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粤高速Ｂ：2021年半年度报告（英文版） （下载公告）
公告日期:2021-08-27

GuangdongProvincialExpresswayDevelopmentCo.,Ltd.

TheSemi-AnnualReport2021

August2021

I.ImportantNotice,TableofContentsandDefinitionsTheBoardofDirectors,theSupervisoryCommitteeaswellasalldirectors,supervisorsandseniormanagementstaffoftheCompanywarrantthatthisReportisfactual,accurateandcompletewithoutanyfalserecord,misleadingstatementormaterialomission.Andtheyshallbejointlyandseverallyliableforthat.Mr.ZhengRenfa,Companyprincipal,Mr.WangChunhua,GeneralManager,Mr.LuMing,Chiefoftheaccountingwork,Ms.ZhouFang,Chiefoftheaccountingorgan(chiefofaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthisSemi-annualreport.Allthedirectorshaveattendedthemeetingoftheboardmeetingatwhichthisreportwasexamined.ThetollrevenuesofExpresswayismainsourceofthemajorbusinessincomeofthecompany,Thechargestandardofvehicletollmustbesubmittedtothesamelevelpeople'sgovernmentforreviewandapprovalafterthetransportregulatorydepartmentofprovince,autonomousregionormunicipalitydirectlyunderthecentralgovernmentinconjunctionwiththepriceregulatorydepartmentatthesamelevelconsenteduponexamination.Therefore,theadjustmenttrendofthechargepriceandthechargepriceifhasthecorrespondingadjustmentinthefuturepricelevelwhenthecostofthecompanyrisesstilldependontheapprovalofrelevantnationalpoliciesandgovernmentdepartments,andthecompanyisn'tabletomaketimelyadjustmenttothechargestandardinaccordancewiththeitsownoperationcostorthechangeofmarketsupplydemand.So,thechangeofchargepolicyandtheadjustmentofchargestandardalsohaveinfluenceontheexpresswaysoperatedbythecompanytosomeextent.So,thechargingpolicychangesandchargesadjustmentwillaffectthehighwaysoperationofthecompany.TheCompanyhasnoplanofcashdividendscarriedout,bonusissuedandcapitalizingofcommonreserveseither.

TableofContents

I.ImportantNotice,TableofcontentsandDefinitionsII.CompanyProfile&FinancialHighlights.III.ManagementDiscussion&AnalysisIV.CorporateGovernanceV.Environmental&SocialResponsibilityVI.ImportantEventsVII.ChangeofsharecapitalandshareholdingofPrincipalShareholdersVIII.SituationofthePreferredSharesIX.CorporateBondX.FinancialReport

Documentsavailableforinspection

1.Accountingstatementscarriedwithpersonalsignaturesandsealsoflegalrepresentative,ChiefFinancialofficerandFinancialPrincipal.

2.OriginalofAuditors’ReportcarriedwiththesealofCertifiedPublicAccountantsaswellaspersonalsignaturesofcertifiedPublicaccountants.

Definition

TermstobedefinedReferstoDefinition
ReportingperiodReferstoJanuary1,2021toJune30,2021
ReportingdateReferstoThesemiannualreportofthecompanywasapprovedbytheboardofdirectorsof2021,thatis,August26,2021
YOYReferstoComparedwithJanuary-June2020
TheCompany/ThisCompanyReferstoGuangdongProvincialExpresswayDevelopmentCo.,Ltd.
CommunicationGroupReferstoGuangdongCommunicationGroupCo.,Ltd.
ProvincialExpresswayReferstoGuangdongProvincialFreewayCo.,Ltd.
ConstructionCompanyReferstoGuangdongHighwayConstructionCo.,Ltd.
TechnologyCompany/GuangdongExpresswayTechnologyReferstoGuangdongExpresswayTechnologyInvestmentCo.,Ltd
FokaiCompanyReferstoGuangdongFokaiExpresswayCo.,Ltd.
ReconstructionandextensionProjectoftheSouthSectionofFokaiExpresswayReferstoReconstructionandExpansionProjectofSanbao-ShuikouSectionofFokaiExpressway.
GuangfoCompanyReferstoGuangdongGuangfoExpresswayCo.,Ltd.
GuangdongExpresswayCapitalReferstoYuegaoCapitalInvestment(Guangzhou)Co.,Ltd.
GuangzhuTransportationReferstoGuangzhouGuangzhuTransporationInvestmentManagementCo.,Ltd.
GuangzhuEastCompanyReferstoJingzhuExpresswayGuangzhuSectionCo.,Ltd.
GuanghuiCompanyReferstoGuangdongGuanghuiExpresswayCo.,Ltd.
MajorassetsrestructuringReferstoGuangdongProvincialExpresswayDevelopmentCo.,Ltd.acquired21%equityofGuangdongGuangzhou-HuizhouExpresswayCo.,Ltd.heldbyGuangdongProvincialExpresswayCo.,Ltd.bypayingcashin2020.

II.CompanyProfile&FinancialHighlights.

1.CompanyProfile

Stockabbreviation:ExpresswayA,ExpresswayBStockcode：000429，200429
StockexchangeforlistingShenzhenStockExchange
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
LegalRepresentativeZhengRenfa

2.Contactpersonandcontactmanner

BoardsecretarySecuritiesaffairsRepresentative
NameYangHanmingLiangJirong
Contactaddress46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDisrtict,Guangzhou45/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TianheDisrtict,Guangzhou
Tel020-29004619020-29004523
Fax020-38787002020-38787002
E-mailHmy69@126.com139221590@qq.com

3.Other

1.WayofcontactWhetherregistrationsaddress,officesaddressandcodesaswellaswebsiteandemailoftheCompanychangedinreportingperiodornot

□Applicable√NotapplicableRegistrationsaddress,officesaddressandcodesaswellaswebsiteandemailoftheCompanyhasnochangeinreportingperiod,foundmoredetailsinannualreport2020.

2.InformationinquiryWhetherinformationdisclosureandpreparationplacechangedinreportingperiodornot

□Applicable√NotapplicableNoneoftheofficialpresses,website,andplaceofenquiryhasbeenchangedinthesemireportperiod.FordetailspleasefindtheAnnualReport2020.

4.SummaryofAccountingDataandFinancialIndicators

Whetherithasretroactiveadjustmentorre-statementonpreviousaccountingdata

√Yes□NoRetroactiveadjustmentorrestatementofcausesMergerofenterprisesunderthesamecontrol

ReportingperiodSameperiodoflastyearYoY+/-（%）
BeforeadjustmentAfteradjustmentAfteradjustment
Operatingincome（yuan）2,488,474,669.81660,898,961.791,117,754,309.27122.63%
Netprofitattributabletotheshareholdersofthelistedcompany（yuan）848,860,350.64-5,830,257.1824,616,425.763,348.35%
Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany（yuan）842,743,158.64-9,514,717.42-9,514,717.428,957.26%
Cashflowgeneratedbybusinessoperation,net（yuan）1,815,293,217.25417,906,104.34709,663,295.81155.80%
Basicearningpershare(yuan/Share)0.41-0.00280.014,000.00%
Dilutedgainspershare(yuan/Share)0.41-0.00280.014,000.00%
Weightedaverageincome/assetratio（%）10.16%-0.06%0.23%9.93%
AsattheendofthereportingperiodAsattheendoflastyearYoY+/-（%）
BeforeadjustmentAfteradjustmentAfteradjustment
Grossassets（yuan）19,948,560,358.4319,748,578,658.1119,748,578,658.111.01%
Shareholders’equityattributabletoshareholdersofthelistedcompany（yuan）8,184,145,884.557,933,136,499.117,933,136,499.113.16%

5.Differencesbetweenaccountingdataunderdomesticandoverseasaccountingstandards1．SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.

□Applicable□√Notapplicable

None

2.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.

□Applicable√Notapplicable

None

6.Itemsandamountofnon-currentgainsandlosses

√Applicable□Notapplicable

InRMB

ItemsAmountNote
Non-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade)-135,447.06
Governmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies)9,298,314.52
Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems2,335,345.98
Othernon-recurringGains/lossitems624,054.51
Less:Influencedamountofincometax3,030,247.74
Influencedamountofminorshareholders’equity(aftertax)2,974,828.21
Total6,117,192.00--

FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.

□Applicable√NotapplicableNoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod.

III.ManagementDiscussion&AnalysisⅠ.MainBusinesstheCompanyisEngagedinDuringtheReportPeriodTheCompanyisaninfrastructureindustry,withmainbusinessindevelopingandoperatingexpresswayandbigbridges.ItisoneofthemaininstitutionsofdevelopingexpresswayandbigbridgeinGuangdongExpresswaySystem.Theexpresswayindustryistheindustryhelpedbygovernment.TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpressway,FokaiExpresswayandJingzhuExpresswayGuangzhuSectioninvestmentintechnologicalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,GuangzhouGuanghuiExpresswayCo.,Ltd.,GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuekeTechnologyPettyLoanCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.,GuoyuanSecuritiesCo.,Ltd.andHunanLianzhiTechnologyCo.,Ltd.Asoftheendofthereportingperiod,thecompany’sshare-controlledexpresswayis306.78km,andtheshare-participationexpresswayis295.88km.II.AnalysisOncoreCompetitiveness

Thetollrevenueofexpresswayindustrymainlydependsontheregionaleconomicdevelopment.Theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume.TheGuangfoexpresswayandtheFokaiexpressway,controlledbythecompany,arepartoftheNationalExpresswayNetworkPlanning-“Fiveverticalandsevenhorizontal”,JingzhuExpresswayGuangzhuSectionisafastandconvenientexpressway,GuanghuiExpresswayisanimportantsectionofthenationalkeyhighway-the15thHengshanweitoYunnanQingshuihehighway,Andmanyofthecompany’sequity-participationexpresswaysthatarepartofthemainskeletonoftheGuangdongProvincialExpresswayPlanning-“Tenverticalandfivehorizontal”,whichprovidesastrongguaranteeforstabletrafficvolume.Meanwhile,theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume,asGuangdongprovinceistheeconomicallydevelopedregion,withyears’continuoushighgrowthofGDP,sothatprovidesthestablerisingdemandforthecompany.III.MainbusinessanalysisⅠ.GeneralWhetherthesameasthemainbusinessdisclosureengagedinthecompanyduringthereportingperiod

□Yes√NoIn2020,Thesuddennewcoronavirusepidemic(hereinafterreferredtoasthe"epidemic"),thefirst-levelresponsetonationwideemergencywaslaunched,andtheoriginaltoll-freeperiodduringtheholidays(January24toJanuary30)-legalSpringFestivalwasextendedtoFebruary8,AccordingtotherelevantregulationsoftheMinistryofTransport,From0:00onFebruary17,2020to24:00OnMay5,2020thetollfeesforvehiclesonroadsacrossthecountrypreviouslytollchargedshallbeexempted.Thispolicyresultedinadecreaseinthecompany'soperatingincomeforthefirsthalfof2020.IntheFirsthalfof2021,thenumberoftolldaysthecompanyparticipatedintheholdingexpresswayincreasedby79daysYOY.ThetollrevenueofeachexpresswayincreasedoftheCompanyareasfollows:

ItemsVolumeofvehicletrafficinthefirsthalfyearof2021Tollincomeinthefirsthalfyearof2021Tollincomeinthefirsthalfyearof2020（Tenthousand）Increase/Decrease(%）
GuangfoExpressway38,137,49121,506.8210,118.98112.54%
FokaiExpressway41,173,86668,716.5028,802.15138.58%
JingzhuExpresswayGuangzhuEastSection35,139,83354,681.6821,943.09149.20%
GuanghuiExpressway38,899,25299,166.7944,716.78121.77%
HuiyanExpressway25,705,51811,662.365,571.51109.32%
YuezhaoExpressway18,466,74426,278.8313,169.3199.55%
JiangzhongExpressway32,632,82923,390.608,711.84168.49%
GuangleExpressway19,828,928163,513.7964,411.57153.86%
KangdaExpressway743,20215,008.005,872.95155.54%
GangkangExpressway2,434,6499,899.573,880.08155.14%

Amongthem,theFokaiExpresswaywasinfluencedbytheopeningoftheentireKaiyangExpresswayafteritcompletedthereconstructionanditisconnectedtoFokaiExpressway,thetrafficcapacityofthemainlinehasbeengreatlyimproved,andithasalsoinducednewtrafficwhiletheflowoftraffichasreturned,thusthetollincomehasincreasedsignificantly;InfluencedbytheopeningoftheXingganNorthExtensionExpressway,KangdaExpresswayhasshortenedthemileagefromZhejiangtoGuangzhouandsometrafficflowreturned;ontheotherhand,theoveralllogisticsindustryhasrecovered,trucktraffichasincreased,andthetollrevenuehasalsoincreasedsignificantly..Year-on-yearchangeofmainfinancialdata

InRMB

ThisreportperiodSameperiodlastyearYOYchange（%）Causechange
Operatingincome2,488,474,669.811,117,754,309.27122.63%Duringthesameperiodlastyear,duetotheimpactofthenewcoronavirusepidemicandtheexemptionofexpresswaytolls,thetollrevenuesdecreasedsignificantly;howeverthetollsarerestorednormallyinthecurrentperiod,andthetollrevenuesincreasesignificantly.
Operatingcost889,127,742.43777,474,885.2614.36%
Administrativeexpenses93,357,035.3978,662,061.9518.68%
Financialexpenses120,868,584.07120,703,176.540.14%
Incometaxexpenses354,025,065.4794,128,013.74276.11%Duringthesameperiodlastyear,duetothe
ThisreportperiodSameperiodlastyearYOYchange（%）Causechange
impactofthenewcoronavirusepidemicandtheexemptionofexpresswaytolls,theCompany'staxableincomehasdroppedsignificantly.
Cashflowgeneratedbybusinessoperation,net1,815,293,217.25709,663,295.81155.80%Duringthesameperiodlastyear,duetotheimpactofthenewcoronavirusepidemicandtheexemptionofexpresswaytolls,thetollrevenuesdecreasedsignificantly;howeverthetollsarerestorednormallyinthecurrentperiod,andthetollrevenuesincreasesignificantly.
Netcashflowgeneratedbyinvestment-158,820,398.94-186,735,227.73-14.95%
Netcashflowgeneratedbyfinancing-936,574,211.78-83,392,292.821,023.09%Mainlyduetothepaymentoftheremaining21%equityacquisitionofGuangdongGuanghuiExpresswayCo.,Ltdduringthecurrentperiod.
Netincreasingofcashandcashequivalents719,898,606.53439,535,775.2663.79%Mainlyduetothejointinfluenceofbusinessactivities,investmentactivities,andfinancingactivities.
InvestmentIncome172,050,127.5666,754,110.72157.74%Duringthesameperiodlastyear,duetotheimpactofthenewcoronavirusepidemicandtheexemptionofexpresswaytolls，Theperformanceofshare-participatingexpresswayshasfallensharply;thetollshaverestorednormallyinthecurrentperiod,theperformancehasrecovered,andtherecognizedinvestmentincomehasincreasedsignificantly.
OtherComprehensiveIncome-35,057,445.36-143,912,924.53-75.64%MainlybecausethefairvaluechangesofEverbrightBanksharesheldaresmallerthanthesameperiodlastyear

MajorchangestotheprofitstructureorsourcesoftheCompanyinthereportingperiod

□Applicable√NotapplicableNone.

ComponentofBusinessIncome

InRMB

ThisreportperiodSameperiodlastyearIncrease/decrease
AmountProportionAmountProportion
Totaloperatingrevenue2,488,474,669.81100%1,117,754,309.27100%122.63%
Industry
Highwaytransportations2,440,717,934.7498.08%1,055,810,003.2994.46%131.17%
Other47,756,735.071.92%61,944,305.985.54%-22.90%
Product
Highwaytransportations2,440,717,934.7498.08%1,055,810,003.2994.46%131.17%
Other47,756,735.071.92%61,944,305.985.54%-22.90%
Area
GuangfoExpressway215,068,229.348.64%101,189,814.789.05%112.54%
FokaiExpressway687,165,042.1227.61%288,021,522.6025.77%138.58%
JingzhuExpresswayGuangzhuSection546,816,777.6121.98%219,430,871.4119.63%149.20%
GuanghuiExpressway991,667,885.6739.85%447,167,794.5040.01%121.77%
Other47,756,735.071.92%61,944,305.985.54%-22.90%

SituationofIndustry,ProductandDistrictOccupyingtheCompany’sBusinessIncomeandOperatingProfitwithProfitover10%

√Applicable□Notapplicable

InRMB

TurnoverOperationcostGrossprofitrate(%)Increase/decreaseofrevenueinthesameperiodofthepreviousyear(%)Increase/decreaseofbusinesscostoverthesameperiodofpreviousyear(%)Increase/decreaseofgrossprofitrateoverthesameperiodofthepreviousyear(%)
Industry
Highwaytransportations2,440,717,934.74860,306,628.1564.75%131.17%17.01%30.53%
Product
Highwaytransportations2,440,717,934.74860,306,628.1564.75%131.17%17.01%30.53%
Area
GuangfoExpressway215,068,229.3443,814,271.7779.63%112.54%14.05%17.59%
FokaiExpressway687,165,042.12364,481,245.6246.96%138.58%11.62%60.33%
JingzhuExpresswayGuangzhuSection546,816,777.61146,984,172.4873.12%149.20%23.38%27.41%
GuanghuiExpressway991,667,885.67305,026,938.2869.24%121.77%21.45%25.40%

Undercircumstancesofadjustmentinreportingperiodforstatisticscopeofmainbusinessdata,adjustedmainbusinessbasedonlatestonyear’sscopeofperiod-end.

□Applicable√NotapplicableAnyover30%YoYMovementsinthedataaboveandwhy

√Applicable□NotapplicableDuringthesameperiodlastyear,duetotheimpactofthenewcoronavirusepidemicandtheexemptionofexpresswaytolls,thetollrevenuesdecreasedsignificantly;howeverthetollsarerestorednormallyinthecurrentperiod,andthetollrevenuesincreasesignificantly.IV.Non-corebusinessanalysis

√Applicable□Notapplicable

InRMB

AmountRatiointotalprofitNoteWhetherbesustainable
InvestmentIncome172,050,127.5611.07%ItisduetotheoperationaccumulationofparticipantcompaniesSustainable
Gainandlossofchangesinfairvalue0.00%
Assetimpairment-2,889,394.16-0.19%FokaiCompanyaccruedimpairmentreserveforfixedassetsNotsustainable
Non-operatingincome4,011,220.050.26%MainlyinsuranceclaimsandroadpropertyclaimsNotsustainable
Non-operatingexpenses1,811,321.130.12%MainlyroadpropertyrepairexpensesNotsustainable
Otherincome9,922,369.030.64%MainlyisamortizationandcancellationofprovincialboundaryTollstationsubsidies.Sustainable
Creditimpairment-1,310,999.95-0.08%ImpairmentprovisionofaccountsNotsustainable
lossesreceivableandotherreceivablesaccrual

V.ConditionofAssetandLiabilities

1.ConditionofAssetCausingSignificantChange

InRMB

EndofReportingperiodEndofsameperiodoflastyearChangeinpercentage(%)Reasonforsignificantchange
AmountAsapercentageoftotalassets(%)AmountAsapercentageoftotalassets(%)
Monetaryfund3,567,296,610.4217.88%2,847,398,003.8914.42%3.46%
Accountsreceivable143,817,895.360.72%168,907,517.560.86%-0.14%
Contractassets5,231,809.890.03%5,452,813.900.03%0.00%
Inventories375,353.970.00%53,761.060.00%0.00%
Investmentrealestate2,999,822.650.02%3,110,381.890.02%0.00%
Long-termequityinvestment2,425,787,626.3712.16%2,382,381,165.6012.06%0.10%
Fixedassets10,897,135,679.3854.63%11,540,075,929.6958.43%-3.80%
Constructioninprocess476,068,792.622.39%340,611,095.471.72%0.67%
Userightassets18,740,252.760.09%Notapplicable0.09%
Shore-termloans200,175,000.001.00%200,192,500.001.01%-0.01%
Contractliabilities327,734.510.00%309,734.510.00%0.00%
Long-termborrowing5,877,040,700.0029.46%4,977,438,800.0025.20%4.26%
Leaseliabilities7,722,763.420.04%Notapplicable0.04%

2.Mainassetsoverseas

□Applicable√Notapplicable

3.AssetandLiabilitiesMeasuredbyFairValue

√Applicable□Notapplicable

InRMB

ItemsOpeningamountGain/LossonfairvaluechangeinthereportingperiodCumulativefairvaluechangerecordedintoequityImpairmentprovisionsinthereportingperiodPurchasedamountinthereportingperiodSoldamountinthereportingperiodOtherchangeClosingamount
Financialassets
4．OtherEquityInstrumentInvestment1,737,015,528.29371,702,811.521,687,611,990.05
Totaloftheabove1,737,015,528.29371,702,811.521,687,611,990.05
Financialliabilities0.000.00

OtherchangeDidanysignificantchangeoccurtotheattributeoftheCompany’smainassetmeasurementduringthereportingperiod?

□Yes√No

4.AssetsrightrestrictiontillendofreportingperiodThebalanceofrestrictedbankdepositsattheendoftheperiodwasRMB1,221,200.00,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofSanbaotoShuikousectionofFokaiExpressway.

VI.Investmentsituation

1.General

√Applicable□Notapplicable

CurrentInvestmentAmount(Yuan)Sameperiodoflastyear(Yuan)Changerate
0.0080,000,000.00-100.00%

2.ConditionofAcquiringSignificantShareRightInvestmentduringtheReportPeriod

□Applicable√Notapplicable

3.SituationoftheSignificantNon-equityInvestmentUndergoingintheReportPeriod

□Applicable√Notapplicable

4.InvestmentofFinancialAsset

（1）Securitiesinvestment

√Applicable□Notapplicable

SecuritycategorySecuritycodeStockAbbreviation:InitialinvestmentcostModeofaccountingmeasurementBookvaluebalanceatthebeginningofthereportingperiodChangesinfairvalueofthethisperiodCumulativefairvaluechangesinequityPurchaseamountinthethisperiodSaleamountinthethisperiodGain/lossofthereportingperiodBookvaluebalanceattheendofthereportingperiodAccountingitemsFundingsource
Domesticandforeignstocks601818EverbrightBank517,560,876.80FVM938,667,226.560.00371,702,811.520.000.0049,403,538.24889,263,688.32OtherequityInstrumentInvestmentSelffunds
Total517,560,876.80--938,667,226.560.00371,702,811.520.000.0049,403,538.24889,263,688.32----
DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheBoardofDirectorsJuly22,2009
DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheShareholdersMeeting(Ifany)August7,2009

（2）InvestmentinDerivatives

□Applicable√NotapplicableTheCompanyhadnoinvestmentinderivativesinthereportingperiod.VII.Salesofmajorassetsandequity

1.Salesofmajorassets

□Applicable√NotapplicableTheCompanyhadnosalesofmajorassetsinthereportingperiod.

2.Salesofmajorequity

□Applicable√Notapplicable

VIII.AnalysisoftheMainShareHoldingCompaniesandShareParticipatingCompanies

√Applicable□Notapplicable

SituationofMainSubsidiariesandtheJoint-stockCompanywithover10%netprofitinfluencingtotheCompanyInRMB

CompanyNameCompanytypeLeadingproductsandservicesRegisteredcapitalTotalassetsNetassetsOperatingIncomeOperatingprofitNetProfit
GuangfoExpresswaySubsidiaryOperatingGuangfoExpresswayCo.,Ltd.(startsfromHengsha,Guangzhou,endsinXiebian,Foshan.Totallength15.7kilometersRMB200million514,097,101.98433,600,597.86223,491,338.35164,839,345.28125,126,708.37
JingzhuExpresswayGuangzhuSectionCo.,Ltd.SubsidiaryTheoperationandmanagementofGuangzhuExpresswayandprovisionofsupportingservicesincludingfueling,salvageandsupplyofpartsandcomponentsRMB580million2,312,034,183.75919,053,598.97560,521,671.83359,238,628.25266,411,477.01
GuangdongGuanghuiExpresswayCo.,Ltd.SharingcompanyInvestmentinandconstructionofGuanghuiExpresswayCo.,Ltd.andsupportingfacilities,thetollcollectionandmaintenancemanagementofGuanghuiExpressway,TheGuanghuiExpressway'ssupportinggasstation,salvation,vehiclemaintenance,vehicletransport,catering,warehousinginvestmentanddevelopmentRMB2.352billion4,443,380,555.833,964,191,459.741,004,523,049.04694,550,415.51516,820,409.74

Subsidiariesobtainedordisposedinthereportingperiod

□Applicable√NotapplicableParticularsabouttheMutualholdingcompaniesInthefirsthalfof2021,thenumberoftolldaysfortheCompany’sshare-participatingexpresswaysandholdingexpresswaysincreasedby79daysYOY,andthetollincomeofeachexpresswayincreased.Theoperatingincome,operatingprofitandnetprofitofGuangfoExpresswayCo.,Ltd,JingzhuExpresswayGuangzhuSectionCo.,Ltd,andGuangdongGuanghuiExpresswayCo.,LtdincreasedsignificantlyYOY.

IX．StructuredvehiclecontrolledbytheCompany

□Applicable√NotapplicableX.RisksfacingtheCompanyandcountermeasures

Thecompany’sprofitsmainlycomefromtheexpresswaytollsrevenueandthetollchargingstandardsshallbeexaminedbythetrafficauthorityoftheprovincial,autonomousregionandthedirect-controlledmunicipalitypeople’sgovernmentstogetherwiththesame-levelpricingauthorityandthensubmittedtothesame-levelpeople’sgovernmentforapproval.Therefore,thechargingpriceadjustmenttrendandthepossibilityofthechargingpriceadjustmentuponrisingofthecommoditypriceandthecompanycostinthefuturearestillsubjecttorelevantnationalpoliciesandtheapprovalofthegovernmentaldepartment.Andthecompanycan’tadjustthechargingstandardspromptlybasedonitsownoperationcostorthemarketsupply-demandchanges.Inconclusion,thechargingpolicieschangeandthechargingstandardsadjustmenthavetheinfluenceontheexpresswaybusinessofthecompanytosomeextent.

IV.CorporateGovernanceI.AnnualGeneralMeetingandProvisionalShareholders’MeetingsintheReportingPeriod

1.AnnualGeneralMeeting

MeetingTypeInvestorparticipationratioConveneddateDisclosuredateIndextodisclosedinformation
FirstprovisionShareholders’generalmeetingof2021ProvisionShareholders’generalmeeting65.66%February3,2021February4,20211.ThemeetingexaminedandapprovedtheProposalonsigningasupplementaryagreementtothe"FinancialServiceAgreement"withGuangdongCommunicationsGroupFinanceCo.,Ltd.AgreedthattheCompanyandGuangdongCommunicationsGroupFinanceCo.,Ltdwillsignasupplementaryagreementtothe"FinancialServiceAgreement".Duringthevalidityperiodoftheagreement,GuangdongGuanghuiExpresswayCo.,LtdwillbeasubsidiarytotheCompanyandmeanwhileincreasethedepositandloanlimitofGuangdongCommunicationsGroupFinanceCo.,Ltd.ItstipulatesthequotaofthetotaldailybalanceofdepositsfromtheCompanyanditsaffiliatedcompaniesshallnotexceedRMB3billion,andthedailybalanceofitscreditbusinesstotheCompanyanditsaffiliatedcompaniesshallnotexceedRMB4billion.2.Themeetingexaminedandadoptedthe"ProposalonRequestingtheIncreaseofAuditFeesforAnnualFinancialReportsetc."ItagreedtoincreasetheCompany'sannualfinancialreportandotherauditfeesby120,000yuan,andit’sexpectedthattheannualfinancialreportandotherauditfeeswillbecontrolledwithinRMB1.32million(including1.32millionyuan).3.Themeetingexaminedandadoptedthe"ProposalonElectionofMr.LuMingasaDirectoroftheNinthBoardofDirectorsoftheCompany"Mr.LuMingwaselectedasDirectoroftheNinthboardofdirectorsoftheCompany,withthesametermasthemembersoftheninthsessionoftheboard
MeetingTypeInvestorparticipationratioConveneddateDisclosuredateIndextodisclosedinformation
ofdirectors.
2020Shareholders’generalmeetingAnnualShareholders’GeneralMeeting65.63%June22,2021June23,2021I.ThemeetingexaminedandadoptedtheProposalConcerningFinalAccountingReportfor2020II.ThemeetingexaminedandadoptedtheProposalConcerningPreplanforProfitDistributionfor20201.It’splannedtodrawRMB93,232,912.82thatisbasedon10%ofthenetprofitrealizedbytheparentcompanyforthestatutorysurplusreserve.2.RMB608,424,582.67istobeallocatedasthefundfordividenddistributionfor2020.withthetotalsharesattheendof2020,i.e.,2,090,806,126shares,asthebase,cashdividendofRMB2.91(includingtax)istobedistributedforevery10shares.Theremainingundistributedprofitsaretobecarriedforwardtothenextyear.TheforeignexchangetranslationofthecashdividendsforshareholdersholdingBshareandoverseascorporateshareswillbedeterminedaccordingtoHKD:RMBbank’sMiddleratequotedbyPeople’sBankofChinaonthefirstworkingdayafter2020annualshareholders’generalmeetingmakesresolutionondividenddistribution.3.ThemeetingexaminedandadoptedtheProposalConcerningOverallbudgetreportoftheCompanyfor2021
MeetingTypeInvestorparticipationratioConveneddateDisclosuredateIndextodisclosedinformation
4.ThemeetingexaminedandadoptedtheWorkReportoftheBoardofDirectorsfor20205.ThemeetingexaminedandadoptedtheWorkReportofthesupervisoryCommitteefor20206.ThemeetingexaminedandadoptedAnnualReportfor2020anditssummary7.ThemeetingexaminedandadoptedtheProposalforHiringthe2021AnnualFinancialReportAuditAgencyIt’sagreedthattheCompanywillcontinuetohireYongTuoCertifiedPublicAccountants(SpecialGeneralPartnership)astheauditagencyfortheCompany’s2021financialreport.It’sestimatedthattheannualfinancialreportandotherauditexpenseswillbe1.32millionyuan.TheCompanyauthorizedthemanagementtonegotiatewiththeaccountingfirmtodeterminethe2021auditfeebasedontheCompany'sactualbusinesssituationin2021.8.ThemeetingexaminedandadoptedtheProposalforHiringthe2021InternalControlAuditInstitutionIt’sagreedthattheCompanywillcontinuetohireYongTuoCertifiedPublicAccountants(SpecialGeneralPartnership)astheauditingbodyforinternalcontroloftheCompanyfor2021.TheauditfeeshallbelessthanRMB300,000.9.ThemeetingexaminedandadoptedtheProposalonSupplementingtheDirectorCandidatefortheNinthBoardofDirectors
MeetingTypeInvestorparticipationratioConveneddateDisclosuredateIndextodisclosedinformation
Mr.RenHuawaselectedasDirectoroftheNinthboardofdirectorsoftheCompany,withthesametermasthemembersoftheninthsessionoftheboardofdirectors.10.ThemeetingexaminedandadoptedtheProposalonthepreparationofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.'s"ShareholderReturnPlanfortheNextThreeYears(2021-2023)"

2.PreferredshareholderswiththerestorationofvotingrightsmadearequestfortheSpecialMeetingofShareholders

□Applicable√NotapplicableII.Changeinsharesheldbydirectors,supervisorsandseniorexecutives

√Applicable□Notapplicable

NamePositionsTypesDateReason
LuMingDirectorElectedFebruary3,2021ElectedasDirectoroftheNinthboardofdirectorsoftheCompany
RenHuaDirectorElectedJune22,2021ElectedasDirectoroftheNinthboardofdirectorsoftheCompany
ZhuoWeihengDirectorLeftFebruary24,2021ResignedfromtheboardofdirectorsoftheCompanyduetojobtransfer.

III.Pre-planforprofitallocationandturningcapitalreserveintosharecapitalforthereportingperiod

□Applicable√NotapplicableTheCompanyplannednottodistributecashdividendandbonusshare,andnottoconvertcapitalreservesintosharecapitalinhalfyear.IV.Implementationofanyequityincentiveplan,employeestockownershipplanorotherincentivemeasuresforemployees

□Applicable√NotapplicableNone.

V.Environmental&SocialResponsibilityI.SignificantenvironmentalissuesWhethertheCompanyoranyofitssubsidiariesisidentifiedasakeypolluterbytheenvironmentauthorities

□Yes√NoNotapplicableTheCompany'smainbusinessishighwayoperationandmanagement,whichdoesnotbelongtothekeypollutantdischargeunitsannouncedbytheenvironmentalprotectiondepartment.II.Socialresponsibilities

Inthefirsthalfof2021,theCompanyactivelyfulfilleditssocialresponsibilities,workedhardtoovercometheadverseeffectsofthecoronavirusepidemic,soundlymanagedtheworkandpositivelyovercamedifficulties,strictlyimplementedvariouspreventionandcontrolmeasures,andachievedzeroinfectionintheCompany'ssystem,meanwhilestucktothefrontlineofepidemicpreventionandprotectiontoensuretheroadsbeunobstructed,andpromotedthenormalizedepidemicpreventionandcontrolandsoundlyimplementedtheCompany’svarioustasksbyentirelyplanned,thuseffectivelypromotedthestabilityandimprovementofeconomicoperations.

1.Strengthenleadershipandimplementthemainresponsibilityofpreventionandcontrol.AccordingtotheunifieddeploymentofGuangdongProvince,theState-ownedAssetsSupervisionandAdministrationCommission,andtheTransportationGrouponthepreventionandcontrolofthenewcoronavirusepidemic,theCompanyrespondedquickly,actedfastandpositively,andputthelifesafetyandhealthoftheemployeesfirst,madeeveryefforttodoagoodjobinthepreventionandcontrolofthecoronavirusepidemic.Theleadershipteamfirmlystoodtotheirposts,commandedinthefront,andfollowedtheordersandledthesubordinates.Sincetheepidemicpreventionandcontrol,theCompany’sleadershavedeeplygonedowntothegrassrootsandthefrontlineofepidemicprevention,inspectedthepreventionandcontrolmeasuresofvariousunits,supervisedrelevantunitstoimplementpreventionandcontrolmeasuresforserviceareas,andchargingsitesandotherkeyplaces,keyareas,keychains,keygroups,andimportantnodes.TheCompany’spartycommitteeactivelymobilizedpartyworkers’volunteerstoparticipateintheepidemicpreventionandcontrolworkforeffectivelyfightingtheepidemic.

2.Toll-freepoliciesforpassengercarswithlessthansevenseatsandpreferentialpoliciesforgreenchannelscontinuetobeimplementedduringmajorhighwayholidays.GuangfoCompany,FokaiBranch,GuangzhuEastCompany,andGuanghuiCompanywilleffectively“recognizethepositionandensurethatthepersonnelareinplace”,responsibilitiesareinplace,andmeasuresareinplace"tosuccessfullycompletevarioustasksofensuringsafetyandsmoothflow.

3.Activelyrespondtogovernmentpoliciesandprovidepreferentialreductionsandexemptionsinaccordancewithlawsandregulationstoreducecorporatetransportationcostsandpublictravelcosts.

VI.ImportantEventsI.Thefulfilledcommitmentsinthereportingperiodandunder-fulfillmentcommitmentsbytheendofthereportingperiodmadebythecompany,shareholder,actualcontroller,acquirer,director,supervisor,seniormanagementpersonnelandotherrelatedparities.

□Applicable√NotapplicableThereisnocommitmentthathasnotbeenfulfilledbyactualcontroller,shareholders,relatedparties,acquirersoftheCompanyII.Particularsaboutthenon-operatingoccupationoffundsbythecontrollingshareholder

□Applicable√NotapplicableNoneIII.Illegalprovisionofguaranteesforexternalparties

□Applicable√NotapplicableNoneIV.EngagementanddisengagementofCPAsfirmWhetherthesemi-annualfinancialreporthasbeenaudited

□Yes√NoThesemi-annualfinancialreportoftheCompanyhasnotbeenauditedV.Notesfor“non-standardauditreport”ofCPAsfirmduringtheReportingPeriodbyboardofdirectorsandsupervisoryboard

□Applicable√NotapplicableVI.Notesfortherelatedinformationof“non-standardauditreports”lastyearbyboardofdirectors

□Applicable√NotapplicableVII.Bankruptcyandrestructuring

□Applicable√Notapplicable

Nosuchcasesinthereportingperiod.VIII.LitigationsandarbitrationsSignificantlitigationsandarbitrations

□Applicable√NotapplicableNosuchcasesinthereportingperiod.Otherlawsuits

□Applicable√NotapplicableIX.Punishmentsandrectifications

□Applicable√NotapplicableNosuchcasesintheReportingPeriod.X.CreditconditionsoftheCompanyaswellasitscontrollingshareholderandactualcontroller

□Applicable√NotapplicableXI.Materialrelatedtransactions

1.Relatedtransactionsinconnectionwithdailyoperation

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

2.Related-partytransactionsarisingfromassetacquisitionorsold

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

3.Related-partytransitionswithjointinvestments

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

4.Creditsandliabilitieswithrelatedparties

√Applicable□NotapplicableDoesthereexistnon-operatingcurrentassociatedrightsofcreditandliabilities

□Yes√NoNosuchcasesinthereportingperiod.

5.Transactionswithrelatedfinancecompany,especiallyonethatiscontrolledbytheCompany

√Applicable□Notapplicable

Depositbusiness

RelatedpartyRelationshipMaximumdailydepositlimit（10，000）DepositinterestraterangeBeginningbalance（10，000）Theamountincurred（10，000）Endingbalance（10，000）
GuangdongCommunicationsGroupFinanceCo.,LtdControlledbythesameparentcompany300,000.001.725%-3.57%103,110.5874,933.67178,044.25

Loanbusiness

RelatedpartyRelationshipLoanlimit（Tenthousandyuan）LoantinterestraterangeBeginningbalance（Tenthousandyuan）Theamountincurred（Tenthousandyuan）Endingbalance（Tenthousandyuan）
GuangdongCommunicationsGroupFinanceCo.,LtdControlledbythesameparentcompany400,000.003.15%20,000.0020,000.00

Creditextensionorotherfinancialservices

RelatedpartyRelationshipBusinesstypeTotalamount（Tenthousandyuan）Actualamountincurred（Tenthousandyuan）
GuangdongCommunicationsGroupFinanceCo.,LtdControlledbythesameparentcompanyCreditextension20,000.0020,000.00

6.Othersignificantrelated-partytransactions

√Applicable□Notapplicable

1.The15th(Provisional)MeetingoftheNinthBoardofDirectorsandtheFirstprovisionalShareholders'GeneralMeetingof2021oftheCompanyexaminedandadoptedtheProposalonSigningtheSupplementaryAgreementtotheFinancialServicesAgreementwithGuangdongCommunicationsGroupFinanceCo.,Ltd.

2.The16th(Provisional)MeetingoftheNinthBoardofDirectorsoftheCompanyexaminedandadoptedtheProposalConcerningtheCompanyDailyAssociatedTransactionsPredictedof2021.

Agreeonthepredicteddailyassociatedtransactionsforthecompanyheadquarters,wholly-ownedandholdingsubsidiariesof2021,whoseamountintotalisRMB29.2285million.

3.The16th(Provisional)MeetingoftheNinthBoardofDirectorsoftheCompanyexaminedandadopted、theProposalonthesigningofacontractfortheentrustedoperationandmanagementfrom2021to2023oftheGuangzhuNorthSectionoftheGuangdongJingzhuExpresswaybetweentheGuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,LtdandtheJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd."It’sagreedthattheJingzhuExpresswayGuangzhuNorthSectionCo.,LtdandtheGuangdongJingzhuNorthSectionCo.,Ltdsignthe"EntrustedOperationandManagementContractfor2021-2023forGuangdongJingzhuExpresswayGuangzhuNorthSection",withthetotalcontractamountnotexceeding75millionyuan.Thewebsitetodisclosetheinterimannouncementsonsignificantrelated-partytransactions

DescriptionofprovisionalannouncementDateofdisclosingprovisionalannouncementDescriptionofthewebsitefordisclosingprovisionalannouncements
AnnouncementofResolutionsofthe15th(Provisional)MeetingoftheNinthBoardofDirectors（AnnouncementNo.:2021-001）January19,2021www.cninfo.com.cn
Announcementofrelatedpartytransaction（AnnouncementNo.:2021-002）January19,2021www.cninfo.com.cn
AnnouncementofResolutionoftheFirstProvisionalShareholder'sMeetingof2021（AnnouncementNo.:2021-005）February4,2021www.cninfo.com.cn
AnnouncementofResolutionsofthe16th(Provisional)MeetingoftheNinthBoardofDirectors（AnnouncementNo.:2021-008）March26,2021www.cninfo.com.cn
EstimatesannouncementoftheDailyRelatedPartyTransactionof2021（AnnouncementNo.:2021-012）March26,2021www.cninfo.com.cn
Announcementonrelatedtransactionsconcerningtheentrustedoperationofthesubsidiary（AnnouncementNo.:2021-013）March26,2021www.cninfo.com.cn

XII.Significantcontractsandexecution

1.Entrustments,contractingandleasing

（1）Entrustment

□Applicable√Notapplicable

Nosuchcasesinthereportingperiod.

（2）Contracting

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

（3）Leasing

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

2.SignificantGuarantees

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

3.Financemanagementoncommission

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

4.Majorcontractsfordailyoperations

□Applicable√Notapplicable

5.Othersignificantcontract

□Applicable√NotapplicableNosuchcasesinthereportingperiod.XIII.Explanationonothersignificantevents

√Applicable□Notapplicable

1.TheDepartmentofTransportationofGuangdongProvinceissuedthe"LetteroftheDepartmentofTransportationofGuangdongProvinceontheChargePeriodfortheReconstructionandExpansionProjectoftheSanbao-ShuikouSectionoftheShenyang-HaikouNationalExpressway"(No328-[2021]Guangdong

TransportationRegulationLetter)onJune8,2021,theapprovedfeeperiodfortheSanbao-ShuikousectionoftheShenyang-HaikouNationalExpresswayis24.6011years,thatis,fromNovember8,2019toJune14,2044.Fortherelevantinformationonthismatter,pleaserefertothe"AnnouncementonSignificantEvents"and"AnnouncementonChangesinAccountingEstimates"publishedbytheCompanyrespectivelyonJune10,2021

（AnnouncementNo.:2021-020）andJune29,2021onwww.cninfo.com.cn.（AnnouncementNo.:2021-024）

XIV.SignificanteventofsubsidiaryoftheCompany

□Applicable√Notapplicable

VII.ChangeofsharecapitalandshareholdingofPrincipalShareholders

I.Changesinsharecapital

1.Changesinsharecapital

Inshares

BeforethechangeIncrease/decrease（+，-）AftertheChange
AmountProportionShareallotmentBonussharesCapitalizationofcommonreservefundOtherSubtotalQuantityProportion
1.Shareswithconditionalsubscription439,254,71721.01%439,254,71721.01%
1.State-ownedshares410,040,69619.61%410,040,69619.61%
2.State-ownedlegalpersonshares21,712,7381.04%21,712,7381.04%
3.Otherdomesticshares7,501,2830.36%7,501,2830.36%
Including：DomesticLegalpersonshares6,965,0950.33%6,965,0950.33%
Domesticnaturalpersonshares536,1880.03%536,1880.03%
4.Foreignshares00.00%00.00%
Including：Foreignlegalpersonshares00.00%00.00%
Foreignnaturalpersonshares00.00%00.00%
II.Shareswithunconditionalsubscription1,651,551,40978.99%1,651,551,40978.99%
1.CommonsharesinRMB1,302,902,73462.32%1,302,902,73462.32%
2.Foreignsharesindomesticmarket348,648,67516.68%348,648,6716.68%
5
3.Foreignsharesinforeignmarket00.00%00.00%
4.Other00.00%00.00%
III.Totalofcapitalshares2,090,806,126100.00%2,090,806,126100.00%

Reasonsforsharechanged

□Applicable√NotapplicableApprovalofChangeofShares

□Applicable√NotapplicableOwnershiptransferofsharechanges

□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod

□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators

□Applicable√NotapplicableProgressonanysharerepurchase:

□Applicable√NotapplicableProgressonreducingtherepurchasedsharesbymeansofcentralizedbidding:

□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod

□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurityregulators

□Applicable√Notapplicable

2.Changeofshareswithlimitedsalescondition

□Applicable√NotapplicableII.Securitiesissueandlisting

□Applicable√Notapplicable

III.Shareholdersandactualcontrollingshareholder

1.Numberofshareholdersandshareholding

InShares

Totalnumberofcommonshareholdersattheendofthereportingperiod53,257Totalnumberofpreferredshareholdersthathadrestoredthevotingrightattheendofthereportingperiod(ifany)(note8)0
Particularsaboutsharesheldabove5%byshareholdersortoptenshareholders
ShareholdersNatureofshareholderProportionofsharesheld（%）Numberofsharesheldatperiod-endChangesinreportingperiodAmountofrestrictedsharesheldAmountofun-restrictedsharesheldNumberofsharepledged/frozen
StateofshareAmount
GuangdongCommunicationGroupCo.,LtdState-ownedlegalperson24.56%513,420,438410,040,696103,379,742
GuangdongHighwayConstructionCo.,Ltd,State-ownedlegalperson22.30%466,325,020466,325,020
ShangdongExpresswayInvestmentDevelopmentCo.,Ltd.State-ownedlegalperson9.68%202,429,149202,429,149
TibetYingyueInvestmentManagementCo.,Ltd.State-ownedlegalperson4.84%101,214,574101,214,574
GuangdongProvincialFreewayCo.,Ltd.State-ownedlegalperson2.53%52,937,49119,582,22833,355,263
ChinaLifeInsuranceCo.,Ltd.－Dividend－Personaldividend-005L-FH002ShenOther1.96%41,009,35541,009,355
FengWuchuDomesticnaturalpersonshares0.99%20,597,146-196,70720,597,146
GUOTAIJUNANSECURITIES(HONGOverseaslegalperson0.64%13,469,4097,062,99613,469,409
KONG)LIMITED
XinyueCo.,Ltd.Overseaslegalperson0.63%13,201,08613,201,086
HappylifeinsuranceCo.,Ltd.-DividendOther0.56%11,617,74711,617,74711,617,747
Strategicinvestororgenerallegalpersonbecomingtop-10ordinaryshareholderduetorightsissue(ifany)(seenote3)None
Relatedoracting-in-concertpartiesamongshareholdersaboveGuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.，GuangdongProvincialFreewayCo.,Ltd.andXinyueCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies.
Aboveshareholdersentrustingorentrustedwithvotingrights,orwaivingvotingrightsNone
Top10shareholdersincludingthespecialaccountforrepurchase(ifany)(seenote11)None
Shareholdingoftop10shareholdersofunrestrictedshares
NameoftheshareholderQuantityofunrestrictedsharesheldattheendofthereportingperiodSharetype
SharetypeQuantity
GuangdongHighwayConstructionCo.,Ltd,466,325,020RMBCommonshares466,325,020
ShangdongExpresswayInvestmentDevelopmentCo.,Ltd.202,429,149RMBCommonshares202,429,149
GuangdongCommunicationGroupCo.,Ltd103,379,742RMBCommonshares103,379,742
TibetYingyueInvestmentManagementCo.,Ltd.101,214,574RMBCommonshares101,214,574
ChinaLifeInsuranceCo.,Ltd.－Dividend－Personaldividend-005L-FH002Shen41,009,355RMBCommonshares41,009,355
GuangdongProvincialFreewayCo.,Ltd.33,355,263RMBCommonshares33,355,263
FengWuchu20,597,146RMBCommonshares18,291,583
Foreignsharesplaced2,305,563
indomestic
GUOTAIJUNANSECURITIES(HONGKONG)LIMITED13,469,409Foreignsharesplacedindomestic13,469,409
XinyueCo.,Ltd.13,201,086Foreignsharesplacedindomestic13,201,086
HappylifeinsuranceCo.,Ltd.-Dividend11,617,747RMBCommonshares11,617,747
Explanationonassociatedrelationshiporconsistentactionamongthetop10shareholdersofnon-restrictednegotiablesharesandthatbetweenthetop10shareholdersofnon-restrictednegotiablesharesandtop10shareholdersGuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.，GuangdongProvincialFreewayCo.,Ltd.andXinyueCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies.
Top10ordinaryshareholdersconductingsecuritiesmargintrading(ifany)(seenote4)None

Whethertoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldhaveabuy-backagreementdealinginreportingperiod.

□Yes√NoThetoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldoftheCompanyhavenobuy–backagreementdealinginreportingperiod.IV.Changesinshareholdingsofdirectors,supervisorsandexecutiveofficers

□Applicable√NotapplicableTherewasnochangeinshareholdingofdirectors,supervisorsandseniormanagementstaffs,forthespecificinformationpleaserefertothe2020AnnualReportV.ChangeofthecontrollingshareholderortheactualcontrollerChangeofthecontrollingshareholderinthereportingperiod

□Applicable√NotApplicableTherewasnoanychangeofthecontrollingshareholderoftheCompanyinthereportingperiod.Changeoftheactualcontrollerinthereportingperiod

□Applicable√NotapplicableTherewasnoanychangeoftheactualcontrolleroftheCompanyinthereportingperiod.

VIII.SituationofthePreferredShares

□Applicable√NotapplicableTheCompanyhadnopreferredsharesinthereportingperiod

IX.CorporateBond

√Applicable□NotapplicableI.Enterprisebond

□Applicable√NotapplicableNosuchcasesinthereportingperiod.II.Corporatebond

□Applicable√NotapplicableNosuchcasesinthereportingperiod.III.Debtfinancinginstrumentsofnon-financialenterprises

√Applicable□Notapplicable

1.Basicinformation

BondnameBondshortnameBondcodeIssuedayValuedateDuedayBondbalanceInterestrateServicingwayTrading
GuangdongProvincialExpresswayDevelopmentCo.,Ltd.2019firstphasemedium-termnotes19GuangdongExpresswayMTN001101900252February27,2019March1,2019March1,2024678,798,734.874%Duepaymentsonceayear,Theprincipalandthelastinstalmentinterestarepaidinonelumpsumontheredemptiondate.Interbankmarket
GuangdongProvincialExpresswayDevelopmentCo.,Ltd.2020firstphasemedium-termnotes20GuangdongExpresswayMTN001102000367March13,2020March17,2020March17,2025748,157,926.493%Duepaymentsonceayear,Theprincipalandthelastinstalmentinterestarepaidinonelumpsumontheredemptiondate.Interbankmarket
ApplicabletradingmechanismCirculationandtransferinthenationalinter-bankbondmarket,itslistingandcirculationwillbecarriedoutinaccordancewiththerelevantregulationspromulgatedbytheNationalInterbankFundingCenter.

Overdueandunpaidbonds

□Applicable√Notapplicable

2.Triggerandimplementationofoptionclausesandinvestorprotectionclausesoftheissuerorinvestor

□Applicable√Notapplicable

3.Adjustmentofcreditratingresultsduringthereportingperiod

□Applicable√Notapplicable4Theimplementationandchangesofguarantee,debtrepaymentplanandotherdebtrepaymentguaranteemeasuresduringthereportingperiodandtheirimpactontherightsandinterestsofbondinvestors

□Applicable√NotapplicableIV.Convertiblebond

□Applicable√NotapplicableNosuchcasesinthereportingperiod.V.Thelosswithinthescopeofconsolidatedstatementsinthereportingperiodexceeded10%ofthenetassetsattheendofthepreviousyear

□Applicable√NotapplicableVI.MainaccountingdataandfinancialindicatorsoftheCompanyinrecenttwoyearsbytheendofthereportingperiod

InRMB10,000

ItemsAttheendofthereportingperiodAttheendoflastyearAtthesametimerateofchange
Currentratio222.53%118.91%103.62%
Debtratio47.54%48.19%-0.65%
Quickratio222.30%118.77%103.53%
AmountofthisperiodAmountoflastperiodAtthesametimerateofchange
Netprofitafterdeductingnon-recurringprofitandloss84,274.32-951.478,957.28%
EBITDAtotaldebtratio30.89%13.55%17.34%
Timeinterestearnedratio11.132.51343.43%
Cashinterestguaranteetimes12.2911.913.19%
EBITDATimeinterestearnedratio15.466.4141.56%
Repaymentofdebt(%)477.42%176.34%301.08%
Paymentofinterest(%)111.13%46.78%64.35%

Note：

Thedataforthesameperiodlastyearisthedataaftertheretrospectiverestatementofthe2020semi-annualfinan

cialdatainaccordancewiththerelevantstandardsforbusinessmergersunderthesamecontrolafterthecompany'smajorassetreorganization

X.FinancialReportI.AuditreportHasthissemi-annualreportbeenaudited?

□Yes√NoThesemi-annualreportwasnotaudited.II.FinancialstatementsCurrencyunitforthestatementsinthenotestothesefinancialstatements:RMB

1.ConsolidatedbalancesheetPreparedby:GuangdongProvincialExpresswayDevelopmentCo.,Ltd.

June30,2021

InRMB

ItemsJune30,2021December30,2020
Currentasset：
Monetaryfund3,567,296,610.422,847,398,003.89
Settlementprovision
Outgoingcallloan
Transactionalfinancialassets
Derivativefinancialassets
Notesreceivable
Accountreceivable143,817,895.36168,907,517.56
Financingofreceivables
Prepayments3,629,905.493,607,538.01
Insurancereceivable
Reinsurancereceivable
ProvisionsofReinsurancecontractsreceivable
Otheraccountreceivable116,279,317.7060,925,367.64
Including：Interestreceivable
Dividendreceivable77,609,011.142,705,472.90
Repurchasingoffinancialassets
ItemsJune30,2021December30,2020
Inventories375,353.9753,761.06
Contractassets5,231,809.895,452,813.90
Assetsheldforsales
Non-currentassetduewithin1year6,188,916.1651,745.32
Othercurrentasset793,006.8027,051.69
Totalofcurrentassets3,843,612,815.793,086,423,799.07
Non-currentassets：
Loansandpaymentonother’sbehalfdisbursed
Creditor'srightinvestment
Othercreditor'srightinvestment
Long-termreceivable
Longtermshareequityinvestment2,425,787,626.372,382,381,165.60
Otherequityinstrumentsinvestment1,687,611,990.051,737,015,528.29
Othernon-currentfinancialassets
Propertyinvestment2,999,822.653,110,381.89
Fixedassets10,897,135,679.3811,540,075,929.69
Constructioninprogress476,068,792.62340,611,095.47
Productionphysicalassets
Oil&gasassets
Userightassets18,740,252.76Notapplicable
Intangibleassets283,730,534.72302,381,356.52
Developmentexpenses
Goodwill
Long-germexpensestobeamortized2,279,062.503,462,122.00
Deferredincometaxasset287,472,257.16330,755,418.39
Othernon-currentasset23,121,524.4322,361,861.19
Totalofnon-currentassets16,104,947,542.6416,662,154,859.04
Totalofassets19,948,560,358.4319,748,578,658.11
Currentliabilities
Short-termloans200,175,000.00200,192,500.00
LoanfromCentralBank
Borrowingfunds
ItemsJune30,2021December30,2020
Transactionalfinancialliabilities
Derivativefinancialliabilities
Notespayable
Accountpayable306,508,695.83369,773,342.71
Advancereceipts21,801,794.7711,309,007.41
Contractliabilities327,734.51309,734.51
Sellingofrepurchasedfinancialassets
Deposittakingandinterbankdeposit
Entrustedtradingofsecurities
Entrustedsellingofsecurities
Employees’wagepayable25,320,989.9716,726,198.13
Taxpayable176,211,612.25217,748,392.78
Otheraccountpayable819,156,400.811,512,619,359.78
Including：Interestpayable
Dividendpayable630,684,374.9222,262,804.39
Feesandcommissionspayable
Reinsurancefeepayable
Liabilitiesheldforsales
Non-currentliabilityduewithin1year175,857,862.51266,328,017.47
Othercurrentliability1,882,974.53648,581.64
Totalofcurrentliability1,727,243,065.182,595,655,134.43
Non-currentliabilities：
Reservefundforinsurancecontracts
Long-termloan5,877,040,700.004,977,438,800.00
Bondpayable1,426,956,661.361,426,488,336.65
Including：preferredstock
Sustainabledebt
Leaseliability7,722,763.42Notapplicable
Long-termpayable3,461,832.7440,406,172.37
Long-termremunerationpayabletostaff
Expectedliabilities
ItemsJune30,2021December30,2020
Deferredincome79,199,331.4089,170,569.64
Deferredincometaxliability362,172,755.30387,103,060.74
Othernon-currentliabilities
Totalnon-currentliabilities7,756,554,044.226,920,606,939.40
Totalofliability9,483,797,109.409,516,262,073.83
Owners’equity
Sharecapital2,090,806,126.002,090,806,126.00
Otherequityinstruments
Including：preferredstock
Sustainabledebt
Capitalreserves692,034,132.73645,969,210.48
Less：Sharesinstock
Othercomprehensiveincome267,838,432.29302,895,877.65
Specialreserve
Surplusreserves1,167,785,965.631,167,785,965.63
Commonriskprovision
Retainedprofit3,965,681,227.903,725,679,319.35
Totalofowner’sequitybelongtotheparentcompany8,184,145,884.557,933,136,499.11
Minorityshareholders’equity2,280,617,364.482,299,180,085.17
Totalofowners’equity10,464,763,249.0310,232,316,584.28
Totalofliabilitiesandowners’equity19,948,560,358.4319,748,578,658.11

LegalRepresentative:ZhengRenfaGeneralManager:WangChunhuaPersoninchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang

2.ParentCompanyBalanceSheet

InRMB

ItemsJune30,2021December31,2020
Currentasset：
Monetaryfund2,430,212,254.681,781,764,519.09
Transactionalfinancialassets
Derivativefinancialassets
Notesreceivable
Accountreceivable19,737,518.6727,004,827.41
Financingofreceivables
Prepayments1,020,172.002,181,215.03
Otheraccountreceivable107,676,866.1654,148,114.53
Including：Interestreceivable
Dividendreceivable77,609,011.142,705,472.90
Inventories
Contractassets
Assetsheldforsales
Non-currentassetduewithin1year271,802,985.60256,279,340.60
Othercurrentasset405,622.8327,051.69
Totalofcurrentassets2,830,855,419.942,121,405,068.35
Non-currentassets：
Creditor'srightinvestment277,903,684.98287,903,684.98
Othercreditor'srightinvestment
Long-termreceivable
Longtermshareequityinvestment5,594,733,537.895,529,362,536.53
Otherequityinstrumentsinvestment1,687,611,990.051,737,015,528.29
Othernon-currentfinancialassets
Propertyinvestment2,747,684.402,858,243.64
Fixedassets5,925,202,476.536,245,462,940.39
Constructioninprogress46,156,802.3343,086,545.58
Productionphysicalassets
Oil&gasassets
Userightassets17,382,834.74Notapplicable
Intangibleassets144,488,882.05150,582,241.22
ItemsJune30,2021December31,2020
Developmentexpenses
Goodwill
Long-germexpensestobeamortized
Deferredincometaxasset280,334,256.79322,365,911.10
Othernon-currentasset7,089,990.487,089,990.48
Totalofnon-currentassets13,983,652,140.2414,325,727,622.21
Totalofassets16,814,507,560.1816,447,132,690.56
Currentliabilities
Short-termloans200,175,000.00200,192,500.00
Transactionalfinancialliabilities
Derivativefinancialliabilities
Notespayable
Accountpayable103,250,751.10105,919,984.52
Advancereceipts752,954.29
ContractLiabilitiesNotapplicable
Employees’wagepayable6,208,548.096,472,802.81
Taxpayable4,754,697.629,165,801.86
Otheraccountpayable739,961,982.781,431,814,861.38
Including：Interestpayable
Dividendpayable630,684,374.9222,262,804.39
Liabilitiesheldforsales
Non-currentliabilityduewithin1year107,306,161.27190,331,701.48
Othercurrentliability497,710,890.09539,618,124.00
Totalofcurrentliability1,660,120,985.242,483,515,776.05
Non-currentliabilities：
Long-termloan5,323,090,700.004,389,653,800.00
Bondpayable1,426,956,661.361,426,488,336.65
Including：preferredstock
Sustainabledebt
Leaseliability7,434,009.98Notapplicable
Long-termpayable3,461,832.7440,406,172.37
Long-termremunerationpayabletostaff
ItemsJune30,2021December31,2020
Expectedliabilities
Deferredincome11,762,103.3813,403,327.12
Deferredincometaxliability93,448,933.15105,636,866.50
Othernon-currentliabilities
Totalnon-currentliabilities6,866,154,240.615,975,588,502.64
Totalofliability8,526,275,225.858,459,104,278.69
Owners’equity
Sharecapital2,090,806,126.002,090,806,126.00
Otherequityinstruments
Including：preferredstock
Sustainabledebt
Capitalreserves935,191,327.54938,969,546.79
Less：Sharesinstock
Othercomprehensiveincome267,838,432.29302,895,877.65
Specialreserve
Surplusreserves987,813,698.07987,813,698.07
Retainedprofit4,006,582,750.433,667,543,163.36
Totalofowners’equity8,288,232,334.337,988,028,411.87
Totalofliabilitiesandowners’equity16,814,507,560.1816,447,132,690.56

3.ConsolidatedIncomestatement

InRMB

ItemsThefirsthalfyearof2021Thefirsthalfyearof2020
I.Incomefromthekeybusiness2,488,474,669.811,117,754,309.27
Incl：Businessincome2,488,474,669.811,117,754,309.27
Interestincome
Insurancefeeearned
Feeandcommissionreceived
II.Totalbusinesscost1,114,434,707.99982,301,522.18
Incl：Businesscost889,127,742.43777,474,885.26
Interestexpense
Feeandcommissionpaid
ItemsThefirsthalfyearof2021Thefirsthalfyearof2020
Insurancedischargepayment
Netclaimamountpaid
Netamountofwithdrawalofinsurancecontractreserve
Insurancepolicydividendpaid
Reinsuranceexpenses
Businesstaxandsurcharge11,081,346.105,461,398.43
Salesexpense
Administrativeexpense93,357,035.3978,662,061.95
R&Dcosts
Financialexpenses120,868,584.07120,703,176.54
Including：Interestexpense149,343,110.61134,883,778.08
Interestincome29,751,089.4415,990,606.72
Add:Otherincome9,922,369.035,936,612.55
Investmentgain（“-”forloss）172,050,127.5666,754,110.72
Incl:investmentgainsfromaffiliates122,646,589.3212,358,090.15
Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome
Gainsfromcurrencyexchange
Netexposurehedgingincome
Changingincomeoffairvalue
Creditimpairmentloss-1,310,999.95-236,683.81
Impairmentlossofassets-2,889,394.16
Assetsdisposalincome4.37
III.Operationalprofit（“-”forloss）1,551,812,064.30207,906,830.92
Add：Non-operationalincome4,011,220.055,311,689.24
Less:Non-operatingexpense1,811,321.132,237,538.58
IV.Totalprofit(“-”forloss)1,554,011,963.22210,980,981.58
Less：Incometaxexpenses354,025,065.4794,128,013.74
V.Netprofit1,199,986,897.75116,852,967.84
(I)Classificationbybusinesscontinuity
1.Netcontinuingoperatingprofit
2.Terminationofoperatingnetprofit
(II)Classificationbyownership
ItemsThefirsthalfyearof2021Thefirsthalfyearof2020
1.Netprofitattributabletotheownersofparentcompany848,860,350.6424,616,425.76
2.Minorityshareholders’equity351,126,547.1192,236,542.08
VI.Netafter-taxofothercomprehensiveincome-35,057,445.36-143,912,924.53
Netofprofitofothercomprehensiveincomeattributabletoownersoftheparentcompany.-35,057,445.36-143,912,924.53
（I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod-37,052,653.68-146,446,202.64
1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets
2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss.
3.Changesinthefairvalueofinvestmentsinotherequityinstruments-37,052,653.68-146,446,202.64
4.Changesinthefairvalueofthecompany’screditrisks
5.Other
（II）Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss.1,995,208.322,533,278.11
1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss.1,995,208.322,533,278.11
2.Changesinthefairvalueofinvestmentsinotherdebtobligations
3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets
4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations
5.Reserveforcashflowhedges
6.Translationdifferencesincurrencyfinancialstatements
7.Other
NetofprofitofothercomprehensiveincomeattributabletoMinorityshareholders’equity
VII.Totalcomprehensiveincome1,164,929,452.39-27,059,956.69
Totalcomprehensiveincomeattributabletotheowneroftheparentcompany813,802,905.28-119,296,498.77
ItemsThefirsthalfyearof2021Thefirsthalfyearof2020
Totalcomprehensiveincomeattributableminorityshareholders351,126,547.1192,236,542.08
VIII.Earningspershare
（I）Basicearningspershare0.410.01
(II)Dilutedearningspershare0.410.01

Thecurrentbusinesscombinationundercommoncontrol,thenetprofitsofthecombinedpartybeforeachievednetprofitofRMB0.00,lastperiodthecombinedpartyrealizedRMB0.00.LegalRepresentative:ZhengRenfaGeneralManager：WangChunhua,,Personinchargeofaccounting：LuMingAccountingDeptLeader:ZhouFang

4.IncomestatementoftheParentCompany

InRMB

ItemsThefirsthalfyearof2021Thefirsthalfyearof2020
I.Incomefromthekeybusiness692,634,698.13293,579,730.04
Incl：Businesscost367,240,160.93328,657,958.84
Businesstaxandsurcharge3,738,582.052,414,928.72
Salesexpense
Administrativeexpense47,922,792.6640,263,656.49
R&Dexpense
Financialexpenses127,541,297.15111,941,828.19
Including：Interestexpenses145,100,046.47126,623,134.06
Interestincome17,596,981.6514,718,213.69
Add：Otherincome2,125,443.391,348,815.87
Investmentgain（“-”forloss）844,032,026.57513,084,202.15
Including:investmentgainsfromaffiliates119,611,129.9155,853,351.49
Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome
Netexposurehedgingincome
Changingincomeoffairvalue
Creditimpairmentloss
Impairmentlossofassets-2,889,394.16
Assetsdisposalincome4.37
II.Operationalprofit（“-”forloss）989,459,941.14324,734,380.19
ItemsThefirsthalfyearof2021Thefirsthalfyearof2020
Add：Non-operationalincome655,426.851,033,092.43
Less：Non-operationalexpenses22,733.31410,045.97
III.Totalprofit(“-”forloss)990,092,634.68325,357,426.65
Less：Incometaxexpenses42,194,605.5213,012,561.44
IV.Netprofit947,898,029.16312,344,865.21
1.Netcontinuingoperatingprofit947,898,029.16312,344,865.21
2.Terminationofoperatingnetprofit
V.Netafter-taxofothercomprehensiveincome-35,057,445.36-143,912,924.53
（I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod-37,052,653.68-146,446,202.64
1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets
2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss.
3.Changesinthefairvalueofinvestmentsinotherequityinstruments-37,052,653.68-146,446,202.64
4.Changesinthefairvalueofthecompany’screditrisks
5.Other
(II)Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss1,995,208.322,533,278.11
1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss.1,995,208.322,533,278.11
2.Changesinthefairvalueofinvestmentsinotherdebtobligations
3.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets
4.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations
5.Reserveforcashflowhedges
6.Translationdifferencesincurrencyfinancialstatements
7.Other
VI.Totalcomprehensiveincome912,840,583.80168,431,940.68
VII.Earningspershare
（I）Basicearningspershare
ItemsThefirsthalfyearof2021Thefirsthalfyearof2020
(II)Dilutedearningspershare

5.ConsolidatedCashflowstatement

InRMB

ItemsThefirsthalfyearof2021Thefirsthalfyearof2020
I.Cashflowsfromoperatingactivities
Cashreceivedfromsalesofgoodsorrendingofservices2,575,650,836.441,123,228,667.57
Netincreaseofcustomerdepositsandcapitalkeptforbrothercompany
Netincreaseofloansfromcentralbank
Netincreaseofinter-bankloansfromotherfinancialbodies
Cashreceivedagainstoriginalinsurancecontract
Netcashreceivedfromreinsurancebusiness
Netincreaseofclientdepositandinvestment
Cashreceivedfrominterest,commissionchargeandcommission
Netincreaseofinter-bankfundreceived
Netincreaseofrepurchasingbusiness
Netcashreceivedbyagentinsecuritiestrading
Taxreturned77,578.62
Othercashreceivedfrombusinessoperation62,165,772.17111,366,877.57
Sub-totalofcashinflow2,637,816,608.611,234,673,123.76
Cashpaidforpurchasingofmerchandiseandservices153,110,239.80118,763,809.79
Netincreaseofclienttradeandadvance
Netincreaseofsavingsincentralbankandbrothercompany
Cashpaidfororiginalcontractclaim
Netincreaseinfinancialassetsheldfortradingpurposes
NetincreaseforOutgoingcallloan
Cashpaidforinterest,processingfeeandcommission
Cashpaidtostaffsorpaidforstaffs195,340,890.00174,308,304.27
Taxespaid448,200,872.16205,549,293.48
ItemsThefirsthalfyearof2021Thefirsthalfyearof2020
Othercashpaidforbusinessactivities25,871,389.4026,388,420.41
Sub-totalofcashoutflowfrombusinessactivities822,523,391.36525,009,827.95
Netcashgeneratedfrom/usedinoperatingactivities1,815,293,217.25709,663,295.81
II.Cashflowgeneratedbyinvesting
Cashreceivedfrominvestmentretrieving22,500,000.0015,000,000.00
Cashreceivedasinvestmentgains51,523,258.20109,322,820.32
Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets9,900.0017,625.00
Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits
Otherinvestment-relatedcashreceived
Sub-totalofcashinflowduetoinvestmentactivities74,033,158.20124,340,445.32
Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets232,853,557.14216,075,673.05
Cashpaidasinvestment95,000,000.00
Netincreaseofloanagainstpledge
Netcashreceivedfromsubsidiariesandotheroperationalunits
Othercashpaidforinvestmentactivities
Sub-totalofcashoutflowduetoinvestmentactivities232,853,557.14311,075,673.05
Netcashflowgeneratedbyinvestment-158,820,398.94-186,735,227.73
III.Cashflowgeneratedbyfinancing
Cashreceivedasinvestment
Including:Cashreceivedasinvestmentfromminorshareholders
Cashreceivedasloans1,166,930,000.001,345,590,000.00
Otherfinancing–relatedcashreceived97,731,650.0013,180,600.00
Sub-totalofcashinflowfromfinancingactivities1,264,661,650.001,358,770,600.00
Cashtorepaydebts363,908,100.001,234,507,500.00
Cashpaidasdividend,profit,orinterests609,553,626.92206,533,215.82
Including:Dividendandprofitpaidbysubsidiariestominorshareholders
Othercashpaidforfinancingactivities1,227,774,134.861,122,177.00
Sub-totalofcashoutflowduetofinancingactivities2,201,235,861.781,442,162,892.82
Netcashflowgeneratedbyfinancing-936,574,211.78-83,392,292.82
ItemsThefirsthalfyearof2021Thefirsthalfyearof2020
IV.Influenceofexchangeratealternationoncashandcashequivalents
V.Netincreaseofcashandcashequivalents719,898,606.53439,535,775.26
Add:balanceofcashandcashequivalentsatthebeginningofterm2,846,176,803.893,052,977,164.15
VI..Balanceofcashandcashequivalentsattheendofterm3,566,075,410.423,492,512,939.41

6.CashFlowStatementoftheParentCompany

InRMB

ItemsThefirsthalfyearof2021Thefirsthalfyearof2020
I.Cashflowsfromoperatingactivities
Cashreceivedfromsalesofgoodsorrendingofservices720,086,995.35302,123,119.55
Taxreturned
Othercashreceivedfrombusinessoperation44,973,397.6063,304,430.86
Sub-totalofcashinflow765,060,392.95365,427,550.41
Cashpaidforpurchasingofmerchandiseandservices17,069,701.3115,346,627.62
Cashpaidtostaffsorpaidforstaffs61,391,499.1352,390,979.85
Taxespaid27,826,685.0813,428,897.71
Othercashpaidforbusinessactivities73,534,284.42201,770,756.58
Sub-totalofcashoutflowfrombusinessactivities179,822,169.94282,937,261.76
Netcashgeneratedfrom/usedinoperatingactivities585,238,223.0182,490,288.65
II.Cashflowgeneratedbyinvesting
Cashreceivedfrominvestmentretrieving37,500,000.00
Cashreceivedasinvestmentgains707,197,026.42358,767,434.26
Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets2,600.006,300.00
Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits
Otherinvestment-relatedcashreceived
Sub-totalofcashinflowduetoinvestmentactivities744,699,626.42358,773,734.26
Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets94,360,520.74118,535,092.50
Cashpaidasinvestment1,246,839,292.0082,000,000.00
ItemsThefirsthalfyearof2021Thefirsthalfyearof2020
Netcashreceivedfromsubsidiariesandotheroperationalunits
Othercashpaidforinvestmentactivities
Sub-totalofcashoutflowduetoinvestmentactivities1,341,199,812.74200,535,092.50
Netcashflowgeneratedbyinvestment-596,500,186.32158,238,641.76
III.Cashflowgeneratedbyfinancing
Cashreceivedasinvestment
Cashreceivedasloans1,166,930,000.001,135,000,000.00
Otherfinancing–relatedashreceived
Sub-totalofcashinflowfromfinancingactivities1,166,930,000.001,135,000,000.00
Cashtorepaydebts322,573,100.001,083,917,500.00
Cashpaidasdividend,profit,orinterests178,730,958.2473,014,375.80
Othercashpaidforfinancingactivities5,916,242.861,122,177.00
Sub-totalofcashoutflowduetofinancingactivities507,220,301.101,158,054,052.80
Netcashflowgeneratedbyfinancing659,709,698.90-23,054,052.80
IV.Influenceofexchangeratealternationoncashandcashequivalents
V.Netincreaseofcashandcashequivalents648,447,735.59217,674,877.61
Add:balanceofcashandcashequivalentsatthebeginningofterm1,780,543,319.092,790,163,301.78
VI..Balanceofcashandcashequivalentsattheendofterm2,428,991,054.683,007,838,179.39

7.ConsolidatedStatementonChangeinOwners’EquityAmountinthisperiod

InRMB

ItemsThefirsthalfyearof2021
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
I.Balanceattheendoflastyear2,090,806,126.00645,969,210.48302,895,877.651,167,785,965.633,725,679,319.357,933,136,499.112,299,180,085.1710,232,316,584.28
Add:Changeofaccountingpolicy-433,859.42-433,859.42-433,859.42
Correctingofpreviouserrors
Mergerofentitiesundercommoncontrol
Other
II.Balanceatthebeginningofcurrentyear2,090,806,126.00645,969,210.48302,895,877.651,167,785,965.633,725,245,459.937,932,702,639.692,299,180,085.1710,231,882,724.86
III.Changedinthe46,064,922-35,057,445.36240,435,767.97251,443,24-18,562,720.69232,880,524.17
ItemsThefirsthalfyearof2021
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
currentyear.254.86
（1）Totalcomprehensiveincome-35,057,445.36848,860,350.64813,802,905.28351,126,547.111,164,929,452.39
（II）Investmentordecreasingofcapitalbyowners
1．OrdinarySharesinvestedbyshareholders
2．Holdersofotherequityinstrumentsinvestedcapital
3．Amountofsharespaidandaccountedasowners’equity
4．Other
（III）Profitallotment-608,424,582.67-608,424,582.67-417,577,776.30-1,026,002,358.97
ItemsThefirsthalfyearof2021
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
1.Providingofsurplusreserves
2.Providingofcommonriskprovisions
3．Allotmenttotheowners(orshareholders)-608,424,582.67-608,424,582.67-417,577,776.30-1,026,002,358.97
4．Other
(IV)Internaltransferringofowners’equity
1.Capitalizingofcapitalreserves(ortocapitalshares)
2.Capitalizingofsurplusreserves(ortocapitalshares)
ItemsThefirsthalfyearof2021
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
3．Makinguplossesbysurplusreserves.
4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings
5．Othercomprehensiveincomecarry-overretainedearnings
6．Other
(V).Specialreserves
1.Providedthisyear
2．Usedthisterm
（VI）Other46,064,922.2546,064,922.2547,888,508.5093,953,430.75
IV.Balanceattheendofthisterm2,090,806,126.00692,034,132.73267,838,432.291,167,785,965.633,965,681,227.908,184,145,884.552,280,617,364.4810,464,763,249.03

Amountinlastyear

InRMB

ItemsThefirsthalfyearof2020
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
I.Balanceattheendoflastyear2,090,806,126.003,094,017,129.31382,193,344.901,074,553,052.813,915,790,810.7610,557,360,463.782,139,676,884.8812,697,037,348.66
Add:Changeofaccountingpolicy
Correctingofpreviouserrors
Mergerofentitiesundercommoncontrol
Other
II.Balanceatthebeginningofcurrentyear2,090,806,126.003,094,017,129.31382,193,344.901,074,553,052.813,915,790,810.7610,557,360,463.782,139,676,884.8812,697,037,348.66
III.Changedinthe6,722,106.00-143,912,924.53-875,004,927.61-1,012,195,746-68,658,149.29-1,080,853,895.43
ItemsThefirsthalfyearof2020
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
currentyear.14
（1）Totalcomprehensiveincome-143,912,924.5324,616,425.76-119,296,498.7792,236,542.08-27,059,956.69
（II）Investmentordecreasingofcapitalbyowners
1．OrdinarySharesinvestedbyshareholders
2．Holdersofotherequityinstrumentsinvestedcapital
3．Amountofsharespaidandaccountedasowners’equity
4．Other
ItemsThefirsthalfyearof2020
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
（III）Profitallotment-899,621,353.37-899,621,353.37-167,353,185.37-1,066,974,538.74
1.Providingofsurplusreserves
2.Providingofcommonriskprovisions
3．Allotmenttotheowners(orshareholders)-882,320,185.17-882,320,185.17-167,353,185.37-1,049,673,370.54
4．Other-17,301,168.20-17,301,168.20-17,301,168.20
(IV)Internaltransferringofowners’equity
1.Capitalizingofcapitalreserves(ortocapital
ItemsThefirsthalfyearof2020
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
shares)
2.Capitalizingofsurplusreserves(ortocapitalshares)
3．Makinguplossesbysurplusreserves.
4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings
5．Othercomprehensiveincomecarry-overretainedearnings
6．Other
ItemsThefirsthalfyearof2020
Owner’sequityAttributabletotheParentCompanyMinorshareholders’equityTotalofowners’equity
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesCommonriskprovisionRetainedprofitOtherSubtotal
PreferredstockSustainabledebtOther
(V).Specialreserves
1.Providedthisyear
2．Usedthisterm
（VI）Other6,722,106.006,722,106.006,458,494.0013,180,600.00
IV.Balanceattheendofthisterm2,090,806,126.003,100,739,235.31238,280,420.371,074,553,052.813,040,785,883.159,545,164,717.642,071,018,735.5911,616,183,453.23

8.Statementofchangeinowner’sEquityoftheParentCompanyAmountinthisperiod

InRMB

ItemsThefirsthalfyearof2021
SharecapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesRetainedprofitOtherTotalofowners’equity
PreferredstockSustainabledebtOther
I.Balanceattheendoflastyear2,090,806,126.00938,969,546.79302,895,877.65987,813,698.073,667,543,163.367,988,028,411.87
Add:Changeofaccountingpolicy-433,859.42-433,859.42
Correctingofpreviouserrors
Other
II.Balanceatthebeginningofcurrentyear2,090,806,126.00938,969,546.79302,895,877.65987,813,698.073,667,109,303.947,987,594,552.45
III.Changedinthecurrentyear-3,778,219.25-35,057,445.36339,473,446.49300,637,781.88
（I）Totalcomprehensiveincome-35,057,445.36947,898,029.16912,840,583.80
ItemsThefirsthalfyearof2021
SharecapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesRetainedprofitOtherTotalofowners’equity
PreferredstockSustainabledebtOther
(II)Investmentordecreasingofcapitalbyowners
1．OrdinarySharesinvestedbyshareholders
2．Holdersofotherequityinstrumentsinvestedcapital
3.Amountofsharespaidandaccountedasowners’equity
4．Other
（III）Profitallotment-608,424,582.67-608,424,582.67
1.Providingofsurplusreserves
2．Allotmenttotheowners(orshareholders)-608,424,582.67-608,424,582.67
ItemsThefirsthalfyearof2021
SharecapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesRetainedprofitOtherTotalofowners’equity
PreferredstockSustainabledebtOther
3．Other
(IV)Internaltransferringofowners’equity
1.Capitalizingofcapitalreserves(ortocapitalshares)
2.Capitalizingofsurplusreserves(ortocapitalshares)
3．Makinguplossesbysurplusreserves.
4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings
5．Othercomprehensiveincomecarry-overretainedearnings
ItemsThefirsthalfyearof2021
SharecapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesRetainedprofitOtherTotalofowners’equity
PreferredstockSustainabledebtOther
6．Other
(V)Specialreserves
1.Providedthisyear
2．Usedthisterm
（VI）Other-3,778,219.25-3,778,219.25
IV.Balanceattheendofthisterm2,090,806,126.00935,191,327.54267,838,432.29987,813,698.074,006,582,750.438,288,232,334.33

Amountinlastyear

InRMB

ItemsThefirsthalfyearof2020
ShareCapitalOtherEquityinstrumentCapitalreservesLess:SharesinstockOtherComprehensiveIncomeSpecializedreserveSurplusreservesRetainedprofitOtherTotalofowners’equity
PreferredstockSustainabledebtOther
I.Balanceattheendoflastyear2,090,806,126.002,974,458,696.93382,193,344.90894,580,785.253,710,584,722.6810,052,623,675.76
Add:Changeofaccountingpolicy
Correctingofpreviouserrors
Other
II.Balanceatthebeginningofcurrentyear2,090,806,126.002,974,458,696.93382,193,344.90894,580,785.253,710,584,722.6810,052,623,675.76
III.Changed3,954,180.-143,912,924.53-569,975,319.-709,934,064.49
inthecurrentyear0096
（I）Totalcomprehensiveincome-143,912,924.53312,344,865.21168,431,940.68
(II)Investmentordecreasingofcapitalbyowners
1．OrdinarySharesinvestedbyshareholders
2．Holdersofotherequityinstrumentsinvestedcapital
3.Amountofsharespaidandaccountedasowners’equity
4．Other
（III）Profitallotment-882,320,185.17-882,320,185.17
1.Providingofsurplusreserves
2．Allotmenttotheowners(orshareholders)-882,320,185.17-882,320,185.17
3．Other
(IV)Internaltransferringofowners’equity
1.Capitalizingofcapitalreserves(ortocapitalshares)
2.Capitalizingofsurplusreserves(ortocapitalshares)
3．Makinguplossesbysurplusreserves.
4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings
5．Othercomprehensiveincomecarry-overretainedearnings
6．Other
(V)Specialreserves
1.Providedthisyear
2．Usedthisterm
（VI）Other3,954,180.003,954,180.00
IV.Balanceattheendofthisterm2,090,806,126.002,978,412,876.93238,280,420.37894,580,785.253,140,609,402.729,342,689,611.27

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”.

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,investmentintechnologycalindustriesandprovisionofrelevantconsultationwhileinvestinginShenzhenHuiyanExpresswayCo.,Ltd.,

GuangdongJiangzhongExpresswayCo.,Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,GanzhouKangdaExpressway,GanzhouGankangExpresswayCo.,Ltd.,GuangdongYuepuSmallRefinancingCo.,Ltd.,GuangdongGuangleExpresswayCo.,Ltd.，GuoyuanSecuritiesCo.,Ltd.andHunanLianzhiTechnologyCo.,Ltd.

4.Scopeandchangesofconsolidatedfinancialstatementsinthecurrentperiod

(1)ScopeofcurrentconsolidatedfinancialstatementsTheconsolidatedscopeofthecurrentfinancialstatementsinvovlesGuangdongExpresswayTechnologyInvestmentCo.,Ltd.,YuegaoCapitalHolding(Guangzhou)Co.,Ltd.,itsholdingsubsidiariesGuangfoExpresswayCo.,Ltd.,JingzhuExpresswayGuangzhuSectionCo.,Ltd.andGuanghuiExpresswayCo.,Ltd..

(2)Changesinthescopeofconsolidatedfinancialstatementsinthecurrentperiod

None

5.ApprovalandsubmissiondateoffinancialreportThefinancialstatementshavebeenauthorizedforissuancebythe21stmeetingoftheNinthBoardofDirectorsoftheGrouponAugust26,2021.IV.Basisforthepreparationoffinancialstatements

1.Preparationbasis

ThefinancialstatementsoftheCompanyhavebeenpreparedonbasisofgoingconcerninconformitywithChineseAccountingStandardsforBusinessEnterprisesandtheAccountingSystemsforBusinessEnterprisesissuedbytheMinistryofFinanceofPeople’sRepublicofChina(MinistryofFinanceissuedorderNo.33,theMinistryofFinancerevisedorderNo.76)onFebruary15,2006,andrevisedAccountingStandards(order42oftheMinistryofFinance)andCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15–GeneralProvisionsonFinancialReports(2014Revision)issuedbytheChinaSecuritiesRegulatoryCommission(CSRC).

AccordingtotherelevantaccountingregulationsinChineseAccountingStandardsforBusinessEnterprises,theCompanyhasadoptedtheaccrualbasisofaccounting.Held-for-salenon-currentassetsaremeasuredatthelowerofitsbookvalueatitsclassificationdateandfairvalueminusexpecteddisposalcosts.Whereassetsareimpaired,provisionsforassetimpairmentaremadeinaccordancewithrelevantrequirements

2.Continuation

Therewillbenosucheventsorsituationsinthe12monthsfromtheendofthereportingperiodthatwillcausematerialdoubtsastothecontinuationcapabilityoftheCompany.V.SignificantAccountingPoliciesandAccountingEstimates

1.StatementofCompliancewiththeAccountingStandardsforBusinessEnterprises

ThefinancialstatementsoftheCompanyarerecognizedandmeasuredinaccordancewiththeregulationsintheChineseAccountingStandardsforBusinessEnterprisesandtheygiveatrueandfairviewofthefinancialposition,businessresultandcashflowoftheCompanyasofJune30,2021andfromJanuarytoJune2021,.Inaddition,thefinancialstatementsoftheCompanycomply,inallmaterialrespects,withthereviseddisclosing

requirementsforfinancialstatementsandtheCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.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,theparent

companyshallprepareconsolidatedfinancialstatementsontheconsolidationdate,includingconsolidatedbalancesheet,consolidatedincomestatementandconsolidatedcashflowstatement.Fortheconsolidatedbalancesheet,thebookvalueofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyshallbeincorporatedintotheconsolidatedfinancialstatements,andthetransactionsbetweenthecombiningpartyandthecombinedpartyontheconsolidationdateandthepreviousperiodshallberegardedasinternaltransactionsandoffsetaccordingtotherelevantprinciplesof"ConsolidatedFinancialStatements";Theconsolidatedincomestatementandcashflowstatementincludethenetprofitandcashflowrealizedbythecombiningpartyandthecombinedpartyfromthebeginningofthecurrentconsolidationperiodtotheconsolidationdate,andinvolvethecashflowgeneratedbythetransactionsandinternaltransactionsbetweenthetwopartiesinthecurrentperiod,whichshallbeoffsetaccordingtotherelevantprinciplesoftheconsolidatedfinancialstatements.

2.Ifthepartiesinvolvedinthecombinationarenotultimatelycontrolledbythesamepartyorpartiesbeforeandafterthecombination,itisabusinesscombinationnotunderthesamecontrol.BusinessCombinationsnotundertheSameControlDeterminethecostofbusinesscombination: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.

Ifthebusinesscombinationnotunderthesamecontrolrealizedstepbystepthroughmultipleexchangetransactionsisapackagetransaction,eachtransactionwillbetreatedasatransactiontoobtaincontrolrights;Ifit

isnotapackagetransaction,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.

Whenthecontrolrightoftheoriginalsubsidiaryislostduetothedisposalofpartoftheequityinvestmentorotherreasons,theremainingequityinvestmentafterdisposalshallbere-measuredaccordingtoitsfairvalueon

thedateoflossofcontrolright.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

Thejointventureshallrecognizethefollowingitemsrelatedtoitsshareofinterestsinthejointoperationand

carryoutaccountingtreatmentinaccordancewiththerelevantaccountingstandardsforenterprises: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.Theenterpriseshalljudgewhetherthejointoperationconstitutesabusinessinaccordancewiththerelevantprovisionsofthebusinesscombinationstandards.This

treatmentprincipleisnotonlyapplicabletotheacquisitionoftheshareofinterestsintheexistingjointoperationthatconstitutesbusiness,butalsototheestablishmentofjointoperationwithotherparticipants,andbecauseotherparticipantsintroducetheexistingbusiness,thejointoperationconstitutesbusinesswhenitisestablished.

②AccountingprinciplesforparticipantswhodonotenjoyjointcontroloverjointoperationsParticipants(non-jointventures)whoarenotentitledtojointcontrolofthejointoperationshallbetreatedasthejointventuresiftheyareentitledtotheassetsrelatedtothejointoperationandbeartheliabilitiesrelatedtothejointoperation.Thatis,theparticipantsinthejointoperation,regardlessofwhethertheyareentitledtojointcontrolornot,willbesubjecttothesameaccountingtreatmentasthejointventuresaslongastheyareentitledtotherighttojointlyoperaterelatedassetsandundertaketheliabilitiesobligationrelatedtojointoperation.Otherwise,itsprofitshareshallbeaccountedforinaccordancewiththerelevantaccountingstandardsforenterprises.

(4)AccountingtreatmentofparticipantsinajointventureInajointventure,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)Translationofforeigncurrencyfinancialstatements

Whenconvertingforeigncurrencyfinancialstatements,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-mentionedfinancialassetsmeasuredatamortizedcostandthosemeasuredatfairvalueandtheir'schangesinfinancialassetsotherthanfinancialassetsofcomprehensiveincomeand

classifiesthemasfinancialassetsmeasuredatfairvalueandtheir'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,relevantfinancialassetsshallberecognizedinaccordancewiththedegreeforcontinuedinvolvementoffinancialassetstransferredandrelevantliabilitiesshallberecognized

correspondingly.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,industryassociations,pricingserviceinstitutionsandetc.atafixedterm,andwhichrepresentthepricesatwhichactually

occurredmarkettransactionsaremadeunderfairconditions.?¨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,theCompanymaychoosetomeasurethelossreserveaccordingtotheexpectedcreditlossinthenext12monthsforfinancialinstrumentswithlowcreditriskonthebalancesheetdate.

(2)CriteriaforjudgingwhethercreditriskhasincreasedsignificantlysincetheinitialrecognitionIftheprobabilityofdefaultofafinancialassetontheestimateddurationofthebalancesheetissignificantlyhigherthantheprobabilityofdefaultduringtheestimateddurationoftheinitialrecognition,thecreditriskofthefinancialassetissignificantlyincreased.Exceptforspecialcircumstances,theCompanyusesthechangeofdefaultriskinthenext12monthsasareasonableestimateofthechangeofdefaultriskintheentiredurationtodeterminewhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.

(3)Aportfolio-basedapproachtoassessingexpectedcreditriskTheCompanyshallevaluatethecreditriskoffinancialassetswithdistinctdifferencesincreditrisk,suchastherelatedparty'sreceivables,thereceivablesindisputewiththeotherpartyorinvolvinglitigationandarbitration,andreceivablesthathasbeenprovedthatthedebtormaynotbeabletofulfilltheobligationofrepayment,etc.Inadditiontothefinancialassetsthatassesscreditriskindividually,theCompanyshalldividefinancialassetsintodifferentgroupsbasedoncommonriskcharacteristics,andassesscreditriskonthebasisofportfolio.

(4)AccountingtreatmentofimpairmentoffinancialassetsAttheendoftheduration,theCompanyshallcalculatetheanticipatedcreditlossesofvariousfinancialassets.Iftheanticipatedcreditlossesaregreaterthanthebookvalueofitscurrentimpairmentprovision,thedifferenceisdeemedasimpairmentloss.Ifthebalanceislessthanthebookvalueofthecurrentimpairmentprovision,thedifferenceisdeemedasimpairmentprofit.

(5)Methodofdeterminingcreditlossesofvariousfinancialassets

①ReceivableAccountandContractassetsInregardtoreceivableswithoutsignificantfinancingcomponents,theCompanyshallmeasurelosspreparationaccordingtotheamountofanticipatedcreditlossequivalenttotheentireduration.

Inregardtoaccountsreceivablewithsignificantfinancingcomponents,theCompanyshallchoosetomeasurelosspreparationaccordingtotheamountequivalenttotheexpectedcreditlosswithinthedurationallthetime.

Inadditiontotheaccountsreceivablethatassessesthecreditriskindividually,receivablesaredividedintodifferentportfoliosbasedontheircreditriskcharacteristics:

ItemsBasisfordeterminingcombination:
Protfolio1：AgingprotfolioThisportfolioischaracterizedbytheagingofreceivablesasacreditrisk.
Portfolio2：QualityGuaranteeportfolioThisportfolioisthecontractqualityguaranteefundandotherfunds

Fortheaboveportfolio1,themeasurementmethodofbaddebtsreserveistheaginganalysismethod,specificallyasfollows：

AgingProportion（%）
Within1year（Including1year）0
1-2years10
2-3years30
3-4years50
4-5years90
Over5years100

Fortheguaranteefundportfolioofportfolio2,noprovisionforbaddebtsshallbemadeunlessthereisobjectiveevidencethatthemoneycannotberecoveredaccordingtotheoriginaltermsofaccountsreceivableandcontractassets.

②Otherreceivable

TheCompanyhasmeasuredtheimpairmentlossbasedontheamountofexpectedcreditlossesinthenext12monthsortheentireduration,basedonwhetherthecreditriskofotherreceivableshasincreasedsignificantlysincetheinitialrecognition.Inadditiontotheotheraccountsreceivablewhichassessesthecreditriskindividually,theyaredividedintodifferentportfoliosbasedontheircreditriskcharacteristics:

ItemsBasisfordeterminingcombination:
Protfolio1Thisportfolioisacollectionofvariousdeposits,advances,pledgesandotherreceivablesindailyactivities.
Protfolio2Thisportfolioisareservefundborrowedbyemployeesintheirdailybusinessactivities.
Protfolio3Otherreceivablesotherthantheaboveportfolio.

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,whilecontractassetsandliabilitiesunderdifferentcontractsarenotoffset.

SeeNoteV.11,ImpairmentofFinancialInstrumentsforthedeterminationmethodandaccountingtreatment

methodofexpectedcreditlossofcontractassets.

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,whichdoesnotconstitutetheinitialinvestmentcostofobtainingthelong-termequityinvestment.

(2)Subsequentmeasurement

Long-termequityinvestmentthatcanbecontrolledbytheinvesteeshallbeaccountedbythecostmethodin

individualfinancialstatements.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'sdirectdisposalofrelatedassetsorliabilities,andaccountsforthepartoriginallyincludedinothercomprehensiveincomeaccordingtothecorrespondingproportion.

(3)Basistodeterminejointcontroloverandsignificantinfluenceontheinvestee

Jointcontrolreferstothecommoncontrolofanarrangementinaccordancewiththerelevantagreement,andtherelevantactivitiesofsucharrangementmustbeunanimouslyagreedbytheparticipantswhosharethecontrolrightsbeforemakingdecisions.Significantinfluencemeansthattheinvestorhastherighttoparticipateinthedecision-makingonthefinancialandoperatingpoliciesoftheinvestee,butcannotcontrolorjointlycontroltheformulationofthesepolicieswithotherparties.Whendeterminingwhethertheinvesteecanbecontrolledorexertsignificantinfluence,thepotentialvotingrightsfactorssuchascurrentconvertiblebondsandcurrentexecutablewarrantsoftheinvesteeheldbytheCompanyandotherpartiesshallbeconsideredatthesametime.

15.InvestmentPropertyThemeasurementmodeofinvestmentpropertyThemeasurementbythecostmethodDepreciationoramortizationmethodInvestmentpropertyisheldtoearnrentalsorforcapitalappreciationorforboth.Investmentpropertyincludesleasedorreadytotransferaftercapitalappreciationlanduserightsandleasedbuildings.

（1）Themeasurementmodeofinvestmentproperty①DepreciationoramortizationmethodTheestimatedservicelife,netsalvagevaluerateandannualdepreciation(amortization)rateofinvestmentrealestatearelistedasfollows:

TypeEstimatedservicelife(years)EstimatednetsalvagevaluerateAnnualdepreciation(amortization)rate
LanduserightRemainingusefullife
Housesandbuildings20-30years3%-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.

（2）Depreciationmethod

①TheCompany'sfixedassetsincluderoadsandbridges,housesandbuildings,machineryandequipment,

electronicequipment,transportationtoolsandotherequipment.Exceptforthefixedassetsthathavebeenfullydepreciatedandcontinuetobeused,thedepreciationoffixedassetsisclassifiedandaccruedbythelifeaveragemethodandworkloadmethod,andthedepreciationrateisdeterminedaccordingtothecategoryoffixedassets,estimatedservicelifeandestimatednetsalvagevaluerate.

②Forthefixedassetsformedbyspecialreserveexpenditure,thespecialreserveshallbeoffsetaccordingtothecosttoformthefixedassets,andtheaccumulateddepreciationofthesameamountshallberecognized.Thefixedassetswillnotbedepreciatedinfutureperiods.Accordingtothenatureandusageoffixedassets,theCompanydeterminestheservicelifeandestimatednetsalvagevalueoffixedassets.Attheendoftheyear,theservicelife,estimatednetsalvagevalueanddepreciationmethodoffixedassetsshallberechecked,andifthereisanydifferencewiththeoriginalestimate,correspondingadjustmentsshallbemade.Theusefullife,residualvaluerate,andannualdepreciationrateofvariousfixedassetsarelistedasfollows:

TypeDepreciationmethodExpectedusefullife(Year)Residualrate（%）Annualdepreciationrate(%)
HighwayandBridge
Including：GuangfoExpresswayWorkingflowbasis28years0%
FokaiExpressway-XiebiantoSanbaoSectionWorkingflowbasis40years0%
FokaiExpressway-SanbaotoShuikouSectionWorkingflowbasis47.5years0%
JingzhuExpresswayGuangzhuSectionWorkingflowbasis30years0%
GuanghuiExpresswayCo.,Ltd.Workingflowbasis23years0%
HouseBuildingThestraight-linemethod20-30years3%-5%3.17%-4.85%
MachineEquipmentThestraight-linemethod3-10years3%-5%9.50%-32.33%
TransportationEquipmentThestraight-linemethod5-8years3%-5%11.88%-19.40%
OtherThestraight-linemethod5years3%-5%19.00%-19.40%

(3)Identificationbasis,valuationanddepreciationmethodoffixedassetsleasedbyfinancing

Whentheleasedfixedassetshavesubstantiallytransferredallrisksandrewardsrelatedtotheassets,the

Companyrecognizesthattheleaseofthefixedassetsisafinanciallease.

Thecostoffixedassetsacquiredbyfinanceleaseshallbedeterminedaccordingtothelowerofthefairvalueoftheleasedassetsontheleasestartdateandthepresentvalueoftheminimumleasepayment.Thedepreciationpolicyconsistentwiththeirowndepreciatedassetsisadoptedforfixedassetsleasedbyfinancing.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.Capitalizationrateiscalculatedanddeterminedaccordingtotheweightedaverageinterestrateofgeneralborrowings.

19.Intangibleassets

(1)Pricingmethod,usefullifeandimpairmenttest

TheCompanyrecognizestheidentifiablenon-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:

TypeAmortizationperiod
LanduserightRemainingusefullife
Software3-5years
TypeAmortizationperiod
TollroadfranchisesOperatingperiodforresidualcharges

20.Long-termamortizableexpenses

Long-termdeferredexpensesarerecordedaccordingtotheactualamountincurred,andareamortizedequallyininstallmentsduringthebenefitperiodorwithintheprescribedperiod.Ifthelong-termprepaidexpenseitemcannotbenefitthefutureaccountingperiod,theamortizedvalueoftheitemthathasnotbeenamortizedwillbetransferredtothecurrentprofitsandlosses.

21.Contractliabilities

ContractliabilitiesrefertotheobligationoftheGrouptotransfergoodstocustomersforthereceivedorreceivableconsiderationfromcustomers.IfthecustomerhaspaidthecontractconsiderationortheGrouphasobtainedtheunconditionalcollectionrightbeforetheGrouptransfersthegoodstothecustomer,theGroupwilllistthereceivedorreceivableamountasthecontractliabilityattheearlieroftheactualpaymentmadebythecustomerandtheduedateforpayment.Contractassetsandliabilitiesunderthesamecontractarelistedinnetamount,whilecontractassetsandliabilitiesunderdifferentcontractsarenotoffset.

22.EmployeeBenefits

EmployeecompensationreferstovariousformsofremunerationorcompensationgivenbytheCompanyfor

obtainingservicesprovidedbyemployeesordissolvinglaborrelations.Employeecompensationincludes

short-termsalary,post-employmentbenefits,dismissalbenefitsandotherlong-termemployeebenefits.

BenefitsprovidedbytheCompanytospouses,children,dependents,survivorsofdeceasedemployeesand

otherbeneficiariesofemployeesarealsoemployeecompensation.

（1）Accountingmethodsofshort-termbenefitsDuringtheaccountingperiodwhenemployeesprovideservices,theCompanyrecognizestheactualshort-termsalaryasaliability,whichisincludedinthecurrentprofitsandlosses,exceptthatotheraccountingstandardsrequireorallowittobeincludedinthecostofassets.

(2)Accountingmethodsforpost-employmentbenefits

TheCompanyclassifiesthepost-employmentbenefitplanintodefinedcontributionplananddefinedbenefitplans.Post-employmentbenefitplanreferstotheagreementreachedbetweentheCompanyandemployeesonpost-employmentbenefits,ortherulesormeasuresformulatedbytheCompanytoprovidepost-employmentbenefitstoemployees,amongwhichthesetdepositplanreferstothepost-employmentwelfareplaninwhichtheCompanynolongerundertakesfurtherpaymentobligationsafterpayingafixedfeetoanindependentfund;Definedbenefitplansreferstothepost-employmentbenefitplanexcepttheset-updepositplan.

(3)AccountingTreatmentMethodofDemissionWelfare

IftheCompanyprovidesdismissalbenefitstoemployees,theemployeecompensationliabilitiesarisingfromthedismissalbenefitsshallberecognizedassoonaspossibleandincludedinthecurrentprofitsandlosses:whenthecompanycannotunnaturallywithdrawthedismissalbenefitsprovidedbytheterminationoflaborrelationsplanorreductionproposal;whentheCompanyrecognizesthecostsorexpensesrelatedtothereorganizationinvolvingthepaymentofdismissalbenefits.

（4）Otherlong-termemployeebenefits

Ifotherlong-termemployeebenefitsprovidedbytheCompanytoemployeesmeettheconditionsofthesetdepositplan,theyshallbehandledaccordingtotheaccountingpoliciesofthesetdepositplanmentionedabove;Otherwise,thenetliabilitiesornetassetsofotherlong-termemployeebenefitsshallberecognizedandmeasuredinaccordancewiththeaccountingpoliciesofdefinedbenefitplansmentionedabove.

23.Estimatedliabilities

(1)Recognitioncriteriaofestimatedliabilities

IftheobligationsrelatedtocontingenciesstipulatedbytheCompanymeetthefollowingconditionsatthesametime,theyarerecognizedasestimatedliabilities:

①Theobligationsarethecurrentobligationsundertakenbytheenterprise;

②Fulfillingtheobligationsislikelytocauseeconomicbenefitstoflowoutoftheenterprise;

③Theamountoftheobligationscanbemeasuredreliably.

(2)Measurementmethodofestimatedliabilities

Estimatedliabilitiesareinitiallymeasuredaccordingtothebestestimateofexpenditurerequiredtofulfillrelevantcurrentobligations.Thereisacontinuousrangeofrequiredexpenditure,andthepossibilityofoccurrenceofvariousresultsinthisrangeisthesame,andthebestestimateisdeterminedaccordingtotheintermediatevalueinthisrange.Inothercases,thebestestimatesaretreatedasfollows:

①Contingenciesinvolvingasingleitemshallbedeterminedaccordingtothemostprobableamount.

②Contingenciesinvolvingmultipleitemsshallbecalculatedanddeterminedaccordingtovariouspossibleresultsandrelevantprobabilities.

Whendeterminingthebestestimate,therisk,uncertaintyandtimevalueofmoneyrelatedtocontingenciesshallbeconsideredcomprehensively.Ifthetimevalueofmoneyhasgreatinfluence,thebestestimateisdeterminedbydiscountingtherelatedfuturecashoutflow.

IfallorpartoftheexpensesrequiredbytheCompanytopayofftheestimatedliabilitiesareexpectedtobecompensatedbyathirdparty,thecompensationamountcanberecognizedasanassetonlywhenitisbasicallyconfirmedthatitcanbereceived.Therecognizedcompensationamountshallnotexceedthebookvalueoftheestimatedliabilities.

TheCompanyrechecksthebookvalueoftheestimatedliabilitiesonthebalancesheetdate.Ifthereisconclusiveevidencethatthebookvaluecannottrulyreflectthecurrentbestestimate,thebookvalueshallbeadjustedaccordingtothecurrentbestestimate.

24.RevenuesAccountingpoliciesadoptedforincomerecognitionandmeasurement

(1)RevenuerecognitionprincipleSincethestartingdateofthecontract,thecompanyshallevaluatethecontract,identifieseachindividualperformanceobligationcontainedin,anddetermineswhethereachindividualperformanceobligationisperformedwithinacertainperiodoftimeoratacertainpointoftime.Theperformanceobligationisdefinedasfulfillmentwithinacertainperiodoftimeifoneofthefollowingconditionsismet,otherwise,itisdefinedasfulfilledatacertainpointintime:①Thecustomerobtainsand

consumestheeconomicbenefitsbroughtbythecompany'sperformancewhilethecompanyperformsthecontract;

②Thecustomercancontrolthegoodsundermanufacturingorservicesduringthecompany'sperformance;③Thegoodsorservicesproducedduringthecompany'sperformancehaveirreplaceableuses,andthecompanyhastherighttoaccumulateforthecompletedperformancesduringtheentirecontractperiod.Forobligationsperformedwithinacertainperiodoftime,thecompanyrecognizesrevenueinaccordancewiththeperformanceprogressinthatperiod.Iftheperformanceprogresscannotbereasonablydetermined,andthecostincurredisexpectedtobecompensated,therevenueshallberecognizedaccordingtotheamountofthecostincurreduntiltheperformanceprogresscanbereasonablydetermined.Forobligationsperformedatacertainpointintime,revenueshallberecognizedatthepointwhenthecustomerobtainscontroloftherelevantgoodsorservices.Whenjudgingwhetherthecustomerhasobtainedcontroloftheproduct,thecompanyshallconsiderthefollowingpoints:①Thecompanyhasthecurrentrighttoreceivepaymentfortheproduct,thatis,thecustomerhasthecurrentpaymentobligationfortheproduct;②Thecompanyhastransferredthelegalownershipoftheproducttothecustomer,thatis,thecustomerhasthelegalownershipoftheproduct;③Thecompanyhastransferredthephysicalproducttothecustomer,thatis,thecustomerhasphysicallytakenpossessionoftheproduct;④Thecompanyhastransferredthemainrisksandrewardsontheownershipoftheproducttothecustomer,thatis,thecustomerhasobtainedthemainrisksandrewardsontheownershipoftheproduct;⑤Thecustomerhasacceptedtheproduct;⑥Othersignsthatthecustomerhasobtainedcontroloftheproduct.

(2)Principleofrevenuemeasurement

①Thecompanyshallmeasurerevenuebasedonthetransactionpriceallocatedtoeachindividualperformanceobligation.Thetransactionpriceistheamountofconsiderationthatthecompanyexpectstobeentitledtoreceiveduetothetransferofgoodsorservicestocustomers,whiledoesnotincludepaymentsreceivedonbehalfofthirdpartiesandpaymentsexpectedtobereturnedtocustomers.

②Ifthereisvariableconsiderationinthecontract,thecompanyshalldetermineitsbestestimateaccordingtotheexpectedvalueorthemostlikelyamount,butthetransactionpriceincludingthevariableconsiderationshallnotexceedtheaccumulatedamountthat,ifrelevantuncertaintyiseliminated,willmostlikelyhavenosignificantreversal.

③Ifthereisanysignificantfinancingcomponentinthecontract,thecompanyshalldeterminethetransactionpricebasedontheamountpayableincashwhenthecustomerassumescontrolofthegoodsorservices.Thedifferencebetweentransactionpriceandcontractconsiderationshallbeamortizedthrougheffectiveinterestmethodduringthecontractperiod.Onthestartingdateofcontract,ifthecompanyexpectsthatthecustomerwill

obtaincontrolofthegoodsorservicesandpaysthepricewithinoneyear,thesignificantfinancingcomponentincontractshallnotbeconsidered.

④Ifthecontractcontainstwoormoreperformanceobligations,thecompanyshall,ondateofthecontract,allocatethetransactionpricetoeachindividualobligationiteminaccordancewiththerelativeproportionoftheseparatesellingpriceofpromisedgoods.

Theadoptionofdifferentbusinessmodelsinsimilarbusinessesleadstodifferencesinaccountingpoliciesforrevenuerecognition

(3)Specificmethodsofrevenuerecognition

(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,asagovernmentsubsidyrelatedtoincome.

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)Leaseaccountingpolicy

LeasereferstoacontractinwhichtheCompanyassignsorobtainstherighttocontroltheuseofoneormoreidentifiedassetswithinacertainperiodoftimeinexchangefororpaymentofconsideration.Onthestartdateofacontract,theCompanyassesseswhetherthecontractisaleaseorincludesalease.

①TheCompanyasthelessee

A.Initialmeasurement

Atthebeginningoftheleaseperiod,theCompanyrecognizestherighttousetheleasedassetduringtheleaseperiodasaright-of-useasset,andrecognizesthepresentvalueofunpaidleasepaymentsasaleaseliability,exceptforshort-termleasesandleasesoflow-valueassets.Whencalculatingthepresentvalueofleasepayments,theGroupusestheinterestrateimplicitintheleaseasthediscountrate;iftheinterestrateimplicitintheleasecannotbedetermined,thelessee’sincrementalborrowinginterestrateisusedasthediscountrate.

B.Follow-upmeasurement

TheCompanyreferstothe"No.4AccountingStandardsforBusinessEnterprises—FixedAssets"relateddepreciationprovisionsforthedepreciationoftheright-of-useassets(see"ThisSectionV.ImportantAccountingPoliciesandAccountingEstimates-16,FixedAssets"fordetails).Fortheownershipoftheleasedassetattheend

oftheleasetermcanbereasonablydetermined,theCompanyshallaccruedepreciationduringtheremainingusefullifeoftheleasedasset.Ifitisimpossibletoreasonablydeterminethattheownershipoftheleasedassetcanbeobtainedwhentheleasetermexpires,theCompanyshallaccruedepreciationduringtheperiodofwhichisshorteroftheleasetermandtheremainingusefullifeoftheleasedasset.Forleaseliabilities,theCompanycalculatesitsinterestexpensesduringeachperiodoftheleaseterminaccordancewithafixedperiodicinterestrate,whichisincludedinthecurrentprofitandlossorincludedinthecostofrelatedassets.Variableleasepaymentsthatarenotincludedinthemeasurementofleaseliabilitiesareincludedinthecurrentprofitandlossorthecostofrelatedassetswhentheyactuallyoccur.

Afterthestartdateoftheleaseterm,whentheactualfixedpaymentamountchanges,theestimatedamountpayableoftheguaranteeresidualvaluechanges,theindexorratiousedtodeterminetheleasepaymentchanges,thepurchaseoption,theleaserenewaloption,ortheevaluationresultoftheterminationoption,ortheactualexercisesituationchanges,theCompanyremeasurestheleaseliabilityaccordingtothepresentvalueoftheleasepaymentafterthechange,andadjuststhebookvalueoftheright-of-useassetaccordingly.Ifthebookvalueoftheright-of-useassethasbeenreducedtozero,buttheleaseliabilitystillneedstobefurtherreduced,theCompanywillincludetheremainingamountinthecurrentprofitandloss.

C.Short-termleasesandlow-valueassetleases

Forshort-termleases(leaseswhoseleasetermdoesnotexceed12monthsfromtheleasestartdate)andlow-valueassetleases,theCompanyadoptsasimplifiedapproach,anddoesnotrecognizetheright-of-useassetsandleaseliabilities,yetusesthestraight-linemethodduringeachperiodoftheleasetermorothersystematicandreasonablemethodstoincludetheleasepaymentintherelevantassetcostorcurrentprofitandloss.

②TheCompanyasthelessor

Basedonthenatureofthetransaction,theCompanydividesleasesintofinancialleasesandoperatingleasesontheleasestartdate.Financeleasereferstoaleasethathassubstantiallytransferredalmostalltherisksandrewardsrelatedtotheownershipoftheleasedasset.Operatingleasesrefertoleasesotherthanfinancialleases.

A.Operatinglease

TheCompanywillincludetheassetsusedforoperatingleasesintherelevantitemsinthebalancesheetaccordingtothenatureoftheassets;foroperatingleases,therentsofoperatingleasesshallberecognizedascurrentprofitsandlossesduringeachperiodoftheleaseperiodaccordingtothestraight-linemethod;theinitialdirectcostsincurredshallbeincludedinthecurrentprofitandloss;forfixedassetsinoperatingleaseassets,thedepreciationpolicyofsimilarassetsisusedfordepreciation;forotheroperatingleaseassets,asystematicandreasonablemethodisusedforamortization;contingentrentsareincludedincurrentprofitandlosswhentheyactuallyoccur.

B.Financialleasing

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.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,theCompanyreassessestheassetsandliabilitiesrecognizedinthefinancialstatementsthatarecontinuouslymeasuredatfairvaluetodeterminewhetherthereisaconversionbetweenthe

fairvaluemeasurementlevels.

32.Changeofmainaccountingpoliciesandestimations

(1)ChangeofmainaccountingpoliciesAccountingpolicychangescausedbytheimplementationofthenewleasestandardTheMinistryofFinanceissuedthe"No.21AccountingStandardsforBusinessEnterprises-Leases(2018Revision)"(No.35-[2018]CaiKuai)(hereinafterreferredtoasthe"NewLeaseStandards")onDecember7,2018.AfteraresolutionapprovedinthesixteenthmeetingoftheninthtermoftheboardofdirectorsoftheCompanyonMarch25,2021,theCompanywillimplementtheaforementionednewleasestandardsfromJanuary1,2021,andmakechangestorelevantaccountingpoliciesinaccordancewiththeprovisionsofthenewleasestandards.

Accordingtotheprovisionsofthenewleasestandard,theCompanyreassesswhetherthecontractthatexistsbeforethefirstimplementationdateisaleaseorincludesalease.Fortheleasecontractinwhichit’sthelessee,theCompanychoosestoadjustonlythecumulativeimpactoftheleasecontractthathasnotbeencompletedonJanuary1,2021.Theamountofcumulativeimpactofthefirstimplementationadjuststheamountofretainedearningsandotherrelateditemsinthefinancialstatementsatthebeginningofthefirstimplementationperiod(ieJanuary1,2021),andnoadjustmentwillbemadetothecomparableperiodinformation.Fortheoperatingleaseonthefirstimplementationdate,thelesseemeasurestheleaseliabilitybasedonthepresentvalueoftheremainingleasepaymentsdiscountedattheincrementalborrowingrateonthefirstimplementationdate.TheCompanychoosesanamountequaltotheleaseliabilityaccordingtoeachlease,andmeasurestheright-of-useassetsaccordingtonecessaryadjustmentsbasedontheprepaidrent.Andinaccordancewiththe“No.8AccountingStandardsforBusinessEnterprises-AssetImpairment",theimpairmenttestoftheright-of-useassetsiscarriedoutandthecorrespondingaccountingtreatmentsarecarriedout.TheimpactoftheimplementationoftheaboveaccountingpolicychangesonthefinancialstatementsonJanuary1,2021isasfollows:

ItemsDecember31,2020（Beforechange）January1,2021（Afterchange）
ConsolidatedstatementsParentCompanyConsolidatedstatementsParentCompany
Prepayments3,607,538.012,181,215.032,831,124.981,404,802.00
Longtermshareequityinvestment2,382,381,165.605,529,362,536.532,381,947,306.185,528,928,677.11
Userightassets23,154,055.7821,927,040.99
Long-germexpensestobeamortized3,462,122.002,454,375.00
Leaseliability12,245,214.8912,133,352.33
Non-currentliabilityduewithin1year266,328,017.47190,331,701.48275,452,698.33199,348,977.11
Retainedprofit3,725,679,319.353,667,543,163.363,725,245,459.933,667,109,303.94

（2）Significantestimateschanges

TheCompanyheldthenineteenth(temporary)meetingoftheninthboardofdirectorsonJune28,2021.Atthemeeting,the"ProposalonChangesinAccountingEstimates"waspassedandthecompanyagreedtothedepreciationperiodoftheSanbao-Shuikousectionoftheexpresswayhasbeenchanged,andthedepreciationperiodhasbeenextendedtoJune14,2044.Forthismatter,theCompanyadoptedthefutureapplicationmethod.Thischangeinaccountingestimatesresultedinadecreaseof15,277,465.25yuanand291,029.46yuan

respectivelyinthecurrentperiodoffixedassetdepreciationandintangibleassetamortizationcomparedwiththeoriginalaccountingestimates,thustheoperatingcostsdecreasedby15,568,494.71yuanandthenetprofitincreasedby11,676,371.03yuan,andthenetprofitattributabletoshareholdersoftheparentcompanyincreasedbyRMB11,676,371.03.Theimpactonthefinancialstatementitemsisasfollows:

ContentsandcausesofchangesinaccountingestimatesApprovalprocedureTimepointatwhichtheapplicationbeginsAffectedreportitemsImpactamount
GuangdongProvincialDepartmentofTransportationhasapprovedtheextensionofthechargingperiodfortheSanbao-ShuikousectionoftheShenyang-HaikouNationalExpresswaytoJune14,2044.ResolutionoftheboardofdirectorsJune1,2021Fixedassets15,277,465.25
Intangibleassets291,029.46
Mainbusinesscost-15,568,494.71
Incometaxexpenses3,892,123.68

（3）AdjustmentstotheFinancialStatementsattheBeginningoftheFirstExecutionYearofanyNewStandards

Applicable

Whetherneedtoadjustthebalancesheetaccountatthebeginningoftheyear

√Yes□NoConsolidatedbalancesheet

InRMB

ItemsDecember31,2020January1,2021Amountinvolvedintheadjustment
Currentasset：
Monetaryfund2,847,398,003.892,847,398,003.89
Settlementprovision
Outgoingcallloan
Transactionalfinancialassets
Derivativefinancialassets
Notesreceivable
Accountreceivable168,907,517.56168,907,517.56
Financingofreceivables
Prepayments3,607,538.012,831,124.98-776,413.03
Insurancereceivable
Reinsurancereceivable
ItemsDecember31,2020January1,2021Amountinvolvedintheadjustment
ProvisionsofReinsurancecontractsreceivable
Otheraccountreceivable60,925,367.6460,925,367.64
Including：Interestreceivable
Dividendreceivable2,705,472.902,705,472.90
Repurchasingoffinancialassets
Inventories53,761.0653,761.06
Contractassets5,452,813.905,452,813.90
Assetsheldforsales
Non-currentassetduewithin1year51,745.3251,745.32
Othercurrentasset27,051.6927,051.69
Totalofcurrentassets3,086,423,799.073,085,647,386.04-776,413.03
Non-currentassets
Loansandpaymentonother’sbehalfdisbursed
Creditor'srightinvestment
Othercreditor'srightinvestment
Long-termreceivable
Longtermshareequityinvestment2,382,381,165.602,381,947,306.18-433,859.42
Otherequityinstrumentsinvestment1,737,015,528.291,737,015,528.29
Othernon-currentfinancialassets
Propertyinvestment3,110,381.893,110,381.89
Fixedassets11,540,075,929.6911,540,075,929.69
Constructioninprogress340,611,095.47340,611,095.47
Productionphysicalassets
Oil&gasassets
UserightassetsNotapplicable23,154,055.7823,154,055.78
Intangibleassets302,381,356.52302,381,356.52
ItemsDecember31,2020January1,2021Amountinvolvedintheadjustment
Developmentexpenses
Goodwill
Long-germexpensestobeamortized3,462,122.002,454,375.00-1,007,747.00
Deferredincometaxasset330,755,418.39330,755,418.39
Othernon-currentasset22,361,861.1922,361,861.19
Totalofnon-currentassets16,662,154,859.0416,683,867,308.4021,712,449.36
Totalofassets19,748,578,658.1119,769,514,694.4420,936,036.33
Currentliabilities
Short-termloans200,192,500.00200,192,500.00
LoanfromCentralBank
Borrowingfunds
Transactionalfinancialliabilities
Derivativefinancialliabilities
Notespayable
Accountpayable369,773,342.71369,773,342.71
Advancereceipts11,309,007.4111,309,007.41
Contractliabilities309,734.51309,734.51
Sellingofrepurchasedfinancialassets
Deposittakingandinterbankdeposit
Entrustedtradingofsecurities
Entrustedsellingofsecurities
Employees’wagepayable16,726,198.1316,726,198.13
Taxpayable217,748,392.78217,748,392.78
Otheraccountpayable1,512,619,359.781,512,619,359.78
Including：Interestpayable
Dividendpayable22,262,804.3922,262,804.39
Feesandcommissionspayable
ItemsDecember31,2020January1,2021Amountinvolvedintheadjustment
Reinsurancefeepayable
Liabilitiesheldforsales
Non-currentliabilityduewithin1year266,328,017.47275,452,698.339,124,680.86
Othercurrentliability648,581.64648,581.64
Totalofcurrentliability2,595,655,134.432,604,779,815.299,124,680.86
Non-currentliabilities：
Reservefundforinsurancecontracts
Long-termloan4,977,438,800.004,977,438,800.00
Bondpayable1,426,488,336.651,426,488,336.65
Including：preferredstock
Sustainabledebt
LeaseliabilityNotapplicable12,245,214.8912,245,214.89
Long-termpayable40,406,172.3740,406,172.37
Long-termremunerationpayabletostaff
Expectedliabilities
Deferredincome89,170,569.6489,170,569.64
Deferredincometaxliability387,103,060.74387,103,060.74
Othernon-currentliabilities
Totalnon-currentliabilities6,920,606,939.406,932,852,154.2912,245,214.89
Totalofliability9,516,262,073.839,537,631,969.5821,369,895.75
Owners’equity
Sharecapital2,090,806,126.002,090,806,126.00
Otherequityinstruments
Including：preferredstock
Sustainabledebt
Capitalreserves645,969,210.48645,969,210.48
Less：Sharesinstock
Othercomprehensiveincome302,895,877.65302,895,877.65
ItemsDecember31,2020January1,2021Amountinvolvedintheadjustment
Specialreserve
Surplusreserves1,167,785,965.631,167,785,965.63
Commonriskprovision
Retainedprofit3,725,679,319.353,725,245,459.93-433,859.42
Totalofowner’sequitybelongtotheparentcompany7,933,136,499.117,932,702,639.69-433,859.42
Minorityshareholders’equity2,299,180,085.172,299,180,085.17
Totalofowners’equity10,232,316,584.2810,231,882,724.86-433,859.42
Totalofliabilitiesandowners’equity19,748,578,658.1119,769,514,694.4420,936,036.33

AdjustmentstatementParentCompanyBalanceSheet

InRMB

ItemsDecember31,2020January1,2021Amountinvolvedintheadjustment
Currentasset：
Monetaryfund1,781,764,519.091,781,764,519.09
Transactionalfinancialassets
Derivativefinancialassets
Notesreceivable
Accountreceivable27,004,827.4127,004,827.41
Financingofreceivables
Prepayments2,181,215.031,404,802.00-776,413.03
Otheraccountreceivable54,148,114.5354,148,114.53
Including：Interestreceivable
Dividendreceivable2,705,472.902,705,472.90
Inventories
Contractassets
Assetsheldforsales
ItemsDecember31,2020January1,2021Amountinvolvedintheadjustment
Non-currentassetduewithin1year256,279,340.60256,279,340.60
Othercurrentasset27,051.6927,051.69
Totalofcurrentassets2,121,405,068.352,120,628,655.32-776,413.03
Non-currentassets：
Creditor'srightinvestment287,903,684.98287,903,684.98
OtherCreditor'srightinvestment
Long-termreceivable
Longtermshareequityinvestment5,529,362,536.535,528,928,677.11-433,859.42
Otherequityinstrumentsinvestment1,737,015,528.291,737,015,528.29
Othernon-currentfinancialassets
Propertyinvestment2,858,243.642,858,243.64
Fixedassets6,245,462,940.396,245,462,940.39
Constructioninprogress43,086,545.5843,086,545.58
Productionphysicalassets
Oil&gasassets
UserightassetsNotapplicable21,927,040.9921,927,040.99
Intangibleassets150,582,241.22150,582,241.22
Developmentexpenses
Goodwill
Long-germexpensestobeamortized
Deferredincometaxasset322,365,911.10322,365,911.10
Othernon-currentasset7,089,990.487,089,990.48
Totalofnon-currentassets14,325,727,622.2114,347,220,803.7821,493,181.57
Totalofassets16,447,132,690.5616,467,849,459.1020,716,768.54
Currentliabilities
Short-termloans200,192,500.00200,192,500.00
Transactionalfinancialliabilities
Derivativefinancial
ItemsDecember31,2020January1,2021Amountinvolvedintheadjustment
liabilities
Notespayable
Accountpayable105,919,984.52105,919,984.52
Advancereceipts
ContractLiabilities
Employees’wagepayable6,472,802.816,472,802.81
Taxpayable9,165,801.869,165,801.86
Otheraccountpayable1,431,814,861.381,431,814,861.38
Including：Interestpayable
Dividendpayable22,262,804.3922,262,804.39
Liabilitiesheldforsales
Non-currentliabilityduewithin1year190,331,701.48199,348,977.119,017,275.63
Othercurrentliability539,618,124.00539,618,124.00
Totalofcurrentliability2,483,515,776.052,492,533,051.689,017,275.63
Non-currentliabilities：
Long-termloan4,389,653,800.004,389,653,800.00
Bondpayable1,426,488,336.651,426,488,336.65
Including：preferredstock
Sustainabledebt
LeaseliabilityNotapplicable12,133,352.3312,133,352.33
Long-termpayable40,406,172.3740,406,172.37
Long-termremunerationpayabletostaff
Expectedliabilities
Deferredincome13,403,327.1213,403,327.12
Deferredincometaxliability105,636,866.50105,636,866.50
Othernon-currentliabilities
Totalnon-currentliabilities5,975,588,502.645,987,721,854.9712,133,352.33
Totalofliability8,459,104,278.698,480,254,906.6521,150,627.96
Owners’equity
ItemsDecember31,2020January1,2021Amountinvolvedintheadjustment
Sharecapital2,090,806,126.002,090,806,126.00
Otherequityinstruments
Including：preferredstock
Sustainabledebt
Capitalreserves938,969,546.79938,969,546.79
Less：Sharesinstock
Othercomprehensiveincome302,895,877.65302,895,877.65
Specialreserve
Surplusreserves987,813,698.07987,813,698.07
Retainedprofit3,667,543,163.363,667,109,303.94-433,859.42
Totalofowners’equity7,988,028,411.877,987,594,552.45-433,859.42
Totalofliabilitiesandowners’equity16,447,132,690.5616,467,849,459.1020,716,768.54

Note

（4）RetrospectiveRestatementofPreviousComparativeDataduetotheFirstExecutionofanyNewStandardsGoverningFinancialInstrumentsorLeasesfromyear2020

□Applicable√NotapplicableVI.Taxation

1.Majorcategoryoftaxesandtaxrates

TaxcategoryTaxbasisTaxrate
VATTaxableincome3%，5%，6%，9%，13%
CitymaintenanceandconstructiontaxTheactualpaymentofturnovertax7%，5%
EnterpriseincometaxTaxableincome25%
EducationFeeSurchargeTheactualpaymentofturnovertax3%
LocaleducationsurchargeTheactualpaymentofturnovertax2%

2.Preferentialtax

AccordingtotheNoticeoftheMinistryofFinanceandtheStateAdministrationofTaxationonFullyOpeningthePilotofChangingBusinessTaxtoVAT(CS[2016]No.36),thequalifiedcontractenergy

managementservicesofthesubsidiaryGuangdongHigh-speedTechnologyInvestmentCo.,Ltd.areexemptfromVAT.VII.Notestothemajoritemsofconsolidatedfinancialstatement

Unlessotherwisespecified,inthefollowingnotes(includingthenotestomainitemsinthefinancialstatementsoftheparentcompany)"thebeginningoftheperiod"referstoJanuary1,2021,"theendoftheperiod"referstoJune30,2021,"currentperiod"referstoJanuary-June,2021,and"lastperiod"referstoJanuary-June,2020.

1.MonetaryCapital

InRMB

ItemsAmountinyear-endBalanceYear-beginning
Cash82,551.7054,482.68
Bankdeposit3,566,696,538.962,846,821,352.23
Other517,519.76522,168.98
Total3,567,296,610.422,847,398,003.89

OthernoteOnJanuary30,2021,Thebalanceofrestrictedbankdepositsattheendoftheperiodwas1,221,200.00yuan,whichwasthelandreclamationfunddepositedintothefundcustodyaccountforthereconstructionandexpansionprojectofSanbaotoShuikousectionofFokaiExpressway.

2.Accountreceivable

1.Classificationaccountreceivables.

InRMB

CategoryAmountinyear-endBalanceYear-beginning
BookBalanceBaddebtprovisionBookvalueBookBalanceBaddebtprovisionBookvalue
AmountProportion(%)AmountProportion(%)AmountProportion(%)AmountProportion(%)
Ofwhich：
Accrualofbaddebtprovisionbyportfolio148,842,756.74100.00%5,024,861.383.38%143,817,895.36172,621,378.99100.00%3,713,861.432.15%168,907,517.56
Ofwhich：
Agingportfolio147,970,199.4199.41%5,024,861.383.40%142,945,338.03171,846,750.2299.55%3,713,861.432.16%168,132,888.79
Qualityguaranteeportfolio872,557.330.59%872,557.33774,628.770.45%774,628.77
Total148,842,756.745,024,861.38143,817,895.36172,621,378.993,713,861.43168,907,517.56

Accrualofbaddebtprovisionbyportfolio：Accrualofbaddebtprovisionbyagingportfolio

InRMB

NameBalanceinyear-end
ReceivableaccountsBaddebtprovisionWithdrawalproportion
Within1year117,138,930.200.00%
1-2years21,329,417.962,029,072.2010.00%
2-3years9,085,541.252,619,035.1830.00%
3-4years75,000.0037,500.0050.00%
4-5years20,560.0018,504.0090.00%
Over5years320,750.00320,750.00100.00%
Total147,970,199.415,024,861.38--

Accrualofbaddebtprovisionbyportfolio:NotesofthebasisofQualityguaranteethegroup

InRMB

NameBalanceinyear-end
ReceivableaccountsBaddebtprovisionWithdrawalproportion
Qualityguarantee872,557.33
Total872,557.33--

Relevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:

□Applicable√NotapplicableDisclosurebyaging

InRMB

AgingClosingbalance
Within1year（Including1year）117,359,934.21
1-2years21,329,417.96
2-3years9,196,201.85
Over3years957,202.72
3-4years158,509.20
4-5years228,569.83
Over5years570,123.69
Total148,842,756.74

(2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：

InRMB

CategoryOpeningbalanceAmountofchangeinthecurrentperiodClosingbalance
AccrualReversedorcollectedamountWrite-offOther
Agingportfolio3,713,861.431,310,999.955,024,861.38
Total3,713,861.431,310,999.955,024,861.38

Ofwhichthesignificantamountofthereversedorcollectedpartduringthereportingperiod:None

（3）Thecurrentaccountsreceivablewrite-offssituation

None

（4）Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties

InRMB

NameRelationswiththeCompanyAmountAgingProportion(%)Baddebtprovision
GuangdongUnionElectronicServicesCo.,Ltd.Relatedparty68,390,397.52Within1year45.95
GuangdongHumenBridgeCo.,Ltd.Relatedparty25,013,757.94Within1year16.81
GuangzhouLingteElectronicCo.,Ltd.Non-Relatedparty14,637,000.001-2years9.831,463,700.00
864,000.00Within1year0.58
ShandongBoanIntelligentTechnologyCo.,LtdNon-Relatedparty7,409,966.252-3years4.982,222,989.88
GuangdongLuluTrafficDevelopmentCo.,Ltd.Non-Relatedparty6,458,333.33Within1year4.341,744,962.90
Total/122,773,455.04/82.493,686,698.88

（5）AccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone

(6)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccountsreceivableNone

3.Prepayments

（1）Ageanalysis

InRMB

AgeBalanceinyear-endBalanceYear-beginning
AmountProportion（%）AmountProportion（%）
Within1year2,413,352.6666.49%2,741,988.1596.85%
1-2years1,216,552.8333.51%89,136.833.15%
Total3,629,905.49--2,831,124.98--

Notesofthereasonsoftheprepaymentagesover1yearwithsignificantamountbutfailedsettledintime:

None

(2)Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget

InRMB

NameRelationswiththeCompanyAmountAgingReasonsfornon-settlementProportion%
GuangzhouLianxuAutomationEquipmentCo.,LtdNon-Relatedparty1,417,699.11Within1yearOutstandingperiod39.06
ChinaPacificPropertyInsuranceCo.Ltd.GuangdongBranchNon-Relatedparty838,016.001-2yearsOutstandingperiod23.09
TianjingKechangHuitongInformationTechnologyCo.,Ltd.Non-Relatedparty300,000.00Within1yearOutstandingperiod8.26
GuangdongPowerGridEnergyDevelopmentCo.,Ltd.Non-Relatedparty240,500.00Within1yearOutstandingperiod6.63
ZhaoqingYuezhaohighwayCo.,Ltd.Relatedparty151,938.00Within1yearOutstandingperiod4.19
Total/2,948,153.11//81.22

4.Otheraccountsreceivable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Dividendreceivable77,609,011.142,705,472.90
Otherreceivable38,670,306.5658,219,894.74
Total116,279,317.7060,925,367.64

（1）Dividendreceivable

1)Dividendreceivable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise1,205,472.901,205,472.90
GanzhouGankangExpresswayCo.,Ltd.1,500,000.00
ChinaEverbrightBank49,403,538.24
GanzhouKangdaExpresswayCo.,Ltd.27,000,000.00
Total77,609,011.142,705,472.90

2）Significantdividendreceivableagedover1yearNone

（2）Otheraccountsreceivable

1)Otheraccountsreceivableclassifiedbythenatureofaccounts

InRMB

NatureClosingbookbalanceOpeningbookbalance
Balanceofsettlementfundsforsecuritiestransactions47,528,056.1847,528,056.18
CapitalreductionduefromGangkang22,500,000.0045,000,000.00
Pettycash7,361,462.045,654,205.42
GelinEnzeAccount4,007,679.914,007,679.91
Cashdeposit3,839,969.434,001,660.43
TranOthersaferoflong-termassetsreceivable935,820.00935,820.00
Other4,159,095.072,754,248.87
Subtotal90,332,082.63109,881,670.81
Less：Bad-debtprovision51,661,776.0751,661,776.07
Total38,670,306.5658,219,894.74

）Thewithdrawalamountofthebaddebtprovision：

InRMB

BadDebtReservesStage1Stage2Stage3Total
Expectedcreditlossesoverthenext12monthsExpectedcreditlossoverlife(nocreditimpairment)Expectedcreditlossesfortheentireduration(creditimpairmentoccurred)
BalanceasatJanuary1,2021126,039.9851,535,736.0951,661,776.07
BalanceasatJanuary1,2021incurrent————————
BalanceasatJune30,,2021126,039.9851,535,736.0951,661,776.07

Ofwhichthesignificantamountofthereversedorcollectedpartduringthereportingperiod:None

Note1：Theparentcompanyoncepaid33,683,774.79yuanintoKunlunSecuritiesCo.,Ltd,GuangdongExpresswaytechnologyinvestmentCo.,Ltdoncepaid18,000,000.00yuanintoKunlunSecuritiesCo.,Ltd.QinghaiProvinceXiningCity’sintermediatepeople’scourtmadeaadjudicationunderlawdeclaredthatKunlunSecuritiesCo.,LtdwentbankruptandrepaiddebtinNovember11,2006.OnMarch2007,TheCompanyandGuangdongExpresswayTechnologyInvestmentCo.,LtdhadswitchedthemoneythatpaidintoKunlunSecuritiesCo.,Ltdtootheraccountreceivable,andfollowthecarefulprincipletodoubtfuldebtsprovision.The710,349.92yuanCreditwasRecoveredin2008,The977,527.77yuancreditwasrecoveredin2011,The652,012.00yuanCreditwasrecoveredin2014,The1,815,828.92yuanCreditwasrecoveredin2018,andtheprovisionforhaddeb.

Note2：GuangdongExpresswayTechnologyinvestmentCo.,Ltd.shouldchargeBeijingGelinEnzeOrganicFertilizerCo.,Ltd.for12,220,079.91yuan.Eightmillionsofitwasentrustloan,threemillionwastemporaryborrowing12,400.00yuanisthecommissionloaninterest,therestofitwasadvancemoneyforanother,BeijingGelinEnzeOrganicFertilizerCo.,Ltd’soperatingstatuswashadandhadalreadyceasedproducing,Accordingly,thecontrollingsubsidiaryofthecompanyGuangdongExpresswayInvestmentCo.,Ltd.accountedfullprovisionforBaddebt12,220,079.91yuanprovision.Thecompanyin2014recoveredarrearsof8,000,000.00yuan,rushedbacktotheprovisionforbaddebtsandwriteoffuncollectedinterestentrustedloansaccordingtotThesettlementagreementof212,400.00yuan.Changesinsignificantbookbalancesforlosspreparationcurrentperiod

□Applicable√NotapplicableDisclosurebyaging

InRMB

AgingClosingbalance
Within1year（Including1year）33,375,728.18
1-2years3,333,236.45
2-3years85,640.38
Over3years53,537,477.62
3-4years277,019.07
4-5years431,700.40
Over5years52,828,758.15
Subtotal90,332,082.63
Less：Bad-debtprovision51,661,776.07
Total38,670,306.56

3）Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：

InRMB

CategoryBalanceYear-beginningAmountofchangeinthecurrentperiodBalanceinyear-end
AccrualReversedorcollectedamountWrite-offOther
Accrualofsingleitem51,535,736.0951,535,736.09
Accrualofportfolio-Agingportfolio126,039.98126,039.98
Accrualofportfolio-Otherportfolio
Total51,661,776.0751,661,776.07

Wherethecurrentbaddebtsbackorrecoversignificantamounts:None

4)Theactualwrite-offotheraccountsreceivable:None

5)Top5oftheclosingbalanceoftheotheraccountsreceivablecollatedaccordingtothearrearsparty

InRMB

NameNatureClosingbalanceAgingProportionofthetotalyearendbalanceoftheaccountsreceivable(%)Closingbalanceofbaddebtprovision
KunlunSecuritiesCo.,LtdSecuritiestradingsettlementfunds47,528,056.18Over5years52.61%47,528,056.18
GanzhouGangkangExpresswayCo.,Ltd.CapitalreductionduefromGangkang22,500,000.00Within1year24.91%
BeijingGelinEnzeLoans4,007,679.91Over5years4.44%4,007,679.91
GuangdongLitongRealEstatesInvestmentCo.,Ltd.Leasedeposit1,630,467.36Within1year1.81%
Vehicleparkingdeposit58,660.00Over5years0.06%
ChinaRailwayNo.18BureauGroupCo.,Ltd.Paycompensationforlocalproblemsonbehalf963,300.00Within1year1.07%
Total--76,688,163.45--84.90%51,535,736.09

(6)AccountsreceivableinvolvedwithgovernmentsubsidiesNone

(7)OtheraccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone

(8)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofotheraccountsreceivableNone

5.InventoriesWhetherthecompanyneedtocomplywiththedisclosurerequirementsoftherealestateindustryNo

（1）CategoryofInventory

InRMB

ItemsClosingbookbalanceOpeningbookbalance
BookbalanceProvisionforinventoryimpairmentBookvalueBookbalanceProvisionforinventoryimpairmentBookvalue
Rawmaterials273,584.06273,584.0649,380.5349,380.53
Stockgoods101,769.91101,769.914,380.534,380.53
Total375,353.97375,353.9753,761.0653,761.06

(2)InventorydepreciationreserveNone

(3)DescriptionofTheclosingbalanceofinventoriescontaintheamountofborrowingcostscapitalizedNone

（4）DescriptionofamortizationamountofcontractperformancecostinthecurrentperiodNone

6.Contractassets

InRMB

ItemsYear-endbalanceYear-beginningbalance
BookbalanceBaddebtprovisionBookvalueBookbalanceBaddebtprovisionBookvalue
Qualityguarantee5,231,809.895,231,809.895,452,813.905,452,813.90
Total5,231,809.895,231,809.895,452,813.905,452,813.90

Amountandreasonofmaterialchangeofbookvalueofcontractassetsinthecurrentperiod::NoneRelevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofcontractassetsisaccruedaccordingtothegeneralmodelofexpectedcreditloss:

□Applicable√Notapplicable

7.Non-currentassetduewithin1year

InRMB

ItemsYear-endbalanceYear-beginningbalance
Pre-paymentofbusinesstaxbeforereplacingbusinesstaxwithVAT51,745.3251,745.32
7daysnoticeofdepositinterest6,137,170.84
Total6,188,916.1651,745.32

8.Othercurrentassets

InRMB

ItemsYear-endbalanceYear-beginningbalance
Incometaxtobededucted738,014.86
Incometaxtobecertified54,991.9427,051.69
Total793,006.8027,051.69

9.Long-termequityinvestment

InRMB

InvesteesOpeningbalanceIncrease/decreaseClosingbalanceClosingbalanceofimpairmentprovision
AdditionalinvestmentDecreaseininvestmentProfitsandlossesoninvestmentsRecognizedundertheequitymethodOthercomprehensiveincomeChangesofotherequityCashbonusorprofitsannouncedtoissueWithdrawalofimpairmentprovisionOther
I.Jointventure
2.AffiliatedCompany
GuangdongJiangzhongExpresswayCo.,Ltd.192,252,504.9411,705,544.07203,958,049.01
GanzhouGankangExpresswayCo.,Ltd.145,774,620.729,624,187.44155,398,808.16
GanzhouKangdaExpresswayCo.,Ltd.216,814,090.5024,917,168.3227,000,000.00214,731,258.82
ShenzhenHuiyanExpresswayCo.,Ltd.285,408,755.1517,002,946.80302,411,701.95
ZhaoqingYuezhaoHighwayCo.,Ltd.302,436,218.8329,706,901.0139,675,000.00292,468,119.84
GuoyuanSecuritiesCo.,Ltd.938,476,820.7420,302,738.271,995,208.3210,348,258.20950,426,509.13
GuangdongYuepuSmallRefinancingCo.,Ltd215,703,320.386,351,644.00-3,778,219.25218,276,745.13
HunnanLianzhiTechnologyCo.,.Ltd.85,080,974.923,035,459.4188,116,434.33
Subtotal2,381,947,306.18122,646,589.321,995,208.32-3,778,219.2577,023,258.202,425,787,626.37
Total2,381,947,306.18122,646,589.321,995,208.32-3,778,219.2577,023,258.202,425,787,626.37

Othernote

Note：GuangdongYuekeTechnologyPettyLoanCo.,Ltd.wasrenamedasGuangdongYuepuSmallRefinancingCo.,LtdinFebruary2021.

10.OtherEquityinstrumentinvestment

InRMB

ItemsClosingbalanceOpeningbalance
GuangleExpresswayCo.,Ltd.748,348,301.73748,348,301.73
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise50,000,000.0050,000,000.00
ChinaEverbrightBankCo.,Ltd.889,263,688.32938,667,226.56
HuaxiaSecuritiesCo.,Ltd.（Notes1）
HuazhengAssetManagementCo.,Ltd.（Notes2）
KunlunSecuritiesCo.,Ltd.（Notes3）
Total1,687,611,990.051,737,015,528.29

Breakdowndisclosureofinvestmentinnon-tradableequityinstrumentsinthecurrentperiod

InRMB

ItemsDividendincomerecognizedCumulativegainCumulativelossAmountofotherconsolidatedincometransferredtoretainedearningsReasonsfordesignationasmeasuredatfairvalueandchangesincludedinothercomprehensiveincomeReasonsforotherconsolidatedincometransferredtoretainedearnings
GuangleExpresswayCo.,Ltd.Non-transactionalpurposeforshareholding
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise7,802,784.15Non-transactionalpurposeforshareholding
ChinaEverbrightBankCo.,Ltd.49,403,538.24371,702,811.52Non-transactionalpurposeforshareholding
HuaxiaSecuritiesCo.,Ltd.5,400,000.00Non-transactionalpurposeforshareholding
HuazhengAssetManagementCo.,Ltd.1,620,000.00Non-transactionalpurposeforshareholding
KunlunSecuritiesCo.,Ltd.30,000,000.00Non-transactionalpurposefor
shareholding
Total49,403,538.24379,505,595.6737,020,000.00

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

ItemsHousesandbuildingsLanduserightConstructioninprogressTotal
I.Originalvalue
1.Openingbalance12,664,698.252,971,831.1015,636,529.35
2.Increasedamountoftheperiod
（1）Outsourcing
(2)Inventory,FixedassetsandConstructionprojectinto
(3))IncreasedofEnterpriseconsolidation
ItemsHousesandbuildingsLanduserightConstructioninprogressTotal
（1）Disposal
（2）OtherOut
4.Closingbalance12,664,698.252,971,831.1015,636,529.35
II.Accumulateddepreciationaccumulatedamortization
1.Openingbalance10,694,640.901,831,506.5612,526,147.46
2.Increasedamountoftheperiod73,774.5636,784.68110,559.24
(1)Withdrawaloramortization73,774.5636,784.68110,559.24
3.Decreasedamountoftheperiod
（1）Disposal
（2）OtherOut
4.Closingbalance10,768,415.461,868,291.2412,636,706.70
III.Impairmentprovision
1.Openingbalance
2.Increasedamountoftheperiod
（1）Withdrawal
3.Decreasedamountoftheperiod
（1）Disposal
ItemsHousesandbuildingsLanduserightConstructioninprogressTotal
（2）OtherOut
4.Closingbalance
IV.Bookvalue
1.Closingbookvalue1,896,282.791,103,539.862,999,822.65
2.Openingbook1,970,057.351,140,324.543,110,381.89

(2)Investmentpropertyadoptedfairvaluemeasurementmode

□Applicable√Notapplicable

(3)Detailsofinvestmentpropertyfailedtoaccomplishcertificationofproperty

InRMB

ItemsBookbalanceReason
HousesandBuilding1,218,972.18Transportationandotherancillaryfacilities,Notaccreditation

Othernote

12.Fixedassets

InRMB

ItemsYear-endbalanceYear-beginningbalance
Fixedassets10,897,122,561.8311,540,066,429.69
liquidationoffixedassets13,117.559,500.00
Total10,897,135,679.3811,540,075,929.69

(1)Listoffixedassets

InRMB

ItemsGuangfoExpresswayFokaiExpresswayGuanghuiExpresswayJingzhuExpresswayGuangzhusectionHouseandbuildingsMachineryequipmentTransportationequipmentElectricityequipmentandotherTotal
I.Originalprice
1.Openingbalance1,460,270,190.6610,892,817,927.306,475,428,904.484,824,881,424.98653,156,798.921,807,080,795.8961,427,688.89134,245,998.0126,309,309,729.13
2.Increasedamountoftheperiod16,210,108.0027,120.00290,080.7616,527,308.76
（1）Purchase27,120.00
（2）Transferofprojectunderconstruction276,082.76303,202.76
(3)IncreasedofEnterpriseconsolidation13,998.0013,998.00
（4）Other16,210,108.0016,210,108.00
3.Decreasedamountoftheperiod129,039.00957,990.00499,966.0016,482,158.0018,069,153.00
（1）Disposalorscrap129,039.00957,990.00499,966.00272,050.001,859,045.00
（2）Governmentsubsidyoffset
（3）Other16,210,108.0016,210,108.00
4.Closingbalance1,460,270,190.6610,892,817,927.306,475,428,904.484,841,091,532.98653,027,759.921,806,149,925.8960,927,722.89118,053,920.7726,307,767,884.89
II.Accumulateddepreciation
1.Openingbalance1,460,270,190.664,999,612,912.323,571,631,502.432,994,964,464.08432,913,163.791,174,349,065.1449,827,783.0877,204,103.1614,760,773,184.66
2.Increasedamountoftheperiod279,351,679.51181,279,037.2581,797,251.5414,304,055.2877,259,366.401,144,611.085,087,884.75640,223,885.81
（1）Withdrawal279,351,679.51181,279,037.2581,797,251.5414,304,055.2877,259,366.401,144,611.085,087,884.75640,223,885.81
3.Decreasedamountoftheperiod122,587.05862,191.00474,967.70251,510.601,711,256.35
(1)Disposalorscrap122,587.05862,191.00474,967.70251,510.601,711,256.35
4.Closingbalance1,460,270,190.665,278,964,591.833,752,910,539.683,076,761,715.62447,094,632.021,250,746,240.5450,497,426.4682,040,477.3115,399,285,814.12
II.Accumulateddepreciation
1.Openingbalance7,870,708.72599,405.968,470,114.78
2.Increasedamountoftheperiod2,889,394.162,889,394.16
（1）Withdrawal2,889,394.162,889,394.16
3.Decreasedamountoftheperiod
(1)Disposalorscrap
4.Closingbalance2,889,394.167,870,708.72599,405.9611,359,508.94
IV.Bookvalue
1.Closingbookvalue5,613,853,335.472,722,518,364.801,764,329,817.36203,043,733.74547,532,976.6310,430,296.4335,414,037.5010,897,122,561.83
2.Openingbook5,893,205,014.982,903,797,402.051,829,916,960.90220,243,635.13624,861,021.9311,599,905.8156,442,488.8911,540,066,429.69

(2)Temporarilyidlefixedassets

InRMB

ItemsOriginalpriceAccumulateddepreciationImpairmentprovisionBookvalueRemark
Houseandbuildings6,014,243.634,166,329.201,847,914.43
Total6,014,243.634,166,329.201,847,914.43

(3)Detailsoffixedassetsfailedtoaccomplishcertificationofproperty

InRMB

ItemsBookvalueReason
HouseandBuilding141,341,854.15Transportationandotherancillaryfacilities，Notaccreditation.

（4）liquidationoffixedassets

InRMB

ItemsYear-endbalanceYear-beginningbalance
Transportationequipment9,500.00
HouseandBuilding6,451.95
Officeequipmentandother6,665.60
Total13,117.559,500.00

13.Projectunderconstruction

InRMB

ItemsYear-endbalanceYear-beginningbalance
Projectunderconstruction476,068,792.62340,611,095.47
Total476,068,792.62340,611,095.47

（1）Projectunderconstruction

InRMB

ItemsYear-endbalanceYear-beginningbalance
BookbalanceProvisionfordevaluationBookvalueBookbalanceProvisionfordevaluationBookvalue
BridgeDeckTreatmentProjectofDayong119,531,037.47119,531,037.47117,493,329.30117,493,329.30
Viaduct
PavementTreatmentProject122,157,600.54122,157,600.54105,958,479.27105,958,479.27
GualuhuInterchangeproject134,788,295.75134,788,295.7552,045,974.1252,045,974.12
ReconstructionandExpansionofSanbaotoShuikou32,639,361.3332,639,361.3329,547,232.5829,547,232.58
GanshenHigh-speedrailwaycrossingsectionexpansionproject12,091,362.9812,091,362.982,555,353.002,555,353.00
HuizhouNorthInterchangeProject17,214,947.1817,214,947.18283,432.73283,432.73
Oddproject37,646,187.3737,646,187.3732,727,294.4732,727,294.47
Total476,068,792.62476,068,792.62340,611,095.47340,611,095.47

(2)Changesofsignificantconstructioninprogress

InRMB

NameofprojectBudgetOpeningbalanceIncreaseTransferredtofixedassetsOtherdecreaseEndbalanceProportion%ProjectprocessCapitalizationofinterestIncluding:capitalizationofinterestthisperiodCapitalizationofinterestrate(%)Sourceoffunding
ReconstructionandExpansionofSanbaotoShuikou3,426,206,700.0029,547,232.583,092,128.7532,639,361.3375.86%82.29%72,779,504.82
GualuhuInterchangeproject197,520,000.0052,045,974.1282,756,319.6313,998.00134,788,295.7568.24%68.24%
PavementTreatmentProject186,000,000.00105,958,479.2716,199,121.27122,157,600.5465.68%65.68%4,188,901.411,708,886.274.07%
BridgeDeckTreatmentProjectofDayongViaduct123,000,000.00117,493,329.302,037,708.17119,531,037.4797.18%97.18%6,678,897.112,037,708.174.07%
Total3,932,726,700.00305,045,015.27104,085,277.8213,998.00409,116,295.09----83,647,303.343,746,594.44--

(3)ProvisionforimpairmentofconstructionprojectsinthecurrentperiodNone

14.Userightassets

InRMB

ItemsHouseandbuildingsTransportationequipmentTotal
I.Originalprice
1.Openingbalance22,494,778.29659,277.4923,154,055.78
2.Increasedamountoftheperiod504,113.56504,113.56
4.Closingbalance22,494,778.291,163,391.0523,658,169.34
II.Accumulateddepreciation
1.Openingbalance
2.Increasedamountoftheperiod4,657,872.55260,044.034,917,916.58
（1）Withdrawal4,657,872.55260,044.034,917,916.58
4.Closingbalance4,657,872.55260,044.034,917,916.58
III.Impairmentprovision
IV.Bookvalue
1.Closingbookvalue17,836,905.74903,347.0218,740,252.76
2.Openingbookvalue22,494,778.29659,277.4923,154,055.78

Othernote:None

15.Intangibleassets

(1)Listofintangibleassets

InRMB

ItemsLanduserightPatentrightNon-patentrightSoftwareTheTurnpikefranchiseTotal
I.Originalprice
1.Openingbalance1,311,658.0039,912,285.19318,348,741.86359,572,685.05
2.Increasedamountoftheperiod
(1)Purchase
ItemsLanduserightPatentrightNon-patentrightSoftwareTheTurnpikefranchiseTotal
(2)InternalDevelopment
(3)IncreasedofEnterpriseCombination
3.Decreasedamountoftheperiod
（1）Disposal
4.Closingbalance1,311,658.0039,912,285.19318,348,741.86359,572,685.05
II.Accumulatedamortization
1.Openingbalance1,311,658.0032,458,724.3823,420,946.1557,191,328.53
2.Increasedamountoftheperiod1,405,532.7617,245,289.0418,650,821.80
(1)Withdrawal1,405,532.7617,245,289.0418,650,821.80
3.Decreasedamountoftheperiod
（1）Disposal
4.Closingbalance1,311,658.0033,864,257.1440,666,235.1975,842,150.33
III.Impairmentprovision
1.Openingbalance
2.Increasedamountoftheperiod
(1)Withdrawal
3.Decreasedamountoftheperiod
（1）Disposal
ItemsLanduserightPatentrightNon-patentrightSoftwareTheTurnpikefranchiseTotal
4.Closingbalance
IV.Bookvalue
1.Closingbookvalue6,048,028.05277,682,506.67283,730,534.72
2.Openingbookvalue7,453,560.81294,927,795.71302,381,356.52

Theintangibleassetsbytheendoftheformationofthecompany'sinternalR&Daccounted0.00%oftheproportionofthebalanceofintangibleassetsNote:Accordingtotherelevantgovernmentdocuments,thecompanyincludedtherelevantoperatingexpensesincurredduringtheepidemicpreventionandcontrolperiodfromFebruary17,2020toMay5,2020intointangibleassets-bookvalueoftollroadfranchise,andbegantoaccrueandamortizetheremainingoperatingperiodinMay2020accordingtothetrafficflowmethod.⑵DetailsofLanduserightfailedtoaccomplishcertificationofpropertyNone

16.Long-termamortizeexpenses

InRMB

ItemsBalanceinyear-beginIncreaseinthisperiodAmortizedexpensesOtherlossBalanceinyear-end
Prepaidbusinesstaxandsurchargesbeforereplacementofbusinesstaxwithvalue-addedtax2,454,375.00175,312.502,279,062.50
Total2,454,375.00175,312.502,279,062.50

17.Deferredincometaxassets/deferredincometaxliabilities

(1)Deferredincometaxassetshadnotbeenoff-set

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
DeductibletemporarydifferenceDeferredincometaxassetsDeductibletemporarydifferenceDeferredincometaxassets
Assetsimpairmentprovisions11,594,966.322,898,741.588,705,572.162,176,393.04
Deductibleloss895,998,889.02223,999,722.261,000,101,381.76250,025,345.44
Amortizationofintangibleassets204,533,341.8851,133,335.47269,669,149.9167,417,287.48
Deferredincome37,761,831.409,440,457.8544,545,569.7311,136,392.43
Total1,149,889,028.62287,472,257.161,323,021,673.56330,755,418.39

(2)Deferredincometaxliabilitieshadnotbeenoff-set

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
DeductibletemporarydifferenceDeferredincometaxliabilitiesDeductibletemporarydifferenceDeferredincometaxliabilities
Changesinthefairvalueofotherequityinstruments371,702,811.5292,925,702.88421,106,349.76105,276,587.44
Deductibletemporarydifferencesintheformationofassetimpairment1,073,420,402.00268,355,100.501,124,772,402.32281,193,100.58
Differenceofamortizationmethodoffranchiseoftollroad3,567,807.68891,951.922,533,490.83633,372.72
Total1,448,691,021.20362,172,755.301,548,412,242.91387,103,060.74

（3）Detailsofunrecognizeddeferredtaxassets

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Deductibleloss15,880,112.6211,452,524.12
Assetsimpairmentprovisions93,295,931.4591,984,931.50
Total109,176,044.07103,437,455.62

（4）Deductiblelossesoftheun-recognizeddeferredincometaxassetwillexpireinthefollowingyears

InRMB

YearBalanceinyear-endBalanceYear-beginningRemark
2021
20221,133,109.041,133,109.04
20233,129,535.723,129,535.72
20243,618,779.073,618,779.07
20253,571,100.293,571,100.29
20264,427,588.50
Total15,880,112.6211,452,524.12--

18.OtherNon-currentassets

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
BookbalanceProvisionfordevaluationBookvalueBookbalanceProvisionfordevaluationBookvalue
Prepaidfixedassetsengineeringfees22,732,114.6522,732,114.6521,946,578.7521,946,578.75
Prepaidbusinesstax441,155.10441,155.10467,027.76467,027.76
Less：Partduewithin1year51,745.3251,745.3251,745.3251,745.32
Total23,121,524.4323,121,524.4322,361,861.1922,361,861.19

19.Short-termBorrowing

（1）Short-termBorrowing

InRMB

TotalBalanceinyear-endBalanceYear-beginning
CreditBorrowing200,000,000.00200,000,000.00
Interestaccruedonshort-termborrowing175,000.00192,500.00
Total200,175,000.00200,192,500.00

（2）Overdueshort-termborrowings

None

20.Accountpayable

（1）Listofaccountpayable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Within1year（Including1year）108,653,398.13252,654,968.64
1-2years（including2years）95,600,699.2744,097,234.36
2-3years（including3years）33,193,319.2610,392,605.88
Over3years69,061,279.1762,628,533.83
Total306,508,695.83369,773,342.71

（2）Significantpayableagingmorethan1year

InRMB

ItemsBalanceinyear-endReason
FoshanLandandresourcesBureau.30,507,598.21Unsettled
GuangZhongjiangExpresswayprojectManagementDept28,000,000.00Unsettled
HeshanLandandresourcesBureau10,186,893.60Unsettled
GuangdongProvincialFreewayCo.,Ltd.8,746,491.18Unsettled
TheThirdResearchInstituteofTheministryOfpublicSecurity8,730,588.49OBUgoods，Unsettled
Total86,171,571.48--

Othernote：

21.Prepaymentreceived

(1)ListofPrepaymentreceived

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Within1year（Including1year）12,523,692.521,473,106.10
1-2years（Including2years）
2-3years（Including3years）
Over3years9,278,102.259,835,901.31
Total21,801,794.7711,309,007.41

(2)Significantadvancefromcustomersagingoveroneyear

InRMB

ItemsBalanceinyear-endUnpaid/Uncarryoverreason
GuangzhouHuanlongExpresswayCo.,Ltd.7,538,446.46TheRentalisnotinthesettlementperiod
GuanghdongXinleTechnologyDevelopmentCo.,Ltd.1,317,877.49TheRentalisnotinthesettlementperiod
Total8,856,323.95--

（3）Settlementofoutstandingprojectsresultingfromfinalconstructioncontracts

None

22.Contractliabilities

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Paymentsreceivedinadvance327,734.51309,734.51
Less：Othernon-currentliabilities
Total327,734.51309,734.51

23.PayableEmployeewage

（1）PayableEmployeewage

InRMB

ItemsYear-beginningbalanceIncreaseinthecurrentperiodDecreaseinthecurrentperiodYear-endbalance
I.Short-termcompensation16,726,198.13176,850,610.36171,066,382.9922,510,425.50
II.Post-employmentbenefits-definedcontributionplans29,615,875.3626,805,310.892,810,564.47
III.Dismissalbenefits52,930.0052,930.00
Total16,726,198.13206,519,415.72197,924,623.8825,320,989.97

（2）Short-termRemuneration

InRMB

ItemsYear-beginningbalanceIncreaseinthecurrentperiodDecreaseinthecurrentperiodYear-endbalance
1.Wages,bonuses,allowancesandsubsidies465,063.49130,356,876.54124,264,341.416,557,598.62
2.Employeewelfare10,676,725.4110,676,725.41
3.Socialinsurancepremiums12,115,919.2612,102,773.4513,145.81
Including：Medicalinsurance7,943,235.847,931,971.2111,264.63
Workinjuryinsurance132,925.72132,667.60258.12
Maternityinsurance1,243,270.561,241,647.501,623.06
Other2,796,487.142,796,487.14
4.Publicreservesforhousing18,938,804.0018,914,108.0024,696.00
5.Unionfundsandstaffeducationfee14,578,979.104,108,021.654,454,171.2214,232,829.53
8.Other1,682,155.54654,263.50654,263.501,682,155.54
Total16,726,198.13176,850,610.36171,066,382.9922,510,425.50

（3）Definedcontributionplanslisted

InRMB

ItemsBalanceYear-beginningIncreaseinthisperiodPayableinthisperiodBalanceinyear-end
1.Basicold-ageinsurancepremiums17,058,245.7517,033,625.1124,620.64
2.Unemploymentinsurance1,508,985.201,508,236.43748.77
3.Enterpriseannuitypayment11,048,644.418,263,449.352,785,195.06
Total29,615,875.3626,805,310.892,810,564.47

24.TaxPayable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
VAT11,310,652.7919,253,425.01
EnterpriseIncometax161,545,820.11192,073,414.37
IndividualIncometax379,604.752,589,498.58
CityConstructiontax735,675.161,270,608.27
Educationsubjoin354,153.73594,019.27
LocalityEducationsubjoin216,166.07376,577.48
Landusetax638,542.10
Propertytax975,716.9945,461.47
Stamptax55,280.551,514,826.65
Constructioncostsforcultural30,561.68
undertaking
Total176,211,612.25217,748,392.78

25.Otheraccountspayable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Dividendpayable630,684,374.9222,262,804.39
Otheraccountpayable188,472,025.891,490,356,555.39
Total819,156,400.811,512,619,359.78

（1）Dividendspayable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
Commonstockdividends630,684,374.9222,262,804.39
Total630,684,374.9222,262,804.39

Note:Includingsignificantunpaiddividendspayableoveroneyear,theunpaidreasonshallbedisclosed:

Finaldividendpayable19,634,536.14yuanformorethanayearinunpaiddividendstoshareholdersovertheyearwasmainlyduetonon-paymentofshareholderdividendsdidnotprovideinformationoninterest-bearingbank,didnotsharereformofshareholderstoreceivedividendsorprovideapplicationtoreceivedividendsthebankinformationisincorrect,resultinginfailuretopayadividendorrefund.

（2）Otheraccountspayable

(1)Otheraccountspayablelistedbynatureoftheaccount

InRMB

ItemsYear-endbalanceYear-Beginningbalance
M&AfundspayabletoGuanghui21%equity1,221,839,292.00
Estimatedprojectcost72,631,540.13147,443,692.67
Deposit,warrantyandsecuritydeposit75,542,601.4382,529,159.41
Other36,354,505.9436,456,530.29
Temporarycollectionpayable3,943,378.392,087,881.02
Total188,472,025.891,490,356,555.39

(2)Othersignificantaccountspayablewithagingoveroneyear

InRMB

ItemsClosingbalanceUnpaid/un-carryoverreason
PolyChangdaHighwayEngineeringCo.,Ltd.14,430,723.78ProjectQualityguarantees,constrictliquidateddamages
YayaotoXiebianextension12,499,448.48Outstanding
GuangdongGuanyueRoad&BridgeCo.,Ltd.6,539,681.80ProjectQualityguarantee
GuangdongNengdaHighGradeHighwayMaintenanceCo.,Ltd.3,615,020.10Contractliquidateddamages,Wagemarginformigrantworkers
DahaoMunicipalConstructionCo.,Ltd.3,000,000.00ProjectQualityguarantee
Total40,084,874.16--

26.Non-currentliabilitiesduewithin1year

InRMB

ItemsBalanceyear-endYear-beginningbalance
Long-termloansduewithin1year142,956,200.00203,536,200.00
Long-termpayableduewithin1year944,339.62732,075.46
Leaseliabilitiesduewithin1year9,658,303.329,124,680.86
Interestpayableduewithin1year22,299,019.5762,059,742.01
Total175,857,862.51275,452,698.33

Othernote：

27.Othercurrentliabilities

InRMB

ItemsBalanceyear-endYear-beginningbalance
Taxtoberewritten1,882,974.53648,581.64
Total1,882,974.53648,581.64

28.Long-termloan

(1)Categoryoflong-termloan

InRMB

ItemsBalanceyear-endYear-beginningbalance
Pledgeloan616,030,000.00657,365,000.00
Creditloan5,403,966,900.004,523,610,000.00
Less:Long-termloansduewithinoneyear142,956,200.00203,536,200.00
Total5,877,040,700.004,977,438,800.00

29.Bondpayable

（1）Bondpayable

InRMB

ItemsBalanceyear-endYear-beginningbalance
Medium-termnote1,426,956,661.361,426,488,336.65
Total1,426,956,661.361,426,488,336.65

（2）Changesofbondspayable(Notincludingtheotherfinancialinstrumentofpreferredstockandperpetualcapitalsecuritiesthatclassifyasfinancialliability

InRMB

NameofthebondBookvalueIssuedatePeriodIssueamountOpeningbalanceThecurrentissueWithdrawinterestatparOverflowdiscountamountPayincurrentperiodClosingbalance
19GuangdongExpresswayMTN001680,000,000.002019.2.272019.3.1-2024.3.1680,000,000.00678,575,316.87-223,418.00678,798,734.87
20GuangdongExpresswayMTN001750,000,000.002020.3.132020.3.17-2025.3.17750,000,000.00747,913,019.78-244,906.71748,157,926.49
Total------1,430,000,000.001,426,488,336.65-468,324.711,426,956,661.36

(3)NotetoconditionsandtimeofsharetransferofconvertiblebondsNone

（4）OtherfinancialinstrumentsthatareclassifiedasfinancialliabilitiesNone

30.Leaseliabilities

InRMB

ItemsBalanceyear-endYear-beginningbalance
Long-termleaseliabilities17,381,066.7421,369,895.75
Including：Financingcostsarenotrecognized737,310.631,134,013.96
Less：Leaseliabilitiesduewithin1year-9,658,303.32-9,124,680.86
Total7,722,763.4212,245,214.89

31.Long-termpayable

InRMB

ItemsBalanceyear-endYear-beginningbalance
Long-termpayable3,461,832.7440,406,172.37
Total3,461,832.7440,406,172.37

(1)Long-termpayablelistedbynatureoftheaccount

InRMB

ItemsBalanceyear-endYear-beginningbalance
Non-operatingassetpayable2,022,210.112,022,210.11
Entrustloans36,000,000.00
Mediumtermbillunderwritingfee2,383,962.253,116,037.72
Less：Partduewithin1year944,339.62732,075.46
Total3,461,832.7440,406,172.37

32.Deferredincome

InRMB

ItemsOpeningbalanceIncreaseDecreaseClosingbalanceCause
Governmentsubsidy44,545,569.646,783,738.2437,761,831.40
Leaseincome44,625,000.003,187,500.0041,437,500.00
Total89,170,569.649,971,238.2479,199,331.40--

Detailsofgovernmentsubsidies：

InRMB

ItemsBeginningoftermNewsubsidyincurrentperiodAmounttransferredtonon-operationalincomeOtherincomerecordedinthecurrentperiodAmountofcostdeductedinthecurrentperiodOtherchangesEndoftermAsset-relatedorincome-related
CancellationofExpresswayProvincialTollStationProject44,545,569.646,783,738.2437,761,831.40Relatedtoassets
Total44,545,569.646,783,738.2437,761,831.40

33.Stockcapital

InRMB

BalanceYear-beginningChanged（+，-）Balanceinyear-end
IssuanceofnewshareBonussharesCapitalizationofpublicreserveOtherSubtotal
Totalofcapitalshares2,090,806,126.002,090,806,126.00

34.Capitalreserves

InRMB

ItemsYear-beginningbalanceIncreaseinthecurrentperiodDecreaseinthecurrentperiodYear-endbalance
Sharepremium508,711,146.99508,711,146.99
(1)Capitalinvestedbyinvestors2,508,408,342.992,508,408,342.99
(2)Influenceofbusinesscombinationunderthesamecontrol-1,999,697,196.00-1,999,697,196.00
Othercapitalreserves137,258,063.4946,064,922.25183,322,985.74
(1)Changesinotherequityoftheinvesteeundertheequityaccounting525,074.49525,074.49
（2）Other136,732,989.0046,064,922.25182,797,911.25
Total645,969,210.4846,064,922.25692,034,132.73

-Thesituationofchangeinthecurrentcapitalreserveisasfollows:

①Theincreaseofcapitalreserve-othersinthisperiodismainlyduetotheagreementsignedbyGuanghuiandZengchengDistrictPeople'sGovernmenttoaddinterchangeonZengchengSectionofGuanghuiExpressway,whichstipulatesthatGuanghuiwillbuildShaningRoadInterchangeandXinchengAvenueInterchange,andallexpensesincurredinbuildinginterchangewillbebornebyZengchengDistrictPeople'sGovernment.Aftertheprojectiscompleted,itwillbemanagedbyGuanghui.AtotalofRMB268,103,900.00wasreceivedfromZengchengDistrictGovernmentatthebeginningoftheperiod,ofwhichtheopeningbalanceofcapitalreserveattributabletotheparentcompany-othercapitalreservewasRMB136,732,989.00,andRMB97,731,650.00was

newlyreceivedinthisperiod,ofwhichcapitalreserveattributabletotheparentcompany-othercapitalreserveincreasedbyRMB49,843,141.50inthisperiod.

②ThejointventureGuangdongYuepuSmallRefinancingCo.,Ltdincreaseditscapitalandexpandeditsshares.TheCompanyadjustedthebookvalueoflong-termequityinvestmentaccordingtothedilutedshareholdingratio,reducingthecapitalreservebyRMB3,778,219.25.

35.Othercomprehensiveincome

InRMB

ItemsYear-beginningbalanceAmountofcurrentperiodYear-endbalance
AmountincurredbeforeincometaxLess：AmounttransferredintoprofitandlossinthecurrentperiodthatrecogniedintoothercomprehensiveincomeinpriorperiodLess：PriorperiodincludedinothercompositeincometransfertoretainedincomeinthecurrentperiodLess：IncometaxexpensesAfter-taxattributetotheparentcompanyAfter-taxattributetominorityshareholder
1.Othercomprehensiveincomewillbereclassifiedintoincomeorlossinthefuture315,829,762.32-49,403,538.24-12,350,884.56-37,052,653.68278,777,108.64
Changesinfairvalueofinvestmentsinotherequityinstruments315,829,762.32-49,403,538.24-12,350,884.56-37,052,653.68278,777,108.64
2.Othercomprehensiveincomereclassifiabletoprofitorlossinsubsequentperiods-12,933,884.671,995,208.321,995,208.32-10,938,676.35
Including：Shareofothercomprehensiveincomeoftheinvesteethatcannotbetransferredtoprofitorloss-12,933,884.671,995,208.321,995,208.32-10,938,676.35
accountedforusingtheequitymethod
Totalofothercomprehensiveincome302,895,877.65-47,408,329.92-12,350,884.56-35,057,445.36267,838,432.29

36.Surplusreserve

InRMB

ItemsYear-beginningbalanceIncreaseinthecurrentperiodDecreaseinthecurrentperiodYear-endbalance
Statutorysurplusreserve1,167,785,965.631,167,785,965.63
Total1,167,785,965.631,167,785,965.63

37.Retainedprofits

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Beforeadjustments:Retainedprofitsinlastperiodend3,725,679,319.353,915,790,810.76
Adjustthetotalundistributedprofitsatthebeginningoftheperiod-433,859.42
Afteradjustments:Retainedprofitsattheperiodbeginning3,725,245,459.933,915,790,810.76
Add：Netprofitbelongingtotheowneroftheparentcompany848,860,350.64867,842,774.78
Less:Statutorysurplusreserve93,232,912.82
Commonstockdividendpayable608,424,582.67882,320,185.17
Other82,401,168.20
Retainedprofitattheendofthisterm3,965,681,227.903,725,679,319.35

Asregardsthedetailsofadjustedthebeginningundistributedprofits

(1)AstheretroactiveadjustmentonEnterpriseAccountingStandardsanditsrelatednewregulations,theaffectedbeginningundistributedprofitsareRMB0.00.

(2)Asthechangeoftheaccountingpolicy,theaffectedbeginningundistributedprofitsareRMB0.00.

(3)Asthecorrectionofsignificantaccountingerror,theaffectedbeginningundistributedprofitsareRMB0.00.

(4)Asthechangeofconsolidationscopecausedbythesamecontrol,theaffectedbeginningundistributedprofitsareRMB0.00.

(5)OtheradjustmentofthetotalaffectedbeginningundistributedprofitsareRMB0.00.

38.Operationincomeandoperationcost

InRMB

ItemsAmountofthisperiodAmountoflastperiod
IncomeCostIncomeCost
Mainoperation2,448,927,494.46868,560,892.481,089,323,025.02765,703,663.54
Otheroperation39,547,175.3520,566,849.9528,431,284.2511,771,221.72
Total2,488,474,669.81889,127,742.431,117,754,309.27777,474,885.26

39.Businesstaxandsubjoin

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Urbanconstructiontax4,707,823.032,113,789.37
Educationsurcharge2,248,134.091,011,633.95
Propertytax1,328,788.22712,301.65
Landusetax875,697.88606,620.40
Vehicleusetax43,697.4746,634.19
Stamptax196,890.20113,623.71
Businesstax185,247.66185,247.66
LocalityEducationsurcharge1,495,067.55671,547.50
Total11,081,346.105,461,398.43

Othernote：

40.Administrativeexpenses

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Wage66,423,609.1555,064,316.42
DepreciationandAmortization5,724,413.264,979,637.57
Intangibleassetsamortization1,081,305.761,192,383.87
Lowconsumablesamortization324,317.77269,115.76
Rentalfee6,032,852.025,183,189.17
Businessfee372,403.60348,171.25
Officeexpenses4,187,689.423,673,999.40
Travelexpenses325,420.94112,453.53
Consultationexpenses117,000.0063,000.00
Thefeeforhiringagency3,076,580.063,309,843.01
Repairscost342,887.00309,198.01
Vehiclefee1,504,032.851,353,273.53
Listingfee11,320.7511,320.75
Informationcostandmaintenancefee507,982.88253,897.56
Other3,325,219.932,538,262.12
Total93,357,035.3978,662,061.95

41.Financialexpenses

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Interestexpenses149,343,110.61134,883,778.08
Depositinterestincome（-）-29,751,089.44-15,990,606.72
ExchangeIncomeandloss（Gain-）
Bankcommissioncharge93,344.30104,477.69
Other1,183,218.601,705,527.49
Total120,868,584.07120,703,176.54

42.Othergains

InRMB

ItemsAmountofthisperiodAmountoflastperiod
CancellationofExpresswayProvincialTollStationProject6,783,738.245,180,566.19
Stablejobsubsidies932,076.28398,471.22
Enterpriseswithindustrialtrainingsubsidies1,243,500.00
YuexiuDistrictBureauofCommerceawardsandsubsidies339,000.00
Maternityallowance149,069.16149,747.43
Veterans'VATreductionandexemption15,785.4412,771.61
Withholdingandremittingenterpriseprepaidincometaxfees322,529.07195,056.10
Veterans'VATreductionandexemption136,670.84
Total9,922,369.035,936,612.55

43.Investmentincome

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Long-termequityinvestmentincomebyequitymethod122,646,589.3212,358,090.15
Dividendsearnedduringtheholdingperiodoninvestmentsinotherequityinstrument49,403,538.2450,785,213.04
Interestincomeonentrustedloans3,610,807.53
Total172,050,127.5666,754,110.72

44.Creditimpairmentlosses

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Impairmentlossesonaccountsreceivable-1,310,999.95-236,683.81
Total-1,310,999.95-236,683.81

45.Assetimpairmentloss

InRMB

ItemsAmountofthisperiodAmountoflastperiod
Lossonimpairmentoffixedassets-2,889,394.16
Total-2,889,394.16

46.Assetsdisposalincome

InRMB

SourceAmountofthisperiodAmountoflastperiod
Non-currentassetsdisposalgains
Including：IncomefromdisposalofFixedassets
IncomefromdisposalofIntangibleassets
Other4.37
Total4.37

47.Non-Operationincome

InRMB

ItemsAmountofthisperiodAmountoflastperiodRecordedintheamountofthenon-recurringgainsandlosses
Insuranceclaimincome2,494,015.562,229,165.042,494,015.56
Roadpropertyclaimincome1,436,421.011,262,316.211,436,421.01
Relocationcompensationincome1,549,865.12
Other80,783.48270,342.8780,783.48
Total4,011,220.055,311,689.244,011,220.05

48.Non-Operationexpense

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiodTheamountofnon-operatinggains&losses
Roadrehabilitationexpenditure1,567,847.871,411,624.281,567,847.87
Loss&abandonmentofnon-currentassets135,447.06184,878.43135,447.06
Fine153.6225,472.76153.62
Other107,872.58615,563.11107,872.58
Total1,811,321.132,237,538.581,811,321.13

49.Incometaxexpense

(1)Listsofincometaxexpense

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
Currentincometaxexpense323,321,325.1278,051,106.83
Deferredincometaxexpense30,703,740.3516,076,906.91
Total354,025,065.4794,128,013.74

(2)Adjustmentprocessofaccountingprofitandincometaxexpense

InRMB

ItemsAmountofcurrentperiod
Total1,554,011,963.22
Currentincometaxexpenseaccountedbytaxandrelevantregulations388,502,990.81
Influenceofincometaxbeforeadjustment2,881,722.95
Influenceofnontaxableincome-43,012,531.89
Impactofnon-deductiblecosts,expensesandlosses6,149,582.63
Thecurrentperioddoesnotaffectthedeferredtaxassetsrecognizeddeductibletemporarydifferencesordeductibleloss-496,699.03
Incometaxexpense354,025,065.47

50.ItemsofCashflowstatement

（1）Othercashreceivedfrombusinessoperation

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
Interestincome23,613,918.6015,990,606.72
Unitcurrentaccount38,551,853.5739,524,470.85
CancellationofExpresswayProvincialTollStationProject55,851,800.00
Total62,165,772.17111,366,877.57

（2）Othercashpaidrelatedtooperatingactivities

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
Managementexpense14,914,357.2716,911,831.76
Unitcurrentaccount10,957,032.139,476,588.65
Total25,871,389.4026,388,420.41

(3).CashreceivablerelatedtootherFinancingactivities

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
Governmentinfrastructureinvestmentsubsidies97,731,650.0013,180,600.00
Total97,731,650.0013,180,600.00

（4）CashpaidrelatedtootherFinancingactivities

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
Issuancefeeofmedium-termnotes776,869.751,122,177.00
Purchaseof21%equityconsiderationofGuanghui1,221,839,292.00
Cashpaidfortheleaseliabilities5,157,973.11
Total1,227,774,134.861,122,177.00

51.SupplementInformationforcashflowstatement

（1）SupplementInformationforcashflowstatement

InRMB

SupplementInformationAmountofcurrentperiodAmountofpreviousperiod
I.Adjustingnetprofittocashflowfromoperatingactivities----
Netprofit1,199,986,897.75116,852,967.84
Add：Creditlosspreparation1,310,999.95236,683.81
Impairmentlossprovisionofassets2,889,394.16
Depreciationoffixedassets,oilandgasassetsandconsumablebiologicalassets645,076,121.84534,959,817.53
DepreciationofUserightassets
Amortizationofintangibleassets18,687,606.481,528,552.29
AmortizationofLong-termdeferredexpenses175,312.50228,821.22
Lossondisposaloffixedassets,intangibleassetsandotherlong-termdeferredassets
Fixedassetsscraploss135,447.06184,878.43
Lossonfairvaluechanges
Financialcost149,343,110.61137,383,778.08
Lossoninvestment-172,050,127.56-66,754,110.72
Decreaseofdeferredincometaxassets43,283,161.2312,995,521.70
Increasedofdeferredincometaxliabilities-12,579,420.883,081,385.21
Decreaseofinventories-321,592.91
Deceaseofoperatingreceivables19,900,483.49-151,425,588.68
IncreasedofoperatingPayable-80,544,176.47120,390,589.10
Netcashflowsarisingfromoperatingactivities1,815,293,217.25709,663,295.81
II.Significantinvestmentandfinancingactivitiesthatwithoutcashflows:----
Conversionofdebtintocapital
Convertiblecorporatebondsmaturingwithinoneyear
Financingoffixedassetsleased
3．Movementofcashandcashequivalents：----
Endingbalanceofcash3,566,075,410.423,492,512,939.41
Less:Beginningbalanceofcashequivalents2,846,176,803.893,052,977,164.15
Add：Endbalanceofcashequivalents
Less:Beginningbalanceofcashequivalents
Netincreaseofcashandcashequivalent719,898,606.53439,535,775.26

（2）Compositionofcashandcashequivalents

InRMB

ItemsBalanceinyear-endBalanceinyear-Beginning
Cash3,566,075,410.422,846,176,803.89
Ofwhich:Cashinstock82,551.7054,482.68
Banksavingscouldbeusedatanytime3,565,475,338.962,845,600,152.23
Othermonetarycapitalcouldbeusedatanytime517,519.76522,168.98
Balanceofcashandcashequivalentsattheperiodend3,566,075,410.422,846,176,803.89

52.Theassetswiththeownershiporuserightrestricted

InRMB

ItemsBookvalueattheendoftheperiodRestrictedreason
Monetaryfund1,221,200.00Landreclamationfundsinthefundescrowaccount
Total1,221,200.00--

Other：

AsofJune30,2021,theCompany'ssubsidiaryJingzhuExpresswayGuangzhuSectionCo.,Ltdborrowed

616,030,000.00yuanfromWuyangSub-branchofIndustrialandCommercialBankofChina(including67,670,000.00yuaninnon-currentliabilitiesduewithinoneyearand548,360,000.00yuaninlong-termloans),andprovidedapledgeguaranteeof19.2%oftheproject'stollinterest(therighttocollecttollsforvehiclestravelingontheGuangzhusectionofJingzhuExpresswayandtherevenuegeneratedbyowningsuchright).VIII.Equityinotherentities

1.Equityinsubsidiary

(1)Thestructureoftheenterprisegroup

NameofSubsidiaryMainPlacesofOperationRegistrationPlaceNatureofBusinessShareholdingRatio(%)ObtainingMethod
directindirect
GuangfoExpresswayCo.,Ltd.GuangzhouGuangzhouExpresswayManagement75.00%Underthesamecontrolbusinesscombination
GuangdongExpresswayTechnologyInvestmentCo.,Ltd.GuangzhouGuangzhouExpresswayManagement100.00%Investment
GuangdongGuanghuiExpresswayCo.,Ltd.GuangzhouGuangzhouExpresswayManagement51.00%Underthesamecontrolbusinesscombination
JingzhuExpresswayGuangzhuSectionCo.,Ltd.ZhongshanGuangzhouExpresswayManagement75.00%Underthesamecontrolbusinesscombination
YuegaoCapitalInvestment(Guangzhou)Co.,Ltd.GuangzhouGuangzhouInvestmentmanagement100.00%Investment

Notes:holdingproportioninsubsidiarydifferentfromvotingproportion:NoneBasisofholdinghalforlessvotingrightsbutstillbeencontrolledinvesteeandholdingmorethanhalfofthevotingrightsnotbeencontrolledinvestee:NoneSignificantstructureentitiesandcontrollingbasisinthescopeofcombination:NoneBasisofdeterminewhethertheCompanyistheagentortheprincipal:NoneOthernotes：

YuegaoCapitalInvestment(Hengqin)Co.,Ltd.wasrenamedasYuegaoCapitalInvestment(Guangzhou)Co.,Ltd.inJune16,2021.

(2)ImportantNon-wholly-ownedSubsidiary

InRMB

NameofSubsidiaryShareholdingRatioofMinorityProfitorLossOwnedbytheMinorityDividendsDistributedtotheMinorityShareholdersintheEquityBalanceoftheMinorityShareholdersintheEndofthe
Shareholders(%)ShareholdersintheCurrentPeriodCurrentPeriodPeriod
GuangfoExpresswayCo.,Ltd.25.00%31,281,677.0937,982,900.91108,400,149.47
GuangdongGuanghuiExpresswayCo.,Ltd.49.00%253,242,000.77304,914,520.461,942,453,815.27
JingzhuExpresswayGuangzhuSectionCo.,Ltd.25.00%66,602,869.2574,680,354.93229,763,399.74

HoldingproportionofminorityshareholderinsubsidiarydifferentfromvotingproportionNone

(3)Themainfinancialinformationofsignificantnotwhollyownedsubsidiary

InRMB

NameYear-endbalance
CurrentassetsNon-currentassetsTotalassetsCurrentLiabilitiesNon-currentliabilitiesTotalliabilities
GuangfoExpresswayCo.,Ltd.475,156,113.4438,940,988.54514,097,101.9878,736,240.451,760,263.6780,496,504.12
GuangdongGuanghuiExpresswayCo.,Ltd.1,101,624,619.023,341,755,936.814,443,380,555.83255,443,544.26223,745,551.83479,189,096.09
JingzhuExpresswayGuangzhuSectionCo.,Ltd.117,147,025.522,194,887,158.232,312,034,183.75460,471,665.13932,508,919.651,392,980,584.78

（Continue）

NameYear-beginningbalance
CurrentassetsNon-currentassetsTotalassetsCurrentLiabilitiesNon-currentliabilitiesTotalliabilities
GuangfoExpresswayCo.,Ltd.475,293,044.6755,900,968.26531,194,012.9367,267,992.503,520,527.2970,788,519.79
GuangdongGuanghuiExpresswayCo.,Ltd.1,066,412,539.003,451,858,995.854,518,271,534.85305,774,405.46240,583,197.83546,357,603.29
JingzhuExpresswayGuangzhuSectionCo.,Ltd.118,177,442.222,272,633,604.382,390,811,046.60470,629,108.30968,818,396.621,439,447,504.92

InRMB

NameAmountofcurrentperiodAmountofpreviousperiod
BusinessincomeNetprofitTotalComprehensiveCashflowsfromoperatingactivitiesBusinessincomeNetprofitTotalComprehensiveCashflowsfromoperatingactivities
incomeincome
GuangfoExpresswayCo.,Ltd.223,491,338.35125,126,708.37157,947,488.85102,043,817.6344,304,805.1659,016,009.03
GuangdongGuanghuiExpresswayCo.,Ltd.1,004,523,049.04516,820,409.74680,781,673.26457,060,461.67144,984,204.47291,757,191.47
JingzhuExpresswayGuangzhuSectionCo.,Ltd.560,521,671.83266,411,477.01379,260,592.42232,123,838.1140,472,322.41136,327,743.66

(4)SignificantrestrictionsofusingenterprisegroupassetsandpayoffenterprisegroupdebtNone

(5)ProvidefinancialsupportorothersupportforstructureentitiesincorporateintothescopeofconsolidatedfinancialstatementsNone

2.ThetransactionoftheCompanywithitsowner’sequitysharechangedbutstillcontrollingthesubsidiary

(1)SignificantjointventurearrangementorassociatedenterpriseNone

（2）Affectofthetransactionontheminorityequityandowner'sequityattributabletotheparentcompanyNone

3.Equityinjointventurearrangementorassociatedenterprise

(1)Significantjointventurearrangementorassociatedenterprise

NameMainoperatingplaceRegistrationplaceBusinessnatureProportionAccountingtreatmentoftheinvestmentofjointventureorassociatedenterprise
DirectlyIndirectly
ZhaoqingYuezhaoHighwayCo.,Ltd.Zhaoqing,GuangdongZhaoqing,GuangdongExpresswayManagement25.00%Equitymethod
ShenzhenHuiyanExpresswayCo.,Ltd.ShenzhenShenzhenExpresswayManagement33.33%Equitymethod
GuangdongJiangzhongExpresswayCo.,Ltd.Zhongshan,Zhongshan,ExpresswayManagement15.00%Equitymethod
GanzhoukangdaExpresswayCo.,Ltd.GangzhouGanzhouExpresswayManagement30.00%Equitymethod
GanzhouGankangExpresswayCo.,Ltd.GangzhouGanzhouExpresswayManagement30.00%Equitymethod
GuangdongYuepuSmallRefinancingCo.,LtdGuangzhouGuangzhouHandallkindsofsmallloans15.48%Equitymethod
GuangyuanSecuritiesCo.,Ltd.HefeiHefeiSecuritybusiness2.37%Equitymethod
HunanLianzhiTechnologyCo.,Ltd.ChangshaChangshaResearchandexperimentaldevelopment10.10%Equitymethod

Notestoholdingproportionofjointventureorassociatedenterprisedifferentfromvotingproportion:

NoneBasisofholdinglessthan20%ofthevotingrightsbuthasasignificantimpactorholding20%ormorevotingrightsbutdoesnothaveasignificantimpact:

Guangdong,JiangzhongExpresswayCo.,Ltd.,GuangyuanSecuritiesCo.,Ltd.，YuepuSmallRefinancingCo.,Ltd.andHunanLianzhiTechnologyCo.,Ltd.holds20%ofthevotingrights,buthasthepowertoparticipateinmakingdecisionsontheirfinancialandoperatingdecisions,andthereforedeemedtobeabletoexertsignificantinfluenceovertheinvestee.

(2)MainfinancialinformationofsignificantjointventureNone

(3)Mainfinancialinformationofsignificantassociatedenterprise

InRMB

Year-endbalance/AmountofcurrentperiodYear-beginningbalance/Amountofpreviousperiod
GuoyuanSecuritiesCo.,Ltd.GuoyuanSecuritiesCo.,Ltd.
Currentassets64,029,364,790.0761,811,795,291.30
Non-currentassets36,583,479,739.4329,078,621,012.06
Totalassets100,612,844,529.5090,890,416,303.36
Currentliabilities56,859,657,145.2647,486,651,848.27
Non-currentLiabilities12,394,345,520.5012,549,458,553.05
Totalliabilities69,254,002,665.7660,036,110,401.32
MinorityShareholders’Equity13,172,068.1612,544,928.96
Shareholders’equityattributabletoshareholdersoftheparent31,345,669,795.5830,841,760,973.08
Proratashareofthenetassetscalculated743,330,876.59731,381,188.20
--Goodwill207,095,632.54207,095,632.54
Thebookvalueofequityinvestmentsinjointventures950,426,509.13938,476,820.74
Fairvalueofequityinvestmentofassociatedenterpriseswithopenquotation824,756,178.54927,203,934.72
Buinsessincme2,275,384,578.362,115,128,481.79
Netprofit846,756,168.54617,902,373.05
Othercomprehensiveincome84,942,800.9899,219,704.73
Totalcomprehensiveincome931,698,969.52717,122,077.78
Dividendsreceivedfromassociatesduringtheyear10,348,258.2011,940,297.90

(4)Summaryfinancialinformationofinsignificantjointventureorassociatedenterprise

InRMB

Year-endbalance/AmountofcurrentperiodYear-beginningbalance/Amountofpreviousperiod
Jointventure：----
Totalamountoftheproratacalculationofthefollowingitems----
Associatedenterprise：----
Totalbookvalueoftheinvestment1,475,361,117.241,443,470,485.44
Totalamountoftheproratacalculation----
--Netprofit102,343,851.05-2,270,918.50
--Totalcomprehensiveincome102,343,851.05-2,270,918.50

Othernote

Thebookvalueofthelong-termequityinvestmentofassociatesandjointventuresotherthanGuoyuanSecuritiesCo.,Ltdisnothigherthan5%ofthecompany’stotalowner’sequityattributabletotheparentcompany.Thecompanyconsidersotherassociatesandjointventurestobenon-significantjointventuresandassociates.

(5)NotetothesignificantrestrictionsoftheabilityofjointventureorassociatedenterprisetransferfundstotheCompanyNone

(6)TheexcesslossofjointventureorassociatedenterpriseNone

(7)TheunrecognizedcommitmentrelatedtojointventureinvestmentNone

(8)ContingentliabilitiesrelatedtojointventureorassociatedenterpriseinvestmentNone

4.SignificantcommonoperationNone

5.EquityofstructureentitynotincludinginthescopeofconsolidatedfinancialstatementsNoneIX.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(seethisSectionVII28).TheCompany'spolicyistomaintainthefloatinginterestrateoftheseborrowings,andatthesametimetoreasonablyreducetheriskofinterestratefluctuationbyshorteningthetermofasingleloanandspecificallyagreeingonprepaymentterms.

（3）OtherpriceriskTheinvestmentsheldbytheCompanyareclassifiedasfinancialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincomeandaremeasuredatfairvalueonthebalancesheetdate.Therefore,theCompanybearstheriskofchangesinthesecuritiesmarket.

2.CreditriskAsofJune30,2021,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.ThemanagementoftheCompanymonitorstheuseofbankloansandensurescompliancewiththe

loanagreement.X.Thedisclosureofthefairvalue

1.Closingfairvalueofassetsandliabilitiescalculatedbyfairvalue

InRMB

ItemsClosingfairvalue
Firvaluemeasurementitemsatlevel1Firvaluemeasurementitemsatlevel2Firvaluemeasurementitemsatlevel3Total
I.Consistentfairvaluemeasurement--------
（3）Otherequityinstrumentinvestment889,263,688.32748,348,301.731,637,611,990.05
Totalassetscontinuouslymeasuredatfairvalue889,263,688.32748,348,301.731,637,611,990.05
II.Non–persistentmeasure--------

2.Marketpricerecognitionbasisforconsistentandinconsistentfairvaluemeasurementitemsatlevel1.Asattheendoftheperiod,thecompanyholdsshares235,254,944sharesofChinaEverbrightBankAccordingtotheclosingpriceofJune30,2021of3.78yuan,thefinalcalculationoffairvaluewas889,263,688.32yuan.

3.Fairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalue

ItemsFairvalueasofJune30,2021ValuationtechnologyUnobservableinputvalue
Unlistedequityinvestment748,348,301.73DiscountedmethodoffuturecashflowDiscountrate

Duetothelackofrecentinformationonthefairvalueofsomeotherequityinstruments,andnosignificantchangeintheoperationoftheinvestedcompany,theCompanytakesthecostasitsfairvalueestimate.

4.Fairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalue

TheCompany'sfinancialassetsandliabilitiesmeasuredinamortizedcostmainlyinclude:accountsreceivable,otherreceivables,contractassets,short-termloans,accountspayable,otherpayables,non-currentliabilitiesduewithinoneyear,long-termloans,bondspayableandlong-termpayables.

Thereisnosignificantdifferencebetweenthebookvalueoffinancialassetsandliabilitiesnotmeasuredat

fairvalueandthefairvalue.XI.Relatedpartiesandrelated-partytransactions

1.Parentcompanyinformationoftheenterprise

NameRegisteredaddressNatureRedistrictedcapitalTheparentcompanyoftheCompany'sshareholdingratioTheparentcompanyoftheCompany’svoteratio
GuangdongcommunicationGroupCo.,LtdGuangzhouEquitymanagement,trafficinfrastructureconstructionandrailwayprojectoperation26.8billionyuan24.56%50.12%

Note：

GuangdongCommunicationGroupCo.,Ltd.isthelargestshareholderoftheCompany.legalrepresentative:Deng

Xiaohua.Dateofestablishment:June23,2000.AsofJune30,2021,Registeredcapital:26.8billionyuan.Itisa

solelystate-ownedlimitedcompany.Businessscope：equitymanagement,organizationofassetreorganizationand

optimizedallocation,raisingfundsbymeansincludingmortgage,transferofpropertyrightsandjointstock

systemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,highway

andrailwayprojectoperationandrelevantindustries,technologicaldevelopment,application,consultationand

services,highwayandrailwaypassengerandcargotransport,shipindustry,relevantoverseasbusinesses;The

value-addedcommunicationbusiness.

ThefinialcontroloftheCompanywasStateownedassetssupervisionandAdministrationCommissionof

GuangdongProvincialPeople'sGovernment.

2.SubsidiariesoftheCompany

3.InformationonthejointventuresandassociatedenterprisesoftheCompany

DetailsrefertotheNoteVIII(3),Interestsinjointventuresorassociates

Informationonotherjointventureandassociatedenterpriseofoccurringrelatedpartytransactionswiththe

Companyinreportingperiod,orformbalanceduetorelatedpartytransactionsinpreviousperiod:

NameRelationwiththeCompany
ShenzhenHuiyanExpresswayCo.,Ltd.AssociatedenterprisesoftheCompany
ZhaoqingYuezhaoHighwayCo.,Ltd.AssociatedenterprisesoftheCompany
GanzhouKangdaExpresswayCo.,Ltd.AssociatedenterprisesoftheCompany
GanzhouGankangExpresswayCo.,Ltd.AssociatedenterprisesoftheCompany
GuangdongJiangzhongExpresswayCo.,Ltd.AssociatedenterprisesoftheCompany
GuangdongYuepuSmallRefinancingCo.,LtdAssociatedenterprisesoftheCompany
HunanLiankeTechnologyCo.,Ltd.AssociatedenterprisesoftheCompany

4.OtherRelatedparties

NameRelationwiththeCompany
GuangdongBodaExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongChaohuiExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongGaodaPropertyDevelopmentCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongGaoenExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongExpresswayMediaCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongGuangfozhaoExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongGuangleExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongGuangzhuWestLineExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongHumenBridgeCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongHualuTrafficTechnologyCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongJiaotongTestingCo.,LtdFullyownedsubsidiaryoftheparentcompany
GuangdongTrafficIndustryInvestmentCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongKaiyangExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongLitongTechnologyInvestmentCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongLitongPropertyInvestmentCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongUnionElectronServiceInformationtechnologyCo.,ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongUnionElectronServiceCo.,ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongLulutongCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongLuoyangExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongMaozhanExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongShanfenExpresswayCo.,ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongProvincialFreewayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongHighwayConstructionCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongCommunicationGroupFinanceCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongRead&BridgeConstructionDevelopmentCo.,Fullyownedsubsidiaryoftheparentcompany
Ltd.
GuangdongTaishanCoastalExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongTongyiExpresswayServiceAreaCo.,LtdFullyownedsubsidiaryoftheparentcompany
GuangdongXinyueTrafficInvestmentCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongYangmaoExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongYueganExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongYueyunTrafficCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongYueyunTrafficRescueCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongZhaoyangExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangshenzhuExpresswayCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangzhouXinyueTrafficTechnologyCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangzhouXinyueAsphaltCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangzhouYueyunTrafficCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
YunfoGuangyunExpresswayCo.,LtdFullyownedsubsidiaryoftheparentcompany
GuangdongTrafficDevelopmentCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongTianluNewEnergyInvestmentCo.,Ltd.Fullyownedsubsidiaryoftheparentcompany
GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.Sharesofparentcompany
GuangzhongjiangExpresswayProjectManagementDeptManagedbytheparentcompany
Hongkong-Zhuhai-MacaoConnectionlinemanagementcenterManagedbytheparentcompany
GuangzhouAitesiCommunicationequipmentCo.,Ltd.Associatedenterprisescontrolledbythesameparentcompany
JiangmenJiangheExpresswayCo.,Ltd.Associatedenterprisescontrolledbythesameparentcompany
GuangdongShenshanExpresswayCo.,Ltd.Associatedenterprisescontrolledbythesameparentcompany
GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd.Associatedenterprisescontrolledbythesameparentcompany
FoshanGuangshanExpresswayCo.,Ltd.Associatedenterprisescontrolledbythesameparentcompany
GuangdongFeidaTrafficEngineeringCo.,Ltd.Associatedenterprisescontrolledbythesameparentcompany
PolyChangdaEngineeringCo.,Ltd.Sharesofparentcompany
GuangdongChangdaRoadConservationCo.,Ltd.Sharesofparentcompany
GuangdongRoadNetworkDigitalMediaInformationTechnologyCo.LtdJointventureofparentcompany
GuangdongXiangfeiHighwayEngineeringSupervisionCo.,LtdSubsidiaryoftheparentcompany
GuangdongJiangzhaoExpresswayManagementCenterOthersignificantimpactsofparentcompany

5.Listofrelated-partytransactions

(1)InformationonacquisitionofgoodsandreceptionoflaborserviceAcquisitionofgoodsandreceptionoflaborservice

InRMB

RelatedpartiesContentofrelatedtransactionAmountofcurrentperiodAmountoflastperiod
1Businesscost
GuangdongUnionelectronicservicesco.,Ltd.Service14,427,549.756,519,360.51
BolyChangdaEngineeringCo.,Ltd.Service4,459,339.0051,358,887.00
GuangdongFeidaTrafficEngineeringCo.,Ltd.Maintenance2,066,264.072,020,413.97
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.Maintenance，Service30,000.00
GuangdongHumenBridgeCo.,Ltd.Service20,981.64
Subtotal20,983,152.8259,919,643.12
2.Financialexpenses
JiangzhouExpresswayCo.,Ltd.Interest27,405.00712,530.00
Subtotal27,405.00712,530.00
3.Managementexpenses
GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.OAMaintenance60,000.0060,000.00
GuangdongUnionelectronicservicesco.,Ltd.Service17,094.71
Subtotal60,000.0077,094.71
4.Constructioninprocess
MaintenancePurchaseassets141,402,869.6047,564,260.01
GuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.Purchaseassets7,455,615.00
GuangdongXinyuetrafficInvestmentCo.,Ltd.Purchaseassets584,557.321,908,423.62
GuangdongXiangfeiHighwaySupervisionCo.,Ltd.Purchaseassets208,829.0089,603.00
GuangdongGuanyueRoad&BridgeCo.,Ltd.Purchaseassets3,068,158.00
GuangdongJiaokeTestingCo.,Ltd.Purchaseassets391,026.50
GuangdongHualuTrafficTechnologyCo.,Ltd.Purchaseassets2,002,200.00
Subtotal149,651,870.9255,023,671.13

Relatedtransactionsonsalegoodsandreceivingservices

InRMB

RelatedpartyContentAmountofcurrentperiodAmountofpreviousperiod
RelatedpartyContentAmountofcurrentperiodAmountofpreviousperiod
1.Businessincome
JingzhuExpresswayGuangzhuNorthsectionCo.,Ltd.Commissionmanagementfee9,622,924.529,734,292.46
GuangdongProvincialFreewayCo.,Ltd.Project1,773,900.001,773,900.00
GuangdongTongyiExpresswayServiceAreaCo.,Ltdwaterandelectricity577,014.73378,440.26
PolyChangdaEngineeringCo.,Ltd.waterandelectricity103,082.5576,900.41
GuangdongFeidaTrafficEngineeringCo.,LtdCPCcardsalesrevenue56,991.15138,053.09
GuangdongXinyueTrafficInvestmentCo.,Ltd.Project52,187.7215,840.71
GuangdongExpresswayMediaCo.,Ltd.waterandelectricity49,750.1910,992.74
GuangdongYueyunTrafficCo.,Ltd.waterandelectricity18,905.54
GuangshenzhuExpresswayCo.,Ltd.Project8,407.08
GuangdongUnionelectronicservicesco.,Ltd.Promotionfees1,525,613.18
Subtotal12,254,756.4013,662,439.93

(2)InformationofrelatedleaseTheCompanywaslessor：

InRMB

NameoflesseeCategoryofleaseassetsTheleaseincomeconfirmedinthisyearTheleaseincomeconfirmedinlastyear
GuangdongExpresswayMediaCo.,Ltd.Advertisinglease842,169.8912,905.92
GuangdongLitongTechnologyInvestmentCo.,Ltd.CommunicationPiping819,439.23545,439.38
GuangdongGuanyueRoad&BridgeCo.,Ltd.ServiceAreaLease232,891.43232,891.43
Total1,894,500.55791,236.73

-Thecompanywaslessee：

InRMB

LessorCategoryofleasedassetsTheleaseincomeconfirmedinthisyearCategoryofleasedassets
GuangdongLitongRealEstateInvestmentCo.,LtdOfficespace4,604,363.834,450,575.83
JingzhuExpresswayGuangzhuNorthActivityplace53,508.7253,508.72
sectionCo.,Ltd.
GuangdongGaodaPropertyDevelopmentCo.,Ltd.Officespace50,321.3749,582.73
ZhaoqingYuezhaoHighwayCo.,Ltd.Advertisingcolumnlease124,031.00
GuangzhouYueyunTrafficCo.,Ltd.Carrentalfee59,601.00
Total4,708,193.924,737,299.28

(3)Inter-banklendingofcapitalofrelatedparties

InRMB

RelatedpartyAmountborrowedandloanedInitialdateDuedateNotes
Borrowed
GuangdongJiangzhongExpresswayCoLoaned.,Ltd.36,000,000.00November14,2018November13,2023Reppaidon8January2021
Loaned

(4）Rewardsforthekeymanagementpersonnel

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
Rewardsforthekeymanagementpersonnel2,935,588.002,182,956.00

（5）Othersignificantrelated-partytransactions

√Applicable□Notapplicable

（1）Depositbusiness

RelatedpartyRelationshipMaximumdailydepositlimit（10，000）DepositinterestraterangeBeginningbalance（10，000）Theamountincurred（10，000）Endingbalance（10，000）
GuangdongCommunicationsGroupFinanceCo.,LtdControlledbythesameparentcompany300,000.001.725%-3.57%103,110.5874,933.67178,044.25

（2）Loanbusiness

RelatedpartyRelationshipLoanlimit（10，000）LoantinterestraterangeBeginningbalance（10，000）Theamountincurred（10，000）Endingbalance（10，000）
GuangdongCommunicationsGroupFinanceCo.,LtdControlledbythesameparentcompany400,000.003.15%20,000.0020,000.00

③Creditextensionorotherfinancialservices

RelatedpartyRelationshipBusinesstypeTotalamount（10，000）Actualamountincurred（10，000)
GuangdongCommunicationsGroupFinanceCo.,LtdControlledbythesameparentcompanyCreditextension120,000.0020,000.00

TheCompanyrespectivelysignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandtheGuangdongBranchofIndustrialandCommercialBankofChinaonDecember25,2017;andsignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandtheGuangdongBranchofIndustrialandCommercialBankofChinaonDecember22,2017respectively,joinedthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.

GuangdongGuanghuiExpresswayCo.,Ltdrespectivelysignedthe"CashManagementBusinessCooperationAgreement"withGuangdongCommunicationsGroupFinanceCo.,LtdandAgriculturalBankofChinaCo.,LtdGuangdongBranchonMay19,2020,joinedthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.

(6)Otherrelated-partytransactions

-OnJune15,2016,Thecompany’s29thmeeting(Provisional)oftheseventhboardofdirectorswasconvened.TheProposalonEntrustmentofConstructionManagementoftheRenovationandExpansionProjectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpresswaywasdeliberatedinthemeeting,agreedthatGuangdongProvincialFokaiExpresswayCo.,LtdentrustsGuangdongProvincialHighwayConstructionCo.,LtdwiththeconstructionmanagementoftherenovationandexpansionprojectofSanbao-to-ShuikouSectionofShengyang-to-HaikouNationalExpressway,andhandlingtherelatedmattersoftheentrustmentoftheconstructionmanagement.

6.Receivablesandpayablesofrelatedparties

（1）Receivables

InRMB

NameRelatedpartyAmountatyearendAmountatyearbeginning
BalanceofBookBaddebtProvisionBalanceofBookBaddebtProvision
ContractassetsGuangdongXinyueTrafficInvestmentCo.,Ltd.119,242.50119,242.50
Contractassets广GuangdongFeidaTrafficEngineeringCo.,Ltd.48,230.0048,230.00
ContractassetsGuangdongRoad&BridgeConstructionDevelopmentCo.,ltd.25,262.4525,262.45
ContractassetsZhaoqingYuezhaoExpresswayCo.,Ltd.22,667.8522,667.85
ContractassetsGuangzhenzhuExpresswayCo.,Ltd.9,096.009,096.00
ContractassetsGuangdongJiangzhongExpresswayCo.,Ltd.8,412.008,412.00
ContractassetsGuangdongRoadConstructionDevelopmentCo.,ltd.7,200.007,200.00
ContractassetsGuangdongBodaExpresswayCo.,Ltd.4,530.994,530.99
ContractassetsGuangdongHumenBridgeCo.,Ltd.2,700.00
Total244,641.79247,341.79
AccountreceivableGuangdongUnionelectronServiceCo.,Ltd.68,390,397.52100,047,025.70
AccountreceivableGuangdongHumenBridgeCo.,Ltd.25,016,457.9411,044,082.54
AccountreceivableJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd.4,936,650.005,980,163.99
AccountreceivableGuangdongFeidaTrafficEngineeringCo.,Ltd.2,651,661.5014,607.553,274,356.0045,916.00
AccountreceivableGuangdongProvincialFreewayCo.,Ltd.1,795,132.0021,232.00
AccountreceivableGuangdongLitongTechnologyInvestmentCo.,Ltd.533,136.00
AccountreceivableGuangdongRoadConstructionCo.,ltd.249,760.0021,830.401,037,305.4565,491.20
AccountreceivableGuangdongXinyueTrafficInvestmentCo.,Ltd.175,139.6026,888.90300,009.20148,208.50
AccountreceivableGuangzhenzhuExpresswayCo.,Ltd.69,736.0069,736.00
AccountreceivableGuangdongRoad&BridgeConstructionDevelopmentCo.,lt61,891.3061,891.30
AccountreceivableGuangdongBodaExpresswayCo.,Ltd.22,740.0022,740.00
AccountreceivableGuangdongJiangzhongExpresswayCo.,Ltd.19,708.00
AccountreceivableGuangdongChaohuiExpresswayCo.,7,367.207,367.20
NameRelatedpartyAmountatyearendAmountatyearbeginning
BalanceofBookBaddebtProvisionBalanceofBookBaddebtProvision
Ltd.
AccountreceivableGuangdongYueyunTrafficCo.,Ltd.3,032.0015,032.00
AccountreceivableGuangdongGuangleExpresswayCo.,Ltd.7,248.00
AccountreceivableGuangdongGuangzhuWestLineExpresswayCo.,Ltd.223,500.00
AccountreceivableGuangdongExpresswayMediaCo.,Ltd.1,966,548.00
Total103,913,101.0663,326.85124,097,945.38259,615.70
AdvancedpaymentZhaoqingYuezhaoHighwayCo.,Ltd.151,938.00151,938.00
AdvancedpaymentGuangdongFeidaTrafficEngineeringCo.,Ltd.149,400.00149,400.00
AdvancedpaymentGuangdongLitongRealEstateInvestmentCo.,Ltd.776,413.03
Total301,338.001,077,751.03
DividendReceivableGanzhouKangdaExpresswayCo.,Ltd,.27,000,000.00
DividendReceivableGanzhouGankangExpresswayCo.,Ltd.1,500,000.00
Total27,000,000.001,500,000.00
OtherAccountreceivableGanzhouGankangExpresswayCo.,Ltd.22,500,000.0045,000,000.00
OtherAccountreceivableGuangdongLitongRealEstateInvestmentCo.,Ltd.1,689,127.361,666,147.36
OtherAccountreceivableGuangdongProvincialFreewayCo.,Ltd.463,491.88463,491.88
OtherAccountreceivableZhaoqingYuezhaoHighwayCo.,Ltd.350,000.00350,000.00
OtherAccountreceivableGuangdongTongyiExpresswayServiceAreaCo.,Ltd.152,737.65
OtherAccountreceivableGuangdongUnionelectronServiceCo.,Ltd.50,000.0050,000.00
OtherAccountreceivableGuangdongExpresswayMediaCo.,Ltd.24,832.251,218,110.44
OtherAccountreceivableGuangdongGuangzhuWestLineExpresswayCo.,Ltd.20,000.0020,000.00
OtherAccountreceivablePolyChangdaEngineeringCo.,Ltd.18,663.9710,124.14
OtherAccountreceivableGuangdongGaodaPropertyDevelopmentCo.,ltd.16,268.0016,268.00
OtherAccountreceivableGuangdongXinyueTrafficInvestment5,340.03
NameRelatedpartyAmountatyearendAmountatyearbeginning
BalanceofBookBaddebtProvisionBalanceofBookBaddebtProvision
Co.,Ltd.
OtherAccountreceivableGuangshenzhuExpresswayCo.,Ltd.60,640.00
OtherAccountreceivableGuangdongBodaExpresswayCo.,Ltd.22,740.00
Total25,285,121.1148,882,861.85
Non-currentassetsduewithin1yearGuangdongCommunicationGroupFinanceCo.,ltd.6,137,170.84
Total6,137,170.84
UserightassetsGuangdongLitongTechnologyInvestmentCo.,ltd.16,882,667.4621,487,031.29
UserightassetsGuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd.954,238.281,007,747.00
Total17,836,905.7422,494,778.29
OtherNon-CurrentAssetsGuangdongRoadConstructionCo.,Ltd.7,089,990.487,089,990.48
OtherNon-CurrentAssetsGuangdongFeidaTrafficEngineeringCo.,Ltd.1,801,070.70
OtherNon-CurrentAssetsGuangdongTrafficDevelopmentCo.,Ltd.333,398.00
OtherNon-CurrentAssetsGuangdongTianluNewEnergyInvestmentCo.,Ltd.333,398.00
OtherNon-CurrentAssetsPolyChangdaEngineeringCo.,Ltd.11,599,273.00
Total9,224,459.1819,022,661.48

（2）Payables

InRMB

NameRelatedpartyAmountatyearendAmountatyearbeginning
Short-termloanGuangdongCommunicationGroupFinanceCo.,ltd.200,175,000.00200,192,500.00
Total200,175,000.00200,192,500.00
AccountpayableGuangzhongjiangExpresswayProjectManagementDept28,000,000.0028,000,000.00
AccountpayableGuangdongProvincialFreewayCo.,Ltd.8,746,491.188,746,491.18
AccountpayableGuangdongXinyueTrafficInvestmentCo.,Ltd8,696,753.6913,149,675.40
NameRelatedpartyAmountatyearendAmountatyearbeginning
AccountpayablePolyChangdaEngineeringCo.,Ltd.6,818,921.3025,621,536.30
AccountpayableGuangzhouXinyueAsphaltCo.,Ltd.4,013,984.2447,362.94
AccountpayableGuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.3,010,539.808,929,645.80
AccountpayableGuangdongUnionElectronServiceCo.,Ltd.2,672,961.97254,011.26
AccountpayableGuangdongHualuTrafficTechnologyCo.,Ltd.1,708,586.872,198,660.67
AccountpayableGuangdongFeidaTrafficEngineeringCo.,Ltd.1,628,342.10500,864.10
AccountpayableGuangzhouAitesiCommunicationEquipmentCo.,Ltd.1,283,018.781,283,018.78
AccountpayableGuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.739,010.551,584,416.70
AccountpayableGuangdongChangdaRoadMaintenanceCo.,Ltd.309,101.00309,101.00
AccountpayableGuangdongLulutongCo.,Ltd.269,526.403,560,871.60
AccountpayableGuangdongLitongTechnologyInvestmentCo.,Lt85,074.9585,074.95
AccountpayableGuangdongJiaokeTestingCo.,Ltd.88,880.00
AccountpayableGuangdongYueyunTrafficCo.,Ltd.268,021.00
Total67,982,312.8394,627,631.68
AdvancereceivedGuangdongRoadNetworkDigitalMediaInformationTechnologyCo.Ltd.2,777.782,777.78
Total2,777.782,777.78
OtherPayableaccountPolyChangdaEngineeringCo.,Ltd.19,275,354.3920,042,113.05
OtherPayableaccountGuangdongUnionElectronServiceCo.,Ltd.2,021,914.48956,272.04
OtherPayableaccountGuangdongXinyueTrafficInvestmentCo.,Ltd.1,825,829.921,889,981.61
OtherPayableaccountGuangdongFeidaTrafficEngineeringCo.,Ltd.1,658,998.351,700,740.34
OtherPayableaccountGuangdongChangdaRoadMaintenanceCo.Ltd.1,630,765.001,630,765.00
OtherPayableaccountGuangdongHualuTrafficTechnologyCo.,Ltd.1,410,484.001,327,451.00
OtherPayableaccountGuangdongLulutongCo.,Ltd.1,084,995.151,084,995.15
OtherPayableaccountGuangzhouXinyueAsphaltCo.,Ltd.567,221.00567,221.00
OtherPayableaccountGuangdongCommunicationPlanning&DesignInstituteCo.,Ltd.238,479.70238,479.70
OtherPayableaccountGuangzhongjiangExpresswayProjectManagementDept200,000.00200,000.00
OtherPayableaccountGuangzhouXinyueTrafficTechnologyCo.,Ltd.171,809.00171,809.00
NameRelatedpartyAmountatyearendAmountatyearbeginning
OtherPayableaccountGuangdongLitongTechnologyInvestmentCo.,Ltd.131,962.50167,591.50
OtherPayableaccountGuangdongTongyiExpresswayServiceAreaCo.,Ltd.120,000.00120,000.00
OtherPayableaccountGuangdongExpresswayMediaCo.,Ltd.70,000.0070,000.00
OtherPayableaccountGuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.51,697.0058,991.40
OtherPayableaccountGuangdongYueyunTrafficRescueCo.Ltd.900.00900.00
OtherPayableaccountGuangdongProvincialFreewayCo.,Ltd.1,221,839,292.00
Total30,460,410.491,252,066,602.79
Non-currentliabilitiesdue1yearGuangdongJiangzhongExpresswayCo.,Ltd.43,065.00
Total43,065.00
Long-termpayableGuangdongJiangzhongExpresswayCo.,Ltd.36,000,000.00
Total36,000,000.00

7.RelatedpartycommitmentNoneXII.Stockpayment

1.TheStockpaymentoverallsituation

□Applicable√Notapplicable

2.TheStockpaymentsettledbyequity

□Applicable√Notapplicable

3.TheStockpaymentsettledbycash

□Applicable√Notapplicable

4.ModificationandterminationofthestockpaymentNone

5.OtherNoneXIII.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,theMinistryofTransportcheckedandratifiedthatthegeneralestimateofthepreliminarydesignofreconstructionandextensionprojectofGuangdongSanbaotoShuikouRoadisRMB3.426billionAsofJune30,2021,TheaccumulatedexpensesoccurredofSanbotoShuikouHighwayextensionprojectwas2.599billionyuan.

NoContractCounterpartyEconomicContentContractAmountFulfilledasofJune30,2021
1ChinaRailwayTunnelGroupCo.,Ltd.CivilEngineering262,803,912.00257,051,236.72
2PolyChangdaEngineeringCo.,Ltd.CivilEngineering700,827,037.00664,276,757.53
3ChinaRailway18thBureauGroupCo.,Ltd.CivilEngineering216,279,360.00210,849,755.44
4CCCCFirstNavigationEngineeringCivilEngineering319,869,654.00313,831,969.84

2.Contingency

(1)SignificantcontingencyatbalancesheetdateIfthereisnomajorpolicyfactorsaffected，ThetolloperationperiodofGuangfoExpresswayoperatedbythesubsidiaryGuangfoExpresswayCo.,Ltdwillbelessthanoneyear.Accordingtorelevantpoliciesandregulations,afterthetolloperationperiodends,GuangfoExpresswaywillbehandedoverfreeofcharge.AsthespecificplanforthetransferofGuangfoExpresswayhasnotbeendetermined,theCompanycannotreasonablyestimatetheexpectedliabilitiesthatmayarisefromthetransferofGuangfoExpressway.

(2)TheCompanyhavenosignificantcontingencytodisclose,alsoshouldbestatedNoneXIV.EventsafterbalancesheetdateNone。XV.Othersignificantevents

1.SegmentinformationThecompany'sbusinessfortheGuangfoExpressway,theFokaiExpressway，GuanghuiExpresswayandJingzhuExpresswayGuangzhuSectiontollcollectionandmaintenancework,thetechnologyindustryandprovideinvestmentadvice,noothernatureofthebusiness,noreportablesegment.

2.GovernmentSubsidy

(1)Governmentsubsidiesincludedindeferredrevenuearesubsequentlymeasuredbythetotalamountmethod

SubsidyitemCategoryOpeningbalanceNewsubsidyamountincurrentperiodThecarry-overincurrentperiodisincludedinprofitandlossamountOtherchangesClosingbalancePresentationitemscarriedoverintoprofitorlossinthecurrentperiodAsset-related/revenue-related
CancelthespecialsubsidyfortheexpresswayprovincialtollstationprojectFinancialappropriation44,545,569.646,783,738.2437,761,831.40OtherincomeAssetsrelated

(2)Governmentsubsidiesincludedincurrentprofitsandlossesusingthetotalamountmethod

SubsidyitemCategoryAmountincludedinprofitorlossinthecurrentperiodPresentationitemsincludedinprofitorlossinthecurrentperiodAsset-related/revenue-related
SubsidyforpoststabilizationSubsidyforpoststabilization932,076.28OtherincomeIncomerelated
EnterpriseswithindustrialtrainingsubsidiesEnterpriseswithindustrialtrainingsubsidies1,243,500.00OtherincomeIncomerelated

3.Otherimportanttransactionsandeventshaveanimpactoninvestorsdecision-making

（1）The19th(Provisional)MeetingoftheEighthboardofdirectorsofGuangdongProvincialExpresswayDevelopmentCo.,Ltd.washeldofAugust7,2018.ThemeetingexaminedandapprovedtheProposalonIssuingMedium-TermNotes，AgreethatthecompanyintendstoregisterintheChinaInterbankMarketDealersAssociationwithaquotaofnotmorethan3.4billionyuan(inclusive),whichiswithin40%ofthecompany'slatestauditednetassets.Applyforaone-timeorinstallmentinatimelymanner,withatermofnolessthan5years(including5years),andraisefundstorepaytheloanandreplenishworkingcapital;Thematterhasbeenpassedbytheresolutionofthefirstinterimshareholders'meetingin2018.

OnJanuary4,2019,thedealersassociationissuedaNoticeofAcceptanceofRegistration(ZSXZ[2019]MTN9).Theamountofacceptanceofthecompany'smedium-termnotesis3.4billionyuan,andtheamountofregistrationisvalidfor2yearsfromthedateofreceiptofthenoticeofacceptance,anditisjointlyunderwrittenbyIndustrialandCommercialBankofChinaLimitedandChinaConstructionBankLimited.Thecompanyborrowed680millionyuanand750millionyuanonMarch12019andMarch17,2020.

（2）TheCompany'splantopurchase21%equityofGuangdongGuanghuiExpresswayCo.,Ltd.(hereinafter

referredtoas"Guanghui")heldbyGuangdongExpresswayCo.,Ltd.(hereinafterreferredtoas"GuangdongExpressway")bypaymentincashandrelatedmattershavebeenadoptedbytheresolutionofthethirdextraordinarygeneralmeetingofshareholdersin2020.AsofJune31,2021,ThecompanyhaspaidalltheequitytransferfundstoGuangdongExpressway.accountingfor51%ofthetotalequitytransfer,and21%ofGuanghui'sequityhasbeenchangedtotheCompany'sname.TheamendmentstoGuanghuiArticlesofAssociationinvolvedinthismajorassetrestructuringhavebeenfiledwiththemarketsupervisionandmanagementdepartment.

AccordingtotheProfitCompensationAgreementsignedbyGuangdongExpresswayandtheCompany,itisagreedthatGuangdongExpresswayshallundertakethecompensationobligationwhentheactualnetprofitofGuanghuiislessthanthepredictednetprofitwithinthecompensationperiod.Thecompensationperiodistheyearwhenthetransactioniscompletedandthenexttwoyearsthereafter,namely2020,2021and2022.AfternegotiationbetweentheCompanyandGuangdongExpressway,thepredictednetprofitofGuanghuiafterdeductingnon-recurringgainsandlossesin2020,2021and2022isRMB652,477,500,RMB1,112,587,300andRMB1,234,200,900respectively.Withinthecompensationperiod,iftheaccumulatedrealizednetprofitattheendofanyfiscalyearofGuanghuidoesnotreachtheaccumulatedpredictednetprofit,GuangdongExpresswaywillcompensatethecompanyincash,andthespecificcompensationamountpaidbyGuangdongExpresswayinthatyearwillbecalculatedanddeterminedaccordingtothefollowingformula:currentcompensationamountpromisedforperformance=(accumulatedpredictednetprofitasoftheendofthecurrentperiod-accumulatedrealizednetprofitasoftheendofthecurrentperiod)÷sumofpredictednetprofitsofeachyearwithinthecompensationperiod×transactionpriceoftheunderlyingassets-accumulatedcompensatedamountofGuangdongExpressway.WhenthecompensationamountcalculatedineachyearislessthantheRMB0,thevalueshallbetakenasRMB0,andthecompensatedamountshallnotbereversed.

ThepredictednetprofitofGuanghuiafterdeductingnon-recurringgainsandlossesin2020isRMB

769.2326million,whichisRMB116.7551millionmorethanthepromisedamount.XVI..Notesofmainitemsinfinancialreportsofparentcompany

1.Accountreceivable

1.Classificationaccountreceivables.

InRMB

CategoryAmountinyear-endBalanceYear-beginning
BookBalanceBaddebtprovisionBookvalueBookBalanceBaddebtprovisionBookvalue
AmountProportion(%)AmountProportion(%)AmountProportion(%)AmountProportion(%)
Ofwhich
Accrualofbaddebtprovisionbyportfolio19,737,518.67100.00%19,737,518.6727,004,827.41100.00%27,004,827.41
Ofwhich：
Agingportfolio19,737,518.67100.00%19,737,518.67
Total19,737,518.6719,737,518.6727,004,827.41100.00%27,004,827.41

Accrualofbaddebtprovisionbysingleitem:None②Accrualofbaddebtprovisionbyportfolio：

InRMB

NameBalanceinyear-end
BookbalanceBaddebtprovisionWithdrawalproportion
Within1year19,737,518.670.000.00%
Total19,737,518.670.00--

ProvisionforbaddebtsaccordingtoQualityguaranteeportfolioRelevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodofotherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:

□Applicable√NotapplicableDisclosurebyaging

InRMB

AgingClosingbalance
Within1year（Including1year）19,737,518.67
Total19,737,518.67

(2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodNone

（3）Thecurrentaccountsreceivablewrite-offssituation

None

（4）Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties

InRMB

NameAmountProportion(%)Baddebtprovision
GuangdongUnionElectronicServicesCo.,Ltd.19,737,518.67100.00%
Total19,737,518.67100.00%

（5）AccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone

(6)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccountsreceivableNone

2.Otherreceivable

InRMB

ItemsYear-endbalanceYear-beginningbalance
Dividendreceivable77,609,011.142,705,472.90
Otherreceivable30,067,855.0251,442,641.63
Total107,676,866.1654,148,114.53

（1）Dividendreceivable

1)Dividendreceivable

InRMB

ItemsBalanceinyear-endBalanceYear-beginning
GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise1,205,472.901,205,472.90
GanzhouGangkangExpresswayCo.,Ltd.1,500,000.00
ChinaEverbrightBank49,403,538.24
GanzhouKangdaExpresswayCo.,Ltd.27,000,000.00
Total77,609,011.142,705,472.90

（2）Otheraccountsreceivable

1)Otheraccountsreceivableclassifiedbythenatureofaccounts

InRMB

NatureClosingbookbalanceOpeningbookbalance
Lessreceivable22,500,000.0045,000,000.00
Balanceofsettlementfundsforsecuritiestransactions30,844,110.4330,844,110.43
Cashdeposit2,275,460.362,490,271.36
Pettycash2,265,469.592,140,410.04
Other3,120,507.071,905,542.23
Less：Baddebtprovision30,937,692.4330,937,692.43
Total30,067,855.0251,442,641.63

2）Baddebtprovision

InRMB

BadDebtReservesStage1Stage2Stage3Total
Expectedcreditlossesoverthenext12monthsExpectedcreditlossoverlife(nocreditimpairment)Expectedcreditlossesfortheentireduration(creditimpairmentoccurred)
BalanceasatJanuary1,202193,582.0030,844,110.4330,937,692.43
BalanceasatJanuary1,2021————————
BalanceasatJune30,202193,582.0030,844,110.4330,937,692.43

Lossprovisionchangesincurrentperiod,changeinbookbalancewithsignificantamount

□Applicable√Notapplicable

Disclosurebyaging

InRMB

AgingClosingbalance
Within1year28,249,728.74
1-2years962,380.70
2-3years78,763.50
Over3years31,714,674.51
Over5years31,714,674.51
Total61,005,547.45

3)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：

InRMB

CategoryOpeningbalanceAmountofchangeinthecurrentperiodClosingbalance
AccrualReversedorcollectedamountwrite-offOther
Accrualofsingleitem30,844,110.4330,844,110.43
Accrualofportfolio-Agingportfolio93,582.0093,582.00
Total30,937,692.4330,937,692.43

Wherethecurrentbaddebtsbackorrecoversignificantamounts:None

4)Theactualwrite-offotheraccountsreceivable:None

5)Top5oftheclosingbalanceoftheotheraccountsreceivablecollatedaccordingtothearrearsparty

InRMB

NameNatureClosingbalanceAgingProportionofthetotalyearendbalanceoftheaccountsreceivable(%)Closingbalanceofbaddebtprovision
KunlunSecuritiesCo.,LtdSecuritiestradingsettlementfunds30,844,110.43Over5years50.56%30,844,110.43
GanzhouGankangExpresswayCo.,Ltd.Lessreceivable22,500,000.00Within1year36.88%
PettycashPettycash2,265,469.59Within1year3.71%
GuangdongLitongRealEstatesInvestmentCo.,Ltd.Deposit1,630,467.36Within1year2.67%
GuangdongLitongRealEstatesInvestmentCo.,Ltd.Vehicleparkingdeposit58,660.00Over5years0.10%
ChinaRailwayNo.18BureauGroupCo.,LtdPaycompensationforlocalproblemsonbehalf963,300.00Within1year1.58%
Total--58,262,007.38--95.50%30,844,110.43

(6)AccountsreceivableinvolvedwithgovernmentsubsidiesNone

(7)OtheraccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNone

(8)TheamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofotheraccountsreceivableNone

3.Long-termequityinvestment

InRMB

ItemsEndoftermBeginningofterm
BookBalanceImpairmentprovisionBookvalueBookBalanceImpairmentprovisionBookvalue
Investmentinsubsidiaries3,257,062,345.853,257,062,345.853,232,062,345.853,232,062,345.85
Investmentinjointventuresandassociates2,337,671,192.042,337,671,192.042,296,866,331.262,296,866,331.26
Total5,594,733,537.895,594,733,537.895,528,928,677.115,528,928,677.11

（1）Investmenttothesubsidiary

InRMB

NameOpeningbalanceIncrease/decreaseinreportingperiodClosingbalanceClosingbalanceofimpairmentprovision
AddinvestmentDecreasedinvestmentWithdrawnimpairmentprovisionOther
JingzhuExpresswayGuangzhuSectionCo.,Ltd.871,171,883.08871,171,883.08
GuangfoExpresswayCo.,ltd.154,982,475.25154,982,475.25
GuangdongExpresswayTechnologyInvestmentCo.,Ltd.95,731,882.4295,731,882.42
YuegaoCapitalInvestment(Guangzhou)Co.,Ltd.84,500,000.0025,000,000.00109,500,000.00
GuanghuiExpresswayCo.,Ltd.2,025,676,105.102,025,676,105.10
Total3,232,062,345.8525,000,000.003,257,062,345.85

（2）Investmenttojointventuresandassociatedenterprises

InRMB

NameOpeningbalanceIncrease/decreaseinreportingperiodClosingbalanceClosingbalanceofimpairmentprovision
IncreaseininvestmentDecreaseininvestmentInvestmentincomeunderequitymethodOthercomprehensiveincomeOtherchangesinequityAnnouncedfordistributingcashdividendorprofitProvisionforimpairmentOther
I.Jointventures
II.Associatedenterprises
GuangdongJiangzhongExpresswayCo.,Ltd.192,252,504.9411,705,544.07203,958,049.01
GanzhouGankangExpresswayCo.,Ltd.145,774,620.729,624,187.44155,398,808.16
GanzhouKangdaExpresswayCo.,Ltd.216,814,090.5024,917,168.3227,000,000.00214,731,258.82
ShenzhenHuiyanExpresswayCo.,Ltd.285,408,755.1517,002,946.80302,411,701.95
GuoyuanSecuritiesCo.,Ltd.938,476,820.7420,302,738.271,995,208.3210,348,258.20950,426,509.13
ZhaoqingYuezhaoHighwayCo.,Ltd.302,436,218.8329,706,901.0139,675,000.00292,468,119.84
GuangdongYuepuSmallRefinancingCo.,Ltd215,703,320.386,351,644.00-3,778,219.25218,276,745.13
Subtotal2,296,866,331.26119,611,129.911,995,208.32-3,778,219.2577,023,258.202,337,671,192.04
Total2,296,866,331.26119,611,129.911,995,208.32-3,778,219.2577,023,258.202,337,671,192.04

4.BusinessincomeandBusinesscost

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
RevenueCostRevenueCost
Mainbusiness687,416,026.88365,529,996.74288,021,522.60326,653,026.85
Other5,218,671.251,710,164.195,558,207.442,004,931.99
Total692,634,698.13367,240,160.93293,579,730.04328,657,958.84

5.Investmentincome

InRMB

ItemsAmountofcurrentperiodAmountofpreviousperiod
Long-termequityinvestmentincomeaccountedbycostmethod655,349,778.63380,951,378.72
Long-termequityinvestmentincomeaccountedbyequitymethod119,611,129.9155,853,351.49
Investmentreturnoninvestmentsheldtomaturityduringtheholdingperiod49,403,538.2450,785,213.04
Interestincomefromdebtinvestmentduringholdingperiod.19,667,579.7925,494,258.90
Total844,032,026.57513,084,202.15

XVII.SupplementaryInformation

1.Currentnon-recurringgains/losses

√Applicable□Notapplicable

InRMB

ItemsAmountNotes
Gains/Lossesonthedisposalofnon-currentassets-135,447.06
Governmentgrantsrecognizedinthecurrentperiod,exceptforthoseacquiredintheordinarycourseofbusinessorgrantedatcertainquotasoramountsaccordingtothecountry’sunifiedstandards9,298,314.52
Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems2,335,345.98
Othernon-recurringGains/lossitems624,054.51
Less:Influencedamountofincometax3,030,247.74
Influencedamountofminorshareholders’equity(aftertax)2,974,828.21
Total6,117,192.00--

FortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.

□Applicable√Notapplicable

2.Returnonequity(ROE)andearningspershare(EPS)

ProfitasofreportingperiodWeightedaverageROE(%)EPS（Yuan/share）
EPS-basicEPS-diluted
NetprofitattributabletocommonshareholdersoftheCompany10.16%0.410.41
NetprofitattributabletocommonshareholdersoftheCompanyafterdeductionofnon-recurringprofitandloss10.09%0.400.40

3.Differencesbetweenaccountingdataunderdomesticandoverseasaccountingstandards

（1）．SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.

□Applicable□√Notapplicable

（2）.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.

□Applicable□√Notapplicable

(3).Explanationofthereasonsforthedifferencesinaccountingdataunderdomesticandforeignaccountingstandards.Ifthedatathathasbeenauditedbyanoverseasauditinstitutionisadjustedfordifferences,thenameoftheoverseasinstitutionshouldbeindicated
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