The First Quarterly Report 2026
Stock Abbreviation: Guangdong Expressway A, Guangdong Expressway B Stock Code: 000429,200429
Announcement No.: 2026-010
Guangdong Provincial Expressway Development Co.，Ltd.
The First Quarterly Report 2026
The Company and its directors hereby guarantee that the content of information disclosure is real, accurate,
complete and free from any false record, misleading representation or material omissions.
Important Notes
report is true, accurate and complete without false records, misleading statements or material omissions, and
will undertake individual and joint legal liabilities.
accuracy and completion of the quarterly report, there are no any fictitious statements, misleading statements or
important omissions carried in this report, and shall take legal responsibilities, individual and or joint.
(accounting officer) hereby confirm that the financial information of this Quarterly Report is authentic, accurate
and complete.
□Yes √No
The First Quarterly Report 2026
I. Main financial data
(i) Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□Yes ?No
Changes of this period over
This period Same period of last year same period of last year
（％）
Operating revenue（Yuan） 1,078,049,945.69 1,049,919,860.48 2.68%
Net profit attributable to the
shareholders of the listed 451,885,742.49 657,482,517.83 -31.27%
company（Yuan）
Net profit after deducting of
non-recurring gain/loss
attributable to the 449,746,316.20 399,682,317.42 12.53%
shareholders of listed
company（Yuan）
Net cash generated from /used
in operating activities 1,297,578,966.29 1,404,783,085.32 -7.63%
（Yuan）
Basic earning per
share(Yuan/Share)
Diluted gains per
share(Yuan/Share)
Weighted average return on
equity（%）
Changes of this period-end
End of this period End of last period over same period-end of last
year(%)
Total assets（Yuan） 28,265,215,689.09 26,790,914,410.82 5.50%
Net assets attributable to the
shareholders of the listed 11,523,402,993.17 11,116,100,975.79 3.66%
company（Yuan）
(ii)Items and amount of non-current gains and losses
√ Applicable □ Not applicable
In RMB
Item Current amount Note
Non-current asset disposal
gain/loss(including the write-off part for -563,913.74
which assets impairment provision is
The First Quarterly Report 2026
made)
Government subsidies recognized in
current gain and loss(excluding those
closely related to the Company’s 3,838.71
business and granted under the state’s
policies)
Funds occupation fees charged to non-
financial enterprises, recognized in 1,519,528.30
current profit or loss
Net amount of non-operating income and
expense except the aforesaid items
Other non-recurring Gains/loss items 771,649.98
Less :Influenced amount of income tax 828,937.59
Influenced amount of minor
shareholders’ equity (after tax)
Total 2,139,426.29 --
Other gains/losses items that conform to the definition of non-recurring gains/losses:
□Applicable?Not applicable
The Company does not haveother gains/losses items that conform to the definition of non-recurring gains/losses
Information on the definition of non-recurring profit(gain)/loss that listed in theQ&A Announcement No.1 on
Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary (non-recurring)
Profit(gain)/loss as the recurring profit(gain)/loss
□Applicable?Not applicable
The Company does not have any non-recurring profit(gain)/loss listed under theQ&A Announcement No.1 on
Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary (non-recurring)
Profit(gain)/lossdefined as recurring profit(gain)/loss
(iii)Particulars about material changes in items of main accounting statement and financial index and
explanations of reasons
√ Applicable □Not applicable
I. Items of balance sheet as compared with the beginning of this year.
(1)Account receivable
An increase of 30.11 million yuan or 31.13% over the beginning of the year, The main reason is the
increase in toll revenues pending liquidation..
(2)Other non-current assets
An increase of 769.54 million yuan or 92.57% over the beginning of the year, Mainly due to the impact of
the reclassification of advance payments for reconstruction and expansion projects by Guangdong Guanghui
Expressway Co., Ltd.
(3)Taxes and fees payable
The First Quarterly Report 2026
An increase of 65.51 million yuan or 37.51% over the beginning of the year, Mainly due to the impact of the
provision of income tax by the parent company and each subsidiary.
II. Items of income statement as compared with the same period of the previous year
(1)Financial expenses
The decrease of 50.22 million yuan or 209.74% over the same period of last year, Mainly due to the controlling
subsidiary Guangdong Guanghui Expressway Co., Ltd. received interest income from time deposits during the
current period.
(2)Loss of credit impairment
The decrease of 326.69 million yuan or 97.87%over the same period of last year, Mainly due to the holding
subsidiary Guangfo Expressway Co., Ltd. had a clear source of funds for advance maintenance expenses in the
same period last year, resulting in the reversal of 342.94 million yuan of bad debt provisions accrued
individually for previously advanced maintenance expenses, whereas in the current period was not affected by
this factor.
(3)Net profit
The decrease of 260.02 million yuan or 29.35%over the same period of last year, Mainly due to the
reversal of bad debt provisions of 342.94 million yuan by the holding subsidiary Guangfo Expressway Co., Ltd.
in the same period last year, as well as the combined effects of increased operating income and reduced
financial expenses during the current period.
(4) Other Comprehensive Income
The decrease of 15.65 million yuan or 54.06%over the same period of last year, Mainly due to the fair value of
the Company's holdings in Everbright Bank shares declined in the current period, and the Company recognized
an increase in other comprehensive income based on its equity interest in Guoyuan Securities, resulting in a
YOY increase in comprehensive income.
III. Notes of main items of cash flow statement
(1)Cash received from recovering investment
In the current period it decreased by 107.11 million yuan YOY, mainly because in the same period last year, the
wholly-owned subsidiary Yuegao Capital Holdings (Guangzhou) Co., Ltd. received the payment for the equity
transfer of Hunan Lianzhi Technology Co., Ltd., which did not occur in the current period.
(2)Cash received from investment income
It decreased by 26.78 million yuan or 50.44%YOY, The main reason is a decrease in dividends received from
share-participating companies.
The First Quarterly Report 2026
(3) Cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets
It increased by 733.81 million yuan or 141.07%YOY, The main reason is an increase in expenditure for the
expansion and reconstruction projects of controlling subsidiaries.
(4)Cash received from loans
It decreased by 1,505 million yuan or 69.84%YOY, The main reason is a decrease in the amount of loans
borrowed during the current period.
(5)Cash paid for settling debts
It decreased by 2,340.05 million yuan or 97.40%YOY, The main reason is that in the same period last year, the
Company's headquarter and the subsidiary Beijing Zhuhai Expressway Guangzhu Section Company repaid
loans and medium-term notes.
II. Shareholders Information
(i) Total number of common shareholders and preference shareholders with voting rights recovered and
top ten common shareholders
In Shares
Total preference shareholders with the voting
Total number of common
shareholders at the period-end
period(if any)
Shares held by the top 10 shareholders（Excluding shares lent through refinancing)
Amount of Pledging or freezing
Properties Share tradable shares
Shareholder name of proportio Quantity with Status of
Quantity
shareholder n% Conditional the shares
held
State-
Guangdong Communication Not
owned legal 24.56% 513,485,480 410,105,738 0
Group Co., Ltd. applicable
person
State-
Guangdong Highway Construction Not
owned legal 22.30% 466,325,020 0 0
Co., Ltd, applicable
person
State-
Shangdong Tonghui Capital Not
owned legal 9.68% 202,429,927 0 0
Investment Group Co., Ltd. applicable
person
State-
Guangdong Provincial Freeway Not
owned legal 2.53% 52,937,491 19,582,228 0
Co.,Ltd. applicable
person
China Construction Bank － Other 2.04% 42,564,029 0 Not 0
The First Quarterly Report 2026
Huatai-Pine Bridge CSI Dividend applicable
Low Volatility Exchange-Traded
Open-End Index Securities
Investment Fund
China Pacific Life Insurance Co.,
Ltd.-China Pacific Life Equity
Not
Dividend Product (Life Proprietary Other 1.83% 38,312,274 0 0
applicable
Trading) Entrusted Investment
(Changjiang Pension)
State-
China Merchants Securities Co.,
owned legal 0.82% 17,166,094 0 Charge 5,251,450
Ltd.
person
State-
Not
Orient Securities owned legal 0.78% 16,314,748 0 0
applicable
person
Overseas Not
Xinyue Co., Ltd. 0.63% 13,201,086 0 0
legal person applicable
Overseas Not
HKSCC 0.62% 13,001,793 0 0
legal person applicable
Shares held by the Top 10 Shareholders of Non-restricted shares(Excluding shares lent through refinancing and Top management
lock-in stock)
Number of the non- Share type
Shareholders’ Names
restricted shares held Share type Quantity
RMB Common
Guangdong Highway Construction Co., Ltd, 466,325,020 466,325,020
shares
RMB Common
Shangdong Tonghui Capital Investment Group Co., Ltd. 202,429,927 202,429,927
shares
RMB Common
Guangdong Communication Group Co., Ltd. 103,379,742 103,379,742
shares
China Construction Bank － Huatai-Pine Bridge CSI
RMB Common
Dividend Low Volatility Exchange-Traded Open-End Index 42,564,029 42,564,029
shares
Securities Investment Fund
China Pacific Life Insurance Co., Ltd.-China Pacific Life
RMB Common
Equity Dividend Product (Life Proprietary Trading) Entrusted 38,312,274 38,312,274
shares
Investment (Changjiang Pension)
RMB Common
Guangdong Provincial Freeway Co.,Ltd. 33,355,263 33,355,263
shares
RMB Common
China Merchants Securities Co., Ltd. 17,166,094 17,166,094
shares
RMB Common
Orient Securities 16,314,748 16,314,748
shares
Foreign shares
Xinyue Co., Ltd. 13,201,086 placed in domestic 13,201,086
exchange
RMB Common
HKSCC 13,001,793 13,001,793
shares
Guangdong Communication Group Co., Ltd. is the parent
company of Guangdong Highway Construction Co., Ltd.，
Guangdong Provincial Freeway Co.,Ltd. and Xinyue Co., Ltd.,
Related or acting-in-concert parties among shareholders above
It is unknown whether there is relationship between other
shareholders and whether they are persons taking concerted
action specified in the Regulations on Disclosure of Information
The First Quarterly Report 2026
about Change in Shareholding of Shareholders of Listed
Companies.
Participation of top 10 unconditional common share
None
shareholders in securities margin trading (if any)
Information of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10
shareholders of unrestricted tradable shares participating in the lending of shares in securities lending and
borrowing business
□Applicable ?Not applicable
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared
with the previous period due to the securities lending/returning,
□Applicable ?Not applicable
(ii)Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end
of the report period
□Applicable ?Not applicable
III. Other important matters
□Applicable ?Not applicable
IV. Quarterly financial statements
（i）Financial statement
Prepared by：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
Item Ending balance Opening balance
Current asset：
Monetary fund 7,043,882,769.90 6,545,379,942.11
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 126,805,323.25 96,702,638.20
Financing receivable
Prepayments 6,354,677.17 9,701,427.59
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Other account receivable 662,427,595.41 607,031,326.53
Including：Interest receivable
Dividend receivable 77,581,050.32 0.00
Repurchasing of financial assets
The First Quarterly Report 2026
Item Ending balance Opening balance
Inventories
Including：Data resources
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 8,683,142.94 7,909,725.13
Total of current assets 7,848,153,508.67 7,266,725,059.56
Non-current assets：
Loans and payment on other’s behalf disbursed
Creditor's Investment
Other Creditor's Investment
Long-term receivable
Long term share equity investment 4,347,674,796.45 4,362,638,936.45
Other equity instruments investment 824,781,882.33 890,653,266.65
Other non-current financial assets 195,219,767.35 195,219,767.35
Property investment 1,949,513.36 2,004,792.98
Fixed assets 8,018,228,088.02 8,268,301,855.93
Construction in progress 5,222,664,906.24 4,760,350,219.82
Production physical assets
Oil & gas assets
Use right assets 1,374,045.22 3,850,889.14
Intangible assets 172,621,441.43 178,707,658.07
Including：Data resources 2,380,000.00 2,507,500.00
Development expenses
Including：Data resources
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 31,688,201.87 31,138,740.44
Other non-current asset 1,600,859,538.15 831,323,224.43
Total of non-current assets 20,417,062,180.42 19,524,189,351.26
Total of assets 28,265,215,689.09 26,790,914,410.82
Current liabilities
Short-term loans 259,163,958.01 259,163,958.03
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 155,678,614.32 219,716,016.18
Advance receipts 527,625.00 276,083.20
Contract liabilities
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
The First Quarterly Report 2026
Item Ending balance Opening balance
Employees’ wage payable 20,984,436.88 22,045,085.09
Tax payable 240,170,906.20 174,658,322.38
Other account payable 666,160,332.49 292,377,860.50
Including：Interest payable
Dividend payable 35,609,240.86 36,900,482.45
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 260,601,040.10 293,845,219.93
Other current liability 163,225.27 123,420.61
Total of current liability 1,603,450,138.27 1,262,205,965.92
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 10,655,022,138.04 10,036,331,513.04
Bond payable
Including：preferred stock
Sustainable debt
Lease liability 75,448.77 0.00
Long-term payable 2,022,210.11 2,022,210.11
Long-term remuneration payable to staff
Expected liabilities
Deferred income 1,042,956,627.79 994,833,116.03
Deferred income tax liability 274,535,083.84 291,774,306.12
Other non-current liabilities
Total non-current liabilities 11,974,611,508.55 11,324,961,145.30
Total of liability 13,578,061,646.82 12,587,167,111.22
Owners’ equity
Share capital 2,090,806,126.00 2,090,806,126.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 782,913,494.32 782,912,515.57
Less：Shares in stock
Other comprehensive income 209,291,212.13 253,875,915.99
Special reserve
Surplus reserves 1,870,662,965.01 1,870,662,965.01
Common risk provision
Retained profit 6,569,729,195.71 6,117,843,453.22
Total of owner’s equity belong to the parent company 11,523,402,993.17 11,116,100,975.79
Minority shareholders’ equity 3,163,751,049.10 3,087,646,323.81
Total of owners’ equity 14,687,154,042.27 14,203,747,299.60
Total of liabilities and owners’ equity 28,265,215,689.09 26,790,914,410.82
The First Quarterly Report 2026
Legal Representative: Miao Deshan
Person in charge of accounting：Lu Ming
Person in charge of accounting organ: Yan Xiaohong
In RMB
Item Current period Last period
I. Income from the key business 1,078,049,945.69 1,049,919,860.48
Including：Business income 1,078,049,945.69 1,049,919,860.48
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 362,097,893.67 407,481,347.85
Including：Business cost 342,608,678.17 338,635,448.36
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net amount of withdrawal of insurance contract reserve
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 4,274,113.69 4,466,278.48
Sales expense
Administrative expense 41,491,418.01 40,089,667.30
R & D costs 0.00 346,586.56
Financial expenses -26,276,316.20 23,943,367.15
Including：Interest expense 39,996,779.95 32,850,030.82
Interest income 66,306,372.63 8,956,507.39
Add: Other income 775,488.69 1,127,804.85
Investment gain（“-”for loss） 84,018,394.61 74,072,953.26
Including: investment gains from affiliates 57,797,097.19 49,606,439.08
Financial assets measured at amortized cost cease to be recognized as income
Gains from currency exchange
Net exposure hedging income
Changing income of fair value
Credit impairment loss 7,104,317.28 333,794,178.81
Impairment loss of assets
Assets disposal income -257,946.49
III. Operational profit（“-”for loss） 807,592,306.11 1,051,433,449.55
Add ：Non-operational income 1,678,554.32 650,252.30
Less: Non-operating expense 397,075.25 678,192.15
The First Quarterly Report 2026
Item Current period Last period
IV. Total profit(“-”for loss) 808,873,785.18 1,051,405,509.70
Less：Income tax expenses 182,883,317.40 165,393,595.18
V. Net profit 625,990,467.78 886,011,914.52
(I) Classification by business continuity
(II) Classification by ownership
VI. Net after-tax of other comprehensive income -44,584,703.86 -28,939,230.17
Net of profit of other comprehensive income attributable to owners of the parent
-44,584,703.86 -28,939,230.17
company.
（I）Other comprehensive income items that will not be reclassified into gains/losses
-46,468,740.04 -12,377,325.98
in the subsequent accounting period
reclassified into profit or loss.
（II）
Other comprehensive income that will be reclassified into profit or loss
reclassified into profit or loss.
Net of profit of other comprehensive income attributable to Minority shareholders’
equity
VII. Total comprehensive income 581,405,763.92 857,072,684.35
Total comprehensive income attributable to the owner of the parent company 407,301,038.63 628,543,287.66
Total comprehensive income attributable minority shareholders 174,104,725.29 228,529,396.69
VIII. Earnings per share
（I）Basic earnings per share 0.22 0.31
(II)Diluted earnings per share 0.22 0.31
The current business combination under common control, the net profits of the combined party before achieved
net profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal Representative: Miao Deshan Person in charge of accounting：Lu Ming Person in charge of
accounting organ: Yan Xiaohong
The First Quarterly Report 2026
In RMB
Item Current period Last period
I. Cash flows from operating activities
Cash received from sales of goods or rending of services 1,078,329,856.02 1,038,833,821.80
Net increase of customer deposits and capital kept for brother company
Net increase of loans from central bank
Net increase of inter-bank loans from other financial bodies
Cash received against original insurance contract
Net cash received from reinsurance business
Net increase of client deposit and investment
Cash received from interest, commission charge and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Net cash received by agent in securities trading
Tax returned
Other cash received from business operation 572,282,237.02 692,535,548.90
Sub-total of cash inflow 1,650,612,093.04 1,731,369,370.70
Cash paid for purchasing of merchandise and services 64,233,127.46 57,702,696.63
Net increase of client trade and advance
Net increase of savings in central bank and brother company
Cash paid for original contract claim
Net increase for Outgoing call loan
Cash paid for interest, processing fee and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 115,507,663.42 117,462,236.47
Taxes paid 155,905,453.70 131,685,911.17
Other cash paid for business activities 17,386,882.17 19,735,441.11
Sub-total of cash outflow from business activities 353,033,126.75 326,586,285.38
Net cash generated from /used in operating activities 1,297,578,966.29 1,404,783,085.32
II. Cash flow generated by investing
Cash received from investment retrieving 0.00 107,111,100.00
Cash received as investment gains 26,312,469.12 53,088,314.76
Net cash retrieved from disposal of fixed assets, intangible assets, and other long-term
assets
Net cash received from disposal of subsidiaries or other operational units
Other investment-related cash received 47,730.00 4,422.50
Sub-total of cash inflow due to investment activities 26,794,092.12 160,242,718.26
Cash paid for construction of fixed assets, intangible assets and other long-term assets 1,253,970,419.41 520,162,310.59
Cash paid as investment
Net increase of loan against pledge
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities
The First Quarterly Report 2026
Item Current period Last period
Sub-total of cash outflow due to investment activities 1,253,970,419.41 520,162,310.59
Net cash flow generated by investment -1,227,176,327.29 -359,919,592.33
III.Cash flow generated by financing
Cash received as investment 0.00 35,000,000.00
Including: Cash received as investment from minor shareholders 0.00 35,000,000.00
Cash received as loans 650,000,000.00 2,155,000,000.00
Other financing –related cash received
Sub-total of cash inflow from financing activities 650,000,000.00 2,190,000,000.00
Cash to repay debts 62,398,750.00 2,402,446,800.00
Cash paid as dividend, profit, or interests 162,717,548.61 170,386,547.17
Including: Dividend and profit paid by subsidiaries to minor shareholders 98,000,000.00 103,600,000.00
Other cash paid for financing activities 2,906,080.83 2,822,352.15
Sub-total of cash outflow due to financing activities 228,022,379.44 2,575,655,699.32
Net cash flow generated by financing 421,977,620.56 -385,655,699.32
IV. Influence of exchange rate alternation on cash and cash equivalents
V.Net increase of cash and cash equivalents 492,380,259.56 659,207,793.67
Add: balance of cash and cash equivalents at the beginning of term 6,492,074,956.46 4,259,653,084.58
VI ..Balance of cash and cash equivalents at the end of term 6,984,455,216.02 4,918,860,878.25
（ii）The Company started implementing the updated accounting standards commencing from 2026 and
adjusted the relevant items in the financial statements at the beginning of the very year involved in the
initial implementation of the said standards
□Applicable ?Not applicable
(iii) Auditors 'Report
Is the First Quarterly Report be audited?
□ Yes √No
The First Quarterly report is not audited.
The Board of Directors of Guangdong Provincial Expressway Development Co., Ltd.
April 30, 2026
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