[年报]粤高速Ｂ:2021年年度报告（英文版）

时间：2022年03月15日 22:26:16 中财网

原标题:粤高速Ｂ:2021年年度报告（英文版）

2021AnnualReport


Guangdong
Provincial
Expressway
Development
Co.,
Ltd.


2021Annual
Report


March
2022



2021AnnualReport


I.
ImportantNotice,TableofContentsandDefinitions
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
contentshereof.


Mr.Zheng
Renfa,
The
Company
leader,
Mr.
Wang
Chunhua,
General
Manager,
Mr.
Lu
Ming,
Chief
financial
officer
and
the
Ms.Zhou
Fang,
the
person
in
charge
of
the
accounting
department
(the
person
in
charge
of
the
accounting
)hereby
confirm
the
authenticity
and
completeness
of
the
financial
report
enclosed
in
this
annual
report.


All
the
directors
attendedthe
board
meeting
forreviewing
theAnnual
Report.


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
profit
distribution
proposal
reviewed
and
approved
by
the
boarding
meeting
was
summarized
as
follows:
2,090,806,126
for
the
base,
the
Company
would
distribute
cash
dividend
to
all
the
shareholders
at
the
rate
of
CNY


5.70
for
every
10
shares
(with
tax
inclusive)
,
0
bonus
shares（including
tax）and
no
reserve
would
be
converted
into
share
capital.

2021AnnualReport


Table
ofContents


I.Important
Notice,Tableof
contents
andDefinitions


II.
CompanyProfile
&Financial
Highlights.
III.
Management
Discussion
&Analysis
IV.
Corporate
Governance
V.
Environmental
&
Social
Responsibility
VI.
Important
Events
VII.
Change
ofshare
capital
andshareholdingof
PrincipalShareholders
VIII.
Situation
ofthe
Preferred
Shares
IX.
Corporate
Bond
X.
Financial
Report

2021AnnualReport


Documents
available
forinspection


1.
Accounting
statements
carried
with
personal
signatures
and
seals
of
legal
representative,
General
Manager,
Chief
Financial
officer
andFinancial
Principal.
2.
Original
of
Auditors’
Report
carried
with
the
seal
of
Certified
Public
Accountants
as
well
as
personal
signatures
of
certified
Public
accountants.
3.
The
texts
of
all
the
Company's
documents
publicly
disclosed
on
the
newspapers
and
periodicals
designated
by
China
Securities
Regulatory
Commission
in
the
report
period.

2021AnnualReport


Definition


Terms
to
be
defined
Refers
to
Definition
Reporting
period,
This
year
Refers
to
January
1,
2021
to
December
31,
2021
Reporting
date
Refers
to
The
annual
report
of
the
company
was
approved
by
the
board
of
directors
on
2021,
that
is
March
15,
2022
YOY
Refers
to
Compared
with
2020
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.
Fokai
Company
Refers
to
Guangdong
Provincial
Expressway
Development
Co.,Ltd.Fokai
Branch
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.
Guangdong
Expressway
Capital
Refers
to
Yuegao
Capital
Investment
(Guangzhou)
Co.,
Ltd.
Guangzhu
East
Company
Refers
to
Jingzhu
Expressway
Guangzhu
Section
Co.,
Ltd.
Guanghui
Company
Refers
to
Guangdong
Guanghui
Expressway
Co.,
Ltd.



2021AnnualReport


II.
CompanyProfile&FinancialHighlights.
1.Company
Profile


Stock
abbreviation:
ExpresswayA,
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
Zheng
Renfa
Registered
address
85
Baiyun
Road,
Guangzhou,
Guangdong
Province
Postal
code
of
the
Registered
Address
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
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
personandcontact
manner
BoardsecretarySecuritiesaffairsRepresentativeNameYangHanmingLiangJirongContactaddress46/F,LitongPlaza,No.32,ZhujiangEastRoad,
ZhujiangNewCity,TianheDistrict,Guangzhou45/F,LitongPlaza,No.32,ZhujiangEastRoad,
ZhujiangNewCity,TianheDistrict,GuangzhouTel020-29004619020-29004523Fax020-38787002020-38787002E-mailHmy69@[email protected]
3.
Information
disclosureand
placed
Newspapers
selected
by
the
Company
for
Securities
Times,
China
Securities,
Shanghai
Securities
Daily
and
information
disclosure
Hongkong
Commercial
Daily.



2021AnnualReport


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


4.Changes
in
Registration


Organization
Code
91440000190352102M
Changes
in
principal
business
activities
since
listing
(if
any)
No
change
Changes
is
the
controlling
shareholder
in
the
past
(is
any)
On
November
2000,
In
accordance
with
Cai
Guan
Zi
(2008)
No.
109
Document
of
Ministry
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
CPAsengaged
Name
of
the
CPAs
Yong
Tuo
Cerified
PublicAccountants(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
sponsorperforming
persistent
supervision
duties
engaged
bythe
Company
in
thereporting
period.


□Applicable√
Not
applicable
The
Financial
advisor
performingpersistent
supervision
duties
engaged
bytheCompany
in
thereporting
period
√Applicable
□
Not
applicable
Name
Office
address
Name
of
sponsor
Consitent
supervision
period
China
International
Capital
Corporation
Limited
27-28/F,
2
Black，No1.
Guomao
Building,
Jianguomen
Wai
Street,
Chaoyang
District,
Beijing
XieYi
,Long
Hai
2020-2021



2021AnnualReport
6.Summaryof
Accountingdata
andFinancial
index


Whether
it
has
retroactive
adjustment
orre-statement
on
previous
accounting
data
√Yes□
No


2021
2020
Changes
of
this
period
over
same
period
of
Last
year(%)
2019
Before
adjustment
After
adjustment
After
adjustment
Before
adjustment
After
adjustment
Operating
income（Yuan）
5,288,057,677.93
3,790,348,876.26
3,790,348,876.26
39.51%
3,057,935,584.43
4,999,016,766.74
Net
profit
attributable
to
the
shareholders
of
the
listed
company（Yuan）
1,700,406,981.99
867,842,774.78
867,842,774.78
95.93%
1,258,628,101.71
1,469,187,067.83
Net
profit
after
deducting
of
non-recurring
gain/loss
attributable
to
the
shareholders
of
listed
company（Yuan）
1,693,091,639.41
704,821,643.20
704,821,643.20
140.22%
1,249,576,930.75
1,249,579,043.32
Cash
flow
generated
by
business
operation,
net（Yuan）
3,669,744,721.16
2,636,187,241.05
2,636,187,241.05
39.21%
1,988,551,897.83
3,222,681,187.05
Basic
earning
per
share(Yuan/Share)
0.81
0.42
0.42
92.86%
0.60
0.70
Diluted
gains
per
share(Yuan/Share)
0.81
0.42
0.42
92.86%
0.60
0.70
Weighted
average
ROE(%)
20.11%
8.27%
8.27%
11.84%
13.09%
14.18%
End
of
2021
End
of
2020
Changed
over
last
year（％）
End
of
2019
Before
adjustment
After
adjustment
After
adjustment
Before
adjustment
After
adjustment
Gross
assets（Yuan）
18,875,766,799.31
19,748,578,658.11
19,748,578,658.11
-4.42%
17,674,545,340.78
20,666,939,285.90
Net
assets
attributable
to
shareholders
of
the
listed
company（Yuan）
8,982,437,985.17
7,933,136,499.11
7,933,136,499.11
13.23%
9,823,426,849.75
10,557,360,463.78



2021AnnualReport
Retroactive
adjustment
orrestatement
ofcauses:
Merger
of
enterprises
under
thesame
control


Thelower
of
thecompany’s
net
profit
before
andafter
the
deduction
of
non-recurringgains
andlosses
in
the
last
three
fiscal
years
is
negative,
andthe
auditor's
report
of
theprevious
year
shows
that
the
Company’s
going
concernability
is
uncertain.


□Yes√No
Thelower
of
thenet
profit
beforeand
after
the
deduction
ofthe
non-recurring
gains
andlosses
is
negative.
□Yes√No

2021AnnualReport
7.The
differencesbetween
domestic
and
international
accountingstandards


(1)．
Simultaneously
pursuant
to
both
Chinese
accounting
standards
and
international
accounting
standards
disclosed
in
thefinancial
reportsof
differences
in
netincome
andnet
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
√Notapplicable
None
8.Main
Financial
IndexbyQuarters
In
RMB


First
quarter
Second
quarter
Third
quarter
Fourth
quarter
Operating
income
1,257,975,487.27
1,230,499,182.54
1,485,357,499.71
1,314,225,508.41
Net
profit
attributable
to
the
shareholders
of
the
listed
company
399,100,166.26
449,760,184.38
545,389,653.71
306,156,977.64
Net
profit
after
deducting
of
non-recurring
gain/loss
attributable
to
the
shareholders
of
listed
company
395,414,595.12
447,328,563.52
537,138,406.69
313,210,074.08
Net
Cash
flow
generated
by
business
operation
849,020,540.34
966,272,676.91
1,072,587,838.82
781,863,665.09


9.Items
andamount
of
non-current
gains
andlosses
√Applicable
□Not
applicable


In
RMB


Items
Amount
(2021)
Amount
(2020）
Amount
(2019)
Notes
Non-current
asset
disposal
gain/loss(including
the
write-off
part
for
which
assets
impairment
provision
is
made)
4,350,214.54
-8,261,533.18
7,607,268.21
Government
subsidies
recognized
in
current
gain
and
loss(excluding
those
closely
related
to
the
Company’s
business
and
granted
under
the
state’s
policies)
16,348,006.07
8,359,291.82
87,937.00
Current
net
gains
and
losses
occurred
from
period-begin
to
546,213,524.55
701,856,178.51



2021AnnualReport


Items
Amount
(2021)
Amount
(2020）
Amount
(2019)
Notes
combination
day
by
subsidiaries
resulting
from
business
combination
under
common
control
Net
amount
of
non-operating
income
and
expense
except
the
aforesaid
items
-5,840,734.56
-1,069,827.30
-1,393,149.65
Other
non-recurring
Gains/loss
items
1,252,349.09
974,321.89
1,652,603.05
Less
:Influenced
amount
of
income
tax
4,027,139.54
2,214.32
1,130,270.54
Influenced
amount
of
minor
shareholders’equity
(after
tax)
4,767,353.02
383,192,431.88
489,072,542.07
Total
7,315,342.58
163,021,131.58
219,608,024.51
--

Details
of
otherprofit
andloss
items
that
meet
the
non-recurring
profit
and
loss
definition


□Applicable√
Not
applicable
None
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
necessaryto
explain
thereason.


□Applicable√
Not
applicable
None
ofNon-recurring
gain
/loss
items
recorgnized
as
recurringgain
/loss/items
as
definedby
the
information
disclosure
explanatoryAnnouncement
No.1-Non
–recurring
gain/loss
in
the
reportperiod.



2021AnnualReport


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
andbridges,
which
shall
beclassified
into
thehighway
management
and
maintenanceindustry.


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
the
2020
Statistical
Bulletin
on
Development
of
Transportation
Industry
issued
by
the
Ministry
of
Transport,
by
the
end
of
2020,
the
total
mileage
of
expressways
in
China
has
reached
161,000
kilometers,
ranking
first
in
the
world,
with
an
increase
of
11,400
kilometers,
and
a
year-on-year
increase
of
7.62%.
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,
andChina'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
uniquerigid
demands.


II.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,Jingzhu
ExpresswayGuangzhuSectionandGuanghuiExpressway
investmentintechnologicalindustries
and
provision
of
relevant
consultaion
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
Expressway
,
Ganzhou
Gankang
Expressway
Co.,
Ltd.,Guangdong
Yueke
Technology
Petty
Loan
Co.,
Ltd.,
Guangdong
Guangle
Expressway
Co.,Ltd.,
Guoyuan
Securities
Co.,
Ltd,
Hunan
Lianzhi



2021AnnualReport


Technology
Co.,
Ltd.andSPIC
YuetongQiyuan
Chip
Power
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
coreCompetitiveness


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


The
year
of
2021
is
the
first
year
of
the
14th
Five-Year
Development
Plan,
during
which
the
Company
focuses
on
key
tasks,
promotes
the
normalization
of
epidemic
prevention
and
control,
operation
and
production
as
a
whole,
successfully
completes
its
annual
work
objectives,
and
maintains
and
increases
the
value
of
state-owned
assets
by120.04%.

（1）It
has
promoted
comprehensively
deepening
of
the
reform
of
state-owned
enterprises.
The
Company
will
carefully
combine
the
world-class
management
promotion
action
with
the
three-year
action
of
state-owned
enterprise
reform,
comprehensively
deepen
the
state-owned
enterprise
reform,
and
actively
well
ensure
related
work.
By
the
endof
December
2021,
most
tasks
hadbeencompleted,
exceedingthe
target
requirement.
（2）The
verification
of
the
charging
period
for
the
reconstruction
and
expansion
of
the
south
section
of
Foshan-Kaiping
Expressway
has
been
completed.
In
June
2021,
the
reconstruction
and
expansion
project
of
Sanbao-Shuikou
section
of
Foshan-Kaiping
Expressway
was
approved
by
Guangdong
Provincial
People's
Government,
and
the
approved
charging
period
of
the
project
is
24.6011
years,
which
laid
a
solid
foundation
for
the
Company's
sustainable
development.
（3）The
preliminary
work
of
five-expressway
reconstruction
and
expansion
has
been
carried
out:
it
has
successfully
completed
the
investment
decision-making
procedure
of
the
reconstruction
and
expansion
project
of
Jiangmen-Zhongshan
Expressway,
a
provincial
key
construction
project
of
the
Company's
capital
increase.
It
has
gone
through
the
formalities
of
shareholders'
capital
contribution
in
time
according
to
the
progress
of
the
project
to
ensure
the
demand
of
reconstruction
and
expansion
project
construction
funds;
continued
to
follow
up
the
preliminary
research
work
of
reconstruction
and
expansion
project
in
Guangdong-Zhaoqing,
East
Guangzhou-Zhuhai
and
Guangzhou-Huizhou
expressways;
and
assisted
in
the
regulation
and
estimation,
period
audit,
investment
and
financing
plan
preparation
of
the
project
of
Huizhou-Shenzhen
Expressway
reconstruction
andexpansion.
（4）It
prepares
the
"14th
Five-Year
Plan"
in
high
quality,
clarifies
the
Company
as
the
capital
operation
platform
that
focuses
on
serving
the
transformation
and
upgrading
of
the
expressway
transportation
industry
in

2021AnnualReport


Guangdong
Province,
with
cultivation
and
integration
of
new
industries
such
as
road
industry
and
smart
transportation
industry
in
Guangdong
Province
as
the
development
direction,
continuously
expands
and
upgrades
the
scale
of
the
main
expressway
business;
improves
industrial
basic
ability
and
profitability;
cultivates
the
ability
of
independent
innovation;
actively
lays
out
the
smart
transportation
industry;
carries
out
intelligent
upgrading
around
the
expressway;
adheres
to
the
two-wheel
drive
of
scientific
and
technological
transformation
and
capital
operation,
and
continues
to
promote
the
capital
operation
of
listed
companies
in
combination
with
provincial
transportation
planning,
so
as
to
make
the
Company
better,stronger
andbigger.

（5）It
participates
in
the
development
strategy
of
green
power
transportation
in
State
Power
Investment
Corporation
(SPIC),
and
builds
a
technical
service
platform
for
heavy
truck
with
replaceable
battery
by
investing
in
SPICYuetongQiyuan
Chip
PowerTechnology
Co.,
Ltd.
through
its
wholly-ownedsubsidiaryYuegao
Capital.
In
2020,
the
company's
revenue
was
greatly
reduced
by
the
New
Coronavirus
epidemic..
In
2021,
the
number
of
toll
days
the
company
participated
in
the
holding
expressway
increased
YOY.
The
toll
revenue
of
each
expressway
increased
ofthe
Companyare
as
follows:


Volume
of
vehicle
traffic
in
2021（Ten
thousands
vehicles）
Increase
/Decrease(%)
Toll
income
in
2021（Ten
thousands）
Increase
/Decrease(%)
Guangfo
Expressway
7,928.27
9.06%
44,885.46
36.14%
Fokai
Expressway
8,574.49
11.09%
145,437.73
51.26%
Jingzhu
Expressway
Guangzhu
East
Section
7,165.82
15.77%
114,088.10
45.82%
Guanghui
Expressway
8,295.24
10.79%
212,619.92
33.53%
Huiyan
Expressway
5,175.24
18.98%
24,037.38
29.28%
Guangzhao
Expressway
3,813.00
31.84%
53,568.64
22.97%
Jiangzhong
Expressway
6,710.69
10.09%
47,663.06
40.74%
Kangda
Expressway
145.57
-1.52%
31,287.88
47.65%
Gankang
Expressway
460.81
4.62%
19,905.23
55.10%
Guangle
Expressway
3,926.49
13.24%
335,608.32
35.10%


On
the
whole,the
overall
trendof
traffic
flow
andtoll
income
of
eachholdingsection
is
good.
Compared
with
the
data
beforethe
outbreak,
themain
ones
that
have
achieved
significant
growth
areFokai
Expressway
and
Guanghui
expressway,among
which:


(1)Foshan-Kaiping
Expressway
is
affectedbythe
fully
openingto
traffic
of
Kaiping–Yangjiang
Expressway,
which
is
connected
with
it.
While
leadingto
improved
traffic
capacityof
the
main
roadsurface
andtraffic
backflow,it
also
increases
new
trafficflows,
andgreatly
increasestoll
income.
(2)Due
to
the
opening
ofHuadu-Dongguan
Expresswayon
November
1,
2020and
Heyuan-Huizhou-Dongguan
Expressway
onDecember
28,
2020,the
trafficflow
is
attracted
to
Guanghui
expressway,forming
a
newtraffic
flow.
2.
Revenue
andcost
(1)Component
ofBusiness
Income
In
RMB


2021
2020
Increase
/decrease



2021AnnualReport


Amount
Proportion
Amount
Proportion
Total
operating
revenue
5,288,057,677.93
100%
3,790,348,876.26
100%
39.51%
Industry
Highway
transportations
5,170,312,170.97
97.77%
3,665,926,709.10
96.72%
41.04%
Other
117,745,506.96
2.23%
124,422,167.16
3.28%
-5.37%
Product
Highway
transportations
5,170,312,170.97
97.77%
3,665,926,709.10
96.72%
41.04%
Other
117,745,506.96
2.23%
124,422,167.16
3.28%
-5.37%
Area
Guangfo
Expressway
448,854,642.12
8.49%
329,710,947.81
8.70%
36.14%
Fokai
Expressway
1,454,377,306.80
27.50%
961,484,310.59
25.37%
51.26%
Jingzhu
Expressway
1,140,880,993.81
21.57%
782,378,756.64
20.64%
45.82%
Guangzhu
Section
Guanghui
Expressway
2,126,199,228.24
40.21%
1,592,352,694.06
42.01%
33.53%
Other
117,745,506.96
2.23%
124,422,167.16
3.28%
-5.37%
Sub-sales
model
Highway
transportations
5,170,312,170.97
97.77%
3,665,926,709.10
96.72%
41.04%
Other
117,745,506.96
2.23%
124,422,167.16
3.28%
-5.37%


(2)Situation
of
Industry,
Product
and
District
Occupying
the
Company’s
Business
Income
and
Operating
Profit
with
Profit
over （未完）