The Semi-Annual Report 2025
Guangdong Provincial Expressway Development Co. Ltd.The Semi-Annual Report 2025
August 2025
1The Semi-Annual Report 2025
I. Important Notice Table of Contents and Definitions
The Board of Directors the Supervisory Committee as well as all directors supervisors and senior management
staff of the Company warrant that this Report is factual accurate and complete without any false record
misleading statement or material omission. And they shall be jointly and severally liable for that.Mr.Miao Deshan Company principal Mr. Lu Ming Chief of the accounting work Ms.Yan Xiaohong Chief of
the accounting organ (chief of accounting ) hereby confirm the authenticity and completeness of the financial
report enclosed in this Semi-annual report.All the directors have attended the meeting of the board meeting at which this report was examined.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 Company has no plan of cash dividends carried out bonus issued and capitalizing of common reserves
either.
2The Semi-Annual Report 2025
Table of Contents
I.Important Notice Table of contents and Definitions
II. Company Profile & Financial Highlights.III. Management Discussion & Analysis
IV. Corporate Governance Environmental & Social Responsibility
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Corporate Bond
VIII. Financial Report
IX Other Submitted Date
3The Semi-Annual Report 2025
Documents available for inspection
1. Accounting statements carried with personal signatures and seals of legal representative Chief Financial
officer and Financial Principal.
2.. 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.
4The Semi-Annual Report 2025
Definition
Terms to be defined Refers to Definition
Reporting period This year Refers to January 1 2025 to June 302025
The semi-annual report of the company was approved
Reporting date Refers to by the board of directors of 2025 that is August 28
2025
YOY Refers to Compared with January-June 2024
The Company This Company The Group Guangdong Refers to Guangdong Provincial Expressway Development
Expressway Co.Ltd.Guangfo Company Refers to Guangdong Guangfo Expressway Co. Ltd.Guanghui Company Refers to Guangdong Guanghui Expressway Co. Ltd.Guangzhu East Company Refers to Jingzhu Expressway Guangzhu Section Co. Ltd.Guangle Company Refers to Guangdong Guangle Expressway Co. Ltd.Hunan Lianzhi Refers to Hunan Lianzhi Technology Co.
5The Semi-Annual Report 2025
II. Company Profile & Financial Highlights.
1.Company Profile
Stock abbreviation: Expressway A ExpresswayB 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
Company (if any) 粤高速
English name (If any) Guangdong Provincial Expressway Development Co.Ltd.English abbreviation (If any) GPED
Legal Representative Miao Deshan
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. Other
1). Way of contact
Whether registrations address offices address and codes as well as website and email of the Company changed
in reporting period or not
□ Applicable √ Not applicable
Registrations address offices address and codes as well as website and email of the Company has no change in
reporting period found more details in annual report 2024.
2). Information inquiry
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
None of the official presses website and place of enquiry has been changed in the semi report period. For
details please find the Annual Report 2024.
3). Other relevant information
Did any change occur to other relevant information during the reporting period
□ Applicable √ Not applicable
4. Summary of Accounting Data and Financial Indicators
Whether it has retroactive adjustment or re-statement on previous accounting data
□Yes √ No
Reporting period Same period of lastyear YoY+/-（%）
Operating income（yuan） 2117962773.25 2230865662.20 -5.06%
Net profit attributable to the shareholders of 1057152854.14 855465441.00 23.58%
6The Semi-Annual Report 2025
the listed company（yuan）
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of 799059384.63 883859403.20 -9.59%
listed company（yuan）
Cash flow generated by business operation
net yuan 1897666782.55 1603256009.68 18.36%（ ）
Basic earning per share(yuan/Share) 0.51 0.41 24.39%
Diluted gains per share(yuan/Share) 0.51 0.41 24.39%
Weighted average income/asset ratio（%） 9.75% 8.45% 1.30%
As at the end of the As at the end of last
reporting period year YoY+/-（%）
Gross assets（yuan） 24453892891.79 22441664114.93 8.97%
Shareholders’ equity attributable to
shareholders of the listed company 10512941388.44 10468100319.53 0.43%（yuan）
5. Differences between accounting data under domestic and overseas accounting standards
1).Simultaneously pursuant to both Chinese accounting standards and international accounting
standards disclosed in the financial reports of differences in net income and net assets.□ Applicable□√ Not applicable
None
2).Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards.□ Applicable √Not applicable
None
6.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Item Amount Note
Non-current asset disposal gain/loss(including the write-off part for which
assets impairment provision is made) -117947.42
Government subsidies recognized in current gain and loss(excluding those
closely related to the Company’s business and granted under the state’s 1451369.85
policies)
According to the relevant
government documents
the source of funds for the
pipe maintenance
The impairment provision for the advance expenses that have occurred but
342942142.53 expenses advanced by the
need to be defined from the source of funds Guangfo Company has
been clarified and the
previously provisioned
bad-debt reserve shall be
reversed.Net amount of non-operating income and expense except the aforesaid items -361864.33
Other non-recurring Gains/loss items 411538.51
Less :Influenced amount of income tax 366563.21
Influenced amount of minor shareholders’ equity (after tax) 85865206.42
Total 258093469.51
Details of other profit and loss items that meet the non-recurring profit and loss definition
□ Applicable√ Not applicable
There are no other gains/losses items that meet the definition of non-recurring gains/losses in the Company.
7The Semi-Annual Report 2025
Explain the items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss
in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public -
-- Extraordinary Profit/loss
□ Applicable √ Not applicable
There are no items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss
in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public -
-- Extraordinary Profit/loss.
8The Semi-Annual Report 2025
III. Management Discussion & Analysis
Ⅰ.Main Business the Company is Engaged in During the Report Period
The Company is mainly engaged in tolling and maintenance of Guangfo Expressway Fokai Expressway Jingzhu
Expressway Guangzhu Section and Guanghui Expressway investment in technological industries and provision
of relevant consultation while investing in Shenzhen Huiyan Expressway Co. Ltd. Guangdong Jiangzhong
Expressway Co. Ltd. Zhaoqing Yuezhao Expressway Co. Ltd.Ganzhou Kangda Expressway Ganzhou
Gankang Expressway Co. Ltd.Guangdong Yuepu Technology Petty Loan Co. Ltd.Guangle Expressway Co.Ltd.Guoyuan Securities Co. Ltd. Garage electric pile Holding (Shenzhen) Co. Ltd.andSPIC 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.II. Analysis On core Competitiveness
The toll revenue of the expressway industry mainly depends on the development of the regional economy
which is an important factor affecting the traffic flow of the expressway. On the one hand Guangdong's
economic growth performance is better than that of the whole country the momentum of industrial upgrading is
good the performance of enterprises is improving and private investment is relatively active; On the other hand
the Company's holding or participating expressways are all located in superior geographical locations: the
wholly-owned Fokai Expressway is an expressway component in the "five vertical and seven horizontal"
national highway trunk line system; The holding Guangzhou-Zhuhai section of Beijing-Zhuhai Expressway is
located in the western part of the Pearl River Delta and is a high-speed passage connecting the east and west of
the Pearl River Delta. The holding Guanghui Expressway connects Guangzhou and eastern Guangdong and is
an important channel for the export of Guangzhou East; A number of share participating expressways are also
part of the main skeleton of the "ten vertical and five horizontal" planning of the expressway network in
Guangdong Province. The vigorous development of the regional economy drives the strong demand for
transportation as well as the superior geographical locations provide a strong guarantee for the steady growth of
the traffic flow of the Company's holding or participating expressways.III. Main business analysis
General
During the reporting period the traffic volume and toll income of the expressway project in which the Company
participated in the share-holding:
Volume of vehicle traffic in Toll income in the first half Increase
the first half year of 2025 year of 2025（Ten thousand /Decrease(%）Increase yuan）/Decrease(%）（Ten thousand vehicles）
Guangfo Expressway
5070.065.76%0.000.00%
Fokai Expressway 4283.50 -6.48% 68489.22 -7.88%
Jingzhu Expressway
Guangzhu East Section 3650.03 -2.01% 46212.01 -18.81%
9The Semi-Annual Report 2025
Guanghui Expressway 4311.18 3.75% 94080.24 5.52%
Huiyan Expressway 2766.30 23.48% 11578.90 19.96%
Guangzhao Expressway 1992.49 -4.43% 23750.76 -10.14%
Jiangzhong Expressway 3012.32 2.78% 16462.53 -9.06%
Kangda Expressway 73.11 -1.39% 14905.50 1.02%
Gankang Expressway 163.34 -31.99% 9543.49 -10.16%
Guangle Expressway 1906.23 -1.93% 129829.24 -13.06%
1. Fokai Expressway was affected by the radiation diversion of traffic between the east and west of Guangdong
with the opening of the Shenzhen-Zhongshan Corridor and the Zhongkai Expressway as well as the
implementation of fully enclosed construction of the main line from the Sicun Interchange to the Lianhuashan
Interchange section of the Jiangmen section of the Shencen Expressway and the construction of the Fenjiang
Bridge therefore the traffic flow and the toll revenue decreased YOY;
2. The Guangzhou-Zhuhai section of the Beijing-Zhuhai Expressway was affected by the diversion of the
Shenzhen-Zhongshan Corridor and the opening of the Nanzhong Expressway as well as its own reconstruction
and expansion projects and the traffic flow and the toll revenue decreased YOY;
3. For Huiyan Expressway due to its own reconstruction and expansion project has been completed and opened to
traffic the traffic flow and the toll revenue have increased YOY;
4. For Guangzhao Expressway affected by the construction of its own reconstruction and expansion projects the
traffic flow and the toll revenue decreased YOY;
5. For Jiangzhong Expressway the overall traffic flow increased but due to the fully closed construction of the
main line from the Sicun Interchange to the Lianhuashan Interchange section of the Jiangmen section of the
Shencen Expressway the toll revenue decreased YOY;
6. For Gankang Expressway affected by the early completion of the reconstruction and expansion of the Daguang
Expressway (Jikang Section) the opening of the Gannan Avenue Expressway and the opening of the Longxun
Expressway the traffic flow and the toll revenue decreased YOY;
7. For Guangle Expressway affected by the fully closed construction in the southbound direction of Leiyi
Expressway the traffic flow and the toll revenue decreased YOY.Year-on-year change of main financial data
In RMB
This report Same period last YOY
period year change Cause change
（%）
Operating income 2117962773.25 2230865662.20 -5.06%
Operating cost 673509814.34 713009009.42 -5.54%
Administrative
expenses 84133577.69 82947690.68 1.43%
Financial expenses 43684239.25 53811381.24 -18.82%
Income tax expenses 342247329.69 349883636.23 -2.18%
R & D Investment 2040672.41 0.00 -
Cash flow generated
by business Mainly due to the increase in cash flow related to1897666782.55 1603256009.68 18.36%
operation net government subsidies received in the current period
Mainly due to the receipt of the transfer amount of
Net cash flow
generated by Hunan Lianzhi and Guangle Company's dividends-567167478.46 -1020320728.55 44.41%
investment as well as the reduction in expenditure on
reconstruction and expansion projects
Net cash flow 168590499.29 -329221334.87 151.21% Mainly due to the impact of new borrowings and
10The Semi-Annual Report 2025
generated by the repayment of principal and interest on bonds at
financing maturity in the current period
Net increasing of
cash and cash 1499089803.38 253713946.26 490.86% The summarized impact of the above changes
equivalents
Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable √Not applicable
None.Component of Business Income
In RMB
This report period Same period last year
Amount Proportion Amount Proportion Increase /decrease
Total operating revenue 2117962773.25 100% 2230865662.20 100% -5.06%
On Industry
Highway transportations 2087814658.07 98.58% 2204260409.98 98.81% -5.28%
Other 30148115.18 1.42% 26605252.22 1.19% 13.32%
On Product
Highway transportations 2087814658.07 98.58% 2204260409.98 98.81% -5.28%
Other 30148115.18 1.42% 26605252.22 1.19% 13.32%
On Area
Fokai Expressway 684892134.29 32.34% 743464662.48 33.33% -7.88%
Jingzhu Expressway Guangzhu Section 462120122.84 21.82% 569193427.20 25.51% -18.81%
Guanghui Expressway 940802400.94 44.42% 891605070.85 39.97% 5.52%
Other 30148115.18 1.42% 26602501.67 1.19% 13.33%
Situation of Industry Product and District Occupying the Company’s Business Income and Operating Profit
with Profit over 10%
√ Applicable □Not applicable
In RMB
Gross Increase/decrease
Increase/decrease Increase/decrease
of revenue in the of business cost of gross profit rateTurnover Operation cost profit same period of the over the same over the samerate(%) previous year(%) period of previous period of theyear (%) previous year (%)
On Industry
Highway
2087814658.07657514997.6368.51%-5.28%-6.05%0.26%
transportations
On Product
Highway
2087814658.07657514997.6368.51%-5.28%-6.05%0.26%
transportations
On Area
Fokai
Expressway 684892134.29 249047038.18 63.64% -7.88% -0.54% -2.68%
Jingzhu
Expressway
Guangzhu 462120122.84 143948525.26 68.85% -18.81% -11.00% -2.73%
Section
Guanghui
Expressway 940802400.94 264519434.19 71.88% 5.52% -8.08% 4.15%
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
11The Semi-Annual Report 2025
IV. Non-core business analysis
√ Applicable □Not applicable
In RMB
Amount Ratio in Note Whether betotal profit sustainable
Investment It is due to the operation accumulation of participant
143234005.69 8.04% Yes
Income companies
According to the relevant government documents the
Impairment of source of funds for the pipe maintenance expenses
331211870.16 18.59% advanced by the Guangfo Company has been clarified No
asset and the previously provisioned bad-debt reserve shall be
reversed.Non-operating
income 2076556.79 0.12% Mainly insurance claims and road property claims No
Non-operating
expenses 2556368.54 0.14% It’s mainly the expenditure on road repair No
V. Condition of Asset and Liabilities
1.Condition of Asset Causing Significant Change
In RMB
End of Reporting period End of same period of last year Reason for
As a percentage As a percentage Change in significant
Amount of total Amount of total percentage(%) change
assets(%) assets(%)
Monetary fund 5797033176.02 23.71% 4289826663.22 19.12% 4.59%
Accounts
receivable 96247498.30 0.39% 82361054.69 0.37% 0.02%
Contract assets 0.00% 0.00% 0.00%
Inventory 0.00% 0.00% 0.00%
Investment real
estate 2115352.22 0.01% 2225911.46 0.01% 0.00%
Long-term
equity 4218884448.22 17.25% 3332350008.84 14.85% 2.40%
investment
Fixed assets 8397346811.28 34.34% 8872808692.97 39.54% -5.20%
Construction in
process 3366947277.98 13.77% 2665392094.81 11.88% 1.89%
Use right assets 9022508.88 0.04% 14217517.99 0.06% -0.02%
Shore-term
loans 150085138.89 0.61% 0.00 0.00% 0.61%
Contract
0.00%0.00%0.00%
liabilities
Long-term
borrowing 7723597947.28 31.58% 6728264750.00 29.98% 1.60%
Lease liabilities 0.00 0.00% 2730189.11 0.01% -0.01%
2.Main assets overseas
□ Applicable √Not applicable
12The Semi-Annual Report 2025
3.Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
Gain/Loss on Purchased Sold
fair value Cumulative fair value Impairment amount in amount in
Items Opening amount change in the change recorded into provisions in the the Other change Closing amount
reporting equity the reportingperiod reporting reportingperiod period period
Financial assets
4.Other equity instrument
1768953885.85538749533.85-820353801.941034304910.44
investment
5.Other non-current
186494177.20186494177.20
financial assets.Subtotal 1955448063.05 0.00 538749533.85 0.00 0.00 0.00 -820353801.94 1220799087.64
Total of the above 1955448063.05 0.00 538749533.85 0.00 0.00 0.00 -820353801.94 1220799087.64
Financial liabilities 0.00 0.00
Other note
The company originally designated its investment in Guangdong Guangle Expressway Co. Ltd. as a financial asset measured at fair value with changes recognized in
other comprehensive income (other equity instrument investment). During the current period the management model for this investment was changed and it has
been reclassified as a long-term equity investment accounted for under the equity method.
13The Semi-Annual Report 2025
Did any significant change occur to the attribute of the Company’s main asset measurement during the reporting
period
□ Yes √No
4. 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.VI. Investment situation
1. General
√ Applicable □ Not applicable
Current Investment Amount(Yuan) Same period of last year (Yuan) Change rate
809984157.89740451816.759.39%
14The Semi-Annual Report 2025
2.Condition of Acquiring Significant Share Right Investment during the Report Period
□Applicable □Not applicable
In RMB
Whether
Name of the Progress Gain or
Company Main Investment Investment Share Capital Investment Product up to Anticipated Less or the
to Date of Disclosure
Invested Business Way Amount Proportion % Source
Partner Horizon Type Balance Income Current Involvein Disclosure IndexSheet Date Investment Lawsuit
On the
basis of the
Shenzhen Huiyan Shenzhen term of AnnouncementSelf Limited October
Expressway Co. Expressway Other 65882606.33 33.33% Yantian Port operation Completed No of outbound
funds approved company 252024Ltd. Co. Ltd. by the investment
government
Guangdong
Road &
Bridge
Construction
Development On the
basis of the
Zhaoqing Co. Ltd. term of AnnouncementSelf Limited October
YuezhaoHigyway Expressway
Increase
capital 54150000.00 25.00% Zhaoqing operation Completed No of Related partfunds company 212023
Co. Ltd. Highway approvedby the transaction
Development government
Co. Ltd.Xunhao
International
Co. Ltd.Hainan Alpha
Fish
Technology Resolutions of
Garage electric Co. Ltd. the 12th
pile Holding New Newly Self Zhuhai Speed Limited September (Provisional)
2088000.00 17.40% Long-term Completed No
(Shenzhen) Co. Energy established funds Enterprise company 272023 Meeting of the
Ltd Management Tenth Board of
Partnership Directors
(limited
partnership)
Total -- -- 122120606.33 -- -- -- -- -- -- 0.00 0.00 -- -- --
15The Semi-Annual Report 2025
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
Investment involved in Investment Amount Capital Project Anticipated Income up to Planned Disclosure
Project name investments amount in this date Disclosure Index
method investment up to the End of Source schedule income the End of Schedule and
or not reporting period
projects Reporting Period Reporting Anticipated
Period Income
Nansha-Zhuhai Announcement of
Section of Resolution of the
Guangzhou- Self Second (Provisional)
October
Macao Self-built Yes Expressway 687863551.56 3604027522.38 and 26.24% N/A Meeting the Tenth
222022
Expressway Was Loan Board of Directors；
rebuilt and Announcement of
Expanded External Investment
Total -- -- -- 687863551.56 3604027522.38 -- -- 0.00 0.00 -- -- --
4.Investment of Financial Asset
（1）Securities investment
√ Applicable □ Not applicable
In RMB
Book value ChangesMode of in fair Cumulative fair Purchase
Sale
amount Gain/loss of Book valueSecurity Security Stock Initial balance at the
category code Abbreviation: investment cost accounting beginning of the value of value changes in
amount in
the this in the the reporting
balance at the Accounting Sources
measurement reporting period the this equity period this period
end of the items of funds
period period reporting period
Domestic Other equity
and foreign 601818 Everbright 517560876.80 FVM 910436633.28 458747140.80 44463184.42 976308017.60 instrument Self
stocks Bank investments
Total 517560876.80 -- 910436633.28 0.00 458747140.80 0.00 0.00 44463184.42 976308017.60 -- --
Disclosure Date of Announcement on
Securities Investment Approved by the July 222009
Board of Directors
16The Semi-Annual Report 2025
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.
17The Semi-Annual Report 2025
5.Application of the raised capital
□ Applicable √ Not applicable
The Company had no application of the raised capital in the reporting period.VII. 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
18The Semi-Annual Report 2025
VIII. 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 Leading products and services Registered Total assets Net assets Operating OperatingName type capital Income profit Net Profit
Jingzhu
Expressway 4.221
Guangzhu Subsidiary The operation and management of Guangzhu billion 6975309838.75 2692909740.76 481762162.74 298212419.78 223375897.84
Section Co. Expressway yuan
Ltd.Investment in and construction of Guanghui
Expressway Co. Ltd. and supporting facilities
Guangdong the toll collection and maintenance 2.351678
Guanghui Subsidiary management of Guanghui Expressway TheExpressway Guanghui Expressway's supporting gas station billion 4837391860.49 4566378455.63 946708730.22 668464938.53 497332898.85
Co. Ltd. salvation vehicle maintenance vehicle yuan
transport catering warehousing investment and
development
Subsidiaries obtained or disposed in the reporting period
□ Applicable √ Not applicable
Particulars about the Mutual holding companies
None
IX．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
19The Semi-Annual Report 2025
X. Risks facing the Company and countermeasures
The company’s profits mainly come from the expressway tolls revenue and the toll charging standards shall be
examined by the traffic authority of the provincial autonomous region and the direct-controlled municipality
people’s governments together with the same-level pricing authority and then submitted to the same-level
people’s government for approval. Therefore the charging price adjustment trend and the possibility of the
charging price adjustment upon rising of the commodity price and the company cost in the future are still subject
to relevant national policies and the approval of the governmental department. And the company can’t adjust the
charging standards promptly based on its own operation cost or the market supply-demand changes. In conclusion
the charging policies change and the charging standards adjustment have the influence on the expressway business
of the company to some extent.XI. Formulation and implementation of market value management system and valuation boost plan
Whether the Company has established a market value management system
□Yes□No
Whether the Company has disclosed plans for valuation boost.□Yes□No
XII. 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 2024profit
20The Semi-Annual Report 2025
distribution plan the cash dividend ratio shall be maintained at 70% of the net profit attributable to the owners
of the company. (III) Fully utilize various communication channels such as general meeting of shareholders
websites analyst briefings performance presentations road shows 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 14 institutional investor research and exchange meetings.
21The Semi-Annual Report 2025
IV Corporate Governance Enviornmental and Social Responsibility
I. Changes of directors supervisors and senior executives
√ Applicable □Not applicable
Name Positions Types Date Reason
Leave office upon the Leave office upon the
Zeng Xiaoqing Independent director expiration of the term June 62025 expiration of the term
of office of office
Lu Zhenbo Independent director Elected June 62025 Elected
II. Profit distribution plan and capitalizing of common reserves plan for the Period
□Applicable□Not applicable
The Company has no plans of cash dividend distributed no bonus shares and has no share converted from
capital reserve either for the semi-annual.III. Implementation of the company’s stock incentive plan employee stock ownership plan or other
employee incentives
□Applicable□Not applicable
The Company had no implementation of the company’s stock incentive plan employee stock ownership plan or
other employee incentives in the reporting period.IV.Environmental information disclosure situation
Whether the listed companies and their main subsidiaries are included in the list of enterprises that disclose
environmental information according to law
□Yes □No
V. Social responsibility
In the first half of 2025 the Company actively responded to government policies and provided preferential
reductions and exemptions in accordance with regulations to reduce corporate transportation costs and public
travel costs. Meanwhile as the first "near-zero carbon" new energy characteristic service area in Guangdong
Province Fokai Expressway Zishan Service Area gives priority to the use of photovoltaics to generate green
electricity by integrating the advanced technology of "distributed photovoltaic household energy storage DC
equipment and flexible charging piles" so as to enhance the power supply capacity of the high-speed itself
realize the regional-level energy substitution effectively reduce carbon emissions and energy costs and make
positive contributions to achieving the goal of "carbon peak and carbon neutrality". As a demonstration window
for rural revitalization in Guangdong Province the Yayao Service Area of Fokai Expressway has effectively
promoted the consumption growth of agricultural products by establishing exhibition and sales platforms such
as "Yipinhui" and "Rural Market" as well as holding various themed exhibitions and sales activities and online
live broadcasts.
22The Semi-Annual Report 2025
V Important Events
I. Commitments that the actual controller shareholders related party the buyer and the company have
fulfilled during the reporting period and have not yet fulfilled by the end of reporting period
□ Applicable √ Not applicable
The Company has no commitments that the actual controller shareholders related party the buyer and the
company have fulfilled during the reporting period and have not yet fulfilled by the end of reporting period
II. Non-operational fund occupation from controlling shareholders and its related party
□ Applicable √ Not applicable
No non-operational fund occupation from controlling shareholders and its related party in period.III. External guarantee out of the regulations
□ Applicable √ Not applicable
No external guarantee out of the regulations occurred in the period.IV. Appointment and non-reappointment (dismissal) of CPA
Whether the semi-annual financial report had been audited
□Yes √ No
The semi-annual report was not audited
V. Explanation on “non Qualified Opinion” from CPA by the Board and Supervisory Committee
□ Applicable √ Not applicable
VI. Explanation from the Board for “non Qualified Opinion” of last year’s
□ Applicable √ Not applicable
VII. Bankruptcy reorganization
□ Applicable √ Not applicable
No bankruptcy reorganization for the Company in reporting period
VIII. Lawsuit
Significant litigations and arbitrations
□ Applicable √ Not applicable
No such cases in the reporting period.
23The Semi-Annual Report 2025
Other lawsuits
□ Applicable √ Not applicable
IX. Penalty and rectification
□ Applicable √ Not applicable
During the reporting period the Company had no Penalty and rectification.X. Integrity of the company and its controlling shareholders and actual controllers
□ Applicable √ Not applicable
XI. Material related transactions
1. Related transactions in connection with daily operation
□ Applicable √ Not applicable
No such cases in the reporting period.
2. Related-party transactions arising from asset acquisition or sold
□Applicable √ Not applicable
3. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
4. Connect of related liability and debt
√ Applicable □ Not applicable
Whether has non-operational contact of related liability and debts or not
□Yes √ No
No non-operational contact of related liability or debts in Period
5. Transactions with related finance company especially one that is controlled by the Company
√ Applicable □Not applicable
Deposit business
Related party Relationship Maximum Deposit Beginning The amount incurred
daily deposit interest balancelimited rate （Ten Total deposit Total amount Ending（Ten range thousand amount of the withdrawn in balancethousand yuan） current period the current （Tenyuan） （Ten period（Ten thousandthousand thousand yuan）yuan） yuan）
Guangdong Controlled by
Communications the same 0.20%-
Group Finance parent 350000 279078.10 390417.83 351678.86 317817.082.40%
Co. Ltd company
24The Semi-Annual Report 2025
Loan business
Related party Relationship Beginning The amount incurred
balance
（Ten Total loan Total EndingLoan limit Loant（Ten interest thousand amount for the repaymentbalancethousand rate yuan） current period amount of this （Tenyuan） range （Ten period（Ten thousandthousand thousand yuan）yuan） yuan）
Guangdong Controlled by
Communications the same 2.10%-
Group Finance Co. parent 400000 85244.83 25962.12 40477.2 70729.752.60%
Ltd company
Credit extension or other financial servicesRelated party Relationship Business type Total amount（Ten Actual amount incurredthousand yuan） （Ten thousand yuan）
Guangdong Communications Controlled by the Credit
Group Finance Co. Ltd same parent company extension 400000 70700
6. Transactions with related finance company controlled by the Company
□ Applicable √ Not applicable
No such cases in the reporting period.
7. Other significant related-party transactions
√ Applicable □Not applicable
(1) The Proposal on Concerning the Company Daily Associated Transactions Predicted of 2025 was reviewd
and approved in the 27th meeting of the Tenth board of directors of the Company Agree on the predicted daily
associated transactions for the company headquarters wholly-owned and holding subsidiaries of 2025 The total
transaction amount did not exceed 78.232 yuan.
(2) On March 3 2025The 27th meeting of the 10th Board of Directors reviewed and approved the Proposal on
Increasing Capital to Guangdong Guanghui Expressway Co. Ltd. to Invest in the Reconstruction and
Expansion Project of Huizhou Xiaojinkou to Guangzhou Luogang Section of Jiguang Expressway and Huizhou
Xiaojinkou to Lingkeng Section of Guanghui Expressway：1. Agreed that the Company will increase capital to
Guangdong Guanghui Expressway Co. Ltd. to invest in the construction of the reconstruction and expansion
project of the Huizhou Xiaojinkou to Guangzhou Luogang section of the Jiguang Expressway and Huizhou
Xiaojinkou to Lingkeng section of the Guanghui Expressway;2. Agreed that the Company will take the
estimated total investment amount of 30.52 billion yuan of the project approved by the Guangdong Provincial
Development and Reform Commission as the basis and the project capital is 35% of the total investment and
the Company will bear the capital contribution according to the 51% share ratio of Guangdong Guanghui
Expressway Co. Ltd. and the final settlement price of the project shall prevail.The website to disclose the interim announcements on significant related-party transactions
Description of provisional announcement Date of disclosing provisional Description of the website for disclosingannouncement provisional announcements
Estimates announcement of the Daily
March 42025 www.cninfo.com.cn
Related Party Transaction of 2025
Announcement of Related party
March 42025 www.cninfo.com.cn
transaction
25The Semi-Annual Report 2025
XII. 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 leasing income of 9171682.64 yuan and the main leasing
assets were 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. Finance management on commission
□Applicable √ Not applicable
No such cases in the reporting period.
4. Other significant contract
□ Applicable √ Not applicable
No such cases in the reporting period.XIII. Explanation of other important events
□ Applicable √ Not applicable
No such cases in the reporting period.XIV. Significant event of subsidiary of the Company
□Applicable □Not applicable
During the reporting period the Company received relevant government documents clarifying that the Guangfo
Expressway was recovered and managed by the government and the operation and management expenses of
Guangfo Expressway Co. Ltd. were paid in advance on behalf shall be paid by relevant units after audit and
26The Semi-Annual Report 2025
liquidation in accordance with the procedures. Accordingly Guangfo Company has offset the bad debt
provision of 342942142.53 yuan that had been accrued to cover the management and maintenance expenses of
Guangzhou-Foshan Expressway.
27The Semi-Annual Report 2025
VI. 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 Proportio Share Bonus Capitalization ofn Subtotaallotment shares common reserve Other Quantity Proportionfund l
1.Shares with conditional
subscription 438727120 20.98% -900 -900 438726220 20.98%
1.State-owned shares 410105738 19.61% 410105738 19.61%
2.State-owned legal person shares 21712738 1.04% 21712738 1.04%
3.Other domestic shares 6908644 0.33% -900 -900 6907744 0.33%
Including：Domestic Legal
person shares 6402633 0.31% -40781 -40781 6361852 0.30%
Domestic natural person shares 506011 0.02% 39881 39881 545892 0.03%
4.Foreign shares 0 0.00% 0 0.00%
Including：Foreign legal person
shares 0 0.00% 0 0.00%
Foreign natural person shares 0 0.00% 0 0.00%
II.Shares with unconditional
subscription 1652079006 79.02% 900 900 1652079906 79.02%
1.Common shares in RMB 1303329006 62.34% 900 900 1303329906 62.34%
2.Foreign shares in domestic
market 348750000 16.68% 348750000 16.68%
3.Foreign shares in foreign market 0 0.00% 0 0.00%
4.Other 0 0.00% 0 0.00%
III. Total of capital shares 2090806126 100.00% 0 0 2090806126 100.00%
Reasons for share changed
√ Applicable □Not applicable
1.During the Reporting Period 40781 shares of "domestic legal person holding of restricted conditional shares"
were converted into "domestic natural person holding of restricted conditional shares"
2. 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
Implementation progress of shares buy-back
□Applicable √Not applicable
Implementation progress of reducing holdings of shares buy-back by centralized bidding
□ 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
28The Semi-Annual Report 2025
2. Change of shares with limited sales condition
√ Applicable □Not applicable
In Shares
Initial Number of Number ofShareholder Increased Restricted Reason for Date of
Name Restricted Unrestricted Shares in the Restricted RestrictionShares Shares This Term Restricted SharesThis Term End of the Term Shares Removal
Outgoing
Ke Lin 900 900 0 0 executives January 2025
locked up shares
Total 900 900 0 0 -- --
II. Securities issue and listing
□ Applicable √Not applicable
III. Shareholders and actual controlling shareholder
29The Semi-Annual Report 2025
In Shares
Total number of common Total number of preferred shareholders that had
shareholders at the end of the 56531 restored the voting right at the end of the reporting 0
reporting period period (if any) (note 8)
Particulars about shares held above 5% by shareholders or top ten shareholders(Excludes shares lent through refinancing)
Proportion
Nature of of shares Number of Changes in Amount of Amount of un-
Number of share
Shareholders shares held at reporting restricted shares restricted shares pledged/frozenshareholder held
% period -end period held held State of share Amount（ ）
Guangdong Communication Group Co.Ltd State-ownedlegal person 24.56% 513485480 0 410105738 103379742 Not applicable 0
Guangdong Highway Construction Co. Ltd State-ownedlegal person 22.30% 466325020 0 0 0 Not applicable 0
Shangdong Expressway Investment Development Co. Ltd. State-ownedlegal person 9.68% 202429927 0 0 0 Not applicable 0
Guangdong Provincial Freeway Co.Ltd. State-ownedlegal person 2.53% 52937491 0 19582228 33355263 Not applicable 0
China Life Insurance Co. Ltd－Traditional－General insurance
Other 2.45% 51231687 41712218 0 0 Not applicable 0
products-005L－CT001 Shanghai
China Pacific Life Insurance Co. Ltd.-China Pacific Life Equity
Dividend Product (Life Proprietary Trading) Entrusted Other 1.81% 37812274 0 0 0 Not applicable 0Investment (Changjiang Pension)）
HKSCC Overseaslegal person 0.78% 16394397 761548 0 0 Not applicable 0
Orient Securities Co. Ltd State-ownedlegal person 0.66% 13758802 1062689 0 0 Not applicable 0
Xinyue Company Overseaslegal person 0.63% 13201086 0 0 0 Not applicable 0
Agricultural Bank of China Co.Ltd-China Post Core Growth
Other 0.48% 10000000 -2000000 0 0 Not applicable 0
Mixed Securities
Strategic investor or general legal person becoming top-10 ordinary shareholder
due to rights issue (if any) (see note 3) None
Guangdong Communication Group Co. Ltd. is the parent company of Guangdong Highway Construction Co.Related or acting-in-concert parties among shareholders above Ltd.，Guangdong Provincial Freeway Co.Ltd. and Xinyue Co. Ltd. It is unknown whether there is relationshipbetween other shareholders and whether they are persons taking concerted action specified in the Regulations onDisclosure of Information about Change in Shareholding of Shareholders of Listed Companies.Above shareholders entrusting or entrusted with voting rights or waiving voting
rights None
Top 10 shareholders including the special account for repurchase (if any) (see
note 11) None
Shareholding of top 10 shareholders of unrestricted shares(Excluding shares lent through refinancing and Top management lock-in stock)
30The Semi-Annual Report 2025
Name of the shareholder Quantity of unrestricted shares held at the
Share type
end of the reporting period Share type Quantity
Guangdong Highway Construction Co. Ltd 466325020 RMB Common shares 466325020
Shangdong Expressway Investment Development Co. Ltd. 202429927 RMB Common shares 202429927
Guangdong Communication Group Co.Ltd 103379742 RMB Common shares 103379742
China Life Insurance Co. Ltd－Traditional－General insurance
51231687 RMB Common shares 51231687
products-005L－CT001 Shanghai
China Pacific Life Insurance Co. Ltd.-China Pacific Life Equity
Dividend Product (Life Proprietary Trading) Entrusted 37812274 RMB Common shares 51231687Investment (Changjiang Pension)）
Guangdong Provincial Freeway Co.Ltd. 33355263 RMB Common shares 33355263
HKSCC 16394397 RMB Common shares 33355263
Orient Securities Co. Ltd 13758802 RMB Common shares 13758802
Foreign shares placed in domestic
Xinyue Company 13201086 13201086
exchange
Agricultural Bank of China Co.Ltd-China Post Core Growth
10000000 RMB Common shares 10000000
Mixed Securities
Explanation on associated relationship or consistent action Guangdong Communication Group Co. Ltd. is the parent company of Guangdong Highway Construction Co. Ltd.，Guangdongamong the top 10 shareholders of non-restricted negotiable Provincial Freeway Co.Ltd. and Xinyue Co. Ltd. It is unknown whether there is relationship between other shareholders and
shares and that between the top 10 shareholders of non- whether they are persons taking concerted action specified in the Regulations on Disclosure of Information about Change in
restricted negotiable shares and top 10 shareholders 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.
31The Semi-Annual Report 2025
IV. Changes of shares held by directors supervisors and senior executives
□Applicable□Not applicable
Shares held by directors supervisors and senior executives have no changes in reporting period found more
details in Annual Report 2024.V. Changes in controlling shareholders or actual controllers
Change of controlling shareholder during the reporting period
□Applicable□Not applicable
The Company had no change of controlling shareholder during the reporting period
Change of actual controller during the reporting period
□Applicable□Not applicable
The Company had no change of actual controller during the reporting period
VI. Preferred stock
□Applicable□Not applicable
The Company had no preferred stock in the Period.
32The Semi-Annual Report 2025
VII. Corporate Bond
√ Applicable □ Not applicable
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.III. Debt financing instruments of non-financial enterprises
√Applicable □ Not applicable
1.Basic information
In RMB 10000
Bond name Bond short Bond code Issue Valuename day date Due day
Bond Interest
balance rate Servicing way Trading
Due payments
Guangdong once a year
Provincial The principal
Expressway 20 and the last
Development Guangdong 102000367 March March March 0 3% instalmentCo. Ltd. 2020 Expressway 132020 172020 172025 interest are paid Interbank
first phase MTN001 in one lump market
medium-term sum on the
notes redemption
date.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.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
4 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
1The Semi-Annual Report 2025
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. Main accounting data and financial indicators of the Company in recent two years by the end of the
reporting period
In RMB10000
Item At the end of the reporting At the end of last year At the same time rate ofperiod change
Current ratio 2.99 2.71 10.33%
Debt ratio 44.75% 41.20% 3.55%
Quick ratio 2.99 2.71 10.33%
Amount of this period Amount of last period At the same time rate ofchange
Net profit after deducting
non-recurring profit and loss 79905.94 88385.94 -9.59%
EBITDA total debt ratio 29.41% 27.39% 2.02%
Time interest earned ratio 18.68 13.44 38.99%
Cash interest guarantee times 19.35 13.69 41.34%
EBITDA Time interest earned
ratio 24.12 17.97 34.22%
Repayment of debt (%) 100.00% 100.00% 0.00%
Payment of interest (%) 100.00% 100.00% 0.00%
2The Semi-Annual Report 2025
VIII. Financial Report
I. Audit report
Has this semi-annual report been audited
□Yes √No
The semi-annual report was not audited.II. Financial statements
Currency unit for the statements in the notes to these financial statements: RMB
1. Consolidated balance sheet
Prepared by: Guangdong Provincial Expressway Development Co.Ltd.June 302025
In RMB
Item June 302025 January 12025
Current asset：
Monetary fund 5797033176.02 4289826663.22
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 96247498.30 82361054.69
Financing of receivables
Prepayments 5944423.66 3732159.00
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 262587885.66 148857119.34
Including：Interest receivable
Dividend receivable 31996670.24 28621800.58
Repurchasing of financial assets
Inventories
Including：Data resources
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 7599526.71 6167340.16
Total of current assets 6169412510.35 4530944336.41
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 4218884448.22 3332350008.84
3The Semi-Annual Report 2025
Item June 302025 January 12025
Other equity instruments investment 1034304910.44 1768953885.85
Other non-current financial assets 186494177.20 186494177.20
Property investment 2115352.22 2225911.46
Fixed assets 8397346811.28 8872808692.97
Construction in progress 3366947277.98 2665392094.81
Production physical assets
Oil & gas assets
Use right assets 9022508.88 14217517.99
Intangible assets 186125215.58 197694153.19
Including：Data resources
Development expenses
Including：Data resources
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 29824967.45 32679298.44
Other non-current asset 853414712.19 837904037.77
Total of non-current assets 18284480381.44 17910719778.52
Total of assets 24453892891.79 22441664114.93
Current liabilities
Short-term loans 150085138.89
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 150004863.42 226104482.05
Advance receipts 1179999.70 250984.74
Contract liabilities
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 23413011.21 22412317.23
Tax payable 192289931.92 131748260.36
Other account payable 1333098274.89 272118036.92
Including：Interest payable
Dividend payable 1169375280.23 32714825.12
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 212918332.30 1017246515.19
Other current liability 60381.20 73697.84
Total of current liability 2063049933.53 1669954294.33
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 7723597947.28 6728264750.00
Bond payable
Including：preferred stock
Sustainable debt
Lease liability 0.00 2730189.11
Long-term payable 2022210.11 2022210.11
Long-term remuneration payable to staff
Expected liabilities
Deferred income 820845988.93 511971907.34
4The Semi-Annual Report 2025
Item June 302025 January 12025
Deferred income tax liability 332828256.21 330830731.06
Other non-current liabilities
Total non-current liabilities 8879294402.53 7575819787.62
Total of liability 10942344336.06 9245774081.95
Owners’ equity
Share capital 2090806126.00 2090806126.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 782910377.14 782661218.56
Less：Shares in stock
Other comprehensive income 375075030.96 366149871.08
Special reserve
Surplus reserves 1691288205.66 1684087655.64
Common risk provision
Retained profit 5572861648.68 5544395448.25
Total of owner’s equity belong to the
parent company 10512941388.44 10468100319.53
Minority shareholders’ equity 2998607167.29 2727789713.45
Total of owners’ equity 13511548555.73 13195890032.98
Total of liabilities and owners’ equity 24453892891.79 22441664114.93
Legal Representative: Miao Deshan
Person in charge of accounting：Lu Ming
Accounting Dept Leader: Yan Xiaohong
2.Parent Company Balance Sheet
In RMB
Item June 302025 January 12025
Current asset：
Monetary fund 1888701389.02 1827026427.48
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 17746839.12 19832233.51
Financing of receivables
Prepayments 4471269.99 2429028.94
Other account receivable 184330954.29 436815407.73
Including：Interest receivable
Dividend receivable 31996670.24 28621800.58
Inventories
Including：Data resources
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 7560700.24 6128385.43
Total of current assets 2102811152.66 2292231483.09
Non-current assets：
Creditor's right investment
Other creditor's right investment
Long-term receivable
Long term share equity investment 8981420519.56 7846717402.01
Other equity instruments investment 1034304910.44 1768953885.85
Other non-current financial assets
Property investment 1863210.48 1973769.72
5The Semi-Annual Report 2025
Item June 302025 January 12025
Fixed assets 4527557508.60 4722709889.80
Construction in progress 307586315.99 308615083.86
Production physical assets
Oil & gas assets
Use right assets 8460629.15 13566418.32
Intangible assets 112204973.67 116330587.32
Including：Data resources
Development expenses
Including：Data resources
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 25456592.90 28274192.91
Other non-current asset 2060000.00 2060000.00
Total of non-current assets 15000914660.79 14809201229.79
Total of assets 17103725813.45 17101432712.88
Current liabilities
Short-term loans 150085138.89 0.00
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 90031024.70 116590086.29
Advance receipts 1179999.70 250984.74
Contract Liabilities
Employees’ wage payable 7543686.44 7715710.30
Tax payable 55399706.18 23752944.73
Other account payable 1526081030.89 306323712.32
Including：Interest payable
Dividend payable
Liabilities held for sales
Non-current liability due within 1 year 92961620.49 931134209.98
Other current liability 5589.60 18906.24
Total of current liability 1923287796.89 1385786554.60
Non-current liabilities：
Long-term loan 4824061697.28 5172549750.00
Bond payable
Including：preferred stock
Sustainable debt
Lease liability 0.00 2730189.11
Long-term payable 2022210.11 2022210.11
Long-term remuneration payable to staff
Expected liabilities
Deferred income 0.00 273537.20
Deferred income tax liability 119885377.49 117617593.90
Other non-current liabilities
Total non-current liabilities 4945969284.88 5295193280.32
Total of liability 6869257081.77 6680979834.92
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 375075030.96 366149871.08
6The Semi-Annual Report 2025
Item June 302025 January 12025
Special reserve
Surplus reserves 1511315938.10 1504115388.08
Retained profit 5282268032.62 5484377888.80
Total of owners’ equity 10234468731.68 10420452877.96
Total of liabilities and owners’ equity 17103725813.45 17101432712.88
3.Consolidated Income statement
In RMB
Item The first half year of 2025 The first half year of 2024
I. Income from the key business 2117962773.25 2230865662.20
Incl：Business income 2117962773.25 2230865662.20
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 811653738.85 859137382.65
Incl：Business cost 673509814.34 713009009.42
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 9618612.69 9369301.31
Sales expense
Administrative expense 84133577.69 82947690.68
R & D costs 707494.88
Financial expenses 43684239.25 53811381.24
Including：Interest expense 59844326.44 86505113.33
Interest income 16237101.63 32771177.29
Add: Other income 1862908.36 5617528.46
Investment gain（“-”for loss） 143234005.69 153501177.19
Incl: investment gains from affiliates 98461531.78 112802071.88
Financial assets measured at amortized cost cease to be recognized
as income
Gains from currency exchange
Net exposure hedging income
Changing income of fair value
Credit impairment loss 331211870.16 -44875103.57
Impairment loss of assets
Assets disposal income
III. Operational profit（“-”for loss） 1782617818.61 1485971881.63
Add：Non-operational income 2076556.79 2970858.52
Less: Non-operating expense 2556368.54 1775168.96
IV. Total profit(“-”for loss) 1782138006.86 1487167571.19
Less：Income tax expenses 342247329.69 349883636.23
V. Net profit 1439890677.17 1137283934.96
(I) Classification by business continuity
1.Net continuing operating profit 1439890677.17 1137283934.96
2.Termination of operating net profit
(II) Classification by ownership
1.Net profit attributable to the owners of parent company 1057152854.14 855465441.00
2.Minority shareholders’ equity 382737823.03 281818493.96
7The Semi-Annual Report 2025
Item The first half year of 2025 The first half year of 2024
VI. Net after-tax of other comprehensive income 62929285.03 81912988.32
Net of profit of other comprehensive income attributable to
owners of the parent company. 62929285.03 81912988.32
（I）Other comprehensive income items that will not be
reclassified into gains/losses in the subsequent accounting period 75060002.84 69544404.36
1.Re-measurement of defined benefit plans of changes in net debt
or net assets
2.Other comprehensive income under the equity method investee
can not be reclassified into profit or loss. 10781382.95 4754735.83
3. Changes in the fair value of investments in other equity
instruments 64278619.89 64789668.53
4. Changes in the fair value of the company’s credit risks
5.Other（II）
Other comprehensive income that will be reclassified into profit or -12130717.81 12368583.96
loss.
1.Other comprehensive income under the equity method
investee can be reclassified into profit or loss. -12130717.81 12368583.96
2. Changes in the fair value of investments in other debt
obligations
3. Other comprehensive income arising from the reclassification of
financial assets
4.Allowance for credit impairments in investments in other debt
obligations
5. Reserve for cash flow hedges
6.Translation differences in currency financial statements
7.Other
Net of profit of other comprehensive income attributable to
Minority shareholders’ equity
VII. Total comprehensive income 1502819962.20 1219196923.28
Total comprehensive income attributable to the owner of the
parent company 1120082139.17 937378429.32
Total comprehensive income attributable minority shareholders 382737823.03 281818493.96
VIII. Earnings per share
（I）Basic earnings per share 0.51 0.41
(II)Diluted earnings per share 0.51 0.41
The current business combination under common control the net profits of the combined party before achieved net profit of RMB
0.00 last period the combined party realized RMB0.00.
Legal Representative: Miao Deshan
Person in charge of accounting：Lu Ming
Accounting Dept Leader: Yan Xiaohong
4. Income statement of the Parent Company
In RMB
Item The first half year of 2025 The first half year of 2024
I. Income from the key business 689653099.69 747726356.92
Incl：Business cost 249849908.94 251427697.00
Business tax and surcharge 4301394.18 3919611.75
Sales expense
Administrative expense 50747951.64 51192311.12
R & D expense 116154.10 0.00
Financial expenses 64589692.93 83841733.97
Including：Interest expenses 71723477.76 102774650.40
Interest income 7152457.34 18957385.88
Add：Other income 675844.04 1763575.02
Investment gain（“-”for loss） 598411199.63 765186346.77
Including: investment gains from affiliates 99592368.53 115094457.16
Financial assets measured at amortized cost cease
8The Semi-Annual Report 2025
Item The first half year of 2025 The first half year of 2024
to be recognized as income
Net exposure hedging income
Changing income of fair value
Credit impairment loss
Impairment loss of assets
Assets disposal income
II. Operational profit（“-”for loss） 919135041.57 1124294924.87
Add：Non-operational income 401845.65 768133.90
Less：Non -operational expenses 437008.94 351002.85
III. Total profit(“-”for loss) 919099878.28 1124712055.92
Less：Income tax expenses 92523080.75 93244832.34
IV. Net profit 826576797.53 1031467223.58
1.Net continuing operating profit 826576797.53 1031467223.58
2.Termination of operating net profit
V. Net after-tax of other comprehensive income 62929285.03 81912988.32
（I）Other comprehensive income items that will
not be reclassified into gains/losses in the 75060002.84 69544404.36
subsequent accounting period
1.Re-measurement of defined benefit plans of
changes in net debt or net assets
2.Other comprehensive income under the equity
method investee can not be reclassified into profit 10781382.95 4754735.83
or loss.
3. Changes in the fair value of investments in other
equity instruments 64278619.89 64789668.53
4. Changes in the fair value of the company’s credit
risks
5.Other
(II)Other comprehensive income that will be
reclassified into profit or loss -12130717.81 12368583.96
1.Other comprehensive income under the
equity method investee can be reclassified into -12130717.81 12368583.96
profit or loss.
2. Changes in the fair value of investments in other
debt obligations
3. Other comprehensive income arising from the
reclassification of financial assets
4.Allowance for credit impairments in investments
in other debt obligations
5. Reserve for cash flow hedges
6.Translation differences in currency financial
statements
7.Other
VI. Total comprehensive income 889506082.56 1113380211.90
VII. Earnings per share
（I）Basic earnings per share
(II)Diluted earnings per share
5.Consolidated Cash flow statement
In RMB
Item The first half year of 2025 The first half year of 2024
I.Cash flows from operating activities
Cash received from sales of goods or
rending of services 2161614288.46 2296987957.17
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
9The Semi-Annual Report 2025
Item The first half year of 2025 The first half year of 2024
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 718303119.87 55675566.81
Sub-total of cash inflow 2879917408.33 2352663523.98
Cash paid for purchasing of merchandise
and services 93571387.95 108205508.31
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 220702576.63 209856266.59
Taxes paid 351003549.78 394301408.92
Other cash paid for business activities 316973111.42 37044330.48
Sub-total of cash outflow from business
activities 982250625.78 749407514.30
Net cash generated from /used in
operating activities 1897666782.55 1603256009.68
II. Cash flow generated by investing
Cash received from investment retrieving 107111100.00
Cash received as investment gains 74666322.31 19579614.82
Net cash retrieved from disposal of fixed
assets intangible assets and other long- 39571.00 39500.00
term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received 4422.50 3692567.08
Sub-total of cash inflow due to
investment activities 181821415.81 23311681.90
Cash paid for construction of fixed
assets intangible assets and other 746742625.37 952618810.45
long-term assets
Cash paid as investment 2088000.00 89312000.00
Net increase of loan against pledge
Net cash received from subsidiaries and
other operational units
Other cash paid for investment activities 158268.90 1701600.00
Sub-total of cash outflow due to
investment activities 748988894.27 1043632410.45
Net cash flow generated by investment -567167478.46 -1020320728.55
III.Cash flow generated by financing
Cash received as investment 83125000.00 87937500.00
Including: Cash received as investment
from minor shareholders 83125000.00 87937500.00
Cash received as loans 2870000000.00 780000000.00
10The Semi-Annual Report 2025
Item The first half year of 2025 The first half year of 2024
Other financing –related cash received
Sub-total of cash inflow from financing
activities 2953125000.00 867937500.00
Cash to repay debts 2508438234.24 751931275.00
Cash paid as dividend profit or interests 270359441.49 441738661.71
Including: Dividend and profit paid by
subsidiaries to minor shareholders 151725000.00 290401407.05
Other cash paid for financing activities 5736824.98 3488898.16
Sub-total of cash outflow due to
financing activities 2784534500.71 1197158834.87
Net cash flow generated by financing 168590499.29 -329221334.87
IV. Influence of exchange rate
alternation on cash and cash equivalents
V.Net increase of cash and cash
equivalents 1499089803.38 253713946.26
Add: balance of cash and cash
equivalents at the beginning of term 4259653084.58 4701657434.00
VI ..Balance of cash and cash
equivalents at the end of term 5758742887.96 4955371380.26
6. Cash Flow Statement of the Parent Company
In RMB
Item The first half year of 2025 The first half year of 2024
I.Cash flows from operating activities
Cash received from sales of goods or
rending of services 713782072.76 774070900.69
Tax returned
Other cash received from business
operation 221638595.97 22265281.97
Sub-total of cash inflow 935420668.73 796336182.66
Cash paid for purchasing of merchandise
and services 25155642.65 37386164.18
Cash paid to staffs or paid for staffs 70202656.75 65847099.39
Taxes paid 83126053.31 78312422.66
Other cash paid for business activities 74238187.44 89938813.82
Sub-total of cash outflow from business
activities 252722540.15 271484500.05
Net cash generated from /used in
operating activities 682698128.58 524851682.61
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 529146554.89 630032615.15
Net cash retrieved from disposal of fixed
assets intangible assets and other long- 19290.00 36500.00
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 529165844.89 630069115.15
Cash paid for construction of fixed
assets intangible assets and other 38880023.89 92121214.65
long-term assets
Cash paid as investment 0.00 74000000.00
Net cash received from subsidiaries and
other operational units
Other cash paid for investment activities 158268.90
Sub-total of cash outflow due to
investment activities 39038292.79 166121214.65
Net cash flow generated by investment 490127552.10 463947900.50
11The Semi-Annual Report 2025
Item The first half year of 2025 The first half year of 2024
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 1065000000.00 0.00
Other financing –related ash received
Sub-total of cash inflow from financing
activities 1065000000.00 0.00
Cash to repay debts 2080421484.24 723987150.00
Cash paid as dividend profit or interests 89992409.92 137221490.45
Other cash paid for financing activities 5736824.98 3488898.16
Sub-total of cash outflow due to
financing activities 2176150719.14 864697538.61
Net cash flow generated by financing -1111150719.14 -864697538.61
IV. Influence of exchange rate
alternation on cash and cash equivalents
V.Net increase of cash and cash
equivalents 61674961.54 124102044.50
Add: balance of cash and cash
equivalents at the beginning of term 1825805227.48 2462888567.51
VI ..Balance of cash and cash
equivalents at the end of term 1887480189.02 2586990612.01
12The Semi-Annual Report 2025
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
The first half year of 2025
Owner’s equity Attributable to the Parent Company
Items MinorOther Equity instrument shareholders’ Total of owners’Less: Other Specialized Common equityShare Capital Preferr
ed Sustainab
Capital reserves Shares in Comprehensive reserve Surplus reserves risk Retained profit Other Subtotal
equity
stock le debt
Other stock Income provision
I.Balance at the end of
last year 2090806126.00 782661218.56 366149871.08 1684087655.64 5544395448.25 10468100319.53 2727789713.45 13195890032.98
Add: Change of
accounting policy
Correcting of previous
errors
Other
II.Balance at the
beginning of current 2090806126.00 782661218.56 366149871.08 1684087655.64 5544395448.25 10468100319.53 2727789713.45 13195890032.98
year
III.Changed in the
current year 249158.58 8925159.88 7200550.02 28466200.43 44841068.91 270817453.84 315658522.75
（1）Total
comprehensive income 62929285.03 1057152854.14 1120082139.17 382737823.03 1502819962.20（II）Investment or
decreasing of capital by 83125000.00 83125000.00
owners
1 ． Ordinary Shares
invested by 83125000.00 83125000.00
shareholders
2 ． Holders of other
equity instruments
invested capital
3．Amount of shares
paid and accounted as
owners’ equity
4．Other（III）Profit allotment -1093491603.90 -1093491603.90 -195045369.19 -1288536973.09
1.Providing of surplus
reserves
2.Providing of common
risk provisions
3．Allotment to the
owners (or -1093491603.90 -1093491603.90 -195045369.19 -1288536973.09
shareholders)
4．Other
(IV) Internal
transferring of owners’ -54004125.15 5400412.52 48603712.63
equity
13The Semi-Annual Report 2025
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 -54004125.15 5400412.52 48603712.63
earnings
6．Other
(V). Special reserves
1. Provided this year
2．Used this term（VI）Other 249158.58 1800137.50 16201237.56 18250533.64 18250533.64
IV. Balance at the end
of this term 2090806126.00 782910377.14 375075030.96 1691288205.66 5572861648.68 10512941388.44 2998607167.29 13511548555.73
14The Semi-Annual Report 2025
Amount in last year
In RMB
The first half year of 2024
Owner’s equity Attributable to the Parent Company
Items Minor
shareholders’ Total of owners’Other Equity instrument Less: Other Common equity
Share Capital Preferre Sustainab Capital reserves Shares in Comprehensive
Specialized
reserve Surplus reserves risk Retained profit Other Subtotal
equity
d stock le debt Other stock Income provision
I.Balance at the end of 2561273947.6
last year 2090806126.00 783125493.70 163568401.33 1520627456.34 5289404378.52 9847531855.89 12408805803.589
Add: Change of
accounting policy
Correcting of previous
errors
Other
II.Balance at the 2561273947.6
beginning of current year 2090806126.00 783125493.70 163568401.33 1520627456.34 5289404378.52 9847531855.89 12408805803.589
III.Changed in the current
year -297509.58 81912988.32 -288205509.92 -206590031.18 38181197.62 -168408833.56
（1）Total
comprehensive income 81912988.32 855465441.00 937378429.32 281818493.96 1219196923.28（II）Investment or
decreasing of capital by 87937500.00 87937500.00
owners
1 ． Ordinary Shares
invested by shareholders 87937500.00 87937500.00
2 ． Holders of other
equity instruments
invested capital
3．Amount of shares
paid and accounted as
owners’ equity
4．Other
-（III）Profit allotment -1143670950.92 -331574796.34 -1475245747.26
1143670950.92
1.Providing of surplus
reserves
2.Providing of common
risk provisions
3．Allotment to the -
owners (or shareholders) -1143670950.92 -331574796.34 -1475245747.261143670950.92
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
15The Semi-Annual Report 2025
The first half year of 2024
Owner’s equity Attributable to the Parent Company
Items Minor Total of owners’
Other Equity instrument Less: Other Common shareholders’ equity
Share Capital Preferre Sustainab Capital reserves Shares in Comprehensive
Specialized
reserve Surplus reserves risk Retained profit Other Subtotal
equity
d stock le debt Other stock Income provision
shares)
3．Making up losses by
surplus reserves.
4.Change amount of
defined benefit plans that
carry forward
Retained earnings
5．Other comprehensive
income carry-over
retained earnings
6．Other
(V). Special reserves
1. Provided this year
2．Used this term（VI）Other -297509.58 -297509.58 -297509.58
IV. Balance at the end of 2599455145.3
this term 2090806126.00 782827984.12 245481389.65 1520627456.34 5001198868.60 9640941824.71 12240396970.021
16The Semi-Annual Report 2025
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
The first half year of 2025
Other Equity instrument
Items Less: Other
Share capital Capital SpecializedPreferred reserves Shares in Comprehensive reserve Surplus reserves Retained profit Other
Total of owners’
Sustainable Other
stock stock Income
equity
debt
I.Balance at the end of
2090806126.00975003604.00366149871.081504115388.085484377888.8010420452877.96
last year
Add: Change of
accounting policy
Correcting of previous
errors
Other
II.Balance at the
2090806126.00975003604.00366149871.081504115388.085484377888.8010420452877.96
beginning of current year
III.Changed in the current
8925159.887200550.02-202109856.18-185984146.28
year
（I）Total
comprehensive income 62929285.03 826576797.53 889506082.56
(II) Investment or
decreasing of capital by
owners
1 ． Ordinary Shares
invested by shareholders
2 ． Holders of other
equity instruments
invested capital
3.Amount of shares paid
and accounted as owners’
equity
4．Other
-（III）Profit allotment -1093491603.90
1093491603.90
1.Providing of surplus
reserves
2．Allotment to the -
owners (or shareholders) -1093491603.901093491603.90
3．Other
17The Semi-Annual Report 2025
The first half year of 2025
Other Equity instrument
Items Less: Other
Share capital CapitalPreferred reserves Shares in Comprehensive
Specialized Surplus reserves Retained profit Other Total of owners’
Sustainable Other stock Income reserve equitystock
debt
(IV) Internal transferring
of owners’ equity -54004125.15 5400412.52 48603712.63
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 -54004125.15 5400412.52 48603712.63
retained earnings
6．Other
(V) Special reserves
1. Provided this year
2．Used this term（VI）Other 1800137.50 16201237.56 18001375.06
IV. Balance at the end of
this term 2090806126.00 975003604.00 375075030.96 1511315938.10 5282268032.62 10234468731.68
18The Semi-Annual Report 2025
Amount in last year
In RMB
The first half year of 2024
Other Equity instrument
Items
Share Capital Capital
Less: Other
Shares in Comprehensive Specialized Surplus reserves Retained profit Other Total of owners’Preferred
Sustainable Other reserves reserve equity
stock stock Income
debt
I.Balance at the end of
2090806126.00975003604.00163568401.331340655188.785156907046.009726940366.11
last year
Add: Change of
accounting policy
Correcting of previous
errors
Other
II.Balance at the
2090806126.00975003604.00163568401.331340655188.785156907046.009726940366.11
beginning of current year
III.Changed in the current
81912988.32-112203727.34-30290739.02
year
（I）Total
comprehensive income 81912988.32 1031467223.58 1113380211.90
(II) Investment or
decreasing of capital by
owners
1 ． Ordinary Shares
invested by shareholders
2 ． Holders of other
equity instruments
invested capital
3.Amount of shares paid
and accounted as owners’
equity
4．Other
-（III）Profit allotment -1143670950.92
1143670950.92
1.Providing of surplus
reserves
2．Allotment to the -
owners (or shareholders) -1143670950.921143670950.92
3．Other
19The Semi-Annual Report 2025
The first half year of 2024
Other Equity instrument
Items
Share Capital Capital
Less: Other
Preferred reserves Shares in Comprehensive
Specialized
reserve Surplus reserves Retained profit Other
Total of owners’
Sustainable Other
stock stock Income
equity
debt
(IV) Internal transferring
of owners’ equity
1. Capitalizing of capital
reserves (or to capital
shares)
2. Capitalizing of surplus
reserves (or to capital
shares)
3．Making up losses by
surplus reserves.
4.Change amount of
defined benefit plans that
carry forward
Retained earnings
5．Other comprehensive
income carry-over
retained earnings
6．Other
(V) Special reserves
1. Provided this year
2．Used this term（VI）Other
IV. Balance at the end of
this term 2090806126.00 975003604.00 245481389.65 1340655188.78 5044703318.66 9696649627.09
20The Semi-Annual Report 2025
III. Company Profile
1. Basic information of the IPO and share capital of the company
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.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.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.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.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.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.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 .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.
21The Semi-Annual Report 2025
Ltd. (Group Co.) for holding and management without compensation..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.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
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”..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 FuxingYalian InvestmentCo.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 TiheDisrtict
Guangzhou
3. Business nature and main business activities
Industry and main products of the company: highway management and maintenance.General business items: investment construction charging maintenance and service management of expressways
grade roads and bridges; Automobile rescue service maintenance and cleaning; Parking lot charges; Design
production release and agency of all kinds of advertisements at home and abroad; Land development along the
highway; Warehousing business; Intelligent transportation technology research and development and service;
Equity investment management and consultation. (Projects that must be approved according to law can be
operated only after being approved by relevant departments).The financial statements have been authorized for issuance of the Board of Directors of the Company on August
22The Semi-Annual Report 2025
282025.
IV. Basis for the preparation of financial statements
1.Preparation basis
The financial statements shall be prepared in accordance with the Accounting Standards for Business
Enterprises and relevant provisions promulgated by the Ministry of Finance as well as the relevant provisions
of the Compilation Rules for Information Disclosure of Companies publicly Issuing Securities No.15 ——
Financial Report (2023 Revision) of the China Securities Regulatory Commission.
2.Continuation
The Company has evaluated the going concern ability for 12 months from June 302025 and has found no
matters or circumstances causing significant doubt about the going concern ability. Therefore this financial
statement is prepared on the basis of the going concern assumptions.V. Significant Accounting Policies and Accounting Estimates
Tips for specific accounting policy and estimate:
None
1. Statement of Compliance with the Accounting Standards for Business Enterprises
On June 302025The 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 from January to June 2025.
2. Accounting period
The accounting period of the Company is the calendar year from January 1 to December 31.
3.Operating cycle
The normal operating cycle refers to the period from the time when the Group purchases assets for processing to
the time when cash or cash equivalents are realized. The Company takes 12 months as a business cycle and uses
it as a criterion for liquidity classification of assets and liabilities.
4.Standard currency for bookkeeping
RMB is the currency of the primary economic environment in which the Company and its domestic
subsidiaries operate. Accordingly the Company and its domestic subsidiaries use RMB as their functional
currency. These financial statements are presented in RMB.
5 Importance criteria determination method and selection basis
□Applicable □Not applicable
Item Materiality atandard
Material receivables with bad debt provision accrued Those whose single provision amount accounts for more than 5% of the
individually ending balance of various receivables
Material recovery or reversal of bad debt provisions for Those whose amount of single collection or reversal accounts for more
receivables than 5% of the ending balance of various receivables
23The Semi-Annual Report 2025
Item Materiality atandard
Material write-off of receivables Those whose single write off amount accounts for more than 5% of theending balance of various receivables
Material prepayments with an age of more than one Those whose amount with a single account age of more than one year
year accounts for more than 10% of the ending balance of prepayments and anamount of more than RMB 5 million
Material projects under construction Those with a single project investment budget of more than RMB 10million
Material accounts payable and other payables with an Those whose amount with a single age of more than one year accounts for
age of over one year more than 5% of the balance of accounts payable or other payables
The subsidiaries whose year-end net assets total year-end assets current
Material non-wholly-owned subsidiaries operating income and total current profit account for more than 10% ofthe Company's year-end net assets total year-end assets current operating
income and total current profit
Those whose ending book value of a long-term equity investment in a
single investee accounts for more than 5% of the Company's ending net
Material joint venture or associated enterprises assets or whose current investment income (loss 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
Material investment activities account for more than 5% of the total cash inflow or outflow
6. Accounting Treatment for Business Combinations under Common Control and Non-common Control
Business combinations under common control: The assets and liabilities acquired by the acquirer in a business
combination (including goodwill arising from the ultimate controlling party's acquisition of the acquiree) are
measured based on the carrying amounts of the acquiree's assets and liabilities in the ultimate controlling party's
consolidated financial statements as of the merger date. For the difference between the carrying amounts of the
net assets obtained in the merger and the carrying amounts of the merger consideration paid (or the total face
value of the issued shares) adjust the share capital premium in the capital reserve. If the share capital premium
in the capital reserve is insufficient to offset adjust the retained earnings.Business combinations under non-common control: The consideration transferred in a business combination is
measured at the fair value of the assets given liabilities incurred or assumed and equity instruments issued by
the acquirer at the acquisition date in exchange for control of the acquiree. If the consideration transferred
exceeds the acquirer's interest in the fair value of the acquiree's identifiable net assets the excess is recognized
as goodwill; if the consideration transferred is less the difference is recognized as profit or loss for the period.The identifiable assets liabilities and contingent liabilities of the acquiree that meet the recognition criteria are
measured at their fair values at the acquisition date.Directly attributable costs incurred for a business combination are recognized in profit or loss when incurred;
transaction costs related to the issuance of equity or debt securities for the business combination are included in
the initial measurement amount of the respective equity or debt securities.
7. Criteria for Control and Preparation Method of Consolidated Financial Statements
(1) Criteria for control
Control means that the Company has the power over the investee enjoys variable returns by participating in the
related activities of the investee and has the ability to influence the amount of returns by using the power over
24The Semi-Annual Report 2025
the investee. Once the changes in relevant facts and circumstances lead to changes in the relevant factors
involved in the definition of control the Company will re-evaluate.
(2) Method for preparing consolidated financial statements
The scope of consolidation of the consolidated financial statements is determined based on control.The Company includes subsidiaries in the consolidated financial statements from the date it obtains control and
excludes them from the date control ceases.For subsidiaries disposed of their operating results and cash flows prior to the disposal date are included in the
consolidated income statement and consolidated cash flow statement; The opening balances of the consolidated
balance sheet are not adjusted for subsidiaries disposed of during the period.For subsidiaries acquired through business combinations not under common control their operating results and
cash flows have been appropriately included in the consolidated income statement and consolidated cash flow
statement from the acquisition date onward. Subsidiaries or businesses acquired during the reporting period
through business combinations not under common control are consolidated from the acquisition date based on
the fair values of identifiable assets liabilities and contingent liabilities determined at that date.For subsidiaries acquired through business combinations under common control regardless of when the
combination occurs during the reporting period they are treated as if they had been part of the Company's
consolidated financial statements since the date they came under the ultimate controlling party's control and
their operating results and cash flows are included in the consolidated income statement and consolidated cash
flow statement from the beginning of the earliest reporting period presented.Subsidiaries adopt the principal accounting policies and reporting periods in accordance with the uniform
accounting policies and reporting periods prescribed by the Company.All significant intercompany balances transactions and unrealized profits are eliminated in the preparation of
the consolidated financial statements.The portion of a subsidiary's equity not attributable to the parent company is recognized as "non-controlling
interests" within the equity section of the consolidated balance sheet. The portion of a subsidiary's net profit or
loss attributable to non-controlling interests is presented as "non-controlling interests in profit or loss" under net
profit in the consolidated income statement.If the share of a subsidiary's losses attributable to non-controlling interests exceeds their interest in the
subsidiary's opening equity balance the excess shall continue to be allocated against non-controlling interests.For transactions involving the acquisition of non-controlling interests in a subsidiary or partial disposal of
equity investments without loss of control over the subsidiary such transactions shall be accounted for as equity
transactions. The carrying amounts of equity attributable to the parent company's owners and non-controlling
interests shall be adjusted to reflect changes in their respective interests in the subsidiary. Any difference
between the adjustment to non-controlling interests and the fair value of consideration paid/received is adjusted
to capital reserve. If capital reserve is insufficient retained earnings are adjusted.If control over a subsidiary is lost due to partial disposal of equity interests or other reasons the remaining
equity interest is remeasured at fair value at the date control is lost. The difference between (a) the sum of the
consideration received from the disposal and the fair value of any remaining equity interest and (b) the share of
25The Semi-Annual Report 2025
the net assets of the former subsidiary attributable to the previous ownership percentage (calculated on a
continuous basis from the acquisition date) shall be recognized as investment income in the period in which
control is lost with a corresponding reduction in goodwill. Other comprehensive income related to the former
subsidiary is reclassified to current profits or losses when control is lost.
8. Criteria for Determining Cash and Cash Equivalents
Cash refers to the Company's cash on hand and demand deposits. Cash equivalents refer to short-term
(generally with a maturity of three months or less from the acquisition date) highly liquid investments that are
readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
9. Foreign Currency Transactions
Foreign currency transactions are initially recorded in the functional currency at the spot exchange rate on the
transaction date. However for foreign exchange transactions or transactions involving currency exchange the
actual exchange rate applied is used for translation into the functional currency.At the balance sheet date foreign currency monetary items are translated using the spot exchange rate on that
date. Exchange differences arising from the difference between the spot exchange rate on the balance sheet date
and the spot exchange rate at the initial recognition date or the previous balance sheet date are recognized in
profit or loss except for: * exchange differences arising from specific borrowings that qualify for
capitalization which are capitalized as part of the cost of the related asset during the capitalization period; *
exchange differences on hedging instruments used to hedge foreign currency risks which are accounted for
under hedge accounting; and * exchange differences arising from changes in the carrying amount (other than
amortized cost) of monetary items classified as at fair value through other comprehensive income which are
recognized in other comprehensive income.Non-monetary items measured at historical cost in a foreign currency continue to be measured at the functional
currency amount translated using the spot exchange rate on the transaction date. Non-monetary items measured
at fair value in a foreign currency are translated using the spot exchange rate on the date the fair value is
determined. The difference between the translated functional currency amount and the original functional
currency amount is treated as a fair value change (including the effect of exchange rate changes) and recognized
in profit or loss or other comprehensive income.
10. Financial Instruments
A financial asset financial liability or equity instrument is recognized when the Company becomes a party to
the contractual provisions of the financial instrument.
(1) Classification of financial instruments
According to the business model of financial assets under management and the contractual cash flow
characteristics of financial assets the Company divides financial assets into three categories at the initial
recognition: financial assets measured by amortized cost financial assets measured by fair value with its
changes included in other comprehensive income and financial assets measured by fair value with its changes
included in profit or loss.
26The Semi-Annual Report 2025
The Company classifies financial assets that meet both of the following criteria and are not designated at fair
value through profit or loss as financial assets measured at amortized cost:
- The business model's objective is to hold the assets to collect contractual cash flows;
- The contractual cash flows represent solely payments of principal and interest on the principal amount
outstanding.The Company classifies financial assets that meet both of the following criteria and are not designated at fair
value through profit or loss as financial assets measured at fair value through other comprehensive income (debt
instruments):
- The business model's objective is achieved both by collecting contractual cash flows and selling the financial
assets;
- The contractual cash flows represent solely payments of principal and interest on the principal amount
outstanding.For the investment in non-transactional equity instruments the Company can irrevocably designate it as a
financial asset measured at fair value with changes included in other comprehensive income at the initial
recognition (equity instrument). The designation is made on the basis of a single investment and the relevant
investment conforms to the definition of equity instrument from the issuer's point of view.Except for the above financial assets measured in amortized cost and those at fair value with changes included
in other comprehensive income the Company classifies all other financial assets as financial assets measured at
fair value with changes included in profit or loss.At initial recognition financial liabilities are classified as either: (i) financial liabilities at fair value through
profit or loss or (ii) financial liabilities measured at amortized cost.
(2) Recognition criteria and measurement methods for financial instruments
1) Financial assets measured in amortized cost
Financial assets measured at amortized cost include notes receivable accounts receivable other receivables
long-term receivables debt investments etc. These assets are initially measured at fair value with related
transaction costs included in the initial recognition amount. However accounts receivable without significant
financing components and those for which the Company elects not to consider financing components of one
year or less are initially measured at the contractual transaction price.During the holding period interest calculated using the effective interest method is recognized in profit or loss.Upon derecognition or disposal the difference between the consideration received and the carrying amount of
the financial asset is recognized in profit or loss.
2) Financial assets measured at fair value with changes included in other comprehensive income (debt
instruments)
Financial assets measured at fair value through other comprehensive income (debt instruments) include
accounts receivable financing other debt investments etc. These assets are initially measured at fair value with
related transaction costs included in the initial recognition amount. These financial assets are subsequently
27The Semi-Annual Report 2025
measured at fair value. Changes in fair value except for interest calculated using the effective interest method
impairment gains or losses and exchange differences are recognized in other comprehensive income.Upon derecognition the cumulative gains or losses previously recognized in other comprehensive income are
reclassified from other comprehensive income to profit or loss.
3) Financial assets measured at fair value with changes included in other comprehensive income (equity
instrument)
Financial assets measured at fair value through other comprehensive income (equity instruments) include
investments in other equity instruments etc. These assets are initially measured at fair value with related
transaction costs included in the initial recognition amount. Such financial assets are subsequently measured at
fair value with changes in fair value included in comprehensive income. Dividends received are recognized in
profit or loss.Upon derecognition the cumulative gains or losses previously recognized in other comprehensive income are
reclassified from other comprehensive income to retained earnings.
4) Financial assets measured at fair value with changes included in the profit or loss
Financial assets measured at fair value through profit or loss include trading financial assets derivative financial
assets other non-current financial assets etc. These assets are initially measured at fair value with related
transaction costs recognized in profit or loss. Such financial assets are subsequently measured at fair value with
changes in fair value included in profit or loss.
5) Financial liabilities measured at fair value with changes included in the profit or loss
Financial liabilities measured at fair value through profit or loss include trading financial liabilities derivative
financial liabilities etc. These liabilities are initially measured at fair value with related transaction costs
recognized in profit or loss. Such financial liabilities are subsequently measured at fair value with changes in
fair value included in profit or loss.Upon derecognition the difference between the carrying amount and the consideration paid is recognized in
profit or loss.
6) Financial liabilities measured in amortized cost
Financial liabilities measured at amortized cost include short-term borrowings notes payable accounts payable
other payables long-term borrowings bonds payable and long-term payables. These liabilities are initially
measured at fair value with related transaction costs included in the initial recognition amount.During the holding period interest calculated using the effective interest method is recognized in profit or loss.Upon derecognition the difference between the consideration paid and the carrying amount of the financial
liability is recognized in profit or loss.
(3) Derecognition criteria and accounting treatment for financial asset transfers
The Company derecognizes a financial asset when either of the following conditions is met:
- The contractual rights to receive the cash flows from the financial asset expire;
28The Semi-Annual Report 2025
- The financial asset has been transferred and substantially all the risks and rewards of ownership of the
financial asset have been transferred to the transferee;
- The financial asset has been transferred and although the Company has neither transferred nor retained
substantially all the risks and rewards of ownership of the financial asset it has not retained control over the
financial asset.When the Company modifies or renegotiates the terms of a contract with the counterparty and such
modification constitutes a substantial modification the original financial asset is derecognized and a new
financial asset is recognized based on the modified terms.When a financial asset is transferred if substantially all the risks and rewards of ownership of the financial asset
are retained the financial asset is not derecognized.In assessing whether the transfer of a financial asset meets the above derecognition criteria the principle of
substance over form is applied.The Company divides the transfer of financial assets into the overall transfer and partial transfer of financial
assets. When the transfer of a financial asset in its entirety meets the derecognition criteria the difference
between the following amounts shall be recognized in profit or loss:
1) The carrying amount of the transferred financial asset;
2) The sum of the consideration received from the transfer and the cumulative amount of fair value changes
previously recognized directly in equity (where the transferred financial asset is a debt instrument measured at
fair value through other comprehensive income).When a partial transfer of a financial asset meets the derecognition criteria the carrying amount of the entire
financial asset shall be allocated between the derecognized portion and the retained portion based on their
relative fair values and the difference between the following amounts shall be recognized in profit or loss:
1) The carrying amount of the derecognized portion;
2) The sum of the consideration received for the derecognized portion plus the proportionate share of
cumulative fair value changes previously recognized directly in equity (where applicable to debt instruments
measured at fair value through other comprehensive income).If the transfer of financial assets does not meet the conditions for derecognition such financial assets shall be
continuously recognized and the received consideration shall be recognized as a financial liability.
(4) Derecognition of financial liabilities
A financial liability (or part thereof) shall be derecognized when the present obligation is discharged in whole
or in part; If the Company enters into an agreement with creditors to replace an existing financial liability with a
new financial liability and the terms of the new liability are substantially different from those of the existing
liability the existing financial liability shall be derecognized and the new financial liability shall be recognized
simultaneously.If there is a substantial modification to the contractual terms of an existing financial liability (in whole or in
part) the original financial liability (or the modified portion) shall be derecognized and the modified financial
liability shall be recognized as a new financial liability.
29The Semi-Annual Report 2025
If all or part of the financial liabilities are derecognized the difference between the carrying amounts of the
derecognized financial liabilities and the consideration paid (including the transferred non-cash assets or the
new financial liabilities undertaken) will be included in the profit or loss.When the Company repurchases a portion of a financial liability the carrying amount of the entire liability shall
be allocated between the portion to be continued and the portion to be derecognized based on their relative fair
values as of the repurchase date. The difference between the allocated carrying amount of the derecognized
portion and the consideration paid (including transferred non-cash assets or newly assumed financial liabilities)
shall be recognized in profit or loss.
(5) Fair value measurement methods for financial assets and liabilities
The fair value of financial instruments with an active market shall be determined by the quotation in the active
market. The fair value of financial instruments without active market shall be determined by valuation
technology. At the time of valuation the Company adopts the valuation technology that is applicable in the
current situation and supported by sufficient available data and other information selects the input values that
are consistent with the characteristics of assets or liabilities considered by market participants in the transaction
of relevant assets or liabilities and gives priority to the relevant observable input values. Unobservable input
values can only be used if the relevant observable input values are unavailable or impracticable.
(6) Impairment testing and accounting treatment for financial instruments
The Company applies impairment accounting based on expected credit losses to financial assets measured at
amortized cost debt instruments measured at fair value through other comprehensive income and financial
guarantee contracts.The Company measures expected credit losses by incorporating reasonable and supportable information about
past events current conditions and forecasts of future economic conditions calculating a probability-weighted
amount of the present value of the difference between the contractual cash flows and the expected cash flows
using the risk of default as the weighting factor.For receivables and contract assets arising from transactions governed by Accounting Standards for Business
Enterprises No. 14 - Revenue the Company consistently measures loss allowances at an amount equal to
lifetime expected credit losses regardless of whether they contain significant financing components.For lease receivables arising from transactions governed by Accounting Standards for Business Enterprises No.
21 - Leases the Company has elected to consistently measure loss allowances at an amount equal to lifetime
expected credit losses.For other financial instruments the Company assesses changes in credit risk since initial recognition at each
balance sheet date.The Company evaluates whether credit risk has increased significantly since initial recognition by comparing
the risk of default at the balance sheet date with the risk of default at initial recognition to determine the relative
change in default risk over the financial instrument's expected maturity period thus assessing whether the credit
risk of the financial instrument has increased significantly since initial recognition. The Company presumes that
the credit risk of a financial instrument has increased significantly when it is more than 30 days past due unless
there is compelling evidence demonstrating that no significant increase in credit risk has occurred since initial
recognition.
30The Semi-Annual Report 2025
If a financial instrument has low credit risk at the balance sheet date the Company considers that no significant
increase in its credit risk has occurred since initial recognition.For financial instruments whose credit risk has increased significantly since initial recognition the Company
measures loss allowances at an amount equal to lifetime expected credit losses; for those without significant
increase in credit risk loss allowances are measured at an amount equal to 12-month expected credit losses. The
resulting increases or decreases in loss allowances are recognized in profit or loss as impairment losses or gains.For debt instruments measured at fair value through other comprehensive income the loss allowance is
recognized in other comprehensive income while impairment losses or gains are recognized in profit or loss
without reducing the carrying amount of the financial asset presented in the balance sheet.When objective evidence indicates that a specific receivable has experienced credit impairment the Company
measures its impairment provision on an individual basis.For receivables other than those subject to individual bad debt provision as mentioned above the Company
categorizes the remaining financial instruments into several portfolios based on their credit risk characteristics
and determines expected credit losses on a portfolio basis. The Company's portfolio groupings and
determination basis for measuring expected credit losses on notes receivable accounts receivable financing
receivables other receivables contract assets and long-term receivables are as follows:
1) Basis for determining credit risk characteristic portfolios
Item Portfolio category Determination basis
For accounts receivable and other receivables not individually assessed for
loss allowances or included in Portfolio 2 3 or 4 the Company determines
Portfolio Aging portfolio loss allowances based on expected credit losses of receivables portfolios1 with similar credit risk characteristics grouped by aging brackets in prior
periods incorporating forward-looking information. The aging period shall
be calculated from the initial recognition date of receivables.Portfolio Other receivables including various deposits guarantees advance payments
2 Deposit-type portfolio warranty funds employee advances and petty cash reserves arising fromordinary operating activities.
Portfolio Financial asset portfolio with Notes receivable and other receivables with minimal credit risk based on
3 very low credit risk expected credit loss assessments.
Portfolio
4 Risk-free portfolio Receivables from related parties within the consolidation scope.
2) When performing credit risk assessment using the portfolio approach the Company measures expected credit
losses and recognizes loss allowances for financial assets based on the portfolio structure and similar credit risk
characteristics (debtors' repayment capacity under contractual terms) incorporating historical default loss
experience current economic conditions and forward-looking information using the expected maturity period
as the measurement basis.Methods for measuring loss allowances by different portfolios:
Item Measurement method
Portfolio 1 (aging portfolio) Expected maturity period
Portfolio 2 (deposit-type portfolio) Expected maturity period
Portfolio 3 (financial asset portfolio with very low credit risk) Expected maturity period
Portfolio 4 (risk-free portfolio) Expected maturity period
3) Expected credit loss rates by portfolio:
Portfolio 1 (aging portfolio): Expected credit loss rate
31The Semi-Annual Report 2025
Aging Expected credit loss rate of Expected credit loss rate ofaccounts receivable (%) other receivables (%)
Within 1 year 0.00 0.00
1-2 years（Including 2 years） 10.00 10.00
2-3 years（including 3 years） 30.00 30.00
3-4 years（Including 4 years） 50.00 50.00
4-5 years（Including 5 years） 90.00 90.00
Over 5 years 100.00 100.00
Portfolio 2 (deposit-type portfolio): Based on historical default loss experience current economic conditions
and forward-looking information the expected credit loss rate is 0%;
Portfolio 3 (financial asset portfolio with very low credit risk): Based on historical default loss experience
current economic conditions and forward-looking information the expected credit loss rate is 0%;
Portfolio 4 (risk-free portfolio): Based on historical default loss experience current economic conditions and
forward-looking information the expected credit loss rate is 0%.If the Company no longer reasonably expects to recover all or part of the contractual cash flows of a financial
asset the carrying amount of the financial asset is directly written off.
11. Contract Assets and Contract Liabilities
(1) Contract assets
The Company recognizes contract assets in the balance sheet for rights to consideration that are conditional on
factors other than the passage of time (i.e. not unconditional) where the Company has performed its
obligations under the contract but the customer has not yet paid the contractual consideration. Contract assets
and liabilities under the same contract are presented on a net basis; those under different contracts are not offset.The measurement methods and accounting treatment for expected credit losses on contract assets follow "(6)
Impairment testing and accounting treatment for financial instruments in Section 10".
(2) Contract liabilities
The Company presents either a contract asset or liability in the balance sheet based on the relationship between
performance obligations and customer payments. Obligations to transfer goods or services to customers for
which the Company has received or is entitled to receive consideration are classified as contract liabilities.Contract assets and liabilities under the same contract are presented on a net basis.
12. Long-term Equity Investments
(1) Criteria for determining joint control and significant influence
Joint control is the contractually agreed sharing of control over an arrangement where decisions about relevant
activities of such arrangement require unanimous consent of all parties sharing control. Investees over which the
Company exercises joint control with other parties and has rights to their net assets are classified as joint
ventures of the Company.
32The Semi-Annual Report 2025
Significant influence is the power to participate in financial and operating policy decisions of an investee
without control or joint control over those policies. Investees over which the Company has significant influence
are classified as associates of the Company.
(2) Determination of initial investment cost
For long-term equity investments in subsidiaries acquired through business combinations under common
control the initial investment cost is measured at the carrying amount of the acquiree's equity interests in the
consolidated financial statements of the ultimate controlling party on the merger date. The difference between
the initial investment cost of the long-term equity investment and the carrying amount of consideration paid
shall be adjusted against the share premium within capital reserves. If the share premium is insufficient to
absorb the difference the remaining amount shall be adjusted against retained earnings.For long-term equity investments in subsidiaries acquired through business combinations not under common
control the initial investment cost is measured at the fair value of consideration transferred on the acquisition
date.
(2) Long-term equity investments obtained other than through business combinations
For investments acquired by cash payment the initial investment cost is the actual purchase price paid. For
investments acquired by issuing equity instruments the initial investment cost is the fair value of the equity
instruments issued.
(3) Subsequent measurement and profit/loss recognition methods
1) Long-term equity investments measured at cost
The Company applies the cost method for long-term equity investments in subsidiaries unless the investment
meets the criteria to be classified as held for sale. The Company recognizes current-period investment income
based on its share of cash dividends or profits declared by the investee excluding any dividends or profits
declared but not yet paid that were included in the actual payment or consideration for the investment.
2) Long-term equity investments accounted for under the equity method
For long-term equity investments in associates and joint ventures the Company applies the equity method.Where the initial investment cost exceeds the investor's share of the fair value of the investee's identifiable net
assets at the acquisition date the excess is not adjusted against the initial investment cost; Where the initial
investment cost is less than such share the difference is recognized in profit or loss with a corresponding
adjustment to the carrying amount of the investment.The Company recognizes its share of the investee's net profit or loss and other comprehensive income as
investment income and other comprehensive income respectively with corresponding adjustments to the
carrying amount of the long-term equity investment; reduces the carrying amount by its share of profits or cash
dividends declared by the investee; and for other changes in the investee's equity other than those resulting from
net profit or loss other comprehensive income or profit distributions (hereinafter referred to as "other equity
changes") adjusts the carrying amount of the long-term equity investment and recognizes the changes directly
in equity.When determining the Company's share of the investee's net profit or loss other comprehensive income and
other equity changes such share shall be recognized based on the fair value of the investee's identifiable net
33The Semi-Annual Report 2025
assets at the acquisition date after adjusting the investee's net profit and other comprehensive income in
accordance with the Company's accounting policies and reporting periods.Unrealized profits and losses arising from transactions between the Company and its associates or joint ventures
are eliminated to the extent of the Company's ownership interest when recognizing investment income except
when the transferred assets constitute a business. Unrealized losses arising from transactions with the investee
that qualify as asset impairment losses are recognized in full.The Company recognizes its share of net losses of a joint venture or associate until the carrying amount of the
long-term equity investment plus any long-term interests that are essentially advances to the investee are
reduced to zero unless the Company has incurred additional loss obligations. For subsequent net profits earned
by the joint venture or associate the Company resumes recognition of its share of profits only after the profit
share offsets previously unrecognized loss shares.
3) Disposal of long-term equity investments
The difference between the carrying amount of a disposed long-term equity investment and the actual proceeds
received is recognized in profit or loss.For partial disposals of equity-method investments where the remaining interest continues to be accounted for
under the equity method the other comprehensive income previously recognized under the equity method is
reclassified proportionately on the same basis as if the investee had directly disposed of the related assets or
liabilities while other equity changes are proportionately reclassified to profit or loss.When joint control or significant influence over an investee is lost due to disposal of equity investments the
other comprehensive income previously recognized under the equity method is accounted for on the same basis
as if the investee had directly disposed of the related assets or liabilities upon cessation of equity method
accounting while all other equity changes are fully reclassified to profit or loss at the time of discontinuation.When control over an investee is lost due to partial disposal of equity investments the Company in preparing
its separate financial statements if the remaining interest retains joint control or significant influence
transitions to equity method accounting with retrospective adjustment as if the equity method had always been
applied proportionately reclassifying pre-control other comprehensive income on the same basis as if the
investee had directly disposed of the related assets/liabilities and proportionately reclassifying equity-method-
related other equity changes to profit or loss; if no joint control or significant influence is retained reclassifies
the remaining interest as a financial asset with the difference between its fair value and carrying amount at the
date of control loss recognized in profit or loss while fully reclassifying all pre-control other comprehensive
income and other equity changes.For step-by-step disposals of equity investments in subsidiaries resulting in loss of control that qualify as a
single integrated transaction all individual transactions are accounted for as a single disposal event with the
difference between the consideration received and the carrying amount of the disposed equity interest for each
pre-control-disposal transaction being initially recognized in other comprehensive income in the separate
financial statements and subsequently reclassified in its entirety to profit or loss at the point when control is
ultimately lost. For non-single arrangements each transaction is accounted for separately.
34The Semi-Annual Report 2025
13. Investment Properties
Investment properties refer to real estate properties held for earning rental income capital appreciation or both
including leased land use rights land use rights held for capital appreciation with intent to transfer and leased
buildings.Investment properties are initially measured at cost. Subsequent expenditures related to investment properties
are included in the cost of investment real estate if the economic benefits related to the asset are likely to flow in
and the cost can be measured reliably. Other subsequent expenditures are recognized in profit or loss when
incurred.
14. Fixed Assets
(1) Recognition criteria
Fixed assets refer to tangible assets held for producing goods providing services leasing or management with
a service life of more than one fiscal year. Fixed assets are recognized only when the economic benefits related
to them are likely to flow into the Company and their costs can be measured reliably. Fixed assets are initially
measured at cost taking into account the impact of estimated disposal costs. Subsequent expenditures related to
fixed assets are capitalized when it is probable that associated economic benefits will flow to the entity and the
costs can be reliably measured; The carrying amount of any replaced parts is derecognized; All other
subsequent expenditures are recognized as profit or loss when incurred.
(2) Depreciation methods
Depreciation is calculated from the month following the date when the assets become available for their
intended use applying either the straight-line method or units-of-production method over their useful lives.Depreciation rates are determined based on the category of assets estimated useful lives and estimated residual
value rates. For fixed assets with recognized impairment losses depreciation in subsequent periods is calculated
based on the carrying amount after deducting impairment provisions and the remaining useful life. If
components of the fix assets have different useful lives or provide economic benefits to the enterprise in
different ways different depreciation rates or methods are applied separately.Useful lives estimated residual values and annual depreciation rates by category of fixed assets:
Annual
Category Depreciation method Useful life Residual rate depreciation
rate
Highways & bridges
Including：GuangfoExpresswy Working flow basis 28
Fokai Expressway-Xiebian to Sanbao Section Working flow basis 40 0.00 --
Fokai Expressway-Sanbao to Shuikou Section Working flow basis 47.5 0.00 --
Jingzhu Expressway Guangzhu Section Working flow basis 30 0.00 --
Guanghui Expressway Co. Ltd. Working flow basis 23 0.00 --
House Building The straight-line method 20-30 3.00-5.00 3.17-4.85
Machine Equipment The straight-line method 3-10 3.00-5.00 9.50-32.33
Transportation Equipment The straight-line method 5-8 3.00-5.00 11.88-19.40
Other The straight-line method 5 3.00-5.00 19.00-19.40
35The Semi-Annual Report 2025
Estimated residual value represents the net amount that the Company would currently obtain from the asset's
disposal after deducting estimated disposal costs assuming the asset has reached the end of its expected useful
life and is in the condition expected at that time.
(3) Disposal of fixed assets
When the fixed assets are disposed of or it is expected that no economic benefits can be generated through the
use or disposal the fixed assets is derecognized. The difference between the disposal proceeds from the sale
transfer retirement or impairment of fixed assets and its carrying amount after deducting related taxes and
expenses is recognized in profit or loss.The Company reviews the useful lives estimated residual values and depreciation methods of property plant
and equipment at least annually at year-end with any changes accounted for as changes in accounting estimates.
15. Construction in Progress
The cost of construction in progress is determined based on actual project expenditures including all
construction-related expenses incurred during the construction period borrowing costs capitalized before the
project reaches its intended usable condition and other relevant costs. No depreciation is allowed for
construction in progress.Construction in progress is carried forward to fixed assets after it reaches the intended usable state. The
standards and timing for transferring various construction in progress to fixed assets are as follows:
Standards for
Category transferring to Timing for transferring to fixed assets
fixed assets
(1) Physical construction including the installation of related equipment and ancillary
facilities has been fully completed or substantially completed; (2) Subsequent construction
expenditures are minimal or almost non-existent; (3) Related equipment has been debugged
Expressway Reaching the
and can operate normally and stably for a certain period; (4) The constructed expressway
construction intended usable
has met or substantially met the design or contractual requirements; (5) If the construction
project condition
project has reached the intended usable condition but the final account has not been settled
it shall be transferred to fixed assets at an estimated value based on the actual cost from the
date it reaches the intended usable condition.
(1) Physical construction including installation work has been fully completed or
substantially completed; (2) Subsequent expenditures on the buildings and structures are
Reaching the minimal or almost non-existent; (3) The constructed buildings and structures have met or
Buildings and
intended usable substantially met the design or contractual requirements; (4) If the construction project has
structures
condition reached the intended usable condition but the final account has not been settled it shall be
transferred to fixed assets at an estimated value based on the actual cost from the date it
reaches the intended usable condition.Reaching the (1) Related equipment and other supporting facilities have been installed; (2) After
Machinery and
intended usable debugging the equipment can maintain normal and stable operation for a period of time and
equipment
condition be accepted by relevant personnel.
16. Borrowing Costs
Borrowing costs comprise interest expenses on borrowings amortization of discounts or premiums ancillary
costs and foreign exchange differences arising from foreign currency borrowings. Borrowing costs that are
36The Semi-Annual Report 2025
directly attributable to the acquisition construction or production of a qualifying asset shall be capitalized when
expenditures for the asset have been incurred borrowing costs have been incurred and activities necessary to
prepare the asset for its intended use or sale have begun and capitalization shall cease when the qualifying asset
being acquired constructed or produced has reached its intended usable or salable condition. All other
borrowing costs shall be recognized as an expense in the period in which they are incurred.For specific borrowings the amount of borrowing costs eligible for capitalization shall be the actual borrowing
costs incurred during the period less any investment income from the temporary investment of those borrowings.For general borrowings the amount of borrowing costs eligible for capitalization shall be determined by
applying the capitalization rate to the weighted average of the expenditures on that asset that exceed the specific
borrowings. The capitalization rate shall be determined based on the weighted average interest rate of the
general borrowings.
17. Intangible Assets
(1) Useful life and its determination basis estimation amortization method or review procedure
Intangible assets are initially measured at cost including purchase price related taxes and duties and other
directly attributable expenditures necessary to bring the asset to its intended use. The Company assesses the
useful life of intangible assets upon acquisition. For intangible assets with finite useful lives amortization is
recognized over their expected economic benefit periods; Intangible assets for which the expected useful life
cannot be reliably estimated are considered to have indefinite useful lives and are not amortized.The amortization methods useful lives and residual values of intangible assets are as follows:
Item Useful life Amortization method
Land use right Remaining useful life Straight-line method
Software 33-5 years Straight-line method
Toll road concession right Residual concession period Working flow basis
At each period-end the useful lives and amortization methods of finite-lived intangible assets are reviewed
with any changes accounted for as changes in accounting estimates.
18. Long-term Prepaid Expenses
Long-term prepaid expenses refer to costs that have already been incurred but should be allocated over the
current reporting period and subsequent periods with an amortization period exceeding one year. Such expenses
are amortized using the straight-line method over their expected benefit periods.
19. Long-term Asset Impairment
For long-term equity investments investment properties measured at cost property plant and equipment
construction in progress right-of-use assets and finite-lived intangible assets the Company assesses at each
balance sheet date whether there are any impairment indicators. If any impairment indicators exist the
recoverable amount shall be estimated and impairment testing shall be performed.
37The Semi-Annual Report 2025
If the impairment test indicates that the recoverable amount of an asset is lower than its carrying amount the
difference shall be recognized as an impairment provision and recorded as an impairment loss. The recoverable
amount shall be the higher of an asset's fair value less costs of disposal and the present value of the estimated
future cash flows expected to be derived from the asset. Impairment provisions for assets shall be calculated and
recognized on an individual asset basis except when it is impracticable to reliably estimate the recoverable
amount of an individual asset in which case the recoverable amount shall be determined for the cash-generating
unit to which the asset belongs. Asset group is the smallest asset portfolio that can generate cash inflow
independently.An impairment loss recognized for these assets shall not be reversed in subsequent periods even if the
recoverable amount subsequently increases.
20. Employee Benefits
(1) Accounting treatment for short-term employee benefits
The Company recognizes actual short-term employee benefits as liabilities during the accounting periods in
which employees render services with corresponding charges to profit or loss or relevant asset costs.The Company's contributions to social insurance and housing provident funds for employees as well as labor
union funds and worker education funds accrued in accordance with applicable regulations shall be determined
based on the prescribed contribution bases and rates during the accounting periods in which employees render
services to the Company.Employee welfare expenses are recognized at actual amounts incurred and charged to profit or loss or relevant
asset costs with non-monetary benefits measured at fair value.
(2) Accounting treatment for post-employment benefits
The Company contributes to basic pension insurance and unemployment insurance for employees in accordance
with local government regulations. The required contributions calculated based on locally prescribed bases and
rates during employee service periods are recognized as liabilities and charged to profit or loss or relevant asset
costs.
(3) Accounting treatment for termination benefits
When providing termination benefits the Company recognizes corresponding liabilities at the earlier of: (a)
when the Company can no longer unilaterally withdraw the termination offer under the redundancy plan or
severance proposal; or (b) when the Company recognizes restructuring-related costs or expenses involving
termination payments with a corresponding charge to profit or loss.
21. Provisions
A provision shall be recognized when all of the following conditions are met in relation to a contingent
obligation: (1) the obligation is a present obligation of the Company; (2) it is probable that an outflow of
economic benefits will be required to settle the obligation; and (3) the amount of the obligation can be measured
reliably.
38The Semi-Annual Report 2025
At the balance sheet date provisions shall be measured at the best estimate of the expenditure required to settle
the present obligation taking into account risks and uncertainties associated with the contingent event as well as
the time value of money where material. When the time value of money is material the best estimate shall be
determined by discounting the estimated future cash outflows.The Company reviews the carrying amount of provisions at each balance sheet date and adjusts them to reflect
the current best estimate when there is objective evidence that the carrying amount no longer represents the
appropriate measurement.
22. Revenue
(1) Accounting policies for revenue recognition and measurement
The Company recognizes revenue when it satisfies a performance obligation under the contract by transferring
control of goods or services to the customer. Control of goods or services is obtained when the customer has the
ability to direct the use of and obtain substantially all the remaining benefits from those goods or services.For contracts containing two or more performance obligations the Company allocates the transaction price to
each distinct performance obligation at contract inception based on the relative stand-alone selling prices of the
promised goods or services. Revenue is measured based on the transaction price allocated to each distinct
performance obligation.Transaction price is the amount of consideration that the Company is expected to receive for transferring the
goods to customers excluding the payment collected on behalf of third parties and the payment that the
Company is expected to return to customers. The Company determines the transaction price based on the
contract terms and its historical business practices while considering the effects of variable consideration
significant financing components in the contract non-cash consideration and consideration payable to
customers. The Company estimates the transaction price including variable consideration at an amount that does
not exceed the level for which it is highly probable that the cumulative recognized revenue will not be subject to
significant reversal when the related uncertainty is resolved. For contracts with significant financing
components the Company determines the transaction price as the cash selling price at the date control transfers
with any difference between this amount and the contract consideration amortized using the effective interest
method over the contract period. At contract inception the Company does not consider the existence of a
significant financing component when the period between the transfer of control of goods or services to the
customer and the customer's payment is expected to be one year or less.A performance obligation is satisfied over time if one or more of the following criteria are met; otherwise it is
satisfied at a point in time:
* The customer simultaneously receives and consumes the benefits provided by the Company's performance as
the Company performs;
* The customer controls the goods or services in process as they are constructed or provided by the Company;
The goods or services created by the Company's performance have no alternative use to the Company and the
Company has an enforceable right to payment for performance completed to date throughout the contract period.For the performance obligations performed in a certain period of time the Company shall recognize the income
according to the performance progress during that period except that the performance progress cannot be
39The Semi-Annual Report 2025
reasonably determined. The Company determines the progress of performance using either an output method or
input method based on the nature of the goods or services. When the progress cannot be reasonably measured
revenue is recognized to the extent of costs incurred that are expected to be recoverable until such time as the
progress can be reliably determined.For performance obligations satisfied at a point in time the Company recognizes revenue when the customer
obtains control of the related goods or services. In assessing whether control of goods or services has transferred
the Company considers the following indicators:
* The Company has a present right to payment for the goods or services (i.e. the customer has a present
obligation to pay for such goods or services).* The Company has transferred legal title of the goods to the customer (i.e. the customer has legal ownership of
such goods).* The Company has physically transferred the goods to the customer (i.e. the customer has physical possession
of such goods).* The Company has transferred the principal risks and rewards of ownership of the goods to the customer (i.e.the customer has obtained the principal risks and rewards of such goods ownership).* The customer has accepted the goods or services etc.* Other indicators demonstrating that the customer has obtained the control of goods.The Company determines whether it is acting as a principal or an agent in transactions by assessing whether it
obtains control of the goods or services before transferring them to the customer. When the Company obtains
control of goods or services before transferring them to the customer it acts as a principal and recognizes
revenue at the gross amount of consideration received or receivable; otherwise it acts as an agent and
recognizes revenue at the net amount of commission or fee to which it expects to be entitled.
(2) Revenue recognition methods and measurement approaches by business type
1) Toll revenue
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 revenues are recognized as operating income over the service period based on elapsed
service time and contractual pricing.
23. Contract Costs
Contract costs comprise costs to obtain a contract and costs to fulfill a contract.Incremental costs of obtaining a contract (i.e. costs that would not have been incurred if the contract had not
been acquired) that are expected to be recovered are recognized as an asset and amortized on the same basis as
the revenue recognition pattern of the related goods or services with the amortization charged to profit or loss.Other costs incurred by the Company to obtain a contract shall be recognized as profit or loss when incurred
unless they are specifically recoverable from the customer.
40The Semi-Annual Report 2025
Costs incurred to fulfill a contract that do not fall within the scope of other standards (such as inventories
property plant and equipment or intangible assets) are recognized as an asset when all of the following
conditions are met: (1) The costs relate directly to a specific contract (including direct labor direct materials
manufacturing overheads or similar costs explicitly chargeable client costs and other costs incurred only for
that contract); (2) The costs enhance the Company's resources that will be used to satisfy performance
obligations in the future; (3) The costs are expected to be recovered. Such assets are amortized on the same
basis as the revenue recognition pattern of the goods related to such assets with the amortization charged to
profit or loss.When determining impairment losses on assets related to contract costs the Company shall first assess and
recognize impairment losses on other contract-related assets that are accounted for under applicable accounting
standards; subsequently for assets arising from contract costs when the carrying amount exceeds the difference
between: (1) the remaining consideration expected to be received for transferring the related goods or services;
and (2) the estimated costs required to complete such transfer the excess amount shall be recognized as an
impairment provision and recorded as an impairment loss.An impairment provision recognized for an asset relating to contract costs shall be reversed if the reasons for
the impairment have ceased to apply such that the above difference exceeds the carrying amount. The reversal
shall be recognized in profit or loss provided that the increased carrying amount does not exceed the carrying
amount that would have been determined (net of amortization or depreciation) had no impairment provision
been recognized
24. Government Grants
(1) Classification
Government grants are monetary or non-monetary assets received by the Company from government authorities
without compensation classified into government grants related to assets and government grants related to
income.Government grants related to assets refer to government grants acquired by the Company for the purchase
construction or other forms of acquisition of long-term assets. Government grants related to income refer to
government grants other than those related to assets.Government documents clearly specify that government grants for purchase construction or other forms of
acquisition of long-term assets are recognized as government grants related to assets. If the object of grants is
not clearly specified in government documents and long-term assets can be formed the part of government
grants corresponding to the value of assets shall be regarded as the government grants related to assets and the
rest shall be regarded as the government grants related to income; If it is difficult to distinguish them the
government grants as a whole will be regarded as a government grants related to income. Government grants
related to assets are recognized as deferred income. The amount recognized as deferred income is systematically
amortized to profit or loss over the useful lives of the related assets using a rational and systematic method.Government grants other than those related to assets are recognized as government grants related to income.Government grants related to income that compensate the enterprise for relevant expenses or losses to be
incurred in future periods are recognized as deferred income and subsequently amortized to profit or loss when
41The Semi-Annual Report 2025
the related expenses are recognized whereas grants compensating already incurred expenses or losses are
directly recognized in profit or loss.When the Company receives subsidized preferential loan interest through fiscal authorities disbursing funds to
lending banks which then provide loans at preferential policy rates the loan is measured at the actual amount
received with borrowing costs calculated based on the principal amount and preferential interest rate; when
fiscal authorities directly disburse the interest subsidy to the Company the corresponding subsidy amount
reduces the related borrowing costs.
(2) Recognition timing
Government grants are recognized when the Company can comply with the attached conditions and can
reasonably assure their receipt.
(3) Accounting treatment
Government grants related to assets are recognized as deferred income and systematically amortized to profit or
loss over the useful lives of the related assets using a rational and systematic method. Government grants related
to the Company's ordinary activities are recognized as other income while those unrelated to ordinary activities
are recognized as non-operating income.
25. Deferred Tax Assets / Deferred Tax Liabilities
The Company applies the balance sheet liability method for income tax accounting.For the difference between the carrying amounts of some assets and liabilities and their tax basis and the
temporary difference between the carrying amounts of items that are not recognized as assets and liabilities but
can be determined in tax basis according to the provisions of the tax law and tax basis the balance sheet
liability method is adopted to recognize deferred tax assets and deferred tax liabilities.Deferred tax assets are recognized for deductible temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences can be utilized. For
deductible losses and tax deductions that can be carried forward to future years the corresponding deferred tax
assets are recognized to the extent that it is likely to obtain future taxable income for deducting deductible
losses and tax deductions.Deferred tax liabilities are recognized for all taxable temporary differences except in certain specified
circumstances.Deferred tax assets or liabilities shall not be recognized for the following special circumstances:
* * The initial recognition of goodwill;
* Transactions or events that (a) are not business combinations (b) at the time of occurrence affect neither
accounting profit nor taxable income (or deductible losses) and (c) upon initial recognition of the related assets
or liabilities do not create offsetting taxable and deductible temporary differences of equal amounts.A deferred tax liability shall be recognized for taxable temporary differences associated with investments in
subsidiaries associates and joint ventures except when the Company can control the timing of the reversal of
the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable
future. A deferred tax asset shall be recognized for deductible temporary differences associated with
42The Semi-Annual Report 2025
investments in subsidiaries associates and joint ventures only when it is probable that the temporary difference
will reverse in the foreseeable future and sufficient taxable profit will be available against which the deductible
temporary difference can be utilized.On the balance sheet date deferred tax assets and liabilities shall be measured using the tax rates that are
expected to apply to the periods when the assets are recovered or liabilities are settled based on tax laws
enacted or substantively enacted by that date.On the balance sheet date the carrying amount of deferred tax assets is reviewed and reduced to the extent that
it is no longer probable that sufficient taxable profit will be available to realize the associated benefit. Such
reductions are reversed when it subsequently becomes probable that sufficient taxable profit will be available.
26. Lease
A lease is a contract that conveys the right to use an asset for a period of time from the lessor to the lessee in
exchange for consideration. On the commencement date of the contract the Company evaluates whether the
contract is a lease or contains a lease. If a contract conveys the right to control the use of one or more identified
assets for a period of time in exchange for consideration the contract is or contains a lease.When a contract contains multiple separate lease components the Company separates and accounts for each
lease component individually. For contracts containing both lease and non-lease components lessees and
lessors separate the lease components from non-lease components.
(1) Accounting treatment as a lessee
1) right-of-use assets
At the commencement date of the lease term the Company recognizes right-of-use assets for all leases except
short-term leases and leases of low-value assets. The right-of-use assets are initially measured at cost. Such cost
comprises:
* The initial measurement amount of the lease liability;
* Lease payments made at or before the commencement date of the lease term less any lease incentives
received;
* Initial direct costs incurred by the Company;
* The estimated costs to dismantle remove restore the underlying asset or reinstate the site or such
underlying asset to its contractual condition excluding costs attributable to inventory production.Subsequently the Company depreciates right-of-use assets using the straight-line method. When the Company
is reasonably certain to obtain ownership of the underlying asset by the end of the lease term depreciation is
calculated over the remaining useful life of the underlying asset; otherwise depreciation is calculated over the
shorter of the lease term and the underlying asset's remaining useful life.The Company assesses right-of-use assets for impairment following the principles described in "XIX. Long-
lived Asset Impairment" in this section and accounts for any identified impairment losses accordingly.
2) Lease liabilities
43The Semi-Annual Report 2025
At the commencement date of the lease term the Company recognizes lease liabilities for all leases except
short-term leases and leases of low-value assets. The lease liability is initially measured at the present value of
the unpaid lease payments. Lease payments include:
* Fixed payments (including in-substance fixed payments) less any lease incentives;
* Variable lease payments that depend on an index or rate;
* Amounts expected to be payable under residual value guarantees provided by the Company;
* The exercise price of purchase options if the Company is reasonably certain to exercise the option;
* Termination penalties if the lease term reflects the Company's expectation of exercising a termination
option.The Company uses the interest rate implicit in lease as the discount rate or if such rate cannot be reasonably
determined the Company's incremental borrowing rate shall be adopted as the discount rate.The Company calculates interest expense on the lease liability for each period during the lease term using a
fixed periodic interest rate which is charged to profit or loss or capitalized into the cost of related assets.Variable lease payments not included in the lease liability measurement are recognized in profit or loss or
capitalized into the cost of related assets when incurred.After the commencement date of the lease term the Company remeasures the lease liability and adjusts the
corresponding right-of-use asset in the following circumstances. If the carrying amount of the right-of-use asset
has been reduced to zero but further reduction of the lease liability is required the excess is recognized in profit
or loss:
* When there is a change in the assessment of purchase renewal or termination options or when actual
exercise of these options differs from the original assessment the Company remeasures the lease liability using
the revised lease payments and updated discount rate;
* When there are changes to in-substance fixed payments expected payments under residual value
guarantees or indices/rates used to determine lease payments the Company remeasures the lease liability using
the revised lease payments and original discount rate; However if the change in lease payments results from
fluctuations in a variable interest rate the present value shall be recalculated using the revised discount rate.
3) Short-term leases and leases of low-value assets
For short-term leases and leases of low-value assets where the Company elects not to recognize right-of-use
assets and lease liabilities the related lease payments are recognized in profit or loss or capitalized into the cost
of related assets on a straight-line basis over the lease term. A short-term lease is a lease that at the
commencement date of the lease term has a lease term of 12 months or less and does not contain a purchase
option. An a lease of low-value assets refers to a lease of an individual asset that has low value when new. The
Company classifies leases of individual underlying assets with a new value not exceeding RMB 40000 as
leases of low-value assets. If the Company subleases or expects to sublease the underlying assets the original
lease does not qualify as a lease of low-value assets.
4) Lease modifications
* The modification increases the scope of the lease by adding one or more underlying assets;
44The Semi-Annual Report 2025
* The additional consideration is commensurate with the standalone price for the increased lease scope
adjusted to reflect the specific circumstances of the contract.If the modification is not accounted for as a separate lease on the effective date of the modification the
Company will re-allocate the consideration of the modified contract re-determine the lease term and re-
measure the lease liabilities according to the present value calculated by the changed lease payment and the
revised discount rate.If a modification reduces the lease scope or term the Company proportionately reduces the carrying amount of
the right-of-use asset and recognizes any gain/loss from partial/full termination in profit or loss. For other
modifications requiring lease liability remeasurement the Company adjusts the carrying amount of the right-of-
use asset correspondingly.
(2) Accounting treatment as a lessor
At the commencement date of the lease the Company classifies leases as either finance leases or operating
leases. A finance lease is a lease that transfers substantially all the risks and rewards incidental to ownership of
the underlying asset regardless of whether legal title is eventually transferred. An operating lease is any lease
that does not qualify as a finance lease. When acting as an intermediate lessor the Company classifies subleases
based on the right-of-use asset arising from the head lease.
1) Accounting treatment of operating lease
Lease income from operating leases is recognized on a straight-line basis over the lease term. Initial direct costs
incurred related to operating leases are capitalized and allocated to profit or loss over the lease term using the
same basis as lease income recognition. Variable lease payments not included in lease income are recognized in
profit or loss when incurred. Modifications to operating leases are accounted for as new leases by the Company
from the effective modification date with any prepaid/accrued lease income attributable to the original lease
treated as part of the new lease payments.
2) Accounting treatment of finance lease
At the commencement date of the lease the Company recognizes finance lease receivables and derecognizes the
underlying assets for finance leases. The Company initially measures finance lease receivables at an amount
equal to the net investment in the lease. The net investment in the lease is the sum of the present value of the
unguaranteed residual value and the lease payments receivable at the commencement date of the lease term
both discounted using the interest rate implicit in lease.
27. Fair Value Measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction
between market participants at the measurement date.When measuring fair value the Company assumes that the orderly transaction occurs in the principal market
for the asset or liability; in the absence of a principal market the most advantageous market is assumed. The
principal market (or most advantageous market) is the market accessible to the Company at the measurement
45The Semi-Annual Report 2025
date. The Company uses assumptions that market participants would use when pricing the asset or liability to
maximize economic benefits.The fair value measurement of a non-financial asset takes into account either the ability of market participants
to generate economic benefits through the asset's highest and best use or their ability to sell it to other market
participants who would utilize it in its highest and best use to generate economic benefits.The Company applies valuation techniques that are appropriate in current circumstances and sufficiently
supported by available data and other information prioritizing the use of relevant observable inputs and
resorting to unobservable inputs only when observable inputs are unavailable or their collection is impracticable.Assets and liabilities measured or disclosed at fair value in the financial statements are categorized into three
fair value hierarchy levels based on the lowest level input that is significant to the entire measurement: Level 1
inputs are unadjusted quoted prices in active markets for identical assets or liabilities accessible at the
measurement date; Level 2 inputs are observable inputs other than Level 1 prices whether directly or indirectly
observable for the asset or liability; Level 3 inputs are unobservable inputs for the asset or liability.On each balance sheet date the Company reassesses assets and liabilities measured at fair value on a recurring
basis in the financial statements to determine whether transfers between fair value hierarchy levels have
occurred.
28.Change of main accounting policies and estimations
(1)Change of main accounting policies
□Applicable √Not applicable
（2）Significant estimates changes
√Applicable □Not applicable
In RMB
Contents and reasons of changes in accounting Name of report item materially Effective date of
Impact amount
estimates affected application
Fixed asset 24366244.26
In January 2025 the Guangzhou-Huizhou Taxes payable 6091561.07
Expressway Reconstruction and Expansion Deferred tax liabilities -85194.28
Project was approved resulting in an expected Operating costs -24366244.26
extension of the operating period for Guanghui
Income tax expenses 6006366.79
Expressway Co. Ltd. (a controlled subsidiary of
the Company). Consequently the depreciation Non-controlling interests February 12025 11939459.69
periods and traffic-based depreciation rates for Non-controlling interests in 8996339.96
the Nanxiangshan Lihu (Gualv Lake) and profit or loss
Jinlong (Huizhou North) interchanges were Net assets attributable to the 12426784.57
adjusted with the depreciation period extended parent company
to August 2054. Net profit attributable to the 9363537.51
parent company
（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
2025.Adjustment description
□Applicable √Not applicable
46The Semi-Annual Report 2025
VI. Taxation
1. Major category of taxes and tax rates
Tax category Tax basis Tax rate
The output tax is calculated based on the income from sales of goods
and taxable services calculated according to the provisions of the tax
Value-added tax 3%5%6%9%13%
law. After deducting the input tax allowed to be deducted in the current
period the difference is the VAT taxable
Urban maintenance and
Actual paid turnover taxes 5%7%
construction tax
Corporate income tax Taxable income 25%
Education surcharge Actual paid turnover taxes 3%
Local education surcharge Actual paid turnover taxes 2%
2.Preferential tax treatment
None
VII. Notes on major items in consolidated financial statements of the Company
1. Monetary funds
In RMB
Items Amount in year-end Balance Year-beginning
Cash on hand 10258.18 10267.08
Bank deposits 2607991456.75 1498518288.65
Deposits with finance companies 3141101704.92 2761828656.71
Other cash and cash equivalents 10860668.11 517072.14
Accrued interest not yet due 37069088.06 28952378.64
Total 5797033176.02 4289826663.22
Other note
Accrued interest not yet due represents interest on 7-day notice deposits.
47The Semi-Annual Report 2025
2. Account receivable
（1）Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginningWithin 1 year(Including 1 year） 89105381.80 74944771.52
1-2 years 5493783.17 6577116.50
2-3 years 1083333.33 1116666.67
Over 3 year 4260330.67 3143664.00
3-4 years 1116666.67 0.00
4-5 years 0.00 2077392.00
Over 5 years 3143664.00 1066272.00
Subtotal 99942828.97 85782218.69
Bad debt provision 3695330.67 3421164.00
Total 96247498.30 82361054.69
48The Semi-Annual Report 2025
（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 single 3143664.00 3.15% 3143664.00 100.00% 0.00 3143664.00 3.66% 3143664.00 100.00% 0.00
Including：
Accrual of bad debt
provision by portfolio 96799164.97 96.85% 551666.67 0.57% 96247498.30 82638554.69 96.34% 277500.00 0.34% 82361054.69
Including：
Aging portfolio 90772245.80 90.82% 551666.67 0.61% 90220579.13 75809821.02 88.38% 277500.00 0.37% 75532321.02
Portfolio of financial
assets with very low 6026919.17 6.03% 0.00 0.00% 6026919.17 6828733.67 7.96% 0.00 0.00% 6828733.67
credit risk
Total 99942828.97 100.00% 3695330.67 3.70% 96247498.30 85782218.69 100.00% 3421164.00 3.99% 82361054.69
49The Semi-Annual Report 2025
Categories of individual bad debt provisions:
In RMB
Opening balance Closing balance
Name Bad debt Bad debt Provision Provision
Book balance Book balance
provision provision percentage reason
Guangdong Under
Taiheng bankruptcy
Expressway 3143664.00 3143664.00 3143664.00 3143664.00 100.00% liquidation;
Development recovery
Co. Ltd. unlikely
Total 3143664.00 3143664.00 3143664.00 3143664.00
Categories of portfolio-based bad debt provision: credit risk characteristics portfolio
In RMB
Closing balance
Name
Book balance Bad debt provision Provision percentage
Aging portfolio 90772245.80 551666.67 0.61%
Financial asset portfolio with
6026919.170.00%
very low credit risk
Total 96799164.97 551666.67
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
Opening Amount of change in the current periodCategory Closingbalance Accrual Reversed or collected Write-amount off Other balance
Accrual of bad debt provision by
3143664.000.000.000.000.003143664.00
single item
Accrual of bad debt provision by
277500.00274166.670.000.000.00551666.67
credit risk
Total 3421164.00 274166.67 0.00 0.00 0.00 3695330.67
（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
balance of
Company Name Amount of receivable and
Proportion of Amount of
ending balance the total accounts ending balancecontract assets
contract receivable % for bad debts
ending balance
assets
Guangdong Union Electronic Services
56552000.770.0056552000.7756.58%0.00
Co. Ltd.Guangdong Humen Bridge Co. Ltd. 12588909.96 0.00 12588909.96 12.60% 0.00
Guangdong Jingzhu Expressway 12324600.00 0.00 12324600.00 12.33% 0.00
50The Semi-Annual Report 2025
Closing
Accounts
balance of
Company Name Amount of receivable and
Proportion of Amount of
ending balance the total accounts ending balancecontract assets
contract receivable % for bad debts
ending balance
assets
Guangzhu North section Co. Ltd.Guangdong Expressway Technology
6470388.190.006470388.196.47%0.00
Investment Co. Ltd.Guangdong Provincial Government
Expressway Debt Repayment 4596700.00 0.00 4596700.00 4.61% 0.00
Management Center
Total 92532598.92 0.00 92532598.92 92.59% 0.00
3.Other accounts receivable
In RMB
Item Balance in year-end Balance Year-beginning
Dividend receivable 31996670.24 28621800.58
Other receivable 230591215.42 120235318.76
Total 262587885.66 148857119.34
（1）Interest receivable
None
（2）Dividend receivable
1) Dividend receivable
In RMB
Items Balance in year-end Balance Year-beginning
Guangdong Radio and Television Networks
0.00797664.04
investment No.1 Limited partnership enterprise
Guangdong Guangle Expressway Co. Ltd. 0.00 21615181.62
Guoyuan Securities 0.00 6208954.92
China Everbright Bank Co. Ltd. 19996670.24 0.00
Ganzhou Gankang Expressway Co. Ltd. 12000000.00 0.00
Total 31996670.24 28621800.58
2）Significant dividend receivable aged over 1 year
None
3) Disclosure by bad debt provision method
□Applicable□Not applicable
（3） Other accounts receivable
1) Other accounts receivable classified
In RMB
Nature Balance in year-end Balance Year-beginning
Petty cash 3409663.91 3142132.02
Reimbursements 234872551.47 342942142.53
Deposits and g 2927641.89 2736640.19
Receivables from equity transfers 0.00 107111100.00
Others 837463.85 7245446.55
Less: bad debt provision 11456105.70 342942142.53
51The Semi-Annual Report 2025
Total 230591215.42 120235318.76
2）Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginningWithin 1 year(Including 1 year） 122933833.30 238920756.17
1-2 years 116423131.76 125624239.66
2-3 years 1843328.94 97761543.71
Over 3 years 847027.12 870921.75
3-4 years 11307.68 31680.00
4-5 years 27180.00 2095.07
Over 5 years 808539.44 837146.68
Subtotal 242047321.12 463177461.29
Less： bad debt provision 11456105.70 342942142.53
Total 230591215.42 120235318.76
52The Semi-Annual Report 2025
3) Disclosure by bad debt provision method
□Applicable □Not applicable
In RMB
Amount in year-end Balance Year-beginning
Category Book Balance Bad debt provision Book Balance Bad debt provision
Amount Proportion(%) Amount Proportion(%) Book value Amount Proportion(%) Amount Proportion(%) Book value
Accrual of
bad debt
provision by 342942142.53 74.04% 342942142.53 100.00% 0.00
single
Including：
Accrual of
bad debt
provision by 242047321.12 100.00% 11456105.70 4.73% 230591215.42 120235318.76 25.96% 0.00 0.00% 120235318.76
portfolio
Including：
Aging
234872551.4797.04%11456105.704.88%223416445.770.000.00%0.000.00%0.00
portfolio
CSF
6337305.802.62%0.000.00%6337305.805878772.211.27%0.000.00%5878772.21
Portfolio
Very low
credit risk
financial 837463.85 0.34% 0.00 0.00% 837463.85 114356546.55 24.69% 0.00 0.00% 114356546.55
asset
portfolio
Total 242047321.12 100.00% 11456105.70 4.73% 230591215.42 463177461.29 100.00% 342942142.53 74.04% 120235318.76
53The Semi-Annual Report 2025
Categories of portfolio-based bad debt provision: credit risk characteristics portfolio
In RMB
Balance in year-end
Name
Book balance Bad debt provision Withdrawal proportion
Aging portfolio 234872551.47 11456105.70 4.88%
CSF Portfolio 6337305.80 0.00 0.00%
Very low credit risk financial
837463.850.000.00%
asset portfolio
Total 242047321.12 11456105.70
Provision for bad debts is made according to the general model of expected credit losses
In RMB
Stage 1 Stage 2 Stage 3
Bad Debt Reserves Expected credit Expected credit loss over Expected credit losses for Total
losses over the next life (no credit the entire duration (credit
12 months impairment) impairment occurred)
Balance as at January 12025 342942142.53 342942142.53
Balance as at January 12025
in current
This period of provision 11456105.70 0.00 0.00 11456105.70
Reversal in Current Year 0.00 342942142.53 0.00 342942142.53
Balance on June 30 2025 11456105.70 0.00 0.00 11456105.70
Explanation of the significant changes in the book balance of receivables financing with changes in loss
provisions in the current period:
□Applicable□Not applicable
4）Bad debt provision accrual collected or reversal in the period
Accrual of bad debt provision in the period:
In RMB
Current changes
Category Opening Endingbalance Accrual Collected or Writereversal off Other
balance
Accrual of bad debt provision by
342942142.530.00342942142.530.000.000.00
single
Portfolio-based bad debt
0.0011456105.700.000.000.0011456105.70
provisions
Total 342942142.53 11456105.70 342942142.53 0.00 0.00 11456105.70
Important amount of bad debt provision switch-back or collection in the period:
In RMB
Basis and rationale for
Recovery/reversal Reason for Recovery
Entity name original bad debt provision
amount reversal method
rate
The source As the original source of the
Guangdong Provincial Government
of the Partial funds funds could not be identified
Expressway Debt Repayment Management 342942142.53
maintenance recovered. and in accordance with the
Center (Note)
expenses prudence principle a full
54The Semi-Annual Report 2025
advanced by provision for bad debts was
Guangfo made.Company
has been
clarified.Total 342942142.53
Subsidiary Guangfo Expressway Co. Ltd. ("Guangfo Company") had previously advanced maintenance costs
for Guangzhou-Foshan Expressway which were recorded under Guangdong Department of Transport. In
March 2025 official government documents confirmed that Guangzhou-Foshan Expressway would be returned
to government management. The advanced operational maintenance costs will be audited and settled through
due procedures with relevant authorities responsible for reimbursing Guangfo Company. During the current
period Guangfo Company received RMB 150 million for reimbursement of the advanced maintenance
payments from Guangdong Provincial Government Expressway Debt Repayment Management Center which
fully reversed the previously recognized bad debt provisions of RMB 342942142.53.
5) Actual write-off of other receivables in the current period
None
6) Top five other receivables by debtor at the end of the period
In RMB
Nature Percentage of total Closing
Entity name of Closingbalance Aging closing balance of
balance of
amount other receivables bad debtprovision
Maintena
Guangdong Provincial
nce Within 1 year
Government Expressway Debt 234872551.47 97.04% 11456105.70
expenditu 1-2 years
Repayment Management Center
re
Guangdong Litong Development 2-3 years
Deposit 1846377.94 0.76% 0.00
Investment Co. Ltd. 4-5 years
Guangdong Litong Property Within 1 year
Deposit 414525.60 0.18% 0.00
Development Co. Ltd. 2-3 years
Sinopec Sales Co. Ltd.Deposit 254641.63 Over 5 years 0.11% 0.00
Guangdong Petroleum Branch
Guangzhou Yangji Hotel
Management Co. Ltd. Yueyang Deposit 200000.00 Within 1 year 0.08% 0.00
Foreign-Related Hotel Branch
Total 237588096.64 98.16% 11456105.70
4. Accounts paid in advance
(1) Accounts paid in advance by ageing
In RMB
Ending balance Opening balance
Account age
Amount Ratio Amount Ratio
Within 1 year 5784623.66 97.31% 3572359.00 95.72%
55The Semi-Annual Report 2025
1-2 years 0.00 0.00% 19800.00 0.53%
2- 3 years 19800.00 0.33% 0.00 0.00%
Over 3 years 140000.00 2.36% 140000.00 3.75%
Total 5944423.66 3732159.00
Explanation on un-settlement in time for advance payment with over one year account age and major amounts:
None
(2) Top 5 advance payment at ending balance by prepayment object
Name Ending balance Ratio in total advance e payment(%)
Poly Changda Engineering Co. Ltd. 1396650.00 23.50
China Pacific Property Insurance Co. Ltd. Guangdong
1306564.6421.98
Branch
Guangdong Traffic Testing Co. Ltd. 711457.00 11.97
Sinopec Sales Co. Ltd. 608730.29 10.24
China Mobile Group Guangdong Co. Ltd. Guangzhou
419640.007.06
Branch
Total 4443041.93 74.75
56The Semi-Annual Report 2025
5.Other current assets
In RMB
Items Year-end balance Year-beginning balance
Input tax to be credited 176457.21 353.70
Input tax to be verified 7382607.13 6064511.82
Prepaid taxes 40462.37 38954.73
VAT carry-over credit 0.00 63519.91
Total 7599526.71 6167340.16
57The Semi-Annual Report 2025
6.Other Equity instrument investment
In RMB
Losses
Gains accumulated Reason designated as
Gains included in Losses included in accumulated in
in other being measured at
other other other Dividend income
Opening comprehensive fair value and change
Name Closing balance comprehensive comprehensive comprehensive recognized in the
balance income at the end being included in
income in the income in the income at the end current period
of the current other comprehensive
current period current period of the current
period income
period
Guangle Non-transactional
Expressway Co. 799120728.12 21233073.82 72005500.21 purpose for
Ltd. shareholding
Guangdong Radio
and Television
Networks Non-transactional
investment No.1 59396524.45 1399631.61 7996892.84 309289.49 57996892.84 purpose for
Limited shareholding
partnership
enterprise
Non-transactional
China Everbright
Bank Co. Ltd. 910436633.28 65871384.32 458747140.80 44463184.42 976308017.60 purpose for
shareholding
Huaxia Securities Non-transactional
Co. Ltd. purpose for（Notes1） shareholding
Huazheng Asset Non-transactional
Management Co. purpose for
Ltd.（Notes2） shareholding
Total 1768953885.85 87104458.14 1399631.61 538749533.85 44772473.91 1034304910.44
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.Derecognition in the current period
In RMB
Item name Cumulative gains transferred to Cumulative losses transferred to Reason for derecognition
58The Semi-Annual Report 2025
retained earnings retained earnings
Guangdong Guangle Change in business model reclassified as long-term equity
72005500.21
Expressway Co. Ltd. investment under the equity method.
59The Semi-Annual Report 2025
7. Long-term equity investment
In RMB
Increase/decrease
Investment
Impairment
Invested Beginning provision profit and loss
Closing
Adjustment of Cash bonus or Withdrawal balance of
enterprise balance begin- year Additional Negative other Changes of profits of Closing balance impairment
balance recognized comprehensive other announced to impairment Other provision
investment investment income equity issue provision
under the equity
method
I. Joint venture
2. Affiliated Company
SPIC
Yuetong
Qiyuan Chip
Power 1236874.66 174203.48 249158.58 1660236.72
Technology
Co. Ltd.Shenzhen
Garage
Electric Pile 14226195.60 2088000.00 -1305040.23 15009155.37
Technology
Co. Ltd
Guangdong
Jiangzhong
Expressway 599185872.46 -12032094.92 10920459.86 576233317.68
Co. Ltd.Ganzhou
Gankang
Expressway 178670052.26 10556495.51 12000000.00 177226547.77
Co. Ltd.Ganzhou
Kangda
Expressway 271494771.93 21475197.13 292969969.06
Co. Ltd.Shenzhen
Huiyan
401802859.1616417817.46418220676.62
Expressway
Co. Ltd.Zhaoqing
Yuezhao 554108739.37 54150000.00 24681575.72 54150000.00 578790315.09
Highway Co.
60The Semi-Annual Report 2025
Increase/decrease
Investment
Impairment Closing
Invested Beginning provision profit and loss Adjustment of Cash bonus or Withdrawal balance of
enterprise balance begin- year Additional Negative other Changes of profits of Closing balance impairment
balance recognized comprehensive other announced to impairment Other provision
investment investment income equity issue provision
under the equity
method
Ltd.Guoyuan
Securities 1086436061.59 32354421.01 -1349334.86 10348258.20 1107092889.54
Co. Ltd.Guangdong
Yuepu Small
225188581.816138956.62231327538.43
Refinancing
Co. Ltd
Guangdong
Guangle
820353801.94820353801.94
Expressway
Co. Ltd.Subtotal 3332350008.84 56238000.00 0.00 98461531.78 -1349334.86 249158.58 87418718.06 820353801.94 4218884448.22
Total 3332350008.84 56238000.00 0.00 98461531.78 -1349334.86 249158.58 87418718.06 820353801.94 4218884448.22
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
61The Semi-Annual Report 2025
The Company’s investment in Guangdong Guangle Expressway Co. Ltd. was originally designated as a financial asset at fair value through other
comprehensive income (other equity instrument investment). During the period the Company changed its management model for this investment and reclassified it
as a long-term equity investment accounted for under the equity method.
62The Semi-Annual Report 2025
8.Other non-current financial assets
In RMB
Items 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 Co. 83510134.11 83510134.11
Ltd.Equity investment of CMST Nanjing Intelligent Logistics Technology Co. Ltd. 102984043.09 102984043.09
Total 186494177.20 186494177.20
9. Investment property
(1) Investment property adopted the cost measurement mode
√ Applicable □Not applicable
In RMB
Items Houses and buildings Land use right Total
I. Original value
1.Opening balance 12664698.25 2971831.10 15636529.35
2.Increased amount of the period
（1）Outsourcing
(2)Inventory Fixed assets and Construction project
into
(3) )Increased of Enterprise consolidation
3.Decreased amount of the period
（1）Disposal
（2）Other Out
4.Closing balance 12664698.25 2971831.10 15636529.35
II. Accumulated depreciation accumulated
amortization
1.Opening balance 11284833.89 2125784.00 13410617.89
2.Increased amount of the period 73774.56 36784.68 110559.24
(1)Withdrawal or amortization 73774.56 36784.68 110559.24
3.Decreased amount of the period
（1）Disposal
（2）Other Out
4.Closing balance 11358608.45 2162568.68 13521177.13
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 1306089.80 809262.42 2115352.22
2.Opening book 1379864.36 846047.10 2225911.46
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
63The Semi-Annual Report 2025
□Applicable□Not applicable
(2) Converted to investment real estate and measured at fair value
□Applicable□Not applicable
（3）Investment real estate without property rights certificate
In RMB
Reasons for failing to complete the
Item Book value
property rights certificate
Transportation and other ancillary
Houses and Building 628779.19
facilities Not accreditation
10. Fixed assets
In RMB
Item Year-end balance Year-beginning balance
Fixed assets 8397320620.80 8872664544.10
liquidation of fixed assets 26190.48 144148.87
Total 8397346811.28 8872808692.97
64The Semi-Annual Report 2025
(1) List of fixed assets
In RMB
Jingzhu Electricity
Item Guangfo Guanghui House and Machinery TransportationFokai Expressway Expressway Expressway buildings equipment equipment equipment and Total
Expressway
Guangzhu section other
I. Original price
1.Opening balance 1460270190.66 11038279201.71 6825195881.48 5703414303.99 768926071.93 1818659626.05 51382804.53 149139892.20 27815267972.55
2.Increased amount of
the period 0.00 0.00 0.00 0.00 0.00 3422376.21 1794967.12 506333.34 5723676.67
（1）Purchase 0.00 0.00 0.00 0.00 0.00 1972370.01 1794967.12 506333.34 4273670.47
（2）Transfer of project
under construction 0.00 0.00 0.00 0.00 0.00 1450006.20 0.00 0.00 1450006.20
(3)Increased of Enterprise
consolidation
（4）Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3.Decreased amount of
0.000.000.000.0055623.080.00613200.00755738.001424561.08
the period
（1）Disposal or scrap 0.00 0.00 0.00 0.00 0.00 0.00 613200.00 755738.00 1368938.00
（2）Other out 0.00 0.00 0.00 0.00 55623.08 0.00 0.00 0.00 55623.08
4.Closing balance 1460270190.66 11038279201.71 6825195881.48 5703414303.99 768870448.85 1822082002.26 52564571.65 148890487.54 27819567088.14
II. Accumulated
depreciation
1.Opening balance 1460270190.66 6562818550.85 5105719582.43 3701546510.96 527919871.76 1425208920.05 38510186.33 107277205.29 18929271018.33
2.Increased amount of the
period 0.00 175945018.13 165878509.74 77546237.04 17839384.46 36997157.47 1112665.67 5616962.20 480935934.71
（1）Withdrawal 0.00 175945018.13 165878509.74 77546237.04 17839384.46 36997157.47 1112665.67 5616962.20 480935934.71
3.Decreased amount of 0.00 0.00 0.00 0.00 0.00 0.00 582540.00 710355.82 1292895.82
the period
(1)Disposal or scrap 0.00 0.00 0.00 0.00 0.00 0.00 582540.00 710355.82 1292895.82
4.Closing balance 1460270190.66 6738763568.98 5271598092.17 3779092748.00 545759256.22 1462206077.52 39040312.00 112183811.67 19408914057.22
III. Impairment provision
1.Opening balance 0.00 0.00 0.00 0.00 2889394.16 10394796.45 0.00 48219.51 13332410.12
2.Increased amount of the
65The Semi-Annual Report 2025
Jingzhu Electricity
Item Guangfo Guanghui House and Machinery TransportationFokai Expressway Expressway Expressway buildings equipment equipment equipment and Total
Expressway
Guangzhu section other
period
(1)Withdrawal
3.Decreased amount of the
period
(1)Disposal or scrap
4.Closing balance 0.00 0.00 0.00 0.00 2889394.16 10394796.45 0.00 48219.51 13332410.12
IV. Book value
1.Closing book value 0.00 4299515632.73 1553597789.31 1924321555.99 220221798.47 349481128.29 13524259.65 36658456.36 8397320620.80
2.Opening book 0.00 4475460650.86 1719476299.05 2001867793.03 238116806.01 383055909.55 12872618.20 41814467.40 8872664544.10
66The Semi-Annual Report 2025
(2)Fixed assets temporary idle
In RMB
Original book Accumulated Impairment
Item Book value Note
value depreciation provision
House and
2604578.002474349.10130228.90
Building
Total 2604578.00 2474349.10 130228.90
（(3) Fixed assets leasing-out by operational leaseIn RMB
Item Ending book value
House and Building 14577112.76
Total 14577112.76
(4) Fixed assets without property rights certificate
In RMB
Reasons for failing to complete the
Item Book value
property rights certificate
Transportation and other ancillary
House and Building 197313138.22
facilities Not accreditation
(5) Information of impairment test of fixed assets
□Applicable□Not applicable
（6） liquidation of fixed assets
In RMB
Item Ending balance Opening balance
House and buildings 0.00 22187.94
Machinery equipment 0.00 63915.86
Electricity equipment and other 26190.48 58045.07
Total 26190.48 144148.87
11. Project under construction
In RMB
Item Year-end balance Year-beginning balance
Project under construction 3366947277.98 2665392094.81
Engineering materials 0.00 0.00
Total 3366947277.98 2665392094.81
67The Semi-Annual Report 2025
（1）Project under construction
In RMB
Year-end balance Year-beginning balance
Items Book balance Provision for Book value Book balance Provision for Book value
devaluation devaluation
Reconstruction and Expansion of Nansha-Zhuhai section of Guangzhou-
2916760951.980.002916760951.982228897400.420.002228897400.42
Macao Expressway
Reconstruction and Expansion of Fokai Expressway Sanbao to Shuikou 236657652.13 0.00 236657652.13 235837836.81 0.00 235837836.81
Reconstruction and expansion project of the Huizhou Xiaojinkou-
Guangzhou Luogang Section of Jinan-Guangzhou Expressway and the
101398307.840.00101398307.8486685695.450.0086685695.45
Huizhou Xiaojinkou-Lingkeng Section of Guangzhou-Huizhou
Expressway
Jiujiang Bridge Navigation Span Anti-collision Reinforcement Project 30758087.65 0.00 30758087.65 30758087.65 0.00 30758087.65
Guangzhou-Shanwei Railway Crossing Project 19446564.43 0.00 19446564.43 19446564.43 0.00 19446564.43
Ganzhou-Shenzhen High-speed Railway Crossing Section Reconstruction
15664172.980.0015664172.9815664172.980.0015664172.98
and Expansion Project
Jili River Bridge Anti-collision Reinforcement Project 12126194.00 0.00 12126194.00 12126194.00 0.00 12126194.00
Foshan–Kaiping Expressway Intelligent Upgrade Project 8770999.00 0.00 8770999.00 8770999.00 0.00 8770999.00
K13 Left Cutting Slope Emergency Treatment Project 6076917.00 0.00 6076917.00 6076917.00 0.00 6076917.00
Other projects 19287430.97 0.00 19287430.97 21128227.07 0.00 21128227.07
Total 3366947277.98 0.00 3366947277.98 2665392094.81 0.00 2665392094.81
68The Semi-Annual Report 2025
(2) Changes of significant construction in progress
In RMB
Including:
Transferred Capitalization capitalization Capitalization Source
Name of project Budget Opening balance Increase to fixed Otherdecrease End balance Proportion %
Project of of
assets process
of
interest interest interest
of
this rate (%) funding
period
Reconstruction and
Other loans
Expansion of Nansha-
loans from
Zhuhai section of 13735989200.00 2228897400.42 687863551.56 0.00 0.00 2916760951.98 26.24% 26.24% 149799274.67 37024905.86 2.45%
financial
Guangzhou-Macao
institutions.Expressway
Reconstruction and Other loans
Expansion of Fokai loans from
3426210000.00235837836.812867380.350.002047565.03236657652.1386.77%99.03%83779155.181748648.602.50%
Expressway Sanbao to financial
Shuikou institutions.Reconstruction and
expansion project of the
Huizhou Xiaojinkou-
Guangzhou Luogang
Section of Jinan-
30520000000.00 86685695.45 15602812.39 890200.00 0.00 101398307.84 0.34% 0.34% Other
Guangzhou Expressway
and the Huizhou
Xiaojinkou-Lingkeng
Section of Guangzhou-
Huizhou Expressway
Jiujiang Bridge
Navigation Span Anti-
36419600.00 30758087.65 0.00 0.00 0.00 30758087.65 84.45% 84.45% Other
collision Reinforcement
Project
Guangzhou-Shanwei
Railway Crossing 21460000.00 19446564.43 0.00 0.00 0.00 19446564.43 90.62% 90.62% Other
Project
Ganzhou-Shenzhen
High-speed Railway
Crossing Section 16966900.00 15664172.98 0.00 0.00 0.00 15664172.98 92.32% 92.32% Other
Reconstruction and
Expansion Project
Jili River Bridge Anti- 12411906.00 12126194.00 0.00 0.00 0.00 12126194.00 97.70% 97.70% Other
69The Semi-Annual Report 2025
collision Reinforcement
Project
Foshan–Kaiping
Expressway Intelligent 33963500.00 8770999.00 0.00 0.00 0.00 8770999.00 84.57% 84.57% Other
Upgrade Project
K13 Left Cutting Slope
Emergency Treatment 10250100.00 6076917.00 0.00 0.00 0.00 6076917.00 59.29% 59.29% Other
Project
Total 47813671206.00 2644263867.74 706333744.30 890200.00 2047565.03 3347659847.01 233578429.85 38773554.46
Note: The budget for the expansion project of the Nansha–Zhuhai section of the Guangzhou–Macau Expressway includes construction costs for certain works borne
by the government.
70The Semi-Annual Report 2025
(3)Provision for impairment of construction projects in the current period
None
（4） Information of impairment test of construction in progress
□Applicable□Not applicable
(5)Engineering Materials
None
12.Use right assets
（1）Right-of-use assets
In RMB
Items House and Machinery Transportation Otherbuildings equipment equipment Total
I. Original price
1.Opening balance 30634734.72 357112.19 0.00 1007747.00 31999593.91
2.Increased amount of the
period
3.Decreased amount of
the period
4.Closing balance 30634734.72 357112.19 0.00 1007747.00 31999593.91
II.Accumulated
depreciation
1.Opening balance 17068316.40 285689.76 0.00 428069.76 17782075.92
2.Increased amount of the
period 5105789.17 35711.22 0.00 53508.72 5195009.11
（1）Withdrawal 5105789.17 35711.22 0.00 53508.72 5195009.11
3.Decreased amount of
the period
（1）Disposition
4.Closing balance 22174105.57 321400.98 0.00 481578.48 22977085.03
III. Impairment provision
1.Opening balance
2.Increased amount of the
period
（1）Withdrawal
3.Decreased amount of
the period
（1）Disposition
4.Closing balance
IV. Book value
1.Closing book value 8460629.15 35711.21 0.00 526168.52 9022508.88
2.Opening book value 13566418.32 71422.43 0.00 579677.24 14217517.99
(2) Information of impairment test of right-of-use assets
□Applicable□Not applicable
13. Intangible assets
(1) List of intangible assets
In RMB
71The Semi-Annual Report 2025
Items Land use right Patent right The Turnpikefranchise Total
I. Original price
1.Opening balance 2701738.76 21528949.66 318348741.86 342579430.28
2.Increased amount of the period
(1) Purchase
(2)Internal Development
(3)Increased of Enterprise Combination
3.Decreased amount of the period 0.00 670017.00 0.00 670017.00
（1）Disposal 0.00 670017.00 0.00 670017.00
4.Closing balance 2701738.76 20858932.66 318348741.86 341909413.28
II.Accumulated amortization
1.Opening balance 2397366.22 17138010.21 125349900.66 144885277.09
2.Increased amount of the period 7705.62 825830.26 10735401.73 11568937.61
(1) Withdrawal 7705.62 825830.26 10735401.73 11568937.61
3.Decreased amount of the period 0.00 670017.00 0.00 670017.00
（1）Disposal 0.00 670017.00 0.00 670017.00
4.Closing balance 2405071.84 17293823.47 136085302.39 155784197.70
III. Impairment provision
1.Opening balance
2.Increased amount of the period
(1) Withdrawal
3.Decreased amount of the period
（1）Disposal
4.Closing balance
IV. Book value
1.Closing book value 296666.92 3565109.19 182263439.47 186125215.58
2.Opening book value 304372.54 4390939.45 192998841.20 197694153.19
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)Details of Land use right failed to accomplish certification of property
In RMB
Reason for not obtaining the title
Items Book value
certificate
Gonghe Town Land 296666.92 Reasons left over from history
(3)Land use right without certificate of title completed
□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
Items 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 3695330.67 923832.67 3421164.00 855291.00
Asset appraisal appreciation
depreciation and amortization 93458858.79 23364714.69 98987720.57 24746930.14
Deferred income 69097.17 17274.29 914020.10 228504.89
72The Semi-Annual Report 2025
Lease liabilities 8218005.38 2054501.32 13482202.36 3370550.57
Advance lease 526168.79 131541.95 579677.24 144919.31
Total 119299870.92 29824967.45 130717194.39 32679298.44
(2) Deferred income tax liabilities had not been off-set
In RMB
Balance in year-end Balance Year-beginning
Items Deductible DeductibleDeferred income Deferred income
temporary temporary
tax liabilities tax liabilities
difference difference
Changes in the fair value of other equity
466744033.64116686008.41453044707.32113261176.83
instruments
Deductible temporary differences in the
formation of asset impairment 753174611.14 188293652.79 771743732.23 192935933.05
Difference of amortization method of
16521049.904130262.4814267696.943566924.23
franchise of toll road
Changes in the fair value of trading
15494177.203873544.3015494177.203873544.30
financial assets
Right to use assets 9022508.88 2255627.07 14217517.98 3554379.50
Tax accounting differences of projects
66143471.3616535867.8450341919.2812585479.82
under construction
Depreciation of on fixed asset 4213173.33 1053293.32 4213173.33 1053293.33
Total 1331313025.45 332828256.21 1323322924.28 330830731.06
(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
Items Balance in year-end Balance in year-begin
Deductible temporary difference 18476105.70 349962142.53
Deductible loss 858159.49 0.00
Total 19334265.19 349962142.53
(5) Deductible losses of un-recognized deferred income tax assets expired on the followed year
In RMB
Year Ending amount Opening amount Note
2030858159.490.00
Total 858159.49 0.00
15 .Other non-current assets
In RMB
Balance in year-end Balance Year-beginning
Items Book balance Provision for Book value Book balance Provision for Book value
devaluation devaluation
Prepaid engineering fees 668245027.87 0.00 668245027.87 652374568.29 0.00 652374568.29
Prepaid target payment
for paddy filed of
Guanghui Expressway 183725550.00 0.00 183725550.00 183725550.00 0.00 183725550.00
Reconstruction and
extension project
73The Semi-Annual Report 2025
Prepaid tax 1110736.32 0.00 1110736.32 1311921.48 0.00 1311921.48
Prepaid equipment 333398.00 0.00 333398.00 491998.00 0.00 491998.00
Total 853414712.19 0.00 853414712.19 837904037.77 0.00 837904037.77
16.Assets with restricted right of ownership
Balance in year-end Balance in year-begin
Item Book Restriction Restriction Book Restriction Restriction
Book value Book value
balance type information balance type information
Special Special Special Special
Monetary funds for funds for funds for funds for
1221200.001221200.001221200.001221200.00
fund land land land land
reclamation reclamation reclamation 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 150000000.00 0.00
Interest payable not due 85138.89 0.00
Total 150085138.89 0.00
（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） 41078523.25 126545685.15
1-2 years（including2 years） 18401100.94 5678510.59
2-3 years（including 3 years） 419287.39 33415222.43
Over 3 years 90105951.84 60465063.88
Total 150004863.42 226104482.05
（2）Significant payable aging more than 1 year
In rRMB
Item Balance in year-end Reason
Foshan Land and resources Bureau. 29510958.21 Unsettled
Heshan Land and resources Bureau 9186893.60 Unsettled
Total 38697851.81
19.Other accounts payable
In RMB
Item Balance in year-end Balance Year-beginning
Dividend payable 1169375280.23 32714825.12
Other account payable 163722994.66 239403211.80
74The Semi-Annual Report 2025
Total 1333098274.89 272118036.92
（1）Interest payable
None
（2）Dividends payable
In RMB
Item Balance in year-end Balance Year-beginning
Common stock dividends 1169375280.23 32714825.12
Total 1169375280.23 32714825.12
Other explanations including significant dividends payable that have not been paid for more than 1 year it shall
disclose the reasons for non-payment:
（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 58385218.40 110062692.40
Estimated project cost 8982731.05 30011025.21
Deposit warranty and security deposit 84020239.25 78610611.67
Other 12334805.96 20718882.52
Total 163722994.66 239403211.80
(2) Other significant accounts payable with aging over one year
In RMB
Item Closing balance Unpaid/un-carry over reason
Yayao to Xiebian extension 12416663.00 The settlement conditions are not met
Jiangmen Xinhui People’s government 3909400.00 The settlement conditions are not met
Total 16326063.00
20. Prepayment received
(1) List ofPrepayment received
In RMB
Item Closing balance Unpaid/un-carry over reason
Within 1 year（Including 1 year） 1179999.70 250984.74
Total 1179999.70 250984.74
（2）Significant payable aging more than 1 year
None
21.Payable Employee wage
（1）Payable Employee wage
75The Semi-Annual Report 2025
In RMB
Item Year-beginning Increase in the current Decrease in the current Year-end
balance period period balance
I. Short-term compensation 22412317.23 199483291.91 200165273.93 21730335.21
II.Post-employment benefits - defined
contribution plans 0.00 39850736.17 38168060.17 1682676.00
III. Dismissal benefits 0.00 210000.00 210000.00 0.00
IV. Other benefits due within one
year 0.00 0.00 0.00 0.00
Total 22412317.23 239544028.08 238543334.10 23413011.21
（2）Short-term Remuneration
In RMB
Item Year-beginning Increase in the Decrease in the
balance current period current period Year-end balance
1.Wages bonuses allowances
and subsidies 465063.49 145714237.57 145714237.57 465063.49
2.Employee welfare 352838.67 9733831.70 10086670.37 0.00
3. Social insurance premiums 0.00 17354544.97 17354544.97 0.00
Including：Medical insurance 0.00 7090542.29 7090542.29 0.00
Work injury insurance 0.00 1391900.05 1391900.05 0.00
Maternity incurance 0.00 1339324.66 1339324.66 0.00
Other 0.00 7532777.97 7532777.97 0.00
4.Public reserves for housing 0.00 20464646.00 20464646.00 0.00
5.Union funds and staff education
fee 19274379.72 4692505.95 5021649.30 18945236.37
8.Other 2320035.35 1523525.72 1523525.72 2320035.35
Total 22412317.23 199483291.91 200165273.93 21730335.21
（3）Defined contribution plans listed
In RMB
Item Balance Year- Increase in this Payable in this Balance in year-beginning period period end
1. Basic old-age insurance
premiums 0.00 24784053.14 24784053.14 0.00
2.Unemployment insurance 0.00 1499689.30 1499689.30 0.00
3.Enterprise annuity payment 0.00 13566993.73 11884317.73 1682676.00
Total 0.00 39850736.17 38168060.17 1682676.00
22.Tax Payable
In RMB
Item Balance in year-end Balance Year-beginning
VAT 11926438.27 11949894.06
176540226.57115297349.98
Enterprise Income tax
Individual Income tax 549771.46 3105569.26
City Construction tax 739722.19 746433.27
Education subjoin 358725.36 360283.46
Locality Education subjoin 220682.05 221651.77
Property tax 1130636.30 14964.15
Stamp tax 53276.06 52114.41
Land use tax 770453.66
Total 192289931.92 131748260.36
76The Semi-Annual Report 2025
23. Non-current liabilities due within 1 year
In RMB
Item Balance year-end Year-beginning balance
Long-term loans due within 1 year 204700326.92 238719839.52
Payable Bonds due within 1 year 767774662.42
Lease liabilities due within 1 year 8218005.38 10752013.25
Total 212918332.30 1017246515.19
24.Other current liabilities
In RMB
Item Balance year-end Year-beginning balance
Tax to be rewritten 60381.20 73697.84
Total 60381.20 73697.84
25. Long-term loan
In RMB
Item Balance year-end Year-beginning balance
Credit loan 7923087815.76 6961526050.00
Interest payable when not due 5210458.44 5458539.52
Less: Long-term loans due within one year 204700326.92 238719839.52
Total 7723597947.28 6728264750.00
26.Bond payable
（1）Bond payable
In RMB
Item Balance year-end Year-beginning balance
Medium- term note 0.00 749897950.11
Interest payable when not due 0.00 17876712.31
Less: Long-term loans due within one year 0.00 767774662.42
Total 0.00 0.00
77The Semi-Annual Report 2025
（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
Name of the Interest Issue Opening The Withdraw Overflow Pay in current Closing Whether
bond Book value date Period Issue amountrate balance
current
issue interest at par
discount
amount period balance default
20
Guangdong 2020.3.17-
750000000.00 3.00% 2020.3.13- 750000000.00 767774662.42 4623287.69 -102049.89 772500000.00 0.00 No
Expressway 2025.3.17
MTN001
Total 750000000.00 767774662.42 4623287.69 -102049.89 772500000.00 0.00
78The Semi-Annual Report 2025
27.Lease liabilities
In RMB
Item Balance year-end Year-beginning balance
Long-term lease liabilities 8353669.51 13819230.25
Less：Financing costs are not recognized 135664.13 337027.89
Less:Long-term loans due within one year 8218005.38 10752013.25
Total 0.00 2730189.11
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
29. Deferred income
In RMB
Item Opening balance Increase Decrease Closing balance Cause
Government
subsidy 485914020.10 313724200.00 844922.93 798793297.17
Lease income 26057887.24 0.00 4005195.48 22052691.76
Total 511971907.34 313724200.00 4850118.41 820845988.93
30.Stock capital
In RMB
Changed（+，-）Balance Year- Balance in year-
beginning Issuance of Bonus Capitalizatio end
new share shares n of public Other Subtotal
reserve
Total of
2090806126.002090806126.00
capital shares
31. Capital reserves
In RMB
Decrease
Increase in
Year- beginning in the
Item the current Year-end balance
balance current
period
period
Share premium 548804033.11 0.00 0.00 548804033.11
(1) Capital invested by investors 2508408342.99 0.00 0.00 2508408342.99
(2) the impact of a business combination under
the common control -1959604309.88
0.000.00-1959604309.88
Other capital reserves 233857185.45 250875.02 1716.44 234106344.03
(1) Changes in other equity of the invested under the
equity method accounting Note -3598455.25 250875.02 1716.44 -3349296.67（ ）
（2）Other 237455640.70 0.00 0.00 237455640.70
Total 782661218.56 250875.02 1716.44 782910377.14
79The Semi-Annual Report 2025
- The situation of change in the current capital reserve is as follows:
（1）During the period the associate of the Company's subsidiary Yuegao Capital (Holdings) Guangzhou Co.
Ltd. Guangdong Yuetong Qiyuan Core Power Technology Co. Ltd. received capital contributions from other
shareholders. The subsidiary accounted for the change in long-term equity investment under the equity method
resulting in an increase of RMB 250875.02 in capital reserve.
（2）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 1716.44.
80The Semi-Annual Report 2025
32. Other comprehensive income
In RMB
Amount of current period
Less：Amount Less：Prior period
Year-beginning Amount transferred into profit included in other After-tax After-taxItem Year-endbalance incurred before and loss in the current composite income Less：Incomeperiod that recognied transfer to retained tax expenses attribute to the
attribute to balance
income tax minorityinto other comprehensive income in the current parent company shareholder
income in prior period period
1.Other comprehensive
income will be
346377042.1096486209.480.0054004125.1521426206.6421055877.690.00367432919.79
reclassified into income or
loss in the future
Including：Re-measure
the change amount of the 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
set benefit plan
Other comprehensive
income that cannot be
converted to profit and 6593511.61 10781382.95 0.00 0.00 0.00 10781382.95 0.00 17374894.56
loss under the equity
method
Changes in fair value of
investments in other 339783530.49 85704826.53 0.00 54004125.15 21426206.64 10274494.74 0.00 350058025.23
equity instruments
The fair value of the
enterprise's own credit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
risk changes
2.Other comprehensive
income reclassifiable to
profit or loss in 19772828.98 -12130717.81 0.00 0.00 0.00 -12130717.81 0.00 7642111.17
subsequent periods
Including：Share of other
comprehensive income of
the investee that cannot be
transferred to profit or loss 19772828.98 -12130717.81 0.00 0.00 0.00 -12130717.81 0.00 7642111.17
accounted for using the
equity method
Total of other
comprehensive income 366149871.08 84355491.67 0.00 54004125.15 21426206.64 8925159.88 0.00 375075030.96
81The Semi-Annual Report 2025
Other explanations including the adjustment of the effective part of cash flow hedging profit and loss to the initial recognition amount of the hedged item:
The Company's investment in Guangdong Guangle Expressway Co. Ltd. was originally designated as a financial asset at fair value through other comprehensive
income (other equity instrument investment). During the period the Company changed its management model for this investment and reclassified it as a long-term
equity investment accounted for under the equity method. The cumulative gains previously recognized in other comprehensive income were reclassified from other
comprehensive income to retained earnings and the recognized deferred tax liability was reversed. As a result other comprehensive income decreased by RMB
54004125.15 surplus reserve increased by RMB 7200550.02 and undistributed profits increased by RMB 64804950.19.
82The Semi-Annual Report 2025
33. Surplus reserve
In RMB
Item Year-beginning Increase in the current Decrease in the current Year-end balance
balance period period
Statutory surplus
reserve 1684087655.64 7200550.02 0.00 1691288205.66
Total 1684087655.64 7200550.02 0.00 1691288205.66
Other explanations including the increase or decrease in this period and the reasons for such change:
For details of the increase during the period refer to the disclosure in "VII.32 Other Comprehensive Income" in
this section.
34. Retained profits
In RMB
Item Amount of this period Amount of last period
Before adjustments: Retained profits in last
period end 5544395448.25 5289404378.52
Adjust the total undistributed profits at the
beginning of the period 5544395448.25 5289404378.52
Add：Net profit belonging to the owner of
the parent company 1057152854.14 1562122219.95
Less: Statutory surplus reserve 0.00 163460199.30
Withdraw of arbitrary surplus reserves 0.00 0.00
Withdraw of general risk provision 0.00 0.00
Common stock dividend payable 1093491603.90 1143670950.92
Other（Note） -64804950.19 0.00
Retained profit at the end of this term 5572861648.68 5544395448.25
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 areRMB 0.00 .
Other note: For details of "Others" refer to the disclosure in "VII.32 Other Comprehensive Income" in this
section.
35.Operation income and operation cost
In RMB
Amount of this period Amount of last period
Item
Income Cost Income Cost
Main operation 2087814658.07 657514997.63 2204260409.98 699856213.37
Other operation 30148115.18 15994816.71 26605252.22 13152796.05
Total 2117962773.25 673509814.34 2230865662.20 713009009.42
83The Semi-Annual Report 2025
Detail：
In RMB
Item Amount of this period Amount of last period
Toll income 2087814658.07 2204260409.98
Services and other income 20976432.54 15478999.23
Lease income 9171682.64 11126252.99
Total 2117962773.25 2230865662.20
Breakdown information of operating income and operating cost:
In RMB
Contract Total
classification Income Cost
Business 2117962773.25 673509814.34
Including：
Toll income 2087814658.07 657514997.63
Services and other
20976432.5414067031.53
income
Lease income 9171682.64 1927785.18
Area 2117962773.25 673509814.34
Including：
Guangdong 2117962773.25 673509814.34
Total 2117962773.25 673509814.34
36. Business tax and subjoin
In RMB
Item Amount of this period Amount of last period
Urban construction tax 3995230.90 4227749.67
Education surcharge 1919794.06 2034042.57
Business tax 185247.66 185247.66
Locality Education surcharge 1276674.08 1352839.87
Property tax 1305280.22 878639.76
Land use tax 770453.66 631353.05
Vehicle use tax 38144.40 37925.80
Stamp tax 127787.71 21502.93
Total 9618612.69 9369301.31
37. Administrative expenses
In RMB
Item Amount of current period Amount of previous period
Wage 62278475.01 58569461.03
Depreciation of fixed assets 4464459.08 4552422.70
Intangible assets amortization 478340.35 674206.77
Low consumables amortization 383534.26 265968.99
Rental fee and Management fee 6485453.52 6693110.28
Office expenses 2937559.59 3258077.16
Travel expenses 205902.20 296247.06
Consultation expenses 168800.00 285100.00
84The Semi-Annual Report 2025
Item Amount of current period Amount of previous period
The fee for hiring agency 2470639.61 2947699.99
Listing fee 256603.77 143396.22
Information cost and maintenance fee 445197.76 527208.63
Other 3558612.54 4734791.85
Total 84133577.69 82947690.68
38.R& D expenses
In RMB
Item Amount of this period Amount of last period
Wage 742896.28 0.00
Entrusted development fee -35401.40 0.00
Total 707494.88 0.00
39.Financial expenses
In RMB
Item Amount of this period Amount of last period
Interest expenses 59844326.44 86505113.33
Interest income -16237101.63 -32771177.29
Exchange Income and loss（Gain-） 0.00 0.00
Bank commission charge 74067.44 75260.20
Other 2947.00 2185.00
Total 43684239.25 53811381.24
40.Other gains
In RMB
Item Amount of this period Amount of last period
Government Subsidy 1451369.85 5419793.60
Veterans' VAT reduction and exemption 30000.00 29250.00
Withholding and remitting enterprise
380607.79166639.84
prepaid income tax fees
VAT additional deduction 0.00 1845.02
VAT reduction 930.72 0.00
Total 1862908.36 5617528.46
41. Investment income
In RMB
Item Amount of this period Amount of last period
Long-term equity investment income by equity
98461531.78112802071.88
method
Dividends earned during the holding period on
44772473.9140699105.31
investments in other equity instrument
Total 143234005.69 153501177.19
85The Semi-Annual Report 2025
42. Credit impairment losses
In RMB
Item Amount of this period Amount of last period
Impairment losses on account receivable -274166.67 -1421666.67
Impairment losses on other receivable 331486036.83 -43453436.90
Total 331211870.16 -44875103.57
43. Non-Operation income
In RMB
Items The amount of non-operating
Amount of current period Amount of previous period gains & losses
Non-current assets are
damaged and scrapped for 6011.57 11338.66 6011.57
profit
Insurance claim income 569218.47 1753159.58 569218.47
Road property claim income 1457110.69 1178677.32 1457110.69
Other 44216.06 27682.96 44216.06
Total 2076556.79 2970858.52 2076556.79
44. Non-Operation expenses
In RMB
Items Amount of current period Amount of previous Recorded in the amount of the
period non-recurring gains and losses
Non-current assets are damaged
123958.99-20648.15123958.99
and scrapped for profit
Including：Fixed assets 123958.99 -20648.15 123958.99
Road rehabilitation expenditure 2312300.45 1751559.00 2312300.45
Fine 83156.20 0.00 83156.20
Other 36952.90 44258.11 36952.90
Total 2556368.54 1775168.96 2556368.54
45. Income tax expense
(1) Lists of income tax expense
In RMB
Item Amount of current period Amount of previous period
Current income tax expense 340820305.13 350892709.36
Deferred income tax expense 1427024.56 -1009073.13
Total 342247329.69 349883636.23
(2) Adjustment process of accounting profit and income tax expense
In RMB
Item Amount of current period
Total of profit 1782138006.86
Current income tax expense accounted by tax and relevant
regulations 445534501.72
Influence of income tax before adjustment 11011379.52
Influence of non taxable income -11193118.47
Impact of non-deductible costs expenses and losses 4166919.19
Impact of deductible losses from previously unidentified
-85735535.63
deferred income tax assets
86The Semi-Annual Report 2025
Item Amount of current period
The current period does not affect the deferred tax assets
3078566.30
recognized deductible temporary differences or deductible loss
Profit and loss attributable to the affiliation company -24615382.94
Income tax expense 342247329.69
46. Earnings Per Share
(1) Basic earnings per share
Basic earnings per share is calculated by dividing the consolidated net profit attributable to ordinary
shareholders of the parent company by the Company's weighted average number of ordinary shares outstanding
during the period:
In RMB
Item Amount of current period Amount of previousperiod
Consolidated net profit attributable to ordinary shareholders of the
1057152854.14855465441.00
parent company
The Company's weighted average number of ordinary shares
2090806126.002090806126.00
outstanding
Basic earnings per share 0.51 0.41
Of which: Basic earnings per share from continuing operations 0.51 0.41
Basic earnings per share from discontinued operations 0.00 0.00
(2) Diluted earnings per share
Diluted earnings per share is calculated by adjusting the consolidated net profit attributable to ordinary
shareholders of the parent company and the weighted average number of ordinary shares outstanding for the
effects of all dilutive potential ordinary shares. During the reporting period the Company's ordinary shares did
not have a dilutive effect; therefore diluted earnings per share equals basic earnings per share.
47. Items of cash flow statement
(1) Cash related to business activities
Cash received from other activities relating to operation
In RMB
Item Amount of current period Amount of previous period
Interest income 10440914.85 25962851.96
Unit current account 394138005.02 29712714.85
Special government subsidies 313724200.00 0.00
Total 718303119.87 55675566.81
Other cash paid related to operating activities
In RMB
Item Amount of current period Amount of previous period
Management expense 20902865.25 11488664.49
Unit current account 296070246.17 25555665.99
Total 316973111.42 37044330.48
87The Semi-Annual Report 2025
（2）Cash related to Investment activities
Cash receivable related to other Investment activities
In RMB
Item Amount of current period Amount of previous period
Bid security related to long-term assets
4422.503692567.08
etc
Total 4422.50 3692567.08
Cash paid related to other investment activities
In RMB
Item Amount of current period Amount of previous period
Cash received from dividends and dividends
47188649.330.00
of other equity investments
Cash received from dividends of associated 27477672.98 19579614.82
Total 74666322.31 19579614.82
Cash Payable related to other Investment activities
In RMB
Item Amount of current period Amount of previous period
Bid security related to long-term assets
33268.901700000.00
etc
Other 125000.00 1600.00
Total 158268.90 1701600.00
Important cash paid in relation to the investment activities
In RMB
Items Amount of current period Amount of previous period
Cash paid for by investing in associates 2088000.00 89312000.00
Cash paid for the reconstruction and expansion of the
Nansha-Zhuhai section of the Guangzhou-Macao 662552328.32 665071908.34
Expressway
Cash paid for the reconstruction and expansion of the
24537270.70192355097.00
Luogang-Lingkeng section of the Guanghui Expressway
Total 689177599.02 946739005.34
（3）Cash related to Financing activities
Other cash paid in relation to financing activities
In RMB
Item Amount of current period Amount of previous period
Cash paid for the lease liabilities 5736824.98 2951128.41
Other 0.00 537769.75
Total 5736824.98 3488898.16
88The Semi-Annual Report 2025
Changes in various liabilities arising from financing activities
□Applicable □Not applicable
In RMB
Items Year-beginning Increase in the current period Decrease in the current period Year-end balance
Cash changes Non-cash changes Cash changes Non-cash changes
balance
Other payable-Dividend payable 32714825.12 0.00 1288536973.09 151850331.06 26186.92 1169375280.23
Short-loans 0.00 150000000.00 85138.89 0.00 0.00 150085138.89Long-term loans（Including part
6966984589.522720000000.0095761029.351854447344.670.007928298274.20due within one year）Bond payable（Including part due
767774662.420.004725337.58772500000.000.000.00within one year）Long-term payable（Including part
2022210.110.000.000.000.002022210.11due within one year）Lease liabilities（Including part due
13482202.360.00201363.765465560.740.008218005.38within one year）
Total 7782978489.53 2870000000.00 1389309842.67 2784263236.47 26186.92 9257998908.81
89The Semi-Annual Report 2025
48. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
Supplement Information Amount of current Amount of previous
period period
I. Adjusting net profit to cash flow from operating activities
Net profit 1439890677.17 1137283934.96
Add：Impairment loss provision of assets
Credit impairment losses -331211870.16 44875103.57
Depreciation of fixed assets oil and gas assets and consumable biological
assets 480583962.34 512541181.48
Depreciation of Use right assets 5195009.11 5374995.90
Amortization of intangible assets 11605722.29 12101858.87
Amortization of Long-term deferred expenses 175312.50 0.00
Loss on disposal of fixed assets intangible assets and other long-term
deferred assets 0.00 0.00
Fixed assets scrap loss 117947.42 -31986.81
Loss on fair value changes 0.00 0.00
Financial cost 59844326.44 85814169.34
Loss on investment -143234005.69 -153501177.19
Decrease of deferred income tax assets 2854330.99 4543405.40
Increased of deferred income tax liabilities -1427306.43 -5552478.53
Decrease of inventories 0.00 0.00
Decease of operating receivables 96213978.68 -44835241.50
Increased of operating Payable -34135906.34 4642244.19
Other 311194604.23 44875103.57
Net cash flows arising from operating activities 1897666782.55 1603256009.68
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 5758742887.96 4955371380.26
Less: Beginning balance of cash equivalents 4259653084.58 4701657434.00
Add：End balance of cash equivalents
Less: Beginning balance of cash equivalents
Net increase of cash and cash equivalent 1499089803.38 253713946.26
（2）Composition of cash and cash equivalents
In RMB
Item Balance in year-end Balance in year-Beginning
Cash 5758742887.96 4259653084.58
Of which: Cash in stock 10258.18 10267.08
Bank savings could be used at any time 5747871961.67 4259125745.36
Other monetary capital could be used at any
time 10860668.11 517072.14
Balance of cash and cash equivalents at the
period end 5758742887.96 4259653084.58
90The Semi-Annual Report 2025
(3) Situations where the scope of use is limited but still classified as cash and cash equivalents
None
（4）Monetary funds that do not belong to cash and cash equivalents
In RMB
Item Amount of the current Amount of the Reason for not belonging to cash and cashperiod previous period equivalents
Land reclamation funds in fund custody
Land reclamation funds 1221200.00 1221200.00
account
Unexpired accrued interest 37069088.06 28952378.64 Not actually received
Total 38290288.06 30173578.64
49. 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 Amount of the current Amount of the previousperiod period
Interest expense of lease liabilities 201363.76 357103.57
Short-term lease and lease expenses of low-value assets under
484439.62131314.30
simplified approach through related asset costs or profit or loss
Variable lease payments not included in lease liability measurement
0.000.00
through related asset costs or profit or loss
Of which: Portion arising from sale-and-leaseback transactions 0.00 0.00
Income from subleasing right-of-use assets 0.00 0.00
Total cash outflow related to leases 5736824.98 3089008.41
Gains/losses arising from sale-and-leaseback transactions 0.00 0.00
Cash inflows from sale-and-leaseback transactions 0.00 0.00
Cash outflows from sale-and-leaseback transactions 0.00 0.00
(2) The Company as lessor
Operating lease as lessor
□Applicable □Not applicable
In RMB
In which: income related to variable lease payment not
Item Lease income
included in lease receipts
Operating lease income 9171682.64 0.00
Total 9171682.64 0.00
91The Semi-Annual Report 2025
Financial lease as lessor
□Applicable□Not applicable
Undiscounted lease receipts for each of the next five years
□Applicable□Not applicable
（3） Recognize the profits and losses of financial lease sales as a manufacturer or distributor
□Applicable□Not applicable
VIII.R & D expenses
In RMB
Item Amount of the current period Amount of the previous period
Remuneration 742896.28 0.00
Entrusted development fee -35401.40 0.00
Total 707494.88 0.00
IX.Changes to the merge scope
There were no changes in the Company's consolidation scope during the reporting period.X. Equity in other entities
1. Equity in subsidiary
(1) The structure of the enterprise group
In RMB
Main Shareholding Ratio
Registered Registratio Nature of
Name of Subsidiary
capital Places of (%)
Obtaining Method
n Place Business
Operation direct indirect
Under the same
Guangfo Expressway Co. Ltd. 20000000.00 Guangzhou Guangzhou Expressway control businessManagement 75.00% combination
Under the same
Guanghui Expressway Co. Ltd. 2351678000.00 Guangzhou Guangzhou ExpresswayManagement 51.00% control businesscombination
Under the same
Jingzhu Expressway Guangzhu 4221000000.00 Zhongshan Guangzhou Expressway 75.00% control businessSection Co.Ltd. Management combination
Yuegao Capital
Investment(Guangzhou)Co. 375500000.00 Guangzhou Guangzhou Investmentmanagement 100.00% Establishment
Ltd.
(2) Important Non-wholly-owned Subsidiary
In RMB
Shareholdi
Profit or Loss Owned Dividends Distributed Equity Balance of the
ng Ratio of
by the Minority to the Minority Minority Shareholders
Name of Subsidiary Minority
Shareholders in the Shareholders in the in the End of the
Shareholde
Current Period Current Period Period
rs (%)
Guangfo Expressway Co. Ltd. 25.00% 83200728.13 0.00 87854288.84
Guangdong Guanghui Expressway 49.00% 243693120.44 68600000.00 2237525443.26
92The Semi-Annual Report 2025
Shareholdi
Profit or Loss Owned Dividends Distributed Equity Balance of the
ng Ratio of
by the Minority to the Minority Minority Shareholders
Name of Subsidiary Minority
Shareholders in the Shareholders in the in the End of the
Shareholde
Current Period Current Period Period
rs (%)
Co. Ltd.Jingzhu Expressway Guangzhu
Section Co.Ltd. 25.00% 55843974.46 126445369.19 673227435.19
93The Semi-Annual Report 2025
(3) The main financial information of significant not wholly owned subsidiary
In RMB
Year-end balance
Name
Current assets Non- current assets Total assets Current Liabilities Non- current liabilities Total liabilities
Guangfo Expressway Co. Ltd. 360847463.82 14283865.16 375131328.98 23714173.64 0.00 23714173.64
Guangdong Guanghui
Expressway Co. Ltd. 2704366089.78 2133025770.71 4837391860.49 179618649.99 91394754.87 271013404.86
Jingzhu Expressway Guangzhu
Section Co.Ltd. 1324781886.58 5650527952.17 6975309838.75 460879147.35 3821520950.64 4282400097.99
In RMB
Year-beginning balance
Name
Current assets Non- current assets Total assets Current Liabilities Non- current liabilities Total liabilities
Guangfo Expressway Co. Ltd. 30515256.33 16070171.85 46585428.18 27971185.35 0.00 27971185.35
Guangdong Guanghui
Expressway Co. Ltd. 2202032502.09 2311186053.66 4513218555.75 200417595.58 103755403.39 304172998.97
Jingzhu Expressway Guangzhu
Section Co.Ltd. 421031319.91 5056842394.60 5477873714.51 674646315.03 2160412079.79 2835058394.82
In RMB
Amount of current period Amount of previous period
Name Total TotalBusiness Cash flows from Business Cash flows from
Net profit Comprehensive Net profit Comprehensive
income operating activities income operating activities
income income
Guangfo Expressway
Co. Ltd. 1101358.56 332802912.51 332802912.51 -3700753.52 1075325.65 -42120046.43 -42120046.43 1253117.75
Guangdong Guanghui
Expressway Co. Ltd. 946708730.22 497332898.85 497332898.85 674377086.58 897321456.20 445004972.11 445004972.11 622120569.23
Jingzhu Expressway
Guangzhu Section 481762162.74 223375897.84 223375897.84 930461365.77 585937746.82 292327454.95 292327454.95 439692114.09
Co.Ltd.
94The Semi-Annual Report 2025
2. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
Proportion Accounting
treatment of the
Main
Name operating Registratio Business investment of
place n place nature Directly Indirectly joint venture or
associated
enterprise
Guangdong Guangle Expressway Co.Ltd. Guangdong Guangzhou ExpresswayManagement 9.00% Equity method
Zhaoqing Yuezhao Highway Co. Ltd. Zhaoqing Zhaoqing ExpresswayGuangdong Guangdong Management 25.00% Equity method
Shenzhen Huiyan Expressway Co. Ltd. Shenzhen Shenzhen ExpresswayManagement 33.33% Equity method
Guangdong Jiangzhong Expressway Co. Ltd. Zhongshan Zhongshan ExpresswayManagement 15.00% Equity method
Ganzhou kangda Expressway Co. Ltd. Gangzhou Ganzhou ExpresswayManagement 30.00% Equity method
Ganzhou Gankang Expressway Co. Ltd. Gangzhou Ganzhou ExpresswayManagement 30.00% Equity method
Guangdong Yuepu Science and Technology
Microfinance Co. Ltd. Guangzhou Guangzhou
Hand all kinds
of small loans 15.48% Equity method
Guangyuan Securities Co. Ltd. Hefei Hefei Securitybusiness 2.37% Equity method
SPIC Yuetong Qiyuan Chip Power New Energy
Technology Co. Ltd Guangzhou Guangzhou service 6.67% Equity method
Shenzhen Garage Electric Pile Technology Software and
Co. Ltd Shenzhen Shenzhen Information 17.40% Equity methodtechnology
Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or more voting
rights but does not have a significant impact: Guangdong Guangle Expressway Co. Ltd.Guangdong Jiangzhong
Expressway Co. Ltd. Guangyuan Securities Co. Ltd.，Yuepu Small Refinancing Co. Ltd.. SPIC YuetongQiyuan Chip Power Technology Co. Ltd.and Shenzhen Garage Electric Pile Technology Co.Ltd. holds 20% of
the voting rights but has the power to participate in making decisions on their financial and operating decisions
and therefore deemed to be able to exert significant influence over the investee.
（2）Main financial information of significant associated enterprise
In RMB
Year-end balance/ Amount of current period Year-beginning balance/ Amount of previousperiod
Guoyuan Securities Guangdong Guangle Guoyuan Securities Guangdong Guangle
Co. Ltd. Expressway Co.Ltd. Co. Ltd. Expressway Co.Ltd.Current assets
Non-current assets
Total assets 177203619873.40 21822920795.03 172526443220.18 21648452816.33
Current liabilities
Non-current Liabilities
Total liabilities
Minority Shareholders’
Equity
Shareholders’ equity
attributable to shareholders 37952166018.21 9115042243.77 37081084070.93 8875480926.44
of the parent
Pro rata share of the net
assets calculated 899997257.00 820353801.94 879340429.05 798793283.38
Adjustment items
95The Semi-Annual Report 2025
Year-end balance/ Amount of current period Year-beginning balance/ Amount of previousperiod
Guoyuan Securities Guangdong Guangle Guoyuan Securities Guangdong Guangle
Co. Ltd. Expressway Co.Ltd. Co. Ltd. Expressway Co.Ltd.--Goodwill 207095632.54 207095632.54
-- Internal transactions did
not achieve profits
--Other
The book value of equity
investments in joint ventures 1107092889.54 820353801.94 1086436061.59
Fair value of equity
investment of associated
enterprises with open 816477571.98 865114385.52
quotation
Buinsess incme 3396624443.30 1311654708.25 3084447258.13 1505394582.29
Net profit 1404978574.86 239561317.33 1000675806.65 266854094.13
Net profit from terminated
operations
Other comprehensive
income -58687085.10 722087847.89
Total comprehensive income 1346291489.76 239561317.33 1722763654.54 266854094.13
Dividends received from
16557213.1221615181.6215522387.30
associates during the year
（3）Summary financial information of insignificant joint venture or associated enterprise
In RMB
Year-end balance/ Amount of current Year-beginning balance/ Amount of
period previous period
Associated enterprise：
Total book value of the investment 2291437756.74 2245913947.25
Total amount of the pro rata calculation
of the following--Net profitms
--Net profit 66107110.77 89085788.26
--Total comprehensive income 66107110.77 89085788.26
XI. 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
Amount Amount
Other
New subsidy included in transferred to
Accounting Beginning changes in Closing Related to
amount in the non-operating other income in
subject balance the current balance assets/income
current period income in the the current
period
current period period
96The Semi-Annual Report 2025
Deferred
485914020.10 313724200.00 0.00 844922.93 0.00 798793297.17 Asset-related
income
Total 485914020.10 313724200.00 0.00 844922.93 0.00 798793297.17
3. Government subsidies included in current profits and losses
□Applicable □Not applicable
Government grants related to assets
In RMB
Accounting subject Amount incurred in the current period Amount incurred in the previous period
Deferred income 844922.93 5031151.95
Government grants related to income
In RMB
Accounting subject Amount incurred in the current period Amount incurred in the previous period
Other incoome 606446.92 388641.65
XII. Risks Related to Financial Instruments
1. Risks Related to Financial Instruments
The Company is exposed to various financial risks in its operations: credit risk liquidity risk and market risk
(including foreign exchange risk interest rate risk and other price risks). These financial risks and the
Company's risk management policies to mitigate them are described below:
The Company's risk management objective is to strike a balance between risk and return minimize the adverse
effects of risks on the Company's operating performance and maximize the interests of its shareholders and
other equity investors. Based on such risk management objective the Company's fundamental risk management
strategy is to identify and analyze various risks establish appropriate risk tolerance thresholds and risk
management measures and reliably monitor all risks to keep them within defined limits.The Board of Directors of the Company is fully responsible for determining risk management objectives and
policies and bears ultimate responsibility for them. The management has reviewed and approved policies to
manage these risks summarized as follows:
(1) Credit risk
Credit risk refers to the risk of financial loss resulting from a counterparty's failure to fulfill contractual
obligations.The Company's credit risk primarily arises from accounts receivable other receivables and similar receivables.As of the balance sheet date the carrying amounts of the Company's financial assets represent their maximum
credit risk exposure.For receivables the Company has established relevant policies to control credit risk exposure. The Company
assesses the credit quality of accounts receivable and other receivables based on customers' financial conditions
the possibility of obtaining third-party guarantees credit history and other factors such as current market
conditions and sets corresponding credit terms accordingly. The Company regularly monitors customers' credit
records to ensure that overall credit risk remains within controllable limits. Additionally at each balance sheet
97The Semi-Annual Report 2025
date the Company reviews the recoverability of each individual receivable to ensure adequate bad debt
provisions are made for irrecoverable amounts. Therefore the Company's management believes that its credit
risk exposure has been substantially mitigated.The Company's cash and cash equivalents are primarily bank deposits held with highly-rated financial
institutions and the Company considers there to be no significant credit risk that would result in material losses
from bank defaults.
(2) Liquidity risk
Liquidity risk refers to the risk that an enterprise will encounter difficulties in meeting obligations associated
with financial liabilities that are settled by delivering cash or other financial assets.The Company's policy is to maintain sufficient cash and cash equivalents to meet its debt obligations as they fall
due. Liquidity risk is centrally managed by the Company's Finance Department. The Finance Department
monitors cash and cash equivalent balances and prepares rolling 12-month cash flow forecasts to ensure the
Company maintains sufficient funding to meet its liabilities under all reasonably foreseeable circumstances. It
also continuously monitors compliance of the Company with borrowing agreements and maintains
commitments from major financial institutions to provide adequate standby funding to meet both short-term and
long-term financing requirements.The Company's financial liabilities are presented by maturity dates based on undiscounted contractual cash
flows as follows:
98The Semi-Annual Report 2025
In RMB
Closing balance
Ittem Total undiscounted
Within 1 year Over 1 year Book Value
contractual amount
Long –short term loans 354785465.81 7723597947.28 8078383413.09 8078383413.09
Account payable 150004863.42 0.00 150004863.42 150004863.42
Other payable 1300534967.75 32563307.14 1333098274.89 1333098274.89
Other current liabilities 60381.20 0.00 60381.20 60381.20
Lease liabilities 8353669.51 0.00 8353669.51 8218005.38
Long-term payable 0.00 2022210.11 2022210.11 2022210.11
Total 1813739347.69 7758183464.53 9571922812.22 9571787148.09
In RMB
Opening balance
Item Total undiscounted
Within 1 year Over 1 year Book Value
contractual amount
Long –short term loans 238719839.52 6728264750.00 6966984589.52 6966984589.52
Account payable 226104482.05 0.00 226104482.05 226104482.05
Other payable 243181747.77 28936289.15 272118036.92 272118036.92
Other current liabilities 767774662.42 0.00 767774662.42 767774662.42
Lease liabilities 73697.84 0.00 73697.84 73697.84
Long-term payable 11066517.08 2752713.17 13819230.25 13482202.36
Total 0.00 2022210.11 2022210.11 2022210.11
Total 1486920946.68 6761975962.43 8248896909.11 8248559881.22
(3) Market risk
Market risk of financial instruments refers to the risk that the fair value or future cash flows of financial
instruments will fluctuate due to changes in market prices including foreign exchange risk interest rate risk
and other price risks.
1) Interest rate risk
Interest rate risk refers to the risk that the fair value or future cash flows of financial instruments will
fluctuate due to changes in market interest rates.The Company's risk of changes in cash flows of financial instruments due to interest rate fluctuations is
primarily related to floating-rate bank borrowings. The Company's policy is to maintain floating interest rates
on these borrowings.
2) Foreign exchange risk
Foreign exchange risk refers to the risk that the fair value or future cash flows of financial instruments will
fluctuate due to changes in foreign exchange rates.The Company's exposure to foreign exchange risk is primarily related to Hong Kong dollars. Except for
annual dividend distributions to B-share shareholders the Company's other major business activities are
denominated and settled in RMB. During the reporting period the impact of foreign exchange risk was limited
99The Semi-Annual Report 2025
due to the short credit periods for the Company's foreign currency-denominated expenditures.
3) Other price risk
Other price risk refers to the risk that the fair value or future cash flows of financial instruments will
fluctuate due to changes in market prices other than foreign exchange rates and interest rates.The Company's other price risk mainly arises from various equity instrument investments and is exposed to
price fluctuations in these equity instruments. The Company mitigates price risk in equity securities investments
by adopting a long-term holding strategy for equity securities.XIII. 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 measurement Fir value measurement Fir value measurement
Total
items at level 1 items at level 2 items at level 3
I. Consistent fair value
measurement -- -- -- --
（2）Equity instrument
186494177.20186494177.20
investment（III）Other equity
976308017.6057996892.841034304910.44
instrument investment
II. Non –persistent measure -- -- -- --
2. Market price recognition basis for consistent and inconsistent fair value measurement items at level 1.
As at the end of the period the company holds shares 235254944 shares of China Everbright Bank According
to the closing price of June 302025 of 4.15 yuan the final calculation of fair value was 976308017.60 yuan.
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.
100The Semi-Annual Report 2025
5. Valuation technology changes that occurred during this period and reasons for changes
None
XIV. Related parties and related-party transactions
1. Parent company information of the enterprise
The parent The parent
Registered Redistricted company of the company of theName address Nature capital Company's Company’s vote
shareholding ratio ratio
Equity management traffic
Guangdong communication Guangzhou infrastructure construction 26.8 billionGroup Co. Ltd and railway project yuan 24.56% 50.12%
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 June 302025Registered capital: 26.8 billion yuan.It is a solely state-owned limited company. Business scope ： equity management organization of asset
reorganization and optimized allocation raising funds by means including mortgage transfer of property rights
and joint stock system transformation project investment operation and management traffic infrastructure
construction highway and railway project operation and relevant industries technological development
application consultation and services highway and railway passenger and cargo transport ship industry
relevant overseas businesses;The value-added communication business.The finial control of the Company was State owned assets supervision and Administration Commission of
Guangdong Provincial People's Government.
2.Subsidiaries of the Company
Subsidiaries of this enterprise see X(1) the rights of other entity
3. Information on the joint ventures and associated enterprises of the Company
Details refer to the X-2 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
Guangdong Guangle Expressway Co. Ltd. Associated enterprises of the Company
Zhaoqing Yuezhao Highway Co. Ltd. Associated enterprises of the Company
Shenzhen Huiyan Expressway Co. Ltd. Associated enterprises of the Company
Guangdong Jiangzhong Expressway 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 Yuepu Small Refinancing Co. Ltd(Note) Associated enterprises of the Company
Guangyuan Securities Co. Ltd. Associated enterprises of the Company
Garage electric pile Holding (Shenzhen) Co. Ltd Associated enterprises of the Company
SPIC Yuetong Qiyuan Chip Power Technology Co. Ltd Associated enterprises of the Company
4. Other Related parties
101The Semi-Annual Report 2025
Name Relation with the Company
Guangdong East Thinking Management Technology Development
Co. Ltd. Fully owned subsidiary of the parent company
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 Co. ltd. Fully owned subsidiary of the parent company
Guangdong Lulutong Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Provincial Freeway Co.Ltd. Fully owned subsidiary of the parent company
Guangdong Highway Construction Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Communication Group Finance Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Tongyi Expressway Service Area Co. Ltd Fully owned subsidiary of the parent company
Guangdong Xinyue Traffic Investment Co. Ltd. Fully owned subsidiary of the parent company
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 Center Fully owned subsidiary of the parent company
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
Guangdong Road Conservation Co. Ltd. Jiangluo Branch Fully owned subsidiary of the parent company
Guangdong Zhongyuetong Oil Products Management Co. Ltd Fully owned subsidiary of the parent company
Poly Changda Engineering Co. Ltd. Associated enterprises controlled by the same parent
company
Associated enterprises controlled by the same parent
Guangdong Communication Planning & Design Institute Co. Ltd.company
Guangdong Changda Road Conservation Co. Ltd. Fully owned subsidiary of the parent company
Guangdong Jingzhu Expressway Guangzhu North Section Co. Ltd. Associated enterprises controlled by the same parentcompany
Guangdong Feida Traffic Engineering Co. Ltd. Associated enterprises controlled by the same parentcompany
Guangdong Nanyue Traffic Guangzhou-Zhongjiang Expressway
Managed by the parent company
Management Office
Guangdong Provincial Government Expressway Debt
Repayment Management Center Other units significantly affected by the parent company
102The Semi-Annual Report 2025
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
Related parties Content of related trading Amount of lasttransaction current period previous limit or period
not
period
Guangdong Union electronic services co. Ltd. Service 12600894.67 12275722.05
Guangdong Yueyun Traffic Rescue Co. Ltd. Rescue service fee 2446640.00 2522231.00
Poly Changda Engineering Co. Ltd. Project fund service 4015374.00 2294955.00
Guangdong Xinyue Traffic Investment Co. Ltd. Project fund service 2572588.30 1704368.33
Guangdong Feida Traffic Engineering Co. Ltd. Maintenance 0.00 1694722.00
Guangdong Hualu Traffic Technology Co. Ltd. Project 0.00 1108098.00
Guangdong Humen Bridge Co. Ltd. Service 37672.94 609023.79
Guangdong Litong Technology Investment Co.Maintenance 175729.10 148273.60
Ltd.Guangdong Highway Science and Education
Trairing expense 68750.00 23100.00
Center Co. Ltd.Guangdong East Thinking Management
Technology Development Co. Ltd. Service 10000.00 10000.00
Guangdong Expressway Technology Investment
Depreciation cost 0.00 -36790.74
Co. Ltd.Guangdong Tongyi Expressway Service Area Co.Ltd Service 114378.00 0.00
Jingzhu Expressway Guangzhu North Other 53508.72 0.00
Subtotal 22095535.73 22353703.03
Guangdong Communication Group Finance Co. Borrowing Interest
Ltd. expresses 3883230.56 5992273.61
Guangdong Communication Group Finance Co. Deposit interest
Ltd. -12291186.59 -19060829.63income
Guangdong Communication Group Finance Co.Ltd. Commission charge 600.00 1320.00
Subtotal -8407356.03 -13067236.02
Guangdong Highway Science and Education
Training expense 304400.00 232570.00
Center Co. Ltd
Guangdong East Thinking Management Maintenance，Technology Development Co. Ltd. Service 49750.00 140490.57
Guangdong Tongyi Expressway Service Area Co.Ltd Service 0.00 111078.80
Guangdong Litong Property Development Co. Management Fee
493898.8284476.00
Ltd. water and electricity
Guangdong Highway Construction Co.Ltd. Training expense 0.00 29310.00
Guangdong Litong Property Development Co. Management Fee
281495.240.00
Ltd. water and electricity
Guangdong Communication Planning & Design
Agency fees 231132.08 0.00
Institute Co. Ltd.Guangdong Communication Group Financial
Service 141015.76 0.00
Sharing Service Center Co. Ltd
Subtotal 1501691.90 597925.37
Monitoring service fee
Guangdong Xinyue Traffic Investment Co. Ltd. 127431.45 0.00
and installation fee
Subtotal 127431.45 0.00
103The Semi-Annual Report 2025
Amount of Amount of Over the
Related parties Content of related trading Amount of lasttransaction current period previous limit or period
not
period
Poly Changda Engineering Co. Ltd. Purchase assets 122803002.00 228857141.00
Guangdong Communication Planning & Design
Purchase assets 0.00 3176898.00
Institute Co. Ltd.Guangdong East Thinking Management Purchase assets 52548.00 1255000.00
Technology Development Co. Ltd.Guangdong Hualu Traffic Technology Co. Ltd. Purchase assets 2265234.00 303342.00
Guangdong Communication Group Finance Co.Interest capitalized 3333229.84 236805.56
Ltd.Guangdong Xinyue Traffic Investment Co. Ltd. Purchase assets 28297520.00 0.00
Other amortized
Guangdong Union electronic services co. Ltd. 491024.00 0.00
expenses
Guangdong Communication Group Financial
Service 41860.33 0.00
Sharing Service Center Co. Ltd
Subtotal 157284418.17 233829186.56
Related transactions on sale goods and receiving services
In RMB
Related party Content Amount of current Amount of previous
period period
Jingzhu Expressway Guangzhu North
section Co. Ltd. Commission management fee 11626981.14 10983491.20
Guangdong Traffic Development Co.Ltd. Electricity 808470.09 585883.25
Zhaoqing Yuezhao Highway Co. Ltd. Salaries of expatriate staff 695856.79 642558.25
Ganzhou Gankang Expressway Co.Ltd. Salaries of expatriate staff 602271.98 627422.20
Shenzhen Huiyan Expressway Co. Ltd. Salaries of expatriate staff 664898.57 602004.93
Guangdong Tongyi Expressway
Service Area Co. Ltd Water and electricity 630668.26 565006.00
Ganzhou Kangda Expressway Co. Ltd. Salaries of expatriate staff 176274.00 168794.31
Guangdong Jiangzhong Expressway
Salaries of expatriate staff 89506.92 85317.61
Co. Ltd.Poly Changda Engineering Co. Ltd. water and electricity bills 0.00 9087.96
Guangdong Yueyun Traffic Rescue
Co. Ltd. Water and electricity 11480.88 6530.45
Guangdong Expressway Media Co.Ltd. Water and electricity 2357.65 1387.31
Guangdong Provincial Government
loan repayment highway Management Entrust management fees 4336509.42 0.00
Center
Guangdong Zhongyuetong Oil Products
Water and electricity 51748.08 0.00
Management Co. Ltd
Subtotal 19697023.78 14277483.47
Guangdong Feida Traffic Engineering
Co. Ltd Construction liquidated damages 0.00 4000.00
Poly Changda Engineering Co. Ltd. Construction liquidated damages 0.00 2500.00
Guangdong Union electronic services
Flat cost 88.50 0.00
co. Ltd.Subtotal 88.50 6500.00
(2) Information of related lease
104The Semi-Annual Report 2025
The Company was lessor：
In RMB
Name of lessee Category of lease assets The lease income The lease incomeconfirmed in this year confirmed in last year
Guangdong Expressway Advertising lease
965143.41945860.93
Technology Co. Ltd.Poly Changda Engineering
Co. Ltd. Land and Equipment lease 648002.10 600002.15
Guangdong Expressway Advertising lease
Media Co. Ltd. 775817.80 498654.95
Guangdong Traffic
Rental income of charging pile 338734.23 315372.65
Development Co. Ltd.Guangzhou Xinyue Traffic
Property lease 18514.29 17142.86
Technology Co. Ltd.Total 2746211.83 2377033.54
105The Semi-Annual Report 2025
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
Lessor Category of
measurement (if any)
leased assets Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount Amount of
current period previous period current period previous period current period previous period current period previous period of current previous
period period
Guangdong
LitongDecelopment Office space 281495.24 131314.30 5425284.74 2594667.06 199132.97 364868.32
Investment Co. Ltd
Guangdong Litong Property Office space
40276.0052128.00764.102408.30
Development Co. Ltd.
(3）Rewards for the key management personnel
In RMB
Item Amount of current period Amount of previous period
Rewards for the key management personnel 2391000.00 2759500.00
(4) 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. LtdThe above transactions
have been approved and implemented by the board of directors of Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section Co. Ltd.
106The Semi-Annual Report 2025
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.receivable 56552000.77 0.00 56215234.69 0.00Ltd.Account
receivable Guangdong Humen Bridge Co. Ltd. 12588909.96 0.00 5720146.53 0.00
Account Jingzhu Expressway Guangzhu North
receivable 12324600.00 0.00 9311649.31 0.00Section Co. Ltd.Account Guangdong Expressway Technology
receivable 6470388.19 0.00 6828733.67 0.00Investment Co. Ltd.Account Guangdong Provincial Government
receivable Expressway Debt Repayment 4596700.00 0.00 0.00 0.00Management Center
Account
receivable Guangdong Expressway Media Co. Ltd. 459031.73 0.00 1219406.25 0.00
Account Guangdong Traffic Development Co.receivable 420295.29 0.00 0.00 0.00Ltd.Account
receivable Poly Changda Engineering Co. Ltd. 0.00 0.00 503879.00 0.00
Total 93411925.94 0.00 79799049.45 0.00
Guangdong Communications Testing
Prepayment 711457.00 0.00 711457.00 0.00
Co. Ltd
Guangdong Union electron Service Co.Prepayment 178790.30 0.00 0.00 0.00
Ltd.Guangdong Highway Science and
Prepayment 7490.00 0.00 0.00 0.00
Education Center Co. Ltd.Total 897737.30 0.00 711457.00 0.00
Other Account Guangdong Provincial Government loan
receivable 234872551.47 11456105.70 0.00 0.00repayment highway Management Center
Other Account
receivable Ganzhou Gankang Expressway Co. Ltd. 12000000.00 0.00 0.00 0.00
Other Account Guangdong Litong Development
receivable 1839246.94 0.00 1839246.94 0.00Investment Co. Ltd.Other Account Guangdong Litong Property
receivable 433718.60 0.00 19193.00 0.00Development Co. Ltd.Other Account Guangdong Union electron Service Co.receivable Ltd. 50000.00 0.00 50000.00 0.00
Other Account Guangdong Humen Bridge Co. Ltd.receivable 15000.00 0.00 15000.00 0.00
Other Account Guangdong Expressway Technology
receivable 8314.23 0.00 7730.44 0.00Investment Co. Ltd.Other Account Guangdong Yueyun Traffic Rescue Co.receivable 5868.26 0.00 2725.82 0.00Ltd.Other Account Guangdong Guangle Expressway Co.receivable 0.00 0.00 21615181.62 0.00Ltd.Other Account Guangdong Highway Construction Co.receivable 0.00 0.00 6707300.48 0.00Ltd. Jiangluo Branch
Total 249224699.50 11456105.70 30256378.30 0.00
Other Non-
Poly Changda Engineering Co. Ltd. 138161047.92 0.00 130778141.60 0.00
Current Assets
Other Non- Guangdong Xinyue Traffic Investment
17423070.000.0017423070.000.00
Current Assets Co. Ltd.Other Non- Guangdong Hualu Traffic Technology 1715012.00 0.00 1715012.00 0.00
107The Semi-Annual Report 2025
Current Assets Co. Ltd.Other Non- Guangdong Traffic Development Co.
333398.000.00333398.000.00
Current Assets Ltd.Other Non- Guangdong East Thinking Management
251000.000.00251000.000.00
Current Assets Technology Development Co. Ltd.Total 157883527.92 0.00 150500621.60 0.00
（2）Payables
In RMB
Amount at year Amount at year
Name Related party end beginning
Short-term loan Guangdong Communication Group Finance Co. ltd. 150085138.89 0.00
Total 150085138.89 0.00
Account payable Guangdong Feida Traffic Engineering Co. Ltd. 11283310.92 14154370.37
Account payable Guangdong Xinyue Traffic Investment Co. Ltd. 8139793.52 7251728.23
Account payable Poly Changda Engineering Co. Ltd. 6570042.30 21105254.30
Account payable Guangdong Hualu Traffic Technology Co. Ltd. 2331025.33 3692531.87
Account payable Guangdong Union Electron Service Co.Ltd. 2549293.76 1213419.78
Account payable Guangdong Yueyun Traffic Rescue Co. Ltd. 1506880.00 261800.00
Account payable Guangdong Communication Planning & Design 842076.00 1019151.90
Institute Co. Ltd.Account payable Guangdong Communication Test Co. Ltd. 830124.00 830124.00
Account payable Guangdong Litong Technology Investment Co. Ltd. 658769.34 713769.34
Account payable Guangdong East Thinking Management TechnologyDevelopment Co. Ltd. 412905.56 1072905.56
Account payable Guangdong Nanyue Traffic Guangzhou-Zhongjiang 0.00 2747739.00
Expressway Management Office
Account payable Guangdong Lulutong Co. Ltd. 0.00 2278123.00
Account payable Guangzhou Xinyue Asphalt Co. Ltd. 0.00 2068875.00
Guangdong Communications Group Financial Sharing
Account payable 0.00 282411.49
Service Center Co. Ltd
Account payable Guangdong Yueyun Traffic Rescue Co. Ltd. 0.00 261800.00
Account payable Guangdong Expressway Technology Investment Co. 0.00 48004.00
Ltd.Total 35124220.73 58740207.84
Other Payable account Poly Changda Engineering Co. Ltd. 22956338.31 28546224.97
Other Payable account Guangdong Feida Traffic Engineering Co. Ltd. 2278399.17 2267431.65
Other Payable account Guangdong Hualu Traffic Technology Co. Ltd. 1686764.06 2422446.06
Other Payable account Guangdong Expressway Technology Investment Co. 1196622.01 1480359.66
Ltd.Other Payable account Guangdong Xinyue Traffic Investment Co. Ltd. 1185372.23 962439.99
Other Payable account Guangdong Xinyue Traffic Investment Co. Ltd. 610000.00 702198.00
Other Payable account Guangdong East Thinking Management TechnologyDevelopment Co. Ltd. 498886.62 588886.62
Other Payable account Guangdong Provincial Communications Planning &Design Institute Group Co. Ltd. 462700.00 2857255.10
Other Payable account Guangdong Lulutong Co. Ltd. 416873.00 739076.64
Other Payable account Guangzhou Xinyue Transportation Technology Co.Ltd. 409283.50 317085.50
Other Payable account Guangdong Road Construction Co. Ltd. 144492.75 0.00
Other Payable account Guangdong Tongyi Expressway Service Area Co. Ltd. 100000.00 120000.00
Other Payable account Guangdong Jiaoke Testing Co. Ltd. 96954.00 96954.00
Other Payable account Guangdong Expressway Media Co. Ltd. 50000.00 50000.00
Other Payable account Guangdong Litong Technology Investment Co. Ltd. 39880.53 50836.53
Other Payable account Guangdong Yueyun Traffic Rescue Co. Ltd. 2000.00 2000.00
Other Payable account Guangdong Union electronic services co. Ltd. 0.00 1238234.09
Guangdong Nanyue Traffic Guangzhou-Zhongjiang
Other Payable account 0.00 200000.00
Expressway Management Office
108The Semi-Annual Report 2025
Amount at year Amount at year
Name Related party end beginning
Total 32134566.18 42641428.81
Non-current liabilities due 1
year Guangdong Litong Development Investment Co. Ltd. 8083974.96 10619693.51
Non-current liabilities due 1
year Guangdong Communication Group Finance Co. ltd. 0.00 4608361.15
Non-current liabilities due 1
year Guangdong Litong Property Development Co. Ltd. 24124.00 55401.73
Total 8108098.96 15283456.39
Lease Liabilities Guangdong Litong Development Investment Co. Ltd. 0.00 2730189.11
Total 0.00 2730189.11
Long-term loans Guangdong Communication Group Finance Co. ltd. 557212333.41 848000000.00
Total 557212333.41 848000000.00
7. Fund centralized management
(1) Participation in and implementation of fund centralized management arrangements:
On December 25 2017 the Company entered into a Cash Management Business Cooperation Agreement with
Guangdong Provincial Communication Group Finance Co.Ltd. and Industrial and Commercial Bank of China
Guangdong Branch. On December 22 2017 the Company signed a Cash Management Business Cooperation
Agreement with Guangdong Provincial Communication Group Finance Co.Ltd. and China Construction Bank
Corporation Guangdong Branch to join the cash pool of Guangdong Provincial Communication Group Finance
Co.Ltd.Subsidiary Guangdong Guanghui Expressway Co. Ltd. entered into a Cash Management Business Cooperation
Agreement with Guangdong Provincial Communication Group Finance Co.Ltd. and Agricultural Bank of
China Limited Guangdong Branch on May 19 2020 joining the cash pool of Guangdong Provincial
Communication Group Finance Co.Ltd.Subsidiary Jingzhu Expressway Guangzhou-Zhuhai Section Co. Ltd. signed a Cash Management Business
Cooperation Agreement for Guangdong Provincial Expressway Development Co. Ltd. with Guangdong
Provincial Communication Group Finance Co.Ltd. and Industrial and Commercial Bank of China Guangdong
Branch on December 26 2016 joining the cash pool of Guangdong Provincial Communication Group Finance
Co.Ltd.
(2) Funds consolidated with the Finance Company
Funds deposited directly with the Finance Company rather than consolidated into the account of Guangdong
Provincial Communication Group Co.Ltd.Related party Relationship Maximum daily Deposit Beginning The amount of this perioddeposit interest balance(RMB'00000）limit(RMB'00000 rate Ending） Total amount for this Total amount isrange period(RMB'00000） withdrawn for this balance(RMB'00000）period(RMB'00000）
Guangdong Controlled
Communications by the same 0.20%-
Group Finance parent 350000.00 279078.10 390417.83 351678.86 317817.082.40%
Co. Ltd company
（3）Loan business
Related Relationship Beginning The amount of this periodparty LoantLoan interest balance(RMB'00000） Endinglimit(RMB'00000 rate Total loan amount of the Total repayment amount）
range current of the current
balance(RMB'0000period(RMB'00000） period(RMB'00000）
109The Semi-Annual Report 2025
Guangdo
ng
Commu Controlled by
nications the same
2.10%-
parent 400000.00 85244.83 25962.12 40477.20 70729.75Group 2.60%
Finance company
Co. Ltd
The balance of the above-mentioned loan to Guangdong Communications Group Finance Co. Ltd.includes the "uncover due interest" part.
（3）Credit extension or other financial services
Related party Relationship Business type Total Actual amountamount(RMB'00000） incurred(RMB'00000）
Guangdong Communications Controlled by the same Credit extension
Group Finance Co. Ltd parent company 400000.00 70700.00
XV. Commitments
1. Significant commitments
Significant commitments at balance sheet date
Items June 302025 January 12025
Contracted but not recognized in the financial statements
Building long-term asset commitments - Expressway
construction 5697164827.08 6254265422.40
Total 5697164827.08 6254265422.40
2. Contingency
(1) Significant contingency at balance sheet date
As of June 302025 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
XVI. Events after balance sheet date
As of the report issuance date the Company has no significant post-balance-sheet non-adjusting events
requiring disclosure.XVII. Other important events
1. Previous accounting errors collection
No prior period accounting error corrections requiring retrospective restatement occurred during the reporting
period.
110The Semi-Annual Report 2025
2. Segment information
（1）If the company has no reporting division or fails to disclose the total assets and liabilities of each
reporting division the reasons shall be explained
The company's business for the Guangfo Expressway the Fokai Expressway Guanghui Expressway and Jingzhu
Expressway Guangzhu Section toll collection and maintenance work the technology industry and provide
investment advice no other nature of the business no reportable segment.
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.As of December 31 2024 the funding source for maintenance expenditures of RMB 342942142.53 advanced
by Guangfo Company remains unspecified.Guangfo Company received relevant government documents in March 2025 confirming that the Guangzhou-
Foshan Expressway would be taken over by the government for management. The operation and maintenance
costs advanced by Guangfo Company will be reimbursed by relevant units following proper audit and
liquidation procedures. During this period Guangfo Company has received RMB 150 million in advanced
operation and maintenance payments from the Guangdong Provincial Government Expressway Debt
Repayment Management Center.XVIII.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） 17746839.12 19832233.51
Total 17746839.12 19832233.51
111The Semi-Annual Report 2025
（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 Balance Bad debt provision
Amount Proportion(%) Amount Proportion(%) Book value Amount Proportion(%) Amount Proportion(%) Book value
Accrual of bad debt
17746839.12100.00%0.000.00%17746839.1219832233.51100.00%0.000.00%19832233.51
provision by portfolio
Including：
Aging portfolio 17746839.12 100.00% 0.00 0.00% 17746839.12 19832233.51 100.00% 0.00 0.00% 19832233.51
Total 17746839.12 100.00% 0.00 0.00% 17746839.12 19832233.51 100.00% 0.00 0.00% 19832233.51
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 (%
Aging portfolio 17746839.12 0.00 0.00%
Total 17746839.12 0.00
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of other receivables if the provision for bad debts of
bills receivable is accrued according to the general model of expected credit loss:
□ Applicable √ Not applicable
112The Semi-Annual Report 2025
（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
Closing
Accounts
balance of Proportion of Amount of
Company Name Amount of receivable andending balance the total accounts ending balancecontract assets
contract receivable % for bad debts
ending balance
assets
Guangdong Union Electronic
17411709.620.0017411709.6298.11%0.00
Services Co. Ltd.Guangdong Traffic Development
200348.090.00200348.091.13%0.00
Co. Ltd.Guangdong Expressway Technology
132469.020.00132469.020.75%0.00
Investment Co. Ltd.iangmen Power Supply Bureau of
2312.390.002312.390.01%0.00
Guangdong Power Grid Co. Ltd
Total 17746839.12 0.00 17746839.12 100.00% 0.00
2.Other accounts receivable
In RMB
Items Balance in year-end Balance Year-beginning
Dividend receivable 31996670.24 28621800.58
Other receivable 152334284.05 408193607.15
Total 184330954.29 436815407.73
(1) Interest receivable
None
（2）Dividend receivable
1)Dividend receivable
In RMB
Items Balance in year-end Balance Year-beginning
Guangdong Radio and Television Networks investment
0.00797664.04
No.1 Limited partnership enterprise
Guangdong Guangle Expressway Co. Ltd. 0.00 21615181.62
Guoyuan Securities Co. Ltd. 0.00 6208954.92
China Everbright Bank Co. Ltd 19996670.24 0.00
Ganzhou Gankang Expressway Co. Ltd. 12000000.00 0.00
Total 31996670.24 28621800.58
2)Significant dividend receivable aged over 1 year
None
3）Bad-debt provision
None
113The Semi-Annual Report 2025
（3） Other accounts receivable
1) Other accounts receivable classified
In RMB
Item Balance in year-end Balance Year-beginning
Deposit 2477166.44 2277164.74
Petty cash 1114800.00 950000.00
Compensation for performance
148223749.99397834010.41
commitments receivable
Receivable temporary payment 0.00 6707300.48
Other 518567.62 425131.52
Total 152334284.05 408193607.15
2）Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginningWithin 1 year(Including 1 year） 1001724.83 8003997.50
1-2 years 963178.61 2251101.35
2-3 years 149953328.94 397512062.00
Over 3 years 416051.67 426446.30
3-4 years 11307.68 27180.00
4-5 years 27180.00 2095.07
Over 5 years 377563.99 397171.23
Total 152334284.05 408193607.15
114The Semi-Annual Report 2025
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
152334284.05100.00%0.000.00%152334284.05408193607.15100.00%0.000.00%408193607.15
provision by portfolio
Including
CSF Portfolio 3591966.44 2.36% 0.00 0.00% 3591966.44 3227164.74 0.79% 0.00 0.00% 3227164.74
Very low credit risk
518567.620.34%0.000.00%518567.627132432.001.75%0.000.00%7132432.00
financial asset portfolio
Risk-free
148223749.9997.30%0.000.00%148223749.99397834010.4197.46%0.000.00%397834010.41
combination
Total 152334284.05 100.00% 0.00 0.00% 152334284.05 408193607.15 100.00% 0.00 0.00% 408193607.15
115The Semi-Annual Report 2025
Accrual of bad debt provision by Portfolio:
In RMB
Balance in year-end
Name
Book Balance Bad debt provision Withdrawal proportion
Cast deposit portfolio 3591966.44 0.00 0.00%
Very low credit risk financial
518567.620.000.00%
asset portfolio
Risk-free combination 148223749.99 0.00 0.00%
Total 152334284.05 0.00
Loss provision changes in current period change in book balance with significant amount
□Applicable √ Not applicable
4）Accounts receivable withdraw reversed or collected during the reporting period
None
5) The actual write-off other accounts receivable in the period:
None
6) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
Proportion of
the total year Closing
Name Nature Closing balance Aging end balance of balance of
the accounts bad debt
receivable(%) provision
Funds and interest of
Jingzhu Expressway Guangzhu Within 1 year
the reconstruction 148223749.99 97.30% 0.00
Section Co. Ltd. 2-3 years
and expansion project
Guangdong Litong Development 2-3 years
Deposit 1839246.94 1.21% 0.00
Investment Co. Ltd. 4-5 years
Guangdong Litong Property Within 1 year
Deposit 414525.60 0.28% 0.00
Development Co. Ltd. 2-3years
Guangzhou Yangji Hotel
Management Co. Ltd. Yueyang Deposit 200000.00 Within 1 year 0.13% 0.00
Foreign Hotel Branch
Huang Honggui Petty 190000.00 1-2 years 0.12% 0.00
Total 150867522.53 99.03%
3. Long-term equity investment
In RMB
End of term Beginning of term
Impai Impair
Items rment ment
Book Balance Book value Book Balance Book value
provis provisi
ion on
Investment in
subsidiaries 4779205463.43 4779205463.43 4529830463.43 4529830463.43
Investment in joint
ventures and associates 4202215056.13 4202215056.13 3316886938.58 3316886938.58
Total 8981420519.56 8981420519.56 7846717402.01 7846717402.01
116The Semi-Annual Report 2025
（1）Investment to the subsidiary
In RMB
Increase /decrease in reporting period
Name Opening balance Initial balance of the Add Decreased Withdrawn Closing balance
Closing balance of
impairment provision
investment investment impairment Other
impairment provision
provision
Jingzhu Expressway
Guangzhu Section Co. Ltd. 1973671883.08 249375000.00 2223046883.08
Guangfo Expressway Co.ltd. 154982475.25 154982475.25
Yuegao Capital Investment
(Guangzhou) Co. Ltd. 375500000.00 375500000.00
Guanghui Expressway Co.Ltd. 2025676105.10 2025676105.10
Total 4529830463.43 249375000.00 4779205463.43
（2）Investment to joint ventures and associated enterprises
In RMB
Initial Increase /decrease in reporting period
balance of Closing
Name Opening balance the Increase in Decrease Investment Other Other
Announced for Provision Closing balance balance of
impairment investment in income under comprehensive changes
distributing impairment
investment equity method income in equity cash dividend
for Other
or profit impairment
provision
provision
I. Joint ventures
II. Associated enterprises
Guangdong
Jiangzhong
Expressway 599185872.46 -12032094.92 10920459.86 576233317.68
Co. Ltd.Ganzhou
Gankang
Expressway 178670052.26 10556495.51 12000000.00 177226547.77
Co. Ltd.Ganzhou
Kangda
Expressway 271494771.93 21475197.13 292969969.06
Co. Ltd.Shenzhen
Huiyan
Expressway 401802859.16 16417817.46 418220676.62
Co. Ltd.Zhaoqing
Yuezhao 554108739.37 54150000.00 24681575.72 54150000.00 578790315.09
Highway Co.
117The Semi-Annual Report 2025
Initial Increase /decrease in reporting period
balance of Closing
Name Opening balance Announced forthe Increase in Decrease Investment Other Other distributing Provision Closing balance
balance of
impairment investment in income under comprehensive changes for Other
impairment
investment equity method income in equity cash dividendor profit impairment
provision
provision
Ltd.Guoyuan
Securities 1086436061.59 32354421.01 -1349334.86 10348258.20 1107092889.54
Co.Ltd.Guangdong
Yuepu Science
and Technology 225188581.81 6138956.62 231327538.43
Microfinance
Co. Ltd.Guangdong
Guangle
820353801.94820353801.94
Expressway
Co. Ltd.Subtotal 3316886938.58 54150000.00 0.00 99592368.53 -1349334.86 0.00 87418718.06 820353801.94 4202215056.13
Total 3316886938.58 54150000.00 0.00 99592368.53 -1349334.86 0.00 87418718.06 820353801.94 4202215056.13
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
（3）Other note
The Company’s investment in Guangdong Guangle Expressway Co. Ltd. was originally designated as a financial asset at fair value through other comprehensive
income (other equity instrument investment). During the period the Company changed its management model for this investment and reclassified it as a long-term
equity investment accounted for under the equity method.
118The Semi-Annual Report 2025
4. Business income and Business cost
In RMB
Item Amount of current period Amount of previous period
Revenue Cost Revenue Cost
Main business 684892134.29 249732622.26 743464662.48 251313774.04
Other 4760965.40 117286.68 4261694.44 113922.96
Total 689653099.69 249849908.94 747726356.92 251427697.00
Detail：
In RMB
Item
Amount of current period Amount of previous period
Toll income 684892134.29 743464662.48
Service and other 3730435.64 3295782.97
Lease income 1030529.76 965911.47
Total 689653099.69 747726356.92
5.Investment income
In RMB
Items
Amount of current period Amount of previous period
Long-term equity investment income accounted
by cost method 450736107.58 598060407.87
Long-term equity investment income accounted
by equity method 99592368.53 115094457.16
Dividend income from other equity instrument
44772473.9140699105.31
investments during the holding period
Other 3310249.61 11332376.43
Total 598411199.63 765186346.77
XVI. Supplementary Information
1.Current non-recurring gains/losses
√ Applicable □Not applicable
In RMB
Item Amount Notes
Non-current asset disposal gain/loss(including the write-off part for
which assets impairment provision is made) -117947.42
Government subsidies recognized in current gain and loss(excluding
those closely related to the Company’s business and granted under the 1451369.85
state’s policies)
Allowance for impairment reversal of receivables tested
separately for impairment 0.00
According to the relevant
government documents the source
The impairment provision for the advance expenses that have occurred of funds for the pipe maintenance
342942142.53 expenses advanced by the Guangfo
but need to be defined from the source of funds Company has been clarified and
the previously provisioned bad-
debt reserve shall be reversed.
119The Semi-Annual Report 2025
Item Amount Notes
Net amount of non-operating income and expense except the aforesaid
items -361864.33
Other non-recurring Gains/loss items 411538.51
Less :Influenced amount of income tax 366563.21
Influenced amount of minor shareholders’ equity (after tax) 85865206.42
Total 258093469.51 --
Details of other profit and loss items that meet the non-recurring profit and loss definition
□Applicable□Not applicable
There are no other gains/losses items that meet the definition of non-recurring gains/losses in the Company.Explain the items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss
in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public -
-- Extraordinary Profit/loss
□Applicable□Not applicable
2. Return on equity (ROE) and earnings per share (EPS)
Weighted EPS（Yuan/share）
Profit as of reporting period average ROE
(%) EPS-basic EPS-diluted
Net profit attributable to common
shareholders of the Company 9.75% 0.51 0.51
Net profit attributable to common
shareholders of the Company after
deduction of non-recurring profit 7.37% 0.38 0.38
and loss
3. Differences between accounting data under domestic and overseas accounting standards（ 1）．Simultaneously pursuant to both Chinese accounting standards and international accounting
standards disclosed in the financial reports of differences in net income and net assets.□ Applicable□√ Not applicable
（2）. Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards.□ Applicable□√ Not applicable
(3) .Explanation of the reasons for the differences in accounting data under domestic and foreign
accounting standards. If the data that has been audited by an overseas audit institution is adjusted for
differences the name of the overseas institution should be indicated
120The Semi-Annual Report 2025
IX.Other Submitted Data
1. Other major social security issues
Whether the listed company and its subsidiaries have other major social security issues
□Yes □No□Not applicable
Whether it was administratively punished during the reporting period
□Yes □No□Not applicable
II. Reception of research communication and interview during the reporting period
□Applicable □Not applicable
Reception
time Place of reception Way of reception Types of visitors Visitors received Main contents discussed and information provided Basic index
For details please refer to the "Record Form of Investor
March
/ By Phone Organization
China Merchants
Relations Activities "disclosed by the interactive www.cninfo.com.cn
42025 Securities etc
platform（2025001）
For details please refer to the "Record Form of Investor
March
/ By Phone Organization Huatai Securities etc Relations Activities "disclosed by the interactive www.cninfo.com.cn
42025
platform（2025002）
For details please refer to the "Record Form of Investor
March
/ By Phone Organization Tianfeng Securities etc Relations Activities "disclosed by the interactive www.cninfo.com.cn
42025
platform（2025003）
For details please refer to the "Record Form of Investor
March E fund China
/ By Phone Organization Relations Activities "disclosed by the interactive www.cninfo.com.cn
52025 Merchants Securitie
platform（2025004）
For details please refer to the "Record Form of Investor
March ICBC Credit Suisse
/ By Phone Organization Relations Activities "disclosed by the interactive www.cninfo.com.cn
72025 Huatai Securities
platform（2025005）
For details please refer to the "Record Form of Investor
March Meeting Room of
Field research Organization
China Life asset
Relations Activities "disclosed by the interactive www.cninfo.com.cn
102025 the Company Management
platform（2025006）
For details please refer to the "Record Form of Investor
March
/ By Phone Organization Guotai Funds Relations Activities "disclosed by the interactive www.cninfo.com.cn
122025
platform（2025007）
March Meeting Room of China life pension For details please refer to the "Record Form of Investor
Field research Organization www.cninfo.com.cn
132025 the Company Xinda Securities Relations Activities "disclosed by the interactive
121The Semi-Annual Report 2025
platform（2025008）
For details please refer to the "Record Form of Investor
April Meeting Room of
Field research Organization Huaxi Securities Relations Activities "disclosed by the interactive www.cninfo.com.cn
142025 the Company
platform（2025009）
For details please refer to the "Record Form of Investor
May 62025 / By Phone Organization Zhongtai Securities Relations Activities "disclosed by the interactive www.cninfo.com.cn
platform（2025010）
For details please refer to the "Record Form of Investor
Meeting Room of
May 62025 Field research Organization E fnds Relations Activities "disclosed by the interactive www.cninfo.com.cn
the Company
platform（2025010）
For details please refer to the "Record Form of Investor
Meeting Room of HSBC Qianhai
May 92025 Field research Organization Relations Activities "disclosed by the interactive www.cninfo.com.cn
the Company Securities
platform（2025011）
For details please refer to the "Record Form of Investor
May
/ Online communication
Organization
162025 on online platforms
/ Relations Activities "disclosed by the interactive www.cninfo.com.cn
Individual
platform（2025012）
For details please refer to the "Record Form of Investor
May Meeting Room of
Field research Organization Changjiang Securities Relations Activities "disclosed by the interactive www.cninfo.com.cn
212025 the Company
platform（2025013）
For details please refer to the "Record Form of Investor
May Meeting Room of
Field research Organization Tianfeng Securities etc Relations Activities "disclosed by the interactive www.cninfo.com.cn
262025 the Company
platform（2025014）
122The Semi-Annual Report 2025
III. Fund flows between the listed company and the controlling shareholder and other related parties
□Applicable □Not applicable
In RMB 10000
Amount incurred
Nature of Opening Repayment for the Interest Interest
Name of the fund transaction counterparty during the Ending balance
transaction balance reporting period income expenses
reporting period
Guangdong Communication Group Finance Co.ltd. Business transaction 279078.1 390263.27 351678.86 317817.08 154.57
Guangdong Union Electron Service Co.Ltd. Business transaction 5621.53 206872.48 206838.81 5655.2
Guangdong Humen Bridge Co. Ltd.Business transaction 572.02 7502.39 6815.52 1258.89
Guangdong Expressway Technology Investment
Business transaction 682.87 99.17 135.00 647.04
Co. Ltd.Guangdong Expressway Media Co. Ltd. Business transaction 121.94 81.72 157.76 45.9
Guangdong Traffic Development Co. Ltd. Business transaction 122.31 80.28 42.03
Guangdong Tongyi Expressway Service Area Co.Business transaction 68.99 68.99
Ltd
Guangdong Yueyun Traffic Rescue Co. Ltd. Business transaction 1.29 1.29
Guangdong Zhongyuetong Oil Products
Business transaction 5.85 5.85
Management Co. Ltd
Guangzhou Xinyue Traffic Technology Co. Ltd. Business transaction 1.94 1.94
Guangdong Communication Test Co. Ltd. Business transaction 71.14 71.14
Guangdong Highway Science and Education
Business transaction 19.77 19.02 0.75
Center Co. Ltd
Guangdong Highway Construction Co.Business transaction 670.73 670.73
LtdJiangluo Branch
Guangdong Litong Development Investment Co.Business transaction 183.92 18.38 18.38 183.92
Ltd.Guangdong Union electronic services co. Ltd. Business transaction 5.00 5.00
Guangdong Humen Bridge Co. Ltd. Business transaction 1.5 1.5
Guangdong Expressway Technology Investment
Business transaction 0.77 2.23 2.17 0.83
Co. Ltd.Guangdong Yueyun Traffic Rescue Co. Ltd. Business transaction 0.27 1.73 1.41 0.59
Guangdong Litong Property Development Co.Business transaction 1.91 41.46 43.37
Ltd.Guangdong Xinyue Traffic Investment Co. Ltd. Business transaction 1742.31 1.06 1.06 1742.31
Guangdong Hualu Traffic Technology Co. Ltd. Business transaction 171.5 171.5
Guangdong Traffic Development Co. Ltd. Business transaction 33.34 33.34
123The Semi-Annual Report 2025
Guangdong East Thinking Management
Business transaction 25.1 25.1
Technology Development Co. Ltd.Non-business
Jingzhu Expressway Guangzhu section 39783.39 25311.91 14822.37 350.89
transaction
Total -- 328767.34 605104.04 591808.98 342567.86 505.46 0
The related-party fund transactions mentioned above have been reviewed and approved by the Company's shareholders' meeting and
Relevant decision-making procedures
Board of Directors respectively.These fund transactions occurred based on operational needs with controllable security risks. The Company has established necessary
approval procedures in accordance with internal policies requiring authorization by management with appropriate authority. Both the
Funds security measures
Company's internal audit department and its appointed accounting firm will conduct audits on these fund transactions to ensure financial
security.
124
沪公网安备31011802005267号
