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

Announcement No.:2020-036

Summary of 2020 Semi-Annual Report of Guangdong Provincial

Expressway Development Co. Ltd.

1 Important notes

The summary is abstract from full-text of semi-annual report for more details information investors should

found in the full-text of annual report that published on website of Shenzhen Stock Exchange and other website

appointed by CSRC.

Director Supervisor Senior Manager Objection Statement: None.

All the directors have attended the meeting of the board meeting at which this report was examined

Non-standard audit advice

□ Applicable √ Not applicable

The Board of Directors considered the plan for the distribution of ordinary shares in the reporting period or the

plan for the transfer of capital reserve.

□ Applicable √ Not applicable

The company plans not to send cash dividends do not send bonus shares not to increase the share capital.The Board of Directors decided to adopt the Preplan Preference Share Profit Distribution Plan for the reporting

period

□ Applicable √ Not applicable

II Company basic information

1. Company Profile

Stock abbreviation: Expressway A Expressway B Stock code： 000429、200429Stock exchange for listing Shenzhen Stock Exchange

Board secretary Securities affairs Representative

Name Yang Hanming Liang Jirong

Contact address

46/F Litong Plaza No.32 Zhujiang East

Road Zhujiang New City Tihe Disrtict

Guangzhou

45/F Litong Plaza No.32 Zhujiang East

Road Zhujiang New City Tihe Disrtict

Guangzhou

Tel 020-29004619 020-29004523

E-mail Hmy69@126.com 139221590@qq.com

2.Summary of Accounting Data and Financial Indicators

Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.□Yes √No

Reporting period Same period of last year YoY+/-（%）

Operating income（yuan） 660898961.79 1483673245.21 -55.46%

Net profit attributable to the shareholders

of the listed company（yuan）

-5830257.18 736486112.30 -100.79%

Net profit after deducting of

non-recurring gain/loss attributable to

the shareholders of listed company（yuan）

-9514717.42 725039035.06 -101.31%

Cash flow generated by business

operation net（yuan）

417906104.34 1050811097.23 -60.23%

Basic earning per share(yuan/Share) -0.0028 0.35 -100.80%

Diluted gains per share(yuan/Share) -0.0028 0.35 -100.80%

Weighted average income/asset ratio（%） -0.06% 7.53% -7.59%

As at the end of the

reporting period

As at the end of last year YoY+/-（%）

Gross assets（yuan） 17473461012.92 17674545340.78 -1.14%

Shareholders’ equity attributable to

shareholders of the listed company（yuan）

8795317662.87 9823426849.75 -10.47%

3.Particulars about top ten shareholders

In share

Total number of common

shareholders at the end of the

reporting period

55107

Total number of preferred shareholders that had

restored the voting right at the end of the

reporting period (if any) (note 8)

0

Particulars about shares held above 5% by shareholders or top ten shareholders

Shareholders

Nature of

shareholder

Proportion

of shares

held（%）

Number of

shares held

at period

-end

Changes

in

reporting

period

Amount of

restricted

shares held

Amount of

un-restricte

d shares

held

Number of

share

pledged/frozen

State

of

share

Amou

nt

Guangdong

Communication

Group Co.Ltd

State-owned

legal person

24.56% 513420438 410040696

Guangdong Highway

Construction Co. Ltd

State-owned

legal person

22.30% 466325020

Yadong Fuxing Yalian

Investment Co. Ltd.

Domestic non

State-owned

Legal person

9.68% 202429149

Tibet Yingyue

Investment

Management Co. Ltd.State-owned

legal person

4.84% 101214574

Guangdong

Expressway Co. Ltd.

State-owned

legal person

2.53% 52937491 19582228

China Life Insurance

Co. Ltd.Traditional－

Common insurance

products-005L-CT001

Shen

Other 1.78% 37225847 30364372

China Life Insurance

Co. Ltd.－Dividend

－Personal dividend

-005L-FH002 Shen

Other 1.74% 36330529

Orient Securities Co.Ltd.State-owned

legal person

1.08% 22508593

Feng Wuchu

Domestic

natural person

shares

0.93% 19542552

Guangfa Securities

Co. Ltd.

Domestic non

State-owned

Legal person

0.73% 15364426

Related or

acting-in-concert

parties among

shareholders above

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

Co. Ltd. and Guangdong Expressway Co. Ltd. It is unknown whether there is relationship between other

shareholders and whether they are persons taking concerted action specified in the Regulations on

Disclosure of Information about Change in Shareholding of Shareholders of Listed Companies.

Description of

shareholders

participating in

margin financing and

securities lending

business (if any)

None

4. Change of the controlling shareholder or the actual controller

Change of the controlling shareholder in the reporting period

□ Applicable √ Not Applicable

There was no any change of the controlling shareholder of the Company in the reporting period.

Change of the actual controller in the reporting period

□ Applicable √ Not applicable

There was no any change of the actual controller of the Company in the reporting period.

5.The total number of shareholders of the Company's preferred shares and the shareholdings of the top 10

preferred shareholders

□ Applicable √ Not Applicable

The Company did not have any shareholding in the report period.

6. The corporate bonds

Whether the company has a public offering and listed on the stock exchange and in the semi-annual report

approved the date of the report did not expire or due to full payment of corporate bonds.no

III. Discussion and analysis by the management

1.General

In the first half of 2020 affected by the COVID-19 epidemic according to the notification requirements of the

Ministry of Transport from February 15 2020 to May 5 2020 all highways controlled and participated by the

company waived vehicle tolls for all vehicles passing through these sections according to law. Affected by this

policy In the report period the vehicle traffic and toll income of the controlled subsidiaries and joint ventures of

the Company are as follows:

Toll income in the first half year of 2020（Ten thousand）

Increase /Decrease(%)

Guangfo Expressway 10118.98 -56.04%

Fokai Expressway 28802.15 -53.34%

Jingzhu Expressway Guangzhu East Section 21943.09 -63.54%

Huiyan Expressway 5571.51 -52.50%

Guanghui Expressway 44716.78 -50.67%

Yuezhao Expressway 13169.31 -51.43%

Jiangzhong Expressway 8711.84 -61.33%

Kangda Expressway 5872.95 -51.07%

Gankang Expressway 3880.08 -55.19%

Guangle Expressway 64411.57 -58.46%

2.Matters relating to financial report

(1)Explain change of the accounting policy accounting estimate and measurement methods as compared with the

financial reporting of last year.

√Applicable□ Not applicable

I. change of accounting policy

The New Income Standards establish a new income recognition model for regulating the income generated

by contracts with customers. In order to implement the new revenue standard the Company re-evaluated the

recognition measurement accounting and presentation of main contract income. According to the new income

standards only the cumulative impact of unfinished contracts on January 1 2020 are adjusted. The accumulated

impact amount of the first implementation is adjusted. The amount of retained earnings at the beginning of the

first implementation period (i.e. January 1 2020) and other related items in the financial statements will not be

adjusted for the information of comparable periods.Influence of implementing new income standards on financial statements on January 1 2020:

Items December 312019（Before change） January 12020（After change）

Consolidated statements Parent statement Consolidated statements Parent statement

Account receivable 125343724.66 21864051.27 127694377.99 21864051.27

Other account

receivable

26618178.57 13435651.19 19172247.47 13435651.19

Contract assets 5095277.77

Inventories 111683.22 111683.22

Other Non-current

assets

50909325.73 36901029.57 50909325.73 36901029.57

Advance receipts 15605094.69 12817484.06

Contract liabilities 2787610.63

Retained profit 3877431844.64 3710584722.68 3877431844.64 3710584722.68

Surplus reserves 910425068.90 894580785.25 910425068.90 894580785.25

II. Changes in important accounting estimates

On December 31 2019 the Company held the 3rd (provisional) meeting of the ninth board of directors

which passed the Proposal on Changes in Accounting Estimates and agreed to adopt the Traffic Volume Forecast

and Charge Revenue Report of Foshan-Kaiping Expressway and the Traffic Volume Forecast and Charge Revenue

Report of Guangzhou-Zhuhai Section of Beijing-Zhuhai Expressway issued by Guangdong Transportation

Planning and Design Institute Co. Ltd. in 2019 for the Fokai Branch of Guangdong Expressway Development Co.Ltd. a branch of the Company and Jingzhu Expressway Guangzhu Section Co. Ltd. a holding subsidiary from

January 1 2020. The Company adopts the future applicable method for this item. This change in accounting

estimate results in a decrease of RMB 84060742.83 in depreciation of fixed assets in the current period than the

original accounting estimate a decrease of RMB 84060742.83 in operating cost an increase of RMB

63045557.12 in net profit attributable to the shareholders of the parent company and an increase of RMB

60150595.41 in net profit attributable to the minority shareholders of the parent company.

Contents and causes of changes in

accounting estimates

Approval procedure Time point at which the

application begins

Affected report

items

Impact amount

Forecast traffic volume of expressway Resolution of the board of

directors

January 1 2020 Fixed assets 84060742.83

(2)Explain retrospective restatement due to correction of significant accounting errors in the reporting period

□Applicable √ Not applicable

N/A

(3)Explain change of the consolidation scope as compared with the financial reporting of last year.

□Applicable √Not applicable

There was no change in the scope of the consolidated financial statements during the reporting period.