TigerResearch/tigerbot-earning-plugin huggingface dataset:
Terms to be defined Refers to Definition Reporting period, This year Refers to January 1, 2022 to December 31, 2022 Reporting date Refers to
The annual report of the company was approved by the board of directors on 2022, that isMarch 20, 2023
YOY Refers to Compared with 2021
The Company /This Company Refers to Guangdong Provincial Expressway Development Co.,Ltd. Communication Group Refers to Guangdong Communication Group Co., Ltd.
Guangfo Company Refers to Guangdong Guangfo Expressway Co., Ltd.
Guangdong Expressway Capital Refers to Yuegao Capital Investment (Guangzhou) Co., Ltd. Guanghui Company Refers to Guangdong Guanghui Expressway Co., Ltd.
Guangdong Expressway Technology
Refers to Guangdong Expressway Technology Investment Co., Ltd.
II. Company Profile& Financial Highlights.
1.Company Profile
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
Company (if any)
粤高速
English name (If any) Guangdong Provincial Expressway Development Co.Ltd. English abbreviation (If any) GPED
Legal Representative Miao Deshan
Registered address 85 Baiyun Road, Guangzhou, Guangdong Province Postal code of the Registered
510100
Historical change of the
company's registered address
1992—1999,4/F,Dongjian Building,No.503,Dongfeng Road, Guangzhou;Since 1999, 85 Baiyun Road, Guangzhou, Guangdong Province
Office Address
45-46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tianhe Disrtict , Guangzhou
Postal code of the office address 510623
InternetWeb Site www.gpedcl.com E-mail ygs@gdcg.cn
2. Contact person and contact manner
Board secretary Securities affairs Representative
Name Yang Hanming Liang Jirong Contact
46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tianhe District , Guangzhou
45/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tianhe District , Guangzhou
Tel 020-29004619 020-29004523 Fax 020-38787002 020-38787002
E-mail Hmy69@126.com 139221590@qq.com
3. Information disclosure and placed
Newspapers selected by the Company for information disclosure
Securities Times, China Securities, Shanghai Securities Daily and Hongkong Commercial Daily.
Internet website designated by CSRC for publishing the Annual report of the Company
www.cninfo.com.cn
The place where the Annual report is prepared and placed Securities affair Dept of the Company
4.Changes in Registration
Organization Code 91440000190352102M Changes in principal business activities since
listing (if any)
Changes is the controlling shareholder in the On November 2000, In accordance with Cai Guan Zi (2008) No. 109
past (is any) Document ofMinistry of Finance and Yue Ban Han (2000) No. 574 Document
of General Office of Guangdong People's Government, the state-owned shares of Guangdong Expressway originally entrusted to Guangdong Expressway Company (now renamed as "Guangdong Provincial Expressway Co., Ltd.") for management were transferred to Guangdong Communication Group Co., Ltd. for holding and management. After the transfer of state-owned shares,
Guangdong Communication Group Co., Ltd. became the largest shareholder of the Company. The nature of equity was defined as state-owned shares.
5. Other Relevant Information CPAs engaged
Name of the CPAs
Yong Tuo Cerified Public Accountants(Special General Partnership)
Office address:
13/F, 2 Building, No.1 North Street , Guandongdian, Chaoyang District, Beijing
Names of the Certified Public Accountants as the signatories Shi Shaoyu,Huang Zhiyan
The sponsor performing persistent supervision duties engaged by the Company in the reporting period.□Applicable√Not applicable
The Financial advisor performing persistent supervision duties engaged by the Company in the reporting period□Applicable√Not applicable
6.Summary of Accounting data and Financial index
Whether it has retroactive adjustment or re-statement on previous accounting data
Changes of this period over same period of Last year(%)
Operating income(Yuan)4,168,634,113.98 5,288,057,677.93 -21.17% 3,790,348,876.26 Net profit attributable to the shareholders
of the listed company(Yuan)
1,277,069,521.90 1,700,406,981.99 -24.90% 867,842,774.78
Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company(Yuan)
1,311,599,314.34 1,693,091,639.41 -22.53% 704,821,643.20
Cash flow generated by business operation, net(Yuan)
2,752,026,558.38 3,669,744,721.16 -25.01% 2,636,187,241.05
Basic earning per share(Yuan/Share) 0.61 0.81 -24.69% 0.42 Diluted gains per share(Yuan/Share) 0.61 0.81 -24.69% 0.42 Weighted average ROE(%) 14.30% 20.11% -5.81% 8.27%
End of 2022 End of 2021
Changed over last year(%)
End of 2020
Gross assets(Yuan)20,267,197,153.88 18,875,766,799.31 7.37% 19,748,578,658.11 Net assets attributable to shareholders of
the listed company(Yuan)
9,075,877,244.12 8,982,437,985.17 1.04% 7,933,136,499.11
The lower of the company’s net profit before and after the deduction of non-recurring gains and losses in the last three fiscal years is negative, and the auditor's report of the previous year shows that the Company’s going concern ability is uncertain.
The lower of the net profit before and after the deduction of the non-recurring gains and losses is negative.□Yes √No
7.The differences between domestic and international accounting standards
1.Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed in the financial reports of differences in net income and net assets.
□Applicable□√Not applicable None
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards.
□Applicable √Not applicable None
8.Main Financial Index by Quarters
In RMB
First quarter Second quarter Third quarter Fourth quarter
Operating income 1,066,130,065.73 991,290,743.95 1,230,638,061.98 880,575,242.32 Net profit attributable to the shareholders of the listed
430,950,001.90 342,836,849.78 417,932,338.24 85,350,331.98
Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company
404,041,784.19 339,048,311.00 416,174,263.76 152,334,955.39
Net Cash flow generated by business operation 771,364,037.16 672,187,229.14 939,303,258.72 369,172,033.36
Whether significant variances exist between the above financial index or the index with its sum and the financial index of the quarterly report as well as semi-annual report index disclosed by the Company.□Yes √No
9.Items and amount of non-current gains and losses√Applicable □Not applicable
Items Amount(2022)Amount(2021)Amount (2020) Notes
Non-current asset disposal gain/loss(including the write-off part for which assets impairment provision is made)
62,389.24 4,350,214.54 -8,261,533.18
Government subsidies recognized in current gain and loss(excluding those closely related to the Company’s business and granted under the state’s policies)
12,414,047.87 16,348,006.07 8,359,291.82
Net gain and loss of the subsidiary under the common control and
produced from enterprise consolidation from the beginning of the period to the consolidation date
546,213,524.55
Gain and loss from change of the fair value arising from transactional monetary assets, transactional financial liabilities as held as well as the investment income arising from disposal of the transactional monetary assets, transactional financial liabilities and financial assets available for sale excluding the effective hedging transaction in connection with the
10,400,000.00
Company’s normal business
Gain/loss from external entrusted loan 25,515.00 The impairment provision for the advance expenses that have occurred
but need to be defined from the source of funds
-97,749,481.71
Net amount of non-operating income and expense except the aforesaid items
-1,798,078.90 -5,840,734.56 -1,069,827.30
Other non-recurring Gains/loss items 14,877,866.34 1,252,349.09 974,321.89 Less :Influenced amount of income tax -5,627,816.96 4,027,139.54 2,214.32 Influenced amount of minor shareholders’equity (after tax) -21,610,132.76 4,767,353.02 383,192,431.88
Total -34,529,792.44 7,315,342.58 163,021,131.58 --
Details of other profit and loss items that meet the non-recurring profit and loss definition√Applicable□Not applicable
Due to the special nature of the impairment provision for management and maintenance expenses advanced by the Guangzhou-Foshan Expressway to be clarified, it will affect the normal judgment of the Company's operating performance and profitability by the user of the report.
For the Company’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.
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.
III.Management Discussion & Analysis
I. Industry information of the Company during the reporting period
The Company's main business is the investment, construction, charging and maintenance management of toll highways and bridges, which shall be classified into the road transport industry.
Highway industry is the basic and leading service industry of national economy, which can rationally allocate relevant resources, improve the quality and efficiency of economic operation, and play a leading role in the transportation industry. As an important part of the highway industry, the expressway is an important national resource, which is characterized by high driving speed, large traffic capacity, low transportation cost and safe driving, and plays an important role in promoting national economic growth, improving people's live quality and safeguarding national security.
With the basic penetration of the "ten-vertical and ten-horizontal" comprehensive transportation corridor and the basic completion of the "71118" national expressway network planning, China's expressway network has been continuously extended, with significantly increased industry development. According to the statistical data of the2021 Statistical Bulletin on Development of Transportation Industry issued by the Ministry of Transport, by the end of 2021, the total mileage of expressways in China has reached 169,100 kilometers, with an increase of 8,100 kilometers, and a year-on-year increase of 5.03%.
Despite the rapid development of China's expressway industry and the initial scale of expressway trunk lines and networks, there is still a certain gap between China and the developed countries in terms of convenience and unobstruction. China's expressway construction focused on connecting large cities above designated scale at first and has turned to inter-provincial connectivity and connected other cities in recent years. There is still a lack of direct and effective connection between some prefecture-level cities with large population and economic aggregate and provincial capitals, as well as between prefecture-level cities. Moreover, the expressway construction in eastern China started earlier and the road network density is high, but the road network density in the vast central and western regions is still low. With China's economic development stepping into a new normal, the national economy is constantly growing, the strategies such as coordinated development of Beijing-Tianjin- Hebei, regional integration of the Yangtze River Delta, development of the Yangtze River Economic Belt, and Guangdong-Hong Kong-Macao Greater Bay Area construction are further advanced, the whole society's demand for supporting services of expressways is expected to increase continuously, and China's expressway industry still witnesses a large development potential in the future.
As an important infrastructure industry for the development of national economy, most of the expressway transportation demands are rigid demands, which are less affected by macroeconomic fluctuations and less cyclical. As the operating income of expressway enterprises is mainly in cash, and the cash flow is abundant, it ensures the stability and security of expressway industry operation and finance. When the economy is booming, the rapid growth of traffic can drive the development of the industry to a certain extent; during the period of economic adjustment, the expressway industry can better resist the market impact caused by macroeconomic changes with its unique rigid demands. Therefore, the expressway industry is characterized by strong anti-risk ability and stable investment income.
In September 2022, theMinistry of Transport issued the "Notice on smooth launch in Phased for Reduction a nd Exemption of Toll Road Truck Tolls". On the basis of continuing to implement the existing various toll reduct ion policies, the national toll roads will be unified for trucks. The fee will be reduced by another 10%, and the ti me frame will start from 00:00 on October 1, 2022 and end at 24:00 on December 31, 2022. This policy will hav e a certain impact on the toll revenue of the company&apos;s shareholding expressway in the fourth quarter of 2022.
II.Main Business the Company is Engaged in During the Report Period
The Company's 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 , Jingzhu Expressway Guangzhu Section and Guanghui Expressway investment in technological industries
and provision of relevant consultation while investing in
Shenzhen Huiyan Expressway Co., Ltd., Guangdong Jiangzhong Expressway Co., Ltd., Zhaoqing Yuezhao Expre ssway Co., Ltd.,Ganzhou Kangda Expressway , Ganzhou Gankang Expressway Co., Ltd.,Guangdong Yueke
Technology Petty Loan Co., Ltd., Guangdong Guangle Expressway Co.,Ltd., Guoyuan Securities Co., Ltd.,
Hunan Lianzhi Technology Co., Ltd., SPIC Yuetong Qiyuan Chip Power Technology Co., Ltd., CMST Nanjing Intelligent Logistics Technology Co., Ltd.and Shenzhen Garage Electric Pile Technology Co., Ltd.
As of the end of the reporting period, the company’s share-controlled expressway is 306.78 km, and the share- participation expressway is 295.88 km.
III. Analysis On core Competitiveness
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”, Jingzhu Expressway Guangzhu Section is a fast and convenient expressway, Guanghui Expressway is an important section of the national key highway-the 15th Hengshanwei to Yunnan Qingshuihe Highway, And many of the company’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, with years’continuous high growth of GDP, so that provides the stable rising demand for the company.
IV.Main business analysis
I.General
(1) The overall situation
In 2022, the Company adhered to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, adhered to the general principle of seeking progress while maintaining stability, coordinated and promoted the implementation of the Company's "Fourteenth Five-Year Plan" strategy and annual key tasks, comprehensively deepened reforms while focusing on main responsibilities and main businesses, fulfilled the responsibilities of state-owned enterprises, progressed solidly in high-quality development, and achieved a state-owned capital value preservation and appreciation rate of 113.98%.
1) Solidly carry out the work related to the reconstruction and expansion of the expressway project. Successfully completed the investment decision-making process for the reconstruction and expansion project of Guangzhou-Zhuhai Section of Beijing-Zhuhai Expressway, a provincial key construction project invested by the company; Continue to follow up the progress of the reconstruction and expansion projects of Zhongshan– Jiangmen Expressway and Huizhou-Shenzhen Expressway, and timely handle the procedures for shareholders' investment according to the construction progress of the construction period to ensure the capital demand of the reconstruction and expansion projects; Carry out preliminary research on the reconstruction and expansion projects of Guangzhou-Zhaoqing Expressway and Guangzhou-Huizhou Expressway.
2) Continuously optimize the layout of state-owned capital. First, efficiently complete the 100% equity transfer of Guangdong Hi-Tech, effectively adjust and optimize the Company's asset structure, and contribute to the Company's centralized main business and efficient development; Second, focus on the national "double carbon" strategy and invest in new energy, new technologies and new platform projects. Relying on the platform of Yuegao Capital, after the investment in Lianzhi Science and Technology Project and Yuetong Qiyuanxin Project was completed in 2020 and 2021, in 2022, add new investment in Nanjing Smart Logistics Technology Co., Ltd. and Shenzhen Garage Electric Pile Technology Co., Ltd. to steadily promote the equity investment business of Yuegao Capital's non-expressway projects and inject new momentum into the sustainable development of Guangdong Expressway.
3) With the goal of reducing costs and increasing efficiency, enhance the vitality of increasing income and creating efficiency. First, strengthen rigid constraints to control costs and expenses, strictly control key links and key areas accurately, organize holding section companies to study effective measures, and fully promote the implementation of the work goal of "achieving the monthly goal by fulfilling ten-day goal and achieving the seasonal goal by fulfilling the monthly goal"; Second, reduce capital cost and improve utilization efficiency. Reduce financial expenses by repaying loans in advance, promoting decrease in interest rate of existing loans, and actively revitalizing existing funds; Third, make overall planning and coordination in advance to guarantee funds. Actively seek low-cost financing by opening up financing channels.
4) Take multiple measures to ensure stability and promote benefits. First, well ensure smooth flow, safety and excellent service. Second, effectively improve the accuracy of inspection escape combat. Third, carry out the road guide, check the navigation software path, rate, service area and site service facility information, mileage and control, construction information, etc. Fourth, strengthen the management of expressway service points and vigorously promote the issuance of ETC.
(2) Participate in the holding of the highway situation
In 2022, the Company's operating income decreased significantly due to the Public health events in the province that spread at multiple points and lasted for a long time, and the 10% toll reduction for toll trucks on toll roads in the fourth quarter. The traffic volume and toll income of participating and holding expressways are as follows:
Volume of vehicle traffic in
2022(Ten thousands vehicles)
/Decrease(%)
Toll income in 2022(Ten thousands)
Increase /Decrease(%
Guangfo Expressway 7,799.42 -1.63% 6,560.05 -85.38% Fokai Expressway 7,648.24 -10.80% 129,621.28 -10.88% Jingzhu Expressway
Guangzhu East Section
5,673.10 -20.83% 90,273.43 -20.87%
Guanghui Expressway 7,550.65 -8.98% 183,121.92 -13.87% Huiyan Expressway 4,471.36 -13.60% 19,950.28 -17.00% Guangzhao Expressway 3,391.71 -11.05% 46,380.80 -13.42% Jiangzhong Expressway 5,117.72 -23.74% 34,198.72 -28.25% Kangda Expressway 116.22 -20.17% 27,485.46 -12.15% Gankang Expressway 393.98 -14.50% 18,879.86 -5.15% Guangle Expressway 3,758.49 -4.28% 289,900.12 -13.62%
Note. According to the informal letter No. 24-[2022] Yue Transportation Operation-"Notice of the Department of Transportation of Guangdong Province on Issues Concerning the Expiration of Toll Collection of Guangfo Expressway" issued by Guangdong Provincial Department of Transportation, Guangfo Expressway shall stop toll collection from 0:00 onMarch 3, 2022.
2. Revenue and cost
(1)Component of Business Income
2022 2021 Increase
/decreaseAmount Proportion Amount Proportion
Total operating revenue 4,168,634,113.98 100% 5,288,057,677.93 100% -21.17% Industry
Highway transportations 4,095,766,725.59 98.25% 5,170,312,170.97 97.77% -20.78% Other 72,867,388.39 1.75% 117,745,506.96 2.23% -38.11% Product
Highway transportations 4,095,766,725.59 98.25% 5,170,312,170.97 97.77% -20.78% Other 72,867,388.39 1.75% 117,745,506.96 2.23% -38.11% Area
Guangfo Expressway 65,600,461.66 1.57% 448,854,642.12 8.49% -85.38% Fokai Expressway 1,296,212,805.59 31.09% 1,454,377,306.80 27.50% -10.88% Jingzhu Expressway Guangzhu Section 902,734,286.55 21.66% 1,140,880,993.81 21.57% -20.87% Guanghui Expressway 1,831,219,171.79 43.93% 2,126,199,228.24 40.21% -13.87% Other 72,867,388.39 1.75% 117,745,506.96 2.23% -38.11% Sub-sales model
Highway transportations 4,095,766,725.59 98.25% 5,170,312,170.97 97.77% -20.78% Other 72,867,388.39 1.75% 117,745,506.96 2.23% -38.11%
(2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profit with Profit over 10%
Turnover Operation cost
Gross profit rate(%)
Increase/decre ase of revenue in the same period of the previous year(%)
Increase/decrea se of business cost over the same period of previous year(%)
Increase/decrea se of gross profit rate over the same period of the previous year(%)
Industry Highway
transportations
4,095,766,725.59 1,550,367,576.44 62.15% -20.78% -17.29% -1.60%
Product Highway
Guangfo Expressway 65,600,461.66 15,920,478.79 75.73% -85.38% -89.09% 8.25% Fokai Expressway 1,296,212,805.59 582,933,531.68 55.03% -10.88% -18.36% 4.13% Jingzhu Expressway
Guangzhu Section
902,734,286.55 342,515,188.62 62.06% -20.87% -7.68% -5.42%
Guanghui Expressway 1,831,219,171.79 608,998,377.35 66.74% -13.87% -5.36% -3.00% Sub-sales model
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main business based on latest on year’s scope of period-end.
(3)Whether the Company’s Physical Sales Income Exceeded Service Income□Yes √No
(4)Degree of Performance of the Significant Sales Contract Signed up to this Report Period□Applicable √Not applicable
(5)Component of business cost Industry category
category Items
2022 2021 Increase/
Decrease(%)AmountProportion in theoperating costs (%) AmountProportion in theoperating costs (%)
and Amortized 1,024,154,288.83 64.56% 1,257,315,758.33 65.16% -18.54%
Out of pocket
expenses 526,213,287.61 33.17% 617,154,159.89 31.99% -14.74%
Other Other 35,981,459.04 2.27% 55,042,107.34 2.85% -34.63%
(6)Whether Changes Occurred in Consolidation Scope in the Report Period
During the reporting period, the Company transferred 100% equity of its wholly-owned subsidiary Guangdong Expressway Technology Investment Co., Ltd. to Guangdong Litong Technology Investment Co., Ltd. on March 29, 2022, which will no longer be included in the scope of consolidated financial statements at the end of this period.
(7)Relevant Situation of Significant Changes or Adjustment of the Business, Product or Service in the Company’s Report Period
(8)Situation ofMain Customers andMain Supplier□Applicable √Not applicable
3.Expenses
2022 2021 Increase/Decrease(%) Notes
Administrative expenses 191,426,081.46 223,605,442.46 -14.39% Financial expenses 191,071,151.10 221,714,312.76 -13.82% R & D expenses 14,591,773.12 13,270,938.73 9.95%