Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Guangdong Provincial Expressway
Development Co., Ltd.
The Semi-Annual Report 2017
August 2017
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 I. Important Notice, Table of Contents and Definitions
The Board of Directors and the directors, Supervisory Committee and supervisors and Senior Executives of the Company hereby warrant that at the year , there are no misstatement, misleading representation or important omissions in this report and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.
Mr.Zhen 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 authenticity and completeness of the financial report enclosed in this Semi-annual report.
All the directors have attended the meeting of the board meeting at which this report was examined.
The toll revenues of Expressway is main source of the major business income of the company , The charge standard of vehicle toll must be submitted to the same level people's government for review and approval after the transport regulatory department of province, autonomous region or municipality directly under the central government in conjunction with the price regulatory department at the same level consented upon examination. Therefore, the adjustment trend of the charge price and the charge price if has the corresponding adjustment in the future price level when the cost of the company rises still depend on the approval of relevant national policies and government departments, and the company isn't able to make timely adjustment to the charge standard in accordance with the its own operation cost or the change of market supply demand. So, the change of charge policy and the adjustment of charge standard also have influence on the expressways operated by the company to some extent. So, the charging policy changes and charges adjustment will affect the highways operation of the company.
The Company has no plan of cash dividends carried out, bonus issued and capitalizing of common reserves either.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Table of Contents
I. Important Notice, Table of Contents and Definitions
II. Corporate Profile and Key Financial Indicators
III. Business Profile
IV. Performance Discussion and Analysis
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Situation of the Preferred Shares
VIII .Information about Directors, Supervisors and Senior Executives
IX. Corporate Bonds
X. Financial Report
XI. Documents available for inspection
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Definition
||||
|-|-|-|
||Refers||
|Terms to be defined||Definition|
||to||
||Refers|January 1, 2017 to June 30,2017|
|Reporting period, This year|||
||to||
||Refers|The semi annual report of the company was approved by the board of|
|Reporting date|||
||to|directors on 2017, that is, August 28, 2017|
||Refers||
|YOY||Compared with January-June 2016|
||to||
||Refers||
|The Company /This Company||Guangdong Provincial Expressway Development Co.,Ltd.|
||to||
||Refers||
|Province Expressway||Guangdong Province Expressway Co., Ltd.|
||to||
||Refers||
|Construction Company||Guangdong Highway Construction Co., Ltd.|
||to||
||Refers||
|Technology Company||Guangdong Expressway Technology Investment Co., Ltd|
||to||
||Refers||
|Fokai Company||Guangdong Fokai Expressway Co., Ltd.|
||to||
||Refers||
|Guangfo Company||Guangdong Guangfo Expressway Co., Ltd.|
||to||
||Refers||
|Guangzhu East Company||Jingzhu Expressway Guangzhu Section Co., Ltd.|
||to||
|||Guangdong Provincial Expressway Development Co., Ltd. (2015-2016)|
||Refers||
|Major assets restructuring||issued shares and paid cash to purchase assets and raise matching funds|
||to||
|||and related transactions|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 II. Corporate Profile and Key Financial Indicators
1.Company Information
|||||
|-|-|-|-|
|Stock abbreviation:|Expressway A, Expressway B|Stock code：|000429、200429|
|Stock exchange for listing|Shenzhen Stock Exchange|||
|Name in Chinese|广东省高速公路发展股份有限公司|||
|Abbreviation of Registered||||
||粤高速|||
|Company (if any)||||
|English name (If any)|Guangdong Provincial Expressway Development Co.Ltd.|||
|English abbreviation (If any)|GPED|||
|Legal Representative|\Zhen Renfa|||

2. Contact person and contact manner
||||
|-|-|-|
||Board secretary|Securities affairs Representative|
||Zhen||
|Name|Renfa(Chairman of the Board of Directors|Liang Jirong|
||acting on behalf of the Secretary)||
||46/F, Litong Plaza, No.32, Zhujiang East|45/F, Litong Plaza, No.32, Zhujiang East|
|Contact address|Road, Zhujiang New City, Tihe Disrtict ,|Road, Zhujiang New City, Tihe Disrtict ,|
||Guangzhou|Guangzhou|
|Tel|020-29004619|020-29004523|
|Fax|020-38787002|020-38787002|
|E-mail|zhengrenfa0429@sina.com|139221590@qq.com|

3. Other
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed in reporting period or not
□ Applicable√ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change in reporting period, found more details in annual report 2016.
2. Information inquiry
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable√ Not applicable
None of the official presses, website, and place of enquiry has been changed in the semi report period. For details
please find the Annual Report 2016.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 4. Summary of Accounting Data and Financial Indicators
Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.
□ Yes√No
|||||
|-|-|-|-|
|||Same period of last||
||Reporting period||YoY+/-（%）|
|||year||
|Operating income（RMB）|1,440,222,563.74|1,333,492,179.77|8.00%|
|Net profit attributable to the shareholders of the|892,848,012.53|505,899,144.29||
||||76.49%|
|listed company（RMB）||||
|Net profit after deducting of non-recurring||||
|gain/loss attributable to the shareholders of|641,933,600.43|356,881,714.84|79.87%|
|listed company（RMB）||||
|Cash flow generated by business operation, net|1,022,392,235.37|932,882,829.38||
||||9.59%|
|（RMB）||||
|Basic earning per share(RMB/Share)|0.43|0.29|48.28%|
|Diluted gains per|0.43|0.29||
||||48.28%|
|share(RMB/Share)(RMB/Share)||||
|Weighted average income/asset ratio（%）|10.55%|8.39%|2.16%|
||As at the end of the|As at the end of last||
||||YoY+/-（%）|
||reporting period|year||
|Gross assets（RMB）|16,073,707,033.01|16,072,445,216.59|0.01%|
|Shareholders’ equity attributable to shareholders|8,403,487,736.14|8,289,020,301.39||
||||1.38%|
|of the listed company（RMB）||||

5. Differences between accounting data under domestic and overseas accounting standards
1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed in the financial reports of differences in net income and net assets.
□Applicable□√ Not applicable
Nil
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards.
□ Applicable√Not applicable
Nil
6.Items and amount of non-current gains and losses
√Applicable□Not applicable
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 In RMB
||||
|-|-|-|
|Items|Amount|Notes|
|Non-current asset disposal gain/loss(including the write-off part|-2,629,016.43||
|for which assets impairment provision is made)|||
||61,828,620.75|It receives the compensation59,995,667.68 yuan for early terminationof charging for Jiujiang Bridge in thecurrent period.|
|Other non-business income and expenditures other than the above|||
||-191,689,368.44|The department confirms the deferredincome tax totaling 206,421,769.46 yuanfor losses of previous years in the currentperiod.|
|Less: Amount of influence of income tax|||
|Amount of influence of minority interests(after tax)|-25,439.34||
|Total|250,914,412.10|--|

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 Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurring gains and losses, it is necessary to explain the reason.
□Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information disclosure explanatory Announcement No.1- Non–recurring gain/loss in the report period.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 III. Business Profile
Ⅰ.Main Business the Company is Engaged in During the Report Period
Whether the company needs to comply with the disclosure requirements of the particular industry
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. The expressway industry is the industry helped by government.
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 Expressway Co., Ltd.,Ganzhou Kangda Ex pressway , Ganzhou Gankang Expressway Co., Ltd.,Guangdong Yueke Technology Micro Loan Co., Ltd.and Guangdong Guangle Expressway Co.,Ltd. As of the end of the reporting period, thecompany’s share-controlled expressway is 158.12 km, and the share-participation expressway is 684.20 km, and according to the equity ratio, after the conversion calculation, the total mileage is 273.05 km.
Ⅱ.Major Changes in Main Assets
1. Major Changes in Main Assets
|||
|-|-|
|Main assets|Major changes|
||The increase of 2.84% by the end of the period compared with that of the beginning is|
|Equity assets|mainly due to the comprehensive influence of the operation accumulation and profits|
||distribution of participant companies.|
||The decrease of 4.43% by the end of the period compared with that of the beginning is|
|Fixed assets||
||mainly due to the influence of the company depreciation accrual mainly.|
||The decrease of 29.58% by the end of the period compared with that of the beginning is|
|Intangible assets||
||mainly due to the influence of the intangible assets amortization mainly.|
||The increase of 35.71% by the end of the period compared with that of the beginning is|
|Construction in process||
||mainly due to the influence of the Southern section expansion of Fokai company mainly.|
||The increase of 1960.95% by the end of the period compared with that of the beginning|
||is mainly due to that the parent company confirms the deferred income tax assets through|
|Deferred income tax assets||
||prediction of using the taxable income for coverage of previous years’ losses in the|
||future.|

2. Main Conditions of Overseas Assets
□ Applicable√ Not applicable
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017Ⅲ.Analysis On core Competitiveness
Whether the company needs to comply with the disclosure requirements of the particular industry
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, controlled by the company, are part of the National Expressway Network Planning-“Five vertical and seven horizontal”, The share-controlled Beijing-Zhuhai Guangzhu Section Expressway is a fast and convenient 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 growth of GDP, so that provides the stable rising demand for the company.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 IV. Performance Discussion and Analysis
Ⅰ.General
In the first half of 2017, the company, according to the annual business plan established by the board of directors, soundly did a good job of each work:
1. Continuously deepened the operation and management, simultaneously adopted many measures, and ensured the completion of the work goal of ensuring the smooth traffic, ensuring security and ensuring income. In the first half of 2017, the main business income was RMB 1.44 billion, up by8.03% over the same period of last year, meaning46.68% of the annual plan was completed; and the operating costs was RMB 534 million, a decrease of4.47% from the same period last year, representing completed42.72% of the annual plan.
2. Steadily advancing the merger and consolidation matter of Fokai Company, and as of the date of this report, Guangdong Provincial Expressway Development Co., Ltd Fokai Branch Company had been set up and the relevant industrial and commercial registration procedures were completed, hence the management work of Fokai Expressway was formally transferred to the Fokai Branch Company from the Fokai Company.
3. Approved by the 11th meeting (provisional) of the 8th term Board of Directors, the Company invested RMB 4.5 million to set up the wholly-owned subsidiary to carry out the equity investment business, thus to prominently strength the cooperation with the strategic investors and to seek new equity investment projects, with a goal of share-control, so as to grasp the good equity investment opportunities and to gradually perfect the company's asset layout in financial and similar financial filed.
4. Guangdong Provincial Expressway Development Co., Ltd Resource Development Branch Company was incorporated and registered by the company in order to promote the development of commercial resources such as lands along the highways under share-control by the company.
II.Main business analysis
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. The expressway industry is the industry helped by government.
In the report period, the vehicle traffic and toll income of the controlled subsidiaries and joint ventures of the Company are as follows:
||||||
|-|-|-|-|-|
||Volume of vehicletraffic in the firsthalf year of2017( vehicles)|Increase/Decrease(%)|Toll income in the firsthalf year of 2017（RMB’0000）|Increase/Decrease(%)|
|Guangfo Expressway|29,100,569|9.50%|19,879.86|4.17%|
|Fokai Expressway|27,969,945|16.70%|58,924.50|3.51%|
|Jingzhu ExpresswayGuangzhu East Section|35,362,654|17.21%|62,042.30|14.56%|
|Huiyan Expressway|18,279,214|7.24%|11,154.81|5.08%|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||
|-|-|-|-|-|
|Guanghui Expressway|25,119,239|17.10%|84,633.89|5.69%|
|Yuezhao Expressway|13,540,362|-5.42%|24,529.10|-15.41%|
|Jiangzhong Expressway|25,033,807|22.53%|21,684.65|10.49%|
|Kangda Expressway|1,269,793|6.92%|12,120.85|4.91%|
|Gangkang Expressway|1,379,527|19.12%|6,458.55|-11.83%|

Overall situation: except the Yue Zhao Expressway and Gan Kang Expressway recorded a negative growth, the rest maintained various extents of growth compared to the same period last year, thereinto GuangZhudong and Jiang Zhong section had a growth rate more than10%, and Guangfo, Fokai, Guanghui, Huiyan and Kangda had a growth rate around5%.
1. For Guangfo area, the personnel and materials transportation are more closely related, the surrounding real estate supporting was good, and the demand for logistics and transportation has been increased, thus the vehicle flow increased.
2. Since the completion of expansion of Fokai Expressway in 2012, it has entered a stable growth period, and the small vehicle flow maintained a sustained growth momentum, with a relatively fast growth of short-distance vehicles.
3. Due to the impact of Bridge Closure of Hong Qili bridge of Fan Zhong Highway (S111), the vehicle flow of the section between the Xiang Lingshan station to the Sanjiao Station of Guuang-Zhu-Dong Expressway increased, thus it had an obvious increase of toll revenue. Furthermore, the opening of Jiangluo Expressway has a positive impact on its vehicle flow growth.
4. The completion of the Extension of Huizhou section of Hui Yan Expressway-that is connected to Hui Yan Expressway-and it's opening to traffic had a positive impact on the vehicle flow of Hui Yan Expressway, plus the natural growth of the traffic volume, so those had a positive impact on the toll revenue.
5. Guanghui Expressway has been benefiting from the surrounding road network connectivity, so several toll stations in Lianhui, Huiwan and Boshen had large percentage increase of traffic flow, but there was an increasing obvious tendency that the growth of traffic flow and the revenue growth did not grow in same pace, which indicated that the short distance traffic increased.
6. The Jangzhong Expressway's traffic flow and toll revenue growth were mainly caused by the positive impact brought by the opening to traffic of Zhongjiang phase 1 and Jiang Luo Expressway and the second phase maintenance of Shakou Bridge and Shijiao Bridge of 105 State Road of February 25, 2017.
7. The YueZhao Expressway had a decrease in toll revenue that caused by the following reasons: (1) affecting by the opening of the periphery Jiang Luo Expressway and Guangfo Expressway, the toll revenue decreased; (2) The implementation of temporary traffic control measures-namely restricting the passage of large trucks-at Baitu toll station exit at Zhaoqing Bridge and the expansion and relocation project of Ziyun road had a negative impact.
8. Affecting by the full opening to traffic of Xunquan Expressway from the end of October 2015 and connection between Jiangxi Ruixun section and Guangdong Ping Xing section from the end of 2015, the traffic flow of Gan Kang Expressway was affected, resulting in a decrease in toll revenue compared to the same period last year.
Year-on-year change of main financial data
In RMB
|||||
|-|-|-|-|
|This report|Same period last year|YOY|Cause change|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||
|-|-|-|-|-|
||period||change||
||||（%）||
||1,440,222,563.74|1,333,492,179.77||Mainly due to the growth of Guangfo, Fokai and|
|Operating income|||8.00%||
|||||Guangzhu East Company Toll revenue|
||533,689,845.16|558,947,473.08||It is due to the comprehensive influence of the|
|||||following factors mainly: (1) Guangfo company|
|||||accrues the depreciation of the road property|
|Operating cost|||-4.52%||
|||||sufficiently and the depreciation decreases on|
|||||year-on-year basis; (2) the depreciation cost|
|||||increases due to the toll revenue increase.|
|Administrative expenses|77,693,914.84|79,766,582.60|-2.60%||
||133,804,359.02|190,618,235.21||Reducing interest-bearing debt led to an decrease|
|Financial expenses|||-29.81%||
|||||in interest expense|
||-19,940,081.98|157,332,820.43||It is due to the comprehensive influence of the|
|||||following factors mainly: (1) the parent company|
|||||confirms the deferred income tax assets through|
|Income tax expenses|||-112.67%|prediction of using the taxable income for|
|||||coverage of previous years’ losses in the future and|
|||||reduces the income tax; (2) the current period|
|||||income tax is increased due to the total profits.|
|||||The R&D Blue Channel project of the scientific|
|R & D Investment|3,249,337.10|790,927.27|310.83%||
|||||and technical company increases the R&D input.|
|Cash flow generated by|1,022,392,235.37|932,882,829.38||Mainly due to toll revenue increase brought the|
||||9.59%||
|business operation, net||||increased cash flow from operating activities|
||-3,331,892.02|-1,656,094,323.59||It is mainly due to the purchase in cash of 25%|
|||||stock rights of Fokai company possessed by the|
|Net cash flow generated||||provincial expressway and Guangzhudong’s debt|
||||-99.80%||
|by investment||||obligations for the construction company upon|
|||||execution of the major assets reorganization|
|||||scheme in the previous period.|
||-1,027,513,171.72|1,201,696,913.84||It is due to the comprehensive influence of the|
|||||following factors mainly:（1）The implementation|
|Net cash flow generated|||||
||||-185.51%|of major asset restructuring and increase raise|
|by financing|||||
|||||funds On the previous period； （2）Repayment of|
|||||interest bearing debt increased this year.|
||-7,005,743.86|477,962,215.77||Net cash from operating activities by the inflow|
|Net increasing of cash|||||
||||-101.47%|and outflow from investing activities due to the|
|and cash equivalents|||||
|||||combined effects|

Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable√Not applicable
Nil
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Breakdown of main business
In RMB
||||||||
|-|-|-|-|-|-|-|
||||||Increase/decrease|Increase/decrease|
|||||Increase/decrease|||
||||||of principal|of gross profit|
|||||of reverse in the|||
||Operating||Gross profit||business cost over|rate over the|
|||operating costs||same period of|||
||revenue||rate(%)||the same period|same period of|
|||||the previous|||
||||||of previous year|the previous year|
|||||year(%)|||
||||||(%)|(%)|
|Industry|||||||
|Highway|||||||
||1,408,466,588.54|517,959,767.95|63.23%|8.20%|-4.15%|4.74%|
|transportations|||||||
|Other|10,253,399.72|5,496,516.45|46.39%|16.27%|-25.28%|29.81%|
|Product|||||||
|Highway|||||||
||1,408,466,588.54|517,959,767.95|63.23%|8.20%|-4.15%|4.74%|
|transportations|||||||
|Other|10,253,399.72|5,496,516.45|46.39%|16.27%|-25.28%|29.81%|
|Area|||||||
|Guangfo|||||||
||198,798,562.69|59,781,669.06|69.93%|4.17%|-49.62%|32.10%|
|Expressway|||||||
|Fokai|||||||
||589,245,049.58|291,140,555.41|50.59%|3.51%|10.78%|-3.25%|
|Expressway|||||||
|Jingzhu|||||||
|Expressway|620,422,976.27|167,037,543.48|73.08%|14.56%|5.11%|2.42%|
|Guangzhu section|||||||
|Other|10,253,399.72|5,496,516.45|46.39%|16.27%|-25.28%|29.81%|

 III.Non-core business analysis
√ Applicable□Not applicable
In RMB
||||||
|-|-|-|-|-|
|||||Whether be|
||Amount|Ratio in total profit|Note||
|||||sustainable|
||||It is due to the operation accumulation of||
|Investment income|223,430,364.44|23.02%||Yes|
||||participant companies||
|Changes in fair|||||
|||0.00%|||
|value|||||
||||It is due to the provision of impairment for||
|Asset impairment|196,581.08|0.02%||No|
||||receivables surplus and aging changes||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||
|-|-|-|-|-|
|||6.42%|It is due to the receiving of the compensation||
|Non-operating|||59,995,667.68 yuan for early termination of||
||62,299,078.58|||No|
|income|||charging for National Highway No. 325 Jiujiang||
||||Bridge mainly||
|Non-operating|||||
||3,099,474.26|0.32%|It is due to the asset scrapping mainly|No|
|expenses|||||

IV.Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
||||||||
|-|-|-|-|-|-|-|
||End of Reporting period||End of same period of last year||||
|||As a|||Change in||
|||percentage of|||percentag|Reason for significant change|
||Amount||||||
|||total|||e(%)||
|||assets(%)|||||
|Monetary fund|2,596,273,900.39|16.15%|2,603,279,644.25|16.20%|-0.05%||
|Accounts|81,861,655.16||||||
|||0.51%|40,681,197.01|0.25%|0.26%||
|receivable|||||||
|Inventories|323,888.89|0.004%|323,888.89|0.004%|0.00%||
|Real estate|2,987,864.38||||||
|||0.02%|3,219,971.08|0.02%|0.00%||
|Investment|||||||
||2,283,902,186.05|||||mainly due to the comprehensive|
|Long-term equity||||||influence of the operation|
|||14.21%|2,220,805,130.31|13.82%|0.39%||
|investment||||||accumulation and profits distribution of|
|||||||participant companies|
||8,874,578,467.58|||||It’s due to the influence of the|
|Fixed assets||55.21%|9,285,823,302.77|57.77%|-2.56%||
|||||||company depreciation accrual mainly|
|Construction in|202,539,473.20|||||It’s due to the influence of Foai to|
|||1.26%|149,244,110.30|0.93%|0.33%||
|process||||||Shukou section expansion mainly|
|Short-term loans||0.00%||0.00%|0.00%||
|Long-term loans|5,110,950,000.00|31.80%|5,402,780,000.00|33.62%|-1.82%|It is due to the repayment of debts|

 2.Asset and Liabilities Measured by Fair Value
√ Applicable□Not applicable
In RMB
|||||||||
|-|-|-|-|-|-|-|-|
||Opening|Gain/Loss on|Cumulative fai|r Impairment|Purchanased|Sold amount in||
|Items|||||||Closing mount|
||amount|fair value|value change|provisions in|amount in the|the reporting||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||||
|-|-|-|-|-|-|-|-|
|||change in the|recorded into|the repoting|reporting|period||
|||reporting|equity|period|period|||
|||period||||||
|Financial assets||||||||
|3.Available-for||||||||
|-sale financial|919,846,831.04|32,935,692.16|326,416,234.80||||952,782,523.20|
|assets||||||||
|Subtotal of||||||||
||919,846,831.04|32,935,692.16|326,416,234.80||||952,782,523.20|
|financial assets||||||||
|Total of the||||||||
||919,846,831.04|32,935,692.16|326,416,234.80||||952,782,523.20|
|above||||||||
|Financial||||||||
||0.00||||||0.00|
|liabilities||||||||

Did any significant change occur to the attribute of theCompany’s main asset measurement during the reporting period?
□ Yes√No
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 3. Assets right restriction till end of reporting period
As of June 30, 2017, the Company's holding subsidiary- Beijing-Zhuhai Expressway Guangzhu Section Co., Ltd made the expressway toll right of Panyu Tang Keng to Zhuhai Jinding section project of Beijing-Zhuhai Expressway as the pledge for a pledge guarantee to the loan of RMB 729,000,000.00 (thereinto, the balance of non-current liabilities due within one year was RMB 280,000,000.00 and the balance of long-term borrowings was RMB 449,000,000.00) from Commercial Bank of China Guangzhou Wuyang Sub-branch.
V.Investment situation
1. General
√ Applicable□ Not applicable
||||
|-|-|-|
||Investments made in same period of last||
|Investments made in the reporting period||+/- %|
||year||
|51,617,786.58|3,271,920,597.80|-98.42%|

2.Condition of Acquiring Significant Share Right Investment during the Report Period
□ Applicable√ Not applicable
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
√ Applicable□ Not applicable
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||||||||||Accum|Reasons|||
||||Industry in||||||||||
|||Fixed||Investment|Accumulated actual||||||||
||||||||||ulated|for|||
||Form of||which the|||||Estimat|||Date of||
|||assets||amount during|amount invested as||Progres||realized|failure||Disclosure Index(If|
|Name|investme||investment|||Source of und||ed|||Disclosure(If||
|||investme||the reporting|of the end of||s||return|in||any)|
||nt||project|||||return|||any)||
|||nt or not||period|reporting period||||as of|meeting|||
||||operates||||||||||
||||||||||the end|schedul|||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||||||||||of the|ed|||
||||||||||end of|progres|||
||||||||||the|s and|||
||||||||||reportin|estimate|||
||||||||||g period|d return|||
|||||||||||||Announcement of the|
|Sanbao To||||||||||||29th|
|Shuikou||||||||||||(Provisional) Meeting|
|Section|Self|Yes|Expressway|51,617,786.58|559,681,317.58|elf and Borrowing|16.34%|||Nil|June 17,2016|of the seventh Board|
|Extension||||||||||||of Directors,|
|project||||||||||||Announcement of|
|||||||||||||External Investment|
|Total|--|--|--|51,617,786.58|559,681,317.58|--|--|0.00|0.00|--|--|--|

 4.Investment of Financial Asset
（1）Securities investment
√ Applicable□ Not applicable
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||||Purchas|||Book value|||
|||||Mode of|||||Sale|||||
||||||Book value|||e||||||
|||Stock||accounti||Changes in fair|Cumulative fair||amount||||Sauce of|
|Security|Security||Initial||balance at the|||amount||Gain/loss of the|balance at the end|Accounting||
|||Abbreviati||ng||value of the|value changes in||in the||||the|
|category|code||investment cost||beginning of the|||in the||reporting period|of the reporting|items||
|||on:||measure||this period|equity||this||||shares|
||||||reporting period|||this|||period|||
|||||ment|||||period|||||
|||||||||period||||||
|Domesti|||||||||||952,782,523.20|Financial||
|||Domestic||||||||||||
|c and||||||||||||assets||
||601818|and foreign|517,560,876.80|FVM|919,846,831.04|32,935,692.16|326,416,234.80|||23,054,984.51|||Self|
|foreign||||||||||||available for||
|||stocks||||||||||||
|stocks||||||||||||sale||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|Total|517,560,876.80|--|919,846,831.04|32,935,692.16|326,416,234.80|0.00|0.00|23,054,984.51|952,782,523.20|--|--|
|Disclosure Date of||||||||||||
|Announcement on Securities||||||||||||
||July 22, 2009|||||||||||
|Investment Approved by the||||||||||||
|Board of Directors||||||||||||
|Disclosure Date of||||||||||||
|Announcement on Securities||||||||||||
||August 7,2009|||||||||||
|Investment Approved by the||||||||||||
|Shareholders Meeting(If any)||||||||||||

（2）Investment in Derivatives
□ Applicable√ Not applicable
The Company had no investment in derivatives in the reporting period.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 VI. Sales of major assets and equity
1. Sales of major assets
□ Applicable√ Not applicable
The Company had no sales of major assets in the reporting period.
2.Sales of major equity
□ Applicable√ Not applicable
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017Ⅶ.Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable□ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over10% net profit influencing to the Company
In RMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|Company|Company||||Sectors|Registered|Total||Operating Income|Operating profit||
|||Leading products and services||||||Net assets (RMB)|||Net Profit (RMB)|
|Name|type||||engaged in|capital|assets(RMB)||(RMB)|(RMB)||
|||Management of the Fokai Expressway||||||||||
|||and its matching|salvation,|maintenance||||||||
|||cleaning, auto parts supply services; the||||||||||
|||maintenance and management of Jiujiang||||||||||
|||Bridge of Guangzhan Expressway and car||||||||||
|Guangdong||salvation and maintenance (operated by||||RMB||||||
||||||||6,861,865,596|||||
|Fokai|Subsidiary|its subsidiaries); sales of industrial|||Expressway|1.108||3,861,467,719.99|593,321,339.10|221,137,015.06|209,763,661.11|
||||||||.10|||||
|Expresswa||production materials (not containing gold,||||billion||||||
|||silver, automobile and dangerous||||||||||
|||chemicals), building materials,||||||||||
|||department stores, needles, textiles,||||||||||
|||hardware, alternating current; parking||||||||||
|||services.||||||||||
|||Operating Guangfo Expressway Co., Ltd.(starts||||||||||
|Guangfo||||||RMB 200|487,137,113.1|||||
||Subsidiary|from Hengsha, Guangzhou, ends in Xiebian,|||Expressway|||453,427,169.62|201,131,785.00|129,551,750.04|98,378,474.42|
|Expressway||||||million|4|||||
|||Foshan. Total length 15.7 kilometers||||||||||
|Guangzhu||||||||||||
|Traffic||||||||||||
|||Highway investment management and||||RMB 3|3,546,576,488|||||
|Investment|Subsidiary||||Expressway|||1,604,701,175.74|631,857,976.08|392,201,443.64|293,273,313.76|
|||consultation; highway maintenance||||million|.62|||||
|Managemen||||||||||||
|t Co., Ltd.||||||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Jingzhu||||||||||
|||The operation and management of||||||||
|Expressway||||||||||
|||Guangzhou-Zhuhai Expressway and provision of||RMB 580|3,540,907,882|||||
|Guangzhu|Subsidiary||Expressway|||1,599,205,894.74|631,857,976.08|391,032,837.78|292,278,032.76|
|||supporting services including fueling, salvage||million|.76|||||
|Section Co.,||||||||||
|||and supply of parts and components||||||||
|Ltd.||||||||||
|||Investment in and construction of Guanghui||||||||
|||Expressway Co., Ltd. and supporting facilities,||||||||
|Guangdong||the toll collection and maintenance management||||||||
|||||RMB||||||
|Guanghui|Sharing|of Guanghui Expressway, The Guanghui|||4,937,552,137|||||
||||Expressway|2.352||3,369,966,511.06|856,966,099.09|566,457,964.33|427,632,054.17|
|Expressway|company|Expressway's supporting gas station,|||.54|||||
|||||million||||||
|Co., Ltd.||salvation, vehicle maintenance, vehicle||||||||
|||transport, catering, warehousing||||||||
|||investment and development||||||||

Subsidiaries obtained or disposed in the reporting period
□ Applicable√ Not applicable
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Particulars about the Mutual holding companies
1. Guangdong Provincial Fokai Expressway Co. Ltd which is one of the subsidiaries majority-controlled by the company and the subsidiary mainly engaged in operating and managing the Fokai Expressway and the related matching businesses such as rescue, maintenance, cleaning and spare parts supply service. The net profits in the current period increased RMB 10.6103 million compared with the last period, computed in percentage as an increase of5.33%. The main reason for the increase was the combined effect of the natural increase of the toll revenue and the reduction of the financial costs.
2. The main reason for the increase was the combined effect of the natural increase of the toll revenue and the reduction of the financial costs. The net profits in the current period increased RMB 65.0501 million and28.63% compared with the last period,
The main reason for the increase is the following factors: (1) Due to the impact of some vehicle circumventing to take the way of Guang-Zhu Section of Beijing-Zhuhai Expressway because of Bridge Closure of Hong Qili bridge of Fan Zhong Highway (S111), that section of the highway got an increase of traffic volume, so the toll revenue of Guuang-Zhu-Dong Expressway increased; (2) the natural growth of toll income; (3) the interest-bearing debt repayment led to reduced financial costs.
3.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 and other transport facilities maintenance, Vehicle rescue and other business. The current net profit increased by RMB57.2987 million, an increase of139.48%, the increasing is due to natural income growth and financial costs to reduce the combined impact.
The main reason for the increase is the combined effect of the following factors: (1)the natural growth of toll income; (2) The depreciation of Guangfo Expressway has been fully drawn in the current reporting period, so that led to a decrease in depreciation.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017VIII．Structured vehicle controlled by the Company
□ Applicable√ Not applicable
IX. Prediction of business performance for January -September 2017
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 explanation of reason.
X.Risks facing the Company and countermeasures
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 government for approval. Therefore, the charging price adjustment trend and the possibility of the charging price adjustment upon rising of the commodity price and the company cost in the future are still subject to relevant national policies and the approval of the governmental department. And the 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 expressway business of the company to some extent.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 V. Important Events
I. Annual General Meeting and ExtraordinaryShareholders’ Meetings in the Reporting Period
1.Annual General Meeting
|||||||
|-|-|-|-|-|-|
|||Investor||||
||||||Index to disclosed|
|Meeting|Type|participati|Convened date|Disclosure date||
||||||information|
|||on ratio||||
||Annual|||||
|2016 Shareholders’ general||||||
||Shareholders’|68.94%|April 28,2017|April 29,2017|www.cninfo.com.cn|
|meeting||||||
||General Meeting|||||

2. Preferred stockholders restored voting rights to request to convene ProvisionalShareholders’ Meeting.
□Applicable√Not applicable
II. Proposal for profit distribution and converting capital Reserve into share actual for the reporting period□ Applicable√Not applicable
For the reporting period, the Company plans not to distribute cash dividends or bonus shares or convert capital reserve into share capital.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 III. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor, senior management personnel and other related parities.
√ Applicable□ Not applicable
||||||||
|-|-|-|-|-|-|-|
|||||Time of|||
||Commitment||||Period of||
|Commitment||Type|Contents|making||Fulfillment|
||maker||||commitment||
|||||commitment|||
|Commitment on share reform|||||||
|Commitment in the acquisition report|||||||
|or the report on equity changes|||||||
||||Guangdong Provincial Traffic Group Co., Ltd committed: Within 1 year|||Change the|
||||||Within 1 year||
||Guangdong||from the date of completion of the assets restructuring, it shall hire|||time limit for|
||||||from the date||
|Commitment made upon the assets|Communicati|Other|professional institutions to sort out, prepare documents required for|January 19,||the|
||||||of completion||
|replacement|on Group Co.,|commitment|registration of ownership and complete the registration procedure of|2016||completion of|
||||||of the assets||
||Ltd.||ownership of the relevant lands of Beijing Zhuhai Expressway Guang Zhu|||the|
||||||restructuring||
||||Section Co., Ltd-that are located in Guangzhou City and Zhuhai city.|||undertaking|
|Commitments made upon first|||||||
|issuance or refinance|||||||
|Equity incentive commitment|||||||
|Other commitments for medium|||||||
|andsmall shareholders|||||||
|Implemented or not(Y/N)|No||||||
|Where the commitment is overdue|Through the deliberation and approval of the 11th temporary meeting of the 8th Board of Directors and the 1st temporary general meeting of||||||
|and has not been fulfilled, then the|shareholders in 2017, it agrees on the change of Guangdong Traffic Group Co., Ltd. commitments about relevant land and housing handling the||||||
|specific reasons for the failure to|ownership registration procedures of the asset reorganization subject Guangdong Fokai Expressway Co., Ltd. and Jingzhu Expressway Guangzhu Section||||||
|complete and the next work plan shall|Co., Ltd. among major assets reorganization for which, the company issues shares, pay for assets purchase in cash and collect the supporting capital in||||||
|be specified|2016. The same above is changed into that to speed up the certificate handling and to complete handling of relevant ownership registration procedures||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||
|-|
|related to the land and housing within 3 years after such major assets reorganization, among which, the ownership registration procedures of the relevant|
|land and housing (excluded by relevant governmental confirmation letters) of Guangzhudong company in Guangzhou and Zhuhai administrative regions,|
|which are not equipped with the ownership certificates, shall also be completed within the same time above. Refer to the Announcement on the|
|Completion Progress Condition of the Major Assets Reorganization Commitments and the Completion Period of the Dominant Shareholder’s Application|
|for Changing Partial Commitments and Announcement of the Resolution of the 11th Session (Temporary) of the 8th Board of Directors on July 4, 2017|
|and the Announcement of the Resolution of the 1st Temporary General Meeting of Shareholders on July 20, 2017 of the company on Securities Times,|
|China Securities Journal and Shanghai Securities News for details about the partial commitments change.|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 IV. Particulars about engagement and disengagement of CPAs firm
Whether the semi-annual financial report had been audited?
□ Yes√ No
Not been audited.
V.Explanations given by board of directors and supervisory board regarding “ Modifiedauditor’s” Issued by CPAs firm for the reporting period
□ Applicable√ Not applicable
VI. Explanations given by Board of Directors regarding “ Modifiedauditor’s Report” Issued for last year□ Applicable√ Not applicable
VII. Bankruptcy and restructuring
□ Applicable√ Not applicable
No such cases in the reporting period.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 VIII. Legal matters
Signifieant lawsuits or arbitrations
□ Applicable√ Not applicable
No such cases in the reporting period.
Other legal matters
√ Applicable□ Not applicable
|||||||||
|-|-|-|-|-|-|-|-|
||||||Litigation|||
||Amount|||Litigation||||
||||Litigation||(arbitration)|||
||involved|Forming of the||(arbitration)||Date of|Index of|
|Basic conditions of litigation (arbitration)|||(arbitration)||judgement|||
||（RMB’0000|predicted debt||judgement result||disclosure|disclosure|
||||progress||execution|||
||）|||and influence||||
||||||condition|||
|On August 22, 2007, Guangdong Fokai Expressway Co., Ltd. filed a lawsuit||||||||
|with Guangzhou Maritime Court officially requiring Foshan Nanhai Yuhang||||||||
|Shipping Co., Ltd. and Yang Xiong to undertake the joint and several liabilities||||||||
|for the toll losses of Fokai company due to the Jiujiang collapse. On March 7,||||||||
|||||No major||||
|2014, the court made the first instance judgement requiring the defendants|||Waiting for|||||
|||||influence on the||||
|Foshan Nanhai Yuhang Shipping Co., Ltd. and Yang Xiong to compensate the|||the court|||||
||1,935.75|No||company asset|None|||
|defendant Guangdong Fokai Expressway Co., Ltd. jointly for the vehicle toll|||judgement|||||
|||||conditions and the||||
|revenue loss totaling 19,357,500.96 yuan. Guangdong Higher People's Court|||result|||||
|||||operation results.||||
|entered a judgement on June 5, 2014 and the lawsuit terminated. 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 the investigation on||||||||
|April 21, 2017. Now it’s still the time waiting for the court judgement.||||||||
|On June 12, 2009, the 6.15 accident-causing boat owner Yang Xiong filed a|||During|No major||||
|lawsuit with Guangzhou Maritime Court requiring Fokai company to|||abatement|influence on the||||
|compensate for the boat loss and interest totaling 7.28 million yuan. On|728.00|No|of action by|company asset|None|||
|December 20, 2013, the court made the first instance judgement rejecting all|||the second|conditions and the||||
|litigation claims of Yang Xiong. He filed a lawsuit with Guangdong Higher|||instance|operation results.||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||
|-|-|-|-|-|-|
|People's Court against such sentence above, and the second instance terminated||||||
|the lawsuit in May 2015. By the end of the report period, the lawsuit is still||||||
|suspended without any notice from the provincial higher court.||||||
|||||No major||
|In August 2016, Tang Jiannan filed a lawsuit with the People’s Court in Yuexiu|||Waiting for|||
|||||influence on the||
|District of Guangzhou city requiring the court to verify the ownership of about|||the court|||
||6.5|No||company asset|None|
|7,734 shares of YGS Share A and corresponding interest under the name of|||judgement|||
|||||conditions and the||
|Yang Yiming.|||result|||
|||||operation results.||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 IX. Punishments and rectifications
□ Applicable√ Not applicable
No such cases in the reporting period.
X. Credit conditions of the Company as well as its Controlling shareholder and actual Controller
□ Applicable√ Not applicable
XI.Equity incentive plans, employee stock ownership plans or other incentive measures for employees□ Applicable√ Not applicable
No such cases in the reporting period.
XII.Material related transactions
1. Related transactions in connection with daily operation
□ Applicable√ Not applicable
No such cases in the reporting period.
2. Related-party transactions arising from asset acquisition or sold
□Applicable√ Not applicable
No such cases in the reporting period.
3. Related-party transitions with joint investments
□Applicable√ Not applicable
No such cases in the reporting period.
4. Credits and liabilities with related parties
√ Applicable□Not applicable
Whether has non-operational contact of related liability and debts or not
□ Yes√ No
No such cases in the reporting period.
5. Other significant related-party transactions
√ Applicable□Not applicable
（1）The 7th meeting of the Eighth board of directors of the Company examined and adopted the Proposal for Renewing the Lease of Litong Plaza as Office Building. Agreed to continue to leasing the full floor of 44th floor and the full floor unit of 43th floor (self-directed the full floor of
46th
floor and the full floor unit of
45th floor)
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 of Litong Plaza planning floor of Guangdong Litong Property Investment Co., Ltd as the office use, with the time from May 5, 2017 to May 4, 2020. The monthly rent standard in the period from May 5, 2017 to May 4, 2018 is RMB 735,092, and the monthly rent standard in the period from May 5, 2018 to May 4, 2020 is RMB 771,847. During the lease period, RMB 147,387 will be paid to the Guangzhou branch of Beijing Shibang Property Management Service Co., Ltd every month.
2. The Proposal about the Daily Related Transaction of 2017 of the Company was examined and approved in the 7th meeting of the 8th session of the Board of Directors, agreed that the company and its wholly-owned subsidiaries and holding subsidiaries had the total transaction amount of RMB 58.6903 million.
The website to disclose the interim announcements on significant related-party transactions
||||
|-|-|-|
||Date of disclosing provisional|Description of the website for disclosing|
|Description of provisional announcement|||
||announcement|provisional announcements|
|Related transaction announcement|March 31,2017|www.cninfo.com.cn|
|Announcement of related party transactions of2017|||
||March 31,2017|www.cninfo.com.cn|

XIII. Particulars about the non-operating occupation of funds by the Controlling shareholder and other related parties of the Company
□Applicable√ Not applicable
The company was not involved in the non-operating occupation of funds by the controlling shareholder and other related parties during the reporting period.
XIV. Significant contracts and execution
1.Entrustments, contracting and leasing
（1）Entrustment
□Applicable√ Not applicable
No such cases in the reporting period.
（2）Contracting
□Applicable√ Not applicable
No such cases in the reporting period.
（3）Leasing
□Applicable√ Not applicable
No such cases in the reporting period.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 2.Contracting
□Applicable√ Not applicable
No such cases in the reporting period.
3. Other significant contracts
□Applicable√ Not applicable
No such cases in the reporting period.
XV.Social responsibilities
1.Overview of the annual targeted poverty alleviation
The Company has no precision poverty alleviation temporary I nhte year, and no subsequent program either. 2.Major environmental protection
The Listed Company and its subsidiary whether belongs to the key sewage units released from environmental protection department
No
XVI.Other material events
√ Applicable□Not applicable
The Proposal about Guangdong Provincial Expressway Development Co.,Ltd’s Merger of Guangdong Fokai Expressway Co., Ltd was examined an approved in the eighth meeting(Temporary) of the eighth session board of directors of the company and was approved in the 2016 annual shareholders' general meeting , agreed to the company's merger and consolidation of the wholly-owned subsidiary-Guangdong Fokai Expressway Co., Ltd. In May 2017, the company set up the Guangdong Provincial Expressway Development Co., Ltd Foshan Branch Company, and completed the relevant industrial and commercial registration procedures. On August 1, 2017, the operation and management of the Fokai Expressway was officially transferred to Fokai Branch Company from Fokai Company.
||||
|-|-|-|
|Description of provisional announcement|Date of disclosingprovisional announcement|Description of the website fordisclosing provisionalannouncements|
|Announcement of Resolutions of the 8th (Provisional) Meeting ofthe Eighth Board of Directors|April 8,2017|www.cninfo.com.cn|
|Announcement of Merger|April 8,2017|www.cninfo.com.cn|
|Notice of Holding 2016 Annual Shareholders' General Meeting|April 29,2017|www.cninfo.com.cn|
|Announcement on the progress of major Events|May 4,2017|www.cninfo.com.cn|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 XVII. Material events of subsidiaries
□ Applicable√ Not applicable
VI. Change of share capital and shareholding of Principal Shareholders
I.Changes in share capital
1. Changes in share capital
In shares
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||Before the change||Increase/decrease（+，-）|||||After the Change||
||Amount|Proportion|||Capitalization|||||
||||Share|Bonus|||||Proportio|
||||||of common|Other|Subtotal|Quantity||
||||allotment|shares|||||n|
||||||reserve fund|||||
|1.Shares with conditional||||||||||
||1,273,392,897|60.90%||||-222,595|-222,595|1,273,170,302|60.89%|
|subscription||||||||||
|1.State-owned shares|409,977,151|19.61%||||25,702|25,702|410,002,853|19.61%|
|2.State-owned legal person||||||||||
||521,393,021|24.94%||||||521,393,021|24.94%|
|shares||||||||||
|3.Other domestic shares|342,022,725|16.35%||||-248,297|-248,297|341,774,428|16.34%|
|Including ：Domestic||||||||||
||341,260,941|16.32%||||-35,155|-35,155|341,225,786|16.32%|
|Legal person shares||||||||||
|Domestic natural person||||||||||
||761,784|0.03%||||-213,142|-213,142|548,642|0.02%|
|shares||||||||||
|II.Shares with||||||||||
||817,413,229|39.10%||||222,595|222,595|817,635,824|39.11%|
|unconditional subscription||||||||||
|1.Common shares in RMB|468,663,229|22.42%||||222,595|222,595|468,885,824|22.43%|
|2.Foreign shares in||||||||||
||348,750,000|16.68%||||||348,750,000|16.68%|
|domestic market||||||||||
|III. Total of capital shares|2,090,806,126|100.00%||||0|0|2,090,806,126|100.00%|

 Reasons for share changed
√ Applicable□Not applicable
Note 1: within the report period, 40 shareholders repay the 25,702 consideration shares of the equity division
reform prepaid by Guangdong Traffic Group Co., Ltd. and such shares transfer into the “state holdings” from the
“domestic legal person holdings” and “domestic natural person holdings”.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Note 2: within the report period, “domestic legal person holdings” totaling 35,155 shares and “domestic natural person holdings” totaling 156,255 shares are released from the sales restriction and listed for circulation on April 26, 2017 and transferred into the “unlimited tradable shares”.
Notes3：Ms. Tu Hui Ling resigned from the supervisors of the Company for six months due toretirement，56,887 conditional shares held by him were transferred into frozen shares for unrestricted negotiable shares .
Approval of Change of Shares
□ Applicable√ Not applicable
Ownership transfer of share changes
□ Applicable√ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common shareholders of Company in latest year and period
□ Applicable√ Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from security regulators
□ Applicable√ Not applicable
2. Change of shares with limited sales condition
√ Applicable□Not applicable
In RMB
||||||||
|-|-|-|-|-|-|-|
||||Number of||||
|||Number of|Increased|Restricted||Date of|
|Shareholder|Initial Restricted||||Reason for Restricted||
|||Unrestricted|Restricted|Shares in the||Restriction|
|Name|Shares||||Shares||
|||Shares This Term|Shares|End of the Term||Removal|
||||This Term||||
|||||||the commitment|
|||||||and special ones|
||||||40 shareholders repay and|have been|
|Guangdong|||||||
||||||prepay shares of the|fulfilled and the|
|Communication|409,977,151|0|25,702|410,002,853|||
||||||equity division reform|date releasing the|
|Group Co.,Ltd|||||||
||||||consideration|sales restriction|
|||||||has not been|
|||||||determined yet|
||||||On January 23, 2017, 40||
|40 shareholders|||||shareholders repaid the||
|of Taoyuan Real|||||25,702 consideration||
|Estate|||||shares of the equity||
||191,410|165,708|-25,702|0||April, 28,2017|
|Development|||||division reform prepaid||
|company in|||||by Guangdong Traffic||
|Heshan city, etc.|||||Group Co., Ltd. due to the||
||||||equity division reform||
|Total|410,168,561|165,708|0|410,002,853|--|--|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 II.Issuing and listing
□ Applicable√ Not applicable
III. Shareholders and shareholding
In Shares
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||||||Total number of preferred|||||
|Total number of common||||||||||
||||||shareholders that had restored the|||||
|shareholders at the end of the||76,384||||||0||
||||||voting right at the end of the|||||
|reporting period||||||||||
||||||reporting period (if any) (note 8)|||||
|Particulars about shares held above 5% by shareholders or top ten shareholders||||||||||
||||||Changes|||Number of share pledged/frozen||
||||Proportion|Number of||Amount of|Amount of|||
||Nature of||||in|||||
|Shareholders|||of shares|shares held at||restricted|un-restricted|||
||shareholder||||reportin|||State of share|Amount|
||||held（%）|period -end||shares held|shares held|||
||||||g period|||||
|GuangdongCommunicationGroup Co.,Ltd|State-ownedlegal person||24.55%|513,382,595||410,002,853|103,379,742|||
|GuangdongHighwayConstructionCo., Ltd,|State-ownedlegal person||22.30%|466,325,020||466,325,020||||
|Yadong FuxingYalianInvestment Co.,Ltd.|Domestic nonState-ownedLegal person||9.68%|202,429,149||202,429,149||||
|||||||||Pledge|202,429,000|
|Tibet YingyueInvestmentManagementCo., Ltd.|Domestic nonState-ownedLegal person||4.84%|101,214,574||101,214,574||||
|GuangdongExpresswayCo., Ltd.|State-ownedlegal person||2.53%|52,937,491||52,937,491||||
|GuangfaSecurities Co.,Ltd.|Domestic nonState-ownedLegal person||1.45%|30,364,372||30,364,372||||
|Feng Wuchu|Domesticnatural person||1.04%|21,724,797||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||
|-|-|-|-|-|-|
||shares|||||
|PERSHINGLLC|Foreign legalperson|0.90%|18,744,850|||
|Xinyue Co.,Ltd.|Foreign legalperson|0.63%|13,201,086|||
|Bank ofCommunications－Hybridsecuritiesinvestment fundin Huaanstrategyoptimization|Other|0.54%|11,222,170|||
|||Guangdong Provincial Highway Construction Co., Ltd., Guangdong Province Expressway Co., Ltd.,||||
|Strategy investors or general||Guangdong Provincial Highway Construction Co., Ltd., Yadong Fosun Asia Investment Co., Ltd.,||||
|legal person becomes top 10||Tibet Yingyue Investment Management Co., Ltd., Guangfa Securities Co., Ltd. Due to additional||||
|shareholders due to rights issued||holdings, The shares were 466,325,020 shares, 202,429,149 shares, 101,214,574 shares, 33,355,263||||
|(if any)(Notes 3)||shares, 30,364,372 shares, totaling 833,688,378 shares. The holding period is: July 8, 2016 to July 8,||||
|||2019.||||
|||Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Expressway Co.,||||
|Explanation on associated||Ltd. and Guangdong Highway Construction Co., Ltd.. It is unknown whether there is relationship||||
|relationship among the||between other shareholders and whether they are persons taking concerted action specified in the||||
|aforesaid shareholders||Regulations on Disclosure of Information about Change in Shareholding of Shareholders of Listed||||
|||Companies.||||
|Shareholding of top 10 shareholders of unrestricted shares||||||
||||Quantity of unrestricted shares held at the end|Share type||
|Name of the shareholder||||||
||||of the reporting period|Share type|Quantity|
|Guangdong Communication Group Co.,Ltd|||103,379,742|RMB Common||
||||||103,379,742|
|||||shares||
|Feng Wuchu|||21,724,797|RMB Common||
||||||19,808,890|
|||||shares||
|||||Foreign shares||
|||||placed in domestic|1,915,907|
|||||exchange||
|PERSHING LLC|||18,744,850|Foreign shares||
|||||placed in domestic|18,744,850|
|||||exchange||
|Xinyue Co., Ltd.|||13,201,086|Foreign shares||
|||||placed in domestic|13,201,086|
|||||exchange||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||
|-|-|-|-|
|Bank of Communications－Hybrid securitiesinvestment fund in Huaan strategyoptimization|11,222,170|||
|||RMB Common||
||||11,222,170|
|||shares||
|GUOTAI JUNANSECURITIES(HONGKONG) LIMITED|9,058,001|Foreign shares||
|||placed in domestic|9,058,001|
|||exchange||
|Khazanah Nasional Berhad－self fund|8,844,250|RMB Common||
||||8,844,250|
|||shares||
|MATTHEWS CHINA DIVIDEND FUND|8,325,006|Foreign shares||
|||placed in domestic|8,325,006|
|||exchange||
|BBH A/C VANGUARD EMERGINGMARKETS STOCK INDEX FUND|6,541,331|Foreign shares||
|||placed in domestic|6,541,331|
|||exchange||
|DBS VICKERS (HONG KONG) LTD A/CCLIENTS|5,641,654|Foreign shares||
|||placed in domestic|5,641,654|
|||exchange||
|Explanation on associated relationship or||||
|consistent action among the top 10||||
||Explanation on associated relationship or consistent action among the top 10|||
|shareholders of non-restricted negotiable||||
||shareholders of non-restricted negotiable shares and that between the top 10|||
|shares and that between the top 10||||
||shareholders of non-restricted negotiable shares and top 10 shareholders|||
|shareholders of non-restricted negotiable||||
|shares and top 10 shareholders||||

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-back agreement dealing in reporting period.
□ Yes√ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy–back agreement dealing in reporting period.
IV. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable√ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.
Change of the actual controller in the reporting period
□ Applicable√ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 VII. Situation of the Preferred Shares
□Applicable√Not applicable
The Company had no preferred shares in the reporting period
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 VIII. Information about Directors, Supervisors and Senior Executives
I. Change in shares held by directors, supervisors and senior executives
√ Applicable□Not applicable
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|||||Amount of|Amount of|||||
||||||||Number of|Number of||
|||||shares|shares||||Number of|
||||Shares|||Shares|restricted|restricted||
|||||increased|decreased||||restricted stock|
|||Office|held at the|||held at the|stock granted|stock granted||
|Name|Position|||at the|at the||||granted at the|
|||status|year-begin|||year-endin|at the|at the||
|||||reporting|reporting||||year-ending(shar|
||||(share)|||g（share）|year-begin .|reporting||
|||||period(sha|period(sha||||e)|
||||||||share)|period(share)||
|||||re)|re)|||||
||Director,|||||||||
|Wang||In||||||||
||General||0|135,100|0|135,100|0|0|0|
|Chunhua||office||||||||
||Manager|||||||||
|Total|--|--|0|135,100|0|135,100|0|0|0|

 II. Change in shares held by directors, supervisors and senior executives
√ Appicable□Not applicable
||||||
|-|-|-|-|-|
|Name|Positions|Types|Date|Reason|
|Zheng Renfa|Board chairman|Elected|January 4,2017|Elected|
|Chen Wenmian|Deputy GM|Dismiss|April 11,2017|Job change|
||Director,||||
|Liu Xiaomei||Dismiss|July 19,2017|Resignation|
||Board secretary||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 IX. Corporate Bond
Whether the company has corporate bonds that have been publicly issued and listed on the stock exchange, and not yet due or due but not folly cashed on the approval date of annual report
No
X. Financial Report
I. Audit report
Has this semi-annual report been audited?
□Yes√No
The semi-annual report was not audited.
II. Financial statements
Currency unit for the statements in the notes to these financial statements: RMB
1. Consolidated balance sheet
Preparedby:：Guangdong Provincial Expressway Development Co., Ltd.
June 30, 2017
In RMB
||||
|-|-|-|
|Items|At the end of term|Beginning of term|
|Current asset：|||
|Monetary fund|2,596,273,900.39|2,603,279,644.25|
|Settlement provision|||
|Outgoing call loan|||
|Financial assets measured at fair value with variations|||
|accounted into current income account|||
|Derivative financial assets|||
|Bill receivable|||
|Account receivable|81,861,655.16|40,681,197.01|
|Prepayments|2,090,098.10|2,860,130.35|
|Insurance receivable|||
|Reinsurance receivable|||
|Provisions of Reinsurance contracts receivable|||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Items|At the end of term|Beginning of term|
|Interest receivable|||
|Dividend receivable|23,054,984.51||
|Other account receivable|23,067,768.72|25,167,879.53|
|Repurchasing of financial assets|||
|Inventories|323,888.89|323,888.89|
|Assets held for sales|||
|Non-current asset due in 1 year|55,719.14|55,719.14|
|Other current asset|||
|Total of current assets|2,726,728,014.91|2,672,368,459.17|
|Non-current assets：|||
|Loans and payment on other’s behalf disbursed|||
|Disposable financial asset|1,751,357,624.93|1,718,421,932.77|
|Expired investment in possess|||
|Long-term receivable|||
|Long term share equity investment|2,283,902,186.05|2,220,805,130.31|
|Property investment|2,987,864.38|3,219,971.08|
|Fixed assets|8,874,578,467.58|9,285,823,302.77|
|Construction in progress|202,539,473.20|149,244,110.30|
|Engineering material|1,549,556.00|1,549,556.00|
|Fixed asset disposal|||
|Production physical assets|||
|Gas & petrol|||
|Intangible assets|4,322,609.82|6,138,294.90|
|R & D petrol|||
|Goodwill|||
|Long-germ expenses to be amortized|857,464.05|1,763,966.07|
|Differed income tax asset|222,795,171.12|10,810,322.94|
|Other non-current asset|2,088,600.97|2,300,170.28|
|Total of non-current assets|13,346,979,018.10|13,400,076,757.42|
|Total of assets|16,073,707,033.01|16,072,445,216.59|
|Current liabilities|||
|Short-term loans|||
|Loan from Central Bank|||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Items|At the end of term|Beginning of term|
|Deposit received and hold for others|||
|Call loan received|||
|Financial liabilities measured at fair value with variations|||
|accounted into current income account|||
|Derivative financial liabilities|||
|Bill payable|||
|Account payable|207,563,438.89|299,414,047.07|
|Advance payment|16,485,866.82|17,440,023.40|
|Selling of repurchased financial assets|||
|Fees and commissions receivable|||
|Employees’ wage payable|14,518,023.53|8,840,599.13|
|Tax payable|115,032,413.48|106,370,898.31|
|Interest payable|7,986,358.47|8,945,283.52|
|Dividend payable|14,772,372.03|12,506,777.92|
|Other account payable|82,099,926.52|134,266,141.34|
|Reinsurance fee payable|||
|Insurance contract provision|||
|Entrusted trading of securities|||
|Entrusted selling of securities|||
|Liabilities held for sales|||
|Non-current liability due in 1 year|1,070,610,000.00|957,880,000.00|
|Other current liability|||
|Total of current liability|1,529,068,399.74|1,545,663,770.69|
|Non-current liabilities：|||
|Long-term loan|5,110,950,000.00|5,402,780,000.00|
|Bond payable|||
|Including：preferred stock|||
|Sustainable debt|||
|Long-term payable|2,022,210.11|2,022,210.11|
|Long-term payable employees’s remuneration|||
|Special payable|||
|Expected liabilities|||
|Deferred income|||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Items|At the end of term|Beginning of term|
|Deferred income tax liability|376,019,272.83|278,463,647.00|
|Other non-current liabilities|||
|Total non-current liabilities|5,488,991,482.94|5,683,265,857.11|
|Total of liability|7,018,059,882.68|7,228,929,627.80|
|Owners’ equity|||
|Share capital|2,090,806,126.00|2,090,806,126.00|
|Other equity instruments|||
|Including：preferred stock|||
|Sustainable debt|||
|Capital reserves|2,508,408,342.99|2,508,408,342.99|
|Less：Shares in stock|||
|Other comprehensive income|326,416,234.80|402,285,954.24|
|Special reserves|||
|Surplus reserves|366,956,549.89|366,956,549.89|
|Common risk provision|||
|Undistributed profit|3,110,900,482.46|2,920,563,328.27|
|Total of owner’s equity belong to the parent company|8,403,487,736.14|8,289,020,301.39|
|Minority shareholders’ equity|652,159,414.19|554,495,287.40|
|Total of owners’ equity|9,055,647,150.33|8,843,515,588.79|
|Total of liabilities and owners’ equity|16,073,707,033.01|16,072,445,216.59|

 Legal Representative:Zheng Renfa
General Manager: Wang Chunhua
Person in charge ofaccounting：Fang Zhi
Accounting Dept Leader: Zhou Fang
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 2.Parent Company Balance Sheet
In RMB
||||
|-|-|-|
|Items|At the end of term|Beginning of term|
|Current asset：|||
|Monetary fund|2,326,758,717.75|1,795,455,123.88|
|Financial assets measured at fair value with variations|||
|accounted into current income account|||
|Derivative financial assets|||
|Bill receivable|||
|Account receivable|||
|Prepayments||2,059,362.84|
|Interest receivable|36,446,037.51|34,833.33|
|Dividend receivable|172,639,943.31|24,000,000.00|
|Other account receivable|6,543,347.81|2,350,265.24|
|Inventories|||
|Assets held for sales|||
|Non-current asset due in 1 year|85,000,000.00|95,000,000.00|
|Other current asset|||
|Total of current assets|2,627,388,046.38|1,918,899,585.29|
|Non-current assets：|||
|Disposable financial asset|1,751,357,624.93|1,718,421,932.77|
|Expired investment in possess|||
|Long-term receivable|||
|Long term share equity investment|7,449,064,405.71|7,385,967,349.97|
|Property investment|2,735,726.13|2,967,832.83|
|Fixed assets|2,202,541.47|2,744,611.16|
|Construction in progress|||
|Engineering material|||
|Fixed asset disposal|||
|Production physical assets|||
|Gas & petrol|||
|Intangible assets|571,909.42|725,234.38|
|R & D petrol|||
|Goodwill|||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Items|At the end of term|Beginning of term|
|Long-germ expenses to be amortized|709,033.82|1,559,874.44|
|Differed income tax asset|220,270,567.14||
|Other non-current asset|857,903,684.98|847,903,684.98|
|Total of non-current assets|10,284,815,493.60|9,960,290,520.53|
|Total of assets|12,912,203,539.98|11,879,190,105.82|
|Current liabilities|||
|Short-term loans|||
|Financial liabilities measured at fair value with variations|||
|accounted into current income account|||
|Derivative financial liabilities|||
|Bill payable|||
|Account payable|||
|Advance payment|||
|Employees’ wage payable|1,442,385.54|1,347,078.47|
|Tax payable|1,994,399.01|1,986,670.18|
|Interest payable|4,103,929.11|4,469,288.30|
|Dividend payable|14,772,372.03|12,506,777.92|
|Other account payable|63,350,110.41|1,989,088.70|
|Liabilities held for sales|||
|Non-current liability due in 1 year|200,000.00|50,200,000.00|
|Other current liability|1,430,077,397.33|836,363,256.69|
|Total of current liability|1,515,940,593.43|908,862,160.26|
|Non-current liabilities：|||
|Long-term loan|2,999,600,000.00|2,999,700,000.00|
|Bond payable|||
|Including：preferred stock|||
|Sustainable debt|||
|Long-term payable|2,022,210.11|2,022,210.11|
|Employees’ wage payable|||
|Special payable|||
|Expected liabilities|||
|Deferred income|||
|Deferred income tax liability|108,805,411.60||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Items|At the end of term|Beginning of term|
|Other non-current liabilities|||
|Total of Non-current liabilities|3,110,427,621.71|3,001,722,210.11|
|Total of liability|4,626,368,215.14|3,910,584,370.37|
|Owners’ equity|||
|Share capital|2,090,806,126.00|2,090,806,126.00|
|Other equity instrument|||
|Including：preferred stock|||
|Sustainable debt|||
|Capital reserves|3,359,791,693.12|3,359,791,693.12|
|Less：Shares in stock|||
|Other comprehensive income|326,416,234.80|402,285,954.24|
|Special reserves|||
|Surplus reserves|351,112,266.24|351,112,266.24|
|Undistributed profit|2,157,709,004.68|1,764,609,695.85|
|Total of owners’ equity|8,285,835,324.84|7,968,605,735.45|
|Total of liabilities and owners’ equity|12,912,203,539.98|11,879,190,105.82|

 Legal Representative:Zheng Renfa
General Manager: Wang Chunhua
Person in charge ofaccounting：Fang Zhi
Accounting Dept Leader: Zhou Fang
3.Consolidated Income statement
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I. Income from the key business|1,440,222,563.74|1,333,492,179.77|
|Incl：Business income|1,440,222,563.74|1,333,492,179.77|
|Interest income|||
|Insurance fee earned|||
|Fee and commission received|||
|II. Total business cost|752,280,475.16|862,251,224.53|
|Incl：Business cost|533,689,845.16|558,947,473.08|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|Interest expense|||
|Fee and commission paid|||
|Insurance discharge payment|||
|Net claim amount paid|||
|Insurance policy dividend paid|||
|Insurance policy dividend paid|||
|Reinsurance expenses|||
|Business tax and surcharge|6,895,775.06|33,096,380.69|
|Sales expense|||
|Administrative expense|77,693,914.84|79,766,582.60|
|Financial expenses|133,804,359.02|190,618,235.21|
|Asset impairment loss|196,581.08|-177,447.05|
|Add：Gains from change of fir value （“-”for loss）|||
|Investment gain（“-”for loss）|223,430,364.44|227,430,687.32|
|Incl: investment gains from affiliates|199,376,107.62|181,732,975.66|
|Gains from currency exchange（“-”for loss）|||
|Other income|||
|III. Operational profit（“-”for loss）|911,372,453.02|698,671,642.56|
|Add ：Non-operational income|62,299,078.58|63,681,145.14|
|Including：Income from disposal of non-current|||
|||111,175.47|
|assets|||
|Less：Non business expenses|3,099,474.26|878,328.59|
|Incl：Loss from disposal of non-current assets|2,629,016.43|102,453.65|
|IV.Total profit(“-”for loss)|970,572,057.34|761,474,459.11|
|Less：Income tax expenses|-19,940,081.98|157,332,820.43|
|V. Net profit|990,512,139.32|604,141,638.68|
|Net profit attributable to the owners of parent|||
||892,848,012.53|505,899,144.29|
|company|||
|Minority shareholders’ equity|97,664,126.79|98,242,494.39|
|VI. Other comprehensive income|-75,869,719.44|-112,922,373.12|
|Net of profit of other comprehensive income attributa|||
||-75,869,719.44|-112,922,373.12|
|ble to owners of the parent company.|||
|（I）Other comprehensive income items that will not|||
|be reclassified into gains/losses in the subsequent|||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|accounting period|||
|1.Re-measurement of defined benefit plans of change|||
|s in net debt or net assets|||
|2.Other comprehensive income under the equity meth|||
|od investee can not be reclassified into profit or loss.|||
|（II）|||
|Other comprehensive income that will be reclassified|-75,869,719.44|-112,922,373.12|
|into profit or loss.|||
|1.Other comprehensive income under the equity meth|||
|od investee can be reclassified into profit or loss.|||
|2.Gains and losses from changes in fair value availabl|||
||-75,869,719.44|-112,922,373.12|
|e for sale financial assets|||
|3.Held-to-maturity investments reclassified to gains a|||
|nd losses of available for sale financial assets|||
|4.The effective portion of cash flow hedges and losse|||
|s|||
|5.Translation differences in currency financial statem|||
|ents|||
|6.Other|||
|7.Net of profit of other comprehensive income attribu|||
|table to Minority shareholders’ equity|||
|VII. Total comprehensive income|914,642,419.88|491,219,265.56|
|Total comprehensive income attributable to the owner|||
||816,978,293.09|392,976,771.17|
|of the parent company|||
|Total comprehensive income attributable minority|||
||97,664,126.79|98,242,494.39|
|shareholders|||
|VIII. Earnings per share|||
|（I）Basic earnings per share|0.43|0.29|
|(II)Diluted earnings per share|0.43|0.29|

 The current business combination under common control, the net profits of the combined party before achieved ne t profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal Representative:Zheng Renfa
General Manager: Wang Chunhua
Person in charge ofaccounting：Fang Zhi
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Accounting Dept Leader: Zhou Fang
4. Income statement of the Parent Company
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I. Income from the key business|38,224,276.41|10,505,002.81|
|Incl：Business cost|232,106.70|232,106.70|
|Business tax and surcharge|45,569.27|361,458.40|
|Sales expense|||
|Administrative expense|26,557,947.35|30,982,635.92|
|Financial expenses|66,857,722.21|73,447,382.17|
|Asset impairment loss|||
|Add：Gains from change of fir value （“-”for loss）|||
|Investment gain（“-”for loss）|930,734,790.73|292,397,437.40|
|Incl: investment gains from affiliates|199,376,107.62|215,901,030.71|
|Other income|||
|II. Operational profit（“-”for loss）|875,265,721.61|197,878,857.02|
|Add ：Non-operational income|73,878.42||
|Including：Income from disposal of non-current|||
|assets|||
|Less：Non business expenses|||
|Incl：Loss from disposal of non-current assets|||
|III.Total profit(“-”for loss)|875,339,600.03|197,878,857.02|
|Less：Income tax expenses|-220,270,567.14||
|IV. Net profit（“-”for net loss）|1,095,610,167.17|197,878,857.02|
|V.Net of profit of other comprehensive income|-75,869,719.44|-112,922,373.12|
|（I）Other comprehensive income items that will not|||
|be reclassified into gains/losses in the subsequent|||
|accounting period|||
|1.Re-measurement of defined benefit plans of changes i|||
|n net debt or net assets|||
|2.Other comprehensive income under the equity method|||
|investee can not be reclassified into profit or loss.|||
|（ II ）|||
|Other comprehensive income that will be reclassified in|-75,869,719.44|-112,922,373.12|
|to profit or loss.|||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|1.Other comprehensive income under the equity method|||
|investee can be reclassified into profit or loss.|||
|2.Gains and losses from changes in fair value available|||
||-75,869,719.44|-112,922,373.12|
|for sale financial assets|||
|3.Held-to-maturity investments reclassified to gains and|||
|losses of available for sale financial assets|||
|4.The effective portion of cash flow hedges and losses|||
|5.Translation differences in currency financial statemen|||
|ts|||
|6.Other|||
|VI. Total comprehensive income|1,019,740,447.73|84,956,483.90|
|VII. Earnings per share：|||
|（I）Basic earnings per share|||
|(II)Diluted earnings per share|||

Legal Representative:Zheng Renfa
General Manager: Wang Chunhua
Person in charge ofaccounting：Fang Zhi
Accounting Dept Leader: Zhou Fang
5. Consolidated Cash flow statement
In RMB
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|I.Cash flows from operating activities|||
|Cash received from sales of goods or rending of services|1,437,384,420.88|1,332,381,201.70|
|Net increase of customer deposits and capital kept for brother|||
|company|||
|Net increase of loans from central bank|||
|Net increase of inter-bank loans from other financial bodies|||
|Cash received against original insurance contract|||
|Net cash received from reinsurance business|||
|Net increase of client deposit and investment|||
|Net increase of trade financial asset disposal|||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|Cash received as interest, processing fee and commission|||
|Net increase of inter-bank fund received|||
|Net increase of repurchasing business|||
|Tax returned|||
|Other cash received from business operation|60,818,976.35|42,007,100.90|
|Sub-total of cash inflow|1,498,203,397.23|1,374,388,302.60|
|Cash paid for purchasing of merchandise and services|65,216,674.54|47,639,137.85|
|Net increase of client trade and advance|||
|Net increase of savings n central bank and brother company|||
|Cash paid for original contract claim|||
|Cash paid for interest, processing fee and commission|||
|Cash paid for policy dividend|||
|Cash paid to staffs or paid for staffs|132,850,018.53|138,780,053.43|
|Taxes paid|241,335,946.56|191,444,172.08|
|Other cash paid for business activities|36,408,522.23|63,642,109.86|
|Sub-total of cash outflow from business activities|475,811,161.86|441,505,473.22|
|Cash flow generated by business operation, net|1,022,392,235.37|932,882,829.38|
|II.Cash flow generated by investing|||
|Cash received from investment retrieving|||
|Cash received as investment gains|137,278,324.19|143,375,677.40|
|Net cash retrieved from disposal of fixed assets, intangible|||
||6,250.00|606,975.00|
|assets, and other long-term assets|||
|Net cash received from disposal of subsidiaries or other|||
|operational units|||
|Other investment-related cash received|59,995,667.68|60,770,000.00|
|Sub-total of cash inflow due to investment activities|197,280,241.87|204,752,652.40|
|Cash paid for construction of|||
|fixed assets, intangible assets|200,612,133.89|69,443,291.01|
|and other long-term assets|||
|Cash paid as investment||803,500,000.00|
|Net increase of loan against pledge|||
|Net cash received from subsidiaries and other operational units|||
|Other cash paid for investment activities||987,903,684.98|
|Sub-total of cash outflow due to investment activities|200,612,133.89|1,860,846,975.99|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Items|Report period|Same period of the previous year|
|Net cash flow generated by investment|-3,331,892.02|-1,656,094,323.59|
|III.Cash flow generated by financing|||
|Cash received as investment||1,633,499,989.30|
|Incl: Cash received as investment from minor shareholders|||
|Cash received as loans|499,000,000.00|499,000,000.00|
|Cash received from bond placing|||
|Other financing –related ash received||5,173.81|
|Sub-total of cash inflow from financing activities|499,000,000.00|2,132,505,163.11|
|Cash to repay debts|678,100,000.00|596,400,000.00|
|Cash paid as dividend, profit, or interests|848,413,171.72|330,423,880.43|
|Incl: Dividend and profit paid by subsidiaries to minor|||
|||10,266,231.67|
|shareholders|||
|Other cash paid for financing activities||3,984,368.84|
|Sub-total of cash outflow due to financing activities|1,526,513,171.72|930,808,249.27|
|Net cash flow generated by financing|-1,027,513,171.72|1,201,696,913.84|
|IV. Influence of exchange rate alternation on cash and cash|||
||1,447,084.51|-523,203.86|
|equivalents|||
|V.Net increase of cash and cash equivalents|-7,005,743.86|477,962,215.77|
|Add: balance of cash and cash equivalents at the beginning of|||
||2,603,279,644.25|1,199,629,276.85|
|term|||
|VI ..Balance of cash and cash equivalents at the end of term|2,596,273,900.39|1,677,591,492.62|

 Legal Representative:Zheng Renfa
General Manager: Wang Chunhua
Person in charge ofaccounting：Fang Zhi
Accounting Dept Leader: Zhou Fang
6. Cash Flow Statement of the Parent Company
In RMB
||||
|-|-|-|
|Items|Amount in this period|Amount in last period|
|I.Cash flows from operating activities|||
|Cash received from sales of goods or rending of services|3,621,896.95|6,683,948.58|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Items|Amount in this period|Amount in last period|
|Tax returned|||
|Other cash received from business operation|616,912,385.89|377,038,257.24|
|Sub-total of cash inflow|620,534,282.84|383,722,205.82|
|Cash paid for purchasing of merchandise and services|||
|Cash paid to staffs or paid for staffs|16,270,436.06|18,319,723.15|
|Taxes paid|550,122.41|695,332.37|
|Other cash paid for business activities|27,384,975.76|23,791,412.76|
|Sub-total of cash outflow from business activities|44,205,534.23|42,806,468.28|
|Cash flow generated by business operation, net|576,328,748.61|340,915,737.54|
|II.Cash flow generated by investing|||
|Cash received from investment retrieving|||
|Cash received as investment gains|718,997,791.68|174,174,372.43|
|Net cash retrieved from disposal of fixed assets, intangible assets,|||
|and other long-term assets|||
|Net cash received from disposal of subsidiaries or other operational|||
|units|||
|Other investment-related cash received|70,491,251.01|22,151,791.67|
|Sub-total of cash inflow due to investment activities|789,489,042.69|196,326,164.10|
|Cash paid for construction of|||
|fixed assets, intangible assets|||
|and other long-term assets|||
|Cash paid as investment||803,500,000.00|
|Net cash received from subsidiaries and other operational units|||
|Other cash paid for investment activities|10,000,000.00|987,903,684.98|
|Sub-total of cash outflow due to investment activities|10,000,000.00|1,791,403,684.98|
|Net cash flow generated by investment|779,489,042.69|-1,595,077,520.88|
|III.Cash flow generated by financing|||
|Cash received as investment||1,633,499,989.30|
|Cash received as loans|||
|Cash received from bond placing|||
|Other financing –related ash received||5,173.81|
|Sub-total of cash inflow from financing activities||1,633,505,163.11|
|Cash to repay debts|50,100,000.00||
|Cash paid as dividend, profit, or interests|775,861,281.94|232,245,858.07|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Items|Amount in this period|Amount in last period|
|Other cash paid for financing activities||3,984,368.84|
|Sub-total of cash outflow due to financing activities|825,961,281.94|236,230,226.91|
|Net cash flow generated by financing|-825,961,281.94|1,397,274,936.20|
|IV. Influence of exchange rate alternation on cash and cash|||
||1,447,084.51|-523,203.86|
|equivalents|||
|V.Net increase of cash and cash equivalents|531,303,593.87|142,589,949.00|
|Add: balance of cash and cash equivalents at the beginning of term|1,795,455,123.88|822,286,507.11|
|VI ..Balance of cash and cash equivalents at the end of term|2,326,758,717.75|964,876,456.11|

 Legal Representative:Zheng Renfa
General Manager: Wang Chunhua
Person in charge ofaccounting：Fang Zhi
Accounting Dept Leader: Zhou Fang
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 7. Consolidated Statement on Change inOwners’ Equity
Amount in this period
In RMB
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in this period|||||||||||||
||Owner’s equity Attributable to the Parent Company|||||||||||||
|||Other Equity||||||||||||
|||instrument||||||||Commo||Minor||
|Items||||||Less:|Other|Speciali|||||Total of owners’|
||Share Capital|prefer|Sustai||Capital reserves|Shares|Comprehensive|zed|Surplus reserves|n risk|Attributable profit|shareholders’equity|equity|
|||red|nable|Other||in stock|Income|reserve||provision||||
|||stock|debt|||||||||||
|I.Balance at the||||||||||||||
||2,090,806,126.00||||2,508,408,342.99||402,285,954.24||366,956,549.89||2,920,563,328.27|554,495,287.40|8,843,515,588.79|
|end of last year||||||||||||||
|Add: Change of||||||||||||||
|accounting||||||||||||||
|policy||||||||||||||
|Correcting of||||||||||||||
|previous errors||||||||||||||
|Merger of entities||||||||||||||
|under common||||||||||||||
|control||||||||||||||
|Other||||||||||||||
|II.Balance at the||||||||||||||
|beginning of|2,090,806,126.00||||2,508,408,342.99||402,285,954.24||366,956,549.89||2,920,563,328.27|554,495,287.40|8,843,515,588.79|
|current year||||||||||||||
|III.Changed in the||||||||||||||
||||||||-75,869,719.44||||190,337,154.19|97,664,126.79|212,131,561.54|
|current year||||||||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in this period|||||||||||||
||Owner’s equity Attributable to the Parent Company|||||||||||||
|||Other Equity||||||||||||
|||instrument||||||||Commo||Minor||
|Items||||||Less:|Other|Speciali|||||Total of owners’|
||Share Capital|prefer|Sustai||Capital reserves|Shares|Comprehensive|zed|Surplus reserves|n risk|Attributable profit|shareholders’equity|equity|
|||red|nable|Other||in stock|Income|reserve||provision||||
|||stock|debt|||||||||||
|（1）Total||||||||||||||
|comprehensive|||||||-75,869,719.44||||892,848,012.53|97,664,126.79|914,642,419.88|
|income||||||||||||||
|（II）Investment||||||||||||||
|or decreasing of||||||||||||||
|capital by owners||||||||||||||
|1．Ordinary Share||||||||||||||
|s invested by share||||||||||||||
|holders||||||||||||||
|2．Holders of oth||||||||||||||
|er equity instrume||||||||||||||
|nts invested capital||||||||||||||
|3．Amount of||||||||||||||
|shares paid and||||||||||||||
|accounted as||||||||||||||
|owners’ equity||||||||||||||
|4．Other||||||||||||||
|（III）Profit||||||||||||||
||||||||||||-702,510,858.34||-702,510,858.34|
|allotment||||||||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in this period|||||||||||||
||Owner’s equity Attributable to the Parent Company|||||||||||||
|||Other Equity||||||||||||
|||instrument||||||||Commo||Minor||
|Items||||||Less:|Other|Speciali|||||Total of owners’|
||Share Capital|prefer|Sustai||Capital reserves|Shares|Comprehensive|zed|Surplus reserves|n risk|Attributable profit|shareholders’equity|equity|
|||red|nable|Other||in stock|Income|reserve||provision||||
|||stock|debt|||||||||||
|1.Providing of||||||||||||||
|surplus reserves||||||||||||||
|2.Providing of||||||||||||||
|common risk||||||||||||||
|provisions||||||||||||||
|3．Allotment to the||||||||||||||
|owners (or|||||||||||-702,510,858.34||-702,510,858.34|
|shareholders)||||||||||||||
|4．Other||||||||||||||
|(IV) Internal||||||||||||||
|transferring of||||||||||||||
|owners’ equity||||||||||||||
|1. Capitalizing of||||||||||||||
|capital reserves (or||||||||||||||
|to capital shares)||||||||||||||
|2. Capitalizing of||||||||||||||
|surplus reserves||||||||||||||
|(or to capital||||||||||||||
|shares)||||||||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in this period|||||||||||||
||Owner’s equity Attributable to the Parent Company|||||||||||||
|||Other Equity||||||||||||
|||instrument||||||||Commo||Minor||
|Items||||||Less:|Other|Speciali|||||Total of owners’|
||Share Capital|prefer|Sustai||Capital reserves|Shares|Comprehensive|zed|Surplus reserves|n risk|Attributable profit|shareholders’equity|equity|
|||red|nable|Other||in stock|Income|reserve||provision||||
|||stock|debt|||||||||||
|3．Making up||||||||||||||
|losses by surplus||||||||||||||
|reserves.||||||||||||||
|4. Other||||||||||||||
|(V). Special||||||||||||||
|reserves||||||||||||||
|1. Provided this||||||||||||||
|year||||||||||||||
|2．Used this term||||||||||||||
|（VI）Other||||||||||||||
|IV. Balance at the|||||||||||||9,055,647,150.33|
||2,090,806,126.00||||2,508,408,342.99||326,416,234.80||366,956,549.89||3,110,900,482.46|652,159,414.19||
|end of this term||||||||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Amount in last year
In RMB
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in last year|||||||||||||
||Owner’s equity Attributable to the Parent Company|||||||||||||
|||Other Equity||||||||||||
|||instrument||||||||Commo||Minor||
|Items||||||Less:|Other|Speciali|||||Total of owners’|
|||||||||||n risk||shareholders’||
||Share Capital|prefer|||Capital reserves|Shares|Comprehensive|zed|Surplus reserves||Attributable profit||equity|
||||Sustai|||||||provisio||equity||
|||red||Other||in stock|Income|reserve||||||
||||nable|||||||n||||
|||stock||||||||||||
||||debt|||||||||||
|I.Balance at the||||||||||||||
||1,257,117,748.00||||1,643,484,871.70||479,920,085.76||295,642,270.96||2,179,239,324.01|1,261,282,480.94|7,116,686,781.37|
|end of last year||||||||||||||
|Add: Change of||||||||||||||
|accounting||||||||||||||
|policy||||||||||||||
|Correcting of||||||||||||||
|previous errors||||||||||||||
|Merger of entities||||||||||||||
|under common||||||||||||||
|control||||||||||||||
|Other||||||||||||||
|II.Balance at the||||||||||||||
|beginning of|1,257,117,748.00||||1,643,484,871.70||479,920,085.76||295,642,270.96||2,179,239,324.01|1,261,282,480.94|7,116,686,781.37|
|current year||||||||||||||
|III.Changed in the||||||||||||||
||833,688,378.00||||864,923,471.29||-77,634,131.52||71,314,278.93||741,324,004.26|-706,787,193.54|1,726,828,807.42|
|current year||||||||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||||
|-|-|-|-|-|-|-|-|
|（1）Total||||||||
|comprehensive|||-77,634,131.52||1,001,205,945.39|171,151,762.05|1,094,723,575.92|
|income||||||||
|（II）Investment||||||||
|or decreasing of|833,688,378.00|1,824,865,776.82|||||2,658,554,154.82|
|capital by owners||||||||
|1．Ordinary Share||||||||
|s invested by share|833,688,378.00|1,824,865,776.82|||||2,658,554,154.82|
|holders||||||||
|2．Holders of oth||||||||
|er equity instrume||||||||
|nts invested capital||||||||
|3．Allotment to the||||||||
|owners (or||||||||
|shareholders)||||||||
|4．Other||||||||
|(IV) Internal||||||||
|transferring of||||71,314,278.93|-259,881,941.13|-10,266,231.67|-198,833,893.87|
|owners’ equity||||||||
|1. Capitalizing of||||||||
|capital reserves (or||||71,314,278.93|-71,314,278.93|||
|to capital shares)||||||||
|2. Capitalizing of||||||||
|surplus reserves||||||||
|(or to capital||||||||
|shares)||||||||
|3．Making up|||||-188,567,662.20|-10,266,231.67|-198,833,893.87|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||||
|-|-|-|-|-|-|-|-|
|losses by surplus||||||||
|reserves.||||||||
|4. Other||||||||
|(VI )Special||||||||
|reserves||||||||
|1. Provided this||||||||
|year||||||||
|2．Used this term||||||||
|（VII）Other||||||||
|IV. Balance at the||||||||
|end of this term||||||||
|(V) Special||||||||
|reserves||||||||
|1. Provided this||||||||
|year||||||||
|2．Used this term||||||||
||||||||-1,827,615,029.4|
|（VI）Other||-959,942,305.53||||-867,672,723.92||
||||||||5|
|IV. Balance at the||||||||
||2,090,806,126.00|2,508,408,342.99|402,285,954.24|366,956,549.89|2,920,563,328.27|554,495,287.40|8,843,515,588.79|
|end of this term||||||||

Legal Representative:Zheng Renfa General Manager: Wang Chunhua Person in charge ofaccounting：Fang Zhi Accounting Dept Leader: Zhou Fang 8.Statement of change inowner’s Equity of the Parent Company
Amount in this period
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in this period|||||||||||
|||Other Equity instrument||||||||||
|||||||Less:|Other|||||
|Items||||||||Specialize|||Total of owners’|
||Share Capital|preferre|Sustain||Capital reserves|Shares in|Comprehensive||Surplus reserves|Attributable profit||
|||||Other||||d reserve|||equity|
|||d stock|able|||stock|Income|||||
||||debt|||||||||
|I.Balance at the||||||||||||
||2,090,806,126.00||||3,359,791,693.12||402,285,954.24||351,112,266.24|1,764,609,695.85|7,968,605,735.45|
|end of last year||||||||||||
|Add: Change of||||||||||||
|accounting||||||||||||
|policy||||||||||||
|Correcting of||||||||||||
|previous errors||||||||||||
|Other||||||||||||
|II.Balance at the||||||||||||
|beginning of|2,090,806,126.00||||3,359,791,693.12||402,285,954.24||351,112,266.24|1,764,609,695.85|7,968,605,735.45|
|current year||||||||||||
|III.Changed in the||||||||||||
||||||||-75,869,719.44|||393,099,308.83|317,229,589.39|
|current year||||||||||||
|（I）Total||||||||||||
|comprehensive|||||||-75,869,719.44|||1,095,610,167.17|1,019,740,447.73|
|income||||||||||||
|(II) Investment or||||||||||||
|decreasing of||||||||||||
|capital by owners||||||||||||
|1．Ordinary Share||||||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in this period|||||||||||
|||Other Equity instrument||||||||||
|||||||Less:|Other|||||
|Items||||||||Specialize|||Total of owners’|
||Share Capital|preferre|Sustain||Capital reserves|Shares in|Comprehensive||Surplus reserves|Attributable profit||
|||||Other||||d reserve|||equity|
|||d stock|able|||stock|Income|||||
||||debt|||||||||
|s invested by share||||||||||||
|holders||||||||||||
|2．Holders of oth||||||||||||
|er equity instrume||||||||||||
|nts invested capital||||||||||||
|3.Amount of||||||||||||
|shares paid and||||||||||||
|accounted as||||||||||||
|owners’ equity||||||||||||
|4．Other||||||||||||
|（III）Profit||||||||||||
|||||||||||-702,510,858.34|-702,510,858.34|
|allotment||||||||||||
|1.Providing of||||||||||||
|surplus reserves||||||||||||
|2．Allotment to the||||||||||||
|owners (or||||||||||-702,510,858.34|-702,510,858.34|
|shareholders)||||||||||||
|3．Other||||||||||||
|(IV)Internal||||||||||||
|transferring of||||||||||||
|owners’ equity||||||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in this period|||||||||||
|||Other Equity instrument||||||||||
|||||||Less:|Other|||||
|Items||||||||Specialize|||Total of owners’|
||Share Capital|preferre|Sustain||Capital reserves|Shares in|Comprehensive||Surplus reserves|Attributable profit||
|||||Other||||d reserve|||equity|
|||d stock|able|||stock|Income|||||
||||debt|||||||||
|1. Capitalizing of||||||||||||
|capital reserves (or||||||||||||
|to capital shares)||||||||||||
|2. Capitalizing of||||||||||||
|surplus reserves||||||||||||
|(or to capital||||||||||||
|shares)||||||||||||
|3．Making up||||||||||||
|losses by surplus||||||||||||
|reserves.||||||||||||
|4. Other||||||||||||
|(V) Special||||||||||||
|reserves||||||||||||
|1. Provided this||||||||||||
|year||||||||||||
|2．Used this term||||||||||||
|（VI）Other||||||||||||
|IV. Balance at the|||||||||||8,285,835,324.84|
||2,090,806,126.00||||3,359,791,693.12||326,416,234.80||351,112,266.24|2,157,709,004.68||
|end of this term||||||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Amount in last year
In RMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in last year|||||||||||
|||Other Equity instrument||||||||||
|||||||Less:|Other|||||
|Items||||||||Specialize|||Total of owners’|
||Share Capital|preferre|Sustain||Capital reserves|Shares in|Comprehensive||Surplus reserves|Attributable profit||
|||||Other||||d reserve|||equity|
|||d stock|able|||stock|Income|||||
||||debt|||||||||
|I.Balance at the||||||||||||
||1,257,117,748.00||||1,534,920,742.49||479,920,085.76||279,797,987.31|1,311,348,847.67|4,863,105,411.23|
|end of last year||||||||||||
|Add: Change of||||||||||||
|accounting||||||||||||
|policy||||||||||||
|Correcting of||||||||||||
|previous errors||||||||||||
|Other||||||||||||
|II.Balance at the||||||||||||
|beginning of|1,257,117,748.00||||1,534,920,742.49||479,920,085.76||279,797,987.31|1,311,348,847.67|4,863,105,411.23|
|current year||||||||||||
|III.Changed in the||||||||||||
||833,688,378.00||||1,824,870,950.63||-77,634,131.52||71,314,278.93|453,260,848.18|3,105,500,324.22|
|current year||||||||||||
|（I）Total||||||||||||
|comprehensive|||||||-77,634,131.52|||713,142,789.31|635,508,657.79|
|income||||||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in last year|||||||||||
|||Other Equity instrument||||||||||
|||||||Less:|Other|||||
|Items||||||||Specialize|||Total of owners’|
||Share Capital|preferre|Sustain||Capital reserves|Shares in|Comprehensive||Surplus reserves|Attributable profit||
|||||Other||||d reserve|||equity|
|||d stock|able|||stock|Income|||||
||||debt|||||||||
|(II) Investment or||||||||||||
|decreasing of|833,688,378.00||||1,824,865,776.82||||||2,658,554,154.82|
|capital by owners||||||||||||
|1．Ordinary Share||||||||||||
|s invested by share|833,688,378.00||||1,824,865,776.82||||||2,658,554,154.82|
|holders||||||||||||
|2．Holders of oth||||||||||||
|er equity instrume||||||||||||
|nts invested capital||||||||||||
|3.Amount of||||||||||||
|shares paid and||||||||||||
|accounted as||||||||||||
|owners’ equity||||||||||||
|4．Other||||||||||||
|（III）Profit||||||||||||
||||||||||71,314,278.93|-259,881,941.13|-188,567,662.20|
|allotment||||||||||||
|1.Providing of||||||||||||
||||||||||71,314,278.93|-71,314,278.93||
|surplus reserves||||||||||||
|2．Allotment to the||||||||||||
|owners (or||||||||||-188,567,662.20|-188,567,662.20|
|shareholders)||||||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in last year|||||||||||
|||Other Equity instrument||||||||||
|||||||Less:|Other|||||
|Items||||||||Specialize|||Total of owners’|
||Share Capital|preferre|Sustain||Capital reserves|Shares in|Comprehensive||Surplus reserves|Attributable profit||
|||||Other||||d reserve|||equity|
|||d stock|able|||stock|Income|||||
||||debt|||||||||
|3．Other||||||||||||
|(IV)Internal||||||||||||
|transferring of||||||||||||
|owners’ equity||||||||||||
|1. Capitalizing of||||||||||||
|capital reserves (or||||||||||||
|to capital shares)||||||||||||
|2. Capitalizing of||||||||||||
|surplus reserves||||||||||||
|(or to capital||||||||||||
|shares)||||||||||||
|3．Making up||||||||||||
|losses by surplus||||||||||||
|reserves.||||||||||||
|4. Other||||||||||||
|(V) Special||||||||||||
|reserves||||||||||||
|1. Provided this||||||||||||
|year||||||||||||
|2．Used this term||||||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||Amount in last year|||||||||||
|||Other Equity instrument||||||||||
|||||||Less:|Other|||||
|Items||||||||Specialize|||Total of owners’|
||Share Capital|preferre|Sustain||Capital reserves|Shares in|Comprehensive||Surplus reserves|Attributable profit||
|||||Other||||d reserve|||equity|
|||d stock|able|||stock|Income|||||
||||debt|||||||||
|（VI）Other|||||5,173.81||||||5,173.81|
|IV. Balance at the||||||||||||
||2,090,806,126.00||||3,359,791,693.12||402,285,954.24||351,112,266.24|1,764,609,695.85|7,968,605,735.45|
|end of this term||||||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 III.Company Profile
(1)History
The Company was established in February 1993, which was originally named as Guangdong Fokai Expressway Co., Ltd. On June 30, 1993, it was renamed as Guangdong Provincial Expressway Development Co., Ltd. after reorganization pursuant to the approval of the Office of Joint Examination Group of Experimental Units of Share Holding System with YLSB (1993)No. 68 document. The share capital structure after reorganization is as follows: Composition of state-owned shares: The appraised net value of state-owned assets of Guangdong Jiujiang Bridge Co. and Guangfo Expressway Co., Ltd. as of January 31, 1993 confirmed by Guangdong State-owned Asset Management Dept., i.e.,RMB 418.2136 million, was converted into 155.025 million shares. Guangdong Expressway Co. invested cash of RMB 115 million to subscribe for 35.9375 million shares. Other legal persons invested cash of RMB 286.992 million to subscribe for 89.685 million shares. Staff of the Company invested RMB 87.008 million to subscribe for 27.19 million shares. The total is RMB 307.8375 million shares.
2． Pursuant to the approval of Guangdong Economic System Reform Committee and Guangdong Securities Regulatory Commission with YTG (1996) No. 67 document, part of the shareholders of non-state-owned legal person shares transferred 20 million non-state-owned legal person shares to Malaysia Yibao Engineering Co., Ltd. in June 1996.
3. Pursuant to the approval of Securities Commission under the State Council with WF (1996) No. 24 approval document and that of Guangdong Economic System Reform Committee with YTG (1996) No. 68 document, the Company issued 135 million domestically listed foreign investment shares (B shares) to overseas investors at the price of HKD 3.54 (equivalent to RMB 3.8) with the par value of each share being RMB 1 during June to July 1996.
4. Pursuant to the reply of the Ministry of Foreign Trade and Economic Cooperation of thePeople’ s Republic of China with (1996) WJMZYHZ No. 606 document, the Company was approved to be a foreign-invested joint stock company limited.
5．The Company distributed dividends and capitalized capital common reserve for the year 1996 in the following manner: The Company paid 1.7 bonus shares f or each 10 shares and capitalized capital common reserve on 3.3-for-10 basis.
6. Pursuant to the approval of China Securities Regulatory Committee (CSRC) with ZJFZ (1997) No. 486 and No. 487 document, the Company issued 100 million public shares (A shares) at the price of RMB 5.41 in term of “payable in full on application, pro-rate placing and subject to refund” with the par value of each share being RMB 1 in January 1998.
7．In accordance with the Resolutions of the 1999Shareholders’ General Meeting of the Company and pursuant to the approval of Guangzhou Securities Regulatory Office under CSRC with GZZJH (2000) No. 99 and that of CSRC with ZJGSZ (2000) No. 98, the Company offered 3 Rights for every 10 shares of 764.256249 million shares at the price of RMB 11 per Right.73,822,250 ordinary shares were actually placed to all .
8. Pursuant to the reply of the General Office of thePeople’ s Government of Guangdong Province with YBH (2000) No. 574 document, the state-owned shares were transferred to Guangdong Communication Group Co., Ltd. (Group Co.) for holding and management without compensation.
9.Pursuant to the approval of Shenzhen Stock Exchange, 53.0205 million staff shares of the Company (132,722 shares held by directors, supervisors and senior executives are temporarily frozen) were listed on February 5, 2001.As ofJu呢30,2017, the quantity of the shares subject to sale restriction held by senior executives is 92,404. 10.In accordance with the resolutions of 2000 annualshareholders’ general meeting, the Company capitalized capital common reserve into 419,039,249 shares on 5-for-10 basis with the total share capital as of the end of 2000, i.e., 838,078,499 shares as base. The date of stock right registration was May 21, 2001. The ex-right date was May
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 22, 2001.
11． On March 8, 2004,As approved by China Securities Regulatory Commission by document Zheng-Jian-Gong-Si-Zi[2003]No.3, the 45,000,000 non-negotiable foreign shares were placed in Shenzhen Stock 12. On December 21, 2005, the Company's plan for share holding structure reform was voted through at the shareholders' meeting concerning A shares. On January 26 2006, The Ministry of Commerce of PRC issued “The approval on share converting of Guangdong Provincial Expressway Development Co., Ltd.” to approve the share equity relocation and transformation. On October 9 2006, according to the “Circular about implementing of share equity relocation and relative trading” issued by Shenzhen Stock Exchange, the abbreviation ID of theCompany’s A shares was restored from “G-Expressway” “Expressway A”.
13. Upon the approval document of CSRC No.230-2016 Zheng Jian Xu ke-Approval of the Share-Issuing to Parties such as Guangdong Provincial Expressway Co., Ltd to Purchase Assets and Raise Matching Funds by Guangdong Provincial Expressway Development Co., Ltd, in June 2016 the company issued 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. The issuance of shares have been registered on July 7, 2016, the new shares will be listed on July 8, 2016. (2)Organization structure and the actual controller of the Company
As of June 30,2017，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, Zhujiang New City, Tihe Disrtict ,Guangzhou，The company has set up: Investment Development Dept, Security Affairs Department, Management Department, Financial Management Department, Base construction Department, Audit and Supervise Department, Affairs Department, Personnel Department , Party Work Department, Law affairs Department , Project Office and Labour union etc.
Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal representative: Deng Xiaohua. Date of establishment: June 23, 2000. As of June 30, 2017,Registered capital: RMB 26.8 billion. It is a solely state-owned limited company. Businessscope：equity management, organization of asset reorganization and optimized allocation, raising funds by means including mortgage, transfer of property rights and joint stock system transformation, project investment, operation and management, traffic infrastructure construction, highway and railway project operation and relevant industries, technological development, application, consultation and services, highway and railway passenger and cargo transport, ship industry, relevant overseas businesses; The value-added communication business.
（3）Thecompany’s main business and share ,Holding company
The company operated the construction of the highway construction, grading roads, bridges;Management fees and maintenance of roads, bridges, and car rescue, maintenance, cleaning, concurrently with the company's business s upporting motor transport, warehousing operations.
The Company is mainly engaged in tolling and maintenance of Guangfo Expressway, Fokai Expressway, investm ent in technological industries and provision of relevant consultation while investing in Shenzhen Huiyan Express way Co., Ltd., Guangzhou Guanghui Expressway Co., Ltd.,Jingzhu Expressway Guangzhu Co., Ltd.,Guangdong J iangzhong Expressway Co., Ltd., Zhaoqing Yuezhao Expressway Co., Ltd.,Ganzhou Kangda Expressway , Ganzh ou Gankang Expressway Co., Ltd.,Guangdong Yueke Technology Micro Loan Co., Ltd.and Guangdong Guangle
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Expressway Co.,Ltd.
（4）Scope of consolidated financial statements
The company's 2017(Jan-June) annual consolidated subsidiaries of total 5 companies, The scope of consolidated financial statements is consistent with the previous period. Refer to Notes VI, Notes of financial statements ,Change of consolidation scope and Notes IX, Notes of financial statements, Equity in other entities for more details.
（5）Approval of the financial statements reported
The financial statements have been authorized for issuance by the Board of Directors of the Group on August 28,2017.
IV. Basis for the preparation of financial statements
1.Preparation basis
The company prepares the financial statements on the basis of a continuous operation, the actual transactions, “Accounting Standards for Enterprises– Basic Standards”, other accounting standards& related regulations. Furthermore, all the materials of financial statements of the company meet the relevant disclosure requirements of financial statements and notes on the “Editing and Reporting Rules Regarding Information Disclosure for Companies Publicly Issuing Securities No. 15– General Regulations for Financial Reporting (revised in 2014) by China Securities Regulatory Commission.
2.Continuation
There will be no such events or situations in the 12 months from the end of the reporting period that will cause material doubts as to the continuation capability of the Company.
V. Significant Accounting Policies and Accounting Estimates
Specific accounting policies and accounting estimates are indicated as follows:
Nil
1. Statement of Compliance with the Accounting Standards for Business Enterprises
The financial statements prepared by the Company comply with the requirements of corporate accounting standards. They truly and completely reflect the financial situations, operating results, equity changes and cash flow, and other relevant information of the company.
2.Fiscal Year
The Company adopts the Gregorian calendar year commencing on January 1 and ending on December 31 as the fiscal year.
3.Operating cycle
An operating cycle for the Company is 12 months, which is also the classification criteria for the liquidity of its
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 assets and liabilities.
4.Standard currency for bookkeeping
The Company takes RMB as the standard currency for bookkeeping.
5.Accountings for Business Combinations under the Same Control& Business Combinations not under the Same Control
1.Business Combinations under the Same Control
The assets and liabilities acquired by the company in the business combination shall be measured as per the obtained book value ofowner’s equity of the combined party in the consolidated financial statements. As for the balance between the carrying amount of the net assets obtained by the combining party& the carrying amount of the consideration paid by it (or the total par value of the shares issued), the additional paid-in capital shall be adjusted. If the additional paid-in capital is not sufficient to be offset, the retained earnings shall be adjusted. The direct costs for the business combination of the company, including the expenses for audit, assessment and legal services, shall be recorded into the profits& losses at the current period.
The handling fees, commissions& other expenses for the issuance of equity securities for the business combination shall be credited against the surplus of equity securities; if the surplus is not sufficient, the retained earnings shall be offset.
Where the accounting policies adopted by the combined parties are different from those adopted by the company, the company shall adjust them on the combining date according to the accounting policy it adopts, and shall, pursuant to the Accounting Standards for Enterprises, recognize them on the basis of such adjustments.
2. Business Combinations not under the Same Control
The assets paid as the consideration for the business combination& the liabilities assumed on the acquisition date shall be measured in accordance with the fair value. The difference between the fair value& its carrying amount shall be recorded into the profits& losses at the current period.
The company will distribute the combination costs on the acquisition date.
The company shall recognize the positive balance between the combination costs& the fair value of the identifiable net assets it obtains from the acquire as Goodwill while it shall record the negative balance between the combination costs& the fair value of the identifiable net assets it obtains from the acquire into the profits& losses of the current period.
As for the assets other than intangible assets acquired from the acquire in a business combination (not limited to the assets which have been recognized by the acquire), if the economic benefits brought by them are likely to flow into the enterprise and their fair values can be measured reliably, they shall be separately recognized and measured in light of their fair values. As for any intangible asset acquired in a combination, if its fair value can be measured reliably, it shall be separately recognized as an intangible asset and shall measured in light of its fair value. As for the liabilities other than contingent liabilities acquired from the acquire, if the performances of the relevant obligations are likely to result in any out-flow of economic benefits from the enterprise, and their fair values can be measured reliably, they shall be separately recognized and measured in light of their fair values. As for the contingent liabilities of the acquire obtained in a combination, if their fair values can be measured reliably, they
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 shall be separately recognized as liabilities and shall be measured in light of their fair values.
6.Methods for Preparing the Consolidated Financial Statements
The scope of the consolidated financial statements will be recognized on the basis of controlling. All the subsidiaries will be included into the consolidated financial statements.
The accounting policies& accounting periods adopted by all the subsidiaries that have been included into the scope of the consolidated financial statements should be consistent with those adopted by the company. If the accounting policies& accounting periods adopted by the subsidiaries are different from those adopted by the company, the company shall make necessary adjustments according to the accounting policies& accounting periods it adopts when preparing the consolidated financial statements.
After adjusting the long-term equity investments on its subsidiaries according to the equity method, the company shall prepare the consolidated financial statements based on the financial statements of the company& its subsidiaries, and other related documents.
The influences of the internal transactions between the company& its subsidiaries, and its subsidiaries themselves on the consolidated balance sheet, consolidated profit statement, consolidated cash flow statement& consolidated statement of changes inowner’s equity will be counteracted at the preparation of the consolidated financial statements.
The portion of asubsidiary’s equity that is not attributable to the parent is treated as minorityshareholders’ interest and presented as “minority interest” in the consolidated balance sheet withinowners’ equity. The portion of net profits or losses of subsidiaries for the period attributable to minority interest is presented in the consolidated income statement below the “net profit” line item as “minority interest”. In the consolidated financial statements, when the amount of loss for the period attributable to the minority shareholders of a subsidiary exceeds the minorityshareholders’ portion of the opening balance ofowners’ equity of the subsidiary, the excess amount should be still allocated against minority interest.
In the report period, If the subsidiary is added through the business combination under the same control, the beginning balance of the consolidated balance sheet shall be adjusted. The incomes, expenses& profits of the subsidiary incurred from the beginning of the current period to the end of the reporting period shall be included into the consolidated profit statement. The cash flow from the beginning of the current period to the end of the reporting period shall be included into the consolidated cash flow statement.
For purchase of minority interests held by the minority shareholders of a subsidiary, when preparing the consolidated financial statements, the difference between the long-term equity investment newly gained by buying minority interests and the portion of net assets consistently calculated from the acquisition date (or the consolidation date) pursuant to newly added shareholding percentage entitled by the subsidiary should be adjusted to theowners’ equity (the capital reserve). If the capital reserve is not sufficient to absorb the difference, any excess is adjusted against retained earnings.
In the report period, If the company disposes its subsidiary, the incomes, expenses& profits incurred from the beginning of the subsidiary to the disposal date shall be included into the consolidated profit statement. The cash flow from the beginning of the subsidiary to the disposal date shall be included into the consolidated cash flow
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 statement.
7.Joint venture arrangements classification and Co-operation accounting treatment
⑴A joint arrangement refers to an arrangement jointly controlled by two participants orabove.，the joint venture arrangements include co-operation and joint ventures.
(2)When the joint venture company for joint operations, confirm the following items and share common business interests related to:
（1）Confirm individual assets and common assets held based on shareholdings;
（2）Confirm individual liabilities and shared liabilities held based on shareholdings;
（3）Confirm the income from the sales revenue of co-operate business output
（4）Confirm the income from the sales of the co-operate business output based on shareholdings;
（5）Confirm the individual expenditure and co-operate business cost based on shareholdings.
⑶When a company is a joint ventures, joint venture investment will be recognized as long-term equity investment s and long-term equity investments are accounted for in accordance with the method of the Notes to Financial Stat ements.
8.Recognition Standard of Cash& Cash Equivalents
The company recognizes its cash in vault& the deposits that are ready for payment at any time as cash when preparing the cash flow statement.which are featured with short term (expire within 3 months since purchased), high liquidity, easy to convert to know cash, low in risk of value change, could be recognized as cash equivalents. Equity investment are not recognized as cash equivalents.
9.Foreign Currency Transaction
（1）Foreign Currency Transaction
For the company with non-functional currency business, the middle rate of the market exchange rate published byPeople’s Bank of China on the date of occurrence of business are recorded as the functional currency, and the balances of foreign currency shall be adjusted by the end of the month according to the middle rate of the market exchange rate published byPeople’s Bank of China at the end of period. The differences between the recording currency amount converted by the exchange rate at the end of period and the carrying currency amount are as “Finance Costs– Exchange Gains and Losses” and recorded into the current profits or losses. The exchange gains and losses related to borrowings on the fixed assets shall be made treatment according to the principles of borrowing costs capitalization.
（2）Conversion of Foreign Financial statement
If overseas subsidiaries, cooperative enterprises, joint ventures, branches of the company adopt the different functional recording currency and record the overseas business of the company into the financial statements through the consolidated statements and the accounting by the equity method, the overseas financial statements shall be translated as the recording functional currency. Before the translation, the company shall adjust the accounting period and policy of overseas business in order to make the consistent adjustment, and translate the
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 overseas financial statements according to the financial statements of the preparation of corresponding currency after the accounting policy and period adjusted and as per the following methods:
① For the assets and liabilities in the balance sheet, the shot exchange rate on the balance sheet date is adopted as the translation exchange rate. For theowner’s equity, the shot exchange rate on the transaction date is adopted as the translation exchange rate, with the exception of “undistributed profits”.
② The incomes and expenses in the income statement shall be translated at the spot exchange rate or the approximate exchange rate on the transaction date.
③ The translation gap of financial statement of foreign currency shall be listed under theowner’s equity in the consolidated balance sheet in the preparation of the consolidated financial statements.
10.Financial tools
1. Categories of financial Tools
The Company divides the financial assets into four categories: financial assets measured at fair value and their variations are recognized as current gain/loss, including trade financial assets or financial liabilities and recognized directly as financial assets measured at fair value and their variations are recognized as current gain/loss; Investment hold till expiration; loans and account receivable; saleable financial assets .The company divides the financial liabilities into two categories: financial liabilities measured at fair value and their variations are recognized as current gain/loss; other financial liabilities.
2. Recognition and measurement of financial tools
(1) Financial assets and liabilities measured at fair value and their variations are recognized as current gain/loss The fair value (after deducting of announced but not distributed cash dividend or due but not obtained bond interests) is recognized as initial amount when obtained.
Interests or cash dividends during the period of holding are recognized as investment gains. The fair value will be adjusted and accounted as current gain/loss.
When disposed, the differences between fair value and initial amount are recognized as investment gains, and thus adjust the gain/loss of fair value.
(2) Investment hold till expiration
The fair value (after deducting of due but not obtained bond interests) plus the related trade expenses is recognized as initial amount when obtained.
Interest gains will be calculated at amortizing of costs and actual interest rate (the face rate is adopted when the difference between the actual rate and face rate is minor) during the period of holding, and accounted as investment gains. Actual rate is recognized when obtained, and is not changed in the predictable holding period or applicable shorter period.
When disposed, the difference between the obtained price and book value is accounted as investment gains. If the company sells or reclassifies large-amount due investments before the expired date (large amount refers to comparing with the amount before the selling or reclassifying the investments), the company will reclassify the rest of the investments as financial assets for sale, and in the current accounting period or within two complete accounting years, no financial assets will be classified as holding due assets, except for the following situations:
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 the sale date or reclassification date is close to the expired date of the investment (such as three months before the expired), and the change of interest rate has no significant influence on the fair value of the investment; after all the initial principal is mostly recovered according to periodic payments or repay in advance regulated in the contract, the rest part will be sold or reclassified; the sale and reclassification is caused by the independent events which are uncontrollable and unexpected and will not happen any more.
(3) Account receivable
The receivable debts of selling goods or providing services, and the credits of other company hold by the company not including the debt which has price in active market, including accounts receivable, notes receivable, prepaid accounts, other receivables, long-term receivables, etc. The contract or agreement price charging from purchaser should be taken as the initial confirmation amount; if it has the nature of financing, it should be confirmed according its current value.
When retrieved or disposed of, the difference between the actual received amount and the book value is accounted as current gain/loss.
(4) Saleable financial assets
The fair value (after deducting of announced but not distributed cash dividend or due but not obtained bond interests) plus the related trade expenses is recognized as initial amount when obtained.
Interest or cash dividend occurred during the period of holding is recognized as investment gains. Change of fair value is accounted as capital reserves (other capital reserves) at the end of term.
When disposed, the difference between the obtained price and book value is accounted as investment gains. Meanwhile, the corresponding part of accumulated change of fair value accounted asowners’ equity is transferred into investment gain/loss.
(5) Other financial liabilities
Other financial liabilities are recognized initially at the sum of fair value and related trade expenses. Successive measurement will be on the basis of amortized costs.
3. Recognition and measurement basis of financial asset transposition
When financial asset transposition occurred, the recognition of this particular financial asset is terminated if almost all risks and rewards attached to the asset have been transferred to the acceptor. If retain all the risks and rewards of ownership of financial assets, the financial assets can be confirmed.
When determine whether the transfer of financial assets meet the conditions of confirmation of the above financial assets, the principle of substance being more important than form should be adopted. The transfer of financial assets can be divided into overall transfer and part transfer of financial assets. If the transfer of financial assets meet the conditions of terminating confirmation, the following the difference of the two amounts will be included in the current profit and loss:
(1) Book value of the financial asset to be transposed;
(2) The sum of price received due to the transposition, and the accumulation of change in fair value originally accounted asowners’ equity (when the asset to be transposed is saleable financial asset).
If part transfer of financial assets meet the conditions of terminating confirmation, the book value of the
transferred financial assts, the difference between the confirmed part and the unconfirmed part (in this case, the
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 service assets retained should be deemed as the part of unconfirmed financial assets), should be amortized in accordance with their relative fair value, and the difference between the following two amount should be included current profit and loss:
① Book value of the confirmed part;
②All fair values of financial assets and financial liabilities are recognized with reference to the price in the active market.
If the transfer of financial assets does not meet the conditions of terminating confirmation, the financial assets should be confirmed again, the prices received will recognized as financial liabilities.
4.The conditions to stopping the financial liabilities
The obligation of financial liabilities are already cancelled which should be stopped confirming the financial liability or the part of it. Our company could stop confirming the currently financial liability and begin to confirm the newly financial liability if the loaner made an agreement that they would assume the new way of financial liability which replace the current one, and make sure the newly financial liability is totally different from the old one in contract with our company.
Stop admitting the financial liability or a part of it, and at mean time we could admit the newly financial liability which is in new insertions of contract as the newly financial liability if the current financial liability has been revised.
Stop admitting the balance of value of financial liability and consideration (Including the roll-out of non-cash assets or financial liabilities) which could be consider as current profits and losses.
Stop and continue admitting a part of value, and distribute the value of financial liability, if our company repurchased the part of financial liability. And the balance of value of which distributed to the part of stopping admitting and paid (Including the roll-out of non-cash assets or financial liabilities) which could be consider as current profits and losses.
5.Recognition basis of financial assets and financial liabilities
All fair values of financial assets and financial liabilities are recognized with reference to the price in the activemarket（Using valuation technique,etc）.
6. Impairment provision for financial assets
①Impairment provision for financial assets for sale:
If the fair value of financial assets for sale greatly drops at the end of the period, or after considering all the relevant factors and expecting decrease trend is non-temporary, the impairment should be confirmed, and the accumulative loss formed by the decrease of fair value ofowner’s equity originally included should be transferred out altogether and confirmed as impairment loss.
②Holding the impairment provision of expired investments:
The measurement of holding the impairment provision of expired investment will be according to the method of the measurement of impairment provision for receivables.
11.Accounts Receivable
（1）Accounts receivable with material specific amount and specific provisioned bad debt preparation.
|||
|-|-|
|Judgment criteria or amount standard of material specific amount|The accounts receivable whose single amount is over RMB 1|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||
|-|-|
|or amount criterial：|million & accounts for over 10% of the accounts receivable|
||amount.|
||Conduct the devalue test separately. Set up the bad debt reserve|
|Provision method with material specific amount and provision of|according to the shortfall of the present value of expected future|
|specific bad debt preparation：|cash flows against its carrying amount and record it into the|
||profits & losses at the current period.|

(2)The accounts receivable of bad debt provisions made by credit risk Group
|||
|-|-|
|Name|Method for recognition of impairment allowances|
||The adopting aging analysis method|

In the Groups, adopting aging analysis method to withdraw bad debt provision
√ Applicable□ Not applicable
||||
|-|-|-|
|Aging|Rate for receivables(%)|Rate for other receivables(%)|
|Within 1 year（Included 1 year）|0.00%|0.00%|
|1－2 years|10.00%|10.00%|
|2－3 years|30.00%|30.00%|
|3－4 years|50.00%|50.00%|
|4－5 years|90.00%|90.00%|
|Over 5 years|100.00%|100.00%|

 Accounts on percentage basis ingroup：
□ applicable√not applicable
Accounts on other basis ingroup：
□ applicable√not applicable
(3)Account receivable with non-material specific amount but specific bad debt preparation
|||
|-|-|
||The accounts receivable under 5 years of age which are not|
|Reason of individually withdrawing bad debt provision||
||significant without any business connections any more.|
||Conduct the devalue test separately. Set up the bad debt|
||reserve according to the shortfall of the present value of expected|
|Witharawal method for boad debt provision||
||future cash flows against its carrying amount and record it into|
||the profits & losses at the current period.|

12.Inventory
Whether the Company needs to comply with the disclosure requirements for specific industrie
No
1.Investories class: Thecompany’s stocks can be classified as: raw materials, inventory goods, low-value
consumables& other materials, etc.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 2. Valuation method of inventory issued :The company calculates the prices of its inventories according to the weighted averages method or the first-in first-out method.
3. Recognition Basis ofInventories’ Net Realizable Values and Counting& Drawing Method of Obsolete Inventory Reserves:After taking stock at the end of the period,
4. Inventory System:Adopts the Perpetual Inventory System
13. Divided as assets held for sale
In the presence of the following conditions are satisfied when non-current assets or a part of the company is classi fied as held for sale:
(1) The components should be immediately sold under the current condition only according to the usual terms of the parts sold.
(2) The enterprise has made resolution for the disposal of the components, the approval ofshareholders’ meeting or relevant authority agency if theshareholder’s approval is requested by the rules.
(3) The enterprise has signed the irrevocable transfer agreement with the transferee.
(4) The transfer shall be completed within one year.
For the non-current assets held for sale (excluding the financial assets and the deferred income tax assets), the less amount after the book value and fair value respectively minus the disposal costs shall be presented as Divided as assets held for sale assets. If the amount of the fair value minus the disposal costs is less than that of the original book value, the assets impairment loss shall be recognized.
14. Long-term equity investment
(1) The Classification of Long-term Equity Investments
The long-term equity investments of the company should include the investments in the subsidiaries and the investments in cooperative enterprises and joint ventures.
(2) The Recognition of Investment Cost
① For the business combination under common control and the combining party paying in cash, transferring non-monetary assets, bearing debts or issuing the equity securities as the consideration, the initial investment cost shall be recognized according to the shares of the book value in the consolidated financial statement of the ultimate controlling party that acquired by the combined party on the combination date. The capital reserves shall be adjusted for the difference between the initial investment cost of long-term equity investment and the book value of the paid cash, the transferred non-monetary assets and the borne debts. The retained earnings shall be adjusted if the capital reserves are insufficient to offset.
For the long-term equity investment after the business combination under common control realized step-by-step through multiple transactions, the shares of the book value of theowner’s equity of the combined party shall be as the initial investment cost in the individual financial statements and the consolidated financial statements as per the shareholding proportion. The capital reserves shall be adjusted for the balance between the sums of the book value of the equity investment of the combined party held on the combination date and the new investment cost increased on the combination date minus the initial investment cost of long-term equity investment. The retained earnings shall be adjusted if the capital reserves are insufficient to offset.
②For the business combination under non-common control, the initial investment cost shall be recognized
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 according to the fair value of the merger consideration paid on the purchase date. For the long-term equity investment after the business combination under non-common control realized step-by-step through multiple transactions, the relevant accounting treatment should be respectively conducted for the individual financial statement and the consolidated financial statements: 1) In the individual financial statements, the sum of the book value of equity investment from the purchased party held before the purchase date and the new investment cost at the purchase date shall be as the initial investment cost of the investment. Other comprehensive incomes related to the equity of the purchased party held before the purchase date shall be transferred into the current investment incomes in the disposal of the investment. 2) In the consolidated financial statements, the equity of the purchased party held before the purchase date should be measured again according to the fair value of the equity on the purchase date, and the gap of the fair value and the book value should be recorded into the current investment incomes. Other comprehensive incomes related to the equity of the purchased party held before the purchase date shall be transferred into the current investment incomes on the purchase date.
③With the exception of the business combination:
The long-term equity investment acquired by the payment in cash should be as the investment cost as per the actual purchase payment. The investment costs include fees, taxes and other necessary expenses directly related to the achieved long-term equity investment.
The long-term equity investment acquired by the issuance of equity securities should be as the investment cost as per the fair value of the issued equity securities.
The long-term equity investment acquired by the non-monetary assets exchange (the exchange with the commercial substance) should be as the investment cost as per the fair value of the investment and the payable taxes.
For the long-term equity investment acquired by the debt reorganization, the creditors shall recognize the fair value of the enjoyed shares as the investment of the debtors.
(3) Subsequent Measurement and Recognition Method of Profit and Loss
The cost method shall be adopted to account the long-term equity investment controlled by the invested party and the equity method shall be adopted to account the long-term equity investment with joint control or significant influence.
(4) Recognition Criteria for the Invested Party with Joint Control or Significant Influence
The joint control on the economic activity appointed as per the contract shall exist when the major finance and the operating decision related to the economic activity are agreed by the invested party sharing the control right, which shall be regarded as the joint control on the invested party implemented by other parties. The decision power to participate in the finance and operating decision on the enterprise, but without control or joint control with other parties to formulate these policies, shall be regarded as the significant influence on the invested party implemented by the investment enterprise.
(5) Impairment Test Method and Withdrawing Method
For the impairment test method and the withdrawing method of the long-term equity investment, please refer to “Long-term Assets Impairment in Article 11 of Important Accounting Policies and Accounting Estimates in Notes 5 of Financial Statements”.
15. Entrusted Loans
The entrusted loans shall be made bookkeeping according to the actually entrusted loan amount. The receivable interests shall be withdrawn according to the interest rate stated in the entrusted loans.
For the impairment test method and the impairment provision withdrawing method of the entrusted loans, please refer to “Long-term Assets Impairment of Important Accounting Policies and Accounting Estimates in Notes 5 of
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Financial Statements”.
16..Investment Real Estates
The measurement mode of investment property
The measurement by the cost method
Depreciation or amortization method
The term “Investment real estates” refers to the real estates held for generating rentand/orcapital appreciation, including the right to use any land which has already been rented, the right to use any land which is held and prepared for transfer after appreciation& the right to use any building which has already been rented.
The company shall make a measurement to the investment real estate through the cost pattern.The company shall adopt the same depreciation policy as its fixed assets for the investment real estates measured by the cost pattern-buildings for renting& the same amortization policy as its intangible assets for the right to use any land for renting.
For the impairment test method and the impairment provision withdrawing method of the .Investment Real Estates, please refer to “Long-term Assets Impairment of Important Accounting Policies and Accounting Estimates in Notes 5 of Financial Statements”.
17.Fixed assets
（1）Confirmation conditions of fixed assets
Fixed assets refer to physical assets owned for purpose of production, service providing, leasing or management, and operation with service life of more than one year. Fixed assets are recognized when all of the following conditions aresatisfied：Financial benefits attached to the fixed asset is possibly inflowing to the Company;(2) The cost of the fixed asset can be reliable measured.
（2）Depreciation method
||||||
|-|-|-|-|-|
|||Evpected useful||Annual depreciation|
|Type|Depreciation methnod||Residual rate（%）||
|||life(Year)||rate(%)|
|Guangfo Expressway|Working flow basis|28 years|0%|Working flow basis|
|Fokai Expressway-Xiebian to|||||
||Working flow basis|40 years|0%|Working flow basis|
|Sanbao Section|||||
|Fokai Expressway-Sanbao to|||||
||Working flow basis|30 years|0%|Working flow basis|
|Shuikou Section|||||
|Jingzhu Expressway Guangzhu|||||
||Working flow basis|30 years|0%|Working flow basis|
|Section|||||
|House Building|The straight-line|20-30 years|3%-10%|3%-4.85%|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||
|-|-|-|-|-|
||method||||
|Machine Equipment|The straight-line||||
|||10 years|3%-10%|9%-9.7%|
||method||||
|Transportation Equipment|The straight-line||||
|||5-8 years|3%-10%|11.25%-19.4%|
||method||||
|Electric Equipment and other|The straight-line||||
|||5-15 years|3%-10%|6 %-19.4%|
||method||||

Provision for depreciation of highways and bridges is made with work amount method. Estimatednet residual value rate is zero. Estimated useful life is determined according to the period of peration right in respect of charge collection. The concrete calculation method is as follows: The amount of provision for depreciation per standard vehicle traffic volume is to be calculated based on the estimated total standard vehicle traffic volume within expected useful life of highways and bridges and the original value or book value of highways and Bridges. Then provision for depreciation is made according to the actual standard vehicle traffic volume in each fiscal period.
The company regularly rechecks the estimate total standard vehicle traffc volume withintheremaining operation period of highways and bridges. When there is big difference between actual standard vehicle traffic volume and estimated standard vehicle traffic volume, the Company will re-estimate future total standard vehicle traffic volume and adjust the provision for depreciation per standard vehicle traffic volume to ensure that the book value of relevant highways and bridges will be completely amortized within useful life.
The company adopts the straight line method for the depreciation of fixed assets excepthighways& bridges, and recognizes the depreciation rate according to the fixed asset group, expected useful life& the expected net salvage value rate.
(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 11 of Important Accounting Policies and Accounting Estimates in Notes 5 of Financial Statements”.
18.Construction-in process
1. Calculation of Construction-in-process:The constructions in process are classified& accounted according to the established projects.
2. Standard& Time Point for Carrying Constructions in Process Forward to Fixed Assets
All the expenditures that bring the construction in process to the expected condition for use shall be the credit value of the fixed asset. If the fixed asset construction in process has already reached the expected condition for use, buthasn’t been made the final account; it shall be carried forward to a fixed asset according to its estimated value based on the budget, cost or actual cost of the construction starting from the date when it reaches the expected condition for use, and the fixed asset shall be depreciated according to thecompany’s depreciation
policy for fixed assets. After the final account has been made, the original provisional estimated value shall be
adjusted according to the actual cost, but the depreciation which has originally been counted& drawn shall not be
adjusted.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 20173．Test Method for Construction-in-Process Impairment and Counting& Drawing Method
For the impairment test method and the impairment provision withdrawing method of the Construction-in process , please refer to “Long-term Assets Impairment in Article 11 of Important Accounting Policies and Accounting Estimates in Notes 5 of Financial Statements”.
19.Loan expenses
1. Recognition principles for capitalizing of loan expenses
Borrowing expenses occurred to the Company that can be accounted as purchasing or production of asset satisfying the conditions of capitalizing, are capitalized and accounted as cost of related asset. Other borrowing expenses are recognized as expenses according to the occurred amount, and accounted into gain/loss of current term.
The assets meeting capital conditions refer to the fixed assets, investment real estates and inventories which are constructed or produced in a long time to reach the predicted use or sale state.
When a loan expense satisfies all of the following conditions, it is capitalized:
1. Expenditures on assets have taken place, asset expenditures include the assets used to construct or produce the assets which meet the capitalization conditions, and expend by cash or transferring non-cash assets or bearing interest debt;
2. Loan costs have taken place;
3. The construction or production activities to make assets to reach the intended use or sale of state have begun. 2. Duration of capitalization of Loan costs
The capitalization period refers to the period from starting capitalization of loan costs to the stop of capitalization, the period of the break of capitalization of Loan costs is not included.
When the construction or production meets the intended use or sale of state of capitalization conditions, the Loan costs should stop capitalization.
When the construction or production meets the conditions of capitalization and can be used individually, the capitalization of the loan costs of the assets should be stopped.
Where each part of a asset under acquisition and construction or production is completed separately and is ready for use or sale during the continuing construction of other parts, but it can not be used or sold until the asset is entirely completed, the capitalization of the borrowing costs shall be ceased when the asset is completed entirely.3．Capitalization Suspension Period
Where the acquisition and construction or production of a qualified asset is interrupted abnormally and the interruption period lasts for more than 3 months, the capitalization of the borrowing costs shall be suspended. If the interruption is a necessary step for making the qualified asset under acquisition and construction or production ready for the intended use or sale, the capitalization of the borrowing costs shall continue. The borrowing costs incurred during such period shall be recorded into the profits& losses at the current period, till the acquisition and construction or production of the asset restarts.
4. Calculation of the amount of capitalization of Loan costs
Interest expense due to specialized Loan and its auxiliary expenses shall be capitalized before the asset which satisfies the capitalizing conditions reaches its useable or saleable status.
Interest amount of common Loan to be capitalized equals to accumulated asset expense less weighted average of specialized loan part of asset expense multiplies capitalizing rate of common Loan occupied. Capitalizing rate is determined according to weighted average interest of common Loan.
If the Loan has discount or premium, the discount or premium amount should be determined according to actual interests in each accounting period. The interest amount should be adjusted in each period.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 20.Intangible assets
(1) Pricing method, useful life and impairment test
1. The valuation methods of intangible assets
(1)The initial measurement is conducted according to the actual cost when the intangible assets are acquired The cost of the purchased intangible assets includes its buying price, relevant tax and the othe expenses that are directly attributed to this assets meeting its predetermined objective and other expenses that occur. The buying price of intangible assets is over the deferred payment under normal credit conditions, which has the nature of financing materially, the cost of intangible assets is determined on the basis of the present value of its buying price.
We acquire the mortgaged intangible assets from debtors through debt restructuring and determine the entry value on the basis of the fair value of the intangible assets,we have the balance between the book value of debt restructuring and the fair value of intangible assets used for mortgage charged to the current profit and loss. The entry value of the non-monetary assets exchanged into by the non-monetary assets are determined on the basis of the fair value of the assets exchanged out if the exchange of non-monetary assets has commercial nature and the assets exchanged into or out can be reliably measured, unless there is authentic evidence indicating that the fair value of assets exchanged into are more reliable; if the non-monetary assets that cannot meet the above prerequisite use the book value of the assets exchanged out and relevant taxes payable as the cost of the non-monetary assets, the profit and loss is not confirmed.
The entry value of the intangible assets acquired by the absorption merger under the control of one company is determined by the book value of the merged party;the entry value of the intangible assets acquired by the absorption merger that is not under the control of one company is determined by the fair value.
The cost of the intangible assets developed internally includes the materials consumed in developing the assets, cost of service, registration fees, other patent used in developing, amortization of concession and interest charges meeting the capitalization conditions and othe direct costs that occur before the intangible assets meeting the predetermined objective.
（2）Subsequent measurement
The Company analyses and makes judgment of its serviceable life when acquiring the intangible assets.
The intangible assets that have limited serviceable life are amortized by the straight-line method during the period when the assets can bring about economic interests;The intangible assets are deemed as uncertain serviceable life and are not amortized if it is impossible to expect the period when the assets could bring about economic interests. At the end of period, the Group shall check the service life and amortization method of intangible assets with finite service life, if there is any change, it shall be regarded as a change of the accounting estimates. Besides, the Group shall check the service life of intangible assets without certain service life, if there is any evidence showing that the period of intangible assets to bring the economic benefits to the enterprise can be prospected, it shall be estimated the service life and amortized in accordance with the amortization policies for intangible assets with finite service life.
（2）Internal research and development expenditure accounting policy
For the internal self developed intangible assets, the costs include: the consumption of materials used in the development of the intangible assets, labor costs, registration fees, the amortization of other patents and concessions used in the development process and the interest expenses for meeting the capitalization conditions, and other direct costs incurred before the intangible asset reaches its intended purpose.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017（3） Provision for the depreciation of value of the intangible assets
For the impairment test method and the impairment provision withdrawing method of the Intangible assets, please refer to “Long-term Assets Impairment of Important Accounting Policies and Accounting Estimates in Notes 5 of Financial Statements”.
21.Impairment of Long-term assets
(1) Scope
The assets Impairment main includes long-term equity investment, investment property (the investment property measured by the fair value excluded), fixed assets, projects under construction, engineering material, intangible assets (the capitalized development expenditure included), asset group, combination of asset group, business reputation, etc..
(2) Recognition of Possible Impairment Assets
The company makes judgment of the assets if there exists the possible impairment at the balance sheet date. The intangible assets with indefinite goodwill and service life due to the combination of enterprise, shall be conducted the impairment test every year regardless of the impairment. The impairment may occurs for the assets if there is the following status:
① The market price of assets fall sharply in the current period, and the decline is obviously beyond that estimated due to the passage of time or normal use.
② The significant changes in the economy, technology or legal environment operated by the company and the assets market in the current or the near future adversely affect the company.
③ The improvement of the market interest rates or other market investment returns in the current period, influence the company to calculate assets estimating the discount rate of the present value of future cash flow and result in the sharp drop of the recoverable amount of the assets.
④ There is evidence that shows the assets have become obsolete or the entities have been damaged.
⑤ The assets have been or will be idle, terminated the use or planned to dispose in advance.
⑥ The evidence in the internal report of the company shows that the economic performance of assets has been less than or lower than the expected, such as the net cash flow created by assets or the achieved operating profit (or loss) is far below (or above) the estimated amount.
⑦ Other evidences indicate the impairment of assets may have occurred.
(3) Measurement of the Recoverable Amount of the Assets
The recoverable amount shall be estimated if there exists the impairment for the assets. The recoverable amount should be recognized according to the higher one between the net amount of the fair value minus the disposal costs and the present value of the cash flow of assets expected in the future.
(4) Determination of Asset Impairment Loss
The measurement results of the recoverable amount show that the book value of assets shall be reduced to the recoverable amount and the reduced amount shall be recognized as the impairment loss of assets and recorded into the current profits and losses, and the impairment provisions of the relevant assets are withdrawn if the recoverable amount of the assets is less than the book value. After the recognition of the assets impairment loss, the depreciation or amortization costs of the impairment assets should be made adjustment accordingly in the future period in order to make the assets to systematically amortize the book value of the assets after adjusted within the remaining service life (the estimated residual value deducted). The impairment loss of assets after recognizedshouldn’t be reversed in the future accounting period.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 (5) Recognition and Impairment Treatment of Assets Group
If there is the impairment for one asset, the company shall estimate the recoverable amount based on the individual asset. If it is difficult for the company to estimate the recoverable amount of the individual asset, the recoverable amount of asset group shall be recognized on the basis of the asset group which the asset is belong to. The recognition of the asset group should be made on the basis of the main cash inflow generated by the assets group that if is independent to the cash inflow of other assets or assets group.
The corresponding impairment loss shall be recognized if the recoverable amount of the assets group or the assets group combination is less the book value (the book value of the assets group or the assets group combination should include the amortization quota relevant to corporate assets and goodwill for the assets group or the assets group combination amortized by the corporate assets and the goodwill). The book value of goodwill in the amortized assets group or assets group combination shall be firstly offset for the impairment losses, and the book value of other assets shall be offset in proportion according to the proportion of the book value of other assets in the assets group or the assets group combination, with the exception of the goodwill.
(6) The Goodwill Impairment
The company has conducted the impairment test at least every year for the goodwill established by the business combination. The book value of the goodwill generated by the combination shall be amortized into the related asset group from the purchase date. If difficult to amortize into the relevant asset group, the book value shall be amortized into the relevant asset group combination. The relevant asset group or asset group combination refers to that benefitting from the synergistic effect of the business combination and is not more than the report portion recognized by the company.
When the relevant asset group or the asset group combination including the goodwill are conducted the impairment test, the impairment test should be firstly conducted for the asset group without the goodwill or the asset group combination, the recoverable amount shall be calculated and the corresponding impairment loss shall be recognized by comparison with the relevant book value if there exists the impairment for the asset group relevant to the goodwill or the asset group combination. Then the impairment test should be conducted for the asset group with the goodwill or the asset group combination, the impairment loss of the goodwill shall be recognized and made the treatment according to the provisions of the asset group impairment stated in the notes if the recoverable amount of the relevant asset group or the asset group combination is less than the book value by comparison of the book value of these relevant asset group or the asset group combination (including the book value of the goodwill amortized) with the recoverable amount.
22.Long-term amortizable expenses
Long-term prepaid expenses refer to that enterprises have already spent, and amortization periods of all expenses are more than one year (excluding 1 year), they should be amortized in the regulated years.
23.Remuneration
（1）Accounting treatment of short-term remuneration
Remuneration refers to all kinds of rewards or compensation that the Company gives to get in return for the services its employees provide or employment termination. It includes short-term compensation, post-employment benefits, demission benefits and other long-term employee benefits. Enterprises to provide employees spouse, child welfare, dependents, survivors and other beneficiaries
of deceased employees, etc., also belong to payroll.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 During the company's accounting staff to provide services, the actual wages, bonuses, allowances and subsidies, w elfare, medical insurance, work injury insurance and maternity insurance and other social insurance, housing fund confirmed, labor union funds, employee education funds and as a liability profit or loss or costs related assets. If t he debt is expected to provide services after the end of the annual reporting period in which an employee can not b e fully paid within twelve months, and the financial impact is material, the amount will be discounted liabilities m easured after.
(2) Accounting methods for post-employment benefits
Post-employment benefits refer to the compensation and benefits that the Company gives to get in return foremployees’ services for their retirement or employment termination, excluding short-term compensation and demission benefits. It falls into two categories, defined contribution plans and defined benefit plans.
① The defined contribution plan: the company shall no longer bear the further obligation to pay severance benefit plans after the company deposits the fixed costs to the independent funds. The basic pension insurance and the unemployment insurance shall be recognized as the liability according to the payable amount accounted by the defined contribution plans and recorded onto the current profits and losses or the relevant asset costs during the accounting period of the services provided by the staffs.
② The defined benefit plan: the severance benefit plans with the exception of the defined contribution plans. (3) Accounting Treatment Method of Demission Welfare
The Company offers compensation to terminate employment with its employees before it expires or encourage them to accept lay-off. Such compensation is demission benefits and counted in current profit and loss. The employee compensation liabilities generated by the demission welfare shall be recognized on the early date and recorded into the current profits and losses: (1) when the companycan’t withdraw the demission welfare provided due to the rundown suggestion or the termination of labor relations plans. (2) when the enterprise recognizes the costs or the expenses related to the reorganization of demission welfare payment.
The economic compensation before the official retirement date shall be belong to the demission welfare when the implementation of the internal retirement plan for workers. During the period from the termination of service date to the normal retirement date, the paid internal retirement payroll and social insurance charges shall be once recorded into the current profits and losses. The economic compensation after the official retirement date (such as the normal retirement pension) should be handled according to the welfares after the demission.
24.Estimated liabilities
The company should recognize the related obligation as a provision for liability when the obligation meets the following conditions:
(1) That obligation is a present obligation of the enterprise;
(2) It is probable that an outflow of economic benefits from the enterprise will be required to settle the obligation; (3) A reliable estimate can be made of the amount of the obligation.On the balance sheet date, an enterprise shall take into full consideration of the risks, uncertainty, time value of money, and other factors pertinent to the Contingencies to measure the estimated liabilities in accordance with the best estimate of the necessary expenses for the performance of the current obligation.
When all or some of the expenses necessary for the liquidation of an estimated liabilities of an enterprise is expected to be compensated by a third party, the compensation should be separately recognized as an asset only when it is virtually certain that the reimbursement will be obtained. Besides, the amount recognized for the reimbursement should not exceed the book value of the estimated liabilities
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 25.Bond payable
When the company is issuing bonds, the total price issued should be included in the “Payable bonds” subject. The difference between bond issuance total amount and the total amount of bond face valueshould be worked as bond premium or discount and be amortized within the bond period according to actual interest rate and vertical line method, and be treated according to borrowing costs described below.
26.Other Comprehensive Incomes
Other comprehensive incomes refer to the profits and losses unrecognized in the current profits and losses according to other provisions of accounting standards. There are two reports:
(1) Other comprehensive incomes that unable to be reclassified into the profits and losses in the future accounting period, mainly including the changes caused by the net liabilities and the net assets of the defined benefit plan that re-measured and the shares of other comprehensive incomes that accounted and unable to be reclassified into the profits and losses for the invested party in the future accounting period according to the equity method.
(2) Other comprehensive incomes that reclassified into the profits and losses in the future accounting period when the requirements are met, the shares of other comprehensive incomes that accounted and reclassified into the profits and losses for the invested party in the future accounting period according to the equity method when the requirements are met, the profits or losses caused by the fair value changes of the sellable financial assets, the profits or losses generated by the sellable financial assets reclassified for the held-to-maturity investment, the effective hedging portion of the profits and losses issued by the cash flow hedging instruments, and the translation differences of foreign financial statements.
27. Revenues
Whether the Company needs to comply with the disclosure requirements for specific industrie
No
Thecompany’s incomes mainly include the toll service revenues and the services provision.
(1) The recognition principle of the toll service revenues is that the toll revenues refer to the charges of operating the toll roads and shall be recognized in the actual charge.
(2) The recognition principle of the services provision is as follows:
The labor services started and completed within the same fiscal year shall be recognized as the revenues when the labor services finished. If the labor services started and completed in the different fiscal year and under the reliable estimation of the provided services transaction results, the company shall recognize the relevant service incomes according to the completion percentage method at the balance sheet date. The results of the transaction can be estimated reliably when the following requirements are all met: (1) total revenues and total labor costs can be measured reliably. (2) the economic benefits relevant to the transaction will flow into the enterprise. (3) the competition degree of the labor services can be reliably determined.
28. Government Grants
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017（1）Government Grants
Government grants means that the Company obtains monetary or non monetary assets free of charge from the government, excluding the capital invested by the government as an owner.
The company recognizes the government grants when the company can meet the conditions of government grants and be able to receive the government grants. Thereinto:
(1) If the government grant is a monetary asset, it shall be measured according to the amount received or receivable; If the government grant is a non-monetary asset, it shall be measured at fair value, and if the fair value cannot be obtained reliably, it shall be measured according to the nominal amount.
⑵The government grants pertinent to assets are used to write down the carrying value of the underlying assets or are recognized as deferred income. If the government grants pertinent to assets are recognized as deferred gains, it shall be included in the profits and losses in a reasonable and systematic manner within the useful life of the underlying asset. The Government grants, measured in nominal amounts, are directly included in current profits and losses. The government grants pertinent to income that are used to compensate the relevant costs or losses of the subsequent period of the enterprise are recognized as deferred income and are credited to the current profit or loss or are written down to offset the costs for the period when the relevant expenses are recognized; those government grants used for compensating the related expenses or losses incurred shall be directly included in the current profits and losses.
⑶ Government grants related to the daily activities of the enterprise are included in other income or are written down to offset costs in accordance with the economic business nature. Government grants that are not related to the day-to-day activities of the enterprise are included in non-operating income and expenditure. Where the recognized government grant needs to be refunded, then the accounting treatment shall be carried out in the period that it needs to be refunded according to the following stipulations: (1) Where it was written down the book value of the underlying assets at the time of initial recognition, then the book value of the assets shall be adjusted; (2) Where there is a related deferred income, it shall write-down the book balance of related deferred income and the excess part shall be included in the current profit and loss; (3) Where belongs to other cases, that shall be directly included in the current profits and losses.
29.Deferred income tax assets and deferred income tax liabilities
The company is likely to determine the deferred income tax assets produced from deductible temporary
differences with the limit of offsetting the taxable income of temporary difference.
The Company confirms the temporary differences of the taxable that is not paid in the current and prior periods as the deferred income tax liabilities. However, the goodwill, the transactions formed from non-business merger and those will affect either accounting profit or the temporary differences of the taxable income when the transactions occur are not included in the deferred income tax liabilities.
30.Accounting Methods of Income tax
Thecompany’s income tax is accounted in Balance sheet liability approach.
The company recognizes the sum of current income tax and deferred tax as the income tax expenses(or income) in the income statement on the basis of calculating and determining the income tax of the current period(namely
the current taxes payable) and the deferred tax (the deferred tax expenses or income ), but excluding the
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 effects of the business combination and the income taxes related to the transactions or events directly recorded in theowner’s rights and interests.
31.Change of main accounting policies and estimations
⑴Change of accounting policies
√ Applicable□Not applicable
In accordance with requirements of the Notice Concerning Printing of the Revised Accounting Standards for Business Enterprises No. 16- Governmental Subsidies(CK[2017] No.15), the company shall include the governmental subsidies related to the enterprise daily activities into the other income or offset relevant costs subject to the economic business property; and include those irrelevant to the enterprise daily activities into the non-business income. Therefore, the company shall adopt the prospective application for such accounting policy change, which will not produce any influence on profits and losses, total assets and net assets listed in the current and previous periods.
⑵Change of accounting estimations
□ Applicable√ Not applicable
VI. Taxation
1. Major category of taxes and tax rates
||||
|-|-|-|
|Tax category|Tax basis|Tax rate|
||Toll income, Rent income and Labour||
|VAT||3%、5%、6%、11%、17%|
||income||
|City maintenance and construction tax|The actual payment of turnover tax|7%、5%|
|Enterprise income tax|Taxable income|25%|
||Toll income, Rent income and Labour||
|Business tax||3%、5%|
||income||
|.Education surcharges|The actual payment of turnover tax|3%|
|Local Education surcharges|||
||The actual payment of turnover tax|2%|

2.Preferential tax
Nil
VII. Notes to the major items of consolidated financial statement
1.Monetary Capital
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 In RMB
||||
|-|-|-|
|Items|Amount in year-end|Amount in year-begin|
|Cash|105,172.19|50,695.89|
|Bank deposit|2,595,366,192.64|2,602,516,079.26|
|Other|802,535.56|712,869.10|
|Total|2,596,273,900.39|2,603,279,644.25|

 Other notes
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 2. Account receivable
1.Classification account receivables.
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Amount in year-end|||||Amount in year- begin|||||
||Book Balance||Bad debt provision|||Book Balance||Bad debt provision|||
|Classification|||||Book value|||||Book value|
||Amount|Proportio|Amount|Proportio||Amount|Proportio|Amount|Proportion(||
|||n(%)||n(%)|||n(%)||%)||
|Account receivable|||||||||||
|with single major|||||||||||
|amount and|||||||||||
||61,523,003.15|74.89%|||61,523,003.15|32,054,176.60|78.46%|||32,054,176.60|
|withdrawal bad debt|||||||||||
|provision for single|||||||||||
|item|||||||||||
|Account receivable|||||||||||
|withdrawalbad debt|||||||||||
|provision by group|20,626,473.24|25.11%|287,821.23|1.40%|20,338,652.01|8,800,188.07|21.54%|173,167.66|1.97%|8,627,020.41|
|of credit risk|||||||||||
|characterstics|||||||||||
|Total|82,149,476.39|100.00%|287,821.23|0.35%|81,861,655.16|40,854,364.67|100.00%|173,167.66|0.42%|40,681,197.01|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Receivable accounts with large amount individually and bad debt provisions were provided
√ Applicable□Not applicable
In RMB
||||||
|-|-|-|-|-|
||Amount in year-end||||
|Receivable accounts（Unit）|||||
||Receivable accounts|Bad debt provision|Proportion|Reason|
|Guangdong Union Electronic Services|||||
||39,152,724.42||||
|Co., Ltd.|||||
|Guangdong Humen Bridge Co., Ltd.|22,370,278.73||||
|Total|61,523,003.15||--|--|

Account receivable on which bad debt provisions are provided on age basis in thegroup：
√ Applicable□Not applicable
In RMB
|||||
|-|-|-|-|
||Balance in year-end|||
|Aging||||
||Receivable accounts|Bad debt provision|Withdrawal proportion|
|Subitem within 1 year||||
|Within 1 yeaar|18,258,616.00|||
|Subtotal within 1 year|18,258,616.00|||
|1-2 years|2,222,679.73|222,267.98|10.00%|
|2-3 years|35,177.51|10,553.25|30.00%|
|3-4 years|110,000.00|55,000.00|50.00%|
|4-5 years|||90.00%|
|Over 5 years|||100.00%|
|Total|20,626,473.24|287,821.23|1.40%|

 Notes of the basis of recognizing the group:
Refer to "Notes 5 the financial statements of the important accounting policies and accounting estimates No. 11 R ecognition and withdrawal method of bad debts.
In the groups, accounts receivable adopting balance percentage method to withdraw bad debtprovision：□ Applicable√ Not applicable
In the groups, accounts receivable adopting other methods to accrue bad debtprovision:：
Nil
（2）Accrual period, recovery or reversal of bad debts situation
The current amount of provision for bad debts is RMB114,653.57 ; recovery or payback for bad debts Amount is
RMB0.00.
Where the current bad debts back or recover significant amounts:Nil
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017（3）The current accounts receivable write-offs situation
Nil
（4）The ending balance of other receivables owed by the imputation of the top five parties
In RMB
||||||
|-|-|-|-|-|
|Name|Amount|Aging|Proportion(%)|Bad debtprovision|
|Guangdong Union Electronic Services Co., Ltd.|39,152,724.42|Within 1 year|47.66||
|Guangdong Humen Bridge Co., Ltd.|22,370,278.73|Within 1 year|27.23||
|Guangdong Jingzhu Expressway GuangzhuNorth Section Co., Ltd.|4,195,124.99|Within 1 year|5.11||
|Guangdong Xinyue Traffic Investment Co.,Ltd.|4,025,036.61|Within 2 years|4.90|90,962.37|
|Guangdong Expressway Co., Ltd.|2,250,650.00|Within 2 years|2.70|2,937.50|
|Total|71,993,814.75|--|87.60|93,899.87|

（5）Account receivable which terminate the recognition owning to the transfer of the financial assets
Nil
(6)The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts receivable
Nil
Other notes
Nil
3. Prepayments
（1）Age analysis
In RMB
||||||
|-|-|-|-|-|
||Balance in year-end||Balance in year-begin||
|Age|||||
||Amount|Proportion（%）|Amount|Proportion（%）|
|Within 1 year|1,654,104.83|79.14%|2,655,392.35|92.84%|
|1-2 years|231,255.27|11.06%|35,000.00|1.22%|
|2-3 years|35,000.00|1.67%|||
|Over 3 years|169,738.00|8.13%|169,738.00|5.94%|
|Total|2,090,098.10|--|2,860,130.35|--|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time: Nil
(2) Top 5 of the closing balance of the prepayment colleted according to the prepayment target
|||||
|-|-|-|-|
|Name|Amount|Time|Proportion(%)|
|Shanghai Zexuan Network Technology Co., Ltd.|603,310.00|Within 1 year|28.87|
|Ping An Insurance|469,204.50|Within 1 year|22.45|
|Guangdong Guanyue Luqiao Co., Ltd.|242,256.40|Within 1 year|11.59|
|Dongguan Yongyao Optoelectronic Technology Co.,Ltd.|173,100.00|Within 1 year|8.28|
|Guangzhou Maritime Court|169,738.00|Over 5 years|8.12|
|Total|1,657,608.90||79.31|

 Othernotes：
4.Dividend receivable
（1）Dividend receivable
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-begin|
|China Everbright Bank Co., Ltd.|23,054,984.51||
|Total|23,054,984.51||

（2）Significant dividend receivable aged over 1 year
Nil
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 5.Other accounts receivable
(1) Other accounts receivable disclosed by category
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Balance in year-end|||||Balance in year-begin|||||
|Category|||||||||||
||Book Balance||Bad debt provision|||Book Balance||Bad debt provision|||
||Amount|Proportio|Amount|Proportio|Book value|Amount|Proportio|Amount|Proportion(|Book value|
|||n(%)||n(%)|||n(%)||%)||
|Other Account receivable with single|||||||||||
|major amount and withdrawal bad debt|53,351,565.01|68.28%|53,351,565.01|100.00%||53,351,565.01|66.56%|53,351,565.01|100.00%||
|provision for single item|||||||||||
|Other Account receivable withdrawal bad|||||||||||
|debt provision by group of credit risk|24,705,411.14|31.62%|1,637,642.42|6.63%|23,067,768.72|26,807,191.45|33.44%|1,639,311.92|6.12%|25,167,879.53|
|characteristics|||||||||||
|Other Account receivable with minor|||||||||||
|individual amount but bad debt provision|83,597.01|0.10%|83,597.01|100.00%|||||||
|is provided|||||||||||
|Total|78,140,573.16|100.00%|55,072,804.44|70.48%|23,067,768.72|80,158,756.46|100.00%|54,990,876.93|68.60%|25,167,879.53|

 - Other receivable accounts with large amount and were provided had debt provisions individually at end of period.
√ Applicable□Not applicable
In RMB
||||||
|-|-|-|-|-|
||Balance in year-end||||
|Other receivable（Unit）||Bad debtprovision|Proportion||
||Other receivable|||Reason|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||
|-|-|-|-|-|
||Balance in year-end||||
|Other receivable（Unit）||Bad debt|||
||Other receivable||Proportion|Reason|
|||provision|||
|||||The parent company once paid RMB 33,683,774.79 into Kunlun Securities Co., Ltd, Guangdong Expressway|
|||||technology investment Co., Ltd once paid RMB 18,000,000.00 into Kunlun Securities Co., Ltd. Qinghai Province|
|||||Xining City’s intermediate people’s court made a adjudication under law declared that Kunlun Securities Co., Ltd|
|||||went bankrupt and repaid debt in November 11, 2006. On March 2007, The Company and Guangdong Expressway|
||49,343,885.10|49,343,885.10|100.00%|Technology Investment Co., Ltd had switched the money that paid into Kunlun Securities Co., Ltd to other account|
|||||receivable, and follow the careful principle to doubtful debts provision. The RMB 710,349.92 Credit was Recovered|
|||||in 2008, and the provision for bad debt is deducted, The RMB977,527.77 credit was recovered in 2011, and the|
|Kunlun Securities|||||
|||||provision for had debt is deducted. The RMB 652,012.00 Credit was recovered in 2014, and the provision for had|
|Co.,Ltd.|||||
|||||debt is deducted.|
|||||Guangdong Expressway Technology investment Co., Ltd .should charge Beijing Gelin Enze Organic Fertilizer Co.,|
|||||Ltd.for RMB12,220,079.91. Eight millions of it was entrust loan, three million was temporary borrowing RMB|
|||||12,400.00 is the commission loan interest, the rest of it was advance money for another, Beijing Gelin Enze Organic|
|||||Fertilizer Co., Ltd’s operating status was had and had already ceased producing, Accordingly, the controlling|
||4,007,679.91|4,007,679.91|100.00%||
|||||subsidiary of the company Guangdong Expressway Investment Co., Ltd. accounted full provision for Bad debt RMB|
|||||12,220,079.91 provision.|
|Beijing Gelin Enze|||||
|||||The company in 2014 recovered arrears of RMB 8,000,000.00, rushed back to the provision for bad debts and write o|
|Organic Fertilizer Co.,|||||
|||||ff uncollected interest entrusted loans according to the settlement agreement of RMB 212,400.00.|
|Ltd.|||||
|Total|53,351,565.01|53,351,565.01|--|--|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Other receivable accounts in Group on which bad debt provisions were provided on age analyzebasis：
√ Applicable□Not applicable
In RMB
|||||
|-|-|-|-|
||Amount in year-end|||
|Age||||
||Other receivable|Bad debt provision|Withdrawal proportion|
|Subitem Withn 1 year||||
|Within 1 year|13,931,246.56|||
|Subtotal within 1 year|13,931,246.56|||
|1-2 years|98,403.98|9,840.40|10.00%|
|2-3 years|312,715.87|93,814.76|30.00%|
|3-4 years|||50.00%|
|4-5 years|||90.00%|
|Over 5 years|1,533,987.26|1,533,987.26|100.00%|
|Total|15,876,353.67|1,637,642.42|10.31%|

 Notes of the basis of recognizing the group:
Refer to "Notes 5 the financial statements of the important accounting policies and accounting estimates .
In the groups, other accounts receivable adopting balance percentage method to withdraw bad debt provision:N/A□ Applicable√Not applicable
In the groups, other accounts receivable adopting other methods to accrue bad debt provision:
√ Applicable□Not applicable
||||||
|-|-|-|-|-|
|Name|Amount in year-end||||
||Other accountreceivable|Bad debtprovision|Withdrawalproportion（%）|Reason|
|Beijing Gongke Feida Transportation EngineeringDevelopment Co., Ltd.|4,140.00|||Quality guaranteesfund|
|Beijing Shibang Weilishi Property ManagementServices Co., Ltd.|393,331.00|||Deposit|
|Chengdu Shuguang Fibre-optical Metwork Co., ltd.|59,758.09|||Quality guaranteesfund|
|Foshan Nanhai Jiangyi Bottled water stores|700.00|||Deposit|
|Guangdong Boda Expressway Co., Ltd.|45,480.00|||Quality guaranteesfund|
|Guangdong Feida Transportation EngineeringDevelopment Co., Ltd.|50,799.25|||Quality guaranteesfund|
|Guangdong Gaoda Property Development Co.,ltd.|9,940.70|||Deposit|
|Guangdong Guanghui Expressway Co., ltd.|1,112,967.45|||Quality guarantees|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|||fund，Deposit|
|Guangdong Guangle Expressway Co., Ltd.|4,832.00|Quality guaranteesfund|
|Guangdong Guangzhu West Expressway Co., Ltd.|100,639.00|Quality guaranteesfund|
|Guangdong Humen Bridge Co., Ltd.|8,338.00|Quality guaranteesfund|
|Guangdong Jiangzhong Expressway Co., Ltd.|19,708.00|Quality guaranteesfund|
|Guangdong Jingzhu Expressway Guangzhu NorthSection Co., Ltd.|55,694.00|Quality guaranteesfund|
|Guangdong Litong Real Estate Investment Co.,Ltd.|35,680.00|Deposit|
|Guangdong Expressway Co., Ltd.|656,754.05|Administrationexpenses,Qualityguarantees fund|
|Guangdong Highway Construction Co., Ltd.|76,563.00|Quality guaranteesfund|
|Guangdong Road & Bridge ConstructionDevelopment Co., Ltd.|3,762.70|Quality guaranteesfund|
|Guangdong West Coastal Expressway XinhuiSection Co., Ltd.|3,790.00|Quality guaranteesfund|
|Guangdong Weishi Highway Engineering Co., Ltd.|146.30|Quality guaranteesfund|
|Guangdong West Coastal Expressway ZhuhaiSection Co., ltd.|31,945.45|Quality guaranteesfund|
|Guangdong Xinyue Traffic Investment Co.,Ltd.|168,562.60|Quality guaranteesfund|
|Guangdong Yueyun Traffic Co., Ltd.|3,032.00|Quality guaranteesfund|
|Guangdong Zhonglin Electrical InstallationEngineering Co., Ltd.|8,820.00|Quality guaranteesfund|
|Guang-Shen-Zhu Expressway Co., Ltd.|121,280.00|Quality guaranteesfund|
|Guangzhou Dingrong Information Technology Co.,Ltd.|10,950.00|Quality guaranteesfund|
|Guangzhou Saitisi Electromechanical InstallationEngineering Co., Ltd.|15,875.00|Quality guaranteesfund|
|Guangzhou Chengcheng Auto Leasing Service Co.,ltd.|30,000.00|Deposit|
|Guangzhou Tuzhiling Compoter technology Co.,Ltd.|21,330.00|Quality guaranteesfund|
|Guangdong Litong Technology Investment Co.,Ltd.|5,273.00|Quality guarantees|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|||fund|
|Hunan Tendering Co., Ltd.|5,000,000.00|Deposit|
|Shanxi Sihe Communication Engineering Co., ltd.|1,600.00|Quality guaranteesfund|
|Shanxi Hantang Computer Co., Ltd.|14,250.00|Quality guaranteesfund|
|Deposit|5,000.00|Deposit|
|Zhaoqing Guanghe Expressway Co., Ltd.|163,620.63|Quality guaranteesfund|
|Zhaoqing Yuezao Highway Co., Ltd.|419,326.00|Guaranteesfund,Deposit|
|China Port Railway Bureau Group Co., Ltd.|165,169.25|Quality guaranteesfund|
|Total|8,829,057.47||

（2）Accrual period, recovery or reversal of bad debts situation
The current amount of provision for bad debts is RMB81,927.51; recovery or payback for bad debts Amount is RM B 0.00.
Where the current bad debts back or recover significant amounts:Nil
(3) The actual write-off other accounts receivable
(4) Other accounts receivable classified by the nature of accounts
In RMB
||||
|-|-|-|
|Nature|Closing book balance|Opening book balance|
|Securities trading settlement funds balance|49,343,885.10|49,343,885.10|
|Guarantee deposit|8,405,764.42|4,641,268.72|
|Current account of gelin enze|4,007,679.91|4,007,679.91|
|Pretty cash|3,950,100.00|3,850,100.00|
|Advertising and service fee|2,166,299.62|2,818,648.03|
|Other|10,266,844.11|15,497,174.70|
|Total|78,140,573.16|80,158,756.46|

 (5) Top 5 of the closing balance of the other accounts receivable colleted according to the arrears party
In RMB
|||||||
|-|-|-|-|-|-|
|||||Proportion of the total|Closing|
|Name|Nature|Closing balance|Aging|year end balance of|balance of bad|
|||||the accounts|debt provision|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||
|-|-|-|-|-|-|
|||||receivable(%)||
||Securities trading settl|||||
|Kunlun Securities Co.,Ltd||49,343,885.10|Over 5 years|63.15%|49,343,885.10|
||ement funds|||||
|Hunan Tendering Co., Ltd.|Guarantees fund|5,000,000.00|Within 1 year|6.40%||
|Beijing Gelin Enze|Current account|4,007,679.91|Over 5 years|5.13%|4,007,679.91|
|Heshan Communication Real||||||
||Current account|1,470,000.00|Over 5 years|1.88%|1,470,000.00|
|estate Development Company||||||
||Advertising and servic|||||
|Guangdong Xinlu Advertising||||||
||e fee|1,353,005.67|Within 1 year|1.73%||
|Co.,ltd.||||||
|Total|--|61,174,570.68|--|78.29%|54,821,565.01|

 (6) Accounts receivable involved with government subsidies
Nil
(7) Other account receivable which terminate the recognition owning to the transfer of the financial assets Nil (8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other accounts receivable
Nil
Other notes
5.Inventory
Whether the Company needs to comply with the disclosure requirements for specific industrie
No
（1）Inventory types
In RMB
||||||||
|-|-|-|-|-|-|-|
||Year-end balance|||Year-beginning balance|||
|Items|||||||
|||Provision for bad|||Provision for bad||
||Book Balance||Book value|Book Balance||Book value|
|||debts|||debts||
|Inventory|323,888.89||323,888.89|323,888.89||323,888.89|
|Total|323,888.89||323,888.89|323,888.89||323,888.89|

Whether the company is required to comply with the "Shenzhen Stock Exchange Industry Information Disclosure
Guidelines No. 4 - listed companies engaged in seed industry, planting business" disclosure requirements
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 No
（2）Inventory falling price reserves
Nil
(3) Description of The closing balance of inventories contain the amount of borrowing costs capitalized
(4) Completed unsettled assets formed from the construction contact at the period-end
Nil
6.Non-current asset due within 1 year
In RMB
||||
|-|-|-|
|Items|Year-end balance|Year-beginning balance|
|dvance business tax|55,719.14|55,719.14|
|Total|55,719.14|55,719.14|

 Other notes
Nil
7. Available-for-sale financial assets
(1) List of available-for-sale financial assets
In RMB
||||||||
|-|-|-|-|-|-|-|
||Amount in year-end|||Amount in year- begin|||
|Items||Bad debt|||Bad debt||
||Book balance||Book value|Book balance||Book value|
|||provision|||provision||
|Available-for-sale equity|||||||
||1,788,150,824.93|36,793,200.00|1,751,357,624.93|1,755,215,132.77|36,793,200.00|1,718,421,932.77|
|Instruments|||||||
|Measured by fair value|952,782,523.20||952,782,523.20|919,846,831.04||919,846,831.04|
|Measured by cost|835,368,301.73|36,793,200.00|798,575,101.73|835,368,301.73|36,793,200.00|798,575,101.73|
|Total|1,788,150,824.93|36,793,200.00|1,751,357,624.93|1,755,215,132.77|36,793,200.00|1,718,421,932.77|

 (2) Available-for-sale financial assets measured by fair value at the period-end
In RMB
|||||
|-|-|-|-|
||Available-for-sale equity|Available-for-sale Debt||
|Type|||Total|
||instruments|instruments||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Cost of the equity|||
|instruments/amortized|||
||517,560,876.80|517,560,876.80|
|cost of the liabilities|||
|instruments|||
|Fair value|952,782,523.20|952,782,523.20|
|Changed amount of the|||
|fair value accumulatively|||
||435,221,646.40|435,221,646.40|
|included in other|||
|comprehensive income|||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 (3) Available-for-sale financial assets measured by cost at the period-end
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Book balance||||Impairment provision||||Shareholdi|Cash|
||||||||||ng|bonus of|
|Investee||Increase|Decrease|Period -end||Increase|Decrease|Period -end|proportion|the|
||Period-begin||||Period-begin||||||
||||||||||among the|reporting|
||||||||||investees|period|
|Guangdong Radio and Television|||||||||||
|Networks investment No.1 Limited|50,000,000.00|||50,000,000.00|||||3.11%|999,272.31|
|partnership enterprise|||||||||||
|Kunlun Securities Co., Ltd.（Notes1）|30,000,000.00|||30,000,000.00|30,000,000.00|||30,000,000.00|5.74%||
|Huaxia Securities Co., Ltd.（Notes 2）|||||||||||
||5,400,000.00|||5,400,000.00|5,400,000.00|||5,400,000.00|0.27%||
|Huazheng Assets Management|||||||||||
||1,620,000.00|||1,620,000.00|1,393,200.00|||1,393,200.00|0.54%||
|Co. Ltd.（Notes3）|||||||||||
|Guangdong Guangle Expressway Co.,|||||||||||
||748,348,301.73|||748,348,301.73|||||9.00%||
|Ltd.(Notes 4)|||||||||||
|Total|835,368,301.73|||835,368,301.73|36,793,200.00|||36,793,200.00|--|999,272.31|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 (4) Changes of the impairment of the available-for-sale financial assets during the reporting period
In RMB
|||||
|-|-|-|-|
||Available-for-sale|Available-for-sale||
|Type|||Total|
||Equity instruments|Debt instruments||
|Balance of the withdrawn||||
|impairment at the|36,793,200.00||36,793,200.00|
|period-begin||||
|Withdrawn at the period|36,793,200.00||36,793,200.00|

⑸Relevant description of the end of the fair value of the equity instruments at the end of a serious decline in fair value or non temporary decline but not related to impairment provision
Nil
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 9. Long-term equity investment
In RMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||Increase/decrease||||||||||
||||||||||||Closing|
||||||Adjustme|||||||
|||Additiona||||||Withdraw|||balance|
||||Negative|Investment profit and loss|nt of|||||||
|||||||Changes||al of|||of|
|Investees|Opening balance|l|||other||Cash bonus or profits|||Closing balance||
||||investmen|recognized under the equity||of other||impairme|Other||impairme|
|||investmen|||comprehe||announced to issue|||||
||||t|method||equity||nt|||nt|
|||t|||nsive|||provision|||provision|
||||||income|||||||
|I. Joint venture||||||||||||
|Guangdong Guanghui||||||||||||
||963,806,710.36|||128,289,616.25|||81,106,373.29|||1,010,989,953.32||
|Expressway Co., Ltd.||||||||||||
|Zhaoqing Yuezhao||||||||||||
|Highway|298,347,974.37|||25,096,297.33|||55,172,678.59|||268,271,593.11||
|Co., Ltd.||||||||||||
|Subtotal|1,262,154,684.73|||153,385,913.58|||136,279,051.88|||1,279,261,546.43||
|2. Affiliated Company||||||||||||
|Shenzhen Huiyan||||||||||||
||162,435,484.69|||16,281,377.27||||||178,716,861.96||
|Expressway||||||||||||
|Guangdong Jiangzhong||||||||||||
||173,505,923.37|||6,842,458.37||||||180,348,381.74||
|Expressway Co.,. Ltd.||||||||||||
|Ganzhou Kangda||||||||||||
||204,137,265.86|||14,905,386.55||||||219,042,652.41||
|Expressway||||||||||||
|Gan Ganzhou Gankang|210,007,188.89|||1,179,367.37||||||211,186,556.26||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||
|-|-|-|-|-|
|Expressway|||||
|Guangdong Yueke|||||
|Technology Petty Loan|208,564,582.77|6,781,604.48||215,346,187.25|
|Co., Ltd.|||||
|Subtotal|958,650,445.58|45,990,194.04||1,004,640,639.62|
|Total|2,220,805,130.31|199,376,107.62|136,279,051.88|2,283,902,186.05|

 Other notes
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 10. Investment property
(1) Investment property adopted the cost measurement mode
√ Applicable□Not applicable
In RMB
||||||
|-|-|-|-|-|
|Items|Houses and buildings|Land use right|Construction in progress|Total|
|I.Original value|||||
|1.Opening balance|12,664,698.25|||12,664,698.25|
|2.Increased amount of|||||
|the period|||||
|（1）Outsourcing|||||
|(2)Inventory, Fixed|||||
|assets and Construction|||||
|project into|||||
|(3)Enterprise|||||
|consolidation|||||
|3.Decreased amount of|||||
|the period|||||
|（1）Disposal|||||
|（2）Other Out|||||
|4.Closing balance|12,664,698.25|||12,664,698.25|
|II.Accumulated|||||
|depreciation accumulated|||||
|amortization|||||
|1.Opening balance|9,444,727.17|||9,444,727.17|
|2.Increased amount of|||||
||232,106.70|||232,106.70|
|the period|||||
|(1)Withdrawal or|||||
||232,106.70|||232,106.70|
|amortization|||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||
|-|-|-|-|-|
|Items|Houses and buildings|Land use right|Construction in progress|Total|
|3.Decreased amount of|||||
|the period|||||
|（1）Disposal|||||
|（2）Other Out|||||
|4.Closing balance|9,676,833.87|||9,676,833.87|
|III. Impairment provision|||||
|1.Opening balance|||||
|2.Increased amount of|||||
|the period|||||
|（1）Withdrawal|||||
|3.Decreased amount|||||
|of the period|||||
|（1）Disposal|||||
|（2）Other Out|||||
|4.Closing balance|||||
|IV. Book value|||||
|1.Closing book value|2,987,864.38|||2,987,864.38|
|2.Opening book|3,219,971.08|||3,219,971.08|

 (2) Investment property adopted fair value measurement mode
□Applicable√ Not applicable
(3) Details of investment property failed to accomplish certification of property
In RMB
||||
|-|-|-|
|Items|Book balue|Reason|
|||Transportation and other ancillary|
|Transportation and other ancillary facilities|1,809,168.66||
|||facilities, Not accreditation|

Other notes
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 11. Fixed assets
(1) List of fixed assets
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||Guangfo||Jingzhu Expressway||||Electricity equipment||
|||||House and|Machinery|Transportation|||
|Items||Fokai Expressway||||||Total|
||Expressway||Guangzhu section|buildings|equipment|equipment|and other||
|I. Original price|||||||||
|1.Opening balance|1,460,270,190.66|8,955,187,667.08|5,120,405,509.44|350,137,770.35|126,710,600.83|64,871,708.40|613,998,510.08|16,691,581,956.84|
|2.Increased amount|||||||||
||||||||580,085.69|580,085.69|
|of the period|||||||||
|（1）Purchase|||||||287,864.26|287,864.26|
|（2）Transfer of|||||||||
|project under|||||||292,221.43|292,221.43|
|construction|||||||||
|(3)Increased of|||||||||
|Enterprise|||||||||
|consolidation|||||||||
|3.Decreased amount|||||||||
|||7,891,796.28|||216,000.00|2,232,955.62|1,771,272.90|12,112,024.80|
|of the period|||||||||
|（1）Disposal or scrap||7,891,796.28|||216,000.00|2,232,955.62|1,771,272.90|12,112,024.80|
|4.Closing balance|1,460,270,190.66|8,947,295,870.80|5,120,405,509.44|350,137,770.35|126,494,600.83|62,638,752.78|612,807,322.87|16,680,050,017.73|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||||||
|-|-|-|-|-|-|-|-|-|
||Guangfo||Jingzhu Expressway||||Electricity equipment||
|||||House and|Machinery|Transportation|||
|Items||Fokai Expressway||||||Total|
||Expressway||Guangzhu section|buildings|equipment|equipment|and other||
|II. Accumulated|||||||||
|depreciation|||||||||
|1.Opening balance|1,438,198,286.26|2,961,877,190.13|2,310,553,044.84|207,381,103.40|48,853,742.40|49,709,577.10|389,185,709.94|7,405,758,654.07|
|2.Increased amount|||||||||
||22,071,904.40|228,639,727.72|118,282,767.88|9,512,202.38|6,043,421.84|1,889,497.53|22,645,752.23|409,085,273.98|
|of the period|||||||||
|（1）Withdrawal|22,071,904.40|228,639,727.72|118,282,767.88|9,512,202.38|6,043,421.84|1,889,497.53|22,645,752.23|409,085,273.98|
|3.Decreased amount|||||||||
|||5,531,877.31|||194,400.00|2,009,659.80|1,636,440.79|9,372,377.90|
|of the period|||||||||
|（1）Disposal or|||||||||
|||5,531,877.31|||194,400.00|2,009,659.80|1,636,440.79|9,372,377.90|
|scrap|||||||||
|4.Closing balance|1,460,270,190.66|3,184,985,040.54|2,428,835,812.72|216,893,305.78|54,702,764.24|49,589,414.83|410,195,021.38|7,805,471,550.15|
|III. Impairment|||||||||
|provision|||||||||
|1.Opening balance|||||||||
|2.Increased amount|||||||||
|ofthe period|||||||||
|（1）Withdrawal|||||||||
|3.Decreased amount|||||||||
|of the period|||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||||||
|-|-|-|-|-|-|-|-|-|
||Guangfo||Jingzhu Expressway||||Electricity equipment||
|||||House and|Machinery|Transportation|||
|Items||Fokai Expressway||||||Total|
||Expressway||Guangzhu section|buildings|equipment|equipment|and other||
|（1）Disposal or scrap|||||||||
|4.Closing balance|||||||||
|IV. Book value|||||||||
|1.Closing book|||||||||
|||5,762,310,830.26|2,691,569,696.72|133,244,464.57|71,791,836.59|13,049,337.95|202,612,301.49|8,874,578,467.58|
|value|||||||||
|2.Opening book|||||||||
||22,071,904.40|5,993,310,476.95|2,809,852,464.60|142,756,666.95|77,856,858.43|15,162,131.30|224,812,800.14|9,285,823,302.77|
|value|||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017⑵Temporarily idle fixed assets
Nil
⑶Fixed assets through financial leasing
Nil
⑷Tenancy of fixed assets through operating lease
Nil
⑸Details of fixed assets failed to accomplish certification of property
In RMB
||||
|-|-|-|
|Items|Book value|Reason|
|||Transportation and other ancillary|
|Transportation and other ancillary facilities|97,733,106.51||
|||facilities, Not accreditation|

Other notes
12. Project under construction
（1）Project under construction
In RMB
||||||||
|-|-|-|-|-|-|-|
||Year-end balance|||Year-beginning balance|||
||Book balance|Provision|Book value|Book balance|Provision|Book value|
|Items|||||||
|||for|||for||
|||devaluation|||devaluation||
|Sanbao To Shuikou|||||||
||180,327,023.60||180,327,023.60|128,709,237.02||128,709,237.02|
|Expansion project|||||||
|Odd project|22,212,449.60||22,212,449.60|20,534,873.28||20,534,873.28|
|Total|202,539,473.20||202,539,473.20|149,244,110.30||149,244,110.30|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 (2) Changes of significant construction in progress
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||||||Includin|||
|||||||||||g:|||
||||||||||||Capitaliz||
||||||||||Capitaliz|capitaliz||Source|
|Name of|||||Other||Proporti|Project|||ation of||
||Budget|Opening balance|Increase|Transferred to fixed assets||End balance|||ation of|ation of||of|
|project|||||decrease||on %|process|||interest||
||||||||||interest|interest||funding|
||||||||||||rate (%)||
|||||||||||this|||
|||||||||||period|||
|Sanbao To|||||||||||||
|Shuikou|3,426,206,66||||||||||||
|||128,709,237.02|51,617,786.58|||180,327,023.60|16.34%|16.34%|126,434.47|||Other|
|Expansion|0.00||||||||||||
|project|||||||||||||
|Odd project||20,534,873.28|1,969,797.75|292,221.43||22,212,449.60||||||Other|
||3,426,206,66||||||||||||
|Total||149,244,110.30|53,587,584.33|292,221.43||202,539,473.20|--|--|126,434.47|||--|
||0.00||||||||||||

⑶Provision for impairment of construction projects in the current period
Nil
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 13. Engineering material
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-begin|
|Signpost|1,549,556.00|1,549,556.00|
|Total|1,549,556.00|1,549,556.00|

 Other notes
14. Intangible assets
(1) List of intangible assets
In RMB
||||||||
|-|-|-|-|-|-|-|
||||Non-patent||||
|Items|Land use right|Patent right||Software|Logo|Total|
||||right||||
|I. Original price|||||||
|1.Opening balance|1,311,658.00|||23,183,107.63||24,494,765.63|
|2.Increased amount of the|||||||
|period|||||||
|(1) Purchase|||||||
|(2)Internal Development|||||||
|(3)Increased of Enterprise|||||||
|Combination|||||||
|3.Decreased amount of the|||||||
|period|||||||
|（1）Disposal|||||||
|4.Closing balance|1,311,658.00|||23,183,107.63||24,494,765.63|
|II.Accumulated amortization|||||||
|1.Opening balance|1,223,373.70|||17,133,097.03||18,356,470.73|
|2.Increased amount of the|||||||
||75,672.60|||1,740,012.48||1,815,685.08|
|period|||||||
|(1) Withdrawal|75,672.60|||1,740,012.48||1,815,685.08|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||||
|-|-|-|-|-|-|-|
||||Non-patent||||
|Items|Land use right|Patent right||Software|Logo|Total|
||||right||||
|3.Decreased amount of the|||||||
|period|||||||
|（1）Disposal|||||||
|4.Closing balance|1,299,046.30|||18,873,109.51||20,172,155.81|
|III. Impairment provision|||||||
|1.Opening balance|||||||
|2.Increased amount of the|||||||
|period|||||||
|(1) Withdrawal|||||||
|3.Decreased amount of the|||||||
|period|||||||
|（1）Disposal|||||||
|4.Closing balance|||||||
|IV. Book value|||||||
|1.Closing book value|12,611.70|||4,309,998.12||4,322,609.82|
|2.Opening book value|88,284.30|||6,050,010.60||6,138,294.90|

 The intangible assets by the end of the formation of the company's internal R& D accounted of the proportion of the balance of intangible assets
⑵Details of Land use right failed to accomplish certification of property
Nil
15. Long-term amortize expenses
In RMB
|||||||
|-|-|-|-|-|-|
||||Amortized expenses|||
|Items|Balance in|Increase in this||Other loss|Balance in year-end|
||year-begin|period||||
|Renovation fee|1,559,874.44||850,840.62||709,033.82|
|Property Insurance|204,091.63||55,661.40||148,430.23|
|Total|1,763,966.07||906,502.02||857,464.05|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Other notes
16. Deferred income tax assets/deferred income tax liabilities
(1) Deferred income tax assets had not been off-set
In RMB
||||||
|-|-|-|-|-|
||Balance in year-end||Balance in year-begin||
|Items|Deductible temporary|Deferred income tax|Deductible temporary|Deferred income tax|
||difference|assets|difference|assets|
|Asset impairment provision|86,597.01|21,649.25|3,000.00|750.00|
|Deductible loss|881,082,268.51|220,270,567.14|||
|Amortization of intangible|||||
||1,228,407.79|307,101.95|1,298,590.36|324,647.59|
|assets|||||
|Timing difference between|||||
||8,783,411.12|2,195,852.78|41,939,701.40|10,484,925.35|
|accumulated depreciation|||||
|Total|891,180,684.43|222,795,171.12|43,241,291.76|10,810,322.94|

 (2) Deferred income tax liabilities had not been off-set
In RMB
||||||
|-|-|-|-|-|
||Balance in year-end||Balance in year-begin||
|Items|Deductible|Deferred income tax|Deductible|Deferred income tax|
||temporary difference|liabilities|temporary difference|liabilities|
|Changes in fair value of available for sale|435,221,646.40||||
|||108,805,411.60|||
|financial assets|||||
|Deductible temporary differences in the|1,068,855,444.92||||
|||267,213,861.23|1,113,854,587.99|278,463,647.00|
|formation of asset impairment|||||
|Total|1,504,077,091.32|376,019,272.83|1,113,854,587.99|278,463,647.00|

（3）Details of the un-recognized deferred income tax assets
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-begin|
|Deductible loss|11,836,032.09|977,316,303.49|
|Deductible temporary differences in theformation of asset impairment|||
||92,067,228.66|91,954,244.59|
|Total|103,903,260.75|1,069,270,548.08|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017（4）Deductible losses of the un-recognized deferred income tax asset will expire in the following years
In RMB
|||||
|-|-|-|-|
|Year|Balance in year-end|Balance in year-begin|Remark|
|2017|3,446,980.57|218,901,780.38||
|2018|4,932,481.22|160,481,639.35||
|2019|3,456,570.30|227,972,299.53||
|2020||200,645,733.66||
|2021||169,314,850.57||
|2022||||
|Total|11,836,032.09|977,316,303.49|--|

Other notes
17. Other Non-current assets
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-begin|
|Prepaid land occupation tax|1,176,432.55|1,176,432.55|
|Income tax deductible|250,113.52||
|Prepaid business tax|592,429.74|618,339.90|
|Prepaid fixed assets engineering fees|69,625.16|505,397.83|
|Total|2,088,600.97|2,300,170.28|

 Other notes
18. Account payable
（1）List of Account payable
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-begin|
|Within 1 year（Including 1 year）|178,816,375.03|259,955,112.29|
|1-2 year （Including 2 years）|13,748,279.04|20,004,237.58|
|2-3 year（Including 3 years）|2,198,105.84|9,038,060.80|
|Over 3 years|12,800,678.98|10,416,636.40|
|Total|207,563,438.89|299,414,047.07|

 (2) Notes of the accounts payable aging over one year
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Unpaid reason|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Foshan Land and resources Bureau|10,996,790.40|Unsettled|
|Guangdong Expressway Co., Ltd.|8,746,491.18|Unsettled|
|Guangdong Changda Highway|||
||2,938,837.63|Unsettled|
|Engineering Co., Ltd|||
|Jinan Jinzhong Electronic Weighing|||
||1,996,541.55|Unsettled|
|Instrument Co., Ltd.|||
|Total|24,678,660.76|--|

Othernotes：Nil
19. Advance from customers
(1) List of advance from customers
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-begin|
|Within 1 year（Including 1 year）|753,681.34|1,004,503.09|
|1-2 years（Including 2 years）|3,504.11|51,000.00|
|2-3 years（Including 3 years）|50,250.00||
|Over 3 years|15,678,431.37|16,384,520.31|
|Total|16,485,866.82|17,440,023.40|

 (2) Significant advance from customers aging over one year
In RMB
||||
|-|-|-|
|Items|Closing balance|Unpaid/Uncarry over reason|
|Guangzhou Huanlong Expressway Co.,|||
||10,920,179.90|Land rent is not in the settlement period|
|Ltd.|||
|Guangdong Province Telecommunications||The rental of the communication channel is|
||3,166,668.30||
|Engineering Management Center||not in the settlement period|
|Guanghdong Xinle Technology|||
||1,442,462.77|The Rental is not in the settlement period|
|Development Co., Ltd.|||
|Total|15,529,310.97|--|

⑶The completion of the final construction contract has been completed and the project is not completed
Nil
20. Payable Employee wage
（1）Payable Employee wage
In RMB
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||
|-|-|-|-|-|
|Items|Year-beginning balance|Increase in the current|Decrease in the current||
|||||Year-end balance|
|||period|period||
|I. Short-term|||||
||8,840,599.13|123,011,764.59|118,290,375.74|13,561,987.98|
|compensation|||||
|II.Post-employment bene|||||
|fits - defined contribution||13,438,196.60|12,482,161.05|956,035.55|
|plans|||||
|III. Dismiss welfare||240,123.65|240,123.65||
|Total|8,840,599.13|136,690,084.84|131,012,660.44|14,518,023.53|

（2）Short-term Remuneration
In RMB
||||||
|-|-|-|-|-|
|Items|Year-beginning|Increase in the current|Decrease in the current||
|||||Year-end balance|
||balance|period|period||
|1.Wages, bonuses, allowances and|||||
||1,202,663.49|89,124,282.08|85,359,347.67|4,967,597.90|
|subsidies|||||
|2.Employee welfare||8,283,512.55|8,097,132.55|186,380.00|
|3. Social insurance premiums||7,635,125.16|7,628,474.30|6,650.86|
|Including ：Medical insurance||5,560,734.00|5,554,946.75|5,787.25|
|Work injury insurance||228,896.36|228,702.30|194.06|
|Maternity insurance||633,978.23|633,308.68|669.55|
|Supplementary medical insurance||1,211,516.57|1,211,516.57||
|4.Public reserves for housing||12,769,431.00|12,758,234.00|11,197.00|
|5.Union funds and staff education|||||
||7,637,935.64|3,638,479.65|2,887,573.07|8,388,842.22|
|fee|||||
|8.Other||1,560,934.15|1,559,614.15|1,320.00|
|Total|8,840,599.13|123,011,764.59|118,290,375.74|13,561,987.98|

（3）List of drawing scheme
In RMB
||||||
|-|-|-|-|-|
|Items|Balance in year-begin|Increase in this period|Payable in this period|Balance in year-end|
|1. Basic old-age|||||
|||10,747,565.92|10,737,863.47|9,702.45|
|insurance premiums|||||
|2.Unemployment||367,100.49|366,722.39|378.10|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||
|-|-|-|-|
|insurance||||
|3.Enterprise annuity||||
||2,323,530.19|1,377,575.19|945,955.00|
|payment||||
|Total|13,438,196.60|12,482,161.05|956,035.55|

 Other notes
21. Tax Payable
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-begin|
|VAT|9,748,721.40|10,107,421.05|
|Enterprise Income tax|||
||102,481,321.92|86,569,385.59|
|Individual Income tax|304,812.04|4,955,473.49|
|City Construction tax|555,490.16|694,432.76|
|Land use tax|761,295.31|983,920.72|
|Property tax|672,979.54|2,303,583.10|
|Education subjoin|262,766.54|323,432.09|
|Locality Education subjoin|161,390.29|202,594.86|
|Stamp tax|15,995.78|132,488.16|
|Other|67,640.50|98,166.49|
|Total|115,032,413.48|106,370,898.31|

 Othernotes：
22.Interest payable
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-begin|
|Pay the interest for long-term loans by|||
||7,986,358.47|8,873,911.85|
|installments.|||
|Interest payable on entrusted loans||71,371.67|
|Total|7,986,358.47|8,945,283.52|

 - Particulars of significant overdue unpaid interest
Nil
23. Dividends payable
In RMB
||||
|-|-|-|
|Items|Year-end balance|Year-Beginning balance|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Common stock dividends|14,772,372.03|12,506,777.92|
|Total|14,772,372.03|12,506,777.92|

 Note: Including significant unpaid dividends payable over one year, the unpaid reason shall be disclosed:
Final dividend payable RMB12,506,777.92 for more than a year in unpaid dividends to shareholders over the yea r was mainly due to non-payment of shareholder dividends did not provide information on interest-bearing bank, d id not share reform of shareholders to receive dividends or provide application to receive dividends the bank infor mation is incorrect, resulting in failure to pay a dividend or refund.
24.Other accounts payable
(1) Other accounts payable listed by nature of the account
In RMB
||||
|-|-|-|
|Items|Year-end balance|Year-Beginning balance|
|Quality guarantee fund|55,887,508.64|105,901,434.85|
|Deposit|1,764,567.00|1,819,863.15|
|Other|24,447,850.88|26,544,843.34|
|Total|82,099,926.52|134,266,141.34|

 (2) Other significant accounts payable with aging over one year
In RMB
||||
|-|-|-|
|Items|Closing balance|Unpaid/un-carry over reason|
|||Project Quality guarantees/ Bid|
|Guangdong Changda Engineering Co., Ltd|6,828,403.12||
|||Gruarantees/Deposit|
|Guangdong Nengda Grade Highway||Project Quality guarantees/ Bid|
||3,203,152.91||
|Maintenance Co., Ltd.||Guarantees/ Performance Guarantees|
|||Project Quality guarantees/ Bid|
|Guangdong Guanyue luqiao Co., Ltd.|1,848,160.51||
|||Guarantees/ Performance Guarantees|
|Guangdong Xinyue Traffic Investment||Project Quality guarantees/ Bid|
||1,241,574.70||
|Co., Ltd.||Guarantees/ Performance Guarantees|
|Total|13,121,291.24|--|

Other notes
25. Non-current liabilities due within 1 year
In RMB
||||
|-|-|-|
|Items|Balance year-end|Year-beginning balance|
|Long-term loans due within 1 year|1,070,610,000.00|907,880,000.00|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Long-term payable account due within 1|||
|||50,000,000.00|
|year|||
|Total|1,070,610,000.00|957,880,000.00|

 Othernotes：
Long-term borrowing rate is due within one year benchmark lending rate over the same period or the same period the benchmark lending rate to fall10%, The balance of the long-term payables due within 1 year is the principal amount of the entrusted loan of Ganzhou Gangkang Expressway Co., Ltd., the interest rate is4.6716%. 26. Long-term loan
(1) Category of long-term loan
In RMB
||||
|-|-|-|
|Items|Balance year-end|Year-beginning balance|
|Pledge loan|449,000,000.00|449,000,000.00|
|Guaranteed loans|1,500,000,000.00|1,500,000,000.00|
|Credit loans|3,161,950,000.00|3,453,780,000.00|
|Total|5,110,950,000.00|5,402,780,000.00|

 Notes :
The borrowing interest rate is4.35%-4.75%; the guaranteed loan interest rate is5.6%; the credit interest rate is10% lower for the same benchmark lending rate or the benchmark loan interest rate for the same period.
27. Long-term payable
(1) Long-term payable listed by nature of the account
In RMB
||||
|-|-|-|
|Items|Balance year-end|Year-beginning balance|
|Non-operating asset payable|2,022,210.11|2,022,210.11|

 Othernotes：
28. Stock capital
In RMB
|||||||||
|-|-|-|-|-|-|-|-|
|||Increase/decrease this time (+ , - )||||||
||Balance|||||||
|||Issuing of||Transferred|||Balance year-end|
||Year-beginning||Bonus shares||Other|Subtotal||
|||new share||from reserves||||
|Total of capital|2,090,806,126.00||||||2,090,806,126.00|
|shares||||||||

Othernotes：
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 29. Capital reserves
In RMB
||||||
|-|-|-|-|-|
|Items|Year-beginning balance|Increase in the current|Decrease in the current|Year-end balance|
|||period|period||
|Share premium|2,508,401,790.51|||2,508,401,790.51|
|Other capital reserves|6,552.48|||6,552.48|
|Total|2,508,408,342.99|||2,508,408,342.99|

Notes：
30. Other comprehensive income
In RMB
|||||||||
|-|-|-|-|-|-|-|-|
|||Amount of current period||||||
||||Less ：|||||
||||Previously recog|||After - tax att||
||Year-beginning|Amount for the|||After - tax attri||Year-end|
|Items|||nized in profit or|Less：Income||ributable to||
||balance|period before in|loss in other co||butable to the p||balance|
|||||tax||minority shar||
|||come tax|mprehensive inc||arent company|||
|||||||eholders||
||||ome|||||
|2.Other comprehensive|||||-75,869,719.44|||
|income reclassifiable to||||||||
||402,285,954.24|32,935,692.16||108,805,411.60|||326,416,234.80|
|profit or loss in||||||||
|subsequent periods||||||||
|Gains and losses from cha|||||-75,869,719.44|||
|nges in fair value of availa||||||||
||402,285,954.24|32,935,692.16||108,805,411.60|||326,416,234.80|
|ble for sale financial asset||||||||
|s||||||||
|Total of other|402,285,954.24||||-75,869,719.44||326,416,234.80|
|||32,935,692.16||108,805,411.60||||
|comprehensive income||||||||

Other notes, including the adjustment of the recognition of initial amount of effective part of the cash flow hedging gains and losses transfer into arbitraged items:
Notes 1. The initial balance and the ending balance refer to other comprehensive incomes in the balance sheet. The initial balance+ other comprehensive incomes belong to the parent company after taxes= the ending balance. The occurrence amount in the period refers to other comprehensive incomes in the profit statement, and the occurrence amount before income tax in the period– Other comprehensive income recorded in the earlier stage and transferred into the profits and losses in the current period– income taxes= other comprehensive incomes
belong to the parent company after taxes+ other comprehensive incomes belong to the minority shareholders after
taxes.
Notes2：In accordance with the company strategical planning and operation decisions in the future, the
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 company shall pay the income tax incurred due to the sale of the available-for-sale financial assets and begin to calculate the deferred income tax influence corresponding to the fair value thereof from the current period. 31. Surplus reserve
In RMB
||||||
|-|-|-|-|-|
|Items|Year-beginning balance|Increase in the current|Decrease in the current|Year-end balance|
|||period|period||
|Statutory surplus|||||
||366,956,549.89|||366,956,549.89|
|reserve|||||
|Total|366,956,549.89|||366,956,549.89|

 Statement on surplus reserves. Please state the related resolutions of the Board on capitalizing of reserves, making up losses, anddividends：
32. Retained profits
In RMB
||||
|-|-|-|
|Items|Amount of this period|Amount of last period|
|Before adjustments: Retained profits in last periodend|||
||2,920,563,328.27|2,179,239,324.01|
|After adjustments: Retained profits at the periodbeginning|2,920,563,328.27||
|||2,179,239,324.01|
|Add：Net profit belonging to the owner of theparent company|||
||892,848,012.53|1,001,205,945.39|
|Less: Statutory surplus reserve||71,314,278.93|
|Common stock dividend payable|702,510,858.34|188,567,662.20|
|Retained profit at the end of this term|3,110,900,482.46|2,920,563,328.27|

 33.Operation income and operation cost
In RMB
||||||
|-|-|-|-|-|
||Amount of this period||Amount of last period||
|Items|||||
||Income|Cost|Income|Cost|
|Main operation|1,418,719,988.26|523,456,284.40|1,310,524,908.77|547,729,063.75|
|Other operation|21,502,575.48|10,233,560.76|22,967,271.00|11,218,409.33|
|Total|1,440,222,563.74|533,689,845.16|1,333,492,179.77|558,947,473.08|

34. Business tax and subjoin
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 In RMB
||||
|-|-|-|
|Items|Amount of this period|Amount of last period|
|rban construction tax|2,760,207.40|2,657,718.23|
|Education surcharge|1,290,500.11|1,233,888.92|
|Property tax|677,877.95|328,030.91|
|Land use tax|767,994.64|461,274.26|
|Stamp tax|358,071.25|5,065.41|
|Business tax|26,341.89|26,938,514.91|
|Land Value added tax|860,324.55|821,904.47|
|Defend expense|384.04|505,754.16|
|Other|154,073.23|144,229.42|
|Total|6,895,775.06|33,096,380.69|

 Othernotes：
35. Administrative expenses
In RMB
||||
|-|-|-|
|Items|Amount of this period|Amount of last period|
|Wage|49,157,515.03|53,433,060.50|
|Depreciation and Amortization|7,247,599.37|6,862,171.67|
|R & D expenses|3,249,337.10|790,927.27|
|Low consumables amortization|245,247.83|340,720.10|
|Travel expenses|128,401.26|256,792.05|
|Office expenses|2,541,048.21|2,407,928.04|
|Leased expenses|5,778,380.50|5,602,580.99|
|The fee for hiring agency|2,396,071.67|1,688,829.24|
|Consultation expenses|1,524,000.00|337,026.84|
|Directorate expenses|9,376.00|32,606.00|
|Expenses of taxation||1,300,956.33|
|Listing fee|11,320.76|11,057.40|
|Information cost and maintenance fee|505,424.13|513,040.25|
|Other|4,900,192.98|6,188,885.92|
|Total|77,693,914.84|79,766,582.60|

Othernotes：
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 36.Financial expenses
In RMB
||||
|-|-|-|
|Items|Amount of this period|Amount of last period|
|Interest expenses|147,292,451.79|202,465,249.45|
|Deposit interest income（-）|-15,653,886.22|-12,693,925.94|
|Exchange Income and loss（Gain-）|-1,522,372.61|533,974.57|
|Bank commission charge|||
||3,688,166.06|312,937.13|
|Total|133,804,359.02|190,618,235.21|

Othernotes：
37. Asset impairment loss
In RMB
||||
|-|-|-|
|Items|Amount of this period|Amount of last period|
|I. Bad debt loss|196,581.08|-177,447.05|
|Total|196,581.08|-177,447.05|

 Othernotes：
38. Investment income
In RMB
||||
|-|-|-|
|Items|Amount of this period|Amount of last period|
|Long-term equity investment income by equity|||
||199,376,107.62|181,732,975.66|
|method|||
|Hold the investment income during from|||
||24,054,256.82|45,697,711.66|
|available-for-sale financial assets|||
|Total|223,430,364.44|227,430,687.32|

 Othernotes：
39. Non-Operation income
In RMB
|||||
|-|-|-|-|
||||Recorded in the amount of the|
|Items|Amount of this period|Amount of last period||
||||non-recurring gains and losses|
|Total gains from disposal of||111,175.47||
|non-current assets||||
|Including：Gains from disposal||111,175.47||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||
|-|-|-|-|
|of fixed assets||||
|Government Subsidy|197,210.65||197,210.65|
|Road property claim income|822,425.45|1,683,499.20|822,425.45|
|Other income(Notes)|61,279,442.48|61,886,470.47|61,279,442.48|
|Total|62,299,078.58|63,681,145.14|62,299,078.58|

 Government subsidy reckoned into current gains/losses
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
|||||Whether the|||||
|||||impact of|||||
||||||Whhether|Amount of|Amount of|Assets-relate|
|Subsidy||Issuing||subsidies on|||||
||Issuing body||Nature||special|current|previous|d/income|
|items||reason||the current|||||
||||||subsidies|period|period|–related|
|||||profit and|||||
|||||loss|||||
|Stable job||||||||Related to|
|||||||197,210.65|||
|subsidies||||||||income|
|Total|--|--|--|--|--|197,210.65||--|

 Othernotes：
Other gains in this period include the receipt of the national highway 325 Jiujiang Bridge in advance of the termination fee of RMB 59,995,667.68, and included in the cash flow statement "received other cash related to investment activities."
40. Income tax expense
(1) Lists of income tax expense
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Current income tax expense|203,294,551.97|167,401,247.46|
|Deferred income tax expense|-223,234,633.95|-10,068,427.03|
|Total|-19,940,081.98|157,332,820.43|

 (2) Adjustment process of accounting profit and income tax expense
In RMB
|||
|-|-|
|Items|Amount of current period|
|Total profits|970,572,057.34|
|Current income tax expense accounted by tax and relevant||
||242,643,014.32|
|regulations||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||
|-|-|
|Influence of income tax before adjustment|-372,764.24|
|Influence of non taxable income|-55,857,591.11|
|Impact of non-deductible costs, expenses and losses|385,592.41|
|Affect the use of deferred tax assets early unconfirmed||
||-206,597,349.43|
|deductible losses||
|The current period does not affect the deferred tax assets||
||-140,983.93|
|recognized deductible temporary differences or deductible loss||
|Income tax expense|-19,940,081.98|

 Other notes
42. Items of Cash flow statement
(1) Other cash received from business operation
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Newwork received toll income|38,176,722.70||
|Interest income|15,653,886.22|12,693,925.94|
|Unit current account|6,988,367.43|29,313,174.96|
|Total|60,818,976.35|42,007,100.90|

Notes：
（2）Other cash paid related to oprating activities
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Management expense|22,338,978.13|16,481,079.48|
|Unit current account|11,909,230.86|30,486,151.38|
|Network received toll incom|2,160,313.24|16,674,879.00|
|Total|36,408,522.23|63,642,109.86|

 Notes：
（3）Other Cash received related to investment activities
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Jiujiang bridge to receive compensation|59,995,667.68|60,770,000.00|
|Total|59,995,667.68|60,770,000.00|

Notes：
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017（4）Other Cash payable related to investment activities
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Acquisition and construction company|||
|||987,903,684.98|
|creditor's rights|||
|Total||987,903,684.98|

Notes：
（5）Other Cash received related to Financing activities
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Piecemeal dividend||5,173.81|
|Total||5,173.81|

 Notes：
⑹Other Cash payable related to financing activities
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Recombination fee||3,451,000.00|
|Issue registration fee||533,368.84|
|Total||3,984,368.84|

 Notes：
43. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
||||
|-|-|-|
|Supplement Information|Amount of current period|Amount of previous period|
|I. Adjusting net profit to cash flow from|||
||--|--|
|operating activities|||
|Net profit|990,512,139.32|604,141,638.68|
|Add: Impairment loss provision of assets|196,581.08|-177,447.05|
|Depreciation of fixed assets, oil and gas|409,188,339.82|424,901,934.49|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|assets and consumable biological assets|||
|Amortization of intangible assets|1,772,083.08|1,976,826.39|
|Amortization of Long-term deferred|||
||906,502.02|906,502.01|
|expenses|||
|Loss on disposal of fixed assets, intangible|||
||2,629,016.43|-8,721.82|
|assets and other long-term deferred assets|||
|Financial cost|145,770,079.18|202,999,224.02|
|Loss on investment|-223,430,364.44|-227,430,687.32|
|Decrease of deferred income tax assets|-211,984,848.18|-4,510,173.19|
|Increased of deferred income tax liabilities|-11,249,785.77|-5,558,253.84|
|Decease of operating receivables|-40,231,085.00|-9,440,469.79|
|Increased of operating Payable|-41,686,422.17|-54,917,543.20|
|Net cash flows arising from operating|1,022,392,235.37|932,882,829.38|
|activities|||
|II. Significant investment and financing|||
||--|--|
|activities that without cash flows:|||
|3．Movement of cash and cash equivalents：|--|--|
|Ending balance of cash|2,596,273,900.39|1,677,591,492.62|
|Less: Beginning balance of cash equivalents|2,603,279,644.25|1,199,629,276.85|
|Net increase of cash and cash equivalents|-7,005,743.86|477,962,215.77|

 (2) Net Cash paid of obtaining the subsidiary
Nil
(3) Net Cash receive of disposal of the subsidiary
Nil
（4）Composition of cash and cash equivalents
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-Beginning|
|I. Cash|2,596,273,900.39|2,603,279,644.25|
|Of which: Cash in stock|105,172.19|50,695.89|
|Bank savings could be used at any time|2,595,366,192.64|2,602,516,079.26|
|Other monetary capital could be used at any|||
||802,535.56|712,869.10|
|time|||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|III. Balance of cash and cash equivalents at|2,596,273,900.39|2,603,279,644.25|
|the period end|||

Othernotes：
44. Note of statement of changes in the owner's equity
Explain "other" project name and adjustment amount of the adjustment of closing balance in previous year, etc Nil
45. The assets with the ownership or use right restricted
Othernotes：
Up to June 30, 2017, Jingzhu Expressway Guangzhu Section Co., Ltd., the controlling grandchildren company of the Company, with the toll collection right of Panyu Tangkeng-Zhuhai Jinding section project in Jingzhu expressway, asked for RMB 729,000,000.00 of loan from Guangzhou Wuyang Branch of ICBC to provide pledge guarantee(of which the non-current debt balance with 1-year expiration was RMB 280,000,000.00 and the long-term loan balance was RMB 449,000,000.00).
46. Foreign currency monetary items
(1) Foreign currency monetary items
Nil
(2) Note to oversea entities including: for significant oversea entities, shall disclose main operating place, recording currency and selection basis, if there are changes into recording currency, shall also disclose the reason.□ Applicable√ Not applicable
VIII.Changes of consolidation scope
1.Enterprise consolidation not under the same control
Nil
2. Enterprise consolidation ont under the same control
Nil
3. Counter purchase
Nil
4. The disposal of subsidiary
Nil
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 5. Other reasons for the changes in combination scope
Nil
6.Other
Nil
IX. Equity in other entities
1. Equity in subsidiary
(1) The structure of the enterprise group
||||||||
|-|-|-|-|-|-|-|
|Name of|Main Places of|Registration|Nature of|Shareholding Ratio (%)||Obtaining|
|Subsidiary|Operation|Place|Business|direct|indirect|Method|
|||||||Under the same|
|Guangdong Fokai|||||||
||||Expressway||||
|Expressway Co.,|Foshan|Guangzhou||100.00%||control business|
||||Management||||
|Ltd.||||||combination|
|||||||Under the same|
|Guangfo|||||||
||||Expressway||||
|Expressway Co.,|Guangzhou|Guangzhou||75.00%||control business|
||||Management||||
|Ltd.||||||combination|
||||Investment in||||
|Guangdong|||||||
||||technical||||
|Expressway|||||||
|Technology|Guangzhou|Guangzhou|industries and|100.00%||Investment|
|Investment Co.,|||provision of||||
|Ltd.|||||||
||||relevant||||
|Guangzhuo|||||||
|Guangzhu Traffic||||||Under the same|
||||Investment||||
|Investment|Guangzhou|Guangzhou||100.00%||control business|
||||management||||
|Management Co.,||||||combination|
|Ltd.|||||||
|Jingzhu|||||||
|||||||Under the same|
|Expressway|||||||
||||Expressway||||
|Guangzhu|Zhongshan|Guangzhou||20.00%|55.00%|control business|
||||Management||||
|Section Co.,Ltd.||||||combination|
|（Notes）|||||||

Notes: holding proportion in subsidiary different from voting proportion:
Nil
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Basis of holding half or less voting rights but still been controlled investee and holding more than half of the voting rights not been controlled investee:
Nil
Significant structure entities and controlling basis in the scope of combination:
Nil
Othernotes：
Nil
(2) Important Non-wholly-owned Subsidiary
In RMB
||||||
|-|-|-|-|-|
|||Profit or Loss Owned by|Dividends Distributed to||
||Shareholding Ratio of|||Equity Balance of the|
|||the Minority|the Minority||
|Name of Subsidiary|Minority Shareholders|||Minority Shareholders in|
|||Shareholders in the|Shareholders in the||
||(%)|||the End of the Period|
|||Current Period|Current Period||
|Guangfo Expressway|||||
||25.00%|24,594,618.60||113,356,792.40|
|Co., Ltd.|||||
|Jingzhu Expressway|||||
|Guangzhu Section|25.00%|73,069,508.19||538,802,621.79|
|Co.,Ltd.|||||

Holding proportion of minority shareholder in subsidiary different from voting proportion:
Nil
Othernotes：
Nil
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 (3) The main financial information of significant not wholly owned subsidiary
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Year-end balance||||||Year-beginning balance||||||
|Name|Current assets|Non current||Current|Non current|||Non current|Total assets|Current|Non current||
||||Total assets|||Total liabilities|Current assets|||||Total liabilities|
|||assets||Liabilities|liabilities|||assets||Liabilities|liabilities||
|Guangfo|||||||||||||
|Expressway|467,866,940.87|19,270,172.27|487,137,113.14|33,709,943.52||33,709,943.52|338,006,190.88|59,194,753.95|397,200,944.83|42,152,249.63||42,152,249.63|
|Co., Ltd.|||||||||||||
|Jingzhu|||||||||||||
|Expressway|||||||||||||
|Guangzhu|732,295,794.14|2,808,612,088.62|3,540,907,882.76|483,878,583.91|1,457,823,404.11|1,941,701,988.02|385,446,003.69|2,934,252,031.69|3,319,698,035.38|547,397,234.64|1,465,372,938.76|2,012,770,173.40|
|Section|||||||||||||
|Co.,Ltd.|||||||||||||

In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||Amount of current period||||Amount of previous period||||
||||Total||||Total|Cash flows fromoperating activities|
|Name||||Cash flows from|||||
||Business income|Net profit|Comprehensive||Business income|Net profit|Comprehensive||
|||||operating activities|||||
||||income||||income||
|Guangfo|||||||||
|Expressway|201,131,785.00|98,378,474.42|98,378,474.42|129,165,512.93|192,164,999.38|41,079,773.35|41,079,773.35|135,089,476.99|
|Co., Ltd.|||||||||
|Jingzhu|||||||||
|Expressway|631,857,976.08|292,278,032.76|292,278,032.76|443,338,931.03|553,201,818.43|227,227,929.93|227,227,929.93|383,888,033.30|
|Guangzhu|||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||
|-|
|Section|
|Co.,Ltd.|

Othernotes：
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 (4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
Nil
(5) Provide financial support or other support for structure entities incorporate into the scope of
consolidated financial statements
Nil
2. The transaction of the Company with itsowner’s equity share changed but still controlling the subsidiaryNil。
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
||||||||
|-|-|-|-|-|-|-|
|||||Proportion||Accounting|
|||||||treatment of the|
||Main operating|||||investment of|
|Name||Registration place|Business nature||||
||place|||Directly|Indirectly|joint venture or|
|||||||associated|
|||||||enterprise|
|Guangdong|||||||
|Guanghui|Guangzhou,|Guangzhou,|Expressway||||
|||||30.00%||Equity method|
|Expressway Co.,|Guangdong|Guangdong|Management||||
|Ltd.|||||||
|Zhaoqing|||||||
||Zhaoqing,|Zhaoqing,|||||
|Yuezhao|||Expressway||||
|||||25.00%||Equity method|
|Highway Co.,|Guangdong|Guangdong|Management||||
|Ltd.|||||||
|Shenzhen Huiyan|||||||
||Shenzhen|Shenzhen|Expressway||||
|Expressway Co.,||||33.33%||Equity method|
||Guangdong|Guangdong|Management||||
|Ltd.|||||||
|Guangdong|||||||
|Jiangzhong|Zhongshan ,|Guangzhou,Guan|Expressway||||
|||||15.00%||Equity method|
|Expressway Co.,|Guangdong|gdong|Management||||
|Ltd.|||||||
|Ganzhou kangda|||||||
||Gangzhou,|Gangzhou,|Expressway||||
|Expressway Co.,||||30.00%||Equity method|
||Jiangxi|Jiangxi|Management||||
|Ltd.|||||||
|Ganzhou|||||||
|Gankang|Gangzhou,|Gangzhou,|Expressway||||
|||||30.00%||Equity method|
|Expressway Co.,|Jiangxi|Jiangxi|Management||||
|Ltd.|||||||
|Guangdong|Guangzhou,|Guangzhou,|Hande all kinds|20.00%||Equity method|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||
|-|-|-|-|
|Yueke|Guangdong|Guangdong|of small loans|
|Technology Petty||||
|Loan Co., Ltd.||||

Notes to holding proportion of joint venture or associated enterprise different from voting proportion:
Nil
Basis of holding less than20% of the voting rights but has a significant impact or holding20% or more voting rights but does not have a significant impact:
Guangdong, Jiangzhong Expressway Co., Ltd and Asian Kitchen & Bath City Co., Ltd.. holds20% of the voting rights, but has the power to participate in making decisions on their financial and op erating decisions, and therefore deemed to be able to exert significant influence over the investee.
(2) Main financial information of significant joint venture
In RMB
||||||
|-|-|-|-|-|
||Year-end balance/ Amount of current period||Year-beginning balance/ Amount of previous period||
||Guangdong Guanghui|Zhaoqing Yuezhao|Guangdong Guanghui|Zhaoqing Yuezhao|
||Expressway Co., Ltd.|Highway Co., Ltd.|Expressway Co., Ltd.|Highway Co., Ltd.|
|Current assets|688,266,473.00|108,846,373.49|398,201,907.66|217,772,715.63|
|Including：Cash and cash|||||
||632,592,085.76|91,418,506.13|119,447,466.86|199,426,500.59|
|equivalent|||||
|Non-current assets|4,249,285,664.54|1,723,857,530.48|4,288,934,082.82|1,780,232,314.01|
|Total assets|4,937,552,137.54|1,832,703,903.97|4,687,135,990.48|1,998,005,029.64|
|Current liabilities|394,585,555.48|131,636,738.67|330,054,720.57|178,262,191.50|
|Non-current liabilities|1,173,000,071.00|627,980,792.85|1,144,392,235.39|626,350,940.66|
|Total liabilities|1,567,585,626.48|759,617,531.52|1,474,446,955.96|804,613,132.16|
|Attributable to|||||
|shareholders of the|3,369,966,511.06|1,073,086,372.45|3,212,689,034.52|1,193,391,897.48|
|parent company|||||
|Share of net assets|||||
||1,010,989,953.32|268,271,593.11|963,806,710.36|298,347,974.37|
|calculated by stake|||||
|Book value of equity|||||
|investment in joint|1,010,989,953.32|268,271,593.11|963,806,710.36|298,347,974.37|
|ventures|||||
|Operating income|856,966,099.09|247,342,570.61|812,080,255.90|291,189,867.43|
|Financial expenses|24,124,233.53|14,270,879.40|24,546,983.30|17,627,552.31|
|Income tax expenses|142,913,805.63|34,089,839.29|127,408,913.87|40,562,875.14|
|Net profit|427,632,054.17|100,385,189.33|381,440,117.48|126,554,442.44|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||
|-|-|-|-|-|
|Total comprehensive|||||
||427,632,054.17|100,385,189.33|381,440,117.48|126,554,442.44|
|income|||||
|Dividends received|||||
|fromjoint ventures this|81,106,373.29|55,172,678.59|105,000,000.00|37,376,405.10|
|year|||||

Other notes
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 (3) Main financial information of significant associated enterprise
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Year-end balance/ Amount of current period|||||Year-beginning balance/ Amount of previous period|||||
||Shenzhen|Guangdong||Ganzhou||Shenzhen|Guangdong||Ganzhou||
||||||Guangdong Yueke|||||Guangdong Yueke|
||Huiyan|Jiangzhong|Ganzhou Kangda|Gankang||Huiyan|Jiangzhong|Ganzhou Kangda|Gankang||
||||||Technology Petty|||||Technology Petty|
||Expressway|Expressway Co.,|Expressway|Expressway Co.,||Expressway Co.,|Expressway Co.,|Expressway|Expressway Co.,||
||||||Loan Co., Ltd|||||Loan Co., Ltd|
||Co., Ltd.|Ltd.||Ltd.||Ltd.|Ltd.||Ltd.||
|Current assets|421,432,200.56|82,676,516.31|60,901,360.51|403,102,026.06|1,475,791,832.65|361,323,243.16|70,211,690.33|23,183,297.78|379,477,241.75|1,631,773,621.73|
|Non-current assets|148,133,020.62|1,815,515,502.50|1,526,047,687.53|1,460,261,506.40|40,444,328.46|160,643,504.53|1,923,663,451.58|1,549,188,958.89|1,487,207,118.19|40,580,700.27|
|Total assets|569,565,221.18|1,898,192,018.81|1,586,949,048.04|1,863,363,532.46|1,516,236,161.11|521,966,747.69|1,993,875,141.91|1,572,372,256.67|1,866,684,359.94|1,672,354,322.00|
|Current liabilities|33,414,635.29|99,369,473.85|52,035,306.87|111,203,826.38|143,606,180.96|34,660,293.62|512,668,986.06|68,710,800.33|118,070,797.51|336,978,730.26|
|Non-current|||||||||||
|||596,500,000.00|804,771,566.48|1,048,204,518.54|2,006,250.00||324,500,000.00|823,203,903.47|1,048,589,599.46|20,757.29|
|Liabilities|||||||||||
|Total liabilities|33,414,635.29|695,869,473.85|856,806,873.35|1,159,408,344.92|145,612,430.96|34,660,293.62|837,168,986.06|891,914,703.80|1,166,660,396.97|336,999,487.55|
|Minority|||||||||||
|Shareholders’|||||293,892,793.89|||||292,531,920.59|
|Equity|||||||||||
|hareholders’|||||||||||
|equity attributable|||||||||||
|to shareholders of|536,150,585.89|1,202,322,544.96|730,142,174.69|703,955,187.54|1,076,730,936.26|487,306,454.07|1,156,706,155.85|680,457,552.87|700,023,962.97|1,042,822,913.86|
|the parent|||||||||||
|company|||||||||||
|Pro rata share of th|||||||||||
|e net assets calcula|178,716,861.96|180,348,381.74|219,042,652.41|211,186,556.26|215,346,187.25|162,435,484.69|173,505,923.37|204,137,265.86|210,007,188.89|208,564,582.77|
|ted|||||||||||
|The book value of|178,716,861.96|180,348,381.74|219,042,652.41|211,186,556.26|215,346,187.25|162,435,484.69|173,505,923.37|204,137,265.86|210,007,188.89|208,564,582.77|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|equity investments|||||||||||
|in joint ventures|||||||||||
|Buinsess incme|111,790,599.41|230,951,536.63|124,080,732.78|71,517,295.42|82,267,976.87|106,414,977.95|205,492,811.90|118,131,984.73|81,660,482.24|46,518,656.73|
|Net profit|48,844,131.82|45,616,389.11|49,684,621.82|3,931,224.57|44,169,388.24|40,699,196.38|23,496,720.59|39,904,996.63|12,866,914.80|27,503,000.00|
|Total|||||||||||
|comprehensive|48,844,131.82|45,616,389.11|49,684,621.82|3,931,224.57|44,169,388.24|40,699,196.38|23,496,720.59|39,904,996.63|12,866,914.80|27,503,000.00|
|income|||||||||||

Other notes
The project amount for the balance sheet in the previous period is the timing indicator on December 31, 2016, and the project amount in the income statement is that from January to June, 2016.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 (4) Summary financial information of insignificant joint venture or associated enterprise
Nil
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds to the Company
Nil
（6）The excess loss of joint venture or associated enterprise
Nil
(7) The unrecognized commitment related to joint venture investment
Nil
(8) Contingent liabilities related to joint venture or associated enterprise investment
Nil
4. Significant common operation
Nil
5. Equity of structure entity not including in the scope of consolidated financial statements
Notes：
Nil
6.Other
Nil
X. Risks Related to Financial Instruments
The major financial instruments of the company include monetary capital, accounts receivable and accounts payable. These financial instruments are primarily related to operating and financing. For the details of the financial instruments, please refer to the related projects in Notes 5. The risk relevant to these financial instruments and the risk management policy adopted by the company for reducing these risks are described as below:
1. Credit Risk
The credit risk means that the party of the financial instrument fails to perform the obligations, and the risk of the financial loss is caused for the other party. The company is mainly facing the customer credit risk due to the credit sale. In order to reduce the credit risk, the company only makes transactions with the recognized and reputable customers, and carries out the continuous monitoring of accounts receivable through monitoring the credit of the existing customers and the aging analysis, in order to ensure the company not facing the risk of bad debts and control the overall credit risk within the controllable range.
2. Interest Rate Risk
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 The interest rate risk refers to the fluctuation risk appearing for the fair value of financial instruments or future cash flows due to the changes in market interest rate. The interest rate risk faced by the company is mainly from the bank borrowings. Through the establishment of good relations between banks and enterprises, the company makes the reasonable design of credit range, credit variety and credit limit to guarantee the sufficient credit range of the banks and meet the financing demands. Shortening the duration of single borrowings and especially stating the prepayment terms is to reasonably reduce the risk of the interest rate fluctuations.
3. Foreign Exchange Risk
The foreign exchange risk refers to the fluctuation risk appearing for the fair value of financial instruments or future cash flows due to the changes in foreign exchange rate. The company matches the income and expenditure of foreign currency as far as possible in order to reduce the foreign exchange risk. During the reporting period, the company has little effect on the foreign exchange risk due to the short credit term of revenue and expenditure related to the foreign currency.
4. Liquidity Risk
The liquidity risk means that the risk of the shortage of funds occurs when the settlement obligations by the delivery of the cash or other financial assets are fulfilled by the company. The policy of the company is to ensure the sufficient cash for repaying the matured debts. The liquidity risk is under the centralized control of Finance department of the company, and Finance department shall guarantee the company having the sufficient funds to repay the debts under any reasonable forecast through monitoring the cash balance, the marketable securities available to be cash and the rolling forecast for the cash flow of the next six months.
5. Other Price Risk
The company holds the equity investment of other listed companies, and the management believes that these investments facing the market price risk is acceptable. For the equity investment of other listed companies held by the company, please refer to “Available-for-Sale Financial Assets in Article 8 of Consolidated Financial Statement in Notes 5 of Financial Statements”.
XI. The disclosure of the fair value
1. Closing fair value of assets and liabilities calculated by fair value
In RMB
||||||
|-|-|-|-|-|
||Closing fair value||||
|Items|Fir value measurement|Fir value measurement|Fir value measurement||
|||||Total|
||items at level 1|items at level 2|items at level 3||
|I. Consistent fair value|||||
||--|--|--|--|
|measurement|||||
|（II）Available-for-sale Financial|||||
||952,782,523.20|||952,782,523.20|
|Assets|||||
|（2）Equity instrument investment|952,782,523.20|||952,782,523.20|
|Total of Consistent fair value|||||
||952,782,523.20|||952,782,523.20|
|measurement|||||
|II.Non-continuous measurement fair|--|--|--|--|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||
|-|
|value|

2. Market price recognition basis for consistent and inconsistent fair value measurement items at level 1.
As at the end of the period, the company holds shares 235,254,944 shares of China Everbright Bank
According to the closing price of June 30, 2017 of RMB 4.05, the final calculation of fair value was
RMB952,782,523.20.
3. Valuation technique adopted and nature and amount determination of important parameters for
consistent and inconsistent fair value measurement items at level 2.
Nil
5. Sensitiveness analysis on unobservable parameters and adjustment information between opening and
closing book value of consistent fair value measurement items at level 3.
Nil
5. Sensitiveness analysis on unobservable parameters and adjustment information between opening and
closing book value of consistent fair value measurement items at level 3.
Nil
6. Explain the reason for conversion and the policy governing when the conversion happens if conversion happens among consistent fair value measurement items at different levels
Nil
7. Changes in the valuation technique in the current period and the reason for change
Nil
8. Fair value of financial assets and liabilities not measured at fair value
Nil
9.Other
Nil
XII. Related parties and related-party transactions
1. Parent company information of the enterprise
|||||||
|-|-|-|-|-|-|
|||||The parent company||
|Name|Registered address|Nature|Redistricted||The parent company|
|||||of the Company's||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||
|-|-|-|-|-|-|
||||capital(RMB’0000)|shareholding ratio|of the Company’s|
||||||vote ratio|
||No. 27,|Equity management,||||
|Guangdong||traffic infrastructure||||
|communication|Baiyun Road,Yuexiu|construction and|26,800 million|24.55%|50.11%|
|Group Co., Ltd|District ,|railway project||||
||Guangzhou.|operation||||

Notes：
Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal representative: Deng Xiaohua. Date of establishment: June 23, 2000. As of June 30, 2017,Registered capital: RMB 26.8 billion. It is a solely state-owned limited company. Businessscope：equity management, organization of asset reorganization and optimized allocation, raising funds by means including mortgage, transfer of property rights and joint stock system transformation, project investment, operation and management, traffic infrastructure construction, highway and railway project operation and relevant industries, technological development, application, consultation and services, highway and railway passenger and cargo transport, ship industry, relevant overseas businesses
（if the above mentioned business scope requires licenses to operate, then operation licenses arerequired）. The finial control of the Company was State owned assets supervision and Administration Commission of Guangdong Provincial People's Government.
Othernotes：
2.Subsidiaries of the Company
Subsidiaries of this enterprise, see Note IX the rights of other entity
3. Information on the joint ventures and associated enterprises of the Company
The details Notes IX of significant joint venture and associated enterprise of the Company
Information on other joint venture and associated enterprise of occurring related party transactions with the Company in reporting period, or form balance due to related party transactions in previous period:
Nil
4. Other Related parties
|||
|-|-|
|Name|Relation with the Company|
|Guangdong Changda highway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Maozhan Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Xinyue Traffic Investment Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Highway Construction Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong East Thinking Management Technology||
||Fully owned subsidiary of the parent company|
|Development Co., Ltd.||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||
|-|-|
|Name|Relation with the Company|
||Controlled by the same parent company and equity participation|
|Jingzhu Expressway Guangzhu Section Co., Ltd.||
||unit|
|Guangdong Kaiyang Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Guangle Expressway Co.,Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Guanghui Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Shenshan west Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Yangmao Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Yunwu Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Taishan Coastal Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Yunfu Guangyun Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Yuzhan Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Zhaoqing Guanghe Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong West coastal Expressway Taoshan Section Co.,||
||Fully owned subsidiary of the parent company|
|Ltd.||
|Guangdong West coastal Expressway Yangjiang Section Co.,||
||Fully owned subsidiary of the parent company|
|Ltd.||
|Guangdong Zhaoyang Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Zhanxu Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Baomao Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Boda Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Chaohui Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Guangfozhao Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
||Controlled by the same parent company and equity participation|
|Guangdong Guangzhu West Expressway Co., Ltd.||
||unit|
||Controlled by the same parent company and equity participation|
|Guangdong Humen Bridge Co., Ltd.||
||unit|
|Guangdong Jiangzhong Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Litong Technology Investment Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong West coastal Expressway Xinhui Section Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong West coastal Expressway Zhuhai Section Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Yueyun Communication Co., Ltd.|Fully owned subsidiary of the parent company|
|Guang –Shen-Zhu Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Xinlu Adverting Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Tongyi Expressway Service Area Co., Ltd|Fully owned subsidiary of the parent company|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||
|-|-|
|Name|Relation with the Company|
|Guangdong Litong Real Estate Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Road & Bridge Construction Development Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Meihe Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Two Guang Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Heyuan Helong Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Yuedong Expressway Industry Development Co.,||
||Fully owned subsidiary of the parent company|
|Ltd.||
|Guangdong Hehui Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Pingxing Expressway Co., Ltd.|Fully owned subsidiary of the parent company|
|Guangdong Gaoda Property Development Co., Ltd.|Fully owned subsidiary of the parent company|

Other notes
5. List of related-party transactions
(1)Information on acquisition of goods and reception of labor service
Acquisition of goods and reception of labor service
In RMB
|||||||
|-|-|-|-|-|-|
|||Amount of|Amount of previous|||
||Content of related|||Over the trading|Amount of last|
|Related parties||||||
||transaction|current period|period|limit or not?|period|
|Guangdong Changda highway||||||
||Project fund|4,238,698.53|||5,106,838.40|
|Co., Ltd.||||||
|Guangdong Expressway Co.,|Expansion|||||
||||||922,029.51|
|Ltd.|management fee|||||
||Calculate the|||||
|Guangdong Maozhan||||||
||weight of car||||50,750.00|
|Expressway Co., Ltd.||||||
||rental|||||
|Guangdong Litong Technology||||||
||Project fund|203,850.00|||158,850.00|
|Investment Co., Ltd.||||||
|Guangdong Xinyue||||||
|Communication Investment|Project fund|55,800.00|||36,000.00|
|Co., Ltd.||||||
|Guangdong Highway||||||
||Interest||||37,356,795.08|
|Construction Co., Ltd.||||||
|Ganzhou Gankang Expressway|Interest|1,051,109.99|||1,180,876.67|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||
|-|-|-|-|-|-|
|||Amount of|Amount of previous|||
||Content of related|||Over the trading|Amount of last|
|Related parties||||||
||transaction|current period|period|limit or not?|period|
|Co.,Ltd.||||||
|Guangdong Changda highway||||||
||Project fund|1,924,312.81||||
|Co., Ltd.||||||
|Guangdong Xinyue||||||
|Communication Investment Co.,|Project fund|36,761.81||||
|Ltd||||||
|Guangdong East Thinking||||||
|Management Technology|Service|178,066.11||||
|Development Co., Ltd.||||||
|Guangdong Changda highway||||||
||Project fund|634,217.37|||338,293.60|
|Co., Ltd.||||||

Related transactions on sale goods and receiving services
In RMB
|||||
|-|-|-|-|
|||Amount of current period|Amount of previous|
|Related party|Content|||
||||period|
|Jingzhu Expressway Guangzhu North section Co.,|Commission|||
|||7,852,830.20|8,190,490.55|
|Ltd.|management fee|||
|Guangdong Expressway Co., Ltd.|Project fund|2,094,489.63|2,062,650.00|
|Guangdong Kaiyang Expressway Co., Ltd.|Project fund|235,922.47|224,035.68|
|Guangdong Guangle Expressway Co., Ltd.|Project fund|200,943.40||
|Guangdong Guanghui Expressway Co., Ltd.|Project fund|147,169.81|303,890.00|
|Guangdong Shenshan West Expressway Co., Ltd.|Project fund||75,000.00|
|Guangdong Yangmao Expressway Co., Ltd.|Project fund||51,000.00|
|Guangdong Maozhan Expressway Co., Ltd.|Project fund||91,500.00|
|Guangdong Yunwu Expressway Co., Ltd.|Project fund|108,962.26|66,000.00|
|Guangodng Taishan Coastal Expressway Co., Ltd.|Project fund|||
|Guangyun Expressway Co., Ltd.|Project fund|28,301.89|13,500.00|
|Guangdong Yuzhan Expressway Co., Ltd.|Project fund||85,500.00|
|Zhaoqing Guangmao Expressway Co., Ltd.|Project fund|53,773.58||
|Zhaoqing Yuezhao Highway Co., Ltd.|Project fund|192,452.83|52,500.00|
|Guangdong West coastal Expressway Taishan||||
||Project fund||84,000.00|
|Section Co., Ltd.||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||
|-|-|-|-|
|||Amount of current period|Amount of previous|
|Related party|Content|||
||||period|
|Guangdong West coastal Expressway Yangjiang||||
||Project fund||30,000.00|
|Section Co., Ltd.||||
|Guangdong Zhaoyang Expressway Co., Ltd.|Project fund||60,000.00|
|Guangdong Zhanxu Expressway Co., Ltd.|Project fund||91,500.00|
|Guangdong Baomao Expressway Co., Ltd.|Project fund||90,000.00|
|Guangdong Boda Expressway Co., Ltd.|Project fund|106,132.08||
|Guangdong Chaohui Expressway Co., Ltd.|Project fund|192,452.83||
|Guangdong Guangfozhao Expressway Co., Ltd.|Project fund|141,509.43||
|Guangdong Guangzhu west Expressway Co., Ltd.|Project fund|449,056.61||
|Guangdong Humen Bridge Co., Ltd.|Project fund|19,811.32||
|Guangdong Jiangzhong Expressway Co., Ltd.|Project fund|83,490.57||
|Guangdong Litong Technology Investment Co.,||||
||Project fund|95,000.00||
|Ltd.||||
|Guangdong West coastal Expressway Xinhui||||
||Project fund|7,075.47||
|Section Co., Ltd.||||
|Guangdong West coastal Expressway Zhuhai||||
||Project fund|107,547.17||
|Section Co., Ltd.||||
|Guangdong Xinyue Communication Investment||||
||Project fund|259,260.13||
|Co., Ltd||||
|Guangdong Yueyun Conunication Co., ltd.|Project fund|51,415.10||
|Guang-Shen-Zhu Expressway Co., Ltd.|Project fund|594,339.64||
|Shenzhen Huiyan Expressway Co., Ltd.|Project fund|64,622.64||

Notes
（2）Related trusteeship/contract
Nil
（3）Information of related lease
The Company waslessor：
In RMB
|||||
|-|-|-|-|
|||The lease income confirmed in|The lease income confirmed in|
|Name of lessee|Category of lease assets|||
|||this year|last year|
|Guangdong Xinlu Advertising Co., Ltd.|Advertising lease|1,151,248.50|73,843.20|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||
|-|-|-|-|
|Guangdong Tongyi Expressway Service||||
||Service Area Lease|1,689,033.25|1,857,376.40|
|Area Co., Ltd.||||

The company waslessee：
In RMB
|||||
|-|-|-|-|
|||The lease income confirmed in||
|Lessor|Category of leased assets||Category of leased assets|
|||this year||
|Guangdong Litong Property|Office space|||
|||4,900,613.34|4,410,552.00|
|Investment Co., Ltd||||
|Guangdong Guanghui|Advertising column lease|||
||||696,800.00|
|Expressway Co., Ltd.||||
|Guangdong Highway||||
||Office space|||
|||109,182.36|77,631.84|
|Construction Co., Ltd.||||

Notes
（4）Related-party guarantee
The Company was Guarantor
Nil
The Company was secured party
In RMB
||||||
|-|-|-|-|-|
|||||Execution accomplished|
|Guarantor|Guarantee amount|Start date|End date||
|||||or not|
|Guangdong|||||
|Communication Group|1,500,000,000.00|September 25,2012|July 25,2021|No|
|Co., Ltd.|||||

Notes:
Controlling shareholder Guangdong Communication Group Co., Ltd. accepted Pacific Asset Management Co., Ltd. insurance debt investment plan to provide joint liability guarantee of principal and interest in full and unconditional irrevocable. The company held Fokai Expressway Co., Ltd.75% stake in Guangdong Communication Group Co., Ltd. to provide a counter-guarantee.
(5) Inter-bank lending of capital of related parties
Nil
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 (6) Related party asset transfer and debt restructuring
Nil
(7) Rewards for the key management personnel
In RMB
||||
|-|-|-|
||Amount of current period|Amount of previous period|
|Items|||
|Rewards for the key management|2,058,400.00|1,908,000.00|

 (8) Other related-party transactions
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Balance of Deposit|||
|Interest Income||1,864,277.66|
|Pricing Principle|Refer to deposit interest rate at the corresponding period of Bank of China||

The Company's subsidiary, Jingzhu Expressway Guangzhu Section Co., Ltd. signed a cancellation agreement with Guangdong Communications Group Finance Co., Ltd. on June 29, 2016, and transferred out the balance of funds deposited with Guangdong Communications Group Finance Co., Ltd.
- Approved by the “Reply on Approving Guangdong Provincial Expressway Development Co., Ltd Issue of Share and Cash to Buy Assets and Raise Matching Funds to Guangdong Provincial Expressway Co., Ltd. ”ofCSRC’s Permission[2016] No.230, the Company purchased thecreditor’s rights with RMB 987,903,684.98 in Jingzhu Expressway Guangzhu Section Co., Ltd. from Guangdong Provincial Expressway Co., Ltd. on June 2016
-On June 15, 2016,Thecompany’s 29th meeting (Provisional) of the seventh board of directors was convened. The Proposal on Entrustment of Construction Management of the Renovation and Expansion Project of Sanbao-to-Shuikou Section of Shengyang-to-Haikou National Expressway was deliberated in the meeting, agreed that Guangdong Provincial Fokai Expressway Co., Ltd entrusts Guangdong Provincial Highway Construction Co., Ltd with the construction management of the renovation and expansion project of Sanbao-to-Shuikou Section of Shengyang-to-Haikou National Expressway, and handling the related matters of the entrustment of the construction management.
6. Receivables and payables of related parties
（1）Receivables
In RMB
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||
|-|-|-|-|-|-|
|||Amount at year end||Amount at year beginning||
|Name|Related party|||||
|||Balance of Book|Bad debt Provision|Balance of Book|Bad debt Provision|
||Guangdong Xinyue|||||
|Account receivable|Communication Co.,|4,025,036.61|90,962.37|5,333,036.61||
||Ltd.|||||
||Guangdong Humen|||||
|Account receivable||22,370,278.73||5,095,878.42||
||Bridge Co., Ltd.|||||
||Jingzhu Expressway|||||
|Account receivable|Guangzhu Section|4,195,124.99||4,812,500.02||
||Co., Ltd.|||||
||Guangdong Litong|||||
|Account receivable|Technology|100,177.00||813,200.00||
||Investment Co., Ltd.|||||
||Guangdong West|||||
||coastal Expressway|||||
|Account receivable||298,194.00|18,419.40|259,194.00|18,419.40|
||Zhuhai Section Co.,|||||
||Ltd.|||||
||Guangdong Kaiyang|||||
|Account receivable|Expressway Co.,|420,449.97|4,425.00|178,414.29||
||Ltd.|||||
||Guangdong|||||
|Account receivable|Expressway Co.,|2,250,650.00|2,937.50|117,500.00||
||Ltd.|||||
||Guangdong|||||
|Account receivable|Expressway Co.,|41,610.00|3,411.00|50,610.00|3,411.00|
||Ltd.|||||
||Guangdong|||||
||Guanghui|||||
|Account receivable||155,999.00||||
||Expressway Co.,|||||
||Ltd.|||||
||Guang-Shen-Zhu|||||
|Account receivable|Expressway Co.,|189,000.00||||
||Ltd.|||||
||Guangdong Boda|||||
|Account receivable|Expressway Co.,|112,500.00||||
||Ltd.|||||
||Guangdong|||||
||Jiangzhong|||||
|Account receivable||88,500.00||||
||Expressway Co.,|||||
||Ltd.|||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||
|-|-|-|-|-|-|
|||Amount at year end||Amount at year beginning||
|Name|Related party|||||
|||Balance of Book|Bad debt Provision|Balance of Book|Bad debt Provision|
||Guangdong Yueyun|||||
|Account receivable|Communication Co.,|21,500.00||||
||Ltd.|||||
||Guangdong|||||
||Guangzhu West|||||
|Account receivable||248,000.00||||
||Expressway Co.,|||||
||Ltd.|||||
||Guangdong Guangle|||||
|Account receivable|Expressway Co.,|213,000.00||||
||Ltd.|||||
||Zhaoqing Yuezhao|||||
|Account receivable||204,000.00||||
||Highway Co., Ltd.|||||
||Guangdong Chaohui|||||
|Account receivable|Expressway Co.,|204,000.00||||
||Ltd.|||||
||Guangdong|||||
||Guangfozhao|||||
|Account receivable||150,000.00||||
||Expressway Co.,|||||
||Ltd.|||||
||Guangdong Yunwu|||||
|Account receivable|Expressway Co.,|115,500.00||||
||Ltd.|||||
||Shenzhen Huiyan|||||
|Account receivable|Expressway Co.,|68,500.00||||
||Ltd.|||||
||Zhaoqing Guanghe|||||
|Account receivable|Expressway Co.,|57,000.00||||
||Ltd.|||||
||Yunfu Guangyun|||||
|Account receivable|Expressway Co.,|30,000.00||||
||Ltd.|||||
||Guangdong Litong|||||
|Prepayable account|Property Investment|||700,087.62||
||Co., Ltd.|||||
||Zhaoqing Yuezhao|||||
|Prepayable account||131,250.00||131,250.00||
||Highway Co., Ltd.|||||
||Guangdong Tongyi|||||
|Other Account||||9,170,589.80||
||Expressway Service|||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||
|-|-|-|-|-|-|
|||Amount at year end||Amount at year beginning||
|Name|Related party|||||
|||Balance of Book|Bad debt Provision|Balance of Book|Bad debt Provision|
|receivable|Area Co., ltd.|||||
|Other Account|Guangdong Xinlu|||||
|||1,589,781.22||1,589,781.22||
|receivable|Advertising Co., Ltd|||||
||Guangdong Litong|||||
|Other Account||||||
||Property Investment|35,680.00||1,435,856.00||
|receivable||||||
||Co., Ltd.|||||
||Guangdong|||||
|Other Account|Guanghui|||||
|||1,112,967.45||1,140,901.90||
|receivable|Expressway Co.,|||||
||Ltd.|||||
|Other Account|Guangdong|||||
|||656,754.05||821,759.56||
|receivable|Expressway Co., ltd.|||||
||Guangdong|||||
|Other Account||||||
||Expressway Co., ltd.|419,326.00||419,326.00||
|receivable||||||
||Zhaoqing Guanghe|||||
|Other Account||||||
||Expressway Co.,|163,620.63||202,257.23||
|receivable||||||
||Ltd.|||||
||Guangdong Xinyue|||||
|Other Account||||||
||Communication|168,562.60||168,562.60||
|receivable||||||
||Investment Co., Ltd.|||||
||Guang-Shen-Zhu|||||
|Other Account||||||
||Expressway Co.,|121,280.00||146,737.75||
|receivable||||||
||Ltd.|||||
||Guangdong Kaiyang|||||
|Other Account||||||
||Expressway Co.,|||109,943.37||
|receivable||||||
||Ltd.|||||
||Guangdong|||||
|Other Account|Highway|||||
|||76,563.00||84,575.88||
|receivable|Construction Co.,|||||
||Ltd.|||||
||Guangdong Jingzhu|||||
|Other Account|Expressway|||||
|||55,694.00||55,694.00||
|receivable|Guangzhu North|||||
||Section Co., Ltd.|||||
|Other Account|Guangdong Guangle|||||
|||4,832.00||51,029.05||
|receivable|Expressway Co.,|||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||
|-|-|-|-|-|-|
|||Amount at year end||Amount at year beginning||
|Name|Related party|||||
|||Balance of Book|Bad debt Provision|Balance of Book|Bad debt Provision|
||Ltd.|||||
||Guangdong Boda|||||
|Other Account||||||
||Expressway Co.,|45,480.00||45,735.46||
|receivable||||||
||Ltd.|||||
||Guangdong|||||
|Other Account|Yangmao|||||
|||||35,214.28||
|receivable|Expressway Co.,|||||
||Ltd.|||||
||Guangdong West|||||
|Other Account|Coastal Expressway|||||
|||31,945.45||31,945.45||
|receivable|Zhuhai section Co.,|||||
||Ltd.|||||
||Guangdong|||||
|Other Account|Jiangzhong|||||
|||19,708.00||20,607.68||
|receivable|Expressway Co.,|||||
||Ltd.|||||
||Guangdong Road &|||||
|Other Account|Bridge Construction|||||
|||9,327.70||12,669.38||
|receivable|Development Co.,|||||
||Ltd.|||||
||Guangdong|||||
|Other Account|Maozhan|||||
|||||11,402.00||
|receivable|Expressway Co.,|||||
||Ltd.|||||
||Yunfu Guangyun|||||
|Other Account||||||
||Expressway Co.,|||9,269.17||
|receivable||||||
||Ltd.|||||
|Other Account|Guangdong Humen|||||
|||8,338.00||8,692.22||
|receivable|Bridge Co., Ltd.|||||
||Guangdong Yunwu|||||
|Other Account||||||
||Expressway Co.,|||6,811.45||
|receivable||||||
||Ltd.|||||
||Guangdong West|||||
|Other Account|Coastal Expressway|||||
|||3,790.00||3,790.00||
|receivable|Xinhui Section Co.,|||||
||Ltd.|||||
|Other Account|Guangdong Yueyun|||||
|||3,032.00||3,032.00||
|receivable|Communication Co.,|||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||
|-|-|-|-|-|-|
|||Amount at year end||Amount at year beginning||
|Name|Related party|||||
|||Balance of Book|Bad debt Provision|Balance of Book|Bad debt Provision|
||Ltd.|||||
||Guangdong Meihe|||||
|Other Account||||||
||Expressway Co.,|||1,780.00||
|receivable||||||
||Ltd.|||||
||Guangdong Two|||||
|Other Account||||||
||Guang Expressway|||1,585.66||
|receivable||||||
||Co., Ltd.|||||
||Heyuan Helong|||||
|Other Account||||||
||Expressway Co.,|||1,180.74||
|receivable||||||
||Ltd.|||||
||Guangdong Yuedong|||||
|Other Account|Expressway Industry|||||
|||||367.45||
|receivable|Development Co.,|||||
||Ltd.|||||
||Guangdong Chaohui|||||
|Other Account||||||
||Expressway Co.,|||342.29||
|receivable||||||
||Ltd.|||||
||Guangdong Hehui|||||
|Other Account||||||
||Expressway Co.,|||188.53||
|receivable||||||
||Ltd.|||||
||Guangdong|||||
|Other Account|Zhaoyang|||||
|||||186.11||
|receivable|Expressway Co.,|||||
||Ltd.|||||
||Guangdong Pingxing|||||
|Other Account||||||
||Expressway Co.,|||111.05||
|receivable||||||
||Ltd.|||||
||Guangdong|||||
|Other Account|Guangzhu West|||||
|||166,585.00|6,594.60|||
|receivable|Expressway Co.,|||||
||Ltd.|||||
||Guangdong Gaoda|||||
|Other Account|Property|||||
|||9,940.70||||
|receivable|Development Co.,|||||
||Ltd.|||||
||Guangdong Changda|||||
|Other Account||||||
||Highway|7,748.00||||
|receivable||||||
||Engineering Co.,|||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||||
|-|-|-|-|-|-|
|||Amount at year end||Amount at year beginning||
|Name|Related party|||||
|||Balance of Book|Bad debt Provision|Balance of Book|Bad debt Provision|
||Ltd.|||||
||Guangdong Litong|||||
|Other Account||||||
||Technology|5,273.00||||
|receivable||||||
||Investment Co., Ltd.|||||
||Guangdong Changda|||||
|Other Non-Current|Highway|||||
|||65,037.01||455,259.04||
|Assets|Engineering Co.,|||||
||Ltd.|||||
||Guangdong Xinyue|||||
|Other Non-Current||||||
||Communication|4,588.15||4,588.15||
|Assets||||||
||Investment Co., Ltd|||||

（2）Payables
In RMB
|||||
|-|-|-|-|
|Name|Related party|Amount at year end|Amount at year beginning|
||Guangdong Highway Construction Co.,|||
|Account payable||75,980,021.00|133,928,111.00|
||Ltd.|||
||Guangdong Changda Highway|||
|Account payable||3,940,228.29|21,464,454.62|
||Engineering Co.,Ltd.|||
|Account payable|Guangdong Expressway Co., Ltd.|8,746,491.18|8,746,491.18|
||Guangdong Xinyue Communication|||
|Account payable||3,478,650.65|4,342,684.85|
||Investment Co., Ltd|||
||uangdong Hualu communication|||
|Account payable||572,189.89|2,492,830.89|
||Technology Co., Ltd.|||
|Account payable|Guangdong Lulutong Co., Ltd.||136,500.00|
|Account payable|Zhaoqing Yuezhao Highway Co., Ltd.||19,500.00|
||Guangdong Litong Technology|||
|Account payable||158,850.00||
||Investment Co., Ltd.|||
|Interest payable|Ganzhou Gankang Expressway Co., Ltd.||71,371.67|
||Guangdong Xinyue Communication|||
|Advances account||160,000.00||
||Investment Co., Ltd.|||
||Guangdong Changda Highway|||
|Other Payable account||12,050,680.14|42,399,234.18|
||Engineering Co.,Ltd.|||
||Guangdong Xinyue Communication|||
|Other Payable account||1,241,574.70|2,036,630.68|
||Investment Co., Ltd.|||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
|||||
|-|-|-|-|
|Name|Related party|Amount at year end|Amount at year beginning|
||Guangdong Litong Technology|||
|Other Payable account||448,542.95|448,542.95|
||Investment Co., Ltd.|||
||Guangdong Hualu Communication|||
|Other Payable account||62,894.40|207,736.40|
||Technology Co., Ltd.|||
||Guangdong Hualu Communication|||
|Other Payable account||224,674.26|140,100.65|
||Technology Co., Ltd.|||
|Other Payable account|Guangdong Xinlu Adverting Co., Ltd.|70,000.00|70,000.00|
|Other Payable account|Guangdong Expressway Co., Ltd.||63,398.31|
||Guangdong Tongyi Expressway Service|||
|Other Payable account||120,000.00|20,000.00|
||Area Co., Ltd.|||
|Other Payable account|Guangdong Lulutong Co., Ltd.|17,249.80|17,249.80|
||Guangdong Litong Information|||
|Other Payable account||16,376.20|16,376.20|
||Technology Investment Co., Ltd.|||
||Guangdong West Coastal Expressway|||
|Other Payable account|||2,667.96|
||Co., Ltd.|||
||Guangdong Jingzhu Expressway|||
|Other Payable account||93,575.00|1,172.00|
||Guangzhu North Section Co., Ltd.|||
||Guangdong Baomao Expressway Co.,|||
|Other Payable account|||662.16|
||Ltd.|||
||Guangdong Jiangzhong Expressway Co.,|||
|Other Payable account||x|289.81|
||Ltd.|||
||Guangdong Road & Bridge Construction|||
|Other Payable account|||270.72|
||Development Co., Ltd.|||
||Guangdong Highway Construction Co.,|||
|Other Payable account||14,951.83|176.02|
||Ltd.|||
||Guangdong Shanfen Expressway Co.,|||
|Other Payable account|||110.35|
||Ltd.|||
|Non current liabilities due||||
||Ganzhou Gankang Expressway Co., Ltd.||50,000,000.00|
|within one year||||
|Non current liabilities due||||
||Subtotal||50,000,000.00|
|within one year||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 7. Related party commitment
See XIV Commitments and Contingency
XIII. Stock payment
1. The Stock payment overall situation
□ Applicable√ Not applicable
2. The Stock payment settled by equity
□ Applicable√ Not applicable
3. The Stock payment settled by cash
□ Applicable√ Not applicable
4. Modification and termination of the stock payment
Nil
5.Other
XIV. Commitments
1. Significant commitments
Significant commitments at balance sheet date
(1)On June 15, 2016, theCompany’s 29th meeting (Provisional) of the seventh board of directors was convened. 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 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 extraordinary general shareholder meeting, The Company had received the approval of the National Development and Reform comission about the uandongProvincial Santbao-Shuikou Expressway Section Rebubuilding and Expansion Project(NO.187-2016-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
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 this project is about RMB 3.513 billion(the static investment is about RMB 3.289 billion), of which the project capital is RMB 1.23 billion 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 of RMB 2,283 billion 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, 2017, The accumulated expenses occurred of Guangdong Fokai Expressway Co.,Ltd was RMB 559,681,300.
⑵On July 7, 2016, theCompany’s 31st meeting (Provisional) of the seventh board of directors was convened. In the meeting, the Proposal on theCompany’s Subscription of the Non-publicly Issued A-shares by Guoyuan Securities Co.,Ltd was examined and approved, agreed that the company shall not invest more than RMB 0.8 billion for the subscription of the non-publicly issued A-shares by Guoyuan Securities Co.,Ltd. The matter was examined and approved at the Third provisional shareholders' general meeting in 2016 on August 4, 2016. As of June 30,2017, the company has not yet invested.
2. Contingency
(1) Significant contingency at balance sheet date
This matter. did not occur in this accounting period.
(2) The Company have no significant contingency to disclose, also should be stated
There was no significant contingency in the Company.
3.Other
XV. Enents after balance sheet date
1. Significant events had not adjusted
The 8th session (temporary) of the 8th Board of Directors for the company is convoked in April 7, 2017, which deliberates and approves the Program on the Acquisition and Merger of Guangdong Fokai Expressway Co., Ltd. by Guangdong Expressway Development Co., Ltd., agrees on such company acquisition and merger of the wholly-owned subsidiary Guangdong Fokai Expressway Co., Ltd.; and authorizes the management team to handle all issues related to such acquisition and merger including but not limited to signing on the acquisition and merger agreement, handling of relevant assets and personnel transfer and handling of the industrial and commercial registration of changes, etc. Such authority is valid for the long term before completion of all relevant issues for the acquisition and merger. Such issue is already approved by the general meeting of shareholders in 2016. Until the end of the report date, the company has already established Fokai company as a subsidiary of Guangdong Expressway Development Co., Ltd. and received assets and business of Guangdong Fokai Expressway Co., Ltd.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 2.Profit distribution
Nil
3.Sales return
Nil
4.Notes of other significant event after balance sheet date
Nil l
XVI.Other significant events
1.The accounting errors correction in previous period
This matter. did not occur in this accounting period. During the reporting period.
2.Debt restructuring
This matter. did not occur in this accounting period. During the reporting period.
3.Replacement of assets
This matter. did not occur in this accounting period. During the reporting period.
4.Pension plan
The company does not disclose the pension plan undisclosed matter should exist.
5.Discontinuing operation
This matter. did not occur in this accounting period. During the reporting period,.
6. Segment information
(1) Recognition basis and accounting policies of reportable segment
The company's business for the Guangfo Expressway , the Fokai Expressway and Jingzhu Expressway Guangzhu Section toll collection and maintenance work, the technology industry and provide investment advice, no other nature of the business, no reportable segment.
2.Other important transactions and events have an impact on investors decision-making
(1)The toll collection period of Jiujiang Bridge of No. 325 National Highway owned by Jiujiang Bridge
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 Branch of Guangdong Fokai Expressway Co., Ltd., a controlled subsidiary of the Company, which was approved by Ministry of Communications, is 30 years. Up to the present, the accumulative toll collection period is 25 years. According to the Notice of Relevant Matters Concerning Quickening Special Clearing of Toll Highways in Guangdong Province (Yue Jiao Ming Dian (2013) No. 56 Document), the rectification measure proposed for Jiujiang Bridge is "toll collection period shall be no more than 20 years". The result of rectification is "toll collection shall be cancelled due to the expiration of toll collection period." As required by this document, Jiujiang Bridge will stop toll collection from 24:00 of June 30, 2013. Jiujiang Bridge is a construction project in which an enterprise under provincial administration invested. As for relevant problems occurred after rectification, the Provincial State-owned Assets Commission shall coordinate in handling such problems according to the requirements of the document.
In view of the cancellation of tolls, the relevant assets on Jiujiang Bridge are neither owned or controlled by the company, nor brings any economic benefits to enterprise in future. According to the provision of Accounting Standards, the company has made disposal of the assets at the end of 2013, and the relevant losses have been recorded into the annual expenses outside of operation in 2013.
In May 2014, the company received Guangdong Provincial People's Government Office documents on the opinions of the compensation for cancellation fee of Jiujiang Bridge as follow. The loss to the company resulted from the early cancellation of Jiujiang Bridge toll fee will be compensated by Guangdong Communication Group. The provincial SASAC conjunction with relevant units will examine the compensation amount base on Provincial Legal Office; work with Provincial Department of Finance to make the compensation arrangements for provincial government to approve.
Approved by the Jiujiang Bridge early termination fee the amount of loss caused to 140,765,667.68 yuan, to be divided from 2015 included three years of state-owned capital management budget arrangements. In view of the recovery period is not yet clear, the company intends to recognized operating income when received.
Fokai Expressway Co., Ltd. had received in advance of Jiujiang Bridge cancellation fees compensate for the loss of funds RMB 20 million, 60.77 million and 59.9957 million on August 7, 2015 , June 16, 2016 and June 29,2017, the extra operating income the company has confirmed.
(2)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 to traffic has been restored.
On June19,2007， 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-navigation bridge pier and caused the collapsion of part of the Jiujiang bridge. The accident was an uNilateral responsibility of the ship.
On July19,2007，Fokai Company applied preservation of property to Guangzhou Maritime Court.On August22,2007，Fokai Company officially prosecuted to Guangzhou Maritime Court, asking Foshan South Sea Shipping Company Limited and Yang Xiong to undertake the conpensation 25,587,684 yuan for the loss caused by
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 collapsion 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 was suspended.
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 accident investigation report was 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, the Guangzhou Maritime Court issued a notice of civil and eliminate the cause of suspension of proceedings, the court decided to resume the trial. On December 19, 2013, the Guangzhou Maritime Court opened a court session, has not yet made the first-instance judgment. On March 7, 2014 the Court made the first instance verdict: the defendant Foshan Nanhai Yuhang ship Services Co., Ltd. and Yang Xiong compensated the plaintiff Fokai Expressway Co., Ltd. toll revenue losses of RMB 19,357,500.96; the court dismissed the plaintiff other aspirations. 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 the investigation on April 21, 2017.
(3)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. The amount of proceeds to be raised is not more than RMB 1.5 billion . Floating interest rate plus guaranteed 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 transferred into theCompany’s account and the corresponding days of the future years, which shall be adjusted 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 Company shall apply. The final interest rate is subject to investment Contract for Bond Investment Plan between Pacific and Guangdong Expressway Filed with CIRC. It was approved to authorize the management of the Company to implement the above-mentioned matters.
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 company has borrowed RMB 1.5 billion.
⑷In accordance with YWJMZZ[2001] No. 547 Reply about the Guangfo Expressway Co., Ltd. Capital Increase and Change into Chinese-Foreign Cooperative Enterprise and Others issued by Department of Foreign Trade and Economic Cooperation of Guangdong, the cooperation term for Guangfo will terminate on July 31, 2017. GuangdongPeople’s Government issued GuangdongPeople’sGovernment’s Reply on the Charging Period for Guangfo Expressway Reconstruction and Expansion Project (YFH[2016] No.156) on June 3, 2016, and agreed to approve that the charging period for Guangfo Expressway reconstruction and expansion project would be from the date completion and opening for traffic to December 7, 2021. In accordance with the Reply to ForeignShareholders’ Proposal on Extending the Cooperation Period with Guangfo Expressway Co., Ltd.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017(YJJT[2017]No. 50) by Guangdong Traffic Group Co., Ltd. on April 7, 2017, it agrees on the cooperation period extent to December 7, 2019 of Guangfo Expressway Co., Ltd. subject to the existedshareholder’s structure. On June 27, 2017, Guangfo Expressway Co., Ltd. makes a resolution in the
9th
Session of the
8th
Board of Directors, which specifies the cooperation period extent to December 7, 2019 subject to the existedshareholder’s structure. Guangfo Expressway Co., Ltd. handles the industrial and commercial registration of changes on July 6, 2017 and the road property with the depreciation subject to the traffic flow is accrued sufficiently in February 2017. The cooperation period change of Guangfo Expressway Co., Ltd. has non influence on the company business performance.
⑸On February 5, 2016, the company received the 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(CSRC No.230-2016 Zheng Jian Xu ke) issued from CSRC; thecompany’s scheme on share-issuance for purchasing assets and raising matching funds had been examined and approved by the Audit Committee of CSRC on Verifying and Approving Mergers, Acquisitions and Restructuring of Listed Companies. The company has completed asset restructuring in June 2016.
During the profit compensation period, in the case that the actual profits of the underlying company were less than the committed profits, respectively the counterparts of Guangdong Provincial Expressway Co., Ltd and Guangdong Provincial Highway Construction Co., Ltd shall assume the obligation of compensation for the profit difference according to their equity proportion of Guangdong Provincial Fokai Expressway Co., Ltd and Guangzhou Guangzhu Traffic Investment Management Co., Ltd. The profit compensation period is three years from 2016-2018.
Agreed by the company and Guangdong Provincial Expressway Co., Ltd, the profits of Fokai Expressway Co., Ltd in year-2016, year-2017 and year-2018 by estimation shall accordingly be RMB 250.6973 million, RMB 260.0802 million and RMB 403.1197 million, with the aggregated non-recurring gains and losses were expected to be RMB 105.5743 million. During the compensation period, in the case that the cumulative net profits of Fokai Expressway Co., Ltd in a certain year realized at the end of the year are less than the estimated cumulative net profits of the year, the company will, at the price of RMB1.0 per share, buy-back the shares calculated in accordance with the agreement for the purpose of compensation and those shares will be written off, and if the amount of compensation exceeds the consideration of those shares being bought-back, Guangdong Provincial Expressway Co., Ltd will compensate that part in cash. At the expiration of the compensation period, if the accumulative actual non-recurring gains and losses (referring to thegovernment’s compensation to Guangdong Provincial Fokai Expressway Co., Ltd due to the cancellation of toll charge of Jiujiang bridge, hereinafter shortly named as “Jiujiang Bridge Compensation”) of Fokai Expressway Co., Ltd were less than the estimated accumulative non-recurring gains and losses, Guangdong Provincial Expressway Co., Ltd will, upon the basis of the stake proportion held by G Fokai Expressway Co., Ltd before the major asset restructuring, compensate in cash to the company in accordance with the agreement; If it is after the expiration of the compensation period, every time when Fokai Expressway Co., Ltd received Jiujiang Bridge Compensation, the company should refund the corresponding part which had been paid by Guangdong Provincial Expressway Co., Ltd for the compensation in accordance with the agreement to Guangdong Provincial Expressway Co., Ltd within 30 working days started from the date G Fokai Expressway Co., Ltd received such compensation.
Agreed by the company and Guangdong Provincial Highway Construction Co., Ltd, the profits of Guangzhou Guangzhu Traffic Investment Management Co., Ltd in year-2016, year-2017 and year-2018 by estimation shall accordingly be RMB 230.3606 million, RMB 263.2329 million and RMB 286.5018 million. During the compensation period, in the case that the cumulative net profits of Guangzhou Guangzhu Traffic Investment Management Co., Ltd realized at the end of the year are less than the estimated cumulative net profits
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 of the year, the company will, at the price of RMB1.0 per share, buy-back the shares held by Guangdong Provincial Highway Construction Co., Ltd with the quantity being calculated upon the agreement for compensation and those shares will be written off.
Guangdong Fokai Expressway Co., Ltd. in 2016 the actual profit (excluding non-) by RMB 286.1655 million, more than the commitment to profit more than RMB 35.4682 million; Guangzhou Guangzhu Traffic Investment Management Co., Ltd. 2016 annual profit of RMB 271.7759 million, More than the commitment to profit more than RMB 41.4153 million.
⑹On July 15, 2016, the company received the writing notice from Yadong Fuxing Investment Co.,Ltd-one of thecompany’s shareholders. Yadong Fuxing had signed the Financing Agreement by Pledging A-shares of Guangdong Provincial Expressway Development Co.,Ltd with Guotai Junan Securities Co., Ltd, of which Yadong Fuxing pledged 202,429,000 shares that account for9.68% of thecompany’s total share capital to Guotai Junan Securities Co., Ltd, which was mainly for the enterprise financing, with the pledge period started from July 13, 2016.
As of the date this financial report was approved for disclosure, Yadong Fuxing Company holds 202,429,149 A-shares of the company that account for9.68% of thecompany’s total share capital, of which 202,429, 000shares-9.68% of thecompany’s total share capital were pledged, and the pledged shares account for99.99993% of the total shares of the company held by Yadong Fuxing.
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 XVII..Notes s of main items in financial reports of parent company
1.Other account receivable
（1）Other account receivable classified by category
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Year-end balance|||||Year-beginning|||||||
||Book balance||Provision for bad debts|||Book balance|||Provision for bad debts||||
|Classification|||||Amount|B|||||Amount|Proporti|
|||Proportio||Proportio||Proporti||Proportio||Proportion(|||
||Amount||Amount|||on(A%m) o|unt||Amount|||on(%)|
|||n(%)||n(%)||||n(%)||%)|||
|Other Account receivable with single major|||||||||||||
|amount and withdrawal bad debt provision|32,084,893.35|79.89%|32,084,893.35|100.00%||32,084,893.35||89.20%|32,084,893.35|100.00%|||
|for single item|||||||||||||
|Other Account receivable withdrawal bad|||||||||||||
|debt provision by group of credit risk|8,077,335.07|20.11%|1,533,987.26|18.99%|6,543,347.81|3,884,252.50||10.80%|1,533,987.26|39.49%|2,350,265.24||
|characteristics|||||||||||||
|Total|40,162,228.42|100.00%|33,618,880.61|83.71%|6,543,347.81|35,969,145.85||100.00%|33,618,880.61|93.47%|2,350,265.24||

 Other Receivable accounts with large amount individually and bad debt provisions were provided
√Applicable□Not applicable
In RMB
||||||
|-|-|-|-|-|
||Balance at year-end||||
|Name|Other|Provision for|Proportion||
|||||Reason|
||receivable|bad debts|%||
|Kunlun Securities|32,084,893.35|32,084,893.35|100.00%|For the balance amount of our company’s secutity trading settlement funds RMB 33,683,774.79 deposited in Kunlun Securities Co., Ltd., The|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||
|-|-|-|-|-|
|Co., Ltd.||||Xin’Ning Municipal intermediate People’s Court of Qinghai Province had made the judgment in accordance with the law and declared on November|
|||||11, 2006. that Kunlun Securities Co., ltd. was bankrupted for debt payment . In March of 2007, the liquidating group of Kunlun Securities preliminary|
|||||judged the relationship between our company and Kunlun Securities Co., Ltd.is debtor creditor relationship . as Kunlun Securities Co., Ltd.was|
|||||bankrupted for debt payment and it is in serious insolvency. Our company had moved the security trading settlement funds deposited in Kunlun|
|||||Securities Co., Ltd, to other receivables account for reflection, we also have made full amount provision for had debts based on conservatism|
|||||principle. The recovered debt amount in 2008 is RMB485,392.67 which had been offset from the provision for bad debts. The recovered debt amount|
|||||in 2011 is RMB 667,959.27 which had been offset from the provision for bad, The recovered debt amount in 2014 is RMB 445,529.50 which had|
|||||been offset from the provision for bad debts.debts.|
|Total|32,084,893.35|32,084,893.35|--|--|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 In the groups, other accounts receivable adopting aging analysis method to withdraw bad debt provision:
√Applicable□Not applicable
In RMB
|||||
|-|-|-|-|
||Balance at year-end|||
|Aging||||
||Other receivable|Provision for bad debts|Proportion%|
|Subitem within 1 year||||
|Within 1 year|1,104,396.11|||
|Subtotal within 1 year|1,104,396.11|||
|1-2 years|||10.00%|
|2-3 years|||30.00%|
|3-4 years|||50.00%|
|4-5 years|||90.00%|
|Over 5 years|1,533,987.26|1,533,987.26|100.00%|
|Total|2,638,383.37|1,533,987.26|58.14%|

 Notes
Refer to "Notes 5 the financial statements of the important accounting policies and accounting estimates
In the groups, other accounts receivable adopting balance percentage method to withdraw bad debt provision:□ Applicable√ Not applicable
In the groups, other accounts receivable adopting other methods to withdraw bad debt provision:
√ Applicable□Not applicable
||||||
|-|-|-|-|-|
|Name|Balance at year-end||||
||Other receivable|Bad debtprovision|Proportion（%）|Reason|
|Beijing Shibang Weilishi Property ManagementServices Co., Ltd.|393,331.00|||Deposit|
|Guangdong Gaoda Property DevelopmentDevelopment Co., Ltd.|9,940.70|||Deposit|
|Guangdong Litong Real estate Investment Co.,Ltd.|35,680.00|||Deposit|
|Hunan Tendering Co., Ltd.|5,000,000.00|||Guarantee|
|Total|5,438,951.70||||

（2）Bad debt provision withdrawal, reversed or recovered in the report period
Nil
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017（3）Particulars of the actual verification of other accounts receivable during the reporting period
Nil
（4）Other receivables nature of fund classification information
In RMB
||||
|-|-|-|
|Nature|Book balance at year end|Book balance at year beginning|
|Securities trading settlement funds balance|32,084,893.35|32,084,893.35|
|Guarantee deposit|5,438,951.70|1,829,187.00|
|Other|2,638,383.37|2,055,065.50|
|Total|40,162,228.42|35,969,145.85|

（5）The top five other account receivable classified by debtor at period end
In RMB
|||||||
|-|-|-|-|-|-|
||||||Closing balance of|
|Name|Nature|Closing balance|Aging|Proportion%||
||||||bad debt provision|
||Securities trading se|||||
||||Over 5|||
|Kunlun Securities Co., Ltd.||32,084,893.35||79.88%|32,084,893.35|
||ttlement funds||years|||
||||Within 1|||
|Hunan Tendering Co., Ltd.|Deposit|5,000,000.00||12.45%||
||||year|||
|Heshan Communication Real|||Over 5|||
||Current accounts|1,470,000.00||3.66%|1,470,000.00|
|estate Development Co., Ltd.|||years|||
|Beijing Shibang Weilishi Property||||||
||Deposit|393,331.00|4-5 years|0.98%||
|Managerment Servises Co., Ltd.||||||
|Guangdong Xiangfeng||||||
||||Within 1|||
|International Travel Service Co.,|Current accounts|147,289.00||0.37%||
||||year|||
|Ltd.||||||
|Total|--|39,095,513.35|--|97.34%|33,554,893.35|

（6）Account receivable involving government subsidies
Nil
（7）Other account receivable derecognized due to the transfer of financial assets
Nil
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017（8）Amount of transfer other account receivable and assets and liabilities formed by its continuous involvement. Nil
Othernotes：
2. Long- term s equity investment
In RMB
||||||||
|-|-|-|-|-|-|-|
|Items|Year-end balance|||Year-beginning balance|||
|||Bad debt|||Bad debt||
||Book balance||Book value|Book balance||Book value|
|||provision|||provision||
|Investment to thesubsidiary|||||||
||5,165,162,219.66||5,165,162,219.66|5,165,162,219.66||5,165,162,219.66|
|Investment tojoint ventures andassociatedenterprises|||||||
||2,283,902,186.05||2,283,902,186.05|2,220,805,130.31||2,220,805,130.31|
|Total|7,449,064,405.71||7,449,064,405.71|7,385,967,349.97||7,385,967,349.97|

（1）Investment to the subsidiary
In RMB
||||||||
|-|-|-|-|-|-|-|
||||||Withdrawn||
|||||||Closing balance|
||||||impairment||
|Name|Opening balance|Increase|Decrease|Closing balance||of impairment|
||||||provision in the||
|||||||provision|
||||||reporting period||
|Guangfo|||||||
|Expressway Co.,|154,982,475.25|||154,982,475.25|||
|ltd.|||||||
|Guangdong|||||||
|Expressway|||||||
|Technology|95,731,882.42|||95,731,882.42|||
|Investment Co.,|||||||
|Ltd.|||||||
|Guangdong Fokai|||||||
|Expressway Co.,|3,635,997,210.85|||3,635,997,210.85|||
|Ltd.|||||||
|Guangzhou|||||||
|Guangzhu|||||||
|Communication|859,345,204.26|||859,345,204.26|||
|Investment|||||||
|Management Co.,|||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Ltd.|||
|Jingzhu|||
|Expressway|||
||419,105,446.88|419,105,446.88|
|Guangzhu Section|||
|Co., Ltd.|||
|Total|5,165,162,219.66|5,165,162,219.66|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017（2）Investment to joint ventures and associated enterprises
In RMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||Increase /decrease in reporting period||||||||||
||||||||||||Closing|
||||||Adjustme|||||||
|||||||||Withdraw|||balance|
||||Decrease||nt of|||||||
|||Add||||Other||n|||of|
|Name|Opening balance||d||other||Declaration of cash dividends|||Closing balance||
|||investmen||Gain/loss of Investment||equity||impairme|Other||impairme|
||||investmen||comprehe||or profit|||||
|||t||||changes||nt|||nt|
||||t||nsive|||||||
|||||||||provision|||provision|
||||||income|||||||
|I. Joint ventures||||||||||||
|Guangdong Guanghui||||||||||||
||963,806,710.36|||128,289,616.25|||81,106,373.29|||1,010,989,953.32||
|Expressway Co., Ltd.||||||||||||
|ZhaoqingYuezhao||||||||||||
||298,347,974.37|||25,096,297.33|||55,172,678.59|||268,271,593.11||
|Highway Co., Ltd.||||||||||||
|Subtotal|1,262,154,684.73|||153,385,913.58|||136,279,051.88|||1,279,261,546.43||
|II. Associated enterprises||||||||||||
|ShenzhenHuiyan||||||||||||
||162,435,484.69|||16,281,377.27||||||178,716,861.96||
|Expressway Co., Ltd.||||||||||||
|Guangdong Jiangzhong||||||||||||
||173,505,923.37|||6,842,458.37||||||180,348,381.74||
|Expressway Co., Ltd.||||||||||||
|Ganzhou Kangda||||||||||||
||204,137,265.86|||14,905,386.55||||||219,042,652.41||
|Expressway Co., Ltd.||||||||||||
|Ganzhou Gankang||||||||||||
||210,007,188.89|||1,179,367.37||||||211,186,556.26||
|Expressway Co., Ltd.||||||||||||

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||||
|-|-|-|-|-|
|Guangdong Yueke|||||
|Technology Petty Loan|208,564,582.77|6,781,604.48||215,346,187.25|
|Co., Ltd.|||||
|Subtotal|958,650,445.58|45,990,194.04||1,004,640,639.62|
|Total|2,220,805,130.31|199,376,107.62|136,279,051.88|2,283,902,186.05|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017（3）Other notes
3. Business income and Business cost
In RMB
||||||
|-|-|-|-|-|
||Amount of current period||Amount of previous period||
|Items|||||
||Revenue|Cost|Revenue|Cost|
|Other business|38,224,276.41|232,106.70|10,505,002.81|232,106.70|
|Total|38,224,276.41|232,106.70|10,505,002.81|232,106.70|

 Othernotes：
4.Investment income
In RMB
||||
|-|-|-|
||Amount of current period|Amount of previous period|
|Items|||
|Long-term equity investment income|||
||707,304,426.29|30,798,695.03|
|accounted by cost method|||
|Long-term equity investment income|||
||199,376,107.62|215,901,030.71|
|accounted by equity method|||
|Investment income received from holding of|||
||24,054,256.82|45,697,711.66|
|available-for –sale financial assets|||
|Total|930,734,790.73|292,397,437.40|

 XVIII. Supplement information
1. Particulars about current non-recurring gains and loss
√ Applicable□Not applicable
In RMB
||||
|-|-|-|
|Items|Amount|Notes|
|Gains/losses from the disposal of|||
||-2,629,016.43||
|non-current asset|||
|||It receives the compensation|
|Other non-business income and expenditures||59,995,667.68 yuan for early termination|
||61,828,620.75||
|other than the above||of charging for Jiujiang Bridge in the|
|||current period|
|||The department confirms the deferred|
|||income tax totaling 206,421,769.46 yuan|
|Less ：Influenced amount of income tax|-191,689,368.44||
|||for losses of previous years in the current|
|||period|

Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017
||||
|-|-|-|
|Amount of influence of minority interests|-25,439.34||
|Total|250,914,412.10|--|

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 Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurring gains and losses, it is necessary to explain the reason.
□ Applicable√Not applicable
2. Return on equity (ROE) and earnings per share (EPS)
|||||
|-|-|-|-|
|||EPS（Yuan/share）||
|Profit as of reporting period|Weighted average ROE (%)|||
|||EPS-basic|EPS-diluted|
|Net profit attributable to common||0.43|0.43|
||10.55%|||
|shareholders of the Company||||
|Net profit attributable to common||||
|shareholders of the Company after||||
||7.58%|0.31|0.31|
|deduction of non-recurring profit||||
|and loss||||

3. Differences between accounting data under domestic and overseas accounting standards
(1) Differences of net profit and net assets disclosed in financial reports prepared under international and
Chinese accounting standards
□ Applicable√Not applicable
(2) Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards
□ Applicable√Not applicable
(3) Explain reasons for the differences between accounting data under domestic and overseas accounting standards, for audit data adjusting differences had been foreign audited, should indicate the name of the
foreign institutions
Nil
4.Other
Nil
Guangdong Provincial Expressway Development Co.., Ltd. The Semi-Annual Report 2017 XI. Documents available for inspection
I. Financial Statements signed by and under the seal of the legal representative, chief accountant and accounting supervisors;
II. All the manuscripts of theCompany’s documents and announcements disclosed in the newspapers designated by China Securities Regulatory Commission.