Stock Abbreviation: Guangdong Expressway A Guangdong Expressway B Stock Code: 000429 200429

Announcement No.: 2026-026

Guangdong Provincial Expressway Development Co. Ltd.The Company and its directors hereby guarantee that the content of the information disclosure is real accurate

complete and free from any false record misleading representation or material omissions.Important Notes

1. The Directors and the Board of Directors and Senior Management of the Company guarantee that there are

no significant omissions fictitious or misleading statements carried in the Report and we will accept individual

and joint responsibilities for the truthfulness accuracy and completeness of the Report.

2. Mr. Miao Deshan Company principal Mr Cheng Rui General manager Mr. Lu Ming Chief of the

accounting work Ms.Yan Xiaohong Chief of the accounting organ (chief of accounting ) hereby confirm that

the financial information of this Quarterly Report is authentic accurate and complete.

3. Whether the Third Quarterly Financial Report has been audited or not

□Yes √No

I. Main financial data

(i) Main accounting data and financial indexes

Whether it has retroactive adjustment or re-statement on previous accounting data or not

□Yes□No

Changes of this

Changes of this period Year-begin to period over same

This period over same period of last period-end

year Before adjustment period of last year（％）

（％）Operating revenue（Yuan) 1235092658.47 -0.76% 3354045665.57 -0.25%Net profit attributable to the

shareholders of the listed company 456249404.20 -6.51% 1306378661.06 -15.45%

（Yuan)Net profit after deducting of non-

recurring gain/loss attributable to the

455394388.52 -6.51% 1302283241.73 1.25%

shareholders of listed company

（Yuan)Net cash generated from /used in

— — 2676755205.42 -12.09%operating activities（Yuan)Basic earning per share(Yuan/Share) 0.21 -8.70% 0.62 -16.22%

Diluted gains per share(Yuan/Share) 0.21 -8.70% 0.62 -16.22%

Weighted average return on equity

4.14% -0.53% 11.55% -2.87%

（%)Changes of this period-end over same

End of this period End of last period

period-end of last year(%)Total assets（Yuan) 28803568726.46 26790914410.82 7.51%Net assets attributable to the

shareholders of the listed company 11096721845.27 11116100975.79 -0.17%

（Yuan)(ii)Items and amount of non-current gains and losses

√ Applicable □ Not applicable

In RMB

Amount from year-begin

Item This period Notes

to period -end

Non-current asset disposal gain/loss(including the write-off part for which assets

-523603.74 -1099665.53

impairment provision is made)

Government subsidies recognized in current gain and loss(excluding those

3838.71 31516.13

closely related to the Company’s business and granted under the state’s policies)

Capital occupation charges on non-financial enterprises that are recorded into

1360146.23 4348904.09

current gains and losses

Net amount of non-operating income and expense except the aforesaid items -131940.24 1220728.61

Amount from year-begin

Item This period Notes

to period -end

Other non-recurring Gains/loss items 8250.00 818321.33

Less :Influenced amount of income tax 179173.79 1340342.50

Influenced amount of minor shareholders’ equity (after tax) -317498.51 -115957.20

Total 855015.68 4095419.33 --

Other gains/losses items that conform to the definition of non-recurring gains/losses:

□Applicable□Not applicable

The Company does not haveother gains/losses items that conform to the definition of non-recurring gains/losses

Information on the definition of non-recurring profit(gain)/loss that listed in theQ&A Announcement No.1 on

Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary (non-recurring)

Profit(gain)/loss as the recurring profit(gain)/loss

□Applicable□Not applicable

The Company does not have any non-recurring profit(gain)/loss listed under theQ&A Announcement No.1 on

Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary (non-recurring)

Profit(gain)/lossdefined as recurring profit(gain)/loss

(iii)Particulars about material changes in items of main accounting statement and financial index and

explanations of reasons

√ Applicable □Not applicable

I. Items of balance sheet as compared with the beginning of this year.

(1)Account receivable

An increase of 33.12 million yuan or 34.25% over the beginning of the year The main reason is the increase in

toll revenues pending liquidation..

(2)Construction in progress

An increase of 2193.67 million yuan or 46.08% over the beginning of the year Mainly due to the increased

expenditure on the renovation and expansion projects of the holding subsidiaries.

(3)Right-of-use asset

An increase of 13.27 million yuan or 344.66% over the beginning of the year Mainly due to the combined

effect of recognizing right-of-use assets and recording amortization in the current period based on the newly

signed office building lease contracts.

（4）Other non-current assets

An increase of 442.12 million yuan or 53.18% over the beginning of the year Mainly due to the impact of

Guangdong Guanghui Expressway Co. Ltd. reclassifying the prepayments for the expansion and reconstruction

project.

(5) Short-term Loans

Decreased by RMB 159.11 million from the beginning of the year down 61.39% mainly due to the company’

s repayment of matured loans.

(6) Accounts Payable

Decreased by RMB 89.12 million from the beginning of the year down 40.56% mainly due to the reduction in

outstanding project payments of the company.（7）Other account payable

An increase of 146.90 million yuan or 50.24% over the beginning of the year Mainly due to that the Guangzhu

East expansion project received agent construction proceeds.

(8) Current Portion of Non-current Liabilities

Increased by RMB 184.61 million from the beginning of the year up 62.83% mainly because

part of bank borrowings was reclassified from long-term borrowings to current portion of non-

current liabilities.II. Items of income statement as compared with the same period of the previous year

(1)Financial expenses

The decrease of 15.78 million yuan or 33.10% over the same period of last year Mainly due to the combined

effect of Guangdong Guanghui Expressway Co. Ltd. receiving interest from fixed deposits and the Company's

interest expenses.

(2)Loss of credit impairment

The decrease of 313.86 million yuan or 96.84%over the same period of last year Mainly due to that in the same

period last year the holding subsidiary Guangfo Expressway Co. Ltd. had a clear source for the funds advanced

for maintenance and it reversed the bad debt provision of 342.94 million yuan for previously advanced

maintenance expenses calculated individually while no such factor existed in the current period.III. Notes of main items of cash flow statement

(1)Cash received from recovering investment

It decreased by 107.71 million yuan YOY Mainly due to that in the same period last year the wholly-owned

subsidiary Yuegao Capital Holdings (Guangzhou) Co. Ltd. received payment from the equity transfer of Hunan

Lianzhi Technology Co. Ltd. whereas no such transaction occurred in the current period.

(2) Cash paid for the purchase and construction of fixed asset

It increased by 1400.49 million yuan or 114.71%YOY Mainly due to the increase in spending on the holding

subsidiary's expansion and renovation projects.

（3）Cash received from investment retrieving

It increased by 124.42 million yuan or 149.68%YOY Mainly due to the accelerated investment progress of the

Guanghui Expressway expansion and renovation project and increased capital contribution from shareholders in

the current period.

(4)Cash received as loans

It decreased by 1282.00 million yuan or 42.38%YOY Mainly due to the combined effect of reduced

borrowings for the Guangzhu East section expansion and renovation of the Beijing-Zhuhai Expressway and

increased borrowings for the Guanghui Expressway expansion and renovation project.

(5)Cash paid for settling debts

It decreased by 2110.38 million yuan or 82.35%YOY Mainly due to the combined effects of the Company

repaying maturing medium-term notes in the same period of the prior year (with no such event in the current

period) and the reduction in loan repayments in the current period.II. Shareholders Information

(i) Total number of common shareholders and preference shareholders with voting rights recovered and

top ten common shareholders

In Shares

Total number of

Total preference shareholders with the voting power

common shareholders 62157 0

recovered at the end of the reporting period(if any)

at the period-endShares held by the top 10 shareholders（Excluding shares lent through refinancing)Amount of Pledging or freezing

Share

Properties of tradable shares

Shareholder name proportion Quantity Status of

shareholder

% with Conditional

Quantity

the shares

held

Guangdong Communication State-owned Not

24.56% 513500770 410121028 0

Group Co. Ltd. legal person applicable

Guangdong Highway State-owned Not

22.30% 466325020 0 0

Construction Co. Ltd legal person applicable

Shangdong Tonghui Capital State-owned Not

9.68% 202429927 0 0

Investment Group Co. Ltd. legal person applicable

Guangdong Provincial State-owned Not

2.53% 52937491 19582228 0

Freeway Co.Ltd. legal person applicable

China Construction Bank -

Huatai-Pine Bridge CSI

Dividend Low Volatility Not

Other 2.19% 45741229 0 0

Exchange-Traded Open-End applicable

Index Securities Investment

Fund

China Pacific Life Insurance

Co. Ltd.-China Pacific Life

Equity Dividend Product (Life Not

Other 1.83% 38312274 0 0

Proprietary Trading) applicable

Entrusted Investment

(Changjiang Pension)

China Merchants Securities State-owned

1.00% 20809787 0 Freeze 5251450

Co. Ltd. legal person

China Merchants Bank Co.Not

Ltd.-E Fund CSI Dividend Other 0.85% 17803947 0 0

applicable

Low-Volatility ETF

State-owned Not

Orient Securities 0.78% 16354248 0 0

legal person applicable

Overseas legal

HKSCC Not0.74% 15435151 0 0

person applicable

Shares held by the Top 10 Shareholders of Non-restricted shares(

Excluding shares lent through refinancing and Top management lock-in stock)

Number of the non- Share type

Shareholders’ Names

restricted shares held Share type Quantity

Guangdong Highway Construction Co. Ltd 466325020 RMB Common shares 466325020

Shangdong Tonghui Capital Investment Group Co. Ltd. 202429927 RMB Common shares 202429927

Guangdong Communication Group Co. Ltd. 103379742 RMB Common shares 103379742

China Construction Bank - Huatai-Pine Bridge CSI

Dividend Low Volatility Exchange-Traded Open-End Index 45741229 RMB Common shares 45741229

Securities Investment Fund

China Pacific Life Insurance Co. Ltd.-China Pacific Life

Equity Dividend Product (Life Proprietary Trading) 38312274 RMB Common shares 38312274

Entrusted Investment (Changjiang Pension)

Guangdong Provincial Freeway Co.Ltd. 33355263 RMB Common shares 33355263

China Merchants Securities Co. Ltd. 20809787 RMB Common shares 20809787

China Merchants Bank Co. Ltd.-E Fund CSI Dividend

17803947 RMB Common shares 17803947

Low-Volatility ETF

Orient Securities 16354248 RMB Common shares 16354248

HKSCC 15435151 RMB Common shares 15435151

Guangdong Communication Group Co. Ltd. is the parent company of

Guangdong Highway Construction Co. Ltd.and Guangdong Provincial

Related or acting-in-concert parties among Freeway Co.Ltd. It is unknown whether there is relationship between

shareholders above other shareholders and whether they are persons taking concerted action

specified in the Regulations on Disclosure of Information about Change in

Shareholding of Shareholders of Listed Companies.Participation of top 10 unconditional common share

None

shareholders in securities margin trading (if any)

Information of shareholders holding more than 5% of the shares the top 10 shareholders and the top 10

shareholders of unrestricted tradable shares participating in the lending of shares in securities lending and

borrowing business

□Applicable□Not applicable

The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared

with the previous period due to the securities lending/returning

□Applicable□Not applicable

(ii)Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end

of the report period

□Applicable□Not applicable

III. Other important matters

□Applicable□Not applicable

IV. Quarterly financial statements

（i）Financial statement

1. Consolidated balance sheet

Prepared by：Guangdong Provincial Expressway Development Co. Ltd.In RMB

Item Ending balance Opening balance

Current asset：

Monetary fund 6652010210.19 6545379942.11

Settlement provision

Outgoing call loan

Transactional financial assets

Derivative financial assets

Notes receivable

Account receivable 129821162.97 96702638.20

Financing receivable

Prepayments 5177428.81 9701427.59

Insurance receivable

Reinsurance receivable

Provisions of Reinsurance contracts

receivable

Other account receivable 556235347.97 607031326.53

Including：Interest receivable

Dividend receivable 10348258.20

Repurchasing of financial assets

Inventories

Including：Data resources

Contract assets

Assets held for sales

Non-current asset due within 1 year

Other current asset 16549141.09 7909725.13

Total of current assets 7359793291.03 7266725059.56

Non-current assets：

Loans and payment on other’s behalf

disbursed

Creditor's Investment

Other Creditor's Investment

Long-term receivable

Long term share equity investment 4475985268.17 4362638936.45

Other equity instruments investment 786023228.81 890653266.65

Other non-current financial assets 225219767.35 195219767.35

Property investment 1838954.12 2004792.98

Fixed assets 7511598171.08 8268301855.93

Construction in progress 6954022406.94 4760350219.82

Production physical assets

Oil & gas assets

Use right assets 17123304.30 3850889.14

Intangible assets 160028753.39 178707658.07

Including：Data resources

Development expenses

Including：Data resources

Goodwill

Long-germ expenses to be amortized

Deferred income tax asset 38496548.55 31138740.44

Other non-current asset 1273439032.72 831323224.43

Total of non-current assets 21443775435.43 19524189351.26

Total of assets 28803568726.46 26790914410.82

Current liabilities

Short-term loans 100058611.02 259163958.03

Loan from Central Bank

Borrowing funds

Transactional financial liabilities

Derivative financial liabilities

Notes payable

Account payable 130593016.25 219716016.18

Advance receipts 755785.08 276083.20

Contract liabilities

Selling of repurchased financial assets

Deposit taking and interbank deposit

Entrusted trading of securities

Entrusted selling of securities

Employees’ wage payable 22638647.76 22045085.09

Tax payable 219699744.09 174658322.38

Other account payable 439279545.05 292377860.50

Including：Interest payable

Dividend payable 38282699.96 36900482.45

Fees and commissions payable

Reinsurance fee payable

Liabilities held for sales

Non-current liability due within 1 year 478456645.09 293845219.93

Other current liability 63662.12 123420.61

Total of current liability 1391545656.46 1262205965.92

Non-current liabilities:

Reserve fund for insurance contracts

Long-term loan 11309085078.80 10036331513.04

Bond payable

Including：preferred stock

Sustainable debt

Lease liability 5491148.60 0.00

Long-term payable 2022210.11 2022210.11

Long-term remuneration payable to staff

Expected liabilities

Deferred income 1038943754.89 994833116.03

Deferred income tax liability 265566479.09 291774306.12

Other non-current liabilities

Total non-current liabilities 12621108671.49 11324961145.30

Total of liability 14012654327.95 12587167111.22

Owners’ equity

Share capital 2090806126.00 2090806126.00

Other equity instruments

Including：preferred stock

Sustainable debt

Capital reserves 797165630.39 782912515.57

Less：Shares in stock

Other comprehensive income 176711909.69 253875915.99

Special reserve

Surplus reserves 1870662965.01 1870662965.01

Common risk provision

Retained profit 6161375214.18 6117843453.22

Total of owner’s equity belong to the

11096721845.27 11116100975.79

parent company

Minority shareholders’ equity 3694192553.24 3087646323.81

Total of owners’ equity 14790914398.51 14203747299.60

Total of liabilities and owners’ equity 28803568726.46 26790914410.82

Legal Representative: Miao Deshan

Person in charge of accounting：Lu Ming

Person in charge of accounting organ: Yan Xiaohong

2. Consolidated Income statement between the beginning of the year and end of the report period

In RMB

Item Current period Last period

I. Income from the key business 3354045665.57 3362508742.41

Including：Business income 3354045665.57 3362508742.41

Interest income

Insurance fee earned

Fee and commission received

II. Total business cost 1259749176.78 1236518371.34

Including：Business cost 1080471976.03 1046182622.13

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 14971953.66 15255281.68

Sales expense

Administrative expense 132102604.71 126578611.96

R & D costs 313440.44 834506.13

Financial expenses 31889201.94 47667349.44

Including: Interest expense 118939840.14 86764955.47

Interest income 86220988.21 39274606.96

Add: Other income 849837.46 2008824.61

Investment gain(“－”for loss) 233293236.49 207761041.22

Including: investment gains from

186565282.54 161676368.41

affiliates

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 10305399.12 326161212.43

Impairment loss of assets

Assets disposal income

III. Operational profit(“－”for loss) 2338744961.86 2661921449.33

Add : Non-operational income 4182374.82 5844780.10

Less: Non-operating expense 4061311.74 3998170.34

IV. Total profit(“－”for loss) 2338866024.94 2663768059.09

Less: Income tax expenses 526551108.36 548283557.89

V. Net profit 1812314916.58 2115484501.20

(I) Classification by business

continuity

1.Net continuing operating profit 1812314916.58 2115484501.20

2.Termination of operating net profit

(II) Classification by ownership

1.Net profit attributable to the owners of

1306378661.06 1545171669.34

parent company

2.Minority shareholders’ equity 505936255.52 570312831.86

VI. Net after-tax of other comprehensive

-77164006.30 -92206066.69

income

-77164006.30 -92206066.69

Net of profit of other comprehensive inc

ome attributable to owners of the parent

company.(I)Other comprehensive income items

that will not be reclassified into

-86469177.70 -64761347.91

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 be reclas -7996649.32 10348586.52

sified into profit or loss.

3. Changes in the fair value of

-78472528.38 -75109934.43

investments in other equity instruments

4. Changes in the fair value of the

company’s credit risks

5.Other（II）

Other comprehensive income that will be 9305171.40 -27444718.78

reclassified into profit or loss

1.Other comprehensive income under the

9305171.40 -27444718.78

equity method investee can be reclassifi

ed 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 fina

ncial statements

7.Other

Net of profit of other comprehensive inc

ome attributable to Minority

shareholders’ equity

VII. Total comprehensive income 1735150910.28 2023278434.51

Total comprehensive income attributable

1229214654.76 1452965602.65

to the owner of the parent company

Total comprehensive income

505936255.52 570312831.86

attributable minority shareholders

VIII. Earnings per share

(I）Basic earnings per share 0.6248 0.74

(II)Diluted earnings per share 0.6248 0.74

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

Person in charge of accounting organ: Yan Xiaohong

3. Consolidated Cash Flow Statement Between the Beginning of the Year and End of the Report Period

In RMB

Item Current period Last period

I. Cash flows from operating activities

Cash received from sales of goods or

3399757739.51 3421374296.19

rending of services

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

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

726979948.94 994701254.32

operation

Sub-total of cash inflow 4126737688.45 4416075550.51

Cash paid for purchasing of merchandise

181094657.04 144546471.56

and services

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 for Outgoing call loan

Cash paid for interest processing fee

and commission

Cash paid for policy dividend

Cash paid to staffs or paid for staffs 326271457.25 325845382.43

Taxes paid 603616130.65 557185593.41

Other cash paid for business activities 339000238.09 343786757.37

Sub-total of cash outflow from business

1449982483.03 1371364204.77

activities

Net cash generated from /used in

2676755205.42 3044711345.74

operating activities

II. Cash flow generated by investing

Cash received from investment retrieving 0.00 107111100.00

Cash received as investment gains 149358347.55 118033996.77

Net cash retrieved from disposal of fixed

assets intangible assets and other long- 5515525.12 51891.00

term assets

Net cash received from disposal of

0.00 0.00

subsidiaries or other operational units

Other investment-related cash received 4828902.92 454422.50

Sub-total of cash inflow due to

159702775.59 225651410.27

investment activities

Cash paid for construction of fixed

assets intangible assets and other 2621356306.13 1220870780.62

long-term assets

Cash paid as investment 30000000.00 23238000.00

Net increase of loan against pledge

Net cash received from subsidiaries and

other operational units

Other cash paid for investment activities 1089821.80 726068.90

Sub-total of cash outflow due to

2652446127.93 1244834849.52

investment activities

Net cash flow generated by investment -2492743352.34 -1019183439.25

III.Cash flow generated by financing

Cash received as investment 207547700.00 83125000.00

Including: Cash received as investment

207547700.00 83125000.00

from minor shareholders

Cash received as loans 1743000000.00 3025000000.00

Other financing –related cash received 305402.23 0.00

Sub-total of cash inflow from financing

1950853102.23 3108125000.00

activities

Cash to repay debts 452167684.24 2562546484.24

Cash paid as dividend profit or interests 1580185828.46 1405258390.77

Including: Dividend and profit paid by

121452174.28 151725000.00

subsidiaries to minor shareholders

Other cash paid for financing activities 8504090.91 8656844.56

Sub-total of cash outflow due to

2040857603.61 3976461719.57

financing activities

Net cash flow generated by financing -90004501.38 -868336719.57

IV. Influence of exchange rate

1405810.09 408844.19

alternation on cash and cash equivalents

V.Net increase of cash and cash

95413161.79 1157600031.11

equivalents

Add: balance of cash and cash

6492074956.46 4259653084.58

equivalents at the beginning of term

VI ..Balance of cash and cash

6587488118.25 5417253115.69

equivalents at the end of term

(ⅱ)The Company started implementing the updated accounting standards commencing from 2026 and

adjusted the relevant items in the financial statements at the beginning of the very year involved in the

initial implementation of the said standards

□Applicable □Not applicable

(iii) Auditors 'Report

Is the Third Quarterly Report be audited

□ Yes √No

The Third Quarterly report is not audited.The Board of Directors of Guangdong Provincial Expressway Development Co. Ltd.October 27 2026