[年报]粤高速Ｂ:2020年年度报告（英文版）

时间：2021年03月25日 18:11:33 中财网

原标题:粤高速Ｂ:2020年年度报告（英文版）

2020AnnualReport1GuangdongProvincialExpresswayDevelopmentCo.,Ltd.
2020AnnualReportMarch2021

2020AnnualReport2I.ImportantNotice,TableofContentsandDefinitionsTheBoardofDirectorsandthedirectors,SupervisoryCommitteeandsupervisorsandSeniorExecutivesoftheCompanyherebywarrantthatattheyear,therearenomisstatement,misleadingrepresentationorimportantomissionsinthisreportandshallassumejointandseveralliabilityfortheauthenticity,accuracyandcompletenessofthecontentshereof.
Mr.ZhengRenfa,TheCompanyleader,Mr.WangChunhua,GeneralManager,Mr.LuMing,ChieffinancialofficerandtheMs.ZhouFang,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthisannualreport.
AllthedirectorsattendedtheboardmeetingforreviewingtheAnnualReport.
ThetollrevenuesofExpresswayismainsourceofthemajorbusinessincomeofthecompany,Thechargestandardofvehicletollmustbesubmittedtothesamelevelpeople'sgovernmentforreviewandapprovalafterthetransportregulatorydeprtmentofprovince,autonomousregionormunicipalitydirectlyunderthecentralgovernmentinconjunctionwiththepriceregulatorydepartmentatthesamelevelconseteduponexamination.
Therefore,theadjustmenttrendofthechargepriceandthechargepriceifhasthecorrespondingadjustmentinthefuturepricelevelwhenthecostofthecompanyrsesstilldependontheapprovalofrelevantnationalpoliciesandgovernmentdepartments,andthecompanyisn'tabletomaketimelyadjustmenttothechargestandardinaccordancewiththeitsownoperationcostorthechangeofmarketsupplydmand.So,thechangeofchargepolicyandtheadjustmentofchargestandardalsohaveinfluenceontheexpresswaysoperatedbythecompanytosomeextent.So,thechargingpolicychangesandchargesadjustmentwillaffectthehighwaysoperationofthecompany.
Theprofitdistributionproposalreviewedandapprovedbytheboardingmeetingwassummarizedasfollows:
2,090,806,126forthebase,theCompanywoulddistributecashdividendtoalltheshareholdersattherateofCNY2.91forevery10shares(withtaxinclusive),0bonusshares（includingtax）andnoreservewouldbeconvertedintosharecapital.

2020AnnualReport3TableofContentsI.ImportantNotice,TableofcontentsandDefinitionsII.BasicInformationoftheCompanyandFinancialindexIII.OutlineofCompanyBusinessIV.Management’sDiscussionandAnalysisV.ImportantEventsVI.ChangeofsharecapitalandshareholdingofPrincipalShareholdersVII.SituationofthePreferredSharesVIII.InformationaboutconvertiblecorporatebondsIX.InformationaboutDirectors,SupervisorsandSeniorExecutivesX.AdministrativestructureXI.CorporateBondXII.FinancialReportXIII.Documentsavailableforinspection

2020AnnualReport


Definition


Terms
to
be
defined
Refers
to
Definition
Reporting
period,
This
year
Refers
to
January
1,
2020
to
December
31,
2020
Reporting
date
Refers
to
The
annual
report
of
the
company
was
approved
by
the
board
of
directors
on
2020,
that
is
March
25,
2021
YOY
Refers
to
Compared
with
2019
The
Company
/This
Company
Refers
to
Guangdong
Provincial
Expressway
Development
Co.,Ltd.
Communication
Group
Refers
to
Guangdong
Communication
Group
Co.,
Ltd.
Provincial
Expressway
Refers
to
Guangdong
Provincial
Freeway
Co.,Ltd.
Construction
Company
Refers
to
Guangdong
Highway
Construction
Co.,
Ltd.
Technology
Company/Guangdong
Expressway
Technology
Refers
to
Guangdong
Expressway
Technology
Investment
Co.,
Ltd
Fokai
Company
Refers
to
Guangdong
Fokai
Expressway
Co.,
Ltd.
Reconstruction
and
extension
Project
of
the
South
Section
of
Fokai
Expressway
Refers
to
Reconstruction
and
Expansion
Project
of
Sanbao-Shuikou
Section
of
Fokai
Expressway.
Guangfo
Company
Refers
to
Guangdong
Guangfo
Expressway
Co.,
Ltd.
Guangzhu
Transportation1
Refers
to
Guangzhou
Guangzhu
Transportation
Investment
Management
Co.,
Ltd.
Guangdong
Expressway
Capital
Refers
to
Yuegao
Capital
Investment
(Hengqin)
Co.,
Ltd.
Guangzhu
East
Company
Refers
to
Jingzhu
Expressway
Guangzhu
Section
Co.,
Ltd.
Guanghui
Company
Refers
to
Guangdong
Guanghui
Expressway
Co.,
Ltd.
Major
assets
restructuring
Refers
to
Guangdong
Provincial
Expressway
Development
Co.,
Ltd.
acquired
21%
equity
of
Guangdong
Guanghui
Expressway
Co.,
Ltd.
held
by
Guangdong
Provincial
Expressway
Co.,
Ltd.
by
paying
cash
in
2020



2020AnnualReport


II.
BasicInformationoftheCompanyandFinancialindex
1．Company
Information
Stock
abbreviation:
Guangdong
ExpresswayA,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
ChineseAbbreviation粤高速
English
name
(If
any)
Guangdong
Provincial
Expressway
Development
Co.Ltd.
EnglishAbbreviation
(If
any)
GPED
Legal
Representative
Zheng
Renfa
Registered
address
85
Baiyun
Road,
Guangzhou,
Guangdong
Province
Postal
code
of
the
Registered
Address
510100
OfficeAddress
45-46/F,Litong
Plaza,
No.32,
Zhujiang
East
Road,
Zhujiang
New
City,Tianhe
Disrtict
,
Guangzhou
Postal
code
of
the
office
address
510623
Internet
Web
Site
www.gpedcl.com
E-mail
[email protected]


2.
Contact
person
and
contact
manner
Board
secretary
Securities
affairs
Representative
Name
Yang
Hanming
Liang
Jirong
Contact
address
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
[email protected]
[email protected]


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
theAnnual
report
of
the
Company
www.cninfo.com.cn
The
place
where
theAnnual
report
is
prepared
and
placed
Securities
affair
Dept
of
the
Company



2020AnnualReport64.ChangesinRegistrationOrganizationCode91440000190352102MChangesinprincipalbusinessactivitiessincelisting(ifany)
NochangeChangesisthecontrollingshareholderinthepast(isany)
OnNovember2000,InaccordancewithCaiGuanZi(2008)No.109DocumentofMinistryofFinanceandYueBanHan(2000)No.574DocumentofGeneralOfficeofGuangdongPeople'sGovernment,thestate-ownedsharesofGuangdongExpresswayoriginallyentrustedtoGuangdongExpresswayCompany(nowrenamedas"GuangdongProvincialExpresswayCo.,Ltd.")formanagementweretransferredtoGuangdongCommunicationGroupCo.,Ltd.forholdingandmanagement.Afterthetransferofstate-ownedshares,GuangdongCommunicationGroupCo.,Ltd.becamethelargestshareholderoftheCompany.Thenatureofequitywasdefinedasstate-ownedshares.
5.OtherRelevantInformationCPAsengagedThesponsorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod.
□Applicable√NotapplicableTheFinancialadvisorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod√Applicable□Notapplicable
NameoftheCPAsYongTuoCerifiedPublicAccountants(SpecialGeneralPartnership)
Officeaddress：13/F,2Building,No.1NorthStreet,Guandongdian,ChaoyangDistrict,BeijingNamesoftheCertifiedPublicAccountantsasthesignatoriesShiShaoyu,LiJunjieNameOfficeaddressNameofsponsorConsitentsupervisionperiodChinaInternationalCapitalCorporationLimited27-28/F,2Black，No1.GuomaoBuilding,
JianguomenWaiStreet,ChaoyangDistrict,
BeijingXieYi,LongHai2020-2021OrganizationCode91440000190352102MChangesinprincipalbusinessactivitiessincelisting(ifany)
NochangeChangesisthecontrollingshareholderinthepast(isany)
OnNovember2000,InaccordancewithCaiGuanZi(2008)No.109DocumentofMinistryofFinanceandYueBanHan(2000)No.574DocumentofGeneralOfficeofGuangdongPeople'sGovernment,thestate-ownedsharesofGuangdongExpresswayoriginallyentrustedtoGuangdongExpresswayCompany(nowrenamedas"GuangdongProvincialExpresswayCo.,Ltd.")formanagementweretransferredtoGuangdongCommunicationGroupCo.,Ltd.forholdingandmanagement.Afterthetransferofstate-ownedshares,GuangdongCommunicationGroupCo.,Ltd.becamethelargestshareholderoftheCompany.Thenatureofequitywasdefinedasstate-ownedshares.
5.OtherRelevantInformationCPAsengagedThesponsorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod.
□Applicable√NotapplicableTheFinancialadvisorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod√Applicable□Notapplicable
NameoftheCPAsYongTuoCerifiedPublicAccountants(SpecialGeneralPartnership)
Officeaddress：13/F,2Building,No.1NorthStreet,Guandongdian,ChaoyangDistrict,BeijingNamesoftheCertifiedPublicAccountantsasthesignatoriesShiShaoyu,LiJunjieNameOfficeaddressNameofsponsorConsitentsupervisionperiodChinaInternationalCapitalCorporationLimited27-28/F,2Black，No1.GuomaoBuilding,
JianguomenWaiStreet,ChaoyangDistrict,
BeijingXieYi,LongHai2020-2021

2020AnnualReport


6.Summary
of
Accounting
data
and
Financial
index


Whether
it
has
retroactive
adjustment
orre-statement
on
previous
accounting
data
√Yes□
No
Retroactive
adjustment
orrestatement
ofcauses:
Merger
of
enterprises
under
thesame
control


2020
2019
Changes
of
this
period
over
same
period
of
Last
year(%)
2018
Before
adjustment
After
adjustment
After
adjustment
Before
adjustment
After
adjustment
Operating
income（RMB）
3,790,348,876.26
3,057,935,584.43
4,999,016,766.74
-24.18%
3,218,694,083.94
5,074,352,303.23
Net
profit
attributable
to
the
shareholders
of
the
listed
company（RMB）
867,842,774.78
1,258,628,101.71
1,469,187,067.83
-40.93%
1,677,028,179.18
1,880,524,910.95
Net
profit
after
deducting
of
non-recurring
gain/loss
attributable
to
the
shareholders
of
listed
company（RMB）
704,821,643.20
1,249,576,930.75
1,249,579,043.32
-43.60%
1,395,441,391.82
1,395,441,391.82
Cash
flow
generated
by
business
operation,
net（RMB）
2,636,187,241.05
1,988,551,897.83
3,222,681,187.05
-18.20%
1,915,985,578.04
3,300,975,145.20
Basic
earning
per
share(RMB/Share)
0.42
0.60
0.70
-40.00%
0.80
0.90
Diluted
gains
per
share(RMB/Share)
0.42
0.60
0.70
-40.00%
0.80
0.90
Weighted
average
ROE(%)
8.27%
13.09%
14.18%
-5.91%
18.37%
19.10%
End
of
2020
End
of
2019
Changed
over
last
year
End
of
2018
Before
adjustment
After
adjustment
After
adjustment
Before
adjustment
After
adjustment
Gross
assets（RMB）
19,748,578,658.11
17,674,545,340.78
20,666,939,285.90
-4.44%
16,295,910,774.45
19,998,135,903.61
Net
assets
attributable
to
shareholders
of
the
listed
company（RMB）
7,933,136,499.11
9,823,426,849.75
10,557,360,463.78
-24.86%
9,586,701,904.06
10,281,913,855.74



□Yes√No
Thelower
of
thenet
profit
beforeand
after
the
deduction
ofthe
non-recurring
gains
andlosses
is
negative.
ofthepreviousyearshowsthattheCompany’sgoingconcernabilityisuncertain.
Thelowerofthecompany’snetprofitbeforeandafterthedeductionofnon-recurringgainsandlossesinthelastthreefiscalyearsisnegative,andtheauditor
2020AnnualReport
's
report


□Yes√No

2020AnnualReport97.Thedifferencesbetweendomesticandinternationalaccountingstandards1．SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferncesinnetincomeandnetassets.
□Applicable□√NotapplicableNone2.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.
□Applicable√NotapplicableNone8.MainFinancialIndexbyQuartersInRMBFirstquarterSecondquarterThirdquarterFourthquarterOperatingincome354,885,621.22763,073,802.241361,154,456.801,311,234,996.00Netprofitattributabletotheshareholdersofthelistedcompany-65,790,927.2390,407,352.98416,728,710.01426,497,639.02Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany-71,989,487.8262,474,770.40348,606,597.62365,729,763.00NetCashflowgeneratedbybusinessoperation163,886,674.37545,776,621.441,035,10,364.11891,313,581.13Whethersignificantvariancesexistbetweentheabovefinancialindexortheindexwithitssumandthefinancialindexoftequarterlyreportaswellassemi-annualreportindexdisclosedbytheCompany.
√Yes□NoIn2020,theCompanyimplementedamajorassetrestructuringthroughpurchasing21%equityofGuanghuiExpresswaybycashshares,whichwascompletedonDecember25,2020,realizingthemergerunderthesamecontrol,andadjustingthequarterlyandsemi-annualfinancialreportdataaccordingly.
FirstquarterSecondquarterThirdquarterFourthquarterOperatingincome354,885,621.22763,073,802.241,361,154,456.801,311,234,996.00Neprofitattributabletotheshareholdersofthelistedcompany-65,790,927.2390,407,352.98416,728,710.01426,497,639.02Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany-71,989,487.8262,474,770.40348,606,597.62365,729,763.00NetCashflowgeneratedbybusinessoperation163,886,674.37545,776,621.441,035,10,364.11891,313,581.13Whethersignificantvariancesexistbetweentheabovefinancialindexortheindexwithitssumandthefinancialindexoftequarterlyreportaswellassemi-annualreportindexdisclosedbytheCompany.
√Yes□NoIn2020,theCompanyimplementedamajorassetrestructuringthroughpurchasing21%equityofGuanghuiExpresswaybycashshares,whichwascompletedonDecember25,2020,realizingthemergerunderthesamecontrol,andadjustingthequarterlyandsemi-annualfinancialreportdataaccordingly.

2020AnnualReport10

2020AnnualReport


9.Items
and
amount
ofnon-current
gains
and
losses


√Applicable
□Not
applicable


In
RMB


Items
Amount
(2020)
Amount
(2019）
Amount
(2018)
Notes
Gains/Losses
on
the
disposal
of
non-current
assets
-8,261,533.18
7,607,268.21
63,173,138.25
Government
grants
recognized
in
the
current
period,
except
for
those
acquired
in
the
ordinary
course
of
business
or
granted
at
certain
quotas
or
amounts
according
to
the
country’s
unified
standards
8,359,291.82
87,937.00
1,113,228.32
Current
net
gains
and
losses
occurred
from
period-begin
to
combination
day
by
subsidiaries
resulting
from
business
combination
under
common
control
546,213,524.55
701,856,178.51
678,322,439.24
The
Company
originally
held
30%
equity
of
Guanghui
Expressway,
In
2020,
the
Company
purchased
21%
equity
of
Guanghui
Expressway
in
cash,
and
the
merger
date
under
the
same
control
was
December
31,2020,
which
was
70%
of
the
net
profit
and
loss
realized
by
Guanghui
Expressway
in
2020
from
the
beginning
of
merger
to
the
date
of
merger.
Net
amount
of
non-operating
income
and
expense
except
the
aforesaid
items
-1,069,827.30
-1,393,149.65
-1,545,368.05
Other
non-recurring
Gains/loss
items
974,321.89
1,652,603.05
Less
:Influenced
amount
of
income
tax
2,214.32
1,130,270.54
-230,679,518.30
Influenced
amount
of
minor
shareholders’equity
(after
tax)
383,192,431.88
489,072,542.07
486,659,436.93
In
2020,
the
Company
purchased
21%
equity
of
Guanghui
Expressway
in
cash,
and
the
merger
date
under
the
same
control
was
December
31,
increasing
the
net
profit
and
loss
realized
by
Guanghui
Expressway
in
2020
which
was
attributable
to
minority
shareholders
by
RMB
382,722,793.66.
Total
163,021,131.58
219,608,024.51
485,083,519.13
-



Noneof
Non-recurring
gain
/loss
items
recorgnized
asrecurring
gain
/loss/items
as
definedbythe
information
disclosureexplanatoryAnnouncement
No.1-Non
–
recurringgain/loss
in
the
report
period.


DisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarySecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationsnon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheir
2020AnnualReport
For
the
Company’
to
explain
the
reason.


□Applicable√Not
applicable

2020AnnualReport


III.
BusinessProfile
Ⅰ.Main
Business
the
Company
is
Engaged
in
During
the
Report
Period


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
industryis
the
industryhelpedbygovernment.
The
Company
is
mainly
engaged
in
tolling
and
maintenance
of
Guangfo
Expressway,
Fokai
Expressway
and
Jingzhu
Expressway
GuangzhuSection
investment
in
technological
industries
andprovision
ofrelevant
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
Petty
Loan
Co.,
Ltd.,
Guangdong
Guangle
Expressway
Co.,Ltd.,
Guoyuan
Securities
Co.,
Ltd.and
Hunan
Lianzhi
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.


Ⅱ.MajorChanges
in
MainAssets


1.
Major
Changes
in
Main
Assets
Main
assets
Major
changes
Equity
assets
Compared
with
the
beginning
of
the
year,
it
increased
by
RMB
175.11
million,
and
7.93%,
which
was
mainly
due
to
the
increase
of
long-term
equity
investment
by
RMB
130
million
yuan
for
the
subscription
of
Guoyuan
Securities,
and
increase
of
long-term
equity
investment
by
RMB
80
million
for
the
investment
in
Hunan
Lianzhi;
and
due
to
the
capital
reduction
of
Ganzhou
Gankang
Expressway
Co.,
Ltd.,
to
reduce
the
long-term
equity
investment
by
RMB
45
million.
Fixed
assets
Compared
with
the
beginning
of
the
year,
it
decreased
by
RMB
920.11
million,
and
7.38%,
which
was
mainly
due
to
the
comprehensive
impact
of
depreciation
of
expressway
sections
and
cancellation
of
temporary
estimation
and
conversion
to
fixed
assets
of
expressway
toll
station
projects
at
provincial
boundaries.
Intangible
assets
Compared
with
the
beginning
of
the
year,
it
increased
by
RMB
293.62
million,
and
3351.04%,
mainly
because
according
to
the
relevant
government
documents,
the
holding
expressway
company
included
the
relevant
operating
expenses
incurred
during
the
epidemic
prevention
and
control
period
from
February
17,
2020
to
May
5,
2020
into
the
book
value
of
the
intangible
asset-toll
road
franchise
Construction
in
process
Compared
with
the
beginning
of
the
year,
it
increased
by
RMB
99.34
million,
and
41.17%,
which
was
mainly
due
to
the
comprehensive
impact
of
the
increased
pavement
treatment
works
and
bridge
deck
treatment
works
of
Dayong
Viaduct
by
Guangzhu
East
Company,
and
the
increased
Gualvhu
Interchange
Project,
and
cancellation
of
temporary
estimation
and
conversion
to
fixed
assets
of
expressway
toll
station
project
by
Guanghui
Company.
Other
current
assets
Compared
with
the
beginning
of
the
year,
it
decreased
by
RMB
196.55
million,
and
99.99%,
It
was
mainly
because
that
Guanghui
Expressway
recovered
all
external
loans
at
the
end
of
the
year.



2020AnnualReport142.MainConditionsofOverseasAssets
□Applicable√NotapplicableIII.AnalysisOncoreCompetitivenessThetollrevenueofexpresswayindustrymainlydependsontheregionaleconomicdevelopment.Theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume.TheGuangfoexpresswayandtheFokaiexpressway,controlledbythecompany,arepartoftheNationalExpresswayNetworkPlanning-“Fiveverticalandsevenhorizontal”,Theshare-controlledJingzhuExpresswayGuangzhuSectionisafastandconvenientexpressway.Andmanyofthecompany’sequity-participationexpresswaysthatarepartofthemainskeletonoftheGuangdongProvincialExpresswayPlanning-“Tenverticalandfivehorizontal”,whichprovidesastrongguaranteeforstabletrafficvolume.Meanwhile,theregionaleconomyisthecriticalfactorthatinfluencesthetrafficvolume,asGuangdongprovinceistheeconomicallydevelopedregion,withyears’continuoushighgrowthofGDP,sothatprovidesthestablerisingdemandforthecompany.

2020AnnualReport15IV.Management’sDiscussionandAnalysisI.GeneralIn2020,theCompanyactivelyfulfilleditssocialresponsibilities,strovetoovercometheadverseeffectsoftheepidemic,workedhardandovercamedifficulties.Whilestrictlyimplementingvariousepidemicpreventionandcontrolmeasurestoachievezeroinfectioninthecompany'ssystem,italsoadheredtothefrontlineofepidemicprevention,ensuredsmoothtraffic,madeoverallplanstopromotethepreventionandcontrolofthenormalizedepidemicandalltasks,andeffectivelypromotedthestabilizationandimprovementofeconomicoperation.
1.MajorassetrestructuringoftheCompanywascompletedontime.OnJuly16,2020,theCompanystartedmajorassetrestructuring,andacquired21%equityofGuanghuiCompanyheldbyProvincialExpresswayincashtorealizeholding.Throughtheinjectionofhigh-qualityroadassets,themileageofexpresswaycontrolledbytheCompanyhasnearlydoubled,andthesustainableprofitabilityofexpressway,themainbusiness,andthefinancingabilityoftheCompanyhavebeenfurtherimproved.
2.Thefirstintelligenttransportationforeigninvestmentprojectwasimplementedsmoothly.InJune2020,theCompanycompletedtheprojectinvestmentofRMB80millioninHunanLianzhiTechnologyCo.,Ltd.byincreasingcapitaltoYuegaoCapital,andthemembersofYuegaoCapitalProjectTeamimplementedthefollow-upinvestmentsimultaneously.ThisprojectistheCompany'sfirstoverseasinvestmentprojectinsmarttransportation,
anditisalsothefirstprojectfortheprojectteammemberstomakefollow-upinvestment,whichisanewbreakthroughfortheCompanytoexploreandinnovatetheinvestmentmechanismunderthenewsituation.
3.Thecrucialtaskofcancelingtheprovincialboundarystationwassuccessfullycompleted.AfterthetollcollectionwasresumedonMay6,2020,thetollstationsoftheCompany'sholdingsectionsarewithsmoothtraffic,theservicepointsofUnitollExpresswayinGuangdongoperatedorderly,thetolldisplayanddatatransmissionoftolllaneswerecorrect,thelaneconfigurationwascontinuouslyoptimized,andtheETCsystemwasgenerallystable.
4.Therevitalizationoflandresourcesalongtheroutewasaccelerated.TheCompanyinsistedonthecomprehensivedevelopmentoflandresourcesalongthelineasthemaindirection.ThelandresourcesalongtheFokaiExpressway,includingZhishan,Chenshan,XinjitianandYanshanserviceareas,havemadephasedprogressintheirrevitalization.
5.Theadditionalinvestmentoftheoriginalfinancialequityprojectswascompletedinanorderlymanner.InNovember2020,theCompanyinvestedaboutRMB130millionandsubscribedfor23.88millionsharesofGuoyuanSecuritiesinfullatRMB5.44pershare,whichwellsafeguardedtherightsandinterestsoftheCompany.
6.Thepreparationofstrategicplanningwasstartedintime.In2020,theCompanystartedthepreparationofthe"14thFive-YearPlan",setupaleadinggroupandaworkinggroup,andcombinedwithinternalinterviewsandexternalresearch,withconsiderationofthecurrentandlong-termsituation,andbasedonacomprehensivesummaryoftheimplementationofthe"13thFive-YearPlan",preparedthe"14thFive-Year"StrategyPlan(firstdraft),whichwillbefurtherrevisedandimproved.
7.GuangzhuTransportationCompanywassuccessfullyconsolidatedbymerge.TheCompanystartedtoconsolidatebymergeGuangzhuTransportationinMay2020,andsuccessivelycompletedthepreparatorywork,
assetsverification,specialaudit,agreementsigning,internaldecision-making,taxsettlementandotherwork.
Throughtheeffortsofallparties,thecancellationapprovalnoticewasobtainedonDecember18,andthetaskof

2020AnnualReport


reducingthe
hierarchywas
successfully
completed.


8.
The
application
for
re-approval
of
the
operation
period
of
the
reconstruction
and
expansion
project
of
the
south
section
of
Fokai
Expressway
was
closely
followed
up.
According
to
the
requirements
of
the
audit
unit,
the
Company
has
supplemented
the
relevant
information
for
re-approval
of
the
operation
period
for
many
times
and
made
explanations,
striving
to
obtain
thegovernment's
approval
assoon
aspossible.
II.
Main
business
analysis
1.
General
Volume
of
vehicle
traffic
in
2020（Ten
thousands
vehicles）
Increase
/Decrease(%)
Toll
income
in
2020（Ten
thousands）
Increase
/Decrease(%
Guangfo
Expressway
7,269.75
-4.25%
32,971.09
-30.05%
Fokai
Expressway
7,718.23
0.65%
96,148.43
-24.68%
Jingzhu
Expressway
Guangzhu
East
Section
6,189.52
-15.56%
78,237.88
-34.11%
Guanghui
Expressway
7,487.22
6.45%
159,235.27
-16.97%
Huiyan
Expressway
4,349.60
-3.57%
18,593.50
-24.62%
Guangzhao
Expressway
2,892.08
-17.52%
43,561.59
-21.58%
Jiangzhong
Expressway
6,095.58
-0.82%
33,867.12
-25.79%
Kangda
Expressway
147.82
-54.41%
21,190.46
-17.47%
Gankang
Expressway
440.48
-14.87%
12,833.68
-30.40%
Guangle
Expressway
3,467.39
14.00%
248,409.48
-22.01%


Note:
The
traffic
volume
in
the
above
table
includes
the
traffic
volume
during
toll-free
period
due
to
the
impact
of
the
epidemic.


In
2020,
due
to
the
impact
of
the
epidemic,
and
the
first-level
emergency
response
was
activated
nationwide.
The
toll-free
period
of
the
original
statutory
Spring
Festival
holiday
(January
24-January
30,
2020)
was
extended
to
February
8;
Meanwhile,
according
to
the
relevant
policies
of
the
Ministry
of
Transport,
with
the
approval
of
the
State
Council,
from
0:00
on
February
17,
2020
to
24:00
on
May
5,
2020,
the
tolls
of
toll
roads
nationwide
will
be
exempted.
This
policy
led
to
a
significant
year-on-year
decline
in
the
toll
revenue
of
the
Company's
participating
companies.
Moreover:


(1)
Guangzhu
section
of
Jingzhu
Expressway:
①
Affected
by
the
closure
of
Humen
Bridge
for
9
days,
the
toll
income
decreased;
②
In
September,
the
one-way
maintenance
of
the
section
from
the
Minzhong
to
Xinlong
Interchange
lasted
for
21
days,
which
led
to
a
decrease
in
vehicle
traffic
and
a
decrease
in
toll
revenue;
③
The
impact
of
the
opening
of
Nansha
Bridge
in
2019
and
the
goods
restriction
of
Humen
Bridge
tended
to
be
stable
in
the
fourth
quarter
of
2020;
Under
the
same
road
network
conditions,
the
fourth
quarter
achieved
a
year-on-year
growth
trend.
(2)
Gankang
Expressway:
①
The
national
highway
G323
was
cancelled
and
some
national
highways
were
repaired
and
restored,
which
diverted
some
traffic;
②
Some
sections
of
national
highways
G236
and
G319
were

2020AnnualReport


restricted,
andsome
vehicles
were
diverted
to
other
expressways.


(3)
Kangda
Expressway:
①
Due
to
the
cancellation
of
the
provincial
boundary
system,
the
calculated
traffic
volume
is
different
from
previous
years
in
statistical
caliber;
②
After
the
recovery
of
charges,
the
public's
road
trip
increased
compared
with
the
past,
and
the
passenger
car
traffic
increased
year-on-year;
Logistics
vehicles
such
as
transportation
cold
chain,
fresh
food
and
express
delivery
vehicles
have
grown
rapidly,
and
the
traffic
volume
of
trucks
hasalso
increased.
2.
Revenue
andcost
(1)Component
ofBusiness
Income
In
RMB


2020
2019
Increase
/decrease
Amount
Proportion
Amount
Proportion
Total
operating
revenue
3,790,348,876.26
100%
4,999,016,766.74
100%
-24.18%
Industry
Highway
transportations
3,665,926,709.10
96.72%
4,853,094,808.04
97.08%
-24.46%
Other
124,422,167.16
3.28%
145,921,958.70
2.92%
-14.73%
Product
Highway
transportations
3,665,926,709.10
96.72%
4,853,094,808.04
97.08%
-24.46%
Other
124,422,167.16
3.28%
145,921,958.70
2.92%
-14.73%
Area
Guangfo
Expressway
329,710,947.81
8.70%
471,345,653.88
9.43%
-30.05%
Fokai
Expressway
961,484,310.59
25.37%
1,276,614,430.61
25.54%
-24.68%
Jingzhu
Expressway
Guangzhu
Section
782,378,756.64
20.64%
1,187,425,165.18
23.75%
-34.11%
Guanghui
Expressway
1,592,352,694.06
42.01%
1,917,709,558.37
38.36%
-16.97%
Other
124,422,167.16
3.28%
145,921,958.70
2.92%
-14.73%


(2)Situation
of
Industry,
Product
and
District
Occupying
the
Company’s
Business
Income
and
Operating
Profit
with
Profit
over
10%
√Applicable
□Not
applicable
In
RMB


Turnover
Operation
cost
Gross
profit
rate(%)
Increase/decre
ase
of
revenue
in
the
same
period
of
the
previous
year(%)
Increase/decrease
of
business
cost
over
the
same
period
of
previous
year
(%)
Increase/decrease
of
gross
profit
rate
over
the
same
period
of
the
previous
year
(%)
Industry
Highway
3,665,926,709.10
1,585,926,446.48
56.74%
-24.46%
-13.08%
-5.66%



2020AnnualReport


transportations
Product
Highway
transportations
3,665,926,709.10
1,585,926,446.48
56.74%
-24.46%
-13.08%
-5.66%
Area
Guangfo
Expressway
329,710,947.81
112,789,778.87
65.79%
-30.05%
-0.89%
-10.07%
Fokai
Expressway
961,484,310.59
650,430,454.36
32.35%
-24.68%
-16.53%
-6.61%
Jingzhu
Expressway
Guangzhu
782,378,756.64
279,884,229.56
64.23%
-34.11%
-23.46%
-4.98%
Section
Guanghui
Expressway
1,592,352,694.06
542,821,983.69
65.91%
-16.97%
-4.08%
-4.58%


Under
circumstancesof
adjustment
in
reportingperiod
for
statistic
scopeof
main
businessdata,adjusted
main
business
basedonlatest
onyear’s
scopeof
period-end.


□Applicable
√Not
applicable
(3)Whether
the
Company’s
Physical
Sales
Income
ExceededService
Income
□Yes√
No
(4)Degree
of
Performanceof
the
Significant
Sales
Contract
Signedup
to
this
Report
Period
□Applicable
√Notapplicable
(5)Component
ofbusinesscost
Industry
category
In
RMB


Industry
category
Items
2020
2019
Increase/
Decrease
(%)
Amount
Proportion
in
the
operating
costs
(%)
Amount
Proportion
in
the
operating
costs
(%)
Highway
transportations
Depreciation
andAmortized
1,020,703,974.74
61.41%
1,188,983,865.18
61.78%
-14.15%
Highway
transportations
Out
of
pocket
expenses
565,222,471.74
34.00%
635,659,655.25
33.03%
-11.08%
Other
Other
76,297,249.65
4.59%
99,834,413.47
5.19%
-23.58%


Note


(6)Whether
Changes
Occurred
in
Consolidation
Scope
inthe
Report
Period
√Yes□
No
Compared
with
2019,
the
scope
of
consolidation
in
this
year
was
reduced
to
Guangzhou
Guangzhu
Transportation
Investment
Management
Co.,
Ltd.,
which
was
due
to
the
internal
consolidation
by
merger
of
the



2020AnnualReport19Company.
Comparedwith2019,GuangdongGuanghuiExpresswayCo.,Ltd.wasaddedtothescopeofconsolidationthisyear,becausetheCompanyacquiredits21%equityandheld51%equityofGuanghuiExpressway,andGuanghuiExpresswaywaschangedfromanaffiliatedcompanytoasubsidiary.
(7)RelevantSituationofSignificantChangesorAdjustmentoftheBusiness,ProductorServiceintheCompany’sReportPeriod
□Applicable√Notapplicable(8)SituationofMainCustomersandMainSupplier
□Applicable√Notapplicable3.ExpensesInRMB20202019Increase/DecreaseNotesAdministrativeexpenses203,945,119.58218,914,654.80-6.84%
Financialexpenses216,182,374.88224,177,216.66-3.57%
R&Dexpenses404,303.70100.00%
In2020,YuegaoTechnologyincurredtheexpenditureof"R&DofAutomaticCardCheckingMachineforExpresswayCompositePassCards".
4.ResearchandDevelopment√Applicable□NotapplicableSinceJanuary1,2020,the5.8GHzCPCcardhasbeenuniformlyusedinthetollcollectionmediaofMTCvehiclesacrossthecountry,andthenationalunifiedCPCcardmanagementplatformhasbeenenabled,andallcardshavebeenuniformlymanaged,whichrequiresthecardcheckingandwarehousingoperationforeachallocatedcard.Accordingtothefeedbackfromsomeroadsectionswithlargetrafficvolume,intheprocessofcardallocation,theworkofcardreadingandsortingistediousanddull,andmanualoperationispronetoerrors.
Therefore,itisexpectedthatsuchmanualoperationcanbereplacedbyautomaticcardreadingandsortingmachines.TheCompanyactivelyseeksautomationequipmentmanufacturerstojointlydevelopautomaticcheckingmachineproductsforcompositepasscards.Thisprojectismainlytodevelopanautomaticcardcheckingequipment,whichenablesticketmanagersintollstationsandCPCcarddispatchingcentertocompleteautomaticcardchecking,arrangewholecardsinanorderlymannerandsortoutdefectivecardsonlybyputtingthescatteredcardsintothecardbinwithoutmanualcardswipingadtesting.Thelocationofeachcardisrecorded,whichisconvenientforlocatingthecards,andreducestheunnecessarycardlocatingworkcausedbythesealingfailureduetotheregisterofadefectivecardinadifferentplace.Andeachdetectedcardcanbeautomaticallydisinfected,thusensuringthehealthofpeoplecontactingthecard.
R&Dinvestment20202019Increase/decrease
20202019Increase/DecreaseNotesAdministrativeexpenses203,945,119.58218,914,654.80-6.84%
Financialexpenses216,182,374.88224,177,216.66-3.57%
R&Dexpenses404,303.70100.00%
In2020,YuegaoTechnologyincurredtheexpenditureof"R&DofAutomaticCardCheckingMachineforExpresswayCompositePassCards".
4.ResearchandDevelopment√Applicable□NotapplicableSinceJanuary1,2020,the5.8GHzCPCcardhasbeenuniformlyusedinthetollcollectionmediaofMTCvehiclesacrossthecountry,andthenationalunifiedCPCcardmanagementplatformhasbeenenabled,andallcardshavebeenuniformlymanaged,whichrequiresthecardcheckingandwarehousingoperationforeachallocatedcard.Accordingtothefeedbackfromsomeroadsectionswithlargetrafficvolume,intheprocessofcardallocation,theworkofcardreadingandsortingistediousanddull,andmanualoperationispronetoerrors.（未完）