Guangdong Provincial Expressway Development Co. Ltd. The Third Quarterly Report 2025

Stock Abbreviation: Guangdong Expressway A B Stock Code: 000429 200429 Announcement No.: 2025-032

Guangdong Provincial Expressway Development Co.，Ltd.The Third Quarterly Report 2025

The Company and its directors hereby guarantee that the content of information disclosure is real accurate

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

1.The Board of Directors and its directors senior executives should guarantee the reality accuracy and

completion of the quarterly report there are no any fictitious statements misleading statements or important

omissions carried in this report and shall take legal responsibilities individual and or joint.

2. Person in charge of the Company Person in charge of accounting and person in charge of accounting organ

(accounting officer) hereby confirm that the financial information of this Quarterly Report is authentic accurate

and complete.

3. The Third quarterly report audited or not

□Yes √No

1Guangdong Provincial Expressway Development Co. Ltd. The Third Quarterly Report 2025

I. Main financial data

(i) Main accounting data and financial indexes

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

□Yes□No

Increase/decrease

Increase/decrease in from year-begin to

the period compared Year-begin to period-end

Current period

with the same period period-end compared with the

of the previous year same period of the

previous year

Operating revenue（Yuan） 1244545969.16 -2.12% 3362508742.41 -3.99%

Net profit attributable to

the shareholders of the 488018815.20 -2.58% 1545171669.34 13.92%

listed company（Yuan）

Net profit after deducting

of non-recurring gain/loss

attributable to the 487093457.19 -5.51% 1286152841.82 -8.09%

shareholders of listed

company（Yuan）

Net cash generated from

/used in operating — — 3044711345.74 20.27%

activities（Yuan）

Basic earning per

0.23-4.17%0.7413.85%

share(Yuan/Share)

Diluted gains per

0.23-4.17%0.7413.85%

share(Yuan/Share)

Weighted average return

4.67%-0.38%14.42%0.97%

on equity（%）

Changes of this period-end over same

End of this period End of last period

period-end of last year(%)

Total assets（Yuan） 24209363602.65 22441664114.93 7.88%

Net assets attributable to

the shareholders of the 10845825563.84 10468100319.53 3.61%

listed company（Yuan）

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

√ Applicable □ Not applicable

In RMB

Item Current amount Year-begin to Note

period-end

Gains/losses from the disposal of non-current asset

(including the write-off that accrued for impairment of -12638.87 -130586.29

assets)

2Guangdong Provincial Expressway Development Co. Ltd. The Third Quarterly Report 2025

Governmental subsidy calculated into current gains and

losses(while closely related with the normal business of the

Company the government subsidy that accord with the

132416.251583786.10

provision of national policies and are continuously enjoyed

in line with a certain standard quota or quantity are

excluded)

According to relevant

government documents

Guangfo Company's

management and

maintenance expenses for

The impairment provision for the advance expenses that

the advance have been

have occurred but need to be defined from the source of 0.00 342942142.53

clearly stated to be paid by

funds

the Provincial Loan

Repayment Center and

the offset for the

impairment provision has

been accrued.Net amount of non-operating income and expense except the

2339060.381977196.05

aforesaid items

Other non-recurring Gains/loss items 13500.00 425038.51

Less :Influenced amount of income tax 618084.44 984647.65

Influenced amount of minor shareholders’ equity (after

928895.3186794101.73

tax)

Total 925358.01 259018827.52 --

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

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

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

explanations of reasons

√ Applicable □Not applicable

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

（1）Monetary funds

It increased by 1169.52 million yuan or 27.26% over the beginning of the year It’s mainly due to the

3Guangdong Provincial Expressway Development Co. Ltd. The Third Quarterly Report 2025

comprehensive impact of various cash flow activities.

（2）Account receivables

It increased by 33.49 million yuan or 40.66% over the beginning of the year The main reason is the increase in

toll revenue pending settlement.

（3）Other receivables

It increased by 110.66 million yuan or 74.34% over the beginning of the year It’s mainly due to the

comprehensive impact of the subsidiary Guangfo Expressway Co. Ltd.'s reversal of the accrued provision for

bad debts of management and maintenance expensesand the receipt of working capital advances as well as the

subsidiary Yuegao Capital Holdings (Guangzhou) Co. Ltd.'s receipt of the transaction amount for equity transfer

of Hunan Lianzhi Technology Co. Ltd.

（4）Long term share equity investment

It increased by 936.82 million yuan or 28.11% over the beginning of the year It’s mainly due to that the

Company changed the accounting method of its equity investment in Guangdong Guangle Expressway Co. Ltd.to the equity method.

（5）Other equity instruments investment

It decreased by 920.5 million yuan or 52.04% over the beginning of the year The main reason is the decrease in

the fair value of the Company's holdings in Everbright Bank shares as well as the decrease in costs and fair

value changes due to changing the accounting method of the Company's equity investment in Guangdong

Guangle Expressway Co. Ltd. to the equity method.

（6）Construction in progress

It increased by 1203.52 million yuan or 45.15 %over the beginning of the year，It’s mainly due to the increasedexpenditure on the reconstruction and expansion project of the subsidiary Jingzhu Expressway

Guangzhou-Zhuhai Section Co. Ltd.

（7） Account payable

It decreased by 82.03 million yuan or 36.28% over the beginning of the year It’s mainly due to the decrease in

construction payables by the subsidiary Guangdong Guanghui Expressway Co. Ltd. and the Fo-kai branch

company.

（8）Tax payable

It increased by 111.64 million yuan or 84.74 %over the beginning of the year，It’s mainly due to the provision forincome tax payable increases with the increase in taxable income.

（9）Non-current liability due within 1 year

It decreased by 747.73 million yuan or 73.51% over the beginning of the year It’s mainly due to that the

Company redeemed the due medium-term notes.

（10） Deferred income

It increased by 515 million yuan or 100.59 %over the beginning of the year，It’s mainly due to that the subsidiaryJingzhu Expressway Guangzhou-Zhuhai Section Co. Ltd. received subsidies from the Nansha District

government and made payment for the construction of the Hengli Interchange connecting line.

2. Items of income statement as compared with the same period of the previous year

(1) Operating income

The decrease of 139.81 million yuan or 3.99%over the same period of last year which’s mainly due to the

combined impact of the following factors: 1) The Guangzhou-Zhuhai section of the Beijing-Zhuhai Expressway

is affected by the opening and diversion of the Shenzhen-Zhongshan Corridor the Zhongkai Expressway and the

South-Central Expressway and the toll revenue decreases; 2) Affected by the opening of the

4Guangdong Provincial Expressway Development Co. Ltd. The Third Quarterly Report 2025

Shenzhen-Zhongshan Corridor and the closure of the Lianhuashan Tunnel for the reconstruction and expansion

of the Jianghe Expressway the traffic flow of Fokai Expressway has decreased and the toll revenue has

decreased. 3) Guanghui Expressway is mainly affected by the natural growth of traffic volume and the change of

traffic flow structure with a slight increase in the traffic flow of medium and long-distance passenger cars and an

increase in toll revenue.

(2)Loss of credit impairment

The decrease of 392.35 million yuan or 592.76% over the same period of last year The main reason is that the

subsidiary Guangfo Expressway Co. Ltd. according to the relevant government documents reversed the

provision for bad debts of management and maintenance expenses advanced that had been accrued in the

previous period.

（3）Other comprehensive income

The decrease of 233.76 million yuan or 165.14% over the same period of last year It’s mainly due to the

decline in the fair value of the Company's holdings in Everbright Bank shares.

3. Notes of main items of cash flow statement

(1) Receipt of other cash related to operating activities

It increased by 909.54 million yuan or 1068.04% YOY It’s mainly due to the subsidiary Guangfo Expressway

Co. Ltd. received advance funds for operations and the subsidiary Jingzhu Expressway Guangzhou-Zhuhai

Section Co. Ltd. received subsidies from the Nansha District Government.

（2）Payable of other cash related to operating activities

It increased by 284.31 million yuan or 478.03% YOYIt’s mainly due to the subsidiary Jingzhu Expressway

Guangzhou-Zhuhai Section Co. Ltd. made payments for construction projects on behalf of others which did not

occur in the same period last year.

（3）Cash received from investment retrieving

It increased by 107.11 million yuan YOY It’s the subsidiary Yuegao Capital Holdings (Guangzhou) Co. Ltd.receiving the payment for the equity transfer of Hunan Lianzhi Technology Co. Ltd. which did not occur in the

same period last year.It’s mainly

(4) Cash received from obtained borrowings

It increased by 1934.04 million yuan or 177.28% YOY It’s mainly due to the new loans by the Company's

headquarterand the subsidiary company Jingzhu Expressway Guangzhou-Zhuhai Section Co. Ltd.

(5) Cash paid to repay debts

It increased by 1781.38 million yuan or 228.04% YOY It’s mainly due to the Company's headquarter the

Fokai branch company and the subsidiary company Jingzhu Expressway Guangzhou-Zhuhai

Section Co. Ltd. repaid loans during the reporting period.II. Shareholders Information

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

top ten common shareholders

In Shares

Total number of common shareholders

66085 Total preference shareholders with the voting power 0

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

5Guangdong Provincial Expressway Development Co. Ltd. The Third Quarterly Report 2025Shares held by the top 10 shareholders（Excluding shares lent through refinancingAmount of Pledging or freezing

Properties

Share tradable shares

of

Shareholder name proporti Quantity with Status of the Quant

sharehold

on %

er Conditional

shares ity

held

State-own

Guangdong Communication Group

ed legal 24.56% 513485480 410105738 Not applicable 0

Co. Ltd.person

State-own

Guangdong Highway Construction

ed legal 22.30% 466325020 0 Not applicable 0

Co. Ltd

person

State-own

Shangdong Expressway Investment

ed legal 9.68% 202429927 0 Not applicable 0

Development Co. Ltd.person

State-own

Guangdong Provincial Freeway

ed legal 2.53% 52937491 19582228 Not applicable 0

Co.Ltd.person

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

Dividend Product (Life Proprietary Other 1.81% 37812274 0 Not applicable 0

Trading) Entrusted Investment

(Changjiang Pension)

Overseas

HKSCC legal 0.93% 19405421 0 Not applicable 0

person

China Life Insurance Co. Ltd－

Dividend－individual dividend－005L Other 0.85% 17725030 0 Not applicable 0

－FH002 shanghai

State-own

Orient Securities ed legal 0.69% 14430302 0 Not applicable 0

person

Overseas

Xinyue Co. Ltd. legal 0.63% 13201086 0 Not applicable 0

person

China Life Insurance Co. Ltd－

Dividend－individual dividend－005L Other 0.45% 9496185 0 Not applicable 0

－FH002 shanghai

Shares held by the Top 10 Shareholders of Non-restricted shares(excluding shares lent through conversions and locked-up shares

for senior managers)

Number of the Share type

Shareholders’ Names non-restricted

Share type Quantity

shares held

RMB Common

Guangdong Highway Construction Co. Ltd 466325020 466325020

shares

RMB Common

Shangdong Expressway Investment Development Co. Ltd. 202429927 202429927

shares

6Guangdong Provincial Expressway Development Co. Ltd. The Third Quarterly Report 2025

RMB Common

Guangdong Communication Group Co. Ltd. 103379742 103379742

shares

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

RMB Common

Dividend Product (Life Proprietary Trading) Entrusted Investment 37812274 37812274

shares

(Changjiang Pension)

RMB Common

Guangdong Provincial Freeway Co.Ltd. 33355263 33355263

shares

RMB Common

HKSCC 19405421 19405421

shares

China life insurance Co. Ltd.－Traditional－General insurance products RMB Common

1772503017725030

－005L－CT001 Shanghai shares

RMB Common

Orient Securities 14430302 14430302

shares

Foreign shares

placed in

Xinyue Co. Ltd. 13201086 13201086

domestic

exchange

China Life Insurance Co. Ltd－Dividend－individual dividend－005L RMB Common9496185 9496185

－FH002 shanghai shares

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

Guangdong Highway Construction Co. Ltd.，Guangdong ProvincialFreeway Co.Ltd. and Xinyue Co. Ltd. It is unknown whether there is

Related or acting-in-concert parties among

relationship between other shareholders and whether they are persons

shareholders above

taking concerted action specified in the Regulations on Disclosure of

Information about Change in Shareholding of Shareholders of Listed

Companies.Participation of top 10 unconditional common share

None

shareholders in securities margin trading (if any)

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

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

borrowing business

□Applicable□Not applicable

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

the previous period due to the securities lending/returning

□Applicable□Not applicable

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

of the report period

□Applicable□Not applicable

III. Other important matters

□Applicable□Not applicable

7Guangdong Provincial Expressway Development Co. Ltd. The Third Quarterly Report 2025

IV. Quarterly financial statements

（I）Financial statement

1. Consolidated balance sheet

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

Item Ending balance Opening balance

Current asset：

Monetary fund 5459341832.65 4289826663.22

Settlement provision

Outgoing call loan

Transactional financial assets

Derivative financial assets

Notes receivable

Account receivable 115846994.43 82361054.69

Financing receivable

Prepayments 6159875.75 3732159.00

Insurance receivable

Reinsurance receivable

Provisions of Reinsurance contracts

receivable

Other account receivable 259524135.79 148857119.34

Including：Interest receivable

Dividend receivable 8278606.56 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 7749814.60 6167340.16

Total of current assets 5848622653.22 4530944336.41

Non-current assets：

Loans and payment on other’s behalf

disbursed

Creditor's Investment

Other Creditor's Investment

Long-term receivable

Long term share equity investment 4269165787.49 3332350008.84

Other equity instruments investment 848453504.68 1768953885.85

Other non-current financial assets 186494177.20 186494177.20

8Guangdong Provincial Expressway Development Co. Ltd. The Third Quarterly Report 2025

Item Ending balance Opening balance

Property investment 2060072.60 2225911.46

Fixed assets 8127333529.06 8872808692.97

Construction in progress 3868913584.86 2665392094.81

Production physical assets

Oil & gas assets

Use right assets 6436698.93 14217517.99

Intangible assets 179497841.24 197694153.19

Including：Data resources

Development expenses

Including：Data resources

Goodwill

Long-germ expenses to be amortized

Deferred income tax asset 31197612.41 32679298.44

Other non-current asset 841188140.96 837904037.77

Total of non-current assets 18360740949.43 17910719778.52

Total of assets 24209363602.65 22441664114.93

Current liabilities

Short-term loans 236085052.77

Loan from Central Bank

Borrowing funds

Transactional financial liabilities

Derivative financial liabilities

Notes payable

Account payable 144065157.18 226104482.05

Advance receipts 728041.45 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 21924627.54 22412317.23

Tax payable 243385779.41 131748260.36

Other account payable 273542612.82 272118036.92

Including：Interest payable

Dividend payable 78109933.98 32714825.12

Fees and commissions payable

Reinsurance fee payable

Liabilities held for sales

Non-current liability due within 1 year 269519296.89 1017246515.19

Other current liability 60381.20 73697.84

Total of current liability 1189310949.26 1669954294.33

Non-current liabilities：

9Guangdong Provincial Expressway Development Co. Ltd. The Third Quarterly Report 2025

Item Ending balance Opening balance

Reserve fund for insurance contracts

Long-term loan 7679319197.28 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 1026969500.69 511971907.34

Deferred income tax liability 279734005.35 330830731.06

Other non-current liabilities

Total non-current liabilities 8988044913.43 7575819787.62

Total of liability 10177355862.69 9245774081.95

Owners’ equity

Share capital 2090806126.00 2090806126.00

Other equity instruments

Including：preferred stock

Sustainable debt

Capital reserves 782911089.06 782661218.56

Less：Shares in stock

Other comprehensive income 219939679.24 366149871.08

Special reserve

Surplus reserves 1691288205.66 1684087655.64

Common risk provision

Retained profit 6060880463.88 5544395448.25

Total of owner’s equity belong to the

10845825563.8410468100319.53

parent company

Minority shareholders’ equity 3186182176.12 2727789713.45

Total of owners’ equity 14032007739.96 13195890032.98

Total of liabilities and owners’ equity 24209363602.65 22441664114.93

Legal Representative: Miao Deshan

Person in charge of accounting：Lu Ming

Person in charge of accounting organ: Yan Xiaohong

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

In RMB

Item Current period Last period

I. Income from the key business 3362508742.41 3502315797.54

10Guangdong Provincial Expressway Development Co. Ltd. The Third Quarterly Report 2025

Incl：Business income 3362508742.41 3502315797.54

Interest income

Insurance fee earned

Fee and commission received

II. Total business cost 1236518371.34 1339950703.84

Incl：Business cost 1046182622.13 1112366834.79

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 15255281.68 14878442.83

Sales expense

Administrative expense 126578611.96 127366585.10

R & D costs 834506.13 428800.85

Financial expenses 47667349.44 84910040.27

Including：Interest expense 86764955.47 126147298.91

Interest income 39274606.96 46729223.12

Add: Other income 2008824.61 8302649.80

Investment gain（“-”for loss） 207761041.22 256646753.46

Incl: investment gains from affiliates 161676368.41 176326400.42

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 326161212.43 -66191796.05

Impairment loss of assets

Assets disposal income 0.00 -2330.78

III. Operational profit（“-”for loss） 2661921449.33 2361120370.13

Add ：Non-operational income 5844780.10 4434512.31

Less: Non-operating expense 3998170.34 4206240.59

IV. Total profit(“-”for loss) 2663768059.09 2361348641.85

Less：Income tax expenses 548283557.89 552541863.60

V. Net profit 2115484501.20 1808806778.25

(I) Classification by business continuity

1.Net continuing operating profit 2115484501.20 1808806778.25

2.Termination of operating net profit

(II) Classification by ownership

1.Net profit attributable to the owners of parent company 1545171669.34 1356400701.34

2.Minority shareholders’ equity 570312831.86 452406076.91

VI. Net after-tax of other comprehensive income -92206066.69 141548387.55

11Guangdong Provincial Expressway Development Co. Ltd. The Third Quarterly Report 2025

Net of profit of other comprehensive income attributable to owners -92206066.69 141548387.55

of the parent company.（I）Other comprehensive income items that will not be reclassified

-64761347.91142830189.09

into gains/losses in the subsequent accounting period

1.Re-measurement of defined benefit plans of changes in net debt o

r net assets

2.Other comprehensive income under the equity method investee ca

10348586.522170801.12

n not be reclassified into profit or loss.

3. Changes in the fair value of investments in other equity

-75109934.43140659387.97

instruments

4. Changes in the fair value of the company’s credit risks

5.Other（II）

Other comprehensive income that will be reclassified into profit or l -27444718.78 -1281801.54

oss

1.Other comprehensive income under the equity method investee ca -27444718.78 -1281801.54

n be reclassified into profit or loss.

2. Changes in the fair value of investments in other debt obligations

3. Other comprehensive income arising from the reclassification of

financial assets

4.Allowance for credit impairments in investments in other debt

obligations

5. Reserve for cash flow hedges

6.Translation differences in currency financial statements

7.Other

Net of profit of other comprehensive income attributable to Minorit

y shareholders’ equity

VII. Total comprehensive income 2023278434.51 1950355165.80

Total comprehensive income attributable to the owner of the parent

1452965602.651497949088.89

company

Total comprehensive income attributable minority shareholders 570312831.86 452406076.91

VIII. Earnings per share

（I）Basic earnings per share 0.74 0.65

(II)Diluted earnings per share 0.74 0.65

The current business combination under common control the net profits of the combined party before achieved n

et profit of RMB 0.00 last period the combined party realized RMB0.00.Legal Representative: Miao Deshan

Person in charge of accounting：Lu Ming

Person in charge of accounting organ: Yan Xiaohong

12Guangdong Provincial Expressway Development Co. Ltd. The Third Quarterly Report 2025

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

In RMB

Item Current period Last period

I. Cash flows arising from operating activities:

Cash received from selling commodities and providing labor

3421374296.193600244630.11

services

Net increase of customer deposit and interbank deposit

Net increase of loan from central bank

Net increase of capital borrowed from other financial institution

Cash received from original insurance contract fee

Net cash received from reinsurance business

Net increase of insured savings and investment

Cash received from interest commission charge and commission

Net increase of capital borrowed

Net increase of returned business capital

Net cash received by agents in sale and purchase of securities

Write-back of tax received

Other cash received concerning operating activities 994701254.32 85159413.33

Subtotal of cash inflow arising from operating activities 4416075550.51 3685404043.44

Cash paid for purchasing commodities and receiving labor

144546471.56161667937.66

service

Net increase of customer loans and advances

Net increase of deposits in central bank and interbank

Cash paid for original insurance contract compensation

Net increase of capital lent

Cash paid for interest commission charge and commission

Cash paid for bonus of guarantee slip

Cash paid to/for staff and workers 325845382.43 320083015.53

Taxes paid 557185593.41 612636941.38

Other cash paid concerning operating activities 343786757.37 59475118.91

Subtotal of cash outflow arising from operating activities 1371364204.77 1153863013.48

Net cash flows arising from operating activities 3044711345.74 2531541029.96

II. Cash flows arising from investing activities:

Cash received from recovering investment 107111100.00 0.00

Cash received from investment income 118033996.77 109482345.12

Net cash received from disposal of fixed intangible and other

51891.00378775.00

long-term assets

Net cash received from disposal of subsidiaries and other units 0.00 0.00

Other cash received concerning investing activities 454422.50 3892567.08

Subtotal of cash inflow from investing activities 225651410.27 113753687.20

Cash paid for purchasing fixed intangible and other long-term

1220870780.621414199749.23

assets

Cash paid for investment 23238000.00 201662000.00

13Guangdong Provincial Expressway Development Co. Ltd. The Third Quarterly Report 2025

Item Current period Last period

Net increase of mortgaged loans

Net cash received from subsidiaries and other units obtained

Other cash paid concerning investing activities 726068.90 3500000.00

Subtotal of cash outflow from investing activities 1244834849.52 1619361749.23

Net cash flows arising from investing activities -1019183439.25 -1505608062.03

III. Cash flows arising from financing activities

Cash received from absorbing investment 83125000.00 128937500.00

Including: Cash received from absorbing minority shareholders’

83125000.00128937500.00

investment by subsidiaries

Cash received from loans 3025000000.00 1090955084.00

Other cash received concerning financing activities 40092886.12

Subtotal of cash inflow from financing activities 3108125000.00 1259985470.12

Cash paid for settling debts 2562546484.24 781168025.00

Cash paid for dividend and profit distributing or interest paying 1405258390.77 1669123284.18

Including: Dividend and profit of minority shareholder paid by

151725000.00331401407.05

subsidiaries

Other cash paid concerning financing activities 8656844.56 6371033.31

Subtotal of cash outflow from financing activities 3976461719.57 2456662342.49

Net cash flows arising from financing activities -868336719.57 -1196676872.37

IV. Influence on cash and cash equivalents due to fluctuation in

408844.19-4587996.33

exchange rate

V. Net increase of cash and cash equivalents 1157600031.11 -175331900.77

Add: Balance of cash and cash equivalents at the period-begin 4259653084.58 4701657434.00

VI. Balance of cash and cash equivalents at the period-end 5417253115.69 4526325533.23（II）The Company started implementing the updated accounting standards commencing from 2025 and

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

initial implementation of the said standards

□Applicable □Not applicable

(iii) Auditors 'Report

Whether the Third Quarterly financial report has been audited or not

□ Yes √No

The Third Quarterly financial report of the Company has not been audited.The Board of Directors of Guangdong Provincial Expressway Development Co. Ltd.October 29 2025

14