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

Announcement No.: 2026-002

Guangdong Provincial Expressway Development Co. Ltd.2025 Annual Report Abstract

I. Important Notice

This annual report summary is extracted from the full annual report. To fully understand the

Company's operating results financial position and future development plans investors should

carefully read the full annual report at the media outlets designated by the China Securities

Regulatory Commission (CSRC).All the directors attended the board meeting for reviewing the Annual Report.Non standard audit opinion

□ Applicable √ Not applicable

The board examed common shares profit distribution plan and capitalizing of common reserves

plan for the Period.√ Applicable □ Not applicable

Whether the capital reserve to share capital

□ Applicable √ Not applicable

The profit distribution proposal reviewed and approved by the boarding meeting was summarized

as follows:2090806126 for the base the Company would distribute cash dividend to all the

shareholders at the rate of CNY 6.04 for every 10 shares (with tax inclusive) 0 bonus shares（including tax）and no reserve would be converted into share capital.Profit distribution plan for preferred shares adopted by the Board of Directors in the reporting

period

□ Applicable √ Not applicable

II. .Basic Information of the Company

1. Company Profile

Stock abbreviation: Guangdong Expressway AB Stock code： 000429、200429

Stock exchange for

listing Shenzhen Stock Exchange

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 Tihe Disrtict Road Zhujiang New City Tihe Disrtict

Guangzhou Guangzhou

Tel 020-29004619 020-29004523

Fax 020-38787002 020-38787002

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

12. 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.and SPIC 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.Participate in the holding of the expressway situation

Volume of vehicle traffic in Increase Toll income in 2025 Increase

2025（Ten thousands vehicles） /Decrease(%) （Ten thousands） /Decrease(%

Guangfo Expressway 10374.41 4.54% - -

Fokai Expressway 8816.05 -2.24% 142377.62 -4.78%

Jingzhu Expressway

Guangzhu East Section 7380.06 -5.25% 95553.75 -11.50%

Guanghui Expressway 8941.49 3.11% 200330.19 4.08%

Huiyan Expressway 5739.66 24.81% 24895.27 22.02%

Guangzhao Expressway 3885.44 -7.61% 47550.80 -11.34%

Jiangzhong Expressway 6334.92 6.09% 43085.65 23.16%

Kangda Expressway 142.94 -6.92% 29664.07 -2.85%

Gankang Expressway 319.56 -23.93% 19473.98 -8.45%

Guangle Expressway 3853.68 -1.50% 252890.12 -12.51%

Note. According to the informal letter No. 24-[2022] Yue Transportation Operation-"Notice of the

Department of Transportation of Guangdong Province on Issues Concerning the Expiration of Toll

Collection of Guangfo Expressway" issued by Guangdong Provincial Department of

Transportation Guangfo Expressway shall stop toll collection from 0:00 on March 3 2022.

1) Foshan–Kaiping Expressway: Experienced a year-on-year decrease in traffic volume and toll

revenue impacted by the traffic diversion effect on traffic flows between eastern and western

Guangdong following the opening of the Shenzhen–Zhongshan Link and Zhongshan–Kaiping

Expressway as well as the full closure of the main line from Sicun Interchange to Lianhuashan

Interchange on the Shenzhen – Cenxi Expressway (Jiangmen Section) for construction and

construction works on the Fenjiang Bridge;

2) Beijing-Zhuhai Expressway (Guangzhou-Zhuhai Section): Experienced a year-on-year decrease

in traffic volume and toll revenue impacted by traffic diversion following the opening of the

Shenzhen–Zhongshan Link and Nansha–Zhongshan Expressway as well as factors such as

reconstruction and expansion works;

3) Huizhou-Yantian Expressway: Experienced a year-on-year increase in traffic volume and toll

2revenue as the reconstruction and expansion project was completed and opened to traffic;

5) Jiangmen-Zhongshan Expressway: Experienced a year-on-year increase in traffic volume and

toll revenue as the reconstruction and expansion project was completed and opened to traffic and

a new toll rate has been implemented since June 13 2025;

6) Nankang–Dayu Expressway: Experienced a year-on-year decrease in traffic volume and toll

revenue impacted by changes in the road network such as the completion of parallel national

highways in the surrounding area;

7) Ganzhou-Kangdu Expressway: Experienced a year-on-year decrease in traffic volume and toll

revenue impacted by changes in the road network including the early completion of the Daqing

– Guangzhou Expressway (Jikang Section) reconstruction and expansion the opening of the

Gannan Avenue Expressway and the opening of the Longchuan-Xunwu Expressway;

8) Guangzhou-Lechang Expressway: Experienced a year-on-year decrease in traffic volume and

toll revenue impacted by the full closure of the southbound direction of the Leiyang–Yizhang

Expressway for construction.

3. Summary of Accounting data and Financial index

1) Summary of Accounting data and Financial index in the last 3 years

Whether it has retroactive adjustment or re-statement on previous accounting data

□Yes √ No

In RMB

Changed

2025 2024 over last 2023

year（％）

Operating income（Yuan） 4469738160.51 4569903078.72 -2.19% 4879066948.19

Net profit attributable to the

shareholders of the listed 1801337614.93 1562122219.95 15.31% 1633811033.68

company（Yuan）

Net profit after deducting of

non-recurring gain/loss

attributable to the shareholders of 1523003689.21 1644578715.04 -7.39% 1705099801.05

listed company（Yuan）

Cash flow generated by business

operation net（Yuan） 3559494395.28 3256363593.91 9.31% 3831785563.47

Basic earning per

share(Yuan/Share) 0.86 0.75 14.67% 0.78

Diluted gains per

share(Yuan/Share) 0.86 0.75 14.67% 0.78

Weighted average ROE(%) 16.83% 15.52% 1.31% 17.30%

Changed

End of 2025 End of 2024 over last End of 2023

year（％）

Gross assets（Yuan） 26790914410.82 22441664114.93 19.38% 21368963167.41

Net assets attributable to

shareholders of the listed 11116100975.79 10468100319.53 6.19% 9847531855.89

company（Yuan）

32) Main Financial Index by Quarters

In RMB

First quarter Second quarter Third quarter Fourth quarter

Operating revenue 1049919860.48 1068042912.77 1244545969.16 1107229418.10

Net profit attributable to the

shareholders of the listed 657482517.83 399670336.31 488018815.20 256165945.59

company

Net profit after deducting of

non-recurring gain/loss

399682317.42399377067.21487093457.19236850847.39

attributable to the shareholders

of listed company

Net Cash flow generated by

1404783085.32492883697.231147044563.19514783049.54

business operation

Whether significant variances exist between the above financial index or the index with its sum

and the financial index of the quarterly report as well as semi-annual report index disclosed by the

Company.□Yes √No

44. Shareholders and actual controller

1) Number of common shareholders and preferred shareholders with voting rights restored and shareholding of top 10 shareholders

Total shareholders The total number of preferred Total preference shareholders with

Total number of common at the end of the shareholders voting voting rights recovered at end of

shareholders at the end of the 57026 month from the 54926 rights 0 0

date of disclosing last month before annual reportreporting period restored at period-end (if any)(Note

the annual report 8) disclosed(if any)(Note8)

Particulars about shares held above 5% by shareholders or top ten shareholders(Excludes shares lent through refinancing)

Number of Number of share

Proportion Changes in Amount of Amount of

shares held pledged/frozen

Shareholders Nature of shareholder of shares reporting restricted shares un-restricted shares

at period

held（%） period held held State of share Amount

-end

Guangdong Communication

State-owned legal person 24.56% 513485480 410105738 103379742 Not applicable 0

Group Co.Ltd

Guangdong Highway

State-owned legal person 22.30% 466325020 466325020 Not applicable 0

Construction Co. Ltd

Shandong Tonghui Capital State-owned legal person 9.68% 202429927 202429927 202429927 Not applicable 0

Investmenty Group Co. Ltd.Guangdong Provincial State-owned legal person 2.53% 52937491 19582228 33355263 Not applicable 0

Freeway Co.Ltd.China Pacific Life Insurance

Co. Ltd.-China Pacific Life

Equity Dividend Product (Life

Other 1.81% 37812274 37812274 Not applicable 0

Proprietary Trading) Entrusted

Investment (Changjiang

Pension)

5China Construction Bank －

Huatai-PineBridge CSI

Dividend Low Volatility

Other 1.75% 36631729 36631729 0 36631729 Not applicable 0

Exchange-Traded Open-End

Index Securities Investment

Fund

Orient Securities State-owned legal person 0.78% 16353348 3657235 0 16353348 Not applicable 0

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

China Merchants Securities

State-owned legal person 0.61% 12759087 8883287 0 12759087 Not applicable 0

Co. Ltd.China Life Insurance Co. Ltd

－ Dividends-Individual

Other 0.55% 11594185 10511685 0 11594185 Not applicable 0

dividends-005L － FH002

Shanghai

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

Co. Ltd.，Guangdong Provincial Freeway Co.Ltd. and Xinyue Co. Ltd. It is unknown whether there isStrategic investor or general legal person becoming top-10 ordinary shareholder

relationship between other shareholders and whether they are persons taking concerted action specified in the

due to rights issue (if any) (see note 3)

Regulations on Disclosure of Information about Change in Shareholding of Shareholders of Listed

Companies.Top 10 shareholders including the special account for repurchase (if any) (see

None

note 10)

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

62) Overall Preference Sharesholders and Held by the Top ten Preference Shareholders

□ Applicable √ Not applicable

N/A

3) Block Diagram of the ownership and control relations between the company and the actual

controller

State-owned Assets

Supervision and

Administration Commission

the people’s Government

Guangdong

Communication Group

Guangdong Guangdong Guangdong Guangdong

Province Highway Province Xinyue Co.Transportation Construction Co. Ltd.Development

0.10%22.30%24.56%2.53%0.63%

Guangdong Provincial Expressway Development Co. Ltd

5. Status of bonds remaining on the approval date of the annual reportt

□ Applicable √ Not applicable

III. Important matters

During the reporting period the Company received relevant government documents clarifying

that the Guangzhou-Foshan Expressway would be taken back for management by the government.The operational management and maintenance expenses advanced by Guangfo Company would

be paid to Guangfo Company by the relevant entities after audit and settlement were carried out in

accordance with procedures. The Company holds 75% equity in Guangfo Company. Guangfo

Company reversed the previously accrued bad debt provision for the advanced Guangzhou-Foshan

Expressway management and maintenance expenses. The Company will carry out the handover

procedures for the Guangzhou-Foshan Expressway in accordance with relevant regulations and

processes. The Company will make separate announcements regarding the progress of the related

matters.

7Description of provisional announcementDate of disclosing Description of the website for disclosingprovisional announcement provisional announcements

Announcement of important matters March 152025 http://www.cninfo.com.cn

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