GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
TheSemi-AnnualReport2020
August2020
I.ImportantNotice,TableofContentsandDefinitions
TheBoardofDirectorsandthedirectors,SupervisoryCommitteeandsupervisorsandSeniorExecutivesoftheCompanyherebywarrantthatattheyear,therearenomisstatement,misleadingrepresentationorimportantomissionsinthisreportandshallassumejointandseveralliabilityfortheauthenticity,accuracyandcompletenessofthecontentshereof.Mr.ZhengRenfa,Companyprincipal,Mr.WangChunhua,GeneralManager,Mr.FangZhi,Chiefoftheaccountingwork,Ms.ZhouFang,Chiefoftheaccountingorgan(chiefofaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthisSemi-annualreport.Allthedirectorshaveattendedthemeetingoftheboardmeetingatwhichthisreportwasexamined.TheCompanyhasnoplanofcashdividendscarriedout,bonusissuedandcapitalizingofcommonreserveseither.
TableofContents
I.ImportantNotice,TableofcontentsandDefinitionsII.BasicInformationoftheCompanyandFinancialindexIII.OutlineofCompanyBusinessIV.Management’sDiscussionandAnalysisV.ImportantEventsVI.ChangeofsharecapitalandshareholdingofPrincipalShareholdersVII.SituationofthePreferredSharesVIII.InformationaboutconvertiblecorporatebondsIX.InformationaboutDirectors,SupervisorsandSeniorExecutivesX.CorporateBondXI.FinancialReportXII.Documentsavailableforinspection
Definition
| Termstobedefined | Refersto | Definition |
| Reportingperiod | Refersto | January1,2020toJune30,2020 |
| Reportingdate | Refersto | Thesemiannualreportofthecompanywasapprovedbytheboardofdirectorsof2020,thatis,August25,2020 |
| YOY | Refersto | ComparedwithJanuary-June2019 |
| TheCompany/ThisCompany | Refersto | GuangdongProvincialExpresswayDevelopmentCo.,Ltd. |
| FokaiCompany | Refersto | GuangdongFokaiExpresswayCo.,Ltd. |
| FokaiBranch | Refersto | GuangdongFokaiExpresswayCo.,Ltd.FokaiBranch |
| ReconstructionandextensionProjectoftheSouthSectionofFokaiExpressway | Refersto | ReconstructionandExpansionProjectofSanbao-ShuikouSectionofFokaiExpressway. |
II.CorporateProfileandKeyFinancialIndicators
1.CompanyInformation
| Stockabbreviation: | ExpresswayA,ExpresswayB | Stockcode： | 000429、200429 |
| Stockexchangeforlisting | ShenzhenStockExchange | ||
| NameinChinese | 广东省高速公路发展股份有限公司 | ||
| AbbreviationofRegisteredCompany(ifany) | 粤高速 | ||
| Englishname(Ifany) | GuangdongProvincialExpresswayDevelopmentCo.Ltd. | ||
| Englishabbreviation(Ifany) | GPED | ||
| LegalRepresentative | ZhengRenfa | ||
2.Contactpersonandcontactmanner
| Boardsecretary | SecuritiesaffairsRepresentative | |
| Name | YangHanming | LiangJirong |
| Contactaddress | 46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou | 45/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou |
| Tel | 020-29004619 | 020-29004523 |
| Fax | 020-38787002 | 020-38787002 |
| Hmy69@126.com | 139221590@qq.com |
3.Other
1.WayofcontactWhetherregistrationsaddress,officesaddressandcodesaswellaswebsiteandemailoftheCompanychangedinreportingperiodornot
□Applicable√NotapplicableRegistrationsaddress,officesaddressandcodesaswellaswebsiteandemailoftheCompanyhasnochangeinreportingperiod,foundmoredetailsinannualreport2019.
2.InformationinquiryWhetherinformationdisclosureandpreparationplacechangedinreportingperiodornot
□Applicable√NotapplicableNoneoftheofficialpresses,website,andplaceofenquiryhasbeenchangedinthesemireportperiod.FordetailspleasefindtheAnnualReport2019.
4.SummaryofAccountingDataandFinancialIndicatorsIndicatebytickmarkwhethertheCompanyneedstoretroactivelyrestateanyofitsaccountingdata.
□Yes√No
| Reportingperiod | Sameperiodoflastyear | YoY+/-（%） | |
| Operatingincome（yuan） | 660,898,961.79 | 1,483,673,245.21 | -55.46% |
| Netprofitattributabletotheshareholdersofthelistedcompany（yuan） | -5,830,257.18 | 736,486,112.30 | -100.79% |
| Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany（yuan） | -9,514,717.42 | 725,039,035.06 | -101.31% |
| Cashflowgeneratedbybusinessoperation,net（yuan） | 417,906,104.34 | 1,050,811,097.23 | -60.23% |
| Basicearningpershare(yuan/Share) | -0.0028 | 0.35 | -100.80% |
| Dilutedgainspershare(yuan/Share) | -0.0028 | 0.35 | -100.80% |
| Weightedaverageincome/assetratio（%） | -0.06% | 7.53% | -7.59% |
| Asattheendofthereportingperiod | Asattheendoflastyear | YoY+/-（%） | |
| Grossassets（yuan） | 17,473,461,012.92 | 17,674,545,340.78 | -1.14% |
| Shareholders’equityattributabletoshareholdersofthelistedcompany（yuan） | 8,795,317,662.87 | 9,823,426,849.75 | -10.47% |
5.Differencesbetweenaccountingdataunderdomesticandoverseasaccountingstandards1．SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.
□Applicable□√Notapplicable
None
2.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.
□Applicable√NotapplicableNone
6.Itemsandamountofnon-currentgainsandlosses
√Applicable□Notapplicable
InRMB
| Items | Amount | Note |
| Non-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade) | -184,874.06 | |
| Govemmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies) | 3,535,546.41 | |
| Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | 2,070,546.90 | |
| Othernon-recurringGains/lossitems | 335,742.79 | |
| Less:Influencedamountofincometax | 1,440,123.12 | |
| Influencedamountofminorshareholders’equity(aftertax) | 632,378.68 | |
| Total | 3,684,460.24 | -- |
FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√NotapplicableNoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod.
III.BusinessProfileⅠ.MainBusinesstheCompanyisEngagedinDuringtheReportPeriodWhetherthecompanyneedstocomplywiththedisclosurerequirementsoftheparticularindustryNoTheCompanyisaninfrastructureindustry,withmainbusinessindevelopingandoperatingexpresswayandbigbridges.ItisoneofthemaininstitutionsofdevelopingexpresswayandbigbridgeinGuangdongExpresswaySystem.Theexpresswayindustryistheindustryhelpedbygovernment.TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpresswayandJingzhuExpresswayGuangzhuSectioninvestmentintechnologicalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangzhouGuanghuiExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoHigywayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyMicroLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.，GuoyuanSecuritiesCo.,Ltd.andHunanLianzhiTechnologyCo.,Ltd.,Asoftheendofthereportingperiod,thecompany’sshare-controlledexpresswayis153.71km,andaccordingtotheequityratio,aftertheconversioncalculation,thetotalmileageis264.41km.Ⅱ.MajorChangesinMainAssets
1.MajorChangesinMainAssets
| Mainassets | Majorchanges |
| Equityassets | Theincreaseof1.72%bytheendoftheperiodcomparedwiththatofthebeginning,Mainlyduetothecombinedinfluenceoftheoperationaccumulationandprofitdistributionoftheparticipatingunits. |
| Fixedassets | Thedecreaseof2.43%bytheendoftheperiodcomparedwiththatofthebeginning,Mainlyduetotheimpactofretirementandfixedassetdepreciationinthecurrentperiod. |
| Intangibleassets | Thedecreaseof15.63%bytheendoftheperiodcomparedwiththatofthebeginning,Mainlyduetotheimpactofamortizationofintangibleassets. |
| Constructioninprocess | Thedecreaseof25.97%bytheendoftheperiodcomparedwiththatofthebeginning,Mainlyduetothecancelationtheimpactofthetransferoffixedassetsoftheprovincialtollstationproject |
| Moonetaryfunds | Theincreaseof8.57%bytheendoftheperiodcomparedwiththatofthebeginning,Mainlyduetothecurrentoperatingaccumulationandthecomprehensiveimpactofinvestmentandfinancing. |
| Otherequityinstrument | Thedecreaseof10.64%bytheendoftheperiodcomparedwiththatofthebeginning,Mainlyduetothechangesinfairvalueofequityinstruments. |
| Othernon-currentassets | Thedecreaseof31.40%bytheendoftheperiodcomparedwiththatofthebeginning, |
2.MainConditionsofOverseasAssets
□Applicable√NotapplicableⅢ.AnalysisOncoreCompetitiveness
Thetollrevenueofexpresswayindustrymainlydependsontheregionaleconomicdevelopment.Theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume.TheGuangfoexpresswayandtheFokaiexpressway,controlledbythecompany,arepartoftheNationalExpresswayNetworkPlanning-“Fiveverticalandsevenhorizontal”,Theshare-controlledJingzhuExpresswayGuangzhuSectionCo.,Ltd.isafastandconvenientexpressway.andmanyofthecompany’sequity-participationexpresswaysthatarepartofthemainskeletonoftheGuangdongProvincialExpresswayPlanning-“Tenverticalandfivehorizontal”,whichprovidesastrongguaranteeforstabletrafficvolume.Meanwhile,theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume,asGuangdongprovinceistheeconomicallydevelopedregion,withyears’continuoushighgrowthofGDP,sothatprovidesthestablerisingdemandforthecompany.
IV.PerformanceDiscussionandAnalysis
Ⅰ.GeneralTheCompanyisaninfrastructureindustry,withmainbusinessindevelopingandoperatingexpresswayandbigbridges.ItisoneofthemaininstitutionsofdevelopingexpresswayandbigbridgeinGuangdongExpresswaySystem.Theexpresswayindustryistheindustryhelpedbygovernment.Inthefirsthalfof2020,affectedbytheCOVID-19epidemic,accordingtothenotificationrequirementsoftheMinistryofTransport,fromFebruary15,2020toMay5,2020,allhighwayscontrolledandparticipatedbythecompanywaivedvehicletollsforallvehiclespassingthroughthesesectionsaccordingtolaw.Affectedbythispolicy,Inthereportperiod,thevehicletrafficandtollincomeofthecontrolledsubsidiariesandjointventuresoftheCompanyareasfollows:
MainlyduetotheprepaymentsettlementofthereconstructionandexpansionofthesouthernsectionoftheFokaiExpressway,whichledtothereductionoftheprepayment.Tollincomeinthefirsthalfyearof2020
（Tenthousand）
| Tollincomeinthefirsthalfyearof2020（Tenthousand） | Increase/Decrease(%) | |
| GuangfoExpressway | 10,118.98 | -56.04% |
| FokaiExpressway | 28,802.15 | -53.34% |
| JingzhuExpresswayGuangzhuEastSection | 21,943.09 | -63.54% |
| HuiyanExpressway | 5,571.51 | -52.50% |
| GuanghuiExpressway | 44,716.78 | -50.67% |
| YuezhaoExpressway | 13,169.31 | -51.43% |
| JiangzhongExpressway | 8,711.84 | -61.33% |
| KangdaExpressway | 5,872.95 | -51.07% |
| GankangExpressway | 3,880.08 | -55.19% |
| GuangleExpressway | 64,411.57 | -58.46% |
II.MainbusinessanalysisRefertorelevantcontentsof“1.Summarization”in“DiscussionandAnalysisofManagement”Year-on-yearchangeofmainfinancialdata
InRMB
| Thisreportperiod | Sameperiodlastyear | YOYchange（%） | Causechange | |
| Operatingincome | 660,898,961.79 | 1,483,673,245.21 | -55.46% | MainlyduetothesharpdecreaseintollincomecausedbytheinfluenceoftheMinistryofTransport'spolicyofexemptingtollsfromnationaltollroadsduringtheCOVID-19epidemic. |
| Operatingcost | 524,175,125.06 | 549,623,810.49 | -4.63% | |
| Administrativeexpenses | 67,990,919.48 | 76,975,210.47 | -11.67% | |
| Financialexpenses | 118,613,780.29 | 103,529,762.40 | 14.57% | |
| Incometaxexpenses | 43,240,151.04 | 189,696,774.05 | -77.21% | Mainlyduetothedecreaseinincometaxexpensescausedbythesharpdeclineintaxabletollincomeduringthereportingperiod. |
| Cashflowgeneratedbybusinessoperation,net | 417,906,104.34 | 1,050,811,097.23 | -60.23% | MainlyduetothesharpdecreaseintollincomecausedbytheinfluenceoftheMinistryofTransport'spolicyofexemptingtollsfromnationaltollroadsduringtheCOVID-19epidemic. |
| Netcashflowgeneratedbyinvestment | -138,276,203.58 | -223,968,653.96 | 38.26% | MainlyduetothecomprehensiveimpactofthedecreaseandincreaseinthepaymentofengineeringmeasurementfundsontheequityinvestmentofHunanLianzhiTechnologyCo.,Ltd.,ajointventureduringthereportingperiodresultedfromthecompletionandopeningtotrafficofthemainlineofthereconstructionandexpansionprojectofthesouthsectionofFokaiExpressway. |
| Netcashflowgeneratedbyfinancing | -38,054,052.80 | -911,807,967.81 | 95.83% | Mainlyduetothedecreaseindividenddistributionandinterestrepaymentinthisperiodcomparedwiththesameperiodoflastyear. |
| Netincreasingofcashandcashequivalents | 241,575,847.96 | -86,500,045.27 | 379.28% | Itwasmainlyaffectedbythenetinflowofoperatingactivities,thenetoutflowofinvestmentactivitiesandthenetoutflowoffinancingactivities. |
MajorchangestotheprofitstructureorsourcesoftheCompanyinthereportingperiod
□Applicable√NotapplicableComponentofBusinessIncome
InRMB
| Thisreportperiod | Sameperiodlastyear | Increase/decrease | |||
| Amount | Proportion | Amount | Proportion | ||
| Totaloperatingrevenue | 660,898,961.79 | 100% | 1,483,673,245.21 | 100% | -55.46% |
| Industry | |||||
| Highwaytransportations | 608,642,208.79 | 92.09% | 1,449,330,681.59 | 97.69% | -58.01% |
| Other | 52,256,753.00 | 7.91% | 34,342,563.62 | 2.31% | 52.16% |
| Product | |||||
| Highwaytransportations | 608,642,208.79 | 92.09% | 1,449,330,681.59 | 97.69% | -58.01% |
| Other | 52,256,753.00 | 7.91% | 34,342,563.62 | 2.31% | 52.16% |
| Area | |||||
| GuangfoExpressway | 101,189,814.78 | 15.31% | 230,170,928.97 | 15.51% | -56.04% |
| FokaiExpressway | 288,021,522.60 | 43.58% | 617,314,121.48 | 41.61% | -53.34% |
| JingzhuExpresswayGuangzhuSection | 219,430,871.41 | 33.20% | 601,845,631.14 | 40.57% | -63.54% |
| Other | 52,256,753.00 | 7.91% | 34,342,563.62 | 2.31% | 52.16% |
SituationofIndustry,ProductandDistrictOccupyingtheCompany’sBusinessIncomeandOperatingProfitwithProfitover10%
√Applicable□Notapplicable
InRMB
| Turnover | Operationcost | Grossprofitrate(%) | Increase/decreaseofrevenueinthesameperiodofthepreviousyear(%) | Increase/decreaseofbusinesscostoverthesameperiodofpreviousyear(%) | Increase/decreaseofgrossprofitrateoverthesameperiodofthepreviousyear(%) | |
| Industry | ||||||
| Highwaytransportations | 608,642,208.79 | 484,079,794.34 | 20.47% | -58.01% | -7.16% | -43.55% |
| Product | ||||||
| Highwaytransportations | 608,642,208.79 | 484,079,794.34 | 20.47% | -58.01% | -7.16% | -43.55% |
| Area | ||||||
| GuangfoExpressway | 101,189,814.78 | 38,415,584.17 | 62.04% | -56.04% | 20.86% | -24.15% |
| FokaiExpressway | 288,021,522.60 | 326,536,944.51 | -13.37% | -53.34% | 0.27% | -60.61% |
| JingzhuExpresswayGuangzhuSection | 219,430,871.41 | 119,127,265.66 | 45.71% | -63.54% | -27.36% | -27.04% |
Undercircumstancesofadjustmentinreportingperiodforstatisticscopeofmainbusinessdata,adjustedmainbusinessbasedonlatestonyear’sscopeofperiod-end.
□Applicable√Notapplicable
(3)WhethertheCompany’sPhysicalSalesIncomeExceededServiceIncome
□Yes√No
(4)DegreeofPerformanceoftheSignificantSalesContractSigneduptothisReportPeriod
□Applicable√NotapplicableAnyover30%YoYMovementsinthedataaboveandwhy
√Applicable□NotapplicableDuringtheepidemicperiod,affectedbythepolicyofexemptingtollsofnationaltollroadsbytheMinistryofCommunications,theoperatingincome,operatingprofitandnetprofitofGuangfoExpresswayCo.,Ltd.,FokaiExpresswayCo.,Ltd.andJingzhuExpresswayGuangzhuSectionCo.,Ltd.decreasedsignificantlyyearonyear.
III.Non-corebusinessanalysis
√Applicable□Notapplicable
InRMB
| Amount | Ratiointotalprofit | Note | Whetherbesustainable | |
| Investmentincome | 106,638,564.53 | 181.96% | Itisduetotheoperationaccumulationofparticipantcompanies | Yes |
| Non-operatingincome | 4,077,676.95 | 6.96% | Mainlyduetothedecreaseindividenddistributionandinterestrepaymentinthisperiodcomparedwiththesameperiodoflastyear. | No |
| Non-operatingexpenses | 2,192,008.48 | 3.74% | Itwasmainlytheexpenditureforrepairingdamagedhighwaypropertyfacilities | No |
| Otherincome | 3,871,289.20 | 6.61% | Governmentalsubsidy | No |
IV.Analysisofassetsandliabilities
1.Significantchangesinassetcomposition
InRMB
| EndofReportingperiod | Endofsameperiodoflastyear | Changeinpercentage(%) | Reasonforsignificantchange | |||
| Amount | Asapercentageoftotalassets(%) | Amount | Asapercentageoftotalassets(%) | |||
| Monetaryfund | 3,059,496,742.46 | 17.51% | 2,038,024,951.05 | 12.42% | 5.09% | Mainlyduetoundistributedcashdividends |
| Accountsreceivable | 134,069,638.15 | 0.77% | 103,117,760.85 | 0.63% | 0.14% | |
| Inventories | 111,683.22 | 0.001% | 110,142.49 | 0.001% | 0.00% | |
| RealestateInvestment | 3,220,941.13 | 0.02% | 3,442,059.61 | 0.02% | 0.00% | |
| Long-termequityinvestment | 3,311,674,455.49 | 18.95% | 3,237,607,137.38 | 19.74% | -0.79% | |
| Fixedassets | 8,709,189,223.95 | 49.84% | 7,911,433,640.97 | 48.23% | 1.61% | Itwasmainlycausedbythecompletion |
| EndofReportingperiod | Endofsameperiodoflastyear | Changeinpercentage(%) | Reasonforsignificantchange | |||
| Amount | Asapercentageoftotalassets(%) | Amount | Asapercentageoftotalassets(%) | |||
| andopeningofthemainlineofthereconstructionandexpansionprojectofthesouthernsectionofFokaiExpresswayandthecancellationoftheprovincialboundarystationprojectandthetransferoffixedassets | ||||||
| Constructioninprocess | 169,594,866.22 | 0.97% | 835,875,363.36 | 5.10% | -4.13% | OpeningtotrafficofthemainlineofthereconstructionandexpansionprojectofthesouthsectionofFokaiExpresswayandthetransferoffixedassets |
| Long-termborrowing | 4,704,892,500.00 | 26.93% | 3,281,725,000.00 | 20.00% | 6.93% | Increaseinborrowing |
2.AssetandLiabilitiesMeasuredbyFairValue
√Applicable□Notapplicable
InRMB
| Items | Openingamount | Gain/Lossonfairvaluechangeinthereportingperiod | Cumulativefairvaluechangerecordedintoequity | Impairmentprovisionsinthereportingperiod | Purchasedamountinthereportingperiod | Soldamountinthereportingperiod | Closingmount | Endofterm |
| Financialassets | ||||||||
| 4．OtherEquityInstrumentInvestment | 1,668,791,594.53 | 324,651,822.72 | 1,640,561,001.25 | |||||
| Subtotaloffinancialassets | 1,835,822,604.77 | 324,651,822.72 | 1,640,561,001.25 | |||||
| Totaloftheabove | 1,835,822,604.77 | 324,651,822.72 | 1,640,561,001.25 | |||||
| Financialliabilities | 0.00 | 0.00 |
DidanysignificantchangeoccurtotheattributeoftheCompany’smainassetmeasurementduringthereportingperiod?
□Yes√No
3.AssetsrightrestrictiontillendofreportingperiodThebalanceofrestrictedbankdepositsattheendoftheperiodwasRMB1,221,200.00,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofsanbaotoshuikousectionofFokaiExpressway.
V.Investmentsituation
1.General
√Applicable□Notapplicable
| CurrentInvestmentAmount(Yuan) | Sameperiodoflastyear(Yuan) | Changerate |
| 80,000,000.00 | 489,183,814.45 | -83.65% |
The7th(temporary)meetingofthe9thboardofdirectorsofthecompanydeliberatedandpassedtheproposalonincreasingcapitalandinvestinginHunanLianzhiTechnologyCo.,Ltd.toYuegaocapitalinvestment(Hengqin)Co.,Ltd.,whichagreedtoincreasecapitalby80millionyuantoYuegaocapitalinvestment(Hengqin)Co.,Ltd,Yuegaocapitalinvestment(Hengqin)Co.,Ltd.subscribes10,867,941additionalsharesissuedbyHunanLianzhiTechnologyCo.,Ltd.basedontheassetappraisalresultsnothigherthantherecord,withatotalinvestmentofnomorethan80millionyuan.
2.ConditionofAcquiringSignificantShareRightInvestmentduringtheReportPeriod
□Applicable√Notapplicable
3.SituationoftheSignificantNon-equityInvestmentUndergoingintheReportPeriod
□Applicable√Notapplicable
4.Financialassetsatfairvalue
√Applicable□Notapplicable
InRMB
5.InvestmentofFinancialAsset
（1）Securitiesinvestment
√Applicable□Notapplicable
| Securitycategory | Securitycode | StockAbbreviation: | Initialinvestmentcost | Modeofaccountingmeasurement | Bookvaluebalanceatthebeginningofthereportingperiod | Changesinfairvalueofthethisperiod | Cumulativefairvaluechangesinequity | Purchaseamountinthethisperiod | Saleamountinthethisperiod | Gain/lossofthereportingperiod | Bookvaluebalanceattheendofthereportingperiod | Accountingitems | Fundingsource |
| Typeofassets | Initialinvestmentcost | Gain/lossonf\airvaluechangesinthereportingperiod | Accumulatedfairvaluechangesrecordedinequity | Purchasedinthereportingperiod | Soldinthereportingperiod | Accumulatedreturnoninvestment | Endingamount | Fundingsource |
| Stock | 517,560,876.80 | 324,651,822.72 | 352,339,207.77 | 842,212,699.52 | Selffunds | |||
| Total | 517,560,876.80 | 0.00 | 324,651,822.72 | 0.00 | 0.00 | 352,339,207.77 | 842,212,699.52 | -- |
| Domesticandforeignstocks | 601818 | EverbrightBank | 517,560,876.80 | FVM | 1,037,474,303.04 | 324,651,822.72 | 50,344,558.02 | 842,212,699.52 | OtherequityInstrumentInvestment | Selffunds | |||
| Total | 517,560,876.80 | -- | 1,037,474,303.04 | 0.00 | 324,651,822.72 | 0.00 | 0.00 | 50,344,558.02 | 842,212,699.52 | -- | -- | ||
| DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheBoardofDirectors | July22,2009 | ||||||||||||
| DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheShareholdersMeeting(Ifany) | August7,2009 | ||||||||||||
（2）InvestmentinDerivatives
□Applicable√NotapplicableTheCompanyhadnoinvestmentinderivativesinthereportingperiod.
VI.Salesofmajorassetsandequity
1.Salesofmajorassets
□Applicable√NotapplicableTheCompanyhadnosalesofmajorassetsinthereportingperiod.
2.Salesofmajorequity
□Applicable√NotapplicableVII.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 | 678,991,512.15 | 595,425,092.21 | 102,043,817.63 | 55,909,359.00 | 44,304,805.16 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | Subsidiary | TheoperationandmanagementofGuangzhuExpresswayandprovisionofsupportingservicesincludingfueling,salvageandsupplyofpartsandcomponents | RMB580million | 2,332,885,951.24 | 690,097,056.29 | 232,123,838.11 | 57,490,033.93 | 40,472,322.41 |
| GuangzhuTrafficInvestmentManagementCo.,Ltd. | Subsidiary | Highwayinvestmentmanagementandconsultation;highwaymaintenance | RMB3million | 2,337,743,507.22 | 384,382,507.57 | 232,123,838.11 | 57,409,254.66 | 22,178,998.06 |
| GuangdongGuanghui | Sharingcompany | InvestmentinandconstructionofGuanghuiExpresswayCo.,Ltd.andsupportingfacilities,thetollcollectionand | RMB2.352billion | 4,302,564,173.64 | 3,570,690,200.96 | 457,060,461.67 | 194,683,584.98 | 144,984,204.47 |
| CompanyName | Companytype | Leadingproductsandservices | Registeredcapital | Totalassets | Netassets | OperatingIncome | Operatingprofit | NetProfit |
| ExpresswayCo.,Ltd. | maintenancemanagementofGuanghuiExpressway,TheGuanghuiExpressway'ssupportinggasstation,salvation,vehiclemaintenance,vehicletransport,catering,warehousinginvestmentanddevelopment | |||||||
| GuangdongJiangzhongExpresswayCo.,Ltd. | Sharingcompany | Investmentintheconstruction,operationandmanagementofthedevelopmentofJiangzhongExpresswayandJiangheExpresswayPhaseIIanditssupportingprojects | RMB1.11billion | 1,712,107,930.15 | 1,180,113,111.24 | 104,710,532.41 | -14,280,664.11 | -16,497,001.94 |
| GanzhouGankangExpresswayCo.,Ltd. | Sharingcompany | Investment,construction,operationandmanagementofGanzhou-DayuExpressway(Maodian-SanyiSection)project;Earthworkminingandsales;Roadmaintenance;Advertisingrelease;Operationofservicefacilities;Wholesaleandretailofbuildingmaterials,decorationmaterials,metalmaterials,constructionmachineryandequipmentandaccessories | RMB755million | 1,584,331,167.78 | 762,641,803.35 | 38,800,809.52 | -59,590,324.77 | -59,444,071.66 |
| GanzhouKangdaExpresswayCo.,Ltd. | Sharingcompany | Investment,construction,operationandmanagementofexpresswayprojects;Roadmaintenance;Advertisingrelease;Wholesaleandretailofconstructionmachineryequipmentandaccessories | RMB600million | 1,426,658,448.78 | 805,832,691.99 | 58,743,355.98 | 17,026,337.18 | 14,779,384.01 |
| ShenzhenHuiyanExpresswayCo.,Ltd. | Sharingcompany | OrganizationandmanagementoftheconstructionofthemainlineofHuiyanExpresswayShenzhenSectionandtheoperation,maintenance,service,tollcollectionandroadadministrationafterthecompletionofthemainlineofShenzhenSection;Constructionmanagementandengineeringconsultationofroads,bridgesandculverts. | RMB36million | 959,785,075.73 | 784,035,673.87 | 56,468,411.60 | 9,569,598.44 | 6,569,273.73 |
| Zhaoqing | Sharing | Construction,operation,maintenanceandmanagementof | RMB818million | 1,503,744,063.32 | 1,030,785,749.81 | 133,395,780.21 | 37,946,901.58 | 28,904,360.90 |
| CompanyName | Companytype | Leadingproductsandservices | Registeredcapital | Totalassets | Netassets | OperatingIncome | Operatingprofit | NetProfit |
| YuezhaoHigywayCo.,Ltd. | company | GuangzhaoExpresswayandoldroadsandtheirsupportingfacilities | ||||||
| GuoyuanSecuritiesCo.,ltd. | Sharingcompany | Securitiesbrokerage;Securitiesinvestmentconsultation;Financialconsultationrelatedtosecuritiestradingandsecuritiesinvestmentactivities;Securitiesunderwritingandsponsorship;Securitiesself-employment;Securitiesassetmanagement;Margintrading;Securitiesinvestmentfundconsignment;Provisionofintermediateintroductionservicesforfuturescompanies;Consignmentoffinancialproducts;Insuranceconcurrentagencybusiness | RMB3.365billion | 88,100,851,539.35 | 25,046,713,823.04 | 2,115,128,481.79 | 783,723,726.93 | 617,686,456.03 |
| YuekeTechnologyPettyLoanCo.,Ltd | Sharingcompany | Handlingofvarioussmallloans;Provisionoffinancingservicestomicrofinancecompaniesintheprovince;Billdiscountbusiness;Financingconsultation,accountingconsultationandmanagementtrainingbusinessforsmallandmedium-sizedscienceandtechnologyenterprises | RMB1billion | 1,245,392,724.83 | 1,094,777,267.19 | 47,461,378.61 | 34,937,820.96 | 27,712,439.29 |
Subsidiariesobtainedordisposedinthereportingperiod
□Applicable√Notapplicable
ParticularsabouttheMutualholdingcompaniesDuringtheepidemicperiod,affectedbythepolicyofexemptingtollsofnationaltollroadsbytheMinistryofCommunications,theoperatingincome,operatingprofitandnetprofitofGuangfoExpresswayCo.,Ltd.,JingzhuExpresswayGuangzhuSectionCo.,Ltd.,GuangzhuTransportationInvestmentManagementCo.,Ltd.,GuangdongGuanghuiExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,GanzhouGankangExpresswayCo.,Ltd.,GanzhoukangdaExpresswayCo.,Ltd.,ShenzhenHuiyanExpresswayCo.,Ltd.andZhaoqingYuezhaoHighwayCo.,Ltd.decreasedsignificantlyyearonyear.
VIII．StructuredvehiclecontrolledbytheCompany
□Applicable√NotapplicableIX.PredictionofbusinessperformanceforJanuary-September2020Estimationofaccumulativenetprofitfromthebeginningoftheyeartotheendofnextreportperiodtobelossprobablyorthewarningofitsmaterialchangecomparedwiththecorrespondingperiodofthelastyearandexplanationofreason.
□Applicable√NotapplicableX.RisksfacingtheCompanyandcountermeasures
Thecompany’sprofitsmainlycomefromtheexpresswaytollsrevenueandthetollchargingstandardsshallbeexaminedbythetrafficauthorityoftheprovincial,autonomousregionandthedirect-controlledmunicipalitypeople’sgovernmentstogetherwiththesame-levelpricingauthorityandthensubmittedtothesame-levelpeople’sgovernmentforapproval.Therefore,thechargingpriceadjustmenttrendandthepossibilityofthechargingpriceadjustmentuponrisingofthecommoditypriceandthecompanycostinthefuturearestillsubjecttorelevantnationalpoliciesandtheapprovalofthegovernmentaldepartment.Andthecompanycan’tadjustthechargingstandardspromptlybasedonitsownoperationcostorthemarketsupply-demandchanges.Inconclusion,thechargingpolicieschangeandthechargingstandardsadjustmenthavetheinfluenceontheexpresswaybusinessofthecompanytosomeextent.
V.ImportantEvents
I.AnnualGeneralMeetingandProvisionalShareholders’MeetingsintheReportingPeriod
1.AnnualGeneralMeeting
| Meeting | Type | Investorparticipationratio | Conveneddate | Disclosuredate | Indextodisclosedinformation |
| 2019Shareholders’generalmeeting | AnnualShareholders’GeneralMeeting | 67.90% | June29,2020 | June30,2020 | www.cninfo.com.cn |
2.PreferredstockholdersrestoredvotingrightstorequesttoconveneProvisionalShareholders’Meeting.
□Applicable√NotapplicableII.ProposalforprofitdistributionandconvertingcapitalReserveintoshareactualforthereportingperiod
□Applicable√NotapplicableForthereportingperiod,theCompanyplansnottodistributecashdividendsorbonussharesorconvertcapitalreserveintosharecapital.III.Thefulfilledcommitmentsinthereportingperiodandunder-fulfillmentcommitmentsbytheendofthereportingperiodmadebythecompany,shareholder,actualcontroller,acquirer,director,supervisor,seniormanagementpersonnelandotherrelatedparities.
□Applicable√NotapplicableThereisnocommitmentthathasnotbeenfulfilledbyactualcontroller,shareholders,relatedparties,acquirersoftheCompanyIV.ParticularsaboutengagementanddisengagementofCPAsfirmWhetherthesemi-annualfinancialreporthadbeenaudited?
□Yes√NoNotbeenaudited.V.Explanationsgivenbyboardofdirectorsandsupervisoryboardregarding“Modifiedauditor’s”IssuedbyCPAsfirmforthereportingperiod
□Applicable√Notapplicable
VI.ExplanationsgivenbyBoardofDirectorsregarding“Modifiedauditor’sReport”Issuedforlastyear
□Applicable√NotapplicableVII.Bankruptcyandrestructuring
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
VIII.LegalmattersSignificantlawsuitsorarbitrations
□Applicable√NotapplicableNosuchcasesinthereportingperiod.Otherlegalmatters
√Applicable□Notapplicable
| Basicconditionsoflitigation(arbitration) | Amountinvolved（Tenthousandyuan） | Formingofthepredicteddebt | Litigation(arbitration)progress | Litigation(arbitration)judgementresultandinfluence | Litigation(arbitration)judgementexecutioncondition | Dateofdisclosure | Indexofdisclosure |
| OnAugust22,2007,GuangdongFokaiExpresswayCo.,Ltd.filedalawsuitwithGuangzhouMaritimeCourtofficiallyrequiringFoshanNanhaiYuhangShippingCo.,Ltd.andYangXiongtoundertakethejointandseveralliabilitiesforthetolllossesofFokaicompanyduetotheJiujiangcollapse.OnMarch7,2014,thecourtmadethefirstinstancejudgementrequiringthedefendantsFoshanNanhaiYuhangShippingCo.,Ltd.andYangXiongtocompensatethedefendantGuangdongFokaiExpresswayCo.,Ltd.jointlyforthevehicletollrevenuelosstotaling19,357,500.96yuan.GuangdongHigherPeople'sCourtenteredajudgementonJune5,2014andthelawsuitterminated.InApril2017,thereasonforsuspendingthelawsuitwaseliminated,andtheprovincialhighcourtresumedthetrialandconductedcourtinvestigation.OnFebruary27,2020,thecompanyreceivedthesecond-instancejudgmentofthecourt,whichrejectedtheappealandupheldtheoriginaljudgment.Becausethedefendantfailedtoperformtheeffectivejudgment,thecompanyappliedtoGuangzhouMaritimeCourtforcompulsoryexecution.OnJuly27,2020,thecompanyreceivedtheenforcementrulingofGuangzhouMaritimeCourt([2020]Y72ZNo.247-3rd);AtotalexecutionpaymentofRMB657,219.33wastransferredtoourcompanybythecourt,andtheexecution | 1,935.75 | No | Thejudgmentofthesecondinstancecameintoeffect | Nomajorinfluenceonthecompanyassetconditionsandtheoperationresults. | Upheldtheoriginaljudgment.AfterreceivingtheexecutionpaymentofRMB657,219.33,thecourtterminatedtheexecutionprocedureaccordingtolaw. |
| procedurewasterminatedaccordingtolaw. | |||||
| OnJune12,2009,the6.15accident-causingboatownerYangXiongfiledalawsuitwithGuangzhouMaritimeCourtrequiringFokaicompanytocompensatefortheboatlossandinteresttotaling7.28millionyuan.OnDecember20,2013,thecourtmadethefirstinstancejudgementrejectingalllitigationclaimsofYangXiong.HefiledalawsuitwithGuangdongHigherPeople'sCourtagainstsuchsentenceabove,andthesecondinstanceterminatedthelawsuitinMay2014.InApril2017,thereasonforsuspendingthelawsuitwaseliminated,andtheprovincialhighcourtresumedthetrialandconductedcourtinvestigation.OnFebruary27,2020,thecompanyreceivedthesecond-instancejudgmentofthecourt,whichrejectedtheappealandupheldtheoriginaljudgment. | 728 | No | Thejudgmentofthesecondinstancecameintoeffect | Nomajorinfluenceonthecompanyassetconditionsandtheoperationresults. | Noexecutionisinvolved. |
IX.Doubt6sfrommedia
□Applicable√NotapplicableTheCompanyhadnoissuesaboutwhichmediagenerallyraiseddoubtsinthereportingperiod.X.Punishmentsandrectifications
□Applicable√NotapplicableNosuchcasesinthereportingperiod.XI.CreditconditionsoftheCompanyaswellasitsControllingshareholderandactualController
□Applicable√NotapplicableXII.Equityincentiveplans,employeestockownershipplansorotherincentivemeasuresforemployees
□Applicable√NotapplicableNosuchcasesinthereportingperiod.XIII.Materialrelatedtransactions
1.Relatedtransactionsinconnectionwithdailyoperation
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
2.Related-partytransactionsarisingfromassetacquisitionorsold
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
3.Related-partytransitionswithjointinvestments
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
4.Amountsduetoandfromrelatedparties
√Applicable□NotapplicableDoesthereexistnon-operatingcurrentassociatedrightsofcreditandliabilities
□Yes√NoNosuchcasesinthereportingperiod.
5.Othersignificantrelated-partytransactions
√Applicable□Notapplicable
The3rd(Provisional)MeetingoftheNinthBoardofDirectorsoftheCompanyreviewedandapprovedtheProposalonBorrowingEntrustedLoansfromGuangdongJiangzhongExpresswayCo.,Ltd.accordingtotheprocedureforreviewingrelatedpartytransactions,involvinganamountofRMB18million,accountingfor0.19%oftheowner'sequityofRMB9,586,701,900attributabletoshareholdersofthecompanyattheendof2018.
2.The4thmeetingoftheNinthboardofdirectorsoftheCompanyexaminedandadoptedtheProposalConcerningtheCompanyDailyAssociatedTransactionsPredictedof2020,Agreeonthepredicteddailyassociatedtransactionsforthecompanyheadquarters,wholly-ownedandholdingsubsidiariesof2020,whoseamountintotalisRMB60.0912million.
3.The5thmeetingoftheNinthboardofdirectorsoftheCompanyexaminedandadoptedtheProposalforRenewingtheLeaseofLitongPlazaasOfficeBuilding，1.Agreethatthecompanycontinuesleasingallunitsinthe44
th
and43
rdfloors(allunitsoftheself-numbered46
th
and45
thfloors)amongplannedfloorsinLitongSquarefromGuangdongLitongPropertiesInvestmentCo.,Ltd.asofficesforthreeyearsfromMay5,2020toMay4,2023.Thestandardrentpermonthis815,233.68yuanfortheperiodfromMay5,2020toMay4,2021,839,690.69yuanfortheperiodfromMay5,2021toMay4,2022and864,884.64yuanfortheperiodfromMay5,2022toMay4,2023.
4.The6thmeetingoftheNinthboardofdirectorsoftheCompanyexaminedandadoptedtheProposalonagreeingtothesigningoftheSupplementaryContractfortheContractforPeriod2018to2020EntrustedOperationandManagementoftheGuangdongJingzhuExpresswayGuangzhuNorthSection，AgreedthattheJingzhuExpresswayGuangzhuSectionCo.,Ltd.andGuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd.signedthe"SupplementaryContractforthe‘ContractforPeriod2018to2020EntrustedOperationandManagementoftheGuangdongJingzhuExpresswayGuangzhuNorthSection’",whichaddsatransactionamountof2.5millionyuaninthebaseofthetotalcontractvalueofthe"ContractforPeriod2018to2020EntrustedOperationandManagementoftheGuangdongJingzhuExpresswayGuangzhuNorthSection"-andthecontractamountdoesnotexceed62.5millionyuanafterthisincrease.Thewebsitetodisclosetheinterimannouncementsonsignificantrelated-partytransactions
| Descriptionofprovisionalannouncement | Dateofdisclosingprovisionalannouncement | Descriptionofthewebsitefordisclosingprovisionalannouncements |
| Announcementofrelatedpartytransaction（AnnouncementNo.:2020-004） | January2,2020 | www.cninfo.com.cn |
| EstimatesannouncementoftheDaily（AnnouncementNo.:2020-012） | April7,2020 | www.cninfo.com.cn |
| Announcementofrelatedpartytransaction（AnnouncementNo.:2020-017） | April29,2020 | www.cninfo.com.cn |
| Announcementonaffiliatedtransactionsofentrustedoperationsofsubsidiaries（AnnouncementNo.:2020-020） | June9,2020 | www.cninfo.com.cn |
XIV.Particularsaboutthenon-operatingoccupationoffundsbytheControllingshareholderandother
relatedpartiesoftheCompany
□Applicable√NotapplicableThecompanywasnotinvolvedinthenon-operatingoccupationoffundsbythecontrollingshareholderandotherrelatedpartiesduringthereportingperiod.XV.Significantcontractsandexecution
1.Entrustments,contractingandleasing
（1）Entrustment
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
（2）Contracting
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
（3）Leasing
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
2.SignificantGuarantees
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
3.Financemanagementoncommission
□Applicable√NotapplicableNosuchcasesinthereportingperiod.
4.Othersignificantcontract
□Applicable√NotapplicableNosuchcasesinthereportingperiod.XVI.Socialresponsibilities
1.MajorenvironmentalprotectionTheListedCompanyanditssubsidiarywhetherbelongstothekeysewageunitsreleasedfromenvironmentalprotectiondepartmentNoTheCompany'smainbusinessishighwayoperationandmanagement,whichdoesnotbelongtothekeypollutantdischargeunitsannouncedbytheenvironmentalprotectiondepartment.
2.MeasuresTakenforTargetedPovertyAlleviation
(1)Targetedpovertyalleviationplans
Thecompanyhasnoprecisesocialresponsibilityforpovertyalleviationintheperiodandbasnofollow-upplaneither.
（2）SummaryofrelatedworkdoneinthereportingperiodNone
（3）ResultsofTargetedmeasuresNone
（4）SubsequentplansNoneXVI.Othermaterialevents
□Applicable√NotapplicableXVIII.Materialeventsofsubsidiaries
□Applicable√Notapplicable
VI.ChangeofsharecapitalandshareholdingofPrincipalShareholdersI.Changesinsharecapital
1.Changesinsharecapital
Inshares
| Beforethechange | Increase/decrease（+，-） | AftertheChange | |||||||
| Amount | Proportion | Shareallotment | Bonusshares | Capitalizationofcommonreservefund | Other | Subtotal | Quantity | Proportion | |
| 1.Shareswithconditionalsubscription | 439,384,658 | 21.02% | -136,866 | -136,866 | 439,247,792 | 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% | -144,797 | -144,797 | 7,494,358 | 0.36% | |||
| Including：DomesticLegalpersonshares | 7,028,355 | 0.34% | 0 | 7,028,355 | 0.34% | ||||
| Domesticnaturalpersonshares | 610,800 | 0.03% | -144,797 | -144,797 | 466,003 | 0.02% | |||
| 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% | 136,866 | 136,866 | 1,651,558,334 | 78.99% | |||
| 1.CommonsharesinRMB | 1,302,772,793 | 62.31% | 137,741 | 137,741 | 1,302,910,534 | 62.32% | |||
| 2.Foreignsharesindomesticmarket | 348,648,675 | 16.68% | -875 | -875 | 348,647,800 | 16.68% | |
| 3.ForeignsharesinOverseasmarket | 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,17shareholdersreimbursed7,931sharesofGuangdongProvincialCommunicationGroupCompanyLimited,whichwereconvertedfromdomesticnaturalpersonto"nationalshareholding".
2.Duringthereportingperiod,137,741sharesheldbydomesticnaturalpersonswithlimitedsalesconditionswereconvertedintoshareswithunlimitedsalesconditions.
3.Duringthereportingperiod,Ms.WangPing,theoutgoingdirector,held875"unrestrictedshares"andchangedtheminto"restrictedshares".
4.Duringthereportingperiod,Ms.LiMei,theoutgoingsupervisor，held86,629restrictedsharesandchangedthemintounrestrictedshares.ApprovalofChangeofShares
□Applicable√NotapplicableOwnershiptransferofsharechanges
□Applicable√NotapplicableProgressofimplementationofthestockrepurchase
□Applicable√NotapplicableProgressofimplementationofreductionoftheholdingsizeofthesharesrepurchasedbycentralizedbidding
□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod
□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators
□Applicable√Notapplicable
Progressonanysharerepurchase:
□Applicable√Notapplicable
Progressonreducingtherepurchasedsharesbymeansofcentralizedbidding:
□Applicable√Notapplicable
InfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod
□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 | |
| 17shareholders | 59,043 | 51,112 | 0 | Releaseofrestrictionsonsales | June24,2020 |
| WangPing | 2,625 | 875 | 3,500 | Topmanagementlockingshares | Unknown | |
| LiMei | 86,629 | 86,629 | 0 | Deletionoftopmanagementlockingshares | January2020 | |
| Total | 410,181,062 | 137,741 | 8,806 | 410,044,196 | -- | -- |
II.Issuingandlisting
□Applicable√NotapplicableIII.Shareholdersandshareholding
InShares
| Totalnumberofcommonshareholdersattheendofthereportingperiod | 55,107 | Totalnumberofpreferredshareholdersthathadrestoredthevotingrightattheendofthereportingperiod(ifany)(note8) | 0 | ||||||||
| Particularsaboutsharesheldabove5%byshareholdersortoptenshareholders | |||||||||||
| Shareholders | Natureofshareholder | Proportionofsharesheld（%） | Numberofsharesheldatperiod-end | Changesinreportingperiod | Amountofrestrictedsharesheld | Amountofun-restrictedsharesheld | Numberofsharepledged/frozen | ||||
| Stateofshare | Amount | ||||||||||
| GuangdongCommunicationGroupCo.,Ltd | State-ownedlegalperson | 24.56% | 513,420,438 | 7931 | 410,040,696 | 103,379,742 | |||||
| GuangdongHighwayConstructionCo.,Ltd, | State-ownedlegalperson | 22.30% | 466,325,020 | 466,325,020 | |||||||
| YadongFuxingYalianInvestmentCo.,Ltd. | DomesticnonState-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.Traditional－Commoninsuranceproducts-005L-CT001Shen | Other | 1.78% | 37,225,847 | 5913227 | 37,225,847 | ||
| ChinaLifeInsuranceCo.,Ltd.－Dividend－Personaldividend-005L-FH002Shen | Other | 1.74% | 36,330,529 | 1554976 | 36,330,529 | ||
| OrientSecuritiesCo.,Ltd. | State-ownedlegalperson | 1.08% | 22,508,593 | 593200 | 22,508,593 | ||
| FengWuchu | Domesticnaturalpersonshares | 0.93% | 19,542,552 | 3078105 | 19,542,552 | ||
| GuangfaSecuritiesCo.,Ltd. | DomesticnonState-ownedLegalperson | 0.73% | 15,364,426 | -14999946 | 15,364,426 | ||
| Strategicinvestororgenerallegalpersonbecomingtop-10ordinaryshareholderduetorightsissue(ifany) | None | ||||||
| Relatedoracting-in-concertpartiesamongshareholdersabove | GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.andGuangdongExpresswayCo.,Ltd.,Itisunknownwhetherthereis | ||||||
| relationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies. | ||||
| Shareholdingoftop10shareholdersofunrestrictedshares | ||||
| Nameoftheshareholder | Quantityofunrestrictedsharesheldattheendofthereportingperiod | Sharetype | ||
| Sharetype | Quantity | |||
| GuangdongHighwayConstructionCo.,Ltd, | 466,325,020 | RMBCommonshares | 466,325,020 | |
| YadongFuxingYalianInvestmentCo.,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.－Traditional－Commoninsuranceproducts-005L-CT001Shen | 37,225,847 | RMBCommonshares | 37,225,847 | |
| ChinaLifeInsuranceCo.,Ltd.－Traditional－Commoninsuranceproducts-005L-CT001Shen | 36,330,529 | RMBCommonshares | 36,330,529 | |
| GuangdongProvincialFreewayCo.,Ltd. | 33,355,263 | RMBCommonshares | 33,355,263 | |
| OrientSecuritiesCo.,Ltd. | 22,508,593 | RMBCommonshares | 22,508,593 | |
| FengWuchu | 19,542,552 | RMBCommonshares | 17,457,489 | |
| Foreignsharesplacedindomesticexchange | 2,085,063 | |||
| GuangfaSecuritiesCo.,Ltd. | 15,364,426 | RMBCommonshares | 15,364,426 | |
| Explanationonassociatedrelationshiporconsistentactionamongthetop10shareholdersofnon-restrictednegotiablesharesandthatbetweenthetop10shareholdersofnon-restrictednegotiablesharesandtop10shareholders | GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.andGuangdongExpresswayCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersof | |||
| ListedCompanies. | |
| Top10ordinaryshareholdersconductingsecuritiesmargintrading(ifany)(seenote4) | None |
Whethertoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldhaveabuy-backagreementdealinginreportingperiod.
□Yes√NoThetoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldoftheCompanyhavenobuy–backagreementdealinginreportingperiod.IV.ChangeofthecontrollingshareholderortheactualcontrollerChangeofthecontrollingshareholderinthereportingperiod
□Applicable√NotApplicableTherewasnoanychangeofthecontrollingshareholderoftheCompanyinthereportingperiod.Changeoftheactualcontrollerinthereportingperiod
□Applicable√NotapplicableTherewasnoanychangeoftheactualcontrolleroftheCompanyinthereportingperiod.
VII.SituationofthePreferredShares
□Applicable√NotapplicableTheCompanyhadnopreferredsharesinthereportingperiod
VIIIInformationaboutconvertiblecorporatebonds
□Applicable√NotapplicableDuringthereportingperiod,thecompanydidnothaveconvertiblecorporatebonds.
IX.InformationaboutDirectors,SupervisorsandSeniorExecutives
I.Changeinsharesheldbydirectors,supervisorsandseniorexecutives
□Applicable√NotapplicableTherewasnochangeinshareholdingofdirectors,supervisorsandseniormanagementstaffs,forthespecificinformationpleaserefertothe2019AnnualReportII.Changeinsharesheldbydirectors,supervisorsandseniorexecutives
√Applicable□Notapplicable
| Name | Positions | Types | Date | Reason |
| WangPing | Director | Left | January8,2020 | Retiree |
| DuJun | Director | Left | June24,2020 | Resign |
X.CorporateBond
Whetherthecompanyhascorporatebondsthathavebeenpubliclyissuedandlistedonthestockexchange,and
notyetdueorduebutnotfollycashedontheapprovaldateofannualreportNo
XI.FinancialReport
I.AuditreportHasthissemi-annualreportbeenaudited?
□Yes√NoThesemi-annualreportwasnotaudited.II.FinancialstatementsCurrencyunitforthestatementsinthenotestothesefinancialstatements:RMB
1.ConsolidatedbalancesheetPreparedby:GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
June30,2020
InRMB
| Items | June30,2020 | December30,2019 |
| Currentasset： | ||
| Monetaryfund | 3,059,496,742.46 | 2,817,920,894.50 |
| Settlementprovision | ||
| Outgoingcallloan | ||
| Transactionalfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountreceivable | 134,069,638.15 | 125,343,724.66 |
| Financingofreceivables | ||
| Prepayments | 3,072,462.33 | 10,894,246.41 |
| Insurancereceivable | ||
| Reinsurancereceivable | ||
| ProvisionsofReinsurancecontractsreceivable | ||
| Otheraccountreceivable | 22,983,175.46 | 26,618,178.57 |
| Including：Interestreceivable | ||
| Dividendreceivable | 10,955,472.90 | 7,205,472.90 |
| Items | June30,2020 | December30,2019 |
| Repurchasingoffinancialassets | ||
| Inventories | 111,683.22 | 111,683.22 |
| Contractassets | 5,246,547.77 | |
| Assetsheldforsales | ||
| Non-currentassetduewithin1year | 51,745.32 | 51,745.32 |
| Othercurrentasset | 310,673.32 | |
| Totalofcurrentassets | 3,225,342,668.03 | 2,980,940,472.68 |
| Non-currentassets： | ||
| Loansandpaymentonother’sbehalfdisbursed | ||
| Creditor'srightinvestment | ||
| Otherinvestmentonbonds | ||
| Long-termreceivable | ||
| Longtermshareequityinvestment | 3,311,674,455.49 | 3,255,739,898.36 |
| Otherequityinstrumentsinvestment | 1,640,561,001.25 | 1,835,822,604.77 |
| Othernon-currentfinancialassets | ||
| Propertyinvestment | 3,220,941.13 | 3,331,500.37 |
| Fixedassets | 8,709,189,223.95 | 8,925,700,473.65 |
| Constructioninprogress | 169,594,866.22 | 229,098,299.48 |
| Productionphysicalassets | ||
| Oil&gasassets | ||
| Userightassets | ||
| Intangibleassets | 5,394,247.13 | 6,393,895.17 |
| Developmentexpenses | ||
| Goodwill | ||
| Long-germexpensestobeamortized | 1,061,255.72 | 1,114,764.44 |
| Deferredincometaxasset | 372,498,584.43 | 385,494,106.13 |
| Othernon-currentasset | 34,923,769.57 | 50,909,325.73 |
| Totalofnon-currentassets | 14,248,118,344.89 | 14,693,604,868.10 |
| Totalofassets | 17,473,461,012.92 | 17,674,545,340.78 |
| Currentliabilities | ||
| Short-termloans | ||
| LoanfromCentralBank |
| Items | June30,2020 | December30,2019 |
| Borrowingfunds | ||
| Transactionalfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountpayable | 304,813,240.45 | 290,657,734.31 |
| Advancereceipts | 11,199,716.35 | 15,605,094.69 |
| Contractliabilities | 108,100.88 | |
| Sellingofrepurchasedfinancialassets | ||
| Deposittakingandinterbankdeposit | ||
| Entrustedtradingofsecurities | ||
| Entrustedsellingofsecurities | ||
| Employees’wagepayable | 20,189,767.97 | 14,822,524.70 |
| Taxpayable | 37,853,454.17 | 84,257,586.94 |
| Otheraccountpayable | 1,425,833,813.99 | 626,180,586.92 |
| Including：Interestpayable | ||
| Dividendpayable | 954,302,889.90 | 20,020,119.31 |
| Feesandcommissionspayable | ||
| Reinsurancefeepayable | ||
| Liabilitiesheldforsales | ||
| Non-currentliabilityduewithin1year | 159,172,771.75 | 795,861,958.07 |
| Othercurrentliability | 1,603,872.74 | 189,628.17 |
| Totalofcurrentliability | 1,960,774,738.30 | 1,827,575,113.80 |
| Non-currentliabilities： | ||
| Reservefundforinsurancecontracts | ||
| Long-termloan | 4,704,892,500.00 | 4,640,425,000.00 |
| Bondpayable | 1,426,014,144.87 | 678,124,972.89 |
| Including：preferredstock | ||
| Sustainabledebt | ||
| Leaseliability | ||
| Long-termpayable | 40,406,172.36 | 39,369,379.91 |
| Long-termremunerationpayabletostaff | ||
| Expectedliabilities | ||
| Deferredincome | 32,279,824.81 |
| Items | June30,2020 | December30,2019 |
| Deferredincometaxliability | 192,395,432.59 | 238,453,976.29 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 6,395,988,074.63 | 5,596,373,329.09 |
| Totalofliability | 8,356,762,812.93 | 7,423,948,442.89 |
| Owners’equity | ||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
| Otherequityinstruments | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Capitalreserves | 2,566,524,645.31 | 2,562,570,465.31 |
| Less：Sharesinstock | ||
| Othercomprehensiveincome | 238,280,420.37 | 382,193,344.90 |
| Specialreserve | ||
| Surplusreserves | 910,425,068.90 | 910,425,068.90 |
| Commonriskprovision | ||
| Retainedprofit | 2,989,281,402.29 | 3,877,431,844.64 |
| Totalofowner’sequitybelongtotheparentcompany | 8,795,317,662.87 | 9,823,426,849.75 |
| Minorityshareholders’equity | 321,380,537.12 | 427,170,048.14 |
| Totalofowners’equity | 9,116,698,199.99 | 10,250,596,897.89 |
| Totalofliabilitiesandowners’equity | 17,473,461,012.92 | 17,674,545,340.78 |
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting：FangZhiAccountingDeptLeader:ZhouFang
2.ParentCompanyBalanceSheet
InRMB
| Items | June30,2020 | December31,2019 |
| Currentasset： | ||
| Monetaryfund | 3,009,059,379.39 | 2,791,384,501.78 |
| Transactionalfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountreceivable | 21,134,758.62 | 21,864,051.27 |
| Financingofreceivables | ||
| Prepayments | 1,477,900.00 | 1,737,598.88 |
| Otheraccountreceivable | 173,590,519.85 | 13,435,651.19 |
| Including：Interestreceivable | ||
| Dividendreceivable | 166,906,851.62 | 7,205,472.90 |
| Inventories | ||
| Contractassets | ||
| Assetsheldforsales | ||
| Non-currentassetduewithin1year | 178,335,084.79 | 151,637,139.08 |
| Othercurrentasset | 310,673.32 | |
| Totalofcurrentassets | 3,383,908,315.97 | 2,980,058,942.20 |
| Non-currentassets： | ||
| Debtinvestment | 539,903,684.98 | 537,903,684.98 |
| Otherinvestmentonbonds | ||
| Long-termreceivable | ||
| Longtermshareequityinvestment | 4,845,339,464.30 | 4,789,404,907.17 |
| Otherequityinstrumentsinvestment | 1,640,561,001.25 | 1,835,822,604.77 |
| Othernon-currentfinancialassets | ||
| Propertyinvestment | 2,968,802.88 | 3,079,362.12 |
| Fixedassets | 6,600,491,692.05 | 6,818,701,482.08 |
| Constructioninprogress | 21,047,579.91 | 46,952,925.08 |
| Productionphysicalassets | ||
| Oil&gasassets | ||
| Userightassets | ||
| Intangibleassets | 2,151,767.67 | 2,533,878.12 |
| Items | June30,2020 | December31,2019 |
| Developmentexpenses | ||
| Goodwill | ||
| Long-germexpensestobeamortized | ||
| Deferredincometaxasset | 372,284,373.89 | 385,296,935.33 |
| Othernon-currentasset | 20,941,346.07 | 36,901,029.57 |
| Totalofnon-currentassets | 14,045,689,713.00 | 14,456,596,809.22 |
| Totalofassets | 17,429,598,028.97 | 17,436,655,751.42 |
| Currentliabilities | ||
| Short-termloans | ||
| Transactionalfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountpayable | 176,971,650.64 | 129,930,285.56 |
| Advancereceipts | ||
| ContractLiabilities | ||
| Employees’wagepayable | 5,941,810.21 | 6,340,740.61 |
| Taxpayable | 5,063,328.85 | 8,704,510.83 |
| Otheraccountpayable | 1,330,815,068.94 | 582,131,356.01 |
| Including：Interestpayable | ||
| Dividendpayable | 902,319,096.99 | 20,020,119.31 |
| Liabilitiesheldforsales | ||
| Non-currentliabilityduewithin1year | 121,198,409.74 | 744,589,133.72 |
| Othercurrentliability | 660,427,825.56 | 821,133,339.57 |
| Totalofcurrentliability | 2,300,418,093.94 | 2,292,829,366.30 |
| Non-currentliabilities： | ||
| Long-termloan | 4,223,862,500.00 | 4,243,730,000.00 |
| Bondpayable | 1,426,014,144.87 | 678,124,972.89 |
| Including：preferredstock | ||
| Sustainabledebt | ||
| Leaseliability | ||
| Long-termpayable | 40,406,172.36 | 39,369,379.91 |
| Long-termremunerationpayabletostaff |
| Items | June30,2020 | December31,2019 |
| Expectedliabilities | ||
| Deferredincome | 15,044,550.85 | |
| Deferredincometaxliability | 81,162,955.68 | 129,978,356.56 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 5,786,490,323.76 | 5,091,202,709.36 |
| Totalofliability | 8,086,908,417.70 | 7,384,032,075.66 |
| Owners’equity | ||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 |
| Otherequityinstruments | ||
| Including：preferredstock | ||
| Sustainabledebt | ||
| Capitalreserves | 2,978,412,876.93 | 2,974,458,696.93 |
| Less：Sharesinstock | ||
| Othercomprehensiveincome | 238,280,420.37 | 382,193,344.90 |
| Specialreserve | ||
| Surplusreserves | 894,580,785.25 | 894,580,785.25 |
| Retainedprofit | 3,140,609,402.72 | 3,710,584,722.68 |
| Totalofowners’equity | 9,342,689,611.27 | 10,052,623,675.76 |
| Totalofliabilitiesandowners’equity | 17,429,598,028.97 | 17,436,655,751.42 |
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting：FangZhiAccountingDeptLeader:ZhouFang
3.ConsolidatedIncomestatement
InRMB
| Items | Thefirsthalfyearof2020 | Thefirsthalfyearof2019 |
| I.Incomefromthekeybusiness | 660,898,961.79 | 1,483,673,245.21 |
| Incl：Businessincome | 660,898,961.79 | 1,483,673,245.21 |
| Interestincome | ||
| Insurancefeeearned | ||
| Feeandcommissionreceived | ||
| II.Totalbusinesscost | 714,453,628.80 | 736,685,807.33 |
| Incl：Businesscost | 524,175,125.06 | 549,623,810.49 |
| Interestexpense | ||
| Feeandcommissionpaid | ||
| Insurancedischargepayment | ||
| Netclaimamountpaid | ||
| Netamountofwithdrawalofinsurancecontractreserve | ||
| Insurancepolicydividendpaid | ||
| Reinsuranceexpenses | ||
| Businesstaxandsurcharge | 3,673,803.97 | 6,557,023.97 |
| Salesexpense | ||
| Administrativeexpense | 67,990,919.48 | 76,975,210.47 |
| R&Dcosts | ||
| Financialexpenses | 118,613,780.29 | 103,529,762.40 |
| Including：Interestexpense | 131,774,768.90 | 115,040,857.71 |
| Interestincome | 14,760,756.18 | 15,761,707.69 |
| Add:Otherincome | 3,871,289.20 | 420,227.62 |
| Investmentgain（“-”forloss） | 106,638,564.53 | 276,241,866.32 |
| Incl:investmentgainsfromaffiliates | 55,853,351.49 | 237,712,998.09 |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
| Gainsfromcurrencyexchange | ||
| Netexposurehedgingincome | ||
| Changingincomeoffairvalue |
| Items | Thefirsthalfyearof2020 | Thefirsthalfyearof2019 |
| Creditimpairmentloss | -236,683.81 | |
| Impairmentlossofassets | ||
| Assetsdisposalincome | 4.37 | 13,129,094.29 |
| III.Operationalprofit（“-”forloss） | 56,718,507.28 | 1,036,778,626.11 |
| Add：Non-operationalincome | 4,077,676.95 | 735,359.76 |
| Less:Non-operatingexpense | 2,192,008.48 | 4,231,407.95 |
| IV.Totalprofit(“-”forloss) | 58,604,175.75 | 1,033,282,577.92 |
| Less：Incometaxexpenses | 43,240,151.04 | 189,696,774.05 |
| V.Netprofit | 15,364,024.71 | 843,585,803.87 |
| (I)Classificationbybusinesscontinuity | ||
| 1.Netcontinuingoperatingprofit | ||
| 2.Terminationofoperatingnetprofit | ||
| (II)Classificationbyownership | ||
| 1.Netprofitattributabletotheownersofparentcompany | -5,830,257.18 | 736,486,112.30 |
| 2.Minorityshareholders’equity | 21,194,281.89 | 107,099,691.57 |
| VI.Netafter-taxofothercomprehensiveincome | -143,912,924.53 | 18,938,083.74 |
| Netofprofitofothercomprehensiveincomeattributabletoownersoftheparentcompany. | -143,912,924.53 | 18,938,083.74 |
| （I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | -146,446,202.64 | 19,408,532.88 |
| 1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
| 2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | ||
| 3.Changesinthefairvalueofinvestmentsinotherequityinstruments | -146,446,202.64 | 19,408,532.88 |
| 4.Changesinthefairvalueofthecompany’screditrisks |
| Items | Thefirsthalfyearof2020 | Thefirsthalfyearof2019 |
| 5.Other | ||
| （II）Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss. | 2,533,278.11 | -470,449.14 |
| 1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | 2,533,278.11 | -470,449.14 |
| 2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
| 5.Reserveforcashflowhedges | ||
| 6.Translationdifferencesincurrencyfinancialstatements | ||
| 7.Other | ||
| NetofprofitofothercomprehensiveincomeattributabletoMinorityshareholders’equity | ||
| VII.Totalcomprehensiveincome | -128,548,899.82 | 862,523,887.61 |
| Totalcomprehensiveincomeattributabletotheowneroftheparentcompany | -149,743,181.71 | 755,424,196.04 |
| Totalcomprehensiveincomeattributableminorityshareholders | 21,194,281.89 | 107,099,691.57 |
| VIII.Earningspershare | ||
| （I）Basicearningspershare | -0.0028 | 0.35 |
| (II)Dilutedearningspershare | -0.0028 | 0.35 |
Thecurrentbusinesscombinationundercommoncontrol,thenetprofitsofthecombinedpartybeforeachievednetprofitofRMB0.00,lastperiodthecombinedpartyrealizedRMB0.00.LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting：FangZhiAccountingDeptLeader:ZhouFang
4.IncomestatementoftheParentCompany
InRMB
| Items | Thefirsthalfyearof2020 | Thefirsthalfyearof2019 |
| I.Incomefromthekeybusiness | 293,579,730.04 | 623,126,517.35 |
| Incl：Businesscost | 328,657,958.84 | 329,190,674.52 |
| Businesstaxandsurcharge | 2,414,928.72 | 3,486,292.37 |
| Salesexpense | ||
| Administrativeexpense | 40,263,656.49 | 46,996,060.64 |
| R&Dexpense | ||
| Financialexpenses | 111,941,828.19 | 96,377,160.24 |
| Including：Interestexpenses | 126,623,134.06 | 109,559,414.30 |
| Interestincome | 14,718,213.69 | 15,652,128.26 |
| Add：Otherincome | 1,348,815.87 | 70,758.72 |
| Investmentgain（“-”forloss） | 513,084,202.15 | 975,659,501.70 |
| Including:investmentgainsfromaffiliates | 55,853,351.49 | 237,712,998.09 |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | ||
| Netexposurehedgingincome | ||
| Changingincomeoffairvalue | ||
| Creditimpairmentloss | ||
| Impairmentlossofassets | ||
| Assetsdisposalincome | 4.37 | |
| II.Operationalprofit（“-”forloss） | 324,734,380.19 | 1,122,806,590.00 |
| Add：Non-operationalincome | 1,033,092.43 | 298,935.96 |
| Less：Non-operationalexpenses | 410,045.97 | 370,829.17 |
| III.Totalprofit(“-”forloss) | 325,357,426.65 | 1,122,734,696.79 |
| Less：Incometaxexpenses | 13,012,561.44 | 44,083,178.65 |
| IV.Netprofit | 312,344,865.21 | 1,078,651,518.14 |
| 1.Netcontinuingoperatingprofit | 312,344,865.21 | 1,078,651,518.14 |
| 2.Terminationofoperatingnetprofit | ||
| V.Netafter-taxofothercomprehensiveincome | -143,912,924.53 | 18,938,083.74 |
| （I）Othercomprehensiveincome | -146,446,202.64 | 19,408,532.88 |
| Items | Thefirsthalfyearof2020 | Thefirsthalfyearof2019 |
| itemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod | ||
| 1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets | ||
| 2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss. | ||
| 3.Changesinthefairvalueofinvestmentsinotherequityinstruments | -146,446,202.64 | 19,408,532.88 |
| 4.Changesinthefairvalueofthecompany’screditrisks | ||
| 5.Other | ||
| (II)Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss | 2,533,278.11 | -470,449.14 |
| 1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss. | 2,533,278.11 | -470,449.14 |
| 2.Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
| 5.Reserveforcashflowhedges | ||
| 6.Translationdifferencesincurrencyfinancialstatements | ||
| 7.Other | ||
| VI.Totalcomprehensiveincome | 168,431,940.68 | 1,097,589,601.88 |
| VII.Earningspershare | ||
| （I）Basicearningspershare | ||
| (II)Dilutedearningspershare |
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting：FangZhiAccountingDeptLeader:ZhouFang
5.ConsolidatedCashflowstatement
InRMB
| Items | Thefirsthalfyearof2020 | Thefirsthalfyearof2019 |
| I.Cashflowsfromoperatingactivities | ||
| Cashreceivedfromsalesofgoodsorrendingofservices | 663,862,643.34 | 1,509,571,069.40 |
| Netincreaseofcustomerdepositsandcapitalkeptforbrothercompany | ||
| Netincreaseofloansfromcentralbank | ||
| Netincreaseofinter-bankloansfromotherfinancialbodies | ||
| Cashreceivedagainstoriginalinsurancecontract | ||
| Netcashreceivedfromreinsurancebusiness | ||
| Netincreaseofclientdepositandinvestment | ||
| Cashreceivedfrominterest,commissionchargeandcommission | ||
| Netincreaseofinter-bankfundreceived | ||
| Netincreaseofrepurchasingbusiness | ||
| Netcashreceivedbyagentinsecuritiestrading | ||
| Taxreturned | 77,578.62 | |
| Othercashreceivedfrombusinessoperation | 72,322,240.45 | 25,618,718.28 |
| Sub-totalofcashinflow | 736,262,462.41 | 1,535,189,787.68 |
| Cashpaidforpurchasingofmerchandiseandservices | 67,174,129.05 | 92,703,135.93 |
| Netincreaseofclienttradeandadvance |
| Items | Thefirsthalfyearof2020 | Thefirsthalfyearof2019 |
| Netincreaseofsavingsincentralbankandbrothercompany | ||
| Cashpaidfororiginalcontractclaim | ||
| Netincreaseinfinancialassetsheldfortradingpurposes | ||
| NetincreaseforOutgoingcallloan | ||
| Cashpaidforinterest,processingfeeandcommission | ||
| Cashpaidtostaffsorpaidforstaffs | 131,184,471.77 | 143,256,732.77 |
| Taxespaid | 99,376,789.76 | 210,497,035.66 |
| Othercashpaidforbusinessactivities | 20,620,967.49 | 37,921,786.09 |
| Sub-totalofcashoutflowfrombusinessactivities | 318,356,358.07 | 484,378,690.45 |
| Netcashgeneratedfrom/usedinoperatingactivities | 417,906,104.34 | 1,050,811,097.23 |
| II.Cashflowgeneratedbyinvesting | ||
| Cashreceivedfrominvestmentretrieving | ||
| Cashreceivedasinvestmentgains | 133,441,465.51 | 176,375,388.78 |
| Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 17,625.00 | 13,961,500.00 |
| Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | ||
| Otherinvestment-relatedcashreceived | ||
| Sub-totalofcashinflowduetoinvestmentactivities | 133,459,090.51 | 190,336,888.78 |
| Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 191,735,294.09 | 414,305,542.74 |
| Cashpaidasinvestment | 80,000,000.00 | |
| Netincreaseofloanagainstpledge | ||
| Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
| Othercashpaidforinvestment |
| Items | Thefirsthalfyearof2020 | Thefirsthalfyearof2019 |
| activities | ||
| Sub-totalofcashoutflowduetoinvestmentactivities | 271,735,294.09 | 414,305,542.74 |
| Netcashflowgeneratedbyinvestment | -138,276,203.58 | -223,968,653.96 |
| III.Cashflowgeneratedbyfinancing | ||
| Cashreceivedasinvestment | ||
| Including:Cashreceivedasinvestmentfromminorshareholders | ||
| Cashreceivedasloans | 1,195,000,000.00 | 2,231,700,000.00 |
| Otherfinancing–relatedcashreceived | ||
| Sub-totalofcashinflowfromfinancingactivities | 1,195,000,000.00 | 2,231,700,000.00 |
| Cashtorepaydebts | 1,083,917,500.00 | 1,620,130,000.00 |
| Cashpaidasdividend,profit,orinterests | 148,014,375.80 | 1,522,586,583.81 |
| Including:Dividendandprofitpaidbysubsidiariestominorshareholders | 75,000,000.00 | 220,140,964.92 |
| Othercashpaidforfinancingactivities | 1,122,177.00 | 791,384.00 |
| Sub-totalofcashoutflowduetofinancingactivities | 1,233,054,052.80 | 3,143,507,967.81 |
| Netcashflowgeneratedbyfinancing | -38,054,052.80 | -911,807,967.81 |
| IV.Influenceofexchangeratealternationoncashandcashequivalents | -1,534,520.73 | |
| V.Netincreaseofcashandcashequivalents | 241,575,847.96 | -86,500,045.27 |
| Add:balanceofcashandcashequivalentsatthebeginningofterm | 2,816,699,694.50 | 2,123,303,796.32 |
| VI..Balanceofcashandcashequivalentsattheendofterm | 3,058,275,542.46 | 2,036,803,751.05 |
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting：FangZhi
AccountingDeptLeader:ZhouFang
6.CashFlowStatementoftheParentCompany
InRMB
| Items | Thefirsthalfyearof2020 | Thefirsthalfyearof2019 |
| I.Cashflowsfromoperatingactivities | ||
| Cashreceivedfromsalesofgoodsorrendingofservices | 302,123,119.55 | 641,027,153.33 |
| Taxreturned | ||
| Othercashreceivedfrombusinessoperation | 63,304,430.86 | 24,885,810.30 |
| Sub-totalofcashinflow | 365,427,550.41 | 665,912,963.63 |
| Cashpaidforpurchasingofmerchandiseandservices | 15,346,627.62 | 24,226,244.52 |
| Cashpaidtostaffsorpaidforstaffs | 52,390,979.85 | 56,174,438.87 |
| Taxespaid | 13,428,897.71 | 24,543,436.06 |
| Othercashpaidforbusinessactivities | 201,770,756.58 | 444,674,884.91 |
| Sub-totalofcashoutflowfrombusinessactivities | 282,937,261.76 | 549,619,004.36 |
| Netcashgeneratedfrom/usedinoperatingactivities | 82,490,288.65 | 116,293,959.27 |
| II.Cashflowgeneratedbyinvesting | ||
| Cashreceivedfrominvestmentretrieving | ||
| Cashreceivedasinvestmentgains | 358,767,434.26 | 846,967,754.67 |
| Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | 6,300.00 | 3,700.00 |
| Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits | ||
| Otherinvestment-relatedcashreceived | ||
| Sub-totalofcashinflowduetoinvestmentactivities | 358,773,734.26 | 846,971,454.67 |
| Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets | 118,535,092.50 | 399,081,697.08 |
| Items | Thefirsthalfyearof2020 | Thefirsthalfyearof2019 |
| Cashpaidasinvestment | 82,000,000.00 | |
| Netcashreceivedfromsubsidiariesandotheroperationalunits | ||
| Othercashpaidforinvestmentactivities | ||
| Sub-totalofcashoutflowduetoinvestmentactivities | 200,535,092.50 | 399,081,697.08 |
| Netcashflowgeneratedbyinvestment | 158,238,641.76 | 447,889,757.59 |
| III.Cashflowgeneratedbyfinancing | ||
| Cashreceivedasinvestment | ||
| Cashreceivedasloans | 1,135,000,000.00 | 1,845,000,000.00 |
| Otherfinancing–relatedashreceived | ||
| Sub-totalofcashinflowfromfinancingactivities | 1,135,000,000.00 | 1,845,000,000.00 |
| Cashtorepaydebts | 1,083,917,500.00 | 1,197,780,000.00 |
| Cashpaidasdividend,profit,orinterests | 73,014,375.80 | 1,289,730,502.83 |
| Othercashpaidforfinancingactivities | 1,122,177.00 | 791,384.00 |
| Sub-totalofcashoutflowduetofinancingactivities | 1,158,054,052.80 | 2,488,301,886.83 |
| Netcashflowgeneratedbyfinancing | -23,054,052.80 | -643,301,886.83 |
| IV.Influenceofexchangeratealternationoncashandcashequivalents | -1,534,520.73 | |
| V.Netincreaseofcashandcashequivalents | 217,674,877.61 | -80,652,690.70 |
| Add:balanceofcashandcashequivalentsatthebeginningofterm | 2,790,163,301.78 | 2,095,376,368.04 |
| VI..Balanceofcashandcashequivalentsattheendofterm | 3,007,838,179.39 | 2,014,723,677.34 |
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting：FangZhiAccountingDeptLeader:ZhouFang
7.ConsolidatedStatementonChangeinOwners’EquityAmountinthisperiod
InRMB
| Items | Thefirsthalfyearof2020 | ||||||||||||||
| 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 | 2,562,570,465.31 | 382,193,344.90 | 910,425,068.90 | 3,877,431,844.64 | 9,823,426,849.75 | 427,170,048.14 | 10,250,596,897.89 | |||||||
| Add:Changeofaccountingpolicy | |||||||||||||||
| Correctingofpreviouserrors | |||||||||||||||
| Mergerofentitiesundercommoncontrol | |||||||||||||||
| Other | |||||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 2,562,570,465.31 | 382,193,344.90 | 910,425,068.90 | 3,877,431,844.64 | 9,823,426,849.75 | 427,170,048.14 | 10,250,596,897.89 | |||||||
| III.Changedinthecurrentyear | 3,954,180.00 | -143,912,924.53 | -888,150,442.35 | -1,028,109,186.88 | -105,789,511.02 | -1,133,898,697.90 | |||||||||
| Items | Thefirsthalfyearof2020 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| （1）Totalcomprehensiveincome | -143,912,924.53 | -5,830,257.18 | -149,743,181.71 | 21,194,281.89 | -128,548,899.82 | ||||||||||
| （II）Investmentordecreasingofcapitalbyowners | |||||||||||||||
| 1OrdinarySharesinvestedbyshareholders | |||||||||||||||
| 2Holdersofotherequityinstrumentsinvestedcapital | |||||||||||||||
| 3．Amountofsharespaidandaccountedasowners’equity | |||||||||||||||
| 4．Other | |||||||||||||||
| （III）Profitallotment | -882,320,185.17 | -882,320,185.17 | -126,983,792.91 | -1,009,303,978.08 | |||||||||||
| 1.Providingofsurplusreserves | |||||||||||||||
| Items | Thefirsthalfyearof2020 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| 2.Providingofcommonriskprovisions | |||||||||||||||
| 3．Allotmenttotheowners(orshareholders) | -882,320,185.17 | -882,320,185.17 | -126,983,792.91 | -1,009,303,978.08 | |||||||||||
| 4．Other | |||||||||||||||
| (IV)Internaltransferringofowners’equity | |||||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | |||||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | |||||||||||||||
| 3．Makinguplossesbysurplusreserves. | |||||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | |||||||||||||||
| Items | Thefirsthalfyearof2020 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | |||||||||||||||
| 6．Other | |||||||||||||||
| (V).Specialreserves | |||||||||||||||
| 1.Providedthisyear | |||||||||||||||
| 2．Usedthisterm | |||||||||||||||
| （VI）Other | 3,954,180.00 | 3,954,180.00 | 3,954,180.00 | ||||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 2,566,524,645.31 | 238,280,420.37 | 910,425,068.90 | 2,989,281,402.29 | 8,795,317,662.87 | 321,380,537.12 | 9,116,698,199.99 | |||||||
Amountinlastyear
InRMB
| Items | Thefirsthalfyearof2019 | ||||||||||||||
| 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 | 11,064,350.29 | -11,353,413.48 | -289,063.19 | -289,063.19 | |||||||||||
| Correctingofpreviouserrors | |||||||||||||||
| Mergerofentitiesundercommoncontrol | |||||||||||||||
| Other | |||||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 2,536,774,965.31 | 256,173,465.10 | 775,402,561.35 | 3,927,255,723.11 | 9,586,412,840.87 | 459,599,723.87 | 10,046,012,564.74 | |||||||
| III.Changedinthecurrentyear | 25,795,500.00 | 18,938,083.74 | -438,546,930.51 | -393,813,346.77 | -116,287,013.72 | -510,100,360.49 | |||||||||
| （1）Totalcomprehensiveincome | 18,938,083.74 | 736,486,112.30 | 755,424,196.04 | 107,099,691.57 | 862,523,887.61 | ||||||||||
| Items | Thefirsthalfyearof2019 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| （II）Investmentordecreasingofcapitalbyowners | |||||||||||||||
| 1OrdinarySharesinvestedbyshareholders | |||||||||||||||
| 2Holdersofotherequityinstrumentsinvestedcapital | |||||||||||||||
| 3．Amountofsharespaidandaccountedasowners’equity | |||||||||||||||
| 4．Other | |||||||||||||||
| （III）Profitallotment | -1,175,033,042.81 | -1,175,033,042.81 | -223,386,705.29 | -1,398,419,748.10 | |||||||||||
| 1.Providingofsurplusreserves | |||||||||||||||
| 2.Providingofcommon | |||||||||||||||
| Items | Thefirsthalfyearof2019 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| riskprovisions | |||||||||||||||
| 3．Allotmenttotheowners(orshareholders) | -1,175,033,042.81 | -1,175,033,042.81 | -223,386,705.29 | -1,398,419,748.10 | |||||||||||
| 4．Other | |||||||||||||||
| (IV)Internaltransferringofowners’equity | |||||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | |||||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | |||||||||||||||
| 3．Makinguplossesbysurplusreserves. | |||||||||||||||
| 4.Changeamountofdefinedbenefitplansthatcarryforward | |||||||||||||||
| Items | Thefirsthalfyearof2019 | ||||||||||||||
| Owner’sequityAttributabletotheParentCompany | Minorshareholders’equity | Totalofowners’equity | |||||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Commonriskprovision | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Sustainabledebt | Other | |||||||||||||
| Retainedearnings | |||||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | |||||||||||||||
| 6．Other | |||||||||||||||
| (V).Specialreserves | |||||||||||||||
| 1.Providedthisyear | |||||||||||||||
| 2．Usedthisterm | |||||||||||||||
| （VI）Other | 25,795,500.00 | 25,795,500.00 | 25,795,500.00 | ||||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 2,562,570,465.31 | 275,111,548.84 | 775,402,561.35 | 3,488,708,792.60 | 9,192,599,494.10 | 343,312,710.15 | 9,535,912,204.25 | |||||||
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting：FangZhiAccountingDeptLeader:ZhouFang
8.Statementofchangeinowner’sEquityoftheParentCompanyAmountinthisperiod
InRMB
| Items | Thefirsthalfyearof2020 | |||||||||||
| 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 | 3,954,180.00 | -143,912,924.53 | -569,975,319.96 | -709,934,064.49 | ||||||||
| （I）Totalcomprehensiveincome | -143,912,924.53 | 312,344,865.21 | 168,431,940.68 | |||||||||
| (II)Investmentordecreasingofcapitalbyowners | ||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | ||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | ||||||||||||
| 3.Amountofsharespaidandaccountedasowners’equity | ||||||||||||
| Items | Thefirsthalfyearof2020 | |||||||||||
| Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| 4．Other | ||||||||||||
| （III）Profitallotment | -882,320,185.17 | -882,320,185.17 | ||||||||||
| 1.Providingofsurplusreserves | ||||||||||||
| 2．Allotmenttotheowners(orshareholders) | ||||||||||||
| 3．Other | -882,320,185.17 | -882,320,185.17 | ||||||||||
| (IV)Internaltransferringofowners’equity | ||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | ||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | ||||||||||||
| 3．Makinguplossesbysurplusreserves. | ||||||||||||
| 4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings | ||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | ||||||||||||
| Items | Thefirsthalfyearof2020 | |||||||||||
| Sharecapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| 6．Other | ||||||||||||
| (V)Specialreserves | ||||||||||||
| 1.Providedthisyear | ||||||||||||
| 2．Usedthisterm | ||||||||||||
| （VI）Other | 3,954,180.00 | 3,954,180.00 | ||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 2,978,412,876.93 | 238,280,420.37 | 894,580,785.25 | 3,140,609,402.72 | 9,342,689,611.27 | ||||||
Amountinlastyear
InRMB
| Items | Thefirsthalfyearof2019 | |||||||||||
| 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 | 11,064,350.29 | -11,353,413.48 | -289,063.19 | |||||||||
| Correctingofpreviouserrors | ||||||||||||
| Other | ||||||||||||
| II.Balanceatthebeginningofcurrentyear | 2,090,806,126.00 | 2,948,663,196.93 | 256,173,465.10 | 759,558,277.70 | 3,668,811,627.38 | 9,724,012,693.11 | ||||||
| III.Changedinthecurrentyear | 25,795,500.00 | 18,938,083.74 | -96,381,524.67 | -51,647,940.93 | ||||||||
| （I）Totalcomprehensiveincome | 18,938,083.74 | 1,078,651,518.14 | 1,097,589,601.88 | |||||||||
| (II)Investmentordecreasingofcapitalbyowners | ||||||||||||
| 1．OrdinarySharesinvestedbyshareholders | ||||||||||||
| 2．Holdersofotherequityinstrumentsinvestedcapital | ||||||||||||
| Items | Thefirsthalfyearof2019 | |||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| 3.Amountofsharespaidandaccountedasowners’equity | ||||||||||||
| 4．Other | ||||||||||||
| （III）Profitallotment | -1,175,033,042.81 | -1,175,033,042.81 | ||||||||||
| 1.Providingofsurplusreserves | ||||||||||||
| 2．Allotmenttotheowners(orshareholders) | ||||||||||||
| 3．Other | -1,175,033,042.81 | -1,175,033,042.81 | ||||||||||
| (IV)Internaltransferringofowners’equity | ||||||||||||
| 1.Capitalizingofcapitalreserves(ortocapitalshares) | ||||||||||||
| 2.Capitalizingofsurplusreserves(ortocapitalshares) | ||||||||||||
| 3．Makinguplossesbysurplusreserves. | ||||||||||||
| 4.Changeamountofdefinedbenefitplansthatcarryforward | ||||||||||||
| Items | Thefirsthalfyearof2019 | |||||||||||
| ShareCapital | OtherEquityinstrument | Capitalreserves | Less:Sharesinstock | OtherComprehensiveIncome | Specializedreserve | Surplusreserves | Retainedprofit | Other | Totalofowners’equity | |||
| Preferredstock | Sustainabledebt | Other | ||||||||||
| Retainedearnings | ||||||||||||
| 5．Othercomprehensiveincomecarry-overretainedearnings | ||||||||||||
| 6．Other | ||||||||||||
| (V)Specialreserves | ||||||||||||
| 1.Providedthisyear | ||||||||||||
| 2．Usedthisterm | ||||||||||||
| （VI）Other | 25,795,500.00 | 25,795,500.00 | ||||||||||
| IV.Balanceattheendofthisterm | 2,090,806,126.00 | 2,974,458,696.93 | 275,111,548.84 | 759,558,277.70 | 3,572,430,102.71 | 9,672,364,752.18 | ||||||
LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting：FangZhiAccountingDeptLeader:ZhouFang
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.,LtdandGFSecuritiesCo.,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,investmentintechnologicalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangzhouGuanghuiExpresswayCo.,
Ltd.,JingzhuExpresswayGuangzhuCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyMicroLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.，GuoyuanSecuritiesCo.,Ltd.andHunanLianzhiTechnologyCo.,Ltd.
4.Scopeandchangesofconsolidatedfinancialstatementsinthecurrentperiod
(1)Scopeofcurrentconsolidatedfinancialstatements
TheconsolidatedscopeofthecurrentfinancialstatementsinvovlesGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,GuangzhouGuangzhuTransportationInvestmentManagementCo.,Ltd.,YuegaoCapitalInvestment(Hengqin)Co.,Ltd.,itsholdingsubsidiariesGuangfoExpresswayCo.,Ltd.andJingzhuExpresswayGuangzhuSectionCo.,Ltd..
(2)Changesinthescopeofconsolidatedfinancialstatementsinthecurrentperiod
None
5.ApprovalandsubmissiondateoffinancialreportThefinancialstatementshavebeenauthorizedforissuancebytheBoardofDirectorsoftheGrouponAugust25,2020.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.SignificantAccountingPoliciesandAccountingEstimates
1.StatementofCompliancewiththeAccountingStandardsforBusinessEnterprises
ThefinancialstatementsoftheCompanyarerecognizedandmeasuredinaccordancewiththeregulationsintheChineseAccountingStandardsforBusinessEnterprisesandtheygiveatrueandfairviewofthefinancialposition,businessresultandcashflowoftheCompanyasofJune30,2020andfromJanuarytoJune2020,.In
addition,thefinancialstatementsoftheCompanycomply,inallmaterialrespects,withthereviseddisclosingrequirementsforfinancialstatementsandtheCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15—GeneralProvisionsonFinancialReports(2014Revision)issuedbyChinaSecuritiesRegulatoryCommission(CSRC)in2014.
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.Thecompanyadjuststhecapitalreserveaccordingtothedifferencebetweenthebookvalueofthenetassetsobtainedandthebookvalueofthecombinationconsiderationpaid(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,thedifferenceisrecognizedasgoodwillintheindividualfinancialstatementsoftheparentcompany;Inthecaseofholdingcombination,thedifferenceislistedasgoodwillintheconsolidatedfinancialstatements.
Thecostofbusinesscombinationislessthanthedifferencebetweenthefairvalueshareofidentifiablenetassetsacquiredduringthecombination,whichisincludedintheprofitsandlosses(non-operatingincome)ofthecurrentcombinationperiodafterreviewbytheCompany.Inthecaseofabsorptionandcombination,thedifferenceisincludedintheindividualincomestatementoftheparentcompanyinthecurrentcombinationperiod;Inthecaseofholdingcombination,thedifferenceisincludedintheconsolidatedincomestatementofthecurrentcombinationperiod.
Ifthebusinesscombinationnotunderthesamecontrolrealizedstepbystepthroughmultipleexchange
transactionsisapackagetransaction,eachtransactionwillbetreatedasatransactiontoobtaincontrolrights;Ifitisnotapackagetransaction,theequityofthepurchasedpartyheldbeforethepurchasedateshallbere-measuredaccordingtothefairvalueoftheequityonthepurchasedate,andthedifferencebetweenthefairvalueanditsbookvalueshallbeincludedinthecurrentinvestmentincome;Iftheequityofthepurchasedpartyheldbeforethepurchasedateinvolvesothercomprehensiveincome,othercomprehensiveincomerelatedtoitshallbeconvertedintotheinvestmentincomeofthecurrentperiodonthepurchasedate,exceptforothercomprehensiveincomearisingfromthere-measurementofnetliabilitiesorchangesinnetassetsofthedefinedbenefitplansbytheinvestedparty.
6.Compilationmethodofconsolidatedfinancialstatements
(1)ConsolidationscopeTheconsolidationscopeofconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol.ControlmeansthattheCompanyhasthepowerovertheinvestee,isentitledtovariablereturnsbyparticipatingintherelatedactivitiesoftheinvestee,andhastheabilitytousethepowerovertheinvesteetoinfluenceitsreturnamount.SubsidiariesrefertosubjectscontrolledbytheCompany(includingenterprises,divisiblepartsofinvestee(s),structuredsubjects,etc.).
(2)CompilationmethodofconsolidatedfinancialstatementsTheconsolidatedfinancialstatementsoftheCompanyarebasedonthefinancialstatementsoftheparentcompanyanditssubsidiaries,andarepreparedaccordingtootherrelevantinformation.Whencompiling,theimportantinternaltransactionsbetweentheparentcompanyanditssubsidiaries,suchasinvestment,transactions,purchaseandsaleofinventoriesandtheirunrealizedprofits,areoffsetandcombineditembyitem,andtheminorityshareholders'rightsandinterestsandthecurrentincomeofminorityshareholdersarecalculated.Iftheaccountingpoliciesandaccountingperiodsofsubsidiariesareinconsistentwiththoseoftheparentcompany,theaccountingstatementsofsubsidiariesshallbeadjustedaccordingtotheaccountingpoliciesandaccountingperiodsoftheparentcompanybeforecombination.
(3)IncreaseanddecreasetheconsolidatedreportprocessingofsubsidiariesduringthereportingperiodDuringthereportingperiod,whenpreparingtheconsolidatedbalancesheet,thebalanceatthebeginningoftheconsolidatedbalancesheetisadjustedforthesubsidiariesaddedduetobusinesscombinationunderthesamecontrol.Whenpreparingtheconsolidatedbalancesheet,thebalanceatthebeginningoftheyearoftheconsolidatedbalancesheetisnotadjustedforthesubsidiariesaddedduetobusinesscombinationnotunderthesamecontrol.Duringthereportingperiod,thesubsidiariesaredisposedofandthebalanceatthebeginningoftheconsolidatedbalancesheetisnotadjustedwhentheconsolidatedbalancesheetisprepared.
Duringthereportingperiod,theincome,expensesandprofitsofsubsidiariesaddedbybusinesscombinationunderthesamecontrolfromthebeginningtotheendofthereportingperiodareincludedintheconsolidatedincomestatement,andthecashflowsfromthebeginningtotheendofthereportingperiodareincludedintheconsolidatedcashflowstatement.Forsubsidiariesaddedduetobusinesscombinationnotunderthesamecontrol,theincome,expensesandprofitsofsuchsubsidiariesfromthepurchasedatetotheendofthereportingperiodareincludedintheconsolidatedincomestatement,andtheircashflowfromthepurchasedatetotheendofthereportingperiodisincludedintheconsolidatedcashflowstatement.Duringthereportingperiod,thesubsidiaryisdisposedof,andtheincome,expensesandprofitsfromthebeginningoftheperiodtothedisposaldateareincludedintheconsolidatedincomestatement,andthecashflowfromthebeginningoftheperiodtothedisposaldateisincludedintheconsolidatedcashflowstatement.
Whenthecontrolrightoftheoriginalsubsidiaryislostduetothedisposalofpartoftheequityinvestmentor
otherreasons,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,andallparticipantsarenotrequiredtobeentitledtojointcontroloverthearrangement.
(2)Reassessment
Ifthelegalform,contracttermsandotherrelevantfactsandcircumstanceschange,theparticipantsinthejointventurearrangementshallreassessthejointventurearrangement:First,assesswhethertheoriginaljointventurepartystillhasjointcontroloverthearrangement;Second,assesswhetherthetypeofjointventurearrangementhaschanged.
(3)Accountingtreatmentofparticipantsinjointoperation
①Accountingtreatmentofthejointventureinjointoperation
A.Generalaccountingprinciples
Thejointventureshallrecognizethefollowingitemsrelatedtoitsshareofinterestsinthejointoperationandcarryoutaccountingtreatmentinaccordancewiththerelevantaccountingstandardsforenterprises: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.,whenunrealizedinternalprofitsarestillincludedinthebookvalueofassetsheldbythejointventure),theshareofprofitsandlossesarisingfromthetransactionthatthejointventureisentitledtoshallnotberecognized.Thatis,atthistime,onlythepartoftheprofitandlossarisingfromthetransactionthatbelongstootherparticipantsinthejointoperationshallberecognized.
D.Accountingtreatmentofthejointventure'sshareoftheinterestsofthejointoperationthatconstitutesthebusiness
Whenthejointventureobtainstheshareofinterestsinthejointoperation,andthejointoperationconstitutesbusiness,thecorrespondingaccountingtreatmentshallbecarriedoutinaccordancewiththerelevantstandardssuchasbusinesscombinationstandards,howevertheprovisionsofotherrelevantstandardscannotconflictwiththeprovisionsofthejointventurearrangementstandards.Theenterpriseshalljudgewhetherthejointoperation
constitutesabusinessinaccordancewiththerelevantprovisionsofthebusinesscombinationstandards.Thistreatmentprincipleisnotonlyapplicabletotheacquisitionoftheshareofinterestsintheexistingjointoperationthatconstitutesbusiness,butalsototheestablishmentofjointoperationwithotherparticipants,andbecauseotherparticipantsintroducetheexistingbusiness,thejointoperationconstitutesbusinesswhenitisestablished.
②AccountingprinciplesforparticipantswhodonotenjoyjointcontroloverjointoperationsParticipants(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.Exchangedifferencesarisingfromthedifferencebetweenthespotrateonthebalancesheetdateandthespotrateatthetimeofinitialrecognitionorthepreviousbalancesheetdateareincludedinthecurrentprofitsandlosses;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,exchangegainsandlossesandinterestincomecalculatedaccordingtotheactualinterestratemethodareincludedincurrentprofitsandlosses.
Inaddition,theCompanydesignatedsomenon-tradingequityinstrumentinvestmentsasfinancialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome.TheCompanyincludestherelevantdividendincomeofsuchfinancialassetsincurrentprofitsandlosses,andthechangesinfairvalueinothercomprehensivegains.Whenthefinancialassetceasestoberecognized,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensivegainsshallbetransferredintoretainedincomefromothercomprehensiveincome,andnotbeincludedincurrentprofitandloss.
③Financialassetsmeasuredatfairvalueandchangesincludedincurrentprofitsandlosses
TheCompanyincludestheabove-mentionedfinancialassetsmeasuredatamortizedcostandthosemeasured
atfairvalueandtheir'schangesinfinancialassetsotherthanfinancialassetsofcomprehensiveincomeandclassifiesthemasfinancialassetsmeasuredatfairvalueandtheir'schangesthatareincludedincurrentprofitsandlosses.Inaddition,theCompanydesignatessomefinancialassetsasfinancialassetsmeasuredatfairvalueandincludestheirchangesincurrentprofitsandlossesinordertoeliminateorsignificantlyreduceaccountingmismatchesduringinitialrecognition.Inregardwithsuchfinancialassets,theCompanyadoptsfairvalueforsubsequentmeasurement,andincludeschangesinfairvalueintocurrentprofitsandlosses.
（2）Classification,recognitionandmeasurementoffinancialliabilitiesTheGroup’sfinancialliabilitiesare,oninitialrecognition,classifiedintofinancialliabilitiesatfairvaluethroughprofitorlossandotherfinancialliabilities.Forfinancialliabilitiesatfairvaluethroughprofitorloss,relevanttransactioncostsareimmediatelyrecognizedinprofitorlossforthecurrentperiod,andtransactioncostsrelatingtootherfinancialliabilitiesareincludedintheinitialrecognitionamounts.
1FinancialliabilitiesmeasuredbythefairvalueandthechangesrecordedinprofitorlossTheclassificationbywhichfinancialliabilitiesheld-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)Recognitionbasisandmeasurementmethodsfortransferoffinancialassets
Financialassetssatisfyingoneofthefollowingconditionsshallbeterminatedandrecognized:①Thecontractualrighttocollectthecashflowofthefinancialassetisterminated;②Thefinancialassethasbeentransferred,andalmostalltherisksandrewardsintheownershipofthefinancialassethavebeentransferredtothetransferee;③Thefinancialassethasbeentransferred,althoughtheenterpriseneithertransfersnorretainsalmostalltherisksandrewardsintheownershipofthefinancialasset,butitabandonedcontrolofthefinancialassets.
Incasethattheenterprisedoesnottransferorretainalmostallrisksandrewardsonfinancialassetsownershipnorwaivetocontroltheseassets,relevantfinancialassetsshallberecognizedinaccordancewiththe
degreeforcontinuedinvolvementoffinancialassetstransferredandrelevantliabilitiesshallberecognizedcorrespondingly.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
WhentheCompanyhasalegalrightthatiscurrentlyenforceabletosetofftherecognizedfinancialassetsandfinancialliabilities,andintendseithertosettleonanetbasis,ortorealizethefinancialassetandsettlethefinancialliabilitysimultaneously,afinancialassetandafinancialliabilityshallbeoffsetandthenetamountispresentedinthebalancesheet.Exceptfortheabovecircumstances,financialassetsandfinancialliabilitiesshallbepresentedseparatelyinthebalancesheetandshallnotbeoffset.
(6)Methodfordeterminingthefairvalueoffinancialassetsandfinancialliabilities
Fairvaluereferstothepricethatamarketparticipantmustpaytosellortransferaliabilityinanorderlytransactionthatoccursonthemeasurementdate.ThefairvalueoffinancialinstrumentsexistinginanactivemarketisdeterminedbytheCompanyaccordingtoitsquotedpriceinthismarket.westbankThequotedpricesintheactivemarketrefertotheprices,whichareeasilyavailablefromthestockexchanges,brokers,industry
associations,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'sfinancialassets(includingotherapplicableitemssuchascontractassets,similarlyhereinafter)hasincreasedsignificantlysincetheinitialrecognitiononeachbalancesheetday.Ifthecreditriskhasincreasedsignificantlysincetheinitialrecognition,theCompanyshallmeasurethelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlossinthewholeduration.Ifthecreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanyshallmeasurethelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlossinthenext12months.TheCompanyshallconsiderallreasonableandevidencedinformation,includingforward-lookinginformation,whenevaluatingexpectedcreditlosses.
Assumingthattheircreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanymaychoosetomeasurethelossreserveaccordingtotheexpectedcreditlossinthenext12monthsforfinancial
instrumentswithlowcreditriskonthebalancesheetdate.
(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,noprovisionforbaddebtsshallbemadeunlessthereisobjectiveevidencethatthemoneycannotberecoveredaccordingtotheoriginaltermsofaccountsreceivableand
contractassets.
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.Netrealizablevaluereferstotheestimatedsellingpriceofinventoryindailyactivitiesminustheestimatedcoststobeincurreduponcompletion,estimatedsalesexpensesandrelatedtaxesandfees.
4.Physicalinventoriesaremanagedbytheperpetualinventorytakingsystem.
13.Contractassets
TheCompanyliststhecustomer'sunpaidcontractconsiderationforwhichtheCompanyhasfulfilleditsperformanceobligationsaccordingtothecontract,andwhichisnottherighttocollectmoneyfromcustomersunconditionally(thatis,onlydependingonthepassageoftime)asacontractassetinthebalancesheet.Contractassetsandliabilitiesunderthesamecontractarelistedinnetamount,whilecontractassetsandliabilitiesunder
differentcontractsarenotoffset.SeeNoteIII.11,ImpairmentofFinancialInstrumentsforthedeterminationmethodandaccountingtreatmentmethodofexpectedcreditlossofcontractassets.
14.Long-termequityinvestments
(1)InitialmeasurementTheCompanymakesinitialmeasurementoflong-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,whichdoesnotconstitutetheinitialinvestmentcostofobtainingthe
long-termequityinvestment.
(2)SubsequentmeasurementLong-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,thenetprofitoftheinvesteeisrecognizedafteradjustmentbasedonthefairvalueoftheidentifiablenetassetsoftheinvesteeatthetimeofobtainingtheinvestment.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'sdirect
disposalofrelatedassetsorliabilities,andaccountsforthepartoriginallyincludedinothercomprehensiveincomeaccordingtothecorrespondingproportion.
(3)BasistodeterminejointcontroloverandsignificantinfluenceontheinvesteeJointcontrolreferstothecommoncontrolofanarrangementinaccordancewiththerelevantagreement,andtherelevantactivitiesofsucharrangementmustbeunanimouslyagreedbytheparticipantswhosharethecontrolrightsbeforemakingdecisions.Significantinfluencemeansthattheinvestorhastherighttoparticipateinthedecision-makingonthefinancialandoperatingpoliciesoftheinvestee,butcannotcontrolorjointlycontroltheformulationofthesepolicieswithotherparties.Whendeterminingwhethertheinvesteecanbecontrolledorexertsignificantinfluence,thepotentialvotingrightsfactorssuchascurrentconvertiblebondsandcurrentexecutablewarrantsoftheinvesteeheldbytheCompanyandotherpartiesshallbeconsideredatthesametime.
15.InvestmentPropertyThemeasurementmodeofinvestmentpropertyThemeasurementbythecostmethodDepreciationoramortizationmethodInvestmentpropertyisheldtoearnrentalsorforcapitalappreciationorforboth.Investmentpropertyincludesleasedorreadytotransferaftercapitalappreciationlanduserightsandleasedbuildings.
（1）Themeasurementmodeofinvestmentproperty①DepreciationoramortizationmethodTheestimatedservicelife,netsalvagevaluerateandannualdepreciation(amortization)rateofinvestmentrealestatearelistedasfollows:
| 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.
16.Fixedassets
（1）Confirmationconditions
TheCompany'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% | |
| HouseBuilding | Thestraight-linemethod | 20-30years | 3%-10% | 3%-4.85% |
| MachineEquipment | Thestraight-linemethod | 10years | 3%-10% | 9%-9.7% |
| ElectricEquipment | Thestraight-linemethod | 5-15years | 3%-10% | 6%-19.4% |
| TransportationEquipment | Thestraight-linemethod | 5-8years | 3%-10% | 11.25%-19.4% |
| Other | Thestraight-linemethod | 5-15years | 3%-10% | 6%-19.4% |
Exceptforthefixedassetsthathavebeenfullydepreciatedandcontinuetobeused,thedepreciationoffixedassetsisclassifiedandaccruedbythelifeaveragemethodandworkloadmethod,andthedepreciationrateisdeterminedaccordingtothecategoryoffixedassets,estimatedservicelifeandestimatednetsalvagevaluerate.
Forthefixedassetsformedbyspecialreserveexpenditure,thespecialreserveshallbeoffsetaccordingtothecosttoformthefixedassets,andtheaccumulateddepreciationofthesameamountshallberecognized.Thefixedassetswillnotbedepreciatedinfutureperiods.
Accordingtothenatureandusageoffixedassets,theCompanydeterminestheservicelifeandestimatednetsalvagevalueoffixedassets.Attheendoftheyear,theservicelife,estimatednetsalvagevalueanddepreciationmethodoffixedassetsshallberechecked,andifthereisanydifferencewiththeoriginalestimate,correspondingadjustmentsshallbemade.
(3)Identificationbasis,valuationanddepreciationmethodoffixedassetsleasedbyfinancing
Whentheleasedfixedassetshavesubstantiallytransferredallrisksandrewardsrelatedtotheassets,theCompanyrecognizesthattheleaseofthefixedassetsisafinanciallease.
Thecostoffixedassetsacquiredbyfinanceleaseshallbedeterminedaccordingtothelowerofthefairvalueoftheleasedassetsontheleasestartdateandthepresentvalueoftheminimumleasepayment.
Thedepreciationpolicyconsistentwiththeirowndepreciatedassetsisadoptedforfixedassetsleasedby
financing.Ifitcanbereasonablydeterminedthattheownershipoftheleasedassetisacquiredattheexpirationoftheleaseterm,depreciationshallbeaccruedwithintheserviceablelifeoftheleasedasset;Ifitisimpossibletoreasonablydeterminethattheownershipoftheleasedassetcanbeacquiredattheexpirationoftheleaseterm,depreciationshallbeaccruedwithintheshorterperiodoftheleasetermandtheserviceablelifeoftheleasedasset.
17.Construction-inprocess
TheconstructioninprogressoftheCompanyreferstotheplant,equipmentandotherfixedassetsunderconstruction,whichareaccountedforindetailaccordingtotheprojectandrecordedaccordingtotheactualcost,includingdirectconstructionandinstallationcostsandborrowingcoststhatmeetthecapitalizationconditions.Whentheconstructioninprogressreachesthescheduledusablestate,itwillbecarriedovertofixedassetsbytemporaryestimation,stopinterestcapitalization,andstarttoaccruedepreciationaccordingtothedetermineddepreciationmethodoffixedassets.Aftertheprojectiscompletedandfinalaccountsaremade,theoriginalestimatedamountwillbeadjustedaccordingtotheamountoffinalaccounts,buttheoriginalaccrueddepreciationamountwillnotbeadjusted.
18.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.Capitalizationrateiscalculatedand
determinedaccordingtotheweightedaverageinterestrateofgeneralborrowings.
19.Intangibleassets
(1)Pricingmethod,usefullifeandimpairmenttestTheCompanyrecognizestheidentifiablenon-monetaryassetsownedorcontrolledbytheenterpriseasintangibleassets,whichhavenophysicalform,andtheestimatedfutureeconomicbenefitsrelatedtotheassetsarelikelytoflowintotheenterpriseandthecostoftheassetscanbereliablymeasured.TheintangibleassetsoftheCompanyarerecordedaccordingtotheamountactuallypaidorthedeterminedvalue.
(1)Ifthepurchasepriceofintangibleassetsexceedsthenormalcreditconditions,whichisoffinancingnatureinessence,thecostofintangibleassetsisdeterminedbasedonthepresentvalueofthepurchaseprice.Thedifferencebetweentheactualpaidpriceandthepresentvalueofthepurchasepriceshallbeincludedinthecurrentprofitsandlosseswithinthecreditperiod,exceptthatitshouldbecapitalizedaccordingtotheregulations.
(2)Theintangibleassetsinvestedbyinvestorsshallbetakenasthecostaccordingtothevalueagreedintheinvestmentcontractoragreement,unlessthevalueagreedinthecontractoragreementisunfair.
(3)TheexpenditureofinternalresearchanddevelopmentprojectsoftheCompanyisdividedintoresearchstageexpenditureanddevelopmentstageexpenditure.Researchreferstoanoriginalandplannedinvestigationtoacquireandunderstandnewscientificortechnicalknowledge.Developmentreferstotheapplicationofresearchresultsorotherknowledgetoaplanordesigntoproduceneworsubstantiallyimprovedmaterials,devicesandproductsbeforecommercialproductionoruse.
Expendituresduringtheresearchphaseofinternalresearchanddevelopmentprojectsareincludedinthecurrentprofitsandlosseswhentheyoccur.Expendituresinthedevelopmentstageofinternalresearchanddevelopmentprojectsthatmeetthefollowingconditionsarerecognizedasintangibleassets:itistechnicallyfeasibletocompletetheintangibleassetssothattheycanbeusedorsold;Havetheintentiontocompletetheintangibleassetsanduseorsellthem;Thewaysinwhichintangibleassetsgenerateeconomicbenefits,includingthosethatcanprovethatthereisamarketforproductsproducedbyusingtheintangibleassetsorthattheintangibleassetsthemselvesexistinthemarket,andthattheintangibleassetswillbeusedinternally,shouldprovetheirusefulness;Havesufficienttechnical,financialandotherresourcestocompletethedevelopmentoftheintangibleassetsandhavetheabilitytouseorselltheintangibleassets;Expendituresattributabletothedevelopmentstageoftheintangibleassetscanbemeasuredreliably.
IntangibleassetswithlimitedservicelifeoftheCompanyshallbeamortizedonaveragewithintheservicelifesincetheintangibleassetsareavailableforuse.Intangibleassetswithuncertainservicelifearenotamortized.Theamortizationamountofintangibleassetsistheamountafterdeductingtheestimatedsalvagevaluefromitscost.Forintangibleassetsforwhichimpairmentprovisionhasbeenmade,theaccumulatedamountofimpairmentprovisionforintangibleassetshastobededucted.
Theamortizationperiodofintangibleassetswithlimitedservicelifeisasfollows:
| Type | Amortizationperiod |
| Landuseright | Remainingusefullife |
| Software | 3-5years |
20.Long-termamortizableexpenses
Long-termdeferredexpensesarerecordedaccordingtotheactualamountincurred,andareamortizedequallyininstallmentsduringthebenefitperiodorwithintheprescribedperiod.Ifthelong-termprepaidexpenseitemcannotbenefitthefutureaccountingperiod,theamortizedvalueoftheitemthathasnotbeenamortizedwill
betransferredtothecurrentprofitsandlosses.
21.Contractliabilities
ContractliabilitiesrefertotheobligationoftheGrouptotransfergoodstocustomersforthereceivedorreceivableconsiderationfromcustomers.IfthecustomerhaspaidthecontractconsiderationortheGrouphasobtainedtheunconditionalcollectionrightbeforetheGrouptransfersthegoodstothecustomer,theGroupwilllistthereceivedorreceivableamountasthecontractliabilityattheearlieroftheactualpaymentmadebythecustomerandtheduedateforpayment.Contractassetsandliabilitiesunderthesamecontractarelistedinnetamount,whilecontractassetsandliabilitiesunderdifferentcontractsarenotoffset.
22.EmployeeBenefits
EmployeecompensationreferstovariousformsofremunerationorcompensationgivenbytheCompanyforobtainingservicesprovidedbyemployeesordissolvinglaborrelations.Employeecompensationincludesshort-termsalary,post-employmentbenefits,dismissalbenefitsandotherlong-termemployeebenefits.BenefitsprovidedbytheCompanytospouses,children,dependents,survivorsofdeceasedemployeesandotherbeneficiariesofemployeesarealsoemployeecompensation.
（1）Accountingmethodsofshort-termbenefits
Duringtheaccountingperiodwhenemployeesprovideservices,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.
23.Estimatedliabilities
(1)Recognitioncriteriaofestimatedliabilities
IftheobligationsrelatedtocontingenciesstipulatedbytheCompanymeetthefollowingconditionsatthe
sametime,theyarerecognizedasestimatedliabilities:
①Theobligationsarethecurrentobligationsundertakenbytheenterprise;
②Fulfillingtheobligationsislikelytocauseeconomicbenefitstoflowoutoftheenterprise;
③Theamountoftheobligationscanbemeasuredreliably.
(2)MeasurementmethodofestimatedliabilitiesEstimatedliabilitiesareinitiallymeasuredaccordingtothebestestimateofexpenditurerequiredtofulfillrelevantcurrentobligations.Thereisacontinuousrangeofrequiredexpenditure,andthepossibilityofoccurrenceofvariousresultsinthisrangeisthesame,andthebestestimateisdeterminedaccordingtotheintermediatevalueinthisrange.Inothercases,thebestestimatesaretreatedasfollows:
①Contingenciesinvolvingasingleitemshallbedeterminedaccordingtothemostprobableamount.
②Contingenciesinvolvingmultipleitemsshallbecalculatedanddeterminedaccordingtovariouspossibleresultsandrelevantprobabilities.
Whendeterminingthebestestimate,therisk,uncertaintyandtimevalueofmoneyrelatedtocontingenciesshallbeconsideredcomprehensively.Ifthetimevalueofmoneyhasgreatinfluence,thebestestimateisdeterminedbydiscountingtherelatedfuturecashoutflow.
IfallorpartoftheexpensesrequiredbytheCompanytopayofftheestimatedliabilitiesareexpectedtobecompensatedbyathirdparty,thecompensationamountcanberecognizedasanassetonlywhenitisbasicallyconfirmedthatitcanbereceived.Therecognizedcompensationamountshallnotexceedthebookvalueoftheestimatedliabilities.
TheCompanyrechecksthebookvalueoftheestimatedliabilitiesonthebalancesheetdate.Ifthereisconclusiveevidencethatthebookvaluecannottrulyreflectthecurrentbestestimate,thebookvalueshallbeadjustedaccordingtothecurrentbestestimate.
24.RevenuesAccountingpoliciesadoptedforincomerecognitionandmeasurement
IncomeisthetotalinflowofeconomicbenefitsformedinthedailyactivitiesoftheCompany,whichwillleadtotheincreaseofshareholders'equityandhasnothingtodowiththecapitalinvestedbyshareholders.Revenueisrecognizedwhenitsamountandrelatedcostscanbereliablymeasured,therelatedeconomicbenefitsarelikelytoflowintothecompany,andotherrecognitionconditionsofthefollowingdifferenttypesofincomearemetatthesametime.TheCompany'smainincomeincludes:incomefromtrafficservicefeesandprovisionoflaborservices.
(1)Tollservicefeeincome
Thetollincomeofroadsandbridgesisdeterminedaccordingtotheamountcollectedandreceivablebyvehicleswhenpassingthrough.
(2)Incomefromprovidinglaborservices
Forservicesstartedandcompletedinthesamefiscalyear,incomeisrecognizedwhentheservicesarecompleted.Ifthebeginningandcompletionoflaborservicesbelongtodifferentfiscalyears,theCompanyshall,onthebalancesheetdate,recognizetherelatedlaborincomebythepercentageofcompletionmethod,providedthattheresultofthelaborservicetransactioncanbereliablyestimated.Whenthefollowingconditionscanbesatisfied,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
25.Contractcost
IftheincrementalcostincurredbytheCompanyforobtainingthecontractisexpectedtoberecovered,itshallberecognizedasanassetasthecontractacquisitioncost.However,iftheamortizationperiodoftheassetdoesnotexceedoneyear,itwillbeincludedinthecurrentprofitsandlosseswhenitoccurs.
IfthecostincurredfortheperformanceofthecontractdoesnotfallwithinthescopeofotheraccountingstandardsforbusinessenterprisesotherthanAccountingStandardsforBusinessEnterprisesNo.14-Revenue(Revisedin2017)andmeetsthefollowingconditionsatthesametime,itwillberecognizedasanassetforcontractperformancecost:①Thecostisdirectlyrelatedtoacurrentorexpectedcontract,includingdirectlabor,directmaterials,manufacturingexpenses(orsimilarexpenses),costsexplicitlybornebycustomers,andothercostsincurredonlybecauseofthecontract;②ThiscostincreasestheresourcesoftheCompanyforfulfillingitsperformanceobligationsinthefuture;③Thecostisexpectedtoberecovered.
Assetsrelatedtothecontractcostareamortizedonthesamebasisastherecognitionofcommodityincomerelatedtotheassets,andareincludedinthecurrentprofitsandlosses.
26.GovernmentGrants
Governmentsubsidiesarerecognizedwhentheymeettheconditionsattachedtogovernmentsubsidiesandcanbereceived.
Governmentsubsidiesformonetaryassetsshallbemeasuredaccordingtotheamountreceivedorreceivable.Governmentsubsidiesfornon-monetaryassetsaremeasuredatfairvalue;Ifthefairvaluecannotbeobtainedreliably,itshallbemeasuredaccordingtothenominalamountof1yuan.
GovernmentsubsidiesrelatedtoassetsrefertogovernmentsubsidiesobtainedbytheCompanyforpurchasingandbuildingorforminglong-termassetsinotherways;Otherwise,asagovernmentsubsidyrelatedto
income.Wherethegovernmentdocumentsdonotspecifytheobjectofthesubsidy,andthesubsidycanformlong-termassets,thepartofthegovernmentsubsidycorrespondingtothevalueoftheassetsshallberegardedasthegovernmentsubsidyrelatedtotheassets,andtherestshallberegardedasthegovernmentsubsidyrelatedtotheincome;Whereitisdifficulttobedistinguished,governmentsubsidiesasawholearetreatedasincome-relatedgovernmentsubsidies.Governmentsubsidiesrelatedtoassetsoffsetthebookvalueofrelatedassets,orarerecognizedasdeferredrevenueandincludedinprofitsandlossesbystagesaccordingtoareasonableandsystematicmethodwithintheservicelifeofrelatedassets.Governmentsubsidiesrelatedtoincome,whichareusedtocompensaterelatedcostsorlossesthathaveoccurred,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.Deferredincometaxassetsanddeferredincometaxliabilities
TheCompanyadoptsthebalancesheetliabilitymethodforincometaxaccountingtreatment.
(1)Deferredtaxassets
①Ifthereisadeductibletemporarydifferencebetweenthebookvalueofanassetorliabilityanditstaxbasis,thedeferredincometaxassetsgeneratedbythedeductibletemporarydifferenceshallbecalculatedandconfirmedaccordingtotheapplicabletaxrateduringtheexpectedperiodofrecoveringtheassetorpayingofftheliability.
②Onthebalancesheetdate,ifthereisconclusiveevidencethatsufficienttaxableincomeislikelytobeobtainedinthefutureperiodtooffsetthedeductibletemporarydifference,theunrecognizeddeferredincometaxassetsinthepreviousperiodshallberecognized.
③Onthebalancesheetdate,thebookvalueofdeferredincometaxassetsshallbereviewed.Ifitisunlikelythatenoughtaxableincomewillbeobtainedinthefutureperiodtooffsetthebenefitsofdeferredincometaxassets,thebookvalueofdeferredincometaxassetswillbewrittendown.Whensufficienttaxableincomeislikelytobeobtained,thewritten-downamountwillbereversed.
(2)Deferredincometaxliabilities
Ifthereisataxabletemporarydifferencebetweenthebookvalueofassetsandliabilitiesandtheirtaxbasis,thedeferredincometaxliabilitiesarisingfromthetaxabletemporarydifferenceshallberecognizedaccordingtotheapplicabletaxrateduringtheexpectedperiodofrecoveringtheassetsorpayingofftheliabilities.
28.Lease
(1)AccountingmethodsforoperatingleasesAsthelessee,theCompany'soperatingleaserentisincludedintherelevantassetcostorcurrentprofitandlossaccordingtothestraight-linemethodineachperiodoftheleaseterm;Theinitialdirectexpensesincurredareincludedinthecurrentprofitsandlosses;Contingentrentsareincludedincurrentprofitsandlosseswhentheyactuallyoccur.Asthelessor,theCompanyincludestheassetsusedasoperatingleasesintherelevantitemsinthebalancesheetaccordingtothenatureoftheassets;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-currentassetsordisposalgroupsWhenthebookvalueisrecoveredmainlybyselling(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"liabilitiesheldforsale".
TheCompanyseparatelyliststheprofitandlossfromcontinuingoperationsandtheprofitandlossfromterminationofoperationsintheincomestatement.Fornon-currentassetsordisposalgroupsheldforsalethatdonotmeetthedefinitionofterminationofoperation,theimpairmentloss,reversalamountanddisposalprofitandlossarelistedastheprofitandlossofcontinuingoperations.Operatingprofitandlossanddisposalprofitandlosssuchasimpairmentlossandreversalamountofdiscontinuedoperationarelistedasdiscontinuedoperationprofitandloss.
Adisposalgroupthatintendstoterminateitsuseinsteadofsellingandmeetstheconditionsofrelevantcomponentsinthedefinitionofoperationterminationshallbelistedasoperationterminationfromthedatewhenitceasestouse.
Forthediscontinuedoperationslistedinthecurrentperiod,inthecurrentfinancialstatements,theinformationoriginallylistedastheprofitandlossofcontinuingoperationsisre-listedastheprofitandlossofdiscontinuedoperationsinthecomparableaccountingperiod.Iftheterminationofoperationnolongermeetstheclassificationconditionsforheld-for-sale,theinformationoriginallylistedastheprofitandlossofoperationterminationinthecurrentfinancialstatementswillbelistedagainastheprofitandlossofcontinuingoperationinthecomparableaccountingperiod.
30.Impairmentofassets
Thefollowingsignsindicatethattheassetsmaybeimpaired:
(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,therecoverableamountoftheassetgroupisdeterminedbasedontheassetgrouptowhichtheassetbelongs.
AssetgroupisthesmallestassetportfoliothatcanberecognizedbytheCompany,anditscashinflowisbasicallyindependentofotherassetsorassetgroups.Theassetgroupconsistsofassetsrelatedtocashinflow.Theidentificationofassetgroupisbasedonwhetherthemaincashinflowgeneratedbyassetgroupisindependentofotherassetsorcashinflowofassetgroup.TheCompanyconductsimpairmenttesteveryyearforintangibleassetswithuncertaingoodwillandservicelifeformedbybusinesscombinationandnotyetinserviceablecondition,regardlessofwhetherthereisanysignofimpairment.Theimpairmenttestofgoodwilliscarriedoutincombinationwithitsrelatedassetgrouporcombinationofassetgroups.
Oncetheassetimpairmentlossisconfirmed,itwillnotbereversedinthefollowingaccountingperiod.
31.Changeofmainaccountingpoliciesandestimations
(1)Changeofmainaccountingpolicies
√Applicable□Notapplicable
| Contentsandcausesforchangesofaccountingpolicy | Approvalprocedures | Remarks |
| OnJuly5,2017,theMinistryofFinanceissuedtheAccountingStandardsforBusinessEnterprisesNo.14-Income(Revisedin2017)(CK[2017]No.22)(hereinafterreferredtoasthe"NewIncomeStandards"). | Itwasadoptedatthe4thmeetingofthe9thBoardofDirectorsoftheCompanyonApril3,2020 | TheCompanybegantoimplementtheaforementionednewincomestandardsfromJanuary1,2020 |
OnJuly5,2017,theMinistryofFinanceissuedtheAccountingStandardsforBusinessEnterprisesNo.14-Income(Revisedin2017)(CK[2017]No.22)(hereinafterreferredtoasthe"NewIncomeStandards").AfterthefourthmeetingoftheninthboardofdirectorsofthecompanyapprovedtheresolutiononApril3,2020,thecompanywillimplementtheaforesaidNewIncomeStandardsfromJanuary1,2020.
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 | Parentstatement | Consolidatedstatements | Parentstatement | |
| Accountreceivable | 125,343,724.66 | 21,864,051.27 | 127,694,377.99 | 21,864,051.27 |
| Otheraccountreceivable | 26,618,178.57 | 13,435,651.19 | 19,172,247.47 | 13,435,651.19 |
| Contractassets | 5,095,277.77 | |||
| Inventories | 111,683.22 | 111,683.22 | ||
| OtherNon-currentassets | 50,909,325.73 | 36,901,029.57 | 50,909,325.73 | 36,901,029.57 |
| Advancereceipts | 15,605,094.69 | 12,817,484.06 | ||
| Contractliabilities | 2,787,610.63 | |||
| Retainedprofit | 3,877,431,844.64 | 3,710,584,722.68 | 3,877,431,844.64 | 3,710,584,722.68 |
| Surplusreserves | 910,425,068.90 | 894,580,785.25 | 910,425,068.90 | 894,580,785.25 |
（2）Significantaccountingpolicychanges
√Applicable□Notapplicable
| Contentsandcausesofchangesinaccountingestimates | Approvalprocedure | Timepointatwhichtheapplicationbegins | Remarks |
| FromJanuary1,2020,theTrafficVolumeForecastandChargeRevenueReportofFoshan-KaipingExpresswayandtheTrafficVolumeForecastandChargeRevenueReportofGuangzhuSectionofJiangzhuExpresswayissuedbyGuangdongTransportationPlanningandDesignInstituteCo.,Ltd.in2019fortheFokaiBranchofGuangdongExpresswayDevelopmentCo.,Ltd.,abranchoftheCompany,andJingzhuExpresswayGuangzhuSectionCo.,Ltd.,aholdingsubsidiaryareusedasdepreciationbasis | OnDecember31,2019,thethird(temporary)meetingoftheninthboardofdirectorswasheld,andthemeetingpassedtheProposalonChangesinAccountingEstimates | January1,2020 |
OnDecember31,2019,theCompanyheldthe3rd(provisional)meetingoftheninthboardofdirectors,whichpassedtheProposalonChangesinAccountingEstimates,andagreedtoadopttheTrafficVolumeForecastandChargeRevenueReportofFoshan-KaipingExpresswayandtheTrafficVolumeForecastandChargeRevenueReportofGuangzhou-ZhuhaiSectionofBeijing-ZhuhaiExpresswayissuedbyGuangdongTransportationPlanningandDesignInstituteCo.,Ltd.in2019fortheFokaiBranchofGuangdongExpresswayDevelopmentCo.,Ltd.,abranchoftheCompany,andJingzhuExpresswayGuangzhuSectionCo.,Ltd.,aholdingsubsidiaryfromJanuary1,2020.TheCompanyadoptsthefutureapplicablemethodforthisitem.ThischangeinaccountingestimateresultsinadecreaseofRMB84,060,742.83indepreciationoffixedassetsinthecurrentperiodthantheoriginalaccountingestimate,adecreaseofRMB84,060,742.83inoperatingcost,anincreaseofRMB63,045,557.12innetprofitattributabletotheshareholdersoftheparentcompany,andanincreaseofRMB60,150,595.41innetprofitattributabletotheminorityshareholdersoftheparentcompany.
| Contentsandcausesofchangesinaccountingestimates | Approvalprocedure | Timepointatwhichtheapplicationbegins | Affectedreportitems | Impactamount |
| Forecasttrafficvolumeofexpressway | Resolutionoftheboardofdirectors | January1,2020 | Fixedassets | 84,060,742.83 |
（3）AdjustmentstotheFinancialStatementsattheBeginningoftheFirstExecutionYearofanyNewStandardsGoverningFinancialInstruments,RevenueorLeasesfromyear2020Applicable
Whetherneedtoadjustthebalancesheetaccountatthebeginningoftheyear
√Yes□No
Consolidatedbalancesheet
InRMB
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| Currentasset： | |||
| Monetaryfund | 2,817,920,894.50 | 2,817,920,894.50 | |
| Settlementprovision | |||
| Outgoingcallloan | |||
| Transactionalfinancialassets | |||
| Derivativefinancialassets | |||
| Notesreceivable | |||
| Accountreceivable | 125,343,724.66 | 127,694,377.99 | 2,350,653.33 |
| Financingofreceivables | |||
| Prepayments | 10,894,246.41 | 10,894,246.41 | |
| Insurancereceivable | |||
| Reinsurancereceivable | |||
| ProvisionsofReinsurancecontractsreceivable | |||
| Otheraccountreceivable | 26,618,178.57 | 19,172,247.47 | -7,445,931.10 |
| Including：Interestreceivable | |||
| Dividendreceivable | 7,205,472.90 | 7,205,472.90 | |
| Repurchasingoffinancialassets | |||
| Inventories | 111,683.22 | 111,683.22 | |
| Contractassets | 5,095,277.77 | 5,095,277.77 | |
| Assetsheldforsales |
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| Non-currentassetduewithin1year | 51,745.32 | 51,745.32 | |
| Othercurrentasset | |||
| Totalofcurrentassets | 2,980,940,472.68 | 2,980,940,472.68 | |
| Non-currentassets | |||
| Loansandpaymentonother’sbehalfdisbursed | |||
| Debtinvestment | |||
| Otherinvestmentonbonds | |||
| Long-termreceivable | |||
| Longtermshareequityinvestment | 3,255,739,898.36 | 3,255,739,898.36 | |
| Otherequityinstrumentsinvestment | 1,835,822,604.77 | 1,835,822,604.77 | |
| Othernon-currentfinancialassets | |||
| Propertyinvestment | 3,331,500.37 | 3,331,500.37 | |
| Fixedassets | 8,925,700,473.65 | 8,925,700,473.65 | |
| Constructioninprogress | 229,098,299.48 | 229,098,299.48 | |
| Productionphysicalassets | |||
| Oil&gasassets | |||
| Userightassets | |||
| Intangibleassets | 6,393,895.17 | 6,393,895.17 | |
| Developmentexpenses | |||
| Goodwill | |||
| Long-germexpensestobeamortized | 1,114,764.44 | 1,114,764.44 | |
| Deferredincometaxasset | 385,494,106.13 | 385,494,106.13 | |
| Othernon-currentasset | 50,909,325.73 | 50,909,325.73 | |
| Totalofnon-currentassets | 14,693,604,868.10 | 14,693,604,868.10 | |
| Totalofassets | 17,674,545,340.78 | 17,674,545,340.78 | |
| Currentliabilities | |||
| Short-termloans | |||
| LoanfromCentralBank | |||
| Borrowingfunds |
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| Transactionalfinancialliabilities | |||
| Derivativefinancialliabilities | |||
| Notespayable | |||
| Accountpayable | 290,657,734.31 | 290,657,734.31 | |
| 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 | 14,822,524.70 | 14,822,524.70 | |
| Taxpayable | 84,257,586.94 | 84,257,586.94 | |
| Otheraccountpayable | 626,180,586.92 | 626,180,586.92 | |
| Including：Interestpayable | |||
| Dividendpayable | 20,020,119.31 | 20,020,119.31 | |
| Feesandcommissionspayable | |||
| Reinsurancefeepayable | |||
| Liabilitiesheldforsales | |||
| Non-currentliabilityduewithin1year | 795,861,958.07 | 795,861,958.07 | |
| Othercurrentliability | 189,628.17 | 189,628.17 | |
| Totalofcurrentliability | 1,827,575,113.80 | 1,827,575,113.80 | |
| Non-currentliabilities： | |||
| Reservefundforinsurancecontracts | |||
| Long-termloan | 4,640,425,000.00 | 4,640,425,000.00 | |
| Bondpayable | 678,124,972.89 | 678,124,972.89 |
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| Including：preferredstock | |||
| Sustainabledebt | |||
| Leaseliability | |||
| Long-termpayable | 39,369,379.91 | 39,369,379.91 | |
| Long-termremunerationpayabletostaff | |||
| Expectedliabilities | |||
| Deferredincome | |||
| Deferredincometaxliability | 238,453,976.29 | 238,453,976.29 | |
| Othernon-currentliabilities | |||
| Totalnon-currentliabilities | 5,596,373,329.09 | 5,596,373,329.09 | |
| Totalofliability | 7,423,948,442.89 | 7,423,948,442.89 | |
| Owners’equity | |||
| Sharecapital | 2,090,806,126.00 | 2,090,806,126.00 | |
| Otherequityinstruments | |||
| Including：preferredstock | |||
| Sustainabledebt | |||
| Capitalreserves | 2,562,570,465.31 | 2,562,570,465.31 | |
| Less：Sharesinstock | |||
| Othercomprehensiveincome | 382,193,344.90 | 382,193,344.90 | |
| Specialreserve | |||
| Surplusreserves | 910,425,068.90 | 910,425,068.90 | |
| Commonriskprovision | |||
| Retainedprofit | 3,877,431,844.64 | 3,877,431,844.64 | |
| Totalofowner’sequitybelongtotheparentcompany | 9,823,426,849.75 | 9,823,426,849.75 | |
| Minorityshareholders’equity | 427,170,048.14 | 427,170,048.14 | |
| Totalofowners’equity | 10,250,596,897.89 | 10,250,596,897.89 | |
| Totalofliabilitiesand | 17,674,545,340.78 | 17,674,545,340.78 |
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| owners’equity |
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 | |||
| Longtermshareequity | 4,789,404,907.17 | 4,789,404,907.17 |
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| investment | |||
| 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 |
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| 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 | |
| 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 |
| Items | December31,2019 | January1,2020 | Amountinvolvedintheadjustment |
| 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√Notapplicable
32.Fairvaluemeasurement
Fairvaluereferstothepricethatamarketparticipantmustpaytosellortransferaliabilityinanorderlytransactionthatoccursonthemeasurementdate.TheCompanymeasuresrelatedassetsorliabilitiesatfairvalue,assumingthattheorderlytransactionofsellingassetsortransferringliabilitiesisconductedinthemainmarketofrelatedassetsorliabilities;Ifthereisnomajormarket,theCompanyassumesthatthetransactionwillbeconductedinthemostfavorablemarketofrelatedassetsorliabilities.Themainmarket(orthemostfavorablemarket)isthetradingmarketthattheCompanycanenteronthemeasurementday.TheCompanyadoptstheassumptionsusedbymarketparticipantstomaximizetheireconomicbenefitswhenpricingtheassetsorliabilities.
Whenmeasuringnon-financialassetsatfairvalue,theabilityofmarketparticipantstousetheassetsforthebestpurposetogenerateeconomicbenefitsortheabilitytoselltheassetstoothermarketparticipantsforthebestpurposetogenerateeconomicbenefitsshallbeconsidered.
TheCompanyadoptsthevaluationtechnologywhichisapplicableinthecurrentsituationandsupportedbysufficientavailabledataandotherinformation,andgivesprioritytotherelevantobservableinputvalues,andonlyusestheunobservableinputvalueswhentheobservableinputvaluesareunavailableorimpractical.
Forassetsandliabilitiesmeasuredordisclosedatfairvalueinfinancialstatements,itshalldeterminethefairvaluelevelaccordingtothelowestlevelinputvaluewhichisofgreatsignificancetofairvaluemeasurementasawhole:thefirst-levelinputvalueistheunadjustedquotationofthesameassetsorliabilitiesthatcanbeobtainedonthemeasurementdateinanactivemarket;Thesecond-levelinputvalueisdirectlyorindirectlyobservableinputvaluesofrelatedassetsorliabilitiesexceptthefirst-levelinputvalue;Thethirdlevelinputvalueistheunobservableinputvalueofrelatedassetsorliabilities.
Oneachbalancesheetdate,theCompanyreassessestheassetsandliabilitiesrecognizedinthefinancialstatementsthatarecontinuouslymeasuredatfairvaluetodeterminewhetherthereisaconversionbetweenthefairvaluemeasurementlevels.
VI.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.Notestothemajoritemsofconsolidatedfinancialstatement
Unlessotherwisespecified,inthefollowingnotes(includingthenotestomainitemsinthefinancialstatementsoftheparentcompany)"thebeginningoftheperiod"referstoJanuary1,2020,"theendoftheperiod"referstoJune30,2020,"currentperiod"referstoJanuary-June,2020,and"lastperiod"referstoJanuary-June,2019.(unlessotherwisespecified)
1.MonetaryCapital
InRMB
| Items | Amountinyear-end | BalanceYear-beginning |
| Cash | 92,943.37 | 20,587.32 |
| Bankdeposit | 3,058,886,322.31 | 2,817,384,626.65 |
| Other | 517,476.78 | 515,680.53 |
| Total | 3,059,496,742.46 | 2,817,920,894.50 |
OthernoteOnJanuary30,2020,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(%) | Amount | |||
| Ofwhich： | |||||||||||
| Accrualofbaddebtprovisionbyportfolio | 135,661,315.25 | 100% | 1,591,677.10 | 1.17% | 134,069,638.15 | 129,049,371.28 | 100% | 1,354,993.29 | 1.05% | 127,694,377.99 | |
| Ofwhich： | |||||||||||
| Agingportfolio | 133,863,918.46 | 98.68% | 1,591,677.10 | 1.19% | 132,272,241.36 | 126,698,717.95 | 98.18% | 1,354,993.29 | 1.07% | 125,343,724.66 | |
| Qualityguaranteeportfolio | 1,797,396.79 | 1.32% | 1,797,396.79 | 2,350,653.33 | 1.82% | 2,350,653.33 | |||||
| Total | 135,661,315.25 | 100% | 1,591,677.10 | 1.17% | 134,069,638.15 | 129,049,371.28 | 1,354,993.29 | 127,694,377.99 | |||
Accrualofbaddebtprovisionbyportfolio：Accrualofbaddebtprovisionbyagingportfolio
InRMB
| Name | Balanceinyear-end | ||
| Receivableaccounts | Baddebtprovision | Withdrawalproportion | |
| Within1year | 124,471,086.67 | 0.00% | |
| 1-2years | 8,465,399.40 | 846,539.95 | 10.00% |
| 2-3years | 75,000.00 | 22,500.00 | 30.00% |
| 3-4years | 123,880.00 | 61,940.00 | 50.00% |
| 4-5years | 678,552.39 | 610,697.15 | 90.00% |
| Over5years | 50,000.00 | 50,000.00 | 100.00% |
| Total | 133,863,918.46 | 1,591,677.10 | -- |
Noteofthebasisofrecognizingtheportfolio:
ProvisionforbaddebtsaccordingtotheageportfolioAccrualofbaddebtprovisionbyportfolio:NotesofthebasisofQualityguaranteethegroup
InRMB
| Name | Balanceinyear-end | ||
| Receivableaccounts | Baddebtprovision | Withdrawalproportion | |
| Qualityguarantee | 1,797,396.79 | ||
| Total | 1,797,396.79 | -- | |
Notesofthebasisofrecognizingtheportfolio:
ProvisionforbaddebtsaccordingtoQualityguaranteeportfolioRelevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√NotapplicableDisclosurebyaging
InRMB
| Aging | Closingbalance |
| Within1year（Including1year） | 124,471,086.67 |
| 1-2years | 8,590,178.95 |
| 2-3years | 116,508.25 |
| Over3years | 2,483,541.38 |
| 3-4years | 638,877.60 |
| 4-5years | 1,093,218.84 |
| Over5years | 751,444.94 |
| Aging | Closingbalance |
| Total | 135,661,315.25 |
(2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：
InRMB
| Category | Openingbalance | Amountofchangeinthecurrentperiod | Closingbalance | |||
| Accrual | Reversedorcollectedamount | Write-off | Other | |||
| Agingportfolio | 1,354,993.29 | 236,683.81 | 1,591,677.10 | |||
| Total | 1,354,993.29 | 236,683.81 | 1,591,677.10 | |||
Ofwhichthesignificantamountofthereversedorcollectedpartduringthereportingperiod:None
（3）Thecurrentaccountsreceivablewrite-offssituation
None
（4）Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties
InRMB
| Name | Amount | Proportion(%) | Baddebtprovision |
| GuangdongUnionElectronicServicesCo.,Ltd. | 51,964,979.29 | 38.30% | |
| GuangzhouLingteElectronicCo.,Ltd. | 19,955,000.00 | 14.71% | |
| GuangdongHumenBridgeCo.,Ltd. | 16,318,549.64 | 12.03% | |
| GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 10,324,414.00 | 7.61% | |
| ShandongBoanIntelligentTechnologyCo.,Ltd | 7,409,966.25 | 5.46% | 740,996.63 |
| Total | 105,972,909.18 | 78.11% |
（5）AccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone
(6)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccountsreceivableNone
3.Prepayments
（1）Ageanalysis
InRMB
| Age | Balanceinyear-end | BalanceYear-beginning | ||
| Amount | Proportion（%） | Amount | Proportion（%） | |
| Within1year | 2,902,724.33 | 94.48% | 10,724,508.41 | 98.44% |
| Over3years | 169,738.00 | 5.52% | 169,738.00 | 1.56% |
| Total | 3,072,462.33 | -- | 10,894,246.41 | -- |
Notesofthereasonsoftheprepaymentagesover1yearwithsignificantamountbutfailedsettledintime:
None
(2)Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget
InRMB
| Name | RelationswiththeCompany | Amount | Aging | Reasonsfornon-settlement | Proportion% |
| ChinaPacificPropertyInsuranceCo.Ltd.GuangdongBranch | Non-Relatedparty | 838,016.00 | Within1year | Prepaidinsurance | 27.28 |
| XingningHongdaSubcontractingCo.,Ltd. | Non-Relatedparty | 648,970.00 | Within1year | Outstandingperiod | 21.12 |
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Non-Relatedparty | 595,546.00 | Within1year | PrepaidEngineeringfunds | 19.38 |
| ChinaPingAnPropertyInsuranceCo.Ltd.GuangdongBranch | Non-Relatedparty | 300,247.50 | 1Within1year | Prepaidinsurance | 9.77 |
| GuangzhouITSCommunicationsEquipmentCo.,Ltd. | Non-Relatedparty | 226,200.00 | Within1year | Unfinishedworks,outstanding | 7.36 |
| Total | / | 2,608,979.50 | / | / | 84.91 |
4.Otheraccountsreceivable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Dividendreceivable | 10,955,472.90 | 7,205,472.90 |
| Otherreceivable | 12,027,702.56 | 11,966,774.57 |
| Total | 22,983,175.46 | 19,172,247.47 |
（1）Dividendreceivable
1)Dividendreceivable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| GuangdongRadioandTelevisionNetworksinvestment | 1,205,472.90 | 1,205,472.90 |
| Items | Balanceinyear-end | BalanceYear-beginning |
| No.1Limitedpartnershipenterprise | ||
| GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 6,000,000.00 | |
| ZhaoqingYuezhaoHigywayCo.,Ltd. | 9,750,000.00 | |
| Total | 10,955,472.90 | 7,205,472.90 |
2）Significantdividendreceivableagedover1year
None
3）Bad-debtprovision
□Applicable√Notapplicable
（2）Otheraccountsreceivable
1)Otheraccountsreceivableclassifiedbythenatureofaccounts
InRMB
| Nature | Closingbookbalance | Openingbookbalance |
| Balanceofsettlementfundsforsecuritiestransactions | 47,528,056.18 | 47,528,056.18 |
| Cashdeposit | 2,401,147.29 | 3,435,633.29 |
| GelinEnzeAccount | 4,007,679.91 | 4,007,679.91 |
| Pettycash | 4,206,145.37 | 3,580,634.57 |
| TranOthersaferoflong-termassetsreceivable | 935,820.00 | 935,820.00 |
| Other | 4,513,802.08 | 4,043,898.89 |
| Total | 63,592,650.83 | 63,531,722.84 |
2）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 | |
| BalanceasatJanuary1,2020incurrent | —— | —— | —— | —— |
| BalanceasatJanuary30,2020 | 29,212.18 | 51,535,736.09 | 51,564,948.27 |
Ofwhichthesignificantamountofthereversedorcollectedpartduringthereportingperiod:NoneNote1：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√Notapplicable
Disclosurebyaging
InRMB
| Aging | Closingbalance |
| Within1year（Including1year） | 6,692,782.19 |
| 1-2years | 1,401,091.99 |
| 2-3years | 446,715.70 |
| Over3years | 55,052,060.95 |
| 3-4years | 1,492,984.00 |
| 4-5years | 503,491.88 |
| Over5years | 53,055,585.07 |
| Total | 63,592,650.83 |
3）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：
InRMB
| Category | Amountofchangeinthecurrentperiod | Closingbalance | ||||
| Accrual | Reversedorcollectedamount | Write-off | Other | |||
| Accrualofsingleitem | 51,535,736.09 | 51,535,736.09 | ||||
| Accrualofportfolio-Agingportfolio | 29,212.18 | 29,212.18 | |
| Accrualofportfolio-Otherportfolio | |||
| Total | 51,564,948.27 | 51,564,948.27 |
Wherethecurrentbaddebtsbackorrecoversignificantamounts:None
4)Theactualwrite-offotheraccountsreceivable:None
5)Top5oftheclosingbalanceoftheotheraccountsreceivablecollatedaccordingtothearrearsparty
InRMB
| Name | Nature | Closingbalance | Aging | Proportionofthetotalyearendbalanceoftheaccountsreceivable(%) | Closingbalanceofbaddebtprovision |
| KunlunSecuritiesCo.,Ltd | Securitiestradingsettlementfunds | 47,528,056.18 | Over5years | 74.74% | 47,528,056.18 |
| BeijingGelinEnze | Currentaccount | 4,007,679.91 | Over5years | 6.30% | 4,007,679.91 |
| GuangdongLitongRealEstatesInvestmentCo.,Ltd. | Deposit | 1,505,864.00 | 3-4years | 2.37% | |
| GuangdongLitongRealEstatesInvestmentCo.,Ltd. | Deposit | 9,213.22 | 1-2years | 0.01% | |
| FoshanHezhanYinghuiPropertyManagementCo.,Ltd. | Disposaloffixedassets | 935,820.00 | Within1year | 1.47% | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | Deposit | 560,000.00 | Over5years | 0.88% | |
| Total | -- | 54,546,633.31 | -- | 85.77% | 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 | |
| Rawmaterials | 111,683.22 | 111,683.22 | 111,683.22 | 111,683.22 | ||
| Total | 111,683.22 | 111,683.22 | 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 | 5,246,547.77 | 5,246,547.77 | 5,095,277.77 | 5,095,277.77 | ||
| Total | 5,246,547.77 | 5,246,547.77 | 5,095,277.77 | 5,095,277.77 | ||
Amountandreasonofmaterialchangeofbookvalueofcontractassetsinthecurrentperiod::NoneRelevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofcontractassetsisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
Provisionforimpairmentofcontractassetsinthecurrentperiod
□Applicable√NotapplicableNone
7.Non-currentassetduewithin1year
InRMB
| Items | Year-endbalance | Year-beginningbalance |
| Pre-paymentofbusinesstaxbeforereplacingbusinesstaxwithVAT | 51,745.32 | 51,745.32 |
| Total | 51,745.32 | 51,745.32 |
Importantcreditor'srightsInvestment/othercreditor'srightsinvestment:
8.Othercurrentassets
InRMB
| Items | Year-endbalance | Year-beginningbalance |
| Incometaxtobededucted | 204,007.47 | |
| Incometaxtobecertified | 106,665.85 | |
| Total | 310,673.32 |
9.Long-termequityinvestment
InRMB
| Investees | Openingbalance | Increase/decrease | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Additionalinvestment | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofimpairmentprovision | Other | ||||||
| I.Jointventure | |||||||||||
| GuangdongGuanghuiExpresswayCo.,Ltd. | 1,048,473,573.52 | 43,495,261.34 | 3,954,180.00 | 24,715,954.57 | 1,071,207,060.29 | ||||||
| Subtotal | 1,048,473,573.52 | 43,495,261.34 | 3,954,180.00 | 24,715,954.57 | 1,071,207,060.29 | ||||||
| 2.AffiliatedCompany | |||||||||||
| GuangdongJiangzhongExpresswayCo.,.Ltd. | 179,491,516.98 | -2,474,550.29 | 177,016,966.69 | ||||||||
| GanzhouGankangExpresswayCo.,Ltd. | 213,672,650.90 | -18,334,081.49 | 195,338,569.41 | ||||||||
| GanzhouKangdaExpresswayCo., | 234,733,526.86 | 5,693,920.94 | 240,427,447.80 | ||||||||
| Investees | Openingbalance | Increase/decrease | Closingbalance | Closingbalanceofimpairmentprovision | |||||||
| Additionalinvestment | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofimpairmentprovision | Other | ||||||
| Ltd. | |||||||||||
| ShenzhenHuiyanExpresswayCo.,Ltd. | 262,682,427.44 | 916,998.38 | 263,599,425.82 | ||||||||
| GuoyuanSecuritiesCo.,Ltd. | 793,926,807.52 | 14,629,008.65 | 2,533,278.11 | 11,940,297.90 | 799,148,796.38 | ||||||
| GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 214,637,335.45 | 4,318,117.99 | 218,955,453.44 | ||||||||
| HunanLianzhiTechnologyCo.,Ltd. | 80,000,000.00 | 80,000,000.00 | |||||||||
| ZhaoqingYuezhaoHighwayCo.,Ltd. | 308,122,059.69 | 7,608,675.97 | 49,750,000.00 | 265,980,735.66 | |||||||
| Subtotal | 2,207,266,324.84 | 80,000,000.00 | 12,358,090.15 | 2,533,278.11 | 61,690,297.90 | 2,240,467,395.20 | |||||
| Total | 3,255,739,898.36 | 80,000,000.00 | 55,853,351.49 | 2,533,278.11 | 3,954,180.00 | 86,406,252.47 | 3,311,674,455.49 | ||||
Othernote
10.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. | 842,212,699.52 | 1,037,474,303.04 |
| HuaxiaSecuritiesCo.,Ltd.（Notes1） | ||
| HuazhengAssetManagementCo.,Ltd.（Notes2） | ||
| KunlunSecuritiesCo.,Ltd.（Notes3） | ||
| Total | 1,640,561,001.25 | 1,835,822,604.77 |
Breakdowndisclosureofinvestmentinnon-tradableequityinstrumentsinthecurrentperiod
InRMB
| Items | Dividendincomerecognized | Cumulativegain | Cumulativeloss | Amountofotherconsolidatedincometransferredtoretainedearnings | Reasonsfordesignationasmeasuredatfairvalueandchangesincludedinothercomprehensiveincome | Reasonsforotherconsolidatedincometransferredtoretainedearnings |
| GuangleExpresswayCo.,Ltd. | Non-transactionalpurposeforshareholding | |||||
| GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise | 440,655.02 | 7,802,784.15 | Non-transactionalpurposeforshareholding | |||
| ChinaEverbrightBankCo.,Ltd. | 50,344,558.02 | 324,651,822.72 | 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-transactional |
Othernote：
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.
11.Investmentproperty
(1)Investmentpropertyadoptedthecostmeasurementmode
√Applicable□Notapplicable
InRMB
purposeforshareholding
Items
| 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 |
| Items | Housesandbuildings | Landuseright | Constructioninprogress | Total |
| II.Accumulateddepreciationaccumulatedamortization | ||||
| 1.Openingbalance | 10,547,091.78 | 1,757,937.20 | 12,305,028.98 | |
| 2.Increasedamountoftheperiod | 73,774.56 | 36,784.68 | 110,559.24 | |
| (1)Withdrawaloramortization | 73,774.56 | 36,784.68 | 110,559.24 |
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| （2）OtherOut |
| 4.Closingbalance | 10,620,866.34 | 1,794,721.88 | 12,415,588.22 | |
| III.Impairmentprovision | ||||
| 1.Openingbalance | ||||
| 2.Increasedamountoftheperiod | ||||
| （1）Withdrawal |
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| （2）OtherOut |
| 4.Closingbalance | ||||
| IV.Bookvalue | ||||
| 1.Closingbookvalue | 2,043,831.91 | 1,177,109.22 | 3,220,941.13 | |
| 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 | 1,366,521.30 | Transportationandotherancillaryfacilities,Notaccreditation |
Othernote
12.Fixedassets
InRMB
| Items | Year-endbalance | Year-beginningbalance |
| Fixedassets | 8,709,189,223.95 | 8,925,700,473.65 |
| Total | 8,709,189,223.95 | 8,925,700,473.65 |
(1)Listoffixedassets
InRMB
| Items | GuangfoExpressway | FokaiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
| I.Originalprice | ||||||||
| 1.Openingbalance | 1,460,270,190.66 | 10,935,058,609.66 | 4,816,156,616.45 | 362,192,894.64 | 260,560,603.98 | 48,644,014.84 | 658,113,290.64 | 18,540,996,220.87 |
| 2.Increasedamountoftheperiod | 774,778.00 | 165,231,518.56 | 166,006,296.56 | |||||
| （1）Purchase | 584,179.63 | 584,179.63 | ||||||
| （2）Transferofprojectunderconstruction | 774,778.00 | 164,647,338.93 | 165,422,116.93 | |||||
| (3)IncreasedofEnterpriseconsolidation |
| 3.Decreasedamountoftheperiod | 16,205.00 | 864,000.00 | 3,321,533.40 | 4,201,738.40 | ||||
| （1）Disposalorscrap | 16,205.00 | 864,000.00 | 3,321,533.40 | 4,201,738.40 | ||||
| （2）Governmentsubsidyoffset | ||||||||
| 4.Closingbalance | 1,460,270,190.66 | 10,935,058,609.66 | 4,816,156,616.45 | 362,967,672.64 | 260,544,398.98 | 47,780,014.84 | 820,023,275.80 | 18,702,800,779.03 |
| II.Accumulateddepreciation | ||||||||
| 1.Openingbalance | 1,460,270,190.66 | 4,494,205,215.58 | 2,841,639,585.51 | 252,883,785.76 | 84,814,297.41 | 39,174,447.40 | 435,070,029.06 | 9,608,057,551.38 |
| Items | GuangfoExpressway | FokaiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
| 2.Increasedamountoftheperiod | 252,003,690.67 | 69,596,901.68 | 6,505,633.72 | 15,628,796.47 | 1,231,400.55 | 37,350,892.55 | 382,317,315.64 | |
| （1）Withdrawal | 252,003,690.67 | 69,596,901.68 | 6,505,633.72 | 15,628,796.47 | 1,231,400.55 | 37,350,892.55 | 382,317,315.64 |
| 3.Decreasedamountoftheperiod | 15,556.80 | 777,600.00 | 3,208,350.98 | 4,001,507.78 | |
| （1）Disposalorscrap | 15,556.80 | 777,600.00 | 3,208,350.98 | 4,001,507.78 |
| 4.Closingbalance | 1,460,270,190.66 | 4,746,208,906.25 | 2,911,236,487.19 | 259,389,419.48 | 100,427,537.08 | 39,628,247.95 | 469,212,570.63 | 9,986,373,359.24 |
| II.Accumulateddepreciation | ||||||||
| 1.Openingbalance | 7,238,195.84 | 7,238,195.84 | ||||||
| 2.Increasedamountoftheperiod | ||||||||
| （1）Withdrawal |
| 3.Decreasedamountoftheperiod |
| （1）Disposalorscrap |
| 4.Closingbalance | 7,238,195.84 | 7,238,195.84 |
| Items | GuangfoExpressway | FokaiExpressway | JingzhuExpresswayGuangzhusection | Houseandbuildings | Machineryequipment | Transportationequipment | Electricityequipmentandother | Total |
| IV.Bookvalue | ||||||||
| 1.Closingbookvalue | 6,188,849,703.41 | 1,904,920,129.26 | 103,578,253.16 | 160,116,861.90 | 8,151,766.89 | 343,572,509.33 | 8,709,189,223.95 | |
| 2.Openingbook | 6,440,853,394.08 | 1,974,517,030.94 | 109,309,108.88 | 175,746,306.57 | 9,469,567.44 | 215,805,065.74 | 8,925,700,473.65 |
⑵TemporarilyidlefixedassetsNone
（3）Detailsoffixedassetsfailedtoaccomplishcertificationofproperty
InRMB
| Items | Bookvalue | Reason |
| Transportationandotherancillaryfacilities | 86,957,266.64 | Notaccreditation |
Othernote
13.Projectunderconstruction
InRMB
| Items | Year-endbalance | Year-beginningbalance |
| Projectunderconstruction | 169,594,866.22 | 229,098,299.48 |
| Total | 169,594,866.22 | 229,098,299.48 |
（1）Projectunderconstruction
InRMB
| Items | Year-endbalance | Year-beginningbalance | ||||
| Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
| CancellationofExpresswayProvincialTollStationProject | 66,534,825.51 | 66,534,825.51 | ||||
| ReconstructionandExpansionofSanbaotoShuikou | 20,812,651.91 | 20,812,651.91 | 15,943,015.38 | 15,943,015.38 | ||
| BridgedeckpavementprojectofhailongBridge | 1,382,928.49 | 1,382,928.49 | 1,382,928.49 | 1,382,928.49 | ||
| Urbantollstationproject | 9,013,081.45 | 9,013,081.45 | 9,013,081.45 | 9,013,081.45 | ||
| PavementTreatmentProject | 47,513,858.97 | 47,513,858.97 | 46,573,355.85 | 46,573,355.85 | ||
| BridgeDeckTreatmentProjectofDayongViaduct | 69,200,820.99 | 69,200,820.99 | 67,204,790.39 | 67,204,790.39 | ||
| ImprovementProjectofDrainagePipesAcrossRiverReachofBridge | 5,933,146.00 | 5,933,146.00 | 5,933,146.00 | 5,933,146.00 | ||
| Items | Year-endbalance | Year-beginningbalance | ||||
| Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
| BridgeDrainageImprovementProjectAcrossCentralizedDrinkingWaterSources | 7,000,000.00 | 7,000,000.00 | 7,000,000.00 | 7,000,000.00 | ||
| MonitoringHallMigrationProject | 7,167,718.98 | 7,167,718.98 | 7,167,718.98 | 7,167,718.98 | ||
| Oddproject | 1,570,659.43 | 1,570,659.43 | 2,345,437.43 | 2,345,437.43 | ||
| Total | 169,594,866.22 | 169,594,866.22 | 229,098,299.48 | 229,098,299.48 | ||
(2)Changesofsignificantconstructioninprogress
InRMB
| Nameofproject | Budget | Openingbalance | Increase | Transferredtofixedassets | Otherdecrease | Endbalance | Proportion% | Projectprocess | Capitalizationofinterest | Including:capitalizationofinterestthisperiod | Capitalizationofinterestrate(%) | Sourceoffunding |
| CancellationofExpresswayProvincialTollStationProject | 178,291,911.00 | 66,534,825.51 | 98,112,513.42 | 164,647,338.93 | 93.59% | 100.00% | Others | |||||
| ReconstructionandExpansionofSanbaotoShuikou | 3,426,210,000.00 | 15,943,015.38 | 4,869,636.53 | 20,812,651.91 | 75.51% | 75.51% | 72,779,504.82 | Others | ||||
| PavementTreatmentProject | 186,809,600.00 | 46,573,355.85 | 940,503.12 | 47,513,858.97 | 25.43% | 25.43% | 1,118,693.61 | 940,503.12 | 4.31% | Others | ||
| BridgeDeckTreatmentProjectofDayongViaduct | 122,940,000.00 | 67,204,790.39 | 1,996,030.60 | 69,200,820.99 | 56.29% | 56.29% | 2,683,619.99 | 1,996,030.60 | 4.31% | Others | ||
| Total | 3,914,251,511.00 | 196,255,987.13 | 105,918,683.67 | 164,647,338.93 | 137,527,331.87 | -- | -- | 76,581,818.42 | 2,936,533.72 | -- |
(3)ProvisionforimpairmentofconstructionprojectsinthecurrentperiodNone
14.Intangibleassets
(1)Listofintangibleassets
InRMB
| Items | Landuseright | Patentright | Non-patentright | Software | Total |
| I.Originalprice | |||||
| 1.Openingbalance | 1,311,658.00 | 31,328,839.81 | 32,640,497.81 | ||
| 2.Increasedamountoftheperiod | 62,517.57 | 62,517.57 | |||
| (1)Purchase | 62,517.57 | 62,517.57 | |||
| (2)InternalDevelopment | |||||
| (3)IncreasedofEnterpriseCombination |
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| 4.Closingbalance | 1,311,658.00 | 31,391,357.38 | 32,703,015.38 | |
| II.Accumulatedamortization | ||||
| 1.Openingbalance | 1,311,658.00 | 24,934,944.64 | 26,246,602.64 | |
| 2.Increasedamountoftheperiod | 1,062,165.61 | 1,062,165.61 | ||
| (1)Withdrawal | 1,062,165.61 | 1,062,165.61 |
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| Items | Landuseright | Patentright | Non-patentright | Software | Total |
| 4.Closingbalance | 1,311,658.00 | 25,997,110.25 | 27,308,768.25 | ||
| III.Impairmentprovision | |||||
| 1.Openingbalance | |||||
| 2.Increasedamountoftheperiod | |||||
| (1)Withdrawal |
| 3.Decreasedamountoftheperiod |
| （1）Disposal |
| 4.Closingbalance | |||
| IV.Bookvalue | |||
| 1.Closingbookvalue | 5,394,247.13 | 5,394,247.13 | |
| 2.Openingbookvalue | 6,393,895.17 | 6,393,895.17 |
Theintangibleassetsbytheendoftheformationofthecompany'sinternalR&Daccountedoftheproportionofthebalanceofintangibleassets⑵DetailsofLanduserightfailedtoaccomplishcertificationofpropertyNone
15.Long-termamortizeexpenses
InRMB
| Items | Balanceinyear-begin | Increaseinthisperiod | Amortizedexpenses | Otherloss | Balanceinyear-end |
| Rentalfeeforplant | 1,114,764.44 | 53,508.72 | 1,061,255.72 | ||
| Total | 1,114,764.44 | 53,508.72 | 1,061,255.72 |
16.Deferredincometaxassets/deferredincometaxliabilities
(1)Deferredincometaxassetshadnotbeenoff-set
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
| Assetsimpairmentprovisions | 7,238,195.84 | 1,809,548.96 | 7,238,195.84 | 1,809,548.96 |
| Deductibleloss | 1,120,134,827.88 | 280,033,706.98 | 1,054,468,552.04 | 263,617,138.01 |
| Amortizationofintangibleassets | 16,370,675.77 | 4,092,668.94 | 100,250,984.24 | 25,062,746.06 |
| Assetvaluationappreciation | 346,250,638.18 | 86,562,659.55 | 380,018,692.41 | 95,004,673.10 |
| Total | 1,489,994,337.67 | 372,498,584.43 | 1,541,976,424.53 | 385,494,106.13 |
(2)Deferredincometaxliabilitieshadnotbeenoff-set
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning | ||
| Deductibletemporarydifference | Deferredincometaxliabilities | Deductibletemporarydifference | Deferredincometaxliabilities | |
| Changesinthefairvalueofotherequityinstruments | 324,651,822.72 | 81,162,955.68 | 519,913,426.24 | 129,978,356.56 |
| Deductibletemporarydifferencesintheformationofassetimpairment | 444,929,907.64 | 111,232,476.91 | 433,902,478.92 | 108,475,619.73 |
| Total | 769,581,730.36 | 192,395,432.59 | 953,815,905.16 | 238,453,976.29 |
（3）Detailsofunrecognizeddeferredtaxassets
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Deductibleloss | 9,751,378.66 | 8,013,102.87 |
| Assetsimpairmentprovisions | 90,176,625.37 | 89,939,941.56 |
| Costofoutstandinginvoices | 1,941,115.68 | |
| Total | 99,928,004.03 | 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 | 3,210,991.23 | 3,210,991.23 | |
| 2024 | 3,669,002.60 | 3,669,002.60 | |
| 2025 | 1,738,275.79 | ||
| Total | 9,751,378.66 | 8,013,102.87 | -- |
Othernote：
17.OtherNon-currentassets
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning | ||||
| Bookbalance | Provisionfordevaluation | Bookvalue | Bookbalance | Provisionfordevaluation | Bookvalue | |
| Prepaidfixedassetsengineeringfees | 34,482,614.47 | 34,482,614.47 | 50,442,297.97 | 50,442,297.97 | ||
| Prepaidbusinesstax | 492,900.42 | 492,900.42 | 518,773.08 | 518,773.08 | ||
| Less：Partduewithin1year | -51,745.32 | -51,745.32 | -51,745.32 | -51,745.32 | ||
| Total | 34,923,769.57 | 34,923,769.57 | 50,909,325.73 | 50,909,325.73 | ||
Othernote：
18.Accountpayable
（1）Listofaccountpayable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Within1year（Including1year） | 162,774,472.04 | 177,823,526.35 |
| 1-2years（including2years） | 34,995,823.93 | 11,710,703.48 |
| 2-3years（including3years） | 8,648,550.00 | 2,468,424.00 |
| Over3years | 98,394,394.48 | 98,655,080.48 |
| Total | 304,813,240.45 | 290,657,734.31 |
（2）Significantpayableagingmorethan1year
InRMB
| Items | Balanceinyear-end | Reason |
| FoshanLandandresourcesBureau. | 30,507,598.21 | Unsettled |
| GuangZhongjiangExpresswayprojectManagementDept | 28,000,000.00 | Unsettled |
| HeshanLandandresourcesBureau | 27,186,893.60 | Unsettled |
| GuangdongHighwayConstructionCo.,Ltd. | 25,630,651.00 | Unsettled |
| GuangdongProvincialFreewayCo.,Ltd. | 8,746,491.18 | Unsettled |
| Total | 120,071,633.99 | -- |
19.Prepaymentreceived
(1)ListofPrepaymentreceived
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Within1year（Including1year） | 806,015.98 | 1,865,984.63 |
| 1-2years（Including2years） | ||
| 2-3years（Including3years） | ||
| Over3years | 10,393,700.37 | 10,951,499.43 |
| Total | 11,199,716.35 | 12,817,484.06 |
(2)Significantadvancefromcustomersagingoveroneyear
InRMB
| Items | Balanceinyear-end | Unpaid/Uncarryoverreason |
| GuangzhouHuanlongExpresswayCo.,Ltd. | 8,383,879.82 | TheRentalisnotinthesettlementperiod |
| GuanghdongXinleTechnologyDevelopmentCo.,Ltd. | 1,537,523.81 | TheRentalisnotinthesettlementperiod |
| Total | 9,921,403.63 | -- |
20.PayableEmployeewage
（1）PayableEmployeewage
InRMB
| Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| I.Short-termcompensation | 14,822,524.70 | 128,500,655.48 | 124,544,037.99 | 18,779,142.19 |
| II.Post-employmentbenefits-definedcontributionplans | 11,175,489.25 | 9,764,863.47 | 1,410,625.78 | |
| III.Dismissalbenefits | 80,117.63 | 80,117.63 | ||
| Total | 14,822,524.70 | 139,756,262.36 | 134,389,019.09 | 20,189,767.97 |
（2）Short-termRemuneration
InRMB
| Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| 1.Wages,bonuses,allowancesandsubsidies | 642,463.49 | 94,813,014.04 | 90,952,413.30 | 4,503,064.23 |
| 2.Employeewelfare | 9,303,364.42 | 9,211,545.43 | 91,818.99 | |
| 3.Socialinsurancepremiums | 6,471,924.55 | 6,468,331.84 | 3,592.71 | |
| Including：Medicalinsurance | 3,725,818.90 | 3,722,909.27 | 2,909.63 | |
| Workinjuryinsurance | 19,532.24 | 19,532.24 | ||
| Maternityinsurance | 873,658.04 | 872,974.96 | 683.08 | |
| Other | 1,852,915.37 | 1,852,915.37 | ||
| 4.Publicreservesforhousing | 14,000,113.00 | 13,989,322.00 | 10,791.00 | |
| 5.Unionfundsandstaffeducationfee | 12,865,407.64 | 3,381,179.63 | 3,284,605.58 | 12,961,981.69 |
| 8.Other | 1,314,653.57 | 531,059.84 | 637,819.84 | 1,207,893.57 |
| Total | 14,822,524.70 | 128,500,655.48 | 124,544,037.99 | 18,779,142.19 |
（3）Definedcontributionplanslisted
InRMB
| Items | BalanceYear-beginning | Increaseinthisperiod | Payableinthisperiod | Balanceinyear-end |
| 1.Basicold-ageinsurancepremiums | 2,003,693.48 | 2,003,693.48 | ||
| 2.Unemploymentinsurance | 56,693.56 | 56,693.56 | ||
| 3.Enterpriseannuitypayment | 9,115,102.21 | 7,704,476.43 | 1,410,625.78 | |
| Total | 11,175,489.25 | 9,764,863.47 | 1,410,625.78 |
Othernotes：
21.TaxPayable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| VAT | 12,245,948.76 | 14,195,480.90 |
| EnterpriseIncometax | 23,310,669.09 | 65,145,885.17 |
| IndividualIncometax | 108,161.34 | 2,866,768.16 |
| CityConstructiontax | 480,762.03 | 957,991.34 |
| Educationsubjoin | 234,125.43 | 431,482.48 |
| LocalityEducationsubjoin | 142,025.15 | 273,333.04 |
| Landusetax | 606,620.40 | |
| Propertytax | 680,454.25 | 17,061.15 |
| Stamptax | 44,687.72 | 218,722.91 |
| Constructioncostsforculturalundertaking | 31,200.00 | |
| Other | 119,661.79 | |
| Total | 37,853,454.17 | 84,257,586.94 |
Othernote：
22.Otheraccountspayable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Dividendpayable | 954,302,889.90 | 20,020,119.31 |
| Otheraccountpayable | 471,530,924.09 | 606,160,467.61 |
| Total | 1,425,833,813.99 | 626,180,586.92 |
（1）Dividendspayable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Commonstockdividends | 954,302,889.90 | 20,020,119.31 |
| Total | 954,302,889.90 | 20,020,119.31 |
Note:Includingsignificantunpaiddividendspayableoveroneyear,theunpaidreasonshallbedisclosed:
Finaldividendpayable19,998,911.82yuanformorethanayearinunpaiddividendstoshareholdersovertheyearwasmainlyduetonon-paymentofshareholderdividendsdidnotprovideinformationoninterest-bearingbank,didnotsharereformofshareholderstoreceivedividendsorprovideapplicationtoreceivedividendsthebankinformationisincorrect,resultinginfailuretopayadividendorrefund.
（2）Otheraccountspayable
(1)Otheraccountspayablelistedbynatureoftheaccount
InRMB
| Items | Year-endbalance | Year-Beginningbalance |
| Qualityguaranteefund | 42,938,220.28 | 55,789,027.50 |
| Borrowing | 182,161,406.25 | 184,505,512.50 |
| Provisionalestimateofprojectcost | 199,761,484.19 | 305,588,291.39 |
| Other | 46,669,813.37 | 60,277,636.22 |
| Total | 471,530,924.09 | 606,160,467.61 |
(2)Othersignificantaccountspayablewithagingoveroneyear
InRMB
| Items | Closingbalance | Unpaid/un-carryoverreason |
| YayaotoXiebianextension | 12,499,448.48 | Outstanding |
| CCCCFirstHarborEngineeringCo.,Ltd. | 8,339,501.22 | ProjectQualityguarantees,constractliquidateddamages |
| PolyChangdaHighwayEngineeringCo.,Ltd. | 4,103,645.00 | Contractliquidateddamages,projectwithholding |
| GuangdongLongdaSuperhighwayMaintenanceCo.,Ltd. | 3,184,244.10 | ProjectQualityguarantees,contractliquidateddamages,Wagemarginformigrantworkers |
| ChinaRailway18BureauGroupCo.,Ltd. | 2,501,500.00 | Contractliquidateddamages,Wagemarginformigrantworkers |
| Total | 30,628,338.80 | -- |
23.Contractliabilities
（1）Contractliabilities
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Advancesonsale | 108,100.88 | 2,787,610.63 |
| Less：Othernon-currentliabilities | ||
| Total | 108,100.88 | 2,787,610.63 |
24.Non-currentliabilitiesduewithin1year
InRMB
| Long-termloansduewithin1year | Balanceyear-end | Year-beginningbalance |
| Long-termpayableduewithin1year | 62,060,000.00 | 765,445,000.00 |
| Interestpayableduewithin1year | 732,075.47 | 256,603.77 |
| Total | 96,380,696.28 | 30,160,354.30 |
| Long-termloansduewithin1year | 159,172,771.75 | 795,861,958.07 |
Othernote：
25.Othercurrentliabilities
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Taxtoberewritten | 1,603,872.74 | 189,628.17 |
| Total | 1,603,872.74 | 189,628.17 |
26.Long-termloan
(1)Categoryoflong-termloan
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Pledgeloan | 507,365,000.00 | 447,365,000.00 |
| Guaranteedloan | 375,000,000.00 | |
| Creditloan | 4,259,587,500.00 | 4,583,505,000.00 |
| Long-termloansduewithinoneyear | -62,060,000.00 | -765,445,000.00 |
| Total | 4,704,892,500.00 | 4,640,425,000.00 |
Othernotesincludinginterestraterange：
ThePledgeloanrateis4.15%-4.41%;theguaranteedloaninterestrateis5.6%;thecreditinterestrateis
3.95%-4.41%.
27.Bondpayable
（1）Bondpayable
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Medium-termnote | 1,426,014,144.87 | 678,124,972.89 |
| Total | 1,426,014,144.87 | 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 | -223,241.92 | 678,348,214.81 | |||
| 20GuangdongExpresswayMTN001 | 750,000,000.00 | 2020.3.13 | 2020.3.17-2025.3.17 | 750,000,000.00 | 750,000,000.00 | 2,334,069.94 | 747,665,930.06 | |||
| Total | -- | -- | -- | 1,430,000,000.00 | 678,124,972.89 | 750,000,000.00 | 2,110,828.02 | 1,426,014,144.87 |
(3)NotetoconditionsandtimeofsharetransferofconvertiblebondsNone
（4）OtherfinancialinstrumentsthatareclassifiedasfinancialliabilitiesNone
28.Long-termpayable
InRMB
| Items | Balanceyear-end | Year-beginningbalance |
| Long-termpayable | 40,406,172.36 | 39,369,379.91 |
| Total | 40,406,172.36 | 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 | 1,603,773.57 |
| Less：Partduewithin1year | 732,075.47 | 256,603.77 |
| Total | 40,406,172.36 | 39,369,379.91 |
Othernote：
29.Deferredincome
InRMB
| Items | Openingbalance | Increase | Decrease | Closingbalance | Cause |
| Governmentsubsidy | 37,916,900.00 | 5,637,075.19 | 32,279,824.81 | ||
| Total | 37,916,900.00 | 5,637,075.19 | 32,279,824.81 | -- |
Detailsofgovernmentsubsidies：
InRMB
| Items | Beginningofterm | Newsubsidyincurrentperiod | Amounttransferredtonon-operationalincome | Otherincomerecordedinthecurrentperiod | Amountofcostdeductedinthecurrentperiod | Otherchanges | Endofterm | Asset-relatedorincome-related |
| CancellationofExpresswayProvincial | 35,416,900.00 | 3,137,075.19 | 32,279,824.81 | Asset-related |
| Items | Beginningofterm | Newsubsidyincurrentperiod | Amounttransferredtonon-operationalincome | Otherincomerecordedinthecurrentperiod | Amountofcostdeductedinthecurrentperiod | Otherchanges | Endofterm | Asset-relatedorincome-related |
| TollStationProject | ||||||||
| Financialdiscount | 2,500,000.00 | 2,500,000.00 | Relatedtoincome |
30.Stockcapital
InRMB
| Changed（+，-） | |||||||
| BalanceYear-beginning | Issuanceofnewshare | Bonusshares | Capitalizationofpublicreserve | Other | Subtotal | Balanceinyear-end | |
| Totalofcapitalshares | 2,090,806,126.00 | 2,090,806,126.00 | |||||
31.Capitalreserves
InRMB
| Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| Sharepremium | 2,508,408,342.99 | 2,508,408,342.99 | ||
| Othercapitalreserves | 54,162,122.32 | 3,954,180.00 | 58,116,302.32 | |
| Total | 2,562,570,465.31 | 3,954,180.00 | 2,566,524,645.31 |
-Thesituationofchangeinthecurrentcapitalreserveisasfollows:
Thecapitalreserveinthisperiodwasincreased3,954,180.00yuanduetothechangeoftheowner'sequityofthejoint-stockcompany
32.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 | -195,261,603.52 | -48,815,400.88 | -146,446,202.64 | 243,488,867.04 | |||
| Including:Shareofothercomprehensiveincomeoftheinvesteethatcannotbetransferredtoprofitorlossaccountedforusingtheequitymethod | 389,935,069.68 | -195,261,603.52 | -48,815,400.88 | -146,446,202.64 | 243,488,867.04 | |||
| 2.Othercomprehensiveincomereclassifiabletoprofitorlossinsubsequentperiods | -7,741,724.78 | 2,533,278.11 | 2,533,278.11 | -5,208,446.67 | ||||
| Including：Shareofothercomprehensiveincomeoftheinvesteethatcannotbetransferredtoprofitorlossaccountedforusingtheequitymethod | -7,741,724.78 | 2,533,278.11 | 2,533,278.11 | -5,208,446.67 | ||||
| Totalofothercomprehensiveincome | 382,193,344.90 | -192,728,325.41 | -48,815,400.88 | -143,912,924.53 | 238,280,420.37 |
33.Surplusreserve
InRMB
| Items | Year-beginningbalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Year-endbalance |
| Statutorysurplusreserve | 910,425,068.90 | 910,425,068.90 | ||
| Total | 910,425,068.90 | 910,425,068.90 |
Note
34.Retainedprofits
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Beforeadjustments:Retainedprofitsinlastperiodend | 3,877,431,844.64 | 3,938,609,136.59 |
| Adjustthetotalundistributedprofitsatthebeginningoftheperiod | -9,749,843.30 | |
| Afteradjustments:Retainedprofitsattheperiodbeginning | 3,877,431,844.64 | 3,928,859,293.29 |
| Add：Netprofitbelongingtotheowneroftheparentcompany | -5,830,257.18 | 1,258,628,101.71 |
| Less:Statutorysurplusreserve | 135,022,507.55 | |
| Commonstockdividendpayable | 882,320,185.17 | 1,175,033,042.81 |
| Retainedprofitattheendofthisterm | 2,989,281,402.29 | 3,877,431,844.64 |
Asregardsthedetailsofadjustedthebeginningundistributedprofits
(1)AstheretroactiveadjustmentonEnterpriseAccountingStandardsanditsrelatednewregulations,theaffectedbeginningundistributedprofitsareRMB0.00.
(2)Asthechangeoftheaccountingpolicy,theaffectedbeginningundistributedprofitsareRMB0.00.
(3)Asthecorrectionofsignificantaccountingerror,theaffectedbeginningundistributedprofitsareRMB0.00.
(4)Asthechangeofconsolidationscopecausedbythesamecontrol,theaffectedbeginningundistributedprofitsareRMB0.00.
(5)OtheradjustmentofthetotalaffectedbeginningundistributedprofitsareRMB0.00.
35.Operationincomeandoperationcost
InRMB
| Items | Amountofthisperiod | Amountoflastperiod | ||
| Income | Cost | Income | Cost | |
| Mainoperation | 642,155,230.52 | 514,556,931.18 | 1,465,140,817.31 | 536,808,262.05 |
| Otheroperation | 18,743,731.27 | 9,618,193.88 | 18,532,427.90 | 12,815,548.44 |
| Total | 660,898,961.79 | 524,175,125.06 | 1,483,673,245.21 | 549,623,810.49 |
36.Businesstaxandsubjoin
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Urbanconstructiontax | 1,233,837.65 | 2,826,207.50 |
| Educationsurcharge | 582,429.79 | 1,334,286.59 |
| Propertytax | 712,301.65 | 653,603.50 |
| Landusetax | 606,620.40 | 607,742.40 |
| Vehicleusetax | 27,905.63 | 27,413.99 |
| Stamptax | 96,237.31 | 151,645.56 |
| Businesstax | 25,872.66 | 25,872.66 |
| LocalityEducationsurcharge | 388,598.88 | 889,523.37 |
| Other | 40,728.40 | |
| Total | 3,673,803.97 | 6,557,023.97 |
Othernote
37.Administrativeexpenses
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Wage | 47,810,529.06 | 51,876,703.42 |
| DepreciationandAmortization | 4,677,507.48 | 5,426,970.90 |
| Lowconsumablesamortization | 234,921.36 | 270,716.05 |
| Travelexpenses | 83,119.53 | 425,060.93 |
| Officeexpenses | 2,457,800.02 | 4,046,634.57 |
| Leasedexpenses | 5,183,189.17 | 5,621,607.68 |
| Thefeeforhiringagency | 3,113,424.31 | 4,459,697.91 |
| Consultationexpenses | 63,000.00 | 1,186,300.00 |
| Listingfee | 11,320.75 | 11,320.75 |
| Informationcostandmaintenancefee | 247,597.56 | 180,975.14 |
| Other | 4,108,510.24 | 3,469,223.12 |
| Total | 67,990,919.48 | 76,975,210.47 |
Othernote：
38.Financialexpenses
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Interestexpenses | 131,774,768.90 | 115,040,857.71 |
| Depositinterestincome（-） | -14,760,756.18 | -15,761,707.69 |
| ExchangeIncomeandloss（Gain-） | 1,590,432.88 | |
| Bankcommissioncharge | 65,706.01 | 904,728.33 |
| Other | 1,534,061.56 | 1,755,451.17 |
| Total | 118,613,780.29 | 103,529,762.40 |
39.Othergains
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Governmentsubsidy-CancellationofExpresswayProvincialTollStationProject | 3,137,075.19 | |
| Governmentsubsidy-Stablejobsubsidies | 398,471.22 | |
| Returnofpersonaltaxhandingfee | 173,223.75 | 40,043.40 |
| Maternityallowance | 149,747.43 | 377,218.29 |
| Inputtaxplusdeduction | 12,771.61 | 2,965.93 |
| Total | 3,871,289.20 | 420,227.62 |
40.Investmentincome
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Long-termequityinvestmentincomebyequity | 55,853,351.49 | 237,712,998.09 |
| method | ||
| Dividendsearnedduringtheholdingperiodoninvestmentsinotherequityinstrument | 50,785,213.04 | 38,528,868.23 |
| Total | 106,638,564.53 | 276,241,866.32 |
41.Creditimpairmentlosses
InRMB
| Items | Amountofthisperiod | Amountoflastperiod |
| Impairmentlossesonaccountsreceivable | -236,683.81 | |
| Total | -236,683.81 |
Othernote：
42.Assetsdisposalincome
InRMB
| Source | Amountofthisperiod | Amountoflastperiod |
| Non-currentassetsdisposalgains | 13,129,094.29 | |
| Including：IncomefromdisposalofFixedassets | ||
| IncomefromdisposalofIntangibleassets | 13,129,094.29 | |
| Other | 4.37 | |
| Total | 4.37 | 13,129,094.29 |
43.Non-Operationincome
InRMB
| Items | Amountofthisperiod | Amountoflastperiod | Recordedintheamountofthenon-recurringgainsandlosses |
| Charges | 1,493.01 | 14,676.65 | 1,493.01 |
| Relocationcompensationincome | 1,549,865.12 | 1,549,865.12 | |
| Insuranceindemnityincome | 1,824,272.37 | 133,339.72 | 1,824,272.37 |
| Roadpropertyclaimincome | 416,820.42 | 543,754.07 | 416,820.42 |
| Otherincome | 285,226.03 | 43,589.32 | 285,226.03 |
| Total | 4,077,676.95 | 735,359.76 | 4,077,676.95 |
-Governmentsubsidyreckonedintocurrentgains/losses:None
44.Non-Operationexpense
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod | Theamountofnon-operatinggains&losses |
| Loss&abandonmentofnon-currentassets | 184,878.43 | 2,591,350.52 | 184,878.43 |
| Fine | 25,472.76 | 207.98 | 25,472.76 |
| Roadpropertyclaimexpenses | 1,411,624.28 | 1,633,084.45 | 1,411,624.28 |
| Otherincome( | 570,033.01 | 6,765.00 | 570,033.01 |
| Total | 2,192,008.48 | 4,231,407.95 | 2,192,008.48 |
45.Incometaxexpense
(1)Listsofincometaxexpense
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Currentincometaxexpense | 27,487,772.16 | 154,541,370.84 |
| Deferredincometaxexpense | 15,752,378.88 | 35,155,403.21 |
| Total | 43,240,151.04 | 189,696,774.05 |
(2)Adjustmentprocessofaccountingprofitandincometaxexpense
InRMB
| Items | Amountofcurrentperiod |
| Total | 58,604,175.75 |
| Currentincometaxexpenseaccountedbytaxandrelevantregulations | 14,651,043.94 |
| Influenceofincometaxbeforeadjustment | 19,910.76 |
| Influenceofnontaxableincome | -27,333,746.18 |
| Impactofnon-deductiblecosts,expensesandlosses | 4,097,052.91 |
| Thecurrentperioddoesnotaffectthedeferredtaxassetsrecognizeddeductibletemporarydifferencesordeductibleloss | -744,912.67 |
| Other | 52,550,802.28 |
| Incometaxexpense | 43,240,151.04 |
46.ItemsofCashflowstatement
（1）Othercashreceivedfrombusinessoperation
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Interestincome | 14,760,756.18 | 15,761,707.69 |
| Unitcurrentaccount | 22,144,584.27 | 9,857,010.59 |
| CancellationofExpresswayProvincialTollStationProject | 35,416,900.00 | |
| Total | 72,322,240.45 | 25,618,718.28 |
（2）Othercashpaidrelatedtooperatingactivities
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Managementexpense | 15,271,520.58 | 16,677,364.01 |
| Networkreceivedtollincome | 6,999,980.83 | |
| Unitcurrentaccount | 5,349,446.91 | 14,244,441.25 |
| Total | 20,620,967.49 | 37,921,786.09 |
(3)Cashreceivedrelatedtootherinvestmentactivities
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Medium-termbillissuancefee | 1,122,177.00 | 791,384.00 |
| Total | 1,122,177.00 | 791,384.00 |
47.SupplementInformationforcashflowstatement
（1）SupplementInformationforcashflowstatement
InRMB
| SupplementInformation | Amountofcurrentperiod | Amountofpreviousperiod |
| I.Adjustingnetprofittocashflowfromoperatingactivities | -- | -- |
| SupplementInformation | Amountofcurrentperiod | Amountofpreviousperiod |
| Netprofit | 15,364,024.71 | 843,585,803.87 |
| Depreciationoffixedassets,oilandgasassetsandconsumablebiologicalassets | 382,391,090.20 | 402,575,984.69 |
| Amortizationofintangibleassets | 1,098,950.29 | 1,184,929.43 |
| AmortizationofLong-termdeferredexpenses | 53,508.72 | 53,508.72 |
| Lossondisposaloffixedassets,intangibleassetsandotherlong-termdeferredassets | -13,129,094.29 | |
| Fixedassetsscraploss | 184,878.43 | 2,591,350.52 |
| Financialcost | 134,274,768.90 | 116,631,290.59 |
| Lossoninvestment | -106,638,564.53 | -276,241,866.32 |
| Decreaseofdeferredincometaxassets | 12,995,521.70 | 44,118,004.31 |
| Increasedofdeferredincometaxliabilities | 2,756,857.18 | -8,962,601.10 |
| Decreaseofinventories | -29,124.58 | |
| Deceaseofoperatingreceivables | -37,061,244.28 | -16,566,898.76 |
| IncreasedofoperatingPayable | 12,249,629.21 | -45,000,189.85 |
| Other | 236,683.81 | |
| Netcashflowsarisingfromoperatingactivities | 417,906,104.34 | 1,050,811,097.23 |
| II.Significantinvestmentandfinancingactivitiesthatwithoutcashflows: | -- | -- |
| 3．Movementofcashandcashequivalents： | -- | -- |
| Endingbalanceofcash | 3,058,275,542.46 | 2,036,803,751.05 |
| Less:Beginningbalanceofcashequivalents | 2,816,699,694.50 | 2,123,303,796.32 |
| Netincreaseofcashandcashequivalents | 241,575,847.96 | -86,500,045.27 |
（2）Compositionofcashandcashequivalents
InRMB
| Items | Balanceinyear-end | Balanceinyear-Beginning |
| Items | Balanceinyear-end | Balanceinyear-Beginning |
| Cash | 3,058,275,542.46 | 2,816,699,694.50 |
| Ofwhich:Cashinstock | 92,943.37 | 20,587.32 |
| Banksavingscouldbeusedatanytime | 3,057,665,122.31 | 2,816,163,426.65 |
| Othermonetarycapitalcouldbeusedatanytime | 517,476.78 | 515,680.53 |
| Balanceofcashandcashequivalentsattheperiodend | 3,058,275,542.46 | 2,816,699,694.50 |
Othernote：
48.Theassetswiththeownershiporuserightrestricted
InRMB
| Items | Bookvalueattheendoftheperiod | Restrictedreason |
| Monetaryfund | 1,221,200.00 | Landreclamationfundsinthefundescrowaccount |
| Total | 1,221,200.00 | -- |
Othernote：
AsofJune30,2020,theCompany'ssubsidiaryJingzhuExpresswayGuangzhuSectionCo.,Ltdborrowed507,365,000.00yuanfromWuyangSub-branchofIndustrialandCommercialBankofChina(including26,335,000.00yuaninnon-currentliabilitiesduewithinoneyearand481,030,000.00yuaninlong-termloans),and
providedapledgeguaranteeof19.2%oftheproject'stollinterest(therighttocollecttollsforvehiclestravelingontheGuangzhusectionofJingzhuExpresswayandtherevenuegeneratedbyowningsuchright).VIII.ChangesofmergescopeNone
IX.Equityinotherentities
1.Equityinsubsidiary
(1)Thestructureoftheenterprisegroup
| NameofSubsidiary | MainPlacesofOperation | RegistrationPlace | NatureofBusiness | ShareholdingRatio(%) | ObtainingMethod | |
| direct | indirect | |||||
| GuangfoExpresswayCo.,Ltd. | Guangz | Guan | ExpresswayManagement | 75.00% | Underthesamecontrolbusiness | |
| hou | gzhou | combination | ||||
| GuangdongExpresswayTechnologyInvestmentCo.,Ltd. | Guangzhou | Guangzhou | Investmentintechnicalindustriesandprovisionofrelevant | 100.00% | Investment | |
| GuangzhuoGuangzhuTrafficInvestmentManagementCo.,Ltd. | Guangzhou | Guangzhou | Investmentmanagement | 100.00% | Underthesamecontrolbusinesscombination | |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | Zhongshan | Guangzhou | ExpresswayManagement | 20.00% | 55.00% | Underthesamecontrolbusinesscombination |
| YuegaoCapitalInvestment(Hengqin)Co.,Ltd. | Guangzhou | Zhuhai | Investmentmanagement | 100.00% | Investment |
Notes:holdingproportioninsubsidiarydifferentfromvotingproportion:NoneBasisofholdinghalforlessvotingrightsbutstillbeencontrolledinvesteeandholdingmorethanhalfofthevotingrightsnotbeencontrolledinvestee:NoneSignificantstructureentitiesandcontrollingbasisinthescopeofcombination:NoneBasisofdeterminewhethertheCompanyistheagentortheprincipal:NoneOthernotes：
GuangzhouGuangzhuTrafficInvestmentManagementCo.,Ltd.holds55%equityinGuangzhuSectionCo.,Ltd.ofJingzhuExpressway.
(2)ImportantNon-wholly-ownedSubsidiary
InRMB
| NameofSubsidiary | ShareholdingRatioofMinorityShareholders(%) | ProfitorLossOwnedbytheMinorityShareholdersintheCurrentPeriod | DividendsDistributedtotheMinorityShareholdersintheCurrentPeriod | EquityBalanceoftheMinorityShareholdersintheEndofthePeriod |
| GuangfoExpresswayCo.,Ltd. | 25.00% | 11,076,201.29 | 148,856,273.05 | |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 25.00% | 10,118,080.60 | 126,983,792.91 | 172,524,264.07 |
Holdingproportionofminorityshareholderinsubsidiarydifferentfromvotingproportion
None
(3)Themainfinancialinformationofsignificantnotwhollyownedsubsidiary
InRMB
| Name | Year-endbalance | Year-beginningbalance | ||||||||||
| Currentassets | Non-currentassets | Totalassets | CurrentLiabilities | Non-currentliabilities | Totalliabilities | Currentassets | Non-currentassets | Totalassets | CurrentLiabilities | Non-currentliabilities | Totalliabilities | |
| GuangfoExpresswayCo.,Ltd. | 617,279,005.86 | 61,712,506.29 | 678,991,512.15 | 78,285,629.03 | 5,280,790.91 | 83,566,419.94 | 560,965,221.56 | 47,173,764.91 | 608,138,986.47 | 57,018,699.42 | 57,018,699.42 | |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 120,244,803.02 | 2,212,641,148.22 | 2,332,885,951.24 | 520,668,250.01 | 1,122,120,644.94 | 1,642,788,894.95 | 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 | TotalComprehensiveincome | Cashflowsfromoperatingactivities | Businessincome | Netprofit | TotalComprehensiveincome | Cashflowsfromoperatingactivities | |
| GuangfoExpresswayCo.,Ltd. | 102,043,817.63 | 44,304,805.16 | 44,304,805.16 | 59,016,009.03 | 231,359,875.86 | 142,527,223.05 | 142,527,223.05 | 146,829,390.44 |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 232,123,838.11 | 40,472,322.41 | 40,472,322.41 | 136,327,743.66 | 613,528,787.18 | 285,871,543.23 | 285,871,543.23 | 390,248,834.50 |
(4)SignificantrestrictionsofusingenterprisegroupassetsandpayoffenterprisegroupdebtNone
(5)ProvidefinancialsupportorothersupportforstructureentitiesincorporateintothescopeofconsolidatedfinancialstatementsNone
Othernote：
2.ThetransactionoftheCompanywithitsowner’sequitysharechangedbutstillcontrollingthesubsidiary
(1)SignificantjointventurearrangementorassociatedenterpriseNone
（2）Affectofthetransactionontheminorityequityandowner'sequityattributabletotheparentcompanyNone
3.Equityinjointventurearrangementorassociatedenterprise
(1)Significantjointventurearrangementorassociatedenterprise
| Name | Mainoperatingplace | Registrationplace | Businessnature | Proportion | Accountingtreatmentoftheinvestmentofjointventureorassociatedenterprise | |
| Directly | Indirectly | |||||
| GuangdongGuanghuiExpresswayCo.,Ltd. | Guangzhou,Guangdong | Guangzhou,Guangdong | ExpresswayManagement | 30.00% | Equitymethod | |
| 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, | Gangzh | Expressway | 30.00% | Equitymethod | |
| Name | Mainoperatingplace | Registrationplace | Businessnature | Proportion | Accountingtreatmentoftheinvestmentofjointventureorassociatedenterprise | |
| Directly | Indirectly | |||||
| Jiangxi | ou,Jiangxi | Management | ||||
| 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 | 11.45% | Equitymethod | |
Notestoholdingproportionofjointventureorassociatedenterprisedifferentfromvotingproportion:
NoneBasisofholdinglessthan20%ofthevotingrightsbuthasasignificantimpactorholding20%ormorevotingrightsbutdoesnothaveasignificantimpact:
Guangdong,JiangzhongExpresswayCo.,Ltd.,GuangyuanSecuritiesCo.,Ltd..andHunanLianzhiTechnologyCo.,Ltd.holds20%ofthevotingrights,buthasthepowertoparticipateinmakingdecisionsontheirfinancialandoperatingdecisions,andthereforedeemedtobeabletoexertsignificantinfluenceovertheinvestee.
(2)Mainfinancialinformationofsignificantjointventure
InRMB
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | GuangdongGuanghuiExpresswayCo.,Ltd. | |
| Currentassets | 894,836,795.76 | 676,535,557.27 |
| Including：Cashandcashequivalent | 434,237,396.95 | 236,277,469.65 |
| Non-currentassets | 3,407,727,377.88 | 3,551,486,914.85 |
| Totalassets | 4,302,564,173.64 | 4,228,022,472.12 |
| Currentliabilities | 246,407,371.86 | 212,427,396.61 |
| Non-currentliabilities | 485,466,600.82 | 520,683,163.79 |
| Totalliabilities | 731,873,972.68 | 733,110,560.40 |
| Attributabletoshareholdersoftheparentcompany | 3,570,690,200.96 | 3,494,911,911.72 |
| Shareofnetassetscalculatedbystake | 1,071,207,060.29 | 1,048,473,573.52 |
| Bookvalueofequityinvestmentinjointventures | 1,071,207,060.29 | 1,048,473,573.52 |
| Operatingincome | 457,060,461.67 | 917,898,192.73 |
| Financialexpenses | 4,947,161.57 | 10,890,126.55 |
| Incometaxexpenses | 50,887,862.70 | 159,573,250.38 |
| Netprofit | 144,984,204.47 | 478,273,173.41 |
| Totalcomprehensiveincome | 144,984,204.47 | 478,273,173.41 |
| Dividendsreceivedfromjointventuresthisyear | 24,715,954.57 | 84,638,655.14 |
(3)Mainfinancialinformationofsignificantassociatedenterprise
InRMB
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |
| GuoyuanSecuritiesCo.,Ltd. | GuoyuanSecuritiesCo.,Ltd. | |
| Currentassets | 45,654,244,848.74 | 57,918,624,287.41 |
| Non-currentassets | 42,446,606,690.61 | 26,015,472,537.63 |
| Totalassets | 88,100,851,539.35 | 83,934,096,825.04 |
| Currentliabilities | 47,226,615,144.21 | 46,206,352,399.19 |
| Non-currentLiabilities | 15,815,525,400.14 | 12,890,023,021.47 |
| Totalliabilities | 63,042,140,544.35 | 59,096,375,420.66 |
| MinorityShareholders’Equity | 11,997,171.96 | 11,785,075.26 |
| Shareholders’equityattributabletoshareholdersoftheparent | 25,046,713,823.04 | 24,825,936,329.12 |
| Proratashareofthenetassetscalculated | 592,422,978.36 | 587,200,989.50 |
| --Goodwill | 206,725,818.02 | 206,725,818.02 |
| Thebookvalueofequityinvestmentsinjointventures | 799,148,796.38 | 793,926,807.52 |
| Fairvalueofequityinvestmentofassociatedenterpriseswithopenquotation | 668,656,682.40 | 737,910,410.22 |
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |
| GuoyuanSecuritiesCo.,Ltd. | GuoyuanSecuritiesCo.,Ltd. | |
| Buinsessincme | 2,115,128,481.79 | 1,616,521,271.21 |
| Netprofit | 617,902,373.05 | 432,745,658.33 |
| Othercomprehensiveincome | 99,219,704.73 | 6,888,669.24 |
| Totalcomprehensiveincome | 717,122,077.78 | 439,634,327.57 |
| Dividendsreceivedfromassociatesduringtheyear | 11,940,297.90 |
(4)Summaryfinancialinformationofinsignificantjointventureorassociatedenterprise
InRMB
| Year-endbalance/Amountofcurrentperiod | Year-beginningbalance/Amountofpreviousperiod | |
| Jointventure： | -- | -- |
| Totalamountoftheproratacalculationofthefollowingitems | -- | -- |
| Associatedenterprise： | -- | -- |
| Totalbookvalueoftheinvestment | 1,441,318,598.82 | 1,413,339,517.32 |
| Totalamountoftheproratacalculationofthefollowingite--Netprofitms | -- | -- |
| -2,270,918.50 | 84,320,844.64 | |
| --Totalcomprehensiveincome | -2,270,918.50 | 84,320,844.64 |
OthernoteAsthebookvalueoflong-termequityinvestmentinjointventuresandjointventuresotherthanthoselistedin(2)and(3)inthecurrentperiodandin2018and2019arenothigherthan5%ofthetotalowner'sequityoftheCompanyattributabletotheparentcompany.Thecompanyconsidersthatexceptfortheimportantjointventuresandassociatedenterpriseslistedin(2)and(3),otherjointventuresandassociatedenterprisesarenonimportantjointventuresandassociatesBusiness.
(5)NotetothesignificantrestrictionsoftheabilityofjointventureorassociatedenterprisetransferfundstotheCompanyNone
(6)TheexcesslossofjointventureorassociatedenterpriseNone
(7)Theunrecognizedcommitmentrelatedtojointventureinvestment
None
(8)ContingentliabilitiesrelatedtojointventureorassociatedenterpriseinvestmentNone
4.SignificantcommonoperationNone
5.EquityofstructureentitynotincludinginthescopeofconsolidatedfinancialstatementsNoneX.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(seethisSectionVII23).TheCompany'spolicyistomaintainthefloatinginterestrateoftheseborrowings,andatthesametimetoreasonablyreducetheriskofinterestratefluctuationbyshorteningthetermofasingleloanandspecificallyagreeingonprepaymentterms.
（3）OtherpriceriskTheinvestmentsheldbytheCompanyareclassifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome(financialassetsavailableforsaleonorbeforeDecember31,2018)andaremeasuredatfairvalueonthebalancesheetdate.Therefore,theCompanybearstheriskofchangesinthesecuritiesmarket.
2.CreditriskOnJanuary30,2020,thelargestcreditriskexposurethatmaycausefinanciallossesoftheCompanymainlycomesfromthelossoffinancialassetsoftheCompanycausedbythefailureoftheotherpartytoperformitsobligations.
Inordertoreducecreditrisk,theCompanyonlydealswithrecognizedandreputablecustomers.Inaddition,theCompanyreviewstherecoveryofeachsinglereceivablesoneachbalancesheetdatetoensurethatadequatebaddebtprovisionsaremadeforunrecoverableamounts.Consequently,theCompany'smanagementbelievesthattheCompany'screditriskhasbeengreatlyreduced.TheGroup'sworkingcapitalisdepositedinbankswithhighercreditrating,sothecreditriskofworkingcapitalisrelativelylow.Financialassetsoverdueorimpaired;
(1)Aginganalysisoffinancialassetswithoverdueimpairment:Notexisted
(2)Analysisoffinancialassetsthathavesufferedsingleimpairment:Referto"4,OtherReceivables"inVIIand"10,InvestmentinOtherEquityInstruments"inVIIofthissectionfordetails.
3.LiquidityriskWhenmanagingliquidityrisks,theCompanymaintainssufficientcashandcashequivalentsasdeemedbythemanagementandmonitorthemtomeettheCompany'soperationalneedsandreducetheimpactofcashflowfluctuations.ThemanagementoftheCompanymonitorstheuseofbankloansandensurescompliancewiththeloanagreement.XI.Thedisclosureofthefairvalue
1.Closingfairvalueofassetsandliabilitiescalculatedbyfairvalue
InRMB
| Items | Closingfairvalue | |||
| Firvaluemeasurementitemsatlevel1 | Firvaluemeasurementitemsatlevel2 | Firvaluemeasurementitemsatlevel3 | Total | |
| I.Consistentfairvaluemeasurement | -- | -- | -- | -- |
| （3）Otherequityinstrumentinvestment | 842,212,699.52 | 842,212,699.52 | ||
| Totalassetscontinuouslymeasuredatfairvalue | 842,212,699.52 | 842,212,699.52 | ||
| II.Non–persistentmeasure | -- | -- | -- | -- |
2.Marketpricerecognitionbasisforconsistentandinconsistentfairvaluemeasurementitemsatlevel1.Asattheendoftheperiod,thecompanyholdsshares235,254,944sharesofChinaEverbrightBankAccordingtotheclosingpriceofJanuary30,2020of3.58yuan,thefinalcalculationoffairvaluewas842,212,699.52yuan.
3.FairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalueAttheendoftheperiod,thefairvalueoffinancialassetsandfinancialliabilitiesheldbytheCompanythatarenotmeasuredatfairvalueisasfollows:
| Items | Bookvalue | Fairvalues | Remark |
| BalanceatBeginningoftheYear | Endingamount | Affiliatedhierarchy | ||
| Financialassetsnotmeasuredatfairvalue | ||||
| Othereqiutyinstrumentinvestment | 798,348,301.73 | 798,348,301.73 | 798,348,301.73 |
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.AsofJanuary30,2020,Registeredcapital:26.8billionyuan.Itisasolelystate-ownedlimitedcompany.Businessscope：equitymanagement,organizationofassetreorganizationandoptimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstocksystemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highwayandrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationandservices,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;Thevalue-addedcommunicationbusiness.ThefinialcontroloftheCompanywasStateownedassetssupervisionandAdministrationCommissionofGuangdongProvincialPeople'sGovernment.
2.SubsidiariesoftheCompanySubsidiariesofthisenterprise,seeNoteIX(1)therightsofotherentity
3.InformationonthejointventuresandassociatedenterprisesoftheCompany
DetailsrefertotheNoteIX-3,InterestsinjointventuresorassociatesInformationonotherjointventureandassociatedenterpriseofoccurringrelatedpartytransactionswiththeCompanyinreportingperiod,orformbalanceduetorelatedpartytransactionsinpreviousperiod:
| Name | RelationwiththeCompany |
| ShenzhenHuiyanExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GanzhouKangdaExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GuangdongJiangzhongExpresswayCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | AssociatedenterprisesoftheCompany |
| GuangdongGuanghuiExpresswayCo.,Ltd. | JointventuresoftheCompany |
4.OtherRelatedparties
| Name | RelationwiththeCompany |
| PolyChangdaEngineeringCo.,Ltd. | Controlledbythesameparentcompanyandequityparticipationunit |
| Hongkong-Zhuhai-MacaoConnectionlinemanagementcenter | Managedbytheparentcompany |
| GuangdongBodaExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongFeidaTrafficEngineeringCo.,ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongGaodaPropertyDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongExpresswayMediaCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongGuangleExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHumenBridgeCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongHualuTrafficTechnologyCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTrafficIndustryInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | Controlledbythesameparentcompanyandequityparticipationunit |
| GuangdongKaiyangExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongRealEstateInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongUnionElectronServiceCo.,ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongLulutongCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongMaozhanExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongShanfenExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongShenshanExpresswayEastSectionCo.,Ltd. | Controlledbythesameparentcompanyandequityparticipationunit |
| GuangdongProvincialFreewayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| Name | RelationwiththeCompany |
| GuangdongHighwayConstructionCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTrafficDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongRead&BridgeConstructionDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd.公司 | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYuedongExpresswayIndustryDevelopmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYueyunTrafficCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangshenzhuExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangzhongjiangExpresswayProjectManagementDept | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongXinyueTrafficInvestmentCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| GuangdongYueyunTrafficCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| JiangmenJiangheExpresswayCo.,Ltd. | Controlledbythesameparentcompanyandequityparticipationunit |
| XinyueCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
| YunfoGuangyunExpresswayCo.,Ltd. | Fullyownedsubsidiaryoftheparentcompany |
5.Listofrelated-partytransactions
(1)InformationonacquisitionofgoodsandreceptionoflaborserviceAcquisitionofgoodsandreceptionoflaborservice
InRMB
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| GuangdongUnionelectronicservicesco.,Ltd. | Service | 3,066,900.10 | 3,767,825.78 | ||
| GuangdongFeidaTrafficEngineeringCo.,Ltd. | Electricalandmechanicalmaintenance | 494,467.97 |
| Relatedparties | Contentofrelatedtransaction | Amountofcurrentperiod | Amountofpreviousperiod | Overthetradinglimitornot? | Amountoflastperiod |
| GuangdongHumenBridgeCo.,Ltd. | Elecctriccharge | 20,981.64 | |||
| GuangdongGuanghuiExpresswayCo.,Ltd. | AdvertisingElectricity | 3,937.74 | |||
| GuangdongLulutongCo.,Ltd. | Maintenancecharges | 715,406.99 | |||
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | Service | 103,076.37 | |||
| GuangdongExpresswayMediaCo.,Ltd. | Electriccharge | 6,431.59 | |||
| PolyChangdaEngineeringCo.,Ltd. | Servicecharge | 2,440.62 | |||
| GuangdongGuanghuiExpresswayCo.,Ltd. | Interest | 3,029,231.25 | 2,014,593.75 | ||
| GuangdongJiangzhongExpresswayCo.,Ltd. | Interest | 712,530.00 | 708,615.00 | ||
| GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | Service | 60,000.00 | 60,000.00 | ||
| GuangdongUnionelectronicservicesco.,Ltd. | OAsystemmaintenance | 17,094.71 | |||
| PolyChangdaEngineeringCo.,Ltd. | Purchaseassets | 47,564,260.01 | 183,277,074.35 | ||
| GuangdongXinyuetrafficInvestmentCo.,Ltd. | Purchaseassets | 1,908,423.62 | 6,688,119.43 | ||
| uangdongHualuTrafficTechnologyCo.,Ltd. | Purchaseassets | 459,346.00 |
Relatedtransactionsonsalegoodsandreceivingservices
InRMB
| Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
| JingzhuExpresswayGuangzhuNorthsectionCo.,Ltd. | Commissionmanagementfee | 9,734,292.46 | 9,516,226.40 |
| GuangdongProvincialFreewayCo.,Ltd. | Projectfund | 1,773,900.00 | 2,052,036.80 |
| GuangdongUnionelectronicservicesco., | Promotionfees | 1,525,613.18 |
| Relatedparty | Content | Amountofcurrentperiod | Amountofpreviousperiod |
| Ltd. | |||
| GuangdongGuanghuiExpresswayCo.,Ltd. | Revenuefromheavymaintenanceservices | 522,123.89 | |
| GuangdongTongyiExpresswayServiceAreaCo.,Ltd | waterandelectricity | 427,637.49 | |
| GuangdongFeidaTrafficEngineeringCo.,Ltd | CPCcardsalesrevenue | 138,053.09 | |
| PolyChangdaEngineeringCo.,Ltd. | waterandelectricity | 16,894.60 | |
| GuangdongXinyuetrafficInvestmentCo.,Ltd. | Purchaseassets | 15,840.71 | 32,212.39 |
| GuangzhenzhuExpresswayCo.,Ltd. | Projectfund | 8,407.08 | 114,655.17 |
| GuangdongHighwayConstructionCo.,ltd. | Projectfund | 603,570.34 | |
| GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd. | Projectfund | 120,550.07 | |
| GuangdongBodaExpresswayCo.,Ltd. | Projectfund | 107,547.17 | |
| GuangdongKaiyangExpresswayCo.,Ltd. | Projectfund | 89,142.85 | |
| YunfoGuangyunExpresswayCo.,Ltd. | Projectfund | 69,535.81 | |
| GuangdongTrafficIndustryInvestmentCo.,Ltd. | Projectfund | 59,433.96 | |
| GuangdongHumenBridgeCo.,Ltd. | Projectfund | 29,716.98 | |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Projectfund | 123,113.21 | |
| GuangdongJiangzhongExpresswayCo.,Ltd. | Projectfund | 169,001.14 | |
| ShenzhenHuiyanExpresswayCo.,Ltd. | Projectfund | 663,319.81 |
(2)InformationofrelatedleaseTheCompanywaslessor：
InRMB
| Nameoflessee | Categoryofleaseassets | Theleaseincomeconfirmedinthisyear | Theleaseincomeconfirmedinlastyear |
| GuangdongLitongTechnologyInvestmentCo.,Ltd. | Landlease | 37,690.80 | |
| GuangdongExpresswayMediaCo.,Ltd. | Advertisinglease | 12,905.92 | 195,542.86 |
| Total | 50,596.72 | 195,542.86 |
-Thecompanywaslessee：
InRMB
| Lessor | Categoryofleasedassets | Theleaseincomeconfirmedinthisyear | Categoryofleasedassets |
| GuangdongLitongRealEatateInvestmentCo.,Ltd | Officespace | 4,450,575.83 | 4,469,957.38 |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | Advertisingcolumnlease | 124,031.00 | |
| GuangzhouYueyunTrafficCo.,Ltd. | Carrentalfee | 59,601.00 | 42,400.00 |
| GuangdongGaodaPropertyDevelopmentCo.,Ltd. | Officespace | 49,582.73 | 52,686.57 |
| Total | 4,683,790.56 | 4,565,043.95 |
Note
(3)Inter-banklendingofcapitalofrelatedparties
InRMB
| Relatedparty | Amountborrowedandloaned | Initialdate | Duedate | Notes |
| Borrowed | ||||
| GuangdongGuanghuiExpresswayCo.,Ltd. | 30,000,000.00 | April2,2019 | April1,2020 | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 105,000,000.00 | April1,2019 | March31,2020 | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 45,000,000.00 | September25,2019 | September24,2020 | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 105,000,000.00 | May13,2020 | May12,2021 | |
| GuangdongGuanghuiExpresswayCo.,Ltd. | 30,000,000.00 | April21,2020 | April20,2021 | |
| GuangdongJiangzhongExpresswayCoLoaned.,Ltd. | 36,000,000.00 | November14,2018 | November13,2023 | |
| Loaned | ||||
(4)Rewardsforthekeymanagementpersonnel
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Rewardsforthekeymanagementpersonnel | 218.30 | 241.78 |
(5)Otherrelated-partytransactions
-CapitalDepositSituationofGuangdongProvincialCommunicationGroupFinanceCo.,Ltd.
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| BalanceofDeposit | 680,793,735.15 | 189,879,309.18 |
| InterestIncome | 3,962,970.38 | 6,226,669.02 |
| PricingPrinciple | Referencetothedepositrateofthepeople'sBankofChinaforthesameperiod | |
OnDecember25,2017andDecember22,2017,theCompanysignedtheCashManagementBusinessCooperationAgreementwithGuangdongCommunicationsGroupFinanceCo.,Ltd.andIndustrialandCommercialBankofChinaGuangdongBranchandsignedtheCashManagementBusinessCooperationAgreementwithGuangdongCommunicationsGroupFinanceCo.,Ltd.andChinaConstructionBankCorporation.GuangdongBranchrespectively,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. | 127,567.50 | 127,567.50 | ||
| Contractassets | GuangdongRoad&BridgeConstructionDevelopmentCo.,ltd. | 83,391.05 | 83,391.05 | ||
| Contractassets | GuangdongGuanghuiExpresswayCo., | 48,880.00 | 48,880.00 | ||
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| Ltd. | |||||
| Contractassets | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 48,230.00 | 48,230.00 | ||
| Contractassets | ZhaoqingYuezhaoHighwayCo.,Ltd. | 41,442.48 | 41,442.48 | ||
| Contractassets | GuangdongProvincialFreewayCo.,Ltd. | 21,232.00 | 41,377.00 | ||
| Contractassets | GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | 18,781.60 | 18,781.60 | ||
| Contractassets | GuangshenzhuExpresswayCo.,Ltd. | 9,096.00 | 9,096.00 | ||
| Contractassets | GuangdongJiangzhongExpresswayCo.,Ltd. | 8,412.00 | 8,412.00 | ||
| Contractassets | GuangdongHighwayConstructionCo.,Ltd. | 7,200.00 | 7,200.00 | ||
| Contractassets | GuangdongBodaExpresswayCo.,Ltd. | 4,531.00 | 4,531.00 | ||
| Contractassets | GuangdongHumenBridgeCo.,Ltd. | 2,700.00 | 2,700.00 | ||
| Contractassets | GuangdongShenshanExpresswayEastSectionCo.,Ltd. | 12,000.00 | |||
| Contractassets | GuangdongLitongTechnologyInvestmentCo.,ltd. | 5,273.00 | |||
| Accountreceivable | GuangdongUnionelectronServiceCo.,Ltd. | 51,964,979.29 | 57,172,014.20 | ||
| Accountreceivable | GuangdongHumenBridgeCo.,Ltd. | 16,318,549.64 | 16,698,073.73 | ||
| Accountreceivable | JingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 10,324,414.00 | 6,174,264.00 | 4,450.00 | |
| Accountreceivable | GuangdongProvincialFreewayCo.,Ltd. | 1,834,743.30 | 175,248.90 | ||
| Accountreceivable | GuangdongGuanghuiExpresswayCo.,Ltd. | 1,490,227.95 | 2,112.57 | 1,355,473.55 | 2,112.57 |
| Accountreceivable | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 1,166,085.25 | 115,108.90 | 1,423,875.25 | 103,072.45 |
| Accountreceivable | GuangdongXinyueTrafficInvestmentCo.,ltd. | 680,652.70 | 220,555.94 | 2,334,682.70 | 160,715.94 |
| Accountreceivable | GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd. | 567,957.47 | 567,957.47 | ||
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| Accountreceivable | GuangdongBodaExpresswayCo.,Ltd. | 537,848.00 | 463,491.88 | ||
| Accountreceivable | GuangdongHighwayConstructionCo.,Ltd. | 287,020.85 | 166,960.46 | 336,946.45 | 3,818.00 |
| Accountreceivable | GuangzhenzhuExpresswayCo.,Ltd. | 79,236.00 | 950.00 | 115,278.40 | |
| Accountreceivable | GuangdongGuangzhuWestLineExpresswayCo.,Ltd. | 65,946.00 | 65,946.00 | 384,226.00 | |
| Accountreceivable | GuangdongJiangzhongExpresswayCo.,Ltd. | 19,708.00 | 19,708.00 | ||
| Accountreceivable | GuangdongShenshanExpresswayCo.,Ltd. | 12,000.00 | |||
| Accountreceivable | GuangdongYuedongExpresswayIndustryDevelopmentCo.,Ltd. | 7,367.20 | 736.72 | 7,367.20 | |
| Accountreceivable | GuangdongGuangleExpresswayCo.,Ltd. | 7,248.00 | 7,248.00 | ||
| Accountreceivable | GuangdongYueyunTrafficCo.,Ltd. | 3,032.00 | 3,032.00 | ||
| Accountreceivable | GuangdongExpresswayMediaCo.,Ltd. | 1,909,300.00 | |||
| Accountreceivable | GuangdongLitongTechnologyCo.,ltd. | 68,542.00 | |||
| Accountreceivable | GuangdongMaozhanExpresswayCo.,Ltd. | 8,747.20 | |||
| Accountreceivable | GuangdongShanfenExpresswayCo.,Ltd. | 8,028.80 | |||
| Accountreceivable | JiangmenJiangheExpresswayCo.,Ltd. | 2,539.20 | |||
| Advancedpayment | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 595,546.00 | |||
| Advancedpayment | ZhaoqingYuezhaoHighwayCo.,Ltd. | 20,672.00 | 144,703.00 | ||
| Advancedpayment | GuangdongLitongRealEstateInvestmentCo.,Ltd. | 735,092.38 | |||
| Dividend | ZhaoqingYuezhaoHighwayCo.,Ltd. | 9,750,000.00 | |||
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning | ||
| BalanceofBook | BaddebtProvision | BalanceofBook | BaddebtProvision | ||
| Receivable | |||||
| DividendReceivable | GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 6,000,000.00 | |||
| OtherAccountreceivable | GuangdongLitongRealEstateInvestmentCo.,Ltd. | 1,515,077.22 | 1,515,077.22 | ||
| OtherAccountreceivable | GuangdongGuanghuiExpresswayCo.,Ltd. | 560,000.00 | 560,000.00 | ||
| OtherAccountreceivable | GuangdongProvincialFreewayCo.,Ltd. | 463,491.88 | 566,447.18 | ||
| OtherAccountreceivable | ZhaoqingYuezhaoHighwayCo.,Ltd. | 390,000.00 | 390,000.00 | ||
| OtherAccountreceivable | GuangdongExpresswayMediaCo.,Ltd. | 120,655.99 | 896,321.01 | ||
| OtherAccountreceivable | GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | 94,029.95 | |||
| OtherAccountreceivable | GaungshenzhuExpresswayCo.,Ltd. | 60,640.00 | 60,640.00 | ||
| OtherAccountreceivable | GuangdongGaodaPropertyDevelopmentCo.,ltd. | 29,462.00 | 15,906.00 | ||
| OtherAccountreceivable | GuangdongBodaExpresswayCo.,Ltd. | 22,740.00 | 22,740.00 | ||
| OtherAccountreceivable | GuangdongGufangzhuWestLineExpresswayCo.,Ltd. | 20,000.00 | 20,000.00 | ||
| OtherAccountreceivable | PolyChangdaEngineeringCo.,Ltd. | 8,346.18 | |||
| OtherAccountreceivable | HongkongZhuhaiMacaoBridgeConnectionlinemanagementcenter | 3,000.00 | 3,000.00 | ||
| OtherNon-CurrentAssets | PolyChangdaEngineeringCo.,Ltd. | 34,218,249.49 | 48,400,293.16 | ||
| OtherNon-CurrentAssets | GuangdongHualuTrafficTechnologyCo.,Ltd. | 277,117.00 | |||
| Long-termamortizationcosts | GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd. | 1,061,255.72 | 1,114,764.44 | ||
（2）Payables
InRMB
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
| Accountpayable | GuangzhongjiangExpresswayProjectManagementDept | 28,000,000.00 | 28,000,000.00 |
| Accountpayable | GuangdongHighwayConstructionCo.,Ltd. | 25,630,651.00 | 25,630,651.00 |
| Accountpayable | GuangdongProvincialFreewayCo.,Ltd. | 8,746,491.18 | 8,746,491.18 |
| Accountpayable | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 5,054,211.99 | 7,588,881.23 |
| Accountpayable | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 2,663,010.00 | 2,663,010.00 |
| Accountpayable | GuangdongLitongRealEstateInvestmentCo.,Ltd. | 1,481,776.94 | |
| Accountpayable | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 1,237,761.42 | 1,237,761.42 |
| Accountpayable | GuangdongUnionElectronServiceCo.,Ltd. | 859,831.41 | |
| Accountpayable | GuangdongGuanghuiExpresswayCo.,Ltd. | 727,200.00 | 742,051.92 |
| Accountpayable | PolyChangdaEngineeringCo.,Ltd. | 16,685,096.00 | |
| Accountpayable | GuangdongLulutongCo.,ltd. | 852,623.59 | |
| Accountpayable | GuangdongHualuTrafficTechnologyCo.,Ltd. | 276,371.00 | |
| OtherPayableaccount | GuangdongGuanghuiExpresswayCo.,Ltd. | 182,161,406.25 | 184,505,512.50 |
| OtherPayableaccount | PolyChangdaEngineeringCo.,Ltd. | 4,665,296.00 | 19,879,471.19 |
| OtherPayableaccount | GuangdongUnionElectronServiceCo.,Ltd. | 3,071,938.39 | 367,300.00 |
| OtherPayableaccount | GuangdongFeidaTrafficEngineeringCo.,Ltd. | 1,758,080.11 | 2,092,641.20 |
| OtherPayableaccount | GuangdongHualuTrafficTechnologyCo.,Ltd. | 1,156,567.00 | 1,077,965.88 |
| OtherPayableaccount | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 986,279.22 | 1,331,893.22 |
| OtherPayableaccount | GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd. | 439,523.40 | 416,398.40 |
| OtherPayableaccount | GuangdongLitongTechnologyInvestmentCo.,Ltd. | 247,070.50 | 247,070.50 |
| OtherPayableaccount | GuangzhongjiangExpresswayProject | 200,000.00 | 200,000.00 |
| Name | Relatedparty | Amountatyearend | Amountatyearbeginning |
| ManagementDept | |||
| OtherPayableaccount | GuangdongTongyiExpresswayServiceAreaCo.,Ltd. | 120,000.00 | 120,000.00 |
| OtherPayableaccount | GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd. | 158,049.70 | 158,049.70 |
| OtherPayableaccount | GuangzhouXinyueTrafficTechnologyCo.,Ltd. | 101,323.00 | 101,323.00 |
| OtherPayableaccount | GuangdongExpresswayMediaCo.,Ltd. | 70,000.00 | 70,000.00 |
| OtherPayableaccount | GanzhouKangdaExpresswayCo.,Ltd. | 72,121.23 | |
| OtherPayableaccount | GuangdongLitongRealEstateInvestmentCo.,Ltd. | 28,429.38 | |
| OtherPayableaccount | GuangdongLulutongCo.,Ltd. | 10,912.41 | 10,912.41 |
| Dividendpayable | GuangdongCommunicationGroupCo.,Ltd. | 216,663,424.84 | |
| DividendPayable | GuangdongHighwayConstructionCo.,Ltd. | 196,789,158.44 | |
| Dividendpayable | GuangdongProvincialFreewayCo.,Ltd. | 22,339,621.20 | |
| Dividendpayable | XinyueCo.,Ltd. | 5,570,858.29 | |
| DividendPayable | GuangdongTrafficDevelopmentCo.,Ltd. | 899,075.22 | |
| ContractLiabilities | GuangdongXinyueTrafficInvestmentCo.,Ltd. | 22,300.88 | |
| Non-currentliabilitiesdue1year | GuangdongJiangzhongExpresswayCo.,Ltd. | 39,150.00 | 43,065.00 |
| Long-termpayable | GuangdongJiangzhongExpresswayCo.,Ltd. | 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
5.OtherNone
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,theMinistryofTransportcheckedandratifiedthatthegeneralestimateofthepreliminarydesignofreconstructionandextensionprojectofGuangdongSanbaotoShuikouRoadisRMB3.426billionAsofJune30,2020,TheaccumulatedexpensesoccurredofSanbotoShuikouHighwayextensionprojectwas2.587billionyuan.
| No | ContractCounterparty | EconomicContent | ContractAmount | FulfilledasofJune30,2020 |
| 1 | ChinaRailwayTunnelGroupCo.,Ltd. | CivilEngineering | 251,026,485.00 | 247,327,027.72 |
| 2 | BoliChangdaEngineeringCo.,Ltd. | CivilEngineering | 624,878,240.00 | 579,422,527.93 |
| 3 | ChinaRailway18thBureauGroupCo.,Ltd. | CivilEngineering | 219,974,609.00 | 205,366,454.48 |
| 4 | CCCCFirstNavigationEngineeringBureauCo.,Ltd | CivilEngineering | 355,014,108.00 | 300,078,345.44 |
2.Contingency
(1)SignificantcontingencyatbalancesheetdateAsofJune30,2020,Thecompanydoesnotdisclosethepensionplanundisclosedmattershouldexist.
(2)TheCompanyhavenosignificantcontingencytodisclose,alsoshouldbestatedNoneXV.Eventsafterbalancesheetdate
1.ProfitdistributionOnApril3,2020,theninthboardofdirectorsoftheCompanyhelditsfourthmeeting,approvedtheprofitdistributionplanfor2019,anddistributedcashdividendsofRMB882,320,185.17.OnJune29,2020,theCompanyconvenedthe2019AnnualGeneralMeetingofShareholders,reviewedandapprovedtheprofitdistributionplan,anddistributedcashdividendsofRMB882,320,185.17.
OnAugust6,2020,thecashdividendofAshareholdersentrustedbytheCompanytoChinaClearingShenzhenBranchwillbedirectlytransferredtoitscapitalaccountthroughtheshareholdercustodysecuritiescompany(orothercustodianinstitutions);DividendsofrestrictedsharesbeforetheinitialofferingofAsharesandcashdividendsofGuangdongProvincialFreewayCo.,Ltd.,ashareholderofAshares,aredistributedbytheCompanyitself.OnAugust10,2020,thecashdividendsofBshareholdersweredirectlytransferredtotheircapitalaccountsthroughthecustodiansecuritiescompaniesorcustodianbanksthroughshareholders.
InRMB
| Profitsordividendsdeclareduponexaminationandapproval | 882,320,185.17 |
XVI.Othersignificantevents
1.SegmentinformationThecompany'sbusinessfortheGuangfoExpressway,theFokaiExpresswayandJingzhuExpresswayGuangzhu
Sectiontollcollectionandmaintenancework,thetechnologyindustryandprovideinvestmentadvice,noothernatureofthebusiness,noreportablesegment.
2.GovernmentSubsidy
(1)Governmentsubsidiesincludedindeferredrevenuearesubsequentlymeasuredbythetotalamountmethod
| Subsidyitem | Category | Openingbalance | Newsubsidyamountincurrentperiod | Thecarry-overincurrentperiodisincludedinprofitandlossamount | Otherchanges | Closingbalance | Presentationitemscarriedoverintoprofitorlossinthecurrentperiod | Asset-related/revenue-related |
| Cancelthespecialsubsidyfortheexpresswayprovincialtollstationproject | Financialappropriation | 35,416,900.00 | 3,137,075.19 | 32,279,824.81 | 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 | 398,471.22 | 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.TheaccidentwasanunnaturalOnJuly19,2007，FokaiCompanyappliedpreservationofpropertytoGuangzhouMaritimeCourt.OnAugust22,2007，FokaiCompanyofficiallyprosecutedtoGuangzhouMaritimeCourt,askingFoshanSouthSeaShippingCompanyLimitedandYangXiongtoundertakethecompensation25,587,684yuanforthelosscausedbycollapsingofJiujiangBridge.OnAugust28,2007,GuangzhouMaritimeCourtacceptedthecase.Accordingtothe(2007)-CantonHaifaNo.332rulingbookissuedbyGuangzhouMaritimeCourt,theproceedingofthecase
wassuspended.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.Floatinginterestrateplusguaranteedbaseinterestrateappliesastheinterestrate.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's
latestauditednetassets.Applyforaone-timeorinstallmentinatimelymanner,withatermofnolessthan5years(including5years),andraisefundstorepaytheloanandreplenishworkingcapital;Thematterhasbeenpassedbytheresolutionofthefirstinterimshareholders'meetingin2018.OnJanuary4,2019,thedealersassociationissuedaNoticeofAcceptanceofRegistration(ZSXZ[2019]MTN9).Theamountofacceptanceofthecompany'smedium-termnotesis3.4billionyuan,andtheamountofregistrationisvalidfor2yearsfromthedateofreceiptofthenoticeofacceptance,anditisjointlyunderwrittenbyIndustrialandCommercialBankofChinaLimitedandChinaConstructionBankLimited.Thecompanyborrowed680millionyuanonMarch1,2019.
XVII..Notesofmainitemsinfinancialreportsofparentcompany
1.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 | 21,134,758.62 | 100.00% | 21,134,758.62 | 21,864,051.27 | 100.00% | 21,864,051.27 | ||||
| Ofwhich： | ||||||||||
| Agingportfolio | 21,134,758.62 | 100.00% | 21,134,758.62 | 21,864,051.27 | 100.00% | 21,864,051.27 | ||||
| Total | 21,134,758.62 | 100.00% | 21,134,758.62 | 21,864,051.27 | 100.00% | 21,864,051.27 | ||||
Accrualofbaddebtprovisionbysingleitem:NoneRelevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:
□Applicable√Notapplicable
Disclosurebyaging
InRMB
| Aging | Closingbalance |
| Within1year（Including1year） | 21,134,758.62 |
| Total | 21,134,758.62 |
(2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiod
None
（3）Thecurrentaccountsreceivablewrite-offssituation
None
（4）Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties
InRMB
| Name | Amount | Proportion(%) | Baddebtprovision |
| GuangdongUnionElectronicServicesCo.,Ltd. | 21,134,758.62 | 100.00% | |
| Total | 21,134,758.62 | 100.00% |
（5）AccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone
(6)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccountsreceivableNone
Othernote：
2.Otheraccountsreceivable
InRMB
| Items | Balanceinyear-end | BalanceYear-beginning |
| Dividendreceivable | 166,906,851.62 | 7,205,472.90 |
| Otherreceivable | 6,683,668.23 | 6,230,178.29 |
| Total | 173,590,519.85 | 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 | |
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 41,587,034.32 | |
| GuangzhouGuangzhuTrafficInvestmentMangementCo.,Ltd. | 114,364,344.40 | |
| ZhaoqingYuezhaoHighwayCo.,Ltd. | 9,750,000.00 | |
| Total | 166,906,851.62 | 7,205,472.90 |
2）Significantdividendreceivableagedover1year
None
（2）Otheraccountsreceivable
1)Otheraccountsreceivableclassifiedbythenatureofaccounts
InRMB
| Nature | Closingbookbalance | Openingbookbalance |
| Balanceofsettlementfundsforsecuritiestransactions | 30,844,110.43 | 30,844,110.43 |
| Cashdeposit | 1,953,995.00 | 1,935,101.00 |
| Pettycash | 2,582,145.37 | 1,700,634.57 |
| Other | 2,147,527.86 | 2,594,442.72 |
| Total | 37,527,778.66 | 37,074,288.72 |
2）Bad-debtprovision
InRMB
| BadDebtReserves | Stage1 | Stage2 | Stage3 | Total |
| Expectedcreditlossesoverthenext12months | Expectedcreditlossoverlife(nocreditimpairment) | Expectedcreditlossesfortheentireduration(creditimpairmentoccurred) | ||
| BalanceasatJanuary1,2020 | 30,844,110.43 | 30,844,110.43 |
| BadDebtReserves | Stage1 | Stage2 | Stage3 | Total |
| Expectedcreditlossesoverthenext12months | Expectedcreditlossoverlife(nocreditimpairment) | Expectedcreditlossesfortheentireduration(creditimpairmentoccurred) | ||
| BalanceasatJanuary1,2020incurrent | —— | —— | —— | —— |
| BalanceasatJune30,2020 | 30,844,110.43 | 30,844,110.43 |
Lossprovisionchangesincurrentperiod,changeinbookbalancewithsignificantamount
□Applicable√NotapplicableDisclosurebyaging
InRMB
| Aging | Closingbalance |
| Within1year | 2,846,525.95 |
| 1-2years | 1,010,739.70 |
| 2-3years | 443,715.70 |
| Over3years | 33,226,797.31 |
| 3-4years | 1,490,184.00 |
| 4-5years | 463,491.88 |
| Over5years | 31,273,121.43 |
| Total | 37,527,778.66 |
3)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：
InRMB
| Category | Openingbalance | Amountofchangeinthecurrentperiod | Closingbalance | |||
| Accrual | Reversedorcollectedamount | write-off | Other | |||
| Accrualofbaddebtprovisionbysingleitem: | 30,844,110.43 | 30,844,110.43 | ||||
| Total | 30,844,110.43 | 30,844,110.43 | ||||
Ofwhichthesignificantamountofthereversedorcollectedpartduringthereportingperiod:None
4)Theactualwrite-offotheraccountsreceivable:None
5)Top5oftheclosingbalanceoftheotheraccountsreceivablecollatedaccordingtothearrearsparty
InRMB
| Name | Nature | Closingbalance | Aging | Proportionofthetotalyearendbalanceoftheaccountsreceivable(%) | Closingbalanceofbaddebtprovision |
| KunlunSecuritiesCo.,Ltd | Securitiestradingsettlementfunds | 30,844,110.43 | Over5years | 82.19% | 30,844,110.43 |
| Pettycash | Pettycash | 2,429,631.37 | Within1year | 6.47% | |
| GuangdongLitongRealEstatesInvestmentCo.,Ltd. | Deposit | 1,505,864.00 | 3-4years | 4.01% | |
| FoshanHezhanYinghuiPropertyManagementCo.,Ltd. | Disposaloffixedassets | 935,820.00 | Within1year | 2.49% | |
| GuangdongProvincialFreewayCo.,Ltd. | Entrustmentmanagementfee | 463,491.88 | 4-5year | 1.24% | |
| Total | -- | 36,178,917.68 | -- | 96.40% | 30,844,110.43 |
(6)AccountsreceivableinvolvedwithgovernmentsubsidiesNone
(7)OtheraccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone
(8)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofotheraccountsreceivableNone
3.Long-termequityinvestment
InRMB
| Items | Endofterm | Beginningofterm |
| BookBalance | Impairmentprovision | Bookvalue | BookBalance | Impairmentprovision | Bookvalue | |
| Investmentinsubsidiaries | 1,613,665,008.81 | 1,613,665,008.81 | 1,533,665,008.81 | 1,533,665,008.81 | ||
| Investmentinjointventuresandassociates | 3,231,674,455.49 | 3,231,674,455.49 | 3,255,739,898.36 | 3,255,739,898.36 | ||
| Total | 4,845,339,464.30 | 4,845,339,464.30 | 4,789,404,907.17 | 4,789,404,907.17 |
（1）Investmenttothesubsidiary
InRMB
| Name | Openingbalance | Increase/decreaseinreportingperiod | Closingbalance | Closingbalanceofimpairmentprovision | |||
| Addinvestment | Decreasedinvestment | Withdrawnimpairmentprovision | Other | ||||
| JingzhuExpresswayGuangzhuSectionCo.,Ltd. | 419,105,446.88 | 419,105,446.88 | |||||
| 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 | ||||
| Total | 1,533,665,008.81 | 80,000,000.00 | 1,613,665,008.81 | ||||
（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 | 43,495,261.34 | 3,954,180.00 | 24,715,954.57 | 1,071,207,060.29 | ||||||
| Subtotal | 1,048,473,573.52 | 43,495,261.34 | 3,954,180.00 | 24,715,954.57 | 1,071,207,060.29 | ||||||
| II.Associatedenterprises | |||||||||||
| GuangdongJiangzhongExpresswayCo.,Ltd. | 179,491,516.98 | -2,474,550.29 | 177,016,966.69 | ||||||||
| GanzhouGankangExpresswayCo.,Ltd. | 213,672,650.90 | -18,334,081.49 | 195,338,569.41 | ||||||||
| GanzhouKangdaExpresswayCo.,Ltd. | 234,733,526.86 | 5,693,920.94 | 240,427,447.80 | ||||||||
| ShenzhenHuiyanExpresswayCo.,Ltd. | 262,682,427.44 | 916,998.38 | 263,599,425.82 | |||||
| GuoyuanSecuritiesCo.,Ltd. | 793,926,807.52 | 14,629,008.65 | 2,533,278.11 | 11,940,297.90 | 799,148,796.38 | |||
| GuangdongYuekeTechnologyPettyLoanCo.,Ltd. | 214,637,335.45 | 4,318,117.99 | 218,955,453.44 | |||||
| ZhaoqingYuezhaoHighwayCo.,Ltd. | 308,122,059.69 | 7,608,675.97 | 49,750,000.00 | 265,980,735.66 | ||||
| Subtotal | 2,207,266,324.84 | 12,358,090.15 | 2,533,278.11 | 61,690,297.90 | 2,160,467,395.20 | |||
| Total | 3,255,739,898.36 | 55,853,351.49 | 2,533,278.11 | 3,954,180.00 | 86,406,252.47 | 3,231,674,455.49 |
4.BusinessincomeandBusinesscost
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod | ||
| Revenue | Cost | Revenue | Cost | |
| Mainbusiness | 288,021,522.60 | 326,653,026.85 | 617,314,121.48 | 325,665,097.11 |
| Other | 5,558,207.44 | 2,004,931.99 | 5,812,395.87 | 3,525,577.41 |
| Total | 293,579,730.04 | 328,657,958.84 | 623,126,517.35 | 329,190,674.52 |
5.Investmentincome
InRMB
| Items | Amountofcurrentperiod | Amountofpreviousperiod |
| Long-termequityinvestmentincomeaccountedbycostmethod | 380,951,378.72 | 670,160,115.89 |
| Long-termequityinvestmentincomeaccountedbyequitymethod | 55,853,351.49 | 237,712,998.09 |
| Investmentreturnoninvestmentsheldtomaturityduringtheholdingperiod | 50,785,213.04 | 38,528,868.23 |
| Interestincomefromdebtinvestmentduringholdingperiod. | 25,494,258.90 | 29,257,519.49 |
| Total | 513,084,202.15 | 975,659,501.70 |
XVIII.SupplementaryInformation
1.Currentnon-recurringgains/losses
√Applicable□Notapplicable
InRMB
| Items | Amount | Notes |
| Gains/Lossesonthedisposalofnon-currentassets | -184,874.06 | |
| Governmentgrantsrecognizedinthecurrentperiod,exceptforthoseacquiredintheordinarycourseofbusinessorgrantedatcertainquotasoramountsaccordingtothecountry’sunifiedstandards | 3,535,546.41 | |
| Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems | 2,070,546.90 | |
| Othernon-recurringGains/lossitems | 335,742.79 |
| Items | Amount | Notes |
| Less:Influencedamountofincometax | 1,440,123.12 | |
| Influencedamountofminorshareholders’equity(aftertax) | 632,378.68 | |
| Total | 3,684,460.24 | -- |
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 | -0.06% | -0.0028 | -0.0028 |
| NetprofitattributabletocommonshareholdersoftheCompanyafterdeductionofnon-recurringprofitandloss | -0.10% | -0.0046 | -0.0046 |
3.Other
XII.DocumentsAvailableforInspection
1.Accountingstatementscarriedwithpersonalsignaturesandsealsoflegalrepresentative,ChiefFinancialofficerandFinancialPrincipal.
2.OriginalofAuditors’ReportcarriedwiththesealofCertifiedPublicAccountantsaswellaspersonalsignaturesofcertifiedPublicaccountants.
3.ThetextsofalltheCompany'sdocumentspubliclydisclosedonthenewspapersandperiodicalsdesignatedbyChinaSecuritiesRegulatoryCommissioninthereportperiod.