TigerResearch/tigerbot-earning-plugin huggingface dataset:
Guangdong Yangmao Expressway Co., Ltd. Fully owned subsidiary of the parent company Guangdong Zhaoyang Expressway Co., Ltd. Fully owned subsidiary of the parent company Guangzhou Yueyun Traffic Co., Ltd. Fully owned subsidiary of the parent company Jiangmen Jianghe Expressway Co., Ltd. Fully owned subsidiary of the parent company Yunfo Guangyun Expressway Co., Ltd. Fully owned subsidiary of the parent company Guangdong Nanao Traffic Qingyun ExpresswayManagement
Managed by the parent company
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
Related parties
Content of related transaction
Amount of
Over the trading limit or not?
1.Business cost
Poly Changda Engineering Co., Ltd.
Project fund, service
39,604,731.00 25,299,515.00
Guangdong Union electronic services co., Ltd.
Service 23,704,775.99 25,131,901.47
Guangdong Communications Testing Co., Ltd.
10,551,045.00 6,652,840.00
Guangdong Lulutong Co., Ltd.
7,836,175.59 5,775,057.23
Guangdong Feida Traffic Engineering Co., Ltd.
Maintenance 6,372,528.95 7,773,274.29
Guangdong Xinyue Traffic Investment Co., Ltd.
5,487,176.00 4,366,423.49
Guangdong Humen Bridge Co., Ltd. Service 3,524,001.08 3,686,679.96 Guangdong Yueyun Traffic Rescue
Rescue service fee 3,473,440.00 3,343,600.00
Guangzhou Xinyue Asphalt Co., Ltd. Purchase 3,135,448.69 7,587,872.00 Guangdong Hualu Traffic Technology
Project 2,557,895.23 4,512,951.46
Maintenance, Test 3,539,282.52
Guangdong Litong Technology Investment Co., Ltd.
Maintenance 1,700,262.90 1,713,971.99
Guangdong East Thinking Management Technology Development Co., Ltd.
Maintenance, Service
1,458,780.20 687,200.00
Guangdong Communication Planning& Design Institute Co., Ltd.
Project labour service
463,795.00 1,156,607.57
Guangdong Tongyi Expressway Service Area Co., Ltd
Service 102,152.00 1,050,181.10
Guangzhou Aitesi Communication Equipment Co., Ltd.
Project 8,310.00 993,635.40
Guangdong Changchang Road Maintenance Co., Ltd.
Project -77,232.00
Guangzhou Xinyue Traffic Technology Co., Ltd.
Project 8,889,414.00
Hunan LianzhiMonitoring Technology Co., Ltd.
Project 850,700.00
Service 38,603.77
Subtotal 113,442,568.15 109,510,428.73
2.Financial cost
Guangdong Communication Group Finance Co., Ltd.
Borrowing Interest expresses
14,854,227.76 6,494,583.35
Deposit interest income
-25,570,660.76 -39,941,667.46
Commission charge 6,881.51 32,273.93
Interest 122,916.67
Interest 27,405.00
Subtotal -10,586,634.82 -33,387,405.18
3.Administrative expenses
Guangdong Litong Development Investment Co., Ltd.
Management Fee 3,119,747.07 2,085,605.68
maintenance fee 993,500.00
474,905.66 1,654,473.11
Guangdong Lulutong Co., Ltd. Maintenance 67,300.00 Guangdong Tongyi Expressway
Service Area Co., Ltd
Service 16,000.00 57,034.88
Guangdong ExpresswayMedia Co., Ltd.
Public welfare publicity fee
17,556.00
Subtotal 4,671,452.73 3,814,669.67
4.R & D
Scientific research project
3,899,843.00
659,885.00 850,700.00
Guangdong Hualu Traffic Technology Co., Ltd.
199,969.00
2,962,500.00
Subtotal 4,759,697.00 3,813,200.00
5.Fixed assets
Poly Changda Engineering Co., Ltd. Purchase assets 21,636,899.00 Guangdong Lulutong Co., Ltd. Purchase assets 6,305,408.00 Guangdong Hualu Traffic Technology
Purchase assets 3,272,616.23 678,764.67
Purchase assets 1,333,458.66
Purchase assets 1,083,407.99 675,150.00
Purchase assets 302,909.00 400,013.00
Purchase assets 183,430.00
Purchase assets 598,500.00
Subtotal 34,118,128.88 2,352,427.67
6. Construction in process
Purchase assets 21,386,526.00 15,047,972.50
Poly Changda Engineering Co., Ltd. Purchase assets 13,850,389.47 275,143,275.83 Guangdong Highway Construction
Purchase assets 2,029,339.19
Purchase assets 1,045,494.00 12,390,585.09
Purchase assets 1,116,576.78 78,020,865.98
Purchase assets 68,052.00 88,880.00
Purchase assets 185,000.00
Purchase assets 10,460,593.04
Purchase assets 1,461,612.00
Guangdong Lulutong Co.,Ltd. Purchase assets 364,490.00 Guangdong Xiangfei Highway
Engineering Supervision Co., Ltd
Purchase assets 208,829.00
Subtotal 39,496,377.44 393,372,103.44
7.Non-operating expenses
Expenses for civil engineering
3,883,375.00 3,207,485.00
Sporadic repair fees 294,810.00 255,719.00
Guangdong Lulutong Co., Ltd. Maintenance 98,491.00 Guangdong Hualu Traffic Technology
Verification fee 5,766.55
Subtotal 4,276,676.00 3,468,970.55
Related transactions on sale goods and receiving services
Related party Content Amount of current
Amount of previous period
1.Business income
Jingzhu Expressway Guangzhu North section Co., Ltd.
Commission management fee
23,773,018.85 21,805,771.37
electricity 1,187,798.23
Ganzhou Gankang Expressway Co., Ltd. Salaries of expatriate staff 848,557.89 730,675.94 Zhaoqing Yuezhao Highway Co., Ltd. Salaries of expatriate staff 817,436.38 1,261,683.80 Shenzhen Huiyan Expressway Co., Ltd. Salaries of expatriate staff 767,691.55 1,045,253.97 Poly Changda Engineering Co., Ltd. water and electricity bills 167,505.31 155,736.83 Ganzhou Kangda Expressway Co., Ltd. Salaries of expatriate staff 515,567.27 506,038.55 Guangdong Jiangzhong Expressway Co., Ltd. Salaries of expatriate staff 500,214.96 650,904.70 Guangdong Traffic Development Co., Ltd. electricity 945,395.40 342,916.53 Guangdong Expressway Technology Investment
Salaries of expatriate staff 114,620.52
electricity 27,125.58 16,000.00
Guangdong ExpresswayMedia Co., Ltd. Water and electricity 24,258.08 74,814.00 Guangdong Yueyun Traffic Rescue Co., Ltd. Water and electricity 17,915.70 30,917.99 Guangdong Provincial Freeway Co.,Ltd. Project fund 4,396,237.98 Guangdong Feida Traffic Engineering Co., Ltd CPC card sales revenue 3,954,609.41 Guangdong Highway Construction Co., Ltd. Service, Test 827,703.80 Guangdong GuangzhuWest Line Expressway
Service, Test 463,391.75
Guangdong Chaohui Expressway Co., Ltd. Test 441,132.07 Guangdong Road & Bridge Construction
Test 384,962.27
Guangdong Kaiyang Expressway Co., Ltd. Test 284,433.96 Guangdong Guangfo Expressway Co., Ltd. Test 264,622.64 Guangdong Boda Expressway Co., Ltd. Test 246,626.81 Guangdong Yangmao Expressway Co., Ltd. Service, Test 234,951.58 Guangdong Guangle Expressway Co., Ltd. Test 224,433.96 Guangdong Zhaoyang Expressway Co., Ltd. Test 197,613.96 Guangdong Nanyue Traffic Qingyun
ExpresswayManagement Center
CPC card 122,123.89
Guangdong Luoyang Expressway Co., Ltd. Test 107,547.17 Guangdong Traffic Investment Co., Ltd. Test 106,132.07 GuangdongMaozhan Expressway Co., Ltd. Service, Test 79,245.28 Yunfu Guangyun Expressway Co., Ltd. Test 71,433.97 Jiangmen Jianghe Expressway Co., Ltd. Test 63,207.55 Guangdong Xinyue Traffic Investment Co., Ltd. CPC card sales revenue 46,877.88 Guangdong Humen Bridge Co., Ltd. Test 38,387.04 Guangdong Yueyun Traffic Co., Ltd. Test 11,320.75
Subtotal 29,707,105.72 39,187,709.47
2.Non-operating income
Poly Changda Engineering Co., Ltd. Construction penalty 10,200.00 653,302.00
Subtotal 10,200.00 653,302.00
(2) Information of related lease The Company was lessor:
Name of lessee
Category of lease assets
The lease income confirmed
in this year
in last year
Guangdong Expressway Technology Co., Ltd.
Advertising lease
3,876,219.92
Property lease 171,815.93
2,809,700.73 3,988,255.23
Service Area Lease
2,297,830.86 3,569,880.44
Communication Piping
1,029,782.83 1,649,376.50
Land lease 16,761.90
Poly Changda Engineering Co., Ltd. Land lease 555,557.14
Poly Changda Engineering Co., Ltd. Equipment lease 445,910.62 255,176.06
Total 11,203,579.93 9,462,688.23
- The company was lessee:
Lessor Category of leased assets
Rental charges for short-term and low-value assets (if any)
Variable lease payments not included in lease liabilities
measurement (if any)
Rent paid
Interest expenses on lease liabilities assumed
Increased use right assets
Guangdong Litong
Decelopment Investment Co., Ltd
Office space
12,211,529.46 7,127,471.60 349,331.19 724,776.16
Guangdong Motor
Transportation Group Co., Ltd
Car rental fee 413,153.90 873,040.00 413,153.90 873,040.00
Guangdong Litong Real Eatate
Investment Co., Ltd
95,596.46 103,843.13 95,596.46 103,843.13
Zhaoqing Yuezhao
Highway Co.,
Advertising column lease 195,288.00
Highway Co., Ltd.
Car rental fee 116,504.86 9,099.61
(3)Assets transfer and debt restructuring of related parties
Related party Content
Sell equity investments 50,623,900.00
(4 )Rewards for the key management personnel
Rewards for the key management personnel
7,033,900.00 7,682,600.00
(5)Transactions with associated financial companies
(1)Deposit business
Beginning balance
Ending balance(10,000
Total amount for this period(10,000)
Total amount is withdrawn for this period(10,000)
Group Finance Co., Ltd
Controlled by the
same parent company
300,000.00 0.35%-2.85% 152,373.48 736,897.41 649,874.28 239,396.61
(2)Loan business
Loant interest rate range
400,000.00 2.95%-3.40% 20,022.92 44,485.42 1,649.01 62,859.33
(3)Credit extension or other financial services
Related party Relationship Business type Total amount(10,
Actual amount
incurred(10,000)
Credit extension
220,000.00 63,000.00
The Company respectively signed the "Cash Management Business Cooperation Agreement" with
Guangdong Communications Group Finance Co., Ltd and the Guangdong Branch of Industrial and Commercial
Bank of China on December 25, 2017; and signed the "CashManagement Business Cooperation Agreement" with Guangdong Communications Group Finance Co., Ltd and the Guangdong Branch of Industrial and Commercial Bank of China on December 22, 2017 respectively, joined the cash pool of Guangdong Communications Group Finance Co., Ltd.
Guangdong Guanghui Expressway Co., Ltd respectively signed the "Cash Management Business
Cooperation Agreement" with Guangdong Communications Group Finance Co., Ltd and Agricultural Bank of
China Co., Ltd Guangdong Branch onMay 19, 2020, joined the cash pool of Guangdong Communications Group Finance Co., Ltd.
(6) Other related-party transactions
1On June 15, 2016,The company’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.
2On March 25, 2021, the Sixteenth Meeting of the Ninth Board of Directors of the Company held and reviewed the Proposal on the Company's Estimated Daily Related Party Transactions in 2021. It is estimated that the daily related party transactions include the Agreement on the Entrusted Management of the Preliminary Work of the Reconstruction and Expansion Project of Nansha-Zhuhai Section of Guangzhou-Macao Expressway signed by Beijing-Zhuhai Expressway Guangzhou-Zhuhai Section Co., Ltd. and Guangdong Highway Construction Co., Ltd., in which the latter is responsible for the main management responsibilities and all the preliminary work before the approval of the reconstruction and expansion project.
3On November 30, 2022, the fifth (interim) meeting of the 10th Board of Directors of the Company reviewed and approved the Proposal on Entrusted Construction Management of the Reconstruction and Expansion Project of Nansha-Zhuhai Section of Guangzhou-Macao Expressway, and agreed that the subsidiary Guangzhou-Zhuhai Section of Beijing-Zhuhai Expressway Co., Ltd. entrusted Guangdong Provincial Highway Construction Co., Ltd. to carry out the whole-process construction management of the reconstruction and expansion project of Nansha-Zhuhai Section of Guangzhou-Macao Expressway. The above transactions have been approved and implemented by the Board of Directors of Guangzhu Section of Beijing-Zhuhai Expressway Co., Ltd.
6. Receivables and payables of related parties
(1)Receivables
Name Related party
Amount at year end Amount at year beginning Balance of Book
Bad debt Provision
Balance of Book
113,642.50
Guangdong Feida Traffic Engineering Co.,Ltd.
48,230.00
Contract assets Guangdong Jiangzhong Expressway 8,412.00
Guangdong Nanyue Traffic Qingyun ExpresswayManagement Center
6,900.00
Total 177,184.50
Guangdong Union electron Service Co., Ltd.
67,197,924.19 78,368,502.10
Jingzhu Expressway Guangzhu North Section Co., Ltd.
8,321,625.03 7,783,650.00
Account receivable Guangdong Humen Bridge Co., Ltd. 6,072,995.36 2,083,918.33 Account receivable
2,315,719.18
522,805.00 1,854,769.00
Account receivable Poly Changda Engineering Co., Ltd. 265,054.16 265,054.16 Account receivable
5,531,000.00
338,298.13
203,632.00
94,301.60
Guangdong Road Construction Co., ltd.
54,256.00
51,000.00
Guangdong Road Bridge Construction Development Co., Ltd.
29,025.15
Account receivable Guangzhenzhu Expressway Co., ltd. 18,192.00 Account receivable
Guangdong Boda Expressway Co., Ltd.
4,530.99
Total 84,696,122.92 96,680,129.46
Advanced payment Zhaoqing Yuezhao Highway Co., Ltd. 216,750.00
Total 216,750.00
Other Account receivable
1,653,447.36 1,653,447.36
978,997.66 649,386.62
463,491.88 463,491.88
137,851.04 50,000.00
65,605.71
Other Account Guangdong Litong Property 18,344.00 30,004.00 receivable Development Co., Ltd. Other Account
Zhaoqing Yuezhao Highway Co., Ltd. 350,000.00
Total 3,317,737.65 3,196,329.86
Non-current assets due within one year
Guangdong Communication Group Finance Co., ltd.
2,731,229.21
Total 2,731,229.21
Other Non-Current Assets
Guangdong Traffic Development Co., Ltd.
333,398.00 333,398.00
Guangdong Road Construction Co., Ltd.
7,089,990.48
Total 333,398.00 7,423,388.48
(2)Payables
Name Related party Amount at year end
Amount at year beginning
Short-term loan Guangdong Communication Group Finance Co., ltd. 430,387,597.20
Total 430,387,597.20
Account payable
Guangzhongjiang Expressway ProjectManagement Dept
17,466,700.00 28,000,000.00
Account payable Poly Changda Engineering Co., Ltd. 12,590,171.30 29,736,553.34 Account payable
6,935,455.12
Account payable Guangdong Xinyue Traffic Investment Co., Ltd. 6,381,639.70 10,405,248.06 Account payable Guangdong Lulutong Co., Ltd. 3,787,627.94 2,525,256.06 Account payable Guangdong Feida Traffic Engineering Co., Ltd. 3,716,816.94 5,035,975.88 Account payable
Guangdong Communication Planning & Design Institute Co., Ltd.
3,008,670.10 1,759,707.90
Account payable Guangdong CommunicationTest Co., Ltd. 2,400,079.00
Account payable Guangdong Hualu Traffic Technology Co., Ltd. 1,769,785.29 4,960,992.02 Account payable Guangdong Provincial Freeway Co.,Ltd. 1,245,443.50 1,245,443.50 Account payable
Guangdong East ThinkingManagement Technology Development Co., Ltd.
950,630.00 2,331,700.01
Account payable Guangdong Litong Technology Investment Co., Ltd. 843,562.91 1,291,067.95 Account payable Hunan LianzhiMonitoring Technology Co., Ltd, 640,088.00 850,700.00 Account payable Guangdong Yueyun Traffic Rescue Co., Ltd. 261,800.00
Account payable Guangdong Changda RoadMaintenance Co. Ltd. 231,869.00 309,101.00 Account payable Guangdong Union Electron Service Co.,Ltd. 188,039.97 50,286.78 Account payable Guangzhou Xinyue Asphalt Co., Ltd. 46,779.00 2,773,825.00 Account payable
25,194.00 2,547,594.00
Account payable Guangdong Humen Bridge Co., Ltd. 2,596,817.45 Account payable Guangdong Yueyun Traffic Co., Ltd. 168,277.20
Total 62,490,351.77 96,588,546.15
Advance received Guangdong Union electronic services co., Ltd. 1,330,729.13
Total 1,330,729.13
Dividend payable Guangdong Provincial Freeway Co.,Ltd. 11,550,000.00
Total 11,550,000.00 Name Related party Amount at year end
Other Payable account Poly Changda Engineering Co., Ltd. 20,866,108.48 17,126,203.40 Other Payable account
2,298,424.75
Other Payable account Guangdong Road Construction Co., Ltd. 2,000,000.00 40,459.66 Other Payable account Guangdong Hualu Traffic Technology Co., Ltd. 1,905,833.06 2,084,177.53 Other Payable account Guangdong Changda RoadMaintenance Co. Ltd. 1,628,345.00 1,630,765.00 Other Payable account Guangdong Feida Traffic Engineering Co., Ltd. 1,522,615.96 1,628,931.87 Other Payable account Guangdong Xinyue Traffic Technology Co., Ltd. 1,415,273.20 1,380,379.20 Other Payable account Guangdong Xinyue Traffic Investment Co., Ltd. 1,332,556.89 4,272,693.60 Other Payable account Guangzhou Xinyue Asphalt Co., Ltd. 1,054,919.00 1,054,919.00 Other Payable account Guangdong Communication Test Co., Ltd. 971,085.90
Other Payable account Guangdong Lulutong Co., Ltd. 859,377.06 1,127,575.62 Other Payable account
Other Payable account
156,534.54 191,674.29
Guangdong Tongyi Expressway Service Area Co., Ltd.
120,000.00 120,000.00
110,422.00 120,422.00
Other Payable account Guangdong Litong Technology Investment Co., Ltd. 92,594.24 135,772.00 Other Payable account Hunan LianzhiMonitoring Technology Co., Ltd. 85,785.50
Other Payable account Guangdong ExpresswayMedia Co., Ltd. 50,000.00 50,000.00 Other Payable account Guangdong Yueyun Traffic Rescue Co. Ltd. 2,000.00 2,900.00
Total 36,671,875.58 31,166,873.17
Contract liabilities Guangdong Feida Traffic Engineering Co., Ltd. 22,000.00
Non-current liabilities due 1 year
Guangdong Litong Development Investment Co., Ltd. 2,445,724.55 11,862,198.24
Guangdong Communication Group Finance Co., ltd. 2,205,700.01 2,229,166.68
Zhaoqing Yuezhao Highway Co., Ltd. 111,862.55
Total 4,651,424.56 14,203,227.47
Other current liabilities Guangdong Communication Group Co., Ltd. 500,122,916.67
Total 500,122,916.67
Lease Liabilities Guangdong Litong Development Investment Co., Ltd. 2,445,724.58
Total 2,445,724.58
Long-term loans Guangdong Communication Group Finance Co., ltd. 196,000,000.00 198,000,000.00
Total 196,000,000.00 198,000,000.00
7. Related party commitment None
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
XIV. Commitments
1. Significant commitments
The Company held the second (interim) meeting of the 10th Board of Directors on October 22, 2022. The meeting deliberated and passed the Proposal on Investing in the Reconstruction and Expansion Project of Nansha-Zhuhai Section of Guangzhou-Macao Expressway with Capital Increase from Guangzhou-Zhuhai Section Co., Ltd. of Beijing-Zhuhai Expressway, and agreed that the company would invest in the construction of the Reconstruction and Expansion Project of Nansha-Zhuhai Section of Guangzhou-Macao Expressway with Capital Increase from Guangzhou-Zhuhai Section Co., Ltd. of Beijing-Zhuhai Expressway based on the estimated investment amount of 15.425 billion yuan approved by Guangdong Provincial Development and Reform Commission.
The project capital is 35% of the estimated investment amount after deducting the expenses borne by the government, and the company undertakes the capital contribution of about 3.414 billion yuan according to the shareholding ratio. This matter has been reviewed and approved by the Company's third extraordinary general meeting in 2022.
As of December 31, 2022, the accumulated cost of the reconstruction and expansion project of Nansha- Zhuhai section of Guangzhou-Macao Expressway was 553,543,942.17 yuan.
(1) Significant contingency at balance sheet date
As of December 31,2022, the Company did not need to disclose important commitments.
3. Contingency
(2) The Company have no significant contingency to disclose, also should be stated None
XV. Events after balance sheet date
1. Notes of other significant events None
1.Profit distribution
Profit or dividend to be distributed 894,865,021.93 Profits or dividends declared upon examination and approval
Profit distribution plan
Withdraw RMB894,865,021.93 as dividend payment funds for 2022. Based on the total share capital of 2,090,806,126 shares at the end of 2022, a cash dividend of4.28 yuan (including tax) will be distributed for every 10 shares, and the remaining undistributed profits will be carried forward to the next year. The foreign currency
translation price of cash dividends for B-share shareholders is determined by the mid- price of buying and selling of HKD/RMB announced by People's Bank of China in the first working day after the dividend payment resolution is made at the 2022 Annual GeneralMeeting.
3. Sales return None
4. Notes of other significant events
XVI.Other significant events
1. Segment information
The company's business for the Guangfo Expressway , the Fokai Expressway ,Guanghui 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.Government Subsidy
(1) Government subsidies included in deferred revenue are subsequently measured by the total amount method
Subsidy item Category Opening
New subsidy amount in current period
The carry-over in current period is included in profit and loss amount
Presentation items carried over into profit or loss in the current period
Asset-
related/revenue- related
Cancel the special subsidy for the expressway provincial toll station project
appropriation 30,978,093.11 10,046,949.24 20,931,143.87Other income Assets related
Charging infrastructure incentive funds
appropriation
80,857.00 2,788.17 78,068.83Other income Assets related
(2) Government subsidies included in current profits and losses using the total amount method
Subsidy item Category Amount included in profit or loss in
the current period
Presentation items included in profit or loss in the current period
Asset-related/revenue-related
Subsidy for post stabilization Financial appropriation 2,344,310.46 Other income Income related Technology reward Financial appropriation 20,000.00 Other income Income related
3.Other important transactions and events have an impact on investors decision-making
(1) Performance compensation
(1 )The Company's plan to purchase 21% equity of Guangdong Guanghui Expressway Co., Ltd.(hereinafter referred to as "Guanghui") held by Guangdong Expressway Co., Ltd. (hereinafter referred to as"Guangdong Expressway") by payment in cash and related matters have been adopted by the resolution of the third extraordinary general meeting of shareholders in 2020. According to the Profit Compensation Agreement signed by Guangdong Expressway and the Company, it is agreed that Guangdong Expressway shall undertake the compensation obligation when the actual net profit of Guanghui is less than the predicted net profit within the compensation period. The compensation period is the year when the transaction is completed and the next two years thereafter, namely 2020, 2021 and 2022. After negotiation between the Company and Guangdong Expressway, the predicted net profit of Guanghui after deducting non-recurring gains and losses in 2020, 2021 and 2022 is RMB 652,477,500, RMB 1,112,587,300 and RMB 1,234,200,900 respectively. Within the compensation period, if the accumulated realized net profit at the end of any fiscal year of Guanghui does not reach the accumulated predicted net profit, Guangdong Expressway will compensate the company in cash, and the specific compensation amount paid by Guangdong Expressway in that year will be calculated and determined according to the following formula: current compensation amount promised for performance = (accumulated predicted net profit as of the end of the current period - accumulated realized net profit as of the end of the current period) ÷sum of predicted net profits of each year within the compensation period ×transaction price of the underlying assets - accumulated compensated amount of Guangdong Expressway. When the compensation amount calculated in each year is less than the RMB 0, the value shall be taken as RMB 0, and the compensated amount shall not be reversed.