Stock Code：000429，200429 Stock Abbreviation ：Guangdong Expressway A, Guangdong Expressway BAnnouncement No.:2023-022
Summary of 2023Semi-Annual Report of Guangdong Provincial
Expressway Development Co., Ltd.
1 Important notesThe summary is abstract from full-text of semi-annual report, for more details information , investors shouldfound in the full-text of annual report that published on website of Shenzhen Stock Exchange and other websiteappointed by CSRC.
All the directors have attended the meeting of the board meeting at which this report was examined
Non-standard audit advice
□ Applicable √ Not applicable
The Board of Directors considered the plan for the distribution of ordinary shares in the reporting period or theplan for the transfer of capital reserve.
□ Applicable √ Not applicable
The company plans not to send cash dividends, do not send bonus shares, not to increase the share capital.
The Board of Directors decided to adopt the Preplan Preference Share Profit Distribution Plan for the reportingperiod
□ Applicable √ Not applicable
II Company basic information
1. Company Profile
| Stock abbreviation: | Expressway A, Expressway B | Stock code： | 000429、200429 |
| Stock exchange for listing | Shenzhen Stock Exchange | ||
| Board secretary | Securities affairs Representative | |
| Name | Yang Hanming | Liang Jirong |
| Contact address | 46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tihe Disrtict , Guangzhou | 45/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tihe Disrtict , Guangzhou |
| Tel | 020-29004619 | 020-29004523 |
| Hmy69@126.com | 139221590@qq.com |
2.Summary of Accounting Data and Financial Indicators
Whether it has retroactive adjustment or re-statement on previous accounting data
√Yes □ No
Retroactive adjustment or restatement of causesAccounting policy change
| Reporting period | Same period of last year | YoY+/-（%） | ||
| Before adjustment | After adjustment | After adjustment | ||
| Operating income（yuan） | 2,340,436,775.08 | 2,057,420,809.68 | 2,057,420,809.68 | 13.76% |
| Net profit attributable to the shareholders of the listed company（yuan） | 885,644,187.99 | 773,786,851.68 | 773,736,908.29 | 14.46% |
| Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company（yuan） | 913,683,625.12 | 743,090,095.19 | 743,040,151.80 | 22.97% |
| Cash flow generated by business operation, net（yuan） | 2,013,917,191.70 | 1,443,551,266.30 | 1,443,551,266.30 | 39.51% |
| Basic earning per share(yuan/Share) | 0.42 | 0.37 | 0.37 | 13.51% |
| Diluted gains per share(yuan/Share) | 0.42 | 0.37 | 0.37 | 13.51% |
| Weighted average income/asset ratio（%） | 9.30% | 8.45% | 8.45% | 0.85% |
| As at the end of the reporting period | As at the end of last year | YoY+/-（%） | ||
| Before adjustment | After adjustment | After adjustment | ||
| Gross assets（yuan） | 21,477,092,071.77 | 20,267,197,153.88 | 20,267,998,963.78 | 5.97% |
| Shareholders’ equity attributable to shareholders of the listed company（yuan） | 9,074,979,474.41 | 9,075,877,244.12 | 9,075,659,162.80 | -0.01% |
Reasons for the changes in accounting policies and the correction of accounting errors
On November 30, 2022, the Ministry of Finance issued the Notice on Printing and Distributing the No.16Interpretation of Accounting Standards for Business Enterprises (No. 31[2022]Cai Hui).According to therelevant requirements of the No. 16 Interpretation of Accounting Standards for Business Enterprises, theCompany shall make corresponding adjustments to the relevant accounting policies originally adopted. Adoptedby the resolution of the seventh meeting of the 10th session of the Board of Directors of the Company on March20, 2023, the Company implements the relevant provisions of the No. 16 Interpretation of Accounting Standardsfor Business Enterprises from January 1, 2023.
3.Number of shareholders and shareholding
In share
| Total number of common shareholders at the end of the reporting period | 49,752 | Total number of preferred shareholders that had restored the voting right at the end of the reporting period (if any) (note 8) | 0 | ||||||
| top ten shareholders | |||||||||
| Shareholders | Nature of shareholder | Proportion of shares held（%） | Number of shares held at period -end | Changes in reporting period | Amount of restricted shares held | Amount of un-restricted shares held | Number of share pledged/frozen | ||
| State of share | Amount | ||||||||
| Guangdong Communication Group Co.,Ltd | State-owned legal person | 24.56% | 513,485,480 | 410,105,738 | 103,379,742 | ||||
| Guangdong Highway Construction Co., Ltd, | State-owned legal person | 22.30% | 466,325,020 | 466,325,020 | |||||
| Shangdong Expressway Investment Development Co., Ltd. | State-owned legal person | 10.10% | 211,069,245 | 211,069,245 | |||||
| Tibet Hetai Enterprise Management Co., Ltd. | State-owned legal person | 4.84% | 101,214,574 | 101,214,574 | |||||
| Guangdong Provincial Freeway Co.,Ltd. | State-owned legal person | 2.53% | 52,937,491 | 19,582,228 | 33,355,263 | |||
| HKSCC | Overseas legal person | 0.92% | 19,291,612 | 19,291,612 | ||||
| Feng Wuchu | Domestic natural person shares | 0.80% | 16,678,821 | -6,695,584 | 16,678,821 | |||
| Xinyue Co., Ltd. | Overseas legal person | 0.63% | 13,201,086 | 13,201,086 | ||||
| Orient securities | State-owned legal person | 0.52% | 10,775,913 | 19,400 | 10,775,913 | |||
| Happy life insurance Co., Ltd.-Dividend | Other | 0.50% | 10,438,130 | -12,547,100 | 10,438,130 | |||
| Strategic investor or general legal person becoming top-10 ordinary shareholder due to rights issue (if any) (see note 3) | None | |||||||
| Related or acting-in-concert parties among shareholders above | Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Highway Construction Co., Ltd.，Guangdong Provincial Freeway Co.,Ltd. and Xinyue Co., Ltd., It is unknown whether there is relationship between other shareholders and whether they are persons taking concerted action specified in the Regulations on Disclosure of Information about Change in Shareholding of Shareholders of Listed Companies. | |||||||
4. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.Change of the actual controller in the reporting period
□ Applicable √ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
5.The total number of shareholders of the Company's preferred shares and the shareholdings of the top 10preferred shareholdersThe Company did not have any preferred shareholding in the report period.
6、Bonds existing on the approval date of semi annual report
√Applicable □ Not applicable
1. Basic information
| Bond name | Bond short name | Bond code | Issue day | Due day | Bond balance（ten thousand） | Interest rate |
| Guangdong Provincial Expressway Development Co., Ltd. 2019 first phase medium-term notes | 19 Guangdong Expressway MTN001 | 101900252 | February 27,2019 | March 1,2024 | 67,970.39 | 4% |
| Guangdong Provincial Expressway Development Co., Ltd. 2020 first phase medium-term notes | 20 Guangdong Expressway MTN001 | 102000367 | March 13,2020 | March 17,2025 | 74,914.71 | 3% |
2、Financial indicators as of the end of the reporting period
| Items | At the end of the reporting period | At the end of last year |
| Debt ratio | 46.25% | 43.90% |
| Amount of this period | Amount of last period | |
| EBITDATime interest earned ratio | 16.74 | 15.96 |
III.Explanation on other significant eventsIn 2020, the Company acquired the 21% stake of Guangdong Guanghui Expressway Co., Ltd. held byGuangdong Provincial Freeway Co., Ltd. in cash. The Company signed the "Profit Compensation Agreementbetween Guangdong Provincial Expressway Development Co., Ltd. and Guangdong Provincial Freeway Co.,Ltd."(hereinafter referred to as the "Profit Compensation Agreement") with the Guangdong Provincial Freeway
Co.,Ltd.and Guangdong Expressway, which made commitment on the future profitability of Guanghui Company.
In view of the fact that during the performance compensation period, due to the impact of domesticmacroeconomic fluctuations, the net profit realized by Guanghui Company after deducting non-recurring profitsand losses during the performance compensation period did not reach the cumulative forecast net profit, whichtriggered the compensation obligation stipulated in the Profit Compensation Agreement. In order to safeguard thelong-term interests of the Company and its shareholders, especially small and medium-sized shareholders, takinginto account the relevant arrangements of the two parties under the original agreement, and in accordance with therelevant requirements of the Administrative Measures for the Restructuring of Major Assets of Listed Companiesand the consultation between the parties to the original agreement, the "Proposal on Changing the PerformanceCommitment of Major Asset Restructuring Project in 2020 and Sinning the Supplementary Agreement to theProfit Compensation Agreement " was deliberated and adopted in the 10thmeeting (interim) of the 10th Board ofDirectors of the Company , agreeing to change the performance commitment of major asset restructuring projectin 2020 and sign the Supplementary Agreement to the Profit Compensation Agreement with the ProvincialExpressway. The performance compensation period for this restructuring had been adjusted to 2020, 2021, and2023. The Provincial Expressway promised that the net profit accumulated by Guanghui Expressway afterdeducting non-recurring profits and losses in the three years of 2020, 2021 and 2023 shall not be less than2,999,265,700 yuan.[The "Proposal on Changing the Performance Commitment of Major Asset Restructuring Project in 2020 andSinning the Supplementary Agreement to the Profit Compensation Agreement " was deliberated and passed in theCompany's first extraordinary general meeting of shareholders in 2023].
For details of the matter, please refer to the "Announcement on Changing the Performance Commitment ofMajor Asset Restructuring Project in 2020" disclosed on Cninfo Information Network(www.cninfo.com.cn)(Announcement No.: 2023-18) on August 8, 2023, and the "Announcement of Resolution ofthe First Provisional General Meeting of Shareholders in 2023" disclosed on August 24, 2023.