2024 Annual Report Guangdong Provincial Expressway Development Co. Ltd.2024 Annual Report March 42025 12024 Annual Report I. Important Notice Table of Contents and Definitions The Board of Directors and the directors Supervisory Committee and supervisors and Senior Executives of the Company hereby warrant that at the year there are no misstatement misleading representation or important omissions in this report and shall assume joint and several liability for the authenticity accuracy and completeness of the contents hereof.Mr.Miao Deshan The Company leader Mr. Lu Ming Chief financial officer and the Ms.Yan Xiaohong the person in charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and completeness of the financial report enclosed in this annual report.All the directors attended the board meeting for reviewing the Annual Report.The toll revenues of Expressway is main source of the major business income of the company The charge standard of vehicle toll must be submitted to the same level people's government for review and approval after the transport regulatory department of province autonomous region or municipality directly under the central government in conjunction with the price regulatory department at the same level consented upon examination.Therefore the adjustment trend of the charge price and the charge price if has the corresponding adjustment in the future price level when the cost of the company rises still depend on the approval of relevant national policies and government departments and the company isn't able to make timely adjustment to the charge standard in accordance with the its own operation cost or the change of market supply demand. So the change of charge policy and the adjustment of charge standard also have influence on the expressways operated by the company to some extent. So the charging policy changes and charges adjustment will affect the highways operation of the company.The profit distribution proposal reviewed and approved by the boarding meeting was summarized as follows: 2090806126 for the base the Company would distribute cash dividend to all the shareholders at the rate of CNY 5.23 for every 10 shares (with tax inclusive) 0 bonus shares（ including tax）and no reserve would be converted into share capital. 22024 Annual Report Table of Contents I.Important Notice Table of contents and Definitions II. Company Profile & Financial Highlights.III. Management Discussion & Analysis IV. Corporate Governance V. Environmental & Social Responsibility VI. Important Events VII. Change of share capital and shareholding of Principal Shareholders VIII. Situation of the Preferred Shares IX. Corporate Bond X. Financial Report 32024 Annual Report Documents available for inspection 1. Accounting statements carried with personal signatures and seals of legal representative Chief Financial officer（Chief accountant） the person in charge of the accounting department (the person in charge of the accounting )Financial Principal . 2. Original of Auditors’ Report carried with the seal of Certified Public Accountants as well as personal signatures of certified Public accountants. 3. The texts of all the Company's documents publicly disclosed on the newspapers and periodicals designated by China Securities Regulatory Commission in the report period. 42024 Annual Report Definition Terms to be defined Refers to Definition Reporting period This year Refers to January 1 2024 to December 31 2024 The annual report of the company was approved Reporting date Refers to by the board of directors on 2024 that is March 32025 YOY Refers to Compared with 2023 The Company This Company Guangdong Provincial Expressway Refers to Guangdong Expressway Development Co.Ltd.Provincial Freeway Refers to Guangdong Provincial Freeway Co.Ltd.Guangfo Company Refers to Guangdong Guangfo Expressway Co. Ltd.Yuegao Capital Investment (Guangzhou) Co.Guangdong Expressway Capital Refers to Ltd.Guanghui Company Refers to Guangdong Guanghui Expressway Co. Ltd.Jiangzhu Expressway Guangzhu Section Co.Guangzhu East Company Refers to Ltd. 52024 Annual Report II. Company Profile & Financial Highlights. 1.Company Profile Stock abbreviation: Expressway A Expressway B Stock code 000429 200429 Stock exchange for listing Shenzhen Stock Exchange Name in Chinese 广东省高速公路发展股份有限公司 Abbreviation of Registered粤高速 Company (if any) English name (If any) Guangdong Provincial Expressway Development Co.Ltd.English abbreviation (If any) GPED Legal Representative Miao Deshan Registered address 85 Baiyun Road Guangzhou Guangdong Province Postal code of the Registered 510100 Address Historical change of the 1992—1999，4/FDongjian BuildingNo.503Dongfeng Road Guangzhou;Since 1999 85 company's registered address Baiyun Road Guangzhou Guangdong Province 45-46/F Litong Plaza No.32 Zhujiang East Road Zhujiang New City Tianhe Disrtict Office Address Guangzhou Postal code of the office 510623 address Internet Web Site www.gpedcl.com E-mail ygs@gdcg.cn 2. Contact person and contact manner Board secretary Securities affairs Representative Name Yang Hanming Liang Jirong 46/F Litong Plaza No.32 Zhujiang East 45/F Litong Plaza No.32 Zhujiang East Contact address Road Zhujiang New City Tianhe Road Zhujiang New City Tianhe District Guangzhou District Guangzhou Tel 020-29004619 020-29004523 Fax 020-38787002 020-38787002 E-mail Hmy69@126.com 139221590@qq.com 3. Information disclosure and placed Newspapers selected by the Company for information Securities Times China Securities Shanghai Securities Daily disclosure and Hongkong Commercial Daily.Internet website designated by CSRC for publishing the Annual www.cninfo.com.cn report of the Company The place where the Annual report is prepared and placed Securities affair Dept of the Company 4.Changes in Registration Organization Code 91440000190352102M Changes in principal business activities since No change listing (if any) 62024 Annual Report On November 2000 In accordance with Cai Guan Zi (2008) No. 109 Document of Ministry of Finance and Yue Ban Han (2000) No. 574 Document of General Office of Guangdong People's Government the state- owned shares of Guangdong Expressway originally entrusted to Guangdong Changes is the controlling shareholder in the past Expressway Company (now renamed as "Guangdong Provincial Expressway (is any) Co. Ltd.") for management were transferred to Guangdong Communication Group Co. Ltd. for holding and management. After the transfer of state- owned shares Guangdong Communication Group Co. Ltd. became the largest shareholder of the Company. The nature of equity was defined as state-owned shares. 5. Other Relevant Information CPAs engaged Yong Tuo Certified Public Accountants(Special General Name of the CPAs Partnership) 13/F 2 Building No.1 North Street Guandongdian Chaoyang Office address： District Beijing Names of the Certified Public Accountants as the signatories Sun Xiuqing Huang Zhiyan The sponsor performing persistent supervision duties engaged by the Company in the reporting period.□ Applicable√ Not applicable The Financial advisor performing persistent supervision duties engaged by the Company in the reporting period □ Applicable√ Not applicable 6.Whether it has retroactive adjustment or re-statement on previous accounting data □Yes√ No Changed over 202420232022 last year（％） Operating income（Yuan） 4569903078.72 4879066948.19 -6.34% 4168634113.98 Net profit attributable to the shareholders of the 1562122219.951633811033.68-4.39%1276341322.98 listed company（Yuan） Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed 1644578715.04 1705099801.05 -3.55% 1310871115.42 company（Yuan） Cash flow generated by business operation net 3256363593.913831785563.47-15.02%2752026558.38（Yuan） Basic earning per share(Yuan/Share) 0.75 0.78 -3.85% 0.61 Diluted gains per share(Yuan/Share) 0.75 0.78 -3.85% 0.61 Weighted average ROE(%) 15.52% 17.30% -1.78% 14.30% Changed over End of 2024 End of 2023 End of 2022 last year（％） Gross assets（Yuan） 22441664114.93 21368963167.41 5.02% 20267998963.78 Net assets attributable to shareholders of the 10468100319.539847531855.896.30%9075659162.81 listed company（Yuan） The lower of the company’s net profit before and after the deduction of non-recurring gains and losses in the last three fiscal years is negative and the auditor's report of the previous year shows that the Company’s going concern ability is uncertain. 72024 Annual Report □ Yes √No The lower of the net profit before and after the deduction of the non-recurring gains and losses is negative.□ Yes √No 7.The differences between domestic and international 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 None 2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards.□ Applicable √Not applicable None 8.Main Financial Index by Quarters In RMB First quarter Second quarter Third quarter Fourth quarter Operating revenue 1124466320.26 1106399341.94 1271450135.34 1067587281.18 Net profit attributable to the shareholders of the 420705862.42434759578.58500935260.34205721518.61 listed company Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed 434155502.39 449703900.81 515479932.95 245239378.89 company Net Cash flow generated by business operation 808097600.77 795158408.91 928285020.28 724822563.95 Whether significant variances exist between the above financial index or the index with its sum and the financial index of the quarterly report as well as semi-annual report index disclosed by the Company.□Yes √No 9.Items and amount of non-current gains and losses √Applicable □Not applicable In RMBItem Amount (2024) Amount (2023） Amount (2022) Notes Non-current asset disposal gain/loss(including the write-off 6080729.0812740003.0362389.24 part for which assets impairment provision is made) Government subsidies recognized in current gain and loss(excluding those closely related to the Company’s business 11296964.50 10685002.61 12414047.87 and granted under the state’s policies) Gain and loss from change of the fair value arising from transactional monetary assets transactional financial liabilities as held as well as the investment income arising from disposal of the transactional monetary assets transactional financial 2637409.20 2456768.00 10400000.00 liabilities and financial assets available for sale excluding the effective hedging transaction in connection with the Company’s normal business Capital occupation charges on non-financial enterprises that are 1284835.59 recorded into current gains and losses 82024 Annual Report Reverse of the provision for impairment of accounts receivable 25515.00 undergoing impairment test individually Net amount of non-operating income and expense except the -1689556.16-4515527.98-1798078.90 aforesaid items Other non-recurring Gains/loss items 235202.32 921152.92 14877866.34 The impairment provision for the advance expenses that have -121834522.51-123358138.31-97749481.71 occurred but need to be defined from the source of funds Less :Influenced amount of income tax 9343308.39 988084.33 -5627816.96 Influenced amount of minor shareholders’ equity (after tax) -28875751.28 -30770056.69 -21610132.76 Total -82456495.09 -71288767.37 -34529792.44 -- 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.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 None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period. 92024 Annual Report III. Management Discussion & Analysis I. Industry information of the Company during the reporting period The Company's main business is the investment construction charging and maintenance management of toll highways and bridges which shall be classified into the road transport industry.Highway industry is the basic and leading service industry of national economy which can rationally allocate relevant resources improve the quality and efficiency of economic operation and play a leading role in the transportation industry. As an important part of the highway industry the expressway is an important national resource which is characterized by high driving speed large traffic capacity low transportation cost and safe driving and plays an important role in promoting national economic growth improving people's live quality and safeguarding national security.With the basic penetration of the "ten-vertical and ten-horizontal" comprehensive transportation corridor and the basic completion of the "71118" national expressway network planning China's expressway network has been continuously extended with significantly increased industry development. According to the statistical data of the 2023 Statistical Bulletin on Development of Transportation Industry issued by the Ministry of Transport by the end of 2023 the total mileage of expressways in China has reached 177300 kilometers with an increase of 183600 kilometers. With China's economic development stepping into a new normal the national economy is constantly growing and Guangdong-Hong Kong-Macao Greater Bay Area construction are further advanced the whole society's demand for supporting services of expressways is expected to increase continuously and China's expressway industry still witnesses a large development potential in the future.As an important infrastructure industry for the development of national economy most of the expressway transportation demands are rigid demands which are less affected by macroeconomic fluctuations and less cyclical. As the operating income of expressway enterprises is mainly in cash and the cash flow is abundant it ensures the stability and security of expressway industry operation and finance. When the economy is booming the rapid growth of traffic can drive the development of the industry to a certain extent; during the period of economic adjustment the expressway industry can better resist the market impact caused by macroeconomic changes with its unique rigid demands. Therefore the expressway industry is characterized by strong anti-risk ability and stable investment income.II.Main Business the Company is Engaged in During the Report Period TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpresswayFokaiExpressway Jingzhu Expressway Guangzhu Section and Guanghui Expressway investmentintechnologicalindustries andprovisionofrelevant consultation while investing in ShenzhenHuiyanExpresswayCo.Ltd.GuangdongJiangzhongExpresswayCo.Ltd.ZhaoqingYuezhaoExpresswa yCo.Ltd.GanzhouKangdaExpresswayGanzhouGankangExpresswayCo.Ltd.GuangdongYuepu Small Refinancing Co. Ltd Guoyuan Securities Co. Ltd. Garage electric pile Holding (Shenzhen) Co. Ltd.Guangdong Yuetong Qiyuan Chip Power Technology Co. Ltd.As of the end of the reporting period the company’s share-controlled expressway is 306.78 km and the share- participation expressway is 295.88 km.III. Analysis On core Competitiveness The toll revenue of expressway industry mainly depends on the regional economic development. The regional economy is the critical factor that influences the traffic volume. The Guangfo expressway and the Fokaiexpressway controlled by the company are part of the National Expressway Network Planning-“Five vertical andseven horizontal” Jingzhu Expressway Guangzhu Section is a fast and convenient expressway Guanghui 102024 Annual Report Expressway is an important section of the national key highway-the 15th Hengshanwei to Yunnan Qingshuihe Highway And many of the company’s equity-participation expressways that are part of the main skeleton of the Guangdong Provincial Expressway Planning-“Ten vertical and five horizontal” which provides a strong guarantee for stable traffic volume. Meanwhile the regional economy is the critical factor that influences the traffic volume as Guangdong province is the economically developed region with years’ continuous high growth of GDP so that provides the stable rising demand for the company.IV. Main business analysis Ⅰ.General (1) The overall situation In 2024 the Company adhered to the concept of "serving society for steady development" actively responded to complex and changing economic environment and industry challenges insisted on party building leadership maintained strategic focus vigorously focused on improving quality and efficiency and made significant achievements in various aspects such as expressway operation service improvement and project construction. 1）Aim at steady development of its main business and steadily promote the reconstruction and expansion of multiple participating and controlling projects. During the reporting period the Jiangmen-Zhongshan Expressway reconstruction and expansion project was completed and opened to traffic; The reconstruction and expansion projects of the Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section Huizhou-Yantian Expressway and Yuezhao Expressway were implemented in an orderly manner. 2）Promote the quality improvement and upgrading of expressway service areas. According to the overall work deployment of the "High-quality Development Project of 100 counties 1000 towns and 1000 villages" with the goal of "two improvements and one integration" the Company has made every effort to build the Foshan–Kaiping Expressway Yayao Service Area as a benchmark service area for "Supporting Agriculture and Industrial Development" and the Foshan–Kaiping Expressway Zhishan Service Area (North Area) as the first new energy service area in the province which has been completed and put into operation by the end of 2024. 3）Comprehensively improve the passage service level of road sections. The Company supervised the road section company to guarantee smooth and safe services during major holidays strengthen and increase patrol inspections by road administration deepen the linkage and cooperation mechanism by road police and emergency joint services ensure excess rejection at entrances and accurate issuance of ETC at toll stations strengthen safety supervision of road occupation construction and ensure road safety and unimpeded access. (2) Participate in the holding of the expressway situationVolume of vehicle traffic in Increase /Decrease(%) Toll income in 2024（Ten Increase 2024（Ten thousands thousands） /Decrease(%vehicles） Guangfo Expressway 9923.53 4.53% - - Fokai Expressway 9018.41 0.58% 149526.79 -1.72% Jingzhu Expressway 6.28% -6.66% 7788.64107975.71 Guangzhu East Section Guanghui Expressway 8671.69 -3.66% 192480.52 -9.74% Huiyan Expressway 4598.69 -12.32% 20402.13 -5.80% 112024 Annual Report Guangzhao Expressway 4205.52 0.63% 53629.85 -1.78% Jiangzhong Expressway 5971.11 25.21% 34984.71 11.93% Kangda Expressway 153.57 0.73% 30533.45 4.68% Gankang Expressway 420.09 -23.33% 21271.61 -12.81% Guangle Expressway 3912.53 -1.59% 289047.10 -6.92% Note. According to the informal letter No. 24-[2022] Yue Transportation Operation-"Notice of the Department of Transportation of Guangdong Province on Issues Concerning the Expiration of Toll Collection of Guangfo Expressway" issued by Guangdong Provincial Department of Transportation Guangfo Expressway shall stop toll collection from 0:00 on March 3 2022. 1）Guangzhou-Zhuhai Section of the Beijing-Zhuhai Expressway: The traffic volume increased and the toll revenue decreased which were due to factors such as the opening of the Shenzhen–Zhongshan Link and the Nansha–Zhongshan Expressway as well as the reconstruction and expansion projects. 2）Guangzhou-Huizhou Expressway: The addition of new road networks (Huizhou–Longmen Expressway Dongguan–Panyu Expressway) and the opening of Guangzhou-Shanwei High-speed Railway Meizhou- Longchuan High-speed Railway and Guangzhou-Huizhou Intercity Railway has had a certain diversion impact on the traffic flow of Guangzhou-Huizhou Expressway resulting in a year-on-year decrease in traffic flow and toll revenue. 3）Huizhou-Yantian Expressway is mainly affected by the reconstruction and expansion construction as well as the closure of Longgang Station resulting in a year-on-year decrease in traffic flow and toll revenue. 4）The reconstruction and expansion project of Jiangmen-Zhongshan Expressway was completed and opened to traffic this year achieving the opening of eight lanes in both directions and a year-on-year increase in traffic volume and toll revenue. 5）The Ganzhou-Kangqiao Expressway experienced a significant year-on-year decrease in traffic volume and toll revenue due to changes in the road network such as the early completion of the reconstruction and expansion of the Daqing–Guangzhou Expressway (Ji'an-Nankang Section) the opening of the Ganzhou- Nankang Express Way and the opening of the Longxun Branch Line. 6）Guangzhou-Lechang Expressway: In 2024 due to the rainstorm weather in the flood season from April to June the diversion of Foshan-Qingyuan-Conghua Expressway Northern Section and Guangzhou-Lianzhou Expressway and the impact of closed construction the traffic volume and toll revenue decreased year-on-year. 2. Revenue and cost (1)Component of Business Income In RMB 2024 2023 Increase Amount Proportion Proportion /decrease Total operating revenue 4569903078.72 100% 4879066948.19 100% -6.34% Industry Highway 4499825267.43 98.47% 4810921181.65 98.60% -6.47% 122024 Annual Report 2024 2023 Increase Amount Proportion Proportion /decrease transportations Other 70077811.29 1.53% 68145766.54 1.40% 2.84% Product Highway 4499825267.4398.47%4810921181.6598.60%-6.47% transportations Other 70077811.29 1.53% 68145766.54 1.40% 2.84% Area Guangfo Expressway -4985.14 230723.26 -102.16% Fokai Expressway 1495267944.19 32.72% 1521448612.59 31.18% -1.72% Jingzhu Expressway 1079757126.9523.63%1156827589.2623.71%-6.66% Guangzhu Section Guanghui Expressway 1924805181.43 42.12% 2132414256.54 43.71% -9.74% Other 70077811.29 1.53% 68145766.54 1.40% 2.84% Sub-sales model Highway 4499825267.4398.47%4810921181.6598.60%-6.47% transportations Other 70077811.29 1.53% 68145766.54 1.40% 2.84% (2)Situation of Industry Product and District Occupying the Company’s Business Income and Operating Profit with Profit over 10% √ Applicable □Not applicable In RMB Increase/decr Increase/decrea ease of gross Increase/decreas se of business profit rate Gross e of revenue in cost over the over the Turnover Operation cost profit the same period same period of same period rate(%) of the previous previous year of the year(%) (%) previous year (%) Industry Highway 4499825267.431597998245.8064.49%-6.47%-6.43%-0.01% transportations Product Highway 4499825267.431597998245.8064.49%-6.47%-6.43%-0.01% transportations Area Fokai Expressway 1495267944.19 551806608.73 63.10% -1.72% -8.68% 2.81% Jingzhu Expressway 1079757126.95 362140500.92 66.46% -6.66% -7.27% 0.22% Guangzhu Section Guanghui 1924805181.43684087923.4064.46%-9.74%-4.08%-2.09% Expressway 132024 Annual Report Sub-sales model Highway 4499825267.431597998245.8064.49%-6.47%-6.43%-0.01% transportations Under circumstances of adjustment in reporting period for statistic scope of main business data adjusted main business based on latest on year’s scope of period-end.□ Applicable √Not applicable (3)Whether the Company’s Physical Sales Income Exceeded Service Income □ Yes √ No (4)Degree of Performance of the Significant Sales Contract Signed up to this Report Period □ Applicable √Not applicable (5)Component of business cost Industry category In RMB Industry 2024 2023 category Item Proportion in the Proportion in the Increase/Decr Amount Amount ease (%) operating costs (%) operating costs (%) Highway Depreciation transporta and 1137727666.1050490831.47 64.40% 65.35% -7.67% 65 tions Amortized Highway Out of transporta pocket 547507414.33 33.57% 570060780.97 32.75% -3.96% tions expenses Other Other 33076019.31 2.03% 33029810.55 1.90% 0.14% (6)Whether Changes Occurred in Consolidation Scope in the Report Period □Yes□No (7)Relevant Situation of Significant Changes or Adjustment of the Business Product or Service in the Company’s Report Period □ Applicable √Not applicable (8)Situation of Main Customers and Main Supplier Main Customers □ Applicable √Not applicable Main Supplier □ Applicable √Not applicable 3.Expenses In RMB 2024 2023 Increase/Decrease(%) Notes Administrative 203389242.59189461539.017.35% expenses Financial expenses 126040674.05 121774781.75 3.50% R & D expenses The R&D projects have5083785.20 3245205.00 56.66% increased in this period. 142024 Annual Report 4. Research and Development √ Applicable □ Not applicable Name of main R&D Project Expected impact on the future development of Project purpose Goal to be achieved project progress the Company Based on the road conditions and expansion plans of Guangzhou-Huizhou Expressway it explores the structural design of additional The wear layer provides excellent road pavement on the existing road surface its high- performance at the present stage and during the performance wear layer materials and the reconstruction and expansion and can be used Research on Technology development laws of road performance that as a structural functional layer to delay for High Performance match the characteristics of the road surface (1) Form the technical report of the Research reflection cracks in the later stage of Wear Layer of Additional studies the construction process and specific Closed on High Performance Wear Layer of reconstruction and expansion without milling Road Surface for Extra application effects through physical engineering and Additional Road Surface for Extra Heavy and planing which conforms to the principle Heavy Traffic Prior to research and expands the study on the accepted Traffic Prior to Reconstruction and Expansion.of green maintenance with high economic Reconstruction and applicability of additional high-performance (II) Train 1-2 engineering technical personnel.applicability for use in the later stage and Expansion wear layer on existing road surface under extra saves the cost of maintenance and expansion heavy traffic level conditions before with good social and economic benefits.reconstruction and expansion to form relevant complete sets of technologies and provide reference for similar projects in Guangdong Province.It proposes a research protocol based on cloud computing Internet of Things millimeter wave The implementation of electronic inspection Strengthen the investigation of related Research and Application radar and other technologies to build a safety and digital supervision can effectively improve Passed the technologies and functions; Improve the design Project of Safety supervision system in digital work area for the the efficiency and level of safety management proposal of the system and further optimize all Supervision System in traditional mode of safety supervision on of road occupation construction under the review functions.Digital Work Area construction sites occupying expressway in jurisdiction of the Company and reduce order to improve the safety protection and casualties.supervision level of on-site road construction.Based on the stress performance requirements of the concrete bridge spliced width with Research on Splicing Improve the construction efficiency of small medium and small spans by exploring the The implementation of this topic has important Technology of Bridge and medium-span bridges through the study on overall and local mechanical properties of Passed the guiding significance for this project and Irregular Structures under spliced width of bridges with different spliced bridges it systematically proposes the proposal subsequent reconstruction and expansion Complex Construction structures and directly reduce the investment theoretical mechanism of different types of review projects in Greater Bay Area.Conditions Based on in construction period by more than 15%.structural splicing for medium and small spans Factory Production which significantly improves the theoretical level of splicing for bridges with different 152024 Annual Report Name of main R&D Project Expected impact on the future development of Project purpose Goal to be achieved project progress the Company structures in expressway reconstruction and expansion.With the increasing traffic volume the highways under the jurisdiction of Greater Bay The implementation of this project will form a Area such as Guangzhou-Macao Expressway Research on Soil The design construction evaluation of pipe number of design methods and technical Nansha-Zhuhai Section (referred to as Squeezing Effect and pile soil squeezing effect of squeezed branch systems with independent intellectual property Guangzhou-Zhuhai East Line) are located in Settlement Control of Deep piles and intelligent construction of cement Passed the rights provide technical support for the soft soil development areas and some Soft Foundation in mixing piles in the study of soft foundation proposal reconstruction and expansion projects of subgrade sections are still sinking which has Embankment of treatment for expansion and reconstruction in review expressways with deep soft foundation and high requirements for subgrade soft foundation Reconstruction and the province are major issues that urgently need significantly improve the construction quality treatment of expansion projects. The Expansion Project to be studied and solved. of expressway reconstruction and expansion implementation of the reform topic can projects in soft foundation areas in China.improve the level of soft foundation treatment and reduce the later maintenance cost.For the problems existing in the supervision and maintenance of expressway drainage facilities such as unnecessary labor consumption and lagging in finding problems At present as there is no clear system for the The implementation of this project will form a deploy water film monitoring equipment pipe drainage of ultra-wide road surface at home and number of design methods and technical network robots and road surface inspection abroad it is very important to improve the systems with independent intellectual property Research on the Design robots to collect key data for training and comprehensive drainage capacity of ultra-wide rights provide technical support for the and Maintenance Passed the improving the drainage system evaluation road surface by improving and optimizing the reconstruction and expansion project of wide Technology of Wide Road proposal model which is integrated into the drainage design construction and maintenance protocol road surface drainage system for expressways surface Drainage System review system supervision and maintenance system of road surface drainage system and evaluating and significantly improve the construction for Expressways based on cloud technology to realize the the efficiency of drainage system which will quality of the reconstruction and expansion digital visual and standardized management of become the new normal in expressway project of wide road surface drainage system drainage facilities blockage damage and construction in China. for expressways in China.runoff pollution and carry out the demonstration application of advanced information cloud platform in designated sections.Research on Based on the actual demand of collision Develop the key technology of the new Guangzhou-Aomen Expressway spans several Comprehensive Measures prevention of existing bridge piers in specification for anti-collision research based Class I waterways. The implementation of this Passed the for Collision Prevention of reconstruction and expansion projects through on existing bridges and reduce the risk of ship topic can effectively reduce the risk of ship proposal Existing Bridges under systematic research on the structural collision by more than 15%; Develop an anti- collision and improve the safety of the project.review Complex Navigation characteristics of the bridge itself and the collision plan that meets the needs of existing Conditions in channel environment it studies the measures bridges and reduce the maintenance cost by 162024 Annual Report Name of main R&D Project Expected impact on the future development of Project purpose Goal to be achieved project progress the Company Reconstruction and that can be taken for the existing bridges to more than 20%.Expansion Projects meet the current bridge specifications make up for the shortcomings of existing research and significantly improve the collision prevention performance of expressway reconstruction and expansion into bridges which is of great significance for ensuring the safety and practicality of bridges and promoting their application in construction projects.According to the Notice on Issuing the Development Outline and Work Breakdown Sheet for Maintenance Management of Guangdong Provincial Transportation Group's "14th Five Year Plan" Expressway through on- site inspection and research it establishes a technical and economic analysis model for Technical research report on post-evaluation of Evaluation after Bridge In the Improve the level of bridge management and bridge maintenance engineering to deeply strengthening effect of box girder bridge of Reinforcement mid-term maintenance analyze the principle of post evaluation Foshan–Kaiping Expressway in service methods and build a technical system for post evaluation of bridge maintenance engineering effects; and develops the evaluation guidelines for technical measures such as maintenance treatment reinforcement and reconstruction of expressway bridges in Guangdong Province.There are 16 small-radius bends along the entire Foshan–Kaiping Expressway mainly in the southern section where vehicles are prone to traffic accidents due to high speed strong Research on Traffic Safety centrifugal force and close visual distance Research report on traffic safety improvement Improvement Strategies for especially in rainy days which can cause countermeasures of Foshan–Kaiping Expressway Sections with skidding and loss of control. In order to prevent Proposed Improve highway safety level Expressway with large traffic volume and high High Traffic Volume and and resolve road traffic risks and improve the accident rate Accidents driving safety level on Foshan–Kaiping Expressway a comprehensive evaluation of the safety technology of Foshan–Kaiping Expressway is proposed combined with typical traffic accidents for comprehensive analysis 172024 Annual Report Name of main R&D Project Expected impact on the future development of Project purpose Goal to be achieved project progress the Company and a comprehensive improvement plan for road traffic safety is proposed.Through the research of such topic it forms the evaluation criteria and recommended deployment principles for perception indicators of holographic perception and digital front-end Research on Key perception devices for expressways and in Technologies for Digital addition it can form a key technical system Research report on key technologies of digital Application of Existing suitable for the operation and safety guarantee application of existing expressways based on Improve the level of digital and intelligent Proposed Expressways Based on of the Foshan–Kaiping Expressway through the high-precision digital basemap in Foshan– management and maintenance High Precision Digital technical research on the integration of digital Kaiping Expressway Base Maps data of mainline traffic flow and high-precision digital base maps so as to guide the construction and management of expressways and provide reference for similar expressway construction nationwide.The main content is the research on lighting Research on Intelligent control and dimming system. Through the Research report on intelligent application of Control Application of installation of conversion switches and lighting street lighting system control in Jiujiang Bridge Street Lighting System for controllers in the lighting control cabinet of Foshan–Kaiping Expressway and its Improve the level of digital and intelligent Jiujiang Bridge and Its manual control automatic time control and Closed north-south extended section. management and maintenance North-South Extension of light sensitivity control can be achieved locally.Foshan–Kaiping At the same time remote control functions are Expressway reserved for the higher-level dispatch center making lighting control intelligent and efficient.The increasingly frequent transportation of large items on highways poses new requirements for the load-bearing capacity of highways especially bridges and also Research on Key challenges on the evaluation of bridge capacity Technologies for Safety under overweight loads. To ensure the safe Technical guide for passage safety on Evaluation of Highway Proposed Improve highway safety level transportation of overweight and oversized highways for large item transportation Transportation of Large items through bridges it is necessary to Items evaluate the bearing capacity of the bridge in a relatively short period of time in order to determine whether it can pass and whether temporary reinforcement or other reinforcement 182024 Annual Report Name of main R&D Project Expected impact on the future development of Project purpose Goal to be achieved project progress the Company measures need to be taken. The safety evaluation of bridges will become a key link in the transportation of large items on highways and its speed and safety are crucial. 192024 Annual Report Company's research and development personnel situation 2024 2023 Increase /decrease Number of Research and Development persons (persons) 81 0 Proportion of Research and Development persons 2.71% 0.00% 2.71% Academic structure of R&D personnel Bachelor 67 0 Master 9 0 Age composition of R&D personnel Under the age of 30 12 0 30-40 years old 30 0 Over 40 years old 39 0 The Company's R & D investment situation Increase 20242023 /decrease Amount of Research and Development Investment ( RMB) 7492700.07 6457084.00 16.04% Proportion of Research and Development Investment of Operation Revenue 0.16% 0.13% 0.03% Amount of Research and Development Investment Capitalization ( RMB) 2408914.87 3211879.00 -25.00% Proportion of Capitalization Research and Development Investment of Research 32.15%49.74%-17.59% and Development Investment Reasons and influence of significant changes in R&D personnel composition of the Company □Applicable □ Not applicable The Reason of the Prominent Change in Total Amount of Research and Development Input Occupying the Business Income Year on Year □ Applicable √Not applicable □Applicable □ Not applicable Reasons for the drastic change of capitalization rate of R&D investment and its rationality explanation □ Applicable √Not applicable 5.Cash Flow In RMB Item 2024 2023 Increase/Decrease(%) Subtotal of cash inflow received from operation activities 5072283780.29 5514711610.62 -8.02% Subtotal of cash outflow received from operation activities 1815920186.38 1682926047.15 7.90% Net cash flow arising from operating activities 3256363593.91 3831785563.47 -15.02% Subtotal of cash inflow received from investing activities 204637881.38 221115093.91 -7.45% Subtotal of cash outflow for investment activities 2241932456.33 1705898439.58 31.42% Net cash flow arising from investment activities -2037294574.95 -1484783345.67 -37.21% Subtotal cash inflow received from financing activities 1583547970.12 850525000.00 86.18% Subtotal cash outflow for financing activities 3240033342.17 2779864198.30 16.55% Net cash flow arising from financing activities -1656485372.05 -1929339198.30 14.14% Net increase in cash and cash equivalents -442004349.42 416969202.67 -206.00% Notes to the year-on-year change of the relevant data √Applicable □ Not applicable 202024 Annual Report (1) The subtotal of cash outflow from investment activities increased by 31.42% and the net cash flow from investment activities decreased by 37.21% respectively year-on-year mainly due to the continued construction of the reconstruction and expansion project of Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section. (2) The subtotal of cash inflow from fund-raising activities increased by 86.18% year-on-year mainly due to the promotion of the reconstruction and expansion project of the Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section with increased funding demand and increased borrowing. (3) The net increase in cash and cash equivalents decreased by 206% year-on-year mainly due to the combined impact of changes in net cash flows from operating activities investment activities and fund-raising activities.Reasons of major difference between the cash flow of operation activity in report period and net profit of the Company □ Applicable √Not applicable V. Analysis of Non-core Business √ Applicable □Not applicable In RMB Proportion in Sustainable Amount Explanation of cause total profit (yes or no) Investment 302846786.74 10.92% Operating accumulation of shareholding companies Yes Income Loss on fair Changes in fair value of equity investments measured at 2637409.20 0.10% No value changes fair value which are included in current profits and losses.Non-operating 6624670.82 0.24% Mainly insurance claims and road property claims No income Non-operating 8289204.77 0.30% Mainly road property repair expenditure No expenses Mainly to accrue the credit loss of Guangzhou-Foshan Credit - -4.39% Expressway custody expenses receivable from No impairment loss 121656189.18 Department of Transport of Guangdong Province VI. Condition of Asset and Liabilities 1.Condition of Asset Causing Significant Change In RMB End of 2024 End of 2023 Notes to the Proportion in Proportion in Proportion significant Amount the total Amount the total increase/decrease change assets(%) assets(%) Monetary fund 4289826663.22 19.12% 4718631732.20 22.08% -2.96% Accounts 82361054.690.37%139899420.240.65%-0.28% receivable Investment real 2225911.460.01%2447026.450.01%0.00% estate Long-term 3332350008.84 14.85% 3095578288.00 14.49% 0.36% 212024 Annual Report equity investment Fixed assets 8872808692.97 39.54% 9010168712.92 42.16% -2.62% Construction in 2665392094.8111.88%1960092562.229.17%2.71% process Use right assets 14217517.99 0.06% 24967509.81 0.12% -0.06% Shore-term 110085708.330.52%-0.52% loans Long-term 6728264750.0029.98%5944716050.0027.82%2.16% borrowing Lease liabilities 2730189.11 0.01% 13482202.97 0.06% -0.05% Overseas assets account for a relatively high proportion.□ Applicable √ Not applicable 222024 Annual Report 2.Asset and Liabilities Measured by Fair Value √Applicable □ Not applicable In RMB Purchased Sold Impairment Gain/Loss on fair value Cumulative fair value amount in amount in provisions in Other Item Opening amount change in the reporting change recorded into the the Closing amount the reporting changes period equity reporting reporting period period period Financial assets 4.Other equity instrument 1534396887.63453044707.321768953885.85 investment 5. Other non-current 183856768.002637409.20186494177.20 financial assets Subtotal of financial assets 1718253655.63 2637409.20 453044707.32 0.00 0.00 0.00 0.00 1955448063.05 Total of the above 1718253655.63 2637409.20 453044707.32 0.00 0.00 0.00 0.00 1955448063.05 Financial liabilities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other change None Did any significant change occur to the attribute of the Company’s main asset measurement during the reporting period □ Yes √No 232024 Annual Report 3. Assets right restriction till end of reporting period The balance of restricted bank deposits at the end of the period was RMB 1221200.00 which was the land reclamation fund deposited into the fund custody account for the reconstruction and expansion project of sanbao to shuikou section of Fokai Expressway.VII. Investment situation 1. General √ Applicable □ Not applicable Current Investment Amount(Yuan) Same period of last year (Yuan) Change rate 1568931452.341285100576.3122.09% 242024 Annual Report 2.Condition of Acquiring Significant Share Right Investment during the Report Period □Applicable □Not applicable In RMB Whether Progress Gain or Name of the Share to Main Investment Investment Capital Investment Product up to Anticipated Less or the Date of Disclosure Company Proportion Partner Involve Business Way Amount Source Horizon Type Balance Income Current Disclosure Index Invested % in Sheet Date Investment Lawsuit Guangdong Road & Bridge Construction On the basis Resolutions Development of the term of the 13th Zhaoqing Yuezhao Increase Co. Ltd.Self of operation (Provisional) Limited October Expressway 233500000.00 25.00% Zhaoqing Completed No Meeting of Higyway capital funds approved by company 212023 Highway the Tenth Co. Ltd.Development the Board of Co. government Directors Ltd.Xunhao International Co. Ltd.Xinyue On the basis Resolutions (Guangzhou) of the term of the 20th Guangdong Investment (Provisional) Jiangzhong Increase Self Co. Ltd. of operation Limited July Expressway 52350000.00 15.00% Completed No Meeting of Expressway capital funds Guangdong approved by company 212021 the Ninth Co. Ltd. Highway the Board of Construction government DirectorsCo. Ltd.Hainan Alpha Resolutions Garage Fish of the 12th electric pile Technology (Provisional) Newly Self Limited September Holding New Energy 15312000.00 17.40% Co. Ltd. Long-term Completed No Meeting of established funds company 272023 (Shenzhen) Zhuhai Speed the Tenth Co. Ltd Enterprise Board of Management Directors 252024 Annual Report Partnership (limited partnership) Total -- -- 301162000.00 -- -- -- -- -- -- 0.00 0.00 -- -- -- 3.Situation of the Significant Non-equity Investment Undergoing in the Report Period □Applicable □Not applicable In RMB Accrued Reasons for not Industry Accrued Actual Realized Reaching the Fixed Investment amount Investment involved in Investment Amount Capital Project Anticipated Income up to Planned Disclosure Project name investments in this reporting Disclosure Indexdate method investment up to the End of Source schedule income the End of Schedule and or not period projects Reporting Period Reporting Anticipated Period Income Nansha-Zhuhai Announcement of Section of Resolution of the Guangzhou- Self October Second Macao Self-built Yes Expressway 1267769452.34 2916163970.82 and 20.86% No 222022 (Provisional) Expressway Was Loan Meeting the Tenth rebuilt and Board of Directors Expanded Total -- -- -- 1267769452.34 2916163970.82 -- -- 0.00 0.00 -- -- -- 4.Investment of Financial Asset （1）Securities investment √ Applicable □ Not applicable In RMB Book value Changes Purchase Sale Book value Mode of Cumulative fair Gain/loss of Security Security Stock Initial balance at the in fair amount in amount balance at the Accounting Sources accounting value changes in the reporting category code Abbreviation: investment cost beginning of the value of the this in the end of the items of funds measurement equity period reporting period the this period this reporting period 262024 Annual Report period period Domestic Other equity Everbright and foreign 601818 517560876.80 FVM 682239337.60 392875756.48 40699105.31 910436633.28 instrument Self Bank stocks investment Total 517560876.80 -- 682239337.60 0.00 392875756.48 0.00 0.00 40699105.31 910436633.28 -- -- Disclosure Date of Announcement on Securities Investment Approved by the July 222009 Board of Directors Disclosure Date of Announcement on Securities Investment Approved by the August 72009 Shareholders Meeting(If any) 2）Investment in Derivatives □ Applicable √ Not applicable The Company had no investment in derivatives in the reporting period. 5.Application of the raised capital □ Applicable √ Not applicable The Company had no application of the raised capital in the reporting period. 272024 Annual Report VIII. Sales of major assets and equity 1. Sales of major assets □ Applicable √ Not applicable The Company had no sales of major assets in the reporting period. 2.Sales of major equity □ Applicable √ Not applicable 282024 Annual Report IX. Analysis of the Main Share Holding Companies and Share Participating Companies √ Applicable □ Not applicable Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company In RMB Company Company Registered Operating Leading products and services Total assets Net assets Operating profit Net Profit Name type capital Income Jingzhu Expressway RMB Guangzhu Subsidiary The operation and management of 2.8557 5477873714.51 2642815319.69 1122523853.96 678349741.55 506281476.77 Guangzhu Expressway Section Co. billion Ltd.Investment in and construction of Guanghui Expressway Co. Ltd. and supporting Guangdong facilities the toll collection and maintenance Guanghui Sharing management of Guanghui Expressway The RMB 2.3516784513218555.754209045556.781939250120.241228865752.80905929261.28 Expressway company Guanghui Expressway's supporting gas billion Co. Ltd. station salvation vehicle maintenance vehicle transport catering warehousing investment and development Subsidiaries obtained or disposed in the reporting period □ Applicable √ Not applicable Particulars about the Mutual holding companies None. 292024 Annual Report X. Structured subject situation controlled by the company □ Applicable √ Not applicable XI. Prospect for future development of the Company In 2025 the Company will continue to focus on the main responsibility and business of expressways expand its scale and deepen its operations and strive to achieve an operating income of RMB 4.447 billion and control its operating costs within RMB 1.716 billion by 2025.(I) Stabilize and expand the main business of expressways. Make investment decisions after the approval of the Guangzhou-Huizhou Expressway reconstruction and expansion project; Cooperate to promote the handover and acceptance of the Huizhou-Yantian Expressway reconstruction and expansion project; Steadily promote the construction of the reconstruction and expansion project of Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section and Yuezhao Expressway; Continue to explore the sources of expressway projects properly conduct analysis and evaluation of reserve projects seize investment and merger opportunities and expand effective investment.(II) Deepen the quality improvement and upgrading of service areas. Consolidate and enhance the effectiveness of the "micro reconstruction" of the Yayao service area on the Foshan–Kaiping Expressway strengthen the leadership of the demonstration service area for supporting agriculture and industrial development and further innovate measures for service optimization; Scientifically carry out the operation and management of the Foshan–Kaiping Expressway Zhishan Service Area and strive to improve the operational and social benefits of the service area; Accelerate the acquisition design and construction of land for the construction of the Foshan–Kaiping Expressway Zhishan Service Area (South Area).(III) Ensure smooth and excellent service on expressways. Seriously carry out the work of ensuring road safety unimpeded access and excellent services during major holidays focus on preventing and resolving road traffic safety risks improve the operation service level and operation efficiency of road section and supervise the road section company to effectively manage congestion at toll stations and accurately issue ETC; Promote special projects such as the construction of Guangzhou-Foshan and Foshan-Kaiping smart toll stations further consolidate the safety foundation of road traffic on operating expressways resolutely (IV) Enhance the platform's development capability. Increase support for platform company strive to leverage the market-oriented investment platform functions and roles of the Resource Development Branch and Yuegao Capital Company actively expand investment business tap into resource development potential and improve comprehensive income. 302024 Annual Report XII. Structured subject situation controlled by the company □ Applicable √ Not applicable Reception Place of Way of Types of Main contents discussed and information Visitors received Basic index time reception reception visitors provided Fordetailspleaserefert othe"RecordFormofIn The discussion mainly includes the Meeting vestorRelationsActivitChina Cinda Feng Siqi;BNB Wealth Yao Shuang;Hengshen Company's operation the main work Room of iesofGuangdongJanuary Field Fund Luo Xujian;Fuangfa Securities Yu Muhan; CICC completed the progress of the invested Organization Provincial Expressway 262024 the research Research Department Feng Qibin Zhang Wenjie; Anxin reconstruction and expansion projects Development Co.. Company Securities Chen Jiamin and the Company's development plan and Ltd."disclosedbytheint work priorities.eractiveplatform （2024001） Fordetailspleaserefert othe"RecordFormofIn The discussion mainly includes the Meeting vestorRelationsActivitHuatai Securities Shen Xiaofeng Lin Xiaying;China Life Li Company's operation the main work Room of iesofGuangdongJanuary Field Zhe Pei;Tenbagger Capital Zhuang Xiyang;Danen Capital completed the progress of the invested Organization Provincial Expressway 312024 the research Xiang Qianyu; Minsheng Royal fund Fu Yu; Xuanjia private reconstruction and expansion projects Development Co.. Company fund Li Dazhi;Morgan Stanley Fund Wu Huiwen and the Company's development plan and Ltd."disclosedbytheint work priorities.eractiveplatform （2024002） Fordetailspleaserefert othe"RecordFormofIn The discussion mainly includes the Meeting vestorRelationsActivitCompany's operation the main work Room of Guotai Junan Securities Su Min Yu Xin; Taikang Assets Xu iesofGuangdongFebruary1 Field completed the progress of the invested Organization Zhanjie Wang Qi Zhang Shou Qiu Zheng Zhou Provincial Expressway 2024 the research reconstruction and expansion projectsMengdie Development Co.. Company and the Company's development plan and Ltd."disclosedbytheint work priorities.eractiveplatform （2024003） China Merchantrs Fund Juming Investment Qifeng Capital Fordetailspleaserefert The discussion mainly includes the Meeting Greatwall WealthIndustrial Securities Asset othe"RecordFormofInCompany's operation the main work Room of ManagementShanghai Elegant InvestmentShanghai vestorRelationsActivitMarch Field completed the progress of the invested Organization TulingGuohua XingyiPSBC Wealtm Great wall iesofGuangdong 182024 the research reconstruction and expansion projectsSecuritiesCITIC SecuritiesShifeng AssetsNingquan Assets Provincial Expressway Company and the Company's development plan andBOSC AssetsShenghai Life Shenzhen Weiming Hengyuan Development Co..work priorities.Investment Management Co. Ltd. Lubomai Fund Ltd."disclosedbytheint 312024 Annual Report Reception Place of Way of Types of Main contents discussed and information Visitors received Basic index time reception reception visitors provided Management (China) Co. LtdPingan AssetsBeijing Engine eractiveplatform Fund Penghua Fund Industrial SecuritiesNanyin Wealtm （2024004） Hongde Fund China Merchants Securities Asset ManagementXunyuan AssetsZhongtai SecuritiesWisdomshire Asset Happy LifeWestern Leadbank FMCTianan Life Guangfa SecuritiesSouthern AssetHuaxia FundInvesco Great Wall Guotai Securuites Dan Shui Quan Everbright PGIMYuDe CapitalShenghai Securities Western Securities Yongan Insurance Essence self-runCCB Capital Boshi Fund Pingan Fund Fordetailspleaserefert othe"RecordFormofIn Huatai Securities Lin Xiaying；E-FUND Tang Bolun； The discussion mainly includes the Meeting vestorRelationsActivitJ.P.Morgan Asset Management Vivian Tao；FountainCap Company's operation the main work Room of iesofGuangdongMarch By Phone Organization Research &Investment Li Cheng；APS Asset Management completed the progress of the invested Provincial Expressway 192024 the PTE Jason Zeng；Shanghai Yitang Shengshi Private Fund Wu reconstruction and expansion projects Development Co.. Company Xiaochao；CICC Gu Yuanfan; Qianhe Capital Zou Tianye; and the Company's development plan and Ltd."disclosedbytheint HZBANK Weath Management Wan Sihua work priorities.eractiveplatform （2024005） Fordetailspleaserefert othe"RecordFormofIn The discussion mainly includes the Meeting National gold transport Zheng Shuming; Zhongying Yili Zhang vestorRelationsActivitCompany's operation the main work Room of Zhiqiang;Quuanguo Fund Ge Shiqi; Guotai Fund Jiangt Ying; iesofGuangdongMarch By Phone Organization completed the progress of the investedTruvalue Asset Gong Chao; CICC Capital Dong Junye; Yinhua Provincial Expressway 212024 the reconstruction and expansion projectsFund Jiaowei; CGS Tang Lei; Founder Securities proprietary Development Co.. Company and the Company's development plan andLiu Ran Bank of China Fund Yang Can Ltd."disclosedbytheint work priorities.eractiveplatform （2024006） Zhongtai Securities Shao Meiling ed Earth Innovation Fund Fordetailspleaserefert Management Co. Ltd. Shi Changda; Orient Securities Co. Ltd. othe"RecordFormofIn The discussion mainly includes the Meeting Zhang Kaiyuan Danshuiquan Yang Xinyi; BOSC ASSET vestorRelationsActivitCompany's operation the main work Room of Yan Feng; Morgan Stanley Zhang Diou; Pengyang Fund Sun iesofGuangdongMay 6 By Phone Organization completed the progress of the investedBiying; Western Leadbank FMC Wen Zhenyu; Taiping Asset Provincial Expressway 2024 the reconstruction and expansion projectsGao Hongzhi; Zhengyuan Investment Xiong Xiaoming; Development Co.. Company and the Company's development plan andCaitong Securities Asset Chen Jianxin; Ltd."disclosedbytheint work priorities.Guanfu Asset Bei Xuan; Hotland Innovation Asset Chen Rejin; eractiveplatform Shanghai Shengyu Investment Wu Xiaochuan; China Life （2024007） 322024 Annual Report Reception Place of Way of Types of Main contents discussed and information Visitors received Basic index time reception reception visitors provided Zhou Yifu; Shanxi Asset Nan Xun; Caida Securities Zeng Zhen; Taiping Asset Zhang Yang Qing Hequan Zhou Zhanzhao; CCB Life asset Yang Chen Fordetailspleaserefert Panoramic Online othe"RecordFormofIn The discussion mainly includes the vestorRelationsActivit Network communic Company's operation the main work iesofGuangdong June 24 "Investor ation on OrganizationI completed the progress of the investedInvestor Provincial Expressway 2024 Relation ndividual reconstruction and expansion projects Interactive online Development Co..and the Company's development plan and Ltd."disclosedbytheint Platform" platforms work priorities. eractiveplatform （2024008） The Yangtze river transport Zhang Yinhan Oriental self-run Zhang Kaiyuan Anxin Self-run Chen Jiamin; Guosen Self-run Zhang Yao; Yuancheng Investment He Zonghuan; Mingyao Investment Zhao Kangjie; Ningquan Investment Gao Xiran; Fidelity Xia Qinyi; ICBC Credit Suisse Asset Xiong Gongtao; AxA SPDB Investment Managers Zheng Doudou; Hongde Fordetailspleaserefert Fund Liu Yunchang; Western Leanbank FMC Zheng Diou; othe"RecordFormofIn The discussion mainly includes the Meeting Morgan Stanley Chen Zhiyuan; Guolian Fund Zhu Xiaoming; vestorRelationsActivitCompany's operation the main work Room of Baoying Fund Li Yafan; E fund Hong Helin;CCB Principal iesofGuangdongAugust By Phone Organization completed the progress of the investedAsset Yang Yi; Southern Fund Zhang Lei; Dongwu Fund Zhou Provincial Expressway 302024 the reconstruction and expansion projectsWeilin; Taikang Asset Ren Huifeng; ccb Life Yang Chen; Development Co.. Company and the Company's development plan andPingan Life Zhang Zhenggang; Yongan Insurance Feng Ou; Ltd."disclosedbytheint work priorities.Zhongying Life Zheng Lin; BOfA SECURITIES Zeng Dilu; eractiveplatform Zheshang securities Li Yi; Haitong Securities Luo Yujiang; （2024009） Hufu Securities Yang Xinyi; Huachuang Securities Liang Wanyi; Zhongtai Securities Shao Meileng; Fangzheng Securities Deng Tianshu; CITIC Securities Lin Mujin; Industial Securities Chen Erdong; China Post Securities Zeng Fanji China Merchants Securities Wang Chunhuan; China Merchants The discussion mainly includes the Fordetailspleaserefert Meeting Securities Liu Ricong; ICBC She Shaobo; Shenzhen Company's operation the main work othe"RecordFormofIn August Room of By Phone Organization Yuanwangjiao Investment Management Yu Guang; completed the progress of the invested vestorRelationsActivit 302024 the Wwstern Leddbank FMCWen Zhenyup; Huatai Securities Lin reconstruction and expansion projects iesofGuangdong Company Xiaying Huaneng Guicheng Trust Co. Ltd. Guo Runchen; and the Company's development plan and Provincial Expressway Guohai Securiaties Shi Yazhou; Guolian Securities Li Wei; work priorities. Development Co.. 332024 Annual Report Reception Place of Way of Types of Main contents discussed and information Visitors received Basic index time reception reception visitors provided Sinolink Securities Qiu Youfeng; Guangfa Securities Ltd."disclosedbytheint Developmen Center Wang Hang; Mingshi Partners Private eractiveplatform Fund Management (Zhuhai) Co. Ltd. Sun Yong; Zhongtian （2024010） Rortune Xu Gaofei; Guangdong Private Equity Fund Management (Wuhan) Co. Ltd. Cao Zhiping; Unified letter Zheng Zongjie; Shanghai Tianni Investment Cao Guojun Tianfeng Securities Li Nintg; Baoying Fund Hou Jiamin; SDIC Securities Co. Ltd. Chen Jiamin; Beijing Changquan Fordetailspleaserefert Capital Management Wang Haibin; BOSC ASSET Yan Feng; othe"RecordFormofIn Tianfeng International Asset Harvest Prestige；Shenzhen The discussion mainly includes the Meeting vestorRelationsActivitBolong Securities Huangjun; China Merchants fund Deng Yi; Company's operation the main work Room of iesofGuangdongAugust By Phone Organization Boshi Fund Xie Zelin; Morgan Stanley Zhang Diou; Shanghai completed the progress of the invested Provincial Expressway 302024 the Yunhan Asset Management Bole; Xunyuan Asset Tian reconstruction and expansion projects Development Co.. Company Chaoping; Xinyin Fund Chen Yuxiang; Beijing Runhui Asset and the Company's development plan and Ltd."disclosedbytheint Management Jia Siyuan; China Life Gu Qingzhe; Western work priorities.eractiveplatform Leadbank FMCWen Zhenyu; （2024011Greatwall Wealth Yang Haida; Shanghai Tuling Asset ） Management Zhao Zhifeng; Xulie(Hainan)Fund Zhong Hua Penghua Fund Zhang Jia; China Universal Asset Lao Jienan; Industrial Fund Li Yong; Pingan Fund He Jie; Happy life Zhang Wangyue;PICC Yin Jinze; Zhongyi Asset Ma Baoliang; Fordetailspleaserefert Huabao Trust Zhu Yongxi; Huabao Tr4ust Li Bo; CITIBANK othe"RecordFormofIn Xing Xiaoyu; HSBC Asset Management (hk) Aiwei Li; The discussion mainly includes the Meeting vestorRelationsActivitSamsung Investment Feng Chen; Huaneng Guicheng Trust Liu Company's operation the main work Room of iesofGuangdongSeptembe By Phone Organization Ling; Greatwall Wealth Jiang Wei; Yuexin Asset Chen completed the progress of the invested Provincial Expressway r 22024 the Jinhong; Pubo Asset Sun Zuojun; Mingyao Investment Zhao reconstruction and expansion projects Development Co..Company Kangjie; Aecn insumance Asset Xu Juanjuan; Tongju and the Company's development plan and Ltd."disclosedbytheint Investment Zhang Lifeng; Liu Ren Asset Liu Jungang; work priorities.eractiveplatform Kangteng Investment Yun Zhihuan 2024013 Zhihua; Hongshiliu He Ying; Huaxian wealth Liu Chensheng; （ ） Evergreen vine assets Fu Xiaolin; Yongan Guofu Zheng Xitao; CITIC Securities Hu Shimin; CITIC Securities Lin Mujin Meeting CICC Gu Yuanfan; Chunhou Fund Liu Jun; Hengying The discussion mainly includes the FordetailspleaserefertSeptembe By Phone Organization Asset ；Xiaowen LIN，Keywise；Hengying Asset ；Zhao Company's operation the main work othe"RecordFormofInr 22024 Room of Zherui; CICC Cai Rongzhuan; SunSimon， Pleiad Investment completed the progress of the invested vestorRelationsActivit 342024 Annual Report Reception Place of Way of Types of Main contents discussed and information Visitors received Basic index time reception reception visitors provided the Advisors Limited；Jayden， XueYining，Fuanda Fund reconstruction and expansion projects iesofGuangdongCompany Shenkun; Shanghai Kandao Asset Panjiang; Shenzhen and the Company's development plan and Provincial Expressway Shangchentg Asset Huang Xiangqian; Xian Pubu Asset Yang work priorities. Development Co..Sen; Nuoan Fund Xiuli SHAN， BlackRock AM North Asia Ltd."disclosedbytheintLimited；Huang Youwen; Boc Investment Zhang Xiangdong; eractiveplatform Southern Fund Zhang Lei; Anzhong Investment Liu Weiting; （2024013） Aijian Securities Yu Qianguang; Shenghai Tianni Investment Xie Chenjin Cao Gluojun; Huizhi Capital Zhao Kangjie; Zhenzhen Zhengyuan Investment Qi Chen; Ningbo Magic party quantitative investment Management partnership-sh Lou Fengye; Shenzhen Oriental Marathon Investment Management Co. Ltd Bole; Boc Investment management Wang Han;CPIC Wei Wei; Suzhou Jingqian Investment Management Zhang Xiaolin Hong Shaomeng; Fuanda Fund Zhu Yi; Huatai Asset Chen Shaonan; Zhongou Fund LiaoXinyu， Value PartnersLimited.Zhao Hengyi; Shanghai Fucheng Futong Asset Ye Junxian; Shenghai Minghe Investment Zhang Ling; Guangdong Yupu Investment Zhu ChenhongLiShu， LIU MIAOZheng Jie;Shenwan Hongyuan Securities Zhang Liping; Shenghai Tianni Investment Wang Boluo; Xunyuan Asset Tian Chaoping; Everbright PGIM Lin Xiaofeng; hina Merchants Securities Asset Management Department Hu Wen cen Sumitomo Mitsui AM-Clients FundsSun Yu; China Life AMP Asset Management C. Ltd. Li Bowen; Jianghai Securities Yin Wei; CITIC Securities Liu Chunmao; China Taiping Asset Management Zhao Yang; Shanghai Yongxing Securities Asset Management Xu Xiaohao; Western Leadbank FMC Ji Xu; Zheshang Securities Weng Jinchong; Cinda Fund Guo Min; Shanghai Jiuge Investment Zhou Xiaodong Cheng Dong;Changjiang Securities Feng Yuan; CICC Pan Zhihua; Shanghai Electric Group Finance Co. Ltd.Zhao Zhifeng; Beijing Chengquan Asset Management Wang Haibin; Changjiang Asset Xu Xiaoyong Huang Yiming Xu Jie; Beijing Hongdao Investment Management Lin Yuming Ding Kaisheng; Taiping Fund Shi Yangang; Shanghai Shengyu Investment Zhang Yahui; Life Insurance Asset Management Co. Ltd. Jia Duancun; Greatwall Wealth Hu Jiyuan; CITICPE 352024 Annual Report Reception Place of Way of Types of Main contents discussed and information Visitors received Basic index time reception reception visitors provided Geng Hua; Shenzhen Qianhai Chengshi Capital Management Liang Yueqian; Capital Fund Huang Chaohao Liu Teng Liu Xingwang Zhang Zhenrong Yang Yi;Huaxia Fund Zhu Yuanfen Tongxiao Zhicheng No.1 Wang ji; Rongtong Fund Su Linjie; Guangfa Fund Sunmin; Shanghai Guyuan Investment Lai Zhengjiana; Sunshine Asset ZhuangyanGuotai Junan Xu Xinpeng; CICC Yifu;Xinhua Fund Management Yao Haiming; Shanghai Dingtian Investment Bi Gaoang Hebaoyan; Huatai Securities Li Yanguang; Shanghai Coast Horn Private Equity Fund Management Co. Ltd. Liu Ze; CITIC Pan Yunjiao; CICC Huang Qiong Zhang Wenjie; Jinmen Fanance Chen Meiling CCB Prinelpal Asset Yang Yi; China Merchamts fund Sun Yanqing; CITIC Securities Wang Kaisi; Fuguo Fund Zhang Zeyue; Oriental self-run Zhang Kaiyuan; Huatai Self-run Li Yanguang; Morgan Stanley Sun Liang; Minsheng Tonghui Lu Fordetailspleaserefert Ermao Yuan Lecheng Ai Mengqi; Nuoan Fund Huang othe"RecordFormofIn Meeting Youwen; Huabao Trust Wang Qiaoxin Li Bo WT Asset vestorRelationsActivit October Room of Management Limited；Shenzhen Xinsize Investment iesofGuangdong 25 By Phone Organization Management Yang Jiayi; Huaneng Guicheng Trrst Guo o Provincial Expressway 2024 the Runchen; New Silu Investment Wang MaoYi Shanghai Leigen Development Co.. Company Asset Management Co. Ltd. Yin Tao; Morgan Stanley Gu Ltd."disclosedbytheint Yuanpan Zhongyi Asset Management Co. Ltd. eractiveplatform Ma Baoliang;Fude Sino Life Zhang Yixuan;China Wealth （2024014） Management Co. Ltd.Liu Chunsheng; Zhengqi Energy Technology Group Nie Rui; Shenzhen Red pomegranate Investment Management Co. Ltd. He Ying Xunyuan Asset Management Tian Chaoping; Shanghai Wuju Fordetailspleaserefert Asset Management Wang Xin; China Merchants Fund Deng othe"RecordFormofIn Yi; Shanghai Jinxi Investment Managerment Partnership( LP) The discussion mainly includes the Meeting vestorRelationsActivitDeng Kewei; Taiwan Guotai Investment Co. Ltd. Company's operation the main work October Room of iesofGuangdong 25 By Phone Organization Albert;Tianfeng Securities Co. Ltd. Li Ning; completed the progress of the invested Provincial Expressway the BOSC Asset Yan Feng; Shanghai Baoyin Private Equity Fund reconstruction and expansion projects2024 Development Co..Company Management Co. Ltd. Xie Lei; Essence Securities Chen and the Company's development plan and Ltd."disclosedbytheint Jiamin; Dongxing Securiaties ZhU Jiayi; Shanghai Huakun work priorities.eractiveplatform Construction and Equity Investment Fund.Management Co. 2024015 Ltd. Mao Zhiwei; WT Asset Management Limited Wang （ ） 362024 Annual Report Reception Place of Way of Types of Main contents discussed and information Visitors received Basic index time reception reception visitors provided Qiaoxin; Western Leadbank FMCWen Zhenyu; Yongan Guofu Asset Management Co. Ltd. Zheng Xitao; Hongde Fund Management Co. Ltd. Dong Xiaojun; China Life Liu Jinghui; Shanghai Tuling Asset Management Co. Ltd. Zhao Zhifeng Haitong Securities Yu Nan Du Qingli; Guangdong Zhengyuan Private Fund Management Co. Ltd.bocom msig Life; Boyuan Fund Management Co. Ltd.; Nuoan Fund Management Co.Ltd.; Yinhua Fund Management Co. Ltd.; Fordetailspleaserefert Shanghai Fenglan Asset Management Co. Ltd.; Haitong othe"RecordFormofIn The discussion mainly includes the Meeting Research Institute; Shhanghai Hundun Investment (Group) Co. vestorRelationsActivitCompany's operation the main work Room of Ltd.;Cinda Fund ; Minsheng Tonghui Asset Management Co. iesofGuangdongNovembe By Phone Organization completed the progress of the investedLtd.; Boyuan Fund Management Co. Ltd.; Provincial Expressway r 21 2024 the reconstruction and expansion projectsYizhi (Beijing) Investment Co. Ltd.;Pinan Fund; Hongtu Fund; Development Co..Company and the Company's development plan andInfore Capital Management Hong Kong CompanyLimited； Ltd."disclosedbytheintwork priorities.Orient Fund; Pingan Fund; Bank of China eractiveplatform Investment Management; Shanghai Tuling Asset Management; （2024016） Sunshine Asset Management; Wwstern Leadbank FMC; CICC; Fullerton Fund Management Company Ltd.；Beijing Yihe Jiufu Investment Management Co. Ltd.; Jingjun Investment 372024 Annual Report XIII. Implementation of Market Value Management System and Valuation Enhancement Plan Whether the Company has established a market value management system.□Yes□No Whether the Company has disclosed the valuation enhancement plan.□Yes□No XIV. The implementation of the action plan of "Double improvement of quality and return".Whether the Company has disclosed the action plan of "Double improvement of quality and return".□Yes □No In order to respond to and practice the guiding ideology of "activating the capital market and boosting investors' confidence" put forward at the Meeting of the Political Bureau of the CPC Central Committee and "vigorously improving the quality and investment value of listed companies taking more powerful and effective measures to stabilize the market and confidence" put forward at the executive meeting of the State Council safeguard the interests of all shareholders and promote the long-term healthy and sustainable development of the Company Guangdong Provincial Expressway Development Co. Ltd. (hereinafter referred to as "the Company") has formulated the action plan of "double improvement of both quality and returns". The measures are as follows: (I) Adhere to high-quality development focus on connotative growth and optimize resource allocation. (II) Effectively return to shareholders and share the fruits of development. (III) Deepen market communication and strengthen investor relation management.Since the disclosure of the action plan the Company has taken multiple measures to implement its plan: (I) Aim at the steady development of its main business continuously promote the reconstruction and expansion projects of the Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section Yuezhao Expressway Huizhou- Yantian Expressway and Jiangmen-Zhongshan Expressway to further expand and optimize the Company's transportation network and lay a solid foundation for the sustained growth and long-term development of the Company. Promote the quality improvement and upgrading of expressway service areas and make every effort to transform the Yayao service area of the Foshan–Kaiping Expressway into a benchmark service area for "supporting agriculture and industrial development" and create the Zhishan Service Area (North Area) as the first new energy service area in the province. (II) Persist in implementing cash dividends. In the 2024 profit distribution plan the cash dividend ratio shall be maintained at 70% of the net profit attributable to the owners of the parent company. (III) Fully utilize various communication channels such as general meeting of shareholders websites analyst briefings performance presentations roadshows one-to-many communication field research telephone consultations and the Shenzhen Stock Exchange's "Interactive Easy" to maintain close interaction with investors and organize a total of 8 institutional investor research and exchange meetings. 382024 Annual Report IV. Corporate Governance I. General situation The Company strictly followed the requirement of laws and regulations in < the Securities Law>< Code of Corporate Governance for Listed Companies in China> etc. and kept on improving corporate governance structures improving normative operation level. Company had stipulated rules such as rules of procedures in three meetings working guide of special committee in board of directors working guide of general manager etc. and internal control system basically covering all operating management such as company financial management investment management information disclosure related transaction external guarantee fund raising etc. All rules are well implemented.In the report period strictly following the relevant provisions of “Company Law”and “Regulations” the shareholder’s meeting of our bank effectively performed the functions. The board of directors is to be responsible for the shareholder’s meeting to take the ultimate responsibility for the bank’s operation and management and to convene a meeting as well as performing the function and power according to legal procedure. In line with the attitude which is responsible for all shareholders and keeping in close contact and communication with the board of directors and the management the board of supervisors carries out the assessment work on duty exercising for the board of directors and the board of supervisors effectively performing functions and obligations of supervision.Does there exist any difference in compliance with the corporate governance the PRC Company Law and the relevant provisions of CSRC □ Yes √No There exist no difference in compliance with the corporate governance the PRC Company Law and the relevant provisions of CSRC.II. Independence and Completeness in business personnel assets organization and finance 1. Independent business TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpresswayFokaiExpresswayJingzhu Expressway Guangzhu Section and Guanghui Expressway investmentintechnologicalindustries andprovisionofrelevant consultaion while investing in Shenzhen Huiyan Expressway Co. Ltd. Guangdong Jiangzhong Expressway Co.Ltd. Zhaoqing Yuezhao Expressway Co. Ltd. Ganzhou Kangda Expressway Ganzhou GankangExpresswayCo.Ltd. Guangdong Yuepu Small Refinancing Co. Ltd Guoyuan Securities Co.Ltd. Garage electric pile Holding (Shenzhen) Co. Ltd.Guangdong Yuetong Qiyuan Chip Power Technology Co.Ltd.The Company has outstanding main operation independent and complete business and the ability of independent operation. All business decisions of the Company were made independently being completely separated from the shareholder with actual control. Related transactions were carried out in light of the principle of fair transaction which did not harm the interests of the Company and other shareholders of the Company.The content of related transactions was fully timely and accurately disclosed which did not have negative influence on the Company. 2. Complete assets The relationship of the Company's property right is clear. The assets injected by shareholders in the Company are independent and complete and have clear property right. All capital was paid up and relevant formalities of property right change were settled. 3. Independent personnel 392024 Annual Report As for personnel relationship the general manager deputy general managers the secretary to the board of directors and financial controller of the Company were full-time employees and received salary from the Company who did not concurrently hold positions at the parent company.All directors and supervisors of the Company were elected through legal procedure. The general manager deputy general managers chief accountant chief economic engineer and chief engineer were directly appointed by the board of directors. Other managerial personnel of all levels were directly appointed by the general manager. The Company owns independent power of personnel appointment and removal. 4. Independent finance The Company including subsidiaries established independent accounting department，independent accountingsystem and regulations on financial management.The Company independently opened bank account and did not deposit funds in the accounts of the finance company or settlement center of the majority shareholder. The Company independently paid tax. The Company's financial decisions were independently made. The majority shareholder did not interfere with the use of funds by listed companies. 5. Independent organization The board of directors the supervisory committee and other internal organs of the Company operated independently. Its organs are complete and independent.III. Horizontal Competitions □ Applicable √ Not applicable IV. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period 1.Annual General Meeting Investor Meeting Disclosure Sessions Type of meeting participation Disclosure index Date date ratio The meeting examined and adopted the Proposal Concerning Final Accounting Report for 2023 The meeting examined and adopted the Proposal Concerning plan for Profit Distribution for 2023; The meeting examined and adopted the Annual 2023 Shareholders’ Proposal Concerning Overall budget Shareholders’ May 20 May65.10% general meeting 2024 212024 report of the Company for 2024; General Meeting The meeting examined and adopted the Work Report of the Board of Directors for 2023; The meeting examined and adopted the Work Report of the supervisory Committee for 2023; 6.The meeting examined and adopted Annual Report for 2023 and its summary; 402024 Annual Report The meeting examined and adopted the Proposal for Hiring the 2024 Annual Financial Report Audit Agency; The meeting examined and adopted the Proposal for Hiring the 2024 Internal Control Audit Institution; The meeting examined and adopted the Proposal on the Preparation of the Shareholder Return Plan of Guangdong Provincial Expressway Development Co.Ltd. for the Next Three Years (2024- 2026); The meeting examined and adopted the Proposal on the Investment Plan for 2024; 1The meeting examined and adopted the Proposal on the election of Mr. Wu Guijun as a director of the 10th board of directors of the Company.The First The meeting examined and adopted the provisional Provisional Proposal on Signing a Supplementary shareholders’ shareholders’ December December36.22% Agreement to the Financial Services 122024132024 General meeting of General meeting Agreement with Guangdong 2024 Communication Group Finance Co. Ltd 2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore □ Applicable √Not applicable 412024 Annual Report V. Information about Directors Supervisors and Senior Executives 1.Basic situation The number of Number of Number of Reasons for Starting Expiry date Shares held atOffice shares held in shares reduced in Other shares held at increase or Name Sex Age Positions date of the year- status of tenure begin(share) the current the current changes(shares) the end of the decrease oftenure period(shares) period(shares) period(shares) shares Miao Board In office August 19 SeptemberMale 53 Deshan Chairman 2022 202025 Director December September Lu Ming Male 46 Chief In office 252020202025 accountant Director Deputy October September Zuo Jiang Female 52 In office General 192015 202025 Manager Cheng Director In office September SeptemberMale 50 Rui 202022 202025 Zeng Male 54 Director In office December September Zhijun 42017 202025 Yao Male 53 Director In office September September Xuechang 202022 202025 Wu May September Male 46 Director In office Guijun 202024 202025 November September Wu Hao Female 52 Director In office 22020202025 Zeng Independent Female 55 In office May September Xiaoqing director 202019 202025 You Independent In office September SeptemberMale 56 Dewei director 202022 202025 Yu Independent In office September SeptemberMale 62 Mingyuan director 202022 202025 422024 Annual Report The number of Number of Number of Reasons for Starting Office Expiry date Shares held at shares held in shares reduced in Other shares held at increase or Name Sex Age Positions date of the year- status of tenure begin(share) the current the current changes(shares) the end of the decrease oftenure period(shares) period(shares) period(shares) shares Zhang Independent In office December SeptemberMale 59 Renshou director 52023 202025 Independent In office December SeptemberLiu Heng Male 41 director 52023 202025 Chairman of the In office August SeptemberHe Sen Male 51 Supervisory 192022 202025 Committee Wang Female 53 Supervisor In office May September Xiaobing 172022 202025 Deng Male 49 Supervisor In office December September Yunfeng 232021 202025 Zhou Female 54 Supervisor In office September September Dong 92022 202025 Deputy Luo Male 51 General In office December September Baoguo 252020 202025 Manager Deputy Zhu In office April SeptemberMale 42 General Qijun 272023 202025 Manager Yang Secretary to In office August SeptemberMale 55 Hanming the Board 282017 202025 Zhou legal Male 44 In office September September Yisan counsel 202022 202025 Director Wang Male 60 General Dimission April April 4 1013251013250 Chunhua 162013 2024 Manager Kuang Male 39 Director Dimission May November 432024 Annual Report The number of Number of Number of Reasons for Starting Office Expiry date Shares held at shares held in shares reduced in Other shares held at increase or Name Sex Age Positions date of the year- status of tenure begin(share) the current the current changes(shares) the end of the decrease oftenure period(shares) period(shares) period(shares) shares Yu 172022 192024 You November March Male 57 Director Dimission Xiaocong 22020 62024 September March Ke Lin Female 55 Supervisor Dimission 0 900 900 15201762025 Total -- -- -- -- -- -- 101325 900 101325 0 900 -- During the reporting period whether there is dismissal of directors and supervisors and decruitment of senior managers □Yes □No 1. Ms. Ke Lin supervisor reached the retirement age and resigned from her position as supervisor on March 6 2024. 2. Mr. You Xiaocong director resigned from his position as the director on March 6 2024 due to job transfer reasons. Mr. You Xiaocong will not hold any other positions in the Company after his resignation. 3. Mr. Wang Chunhua director and general manager reached the retirement age and resigned from his position as the director and general manager on April 8 2024. Mr. Wang Chunhua will no longer hold any position in the Company after his resignation. 4. Mr. Kuang Yu director resigned from his position as the director on November 19 2024 due to personal reasons. Mr. Kuang Yu will not hold any other positions in the Company after his resignation.Changes of directors supervisors and senior executives √ Applicable □ Not applicable Name Positions Types Date Reason Ke Lin Supervisor Dimission March 62024 Retirement You Xiaocong Director Dimission March 62024 Job Change Director General Wang Chunhua Dimission April 82024 Retirement Manager Kuang Yu Director Dimission November 192024 Personal reasons 442024 Annual Report 2.Posts holding Professional backgrounds major work experience and current duties in the Company of the incumbent directors supervisors and senior management: Mr. Miao Deshan，He served as Chairman with bachelor degree. Bachelor of Engineering degree seniorengineer. From June 2011 to July 2022 he served successively as Deputy General Manager Chief Engineer Deputy Secretary of the Party Committee Director and General Manager of Guangdong Communications Industrial Investment Co. Ltd. has been the Chairman of the Company since August 19 2022. He is also the Director of Guangdong Yuetong Qiyuanxin Power Technology Co. Ltd. the Company's shareholding company and the Legal Representative and Executive Director of Yuegao Capital Holdings (Guangzhou) Co. Ltd.Mr. Lu Ming He served as Director and Chief accountant of the Company Graduate degree MBA senior accountant from March 2009 to December 2020 served as the Manager Deputy Business Director and Business Director of the Financial Management Department of Guangdong Communications Group Co. Ltd.and from December 2018 to December 2019 he served as the first secretary of the Party Branch of Yinghuai Management Office of Guangdong Nanyue Communications Longhuai Expressway Management Center. Since December 25 2020 he has served as the Chief Accountant of the Company and since February 3 2021 he has served as a Director of the Company. He also serves as the Vice Chairman of Ganzhou Nankang–Dayu Expressway Co. Ltd. the Company's shareholding company the Director of Guangdong Yueke Science and Technology Microfinance Co. Ltd. the Chairman of Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section Co. Ltd. and Guangdong Guangzhou-Huizhou Expressway Co. Ltd.Ms. Zuo Jiang Deputy General Manager of the Company Graduate degree ，Master of Economics SeniorEconomist Qualified as Legal Adviser of the Enterprise Secretary of the Board of Directors. He has been working in the Company since 1994. He has been the Minister of Securities Affairs of the Company since 1999.He has been the Secretary of the Board of Directors and Director of Securities Affairs Department since March 2006. From October 2015 to July 2016 he was the Deputy General Manager and Secretary of the Board of Directors And Minister of Securities Affairs. Since October 2015 he has been the Deputy General Manager of the Company and hold a concurrent post of Director of Guangdong Yueke Science and Technology Microfinance Co. Ltd. director of Guoyuan Securities Co. Ltd. and General Manager Party branch secretary of Yuegao Capital lnvestment (Guangzhou)Co. Ltd.Mr. Cheng Rui Director of the Company holds a master's degree in business administration an economist with the Corporate Legal Adviser and Lawyer qualification.From August 2017 to May 2022 he served as Deputy General Manager of Guangdong Expressway Development Co. Ltd. during which from May 2019 to August 2021 he was appointed as the First Secretary of the Party Organization in Shanhu Village Jinhe Town Jiexi County Jieyang City.Since May 2022 till now he has served as the Director of Legal Affairs Department of Guangdong Communications Group Co. Ltd. He has been the director of the Company since September 20 2022. Mr. Zeng Zhijun economist is a director of the Company with master degree. From June 2010 September 2020 he has served as the deputy chief economist of Guangdong Provincial Expressway Co. Ltd. From September 2015 to August 2021 he has served as Minister of Legal Affairs Department of Guangdong Provincial Freeway Co.Ltd.，Since September 2020 He serves as Minister of personnel resource departmentof Guangdong Provincial Freeway Co.Ltd.，Since December 4 2017 he serves as Director of the Company.Mr. Wu Guijun he is the director of the Company has a bachelor's degree a master's degree in accounting and is a senior accountant. From July 2003 to June 2009 he successively served as the financial staff and financial supervisor of Guangdong Jingtong Highway Engineering Construction Group Co. Ltd. the financial 452024 Annual Report supervisor of the project management department of She Expressway No. 1 project the staff of the financial settlement center of Guangdong Communications Group Co. Ltd. from June 2009 to January 2010 the supervisor of the audit and supervision department and the deputy manager deputy minister and minister of the financial management department from January 2010 to December 2015 in Guangdong Communications Group Co. Ltd. From December 2015 to November 2023 he served as the business supervisor of the financial management department of Guangdong Communications Group Co. Ltd. and has been the chief accountant of Guangdong Highway Construction Co. Ltd. since November 2023. He has been the Director of the Company since May 20 2024.Mr. Yao Xuechang Director of the Company Bachelor Degree MBA Senior Engineer of road and bridge served as the Director and Deputy Secretary of the Party Branch of the Reconstruction and Expansion Project Management Office of the Southern Section of Foshan-Kaiping Expressway from October 2015 to February 2020. From February 2020 to October 2021 he successively served as the Director and Deputy Secretary of the Party Branch of Zhongshan-Jiangmen Expressway Reconstruction and Expansion Management Office Deputy Secretary and Director of the Party Branch of the Reconstruction and Expansion Project Management Office of the Southern Section of Foshan-Kaiping Expressway director and deputy secretary of the Party branch of the Guangzhou-Zhuhai Expressway Reconstruction and Expansion Management Office. Since October 2021 he has served as the Deputy Secretary and Director of the Party Branch of the Reconstruction and Expansion Management Office of the Guangzhou-Zhuhai section of Beijing-Zhuhai Expressway and the Director of the Reconstruction and Expansion Project Management Office of the Southern Section of Foshan-Kaiping Expressway.He has been the Director of the Company since September 20 2022.Ms.Wu HaoShe is the director of the Companywith bachelor degree. From February 2012 to May 2020 She successively served as deputy manager of the finance department deputy manager of the investment business department and manager of the investment business department of Shandong Expressway Investment Development Co. Ltd. She has served as the deputy general manager and member of party committee of Shandong Expressway Investment Development Co. Ltdsince May 2020. From November 2 2020 She has served as director of the Company.Ms. Zeng Xiaoqing independent director of the Company PhD; Current professor and doctoral supervisor at the School of Transportation Tongji University director of the Joint Experimental Center for Traffic Information Control and vice president and secretary-general of the Shanghai Creative Studies Institute; Holder of bachelor's master's and doctoral degrees in Tongji University with academic titles such as Multi Grid Architect at Tsinghua University Postdoctoral Fellow at Tokyo Institute of Technology Visiting Scholar at DAAD in Germany and Outstanding Achievement Award for Global Female Engineers. Her teaching and research fields include digital artificial intelligence traffic security and environmental protection ADS rail transit control and safety and ecological green construction. She has been an independent director of the Company since May 20 2019.Mr. You Dewei the independent director of the Company with a master's degree in law served as the Senior Partner and Lawyer of Guangdong Zongheng Tianzheng Law Firm from June 1997 to January 2019 and as the Supervisor Senior Partner and Lawyer of Guangdong ETR Law Firm since January 2019. Meanwhile he is also a part-time External Director of the supervision enterprise of Guangdong State-owned Assets Supervision and Administration Commission part-time External Director of Guangdong Port and Shipping Group Independent Director of Guangzhou Academy of Building Research Co. Ltd. Independent Director of Guangsheng Nonferrous Metals Co. Ltd. and one of the first batch of 35 mediators in the Mediation Center of Guangdong Lawyers Association Deputy Director of the 11th State-owned Assets Law Committee of Guangdong Lawyers Association Deputy Director of the 12th Compliance and Risk Control Law Committee of 462024 Annual Report Guangdong Lawyers Association Executive Director of China Health Law Society Executive Director of Guangdong Health Law Society Director of Guangdong Law Society's Corporate Compliance Research Society Director of Guangdong Law Society's Medicine and Food Law Research Society Deputy Director of Guangzhou Lawyers Association's Medicine and Health Business Legal Committee an Arbitrator of Shenzhen Court of International Arbitration Arbitrator of Qingyuan Arbitration Committee Member of Guangdong Province's Eighth Five-Year Plan Law Popularization Lecturer Group and Member of Guangzhou Municipal Bureau of Justice's "Warm Enterprise Action" 100-expert Lawyer Legal Service Group. He has been an independent director of the Company since September 20 2022.Mr. Yu Mingyuan an Independent Director of the Company Bachelor of Engineering second-class researcher and Expert enjoying special government allowance from the State Council once served as the Director of the Highway and Comprehensive Transportation Development Research Center of the Research Institute of Highway Ministry of Transport. Since July 2021 he has also served as an Independent Director of Jiangsu Shanghai-Nanjing Expressway Co. Ltd. since December 2022 as an Independent Director of Hubei Chutian Intelligent Transportation Co. Ltd. and since September 20 2022 as an Independent Director of the Company.Mr. Yu Mingyuan has been engaged in research on transportation policies and strategies for a long time.He has made outstanding achievements in the fields of toll road policy and institutional innovation highway management system reform highway operation management transportation economy and new business supervision highway transportation development strategy and planning as well as highway transportation related regulations. He has led more than 40 national and provincial scientific research projects and has led and participated in major special research and the formulation and revision of policies and regulations of the Ministry for multiple times. He has repeatedly interpreted national and industry policies related to transportation on mainstream media such as CCTV. He has won 1 provincial and ministerial level science and technology special prize 4 first prizes 2 second prizes and 5 third prizes; He has published more than 30 papers and articles in various academic journals and newspapers and has successively won the titles of exemplary individual of Spiritual Civilization in the National Transportation Industry and One Hundred Excellent Engineers. He is an expert in the expert database of the National Science and Technology Progress Award an expert in the academic department of the Chinese Academy of Sciences a high-level talent of the Chinese Association for Science and Technology an expert in the expert database of the Ministry of Transport an expert in the PPP expert database of the Ministry of Finance and a member of the expert committee of the China Highway & Transportation Society.Mr. Zhang Renshou is an independent director of the Company. He is a doctoral supervisor a postdoctoral cooperative supervisor an MPACC master's supervisor and an MBA supervisor. He used to be the dean of the College of Modern Industry of Guangzhou University and the dean of the Sino-Canadian School of International Education of Guangzhou University. He is currently a professor of the Department of Accounting of School of Management of Guangzhou University the dean of the Institute of Performance and Strategic Management of Guangzhou University the dean of the South China Institute of Big Data in the Guangdong- Hong Kong-Macao Greater Bay Area and the deputy dean of the Guangdong New Era Career Development Research Institute. He has been an independent director of the Company since December 5 2023.Government agency experts: Expert in the demonstration of major administrative decisions by the Guangzhou Municipal Government; Member of the Expert Group of the Budget Committee of the Guangzhou Municipal People's Congress; Member of the Expert Group of the Economic Commission of the Guangzhou Municipal People's Congress; Expert in Industrial Economic Operation Analysis of Guangdong Province; Social Supervisor in Food Safety of Guangdong Province; Special Researcher of Guangzhou Tax Service State 472024 Annual Report Taxation Administration; Consulting Expert in Major Administrative Decisions of Shaoguan Municipal People's Government; Senior Financial Expert and Industrial Development Consulting Expert of Department of Finance Department of Science and Technology and Department of Industry and Information Technology of Guangdong Province.Academic institution experts: Member of the 8th Committee of the Guangdong Social Sciences Association; President of Guangdong South China Economic Development Research Association; External Member of Guangdong Provincial Bureau of Statistics; Social Supervisor of Guangdong Provincial Food and Drug Safety Supervision Commission; Member of the Academic Committee of Guangdong Local Public Finance Research Center; Member of the Academic Committee of Guangdong Coastal Economic Belt Development Research Center.Mr. Liu Heng Ph.D. doctoral supervisor project expert of the National Foundation and Provincial Department of Science and Technology is strategic consultant of many enterprises etc. From June 2015 to June 2023 he served as an associate professor at Sun Yat-sen University and since June 2023 he has been a professor at Sun Yat-sen University. Since August 2022 he has served as an independent director of Guangdong Zhaoqing Xinghu Biotechnology Co. Ltd. He has been an independent director of the Company since December 5 2023.Mr. He Sen Chairman of the Board of Supervisors of the Company Bachelor Degree MBA Senior Accountant has been appointed Chairman of the Board of Supervisors of Guangdong Communications Group Co. Ltd. since March 2016. Since August 19 2022 he has served as Chairman of the Board of Supervisors of the Company.Ms. Wang Xiaobing supervisor of the Company bachelor's degree in literature Senior Economist and Accountant. She started working in December 1993 and served as the deputy department manager business department manager and president's secretary of Zhanjiang Securities Co. Ltd. from December 1993 to February 2000. From 2001 to August 2008 she worked as an employee of the Financial Settlement Center and deputy manager of the Comprehensive Office of Guangdong Provincial Transportation Group Co. Ltd. From August 2008 to December 2024 she served as a dispatched supervisor of Guangdong Provincial Transportation Group Co. Ltd. From December 2024 she began engaging in internal audit work in the Audit Department of Guangdong Provincial Transportation Group Co. Ltd. Since May 17 2022 she has served as the Supervisor of the Board of Supervisors of the Company.Mr. Deng Yunfeng supervisor of the Company bachelor degree MBA senior engineer. He served as Party Secretary of Guangzhou-Foshan Expressway Co. Ltd. from February 2014 to July 2018; Minister of Party and Mass Work Department of the Company from July 2018 to the present and also vice chairman of the trade union of the Company and chairman of the trade union of its headquarters from March 2021 to the present. He has served as the employee supervisor of the ninth board of supervisors of the Company since December 23 2021. He has served as the Minister of the Human Resources Department of the Company since January 2025.Ms. Zhou Dong Supervisor of the Company Bachelor of Economics and Senior Accountant. From April 2003 to January 2018 she served as Deputy Director of the Financial Management Department of the Company. Since January 2018 she has served as Deputy Secretary of the Discipline Inspection Committee of the Company and Director of the Discipline Inspection and Audit Department of the Company. Since September 2022 She has served as Employee Supervisor of the Board of Supervisors of the Company.She is also the Chairman of the Board of Supervisors of Ganzhou Gankang Expressway Co. Ltd. a shareholding company of the Company Supervisor of Guangdong Lechang-Guangzhou Expressway Co. Ltd. and Supervisor of Shenzhen Huizhou-Shenzhen Expressway Co. Ltd.and Yuegao Capital Holdings (Guangzhou) Co. Ltd. 482024 Annual Report Mr. Luo Baoguo Deputy General Manager of the Company Master of Engineering Senior Engineer.From July 1999 to December 2003 he successively served as the Project Chief Engineer Deputy Manager of the Project Department Manager of the Project Management Department Deputy Manager of the Branch Manager of the Operating Contract Department and Employee Supervisor of Guangdong Highway Engineering Construction Group Co. Ltd. From March 2007 to July 2014 he successively served as the Director of the Project Development Office and Director of the Investment Development Department of Guangdong Provincial Expressway Development Co. Ltd. From August 2014 to July 2017 he served as the Director General Manager and Deputy Secretary of the Party Committee of Guangdong Foshan–Kaiping Expressway Co. Ltd.From August 2017 to December 2020 he served as the General Manager (Person in Charge) and Deputy Secretary of the Party Committee of Guangdong Foshan–Kaiping Branch of Guangdong Provincial Expressway Development Co. Ltd. Since December 25 2020 he has served as the Deputy General Manager of the Company. He also served as the chairman of Zhaoqing Yuezhao Highway Co. Ltd. the company's shareholding company the vice chairman of Guangdong Jiangmen-Zhongshan Expressway Co. Ltd. the vice chairman of Shenzhen Huizhou-Yantian Expressway Co. Ltd. and the director of Guangdong Guangzhou- Huizhou Expressway Co. Ltd.Mr. Zhu Qijun Deputy General Manager of the Company holds a master's degree in arts and is a political engineer. From August 2016 to February 2022 he successively served as the secretary of the Party branch the deputy general manager and the chairman of the labor union of the commercial operation and management branch of Guangdong Litong Real Estate Investment Co. Ltd. (after upgrading) during which he concurrently served as the deputy general manager of Guangdong Gaoda Property Development Co. Ltd. and the deputy general manager of Guangdong Litong Property Development Co. Ltd. From February 2022 to May 2022 he served as the director of the planning and marketing center of Guangdong Litong Development and Investment Co. Ltd. From May 2022 to March 2023 he served as the director of the business planning department of Guangdong Urban Transportation Investment Co. Ltd. and Guangdong Litong Development and Investment Co. Ltd. and concurrently served as a director of Guangdong Traffic Engineering Co. Ltd. during the period.He has been the Deputy General Manager of the Company since April 27 2023. Also serves as the chairman and legal representative of the Company's direct subsidiary Guangzhou-Foshan Expressway Co. Ltd.Mr. Zhou Yisan General Counsel of the Company Master of Law corporate lawyer second-class legal adviser of state-owned enterprises has the qualifications of secretary of the board of directors securities futures and funds. From April 2016 to October 2017 he served as Deputy Director of Investment Development Department and Legal Affairs Department of the Company; from October 2017 to now he served as Director of Legal Affairs of the Company; from September 2019 to September 2022 he served as Employee Supervisor of the Ninth Board of Supervisors of the Company; and from September 20 2022 he served as General Counsel of the Company. Meanwhile he also serves as the Director of Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section Co. Ltd. the holding company of the Company Supervisor of Guangdong Yueke Science and Technology Microfinance Co. Ltd. and Director of Guangdong Guangzhou-Huizhou Expressway Co. Ltd.Mr. Yang Hanming he has been the Secretary of the Board， bachelor's degree senior economist corporatelegal adviser with the board secretary qualifications. Since March 2000 he has served in the company as Deputy Director of the Investment Planning Department Director of the Legal Affairs Department and Director of the Investment Development Department.Since August 2017 he has been the Secretary of the Board of the Company vice Chairman of Ganzhou Gankang Expressway Co. Ltd. Director of Guangdong Jiangzhong Expressway Co.ltd. and supervisor of Guangdong Yueke Science and Technology Microfinance Co. Ltd. From September 2019 to August 2023 he served as Minister of Development Dept of the Company. He also serves as the vice Chairman of Gangzhou Gankang Expressway Co. Ltd. a joint stock company of the Company. and vice 492024 Annual Report chairman of Jingzhu Expressway Guangzhu Section Co. Ltd.Office taking in shareholder companies √Applicable □Not applicable Expiry Does he /she receive Sharing date Names of the Titles engaged in date of remuneration or Names of the shareholders of office persons in office the shareholders office allowance from the term term shareholder Guangdong Communication Minister of Legal Cheng Rui May 12022 Yes Group Affairs.Guangdong Highway November Wu Guijun Chief accountant Yes Construction Co. Ltd. 12023 Beijing-Zhuhai Expressway Deputy secretary Guangzhou-Zhuhai section October Yao Xuechang and director of the Yes reconstruction and expansion 12021 Party branch.management Office General Counsel Guangdong Provincial Freeway Zeng Zhijun Minister of Human September Yes Co.Ltd. 12020 Resources Dispatched Guangdong Communication chairman of the March He Sen Yes Group Co. Ltd. supervisory 12016 committee Guangdong Communication Audit work of the December Wang Xiaobing Yes Group Co. Ltd. audit Department 132024 Notes to post- In addition to serving as directors and supervisors the above-mentioned persons do not hold any other positions holding in in the company.shareholder’s unit Offices taken in other organizations √Applicable □Not applicable Does he/she receive Titles engaged in Starting date Expiry Name of the remuneration or Name of other organizations the other of office date of persons in office allowance from other organizations term office term organization Tongji University's School of Zeng Xiaoqing Professor and June 12007 Yes Transportation Engineering Tongji University's Joint Zeng Xiaoqing Experimental Center for Director June 302003 No Traffic Information Control January You Dewei Guangdong ETR Law Firm Lawyer Yes 12019 You Dewei Guangdong ETR Law Firm Senior partner March 2019 June 2023 Yes You Dewei Guangdong ETR Law Firm Chief Supervisor June 2022 June 2023 Yes Guangdong Province SASAC You Dewei External director July 2019 Yes supervises enterprises You Dewei Guangdong Ganghang Group External director July 2019 Yes Guangdong Provincial You Dewei Independent August 2022 Yes Academy of Building Research 502024 Annual Report Group Co. Ltd. director Rising Nonferrous Metals Independent January You Dewei August 2022 Yes Share Co. ltd. director 2025 China Southern Airlines Independent December You Dewei Yes General Aviation Co. Ltd director 2022 Zhuhai Rural Commercial Executive You Dewei June 2023 Yes Bank Co. Ltd supervisor The Council of the Health Law Research Association of the You Dewei Vice chairman May 2023 No Guangdong Provincial Law Society Guangdong Enterprise MarchVice chairman March 2023 No You Dewei Federation Guangdong 2024 Entrepreneurs Association Doctoral supervisor March 2024 The 11th State-owned Assets Law Professional Committee You Dewei Vice director March 2017 No of Guangdong Lawyers Association The 12th Compliance Risk Control Legal Professional You Dewei Vice director April 2022 No Committee of Guangdong Lawyers Association You Dewei China Health Law Society Executive director June 2019 No Guangdong Health Law December You Dewei Executive director No Society 2021 Guangdong Provincial Law December You Dewei Society of Medicine and Food Director No Law Research Associatio 2020 Pharmaceutical and Health Business Legal Professional September You Dewei Vice director No Committee of Guangzhou Law 2020 Association Shenzhen Court of February You Dewei Arbitrator No International Arbitration 2019 Qingyuan Arbitration February You Dewei Arbitrator No Commission 2016 Guangzhou Municipal Bureau of Justice "warm enterprise September You Dewei Member No action" 100 experts lawyers 2016 legal service Research Institute of Highway Second-level October Yu Mingyuan Yes Ministry of Transport researcher 2022 China Highway Society Yu Mingyuan Executive director July 2022 No Investment Branch Jiangsu Ninghu Expressway Independent Yu Mingyuan June 2024 Yes Co. Ltd. director Hubei Chutian Smart Independent December Yu Mingyuan Yes Communication Co. Ltd. director 2022 Accounting Department February Zhang Renshou Professor Yes School of Management 2004 512024 Annual Report Guangzhou University Counsellors 'Office of Zhang Renshou Guangdong Provincial People's Special researcher July 2024 No Government Guangdong South China October Zhang Renshou Economic Development President No 2022 Research Association Soshan Electrical and Lighting Independent October Zhang Renshou Yes Co. Ltd. director 2021 Beijing Scienkong Technology Independent October Zhang Renshou Yes Co. ltd. director 2024 Independent December Zhang Renshou JRCB（Unlisted Company） Yes director 2018 Guangdong Zhaoqing Xinghu Independent Liu Heng August 2022 Yes Biotechnology Co. Ltd director Shandong Expressway Member of Party Wu Hao Investment Development Co. committee deputy May 2020 Yes Ltd. general manager Description of employment in No other units Punishments to the current and leaving board directors supervisors and senior managers during the report period by securities regulators in the recent three years □ Applicable √Not applicable 3. Remuneration to directors supervisors and senior executives Decision-making procedures basis for determination and actual payment of the remuneration to directors supervisors and senior executives The remuneration of members of the Tenth board of directors and supervisory committee was examined and determined at the second provisional shareholders’ general meeting in 2022. 1.Non-independent directors are not entitled to directors' remuneration. 2. Independent directors are entitled to directors' remuneration，Directors who have not held other positions in the Company and the controlling shareholder of the Company and its related parties are remunerated by the directors of the Company and the standard is RMB 8000 (tax included) per person per month. In addition the expenses incurred by the independent directors at the board of directors and the shareholders' general meeting and the expenses incurred in exercising their functions and powers in accordance with the articles of association may be reimbursed in the company.Remuneration to directors supervisors and senior executives in the reporting period In RMB 10000 Office Total remuneration received Whether to get paid in the Name Sex Age Positions status from the Company company related party Miao Male 53 Board Chairman In Office 79.97 No Deshan Director Chief Lu Ming Male 46 In Office 65.79 No Accountant 522024 Annual Report Office Total remuneration received Whether to get paid in the Name Sex Age Positions status from the Company company related party Director Deputy Zuo Jiang Female 52 General In Office 66.61 No Manager Cheng Male 50 Director In Office 0 Yes Rui Zeng Male 54 Director In Office 0 Yes Zhijun You Male 53 Director In Office 0 Ye Xiaocong Wu Male 46 Director In Office 0 Yes Guijun Wu Hao Female 52 Director In Office 0 No Zeng Independent Female 55 In Office 9.6 No Xiaoqing director You Independent Male 56 In Office 9.6 No Dewei director Yu Independent Male 62 In Office 9.6 No Mingyuan director Zhang Independent Male 59 In Office 9.6 No Renshou director Independent Liu Heng Male 41 In Office 9.6 No director Chairman of the He Sen Male 51 Supervisory In Office 0 No Committee Wang Female 53 Supervisor In Office 0 No Xiaobing Deng Male 49 Supervisor In Office 58.7 No Yunfeng Zhou Female 54 Supervisor In Office 59.91 No Dong Luo Deputy General Male 51 In Office 66.77 No Baoguo Manager Zhu Deputy General Male 42 In Office 64.07 No Qijun Manager Yang Secretary to the Male 55 In Office 60.93 No Hanming Board Zhou Chief legal Male 44 In Office 60.71 No Yisan adviser Director Wang Male 60 General Dimission 32.25 No Chunhua Manager You Male 57 Director Dimission 0 Yes Xiaocong Kuang Male 39 Director Dimission 0 No Yu 532024 Annual Report Office Total remuneration received Whether to get paid in the Name Sex Age Positions status from the Company company related party Ke Lin Male 55 Supervisor Dimission 23.12 No Total -- -- -- -- 686.83 -- Other □Applicable□Not applicable VI. Performance of directors' duties during the reporting period 1. Information of the board meetings during the reporting period Convening Disclosure Session Meeting resolution date date The meeting examined and adopted of the Proposal on Provision for Asset The 17th Impairment Proposal on the Write-off of Asset Impairment Provision and Proposal meeting of the January January on the Signing of the 2024-2026 Entrusted Operation and Management Contract of Tenth Board of 302024 312024 the Guangzhou-Zhuhai North Section of the Guangdong Beijing-Zhuhai Directors Expressway between Guangzhou-Zhuhai East Company and Guangzhou-Zhuhai North Section Company.The meeting examined and adopted of the Proposal on Changes in Accounting Policies Proposal Concerning Final Accounting Report for 2023 Proposal Concerning Preplan for Profit Distribution for 2023 Proposal Concerning Overall budget report of the Company for 2024 the Work Report of the Board of Directors for 2023 the Business Report of the General Manager for 2023 Annual Report for 2023 and its summary Proposal the report on evaluation of the Company's internal control in 2023 Proposal for Hiring the 2024 Annual Financial Report Audit Agency Proposal for Hiring the 2024 Internal Control Audit Institution Proposal on Confirming the Continuous Risk Assessment Report of Guangdong Communication Group Finance Co. Ltd. Proposal on the Report on the Control of Debt Risk of 2023 Proposal on the Report on the analysis of Debt Risk of 2023 The 18th meeting of the March 15 March 16 Proposal on confirming the difference between the actual profit and the profit Tenth Board of 2024 2024 forecast of Guanghui Expressway Proposal on the Impairment Test Report of the Directors Subject Assets of Major Asset Restructuring Proposal on the Preparation of the Shareholder Return Plan of Guangdong Provincial Expressway Development Co.Ltd. for the Next Three Years (2024-2026) Proposal on the 2023 Environmental Social and Governance (ESG) Report of the Company Proposal on Concerning the Company Daily Associated Transactions Predicted of 2024 Proposal on the Investment Plan for 2024 Proposal on Deliberating the 2024 Management Target Responsibility Letter for Members of the Company's Management Level Proposal on the 2023 Gross Salary Distribution Plan of the Company Proposal on Nominated Candidate for Director of the Tenth Board of Directors Proposal on the 2023 Audit Work Report and 2024 Internal Audit Work Plan of Guangdong Expressway.The 19th April 26 April 29 The meeting examined and adopted of the Proposal concerning the First Quarter of meeting of the 20242024 Tenth Board of 2024 Proposal on holding the 2023 annual shareholders' General Meeting . 542024 Annual Report Directors The meeting examined and adopted of the Proposal for semi-annual report 2024 The 20th and its summary Proposal on Confirming the Continuous Risk Assessment Report meeting of the August 29 August of Guangdong Communication Group Finance Co. Ltd. Proposal on the scrapping Tenth Board of 2024 302024 Directors and disposal of mechanical and electrical and rescue vehicles and other assets of Guangdong Provincial Expressway Development Co. Ltd. Fokai Branch.The 21st meeting of the September September The meeting examined and adopted of the Proposal on the Listing and Transfer of Tenth Board of 242024 252024 Equity of Hunan Lianzhi Technology Co. Ltd. by Yuegao Capital Directors The meeting examined and adopted of the Proposal concerning the Third Quarter of 2024 Proposal on the Change of Accounting Estimates Proposal on Signing a The 22nd Supplementary Agreement to the Financial Services Agreement with Guangdong meeting of the October October Communication Group Finance Co. Ltd. Proposal on Amending the Management Tenth Board of 242024 252024 Directors System for Asset Impairment Provision and Write-off of Guangdong Provincial Expressway Development Proposal on Adjusting the Investment Scale of the Shenzhen Section Reconstruction and Expansion Project of Huiyan Expressway The 23rd meeting of the November November The meeting examined and adopted of the Proposal for Holding 2024 First Tenth Board of 262024 272024 Provisional Shareholders' General Meeting Directors The meeting examined and adopted of the Proposal on the Guangzhu Section The 24th Company Entrusting Tongyi Company to be Responsible for the Development and meeting of the December December Operation of Gas Station in Zhongshan (Former Minzhong) Service Area Proposal Tenth Board of 132024 142024 Directors on the Contractual Assessment Results of the Tenure System of the Company's Managerial Members in 2023.The meeting examined and adopted of the Proposal on the Guangdong Expressway 2024 Total Salary Budget Allocation Plan roposal on the Implementation Measures The 25th for the ‘Three Importance and One Greatness Decision-making System’ of meeting of the December December Guangdong Provincial Expressway Development Co. Ltd. Proposal on the Tenth Board of 262024 272024 Directors Amendment of the Rules of Procedure of the Board of Directors Proposal on Amending the Management System for Directors Supervisors and Senior Managers Holding Company Shares and Changes. 2. Attendance of directors at the board meetings and the general meeting of shareholders Attendance of directors at the board meetings and the general meeting of shareholders Number of Number of Whether to board Number of board Number of Number of attend the General meetings board meetings board Name of board board meetings of attended meetings attended by meetings director meetings meeting in shareholders during the attended in means of attended by absent from person twice attended reporting person communicati proxy in a row period on Miao Deshan 9 3 6 0 0 No 2 Lu Ming 9 4 5 0 0 No 2 552024 Annual Report Zuo Jiang 9 4 5 0 0 No 2 Cheng Rui 9 4 5 0 0 No 2 Zeng Zhijun 9 3 6 0 0 No 2 Wu Guijun 6 3 3 0 0 No 2 Yao 9 0 9 0 0 No 2 Xuechang Wu Hao 9 0 9 0 0 No 2 Zeng 9 0 9 0 0 No 2 Xiaoqing You Dewei 9 3 6 0 No 2 Yu 9 2 7 0 0 No 2 Mingyuan Zhang 9 4 5 0 0 No 2 Renshou Liu Heng 9 3 6 0 0 No 2 You 1 1 0 0 0 No 0 Xiaocong Wang 2 2 0 0 0 No 0 Chunhua Kuang Yu 6 0 6 0 0 No 1 Explanation of failure to attend the board meeting in person twice in a row None 3. Directors' objections to related matters of the Company Whether the director raises any objection to the relevant matters of the Company □ Yes √ No During the reporting period the directors did not raise any objection to the relevant matters of the Company. 4. Other descriptions of directors' performance of duties Whether the directors' suggestions on the Company have been adopted √Yes □ No The director's statement on whether the relevant suggestions of the Company have been adopted or not During the reporting period all the directors of the Company diligently performed the duties entrusted by the general meeting of shareholders carefully evaluated and considered the Company's operation management investment corporate governance and other matters actively proposed scientifically discussed and collectively made decisions in the board meeting and put forward multiple suggestions that meet the Company's development needs at the present stage which were adopted by the Company in the form of resolutions of the Board of Directors. 562024 Annual Report VII. Situation of special committees under the Board of Directors during the reporting period Other Number of Details of Committee Convening Put forward important opinions and information Member information meetings Meeting content objections name date suggestions of duty convened (if any) performance Listen to the audit plan of the annual audit accountant for the 2023 financial Conduct consultation and communication report of Guangdong Expressway on the details of the audit plan and January including the audit scope audit staff propose suggestions for modification as 152024 audit work schedule accounting policy well as requirements for rigorous and changes accounting estimates key audit timely completion of the audit.matters major issues in the early stage etc. 1. Listen to the report on the audit of the 2023 financial report of Guangdong Expressway; 2. Review and approve the 1. Review the initial draft of the 2023 Proposal on the 2023 Internal Control annual audit report and raise inquiries Evaluation Report; 3. Review and February regarding issues such as accounts approve the Proposal on the Company's Chairman of the 282024 receivable and R&D expenses; 2. Review2023 Audit Report and 2024 Internal Audit committee:Zhang and approve other proposals of the 6 Audit Plan; 4. Review and approve the Committee Renshou Member: meeting.Proposal on the Internal Control You Dewei Liu Heng Evaluation Work Plan for Guangdong Expressway in 2024. 1. Listen to the financial information presented in the Company's 2023 1. Agree to the 2023 Annual Report and Annual Audit Report and 2023 Annual 2023 Annual Audit Report of Guangdong Report; 2. Review and approve the Expressway; 2. Review the work situation March 11 Proposal on Hiring an Audit Institution of the audit institution in 2023 and agree to 2024 for 2024 Financial Reports; 3. Review renew the contract with the audit and approve the Proposal on Hiring an institutions for 2024 financial reports and Audit Institution for 2024 Internal internal control.Control.Listen to the financial information Inquire about the financial information in April 25 presented in the Company's first quarter the first quarter report of 2024 and agree to 2024 report of 2024. the proposal. 572024 Annual Report Other Number of Details of Committee Convening Put forward important opinions and information Member information meetings Meeting content objections name date suggestions of duty convened (if any) performance Listen to the review and financial August information presented in the 2024 semi- Agree to the financial information in the 262024 annual report by the Company's Finance Company's 2024 semi-annual report. Department. 1. Inquire about the financial information in the Company's third quarter report of 2024 and agree to the financial information in the third quarter report of 2024 after review; 2. Review the Proposal on Changes in Accounting Estimates believe that the change in such accounting 1. Listen to the financial information estimates complies with the Accounting presented in the Company's third quarter October Standards for Business Enterprises No. 28- report of 2024; 2. Listen to the report on 222024 Accounting Policies Accounting the Proposal on Changes in Accounting Estimates and Accounting Error Estimates.Correction issued by the Ministry of Finance and relevant regulations of the Shenzhen Stock Exchange and that there is no manipulation of financial indicators such as profits and owners' equity through changes in accounting policies and estimates and agree to this proposal.Review materials such as the 2023 Salary Distribution Results of the Guangdong Expressway Leading Group Agree to the two proposals of this meeting March and the 2024 Operation and and submit them to the Company's Board 112024 Remuneration Chairman of the Management Target Responsibility of Directors for review.and Committee：You Letter for the Company Management3 Assessment Dewei Member: Members.Committee Kuang YuLiu Heng. Agree to the Proposal on the Contractual Review and approve the Proposal on the Assessment Results of the Term System December Contractual Assessment Results of the for the Company Management Members in 102024 Term System for the Company 2023 and agree to submit them to the Management Members in 2023.Company's Board of Directors for review. 582024 Annual Report Other Number of Details of Committee Convening Put forward important opinions and information Member information meetings Meeting content objections name date suggestions of duty convened (if any) performance Agree to the Proposal on the Allocation Review and approve the Proposal on the Plan for the Total Salary Budget of December Allocation Plan for the Total Salary Guangdong Expressway in 2024 and 242024 Budget of Guangdong Expressway in submit it to the Company's Board of 2024. Directors for review.Chairman of the Agree to the Implementation of the Committee：Miao Company's 2023 Development StrategyReview the Implementation of the Strategy Deshan Member : March and Plan and the 2024 Work Plan which 1 Company's 2023 Development Strategy Committee Wang Chunhua Yu 112024 objectively reflects the relevant situation of and Plan and the 2024 Work Plan.Mingyuan Liu Heng the implementation of the Company's 2023 Zeng Xiaoqing development plan.Agree to the Summary Report on Comprehensive Risk Management and Review the Summary Report on Internal Control System of Guangdong Comprehensive Risk Management and March 11 Provincial Expressway Development Co.Internal Control System of Guangdong 2024 Ltd. in 2023 which objectively reflects the Provincial Expressway Development Company's comprehensive risk Co. Ltd. in 2023.management and internal control Chairman of the management work in 2023.Risk Committee：Zhfang Management Renshou Member : 2 The three committee members Committee Miao Deshan You unanimously agreed that: 1. The evaluationReview the Proposal on the Results of Dewei results objectively reflected the current riskRisk Assessment in 2024 and the situation of the Company. 2. The Summary Proposal on the Summary Report on December Report on Comprehensive Risk Comprehensive Risk Management and 262024 Management and Internal Control System Internal Control System of Guangdong of Guangdong Provincial Expressway Provincial Expressway Development Development Co. Ltd. in 2024 objectively Co. Ltd. in 2024.reflected the Company's risk management work in 2024.Agree to the Compliance Management Chairman of the Review the Compliance Management Report of Guangdong Provincial Compliance Committee：You December Report of Guangdong Provincial 1 Expressway Development Co. Ltd. in Committee Dewei Member: Yu 262024 Expressway Development Co. Ltd. in 2024 which objectively reflects the Mingyuan Wu Hao. 2024.Company's compliance management work 592024 Annual Report Other Number of Details of Committee Convening Put forward important opinions and information Member information meetings Meeting content objections name date suggestions of duty convened (if any) performance in 2024. 602024 Annual Report VIII.Theworkingstatusoftheboardofsupervisors Theboardofsupervisorsfindsoutwhetherthecompanyhasrisksduringthemonitoringactivitiesduringthereportingperi od □ Yes √ No TheSupervisoryCommitteehasnoobjectiontothesupervisionmattersduringthereportingperiod.IX. Particulars about employees. 1.Number of staff professional structure and educational background Number of in-service staff of the parent company(person) 99 Number of in-service staff of the main subsidiaries(person) 2895 The total number of the in-service staff(person) 2994 The total number of staff receiving remuneration in the current 2994 period(person) Retired staff with charges paid by the parent company and 135 main subsidiaries (person) Professional Category Number of persons（person） Operating personnel 2426 Sale personnel 0 Technology Personnel 384 Financial personnel 65 Management personnel 119 Total 2994 Education Category Number of persons（person） Holders of master’s degree or above 61 Graduates of regular university 739 Graduates of junior colleges 1602 Other 592 Total 2994 2. Remuneration policies Guangdong Expressway adheres to the principle of efficiency-orientation efficiency and fairness and combination of incentives and constraints with positive incentives and focus on long term. According to national laws regulations and policies it establishes an annual salary system for the assessment of enterprise leaders and a performance-based salary system for management personnel and adopts a total salary budget to be included in comprehensive budget management. According to the interrelated performance contributions of labor management and skills employee salaries are closely linked with personal performance and enterprise benefits.The Company provides various benefits that comply with laws and regulations. Employees are entitled to various benefits such as social insurance enterprise annuity supplementary medical care and trade union mutual aid insurance to ensure that employees share the fruits of development and stimulate their work enthusiasm. 612024 Annual Report 3.Training plan Each business department organizes employees to participate in the business post training organized by the competent department of industry and social professional training institutions according to the employee job characteristics employee job performance and industry development trend of the department. In order to help enterprises develop with high quality and efficiently complete the task of state-owned enterprise reform it is planned to carry out special training on state-owned enterprise reform; in order to improve employees' working satisfaction it is planned to carry out special training on employees' mental health and physical health care. Carry out continuing education and training for professional and technical personnel. Carry out various training activities such as special education and incorruption education in cooperation with the party and the masses supervision and examination etc. 4.Outsourcing situation □ Applicable √ No Applicable X. Specification of profit distribution and capitalizing of common reserves Formulation implementation or adjustment of the profit distribution policy especially the cash dividend policy during the reporting period □Applicable √ Not applicable During the reporting period the Company made a profit and the profit available to shareholders of the parent company was positive but no cash dividend distribution plan was put forward.□ Applicable √ Not applicable Profit distribution and capitalization of capital reserve during the reporting period √ Applicable □ Not applicable Bonus shares for every ten shares(Shares) 0 Cash dividend for every ten shares (Yuan)(Tax-included) 5.23 A total number of shares as the distribution basis(shares) 2090806126 Cash dividend amount (yuan including tax 1093491603.90 Other means (such as repurchase of shares) cash dividend 0.00 amount (yuan) Total cash dividend (yuan including tax) 1093491603.90 Distributable profit (yuan) 5647838088.10 The proportion of the total cash dividend (including other 100% means) in the total profit distribution Proportion of cash dividend in the distributable profit The Company is in a fast growth stage there for the cash dividend will reach 80% of the profit distribution at least. Cash dividend distribution policy.Details of profit distribution or reserve capitalization Preplan 1. Limited to 10% of the registered capital of the Parent company the net profit of the company i.e. 163460199.30 yuan is to be allocated for statutory common reserve fund； 2.The profit for 2024 is to be distributed as follows: 1093491603.90 yuan. is to be allocated as the fund for dividend distribution for 2024. with the total shares at the end of 2024 i.e. 2090806126 shares as the base cash dividend of 5.23 yuan (including tax) is to be distributed for every 10 shares .The remaining undistributed profits are to be carried forward to the next year. The foreign exchange translation of the cash dividends for shareholders holding B share and overseas corporate shares will be determined according to HKD:RMB bank’s Middle rate quoted by People’s Bank of China on the first working day after 2024 annual shareholders’ general meeting makes resolution on dividend distribution. 622024 Annual Report XI. Implementation Situation of Stock Incentive Plan of the Company Employee Stock Ownership Plan or Other Employee Incentive Measures □Applicable √ Not applicable None XII. Construction and implementation of internal control system during the reporting period 1. Construction and implementation of internal control The Company has established a sound corporate governance structure with clear responsibilities of general meeting of shareholders Board of Directors Board of Supervisors and management established corporate governance rules centered by the Articles of Association rules of procedure of general meeting of shareholders Board of Supervisors Board of Directors and specialized committees there under standardized operation of general meeting of shareholders Board of Directors and Board of Supervisors held and convened relevant meetings in accordance with the provisions of the Company Law and the Articles of Association and reached legal and valid resolutions. The general meeting of shareholders is the highest authority of the Company; the Board of Supervisors is responsible for the general meeting of shareholders and the supervision of directors and management to perform their duties according to law is sound and effective. The Board of Directors shall be responsible to the general meeting of shareholders and exercise the business decision-making power according to law. It is provided with an Audit Committee the independent directors meet the quorum and the decision-making procedures and management rules of procedure of the Board of Directors are scientific and transparent; the management is efficient and rigorous in implementing the resolutions of the Board of Directors.The Company has set up 10 functional departments including Investment Development Department Human Resources Department Financial Management Department Infrastructure Management Department Operation and Management Department Discipline Inspection and Audit Department Securities Affairs Department Comprehensive Affairs Department Legal Affairs Department and Party and Mass Work Department. The distribution of powers and responsibilities and business processes of all functional departments are clear and reasonable forming a working mechanism of duty performance responsibility shouldering mutual restriction and coordination. The Company has established a perfect control system for parent-subsidiary companies and formed a sound internal control system for each subsidiary company. Meanwhile the Company has established and improved rules and regulations related to risk assessment fraud risk control information and communication and maintained effective internal control.The Company has set up an Audit Committee under the Board of Directors to supervise the effective implementation of the Company's internal control and self-evaluation of internal control. The Company has set up the Discipline Inspection and Audit Department which is responsible for supervising the establishment and operation of the Company's internal control system evaluating the Company's risk control and evaluating the effectiveness of the Company's internal control. It has defined the standards of internal control defect identification rectification procedures and internal control self-evaluation procedures and formed an effective internal control supervision system. 2.Details of major internal control defects found during the reporting period □ Yes √ No XIII. Management and control of the Company's subsidiaries during the reporting period □Applicable √ Not applicable 632024 Annual Report XIV. Internal control self-evaluation report or internal control audit report 1.Self-evaluation report on internal control Disclosure date of appraisal report on March 42025 internal control Disclosure index of appraisal report on www.cninfo.com.cn internal control The ratio of the total assets of units included in the scope of evaluation accounting for the total assets on the 100.00% company's consolidated financial statements The ratio of the operating income of units included in the scope of evaluation accounting for the operating income on 100.00% the company's consolidated financial statements Standards of Defects Evaluation Type Financial Report Non-financial Report The qualitative criteria for the evaluation The qualitative criteria for the evaluation of internal control deficiencies in of internal control deficiencies in non- financial reports confirmed by the financial reports confirmed by the Company is as follows: The following Company is as follows: Material situations (including but not limited to) deficiencies: serious violations and beingshall be deemed as “material sentenced to heavy fines or need takingdeficiencies” in the internal control of criminal responsibility; utterly disregard the financial report. (1) There are major the rules of law illegal behaviors in the frauds made by the directors or operation and management are supervisors or senior management particularly severe and the circumstance personnel in the company’s management is very bad which leads to the activities; (2)There are material suspension or cessation to the company's misstatements in the current financial daily operation and management Qualitative standard report but the internal control failed to activities and leads to the audit report find the misstatements during its with a disclaimer of opinion or a operation; (3) The supervisions made by negative opinion issued by the CPA; the the company's audit committee and the negative news spread all over the internal audit organization on the internal country which caused severe damage to control are invalid; (4) The control the company’s reputation; resulted in environment is invalid; (5)The material decease of a number of workers or deficiencies found and reported to the citizens or resulted in damages that are management but are not corrected within unable to recover to workers or citizens; a reasonable time; (6)There is an reached the circumstance(grade II) of administrative punishment from the major environmental event. Significant securities regulatory deficiencies: illegal and being punished; institution due to accounting errors. disregard the requirements of the 642024 Annual Report The following situations (including but company’s management system and the not limited to) shall be deemed as relevant rules of law there are illegal “significant deficiencies” in the internal acts of using the authority to seek illegal control of the financial report and interests in the work which significantly there are intense signs for the situations affect the efficiency and the result of becoming “material deficiencies”: (1) daily operation and management Frauds made by staff in key positions; activities and lead to the audit report with (2)The supervisory function on qualified opinion issued by the CPA; the compliance is invalid and the violations negative news spread in a region which of regulations may have a significant caused the large-extent damage to the impact on the reliability of the financial company’s reputation; resulted in report; (3)The significant deficiencies decease of a worker or a citizen or reported to the management but are not resulted in damages that need long time corrected within a reasonable period. to recover to workers or citizens; The following situations (including but reached the circumstance(grade Ⅲ) of not limited to) shall be deemed as big environmental event. General “general deficiencies” in the internal deficiencies: minor violations; the control of the financial report. (1) Frauds awareness of management under in made by staff in non key positions or compliance with laws and regulations is business operators execute the weak lacking of business and implementation procedures not strictly management knowledge and there are conforming to the company’s policy but phenomena such as being slack in resulted in no significant impact on the performing management duties being reliability of the financial report. (2)The passive and poorly execute the institution supervisory function on compliance is in the work which shall affect the invalid and the violations of regulations efficiency and the result of daily may not have a significant impact on the operation and management activities and reliability of the financial report; (3)The lead to small effects to the company’s general deficiencies reported to the management goal; the negative news management but are not corrected within spread within the company which a reasonable period. caused the little-extent damage to the company’s reputation; shortly affected the health of the workers or citizens and the workers or citizens can be recovered in a short time; reached the circumstance(grade Ⅳ) of general environmental event.The qualitative criteria for the evaluation The qualitative criteria for the evaluation of internal control deficiencies in of internal control deficiencies in financial reports confirmed by the financial reports confirmed by the Standards of Quantization Company is as follows: Material Company is as follows: Material deficiencies: potential misstatement≧ deficiencies: potential misstatement≧ 1% of the total amount of the 1% of the total amount of the owner’s equity or RMB 200 million; owner’s equity or RMB 200 million; 652024 Annual Report significant deficiencies: 0.5% of the total significant deficiencies: 0.5% of the total amount of the owner’s equity or RMB amount of the owner’s equity or RMB 100 million≤potential misstatement＜1% 100 million≤potential misstatement＜1% of the total amount of the owner’s equity of the total amount of the owner’s equity or RMB 200 million; general or RMB 200 million; general deficiencies: potential misstatement＜ deficiencies: potential misstatement＜ 0.5% of the total amount of the owner’s 0.5% of the total amount of the owner’s equity or RMB 100 million Standards of equity or RMB 100 million Standards of Quantization Quantization Number of major defects in financial 0 reporting（a） Number of major defects in non financial 0 reporting (a) Number of important defects in financial 0 reporting（a） Number of important defects in non 0 financial reporting（a） 2. Internal Control audit report √ Applicable □Not applicable Review opinions in the internal control audit report In our opinion Guangdong Expressway has maintained effective financial report internal control in all material aspects according to the basic standards for Enterprise internal control and relevant regulations ended December 31 2024.Disclosure of internal audit report Disclosure Disclosure date of audit report March 42025 of internal control Disclosure index of audit report www.cninfo.com.cn of internal control (full-text) Internal audit report’s opinion Unqualified audit opinion Non-financial reporting has material deficiencies No Has the CPAs issued a qualified auditor’s report of internal control .□ Yes √No Does the internal control audit report issued by the CPAs agree with the self-assessment report of the Board of Directors √Yes □No XV. Rectification of self-examination problems in special governance actions of listed companies None. 662024 Annual Report V. Environmental & Social Responsibility I. Significant environmental issues Whether the Company or any of its subsidiaries is identified as a key polluter by the environment authorities □ Yes √ No Administrative penalties for environmental problems during the reporting period None.Measures and effects taken to reduce its carbon emissions during the reporting period □Applicable √ Not applicable Reasons for not disclosing other environmental information None II. Social responsibilities For details of CSR work please refer to the "2024 Environmental Social and Governance (ESG) Report of Guangdong Provincial Expressway Development Co. Ltd" disclosed on Cninfo Information Network (www.cninfo.com.cn) on March 4 2025 III. Consolidate and expand the achievements of poverty alleviation and rural revitalization None 672024 Annual Report VI. Important Events I. Commitments to fulfill the situation 1.The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the reporting period made by the company shareholder actual controller acquirer director supervisor senior management personnel and other related parities.√Applicable □Not applicable Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents 1. The explanations commitment and information provided by the Company for this transaction are authentic accurate and complete and there are no false records misleading statements or major omissions. 2. The information provided by the Company to the Commitment on intermediaries that provide professional services authenticity such as auditing evaluation legal and financial Commitment November Guangdong accuracy and consulting for this transaction is authentic Normal on share 25 Permanently effective Expressway reform completeness of accurate and complete original written performance 2020 the information information or duplicate information and the provided duplicate or photocopy of the information is consistent with its original information or original copy; The signatures and seals of all documents are authentic and the legal procedures required for signing and sealing have been fulfilled and legal authorization has been obtained; There are no false records misleading 682024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents statements or major omissions. 3. The Company guarantees that it will provide timely information about this transaction in accordance with relevant laws and regulations relevant regulations of China Securities Regulatory Commission and Shenzhen Stock Exchange ensure the authenticity accuracy and completeness of such information and guarantee that there are no false records misleading statements or major omissions. 4.The Company shall bear individual and joint legal responsibilities for the authenticity accuracy and completeness of the information provided or disclosed for this exchange. In case of any loss caused to investors due to violation of the above commitments the Company will bear corresponding liability for compensation according to law. 1. The explanations commitment and All directors Commitment on information provided by the Promisee for this supervisors and senior authenticity transaction are authentic accurate and complete Commitment Novembermanagement accuracy and and there are no false records misleading on share 25 Permanently effective Normal reform personnel of completeness of statements or major omissions. 2. The performance 2020 Guangdong the information information provided by the Promisee to the Expressway provided intermediaries that provide professional services such as auditing evaluation legal and financial 692024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents consulting for this transaction is authentic accurate and complete original written information or duplicate information and the duplicate or photocopy of the information is consistent with its original information or original copy; The signatures and seals of all documents are authentic and the legal procedures required for signing and sealing have been fulfilled and legal authorization has been obtained; There are no false records misleading statements or major omissions. 3. The Promisee guarantees that it will provide timely information about this transaction in accordance with relevant laws and regulations relevant regulations of China Securities Regulatory Commission and Shenzhen Stock Exchange ensure the authenticity accuracy and completeness of such information and guarantee that there are no false records misleading statements or major omissions. 4. If this transaction is suspected of false records misleading statements or major omissions in the information provided or disclosed and is put on file for investigation by judicial organs or by China Securities Regulatory Commission the transfer of its shares with interests in the listed 702024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents company will be suspended until the investigation conclusion of the case is obtained. 5. The Promisee shall bear individual and joint legal responsibilities for the authenticity accuracy and completeness of the information provided or disclosed for this exchange. In case of any loss caused to investors due to violation of the above commitments the Promisee will bear corresponding liability for compensation according to law. 1. I promise not to transfer benefits to other units or individuals without compensation or under unfair conditions nor to damage the interests of the Company by other means. 2. I promise to restrain my job consumption All directors behavior. 3. I promise not to use the assets of supervisors and senior Commitment on the Company to engage in any investment and Commitment Novembermanagement filling measures to consumption activities unrelated to my duties. 4.on share 25 Permanently effective Normal reform personnel of dilute immediate I promise that the salary system formulated by performance 2020 Guangdong reward the Board of Directors or the Remuneration Expressway Committee of Guangdong Expressway will be linked with the implementation of the reward filling measures of Guangdong Expressway. 5.If Guangdong Expressway plans to implement equity incentive I promise that the exercise conditions of equity incentive of Guangdong 712024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents Expressway to be announced will be linked with the implementation of the reward filling measures. 6. In case of any loss caused to Guangdong Expressway or its shareholders due to violation of the above commitments or refusal to perform the above commitments I will bear corresponding compensation responsibilities according to law. 1. The Company and its holding subsidiaries will not use the controlling shareholder's holding relationship with Guangdong Expressway to conduct business activities that harm the legitimate rights and interests of Guangdong Expressway its minority shareholders and its holding subsidiaries. 2. The This letter of commitment is valid from Guangdong Commitment on Company and its holding subsidiaries will not Commitment the date of signing to the date when theProvincial Freeway avoiding use the information obtained from Guangdong on share June 262015 Provincial Expressway is no longer Normal reform Co.Ltd. horizontal Expressway and its holding subsidiaries to performance controlled by the controlling shareholder competition engage in the main business competing with of Guangdong Expressway Guangdong Expressway or its holding subsidiaries and will not engage in any acts or activities that damage or may damage the legitimate rights and interests of Guangdong Expressway its minority shareholders and its holding subsidiaries. 3. If the Company and its holding subsidiaries transfer any toll roads 722024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents bridges tunnels and related ancillary facilities or rights invested or managed by the Company to a company other than Guangdong Communications Group Co. Ltd. and the company directly or indirectly controlled by it Guangdong Expressway will be entitled to the preemptive right under the same conditions unless the transferee is explicitly designated by the relevant government authorities under the premise permitted by relevant laws and regulations. 4. In the future if the Company and its holding subsidiaries invest in the construction of expressways parallel to or in the same direction within 20 km from each side of the expressway controlled by Guangdong Expressway Guangdong Expressway will enjoy the priority of investment over Guangdong Communications Group Co. Ltd. and its directly or indirectly controlled companies except Guangdong Expressway and its holding subsidiaries except for the projects whose investment entities are clearly designated by the relevant government authorities under the premise permitted by relevant laws and regulations.Commitment Guangdong Commitment on The Company will not damage the June 262015 This letter of commitment is valid from Normal performance 732024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents on share Provincial Freeway maintaining the independence of Guangdong Expressway due to the date of signing to the date when the reform Co.Ltd. independence of the increase of shares held by the Company after Provincial Expressway is no longer listed companies the completion of this major asset restructuring controlled by the controlling shareholder and will continue to maintain the principle of of Guangdong Expressway separation from Guangdong Expressway in terms of assets personnel finance organization and business and strictly abide by the relevant regulations of China Securities Regulatory Commission on the independence of listed companies and will not use Guangdong Expressway to provide guarantees nor occupy Guangdong Expressway funds illegally so as to maintain and protect the independence of Guangdong Expressway and protect the legitimate rights and interests of other shareholders of Guangdong Expressway. 1. After the completion of this major asset restructuring the Company and the companies directly or indirectly controlled by the Company Commitment on This letter of commitment is valid from Guangdong and other related parties will try to avoid related Commitment reducing and the date of signing to the date when theProvincial Freeway transactions with Guangdong Expressway and June 26 on share standardizing Provincial Expressway is no longer Normal reform Co.Ltd. its holding subsidiaries; Related transactions 2015 performance related controlled by the controlling shareholder that are really necessary and unavoidable are transactions of Guangdong Expressway carried out in accordance with the principles of fairness equity and compensation of equal value. The transaction price is determined at a 742024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents reasonable price recognized by the market. The transaction approval procedures and information disclosure obligations are performed in accordance with relevant laws regulations and normative documents and the interests of Guangdong Expressway and its minority shareholders are effectively protected. 2. The Company guarantees to exercise shareholders' rights and fulfill shareholders' obligations in strict accordance with relevant laws and regulations rules and normative documents promulgated by China Securities Regulatory Commission business rules promulgated by Shenzhen Stock Exchange and Articles of Association of Guangdong Provincial Expressway Development Co. Ltd. and it will not use the controlling position of Guangdong Expressway's controlling shareholders to seek improper benefits or damage the legitimate rights and interests of Guangdong Expressway and its minority shareholders.Commitment on 1. The information involved in the explanations Guangdong Commitment authenticity and commitment provided by the Company for NovemberProvincial Freeway on share accuracy and this transaction are authentic accurate and 25 Permanently effective Normal Co.Ltd. performancereform completeness of complete and there are no false records 2020 the information misleading statements or major omissions. 2. 752024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents provided The information provided by the Company to the intermediaries that provide professional services such as auditing evaluation legal and financial consulting for this transaction is authentic accurate and complete original written information or duplicate information and the duplicate or photocopy of the information is consistent with its original information or original copy; The signatures and seals of all documents are authentic and the legal procedures required for signing and sealing have been fulfilled and legal authorization has been obtained; There are no false records misleading statements or major omissions. 3. The Company guarantees that it will provide timely information about this transaction in accordance with relevant laws and regulations relevant regulations of China Securities Regulatory Commission and Shenzhen Stock Exchange ensure the authenticity accuracy and completeness of such information and guarantee that there are no false records misleading statements or major omissions.Commitment Guangdong Commitment on The Company and the companies directly or June 18 This letter of commitment is valid from Normal on share the date of signing to the date when the reform Communications maintaining the indirectly controlled by the Company except 2015 performance Provincial Expressway is no longer 762024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents Group independence of Guangdong Expressway and its holding controlled by the controlling shareholder listed companies subsidiaries will not damage the independence of Guangdong Expressway of Guangdong Expressway due to the increase in the shares of Guangdong Expressway held by the Company and the companies directly or indirectly controlled by the Company except Guangdong Expressway and its holding subsidiaries after the completion of this major asset restructuring and will continue to maintain the principle of separation from Guangdong Expressway in terms of assets personnel finance organization and business and strictly abide by the relevant regulations of China Securities Regulatory Commission on the independence of listed companies and will not use Guangdong Expressway to provide guarantees nor occupy Guangdong Expressway funds illegally so as to maintain and protect the independence of Guangdong Expressway and protect the legitimate rights and interests of other shareholders of Guangdong Expressway. 1. The Company and the companies directly or This letter of commitment is valid from Commitment on Commitment Guangdong indirectly controlled by the Company except the date of signing to the date when theavoiding on share Communications Guangdong Expressway and its holding June 262015 Provincial Expressway is no longer Normal horizontal performancereform Group subsidiaries will not use the controlling controlled by the controlling shareholder competition shareholder's holding relationship with of Guangdong Expressway 772024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents Guangdong Expressway to conduct business activities that harm the legitimate rights and interests of Guangdong Expressway its minority shareholders and its holding subsidiaries. 2. The Company and the companies directly or indirectly controlled by the Company except Guangdong Expressway and its holding subsidiaries will not use the information obtained from Guangdong Expressway and its holding subsidiaries to engage in the main business competing with Guangdong Expressway or its holding subsidiaries and will not engage in any acts or activities that damage or may damage the legitimate rights and interests of Guangdong Expressway its minority shareholders and its holding subsidiaries. 3. If the Company and other companies directly or indirectly controlled by the Company except Guangdong Expressway and its holding subsidiaries transfer any toll roads bridges tunnels and related ancillary facilities or interests invested or managed by the Company to companies other than the Company directly or indirectly controlled by the Company Guangdong Expressway shall be entitled to the preemptive right under the same 782024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents conditions unless the transferee is explicitly designated by the relevant government authorities under the premise permitted by relevant laws and regulations. 4. In the future if the Company and the companies directly or indirectly controlled by the Company except Guangdong Expressway and its holding subsidiaries invest in the construction of expressways parallel to or in the same direction within 20 km from each side of the expressway controlled by Guangdong Expressway Guangdong Expressway will be entitled to the priority investment right compared with the Company and the companies directly or indirectly controlled by the Company except Guangdong Expressway and its holding subsidiaries except for the projects whose investment entities are clearly designated by the relevant government authorities under the premise permitted by relevant laws and regulations.Commitment on 1. After the completion of this major asset This letter of commitment is valid from Commitment Guangdong reducing and restructuring the Company and other companies the date of signing to the date when the on share Communications standardizing and other related parties directly or indirectly June 182015 Provincial Expressway is no longer Normal performance reform Group related controlled by the Company except Guangdong controlled by the controlling shareholder transactions Expressway and its holding subsidiaries will try of Guangdong Expressway 792024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents to avoid related transactions with Guangdong Expressway and its holding subsidiaries; Related transactions that are really necessary and unavoidable are carried out in accordance with the principles of fairness equity and compensation of equal value. The transaction price is determined at a reasonable price recognized by the market. The transaction approval procedures and information disclosure obligations are performed in accordance with relevant laws regulations and normative documents and the interests of Guangdong Expressway and its minority shareholders are effectively protected. 2. The Company guarantees to exercise shareholders' rights and fulfill shareholders' obligations in strict accordance with relevant laws and regulations rules and normative documents promulgated by China Securities Regulatory Commission business rules promulgated by Shenzhen Stock Exchange and Articles of Association of Guangdong Provincial Expressway Development Co. Ltd. and it will not use the controlling position of controlling shareholders to seek improper benefits or damage the legitimate rights and interests of Guangdong 802024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents Expressway and its minority shareholders. 1. The explanations commitment and information provided by the Company for this transaction are authentic accurate and complete and there are no false records misleading statements or major omissions. 2. The information provided by the Company to the intermediaries that provide professional services such as auditing evaluation legal and financial consulting for this transaction is authentic Commitment on accurate and complete original written authenticity information or duplicate information and the Commitment Guangdong Novemberaccuracy and duplicate or photocopy of the information is Normal on share Communications 25 Permanently effective reform completeness of consistent with its original information or performanceGroup 2020 the information original copy; The signatures and seals of all provided documents are authentic and the legal procedures required for signing and sealing have been fulfilled and legal authorization has been obtained; The validity of the originals of each document has not been revoked within its validity period and such originals are held by their respective legal holders up to now; There are no false records misleading statements or major omissions. 3. The Company guarantees that if there are false records misleading 812024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents statements or major omissions in the information provided or disclosed for this transaction which are filed for investigation by judicial organs or filed for investigation by China Securities Regulatory Commission before the investigation conclusion is revealed the Company promises to suspend the transfer of shares with interests in Guangdong Expressway and submit the written application for suspension of transfer and the stock account to the Board of Directors of Guangdong Expressway within two trading days after receiving the notice of filing inspection and the Board of Directors of Guangdong Expressway will apply for locking on behalf of the Company to the stock exchange and the registration and clearing company; If the application for locking is not submitted within two trading days the Board of Directors of Guangdong Expressway is authorized to directly submit the identity information and account information of the Company to the stock exchange and the registration and clearing company after verification and apply for locking; If the Board of Directors of Guangdong Expressway fails to submit the Company's identity information and 822024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents account information to the stock exchange and the registration and clearing company the stock exchange and the registration and clearing company are authorized to directly lock the relevant shares. If the investigation results show that there are violations of laws and regulations the Company promises to lock in shares and use them voluntarily for compensation arrangements of relevant investors. 4. The Company shall bear individual and joint legal responsibilities for the authenticity accuracy and completeness of the information provided or disclosed for this exchange. In case of any loss caused to Guangdong Expressway or investors due to violation of the above commitments the Company will bear corresponding liability for compensation according to law. 1. It will not interfere with the business activities of Guangdong Expressway beyond authority and will not encroach on the interests Commitment on Commitment Guangdong of Guangdong Expressway. 2. In case of any Novemberfulfilling filling Normal on share Communications loss caused to Guangdong Expressway or 25 Permanently effective reform measures to dilute performanceGroup investors due to violation of the above 2020 immediate reward commitments the Company will bear corresponding liability for compensation according to law. 832024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents 1. The land occupied and used by Guangzhou- Huizhou Expressway with a total area of 3732185.08 square meters has not yet obtained the ownership certificate. The Company undertakes that: (1) The ownership of the land use right of the above-mentioned land is clear with no dispute and Guangzhou-Huizhou Expressway can legally occupy and use the above-mentioned land; (2) Guangzhou-Huizhou Expressway will continue to effectively occupy and use the relevant land before the ownership Commitment on certificate is obtained and will not be materially Commitment Guangdong Novemberland and real adversely affected thereby; (3) After the Normal on share Communications 25 Permanently effective reform estate of Guanghui completion of this transaction if Guangdong performanceGroup 2020 Expressway Expressway suffers losses as a shareholder of Guangzhou-Huizhou Expressway for losses suffered because Guangzhou-Huizhou Expressway occupies and uses the above- mentioned land without ownership certificate or engages in engineering construction on such land the Company will bear the actual losses suffered by Guangdong Expressway. 2. The land occupied and used by Guangzhou-Huizhou Expressway with a total area of 12324867.92 square meters is currently registered under the name of Guangdong Changda Highway 842024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents Engineering Co. Ltd. (now renamed as "Poly Changda Engineering Co. Ltd." hereinafter referred to as "Changda Company") of which 8799336.79 square meters of land has obtained the ownership certificate and the other 3525531.13 square meters of land has not yet obtained the ownership certificate. The Company promises that after the completion of this transaction if Guangdong Expressway suffers losses as a shareholder of Guangzhou- Huizhou Expressway and because Guanghui Expressway occupies and uses the land registered under the name of Changda Company the Company will bear the actual losses suffered by Guangdong Expressway. 3.The property ownership certificate has not been obtained for the property with a total area of 72364.655 square meters occupied and used by Guangzhou-Huizhou Expressway. The Company promises that: (1) The ownership of the above-mentioned property without ownership certificate currently used by Guanghui Expressway is clear with no dispute and Guangzhou-Huizhou Expressway can legally occupy and use the above-mentioned property; (2) Guangzhou-Huizhou Expressway 852024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents will continue to effectively occupy and use the above-mentioned property before the property ownership certificate is obtained and will not be materially adversely affected; (3) After the completion of this transaction if Guangdong Expressway suffers losses as a shareholder of Guangzhou-Huizhou Expressway and because Guangzhou-Huizhou Expressway occupies and uses the above-mentioned property without relevant property ownership certificate the Company will bear the actual losses suffered by Guangdong Expressway. 1. The explanations commitment and information provided by the Company for this transaction are authentic accurate and complete and there are no false records misleading Commitment on statements or major omissions. 2. The authenticity information provided by the Company to the Commitment NovemberGuangdong Guanghui accuracy and intermediaries that provide professional services Normal on share 25 Permanently effective reform Expressway Co. Ltd. completeness of such as auditing evaluation legal and financial performance2020 the information consulting for this transaction is authentic provided accurate and complete original written information or duplicate information and the duplicate or photocopy of the information is consistent with its original information or original copy; The signatures and seals of all 862024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents documents are authentic and the legal procedures required for signing and sealing have been fulfilled and legal authorization has been obtained; There are no false records misleading statements or major omissions. 3. The Company guarantees that it will provide timely information about this transaction in accordance with relevant laws and regulations relevant regulations of China Securities Regulatory Commission and Shenzhen Stock Exchange ensure the authenticity accuracy and completeness of such information and guarantee that there are no false records misleading statements or major omissions. 4.The Company shall bear individual and joint legal responsibilities for the authenticity accuracy and completeness of the information provided or disclosed for this exchange. In case of any loss caused to investors due to violation of the above commitments the Company will bear corresponding liability for compensation according to law.In order to promote the smooth progress of the It continued to push forward the progress Commitment Guangdong issue of shares the cash purchase of assets and of accreditation and completed the Normal on share Communication Other commitment April 272019 reform the raising of matching funds (hereinafter registration procedures of relevant land performanceGroup Co. Ltd referred to as "the major asset restructuring") and real estate ownership within three 872024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents approved by Guangdong Expressway years after the relevant policies were clear Development Co. Ltd. at its second and the relevant land and real estate met extraordinary shareholders' meeting in 2015 the conditions for handling the with regard to all the land and real estate registration procedures of ownership in (hereinafter referred to as "relevant land and real accordance with the relevant laws and estate") owned by Guangdong Fokai regulations and the requirements of the Expressway Co. Ltd. (hereinafter referred to as competent government departments "Fokai Company") and Jingzhu Expressway Guangzhu Section Co. Ltd. (hereinafter referred to as "Guangzhu East Company") without ownership certificates (hereinafter referred to as "relevant land and real estate") disclosed in the report of Guangdong Expressway Development Co. Ltd. on issuing shares and paying cash to purchase assets and raising matching funds and related transactions the company undertook to urge Fokai Company and Guangzhu East Company to go through the ownership registration formalities according to the following plan under the condition that it is conducive to safeguarding the rights and interests of listed companies; Continued to push forward the progress of accreditation and completed the registration procedures of relevant land and real estate ownership within three years after the relevant policies were clear 882024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents and the relevant land and real estate met the conditions for handling the registration procedures of ownership in accordance with the relevant laws and regulations and the requirements of the competent government departments.The predicted net profit of Guangdong Guanghui Expressway Co. Ltd. after deducting non-recurring gains and losses in 2020 2021 and 2022 (hereinafter referred to as "predicted net profit") is RMB 652477500 RMB 1112587300 and RMB 1234200900 Guangdong Commitment respectively. According to the special audit NovemberProvincial Freeway Performance on share opinion issued by the accounting firm if the 25 2020-2022 Normal performance reform Co.Ltd. commitment accumulated realized net profit of Guangdong 2020 Guangzhou-Huizhou Expressway Co. Ltd. at the end of any fiscal year does not reach the accumulated predicted net profit within the compensation period Guangdong Provincial Freeway Co.Ltd. will compensate in cash as agreed.The proposal on change of performance Guangdong Commitment commitment of the major asset restructuringProvincial Freeway Performance on share project in 2020 and signing the supplementary August Normal Co.Ltd. commitment 232023 performancereform agreement to the profit compensation agreement was reviewed in approved in the Company's 892024 Annual Report Time of making commitment Period of commitment Fulfillment Commitment Commitment maker Type Contents first extraordinary general meeting of shareholders in 2023 agreed to change the performance commitment of the major asset restructuring project in 2020 and agreed the Company to sign the "Supplementary Agreement to the Profit Compensation Agreement" with the Provincial Expressway.The performance compensation period for the asset restructuring was adjusted to 2020 2021 and 2023. The provincial expressway promised that the net profit accumulated by Guanghui Expressway in 2020 2021 and 2023 after deducting non-recurring profits and losses will not be less than 2999265700 yuan.Completed on Yes time(Y/N) 902024 Annual Report 2.The existence of the company's assets or projects earnings forecasts and earnings reporting period is still in the forecast period the company has assets or projects meet the original profit forecast made and the reasons explained □Applicable□Not applicable II. Particulars about the non-operating occupation of funds by the controlling shareholder □ Applicable √ Not applicable None III. Illegal provision of guarantees for external parties □ Applicable √ Not applicable None IV. Explanation of the Board of Directors on the latest "Non-standard Audit Report" □ Applicable √ Not applicable V. Notes for “non-standard audit report” of CPAs firm during the Reporting Period by board of directors and supervisory board □ Applicable √ Not applicable VI. Explain change of the accounting policy accounting estimate and measurement methods as compared with the financial reporting of last year.□Applicable □Applicable (I) Changes in accounting policies The Ministry of Finance issued Interpretation No. 17 of the Accounting Standards for Business Enterprises on October 25 2023 (hereinafter referred to as "Interpretation No. 17"). According to the requirements of the Ministry of Finance the content of "Classification of Current Liabilities and Non Current Liabilities" was implemented from January 1 2024. According to relevant requirements the Company has made corresponding changes in its accounting policies and such accounting policy changes have not had any impact on the Company's financial statements.(II) Significant changes in accounting estimates After being reviewed and approved at the 22nd (temporary) meeting of the 10th Board of Directors of the Company the Guangzhou-Aomen Expressway Nansha-Zhuhai Section - Zhongshan Urban Area-Zhuhai Section was completed and opened to traffic in September 2024. The entire line is expected to be opened to traffic by the end of 2027. The Company estimates that the approved toll period is 25 years after the entire line is opened so the depreciation period of the Zhongshan Urban Area-Zhuhai Section has been adjusted to December 31 2052. In response to the accounting estimate changes the Company adopts the future application method and its impact on the accounting statement items for this year is as follows: Affected report item name and affected amount Fixed asset Increase by RMB 6541409.40 Payable taxes and fees Increase by RMB 1635352.35 912024 Annual Report Affected report item name and affected amount Deferred income tax liability Decrease by RMB 314226.46 Operating cost Decrease by RMB 6541409.40 Income tax expenses Increase by RMB1321125.89 Minority shareholders' equity Increase by RMB 1305070.88 Minority shareholders' profits and losses Increase by RMB 1305070.88 Net assets attributable to the parent company Increase by RMB3915212.63 Net profit attributable to the parent company Increase by RMB 3915212.63 VII.Explain change of the consolidation scope as compared with the financial reporting of last year.□ Applicable √ Not applicable None VIII. Engagement/Disengagement of CPAs CPAs currently engaged Yong Tuo Certified Public Accountants (Special General Name of the domestic CPAs Partnership) Remuneration for domestic accounting firm (Ten thousands yuan) 110.45 Successive years of the domestic CPAs offering auditing services 5 years Name of CPA Sun Xiuqing Huang Zhiyan Continuous years of audit services of certified public accountants 5 of domestic public accounting firmsName of the Overseas CPAs（If any NoneRemuneration for overseas accounting firm (Ten thousands yuan) 0（If any） Successive years of the overseas CPAs offering auditing services None（If any） Name of CPA（If any） None Continuous years of audit services of certified public accountants None of overseas public accounting firms（if any） Has the CPAs been changed in the current period □Yes √ No A detailed explanation of the change of employment and accounting firm √Applicable □ Not applicable On March 15 2024 the "Proposal on Hiring the Internal Control Audit Agency for 2024 was approved in the 18th meeting of the Tenth session of the board of directors and it agreed that the Company will continue to hire Yongtuo Accounting Firm (LLP) as the internal control auditor for 2024. The expected audit fee shall not exceed RMB 300000.On May 20 2024 the "Proposal on Hiring the Internal Control Audit Agency for 2024" was approved in the Company's 2023 Annual General Meeting of Shareholders.IX. Situation of Facing Listing Suspension and Listing Termination after the Disclosure of the Yearly Report □Applicable √ Not applicable X. Relevant Matters of Bankruptcy Reorganization 922024 Annual Report □Applicable √ Not applicable None XI. Matters of Important Lawsuit and Arbitration □Applicable √ Not applicable None XII. Situation of Punishment and Rectification □Applicable √ Not applicable None XIII. Credit Condition of the Company and its Controlling Shareholders and Actual Controllers □Applicable √ Not applicable According to the National Enterprise Credit Information Publicity System the company's controlling shareholder Guangdong Communication Group Co. Ltd. has a good credit record with no records of legal violations or administrative penalties." XIV. Material related transactions 1. Related transactions in connection with daily operation □Applicable √ Not applicable None 2. Related-party transactions arising from asset acquisition or sale □Applicable √ Not applicable None 3. Related-party transitions with joint investments □Applicable √ Not applicable None 4. Credits and liabilities with related parties □Applicable √ Not applicable None 5. Transactions with related finance company especially one that is controlled by the Company √ Applicable □Not applicable Deposit business Related party Relationshi Maximum daily Deposi Beginning The amount of this period p deposit t balance(RMB'00000 Total deposit Total amount is Endinglimit(RMB'00000 interest ） amount withdrawn for this balance(RMB'00000） rate (RMB'00000 period(RMB'00000 ）range ） ） Guangdong Controlled Communication by the same 0.35%- s Group 350000 267814.82 1319850.72 1308587.44 279078.10 parent 2.85% Finance Co.company Ltd Loan business Related party Relationshi Loan Loant Beginning The amount of this period Ending p balance(RMB'00000 balance(RMB'00000limit(RMB'00000 interes Total loan amount Total repayment ） 932024 Annual Report） t rate ） of the current amount of the range period(RMB'00000 current ） period(RMB'00000 ） Guangdong Controlled Communicatio by the 2.20% ns Group same 300000 - 40632.92 75701.30 31073.38 85260.84 Finance Co. parent 2.70% Ltd company Credit extension or other financial services Related party Relationship Business type Total Actual amountamount(RMB'00000） incurred(RMB'00000） Guangdong Communications Controlled by the Credit 30000074000 Group Finance Co. Ltd same parent company extension 6. Transactions between the financial company controlled by the Company and related parties □ Applicable √Not applicable There is no deposit loan credit or other financial business between the financial company controlled by the Company and related parties. 7. Other significant related-party transactions √ Applicable □Not applicable 1. The 17th (Provisional) meeting of the 10th Board of Directors of the Company reviewed and approved the Proposal on the Commissioned Operation and Management Contract of Guangdong Beijing-Zhuhai Expressway Guangzhou-Zhuhai North Section in 2024-2026 signed between Guangzhou-Zhuhai East Company and Guangzhou-Zhuhai North Section Company.Approved the signing of the "Entrusted Operation and Management Contract for the Guangzhou-Zhuhai North Section of Guangdong Beijing-Zhuhai Expressway for 2024-2026" between the Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section Co. Ltd-a holding subsidiary and Guangdong Beijing-Zhuhai Expressway Guangzhou-Zhuhai North Section Co. Ltd. with a total contract amount of no more than RMB 84 million. 2. The 18th (Provisional) meeting of the 10th Board of Directors of the Company reviewed and approved the Proposal on Concerning the Company Daily Associated Transactions Predicted of 2024.Agree on the predicted daily associated transactions for the company headquarters wholly-owned and holding subsidiaries of 2024The total transaction amount does not exceed RMB 63.8115 million . 3. The 22nd (extraordinary) meeting of the 10th Board of Directors and the first extraordinary general meeting of shareholders in 2024 have reviewed and approved the Proposal to Sign a Supplementary Agreement to the Financial Service Agreement with Guangdong Transportation Group Finance Co. Ltd.Agreed that the Company and Guangdong Communication Group Finance Co. Ltd. Signing a supplementary agreement to the "Financial Services Agreement" and during the validity period of the agreement increase the deposit limit of Guangdong Communication Group Finance Co. Ltd. and stipulate that the total daily balance of deposits absorbed from the Company and its affiliated enterprises shall not exceed 3.5 billion yuan. 4. The 24th (Provisional) meeting of the 10th Board of Directors of the Company reviewed and approved the Proposal on the Guangzhu Section Company Entrusting Tongyi Company to be Responsible for the Development and Operation of Gas Station in Zhongshan (Former Minzhong) Service Area.Agreed: 1. The 942024 Annual Report Beijing Zhuhai Expressway Guangzhou Zhuhai Section Co. Ltd. entrusts Guangdong Tongyi Expressway Service Area Co. Ltd. to be responsible for the development and operation of the gas station in the Zhongshan (Former Minzhong) service area of the Guangzhou-Zhuhai section of the Beijing-Zhuhai Expressway; 2. The Beijing Zhuhai Expressway Guangzhou Zhuhai Section Co. Ltd. and Guangdong Tongyi Expressway Service Area Co. Ltd. signed a contract for the development and operation of gas station in the service area for a period of three years (that is from December 2024 to December 2027) and the total contract amount does not exceed 54 million yuan. The website to disclose the interim announcements on significant related-party transactions Date of disclosing provisional Description of the website for disclosing Description of provisional announcement announcement provisional announcements Announcement on Related-Party Transactions of Subsidiary Entrusted January 312024 www.cninfo.com.cn Operations Estimates announcement of the Daily March 162024 www.cninfo.com.cn Related Party Transaction of 2024 Announcement of related party October 252024 www.cninfo.com.cn transaction Announcement of related party December 142024 www.cninfo.com.cn transaction XV. Significant contracts and execution 1.Entrustments contracting and leasing （1）Entrustment □Applicable √ Not applicable No such cases in the reporting period. （2）Contracting □Applicable √ Not applicable No such cases in the reporting period. （3）Leasing □Applicable □√ Not applicable Note During the reporting period the Company generated a rental income of RMB 28438950.74 with the main leased assets of houses and buildings.Project which generates profit or loss reaching over 10% of total profits of the Company during the Reporting Period □ Applicable √ Not applicable There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period. 2.Significant Guarantees □Applicable √ Not applicable No such cases in the reporting period. 3.Situation of Entrusting Others for Managing Spot Asset (1)Situation of Entrusted Finance 952024 Annual Report □ Applicable √ Not applicable None (2)Situation of Entrusted Loans □ Applicable √ Not applicable None 4. Other significant contract □ Applicable √ Not applicable None XVI. Explanation on other significant events √Applicable□ Not applicable After being reviewed and approved at the third extraordinary general meeting of shareholders in 2020 the Company acquired 21% equity of Guangdong Guangzhou-Huizhou Expressway Co. Ltd. held by Guangdong Expressway Co. Ltd. in cash in 2020 (hereinafter referred to as "this transaction"). The Company has signed the Profit Compensation Agreement between Guangdong Provincial Expressway Development Co. Ltd. and Guangdong Expressway Co. Ltd. (hereinafter referred to as the "Profit Compensation Agreement") with Guangdong Expressway and Guangdong Expressway made commitments to Guangzhou-Huizhou Expressway's net profits for the years 2020 2021 and 2022 (hereinafter referred to as the "Performance Commitment Period"). After being reviewed and approved at the first extraordinary general meeting of shareholders in 2023 the Company signed the Supplementary Agreement to the Profit Compensation Agreement between Guangdong Provincial Expressway Development Co. Ltd. and Guangdong Expressway Co. Ltd. (hereinafter referred to as the "Supplementary Agreement") with the Performance Commitment Period adjusted to the years of 2020 2021 and 2023.According to the Special Audit Report on the Profit Forecast Implementation of Guangdong Guangzhou- Huizhou Expressway Co. Ltd. (YZZ Zi (2024) No. 310039) issued by Yongtuo Certified Public Accountants LLP (Special General Partnership) on March 15 2024 Guangzhou-Huizhou Expressway achieved a cumulative net profit of RMB 2951041600 after deducting non recurring gains and losses in 2020 2021 and 2023 and a cumulative net profit of RMB 2999265700 after deducting non recurring gains and losses in the performance commitment period of 2020 2021 and 2023 with the actual cumulative profit RMB 48224100 less than the promised cumulative amount which has triggered the provisions of Article 2.3 of the Profit Compensation Agreement and Article 2.1 of the Supplementary Agreement thus Guangdong Expressway had to pay performance compensation to the Company. According to the performance commitment compensation formula stipulated in the above agreement the performance commitment compensation amount that the Guangdong Expressway should pay is RMB 40092886.12.As of July 2 2024 the Company has received the above-mentioned performance commitment compensation amount from Guangdong Expressway. Guangdong Expressway has fulfilled its performance commitment and compensation obligations for major asset restructuring projects in 2020.Date of disclosing Description of the website for disclosing provisional Description of provisional announcement provisional announcements announcement Announcement on the completion of cash 2024-7-4 http://www.cninfo.com.cn compensation for the implementation of 962024 Annual Report performance commitments for major asset restructuring projects in 2020.XVII. Significant event of subsidiary of the Company □Applicable□Not applicable 972024 Annual Report VII. Change of share capital and shareholding of Principal Shareholders I. Changes in share capital 1. Changes in share capital In shares Before the change Increase/decrease（+，-） After the ChangeAmount Proportion Capitalization of Share Bonus common reserve Other Subtotal Quantity Proportion allotment shares fund 1.Shares with -- conditional 438827545 20.99% 438727120 20.98% 100425100425 subscription 1.State-owned shares 410105738 19.61% 410105738 19.61% 2.State-owned legal 217127381.04%217127381.04% person shares 3.Other domestic - - 70090690.34%69086440.33% shares 100425 100425 Including ： -- Domestic Legal 6539722 0.31% 6402633 0.31% 137089137089 person shares Domestic natural 4693470.02%36664366645060110.02% person shares 4.Foreign shares 0 0.00% 0 0.00% Including：Foreign 00.00%00.00% legal person shares Foreign natural 00.00%00.00% person shares II.Shares with unconditional 1651978581 79.01% 100425 100425 1652079006 79.02% subscription 1.Common shares in 130332990662.34%-900-900130332900662.34% RMB 2.Foreign shares in 34864867516.68%10132510132534875000016.68% domestic market 3.Foreign shares in 00.00%00.00% foreign market 4.Other 0 0.00% 0 0.00% III. Total of capital 2090806126100.00%002090806126100.00% shares Reasons for share changed √Applicable □Not applicable 1. During the reporting period 137089 shares held by "domestic legal persons" were converted into shares held by "domestic natural persons". 982024 Annual Report 2. During the reporting period The 101325"restrictedsharesheldbydomesticnaturalpersons"heldbytheresigneddirectorGeneral Manager Mr.Wang Chunhuawereconvertedinto"unrestrictedshares" 3.During the reporting period the 900 shares of "shares with no restricted sale condition" held by Ms Ke Lin the resigned supervisor were converted into "shares with restricted sale condition held by domestic natural persons".Approval of Change of Shares □Applicable √Not applicable Ownership transfer of share changes □Applicable √Not applicable Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common shareholders of Company in latest year and period □Applicable √Not applicable Other information necessary to disclose for the company or need to disclosed under requirement from security regulators □Applicable √Not applicable 2. Change of shares with limited sales condition √ Applicable □Not applicable In shares Number of Number of Restricted Initial Increased Date of Shareholder Unrestricted Shares in Reason for Restricted Restricted Restricted Restriction Name Shares This the End of Shares Shares Shares This Removal Term the Term Term Wang Outgoing executives 101325 0 101325 0 July 2024 Chunhua locked up shares Outgoing executives Ke Lin 0 900 0 900 2026 locked up shares Total 101325 900 101325 900 -- -- II. Securities issue and listing 1.Explanation of the Situation of the Security Issue(No Preferred Shares) in the Report Period □ Applicable √ Not applicable 2.Change of asset and liability structure caused by change of total capital shares and structure □ Applicable √ Not applicable 3.About the existing employees’ shares □Applicable √Not applicable 992024 Annual Report III. Shareholders and actual controlling shareholder 1. Number of shareholders and shareholding In Shares Total preference Total number of shareholders with common The total number of preferred shareholdersTotal shareholders at the end voting rightsvoting shareholders at the 53703 of the month from the date of 49738 0 recovered at end 0 rights end of the disclosing the annual report restored at period-end (if any)(Note 8) of last month reporting period before annual report disclosed(if any)(Note8) Particulars about shares held above 5% by shareholders or top ten shareholders(Excludes shares lent through refinancing) Proportion of Amount of Amount of Number of share pledged/frozen Number of shares Changes in Shareholders Nature of shareholder shares held restricted un-restricted held at period -end reporting period State of share Amount （%） shares held shares held Guangdong Communication State-owned legal 24.56% 513485480 0 410105738 103379742 Not applicable 0 Group Co.Ltd person Guangdong Highway State-owned legal 22.30% 466325020 0 0 0 Not applicable 0 Construction Co. Ltd person Shangdong Expressway State-owned legal Investment Development Co. 9.68% 202429927 -8713918 0 0 Not applicable 0 person Ltd.Guangdong Provincial State-owned legal 2.53% 52937491 0 19582228 33355263 Not applicable 0 Freeway Co.Ltd. person China Pacific Life Insurance Co. Ltd.-China Pacific Life Equity Dividend Product (Life Other 1.81% 37812274 33699856 0 0 Not applicable 0 Proprietary Trading) Entrusted Investment (Changjiang Pension) 1002024 Annual Report China Construction Bank Co.Ltd－Yinhua rich theme Other 1.43% 30000000 10378359 0 0 Not applicable 0 hybrid securities investment fund HKSCC Overseas legal person 0.75% 15632849 -17363666 0 0 Not applicable 0 Xinyue Co. Ltd. Overseas legal person 0.63% 13201086 0 0 0 Not applicable 0 State-owned legal Orient Securities 0.61% 12696113 1492300 0 0 Not applicable 0 person Agricultural Bank of China Co.Ltd-China Post Core Other 0.57% 12000000 0 0 0 Not applicable 0 Growth Mixed Securities Investment Fund Guangdong Communication Group Co. Ltd. is the parent company of Guangdong Highway Construction Co. Ltd.，Strategic investor or general legal person becoming top-10 ordinary Guangdong Provincial Freeway Co.Ltd. and Xinyue Co. Ltd. It is unknown whether there is relationship between other shareholder due to rights issue (if any) (see note 3) 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.Related or acting-in-concert parties among shareholders above None Above shareholders entrusting or entrusted with voting rights or None waiving voting rights Top 10 shareholders including the special account for repurchase (if None any) (see note 10) Shareholding of top 10 shareholders of unrestricted shares(Excluding shares lent through refinancing and Top management lock-in stock) Quantity of unrestricted shares held at Share type Name of the shareholder the end of the reporting period Share type Quantity Guangdong Highway Construction Co. Ltd RMB Common466325020 466325020 shares Shangdong Expressway Investment Development Co. Ltd. RMB Common202429927 202429927 shares Guangdong Communication Group Co.Ltd RMB Common103379742 103379742 shares China Pacific Life Insurance Co. Ltd.-China Pacific Life Equity Dividend Product (Life Proprietary RMB Common 3781227437812274 Trading) Entrusted Investment (Changjiang Pension) shares RMB Common Guangdong Provincial Freeway Co.Ltd. 33355263 33355263 shares China Construction Bank Co. Ltd－Yinhua rich theme hybrid securities investment fund 30000000 RMB Common 30000000 1012024 Annual Report shares RMB Common HKSCC 15632849 15632849 shares Xinyue Co. Ltd. Foreign shares13201086 13201086 placed in domestic RMB Common Orient Securities 12696113 12696113 shares RMB Common Agricultural Bank of China Co.Ltd-China Post Core Growth Mixed Securities Investment Fund 12000000 12000000 shares Guangdong Communication Group Co. Ltd. is the parent company of Guangdong Highway Construction Co. Ltd. ，Guangdong Provincial Freeway Co.Ltd. andExplanation on associated relationship or consistent action among the top 10 shareholders of non-restricted Xinyue Co. Ltd. It is unknown whether there is relationship between other negotiable shares and that between the top 10 shareholders of non-restricted negotiable shares and top 10 shareholders and whether they are persons taking concerted action specified in the shareholders Regulations on Disclosure of Information about Change in Shareholding of Shareholders of Listed Companies.Top 10 ordinary shareholders conducting securities margin trading (if any) (see note 4) None 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 Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-back agreement dealing in reporting period.□ Yes √ No The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy –back agreement dealing in reporting period. 1022024 Annual Report 2.Controlling shareholder Nature of Controlling Shareholders: Local state holding Type: Legal person Legal Date of Name of the Controlling shareholder Organization code Principal business activities representative/Leader incorporation 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 Guangdong Communication Group Deng Xiaohua June 232000 91440000723838552J infrastructure construction highway and railway project operation and relevant Co. Ltd.industries technological development application consultation and services highway and railway passenger and cargo transport ship industry relevant overseas businesses; Value added telecommunication services.Equity in other domestic and foreign listed companies held by the controlling shareholder by means of Guangdong Communication Group Co. Ltd. holds 74.12% equity of Guangdong Yueyun Traffic Co. Ltd. a company listing H shares.control and mutual shareholding in the reporting period Changes of controlling shareholder in reporting period □ Applicable √ Not applicable No changes of controlling shareholder for the Company in reporting period. 1032024 Annual Report 3．Information about the controlling shareholder of the Company Actual controller nature：Local state owned assets management Actual controller type：Legal person Legal Name of the actual Date of representative Organization code Principal business activities controller incorporation /Leader As an ad hoc organization directly under the Guangdong provincial government it is State-owned Assets authorized by the Guangdong supervision and provincial government to administration represent the Guangdong Commission of Zhi Guangnan June 262004 114400007583361658 provincial government to Guangdong perform the investor's duties Provincial People’s for the supervised enterprises Government in accordance with the law specializing in the supervision of state-owned assets.Equity of other domestic/foreign listed As an ad hoc organization directly under the Guangdong provincial government it is company with share authorized by the Guangdong provincial government to represent the Guangdong controlling and share provincial government to perform the investor's duties for the supervised enterprises in participation by accordance with the law specializing in the supervision of state-owned assets.controlling shareholder in reporting period Changes of controlling shareholder in reporting period □ Applicable √ Not applicable No changes of controlling shareholder for the Company in reporting period Block Diagram of the ownership and control relations between the company and the actual controller 1042024 Annual Report State-owned Assets Supervision and Administration Commission the people’s Government of Guangdong Province 100% Guangdong Communication Group Co. Ltd.Guangdong Province Guangdong Highway Guangdong Province Guangdong Transportation Construction Co. Ltd. Expressway Co. Ltd. Xinyue Co. Ltd.Development Co.Ltd 0.10%22.30%24.56%2.53%0.63% Guangdong Provincial Expressway Development Co. Ltd The actual controller controls the company by means of trust or managing the assets in other way □Applicable √Not applicable 4.The cumulative number of shares pledged by the controlling shareholder or the largest shareholder of the company and its person acting in concert accounts for 80% of the number of shares held by the company □Applicable √Not applicable 5.Particulars about other legal person shareholders with over 10% share held √ Applicable □ Not applicable Legal Legal person Date of Register Main operation business or management person/person in shareholder foundation capital activities charge of the unit Highway bridge tunnel bridge traffic infrastructure construction investment and Guangdong 14.3 management technical consulting leasing ofHighway April Wang Kangchen billion road construction machinery; sales of Construction 161987 yuan construction materials construction Co. Ltd.machinery equipment; vehicle rescue services (operated by the branch). 6.Situation of Share Limitation Reduction of Controlling Shareholders Actual Controllers 1052024 Annual Report Restructuring Party and Other Commitment Subjects □Applicable √Not applicable IV. Specific implementation of share repurchase during the reporting period Progress in implementation of share repurchase □ Applicable √Not applicable Implementation progress of reducing repurchased shares by centralized bidding □ Applicable √Not applicable 1062024 Annual Report VIII. Situation of the Preferred Shares □Applicable √Not applicable The Company had no preferred shares in the reporting period.IX. Corporate Bond I. Enterprise bond □ Applicable √ Not applicable No such cases in the reporting period.II. Corporate bond □ Applicable √ Not applicable No such cases in the reporting period. 1072024 Annual Report III. Debt financing instruments of non-financial enterprises √Applicable □ Not applicable 1.Basic information In RMB 10000 Bond Interest Bond name Bond short name Bond code Issue day Value date Due day Servicing way Trading balance rate GuangdongProvincialExpre Due payments once a year sswayDevelopmentCo.Ltd. 20 Guangdong March March March Theprincipalandthelastinstalmenti Interbank 10200036774989.803% 2020firstphasemedium- Expressway MTN001 132020 172020 172025 nterestarepaidinonelumpsumonthe market termnotes redemptiondate.Circulationandtransferinthenationalinter- Applicabletradingmechanism bankbondmarketitslistingandcirculationwillbecarriedoutinaccordancewiththerelevantregulationspromulgatedbytheNatio nalInterbankFundingCenter Overdue and unpaid bonds □ Applicable √ Not applicable 2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor □ Applicable √ Not applicable 3.Information of intermediary agency Name of signing Contact person of intermediary Name of bond project Name of intermediary agency Office Address Tel accountant agency 20 Guangdong Expressway China Lianhe Credit Rating No.2 Jianguomenwai Street Chaoyang No Yang Ting 010- MTN001 Co. Ltd. District Beijing 85679696 Whether the above agency changes during the reporting period □ Yes √No 4. Use of raised funds In RMB 1082024 Annual Report Whether it is consistent with the Operation of special Rectification of illegal Name of bond Total amount of Used Unused purpose use plan and other Agreed use of raised funds account for raised use of raised funds (if project raised funds amount amount agreements stipulated in the funds (if any) any) prospectus 20 Guangdong Used to repay the issuer's Expressway 750000000 existing debt and 750000000 0 No No Yes MTN001 supplement working capital The raised funds are used for construction projects □ Applicable √ Not applicable During the reporting period the Company changed the use of funds raised from the above bonds □ Applicable √ Not applicable 1092024 Annual Report 5.Adjustment of credit rating results during the reporting period □ Applicable √ Not applicable 6 The implementation and changes of guarantee debt repayment plan and other debt repayment guarantee measures during the reporting period and their impact on the rights and interests of bond investors □ Applicable √ Not applicable IV. Convertible bond □ Applicable √ Not applicable No such cases in the reporting period.V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the net assets at the end of the previous year □ Applicable √ Not applicable VI.Overdue interest-bearing debts except bonds at the end of the reporting period □ Applicable √ Not applicable VII.Whether there are any violations of rules and regulations during the reporting period □ Yes √ No VIII. Main accounting data and financial indicators of the Company in recent two years by the end of the reporting period In RMB10000 At the end of the reporting At the same time rate of Item At the end of last year period change Current ratio 2.71 3.22 -15.84% Debt ratio 41.20% 41.93% -0.73% Quickratio 2.71 3.22 -15.84% At the same time rate of Amount of this period Amount of last period change Net profit after deducting 164457.87170509.98-3.55% non-recurring profit and loss EBITDA total debt ratio 52.07% 56.83% -4.76% Time interest earned ratio 12.19 12.1 0.74% Cash interest guarantee times 16.75 17.61 -4.88% EBITDATime interest earned 16.6216.50.73% ratio Repayment of debt (%) 100.00% 100.00% 0.00% Payment of interest (%) 100.00% 100.00% 0.00% 1102024 Annual Report X. Financial Report I. Audit report Type of audit opinion Standard Unqualified audit opinion Date of signature of audit report March 32025 Yong Tuo Certified Public Accountants (special Name of audit firm general partnership) Ausit report Number YZSZ (2025) No. 110002 Names of the Certified Public Accountants Sun Xiuqing Huang Zhiyan To all shareholders of Guangdong Provincial Expressway Development Co. Ltd.I. Opinion We have audited the financial statements of Guangdong Provincial Expressway Development Co.Ltd. (hereinafter referred to as "the Company") which comprise the balance sheet as at December 31 2024 and the income statement the statement of cash flows and the statement of changes in owners' equity for the year then ended and notes to the financial statements.In our opinion the attached financial statements are prepared in all material respects in accordance with Accounting Standards for Business Enterprises and present fairly the financial position of the Company as at December 31 2024 and its operating results and cash flows for the year then ended.II. Basis for Our Opinion We conducted our audit in accordance with the Auditing Standards for Certified Public Accountants in China. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. According to the Code of Ethics for Chinese CPA we are independent of the Company in accordance with the Code of Ethics for Chinese CPA and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.III. Key Audit Matters Key audit matters are those matters that in our professional judgment were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters. We have identified the following items as key audit items that need to be communicated in the audit report. 1. Item description As stated in "Note III (XV) Fixed Assets to the Financial Statements" and "Note V (X) Fixed Assets to the Financial Statements" the book value of Guangdong Expressway on toll roads at the end of 2024 was RMB 8196804742.94 and the depreciation amount for toll roads in 2024 was RMB 932615007.31. Guangdong Expressway's depreciation on toll roads are made according to 1112024 Annual Report the traffic flow method and the current depreciation amount is calculated according to the proportion of the actual traffic flow in the current period to the total estimated remaining traffic flow. The total estimated remaining traffic flow is a prediction of the total traffic flow of toll roads within the approved remaining toll period which is a major accounting estimate. Therefore we determine the pricing and depreciation of toll roads as key audit items. 2. Audit response In response to the above key audit matter we have implemented the following main audit procedures: (1)Understand evaluate and test the internal control of the management of the Company on the daily management and accounting treatment of toll roads; (2)Check whether the actual traffic flow data applied by Guangdong Expressway Company in the depreciation calculation of toll roads is consistent with the actual traffic flow data obtained by Guangdong Expressway Company from external service units; (3)Evaluate the independence and professional competence of the third-party organization employed by the Company that carries out traffic flow forecast; (4) Understand the methods used in traffic flow forecast reports issued by third-party organizations to forecast the traffic flow in the future and evaluate the reliability of traffic flow forecast reports by comparing the predicted traffic flow for the past year with the actual traffic flow for that period; (5) Recalculate the depreciation of roads and bridges to verify the accuracy of the depreciation amount of roads and bridges in the financial statements.IV. Other information The management of Guangdong Expressway Company is responsible for other information. Other information includes the information covered in the 2023 annual report of Guangdong Expressway Company but does not include the financial statement and our audit report.Our audit opinion on the financial statements does not cover other information and we do not issue any form of verification conclusion on other information.In combination with our audit of the financial statements our responsibility is to read other information and consider in such process whether other information is materially inconsistent with the financial statements or the information we learned during the audit or whether there appears to be a material misstatement.Based on the work that we have already performed if we determine that other information contains material misstatements we should report such fact. In this regard we have nothing to report.V. Responsibilities of Management and Those Charged with Governance for the Financial Statements The Company's management is responsible for preparing the financial statements in accordance with the requirements of Accounting Standards for Business Enterprises to achieve a fair presentation and for designing implementing and maintaining internal control that is necessary to ensure that the financial statements are free from material misstatements whether due to frauds or errors.In preparing the financial statements management of the Company is responsible for assessing the Company's ability to continue as a going concern disclosing matters related to going concern and 1122024 Annual Report using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.Those charged with governance are responsible for overseeing the Company's financial reporting process.VI. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the audit standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit in accordance with ISAs we exercise professional judgment and maintain professional skepticism throughout the audit. We also: (1) Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion forgery omissions misrepresentations or the override of internal control. (2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. (3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management of the Company. (4) Conclude on the appropriateness of using the going concern assumption by the management of the Company and conclude based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in our auditor's report to the related disclosures in the financial statements or if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However future events or conditions may cause the Company to cease to continue as a going concern. (5) Evaluate the overall presentation structure and content of the financial statements including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. (6) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the financial statements and bear all liability for the opinion.We communicate with those charged with governance regarding among other matters the planned scope and timing of the audit and significant audit matters including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with 1132024 Annual Report relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable related safeguards.From the matters communicated with those charged with governance we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.Yong Tuo Certified Public CPA： Accountants Co. Ltd.(Special Sun Xiuqing General Partnership) (Project partner) ： CPA： Huang Zhiyan Beijing China March 32025 1142024 Annual Report 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.December 312024 In RMB Item December 31 2024 January 1 2024 Current asset： Monetary fund 4289826663.22 4718631732.20 Settlement provision Outgoing call loan Transactional financial assets Derivative financial assets Notes receivable Account receivable 82361054.69 139899420.24 Financing of receivables Prepayments 3732159.00 8488165.87 Insurance receivable Reinsurance receivable Provisions of Reinsurance contracts receivable Other account receivable 148857119.34 89578207.76 Including：Interest receivable Dividend receivable 28621800.58 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 6167340.16 34805.71 Total of current assets 4530944336.41 4956632331.78 Non-current assets： 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 3332350008.84 3095578288.00 Other equity instruments investment 1768953885.85 1534396887.63 Other non-current financial assets 186494177.20 183856768.00 1152024 Annual Report Item December 31 2024 January 1 2024 Property investment 2225911.46 2447026.45 Fixed assets 8872808692.97 9010168712.92 Construction in progress 2665392094.81 1960092562.22 Production physical assets Oil & gas assets Use right assets 14217517.99 24967509.81 Intangible assets 197694153.19 221328753.00 Including：Data resources Development expenses Including：Data resources Goodwill Long-germ expenses to be amortized Deferred income tax asset 32679298.44 39836115.11 Other non-current asset 837904037.77 339658212.49 Total of non-current assets 17910719778.52 16412330835.63 Total of assets 22441664114.93 21368963167.41 Current liabilities Short-term loans 110085708.33 Loan from Central Bank Borrowing funds Transactional financial liabilities Derivative financial liabilities Notes payable Account payable 226104482.05 214450590.80 Advance receipts 250984.74 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 22412317.23 20622986.18 Tax payable 131748260.36 155123590.65 Other account payable 272118036.92 150293516.43 Including：Interest payable Dividend payable 32714825.12 27809510.32 Fees and commissions payable Reinsurance fee payable Liabilities held for sales Non-current liability due within 1 year 1017246515.19 883412159.65 Other current liability 73697.84 368676.26 Total of current liability 1669954294.33 1537004459.22 Non-current liabilities： 1162024 Annual Report Item December 31 2024 January 1 2024 Reserve fund for insurance contracts Long-term loan 6728264750.00 5944716050.00 Bond payable 749401333.95 Including：preferred stock Sustainable debt Lease liability 2730189.11 13482202.97 Long-term payable 2022210.11 2022210.11 Long-term remuneration payable to staff Expected liabilities Deferred income 511971907.34 429079908.54 Deferred income tax liability 330830731.06 284451199.04 Other non-current liabilities Total non-current liabilities 7575819787.62 7423152904.61 Total of liability 9245774081.95 8960157363.83 Owners’ equity Share capital 2090806126.00 2090806126.00 Other equity instruments Including：preferred stock Sustainable debt Capital reserves 782661218.56 783125493.70 Less：Shares in stock Other comprehensive income 366149871.08 163568401.33 Special reserve Surplus reserves 1684087655.64 1520627456.34 Common risk provision Retained profit 5544395448.25 5289404378.52 Total of owner’s equity belong to the parent 10468100319.539847531855.89 company Minority shareholders’ equity 2727789713.45 2561273947.69 Total of owners’ equity 13195890032.98 12408805803.58 Total of liabilities and owners’ equity 22441664114.93 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 Item December 31 2024 January 12024 Current asset： Monetary fund 1827026427.48 2464109767.51 Transactional financial assets Derivative financial assets Notes receivable 1172024 Annual Report Item December 31 2024 January 12024 Account receivable 19832233.51 31718251.28 Financing of receivables Prepayments 2429028.94 6668377.73 Other account receivable 436815407.73 1021305845.87 Including：Interest receivable Dividend receivable 28621800.58 1205472.90 Inventories Including：Data resources Contract assets Assets held for sales Non-current asset due within 1 year Other current asset 6128385.43 Total of current assets 2292231483.09 3523802242.39 Non-current assets： Creditor's right investment Other creditor's right investment Long-term receivable Long term share equity investment 7846717402.01 6942986509.74 Other equity instruments investment 1768953885.85 1534396887.63 Other non-current financial assets Property investment 1973769.72 2194888.20 Fixed assets 4722709889.80 4929287711.63 Construction in progress 308615083.86 241492676.67 Production physical assets Oil & gas assets Use right assets 13566418.32 24137970.26 Intangible assets 116330587.32 124092435.10 Including：Data resources Development expenses Including：Data resources Goodwill Long-germ expenses to be amortized Deferred income tax asset 28274192.91 33747359.73 Other non-current asset 2060000.00 Total of non-current assets 14809201229.79 13832336438.96 Total of assets 17101432712.88 17356138681.35 Current liabilities Short-term loans Transactional financial liabilities Derivative financial liabilities Notes payable Account payable 116590086.29 119520338.64 1182024 Annual Report Item December 31 2024 January 12024 Advance receipts 250984.74 250984.74 Contract Liabilities Employees’ wage payable 7715710.30 7453993.89 Tax payable 23752944.73 8185707.22 Other account payable 306323712.32 374738279.30 Including：Interest payable Dividends Payable 32714825.12 27809510.32 Dividend payable Liabilities held for sales Non-current liability due within 1 year 931134209.98 824960532.88 Other current liability 18906.24 52275.94 Total of current liability 1385786554.60 1335162112.61 Non-current liabilities： Long-term loan 5172549750.00 5464096050.00 Bond payable 749401333.95 Including：preferred stock Sustainable debt Lease liability 2730189.11 13405284.96 Long-term payable 2022210.11 2022210.11 Long-term remuneration payable to staff Expected liabilities Deferred income 273537.20 3555984.68 Deferred income tax liability 117617593.90 61555338.93 Other non-current liabilities Total non-current liabilities 5295193280.32 6294036202.63 Total of liability 6680979834.92 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 366149871.08 163568401.33 Special reserve Surplus reserves 1504115388.08 1340655188.78 Retained profit 5484377888.80 5156907046.00 Total of owners’ equity 10420452877.96 9726940366.11 Total of liabilities and owners’ equity 17101432712.88 17356138681.35 1192024 Annual Report 3.Consolidated Income statement In RMB Item 2024 2023 I. Income from the key business 4569903078.72 4879066948.19 Incl：Business income 4569903078.72 4879066948.19 Interest income Insurance fee earned Fee and commission received II. Total business cost 1988786259.66 2078327690.70 Incl：Business cost 1631074265.11 1740818258.17 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 23198292.71 23027906.77 Sales expense Administrative expense 203389242.59 189461539.01 R & D costs 5083785.20 3245205.00 Financial expenses 126040674.05 121774781.75 Including：Interest expense 176538813.65 214338558.69 Interest income 56039879.15 94065812.39 Add: Other income 11532166.82 11606155.53 Investment gain（“-”for loss） 302846786.74 312359708.13 Incl: investment gains from affiliates 192051727.06 215712728.62 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 2637409.20 2456768.00 Credit impairment loss -121656189.18 -123166054.97 Impairment loss of assets -10443015.96 Assets disposal income -721318.52 III. Operational profit（“-”for loss） 2775755674.12 2993552818.22 Add ：Non-operational income 6624670.82 4745630.19 Less: Non-operating expense 8289204.77 21397141.51 IV. Total profit(“-”for loss) 2774091140.17 2976901306.90 Less：Income tax expenses 671178358.12 714561170.84 V. Net profit 2102912782.05 2262340136.06 (I) Classification by business continuity 1.Net continuing operating profit 2102912782.05 2262340136.06 1202024 Annual Report Item 2024 2023 2.Termination of operating net profit (II) Classification by ownership 1.Net profit attributable to the owners of parent 1562122219.951633811033.68 company 2.Minority shareholders’ equity 540790562.10 628529102.38 VI. Net after-tax of other comprehensive income 202581469.75 -7065255.34 Netofprofitofothercomprehensiveincomeattributabletoo 202581469.75 -7065255.34 wnersoftheparentcompany.（I）Other comprehensive income items that will not be reclassified into gains/losses in the subsequent 182511260.27 -17180132.51 accounting period 1.Re- measurementofdefinedbenefitplansofchangesinnetdebt ornetassets 2.Othercomprehensiveincomeundertheequitymethodinv 6593511.61 esteecannotbereclassifiedintoprofitorloss. 3. Changes in the fair value of investments in other 175917748.66-17180132.51 equity instruments 4. Changes in the fair value of the company’s credit risks 5.Other（II） Othercomprehensiveincomethatwillbereclassifiedintopr 20070209.48 10114877.17 ofitorloss. 1.Othercomprehensiveincomeundertheequitymethodinv 20070209.48 10114877.17 esteecanbereclassifiedintoprofitorloss. 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.Translationdifferencesincurrencyfinancialstatements 7.Other Netofprofitofothercomprehensiveincomeattributableto Minority shareholders’ equity VII. Total comprehensive income 2305494251.80 2255274880.72 Total comprehensive income attributable to the owner 1764703689.701626745778.34 of the parent company Total comprehensive income attributable minority 540790562.10 628529102.38 1212024 Annual Report Item 2024 2023 shareholders VIII. Earnings per share （I）Basic earnings per share 0.75 0.78 (II)Diluted earnings per share 0.75 0.78 Thecurrentbusinesscombinationundercommoncontrolthenetprofitsofthecombinedpartybeforeachie vednetprofitofRMB0.00lastperiodthecombinedpartyrealizedRMB0.00.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 Item 2024 2023 I. Income from the key business 1508500575.92 1535585466.23 Incl：Business cost 554664684.30 610980785.63 Business tax and surcharge 8089920.77 8076686.24 Sales expense Administrative expense 128949733.56 119191042.73 R & D expense 3195423.45 3245205.00 Financial expenses 177510575.54 214571226.30 Including：Interest expenses 205562083.83 240441217.03 Interest income 33491134.51 27292545.80 Add：Other income 3570579.12 4252550.47 Investment gain（“-”for loss） 1159856692.42 1044240085.29 Including: investment gains from affiliates 196194159.84 215529559.56 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 -721318.52 II. Operational profit（“-”for loss） 1798796191.32 1628013156.09 Add ：Non-operational income 1334982.13 1232923.08 Less：Non -operational expenses 1199248.86 9053337.37 III. Total profit(“-”for loss) 1798931924.59 1620192741.80 Less：Income tax expenses 164329931.57 144482868.61 IV. Net profit 1634601993.02 1475709873.19 1.Net continuing operating profit 1634601993.02 1475709873.19 2.Termination of operating net profit V. Net after-tax of other comprehensive income 202581469.75 -7065255.34 （I）Other comprehensive income items that will not be 182511260.27-17180132.51 reclassified into gains/losses in the subsequent accounting 1222024 Annual Report Item 2024 2023 period 1.Re- measurementofdefinedbenefitplansofchangesinnetdebtornetasse ts 2.Othercomprehensiveincomeundertheequitymethodinvesteecan 6593511.61 notbereclassifiedintoprofitorloss. 3. Changes in the fair value of investments in other equity 175917748.66-17180132.51 instruments 4. Changes in the fair value of the company’s credit risks 5.Other (II)Othercomprehensiveincomethatwillbereclassifiedintoprofito 20070209.48 10114877.17 rloss 1.Othercomprehensiveincomeundertheequitymethodinvesteecan 20070209.48 10114877.17 bereclassifiedintoprofitorloss. 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.Translationdifferencesincurrencyfinancialstatements 7.Other VI. Total comprehensive income 1837183462.77 1468644617.85 VII. Earnings per share （I）Basic earnings per share (II)Diluted earnings per share 1232024 Annual Report 5. Consolidated Cash flow statement In RMB Item 2024 2023 I.Cash flows from operating activities Cash received from sales of goods or rending of 4745448281.754951961030.30 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 operation 326835498.54 562750580.32 Sub-total of cash inflow 5072283780.29 5514711610.62 Cash paid for purchasing of merchandise and 349338366.27356711777.61 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 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 502767262.92 495860299.67 Taxes paid 861499760.74 732384642.28 Other cash paid for business activities 102314796.45 97969327.59 Sub-total of cash outflow from business activities 1815920186.38 1682926047.15 Net cash generated from /used in operating activities 3256363593.91 3831785563.47 II. Cash flow generated by investing Cash received from investment retrieving 39614562.90 80429567.10 Cash received as investment gains 158293859.68 140568804.28 Net cash retrieved from disposal of fixed assets 1470189.30116722.53 intangible assets and other long-term assets Net cash received from disposal of subsidiaries or 1242024 Annual Report Item 2024 2023 other operational units Other investment-related cash received 5259269.50 Sub-total of cash inflow due to investment activities 204637881.38 221115093.91 Cash paid for construction of fixed assets intangible 2036600945.231539385895.45 assets and other long-term assets Cash paid as investment 201662000.00 166330000.00 Net increase of loan against pledge Net cash received from subsidiaries and other operational units Other cash paid for investment activities 3669511.10 182544.13 Sub-total of cash outflow due to investment activities 2241932456.33 1705898439.58 Net cash flow generated by investment -2037294574.95 -1484783345.67 III.Cash flow generated by financing Cash received as investment 192500000.00 175000000.00 Including: Cash received as investment from minor 192500000.00175000000.00 shareholders Cash received as loans 1350955084.00 675525000.00 Other financing –related cash received 40092886.12 Sub-total of cash inflow from financing activities 1583547970.12 850525000.00 Cash to repay debts 1270080259.00 1038658425.00 Cash paid as dividend profit or interests 1957815078.56 1727111491.46 Including: Dividend and profit paid by subsidiaries 566774796.34569575174.55 to minor shareholders Other cash paid for financing activities 12138004.61 14094281.84 Sub-total of cash outflow due to financing activities 3240033342.17 2779864198.30 Net cash flow generated by financing -1656485372.05 -1929339198.30 IV. Influence of exchange rate alternation on cash -4587996.33-693816.83 and cash equivalents V.Net increase of cash and cash equivalents -442004349.42 416969202.67 Add: balance of cash and cash equivalents at the 4701657434.004284688231.33 beginning of term VI ..Balance of cash and cash equivalents at the end 4259653084.584701657434.00 of term 1252024 Annual Report 6. Cash Flow Statement of the Parent Company In RMB Item 2024 2023 I.Cash flows from operating activities Cash received from sales of goods or rending of services 1561429158.48 1569576641.63 Tax returned Other cash received from business operation 114438110.42 178378550.98 Sub-total of cash inflow 1675867268.90 1747955192.61 Cash paid for purchasing of merchandise and services 113313804.87 126343176.79 Cash paid to staffs or paid for staffs 162987657.26 161391920.54 Taxes paid 199803534.19 100391735.11 Other cash paid for business activities 166979810.96 152266887.57 Sub-total of cash outflow from business activities 643084807.28 540393720.01 Net cash generated from /used in operating activities 1032782461.62 1207561472.60 II. Cash flow generated by investing Cash received from investment retrieving Cash received as investment gains 1020921447.70 933027040.76 Net cash retrieved from disposal of fixed assets intangible 1073952.3018092.53 assets and 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 1021995400.00 933045133.29 Cash paid for construction of fixed assets intangible assets and 260396069.30113805594.78 other long-term assets Cash paid as investment 186350000.00 163250000.00 Net cash received from subsidiaries and other operational units Other cash paid for investment activities Sub-total of cash outflow due to investment activities 446746069.30 277055594.78 Net cash flow generated by investment 575249330.70 655989538.51 III. Cash flow generated by financing Cash received as investment Cash received as loans 10955084.00 Other financing –related ash received 40092886.12 Sub-total of cash inflow from financing activities 51047970.12 Cash to repay debts 922119384.00 67189300.00 Cash paid as dividend profit or interests 1357397095.53 1130578984.77 Other cash paid for financing activities 12058626.61 14014903.84 Sub-total of cash outflow due to financing activities 2291575106.14 1211783188.61 Net cash flow generated by financing -2240527136.02 -1211783188.61 IV. Influence of exchange rate alternation on cash and cash -4587996.33-693816.83 equivalents V.Net increase of cash and cash equivalents -637083340.03 651074005.67 Add: balance of cash and cash equivalents at the beginning of 2462888567.51 1811814561.84 1262024 Annual Report Item 2024 2023 term VI ..Balance of cash and cash equivalents at the end of term 1825805227.48 2462888567.51 1272024 Annual Report 7. Consolidated Statement on Change in Owners’ Equity Amount in this period In RMB 2024 Owner’s equity Attributable to the Parent Company Other Equity instrument Item Less: Other Specializ Common Minor shareholders’ Total of owners’ Capital Othe Share Capital Preferre Sustain Shares Comprehensive ed Surplus reserves risk Retained profit Subtotal equity equity Other reserves r d stock able in stock Income reserve provision debt I.Balance at the end 2090806126.00783125493.70163568401.331520627456.345289404378.529847531855.892561273947.6912408805803.58 of last year Add: Change of accounting policy Correcting of previous errors Other II.Balance at the beginning of 2090806126.00 783125493.70 163568401.33 1520627456.34 5289404378.52 9847531855.89 2561273947.69 12408805803.58 current year III.Changed in the -464275.14202581469.75163460199.30254991069.73620568463.64166515765.76787084229.40 current year （1）Total comprehensive 202581469.75 1562122219.95 1764703689.70 540790562.10 2305494251.80 income 1282024 Annual Report 2024 Owner’s equity Attributable to the Parent Company Other Equity instrument Item Less: Other Specializ Common Minor shareholders’ Total of owners’ Capital Othe Share Capital Preferre Sustain Shares Comprehensive ed Surplus reserves risk Retained profit Subtotal equity equity Other reserves r d stock able in stock Income reserve provision debt（II）Investment or decreasing of 192500000.00 192500000.00 capital by owners 1．OrdinaryShares investedbysharehol 192500000.00 192500000.00 ders 2．Holdersofother equityinstrumentsin vestedcapital 3．Amount of shares paid and accounted as owners’ equity 4．Other（III）Profit 163460199.30-1307131150.22-1143670950.92-566774796.34-1710445747.26 allotment 1.Providing of 163460199.30-163460199.30 surplus reserves 2.Providing of -1143670950.92 -1143670950.92 -566774796.34 -1710445747.26 1292024 Annual Report 2024 Owner’s equity Attributable to the Parent Company Other Equity instrument Item Less: Other Specializ Common Minor shareholders’ Total of owners’ Capital Othe Share Capital Preferre Sustain Shares Comprehensive ed Surplus reserves risk Retained profit Subtotal equity equity Other reserves r d stock able in stock Income reserve provision debt common risk provisions 3．Allotment to the owners (or shareholders) 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 1302024 Annual Report 2024 Owner’s equity Attributable to the Parent Company Other Equity instrument Item Less: Other Specializ Common Minor shareholders’ Total of owners’ Capital Othe Share Capital Preferre Sustain Shares Comprehensive ed Surplus reserves risk Retained profit Subtotal equity equity Other reserves r d stock able in stock Income reserve provision debt 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 -464275.14 -464275.14 -464275.14 IV. Balance at the 2090806126.00782661218.56366149871.081684087655.645544395448.2510468100319.532727789713.4513195890032.98 end of this term 1312024 Annual Report Amount in last year In RMB 2023 Owner’s equity Attributable to the Parent Company Other Equity instrument Minor Item Less: Other Total of owners’ Specialize Common risk shareholders’ Share Capital Preferred Capital reserves Shares in Comprehensive Surplus reserves Retained profit Other Subtotal equity Sustaina Other d reserve provision equity stock stock Income ble debt I.Balance at the 2090806126.00743133557.03170633656.671373056469.024698029354.099075659162.812293020019.8611368679182.67 end of last year Add: Change of accounting policy Correcting of previous errors Other II.Balance at the beginning of 2090806126.00 743133557.03 170633656.67 1373056469.02 4698029354.09 9075659162.81 2293020019.86 11368679182.67 current year III.Changed in 39991936.67-7065255.34147570987.32591375024.43771872693.08268253927.831040126620.91 the current year （1）Total comprehensive -7065255.34 1633811033.68 1626745778.34 628529102.38 2255274880.72 income（II）Investment 40092886.1240092886.12175000000.00215092886.12 or decreasing of 1322024 Annual Report 2023 Owner’s equity Attributable to the Parent Company Other Equity instrument Minor Item Less: Other Total of owners’ Specialize Common risk shareholders’ Share Capital Preferred Capital reserves Shares in Comprehensive Surplus reserves Retained profit Other Subtotal equity Sustaina Other d reserve provision equity stock stock Income ble debt capital by owners 1．OrdinaryShar esinvestedbyshar 175000000.00 175000000.00 eholders 2．Holdersofothe requityinstrument sinvestedcapital 3．Amount of shares paid and accounted as owners’ equity 4．Other 40092886.12 40092886.12 40092886.12（III）Profit 147570987.32-1042436009.25-894865021.93-535275174.55-1430140196.48 allotment 1.Providing of 147570987.32-147570987.32 surplus reserves 2.Providing of common risk -894865021.93 -894865021.93 -535275174.55 -1430140196.48 provisions 3．Allotment to 1332024 Annual Report 2023 Owner’s equity Attributable to the Parent Company Other Equity instrument Minor Item Less: Other Total of owners’ Specialize Common risk shareholders’ Share Capital Preferred Capital reserves Shares in Comprehensive Surplus reserves Retained profit Other Subtotal equity Sustaina Other d reserve provision equity stock stock Income ble debt the owners (or shareholders) 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 1342024 Annual Report 2023 Owner’s equity Attributable to the Parent Company Other Equity instrument Minor Item Less: Other Total of owners’ Specialize Common risk shareholders’ Share Capital Preferred Capital reserves Shares in Comprehensive Surplus reserves Retained profit Other Subtotal equity Sustaina Other d reserve provision equity stock stock Income ble debt 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 -100949.45 -100949.45 -100949.45 IV. Balance at the 2090806126.00783125493.70163568401.331520627456.345289404378.529847531855.892561273947.6912408805803.58 end of this term 1352024 Annual Report 8.Statement of change in owner’s Equity of the Parent Company Amount in this period In RMB 2024 Other Equity instrument Less: Other Item Share capital Prefe Susta Shares Specialized Total of owners’ Capital reserves Comprehensive Surplus reserves Retained profit Other rred inabl Other in reserve equity stock e Incomestock debt I.Balance at the end of last year 2090806126.00 975003604.00 163568401.33 1340655188.78 5156907046.00 9726940366.11 Add: Change of accounting policy Correcting of previous errors Other II.Balance at the beginning of 2090806126.00975003604.00163568401.331340655188.785156907046.009726940366.11 current year III.Changed in the current year 202581469.75 163460199.30 327470842.80 693512511.85 （I）Total comprehensive income 202581469.75 1634601993.02 1837183462.77 (II) Investment or decreasing of capital by owners 1．OrdinarySharesinvestedbyshar eholders 2．Holdersofotherequityinstrumen tsinvestedcapital 3.Amount of shares paid and accounted as owners’ equity 4．Other 1362024 Annual Report 2024 Other Equity instrument Less: Other Item Prefe Susta Shares Specialized Total of owners’Share capital Capital reserves Comprehensive Surplus reserves Retained profit Other rred inabl Other in reserve equity stock e Incomestock debt -（III）Profit allotment 163460199.30 -1143670950.92 1307131150.22 1.Providing of surplus reserves 163460199.30 -163460199.30 2．Allotment to the owners (or - -1143670950.92 shareholders) 1143670950.92 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 1372024 Annual Report 2024 Other Equity instrument Less: Other Item Share capital Prefe Susta Shares Specialized Total of owners’ Capital reserves Comprehensive Surplus reserves Retained profit Other rred inabl Other in reserve equity stock e Incomestock debt (V) Special reserves 1. Provided this year 2．Used this term（VI）Other IV. Balance at the end of this term 2090806126.00 975003604.00 366149871.08 1504115388.08 5484377888.80 10420452877.96 1382024 Annual Report Amount in last year In RMB 2023 Other Equity instrument Less: Other Item Specialized Total of owners’ Share Capital Preferred Sustai Capital reserves Shares in Comprehensive Surplus reserves Retained profit Other Other reserve equity stock nable stock Income debt I.Balance at the end of last year 2090806126.00 934908293.69 170633656.67 1193084201.46 4723633182.06 9113065459.88 Add: Change of accounting policy Correcting of previous errors Other II.Balance at the beginning of current 2090806126.00934908293.69170633656.671193084201.464723633182.069113065459.88 year III.Changed in the current year 40095310.31 -7065255.34 147570987.32 433273863.94 613874906.23 （I）Total comprehensive income -7065255.34 1475709873.19 1468644617.85 (II) Investment or decreasing of capital 40092886.1240092886.12 by owners 1．OrdinarySharesinvestedbysharehol ders 2．Holdersofotherequityinstrumentsin vestedcapital 3.Amount of shares paid and accounted as owners’ equity 4．Other 40092886.12 40092886.12（III）Profit allotment 147570987.32 -1042436009.25 -894865021.93 1392024 Annual Report 2023 Other Equity instrument Less: Other Item Specialized Total of owners’ Share Capital Preferred Sustai Capital reserves Shares in Comprehensive Surplus reserves Retained profit Other Other reserve equity stock nable stock Income debt 1.Providing of surplus reserves 147570987.32 -147570987.32 2．Allotment to the owners (or -894865021.93-894865021.93 shareholders) 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 1402024 Annual Report 2023 Other Equity instrument Less: Other Item Specialized Total of owners’ Share Capital Preferred Sustai Capital reserves Shares in Comprehensive Surplus reserves Retained profit Other Other reserve equity stock nable stock Income debt 2．Used this term（VI）Other 2424.19 2424.19 IV. Balance at the end of this term 2090806126.00 975003604.00 163568401.33 1340655188.78 5156907046.00 9726940366.11 1412024 Annual Report 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. 1422024 Annual Report 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).TheCompanyismainlyengagedintollingandmaintenanceofGuangfoExpresswayFokaiExpresswayJingzhu 1432024 Annual Report Expressway Guangzhu Section and Guanghui Expressway investmentintechnologicalindustries andprovisionofrelevant consultaion while investing in Shenzhen Huiyan Expressway Co. Ltd. Guangdong Jiangzhong Expressway Co.Ltd. Zhaoqing Yuezhao Expressway Co.Ltd.GanzhouKangdaExpresswayGanzhouGankangExpresswayCo.Ltd. Guangdong Yuepu Small Refinancing Co. Ltd. Guoyuan Securities Co. Ltd Hunan Lianzhi Technology Co. Ltd. Garage electric pile Holding (Shenzhen) Co. Ltd .and Guangdong 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 March 32025. 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.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. 1442024 Annual Report 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 Importance criteria determination method and selection basis □Applicable □Not applicable Item Materiality standard Material receivables with Those whose single provision amount accounts for more than 5% of the ending balance of various bad debt provision accrued receivables individually Material recovery or reversal Those whose amount of single collection or reversal accounts for more than 5% of the ending of bad debt provisions for balance of various receivables receivables Material write-off of Those whose single write off amount accounts for more than 5% of the ending balance of various receivables receivables Material prepayments with Those whose amount with a single account age of more than one year accounts for more than 10% of an age of more than one year the ending balance of prepayments and an amount of more than RMB 5 million Material projects under Those with a single project investment budget of more than RMB 10 million construction Material accounts payable Those whose amount with a single age of more than one year accounts for more than 5% of the and other payables with an balance of accounts payable or other payables age of over one year The subsidiaries whose year-end net assets total year-end assets current operating income and total Material non-wholly-owned current profit account for more than 10% of the Company's year-end net assets total year-end assets subsidiaries current operating income and total current profit Those whose ending book value of a long-term equity investment in a single investee accounts for Material joint venture or more than 5% of the Company's ending net assets or whose current investment income (loss associated enterprises calculated in absolute amount) under the equity method of long-term equity investment accounts for more than 5% of the Company's consolidated current net profits Material commitments Those with an amount for a single type of more than RMB 500 million Material contingencies Those with a single amount of more than RMB 10 million Those whose cash received from or paid for a single investment activity account for more than 5% of Material investment the total cash inflow or outflow activities 6.Accountings for Business Combinations under the Same Control & Business Combinations not under the Same Control 1.Business Combinations under the Same Control 1452024 Annual Report 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 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.Business Combinations not under the Same Control 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 1462024 Annual Report 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 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. 7. 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 1472024 Annual Report 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 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 1482024 Annual Report 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. 8.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 be measured reliably and have low risks of change. 9.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. 10.Financial instruments(Excluding impairment) 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. 1492024 Annual Report 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 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 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 1502024 Annual Report 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.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 1512024 Annual Report 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. westbank 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 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. 1522024 Annual Report 11. 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 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 1532024 Annual Report difference is deemed as impairment profit. (5) Method of determining credit losses of various financial assets For financial assets with individual credit risk assessment the Company always selects to measure the loss provision according to the amount equivalent to the expected credit loss within the duration.Based on the characteristics of credit risk the Company divides the financial assets that have not suffered credit impairment in individual assessment into different portfolios: * Basis for determining the combination of credit risk characteristics Item 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 Notes receivable and other receivables with extremely low credit risk according to the with 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 of financial assets.The accrual method of loss provision measured by different portfolios: Item 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 (%) 1542024 Annual Report 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. 12.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.The Company lists the obligation to transfer goods or provide services to customers for consideration received or receivable from customers as contractual liabilities.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 1552024 Annual Report 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. ` 13. 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; 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 1562024 Annual Report 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 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 1572024 Annual Report 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. 14.Investment Property The measurement mode of investment property The measurement by the cost 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.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. 1582024 Annual Report 15.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. 1）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: Depreciation Expected useful Residual rate Annual depreciation Type 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% 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 16.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 1592024 Annual Report 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. (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 equipment can maintain normal and stable operation for a period of time and be accepted by relevant personnel. 17.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. 1602024 Annual Report (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. 18.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 19. 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. 1612024 Annual Report 20. 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. (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. 21.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 1622024 Annual Report 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.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. 22. 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 1632024 Annual Report expected value or the most likely amount but the transaction price including the variable consideration shall not 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. 23. 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 will make provision for impairment of the excess and recognize it as an asset 1642024 Annual Report 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. 24. 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 1652024 Annual Report subsidies other than those measured according to the amount receivable shall be recognized when the subsidies are actually received. 25.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. 26.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 can be reasonably determined that the ownership of the leased assets will be acquired at the expiration of 1662024 Annual Report 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 and the unguaranteed residual value and its present value as unrealized financing income and 1672024 Annual Report 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. 27. 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 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. 28. Fair value measurement Fair value refers to the price that a market participant must pay to sell or transfer a liability in an orderly 1682024 Annual Report 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. 29.Change of main accounting policies and estimations (1)Change of main accounting policies □Applicable □Not applicable In RMB Name of report item materially Contents and reasons of changes in accounting policies Impact amount affected The Ministry of Finance issued Interpretation No. 17 of the Accounting Standards for Business Enterprises on October 25 2023 (hereinafter referred to as "Interpretation No. 17"). According to the requirements of Current liabilities and non 0.00 the Ministry of Finance the content of "Classification of Current current liabilities Liabilities and Non Current Liabilities" will be implemented from January 12024. （2）Changes in important accounting estimates □Applicable □Not applicable In RMB Contents and reasons of changes Commencement Approval procedure Name of affected report item and affected amount in accounting time of application estimates The Nansha-Zhuhai Reviewed and October 12024 In response to the accounting estimate changes the Section - approved by the 22nd Company adopts the future application method and its 1692024 Annual Report Zhongshan Urban (extraordinary) impact on the accounting statement items for this year is as Area-Zhuhai meeting of the 10th follows: Section of Board of Directors of he impact of consolidated financial statements Guangzhou-Aomen the Company on Fixed assets increased by RMB 6541409.40 Expressway of the October 24 2024 Tax payable increased by RMB 1635352.35 Company have been Deferred income tax liabilities decreased by RMB completed and 314226.46 opened to traffic in September 2024. Operating costs decreased by RMB 6541409.40 The entire line is Income tax expenses increased by RMB 1321125.89 expected to be Minority shareholders' equity increased by RMB opened to traffic by 1305070.88 the end of 2027. Minority shareholders' profits and losses increased by RMB The Company 1305070.88 estimates that the Net assets attributable to the parent company increased by approved toll period RMB 3915212.63 is 25 years after the Net profits attributable to the parent company increased by entire line is RMB 3915212.63 opened so the depreciation period of the Zhongshan Urban Area-Zhuhai Section has been adjusted to December 31 2052. （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 VI. Taxation 1. Major category of taxes and tax rates Tax category Tax basis Tax rate VAT Taxable income 3%5%6%9% and13% City maintenance and construction tax The actual payment of turnover tax 5%、7% Enterprise income tax Taxable income 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 Item Amount in year-end Balance Year-beginning Cash 10267.08 35130.15 Bank deposit 1498518288.65 2039934390.23 1702024 Annual Report Item Amount in year-end Balance Year-beginning Other 29469450.78 16267102.68 Money deposited with a finance 2761828656.712662395109.14 Company Total 4289826663.22 4718631732.20 Other note The interest receivable is RMB 28952378.64 from interest accrued on seven-day call deposits. 2. Account receivable （1）Disclosure by aging In RMB Aging Balance in year-end Balance Year-beginningWithin 1 year(Including 1 year） 74944771.52 131238586.90 1-2 years 6577116.50 9116666.67 2-3 years 1116666.67 Over 3 year 3143664.00 3143664.00 3-4 years 2077392.00 4-5 years 2077392.00 1066272.00 Over 5 years 1066272.00 Subtotal 85782218.69 143498917.57 Bad debt provision 3421164.00 3599497.33 Total 82361054.69 139899420.24 1712024 Annual Report （2） 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(%) Accrual of bad debt 3143664.003.66%3143664.00100.00%3143664.002.19%3143664.00100.00% provision by single Including： Accrual of bad debt provision by 82638554.69 96.34% 277500.00 0.34% 82361054.69 140355253.57 97.81% 455833.33 0.32% 139899420.24 portfolio Including： Aging portfolio 75809821.02 88.38% 277500.00 0.37% 75532321.02 140355253.57 97.81% 455833.33 0.32% 139899420.24 Other portfolio 6828733.67 7.96% 6828733.67 Total 85782218.69 3421164.00 82361054.69 143498917.57 3599497.33 139899420.24 1722024 Annual Report Accrual of bad debt provision by single： 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 73609821.02 1-2 years 1083333.33 54166.67 5.00% 2-3 years 1116666.67 223333.33 20.00% Total 75809821.02 277500.00 Accrual of bad debt provision by portfolio: Other portfolio In RMB Balance Year-beginning Name Book balance Bad debt provision Withdrawal proportion Very low credit risk financial 6828733.67 asset portfolio Total 6828733.67 Note： 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 Reversed or Category Write- Closing balance balance Accrual collected Other off amount Accrual of bad debt provision by 3143664.003143664.00 single item Accrual of bad debt provision by 455833.33 178333.33 277500.00 1732024 Annual Report credit risk Total 3599497.33 178333.33 3421164.00 （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 Closing Accounts Amount of balance of receivable and Proportion of Amount ofCompany Name ending balance total accounts ending balancethe contract contract assets receivable % for bad debts assets ending balance Guangdong Union Electronic Services Co. 56215234.69 56215234.69 65.53% Ltd.Guangdong Jingzhu Expressway Guangzhu 9311649.31 9311649.31 10.85% North section Co. Ltd.Guangdong Expressway Technology Investment 6828733.67 6828733.67 7.96% Co. Ltd.Guangdong Humen Bridge 5720146.535720146.536.67% Co. Ltd.Guangdong Taiheng Expressway Development 3143664.00 3143664.00 3.66% 3143664.00 Co. Ltd.Total 81219428.20 81219428.20 94.67% 3143664.00 3.Other accounts receivable In RMB Item Balance in year-end Balance Year-beginning Dividend receivable 28621800.58 1205472.90 Other receivable 120235318.76 88372734.86 Total 148857119.34 89578207.76 （1） Interest receivable： None （2）Dividend receivable 1)Dividend receivable In RMB Item Balance in year-end Balance Year-beginning Guangdong Radio and Television Networks investment 797664.041205472.90 No.1 Limited partnership enterprise Guandong Guangle Expressway Co. Ltd. 21615181.62 Guoyuan Securities Co. Ltd. 6208954.92 Total 28621800.58 1205472.90 1742024 Annual Report 2）Significant dividend receivable aged over 1 year None （3） Other accounts receivable 1) Other accounts receivable classified In RMB Nature Balance in year-end Balance Year-beginning Petty cash 3142132.02 3537793.93 On behalf of money 342942142.53 221107620.02 Deposit 2736640.19 2736640.19 Equity transfer payment receivable 107111100.00 39682898.02 Compensation for performance 40092886.12 commitments receivable Other 7245446.55 2322516.60 Subtotal 463177461.29 309480354.88 Less：Bad debt provision 342942142.53 221107620.02 Total 120235318.76 88372734.86 2）Disclosure by aging In RMB Aging Balance in year-end Balance Year-beginningWithin 1 year(Including 1 year） 238920756.17 209212525.26 1-2 years 125624239.66 98008543.71 2-3 years 97761543.71 220243.57 Over 3 years 870921.75 2039042.34 3-4 years 31680.00 1184699.35 4-5 years 2095.07 23848.70 Over 5 years 837146.68 830494.29 Subtotal 463177461.29 309480354.88 Less：Bad debt provision 342942142.53 221107620.02 Total 120235318.76 88372734.86 1752024 Annual Report 3） According to the bad debt provision method classification disclosure □Applicable □Not applicable In RMB Closing balance Opening balance Category Book balance Bad debt provision Book balance Bad debt provision Book value Book value Amount Proportion % Amount Proportion % Amount Proportion % Amount Proportion % Accrual of bad debt provision by single 342942142.53 74.04% 342942142.53 100.00% 221107620.02 71.44% 221107620.02 100.00% Including： Accrual of bad debt provision by portfolio 120235318.76 25.96% 120235318.76 88372734.86 28.56% 88372734.86 Including： CSF Portfolio 5878772.21 1.27% 5878772.21 6274434.12 2.03% 6274434.12 Very low credit risk financial asset portfolio 114356546.55 24.69% 114356546.55 81424616.85 26.31% 81424616.85 Total 463177461.29 100.00% 342942142.53 74.04% 120235318.76 309480354.88 100.00% 221107620.02 71.44% 88372734.86 1762024 Annual Report Accrual of bad debt provision by single： In RMB Balance Year-beginning Balance in year-end Withdraw Name Bad debt Bad debt al Book Balance Book Balance Reason provision provision proportio n The source of funds for custody expenses paid by Guangzhou- Foshan Expressway Department of on behalf needs to be Transport of 221107620.02 221107620.02 342942142.53 342942142.53 100.00% further defined and Guangdong the provision for bad debts shall be made in full according to the principle of prudence Total 221107620.02 221107620.02 342942142.53 342942142.53 Accrual of bad debt provision by portfolio: Other portfolio In RMB Balance in year-end Name Book balance Bad debt provision Withdrawal proportion CSF Portfolio 5878772.21 Very low credit risk financial 114356546.55 asset portfolio Total 120235318.76 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 Bad Debt Reserves Expected credit Expected credit loss over for the entire duration Total losses over the life (no credit impairment) (credit impairment next 12 months occurred) Balance as at January 12024 221107620.02 221107620.02 Balance as at January 12024 in current This period of provision 121834522.51 121834522.51 Balance as at December 312024342942142.53342942142.53 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 1772024 Annual Report 4) 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 Reversed or Category Closing balance balance Accrual collected Write-off Other amount Accrual of bad debt 221107620.02121834522.51342942142.53 provision by single Total 221107620.02 121834522.51 342942142.53 Wherethecurrentbaddebtsbackorrecoversignificantamounts: None 5）Other account receivables actually cancel after write-off None 6）Top 5 of the closing balance of the other accounts receivable collected according to the arrears party In RMB Proportio n of the total year end Closing balance of Name Nature Closing balance Aging balance of bad debt provision the accounts receivable (%) Within 1 121834522.51121834522.51 Department of Transport of Highway maintenance year 74.03% Guangdong Province expenditure 123358138.31 1-2 years 123358138.31 97749481.71 2-3 years 97749481.71 Hunan Lianzhi Technology Within 1 Equity transfer 107111100.00 23.13% Co. Ltd. year Guangdong Highway Within 1 Construction Co. Ltd. Current fund 6707300.48 1.45% year Jiangluo Branch Guangdong Litong Vehicle parking deposit 1816266.94 1-2 years Development Investment Co. 0.39% Ltd. Vehicle parking deposit 22980.00 3-4 years Vehicle parking deposit First Pacific Davis Property Management fee deposit 414524.80 1-2 years Consultant (Guangzhou) Co. water and electricity charges working capital 0.09% Ltd Vehicle parking deposit 4200.00 3-4 years Management fee deposit 1782024 Annual Report water and electricity charges working capital Total 459018514.75 99.09% 342942142.53 4.Prepayments （1）Aging analysis In RMB Balance in year-end Balance Year-beginning Aging Amount Proportion（%） Amount Proportion（%） Within 1 year 3572359.00 95.72% 8310359.63 97.90% 1-2 years 19800.00 0.53% 37806.24 0.45% Over 3 years 140000.00 3.75% 140000.00 1.65% Total 3732159.00 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 In RMB Name Relations with the Amount Aging Reasons for non- Proportion % Company settlement China Ping An Property Non- Related Within 1 year Unliquidated Insurance Co. Ltd. Guangdong party 1215595.47 32.57% Branch Guangdong Communications Within 1 year Unliquidated Related party 711457.00 19.06% Testing Co. Ltd China Pacific Property Insurance Non- Related Within 1 year Unliquidated 682354.6518.28% Co. Ltd. Guangdong Branch party Non- Related Within 1 year Unliquidated Sinopec Sales Co. Ltd. 413860.54 11.09% party Non- Related Excellence Appraisal 140000.00 Over 3 year Unliquidated 3.75% party Total 3163267.66 84.75% 5.Other current assets In RMB Item Year-end balance Year-beginning balance Tazx to be deducted 353.70 Tax to be certified 6064511.82 Advance tax payment 38954.73 34805.71 VAT retention tax credits 63519.91 Total 6167340.16 34805.71 1792024 Annual Report 6.Other Equity instrument investment In RMB Losses accumulated Reason designated as Gains included in Losses included in Gains accumulated Dividend in other being measured at other other in other income comprehensive fair value and change Name Closing balance Opening balance comprehensive comprehensive comprehensive recognized in income at the end being included in income in the income in the income at the end of the current of the current other comprehensive current period current period the current period period period income Guangle Expressway Co. 799120728.12 796722655.90 2398072.22 50772426.39 Ltd.Guangdong Radio and Television Networks investment No.1 59396524.45 55434894.13 3961630.32 9396524.45 Limited partnership enterprise China Everbright 910436633.28682239337.60228197295.68392875756.48 Bank Co. Ltd.Huaxia Securities Co. Ltd.（Notes1） Huazheng Asset Management Co.Ltd.（Notes2） Total 1768953885.85 1534396887.63 234556998.22 453044707.32 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. 1802024 Annual Report Breakdown disclosure of investment in non-tradable equity instruments in the current period In RMB Amount of other Reasons for other Dividend Reasons for designation as measured Cumulative Cumulative consolidated income consolidated income Item income at fair value and changes included in gain loss transferred to retained transferred to retained recognized other comprehensive income earnings earnings Guangle Expressway Co. Ltd. Non-transactional purpose60826640.73 50772426.39 for shareholding Guangdong Radio and Television Networks investment No.1 Non-transactional purpose797664.04 9396524.45 for shareholding Limited partnership enterprise China Everbright Bank Co. Ltd. Non-transactional purpose40699105.31 392875756.48 for shareholding Huaxia Securities Co. Ltd. Non-transactional purpose5400000.00 for shareholding Huazheng Asset Management Non-transactional purpose 1620000.00 Co. Ltd. for shareholding Total 102323410.08 453044707.32 7020000.00 1812024 Annual Report 7. Long-term equity investment In RMB Increase/decrease Closing Impairment Investment profit Adjustment of Invested Cash bonus or Withdrawal of balance of Beginning balance provision begin- Additional Negative and loss recognized other Changes of Closing balance enterprise profits announced impairment Other impairment year balance comprehensive other equity investment investment under the equity to issue provision provision income method I. Joint venture 2. Affiliated Company Zhaoqing Yuezhao 367104015.00233500000.0053004724.3799500000.00554108739.37 Highway Co.Ltd.Guangdong Jiangzhong 557686679.6652350000.00-6793579.684057227.52599185872.46 Expressway Co. Ltd.Ganzhou Gankang 181054819.1215315233.1417700000.00178670052.26 Expressway Co. Ltd.Ganzhou Kangda 257929704.9843565066.9530000000.00271494771.93 Expressway Co. Ltd.Shenzhen Huiyan 377922183.98 23880675.18 401802859.16 Expressway 1822024 Annual Report Increase/decrease Closing Impairment Investment profit Adjustment of Invested Cash bonus or Withdrawal of balance of Beginning balance provision begin- Additional Negative and loss recognized other Changes of Closing balance enterprise profits announced impairment Other impairment year balance comprehensive other equity investment investment under the equity to issue provision provision income method Co. Ltd.Guoyuan Securities Co. 1027100533.47 54403149.25 26663721.09 21731342.22 1086436061.59 Ltd.Guangdong Yuepu Small 221858110.1012818890.639488418.92225188581.81 Refinancing Co. Ltd(Note) Hunnan Lianzhi 101742014.92100332598.01-1108904.93-300511.98 Technology Co. .Ltd.Guangdong Yuetong Qiyuan Chip 3180226.77-1947723.454371.341236874.66 Power Technology Co. Ltd.Shenzhen Garage Electric Pile 15312000.00 -1085804.40 14226195.60 Technology Co. Ltd Subtotal 3095578288.00 301162000.00 100332598.01 192051727.06 26663721.09 -296140.64 182476988.66 3332350008.84 Total 3095578288.00 301162000.00 100332598.01 192051727.06 26663721.09 -296140.64 182476988.66 3332350008.84 1832024 Annual Report 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 1842024 Annual Report 8.Other non-current financial assets In RMB Item Closing balance Opening 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 83510134.1184159575.05 Co. Ltd.CMST Intelligent Logistics Technology Co. Ltd. 102984043.09 99697192.95 Total 186494177.20 183856768.00 9. Investment property (1) Investment property adopted the cost measurement mode √ Applicable □Not applicable In RMB Item 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 1.Opening balance 11137288.26 2052214.64 13189502.90 2.Increased amount of the period 147545.63 73569.36 221114.99 (1)Withdrawal or amortization 147545.63 73569.36 221114.99 3.Decreased amount of the period （1）Disposal （2）Other Out 1852024 Annual Report Item Houses and buildings Land use right Total 4.Closing balance 11284833.89 2125784.00 13410617.89 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 4.Closing balance IV. Book value 1.Closing book value 1379864.36 846047.10 2225911.46 2.Opening book 1527409.99 919616.46 2447026.45 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 The reason for the obvious discrepancy between the foregoing information and the information used in the impairment test of previous years or the external information The reason for the obvious discrepancy between the information used in the Company's impairment test in previous years and the actual situation in the current year Other note （2） Details of investment property failed to accomplish certification of property □Applicable□Not applicable （3） Details of investment property failed to accomplish certification of property In RMB Item Book balance Reason Transportation and other ancillary Houses and Building 702553.75 facilities Not accreditation 10. Fixed assets In RMB Item Year-end balance Year-beginning balance Fixed assets 8872664544.10 9010154405.32 1862024 Annual Report liquidation of fixed assets 144148.87 14307.60 Total 8872808692.97 9010168712.92 1872024 Annual Report (1) List of fixed assets In RMB Jingzhu Electricity Guangfo Guanghui Expressway House and Machinery TransportatioItem Fokai Expressway Expressway buildings equipment n equipment equipment and Total Expressway Guangzhu other section I. Original price 1.Opening balance 1460270190.66 10944202847.52 6825195881.48 5136471234.45 648895670.39 1731297238.00 60422551.05 147583818.25 26954339431.80 2.Increased amount of 101807560.31566943069.54120346759.94177221376.932245196.488389892.80976953856.00 the period （1）Purchase 4780833.57 2245196.48 7768782.80 14794812.85 （2）Transfer of project 11129358.87566943069.54120338907.19163848233.08621110.00862880678.68 under construction (3)Increased of Enterprise consolidation （4）Other 90678201.44 7852.75 8592310.28 99278364.47 3.Decreased amount of 7731206.12316358.4089858988.8811284943.006833818.85116025315.25 the period （1）Disposal or scrap 316358.40 31325373.44 11284943.00 3565977.71 46492652.55 （3）Other out 7731206.12 58533615.44 3267841.14 69532662.70 4.Closing balance 1460270190.66 11038279201.71 6825195881.48 5703414303.99 768926071.93 1818659626.05 51382804.53 149139892.20 27815267972.55 II. Accumulated depreciation 1.Opening balance 1460270190.66 6203519026.26 4716494291.96 3517456318.71 499429758.64 1387998338.20 46833267.81 98851424.12 17930852616.36 2.Increased amount of the 359299524.59389225290.47184090192.2528784283.5867138774.292261514.3711746435.731042546015.28 period （1）Withdrawal 359299524.59 389225290.47 184090192.25 28784283.58 62439957.49 2261514.37 11746435.73 1037847198.48 （2）Other 4698816.80 4698816.80 1882024 Annual Report Jingzhu Electricity Guangfo Guanghui Expressway House and Machinery TransportatioItem Fokai Expressway Total Expressway Expressway Guangzhu buildings equipment n equipment equipment and other section 3.Decreased amount of 294170.4629928192.4410584595.853320654.5644127613.31 the period (1)Disposal or scrap 294170.46 29891401.70 10584595.85 3320654.56 44090822.57 （3）Other out 36790.74 36790.74 4.Closing balance 1460270190.66 6562818550.85 5105719582.43 3701546510.96 527919871.76 1425208920.05 38510186.33 107277205.29 18929271018.33 III. Impairment provision 1.Opening balance 2889394.16 10394796.45 48219.51 13332410.12 2.Increased amount of the period (1)Withdrawal 3.Decreased amount of the period (1)Disposal or scrap 4.Closing balance 2889394.16 10394796.45 48219.51 13332410.12 IV. Book value 1.Closing book value 4475460650.86 1719476299.05 2001867793.03 238116806.01 383055909.55 12872618.20 41814467.40 8872664544.10 2.Opening book 4740683821.26 2108701589.52 1619014915.74 146576517.59 332904103.35 13589283.24 48684174.62 9010154405.32 1892024 Annual Report (2)Temporarily idle fixed assets In RMB Original book Accumulated Impairment Item Book value Note value depreciation provision House and 2604578.002474349.10130228.90 buildings Electricity equipment and 32630.00 19115.68 13514.32 other Total 2637208.00 2493464.78 143743.22 (3) Fixed assets leasing-out by operational lease In RMB Item Year-end balance House and buildings 16387611.26 Machinery equipment 1297445.08 Total 17685056.34 （4） Details of fixed assets failed to accomplish certification of property In RMB Item Book balance Reason Transportation and other ancillary House and buildings 213042512.36 facilities，Not accreditation. (5) Information of impairment test of fixed assets □Applicable□Not applicable （6）liquidation of fixed assets In RMB Item Year-end balance Year-beginning balance House and buildings 22187.94 Machinery equipment 63915.86 Transportation equipment 14307.60 Office equipment and other 58045.07 Total 144148.87 14307.60 11. Project under construction In RMB Item Year-end balance Year-beginning balance Project under construction 2665392094.81 1960092562.22 Total 2665392094.81 1960092562.22 1902024 Annual Report （1）Project under construction In RMB Year-end balance Year-beginning balance Item Book balance Provision for Book value Book balance Provision for Book value devaluation devaluation Reconstruction and Expansion of Nansha-Zhuhai section of Guangzhou- 2228897400.422228897400.421648394518.481648394518.48 Macao Expressway Reconstruction and Expansion of Fokai Expressway Sanbao to Shuikou 235837836.81 235837836.81 197907850.29 197907850.29 Reconstruction and expansion project of the Huizhou Xiaojinkou- Guangzhou Luogang Section of Jinan-Guangzhou Expressway and the 86685695.4586685695.4521813587.2921813587.29 Huizhou Xiaojinkou-Lingkeng Section of Guangzhou-Huizhou Expressway Jiujiang Bridge navigable hole anti-collision reinforcement project 30758087.65 30758087.65 16070965.65 16070965.65 Guangzhou-Shantou Railway Crossing project 19446564.43 19446564.43 19446564.43 19446564.43 Jiangxi-Shenzhen high-speed railway cross-section expansion project 15664172.98 15664172.98 15664172.98 15664172.98 Anti-collision reinforcement project of Jilie River Bridge 12126194.00 12126194.00 Fokai Expressay intelligent transformation project 8770999.00 8770999.00 20482399.73 20482399.73 Charging pile project of Yayao service area 7200000.00 7200000.00 Emergency treatment project of the left cutting slope of k13 6076917.00 6076917.00 Yayao service area water-saving post station project 2979043.98 2979043.98 Boluo Central Station office and living facilities renovation and 13281042.3713281042.37 expansion project Other 10949183.09 10949183.09 7031461.00 7031461.00 Total 2665392094.81 2665392094.81 1960092562.22 1960092562.22 1912024 Annual Report (2) Changes of significant construction in progress In RMB Including: capitalization Capitalization Capitalization Source Name of Transferred to Other Project of of Budget Opening balance Increase End balance Proportion % of of project fixed assets decrease process interest interest interest funding this rate (%) period Reconstruction and Expansion of Nansha- Zhuhai section 1373598.92 1648394518.48 1267769452.34 687266570.40 2228897400.42 20.86% 20.86% 112774368.81 58088606.08 2.59% Other of Guangzhou- Macao Expressway Reconstruction and Expansion of Fokai 342621.00 197907850.29 155769483.33 108461658.64 9377838.17 235837836.81 86.77% 99.03% 82030506.58 4232028.71 2.93% Other Expressway Sanbao to Shuikou Jiujiang Bridge navigable hole 3641.96 16070965.65 14687122.00 30758087.65 84.45% 84.45% Other anti-collision reinforcement project Fokai Expressay intelligent 3396.35 20482399.73 8240000.00 19951400.73 8770999.00 84.57% 84.57% Other transformation project Anti-collision reinforcement 1241.19 12126194.00 12126194.00 97.70% 97.70% Other project of Jilie River Bridge 1922024 Annual Report Including: capitalization Capitalization Capitalization Source Name of Transferred to Other Project of of Budget Opening balance Increase End balance Proportion % of of project fixed assets decrease process interest interest interest funding this rate (%) period Geological hazard investigation and 1200.00 11129358.87 11129358.87 92.74% 100.00% Other remediation project for expressways Jiangxi- Shenzhen high-speed railway cross- 1696.69 15664172.98 15664172.98 92.32% 92.32% Other section expansion project Guangzhou- Shantou Railway 2146.00 19446564.43 19446564.43 90.62% 90.62% Other Crossing project Boluo Central Station office and living facilities 1700.00 13281042.37 3550999.18 16832041.55 100.00% 100.00% Other renovation and expansion project Reconstruction and expansion project of the 3052000.00 21813587.29 64872108.16 86685695.45 0.28% 0.28% Other Huizhou Xiaojinkou- 1932024 Annual Report Including: capitalization Capitalization Capitalization Source Name of Transferred to Other Project of of Budget Opening balance Increase End balance Proportion % of of project fixed assets decrease process interest interest interest funding this rate (%) period Guangzhou Luogang Section of Jinan- Guangzhou Expressway and the Huizhou Xiaojinkou- Lingkeng Section of Guangzhou- Huizhou Expressway Emergency treatment project of the 1025.01 6076917.00 6076917.00 59.29% 59.29% Other left cutting slope of k13 Total 1953061101.22 1544221634.88 843641030.19 9377838.17 2644263867.74 194804875.39 62320634.79 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. 1942024 Annual Report (3)Provision for impairment of construction projects in the current period None （4）Provision for impairment of construction in this period □Applicable□Not applicable （5） Engineering Materials： None 12.Use right assets （1）List of Use right assets In RMB House and Machinery Transportation Other Item 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 673169.06673169.06 of the period （1）Transfer or hold 291478.61291478.61 for sale （2）Disposal subsidiary （3）Other out 381690.45 381690.45 4.Closing balance 30634734.72 357112.19 0.00 1007747.00 31999593.91 II. Accumulated depreciation 1.Opening balance 6833349.00 214267.32 336584.52 321052.32 7705253.16 2.Increased amount of 10234967.4071422.44263712.39107017.4410677119.67 the period （1）Withdrawal 10234967.40 71422.44 263712.39 107017.44 10677119.67 3.Decreased amount 600296.91600296.91 of the period （1）Disposition 218606.46 218606.46 （3）Other out 381690.45 381690.45 4.Closing balance 17068316.40 285689.76 428069.76 17782075.92 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 1952024 Annual Report IV. Book value 1.Closing book value 13566418.32 71422.43 579677.24 14217517.99 2.Opening book value 23801385.72 142844.87 336584.54 686694.68 24967509.81 （2）Impairment test of the use right assets □Applicable□Not applicable 13. Intangible assets (1) List of intangible assets In RMB The Turnpike Item Land use right Software Total franchise I. Original price 1.Opening balance 2701738.76 27465438.28 318348741.86 348515918.90 2.Increased amount of the period 1425889.00 1425889.00 (1) Purchase 578683.00 578683.00 (2)Internal Development (3)Increased of Enterprise Combination （4）Other 847206.00 847206.00 3.Decreased amount of the 7362377.627362377.62 period （1）Disposal 7362377.62 7362377.62 4.Closing balance 2701738.76 21528949.66 318348741.86 342579430.28 II.Accumulated amortization 1.Opening balance 2381954.98 22431882.87 102373328.05 127187165.90 2.Increased amount of the period 15411.24 2068504.96 22976572.61 25060488.81 (1) Withdrawal 15411.24 2068504.96 22976572.61 25060488.81 3.Decreased amount of the period 7362377.62 7362377.62 （1）Disposal 7362377.62 7362377.62 4.Closing balance 2397366.22 17138010.21 125349900.66 144885277.09 III. Impairment provision 1.Opening balance 2.Increased amount of the period (1) Withdrawal 3.Decreased amount of the period 1962024 Annual Report （1）Disposal 4.Closing balance IV. Book value 1.Closing book value 304372.54 4390939.45 192998841.20 197694153.19 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 （2） Data resources recognized as intangible assets □Applicable□Not applicable (3)Details of Land use right failed to accomplish certification of property In RMB Reason for not obtaining the title Item Book value certificate Gonghe Town Land 304372.54 Reasons left over from history （4）Impairment test of Intangible assets □Applicable□Not applicable 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 Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax difference assets difference assets Assets impairment provisions 13332410.12 3333102.53 13332410.12 3333102.53 Credit impairment provision 3421164.00 855291.00 3599497.33 899874.33 Asset appraisal appreciation 98987720.5724746930.14106786384.5026696596.13 depreciation and amortization Deferred income 914020.10 228504.89 10976324.09 2744080.99 Lease liabilities 13482202.36 3370550.57 23963150.05 5990787.46 Advance lease 579677.24 144919.31 686694.68 171673.67 Total 130717194.39 32679298.44 159344460.77 39836115.11 (2) Deferred income tax liabilities had not been off-set In RMB Balance in year-end Balance Year-beginning Item Deductible DeductibleDeferred income tax Deferred income tax temporary temporary liabilities liabilities difference difference Changes in the fair value of other 453044707.32113261176.83218487709.1054621927.27 equity instruments 1972024 Annual Report Deductible temporary differences in 771743732.23192935933.05843459192.41210864798.09 the formation of asset impairment Difference of amortization method of 14267696.943566924.2311266760.172816690.05 franchise of toll road Changes in the fair value of trading 15494177.203873544.3012856768.003214192.00 financial assets Tax accounting difference of use right 14217517.983554379.5024967509.816241877.43 asset Tax accounting differences of projects 50341919.2812585479.8226766856.806691714.20 under construction Depreciation for Fixed assets 4213173.33 1053293.33 Total 1323322924.28 330830731.06 1137804796.29 284451199.04 (3) Deferred income tax assets or liabilities listed by net amount after off-set None (4)Details of income tax assets not recognized In RMB Item Balance in year-end Balance in year-begin Deductible temporary difference 349962142.53 228127620.02 Total 349962142.53 228127620.02 (5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years None 15 .Other non-current assets In RMB Balance in year-end Balance Year-beginning Book balance Provision Book value Book balance Provision Book value Item for for devaluatio devaluatio n n Prepaid engineering fees 652374568.29 652374568.29 337943920.69 337943920.69 Prepaid target payment for paddy filed of Guanghui Expressway 183725550.00 183725550.00 Reconstruction and extension project Prepaid business tax 1311921.48 1311921.48 1714291.80 1714291.80 Prepaid Equipment 491998.00491998.00 Payment Total 837904037.77 837904037.77 339658212.49 339658212.49 16.Assets with restricted right of ownership In RMB Balance in year-end Balance in year-begin Item Book balance Book value Restrictio Restriction Book Book value Restriction Restriction 1982024 Annual Report n type information balance type information Monetary Special Special funds for Special Special funds for 1221200.001221200.001221200.001221200.00 fund funds land reclamation funds land reclamation Total 1221200.00 1221200.00 1221200.00 1221200.00 17. Short-term Borrowing （1）Short-term Borrowing In RMB Item Balance in year-end Balance Year-beginning Credit Borrowing 110000000.00 Interest payable not due 85708.33 Total 110085708.33 （2）Overdue short-term borrowings None 18.Account payable （1） List of account payable In RMB Item Balance in year-end Balance Year-beginning Within 1 year（Including 1 year） 126545685.15 114450217.03 1-2 years（including2 years） 5678510.59 36069234.79 2-3 years（including 3 years） 33415222.43 7388237.28 Over 3 years 60465063.88 56542901.70 Total 226104482.05 214450590.80 （2）Significant payable aging more than 1 year In RMB Item Balance in year-end Reason Foshan Natural Resources Bureau. 30507598.21 Unsettled Heshan Natural Resources Bureau 9186893.60 Unsettled Total 38697851.81 19.Other accounts payable In RMB Item Balance in year-end Balance Year-beginning Dividend payable 32714825.12 27809510.32 Other account payable 239403211.80 122484006.11 Total 272118036.92 150293516.43 （1）Interest payable None （2）Dividends payable In RMB 1992024 Annual Report Item Balance in year-end Balance Year-beginning Common stock dividends 32714825.12 27809510.32 Total 32714825.12 27809510.32 Other explanations including significant dividends payable that have not been paid for more than 1 year it shall disclose the reasons for non-payment: Including significant unpaid dividends payable over one year the unpaid reason shall be disclosed: Finaldividendpayable 29100751.91 yuan for more a year in unpaid dividends to shareholders over the year was mainly due to non- payment of shareholder dividends did not provide information on interest- bearing bank did not share reform of shareholders to receive dividends or provide application to toreceivedividendsthebankinformationisincorrectresultinginfailuretopayadividendorrefund. （3）Other accounts payable (1) Other accounts payable listed by nature of the account In RMB Item Year-end balance Year-Beginning balance Provisional receipts payable 110062692.40 Estimated project cost 30011025.21 30309146.51 Deposit warranty and security deposit 78610611.67 61910555.42 Other 20718882.52 30264304.18 Total 239403211.80 122484006.11 (2) Other significant accounts payable with aging over one year In RMB Item Closing balance Unpaid/un-carry over reason Poly Changda Highway Engineering Co. 19266493.18 The settlement conditions are not met Ltd.Yayao to Xiebian extension 12416663.00 The settlement conditions are not met Total 31683156.18 20. Prepayment received (1) List of Prepayment received In RMB Item Balance in year-end Balance Year-beginning Within 1 year（Including 1 year） 250984.74 1564332.74 1-2 years（Including 2 years） 331925.18 2-3 years（Including 3 years） 750973.00 Total 250984.74 2647230.92 （2）Significant payable aging more than 1 year None 21. Payable Employee wage （1）Payable Employee wage 2002024 Annual Report In RMB Item Year-beginning Increase in the Decrease in the Year-end balance balance current period current period I. Short-term compensation 20622986.18 461409069.68 459619738.63 22412317.23 II.Post-employmentbenefits- 74581910.2474581910.24 definedcontributionplans III. Dismissal benefits 100000.00 100000.00 Total 20622986.18 536090979.92 534301648.87 22412317.23 （2）Short-term Remuneration In RMB Item Year-beginning Increase in the Decrease in the Year-end balance balance current period current period 1.Wages bonuses allowances 465063.49348974762.91348974762.91465063.49 and subsidies 2.Employee welfare 32032846.13 31680007.46 352838.67 3. Social insurance premiums 26896065.83 26896065.83 Including ：Medical 16887260.3616887260.36 insurance Work injury insurance 2594955.72 2594955.72 Other 7413849.75 7413849.75 4.Public reserves for housing 40383918.00 40383918.00 5.Union funds and staff 17837887.3411466338.9510029846.5719274379.72 education fee 8.Other 2320035.35 1655137.86 1655137.86 2320035.35 Total 20622986.18 461409069.68 459619738.63 22412317.23 （3）Definedcontributionplanslisted In RMB Balance Year- Increase in this period Payable in this period Balance in year-end Item beginning 1. Basic old-age 44359310.3944359310.39 insurance premiums 2.Unemployment 2444429.872444429.87 insurance 3.Enterprise annuity 27778169.9827778169.98 payment Total 74581910.24 74581910.24 22. Tax Payable In RMB Item Balance in year-end Balance Year-beginning VAT 11949894.06 13544679.07 2012024 Annual Report 115297349.98136932738.04 Enterprise Income tax Individual Income tax 3105569.26 2928147.86 City Construction tax 746433.27 863204.59 Education subjoin 360283.46 417048.11 Locality Education subjoin 221651.77 259424.11 Property tax 14964.15 14778.41 Stamp tax 52114.41 163570.46 Total 131748260.36 155123590.65 23. Non-current liabilities due within 1 year In RMB Item Balance year-end Year-beginning balance Long-term loans due within 1 year 238719839.52 151828779.87 Payable Bonds due within 1 year 767774662.42 720607149.69 Long-term payable due within 1 year 495283.01 Lease liabilities due within 1 year 10752013.25 10480947.08 Total 1017246515.19 883412159.65 24.Other current liabilities In RMB Item Balance year-end Year-beginning balance Tax to be rewritten 73697.84 368676.26 Total 73697.84 368676.26 25. Long-term loan (1) Category of long-term loan In RMB Item Balance year-end Year-beginning balance Credit loan 6961526050.00 6090651225.00 Interest payable when not due 5458539.52 5893604.87 Less:Long-term loans due within one year -238719839.52 -151828779.87 Total 6728264750.00 5944716050.00 Other explanations including interest rate range: on December 31 2024 the annual interest rate range of credit loans was 2.20%-2.80%. 26.Bond payable （1）Bond payable In RMB Item Balance year-end Year-beginning balance Medium- term note 749897950.11 1429328483.63 Interest payable when not due 17876712.31 40680000.01 Less:Long-term loans due within one year -767774662.42 -720607149.69 Total 749401333.95 2022024 Annual Report （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 Withdraw Overflow Pay in Interest Issue Issue Opening Closing Whethe Name of the bond Book value Period current interest at discount current r rate date amount balance balance issue par amount period default 19 Guangdong 2019.3.1- 680000000.00 4.00% 2019.2.27 680000000.00 702730437.38 4396712.30 -72850.32 707200000.00 No Expressway MTN001 2024.3.1 20 Guangdong 2020.3.17- 750000000.00 3.00% 2020.3.13 750000000.00 767278046.26 22500000.02 -496616.16 22500000.00 767774662.42 No Expressway MTN001 2025.3.17 Less: Bonds payable and - - due within 1 year 720607149.69 767774662.42 Total —— 749401333.95 26896712.30 -569466.48 729700000.00 —— (3) Note to conditions and time of share transfer of convertible bonds None 2032024 Annual Report 27.Lease liabilities In RMB Item Balance year-end Year-beginning balance Long-term lease liabilities 13819230.25 24964446.02 Less：Financing costs are not -337027.89-1001295.97 recognized Less:Long-term loans due within one -10752013.25-10480947.08 year Total 2730189.11 13482202.97 28. Long-term payable In RMB Item 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 Item 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 Item Opening balance Increase Decrease Closing balance Cause Government 395976324.09100000000.0010062303.99485914020.10 subsidy Lease income 33103584.45 803911.43 7849608.64 26057887.24 Total 429079908.54 100803911.43 17911912.63 511971907.34 -- 30. Stock capital In RMB Changed（+，-）Balance Year- Balance in year- Issuance of Bonus Capitalizatio beginning Other Subtotal end new share shares n of public reserve Total of 2090806126.002090806126.00 capital shares 31. Capital reserves 2042024 Annual Report In RMB Increase in Decrease in Year- beginning Item 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 -1959604309.88-1959604309.88 the common control Other capital reserves 234321460.59 4371.34 468646.48 233857185.45 (1) Changes in other equity of the invested under the -3134180.114371.34468646.48-3598455.25 equity method accounting（Note） （2）Other 237455640.70 237455640.70 Total 783125493.70 4371.34 468646.48 782661218.56 - 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.Note3： Capital reserve decreased by RMB 168134.50 yuan because the subsidiary Yuegao Capital Holdings (Guangzhou) Co. Ltd. disposed of all the equity of its joint venture Hunan Lianzhi Technology Co.Ltd.; Note 4. 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 4371.34. 2052024 Annual Report 32. Other comprehensive income In RMB Amount of current period Less：Prior period Less：Amount transferred into included in other After-tax Year-beginning profit and loss in the current After-tax attribute Year-end Item Amount incurred composite income Less：Income attribute to balance period that recognied into other to the parent balance before income tax transfer to retained tax expenses minority comprehensive income in prior company income in the current shareholder period period 1.Other comprehensive income will be reclassified into income or loss in 163865781.83 241150509.83 58639249.56 182511260.27 346377042.10 the future Other comprehensive income that cannot be converted to profit and 6593511.61 6593511.61 6593511.61 loss under the equity method Changes in fair value of investments 163865781.83234556998.2258639249.56175917748.66339783530.49 in other equity instruments 2.Other comprehensive income reclassifiable to profit or loss in -297380.50 20070209.48 20070209.48 19772828.98 subsequent periods Including：Share of other comprehensive income of the investee that cannot be transferred to -297380.50 20070209.48 20070209.48 19772828.98 profit or loss accounted for using the equity method Total of other comprehensive 163568401.33261220719.3158639249.56202581469.75366149871.08 income 2062024 Annual Report 33. Surplus reserve In RMB Item Year-beginning Increase in the current Decrease in the current Year-end balance balance period period Statutory surplus 1520627456.34163460199.301684087655.64 reserve Total 1520627456.34 163460199.30 1684087655.64 34. Retained profits In RMB Item Amount of this period Amount of last period Before adjustments: Retained profits in 5289404378.524698029354.09 last period end Adjust the total undistributed profits at 5289404378.524698029354.09 the beginning of the period Add：Net profit belonging to the owner 1562122219.951633811033.68 of the parent company Less: Statutory surplus reserve 163460199.30 147570987.32 Common stock dividend payable 1143670950.92 894865021.93 Retained profit at the end of this term 5544395448.25 5289404378.52 As regards the details of adjusted the beginning undistributed profits (1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations the affected beginning undistributed profits are RMB 0.00. (2) As the change of the accounting policy the affected beginning undistributed profits are RMB 0.00. (3) As the correction of significant accounting error the affected beginning undistributed profits are RMB 0.00 . (4) As the change of consolidation scope caused by the same control the affected beginning undistributed profits are RMB 0.00. (5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 . 35.Operation income and operation cost In RMB Amount of this period Amount of last period Item Income Cost Income Cost Main operation 4499825267.43 1597998245.80 4810921181.65 1707788447.62 Other operation 70077811.29 33076019.31 68145766.54 33029810.55 Total 4569903078.72 1631074265.11 4879066948.19 1740818258.17 Which the net profit before and after deducting non-recurring gains and losses is lower or whether it is negative □Yes□No Breakdown information of operating income and operating cost: In RMB Contract Amount of this period Amount of last period classification Income Cost Income Cost Business 2072024 Annual Report Contract Amount of this period Amount of last period classification Income Cost Income Cost Including： Toll income 4499825267.43 1597998245.80 4810921181.65 1707788447.62 Service and other 41638860.55 28243600.33 35835539.37 29101132.89 Lease income 28438950.74 4832418.98 32310227.17 3928677.66 Area Including： Guangdong 4569903078.72 1631074265.11 4879066948.19 1740818258.17 Total 4569903078.72 1631074265.11 4879066948.19 1740818258.17 36. Business tax and subjoin In RMB Item Amount of this period Amount of last period Urban construction tax 8667915.53 9225865.33 Education surcharge 4165305.23 4442563.50 Property tax 3850171.38 2721041.99 Land use tax 3069272.41 2944638.40 Vehicle use tax 74895.16 75872.65 Stamp tax 229744.59 292097.60 Business tax 370495.32 370495.32 Locality Education surcharge 2770493.09 2955331.98 Total 23198292.71 23027906.77 37. Administrative expenses In RMB Ites Amount of current period Amount of previous period Wage 149686581.85 131055433.95 Depreciation of fixed assets 9228538.74 9647982.73 Intangible assets amortization 1269077.32 1590376.26 Low consumables amortization 694842.82 1078568.34 Rental fee and Management fee 13343318.54 13337176.42 Office expenses 7395865.42 8062827.48 Travel expenses 761021.72 839933.40 Consultation expenses 812692.46 839977.37 The fee for hiring agency 4115335.79 3781983.80 Listing fee 660598.20 703481.20 Information cost and maintenance fee 4140056.87 3549110.16 Other 11281312.86 14974687.90 Total 203389242.59 189461539.01 38.R& D expenses 2082024 Annual Report In RMB Item Amount of this period Amount of last period Wage 1718236.48 Entrusted development fee 3365548.72 3245205.00 Total 5083785.20 3245205.00 39.Financial expenses In RMB Item Amount of this period Amount of last period Interest expenses 176538813.65 214338558.69 Interest income -56039879.15 -94065812.39 Exchange Income and loss（Gain-） 4544807.46 716683.26 Bank commission charge 996932.09 785352.19 Total 126040674.05 121774781.75 40.Other gains In RMB Item Amount of this period Amount of last period Government Subsidy-Cancel the Special Subsidy for 10046949.1510046949.21 Provincial Toll Station Project of Expressway Government Subsidy- Charging infrastructure incentive 15354.8412553.40 funds Government Subsidy- Vehicle purchase tax revenue 600000.00 subsidies for local funds Government subsidy- Stable job subsidies 531511.22 25500.00 Government subsidy- Maternity allowance 703149.29 660829.32 Withholding and remitting enterprise prepaid income tax 166639.84168720.03 fees VAT additional deduction 1844.66 23955.84 Veterans' VAT reduction and exemption 66717.82 67647.73 Total 11532166.82 11606155.53 41. Changes in the fair value of the earning In RMB Item Amount of this period Amount of last period Other non-current financial assets 2637409.20 2456768.00 Total 2637409.20 2456768.00 42. Investment income In RMB Item Amount of this period Amount of last period Long-term equity investment income by equity method 192051727.06 215712728.62 Disposition of the investment income generated by the 6777025.3924875986.37 long-term equity investment Dividends earned during the holding period on investments 102323410.0871249739.36 in other equity instrument Investment income of other non-current financial assets 409788.62601253.78 during the holding period Other 1284835.59 -80000.00 2092024 Annual Report Total 302846786.74 312359708.13 43. Credit impairment losses In RMB Item Amount of this period Amount of last period Impairment losses on account receivable 178333.33 192083.34 Impairment losses on other receivable -121834522.51 -123358138.31 Total -121656189.18 -123166054.97 44. Asset impairment loss In RMB Item Amount of this period Amount of last period Loss on impairment of fixed assets -10443015.96 Total -10443015.96 45.Assets disposal income In RMB Item Amount of this period Amount of last period Non-current assets disposal gains -721318.52 Including：Income from disposal of -723124.34 Fixed assets Disposal gains or losses of the leased 1805.82 assets Total -721318.52 46. Non-Operation income In RMB The amount of non-operating Item Amount of current period Amount of previous period gains & losses Non-current assets are damaged and scrapped for 56349.73 2230.09 56349.73 profit Insurance claim income 2474658.93 1571199.75 2474658.93 Road property claim income 2877260.24 2473459.99 2877260.24 Relocation compensation income 118500.00 22000.00 118500.00 Other 1097901.92 676740.36 1097901.92 Total 6624670.82 4745630.19 6624670.82 47. Non-Operation expense In RMB The amount of non-operating Item Amount of current period Amount of previous period gains & losses Non-current assets are damaged and scrapped for 31327.52 12138213.43 31327.52 profit Including：Fixed assets 31327.52 12138213.43 31327.52 2102024 Annual Report Road rehabilitation 7669259.008652598.727669259.00 expenditure Fine 2248.20 575.45 2248.20 Other 586370.05 605753.91 586370.05 Total 8289204.77 21397141.51 8289204.77 48. Income tax expense (1) Lists of income tax expense In RMB Item Amount of current period Amount of previous period Current income tax expense 676281258.99 643000314.19 Deferred income tax expense -5102900.87 71560856.65 Total 671178358.12 714561170.84 (2) Adjustment process of accounting profit and income tax expense In RMB Item Amount of current period Total 2774091140.17 Current income tax expense accounted by tax and relevant 693522785.04 regulations Influence of income tax before adjustment -173240.92 Influence of non taxable income -71302546.84 Impact of non-deductible costs expenses and losses 24840892.89 The current period does not affect the deferred tax assets 24290467.95 recognized deductible temporary differences or deductible loss Income tax expense 671178358.12 49.Items of Cash flow statement （1）Cash related to operating activities Other cash received from business operation In RMB Item Amount of current period Amount of previous period Interest income 44591923.66 82916438.52 Unit current account 182243574.88 94834141.80 Special government subsidies 100000000.00 385000000.00 Total 326835498.54 562750580.32 Other cash paid related to operating activities In RMB Item Amount of current period Amount of previous period Management expense 32363363.13 34024091.22 Unit current account 69951433.32 63945236.37 Total 102314796.45 97969327.59 2112024 Annual Report （2）Cash related to Investment activities Cash receivable related to other Investment activities In RMB Item Amount of current period Amount of previous period Interest on occupation of fund 1366702.42 Receipt of returned bid bond 3892567.08 Total 5259269.50 Important cash received in relation to the investment activities In RMB Item Amount of current period Amount of previous period Disposition of cash received by associated 39614562.90 80429567.10 Cash received from dividends and dividends 81116037.3271850993.14 of other equity investments Cash received from dividends of associated 76768033.74 68717811.14 Total 197498633.96 220998371.38 Cash Payable related to other Investment activities In RMB Item Amount of current period Amount of previous period Equity transaction service fee 169611.10 182544.13 Return Bid deposit 3499900.00 Total 3669511.10 182544.13 Cash Payable related to other Investment activities In RMB Item Amount of current period Amount of previous period Cash paid for other equity investments 56080000.00 Cash paid for by investing in associates 201662000.00 110250000.00 Cash paid for the reconstruction and expansion of the Nansha-Zhuhai section of the Guangzhou- 1514598632.64 1373291244.83 Macao Expressway Total 1716260632.64 1539621244.83 （3）Cash related to Financing activities Other cash received in relation to financing activities In RMB Item Amount of current period Amount of previous period Performance commitment compensation 40092886.12 Total 40092886.12 Cash paid related to other Financing activities In RMB Item Amount of current period Amount of previous period Issuance fee of medium-term notes 537769.75 1001869.75 Cash paid for the lease liabilities 11600234.86 13092412.09 Total 12138004.61 14094281.84 Changes in various liabilities arising from financing activities □Applicable □Not applicable 2122024 Annual Report In RMB Item Year-beginning Increase in the current period Decrease in the current period Year-end Non-cash Non-cash balance balance Cash changes Cash changeschanges changes Other payable- Dividend 27809510.32 1711737004.13 1706808191.94 23497.39 32714825.12 payable Other payable- Fractional 1291256.87 1291256.87 Dividend Short-loans 110085708.33 180000000.00 5316145.83 295401854.16 Long-term loans （Including 6096544829.87 1170955084.00 195469968.01 495985292.36 6966984589.52part due withinone year） Bond payable （Including 1470008483.6427466178.78729700000.00767774662.42 part due withinone year） Long-term payable （Including 2517493.1229716.99525000.002022210.11 part due within oneyear） Lease liabilities （Including 23963150.05 664268.08 11069615.77 75600.00 13482202.36part due withinone year） Total 7732220432.20 1350955084.00 1940683281.82 3239489954.23 1390354.26 7782978489.53 50. Supplement Information for cash flow statement （1）Supplement Information for cash flow statement In RMB Supplement Information Amount of current period Amount of previous period I. Adjusting net profit to cash flow from operating activities Net profit 2102912782.05 2262340136.06 Add：Impairment loss provision of assets 10443015.96 Credit loss preparation 121656189.18 123166054.97 Depreciation of fixed assets oil and gas assets and consumable 1036083773.121121749435.32 biological assets Depreciation of Use right assets 10677119.67 10417949.40 Amortization of intangible assets 24957444.17 26628234.56 Amortization of Long-term deferred expenses 350625.00 350625.00 Loss on disposal of fixed assets intangible assets and other long- 721318.52 term deferred assets 2132024 Annual Report Fixed assets scrap loss -25022.21 12135983.34 Loss on fair value changes -2637409.20 -2456768.00 Financial cost 181083621.11 215055241.95 Loss on investment -302846786.74 -312359708.13 Decrease of deferred income tax assets 7156816.67 89208863.35 Increased of deferred income tax liabilities -12259717.54 -17648006.70 Decrease of inventories Decease of operating receivables -80518246.74 -161409427.85 Increased of operating Payable 74285172.90 452543414.34 Other 94765913.95 1620519.90 Net cash flows arising from operating activities 3256363593.91 3831785563.47 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 4259653084.58 4701657434.00 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 -442004349.42 416969202.67 （2）Composition of cash and cash equivalents In RMB Item Balance in year-end Balance in year-Beginning Cash 4259653084.58 4701657434.00 Of which: Cash in stock 10267.08 35130.15 Bank savings could be used at any time 4259125745.36 4701108299.37 Other monetary capital could be used at any time 517072.14 514004.48 Balance of cash and cash equivalents at the period end 4259653084.58 4701657434.00 （3） Monetary funds that are not cash and cash equivalents In RMB Reasons other than cash and cash Item Current amount Previous amount equivalents Land reclamation funds in fund Land reclamation funds 1221200.00 1221200.00 custody account Unexpired accrued interest 28952378.64 15753098.20 Not actually received Total 30173578.64 16974298.20 2142024 Annual Report 51. 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 In RMB Item Current amount Interest expense of lease liabilities 663346.05 Variable lease payments not included in the measurement of lease liabilities Short-term lease or lease cost of low-value assets with simplified treatment 1144692.90 Income from subletting right-to-use assets Total cash outflow related to leasing 12941624.86 (2) The Company as lessor Operating lease as lessor □Applicable □Not applicable In RMB In which: income related to variable lease Item Lease income payment not included in lease receipts Operating lease income 28438950.74 Total 28438950.74 Financial lease as lessor □Applicable□Not applicable Undiscounted lease receipts for each of the next five years □Applicable□Not applicable Adjustment between undiscounted lease receipts and net lease investments （3） Recognize the profits and losses of financial lease sales as a manufacturer or distributor □Applicable□Not applicable VIII. Equity in other entities 1. Equity in subsidiary (1) The structure of the enterprise group In RMB Shareholding Ratio Main Places of Registration Nature of Obtaining Name of Subsidiary Registered capital (%) Operation Place Business Method direct indirect Expressway Under the same Guangfo Expressway Co. Ltd. 200000000.00 Guangzhou Guangzhou 75.00% Management control 2152024 Annual Report business combination Under the same Expressway control Guanghui Expressway Co. Ltd. 2351678000.00 Guangzhou Guangzhou 51.00% Management business combination Under the same Jingzhu Expressway Guangzhu Expressway control 2855700000.00 Zhongshan Guangzhou 75.00% Section Co.Ltd. Management business combination Yuegao Capital Investment 375500000.00 Guangzhou Guangzhou 100.00% Establishment Investment(Guangzhou)Co. Ltd. management 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 2162024 Annual Report (2) Important Non-wholly-owned Subsidiary In RMB Profit or Loss Owned by the Dividends Distributed to Equity Balance of the Equity Balance of the Shareholding Ratio of Minority Minority the Minority Minority Shareholders Minority Shareholders Shareholders (%) Shareholders in Shareholders in the in the End of the in the End of the the Current Current Period Period Period Period Guangdong Guanghui 49.00%443905338.02437663907.052062432322.82 Expressway Co. Ltd.Jingzhu Expressway Guangzhu 25.00%126570369.19129110889.29660703829.92 Section Co.Ltd.Holding proportion of minority shareholder in subsidiary different from voting proportion None 2172024 Annual Report (3) The main financial information of significant not wholly owned subsidiary In RMB Year-end balance Year-beginning balance Name Non- current Non- current Current assets Non- current assets Total assets Current Liabilities Total liabilities Current assets Non- current assets Total assets Current Liabilities Total liabilities liabilities liabilities Guangdong Guanghui 2202032502.092311186053.664513218555.75200417595.58103755403.39304172998.972039529187.552500576138.594540105326.14211040982.63132756400.96343797383.59 Expressway Co. Ltd.Jingzhu Expressway 421031319.915056842394.605477873714.51674646315.032160412079.792835058394.82388634507.853710550073.864099184581.711229752786.81986454394.822216207181.63 Guangzhu Section Co.Ltd.In RMB Amount of current period Amount of previous period Name Total TotalCash flows from Cash flows from Business income Net profit Comprehensiv Business income Net profit Comprehensive operating activities operating activities e income income Guangdong Guanghui 1939250120.24905929261.28905929261.281325346450.312151996795.831077811437.351077811437.351574951846.34 Expressway Co. Ltd.Jingzhu Expressway Guangzhu 1122523853.96506281476.77506281476.77924689753.541191507531.28521658129.01521658129.011127045720.91 Section Co.Ltd. 2182024 Annual Report (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 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 Proportion Accounting treatment of Main the Registration Name operating Business nature investment place Directly Indirectly of joint place venture or associated enterprise Zhaoqing Zhaoqing Expressway Equity Zhaoqing Yuezhao Highway Co. Ltd. 25.00% Management method Guangdong Guangdong Expressway Equity Shenzhen Huiyan Expressway Co. Ltd. Shenzhen Shenzhen 33.33% Management method Guangdong Jiangzhong Expressway Expressway Equity Zhongshan Zhongshan 15.00% Co. Ltd. Management method Expressway Equity Ganzhou kangda Expressway Co. Ltd. Gangzhou Ganzhou 30.00% Management method Ganzhou Gankang Expressway Co. Expressway Equity Gangzhou Ganzhou 30.00% Ltd. Management method Guangdong Yuepu Small Refinancing Hand all kinds of Equity Guangzhou Guangzhou 15.48% Co. Ltd(Note) small loans method Equity Guangyuan Securities Co. Ltd. Hefei Hefei Security business 2.37% method Guangdong Yuetong Qiyuan Chip Equity Guangzhou Guangzhou New Energy service 6.67% Power Technology Co. Ltd method Garage electric pile Holding (Shenzhen) Equity Shenzhen Shenzhen New Energy service 17.40% Co. Ltd method Note to holding proportion of joint venture or associated enterprise different from voting proportion: None 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: GuangdongJiangzhongExpresswayCo.Ltd.Guangyuan Securities Co. Ltd.，Yuepu Small Refinancing Co. 2192024 Annual Report Ltd. Garage electric pile Holding (Shenzhen) Co. Ltd.and Guangdong Yuetong Qiyuan Chip Power Technology Co.Ltd..holds20%ofthevotingrightsbuthasthepowertoparticipateinmakingdecisionsontheirfinancialandoperatingdec isionsandthereforedeemedtobeabletoexertsignificantinfluenceovertheinvestee. (2) Main financial information of significant joint venture None (3) Main financial information of significant associated enterprise In RMB Year-end balance/ Amount of current Year-beginning balance/ Amount of period previous period Guoyuan Securities Co. Ltd. Guoyuan Securities Co. Ltd.Current assets Non-current assets Total assets 172526443220.18 133200177000.85 Current liabilities Non-current Liabilities Total liabilities Minority Shareholders’ Equity Shareholders’ equity attributable to 37081084070.9334578952207.02 shareholders of the parent Proratashareofthenetassetscalculated 879340429.05 820004900.93 Adjustment items --Goodwill 207095632.54 207095632.54 -- Internal transactions did not achieve profits --Other Thebookvalueofequityinvestmentsinjoint 1086436061.591027100533.47 ventures Fair value of equity investment of associated enterprises with open 865114385.52 706786035.06 quotation Buinsess incme 7838551047.28 6375088522.72 Net profit 2285774152.02 1868664593.05 Net profit from terminated operations Other comprehensive income 1124398377.85 426564437.75 Total comprehensive income 3410172529.87 2295229030.80 Dividendsreceivedfromassociatesduringt 21731342.2215522387.30 heyear (4) Summary financial information of insignificant joint venture or associated enterprise In RMB Year-end balance/ Amount of current Year-beginning balance/ Amount of 2202024 Annual Report period previous period Joint venture： Total amount of the pro rata calculation of the following items Associated enterprise： Total book value of the investment 2245913947.25 2068477754.53 Total amount of the pro rata calculation of the following--Net profit ms --Net profit 137648577.81 171074736.63 --Total comprehensive income 137648577.81 171074736.63 (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 Accounting Beginning New subsidy Amount Amount Other Closing balance Related to subject balance amount in the included in transferred to changes assets/incom 2212024 Annual Report current period non-operating other income in in the e income in the the current current current period period period Deferred 395976324.09 100000000.00 10062303.99 485914020.10 Asset-related income Total 395976324.09 100000000.00 10062303.99 485914020.10 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 11296964.50 11345831.93 Total 11296964.50 11345831.93 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 are included in other comprehensive income and are measured at fair value on the balance sheet date. 2222024 Annual Report Therefore the Company bears the risk of changes in the securities market. 2.Credit risk As of December 312024 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 Investment in Other Equity Instruments" in V(7) 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 Item Fir value Fir value Fir value measurement items measurement items measurement items Total at level 1 at level 2 at level 3 I. Consistent fair value -------- measurement （2）Equity instrument investment 186494177.20 186494177.20（III）Other equity instrument 910436633.28858517252.571768953885.85 investment Total assets continuously measured at 910436633.28186494177.20858517252.571955448063.05 fair value II. Non –persistent measure -- -- -- -- 2. Market price recognition basis for consistent and inconsistent fair value measurement items at level 1. Asattheendoftheperiodthecompanyholdsshares235254944sharesofChinaEverbrightBank AccordingtotheclosingpriceofDecember 312024 of 3.87 yuan the final calculation of fair value was 910436633.28 yuan. 2232024 Annual Report 3. For Level 2 items measured at fair value continuously and non-continuously the valuation techniques and qualitative and quantitative information of significant parameters are adopted The fair value of the assets held by the Company and measured by Level 2 fair value is determined by the market method; Other non current financial assets held by the Company and measured at Level 2 fair value are non transactional equity instrument investments and their fair value is determined based on the prices of similar assets in active or non-active markets. 4. For Level 3 items measured at fair value continuously and non-continuously the valuation techniques and qualitative and quantitative information of significant parameters are adopted The Level 3 fair value measurement held by the Company is designated for non transactional equity instrument investments measured at fair value with changes recognized in other comprehensive income mainly for equity investment projects with no observable active market data verification and with financial forecasts made by using their own data. 5. Valuation technology changes that occurred during this period and reasons for changes The non transactional equity instrument investments held by the Company which are measured at fair value with changes recognized in current profits and losses were evaluated at fair value by using the income method in the same period last year. However in this period due to the inability to obtain previously used information for financial forecasting and the fact that the Company can obtain similar asset quotes in the market we have changed to evaluate the fair value by using the market method.XII. Related parties and related-party transactions 1. Parent company information of the enterprise The parent The parent Redistricted company of the company of the Name Registered address Nature capital Company's Company’s vote shareholding ratio ratio Equity management Guangdong traffic communication Guangzhou infrastructure 26.8 billion yuan 24.56% 50.12% Group Co. Ltd construction and railway project operation Note ： Guangdong Communication Group Co. Ltd. is the largest shareholder of the Company. legal representative: Deng Xiaohua. Date of establishment: June 23 2000. As of December 312024Registered capital: 26.8 billion yuan. It is a solely state-owned limited company. Business scope：equity management organization of asset 2242024 Annual Report 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.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 SubsidiariesofthisenterpriseseeVIII(1)therightsofotherentity 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 Guangdong Yuetong Qiyuan Chip Power Technology 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 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 Provincial Freeway Co.Ltd. Fully owned subsidiary of the parent company 2252024 Annual Report 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 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 Guangdong Guangle Expressway Co. Ltd. Fully owned subsidiary of the parent company Guangdong Communication Group Financial Shared Service Fully owned subsidiary of the parent company Center Co. Ltd Guangdong Motor Transportation Group 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 Communications Technology Research and Fully owned subsidiary of the parent company Development Co. Ltd 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 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 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 Amount of Amount of Over the Content of related trading Amount of last Related parties transaction current period previous limit or period not period 1.Business cost Guangdong Union electronic services Service 24393142.01 16890482.70 co. Ltd.Poly Changda Engineering Co. Ltd. Project fund service 24184238.00 25010914.00 Guangdong Communications Testing Project fund service 10352698.00 8502733.00 Co. Ltd.Guangdong Xinyue Traffic Investment Project fund service 8999520.04 9330032.04 Co. Ltd.Guangzhou Xinyue Asphalt Co. Ltd. Purchase 8656240.65 3265078.03 Guangdong Feida Traffic Engineering Maintenance 6602624.00 6368019.00 Co. Ltd.Guangdong Yueyun Traffic Rescue Co. Rescue service fee 4967400.00 3607400.00 2262024 Annual Report Amount of Amount of Over the Content of related trading Amount of last Related parties transaction current period previous limit or period not period Ltd.Guangdong Hualu Traffic Technology Project 4249608.18 5126252.67 Co. Ltd.Guangdong Lulutong Co. Ltd. Project fund service 1822181.00 2286315.00 Guangdong Litong Technology Maintenance 1728839.48 1331428.00 Investment Co. Ltd.Guangdong East Thinking Management Maintenance， 1406378.171437278.17 Technology Development Co. Ltd. Service Guangdong Humen Bridge Co. Ltd. Service 1150688.38 1141771.80 Guangdong Communication Planning & Project labour service 1002277.44 1860809.74 Design Institute Co. Ltd.Guangdong Highway Science and Training expense 662840.00 Education Center Co. Ltd Guangdong Expressway Technology Maintenance Test 598500.00 1110878.00 Investment Co. Ltd.Guangdong Communications Technology Research and Development Service 192096.00 64032.00 Co. Ltd Guangdong Tongyi Expressway Service Service 154584.00 131379.00 Area Co. Ltd Hunan Lianzhi Monitoring Technology Maintenance 147282.00 Co. Ltd.Hunan Lianzhi Monitoring Technology Project 296763.00 Co. Ltd.Guangdong Expressway Media Co. Ltd. Project 136000.00 Subtotal 101271137.35 87897566.15 2.Financial cost Guangdong Communication Group Borrowing Interest 11415261.1010157805.55 Finance Co. Ltd. expresses Guangdong Communication Group Deposit interest -28914447.25-73213480.41 Finance Co. Ltd. income Guangdong Communication Group Commission charge 4612.02 Finance Co. Ltd.Guangdong Communication Group Borrowing Interest 14123611.10 expresses Subtotal -17499186.15 -48927451.74 3.Administrative expenses Guangdong Highway Science and Training expense 1202402.19 Education Center Co. Ltd Guangdong East Thinking Management Maintenance， 968211.32510000.00 Technology Development Co. Ltd. Service Guangdong Union electronic services maintenance fee 879986.00 798700.00 co. Ltd.Guangdong Highway Construction Trairing expense 530110.72 Co.Ltd. 2272024 Annual Report Amount of Amount of Over the Content of related trading Amount of last Related parties transaction current period previous limit or period not period Guangdong Communication Group Service 351582.90 Financial Shared Service Center Co. Ltd Guangdong Tongyi Expressway Service Service 129318.80 16000.00 Area Co. Ltd Guangdong Litong Property Management Fee 101893.1129004.77 Development Co. Ltd. water and electricity Guangdong Expressway Media Co. Ltd. Work safety funds 101120.00 Guangdong Provincial Freeway Co.Ltd. Travel expense 8200.00 Monitoring service Guangdong Xinyue Traffic Investment fee and installation 214882.00 Co. Ltd.fee Guangdong Litong Development Management Fee 259619.11 Investment Co. Ltd.Subtotal 4272825.04 1828205.88 4.R & D Guangdong Communication Planning & Scientific research 1545656.31963646.00 Design Institute Co. Ltd. project Guangdong Communications Testing Scientific research 316299.00527165.00 Co. Ltd. project Guangdong Hualu Traffic Technology Scientific research 16104.90481823.00 Co. Ltd. project Subtotal 1878060.21 1972634.00 5.Fixed assets Guangdong Feida Traffic Engineering Purchase assets 11081330.36 2611574.00 Co. Ltd.Guangdong Xinyue Traffic Investment Purchase assets 5049951.00 2783766.00 Co. Ltd.Guangdong Communication Planning & Purchase assets 3000244.05 2432390.24 Design Institute Co. Ltd.Guangdong Hualu Traffic Technology Purchase assets 1905520.15 2128295.94 Co. Ltd.Guangdong Lulutong Co. Ltd. Purchase assets 996550.00 1734994.86 Guangdong Communications Testing Purchase assets 774006.00 1435396.00 Co. Ltd.Guangdong Litong Technology Purchase assets 380000.00 227490.00 Investment Co. Ltd.Guangdong Expressway Technology Purchase assets 88232.91 Investment Co. Ltd.Guangdong East Thinking Management Purchase assets 434800.00 Technology Development Co. Ltd.Poly Changda Engineering Co. Ltd. Purchase assets 2833368.00 Subtotal 23275834.47 16622075.04 4）Construction in process Poly Changda Engineering Co. Ltd. Purchase assets 493403076.00 124024328.00 Guangdong Communication Planning & Purchase assets 15223406.23 26337631.00 Design Institute Co. Ltd.Guangdong Traffic Development Co. Purchase assets 7200000.00 2282024 Annual Report Amount of Amount of Over the Content of related trading Amount of last Related parties transaction current period previous limit or period not period Ltd.Guangdong Communication Group Purchase assets 5597723.65 45833.33 Finance Co. Ltd.Guangdong Feida Traffic Engineering Purchase assets 4938836.00 18510159.00 Co. Ltd.Guangdong Hualu Traffic Technology Purchase assets 3570763.04 1668179.00 Co. Ltd.Guangdong Xinyue Traffic Investment Purchase assets 2373193.00 29103.00 Co. Ltd.Guangdong East Thinking Management Purchase assets 1321170.00 Technology Development Co. Ltd.Guangdong Motor Transportation Group Purchase assets 173900.00 Co. Ltd Guangdong Communications Group Purchase assets 88015.98 Financial Shared Service Center Co. Ltd Guangdong Highway Construction Co. Purchase assets 29053.56 480000.00 Ltd.Guangdong Highway Science and Purchase assets 13300.00 Education Center Co. Ltd Guangdong Communications Testing Purchase assets 2028475.00 Co. Ltd Subtotal 533932437.46 173123708.33 7.Intangible assets Guangdong Feida Traffic Engineering Purchase assets 245081.00 Co. Ltd.Guangdong Xinyue Traffic Investment Purchase assets 60472.00 Co. Ltd.Subtotal 305553.00 8.Non-operating expenses Expenditure on Guangdong Feida Traffic Engineering electromechanical 1005769.00 487087.00 Co. Ltd.system repair Guangdong Xinyue Traffic Investment Sporadic repair fees 271138.43 83018.00 Co. Ltd.Expenses for civil Poly Changda Engineering Co. Ltd. engineering 1.00 restoration Subtotal 1276907.43 570106.00 Related transactions on sale goods and receiving services In RMB Related party Content Amount of current period Amount of previous period 1.Business income Jingzhu Expressway Guangzhu North section Commission 25259811.30 24620471.71 2292024 Annual Report Co. Ltd. management fee Guangdong Provincial Government loan Commission 6148490.59 repayment highway Management Center management fee Guangdong Tongyi Expressway Service Area Water and electricity 1174889.20 1192276.53 Co. Ltd Salaries of expatriate Zhaoqing Yuezhao Highway Co. Ltd. 1132902.61 888933.32 staff Salaries of expatriate Ganzhou Gankang Expressway Co. Ltd. 1036052.35 938851.79 staff Salaries of expatriate Shenzhen Huiyan Expressway Co. Ltd. 1031504.73 880596.24 staff Guangdong Traffic Development Co. Ltd. Water and electricity 1005319.71 1254801.91 Salaries of expatriate Ganzhou Kangda Expressway Co. Ltd. 816030.16 467198.40 staff Salaries of expatriate Guangdong Jiangzhong Expressway Co. Ltd. 518825.92 494509.32 staff Yuetong Qiyuan Chip Power Technology Co. Salaries of expatriate 396039.60 Ltd. staff Guangdong Yueyun Traffic Rescue Co. Ltd. Water and electricity 21129.68 19879.27 water and electricity Poly Changda Engineering Co. Ltd. 9087.96 60413.75 bills Guangdong Expressway Media Co. Ltd. Water and electricity 2581.63 9274.73 Guangdong Litong Technology Investment Co.Electricity 1651.77 8948.76 Ltd.Subtotal 38554317.21 30836155.73 2）Non-operating income Construction Poly Changda Engineering Co. Ltd. 11000.00 1200.00 liquidated damages Construction Guangdong Xinyue Traffic Investment Co. Ltd. 7500.00 24462.00 liquidated damages Construction Guangdong Feida Traffic Engineering Co. Ltd 2000.00 liquidated damages Subtotal 18500.00 27662.00 (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 Tongyi Expressway Service Area Lease 2512175.38 924116.72 Service Area Co. Ltd Guangdong Expressway Technology Advertisinglease 2393287.842750824.41 Co. Ltd.Guangdong Expressway Technology Communication pipeline lease 2352418.65 5232174.45 Co. Ltd.Guangdong Expressway Media Co. Advertisinglease 2346482.152430365.96 Ltd.Poly Changda Engineering Co. Ltd. Land lease 600002.15 555557.14 Poly Changda Engineering Co. Ltd. Equipment lease 445910.62 445910.48 Guangdong Litong Technology Communication Piping 428101.21 2095121.23 2302024 Annual Report Investment Co. Ltd.Guangdong Traffic Development Co.Equipment lease 315372.65 Ltd.Guangdong Expressway Technology Property lease 252751.02 339864.33 Co. Ltd.Guangzhou Xinyue Traffic Land lease 34285.71 Technology Co. Ltd.Guangdong Expressway Technology Land lease 18285.71 Investment Co. Ltd.Guangdong Litong Technology Land lease 31809.52 Investment Co. Ltd.Total 11699073.09 14805744.24 2312024 Annual Report - The company was lessee： In RMB Variable lease payments not Rental charges for short-term and Interest expenses on lease included in lease liabilities Rent paid Increased use right assets low-value assets (if any) liabilities assumed Categor measurement (if any) y of Lessor leased Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of assets current period previous period current previous current period previous current previous current previous period period period period period period period Guangdong Litong Offices Decelopment pace 253942.90 10612381.77 10255100.13 647871.15 719705.56 30634734.72 Investment Co. Ltd Guangdong Litong Offices Property pace 156000.00 24124.00 104256.00 79712.00 4000.28 4697.99 230671.46 Development Co.Ltd.Guangdong Motor Transportation Car r 184750.00 570000.00 Group Co. Ltd Jingzhu Offices Expressway pace 79378.00 10701.43 Guangzhu North section Co. Ltd.Total 594692.90 594124.00 10716637.77 10414190.13 651871.43 735104.98 30865406.18 2322024 Annual Report (3 ）Rewards for the key management personnel In RMB'00000 Item Amount of current period Amount of previous period Rewards for the key management 686.83718.92 personnel （4） Transactions with associated financial companies （1）Deposit business Related party Relationship Maximum daily Deposit Beginning The amount of this perioddeposit interest balance(RMB'00000） Total amount for this Total amount is Endinglimit(RMB'00000） rateperiod(RMB'00000 withdrawn for this balance(RMB'00000）） rangeperiod(RMB'00000） Guangdong Controlled Communications by the same 0.35%- 350000.00267814.821319850.721308587.44279078.10 Group Finance parent 2.85% Co. Ltd company （2）Loan business Related party Relationship Loant Beginning The amount of this periodLoan interest balance(RMB'00000） Total loan amount of Total repayment Endinglimit(RMB'00000） rate balance(RMB'0000the current amount of the currentrange period(RMB'00000） period(RMB'00000） Guangdong Controlled by Communications the same 2.20%- 300000.0040632.9275701.3031073.3885260.84 Group Finance parent 2.70% 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 services Related party Relationship Business Total Actual amounttype amount(RMB'00000） incurred(RMB'00000） Guangdong Communications Group Controlled by the same Credit 300000.0074000.00 Finance Co. Ltd 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.Guangdong Guanghui Expressway Co. Ltd respectively signed the "Cash Management Business Cooperation Agreement" with Guangdong Communications Group Finance Co. Ltd and Agricultural Bank of 2332024 Annual Report 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. 56215234.69104739306.92 receivable Ltd.Account Jingzhu Expressway Guangzhu North 9311649.318643475.02 receivable Section Co. Ltd.Account Guangdong Humen Bridge Co. Ltd. 5720146.53 8382454.42 receivable Account Guangdong Expressway Technology 6828733.676548536.49 receivable Investment Co. Ltd.Account Guangdong Expressway Media Co. Ltd. 1219406.25 538491.00 receivable Account Poly Changda Engineering Co. Ltd. 503879.00 503879.00 2342024 Annual Report receivable Account Guangdong Litong Technology 475529.20 receivable Investment Co. Ltd.Total 79799049.45 129831672.05 Guangdong Communications Testing Prepayment 711457.00 Co. Ltd Guangdong Feida Traffic Engineering Prepayment 2478186.00 Co. Ltd.Total 711457.00 2478186.00 Other Account Guangdong Guangle ExpresswayCo. 21615181.62 receivable Ltd.Other Account Guangdong Higyway Construction Co. 6707300.48 receivable Ltd. Jiangluo Branch Other Account Guangdong Litong Development 1839246.941846377.94 receivable Investment Co. Ltd.Other Account Guangdong Union electron Service Co. 50000.00136509.59 receivable Ltd.Other Account Guangdong Humen Bridge Co. Ltd. 15000.0015000.00 receivable Other Account Guangdong Litong Property 19193.0012062.00 receivable Development Co. Ltd.Other Account Guangdong Expressway Technology 7730.441520.08 receivable Investment Co. Ltd.Other Account Guangdong Yueyun Traffic Rescue Co. 2725.82 receivable Ltd.Other Account Guangdong Expressway Media Co. Ltd. 656495.57 receivable Other Account Guangdong Provincial Freeway Co.Ltd. 40092886.12 receivable Total 30256378.30 42760851.30 Other Non- Poly Changda Engineering Co. Ltd. 130778141.60 120487501.70 Current Assets Other Non- Guangdong Xinyue Traffic Investment 17423070.00834973.80 Current Assets Co. Ltd.Other Non- Guangdong Hualu Traffic Technology 1715012.00 Current Assets Co. Ltd.Other Non- Guangdong Traffic Development Co. 333398.00333398.00 Current Assets Ltd.Other Non- Guangdong East Thinking Management 251000.00251000.00 Current Assets Technology Development Co. Ltd.Total 150500621.60 121906873.50 （2）Payables In RMB Amount at year Name Related party Amount at year end beginning Short-term loan Guangdong Communication Group Finance Co. ltd. 110085708.33 Total 110085708.33 Account payable Poly Changda Engineering Co. Ltd. 21105254.30 17531275.30 Account payable Guangdong Feida Traffic Engineering Co. Ltd. 14154370.37 21943925.23 2352024 Annual Report Amount at year Name Related party Amount at year end beginning Account payable Guangdong Xinyue Traffic Investment Co. Ltd. 7251728.23 6044263.15 Account payable Guangdong Hualu Traffic Technology Co. Ltd. 3692531.87 3590461.17 Account payable Guangzhongjiang Expressway Project Management 2747739.00 2747739.00 Dept Account payable Guangdong Lulutong Co. Ltd. 2278123.00 1682944.86 Account payable Guangzhou Xinyue Asphalt Co. Ltd. 2068875.00 494704.00 Account payable Guangdong Union Electron Service Co.Ltd. 1213419.78 927837.89 Guangdong East Thinking Management Technology Account payable 1072905.56 1588922.00 Development Co. Ltd.Account payable Guangdong Communication Planning & Design 1019151.90 2513096.78 Institute Co. Ltd.Account payable Guangdong CommunicationTest Co. Ltd. 830124.00 157501.00 Account payable Guangdong Litong Technology Investment Co. Ltd. 713769.34 472380.00 Account payable Guangdong Communication Group Financial Shared 282411.49 Service Center Co. Ltd Account payable Guangdong Yueyun Traffic Rescue Co. Ltd. 261800.00 261800.00 Account payable Guangdong Expressway Technology Investment Co. 48004.00 866490.00 Ltd.Account payable Guangdong Changda Road Maintenance Co. Ltd. 231869.00 Account payable Hunan Lianzhi Technology Co. Ltd. 217010.00 Account payable Guangdong Motor Transportation Group Co. Ltd 184000.00 Account payable Guangdong Communications Technology Research 32016.00 and Development Co. Ltd.Total 58740207.84 61488235.38 Advance received Guangdong Union Electron Service Co.Ltd. 1313348.00 Total 1313348.00 Other Payable account Poly Changda Engineering Co. Ltd. 28546224.97 20510879.46 Guangdong Communication Planning & Design Other Payable account 2857255.10 462700.00 Institute Co. Ltd.Other Payable account Guangdong Hualu Traffic Technology Co. Ltd. 2422446.06 2121826.06 Other Payable account Guangdong Feida Traffic Engineering Co. Ltd. 2267431.65 1773643.35 Other Payable account Guangdong Expressway Technology Investment Co. 1480359.66 1717958.26 Ltd.Other Payable account Guangdong Union electronic services co. Ltd. 1238234.09 691060.06 Other Payable account Guangdong Xinyue Traffic Investment Co. Ltd. 962439.99 900742.71 Other Payable account Guangdong Lulutong Co. Ltd. 739076.64 607161.54 Other Payable account Guangzhou Xinyue Asphalt Co. Ltd. 702198.00 Guangdong East Thinking Management Technology Other Payable account 588886.62 394220.18 Development Co. Ltd.Other Payable account Guangdong Xinyue Traffic Technology Co. Ltd. 317085.50 1653523.70 Other Payable account Guangzhongjiang Expressway Project Management 200000.00 200000.00 Dept Other Payable account Guangdong Tongyi Expressway Service Area Co. Ltd. 120000.00 120000.00 Other Payable account Guangdong Communication Test Co. Ltd. 96954.00 1573310.00 Other Payable account Guangdong Litong Technology Investment Co. Ltd. 50836.53 85919.24 2362024 Annual Report Amount at year Name Related party Amount at year end beginning Other Payable account Guangdong Expressway Media Co. Ltd. 50000.00 50000.00 Other Payable account Guangdong Yueyun Traffic Rescue Co. Ltd. 2000.00 2000.00 Other Payable account Guangdong Road Construction Co. Ltd. 2004376.13 Other Payable account Hunan Lianzhi Technology Co. Ltd. 19797.00 Total 42641428.81 34889117.69 Non-current liabilities Guangdong Litong Development Investment Co. Ltd. 10619693.51 9964510.62 due 1 year Non-current liabilities Guangdong Communication Group Finance Co. ltd. 4608361.15 4243466.66 due 1 year Non-current liabilities Guangdong Litong Property Development Co. Ltd. 55401.73 100255.11 due 1 year Total 15283456.39 14308232.39 Lease Liabilities Guangdong Litong Development Investment Co. Ltd. 2730189.11 13349882.62 Lease Liabilities Guangdong Litong Property Development Co. Ltd. 55402.33 Total 2730189.11 13405284.95 Long-term loans Guangdong Communication Group Finance Co. ltd. 848000000.00 292000000.00 Total 848000000.00 292000000.00 XIII. Share-based payment 1. General share-based payment □Applicable□Not applicable 2. Share-based payment settled by equity □Applicable□Not applicable 3. Share-based payment settled by cash □Applicable□Not applicable 4. The current shares will pay the fee □Applicable□Not applicable XIV. Commitments 1. Significant commitments Significant commitments at balance sheet date (1) Capital commitments In RMB Item December 312024 December 312023 Contracted but not recognized in the financial statements 2372024 Annual Report Building long-term asset commitments - 6254265422.40 7020477401.30 Expressway construction 2. Contingency (1) Significant contingency at balance sheet date As of December 312924 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 1.Profit distribution In RMB Number of dividends to be distributed for every 10 5.23 shares (RMB) Number of bonus shares to be distributed for every 0 10 shares (shares) Number of converted shares to be distributed for 0 every 10 shares (shares) Number of dividends for every 10 shares declared after deliberation and approval (RMB) Number of bonus shares for every 10 shares declared after deliberation and approval (shares) Number of converted shares for every 10 shares declared after deliberation and approval (shares) 1. Limited to 10% of the registered capital of the Parent company the net profit of the company i.e. 163460199.30 yuan is to be allocated for statutory common reserve fund； 2.The profit for 2024 is to be distributed as follows: 1093491603.90 yuan. is to be allocated as the fund for dividend distribution for 2024. with the total shares at the end of 2024 i.e. 2090806126 shares as the base cash Profit distribution scheme dividend of 5.23 yuan (including tax) is to be distributed for every 10 shares .The remaining undistributed profits are to be carried forward to the next year. The foreign exchange translation of the cash dividends for shareholders holding B share and overseas corporate shares will be determined according to HKD:RMB bank’s Middle rate quoted by People’s Bank of China on the first working day after 2024 annual shareholders’ general meeting makes resolution on dividend distribution.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 2382024 Annual Report Expressway Guangzhu Section toll collection and maintenance work the technology industry and provide investment advice no other nature of the business no reportable segment. 3.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 December 31 2024 custody expenses paid by Guangfo Company were RMB342942142.53.XVII.Notes of main items in financial reports of parent company 1. Account receivable （1） Disclosure by aging In RMB Aging Balance in year-end Balance Year-beginning Within 1 year（Including 1 year） 19832233.51 31718251.28 Total 19832233.51 31718251.28 2392024 Annual Report （2） 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(%) Accrual of bad debt provision by 19832233.51 100.00% 19832233.51 31718251.28 100.00% 31718251.28 portfolio Including： Aging portfolio 19832233.51 100.00% 19832233.51 31718251.28 100.00% 31718251.28 Total 19832233.51 100.00% 19832233.51 31718251.28 100.00% 31718251.28 2402024 Annual Report 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 19832233.51 Total 19832233.51 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 Accounts Company Name Amount of Closing balance of receivable and Proportion of Amount of ending balance total accounts ending balancethe contract assets contract assets receivable % for bad debts ending balance Guangdong Union Electronic 19832233.51 19832233.51 100.00% Services Co. Ltd.Total 19832233.51 19832233.51 100.00% 2.Other accounts receivable In RMB Item Balance in year-end Balance Year-beginning Dividend receivable 28621800.58 1205472.90 Other receivable 408193607.15 1020100372.97 Total 436815407.73 1021305845.87 (1) Interest receivable None （2）Dividend receivable 1)Dividend receivable In RMB Item Balance in year-end Balance Year-beginning Guangdong Radio and Television Networks investment No.1 797664.041205472.90 Limited partnership enterprise Guangdong Guangle Expressway Co. Ltd. 21615181.62 Guoyuan Securities Co. Ltd. 6208954.92 Total 28621800.58 1205472.90 2412024 Annual Report 2)Significant dividend receivable aged over 1 year None 3）Bad-debt provision □ Applicable √ Not applicable （3） Other accounts receivable 1) Other accounts receivable classified In RMB Item Balance in year-end Balance Year-beginning Deposit 2277164.74 2277164.74 Petty cash 950000.00 1232661.91 Investment in reconstruction and 397834010.41975923541.67 expansion and interest Compensation for performance 40092886.12 commitments receivable Provisional payment receivable 6707300.48 Other 425131.52 574118.53 Total 408193607.15 1020100372.97 2） Disclosure by aging In RMB Aging Balance in year-end Balance Year-beginningWithin 1 year(Including 1 year） 8003997.50 44648632.53 1-2 years 2251101.35 975012062.00 2-3 years 397512062.00 28611.55 Over 3 years 426446.30 411066.89 3-4 years 27180.00 7699.35 4-5 years 2095.07 23848.70 Over 5 years 397171.23 379518.84 Total 408193607.15 1020100372.97 2422024 Annual Report 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(%) Accrual of bad debt 408193607.15100.00%408193607.151020100372.97100.00%1020100372.97 provision by single Including： CSF Portfolio 3227164.74 0.79% 3227164.74 3509826.65 0.34% 3509826.65 Very low credit risk 7132432.001.75%7132432.0040667004.653.99%40667004.65 financial asset portfolio Risk-free combination 397834010.41 97.46% 397834010.41 975923541.67 95.67% 975923541.67 Total 408193607.15 100.00% 408193607.15 1020100372.97 100.00% 1020100372.97 2432024 Annual Report Accrual of bad debt provision by portfolio:. Other In RMB Balance in year-end Name Book balance Bad debt provision Withdrawal proportion Cast deposit portfolio 3227164.74 Very low credit risk financial asset portfolio 7132432.00 Risk-free combination 397834010.41 Total 408193607.15 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 prepayment collected according to the prepayment target In RMB Name Relations with the Amount Aging Reasons for Proportion Company non-settlement % Reconstruction and Jingzhu Expressway Guangzhu expansion of investment 397500000.00 2-3 years Section Co. Ltd. funds and interest 97.46% Interest 334010.41 Within 1 year Guangdong Highway Construction Co. Ltd. Jiangluo Current fund 6707300.48 Within 1 year 1.64% Branch Guangdong Litong Vehicle parking deposit 1816266.94 1-2 years Development Investment Co. 0.45% Ltd. Lease deposit 22980.00 3-4 years First Pacific Davis Property Vehicle parking deposit 92116.80 1-2 years Consultant (Guangzhou) Co. Water and electricity 322408.00 1-2 years costs working capital 0.10% Ltd Management fee deposit 4200.00 3-4 years Huang Honggui Petty cash 190000.00 Within 1 year 0.05% Total 406989282.63 99.70% 3. Long-term equity investment In RMB End of term Beginning of term Item Impairment Impairment Book Balance Book value Book Balance Book value provision provision Investment in 4529830463.434529830463.433952330463.433952330463.43 subsidiaries Investment in joint ventures and 3316886938.58 3316886938.58 2990656046.31 2990656046.31 associates Total 7846717402.01 7846717402.01 6942986509.74 6942986509.74 2442024 Annual Report （1）Investment to the subsidiary In RMB Increase /decrease in reporting period Name Opening balance Initial balance of the Withdrawn Closing balance of Add Decreased Closing balance impairment provision impairment Other impairment provision investment investment provision Jingzhu Expressway 1396171883.08577500000.001973671883.08 Guangzhu Section Co. Ltd.Guangfo Expressway Co. 154982475.25154982475.25 ltd.Yuegao Capital Investment 375500000.00375500000.00 (Guangzhou) Co. Ltd.Guanghui Expressway Co. 2025676105.102025676105.10 Ltd.Total 3952330463.43 577500000.00 4529830463.43 （2）Investment to joint ventures and associated enterprises In RMB Initial Increase /decrease in reporting period Closing balance of Investment Other Other Announced for Provision balance of Name Opening balance the Increase in Decrease in Closing balance impairment impairment income under comprehensive changes distributing cash for Otherinvestment investment provision equity method income in equity dividend or profit impairment provision I. Joint ventures II. Associated enterprises Zhaoqing Yuezhao 367104015.00233500000.0053004724.3799500000.00554108739.37 Highway Co. Ltd.Guangdong Jiangzhong 557686679.6652350000.00-6793579.684057227.52599185872.46 Expressway Co.Ltd.Ganzhou Gankang 181054819.12 15315233.14 17700000.00 178670052.26 2452024 Annual Report Initial Increase /decrease in reporting period Closing balance of Investment Other Other Announced for Provision balance of Name Opening balance the Increase in Decrease in Closing balance impairment income under comprehensive changes distributing cash for Other impairment investment investment provision equity method income in equity dividend or profit impairment provision Expressway Co.Ltd.Ganzhou Kangda Expressway Co. 257929704.98 43565066.95 30000000.00 271494771.93 Ltd.ShenzhenHuiyan Expressway Co. 377922183.98 23880675.18 401802859.16 Ltd.Guoyuan Securities 1027100533.4754403149.2526663721.0921731342.221086436061.59 Co.Ltd.Guangdong Yueke Science and Technology 221858110.10 12818890.63 9488418.92 225188581.81 Microfinance Co.Ltd.Subtotal 2990656046.31 285850000.00 196194159.84 26663721.09 182476988.66 3316886938.58 Total 2990656046.31 285850000.00 196194159.84 26663721.09 182476988.66 3316886938.58 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 2462024 Annual Report 4. Business income and Business cost In RMB Item Amount of current period Amount of previous period Revenue Cost Revenue Cost Main business 1495267944.19 553643384.05 1521448612.59 606338219.48 Other 13232631.73 1021300.25 14136853.64 4642566.15 Total 1508500575.92 554664684.30 1535585466.23 610980785.63 5.Investment income In RMB Item Amount of current period Amount of previous period Long-term equity investment income accounted by 842860407.87730452121.37 cost method Long-term equity investment income accounted by 196194159.84215529559.56 equity method Dividend income from other equity instrument 102323410.0871249739.36 investments during the holding period Other 18478714.63 27008665.00 Total 1159856692.42 1044240085.29 XVIII. Supplementary Information 1.Current non-recurring gains/losses √ Applicable □Not applicable In RMB Item Amount Notes Non-current asset disposal gain/loss 6080729.08 Government subsidies recognized in current gain and loss(excluding those closely 11296964.50 related to the Company’s business and granted under the state’s policies) Gain and loss from change of the fair value arising from transactional monetary assets transactional financial liabilities as held as well as the investment income arising from disposal of the transactional monetary assets transactional financial liabilities and 2637409.20 financial assets available for sale excluding the effective hedging transaction in connection with the Company’s normal business Capital occupation charges on non-financial enterprises that are recorded into current 1284835.59 gains and losses Net amount of non-operating income and expense except the aforesaid items -1689556.16 Other non-recurring Gains/loss items 235202.32 The impairment provision for the advance expenses that have occurred but need to be -121834522.51 defined from the source of funds Less :Influenced amount of income tax 9343308.39 Influenced amount of minor shareholders’ equity (after tax) -28875751.28 Total -82456495.09 -- 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 2472024 Annual Report 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.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) Earnings per share Weighted average Profit as of reporting period ROE (%) Basic Diluted EPS(RMB/Share) EPS(RMB/Share) Net profits belong to common stock stockholders of the 15.52%0.750.75 Company Net profits belong to common stock stockholders of the 16.34%0.790.79 Company after deducting nonrecurring gains and losses 3. Difference of the accounting data under accounting rules in and out of China (1) Difference of the net profit and net assets disclosed in financial report under both IAS (International Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles) □Applicable□Not applicable (2) Difference of the net profit and net assets disclosed in financial report under both foreign accounting rules and Chinese GAAP (Generally Accepted Accounting Principles) □Applicable□Not applicable (3) Explain accounting difference over the accounting rules in and out of China; as for the difference adjustment for data audited by foreign auditing organ noted the name of such foreign organ 248