GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Guangdong Provincial Expressway Development Co., Ltd.
The Semi-Annual Report 2019
August 2019
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 I. Important Notice, Table of Contents and Definitions
The Board of Directors and the directors, Supervisory Committee and supervisors and Senior Executives of the Company hereby warrant that at the year , there are no misstatement, misleading representation or important omissionsinthisreportandshallassumejointandseveralliabilityfortheauthenticity,accuracyandcompleteness ofthecontentshereof.
Mr.Zheng Renfa, Compant principal , Mr. Wang Chunhua, General Manager ,Mr.Fang Zhi, Chief of the accounting owrk, Ms.Zhou Fang, Chief of the accounting organ (chief of accounting ) hereby confirm the authenticityandcompletenessofthefinancialreportenclosedinthisSemi-annualreport.
Allthedirectorshaveattendedthemeetingoftheboardmeetingatwhichthisreportwasexamined.
The toll revenues of Expressway is main source of the major business income of the company , The charge standardofvehicle tollmustbesubmittedtothesame levelpeople's governmentforreviewandapprovalafterthe 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,theadjustmenttrendofthechargepriceandthechargepriceifhasthecorrespondingadjustmentinthe futurepricelevelwhenthecostofthecompanyrises stilldependontheapprovalofrelevantnationalpoliciesand 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.
TheCompanyhasnoplanofcashdividendscarriedout,bonusissuedandcapitalizingofcommonreserveseither.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Table of Contents
I.ImportantNotice,TableofContentsandDefinitions
II.CorporateProfileandKeyFinancialIndicators
III.BusinessProfile
IV.PerformanceDiscussionandAnalysis
V.ImportantEvents
VI.ChangeofsharecapitalandshareholdingofPrincipalShareholders
VII.SituationofthePreferredShares
VIII.InformationaboutDirectors,SupervisorsandSeniorExecutives
IX.CorporateBonds
X.FinancialReport
XI.Documentsavailableforinspection
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Definition
||||
|-|-|-|
|Termstobedefined|Refersto|Definition|
|Reportingperiod|Refersto|January1,2019toJune30,2019|
|Reportingdate|Refersto|TheSemiannualreportofthecompanywasapprovedbytheboardofdirectorsof2019,thatis,August28,2019|
|YOY|Refersto|ComparedwithJanuary-June2018|
|TheCompany/ThisCompany|Refersto|GuangdongProvincialExpresswayDevelopmentCo.,Ltd.|
|CommunicationGroup|Refersto|GuangdongCommunicationGroupCo.,Ltd.|
|GuangdongExpressway|Refersto|GuangdongExpresswayCo.,Ltd.|
|ConstructionCompany|Refersto|GuangdongHighwayConstructionCo.,Ltd.|
|TechnologyCompany/GuangdongExpresswayTechnology|Refersto|GuangdongExpresswayTechnologyInvestmentCo.,Ltd|
|FokaiCompany|Refersto|GuangdongFokaiExpresswayCo.,Ltd.|
|FokaiBranch|Refersto|GuangdongFokaiExpresswayCo.,Ltd.FokaiBranch|
|ReconstructionandextensionProjectoftheSouthSectionofFokaiExpressway|Refersto|ReconstructionandExpansionProjectofSanbao-ShuikouSectionofFukaiExpressway.|
|GuangfoCompany|Refersto|GuangdongGuangfoExpresswayCo.,Ltd.|
|GuangdongExpresswayCapital|Refersto|YuegaoCapitalInvestment(Hengqin)Co.,Ltd.|
|GuangzhuEastCompany|Refersto|JingzhuExpresswayGuangzhuSectionCo.,Ltd.|
|HuiyanCompany|Refersto|ShenzhenHuiyanExprnesswayCo.,Ltd.|
|Majorassetsrestructuring|Refersto|Guangdong Provincial Expressway Development Co.,Ltd. issuesshares and uses cash to purchase assets and raise counterpart fundsandRelatedtransaction|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 II. Corporate Profile and Key Financial Indicators
1.CompanyInformation
|||||
|-|-|-|-|
|Stockabbreviation:|ExpresswayA,ExpresswayB|Stockcode：|000429、200429|
|Stockexchangeforlisting|ShenzhenStockExchange|||
|NameinChinese|广东省高速公路发展股份有限公司|||
|AbbreviationofRegisteredCompany(ifany)|粤高速|||
|Englishname(Ifany)|GuangdongProvincialExpresswayDevelopmentCo.Ltd.|||
|Englishabbreviation(Ifany)|GPED|||
|LegalRepresentative|ZhengRenfa|||

2.Contactpersonandcontactmanner
||||
|-|-|-|
|Name|YangHanming|LiangJirong|
|Name|YangHanming|LiangJirong|
|Contactaddress|46/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou|45/F,LitongPlaza,No.32,ZhujiangEastRoad,ZhujiangNewCity,TiheDisrtict,Guangzhou|
|Tel|020-29004619|020-29004523|
|Fax|020-38787002|020-38787002|
|E-mail|Hmy69@126.com|139221590@qq.com|

3.Other
1.Wayofcontact
Whether registrations address,offices address andcodes aswell as website and email of theCompany changed in reportingperiodornot
□Applicable√Notapplicable
Registrations address, offices address and codes as well as website and email of the Company has no change in reportingperiod,foundmoredetailsinannualreport2018.
2.Informationinquiry
Whetherinformationdisclosureandpreparationplacechangedinreportingperiodornot
□Applicable√Notapplicable
None of the officialpresses, website, and place of enquiryhas been changed in the semi reportperiod. For details
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 pleasefindtheAnnualReport2018.
4.SummaryofAccountingDataandFinancialIndicators
IndicatebytickmarkwhethertheCompanyneedstoretroactivelyrestateanyofitsaccountingdata.
√ Yes□No
Retroactiveadjustmentorrestatementofreasons
Accountingpolicychange
||||||
|-|-|-|-|-|
||Reportingperiod|Sameperiodoflastyear||YoY+/-（%）|
|||Beforeadjustment|Afteradjustment|Afteradjustment|
|Operatingincome（yuan）|1,483,673,245.21|1,535,864,145.14|1,535,864,145.14|-3.40%|
|Netprofitattributabletotheshareholdersofthelistedcompany（yuan）|736,486,112.30|779,002,246.98|779,002,246.98|-5.46%|
|Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany（yuan）|725,039,035.06|752,917,711.53|752,917,711.53|-3.70%|
|Cashflowgeneratedbybusinessoperation,net（yuan）|1,050,811,097.23|817,279,588.10|819,779,588.10|28.18%|
|Basicearningpershare(yuan/Share)|0.35|0.37|0.37|-5.41%|
|Dilutedgainspershare(yuan/Share)|0.35|0.37|0.37|-5.41%|
|Weightedaverageincome/assetratio（%）|7.53%|8.60%|8.60%|-1.07%|
||Asattheendofthereportingperiod|Asattheendoflastyear||YoY+/-（%）|
|||Beforeadjustment|Afteradjustment|Afteradjustment|
|Grossassets（yuan）|16,404,770,149.44|16,295,910,774.45|16,295,910,774.45|0.67%|
|Shareholders’ equityattributabletoshareholdersofthelistedcompany（yuan）|9,192,599,494.10|9,586,701,904.06|9,586,701,904.06|-4.11%|

ThereasonsforthechangeofAccountingPolicyandtheCorrectionofAccountingerrors
On April 30, 2019, the Notice of the Ministry of Finance on Revising and Issuing the Format of Financial Statements of General Enterprises (No. 6 Finance and Accounting[2019]) issued by the Ministry of Finance indicated that the actual government subsidies received should be listed in the item "cash received from other business activities". In response to such change of accounting policy, the Company adopted the retroactive adjustmentmethodtoretroactivelyadjusttheitemsreportedinthefinancialstatementsfromJanuarytoJune2018, affectingtheitem"netcashflowgeneratedfromoperatingactivities"intheabovetable.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 5.Differencesbetweenaccountingdataunderdomesticandoverseasaccountingstandards
1．SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosed inthefinancialreportsofdifferencesinnetincomeandnetassets.
□Applicable□√Notapplicable
Nil
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accountingstandards.
□Applicable√Notapplicable
Nil
6.Itemsandamountofnon-currentgainsandlosses
√Applicable□Notapplicable
In RMB
||||
|-|-|-|
|Items|Amount|Notes|
|Non-currentassetdisposalgain/loss(includingthewrite-offpartforwhichassetsimpairmentprovisionismade)|10,537,743.77||
|Govemmentsubsidiesrecognizedincurrentgainandloss(excludingthosecloselyrelatedtotheCompany’sbusinessandgrantedunderthestate’spolicies)|420,227.62||
|Othernon-businessincomeandexpendituresotherthantheabove|-904,697.67||
|Less:Amountofinfluenceofincometax|-796,580.71||
|Amountofinfluenceofminorityinterests(aftertax)|-597,222.81||
|Total|11,447,077.24|--|

For theCompany’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated in the ExplanatoryAnnouncement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurringgainsandlosses,itisnecessarytoexplainthereason.
□Applicable√ Notapplicable
NoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformation disclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 III. Business Profile
Ⅰ.MainBusinesstheCompanyisEngagedinDuringtheReportPeriod
Whetherthecompanyneedstocomplywiththedisclosurerequirementsoftheparticularindustry
No
The Company is an infrastructure industry, with main business in developing and operating expressway and big bridges. It is one of the main institutions of developing expressway and big bridge in Guangdong Expressway System.Theexpresswayindustryistheindustryhelpedbygovernment.
The Company is mainly engaged in tolling and maintenance of Guangfo Expressway, Fokai Expressway and Jingzhu Expressway Guangzhu Section investment in technological industries and provision of relevant consultation while investing in Shenzhen Huiyan Expressway Co., Ltd., Guangzhou Guanghui Expressway Co., Ltd.,Guangdong Jiangzhong Expressway Co., Ltd., Zhaoqing Yuezhao Higyway Co., Ltd.,Ganzhou Kangda Expr essway , Ganzhou Gankang Expressway Co., Ltd.,Guangdong Yueke Technology Micro Loan Co., Ltd.,Guangdo ng Guangle Expressway Co.,Ltd. and Guoyuan Securities Co., Ltd.,As of the end of the reporting period, thecompany’s share-controlled expressway is 153.71 km, and according to the equity ratio, after the conversion calculation,thetotalmileageis264.41km.
Ⅱ.MajorChangesinMainAssets
1. MajorChangesinMainAssets
|||
|-|-|
|Mainassets|Majorchanges|
|Equityassets|Theincreaseof2.93%bytheendoftheperiodcomparedwiththatofthebeginning,Mainlyduetothecombinedinfluenceoftheoperationaccumulationandprofitdistributionoftheparticipatingunits.|
|Fixedassets|Theincreaseof4.10%bytheendoftheperiodcomparedwiththatofthebeginning,ItwasmainlyinfluencedbythecompletionandopeningoftheexpansionprojectofSanbao-GongheSectionofFokaiExpresswayandcarry-forwardoffixedassets.|
|Intangibleassets|Thedecreaseof20.65%bytheendoftheperiodcomparedwiththatofthebeginning,Mainlyduetotheimpactofamortizationofintangibleassets.|
|Constructioninprocess|Thedecreaseof23.28%bytheendoftheperiodcomparedwiththatofthebeginning,ItwasmainlyinfluencedbythecompletionandopeningoftheexpansionprojectofSanbao-GongheSectionofFokaiHighwayandcarry-forwardoffixedassets.|
|Otherreceivable|Theincreaseof220.10%bytheendoftheperiodcomparedwiththatofthebeginning,Itwasmainlyinfluencedbydividendsreceivablefromnon-participatingcompanies.|
|Deferredincometaxassets|Thedecreaseof9.86%bytheendoftheperiodcomparedwiththatofthebeginning,Themainreasonwasthataftertheabsorptionandmergeroftheoriginalwholly-ownedsubsidiarycompanyasabranchCompany,theincomeofthebranchCompanythisyearmadeuppartoftheCompany'sdeductiblelossesinpreviousyears.|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||
|-|-|
|OtherNon-currentassets|Theincreaseof15.95%bytheendoftheperiodcomparedwiththatofthebeginning,ItwasmainlyduetothecombinedinfluenceoftheadvancepaymentfortheexpansionofFokaiExpresswayandtheincreaseofinputtaxtobededucted.|

2.MainConditionsofOverseasAssets
□Applicable√Notapplicable
Ⅲ.AnalysisOncoreCompetitiveness
Whetherthecompanyneedstocomplywiththedisclosurerequirementsoftheparticularindustry
No
The toll revenue of expressway industry mainly depends on the regional economic development. The regional economy is the critical factor that influences the traffic volume. The Guangfo expressway and the Fokai expressway,controlledbythecompany,arepartoftheNationalExpresswayNetworkPlanning-“Fiveverticaland sevenhorizontal”, Theshare-controlledBeijing-ZhuhaiGuangzhuSectionExpresswayisafastandconvenient Expressway. and many of thecompany’s equity-participation expressways that are part of the main skeleton of the Guangdong Provincial Expressway Planning-“Ten vertical and five horizontal”, which provides a strong guarantee for stable traffic volume. Meanwhile, the regional economy is the critical factor that influences the traffic volume, as Guangdong province is the economically developed region, withyears’ continuous high growthofGDP,sothatprovidesthestablerisingdemandforthecompany.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 IV. Performance Discussion and Analysis
Ⅰ.General
The Company is an infrastructure industry, with main business in developing and operating expressway and big bridges. It is one of the main institutions of developing expressway and big bridge in Guangdong Expressway System.Theexpresswayindustryistheindustryhelpedbygovernment.
In the firsthalf of 2019,the company, accordingto the annualbusinessplan establishedby theboardof directors, soundlydida good jobofeachwork. . In the firsthalf of 2019,the main businessincome was 1.484billion yuan,meaning46.06%oftheannualplanwascompleted;andtheoperatingcostswas550millionyuan,Flatyear-on-year,representingcompleted38.68%oftheannualplan.
In thereportperiod,thevehicle traffic andtollincome of thecontrolledsubsidiariesandjointventures ofthe Companyareasfollows:
||||||
|-|-|-|-|-|
||Volumeofvehicletrafficinthefirsthalfyearof2019（Tenthousandvehicles）|Increase/Decrease(%)|Tollincomeinthefirsthalfyearof2019（Tenthousand）|Increase/Decrease(%|
|GuangfoExpressway|3,537.04|19.74%|23,017.10|2.19%|
|FokaiExpressway|3,421.36|4.26%|61,731.41|-3.33%|
|JingzhuExpresswayGuangzhuEastSection|3,483.62|-4.35%|60,184.56|-5.27%|
|HuiyanExpressway|2,008.31|-1.86%|11,728.74|-3.66%|
|GuanghuiExpressway|3,082.54|10.73%|90,639.13|4.44%|
|YuezhaoExpressway|1,575.32|8.31%|27,114.74|3.18%|
|JiangzhongExpressway|2,736.67|6.30%|22,530.61|-1.90%|
|GuangleExpressway|1,247.19|8.28%|155,056.82|1.45%|
|KangdaExpressway|131.96|3.90%|12,001.61|6.16%|
|GangkangExpressway|216.06|15.40%|8,659.92|12.80%|

Overall situation: During the reporting period, the increase of Guangfo Expressway traffic volume was higher than that of toll revenue, which was mainly influenced by time-limited goods and distribution of trucks in the surrounding sections; the toll revenue of Fokai Expressway and Guangzhu Section of Jingzhu Expressway showed negative growth year on year, which was mainly influenced by the distributions of the surrounding road network.
Guangfo Expressway: From July 1, 2018, a traffic restriction on trucks with more than 15 tons (7:00-22:00) has been imposed in the direction of Guangzhou (Yayao-Hengsha Section) that trucks are guided and the time period of Guangzhou-Foshan Section is adjusted. At the same time, the prohibition on goods was virtually
cancelled early in this year in the Foshan First Ring and drivers can drive on the road for free. Thus, the
proportion of trucks in Guangfo Section has been declined. However, Guangfo Area featured a intensive
transportation of personnel and materials, complete supporting of surrounding buildings, and continuous growth
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 ofcarsandvehicles.Asaconsequence,theincreaseoftrafficvolumewashigherthanthatoftollrevenue. Foai Expressway: The toll revenue declined by3.33% year on year compared with the first quarter, which wasmainlyaffectedbythefollowingfactors:ontheonehand,thediversioneffectofthesecondphaseofYunzhan Highway was apparent after the openingof the whole line; on the other hand, the tolls ofFoshan First Ring Road that was originally planned to open in February were repeatedly postponed, but the entry of vehicles was unrestricted,andthestrictcontrolofover-limitedandover-loadtransportationoftruckswasnotimplemented. Guangzhu Section of Jingzhu Expressway: Due to the combination ofmultiple factors, such as limited cargo in some periods of Humen Bridge, the completion and opening of Nansha Bridge and Panguan Expressway, the trafficvolumeandtollrevenueshowednegativegrowthyear-on-year.
Gankang Expressway: traffic volume and toll revenue increased by15.40% and12.80% respectively year-on-year,andcontinuedtogrow onthebasisofthe firstquarter.Itis mainlyaffectedbymanyfactors,suchas the construction of the surrounding national highway, the overhaul of sand and stone vehicles, and the restriction ofthepassageofsometrucks.
Kangda Expressway: In the first half of the year, toll revenue increased by6.16% year-on-year in the first half of this year, which was mainly influenced by the combined influence such as the gradual stabilization of the negativeimpactoftheDayuSectionofthe323NationalHighwayin2017andthestabilizationoftrafficvolume. II.Mainbusinessanalysis
Refertorelevantcontentsof “1.Summarization” in “DiscussionandAnalysisofManagement”
Year-on-yearchangeofmainfinancialdata
In RMB
||||||
|-|-|-|-|-|
||Thisreportperiod|Sameperiodlastyear|YOYchange（%）|Causechange|
|Operatingincome|1,483,673,245.21|1,535,864,145.14|-3.40%|ItwasmainlyaffectedbythediversionofsurroundingroadsthatthetollrevenueofFokaiExpresswayandGuangzhuEasternHighwayhasdecreased.|
|Operatingcost|549,623,810.49|533,736,566.35|2.98%|ItwasmainlyinfluencedbythecompletionandopeningoftheexpansionworkofSanbao-GongheSectionintheFokaiExpressway,thecarry-forwardofthefixedassets,thedepreciationincreaseoftheroadproductionincreased.|
|Administrativeexpenses|76,975,210.47|73,109,460.94|5.29%||
|Financialexpenses|103,529,762.40|112,780,215.47|-8.20%||
|Incometaxexpenses|189,696,774.05|213,221,718.85|-11.03%||
|R&DInvestment||2,485,173.03|-100.00%|AfterApril2018,theresearchanddevelopmentcostof"BlueChannel"projectdidnothappenagain.|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||
|-|-|-|-|-|
|Cashflowgeneratedbybusinessoperation,net|1,050,811,097.23|819,779,588.10|28.18%|MainlythecorporateincometaxpaidbyFokaiCompanythatwerewrittenoffinthesameperiodlastyear|
|Netcashflowgeneratedbyinvestment|-223,968,653.96|-138,624,695.43|61.56%|ItwasmainlyaffectedbytheincreaseofprojectpaymentinaccordancewiththeexpansionprojectofFokaiSouthSection|
|Netcashflowgeneratedbyfinancing|-911,807,967.81|-1,220,463,569.09|-25.29%|Itwasmainlyduetothecombinedinfluenceoftheincreaseindividenddistributionandnetincreaseintotalfund-raisingoverthesameperiodlastyear|
|Netincreasingofcashandcashequivalents|-86,500,045.27|-541,576,561.05|-84.03%|Itwasinfluencedbytheincreaseofnetcashinflowfromoperatingactivities,theincreaseofnetcashoutflowfrominvestmentactivitiesandthedecreaseofnetcashoutflowfromfinancingactivities|

MajorchangestotheprofitstructureorsourcesoftheCompanyinthereportingperiod
□Applicable√Notapplicable
Nil
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Breakdownofmainbusiness
In RMB
||||||||
|-|-|-|-|-|-|-|
||Operatingrevenue|operatingcosts|Grossprofitrate(%)|Increase/decreaseofreverseinthesameperiodofthepreviousyear(%)|Increase/decreaseofprincipalbusinesscostoverthesameperiodofpreviousyear(%)|Increase/decreaseofgrossprofitrateoverthesameperiodofthepreviousyear(%)|
|Industry|||||||
|Highwaytransportations|1,449,330,681.59|521,438,699.05|64.02%|-3.32%|3.27%|-2.30%|
|Other|15,810,135.72|15,369,563.00|2.79%|-19.95%|-11.63%|-9.15%|
|Product|||||||
|Highwaytransportations|1,449,330,681.59|521,438,699.05|64.02%|-3.32%|3.27%|-2.30%|
|Other|15,810,135.72|15,369,563.00|2.79%|-19.95%|-11.63%|-9.15%|
|Area|||||||
|GuangfoExpressway|230,170,928.97|31,785,031.71|86.19%|2.19%|14.43%|-1.48%|
|FokaiExpressway|617,314,121.48|325,665,097.11|47.24%|-3.33%|6.25%|-4.76%|
|JingzhuExpresswayGuangzhusection|601,845,631.14|163,988,570.23|72.75%|-5.27%|-3.89%|-0.39%|
|Other|15,810,135.72|15,369,563.00|2.79%|-19.95%|-11.63%|-9.15%|

 III.Non-corebusinessanalysis
√Applicable□Notapplicable
InRMB
||||||
|-|-|-|-|-|
||Amount|Ratiointotalprofit|Note|Whetherbesustainable|
|Investmentincome|276,241,866.32|26.73%|Itisduetotheoperationaccumulationofparticipantcompanies|Yes|
|Non-operatingincome|735,359.76|0.07%|Mainlytherevenueincurredbyclaimsforhighwayproperty|No|
|Non-operating|4,231,407.95|0.41%|Itwasmainlytheexpenditureforrepairing|No|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||
|-|-|-|-|-|
|expenses|||damagedhighwaypropertyfacilitiesandthelossofabandonedfixedassets||
|Assetsdisposalincome|13,129,094.29|1.27%|Incomefromtransferofintellectualpropertyrightsrelatedwith"BlueChannel"byYuegaoke|No|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 IV.Analysisofassetsandliabilities
1.Significantchangesinassetcomposition
In RMB
||||||||
|-|-|-|-|-|-|-|
||EndofReportingperiod||Endofsameperiodoflastyear||Changeinpercentage(%)|Reasonforsignificantchange|
||Amount|Asapercentageoftotalassets(%)|Amount|Asapercentageoftotalassets(%)|||
|Monetaryfund|2,038,024,951.05|12.42%|1,821,466,139.37|11.48%|0.94%||
|Accountsreceivable|103,117,760.85|0.63%|94,111,175.70|0.59%|0.04%||
|Inventories|110,142.49|0.001%|139,076.49|0.001%|0.00%||
|RealestateInvestment|3,442,059.61|0.02%|2,523,650.98|0.02%|0.00%||
|Long-termequityinvestment|3,237,607,137.38|19.74%|3,166,390,849.09|19.95%|-0.21%||
|Fixedassets|7,911,433,640.97|48.23%|7,945,714,512.39|50.07%|-1.84%||
|Constructioninprocess|835,875,363.36|5.10%|629,469,949.60|3.97%|1.13%||
|Long-termloans|3,281,725,000.00|20.00%|4,391,170,000.00|27.67%|-7.67%||

2.AssetandLiabilitiesMeasuredbyFairValue
√Applicable□Notapplicable
InRMB
|||||||||
|-|-|-|-|-|-|-|-|
|Items|Openingamount|Gain/Lossonfairvaluechangeinthereportingperiod|Cumulativefairvaluechangerecordedintoequity|Impairmentprovisionsinthereportingperiod|Purchasedamountinthereportingperiod|Soldamountinthereportingperiod|Closingmount|
|Financialassets||||||||
|OtherEquityInstrumentInvestment|1,668,791,594.53||378,760,459.84||||1,694,669,638.37|
|Subtotaloffinancialassets|1,668,791,594.53||378,760,459.84||||1,694,669,638.37|
|Totalofthe|1,668,791,594.53||378,760,459.84||||1,694,669,6|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|above||38.37|
|Financialliabilities|0.00|0.00|

DidanysignificantchangeoccurtotheattributeoftheCompany’smainassetmeasurementduringthereporting period?
□ Yes√No
3.Assetsrightrestrictiontillendofreportingperiod
The balance of restricted bank deposits at the end of the period was RMB 1,221,200.00, which was the land reclamation fund deposited into the fund custody account for the reconstruction and expansion project of sanbao toShuikousectionofFokaiExpressway.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 I. Investmentsituation
1.General
√ Applicable□ Notapplicable
||||
|-|-|-|
|CurrentInvestmentAmount(Yuan)|Sameperiodoflastyear(Yuan)|Changerate|
|489,183,814.45|273,407,293.65|78.92%|

2.ConditionofAcquiringSignificantShareRightInvestmentduringtheReportPeriod
√Applicable□Notapplicable
InRMB
||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Name of theCompanyInvested|MainBusiness|InvestmentWay|InvestmentAmount|ShareProportion%|CapitalSource|Partner|InvestmentHorizon|ProductType|ProgressuptoBalanceSheetDate|AnticipatedIncome|GainorLessortheCurrentInvestment|WhethertoInvolveinLawsuit|DateofDisclosure|DisclosureIndex|
|ShenzhenHuiyanExpresswayCo.,Ltd.|Expressway|Increasecapital|38,917,650.00|33.33%|HuiyanCo.,Ltd.UnallocatedprofitconversionCapital|YantianPortCo.,ltd.|Onthebasisofthetermofoperationapprovedbythegovernment|LimitedCompany|Completed|||No|October31,2017|AnnouncementofResolutionsofthe13th(Provisional)MeetingoftheEighthBoardofDirectors,AnnouncementofExternalInvestment|
|Total|--|--|38,917,650.00|--|--|--|--|--|--|0.00|0.00|--|--|--|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 3.SituationoftheSignificantNon-equityInvestmentUndergoingintheReportPeriod
√ Applicable□Notapplicable
InRMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Name|Formofinvestment|Fixedassetsinvestmentornot|Industryinwhichtheinvestmentprojectoperates|Investmentamountduringthereportingperiod|Accumulatedactualamountinvestedasoftheendofreportingperiod|Sourceofund|Progress|Estimatedreturn|Accumulatedrealizedreturnasoftheendoftheendofthereportingperiod|Reasonsforfailureinmeetingscheduledprogressandestimatedreturn|DateofDisclosure(Ifany)|DisclosureIndex(Ifany)|
|FokaiExpresswaySanbaotoShuikousectionExtensionproject|Self|Yes|Expressway|450,266,164.45|1,948,731,008.60|SelfandBorrowing|58.87%|||Notapplicable|June17,2016|Announcementofthe29th(Provisional)MeetingoftheSeventhBoardofDirectors,AnnouncementofExternalInvestment|
|Total|--|--|--|450,266,164.45|1,948,731,008.60|--|--|0.00|0.00|--|--|--|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 4.InvestmentofFinancialAsset
（1）Securitiesinvestment
√ Applicable□ Notapplicable
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Securitycategory|Securitycode|StockAbbreviation:|Initialinvestmentcost|Modeofaccountingmeasurement|Bookvaluebalanceatthebeginningofthereportingperiod|Changesinfairvalueofthethisperiod|Cumulativefairvaluechangesinequity|Purchaseamountinthethisperiod|Saleamountinthethisperiod|Gain/lossofthereportingperiod|Bookvaluebalanceattheendofthereportingperiod|Accountingitems|Sauceoftheshares|
|Domesticandforeignstocks|601818|EverbrightBank|517,560,876.80|FVM|870,443,292.80||378,760,459.84|||37,876,045.98|896,321,336.64|OtherequityInstrumentInvestment|Self|
|Total|||517,560,876.80|--|870,443,292.80|0.00|378,760,459.84|0.00|0.00|37,876,045.98|896,321,336.64|--|--|
|DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheBoardofDirectors|||July22,2009|||||||||||
|DisclosureDateofAnnouncementonSecuritiesInvestmentApprovedbytheShareholdersMeeting(Ifany)|||August7,2009|||||||||||

（2）InvestmentinDerivatives
□Applicable√Notapplicable
TheCompanyhadnoinvestmentinderivativesinthereportingperiod.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 VI.Salesofmajorassetsandequity
1.Salesofmajorassets
□Applicable√Notapplicable
TheCompanyhadnosalesofmajorassetsinthereportingperiod.
2.Salesofmajorequity
□Applicable√Notapplicable
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 VII.AnalysisoftheMainShareHoldingCompaniesandShareParticipatingCompanies
√Applicable□Notapplicable
SituationofMainSubsidiariesandtheJoint-stockCompanywithover10%netprofitinfluencingtotheCompany
InRMB
||||||||||
|-|-|-|-|-|-|-|-|-|
|CompanyName|Companytype|Leadingproductsandservices|Registeredcapital|Totalassets|Netassets|OperatingIncome|Operatingprofit|NetProfit|
|GuangfoExpressway|Subsidiary|OperatingGuangfoExpresswayCo.,Ltd.(startsfromHengsha,Guangzhou,endsinXiebian,Foshan.Totallength15.7kilometers|RMB200million|503,032,983.60|442,885,221.80|231,359,875.86|190,238,384.88|142,527,223.05|
|JingzhuExpresswayGuangzhuSectionCo.,Ltd.|Subsidiary|TheoperationandmanagementofGuangzhou-ZhuhaiExpresswayandprovisionofsupportingservicesincludingfueling,salvageandsupplyofpartsandcomponents|RMB580million|2,335,743,800.10|930,365,618.81|613,528,787.18|386,152,337.13|285,871,543.23|
|GuangzhuTrafficInvestmentManagementCo.,Ltd.|Subsidiary|Highwayinvestmentmanagementandconsultation;highwaymaintenance|RMB3million|2,340,653,396.83|516,610,687.09|613,528,787.18|386,102,723.36|157,179,735.01|
|GuangdongGuanghuiExpresswayCo.,Ltd.|Sharingcompany|InvestmentinandconstructionofGuanghuiExpresswayCo.,Ltd.andsupportingfacilities,thetollcollectionandmaintenancemanagementofGuanghuiExpressway,TheGuanghuiExpressway'ssupportinggasstation,salvation,vehiclemaintenance,vehicletransport,catering,warehousinginvestmentanddevelopment|RMB2.352billion|4,721,378,640.92|3,590,533,401.54|917,898,192.73|636,648,322.19|478,273,173.41|

Subsidiariesobtainedordisposedinthereportingperiod
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019□ Applicable√ Notapplicable
ParticularsabouttheMutualholdingcompanies
1.The Company holds a75% equity interest in the Guangfo company, the construction and operation of the Guangzhou-Foshan Expressway, including road maintenance,charges, signs, marking andother transportfacilities maintenance,Vehicle rescueandother business.Thecurrentnetprofitincreasedby50,219,596.66 yuan, a decrease of14.95%, The main reasons for the decrease included the following factors: 1. reduction of the the toll income caused by traffic restriction of Humen Bridge, diversion of Nansha Bridge and Fanguan Highway First Phase after the opening, etc. 2. during the same period last year, the revenue from highway propertydisposalwasconfirmedtobeRMB44.72million,whichdidnotoccurinthecurrentperiod.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019VIII．StructuredvehiclecontrolledbytheCompany
□Applicable√Notapplicable
IX.PredictionofbusinessperformanceforJanuary-September2019
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the warning of its material change compared with the corresponding period of the last year and explanationofreason.
□Applicable√Notapplicable
X.RisksfacingtheCompanyandcountermeasures
Thecompany’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 municipalitypeople’s governments together with the same-level pricing authority and then submitted to the same-levelpeople’s governmentfor approval. Therefore, the charging price adjustmenttrend andthe 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 companycan’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 expresswaybusinessofthecompanytosomeextent.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 V. Important Events
I.AnnualGeneralMeetingandProvisionalShareholders’ MeetingsintheReportingPeriod
1.AnnualGeneralMeeting
|||||||
|-|-|-|-|-|-|
|Meeting|Type|Investorparticipationratio|Conveneddate|Disclosuredate|Indextodisclosedinformation|
|2018Shareholders’ generalmeeting|AnnualShareholders’GeneralMeeting|67.59%|May20,2019|May21,2019|www.cninfo.com.cn|
|FirstprovisionalShareholders’ generalmeetingof2019|ProvisionalShareholders’generalmeeting|66.75%|June25,2019|June26,2019|www.cninfo.com.cn|

2.PreferredstockholdersrestoredvotingrightstorequesttoconveneProvisionalShareholders’Meeting.□Applicable√Notapplicable
II.ProposalforprofitdistributionandconvertingcapitalReserveintoshareactualforthereportingperiod□Applicable√Notapplicable
Forthereportingperiod,theCompanyplansnottodistributecashdividendsorbonussharesorconvertcapital reserveintosharecapital.
III.Thefulfilledcommitments inthereportingperiodandunder-fulfillment commitmentsby theendofthe reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor, seniormanagementpersonnelandotherrelatedparities.
□Applicable√Notapplicable
Thereisnocommitmentthathasnotbeenfulfilledbyactualcontroller,shareholders,relatedparties,acquirersof theCompany
IV.ParticularsaboutengagementanddisengagementofCPAsfirm
Whetherthesemi-annualfinancialreporthadbeenaudited?
□Yes√No
Notbeenaudited.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 V. Explanations given by board of directors and supervisory board regarding “ Modifiedauditor’s” IssuedbyCPAsfirmforthereportingperiod
□Applicable√Notapplicable
VI.ExplanationsgivenbyBoardofDirectorsregarding“Modifiedauditor’sReport”Issuedforlastyear□Applicable√Notapplicable
VII.Bankruptcyandrestructuring
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
VIII.Legalmatters
Signifieantlawsuitsorarbitrations
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
Otherlegalmatters
√Applicable□Notapplicable
|||||||||
|-|-|-|-|-|-|-|-|
|Basicconditionsoflitigation(arbitration)|Amountinvolved（Tenthousandyuan ）|Forming ofthepredicteddebt|Litigation(arbitration)progress|Litigation(arbitration)judgement resultandinfluence|Litigation(arbitration)judgementexecutioncondition|Dateofdisclosure|Indexofdisclosure|
|OnAugust22,2007,GuangdongFokaiExpresswayCo.,Ltd.filedalawsuitwithGuangzhouMaritimeCourtofficiallyrequiringFoshanNanhaiYuhangShippingCo.,Ltd.andYangXiongtoundertakethejointandseveralliabilitiesforthetolllossesofFokaicompanyduetotheJiujiangcollapse.OnMarch7,2014,thecourtmadethefirstinstancejudgementrequiringthedefendantsFoshanNanhaiYuhangShippingCo.,Ltd.andYangXiongtocompensatethedefendantGuangdongFokaiExpresswayCo.,Ltd.jointlyforthevehicletollrevenuelosstotaling19,357,500.96yuan.GuangdongHigherPeople'sCourtenteredajudgementon|1,935.75|No|Waitingforthecourtjudgementresult|Nomajorinfluenceonthecompanyassetconditionsandtheoperationresults.|None|||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||||
|-|-|-|-|-|-|
|June5,2014andthelawsuitterminated.Bytheendofthereportperiod,theabatementofactioncausesarealreadyremovedandtheprovincialhighercourtrestoresthehearingandconductstheinvestigationonApril21,2017.Nowit’sstillthetimewaitingforthecourtjudgement.||||||
|OnJune12,2009,the6.15accident-causingboatownerYangXiongfiledalawsuitwithGuangzhouMaritimeCourtrequiringFokaicompanytocompensatefortheboatlossandinteresttotaling7.28millionyuan.OnDecember20,2013,thecourtmadethefirstinstancejudgementrejectingalllitigationclaimsofYangXiong.HefiledalawsuitwithGuangdongHigherPeople'sCourtagainstsuchsentenceabove,andthesecondinstanceterminatedthelawsuitinMay2015.Bytheendofthereportperiod,thelawsuitisstillsuspendedwithoutanynoticefromtheprovincialhighercourt.|728|No|Duringabatementofactionbythesecondinstance|Nomajorinfluenceonthecompanyassetconditionsandtheoperationresults.|None|

IX.Punishmentsandrectifications
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
X.CreditconditionsoftheCompanyaswellasitsControllingshareholderandactualController
□Applicable√Notapplicable
XI.Equityincentiveplans,employeestockownershipplansorotherincentivemeasuresforemployees□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
XII.Materialrelatedtransactions
1.Relatedtransactionsinconnectionwithdailyoperation
□Applicable√Notapplicable
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Nosuchcasesinthereportingperiod.
2.Related-partytransactionsarisingfromassetacquisitionorsold
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
3.Related-partytransitionswithjointinvestments
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
4.Creditsandliabilitieswithrelatedparties
√Applicable□Notapplicable
Isthereanon-operationalrelationshipbetweencreditor'srightsandliabilities?
□Yes√No
Nosuchcasesinthereportingperiod.
5.Othersignificantrelated-partytransactions
√Applicable□Notapplicable
1.The 23th (provisional) meetingof the Eighth board of directors ofthe Company examined andadoptedthe ProposalonTransferringtheIntellectualPropertyAssetsGroupofthe“BlueChannel”byGuangdongExpressway Technology Investment Co., Ltd., a wholly-owned subsidiary. It is agreed that Guangdong Expressway TechnologyInvestmentCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany,willtransferthe “BlueChannel” related intellectual property asset group to Guangdong Union Electronic Service Co., Ltd. by way of agreement transfer,withtheassessedvalueofRMB19,881,200.00asthetransferprice.
2.The24th(provisional)meetingoftheEighthboardofdirectorsoftheCompanyexaminedandadoptedthe ProposalConcerningtheCompanyDailyAssociatedTransactionsPredictedof2019.Agreeonthepredicteddaily associated transactions for the company headquarters, wholly-owned and holding subsidiaries of 2019, whose amountintotalisRMB49.4265million.
Thewebsitetodisclosetheinterimannouncementsonsignificantrelated-partytransactions
||||
|-|-|-|
|Descriptionofprovisionalannouncement|Dateofdisclosingprovisionalannouncement|Descriptionofthewebsitefordisclosingprovisionalannouncements|
|Announcementofrelatedpartytransaction|January23,2019|www.cninfo.com.cn|
|EstimatesannouncementoftheDailyRelatedPartyTransactionof2019|March29,2019|www.cninfo.com.cn|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 XIII. Particulars about the non-operating occupation of funds by the Controlling shareholder and other relatedpartiesoftheCompany
□Applicable√Notapplicable
Thecompanywasnotinvolvedinthenon-operatingoccupationoffundsbythecontrollingshareholderandother relatedpartiesduringthereportingperiod.
XIV. Significantcontracts andexecution
1.Entrustments,contractingandleasing
（1）Entrustment
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
（2）Contracting
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
（3）Leasing
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
2.Guarantees
√Applicable□Notapplicable
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019（1）Guarantees
Tenthousandyuan
||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|ExternalguaranteesmadebytheCompany（Excludethosemadeforsubsidiaries）|||||||||||||||
|NameoftheCompany|Relevantdisclosuredate/No.oftheguaranteedamount|AmountofGuarantee||Dateofhappening(Dateofsigningagreement)||Actualmountofguarantee||Guaranteetype||Guaranteeterm||Completeimplementationornot||Guaranteeforassociatedparties(Yesorno)|
|GuangdongCommunicationGroupCo.,Ltd|May11,2012|172,500||May31,2013||172,500||Pledge||2012.9.25-2020.3.25||No||Yes|
|Totalamountofapprovedexternalguaranteeinthereportperiod(A1)||0||||Totalactuallyamountofexternalguaranteeinthereportperiod(A2)||||0|||||
|Totalamountofapprovedexternalguaranteeattheendofthereportperiod(A3)||172,500||||Totalactuallyamountofexternalguaranteeattheendofthereportperiod(A4)||||172,500|||||
|GuaranteeoftheCompanyforthecontrollingsubsidiaries|||||||||||||||
|NameoftheCompanyguaranteed|Relevantdisclosuredate/No.oftheguaranteedamount|Amountofguarantee|Dateofhappening(Dateosigningagreement)||Actualmountofguarantee||Guaranteetype||Guaranteeterm||Completeimplementationornot||Guaranteeforassociatedparties(Yesorno)||
|Guaranteeofthesubsidiariesforthecontrollingsubsidiaries|||||||||||||||
|NameoftheCompanyguaranteed|Relevantdisclosuredate/No.oftheguaranteedamount|Amountofguarantee|Dateofhappening(Dateosigningagreement)||Actualmountofguarantee||Guaranteetype||Guaranteeterm||Completeimplementationornot||Guaranteeforassociatedparties(Yesorno)||
|TotalofCompany’sguarantee（namelytotalofthelargethreeaforementioned）|||||||||||||||
|TotalofguaranteeinthePeriod（A1+B1+C1）||0||||TotalofactualguaranteeinthePeriod（A2+B2+C2）||||0|||||
|Totalofguaranteeat||172,500||||Totalofactualguaranteeat||||172,500|||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||
|-|-|
|Period-end（A3+B3+C3）|Period-end（A4+B4+C4）|
|TheproportionofthetotalamountofactuallyguaranteeinthenetassetsoftheCompany(thatisA4+B4+C4)|18.77%|
|Including||
|Amountofguaranteeforshareholders,actualcontrolleranditsassociatedparties（D）|172,500|

Descriptionoftheguaranteewithcomplexmethod
（2）Illegalexternalguarantee
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
3.Othersignificantcontract
□Applicable√Notapplicable
Nosuchcasesinthereportingperiod.
XV. Socialresponsibilities
1.Majorenvironmentalprotection
TheListedCompanyanditssubsidiarywhetherbelongstothekeysewageunitsreleasedfromenvironmental protectiondepartment
No
The Company's main business is highway operation and management, which does notbelongto the key pollutant dischargeunitsannouncedbytheenvironmentalprotectiondepartment.
2.MeasuresTakenforTargetedPovertyAlleviation
(1)Targetedpovertyalleviationplans
Thecompanyhasnoprecisesocialresponsibilityforpovertyalleviationintheperiodandbasnofollow-up planeither.
（2）Summaryofrelatedworkdoneinthereportingperiod
Nil
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019（3）ResultsofTargetedmeasures
Nil
（4）Subsequentplans
Nil
XVI.Other material events
√Applicable□Notapplicable
The annual shareholders' meeting of the Company held on May 20, 2019 examined andAdopted the Bill on the Change of Commitments Related to the Company's Major Asset Restructuring and agreed the commitment made by the Company thatthe land and property management rights registration procedures of Guangdong Fokai Expressway Co., Ltd. and Jingzhu Expressway Guangzhu Section Co., Ltd. in the major asset reorganization of Guangdong Communication Group Co., Ltd. has been changed in 2016 by issuing shares and paying cash to purchaseassetsandraisematchingfunds.
RelevantQueriesontheDisclosureWebsiteoftheInterimReportonthisMatter
||||
|-|-|-|
|Descriptionofprovisionalannouncement|Dateofdisclosingprovisionalannouncement|Descriptionofthewebsitefordisclosingprovisionalannouncements|
|AnnouncementofResolutionsofthe15th(Provisional)MeetingoftheEighthBoardofDirectors|April27,2019|www.cninfo.com.cn|
|AnnouncementofResolutionsofthe14th(Provisional)MeetingoftheEighthBoardofSupervisors|April27,2019|www.cninfo.com.cn|
|AnnouncementontheProgressofMajorAssetRestructuringCommitmentsandtheDeadlineforControllingShareholderstoApplyforChangesinCommitments|April27,2019|www.cninfo.com.cn|
|AnnouncementofResolutionsoftheshareholders'generalmeetingof2018|May21,2019|www.cninfo.com.cn|

XVII.Materialeventsofsubsidiaries
√Applicable□Notapplicable
The 23th (provisional) meeting of the Eighth board of directors of the Company examined and adopted the ProposalonTransferringtheIntellectualPropertyAssetsGroupofthe“BlueChannel”byGuangdongExpressway Technology Investment Co., Ltd., a wholly-owned subsidiary. It is agreed that Guangdong Expressway Technology
Investment Co., Ltd., a wholly-owned subsidiary of the Company, will transfer the “Blue Channel” related
intellectual property asset group to Guangdong Union Electronic Service Co., Ltd. by way of agreement transfer,
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 withtheassessedvalueofRMB19,881,200.00asthetransferprice.
RelevantQueriesontheDisclosureWebsiteoftheInterimReportonthisMatter
||||
|-|-|-|
|Descriptionofprovisionalannouncement|Dateofdisclosingprovisionalannouncement|Descriptionofthewebsitefordisclosingprovisionalannouncements|
|AnnouncementofResolutionsofthe23th(Provisional)MeetingoftheEighthBoardofDirectors|January23,2019|www.cninfo.com.cn|
|AnnouncementoftheRelatedPartyTransaction|January23,2019|www.cninfo.com.cn|

 VI. Changeofsharecapitaland shareholdingof PrincipalShareholders
I.Changesinsharecapital
1.Changesinsharecapital
Inshares
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||Beforethechange||Increase/decrease（+，-）|||||AftertheChange||
||Amount|Proportion|Shareallotment|Bonusshares|Capitalizationofcommonreservefund|Other|Subtotal|Quantity|Proportion|
|1.Shareswithconditionalsubscription|1,273,271,627|60.90%||||-198,591|-198,591|1,273,073,036|60.89%|
|1.State-ownedshares|410,002,853|19.61%||||29,912|29,912|410,032,765|19.61%|
|2.State-ownedlegalpersonshares|652,971,967|31.23%||||0|0|652,971,967|31.23%|
|3.Otherdomesticshares|210,293,994|10.06%||||-225,690|-225,690|210,068,304|10.05%|
|Including ：DomesticLegalpersonshares|209,498,275|10.02%||||-40,771|-40,771|209,457,504|10.02%|
|Domesticnaturalpersonshares|795,719|0.04%||||-184,919|-184,919|610,800|0.03%|
|4.Foreignshares|2,813|0.00%||||-2,813|-2,813|0|0.00%|
|Including：ForeignLegalpersonshares|0|0.00%||||0|0|0|0.00%|
|Foreignnaturalpersonshares|2,813|0.00%||||-2,813|-2,813|0|0.00%|
|II.Shareswithunconditionalsubscription|817,534,499|39.10%||||198,591|198,591|817,733,090|39.11%|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||||
|-|-|-|-|-|-|-|
|1.CommonsharesinRMB|468,885,824|22.43%|198,591|198,591|469,084,415|22.44%|
|2.Foreignsharesindomesticmarket|348,648,675|16.67%|0|0|348,648,675|16.67%|
|3.2.ForeignsharesinOverseasmarket|0|0.00%|0|0|0|0.00%|
|III.Totalofcapitalshares|2,090,806,126|100.00%|0|0|2,090,806,126|100.00%|

Reasonsforsharechanged
√Applicable□Notapplicable
1. Within the reporting period, 65 shareholders reimbursed 29,912 shares of Guangdong Provincial Communication Group Company Limited, which were converted from 29,534 shares of "shareholding of domesticnaturalperson"and378sharesof"shareholdingofoverseasnaturalperson"to"nationalshareholding". Note2:Duringthereportingperiod,40,771sharesof"domesticlegalpersonholding"wereconvertedto"domestic naturalpersonholdingshares.
3. Within the reporting period, 184,919 shares of "shareholding of domestic natural person with limited conditions of sale" and 2,435 shares of "shareholding of overseas natural person with limited conditions of sale" were converted to "unlimited conditional shares". 5,775 shares of limited conditional shares held by Li Mei, the outgoingsupervisor,wereconvertedintolimitedconditionalshares.
ApprovalofChangeofShares
□Applicable√Notapplicable
Ownershiptransferofsharechanges
□Applicable√Notapplicable
InfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributableto commonshareholdersofCompanyinlatestyearandperiod
□Applicable√Notapplicable
Otherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurity regulators
□Applicable√Notapplicable
Progressonanysharerepurchase:
□Applicable√Notapplicable
Progressonreducingtherepurchasedsharesbymeansofcentralizedbidding:
□Applicable√Notapplicable
InfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributableto commonshareholdersofCompanyinlatestyearandperiod
□Applicable√Notapplicable
Otherinformationnecessarytodiscloseforthecompanyorneedtodisclosedunderrequirementfromsecurity regulators
□Applicable√Notapplicable
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 2.Changeofshareswithlimitedsalescondition
√Applicable□Notapplicable
In shares
||||||||
|-|-|-|-|-|-|-|
|ShareholderName|InitialRestrictedShares|NumberofUnrestrictedSharesThisTerm|NumberofIncreasedRestrictedSharesThisTerm|RestrictedSharesintheEndoftheTerm|ReasonforRestrictedShares|DateofRestrictionRemoval|
|ZhangXiulingandother65shareholders|222,728|192,816|29,912|0|Releaseofrestrictionsonsales|April26,2019|
|GuangdongCommunicationGroupCo.,Ltd.|410,002,853|0|29,912|410,032,765|65shareholdersrepaytheadvanceshares|Unknown|
|LeiMei（OutgoingSupervisor）|92,404|5,775|0|86,629|Changeoftopmanagementlockingshares|Unknown|
|Total|410,317,985|198,591|0|410,119,394|--|--|

 II.Issuingandlisting
□Applicable√Notapplicable
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 III. Shareholders and shareholding
In Shares
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|Totalnumberofcommonshareholdersattheendofthereportingperiod|56,739|||Totalnumberofpreferredshareholdersthathadrestoredthevotingrightattheendofthereportingperiod(ifany)(note8)|||||0||
|Particularsaboutsharesheldabove5%byshareholdersortoptenshareholders|||||||||||
|Shareholders||Natureofshareholder|Proportionofsharesheld（%）||Numberofsharesheldatperiod-end|Changesinreportingperiod|Amountofrestrictedsharesheld|Amountofun-restrictedsharesheld|Numberofsharepledged/frozen||
||||||||||Stateofshare|Amount|
|GuangdongCommunicationGroupCo.,Ltd||State-ownedlegalperson|24.56%||513,412,507||410,032,765|10,337,972|||
|GuangdongHighwayConstructionCo.,Ltd,||State-ownedlegalperson|22.30%||466,325,020||466,325,020||||
|YadongFuxingYalianInvestmentCo.,Ltd.||DomesticnonState-ownedLegalperson|9.68%||202,429,149||202,429,149||Pledge|156,652,500|
|TibetYingyueInvestmentManagementCo.,Ltd.||State-ownedlegalperson|4.84%||101,214,574||101,214,574||||
|GuangdongExpresswayCo.,Ltd.||State-ownedlegalperson|2.53%||52,937,491||52,937,491||||
|GuangfaSecuritiesCo.,Ltd.||State-ownedlegalperson|1.45%||30,364,372||30,364,372||||
|AgriculturalBankofChina－JingshunGreatWallEnergyInfrastructureMixedSecuritiesInvestmentFund||Other|1.27%||26,617,103||||||
|ChinaLifeInsuranceCo.,Ltd.－Dividend －Personaldividend-005L-FH002Shen||Other|1.15%||23,965,291||||||
|ChinaLifeInsuranceCo.,Ltd.－Traditional－Commoninsuranceproducts-005L-CT001Shen||Other|1.08%||22,495,445||||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||||
|-|-|-|-|-|-|-|
|FengWuchu|Domesticnaturalpersonshares||0.97%|20,222,807|||
|Strategicinvestororgenerallegalpersonbecomingtop-10ordinaryshareholderduetorightsissue(ifany)|None||||||
|Relatedoracting-in-concertpartiesamongshareholdersabove|GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.andGuangdongExpresswayCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies.||||||
|Shareholdingoftop10shareholdersofunrestrictedshares|||||||
|Nameoftheshareholder||Quantityofunrestrictedsharesheldattheendofthereportingperiod|||Sharetype||
||||||Sharetype|Quantity|
|GuangdongCommunicationGroupCo.,Ltd||103,379,742|||RMBCommonshares|103,379,742|
|AgriculturalBankofChina－JingshunGreatWallEnergyInfrastructureMixedSecuritiesInvestmentFund||26,617,103|||RMBCommonshares|26,617,103|
|ChinaLifeInsuranceCo.,Ltd.－Dividend －Personaldividend-005L-FH002Shen||23,965,291|||RMBCommonshares|23,965,291|
|ChinaLifeInsuranceCo.,Ltd.－Traditional－Commoninsuranceproducts-005L-CT001Shen||22,495,445|||RMBCommonshares|22,495,445|
|FengWuchu||20,222,807|||RMBCommonshares|18,146,144|
||||||Foreignsharesplacedindomesticexchange|2,076,663|
|VALUEPARTNERSCLASSICFUND||13,339,892|||Foreignsharesplacedindomesticexchange|13,339,892|
|XinyueCo.,Ltd.||13,201,086|||Foreignsharesplacedindomesticexchange|13,201,086|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|PRUSIKUMBRELLAUCITSFUNDPLC|12,999,871|Foreignsharesplacedindomesticexchange|12,999,871|
|KhazanahNasionalBerhad－selffund|10,522,779|RMBCommonshares|10,522,779|
|MATTHEWSCHINADIVIDENDFUND|10,498,218|Foreignsharesplacedindomesticexchange|10,498,218|
|Explanationonassociatedrelationshiporconsistentactionamongthetop10shareholdersofnon-restrictednegotiablesharesandthatbetweenthetop10shareholdersofnon-restrictednegotiablesharesandtop10shareholders|GuangdongCommunicationGroupCo.,Ltd.istheparentcompanyofGuangdongHighwayConstructionCo.,Ltd.andGuangdongExpresswayCo.,Ltd.,ItisunknownwhetherthereisrelationshipbetweenothershareholdersandwhethertheyarepersonstakingconcertedactionspecifiedintheRegulationsonDisclosureofInformationaboutChangeinShareholdingofShareholdersofListedCompanies.|||
|Top10ordinaryshareholdersconductingsecuritiesmargintrading(ifany)(seenote4)|Nil|||

Whethertoptencommonshareholdersortoptencommonshareholderswithun-restrictsharesheldhaveabuy-backagreementdealinginreportingperiod.□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.
IV.Changeofthecontrollingshareholderortheactualcontroller
Changeofthecontrollingshareholderinthereportingperiod
□Applicable√NotApplicable
TherewasnoanychangeofthecontrollingshareholderoftheCompanyinthereportingperiod.
Changeoftheactualcontrollerinthereportingperiod
□Applicable√Notapplicable
TherewasnoanychangeoftheactualcontrolleroftheCompanyinthereportingperiod.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 VII. Situationofthe Preferred Shares
□Applicable√Notapplicable
TheCompanyhadnopreferredsharesinthereportingperiod
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 VIII. Information aboutDirectors, Supervisors andSeniorExecutives
I.Changeinsharesheldbydirectors,supervisorsandseniorexecutives
□Applicable√Notapplicable
Therewasnochangeinshareholdingofdirectors,supervisorsandseniormanagementstaffs,forthespecific informationpleaserefertothe2018AnnualReport
II.Changeinsharesheldbydirectors,supervisorsandseniorexecutives
√ Applicable□Notapplicable
||||||
|-|-|-|-|-|
|Name|Positions|Types|Date|Reason|
|XiaoDuan|Independentdirector|Left|May20,2019|Leavesofficeaftersixyearsoftermofoffice|
|LingPing|ChairmanoftheSupervisoryCommittee|Left|May20,2019|Retiree|
|ZengXiaoqing|Independentdirector|Elected|May20,2019||
|JiangChangwen|ChairmanoftheSupervisoryCommittee|Elected|May20,2019||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 IX.Corporate Bond
Whetherthecompanyhascorporatebondsthathavebeenpubliclyissuedandlistedonthestockexchange,and notyetdueorduebutnotfollycashedontheapprovaldateofannualreport
No
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 X. FinancialReport
I. Auditreport
Hasthissemi-annualreportbeenaudited?
□Yes√No
Thesemi-annualreportwasnotaudited.
II. Financialstatements
Currencyunitforthestatementsinthenotestothesefinancialstatements:RMB
1.Consolidatedbalancesheet
Preparedby：GuangdongProvincialExpresswayDevelopmentCo., Ltd.
June30,2019
In RMB
||||
|-|-|-|
|Items|June30,2019|December31,2018|
|Currentasset：|||
|Monetaryfund|2,038,024,951.05|2,124,524,996.32|
|Settlementprovision|||
|Outgoingcallloan|||
|Transactionalfinancialassets|||
|Financialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount|||
|Derivativefinancialassets|||
|Notesreceivable|||
|Accountreceivable|103,117,760.85|91,076,995.07|
|Financingofreceivables|||
|Prepayments|2,863,265.25|1,912,943.40|
|Insurancereceivable|||
|Reinsurancereceivable|||
|ProvisionsofReinsurancecontractsreceivable|||
|Otheraccountreceivable|52,775,962.28|16,487,256.02|
|Including：Interestreceivable|||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Items|June30,2019|December31,2018|
|Dividendreceivable|34,145,770.80|1,205,472.90|
|Repurchasingoffinancialassets|||
|Inventories|110,142.49|81,017.91|
|Contractassets|||
|Assetsheldforsales|||
|Non-currentassetduewithin1year|51,745.32|51,745.32|
|Othercurrentasset|||
|Totalofcurrentassets|2,196,943,827.24|2,234,134,954.04|
|Non-currentassets：|||
|Loansandpaymentonother’sbehalfdisbursed|||
|Debtinvestment|||
|Availableforsaleoffinancialassets||1,668,791,594.53|
|Otherinvestmentonbonds|||
|Expiredinvestmentinpossess|||
|Long-termreceivable|||
|Longtermshareequityinvestment|3,237,607,137.38|3,145,644,970.07|
|Otherequityinstrumentsinvestment|1,694,669,638.37||
|Othernon-currentfinancialassets|||
|Propertyinvestment|3,442,059.61|3,579,007.54|
|Fixedassets|7,911,433,640.97|7,600,046,319.91|
|Constructioninprogress|835,875,363.36|1,089,473,425.63|
|Productionphysicalassets|||
|Oil&gasassets|||
|Userightassets|||
|Intangibleassets|4,554,091.05|5,739,020.48|
|Developmentexpenses|||
|Goodwill|||
|Long-germexpensestobeamortized|1,168,273.16|1,221,781.88|
|Deferredincometaxasset|403,367,030.48|447,485,034.79|
|Othernon-currentasset|115,709,087.82|99,794,665.58|
|Totalofnon-currentassets|14,207,826,322.20|14,061,775,820.41|
|Totalofassets|16,404,770,149.44|16,295,910,774.45|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Items|June30,2019|December31,2018|
|Currentliabilities|||
|Short-termloans|||
|LoanfromCentralBank|||
|Borrowingfunds|||
|Transactionalfinancialliabilities|||
|Financialliabilitiesmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount|||
|Derivativefinancialliabilities|||
|Notespayable|||
|Accountpayable|215,439,814.83|203,779,190.74|
|Advancereceipts|11,725,138.96|12,039,708.01|
|Sellingofrepurchasedfinancialassets|||
|Deposittakingandinterbankdeposit|||
|Entrustedtradingofsecurities|||
|Entrustedsellingofsecurities|||
|Employees’ wagepayable|18,123,397.10|13,122,437.17|
|Taxpayable|95,207,898.65|104,198,746.06|
|Otheraccountpayable|284,563,651.27|191,254,464.84|
|Including：Interestpayable|17,157,289.56|8,971,576.57|
|Dividendpayable|21,150,413.70|17,191,142.23|
|Feesandcommissionspayable|||
|Reinsurancefeepayable|||
|ContractLiabilities|||
|Liabilitiesheldforsales|||
|Non-currentliabilityduewithin1year|2,041,365,000.00|2,498,480,000.00|
|Othercurrentliability|||
|Totalofcurrentliability|2,666,424,900.81|3,022,874,546.82|
|Non-currentliabilities：|||
|Reservefundforinsurancecontracts|||
|Long-termloan|3,281,725,000.00|2,983,040,000.00|
|Bondpayable|677,902,761.25||
|Including：preferredstock|||
|Sustainabledebt|||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Items|June30,2019|December31,2018|
|Leaseliability|||
|Long-termpayable|39,625,983.68|38,022,210.11|
|Long-termremunerationpayabletostaff|||
|Expectedliabilities|||
|Deferredincome|||
|Deferredincometaxliability|203,179,299.45|205,672,389.59|
|Othernon-currentliabilities|||
|Totalnon-currentliabilities|4,202,433,044.38|3,226,734,599.70|
|Totalofliability|6,868,857,945.19|6,249,609,146.52|
|Owners’ equity|||
|Sharecapital|2,090,806,126.00|2,090,806,126.00|
|Otherequityinstruments|||
|Including：preferredstock|||
|Sustainabledebt|||
|Capitalreserves|2,562,570,465.31|2,536,774,965.31|
|Less：Sharesinstock|||
|Othercomprehensiveincome|275,111,548.84|245,109,114.81|
|Specialreserve|||
|Surplusreserves|775,402,561.35|775,402,561.35|
|Commonriskprovision|||
|Retainedprofit|3,488,708,792.60|3,938,609,136.59|
|Totalofowner’sequitybelongtotheparentcompany|9,192,599,494.10|9,586,701,904.06|
|Minorityshareholders’ equity|343,312,710.15|459,599,723.87|
|Totalofowners’ equity|9,535,912,204.25|10,046,301,627.93|
|Totalofliabilitiesandowners’ equity|16,404,770,149.44|16,295,910,774.45|

 LegalRepresentative:ZhengRenfa
GeneralManager:WangChunhua
Personinchargeofaccounting：FangZhi
AccountingDeptLeader:ZhouFang
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 2.ParentCompanyBalanceSheet
In RMB
||||
|-|-|-|
|Items|June30,2019|December31,2018|
|Currentasset：|||
|Monetaryfund|2,015,944,877.34|2,096,597,568.04|
|Transactionalfinancialassets|||
|Financialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount|||
|Derivativefinancialassets|||
|Notesreceivable|||
|Accountreceivable|17,585,263.17|18,405,847.15|
|Financingofreceivables|||
|Prepayments|2,266,509.88|1,532,057.82|
|Otheraccountreceivable|72,684,121.08|9,323,782.66|
|Including：Interestreceivable|32,460,868.78|1,880,148.12|
|Dividendreceivable|34,145,770.80|1,205,472.90|
|Inventories|||
|Contractassets|||
|Assetsheldforsales|||
|Non-currentassetduewithin1year|100,000,000.00|100,000,000.00|
|Othercurrentasset|||
|Totalofcurrentassets|2,208,480,771.47|2,225,859,255.67|
|Non-currentassets：|||
|Debtinvestment|692,903,684.98||
|Availableforsaleoffinancialassets||1,668,791,594.53|
|Otherinvestmentonbonds|||
|Expiredinvestmentinpossess|||
|Long-termreceivable|||
|Longtermshareequityinvestment|4,771,272,146.19|4,679,309,978.88|
|Otherequityinstrumentsinvestment|1,694,669,638.37||
|Othernon-currentfinancialassets|||
|Propertyinvestment|3,189,921.36|3,326,869.29|
|Fixedassets|5,728,126,768.64|5,292,898,635.00|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Items|June30,2019|December31,2018|
|Constructioninprogress|795,576,474.85|1,060,230,773.10|
|Productionphysicalassets|||
|Oil&gasassets|||
|Userightassets|||
|Intangibleassets|1,454,457.72|1,741,277.53|
|Developmentexpenses|||
|Goodwill|||
|Long-germexpensestobeamortized|||
|Deferredincometaxasset|403,245,352.12|447,328,530.77|
|Othernon-currentasset|115,094,875.40|790,720,727.48|
|Totalofnon-currentassets|14,205,533,319.63|13,944,348,386.58|
|Totalofassets|16,414,014,091.10|16,170,207,642.25|
|Currentliabilities|||
|Short-termloans|||
|Transactionalfinancialliabilities|||
|Financialliabilitiesmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount|||
|Derivativefinancialliabilities|||
|Notespayable|||
|Accountpayable|173,643,504.46|124,833,335.72|
|Advancereceipts|||
|ContractLiabilities|||
|Employees’ wagepayable|5,271,471.25|5,669,203.37|
|Taxpayable|6,636,136.81|10,297,144.52|
|Otheraccountpayable|241,188,208.02|142,457,135.79|
|Including：Interestpayable|16,683,582.06|8,373,096.36|
|Dividendpayable|21,150,413.70|17,191,142.23|
|Liabilitiesheldforsales|||
|Non-currentliabilityduewithin1year|2,002,685,000.00|2,327,180,000.00|
|Othercurrentliability|566,301,158.49|977,236,252.44|
|Totalofcurrentliability|2,995,725,479.03|3,587,673,071.84|
|Non-currentliabilities：|||
|Long-termloan|2,933,705,000.00|2,731,990,000.00|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Items|June30,2019|December31,2018|
|Bondpayable|677,902,761.25||
|Including：preferredstock|||
|Sustainabledebt|||
|Leaseliability|||
|Long-termpayable|39,625,983.68|38,022,210.11|
|Long-termremunerationpayabletostaff|||
|Expectedliabilities|||
|Deferredincome|||
|Deferredincometaxliability|94,690,114.96|88,220,604.00|
|Othernon-currentliabilities|||
|Totalnon-currentliabilities|3,745,923,859.89|2,858,232,814.11|
|Totalofliability|6,741,649,338.92|6,445,905,885.95|
|Owners’ equity|||
|Sharecapital|2,090,806,126.00|2,090,806,126.00|
|Otherequityinstruments|||
|Including：preferredstock|||
|Sustainabledebt|||
|Capitalreserves|2,974,458,696.93|2,948,663,196.93|
|Less：Sharesinstock|||
|Othercomprehensiveincome|275,111,548.84|245,109,114.81|
|Specialreserve|||
|Surplusreserves|759,558,277.70|759,558,277.70|
|Retainedprofit|3,572,430,102.71|3,680,165,040.86|
|Totalofowners’ equity|9,672,364,752.18|9,724,301,756.30|
|Totalofliabilitiesandowners’ equity|16,414,014,091.10|16,170,207,642.25|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 3.ConsolidatedIncomestatement
In RMB
||||
|-|-|-|
|Items|Semi-annualof2019|Semi-annualof2018|
|I.Incomefromthekeybusiness|1,483,673,245.21|1,535,864,145.14|
|Incl：Businessincome|1,483,673,245.21|1,535,864,145.14|
|Interestincome|||
|Insurancefeeearned|||
|Feeandcommissionreceived|||
|II.Totalbusinesscost|736,685,807.33|728,964,530.78|
|Incl：Businesscost|549,623,810.49|533,736,566.35|
|Interestexpense|||
|Feeandcommissionpaid|||
|Insurancedischargepayment|||
|Netclaimamountpaid|||
|Insurancepolicydividendpaid|||
|Insurancepolicydividendpaid|||
|Reinsuranceexpenses|||
|Businesstaxandsurcharge|6,557,023.97|6,853,114.99|
|Salesexpense|||
|Administrativeexpense|76,975,210.47|73,109,460.94|
|R&Dexpense||2,485,173.03|
|Financialexpenses|103,529,762.40|112,780,215.47|
|Including：Interestexpense|115,040,857.71|125,752,286.60|
|Interestincome|15,761,707.69|18,076,236.30|
|Add：Otherincome|420,227.62||
|Investmentgain（“-”forloss）|276,241,866.32|259,358,302.20|
|Including:investmentgainsfromaffiliates|237,712,998.09|216,777,157.34|
|Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome|||
|Gainsfromcurrencyexchange|||
|Netexposurehedgingincome|||
|Changingincomeoffairvalue|||
|Creditimpairmentloss|||
|Impairmentlossofassets||57,890.35|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Items|Semi-annualof2019|Semi-annualof2018|
|Assetsdisposalincome|13,129,094.29|44,860,186.67|
|III.Operationalprofit（“-”forloss）|1,036,778,626.11|1,111,175,993.58|
|Add ：Non-operationalincome|735,359.76|2,687,560.58|
|Less:Non-operatingexpense|4,231,407.95|2,007,967.43|
|IV.Total profit(“-”forloss)|1,033,282,577.92|1,111,855,586.73|
|Less：Incometaxexpenses|189,696,774.05|213,221,718.85|
|V.Netprofit|843,585,803.87|898,633,867.88|
|(I)Classificationbybusinesscontinuity|||
|1.Netcontinuingoperatingprofit|843,585,803.87|898,633,867.88|
|2.Terminationofoperatingnetprofit|||
|(II)Classificationbyownership|||
|1.Netprofitattributabletotheownersofparentcompany|736,486,112.30|779,002,246.98|
|2.Minorityshareholders’ equity|107,099,691.57|119,631,620.90|
|VI.Netafter-taxofothercomprehensiveincome|18,938,083.74|-73,795,549.55|
|Netofprofitofothercomprehensiveincomeattributabletoownersoftheparentcompany.|18,938,083.74|-73,795,549.55|
|（I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod|19,408,532.88||
|1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets|||
|2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss.|||
|3.Changesinthefairvalueofinvestmentsinotherequityinstruments|19,408,532.88||
|4.Changesinthefairvalueofthecompany’screditrisks|||
|5.Other|||
|（II）Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss.|-470,449.14|-73,795,549.55|
|1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss.|-470,449.14|-4,983,478.43|
|2.Changesinthefairvalueofinvestmentsinotherdebtobligations|||
|3.Gainsandlossesfromchangesinfairvalueavailableforsalefinan||-68,812,071.12|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Items|Semi-annualof2019|Semi-annualof2018|
|cialassets|||
|4.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets|||
|5.Held-to-maturityinvestmentsreclassifiedtogainsandlossesofavailableforsalefinancialassets|||
|6.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations|||
|7.Reserveforcashflowhedges|||
|8.Translationdifferencesincurrencyfinancialstatements|||
|9.Other|||
|NetofprofitofothercomprehensiveincomeattributabletoMinorityshareholders’ equity|||
|VII.Totalcomprehensiveincome|862,523,887.61|824,838,318.33|
|Totalcomprehensiveincomeattributabletotheowneroftheparentcompany|755,424,196.04|705,206,697.43|
|Totalcomprehensiveincomeattributableminorityshareholders|107,099,691.57|119,631,620.90|
|VIII.Earningspershare|||
|（I）Basicearningspershare|0.35|0.37|
|(II)Dilutedearningspershare|0.35|0.37|

 Thecurrentbusinesscombinationundercommoncontrol,thenetprofitsofthecombinedpartybeforeachievedne tprofitofRMB0.00,lastperiodthecombinedpartyrealizedRMB0.00.
LegalRepresentative:ZhengRenfa
GeneralManager:WangChunhua
Personinchargeofaccounting：FangZhi
AccountingDeptLeader:ZhouFang
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 4.IncomestatementoftheParentCompany
In RMB
||||
|-|-|-|
|Items|Semi-annualof2019|Semi-annualof2018|
|I.Incomefromthekeybusiness|623,126,517.35|675,894,267.74|
|Incl：Businesscost|329,190,674.52|310,310,687.32|
|Businesstaxandsurcharge|3,486,292.37|3,493,775.90|
|Salesexpense|||
|Administrativeexpense|46,996,060.64|42,233,003.03|
|R&Dexpense|||
|Financialexpenses|96,377,160.24|104,206,424.94|
|Including：Interestexpenses|109,559,414.30|118,866,427.75|
|Interestincome|15,652,128.26|17,806,734.11|
|Add：Otherincome|70,758.72||
|Investmentgain（“-”forloss）|975,659,501.70|880,579,568.71|
|Including:investmentgainsfromaffiliates|237,712,998.09|216,777,157.34|
|Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome|||
|Netexposurehedgingincome|||
|Changingincomeoffairvalue|||
|Creditimpairmentloss|||
|Impairmentlossofassets|||
|Assetsdisposalincome||138,427.18|
|II.Operationalprofit（“-”forloss）|1,122,806,590.00|1,096,368,372.44|
|Add ：Non-operationalincome|298,935.96|916,331.99|
|Less：Non-operationalexpenses|370,829.17|485,826.09|
|III.Total profit(“-”forloss)|1,122,734,696.79|1,096,798,878.34|
|Less：Incometaxexpenses|44,083,178.65|54,054,827.41|
|IV.Netprofit|1,078,651,518.14|1,042,744,050.93|
|1.Netcontinuingoperatingprofit|1,078,651,518.14|1,042,744,050.93|
|2.Terminationofoperatingnetprofit|||
|V.Netafter-taxofothercomprehensiveincome|18,938,083.74|-73,795,549.55|
|（I）Othercomprehensiveincomeitemsthatwillnotbereclassifiedintogains/lossesinthesubsequentaccountingperiod|19,408,532.88||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Items|Semi-annualof2019|Semi-annualof2018|
|1.Re-measurementofdefinedbenefitplansofchangesinnetdebtornetassets|||
|2.Othercomprehensiveincomeundertheequitymethodinvesteecannotbereclassifiedintoprofitorloss.|||
|3.Changesinthefairvalueofinvestmentsinotherequityinstruments|19,408,532.88||
|4.Changesinthefairvalueofthecompany’screditrisks|||
|5.Other|||
|（II）Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss.|-470,449.14|-73,795,549.55|
|1.Othercomprehensiveincomeundertheequitymethodinvesteecanbereclassifiedintoprofitorloss.|-470,449.14|-4,983,478.43|
|2.Changesinthefairvalueofinvestmentsinotherdebtobligations|||
|3.Gainsandlossesfromchangesinfairvalueavailableforsalefinancialassets||-68,812,071.12|
|4.Othercomprehensiveincomearisingfromthereclassificationoffinancialassets|||
|5.Held-to-maturityinvestmentsreclassifiedtogainsandlossesofavailableforsalefinancialassets|||
|6.Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations|||
|7.Reserveforcashflowhedges|||
|8.Translationdifferencesincurrencyfinancialstatements|||
|9.Other|||
|VI.Totalcomprehensiveincome|1,097,589,601.88|968,948,501.38|
|VII.Earningspershare|||
|（I）Basicearningspershare|||
|(II)Dilutedearningspershare|||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 5. Consolidated Cash flowstatement
In RMB
||||
|-|-|-|
|Items|Semi-annualof2019|Semi-annualof2018|
|I.Cashflowsfromoperatingactivities|||
|Cashreceivedfromsalesofgoodsorrendingofservices|1,509,571,069.40|1,567,523,150.21|
|Netincreaseofcustomerdepositsandcapitalkeptforbrothercompany|||
|Netincreaseofloansfromcentralbank|||
|Netincreaseofinter-bankloansfromotherfinancialbodies|||
|Cashreceivedagainstoriginalinsurancecontract|||
|Netcashreceivedfromreinsurancebusiness|||
|Netincreaseofclientdepositandinvestment|||
|Cashreceivedfrominterest,commissionchargeandcommission|||
|Netincreaseofinter-bankfundreceived|||
|Netincreaseofrepurchasingbusiness|||
|Netcashreceivedbyagentinsecuritiestrading|||
|Taxreturned|||
|Othercashreceivedfrombusinessoperation|25,618,718.28|41,946,329.98|
|Sub-totalofcashinflow|1,535,189,787.68|1,609,469,480.19|
|Cashpaidforpurchasingofmerchandiseandservices|92,703,135.93|96,705,259.73|
|Netincreaseofclienttradeandadvance|||
|Netincreaseofsavingsincentralbankandbrothercompany|||
|Cashpaidfororiginalcontractclaim|||
|Netincreaseinfinancialassetsheldfortradingpurposes|||
|NetincreaseforOutgoingcallloan|||
|Cashpaidforinterest,processingfeeandcommission|||
|Cashpaidforpolicydividend|||
|Cashpaidtostaffsorpaidforstaffs|143,256,732.77|138,291,293.37|
|Taxespaid|210,497,035.66|532,821,606.22|
|Othercashpaidforbusinessactivities|37,921,786.09|21,871,732.77|
|Sub-totalofcashoutflowfrombusinessactivities|484,378,690.45|789,689,892.09|
|Netcashgeneratedfrom/usedinoperatingactivities|1,050,811,097.23|819,779,588.10|
|II.Cashflowgeneratedbyinvesting|||
|Cashreceivedfrominvestmentretrieving|||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Items|Semi-annualof2019|Semi-annualof2018|
|Cashreceivedasinvestmentgains|176,375,388.78|84,683,907.47|
|Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets|13,961,500.00|100,573,025.00|
|Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits|||
|Otherinvestment-relatedcashreceived|||
|Sub-totalofcashinflowduetoinvestmentactivities|190,336,888.78|185,256,932.47|
|Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets|414,305,542.74|323,881,627.90|
|Cashpaidasinvestment|||
|Netincreaseofloanagainstpledge|||
|Netcashreceivedfromsubsidiariesandotheroperationalunits|||
|Othercashpaidforinvestmentactivities|||
|Sub-totalofcashoutflowduetoinvestmentactivities|414,305,542.74|323,881,627.90|
|Netcashflowgeneratedbyinvestment|-223,968,653.96|-138,624,695.43|
|III.Cashflowgeneratedbyfinancing|||
|Cashreceivedasinvestment|||
|Including:Cashreceivedasinvestmentfromminorshareholders|||
|Cashreceivedasloans|2,231,700,000.00|800,000,000.00|
|Cashreceivedfrombondplacing|||
|Otherfinancing –relatedcashreceived|||
|Sub-totalofcashinflowfromfinancingactivities|2,231,700,000.00|800,000,000.00|
|Cashtorepaydebts|1,620,130,000.00|637,830,000.00|
|Cashpaidasdividend,profit,orinterests|1,522,586,583.81|1,382,633,569.09|
|Including:Dividendandprofitpaidbysubsidiariestominorshareholders|220,140,964.92|179,899,173.50|
|Othercashpaidforfinancingactivities|791,384.00||
|Sub-totalofcashoutflowduetofinancingactivities|3,143,507,967.81|2,020,463,569.09|
|Netcashflowgeneratedbyfinancing|-911,807,967.81|-1,220,463,569.09|
|IV.Influenceofexchangeratealternationoncashandcashequivalents|-1,534,520.73|-2,267,884.63|
|V.Netincreaseofcashandcashequivalents|-86,500,045.27|-541,576,561.05|
|Add:balanceofcashandcashequivalentsatthebeginningofterm|2,123,303,796.32|2,363,042,700.42|
|VI..Balanceofcashandcashequivalentsattheendofterm|2,036,803,751.05|1,821,466,139.37|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 6.CashFlowStatementoftheParentCompany
In RMB
||||
|-|-|-|
|Items|Semi-annualof2019|Semi-annualof2018|
|I.Cashflowsfromoperatingactivities|||
|Cashreceivedfromsalesofgoodsorrendingofservices|641,027,153.33|661,994,572.24|
|Taxreturned|||
|Othercashreceivedfrombusinessoperation|24,885,810.30|48,829,459.08|
|Sub-totalofcashinflow|665,912,963.63|710,824,031.32|
|Cashpaidforpurchasingofmerchandiseandservices|24,226,244.52|39,912,969.27|
|Cashpaidtostaffsorpaidforstaffs|56,174,438.87|55,205,264.99|
|Taxespaid|24,543,436.06|25,922,199.03|
|Othercashpaidforbusinessactivities|444,674,884.91|402,529,977.62|
|Sub-totalofcashoutflowfrombusinessactivities|549,619,004.36|523,570,410.91|
|Netcashgeneratedfrom/usedinoperatingactivities|116,293,959.27|187,253,620.41|
|II.Cashflowgeneratedbyinvesting|||
|Cashreceivedfrominvestmentretrieving|||
|Cashreceivedasinvestmentgains|846,967,754.67|580,905,173.98|
|Netcashretrievedfromdisposaloffixedassets,intangibleassets,andotherlong-termassets|3,700.00|195,540.00|
|Netcashreceivedfromdisposalofsubsidiariesorotheroperationalunits|||
|Otherinvestment-relatedcashreceived||432,250.00|
|Sub-totalofcashinflowduetoinvestmentactivities|846,971,454.67|581,532,963.98|
|Cashpaidforconstructionoffixedassets,intangibleassetsandotherlong-termassets|399,081,697.08|312,406,878.23|
|Cashpaidasinvestment|||
|Netcashreceivedfromsubsidiariesandotheroperationalunits|||
|Othercashpaidforinvestmentactivities|||
|Sub-totalofcashoutflow duetoinvestmentactivities|399,081,697.08|312,406,878.23|
|Netcashflowgeneratedbyinvestment|447,889,757.59|269,126,085.75|
|III.Cashflowgeneratedbyfinancing|||
|Cashreceivedasinvestment|||
|Cashreceivedasloans|1,845,000,000.00|400,000,000.00|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Items|Semi-annualof2019|Semi-annualof2018|
|Cashreceivedfrombondplacing|||
|Otherfinancing –relatedashreceived||291,000,000.00|
|Sub-totalofcashinflowfromfinancingactivities|1,845,000,000.00|691,000,000.00|
|Cashtorepaydebts|1,197,780,000.00|50,100,000.00|
|Cashpaidasdividend,profit,orinterests|1,289,730,502.83|1,142,614,308.52|
|Othercashpaidforfinancingactivities|791,384.00|374,200,000.00|
|Sub-totalofcashoutflowduetofinancingactivities|2,488,301,886.83|1,566,914,308.52|
|Netcashflowgeneratedbyfinancing|-643,301,886.83|-875,914,308.52|
|IV.Influenceofexchangeratealternationoncashandcashequivalents|-1,534,520.73|-2,267,884.63|
|V.Netincreaseofcashandcashequivalents|-80,652,690.70|-421,802,486.99|
|Add:balanceofcashandcashequivalentsatthebeginningofterm|2,095,376,368.04|2,130,475,892.67|
|VI..Balanceofcashandcashequivalentsattheendofterm|2,014,723,677.34|1,708,673,405.68|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport20197.ConsolidatedStatementonChangeinOwners’ Equity
Amountinthisperiod
InRMB
|||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Items|Semi-annualof2019|||||||||||||||
||Owner’sequityAttributabletotheParentCompany|||||||||||||Minorshareholders’equity|Totalofowners’equity|
||shareCapital|OtherEquityinstrument|||Capitalreserves|Less:Sharesinstock|OtherComprehensiveIncome|Specializedreserve|Surplusreserves|Commonriskprovision|Retainedprofit|Other|Subtotal|||
|||preferredstock|Sustainabledebt|Other||||||||||||
|I.Balanceattheendoflastyear|2,090,806,126.00||||2,536,774,965.31||245,109,114.81||775,402,561.35||3,938,609,136.59||9,586,701,904.06|459,599,723.87|10,046,301,627.93|
|Add: Change of accountingpolicy|||||||11,064,350.29||||-11,353,413.48||-289,063.19||-289,063.19|
|Correctingofpreviouserrors||||||||||||||||
|Mergerofentitiesundercommoncontrol||||||||||||||||
|Other||||||||||||||||
|II.Balanceatthebeginningofcurrentyear|2,090,806,126.00||||2,536,774,965.31||256,173,465.10||775,402,561.35||3,927,255,723.11||9,586,412,840.87|459,599,723.87|10,046,012,564.74|
|III.Changedinthecurrentyear|||||25,795,500.00||18,938,083.74||||-438,546,930.51||-393,813,346.77|-116,287,013.72|-510,100,360.49|
|（1）Totalcomprehensiveincome|||||||18,938,083.74||||736,486,112.30||755,424,196.04|107,099,691.57|862,523,887.61|
|（II）Investmentordecreasingofcapitalbyowners||||||||||||||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Items|Semi-annualof2019|||||||||||||||
||Owner’sequityAttributabletotheParentCompany|||||||||||||Minorshareholders’equity|Totalofowners’equity|
||shareCapital|OtherEquityinstrument|||Capitalreserves|Less:Sharesinstock|OtherComprehensiveIncome|Specializedreserve|Surplusreserves|Commonriskprovision|Retainedprofit|Other|Subtotal|||
|||preferredstock|Sustainabledebt|Other||||||||||||
|1．OrdinarySharesinvestedbyshareholders||||||||||||||||
|2．Holdersofotherequityinstrumentsinvestedcapital||||||||||||||||
|3．Amountofsharespaidandaccountedasowners’ equity||||||||||||||||
|4．Other||||||||||||||||
|（III）Profitallotment|||||||||||-1,175,033,042.81||-1,175,033,042.81|-223,386,705.29|-1,398,419,748.10|
|1.Providingofsurplusreserves||||||||||||||||
|2.Providing of common riskprovisions||||||||||||||||
|3．Allotmenttotheowners(orshareholders)|||||||||||-1,175,033,042.81||-1,175,033,042.81|-223,386,705.29|-1,398,419,748.10|
|4．Other||||||||||||||||
|(IV)Internaltransferringofowners’ equity||||||||||||||||
|1.Capitalizingofcapital||||||||||||||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Items|Semi-annualof2019|||||||||||||||
||Owner’sequityAttributabletotheParentCompany|||||||||||||Minorshareholders’equity|Totalofowners’equity|
||shareCapital|OtherEquityinstrument|||Capitalreserves|Less:Sharesinstock|OtherComprehensiveIncome|Specializedreserve|Surplusreserves|Commonriskprovision|Retainedprofit|Other|Subtotal|||
|||preferredstock|Sustainabledebt|Other||||||||||||
|reserves(ortocapitalshares)||||||||||||||||
|2.Capitalizingofsurplusreserves(ortocapitalshares)||||||||||||||||
|3．Makinguplossesbysurplusreserves.||||||||||||||||
|4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings||||||||||||||||
|5．Othercomprehensiveincomecarry-overretainedearnings||||||||||||||||
|6．Other||||||||||||||||
|(V).Specialreserves||||||||||||||||
|1.Providedthisyear||||||||||||||||
|2．Usedthisterm||||||||||||||||
|（VI）Other|||||25,795,500.00||||||||25,795,500.00||25,795,500.00|
|IV.Balanceattheendofthisterm|2,090,806,126.00||||2,562,570,465.31||275,111,548.84||775,402,561.35||3,488,708,792.60||9,192,599,494.10|343,312,710.15|9,535,912,204.25|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Amountinlastyear
In RMB
|||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Items|Semi-annualof2018|||||||||||||||
||Owner’sequityAttributabletotheParentCompany|||||||||||||Minorshareholders’ equity|Totalofowners’equity|
||shareCapital|OtherEquityinstrument|||Capitalreserves|Less:Sharesinstock|OtherComprehensiveIncome|Specializedreserve|Surplusreserves|Commonriskprovision|Retainedprofit|Other|Subtotal|||
|||preferredstock|Sustainabledebt|Other||||||||||||
|I.Balanceattheendoflastyear|2,090,806,126.00||||2,510,069,749.76||327,263,824.17||544,821,130.03||3,550,110,288.49||9,023,071,118.45|431,039,563.00|9,454,110,681.45|
|Add:Changeofaccountingpolicy||||||||||||||||
|Correctingofpreviouserrors||||||||||||||||
|Mergerofentitiesundercommoncontrol||||||||||||||||
|Other||||||||||||||||
|II.Balanceatthebeginningofcurrentyear|2,090,806,126.00||||2,510,069,749.76||327,263,824.17||544,821,130.03||3,550,110,288.49||9,023,071,118.45|431,039,563.00|9,454,110,681.45|
|III.Changedinthecurrentyear|||||3,946,375.55||-73,795,549.55||||-278,945,652.78||-348,794,826.78|-78,120,441.76|-426,915,268.54|
|（1）Totalcomprehensiveincome|||||||-73,795,549.55||||779,002,246.98||705,206,697.43|119,631,620.90|824,838,318.33|
|（II）Investmentordecreasingofcapitalbyowners||||||||||||||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Items|Semi-annualof2018|||||||||||||||
||Owner’sequityAttributabletotheParentCompany|||||||||||||Minorshareholders’ equity|Totalofowners’equity|
||shareCapital|OtherEquityinstrument|||Capitalreserves|Less:Sharesinstock|OtherComprehensiveIncome|Specializedreserve|Surplusreserves|Commonriskprovision|Retainedprofit|Other|Subtotal|||
|||preferredstock|Sustainabledebt|Other||||||||||||
|1．OrdinarySharesinvestedbyshareholders||||||||||||||||
|2．Holdersofotherequityinstrumentsinvestedcapital||||||||||||||||
|3．Amountofsharespaidandaccountedasowners’ equity||||||||||||||||
|4．Other||||||||||||||||
|（III）Profitallotment|||||||||||-1,057,947,899.76||-1,057,947,899.76|-197,752,062.66|-1,255,699,962.42|
|1.Providingofsurplusreserves||||||||||||||||
|2.Providingofcommonriskprovisions||||||||||||||||
|3．Allotmenttotheowners(orshareholders)|||||||||||-1,057,947,899.76||-1,057,947,899.76|-197,752,062.66|-1,255,699,962.42|
|4．Other||||||||||||||||
|(IV)Internaltransferringofowners’equity||||||||||||||||
|1.Capitalizingofcapitalreserves(ortocapitalshares)||||||||||||||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Items|Semi-annualof2018|||||||||||||||
||Owner’sequityAttributabletotheParentCompany|||||||||||||Minorshareholders’ equity|Totalofowners’equity|
||shareCapital|OtherEquityinstrument|||Capitalreserves|Less:Sharesinstock|OtherComprehensiveIncome|Specializedreserve|Surplusreserves|Commonriskprovision|Retainedprofit|Other|Subtotal|||
|||preferredstock|Sustainabledebt|Other||||||||||||
|2.Capitalizingofsurplusreserves(ortocapitalshares)||||||||||||||||
|3．Makinguplossesbysurplusreserves.||||||||||||||||
|4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings||||||||||||||||
|5．Othercomprehensiveincomecarry-overretainedearnings||||||||||||||||
|6．Other||||||||||||||||
|(V).Specialreserves||||||||||||||||
|1.Providedthisyear||||||||||||||||
|2．Usedthisterm||||||||||||||||
|（VI）Other|||||3,946,375.55||||||||3,946,375.55||3,946,375.55|
|IV.Balanceattheendofthisterm|2,090,806,126.00||||2,514,016,125.31||253,468,274.62||544,821,130.03||3,271,164,635.71||8,674,276,291.67|352,919,121.24|9,027,195,412.91|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport20198.Statementofchangeinowner’sEquityoftheParentCompany
Amountinthisperiod
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Items|Semi-annualof2019||||||||||||
||Sharecapital|OtherEquityinstrument|||Capitalreserves|Less:Sharesinstock|OtherComprehensiveIncome|Specializedreserve|Surplusreserves|Retainedprofit|Other|Totalofowners’equity|
|||preferredstock|Sustainabledebt|Other|||||||||
|I.Balanceattheendoflastyear|2,090,806,126.00||||2,948,663,196.93||245,109,114.81||759,558,277.70|3,680,165,040.86||9,724,301,756.30|
|Add:Changeofaccountingpolicy|||||||11,064,350.29|||-11,353,413.48||-289,063.19|
|Correctingofpreviouserrors|||||||||||||
|Other|||||||||||||
|II.Balance at the beginning ofcurrentyear|2,090,806,126.00||||2,948,663,196.93||256,173,465.10||759,558,277.70|3,668,811,627.38||9,724,012,693.11|
|III.Changedinthecurrentyear|||||25,795,500.00||18,938,083.74|||-96,381,524.67||-51,647,940.93|
|（I）Totalcomprehensiveincome|||||||18,938,083.74|||1,078,651,518.14||1,097,589,601.88|
|(II)Investmentordecreasingofcapitalbyowners|||||||||||||
|1．OrdinarySharesinvestedbyshareholders|||||||||||||
|2．Holdersofotherequityinstru|||||||||||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Items|Semi-annualof2019||||||||||||
||Sharecapital|OtherEquityinstrument|||Capitalreserves|Less:Sharesinstock|OtherComprehensiveIncome|Specializedreserve|Surplusreserves|Retainedprofit|Other|Totalofowners’equity|
|||preferredstock|Sustainabledebt|Other|||||||||
|mentsinvestedcapital|||||||||||||
|3.Amountofsharespaidandaccountedasowners’ equity|||||||||||||
|4．Other|||||||||||||
|（III）Profitallotment||||||||||-1,175,033,042.81||-1,175,033,042.81|
|1.Providingofsurplusreserves|||||||||||||
|2．Allotmenttotheowners(orshareholders)||||||||||-1,175,033,042.81||-1,175,033,042.81|
|3．Other|||||||||||||
|(IV)Internaltransferringofowners’ equity|||||||||||||
|1.Capitalizingofcapitalreserves(ortocapitalshares)|||||||||||||
|2.Capitalizingofsurplusreserves(ortocapitalshares)|||||||||||||
|3．Makinguplossesbysurplusreserves.|||||||||||||
|4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings|||||||||||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Items|Semi-annualof2019||||||||||||
||Sharecapital|OtherEquityinstrument|||Capitalreserves|Less:Sharesinstock|OtherComprehensiveIncome|Specializedreserve|Surplusreserves|Retainedprofit|Other|Totalofowners’equity|
|||preferredstock|Sustainabledebt|Other|||||||||
|5．Othercomprehensiveincomecarry-overretainedearnings|||||||||||||
|6．Other|||||||||||||
|(V)Specialreserves|||||||||||||
|1.Providedthisyear|||||||||||||
|2．Usedthisterm|||||||||||||
|（VI）Other|||||25,795,500.00|||||||25,795,500.00|
|IV.Balanceattheendofthisterm|2,090,806,126.00||||2,974,458,696.93||275,111,548.84||759,558,277.70|3,572,430,102.71||9,672,364,752.18|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Amountinlastyear
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Items|Semi-annualof2018||||||||||||
||ShareCapital|OtherEquityinstrument|||Capitalreserves|Less:Sharesinstock|OtherComprehensiveIncome|Specializedreserve|Surplusreserves|Retainedprofit|Other|Totalofowners’equity|
|||preferredstock|Sustainabledebt|Other|||||||||
|I.Balance at the end of lastyear|2,090,806,126.00||||2,921,957,981.38||327,263,824.17||528,976,846.38|2,662,880,058.78||8,531,884,836.71|
|Add: Change of accountingpolicy|||||||||||||
|Correctingofpreviouserrors|||||||||||||
|Other|||||||||||||
|II.Balance at the beginningofcurrentyear|2,090,806,126.00||||2,921,957,981.38||327,263,824.17||528,976,846.38|2,662,880,058.78||8,531,884,836.71|
|III.Changed in the currentyear|||||3,946,375.55||-73,795,549.55|||-15,203,848.83||-85,053,022.83|
|（I）Totalcomprehensiveincome|||||||-73,795,549.55|||1,042,744,050.93||968,948,501.38|
|(II)Investmentordecreasingofcapitalbyowners|||||||||||||
|1．OrdinarySharesinvestedbyshareholders|||||||||||||
|2．Holdersofotherequityinstrumentsinvestedcapital|||||||||||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Items|Semi-annualof2018||||||||||||
||ShareCapital|OtherEquityinstrument|||Capitalreserves|Less:Sharesinstock|OtherComprehensiveIncome|Specializedreserve|Surplusreserves|Retainedprofit|Other|Totalofowners’equity|
|||preferredstock|Sustainabledebt|Other|||||||||
|3.Amountofsharespaidandaccountedasowners’equity|||||||||||||
|4．Other|||||||||||||
|（III）Profitallotment||||||||||-1,057,947,899.76||-1,057,947,899.76|
|1.Providingofsurplusreserves|||||||||||||
|2．Allotmenttotheowners(orshareholders)||||||||||-1,057,947,899.76||-1,057,947,899.76|
|3．Other|||||||||||||
|(IV)Internaltransferringofowners’ equity|||||||||||||
|1.Capitalizingofcapitalreserves(ortocapitalshares)|||||||||||||
|2.Capitalizingofsurplusreserves(ortocapitalshares)|||||||||||||
|3．Makinguplossesbysurplusreserves.|||||||||||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Items|Semi-annualof2018||||||||||||
||ShareCapital|OtherEquityinstrument|||Capitalreserves|Less:Sharesinstock|OtherComprehensiveIncome|Specializedreserve|Surplusreserves|Retainedprofit|Other|Totalofowners’equity|
|||preferredstock|Sustainabledebt|Other|||||||||
|4.ChangeamountofdefinedbenefitplansthatcarryforwardRetainedearnings|||||||||||||
|5．Othercomprehensiveincomecarry-overretainedearnings|||||||||||||
|6．Other|||||||||||||
|(V)Specialreserves|||||||||||||
|1.Providedthisyear|||||||||||||
|2．Usedthisterm|||||||||||||
|（VI）Other|||||3,946,375.55|||||||3,946,375.55|
|IV.Balanceattheendofthisterm|2,090,806,126.00||||2,925,904,356.93||253,468,274.62||528,976,846.38|2,647,676,209.95||8,446,831,813.88|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 III.CompanyProfile
(1)History
1.The Company was established in February 1993, which was originally named as Guangdong Fokai Expressway Co., Ltd. On June 30, 1993, it was renamed as Guangdong Provincial Expressway Development Co., Ltd. after reorganization pursuant to the approval of the Office of Joint Examination Group of Experimental Units of Share HoldingSystemwithYLSB(1993)No.68document.Thesharecapitalstructureafterreorganizationisasfollows: 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., 418.2136 million yuan, was converted into 155.025 million shares. Guangdong Expressway Co. invested cash of 115 million yuan to subscribe for 35.9375 million shares. Other legal persons invested cash of 286.992 million yuan to subscribe for 89.685 million shares. Staff of the Company invested 87.008millionyuantosubscribefor27.19millionshares.Thetotalis307.8375millionshares.
2． Pursuant to the approval of Guangdong Economic System Reform Committee and Guangdong Securities Regulatory Commission with YTG (1996) No. 67 document, part of the shareholders of non-state-owned legal personsharestransferred 20millionnon-state-owned legalpersonshares toMalaysiaYibaoEngineeringCo.,Ltd. inJune1996.
3. Pursuant to the approval of Securities Commission under the State Council with WF (1996) No. 24 approval document and that of Guangdong Economic System Reform Committee with YTG (1996) No. 68 document, the Company issued 135 million domestically listed foreign investment shares (B shares) to overseas investors at the price of HKD 3.54 (equivalent to 3.8 yuan) with the par value of each share being 1 yuan during June to July 1996.
4.PursuanttothereplyoftheMinistryofForeignTradeandEconomicCooperationofthePeople’ sRepublicof China with (1996) WJMZYHZ No. 606 document, the Company was approved to be a foreign-invested jointstockcompanylimited.<0}
5．TheCompanydistributeddividendsandcapitalizedcapitalcommonreservefortheyear1996in thefollowing manner: The Company paid 1.7 bonus shares f or each 10 shares and capitalized capital common reserve on3.3-for-10basis.<0}
22,250ordinaryshareswereactuallyplacedtoall.
8. Pursuant to the reply of the General Office of thePeople’ s Government of Guangdong Province with YBH (2000)No.574document,thestate-ownedsharesweretransferredtoGuangdongCommunicationGroupCo.,Ltd. (GroupCo.)forholdingandmanagementwithoutcompensation.
9.Pursuant to the approval of Shenzhen Stock Exchange, 53.0205 million staff shares of the Company (132,722 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 annualshareholders’ general meeting, the Company capitalized capitalcommonreserveinto419,039,249shareson5-for-10basiswiththetotalsharecapitalasoftheendof2000, i.e.,838,078,499sharesasbase.ThedateofstockrightregistrationwasMay21,2001.Theex-rightdatewasMay 22,2001.
11． On March 8, 2004,As approved by China Securities Regulatory Commission by document
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019Zheng-Jian-Gong-Si-Zi[2003]No.3,the45,000,000non-negotiableforeignshareswereplacedinShenzhenStock 12. On December 21, 2005, the Company's plan for share holding structure reform was voted through at the shareholders' meeting concerningAshares. On January 26 2006, The Ministry of Commerce of PRC issued “The approval on share converting of Guangdong Provincial Expressway Development Co., Ltd.” to approve the share equity relocation and transformation. On October 9 2006, according to the “Circular about implementing of share equityrelocationandrelative trading”issuedbyShenzhenStockExchange, theabbreviationIDoftheCompany’s Ashareswasrestoredfrom“G-Expressway”“ExpresswayA”.
13. Upon the approval document of CSRC No.230-2016 Zheng Jian Xu ke-Approval of the Share-Issuing to Parties such as Guangdong Provincial Expressway Co., Ltd to Purchase Assets and Raise Matching Funds by Guangdong Provincial Expressway Development Co., Ltd, in June 2016 the company issued 33,355,263 shares and paid RMB 803.50 million to Guangdong Provincial Expressway Co., Ltd for purchasing the25% stake of Guangdong Provincial Fokai Expressway Co., Ltd held by Guangdong Provincial Expressway Co., Ltd; and issued 466,325,020 shares to Guangdong Provincial Highway Construction Co., Ltd for purchasing the100% 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 334,008,095 A-shares to Yadong Fuxing Yalian Investment Co.,Ltd, Tibet Yinyue Investment Management Co.,Ltd and GF Securities Co.,Ltd. TheissuanceofshareshavebeenregisteredonJuly7,2016,thenewshareswillbelistedonJuly8,2016. (2)OrganizationstructureandtheactualcontrolleroftheCompany
As ofJune30,2019，Registrationcapital:RMB2,090,806,126，Legalrepresentative：Zheng Renfa,Registration place:No.85, Baiyun Road, Guangzhou, Headquarters Office: 45-46/F, Litong Plaza, No.32, Zhujiang East Road,ZhujiangNewCity,TiheDisrtict,Guangzhou，Thecompanyhassetup:InvestmentDevelopmentDept,Security AffairsDepartment,ManagementDepartment,FinancialManagementDepartment,BaseconstructionDepartment, Audit and Supervise Department, Affairs Department, Personnel Department , Party Work Department, Law affairsDepartment,ProjectOfficeandLabourunionetc.
GuangdongCommunicationGroupCo.,Ltd.isthelargestshareholderoftheCompany.legalrepresentative:Deng Xiaohua. Date of establishment: June 23, 2000.As of June 30, 2019,Registered capital: RMB 26.8 billion. It is asolelystate-ownedlimitedcompany.Businessscope：equitymanagement,organizationofassetreorganizationand optimized allocation, raising funds by means including mortgage, transfer of property rights and joint stock systemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,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 State-owned assets Supervision andAdministration Committee of the GuangdongProvincialpeople'sGovernmentshallbethefinalcontrollingshareholderofthecompany.
（3）Thecompany’smainbusinessandshare,Holdingcompany
Thecompanyoperatedtheconstructionofthehighwayconstruction,grading roads,bridges;Managementfeesand
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 maintenanceofroads,bridges,andcarrescue,maintenance,cleaning,concurrently withthecompany's businesss upportingmotortransport,warehousingoperations.
The Company is mainly engaged in tolling and maintenance of Guangfo Expressway, Fokai Expressway and Jingzhu Expressway Guangzhu Section , investment in technological industries and provision of relevant consultation while investing in Shenzhe nHuiyan ExpresswayCo.,Ltd.,GuangzhouGuanghuiExpresswayCo.,Ltd.,JingzhuExpresswayGuangzhuCo., Ltd.,GuangdongJiangzhongExpressway Co.,Ltd.,ZhaoqingYuezhaoExpresswayCo.,Ltd.,Ganzhou KangdaEx pressway, GanzhouGankang Expressway Co.,Ltd.,GuangdongYuekeTechnology Micro LoanCo.,Ltd.,Guangd ongGuangleExpresswayCo.,Ltd.andGuoyuanSecuritiesCo.,Ltd.
The financial statements have been authorized for issuance by the Board of Directors of the Group on August 28,2019.
As of June 30,2019,Atotal of 5 subsidiaries of the Company that were included in the scope of consolidation are listedinNote9“Theequityinotherentities”.ThescopeofconsolidationoftheCompanyforthecurrentyearwas reducedbyonesubsidiaryfromthepreviousyear.RefertoNote8“Changesofthescopeofconsolidatedfinancial statements”fordetails.
IV.Basisforthepreparationoffinancialstatements
1.Preparationbasis
The financial statements of the Company have been prepared on basis of going concern in conformity with Chinese Accounting Standards for Business Enterprises and the Accounting Systems for Business Enterprises issued by the Ministry of Finance ofPeople’s Republic of China (Ministry of Finance issued order No.33, the Ministry of Finance revised order No.76) on February 15, 2006, and revised Accounting Standards (order 42 of the Ministry of Finance) and Compilation Rules for Information Disclosure by Companies Offering Securities to the Public No.15– General Provisions on Financial Reports (2014 Revision) issued by the China Securities RegulatoryCommission(CSRC).
According to the relevant accounting regulations in Chinese Accounting Standards for Business Enterprises, the Company has adopted the accrual basis of accounting. Held-for-sale non-current assets are measured at the lower of its bookvalue atits classificationdateandfair valueminus expecteddisposalcosts.Whereassetsare impaired, provisionsforassetimpairmentaremadeinaccordancewithrelevantrequirements
2.Continuation
There will be no such events or situations in the 12 months from the end of the reporting period that will cause materialdoubtsastothecontinuationcapabilityoftheCompany.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 V.SignificantAccountingPoliciesandAccountingEstimates
Specificaccountingpoliciesandaccountingestimatesareindicatedasfollows:
The Company and subsidiaries are mainly engaged in highway investment and operation management. The Company formulates the specific accounting policies and accounting estimates for revenue recognition and other transactions and events in accordance with the actual business operation characteristics of the Company and subsidiaries, and provisions of the relevant accounting standard for business enterprises, please see Note 5.24 “Revenue” for details. The description of significant account judgment and estimates made by management, pleaseseeNote5.28“Significantaccountingjudgmentandestimates.”
1.StatementofCompliancewiththeAccountingStandardsforBusinessEnterprises
The financial statements of the Company are recognized and measured in accordance with the regulations in the ChineseAccountingStandardsforBusinessEnterprisesandtheygiveatrueandfairviewofthefinancialposition, business result and cash flow of the Company as of June 30, 2019. In addition, the financial statements of the Company comply, in all material respects, with the revised disclosing requirements for financial statements and the Compilation Rules for Information Disclosure by Companies Offering Securities to the PublicNo.15—General Provisions on Financial Reports (2014 Revision) issued by China Securities Regulatory Commission(CSRC)in2014.
2.Accountingperiod
The accounting period of the Company is classified as interim period and annual period. Interim period refers to the reporting periodshorter thana complete annual period.The accounting periodofthe Company is the calendar yearfromJanuary1toDecember31.
3.Operatingcycle
Thenormalbusinesscyclerefers totheperiodfromthepurchaseofassetsfor processingtotherealizationofcash or cash equivalents. The Company takes 12 months as a business cycle and uses it as a criterion for liquidity classificationofassetsandliabilities.
4.Standardcurrencyforbookkeeping
Yuan (CNY) is the currency of the primary economic environment in which the Company and its domestic subsidiaries operate. Therefore, the Company and its domestic subsidiaries choose CNY as their functional currency.TheCompanyadoptsCNYtoprepareitsfunctionalstatements.
5.Accountings for Business Combinations under the Same Control& Business Combinations not under the Same Control
Abusiness combination is a transaction or event that brings together two or more separate entities into one reporting entity. Business combinations are classified into business combinations involving enterprises under commoncontrolandbusinesscombinationsnotinvolvingenterprisesundercommoncontrol.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 1.BusinessCombinationsundertheSameControl
Abusiness combination involving enterprises under common control is a business combination in which all of the combining enterprises are ultimately controlled by the same party or parties both before and after the combination,andthatcontrolisnottransitory.
For a business combination involving enterprises under common control, the party that, on the combination date, obtains control of another enterprise participating in the combination is theabsorbing party, while that other enterprise participating in the combination is a party being absorbed. Combination date is the date on which the absorbingpartyeffectivelyobtainscontrolofthepartybeingabsorbed.
The assets and liabilities obtained are measured at the carrying amounts as recorded by the enterprise being combined at the combination date.The difference between the carrying amount of the net assets obtained and the carrying amount of consideration paid for the combination (or the total face value of shares issued) is adjusted to the capital premium (or share premium) in the capital reserve. If the balance of the capital premium (or share premium)isinsufficient,anyexcessisadjustedtoretainedearnings.
The cost of a combination incurred by the absorbing party includes any costs directly attributable to the combinationshallberecognizedasanexpensethroughprofitorlossforthecurrentperiodwhenincurred. 2.BusinessCombinationsnotundertheSameControl
Abusinesscombination involving enterprises notundercommoncontrolisa businesscombination inwhich allofthecombining enterprisesarenotultimatelycontrolledbythesame partyorpartiesbothbeforeandafterthe businesscombination.
For a business combination not involving enterprises under common control, the party that, on the acquisition date, obtains control of another enterprise participating in the combination is the acquirer, while that otherenterpriseparticipating in thecombination is theacquiree.Acquisitiondateis thedateonwhichtheacquirer effectivelyobtainscontroloftheacquiree.
For abusinesscombinationnotinvolvingenterprise undercommoncontrol,thecombinedcostincludingthe sum of fair value, at the acquisition date, ofthe assets given, liabilities incurred or assumed, and equity securities issued by the acquirer. The intermediary expenses incurred by the acquirer in respect of auditing, legal services, valuation and consultancy services, etc. and other associated administrative expenses attributable to the business combinationarerecognizedinprofitorlosswhentheyareincurred.
Thetransactioncostarosefromissuingofequitysecurities,orliabilitysecuritiesshallbeinitiallyrecognized as equity securities orliability securities.The contingent consideration related to the combination shall be booked as combination cost at the fair value at the acquisition date. If within the 12 months after the acquisition, additional information can prove the existence of related information at the acquisition date and the contingent considerationneedtobeadjusted,goodwillcanbeadjusted.
Combination cost of theacquirer’s interest and identifiable net assets of the acquirer acquired through the business combination shall be measured by the fair value at the acquisition date. Where the costof combination exceeds theacquirer’s interest in the fair value of theacquiree’s identifiable net assets, the difference shall be recognized as goodwill. Where the cost of combination is less than theacquirer’s interest in the fair value of theacquiree’sidentifiablenetassets,thedifferenceshallbeaccountedforaccordingtothefollowing requirements:(i) the acquirer shall reassess the measurement of the fair values of theacquiree’s identifiable assets, liabilities and contingent liabilities and measurement of the cost of combination; (ii) if after that reassessment, the cost of combination is still less than theacquirer’s interest in the fair values of theacquiree’s identifiable net assets, the acquirershallrecognizetheremainingdifferenceimmediatelyinprofitorlossforthecurrentperiod.
Where the temporary difference obtained by the acquirer was not recognized due to conformity with the conditions applied for recognition of deferred income tax, if, within the 12 months after acquisition, additional
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 information can prove the existence of related information at acquisition date and the expected economic benefits on the acquisition date arose from temporary deductible difference by the acquiree can be achieved, relevant income tax assets can be recognized, and goodwill offset. If the goodwill is not sufficient, the difference shall be recognizedastheprofitofthecurrentperiod.
Apart from above, the differences shallbe taken into profit or loss ofthe currentperiod if the recognition of deferredincometaxassetsisrelatedtothecombination.
For a business combination not involving enterprise under common control, which achieved in stages that involves multiple exchange transactions, according to “The notice of the Ministry of Finance on the issuance of AccountingStandards Interpretation No. 5”(CaiKuai[2012] No.19) andArticle 51of “Accounting Standards for BusinessEnterprises No.33-ConsolidatedFinancialStatements”onthe“packagedeal”criterion(seeNote4.5.2), to judge the multiple exchange transactions whether they are the "package deal". If it belongs to the “package deal” in reference to the preceding paragraphs of this section and the Notes described in 4.13 “long-term investment” accounting treatment, if it does not belong to the “package deal” to distinguish the individual financialstatementsandtheconsolidatedfinancialstatementsrelatedtotheaccountingtreatment:
In the individual financial statements, the total value of the book value of the acquiree's equity investment before the acquisition date and the cost of new investment at the acquisition date, as the initial cost of the investment, the acquiree's equity investment before the acquisition date involved in other comprehensive income, in the disposal of the investment will be in other comprehensive income associated with the use of infrastructure and the acquiree directly related to the disposal of assets or liabilities of the same accounting treatment (that is, except in accordance with the equity method of accounting in the defined benefit plan acquiree is remeasured net changes in net assets or liabilities other than in the corresponding share of the lead, and the rest into the current investmentincome).
In the combination financial statements, the equity interest in the acquiree previously held before the acquisition date re-assessed at the fair value at the acquisition date, with any differencebetween its fair value and its carrying amount is recordedas investmentincome. The previously-held equityinterest in the acquiree involved in other comprehensive income and other comprehensive income associated with the purchase of the foundation shouldbeusedpartydirectlyrelatedtothedisposalofassetsorliabilitiesofthesameaccountingtreatment(thatis, except in accordance with the equity method of accounting in the acquiree is remeasured defined benefit plans other than changes in net liabilities or net assets due to a corresponding share of the rest of the acquisition date intocurrentinvestmentincome).
6.MethodsforPreparingtheConsolidatedFinancialStatements
（1）Thescopeofconsolidation
The scope of consolidation for the consolidated financial statements is determined on the basis of control. Controlisthepowertogovernthefinancialandoperatingpoliciesofanenterprisesoastoobtainbenefitsfromits operating activities. The scope of consolidation includes the Company and all of the subsidiaries. The subsidiary isanenterpriseorentityunderthecontroloftheCompany.
Once the change in the relevant facts and circumstances leading to the definition of the relevant elements involvedinthecontrolofthechange,theCompanywillbere-evaluated.
（2） Preparationoftheconsolidatedfinancialstatements
The subsidiary of the Company is included in the consolidated financial statements from the date when the control over the net assets and business decisions of the subsidiary is effectively obtained and excluded from the datewhenthecontrolceases.
For a subsidiary disposed of by the Company, the operating results and cash flows before the date of disposal (the date when control is lost) are included in the consolidated income statement and consolidated
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 statement of cash flows, as appropriate. For a subsidiary disposed of during the period, no adjustment is made to the opening balance of the consolidated financial statements. For a subsidiary acquired through a business combination not under common control, the operating results and cash flows from the acquisition (the date when the control is obtained) are included in the consolidated income statement and consolidated statement of cash flows, as appropriate; no adjustment is made to the opening balance and comparative figures in the consolidated financialstatements.
Where a subsidiary was acquired during the reporting period, through a business combination involving enterprises under common control, the financial statements of the subsidiary are included in the consolidated financial statements. The results of operations and cash flow are included in the consolidated balance sheet and the consolidated income statement, respectively, based on their carrying amounts, from the date that common control was established, and the opening balances and the comparative figures of the consolidated financial statementsarerestated.
When the accounting period or accounting policies of a subsidiary are different from those of theCompany, the Company makes necessary adjustments to the financial statements of the subsidiary based on theCompany’s own accounting period or accounting policies. Where a subsidiary was acquired during the reporting period through a business combination not under common control, the financial statements were reconciled on the basis of the fair value of identifiable netassets atthe dateofacquisition. Intra-Groupbalancesand transactions andany unrealized profit or loss arising from intra-Group transactions are eliminated in preparing the consolidated financialstatements.
Minority interest and the portion of the net profit or loss not attributable to the Company are presented separately in the consolidated balance sheet withinshareholders’/owners’equity and net profit. Net profit or loss attributable to minority shareholders in the subsidiaries is presented separately as minority interest in the consolidatedincomestatementbelowthenetprofitlineitem.
When the amount of loss for the current period attributable to the minority shareholders. of a subsidiary exceeds the minorityshareholders’ portion of the opening balance ofshareholders’/equity of the subsidiary, the excessisallocatedagainsttheminorityinterests.
When the Company loses control of a subsidiary due to the disposal of a portion of an equity investment or otherreasons,theremainingequityinvestmentisre-measuredatits fair value atthe datewhencontrolislost.The difference between 1) the total amount of consideration received from the transaction that resulted in the loss of control and the fair value of the remaining equity investment and 2) the carrying amounts of the interest in the formersubsidiary’s net assets immediately before the loss of the control is recognized as investment income for the current period when control is lost. Other comprehensive income related to the former subsidiary's equity investment, using the foundation and the acquiree directly related to the disposal of the same assets or liabilities are accounted when the control is lost (i.e., in addition to the former subsidiary, which is remeasured at the net defined benefit plan or changes in net assets and liabilities resulting from, the rest subsidiaries are transferred to thecurrentinvestmentincome).Theretainedinterestissubsequentlymeasuredaccordingtothe rulesstipulatedin the - “Chinese Accounting Standards for Business Enterprises No.2 - Long-term equity investment” or “Chinese AccountingStandardsforBusinessEnterprisesNo.22-Determinationandmeasurementoffinancialinstruments”. SeeNote5.14Long-termequityinvestmentsandNote5.10Financialinstrumentsfordetails.
Where loss of control over a subsidiary result from multiple transactions (agreements), the assessment shall be made as to whether the multiple agreements shall be viewed as a whole as a single transaction. Multiple agreements givingriseto lossofcontrolover asubsidiaryis generally viewedas awholeasasingletransactionif the terms, conditions and economic implications of the multiple agreements satisfy one or more of the following
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 conditions:1)theagreements areenteredintosimultaneouslyor taking intoaccounttheimplication ofeachother; 2) the business objective cannot be achieved without successful completion of all the agreements; 3)the occurrence ofoneagreementis dependentonthe resultof atleastanother oneagreement;and/or4) anyonesingle agreementisnotrecognizedaseconomic,andtheagreementsasawholeiseconomic.Wheremultipleagreements do not satisfy the conditions of being viewed as a single transaction, each agreement shall be treated and accounted for in accordance with the provisions of disposal of long-term equity investments not resulting loss of control(seeNote5.14.2.4)orlossofcontrolduetodisposalofsharesorotherevents(seethepreviousparagraph). Where multipleagreements satisfy theconditionsofbeingviewed asasingletransaction,eachagreementshallbe treated and accounted for as a transaction which results in loss of control; differences between the consideration for disposals prior to loss of controland the netassets proportionate to the shares disposed prior to loss ofcontrol are recognized asothercomprehensive income inthe consolidatedfinancialstatements andtransferred to profitor lossatthetimeoflossofcontrol.
7.JointventurearrangementsclassificationandCo-operationaccountingtreatment
Ajoint arrangement is an arrangement of which two or more parties have joint control.Ajoint arrangement is either a joint operation or a joint venture, depending on the rights and obligation of the Company in the joint arrangement. A joint operation is a joint arrangement whereby the Company has rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the Companyhasrightstothenetassetsofthearrangement.
TheCompanyaccountsforjointventuresusingtheequitymethod,seeNote5.14.2.2fordetails.
The Company, a joint operator, recognizes in relation to its interest in a joint operation: (a) its assets, includingitsshareofanyassets heldjointly;(b)its liabilities,includingitsshareofanyliabilities incurredjointly; (c) its revenue from the sale of its share of the output arising from the joint operation;(d)its share of the revenue fromthesaleof theoutputbythejointoperation;and(e)its expenses,includingits shareofanyexpensesincurred jointly.
When the Company enters into a transaction with a joint operation in which it is a joint operator, such as a sale or contribution of assets, the Company, prior to disposal of the assets to a third party by the joint operation, recognizesgains andlossesresulting fromsuchatransactiononlytothe extentoftheother parties'interestsin the joint operation. When there is evidence of a reduction in the net realizable value of the assets to be sold or contributed to the joint operation, or of an impairment loss of those assets which is in line with provision stipulated by CAS 8, those losses are recognized fully by the Company.When there is evidence of a reduction in the net realizable value of the assets to be purchased or of an impairment loss of those assets, the Company shall recognizeitsshareofthoselosses.
8.RecognitionStandardofCash&CashEquivalents
Cash and cash equivalents of the Company include cash on hand, ready usable deposits and investments having short holding term (normally will be due within three months from the day of purchase), with strong liquidity andeasytobeexchangedinto certainamountofcashthatcanbemeasured reliablyandhavelow risks of change.
9.ForeignCurrencyTransaction
1Translationinforeignexchangetransactions
Transactions denominated in foreign currencies are translated into the functional currency using the transaction-date spot exchange rates. Where a transaction is conducted purely for the purpose of exchange one currency into another currency, the exchange rate used to translate the foreign currency into the functional currencyistheexchangeratethatisactuallyusedforthecurrencyexchange.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 2Translationofforeignmonetarycurrencyandnon-monetaryforeigncurrency
At thebalancesheetdate,foreign currencymonetary items are translated usingthe spotexchange rateatthe balance sheet date. All the exchange differences thus resulted are taken to profit or loss, except for①those relating to foreign currency borrowings specifically for construction and acquisition of qualifying assets, which are capitalized in accordance with the principle of capitalization of borrowing costs,②hedging accounting, the exchange difference related to hedging instruments for the purpose of net oversea operating investment is recorded in the comprehensive income till the date of disposal and recognized in profit or loss of the period; exchange difference from changes of other account balance of foreign currency monetary items,③available-for-tradeisrecordedintoprofitorlossexceptforamortizedcost.
Non-monetary foreign currency items measured at historical cost shall still be translated at the spot exchange rate prevailing on the transaction date, and the amount denominated in the functional currency is not changed. Non-monetary foreign currency items measured at fair value are translated at the spot exchange rate prevailingatthedatewhenthefairvaluesaredetermined.Theexchangedifferencethusresultedarerecognizedin profitorlossforthecurrentperiodorascapitalreserve.
（3）ConversionmethodofForeigncurrencyFinancialstatements
Where the preparation of consolidated financial statements involves overseas operations, if any foreign currency monetary item constitutes a net investment in overseas operations in essence, the exchange difference resulting from the change of exchange rate shall be recognized as other comprehensive gains as the "conversion difference of foreign currency statements"; when dealing with overseas operations, it shall be included in the profitsandlossesofthecurrentperiodofdisposal.
Foreign currency financial statements operated abroad are converted into RMB statements by the following methods: assets and liabilities in the balance sheet are converted at the spot exchange rate on the balance sheet date; shareholder equity items are converted at the spot exchange rate at the time of occurrence, except for "undistributed profit" items. The revenues and expenses in the income statement are converted with the spot exchange rate on the transaction day. The undistributed profit at the beginning of the year is the undistributed profitattheendoftheyearaftertheconversionofthepreviousyear;theundistributedprofitattheendoftheyear is calculated and shown according to the items of the profit distribution after the conversion; the difference betweenthetotalamountofassetsandliabilitiesandshareholders'equityaftertheconversionis recognized asthe conversion difference of foreign currency statements and as other comprehensive income. When the foreign operation is disposed and the control right is lost, the conversion balance which is presented under theshareholders’ equities item in the balance sheet and arises from the conversion of foreign currency financial statements related tothis foreign operation willbetransfered intothe currentprofitandloss fully orin theforeign operationproportion.
Cash flow of foreign currency shall be converted into spot exchange rate on the date of occurrence of cash flow.The influence of exchange rate fluctuation on cash will be separately presented as an adjustment item in the CashFlowStatement.
The account at the beginning of current year and the actual amount of previous year shall be listed in accordancewiththetranslationdifferencesstatementsofthepreviousyear.
During the management of the entire owner's equity of the Company's operations abroad or the loss of control over overseas operations due to the disposal of part of the equity investment or other reasons, the converted balance of the foreign currency statements related to the overseas operations, which are attributable to the owner's rights and interests of the parent Company, as shown below in the balance sheet, shall be transferred tothecurrentprofitandloss.
During the management of part of the equity investment or other reasons leading to the reduction of the
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 proportion of holding overseas operating rights and interests but not losing control over overseas operations, the balance of foreign currency statement conversion related to the part of overseas operation and disposal will be attributed to the rights and interests of minority shareholders and shall not be transferred to current profits and losses. Duringthe managementofpartof theequityofan overseasjointventure orjointventure, thedifferencein the conversion of foreign currency statements related to the overseas operation shall be transferred to the profits andlossesofthecurrentperiodaccordingtotheproportionofdisposingoftheoverseasoperation.
10.Financialinstruments
TheCompanyrecognizesthefinancialassetsorliabilitieswheninvolvedinfinancialinstruments’
agreements.
（1）Classification,recognitionandmeasurementoffinancialassets
In accordance with the characteristics of business model for managing financial assets and the contractual cash flow of financial assets, the Company classifies financial assets into: financial assets measured in amortized cost; financial assets measured at fair value and their's changes are included in other comprehensive income; financialassetsmeasuredatfairvalueandtheir'schangesareincludedincurrentprofitsandlosses.
Theinitial measurementoffinancialassetsis calculatedbyusingfair value. Forfinancialassets measuredat fairvalue,whosechangesareincludedincurrentprofitsandlosses,relevanttransactioncostsaredirectlyincluded in current profits and losses; For other types of financial assets, relevant transaction costs are included in the initial recognition amount. Accounts receivable or notes receivable arising from the sale of products or the provision of labor services that do not include or take into account significant financing components are initially recognized by the Company in accordance with the amount of consideration that the Company is expected to be entitledtoreceive.
①Financialassetsmeasuredatamortizedcost
The business model of the Company's management of financial assets measured by amortized cost is aimed at collecting the contractual cash flow, and the contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements, that is, the cash flow generated on a specific date is only the payment of principal and interest based on the amount of outstanding principal. For such financial assets, the Company adopts the method of real interest rate and makes subsequent measurement according to the cost of amortization. The profits or losses resulting from amortization or impairment are included in current profits and losses.
②Financialassetsmeasuredatfairvalueandchangesincludedinothercomprehensiveincome
The Company's business model for managing such financial assets is to collect the contractual cash flow, and the contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements. The Company measures such financial assets at fair value and their changes are included in other comprehensive gains, but impairment losses or gains, exchange gains and losses and interest income calculated accordingtotheactualinterestratemethodareincludedincurrentprofitsandlosses.
In addition, the Company designated some non-trading equity instrument investments as financial assets measuredatfair value with changes includedin othercomprehensive income.The Companyincludesthe relevant dividend income of such financial assets in current profits and losses, and the changes in fair value in other comprehensive gains. When the financial asset ceases to be recognized, the accumulated gains or losses previously included in other comprehensive gains shall be transferred into retained income from other comprehensiveincome,andnotbeincludedincurrentprofitandloss.
③Financialassetsmeasuredatfairvalueandchangesincludedincurrentprofitsandlosses
TheCompanyincludestheabove-mentionedfinancialassetsmeasuredatamortizedcostandthosemeasured
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 at fair value and their's changes in financial assets other than financial assets of comprehensive income and classifiesthemasfinancialassetsmeasuredatfairvalueandtheir's changesthatareincludedincurrentprofitsand losses. In addition, the Company designates some financial assets as financial assets measured at fair value and includes their changes in current profits and losses in order to eliminate or significantly reduce accounting mismatches during initial recognition. In regard with such financial assets, the Company adopts fair value for subsequentmeasurement,andincludeschangesinfairvalueintocurrentprofitsandlosses.
（2）Classification,recognitionandmeasurementoffinancialliabilities
TheGroup’s financial liabilities are, on initial recognition, classified into financial liabilities at fair value through profit or loss and other financial liabilities. For financial liabilities at fair value through profit or loss, relevant transaction costs are immediately recognized in profit or loss for the currentperiod, andtransaction costs relatingtootherfinancialliabilitiesareincludedintheinitialrecognitionamounts.
.1Financialliabilitiesmeasuredbythefairvalueandthechangesrecordedinprofitorloss
The classification by which financial liabilities held-for-trade and financial liabilities designed at the initial recognition to be measured by the fair value follows the same criteria as the classification by which financial assets held-for-trade and financial assets designed at the initial recognition to be measured by the fair value and theirchangesarerecordedinthecurrentprofitorloss
Transactional financial liabilities (including derivatives belonging to financial liabilities) are subsequently measured according to fair value. Except for hedging accounting, changes in fair value are included in current profitsandlosses.
Financial liabilities designated as financial liabilities that are measured at fair value and their's changes are included in current profits and losses. The liabilities are included in other comprehensive gains due to changes in fair value caused by changes in the Company's own credit risk, and when the liabilities are terminated, the changes in fair value caused by changes in its own credit risk of other comprehensive gains are included in the cumulative changes in its fair value caused by changes in its own credit risk of other comprehensive gains. The amount is transferred to retained earnings.The remaining changes in fair value are included in current profits and losses. If the above-mentioned way of dealing with the impact of the changes in the credit risk of such financial liabilities willresultinorexpandtheaccountingmismatchintheprofitsandlosses,theCompanyshallincludeall the profits or losses of such financial liabilities (including the amount of the impact of the changes in the credit riskoftheenterpriseitself)intothecurrentprofitsandlosses.
② Otherfinancialliabilities
In additionto thetransfer of afinancialassetis notinconformity with the conditions tostop the recognition or formed by its continuous involvement in the transferred financial asset, financial liabilities and financial guarantee contract of other financial liabilities classified as financial liabilities measured at the amortized cost, measured at the amortized cost for subsequent measurement, recognition has been stopped or amortization of the profitorlossisincludedinthecurrentprofitsandlosses.
(3)Recognitionbasisandmeasurementmethodsfortransferoffinancialassets
Financial assets satisfying one of the following conditions shall be terminated and recognized:①The contractual right to collect the cash flow of the financial asset is terminated;②The financial asset has been transferred, and almost all the risks and rewards in the ownership of the financial asset have been transferred to the transferee;③The financial asset has been transferred, although the enterprise neither transfers nor retains almost all the risks and rewards in the ownership of the financial asset, but it abandoned control of the financial assets.
In case that the enterprise does not transfer or retain almost all risks and rewards on financial assets ownership nor waive to control these assets, relevant financial assets shall be recognized in accordance with the
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 degree for continued involvement of financial assets transferred and relevant liabilities shall be recognized correspondingly. westbank The term "continuous involvement in the transferred financial asset" shall refer to the risklevelthattheenterprisefacesresultingfromthechangeofthevalueofthefinancialasset.
If the overall transfer of the financial assets satisfies the derecognition criteria, the difference between the book value of the transferred financial assets and the sum of the consideration received from transfer and cumulative change in fair value previously recognized in other comprehensive income is accounted into the currentprofitorloss.
In case that the partial transfer of financial assets meets de-recognition conditions, the book value of financial assets transferred shall be allocated as per respective fair value between de-recognized or not de-recognized parts, and the difference between the sum of the consideration received due to transfer with the accumulated amountoffair value changes thatispreviously includedinothercomprehensive income andshallbe allocated to de-recognized parts and the aforesaid book amount allocated shall be included in the currentprofit or loss.
The Company shall determine whether almost all the risks and rewards of the ownership of the financial assets sold by means of recourse or endorsed to transfer the financial assets it holds have been transferred. If almost all the risks and rewards in the ownership of the financial assethave beentransferred to the transferee, the confirmation of the financial asset shall be terminated; if almost all the risks and rewards in the ownership of the financial asset have been retained, the confirmation of the financial asset shall not be terminated; if neither the transfernortheretentionofalmostalltherisksandrewardsintheownershipofthefinancialassethasbeenmade. In case of remuneration, it shall continue to determine whether the enterprise has retained control over the assets andconductaccountingtreatmentinaccordancewiththeprinciplesdescribedintheprecedingparagraphs. (4)Terminationconfirmationoffinancialliabilities
If the current obligation of a financial liability (or part thereof) has been discharged, the Company shall terminate the recognition of the financial liability (or part thereof). If the Company (the debtor) signs an agreement with the lender to replace the original financialliabilities by assuming new financialliabilities, andthe contract terms of the new financial liabilities are substantially different from those of the original financial liabilities, it shall terminate the recognition of the originalfinancial liabilities and atthe same time confirm a new financial liabilities. If the Company substantially amends the contract terms of the original financial liabilities (or part thereof), it shall terminate the confirmation of the original financial liabilities and at the same time confirm a newfinancialliabilitiesinaccordancewiththerevisedterms.
If the financial liabilities (or part thereof) are terminated, the difference between their book value and the considerationpaid(includingthetransferred non-cashassetsorliabilities assumed) shallbeincludedin theprofits andlossesofthecurrentperiod.
（5）Offsettingfinancialassetsandfinancialliabilities
When the Company has a legal right that is currently enforceable to set off the recognized financial assets and financial liabilities, and intends either to settle on a net basis, or to realize the financial asset and settle the financial liability simultaneously, a financial asset and a financial liability shall be offset and the net amount is presented in the balance sheet. Except for the above circumstances, financial assets and financial liabilities shall bepresentedseparatelyinthebalancesheetandshallnotbeoffset.
(6)Methodfordeterminingthefairvalueoffinancialassetsandfinancialliabilities
Fair value refers to the price that a market participant must pay to sell or transfer a liability in an orderly transaction that occurs on the measurement date. The fair value of financial instruments existing in an active market is determined by the Companyaccordingto its quoted price in this market. westbankThe quoted pricesin the active market refer to the prices, which are easily available from the stock exchanges, brokers, industry
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 associations, pricing service institutions and etc. at a fixed term, and which represent the prices at which actually occurred market transactions are made under fairconditions.£¨ In can a financial instrument does not exist in activemarkets,itsfairvalueshallbedeterminedbytheCompanywithassessmenttechniques.Thevalueappraisal techniques mainly include the prices adopted by the parties, who are familiar with the condition, in the latest market transaction upon their own free will, the current fair value obtained by referring to other financial instruments ofthe same essentialnature,the cashflow capitalization method andthe optionpricing model, etc. In valuation, the Company adopts valuation techniques that are applicable in the current situation and supported by sufficientdataandotherinformationtoselectinputvaluesconsistentwiththecharacteristicsofassetsorliabilities considered by market participants in the transactions of related assets or liabilities, and give priority to the use of relevant observable input values as far as possible. Unallowable values are used if the relevant observable input valuesarenotavailableorarenotpracticable.
（7）Equityinstruments
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting allofits liabilities.Theconsiderationreceived fromissuingequity instruments,netoftransactioncosts,areaddedtoshareholders’ equity.Alltypesofdistribution(excludingstockdividends)madebytheCompanytoholdersofequityinstrumentsaredeductedfromshareholders’ equity.
Thedividends(including"interest"generatedbythetoolsclassifiedasequityinstruments)distributedbythe Company'sequityinstrumentsduringtheperiodoftheirexistenceshallbetreatedasprofitdistribution.
11.Impairmentprovisionforfinancialassets
The Company requires to confirm that the financial assets lost by impairment are financial assets measured by amortized cost, investment in debt instruments and lease receivables which are measured at fair value and whosechanges areincludedinothercomprehensivegains,mainlyincludingnotesreceivable,accountsreceivable, otherreceivables,creditor's rightsinvestment,othercreditor's rights investmentandlong-term receivablesandetc. In addition, provision for impairment and confirmation of credit impairment losses are also made for contract assetsandsomefinancialguaranteecontractsinaccordancewiththeaccountingpoliciesdescribedinthissection. (1)Methodofconfirmingimpairmentprovision
Based on anticipated credit loss, the Company calculates impairment preparation and confirms credit impairment loss according to the applicable anticipated credit loss measurement method (general method or simplifiedmethod).
Creditlossreferstothedifferencebetweenthecashflowofallcontractsdiscountedaccordingtotheoriginal real interest rate and the expected cash flow of all contracts receivable according to the contract, that is, the present value of all cash shortages. Among them, the Company discounts the financial assets purchased or originatedwithcreditimpairmentattheactualinterestrateadjustedbycredit.
The general method of measuring anticipated credit loss is whether the credit risk of the Company's financial assets (including other applicable items such as contract assets, similarly hereinafter) has increased significantly since the initial recognition on each balance sheet day. If the credit risk has increased significantly since the initial recognition, the Company shall measure the loss preparation according to the amount equivalent to the expected credit loss in the whole duration. If the credit risk has not increased significantly since the initial recognition, the Company shall measure the loss preparation according to the amount equivalent to the expected credit loss in the next 12 months. The Company shall consider all reasonable and evidenced information, includingforward-lookinginformation,whenevaluatingexpectedcreditlosses.
Assumingthattheircreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanymay
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 choose to measure the loss reserve according to the expected credit loss in the next 12 months for financial instrumentswithlowcreditriskonthebalancesheetdate.
(2)Criteriaforjudgingwhethercreditriskhasincreasedsignificantlysincetheinitialrecognition
If theprobabilityofdefaultofafinancialassetontheestimated durationofthebalancesheetissignificantly higher than the probability of default during the estimated duration ofthe initial recognition, the credit risk of the financial asset is significantly increased. Except for special circumstances, the Company uses the change of default risk in the next 12 months as a reasonable estimate of the change of default risk in the entire duration to determinewhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.
(3)Aportfolio-basedapproachtoassessingexpectedcreditrisk
The Companyshall evaluate the creditrisk of financialassets with distinctdifferences in creditrisk, suchas tthereceivablesindisputewiththeotherpartyorinvolvinglitigationandarbitration,andreceivablesthathasbeen provedthatthedebtormaynotbeabletofulfilltheobligationofrepayment,etc.
In addition to the financial assets that assess credit risk individually, the Company shall divide financial assetsintodifferentgroupsbasedoncommonriskcharacteristics,andassesscreditriskonthebasisofportfolio. (4)Accountingtreatmentofimpairmentoffinancialassets
At the end of the duration, the Company shall calculate the anticipated credit losses of various financial assets. If the anticipated credit losses are greater than the book value of its current impairment provision, the difference is deemed as impairment loss. If the balance is less than the book value of the current impairment provision,thedifferenceisdeemedasimpairmentprofit.
(5)Methodofdeterminingcreditlossesofvariousfinancialassets
①Receivable
In regard to receivables without significant financing components, the Company shall measure loss preparationaccordingtotheamountofanticipatedcreditlossequivalenttotheentireduration.
In regard to accounts receivable with significant financing components, the Company shall choose to measureloss preparationaccordingto theamountequivalentto the expectedcreditloss within the durationallthe time.
In addition to the accounts receivable that assesses the credit risk individually, receivables are divided into differentportfoliosbasedontheircreditriskcharacteristics:
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|Items|Basisfordeterminingcombination:|
|Protfolio1|Thisportfolioischaracterizedbytheagingofreceivablesasacreditrisk.|

For the above portfolio 1, the measurement method of bad debts reserve is the aging analysis method, specificallyasfollows
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|-|-|-|
|Aging|Proportion （%）|Otherreceivableproportion（%）|
|Within1year（Including1year）|0|0|
|1-2years|10|10|
|2-3years|30|30|
|3-4years|50|50|
|4-5years|90|90|
|Over5years|100|100|

②Otherreceivable
The Company has measured the impairment loss based on the amount of expected credit losses in the next
12 months or the entire duration, based on whether the credit risk of other receivables has increased significantly
sincetheinitialrecognition.Inadditiontotheotheraccountsreceivablewhichassessesthecreditriskindividually,
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 theyaredividedintodifferentportfoliosbasedontheircreditriskcharacteristics:
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|-|-|
|Items|Basisfordeterminingcombination:|
|Protfolio1|This portfolio is a collection of various deposits, advances, pledges and otherreceivablesindailyactivities.|
|Protfolio2|This portfolio is a reserve fund borrowed by employees in their daily businessactivities.|
|Protfolio3|Otherreceivablesotherthantheaboveportfolio.|

Forportfolios 1and2above,noprovisionforbaddebtsisgenerallymadeunlessthereisevidenceoflossof assets.Forportfolio3above,theprovisionforbaddebtsisthesameasportfolio1forreceivables.
③ Creditor'srightsinvestment
Creditor's rights investment mainly accounts for bond investment measured by amortized cost, etc. The Company has measured the impairment loss based on the amount of expected credit losses in the next 12 months ortheentireduration,basedonwhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.The Companyadoptsthemethodofevaluatingcreditriskwithindividualassetsforcreditor'srightsinvestment. 12.Inventory
WhethertheCompanyneedstocomplywiththedisclosurerequirementsforspecificindustrie
No
1.Investoriesclass:Thecompany’sstockscanbeclassifiedas:rawmaterials,etc.
2. Valuation method of inventory issued :The company calculates the prices of its inventories according to the weightedaveragesmethodorthefirst-infirst-outmethod.
3.Determinationofnetrealizablevalueofinventoriesandimpairmentallowanceforinventories
Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion, the estimated costs necessary to make the sale and relevant taxes. Net realizable value is determined on the basis of clear evidence obtained and takes intoconsideration the purpose of holding inventories andeffectofpostbalancesheetevents.
At the balance sheet date, inventories are measured at the lower of the cost and net realizable value. If the net realizable value is below the cost of inventories, a provision for decline in value of inventories is made. The provision for inventories decline in value is normally determined by the difference of the cost of the individual item less its realizable value. For large quantity and low-value items of inventories, provision for decline in value ismadebasedoncategoriesofinventories.
For items of inventories relating to a product line that are produced and marketed in the same geographical area, have the same or similar end users or purposes, and cannot be practicably evaluated separately from other itemsinthatproductlineprovisionfordeclineinvalueisdeterminedonanaggregatebasis.
After the provision for decline in value of inventories is made, if the circumstances that previously caused inventories to be written down below cost no longer exist so that the net realizable value of inventories is higher than their cost, the original provision for decline in value is reversed and the reversal is included in profit or loss fortheperiod.
4.Physicalinventoriesaremanagedbytheperpetualinventorytakingsystem.
5.Amortizationoflow-valueconsumablesandpackagingmaterials.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Low-valueconsumablesandpackagingmaterialsarefullyamortizedatthetimeofissuance.
13.Held-for-saleassetsanddisposalgroup
The Company classify a non-current asset or disposal group as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the following conditions shall be met: a) the asset (or disposal group) must be available for immediate sale in its present condition subject to terms that are usual and customary for sales of such assets or disposal groups; b) the Company has made the resolution on the disposal plan and must be committed to a plan to sell the asset (or disposalgroup);c) the sale is expected to becompleted within oneyear from the dateof classification.Adisposal group is a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. The group shall include goodwill acquired in a business combination if the group is a cash-generating unit to which goodwill has been allocated in accordance with the requirements of Accounting Standard for Business Enterprises No. 8– Impairmentofassets.
The Company measure a non-current asset or disposal group classified as held for sale at the lower of its carrying amount and fair value less costs to sell on initial recognition and subsequent remeasurement on the balance sheet date.An impairment loss is recognized when the carrying amount is higher than the fair value less costs to sell, and allowance for impairment is recognized accordingly. For the disposal group, the recognized impairment loss on assets is offset against the carrying amount of the goodwill in the disposal group, and then reducedinproportionofthebookvalue ofthenon-currentassetsapplicableto"AccountingStandardforBusiness Enterprises No. 42 - Non-currentAssets Held for Sale, Disposal Group and Discontinued Operations (hereinafter referred to as "held for sale accounting principle") measurement requirements. The Company shall recognize a gain during the period for any subsequent increase in fair value less costs to sell of an asset, but not in excess of the cumulative impairment loss that has been recognized after the reclassification to non-current assets held for sale.The bookvalueofassetsin thedisposalgroupisincreasedproportionatelyaccordingtotheproportionofthe book value of each non-current asset except for goodwill. Impairment loss recognized before the reclassification tonon-currentassetsheldforsellshallnotberecovered.
Non-current asset or non-current asset in the disposal group classified as held for sale are not subject to depreciation or amortization. The interest and other expenses on liabilities held in the disposal group for sale are continuouslyrecognized.
Non-current assets or disposal group that no longer meet the conditions of non-current asset held for sell shallbe removed from the category,and shallbe measured atthe lower of the following: (a)The carrying amount before classification as held for sale after adjustment of depreciation, amortization or impairment that should be recognizedifitisnotclassifiedasnon-currentassetsheldforsell;(b)recoverableamount.
.14.Long-termequityinvestments
Long-term equity investments in this section refer to the long-term investment through which the Company has control, joint control, or material influence on the investee. Long-term equity investments through which the Company does not have control, joint control or material influence on the investee shall be recognized as available-for-sale financial assets or financial assets measured by fair value with changes in fair value recognized inprofitorloss.See10fordetails.
Joint control is the contractually agreed sharing of control over economic activity and exists when the
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 strategic financial and operating decisions relating to the activity require the unanimous consent of the parties sharing control. Significant influence is the power to participate in the financial and operating policy decisions of theinvesteebutisnotcontrolorjointcontroloverthosepolicies.
（1）DeterminationofInvestmentcost
Long-termequityinvestmentacquiredthroughbusinesscombinationundercommoncontrolaremeasuredat the acquirer's share of the combination date book value of the acquiree's net equity in the ultimate controller's consolidated financial statements. The difference between the initial cost and cash paid, non-monetary assets transferred, and liabilities assumed by is adjusted to capital reserves, and to retained earnings if capital reserves are insufficient. If the consideration is paid by issuing equity instruments, the initial cost is measured at the acquirer's share of the combination date book value of the acquiree's net equity in the ultimate controller's consolidated financial statements, with the face value of the equity instruments issued recognized as share capital and the difference between the initial cost and the face value of the equity instruments issued adjusted to capital reserves, and to retained earnings if capital reserves is insufficient. For business combination involving entities under common controlachieved through multiple transactions (acquisition in stages), the multiple agreements are assessed to determine whether they should be viewed as a lump-sum purchase. Where multiple agreements of an acquisition in stages are viewed as a lump-sum purchase, the transactions are viewed as one transaction that acquires the control power. Where multiple agreements of an acquisition fail the conditions of a lump-sum purchase, long-term equity investment acquired through business combination under common control are measured at the acquirer's share of the combination date book value of the acquiree's net equity in the ultimate controller's consolidated financial statements. The difference between the initial cost, and the book value of the long-term equity investment before combination date and considerations paid to acquire new shares on the combinationdate,isadjustedtocapitalreserves,andtoretainedearningsifcapitalreservesareinsufficient. Long-termequityinvestmentacquiredthroughbusinesscombinationnotundercommoncontrolis measured at combination cost on the combination date. The combination cost includes assets contributed by the purchaser, liabilities incurred or assumed by, and fair value of the equity instruments issued by the acquirer. For business combination involving entities not under common control achieved through multiple transactions (acquisition in stages),themultipleagreementsareassessedtodeterminewhethertheyshouldbeviewedasalump-sumpurchase. Where multiple agreements of an acquisition in stages are viewed as a lump-sum purchase, the transactions are viewed as one transaction that acquires the control power. Where multiple agreements of an acquisition fail the conditionsofalump-sumpurchase,long-termequityinvestmentacquiredthroughbusinesscombinationnotunder common control are measured at the sum of the original book value of the equity investment on the investee and thenew investmentcost,whichis regardedasthe newinitialcostofthelong-term investmentwhentransferredto cost method. If the original equity is measured by the equity method, not accounting treatment is applied to relevantothercomprehensiveincometemporarily.
The audit, legal services, valuation, and other directly associated administrative expenses incurred by the acquirerarerecognizedinprofitorlossonthetransactiondates.
Long-term equity investments acquired not through business combination are measured at cost onnitial recognition. Depending on the way of acquisition, the cost of acquisition can be the total cash paid, the fair value of equity instrumentissued,the contractprice, thefair value or book value of the assets given away in thecase of non-monetary asset exchange, or the fair value of the relevant long-term equity investments. The cost of acquisition of a long-term equity investment acquired not through business combination also includes all directly associated expenses, applicable taxes and fees, and other necessary expenses. When the Company increase investmenttohave materialinfluenceorjointcontrol,butnotcontrolover theinvestee,long-term investments are measured at the sum of the fair value of initial equity investment and cost of new investment as defined in
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 CAS22-RecognitionandMeasurementofFinancialAssets.
（2）Subsequentmeasurementandrecognitionandmeasurementofgainorloss
Where a long-term equity investment gives the Company either joint control or significant influence over the respective investee, the investment is subsequently measured using the equity method. Where a long-term equity investment gives the Company control over the respective investee, the investment is subsequently measuredatcost.
①Long-termequityinvestmentsmeasuredatcost
Along-term equity investment is measured at the cost of investment, excluding declared cash dividends or profit pending distribution included in the consideration paid. Investment income for the relevant period from a long-termequityinvestmentmeasuredatcostisrecognizedastheCompany's shareofthecashdividendsorprofit declaredfordistributionbytheinvestee.
②Long-termequityinvestmentsmeasuredusingtheequitymethod
When the cost of a long-term equity investment measured using the equity method on initial recognition exceeds the Company's share of the fair value of the respective investee's net identifiable assets, no adjustment is made to the costof the investmentforthe excess.When the Company's share ofthe fair value ofaninvestee's net identifiable assets exceeds the cost of the respective long-term equity investment measured using the equity method on initial recognition, adjustment is made to the cost of the investment for the difference and the differenceiscarriedtoprofitorlossfortheperiodduringwhichtheinvestmentisrecognized.
Investment income or loss and other comprehensive income for the relevant period from a long-term equity investment measured using the equity method is measured at the Company's share of the net profit or loss and other comprehensive income of the respective investee for the relevant period, and the book value of long-term equityinvestments is adjustedaccordingly.If theinvestee declaresprofit distribution orcashdividends,long-term equity investments are reduced by theCompany’s share of declared profit distribution or cash dividends in the investee. Long-term equity investments will be adjusted, and capital reserves are recognized with variations other thannetprofitorloss,othercomprehensiveincome,andprofitdistribution.WhencomputingtheCompany'sshare of the net profit or loss of the investee for the relevant period, net profit or loss of the investee for the relevant period is adjusted, if necessary, for the fair value of the investee's identifiable assets and identifiable liabilities on acquisition and the Company's accounting policies and accounting period. Investment income and other comprehensive income is recognized accordingly. The computation of the Company's share of the net profit or loss of the investee for the relevant period also eliminates unrealized profit and loss arising from transactions between the Company and the investee (a joint venture or associate, whichever is applicable) and contributing or selling assets to the investee which forms an operation, to the extent of the Company's share calculated by the Company's shareholding in the investee for the relevant period, except for the unrealized loss resulted from impairmentoftransferredassets.When contributingassets tothejointventureorassociatebytheCompanyforms an operation, and the investor acquires the long-term equity investment without control, long-term equity investments are measured at fair value of the contributed operations, with the difference between initial investmentcostandbookvalueofthecontributedoperationfullyrecognizedinprofitorlossfortheperiod.When selling assets to the joint venture or associate by the Company forms an operation, the difference between considerationsreceivedandbookvalueoftheoperationis fully recognizedin profitandlossfor theperiod.When purchasing assets from the joint venture or associate by the Company belongs to an operation, income and losses arefullyrecognizedasspecifiedinCAS20-BusinessCombination.WhentheCompany's shareofaninvestee's net loss exceeds the sum of the carrying amount of the respective long-term equity investment measured using the equity method and other investments in the investee, the carrying amount of the long-term equity investment and other investments in the investee is reduced to zero. If the Company is obliged to share loss of the investee after
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 itslong-termequityinvestmentandotherinvestmentshavebeenreducedtozero,aninvestmentlossandprovision is recognized to the extent of the estimated obligation. If the investee reports profits in subsequent periods, the Companyonlyrecognizesitsshareofprofitafteritsshareofprofitequalstheshareoflossnotrecognized. For long-term equity investments in associates and joint ventures which had been held by the Company before its first time adoption of new accounting standards, where the initial investment cost of a long-term equity investment exceeds theCompany’s share in theinvestee’s net assets at the time of acquisition, the excess is amortizedandisrecognizedinprofitorlossonastraight-linebasisovertheoriginalremaininglife.
③Acquisitionofminorityinterests
If minority interests in an investee is acquired by the Company, during the Company's preparation of the consolidated financial statements, the difference between the Company's cumulative share of the investees net assets calculated on the basis of the new shareholding in the investee from the acquisition date (or combination date) and the Company's investment in the investee following the minority interest acquisition is adjusted to capitalreserves,andtoretainedearningsifcapitalreservesisinsufficient.
④Disposaloflong-termequityinvestments
On the consolidated financial statements, when partly disposal of a long-term equity investment in a subsidiary which does not cause loss of control over the subsidiary, the difference between the consideration for disposal and the net identifiable asset given away proportionate to the disposed shares in the subsidiary is recognized inequity; partly disposalofalong-term equity investment ina subsidiarywhich causeslossof control overthesubsidiaryisaccountedforinaccordancewithNote5.6.2.
The difference between the consideration for disposal of long-term equity investments and the carrying amountof thelong-term equityinvestments disposedof is recognized inprofitorloss forthe periodduringwhich theinvestmentsaredisposedof.
When a long-term equity investment measured using the equity method is disposed, and the residual equity after disposal is still measured using equity method, the respective cumulative other comprehensive income recognized in equity proportionate to the disposed of investment shall adoptthe same accounting treatment as the investee disposes of relevant assets or liabilities directly.Movement in investee's equity other than changes in net profitorloss,othercomprehensiveincome,andprofitdistributionisrecognizedinprofitorlossproportionally. When a long-term equity investment measured using the cost method is disposed and the residual equity after disposal is still measured using cost method, other comprehensive income, which is recognized by equity method or recognition and measurement applicable to financial instruments prior to the Company's acquisition of control over the investee, shall adopt the same accounting treatment as the investee disposes relevant assets or liabilities directly on the date of loss of control, and profit or loss is recognized proportionally. Movement in investee's equity other than changes in net profit or loss, other comprehensive income, and profit distribution is recognized in profit or loss proportionally. Where the Company's control over an investee is lost due to partial disposal of investment in the investee and the Company continues to have significant influence over the investee after the partial disposal, the investment is measured by equity method in the Company's separate financial statements; where the Company's control over an investee is lost due to partial disposal of investment in the investee and the Company ceases to have significant influence over the investee after the partial disposal, the investment is measured in accordance with the recognition and measurement principles applicable to financial instruments in the Company's separate financial statements and the difference between the fair value and book value of the remaining investment at the date of loss of control is recognized in profit or loss. Cumulative other comprehensive income relevant to the investment, which is recognized by equity method or recognition and measurement principles applicable to financial instruments prior to the Company's acquisition of control over the investee, shall adopt the same accounting treatment as the investee disposes relevant assets or liabilities directly
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 on the date of loss of control, The investee's equity movement other than changes in net profit or loss, other comprehensive income and profit distribution, as a result of accounting by equity method, is recognized in profit or loss when control is lost. Where the remaining investment is measured by equity method, the afore-mentioned other comprehensive income and other equity movement are recognized in profit or loss proportionate to the disposal; Where the remaining investment is measured in accordance with the recognition and measurement principles applicable to financial instruments, the afore-mentioned other comprehensive income and other equity movementarefullyrecognizedinprofitorloss.
Where the Company's joint controlor significant influence over an investee is lost due to partial disposal of investment in the investee, the remaining investment in the investee is measured in accordance with the recognition and measurement principles applicable to financial instruments, the difference between the fair value and the book value of the remaining investment at the date of loss of joint control or significant influence is recognized in profit or loss. Cumulative other comprehensive income relevant to the investment, which is recognized by equity method or recognition and measurement principles applicable to financial instruments prior to the Company's acquisition of control over the investee, shall adopt the same accounting treatment as the investee disposes relevant assets or liabilities directly on the date of loss of control, The investee's equity movement other than changes in netprofit orloss, other comprehensive income andprofit distribution, as a result ofaccountingbyequitymethod,isrecognizedinprofitorlosswhencontrolislost.
Where the Company's control over an investee is lost through multiple disposals and the multiple disposals can be viewed as a lump-sum transaction, the multiple disposals are accounted for one single transaction which results in the Company's loss of control over the investee. Difference between the consideration received and the book value of the investment disposed at each time of disposal is recognized in other comprehensive income and reclassifiedinfulltoprofitorlossattheperiodwhencontrolovertheinvesteeislost.
15..InvestmentProperty
Themeasurementmodeofinvestmentproperty
Themeasurementbythecostmethod
Depreciationoramortizationmethod
Investment property is held to earn rentals or for capital appreciation or for both. Investment property includes leased or ready to transfer after capital appreciation land use rights and leased buildings. Investment property is initially measured at cost. Subsequent expenditures related to an investment real estate are likely to flow about the economic benefits of the asset, and its cost can be measured reliably, is included in the cost of investmentrealestate.Othersubsequentexpenditureintheprofitorlosswhenitincurred.
The Group uses the cost model for subsequentmeasurement of investment property,and in accordance with thedepreciationoramortizationofbuildingsorlanduserightspolicy.
Investment property impairment test method and impairment accrual method described in Note 20 “Non-currentandnon-financialassetsimpairment."
Occupiedrealestateforinvestmentpropertyorinvestmentpropertyistransferredtotheowner-occupiedreal estate or stock conversion as the recorded value after the conversion, according to the book value before the conversion.
Investment propertychange into the Owner-occupiedrealestate, since the change ofdate forthe investment property, is transferred to fixed assets or intangible assets. Change the owner-occupied property held to earn rentals or for capital appreciation, since the change of date, the fixed assets or intangible assets to investment property. Conversion occurs when converted to investment property using the cost model, as the book value
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 before the conversion of the recorded value after the conversion; converted to investment property measured at fairvaluemodel,thefairvalueoftheconversiondateastherecordedvalueafterconversion.
Derecognized, when the investment property is disposed of or permanently withdrawn from use and the expectedeconomic benefits,cannotbeobtainedfromthe disposalofinvestmentproperty.Proceedsondisposalof investment property is sold, transferred, retired or damaged through profit or loss after deducting the book value andrelatedtaxes.
16.Fixedassets
（1）Confirmationconditionsoffixedassets
Fixed assets referto physicalassets ownedfor purposeof production, service providing, leasingor management, andoperationwithservicelifeofmorethanoneyear.
The fixed assets are recognized only after relevant economic interests probably flow into the Company and costs are reliably measured. The initial calculation will be made for the fixed assets based on the cost and the influenceofexpecteddisposalcost.
||||||
|-|-|-|-|-|
|Type|Depreciationmethod|Expectedusefullife(Year)|Residualrate（%）|Annualdepreciationrate(%)|
|GuangfoExpressway|Workingflowbasis|28years|0%||
|FokaiExpressway-XiebiantoSanbaoSection|Workingflowbasis|40years|0%||
|FokaiExpressway-SanbaotoShuikouSection|Workingflowbasis|30years|0%||
|JingzhuExpresswayGuangzhuSection|Workingflowbasis|30years|0%||
|HouseBuilding|Thestraight-linemethod|20-30years|3%-10%|3%-4.85%|
|MachineEquipment|Thestraight-linemethod|10years|3%-10%|9%-9.7%|
|TransportationEquipment|Thestraight-linemethod|5-8years|3%-10%|11.25%-19.4%|
|ElectricEquipmentandother|Thestraight-linemethod|5-15years|3%-10%|6%-19.4%|

（2）Depreciationmethod
TheCompany'sfixedassetsofhighwaysandbridgesaredepreciatedwithintheapprovedchargingperiodby workloadmethod from the nextmonth after reachingthe intendedusable state.Thespecific method is as follows: calculatethedepreciationamountofeachstandardtrafficflowbasedonthepredictedtotalstandardtrafficflowor book value of roads and bridges within the tolling period, and then calculate and withdraw depreciation amount according to the actual standard traffic flow during each accounting period. Fixed assets other than highways and bridges aredepreciatedwithin the service life by themethodof average life from thenextmonth whentheyreach
theintendedusablestate.
Expected net residual value of fixed assets is the balance of the Company currently obtained from the
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 disposal of the asset less the estimated costs of disposal amount, assuming the asset is out of useful life and state theexpectedservicelifeintheend.
(3) Test Method for Fixed Asset Impairment and Counting& Drawing Method for Fixed Asset Impairment Reserves
For the impairment test method and the impairment provision withdrawing method of the Fixed assets, please refer to “Long-term Assets Impairment in Article 21 of Important Accounting Policies and Accounting EstimatesinNotes5ofFinancialStatements”.
（4）Recognitionandmeasurementoffixedassetsheldunderfinanciallease
A finance lease is a lease that transfers in substance all the risks and rewards incident to ownership of an asset. The title may or may not eventually be transferred. Fixed assets that are held under finance leases shall be depreciatedbyapplyingthesamepolicyasthatforthefixedassetsownedbytheCompany.Ifitcanbereasonably determined thatthe ownership of theleased assets can beobtained atthe endof the lease period, theleased assets are depreciated over their useful lives; otherwise, the leased assets are depreciated over the shorter of the lease termsandtheusefullivesoftheleasedassets.
（5） Othernotes
Afixed asset is recognized only when the economic benefits associated with the asset will probably flow to theCompanyandthecostofthe assetcanbemeasuredreliably.Subsequentexpenditureincurredfora fixed asset that meets the recognition criteria shall be included in the cost of the fixed asset, and the carrying amount of the component of the fixed asset that is replaced shall be derecognized. Otherwise, such expenditure shall be recognizedinprofitorlossintheperiodinwhichtheyareincurred.
The revenue from selling or transferring or disposing of a fixed asset is booked into profit and loss after deductionofcarryingvalueandrelatedtax.
The Company conducts a review of useful life, expected net realizable value and depreciation methods of thefixedassetatleastonanannualbase.Anychangeisregardedasachangeinaccountingestimates.
17.Construction-inprocess
The cost of construction in progress is measured at the actual expenditure incurred, including construction expenditure and capitalization of borrowing costs and other applicable costs incurred prior to the completion.An itemofconstructioninprogressisreclassifiedtofixedassetuponcompletion.
See Note 5.21 for details of assessment for impairment of construction in progress and impairment allowanceforconstructioninprogress.
18.Borrowingcost
Borrowing costs include interests on loans, amortization of discount or premium, ancillary expenses, and foreign exchange difference on loans denominated in foreign currencies. Borrowing costs directly associated with the acquisition of construction of a qualifying asset are eligible for capitalization. Capitalization starts when expenditure on the qualifying asset is incurred, borrowing costs are incurred, or production or construction of the qualifying assetforits intendeduseor sales is started, whichever is later.Capitalizationstops whenthe qualifying
assetsreachtheconditionofitsintendeduseorsales.Allotherborrowingcostsarerecognizedinprofitorlossfor
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 theperiodduringwhichtheyareincurred.
When a loan is taken out specifically for the construction of a particular qualifying asset, the interest expense capitalized for a particular period is the residual amount after deducting interest income from unused facilities for the period and/or income from temporary investment of the unused facilities for the period from the interest expense incurred for the period. Borrowing costs on general purpose financing are calculated by multiplying the weighted average of the excess of cumulative capital expenditure over the designated financing facilities with the capitalization rate of general purpose financing. The capitalisation rate of general purpose financingiscalculatedastheweightedaverageoftheinterestratesofgeneralpurposefinancing.
Foreign exchange difference on designated financing denominated in foreign currencies incurred during the capitalization period is wholly capitalized. Foreign exchange difference on general purpose financing denominatedinforeigncurrenciesisrecognizedinprofitorlossfortheperiodduringwhichitisincurred. A qualifying asset is an item of fixed assets, investment property, inventories, etc. which requires a substantialperiodoftimefortheconstructionorproductionforitsintendeduseofsales.
If the construction or production of a qualifying asset stops for a period longer than three months, capitalizationofborrowingcostsissuspendeduntiltheconstructionorproductionisresumed.
19.Intangibleassets
(1)Pricingmethod,usefullifeandimpairmenttest
An intangible asset is an identifiable non-monetary asset without a physical form which is owned or control by the Company. Intangible assets are measured at cost on initial recognition. If it is probable that economic benefitsassociatedwithexpendituredirectlyassociatedwithanitemofintangibleassetswillflowtotheCompany and the cost of the expenditure can be reliably measured, the expenditure is measured as part of the intangible asset'sinitialcost;allotherexpenditureisrecognizedinprofitorlossfortheperiodduringwhichitisincurred. Land use rights acquired are generally recognized as intangible assets. In the case of a self-constructed building, the costs of acquiring the respective land use right(s) and the costs of building construction are separately recognized and measured as intangible assets and fixed assets respectively. In the case of a purchased building, the costs of acquisition are allocated to land useright(s) and building; if the reasonable allocation is impossible, the costs of acquisition as a whole are recognized and measured as fixed assets. For an item of intangible assets which is with a finite useful life, the residualamount after deducting its estimated residual value andpreviously recognizedimpairmentfromits costis amortizedover its estimatedremainingusefullife usingthe straight-line method starting from the month in which it reaches the conditions of its intended use of sales. Intangibleassetswithinfiniteusefullifearenotamortized.
Usefullives ofintangible assets are areview on eachbalancesheetdate.If circumstances indicate thatthere is a change in the useful life of an item of intangible assets with a finite useful life, a change in accounting estimates is carried out. If circumstances indicate that the useful life of an item of intangible assets with infinite useful life becomes finite, the useful life of the intangible asset is estimated, and the intangible asset is amortized accordingly.
See Note 5.21 for details of assessment for impairment of intangible assets and impairment allowance for intangibleassets.
（2） Researchanddevelopmentexpenditure
A research and development project is divided into research stage and development stage. Expenditure
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 incurredduringtheresearchstageisrecognizedinprofitorlossfortheperiodduringwhichitisincurred. Expenditure incurred during the development stage is recognized as intangible assets if all of the following conditionsaresatisfied:
a.itistechnicallyfeasibletocompletetheintangibleassetsothatitcanbeusedorsold;
andb.theCompanyhasclearintentiontocompletetheintangibleassetandtouseitorsellit;
and c. it is evidential that the intangible asset will generate economic benefits either by selling the intangibleassetitselforthegoodsproducedbytheintangibleassetorbyusingitinternally;
and d. there are sufficient technical, financial and other resources to complete the intangible asset and the Companyisabletouseitorsellit,
ande.expenditureincurredinthedevelopmentstageoftheintangibleassetcanbereliablymeasured. Where a research and development project cannot be separated into the research stage and development stage, all expenditure incurred for the project is recognized in profit or loss for the period during which it is incurred.
20.Long-termamortizableexpenses
An item of deferred charges is an expense incurred which brings economic benefits to the Company for a period exceeding one year starting from the transaction date. An item of deferred charges is amortized over its estimatedusefullifeusingthestraight-linemethod.
21.ImpairmentofLong-termassets
Non-current non-monetary assets, such as fixed assets, construction in progress, intangible assets with finite usefullife,investmentpropertymeasuredbycost,andlong-termequityinvestmentsinsubsidiaries,jointventures, and associates, are assessed for impairment on each balance sheet date. If circumstances on a balance-sheet date indicate that a non-current non-monetary asset is impaired, the recoverable amount of the asset is estimated. The recoverable amounts of goodwill, intangible assets with infinite useful live and intangible assets which have not yet reached the conditions of their intended use or sales are estimated at least once a year regardless of whether thereisanindicationofimpairment.
If the carrying amount of a non-current non-monetary asset exceeds its estimated recoverable amount, the excess of the carrying amountover the estimated recoverable amount is recognized as impairment allowance,and an impairment loss of the same amount is recognized.The estimated recoverable amount of an asset is the higher of the residualamountafter deducting disposalexpenseof theassetfrom its fair value andthepresentvalue of its future cash flows. Where there is a sales contract for an asset, and the contract is entered into for an arm's length transaction, the fair value of the assetis the contractprice; where there isn't a sales contractfor an asset, butthere is an active market for it, the fair value of the asset is price offered by the buyer; where there is neither a sales contract nor an active market for an asset, the fair value of the asset is the best estimate based on all available information. The disposal cost of an asset includes legal expenses, applicable taxes and fees and transportation costs directly associated with the asset's disposal and all direct costs necessary to bring the asset to its sellable condition. The present value of an asset's future cash flows is calculated by multiplying the cash flows arising from the continual use of the asset and its disposal at an appropriate discount rate. An impairment allowance is generally calculated on thebasis of individualassets. If it is notpossibleto estimate therecoverable amountof an individual asset, the recoverable amount of a cash-generating unit to which the asset belongs is estimated. A cash-generating unit is the smallest combination of assets that are capable of cash flow generation. Goodwill separately presented on the (consolidated) financial statements is allocated to cash-generating units or groups of units that are expected to benefit from the synergy of business combination for impairment testing. Where the recoverable amount a cash-generating unit (or group of units) is lower than its carrying amount, an impairment
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 lossisrecognized.
The impairment loss is firstly allocated to the goodwill allocated to the unit (or group of units) and then to individual assets pro rata on the basis of the carrying amount of each asset in the unit (or group of units) The impairmentlossrecognizedinaccordancewiththissectionisirreversibleinsubsequentperiods.
22.EmployeeBenefits
（1）Accountingmethodsofshort-termbenefits
Short-term employee benefits include wages, bonuses, allowances and subsidies, welfare, health insurance, maternity insurance, work injury insurance, housing funds, labor union funds, employee education funds, non-monetary benefits etc. Short-term employee benefits are recognized as liabilities and profitor loss accountor the costs associated with the asset during the accounting period when employees actually provide services. The non-monetarybenefitsaremeasuredatfairvalue.
(2) Accounting methods for post-employment benefits Post-employment benefits include defined contribution plans and defined benefit plans. Defined contribution plan which includes the basic pension, unemployment insuranceandannuitiesshallberecognizedascostofrelatedassetsorprofitorloss.
(3)AccountingTreatmentMethodofDemissionWelfare
When the Company terminates the labor relationship with employees prior to the employment contracts, or encourages employees to accept voluntary redundancy compensation proposals in this company,a provision shall be recognized for the compensation arising from the termination of employment relationship with employees at the time when the Company cannot unilaterally withdraw layoff proposal termination benefits provided due to termination of employment or the Company ensures the costs related to the payment for termination benefits related to the restructuring, which one is early to confirm employee benefits liabilities, and recorded as profit or loss. However,iftermination benefits cannotbe fully paid within twelve months of the reporting date the liability shallbeprocessedinaccordancewithotherlong-termemployeebenefits.
Retirement plan adopts the same principles as the termination benefits. The salaries and insurance to be paidfromthedatewhenemployeesstopprovidingservicestothedateofnormalretirementshallberecognizedin profitorloss(terminationbenefits)whensatisfyingtherequirementsofaprovision.
（4）Otherlong-termemployeebenefits
Other long-term employee benefits provided by the Company to employees that are in line with defined contribution plans shall adopt the accounting treatment in accordance with defined contribution plans, otherwise theaccountingtreatmentofdefinedbenefitplans.
23.Estimatedliabilities
Acontingentliabilityisrecognizedasprovisionifallorthefollowingconditionsaresatisfied:
a.itisapresentobligationassumedbytheCompany;
and b. it is probable that the fulfillment of the obligation will cause economic benefit flows from the Company;
andc.theamountoftheobligationcanbereliablymeasured.
A provision is measured on a balance-sheet date as the best estimate of the amount that is required for the
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 fulfillment of the present obligation after considering of the risks and uncertainty associated with the respective contingenteventsandthetimevalueofmoney.
If the amount required for settlement of a provision is wholly or partly reimbursed by a third party, the reimbursement is recognized separately as an asset to the extent of the carrying amount of the provision if it is probablethatthereimbursementbecomesreceivable.
(1)Losscontract
Loss contract is a contract in which the cost of performing contractual obligations inevitably exceeds the expectedeconomic benefits.Wherethependingcontractbecomes alosscontract,andtheobligationsarising from the loss contract meet the recognition conditions of the above-mentioned expected liabilities, the part of the expected loss of the contract exceeding the recognized impairment loss of the underlying asset of the contract (if any)shallberecognizedastheexpectedliability.
(2)Restructuringobligations
For a restructuring plan with detailed, formal and public announcement, the amount of the estimated liabilities is determined according to the direct expenditure related to the restructuring, subject to the above conditionsforconfirmationoftheestimatedliabilities.
24.Revenues
WhethertheCompanyneedstocomplywiththedisclosurerequirementsforspecificindustries
No
Whetherimplementednewrevenueguidelines?
□Yes√No
Thecompany’sincomesmainlyincludethetollservicerevenuesandtheservicesprovision.
(1)Tollservicefeeincome
The toll income of roads and bridges is determined according to the amount collected and receivable by vehicleswhenpassingthrough.
(2)Provisionoflaborservice
Incomes from labors services that start and complete within the same fiscal year shall be recognized when the services are finished. If the beginning and completion of labor services belong to different fiscal years, the Company shall, on the balance sheet date, recognize the related labor income by the percentage of completion method, provided that the result of the labor service transaction can be reliably estimated. When the following conditions can be satisfied, the results of the transaction can be reliably estimated:① the total income and total costof labor services can bereliably measured;② the economic benefits related to the transaction canflow into theenterprise;③ thedegreeofcompletionoflaborservicescanbereliablydetermined.
Theincomefromprovisionoflaborservicesshallbedeterminedasfollowsincasetheresultoftheprovided laborservicetransactioncannotbereliablyestimatedonthedateoftheBalanceSheet:
① If the labor cost already incurred is expected to be compensated, the income from the service shall be recognized according to the amount of the labor cost already incurred, and the labor cost shall be carried over at thesameamount.
If the incurred labor cost is not expected to be compensated, the incurred labor cost shall be included in the profits and losses of the current period, and the income from the provision of labor service shall not be recognized.
If a contract entered into by the Company and a counterparty involves both sales of goods and rendering of services and revenue arising from goods sold and services rendered can be distinguished, revenue from sales of
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 goods and rendering of services are separately accounted for; if, however, revenue arising from goods sold and services rendered cannot be distinguished or can be distinguished but cannot be separately measured, all revenue isaccountedforasrevenuearisingfromsalesofgoods.
25.GovernmentGrants
Agovernmentgrantisatransferofmonetaryandnon-monetaryassetsfromthegovernmenttotheCompany for no consideration, excluding resources transferred to the Company by the government in the capacity of the shareholder.Governmentgrantsincludegrantsrelatedtoassetsandgrantsrelatedtoincome.
Government grants obtained by the Company which is relevant to construction or acquisition of long-term assets are classified as asset-related government grants; all other government grants are classified as revenue-relatedgovernmentgrants.For governmentgrants withoutaspecifiedbeneficiary,theCompanyperforms classificationinaccordancewiththefollowingcriteria.
a. Where a grant is obtained for a specified project, the grant is spat into asset-related and revenue related portions proportionate to the project's investment to expense ratio; the classification is reviewed on each balance sheetdateandrevisedifnecessary.
b. Where a grant is obtained for general purpose, the grant as a whole is classified as a revenue-related government grant. If a government grant is in the form of monetary assets, it is measured at the amount received orreceivable.
If a government grant is in the form ofnon-monetary assets, it is measured by the fair value of the assets; if the fair value ofthe assets granted cannotbereliably measured,the grantis measured bythe nominalvalue ofthe assetsandisrecognizedimmediatelyinprofitorlossfortherelevantperiod.
In general, the Company recognizes a government grant when it is actually received, and measures at the amount actually received. However, a government grant may be recognized as receivable if it is objectively evidential on the reporting date that conditions for the grant receipt are satisfied and thatthe grant is receivable.A governmentgrantisrecognizedasreceivableifallfollowingconditionsaresatisfied:
a. the amount of the grant is expressly stipulated in an official publication by the authorized governmental agency or can be reasonably estimated in accordance with fiscal pronouncement issued by the authorized governmentalagency,andtheestimateisnotsubjecttosignificantuncertainty;
b. the grant is officially disclosed as part of publicly disclosed fiscal subsidized projects by the local fiscal government bodies in accordance with the Government Information Disclosure Directives and is managed in accordance with the fiscal plan published and the management of the grant if not entity-specific, i.e., every eligibleentityisentitledtoapply;
c.thetermforpaymentisexpresslystipulated intheofficialpronouncement,andthepaymentisbackedby fiscalplanningsothatitisreasonabletoexpectreceiptwithinthetermofthepayment;
andd.otherconditions(inapplicable)needtobesatisfiedtakingintoaccounttheCompany'scircumstances. Grants related to assets are recognized as deferred income and amortized over the useful life of the relevant assets using the straight-line method.Agrant related to income is recognized as deferred income if it is related to expensesorlosstobeincurredinthefutureandiscarriedtoprofitorlossfortheperiodduringwhichtherelevant expenses or loss are recognized; it is recognized in profit or loss for the period during which it is received or becomesreceivable if itis relatedtoexpenses orlossalreadyincurred.Whenassets aresold, transferred,disposed or scraped before the end of useful life, the remaining differed income will be transferred to profit or loss in the currentperiodofassetdisposal.
The government grants related to the daily activities of the Company are included in other income or offsetting the related costs according to the substance of the economic business.The government grants unrelated
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 to the daily activities are included in the non-operating income and expenses.Where a recognized grant becomes repayable, the amount repayable is firstly charged to the remaining deferred income (if any); the remaining amount after charge to deferred income is recognized in profit or loss for the period during which it becomes repayable
26.Deferredincometaxassetsanddeferredincometaxliabilities
（1）Currentincometax
The currentincome tax liability (asset) on a balance-sheetdate is measured atthe amount of currentincome tax payable (receivable) computed in accordance with the relevant tax law. Current income tax expense is computed on the basis oftaxable profit (loss) which is the amount after the adjustment of the relevant accounting profit(loss)inaccordancewiththerelevanttaxlaw.
（2）Deferredtaxassetsanddeferredtaxliabilities
Deferred tax assets and deferred tax liabilities are recognized on an accrual basis for the temporary difference between the carrying amounts of assets and liabilities and their tax bases and the temporary difference arising from the difference in recognition criteria for assets and liabilities between CAS and relevant tax provisions.
No deferred tax liability is recognized for the temporary taxable difference arising from the initial recognition of goodwill and the initial recognition of assets and liabilities acquired or assumed resulting from transactions which are not business combination, and which do not have impact on both accounting profit and taxable profit (deductible tax loss) at the time of their occurrence. Similarly, the deferred tax liability is not recognized for temporary taxable difference associated with investments in subsidiaries, associates, and joint ventures if the Company can control the reverse of the temporary difference and it is probable that the temporary difference is not expected to reverse in the foreseeable future. Except for the circumstances described hereabove, thedeferredtaxliabilityisrecognizedforallothertaxabletemporarydifference.
No deferred tax asset is recognized for the temporary deductible difference arising from the initial recognition of assets and liabilities acquired or assumed resulting from transactions which are not a business combination,andwhichdonothaveanimpactonbothaccountingprofitandtaxableprofit(deductibletaxloss)at the time of their occurrence. Similarly, deferred tax asset is not recognized for temporary deductible difference associated with investments in subsidiaries, associates, and joint ventures if the Company can control the reverse of the temporary difference and it is probable that the temporary difference is not expected to reverse in the foreseeablefuture.Exceptforthecircumstancesdescribedhereabove,deferredtaxassetisrecognizedforallother deductible temporary difference to the extent that it is probable that taxable profit will be available against which thetemporarydeductibledifferencecanbeutilized.
Deferredtax assetis recognized fordeductible taxloss andtaxcreditcarrying forwardtothe extentthatitis probable that taxable profit will beavailable against which the deductible tax loss and tax creditcarryforward can beutilized.
Deferred tax assets and deferredtax liabilities are measured on a balance-sheetdate onthe basis of tax rates expected to be applicable in accordance with relevant tax law at the time when the relevant assets are recovered, orrelevantliabilitiessettled.
The carrying amount of deferred tax assets is reviewed on each balance sheet date. If it is probable that insufficient taxable profit is available to utilize the deferred tax assets, the carrying amount of deferred tax assets is reduced. When it is probable that sufficient taxable profit becomes available after the carrying amount of deferredtaxassetshasbeenreduced,thereductionisreversed.
（3） Incometaxexpenses
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Incometaxexpensesincludecurrentincometaxexpensesanddeferredincometaxexpenses.
All current income tax expenses (credit) and deferred income tax expenses (gains) are recognized inprofit or lossfor the relevantperiodexceptfora. currentincome tax anddeferredincome tax ontransactionsandevents which are accounted for in other comprehensive income or directly in equity, which are included in other comprehensive income or directly recognized in equity depending on the treatment of its underlying transactions and events, and b. deferred income tax arising from business combination, which is accounted for as an adjustmenttothecarryingamountoftherespectivegoodwill.
（4）Offsettingofincometax
A current income tax liability and current income tax asset are presented on (consolidated) financial statements after netting only if the Company is permitted by law to settle the asset and liability net in cash and is planningtodosoortorecovertheassetandsettletheliabilitysimultaneously.
A deferred tax asset and deferred tax liability are presented on (consolidated) financial statements after netting only if all of the following conditions are satisfied: the Company is permitted by law to settle the current asset and liability related to an income tax net in cash; and the deferred tax asset and deferred tax liability arising from thatincome taxisleviedbythesame tax authorityonthe same entityorondifferententities buttherelevant entities are planning to settle the underlying income tax net in cash or simultaneously recover the relevant assets and settle the relevant liabilities during each future period during which significant deferred tax assets and deferredtaxliabilitiesarereversed.
27.Changeofmainaccountingpoliciesandestimations
⑴Changeofaccountingpolicies
√Applicable□Notapplicable
①Changes in accounting policies resulting from the implementation of the new financial instrument guidelines
TheAccounting Standards for Enterprises No. 22 - Recognition and Measurement of Financial Instruments (Revised in 2017), the Accounting Standards for Enterprises No. 23 - Transfer of Financial Assets (Revised in 2017), and the Accounting Standards for Enterprises No. 24 - Hedge Accounting Standards for Enterprises (Revised in2017)(Accounting[2017] No.9)promulgated bythe MinistryofFinanceonMarch 31,2017,as well as the Accounting Standards for Enterprises No. 37 - Financial Instruments Presentation (Revised in 2017) (Accounting[2017] No. 14) (collectively referred to as "New Financial Instruments Standards") issued on May 2, 2017 requires domestic listed enterprises to implement the new standards from January 1, 2019. Guidelines for financialinstruments.
Through the resolutionof the25th(provisional) meeting ofthe eighth boardof directorsofthe Company on April 26, 2019, the Company began to implement the aforementioned new financial instrument guidelines on January1,2019.
All recognized financial assets under the new financial instrument standards are subsequently measured at the amortized cost or fair value. On the date of implementation of the new financial instrument standards, the business model of managing financial assets is evaluated on the basis of the existing facts and circumstances of the Company on that day, and the characteristics of contractual cash flow on the financial assets are evaluated on the basis of facts and circumstances at the time of initial recognition of financial assets. The financial assets are divided into three categories: measured according to the amortized cost and measured according to the public value. Value is measured and its changes are included in other comprehensive income and fair value, and its
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 changes are included in current profits and losses.Among them, when the financial asset terminates recognition, the accumulated gains or losses previously included in other comprehensive gains will be transferred from other comprehensivegainstoretainedgains,notintocurrentprofitsandlosses.
Under the new financial instrument standards, based on the expected credit loss, the Company makes provisionforimpairmentoffinancialassetsmeasuredbyamortizedcost,investmentindebtinstrumentsmeasured by fair value and its changes included in other comprehensive gains, lease receivables, contractual assets and financialguaranteecontracts,andconfirmsthelossofcreditimpairment.
The Company retrospectively applies the new financial instrument standards, but for classification and measurement (including impairment) involving the inconsistency between the previous comparative financial statement data and the new financial instrument standards, the Company chooses not to repeat.Therefore, for the cumulative impact of the first implementation of this standard, the Company adjusted the retained earnings or other comprehensive earnings at the beginning of 2019 and the amount of other related items in the financial statements,whichwerenotrestatedinthefinancialstatementsof2018.
The main changes and impacts of the implementation of the new financial instrument guidelines on our Companyareasfollows:
- On January 1, 2019 and beyond, the Company designated some non-tradable equity investments held as financial assets measured at fair value and included their changes in other comprehensive income, and reported themasinvestmentsinotherequityinstruments.
- For the long-term equity investment of associates, the Company re-classified and measured the financial instrumentsaccordingtothenewfinancialinstrumentstandards,andtheCompanyadjustedaccordinglyaccording totheequitymethod.
- The Company holds part of the debt instruments, whose cash flow generated on a specific date is only the payment of principal and interest based on the amount of unpaid principal, and the business model of the Company'smanagementofthefinancialassetsistocollectthecashflowofthecontract.TheCompanywilltakeit from other sources on January 1, 2019 and beyond. Non-current assets are reclassified to creditor's rights investment.
A. Comparison of financial assets classification and measurement before and after the first implementation date
a.Impactontheconsolidatedfinancialstatements
|||||||
|-|-|-|-|-|-|
|December31,2018(beforechange)|||January1,2019(afterthechange)|||
|Items|Measurementcategory|Bookvalue|Items|Measurementcategory|Bookvalue|
|Available-for-salesfinancialassets|Measuredatfairvalueandincludedinothercomprehensivebenefits(equityinstruments)|1,668,791,594.53|Investmentinotherequityinstruments|Measuredatfairvalueandincludedinothercomprehensiveearnings|1,668,791,594.53|
|long-termequityinvestments|Costmethod/equitymethod|3,145,644,970.07|long-term equityinvestments|Costmethod/equitymethod|3,145,355,906.88|

b.Impactonthefinancialstatement
|||||||
|-|-|-|-|-|-|
|December31,2018(beforechange)|||January1,2019(afterthechange)|||
|Items|Measurementcategory|Bookvalue|Items|Measurementcategory|Bookvalue|
|Available-for-salesfinancialassets|Measuredatfairvalueandincludedin|1,668,791,594.53|Investmentinotherequity|Measuredatfairvalueandincludedinother|1,668,791,594.53|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||||
|-|-|-|-|-|-|
||othercomprehensivebenefits(equityinstruments)||instruments|comprehensiveearnings||
|long-termequityinvestments|Costmethod/equitymethod|4,679,309,978.88|long-termequityinvestments|Costmethod/equitymethod|4,679,020,915.69|
|Othernon-currentassets|amortizedcost|692,903,684.98|Creditor'srightinvestment|amortizedcost|692,903,684.98|

B. On the first execution date, the book value of the original financial assets shall be adjusted to a new adjustment table for the book value of the financial assets classified and measured in accordance with the provisionsofthenewfinancialinstrumentstandards.
a.Impactonconsolidatedstatements
||||||
|-|-|-|-|-|
|Items|December31,2018(beforechange)|Re-Class|Re-measurement|January1,2019(afterchange)|
|Measured at fair value and included in othercomprehensiveearnings:|||||
|Available-for-salefinancialassets(originalguidelines)|1,668,791,594.53||||
|Lesstransfertoothercreditor'srightsinvestment|||||
|Less:transfertoothernon-currentfinancialassets|||||
|Less:transfertootherequityinstruments||1,668,791,594.53|||
|Balances shown in accordance with the new financialinstrumentguidelines|||||
|Investmentinotherequityinstruments|||||
|Add: transfer from available-for-sale financial assets(originalcriteria)||1,668,791,594.53|||
|Re-measurement:re-measurementatfairvalue|||||
|Balances shown in accordance with the new financialinstrumentguidelines||||1,668,791,594.53|

b.ImpactontheCompany'sfinancialstatements
||||||
|-|-|-|-|-|
|Items|December31,2018(beforechange)|Re-Class|Re-measurement|January1,2019(afterchange)|
|Amortizedcost|||||
|Othernon-currentassets(originalcriteria)|692,903,684.98||||
|Less:transfertocreditor'srightsinvestment||692,903,684.98|||
|Balances shown in accordance with the newfinancialinstrumentguidelines|||||
|Creditor'srightsinvestment|||||
|Add: transfer from other non-current assets(originalcriteria)||692,903,684.98|||
|Re-measurement:expectedcreditlosspreparation|||||
|Balances shown in accordance with the newfinancialinstrumentguidelines||||692,903,684.98|
|Measured at fair value and included in other|||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|comprehensiveearnings:||||
|Available-for-sale financial assets (originalguidelines)|1,668,791,594.53|||
|Less:transfertoothercreditor'srightsinvestment||||
|Less:transfertoothernon-currentfinancialassets||||
|Less:transfertootherequityinstruments||1,668,791,594.53||
|Balances shown in accordance with the newfinancialinstrumentguidelines||||
|Investmentinotherequityinstruments||||
|Add ： transfer from available-for-sale financialassets(originalcriteria)||1,668,791,594.53||
|Re-measurement:re-measurementatfairvalue||||
|Balances shown in accordance with the newfinancialinstrumentguidelines|||1,668,791,594.53|

C.Financialassetsimpairmentprovisionadjustmenttableonthefirstimplementationdate
a.Impactonconsolidatedstatements
||||||
|-|-|-|-|-|
|Measurementcategory|December31,2018(beforechange)|Re-Class|Re-measurement|January1,2019(afterchange)|
|Measured at fair value and included in othercomprehensivebenefits(debtinstruments)|||||
|Provision for impairment of available-for-salefinancialassets|37,020,000.00|37,020,000.00|||
|Investmentinotherequityinstruments||37,020,000.00||37,020,000.00|

 b.ImpactontheCompany'sfinancialstatements
||||||
|-|-|-|-|-|
|Measurementcategory|December31,2018(beforechange)|Re-Class|Re-measurement|January1,2019(afterchange)|
|Measured at fair value and included in other comprehensive benefits(debtinstruments)|||||
|Provisionforimpairmentofavailable-for-salefinancialassets|7,020,000.00|7,020,000.00|||
|Investmentinotherequityinstruments||7,020,000.00||7,020,000.00|

 D.ImpactonretainedearningsandothercomprehensiveearningsasofJanuary1,2019
|||||
|-|-|-|-|
|December31,2018|Consolidatedretainedearnings|Consolidatedsurplusreserve|Consolidationofothercomprehensivebenefits|
|December31,2018|3,938,609,136.59||245,109,114.81|
|1. Re-measurement of long-term equityinvestment|-11,353,413.48||11,064,350.29|
|January1,2019|3,927,255,723.11||256,173,465.10|

②Otheraccountingpolicychanges
E. OnApril30,2019,theNoticeoftheMinistry ofFinance onRevisingandIssuingtheFormatofFinancial
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Statements of General Enterprises (No. 6 Finance and Accounting[2019]) issued by the Ministry of Finance adjusts the format of financial statements of enterprises accordingly, and regulates that the detailed items of "management expenses" and"R&D expenses" should be separated from the items of "management expenses" in the profit statement; it also indicates that the actual government subsidies received should be listed in the item "cash received from other business activities". In response to such change of accounting policy, the Company adoptstheretroactiveadjustmentmethodtoretroactivelyadjusttheitemsreportedinthefinancialstatementsfrom JanuarytoJunein2018,asfollows:
a.Impactonconsolidatedstatements
|||||
|-|-|-|-|
|January-June2018|Beforeadjustment|AfterAdjustment|Change|
|AdministrativeFees|75,594,633.97|73,109,460.9|4 -2,485,173.03|
|R&Dexpense||2,485,173.0|3 2,485,173.03|
|Other cash receipts relating to operatingactivities|39,446,329.98|41,946,329.9|8 2,500,000.00|
|Receiptofothercashrelatedtofund-raisingactivities|2,500,000.00||-2,500,000.00|

b.ImpactontheCompany'sfinancialstatements
|||||
|-|-|-|-|
|January-June2018|Beforeadjustment|AfterAdjustment|Change|
|Other cash receipts relating to operatingactivities|46,329,459.08|48,829,459.08|2,500,000.00|
|Receiptofothercashrelatedtofund-raisingactivities|293,500,000.00|291,000,000.00|-2,500,000.00|

⑵Changeofaccountingestimations
□Applicable√Notapplicable
（3）AdjustmentstotheFinancialStatementsattheBeginningoftheFirstExecutionYearofanyNewStandards GoverningFinancialInstruments,RevenueorLeases
√Applicable□Notapplicable
|||||
|-|-|-|-|
|Items|December31,2018|Jan1,2019|Adjustment|
|Currentasset：||||
|Monetaryfund|2,124,524,996.32|2,124,524,996.32||
|Settlementprovision||||
|Outgoingcallloan||||
|Transactionalfinancialassets||||
|Financialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount||||
|Derivativefinancialassets||||
|Notesreceivable||||
|Accountreceivable|91,076,995.07|91,076,995.07||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|Items|December31,2018|Jan1,2019|Adjustment|
|Financingofreceivables||||
|Prepayments|1,912,943.40|1,912,943.40||
|Insurancereceivable||||
|Reinsurancereceivable||||
|ProvisionsofReinsurancecontractsreceivable||||
|Otheraccountreceivable|16,487,256.02|16,487,256.02||
|Including：Interestreceivable||||
|Dividendreceivable|1,205,472.90|1,205,472.90||
|Repurchasingoffinancialassets||||
|Inventories|81,017.91|81,017.91||
|Contractassets||||
|Assetsheldforsales||||
|Non-currentassetduewithin1year|51,745.32|51,745.32||
|Othercurrentasset||||
|Totalofcurrentassets|2,234,134,954.04|2,234,134,954.04||
|Non-currentassets：||||
|Loansandpaymentonother’sbehalfdisbursed||||
|Debtinvestment||||
|Availableforsaleoffinancialassets|1,668,791,594.53||-1,668,791,594.53|
|Otherinvestmentonbonds||||
|Expiredinvestmentinpossess||||
|Long-termreceivable||||
|Longtermshareequityinvestment|3,145,644,970.07|3,145,355,906.88|-289,063.19|
|Otherequityinstrumentsinvestment||1,668,791,594.53|1,668,791,594.53|
|Othernon-currentfinancialassets||||
|Propertyinvestment|3,579,007.54|3,579,007.54||
|Fixedassets|7,600,046,319.91|7,600,046,319.91||
|Constructioninprogress|1,089,473,425.63|1,089,473,425.63||
|Productionphysicalassets||||
|Oil&gasassets||||
|Userightassets||||
|Intangibleassets|5,739,020.48|5,739,020.48||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|Items|December31,2018|Jan1,2019|Adjustment|
|Developmentexpenses||||
|Goodwill||||
|Long-germexpensestobeamortized|1,221,781.88|1,221,781.88||
|Deferredincometaxasset|447,485,034.79|447,485,034.79||
|Othernon-currentasset|99,794,665.58|99,794,665.58||
|Totalofnon-currentassets|14,061,775,820.41|14,061,486,757.22|-289,063.19|
|Totalofassets|16,295,910,774.45|16,295,621,711.26|-289,063.19|
|Currentliabilities||||
|Short-termloans||||
|LoanfromCentralBank||||
|Borrowingfunds||||
|Transactionalfinancialliabilities||||
|Financialliabilitiesmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount||||
|Derivativefinancialliabilities||||
|Notespayable||||
|Accountpayable|203,779,190.74|203,779,190.74||
|Advancereceipts|12,039,708.01|12,039,708.01||
|Sellingofrepurchasedfinancialassets||||
|Deposittakingandinterbankdeposit||||
|Entrustedtradingofsecurities||||
|Entrustedsellingofsecurities||||
|Employees’wagepayable|13,122,437.17|13,122,437.17||
|Taxpayable|104,198,746.06|104,198,746.06||
|Otheraccountpayable|191,254,464.84|191,254,464.84||
|Including：Interestpayable|8,971,576.57|8,971,576.57||
|Dividendpayable|17,191,142.23|17,191,142.23||
|Feesandcommissionspayable||||
|Reinsurancefeepayable||||
|ContractLiabilities||||
|Liabilitiesheldforsales||||
|Non-currentliabilityduewithin1year|2,498,480,000.00|2,498,480,000.00||
|Othercurrentliability||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|Items|December31,2018|Jan1,2019|Adjustment|
|Totalofcurrentliability|3,022,874,546.82|3,022,874,546.82||
|Non-currentliabilities：||||
|Reservefundforinsurancecontracts||||
|Long-termloan|2,983,040,000.00|2,983,040,000.00||
|Bondpayable||||
|Including：preferredstock||||
|Sustainabledebt||||
|Leaseliability||||
|Long-termpayable|38,022,210.11|38,022,210.11||
|Long-termremunerationpayabletostaff||||
|Expectedliabilities||||
|Deferredincome||||
|Deferredincometaxliability|205,672,389.59|205,672,389.59||
|Othernon-currentliabilities||||
|Totalnon-currentliabilities|3,226,734,599.70|3,226,734,599.70||
|Totalofliability|6,249,609,146.52|6,249,609,146.52||
|Owners’ equity||||
|Sharecapital|2,090,806,126.00|2,090,806,126.00||
|Otherequityinstruments||||
|Including：preferredstock||||
|Sustainabledebt||||
|Capitalreserves|2,536,774,965.31|2,536,774,965.31||
|Less：Sharesinstock||||
|Othercomprehensiveincome|245,109,114.81|256,173,465.10|11,064,350.29|
|Specialreserve||||
|Surplusreserves|775,402,561.35|775,402,561.35||
|Commonriskprovision||||
|Retainedprofit|3,938,609,136.59|3,927,255,723.11|-11,353,413.48|
|Totalofowner’sequitybelongtotheparentcompany|9,586,701,904.06|9,586,412,840.87|-289,063.19|
|Minorityshareholders’ equity|459,599,723.87|459,599,723.87||
|Totalofowners’equity|10,046,301,627.93|10,046,012,564.74|-289,063.19|
|Totalofliabilitiesandowners’equity|16,295,910,774.45|16,295,621,711.26|-289,063.19|

Statementofadjustment
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Balancesheetofparentcompany
In RMB
|||||
|-|-|-|-|
|Items|December31,2018|Jan1,2019|Adjustment|
|Currentasset：||||
|Monetaryfund|2,096,597,568.04|2,096,597,568.04||
|Transactionalfinancialassets||||
|Financialassetsmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount||||
|Derivativefinancialassets||||
|Notesreceivable||||
|Accountreceivable|18,405,847.15|18,405,847.15||
|Financingofreceivables||||
|Prepayments|1,532,057.82|1,532,057.82||
|Otheraccountreceivable|9,323,782.66|9,323,782.66||
|Including:Interestreceivable|1,880,148.12|1,880,148.12||
|Dividendreceivable|1,205,472.90|1,205,472.90||
|Inventories||||
|Contractassets||||
|Assetsheldforsales||||
|Non-currentassetduewithin1year|100,000,000.00|100,000,000.00||
|Othercurrentasset||||
|Totalofcurrentassets|2,225,859,255.67|2,225,859,255.67||
|Non-currentassets：||||
|Debtinvestment||692,903,684.98|692,903,684.98|
|Availableforsaleoffinancialassets|1,668,791,594.53||-1,668,791,594.53|
|Otherinvestmentonbonds||||
|Expiredinvestmentinpossess||||
|Long-termreceivable||||
|Longtermshareequityinvestment|4,679,309,978.88|4,679,020,915.69|-289,063.19|
|Otherequityinstrumentsinvestment||1,668,791,594.53|1,668,791,594.53|
|Othernon-currentfinancialassets||||
|Propertyinvestment|3,326,869.29|3,326,869.29||
|Fixedassets|5,292,898,635.00|5,292,898,635.00||
|Constructioninprogress|1,060,230,773.10|1,060,230,773.10||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|Productionphysicalassets||||
|Oil&gasassets||||
|Userightassets||||
|Intangibleassets|1,741,277.53|1,741,277.53||
|Developmentexpenses||||
|Goodwill||||
|Long-germexpensestobeamortized||||
|Deferredincometaxasset|447,328,530.77|447,328,530.77||
|Othernon-currentasset|790,720,727.48|97,817,042.50|-692,903,684.98|
|Totalofnon-currentassets|13,944,348,386.58|13,944,059,323.39|-289,063.19|
|Totalofassets|16,170,207,642.25|16,169,918,579.06|-289,063.19|
|Currentliabilities||||
|Short-termloans||||
|Transactionalfinancialliabilities||||
|Financialliabilitiesmeasuredatfairvaluewithvariationsaccountedintocurrentincomeaccount||||
|Derivativefinancialliabilities||||
|Notespayable||||
|Accountpayable|124,833,335.72|124,833,335.72||
|Advancereceipts||||
|ContractLiabilities||||
|Employees’wagepayable|5,669,203.37|5,669,203.37||
|Taxpayable|10,297,144.52|10,297,144.52||
|Otheraccountpayable|142,457,135.79|142,457,135.79||
|Including:Interestpayable|8,373,096.36|8,373,096.36||
|Dividendpayable|17,191,142.23|17,191,142.23||
|Liabilitiesheldforsales||||
|Non-currentliabilityduewithin1year|2,327,180,000.00|2,327,180,000.00||
|Othercurrentliability|977,236,252.44|977,236,252.44||
|Totalofcurrentliability|3,587,673,071.84|3,587,673,071.84||
|Non-currentliabilities：||||
|Long-termloan|2,731,990,000.00|2,731,990,000.00||
|Bondpayable||||
|Including：preferredstock||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|Sustainabledebt||||
|Leaseliability||||
|Long-termpayable|38,022,210.11|38,022,210.11||
|Long-termremunerationpayabletostaff||||
|Expectedliabilities||||
|Deferredincome||||
|Deferredincometaxliability|88,220,604.00|88,220,604.00||
|Othernon-currentliabilities||||
|Totalnon-currentliabilities|2,858,232,814.11|2,858,232,814.11||
|Totalofliability|6,445,905,885.95|6,445,905,885.95||
|Owners’ equity||||
|Sharecapital|2,090,806,126.00|2,090,806,126.00||
|Otherequityinstruments||||
|Including：preferredstock||||
|Sustainabledebt||||
|Capitalreserves|2,948,663,196.93|2,948,663,196.93||
|Less：Sharesinstock||||
|Othercomprehensiveincome|245,109,114.81|256,173,465.10|11,064,350.29|
|Specialreserve||||
|Surplusreserves|759,558,277.70|759,558,277.70||
|Retainedprofit|3,680,165,040.86|3,668,811,627.38|-11,353,413.48|
|Totalofowners’ equity|9,724,301,756.30|9,724,012,693.11|-289,063.19|
|Totalofliabilitiesandowners’ equity|16,170,207,642.25|16,169,918,579.06|-289,063.19|

 Statementofadjustment
（4）Retrospective Restatement of Previous Comparative Data due to the First Execution ofany New Standards GoverningFinancialInstrumentsorLeases
□Applicable√Notapplicable
28.Significantaccountjudgmentandestimates
During the application of accounting policies, judgements, estimates, and presumption need to be made for elements of financial statements, which cannot be precisely measured due to inherent uncertainty existing in operating activities. The judgments, estimates, and presumption are made on the basis of the Company's past
experience and other relevant factors. The exercise of judgements, estimates, and presumption has an impact on
the measurement of revenue, expenses, assets and liabilities and the disclosure of contingent liabilities on the
balance sheet date. However, the inherent uncertainty of the judgments, estimates, and presumption may result in
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 futuresignificantadjustmentstobemadetothemeasurementoftheaffectedassetsandliabilities.
The judgments, estimates, and presumption are regularly reviewed on the basis of going concern. Where a change in accounting estimates is applicable, its impact on financial statements is recognized in the period during which the change occurs if the change has an impact on the financial statements for that period only; and in subsequentperiodsifthechangealsohasanimpactonthefinancialstatementsforsubsequentperiods.
Significant elements of financial statements and areas that are subject to judgements, estimates and presumptiononthebalance-sheetdateincludethefollowing.
（1）Impairmentoffinancialassets
The Company adopts the anticipated credit loss model to evaluate the impairment of financial instruments, which requires that significant judgments and estimates should be made and all reasonable and reliable information, including forward-looking information should be taken into account. In making such judgment and estimate, the Company deduces the expected change of debtor's credit risk based on historical data and macroeconomic indicators of economic policies, industrial risks, external market environment, technical environment,changesofcustomerconditionsandotherfactors.
（2）Provisionforimpairmentoflong-termassets.
Non-current assets are assessed for indicators of impairment on each balance sheet date. In addition, intangible assets with infinite useful life are subject to impairment testing on each balance-sheet date and whenever there is evidence indicating impairment; other non-financial non-current assets are subject to impairmenttestingonlyiftheirevidenceindicatingthatthecarryingamountbecomesnon-collectible.
Impairment exists when the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, which is higher ofthe residualamountafter deductingnecessaryexpenses fordisposalfromits fair value and the present value of its future cash flows. An asset's residual amount after deducting necessary expenses for disposal is determined by reference to the residual amount after deducting the incremental costs to dispose the asset from the selling price provided by contracts for sales of similar assets or the observable market price of similarassets.
When estimating the present value of future cash flows of an asset or cash-generating unit, significant judgments must be made regarding the production capacity, selling price, relevant operating costs of the asset or cash-generating unit and relevant discount rates for discounting the cash flows. The Company considers all available relevant information when determining the recoverable amount, including estimates regarding future production capacity, selling price and relevant operating costs made on the basis of reasonable and supportive presumption.
Goodwill is assessed for impairment at least annually. The assessment involves an estimate of the present value of the future cash flows associated with theassets or groups of assets to whichgoodwill has beenallocated. The estimate considers the future cash flows associated with the assets or groups of assets to which goodwill has beenallocatedandtheapplicablediscountratesforcashflowdiscounting.
（3）Depreciationandamortization
Investment property, fixed assets, and intangible assets are depreciated (amortized) over their useful lives using the straight-line method after considering of their residual value. Useful lives of these assets are regularly reviewed for the purpose of determining the depreciation and amortization recognized for each period. Useful livesaredeterminedonthebasisoftheCompany's pastexperienceonsimilarassetsandexpectednewtechnology development. If existing estimates change significantly, the adjustment is made to the depreciation and amortizationforfutureperiods.
（4）Deferredtaxassets
All unutilized tax loss is recognized as deferred tax assets to the extent it is probable that taxable profit will
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 be available against which the deductible tax loss can be utilized. Significant judgments are required to estimate thetimingandamountoffuturetaxable profitandtoconsidertaxplanningstrategy soastodeterminethenumber ofdeferredtaxassetstoberecognized.
VI.Taxation
1.Majorcategoryoftaxesandtaxrates
||||
|-|-|-|
|Taxcategory|Taxbasis|Taxrate|
|VAT|SalesbySalesofGoodsorTaxServices|3%、5%、6%、9%、10%、11%、13%|
|Citymaintenanceandconstructiontax|Theactualpaymentofturnovertax|5%、7%|
|Enterpriseincometax|Taxableincome|25%|

The applicable tax rates for VATsales or imported goods in ourcompany during the period from January to March 2019 are16% and10%. According to the Announcement of the Ministry of Finance, the State Administration ofTaxation and the GeneralAdministration of Customs on the Policies for Deepening the Reform of VAT (Announcement[2019] No. 39 of the Ministry of Finance, the State Administration of Taxation and theGeneralAdministrationofCustoms),theapplicabletaxratehasbeenadjustedto13%and9%sinceApril1,1919. Where there are tax payers of different enterprise income tax rates, the disclosure information indicates that there isnotaxpayer.
2.Preferentialtax
Nil
3.Other
Nil
VII.Notestothemajoritemsofconsolidatedfinancialstatement
1.MonetaryCapital
In RMB
||||
|-|-|-|
|Items|Amountinyear-end|BalanceYear-beginning|
|Cash|91,690.76|53,211.49|
|Bankdeposit|2,037,418,254.12|2,123,807,010.07|
|Other|515,006.17|664,774.76|
|Total|2,038,024,951.05|2,124,524,996.32|

 Othernote
On June 30,2019,The balance of restricted bank deposits at the end of the period was 1,221,200.00 yuan, which was the land reclamation fund deposited into the fund custody account for the reconstruction and expansion
projectofSanbaotoShuikousectionofFokaiExpressway.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 2.Accountreceivable
1.Classificationaccountreceivables.
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|Category|Amountinyear-end|||||BalanceYear-beginning|||||
||BookBalance||Baddebtprovision||Bookvalue|BookBalance||Baddebtprovision||Bookvalue|
||Amount|Proportion(%)|Amount|Proportion(%)||Amount|Proportion(%)|Amount|Proportion(%)||
|Accrualofbaddebtprovisionbysingleitem|||||||||||
|Ofwhich：|||||||||||
|Accrualofbaddebtprovisionbyportfolio|104,294,640.84|100.00%|1,176,879.99|1.13%|103,117,760.85|92,253,875.06|100.00%|1,176,879.99|1.28%|91,076,995.07|
|Ofwhich：|||||||||||
|Portfolio|104,294,640.84|100.00%|1,176,879.99|1.13%|103,117,760.85|92,253,875.06|100.00%|1,176,879.99|1.28%|91,076,995.07|
|Total|104,294,640.84|100.00%|1,176,879.99||103,117,760.85|92,253,875.06|100.00%|1,176,879.99||91,076,995.07|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Accrualofbaddebtprovisionbysingleitem:Nil
Accrualofbaddebtprovisionbysingleitem:Nil
Accrualofbaddebtprovisionbyportfolio:
InRMB
|||||
|-|-|-|-|
|Name|Balanceinyear-end|||
||Receivableaccounts|Baddebtprovision|Withdrawalproportion|
|Within1year|101,225,645.16|||
|1-2years|752,716.49|75,087.85|9.98%|
|2-3years|849,193.27|254,757.98|30.00%|
|3-4years|1,128,781.92|564,390.96|50.00%|
|4-5years|278,304.00|222,643.20|80.00%|
|Over5years|60,000.00|60,000.00|100.00%|
|Total|104,294,640.84|1,176,879.99|--|

Notesofthebasisofrecognizingtheportfolio:
Provisionforbaddebtsaccordingtotheageportfolio
Notesofthebasisofrecognizingthegroup:
Relevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodof otherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelof expectedcreditloss:
□ Applicable√Notapplicable
Disclosurebyaging
InRMB
|||
|-|-|
|Aging|Closingbalance|
|Within1year（Including1year）|101,225,645.16|
|Within1year|101,225,645.16|
|1-2years|752,716.49|
|2-3years|849,193.27|
|Over3years|1,467,085.92|
|3-4years|1,128,781.92|
|4-5years|278,304.00|
|Over5years|60,000.00|
|Total|104,294,640.84|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 (2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiod
Thewithdrawalamountofthebaddebtprovision：
InRMB
|||||||
|-|-|-|-|-|-|
|Category|Openingbalance|Amountofchangeinthecurrentperiod|||Closingbalance|
|||Accrual|Reversedorcollectedamount|Write-off||
|Portfolio1|1,176,879.99||||1,176,879.99|
|Total|1,176,879.99||||1,176,879.99|

 Ofwhichthesignificantamountofthereversedorcollectedpartduringthereportingperiod:Nil
（3）Thecurrentaccountsreceivablewrite-offssituation
Nil
（4）Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties
|||||
|-|-|-|-|
|Name|Amount|Proportion(%)|Baddebtprovision|
|GuangdongUnionElectronicServicesCo.,Ltd.|47,675,526.05|45.71||
|GuangdongHumenBridgeCo.,Ltd.|23,560,330.99|22.59||
|ShandongBoanIntelligentTechnologyCo.,Ltd|7,409,966.25|7.10||
|GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd.|4,819,475.01|4.62||
|ZhongyuanShippingTechnologyCo.,Ltd.|3,932,168.05|3.77||
|Total|87,397,466.35|83.79||

（5）Accountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassets
Nil
(6)Theamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccounts receivable
Nil
3.Prepayments
（1）Ageanalysis
In RMB
||||||
|-|-|-|-|-|
|Age|Balanceinyear-end||BalanceYear-beginning||
||Amount|Proportion（%）|Amount|Proportion（%）|
|Within1year|2,658,527.25|92.85%|1,708,205.40|89.30%|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||
|-|-|-|-|-|
|Over3years|204,738.00|7.15%|204,738.00|10.70%|
|Total|2,863,265.25|--|1,912,943.40|--|

Notesofthereasonsoftheprepaymentagesover1yearwithsignificantamountbutfailedsettledintime: Nil
(2)Top5oftheclosingbalanceoftheprepaymentcollectedaccordingtotheprepaymenttarget
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|Name||||||||Amount|Aging|Proportion(%)|
|Guangdong Litong Real estate InvestmentCo.,Ltd.||||||||735,092.38|Within1year|25.67|
|||||||||235,695.00|Within1year|8.23|
|Guangdong||power||transmission|||&||||
|transformationengineeringcompany|||||||||||
|||||||||152,800.00|Within1year|5.34|
|Guangdong|south||educational||science|and|||||
|technologyresearchinstitute|||||||||||
|Tianjing Kechang Huitong InformationTechnologyCo.,Ltd.||||||||134,339.62|Within1year|4.69|
|FoshanYingyaAdvertisingCo.,Ltd.||||||||35,000.00|Over3years|1.22|
|Total||||||||1,292,927.00||45.15|

 Othernotes:Nil
4.Otheraccountsreceivable
In RMB
||||
|-|-|-|
|Items|Balanceinyear-end|BalanceYear-beginning|
|Dividendreceivable|34,145,770.80|1,205,472.90|
|Otherreceivable|18,630,191.48|15,281,783.12|
|Total|52,775,962.28|16,487,256.02|

（1）Interestreceivable
Nil
（2）Dividendreceivable
1)Dividendreceivable
In RMB
||||
|-|-|-|
|Items|Balanceinyear-end|BalanceYear-beginning|
|GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise|1,205,472.90|1,205,472.90|
|GanzhouKangdaExpresswayCo.,Ltd.|21,000,000.00||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|GluoyuanSecuritiesCo.,Ltd.|11,940,297.90||
|Total|34,145,770.80|1,205,472.90|

（2）Significantdividendreceivableagedover1year
Nil
3）Bad-debtprovision
□Applicable√Notapplicable
Othernotes：Nil
（3） Otheraccountsreceivable
1)Otheraccountsreceivableclassifiedbythenatureofaccounts
In RMB
||||
|-|-|-|
|Nature|Closingbookbalance|Openingbookbalance|
|Balanceofsettlementfundsforsecuritiestransactions|47,528,056.18|47,528,056.18|
|Cashdeposit|8,230,858.96|7,813,222.94|
|GelinEnzeAccount|4,007,679.91|4,007,679.91|
|Pettycash|4,554,632.19|3,800,100.00|
|Advertisingandlaborcosts|1,023,421.29|924,266.65|
|Other|4,837,508.03|2,760,422.52|
|Total|70,182,156.56|66,833,748.20|

2）Bad-debtprovision
InRMB
||||||
|-|-|-|-|-|
|BadDebtReserves|Stage1|Stage2|Stage3|Total|
||Expectedcreditlossesoverthenext12months|Expectedcreditlossoverlife(nocreditimpairment)|Expectedcreditlossesfortheentireduration(creditimpairmentoccurred)||
|BalanceasatJanuary1,2019|16,228.99||51,535,736.09|51,551,965.08|
|BalanceasatJanuary1,2019incurrent|——|——|——|——|
|BalanceasatJune30,2019|16,228.99||51,535,736.09|51,551,965.08|

Lossprovisionchangesincurrentperiod,changeinbookbalancewithsignificantamount
□ Applicable√Notapplicable
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Disclosurebyaging
InRMB
|||
|-|-|
|Aging|Closingbalance|
|Within1year(Including1year）|10,683,833.96|
|Within1year|10,683,833.96|
|1-2years|3,143,087.25|
|2-3years|1,534,307.90|
|Over3years|54,820,927.45|
|3-4years|579,262.98|
|4-5years|772,029.18|
|Over5years|53,469,635.29|
|Total|70,182,156.56|

 3)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiod
Thewithdrawalamountofthebaddebtprovision：
InRMB
||||||
|-|-|-|-|-|
|Category|Openingbalance|Amountofchangeinthecurrentperiod||Closingbalance|
|||Accrual|Reversedorcollectedamount||
|Financialassetswithsignificantlydifferentcreditrisks|51,535,736.09|||51,535,736.09|
|Portfolio3|16,228.99|||16,228.99|
|Total|51,551,965.08|||51,551,965.08|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 esettlementagreementof 212,400.00yuan.
Wherethecurrentbaddebtsbackorrecoversignificantamounts:Nil
4)Theactualwrite-offotheraccountsreceivable:Nil
5)Top5oftheclosingbalanceoftheotheraccountsreceivablecolletedaccordingtothearrearsparty
InRMB
|||||||
|-|-|-|-|-|-|
|Name|Nature|Closingbalance|Aging|Proportionofthetotalyearendbalanceoftheaccountsreceivable(%)|Closingbalanceofbaddebtprovision|
|KunlunSecuritiesCo.,Ltd|Securitiestradingsettlementfunds|47,528,056.18|Over5years|67.72%|47,528,056.18|
|BeijingGelinEnze|Currentaccount|4,007,679.91|Over5years|5.71%|4,007,679.91|
|ShandongBoanIntelligentTechnologyCo.,Ltd.|Deposit|1,725,155.40|Within1year|2.46%||
|GuangdongLitongRealEstatesInvestmentCo.,Ltd.|Deposit|1,515,077.22|2-3years|2.16%||
|GuangdongGuanghuiExpresswayCo.,Ltd.|Deposit|1,462,587.90|Over4years|2.08%||
|Total|--|56,238,556.61|--|80.13%|51,535,736.09|

 (6)Accountsreceivableinvolvedwithgovernmentsubsidies
Nil
(7)OtheraccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNil (8)Theamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofotheraccounts receivable
Nil
9.Inventories
Whetherimplementednewrevenueguidelines?
□Yes√No
（1）CategoryofInventory
InRMB
||||
|-|-|-|
|Items|Closingbookbalance|Openingbookbalance|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||||
|-|-|-|-|-|-|-|
||Bookbalance|Provisionforinventoryimpairment|Bookvalue|Bookbalance|Provisionforinventoryimpairment|Bookvalue|
|Rawmaterials|110,142.49||110,142.49|81,017.91||81,017.91|
|Total|110,142.49||110,142.49|81,017.91||81,017.91|

 Whetherthecompanyisrequiredtocomplywiththe"ShenzhenStockExchangeIndustryInformationDisclosure GuidelinesNo.4-listedcompaniesengagedinseedindustry,plantingbusiness"disclosurerequirements
No
(2)Inventorydepreciationreserve
Nil
(3)DescriptionofTheclosingbalanceofinventoriescontaintheamountofborrowingcostscapitalized
Nil
6.Non-currentassetduewithin1year
In RMB
||||
|-|-|-|
|Items|Year-endbalance|Year-beginningbalance|
|Advancebusinesstax|51,745.32|51,745.32|
|Total|51,745.32|51,745.32|

Othernote：
||||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Debt|investments|and|other|debt|investments|due|within|one|important|year|of|the|end|of|the|period|

 7.Available-for-salefinancialassets
|||||
|-|-|-|-|
|Items|Amountinyear-end|||
||Bookbalance|Baddebtprovision|Bookvalue|
|Available-for-saledebtInstruments||||
|Available-for-sale equityInstruments|1,705,811,594.5|3 37,020,000.00|1,668,791,594.53|
|Measuredbyfairvalue|870,443,292.8|0|870,443,292.80|
|Measuredbycost|835,368,301.7|3 37,020,000.00|798,348,301.73|
|Other||||
|Total|1,705,811,594.5|3 37,020,000.00|1,668,791,594.53|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 8.Long-termequityinvestment
InRMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|Investees|Openingbalance|Increase/decrease||||||||Closingbalance|Closingbalanceofimpairmentprovision|
|||Additionalinvestment|Negativeinvestment|Investmentprofitandlossrecognizedundertheequitymethod|Adjustmentofothercomprehensiveincome|Changesofotherequity|Cashbonusorprofitsannouncedtoissue|Withdrawalofimpairmentprovision|Other|||
|I.Jointventure||||||||||||
|GuangdongGuanghuiExpresswayCo.,Ltd.|992,521,223.58|||143,481,952.02||25,795,500.00|84,638,655.14|||1,077,160,020.46||
|ZhaoqingYuezhaoHighwayCo.,Ltd.|307,172,338.10|||27,819,228.16|||53,207,865.41|||281,783,700.85||
|Subtotal|1,299,693,561.68|||171,301,180.18||25,795,500.00|137,846,520.55|||1,358,943,721.31||
|2.AffiliatedCompany||||||||||||
|ShenzhenHuiyanExpressway|230,553,756.87|||16,104,358.08||||||246,658,114.95||
|GuangdongJiangzhongExpresswayCo.,.Ltd.|175,324,643.76|||10,932,203.70||||||186,256,847.46||
|GanzhouKangdaExpressway|219,985,018.52|||17,339,428.35|||21,000,000.00|||216,324,446.87||
|GanGanzhouGankangExpressway|209,995,910.71|||4,937,249.59||||||214,933,160.30||
|GuangdongYuekeTechnologyPettyLoanCo.,Ltd.|219,693,558.27|||7,188,376.76||||||226,881,935.03||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||||
|-|-|-|-|-|-|-|
|GuoyuanSecuritiesCo.,Ltd.|790,109,457.07|9,910,201.43|-470,449.14||11,940,297.90|787,608,911.46|
|Subtotal|1,845,662,345.20|66,411,817.91|-470,449.14||32,940,297.90|1,878,663,416.07|
|Total|3,145,355,906.88|237,712,998.09|-470,449.14|25,795,500.00|170,786,818.45|3,237,607,137.38|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 9.OtherEquityinstrumentinvestment
InRMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|GuangleExpresswayCo.,Ltd.|748,348,301.73|748,348,301.73|
|GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise|50,000,000.00|50,000,000.00|
|ChinaEverbrightBankCo.,Ltd.|896,321,336.64|870,443,292.80|
|HuaxiaSecuritiesCo.,Ltd.（Notes1）|0.00|0.00|
|HuazhengAssetManagementCo.,Ltd.（Notes2）|0.00|0.00|
|KunlunSecuritiesCo.,Ltd.（Notes3）|0.00|0.00|
|Total|1,694,669,638.37|1,668,791,594.53|

 Note 1: The owner's equity of Huaxia Securities Co., Ltd. was negative and it entered liquidation procedure in December 2005. The Company made full provision for impairment in respect of this long-term equity investment ofRMB5.4million.
Note 2:According to De Wei Ping Gu Zi 2005 No. 88Appraisal Report issued by Beijing DeweiAppraisal Co., Ltd. As the June 30, 2005, the amount of net assets of Huazheng Asset Management Co., Ltd. in book was 279.132millionyuanandtheappraisedvaluewas-2299.5486millionyuan,OnOctober14,2005,JianyinCITIC Asset Management Co., Ltd. issued the Letter of Soliciting Opinions on Equity Assignment to the Company. Jianyin CITIC Asset Management Co., Ltd. was willing to pay the price of not more than 42 million yuanto acquire100% equity of Huazheng Asset Management Co., Ltd. and solicited the Company's opinions. The Company replied on December 5, 2005, abandoning the preemptive right under the same conditions. The Companymadeprovisionof1.3932 millionyuanfor impairmentinrespectofthis long-term equity investmentof 1.62millionyuan.
Note 3.The owner's equity of Kunlun Securities Co., Ltd. was negative and it entered liquidation procedure in October 2005. A wholly owned subsidiary of Guangdong Expressway Technology Investment Co., Ltd. Will investKunlunSecuritiesCo.,Ltd.'sfullprovisionforimpairmentof30millionyuan.
Breakdowndisclosureofinvestmentinnon-tradableequityinstrumentsinthecurrentperiod
InRMB
||||||||
|-|-|-|-|-|-|-|
|Items|Dividendincomerecognized|Cumulativegain|Cumulativeloss|Amount ofotherconsolidatedincometransferred toretainedearnings|Reasons fordesignation asmeasured at fairvalue and changesincluded in othercomprehensiveincome|Reasons forotherconsolidatedincometransferred toretainedearnings|
|GuangleExpresswayCo.,Ltd.|||||Non-transactionalpurposefor||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
||||shareholding|
|GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise|652,822.25||Non-transactionalpurposeforshareholding|
|ChinaEverbrightBankCo.,Ltd.|37,876,045.98|378,760,459.84|Non-transactionalpurposeforshareholding|
|HuaxiaSecuritiesCo.,Ltd.|||Non-transactionalpurposeforshareholding|
|HuazhengAssetManagementCo.,Ltd.|||Non-transactionalpurposeforshareholding|
|KunlunSecuritiesCo.,Ltd.|||Non-transactionalpurposeforshareholding|

Othernotes：Nil
10.Investmentproperty
(1)Investmentpropertyadoptedthecostmeasurementmode
√Applicable□Notapplicable
In RMB
||||||
|-|-|-|-|-|
|Items|Housesandbuildings|Landuseright|Constructioninprogress|Total|
|I.Originalvalue|||||
|1.Openingbalance|12,664,698.25|2,971,831.10||15,636,529.35|
|2.Increased amount oftheperiod|||||
|（1）Outsourcing|||||
|(2)Inventory, Fixedassets andConstruction projectinto|||||
|(3)Enterpriseconsolidation|||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|3.Decreasedamountoftheperiod||||
|（1）Disposal||||
|（2）OtherOut||||
|4.Closingbalance|12,664,698.25|2,971,831.10|15,636,529.35|
|II.Accumulateddepreciationaccumulatedamortization||||
|1.Openingbalance|10,373,153.97|1,684,367.84|12,057,521.81|
|2.Increased amount oftheperiod|100,163.25|36,784.68|136,947.93|
|(1)Withdrawal oramortization|100,163.25|36,784.68|136,947.93|
|3.Decreasedamountoftheperiod||||
|（1）Disposal||||
|（2）OtherOut||||
|4.Closingbalance|10,473,317.22|1,721,152.52|12,194,469.74|
|III. Impairmentprovision||||
|1.Openingbalance||||
|2.Increased amount oftheperiod||||
|（1）Withdrawal||||
|3.Decreasedamountoftheperiod||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|（1）Disposal||||
|（2）OtherOut||||
|4.Closingbalance||||
|IV.Bookvalue||||
|1.Closingbookvalue|2,191,381.03|1,250,678.58|3,442,059.61|
|2.Openingbook|2,291,544.28|1,287,463.26|3,579,007.54|

 (2)Investmentpropertyadoptedfairvaluemeasurementmode
□Applicable√Notapplicable
(3)Detailsofinvestmentpropertyfailedtoaccomplishcertificationofproperty
In RMB
||||
|-|-|-|
|Items|Bookbalance|Reason|
|Transportationandotherancillaryfacilities|1,514,070.42|Transportationandotherancillaryfacilities,Notaccreditation|

(4)Realestateconversion:
Nil.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 11.Fixedassets
InRMB
||||
|-|-|-|
|Items|Year-endbalance|Year-beginningbalance|
|Fixedassets|7,911,422,302.11|7,600,046,319.91|
|liquidationoffixedassets|11,338.86||
|Total|7,911,433,640.97|7,600,046,319.91|

(1)Listoffixedassets
InRMB
||||||||||
|-|-|-|-|-|-|-|-|-|
|Items|GuangfoExpressway|FokaiExpressway|JingzhuExpresswayGuangzhusection|Houseandbuildings|Machineryequipment|Transportationequipment|Electricityequipmentandother|Total|
|I.Originalprice|||||||||
|1.Openingbalance|1,460,270,190.66|8,988,726,518.80|4,798,270,209.11|342,597,957.59|122,698,641.11|48,745,472.07|659,423,683.35|16,420,732,672.69|
|2.Increasedamountoftheperiod||677,371,219.45||453,016.00|24,456,055.29|606,062.20|13,570,262.33|716,456,615.27|
|（1）Purchase||||||606,062.20|472,154.38|1,078,216.58|
|（2）Transferofprojectunderconstruction||677,371,219.45||453,016.00|24,456,055.29||13,098,107.95|715,378,398.69|
|(3)IncreasedofEnterpriseconsolidation|||||||||
|3.Decreased amount of|||||1,241,560.00|558,232.00|25,704,639.81|27,504,431.81|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||||||
|-|-|-|-|-|-|-|-|-|
|Items|GuangfoExpressway|FokaiExpressway|JingzhuExpresswayGuangzhusection|Houseandbuildings|Machineryequipment|Transportationequipment|Electricityequipmentandother|Total|
|theperiod|||||||||
|（1）Disposalorscrap|||||1,241,560.00|558,232.00|25,704,639.81|27,504,431.81|
|4.Closingbalance|1,460,270,190.66|9,666,097,738.25|4,798,270,209.11|343,050,973.59|145,913,136.40|48,793,302.27|647,289,305.87|17,109,684,856.15|
|II. Accumulateddepreciation|||||||||
|1.Openingbalance|1,460,270,190.66|3,940,158,837.04|2,625,645,410.16|232,333,164.38|71,147,743.72|38,419,504.01|452,711,502.81|8,820,686,352.78|
|2.Increasedamountoftheperiod||258,648,669.85|110,175,156.27|6,740,911.11|6,561,004.35|1,343,196.17|18,970,099.01|402,439,036.76|
|（1）Withdrawal||258,648,669.85|110,175,156.27|6,740,911.11|6,561,004.35|1,343,196.17|18,970,099.01|402,439,036.76|
|3.Decreased amount oftheperiod|||||1,179,482.00|502,408.80|23,180,944.70|24,862,835.50|
|（1）Disposalorscrap|||||1,179,482.00|502,408.80|23,180,944.70|24,862,835.50|
|4.Closingbalance|1,460,270,190.66|4,198,807,506.89|2,735,820,566.43|239,074,075.49|76,529,266.07|39,260,291.38|448,500,657.12|9,198,262,554.04|
|II. Accumulateddepreciation|||||||||
|1.Openingbalance|||||||||
|2.Increasedamountof|||||||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||||||
|-|-|-|-|-|-|-|-|-|
|Items|GuangfoExpressway|FokaiExpressway|JingzhuExpresswayGuangzhusection|Houseandbuildings|Machineryequipment|Transportationequipment|Electricityequipmentandother|Total|
|theperiod|||||||||
|（1）Withdrawal|||||||||
|3.Decreasedamountoftheperiod|||||||||
|（1）Disposalorscrap|||||||||
|4.Closingbalance|||||||||
|IV.Bookvalue|||||||||
|1.Closingbookvalue||5,467,290,231.36|2,062,449,642.68|103,976,898.10|69,383,870.33|9,533,010.89|198,788,648.75|7,911,422,302.11|
|2.Openingbook||5,048,567,681.76|2,172,624,798.95|110,264,793.21|51,550,897.39|10,325,968.06|206,712,180.54|7,600,046,319.91|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019⑵Temporarilyidlefixedassets
Nil
⑶Fixedassetsthroughfinancialleasing
Nil
⑷Tenancyoffixedassetsthroughoperatinglease
Nil
⑸Detailsoffixedassetsfailedtoaccomplishcertificationofproperty
InRMB
||||
|-|-|-|
|Items|Bookvalue|Reason|
|Houseandbuildings|78,592,579.67|Transportationandotherancillaryfacilities,Notaccreditation|

（6）Liquidationoffixedassets
InRMB
||||
|-|-|-|
|Items|Year-endbalance|Year-beginningbalance|
|Otherequipmentscrapcleaning|11,338.86||
|Total|11,338.86||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 12.Projectunderconstruction
InRMB
||||
|-|-|-|
|Items|Year-endbalance|Year-beginningbalance|
|Projectunderconstruction|834,325,807.36|1,087,923,869.63|
|Engineeringmaterial|1,549,556.00|1,549,556.00|
|Total|835,875,363.36|1,089,473,425.63|

（1）Projectunderconstruction
InRMB
||||||||
|-|-|-|-|-|-|-|
|Items|Year-endbalance|||Year-beginningbalance|||
||Bookbalance|Provisionfordevaluation|Bookvalue|Bookbalance|Provisionfordevaluation|Bookvalue|
|Sanbao-ShuikouExpansionproject|788,231,558.91||788,231,558.91|1,052,834,193.16||1,052,834,193.16|
|BridgedeckpavementprojectofhailongBridge|1,382,928.49||1,382,928.49|1,382,928.49||1,382,928.49|
|MinzhongServiceareareconstructionproject|29,178,686.23||29,178,686.23|18,210,698.73||18,210,698.73|
|Urbantollstationproject|5,053,672.53||5,053,672.53|5,008,642.53||5,008,642.53|
|Oddproject|10,478,961.20||10,478,961.20|10,487,406.72||10,487,406.72|
|Total|834,325,807.36||834,325,807.36|1,087,923,869.63||1,087,923,869.63|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 (2)Changesofsignificantconstructioninprogress
InRMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Nameofproject|Budget|Openingbalance|Increase|Transferredtofixedassets|Otherdecrease|Endbalance|Proportion%|Projectprocess|Capitalizationofinterest|Including:capitalizationofInterestthisperiod|Capitalizationofinterestrate(%)|Sourceoffunding|
|Sanbao-ShuikouExpansionproject|3,426,206,700.00|1,052,834,193.16|450,266,164.45|714,868,798.70||788,231,558.91|58.87%|58.87|56,941,383.47|12,717,031.46|2.75%|Self-financingandLoansfromfinancialinstitutions|
|Total|3,426,206,700.00|1,052,834,193.16|450,266,164.45|714,868,798.70||788,231,558.91|--|--|56,941,383.47|12,717,031.46|2.75%|--|

(3)Provisionforimpairmentofconstructionprojectsinthecurrentperiod
Nil
（4）Engineeringmaterial
In RMB
||||||||
|-|-|-|-|-|-|-|
|Items|Balanceinyear-end|||BalanceYear-beginning|||
||Bookbalance|Provisionfordevaluation|Bookvalue|Bookbalance|Provisionfordevaluation|Bookvalue|
|Signpost|1,549,556.00||1,549,556.00|1,549,556.00||1,549,556.00|
|Total|1,549,556.00||1,549,556.00|1,549,556.00||1,549,556.00|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 13.Intangibleassets
(1)Listofintangibleassets
In RMB
|||||||
|-|-|-|-|-|-|
|Items|Landuseright|Patentright|Non-patentright|Software|Total|
|I.Originalprice||||||
|1.Openingbalance|1,311,658.00|||28,619,133.57|29,930,791.57|
|2.Increasedamountoftheperiod||||||
|(1)Purchase||||||
|(2)InternalDevelopment||||||
|(3)IncreasedofEnterpriseCombination||||||
|3.Decreased amount of theperiod||||||
|（1）Disposal||||||
|4.Closingbalance|1,311,658.00|||28,619,133.57|29,930,791.57|
|II.Accumulatedamortization||||||
|1.Openingbalance|1,311,658.00|||22,880,113.09|24,191,771.09|
|2.Increasedamountoftheperiod||||1,184,929.43|1,184,929.43|
|(1)Withdrawal||||1,184,929.43|1,184,929.43|
|3.Decreased amount of theperiod||||||
|（1）Disposal||||||
|4.Closingbalance|1,311,658.00|||24,065,042.52|25,376,700.52|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||||
|-|-|-|-|-|-|
|Items|Landuseright|Patentright|Non-patentright|Software|Total|
|III.Impairmentprovision||||||
|1.Openingbalance||||||
|2.Increasedamountoftheperiod||||||
|(1)Withdrawal||||||
|3.Decreasedamountoftheperiod||||||
|（1）Disposal||||||
|4.Closingbalance||||||
|IV.Bookvalue||||||
|1.Closingbookvalue||||4,554,091.05|4,554,091.05|
|2.Openingbookvalue||||5,739,020.48|5,739,020.48|

Theintangibleassetsbytheendoftheformationofthecompany'sinternalR&Daccountedoftheproportionof thebalanceofintangibleassets
⑵DetailsofLanduserightfailedtoaccomplishcertificationofproperty
Nil
(3)intangibleassetswithuncertainservicelife
Nil
(4)Importantindividualintangibleassets
Nil
(5)Conditionsofintangibleassetssubjecttorestrictionsonownershiporrightofuse
Nil
14.Long-termamortizeexpenses
In RMB
|||||||
|-|-|-|-|-|-|
|Items|Balanceinyear-begin|Increaseinthisperiod|Amortizedexpenses|Otherloss|Balanceinyear-end|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|RentalfeeforGuangzhuNorthSectionsportground|1,221,781.88|53,508.72|1,168,273.16|
|Total|1,221,781.88|53,508.72|1,168,273.16|

 15.Deferredincometaxassets/deferredincometaxliabilities
(1)Deferredincometaxassetshadnotbeenoff-set
In RMB
||||||
|-|-|-|-|-|
|Items|Balanceinyear-end||BalanceYear-beginning||
||Deductibletemporarydifference|Deferredincometaxassets|Deductibletemporarydifference|Deferredincometaxassets|
|Deductibleloss|1,126,696,090.04|281,674,022.51|1,281,389,685.73|320,347,421.43|
|Fixedassets|486,210,744.68|121,552,686.17|506,674,347.73|126,668,586.93|
|Intangibleassets|561,287.20|140,321.80|1,876,105.71|469,026.43|
|Total|1,613,468,121.92|403,367,030.48|1,789,940,139.17|447,485,034.79|

 (2)Deferredincometaxliabilitieshadnotbeenoff-set
In RMB
||||||
|-|-|-|-|-|
|Items|Balanceinyear-end||BalanceYear-beginning||
||Deductibletemporarydifference|Deferredincometaxliabilities|Deductibletemporarydifference|Deferredincometaxliabilities|
|Changesinthefairvalueofotherequityinstruments|378,760,459.84|94,690,114.96|352,882,416.00|88,220,604.00|
|Fixedassets|433,956,737.96|108,489,184.49|469,807,142.34|117,451,785.59|
|Total|812,717,197.80|203,179,299.45|822,689,558.34|205,672,389.59|

（3）DeferredtaxassetsofLiabilitiesthatarepresentedatthenetamountafteroffsetting
Nil
（4）Detailsofunrecognizeddeferredtaxassets
In RMB
||||
|-|-|-|
|Items|Balanceinyear-end|BalanceYear-beginning|
|Deductibletemporarydifferences|89,748,845.07|89,748,845.07|
|Deductiblelosses|5,781,345.15|8,796,952.44|
|Total|95,530,190.22|98,545,797.51|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019（5）Deductiblelossesoftheun-recognizeddeferredincometaxassetwillexpireinthefollowingyears
In RMB
|||||
|-|-|-|-|
|Year|Balanceinyear-end|BalanceYear-beginning|Remark|
|2019||3,456,570.30||
|2020||||
|2021||||
|2022|1,133,109.04|2,121,083.91||
|2023|3,137,842.72|3,219,298.23||
|2024|1,510,393.39|||
|Total|5,781,345.15|8,796,952.44|--|

Othernotes：
16.OtherNon-currentassets
Whetherimplementednewrevenueguidelines?
□Yes√No
InRMB
||||
|-|-|-|
|Items|Balanceinyear-end|BalanceYear-beginning|
|PrepaidProjectfee|29,790,591.16|49,890,408.41|
|Prepaidbusinesstax|492,900.42|518,773.08|
|Deductibleimporttax|85,425,596.24|49,385,484.09|
|Less：Partduewithin1year|||
|Total|115,709,087.82|99,794,665.58|

Othernotes：
17.Accountpayable
（1） Listofaccountpayable
InRMB
||||
|-|-|-|
|Items|Balanceinyear-end|BalanceYear-beginning|
|Within1year（Including1year）|79,648,896.66|84,200,629.90|
|1-2years（including2years）|18,724,164.80|8,911,247.40|
|2-3years（including3years）|7,471,269.20|84,119,053.06|
|Over3years|109,595,484.17|26,548,260.38|
|Total|215,439,814.83|203,779,190.74|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019（2）Significantpayableagingmorethan1year
In RMB
||||
|-|-|-|
|Items|Balanceinyear-end|Reason|
|HeshanLandandresourcesBureau|38,186,893.60|Unsettled|
|FoshanLandandresourcesBureau.ChanchengBranch|13,700,178.00|Unsettled|
|FoshanLandandresourcesBureau.|11,335,478.40|Unsettled|
|GuangdongHighwayConstructionCo.,Ltd.|25,630,651.00|Unsettled|
|GuangdongExpresswayCo.,Ltd.|8,746,491.18|Unsettled|
|GuangdongXinyueTrafficInvestmentCo.,Ltd.|1,829,141.32|Unsettled|
|ThethirdResearchInstituteoftheMinistryofPublicSecurity|6,424,475.20|Unsettled|
|DongguanYongyaoPhotoelectricityTechnologyCo.,Ltd.|2,388,817.70|Unsettled|
|Total|108,242,126.40|--|

Othernotes：
18.Prepaymentreceived
Whetherimplementednewrevenueguidelines?
□Yes√No
(1)ListofPrepaymentreceived
In RMB
||||
|-|-|-|
|Items|Balanceinyear-end|BalanceYear-beginning|
|Within1year（Including1year）|215,840.47|516,610.46|
|1-2years（Including2years）|||
|2-3years（Including3years）||419,601.44|
|Over3years|11,509,298.49|11,103,496.11|
|Total|11,725,138.96|12,039,708.01|

 (2)Significantadvancefromcustomersagingoveroneyear
In RMB
||||
|-|-|-|
|Items|Balanceinyear-end|Unpaid/Uncarryoverreason|
|GuangzhouHuanlongExpresswayCo.,|9,229,313.18|Landrentisnotinthesettlementperiod|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Ltd.|||
|GuanghdongXinleTechnologyDevelopmentCo.,Ltd.|1,757,170.13|TheRentalisnotinthesettlementperiod|
|Total|10,986,483.31|--|

19.PayableEmployeewage
（1）PayableEmployeewage
In RMB
||||||
|-|-|-|-|-|
|Items|Year-beginningbalance|Increaseinthecurrentperiod|Decreaseinthecurrentperiod|Year-endbalance|
|I.Short-termcompensation|13,122,437.17|131,540,765.12|127,852,673.86|16,810,528.43|
|II.Post-employment benefits- definedcontributionplans||20,234,926.19|18,922,057.52|1,312,868.67|
|Total|13,122,437.17|151,775,691.31|146,774,731.38|18,123,397.10|

（2）Short-termRemuneration
In RMB
||||||
|-|-|-|-|-|
|Items|Year-beginningbalance|Increaseinthecurrentperiod|Decreaseinthecurrentperiod|Year-endbalance|
|1.Wages,bonuses,allowancesandsubsidies|628,563.49|96,560,819.61|92,603,286.95|4,586,096.15|
|2.Employeewelfare||8,294,025.59|8,268,433.50|25,592.09|
|3.Socialinsurancepremiums||9,030,523.22|9,024,732.34|5,790.88|
|Including ：Medicalinsurance||5,950,272.65|5,945,195.29|5,077.36|
|Workinjuryinsurance||151,140.26|151,079.52|60.74|
|Maternityinsurance||823,534.50|822,881.72|652.78|
|Supplementarymedicalinsurance||2,105,575.81|2,105,575.81||
|4.Publicreservesforhousing||13,332,834.00|13,322,552.00|10,282.00|
|5.Unionfundsandstaffeducationfee|11,817,868.74|3,248,185.04|3,560,531.41|11,505,522.37|
|6.OtherShort-termremuneration||3,600.00|3,600.00||
|8.Other|676,004.94|1,070,777.66|1,069,537.66|677,244.94|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||
|-|-|-|-|-|
|Total|13,122,437.17|131,540,765.12|127,852,673.86|16,810,528.43|

（3）Definedcontributionplanslisted
In RMB
||||||
|-|-|-|-|-|
|Items|BalanceYear-beginning|Increaseinthisperiod|Payableinthisperiod|Balanceinyear-end|
|1.Basicold-ageinsurancepremiums||11,350,594.44|11,341,888.96|8,705.48|
|2.Unemploymentinsurance||433,378.99|433,010.35|368.64|
|3.Enterpriseannuitypayment||8,450,952.76|7,147,158.21|1,303,794.55|
|Total||20,234,926.19|18,922,057.52|1,312,868.67|

Othernotes：
20.TaxPayable
In RMB
||||
|-|-|-|
|Items|Balanceinyear-end|BalanceYear-beginning|
|VAT|9,558,893.25|13,473,944.70|
|EnterpriseIncometax|83,409,953.90|85,375,209.49|
|IndividualIncometax|95,911.15|3,551,727.77|
|CityConstructiontax|510,507.83|793,960.96|
|Landusetax|607,742.40|200,454.00|
|Propertytax|619,943.82|155,413.34|
|Educationsubjoin|247,654.02|371,885.57|
|LocalityEducationsubjoin|151,087.55|233,892.04|
|Stamptax|3,744.73|26,304.47|
|Other|2,460.00|15,953.72|
|Total|95,207,898.65|104,198,746.06|

Othernotes：
21.Otheraccountspayable
In RMB
||||
|-|-|-|
|Items|Balanceinyear-end|BalanceYear-beginning|
|Interestpayable|17,157,289.56|8,971,576.57|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Dividendpayable|21,150,413.70|17,191,142.23|
|Otheraccountpayable|246,255,948.01|165,091,746.04|
|Total|284,563,651.27|191,254,464.84|

（1）Interestpayable
InRMB
||||
|-|-|-|
|Items|Balanceinyear-end|BalanceYear-beginning|
|Paytheinterestforlong-termloansbyinstallments.|6,702,057.71|7,832,311.57|
|Interestonmedium-termbills|9,091,506.85||
|Interestpayableonentrustedloans|1,363,725.00|1,139,265.00|
|Total|17,157,289.56|8,971,576.57|

 -Particularsofsignificantoverdueunpaidinterest
Nil
（2）Dividendspayable
In RMB
||||
|-|-|-|
|Items|Balanceinyear-end|BalanceYear-beginning|
|Commonstockdividends|21,150,413.70|17,191,142.23|
|Total|21,150,413.70|17,191,142.23|

 Note:Includingsignificantunpaiddividendspayableoveroneyear,theunpaidreasonshallbedisclosed:
Finaldividendpayable16,962,838.73yuan formorethanayearinunpaiddividendstoshareholdersovertheyear wasmainlyduetonon-paymentofshareholderdividendsdidnotprovideinformationoninterest-bearingbank,di d not share reform of shareholders to receive dividends or provide application to receive dividends the bankinfor mationisincorrect,resultinginfailuretopayadividendorrefund.
（3）Otheraccountspayable
(1)Otheraccountspayablelistedbynatureoftheaccount
In RMB
||||
|-|-|-|
|Items|Year-endbalance|Year-Beginningbalance|
|Qualityguaranteefund|69,503,074.61|67,696,625.43|
|Deposit|3,598,824.65|1,876,467.00|
|Other|38,154,048.75|50,518,653.61|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Borrowing|135,000,000.00|45,000,000.00|
|Total|246,255,948.01|165,091,746.04|

 (2)Othersignificantaccountspayablewithagingoveroneyear
In RMB
||||
|-|-|-|
|Items|Closingbalance|Unpaid/un-carryoverreason|
|ChinaRailwayTunnelGroupCo.,Ltd.|5,514,979.86|ProjectQualityguarantees|
|ChinaRailway18BureauGroupCo.,Ltd.|7,134,981.40|ProjectQualityGuarantees,Contractualpenalty,Wagedeposit|
|BaoliChangdaHighwayEngineeringCo.,Ltd.|8,106,409.63|ProjectQualityGuarantees,Projectperformancefund|
|DongguanYueyuOptoelectronicTechnologyCo.,Ltd.|1,534,850.00|ProjectQualityguarantee|
|Total|22,291,220.89|--|

Othernotes
22.Non-currentliabilitiesduewithin1year
InRMB
||||
|-|-|-|
|Items|Balanceyear-end|Year-beginningbalance|
|Long-termloansduewithin1year|2,041,365,000.00|2,498,480,000.00|
|Total|2,041,365,000.00|2,498,480,000.00|

 Othernotes
23.Long-termloan
(1)Categoryoflong-termloan
In RMB
||||
|-|-|-|
|Items|Balanceyear-end|Year-beginningbalance|
|Pledgeloan|386,700,000.00|422,350,000.00|
|Guaranteedloan|750,000,000.00|1,125,000,000.00|
|Creditloan|4,186,390,000.00|3,934,170,000.00|
|Long-termloansduewithinoneyear|-2,041,365,000.00|-2,498,480,000.00|
|Total|3,281,725,000.00|2,983,040,000.00|

Othernotesincludinginterestraterange：
ThePledgeloanrateis4.41%;theguaranteedloaninterestrateis5.6%;thecreditinterestrateis4.20%-4.41%.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019Notes：
SeeSectionVII,48forthetypesandamountsofmortgagedassetsofpledgedloans.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 24.Bondpayable
（1）Bondpayable
InRMB
||||
|-|-|-|
|Items|Balanceyear-end|Year-beginningbalance|
|Medium-termnote|677,902,761.25||
|Total|677,902,761.25||

（2）Changesofbondspayable(Notincludingtheotherfinancialinstrumentofpreferredstockandperpetualcapitalsecuritiesthatclassifyasfinancialliability InRMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|Nameofthebond|Bookvalue|Issuedate|Period|Issueamount|Openingbalance|Thecurrentissue|Withdrawinterestatpar|Overflowdiscountamount|Payincurrentperiod|Closingbalance|
|GuangdongExpresswayMTN001|680,000,000.00|2019.3.1|2019.3.1-2024.3.1|680,000,000.00||680,000,000.00||-2,097,238.75||677,902,761.25|

(3)Notetoconditionsandtimeofsharetransferofconvertiblebonds
Nil
（4）Otherfinancialinstrumentsthatareclassifiedasfinancialliabilities
Nil
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 25.Long-termpayable
In RMB
||||
|-|-|-|
|Items|Balanceyear-end|Year-beginningbalance|
|Long-termpayable|39,625,983.68|38,022,210.11|
|Total|39,625,983.68|38,022,210.11|

 (1)Long-termpayablelistedbynatureoftheaccount
In RMB
||||
|-|-|-|
|Items|Balanceyear-end|Year-beginningbalance|
|Non-operatingassetpayable|2,022,210.11|2,022,210.11|
|GuangdongJiangzhongExpresswayCo.,Ltd.Entrustedloan|36,000,000.00|36,000,000.00|
|Mediumtermbillunderwritingfee|1,603,773.57||
|Partduewithinayear|||

Othernotes：
（2）Specialpayable
Nil
26.Deferredincome
In RMB
|||||||
|-|-|-|-|-|-|
|Items|Openingbalance|Increase|Decrease|Closingbalance|Cause|
|Governmentsubsidy||2,500,000.00|2,500,000.00|||
|Total||2,500,000.00|2,500,000.00||--|

Detailsofgovernmentsubsidies：
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
|Items|Beginningofterm|Newsubsidyincurrentperiod|Amounttransferred tonon-operationalincome|Otherincomerecordedinthecurrentperiod|Amountofcostdeductedinthecurrentperiod|Otherchanges|Endofterm|Asset-relatedorincome-related|
|Financialdiscount||2,500,000.00|||2,500,000.00|||Relatedtoincome|

27.Stockcapital
In RMB
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||||||
|-|-|-|-|-|-|-|-|
||BalanceYear-beginning|Changed（+，-）|||||Balanceinyear-end|
|||Issuanceofnewshare|Bonusshares|Capitalizationofpublicreserve|Other|Subtotal||
|Totalofcapitalshares|2,090,806,126.00||||||2,090,806,126.00|

28.Capitalreserves
In RMB
||||||
|-|-|-|-|-|
|Items|Year-beginningbalance|Increaseinthecurrentperiod|Decreaseinthecurrentperiod|Year-endbalance|
|Sharepremium|2,508,408,342.99|||2,508,408,342.99|
|Othercapitalreserves|28,366,622.32|25,795,500.00||54,162,122.32|
|Total|2,536,774,965.31|25,795,500.00||2,562,570,465.31|

 -Thesituationofchangeinthecurrentcapitalreserveisasfollows:
Thecapitalreserveinthisperiodwasincreased25,795,500.00yuanduetothechangeoftheowner'sequityofthe joint-stockcompany
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 29.Othercomprehensiveincome
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
|Items|Year-beginningbalance|Amountofcurrentperiod||||||Year-endbalance|
|||Amountincurredbeforeincometax|Less：Amounttransferredintoprofitandlossinthecurrentperiodthatrecogniedintoothercomprehensiveincomeinpriorperiod|Less：Priorperiodincludedinothercompositeincometransfertoretainedincomeinthecurrentperiod|Less：Incometaxexpenses|After-taxattributetotheparentcompany|After-taxattributetominorityshareholder||
|Other comprehensive income will bereclassifiedintoincomeorlossinthefuture|264,661,812.00|25,878,043.84|||6,469,510.96|19,408,532.88||284,070,344.88|
|Including: Share of other comprehensiveincome of the investee that cannot betransferred to profit or loss accountedforusingtheequitymethod|264,661,812.00|25,878,043.84|||6,469,510.96|19,408,532.88||284,070,344.88|
|Othercomprehensiveincomereclassifiabletoprofitorlossinsubsequentperiods|-8,488,346.90|-470,449.14||||-470,449.14||-8,958,796.04|
|Including：Shareofothercomprehensiveincomeoftheinvesteethatcannotbetransferredtoprofitorlossaccountedforusingtheequitymethod|-8,488,346.90|-470,449.14||||-470,449.14||-8,958,796.04|
|Totalofothercomprehensiveincome|256,173,465.10|25,407,594.70|||6,469,510.96|18,938,083.74||275,111,548.84|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Othernotes,includingtheadjustmentoftherecognitionofinitialamountofeffectivepartofthecashflowhedginggainsandlossestransferintoarbitrageditems: Nil
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 30.Surplusreserve
In RMB
||||||
|-|-|-|-|-|
|Items|Year-beginningbalance|Increaseinthecurrentperiod|Decreaseinthecurrentperiod|Year-endbalance|
|Statutorysurplusreserve|775,402,561.35|||775,402,561.35|
|Total|775,402,561.35|||775,402,561.35|

 Notes:Nil
31.Retainedprofits
In RMB
||||
|-|-|-|
|Items|Amountofthisperiod|Amountoflastperiod|
|Beforeadjustments:Retainedprofitsinlastperiodend|3,938,609,136.59|3,550,110,288.49|
|Adjustthetotalundistributedprofitsatthebeginningoftheperiod|-11,353,413.48||
|Afteradjustments:Retainedprofitsattheperiodbeginning|3,927,255,723.11|3,550,110,288.49|
|Add：Netprofitbelongingtotheowneroftheparentcompany|736,486,112.30|1,677,028,179.18|
|Less:Statutorysurplusreserve||230,581,431.32|
|Commonstockdividendpayable|1,175,033,042.81|1,057,947,899.76|
|Retainedprofitattheendofthisterm|3,488,708,792.60|3,938,609,136.59|

 Asregardsthedetailsofadjustedthebeginningundistributedprofits
(1)As the retroactive adjustment on EnterpriseAccounting Standards and its related new regulations, the affected beginningundistributedprofitsareRMB-11,353,413.48
(2)Asthechangeoftheaccountingpolicy,theaffectedbeginningundistributedprofitsareRMB-11,353,413.48 (3)Asthecorrectionofsignificantaccountingerror,theaffectedbeginningundistributedprofitsareRMB0.00. (4)As the change of consolidation scope caused by the same control, the affected beginning undistributed profits areRMB0.00.
(5)OtheradjustmentofthetotalaffectedbeginningundistributedprofitsareRMB0.00.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 32.Operationincomeandoperationcost
In RMB
||||||
|-|-|-|-|-|
|Items|Amountofthisperiod||Amountoflastperiod||
||Income|Cost|Income|Cost|
|Mainoperation|1,465,140,817.31|536,808,262.05|1,518,875,852.56|522,317,994.54|
|Otheroperation|18,532,427.90|12,815,548.44|16,988,292.58|11,418,571.81|
|Total|1,483,673,245.21|549,623,810.49|1,535,864,145.14|533,736,566.35|

 Whetherimplementednewrevenueguidelines?
□Yes√No
Othernotes
33.Businesstaxandsubjoin
In RMB
||||
|-|-|-|
|Items|Amountofthisperiod|Amountoflastperiod|
|Urbanconstructiontax|2,826,207.50|2,938,753.34|
|Educationsurcharge|1,334,286.59|1,380,805.75|
|Propertytax|653,603.50|661,486.13|
|Landusetax|607,742.40|603,977.11|
|Vehicleusetax|27,413.99|38,698.53|
|Stamptax|151,645.56|242,575.38|
|Businesstax|25,872.66|25,872.66|
|LocalityEducationsurcharge|889,523.37|920,536.09|
|Other|40,728.40|40,410.00|
|Total|6,557,023.97|6,853,114.99|

Othernotes：
ThevarioustaxesandadditionalpaymentcriteriaaredetailedintheSectionVI,tax.
34.Administrativeexpenses
In RMB
||||
|-|-|-|
|Items|Amountofthisperiod|Amountoflastperiod|
|Wage|51,876,703.42|49,712,683.56|
|DepreciationandAmortization|5,426,970.90|5,428,661.13|
|Lowconsumablesamortization|270,716.05|279,304.70|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Travelexpenses|425,060.93|384,417.28|
|Officeexpenses|4,046,634.57|2,828,218.57|
|Leasedexpenses|5,621,607.68|5,606,396.14|
|Thefeeforhiringagency|4,459,697.91|2,202,760.36|
|Consultationexpenses|1,186,300.00|853,466.98|
|Listingfee|11,320.75|11,320.76|
|Informationcostandmaintenancefee|180,975.14|48,300.00|
|Other|3,469,223.12|5,753,931.46|
|Total|76,975,210.47|73,109,460.94|

35.R&Dcost
InRMB
||||
|-|-|-|
|Items|Amountofthisperiod|Amountoflastperiod|
|Laborcost||2,306,179.75|
|Depreciationexpenses||52,214.75|
|Other||126,778.53|
|Total||2,485,173.03|

 36.Financialexpenses
In RMB
||||
|-|-|-|
|Items|Amountofthisperiod|Amountoflastperiod|
|Interestexpenses|115,040,857.71|125,752,286.60|
|Depositinterestincome（-）|-15,761,707.69|-18,076,236.30|
|ExchangeIncomeandloss（Gain-）|1,590,432.88|2,348,188.17|
|Bankcommissioncharge|904,728.33|2,755,977.00|
|Other|1,755,451.17||
|Total|103,529,762.40|112,780,215.47|

 37.Othergains
InRMB
||||
|-|-|-|
|Items|Amountofthisperiod|Amountoflastperiod|
|Maternityallowance|377,218.29||
|Returnofincometaxprocedures|40,043.40||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||
|-|-|
|A10%deductionforinputtax|2,965.93|
|Total|420,227.62|

38.Investmentincome
In RMB
||||
|-|-|-|
|Items|Amountofthisperiod|Amountoflastperiod|
|Long-termequityinvestmentincomebyequitymethod|237,712,998.09|216,777,157.34|
|Dividendseamedduringtheholdingperiodoninvestmentsinotherequityinstrument|38,528,868.23||
|Holdtheinvestmentincomeduringfromavailable-for-salefinancialassets||42,581,144.86|
|Total|276,241,866.32|259,358,302.20|

 39.Assetimpairmentloss
Whetherimplementednewrevenueguidelines?
□Yes√No
In RMB
||||
|-|-|-|
|Items|Amountofthisperiod|Amountoflastperiod|
|I.Baddebtloss||57,890.35|
|Total||57,890.35|

Othernote：
40.Assetsdisposalincome
InRMB
||||
|-|-|-|
|Source|Amountofthisperiod|Amountoflastperiod|
|IncomefromdisposalofFixedassets||44,860,186.67|
|IncomefromdisposalofIntellectualpropertyright|13,129,094.29||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019Notes： According to the overall plan of upgrading and renovation of Guangdong expressway toll collection system. In April 2019, Guangdong Gaosu Science and Technology Investment Co., Ltd. transferred the related rights of "Blue Channel"whichhad notbeencompleted as anassetgroup to the related party, GuangdongUnitoll Collection Inc.The transaction was based on the evaluation value of the underlying asset group of China Federation International Assessment Consulting Co., Ltd. (Assessment Report No. WIGPD0664, CIFICInternationalCommentary[2018]).
41.Non-Operationincome
In RMB
|||||
|-|-|-|-|
|Items|Amountofthisperiod|Amountoflastperiod|Recordedintheamountofthenon-recurringgainsandlosses|
|Loss&abandonmentofnon-currentassets||110,018.02||
|Roadpropertyclaimincome|543,754.07|736,148.53|543,754.07|
|Otherincome|191,605.69|1,841,394.03|191,605.69|
|Total|735,359.76|2,687,560.58|735,359.76|

 -Governmentsubsidyreckonedintocurrentgains/losses:Nil
42.Non-Operationexpense
In RMB
|||||
|-|-|-|-|
|Items|Amountofcurrentperiod|Amountofpreviousperiod|Theamountofnon-operatinggains&losses|
|Loss&abandonmentofnon-currentassets|2,591,350.52|505,483.87|2,591,350.52|
|Fine|207.98|357,855.32|207.98|
|Other|1,639,849.45|1,144,628.24|1,639,849.45|
|Total|4,231,407.95|2,007,967.43|4,231,407.95|

 43.Incometaxexpense
(1)Listsofincometaxexpense
In RMB
||||
|-|-|-|
|Items|Amountofcurrentperiod|Amountofpreviousperiod|
|Currentincometaxexpense|154,541,370.84|179,094,084.83|
|Deferredincometaxexpense|35,155,403.21|34,127,634.02|
|Total|189,696,774.05|213,221,718.85|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 (2)Adjustmentprocessofaccountingprofitandincometaxexpense
In RMB
|||
|-|-|
|Items|Amountofcurrentperiod|
|Totalprofits|1,033,282,577.92|
|Currentincometaxexpenseaccountedbytaxandrelevantregulations|258,320,644.48|
|Influenceofnontaxableincome|-69,151,826.00|
|Impactofnon-deductiblecosts,expensesandlosses|1,297,869.31|
|Affecttheuseofdeferredtaxassetsearlyunconfirmeddeductiblelosses|-1,111,136.29|
|Thecurrentperioddoesnotaffectthedeferredtaxassetsrecognizeddeductibletemporarydifferencesordeductibleloss|387,306.91|
|other|-46,084.36|
|Incometaxexpense|189,696,774.05|

 44.Othercomprehensiveincome
Refertothenotes7.29
45.ItemsofCashflowstatement
（1）Othercashreceivedfrombusinessoperation
In RMB
||||
|-|-|-|
|Items|Amountofcurrentperiod|Amountofpreviousperiod|
|Interestincome|15,761,707.69|18,076,236.30|
|Unitcurrentaccount|9,857,010.59|23,870,093.68|
|Total|25,618,718.28|41,946,329.98|

（2）Othercashpaidrelatedtooperatingactivities
In RMB
||||
|-|-|-|
|Items|Amountofcurrentperiod|Amountofpreviousperiod|
|Managementexpense|16,677,364.01|18,068,478.74|
|Networkreceivedtollincome|6,999,980.83|3,803,254.03|
|Unitcurrentaccount|14,244,441.25||
|Total|37,921,786.09|21,871,732.77|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 (3)Cashreceivedrelatedtootherinvestmentactivities
Nil
(4)Cashpaidrelatedtootherinvestmentactivities
Nil
（5）Othercashreceivedinrelationtofinancingactivities
Nil
（6）Cashpaidrelatedwithfinancingactivities
InRMB
||||
|-|-|-|
|Items|Amountofcurrentperiod|Amountofpreviousperiod|
|Medium-termbillissuancefee|791,384.00||
|Total|791,384.00||

46.SupplementInformationforcashflowstatement
（1）SupplementInformationforcashflowstatement
In RMB
||||
|-|-|-|
|SupplementInformation|Amount of currentperiod|Amountofpreviousperiod|
|I.Adjustingnetprofittocashflowfromoperatingactivities|--|--|
|Netprofit|843,585,803.87|898,633,867.88|
|Add:Impairmentlossprovisionofassets||-57,890.35|
|Depreciation of fixed assets, oil and gas assets and consumable biologicalassets|402,575,984.69|398,876,127.65|
|Amortizationofintangibleassets|1,184,929.43|1,318,922.34|
|AmortizationofLong-termdeferredexpenses|53,508.72|55,661.40|
|Lossondisposaloffixedassets,intangibleassetsandotherlong-termdeferredassets|-13,129,094.29|-44,860,186.67|
|Fixedassetsscraploss|2,591,350.52|395,465.85|
|Financialcost|116,631,290.59|130,600,474.77|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|SupplementInformation|Amount of currentperiod|Amountofpreviousperiod|
|Lossoninvestment|-276,241,866.32|-259,358,302.20|
|Decreaseofdeferredincometaxassets|44,118,004.31|54,102,320.89|
|Increasedofdeferredincometaxliabilities|-8,962,601.10|-42,912,043.91|
|Decreaseofinventories|-29,124.58|-139,076.49|
|Deceaseofoperatingreceivables|-16,566,898.76|-4,522,183.33|
|IncreasedofoperatingPayable|-45,000,189.85|-312,353,569.73|
|Netcashflowsarisingfromoperatingactivities|1,050,811,097.23|819,779,588.10|
|II.Significantinvestmentandfinancingactivitiesthatwithoutcashflows:|--|--|
|3．Movementofcashandcashequivalents：|--|--|
|Endingbalanceofcash|2,036,803,751.05|1,821,466,139.37|
|Less:Beginningbalanceofcashequivalents|2,123,303,796.32|2,363,042,700.42|
|Netincreaseofcashandcashequivalents|-86,500,045.27|-541,576,561.05|

 (2)NetCashpaidofobtainingthesubsidiary
Nil
(3)NetCashreceiveofdisposalofthesubsidiary
Nil
（4）Compositionofcashandcashequivalents
InRMB
||||
|-|-|-|
|Items|Balanceinyear-end|Balanceinyear-Beginning|
|Cash|2,036,803,751.05|2,123,303,796.32|
|Ofwhich:Cashinstock|91,690.76|53,211.49|
|Banksavingscouldbeusedatanytime|2,036,197,054.12|2,122,585,810.07|
|Othermonetarycapitalcouldbeusedatanytime|515,006.17|664,774.76|
|Balanceofcashandcashequivalentsattheperiodend|2,036,803,751.05|2,123,303,796.32|

Othernote：
Cash and cash equivalents exclude restricted cash and cash equivalents used by parent companies or
subsidiarieswithinagroup.
47.Noteofstatementofchangesintheowner'sequity
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Explain"other"projectnameandadjustmentamountoftheadjustmentofclosingbalanceinpreviousyear,etc.: Nil
48.Theassetswiththeownershiporuserightrestricted
InRMB
||||
|-|-|-|
|Items|Bookvalueattheendoftheperiod|Restrictedreason|
|Monetaryfund|1,221,200.00|Land reclamation funds in thefundescrowaccount|
|Total|1,221,200.00|--|

Othernotes：
Up to June 30, 2019, Jingzhu Expressway Guangzhu Section Co., Ltd., the controlling grandchildrencompanyoftheCompany,withthetollcollectionright19.20%ofPanyuTangkeng-ZhuhaiJindingsectionproject in Jingzhu expressway, asked for386,700,000.00 yuan of loan from Guangzhou Wuyang Branch of ICBC to provide pledge guarantee(of which the non-current debt balance with 1-year expiration was 38,680,000.00 yuan andthelong-termloanbalancewas348,020,000.00yuan).
49.Foreigncurrencymonetaryitems
Nil
50.Hedging
Nil
51.Governmentsubsidies
（1）Government subsidies confirmed in current period
InRMB
|||||
|-|-|-|-|
|Items|Amount|Project|Amountincludedincurrentprofitandloss|
|Financialdiscount|2,500,000.00|Financialexpenses|2,500,000.00|
|Maternityallowance|377,218.29|Otherincome|377,218.29|
|Return of income taxprocedures|40,043.40|Otherincome|40,043.40|
|A 10% deduction for inputtax|2,965.93|Otherincome|2,965.93|

（2）Governmentsubsidyreturn
Nil
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 52.Other
Nil
VIII.Changesofmergescope
1.Businessmergernotundersamecontrol
Nil
2.Businesscombinationunderthesamecontrol
Nil
3.Counterpurchase
Nil
4.Thedisposalofsubsidiary
Whetherthereisasingledisposaloftheinvestmenttosubsidiaryandlostcontrol
□ Yes√No
Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control in reportingperiod
□ Yes√ No
5.Otherreasonsforthechangesincombinationscope
Notestoreasonsforthechangesincombinationscope(Newlyestablishedsubsidiaryandsubsidiaryofliquidation) andrelevantinformation
In August 2018, Guangdong Fokai Expressway Co., Ltd. completed the industrial and commercial cancellation, and obtained the “Notice of Approval for Cancellation Registration” and the “Notice of Permit for CancellationRegistration”.FromAugust2018,GuangdongFokaiExpresswayCo.,Ltd.wasnolongerincludedin thescopeofconsolidatedstatements.
IX.Equityinotherentities
1.Equityinsubsidiary
(1)Thestructureoftheenterprisegroup
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||||
|-|-|-|-|-|-|-|
|NameofSubsidiary|MainPlacesofOperation|RegistrationPlace|NatureofBusiness|ShareholdingRatio(%)||ObtainingMethod|
|||||direct|indirect||
|GuangfoExpresswayCo.,Ltd.|Guangzhou|Guangzhou|ExpresswayManagement|75.00%||Underthesamecontrolbusinesscombination|
|GuangdongExpresswayTechnologyInvestmentCo.,Ltd.|Guangzhou|Guangzhou|Investment intechnical industriesand provision ofrelevant|100.00%||Investment|
|Guangzhuo Guangzhu TrafficInvestmentManagementCo.,Ltd.|Guangzhou|Guangzhou|Investmentmanagement|100.00%||Underthesamecontrolbusinesscombination|
|JingzhuExpresswayGuangzhuSectionCo.,Ltd.（Notes）|Zhongshan|Guangzhou|ExpresswayManagement|20.00%|55.00%|Underthesamecontrolbusinesscombination|
|YuegaoCapitalInvestment(Hengqin)Co.,Ltd.|Guangzhou|Zhuhai|Investmentmanagement|100.00%||Investment|

Notes:holdingproportioninsubsidiarydifferentfromvotingproportion:Nil
Basisofholdinghalforlessvotingrightsbutstillbeencontrolledinvesteeandholdingmorethanhalfofthe votingrightsnotbeencontrolledinvestee:Nil
Significantstructureentitiesandcontrollingbasisinthescopeofcombination:Nil
BasisofdeterminewhethertheCompanyistheagentortheprincipal:Nil
Othernotes：
JingzhuExpresswayGuangzhuSectionCo.,Ltd.isanon-whollyownedsubsidiaryofGuangzhouGuangzhu TrafficInvestmentManagementCo.,Ltd.
GuangzhouGuangzhuTrafficInvestmentManagementCo.,Ltd.holds55%equityinGuangzhuSectionCo., Ltd.ofBeijing-ZhuhaiExpressway.
(2)ImportantNon-wholly-ownedSubsidiary
In RMB
||||||
|-|-|-|-|-|
|NameofSubsidiary|ShareholdingRatioofMinorityShareholders(%)|ProfitorLossOwnedbytheMinorityShareholdersintheCurrentPeriod|DividendsDistributedtotheMinorityShareholdersintheCurrentPeriod|EquityBalanceoftheMinorityShareholdersintheEndofthePeriod|
|GuangfoExpresswayCo.,Ltd.|25.00%|35,631,805.76|64,914,807.35|110,721,305.45|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||
|-|-|-|-|-|
|JingzhuExpresswayGuangzhuSectionCo.,Ltd.|25.00%|71,467,885.81|158,471,897.94|232,591,404.70|

Holdingproportionofminorityshareholderinsubsidiarydifferentfromvotingproportion
Nil
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 (3)Themainfinancialinformationofsignificantnotwhollyownedsubsidiary
InRMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Name|Year-endbalance||||||Year-beginningbalance||||||
||Currentassets|Non-currentassets|Totalassets|CurrentLiabilities|Non-currentliabilities|Totalliabilities|Currentassets|Non-currentassets|Totalassets|CurrentLiabilities|Non-currentliabilities|Totalliabilities|
|GuangfoExpresswayCo.,Ltd.|478,939,446.36|24,093,537.24|503,032,983.60|60,147,761.80||60,147,761.80|590,663,709.13|27,675,485.80|618,339,194.93|58,321,966.77||58,321,966.77|
|JingzhuExpresswayGuangzhuSectionCo.,Ltd.|144,135,264.47|2,191,608,535.63|2,335,743,800.10|280,965,311.82|1,124,412,869.47|1,405,378,181.29|432,281,073.29|2,301,876,076.48|2,734,157,149.77|419,370,011.85|1,036,405,470.57|1,455,775,482.42|

InRMB
||||||||||
|-|-|-|-|-|-|-|-|-|
|Name|Amountofcurrentperiod||||Amountofpreviousperiod||||
||Businessincome|Netprofit|TotalComprehensiveincome|Cashflowsfromoperatingactivities|Businessincome|Netprofit|TotalComprehensiveincome|Cashflowsfromoperatingactivities|
|GuangfoExpresswayCo.,Ltd.|231,359,875.86|142,527,223.05|142,527,223.05|146,829,390.44|226,325,833.32|142,435,343.71|142,435,343.71|145,431,353.01|
|JingzhuExpresswayGuangzhuSectionCo.,Ltd.|613,528,787.18|285,871,543.23|285,871,543.23|390,248,834.50|645,871,184.09|336,091,139.89|336,091,139.89|433,240,710.71|

Othernotes：
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 (4)Significantrestrictionsofusingenterprisegroupassetsandpayoffenterprisegroupdebt
Nil
(5)Providefinancialsupportorothersupportforstructureentitiesincorporateintothescopeof
consolidatedfinancialstatements
Nil
2.ThetransactionoftheCompanywithitsowner’sequitysharechangedbutstillcontrollingthesubsidiary Nil
3.Equityinjointventurearrangementorassociatedenterprise
(1)Significantjointventurearrangementorassociatedenterprise
||||||||
|-|-|-|-|-|-|-|
|Name|Mainoperatingplace|Registrationplace|Businessnature|Proportion||Accountingtreatmentoftheinvestmentofjointventureorassociatedenterprise|
|||||Directly|Indirectly||
|GuangdongGuanghuiExpresswayCo.,Ltd.|Guangzhou,Guangdong|Guangzhou,Guangdong|ExpresswayManagement|30.00%||Equitymethod|
|ZhaoqingYuezhaoHighwayCo.,Ltd.|Zhaoqing,Guangdong|Zhaoqing,Guangdong|ExpresswayManagement|25.00%||Equitymethod|
|ShenzhenHuiyanExpresswayCo.,Ltd.|ShenzhenGuangdong|ShenzhenGuangdong|ExpresswayManagement|33.33%||Equitymethod|
|GuangdongJiangzhongExpresswayCo.,Ltd.|Zhongshan,Guangdong|Guangzhou,Guangdong|ExpresswayManagement|15.00%||Equitymethod|
|GanzhoukangdaExpresswayCo.,Ltd.|Gangzhou,Jiangxi|Gangzhou,Jiangxi|ExpresswayManagement|30.00%||Equitymethod|
|GanzhouGankangExpressway|Gangzhou,Jiangxi|Gangzhou,Jiangxi|ExpresswayManagement|30.00%||Equitymethod|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||||
|-|-|-|-|-|-|
|Co.,Ltd.||||||
|GuangdongYuekeTechnologyPettyLoanCo.,Ltd.|Guangzhou,Guangdong|Guangzhou,Guangdong|Handeallkindsofsmallloans|20.00%|Equitymethod|
|GuangyuanSecuritiesCo.,Ltd.|Hefei,Anhui|Hefei,Anhui|Securitybusiness|2.37%|Equitymethod|

Notestoholdingproportionofjointventureorassociatedenterprisedifferentfromvotingproportion:
Nil
Basisofholdinglessthan20%ofthevotingrightsbuthasasignificantimpactorholding20%ormorevoting rightsbutdoesnothaveasignificantimpact:
Guangdong, Jiangzhong Expressway Co., Ltd and Guangyuan Securities Co.,Ltd...holds20%ofthevotingrights,buthasthepowertoparticipateinmakingdecisionsontheirfinancialandop eratingdecisions,andthereforedeemedtobeabletoexertsignificantinfluenceovertheinvestee.
(2)Mainfinancialinformationofsignificantjointventure
In RMB
||||||
|-|-|-|-|-|
||Year-endbalance/Amountofcurrentperiod||Year-beginningbalance/Amountofpreviousperiod||
||GuangdongGuanghuiExpresswayCo.,Ltd.|ZhaoqingYuezhaoHighwayCo.,Ltd.|Guangdong GuanghuiExpresswayCo.,Ltd.|ZhaoqingYuezhaoHighwayCo.,Ltd.|
|Currentassets|1,037,374,944.35|223,190,616.84|886,631,849.70|196,254,075.84|
|Including：Cashandcashequivalent|649,776,493.58|203,757,595.19|621,540,000.54|180,784,827.23|
|Non-currentassets|3,684,003,696.57|1,503,858,440.11|3,813,612,927.86|1,565,557,770.89|
|Totalassets|4,721,378,640.92|1,727,049,056.95|4,700,244,777.56|1,761,811,846.73|
|Currentliabilities|380,259,354.55|170,743,108.11|544,082,765.04|151,065,956.20|
|Non-currentliabilities|750,585,884.83|429,171,145.43|847,757,933.94|382,056,538.13|
|Totalliabilities|1,130,845,239.38|599,914,253.54|1,391,840,698.98|533,122,494.33|
|Attributabletoshareholdersoftheparentcompany|3,590,533,401.54|1,127,134,803.41|3,308,404,078.58|1,228,689,352.40|
|Shareofnetassetscalculatedbystake|1,077,160,020.46|281,783,700.85|992,521,223.58|307,172,338.10|
|Bookvalueofequityinvestmentinjoint|1,077,160,020.46|281,783,700.85|992,521,223.58|307,172,338.10|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||
|-|-|-|-|-|
|ventures|||||
|Operatingincome|917,898,192.73|271,809,006.27|878,931,209.54|264,667,911.36|
|Financialexpenses|10,890,126.55|8,018,895.83|18,892,654.01|11,944,947.35|
|Incometaxexpenses|159,573,250.38|36,249,025.63|152,535,401.50|39,485,100.11|
|Netprofit|478,273,173.41|111,276,912.65|447,126,957.50|114,543,781.53|
|Totalcomprehensiveincome|478,273,173.41|111,276,912.65|447,126,957.50|114,543,781.53|
|Dividendsreceivedfromjointventuresthisyear|84,638,655.14|53,207,865.41|37,805,847.20|43,088,859.48|

Othernotes
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 (3)Mainfinancialinformationofsignificantassociatedenterprise
InRMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Year-endbalance/Amountofcurrentperiod||||||Year-beginningbalance/Amountofpreviousperiod||||||
||ShenzhenHuiyanExpressway Co.,Ltd.|GuangdongJiangzhongExpresswayCo.,Ltd.|GanzhouKangdaExpressway|GanzhouGankangExpresswayCo.,Ltd.|GuangdongYuekeTechnologyPettyLoanCo.,Ltd|GuoyuanSecuritiesCo.,Ltd.|ShenzhenHuiyanExpresswayCo.,Ltd.|GuangdongJiangzhongExpresswayCo.,Ltd.|GanzhouKangdaExpressway|GanzhouGankangExpresswayCo.,Ltd.|GuangdongYuekeTechnologyPettyLoanCo.,Ltd|GuoyuanSecuritiesCo.,Ltd.|
|Currentassets|203,740,250.60|197,428,062.33|55,202,301.36|291,779,329.73|1,435,055,907.93|61,855,277,205.05|153,631,998.00|86,313,236.14|35,495,996.32|270,093,954.27|1,394,967,072.45|42,721,180,653.50|
|Non-currentassets|579,942,539.84|1,616,367,531.02|1,442,449,120.81|1,326,869,593.48|8,497,468.27|23,466,136,337.81|569,633,252.71|1,701,322,494.90|1,463,543,288.08|1,372,121,014.40|8,047,674.82|35,374,232,070.51|
|Totalassets|783,682,790.44|1,813,795,593.35|1,497,651,422.17|1,618,648,923.21|1,443,553,376.20|85,321,413,542.86|723,265,250.71|1,787,635,731.04|1,499,039,284.40|1,642,214,968.67|1,403,014,747.27|78,095,412,724.01|
|Currentliabilities|31,708,445.60|210,083,276.93|112,133,062.29|81,897,874.17|73,463,278.19|47,675,073,040.50|31,603,980.10|170,304,772.67|72,629,731.89|109,921,418.26|40,797,858.70|46,417,460,063.63|
|Non-currentLiabilities|12,000,000.00|362,000,000.00|664,436,870.32|820,307,181.39|553,525.66|13,076,057,576.44||448,500,000.00|693,126,157.44|832,307,181.39|636,518.58|6,989,817,868.77|
|Totalliabilities|43,708,445.60|572,083,276.93|776,569,932.61|902,205,055.56|74,016,803.85|60,751,130,616.94|31,603,980.10|618,804,772.67|765,755,889.33|942,228,599.65|41,434,377.28|53,407,277,932.40|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Year-endbalance/Amountofcurrentperiod||||||Year-beginningbalance/Amountofpreviousperiod||||||
||ShenzhenHuiyanExpressway Co.,Ltd.|GuangdongJiangzhongExpresswayCo.,Ltd.|GanzhouKangdaExpressway|GanzhouGankangExpresswayCo.,Ltd.|GuangdongYuekeTechnologyPettyLoanCo.,Ltd|GuoyuanSecuritiesCo.,Ltd.|ShenzhenHuiyanExpresswayCo.,Ltd.|GuangdongJiangzhongExpresswayCo.,Ltd.|GanzhouKangdaExpressway|GanzhouGankangExpresswayCo.,Ltd.|GuangdongYuekeTechnologyPettyLoanCo.,Ltd|GuoyuanSecuritiesCo.,Ltd.|
|MinorityShareholders’Equity|||||235,126,897.17|11,457,327.58|||||263,112,578.63|11,368,910.62|
|Shareholders’equityattributabletoshareholdersoftheparent|739,974,344.84|1,241,712,316.42|721,081,489.56|716,443,867.65|1,134,409,675.18|24,558,825,598.34|691,661,270.61|1,168,830,958.37|733,283,395.07|699,986,369.02|1,098,467,791.36|24,676,765,880.99|
|Proratashareofthenetassetscalculated|246,658,114.95|186,256,847.46|216,324,446.87|214,933,160.30|226,881,935.03|580,883,093.44|230,553,756.87|175,324,643.76|219,985,018.52|209,995,910.71|219,693,558.27|583,672,702.24|
|--Good||||||206,725,818.02||||||206,725,818.02|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Year-endbalance/Amountofcurrentperiod||||||Year-beginningbalance/Amountofpreviousperiod||||||
||ShenzhenHuiyanExpressway Co.,Ltd.|GuangdongJiangzhongExpresswayCo.,Ltd.|GanzhouKangdaExpressway|GanzhouGankangExpresswayCo.,Ltd.|GuangdongYuekeTechnologyPettyLoanCo.,Ltd|GuoyuanSecuritiesCo.,Ltd.|ShenzhenHuiyanExpresswayCo.,Ltd.|GuangdongJiangzhongExpresswayCo.,Ltd.|GanzhouKangdaExpressway|GanzhouGankangExpresswayCo.,Ltd.|GuangdongYuekeTechnologyPettyLoanCo.,Ltd|GuoyuanSecuritiesCo.,Ltd.|
|will|||||||||||||
|Thebookvalueofequityinvestmentsinjointventures|246,658,114.95|186,256,847.46|216,324,446.87|214,933,160.30|226,881,935.03|787,608,911.46|230,553,756.87|175,324,643.76|219,985,018.52|209,995,910.71|219,693,558.27|790,398,520.26|
|Fairvalueofequityinvestmentofassociatedenterpriseswithopenquotation||||||896,321,336.64||||||555,621,862.28|
|Buinses|117,304,8|242,978,582.04|120,016,044.66|86,684,080.43|71,544,176.43|1,616,521,271.21|121,958,669.64|238,655,329.27|113,055,381.54|78,967,126.91|91,160,960.52|1,109,717,564.95|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Year-endbalance/Amountofcurrentperiod||||||Year-beginningbalance/Amountofpreviousperiod||||||
||ShenzhenHuiyanExpressway Co.,Ltd.|GuangdongJiangzhongExpresswayCo.,Ltd.|GanzhouKangdaExpressway|GanzhouGankangExpresswayCo.,Ltd.|GuangdongYuekeTechnologyPettyLoanCo.,Ltd|GuoyuanSecuritiesCo.,Ltd.|ShenzhenHuiyanExpresswayCo.,Ltd.|GuangdongJiangzhongExpresswayCo.,Ltd.|GanzhouKangdaExpressway|GanzhouGankangExpresswayCo.,Ltd.|GuangdongYuekeTechnologyPettyLoanCo.,Ltd|GuoyuanSecuritiesCo.,Ltd.|
|sincme|47.55||||||||||||
|Netprofit|48,313,074.35|72,881,358.05|57,798,094.49|16,457,498.63|43,992,902.36|432,745,658.33|53,441,605.08|45,984,003.63|46,129,129.35|10,167,378.44|36,989,232.30|211,597,500.90|
|Othercomprehensiveincome||||||6,888,669.24||||||-210,693,647.23|
|Totalcomprehensiveincome|48,313,074.35|72,881,358.05|57,798,094.49|16,457,498.63|43,992,902.36|439,634,327.57|53,441,605.08|45,984,003.63|46,129,129.35|10,167,378.44|36,989,232.30|903,853.67|
|Dividendsreceivedfromassociatesduringtheyear||||||||3,789,200.79||||11,940,297.90|

Othernotes
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 (4)Summaryfinancialinformationofinsignificantjointventureorassociatedenterprise
Nil
(5)Notetothesignificantrestrictionsoftheabilityofjointventureorassociatedenterprisetransferfunds
totheCompany
Nil
（6）Theexcesslossofjointventureorassociatedenterprise
(7)Theunrecognizedcommitmentrelatedtojointventureinvestment
Nil
(8)Contingentliabilitiesrelatedtojointventureorassociatedenterpriseinvestment
Nil
4.Significantcommonoperation
Nil
5.Equityofstructureentitynotincludinginthescopeofconsolidatedfinancialstatements
Notes：
Nil
X.RisksRelatedtoFinancialInstruments
The main financial instruments of the Company include equity investments, financial products, trust investments, accounts receivable, accounts payable etc., please refer to Note 6 for detail ofrelated items.The risk associatedwithfinancialinstruments,andriskmanagementpolicieswhichtheCompanyusestoreducetheserisks are described below. The management of the Company manages and supervises the risks to ensure that the risks canbecontrolledwithinalimitedrange.
The Company uses sensitivity analysis techniques to analyze the impact ofreasonable and possible changes in risk variables on current profit and loss or shareholders' equity. Since any risk variable seldom changes in isolation, and the correlation between variables will have a significant impact on the final amount of change in a riskvariable,thefollowingisassumedtobeindependentofeachvariable.
(I)Thetargetsandpoliciesofriskmanagement
The target of risk management is to obtain the proper balance between the risk and benefit, to reduce the negative impact that is caused by the risk of the Company to the lowest level, and to maximize the benefits of shareholders and other equity investors. Based on the targets of risk management, the basic strategy of theCompany’s risk management is to identify and analyze the risks which are faced by the Company, establish suitable risk tolerance baseline and proceed the risk management, and supervise a variety of risks timely and reliably,andcontroltheriskswithinalimitedrange.
1.Marketrisk
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019（1）Foreignexchangerisk
Foreignexchangeriskreferstotheriskoflossduetoexchangeratefluctuationsgenerally. Our foreign exchange risk is mainly related to Hong Kong Dollar. Besides annual distribution of B-share shareholder dividends, other major business activities ofour Companyare settled inRMB. During thereporting period, dueto the shortcredit period of the Company's income and expenditure related to foreign currency, it was not affected by foreign exchange risk.
（2）Interestraterisk
The Company's risk of cash flow changes in financial instruments caused by interest rate changes is mainly relatedtofloatingratebankborrowings(seethisSectionVII23).TheCompany's policyistomaintainthefloating interest rate of these borrowings, and at the same time to reasonably reduce the risk of interest rate fluctuation by shorteningthetermofasingleloanandspecificallyagreeingonprepaymentterms.
（3）Other price risk
The investments held by the Company are classified as financial assets measured at fair value and whose changesareincludedinothercomprehensiveincome(financialassetsavailableforsaleonorbeforeDecember31, 2018) and are measured at fair value on the balance sheetdate.Therefore, the Company bears the risk of changes inthesecuritiesmarket.
2.Creditrisk
On June 30, 2019, the largest credit risk exposure that may cause financial losses of the Company mainly comes from the loss of financial assets of the Company caused by the failure of the other party to perform its obligations.
Inordertoreducecreditrisk,theCompanyonlydealswith recognizedandreputablecustomers. Inaddition, the Company reviews the recovery of each single receivables on each balance sheet date to ensure that adequate baddebtprovisions aremadeforunrecoverableamounts. Consequently,theCompany's managementbelieves that theCompany'screditriskhasbeengreatlyreduced.
3.Liquidityrisk
When managing liquidity risks, the Company maintains sufficient cash and cash equivalents as deemed by the management and monitor them to meet the Company's operational needs and reduce the impact of cash flow fluctuations. The management of the Company monitors the use of bank loans and ensures compliance with the loanagreement.
(II)Transferoffinancialassets
Nil
(III)Offsettingoffinancialassetsandfinancialliabilities
Nil
XI.Thedisclosureofthefairvalue
1.Closingfairvalueofassetsandliabilitiescalculatedbyfairvalue
In RMB
||||||
|-|-|-|-|-|
|Items|Closingfairvalue||||
||Firvaluemeasurementitemsatlevel1|Firvaluemeasurementitemsatlevel2|Firvaluemeasurementitemsatlevel3|Total|
|I.Consistentfairvalue|--|--|--|--|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||||
|-|-|-|-|-|
|measurement|||||
|（3）Otherequityinstrumentinvestment|896,321,336.64|||896,321,336.64|
|Totalassetscontinuouslymeasuredatfairvalue|896,321,336.64|||896,321,336.64|
|II.Non –persistentmeasure|--|--|--|--|

 2.Marketpricerecognitionbasisforconsistentandinconsistentfairvaluemeasurementitemsatlevel1.
As at the end of the period, the company holds shares 235,254,944 shares of China Everbright Bank According to the closing price of June 30, 2019 of 3.81 yuan, the final calculation of fair value was 896,321,336.64yuan.
3.Valuationtechniqueadoptedandnatureandamountdeterminationofimportantparametersfor
consistentandinconsistentfairvaluemeasurementitemsatlevel2.
Nil
4.Sensitivenessanalysisonunobservableparametersandadjustmentinformationbetweenopeningand
closingbookvalueofconsistentfairvaluemeasurementitemsatlevel3.
Nil
5.Sensitivenessanalysisonunobservableparametersandadjustmentinformationbetweenopeningand
closingbookvalueofconsistentfairvaluemeasurementitemsatlevel3.
Nil
6.Explainthereasonforconversionandthepolicygoverningwhentheconversionhappensifconversion happensamongconsistentfairvaluemeasurementitemsatdifferentlevels
Nil
7.Changesinthevaluationtechniqueinthecurrentperiodandthereasonforchange
Nil
8.Fairvalueoffinancialassetsandliabilitiesnotmeasuredatfairvalue
At the end of the period, the fair value of financial assets and financial liabilities held by the Company that arenotmeasuredatfairvalueisasfollows:
|||||||
|-|-|-|-|-|-|
|Items|Bookvalue|Fairvalues|||Remark|
|||Balance at BeginningoftheYear|Endingamount|Affiliatedhierarchy||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|Financial assets not measured at fairvalue|798,348,301.73|798,348,301.73|798,348,301.73|
|Investmentinotherequityinstruments|798,348,301.73|798,348,301.73|798,348,301.73|
|Financialliabilitiesnot measuredat fairvalue||||

9. The valuation method and relevant information description of the fair value change caused by the enterprise's own credit risk of financial assets and financial liabilities designated as fair value measurement and whose changesareincludedincurrentprofitsandlosses
Nil
XII.Relatedpartiesandrelated-partytransactions
1.Parentcompanyinformationoftheenterprise
|||||||
|-|-|-|-|-|-|
|Name|Registeredaddress|Nature|Redistrictedcapital|TheparentcompanyoftheCompany'sshareholdingratio|TheparentcompanyoftheCompany’svoteratio|
|GuangdongcommunicationGroupCo.,Ltd|Guangzhou|Equitymanagement,trafficinfrastructureconstructionandrailwayprojectoperation|26.8billion|24.55%|50.12%|

Notes：
GuangdongCommunicationGroupCo.,Ltd.isthelargestshareholderoftheCompany.legalrepresentative:Deng Xiaohua. Date of establishment: June 23, 2000.As of June 30, 2019,Registered capital: 26.8 billion yuan. It is asolelystate-ownedlimitedcompany.Businessscope：equitymanagement,organizationofassetreorganizationand optimized allocation, raising funds by means including mortgage, transfer of property rights and joint stock systemtransformation,projectinvestment,operationandmanagement,trafficinfrastructureconstruction,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-addedcommunicationbusiness.
ThefinialcontroloftheCompanywasStateownedassetssupervisionandAdministrationCommissionof GuangdongProvincialPeople'sGovernment.
2.SubsidiariesoftheCompany
Subsidiariesofthisenterprise,seeNoteIX(1)therightsofotherentity
3.InformationonthejointventuresandassociatedenterprisesoftheCompany
Information on other joint venture and associated enterprise of occurring related party transactions with the
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Companyinreportingperiod,orformbalanceduetorelatedpartytransactionsinpreviousperiod:
Nil
4.OtherRelatedparties
|||
|-|-|
|Name|RelationwiththeCompany|
|GuangdongLitongRealEstateInvestmentCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongHighwayConstructionCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongGuanghuiExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongGuangleExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongJiangzhongExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongUnionElectronServiceCo.,ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongHumenBridgeCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongXinyueTrafficInvestmentCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongLitongTechnologyInvestment Co.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongTongyiExpresswayServiceAreaCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongExpresswayMediaCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongHualuTrafficTechnologyCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongGaodaPropertyDevelopmentCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongTwoGuangExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongHehuiExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongJiangzhaoExpresswayManagementCenter|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongKaiyangExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongLluoyangExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongMaozhanExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongMeiheExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongNinghuaExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongShanfenExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongYangmaoExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongYuedongExpresswayIndustryDevelopmentCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangshenzhuExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|HeyuanHelongExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||
|-|-|
|Name|RelationwiththeCompany|
|YunfuGuangyunExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongBodaExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongTrafficIndustryInvestmentCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongZhaoyangExpresswayCo.,ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongBaomaoExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongYueyunTrafficCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongTaishanCoastalExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongLulutongCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongChaohuiExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongGuangfoExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongPingxingExpresswayCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangzhouXinyueAsphaltCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongYueyunTrafficCo.,Ltd.|Fullyownedsubsidiaryoftheparentcompany|
|GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd.|Controlledbythesameparentcompanyandequityparticipationunit|
|GuangdongGuangzhuWestLineExpresswayCo.,Ltd.|Controlledbythesameparentcompanyandequityparticipationunit|
|BaoliChangdaEngineeringCo.,Ltd.|Shareholdingunitofparentcompany|
|GuangdongShenshanExpresswayCo.,Ltd.|Controlledbythesameparentcompanyandequityparticipationunit|
|GuangzhongjiangExpresswayProjectManagementCenter|Managedbytheparentcompany|
|Hongkong-Zhuhai-MacaoConnectionlinemanagementcenter|Managedbytheparentcompany|
|GuangdongNanyueTrafficRenboExpresswayManagementCenter|Managedbytheparentcompany|
|GuangdongNanyueTrafficShaoganExpresswayManagementCenter|Managedbytheparentcompany|
|GuangdongNanyueTrafficYunzhangExpresswayManagementCenter|Managedbytheparentcompany|
|GuangdongNanyueTrafficRenhuiExpresswayManagementCenter|Managedbytheparentcompany|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 5.Listofrelated-partytransactions
(1)Informationonacquisitionofgoodsandreceptionoflaborservice
Acquisitionofgoodsandreceptionoflaborservice
InRMB
|||||||
|-|-|-|-|-|-|
|Relatedparties|Contentofrelatedtransaction|Amountofcurrentperiod|Amountofpreviousperiod|Overthetradinglimitornot|Amountoflastperiod|
|BaoliChangdaEngineeringCo.,Ltd.|Servicecharge|2,440.62||||
|GuangdongLitongTechnologyInvestmentCo.,Ltd.|Projectfund||||784,739.50|
|GuangdongHumenBridgeCo.,Ltd.|Projectfund,service||||539,307.09|
|GuangdongTongyiExpresswayServiceAreaCo.,Ltd|Service|103,076.37|||259,399.97|
|GuangdongLulutongCo.,Ltd.|Maintenancecharges|715,406.99|||25,393.54|
|GuangdongUnionelectronicservicesco.,Ltd.|Service|3,767,825.78|||8,075,494.51|
|GuangdongExpresswayMediaCo.,Ltd.|Electriccharge|6,431.59||||
|GuangdongGuanghuiExpresswayCo.,Ltd.|Interest|2,014,593.75|||1,349,043.75|
|GuangdongJiangzhongExpresswayCo.,Ltd.|Interest|708,615.00||||
|GanzhouGankangExpresswayCo.,Ltd.|Interest||||765,623.34|
|GuangdongExpresswayMediaCo.,Ltd.|Service||||606,132.08|
|GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.|Service|60,000.00|||60,000.00|
|BaoliChangdaEngineeringCo.,Ltd.|Purchaseassets|183,277,074.35|||34,838,755.49|
|uangdongHualuTrafficTechnologyCo.,Ltd.|Purchaseassets|459,346.00|||1,548,686.53|
|GuangdongXinyuetrafficInvestmentCo.,Ltd.|Purchaseassets|6,688,119.43||||

Relatedtransactionsonsalegoodsandreceivingservices
In RMB
|||||
|-|-|-|-|
|Relatedparty|Content|Amountofcurrentperiod|Amountofpreviousperiod|
|JingzhuExpresswayGuangzhuNorthsectionCo.,Ltd.|Commissionmanagementfee|9,516,226.40|8,092,547.17|
|GuangdongExpresswayCo.,Ltd.|Projectfund|2,052,036.80|2,192,131.13|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|Relatedparty|Content|Amountofcurrentperiod|Amountofpreviousperiod|
|GuangdongHighwayConstructionCo.,Ltd.|Projectfund|603,570.34|212,264.16|
|GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd.|Projectfund|120,550.07|267,452.83|
|GuangshenzhuExpresswayCo.,Ltd.|Projectfund|114,655.17||
|GuangdongBodaExpresswayCo.,Ltd.|Projectfund|107,547.17|117,452.83|
|GuangdongKaiyangExpresswayCo.,Ltd.|Projectfund|89,142.85|134,035.68|
|YunfuGuangyunExpresswayCo.,Ltd.|Projectfund|69,535.81|35,377.36|
|GuangdongTrafficIndustryInvestmentCo.,Ltd.|Projectfund|59,433.96||
|GuangdongXinyueTrafficInvestmentCo.,Ltd.|Projectfund|32,212.39||
|GuangdongWestLineExpresswayCo.,Ltd.|Projectfund||234,905.66|
|GuangdongHumenBridgeCo.,Ltd.|Projectfund|29,716.98|26,886.79|
|GuangdongChaohuiExpresswayCo.,Ltd.|Projectfund||192,452.83|
|GuangdongGuangfoExpresswayCo.,Ltd.|Projectfund||154,245.28|
|GuangdongGuanghuiExpresswayCo.,Ltd.|Projectfund||144,339.62|
|GuangdongGuangleExpresswayCo.,Ltd.|Projectfund||142,924.53|
|ZhaoqingYuezhaoHighwayCo.,Ltd.|Projectfund|123,113.21|101,886.79|
|GuangdongZhongjiangExpresswayProjectManagementDept|Projectfund||89,622.64|
|GuangdongJiangzhongExpresswayCo.,Ltd.|Projectfund|169,001.14|82,075.47|
|GuangdongTaishanCoastalExpresswayCo.,Ltd.|Projectfund||59,433.96|
|GuangdongLitongTechnologyInvestmentCo.,Ltd.|Projectfund||35,384.62|
|ShezhenHuiyanExpresswayCo.,Ltd.|Projectfund|663,319.81|26,886.79|
|GuangdongYueyunTrifficCo.,Ltd.|Projectfund||21,226.42|

 Notes
（2）Relatedtrusteeship/contract
Nil
(3)Informationofrelatedlease
TheCompanywaslessor：
In RMB
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|Nameoflessee|Categoryofleaseassets|Theleaseincomeconfirmedinthisyear|Theleaseincomeconfirmedinlastyear|
|GuangdongExpresswayMediaCo.,Ltd.|Advertisinglease|195,542.86|1,748.41|

-Thecompanywaslessee：
In RMB
|||||
|-|-|-|-|
|Lessor|Categoryofleasedassets|Theleaseincomeconfirmedinthisyear|Categoryofleasedassets|
|GuangdongLitongRealEatate InvestmentCo.,Ltd|Officespace|4,469,957.38|4,406,113.37|
|GuangdongGuanghuiExpresswayCo.,Ltd.|Advertisingcolumnlease||884,200.00|
|ZhaoqingYuezhaoHighwayCo.,Ltd.|Advertisingcolumnlease||124,031.25|
|GuangzhouYueyunTrafficCo.,Ltd.|Carrentalfee|42,400.00|97,530.00|
|GuangdongGaodaPropertyDevelopmentCo.,Ltd.|Officespace|52,686.57|7,230.00|

Notes
（4）Related-partyguarantee
TheCompanywasGuarantor
Nil
TheCompanywassecuredparty
InRMB
||||||
|-|-|-|-|-|
|Guarantor|Guaranteeamount|Startdate|Enddate|Executionaccomplishedornot|
|GuangdongCommunicationGroupCo.,Ltd.|1,725,000,000.00|September25,2012|March25,2020|No|

(5)Inter-banklendingofcapitalofrelatedparties
In RMB
||||||
|-|-|-|-|-|
|Relatedparty|Amountborrowedandloaned|Initialdate|Duedate|Notes|
|Borrowed|||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|GuangdongGuanghuiExpresswayCo.,Ltd.|30,000,000.00|April1,2019|March31,2020|
|GuangdongGuanghuiExpresswayCo.,Ltd.|105,000,000.00|April2,2019|April1,2020|
|GuangdongGuanghuiExpresswayCo.,Ltd.|45,000,000.00|May22,2018|May21,2019|
|GuangdongJiangzhongExpresswayCoLoaned.,Ltd.|36,000,000.00|November14,2018|November13,2023|
|Loaned||||

(6)Relatedpartyassettransferanddebtrestructuring
Nil
(7)Rewardsforthekeymanagementpersonnel
In RMB
||||
|-|-|-|
|Items|Amountofcurrentperiod|Amountofpreviousperiod|
|Rewardsforthekeymanagementpersonnel|2,417,800.00|2,415,100.00|

(8)Otherrelated-partytransactions
-CapitalDepositSituationofGuangdongProvincialCommunicationGroupFinanceCo.,Ltd.
||||
|-|-|-|
|Items|Amountofcurrentperiod|Amountofpreviousperiod|
|BalanceofDeposit|189,879,309.18|381,881,836.28|
|InterestIncome|6,226,669.02|3,752,689.53|
|PricingPrinciple|Referencetothedepositrateofthepeople'sBankofChinaforthesameperiod||

 On December 25, 2017 and December 22, 2017, the Company signed the Cash Management Business Cooperation Agreement with Guangdong Communications Group Finance Co., Ltd. and Industrial and Commercial Bank of China Guangdong Branch and signed the Cash Management Business Cooperation AgreementwithGuangdongCommunicationsGroupFinanceCo.,Ltd.andChinaConstructionBankCorporation. GuangdongBranchrespectively,tojoininthecashpoolofGuangdongCommunicationsGroupFinanceCo.,Ltd.
-On June 15, 2016,Thecompany’s 29th meeting (Provisional) of the seventh board of directors was
convened.TheProposalonEntrustmentofConstructionManagementoftheRenovationandExpansionProjectof
Sanbao-to-Shuikou Section of Shengyang-to-Haikou National Expressway was deliberated in the meeting, agreed
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 thatGuangdongProvincialFokaiExpresswayCo.,LtdentrustsGuangdongProvincialHighwayConstructionCo., 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 constructionmanagement.
③The subsidiary Guangdong GaosuScience andTechnology Investment Co., Ltd. signed the Blue Channel RelatedAssetTransfer Contract with the affiliated party Guangdong Unitoll Collection Inc, transferring the rights related to the Blue Channel that have not been developed and completed as an asset group to the affiliated party GuangdongUnitollCollectionIncatatransferpriceofRMB19,881,200.00,seeNoteVII,40fordetails.
6.Receivablesandpayablesofrelatedparties
（1）Receivables
In RMB
|||||||
|-|-|-|-|-|-|
|Name|Relatedparty|Amountatyearend||Amountatyearbeginning||
|||BalanceofBook|BaddebtProvision|BalanceofBook|BaddebtProvision|
|Accountreceivable|GuangdongHumenBridgeCo.,Ltd.|23,560,330.99||12,579,159.31||
|Accountreceivable|GuangdongUnionelectronServiceCo.,Ltd.|47,675,526.05||45,159,424.41||
|Accountreceivable|JingzhuExpresswayGuangzhuNorthSectionCo.,Ltd.|4,819,475.01||5,280,850.02||
|Accountreceivable|GuangdongExpresswayCo.,Ltd.|2,579,058.00||873,408.00||
|Accountreceivable|GuangdongHighwayConstructionCo.,Ltd.|699,980.00||358,484.00|109,152.00|
|Accountreceivable|GuangdongXinyueTrafficInvestmentCo.,Ltd.|532,703.53|188,155.61|1,828,273.53|202,508.01|
|Accountreceivable|GuangdongKaiyangExpresswayCo.,Ltd.|267,300.00||178,157.15||
|Accountreceivable|GuangdongBodaExpresswayCo.,Ltd.|114,000.00||||
|Accountreceivable|GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd.|108,000.00||||
|Accountreceivable|GuangdongZhongjiangExpresswayPrijectManagementDept|95,000.00||95,000.00||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||||
|-|-|-|-|-|-|
|Name|Relatedparty|Amountatyearend||Amountatyearbeginning||
|||BalanceofBook|BaddebtProvision|BalanceofBook|BaddebtProvision|
|Accountreceivable|GuangdongJiangzhaoExpresswayManagementCenter|78,000.00||156,000.00||
|Accountreceivable|YunfuGuangyunExpresswayCo.,Ltd.|76,000.00||||
|Accountreceivable|GuangdongLitongTechnologyInvestmentCo.,Ltd.|||68,542.00|6,854.20|
|Accountreceivable|TuangdongTaishanCoastalExpresswayCo.,Ltd.|63,000.00||63,000.00||
|Accountreceivable|GuangdongTrafficIndustryInvestmentCo.,Ltd.|63,000.00||||
|Accountreceivable|GuangdongGuanghuiExpresswayCo.,Ltd.|21,125.65||901,822.65||
|Accountreceivable|GuangdongGuangzhuWestLineExpresswayCo.,Ltd.|||294,260.00||
|Accountreceivable|GuangdongYueyunTrafficCo.,Ltd.|||45,000.00||
|Accountreceivable|ZhaoqingYuezhaoHighwayCo.,Ltd.|135,329.98||4,829.98||
|Advancedpayment|GuangdongLitongRealEstateInvestmentCo.,Ltd.|735,092.38||735,092.38||
|Advancedpayment|ZhaoqingYuezhaoHighwayCo.,Ltd.|20,671.75||144,702.50||
|OtherAccountreceivable|GuangdongLitongRealEstateInvestmentCo.,Ltd.|1,515,077.22||1,505,864.00||
|OtherAccountreceivable|GuangdongGuanghuiExpresswayCo.,Ltd.|1,462,587.90||1,478,904.68||
|OtherAccountreceivable|GuangdongExpresswayCo.,Ltd.|607,620.98||630,778.47||
|OtherAccountreceivable|ZhaoqingYuezhaoHighwayCo.,Ltd.|429,558.65||437,463.87||
|OtherAccountreceivable|GuangdongXinyueTrafficInvestmentCo.,Ltd.|423,767.60||415,442.60||
|OtherAccountreceivable|GuangshenzhuExpresswayCo.,Ltd.|185,014.40||187,533.46||
|OtherAccount|GuangdongTongyiExpresswayService|160,191.20||||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||||
|-|-|-|-|-|-|
|Name|Relatedparty|Amountatyearend||Amountatyearbeginning||
|||BalanceofBook|BaddebtProvision|BalanceofBook|BaddebtProvision|
|receivable|AreaCo.,Ltd.|||||
|OtherAccountreceivable|GuangdongGuangzhuWestLineExpresswayCo.,Ltd.|104,727.60||186,371.32||
|OtherAccountreceivable|GuangdongExpresswayMediaCo.,Ltd.|126,660.80||275,166.57||
|OtherAccountreceivable|GuangdongHighwayConstructionCo.,Ltd.|133,083.25||129,529.29||
|OtherAccountreceivable|GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd.|73,773.60||121,948.14||
|OtherAccountreceivable|GuangdongBodaExpresswayCo.,Ltd.|51,808.80||52,467.45||
|OtherAccountreceivable|GuangdongJiangzhongExpresswayCo.,Ltd.|28,120.00||28,474.26||
|OtherAccountreceivable|GuangdongGaodaPropertyDevelopmentCo.,Ltd.|15,906.00||11,748.00||
|OtherAccountreceivable|GuangdongShenshanExpresswayEastSectionCo.,Ltd.|12,000.00||12,081.56||
|OtherAccountreceivable|GuangdongHumenBridgeCo.,Ltd.|11,306.50||9,141.89||
|OtherAccountreceivable|GuangdongMaozhanExpresswayCo.,Ltd.|8,747.20||14,074.11||
|OtherAccountreceivable|GuangdongShanfenExpresswayCo.,Ltd.|8,028.80||8,028.80||
|OtherAccountreceivable|GuangdongBaomaoExpresswayCo.,Ltd.|7,633.60||7,633.60||
|OtherAccountreceivable|GuangdongYuedongExpresswayIndustryDevelopmentCo.,Ltd.|7,367.20||7,367.20||
|OtherAccountreceivable|GuangdongGuangleExpresswayCo.,Ltd.|7,248.00||29,832.90||
|OtherAccountreceivable|GuangdongYangmaoExpresswayCo.,Ltd.|6,004.80||29,265.49||
|OtherAccountreceivable|GuangdongZhaoyangExpresswayCo.,Ltd.|4,304.00||4,304.00||
|OtherAccountreceivable|GuangdongYueyunTrafficCo.,Ltd.|3,032.00||3,032.00||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||||
|-|-|-|-|-|-|
|Name|Relatedparty|Amountatyearend||Amountatyearbeginning||
|||BalanceofBook|BaddebtProvision|BalanceofBook|BaddebtProvision|
|OtherAccountreceivable|GuangdongKaiyangExpresswayCo.,Ltd.|||45,999.77||
|OtherAccountreceivable|GuangdongJingzhuExpresswayGuangzhuSectionCo.,Ltd.|6,064.00||6,202.46||
|OtherAccountreceivable|YunfuGuangyunExpresswayCo.,Ltd.|||5,831.32||
|OtherAccountreceivable|GuangdongLitongTechnologyInvestmentCo.,Ltd.|5,273.00||5,273.00||
|OtherAccountreceivable|GuangdongGuangfoExpresswayCo.,Ltd.|||3,619.10||
|OtherAccountreceivable|HongkongZhuhaiMacaoBridgeConnectionlinemanagementcenter|3,000.00||3,000.00||
|OtherAccountreceivable|GuangdongChaohuiExpresswayCo.,Ltd.|||2,819.90||
|OtherAccountreceivable|GuangdongTwoGuangExpresswayCo.,Ltd.|||1,656.69||
|OtherAccountreceivable|GuangdongMeiheExpresswayCo.,Ltd.|||574.17||
|OtherAccountreceivable|HeyuanHelongExpresswayCo.,Ltd.|||467.14||
|OtherAccountreceivable|GuangdongNinghuaExpresswayCo.,Ltd.|||271.81||
|OtherAccountreceivable|GuangdongHehuiExpresswayCo.,Ltd.|||90.20||
|Dividendreceivable|GanzhouKangdaExpresswayCo.,Ltd.|21,000,000.00||||
|Dividendreceivable|GuiyuanSecuritiesCo.,Ltd.|11,940,297.90||||
|OtherNon-CurrentAssets|BaoliChangdaEngineeringCo.,Ltd.|18,380,900.94||4,216,292.57||
|OtherNon-CurrentAssets|GuangdongXinyueTrafficInvestmentCo.,Ltd.|||823,423.25||
|Other|GuangdongHualuTrafficTechnology|||796,711.00||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||||
|-|-|-|-|-|-|
|Name|Relatedparty|Amountatyearend||Amountatyearbeginning||
|||BalanceofBook|BaddebtProvision|BalanceofBook|BaddebtProvision|
|Non-CurrentAssets|Co.,Ltd.|||||
|Long-termamortizationcosts|GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd.|1,168,273.16||1,221,781.88||

（2）Payables
In RMB
|||||
|-|-|-|-|
|Name|Relatedparty|Amountatyearend|Amountatyearbeginning|
|Accountpayable|BaoliChangdaEngineeringCo.,Ltd.|25,350,090.00|12,166,883.00|
|Accountpayable|GuangdongHighwayConstructionCo.,Ltd.|25,630,651.00|25,630,651.00|
|Accountpayable|GuangdongExpresswayCo.,Ltd.|8,746,491.18|8,746,491.18|
|Accountpayable|GuangdongXinyueTrafficInvestmentCo.,Ltd.|1,829,141.32|1,829,141.32|
|Accountpayable|GuangdongUnionElectronServiceCo.,Ltd.|914,439.52||
|Accountpayable|GuangdongLitongTechnologyInvestmentCo.,Ltd.|772,350.00|1,631,800.00|
|Accountpayable|GuangdongGuanghuiExpresswayCo.,ltd.|551,400.00|551,400.00|
|Accountpayable|GuangdongHualuTrafficTechnologyCo.,Ltd.|89,540.00|2,913,206.00|
|Accountpayable|GuangzhouXinyueAsphaltCo.,Ltd.||2,537,848.10|
|Accountpayable|GuangdongMaozhenExpresswayCo.,Ltd.|124,012.02|120,000.00|
|Interestpayable|GuangdongGuanghuiExpresswayCo.,Ltd.|1,324,575.00|1,096,200.00|
|Interestpayable|GuangdongJiangzhongExpresswayCo.,Ltd.|39,150.00|43,065.00|
|OtherPayableaccount|GuangdongGuanghuiExpresswayCo.,Ltd.|134,979,941.98|45,000,000.00|
|OtherPayableaccount|GuangdongZhongjiangExpresswayProjectManagementDept|28,200,000.00|200,491.55|
|OtherPayableaccount|BaoliChangdaEngineeringCo.,Ltd.|14,612,208.16|11,346,061.22|
|OtherPayableaccount|GuangdongUnionElectronServiceCo.,Ltd.|5,033,004.70|3,800,226.36|
|OtherPayableaccount|GuangdongXinyueTrafficInvestmentCo.,Ltd.|1,679,918.51|1,779,918.51|
|OtherPayableaccount|GuangdongLHualuTrafficTechnologyCo.,Ltd.|370,887.88|786,185.88|
|OtherPayableaccount|GuangdongKaiyangExpresswayCo.,Ltd.|264,132.19||
|OtherPayableaccount|GuangdongLitongTechnologyInvestmentCo.,Ltd.|232,127.70|203,655.20|
|OtherPayableaccount|GuangdongEastThinkingManagementTechnologyDevelopmentCo.,Ltd.|210,188.00|531,573.69|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|Name|Relatedparty|Amountatyearend|Amountatyearbeginning|
|OtherPayableaccount|GuangdongJiangzhongExpresswayCo.,Ltd.|149,269.03||
|OtherPayableaccount|GuangdongMaozhanExpresswayCo.,Ltd.|124,012.02||
|OtherPayableaccount|GuangdongXintaiExpresswayCo.,Ltd.|122,659.13||
|OtherPayableaccount|GuangdongTongyiExpresswayServiceAreaCo.,Ltd.|120,000.00|120,000.00|
|OtherPayableaccount|GuangdongExpresswayMediaCo.,Ltd.|70,000.00|70,000.00|
|OtherPayableaccount|GuangdongJingzhuExpresswayGuangzhuNorthSectionCo.,Ltd.|68,454.90|9,327.00|
|OtherPayableaccount|GuangdongJiangzhaoExpresswayManagementCenter|59,092.11|7,217.12|
|OtherPayableaccount|GuangdongLulutongCo.,Ltd.|48,000.00|165,249.80|
|OtherPayableaccount|GuangdongZhaoyangExpresswayCo.,Ltd.|32,513.24|2,145.78|
|OtherPayableaccount|GuangdongTrafficIndustryInvestmentCo.,Ltd.|23,026.67|2,347.68|
|OtherPayableaccount|GuangdongYangmaoExpresswayCo.,Ltd.|21,402.56||
|OtherPayableaccount|GuangdongGuangzhuWestLineExpresswayCo.,Ltd.|16,226.72||
|OtherPayableaccount|GuangdongExpresswayCo.,Ltd.|257,336.62|15,342.09|
|OtherPayableaccount|GuangdongShenfenExpresswayCo.,Ltd.|2,660.62|751.35|
|OtherPayableaccount|GuangshenzhuExpresswayCo.,Ltd.|2,395.56||
|OtherPayableaccount|GuangdongYuedongExpresswayIndustryDevelopmentCo.,Ltd.|1,838.56|1,018.37|
|OtherPayableaccount|GuangdongYunwuExpresswayCo.,Ltd.|1,497.93||
|OtherPayableaccount|GuangdongTianshanExpresswayCo.,Ltd.|640.96||
|OtherPayableaccount|GuangdongLluoyangExpresswayCo.,Ltd.|500.75|319.21|
|OtherPayableaccount|HeyuanHelongExpresswayCo.,Ltd.|352.54||
|OtherPayableaccount|GuangdongBodaExpresswayCo.,Ltd.|219.13|100.97|
|OtherPayableaccount|GuangdongHehuiExpresswayCo.,Ltd.|32.93||
|OtherPayableaccount|GuangdongRoad&BridgeConstructionDevelopmentCo.,Ltd.|5,572.94|551.99|
|OtherPayableaccount|GuangdongHighwayConstructionCo.,Ltd.|20,973.36|689.83|
|OtherPayableaccount|GuangdongBaomaoExpresswayCo.,Ltd.||3,206.11|
|OtherPayableaccount|GuangdongNanyueTrafficYunzhanExpresswayManagementCenter||821.38|
|OtherPayableaccount|GuangdongNanyueTrafficShaoganExpresswayManagementCenter||546.89|
|OtherPayableaccount|ShenzhenHuiyanExpresswayCo.,Ltd.||391.36|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||
|-|-|-|-|
|Name|Relatedparty|Amountatyearend|Amountatyearbeginning|
|OtherPayableaccount|GuangdongNanyueTrafficChaozhangExpresswayManagementCenter||282.67|
|OtherPayableaccount|GuangdongNanyueTrafficRenboExpresswayManagementCenter||225.79|
|OtherPayableaccount|GuangdongPingxingExpresswayCo.,LTD.||45.41|
|OtherPayableaccount|GuangdongJiangzhongExpresswayCo.,Ltd.|36,000,000.00|36,000,000.00|

 7.Relatedpartycommitment
Nil
XIII.Stockpayment
1.TheStockpaymentoverallsituation
□Applicable√ Notapplicable
2.TheStockpaymentsettledbyequity
□Applicable√ Notapplicable
3.TheStockpaymentsettledbycash
□Applicable√ Notapplicable
4.Modificationandterminationofthestockpayment
Nil
5.Other
XIV.Commitments
1.Significantcommitments
Significantcommitmentsatbalancesheetdate
OnJune15,2016,theCompany’s29thmeeting(Provisional)oftheseventhboardofdirectorswasconvened. In the meeting, the Proposal on Increasing Funding for Guangdong Fokai Expressway Co., Ltd pertaining to the
Renovation and Expansion Project of Sanbao-to-Shuikou Section of Shengyang-to-Haikou National Expressway
was examined and approved, agreed that based on the approved total investment amount by relevant government
department, then thecompany’s subsidiary- Guangdong Fokai Expressway Co., Ltd carries out the investment
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 and construction of the renovation and expansion project of Sanbao-to-Shuikou Section of Shengyang-to-Haikou National Expressway; the company increases funding for Guangdong Provincial Fokai Expressway Co., Ltd pertaining to the renovation and expansion project of Sanbao-to-Shuikou Section of Shengyang-to-Haikou National Expressway,with the contributed funds as a proportion of35% of the total investment amount approved by relevant government department. The afore-said item had been examined and approved in the first extraordinarygeneral shareholder meeting, The Companyhad received theapprovalof the NationalDevelopment and Reform comission about the uandongProvincial Santbao-Shuikou Expressway Section Rebubuilding and Expansion Project(NO.1874-2016-NDRC Infrastructure Document)from Guangdong Provincel Development and reform Commission On October 11, 2016, agreed with the implementation of the Guangdong Provincial Sanbao-Shuikou Expressway Section Rebuilding and Expansion Project.It’s estimated that the total investment of this project is about 3.513 billion yuan(the static investment is about 3.289 billion yuan), of which the project capital is 1.23 billion yuan that accounts for35% of the total investment and such amount of the project capital will be provided by Guangdong Provincial Fokai Expressway Co., Ltd, and the rest amount of2,283 billion yuan will be solved by using bank loans. According to the "Official Reply to the preliminary design of reconstruction and extension project of Guangdong Sanbao to Shuikou Road by Ministry of Transport" (No.73-2017 Transport Road Document) issued by Guangdong Provincial Department of Transport, the Ministry of Transport checked and ratified that the general estimate of the preliminary design of reconstruction and extension project of Guangdong Sanbao to Shuikou Road is RMB 3.426 billion. As of June 30,2019, The accumulated expenses occurredofSanbotoShuikouHighwayextensionprojectwas1.945billionyuan.
||||||
|-|-|-|-|-|
|No|ContractCounterparty|EconomicContent|ContractAmount|FulfilledasofJune30,2019|
|1|ChinaRailwayTunnelGroupCo.,Ltd.|CivilEngineering|251,026,485.00|220,694,631.00|
|2|BoliChangdaEngineeringCo.,Ltd.|CivilEngineering|624,878,240.00|422,197,236.40|
|3|ChinaRailway18thBureauGroupCo.,Ltd.|CivilEngineering|219,974,609.00|174,338,854.20|
|4|CCCCFirstNavigationEngineeringBureauCo.,Ltd|CivilEngineering|355,014,108.00|256,524,868.12|

2.Contingency
(1)Significantcontingencyatbalancesheetdate
Nil
(2)TheCompanyhavenosignificantcontingencytodisclose,alsoshouldbestated
Nil
(3)Contingentliabilitiesrelatingtoinvestmentsinjointventuresorassociatedenterprises
SeeSection9,RightsandInterestsinOtherSubjects.
(4)Othercontingentliabilitiesandtheirfinancialimpact
AsofJune30,2019,Thecompanydoesnotdisclosethepensionplanundisclosedmattershouldexist.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 XV.Eventsafterbalancesheetdate
1.Significanteventshadnotadjusted
Nil
2.Profitdistribution
Nil
3.Salesreturn
Nil
4.Notesofothersignificanteventafterbalancesheetdate
Nil
XVI.Othersignificantevents
1.Theaccountingerrorscorrectioninpreviousperiod
Nil
2.Debtrestructuring
Nil
3.Replacementofassets
Nil
4.Pensionplan
Nil
5.Discontinuingoperation
Nil
6.Segmentinformation
The company's business for the Guangfo Expressway , the Fokai Expressway andJingzhu Expressway Guangzhu Section toll collection and maintenance work, the technology industry and provide investment advice, no other
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 natureofthebusiness,noreportablesegment.
7.Otherimportanttransactionsandeventshaveanimpactoninvestorsdecision-making
8.Other
(1)June 15,2007 early in the morning, The 325 Jiujiang Bridge collapsed on# 23 pier for―Nanguijii035# collision owned by the controlling subsidiary of the company Guangdong Fokai Expressway Company leads the collapse and the traffic jam of 200 meters long of the Jiujiang Bridge. On June 10, 2009, Jiujiang Bridge opened totraffichasbeenrestored.
On June 19,2007， The Ministry of Communications, the State Production Safety Supervision and Administration Commission issued the JiaoAnWeiming File[2007] No. 8 "Notification on the Guangdong"6.15 "Jiujiang Bridge Collision Accident", initially determined the causes of the accident are: the incident ship suddenly met heavy fog on the way from Foshan Gaoming to Sunde, the captain neglected looking out, did not take proper measures and deviated from the main channel, touched the 325 National Road Jiujiang Bridge the non-navigationbridgepierandcausedthecollapsionofpartoftheJiujiangbridge.TheaccidentwasanunilateralOnJuly19,2007，FokaiCompanyappliedpreservationofpropertytoGuangzhouMaritimeCourt.OnAugust22,2007，FokaiCompanyofficiallyprosecutedtoGuangzhouMaritimeCourt,askingFoshanSouthSeaShipping Company Limited and Yang Xiong to undertake the compensation 25,587,684 yuan for the loss caused by collapsing of Jiujiang Bridge. On August 28, 2007, Guangzhou Maritime Court accepted the case. According to the (2007)-Canton Haifa No. 332 ruling book issued by Guangzhou Maritime Court, the proceeding of the case wassuspended.
After the court accepted the case, the incident investigation team of Guangdong Provincial Government had not made the final report of Jiujiang Bridge accident. The Court, on November 5, 2007, decided to suspend the proceeding. In September 2008, Jiujiang Bridge accidentinvestigation reportwas officially reported and resumed the proceedings. On December 5, 2008, Guangzhou Marine Court opened a court trial to procceeded the case. Currently, Guangzhou Haizhu prosecutorial office was intend to prosecute the accident captain Shi Guide, therefore, on January 5, 2009, Guangzhou Maritime Court ruled the suspension of the case. On September 17, 2013,theGuangzhouMaritimeCourtissuedanoticeofcivilandeliminatethecauseofsuspensionofproceedings, the court decided to resume the trial. On December 19, 2013, the Guangzhou Maritime Court opened a court session, hasnotyet made thefirst-instancejudgment. OnMarch 7,2014theCourtmadethe firstinstance verdict: the defendant Foshan Nanhai Yuhang ship Services Co., Ltd. and Yang Xiong compensated the plaintiff Fokai ExpresswayCo.,Ltd.tollrevenuelossesof19,357,500.96yuan;thecourtdismissedtheplaintiffotheraspirations. The defendant appealed to the Higher People's Court of Guangdong Province, the Guangdong Provincial Higher People's Court ruled on June 5, 2014, the case discontinued proceedings. By the end of the report period, the abatement of action causes are already removed and the provincial higher court restores the hearing and conducts theinvestigationonApril21,2017.
(2)The 26th (Provisional)Meeting of the sixth board of directors of Guangdong Provincial Expressway Development Co., Ltd. was held of May 10, 2012. The meeting examined and adopted the proposal Concerning theCompany’s Accepting the insurance Bond Investment Plan of Pacific Asset Management Co., Ltd. The Company was approved to accept the insurance bond investment plan made by Pacific Asset Management Co.,
Ltd.Theamountofproceedstoberaisedisnotmorethan1.5billionyuan.Floatinginterestrateplusguaranteed
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 base interest rate applies as the interest rate. The Floaing interest rate shall not exceed the basic interest rate of RMB loan with a term of over five years on the day when the investment fund of the insureance company is transferredintotheCompany’saccountandthecorrespondingdays ofthefutureyears, whichshallbeadjusted once each year. The guaranteed base interest rate is5.6%. The concrete amount of raised proceeds shall be within maximum limit of investment fund filed with CIRC. The actual amount wholly transferred to the Companyshallapply. The finalinterestrateis subjecttoinvestmentContractforBondInvestment Plan between Pacific and Guangdong Expressway Filed with CIRC. It was approved to authorize the management of the Companytoimplementtheabove-mentionedmatters.
The Company was approved to provide counter guarantee to Guangdong Communication Group Co.,Ltd.with75% equity of Guangdong Fokai Expressway Co., Ltd. Held by it . as of December 31, 2016, the companyhasborrowed1.5billionyuan.
（3）The 19th (Provisional)Meeting of the Eighth board of directors of Guangdong Provincial Expressway Development Co., Ltd. was held of August 7, 2018.The meeting examined and approved the Proposal on Issuing Medium-TermNotes，Agree that the company intends to register in the China Interbank Market Dealers Association with a quota of not more than 3.4 billion yuan (inclusive), which is within40% of the company's latest audited net assets. Apply for a one-time or installment in a timely manner, with a term of no less than 5 years (including 5 years), and raise funds to repay the loan and replenish working capital; The matter has been passedbytheresolutionofthefirstinterimshareholders'meetingin2018.
On January 4, 2019, the dealers association issued a Notice of Acceptance of Registration (ZSXZ[2019] MTN 9). The amount of acceptance of the company's medium-term notes is 3.4 billion yuan, and the amount of registration is valid for 2 years from the date of receipt of the notice of acceptance, and it is jointly underwritten by Industrial and Commercial Bank of China Limited and China Construction Bank Limited. The company borrowed680millionyuanonMarch1,2019.
(4)According to the Implementation Plan forAccelerating the Electronic Non-stop QuickTollApplication Services on Expressways (Development and Reform Foundation[2019] No. 935) issued by the National DevelopmentandReform CommissionandtheMinistryofTransportandtheNotice onVigorouslyPromoting the Development andApplication of ETC on Expressways issued by the General Office of the Ministry of Transport, ETC users of expressway traffic vehicles shall strictly implement the basic preferential policies of not less than5% ofthe vehicle tolls since July 1, 2019, and at the same time, from January 1, 2020, adjust the mode of freight tollcharging,anduniformlychargebyvehicle(axle)type.
The above policies are expected to have an adverse impact on the Company's operating income, but the specific impacthasnotyetdetermined.
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 XVII..Notesofmainitemsinfinancialreportsofparentcompany
1.Accountreceivable
1.Classificationaccountreceivables.
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|Category|Amountinyear-end|||||BalanceYear-beginning|||||
||BookBalance||Baddebtprovision||Bookvalue|BookBalance||Baddebtprovision||Bookvalue|
||Amount|Proportion(%)|Amount|Proportion(%)||Amount|Proportion(%)|Amount|Proportion(%)||
|Accrualofbaddebtprovisionbysingleitem|||||||||||
|Ofwhich：|||||||||||
|Accrualofbaddebtprovisionbyportfolio|17,585,263.17||||17,585,263.17|18,405,847.15|100.00%|||18,405,847.15|
|Ofwhich：|||||||||||
|Total|17,585,263.17||||17,585,263.17|18,405,847.15|100.00%|||18,405,847.15|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 Accrualofbaddebtprovisionbysingleitem:Nil
Accrualofbaddebtprovisionbyportfolio:
Accountreceivableonwhichbaddebtprovisionsareprovidedonagebasisinthegroup：
InRMB
|||||
|-|-|-|-|
|Name|Balanceinyear-end|||
||Receivableaccounts|Baddebtprovision|Withdrawalproportion|
|Within1year|17,585,263.17|||
|Total|17,585,263.17||-|

Notesofthebasisofrecognizingtheportfolio:
Provisionforbaddebtsaccordingtotheageportfolio.
Relevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodof otherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelof expectedcreditloss:
□ Applicable√Notapplicable
Disclosurebyaging
InRMB
|||
|-|-|
|Aging|Closingbalance|
|Within1year（Including1year）|17,585,263.17|
|Within1year|17,585,263.17|
|Total|17,585,263.17|

 (2)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiod
Nil
（3）Thecurrentaccountsreceivablewrite-offssituation
Nil
（4）Theendingbalanceofotherreceivablesowedbytheimputationofthetopfiveparties
|||||
|-|-|-|-|
|Name|Amount|Proportion(%)|Baddebtprovision|
|GuangdongUnionElectronicServicesCo.,Ltd.|17,585,263.17|100.00||
|Total|17,585,263.17|100.00||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019（5）Accountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassets
Nil
(6)Theamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofaccounts receivable
Nil
2.Otheraccountsreceivable
In RMB
||||
|-|-|-|
|Items|Balanceinyear-end|BalanceYear-beginning|
|Interestreceivable|32,460,868.78|1,880,148.12|
|Dividendreceivable|34,145,770.80|1,205,472.90|
|Otherreceivable|6,077,481.50|6,238,161.64|
|Total|72,684,121.08|9,323,782.66|

（1）Interestreceivable
1）Interestreceivable
InRMB
||||
|-|-|-|
|Items|Balanceinyear-end|BalanceYear-beginning|
|Entrustedloan|32,460,868.78|1,880,148.12|
|Total|32,460,868.78|1,880,148.12|

2）Significantdividendreceivableagedover1year
Nil
3）Bad-debtprovision
□ Applicable√ Notapplicable
（2）Dividendreceivable
1)Dividendreceivable
In RMB
||||
|-|-|-|
|Items|Balanceinyear-end|BalanceYear-beginning|
|GuangdongRadioandTelevisionNetworksinvestmentNo.1Limitedpartnershipenterprise|1,205,472.90|1,205,472.90|
|GanzhouKangdaExpresswayCo.,Ltd.|21,000,000.00||
|GluoyuanSecuritiesCo.,Ltd.|11,940,297.90||
|Total|34,145,770.80|1,205,472.90|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019（2）Significantdividendreceivableagedover1year
Nil
3）Bad-debtprovision
□ Applicable√ Notapplicable
（3） Otheraccountsreceivable
1)Otheraccountsreceivableclassifiedbythenatureofaccounts
In RMB
||||
|-|-|-|
|Nature|Closingbookbalance|Openingbookbalance|
|Balanceofsettlementfundsforsecuritiestransactions|30,844,110.43|30,844,110.43|
|Cashdeposit|1,953,995.00|1,930,943.00|
|Pettycash|1,581,352.00|1,605,100.00|
|Other|2,542,134.50|2,051,718.64|
|Currentaccount||650,400.00|
|Total|36,921,591.93|37,082,272.07|

2）Bad-debtprovision
InRMB
||||||
|-|-|-|-|-|
|BadDebtReserves|Stage1|Stage2|Stage3|Total|
||Expectedcreditlossesoverthenext12months|Expectedcreditlossoverlife(nocreditimpairment)|Expectedcreditlossesfortheentireduration(creditimpairmentoccurred)||
|BalanceasatJanuary1,2019|||30,844,110.43|30,844,110.43|
|BalanceasatJanuary1,2019incurrent|——|——|——|——|
|BanlanceasatJune30,2019|||30,844,110.43|30,844,110.43|

Lossprovisionchangesincurrentperiod,changeinbookbalancewithsignificantamount
□ Applicable√Notapplicable
Disclosurebyaging
InRMB
|||
|-|-|
|Aging|Closingbalance|
|Within1year(Including1year）|3,277,275.23|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||
|-|-|
|Within1year|3,277,275.23|
|1-2years|1,045,544.39|
|2-3years|897,839.00|
|Over3years|31,700,933.31|
|4-5years|463,491.88|
|Over5years|31,237,441.43|
|Total|36,921,591.93|

 3)Accountsreceivablewithdraw,reversedorcollectedduringthereportingperiod
Thewithdrawalamountofthebaddebtprovision：
InRMB
||||||
|-|-|-|-|-|
|Category|Openingbalance|Amountofchangeinthecurrentperiod||Closingbalance|
|||Accrual|Reversedorcollectedamount||
|Accountreceivablewithsinglemajoramountandwithdrawalbaddebtprovisionforsingleitem|30,844,110.43|||30,844,110.43|
|Total|30,844,110.43|||30,844,110.43|

 Ofwhichthesignificantamountofthereversedorcollectedpartduringthereportingperiod:Nil
4)Theactualwrite-offotheraccountsreceivable:Nil
5)Top5oftheclosingbalanceoftheotheraccountsreceivablecollectedaccordingtothearrearsparty
InRMB
|||||||
|-|-|-|-|-|-|
|Name|Nature|Closingbalance|Aging|Proportionofthetotalyearendbalanceoftheaccountsreceivable(%)|Closingbalanceofbaddebtprovision|
|KunlunSecuritiesCo.,Ltd|Securitiestradingsettlementfunds|30,844,110.43|Over5years|83.54%|30,844,110.43|
|GuangdongLitongRealEstatesInvestmentCo.,Ltd.|Deposit|1,505,864.00|2-3years|4.08%||
|Pettycash|Pettycash|1,340,000.00|Within1|3.63%||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
|||||||
|-|-|-|-|-|-|
||||year|||
|GuangdongExpresswayCo.,Ltd.|Entrustmentmanagementfee|463,491.88|4-5years|1.26%||
|BeijingShibangWeilishiPropertyManagementServiceCo.,Ltd.GuangzhouBranch|Deposit|393,331.00|Over5years|1.07%||
|Total|--|34,546,797.31|--|93.57%|30,844,110.43|

 (6)Accountsreceivableinvolvedwithgovernmentsubsidies
Nil
(7)OtheraccountreceivablewhichterminatetherecognitionowningtothetransferofthefinancialassetsNil (8)Theamountoftheassetsandliabilitiesformedbythetransferandthecontinuesinvolvementofotheraccounts receivable
Nil
Othernotes：
3.Long-termequityinvestment
InRMB
||||||||
|-|-|-|-|-|-|-|
|Items|Endofterm|||Beginningofterm|||
||BookBalance|Impairmentprovision|Bookvalue|BookBalance|Impairmentprovision|Bookvalue|
|Investmentinsubsidiaries|1,533,665,008.81||1,533,665,008.81|1,533,665,008.81||1,533,665,008.81|
|Investmentinjointventuresandassociates|3,237,607,137.38||3,237,607,137.38|3,145,355,906.88||3,145,355,906.88|
|Total|4,771,272,146.19||4,771,272,146.19|4,679,020,915.69||4,679,020,915.69|

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019（1）Investmenttothesubsidiary
In RMB
||||||||
|-|-|-|-|-|-|-|
|Name|Openingbalance|Increase|Decrease|Closingbalance|Withdrawnimpairmentprovisioninthereportingperiod|Closingbalanceofimpairmentprovision|
|GuangfoExpresswayCo.,ltd.|154,982,475.25|||154,982,475.25|||
|GuangdongExpresswayTechnologyInvestment Co.,Ltd.|95,731,882.42|||95,731,882.42|||
|GuangzhouGuangzhuTrafficInvestmentManagementCo.,Ltd.|859,345,204.26|||859,345,204.26|||
|JingzhuExpresswayGuangzhuSectionCo.,Ltd.|419,105,446.88|||419,105,446.88|||
|YuegaoCapitalInvestment(Hengqin)Co.,Ltd.|4,500,000.00|||4,500,000.00|||
|Total|1,533,665,008.81|||1,533,665,008.81|||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019（2）Investmenttojointventuresandassociatedenterprises
InRMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|Name|Openingbalance|Increase/decreaseinreportingperiod||||||||Closingbalance|Closingbalanceofimpairmentprovision|
|||Addinvestment|Decreasedinvestment|Gain/lossofInvestment|Adjustmentofothercomprehensiveincome|Otherequitychanges|Declarationofcashdividendsorprofit|Withdrawnimpairmentprovision|Other|||
|I.Jointventures||||||||||||
|GuangdongGuanghuiExpresswayCo.,Ltd.|992,521,223.58|||143,481,952.02||25,795,500.00|84,638,655.14|||1,077,160,020.46||
|ZhaoqingYuezhaoHighwayCo.,Ltd.|307,172,338.10|||27,819,228.16|||53,207,865.41|||281,783,700.85||
|Subtotal|1,299,693,561.68|||171,301,180.18||25,795,500.00|137,846,520.55|||1,358,943,721.31||
|II.Associatedenterprises||||||||||||
|ShenzhenHuiyanExpresswayCo.,Ltd.|230,553,756.87|||16,104,358.08||||||246,658,114.95||
|GuangdongJiangzhongExpresswayCo.,Ltd.|175,324,643.76|||10,932,203.70||||||186,256,847.46||
|GanzhouKangdaExpresswayCo.,Ltd.|219,985,018.52|||17,339,428.35|||21,000,000.00|||216,324,446.87||
|GanzhouGankangExpresswayCo.,Ltd.|209,995,910.71|||4,937,249.59||||||214,933,160.30||
|GuangdongYuekeTechnologyPettyLoanCo.,Ltd.|219,693,558.27|||7,188,376.76||||||226,881,935.03||
|GuoyuanSecuritiesCo.,Ltd.|790,109,457.07|||9,910,201.43|-470,449.14||11,940,297.90|||787,608,911.46||
|Subtotal|1,845,662,345.20|||66,411,817.91|-470,449.14||32,940,297.90|||1,878,663,416.07||
|Total|3,145,355,906.88|||237,712,998.09|-470,449.14|25,795,500.00|170,786,818.45|||3,237,607,137.38||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 4.BusinessincomeandBusinesscost
In RMB
||||||
|-|-|-|-|-|
|Items|Amountofcurrentperiod||Amountofpreviousperiod||
||Revenue|Cost|Revenue|Cost|
|Mainbusiness|617,314,121.48|325,665,097.11|638,591,636.62|306,898,726.06|
|Other|5,812,395.87|3,525,577.41|37,302,631.12|3,411,961.26|
|Total|623,126,517.35|329,190,674.52|675,894,267.74|310,310,687.32|

 Whetherimplementednewrevenueguidelines?
□Yes√No
Othernotes：
5.Investmentincome
In RMB
||||
|-|-|-|
|Items|Amountofcurrentperiod|Amountofpreviousperiod|
|Long-termequityinvestmentincomeaccountedbycostmethod|670,160,115.89|621,221,266.51|
|Long-termequityinvestmentincomeaccountedbyequitymethod|237,712,998.09|216,777,157.34|
|Dividendincomefrominvestmentsinotherequityinstrumentsduringtheholdingperiod|38,528,868.23||
|Investmentreturnoninvestmentsheldtomaturityduringtheholdingperiod||42,581,144.86|
|Interestincomefromdebtinvestmentduringholdingperiod.|29,257,519.49||
|Total|975,659,501.70|880,579,568.71|

 XVIII.SupplementaryInformation
1.Currentnon-recurringgains/losses
√ Applicable□Notapplicable
In RMB
||||
|-|-|-|
|Items|Amount|Notes|
|Gains/Lossesonthedisposalofnon-currentassets|10,537,743.77||
|Governmentgrantsrecognizedinthecurrentperiod,exceptforthoseacquiredintheordinarycourseofbusinessorgrantedatcertainquotasoramountsaccordingtothecountry’sunifiedstandards|420,227.62||

GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019
||||
|-|-|-|
|Netamountofnon-operatingincomeandexpenseexcepttheaforesaiditems|-904,697.67||
|Less:.Amountofinfluenceofincometax|-796,580.71||
|Amountofinfluenceofminorityinterests|-597,222.81||
|Total|11,447,077.24|--|

 For theCompany’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated in the ExplanatoryAnnouncement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurringgainsandlosses,itisnecessarytoexplainthereason.
□ Applicable√Notapplicable
2.Returnonequity(ROE)andearningspershare(EPS)
|||||
|-|-|-|-|
|Profitasofreportingperiod|WeightedaverageROE(%)|EPS（Yuan/share）||
|||EPS-basic|EPS-diluted|
|NetprofitattributabletocommonshareholdersoftheCompany|7.53%|0.35|0.35|
|NetprofitattributabletocommonshareholdersoftheCompanyafterdeductionofnon-recurringprofitandloss|7.41%|0.35|0.35|

3.Differencesbetweenaccountingdataunderdomesticandoverseasaccountingstandards
(1)Differencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderinternationaland
Chineseaccountingstandards
□Applicable√Notapplicable
(2)Differencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasand
Chineseaccountingstandards
□Applicable√Notapplicable
GuangdongProvincialExpresswayDevelopmentCo..,Ltd.TheSemi-AnnualReport2019 XII.DocumentsAvailableforInspection
1.Accountingstatements carriedwith personalsignatures andseals oflegalrepresentative, Chief Financialofficer andFinancialPrincipal.
2.OriginalofAuditors’ReportcarriedwiththesealofCertifiedPublicAccountantsaswellaspersonalsignatures ofcertifiedPublicaccountants.
3. The texts of all the Company's documents publicly disclosed on the newspapers and periodicals designated by ChinaSecuritiesRegulatoryCommissioninthereportperiod.