecognizedandreputablecustomers.Inaddition,theCompanyreviewstherecoveryofeachsinglereceivablesoneachbalancesheetdatetoensurethatadequatebaddebtprovisionsaremadeforunrecoverableamounts.Consequently,theCompany'smanagementbelievesthat
theCompany'screditriskhasbeengreatlyreduced.TheGroup'sworkingcapitalisdepositedinbankswithhighercreditrating,sothecreditriskofworkingcapitalisrelativelylow.Financialassetsoverdueorimpaired;
(1)Aginganalysisoffinancialassetswithoverdueimpairment:Notexisted
(2)Analysisoffinancialassetsthathavesufferedsingleimpairment:Referto"4andOtherReceivables"in10,InvestmentinOtherEquityInstruments"inVIIofthissectionfordetails.
3.LiquidityriskWhenmanagingliquidityrisks,theCompanymaintainssufficientcashandcashequivalentsasdeemedbythemanagementandmonitorthemtomeettheCompany'soperationalneedsandreducetheimpactofcashflowfluctuations.ThemanagementoftheCompanymonitorstheuseofbankloansandensurescompliancewiththeloanagreement.XI.Thedisclosureofthefairvalue
1.Closingfairvalueofassetsandliabilitiescalculatedbyfairvalue
InRMB
| Items | Closingfairvalue | |||
| Firvaluemeasurementitemsatlevel1 | Firvaluemeasurementitemsatlevel2 | Firvaluemeasurementitemsatlevel3 | Total | |
| I.Consistentfairvaluemeasurement | -- | -- | -- | -- |
| （3）Otherequityinstrumentinvestment | 938,667,226.56 | 748,348,301.73 | 1,687,015,528.29 | |
| Totalassetscontinuouslymeasuredatfairvalue | 938,667,226.56 | 748,348,301.73 | 1,687,015,528.29 | |
| II.Non–persistentmeasure | -- | -- | -- | -- |
2.Marketpricerecognitionbasisforconsistentandinconsistentfairvaluemeasurementitemsatlevel1.Asattheendoftheperiod,thecompanyholdsshares235,254,944sharesofChinaEverbrightBankAccordingtotheclosingpriceofDecember31,2020of3.99yuan,thefinalcalculationoffairvaluewas938,667,226.56yuan.
3.FairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalueThevaluationtechniquesadoptedandthequalitativeandquantitativeinformationofimportantparametersforcontinuousandnon-continuouslevel3fairvaluemeasurementitems
| Items | FairvalueasofDecember31,2020 | Valuationtechnology | Unobservableinputvalue |
| Investmentinequityinstruments | |||
| Unlistedequityinvestment | 748,348,301.73 | Discountedmethodoffuturecashflow | Discountrate |
Duetothelackofrecentinformationonthefairvalueofsomeotherequityinstruments,andnosignificantchangeintheoperationoftheinvestedcompany,theCompanytakesthecostasitsfairvalueestimate.
4.Fairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalue
TheCompany'sfinancialassetsandliabilitiesmeasuredinamortizedcostmainlyinclude:accountsreceivable,otherreceivables,contractassets,short-termloans,accountspayable,otherpayables,non-currentliabilitiesduewithinoneyear,long-termloans,bondspayableandlong-termpayables.
Thereisnosignificantdifferencebetweenthebookvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalueandthefairvalue.XII.Relatedpartiesandrelated-partytransactions
1.Parentcompanyinformationoftheenterprise
| Name | Registeredaddress | Nature | Redistrictedcapital | TheparentcompanyoftheCompany'sshareholdingratio | TheparentcompanyoftheCompany’svoteratio |
| GuangdongcommunicationGroupCo.,Ltd | Guangzhou | Equitymanagement,trafficinfrastructureconstructionandrailwayprojectoperation | 26.8billionyuan | 24.56% | 50.12% |
Notes：
GuangdongCommunicationGroupCo.,Ltd.isthelargestshareholderoftheCompany.legalrepresentative:DengXiaohua.Dateofestablishment:June23,2000.AsofDecember31,2020,Registeredcapital:26.8billionyuan.Itisasolelystate-ownedlimitedcompany.Businessscope：equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Thevalue-addedcommunicationbusiness.ThefinialcontroloftheCompanywasStateownedassetssupervisionandAdministrationCommissionof
GuangdongProvincialPeople'sGovernment.
2.SubsidiariesoftheCompanySubsidiariesofthisenterprise,seeIX(1)therightsofotherentity
3.InformationonthejointventuresandassociatedenterprisesoftheCompany
DetailsrefertotheIX-3,InterestsinjointventuresorassociatesInformationonotherjointventureandassociatedenterpriseofoccurringrelatedpartytransactionswiththeCompanyinreportingperiod,orformbalanceduetorelatedpartytransactionsinpreviousperiod:
| Name | RelationwiththeCompany |
| ShenzhenHuiyanExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GanzhouKangdaExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GanzhouGankangExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GuangdongJiangzhongExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | AssociatedenterprisesoftheCompany |
| HunanLiankeTechnologyCo.,Ltd. | AssociatedenterprisesoftheCompany |
4.OtherRelatedparties
| Name | RelationwiththeCompany |
| GuangdongBodaExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongChaohuiExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongGaodaPropertyDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongGaoenExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongExpresswayMediaCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongGuangfozhaoExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongGuangleExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHumenBridgeCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongJiaotongTestingCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTrafficIndustryInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongKaiyangExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| Name | RelationwiththeCompany |
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLulutongCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongUnionElectronServiceInformationtechnologyCo.,ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongUnionElectronServiceCo.,ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLulutongCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLuoyangExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongMaozhanExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongShanfenExpresswayCo.,ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongProvincialFreewayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHighwayConstructionCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongCommunicationGroupFinanceCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongRead&BridgeConstructionDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTaishanCoastalExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYangmaoExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYuedongExpresswayIndustryDevelopmentCo.,Ltd.(Cancelled) | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYueganExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYueyunTrafficCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYueyunTrafficRescueCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongZhaoyangExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangshenzhuExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangzhouXinyueTrafficTechnologyCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangzhouXinyueAsphaltCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangzhouYueyunTrafficCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHumenBridgeCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| YunfoGuangyunExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTianluNewEnergyInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Sharesofparentcompany |
| GuangzhongjiangExpresswayProjectManagementDept | Managedbytheparentcompany |
| Name | RelationwiththeCompany |
| Hongkong-Zhuhai-MacaoConnectionlinemanagementcenter | Managedbytheparentcompany |
| GuangzhouAitesiCommunicationequipmentCo.,Ltd. | Sharesofenterprisedcontrolledbythesameparentcompany |
| JiangmenJiangheExpresswayCo.,Ltd. | Sharesofenterprisedcontrolledbythesameparentcompany |
| GuangdongShenshanExpresswayCo.,Ltd. | Sharesofenterprisedcontrolledbythesameparentcompany |
| GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | Sharesofenterprisedcontrolledbythesameparentcompany |
| FoshanGuangshanExpresswayCo.,Ltd. | Sharesofenterprisedcontrolledbythesameparentcompany |
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Sharesofenterprisedcontrolledbythesameparentcompany |
| PolyChangdaEngineeringCo.,Ltd. | Sharesofparentcompany |
| GuangdongChangdaRoadConservationCo.,Ltd. | AsubsidiarySharesofparentcompany |
| GuangdongRoadNetworkDigitalMediaInformationTechnologyCo.Ltd | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongXiangfeiHighwayEngineeringSupervisionCo.,Ltd | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongJiangzhaoExpresswayManagementCenter | Fullyownedsubsidiaryoftheparentcompany |
5.Listofrelated-partytransactions
(1)InformationonacquisitionofgoodsandreceptionoflaborserviceAcquisitionofgoodsandreceptionoflaborservice
InRMB
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| 1.Businesscost | |||||
| BolyChangdaEngineeringCo.,Ltd. | Projectfund,service | 43,663,945.00 | 43,216,399.22 | ||
| GuangdongLulutongCo.,Ltd. | Projectfunds | 36,627,747.85 | 6,465,863.46 | ||
| GuangdongUnionelectronicservicesco.,Ltd. | Service | 22,140,969.83 | 27,828,355.00 | ||
| GuangdongXinyueAsphaltCo.,Ltd. | Purchase | 13,627,554.77 | 423,213.90 | ||
| GuangdongJiaokeTestingCo., | Project | 10,948,746.94 | 6,007,217.92 |
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| Ltd. | |||||
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Projectlabourservice | 8,136,858.45 | 1,612,868.00 | ||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Maintenance | 7,314,621.02 | 3,807,139.23 | ||
| GuangdongXinyuetrafficInvestmentCo.,Ltd. | MaintenanceProject | 5,947,406.32 | 3,020,562.88 | ||
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Project | 4,869,113.63 | 2,832,988.81 | ||
| GuangzhouAitesiCommunicationEquipmentCo.,Ltd. | Project | 1,771,681.42 | |||
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Maintenance | 1,424,414.80 | 5,285,628.86 | ||
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Service | 604,826.78 | 225,055.47 | ||
| GuangdongHumenBridgeCo.,Ltd. | Service | 528,929.83 | 1,047,385.24 | ||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Maintenance，Service | 282,800.00 | 105,850.00 | ||
| GuangdongExpresswayMediaCo.,Ltd. | Advertising | 128,431.80 | |||
| GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | Service | 107,017.44 | 107,017.44 | ||
| GuangzhouXinyueTrafficTechnologyCo.,Ltd. | Project | 3,377,412.00 | |||
| Subtotal | 158,125,065.88 | 105,362,957.43 | |||
| 2.Financialcost | |||||
| GuangdongCommunicationGroupFinanceCo.,Ltd. | BorrowingInterestexpresses | 2,240,000.00 | |||
| GuangdongJiangzhong | PrincipalLoanInterest | 1,432,890.00 | 1,428,975.00 |
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| ExpresswayCo.,Ltd. | Expenditure | ||||
| Subtotal | 3,672,890.00 | 1,428,975.00 | |||
| 3.Administrativeexpenses | |||||
| GuangdongLitongPropertyInvestmentCo.,Ltd. | ManagementFee | 2,787,764.02 | |||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Maintenance，Service | 1,048,608.53 | 582,500.00 | ||
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Service | 57,955.00 | 87,189.00 | ||
| GuangdongLulutongCo.,Ltd. | Maintenancecharges | 38,400.00 | 48,000.00 | ||
| Subtotal | 3,932,727.55 | 717,689.00 | |||
| 4.Intangibleassets | |||||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Purchaseassets | 231,017.70 | 462,500.00 | ||
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Purchaseassets | 301,800.00 | |||
| Subtotal | 231,017.70 | 764,300.00 | |||
| 5.Fixedassets | |||||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Purchaseassets | 8,327,087.05 | |||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Purchaseassets | 2,939,612.48 | 358,440.98 | ||
| GuangdongLualuTrafficTechnologyCo.,Ltd. | Purchaseassets | 1,263,639.96 | |||
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Purchaseassets | 1,141,056.00 | |||
| PolyChangdaEngineeringCo.,Ltd. | Purchaseassets | 803,433.00 |
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| GuangdongLulutongCo.,Ltd. | Purchaseassets | 774,003.00 | |||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Purchaseassets | 255,165.00 | |||
| Subtotal | 15,503,996.49 | 466,740.98 | |||
| 6.Constructioninprocess | |||||
| PolyChangdaEngineeringCo.,Ltd. | Purchaseassets | 174,118,816.33 | 354,252,263.97 | ||
| GuangdongHighwayConstructionCo.,Ltd. | Purchaseassets | 32,720,641.48 | |||
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Purchaseassets | 6,549,774.00 | |||
| GuangzhouXinyueAsphaltCo.,Ltd. | Purchaseassets | 6,094,415.27 | |||
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Purchaseassets | 6,093,672.62 | 14,193,117.28 | ||
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Purchaseassets | 4,965,661.48 | 7,293,946.75 | ||
| GuangdongJiaokeTestingCo.,Ltd. | Purchaseassets | 4,924,163.50 | 45,030.00 | ||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Purchaseassets | 4,456,756.00 | 7,547,509.00 | ||
| GuangdongXiangfeiHighwaySupervisionCo.,Ltd. | Purchaseassets | 188,644.00 | |||
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Purchaseassets | 26,373,280.00 | |||
| GuangdongLulutongCo.,Ltd. | Purchaseassets | 969,546.53 | |||
| Subtotal | 240,112,544.68 | 410,674,693.53 | |||
| 7.Non-operatingexpenses | |||||
| GuangdongLulutongCo.,Ltd. | Maintenance | 222,410.00 | |||
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Equipment | 11,000.00 |
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| Subtotal | 233,410.00 |
Relatedtransactionsonsalegoodsandreceivingservices
InRMB
| Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
| 1.Businessincome | |||
| JingzhuExpresswayGuangzhuNorthsectionCo.,Ltd. | Commissionmanagementfee | 19,593,901.34 | 20,047,032.07 |
| GuangdongProvincialFreewayCo.,Ltd. | Projectfund | 4,382,576.33 | 4,310,630.18 |
| GuangdongFeidaTrafficEngineeringCo.,Ltd | CPCcardsalesrevenue | 2,621,638.92 | 871,473.15 |
| GuangdongUnionelectronicservicesco.,Ltd. | Promotionfees | 1,479,844.56 | 999,971.70 |
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | waterandelectricity | 1,256,761.24 | |
| GuangdongRoadConstructionDevelopmentCo.,Ltd. | Projectfund | 1,122,174.65 | 1,574,566.33 |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Salaryincomeandtestingfeeforexpatriatestaff | 1,044,069.06 | 2,155,810.23 |
| ShenzhenHuiyanExpresswayCo.,Ltd. | Salaryincomeandtestingfeeforexpatriatestaff | 944,060.56 | 1,121,184.34 |
| GanzhouGankangExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 594,631.40 | 737,114.13 |
| GanzhouKangdaExpresswayCo.,Ltd. | Salariesofexpatriatestaff | 590,288.43 | 513,990.93 |
| GuangdongJiangzhongExpresswayCo.,Ltd. | Salaryincome,projectpayment,etc | 530,534.64 | 635,673.34 |
| GuangdongChaohuiExpresswayCo.,Ltd. | Test | 422,830.19 | 425,905.66 |
| GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd. | Test | 394,211.89 | 2,144,812.90 |
| GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | Service,test | 333,636.67 | 751,475.04 |
| Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
| GuangdongYangmaoExpresswayCo.,Ltd. | Service,test | 333,264.32 | 166,981.13 |
| GuangdongBodaExpresswayCo.,Ltd. | Test | 295,325.43 | 730,270.82 |
| GuangdongMaozhanExpresswayCo.,Ltd. | Service,test | 277,482.05 | 418,867.92 |
| GuangdongKaiyangExpresswayCo.,Ltd. | Test | 237,735.85 | 380,652.28 |
| GuangdongGuangleExpresswayCo.,Ltd. | Test | 222,169.81 | 300,849.06 |
| PolyChangdaEngineeringCo.,Ltd. | waterandelectricity | 200,087.71 | |
| GuangdongZhaoyangExpresswayCo.,Ltd. | Test | 150,000.00 | 236,460.18 |
| GuangdongGuangfozhaoExpresswayCo.,Ltd. | Test | 142,641.51 | 331,283.02 |
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | CPCcardsalesrevenue | 128,993.83 | 2,208,097.34 |
| GuangdongLuoyangExpresswayCo.,Ltd. | Test | 107,547.17 | 107,547.17 |
| GuangdongTrafficIndustryInvestmentCo.,Ltd. | Test | 90,566.04 | 90,566.04 |
| GuangdongGaoenExpresswayCo.,Ltd. | Test | 79,245.28 | 79,245.28 |
| YunfoGufangyunExpresswayCo.,Ltd. | Test | 65,377.36 | 164,469.85 |
| JiangmenJiangheExpresswayCo.,lTD. | Test | 57,547.17 | 110,377.36 |
| GuangdongRoadNeworkDigitalMediaInformationTechnologyCo.,Ltd. | Advertising | 34,218.33 | |
| GuangdongHumenBridgeCo.,Ltd. | Test | 33,962.26 | 60,849.06 |
| GuangdongExpresswayMediaCo.,Ltd. | waterandelectricity | 23,053.70 | 44,213.00 |
| GuangdongYueyunTrafficCo.,Ltd. | Test | 11,320.75 | 42,452.83 |
| GuangshenzhuExpresswayCo.,Ltd. | Service | 8,407.08 | 114,655.17 |
| GuangdongJiangzhaoExpresswayCo.,Ltd. | Project | 130,188.68 | |
| FoshanGuangshanExpresswayCo.,Ltd. | Project | 120,283.02 | |
| GuangdongTaishancoastalExpresswayCo.,Ltd. | Project | -59,433.96 | |
| GuangzhongjiangExpresswayProjectManagementDept | Project | -89,622.64 | |
| Subtotal | 37,810,105.53 | 41,978,892.61 | |
| 2.Non-operatingincome | |||
| PolyChangdaEngineeringCo.,Ltd. | Constructionpenalty | 93,754.00 | |
| GuangdongXinyueTrafficInvestmentCo., | Constructionpenalty | 5,300.00 |
| Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
| Ltd. | |||
| Subtotal | 99,054.00 |
(2)InformationofrelatedleaseTheCompanywaslessor：
InRMB
| Nameoflessee | Categoryofleaseassets | Theleaseincomeconfirmedinthisyear | Theleaseincomeconfirmedinlastyear |
| GuangdongExpresswayMediaCo.,Ltd. | Advertisinglease | 4,598,128.21 | 3,556,249.10 |
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | ServiceAreaLease | 2,297,830.86 | 2,297,830.86 |
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | CommunicationPiping | 1,030,735.24 | 930,872.38 |
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Landlease | 37,690.80 |
-Thecompanywaslessee：
InRMB
| Lessor | Categoryofleasedassets | Theleaseincomeconfirmedinthisyear | Categoryofleasedassets |
| GuangdongLitongRealEatateInvestmentCo.,Ltd | Officespace | 9,208,532.51 | 8,876,387.85 |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Advertisingcolumnlease | 253,230.00 | 248,061.50 |
| GuangzhouYueyunTrafficCo.,Ltd. | Carrentalfee | 187,200.00 | 190,640.78 |
| GuangdongGaodaPropertyDevelopmentCo.,Ltd. | Officespace | 102,969.27 | 95,436.00 |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Equipmentlease | 116,504.86 | |
| GuangdongKaiyangExpresswayCo.,Ltd. | Equipmentlease | 106,194.69 | |
| GuangdongMaozhanExpresswayCo.,Ltd. | Equipmentlease | 106,194.69 |
(4)Inter-banklendingofcapitalofrelatedparties
InRMB
| Relatedparty | Amountborrowedandloaned | Initialdate | Duedate | Notes |
| Borrowed | ||||
| GuangdongJiangzhongExpresswayCoLoaned.,Ltd. | 36,000,000.00 | November14,2018 | November13,2023 | |
| GuangdongCommunicationGroupFinanceCo.,Ltd. | 200,000,000.00 | August26,2020 | August25,2021 | |
| Loaned | ||||
(5)Rewardsforthekeymanagementpersonnel
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Rewardsforthekeymanagementpersonnel | 6,541,500.00 | 7,604,100.00 |
(6)Otherrelated-partytransactions
-CapitalDepositSituationofGuangdongProvincialCommunicationGroupFinanceCo.,Ltd.
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| BalanceofDeposit | 1,031,105,792.71 | 813,272,070.75 |
| Including：GuangdongProvincialExpresswayDevelopmentCo.,Ltd.（NotincludeGuanghui） | 90,107,522.98 | 813,272,070.75 |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 940,998,269.73 | |
| Interestrevenue | 14,429,931.26 | 8,705,455.79 |
| Including：GuangdongProvincialExpresswayDevelopmentCo.,Ltd.（NotincludeGuanghui） | 13,058,886.79 | 8,705,455.79 |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 2,869,377.80 | |
| PricingPrinciple | Referencetothedepositrateofthepeople'sBankofChinaforthesameperiod | |
OnDecember25,2017andDecember22,2017,theCompanysignedtheCashManagementBusinessCooperationAgreementwithGuangdongCommunicationsGroupFinanceCo.,Ltd.andIndustrialandCommercialBankofChinaGuangdongBranchandsignedtheCashManagementBusinessCooperationAgreementwithGuangdongCommunicationsGroupFinanceCo.,Ltd.andChinaConstructionBankCorporation.GuangdongBranchrespectively,tojoininthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.
OnMay19,2020,GuangdongGuanghuiExpresswayCo.,ltd.signedtheCashManagementBusinessCooperationAgreementwithGuangdongCommunicationsGroupFinanceCo.,Ltd.andAgriculturalBankof
ChinaGuangdongBranchandsignedtheCashManagementBusinessCooperationAgreementwithGuangdongCommunicationsGroupFinanceCo.,Ltd.tojoininthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.
-OnJune15,2016,Thecompany’s29thmeeting(Provisional)oftheseventhboardofdirectorswasconvened.TheProposalonEntrustmentofConstructionManagementoftheRenovationandExpansionProjectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpresswaywasdeliberatedinthemeeting,agreedthatGuangdongProvincialFokaiExpresswayCo.,LtdentrustsGuangdongProvincialHighwayConstructionCo.,LtdwiththeconstructionmanagementoftherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway,andhandlingtherelatedmattersoftheentrustmentoftheconstructionmanagement.
6.Receivablesandpayablesofrelatedparties
（1）Receivables
InRMB
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| Contractassets | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 119,242.50 | 127,567.50 | ||
| Contractassets | GuangdongRoad&BridgeConstructionDevelopmentCo.,ltd. | 25,262.45 | 83,391.05 | ||
| Contractassets | ZhaoqingYuezhaoExpresswayCo.,Ltd. | 22,667.85 | 41,442.48 | ||
| Contractassets | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 48,230.00 | 48,230.00 | ||
| Contractassets | GuangzhenzhuExpresswayCo.,Ltd. | 9,096.00 | 9,096.00 | ||
| Contractassets | GuangdongJiangzhongExpresswayCo.,Ltd. | 8,412.00 | 8,412.00 | ||
| Contractassets | GuangdongRoadConstructionDevelopmentCo.,ltd. | 7,200.00 | 7,200.00 | ||
| Contractassets | GuangdongBodaExpresswayCo.,Ltd. | 4,530.99 | 4,531.00 | ||
| Contractassets | GuangdongHumenBridgeCo.,Ltd. | 2,700.00 | 2,700.00 | ||
| Contractassets | GuangdongProvincialFreewayCo.,Ltd. | 41,377.00 | |||
| Contractassets | GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | 18,781.60 | |||
| Contractassets | GuangdongShenshanExpresswayEastSectionCo.,Ltd. | 12,000.00 | |||
| Contractassets | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 5,273.00 | |||
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| Total | 247,341.79 | 410,001.63 | |||
| Accountreceivable | GuangdongUnionelectronServiceCo.,Ltd. | 100,047,025.70 | 92,786,286.61 | ||
| Accountreceivable | GuangdongHumenBridgeCo.,Ltd. | 11,044,082.54 | 16,698,073.73 | ||
| Accountreceivable | JingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 5,980,163.99 | 6,174,264.00 | 4,450.00 | |
| Accountreceivable | GuangdongExpresswayMediaCo.,Ltd. | 1,966,548.00 | 1,909,300.00 | ||
| Accountreceivable | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 3,274,356.00 | 45,916.00 | 1,423,875.25 | 103,072.45 |
| Accountreceivable | GuangdongRoadConstructionCo.,ltd. | 1,037,305.45 | 65,491.20 | 336,946.45 | 3,818.00 |
| Accountreceivable | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 300,009.20 | 148,208.50 | 2,334,682.70 | 160,715.94 |
| Accountreceivable | GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | 223,500.00 | 384,226.00 | ||
| Accountreceivable | GuangzhenzhuExpresswayCo.,Ltd. | 69,736.00 | 115,278.40 | ||
| Accountreceivable | GuangdongRoad&BridgeConstructionDevelopmentCo.,ltd. | 61,891.30 | 567,957.47 | ||
| Accountreceivable | GuangdongBodaExpresswayCo.,Ltd. | 22,740.00 | 537,848.00 | ||
| Accountreceivable | GuangdongProvincialFreewayCo.,Ltd. | 21,232.00 | 175,248.90 | ||
| Accountreceivable | GuangdongJiangzhongExpresswayCo.,Ltd. | 19,708.00 | 19,708.00 | ||
| Accountreceivable | GuangdongYueyunTrafficCo.,Ltd. | 15,032.00 | 3,032.00 | ||
| Accountreceivable | GuangdongChaohuiExpresswayCo.,Ltd. | 7,367.20 | |||
| Accountreceivable | GuangdongGuangleExpresswayCo.,Ltd. | 7,248.00 | 7,248.00 | ||
| Accountreceivable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 68,542.00 | |||
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| Accountreceivable | GuangdongMaozhanExpresswayCo.,Ltd. | 8,747.20 | |||
| Accountreceivable | GuangdongShanfenExpresswayCo.,Ltd. | 8,028.80 | |||
| Accountreceivable | GuangdongYuedongExpresswayIndustryDevelopmentCo.,Ltd. | 7,367.20 | |||
| Accountreceivable | JiangmenJiangheExpresswayCo.,Ltd. | 2,539.20 | |||
| Total | 124,097,945.38 | 259,615.70 | 123,569,199.91 | 272,056.39 | |
| Advancedpayment | GuangdongLitongRealEstateInvestmentCo.,Ltd. | 776,413.03 | 735,092.38 | ||
| Advancedpayment | ZhaoqingYuezhaoHighwayCo.,Ltd. | 151,938.00 | 144,703.00 | ||
| Advancedpayment | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 149,400.00 | |||
| Total | 1,077,751.03 | 879,795.38 | |||
| DividendReceivable | GanzhouGankangExpresswayCo.,Ltd. | 1,500,000.00 | |||
| DividendReceivable | GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 6,000,000.00 | |||
| Total | 1,500,000.00 | 6,000,000.00 | |||
| OtherAccountreceivable | GanzhouGankangExpresswayCo.,Ltd. | 45,000,000.00 | |||
| OtherAccountreceivable | GuangdongLitongRealEstateInvestmentCo.,Ltd. | 1,666,147.36 | 1,515,077.22 | ||
| OtherAccountreceivable | GuangdongExpresswayMediaCo.,Ltd. | 1,218,110.44 | 896,321.01 | ||
| OtherAccountreceivable | GuangdongGuanghuiExpresswayCo.,Ltd. | 463,491.88 | 463,491.88 | ||
| OtherAccountreceivable | ZhaoqingYuezhaoHighwayCo.,Ltd. | 350,000.00 | 390,000.00 | ||
| OtherAccountreceivable | GuangshenzhuExpresswayCo.,Ltd. | 60,640.00 | 60,640.00 | ||
| OtherAccountreceivable | GuangdongUnionelectronServiceCo.,Ltd. | 50,000.00 | 50,000.00 | ||
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| OtherAccountreceivable | GuangdongBodaExpresswayCo.,Ltd. | 22,740.00 | 22,740.00 | ||
| OtherAccountreceivable | GuangdongGufangzhuWestLineExpresswayCo.,Ltd. | 20,000.00 | 20,000.00 | ||
| OtherAccountreceivable | GuangdongGaodaPropertyDevelopmentCo.,ltd. | 16,268.00 | 15,906.00 | ||
| OtherAccountreceivable | PolyChangdaEngineeringCo.,Ltd. | 10,124.14 | 192,169.95 | ||
| OtherAccountreceivable | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 5,340.03 | 3,477.00 | ||
| OtherAccountreceivable | HongkongZhuhaiMacaoBridgeConnectionlinemanagementcenter | 3,000.00 | |||
| Total | 48,882,861.85 | 3,632,823.06 | |||
| OtherNon-CurrentAssets | PolyChangdaEngineeringCo.,Ltd. | 11,599,273.00 | 48,400,293.16 | ||
| OtherNon-CurrentAssets | GuangdongRoadConstructionCo.,Ltd. | 7,089,990.48 | |||
| OtherNon-CurrentAssets | GuangdongTianluNewEnergyInvestmentCo.,Ltd. | 333,398.00 | |||
| OtherNon-CurrentAssets | GuangdongHualuTrafficTechnologyCo.,Ltd. | 277,117.00 | |||
| Total | 19,022,661.48 | 48,677,410.16 | |||
| Long-termamortizationcosts | GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 1,007,747.00 | 1,114,764.44 | ||
| Total | 1,007,747.00 | 1,114,764.44 | |||
（2）Payables
InRMB
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
| Short-termloans | GuangdongCommunicationGroupFinanceCo.,Ltd. | 200,192,500.00 | |
| Total | 200,192,500.00 | ||
| Accountpayable | GuangzhongjiangExpresswayProjectManagementDept | 28,000,000.00 | 28,000,000.00 |
| Accountpayable | PolyChangdaEngineeringCo.,Ltd. | 25,621,536.30 | 48,505,079.52 |
| Accountpayable | GuangdongXinyueTrafficInvestmentCo.,Ltd | 13,149,675.40 | 5,496,352.70 |
| Accountpayable | GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | 8,929,645.80 | 6,013,501.73 |
| Accountpayable | GuangdongProvincialFreewayCo.,Ltd. | 8,746,491.18 | 8,746,491.18 |
| Accountpayable | GuangdongLulutongCo.,Ltd. | 3,560,871.60 | 3,674,959.44 |
| Accountpayable | GuangdongHualuTrafficTechnologyCo.,Ltd. | 2,198,660.67 | 877,441.72 |
| Accountpayable | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 1,584,416.70 | 474,000.00 |
| Accountpayable | GuangzhouAitesiCommunicationEquipmentCo.,Ltd. | 1,283,018.78 | |
| Accountpayable | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 500,864.10 | 7,588,881.23 |
| Accountpayable | GuangdongChangdaRoadMaintenanceCo.,Ltd. | 309,101.00 | 309,101.00 |
| Accountpayable | GuangdongYueyunTrafficCo.,Ltd. | 268,021.00 | |
| Accountpayable | GuangdongUnionElectronServiceCo.,Ltd. | 254,011.26 | 2,661,544.84 |
| Accountpayable | GuangdongJiaokeTestingCo.,Ltd. | 88,880.00 | 317,105.00 |
| Accountpayable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 85,074.95 | 3,307,587.00 |
| Accountpayable | GuangzhouXinyueAsphaltCo.,Ltd. | 47,362.94 | 46,779.00 |
| Accountpayable | GuangdongRoadConstructionCo.,Ltd. | 25,630,651.00 | |
| Accountpayable | GuangzhouXinyueTrafficTechnologyCo.,Ltd. | 2,279,061.00 | |
| Total | 94,627,631.68 | 143,928,536.36 | |
| Advancereceived | GuangdongRoadNetworkDigitalMediaInformationTechnologyCo.Ltd. | 2,777.78 | |
| Total | 2,777.78 | ||
| OtherPayableaccount | GuangdongProvincialFreewayCo.,Ltd. | 1,221,839,292.00 | |
| OtherPayableaccount | PolyChangdaEngineeringCo.,Ltd. | 20,042,113.05 | 30,447,877.47 |
| OtherPayableaccount | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 1,889,981.61 | 2,533,921.10 |
| OtherPayableaccount | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 1,700,740.34 | 2,203,127.20 |
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
| OtherPayableaccount | GuangdongChangdaRoadMaintenanceCo.Ltd. | 1,630,765.00 | 1,630,765.00 |
| OtherPayableaccount | GuangdongHualuTrafficTechnologyCo.,Ltd. | 1,327,451.00 | 1,078,565.88 |
| OtherPayableaccount | GuangdongLulutongCo.,Ltd. | 1,084,995.15 | 230,261.43 |
| OtherPayableaccount | GuangdongUnionElectronServiceCo.,Ltd. | 956,272.04 | 367,300.00 |
| OtherPayableaccount | GuangzhouXinyueAsphaltCo.,Ltd. | 567,221.00 | |
| OtherPayableaccount | GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | 238,479.70 | 216,749.70 |
| OtherPayableaccount | GuangzhongjiangExpresswayProjectManagementDept | 200,000.00 | 200,000.00 |
| OtherPayableaccount | GuangzhouXinyueTrafficTechnologyCo.,Ltd. | 171,809.00 | 171,809.00 |
| OtherPayableaccount | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 167,591.50 | 247,070.50 |
| OtherPayableaccount | GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | 120,000.00 | 120,000.00 |
| OtherPayableaccount | GuangdongExpresswayMediaCo.,Ltd. | 70,000.00 | 70,000.00 |
| OtherPayableaccount | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 58,991.40 | 439,523.40 |
| OtherPayableaccount | GuangdongYueyunTrafficRescueCo.Ltd. | 900.00 | 900.00 |
| OtherPayableaccount | GuangdongYueganExpresswayCo.,Ltd. | 1,000.00 | |
| Total | 1,252,066,602.79 | 39,958,870.68 | |
| Non-currentliabilitiesdue1year | GuangdongJiangzhongExpresswayCo.,Ltd. | 43,065.00 | 43,065.00 |
| Total | 43,065.00 | 43,065.00 | |
| Long-termpayable | GuangdongJiangzhongExpresswayCo.,Ltd. | 36,000,000.00 | 36,000,000.00 |
| Total | 36,000,000.00 | 36,000,000.00 |
7.RelatedpartycommitmentNoneXIII.Stockpayment
1.TheStockpaymentoverallsituation
□Applicable√Notapplicable
2.TheStockpaymentsettledbyequity
□Applicable√Notapplicable
3.TheStockpaymentsettledbycash
□Applicable√Notapplicable
4.Modificationandterminationofthestockpayment
None
XIV.Commitments
1.SignificantcommitmentsSignificantcommitmentsatbalancesheetdate
（1）CapitalcommitmentOnJune15,2016,theCompany’s29thmeeting(Provisional)oftheseventhboardofdirectorswasconvened.Inthemeeting,theProposalonIncreasingFundingforGuangdongFokaiExpresswayCo.,LtdpertainingtotheRenovationandExpansionProjectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpresswaywasexaminedandapproved,agreedthatbasedontheapprovedtotalinvestmentamountbyrelevantgovernmentdepartment,thenthecompany’ssubsidiary-GuangdongFokaiExpresswayCo.,LtdcarriesouttheinvestmentandconstructionoftherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway;thecompanyincreasesfundingforGuangdongProvincialFokaiExpresswayCo.,LtdpertainingtotherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway,withthecontributedfundsasaproportionof35%ofthetotalinvestmentamountapprovedbyrelevantgovernmentdepartment.Theafore-saiditemhadbeenexaminedandapprovedinthefirstextraordinarygeneralshareholdermeeting,TheCompanyhadreceivedtheapprovaloftheNationalDevelopmentandReformcomissionabouttheuandongProvincialSantbao-ShuikouExpresswaySectionRebubuildingandExpansionProject(NO.1874-2016-NDRCInfrastructureDocument)fromGuangdongProvincelDevelopmentandreformCommissionOnOctober11,2016,agreedwiththeimplementationoftheGuangdongProvincialSanbao-ShuikouExpresswaySectionRebuildingandExpansionProject.It’sestimatedthatthetotalinvestmentofthisprojectisabout3.513billionyuan(thestaticinvestmentisabout3.289billionyuan),ofwhichtheprojectcapitalis1.23billionyuanthataccountsfor35%ofthetotalinvestmentandsuchamountoftheprojectcapitalwillbeprovidedbyGuangdongProvincialFokaiExpresswayCo.,Ltd,andtherestamountof2,283billionyuanwillbesolvedbyusingbankloans.Accordingtothe"OfficialReplytothepreliminarydesignofreconstructionandextensionprojectofGuangdongSanbaotoShuikouRoadbyMinistryofTransport"(No.73-2017TransportRoadDocument)issuedbyGuangdongProvincialDepartmentofTransport,theMinistryofTransportcheckedandratifiedthatthegeneralestimateofthepreliminarydesignofreconstructionandextensionprojectofGuangdongSanbaotoShuikouRoadisRMB3.426billionAsofDecember31,2020,TheaccumulatedexpensesoccurredofSanbotoShuikouHighwayextensionprojectwas2.596billionyuan.
| No | ContractCounterparty | EconomicContent | ContractAmount | FulfilledasofJune30,2020 |
| 1 | ChinaRailwayTunnelGroupCo.,Ltd. | CivilEngineering | 251,026,485.00 | 254,055,919.72 |
| 2 | PolyChangdaEngineeringCo.,Ltd. | CivilEngineering | 624,878,240.00 | 612,468,267.93 |
| 3 | ChinaRailway18thBureauGroupCo.,Ltd. | CivilEngineering | 219,974,609.00 | 209,612,477.24 |
| 4 | CCCCFirstNavigationEngineeringBureauCo.,Ltd | CivilEngineering | 355,014,108.00 | 302,643,777.44 |
2.Contingency
(1)SignificantcontingencyatbalancesheetdateAsofDecember31,2020,Thecompanydoesnotdisclosethepensionplanundisclosedmattershouldexist.
(2)TheCompanyhavenosignificantcontingencytodisclose,alsoshouldbestatedXV.Eventsafterbalancesheetdate
1.Profitdistribution
InRMB
| Profitordividendtobedistributed | 608,424,582.67 |
| Profitsordividendsdeclareduponexaminationandapproval | Subjecttotheapprovaloftheshareholders'meeting |
XVI.Othersignificantevents
1.SegmentinformationThecompany'sbusinessfortheGuangfoExpressway,theFokaiExpresswayandJingzhuExpresswayGuangzhuSectiontollcollectionandmaintenancework,thetechnologyindustryandprovideinvestmentadvice,noothernatureofthebusiness,noreportablesegment.
2.GovernmentSubsidy
(1)Governmentsubsidiesincludedindeferredrevenuearesubsequentlymeasuredbythetotalamountmethod
| Subsidyitem | Category | Openingbalance | Newsubsidyamountincurrentperiod | Thecarry-overincurrentperiodisincludedinprofitandlossamount | Otherchanges | Closingbalance | Presentationitemscarriedoverintoprofitorlossinthecurrentperiod | Asset-related/revenue-related |
| Cancelthespecialsubsidyfortheexpresswayprovincialtollstationproject | Financialappropriation | 55,851,800.00 | 11,306,230.36 | 44,545,569.64 | Otherincome | Assetsrelated | ||
| Discountinterestfund | Discountinterestfund | 2,500,000.00 | 2,500,000.00 | FinancialExpreses | Incomerelated |
(2)Governmentsubsidiesincludedincurrentprofitsandlossesusingthetotalamountmethod
| Subsidyitem | Category | Amountincludedinprofitorlossinthecurrentperiod | Presentationitemsincludedinprofitorlossinthecurrentperiod | Asset-related/revenue-related |
| Subsidyforpoststabilization | Subsidyforpoststabilization | 516,603.84 | Otherincome | Incomerelated |
3.Otherimportanttransactionsandeventshaveanimpactoninvestorsdecision-making
(1)June15,2007earlyinthemorning,The325JiujiangBridgecollapsedon#23pierfor―Nanguijii035#collisionownedbythecontrollingsubsidiaryofthecompanyGuangdongFokaiExpresswayCompanyleadsthecollapseandthetrafficjamof200meterslongoftheJiujiangBridge.OnJune10,2009,JiujiangBridgeopenedtotraffichasbeenrestored.OnJune19,2007，TheMinistryofCommunications,theStateProductionSafetySupervisionandAdministrationCommissionissuedtheJiaoAnWeimingFile[2007]No.8"NotificationontheGuangdong"6.15"JiujiangBridgeCollisionAccident",initiallydeterminedthecausesoftheaccidentare:theincidentshipsuddenlymetheavyfogonthewayfromFoshanGaomingtoSunde,thecaptainneglectedlookingout,didnottakepropermeasuresanddeviatedfromthemainchannel,touchedthe325NationalRoadJiujiangBridgethenon-navigationbridgepierandcausedthecollapsionofpartoftheJiujiangbridge.Theaccidentwasanunnatural
OnJuly19,2007，FokaiCompanyappliedpreservationofpropertytoGuangzhouMaritimeCourt.OnAugust22,2007，FokaiCompanyofficiallyprosecutedtoGuangzhouMaritimeCourt,askingFoshanSouthSeaShippingCompanyLimitedandYangXiongtoundertakethecompensation25,587,684yuanforthelosscausedbycollapsingofJiujiangBridge.OnAugust28,2007,GuangzhouMaritimeCourtacceptedthecase.Accordingtothe(2007)-CantonHaifaNo.332rulingbookissuedbyGuangzhouMaritimeCourt,theproceedingofthecasewassuspended.Afterthecourtacceptedthecase,theincidentinvestigationteamofGuangdongProvincialGovernmenthadnotmadethefinalreportofJiujiangBridgeaccident.TheCourt,onNovember5,2007,decidedtosuspendtheproceeding.InSeptember2008,JiujiangBridgeaccidentinvestigationreportwasofficiallyreportedandresumedtheproceedings.OnDecember5,2008,GuangzhouMarineCourtopenedacourttrialtoprocceededthecase.Currently,GuangzhouHaizhuprosecutorialofficewasintendtoprosecutetheaccidentcaptainShiGuide,therefore,onJanuary5,2009,GuangzhouMaritimeCourtruledthesuspensionofthecase.OnSeptember17,2013,theGuangzhouMaritimeCourtissuedanoticeofcivilandeliminatethecauseofsuspensionofproceedings,thecourtdecidedtoresumethetrial.OnDecember19,2013,theGuangzhouMaritimeCourtopenedacourtsession,hasnotyetmadethefirst-instancejudgment.OnMarch7,2014theCourtmadethefirstinstanceverdict:
thedefendantFoshanNanhaiYuhangshipServicesCo.,Ltd.andYangXiongcompensatedtheplaintiffFokaiExpresswayCo.,Ltd.tollrevenuelossesof19,357,500.96yuan;thecourtdismissedtheplaintiffotheraspirations.ThedefendantappealedtotheHigherPeople'sCourtofGuangdongProvince,theGuangdongProvincialHigherPeople'sCourtruledonJune5,2014,thecasediscontinuedproceedings.Bytheendofthereportperiod,theabatementofactioncausesarealreadyremovedandtheprovincialhighercourtrestoresthehearingandconductstheinvestigationonApril21,2017.On27February2020,thecompanyreceivedacourtdecisionofsecondinstance,whichrejectedtheappealandupheldtheoriginalsentence.Becausethedefendantfailedtoperformtheeffectivejudgment,thecompanyappliedtoGuangzhouMaritimeCourtforcompulsoryexecution.OnJuly27,2020,thecompanyreceivedtheenforcementrulingofGuangzhouMaritimeCourt([2020]Y72ZNo.247-3rd);AtotalexecutionpaymentofRMB657,219.33wastransferredtoourcompanybythecourt,andtheexecutionprocedurewasterminatedaccordingtolaw.
(2)The26th(Provisional)MeetingofthesixthboardofdirectorsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.washeldofMay10,2012.ThemeetingexaminedandadoptedtheproposalConcerningtheCompany’sAcceptingtheinsuranceBondInvestmentPlanofPacificAssetManagementCo.,Ltd.TheCompanywasapprovedtoaccepttheinsurancebondinvestmentplanmadebyPacificAssetManagementCo.,Ltd.Theamountofproceedstoberaisedisnotmorethan1.5billionyuan.Floatinginterestrateplusguaranteed
baseinterestrateappliesastheinterestrate.TheFloainginterestrateshallnotexceedthebasicinterestrateofRMBloanwithatermofoverfiveyearsonthedaywhentheinvestmentfundoftheinsureancecompanyistransferredintotheCompany’saccountandthecorrespondingdaysofthefutureyears,whichshallbeadjustedonceeachyear.Theguaranteedbaseinterestrateis5.6%.TheconcreteamountofraisedproceedsshallbewithinmaximumlimitofinvestmentfundfiledwithCIRC.TheactualamountwhollytransferredtotheCompanyshallapply.ThefinalinterestrateissubjecttoinvestmentContractforBondInvestmentPlanbetweenPacificandGuangdongExpresswayFiledwithCIRC.ItwasapprovedtoauthorizethemanagementoftheCompanytoimplementtheabove-mentionedmatters.
TheCompanywasapprovedtoprovidecounterguaranteetoGuangdongCommunicationGroupCo.,Ltd.with75%equityofGuangdongFokaiExpresswayCo.,Ltd.Heldbyit.Asoftheendofthisperiod,thecompanyhasreturnedalltheraisedfundstoPacificAssetManagementCo.,Ltd.OnMay22,2020,thecompanycompletedthecancellationregistrationofequitypledgeofGuangzhouGuangzhuTransportationInvestmentManagementCo.,Ltd.
（3）The19th(Provisional)MeetingoftheEighthboardofdirectorsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.washeldofAugust7,2018.ThemeetingexaminedandapprovedtheProposalonIssuingMedium-TermNotes，AgreethatthecompanyintendstoregisterintheChinaInterbankMarketDealersAssociationwithaquotaofnotmorethan3.4billionyuan(inclusive),whichiswithin40%ofthecompany'slatestauditednetassets.Applyforaone-timeorinstallmentinatimelymanner,withatermofnolessthan5years(including5years),andraisefundstorepaytheloanandreplenishworkingcapital;Thematterhasbeenpassedbytheresolutionofthefirstinterimshareholders'meetingin2018.
OnJanuary4,2019,thedealersassociationissuedaNoticeofAcceptanceofRegistration(ZSXZ[2019]MTN9).Theamountofacceptanceofthecompany'smedium-termnotesis3.4billionyuan,andtheamountofregistrationisvalidfor2yearsfromthedateofreceiptofthenoticeofacceptance,anditisjointlyunderwrittenbyIndustrialandCommercialBankofChinaLimitedandChinaConstructionBankLimited.Thecompanyborrowed680millionyuanand750millionyuanonMarch12019andMarch17,2020.
TheCompany'splantopurchase21%equityofGuangdongGuanghuiExpresswayCo.,Ltd.(hereinafterreferredtoas"Guanghui")heldbyGuangdongExpresswayCo.,Ltd.(hereinafterreferredtoas"GuangdongExpressway")bypaymentincashandrelatedmattershavebeenadoptedbytheresolutionofthethirdextraordinarygeneralmeetingofshareholdersin2020.AsofDecember31,2020,theCompanyhaspaidatotalofRMB1,271,710,284.00toGuangdongExpressway,accountingfor51%ofthetotalequitytransfer,and21%ofGuanghui'sequityhasbeenchangedtotheCompany'sname.TheamendmentstoGuanghuiArticlesofAssociationinvolvedinthismajorassetrestructuringhavebeenfiledwiththemarketsupervisionandmanagementdepartment.
AccordingtotheProfitCompensationAgreementsignedbyGuangdongExpresswayandtheCompany,itisagreedthatGuangdongExpresswayshallundertakethecompensationobligationwhentheactualnetprofitofGuanghuiislessthanthepredictednetprofitwithinthecompensationperiod.Thecompensationperiodistheyearwhenthetransactioniscompletedandthenexttwoyearsthereafter,namely2020,2021and2022.AfternegotiationbetweentheCompanyandGuangdongExpressway,thepredictednetprofitofGuanghuiafterdeductingnon-recurringgainsandlossesin2020,2021and2022isRMB652,477,500,RMB1,112,587,300andRMB1,234,200,900respectively.Withinthecompensationperiod,iftheaccumulatedrealizednetprofitattheendofanyfiscalyearofGuanghuidoesnotreachtheaccumulatedpredictednetprofit,GuangdongExpresswaywillcompensatethecompanyincash,andthespecificcompensationamountpaidbyGuangdongExpresswayinthatyearwillbecalculatedanddeterminedaccordingtothefollowingformula:currentcompensationamountpromisedforperformance=(accumulatedpredictednetprofitasoftheendofthecurrentperiod-accumulated
realizednetprofitasoftheendofthecurrentperiod)÷sumofpredictednetprofitsofeachyearwithinthecompensationperiod×transactionpriceoftheunderlyingassets-accumulatedcompensatedamountofGuangdongExpressway.WhenthecompensationamountcalculatedineachyearislessthantheRMB0,thevalueshallbetakenasRMB0,andthecompensatedamountshallnotbereversed.ThepredictednetprofitofGuanghuiafterdeductingnon-recurringgainsandlossesin2020isRMB
769.2326million,whichisRMB116.7551millionmorethanthepromisedamount.
XVII..Notesofmainitemsinfinancialreportsofparentcompany
1.Accountreceivable
1.Classificationaccountreceivables.
InRMB
| Category | Amountinyear-end | BalanceYear-beginning | ||||||||
| BookBalance | Baddebtprovision | Bookvalue | BookBalance | Baddebtprovision | Bookvalue | |||||
| Amount | Proportion(%) | Amount | Amount | Amount | Proportion(%) | Amount | Amount | |||
| Ofwhich | ||||||||||
| Accrualofbaddebtprovisionbyportfolio | 27,004,827.41 | 100.00% | 27,004,827.41 | 21,864,051.27 | 100.00% | 21,864,051.27 | ||||
| Ofwhich： | ||||||||||
| Agingportfolio | 27,004,827.41 | 100.00% | 27,004,827.41 | 21,864,051.27 | 100.00% | 21,864,051.27 | ||||
| Total | 27,004,827.41 | 27,004,827.41 | 21,864,051.27 | 21,864,051.27 | ||||||
Accrualofbaddebtprovisionbysingleitem:None②Accrualofbaddebtprovisionbyportfolio：
InRMB
| Name | Balanceinyear-end | ||
| Bookbalance | Baddebtprovision | Withdrawalproportion | |
| Within1year | 27,004,827.41 | 100.00% | |
| Total | 27,004,827.41 | -- | |
ProvisionforbaddebtsaccordingtoQualityguaranteeportfolioRelevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableDisclosurebyaging
InRMB
| Aging | Closingbalance |
| Within1year（Including1year） | 27,004,827.41 |
| Total | 27,004,827.41 |
(2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：None
（3）Thecurrentaccountsreceivablewrite-offssituation
None
（4）Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties
InRMB
| Name | Amount | Proportion(%) | Baddebtprovision |
| GuangdongUnionElectronicServicesCo.,Ltd. | 27,004,827.41 | 100.00% | |
| Total | 27,004,827.41 | 100.00% |
（5）AccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone
(6)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccountsreceivableNone
2.Otherreceivable
InRMB
| Items | Year-endbalance | Year-beginningbalance |
| Dividendreceivable | 2,705,472.90 | 7,205,472.90 |
| Otherreceivable | 51,442,641.63 | 6,230,178.29 |
| Total | 54,148,114.53 | 13,435,651.19 |
（1）Dividendreceivable
1)Dividendreceivable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 1,205,472.90 | 1,205,472.90 |
| GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 6,000,000.00 | |
| GanzhouGankangExpresswayCo.,Ltd. | 1,500,000.00 | |
| Total | 2,705,472.90 | 7,205,472.90 |
2）Significantdividendreceivableagedover1year
InRMB
| Items) | Balanceinyear-end | Aging | Reasonsfornon-recovery | Whetherornottheimpairmentandthebasisforitsdetermination |
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 1,205,472.90 | Over1year | Temporaryfreezingofcompanyaccounts | No,it'srecoverableinthefuture |
| Total | 1,205,472.90 | -- | -- | -- |
（2）Otheraccountsreceivable
1)Otheraccountsreceivableclassifiedbythenatureofaccounts
InRMB
| Nature | Closingbookbalance | Openingbookbalance |
| Lessreceivable | 45,000,000.00 | |
| Balanceofsettlementfundsforsecuritiestransactions | 30,844,110.43 | 30,844,110.43 |
| Nature | Closingbookbalance | Openingbookbalance |
| Cashdeposit | 2,490,271.36 | 1,935,101.00 |
| Pettycash | 2,140,410.04 | 1,700,634.57 |
| Other | 1,905,542.23 | 2,594,442.72 |
| Total | 82,380,334.06 | 37,074,288.72 |
）Thewithdrawalamountofthebaddebtprovision：
InRMB
| BadDebtReserves | Stage1 | Stage2 | Stage3 | Total |
| Expectedcreditlossesoverthenext12months | Expectedcreditlossoverlife(nocreditimpairment) | Expectedcreditlossesfortheentireduration(creditimpairmentoccurred) | ||
| BalanceasatJanuary1,2020 | 30,844,110.43 | 30,844,110.43 | ||
| BalanceasatJanuary1,2020incurrent | —— | —— | —— | —— |
| Accrual | 93,582.00 | 93,582.00 | ||
| BalanceasatDecember31,2020 | 93,582.00 | 30,844,110.43 | 30,937,692.43 |
Changesinsignificantbookbalancesforlosspreparationcurrentperiod
□Applicable√NotapplicableDisclosurebyaging
InRMB
| Aging | Closingbalance |
| Within1year（Including1year） | 49,224,624.35 |
| 1-2years | 975,380.70 |
| 2-3years | 443,715.70 |
| Over3years | 31,736,613.31 |
| 3-4years | 463,491.88 |
| 4-5years | 31,273,121.43 |
| Over5years | 82,380,334.06 |
| Total |
3）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：
InRMB
| Category | BalanceYear-beginning | Amountofchangeinthecurrentperiod | Balanceinyear-end | |||
| Accrual | Reversedorcollectedamount | Write-off | Other | |||
| Accrualofsingleitem | 30,844,110.43 | 30,844,110.43 | ||||
| Accrualofportfolio-Agingportfolio | 93,582.00 | 93,582.00 | ||||
| Total | 30,844,110.43 | 93,582.00 | 30,937,692.43 | |||
Wherethecurrentbaddebtsbackorrecoversignificantamounts:None
4)Theactualwrite-offotheraccountsreceivable:None
5)Top5oftheclosingbalanceoftheotheraccountsreceivablecollatedaccordingtothearrearsparty
InRMB
| Name | Nature | Closingbalance | Aging | Proportionofthetotalyearendbalanceoftheaccountsreceivable(%) | Closingbalanceofbaddebtprovision |
| GanzhouGankangExpresswayCo.,Ltd. | Lessreceivable | 45,000,000.00 | Within1year | 54.62% | |
| KunlunSecuritiesCo.,Ltd | InvestmentDeposit | 30,844,110.43 | Over5years | 37.44% | 30,844,110.43 |
| GuangdongLitongRealEstatesInvestmentCo.,Ltd. | Vehicleparkingdeposit | 1,630,467.36 | Within1year | 1.98% | |
| FoshanHezhanYinghuiPropertyManagementCo.,Ltd. | DisposalofBuildingIncomefromNewJitianLand | 935,820.00 | 1-2year | 1.14% | 93,582.00 |
| GuangdongProvincialFreewayCo.,Ltd. | Commissionmanagement | 463,491.88 | 4-5year | 0.56% | |
| Total | -- | 78,873,889.67 | -- | 95.74% | 30,937,692.43 |
(6)AccountsreceivableinvolvedwithgovernmentsubsidiesNone
(7)OtheraccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone
(8)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofotheraccountsreceivableNone
3.Long-termequityinvestment
InRMB
| Items | Endofterm | Beginningofterm | ||||
| BookBalance | Impairmentprovision | Bookvalue | BookBalance | Impairmentprovision | Bookvalue | |
| Investmentinsubsidiaries | 3,232,062,345.85 | 3,232,062,345.85 | 1,533,665,008.81 | 1,533,665,008.81 | ||
| Investmentinjointventuresandassociates | 2,297,300,190.68 | 2,297,300,190.68 | 3,255,739,898.36 | 3,255,739,898.36 | ||
| Total | 5,529,362,536.53 | 5,529,362,536.53 | 4,789,404,907.17 | 4,789,404,907.17 | ||
（1）Investmenttothesubsidiary
InRMB
| Name | Openingbalance | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||
| Addinvestment | Other | ||||||
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 419,105,446.88 | 452,066,436.20 | 871,171,883.08 | ||||
| GuangzhouGuangzhuTrafficInvestmentManagementCo.,Ltd. | 859,345,204.26 | 859,345,204.26 | |||||
| GuangfoExpresswayCo.,ltd. | 154,982,475.25 | 154,982,475.25 | |||||
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | 95,731,882.42 | 95,731,882.42 | |||||
| YuegaoCapitalInvestment(Hengqin)Co.,Ltd. | 4,500,000.00 | 80,000,000.00 | 84,500,000.00 | ||||
| GuangdongGuanghuiExpresswayCo.,Ltd. | 2,025,676,105.10 | 2,025,676,105.10 | |||
| Total | 1,533,665,008.81 | 2,557,742,541.30 | 859,345,204.26 | 3,232,062,345.85 |
（2）Investmenttojointventuresandassociatedenterprises
InRMB
| Name | Openingbalance | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Addinvestment | Decreasedinvestment | Gain/lossofInvestment | Adjustmentofothercomprehensiveincome | Otherequitychanges | Declarationofcashdividendsorprofit | Withdrawnimpairmentprovision | Other | ||||
| I.Jointventures | |||||||||||
| GuangdongGuanghuiExpresswayCo.,Ltd. | 1,048,473,573.52 | 834,101,925.63 | 2,025,676,105.10 | 234,091,510.52 | 26,725,050.00 | 117,715,954.57 | |||||
| Subtotal | 1,048,473,573.52 | 834,101,925.63 | 2,025,676,105.10 | 234,091,510.52 | 26,725,050.00 | 117,715,954.57 | |||||
| II.Associatedenterprises | |||||||||||
| GuangdongJiangzhongExpresswayCo.,Ltd. | 179,491,516.98 | 12,760,987.96 | 192,252,504.94 | ||||||||
| GanzhouGankang | 213,672,650.90 | 45,000,000.00 | -21,398,030.18 | 1,500,000.00 | 145,774,620.72 | ||||||
| Name | Openingbalance | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Addinvestment | Decreasedinvestment | Gain/lossofInvestment | Adjustmentofothercomprehensiveincome | Otherequitychanges | Declarationofcashdividendsorprofit | Withdrawnimpairmentprovision | Other | ||||
| ExpresswayCo.,Ltd. | |||||||||||
| GanzhouKangdaExpresswayCo.,Ltd. | 234,733,526.86 | 9,080,563.64 | 27,000,000.00 | 216,814,090.50 | |||||||
| ShenzhenHuiyanExpresswayCo.,Ltd. | 262,682,427.44 | 22,726,327.71 | 285,408,755.15 | ||||||||
| GuoyuanSecuritiesCo.,Ltd. | 793,926,807.52 | 129,910,442.24 | 32,205,888.19 | -5,192,159.89 | 11,940,297.90 | 938,910,680.16 | |||||
| GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 214,637,335.45 | 10,065,984.93 | 9,000,000.00 | 215,703,320.38 | |||||||
| ZhaoqingYuezhaoHighwayCo., | 308,122,059.69 | 44,064,159.14 | 49,750,000.00 | 302,436,218.83 | |||||||
| Name | Openingbalance | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Addinvestment | Decreasedinvestment | Gain/lossofInvestment | Adjustmentofothercomprehensiveincome | Otherequitychanges | Declarationofcashdividendsorprofit | Withdrawnimpairmentprovision | Other | ||||
| Ltd. | |||||||||||
| Subtotal | 2,207,266,324.84 | 129,910,442.24 | 45,000,000.00 | 109,505,881.39 | -5,192,159.89 | 99,190,297.90 | 2,297,300,190.68 | ||||
| Total | 3,255,739,898.36 | 964,012,367.87 | 2,070,676,105.10 | 343,597,391.91 | -5,192,159.89 | 26,725,050.00 | 216,906,252.47 | 2,297,300,190.68 | |||
4.BusinessincomeandBusinesscost
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod | ||
| Revenue | Cost | Revenue | Cost | |
| Mainbusiness | 961,484,310.59 | 650,430,454.36 | 1,276,614,430.61 | 779,246,352.00 |
| Other | 13,956,071.99 | 5,240,167.71 | 13,675,411.15 | 4,575,580.19 |
| Total | 975,440,382.58 | 655,670,622.07 | 1,290,289,841.76 | 783,821,932.19 |
5.Investmentincome
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Long-termequityinvestmentincomeaccountedbycostmethod | 565,261,660.63 | 670,160,115.89 |
| Long-termequityinvestmentincomeaccountedbyequitymethod | 343,597,391.91 | 469,503,736.12 |
| Investmentreturnoninvestmentsheldtomaturityduringtheholdingperiod | 50,785,213.04 | 38,912,399.15 |
| Interestincomefromdebtinvestmentduringholdingperiod. | 50,332,058.95 | 58,235,794.66 |
| Total | 1,009,976,324.53 | 1,236,812,045.82 |
XVIII.SupplementaryInformation
1.Currentnon-recurringgains/losses
√Applicable□Notapplicable
InRMB
| Items | Amount | Notes |
| Gains/Lossesonthedisposalofnon-currentassets | -8,261,533.18 | |
| Governmentgrantsrecognizedinthecurrentperiod,exceptforthoseacquiredintheordinarycourseofbusinessorgrantedatcertainquotasoramountsaccordingtothecountry’sunifiedstandards | 8,359,291.82 | |
| Currentnetgainsandlossesoccurredfromperiod-begintocombinationdayby | 546,213,524.55 | TheCompanyoriginallyheld30%equityofGuanghuiExpressway,In |
| subsidiariesresultingfrombusinesscombinationundercommoncontrol | 2020,theCompanypurchased21%equityofGuanghuiExpresswayincash,ndthemergerdateunderthesamecontrolwasDecember31,whichwas70%ofthenetprofitandlossrealizedbyGuanghuiExpresswayin2020fromthebeginningofmergertothedateofmerger. | |
| Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | -1,069,827.30 | |
| Othernon-recurringGains/lossitems | 974,321.89 | |
| Less:Influencedamountofincometax | 2,214.32 | |
| Influencedamountofminorshareholders’equity(aftertax) | 383,192,431.88 | In2020,theCompanypurchased21%equityofGuanghuiExpresswayincash,andthemergerdateunderthesamecontrolwasDecember31,increasingthenetprofitandlossrealizedbyGuanghuiExpresswayin2020whichwasattributabletominorityshareholdersbyRMB382,722,793.66. |
| Total | 163,021,131.58 | -- |
FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√Notapplicable
2.Returnonequity(ROE)andearningspershare(EPS)
| Profitasofreportingperiod | WeightedaverageROE(%) | EPS（Yuan/share） | |
| EPS-basic | EPS-diluted | ||
| NetprofitattributabletocommonshareholdersoftheCompany | 8.27% | 0.42 | 0.42 |
| NetprofitattributabletocommonshareholdersoftheCompanyafterdeductionofnon-recurringprofitandloss | EPS-diluted | 0.34 | 0.34 |
XIII.DocumentsAvailableforInspection
1.Accountingstatementscarriedwithpersonalsignaturesandsealsoflegalrepresentative,ChiefFinancialofficerandFinancialPrincipal.
2.OriginalofAuditors’ReportcarriedwiththesealofCertifiedPublicAccountantsaswellaspersonalsignaturesofcertifiedPublicaccountants.
3.ThetextsofalltheCompany'sdocumentspubliclydisclosedonthenewspapersandperiodicalsdesignatedbyChinaSecuritiesRegulatoryCommissioninthereportperiod.