Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Guangdong Provincial Expressway Development Co. Ltd.The Semi-Annual Finacial Report 2024
1Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
I. Audit report
Has this semi-annual report been audited
□Yes √No
The semi-annual report was not audited.II. Financial statements
Currency unit for the statements in the notes to these financial statements: RMB
1. Consolidated balance sheet
Prepared by: Guangdong Provincial Expressway Development Co. Ltd.June 302024
In RMB
Items June 302024 January 12024
Current asset：
Monetary fund 4978196775.29 4718631732.20
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 131823489.75 139899420.24
Financing of receivables
Prepayments 4802776.76 8488165.87
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 135323936.49 89578207.76
Including：Interest receivable
Dividend receivable 41904578.21 1205472.90
Repurchasing of financial assets
Inventories
Including：Data resources
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 799343.92 34805.71
Total of current assets 5250946322.21 4956632331.78
Non-current assets：
2Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Items June 302024 January 12024
Loans and payment on other’s behalf
disbursed
Creditor's right investment
Other creditor's right investment
Long-term receivable
Long term share equity investment 3294938555.27 3095578288.00
Other equity instruments investment 1620783112.34 1534396887.63
Other non-current financial assets 183856768.00 183856768.00
Property investment 2336467.21 2447026.45
Fixed assets 8497540533.10 9010168712.92
Construction in progress 2511732378.97 1960092562.22
Production physical assets
Oil & gas assets
Use right assets 19592513.91 24967509.81
Intangible assets 209172928.81 221328753.00
Including：Data resources
Development expenses
Including：Data resources
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 35292709.71 39836115.11
Other non-current asset 753224580.10 339658212.49
Total of non-current assets 17128470547.42 16412330835.63
Total of assets 22379416869.63 21368963167.41
Current liabilities
Short-term loans 290205416.67 110085708.33
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 163272131.47 214450590.80
Advance receipts 1190550.33 2647230.92
Contract liabilities
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 24773533.66 20622986.18
Tax payable 186109553.62 155123590.65
Other account payable 1348935901.67 150293516.43
Including：Interest payable
Dividend payable 1213945107.40 27809510.32
Fees and commissions payable
3Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Items June 302024 January 12024
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 957501092.12 883412159.65
Other current liability 160930.05 368676.26
Total of current liability 2972149109.59 1537004459.22
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 6435971150.00 5944716050.00
Bond payable 749401333.95
Including：preferred stock
Sustainable debt
Lease liability 8218005.37 13482202.97
Long-term payable 2022210.11 2022210.11
Long-term remuneration payable to staff
Expected liabilities
Deferred income 420164147.85 429079908.54
Deferred income tax liability 300495276.69 284451199.04
Other non-current liabilities
Total non-current liabilities 7166870790.02 7423152904.61
Total of liability 10139019899.61 8960157363.83
Owners’ equity
Share capital 2090806126.00 2090806126.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 782827984.12 783125493.70
Less：Shares in stock
Other comprehensive income 245481389.65 163568401.33
Special reserve
Surplus reserves 1520627456.34 1520627456.34
Common risk provision
Retained profit 5001198868.60 5289404378.52
Total of owner’s equity belong to the
9640941824.719847531855.89
parent company
Minority shareholders’ equity 2599455145.31 2561273947.69
Total of owners’ equity 12240396970.02 12408805803.58
Total of liabilities and owners’ equity 22379416869.63 21368963167.41
Legal Representative: Miao Deshan
Person in charge of accounting：Lu Ming
Accounting Dept Leader: Yan Xiaohong
2.Parent Company Balance Sheet
In RMB
4Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Items June 302024 January 12024
Current asset：
Monetary fund 2588211812.01 2464109767.51
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 28166032.89 31718251.28
Financing of receivables
Prepayments 3528177.33 6668377.73
Other account receivable 797638696.99 1021305845.87
Including：Interest receivable
Dividend receivable 41904578.21 1205472.90
Inventories
Including：Data resources
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 761419.42
Total of current assets 3418306138.64 3523802242.39
Non-current assets：
Creditor's right investment
Other creditor's right investment
Long-term receivable
Long term share equity investment 7393437171.87 6942986509.74
Other equity instruments investment 1620783112.34 1534396887.63
Other non-current financial assets
Property investment 2245788.03 2194888.20
Fixed assets 4733985881.25 4929287711.63
Construction in progress 312809617.62 241492676.67
Production physical assets
Oil & gas assets
Use right assets 18852194.30 24137970.26
Intangible assets 119649992.26 124092435.10
Including：Data resources
Development expenses
Including：Data resources
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 29658092.86 33747359.73
Other non-current asset 12034662.94
Total of non-current assets 14243456513.47 13832336438.96
Total of assets 17661762652.11 17356138681.35
5Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Items June 302024 January 12024
Current liabilities
Short-term loans
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 93938694.30 119520338.64
Advance receipts 1118836.04 250984.74
Contract Liabilities
Employees’ wage payable 7520787.01 7453993.89
Tax payable 46134831.52 8185707.22
Other account payable 1440475320.04 374738279.30
Including：Interest payable
Dividend payable 1172771718.11 27809510.32
Liabilities held for sales
Non-current liability due within 1 year 896580158.48 824960532.88
Other current liability 30751.03 52275.94
Total of current liability 2485799378.42 1335162112.61
Non-current liabilities：
Long-term loan 5385367900.00 5464096050.00
Bond payable 749401333.95
Including：preferred stock
Sustainable debt
Lease liability 8139620.67 13405284.96
Long-term payable 2022210.11 2022210.11
Long-term remuneration payable to staff
Expected liabilities
Deferred income 1914760.94 3555984.68
Deferred income tax liability 81869154.88 61555338.93
Other non-current liabilities
Total non-current liabilities 5479313646.60 6294036202.63
Total of liability 7965113025.02 7629198315.24
Owners’ equity
Share capital 2090806126.00 2090806126.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 975003604.00 975003604.00
Less：Shares in stock
Other comprehensive income 245481389.65 163568401.33
Special reserve
Surplus reserves 1340655188.78 1340655188.78
6Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Items June 302024 January 12024
Retained profit 5044703318.66 5156907046.00
Total of owners’ equity 9696649627.09 9726940366.11
Total of liabilities and owners’ equity 17661762652.11 17356138681.35
3.Consolidated Income statement
In RMB
The first half year of The first half year of
Items
20242023
I. Income from the key business 2230865662.20 2340436775.08
Incl：Business income 2230865662.20 2340436775.08
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 859137382.65 921351272.48
Incl：Business cost 713009009.42 740670310.49
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net amount of withdrawal of insurance contract reserve
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 9369301.31 9422373.99
Sales expense
Administrative expense 82947690.68 80023845.71
R & D costs 81651.82
Financial expenses 53811381.24 91153090.47
Including：Interest expense 86505113.33 109161060.69
Interest income 32771177.29 18067700.31
Add: Other income 5617528.46 6449973.78
Investment gain（“-”for loss） 153501177.19 181402127.67
Incl: investment gains from affiliates 112802071.88 109631134.53
Financial assets measured at amortized cost cease to be recognized as
income
Gains from currency exchange
Net exposure hedging income
Changing income of fair value
Credit impairment loss -44875103.57 -45626953.18
Impairment loss of assets
Assets disposal income
III. Operational profit（“-”for loss） 1485971881.63 1561310650.87
Add ：Non-operational income 2970858.52 2148292.85
7Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The first half year of The first half year of
Items
20242023
Less: Non-operating expense 1775168.96 240222.59
IV. Total profit(“-”for loss) 1487167571.19 1563218721.13
Less：Income tax expenses 349883636.23 369040383.81
V. Net profit 1137283934.96 1194178337.32
(I) Classification by business continuity
1.Net continuing operating profit 1137283934.96 1194178337.32
2.Termination of operating net profit
(II) Classification by ownership
1.Net profit attributable to the owners of parent company 855465441.00 885644187.99
2.Minority shareholders’ equity 281818493.96 308534149.33
VI. Net after-tax of other comprehensive income 81912988.32 8615116.02
Net of profit of other comprehensive income attributable to owners of the 81912988.32 8615116.02
parent company.（I）Other comprehensive income items that will not be reclassified into
69544404.36-3495182.31
gains/losses in the subsequent accounting period
1.Re-
measurement of defined benefit plans of changes in net debt or net assets
2.Other comprehensive income under the equity method investee can not b
e reclassified into profit or loss.
3. Changes in the fair value of investments in other equity instruments 64789668.53 -3495182.31
4. Changes in the fair value of the company’s credit risks
5.Other（II）
12368583.9612110298.33
Other comprehensive income that will be reclassified into profit or loss.
1.Other comprehensive income under the equity method investee can be re 12368583.96 12110298.33
classified into profit or loss.
2. Changes in the fair value of investments in other debt obligations
3. Other comprehensive income arising from the reclassification of
financial assets
4.Allowance for credit impairments in investments in other debt
obligations
5. Reserve for cash flow hedges
6.Translation differences in currency financial statements
7.Other
Net of profit of other comprehensive income attributable to Minority
shareholders’ equity
VII. Total comprehensive income 1219196923.28 1202793453.34
Total comprehensive income attributable to the owner of the parent
937378429.32894259304.01
company
8Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The first half year of The first half year of
Items
20242023
Total comprehensive income attributable minority shareholders 281818493.96 308534149.33
VIII. Earnings per share
（I）Basic earnings per share 0.41 0.42
(II)Diluted earnings per share 0.41 0.42
The current business combination under common control the net profits of the combined party before achieved
net profit of RMB 0.00 last period the combined party realized RMB0.00.Legal Representative: Miao Deshan
Person in charge of accounting：Lu Ming
Accounting Dept Leader: Zhou Fang
4. Income statement of the Parent Company
In RMB
The first half year of The first half year of
Items
20242023
I. Income from the key business 747726356.92 740672433.01
Incl：Business cost 251427697.00 244287384.51
Business tax and surcharge 3919611.75 3726508.48
Sales expense
Administrative expense 51192311.12 49125187.49
R & D expense
Financial expenses 83841733.97 110048379.46
Including：Interest expenses 102774650.40 121332718.54
Interest income 18957385.88 11309040.26
Add：Other income 1763575.02 2607245.65
Investment gain（“-”for loss） 765186346.77 596720630.99
Including: investment gains from affiliates 115094457.16 108689822.92
Financial assets measured at amortized cost cease to be recognized as
income
Net exposure hedging income
Changing income of fair value
Credit impairment loss
Impairment loss of assets
Assets disposal income
II. Operational profit（“-”for loss） 1124294924.87 932812849.71
Add ：Non-operational income 768133.90 517077.90
Less：Non -operational expenses 351002.85 15753.62
III. Total profit(“-”for loss) 1124712055.92 933314173.99
Less：Income tax expenses 93244832.34 88524211.63
IV. Net profit 1031467223.58 844789962.36
1.Net continuing operating profit 1031467223.58 844789962.36
2.Termination of operating net profit
9Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The first half year of The first half year of
Items
20242023
V. Net after-tax of other comprehensive income 81912988.32 8615116.02
（I）Other comprehensive income items that will not be reclassified
69544404.36-3495182.31
into gains/losses in the subsequent accounting period
1.Re-
measurement of defined benefit plans of changes in net debt or net asset
s
2.Other comprehensive income under the equity method investee can no
4754735.83
t be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity instruments 64789668.53 -3495182.31
4. Changes in the fair value of the company’s credit risks
5.Other
(II)Other comprehensive income that will be reclassified into profit or l 12368583.96 12110298.33
oss
1.Other comprehensive income under the equity method investee can be 12368583.96 12110298.33
reclassified into profit or loss.
2. Changes in the fair value of investments in other debt obligations
3. Other comprehensive income arising from the reclassification of
financial assets
4.Allowance for credit impairments in investments in other debt
obligations
5. Reserve for cash flow hedges
6.Translation differences in currency financial statements
7.Other
VI. Total comprehensive income 1113380211.90 853405078.38
VII. Earnings per share
（I）Basic earnings per share
(II)Diluted earnings per share
5. Consolidated Cash flow statement
In RMB
The first half year of The first half year of
Items
20242023
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 2296987957.17 2387824431.30
Net increase of customer deposits and capital kept for brother
company
Net increase of loans from central bank
Net increase of inter-bank loans from other financial bodies
Cash received against original insurance contract
10Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The first half year of The first half year of
Items
20242023
Net cash received from reinsurance business
Net increase of client deposit and investment
Cash received from interest commission charge and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Net cash received by agent in securities trading
Tax returned
Other cash received from business operation 55675566.81 239874283.43
Sub-total of cash inflow 2352663523.98 2627698714.73
Cash paid for purchasing of merchandise and services 108205508.31 93721829.45
Net increase of client trade and advance
Net increase of savings in central bank and brother company
Cash paid for original contract claim
Net increase in financial assets held for trading purposes
Net increase for Outgoing call loan
Cash paid for interest processing fee and commission
Cash paid to staffs or paid for staffs 209856266.59 208391670.68
Taxes paid 394301408.92 272784405.49
Other cash paid for business activities 37044330.48 38883617.41
Sub-total of cash outflow from business activities 749407514.30 613781523.03
Net cash generated from /used in operating activities 1603256009.68 2013917191.70
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 19579614.82 48694370.25
Net cash retrieved from disposal of fixed assets intangible assets and
39500.0013110.00
other long-term assets
Net cash received from disposal of subsidiaries or other operational
units
Other investment-related cash received 3692567.08
Sub-total of cash inflow due to investment activities 23311681.90 48707480.25
Cash paid for construction of fixed assets intangible assets and other
952618810.45582217768.98
long-term assets
Cash paid as investment 89312000.00 101080000.00
Net increase of loan against pledge
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities 1701600.00
Sub-total of cash outflow due to investment activities 1043632410.45 683297768.98
Net cash flow generated by investment -1020320728.55 -634590288.73
III.Cash flow generated by financing
Cash received as investment 87937500.00 88470000.47
Including: Cash received as investment from minor shareholders 87937500.00 88470000.47
11Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The first half year of The first half year of
Items
20242023
Cash received as loans 780000000.00 414525000.00
Other financing –related cash received 1460847.67
Sub-total of cash inflow from financing activities 867937500.00 504455848.14
Cash to repay debts 751931275.00 469864650.00
Cash paid as dividend profit or interests 441738661.71 415505541.67
Including: Dividend and profit paid by subsidiaries to minor
290401407.05255975174.55
shareholders
Other cash paid for financing activities 3488898.16 8327523.02
Sub-total of cash outflow due to financing activities 1197158834.87 893697714.69
Net cash flow generated by financing -329221334.87 -389241866.55
IV. Influence of exchange rate alternation on cash and cash equivalents
V.Net increase of cash and cash equivalents 253713946.26 990085036.42
Add: balance of cash and cash equivalents at the beginning of term 4701657434.00 4284688231.33
VI ..Balance of cash and cash equivalents at the end of term 4955371380.26 5274773267.75
6. Cash Flow Statement of the Parent Company
In RMB
Items The first half year of 2024 The first half year of 2023
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 774070900.69 763931695.41
Tax returned
Other cash received from business operation 22265281.97 142656776.31
Sub-total of cash inflow 796336182.66 906588471.72
Cash paid for purchasing of merchandise and services 37386164.18 24172182.68
Cash paid to staffs or paid for staffs 65847099.39 62195705.48
Taxes paid 78312422.66 24138943.36
Other cash paid for business activities 89938813.82 55091483.76
Sub-total of cash outflow from business activities 271484500.05 165598315.28
Net cash generated from /used in operating activities 524851682.61 740990156.44
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 630032615.15 499852096.70
Net cash retrieved from disposal of fixed assets intangible assets and
36500.0013110.00
other long-term assets
Net cash received from disposal of subsidiaries or other operational
units
Other investment-related cash received
Sub-total of cash inflow due to investment activities 630069115.15 499865206.70
Cash paid for construction of fixed assets intangible assets and other 92121214.65 68690286.59
12Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Items The first half year of 2024 The first half year of 2023
long-term assets
Cash paid as investment 74000000.00 98000000.00
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities
Sub-total of cash outflow due to investment activities 166121214.65 166690286.59
Net cash flow generated by investment 463947900.50 333174920.11
III. Cash flow generated by financing
Cash received as investment
Cash received as loans
Other financing –related ash received
Sub-total of cash inflow from financing activities
Cash to repay debts 723987150.00 25339650.00
Cash paid as dividend profit or interests 137221490.45 145644863.29
Other cash paid for financing activities 3488898.16 8327523.02
Sub-total of cash outflow due to financing activities 864697538.61 179312036.31
Net cash flow generated by financing -864697538.61 -179312036.31
IV. Influence of exchange rate alternation on cash and cash equivalents
V.Net increase of cash and cash equivalents 124102044.50 894853040.24
Add: balance of cash and cash equivalents at the beginning of term 2462888567.51 1811814561.84
VI ..Balance of cash and cash equivalents at the end of term 2586990612.01 2706667602.08
13Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
The first half year of 2024
Owner’s equity Attributable to the Parent Company
Other Equity instrument Less
Com
: Other Minor Total of
Items Speciali mon
Share Prefer Capital Shar Comprehe Surplus Retained Oth shareholder owners’
Sustain Oth zed risk Subtotal
Capital red reserves es in nsive reserves profit er s’ equity equity
able er reserve provis
stock stoc Income
debt ion
k
20908067831254163568415206274528940439847531825612739124088058
I.Balance at the end of last year
12693.7001.3356.3478.5255.8947.6903.58
Add: Change of accounting policy
Correcting of previous errors
Other
II.Balance at the beginning of current 2090806 7831254 1635684 15206274 52894043 98475318 25612739 124088058
year 126 93.70 01.33 56.34 78.52 55.89 47.69 03.58
----
819129838181197.
III.Changed in the current year 297509.5 288205509 206590031 168408833.
8.3262
8.92.1856
8191298855465441937378429281818493121919692
（1）Total comprehensive income
8.32.00.32.963.28（II）Investment or decreasing of 87937500. 87937500.0
capital by owners 00 0
1．Ordinary Shares invested by shareh 87937500. 87937500.0
olders 00 0
2．Holders of other equity instruments
invested capital
3．Amount of shares paid and
accounted as owners’ equity
14Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The first half year of 2024
Owner’s equity Attributable to the Parent Company
Other Equity instrument Less
Com
: Other Minor Total of
Items Speciali mon
Share Prefer Capital Shar Comprehe Surplus Retained Oth shareholder owners’
Sustain Oth zed risk Subtotal
Capital red reserves es in nsive reserves profit er s’ equity equity
able er reserve provis
stock stoc Income
debt ion
k
4．Other
----（III）Profit allotment 11436709 11436709 331574796 147524574
50.9250.92.347.26
1.Providing of surplus reserves
2.Providing of common risk
provisions
3．Allotment to the owners (or - - - -
1143670911436709331574796147524574
shareholders)
50.9250.92.347.26
4．Other
(IV) Internal transferring of owners’
equity
1. Capitalizing of capital reserves (or to
capital shares)
2. Capitalizing of surplus reserves (or
to capital shares)
3．Making up losses by surplus
reserves.
4.Change amount of defined benefit
plans that carry forward
Retained earnings
5．Other comprehensive income
15Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The first half year of 2024
Owner’s equity Attributable to the Parent Company
Other Equity instrument Less
Com
: Other Minor Total of
Items Speciali mon
Share Prefer Capital Shar Comprehe Surplus Retained Oth shareholder owners’
Sustain Oth zed risk Subtotal
Capital red reserves es in nsive reserves profit er s’ equity equity
able er reserve provis
stock stoc Income
debt ion
k
carry-over retained earnings
6．Other
(V). Special reserves
1. Provided this year
2．Used this term
-（VI）Other 297509.5 -297509.58 -297509.58
8
20908067828279245481315206274500119889640941825994551122403969
IV. Balance at the end of this term
12684.1289.6556.3468.6024.7145.3170.02
16Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Amount in last year
In RMB
The first half year of 2023
Owner’s equity Attributable to the Parent Company
Other Equity instrument Less
Com
: Other Minor Total of
Items Speciali mon
Share Prefer Capital Shar Comprehe Surplus Retained Oth shareholder owners’
Sustain Oth zed risk Subtotal
Capital red reserves es in nsive reserves profit er s’ equity equity
able er reserve provis
stock stoc Income
debt ion
k
20908067431335170633613730564469802939075659122930200113686791
I.Balance at the end of last year
12657.0356.6769.0254.0962.8119.8682.67
Add: Change of accounting policy
Correcting of previous errors
Other
II.Balance at the beginning of current 2090806 7431335 1706336 13730564 46980293 90756591 22930200 113686791
year 126 57.03 56.67 69.02 54.09 62.81 19.86 82.67
-
8615116.175328975174649286.
III.Changed in the current year -73970.47 9220833.9 -679688.39
02.2586
4
8615116.885644187894259304308534149120279345
（1）Total comprehensive income
02.99.01.333.34（II）Investment or decreasing of 88470000. 88470000.4
capital by owners 47 7
1．Ordinary Shares invested by shareh 88470000. 88470000.4
olders 47 7
2．Holders of other equity instruments
invested capital
3．Amount of shares paid and
17Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The first half year of 2023
Owner’s equity Attributable to the Parent Company
Other Equity instrument Less
Com
: Other Minor Total of
Items Speciali mon
Share Prefer Capital Shar Comprehe Surplus Retained Oth shareholder owners’
Sustain Oth zed risk Subtotal
Capital red reserves es in nsive reserves profit er s’ equity equity
able er reserve provis
stock stoc Income
debt ion
k
accounted as owners’ equity
4．Other
----（III）Profit allotment 894865021 894865021 221675174 111654019.93.93.556.48
1.Providing of surplus reserves
2.Providing of common risk
provisions
3．Allotment to the owners (or - - - -
894865021894865021221675174111654019
shareholders).93.93.556.48
4．Other
(IV) Internal transferring of owners’
equity
1. Capitalizing of capital reserves (or to
capital shares)
2. Capitalizing of surplus reserves (or
to capital shares)
3．Making up losses by surplus
reserves.
4.Change amount of defined benefit
plans that carry forward
Retained earnings
18Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The first half year of 2023
Owner’s equity Attributable to the Parent Company
Other Equity instrument Less
Com
: Other Minor Total of
Items Speciali mon
Share Prefer Capital Shar Comprehe Surplus Retained Oth shareholder owners’
Sustain Oth zed risk Subtotal
Capital red reserves es in nsive reserves profit er s’ equity equity
able er reserve provis
stock stoc Income
debt ion
k
5．Other comprehensive income
carry-over retained earnings
6．Other
(V). Special reserves
1. Provided this year
2．Used this term（VI）Other -73970.47 -73970.47 -73970.47
20908067430595179248713730564468880859074979424683489115433284
IV. Balance at the end of this term
12686.5672.6969.0220.1574.4295.1169.53
19Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
The first half year of 2024
Other Equity instrument Less:
Other
Items Capital Share Specialize Surplus Othe Total of
Share capital Preferre Othe Comprehensi Retained profit
Sustainabl reserves s in d reserve reserves r owners’ equity
d stock r
e debt ve Income
stock
209080612975003604.0163568401.31340655188.5156907046.9726940366.
I.Balance at the end of last year
603780011
Add: Change of accounting policy
Correcting of previous errors
Other
209080612975003604.0163568401.31340655188.5156907046.9726940366.
II.Balance at the beginning of current year
603780011
-
III.Changed in the current year 81912988.32 -30290739.02
112203727.34
1031467223.1113380211.
（I）Total comprehensive income 81912988.32
5890
(II) Investment or decreasing of capital by owners
1．Ordinary Shares invested by shareholders
2．Holders of other equity instruments invested ca
pital
3.Amount of shares paid and accounted as owners’
equity
4．Other
--（III）Profit allotment 1143670950. 1143670950.
9292
1.Providing of surplus reserves
--
2．Allotment to the owners (or shareholders) 1143670950. 1143670950.
9292
20Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The first half year of 2024
Other Equity instrument Less:
Other
Items Capital Share Specialize Surplus Othe Total of
Share capital Preferre Othe Comprehensi Retained profit
Sustainabl reserves s in d reserve reserves r owners’ equity
d stock r
e debt ve Income
stock
3．Other
(IV) Internal transferring of owners’ equity
1. Capitalizing of capital reserves (or to capital
shares)
2. Capitalizing of surplus reserves (or to capital
shares)
3．Making up losses by surplus reserves.
4.Change amount of defined benefit plans that
carry forward
Retained earnings
5．Other comprehensive income carry-over
retained earnings
6．Other
(V) Special reserves
1. Provided this year
2．Used this term（VI）Other
209080612975003604.0245481389.61340655188.5044703318.9696649627.
IV. Balance at the end of this term
605786609
21Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Amount in last year
In RMB
The first half year of 2023
Other Equity instrument Less:
Other
Items Share Capital Share Specialize Surplus Othe Total of
Preferre Othe Comprehensi Retained profit
Capital Sustainabl reserves s in d reserve reserves r owners’ equity
d stock r ve Income
e debt stock
209080612934908293.6170633656.61193084201.4723633182.9113065459.
I.Balance at the end of last year
697460688
Add: Change of accounting policy
Correcting of previous errors
Other
209080612934908293.6170633656.61193084201.4723633182.9113065459.
II.Balance at the beginning of current year
697460688
III.Changed in the current year 18430.04 8615116.02 -50075059.57 -41441513.51
（I）Total comprehensive income 8615116.02 844789962.36 853405078.38
(II) Investment or decreasing of capital by owners
1．Ordinary Shares invested by shareholders
2．Holders of other equity instruments invested ca
pital
3.Amount of shares paid and accounted as owners’
equity
4．Other
--（III）Profit allotment
894865021.93894865021.93
1.Providing of surplus reserves
--
2．Allotment to the owners (or shareholders)
894865021.93894865021.93
3．Other
(IV) Internal transferring of owners’ equity
22Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The first half year of 2023
Other Equity instrument Less:
Other
Items Share Capital Share Specialize Surplus Othe Total of
Preferre Othe Comprehensi Retained profit
Capital Sustainabl reserves s in d reserve reserves r owners’ equity
d stock r ve Income
e debt stock
1. Capitalizing of capital reserves (or to capital
shares)
2. Capitalizing of surplus reserves (or to capital
shares)
3．Making up losses by surplus reserves.
4.Change amount of defined benefit plans that
carry forward
Retained earnings
5．Other comprehensive income carry-over
retained earnings
6．Other
(V) Special reserves
1. Provided this year
2．Used this term（VI）Other 18430.04 18430.04
209080612934926723.7179248772.61193084201.4673558122.9071623946.
IV. Balance at the end of this term
639464937
23Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
III. Company Profile
1. Basic information of the IPO and share capital of the company
1.The Company was established in February 1993 which was originally named as Guangdong Fokai
Expressway Co. Ltd. On June 30 1993 it was renamed as Guangdong Provincial Expressway Development
Co. Ltd. after reorganization pursuant to the approval of the Office of Joint Examination Group of
Experimental Units of Share Holding System with YLSB (1993)No. 68 document. The share capital structure
after reorganization is as follows:
Composition of state-owned shares: The appraised net value of state-owned assets of Guangdong Jiujiang
Bridge Co. and Guangfo Expressway Co. Ltd. as of January 31 1993 confirmed by Guangdong State-owned
Asset Management Dept. i.e.RMB 418.2136 million was converted into 155.025 million shares. Guangdong
Expressway Co. invested cash of RMB 115 million to subscribe for 35.9375 million shares. Other legal persons
invested cash of RMB 286.992 million to subscribe for 89.685 million shares. Staff of the Company invested
RMB 87.008 million to subscribe for 27.19 million shares. The total is RMB 307.8375 million shares.
2． Pursuant to the approval of Guangdong Economic System Reform Committee and Guangdong Securities
Regulatory Commission with YTG (1996) No. 67 document part of the shareholders of non-state-owned legal
person shares transferred 20 million non-state-owned legal person shares to Malaysia Yibao Engineering Co.Ltd. in June 1996.
3. Pursuant to the approval of Securities Commission under the State Council with WF (1996) No. 24 approval
document and that of Guangdong Economic System Reform Committee with YTG (1996) No. 68 document
the Company issued 135 million domestically listed foreign investment shares (B shares) to overseas investors
at the price of HKD 3.54 (equivalent to RMB 3.8) with the par value of each share being RMB 1 during June to
July 1996.
4. Pursuant to the reply of the Ministry of Foreign Trade and Economic Cooperation of the People’ s Republic
of China with (1996) WJMZYHZ No. 606 document the Company was approved to be a foreign-invested joint
stock company limited.
5．The Company distributed dividends and capitalized capital common reserve for the year 1996 in the
following manner: The Company paid 1.7 bonus shares f or each 10 shares and capitalized capital common
reserve on 3.3-for-10 basis.
6. Pursuant to the approval of China Securities Regulatory Committee (CSRC) with ZJFZ (1997) No. 486 and
No. 487 document the Company issued 100 million public shares (A shares) at the price of RMB 5.41 in term
of “payable in full on application pro-rate placing and subject to refund” with the par value of each share being
RMB 1 in January 1998.
7．In accordance with the Resolutions of the 1999 Shareholders’ General Meeting of the Company and
pursuant to the approval of Guangzhou Securities Regulatory Office under CSRC with GZZJH (2000) No. 99
and that of CSRC with ZJGSZ (2000) No. 98 the Company offered 3 Rights for every 10 shares of 764.256249
million shares at the price of RMB 11 per Right.73822250 ordinary shares were actually placed to all .
8. Pursuant to the reply of the General Office of the People’ s Government of Guangdong Province with YBH
(2000) No. 574 document the state-owned shares were transferred to Guangdong Communication Group Co.
24Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Ltd. (Group Co.) for holding and management without compensation.
9.Pursuant to the approval of Shenzhen Stock Exchange 53.0205 million staff shares of the Company (132722
shares held by directors supervisors and senior executives are temporarily frozen) were listed on February 5
2001.
10.In accordance with the resolutions of 2000 annual shareholders’ general meeting the Company capitalized
capital common reserve into 419039249 shares on 5-for-10 basis with the total share capital as of the end of
2000 i.e. 838078499 shares as base. The date of stock right registration was May 21 2001. The ex-right date
was May 22 2001.
11．On March 8 2004As approved by China Securities Regulatory Commission by document Zheng-Jian-
Gong-Si-Zi [2003]No.3 the 45000000 non-negotiable foreign shares were placed in Shenzhen Stock
12. On December 21 2005 the Company's plan for share holding structure reform was voted through at the
shareholders' meeting concerning A shares. On January 26 2006 The Ministry of Commerce of PRC issued
“The approval on share converting of Guangdong Provincial Expressway Development Co. Ltd.” to approvethe share equity relocation and transformation. On October 9 2006 according to the “Circular aboutimplementing of share equity relocation and relative trading” issued by Shenzhen Stock Exchange the
abbreviation ID of the Company’s A shares was restored from “G-Expressway” “Expressway A”.
13.Upon the approval document of CSRC No.230-2016 Zheng Jian Xu ke-Approval of the Share-Issuing to
Parties such as Guangdong Provincial Expressway Co. Ltd to Purchase Assets and Raise Matching Funds by
Guangdong Provincial Expressway Development Co. Ltd in June 2016 the company issued 33355263 shares
and paid RMB 803.50 million to Guangdong Provincial Expressway Co. Ltd for purchasing the 25% stake of
Guangdong Provincial Fokai Expressway Co. Ltd held by Guangdong Provincial Expressway Co. Ltd; and
issued 466325020 shares to Guangdong Provincial Highway Construction Co. Ltd for purchasing the 100%
stake of Guangzhou Guangzhu Traffic Investment Management Co. Ltd held by Guangdong Provincial
Highway Construction Co. Ltd. On June 21 2016 the company directionally issued 334008095 A-shares to
Yadong Fuxing Yalian Investment Co.Ltd Tibet Yinyue Investment Management Co.Ltd and Guangfa
Securities Co.Ltd. The issuance of shares have been registered on July 7 2016 the new shares will be listed on
July 8 2016.
2. Company's registered place and headquarters address
Registration placeNo.85 Baiyun Road Yuexiu District Guangzhou.Headquarters Office ：45-46/F Litong Plaza No.32 Zhujiang East Road Zhujiang New City Tihe Disrtict
Guangzhou
3. Business nature and main business activities
Industry and main products of the company: highway management and maintenance.General business items: investment construction charging maintenance and service management of expressways
grade roads and bridges; Automobile rescue service maintenance and cleaning; Parking lot charges; Design
production release and agency of all kinds of advertisements at home and abroad; Land development along the
highway; Warehousing business; Intelligent transportation technology research and development and service;
Equity investment management and consultation. (Projects that must be approved according to law can be
operated only after being approved by relevant departments).The Company is mainly engaged in tolling and maintenance of Guangfo Expressway Fokai ExpresswayJingzhu
25Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Expressway Guangzhu Section and Guanghui Expressway investment in technological industries
and provision of relevant consultaion while investing in Shenzhen Huiyan Expressway Co. Ltd. Guangdong
Jiangzhong Expressway Co.Ltd. Zhaoqing Yuezhao Expressway
Co. Ltd.Ganzhou Kangda Expressway Ganzhou Gankang Expressway Co. Ltd.Guangdong Yuepu Technology
Petty Loan Co. Ltd. Guoyuan Securities Co. Ltd Hunan Lianzhi Technology Co. Ltd. and SPIC Yuetong
Qiyuan Chip Power Technology Co. Ltd.
4. Scope and changes of consolidated financial statements in the current period
(1) Scope of current consolidated financial statements
The consolidated scope of the current financial statements invovles Guangdong Expressway Technology
Investment Co. Ltd. Yuegao Capital Holding (Guangzhou) Co. Ltd. its holding subsidiaries Guangfo
Expressway Co. Ltd. Jingzhu Expressway Guangzhu Section Co. Ltd. and Guanghui Expressway Co. Ltd.
(2) Changes in the scope of consolidated financial statements in the current period
None.
5. Approval and submission date of financial report
The financial statements have been authorized for issuance of the Board of Directors of the Company on August
292024.
IV. Basis for the preparation of financial statements
1.Preparation basis
The financial statements of the Company have been prepared on basis of going concern in conformity with
Chinese Accounting Standards for Business Enterprises and the Accounting Systems for Business Enterprises
issued by the Ministry of Finance of People’s Republic of China (Ministry of Finance issued order No.33 the
Ministry of Finance revised order No.76) on February 15 2006 and revised Accounting Standards (order 42 of
the Ministry of Finance) and Compilation Rules for Information Disclosure by Companies Offering Securities to
the Public No.15 – General Provisions on Financial Reports (2023 Revision) issued by the China Securities
Regulatory Commission (CSRC).According to the relevant accounting regulations in Chinese Accounting Standards for Business Enterprises the
Company has adopted the accrual basis of accounting. Held-for-sale non-current assets are measured at the lower
of its book value at its classification date and fair value minus expected disposal costs. Where assets are impaired
provisions for asset impairment are made in accordance with relevant requirements
2.Continuation
There will be no such events or situations in the 12 months from the end of the reporting period that will cause
material doubts as to the continuation capability of the Company.
26Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
V. Significant Accounting Policies and Accounting Estimates
1. Statement of Compliance with the Accounting Standards for Business Enterprises
The financial statements of the Company are recognized and measured in accordance with the regulations in the
Chinese Accounting Standards for Business Enterprises and they give a true and fair view of the financial position
business result and cash flow of the Company.
2. Accounting period
The accounting period of the Company is the calendar year from January 1 to December 31.
3.Operating cycle
The normal operating cycle refers to the period from the time when the Group purchases assets for processing to
the time when cash or cash equivalents are realized. The Company takes 12 months as a business cycle and uses
it as a criterion for liquidity classification of assets and liabilities.
4.Standard currency for bookkeeping
The Company adopts CNY to prepare its functional statements.
5.Accountings for Business Combinations under the Same Control & Business Combinations not under the
Same Control
1.Business Combinations under the Same Control
If business participating in the combination are ultimately controlled by the same party or parties before and after
the combination and the control is not temporary it is an business combination under the same control. Usually
business combination under the same control refers to the combination between business within the same business
except which it is generally not regarded as business combination under the same control.The assets and liabilities obtained by the Company as the combining party in the business combination shall be
measured according to the book value of the combined party in the consolidated financial statements of the
ultimate controlling party on the combination date. For the long-term equity investment formed by holding
combination under the same control the company takes the share of the book owner's equity of the combined
party on the combination date as the initial investment cost for forming the long-term equity investment. See the
long-term equity investment for relevant accounting treatment; The assets and liabilities obtained by absorption
and combination under the same control shall be recorded by the Company according to the original book value of
the related assets and liabilities in the combined party. The company adjusts the capital reserve according to the
difference between the book value of the net assets obtained and the book value of the combination consideration
paid (or the total par value of the issued shares); If the capital reserve is insufficient to offset the retained earnings
shall be adjusted.All directly related expenses incurred by the Company as a combining party for business combination including
audit fees evaluation fees legal service fees etc. are included in the current profits and losses when incurred.Fees and commissions paid for bonds issued by enterprises or other debts shall be included in the initial
measurement amount of bonds and other debts issued. Fees commissions and other expenses incurred in issuing
27Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
equity securities in business combination shall be offset against the premium income of equity securities and if
the premium income is insufficient to offset the retained earnings shall be offset.If the holding under the same control is combined to form a parent-subsidiary relationship the parent company
shall prepare consolidated financial statements on the consolidation date including consolidated balance sheet
consolidated income statement and consolidated cash flow statement.For the consolidated balance sheet the book value of the combined party in the consolidated financial statements
of the ultimate controlling party shall be incorporated into the consolidated financial statements and the
transactions between the combining party and the combined party on the consolidation date and the previous
period shall be regarded as internal transactions and offset according to the relevant principles of "Consolidated
Financial Statements"; The consolidated income statement and cash flow statement include the net profit and cash
flow realized by the combining party and the combined party from the beginning of the current consolidation
period to the consolidation date and involve the cash flow generated by the transactions and internal transactions
between the two parties in the current period which shall be offset according to the relevant principles of the
consolidated financial statements.
2. If the parties involved in the combination are not ultimately controlled by the same party or parties before and
after the combination it is a business combination not under the same control.Business Combinations not under the Same Control
Determine the cost of business combination: the cost of business combination includes the fair value of cash or
non-cash assets paid by the purchaser for business combination debts issued or assumed and equity securities
issued on the purchase date.In the business combination not under the same control the intermediary expenses such as auditing legal services
evaluation and consultation and other related management expenses incurred by the purchaser for the business
combination shall be included in the current profits and losses when they occur; Transaction costs of equity
securities or debt securities issued by the purchaser as combination consideration shall be included in the initial
recognized amount of equity securities or debt securities.For the long-term equity investment obtained by holding combination not under the same control the company
takes the combination cost determined on the purchase date (excluding cash dividends and profits that should be
collected from the investee) as the initial investment cost for the long-term equity investment of the purchaser; All
identifiable assets and liabilities obtained by absorption and combination under different control that meet the
recognition conditions shall be recognized as assets and liabilities of the enterprise at fair value on the date of
purchase. If the Company takes non-monetary assets as consideration to obtain the control right of the purchaser
or various identifiable assets and liabilities the difference between the fair value of the relevant non-monetary
assets on the purchase date and their book value shall be taken as the disposal profit and loss of the assets and
recorded in the income statement of the current consolidation period.In a business combination not under the same control the difference between the cost of business combination
and the fair value share of identifiable net assets of the purchaser obtained in the combination is recognized as
28Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
goodwill; In the case of absorption and combination the difference is recognized as goodwill in the individual
financial statements of the parent company; In the case of holding combination the difference is listed as goodwill
in the consolidated financial statements.The cost of business combination is less than the difference between the fair value share of identifiable net assets
acquired during the combination which is included in the profits and losses (non-operating income) of the current
combination period after review by the Company. In the case of absorption and combination the difference is
included in the individual income statement of the parent company in the current combination period; In the case
of holding combination the difference is included in the consolidated income statement of the current
combination period.If the business combination not under the same control realized step by step through multiple exchange
transactions is a package transaction each transaction will be treated as a transaction to obtain control rights; If it
is not a package transaction the equity of the purchased party held before the purchase date shall be re-measured
according to the fair value of the equity on the purchase date and the difference between the fair value and its
book value shall be included in the current investment income; If the equity of the purchased party held before the
purchase date involves other comprehensive income other comprehensive income related to it shall be converted
into the investment income of the current period on the purchase date except for other comprehensive income
arising from the re-measurement of net liabilities or changes in net assets of the defined benefit plans by the
invested party.
6. Criteria for Control and Preparation Method of Consolidated Financial Statements
(1) Criteria for control
The consolidation scope of consolidated financial statements is determined on the basis of control. Control means
that the Company has the power over the investee is entitled to variable returns by participating in the related
activities of the investee and has the ability to use the power over the investee to influence its return amount.Subsidiaries refer to subjects controlled by the Company (including enterprises divisible parts of investee(s)
structured subjects etc.).
(2) Compilation method of consolidated financial statements
The consolidated financial statements of the Company are based on the financial statements of the parent
company and its subsidiaries and are prepared according to other relevant information. When compiling the
important internal transactions between the parent company and its subsidiaries such as investment transactions
purchase and sale of inventories and their unrealized profits are offset and combined item by item and the
minority shareholders' rights and interests and the current income of minority shareholders are calculated. If the
accounting policies and accounting periods of subsidiaries are inconsistent with those of the parent company the
accounting statements of subsidiaries shall be adjusted according to the accounting policies and accounting
periods of the parent company before combination.
(3) Increase and decrease the consolidated report processing of subsidiaries during the reporting period
During the reporting period when preparing the consolidated balance sheet the balance at the beginning of the
consolidated balance sheet is adjusted for the subsidiaries added due to business combination under the same
29Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
control. When preparing the consolidated balance sheet the balance at the beginning of the year of the
consolidated balance sheet is not adjusted for the subsidiaries added due to business combination not under the
same control. During the reporting period the subsidiaries are disposed of and the balance at the beginning of the
consolidated balance sheet is not adjusted when the consolidated balance sheet is prepared.During the reporting period the income expenses and profits of subsidiaries added by business combination
under the same control from the beginning to the end of the reporting period are included in the consolidated
income statement and the cash flows from the beginning to the end of the reporting period are included in the
consolidated cash flow statement. For subsidiaries added due to business combination not under the same control
the income expenses and profits of such subsidiaries from the purchase date to the end of the reporting period are
included in the consolidated income statement and their cash flow from the purchase date to the end of the
reporting period is included in the consolidated cash flow statement. During the reporting period the subsidiary is
disposed of and the income expenses and profits from the beginning of the period to the disposal date are
included in the consolidated income statement and the cash flow from the beginning of the period to the disposal
date is included in the consolidated cash flow statement.When the control right of the original subsidiary is lost due to the disposal of part of the equity investment or
other reasons the remaining equity investment after disposal shall be re-measured according to its fair value on
the date of loss of control right. The sum of the consideration obtained from the disposal of equity and the fair
value of the remaining equity minus the difference between the share of the original subsidiary's net assets
calculated continuously from the purchase date and the sum of goodwill calculated according to the original
shareholding ratio is included in the investment income in the current period when the control right is lost. Other
comprehensive income related to the original subsidiary's equity investment is converted into current investment
income when the control right is lost except for other comprehensive income generated by the investee's re-
measurement of net liabilities or changes in net assets of the set income plan.The difference between the newly acquired long-term equity investment due to the purchase of minority shares
and the identifiable net assets share of subsidiaries calculated according to the increased shareholding ratio and
the difference between the disposal price obtained from partial disposal of equity investment in subsidiaries and
the net assets share of subsidiaries corresponding to the disposal of long-term equity investment are used to adjust
the equity premium in the capital reserve in the consolidated balance sheet. If the equity premium in the capital
reserve is insufficient to offset the retained earnings will be adjusted.
(4) Processing of consolidated statements from step-by-step disposal of equity to loss of control rights
If the transactions that dispose of the equity investment in subsidiaries until the loss of control rights are of a
package transaction the transactions shall be treated as transactions that dispose of subsidiaries and lose control
rights; However the difference between the disposal price and the share of the subsidiary's net assets related to the
disposal investment before the loss of control right is recognized as other comprehensive income in the
consolidated financial statements which will be transferred to the current profit and loss when the control right is
lost except for other comprehensive income arising from the re-measurement of the net liabilities or changes in
net assets of the set income plan by the investee. If it is not a package transaction before the loss of control the
difference between the disposal price and the corresponding net assets continuously calculated by the subsidiary
from the purchase date will be adjusted to the capital reserve and if the capital reserve is insufficient to offset the
retained earnings will be adjusted; In case of loss of control right the accounting treatment shall be carried out
according to the above accounting policy when the control right over the original subsidiary is lost.
30Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
7.Recognition Standard of Cash & Cash Equivalents
Cash and cash equivalents of the Company include cash on hand ready usable deposits and investments having
short holding term (normally will be due within three months from the day of purchase) with strong liquidity and
easy to be exchanged into certain amount of cash that can bemeasured reliably and have low risks of change.
8.Foreign Currency Transaction
(1) Foreign currency business
Foreign currency transactions of the Company are converted into the amount of bookkeeping base currency
according to the spot rate on the transaction date.On the balance sheet date foreign currency monetary items and foreign currency non-monetary items shall be
treated according to the following provisions: foreign currency monetary items shall be converted at the spot rate
on the balance sheet date. Exchange differences arising from the difference between the spot rate on the balance
sheet date and the spot rate at the time of initial recognition or the previous balance sheet date are included in the
current profits and losses; Foreign currency non-monetary items measured at historical cost are still converted at
the spot rate on the transaction date without changing their bookkeeping base currency amount; Foreign currency
non-monetary items measured at fair value shall be converted at the spot rate on the fair value determination date
and the difference between the converted bookkeeping base currency amount and the original bookkeeping base
currency amount shall be treated as changes in fair value (including exchange rate changes) and included in the
current profits and losses; During the capitalization period the exchange difference between the principal and
interest of foreign currency special loans is capitalized and included in the cost of assets that meet the
capitalization conditions.
(2) Translation of foreign currency financial statements
When converting foreign currency financial statements the Company shall comply with the following regulations:
assets and liabilities in the balance sheet shall be converted at the spot rate on the balance sheet date and other
items of owner's equity except "undistributed profits" shall be converted at the spot rate at the time of occurrence;
The income and expense items in the income statement shall be converted at the spot rate on the transaction date
(or at the exchange rate determined by a systematic and reasonable method and similar to the spot rate on the
transaction date). The translation difference of foreign currency financial statements generated according to the
above translation is recognized as other comprehensive income. The conversion of comparative financial
statements shall be handled according to the above provisions.
9.Financial instruments
The Company recognizes the financial assets or liabilities when involved in financial instruments’ agreements.
（1）Classification recognition and measurement of financial assets
In accordance with the characteristics of business model for managing financial assets and the contractual cash
flow of financial assets the Company classifies financial assets into: financial assets measured in amortized cost;
financial assets measured at fair value and their's changes are included in other comprehensive income; financial
assets measured at fair value and their's changes are included in current profits and losses.The initial measurement of financial assets is calculated by using fair value. For financial assets measured at fair
value whose changes are included in current profits and losses relevant transaction costs are directly included in
31Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
current profits and losses; For other types of financial assets relevant transaction costs are included in the initial
recognition amount.* Financial assets measured at amortized cost
The business model of the Company's management of financial assets measured by amortized cost is aimed at
collecting the contractual cash flow and the contractual cash flow characteristics of such financial assets are
consistent with the basic lending arrangements that is the cash flow generated on a specific date is only the
payment of principal and interest based on the amount of outstanding principal. For such financial assets the
Company adopts the method of real interest rate and makes subsequent measurement according to the cost of
amortization. The profits or losses resulting from amortization or impairment are included in current profits and
losses.* Financial assets measured at fair value and changes included in other comprehensive income
The Company's business model for managing such financial assets is to collect the contractual cash flow and the
contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements.The Company measures such financial assets at fair value and their changes are included in other comprehensive
gains but impairment losses or gains exchange gains and losses and interest income calculated according to the
actual interest rate method are included in current profits and losses.In addition the Company designated some non-trading equity instrument investments as financial assets measured
at fair value with changes included in other comprehensive income. The Company includes the relevant dividend
income of such financial assets in current profits and losses and the changes in fair value in other comprehensive
gains. When the financial asset ceases to be recognized the accumulated gains or losses previously included in
other comprehensive gains shall be transferred into retained income from other comprehensive income and not be
included in current profit and loss.* Financial assets measured at fair value and changes included in current profits and losses
The Company includes the above-mentioned financial assets measured at amortized cost and those measured at
fair value and their's changes in financial assets other than financial assets of comprehensive income and classifies
them as financial assets measured at fair value and their's changes that are included in current profits and losses. In
addition the Company designates some financial assets as financial assets measured at fair value and includes
their changes in current profits and losses in order to eliminate or significantly reduce accounting mismatches
during initial recognition. In regard with such financial assets the Company adopts fair value for subsequent
measurement and includes changes in fair value into current profits and losses.
（2）Classification recognition and measurement of financial liabilities
The Group’s financial liabilities are on initial recognition classified into financial liabilities at fair value through
profit or loss and other financial liabilities. For financial liabilities at fair value through profit or loss relevant
transaction costs are immediately recognized in profit or loss for the current period and transaction costs relating
to other financial liabilities are included in the initial recognition amounts.* Financial liabilities measured by the fair value and the changes recorded in profit or loss
The classification by which financial liabilities held-for-trade and financial liabilities designed at the initial
recognition to be measured by the fair value follows the same criteria as the classification by which financial
assets held-for-trade and financial assets designed at the initial recognition to be measured by the fair value and
32Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
their changes are recorded in the current profit or loss
Transactional financial liabilities (including derivatives belonging to financial liabilities) are subsequently
measured according to fair value. Except for hedging accounting changes in fair value are included in current
profits and losses.Financial liabilities designated as financial liabilities that are measured at fair value and their's changes are
included in current profits and losses. The liabilities are included in other comprehensive gains due to changes in
fair value caused by changes in the Company's own credit risk and when the liabilities are terminated the
changes in fair value caused by changes in its own credit risk of other comprehensive gains are included in the
cumulative changes in its fair value caused by changes in its own credit risk of other comprehensive gains. The
amount is transferred to retained earnings. The remaining changes in fair value are included in current profits and
losses. If the above-mentioned way of dealing with the impact of the changes in the credit risk of such financial
liabilities will result in or expand the accounting mismatch in the profits and losses the Company shall include all
the profits or losses of such financial liabilities (including the amount of the impact of the changes in the credit
risk of the enterprise itself) into the current profits and losses.* Other financial liabilities
In addition to the transfer of a financial asset is not in conformity with the conditions to stop the recognition or
formed by its continuous involvement in the transferred financial asset financial liabilities and financial guarantee
contract of other financial liabilities classified as financial liabilities measured at the amortized cost measured at
the amortized cost for subsequent measurement recognition has been stopped or amortization of the profit or loss
is included in the current profits and losses.
(3) Recognition basis and measurement methods for transfer of financial assets
Financial assets satisfying one of the following conditions shall be terminated and recognized: * The contractual
right to collect the cash flow of the financial asset is terminated; * The financial asset has been transferred and
almost all the risks and rewards in the ownership of the financial asset have been transferred to the transferee;
* The financial asset has been transferred although the enterprise neither transfers nor retains almost all the risks
and rewards in the ownership of the financial asset but it abandoned control of the financial assets.In case that the enterprise does not transfer or retain almost all risks and rewards on financial assets ownership nor
waive to control these assets relevant financial assets shall be recognized in accordance with the degree for
continued involvement of financial assets transferred and relevant liabilities shall be recognized correspondingly.west bank The term "continuous involvement in the transferred financial asset" shall refer to the risk level that the
enterprise faces resulting from the change of the value of the financial asset.If the overall transfer of the financial assets satisfies the derecognition criteria the difference between the book
value of the transferred financial assets and the sum of the consideration received from transfer and cumulative
change in fair value previously recognized in other comprehensive income is accounted into the current profit or
loss.In case that the partial transfer of financial assets meets de-recognition conditions the book value of financial
assets transferred shall be allocated as per respective fair value between de-recognized or not de-recognized parts
and the difference between the sum of the consideration received due to transfer with the accumulated amount of
fair value changes that is previously included in other comprehensive income and shall be allocated to de-
recognized parts and the aforesaid book amount allocated shall be included in the current profit or loss.
33Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The Company shall determine whether almost all the risks and rewards of the ownership of the financial assets
sold by means of recourse or endorsed to transfer the financial assets it holds have been transferred. If almost all
the risks and rewards in the ownership of the financial asset have been transferred to the transferee the
confirmation of the financial asset shall be terminated; if almost all the risks and rewards in the ownership of the
financial asset have been retained the confirmation of the financial asset shall not be terminated; if neither the
transfer nor the retention of almost all the risks and rewards in the ownership of the financial asset has been made.In case of remuneration it shall continue to determine whether the enterprise has retained control over the assets
and conduct accounting treatment in accordance with the principles described in the preceding paragraphs.
(4) Termination confirmation of financial liabilities
If the current obligation of a financial liability (or part thereof) has been discharged the Company shall terminate
the recognition of the financial liability (or part thereof). If the Company (the debtor) signs an agreement with the
lender to replace the original financial liabilities by assuming new financial liabilities and the contract terms of
the new financial liabilities are substantially different from those of the original financial liabilities it shall
terminate the recognition of the original financial liabilities and at the same time confirm a new financial
liabilities. If the Company substantially amends the contract terms of the original financial liabilities (or part
thereof) it shall terminate the confirmation of the original financial liabilities and at the same time confirm a new
financial liabilities in accordance with the revised terms.If the financial liabilities (or part thereof) are terminated the difference between their book value and the
consideration paid (including the transferred non-cash assets or liabilities assumed) shall be included in the profits
and losses of the current period.
（5）Offsetting financial assets and financial liabilities
When the Company has a legal right that is currently enforceable to set off the recognized financial assets and
financial liabilities and intends either to settle on a net basis or to realize the financial asset and settle the
financial liability simultaneously a financial asset and a financial liability shall be offset and the net amount is
presented in the balance sheet. Except for the above circumstances financial assets and financial liabilities shall
be presented separately in the balance sheet and shall not be offset.
(6) Method for determining the fair value of financial assets and financial liabilities
Fair value refers to the price that a market participant must pay to sell or transfer a liability in an orderly
transaction that occurs on the measurement date. The fair value of financial instruments existing in an active
market is determined by the Company according to its quoted price in this market. west bank The quoted prices in
the active market refer to the prices which are easily available from the stock exchanges brokers industry
associations pricing service institutions and etc. at a fixed term and which represent the prices at which actually
occurred market transactions are made under fair conditions.￡? In can a financial instrument does not exist in
active markets its fair value shall be determined by the Company with assessment techniques. The value appraisal
techniques mainly include the prices adopted by the parties who are familiar with the condition in the latest
market transaction upon their own free will the current fair value obtained by referring to other financial
instruments of the same essential nature the cash flow capitalization method and the option pricing model etc. In
valuation the Company adopts valuation techniques that are applicable in the current situation and supported by
sufficient data and other information to select input values consistent with the characteristics of assets or liabilities
considered by market participants in the transactions of related assets or liabilities and give priority to the use of
relevant observable input values as far as possible. Unallowable values are used if the relevant observable input
34Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
values are not available or are not practicable.
（7）Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting
all of its liabilities. The consideration received from issuing equity instruments net of transaction costs are added
to shareholders’ equity. All types of distribution (excluding stock dividends) made by the Company to holders of
equity instruments are deducted from shareholders’ equity.The dividends (including "interest" generated by the tools classified as equity instruments) distributed by the
Company's equity instruments during the period of their existence shall be treated as profit distribution.
10. Impairment of financial instruments
The Company requires to confirm that the financial assets lost by impairment are financial assets measured by
amortized cost investment in debt instruments and lease receivables which are measured at fair value and whose
changes are included in other comprehensive gains mainly including notes receivable accounts receivable other
receivables creditor's rights investment other creditor's rights investment and long-term receivables and etc. In
addition provision for impairment and confirmation of credit impairment losses are also made for contract assets
and some financial guarantee contracts in accordance with the accounting policies described in this section.
(1) Method of confirming impairment provision
Based on anticipated credit loss the Company calculates impairment preparation and confirms credit impairment
loss according to the applicable anticipated credit loss measurement method (general method or simplified
method).Credit loss refers to the difference between the cash flow of all contracts discounted according to the original real
interest rate and the expected cash flow of all contracts receivable according to the contract that is the present
value of all cash shortages. Among them the Company discounts the financial assets purchased or originated with
credit impairment at the actual interest rate adjusted by credit.The general method of measuring anticipated credit loss is whether the credit risk of the Company's financial
assets (including other applicable items such as contract assets similarly hereinafter) has increased significantly
since the initial recognition on each balance sheet day. If the credit risk has increased significantly since the initial
recognition the Company shall measure the loss preparation according to the amount equivalent to the expected
credit loss in the whole duration. If the credit risk has not increased significantly since the initial recognition the
Company shall measure the loss preparation according to the amount equivalent to the expected credit loss in the
next 12 months. The Company shall consider all reasonable and evidenced information including forward-
looking information when evaluating expected credit losses.Assuming that their credit risk has not increased significantly since the initial recognition the Company may
choose to measure the loss reserve according to the expected credit loss in the next 12 months for financial
instruments with low credit risk on the balance sheet date.
(2) Criteria for judging whether credit risk has increased significantly since the initial recognition
If the probability of default of a financial asset on the estimated duration of the balance sheet is significantly
higher than the probability of default during the estimated duration of the initial recognition the credit risk of the
financial asset is significantly increased. Except for special circumstances the Company uses the change of
35Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
default risk in the next 12 months as a reasonable estimate of the change of default risk in the entire duration to
determine whether the credit risk has increased significantly since the initial recognition.
(3) A portfolio-based approach to assessing expected credit risk
The Company shall evaluate the credit risk of financial assets with distinct differences in credit risk such as the
related party's receivables the receivables in dispute with the other party or involving litigation and arbitration
and receivables that has been proved that the debtor may not be able to fulfill the obligation of repayment etc.In addition to the financial assets that assess credit risk individually the Company shall divide financial assets into
different groups based on common risk characteristics and assess credit risk on the basis of portfolio.
(4) Accounting treatment of impairment of financial assets
At the end of the duration the Company shall calculate the anticipated credit losses of various financial assets. If
the anticipated credit losses are greater than the book value of its current impairment provision the difference is
deemed as impairment loss. If the balance is less than the book value of the current impairment provision the
difference is deemed as impairment profit.
(5) Method of determining credit losses of various financial assets
In regard to receivables without significant financing components the Company shall measure loss preparation
according to the amount of anticipated credit loss equivalent to the entire duration.In addition to the accounts receivable that assesses the credit risk individually receivables are divided into
different portfolios based on their credit risk characteristics:
* Basis for determining the combination of credit risk characteristics
Items Basis for determining the portfolio
Except for accounts receivable and other receivables for which loss provision has
been separately measured or belonging to portfolio 2 portfolio 3 and portfolio 4 the
Company determines the loss provision based on the expected credit loss of the same
Combination 1 (aging portfolio) or similar accounts receivable portfolio with similar credit risk characteristics in
previous years and divided according to aging considering the forward-looking
information. The aging shall be calculated from the time when the accounts receivable
are initially recognized
All kinds of deposits margins advances quality assurance margins employee loans
Portfolio 2 (margin portfolio) change reserve funds and other receivables that should be collected in daily and
regular activities
Portfolio 3 (financial asset portfolio with Notes receivable and other receivables with extremely low credit risk according to the
very low credit risk) expected credit loss calculation
Funds receivable from affiliated companies within the scope of consolidation are used
Portfolio 4 (risk-free portfolio)
as the basis for portfolio
* When credit risk assessment is carried out by portfolio method according to the portfolio structure of financial
assets and similar credit risk characteristics (the debtor's ability to repay the debts according to the contract terms)
combined with historical default loss experience and current economic situation and considering forward-looking
information the expected credit loss is measured on the basis of expected duration to recognize the loss provision
36Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
of financial assets.The accrual method of loss provision measured by different portfolios:
Items Accrual method
Combination 1 (aging portfolio) Estimated duration
Portfolio 2 (margin portfolio) Estimated duration
Portfolio 3 (financial asset portfolio with very low credit risk) Estimated duration
Portfolio 4 (risk-free portfolio) Estimated duration
* The expected credit loss rate of each portfolio is as follows:
Combination 1 (aging portfolio): expected credit loss rate
Expected credit loss rate of Expected credit loss rate of other
Aging
accounts receivable (%) receivables (%)
Within 1 year（Including 1 year） 0 0
1-2 years (Including 2 years） 10 10
2-3 years（Including 3 years） 30 30
3-4 years（Including 4 years） 50 50
4-5 years（Including 5 years） 90 90
Over 5 years 100 100
Portfolio 2 (margin portfolio): Based on the experience of historical default loss and current economic situation
and considering forward-looking information the expected credit loss rate is 0;
Portfolio 3 (financial asset portfolio with very low credit risk): combined with historical default loss experience
and current economic situation considering forward-looking information the expected credit loss rate is 0;
Portfolio 4 (risk-free portfolio): based on the historical experience of default losses and current economic situation
considering forward-looking information the expected credit loss rate is 0.
11.Contract assets and Contract liabilities
（1）Contract assets
The Company lists the right to receive consideration for goods or services that have been transferred to customers
(and this right depends on other factors besides the passage of time) as contract assets. The accrual of impairment
provision of contract assets shall refer to the expected credit loss method of financial instruments. The Company
adopts a simplified method to measure the loss provision for contract assets (whether or not they contain
significant financing elements).In case of impairment loss of contract assets the "asset impairment loss" shall be debited according to the amount
to be written down and the contract assets impairment provision shall be credited; When reversing the accrued
asset impairment provision make the opposite entry.
(2) Contract liabilities
The Company lists the obligation to transfer goods or provide services to customers for consideration received or
receivable from customers as contractual liabilities.
37Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The Company shall list the contract assets and liabilities under the same contract in net amount.In the contract between the Company and customers the Company has the right to charge the contract price for
the goods and related services that have been transferred to customers and meanwhile undertake the performance
obligation of transferring the goods or services to customers. When the customer actually pays the contract
consideration or the enterprise has transferred the goods or services to the customer before the consideration
becomes due and payable the right to receive the consideration due to the transferred goods or services shall be
listed as contract assets and recognized as accounts receivable or long-term receivables when the unconditional
right of collection is obtained. ?
In the contract between the Company and customers the Company has the right to charge the contract price for
the goods and related services that have been transferred to customers and meanwhile undertake the performance
obligation of transferring the goods or services to customers. When the customer actually pays the contract
consideration or the enterprise has transferred the goods or services to the customer before the consideration
becomes due and payable the right to receive the consideration due to the transferred goods or services shall be
listed as contract assets and recognized as accounts receivable or long-term receivables when the unconditional
right of collection is obtained. ?
12. Long-term equity investments
(1) Initial measurement
The Company makes initial measurement of long-term equity investment in the following two situations:
* The initial investment cost of long-term equity investment formed by business combination shall be
determined in accordance with the following provisions:
A. In a business combination under the same control if the combining party pays cash transfers non-cash assets
or assumes debts as the combination consideration the share of the book value of the owner's equity of the
merged party in the consolidated financial statements of the final controlling party shall be taken as the initial
investment cost of long-term equity investment on the combination date. The difference between the initial
investment cost of long-term equity investment and the cash paid the transferred non-cash assets and the book
value of the debts undertaken is adopted to adjust the capital reserve; If the capital reserve is insufficient to offset
the retained earnings shall be adjusted. All directly related expenses incurred for business combination including
audit fees evaluation fees legal service fees etc. are included in the current profits and losses when they occur.B. In the business combination not under the same control the Company determines the combination cost by
distinguishing the following situations:
a) For business combination realized by one exchange transaction the cost of combination is the fair value of
assets paid liabilities incurred or assumed in order to gain control over the purchased party on the purchase date;
b) For business combination realized step by step through multiple exchange transactions the sum of the book
value of the equity investment of the purchased party held before the purchase date and the new investment cost
on the purchase date shall be taken as the initial investment cost of the investment;
c) Intermediary expenses such as auditing legal services evaluation and consultation and other related
management expenses incurred for business combination are included in the current profits and losses when they
occur;
38Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
d) If future events that may affect the combination cost are agreed in the combination contract or agreement if it
is estimated that the future events are likely to occur on the purchase date and the amount of impact on the
combination cost can be reliably measured they will be included in the combination cost.* Except for the long-term equity investment formed by business combination the initial investment cost of
long-term equity investment obtained by other means shall be determined in accordance with the following
provisions:
A. For the long-term equity investment obtained by cash payment the actual purchase price shall be taken as the
initial investment cost. Initial investment cost includes expenses taxes and other necessary expenditures directly
related to obtaining long-term equity investment.B. For long-term equity investment obtained through exchange of non-monetary assets the initial investment cost
shall be determined according to Accounting Standards for Business Enterprises No.7-Exchange of Non-monetary
Assets.C. For long-term equity investment obtained through debt restructuring the initial investment cost shall be
determined according to Accounting Standards for Business Enterprises No.12-Debt Restructuring.* No matter how the long-term equity investment is obtained when the investment is obtained the cash
dividends or profits included in the paid consideration that have been declared but not yet issued by the investee
are separately accounted as receivable items which does not constitute the initial investment cost of obtaining the
long-term equity investment.
(2) Subsequent measurement
Long-term equity investment that can be controlled by the investee shall be accounted by the cost method in
individual financial statements. Long-term equity investments that have joint control or significant influence on
the investee shall be accounted by equity method.* Long-term equity investment accounted by cost method is priced according to the initial investment cost。
Adjust the cost of long-term equity investment by adding or recovering investment. Cash dividends or profits
declared and distributed by the investee shall be recognized as current investment income.If the initial investment cost of long-term equity investment accounted by equity method is greater than the fair
value share of identifiable net assets of the investee the initial investment cost of long-term equity investment
shall not be adjusted; If the initial investment cost of long-term equity investment is less than the fair value share
of the identifiable net assets of the investee at the time of investment the difference shall be included in the
current profits and losses and the cost of long-term equity investment shall be adjusted at the same time.After obtaining the long-term equity investment the investment income and other comprehensive income shall be
recognized respectively according to the share of the net profit and loss and other comprehensive income realized
by the invested unit and the book value of the long-term equity investment shall be adjusted at the same time;
According to the profit or cash dividend declared and distributed by the investee the book value of long-term
equity investment shall be reduced accordingly; The book value of the long-term equity investment is adjusted
and included in the owner's equity for other changes in the owner's equity of the investee except net profit and loss
other comprehensive income and profit distribution. When recognizing the share of the net profit and loss of the
investee the net profit of the investee is recognized after adjustment based on the fair value of the identifiable net
assets of the investee at the time of obtaining the investment. If the accounting policies and accounting periods
39Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
adopted by the investee are inconsistent with those of the Company the financial statements of the investee shall
be adjusted according to the accounting policies and accounting periods of the Company and the investment
income and other comprehensive income shall be recognized accordingly. The net loss incurred by the investee is
recognized to be written down to zero by the book value of long-term equity investment and other long-term
interests that substantially constitute the net investment of the investee unless the Company is obligated to bear
additional losses. If the investee achieves net profit in the future the Company will resume the recognition of the
revenue sharing amount after its revenue sharing amount compensates for the unrecognized loss sharing amount.When calculating and recognizing the net profit and loss that should be enjoyed or shared by the investee the
unrealized internal transaction profit and loss with the affiliated enterprise and the joint venture shall be calculated
according to the proportion that should be enjoyed and the part attributable to the Company shall be offset and
the investment income shall be recognized on this basis. Unrealized internal transaction losses between the
Company and the investee are asset impairment losses which shall be fully recognized.Part of the company's equity investment in affiliated enterprises is indirectly held through venture capital
institutions mutual funds trust companies or similar entities including investment-linked insurance funds.Regardless of whether the above entities have a significant impact on this part of investment the Company
chooses to measure this part of indirect investment at fair value and its change is included in profit or loss in
accordance with the relevant provisions of Accounting Standards for Business Enterprises No.22-Recognition and
Measurement of Financial Instruments and the rest is accounted for by equity method.* When the Company disposes of long-term equity investment the difference between its book value and the
actual purchase price shall be included in the current profits and losses. For long-term equity investment
accounted by equity method when disposing of the investment it adopts the same basis as the investee's direct
disposal of related assets or liabilities and accounts for the part originally included in other comprehensive
income according to the corresponding proportion.
(3) Basis to determine joint control over and significant influence on the investee
Joint control refers to the common control of an arrangement in accordance with the relevant agreement and the
relevant activities of such arrangement must be unanimously agreed by the participants who share the control
rights before making decisions. Significant influence means that the investor has the right to participate in the
decision-making on the financial and operating policies of the investee but cannot control or jointly control the
formulation of these policies with other parties. When determining whether the investee can be controlled or exert
significant influence the potential voting rights factors such as current convertible bonds and current executable
warrants of the investee held by the Company and other parties shall be considered at the same time.
13.Investment Property
The measurement mode of investment property
The measurement by the cost method
Depreciation or amortization method
Investment property is held to earn rentals or for capital appreciation or for both. Investment property includes
leased or ready to transfer after capital appreciation land use rights and leased buildings.The Company's investment real estate is initially measured according to the cost at the time of acquisition and
depreciated or amortized on schedule according to the relevant provisions of fixed assets or intangible assets.
40Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Subsequent expenditures related to investment real estate are included in the investment real estate cost when the
relevant economic benefits are likely to flow into the Company and such cost can be reliably measured; Otherwise
they are included in the current profits and losses when they occur.For the investment real estate that is subsequently measured by the cost model please refer to 26 in this section
for the method of asset impairment.When the use of investment real estate is changed to self-use or external sale the investment real estate will be
converted into fixed assets intangible assets or inventory from the date of change. When the use of private real
estate is changed to rent-earning or capital appreciation the fixed assets or intangible assets will be converted into
investment real estate from the date of change. In case of conversion the book value before conversion is taken as
the entry value after conversion.The estimated service life estimated net salvage and depreciation (amortization) method of investment real estate
are reviewed at the end of each year and appropriate adjustments are made.When the investment real estate is disposed of or permanently withdrawn from use and it is not expected to
obtain economic benefits from its disposal the recognition of the investment real estate will be terminated. The
disposal income from the sale transfer scrapping or damage of investment real estate after deducting its book
value and related taxes is included in the current profits and losses. The difference between the disposal income
from the sale transfer scrapping or damage of investment real estate after deducting its book value and related
taxes is included in the current profits and losses.
14.Fixed assets
（1）Confirmation conditions
The Company's fixed assets refer to tangible assets held for the production of commodities provision of labor
services leasing or operation management which have a service life of more than one year and whose economic
benefits are likely to be included into the Company and whose costs can be reliably measured.The classification of the fixed asset
The Company's fixed assets include roads and bridges houses and buildings machinery and equipment electronic
equipment transportation tools and other equipment.
（2）Depreciation method
The useful life residual value rate and annual depreciation rate of various fixed assets are listed as follows:
Expected useful Residual rate Annual depreciation
Type Depreciation method
life(Year) （%） rate(%)
Guangfo Expressway Working flow basis 28 years 0%
Fokai Expressway-Xiebian to
Working flow basis 40 years 0%
Sanbao Section
Fokai Expressway-Sanbao to
Working flow basis 47.5 years 0%
Shuikou Section
Jingzhu Expressway Guangzhu Working flow basis 30 years 0%
41Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Section
Guanghui Expressway Co. Ltd. Working flow basis 23 years 0%
House Building The straight-line
20-30 years 3%-5% 3.17%-4.85%
method
The straight-line
Machine Equipment 3-10 years 3%-5% 9.50%-32.33%
method
The straight-line
Transportation Equipment 5-8 years 3%-5% 11.88%-19.40%
method
The straight-line
Other 5 years 3%-5% 19.00%-19.40%
method
For the fixed assets formed by special reserve expenditure the special reserve shall be offset according to the cost
to form the fixed assets and the accumulated depreciation of the same amount shall be recognized. The fixed
assets will not be depreciated in future periods.According to the nature and usage of fixed assets the Company determines the service life and estimated net
salvage value of fixed assets. At the end of the year the service life estimated net salvage value and depreciation
method of fixed assets shall be rechecked and if there is any difference with the original estimate corresponding
adjustments shall be made.
15.Construction-in process
The Company's construction in progress is accounted for in detail according to the project and the projects of
construction in progress are regarded as the entry value of fixed assets according to all expenses incurred before
the assets reach the scheduled serviceable state. Including the construction cost the original price of machinery
and equipment other necessary expenses incurred to make the construction in progress reach the scheduled
serviceable state as well as the borrowing costs incurred for the special loan of the project and the borrowing
costs incurred for the occupied general loan before the assets reach the scheduled serviceable state. The Company
will transfer the construction in progress into fixed assets when the project installation or construction reaches the
scheduled serviceable state. The constructed fixed assets that have reached the scheduled serviceable state but
have not yet been settled for completion shall be transferred to fixed assets according to the estimated value
according to the project budget construction cost or actual cost and the depreciation of fixed assets shall be
accrued according to the depreciation policy of the Company. After the completion of the final accounts the
original provisional estimated value shall be adjusted according to the actual cost but the original accrued
depreciation amount shall not be adjusted.The standards and time points for converting the Company's construction in progress into fixed assets are as
follows:
Category Standard and time point for converting into fixed assets
(1) The physical construction including the installation of related equipment and other supporting
facilities has been completely or substantially completed; (2) The amount of continued construction
expenditure is very small or almost no longer occurs; (3) Relevant equipment can maintain normal and
Expressway construction stable operation for a period of time after debugging; (4) The constructed expressway has reached the
project design or contract requirements or basically conforms to the design or contract requirements; (5) If the
construction project has reached the scheduled serviceable state but has not yet completed the final
accounts for completion it will be transferred to the fixed assets according to the estimated value according
to the actual cost of the project from the date of reaching the scheduled serviceable state.
42Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Category Standard and time point for converting into fixed assets
(1) The physical construction including installation has been completed or substantially completed; (2)
The amount of expenditure that continues to occur on the purchased houses and buildings is very small or
almost no longer occurs; (3) The purchased houses and buildings have reached the design or contract
Houses and buildings requirements or are basically consistent with the design or contract requirements; (4) If the construction
project has reached the scheduled serviceable state but has not yet completed the final accounts for
completion it will be transferred to the fixed assets according to the estimated value according to the actual
cost of the project from the date of reaching the scheduled serviceable state.
(1) Related equipment and other supporting facilities have been installed; (2) After debugging the
Machinery and
equipment can maintain normal and stable operation for a period of time and be accepted by relevant
equipment
personnel.
16.Borrowing cost
(1) Recognition principle and capitalization period of borrowing cost capitalization
Borrowing costs incurred by the Company can be directly attributed to the purchase construction or production of
assets that meet the capitalization conditions and shall be capitalized when the following conditions are met at the
same time and included in the relevant asset costs:
* Production and expenditure have occurred;
* Borrowing costs have already occurred;
* The purchase construction or production activities required to make the assets reach the intended usable or
saleable state have started.Capitalization of borrowing costs shall be suspended if the assets that meet the capitalization conditions are
abnormally interrupted in the process of purchase construction or production and the interruption time
continuously exceeds 3 months. Borrowing costs incurred during the interruption period are recognized as
expenses and included in the current profits and losses until the purchase and construction of assets or the
resumption of production activities. If the interruption is a necessary procedure for the purchased built or
produced assets that meet the capitalization conditions to reach the intended usable or saleable state the
capitalization of borrowing costs will continue.Capitalization of borrowing costs shall be stopped when assets eligible for capitalization are purchased built or
produced to the intended usable or saleable state. Borrowing costs incurred in the future are recognized as
expenses in the current period.
(2) Calculation method of capitalization amount of borrowing costs
Where a special loan is borrowed for the purpose of purchasing building or producing assets that meet the
capitalization conditions it shall be determined by deducting the interest income obtained by depositing unused
loan funds into the bank from the interest expenses actually incurred in the current period of special loan or by the
investment income obtained by temporary investment.If the general loan is occupied for the purpose of purchasing building or producing assets that meet the
capitalization conditions the interest amount of the general loan that should be capitalized shall be calculated and
determined according to the weighted average of the accumulated asset expenditure exceeding the special loan
portion multiplied by the capitalization rate of the occupied general loan. Capitalization rate is calculated and
determined according to the weighted average interest rate of general borrowings.
43Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
17.Intangible assets
(1) Service life and its determination basis estimation amortization method or review procedure
The intangible assets of the Company are initially measured at cost. The purchased intangible assets shall be
regarded as the actual cost according to the actual paid price and related expenses. The actual cost of intangible
assets invested by investors shall be determined according to the value agreed in the investment contract or
agreement but if the value agreed in the contract or agreement is unfair the actual cost shall be determined
according to the fair value. The cost of self-developed intangible assets is the total expenditure incurred before
reaching the intended use.The follow-up measurement methods of the Company's intangible assets are as follows: intangible assets with
limited service life are amortized by the straight-line method or workload method according to different categories
and the service life and amortization method of intangible assets are rechecked at the end of the year and if there
is any difference from the original estimate corresponding adjustments will be made; Intangible assets with
uncertain service life are not amortized but at the end of the year their service life will be reviewed. When there
is conclusive evidence that their service life is limited it will be estimated and amortized by the straight-line
method.The amortization method of intangible assets with limited service life is as follows:
Category Amortization years Amortization method
Land use right Remaining useful life Straight-line method
Software 3-5 years Straight-line method
Toll road franchise Residual toll operation period Workload method
18. Long-term amortizable expenses
Long-term deferred expenses are recorded according to the actual amount incurred and are amortized equally in
installments during the benefit period or within the prescribed period. If the long-term prepaid expense item
cannot benefit the future accounting period the amortized value of the item that has not been amortized will be
transferred to the current profits and losses.
19. Employee Benefits
Employee compensation refers to various forms of remuneration or compensation given by the Company for
obtaining services provided by employees or dissolving labor relations. Employee compensation includes short-
term salary post-employment benefits dismissal benefits and other long-term employee benefits. Benefits
provided by the Company to spouses children dependents survivors of deceased employees and other
beneficiaries of employees are also employee compensation.
（1）Accounting methods of short-term benefits
During the accounting period when employees provide services the Company recognizes the actual short-term
salary as a liability which is included in the current profits and losses except that other accounting standards
require or allow it to be included in the cost of assets.
44Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
(2) Accounting methods for post-employment benefits
The Company classifies the post-employment benefit plan into defined contribution plan and defined benefit plans.Post-employment benefit plan refers to the agreement reached between the Company and employees on post-
employment benefits or the rules or measures formulated by the Company to provide post-employment benefits
to employees among which the set deposit plan refers to the post-employment welfare plan in which the
Company no longer undertakes further payment obligations after paying a fixed fee to an independent fund;
Defined benefit plans refers to the post-employment benefit plan except the set-up deposit plan.
(3) Accounting Treatment Method of Demission Welfare
If the Company provides dismissal benefits to employees the employee compensation liabilities arising from the
dismissal benefits shall be recognized as soon as possible and included in the current profits and losses: when the
company cannot unnaturally withdraw the dismissal benefits provided by the termination of labor relations plan or
reduction proposal; when the Company recognizes the costs or expenses related to the reorganization involving
the payment of dismissal benefits.
（4）Other long-term employee benefits
If other long-term employee benefits provided by the Company to employees meet the conditions of the set
deposit plan they shall be handled according to the accounting policies of the set deposit plan mentioned above;
Otherwise the net liabilities or net assets of other long-term employee benefits shall be recognized and measured
in accordance with the accounting policies of defined benefit plans mentioned above.
20.Estimated liabilities
(1) Recognition criteria of estimated liabilities
If the obligations related to contingencies stipulated by the Company meet the following conditions at the same
time they are recognized as estimated liabilities:
* The obligations are the current obligations undertaken by the enterprise;
* Fulfilling the obligations is likely to cause economic benefits to flow out of the enterprise;
* The amount of the obligations can be measured reliably.
(2) Measurement method of estimated liabilities
Estimated liabilities are initially measured according to the best estimate of expenditure required to fulfill relevant
current obligations. There is a continuous range of required expenditure and the possibility of occurrence of
various results in this range is the same and the best estimate is determined according to the intermediate value in
this range. In other cases the best estimates are treated as follows:
* Contingencies involving a single item shall be determined according to the most probable amount.* Contingencies involving multiple items shall be calculated and determined according to various possible
results and relevant probabilities.When determining the best estimate the risk uncertainty and time value of money related to contingencies shall
be considered comprehensively. If the time value of money has great influence the best estimate is determined by
discounting the related future cash outflow.
45Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
If all or part of the expenses required by the Company to pay off the estimated liabilities are expected to be
compensated by a third party the compensation amount can be recognized as an asset only when it is basically
confirmed that it can be received. The recognized compensation amount shall not exceed the book value of the
estimated liabilities.The Company rechecks the book value of the estimated liabilities on the balance sheet date. If there is conclusive
evidence that the book value cannot truly reflect the current best estimate the book value shall be adjusted
according to the current best estimate.
21. Revenues
Accounting policies adopted for income recognition and measurement
(1) Revenue recognition principle
Since the starting date of the contract the company shall evaluate the contract identifies each individual
performance obligation contained in and determines whether each individual performance obligation is
performed within a certain period of time or at a certain point of time.The performance obligation is defined as fulfillment within a certain period of time if one of the following
conditions is met otherwise it is defined as fulfilled at a certain point in time: * The customer obtains and
consumes the economic benefits brought by the company's performance while the company performs the contract;
* The customer can control the goods under manufacturing or services during the company's performance; *
The goods or services produced during the company's performance have irreplaceable uses and the company has
the right to accumulate for the completed performances during the entire contract period.For obligations performed within a certain period of time the company recognizes revenue in accordance with the
performance progress in that period. If the performance progress cannot be reasonably determined and the cost
incurred is expected to be compensated the revenue shall be recognized according to the amount of the cost
incurred until the performance progress can be reasonably determined. For obligations performed at a certain
point in time revenue shall be recognized at the point when the customer obtains control of the relevant goods or
services. When judging whether the customer has obtained control of the product the company shall consider the
following points: * The company has the current right to receive payment for the product that is the customer
has the current payment obligation for the product; * The company has transferred the legal ownership of the
product to the customer that is the customer has the legal ownership of the product; * The company has
transferred the physical product to the customer that is the customer has physically taken possession of the
product; * The company has transferred the main risks and rewards on the ownership of the product to the
customer that is the customer has obtained the main risks and rewards on the ownership of the product; * The
customer has accepted the product; * Other signs that the customer has obtained control of the product.
(2) Principle of revenue measurement
* The company shall measure revenue based on the transaction price allocated to each individual performance
obligation. The transaction price is the amount of consideration that the company expects to be entitled to receive
due to the transfer of goods or services to customers while does not include payments received on behalf of third
parties and payments expected to be returned to customers.* If there is variable consideration in the contract the company shall determine its best estimate according to the
expected value or the most likely amount but the transaction price including the variable consideration shall not
46Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
exceed the accumulated amount that if relevant uncertainty is eliminated will most likely have no significant
reversal.* If there is any significant financing component in the contract the company shall determine the transaction
price based on the amount payable in cash when the customer assumes control of the goods or services. The
difference between transaction price and contract consideration shall be amortized through effective interest
method during the contract period. On the starting date of contract if the company expects that the customer will
obtain control of the goods or services and pays the price within one year the significant financing component in
contract shall not be considered.* If the contract contains two or more performance obligations the company shall on date of the contract
allocate the transaction price to each individual obligation item in accordance with the relative proportion of the
separate selling price of promised goods.The adoption of different business models in similar businesses leads to differences in accounting policies for
revenue recognition
(3) Specific methods of revenue recognition
1) Toll service fee income
Toll revenue refers to the toll revenue from operating toll roads which is recognized according to the amount
collected and receivable when vehicles pass.
2）Advertising and other revenue
Advertising and other income shall be recognized as operating income within the service period according to the
service time and price after the service is provided.
22. Contract cost
If the incremental cost incurred by the Company to obtain the contract is expected to be recovered it will be
recognized as an asset for the contract acquisition cost. If the amortization period of the contract acquisition cost
does not exceed one year it will be directly included in the current profits and losses when it occurs.If the cost incurred by the Company to perform the contract does not apply to the scope of the relevant standards
such as inventory fixed assets or intangible assets and meets the following conditions at the same time it shall be
recognized as an asset for the contract performance cost:
(1) The cost is directly related to a current or expected contract including direct labor direct materials
manufacturing expenses (or similar expenses) costs explicitly borne by customers and other costs incurred only
due to the contract;
(2) The cost increases the Company's resources for performing and fulfilling its obligations in the future;
(3) The cost is expected to be recovered.
The Company amortizes the assets related to the contract cost on the same basis as the income of goods or
services related to the assets and includes them into the current profits and losses.If the book value of the assets related to the contract cost is higher than the expected remaining consideration due
to the transfer of the goods or services related to the assets minus the estimated costs to be incurred the Company
47Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
will make provision for impairment of the excess and recognize it as an asset impairment loss. If the factors of
impairment in the previous period have changed so that the expected residual consideration of the goods or
services related to the asset after the transfer minus the estimated cost is higher than the book value of the asset it
will be transferred back to the originally accrued asset impairment provision and included in the current profits
and losses but the book value of the asset after the transfer does not exceed the book value of the asset on the
transfer date if the impairment provision is not accrued.
23. Government Grants
(1) Types of government subsidies and accounting treatment
Government subsidies refer to the monetary assets or non-monetary assets obtained by the Company from the
government for free (but excluding the capital invested by the government as the owner). If government subsidies
are monetary assets they shall be measured according to the amount received or receivable. If government
subsidies are non-monetary assets they shall be measured at fair value; If the fair value cannot be obtained
reliably they shall be measured according to the nominal amount.Government subsidies related to the daily activities are included in other income according to the nature of
economic business. Government subsidies unrelated to the daily activities are included in non-operating income.Government documents clearly specify that government subsidies for purchasing constructing or otherwise
forming long-term assets are recognized as government subsidies related to assets. If the object of subsidy is not
clearly specified in government documents and long-term assets can be formed the part of government subsidies
corresponding to the value of assets shall be regarded as the government subsidies related to assets and the rest
shall be regarded as the government subsidies related to income; If it is difficult to distinguish them the
government subsidies as a whole will be regarded as a government subsidies related to income. Government
subsidies related to assets are recognized as deferred income. The amount recognized as deferred income shall be
included in the current profits and losses by stages in accordance with a reasonable and systematic method within
the service life of the relevant assets.Government subsidies other than those related to assets are recognized as government subsidies related to income.If government subsidies related to income are used to compensate the related expenses or losses of the enterprise
in the future they will be recognized as deferred income and will be included in the current profits and losses
during the period when the related expenses are recognized; If used to compensate the related expenses or losses
that have occurred in the enterprise they will be directly included in the current profits and losses.The Company has obtained the policy preferential loan discount and the finance will allocate the discount funds
to the lending bank. If the lending bank provides loans to the Company at the policy preferential interest rate the
actually received loan amount will be taken as the recorded value of the loan and the relevant borrowing costs
will be calculated according to the loan principal and the policy preferential interest rate; If the finance directly
allocates the discount funds to the Company the Company will offset the relevant borrowing costs with the
corresponding discount.
(2) Recognition time of government subsidies
Government subsidies are recognized when they meet the conditions attached to government subsidies and can be
received. Government subsidies measured according to the amount receivable shall be recognized at the end of the
period when there is conclusive evidence that they can meet the relevant conditions stipulated in the financial
support policy and it is expected that financial support funds can be received. Other government subsidies other
48Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
than those measured according to the amount receivable shall be recognized when the subsidies are actually
received.
24.Deferred income tax assets and deferred income tax liabilities
The Company adopts the balance sheet liability method for income tax accounting treatment.
(1) Deferred tax assets
* If there is a deductible temporary difference between the book value of an asset or liability and its tax basis the
deferred income tax assets generated by the deductible temporary difference shall be calculated and confirmed
according to the applicable tax rate during the expected period of recovering the asset or paying off the liability.* On the balance sheet date if there is conclusive evidence that sufficient taxable income is likely to be obtained
in the future period to offset the deductible temporary difference the unrecognized deferred income tax assets in
the previous period shall be recognized.* On the balance sheet date the book value of deferred income tax assets shall be reviewed. If it is unlikely that
enough taxable income will be obtained in the future period to offset the benefits of deferred income tax assets
the book value of deferred income tax assets will be written down. When sufficient taxable income is likely to be
obtained the written-down amount will be reversed.
(2) Deferred income tax liabilities
If there is a taxable temporary difference between the book value of assets and liabilities and their tax basis the
deferred income tax liabilities arising from the taxable temporary difference shall be recognized according to the
applicable tax rate during the expected period of recovering the assets or paying off the liabilities.
25.Lease
(1) Accounting treatment method for leasing as a lessee
On the start date of the lease term the Company recognizes the right-to-use assets and lease liabilities for leases
other than short-term leases and low-value asset leases and recognizes depreciation expenses and interest
expenses respectively during the lease term.The Company adopts the straight-line method in each period of the lease term and the lease payment of short-
term leases and low-value asset leases is included in the current expenses.
1) Right-to-use assets
The right-to-use assets refer to the right of the lessee to use the leased assets during the lease term. On the start
date of the lease term the right-to-use assets are initially measured according to the cost. The cost includes: *
The initial measurement amount of lease liabilities; * The lease payment amount issued on or before the start
date of the lease term where if there is a lease incentive the amount related to the entitled lease incentive shall be
deducted; * The initial direct expenses incurred; * The cost expected to be incurred to dismantle and remove the
leased assets restore the site where the leased assets are located or restore the leased assets to the state agreed in
the lease terms.The depreciation of the Company's right-to-use assets is classified and accrued by the average life method. If it
49Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
can be reasonably determined that the ownership of the leased assets will be acquired at the expiration of the lease
term depreciation will be accrued within the expected remaining service life of the leased assets; If it is
impossible to reasonably determine that the ownership of the leased assets will be acquired at the expiration of the
lease term depreciation shall be accrued during the lease term or the remaining service life of the leased assets
whichever is shorter.According to the relevant provisions of Accounting Standards for Business Enterprises No.8 - Impairment of
Assets the Company determines whether the right-to-use assets have been impaired and carries out accounting
treatment.
2) Lease liabilities
Lease liabilities are initially measured according to the present value of unpaid lease payment on the start date of
the lease term. The lease payment include: * Fixed payment (including substantial fixed payment) if there is
lease incentive the relevant amount of lease incentive shall be deducted; * Variable lease payment depending on
index or ratio; * The amount expected to be paid according to the residual guarantee provided by the lessee; *
The exercise price of the purchase option provided that the lessee reasonably determines that the option will be
exercised; * The amount to be paid when the option to terminate the lease is exercised provided that the lease
term reflects that the lessee will exercise the option to terminate the lease;
The Company adopts the interest rate implicit in lease as the discount rate; If the interest rate implicit in lease
cannot be reasonably determined the incremental loan interest rate of the Company shall be adopted as the
discount rate. The Company calculates the interest expense of the lease liabilities during the lease term according
to the fixed periodic interest rate and includes it in the financial expense. The periodic interest rate refers to the
discount rate adopted by the Company or the revised discount rate.The variable lease payments that are not included in the measurement of lease liabilities are included in the
current profits and losses when actually incurred.When the Company's evaluation results of the option to renew the lease terminate the lease or purchase change
the lease liabilities will be re-measured according to the present value calculated by the changed lease payment
and the revised discount rate and the book value of the right-to-use assets will be adjusted accordingly. When the
actual lease payment the expected payable amount of the residual guarantee or the variable lease payment
depending on the index or ratio changes the lease liabilities shall be re-measured according to the present value
calculated by the changed lease payment and the original discount rate and the book value of the right-to-use
assets shall be adjusted accordingly.
(2) Accounting treatment method for leasing as a lessor
1) Accounting treatment of operating lease
During each period of the lease term the Company adopts the straight-line method to recognize the lease receipts
from operating lease as rental income. The Company capitalizes the initial direct expenses related to operating
lease and includes them in the current income by stages according to the same recognition basis as the rental
income during the lease term.
2) Accounting treatment of financial lease
On the lease start date the Company recognizes the difference between the sum of the financial lease receivable
50Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
and the unguaranteed residual value and its present value as unrealized financing income and recognizes it as
lease income in the future period when the rent is received. The initial direct expenses incurred by the Company
related to the leasing transaction are included in the initial entry value of the financial lease receivable.
26. Impairment of assets
The following signs indicate that the assets may be impaired:
(1) The market price of assets fell sharply in the current period which was significantly higher than the expected
decline due to the passage of time or normal use.
(2) The economic technical or legal environment in which the Company operates and the market in which the
assets are located have undergone major changes in the current period or in the near future which will have
adverse effects on the Company.
(3) The market interest rate or other market return on investment has increased in the current period which
affects the discount rate used by enterprises to calculate the present value of the estimated future cash flow of
assets resulting in a significant decrease in the recoverable amount of assets.
(4) There is evidence that the assets are outdated or their entities have been damaged.
(5) Assets have been or will be idle terminated or planned to be disposed of in advance.
(6) The evidence reported by the company shows that the economic performance of assets has been or will be
lower than expected such as the net cash flow created by assets or the realized operating profit (or loss) is far
lower than the expected amount.
(7) Other indications that assets may have been impaired.
On the balance sheet date the Company judges various assets that are applicable to the Accounting Standards for
Business Enterprises No.8-Impairment of Assets such as long-term equity investment fixed assets engineering
materials construction in progress intangible assets (except those with uncertain service life) and conducts
impairment test when there are signs of impairment-estimating their recoverable amount. The recoverable amount
is determined by the higher of the net amount of the fair value of the asset minus the disposal expenses and the
present value of the estimated future cash flow of the asset. If the recoverable amount of an asset is lower than its
book value the book value of the asset shall be written down to the recoverable amount and the written-down
amount shall be recognized as the asset impairment loss which shall be included in the current profits and losses
and the corresponding asset impairment reserve shall be accrued at the same time.If there are signs that an asset may be impaired the Company usually estimates its recoverable amount on the
basis of individual assets. When it is difficult to estimate the recoverable amount of a single asset the recoverable
amount of the asset group is determined based on the asset group to which the asset belongs.Asset group is the smallest asset portfolio that can be recognized by the Company and its cash inflow is basically
independent of other assets or asset groups. The asset group consists of assets related to cash inflow. The
identification of asset group is based on whether the main cash inflow generated by asset group is independent of
other assets or cash inflow of asset group.The Company conducts impairment test every year for intangible assets with uncertain goodwill and service life
formed by business combination and not yet in serviceable condition regardless of whether there is any sign of
51Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
impairment. The impairment test of goodwill is carried out in combination with its related asset group or
combination of asset groups.Once the asset impairment loss is confirmed it will not be reversed in the following accounting period.
27. Fair value measurement
Fair value refers to the price that a market participant must pay to sell or transfer a liability in an orderly
transaction that occurs on the measurement date.The Company measures related assets or liabilities at fair value assuming that the orderly transaction of selling
assets or transferring liabilities is conducted in the main market of related assets or liabilities; If there is no major
market the Company assumes that the transaction will be conducted in the most favorable market of related assets
or liabilities. The main market (or the most favorable market) is the trading market that the Company can enter on
the measurement day. The Company adopts the assumptions used by market participants to maximize their
economic benefits when pricing the assets or liabilities.When measuring non-financial assets at fair value the ability of market participants to use the assets for the best
purpose to generate economic benefits or the ability to sell the assets to other market participants for the best
purpose to generate economic benefits shall be considered.The Company adopts the valuation technology which is applicable in the current situation and supported by
sufficient available data and other information and gives priority to the relevant observable input values and only
uses the unobservable input values when the observable input values are unavailable or impractical.For assets and liabilities measured or disclosed at fair value in financial statements it shall determine the fair
value level according to the lowest level input value which is of great significance to fair value measurement as a
whole: the first-level input value is the unadjusted quotation of the same assets or liabilities that can be obtained
on the measurement date in an active market; The second-level input value is directly or indirectly observable
input values of related assets or liabilities except the first-level input value; The third level input value is the
unobservable input value of related assets or liabilities.On each balance sheet date the Company reassesses the assets and liabilities recognized in the financial
statements that are continuously measured at fair value to determine whether there is a conversion between the
fair value measurement levels.
28.Change of main accounting policies and estimations
(1)Change of main accounting policies
□Applicable √Not applicable
（2）Significant estimates changes
□Applicable √Not applicable
（3）The information of the adjusting items related to the financial statements at the beginning of the year of first
implementation due to the first implementation of new accounting standards from 2024.Adjustment description
□Applicable √Not applicable
52Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
VI. Taxation
1. Major category of taxes and tax rates
Tax category Tax basis Tax rate
VAT Taxable income 3%5%6%9%13%
The actual payment of turnover tax
City maintenance and construction tax 5%7%
Taxable income
Enterprise income tax 25%
Education Fee Surcharge The actual payment of turnover tax 3%
Local education surcharge The actual payment of turnover tax 2%
2.Preferential tax treatment
None
VII. Notes on major items in consolidated financial statements of the Company
1. Monetary funds
In RMB
Items Amount in year-end Balance Year-beginning
Cash 28703.17 35130.15
Bank deposit 2486064082.26 2039934390.23
Other 513700.81 514004.48
Money deposited with a finance
2469986094.022662395109.14
Company
Interest accrued when not due 21604195.03 15753098.20
Total 4978196775.29 4718631732.20
Other note
The interest receivable is RMB 21604195.03 from interest accrued on seven-day call deposits.
2. Account receivable
（1）Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginning
Within 1 year 123500989.75 131238586.90
1-2 years 1083333.33 9116666.67
2-3 years 9116666.67
Over 3 year 3143664.00 3143664.00
3-4 years 2077392.00
4-5 years 2077392.00 1066272.00
Over 5 years 1066272.00
Total 136844653.75 143498917.57
53Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
（2） According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Book Balance Bad debt provision Book Balance Bad debt provision
Category Book value Book value
Amount Proportion( Amount Proportion Amount Proportion Amount Proportio
%) (%) (%) n(%)
Accrual of bad debt
3143664.002.30%3143664.00100.00%3143664.002.19%3143664.00100.00%
provision by single
Including：
Accrual of bad debt
133700989.7597.70%1877500.001.40%131823489.75140355253.5797.81%455833.330.32%139899420.24
provision by portfolio
Including：
Aging portfolio 133700989.75 97.70% 1877500.00 1.40% 131823489.75 140355253.57 97.81% 455833.33 0.32% 139899420.24
Total 136844653.75 100.00% 5021164.00 3.67% 131823489.75 143498917.57 100.00% 3599497.33 2.51% 139899420.24
54Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Accrual of bad debt provision by single：None
In RMB
Balance Year-beginning Balance in year-end
Name Book Bad debt Book Bad debt Withdrawal
Reason
balance provision balance provision proportion
Guangdong Taiheng
The enterprise has entered
Expressway the stage of bankruptcy
3143664.003143664.003143664.003143664.00100.00%
and liquidation It is not
Development Co.expected to be recovered
Ltd.Total 3143664.00 3143664.00 3143664.00 3143664.00
Accrual of bad debt provision by portfolio: The aging
In RMB
Balance in year-end
Aging
Account receivable Bad debt provision Expected credit loss rate (%
Within 1 year 123500989.75
1-2 years 1083333.33 54166.67 5.00%
2-3 years 9116666.67 1823333.33 20.00%
Total 133700989.75 1877500.00
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
□ Applicable √ Not applicable
(3) Accounts receivable withdraw reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Opening
Category Reversed or Write- Closing balance
balance Accrual Other
collected amount off
Accrual of bad debt
3143664.003143664.00
provision by single item
Accrual of bad debt
455833.331421666.671877500.00
provision by credit risk
Total 3599497.33 1421666.67 5021164.00
Of which the significant amount of the reversed or collected part during the reporting period
（4）The actual write-off accounts receivable
None
(5) Top 5 of the closing balance of the accounts receivable collected according to the arrears party
55Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
In RMB
Proportio
Amount of
n of
Amount of Accounts receivable and ending balan
Closing balance of total acco
Company Name ending balanc contract assets ending ce
e the contract assets
unts
balance for bad debreceivable
ts
%
Guangdong Union Electronic
90123591.0265.86%
Services Co. Ltd.Guangdong Humen Bridge Co.
18978390.7813.87%
Ltd.Guangdong Lulu Traffic
10200000.057.45%1877500.00
Development Co. Ltd.Guangdong Expressway
Technology Investment Co. 6491696.72 4.74%
Ltd.Guangdong Jingzhu Expressway
Guangzhu North section Co. 5821250.01 4.25%
Ltd.Total 131614928.58 96.17% 1877500.00
（6）Account receivable which terminate the recognition owning to the transfer of the financial assets
None
(7)The amount of the assets and liabilities formed by the transfer and the continues involvement of
accounts receivable
None
3. Prepayments
（1）Aging analysis
In RMB
Balance in year-end Balance Year-beginning
Aging
Amount Proportion（%） Amount Proportion（%）
Within 1 year 4592976.76 95.63% 8310359.63 97.90%
1-2 years 69800.00 1.45% 37806.24 0.45%
Over 3 years 140000.00 2.91% 140000.00 1.65%
Total 4802776.76 8488165.87
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time:
None
(2) Top 5 of the closing balance of the prepayment collected according to the prepayment target
Name Relations with the Amount Aging Reasons for non- Proportion %
Company settlement
Guangdong Feida Traffic Non- Related Within 1 No settlement conditions
2478186.0051.60
Engineering Co. ltd. party year have been reached
China Ping An Property Insurance Non- Related Within 1 No settlement conditions
362115.647.54
Co. Ltd. Guangdong Branch party year have been reached
Non- Related Within 1
Sinopec Sales Co. Ltd 314042.88 No settlement conditions 7.54
year
56Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
party 48000.00 1-2 years have been reached
China Construction Bank Non- Related
Within 1 No settlement conditions
Corporation Limited Guangzhou party 245845.80 5.12
year have been reached
Branch
Guangdong Pearl River Shipping Non- Related Within 1 No settlement conditions
180286.893.75
Co. Ltd. party year have been reached
Total 3628477.21 75.55
57Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
4.Other accounts receivable
In RMB
Items Balance in year-end Balance Year-beginning
Dividend receivable 41904578.21 1205472.90
Other receivable 93419358.28 88372734.86
Total 135323936.49 89578207.76
（1）Interest receivable
None
（2）Dividend receivable
1) Dividend receivable
In RMB
Items Balance in year-end Balance Year-beginning
Guangdong Radio and Television
Networks investment No.1 Limited 1205472.90 1205472.90
partnership enterprise
China Everbright Bank Co. Ltd. 40699105.31
Total 41904578.21 1205472.90
2）Significant dividend receivable aged over 1 year
In RMB
Whether with
Reasons for non-
Items Balance in year-end Aging impairment and the
recovery
judgment basis
The partnership
Guangdong Radio and
agreement expires and
Television Networks
can be recovered after No it can be recovered
investment No.1 1205472.90 Over 5 years
the extension in the future
Limited partnership
procedures are
enterprise
completed
Total 1205472.90
（3） Other accounts receivable
1) Other accounts receivable classified
In RMB
Nature Balance in year-end Balance Year-beginning
Petty cash 3728684.02 3537793.93
On behalf of money 270113769.23 221107620.02
Deposit 2756840.19 2736640.19
Equity transfer payment receivable 40373842.01 39682898.02
Compensation for performance
40092886.1240092886.12
commitments receivable
Other 914393.63 2322516.60
Total 357980415.20 309480354.88
58Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
2）Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginningWithin 1 year(Including 1 year） 211968466.53 209212525.26
1-2 years 46007315.36 98008543.71
2-3 years 97997543.71 220243.57
Over 3 years 2007089.60 2039042.34
3-4 years 147243.57 1184699.35
4-5 years 1021699.35 23848.70
Over 5 years 838146.68 830494.29
Total 357980415.20 309480354.88
59Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
3） According to the bad debt provision method classification disclosure
□Applicable □Not applicable
In RMB
Closing balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category
Proportio Proportio Book value Proportio Proportio Book value
Amount Amount Amount Amount
n % n % n % n %
Accrual of bad debt provision by
264561056.9273.90%264561056.92100.00%221107620.0271.44%221107620.02100.00%
single
Including：
Accrual of bad debt provision by
93419358.2826.10%93419358.2888372734.8628.56%88372734.86
portfolio
Including：
Aging portfolio 673683.89 0.22% 673683.89
CSF Portfolio 12129905.05 3.39% 12129905.05 6274434.12 2.03% 6274434.12
Very low credit risk financial asset
81289453.2322.71%81289453.2381424616.8526.31%81424616.85
portfolio
Total 357980415.20 100.00% 264561056.92 73.90% 93419358.28 309480354.88 100.00% 221107620.02 71.44% 88372734.86
60Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Accrual of bad debt provision by single：
In RMB
Balance Year-beginning Balance in year-end
Name Bad debt Bad debt Withdrawal
Book Balance Book Balance Reason
provision provision proportion
The source of funds for
custody expenses paid by
Guangzhou-Foshan
Department Expressway on behalf
of Transport
221107620.02 221107620.02 264561056.92 264561056.92 100.00% needs to be further
of
Guangdong defined and the provision
for bad debts shall be
made in full according to
the principle of prudence
Total 221107620.02 221107620.02 264561056.92 264561056.92
Accrual of bad debt provision by portfolio:
In RMB
Balance in year-end
Name
Book balance Bad debt provision Withdrawal proportion
CSF Portfolio 12129905.05
Very low credit risk financial
81289453.23
asset portfolio
Total 93419358.28
Provision for bad debts is made according to the general model of expected credit losses
In RMB
Stage 1 Stage 2 Stage 3
Expected credit losses
Expected credit losses Expected credit loss
Bad Debt Reserves for the entire duration Total
over the next 12 over life (no credit
(credit impairment
months impairment)
occurred)
Balance as at January
221107620.02221107620.02
12024
Balance as at January
12024 in current
This period of
43453436.9043453436.90
provision
Balance as at June
264561056.92264561056.92
302024
Basis for division of each stage and accrual ratio for bad-debt provision
Loss provision changes in current period change in book balance with significant amount
□ Applicable √Not applicable
4) Accounts receivable withdraw reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
61Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
In RMB
Amount of change in the current period
Reversed or
Category Opening balance Closing balance
Accrual collected Write-off Other
amount
Accrual of bad debt
221107620.0243453436.90264561056.92
provision by single
Total 221107620.02 43453436.90 264561056.92
Where the current bad debts back or recover significant amounts:
None
5）Other account receivables actually cancel after write-off
Important other receivables write-off
None
6）Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
Proportion of the
total year end
Closing Closing balance of
Name Nature Aging balance of the
balance bad debt provision
accounts
receivable(%)
Highway 123130051.59 Within 1 year 123130051.59
Department of Transport of
maintenance 43681523.62 1-2 years 73.90% 43681523.62
Guangdong Province
expenditure 97749481.71 2-3 years 97749481.71
Bipi Xiaoju New
Equity transfer 40373842.01 Within 1 year 11.28%
Energy(Shenzhen) Co. Ltd.Temporarily
estimate the
Guangdong Provincial
restructuring 40092886.12 Within 1 year 11.20%
Freeway Co.Ltd.performance
compensation
China Railway First Bureau On behalf of
5546737.58 Within 1 year 1.55%
Group Co. Ltd money
Guangdong Litong 7131.00 Within 1 year
Vehicle parking
Development Investment 1816266.94 1-2 years 0.52%
deposit
Co. Ltd. 22980.00 3-4 years
Total 352420900.57 98.25% 264561056.92
5.Other current assets
I n RMB
Items
Year-end balance Year-beginning balance
Advance tax payment 36908.86 33971.99
VAT retention tax credits 761419.42
62Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Other 1015.64 833.72
Total 799343.92 34805.71
63Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
6. Long-term equity investment
In RMB
Increase/decrease
Investment
profit and
Impairment Closing
Adjustment of Cash bonus Withdrawal
Invested Beginning provision loss Changes Closing balance of
Additional Negative other or profits of
enterprise balance begin- year recognized of other Other balance impairment
comprehensive announced impairment
balance investment investment equity provision
under the income to issue provision
equity
method
I. Joint venture
2. Affiliated Company
Zhaoqing
Yuezhao
367104015.00142000000.0030049890.6499500000.00439653905.64
Highway
Co. Ltd.Guangdong
Jiangzhong
557686679.6631500000.008230842.004057227.52593360294.14
Expressway
Co. Ltd.Ganzhou
Gankang
181054819.1211602814.12192657633.24
Expressway
Co. Ltd.Ganzhou
Kangda 257929704.98 20570257.49 278499962.47
Expressway
64Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Co. Ltd.Shenzhen
Huiyan
377922183.9813417646.32391339830.30
Expressway
Co. Ltd.Guoyuan
Securities 1027100533.47 23716283.62 17123319.79 15522387.30 1052417749.58
Co. Ltd.Guangdong
Yuepu
Small
221858110.107506722.97229364833.07
Refinancing
Co.Ltd(Note)
Hunnan
Lianzhi -
101742014.92-2668775.1398772727.81
Technology 300511.98
Co. .Ltd.SPIC
Yuetong
Qiyuan
3180226.77-755502.563002.402427726.61
Chip Power
Technology
Co. Ltd.Shenzhen
Garage
Electric Pile 15312000.00 1131892.41 16443892.41
Technology
Co. Ltd
-
Subtotal 3095578288.00 188812000.00 112802071.88 17123319.79 119079614.82 3294938555.27
297509.58
Total 3095578288.00 188812000.00 112802071.88 17123319.79 - 119079614.82 3294938555.27
65Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
297509.58
The recoverable amount is determined on the basis of the net amount of fair value less disposal costs
□Applicable □Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
□Applicable □Not applicable
7.Other Equity instrument investment
In RMB
Gains included in Losses included in Losses accumulated Reason designated as
Gains accumulated in
other other in other Dividend income being measured at fair
Opening other comprehensive
Name Closing balance comprehensive comprehensive comprehensive recognized in the value and change being
balance income at the end of
income in the income in the income at the end of current period included in other
the current period
current period current period the current period comprehensive income
Guangle
Expressway Co. 796722655.90 24016868.47 72391222.64 820739524.37
Ltd.Guangdong Radio
and Television
Networks
55434894.131149478.644285415.4954285415.49
investment No.1
Limited partnership
enterprise
China Everbright
682239337.6063518834.88228197295.6840699105.31745758172.48
Bank Co. Ltd.Huaxia Securities
Co. Ltd. 5400000.00（Notes1）
Huazheng Asset
Management Co. 1620000.00
Ltd.（Notes2）
Total 1534396887.63 87535703.35 1149478.64 304873933.81 7020000.00 40699105.31 1620783112.34
66Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Note 1: Huaxia Securities Co. Ltd. has been severely insolvent. In April 2008 the CSRC sent a letter agreeing to Huaxia Securities Co. Ltd. to apply for
bankruptcy. In August 2008 the Beijing No.2 Intermediate People's Court officially accepted the bankruptcy liquidation application.Note 2: Huazheng Asset Management Co. Ltd. has been severely insolvent.
67Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Breakdown disclosure of investment in non-tradable equity instruments in the current period
In RMB
Amount of Reasons for Reasons for
other designation as other
Dividend consolidated measured at fair consolidated
Cumulative Cumulative
Items income income value and changes income
gain loss
recognized transferred to included in other transferred to
retained comprehensive retained
earnings income earnings
Guangle
Non-transactional
Expressway Co. 72391222.64 purpose for
Ltd. shareholding
Guangdong
Radio and
Television
Networks Non-transactional
4285415.49 purpose for
investment No.1
shareholding
Limited
partnership
enterprise
China Everbright Non-transactional
40699105.31 228197295.68 purpose for
Bank Co. Ltd.shareholding
Huaxia Securities Non-transactional
5400000.00 purpose for
Co. Ltd.shareholding
Huazheng Asset
Non-transactional
Management Co. 1620000.00 purpose for
Ltd. shareholding
Total 40699105.31 304873933.81 7020000.00
8.Other non-current financial assets
In RMB
Closing Opening
Items
balance balance
Classified as financial assets measured at fair value and whose changes are included in the
current profit and loss
Including：Equity investment of Beijing Institute of Architectural Design Co. Ltd. 84159575.05 84159575.05
Equity Investment in Zhongchu Zhiyun Technology Co. Ltd. 99697192.95 99697192.95
Total 183856768.00 183856768.00
9. Investment property
(1) Investment property adopted the cost measurement mode
√ Applicable □Not applicable
68Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
In RMB
Items Houses and buildings Land use right Total
I. Original value
1.Opening balance 12664698.25 2971831.10 15636529.35
2.Increased amount of the period
（1）Outsourcing
(2)Inventory Fixed assets and Construction project
into
(3) )Increased of Enterprise consolidation
3.Decreased amount of the period
（ ） 1 Disposal
（ ） 2 Other Out
4.Closing balance 12664698.25 2971831.10 15636529.35
II.Accumulated depreciation accumulated
amortization
11137288.262052214.6413189502.90
1.Opening balance
73774.5636784.68110559.24
2.Increased amount of the period
73774.5636784.68110559.24
(1)Withdrawal or amortization
3.Decreased amount of the period
（1）Disposal
（2）Other Out
11211062.82 2088999.32 13300062.14 4.Closing balance
III. Impairment provision
1.Opening balance
2.Increased amount of the period
（1）Withdrawal
3.Decreased amount of the period
（1）Disposal
（2）Other Out
69Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Items Houses and buildings Land use right Total
4.Closing balance
IV. Book value
1.Closing book value 1453635.43 882831.78 2336467.21
2.Opening book 1527409.99 919616.46 2447026.45
The recoverable amount is determined by the net amount of fair value minus disposal expenses
□Applicable □Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□Applicable □Not applicable
（2） Details of investment property failed to accomplish certification of property
In RMB
Items Book balance Reason
Transportation and other ancillary
Houses and Building 776324.82
facilities Not accreditation
10. Fixed assets
In RMB
Items Year-end balance Year-beginning balance
Fixed assets 8497532272.53 9010154405.32
liquidation of fixed assets 8260.57 14307.60
Total 8497540533.10 9010168712.92
70Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
(1) List of fixed assets
In RMB
Jingzhu Expressway Electricity
Guangfo Fokai Guanghui House and Machinery Transportation
Items Guangzhu section equipment and Total
Expressway buildings equipment equipment
Expressway Expressway
other
I. Original
price
1.Opening
1460270190.6610944202847.526825195881.485136471234.45648895670.391731297238.0060422551.05147583818.2526954339431.80
balance
2.Increased
amount of 7852.75 3494065.14 757450.53 4259368.42
the period
（1）
186395.00757450.53943845.53
Purchase
（2）Transfer
of project
under
construction
(3)Increased
of Enterprise
consolidation
（4）Other 7852.75 3307670.14 3315522.89
3.Decreased
amount of 132502.09 172507.40 3572850.63
the period
（1）
Disposal or 172507.40 172507.40
scrap
71Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Jingzhu Expressway Electricity
Guangfo Fokai Guanghui House and Machinery Transportation
Items Total
Expressway Guangzhu section buildings equipment equipment equipment and
Expressway Expressway
other
（2）
Disposition
subsidiary
（3）Other
132502.093267841.14
out
4.Closing
1460270190.6610944202847.526825195881.485136471234.45648903523.141734658801.0560422551.05144900920.2426955025949.59
balance
II.Accumulated
depreciation
1.Opening
1460270190.666203519026.264716494291.963517456318.71499429758.641387998338.2046833267.8198851424.1217930852616.36
balance
2.Increased
amount of 170326851.11 180296294.95 97305638.83 15173950.25 43291072.28 1130950.19 5948507.52 513473265.13
the period
（1）
170326851.11180296294.9597305638.8315173950.2543291072.281130950.195948507.52513473265.13
Withdrawal
（2）Other
3.Decreased
amount of 36790.74 127823.81 164614.55
the period
(1)Disposal or
127823.81127823.81
scrap
（2）
Disposition
subsidiary
（3）Other
36790.7436790.74
out
72Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Jingzhu Expressway Electricity
Guangfo Fokai Guanghui House and Machinery Transportation
Items Total
Expressway Guangzhu section buildings equipment equipment equipment and
Expressway Expressway
other
4.Closing
1460270190.666373845877.374896790586.913614761957.54514603708.891431252619.7447964218.00104672107.8318444161266.94
balance
III.Impairment
provision
1.Opening
2889394.1610394796.4548219.5113332410.12
balance
2.Increased
amount of the
period
(1)Withdrawal
3.Decreased
amount of the
period
(1)Disposal or
scrap
4.Closing
2889394.1610394796.4548219.5113332410.12
balance
IV. Book
value
1.Closing
4570356970.151928405294.571521709276.91131410420.09293011384.8612458333.0540180592.908497532272.53
book value
2.Opening
4740683821.262108701589.521619014915.74146576517.59332904103.3513589283.2448684174.629010154405.32
book
73Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
(2)Temporarily idle fixed assets
None
(3) Fixed assets leased out from operation lease
In RMB
Items Year-end balance
House and buildings 18007662.56
Machinery equipment 484000.00
（4） Details of fixed assets failed to accomplish certification of property
In RMB
Items Book balance Reason
Transportation and other ancillary
House and buildings 117834200.14
facilities，Not accreditation.
（5） List of temporarily idle fixed assets
□Applicable □Not applicable
（6）liquidation of fixed assets
In RMB
Items Year-end balance Year-beginning balance
Transportation equipment 1600.00 14307.60
Office equipment and other 6660.57
Total 8260.57 14307.60
11. Project under construction
In RMB
Items Year-end balance Year-beginning balance
Project under construction 2511732378.97 1960092562.22
Total 2511732378.97 1960092562.22
（1）Project under construction
In RMB
Year-end balance Year-beginning balance
Items Book balance Provision Book value Book balance Provision Book value
for for
devaluation devaluation
Reconstruction and
Expansion of
Nansha-Zhuhai
2124802034.642124802034.641648394518.481648394518.48
section of
Guangzhou-Macao
Expressway
Reconstruction and
Expansion of
263059185.24263059185.24197907850.29197907850.29
Fokai Expressway
Sanbao to Shuikou
Expansion Project
of Luogang- 23955503.93 23955503.93 21813587.29 21813587.29
Lingkeng Section
Jiujiang Bridge 22216776.65 22216776.65 16070965.65 16070965.65
74Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Year-end balance Year-beginning balance
Book balance Provision Book value Book balance Provision Book value
Items
for for
devaluation devaluation
navigable hole anti-
collision
reinforcement
project
Video encryption
and based on video
ai abnormal event 19951400.73 19951400.73 19951400.73 19951400.73
perception
engineering
Guangzhou-Shantou
Railway Crossing 19446564.43 19446564.43 19446564.43 19446564.43
project
Jiangxi-Shenzhen
high-speed railway
15664172.9815664172.9815664172.9815664172.98
cross-section
expansion project
Boluo Central
Station office and
living facilities 15054485.37 15054485.37 13281042.37 13281042.37
renovation and
expansion project
Other 7582255.00 7582255.00 7562460.00 7562460.00
Total 2511732378.97 2511732378.97 1960092562.22 1960092562.22
75Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
(2) Changes of significant construction in progress
In RMB
Including:
capitalization Capitalization
Transferred Source
Other Project Capitalization of of of
Name of project Budget Opening balance Increase to fixed End balance Proportion % of
decrease process interest interest interest
assets funding
this rate (%)
period
Reconstruction
and Expansion of
Nansha-Zhuhai
section of 13735989200.00 1648394518.48 476407516.16 2124802034.64 15.47% 15.47% 82909171.55 28396161.60 2.86% Other
Guangzhou-
Macao
Expressway
Reconstruction
and Expansion of
Fokai Expressway 3426210000.00 197907850.29 65767245.70 263059185.24 84.14% 84.14% 79983855.13 2185377.26 3.13% Other
Sanbao to
Shuikou
Jiangxi-Shenzhen
high-speed
railway cross- 36419600.00 16070965.65 6145811.00 22216776.65 61.00% 61.00% Other
section expansion
project
Video encryption
and based on
video ai abnormal 33963500.00 19951400.73 19951400.73 58.74% 58.74% Other
event perception
engineering
Jiangxi-Shenzhen
high-speed
railway cross- 16966900.00 15664172.98 15664172.98 92.32% 92.32% Other
section expansion
project
Guangzhou-
21460000.00 19446564.43 19446564.43 90.62% 90.62% Other
Shantou Railway
76Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Crossing project
Boluo Central
Station office and
living facilities 17000000.00 13281042.37 1773443.00 15054485.37 88.56% 88.56% Other
renovation and
expansion project
Preliminary work
of the renovation
and expansion
321541000.00 21813587.29 2141916.64 23955503.93 7.45% 7.45% Other
project from
Luogang to
Lingkeng section
Total 17609550200.00 1952530102.22 552235932.50 0.00 0.00 2504150123.97 162893026.68 30581538.86
Note: The budget for the reconstruction and expansion of the Nansha-Zhuhai section of the Guangzhou-Macao Expressway includes the construction cost of some
projects borne by the government.
77Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
(3)Provision for impairment of construction projects in the current period
None
（4） Information of impairment test of construction in progress
□Applicable □Not applicable
(5)Engineering Materials
None
12.Use right assets
（1） Right-of-use assets
In RMB
House and Machinery Transportation Other
Items Total
buildings equipment equipment
I. Original price
1.Opening balance 30634734.72 357112.19 673169.06 1007747.00 32672762.97
2.Increased amount of
the period
3.Decreased amount of
the period
4.Closing balance 30634734.72 357112.19 673169.06 1007747.00 32672762.97
II.Accumulated
depreciation
1.Opening balance 6833349.00 214267.32 336584.52 321052.32 7705253.16
2.Increased amount of
5117483.7035711.22168292.2653508.725374995.90
the period
（1）Withdrawal 5117483.70 35711.22 168292.26 53508.72 5374995.90
3.Decreased amount of
the period
（1）Disposition
4.Closing balance 11950832.70 249978.54 504876.78 374561.04 13080249.06
III. Impairment
provision
1.Opening balance
2.Increased amount of
the period
（1）Withdrawal
3.Decreased amount of
78Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
House and Machinery Transportation Other
Items Total
buildings equipment equipment
the period
（1）Disposition
4.Closing balance
IV. Book value
1.Closing book value 18683902.02 107133.65 168292.28 633185.96 19592513.91
2.Opening book value 23801385.72 142844.87 336584.54 686694.68 24967509.81
13. Intangible assets
(1) List of intangible assets
In RMB
Non-
Pate patente The Turnpike
Items Land use right nt d Software Total
franchise
right technol
ogy
I. Original price
1.Opening balance 2701738.76 27465438.28 318348741.86 348515918.90
2.Increased amount of the
period
(1) Purchase
(2)Internal Development
(3)Increased of Enterprise
Combination
3.Decreased amount of the
period
（ ） 1 Disposal
2701738.7627465438.28318348741.86348515918.90
4.Closing balance
II.Accumulated amortization
1.Opening balance 2381954.98 22431882.87 102373328.05 127187165.90
2.Increased amount of the
7705.62965784.9811182333.5912155824.19
period
7705.62965784.9811182333.5912155824.19
(1) Withdrawal
3.Decreased amount of the
79Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Non-
Pate patente The Turnpike
Items Land use right nt d Software Total
franchise
right technol
ogy
period
（1）Disposal
4.Closing balance 2389660.60 23397667.85 113555661.64 139342990.09
III. Impairment provision
1.Opening balance
2.Increased amount of the
period
(1) Withdrawal
3.Decreased amount of the
period
（1）Disposal
4.Closing balance
IV. Book value
1.Closing book value 312078.16 4067770.43 204793080.22 209172928.81
2.Opening book value 319783.78 5033555.41 215975413.81 221328753.00
At the end of this period there is no intangible assets formed through the company's internal research and At the
end of this period the intangible assets formed through the company's internal research and development
accounted for 0.00% of the balance of intangible assets
80Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
(2)Details of Land use right failed to accomplish certification of property
In RMB
Reason for not obtaining the title
Items Book value
certificate
Gonghe Town Land 312078.16 Reasons left over from history
14. Deferred income tax assets/deferred income tax liabilities
(1) Deferred income tax assets had not been off-set
In RMB
Balance in year-end Balance Year-beginning
Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Assets impairment
13332410.123333102.5313332410.123333102.53
provisions
Credit impairment
5021164.001255291.003599497.33899874.33
provision
Asset appraisal
appreciation
94722048.4823680512.12106786384.5026696596.13
depreciation and
amortization
Deferred income 5945172.14 1486292.96 10976324.09 2744080.99
Lease liabilities 21516858.56 5379214.61 23963150.05 5990787.46
Advance lease 633185.96 158296.49 686694.68 171673.67
Total 141170839.26 35292709.71 159344460.77 39836115.11
(2) Deferred income tax liabilities had not been off-set
In RMB
Balance in year-end Balance Year-beginning
Items Deductible Deductible Deferred income Deferred income
temporary temporary
tax liabilities tax liabilities
difference difference
Changes in the fair value of other
304873933.8176218483.45218487709.1054621927.27
equity instruments
Deductible temporary differences in the
814752739.12203688184.77843459192.41210864798.09
formation of asset impairment
Difference of amortization method of
13071447.693267861.9211266760.172816690.05
franchise of toll road
Changes in the fair value of trading
12856768.003214192.0012856768.003214192.00
financial assets
Tax accounting difference of use right
19592513.914898128.4424967509.816241877.43
asset
Tax accounting differences of projects
36833704.459208426.1126766856.806691714.20
under construction
Total 1201981106.98 300495276.69 1137804796.29 284451199.04
(3) Deferred income tax assets or liabilities listed by net amount after off-set
None
81Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
(4)Details of income tax assets not recognized
In RMB
Items Balance in year-end Balance in year-begin
Deductible temporary difference 271581056.92 228127620.02
Total 271581056.92 228127620.02
15 .Other non-current assets
In RMB
Balance in year-end Balance Year-beginning
Items Book balance Provision for Book value Book balance Provision for Book value
devaluation devaluation
Prepaid
751711473.46751711473.46337943920.69337943920.69
engineering fees
Prepaid business
1513106.641513106.641714291.801714291.80
tax
Total 753224580.10 753224580.10 339658212.49 339658212.49
16.Assets with restricted right of ownership
In RMB
Balance in year-end Balance in year-begin
Restrictio
Restriction
Items Restrictio Restrictio n
Book balance Book value informatio Book balance Book value
n type n type informatio
n
n
Special Special
funds for funds for
Monetary Special Special
1221200.00 1221200.00 land 1221200.00 1221200.00 land
fund funds funds
reclamatio reclamatio
n n
Total 1221200.00 1221200.00 1221200.00 1221200.00
17. Short-term Borrowing
（1）Short-term Borrowing
In RMB
Total Balance in year-end Balance Year-beginning
Credit Borrowing 290000000.00 110000000.00
Interest payable not due 205416.67 85708.33
Total 290205416.67 110085708.33
（2）Overdue short-term borrowings
None
18.Account payable
（1） List of account payable
In RMB
Items Balance in year-end Balance Year-beginning
82Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Within 1 year（Including 1 year） 46763528.98 114450217.03
1-2 years（including2 years） 18879612.52 36069234.79
2-3 years（including 3 years） 34165996.99 7388237.28
Over 3 years 63462992.98 56542901.70
Total 163272131.47 214450590.80
（2）Significant payable aging more than 1 year
In RMB
Items Balance in year-end Reason
Foshan Land and resources Bureau. 30507598.21 Unsettled
Tentatively estimated project cost of
19962248.04 Unsettled
Huizhou North Interchange Project
Tentatively estimated project cost of
13076473.71 Unsettled
Gualuhu Interchange Project
Heshan Land and resources Bureau 9186893.60 Unsettled
Poly Changda Engineering Co. Ltd. 4918897.30 Unsettled
Foshan Chancheng District Zhang Cha
4626817.32 Unsettled
Sub-district Office
Guangdong Xinyue Traffic Investment
3814640.02 Unsettled
Co. Ltd.Guangdong Guanyue Road & Bridge
3376332.00 Unsettled
Co. Ltd.Total 89469900.20
19. Prepayment received
(1) List of Prepayment received
In RMB
Items Balance in year-end Balance Year-beginning
Within 1 year（Including 1 year） 1190550.33 1564332.74
1-2 years（Including 2 years） 331925.18
2-3 years（Including 3 years） 750973.00
Total 1190550.33 2647230.92
（2）Significant payable aging more than 1 year
None
20. Payable Employee wage
（1）Payable Employee wage
In RMB
Items Year-beginning Increase in the Decrease in the
Year-end balance
balance current period current period
I. Short-term compensation 20622986.18 193269416.57 193370463.47 20521939.28
II.Post-employment benefits -
33205311.3528953716.974251594.38
defined contribution plans
83Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Total 20622986.18 226474727.92 222324180.44 24773533.66
（2）Short-term Remuneration
In RMB
Items Year-beginning Increase in the Decrease in the
Year-end balance
balance current period current period
1.Wages bonuses allowances
465063.49141793106.55141677892.77580277.27
and subsidies
2.Employee welfare 10159179.57 10159179.57
3. Social insurance premiums 9714324.70 9704824.12 9500.58
Including ：Medical insurance 8519965.27 8511661.48 8303.79
Work injury insurance 1194359.43 1193162.64 1196.79
4.Public reserves for housing 19743589.00 19724245.00 19344.00
5.Union funds and staff education
17837887.344631994.444877099.7017592782.08
fee
8.Other 2320035.35 7227222.31 7227222.31 2320035.35
Total 20622986.18 193269416.57 193370463.47 20521939.28
（3）Defined contribution plans listed
In RMB
Balance Year- Increase in this period Payable in this period Balance in year-end
Items
beginning
1. Basic old-age
21063708.4321042027.8821680.55
insurance premiums
2.Unemployment
2034233.812034233.81
insurance
3.Enterprise annuity
10107369.115877455.284229913.83
payment
Total 33205311.35 28953716.97 4251594.38
21. Tax Payable
In RMB
Items Balance in year-end Balance Year-beginning
VAT 12150830.52 13544679.07
170704821.88136932738.04
Enterprise Income tax
Individual Income tax 390223.54 2928147.86
City Construction tax 759161.51 863204.59
Education subjoin 368939.27 417048.11
Locality Education subjoin 227516.65 259424.11
Property tax 872389.63 14778.41
Stamp tax 5618.07 163570.46
Land use tax 630052.55
Total 186109553.62 155123590.65
84Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
22.Other accounts payable
In RMB
Items Balance in year-end Balance Year-beginning
Dividend payable 1213945107.40 27809510.32
Other account payable 134990794.27 122484006.11
Total 1348935901.67 150293516.43
（1）Interest payable
None
（2）Dividends payable
In RMB
Items Balance in year-end Balance Year-beginning
Common stock dividends 1213945107.40 27809510.32
Total 1213945107.40 27809510.32
（3）Other accounts payable
(1) Other accounts payable listed by nature of the account
In RMB
Items Year-end balance Year-Beginning balance
Estimated project cost 38379522.86 35695527.11
Deposit warranty and security deposit 67849200.35 62110555.42
Other 28762071.06 24677923.58
Total 134990794.27 122484006.11
(2) Other significant accounts payable with aging over one year
In RMB
Items Closing balance Unpaid/un-carry over reason
Poly Changda Highway Engineering Co.
14887239.99 The settlement conditions are not met
Ltd.Yayao to Xiebian extension 12196943.29 The settlement conditions are not met
Guangdong Guanyue Road & Bridge
6434227.91 The settlement conditions are not met
Co. Ltd.Jiangmen Xinhui People's Government 3909400.00 The settlement conditions are not met
China Railway 18th Bureau Group Co.
3735837.56 The settlement conditions are not met
Ltd
Guangdong Hualu Traffic Technology
3224428.06 The settlement conditions are not met
Co. Ltd.Guangdong Nengda Highway
3026380.10 The settlement conditions are not met
Maintenance Co.Ltd.CCCC First Navigation Engineering
2845541.18 The settlement conditions are not met
Bureau Co. Ltd.CCCC Road & Bridge Construction Co.
2500000.00 The settlement conditions are not met
Ltd.Guangdong Zhubo Road & Bridge
2240202.12 The settlement conditions are not met
Engineering Co. Ltd.Guangdong Highway Construction Co.
2000000.00 The settlement conditions are not met
Ltd.Heshan Land & Resources Bureau 2000000.00 The settlement conditions are not met
85Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Items Closing balance Unpaid/un-carry over reason
Total 59000200.21
23. Non-current liabilities due within 1 year
In RMB
Items Balance year-end Year-beginning balance
Long-term loans due within 1 year 188020395.37 151828779.87
Payable Bonds due within 1 year 756181843.56 720607149.69
Long-term payable due within 1 year 495283.01
Lease liabilities due within 1 year 13298853.19 10480947.08
Total 957501092.12 883412159.65
24.Other current liabilities
In RMB
Items Balance year-end Year-beginning balance
Tax to be rewritten 160930.05 368676.26
Total 160930.05 368676.26
25. Long-term loan
(1) Category of long-term loan
In RMB
Items Balance year-end Year-beginning balance
Credit loan 6618719950.00 6090651225.00
Interest payable when not due 5271595.37 5893604.87
Less:Long-term loans due within one year 188020395.37 151828779.87
Total 6435971150.00 5944716050.00
Other explanations including interest rate range: on June 30 2024 the annual interest rate range of credit loans
was 2.60%-3.40%.
26.Bond payable
（1）Bond payable
In RMB
Items Balance year-end Year-beginning balance
Medium- term note 749647596.99 1429328483.63
Interest payable when not due 6534246.57 40680000.01
Less:Long-term loans due within one
756181843.56720607149.69
year
Total 749401333.95
86Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
（2）Changes of bonds payable(Not including the other financial instrument of preferred stock and perpetual capital securities that classify as financial
liability
In RMB
The
Overflow Whet
Name of the Interes Opening curre Withdraw Pay in current her
Book value Issue date Period Issue amount discount Closing balance
bond t rate balance nt interest at par period defau
amount lt
issue
19 Guangdong
February
Expressway 680000000.00 4.00% 2019.3.1-2024.3.1 680000000.00 702730437.38 4396712.30 -72850.32 707200000.00 No
272019
MTN001
20 Guangdong
2020.3.17-
Expressway 750000000.00 3.00% March 132020 750000000.00 767278046.26 11157534.26 -246263.04 22500000.00 756181843.56 No
2025.3.17
MTN001
Less: Bonds
payable and
720607149.69756181843.56
due within 1
year
Total 1430000000.00 749401333.95 15554246.56 -319113.36 729700000.00
87Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
(3) Note to conditions and time of share transfer of convertible bonds
None
（4）Other financial instruments that are classified as financial liabilities
None
27.Lease liabilities
In RMB
Items Balance year-end Year-beginning balance
Long-term lease liabilities 22143050.96 24964446.02
Less：Financing costs are not
626192.401001295.97
recognized
Less:Long-term loans due within one
13298853.1910480947.08
year
Total 8218005.37 13482202.97
28. Long-term payable
In RMB
Items Balance year-end Year-beginning balance
Long-term payable 2022210.11 2022210.11
Total 2022210.11 2022210.11
(1) Long-term payable listed by nature of the account
In RMB
Items Balance year-end Year-beginning balance
Non-operating asset payable 2022210.11 2022210.11
Medium term bill underwriting fee 495283.01
Less:Long-term loans due within one
495283.01
year
Total 2022210.11 2022210.11
29. Deferred income
In RMB
Items Opening balance Increase Decrease Closing balance Cause
Government
395976324.095031151.95390945172.14
subsidy
Lease income 33103584.45 3884608.74 29218975.71
Total 429079908.54 8915760.69 420164147.85
30. Stock capital
In RMB
Changed（+，-）Balance Year-beginning Issuance of Bonus Capitalization Balance in year-end
Other Subtotal
new share shares of public
reserve
Total of
capital 2090806126.00 2090806126.00
shares
88Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
31. Capital reserves
In RMB
Increase in Decrease in
Year- beginning
Items the current the current Year-end balance
balance
period period
Share premium 548804033.11 548804033.11
(1) Capital invested by investors 2508408342.99 2508408342.99
(2) the impact of a business combination under the
-1959604309.88-1959604309.88
common control
Other capital reserves 234321460.59 297509.58 234023951.01
(1) Changes in other equity of the invested underthe equity method accounting（Note1 Note 2 and -3134180.11 297509.58 -3431689.69Note 3）
（2）Other 237455640.70 237455640.70
Total 783125493.70 297509.58 782827984.12
- The situation of change in the current capital reserve is as follows:
Note 1.Hunan Lianzhi Technology Co. Ltd an associate of Yuegao Capital (Holdings) Guangzhou Co. Ltd-a
subsidiary to the Company repurchased the equity of other shareholders resulting in a change in the long-term
equity investment of the subsidiary accounted for by the equity method with a decrease in the capital reserve of
287400.02 yuan.
Note 2.Hunan Lianzhi Technology Co. Ltd. an associate of Yuegao Capital (Holdings) Guangzhou Co. Ltd.-a
subsidiary of the Company changed its capital reserve for the current period and the Company adjusted the
book value of its long-term equity investment according to its shareholding ratio resulting in a decrease in
capital reserve of RMB 13111.96.Note 3.The capital reserve of Yuetong Qiyuan Core Power Technology Co. Ltd. an associate of the subsidiary
Yuegao Capital (Holdings) Guangzhou Co. Ltd.-a subsidiary of the Company was changed during the period
and the Company adjusted the book value of the long-term equity investment according to the proportion of its
shareholding resulting in an increase in capital reserve of RMB 3002.40.
89Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
32. Other comprehensive income
In RMB
Amount of current period
Less：Amount Less：Prior
transferred into profit period included in
After-tax
Year-beginning Amount incurred and loss in the current other composite After-tax Year-end
Items Less：Income attribute to
balance before income period that recognied income transfer to attribute to the balance
tax expenses minority
tax into other retained income parent company
shareholder
comprehensive income in the current
in prior period period
1.Other comprehensive
income will be
163865781.8391140960.5421596556.1869544404.36233410186.19
reclassified into income
or loss in the future
Other comprehensive
income that cannot be
converted to profit and 4754735.83 4754735.83 4754735.83
loss under the equity
method
Changes in fair value of
investments in other 163865781.83 86386224.71 21596556.18 64789668.53 228655450.36
equity instruments
2.Other comprehensive
income reclassifiable to
-297380.5012368583.9612368583.9612071203.46
profit or loss in
subsequent periods
Including：Share of other
comprehensive income of
the investee that cannot -297380.50 12368583.96 12368583.96 12071203.46
be transferred to profit or
loss accounted for using
90Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
the equity method
Total of other
163568401.33103509544.5021596556.1881912988.32245481389.65
comprehensive income
Other explanations including the adjustment of the effective part of cash flow hedging profit and loss to the initial recognition amount of the hedged item:
91Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
33. Surplus reserve
In RMB
Items Year-beginning Increase in the current Decrease in the current Year-end balance
balance period period
Statutory surplus
1520627456.341520627456.34
reserve
Total 1520627456.34 1520627456.34
34. Retained profits
In RMB
Items Amount of this period Amount of last period
Before adjustments: Retained profits in last period
5289404378.524698029354.09
end
Adjust the total undistributed profits at the
5289404378.524698029354.09
beginning of the period
Add：Net profit belonging to the owner of the
855465441.001633811033.68
parent company
Less: Statutory surplus reserve 147570987.32
Common stock dividend payable 1143670950.92 894865021.93
Retained profit at the end of this term 5001198868.60 5289404378.52
35.Operation income and operation cost
（1）Detail
In RMB
Amount of this period Amount of last period
Items
Income Cost Income Cost
Main operation 2204260409.98 699856213.37 2310707369.57 726266759.50
Other operation 26605252.22 13152796.05 29729405.51 14403550.99
Total 2230865662.20 713009009.42 2340436775.08 740670310.49
（2）Breakdown information of operating income and operating cost:
In RMB
Amount of this period Amount of last period
Contract classification Income Cost Income Cost
Business
Including：Toll income 2204260409.98 699856213.37 2310707369.57 726266759.50
Advertising and other
15478999.2311038252.8616696279.1512432246.43
revenue
Lease income 11126252.99 2114543.19 13033126.36 1971304.56
Total 2230865662.20 713009009.42 2340436775.08 740670310.49
Area
92Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Including：Guangdong 2230865662.20 713009009.42 2340436775.08 740670310.49
Total 2230865662.20 713009009.42 2340436775.08 740670310.49
36. Business tax and subjoin
In RMB
Items Amount of this period Amount of last period
Urban construction tax
4227749.674414027.47
Education surcharge 2034042.57 2126579.28
Property tax 878639.76 579768.50
Land use tax 631353.05 523762.40
Vehicle use tax 37925.80 42143.75
Stamp tax 21502.93 136313.89
Business tax 185247.66 185247.66
Locality Education surcharge 1352839.87 1414531.04
Total 9369301.31 9422373.99
37. Administrative expenses
In RMB
Items Amount of current period Amount of previous period
Wage 58569461.03 55924172.80
Depreciation of fixed assets 4552422.70 4754414.20
Intangible assets amortization 674206.77 754955.47
Low consumables amortization 265968.99 305671.18
Rental fee and Management fee 6693110.28 5680829.07
Business fee 367086.05 276707.37
Office expenses 3258077.16 3253204.38
Travel expenses 296247.06 299557.29
Consultation expenses 285100.00
The fee for hiring agency 2947699.99 2756001.59
Repairs cost 143741.27 152240.53
Vehicle fee 1116937.56 1353271.68
Listing fee 143396.22 143396.22
Information cost and maintenance fee 527208.63 559255.14
Other 3107026.97 3810168.79
Total 82947690.68 80023845.71
38.R& D expenses
In RMB
Items Amount of this period Amount of last period
Wage 81651.82
Total 81651.82
93Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
39.Financial expenses
In RMB
Items Amount of this period Amount of last period
Interest expenses 86505113.33 109161060.69
Interest income -32771177.29 -18067700.31
Exchange Income and loss（Gain-）
Bank commission charge 75260.20 56504.09
Other 2185.00 3226.00
Total 53811381.24 91153090.47
40.Other gains
In RMB
Items Amount of this period Amount of last period
Government Subsidy-Cancel the Special Subsidy for Provincial Toll Station
5023474.535023474.62
Project of Expressway
Government Subsidy- Charging infrastructure incentive funds 7677.42 5576.34
Government subsidy-- Jiujiang Bridge structure health monitoring system
600000.00
optimization and upgrade of vehicle purchase tax subsidy funds
Government subsidy- Expansion subsidy 25500.00
Government subsidy- Maternity allowance 388641.65 577849.71
Veterans' VAT reduction and exemption 29250.00 39147.73
Withholding and remitting enterprise prepaid income tax fees 166639.84 164638.95
VAT additional deduction 1845.02 13786.43
Total 5617528.46 6449973.78
41. Investment income
In RMB
Items Amount of this period Amount of last period
Long-term equity investment income by equity
112802071.88109631134.53
method
Investment income of trading financial assets
601253.78
during the holding period
Dividends earned during the holding period on
40699105.3171249739.36
investments in other equity instrument
Other -80000.00
Total 153501177.19 181402127.67
42. Credit impairment losses
In RMB
Items Amount of this period Amount of last period
Impairment losses on account receivable -1421666.67 -1945429.56
Impairment losses on other receivable -43453436.90 -43681523.62
Total -44875103.57 -45626953.18
43. Non-Operation income
In RMB
The amount of non-operating
Items
Amount of current period Amount of previous period gains & losses
Non-current assets are 11338.66 11338.66
94Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
damaged and scrapped for
profit
Insurance claim income 1753159.58 967952.70 1753159.58
Road property claim income 1178677.32 1126095.64 1178677.32
Other 27682.96 54244.51 27682.96
Total 2970858.52 2148292.85 2970858.52
44. Non-Operation expenses
In RMB
Items Amount of current period Amount of previous period Recorded in the amount of the
non-recurring gains and losses
Non-current assets are
damaged and scrapped for -20648.15 15753.62 -20648.15
profit
Including：Fixed assets -20648.15 15753.62 -20648.15
Road rehabilitation
1751559.00176042.001751559.00
expenditure
Fine 570.97
Other 44258.11 47856.00 44258.11
Total 1775168.96 240222.59 1775168.96
45. Income tax expense
(1) Lists of income tax expense
In RMB
Items Amount of current period Amount of previous period
Current income tax expense 350892709.36 287619631.20
Deferred income tax expense -1009073.13 81420752.61
Total 349883636.23 369040383.81
(2) Adjustment process of accounting profit and income tax expense
In RMB
Items Amount of current period
Total of profit 1487167571.19
Current income tax expense accounted by tax and relevant
371791892.80
regulations
Influence of income tax before adjustment -173240.93
Influence of non taxable income -39944680.03
Impact of non-deductible costs expenses and losses 8540466.59
Effect of deductible losses from using previously unrecognized
9669197.80
deferred income tax assets
Income tax expense 349883636.23
46. Items of cash flow statement
(1) Cash related to business activities
Cash received from other activities relating to operation
95Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
In RMB
Items Amount of current period Amount of previous period
Interest income 25962851.96 14000060.50
Unit current account 29712714.85 40874222.93
Qijiang new city south interchange
185000000.00
construction subsidy funds
Total 55675566.81 239874283.43
Other cash paid in relation to operation activities
In RMB
Items Amount of current period Amount of previous period
Management expense 11488664.49 10883695.76
Unit current account 25555665.99 27999921.65
Total 37044330.48 38883617.41
（2）Cash related to Investment activities
Cash receivable related to other Investment activities
In RMB
Items Amount of current period Amount of previous period
Bid security related to long-term assets
3692567.08
etc
Total 3692567.08
Cash paid related to other investment activities
In RMB
Items Amount of current period Amount of previous period
Bid security related to long-term assets
1700000.00
etc
Other 1600.00
Total 1701600.00
Important cash received in relation to the investment activities
In RMB
Items Amount of current period Amount of previous period
Cash received from dividends and dividends
26551300.00
of other equity investments
Cash received from dividends of associated 19579614.82 20150000.47
Total 19579614.82 46701300.47
Cash Payable related to other Investment activities
In RMB
Items Amount of current period Amount of previous period
Cash paid for other equity investments 56080000.00
Cash paid for by investing in associates 89312000.00 45000000.00
Cash paid for the reconstruction and expansion of
the Nansha-Zhuhai section of the Guangzhou- 665071908.34 492110381.74
Macao Expressway
Cash paid for the reconstruction and expansion of
192355097.00
the Luogang-Lingkeng section of the Guanghui
96Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Expressway
Total 946739005.34 593190381.74
（3）Cash related to Financing activities
Other cash received in relation to financing activities
In RMB
Items Amount of current period Amount of previous period
Interest income from special borrowing 1460847.67
Total 1460847.67
Other cash paid related with financing activities
In RMB
Items Amount of current period Amount of previous period
Issuance fee of medium-term notes 537769.75 1001869.75
Cash paid for the lease liabilities 2951128.41 7325653.27
Total 3488898.16 8327523.02
Changes in various liabilities arising from financing activities
□Applicable □Not applicable
In RMB
Items Year-beginning Increase in the current period Decrease in the current period Year-end
Non-cash Non-cash balance
Cash changes Cash changes
balance changes changes
Other payable-
27809510.321476537004.13290401407.051213945107.40
Dividend payable
Short-loans 110085708.33 180000000.00 2862020.84 2742312.50 290205416.67
Long-term loans
（Including part
6096544829.87600000000.0098272932.68170826217.186623991545.37
due within oneyear）
Bond payable
（Including part
1470008483.6415873359.92729700000.00756181843.56
due within oneyear）
Long-term payable
（Including part
2517493.12495283.012022210.11
due within oneyear）
Lease liabilities
（Including part
23963150.05375103.572821395.0621516858.56
due within oneyear）
Total 7730929175.33 780000000.00 1593920421.14 1196986614.80 8907862981.67
47. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
97Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
In RMB
Supplement Information
Amount of current Amount of
period previous period
I. Adjusting net profit to cash flow from operating activities
Net profit 1137283934.96 1194178337.32
Add：Credit loss preparation 44875103.57 45626953.18
Impairment loss provision of assets
Depreciation of fixed assets oil and gas assets and consumable biological assets 512541181.48 542423799.22
Depreciation of Use right assets 5374995.90 5042953.50
Amortization of intangible assets 12101858.87 12833960.75
Amortization of Long-term deferred expenses
Loss on disposal of fixed assets intangible assets and other long-term deferred assets
Fixed assets scrap loss -31986.81 15753.62
Loss on fair value changes
Financial cost 85814169.34 109276885.58
Loss on investment -153501177.19 -181402127.67
4543405.4082208258.88
Decrease of deferred income tax assets
-5552478.53-787506.27
Increased of deferred income tax liabilities
Decrease of inventories
Decease of operating receivables -44835241.50 -82590730.82
Increased of operating Payable 4642244.19 287090654.41
Other
Net cash flows arising from operating activities 1603256009.68 2013917191.70
II. Significant investment and financing activities that without cash flows:
Conversion of debt into capital
Convertible corporate bonds maturing within one year
Financing of fixed assets leased
3．Movement of cash and cash equivalents：
Ending balance of cash 4955371380.26 5274773267.75
Less: Beginning balance of cash equivalents 4701657434.00 4284688231.33
Add：End balance of cash equivalents
Less: Beginning balance of cash equivalents
Net increase of cash and cash equivalent 253713946.26 990085036.42
（2）Composition of cash and cash equivalents
In RMB
Items Balance in year-end Balance in year-Beginning
98Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
4955371380.264701657434.00
Cash
28703.1735130.15
Of which: Cash in stock
Bank savings could be used at any time 4954828976.28 4701108299.37
Other monetary capital could be used at
513700.81514004.48
any time
Balance of cash and cash equivalents at
4955371380.264701657434.00
the period end
（3） Monetary funds that are not cash and cash equivalents
In RMB
Reasons other than cash and cash
Items Current amount Previous amount
equivalents
Land reclamation funds in fund
Land reclamation funds 1221200.00 1221200.00
custody account
Unexpired accrued interest 21604195.03 15753098.20 Not actually received
Total 22825395.03 16974298.20
48. Lease
(1) The Company as lessee
□Applicable □Not applicable
Variable lease payments not included in the measurement of lease liabilities
□Applicable □Not applicable
Short-term lease or lease cost of low-value assets with simplified treatment
□Applicable □Not applicable
Involving after-sale leaseback transactions
□Applicable □Not applicable
Items Current amount
Interest expense of lease liabilities 375103.57
Variable lease payments not included in the measurement of lease liabilities
Short-term lease or lease cost of low-value assets with simplified treatment 131314.30
Income from subletting right-to-use assets
Total cash outflow related to leasing 3089008.41
(2) The Company as lessor
Operating lease as lessor
□Applicable □Not applicable
99Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
In RMB
In which: income related to variable
Items Lease income lease payment not included in lease
receipts
Operating lease income 11126252.99
Total 11126252.99
Financial lease as lessor
□Applicable □Not applicable
Undiscounted lease receipts for each of the next five years
□Applicable □Not applicable
VIII. Equity in other entities
1. Equity in subsidiary
(1) The structure of the enterprise group
100Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
In RMB 10000
Main Shareholding Ratio
Registered Registration Nature of Obtaining
Name of Subsidiary Places of (%)
capital Place Business Method
Operation direct indirect
Under the same
Expressway
Guangfo Expressway Co. Ltd. 20000.00 Guangzhou Guangzhou 75.00% control business
Management
combination
Under the same
Guanghui Expressway Co. Expressway
235167.80 Guangzhou Guangzhou 51.00% control business
Ltd. Management
combination
Under the same
Jingzhu Expressway Guangzhu Expressway
285570.00 Zhongshan Guangzhou 75.00% control business
Section Co.Ltd. Management
combination
Yuegao Capital Investment
Investment(Guangzhou)Co. 37550.00 Guangzhou Guangzhou 100.00% Establishment
management
Ltd.Notes: holding proportion in subsidiary different from voting proportion: None
Basis of holding half or less voting rights but still been controlled investee and holding more than half of the
voting rights not been controlled investee: None
Significant structure entities and controlling basis in the scope of combination: None
Basis of determine whether the Company is the agent or the principal: None
(2) Important Non-wholly-owned Subsidiary
In RMB
Shareholdin Dividends
Profit or Loss Owned by Equity Balance of the
g Ratio of Distributed to the
the Minority Minority Shareholders
Name of Subsidiary Minority Minority
Shareholders in the in the End of the
Shareholder Shareholders in the
Current Period Period
s (%) Current Period
Guangfo Expressway Co. Ltd. 25.00% -10530011.61 23808694.21
Guangdong Guanghui Expressway
49.00%219266641.83202463907.052072993626.63
Co. Ltd.Jingzhu Expressway Guangzhu
25.00%73081863.74129110889.29502652824.47
Section Co.Ltd.Holding proportion of minority shareholder in subsidiary different from voting proportion
None
101Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
(3) The main financial information of significant not wholly owned subsidiary
In RMB
Year-end balance
Name
Current assets Non- current assets Total assets Current Liabilities Non- current liabilities Total liabilities
Guangfo Expressway Co. Ltd. 106751420.91 13867334.12 120618755.03 25383978.20 25383978.20
Guangdong Guanghui
2042882660.132481558162.074524440822.20172744863.19121096721.00293841584.19
Expressway Co. Ltd.Jingzhu Expressway Guangzhu
502199188.534274218539.534776417728.061211768625.881554037804.312765806430.19
Section Co.Ltd.
（Continued）
Year-beginning balance
Name
Current assets Non- current assets Total assets Current Liabilities Non- current liabilities Total liabilities
Guangfo Expressway Co. Ltd. 148592352.43 14240888.13 162833240.56 25478417.30 25478417.30
Guangdong Guanghui
2039529187.552500576138.594540105326.14211040982.63132756400.96343797383.59
Expressway Co. Ltd.Jingzhu Expressway Guangzhu
388634507.853710550073.864099184581.711229752786.81986454394.822216207181.63
Section Co.Ltd.In RMB
Amount of current period Amount of previous period
Total Total
Name Business Cash flows from Cash flows from
Net profit Comprehensive Business income Net profit Comprehensive
income operating activities operating activities
income income
Guangfo Expressway
1075325.65-42120046.43-42120046.431253117.751472953.28-40639507.32-40639507.32-2029459.25
Co. Ltd.Guangdong Guanghui
897321456.20447482942.51447482942.51622120569.231024822529.29507331189.13507331189.13777984620.05
Expressway Co. Ltd.Jingzhu Expressway
Guangzhu Section 585937746.82 292327454.95 292327454.95 439692114.09 574690822.31 280406973.97 280406973.97 495884944.24
Co.Ltd.
102Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
None
(5) Provide financial support or other support for structure entities incorporate into the scope of
consolidated financial statements
None
Other note
2. The transaction of the Company with its owner’s equity share changed but still controlling the
subsidiary
(1) Significant joint venture arrangement or associated enterprise
None
（2）Affect of the transaction on the minority equity and owner's equity attributable to the parent
company
None
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
Main Proportion Accounting treatment
Registration of the investment of
Name operating Business nature
place Directly Indirectly joint venture or
place associated enterprise
Zhaoqing Yuezhao Highway Zhaoqing Zhaoqing Expressway
25.00% Equity method
Co. Ltd. Management
Guangdong Guangdong
Shenzhen Huiyan Expressway Expressway
Shenzhen Shenzhen 33.33% Equity method
Co. Ltd. Management
Guangdong Jiangzhong Expressway
Zhongshan Zhongshan 15.00% Equity method
Expressway Co. Ltd. Management
Ganzhou kangda Expressway Expressway
Gangzhou Ganzhou 30.00% Equity method
Co. Ltd. Management
Ganzhou Gankang Expressway
Gangzhou Ganzhou 30.00% Equity method
Expressway Co. Ltd. Management
Guangdong Yuepu Science
Hand all kinds of
and Technology Microfinance Guangzhou Guangzhou 15.48% Equity method
small loans
Co. Ltd.Guangyuan Securities Co.Hefei Hefei Security business 2.37% Equity method
Ltd.Research and
Hunan Lianzhi Technology
Changsha Changsha experimental 13.11% Equity method
Co. Ltd.development
SPIC Yuetong Qiyuan Chip New Energy
Guangzhou Guangzhou 7.14% Equity method
Power Technology Co. Ltd service
Software and
Shenzhen Garage Electric Pile
Shenzhen Shenzhen Information 17.40% Equity method
Technology Co. Ltd
technology
Notes to holding proportion of joint venture or associated enterprise different from voting proportion:
None
103Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or more voting
rights but does not have a significant impact:
Guangdong Jiangzhong Expressway Co. Ltd. Guangyuan Securities Co. Ltd.，Yuepu Small Refinancing Co.Ltd.and Hunan Lianzhi Technology Co. Ltd. SPIC Yuetong Qiyuan Chip Power Technology Co. Ltd.and
Shenzhen Garage Electric Pile Technology
Co.Ltd. holds 20% of the voting rights but has the power to participate in making decisions on their financial a
nd operating decisions and therefore deemed to be able to exert significant influence over the investee.
(2) Main financial information of significant joint venture
None
(3) Main financial information of significant associated enterprise
In RMB
Year-end balance/ Amount of Year-beginning balance/ Amount
current period of previous period
Guoyuan Securities Co. Ltd. Guoyuan Securities Co. Ltd.Current assets
Non-current assets
Total assets 149899188846.34 133200177000.85
Current liabilities
Non-current Liabilities
Total liabilities
Minority Shareholders’ Equity
Shareholders’ equity attributable to shareholders of
35646559004.0534578952207.02
the parent
Pro rata share of the net assets calculated 845322117.04 820004900.93
Adjustment items
--Goodwill 207095632.54 207095632.54
-- Internal transactions did not achieve profits
--Other
The book value of equity investments in joint ventur
1052417749.581027100533.47
es
Fair value of equity investment of associated
627104446.92706786035.06
enterprises with open quotation
Buinsess incme 3084447258.13 3110841516.79
Net profit 1000675806.65 914347343.11
Net profit from terminated operations
Other comprehensive income 722087847.89 510710079.37
Total comprehensive income 1722763654.54 1425057422.48
Dividends received from associates during the year 15522387.30 15522387.30
(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
Year-end balance/ Amount of current Year-beginning balance/ Amount of
104Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
period previous period
Joint venture：
Total amount of the pro rata calculation
of the following items
Associated enterprise：
Total book value of the investment 2242520805.69 2068477754.53
Total amount of the pro rata calculation
of the following--Net profit ms
--Net profit 89085788.26 87613916.46
--Total comprehensive income 89085788.26 87613916.46
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer
funds to the Company
None
(6) The excess loss of joint venture or associated enterprise
None
(7) The unrecognized commitment related to joint venture investment
None
(8) Contingent liabilities related to joint venture or associated enterprise investment
None
4. Significant common operation
None
5. Equity of structure entity not including in the scope of consolidated financial statements
None
6.Other note
None
IX. Government subsidies
1. At the end of the reporting period government subsidies recognized according to the amount
receivable
□Applicable □Not applicable
Reasons for not receiving the estimated amount of government subsidies at the expected time
□Applicable □Not applicable
2. Liabilities involving government subsidies
□Applicable □Not applicable
In RMB
New Amount Amount Other
Accounting Beginning subsidy included in transferred to changes in Closing Related to
subject balance amount in non-operating other income in the balance assets/income
the current income in the the current current
105Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
period current period period period
Deferred
395976324.09 5031151.95 390945172.14 Asset-related
income
Total 395976324.09 5031151.95 390945172.14
3. Government subsidies included in current profits and losses
□Applicable □Not applicable
In RMB
Accounting subject Amount incurred in the current period Amount incurred in the previous period
Other income 5419793.60 6232400.67
X. Risks Related to Financial Instruments
1. Risks Related to Financial Instruments
The company has the main financial instruments such as bank deposits receivables and payables investments
loans and so on. Please refer to the relevant disclosure in Notes for the details. The risks associated with these
financial instruments mainly include credit risk market risk and liquidity risk. The company’s management
shall manage and monitor these risks and ensure above risks to be controlled within certain scope.The targets and policies of risk management
The target of risk management is to obtain the proper balance between the risk and benefit to reduce the negative
impact that is caused by the risk of the Company to the lowest level and to maximize the benefits of shareholders
and other equity investors. Based on the targets of risk management the basic strategy of the Company’s risk
management is to identify and analyze the risks which are faced by the Company establish suitable risk tolerance
baseline and proceed the risk management and supervise a variety of risks timely and reliably and control the
risks within a limited range.
1.Market risk
（1）Foreign exchange risk
Foreign exchange risk refers to the risk of loss due to exchange rate fluctuations generally. Our foreign exchange
risk is mainly related to Hong Kong Dollar. Besides annual distribution of B-share shareholder dividends other
major business activities of our Company are settled in RMB. During the reporting period due to the short credit
period of the Company's income and expenditure related to foreign currency it was not affected by foreign
exchange risk.
（2）Interest rate risk- Risk of cash flow changes
The Company's risk of cash flow changes in financial instruments caused by interest rate changes is mainly
related to floating rate bank borrowings. The Company's policy is to maintain the floating interest rate of these
borrowings and at the same time to reasonably reduce the risk of interest rate fluctuation by shortening the term
of a single loan and specifically agreeing on prepayment terms.
（3）Other price risk
The investments held by the Company are classified as financial assets measured at fair value and whose changes
106Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
are included in other comprehensive income and are measured at fair value on the balance sheet date. Therefore
the Company bears the risk of changes in the securities market.
2.Credit risk
As of June 302024 the largest credit risk exposure that may cause financial losses of the Company mainly comes
from the loss of financial assets of the Company caused by the failure of the other party to perform its obligations.In order to reduce credit risk the Company only deals with recognized and reputable customers. In addition the
Company reviews the recovery of each single receivables on each balance sheet date to ensure that adequate bad
debt provisions are made for unrecoverable amounts. Consequently the Company's management believes that the
Company's credit risk has been greatly reduced.The Group's working capital is deposited in banks with higher credit rating so the credit risk of working capital is
relatively low.Financial assets overdue or impaired;
(1) Aging analysis of financial assets with overdue impairment: Not existed
(2) Analysis of financial assets that have suffered single impairment: Refer to "4 Other Receivables" in V and "7
Investment in Other Equity Instruments" in VII(6) of this section for details.
3.Liquidity risk
When managing liquidity risks the Company maintains sufficient cash and cash equivalents as deemed by the
management and monitor them to meet the Company's operational needs and reduce the impact of cash flow
fluctuations. The management of the Company monitors the use of bank loans and ensures compliance with the
loan agreement.XI. The disclosure of the fair value
1. Closing fair value of assets and liabilities calculated by fair value
In RMB
Closing fair value
Items Fir value Fir value Fir value
measurement items at measurement items measurement items at Total
level 1 at level 2 level 3
I. Consistent fair value
--------
measurement
(I) Trading financial assets 183856768.00 183856768.00
1. Financial assets measured at fair
value and whose changes are included 183856768.00 183856768.00
in the current profit and loss
（2）Equity instrument investment 183856768.00 183856768.00（III）Other equity instrument
745758172.48875024939.861620783112.34
investment
Total assets continuously measured at
745758172.48875024939.861620783112.34
fair value
107Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
II. Non –persistent measure -- -- -- --
2. Market price recognition basis for consistent and inconsistent fair value measurement items at level 1.
As at the end of the period the company holds shares 235254944 shares of China Everbright Bank
According to the closing price of June 302024 of 3.17 yuan the final calculation of fair value was
745758172.48 yuan.
3. Fair value of financial assets and liabilities not measured at fair value The valuation techniques
adopted and the qualitative and quantitative information of important parameters for continuous and
non-continuous level 3 fair value measurement items
In RMB
Items Fair value as of June Valuation technology Unobservable input
302024 value
Unlisted equity Hire a third party for evaluation or enjoy the share of the net Net book assets of the
1058881707.86
investment book assets of the investee based on the shareholding ratio invested unit
4. Fair value of financial assets and liabilities not measured at fair value
The Company's financial assets and liabilities measured in amortized cost mainly include: accounts receivable
other receivables contract assets short-term loans accounts payable other payables non-current liabilities due
within one year long-term loans bonds payable and long-term payables.There is no significant difference between the book value of financial assets and liabilities not measured at fair
value and the fair value.XII. Related parties and related-party transactions
1. Parent company information of the enterprise
The parent
The parent company
Registered Redistricted company of the
Name Nature of the Company's
address capital Company’s vote
shareholding ratio
ratio
Equity management traffic
Guangdong
infrastructure construction 26.8 billion
communication Guangzhou 24.56% 50.12%
and railway project yuan
Group Co. Ltd
operation
Notes ：
Guangdong Communication Group Co. Ltd. is the largest shareholder of the Company. legal representative: Deng
Xiaohua. Date of establishment: June 23 2000. As of June 30 2024Registered capital: 26.8 billion yuan. It is a
solely state-owned limited company. Business scope：equity management organization of asset reorganization
and optimized allocation raising funds by means including mortgage transfer of property rights and joint stock
system transformation project investment operation and management traffic infrastructure construction highway
and railway project operation and relevant industries technological development application consultation and
services highway and railway passenger and cargo transport ship industry relevant overseas businesses; The
value-added communication business.
108Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The finial control of the Company was State owned assets supervision and Administration Commission of
Guangdong Provincial People's Government.
2.Subsidiaries of the Company
Subsidiaries of this enterprise see VIII(1) the rights of other entity
3. Information on the joint ventures and associated enterprises of the Company
Details refer to the VIII-3 Interests in joint ventures or associates
Information on other joint venture and associated enterprise of occurring related party transactions with the
Company in reporting period or form balance due to related party transactions in previous period:
Name Relation with the Company
Shenzhen Huiyan Expressway Co. Ltd. Associated enterprises of the Company
Zhaoqing Yuezhao Highway Co. Ltd. Associated enterprises of the Company
Ganzhou Kangda Expressway Co. Ltd. Associated enterprises of the Company
Ganzhou Gankang Expressway Co. Ltd. Associated enterprises of the Company
Guangdong Jiangzhong Expressway Co. Ltd. Associated enterprises of the Company
4. Other Related parties
Name Relation with the Company
Guangdong East Thinking Management Technology
Fully owned subsidiary of the parent company
Development Co. Ltd.Guangdong Expressway Media Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Expressway Technology Investment Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Humen Bridge Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Hualu Traffic Technology Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Communications Testing Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Litong Development Investment Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Highway Science and Education Center Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Litong Technology Investment Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Litong Property Investment Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Union Electron Service Information technology
Fully owned subsidiary of the parent company
Co. ltd.Guangdong Lulutong Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Luoyang Expressway Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Provincial Freeway Co.Ltd. Fully owned subsidiary of the parent company
Guangdong Highway Construction Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Communication Group Finance Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Tongyi Expressway Service Area Co. Ltd Fully owned subsidiary of the parent company
Guangdong Xinyue Traffic Investment Co. Ltd. Fully owned subsidiary of the parent company
109Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Name Relation with the Company
Guangdong Yueyun Traffic Rescue Co. Ltd. Fully owned subsidiary of the parent company
Guangzhou Xinyue Traffic Technology Co. Ltd. Fully owned subsidiary of the parent company
Guangzhou Xinyue Asphalt Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Traffic Development Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Yueyun Traffic Co. Ltd. Fully owned subsidiary of the parent company
Poly Changda Engineering Co. Ltd. Shares of parent company
Guangdong Communication Planning & Design Institute Co.Shares of parent company
Ltd.Guangdong Changda Road Conservation Co. Ltd. Shares of parent company
Guangzhou Aitesi Communication equipment Co. Ltd. Associated enterprises controlled by the same parent company
Guangdong Jingzhu Expressway Guangzhu North Section Co.Associated enterprises controlled by the same parent company
Ltd.Guangdong Feida Traffic Engineering Co. Ltd. Associated enterprises controlled by the same parent company
Guangdong Road Network Digital Media Information
Fully owned subsidiary of the parent company
Technology Co. Ltd
Hunan Lianzhi Technology Co. Ltd. A wholly owned subsidiary of the Company
Guangzhongjiang Expressway Project Management Dept Managed by the parent company
5. List of related-party transactions
(1)Information on acquisition of goods and reception of labor service
Acquisition of goods and reception of labor service
In RMB
Content of related Amount of current period Amount of previous
Related parties
transaction
period
1.Business cost
Guangdong Union electronic services co.Service 12275722.05 13229622.13
Ltd.Guangdong Yueyun Traffic Rescue Co. Ltd. Rescue service fee 2522231.00 1803701.00
Poly Changda Engineering Co. Ltd. Project fund service 2294955.00 242574.00
Guangdong Xinyue Traffic Investment Co.Project fund service 1704368.33 1767361.32
Ltd.Guangdong Feida Traffic Engineering Co.Maintenance 1694722.00
Ltd.Guangdong Hualu Traffic Technology Co.Project 1108098.00 306348.00
Ltd.Guangdong Humen Bridge Co. Ltd. Service 609023.79 330692.01
Guangdong Litong Technology Investment
Maintenance 148273.60 499250.40
Co. Ltd.Guangdong Highway Science and Education
Trairing expense 23100.00
Center Co. Ltd.Guangdong East Thinking Management
Service 10000.00
Technology Development Co. Ltd.Guangdong Expdressway Technology
Depreciation cost -36790.74
Investment Co. Ltd.
110Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Content of related Amount of current period Amount of previous
Related parties
transaction
period
Guangdong Tongyi Expressway Service Area
Service 176962.71
Co. Ltd
Subtotal 22353703.03 18356511.57
2.Financial cost
Guangdong Communication Group Finance Borrowing Interest
5992273.616590997.21
Co. Ltd. expresses
Guangdong Communication Group Finance
Deposit interest income -19060829.63 -9965887.73
Co. Ltd.Guangdong Communication Group Finance
Commission charge 1320.00 3785.00
Co. Ltd.Guangdong Communication Group Co.Interest 7402083.32
Ltd.Subtotal -13067236.02 4030977.80
3.Administrative expenses
Guangdong Highway Science and Education
Training expense 232570.00
Center Co. Ltd.Guangdong East Thinking Management
Maintenance，Service 140490.57Technology Development Co. Ltd.Guangdong Tongyi Expressway Service Area
Service 111078.80 74591.29
Co. Ltd
Guangdong Litong Property Development Management Fee water
84476.00
Co. Ltd. and electricity
Guangdong Highway Construction Co.Ltd. Training expense 29310.00
Subtotal 597925.37 74591.29
4）Construction in process
Poly Changda Engineering Co. Ltd. Purchase assets 228857141.00
Guangdong Communication Planning &
Purchase assets 3176898.00 5422739.00
Design Institute Co. Ltd.Guangdong East Thinking Management
Purchase assets 1255000.00
Technology Development Co. Ltd.Guangdong Hualu Traffic Technology Co.Purchase assets 303342.00
Ltd.Guangdong Communication Group Finance
Interest capitalized 236805.56
Co. Ltd.Guangdong Communications Testing Co.LT Purchase assets 2028475.00
Td.Guangdong Highway Construction Co. Ltd. Purchase assets 480000.00
Subtotal 233829186.56 7931214.00
5）Non-operating expenses
Construction liquidated
Poly Changda Engineering Co. Ltd. 1.00
damages
Subtotal 1.00
Related transactions on sale goods and receiving services
In RMB
Related party Content
Amount of current period Amount of previous
111Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
period
1.Business income
Jingzhu Expressway Guangzhu North Commission management
10983491.2010977500.00
section Co. Ltd. fee
Guangdong Traffic Development Co. Ltd. electricity 585883.25 486046.23
Zhaoqing Yuezhao Highway Co. Ltd. Salaries of expatriate staff 642558.25 613816.63
Ganzhou Gankang Expressway Co. Ltd. Salaries of expatriate staff 627422.20 578774.80
Shenzhen Huiyan Expressway Co. Ltd. Salaries of expatriate staff 602004.93 464466.28
Guangdong Tongyi Expressway Service
electricity 565006.00 479678.14
Area Co. Ltd
Ganzhou Kangda Expressway Co. Ltd. Salaries of expatriate staff 168794.31 142237.06
Guangdong Jiangzhong Expressway Co.Salaries of expatriate staff 85317.61 168312.27
Ltd.Poly Changda Engineering Co. Ltd. water and electricity bills 9087.96 21011.51
Guangdong Yueyun Traffic Rescue Co.Water and electricity 6530.45 5770.73
Ltd.Guangdong Expressway Media Co. Ltd. Water and electricity 1387.31 4637.51
Subtotal 14277483.47 13942251.16
2）Non-operating income
Guangdong Feida Traffic Engineering Co. Construction liquidated
4000.00
Ltd damages
Construction liquidated
Poly Changda Engineering Co. Ltd. 2500.00
damages
Subtotal 6500.00
(2) Information of related lease
The Company was lessor：
In RMB
The lease income The lease income
Name of lessee Category of lease assets
confirmed in this year confirmed in last year
Guangdong Expressway Advertising lease
945860.93543695.69
Technology Co. Ltd.Poly Changda Engineering
Land and Equipment lease 600002.15 555557.14
Co. Ltd.Guangdong Expressway Advertising lease
498654.951292283.51
Media Co. Ltd.Guangdong Traffic
Rental income of charging pile 315372.65 267958.87
Development Co. Ltd.Guangzhou Xinyue
Property lease 17142.86
TrafficTechnology Co. Ltd.Guangdong Litong
Technology Investment Co. Land lease 1067169.99
Ltd.Total 2377033.54 3726665.20
112Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
The company was lessee：
In RMB
Variable lease
payments not
Rental charges for short-term included in lease Interest expenses on lease
Rent paid Increased use right assets
and low-value assets (if any) liabilities liabilities assumed
measurement (if
any)
Category of
Lessor
leased assets Amount of Amount of Amoun Amount Amount of Amount of Amount of Amount of Amount Amount of
current period previous t of of current period previous period current previous of previous period
period current previou period period current
period s period period
Guangdong Litong
Office space
Development Investment Co. 131314.30 126971.46 2594667.06 5065766.04 364868.32 276207.92 30404063.26
Ltd
Guangdong Litong Real Estate Office space
18093.0052128.0015732.002408.301490.55230671.46
Investment Co. Ltd
Guangdong Motor Car rental fee
570000.00
Transportation Group Co. Ltd
Total 131314.30 715064.46 2646795.06 5081498.04 367276.62 277698.47 30634734.72
113Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
(3 ）Rewards for the key management personnel
In RMB
Items
Amount of current period Amount of previous period
Rewards for the key management
2759500.002969700.00
personnel
（4） Transactions with associated financial companies
（1）Deposit business
Related party Relationship Maximum daily Deposit Beginning balance The amount of this perioddeposit interest （Ten thousandTotal amount for Total amount is Ending balance
limit(（Ten rate yuan）this period（Ten withdrawn for （Ten thousandthousand rangethousand yuan） this period（Ten yuan）yuan）thousand yuan）
Guangdong Controlled
Communications by the same 0.35%-
300000.00267814.82802532.31821188.10249159.03
Group Finance parent 2.85%
Co. Ltd company
（2）Loan business
Related party Relationship Beginning balance The amount of this
（Ten thousand periodLoantyuan） Total loanLoan limit（Ten interest Ending balance（Tenamount of thethousand yuan） rate thousand yuan）
current
rangeperiod(（Tenthousand yuan）
Guangdong Controlled
Communications by the same 2.55%-
400000.0040632.9218738.18926.4758444.63
Group Finance parent 3.30%
Co. Ltd company
The balance of the above-mentioned loan to Guangdong Communications Group Finance Co. Ltd. includes the
"unoverdue interest" part.
（3）Credit extension or other financial servicesRelated party Relationship Business type Total amount（Ten Actual amount incurredthousand yuan） （Ten thousand yuan）
Guangdong Communications Group Controlled by the Credit
400000.0058400.00
Finance Co. Ltd same parent company extension
The Company respectively signed the "Cash Management Business Cooperation Agreement" with Guangdong
Communications Group Finance Co. Ltd and the Guangdong Branch of Industrial and Commercial Bank of
China on December 25 2017; and signed the "Cash Management Business Cooperation Agreement" with
Guangdong Communications Group Finance Co. Ltd and the Guangdong Branch of Industrial and Commercial
Bank of China on December 22 2017 respectively joined the cash pool of Guangdong Communications Group
Finance Co. Ltd.
114Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Guangdong Guanghui Expressway Co. Ltd respectively signed the "Cash Management Business Cooperation
Agreement" with Guangdong Communications Group Finance Co. Ltd and Agricultural Bank of China Co. Ltd
Guangdong Branch on May 19 2020 joined the cash pool of Guangdong Communications Group Finance Co.Ltd.
（5）Asset transfer and debt restructuring of related parties
None
(6) Other related-party transactions
1）On June 15 2016The company’s 29th meeting (Provisional) of the seventh board of directors was convened.
The Proposal on Entrustment of Construction Management of the Renovation and Expansion Project of Sanbao-
to-Shuikou Section of Shengyang-to-Haikou National Expressway was deliberated in the meeting agreed that
Guangdong Provincial Fokai Expressway Co. Ltd entrusts Guangdong Provincial Highway Construction Co. Ltd
with the construction management of the renovation and expansion project of Sanbao-to-Shuikou Section of
Shengyang-to-Haikou National Expressway and handling the related matters of the entrustment of the
construction management. The above transactions have been approved and implemented by the board of directors
of Guangdong Fokai Expressway Co. Ltd.
2）On November 30 2022 the fifth (interim) meeting of the 10th Board of Directors of the Company reviewed
and approved the Proposal on Entrusted Construction Management of the Reconstruction and Expansion Project
of Nansha-Zhuhai Section of Guangzhou-Macao Expressway and agreed that the subsidiary Guangzhou-Zhuhai
Section of Beijing-Zhuhai Expressway Co. Ltd. entrusted Guangdong Provincial Highway Construction Co. Ltd.to carry out the whole-process construction management of the reconstruction and expansion project of Nansha-
Zhuhai Section of Guangzhou-Macao Expressway. The above transactions have been approved and implemented
by the Board of Directors of Guangzhu Section of Beijing-Zhuhai Expressway Co. Ltd The above transactions
have been approved and implemented by the board of directors of Beijing-Zhuhai Expressway Guangzhou-Zhuhai
Section Co. Ltd.
6. Receivables and payables of related parties
（1）Receivables
In RMB
Amount at year end Amount at year beginning
Name Related party Balance of Bad debt Balance of Bad debt
Book Provision Book Provision
Account Guangdong Union electron Service Co.
90123591.02104739306.92
receivable Ltd.Account
Guangdong Humen Bridge Co. Ltd. 18978390.78 8382454.42
receivable
Account Guangdong Expressway Technology
6491696.726548536.49
receivable Investment Co. Ltd.Account Jingzhu Expressway Guangzhu North
5821250.018643475.02
receivable Section Co. Ltd.Account
Guangdong Expressway Media Co. Ltd. 524341.18 538491.00
receivable
115Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Amount at year end Amount at year beginning
Name Related party Balance of Bad debt Balance of Bad debt
Book Provision Book Provision
Account
Guangdong Traffic Development Co. Ltd. 108275.44
receivable
Account
Poly Changda Engineering Co. Ltd. 503879.00
receivable
Account Guangdong Litong Technology Investment
475529.20
receivable Co. Ltd.Total 122047545.15 129831672.05
Guangdong Feida Traffic Engineering
Prepayment 2478186.00 2478186.00
Co. Ltd.Guangdong Union electron Service Co.Prepayment 120116.91
Ltd.Guangdong Highway Science and
Prepayment 65340.00
Education Center Co. Ltd.Total 2663642.91 2478186.00
Other Account
Guangdong Provincial Freeway Co.Ltd. 40092886.12 40092886.12
receivable
Other Account Guangdong Litong Development
1846377.941846377.94
receivable Investment Co. Ltd.Other Account Guangdong Union electron Service Co.
50000.00136509.59
receivable Ltd.Other Account Guangdong Litong Property Development
12062.0012062.00
receivable Co. Ltd.Other Account Guangdong Humen Bridge Co. Ltd.
15000.0015000.00
receivable
Other Account Guangdong Expressway Technology
5220.101520.08
receivable Investment Co. Ltd.Other Account Guangdong Yueyun Traffic Rescue Co.
1802.76
receivable Ltd.Other Account
Guangdong Expressway Media Co. Ltd. 656495.57
receivable
Total 42023348.92 42760851.30
Other Non-
Poly Changda Engineering Co. Ltd. 136143013.70 120487501.70
Current Assets
Other Non- Guangdong Communication Planning &
2986673.00
Current Assets Design Institute Co. Ltd.Other Non- Guangdong Hualu Traffic Technology Co.
1715012.00
Current Assets Ltd.Other Non- Guangdong Xinyue Traffic Investment
834973.80834973.80
Current Assets Co. Ltd.Other Non-
Guangdong Traffic Development Co. Ltd. 333398.00 333398.00
Current Assets
Other Non- Guangdong East Thinking Management
251000.00251000.00
Current Assets Technology Development Co. Ltd.Total 142264070.50 121906873.50
116Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
（2）Payables
In RMB
Amount at year Amount at year
Name Related party
end beginning
Short-term loan Guangdong Communication Group Finance Co. ltd. 290205416.70 110085708.33
Total 290205416.70 110085708.33
Account payable Guangdong Feida Traffic Engineering Co. Ltd. 11928849.40 21943925.23
Account payable Guangdong Xinyue Traffic Investment Co. Ltd. 6339609.72 6044263.15
Account payable Poly Changda Engineering Co. Ltd. 4918897.30 17531275.30
Account payable Guangzhongjiang Expressway Project Management Dept 2747739.00 2747739.00
Guangdong Communication Planning & Design Institute
Account payable 2447826.10 2513096.78
Co. Ltd.Account payable Guangdong Hualu Traffic Technology Co. Ltd. 2349046.71 3590461.17
Account payable Guangdong Lulutong Co. Ltd. 1682944.86 1682944.86
Account payable Guangdong Expressway Technology Investment Co. Ltd. 866490.00 866490.00
Account payable Guangdong Union Electron Service Co.Ltd. 806526.31 927837.89
Account payable Guangdong Yueyun Traffic Rescue Co. Ltd. 535271.00 261800.00
Account payable Guangzhou Xinyue Asphalt Co. Ltd. 494704.00 494704.00
Account payable Guangdong Litong Technology Investment Co. Ltd. 472380.00 472380.00
Account payable Guangdong Changda Road Maintenance Co. Ltd. 231869.00 231869.00
Account payable Hunan Lianzhi Technology Co. Ltd. 217010.00 217010.00
Guangdong East Thinking Management Technology
Account payable 98500.00 1588922.00
Development Co. Ltd.Account payable Guangdong Motor Transportation Group Co. Ltd 184000.00
Account payable Guangdong CommunicationTest Co. Ltd. 157501.00
Guangdong Communications Technology Research and
Account payable 32016.00
Development Co. Ltd.Total 36137663.40 61488235.38
Advance received Guangdong Xinyue Traffic Investment Co. Ltd. 17142.86
Advance received Guangdong Union Electron Service Co.Ltd. 1313348.00
Total 17142.86 1313348.00
Other Payable account Poly Changda Engineering Co. Ltd. 22391752.46 20510879.46
Other Payable account Guangdong Hualu Traffic Technology Co. Ltd. 3427620.06 2121826.06
Other Payable account Guangdong Road Construction Co. Ltd. 2141665.79 2004376.13
Other Payable account Guangdong Expressway Technology Investment Co. Ltd. 1717958.26 1717958.26
Other Payable account Guangdong Xinyue Traffic Technology Co. Ltd. 1653523.70 1653523.70
Other Payable account Guangdong Communication Test Co. Ltd. 1573310.00 1573310.00
Other Payable account Guangdong Feida Traffic Engineering Co. Ltd. 1552963.37 1773643.35
Other Payable account Guangdong Xinyue Traffic Investment Co. Ltd. 1077649.49 900742.71
Guangdong Communication Planning & Design Institute
Other Payable account 962700.00 462700.00
Co. Ltd.Guangdong Union electronic services co. Ltd.Other Payable account 613711.92 691060.06
Other Payable account Guangdong Lulutong Co. Ltd. 569391.54 607161.54
Guangdong East Thinking Management Technology
Other Payable account 582470.18 394220.18
Development Co. Ltd.
117Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Amount at year Amount at year
Name Related party
end beginning
Other Payable account Changda Municipal Engineering(Guangdong) Co. Ltd. 500000.00
Other Payable account Guangzhongjiang Expressway Project Management Dept 200000.00 200000.00
Other Payable account Guangdong Tongyi Expressway Service Area Co. Ltd. 120000.00 120000.00
Other Payable account Guangdong Expressway Media Co. Ltd. 50000.00 50000.00
Other Payable account Guangdong Litong Technology Investment Co. Ltd. 44116.43 85919.24
Other Payable account Guangdong Yueyun Traffic Rescue Co. Ltd. 2000.00 2000.00
Other Payable account Hunan Lianzhi Technology Co. Ltd. 19797.00
Total 39180833.20 34889117.69
Non-current liabilities
Guangdong Communication Group Finance Co. ltd. 4240833.34 4243466.66
due 1 year
Non-current liabilities
Guangdong Litong Development Investment Co. Ltd. 12960863.65 9964510.62
due 1 year
Non-current liabilities
Guangdong Litong Property Development Co. Ltd. 90047.93 100255.11
due 1 year
Total 17291744.92 14308232.39
Lease Liability Guangdong Litong Property Development Co. Ltd. 8123730.85 13349882.62
Lease Liability Guangdong Litong Property Development Co. Ltd. 15889.82 55402.33
Total 8139620.67 13405284.95
Long-term loans Guangdong Communication Group Finance Co. ltd. 290000000.00 292000000.00
Total 290000000.00 292000000.00
7. Related party commitment
In 2020 the Company acquired 21% of the equity of Guangdong Guanghui Expressway Co. Ltd. (hereinafter
referred to as "Guanghui Expressway") held by Guangdong Provincial Expressway Co. Ltd. (hereinafter
referred to as "Provincial Company")-a related partyby paying cash and signed the "Profit Compensation
Agreement" and the "Supplementary Agreement to the Profit Compensation Agreement" with Provincial
Company stipulating the calculation rules for the performance compensation period and compensation amount
of the equity acquisition.As of December 31 2023 the amount of performance commitment compensation receivable calculated in
accordance with the Profit Compensation Agreement and the Supplemental Agreement to the Profit
Compensation Agreement confirmed by both parties was RMB 40092886.12.In July 2024 the Company has received a performance compensation of RMB 40092886.12 from the
Provincial Company.XIII. Stock payment
None
XIV. Commitments
1. Significant commitments
Significant commitments at balance sheet date
118Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Capital commitments
Items June 302024 December 312023
Contracted but not recognized in the
financial statements
Building long-term asset commitments - 6925220205.30 7020477401.30
Expressway construction
2. Contingency
(1) Significant contingency at balance sheet date
As of June 302924 the Company did not need to disclose important commitments.
(2) The Company have no significant contingency to disclose also should be stated
The Company has no important contingency that need to disclosed
XV. Events after balance sheet date
None
XVI. Other important events
1. Previous accounting errors collection
None
2. Segment information
（1） If the company has no reporting division or fails to disclose the total assets and liabilities of each
reporting division the reasons shall be explained
The company's business for the Guangfo Expressway the Fokai Expressway Guanghui Expressway and Jingzhu
Expressway Guangzhu Section toll collection and maintenance work the technology industry and provide
investment advice no other nature of the business no reportable segment.
2.Other important transactions and events have an impact on investors decision-making
In 2022 the Company received the Notice of Department of Transport of Guangdong Province on Relevant
Matters Concerning the Disposal of Guangzhou-Foshan Expressway at the Expiration of Toll Collection
(GJYBH [2022] No.24) and the Guangzhou-Foshan Expressway operated by its holding subsidiary Guangfo
Expressway Co. Ltd. stopped charging from 0: 00 on March 3 2022 retaining the existing toll collection
facilities to operate as usual at zero rate exempting all vehicles passing through this section from tolls and
collecting tolls from vehicles in other sections on behalf. After the toll is stopped Guangfo Company will
continue to be responsible for the management and maintenance of Guangzhou-Foshan Expressway.The source of funds for custody expenses paid by Guangfo Company needs to be further determined. As of June
30 2024 custody expenses paid by Guangfo Company were RMB 264561056.92.
XV.Notes of main items in financial reports of parent company
119Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
1. Account receivable
（1） Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginning
Within 1 year（Including 1 year） 28166032.89 31718251.28
Total 28166032.89 31718251.28
（2） According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Categor Book Balance Bad debt provision Book Book Balance Bad debt provision Book
y Amount Proportio Amo Proportio value Amount Proportio Amo Proportio value
n(%) unt n(%) n(%) unt n(%)
Accrual
of bad
debt
2816603281660331718253171825
provisio 100.00% 100.00%
2.892.891.281.28
n by
portfoli
o
Includin
g：
Aging
2816603281660331718253171825
portfoli 100.00% 100.00%
2.892.891.281.28
o
2816603281660331718253171825
Total 100.00% 100.00%
2.892.891.281.28
Accrual of bad debt provision by portfolio: The aging
In RMB
Balance in year-end
Aging
Account receivable Bad debt provision Expected credit loss rate (%
Within 1 year 28166032.89
Total 28166032.89
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
□ Applicable √ Not applicable
（3） Accounts receivable withdraw reversed or collected during the reporting period
None
（4） The actual write-off accounts receivable
None
(5) Top 5 of the closing balance of the accounts receivable collected according to the arrears party
In RMB
120Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Closing Accounts
balance receivable Proportion of Amount of
Amount of
Company Name of the and contract total accounts ending balance
ending balance
contract assets ending receivable % for bad debts
assets balance
Guangdong Union Electronic
28036334.7999.54%
Services Co. Ltd.Guangdong Expressway
129698.100.46%
Technology Investment Co. Ltd.Total 28166032.89 100.00%
（6）Account receivable which terminate the recognition owning to the transfer of the financial assets
None
(7)The amount of the assets and liabilities formed by the transfer and the continues involvement of
accounts receivable
None
2.Other accounts receivable
In RMB
Items Balance in year-end Balance Year-beginning
Dividend receivable 41904578.21 1205472.90
Other receivable 755734118.78 1020100372.97
Total 797638696.99 1021305845.87
(1) Interest receivable
None
（2）Dividend receivable
1)Dividend receivable
In RMB
Items Balance in year-end Balance Year-beginning
Guangdong Radio and Television Networks investment
1205472.901205472.90
No.1 Limited partnership enterprise
China Everbright Bank Co. Ltd 40699105.31
Total 41904578.21 1205472.90
2)Significant dividend receivable aged over 1 year
In RMB
Whether with
Balance in
Items Aging Reasons for non-recovery impairment and the
year-end
judgment basis
Guangdong Radio and Television The partnership agreement expires and
Over 5 No it can be
Networks investment No.1 Limited 1205472.90 can be recovered after the extension
years recovered in the future
partnership enterprise procedures are completed
Total 1205472.90
3）Bad-debt provision
121Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
□ Applicable √ Not applicable
（3） Other accounts receivable
1) Other accounts receivable classified
In RMB
Items Balance in year-end Balance Year-beginning
Deposit 2297364.74 2277164.74
Petty cash 1186400.00 1232661.91
Compensation for performance
40092886.1240092886.12
commitments receivable
Payment from related parties within the
711730768.23975923541.67
scope of the merger
Other 426699.69 574118.53
Total 755734118.78 1020100372.97
2） Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginningWithin 1 year(Including 1 year） 41870282.91 44648632.53
1-2 years 2230791.74 975012062.00
2-3 years 711199562.00 28611.55
Over 3 years 433482.13 411066.89
3-4 years 28611.55 7699.35
4-5 years 7699.35 23848.70
Over 5 years 397171.23 379518.84
Total 755734118.78 1020100372.97
122Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
3） According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Category Book Balance Bad debt provision Book value Book Balance Bad debt provision Book value
Amount Proportion(%) Amount Proportion(%) Amount Proportion(%) Amount Proportion(%)
Including：
Accrual of bad debt
755734118.78100.00%755734118.781020100372.97100.00%1020100372.97
provision by portfolio
Including
CSF Portfolio 3483764.74 0.46% 3483764.74 3509826.65 0.34% 3509826.65
Very low credit risk
financial asset 40519585.81 5.36% 40519585.81 40667004.65 3.99% 40667004.65
portfolio
Risk-free
711730768.2394.18%711730768.23975923541.6795.67%975923541.67
combination
Total 755734118.78 100.00% 755734118.78 1020100372.97 100.00% 1020100372.97
123Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Accrual of bad debt provision by single：The portfolio
In RMB
Balance Year-beginning Balance in year-end
Name Bad debt Bad debt Withdrawal
Book balance Book balance Reason
provision provision proportion
Cast deposit
3483764.74
portfolio
Very low credit
risk financial 40519585.81
asset portfolio
Risk-free
711730768.23
combination
Total 755734118.78
Make provision for bad debts according to the general model of expected credit lossesNone。
Loss provision changes in current period change in book balance with significant amount
□Applicable √ Not applicable
4）Accounts receivable withdraw reversed or collected during the reporting period
None
5) The actual write-off other accounts receivable in the period:
None
6) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
None
7） Reported in other receivables due to centralized management of funds
None
8）Top 5 of the closing balance of the prepayment collected according to the prepayment target
Proportion of the Closing
total year end balance
Name Nature Closing balance Aging balance of the of bad
accounts debt
receivable(%) provision
Reconstruction and
expansion of 2-3
711187500.00
investment funds and years
Jingzhu Expressway Guangzhu Section Co. Ltd. interest 94.18%
Within
Interest 543268.23
1 year
124Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Proportion of the Closing
total year end balance
Name Nature Closing balance Aging balance of the of bad
accounts debt
receivable(%) provision
Provisional estimate of
restructuring Within
Guangdong Provincial Freeway Co.Ltd. 40092886.12 5.31%
performance 1 year
compensation number
Security Deposits and Within
7131.00
Earnest Money 1 year
Guangdong Litong Development Investment Co. Vehicle parking 3-4
22980.000.24%
Ltd. deposit years
Lease deposit 1816266.94
years
Vehicle parking 3-4
4200.00
deposit years
First Pacific Davis Property Consultant
Water and electricity 1-2
(Guangzhou) Co. Ltd 92116.80 0.06%
costs working capital years
Management fee 1-2
322408.00
deposit years
Within
Huang Honggui Petty cash 190000.00 0.03%
1 year
Total 754278757.09 99.82%
9)Accounts receivable involved with government subsidies
None
10) Other account receivable which terminate the recognition owning to the transfer of the financial
assets
None
11) The amount of the assets and liabilities formed by the transfer and the continues involvement of other
accounts receivable
None
3. Long-term equity investment
In RMB
End of term Beginning of term
Items Impairment Impairment
Book Balance Book value Book Balance Book value
provision provision
Investment in
4216142963.434216142963.433952330463.433952330463.43
subsidiaries
Investment in
joint ventures and 3177294208.44 3177294208.44 2990656046.31 2990656046.31
associates
125Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Total 7393437171.87 7393437171.87 6942986509.74 6942986509.74
（1）Investment to the subsidiary
In RMB
Increase /decrease in reporting period
Initial Closing
balance of WithdrawOpening Decreased balance of
Name the Add n Othe Closing balance
balance investmen impairmen
impairmen investment impairmen r
t provision t t provision
t provision
Jingzhu
Expressway
1396171883.0263812500.01659984383.0
Guangzhu
808
Section Co.Ltd.Guangfo
Expressway 154982475.25 154982475.25
Co. ltd.Yuegao
Capital
Investment 375500000.00 375500000.00
(Guangzhou
) Co. Ltd.Guanghui
2025676105.12025676105.1
Expressway
00
Co. Ltd.
3952330463.4263812500.04216142963.4
Total
303
126Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
（2）Investment to joint ventures and associated enterprises
In RMB
Increase /decrease in reporting period
Initial Closing
Announced
balance of Decrease Investment Other Provision balance of
Opening the Other for Closing
Name Increase in in income under change for Othe impairme
balance impairme comprehensi distributing balance
nt investment investme equity s in impairme r nt
ve income cash dividend
provision nt method equity nt provision
or profit
I. Joint ventures
II. Associated enterprises
Zhaoqing
Yuezhao 142000000. 30049890.6 99500000.0
367104015.00439653905.64
Highway Co. 00 4 0
Ltd.Guangdong
Jiangzhong 31500000.0
557686679.668230842.004057227.52593360294.14
Expressway 0
Co. Ltd.Ganzhou
Gankang 11602814.1
181054819.12192657633.24
Expressway 2
Co. Ltd.Ganzhou
Kangda 20570257.4
257929704.98278499962.47
Expressway 9
Co. Ltd.ShenzhenHuiy
13417646.3
an Expressway 377922183.98 391339830.30
Co. Ltd.Guoyuan 1027100533. 23716283.6 17123319.7 15522387.3 1052417749.Securities 47 2 9 0 58
127Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
Co.Ltd.Guangdong
Yuepu Science
and
221858110.107506722.97229364833.07
Technology
Microfinance
Co. Ltd.
2990656046.173500000.115094457.17123319.7119079614.3177294208.
Subtotal
31001698244
2990656046.173500000.115094457.17123319.7119079614.3177294208.
Total
31001698244
The recoverable amount is determined by the net amount of fair value minus disposal expenses
□Applicable □Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□Applicable □Not applicable
128Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
4. Business income and Business cost
In RMB
Amount of current period Amount of previous period
Items
Revenue Cost Revenue Cost
Main business 743464662.48 251313774.04 734319820.33 242491456.98
Other 4261694.44 113922.96 6352612.68 1795927.53
Total 747726356.92 251427697.00 740672433.01 244287384.51
5.Investment income
In RMB
Items
Amount of current period Amount of previous period
Long-term equity investment income
598060407.87404052121.37
accounted by cost method
Long-term equity investment income
115094457.16108689822.92
accounted by equity method
Dividend income from other equity
instrument investments during the 40699105.31 71249739.36
holding period
Other 11332376.43 12728947.34
Total 765186346.77 596720630.99
XVI. Supplementary Information
1.Current non-recurring gains/losses
√ Applicable □Not applicable
In RMB
Items Amount Notes
Non-current asset disposal gain/loss 31986.81
Government subsidies recognized in current gain and loss(excluding those closely related
5419793.60
to the Company’s business and granted under the state’s policies)
Capital occupation charges on non-financial enterprises that are recorded into current
690943.99
gains and losses
Net amount of non-operating income and expense except the aforesaid items 1163702.75
Other non-recurring Gains/loss items 197734.86
The impairment provision for the advance expenses that have occurred but need to be
-43453436.90
defined from the source of funds
Less :Influenced amount of income tax 1876040.52
Influenced amount of minor shareholders’ equity (after tax) -9431353.21
Total -28393962.20 --
Details of other profit and loss items that meet the non-recurring profit and loss definition
√Applicable□ Not applicable
Due to the special nature of the impairment provision for management and maintenance expenses advanced by
the Guangzhou-Foshan Expressway to be clarified it will affect the normal judgment of the Company's
operating performance and profitability by the user of the report.
129Guangdong Provincial Expressway Development Co.. Ltd. The Semi-Annual Finacial Report 2024
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses
and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information
Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been
defined as recurring gains and losses it is necessary to explain the reason.□ Applicable√ Not applicable
2. Return on equity (ROE) and earnings per share (EPS)
Weighted average EPS（Yuan/share）
Profit as of reporting period
ROE (%) EPS-basic EPS-diluted
Net profit attributable to common
8.45%0.410.41
shareholders of the Company
Net profit attributable to common
shareholders of the Company after
8.73%0.420.42
deduction of non-recurring profit
and loss
3. Differences between accounting data under domestic and overseas accounting standards
（1）．Simultaneously pursuant to both Chinese accounting standards and international accounting
standards disclosed in the financial reports of differences in net income and net assets.□ Applicable□√ Not applicable
（2）. Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards.□ Applicable□√ Not applicable
(3) .Explanation of the reasons for the differences in accounting data under domestic and foreign account
ing standards. If the data that has been audited by an overseas audit institution is adjusted for differences
the name of the overseas institution should be indicated
130
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