The Semi-Annual Report 2026
Guangdong Provincial Expressway Development Co., Ltd.
The Semi-Annual Report 2026
August 2026
The Semi-Annual Report 2026
I. Important Notice, Table of Contents and Definitions
The Board of Directors and the directors, 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 contents hereof.
Mr.Miao Deshan, Company principal ,Mr Cheng Rui, General manager, Mr. Lu Ming, Chief of the accounting
work, Ms.Yan Xiaohong, Chief of the accounting organ (chief of accounting ) hereby confirm the authenticity
and completeness of the financial report enclosed in this Semi-annual report.
All the directors have attended the meeting of the board meeting at which this report was examined.
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 Company has no plan of cash dividends carried out, bonus issued and capitalizing of common reserves
either.
The Semi-Annual Report 2026
Table of Contents
I.Important Notice, Table of contents and Definitions
II. Company Profile & Financial Highlights.
III. Management Discussion & Analysis
IV. Corporate Governance and Environmental Social
V. Important Events
VI. Changes in shares and information about Shareholders
VII. Corporate Bond
VIII. Financial Report
The Semi-Annual Report 2026
Documents available for inspection
Chief Financial officer（Chief accountant）,the person in charge of the accounting department (the person in
charge of the accounting )Financial Principal .
China Securities Regulatory Commission in the report period.
The Semi-Annual Report 2026
Definition
Terms to be defined Refers to Definition
Reporting period, This year Refers to January 1, 2026 to June 30,2026
The semi-annual report of the company was approved
Reporting date Refers to by the board of directors of 2026, that is, August 24,
YOY Refers to Compared with January-June 2025
The Company, This Company, The Group, Guangdong Guangdong Provincial Expressway Development
Refers to
Expressway Co.,Ltd.
Guanghui Company Refers to Guangdong Guanghui Expressway Co., Ltd.
The Semi-Annual Report 2026
II. Company Profile & Financial Highlights.
Stock abbreviation: Expressway A, Expressway B Stock code 000429, 200429
Stock exchange for listing Shenzhen Stock Exchange
Name in Chinese 广东省高速公路发展股份有限公司
Abbreviation of Registered
粤高速
Company (if any)
English name (If any) Guangdong Provincial Expressway Development Co.,Ltd.
English abbreviation (If any) GPED
Legal Representative Miao Deshan
Board secretary Securities affairs Representative
Name Yang Hanming Liang Jirong
Contact address Road, Zhujiang New City, Tianhe Road, Zhujiang New City, Tianhe
District , Guangzhou District , Guangzhou
Tel 020-29004619 020-29004523
Fax 020-38787002 020-38787002
E-mail Hmy69@126.com 139221590@qq.com
Whether registrations address, offices address and codes as well as website and email of the Company changed
in reporting period or not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change in
reporting period, found more details in annual report 2025.
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
None of the official presses, website, and place of enquiry has been changed in the semi report period. found
more details in Annual report 2025.
Did any change occur to other relevant information during the reporting period?
□ Applicable √ Not applicable
Whether it has retroactive adjustment or re-statement on previous accounting data
□Yes √ No
Reporting period Same period of last year YoY+/-（%）
Operating income（yuan） 2,118,953,007.10 2,117,962,773.25 0.05%
Net profit attributable to the
shareholders of the listed 850,129,256.86 1,057,152,854.14 -19.58%
company（yuan）
The Semi-Annual Report 2026
Net profit after deducting of
non-recurring gain/loss
attributable to the 846,888,853.21 799,059,384.63 5.99%
shareholders of listed
company（yuan）
Cash flow generated by
business operation, net 1,708,576,224.87 1,897,666,782.55 -9.96%
（yuan）
Basic earning per
share(yuan/Share)
Diluted gains per
share(yuan/Share)
Weighted average
income/asset ratio（%）
As at the end of the reporting
As at the end of last year YoY+/-（%）
period
Gross assets（yuan） 28,427,504,783.26 26,790,914,410.82 6.11%
Shareholders’ equity
attributable to shareholders of 10,579,931,626.06 11,116,100,975.79 -4.82%
the listed company（yuan）
standards disclosed in the financial reports of differences in net income and net assets.
□ Applicable□√ Not applicable
None
Chinese accounting standards.
□ Applicable √Not applicable
None
√Applicable □Not applicable
In RMB
Item Amount Note
Non-current asset disposal gain/loss(including the write-off part for which assets impairment
-576,061.79
provision is made)
Government subsidies recognized in current gain and loss(excluding those closely related to
the Company’s business and granted under the state’s policies)
Capital occupation charges on non-financial enterprises that are recorded into current gains
and losses
Net amount of non-operating income and expense except the aforesaid items 1,352,668.85
Other non-recurring Gains/loss items 810,071.33
Less :Influenced amount of income tax 1,161,168.71
Influenced amount of minor shareholders’ equity (after tax) 201,541.31
Total 3,240,403.65
Details of other profit and loss items that meet the non-recurring profit and loss definition
□ Applicable√ Not applicable
There are no other gains/losses items that meet the definition of non-recurring gains/losses in the Company.
Explain the items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss
in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public -
The Semi-Annual Report 2026
-- Extraordinary Profit/loss
□ Applicable √ Not applicable
There are no items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss
in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public -
-- Extraordinary Profit/loss.
The Semi-Annual Report 2026
III. Management Discussion & Analysis
Ⅰ.Main Business the Company is Engaged in During the Report Period
The Company is mainly engaged in tolling and maintenance of Guangfo Expressway,Fokai
Expressway,Jingzhu Expressway Guangzhu Section and Guanghui Expressway investment in technological
industries and provision of relevant consultation while investing in Shenzhen Huiyan Expressway
Co.,Ltd.,Ganzhou Kangda Expressway Co.,Ltd.,Ganzhou Gankang Expressway Co.,Ltd.Zhaoqing Yuezhao
Highway Co.,Ltd.,Guangdong Jiangzhong Expressway Co.,Ltd.,Guangdong Yuepu Technology Petty Loan
Co.,Ltd.,Guoyuan Securities Co.,Ltd.,Garage electric pile Holding(Shenzhen)Co.,Ltd.and SPIC Yuetong
Qiyuan 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.
II. Analysis On core Competitiveness
(I) Regional Economic Advantages: Leveraging the Guangdong-Hong Kong-Macao Greater Bay Area to
fully enjoy development dividends
The Company's core toll roads are situated in the Guangdong-Hong Kong-Macao Greater Bay Area, one of
the most economically dynamic regions in China. As the nation's leading economic province, Guangdong
Province achieved a Gross Domestic Product of RMB 14.58 trillion in 2025, ranking first in China for 37
consecutive years and accounting for 10.4 of the national GDP total. The region possesses robust foreign trade
strength, The total import and export trade reached 9.49 trillion yuan, accounting for 20.9% of the national total,
with the share rising for three consecutive years. The industrial structure continues to get better, with industries
shifting towards high-end and smart manufacturing. The added value of high-tech manufacturing and equipment
manufacturing accounts for 34.7% and 59.6% of large-scale industries, up 2.7 and 1.3 percentage points from
last year, respectively. The thriving regional economy provides a solid demand foundation for the growth of
traffic volume on expressways.
(II) Strategic Location Network: Core channel assets occupying key nodes of road network
The expressways invested in and held by the Company are all key components of the main framework of
both national and provincial road networks, forming a strategic asset layout covering the core area of the Pearl
River Delta:
Toll Road Name Shareholding Strategic Positioning Road Network Function
Status
Foshan–Kaiping Wholly-owned "Five Vertical and Seven Horizontal" Strategic westward channel from the
Expressway National Trunk Highways, "71118" Guangdong-Hong Kong-Macao Greater Bay
National Expressway Network Area radiating into the greater Southwest
region
Beijing-Zhuhai Expressway Controlled Main Framework of Guangdong Major expressway artery connecting the east
(Guangzhou-Zhuhai Province's "Twelve Vertical, Eight and west banks of the Pearl River Delta
Section) Horizontal, Two Rings, Sixteen Radial"
network
The Semi-Annual Report 2026
Toll Road Name Shareholding Strategic Positioning Road Network Function
Status
Guangzhou-Huizhou Controlled Main Framework of Guangdong Important seaward channel connecting
Expressway Province's "Twelve Vertical, Eight Guangzhou eastward to the Eastern Guangdong
Horizontal, Two Rings, Sixteen Radial" region
network
Invested expressways Invested Main Framework of the Guangdong Key nodes for interconnection within the
Provincial Expressway Network Plan province's core economic regions
(III) Rigid Demand Characteristics: Strong cash generation capability, prominent counter-cyclical attributes
Transportation demand on expressways is predominantly for essential travel, making it relatively less
susceptible to macroeconomic fluctuations. The Company's toll road assets are situated in a core economic
region with a GDP exceeding RMB 14 trillion, where passenger and freight transport demand is both robust and
stable. The toll road business model is mature, ensuring timely and ample cash recovery and a stable financial
structure. This endows the Company with strong risk resistance and sustainable operational capacity.
(IV) Sustained Momentum for Development: Regional strategic depth, vast growth potential
With the accelerated formation of the main skeleton of the national comprehensive three-dimensional
transportation network comprising the "6 axes, 7 corridors, 8 channels," the deepening integration of the
Guangdong-Hong Kong-Macao Greater Bay Area, and the implementation of Guangdong Province's "One Core,
One Belt, One Zone" regional development strategy, the economic agglomeration effect and transportation
demand in the regions where the Company's core toll roads are located will continue to strengthen. This will
provide long-term impetus for future traffic volume growth and toll revenue enhancement.
III. Main business analysis
Ⅰ. General
During the reporting period, the company’s share in highway projects regarding traffic volume and toll revenue:
Volume of vehicle traffic in Toll income in the first half year of Increase
the first half year of 2026 Increase 2026（Ten thousand yuan） /Decrease(%）
/Decrease(%）
（Ten thousand vehicles）
Guangfo Expressway 5,197.73 2.52% - -
Fokai Expressway 4,620.75 7.87% 70,860.26 3.46%
Jingzhu Expressway
Guangzhu East Section
Guanghui Expressway 4,351.50 0.94% 94,335.42 0.27%
Huiyan Expressway 3,095.00 11.88% 13,840.04 19.53%
Guangzhao Expressway 1,693.66 -15.00% 21,156.91 -10.92%
Jiangzhong Expressway 3,262.16 8.29% 25,103.40 52.49%
Kangda Expressway 69.58 -4.82% 14,491.32 -2.78%
Gankang Expressway 159.25 -2.50% 9,190.60 -3.70%
Guangle Expressway 1,901.74 -0.24% 128,000.28 -1.41%
traffic volume and toll revenue due to traffic diversion by surrounding road networks and ongoing
reconstruction and expansion works on the section itself.
The Semi-Annual Report 2026
opened to traffic, the traffic flow and the toll revenue have increased YOY;
projects, the traffic flow and the toll revenue decreased YOY;
completion and opening to traffic of its reconstruction and expansion project.
Year-on-year change of main financial data
In RMB
YOY
This report Same period last
change Cause change
period year
（%）
Operating income 2,118,953,007.10 2,117,962,773.25 0.05%
Operating cost 680,724,988.78 673,509,814.34 1.07%
Administrative
expenses
Mainly due to the increased interest on deposits
Financial expenses 3,877,580.86 43,684,239.25 -91.12%
from subsidiaries.
Income tax expenses 337,942,634.07 342,247,329.69 -1.26%
R & D Investment 2,040,672.41 -100.00%
Cash flow generated by
business operation, net
Net cash flow Mainly due to advancing renovation and
generated by -567,167,478.46 -217.28% expansion projects, increased investment
investment 1,799,525,405.65
spending
Mainly due to the repayment of principal and
Net cash flow
generated by financing
such transactions occurring in the current period
Net increasing of cash
and cash equivalents
Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable √Not applicable
None.
Component of Business Income
In RMB
This report period Same period last year
Increase /decrease
Amount Proportion Proportion
Total operating revenue 2,118,953,007.10 100% 2,117,962,773.25 100% 0.05%
On Industry
Highway transportations 2,093,002,256.80 98.78% 2,087,814,658.07 98.58% 0.25%
Other 25,950,750.30 1.22% 30,148,115.18 1.42% -13.92%
On Product
Highway transportations 2,093,002,256.80 98.78% 2,087,814,658.07 98.58% 0.25%
Other 25,950,750.30 1.22% 30,148,115.18 1.42% -13.92%
On Area
Fokai Expressway 708,602,601.48 33.46% 684,892,134.29 32.34% 3.46%
Jingzhu Expressway Guangzhu Section 441,045,444.99 20.83% 462,120,122.84 21.82% -4.56%
Guanghui Expressway 943,354,210.33 44.52% 940,802,400.94 44.42% 0.27%
Other 25,950,750.30 1.22% 30,148,115.18 1.42% -13.92%
The Semi-Annual Report 2026
Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profit
with Profit over 10%
√ Applicable □Not applicable
In RMB
Increase/decrease Increase/decrease
Increase/decrease
Gross of business cost of gross profit rate
of revenue in the
Turnover Operation cost profit over the same over the same
same period of the
rate(%) period of previous period of the
previous year(%)
year (%) previous year (%)
On Industry
Highway
transportations
On Product
Highway
transportations
On Area
Fokai
Expressway
Jingzhu
Expressway
Guangzhu
Section
Guanghui
Expressway
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main
business based on latest on year’s scope of period-end.
□ Applicable √Not applicable
IV. Non-core business analysis
√ Applicable □Not applicable
In RMB
Ratio in total Whether be
Amount Note
profit sustainable
It is due to the operation accumulation of
Investment Income 170,145,572.15 11.28% Yes
participant companies
Impairment of asset 316,271.72 0.02% Reversal of previous provision for bad debts No
Non-operating Mainly insurance claims and road property
income claims
Non-operating
expenses
V. Condition of Asset and Liabilities
In RMB
End of Reporting period End of same period of last year
Reason for
As a As a Change in
significant
Amount percentage of Amount percentage of percentage(%)
change
total assets(%) total assets(%)
Monetary fund 6,826,993,852.87 24.02% 6,545,379,942.11 24.43% -0.41%
Accounts
receivable
Investment real
estate
The Semi-Annual Report 2026
End of Reporting period End of same period of last year
Reason for
As a As a Change in
significant
Amount percentage of Amount percentage of percentage(%)
change
total assets(%) total assets(%)
Long-term
equity 4,420,333,830.11 15.55% 4,362,638,936.45 16.28% -0.73%
investment
Fixed assets 7,787,754,642.98 27.40% 8,268,301,855.93 30.86% -3.46%
Construction in
process
Use right assets 19,788,581.58 0.07% 3,850,889.14 0.01% 0.06%
Shore-term
loans
Long-term
borrowing
Lease liabilities 8,199,367.53 0.03% 0.03%
□ Applicable √Not applicable
√ Applicable □Not applicable
In RMB
Gain/Los
Impairme Sold
s on fair
Cumulative fair nt Purchased amount
value Other
value change provision amount in the in the
Items Opening amount change in chang Closing amount
recorded into s in the reporting reporti
the e
equity reporting period ng
reporting
period period
period
Financial
assets
Other
equity
instrument 890,653,266.65 -139,918,279.44 750,734,987.21
investmen
t
Other
non-
current 195,219,767.35 30,000,000.00 225,219,767.35
financial
assets.
Subtotal 1,085,873,034.00 -139,918,279.44 30,000,000.00 975,954,754.56
Total of
the above
Financial
liabilities
Did any significant change occur to the attribute of the Company’s main asset measurement during the reporting
period?
□ Yes √No
The balance of restricted bank deposits at the end of the period was RMB 198,100.00, which was the land
reclamation fund deposited into the fund custody account for the reconstruction and expansion project of
Sanbao to Shuikou section of Fokai Expressway.
The Semi-Annual Report 2026
VI. Investment situation
√ Applicable □ Not applicable
Current Investment Amount(Yuan) Same period of last year (Yuan) Change rate
The Semi-Annual Report 2026
?Applicable □Not applicable
In RMB
Name of the Share Progress up Anticip Gain or Less Whether to
Investment Investment Capital Investment Product Date of
Company Main Business Proportion Partner to Balance ated or the Current Involve in Disclosure Index
Way Amount Source Horizon Type Disclosure
Invested % Sheet Date Income Investment Lawsuit
Guangdong Road &
Bridge Construction
Development Co., On the Resolutions of the
Zhaoqing basis of the
Ltd., Zhaoqing term of 13th (Provisional)
Yuezhao Increase Limited October
Expressway 38,150,000.00 25.00% Loan Highway operation Completed No Meeting of the
Highway Co., capital company 21,2023
approved
Development Co., Tenth Board of
Ltd. by the
Ltd., Xunhao government Directors
International Co.,
Ltd.
Beijing Zhongshu
Resolutions of the
Beijing Other Changqing
scientific and 37th (Provisional)
Zhongshuruizhi Increase Self Technology Open- Limited
technological 30,000,000.00 2.05% Completed No May 6,2026 Meeting of the
Technology capital funds Development Center ended term company
extension
Tenth Board of
Co.,Ltd. services (Limited
Directors
Partnership), etc.
Total -- -- 38,150,000.00 -- -- -- -- -- -- 0.00 0.00 -- -- --
The Semi-Annual Report 2026
?Applicable □Not applicable
In RMB
Accrued Reasons for not
Industry Accrued Actual Realized Reaching the
Fixed Investment
Investment involved in Investment Amount Capital Project Anticipated Income up to Planned Disclosure
Project name investments amount in this Disclosure Index
date
method investment up to the End of Source schedule income the End of Schedule and
or not reporting period
projects Reporting Period Reporting Anticipated
Period Income
Nansha-Zhuhai Announcement of
Section of Resolution of the
Guangzhou- Self Second (Provisional)
October
Macao Self-built Yes Expressway 663,299,753.93 5,345,338,731.99 and 38.18% N/A Meeting the Tenth
Expressway Was Loan Board of Directors；
rebuilt and Announcement of
Expanded External Investment
Renovation of
Announcement of
the Guanghui Self
March Resolution of the 27th
Expressway Self-built Yes Expressway 116,485,557.83 789,156,268.91 and 2.59% N/A
from Luogang to Loan
Board of Directors
Lingkeng section
Total -- -- -- 779,785,311.76 6,134,495,000.90 -- -- 0.00 0.00 -- -- --
The Semi-Annual Report 2026
（1）Securities investment
√ Applicable □ Not applicable
In RMB
Changes Sale
Book value Purchase Book value
Mode of in fair Cumulative fair amount Gain/loss of
Security Security Stock Initial balance at the amount in balance at the Accounting Sources
accounting value of value changes in in the the reporting
category code Abbreviation: investment cost beginning of the the this end of the items of funds
measurement the this equity this period
reporting period period reporting period
period period
Domestic Other equity
Everbright
and foreign 601818 517,560,876.80 FVM 821,039,754.56 162,325,911.36 41,169,615.20 679,886,788.16 instrument Self
Bank
stocks
investments
Total 517,560,876.80 -- 821,039,754.56 162,325,911.36 0.00 0.00 41,169,615.20 679,886,788.16 -- --
Disclosure Date of Announcement on
Securities Investment Approved by the July 22,2009
Board of Directors
Disclosure Date of Announcement on
Securities Investment Approved by the August 7,2009
Shareholders Meeting(If any)
The Semi-Annual Report 2026
（2）Investment in Derivatives
□ Applicable √ Not applicable
The Company had no investment in derivatives in the reporting period.
□ Applicable √ Not applicable
The Company had no application of the raised capital in the reporting period.
VII. Sales of major assets and equity
□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.
□ Applicable √ Not applicable
The Semi-Annual Report 2026
VIII. Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company
In RMB
Company Company Registered Operating Operating
Leading products and services Total assets Net assets Net Profit
Name type capital Income profit
Jingzhu
Expressway 4.221
The operation and management of Guangzhu
Guangzhu Subsidiary billion 7,819,879,499.73 3,209,935,546.59 455,856,845.06 273,097,901.30 204,787,568.07
Section Co., Expressway
yuan
Ltd.
Investment in and construction of Guanghui
Expressway Co., Ltd. and supporting facilities,
Guangdong the toll collection and maintenance 2.351678
Guanghui management of Guanghui Expressway, The
Subsidiary billion 7,081,294,075.69 5,939,085,321.67 950,442,448.76 735,158,432.77 548,444,115.38
Expressway Guanghui Expressway's supporting gas station,
Co., Ltd. salvation, vehicle maintenance, vehicle yuan
transport, catering, warehousing investment and
development
Subsidiaries obtained or disposed in the reporting period
□ Applicable √ Not applicable
The Semi-Annual Report 2026
IX．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
X. Risks facing the Company and countermeasures
The company’s profits mainly come from the expressway tolls revenue and the toll charging standards shall
be examined by the traffic authority of the provincial, autonomous region and the direct-controlled municipality
people’s governments together with the same-level pricing authority and then submitted to the same-level
people’s government for approval. Therefore, the charging price adjustment trend and the possibility of the
charging price adjustment upon rising of the commodity price and the company cost in the future are still subject
to relevant national policies and the approval of the governmental department. And the company can’t adjust the
charging standards promptly based on its own operation cost or the market supply-demand changes. In conclusion,
the charging policies change and the charging standards adjustment have the influence on the expressway business
of the company to some extent.
XI. Formulation and implementation of market value management system and valuation boost plan
Whether the Company has established a market value management system
□Yes?No
Whether the Company has disclosed plans for valuation boost.
□Yes?No
XII. The implementation of the action plan of "Double improvement of quality and return".
Whether the Company has disclosed the action plan of "Double improvement of quality and return".
?Yes □No
(I) Core Initiatives of the Action Plan
In order to respond to and practice the guiding ideology of "activating the capital market and boosting
investors' confidence" put forward at the Meeting of the Political Bureau of the CPC Central Committee
and"vigorously improving the quality and investment value of listed companies, taking more powerful and
effective measures to stabilize the market and confidence" put forward at the executive meeting of the State
Council, safeguard the interests of all shareholders and promote the long-term healthy and sustainable
development of the Company, Guangdong Provincial Expressway Development Co., Ltd. (hereinafter referred to
as "the Company") has formulated the action plan of "double improvement of both quality and returns". The
measures are as follows:
(1)Adhere to high-quality development, focus on connotative growth, and optimize resource allocation.
(2) Effectively return to shareholders and share the fruits of development.
(3) Deepen market communication and strengthen investor relation management.
(I1) Implementation Progress
The Semi-Annual Report 2026
The Company steadily pushes forward the reconstruction and expansion projects of its core road assets and
continuously optimizes the road network layout:
(1) The reconstruction and expansion projects of the Guangzhou-Zhuhai Section of Beijing-Zhuhai
Expressway, Guangzhou-Huizhou Expressway, Zhaoqing-Guangdong Expressway and Huizhou-Yantian
Expressway are being implementedas planned, further widening and optimizing the regional traffic network,
laying a solid foundation for the Company's sustainable development.
(2) The Company uses the service areas' quality upgrades as the implementation platform for the "Hundred
Counties, Thousand Towns and Ten Thousand Villages Project", while also deepening the 'Green and Beautiful
Guangdong' initiative, achieving a coordinated improvement of ecological, social, and economic benefits. The
Zhishan Service Area (North Zone) on the Fokai Expressway, as Guangdong's first “near-zero carbon” new
energy-themed service area, was selected as a “2025 National Typical Case of Innovative Development in
Transport and Energy Integration.” The Yayao Service Area on the Fokai Expressway completed a micro-
renovation project of its smart water-saving system and was rated as the best in Guangdong Province in the
national evaluation of featured service areas.
The Company sticks to a steady dividend policy to genuinely enhance investors’ sense of gain. In the 2025
profit distribution plan, the cash dividend ratio remains at 70% of the net profit attributable to the parent
company's owners, maintaining a high level of dividends and continuously rewarding shareholders for their trust.
The Company has built an integrated online and offline communication system, keeping frequent interactions
with investors through various channels such as shareholder meetings, earnings briefings, road shows, institutional
research, and the Shenzhen Stock Exchange's "Interactive Easy" platform. Since 2026, the Company has
organized five institutional investor research and exchange activities, effectively boosting market recognition and
value discovery.
The Semi-Annual Report 2026
IV Corporate Governance, Enviornmental and Social Responsibility
I. Changes of directors, supervisors and senior executives
√ Applicable □Not applicable
Name Positions Types Date Reason
Cheng Rui General Manager Appointment April 29, 2026 Board Appointment
II. Profit distribution plan and capitalizing of common reserves plan for the Period
□Applicable?Not applicable
The Company has no plans of cash dividend distributed, no bonus shares and has no share converted from
capital reserve either for the semi-annual.
III. Implementation of the company’s stock incentive plan, employee stock ownership plan or other
employee incentives
□Applicable?Not applicable
The Company had no implementation of the company’s stock incentive plan, employee stock ownership plan or
other employee incentives in the reporting period.
IV. Environmental information disclosure situation
Whether the listed companies and their main subsidiaries are included in the list of enterprises that disclose
environmental information according to law
□Yes ?No
V. Social responsibility
In the first half of 2026, the Company thoroughly implemented the deployment and requirements of
national and Guangdong provincial policies on transportation benefiting the people, attached equal importance
to economic and social benefits, and actively fulfilled the social responsibilities of a listed company.
In terms of implementing preferential toll exemptions and reductions, the Company enforced various
preferential policies in accordance with laws and regulations, including the green channel policy, toll-free
access for light passenger vehicles during major holidays, and ETC discounts, effectively lowering logistics and
transportation costs for enterprises and travel expenses for the public.
In terms of ensuring safe and unimpeded road traffic, the Company coordinated the advancement of
overload prohibition at entrances, highway-police joint operations, intelligent patrols, and traffic flow guarantee
during major holidays. At entrances of the Foshan-Kaiping Expressway, 8,986 over-limit vehicles were
successfully denied access, representing a successful prohibition rate of 97.27%. The road administration
patrols covered a cumulative mileage of 233,300 kilometers, and assistance was provided in handling 427
traffic accidents. On the Guangzhou-Huizhou Expressway, 67 potential safety hazards were identified and
rectified; 7,284 overloaded and over-limit trucks were turned back. The road congestion incidents decreased by
The Semi-Annual Report 2026
Section of the Beijing-Zhuhai Expressway successfully fulfilled traffic safety and smooth flow assurance tasks
during the Qingming Festival, May Day and Dragon Boat Festival holidays. It received 8,168 customer service
and rescue calls, achieving a customer satisfaction rate of 100%.
In terms of upgrading travel service quality, the Company continued to improve new energy supporting
facilities at service areas. The Yayao and Zhishan Service Areas on the Foshan-Kaiping Expressway provided
charging services for 165,100 vehicles in the first half of the year. The charging efficiency during peak hours
was lifted by deploying additional mobile charging vehicles and power banks. The “unmanned toll plaza”
modernization of the Bichong station on the Guangfo Expressway has been completed and put into operation.
Five mixed lanes have been equipped with self-service card issuance and payment terminals, allowing for
autonomous passage in as little as 5 seconds. The Foshan-Kaihua Expressway continues to optimize the
operation of the service area’s “Driver’s Home”, providing drivers and passengers with amenities such as rest
areas and shower facilities, and actively engaging in volunteer services to benefit the public.Building on its
existing charging piles, the Zhongshan Service Area on the Eastern Guangzhou-Zhuhai Expressway added 11
charging guns during the May Day holiday (including 1 ultra-fast charging gun and 10 fast charging guns). The
real-time availability status was released via platforms including "e-Luchangtong" and Amap, effectively
alleviating the range anxiety of new energy vehicle owners.
The Semi-Annual Report 2026
V Important Events
I. Commitments that the actual controller, shareholders, related party, the buyer and the company have
fulfilled during the reporting period and have not yet fulfilled by the end of reporting period
□ Applicable √ Not applicable
The Company has no commitments that the actual controller, shareholders, related party, the buyer and the
company have fulfilled during the reporting period and have not yet fulfilled by the end of reporting period
II. Non-operational fund occupation from controlling shareholders and its related party
□ Applicable √ Not applicable
No non-operational fund occupation from controlling shareholders and its related party in period.
III. External guarantee out of the regulations
□ Applicable √ Not applicable
No external guarantee out of the regulations occurred in the period.
IV. Appointment and non-reappointment (dismissal) of CPA
Whether the semi-annual financial report had been audited
□Yes √ No
The semi-annual report was not audited
V. Explanation on “non Qualified Opinion” from CPA by the Board and Supervisory Committee
□ Applicable √ Not applicable
VI. Explanation from the Board for “non Qualified Opinion” of last year’s
□ Applicable √ Not applicable
VII. Bankruptcy reorganization
□ Applicable √ Not applicable
No bankruptcy reorganization for the Company in reporting period
VIII. Lawsuit
Significant litigations and arbitrations
□ Applicable √ Not applicable
The Semi-Annual Report 2026
No such cases in the reporting period.
Other lawsuits
□ Applicable √ Not applicable
IX. Penalty and rectification
□ Applicable √ Not applicable
During the reporting period, the Company had no Penalty and rectification.
X. Integrity of the company and its controlling shareholders and actual controllers
□ Applicable √ Not applicable
XI. Material related transactions
□ Applicable √ Not applicable
No such cases in the reporting period.
□Applicable √ Not applicable
□Applicable √ Not applicable
No such cases in the reporting period.
□Applicable √Not applicable
Whether has non-operational contact of related liability and debts or not
□Yes √ No
No non-operational contact of related liability or debts in Period
The Semi-Annual Report 2026
√ Applicable □Not applicable
Deposit business
Related party Relationship Maximum Deposit Beginning The amount incurred
daily deposit interest rate balance
limited（Ten range （Ten Total deposit Total amount Ending
thousand thousand amount of withdrawn in balance
yuan） yuan） the current the current （Ten
period（Ten period（Ten thousand
thousand thousand yuan）
yuan） yuan）
Guangdong
Controlled
Communicati
by the same 0.75%-
ons Group 350,000 304,361.95 738,852.87 691,633.71 351,581.11
parent 2.05%
Finance Co.,
company
Ltd
Note: The ending balance comprises a deposit principal of RMB 3,457,938,500 and an estimated interest income of RMB
Loan business
Related party Relationship Beginning The amount incurred
balance
（Ten Total Ending
Total loan
Loan limit thousand repayment
Loant amount for balance
（Ten yuan） amount of
interest rate the current （Ten
thousand this period
range period（Ten thousand
yuan） （Ten
thousand yuan）
thousand
yuan）
yuan）
Guangdong
Controlled
Communicati
by the same 2.01%-
ons Group 600,000 89,362.64 66,558.39 16,832.87 139,088.16
parent 2.60%
Finance Co.,
company
Ltd
Note: The aforementioned outstanding loan balance to Guangdong Provincial Transportation Group Finance
Co., Ltd. includes the "non-overdue interest" component.
Credit extension or other financial services
Related party Relationship Business type Total amount（Ten Actual amount incurred
thousand yuan） （Ten thousand
yuan）
Guangdong
Communications Controlled by the same
Credit extension 550,000 65,000
Group Finance Co., parent company
Ltd
□ Applicable √ Not applicable
No such cases in the reporting period.
√ Applicable □Not applicable
and approved in the 35th meeting of the Tenth board of directors of the Company, Agree on the predicted daily
associated transactions for the company headquarters, wholly-owned and holding subsidiaries of 2026, The total
The Semi-Annual Report 2026
transaction amount did not exceed 71.9599 yuan.
approved the Proposal on Signing the Lease Contract for Office Premises on the 45th and 46th Floors of Litong
Plaza. The Company is authorized to continue leasing the entire units on the self-designated 45th and 46th
floors of Litong Plaza from Guangdong Litong Development Investment Co., Ltd. as office premises for a lease
term of 2 years, commencing on 5 May 2026 and ending on 4 May 2028. The monthly unit rental rate is set at
RMB 202 per square meter for the period from 5 May 2026 to 4 May 2027, and RMB 208.04 per square meter
for the period from 5 May 2027 to 4 May 2028.
The website to disclose the interim announcements on significant related-party transactions
Date of disclosing provisional Description of the website for disclosing
Description of provisional announcement
announcement provisional announcements
Estimates announcement of the Daily
March 14, 2026 www.cninfo.com.cn
Related Party Transaction of 2026
Announcement of Related party
March 14, 2026 www.cninfo.com.cn
transaction
XII. Significant contracts and execution
（1）Entrustment
□Applicable √ Not applicable
No such cases in the reporting period.
（2）Contracting
□Applicable √ Not applicable
No such cases in the reporting period.
（3）Leasing
?Applicable □Not applicable
During the reporting period, the company generated rental income of RMB 8,750,221.07; the primary
leased assets consisted of premises and buildings.
Project which generates profit or loss reaching over 10% of total profits of the Company during the Reporting
Period
□ Applicable √ Not applicable
There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.
□Applicable √ Not applicable
No such cases in the reporting period.
□Applicable √ Not applicable
No such cases in the reporting period.
The Semi-Annual Report 2026
□ Applicable √ Not applicable
No such cases in the reporting period.
The Semi-Annual Report 2026
XIII.Particulars about researches, visits and interviews received in this reporting period
√ Applicable □Not applicable
Reception Place of Way of Main contents discussed and
Types of visitors Visitors received Basic index
time reception reception information provided
Hu Shimin , Lin Mujin form CITIC Securities; Yufei
Shen from BlackRock Institutional Trust;Chen Erdong
form Industrial Securities;Chen Xiaoshen from
Shenzhen Junmao Investment Co., Ltd.;Chen Xiuzhu
from Morgan Stanley; Feng Qibin from Zhongtai
Securities;Huang Yifan from CICC;Li Jiahao from
Shanghai State-owned Assets;Li Xiaoxiao from
Changjiang Securities;
Lin Xiaying form Huatai Securities; Liu Ruocong
China Merchants Securities; Liu Tang from PICC
The Company's operating For details, please refer to the
Pension Insurance;Luo Caiyi form Zhuhai Deruo
Private Equity Fund Management Co., Ltd.;Luo Dan performance of2025, the "Record Form of Investor
form Guoxin Securities; Lv Ke from Shenzhen Gentai progress of reconstruction and Relations Activities of
March Investment Management Co., Ltd.l;Ma Xuzhen from expansion projects for its major Guangdong Provincial
/ By Phone Organization Shanghai Longquan Investment Management Co.,
Ltd.;Qin Mengge from Guohai Securities; 邱**from sections, and year-on-year Co.., Ltd."disclosed by the
JPM; Shao Meiling from Zhong Tiai Yun; Sun changes in key financial data, interactive platform
Weidang from Vfund; Sun Xiaodi from HSBC
etc. （2026001）
Qianhai Securities;Tan Yishan from Guosheng
Securities ;Tang Yue from Huafu Securities; Taojing
CCB Pension Management Co., Ltd.;Yang Ting from
Pramerica Fusun; Yao Tierui from Zhuhai Nut Private
Equity Fund Management Center (Limited
Partnership); Yue Xin from Guotai Haitong
Securities ; Zhang Kaiyuan from Oriental Self-
operated; Zhao Zhifeng from Shanghai Tuling Asset
Management Co., Ltd.; Zhong Wenhai from Guangfa
Securities; Zhu Minghui from Caitong Securities.
The Company's operating For details, please refer to the
performance of2025, the "Record Form of Investor
progress of reconstruction and Relations Activities of
Yi Fan, Xiong Gongtao from ICBC UBS Asset
March expansion projects for its major Guangdong Provincial
/ By Phone Organization Management Co., Ltd.; Li Ning from Tianfeng
Securities.
sections, and year-on-year Co.., Ltd."disclosed by the
changes in key financial data, interactive platform
etc. （2026002）
April / By Phone Organization Du Chong from Zhongtai Securities Research The Company's operating For details, please refer to the
The Semi-Annual Report 2026
Reception Place of Way of Main contents discussed and
Types of visitors Visitors received Basic index
time reception reception information provided
Research Institute; and 2025, the progress of Relations Activities of
Gao Yu from Taiping Pension Insurance Co., reconstruction and expansion Guangdong Provincial
Ltd.;Yang Chen from CCB Insurance Asset projects for its major invested Expressway Development
Management Co., Ltd.; and controlled road sections, and Co.., Ltd."disclosed by the
Shi Jiaxin from Hongde Fund; Zhang Kaiyuan Orient year-on-year changes in key interactive platform
Securities; Chen Siyuan Shanghai Orient Securities financial data, etc （2026003）
Asset Management Co., Ltd.;Yang Jiayu from
Guangzhou Yuanshi Investment Management Co.,
Ltd.; Luo Yu from ICBC; Ya Wen from Shanghai
Qinyuan Private Equity Fund Management Center
(LP); Wang Liming from Shenzhen Qianhai Deyi
Asset Management Co., Ltd.; Pan Zhenhua from Hua
Xi Capital ; Du Peiyuan Taixin Fund; Du Bo from
Dehua Venture Capital Co., Ltd.; He Yuyuan from
Guangdong Wenshi Investment Co., Ltd.; Xie
Shuping from Shenzhen Qianhai Yiwe Asset
Management Co., Ltd.; Xiong Zheng from Bangzheng
Asset; Zheng Zongjie from United Investment
Management.
The Company's operating For details, please refer to the
performance in the Q1 of 2026 "Record Form of Investor
Meeting and 2025, the progress of Relations Activities of
May Room of Field Lin Xiaying from Huatai Securities, Tang Bolun from reconstruction and expansion Guangdong Provincial
Organization
Company and controlled road sections, and Co.., Ltd."disclosed by the
year-on-year changes in key interactive platform
financial data, etc. （2026004）
The Company's operating For details, please refer to the
performance in the Q1 of 2026 "Record Form of Investor
and 2025, the progress of Relations Activities of
June reconstruction and expansion Guangdong Provincial
/ By Phone Organization ,Individual Online Investors
and controlled road sections, and Co.., Ltd."disclosed by the
year-on-year changes in key interactive platform
financial data, etc. （2026005）
The Semi-Annual Report 2026
XIV. Explanation of other important events
□ Applicable √ Not applicable
No such cases in the reporting period.
XV. Significant event of subsidiary of the Company
□ Applicable √ Not applicable
The Semi-Annual Report 2026
VI. Change of share capital and shareholding of Principal Shareholders
I. Changes in share capital
In shares
Before the change Increase/decrease（+，-） After the Change
Amount Proportion Capitalization
Share Bonus
of common Other Subtotal Quantity Proportion
allotment shares
reserve fund
conditional 438,726,220 20.98% 0 0 438,726,220 20.98%
subscription
shares 410,105,738 19.61% 410,105,738 19.61%
legal person 21,712,738 1.04% 21,712,738 1.04%
shares
domestic shares 6,907,744 0.33% -23,905 -23,905 6,883,839 0.33%
Including ：
Domestic Legal 6,361,852 0.30% -1,430,837 -1,430,837 4,931,015 0.24%
person shares
Domestic
natural person 545,892 0.03% 1,406,932 1,406,932 1,952,824 0.09%
shares
shares 0 0.00% 23,905 23,905 23,905 0.00%
Including：
Foreign legal 0 0.00% 0 0.00%
person shares
Foreign natural
person shares 0 0.00% 23,905 23,905 23,905 0.00%
II.Shares with
unconditional 1,652,079,906 79.02% 1,652,079,906 79.02%
subscription
shares in RMB 1,303,329,906 62.34% 1,303,329,906 62.34%
shares in
domestic 348,750,000 16.68% 348,750,000 16.68%
market
shares in 0 0.00% 0 0.00%
foreign market
III. Total of
capital shares 2,090,806,126 100.00% 0 0 2,090,806,126 100.00%
Reasons for share changed
√ Applicable □Not applicable
shares" were converted into "domestic natural person holding of restricted conditional shares", "Foreign natural
person holding of restricted conditional shares"
Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
□Applicable √Not applicable
Implementation progress of shares buy-back
□Applicable √Not applicable
Implementation progress of reducing holdings of shares buy-back by centralized bidding
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable
The Semi-Annual Report 2026
to common shareholders of Company in latest year and period
□Applicable √Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from security
regulators
□Applicable √Not applicable
□Applicable √Not applicable
II. Securities issue and listing
□ Applicable √Not applicable
The Semi-Annual Report 2026
III. Shareholders and actual controlling shareholder
In Shares
Total number of common Total number of preferred shareholders that had restored the
shareholders at the end of the reporting period voting right at the end of the reporting period (if any) (note 8)
Particulars about shares held above 5% by shareholders or top ten shareholders(Excludes shares lent through refinancing)
Proporti Number of share
on of Number of Changes in Amount of Amount of un- pledged/frozen
Nature of shares
Shareholders shares held at reporting restricted shares restricted
shareholder
held period -end period held shares held State of share Amount
（%）
State-owned legal
Guangdong Communication Group Co.,Ltd 24.56% 513,485,480 0 410,105,738 103,379,742 Not applicable 0
person
State-owned legal
Guangdong Highway Construction Co., Ltd, 22.30% 466,325,020 0 0 466,325,020 Not applicable 0
person
Shandong Tonghui Capital Investment Group Co., State-owned legal
Ltd. person
State-owned legal
Guangdong Provincial Freeway Co.,Ltd. 2.53% 52,937,491 0 19,582,228 33,355,263 Not applicable 0
person
China Construction Bank－Huatai-PB investment
CSI Dividend Low Volatility Exchange-Traded Other 2.39% 49,907,329 13,275,600 0 49,907,329 Not applicable 0
Open-End Index Securities Investment Fund
China Pacific Life Insurance Co., Ltd.-China Pacific
Life Equity Dividend Product (Life Proprietary Other 1.83% 38,312,274 500,000 0 38,312,274 Not applicable 0
Trading) Entrusted Investment (Changjiang Pension)
State-owned legal
China Merchants Securities Co., Ltd. 1.01% 21,206,187 8,447,100 0 21,206,187 Pledge 5,251,450
person
China Merchants Bank Co., Ltd. – E Fund CSI
Dividend Low Volatility Exchange-Traded Open-End Other 0.85% 17,807,747 11,223,300 0 17,807,747 Not applicable 0
Index Securities Investment Fund
State-owned legal
Orient Securities 0.78% 16,313,548 -39,800 0 16,313,548 Not applicable 0
person
Overseas legal
Xinyue Co., Ltd. 0.63% 13,201,086 0 0 13,201,086 Not applicable 0
person
Strategic investor or general legal person becoming top-10 ordinary
None
shareholder due to rights issue (if any) (see note 3)
Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Highway Construction Co.,
Ltd.，Guangdong Provincial Freeway Co.,Ltd. and Xinyue Co., Ltd., It is unknown whether there is relationship
Related or acting-in-concert parties among shareholders above
between other shareholders and whether they are persons taking concerted action specified in the Regulations on
Disclosure of Information about Change in Shareholding of Shareholders of Listed Companies.
The Semi-Annual Report 2026
Above shareholders entrusting or entrusted with voting rights, or waiving
None
voting rights
Top 10 shareholders including the special account for repurchase (if any)
None
(see note 11)
Shareholding of top 10 shareholders of unrestricted shares(Excluding shares lent through refinancing and Top management lock-in stock)
Quantity of unrestricted Share type
Name of the shareholder shares held at the end of the
reporting period Share type Quantity
Guangdong Highway Construction Co., Ltd, 466,325,020 RMB Common shares 466,325,020
Shandong Tonghui Capital Investment Group Co., Ltd. 202,429,927 RMB Common shares 202,429,927
Guangdong Communication Group Co.,Ltd 103,379,742 RMB Common shares 103,379,742
China Construction Bank－Huatai P B investment CSI Dividend Low Volatility Exchange-Traded
Open-End Index Securities Investment Fund
China Pacific Life Insurance Co., Ltd.-China Pacific Life Equity Dividend Product (Life
Proprietary Trading) Entrusted Investment (Changjiang Pension)
Guangdong Provincial Freeway Co.,Ltd. 33,355,263 RMB Common shares 33,355,263
China Merchants Securuties Co., Ltd. 21,206,187 RMB Common shares 21,206,187
China Merchants Bank Co., Ltd. – E Fund CSI Dividend Low Volatility Exchange-Traded Open-
End Index Securities Investment Fund
Orient Securities 16,313,548 RMB Common shares 16,313,548
Xinyue Co., Ltd. 13,201,086 Foreign shares placed in domestic 13,201,086
Guangdong Communication Group Co., Ltd. is the parent company of Guangdong Highway Construction Co.,
Explanation on associated relationship or consistent action among the top
Ltd.，Guangdong Provincial Freeway Co.,Ltd. and Xinyue Co., Ltd. ,It is unknown whether there is relationship
Disclosure of Information about Change in Shareholding of Shareholders of Listed Companies.
Top 10 ordinary shareholders conducting securities margin trading (if any)
None
(see note 4)
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
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy –back agreement dealing in
reporting period.
The Semi-Annual Report 2026
IV. Changes of shares held by directors, supervisors and senior executives
□Applicable?Not applicable
Shares held by directors, supervisors and senior executives have no changes in reporting period, found more
details in Annual Report 2025.
V. Changes in controlling shareholders or actual controllers
If the company has previously disclosed that its actual controller is planning a change in control but has not yet
completed it, please explain the progress of the control transfer.
□Applicable?Not applicable
Change of controlling shareholder during the reporting period
□Applicable?Not applicable
The Company had no change of controlling shareholder during the reporting period
Change of actual controller during the reporting period
□Applicable?Not applicable
The Company had no change of actual controller during the reporting period
VI. Preferred stock
□Applicable?Not applicable
The Company had no preferred stock in the Period.
The Semi-Annual Report 2026
VII. Corporate Bond
□Applicable?Not applicable
The Semi-Annual Report 2026
VIII. Financial Report
I. Audit report
Has this semi-annual report been audited?
□Yes √No
The semi-annual report was not audited.
II. Financial statements
Currency unit for the statements in the notes to these financial statements: RMB
Prepared by: Guangdong Provincial Expressway Development Co.,Ltd.
June 30,2026
In RMB
Item June 30,2026 January 1,2026
Current asset：
Monetary fund 6,826,993,852.87 6,545,379,942.11
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 90,968,118.42 96,702,638.20
Financing of receivables
Prepayments 6,799,926.98 9,701,427.59
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 586,219,964.19 607,031,326.53
Including：Interest receivable
Dividend receivable 16,467,846.08
Repurchasing of financial assets
Inventories
Including: Data resources
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 10,897,558.31 7,909,725.13
Total of current assets 7,521,879,420.77 7,266,725,059.56
Non-current assets：
Loans and payment on other’s behalf
disbursed
Creditor's right investment
Other creditor's right investment
Long-term receivable
Long term share equity investment 4,420,333,830.11 4,362,638,936.45
The Semi-Annual Report 2026
Item June 30,2026 January 1,2026
Other equity instruments investment 750,734,987.21 890,653,266.65
Other non-current financial assets 225,219,767.35 195,219,767.35
Property investment 1,894,233.74 2,004,792.98
Fixed assets 7,787,754,642.98 8,268,301,855.93
Construction in progress 5,554,645,070.64 4,760,350,219.82
Production physical assets
Oil & gas assets
Use right assets 19,788,581.58 3,850,889.14
Intangible assets 166,911,548.75 178,707,658.07
Including：Data resources 2,252,500.00 2,507,500.00
Development expenses
Including: Data resources
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 35,443,164.66 31,138,740.44
Other non-current asset 1,942,899,535.47 831,323,224.43
Total of non-current assets 20,905,625,362.49 19,524,189,351.26
Total of assets 28,427,504,783.26 26,790,914,410.82
Current liabilities
Short-term loans 109,064,472.15 259,163,958.03
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 146,555,976.11 219,716,016.18
Advance receipts 1,196,082.24 276,083.20
Contract liabilities
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 21,679,698.84 22,045,085.09
Tax payable 178,100,384.87 174,658,322.38
Other account payable 1,701,241,547.91 292,377,860.50
Including：Interest payable
Dividend payable 1,322,371,418.92 36,900,482.45
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 557,257,337.47 293,845,219.93
Other current liability 63,662.12 123,420.61
Total of current liability 2,715,159,161.71 1,262,205,965.92
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 10,324,394,453.80 10,036,331,513.04
Bond payable
Including：preferred stock
Sustainable debt
Lease liability 8,199,367.53
Long-term payable 2,022,210.11 2,022,210.11
Long-term remuneration payable to staff
Expected liabilities
Deferred income 1,040,820,243.13 994,833,116.03
The Semi-Annual Report 2026
Item June 30,2026 January 1,2026
Deferred income tax liability 262,170,451.21 291,774,306.12
Other non-current liabilities
Total non-current liabilities 11,637,606,725.78 11,324,961,145.30
Total of liability 14,352,765,887.49 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 782,909,763.22 782,912,515.57
Less: Shares in stock
Other comprehensive income 130,426,961.85 253,875,915.99
Special reserve
Surplus reserves 1,870,662,965.01 1,870,662,965.01
Common risk provision
Retained profit 5,705,125,809.98 6,117,843,453.22
Total of owner’s equity belong to the
parent company
Minority shareholders’ equity 3,494,807,269.71 3,087,646,323.81
Total of owners’ equity 14,074,738,895.77 14,203,747,299.60
Total of liabilities and owners’ equity 28,427,504,783.26 26,790,914,410.82
Legal Representative: Miao Deshan
General Manager: Cheng Rui
Person in charge of accounting：Lu Ming
Accounting Dept Leader: Yan Xiaohong
In RMB
Item June 30,2026 January 1,2026
Current asset：
Monetary fund 2,920,003,561.62 2,848,640,571.65
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 19,139,791.55 23,975,736.36
Financing of receivables
Prepayments 3,935,969.57 3,735,965.82
Other account receivable 288,802,620.36 310,284,317.51
Including：Interest receivable
Dividend receivable 16,467,846.08
Inventories
Including：Data resources
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 8,655,267.95 7,870,507.62
Total of current assets 3,240,537,211.05 3,194,507,098.96
The Semi-Annual Report 2026
Item June 30,2026 January 1,2026
Non-current assets：
Creditor's right investment
Other creditor's right investment
Long-term receivable
Long term share equity investment 10,258,347,332.66 9,940,390,993.60
Other equity instruments investment 750,734,987.21 890,653,266.65
Other non-current financial assets
Property investment 1,642,092.00 1,752,651.24
Fixed assets 4,476,666,952.12 4,682,773,950.78
Construction in progress 61,364,177.73 46,854,638.67
Production physical assets
Oil & gas assets
Use right assets 19,517,565.75 3,378,229.34
Intangible assets 108,208,322.89 112,886,664.30
Including：Data resources 2,252,500.00 2,507,500.00
Development expenses
Including：Data resources
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 27,980,023.25 23,673,400.38
Other non-current asset 27,600,811.05 14,968,251.05
Total of non-current assets 15,732,062,264.66 15,717,332,046.01
Total of assets 18,972,599,475.71 18,911,839,144.97
Current liabilities
Short-term loans 109,064,472.15 259,163,958.03
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 97,486,918.86 122,198,679.90
Advance receipts 1,196,082.24 276,083.20
Contract Liabilities
Employees’ wage payable 8,554,377.39 8,497,819.56
Tax payable 51,276,760.70 35,251,212.56
Other account payable 1,822,519,512.64 434,875,382.64
Including：Interest payable
Dividend payable 1,298,919,244.64 36,080,113.26
Liabilities held for sales
Non-current liability due within 1 year 455,470,626.19 163,323,684.94
Other current liability 8,870.52 68,629.01
Total of current liability 2,545,577,620.69 1,023,655,449.84
Non-current liabilities：
The Semi-Annual Report 2026
Item June 30,2026 January 1,2026
Long-term loan 6,394,126,328.80 6,722,974,013.04
Bond payable
Including：preferred stock
Sustainable debt
Lease liability 8,349,313.19
Long-term payable 2,022,210.11 2,022,210.11
Long-term remuneration payable to staff
Expected liabilities
Deferred income
Deferred income tax liability 51,894,996.80 82,747,059.27
Other non-current liabilities
Total non-current liabilities 6,456,392,848.90 6,807,743,282.42
Total of liability 9,001,970,469.59 7,831,398,732.26
Owners’ equity
Share capital 2,090,806,126.00 2,090,806,126.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 693,565,431.51 975,003,604.00
Less：Shares in stock
Other comprehensive income 130,426,961.85 253,875,915.99
Special reserve
Surplus reserves 1,690,690,697.45 1,690,690,697.45
Retained profit 5,365,139,789.31 6,070,064,069.27
Total of owners’ equity 9,970,629,006.12 11,080,440,412.71
Total of liabilities and owners’ equity 18,972,599,475.71 18,911,839,144.97
The Semi-Annual Report 2026
In RMB
The first half year The first half year
Item
of 2026 of 2025
I. Income from the key business 2,118,953,007.10 2,117,962,773.25
Incl：Business income 2,118,953,007.10 2,117,962,773.25
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 782,712,264.86 811,653,738.85
Incl：Business cost 680,724,988.78 673,509,814.34
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 9,129,013.92 9,618,612.69
Sales expense
Administrative expense 88,980,681.30 84,133,577.69
R & D costs 707,494.88
Financial expenses 3,877,580.86 43,684,239.25
Including：Interest expense 79,733,812.23 59,844,326.44
Interest income 75,917,760.85 16,237,101.63
Add: Other income 837,748.75 1,862,908.36
Investment gain（“-”for loss） 170,145,572.15 143,234,005.69
Incl: investment gains from affiliates 125,987,199.09 98,461,531.78
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 316,271.72 331,211,870.16
Impairment loss of assets
Assets disposal income
III. Operational profit（“-”for loss） 1,507,540,334.86 1,782,617,818.61
Add ：Non-operational income 2,797,236.65 2,076,556.79
Less: Non-operating expense 2,020,629.59 2,556,368.54
IV. Total profit(“-”for loss) 1,508,316,941.92 1,782,138,006.86
Less：Income tax expenses 337,942,634.07 342,247,329.69
V. Net profit 1,170,374,307.85 1,439,890,677.17
(I) Classification by business continuity
The Semi-Annual Report 2026
The first half year The first half year
Item
of 2026 of 2025
(II) Classification by ownership
VI. Net after-tax of other comprehensive income -123,448,954.14 62,929,285.03
Net of profit of other comprehensive income attributable to owners of the parent
-123,448,954.14 62,929,285.03
company.
（I）Other comprehensive income items that will not be reclassified into gains/losses
-127,723,592.22 75,060,002.84
in the subsequent accounting period
-22,784,882.64 10,781,382.95
reclassified into profit or loss.
（II）
Other comprehensive income that will be reclassified into profit or loss.
into profit or loss.
Net of profit of other comprehensive income attributable to Minority shareholders’
equity
VII. Total comprehensive income 1,046,925,353.71 1,502,819,962.20
Total comprehensive income attributable to the owner of the parent company 726,680,302.72 1,120,082,139.17
Total comprehensive income attributable minority shareholders 320,245,050.99 382,737,823.03
VIII. Earnings per share
（I）Basic earnings per share 0.41 0.51
(II)Diluted earnings per share 0.41 0.51
The current business combination under common control, the net profits of the combined party before achieved net profit of RMB
Legal Representative: Miao Deshan
General Manager: Cheng Rui
Person in charge of accounting：Lu Ming
Accounting Dept Leader: Yan Xiaohong
In RMB
The first half year of The first half year
Item
I. Income from the key business 713,347,310.68 689,653,099.69
Incl：Business cost 261,884,340.13 249,849,908.94
Business tax and surcharge 3,716,759.38 4,301,394.18
The Semi-Annual Report 2026
The first half year of The first half year
Item
Sales expense
Administrative expense 54,830,989.58 50,747,951.64
R & D expense 116,154.10
Financial expenses 82,254,517.34 64,589,692.93
Including：Interest expenses 89,299,231.44 71,723,477.76
Interest income 7,068,026.59 7,152,457.34
Add：Other income 237,533.72 675,844.04
Investment gain（“-”for loss） 324,636,052.95 598,411,199.63
Including: investment gains from affiliates 110,582,264.63 99,592,368.53
Financial assets measured at amortized cost cease to be recognized as income
Net exposure hedging income
Changing income of fair value
Credit impairment loss
Impairment loss of assets
Assets disposal income
II. Operational profit（“-”for loss） 635,534,290.92 919,135,041.57
Add ：Non-operational income 1,107,548.61 401,845.65
Less：Non -operational expenses 658,329.49 437,008.94
III. Total profit(“-”for loss) 635,983,510.04 919,099,878.28
Less：Income tax expenses 78,060,889.90 92,523,080.75
IV. Net profit 557,922,620.14 826,576,797.53
V. Net after-tax of other comprehensive income -123,448,954.14 62,929,285.03
（I）Other comprehensive income items that will not be reclassified into gains/losses
-127,723,592.22 75,060,002.84
in the subsequent accounting period
-22,784,882.64 10,781,382.95
reclassified into profit or loss.
(II)Other comprehensive income that will be reclassified into profit or loss 4,274,638.08 -12,130,717.81
reclassified into profit or loss.
VI. Total comprehensive income 434,473,666.00 889,506,082.56
VII. Earnings per share
（I）Basic earnings per share
(II)Diluted earnings per share
The Semi-Annual Report 2026
In RMB
The first half year of The first half year of
Item
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 2,183,934,169.02 2,161,614,288.46
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 583,522,839.30 718,303,119.87
Sub-total of cash inflow 2,767,457,008.32 2,879,917,408.33
Cash paid for purchasing of merchandise and services 112,764,037.57 93,571,387.95
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 in financial assets held for trading purposes
Net increase for Outgoing call loan
Cash paid for interest, processing fee and commission
Cash paid to staffs or paid for staffs 223,048,638.44 220,702,576.63
Taxes paid 404,083,403.33 351,003,549.78
Other cash paid for business activities 318,984,704.11 316,973,111.42
Sub-total of cash outflow from business activities 1,058,880,783.45 982,250,625.78
Net cash generated from /used in operating activities 1,708,576,224.87 1,897,666,782.55
II. Cash flow generated by investing
Cash received from investment retrieving 107,111,100.00
Cash received as investment gains 115,839,311.81 74,666,322.31
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 6,287,365.00 4,422.50
Sub-total of cash inflow due to investment activities 122,564,009.81 181,821,415.81
Cash paid for construction of fixed assets, intangible assets and other long-
term assets
Cash paid as investment 30,000,000.00 2,088,000.00
Net increase of loan against pledge
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities 158,268.90
The Semi-Annual Report 2026
The first half year of The first half year of
Item
Sub-total of cash outflow due to investment activities 1,922,089,415.46 748,988,894.27
Net cash flow generated by investment -1,799,525,405.65 -567,167,478.46
III.Cash flow generated by financing
Cash received as investment 207,547,700.00 83,125,000.00
Including: Cash received as investment from minor shareholders 207,547,700.00 83,125,000.00
Cash received as loans 652,000,000.00 2,870,000,000.00
Other financing –related cash received 305,402.23
Sub-total of cash inflow from financing activities 859,853,102.23 2,953,125,000.00
Cash to repay debts 257,988,934.24 2,508,438,234.24
Cash paid as dividend, profit, or interests 229,952,633.39 270,359,441.49
Including: Dividend and profit paid by subsidiaries to minor shareholders 98,000,000.00 151,725,000.00
Other cash paid for financing activities 5,697,219.87 5,736,824.98
Sub-total of cash outflow due to financing activities 493,638,787.50 2,784,534,500.71
Net cash flow generated by financing 366,214,314.73 168,590,499.29
IV. Influence of exchange rate alternation on cash and cash equivalents
V.Net increase of cash and cash equivalents 275,265,133.95 1,499,089,803.38
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 6,767,340,090.41 5,758,742,887.96
The Semi-Annual Report 2026
In RMB
The first half year of The first half year of
Item
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 741,003,564.27 713,782,072.76
Tax returned
Other cash received from business operation 174,242,479.84 221,638,595.97
Sub-total of cash inflow 915,246,044.11 935,420,668.73
Cash paid for purchasing of merchandise and services 27,898,772.63 25,155,642.65
Cash paid to staffs or paid for staffs 70,560,226.07 70,202,656.75
Taxes paid 86,284,740.43 83,126,053.31
Other cash paid for business activities 52,083,879.17 74,238,187.44
Sub-total of cash outflow from business activities 236,827,618.30 252,722,540.15
Net cash generated from /used in operating activities 678,418,425.81 682,698,128.58
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 285,734,727.07 529,146,554.89
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
Sub-total of cash inflow due to investment activities 286,133,027.07 529,165,844.89
Cash paid for construction of fixed assets, intangible assets and other long-
term assets
Cash paid as investment 557,101,800.00
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities 158,268.90
Sub-total of cash outflow due to investment activities 606,822,029.26 39,038,292.79
Net cash flow generated by investment -320,689,002.19 490,127,552.10
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 1,065,000,000.00
Other financing –related ash received
Sub-total of cash inflow from financing activities 1,065,000,000.00
Cash to repay debts 193,810,184.24 2,080,421,484.24
Cash paid as dividend, profit, or interests 87,887,608.78 89,992,409.92
Other cash paid for financing activities 5,727,171.87 5,736,824.98
Sub-total of cash outflow due to financing activities 287,424,964.89 2,176,150,719.14
Net cash flow generated by financing -287,424,964.89 -1,111,150,719.14
IV. Influence of exchange rate alternation on cash and cash equivalents
V.Net increase of cash and cash equivalents 70,304,458.73 61,674,961.54
Add: balance of cash and cash equivalents at the beginning of term 2,840,617,625.73 1,825,805,227.48
VI ..Balance of cash and cash equivalents at the end of term 2,910,922,084.46 1,887,480,189.02
The Semi-Annual Report 2026
Amount in this period
In RMB
The first half year of 2026
Owner’s equity Attributable to the Parent Company
Other Equity
instrument
Item Less: Common Minor
Total of owners’
Sus Other Specializ shareholders’
Shar risk equity
Share Capital Prefe tain Ot Capital reserves Comprehensive ed Surplus reserves Retained profit Other Subtotal equity
es in provisio
rred abl he Income reserve
stock n
stock e r
deb
t
I.Balance at the
end of last year 2,090,806,126.00 782,912,515.57 253,875,915.99 1,870,662,965.01 6,117,843,453.22 11,116,100,975.79 3,087,646,323.81 14,203,747,299.60
Add: Change of
accounting
policy
Correcting of
previous errors
Other
II.Balance at the
beginning of 2,090,806,126.00 782,912,515.57 253,875,915.99 1,870,662,965.01 6,117,843,453.22 11,116,100,975.79 3,087,646,323.81 14,203,747,299.60
current year
III.Changed in -
the current year -2,752.35 -412,717,643.24 -536,169,349.73 407,160,945.90 -129,008,403.83
（1）Total -
comprehensive 850,129,256.86 726,680,302.72 320,245,050.99 1,046,925,353.71
income 123,448,954.14
（II）Investment
or decreasing of 207,547,700.00 207,547,700.00
capital by owners
Shares invested 207,547,700.00 207,547,700.00
by shareholders
other equity
instruments
invested capital
shares paid and
accounted as
owners’ equity
The Semi-Annual Report 2026
The first half year of 2026
Owner’s equity Attributable to the Parent Company
Other Equity
instrument
Item Less: Common Minor
Total of owners’
Sus Other Specializ shareholders’
Shar risk equity
Share Capital Prefe tain Ot Capital reserves Comprehensive ed Surplus reserves Retained profit Other Subtotal equity
es in provisio
rred abl he Income reserve
stock n
stock e r
deb
t
（III）Profit
-1,262,846,900.10 -1,262,846,900.10 -120,631,805.09 -1,383,478,705.19
allotment
surplus reserves
common risk
provisions
the owners (or -1,262,846,900.10 -1,262,846,900.10 -120,631,805.09 -1,383,478,705.19
shareholders)
(IV) Internal
transferring of
owners’ equity
capital reserves
(or to capital
shares)
surplus reserves
(or to capital
shares)
losses by surplus
reserves.
of defined benefit
plans that carry
forward
Retained earnings
comprehensive
income carry-
over retained
earnings
(V). Special
reserves
The Semi-Annual Report 2026
The first half year of 2026
Owner’s equity Attributable to the Parent Company
Other Equity
instrument
Item Less: Common Minor
Total of owners’
Sus Other Specializ shareholders’
Shar risk equity
Share Capital Prefe tain Ot Capital reserves Comprehensive ed Surplus reserves Retained profit Other Subtotal equity
es in provisio
rred abl he Income reserve
stock n
stock e r
deb
t
year
term
（VI）Other -2,752.35 -2,752.35 -2,752.35
IV. Balance at the
end of this term 2,090,806,126.00 782,909,763.22 130,426,961.85 1,870,662,965.01 5,705,125,809.98 10,579,931,626.06 3,494,807,269.71 14,074,738,895.77
The Semi-Annual Report 2026
Amount in last year
In RMB
The first half year of 2025
Owner’s equity Attributable to the Parent Company
Other Equity
instrument Les
Item s: Minor
Common Total of owners’
Pre Sus Sh Other Specializ shareholders’
Capital risk Oth equity
Share Capital ferr tai are Comprehensive ed Surplus reserves Retained profit Subtotal equity
Othe reserves provisio er
ed nab s in Income reserve
r n
sto le sto
ck deb ck
t
I.Balance at the
end of last year 2,090,806,126.00 782,661,218.56 366,149,871.08 1,684,087,655.64 5,544,395,448.25 10,468,100,319.53 2,727,789,713.45 13,195,890,032.98
Add: Change of
accounting
policy
Correcting of
previous errors
Other
II.Balance at the
beginning of 2,090,806,126.00 782,661,218.56 366,149,871.08 1,684,087,655.64 5,544,395,448.25 10,468,100,319.53 2,727,789,713.45 13,195,890,032.98
current year
III.Changed in
the current year 249,158.58 8,925,159.88 7,200,550.02 28,466,200.43 44,841,068.91 270,817,453.84 315,658,522.75
（1）Total
comprehensive 62,929,285.03 1,057,152,854.14 1,120,082,139.17 382,737,823.03 1,502,819,962.20
income
（II）
Investment or
decreasing of 83,125,000.00 83,125,000.00
capital by
owners
Shares invested 83,125,000.00 83,125,000.00
by shareholders
other equity
instruments
invested capital
shares paid and
accounted as
owners’ equity
（III）Profit -1,093,491,603.90 -1,093,491,603.90 -195,045,369.19 -1,288,536,973.09
The Semi-Annual Report 2026
The first half year of 2025
Owner’s equity Attributable to the Parent Company
Other Equity
instrument Les
Item s: Minor
Common Total of owners’
Pre Sus Sh Other Specializ shareholders’
Capital risk Oth equity
Share Capital ferr tai are Comprehensive ed Surplus reserves Retained profit Subtotal equity
Othe reserves provisio er
ed nab s in Income reserve
r n
sto le sto
ck deb ck
t
allotment
surplus reserves
common risk
provisions
the owners (or -1,093,491,603.90 -1,093,491,603.90 -195,045,369.19 -1,288,536,973.09
shareholders)
(IV) Internal
transferring of -54,004,125.15 5,400,412.52 48,603,712.63
owners’ equity
of capital
reserves (or to
capital shares)
of surplus
reserves (or to
capital shares)
losses by surplus
reserves.
amount of
defined benefit
plans that carry
forward
Retained
earnings
comprehensive
income carry- -54,004,125.15 5,400,412.52 48,603,712.63
over retained
earnings
(V). Special
reserves
The Semi-Annual Report 2026
The first half year of 2025
Owner’s equity Attributable to the Parent Company
Other Equity
instrument Les
Item s: Minor
Common Total of owners’
Pre Sus Sh Other Specializ shareholders’
Capital risk Oth equity
Share Capital ferr tai are Comprehensive ed Surplus reserves Retained profit Subtotal equity
Othe reserves provisio er
ed nab s in Income reserve
r n
sto le sto
ck deb ck
t
year
term
（VI）Other 249,158.58 1,800,137.50 16,201,237.56 18,250,533.64 18,250,533.64
IV. Balance at
the end of this 2,090,806,126.00 782,910,377.14 375,075,030.96 1,691,288,205.66 5,572,861,648.68 10,512,941,388.44 2,998,607,167.29 13,511,548,555.73
term
The Semi-Annual Report 2026
Amount in this period
In RMB
The first half year of 2026
Other Equity instrument
Item Less: Other
Specialized Oth Total of owners’
Share capital Preferred Capital reserves Shares Comprehensive Surplus reserves Retained profit
Sustainable Other reserve er equity
in stock Income
stock
debt
I.Balance at the end of
last year
Add: Change of
accounting policy
Correcting of previous
errors
Other
II.Balance at the
beginning of current 2,090,806,126.00 975,003,604.00 253,875,915.99 1,690,690,697.45 6,070,064,069.27 11,080,440,412.71
year
III.Changed in the
-281,438,172.49 -123,448,954.14 -704,924,279.96 -1,109,811,406.59
current year
（I）Total
-123,448,954.14 557,922,620.14 434,473,666.00
comprehensive income
(II) Investment or
decreasing of capital by -281,438,675.54 -281,438,675.54
owners
invested by shareholders
equity instruments
invested capital
and accounted as
owners’ equity
（III）Profit allotment -1,262,846,900.10 -1,262,846,900.10
reserves
-1,262,846,900.10 -1,262,846,900.10
owners (or shareholders)
The Semi-Annual Report 2026
The first half year of 2026
Other Equity instrument
Item Less: Other
Specialized Oth Total of owners’
Share capital Preferred Capital reserves Shares Comprehensive Surplus reserves Retained profit
Sustainable Other reserve er equity
in stock Income
stock
debt
(IV) Internal transferring
of owners’ equity
reserves (or to capital
shares)
reserves (or to capital
shares)
surplus reserves.
defined benefit plans
that carry forward
Retained earnings
income carry-over
retained earnings
(V) Special reserves
（VI）Other 503.05 503.05
IV. Balance at the end of
this term 2,090,806,126.00 693,565,431.51 130,426,961.85 1,690,690,697.45 5,365,139,789.31 9,970,629,006.12
The Semi-Annual Report 2026
Amount in last year
In RMB
The first half year of 2025
Other Equity instrument
Items Less: Other
Capital Specialized Total of owners’
Share Capital Preferred Shares in Comprehensive Surplus reserves Retained profit Other
Sustainable Other reserves reserve equity
stock Income
stock
debt
I.Balance at the end of
last year
Add: Change of
accounting policy
Correcting of previous
errors
Other
II.Balance at the
beginning of current year
III.Changed in the current
year
（I）Total
comprehensive income
(II) Investment or
decreasing of capital by
owners
invested by shareholders
equity instruments
invested capital
and accounted as owners’
equity
（III）Profit allotment -1,093,491,603.90
reserves
-1,093,491,603.90
owners (or shareholders) 1,093,491,603.90
The Semi-Annual Report 2026
The first half year of 2025
Other Equity instrument
Items Less: Other
Capital Specialized Total of owners’
Share Capital Preferred Shares in Comprehensive Surplus reserves Retained profit Other
Sustainable Other reserves reserve equity
stock Income
stock
debt
(IV) Internal transferring
of owners’ equity -54,004,125.15 5,400,412.52 48,603,712.63
reserves (or to capital
shares)
reserves (or to capital
shares)
surplus reserves.
defined benefit plans that
carry forward
Retained earnings
income carry-over -54,004,125.15 5,400,412.52 48,603,712.63
retained earnings
(V) Special reserves
（VI）Other 1,800,137.50 16,201,237.56 18,001,375.06
IV. Balance at the end of
this term 2,090,806,126.00 975,003,604.00 375,075,030.96 1,511,315,938.10 5,282,268,032.62 10,234,468,731.68
The Semi-Annual Report 2026
III. Company Profile
The Company was established in February 1993, which was originally named as Guangdong Fokai Expressway
Co., Ltd. On June 30, 1993, it was renamed as Guangdong Provincial Expressway Development Co., Ltd. after
reorganization pursuant to the approval of the Office of Joint Examination Group of Experimental Units of
Share Holding System with YLSB (1993)No. 68 document. The share capital structure after reorganization is as
follows: Composition of state-owned shares: The appraised net value of state-owned assets of Guangdong
Jiujiang Bridge Co. and Guangfo Expressway Co., Ltd. as of January 31, 1993 confirmed by Guangdong State-
owned Asset Management Dept, i.e.,RMB 418.2136 million, was converted into 155.025 million shares.
Guangdong Expressway Co. invested cash of RMB 115 million to subscribe for 35.9375 million shares. Other
legal persons invested cash of RMB 286.992 million to subscribe for 89.685 million shares. Staff of the
Company invested RMB 87.008 million to subscribe for 27.19 million shares. The total is RMB 307.8375
million shares.
Pursuant to the approval of Guangdong Economic System Reform Committee and Guangdong Securities
Regulatory Commission with YTG (1996) No. 67 document, part of the shareholders of non-state-owned legal
person shares transferred 20 million non-state-owned legal person shares to Malaysia Yibao Engineering Co.,
Ltd. in June 1996.
Pursuant to the approval of Securities Commission under the State Council with WF (1996) No. 24 approval
document and that of Guangdong Economic System Reform Committee with YTG (1996) No. 68 document,
the Company issued 135 million domestically listed foreign investment shares (B shares) to overseas investors
at the price of HKD 3.54 (equivalent to RMB 3.8) with the par value of each share being RMB 1 during June to
July 1996.
Pursuant to the reply of the Ministry of Foreign Trade and Economic Cooperation of the People’ s Republic of
China with (1996) WJMZYHZ No. 606 document, the Company was approved to be a foreign-invested joint
stock company limited.
The Company distributed dividends and capitalized capital common reserve for the year 1996 in the following
manner: The Company paid 1.7 bonus shares f or each 10 shares and capitalized capital common reserve on 3.3-
for-10 basis.
Pursuant to the approval of China Securities Regulatory Committee (CSRC) with ZJFZ (1997) No. 486 and No.
“payable in full on application, pro-rate placing and subject to refund” with the par value of each share being
RMB 1 in January 1998.
In accordance with the Resolutions of the 1999 Shareholders’ General Meeting of the Company and pursuant to
the approval of Guangzhou Securities Regulatory Office under CSRC with GZZJH (2000) No. 99 and that of
CSRC with ZJGSZ (2000) No. 98, the Company offered 3 Rights for every 10 shares of 764.256249 million
shares at the price of RMB 11 per Right.73,822,250 ordinary shares were actually placed to all .
Pursuant to the reply of the General Office of the People’ s Government of Guangdong Province with YBH
(2000) No. 574 document, the state-owned shares were transferred to Guangdong Communication Group Co.,
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Ltd. (Group Co.) for holding and management without compensation.
.Pursuant to the approval of Shenzhen Stock Exchange, 53.0205 million staff shares of the Company (132,722
shares held by directors, supervisors and senior executives are temporarily frozen) were listed on February 5,
capital common reserve into 419,039,249 shares on 5-for-10 basis with the total share capital as of the end of
was May 22, 2001.
On March 8, 2004,As approved by China Securities Regulatory Commission by document Zheng-Jian-Gong-Si-
Zi [2003]No.3, the 45,000,000 non-negotiable foreign shares were placed in Shenzhen Stock
On December 21, 2005, the Company's plan for share holding structure reform was voted through at the
shareholders' meeting concerning A shares. On January 26 2006, The Ministry of Commerce of PRC issued
“The approval on share converting of Guangdong Provincial Expressway Development Co., Ltd.” to approve
the share equity relocation and transformation. On October 9 2006, according to the “Circular about
implementing of share equity relocation and relative trading” issued by Shenzhen Stock Exchange, the
abbreviation ID of the Company’s A shares was restored from “G-Expressway” “Expressway A”.
.Upon the approval document of CSRC No.230-2016 Zheng Jian Xu ke-Approval of the Share-Issuing to
Parties such as Guangdong Provincial Expressway Co., Ltd to Purchase Assets and Raise Matching Funds by
Guangdong Provincial Expressway Development Co., Ltd, in June 2016 the company issued 33,355,263 shares
and paid RMB 803.50 million to Guangdong Provincial Expressway Co., Ltd for purchasing the 25% stake of
Guangdong Provincial Fokai Expressway Co., Ltd held by Guangdong Provincial Expressway Co., Ltd; and
issued 466,325,020 shares to Guangdong Provincial Highway Construction Co., Ltd for purchasing the 100%
stake of Guangzhou Guangzhu Traffic Investment Management Co., Ltd held by Guangdong Provincial
Highway Construction Co., Ltd. On June 21, 2016, the company directionally issued 334,008,095 A-shares to
Yadong FuxingYalian InvestmentCo.,Ltd, Tibet Yinyue Investment Management Co.,Ltd and Guangfa
Securities Co.,Ltd. The issuance of shares have been registered on July 7, 2016, the new shares will be listed on
July 8, 2016.
Registration placeNo.85, Baiyun Road, Yuexiu District, Guangzhou.
Headquarters Office：45-46/F, Litong Plaza, No.32, Zhujiang East Road, Zhujiang New City, Tianhe Disrtict ,
Guangzhou
Industry and main products of the company: highway management and maintenance.
General business items: investment, construction, charging, maintenance and service management of
expressways, grade roads and bridges; Automobile rescue service, maintenance and cleaning; Parking lot charges;
Design, production, release and agency of all kinds of advertisements at home and abroad; Land development
along the highway; Warehousing business; Intelligent transportation technology research and development and
service; Equity investment, management and consultation. (Projects that must be approved according to law can
be operated only after being approved by relevant departments).
The Company is mainly engaged in tolling and maintenance of Guangfo Expressway, Fokai Expressway,Jingzhu
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Expressway Guangzhu Section and Guanghui Expressway investment in technological industries
and provision of relevant consultation while investing in Shenzhen Huiyan Expressway Co., Ltd., Guangdong
Jiangzhong Expressway Co.Ltd., Zhaoqing Yuezhao Expressway Co., Ltd.,Ganzhou Kangda Expressway ,
Ganzhou Gankang Expressway Co., Ltd., Guangdong Yuepu Small Refinancing Co., Ltd., Guoyuan Securities
Co., Ltd, Garage electric pile Holding (Shenzhen) Co., Ltd ., SPIC Yuetong Qiyuan Chip Power Technology Co.,
Ltd.and Guangdong Guangle Expressway Co., Ltd.
(1) Scope of current consolidated financial statements
The consolidated scope of the current financial statements involves Yuegao Capital Holding (Guangzhou) Co.,
Ltd., its holding subsidiaries Guangfo Expressway Co., Ltd.,Jingzhu Expressway Guangzhu Section Co., Ltd.
and Guanghui Expressway Co., Ltd.
(2) Changes in the scope of consolidated financial statements in the current period
None.
The financial statements have been authorized for issuance of the Board of Directors of the Company on August
IV. Basis for the preparation of financial statements
The financial statements shall be prepared in accordance with the Accounting Standards for Business
Enterprises and relevant provisions promulgated by the Ministry of Finance, as well as the relevant provisions
of the Compilation Rules for Information Disclosure of Companies publicly Issuing Securities No.15 ——
Financial Report (2023 Revision) of the China Securities Regulatory Commission.
The Company has evaluated the going concern ability for 12 months from June 30,2026, and has found no
matters or circumstances causing significant doubt about the going concern ability. Therefore, this financial
statement is prepared on the basis of the going concern assumptions.
V. Significant Accounting Policies and Accounting Estimates
Tips for specific accounting policy and estimate:
None
The financial statements of the Company are recognized and measured in accordance with the regulations in
the Chinese Accounting Standards for Business Enterprises and they give a true and fair view of the financial
position, business result and cash flow of the Company on June 30, 2026.
The accounting period of the Company is the calendar year from January 1 to December 31.
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The normal operating cycle refers to the period from the time when the Group purchases assets for processing to
the time when cash or cash equivalents are realized. The Company takes 12 months as a business cycle and uses
it as a criterion for liquidity classification of assets and liabilities.
RMB is the currency of the primary economic environment in which the Company and its domestic
subsidiaries operate. Accordingly, the Company and its domestic subsidiaries use RMB as their functional
currency. These financial statements are presented in RMB.
?Applicable □Not applicable
Item Materiality standard
Material receivables with bad debt Those whose single provision amount accounts for more than 5% of the ending
provision accrued individually balance of various receivables
Material recovery or reversal of bad debt Those whose amount of single collection or reversal accounts for more than 5% of
provisions for receivables the ending balance of various receivables
Those whose single write off amount accounts for more than 5% of the ending
Material write-off of receivables
balance of various receivables
Those whose amount with a single account age of more than one year accounts for
Material prepayments with an age of more
more than 10% of the ending balance of prepayments, and an amount of more than
than one year
RMB 5 million
Material projects under construction Those with a single project investment budget of more than RMB 10 million
Material accounts payable and other Those whose amount with a single age of more than one year accounts for more
payables with an age of over one year than 5% of the balance of accounts payable or other payables
The subsidiaries whose year-end net assets, total year-end assets, current operating
income, and total current profit account for more than 10% of the Company's year-
Material non-wholly-owned subsidiaries
end net assets, total year-end assets, current operating income, and total current
profit
Those whose ending book value of a long-term equity investment in a single
investee accounts for more than 5% of the Company's ending net assets, or whose
Material joint venture or associated
current investment income (loss calculated in absolute amount) under the equity
enterprises
method of long-term equity investment accounts for more than 5% of the
Company's consolidated current net profits
Material commitments Those with an amount for a single type of more than RMB 500 million
Material contingencies Those with a single amount of more than RMB 10 million
Those whose cash received from or paid for a single investment activity account for
Material investment activities more than 5% of the total cash inflow or outflow
Business combinations under common control: The assets and liabilities acquired by the acquirer in a
business combination (including goodwill arising from the ultimate controlling party's acquisition of the
acquiree) are measured based on the carrying amounts of the acquiree's assets and liabilities in the ultimate
controlling party's consolidated financial statements as of the merger date. For the difference between the
carrying amounts of the net assets obtained in the merger and the carrying amounts of the merger consideration
paid (or the total face value of the issued shares), adjust the share capital premium in the capital reserve. If the
share capital premium in the capital reserve is insufficient to offset, adjust the retained earnings.
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Business combinations under non-common control: The consideration transferred in a business
combination is measured at the fair value of the assets given, liabilities incurred or assumed, and equity
instruments issued by the acquirer at the acquisition date in exchange for control of the acquiree. If the
consideration transferred exceeds the acquirer's interest in the fair value of the acquiree's identifiable net assets,
the excess is recognized as goodwill; if the consideration transferred is less, the difference is recognized as
profit or loss for the period. The identifiable assets, liabilities, and contingent liabilities of the acquiree that meet
the recognition criteria are measured at their fair values at the acquisition date.
Directly attributable costs incurred for a business combination are recognized in profit or loss when
incurred; transaction costs related to the issuance of equity or debt securities for the business combination are
included in the initial measurement amount of the respective equity or debt securities.
(1) Criteria for control
Control means that the Company has the power over the investee, enjoys variable returns by participating
in the related activities of the investee, and has the ability to influence the amount of returns by using the power
over the investee. Once the changes in relevant facts and circumstances lead to changes in the relevant factors
involved in the definition of control, the Company will re-evaluate.
(2) Method for preparing consolidated financial statements
The scope of consolidation of the consolidated financial statements is determined based on control.
The Company includes subsidiaries in the consolidated financial statements from the date it obtains control
and excludes them from the date control ceases.
For subsidiaries disposed of, their operating results and cash flows prior to the disposal date are included in
the consolidated income statement and consolidated cash flow statement; The opening balances of the
consolidated balance sheet are not adjusted for subsidiaries disposed of during the period.
For subsidiaries acquired through business combinations not under common control, their operating results
and cash flows have been appropriately included in the consolidated income statement and consolidated cash
flow statement from the acquisition date onward. Subsidiaries or businesses acquired during the reporting
period through business combinations not under common control are consolidated from the acquisition date
based on the fair values of identifiable assets, liabilities, and contingent liabilities determined at that date.
For subsidiaries acquired through business combinations under common control, regardless of when the
combination occurs during the reporting period, they are treated as if they had been part of the Company's
consolidated financial statements since the date they came under the ultimate controlling party's control, and
their operating results and cash flows are included in the consolidated income statement and consolidated cash
flow statement from the beginning of the earliest reporting period presented.
Subsidiaries adopt the principal accounting policies and reporting periods in accordance with the uniform
accounting policies and reporting periods prescribed by the Company.
All significant intercompany balances, transactions, and unrealized profits are eliminated in the preparation
of the consolidated financial statements.
The Semi-Annual Report 2026
The portion of a subsidiary's equity not attributable to the parent company is recognized as "non-
controlling interests" within the equity section of the consolidated balance sheet. The portion of a subsidiary's
net profit or loss attributable to non-controlling interests is presented as "non-controlling interests in profit or
loss" under net profit in the consolidated income statement.
If the share of a subsidiary's losses attributable to non-controlling interests exceeds their interest in the
subsidiary's opening equity balance, the excess shall continue to be allocated against non-controlling interests.
For transactions involving the acquisition of non-controlling interests in a subsidiary or partial disposal of
equity investments without loss of control over the subsidiary, such transactions shall be accounted for as equity
transactions. The carrying amounts of equity attributable to the parent company's owners and non-controlling
interests shall be adjusted to reflect changes in their respective interests in the subsidiary. Any difference
between the adjustment to non-controlling interests and the fair value of consideration paid/received is adjusted
to capital reserve. If capital reserve is insufficient, retained earnings are adjusted.
If control over a subsidiary is lost due to partial disposal of equity interests or other reasons, the remaining
equity interest is remeasured at fair value at the date control is lost. The difference between (a) the sum of the
consideration received from the disposal and the fair value of any remaining equity interest, and (b) the share of
the net assets of the former subsidiary attributable to the previous ownership percentage (calculated on a
continuous basis from the acquisition date), shall be recognized as investment income in the period in which
control is lost, with a corresponding reduction in goodwill. Other comprehensive income related to the former
subsidiary is reclassified to current profits or losses when control is lost.
Cash refers to the Company's cash on hand and demand deposits. Cash equivalents refer to short-term
(generally with a maturity of three months or less from the acquisition date), highly liquid investments that are
readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Foreign currency transactions are initially recorded in the functional currency at the spot exchange rate on
the transaction date. However, for foreign exchange transactions or transactions involving currency exchange,
the actual exchange rate applied is used for translation into the functional currency.
At the balance sheet date, foreign currency monetary items are translated using the spot exchange rate on
that date. Exchange differences arising from the difference between the spot exchange rate on the balance sheet
date and the spot exchange rate at the initial recognition date or the previous balance sheet date are recognized
in profit or loss, except for: ① exchange differences arising from specific borrowings that qualify for
capitalization, which are capitalized as part of the cost of the related asset during the capitalization period; ②
exchange differences on hedging instruments used to hedge foreign currency risks, which are accounted for
under hedge accounting; and ③ exchange differences arising from changes in the carrying amount (other than
amortized cost) of monetary items classified as at fair value through other comprehensive income, which are
recognized in other comprehensive income.
Non-monetary items measured at historical cost in a foreign currency continue to be measured at the
functional currency amount translated using the spot exchange rate on the transaction date. Non-monetary items
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measured at fair value in a foreign currency are translated using the spot exchange rate on the date the fair value
is determined. The difference between the translated functional currency amount and the original functional
currency amount is treated as a fair value change (including the effect of exchange rate changes) and recognized
in profit or loss or other comprehensive income.
A financial asset, financial liability, or equity instrument is recognized when the Company becomes a party
to the contractual provisions of the financial instrument.
(1) Classification of financial instruments
According to the business model of financial assets under management and the contractual cash flow
characteristics of financial assets, the Company divides financial assets into three categories at the initial
recognition: financial assets measured by amortized cost, financial assets measured by fair value with its
changes included in other comprehensive income, and financial assets measured by fair value with its changes
included in profit or loss.
The Company classifies financial assets that meet both of the following criteria and are not designated at
fair value through profit or loss as financial assets measured at amortized cost:
- The business model's objective is to hold the assets to collect contractual cash flows;
- The contractual cash flows represent solely payments of principal and interest on the principal amount
outstanding.
The Company classifies financial assets that meet both of the following criteria and are not designated at
fair value through profit or loss as financial assets measured at fair value through other comprehensive income
(debt instruments):
- The business model's objective is achieved both by collecting contractual cash flows and selling the
financial assets;
- The contractual cash flows represent solely payments of principal and interest on the principal amount
outstanding.
For the investment in non-transactional equity instruments, the Company can irrevocably designate it as a
financial asset measured at fair value with changes included in other comprehensive income at the initial
recognition (equity instrument). The designation is made on the basis of a single investment, and the relevant
investment conforms to the definition of equity instrument from the issuer's point of view.
Except for the above financial assets measured in amortized cost and those at fair value with changes
included in other comprehensive income, the Company classifies all other financial assets as financial assets
measured at fair value with changes included in profit or loss.
At initial recognition, financial liabilities are classified as either: (i) financial liabilities at fair value
through profit or loss, or (ii) financial liabilities measured at amortized cost.
(2) Recognition criteria and measurement methods for financial instruments
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Financial assets measured at amortized cost include notes receivable, accounts receivable, other
receivables, long-term receivables, debt investments, etc. These assets are initially measured at fair value, with
related transaction costs included in the initial recognition amount. However, accounts receivable without
significant financing components and those for which the Company elects not to consider financing components
of one year or less are initially measured at the contractual transaction price.
During the holding period, interest calculated using the effective interest method is recognized in profit or
loss.
Upon derecognition or disposal, the difference between the consideration received and the carrying amount
of the financial asset is recognized in profit or loss.
instruments)
Financial assets measured at fair value through other comprehensive income (debt instruments) include
accounts receivable financing, other debt investments, etc. These assets are initially measured at fair value, with
related transaction costs included in the initial recognition amount. These financial assets are subsequently
measured at fair value. Changes in fair value, except for interest calculated using the effective interest method,
impairment gains or losses, and exchange differences, are recognized in other comprehensive income.
Upon derecognition, the cumulative gains or losses previously recognized in other comprehensive income
are reclassified from other comprehensive income to profit or loss.
instrument)
Financial assets measured at fair value through other comprehensive income (equity instruments) include
investments in other equity instruments, etc. These assets are initially measured at fair value, with related
transaction costs included in the initial recognition amount. Such financial assets are subsequently measured at
fair value, with changes in fair value included in comprehensive income. Dividends received are recognized in
profit or loss.
Upon derecognition, the cumulative gains or losses previously recognized in other comprehensive income
are reclassified from other comprehensive income to retained earnings.
Financial assets measured at fair value through profit or loss include trading financial assets, derivative
financial assets, other non-current financial assets, etc. These assets are initially measured at fair value, with
related transaction costs recognized in profit or loss. Such financial assets are subsequently measured at fair
value, with changes in fair value included in profit or loss.
Financial liabilities measured at fair value through profit or loss include trading financial liabilities,
derivative financial liabilities, etc. These liabilities are initially measured at fair value, with related transaction
costs recognized in profit or loss. Such financial liabilities are subsequently measured at fair value, with
changes in fair value included in profit or loss.
The Semi-Annual Report 2026
Upon derecognition, the difference between the carrying amount and the consideration paid is recognized
in profit or loss.
Financial liabilities measured at amortized cost include short-term borrowings, notes payable, accounts
payable, other payables, long-term borrowings, bonds payable, and long-term payables. These liabilities are
initially measured at fair value, with related transaction costs included in the initial recognition amount.
During the holding period, interest calculated using the effective interest method is recognized in profit or loss.
Upon derecognition, the difference between the consideration paid and the carrying amount of the financial
liability is recognized in profit or loss.
(3) Derecognition criteria and accounting treatment for financial asset transfers
The Company derecognizes a financial asset when either of the following conditions is met:
- The contractual rights to receive the cash flows from the financial asset expire;
- The financial asset has been transferred, and substantially all the risks and rewards of ownership of the
financial asset have been transferred to the transferee;
- The financial asset has been transferred, and although the Company has neither transferred nor retained
substantially all the risks and rewards of ownership of the financial asset, it has not retained control over the
financial asset.
When the Company modifies or renegotiates the terms of a contract with the counterparty and such
modification constitutes a substantial modification, the original financial asset is derecognized and a new
financial asset is recognized based on the modified terms.
When a financial asset is transferred, if substantially all the risks and rewards of ownership of the financial
asset are retained, the financial asset is not derecognized.
In assessing whether the transfer of a financial asset meets the above derecognition criteria, the principle of
substance over form is applied.
The Company divides the transfer of financial assets into the overall transfer and partial transfer of
financial assets. When the transfer of a financial asset in its entirety meets the derecognition criteria, the
difference between the following amounts shall be recognized in profit or loss:
changes previously recognized directly in equity (where the transferred financial asset is a debt instrument
measured at fair value through other comprehensive income).
When a partial transfer of a financial asset meets the derecognition criteria, the carrying amount of the
entire financial asset shall be allocated between the derecognized portion and the retained portion based on their
relative fair values, and the difference between the following amounts shall be recognized in profit or loss:
The Semi-Annual Report 2026
cumulative fair value changes previously recognized directly in equity (where applicable to debt instruments
measured at fair value through other comprehensive income).
If the transfer of financial assets does not meet the conditions for derecognition, such financial assets shall
be continuously recognized, and the received consideration shall be recognized as a financial liability.
(4) Derecognition of financial liabilities
A financial liability (or part thereof) shall be derecognized when the present obligation is discharged in
whole or in part; If the Company enters into an agreement with creditors to replace an existing financial liability
with a new financial liability, and the terms of the new liability are substantially different from those of the
existing liability, the existing financial liability shall be derecognized and the new financial liability shall be
recognized simultaneously.
If there is a substantial modification to the contractual terms of an existing financial liability (in whole or
in part), the original financial liability (or the modified portion) shall be derecognized, and the modified
financial liability shall be recognized as a new financial liability.
If all or part of the financial liabilities are derecognized, the difference between the carrying amounts of the
derecognized financial liabilities and the consideration paid (including the transferred non-cash assets or the
new financial liabilities undertaken) will be included in the profit or loss.
When the Company repurchases a portion of a financial liability, the carrying amount of the entire liability
shall be allocated between the portion to be continued and the portion to be derecognized based on their relative
fair values as of the repurchase date. The difference between the allocated carrying amount of the derecognized
portion and the consideration paid (including transferred non-cash assets or newly assumed financial liabilities)
shall be recognized in profit or loss.
(5) Fair value measurement methods for financial assets and liabilities
The fair value of financial instruments with an active market shall be determined by the quotation in the
active market. The fair value of financial instruments without active market shall be determined by valuation
technology. At the time of valuation, the Company adopts the valuation technology that is applicable in the
current situation and supported by sufficient available data and other information, selects the input values that
are consistent with the characteristics of assets or liabilities considered by market participants in the transaction
of relevant assets or liabilities, and gives priority to the relevant observable input values. Unobservable input
values can only be used if the relevant observable input values are unavailable or impracticable.
(6) Impairment testing and accounting treatment for financial instruments
The Company applies impairment accounting based on expected credit losses to financial assets measured
at amortized cost, debt instruments measured at fair value through other comprehensive income, and financial
guarantee contracts.
The Company measures expected credit losses by incorporating reasonable and supportable information
about past events, current conditions, and forecasts of future economic conditions, calculating a probability-
weighted amount of the present value of the difference between the contractual cash flows and the expected
cash flows, using the risk of default as the weighting factor.
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For receivables and contract assets arising from transactions governed by Accounting Standards for
Business Enterprises No. 14 - Revenue, the Company consistently measures loss allowances at an amount equal
to lifetime expected credit losses, regardless of whether they contain significant financing components.
For lease receivables arising from transactions governed by Accounting Standards for Business Enterprises
No. 21 - Leases, the Company has elected to consistently measure loss allowances at an amount equal to
lifetime expected credit losses.
For other financial instruments, the Company assesses changes in credit risk since initial recognition at
each balance sheet date.
The Company evaluates whether credit risk has increased significantly since initial recognition by
comparing the risk of default at the balance sheet date with the risk of default at initial recognition to determine
the relative change in default risk over the financial instrument's expected maturity period, thus assessing
whether the credit risk of the financial instrument has increased significantly since initial recognition. The
Company presumes that the credit risk of a financial instrument has increased significantly when it is more than
has occurred since initial recognition.
If a financial instrument has low credit risk at the balance sheet date, the Company considers that no
significant increase in its credit risk has occurred since initial recognition.
For financial instruments whose credit risk has increased significantly since initial recognition, the
Company measures loss allowances at an amount equal to lifetime expected credit losses; for those without
significant increase in credit risk, loss allowances are measured at an amount equal to 12-month expected credit
losses. The resulting increases or decreases in loss allowances are recognized in profit or loss as impairment
losses or gains. For debt instruments measured at fair value through other comprehensive income, the loss
allowance is recognized in other comprehensive income while impairment losses or gains are recognized in
profit or loss, without reducing the carrying amount of the financial asset presented in the balance sheet.
When objective evidence indicates that a specific receivable has experienced credit impairment, the
Company measures its impairment provision on an individual basis.
For receivables other than those subject to individual bad debt provision as mentioned above, the Company
categorizes the remaining financial instruments into several portfolios based on their credit risk characteristics,
and determines expected credit losses on a portfolio basis. The Company's portfolio groupings and
determination basis for measuring expected credit losses on notes receivable, accounts receivable, financing
receivables, other receivables, contract assets, and long-term receivables are as follows:
Item Portfolio category Determination basis
For accounts receivable and other receivables not individually assessed for loss
allowances or included in Portfolio 2, 3 or 4, the Company determines loss allowances
based on expected credit losses of receivables portfolios with similar credit risk
Portfolio 1 Aging portfolio
characteristics grouped by aging brackets in prior periods, incorporating forward-looking
information. The aging period shall be calculated from the initial recognition date of
receivables.
Other receivables including various deposits, guarantees, advance payments, warranty
Portfolio 2 Deposit-type portfolio funds, employee advances, and petty cash reserves arising from ordinary operating
activities.
Portfolio 3 Financial asset Notes receivable and other receivables with minimal credit risk based on expected
The Semi-Annual Report 2026
Item Portfolio category Determination basis
portfolio with very low credit loss assessments.
credit risk
Portfolio 4 Risk-free portfolio Receivables from related parties within the consolidation scope.
credit losses and recognizes loss allowances for financial assets based on the portfolio structure and similar
credit risk characteristics (debtors' repayment capacity under contractual terms), incorporating historical default
loss experience, current economic conditions, and forward-looking information, using the expected maturity
period as the measurement basis.
Methods for measuring loss allowances by different portfolios:
Item Measurement method
Portfolio 1 (aging portfolio) Expected maturity period
Portfolio 2 (deposit-type portfolio) Expected maturity period
Portfolio 3 (financial asset portfolio with very low credit risk) Expected maturity period
Portfolio 4 (risk-free portfolio) Expected maturity period
Portfolio 1 (aging portfolio): Expected credit loss rate
Expected credit loss rate of accounts Expected credit loss rate of other
Aging
receivable (%) receivables (%)
Within 1 year
Over 5 years
Portfolio 2 (deposit-type portfolio): Based on historical default loss experience, current economic
conditions, and forward-looking information, the expected credit loss rate is 0%;
Portfolio 3 (financial asset portfolio with very low credit risk): Based on historical default loss experience,
current economic conditions, and forward-looking information, the expected credit loss rate is 0%;
Portfolio 4 (risk-free portfolio): Based on historical default loss experience, current economic conditions,
and forward-looking information, the expected credit loss rate is 0%.
If the Company no longer reasonably expects to recover all or part of the contractual cash flows of a
financial asset, the carrying amount of the financial asset is directly written off.
(1) Contract assets
The Company recognizes contract assets in the balance sheet for rights to consideration that are conditional
on factors other than the passage of time (i.e., not unconditional), where the Company has performed its
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obligations under the contract but the customer has not yet paid the contractual consideration. Contract assets
and liabilities under the same contract are presented on a net basis; those under different contracts are not offset.
The measurement methods and accounting treatment for expected credit losses on contract assets follow
"(6) Impairment testing and accounting treatment for financial instruments in Section 10".
(2) Contract liabilities
The Company presents either a contract asset or liability in the balance sheet based on the relationship
between performance obligations and customer payments. Obligations to transfer goods or services to
customers for which the Company has received or is entitled to receive consideration are classified as contract
liabilities. Contract assets and liabilities under the same contract are presented on a net basis.
(1) Criteria for determining joint control and significant influence
Joint control is the contractually agreed sharing of control over an arrangement, where decisions about
relevant activities of such arrangement require unanimous consent of all parties sharing control. Investees over
which the Company exercises joint control with other parties and has rights to their net assets are classified as
joint ventures of the Company.
Significant influence is the power to participate in financial and operating policy decisions of an investee
without control or joint control over those policies. Investees over which the Company has significant influence
are classified as associates of the Company.
(2) Determination of initial investment cost
For long-term equity investments in subsidiaries acquired through business combinations under common
control, the initial investment cost is measured at the carrying amount of the acquiree's equity interests in the
consolidated financial statements of the ultimate controlling party on the merger date. The difference between
the initial investment cost of the long-term equity investment and the carrying amount of consideration paid
shall be adjusted against the share premium within capital reserves. If the share premium is insufficient to
absorb the difference, the remaining amount shall be adjusted against retained earnings.
For long-term equity investments in subsidiaries acquired through business combinations not under
common control, the initial investment cost is measured at the fair value of consideration transferred on the
acquisition date.
(2) Long-term equity investments obtained other than through business combinations
For investments acquired by cash payment, the initial investment cost is the actual purchase price paid. For
investments acquired by issuing equity instruments, the initial investment cost is the fair value of the equity
instruments issued.
(3) Subsequent measurement and profit/loss recognition methods
The Company applies the cost method for long-term equity investments in subsidiaries, unless the
investment meets the criteria to be classified as held for sale. The Company recognizes current-period
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investment income based on its share of cash dividends or profits declared by the investee, excluding any
dividends or profits declared but not yet paid that were included in the actual payment or consideration for the
investment.
For long-term equity investments in associates and joint ventures, the Company applies the equity method.
Where the initial investment cost exceeds the investor's share of the fair value of the investee's identifiable net
assets at the acquisition date, the excess is not adjusted against the initial investment cost; Where the initial
investment cost is less than such share, the difference is recognized in profit or loss, with a corresponding
adjustment to the carrying amount of the investment.
The Company recognizes its share of the investee's net profit or loss and other comprehensive income as
investment income and other comprehensive income respectively, with corresponding adjustments to the
carrying amount of the long-term equity investment; reduces the carrying amount by its share of profits or cash
dividends declared by the investee; and for other changes in the investee's equity other than those resulting from
net profit or loss, other comprehensive income, or profit distributions (hereinafter referred to as "other equity
changes"), adjusts the carrying amount of the long-term equity investment and recognizes the changes directly
in equity.
When determining the Company's share of the investee's net profit or loss, other comprehensive income,
and other equity changes, such share shall be recognized based on the fair value of the investee's identifiable net
assets at the acquisition date, after adjusting the investee's net profit and other comprehensive income in
accordance with the Company's accounting policies and reporting periods.
Unrealized profits and losses arising from transactions between the Company and its associates or joint
ventures are eliminated to the extent of the Company's ownership interest when recognizing investment income,
except when the transferred assets constitute a business. Unrealized losses arising from transactions with the
investee that qualify as asset impairment losses are recognized in full.
The Company recognizes its share of net losses of a joint venture or associate until the carrying amount of
the long-term equity investment plus any long-term interests that are essentially advances to the investee are
reduced to zero, unless the Company has incurred additional loss obligations. For subsequent net profits earned
by the joint venture or associate, the Company resumes recognition of its share of profits only after the profit
share offsets previously unrecognized loss shares.
The difference between the carrying amount of a disposed long-term equity investment and the actual
proceeds received is recognized in profit or loss.
For partial disposals of equity-method investments where the remaining interest continues to be accounted
for under the equity method, the other comprehensive income previously recognized under the equity method is
reclassified proportionately on the same basis as if the investee had directly disposed of the related assets or
liabilities, while other equity changes are proportionately reclassified to profit or loss.
When joint control or significant influence over an investee is lost due to disposal of equity investments,
the other comprehensive income previously recognized under the equity method is accounted for on the same
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basis as if the investee had directly disposed of the related assets or liabilities upon cessation of equity method
accounting, while all other equity changes are fully reclassified to profit or loss at the time of discontinuation.
When control over an investee is lost due to partial disposal of equity investments, the Company, in
preparing its separate financial statements, if the remaining interest retains joint control or significant influence,
transitions to equity method accounting with retrospective adjustment as if the equity method had always been
applied, proportionately reclassifying pre-control other comprehensive income on the same basis as if the
investee had directly disposed of the related assets/liabilities and proportionately reclassifying equity-method-
related other equity changes to profit or loss; if no joint control or significant influence is retained, reclassifies
the remaining interest as a financial asset with the difference between its fair value and carrying amount at the
date of control loss recognized in profit or loss, while fully reclassifying all pre-control other comprehensive
income and other equity changes.
For step-by-step disposals of equity investments in subsidiaries resulting in loss of control that qualify as a
single integrated transaction, all individual transactions are accounted for as a single disposal event, with the
difference between the consideration received and the carrying amount of the disposed equity interest for each
pre-control-disposal transaction being initially recognized in other comprehensive income in the separate
financial statements and subsequently reclassified in its entirety to profit or loss at the point when control is
ultimately lost. For non-single arrangements, each transaction is accounted for separately.
Measurement model of investment property
Cost model
Depreciation or amortization method
Investment properties refer to real estate properties held for earning rental income, capital appreciation, or
both, including leased land use rights, land use rights held for capital appreciation with intent to transfer, and
leased buildings.
Investment properties are initially measured at cost. Subsequent expenditures related to investment
properties are included in the cost of investment real estate if the economic benefits related to the asset are
likely to flow in and the cost can be measured reliably. Other subsequent expenditures are recognized in profit
or loss when incurred.
(1) Recognition criteria
Fixed assets refer to tangible assets held for producing goods, providing services, leasing or management,
with a service life of more than one fiscal year. Fixed assets are recognized only when the economic benefits
related to them are likely to flow into the Company and their costs can be measured reliably. Fixed assets are
initially measured at cost, taking into account the impact of estimated disposal costs. Subsequent expenditures
related to fixed assets are capitalized when it is probable that associated economic benefits will flow to the
entity and the costs can be reliably measured; The carrying amount of any replaced parts is derecognized; All
other subsequent expenditures are recognized as profit or loss when incurred.
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(2) Depreciation methods
Depreciation is calculated from the month following the date when the assets become available for their
intended use, applying either the straight-line method or units-of-production method over their useful lives.
Depreciation rates are determined based on the category of assets, estimated useful lives, and estimated residual
value rates. For fixed assets with recognized impairment losses, depreciation in subsequent periods is calculated
based on the carrying amount after deducting impairment provisions and the remaining useful life. If
components of the fix assets have different useful lives or provide economic benefits to the enterprise in
different ways, different depreciation rates or methods are applied separately.
Useful lives, estimated residual values and annual depreciation rates by category of fixed assets:
Annual
Category Depreciation method Useful life Residual rate
depreciation rate
Highways & bridges
Including：Guangfo Expresswy Working flow basis 28 0.00 --
Fokai Expressway-Xiebian to Sanbao
Working flow basis 40 0.00 --
Section
Fokai Expressway-Sanbao to Shuikou
Working flow basis 47.5 0.00 --
Section
Jingzhu Expressway Guangzhu
Working flow basis 30 0.00 --
Section
Guanghui Expressway Co., Ltd. Working flow basis 23 0.00 --
House Building The straight-line
method
The straight-line
Machine Equipment 3-10 3.00-5.00 9.50-32.33
method
The straight-line
Transportation Equipment 5-8 3.00-5.00 11.88-19.40
method
The straight-line
Other 5 3.00-5.00 19.00-19.40
method
The cost of construction in progress is determined based on actual project expenditures, including all
construction-related expenses incurred during the construction period, borrowing costs capitalized before the
project reaches its intended usable condition, and other relevant costs. No depreciation is allowed for
construction in progress.
Construction in progress is carried forward to fixed assets after it reaches the intended usable state. The
standards and timing for transferring various construction in progress to fixed assets are as follows:
Standards for transferring
Category Timing for transferring to fixed assets
to fixed assets
(1) Physical construction, including the installation of related equipment
and ancillary facilities, has been fully completed or substantially completed;
(2) Subsequent construction expenditures are minimal or almost non-
existent; (3) Related equipment has been debugged and can operate
Expressway Reaching the intended normally and stably for a certain period; (4) The constructed expressway
construction project usable condition has met or substantially met the design or contractual requirements; (5) If
the construction project has reached the intended usable condition but the
final account has not been settled, it shall be transferred to fixed assets at an
estimated value based on the actual cost from the date it reaches the
intended usable condition.
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(1) Physical construction, including installation work, has been fully
completed or substantially completed; (2) Subsequent expenditures on the
buildings and structures are minimal or almost non-existent; (3) The
Buildings and Reaching the intended constructed buildings and structures have met or substantially met the
structures usable condition design or contractual requirements; (4) If the construction project has
reached the intended usable condition but the final account has not been
settled, it shall be transferred to fixed assets at an estimated value based on
the actual cost from the date it reaches the intended usable condition.
(1) Related equipment and other supporting facilities have been installed;
Machinery and Reaching the intended
(2) After debugging, the equipment can maintain normal and stable
equipment usable condition
operation for a period of time and be accepted by relevant personnel.
Borrowing costs comprise interest expenses on borrowings, amortization of discounts or premiums,
ancillary costs, and foreign exchange differences arising from foreign currency borrowings. Borrowing costs
that are directly attributable to the acquisition, construction or production of a qualifying asset shall be
capitalized when expenditures for the asset have been incurred, borrowing costs have been incurred, and
activities necessary to prepare the asset for its intended use or sale have begun, and capitalization shall cease
when the qualifying asset being acquired, constructed or produced has reached its intended usable or salable
condition. All other borrowing costs shall be recognized as an expense in the period in which they are incurred.
For specific borrowings, the amount of borrowing costs eligible for capitalization shall be the actual
borrowing costs incurred during the period less any investment income from the temporary investment of those
borrowings. For general borrowings, the amount of borrowing costs eligible for capitalization shall be
determined by applying the capitalization rate to the weighted average of the expenditures on that asset that
exceed the specific borrowings. The capitalization rate shall be determined based on the weighted average
interest rate of the general borrowings.
(1) Useful life and its determination basis, estimation, amortization method or review procedure
Intangible assets are initially measured at cost, including purchase price, related taxes and duties, and other
directly attributable expenditures necessary to bring the asset to its intended use. The Company assesses the
useful life of intangible assets upon acquisition. For intangible assets with finite useful lives, amortization is
recognized over their expected economic benefit periods; Intangible assets for which the expected useful life
cannot be reliably estimated are considered to have indefinite useful lives and are not amortized.
The amortization methods, useful lives and residual values of intangible assets are as follows:
Item Useful life Amortization method
Land use right Remaining useful life Straight-line method
Software 3-5 years Straight-line method
Toll road concession right Residual concession period Working flow basis
Data resources 5 years Straight-line method
The Semi-Annual Report 2026
At each period-end, the useful lives and amortization methods of finite-lived intangible assets are reviewed,
with any changes accounted for as changes in accounting estimates.
For long-term equity investments, investment properties measured at cost, property, plant and equipment,
construction in progress, right-of-use assets, and finite-lived intangible assets, the Company assesses at each
balance sheet date whether there are any impairment indicators. If any impairment indicators exist, the
recoverable amount shall be estimated and impairment testing shall be performed.
If the impairment test indicates that the recoverable amount of an asset is lower than its carrying amount,
the difference shall be recognized as an impairment provision and recorded as an impairment loss. The
recoverable amount shall be the higher of an asset's fair value less costs of disposal and the present value of the
estimated future cash flows expected to be derived from the asset. Impairment provisions for assets shall be
calculated and recognized on an individual asset basis, except when it is impracticable to reliably estimate the
recoverable amount of an individual asset, in which case the recoverable amount shall be determined for the
cash-generating unit to which the asset belongs. Asset group is the smallest asset portfolio that can generate
cash inflow independently.
An impairment loss recognized for these assets shall not be reversed in subsequent periods, even if the
recoverable amount subsequently increases.
Long-term prepaid expenses refer to costs that have already been incurred but should be allocated over the
current reporting period and subsequent periods with an amortization period exceeding one year. Such expenses
are amortized using the straight-line method over their expected benefit periods.
(1) Accounting treatment for short-term employee benefits
The Company recognizes actual short-term employee benefits as liabilities during the accounting periods
in which employees render services, with corresponding charges to profit or loss or relevant asset costs.
The Company's contributions to social insurance and housing provident funds for employees, as well as
labor union funds and worker education funds accrued in accordance with applicable regulations, shall be
determined based on the prescribed contribution bases and rates during the accounting periods in which
employees render services to the Company.
Employee welfare expenses are recognized at actual amounts incurred and charged to profit or loss or
relevant asset costs, with non-monetary benefits measured at fair value.
(2) Accounting treatment for post-employment benefits
The Company contributes to basic pension insurance and unemployment insurance for employees in
accordance with local government regulations. The required contributions, calculated based on locally
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prescribed bases and rates during employee service periods, are recognized as liabilities and charged to profit or
loss or relevant asset costs.
(3) Accounting treatment for termination benefits
When providing termination benefits, the Company recognizes corresponding liabilities at the earlier of: (a)
when the Company can no longer unilaterally withdraw the termination offer under the redundancy plan or
severance proposal; or (b) when the Company recognizes restructuring-related costs or expenses involving
termination payments, with a corresponding charge to profit or loss.
A provision shall be recognized when all of the following conditions are met in relation to a contingent
obligation: (1) the obligation is a present obligation of the Company; (2) it is probable that an outflow of
economic benefits will be required to settle the obligation; and (3) the amount of the obligation can be measured
reliably.
At the balance sheet date, provisions shall be measured at the best estimate of the expenditure required to
settle the present obligation, taking into account risks and uncertainties associated with the contingent event as
well as the time value of money where material. When the time value of money is material, the best estimate
shall be determined by discounting the estimated future cash outflows.
If the expenditure required to settle a provision is expected to be partially or wholly reimbursed by a third
party, the reimbursement amount shall be recognized as a separate asset when it is virtually certain to be
received, and the amount recognized shall not exceed the carrying value of the provision.
The Company reviews the carrying amount of provisions at each balance sheet date and adjusts them to
reflect the current best estimate when there is objective evidence that the carrying amount no longer represents
the appropriate measurement.
Revenue recognition and measurement accounting policies are disclosed by business type.
(1) Accounting policies for revenue recognition and measurement
The Company recognizes revenue when it satisfies a performance obligation under the contract by
transferring control of goods or services to the customer. Control of goods or services is obtained when the
customer has the ability to direct the use of, and obtain substantially all the remaining benefits from, those
goods or services.
For contracts containing two or more performance obligations, the Company allocates the transaction price
to each distinct performance obligation at contract inception based on the relative stand-alone selling prices of
the promised goods or services. Revenue is measured based on the transaction price allocated to each distinct
performance obligation.
Transaction price is the amount of consideration that the Company is expected to receive for transferring
the goods to customers, excluding the payment collected on behalf of third parties and the payment that the
Company is expected to return to customers. The Company determines the transaction price based on the
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contract terms and its historical business practices, while considering the effects of variable consideration,
significant financing components in the contract, non-cash consideration, and consideration payable to
customers. The Company estimates the transaction price including variable consideration at an amount that does
not exceed the level for which it is highly probable that the cumulative recognized revenue will not be subject to
significant reversal when the related uncertainty is resolved. For contracts with significant financing
components, the Company determines the transaction price as the cash selling price at the date control transfers,
with any difference between this amount and the contract consideration amortized using the effective interest
method over the contract period. At contract inception, the Company does not consider the existence of a
significant financing component when the period between the transfer of control of goods or services to the
customer and the customer's payment is expected to be one year or less.
A performance obligation is satisfied over time if one or more of the following criteria are met; otherwise,
it is satisfied at a point in time:
• The customer simultaneously receives and consumes the benefits provided by the Company's
performance as the Company performs;
• The customer controls the goods or services in process as they are constructed or provided by the
Company;
The goods or services created by the Company's performance have no alternative use to the Company, and
the Company has an enforceable right to payment for performance completed to date throughout the contract
period.
For the performance obligations performed in a certain period of time, the Company shall recognize the
income according to the performance progress during that period, except that the performance progress cannot
be reasonably determined. The Company determines the progress of performance using either an output method
or input method, based on the nature of the goods or services. When the progress cannot be reasonably
measured, revenue is recognized to the extent of costs incurred that are expected to be recoverable, until such
time as the progress can be reliably determined.
For performance obligations satisfied at a point in time, the Company recognizes revenue when the
customer obtains control of the related goods or services. In assessing whether control of goods or services has
transferred, the Company considers the following indicators:
• The Company has a present right to payment for the goods or services (i.e., the customer has a present
obligation to pay for such goods or services).
• The Company has transferred legal title of the goods to the customer (i.e., the customer has legal
ownership of such goods).
• The Company has physically transferred the goods to the customer (i.e., the customer has physical
possession of such goods).
• The Company has transferred the principal risks and rewards of ownership of the goods to the customer
(i.e., the customer has obtained the principal risks and rewards of such goods ownership).
• The customer has accepted the goods or services, etc.
• Other indicators demonstrating that the customer has obtained the control of goods.
The Semi-Annual Report 2026
The Company determines whether it is acting as a principal or an agent in transactions by assessing
whether it obtains control of the goods or services before transferring them to the customer. When the Company
obtains control of goods or services before transferring them to the customer, it acts as a principal and
recognizes revenue at the gross amount of consideration received or receivable; otherwise, it acts as an agent
and recognizes revenue at the net amount of commission or fee to which it expects to be entitled.
(2) Revenue recognition methods and measurement approaches by business type
Toll revenue refers to the toll revenue from operating toll roads, which is recognized according to the
amount collected and receivable when vehicles pass.
Advertising and other revenues are recognized as operating income over the service period based on
elapsed service time and contractual pricing.
Different revenue recognition methods and measurement approaches apply to similar business activities
under different operating models.
Contract costs comprise costs to obtain a contract and costs to fulfill a contract.
Incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had
not been acquired) that are expected to be recovered are recognized as an asset and amortized on the same basis
as the revenue recognition pattern of the related goods or services, with the amortization charged to profit or
loss. Other costs incurred by the Company to obtain a contract shall be recognized as profit or loss when
incurred, unless they are specifically recoverable from the customer.
Costs incurred to fulfill a contract that do not fall within the scope of other standards (such as inventories,
property, plant and equipment, or intangible assets) are recognized as an asset when all of the following
conditions are met: (1) The costs relate directly to a specific contract (including direct labor, direct materials,
manufacturing overheads or similar costs, explicitly chargeable client costs, and other costs incurred only for
that contract); (2) The costs enhance the Company's resources that will be used to satisfy performance
obligations in the future; (3) The costs are expected to be recovered. Such assets are amortized on the same
basis as the revenue recognition pattern of the goods related to such assets, with the amortization charged to
profit or loss.
When determining impairment losses on assets related to contract costs, the Company shall first assess and
recognize impairment losses on other contract-related assets that are accounted for under applicable accounting
standards; subsequently, for assets arising from contract costs, when the carrying amount exceeds the difference
between: (1) the remaining consideration expected to be received for transferring the related goods or services;
and (2) the estimated costs required to complete such transfer, the excess amount shall be recognized as an
impairment provision and recorded as an impairment loss.
An impairment provision recognized for an asset relating to contract costs shall be reversed if the reasons
for the impairment have ceased to apply, such that the above difference exceeds the carrying amount. The
reversal shall be recognized in profit or loss, provided that the increased carrying amount does not exceed the
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carrying amount that would have been determined (net of amortization or depreciation) had no impairment
provision been recognized
(1) Classification
Government grants are monetary or non-monetary assets received by the Company from government
authorities without compensation, classified into government grants related to assets and government grants
related to income.
Government grants related to assets refer to government grants acquired by the Company for the purchase,
construction or other forms of acquisition of long-term assets. Government grants related to income refer to
government grants other than those related to assets.
Government documents clearly specify that government grants for purchase, construction or other forms of
acquisition of long-term assets are recognized as government grants related to assets. If the object of grants is
not clearly specified in government documents, and long-term assets can be formed, the part of government
grants corresponding to the value of assets shall be regarded as the government grants related to assets, and the
rest shall be regarded as the government grants related to income; If it is difficult to distinguish them, the
government grants as a whole will be regarded as a government grants related to income. Government grants
related to assets are recognized as deferred income. The amount recognized as deferred income is systematically
amortized to profit or loss over the useful lives of the related assets using a rational and systematic method.
Government grants other than those related to assets are recognized as government grants related to
income.
Government grants related to income that compensate the enterprise for relevant expenses or losses to be
incurred in future periods are recognized as deferred income and subsequently amortized to profit or loss when
the related expenses are recognized, whereas grants compensating already incurred expenses or losses are
directly recognized in profit or loss.
When the Company receives subsidized preferential loan interest through fiscal authorities disbursing
funds to lending banks which then provide loans at preferential policy rates, the loan is measured at the actual
amount received with borrowing costs calculated based on the principal amount and preferential interest rate;
when fiscal authorities directly disburse the interest subsidy to the Company, the corresponding subsidy amount
reduces the related borrowing costs.
(2) Recognition timing
Government grants are recognized when the Company can comply with the attached conditions and can
reasonably assure their receipt.
(3) Accounting treatment
Government grants related to assets are recognized as deferred income and systematically amortized to
profit or loss over the useful lives of the related assets using a rational and systematic method. Government
grants related to the Company's ordinary activities are recognized as other income, while those unrelated to
ordinary activities are recognized as non-operating income.
The Semi-Annual Report 2026
The Company applies the balance sheet liability method for income tax accounting.
For the difference between the carrying amounts of some assets and liabilities and their tax basis, and the
temporary difference between the carrying amounts of items that are not recognized as assets and liabilities but
can be determined in tax basis according to the provisions of the tax law and tax basis, the balance sheet
liability method is adopted to recognize deferred tax assets and deferred tax liabilities.
Deferred tax assets are recognized for deductible temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences can be utilized. For
deductible losses and tax deductions that can be carried forward to future years, the corresponding deferred tax
assets are recognized to the extent that it is likely to obtain future taxable income for deducting deductible
losses and tax deductions.
Deferred tax liabilities are recognized for all taxable temporary differences, except in certain specified
circumstances.
Deferred tax assets or liabilities shall not be recognized for the following special circumstances:
? • The initial recognition of goodwill;
? Transactions or events that (a) are not business combinations, (b) at the time of occurrence affect
neither accounting profit nor taxable income (or deductible losses), and (c) upon initial recognition of the
related assets or liabilities do not create offsetting taxable and deductible temporary differences of equal
amounts.
A deferred tax liability shall be recognized for taxable temporary differences associated with investments
in subsidiaries, associates and joint ventures, except when the Company can control the timing of the reversal of
the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable
future. A deferred tax asset shall be recognized for deductible temporary differences associated with
investments in subsidiaries, associates and joint ventures only when it is probable that the temporary difference
will reverse in the foreseeable future and sufficient taxable profit will be available against which the deductible
temporary difference can be utilized.
On the balance sheet date, deferred tax assets and liabilities shall be measured using the tax rates that are
expected to apply to the periods when the assets are recovered or liabilities are settled, based on tax laws
enacted or substantively enacted by that date.
On the balance sheet date, the carrying amount of deferred tax assets is reviewed and reduced to the extent that
it is no longer probable that sufficient taxable profit will be available to realize the associated benefit. Such
reductions are reversed when it subsequently becomes probable that sufficient taxable profit will be available.
A lease is a contract that conveys the right to use an asset for a period of time from the lessor to the lessee in
exchange for consideration. On the commencement date of the contract, the Company evaluates whether the
contract is a lease or contains a lease. If a contract conveys the right to control the use of one or more identified
assets for a period of time in exchange for consideration, the contract is or contains a lease.
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When a contract contains multiple separate lease components, the Company separates and accounts for each
lease component individually. For contracts containing both lease and non-lease components, lessees and
lessors separate the lease components from non-lease components.
(1) Accounting treatment as a lessee
At the commencement date of the lease term, the Company recognizes right-of-use assets for all leases
except short-term leases and leases of low-value assets. The right-of-use assets are initially measured at cost.
Such cost comprises:
? The initial measurement amount of the lease liability;
? Lease payments made at or before the commencement date of the lease term, less any lease
incentives received;
? Initial direct costs incurred by the Company;
? The estimated costs to dismantle, remove, restore the underlying asset or reinstate the site or such
underlying asset to its contractual condition, excluding costs attributable to inventory production.
Subsequently, the Company depreciates right-of-use assets using the straight-line method. When the
Company is reasonably certain to obtain ownership of the underlying asset by the end of the lease term,
depreciation is calculated over the remaining useful life of the underlying asset; otherwise, depreciation is
calculated over the shorter of the lease term and the underlying asset's remaining useful life.
The Company assesses right-of-use assets for impairment following the principles described in "XIX.
Long-lived Asset Impairment" in this section and accounts for any identified impairment losses accordingly.
At the commencement date of the lease term, the Company recognizes lease liabilities for all leases except
short-term leases and leases of low-value assets. The lease liability is initially measured at the present value of
the unpaid lease payments. Lease payments include:
? Fixed payments (including in-substance fixed payments), less any lease incentives;
? Variable lease payments that depend on an index or rate;
? Amounts expected to be payable under residual value guarantees provided by the Company;
? The exercise price of purchase options if the Company is reasonably certain to exercise the option;
? Termination penalties if the lease term reflects the Company's expectation of exercising a
termination option.
The Company uses the interest rate implicit in lease as the discount rate, or if such rate cannot be
reasonably determined, the Company's incremental borrowing rate shall be adopted as the discount rate.
The Company calculates interest expense on the lease liability for each period during the lease term using a
fixed periodic interest rate, which is charged to profit or loss or capitalized into the cost of related assets.
The Semi-Annual Report 2026
Variable lease payments not included in the lease liability measurement are recognized in profit or loss or
capitalized into the cost of related assets when incurred.
After the commencement date of the lease term, the Company remeasures the lease liability and adjusts the
corresponding right-of-use asset in the following circumstances. If the carrying amount of the right-of-use asset
has been reduced to zero but further reduction of the lease liability is required, the excess is recognized in profit
or loss:
? When there is a change in the assessment of purchase, renewal or termination options, or when
actual exercise of these options differs from the original assessment, the Company remeasures the lease liability
using the revised lease payments and updated discount rate;
? When there are changes to in-substance fixed payments, expected payments under residual value
guarantees, or indices/rates used to determine lease payments, the Company remeasures the lease liability using
the revised lease payments and original discount rate; However, if the change in lease payments results from
fluctuations in a variable interest rate, the present value shall be recalculated using the revised discount rate.
For short-term leases and leases of low-value assets where the Company elects not to recognize right-of-
use assets and lease liabilities, the related lease payments are recognized in profit or loss or capitalized into the
cost of related assets on a straight-line basis over the lease term. A short-term lease is a lease that, at the
commencement date of the lease term, has a lease term of 12 months or less and does not contain a purchase
option. An a lease of low-value assets refers to a lease of an individual asset that has low value when new. The
Company classifies leases of individual underlying assets with a new value not exceeding RMB 40,000 as
leases of low-value assets. If the Company subleases or expects to sublease the underlying assets, the original
lease does not qualify as a lease of low-value assets.
? The modification increases the scope of the lease by adding one or more underlying assets;
? The additional consideration is commensurate with the standalone price for the increased lease
scope, adjusted to reflect the specific circumstances of the contract.
If the modification is not accounted for as a separate lease, on the effective date of the modification, the
Company will re-allocate the consideration of the modified contract, re-determine the lease term, and re-
measure the lease liabilities according to the present value calculated by the changed lease payment and the
revised discount rate.
If a modification reduces the lease scope or term, the Company proportionately reduces the carrying
amount of the right-of-use asset and recognizes any gain/loss from partial/full termination in profit or loss. For
other modifications requiring lease liability remeasurement, the Company adjusts the carrying amount of the
right-of-use asset correspondingly.
(2) Accounting treatment as a lessor
At the commencement date of the lease, the Company classifies leases as either finance leases or operating
leases. A finance lease is a lease that transfers substantially all the risks and rewards incidental to ownership of
the underlying asset, regardless of whether legal title is eventually transferred. An operating lease is any lease
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that does not qualify as a finance lease. When acting as an intermediate lessor, the Company classifies subleases
based on the right-of-use asset arising from the head lease.
Lease income from operating leases is recognized on a straight-line basis over the lease term. Initial direct
costs incurred related to operating leases are capitalized and allocated to profit or loss over the lease term using
the same basis as lease income recognition. Variable lease payments not included in lease income are
recognized in profit or loss when incurred. Modifications to operating leases are accounted for as new leases by
the Company from the effective modification date, with any prepaid/accrued lease income attributable to the
original lease treated as part of the new lease payments.
At the commencement date of the lease, the Company recognizes finance lease receivables and
derecognizes the underlying assets for finance leases. The Company initially measures finance lease receivables
at an amount equal to the net investment in the lease. The net investment in the lease is the sum of the present
value of the unguaranteed residual value and the lease payments receivable at the commencement date of the
lease term, both discounted using the interest rate implicit in lease.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
When measuring fair value, the Company assumes that the orderly transaction occurs in the principal market for
the asset or liability; in the absence of a principal market, the most advantageous market is assumed. The
principal market (or most advantageous market) is the market accessible to the Company at the measurement
date. The Company uses assumptions that market participants would use when pricing the asset or liability to
maximize economic benefits.
The fair value measurement of a non-financial asset takes into account either the ability of market participants
to generate economic benefits through the asset's highest and best use or their ability to sell it to other market
participants who would utilize it in its highest and best use to generate economic benefits.
The Company applies valuation techniques that are appropriate in current circumstances and sufficiently
supported by available data and other information, prioritizing the use of relevant observable inputs and
resorting to unobservable inputs only when observable inputs are unavailable or their collection is impracticable.
Assets and liabilities measured or disclosed at fair value in the financial statements are categorized into three
fair value hierarchy levels based on the lowest level input that is significant to the entire measurement: Level 1
inputs are unadjusted quoted prices in active markets for identical assets or liabilities accessible at the
measurement date; Level 2 inputs are observable inputs other than Level 1 prices, whether directly or indirectly
observable for the asset or liability; Level 3 inputs are unobservable inputs for the asset or liability.
On each balance sheet date, the Company reassesses assets and liabilities measured at fair value on a recurring
basis in the financial statements to determine whether transfers between fair value hierarchy levels have
occurred.
The Semi-Annual Report 2026
(1)Change of main accounting policies
□Applicable √Not applicable
（2）Significant estimates changes
□Applicable √Not applicable
（3）The information of the adjusting items related to the financial statements at the beginning of the
year of first implementation due to the first implementation of new accounting standards from
□Applicable √Not applicable
VI. Taxation
Tax category Tax basis Tax rate
The output tax is calculated based on the income from sales
of goods and taxable services calculated according to the
Value-added tax provisions of the tax law. After deducting the input tax 3%,5%,6%,9%,13%
allowed to be deducted in the current period, the difference
is the VAT taxable
Urban maintenance and construction tax Actual paid turnover taxes 5%,7%
Corporate income tax Taxable income 25%
Education surcharge Actual paid turnover taxes 3%
Local education surcharge Actual paid turnover taxes 2%
None
VII. Notes on major items in consolidated financial statements of the Company
In RMB
Item Amount in year-end Balance Year-beginning
Cash on hand 10,410.72 10,412.18
Bank deposits 3,298,727,837.04 3,499,682,171.87
Other monetary fund 10,861,377.16 512,565.04
Deposits with finance companies 3,457,938,565.49 2,992,067,907.37
Accrued interest not yet due 59,455,662.4 53,106,885.65
Total 6,826,993,852.87 6,545,379,942.11
Other note
Accrued interest not yet due represents interest on 7-day notice deposits.
The Semi-Annual Report 2026
（1）Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginning
Within 1 year(Including 1 year） 90,968,118.42 96,702,638.20
Over 3 year 3,143,664.00 3,143,664.00
Over 5 years 3,143,664.00 3,143,664.00
Subtotal 94,111,782.42 99,846,302.20
Bad debt provision 3,143,664.00 3,143,664.00
Total 90,968,118.42 96,702,638.20
The Semi-Annual Report 2026
（2）According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Category Book Balance Bad debt provision Book value Book Balance Bad debt provision Book value
Amount Proportion(%) Amount Proportion(%) Amount Proportion(%) Amount Proportion(%)
Accrual of bad debt
provision by single
Accrual of bad debt
provision by portfolio
Including：
Aging portfolio 89,101,898.42 94.68% 0.00 0.00% 89,101,898.42 95,369,554.20 95.51% 0.00 0.00% 95,369,554.20
Other portfolio 1,866,220.00 1.98% 0.00 0.00% 1,866,220.00 1,333,084.00 1.34% 0.00 0.00% 1,333,084.00
Total 94,111,782.42 100.00% 3,143,664.00 3.34% 90,968,118.42 99,846,302.20 100.00% 3,143,664.00 3.15% 96,702,638.20
The Semi-Annual Report 2026
Categories of individual bad debt provisions:
In RMB
Opening balance Closing balance
Name Book Bad debt Book Bad debt Provision
Provision reason
balance provision balance provision percentage
Guangdong Taiheng Under bankruptcy
Expressway 3,143,664.00 3,143,664.00 3,143,664.00 3,143,664.00 100.00% liquidation; recovery
Development Co., Ltd. unlikely
Total 3,143,664.00 3,143,664.00 3,143,664.00 3,143,664.00
Categories of portfolio-based bad debt provision: Aging portfolio
In RMB
Closing balance
Name
Book balance Bad debt provision Provision percentage
Within 1 year 89,101,898.42 0.00 0.00%
Total 89,101,898.42 0.00
Categories of portfolio-based bad debt provision: Other portfolio
In RMB
Closing balance
Name
Book balance Bad debt provision Provision percentage
Financial asset portfolio with
very low credit risk
Total 1,866,220.00 0.00
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
□ Applicable √ Not applicable
(3) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Category Opening balance Reversed or
Write- Closing balance
Accrual collected Other
off
amount
Accrual of bad debt provision
by single item
Total 3,143,664.00 0.00 0.00 0.00 0.00 3,143,664.00
（4）The actual write-off accounts receivable
None
(5) Top 5 of the closing balance of the accounts receivable collected according to the arrears party
In RMB
Accounts
Proportion of Amount of
Amount of Closing balance of receivable and
Company Name total accounts ending balance
ending balance the contract assets contract assets receivable % for bad debts
ending balance
The Semi-Annual Report 2026
Accounts
Proportion of Amount of
Amount of Closing balance of receivable and
Company Name total accounts ending balance
ending balance the contract assets contract assets receivable % for bad debts
ending balance
Guangdong Union
Electronic 54,546,754.64 0.00 54,546,754.64 57.94% 0.00
Services Co., Ltd.
Guangdong
Tongyi
Expressway 12,948,500.00 0.00 12,948,500.00 13.75% 0.00
Service Area Co.,
Ltd.
Guangdong
Humen Bridge 11,505,160.45 0.00 11,505,160.45 12.22% 0.00
Co., Ltd.
Guangdong
Jingzhu
Expressway 6,564,800.01 0.00 6,564,800.01 6.97% 0.00
Guangzhu North
section Co., Ltd.
Guangdong
Taiheng
Expressway 3,143,664.00 0.00 3,143,664.00 3.34% 3,143,664.00
Development Co.,
Ltd.
Total 88,708,879.10 0.00 88,708,879.10 94.22% 3,143,664.00
In RMB
Item Balance in year-end Balance Year-beginning
Dividend receivable 16,467,846.08
Other accounts receivable 569,752,118.11 607,031,326.53
Total 586,219,964.19 607,031,326.53
（1）Interest receivable
None
（2）Dividend receivable
In RMB
Item Balance in year-end Balance Year-beginning
China Everbright Bank Co., Ltd. 16,467,846.08
Total 16,467,846.08
None
（3） Other accounts receivable
In RMB
Nature Balance in year-end Balance Year-beginning
The Semi-Annual Report 2026
Petty cash 3,187,798.35 2,919,325.22
On behalf of money 322,994,062.42 322,449,884.33
Deposit 2,825,476.19 2,739,702.99
Investment and costs in renovation and
extension
Guangzhou-Zhuhai Eastward Land
Acquisition Fund
Other 164,809.57 468,563.29
Subtotal 602,951,584.64 640,547,064.78
Less: bad debt provision 33,199,466.53 33,515,738.25
Total 569,752,118.11 607,031,326.53
In RMB
Aging Balance in year-end Balance Year-beginning
Within 1 year(Including 1 year） 410,183,915.35 444,300,806.24
Over 3 years 864,330.22 852,539.46
Over 5 years 831,651.61 812,997.46
Subtotal 602,951,584.64 640,547,064.78
Less： bad debt provision 33,199,466.53 33,515,738.25
Total 569,752,118.11 607,031,326.53
The Semi-Annual Report 2026
?Applicable □Not applicable
In RMB
Amount in year-end Balance Year-beginning
Category Book Balance Bad debt provision Book Balance Bad debt provision
Book value Book value
Amount Proportion(%) Amount Proportion(%) Amount Proportion(%) Amount Proportion(%)
Accrual of bad
debt provision 0.00 0.00 0.00 0.00
by single
Including：
Accrual of bad
debt provision 602,951,584.64 100.00% 33,199,466.53 5.51% 569,752,118.11 640,547,064.78 100.00% 33,515,738.25 5.23% 607,031,326.53
by portfolio
Including：
Aging
portfolio
CSF Portfolio 6,013,274.54 1.00% 0.00 0.00% 6,013,274.54 5,659,028.21 0.88% 0.00 0.00% 5,659,028.21
Very low
credit risk
financial asset
portfolio
Total 602,951,584.64 100.00% 33,199,466.53 5.51% 569,752,118.11 640,547,064.78 100.00% 33,515,738.25 5.23% 607,031,326.53
The Semi-Annual Report 2026
Categories of portfolio-based bad debt provision: Aging portfolio
In RMB
Balance in year-end
Name
Book balance Bad debt provision Withdrawal proportion
Aging portfolio 327,966,788.04 33,199,466.53 10.12%
Total 327,966,788.04 33,199,466.53
Accrual of bad debt provision by portfolio: CSF Portfolio
In RMB
Balance in year-end
Name
Book balance Bad debt provision Withdrawal proportion
CSF Portfolio 6,013,274.54 0.00 0.00%
Total 6,013,274.54 0.00
Accrual of bad debt provision by portfolio: Very low credit risk financial asset portfolio
In RMB
Balance in year-end
Name
Book balance Bad debt provision Withdrawal proportion
Very low credit risk financial
asset portfolio
Total 268,971,522.06 0.00
Provision for bad debts is made according to the general model of expected credit losses
In RMB
Stage 1 Stage 2 Stage 3
Expected credit losses
Bad Debt Reserves Expected credit losses Expected credit loss over for the entire duration Total
over the next 12 months life (no credit impairment) (credit impairment
occurred)
Balance as at January
Balance as at January
Reversal in Current
Year
Balance as at June
Basis for division of each stage and accrual ratio for bad-debt provision
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √Not applicable
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Category Opening balance Reversed or Closing balance
Accrual Write-off Other
collected amount
Accrual of bad debt
provision by credit risk
Total 33,515,738.25 316,271.72 33,199,466.53
The Semi-Annual Report 2026
None
In RMB
Percentage of total
Closing balance of
Entity name Nature of amount Closing balance Aging closing balance of
bad debt provision
other receivables
Guangdong 131,798,858.74 Within 1 year
Provincial 120,311,494.55 1-2 years 12,031,149.45
Government
Maintenance
Expressway Debt 53.52%
expenditure
Repayment 70,561,056.92 2-3 years 21,168,317.08
Management
Center
Investment and
Zhaoqing Yuezhao
costs in renovation 268,806,712.49 Within 1 year 44.58%
Highway Co., Ltd.
and extension
Finance Bureau of
Guangzhou
land acquisition
Nansha Economic 4,972,725.62 Within 1 year 0.82%
payment
and Technological
Development Zone
Guangdong Litong 1,921,966.14 Within 1 year
Development Vehicle parking 12,062.00 1-2 years
Investment Co., deposit
Ltd.
Vehicle parking 1,887.00 Within 1 year
Guangdong Litong deposit,
Property Management fee
Development Co., deposit, water and 418,725.60 1-2 years
Ltd. electricity charges
working capital
Total 598,828,469.06 99.31% 33,199,466.53
（1）Aging analysis
In RMB
Balance in year-end Balance Year-beginning
Aging Amount Proportion（%） Amount Proportion（%）
Within 1 year 5,394,245.87 79.33% 9,511,627.59 98.04%
Over 3 years 19,800.00 0.29% 140,000.00 1.44%
Total 6,799,926.98 9,701,427.59
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time:
None
(2) Top 5 of the closing balance of the prepayment collected according to the prepayment target
In RMB
The Semi-Annual Report 2026
Name Relations Amount Aging Reasons for Proportion %
with the non-settlement
Company
Non-
PICC,Guangdong Branch Related 1,971,914.06 Within 1 year Not yet expired 29.00
party
China Ping An Property Non- 12,924.10 Within 1 year
Insurance Co. Ltd. Related Not yet expired 19.55
Guangdong Branch party 1,316,391.46 1-2 years
Non-
CIC , Guangdong Branth Related 588,528.90 Within 1 year Not yet expired 8.65
party
China Pacific Property Non-
Related
Insurance Co., Ltd. 482,921.60 Within 1 year Not yet expired 7.10
party
Guangdong Branch
China Petrochemical Sales Non-
Related 357,144.75 Within 1 year ,
Co., Ltd. Guangdong
party Not yet expired 5.83
Guangzhou Petroleum
Branch 39,489.65 1-2 years
Total 4,769,314.52 70.13
In RMB
Item
Year-end balance Year-beginning balance
Input tax to be credited 353.70 353.70
Input tax to be verified 8,034,641.75 7,391,894.80
Prepaid taxes 2,244,058.56 40,985.71
VAT carry-over credit 618,504.30 476,490.92
Total 10,897,558.31 7,909,725.13
The Semi-Annual Report 2026
In RMB
Reason designated as
Gains included in Losses included in Gains accumulated Losses accumulated
being measured at fair
other other in other in other Dividend income
Closing Opening value and change
Name comprehensive comprehensive comprehensive comprehensive recognized in the
balance balance being included in
income in the income in the income at the end of income at the end of current period
other comprehensive
current period current period the current period the current period
income
Guangdong Radio
and Television
Networks
investment No.1 69,613,512.09 1,234,686.96 20,848,199.05 70,848,199.05
Limited
partnership
enterprise
China Everbright
Bank Co., Ltd.
Huaxia Securities
Co., Ltd.
Huazheng Asset
Management Co.,
Ltd.
Total 890,653,266.65 1,234,686.96 141,152,966.40 183,174,110.41 750,734,987.21
Other note：
Note 1: Huaxia Securities Co., Ltd. has been severely insolvent. In April 2008, the CSRC sent a letter agreeing to Huaxia Securities Co., Ltd. to apply for
bankruptcy. In August 2008, the Beijing No.2 Intermediate People's Court officially accepted the bankruptcy liquidation application.
Note 2: Huazheng Asset Management Co., Ltd. has been severely insolvent.
Breakdown disclosure of investment in non-tradable equity instruments in the current period
In RMB
Amount of other Reasons for other
Reasons for designation as measured
Dividend income Cumulative Cumulative consolidated income consolidated income
Item at fair value and changes included in
recognized gain loss transferred to retained transferred to retained
other comprehensive income
earnings earnings
Guangdong Radio and Television
Non-transactional purpose for
Networks investment No.1 20,848,199.05
Limited partnership enterprise shareholding
Non-transactional purpose for
China Everbright Bank Co., Ltd. 41,169,615.20 162,325,911.36
shareholding
The Semi-Annual Report 2026
Non-transactional purpose for
Huaxia Securities Co., Ltd. 5,400,000.00
shareholding
Huazheng Asset Management Non-transactional purpose for
Co., Ltd. shareholding
Total
The Semi-Annual Report 2026
In RMB
Increase/decrease
Investment profit
Impairment Closing
and loss Adjustment of Cash bonus or Withdrawal
Invested provision balance of
Beginning balance Additional Negative Changes Closing balance
enterprise begin- year other profits of impairment
recognized under of other Other
balance comprehensive announced to impairment provision
equity
investment investment income issue provision
the equity
method
I. Joint venture
Zhaoqing
Yuezhao
Highway Co.,
Ltd.
Guangdong
Jiangzhong
Expressway 594,822,389.77 -350,378.04 594,472,011.73
Co., Ltd.
Ganzhou
Gankang
Expressway 182,183,918.42 11,854,842.36 194,038,760.78
Co., Ltd.
Ganzhou
Kangda
Expressway 276,997,974.04 21,526,285.70 298,524,259.74
Co., Ltd.
Shenzhen
Huiyan
Expressway
Co., Ltd.
Guoyuan
Securities Co., 1,111,329,165.64 40,423,523.96 -18,510,244.56 503.05 10,348,258.20 1,122,894,689.89
Ltd.
Guangdong
Yuepu Small
Refinancing
Co., Ltd
Guangdong 805,456,471.70 23,395,064.81 39,431,050.32 789,420,486.19
The Semi-Annual Report 2026
Increase/decrease
Investment profit
Impairment Closing
and loss Adjustment of Cash bonus or Withdrawal
Invested provision balance of
Beginning balance Additional Negative Changes Closing balance
enterprise begin- year other profits of impairment
recognized under of other Other
balance comprehensive announced to impairment provision
equity
investment investment income issue provision
the equity
method
Guangle
Expressway
Co., Ltd.
SPIC Yuetong
Qiyuan Chip
Power 1,383,531.28 -733,431.39 -3,255.40 646,844.49
Technology
Co., Ltd.
Shenzhen
Garage
Electric Pile 13,819,875.00 -947,218.35 12,872,656.65
Technology
Co., Ltd
Subtotal 4,362,638,936.45 38,150,000.00 125,987,199.09 -18,510,244.56 -2,752.35 87,929,308.52 4,420,333,830.11
Total 4,362,638,936.45 38,150,000.00 125,987,199.09 -18,510,244.56 -2,752.35 87,929,308.52 4,420,333,830.11
The recoverable amount is determined on the basis of the net amount of fair value less disposal costs
□Applicable ?Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
□Applicable ?Not applicable
The Semi-Annual Report 2026
In RMB
Item Closing balance Opening balance
Classified as financial assets measured at fair value and whose changes are
included in the current profit and loss
Including：Equity investment of Beijing Institute of Architectural Design Co.,
Ltd.
China Storage Intelligent Transportation Technology Co., Ltd. 105,158,152.45 105,158,152.45
Beijing China Smart Data Technology Co., Ltd. 30,000,000.00
Total 225,219,767.35 195,219,767.35
(1) Investment property adopted the cost measurement mode
√ Applicable □Not applicable
In RMB
Item Houses and buildings Land use right Total
I. Original value
（1）Outsourcing
(2)Inventory, Fixed assets and Construction
project into
(3) )Increased of Enterprise consolidation
（1）Disposal
（2）Other Out
II. Accumulated depreciation accumulated
amortization
(1)Withdrawal or amortization 73,774.56 36,784.68 110,559.24
（1）Disposal
（2）Other Out
The Semi-Annual Report 2026
Item Houses and buildings Land use right Total
III. Impairment provision
（1）Withdrawal
（1）Disposal
（2）Other Out
IV. Book value
The recoverable amount is determined by the net amount of fair value minus disposal expenses
□Applicable ?Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□Applicable ?Not applicable
（2）Investment real estate without property rights certificate
In RMB
Reasons for failing to complete the
Item Book value
property rights certificate
Transportation and other ancillary
Houses and Building 533,397.42
facilities, Not accreditation
In RMB
Item Year-end balance Year-beginning balance
Fixed assets 7,787,245,390.23 8,267,613,672.99
liquidation of fixed assets 509,252.75 688,182.94
Total 7,787,754,642.98 8,268,301,855.93
The Semi-Annual Report 2026
(1) List of fixed assets
In RMB
Jingzhu Electricity
Guangfo Fokai Guanghui House and Machinery Transportation
Item Expressway equipment and Total
Expressway buildings equipment equipment
Expressway Expressway
Guangzhu section other
I. Original price
of the period
（1）Purchase 159,340.00 703,981.04 863,321.04
（2）Transfer of
project under 7,396,683.59 7,396,683.59
construction
(3)Increased of
Enterprise
consolidation
(4)Others 11,052,593.48 11,052,593.48
the period
（1）Disposal or scrap 1,675,400.72 832,877.00 1,256,584.42 303,846.00 5,956,835.10 10,025,543.24
(2)Other transfers out 11,052,593.48 11,052,593.48
II. Accumulated
depreciation
the period
（1）Withdrawal 190,243,779.52 161,692,744.02 74,001,151.81 18,217,562.36 36,533,152.12 1,312,001.89 5,127,632.32 487,128,024.04
(2) Others 5,352,922.64 5,352,922.64
the period
(1)Disposal or scrap 1,305,035.31 791,233.15 735,533.00 288,653.70 5,404,824.73 8,525,279.89
(2)Other transfers out 5,352,922.64 5,352,922.64
The Semi-Annual Report 2026
Jingzhu Electricity
Guangfo Fokai Guanghui House and Machinery Transportation
Item Expressway equipment and Total
Expressway buildings equipment equipment
Expressway Expressway
Guangzhu section other
III. Impairment
provision
the period
(1)Withdrawal
the period
(1)Disposal or scrap
IV. Book value
The Semi-Annual Report 2026
(2)Fixed assets temporary idle
In RMB
Original book Accumulated Impairment
Item Book value Note
value depreciation provision
House and
Building
(3) Fixed assets leasing-out by operational lease
In RMB
Item Ending book value
House and Building 11,692,480.46
Machinery equipment 601,367.83
(4) Fixed assets without property rights certificate
In RMB
Reasons for failing to complete the
Item Book value
property rights certificate
Transportation and other ancillary
House and Building 181,513,663.51
facilities, Not accreditation
(5) Information of impairment test of fixed assets
□Applicable ?Not applicable
（6） liquidation of fixed assets
In RMB
Item Ending balance Opening balance
House and buildings 41,643.85 5,239.45
Machinery equipment 71,607.00 573,561.42
Transportation equipment 1,974.86
Office equipment and other 396,001.90 107,407.21
Total 509,252.75 688,182.94
In RMB
Item Year-end balance Year-beginning balance
Project under construction 5,554,645,070.64 4,760,350,219.82
Engineering Materials 0.00 0.00
Total 5,554,645,070.64 4,760,350,219.82
The Semi-Annual Report 2026
（1）Project under construction
In RMB
Year-end balance Year-beginning balance
Item Book balance Provision for Book value Book balance Provision for Book value
devaluation devaluation
Reconstruction and Expansion of Nansha-Zhuhai Section of Guangzhou-
Macao Expressway
Reconstruction and expansion project of the Huizhou Xiaojinkou-
Guangzhou Luogang Section of Jinan-Guangzhou Expressway and the
Huizhou Xiaojinkou-Lingkeng Section of Guangzhou-Huizhou
Expressway
Reconstruction and Expansion of Fokai Expressway Sanbao to Shuikou 36,939,456.90 36,939,456.90 23,937,438.65 23,937,438.65
Guangzhou-Shantou Railway Crossing project 19,736,064.43 19,736,064.43 19,736,064.43 19,736,064.43
Jiangxi-Shenzhen high-speed railway cross-section expansion project 15,707,672.98 15,707,672.98 15,707,672.98 15,707,672.98
Emergency treatment project of the left cutting slope of k13 10,194,071.00 10,194,071.00 10,194,071.00 10,194,071.00
Interchange ramp and section of Jiujiang Bridge (Phase II) lighting
enhancement project
Intelligence display board, Longshan Toll Station lanes and power supply
and distribution system upgrade and renovation project
Maintenance and reinforcement of highway bridges and culverts, as well
as maintenance and reinforcement of highway rubble-stone culverts
Contract for the Construction of the Reconstruction Project of the Large
Screen in the Monitoring Center
Optical Cable Toughness Enhancement Project 1,750,810.85 1,750,810.85 1,744,503.30 1,744,503.30
Charging pile project of Yayao service area 200,000.00 200,000.00 200,000.00 200,000.00
Other 4,087,798.33 4,087,798.33 2,615,760.50 2,615,760.50
Total 5,554,645,070.64 5,554,645,070.64 4,760,350,219.82 4,760,350,219.82
The Semi-Annual Report 2026
(2) Changes of significant construction in progress
In RMB
Sourc
Including: Capitalizati
e
Transferred to Other Proportio Project Capitalization of capitalization of on of
Name of project Budget Opening balance Increase End balance of
fixed assets decrease n% process interest Interest in interest
fundi
this period rate (%)
ng
Reconstruction and expansion
project of the Huizhou
Xiaojinkou-Guangzhou
Own
Luogang Section of Jinan-
funds,
Guangzhou Expressway and 30,520,000,000.00 672,670,711.08 116,485,557.83 0.00 0.00 789,156,268.91 2.59% 2.59% 9,946,513.32 9,885,263.32 2.46%
bank
the Huizhou Xiaojinkou-
loans.
Lingkeng Section of
Guangzhou-Huizhou
Expressway
Reconstruction and Own
Expansion of Nansha-Zhuhai funds,
section of Guangzhou-Macao bank
Expressway loans.
Reconstruction and Own
Expansion of Fokai funds,
Expressway Sanbao to bank
Shuikou loans.
Jiangxi-Shenzhen high-speed
Own
railway cross-section 16,966,900.00 15,707,672.98 0.00 0.00 0.00 15,707,672.98 92.58% 92.58%
funds
expansion project
Guangzhou–Shanwei
Own
Railway Cross-Sectional 21,460,000.00 19,736,064.43 0.00 0.00 0.00 19,736,064.43 91.97% 91.97%
funds
Project
Emergency treatment project
Own
of the left cutting slope of 10,250,100.00 10,194,071.00 0.00 0.00 0.00 10,194,071.00 99.45% 99.45%
funds
k13
Total 44,491,966,246.00 4,737,018,365.80 792,787,330.01 0.00 0.00 5,529,805,695.81 242,383,594.52 51,321,265.83
Note：The budgeted amount for the reconstruction and expansion project of the Nanshia-Zhuhai Section of Guangzhou-Macao High-speed Railway includes the construction costs of partial
project works borne by the Government.
The Semi-Annual Report 2026
(3)Provision for impairment of construction projects in the current period
None
（4） Information of impairment test of construction in progress
□Applicable ?Not applicable
(5)Engineering Materials
None
The Semi-Annual Report 2026
（1）Right-of-use assets
In RMB
Item House and buildings Other Total
I. Original price
period
（1）New lease 21,138,576.98 21,138,576.98
period
（1）Disposition 30,404,063.26 30,404,063.26
II. Accumulated depreciation
period
（1）Withdrawal 5,147,375.82 53,508.72 5,200,884.54
period
（1）Disposition 30,404,063.26 30,404,063.26
III. Impairment provision
period
（1）Withdrawal
period
（1）Disposition
IV. Book value
The Semi-Annual Report 2026
(1) List of intangible assets
In RMB
Concession rights
Item Land use right Data resource Software Total
for toll roads
I. Original price
period
(1) Purchase 213,022.20 213,022.20
(2)Internal Development
(3)Increased of Enterprise
Combination
period
（1）Disposal 1,173,280.00 1,173,280.00
II.Accumulated
amortization
period
(1) Withdrawal 7,705.62 10,777,062.09 255,000.00 969,363.81 12,009,131.52
period
（1）Disposal 1,173,280.00 1,173,280.00
III. Impairment provision
period
(1) Withdrawal
period
（1）Disposal
IV. Book value
The Semi-Annual Report 2026
At the end of this period, there is no intangible assets formed through the company's internal research and At the
end of this period, the intangible assets formed through the company's internal research and development
accounted for 0.00% of the balance of intangible assets
（2） Data resources recognized as intangible assets
In RMB
Self-developed data Intangible assets of
Intangible assets of
Item resources intangible data resources acquired Total
external data resources
assets by other means
balance
balance
the period
(3)Details of Land use right failed to accomplish certification of property
In RMB
Reason for not obtaining the title
Item Book value
certificate
Gonghe Town Land 281,255.68 Reasons left over from history
（4）Impairment test of Intangible assets
□Applicable ?Not applicable
(1) Deferred income tax assets had not been off-set
In RMB
Balance in year-end Balance Year-beginning
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Assets impairment
provisions
Credit impairment
provision
Asset appraisal,
appreciation,
depreciation and
amortization
Deferred income 53,742.33 13,435.31 61,419.75 15,354.71
Lease liabilities 18,583,622.50 4,645,905.62 2,730,189.11 682,547.31
Advance lease 419,151.08 104,787.77 472,659.80 118,164.95
Total 141,772,659.80 35,443,164.66 124,554,962.59 31,138,740.44
The Semi-Annual Report 2026
(2) Deferred income tax liabilities had not been off-set
In RMB
Balance in year-end Balance Year-beginning
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference liabilities difference liabilities
Changes in the fair
value of other equity 183,174,110.39 45,793,527.60 323,092,389.84 80,773,097.46
instruments
Deductible temporary
differences in the
formation of asset
impairment
Difference of
amortization method of 19,899,254.52 4,974,813.64 17,687,561.89 4,421,890.47
franchise of toll road
Changes in the fair
value of other non-
current financial
assets
Tax accounting
difference of use right 19,788,581.58 4,947,145.28 3,850,889.14 962,722.23
asset
Tax accounting
differences of projects 100,714,388.01 25,178,597.00 83,022,721.35 20,755,680.34
under construction
Depreciation for Fixed
assets
Total 1,048,681,805.25 262,170,451.21 1,167,097,224.67 291,774,306.12
(3) Deferred income tax assets or liabilities listed by net amount after off-set
None
(4)Details of income tax assets not recognized
In RMB
Item Balance in year-end Balance in year-begin
Deductible temporary difference 41,422,673.94 40,535,738.25
Deductible loss 2,676,262.24 2,676,262.24
Total 44,098,936.18 43,212,000.49
(5) Deductible losses of un-recognized deferred income tax assets expired on the followed year
In RMB
Year Ending amount Opening amount Note
Total 2,676,262.24 2,676,262.24
In RMB
Balance in year-end Balance Year-beginning
Item Book balance Provision Book value Book balance Provision Book value
for for
The Semi-Annual Report 2026
devaluation devaluation
Prepaid engineering
fees
Prepaid target payment
for paddy filed of
Guanghui Expressway 183,725,550.00 183,725,550.00 183,725,550.00 183,725,550.00
Reconstruction and
extension project
? Advance business
tax and surcharges
Total 1,942,899,535.47 1,942,899,535.47 831,323,224.43 831,323,224.43
In RMB
Balance in year-end Balance in year-begin
Item Book Book Restriction Restriction Book Book Restriction Restriction
balance value type information balance value type information
Special funds Special funds
Monetary Special Special
fund funds funds
reclamation reclamation
Total 198,100.00 198,100.00 198,100.00 198,100.00
（1）Short-term Borrowing
In RMB
Item Balance in year-end Balance Year-beginning
Credit Borrowing 109,000,000.00 259,000,000.00
Interest payable not due 64,472.15 163,958.03
Total 109,064,472.15 259,163,958.03
（2）Overdue short-term borrowings
None
（1） List of account payable
In RMB
Item Balance in year-end Balance Year-beginning
Within 1 year（Including 1 year） 70,875,295.84 119,714,922.34
Over 3 years 60,819,966.73 71,752,977.32
Total 146,555,976.11 219,716,016.18
（2）Significant payable aging more than 1 year
In RMB
Item Balance in year-end Reason
Foshan Municipal Natural Resources Bureau 29,510,958.21 Unsettled
Heshan Municipal Natural Resources Bureau 9,186,893.60 Unsettled
The Semi-Annual Report 2026
Total 38,697,851.81
In RMB
Item Balance in year-end Balance Year-beginning
Dividend payable 1,322,371,418.92 36,900,482.45
Other account payable 378,870,128.99 255,477,378.05
Total 1,701,241,547.91 292,377,860.50
（1）Interest payable
None
（2）Dividends payable
In RMB
Item Balance in year-end Balance Year-beginning
Common stock dividends 1,298,919,244.64 36,080,113.26
Dividends payable—Xinyue Highway
Construction Co., Ltd.
Total 1,322,371,418.92 36,900,482.45
Other explanations, including significant dividends payable that have not been paid for more than 1 year, it shall
disclose the reasons for non-payment:
Including significant unpaid dividends payable over one year, the unpaid reason shall be disclosed:
Final dividend payable 36,072,344.54 yuan for more a year in unpaid dividends to shareholders over the year was
mainly due to non- payment of shareholder dividends did not provide information on interest- bearing bank, did
not share reform of shareholders to receive dividends or provide application to receive dividends the bank
information is incorrect, resulting in failure to pay a dividend or refund.
（3）Other accounts payable
(1) Other accounts payable listed by nature of the account
In RMB
Item Year-end balance Year-Beginning balance
Provisional receipts payable 199,735,691.01 81,348,990.80
Estimated project cost 6,840,339.54 9,670,820.25
Deposit, warranty and security deposit 106,763,975.32 99,390,174.71
? Interbank lending 46,040,000.00 45,451,750.00
Other0 19,490,123.12 19,615,642.29
Total 378,870,128.99 255,477,378.05
(2) Other significant accounts payable with aging over one year
In RMB
Item Closing balance Unpaid/un-carry over reason
Zhongshan Industrial Platform (Sanjiaoyuan)
Management Center
Poly Changda Highway Engineering Co., Ltd. 24,808,561.73 The settlement conditions are not met
Total 70,942,978.01
The Semi-Annual Report 2026
(1) List of Prepayment received
In RMB
Item Balance in year-end Balance Year-beginning
Within 1 year（Including 1 year） 1,196,082.24 276,083.20
Total 1,196,082.24 276,083.20
（2）Significant payable aging more than 1 year
None
（1）Payable Employee wage
In RMB
Item Year-beginning Increase in the Decrease in the
Year-end balance
balance current period current period
I. Short-term compensation 22,045,085.09 206,836,471.62 207,201,857.87 21,679,698.84
II.Post-employment benefits -
defined contribution plans
III. Dismissal benefits 49,930.84 49,930.84
Total 22,045,085.09 248,904,615.15 249,270,001.40 21,679,698.84
（2）Short-term Remuneration
In RMB
Item Year-beginning Increase in the Decrease in the
Year-end balance
balance current period current period
and subsidies
Including ：Medical
insurance
Work injury insurance 1,517,003.67 1,517,003.67
Other 5,188,400.23 5,188,400.23
education fee
Total 22,045,085.09 206,836,471.62 207,201,857.87 21,679,698.84
（3）Defined contribution plans listed
In RMB
Balance Year- Increase in this period Payable in this period Balance in year-end
Item
beginning
insurance premiums
insurance
payment
Total 42,018,212.69 42,018,212.69
The Semi-Annual Report 2026
In RMB
Item Balance in year-end Balance Year-beginning
VAT 11,365,261.71 13,386,539.07
Enterprise Income tax
Individual Income tax 609,957.83 3,374,436.77
City Construction tax 705,308.14 843,054.35
Education subjoin 339,654.14 403,838.12
Locality Education subjoin 212,111.10 250,782.26
Property tax 585,998.01 86,108.62
Stamp tax 116,422.31 1,806,011.18
Land Use Tax 544,947.30
Total 178,100,384.87 174,658,322.38
In RMB
Item Balance year-end Year-beginning balance
Long-term loans due within 1 year 546,873,082.50 291,115,030.82
Lease liabilities due within 1 year 10,384,254.97 2,730,189.11
Total 557,257,337.47 293,845,219.93
In RMB
Item Balance year-end Year-beginning balance
Tax to be rewritten 63,662.12 123,420.61
Total 63,662.12 123,420.61
(1) Category of long-term loan
In RMB
Item Balance year-end Year-beginning balance
Credit loan 10,864,100,447.28 10,320,089,381.52
Interest payable when not due 7,167,089.02 7,357,162.34
Less: Long-term loans due within one year 546,873,082.50 291,115,030.82
Total 10,324,394,453.80 10,036,331,513.04
Other explanations, including interest rate range: on June 30, 2026, the annual interest rate range of credit loans
was 2.10%-2.94%.
In RMB
Item Balance year-end Year-beginning balance
Long-term lease liabilities 19,006,080.94 2,752,713.17
Less：Financing costs are not recognized 422,458.44 22,524.06
Less :Long-term loans due within one year 10,384,254.97 2,730,189.11
Total 8,199,367.53
The Semi-Annual Report 2026
In RMB
Item Balance year-end Year-beginning balance
? Non-operating assets payable 2,022,210.11 2,022,210.11
Total 2,022,210.11 2,022,210.11
In RMB
Item Opening balance Increase Decrease Closing balance Cause
Government
subsidy
Lease income 18,047,496.28 4,005,195.48 14,042,300.80
Total 994,833,116.03 50,000,000.00 4,012,872.90 1,040,820,243.13
In RMB
Changed（+，-）
Balance Year- Capitalization Balance in year-
beginning Issuance of Bonus end
of public Other Subtotal
new share shares
reserve
Total of
capital shares
In RMB
Decrease
Increase in
Year- beginning in the
Item the current Year-end balance
balance current
period
period
Share premium 548,804,033.11 548,804,033.11
(1) Capital invested by investors 2,508,408,342.99 2,508,408,342.99
(2) the impact of a business combination under
-1,959,604,309.88 - - -1,959,604,309.88
the common control
Other capital reserves 234,108,482.46 503.05 3,255.40 234,105,730.11
(1) Changes in other equity of the invested under the
-3,347,158.24 503.05 3,255.40 -3,349,910.59
equity method accounting（Note）
（2）Other 237,455,640.70 - - 237,455,640.70
Total 782,912,515.57 503.05 3,255.40 782,909,763.22
- The situation of change in the current capital reserve is as follows:
The capital reserve of Yuetong Qiyuan Core Power Technology Co., Ltd., an associate of the subsidiary Yuegao
Capital (Holdings) Guangzhou Co., Ltd.-a subsidiary of the Company, was changed during the period, and the
Company adjusted the book value of the long-term equity investment according to the proportion of its
shareholding, resulting in a decrease in capital reserve of RMB 3,255.40.
Due to the change in the capital reserve of Guoyuan Securities Co., Ltd., an associated enterprise of Guangdong
Provincial Expressway Development Co., Ltd. was changed during the period, and the Company adjusted the
book value of the long-term equity investment according to the proportion of its shareholding, resulting in an
increase in capital reserve of RMB 503.05.
The Semi-Annual Report 2026
In RMB
Amount of current period
Less：Amount Less：Prior
Year-beginning transferred into profit period included in After-tax Year-end
Item Amount incurred After-tax
balance and loss in the current other composite Less：Income attribute to balance
before income attribute to the
period that recognied income transfer to tax expenses minority
tax parent company
into other comprehensive retained income in shareholder
income in prior period the current period
income will be reclassified
into income or loss in the
future
Other comprehensive
income that cannot be
converted to profit and loss
under the equity method
Changes in fair value of
investments in other equity 242,319,292.39 -139,918,279.44 -34,979,569.86 -104,938,709.58 137,380,582.81
instruments
income reclassifiable to
-7,615,229.79 4,274,638.08 4,274,638.08 -3,340,591.71
profit or loss in subsequent
periods
Including：Share of other
comprehensive income of
the investee that cannot be
-7,615,229.79 4,274,638.08 4,274,638.08 -3,340,591.71
transferred to profit or loss
accounted for using the
equity method
Total of other
comprehensive income
The Semi-Annual Report 2026
In RMB
Item Year-beginning Increase in the current Decrease in the current Year-end balance
balance period period
Statutory surplus
reserve
Total 1,870,662,965.01 1,870,662,965.01
In RMB
Item Amount of this period Amount of last period
Before adjustments: Retained profits in
last period end
Adjust the total undistributed profits at
the beginning of the period
Add：Net profit belonging to the owner
of the parent company
Minus: Withdraw legal surplus reserve
funds
Common stock dividend payable 1,262,846,900.10 1,093,491,603.90
Add: Other comprehensive income is
transferred to retained earnings
Other（Note） 11,337,821.69
Retained profit at the end of this term 5,705,125,809.98 6,117,843,453.22
Note：Amount of last period refers to January to December 2025.
In RMB
Amount of this period Amount of last period
Item
Income Cost Income Cost
Main operation 2,093,002,256.80 664,980,886.57 2,087,814,658.07 657,514,997.63
Other operation 25,950,750.30 15,744,102.21 30,148,115.18 15,994,816.71
Total 2,118,953,007.10 680,724,988.78 2,117,962,773.25 673,509,814.34
Breakdown information of operating income and operating cost:
In RMB
Amount of this period Amount of last period
Item
Income Cost Income Cost
Classification
Including：
Toll income 2,093,002,256.80 664,980,886.57 2,087,814,658.07 657,514,997.63
Services and other
income
Lease income 8,750,221.07 1,927,562.22 9,171,682.64 1,927,785.18
Area
Including：
Guangdong 2,118,953,007.10 680,724,988.78 2,117,962,773.25 673,509,814.34
Total 2,118,953,007.10 680,724,988.78 2,117,962,773.25 673,509,814.34
The Semi-Annual Report 2026
In RMB
Item Amount of this period Amount of last period
Urban construction tax 3,998,863.68 3,995,230.90
Education surcharge 1,918,230.09 1,919,794.06
Property tax 947,051.42 1,305,280.22
Land use tax 544,947.30 770,453.66
Vehicle use tax 40,229.28 38,144.40
Stamp tax 218,812.96 127,787.71
Locality Education surcharge 1,275,631.53 1,276,674.08
Business tax 185,247.66 185,247.66
Total 9,129,013.92 9,618,612.69
In RMB
Item Amount of current period Amount of previous period
Wage 66,674,472.44 62,278,475.01
Depreciation 4,624,644.14 4,464,459.08
Intangible assets amortization 413,766.15 478,340.35
Low consumables amortization 338,389.12 383,534.26
Rental fee and Management fee 6,570,384.36 6,485,453.52
Office expenses 2,808,845.64 2,937,559.59
Travel expenses 228,703.90 205,902.20
Consultation expenses 165,769.81 168,800.00
The fee for hiring agency 2,148,400.00 2,470,639.61
Listing fee 421,339.93 256,603.77
Information cost and maintenance fee 770,558.39 445,197.76
Other 3,815,407.42 3,558,612.54
Total 88,980,681.30 84,133,577.69
In RMB
Item Amount of this period Amount of last period
Wage 742,896.28
Entrusted development fee -35,401.40
Total 707,494.88
In RMB
Item Amount of this period Amount of last period
Interest expenses 79,733,812.23 59,844,326.44
Interest income -75,917,760.85 -16,237,101.63
Exchange Income and loss（Gain-）
Bank commission charge 58,742.48 74,067.44
Other 2,787.00 2,947.00
Total 3,877,580.86 43,684,239.25
The Semi-Annual Report 2026
In RMB
Item Amount of this period Amount of last period
Government Subsidy-Cancel the Special
Subsidy for Provincial Toll Station 837,245.51
Project of Expressway
Government Subsidy-Charging
infrastructure incentive funds
Government subsidy- Maternity
allowance
? Government Subsidy-The Provincial
Committee of the Communist Youth
League has allocated subsidies for Spring
Festival travel rush volunteer services
Withholding and remitting enterprise
prepaid income tax fees
VAT reduction 28,500.00 30,930.72
Total 837,748.75 1,862,908.36
In RMB
Item Amount of this period Amount of last period
Long-term equity investment income by equity
method
Dividends earned during the holding period on
investments in other equity instrument
Other 2,988,757.86
Total 170,145,572.15 143,234,005.69
In RMB
Item Amount of this period Amount of last period
Impairment losses on account receivable -274,166.67
Impairment losses on other receivable 316,271.72 331,486,036.83
Total 316,271.72 331,211,870.16
In RMB
The amount of non-operating
Item
Amount of current period Amount of previous period gains & losses
Non-current assets are
damaged and scrapped for 6,011.57
profit
Insurance claim income 1,487,764.07 569,218.47 1,487,764.07
Road property claim income 1,292,604.13 1,457,110.69 1,292,604.13
Relocation compensation
income
Other 16,868.45 44,216.06 16,868.45
Total 2,797,236.65 2,076,556.79 2,797,236.65
In RMB
The Semi-Annual Report 2026
The amount of non-operating
Item
Amount of current period Amount of previous period gains & losses
Non-current assets are
damaged and scrapped for 576,061.79 123,958.99 576,061.79
profit
Road rehabilitation
expenditure
Fine 41,561.12 83,156.20 41,561.12
Other 33,442.48 36,952.90 33,442.48
Total 2,020,629.59 2,556,368.54 2,020,629.59
(1) Lists of income tax expense
In RMB
Item Amount of current period Amount of previous period
Current income tax expense 336,871,343.34 340,820,305.13
Deferred income tax expense 1,071,290.73 1,427,024.56
Total 337,942,634.07 342,247,329.69
(2) Adjustment process of accounting profit and income tax expense
In RMB
Item Amount of current period
Total 1,508,316,941.92
Current income tax expense accounted by tax and relevant
regulations
Influence of income tax before adjustment -194,009.48
Influence of non taxable income -41,789,203.56
Impact of non-deductible costs, expenses and losses 2,725,231.46
The current period does not affect the deferred tax assets
recognized deductible temporary differences or deductible loss
Income tax expense 337,942,634.07
（1）Cash related to operating activities
Other cash received from business operation
In RMB
Item Amount of current period Amount of previous period
Interest income 71,073,653.40 10,440,914.85
Unit current account 461,809,229.43 394,138,005.02
Special government subsidies 50,639,956.47 313,724,200.00
Total 583,522,839.30 718,303,119.87
Other cash paid related to operating activities
In RMB
Item Amount of current period Amount of previous period
Management expense 15,446,876.33 20,902,865.25
Unit current account 303,537,827.78 296,070,246.17
Total 318,984,704.11 316,973,111.42
（2）Cash related to Investment activities
Cash receivable related to other Investment activities
In RMB
The Semi-Annual Report 2026
Item Amount of current period Amount of previous period
Receipt of returned bid bond 6,182,095.00 4,422.50
Other 105,270.00
Total 6,287,365.00 4,422.50
Important cash received in relation to the investment activities
In RMB
Item Amount of current period Amount of previous period
Cash received from dividends and dividends
of other equity investments
Cash received from dividends of associated 87,929,308.52 27,477,672.98
Total 112,631,077.64 74,666,322.31
Cash Payable related to other Investment activities
In RMB
Item Amount of current period Amount of previous period
Return Bid deposit 33,268.90
Other 125,000.00
Total 158,268.90
Cash Payable related to other Investment activities
In RMB
Item Amount of current period Amount of previous period
Cash paid for by investing in associates 30,000,000.00 2,088,000.00
Cash paid for the reconstruction and expansion of
the Nansha-Zhuhai section of the Guangzhou- 549,627,864.19 662,552,328.32
Macao Expressway
Cash paid for the reconstruction and expansion of
the Luogang-Lingkeng section of the Guanghui 1,286,148,264.89 24,537,270.70
Expressway
Total 1,865,776,129.08 689,177,599.02
（3）Cash related to Financing activities
Other cash paid in relation to financing activities
In RMB
Item Amount of current period Amount of previous period
Interest income from special loans. 305,402.23
Total 305,402.23
Cash paid related to other Financing activities
In RMB
Item Amount of current period Amount of previous period
Cash paid for the lease liabilities 5,697,219.87 5,736,824.98
Total 5,697,219.87 5,736,824.98
Changes in various liabilities arising from financing activities
?Applicable □Not applicable
In RMB
Item Year-beginning Increase in the current period Decrease in the current period
Year-end balance
Non-cash Non-cash
Cash changes Cash changes
balance changes changes
Other
payable-
The Semi-Annual Report 2026
Dividend
payable
Other payable 45,451,750.00 588,250.00 46,040,000.00
Short-loans 259,163,958.03 2,230,876.35 152,330,362.23 109,064,472.15
Long-term
loans
（Including
part due
within one
year）
Long-term
payable
（Including
part due
within one
year）
Lease
liabilities
（Including
part due
within one
year）
Total 10,673,715,133.56 652,000,000.00 1,537,004,049.60 493,368,240.46 1,682.72 12,369,349,259.98
（1）Supplement Information for cash flow statement
In RMB
Supplement Information Amount of current Amount of
period previous period
I. Adjusting net profit to cash flow from operating activities
Net profit 1,170,374,307.85 1,439,890,677.17
Add：Credit loss preparation -316,271.72 -331,211,870.16
Impairment loss provision of assets
Depreciation of fixed assets, oil and gas assets and consumable biological assets 484,924,784.96 480,583,962.34
Depreciation of Use right assets 5,200,884.54 5,195,009.11
Amortization of intangible assets 11,979,810.20 11,605,722.29
Amortization of Long-term deferred expenses 175,312.50 175,312.50
Loss on disposal of fixed assets, intangible assets and other long-term deferred assets
Fixed assets scrap loss 576,061.79 117,947.42
Loss on fair value changes
Financial cost 79,733,812.23 59,844,326.44
Loss on investment -170,145,572.15 -143,234,005.69
Decrease of deferred income tax assets -4,304,424.22 2,854,330.99
Increased of deferred income tax liabilities 5,375,714.95 -1,427,306.43
Decrease of inventories
The Semi-Annual Report 2026
Supplement Information Amount of current Amount of
period previous period
Decease of operating receivables -119,294,447.26 96,213,978.68
Increased of operating Payable 196,804,454.74 -34,135,906.34
Other 47,491,796.46 311,194,604.23
Net cash flows arising from operating activities 1,708,576,224.87 1,897,666,782.55
II. Significant investment and financing activities that without cash flows:
Conversion of debt into capital
Convertible corporate bonds maturing within one year
Financing of fixed assets leased
Ending balance of cash 6,767,340,090.41 5,758,742,887.96
Less: Beginning balance of cash equivalents 6,492,074,956.46 4,259,653,084.58
Add：End balance of cash equivalents
Less: Beginning balance of cash equivalents
Net increase of cash and cash equivalent 275,265,133.95 1,499,089,803.38
（2）Composition of cash and cash equivalents
In RMB
Item Balance in year-end Balance in year-Beginning
Cash
Of which: Cash in stock
Bank savings could be used at any time 6,756,468,302.53 6,491,551,979.24
Other monetary capital could be used at any time 10,861,377.16 512,565.04
Balance of cash and cash equivalents at the
period end
（3）Monetary funds that are not cash and cash equivalents
In RMB
Reasons other than cash and cash
Item Current amount Previous amount
equivalents
Land reclamation funds in fund
Land reclamation funds 198,100.00 198,100.00
custody account
Unexpired accrued interest 59,455,662.46 53,106,885.65 Not actually received
Total 59,653,762.46 53,304,985.65
(1) The Company as lessee
?Applicable □Not applicable
Variable lease payments not included in the measurement of lease liabilities
□Applicable ?Not applicable
Short-term lease or lease cost of low-value assets with simplified treatment
?Applicable □Not applicable
The Semi-Annual Report 2026
In RMB
Item Current amount
Interest expense of lease liabilities 141,529.24
Variable lease payments not included in the measurement of lease liabilities
Short-term lease or lease cost of low-value assets with simplified treatment 102,124.00
Income from subletting right-to-use assets
Total cash outflow related to leasing 5,697,219.87
? Situations involving sale and leaseback transactions
None
(2) The Company as lessor
Operating lease as lessor
?Applicable □Not applicable
In RMB
In which: income related to variable lease payment not included
Item Lease income
in lease receipts
Operating lease income 8,750,221.07
Total 8,750,221.07
Financial lease as lessor
□Applicable ?Not applicable
Undiscounted lease receipts for each of the next five years
□Applicable ?Not applicable
? Reconciliation table of undiscounted lease receipts and net lease investments
None
（3） Recognize the profits and losses of financial lease sales as a manufacturer or distributor
□Applicable ?Not applicable
VIII. Changes to the merge scope
There were no changes in the Company's consolidation scope during the reporting period.
IX. Equity in other entities
(1) The structure of the enterprise group
In RMB
Registered Main Registratio Nature of Shareholding Ratio Obtaining
Name of Subsidiary
capital Places of n Place Business (%) Method
Operation 124
The Semi-Annual Report 2026
indirec
direct
t
Under the
Expressway same
Guangfo Expressway Co., Guangzho
Ltd. u business
t
combination
Under the
Expressway same
Guanghui Expressway Co., 2,351,678,000.0 Guangzho
Guangzhou Managemen 51.00% control
Ltd. 0 u business
t
combination
Under the
Expressway same
Guanghui Expressway Co., 4,221,000,000.0
Zhongshan Guangzhou Managemen 75.00% control
Ltd. 0 t business
combination
Yuegao Capital
Guangzho Investment 100.00 Establishmen
Investment(Guangzhou)Co. 375,500,000.00 Guangzhou
u management % t
, Ltd.
Notes: holding proportion in subsidiary different from voting proportion: None
Basis of holding half or less voting rights but still been controlled investee and holding more than half of the
voting rights not been controlled investee: None
Significant structure entities and controlling basis in the scope of combination: None
Basis of determine whether the Company is the agent or the principal: None
Other note: None
(2) Important Non-wholly-owned Subsidiary
In RMB
Profit or Loss Owned Dividends Distributed to
Shareholding Ratio Equity Balance of the Equity Balance of the
by the Minority the Minority
of Minority Minority Shareholders Minority Shareholders in
Shareholders in the Shareholders in the
Shareholders (%) in the End of the Period the End of the Period
Current Period Current Period
Guangdong
Guanghui
Expressway Co.,
Ltd.
Jingzhu
Expressway
Guangzhu Section
Co.,Ltd.
Holding proportion of minority shareholder in subsidiary different from voting proportion
None
The Semi-Annual Report 2026
(3) The main financial information of significant not wholly owned subsidiary
In RMB
Year-end balance
Name
Current assets Non- current assets Total assets Current Liabilities Non- current liabilities Total liabilities
Guangdong Guanghui Expressway
Co., Ltd.
Jingzhu Expressway Guangzhu
Section Co.,Ltd.
In RMB
Year-beginning balance
Name
Current assets Non- current assets Total assets Current Liabilities Non- current liabilities Total liabilities
Guangdong Guanghui Expressway
Co., Ltd.
Jingzhu Expressway Guangzhu
Section Co.,Ltd.
In RMB
Amount of current period Amount of previous period
Name Total Total
Business Cash flows from Business Cash flows from
Net profit Comprehensive Net profit Comprehensive
income operating activities income operating activities
income income
Guangdong Guanghui
Expressway Co., Ltd.
Jingzhu Expressway
Guangzhu Section 455,856,845.06 204,787,568.07 204,787,568.07 309,226,688.93 481,762,162.74 223,375,897.84 223,375,897.84 930,461,365.77
Co.,Ltd.
The Semi-Annual Report 2026
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
None
(5) Provide financial support or other support for structure entities incorporate into the scope of
consolidated financial statements
None
subsidiary
(1) Significant joint venture arrangement or associated enterprise
None
（2）Affect of the transaction on the minority equity and owner's equity attributable to the parent
company
None
(1) Significant joint venture arrangement or associated enterprise
Main Proportion Accounting treatment of the
Registration
Name operating Business nature investment of joint venture
place Directly Indirectly
place or associated enterprise
Zhaoqing Yuezhao Zhaoqing, Zhaoqing, Expressway
Highway Co., Ltd. Guangdong Guangdong Management
Shenzhen Huiyan Expressway
Shenzhen Shenzhen 33.33% Equity method
Expressway Co., Ltd. Management
Guangdong
Expressway
Jiangzhong Zhongshan , Zhongshan , 15.00% Equity method
Management
Expressway Co., Ltd.
Ganzhou kangda Expressway
Gangzhou Ganzhou 30.00% Equity method
Expressway Co., Ltd. Management
Ganzhou Gankang Expressway
Gangzhou Ganzhou 30.00% Equity method
Expressway Co., Ltd. Management
Guangdong Yuepu
Hand all kinds
Small Refinancing Guangzhou Guangzhou 15.48% Equity method
of small loans
Co., Ltd(Note)
Guangyuan Securities Security
Hefei Hefei 2.37% Equity method
Co., Ltd. business
Guangdong Guangle Expressway
Gangzhou Ganzhou 9.00% Equity method
Expressway Co., Ltd. Management
SPIC Yuetong Qiyuan
New Energy
Chip Power Guangzhou Guangzhou 6.67% Equity method
service
Technology Co., Ltd
Shenzhen Garage
New Energy
Electric Pile Shenzhen Shenzhen 17.40% Equity method
service
Technology Co., Ltd
? Explanation of the difference between the shareholding ratio in a joint venture or associated enterprise and the
voting rights ratio:None
Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or more voting
rights but does not have a significant impact
Guangdong Jiangzhong Expressway Co., Ltd., Yuepu Small Refinancing Co., Ltd.., Guoyuan Securities Co., Ltd.，
Guangdong Guangle Expressway Co., Ltd., SPIC Yuetong Qiyuan Chip Power Technology Co., Ltd.andShenzhen
Garage Electric Pile Technology Co.,Ltd. holds 20% of the voting rights, but has the power to participate in
making decisions on their financial and operating decisions, and therefore deemed to be able to exert significant
influence over the investee.
The Semi-Annual Report 2026
（2） Main financial information of significant associated enterprise
None
The Semi-Annual Report 2026
（3） Main financial information of significant associated enterprise
In RMB
Year-end balance/ Amount of current period Year-beginning balance/ Amount of previous period
Guangdong Guangdong
Guoyuan Securities Guangle Zhaoqing Yuezhao Guoyuan Securities Guangle Zhaoqing Yuezhao
Co., Ltd. Expressway Highway Co., Ltd. Co., Ltd. Expressway Highway Co., Ltd.
Co.,Ltd. Co.,Ltd.
Current assets
Non-current assets
Total assets 201,810,076,871.24 20,828,109,103.51 5,589,761,529.72 184,879,614,300.42 20,869,484,787.66 5,657,661,258.00
Current liabilities
Non-current Liabilities
Total liabilities
Minority Shareholders’ Equity
Shareholders’ equity attributable to shareholders of
the parent
Pro rata share of the net assets calculated 915,799,057.35 789,420,486.19 741,508,442.44 904,233,533.10 805,456,471.70 721,053,700.58
Adjustment items
--Goodwill 207,095,632.54 207,095,632.54
-- Internal transactions did not achieve profits
--Other
The book value of equity investments in joint ventures 1,122,894,689.89 789,420,486.19 741,508,442.44 1,111,329,165.64 805,456,471.70 721,053,700.58
Fair value of equity investment of associated
enterprises with open quotation
Buinsess incme 3,945,490,556.18 1,291,070,200.07 211,669,983.89 3,396,624,443.30 1,311,654,708.25 237,577,561.90
Net profit 1,703,733,443.67 259,998,365.82 84,134,101.08 1,404,978,574.86 239,561,317.33 100,761,705.48
Net profit from terminated operations
Other comprehensive income -780,134,095.56 -58,687,085.10
Total comprehensive income 923,599,348.11 259,998,365.82 84,134,101.08 1,346,291,489.76 239,561,317.33 100,761,705.48
Dividends received from associates during the year 10,348,258.20 39,431,050.32 38,150,000.00 16,557,213.12 21,615,181.62
The Semi-Annual Report 2026
（4）Summary financial information of insignificant joint venture or associated enterprise
In RMB
Year-end balance/ Amount of current Year-beginning balance/ Amount of
period previous period
Joint venture：
Total amount of the pro rata calculation
of the following items
Associated enterprise：
Total book value of the investment 1,766,510,211.59 1,724,799,598.53
Total amount of the pro rata calculation
of the following--Net profitms
--Net profit 41,713,868.46 66,107,110.77
--Total comprehensive income 41,713,868.46 66,107,110.77
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer
funds to the Company
None
(6) The excess loss of joint venture or associated enterprise
None
(7) The unrecognized commitment related to joint venture investment
None
(8) Contingent liabilities related to joint venture or associated enterprise investment
None
None
None
None
X. Government subsidies
receivable
□Applicable ?Not applicable
Reasons for not receiving the estimated amount of government subsidies at the expected time
□Applicable ?Not applicable
?Applicable □Not applicable
In RMB
Accounting Beginning New subsidy Amount Amount Other Closing balance Related to
The Semi-Annual Report 2026
subject balance amount in the included in transferred to changes assets/income
current period non- other income in the
operating in the current current
income in period period
the current
period
Deferred
income
Total 976,785,619.75 50,000,000.00 7,677.42 1,026,777,942.33
?Applicable □Not applicable
In RMB
Accounting subject Amount incurred in the current period Amount incurred in the previous period
Other income 537,052.09 606,446.92
Total 537,052.09 606,446.92
XI. Risks Related to Financial Instruments
The Company is exposed to various financial risks in its operations: credit risk, liquidity risk, and market
risk (including foreign exchange risk, interest rate risk, and other price risks). These financial risks and the
Company's risk management policies to mitigate them are described below:
The Company's risk management objective is to strike a balance between risk and return, minimize the
adverse effects of risks on the Company's operating performance, and maximize the interests of its shareholders
and other equity investors. Based on such risk management objective, the Company's fundamental risk
management strategy is to identify and analyze various risks, establish appropriate risk tolerance thresholds and
risk management measures, and reliably monitor all risks to keep them within defined limits.
The Board of Directors of the Company is fully responsible for determining risk management objectives
and policies and bears ultimate responsibility for them. The management has reviewed and approved policies to
manage these risks, summarized as follows:
(1) Credit risk
Credit risk refers to the risk of financial loss resulting from a counterparty's failure to fulfill contractual
obligations.
The Company's credit risk primarily arises from accounts receivable, other receivables, and similar
receivables. As of the balance sheet date, the carrying amounts of the Company's financial assets represent their
maximum credit risk exposure.
For receivables, the Company has established relevant policies to control credit risk exposure. The
Company assesses the credit quality of accounts receivable and other receivables based on customers' financial
conditions, the possibility of obtaining third-party guarantees, credit history, and other factors such as current
market conditions, and sets corresponding credit terms accordingly. The Company regularly monitors
customers' credit records to ensure that overall credit risk remains within controllable limits. Additionally, at
The Semi-Annual Report 2026
each balance sheet date, the Company reviews the recoverability of each individual receivable to ensure
adequate bad debt provisions are made for irrecoverable amounts. Therefore, the Company's management
believes that its credit risk exposure has been substantially mitigated.
The Company's cash and cash equivalents are primarily bank deposits held with highly-rated financial
institutions, and the Company considers there to be no significant credit risk that would result in material losses
from bank defaults.
(2) Liquidity risk
Liquidity risk refers to the risk that an enterprise will encounter difficulties in meeting obligations
associated with financial liabilities that are settled by delivering cash or other financial assets.
The Company's policy is to maintain sufficient cash and cash equivalents to meet its debt obligations as
they fall due. Liquidity risk is centrally managed by the Company's Finance Department. The Finance
Department monitors cash and cash equivalent balances and prepares rolling 12-month cash flow forecasts to
ensure the Company maintains sufficient funding to meet its liabilities under all reasonably foreseeable
circumstances. It also continuously monitors compliance of the Company with borrowing agreements and
maintains commitments from major financial institutions to provide adequate standby funding to meet both
short-term and long-term financing requirements.
The Company's financial liabilities are presented by maturity dates based on undiscounted contractual cash
flows as follows:
Closing balance
Item
Within 1 year Over 1 year Total undiscounted contractual amount Book Value
Long –short term loans 655,937,554.65 10,324,394,453.80 10,980,332,008.45 10,980,332,008.45
Account payable 72,077,684.21 74,478,291.90 146,555,976.11 146,555,976.11
Other payable 221,934,812.89 156,935,316.10 378,870,128.99 378,870,128.99
Other current liabilities 63,662.12 63,662.12 63,662.12
Lease liabilities 10,384,254.97 8,199,367.53 18,583,622.50 18,583,622.50
Long-term payable 2,022,210.11 2,022,210.11 2,022,210.11
Total 960,397,968.84 10,566,029,639.44 11,526,427,608.28 11,526,427,608.28
（Continuous）
Opening balance
Item
Within 1 year Over 1 year Total undiscounted contractual amount Book Value
Long –short term loans 550,278,988.85 10,036,331,513.04 10,586,610,501.89 10,586,610,501.89
Account payable 119,714,922.34 100,001,093.84 219,716,016.18 219,716,016.18
Other payable 106,744,144.92 148,733,233.13 255,477,378.05 255,477,378.05
Bond payable
The Semi-Annual Report 2026
Other current liabilities 123,420.61 123,420.61 123,420.61
Lease liabilities 2,730,189.11 2,730,189.11 2,730,189.11
Long-term payable 2,022,210.11 2,022,210.11 2,022,210.11
Total 779,591,665.83 10,287,088,050.12 11,066,679,715.95 11,066,679,715.95
(3) Market risk
Market risk of financial instruments refers to the risk that the fair value or future cash flows of financial
instruments will fluctuate due to changes in market prices, including foreign exchange risk, interest rate risk,
and other price risks.
Interest rate risk refers to the risk that the fair value or future cash flows of financial instruments will
fluctuate due to changes in market interest rates.
The Company's risk of changes in cash flows of financial instruments due to interest rate fluctuations is
primarily related to floating-rate bank borrowings. The Company's policy is to maintain floating interest rates
on these borrowings.
Foreign exchange risk refers to the risk that the fair value or future cash flows of financial instruments will
fluctuate due to changes in foreign exchange rates.
The Company's exposure to foreign exchange risk is primarily related to Hong Kong dollars. Except for
annual dividend distributions to B-share shareholders, the Company's other major business activities are
denominated and settled in RMB. During the reporting period, the impact of foreign exchange risk was limited
due to the short credit periods for the Company's foreign currency-denominated expenditures.
Other price risk refers to the risk that the fair value or future cash flows of financial instruments will
fluctuate due to changes in market prices other than foreign exchange rates and interest rates.
The Company's other price risk mainly arises from various equity instrument investments and is exposed to
price fluctuations in these equity instruments. The Company mitigates price risk in equity securities investments
by adopting a long-term holding strategy for equity securities.
XII. The disclosure of the fair value
In RMB
Closing fair value
Item Fir value measurement Fir value measurement Fir value measurement
Total
items at level 1 items at level 2 items at level 3
I. Consistent fair value
-- -- -- --
measurement
The Semi-Annual Report 2026
（I）Trading Financial Assets 225,219,767.35 225,219,767.35
（2）（2）Equity instrument
investment
（III）Other equity instrument
investment
Total assets continuously measured
at fair value
II. Non –persistent measure -- -- -- --
As at the end of the period, the company holds shares 235,254,944 shares of China Everbright Bank According
to the closing price of June 30,2026 of 2.89 yuan, the final calculation of fair value was 679,886,788.16 yuan.
and qualitative and quantitative information of significant parameters are adopted
The fair value of the assets held by the Company and measured by Level 2 fair value is determined by the
market method;
Other non current financial assets held by the Company and measured at Level 2 fair value are non
transactional equity instrument investments, and their fair value is determined based on the prices of similar
assets in active or non-active markets.
and qualitative and quantitative information of significant parameters are adopted
The Level 3 fair value measurement held by the Company is designated for non transactional equity
instrument investments measured at fair value with changes recognized in other comprehensive income, mainly
for equity investment projects with no observable active market data verification and with financial forecasts
made by using their own data.
None.
XIII. Related parties and related-party transactions
The parent
The parent company
company of the
Registered Redistricted of the Company's
Name Nature
address capital Company’s vote
shareholding ratio
ratio
Equity management, traffic
Guangdong
infrastructure construction 26.8 billion
communication Guangzhou 24.56% 50.12%
and railway project yuan
Group Co., Ltd
operation
The Semi-Annual Report 2026
Note ：
? Guangdong Communication Group Co., Ltd. is the largest shareholder of the Company. legal representative:
Liu Xiaohua(Changed to Wang Hongjun on July 7, 2026). Date of establishment: June 23, 2000. As of June
equity management, organization of asset reorganization and optimized allocation, raising funds by means
including mortgage, transfer of property rights and joint stock system transformation, project investment,
operation and management, traffic infrastructure construction, highway and railway project operation and
relevant industries, technological development, application, consultation and services, highway and railway
passenger and cargo transport, ship industry, relevant overseas businesses; The value-added communication
business.
The finial control of the Company was State owned assets supervision and Administration Commission of
Guangdong Provincial People's Government.
Subsidiaries of this enterprise, see IX(1) the rights of other entity
Details refer to the IX-3, Interests in joint ventures or associates
Information on other joint venture and associated enterprise of occurring related party transactions with the
Company in reporting period, or form balance due to related party transactions in previous period:
Name Relation with the Company
Shenzhen Huiyan Expressway Co., Ltd. Associated enterprises of the Company
Zhaoqing Yuezhao Highway Co., Ltd. Associated enterprises of the Company
Ganzhou Kangda Expressway Co., Ltd. Associated enterprises of the Company
Ganzhou Gankang Expressway Co., Ltd. Associated enterprises of the Company
Guangdong Jiangzhong Expressway Co., Ltd. Associated enterprises of the Company
Name Relation with the Company
Guangdong East Thinking Management Technology
Fully owned subsidiary of the parent company
Development Co., Ltd.
Guangdong Expressway Media Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Expressway Technology Investment Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Humen Bridge Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Hualu Traffic Technology Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Communications Testing Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Litong Development Investment Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Litong Technology Investment Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Litong Property Investment Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Union Electron Service Information technology
Fully owned subsidiary of the parent company
Co., ltd.
Guangdong Lulutong Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Highway Construction Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Communication Group Finance Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Tongyi Expressway Service Area Co., Ltd Fully owned subsidiary of the parent company
Guangdong Xinyue Traffic Investment Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Yueyun Traffic Rescue Co., Ltd. Fully owned subsidiary of the parent company
Guangzhou Xinyue Traffic Technology Co., Ltd. Fully owned subsidiary of the parent company
The Semi-Annual Report 2026
Guangzhou Xinyue Asphalt Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Traffic Development Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Yueyun Traffic Co., Ltd. Fully owned subsidiary of the parent company
Guangdong Communication Group Financial Shared Service
Fully owned subsidiary of the parent company
Center Co., Ltd
Guangdong Highway Science and Education Center Co., Ltd Fully owned subsidiary of the parent company
Guangdong Leyi Trade Co., Ltd. Associated enterprises controlled by the same parent company
Guangdong Zhongyuetong Oil Products Management Co., Ltd Associated enterprises controlled by the same parent company
Poly Changda Engineering Co., Ltd. Associated enterprises controlled by the same parent company
Guangdong Communication Planning & Design Institute Co.,
Associated enterprises controlled by the same parent company
Ltd.
Guangdong Jingzhu Expressway Guangzhu North Section Co.,
Associated enterprises controlled by the same parent company
Ltd.
Guangdong Feida Traffic Engineering Co., Ltd. Associated enterprises controlled by the same parent company
Changda Municipal Engineering (Guangdong) Co., Ltd. Associated enterprises controlled by the same parent company
Guangdong Nanyue Traffic Guangzhou-Zhongjiang
Managed by the parent company
Expressway Management Office
Guangdong Provincial Government Expressway Debt
Other units significantly affected by the parent company
Repayment Management Center
The Semi-Annual Report 2026
(1)Information on acquisition of goods and reception of labor service
Acquisition of goods and reception of labor service
In RMB
Amount of Amount of
Related parties Content of related transaction
current period previous period
Guangdong Union electronic services co., Ltd. Service 11,919,570.21 12,600,894.67
Guangdong Feida Traffic Engineering Co., Ltd. Maintenance 3,403,071.00
Guangdong Yueyun Traffic Rescue Co., Ltd. Rescue service fee 1,986,958.00 2,446,640.00
Guangdong Xinyue Traffic Investment Co., Ltd. Project fund, service 1,219,721.59 2,572,588.30
Guangdong Litong Technology Investment Co., Ltd. Maintenance 496,484.60 175,729.10
Guangzhou Xinyue Asphalt Co., Ltd. Purchase 463,245.00
Guangdong Humen Bridge Co., Ltd. Service 395,301.78 37,672.94
Poly Changda Engineering Co., Ltd. Project fund, service 118,035.00 4,015,374.00
Guangdong Leyi Trade Co., Ltd. Purchase 113,987.64
Guangdong Highway Science and Education Center Co.,
Trairing expense 57,970.00 68,750.00
Ltd.
Guangdong East Thinking Management Technology
Service 10,000.00 10,000.00
Development Co., Ltd.
Guangdong Tongyi Expressway Service Area Co., Ltd Service 114,378.00
Guangdong Jingzhu Expressway Guangzhu North Section
Other 53,508.72
Co., Ltd.
Subtotal 20,184,344.82 22,095,535.73
Guangdong Communication Group Finance Co., Ltd. Borrowing Interest expresses 8,453,176.35 3,883,230.56
Guangdong Communication Group Finance Co., Ltd. Deposit interest income -72,101,251.81 -12,291,186.59
Guangdong Communication Group Finance Co., Ltd. Commission charge 600.00
Subtotal -63,648,075.46 -8,407,356.03
Management Fee, water and
Guangdong Litong Property Development Co., Ltd. 1,592,938.33 493,898.82
electricity
Guangdong Communication Group Financial Sharing
Service 181,617.80 141,015.76
Service Center Co., Ltd
Guangdong Leyi Trade Co., Ltd. Purchase 170,485.00
Guangdong Highway Science and Education Center Co.,
Training expense 7,609.27 304,400.00
Ltd
Management Fee, water and
Guangdong Litong Development Investment Co., Ltd. 281,495.24
electricity
Guangdong Communication Planning & Design Institute
Agency fees 231,132.08
Co., Ltd.
Guangdong East Thinking Management Technology
Maintenance，Service 49,750.00
Development Co., Ltd.
Subtotal 1,952,650.40 1,501,691.90
Monitoring service fee and
Guangdong Xinyue Traffic Investment Co., Ltd. 127,431.45
installation fee
Subtotal 127,431.45
Poly Changda Engineering Co., Ltd. Purchase 142,144,879.00 122,803,002.00
Guangdong Xinyue Traffic Investment Co., Ltd. Purchase 21,613,440.00 28,297,520.00
Guangdong Communication Planning & Design Institute
Purchase 14,688,712.85
Co., Ltd.
Guangdong Communication Group Finance Co., Ltd. Interest capitalized 6,004,227.46 3,333,229.84
Guangdong Tongyi Expressway Service Area Co., Ltd emolition Compensation 5,460,716.61
Guangdong Hualu Traffic Technology Co., Ltd. Purchase 4,099,615.00 2,265,234.00
Guangdong Communications Testing Co., Ltd. Scientific research project 1,006,309.76
Guangdong Xiangfei Highway Engineering Supervision Supervision 487,040.57
The Semi-Annual Report 2026
Co., Ltd.
Guangdong Communication Group Financial Sharing
Service 121,304.52 41,860.33
Service Center Co., Ltd
Guangdong Union electronic services co., Ltd. Other amortized expenses 491,024.00
Guangdong East Thinking Management Technology
Purchase 52,548.00
Development Co., Ltd.
Subtotal 195,626,245.77 157,284,418.17
Guangdong Expressway Technology Investment Co., Ltd. Purchase -273,954.42
Subtotal -273,954.42
The Semi-Annual Report 2026
Related transactions on sale goods and receiving services
In RMB
Amount of current Amount of previous
Related party Content
period period
Commission
Jingzhu Expressway Guangzhu North section Co., Ltd. 12,386,415.12 11,626,981.14
management fee
Guangdong Traffic Development Co., Ltd. Water and electricity 1,668,417.77 808,470.09
Guangdong Yuyun traffic Co., Ltd. Zhushanjiao Branch Water and electricity 378,917.94
Salaries of expatriate
Shenzhen Huiyan Expressway Co., Ltd. 320,466.98 664,898.57
staff
Salaries of expatriate
Ganzhou Gankang Expressway Co., Ltd. 256,011.52 602,271.98
staff
Salaries of expatriate
Zhaoqing Yuezhao Highway Co., Ltd. 221,936.60 695,856.79
staff
Salaries of expatriate
Guangdong Jiangzhong Expressway Co., Ltd. 184,965.73 89,506.92
staff
Salaries of expatriate
Ganzhou Kangda Expressway Co., Ltd. 175,738.70 176,274.00
staff
Guangdong Zhongyuetong Oil Products Management
Water and electricity 30,174.18 51,748.08
Co., Ltd
Guangdong Yueyun Traffic Rescue Co., Ltd. Water and electricity 15,657.55 11,480.88
Guangdong Expressway Media Co., Ltd. Water and electricity 2,092.40 2,357.65
Guangdong Provincial Government Highway Entrusted Management
Repayment Management Center Fee
Guangdong Tongyi Expressway Service Area Co., Ltd Water and electricity 630,668.26
Subtotal 15,611,891.66 19,697,023.78
Guangdong Union electronic services co., Ltd. Flat cost 88.50
Subtotal 88.50
(2) Information of related lease
The Company was lessor：
In RMB
The lease income confirmed in The lease income confirmed in
Name of lessee Category of lease assets
this year last year
Guangdong Expressway Technology Advertising lease
Co., Ltd.
Land and Equipment
Poly Changda Engineering Co., Ltd. 561,429.52 648,002.10
lease
Guangdong Expressway Media Co.,
Advertising lease 501,178.32 775,817.80
Ltd.
Guangdong Traffic Development Rental income of
Co., Ltd. charging pile
Guangzhou Xinyue Traffic
Property lease 20,914.28 18,514.29
Technology Co., Ltd.
Total 2,150,065.24 2,746,211.83
The Semi-Annual Report 2026
The company was lessee：
In RMB
Variable lease payments
Rental charges for short-
not included in lease Interest expenses on lease
term and low-value Rent paid Increased use right assets
liabilities measurement (if liabilities assumed
Category assets (if any)
any)
Lessor of leased
assets Amount Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of
of previous current previous current previous current previous current period previous
current period period period period period period period period
period
Guangdong Litong
Office
Decelopment
space 5,426,672.83 5,425,284.74 141,529.24 199,132.97 21,138,576.98
Investment Co.,
Ltd
Guangdong Litong
Office
Property
space 40,276.00 764.10
Development
Co., Ltd.
The Semi-Annual Report 2026
(3 ）Rewards for the key management personnel
Amount of current period Amount of previous
Item
(RMB'00000） period(RMB'00000）
Rewards for the key management
personnel
（4） Transactions with associated financial companies
（1）Deposit business
Related Relations Maximum Deposit Beginning The amount of this period
party hip daily deposit interest balance(RM
limit(RMB'000 rate range B'00000） Total amount Total amount is Ending
period(RMB'00 this 000）
Guangdong Controlle
Communicat d by the
ions Group same 350,000 304,361.95 738,852.87 691,633.71 351,581.11
Finance Co., parent 2.05%
Ltd company
The ending balance comprises a deposit principal of RMB 3,457,938,500 and estimated interest income of
RMB 57,872,600.
（2）Loan business
Related Relations Beginning The amount of this period
party hip balance(RMB'
Loan Loant 00000） Ending
interest Total loan Total repayment
limit(RMB'000 amount of the amount of the balance(RMB'
rate
range
period(RMB'000 period(RMB'000
Guangdong Controlle
Communicat d by the 2.01%-
ions Group same 600,000 89,362.64 66,558.39 16,832.87 139,088.16
Finance Co., parent
Ltd company
The balance of the above-mentioned loan to Guangdong Communications Group Finance Co., Ltd.
includes the "unoverdue interest" part.
（3）Credit extension or other financial services
Related party Relationship Business type Total Actual amount
amount(RMB'00000） incurred(RMB'00000）
Guangdong Communications Controlled by the same Credit
Group Finance Co., Ltd parent company extension
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 "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 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 on May 19, 2020, joined the cash pool of Guangdong Communications Group
The Semi-Annual Report 2026
Finance Co., Ltd.
（5）Related-party asset transfers and debt restructuring
None
(6) Other related-party transactions
On November 30,2022, the Fifth (Special) Meeting of the Company's 10th Board of Directors approved
the "Proposal Concerning the Entrustment of Construction Management for the Nansha – Zhuhai Section
Reconstruction and Expansion Project of the Guang' ao Expressway," authorizing the subsidiary, Jingzhu
Expressway Guangzhu Section Co., Ltd., to entrust Guangdong Provincial Highway Construction Co., Ltd. with
the full-process construction management of the Nansha–Zhuhai Section Reconstruction and Expansion Project
of the Guang'ao Expressway. The aforementioned transaction has been approved and implemented by the Board
of Directors of Jingzhu Expressway Guangzhu Section Co., Ltd.
（1）Receivables
In RMB
Amount at year end Amount at year beginning
Name Related party Balance of Bad debt Balance of Bad debt
Book Provision Book Provision
Account Guangdong Union electron Service Co.,
receivable Ltd.
Account Guangdong Tongyi Expressway Service
receivable Area Co., Ltd.
Account
Guangdong Humen Bridge Co., Ltd. 11,505,160.45 7,307,339.70
receivable
Account Jingzhu Expressway Guangzhu North
receivable Section Co., Ltd.
Account Guangdong Expressway Technology
receivable Investment Co., Ltd.
Account Guangdong Traffic Development Co.,
receivable Ltd.
Account
Guangdong Expressway Media Co., Ltd. 264,934.72 775,640.64
receivable
Guangdong Yueyun Traffic Rescue Co.,
Account payable 2,406.84
Ltd.
Account payable Poly Changda Engineering Co., Ltd. 503,879.00
Account
Ganzhou Gankang Expressway Co., Ltd. 420,607.72
receivable
Account
Zhaoqing Yuezhao Highway Co., Ltd. 410,324.80
receivable
Account
Shenzhen Huiyan Expressway Co., Ltd. 184,650.06
receivable
Account
Guangdong Yueyun Traffic Co., Ltd. 33,110.00
receivable
Total 89,691,669.85 96,292,629.52
Prepayment Guangdong Lulutong Co., Ltd. 341,077.00
Guangdong Highway Science and
Prepayment 53,890.00
Education Center Co., Ltd
Prepayment Guangdong Communications Testing 1,700,673.00
The Semi-Annual Report 2026
Amount at year end Amount at year beginning
Name Related party Balance of Bad debt Balance of Bad debt
Book Provision Book Provision
Co., Ltd.
Total 394,967.00 1,700,673.00
Other Account Guangdong Provincial Government loan
receivable repayment highway Management Center
Other Account
Zhaoqing Yuezhao Highway Co.,Ltd 268,806,712.49 306,996,863.33
receivable
Other Account Guangdong Litong Development
receivable Investment Co., Ltd.
Other Account Guangdong Litong Property
receivable Development Co., Ltd.
Other Account Guangdong Union electron Service Co.,
receivable Ltd.
Other Account Guangdong Humen Bridge Co., Ltd.
receivable
Other Account Guangdong Expressway Technology
receivable Investment Co., Ltd.
Other Account Guangdong Yueyun Traffic Rescue Co.,
receivable Ltd.
Total 593,930,697.40 33,199,466.53 631,806,001.22 33,515,738.25
Other Non-
Poly Changda Engineering Co., Ltd. 176,449,971.32 165,598,056.02
Current Assets
Other Non- Guangdong Feida Traffic Engineering
Current Assets Co., Ltd.
Other Non- Guangdong Xinyue Traffic Investment
Current Assets Co., Ltd.
Other Non- Guangdong Communication Test Co.,
Current Assets Ltd.
Other Non- Guangdong Hualu Traffic Technology
Current Assets Co., Ltd.
Other Non- Guangdong Union Electron Service
Current Assets Co.,Ltd.
Total 236,520,344.42 183,901,164.22
（2）Payables
In RMB
Amount at year Amount at year
Name Related party end beginning
Short-term loan Guangdong Communication Group Finance Co., ltd. 109,064,472.15 259,163,958.03
Total 109,064,472.15 259,163,958.03
Account payable Guangdong Feida Traffic Engineering Co., Ltd. 19,565,769.05 18,040,867.51
Account payable Guangdong Xinyue Traffic Investment Co., Ltd. 16,435,586.88 20,638,070.25
Account payable Poly Changda Engineering Co., Ltd. 15,143,342.30 32,028,570.30
Account payable Guangdong Hualu Traffic Technology Co., Ltd. 2,315,396.81 3,800,324.10
Account payable Guangdong Litong Technology Investment Co., Ltd. 2,117,286.00 1,769,075.00
Guangdong Communication Planning & Design Institute Co.,
Account payable 1,821,525.70 3,300,523.20
Ltd.
Account payable Guangdong Union Electron Service Co.,Ltd. 1,531,588.92 1,550,206.69
Account payable Guangdong Communication Test Co., Ltd. 803,945.00 953,880.00
Account payable Guangdong Yueyun Traffic Rescue Co., Ltd. 197,880.00 261,802.00
Guangdong East Thinking Management Technology
Account payable 30,704.00
Development Co., Ltd.
Account payable Guangzhou Xinyue Asphalt Co., Ltd. 4,258,253.00
Guangdong East Thinking Management Technology
Account payable 745,625.00
Development Co., Ltd.
The Semi-Annual Report 2026
Amount at year Amount at year
Name Related party end beginning
Guangdong Communications Group Financial Sharing Service
Account payable 335,355.04
Center Co., Ltd
Account payable Guangdong Lulutong Co., Ltd. 283,716.00
Account payable Guangdong Litong Property Development Co., Ltd. 17,000.00
Total 59,963,024.66 87,983,268.09
Other Payable account Ganzhou Gankang Expressway Co., Ltd. 46,040,000.00 45,451,750.00
Other Payable account Poly Changda Engineering Co., Ltd. 28,166,634.73 28,872,301.73
Other Payable account Guangdong Xinyue Traffic Investment Co., Ltd. 2,879,916.40 2,709,942.43
Other Payable account Guangdong Feida Traffic Engineering Co., Ltd. 2,262,921.37 2,765,391.05
Other Payable account Guangdong Hualu Traffic Technology Co., Ltd. 2,063,998.80 1,954,802.00
Guangdong Union electronic services co., Ltd.
Other Payable account 1,238,915.45 1,239,869.13
Other Payable account Guangdong Expressway Technology Investment Co., Ltd. 1,163,926.78 1,163,926.78
Guangdong Communication Planning & Design Institute Co.,
Other Payable account 575,646.23 575,646.23
Ltd.
Other Payable account Guangdong Communication Test Co., Ltd. 523,532.34 609,232.79
Other Payable account Guangzhou Xinyue Traffic Technology Co., Ltd. 433,999.50 515,217.50
Other Payable account Guangdong Lulutong Co., Ltd. 376,177.00 376,177.00
Guangdong Nanyue Traffic Guangzhou-Zhongjiang
Other Payable account 200,000.00
Expressway Management Office
Guangdong East Thinking Management Technology
Other Payable account 196,940.00 286,940.00
Development Co., Ltd.
Other Payable account Guangdong Highway Construction Co., Ltd. 151,835.01
Other Payable account Guangdong Tongyi Expressway Service Area Co., Ltd. 100,000.00 100,000.00
Other Payable account Guangdong Xinyue Traffic Co., Ltd. 100,000.00
Other Payable account Guangdong Litong Technology Investment Co., Ltd. 89,280.34 89,280.34
Other Payable account Guangdong Expressway Media Co., Ltd. 50,000.00 50,000.00
Other Payable account Guangdong Changda Highway Engineering Co., Ltd. 4,300.00
Other Payable account Guangdong Yueyun Traffic Rescue Co. Ltd. 2,000.00 2,000.00
Other Payable account Changda Municipal Engineering (Guangdong) Co., Ltd. 20,000.00
Total 86,620,023.95 86,782,476.98
Non-current liabilities due
Guangdong Litong Development Investment Co., Ltd. 10,384,254.97 2,730,189.11
Non-current liabilities due
Guangdong Communication Group Finance Co., ltd. 8,817,111.22 6,462,400.11
Total 19,201,366.19 9,192,589.22
Lease Liabilities Guangdong Litong Development Investment Co., Ltd. 8,199,367.53
Total 8,199,367.53
Long-term loans Guangdong Communication Group Finance Co., ltd. 1,273,000,000.00 628,000,000.00
Total 1,273,000,000.00 628,000,000.00
XIV. Commitments
Significant commitments at balance sheet date
Capital commitments
In RMB
Item June 30,2026 December 31, 2025
Contracted but not recognized in the financial statements
Building long-term asset commitments - Expressway
construction
The Semi-Annual Report 2026
(1) Significant contingency at balance sheet date
As of June 30,2026, the Company did not need to disclose important commitments.
(2) The Company have no significant contingency to disclose, also should be stated
The Company has no important contingency that need to disclosed
XV. Events after balance sheet date
? 1. Explanation of other events after the balance sheet date
As of June 30, 2026, the company has no post-balance sheet events to disclose.
XVI. Other important events
（1）If the company has no reporting division, or fails to disclose the total assets and liabilities of each
reporting division, the reasons shall be explained
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.
XVII.Notes of main items in financial reports of parent company
（1）Disclosure by aging
In RMB
Aging Balance in year-end Balance Year-beginning
Within 1 year（Including 1 year） 19,139,791.55 23,975,736.36
Total 19,139,791.55 23,975,736.36
The Semi-Annual Report 2026
（2） According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Book Balance Bad debt provision Book Balance Bad debt provision
Category
Amount Proportio Amount Proportion Book value Amount Proportion Amount Proportion Book value
n(%) (%) (%) (%)
Including：
Accrual of bad debt provision by
portfolio
Including：
Aging portfolio 19,139,791.55 100.00% 19,139,791.55 23,975,736.36 100.00% 23,975,736.36
Total 19,139,791.55 100.00% 19,139,791.55 23,975,736.36 100.00% 23,975,736.36
The Semi-Annual Report 2026
Accrual of bad debt provision by portfolio: Aging portfolio
In RMB
Balance in year-end
Aging
Account receivable Bad debt provision Expected credit loss rate (%
Within 1 year 19,139,791.55
Total 19,139,791.55
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
□ Applicable √ Not applicable
（3）Accounts receivable withdraw, reversed or collected during the reporting period
None
（4）The actual write-off accounts receivable
None
(5) Top 5 of the closing balance of the accounts receivable collected according to the arrears party
In RMB
Accounts
Proportion of Amount of
Amount of Closing balance of receivable and
Company Name total accounts ending balance
ending balance the contract assets contract assets receivable % for bad debts
ending balance
Guangdong Union
Electronic 17,830,149.23 0.00 17,830,149.23 93.16%
Services Co., Ltd.
Guangdong Traffic
Development Co., 1,100,457.50 0.00 1,100,457.50 5.75%
Ltd.
Guangdong
Expressway
Technology 173,184.82 0.00 173,184.82 0.90%
Investment Co.,
Ltd.
Guangdong
Guanghui
Expressway Co.,
Ltd.
Total 19,139,791.55 0.00 19,139,791.55 100.00%
In RMB
Items Balance in year-end Balance Year-beginning
Dividend receivable 16,467,846.08
Other receivable 272,334,774.28 310,284,317.51
Total 288,802,620.36 310,284,317.51
(1) Interest receivable
None
（2）Dividend receivable
The Semi-Annual Report 2026
In RMB
Items Balance in year-end Balance Year-beginning
China Everbright Bank Co., Ltd 16,467,846.08
Total 16,467,846.08
None
（3） Other accounts receivable
In RMB
Item Balance in year-end Balance Year-beginning
Deposit 2,392,596.74 2,289,227.54
Petty cash 739,093.35 600,000.00
Investment and costs in reconstruction and expansion 269,129,364.70 306,996,863.33
Other 73,719.49 398,226.64
Total 272,334,774.28 310,284,317.51
In RMB
Aging Balance in year-end Balance Year-beginning
Within 1 year(Including 1 year） 270,886,711.91 307,430,676.95
Over 3 years 417,274.77 417,064.01
Over 5 years 404,096.16 382,022.01
Total 272,334,774.28 310,284,317.51
The Semi-Annual Report 2026
In RMB
Amount in year-end Balance Year-beginning
Book Balance Bad debt provision Book value Book Balance Bad debt provision Book value
Category
Amount Proportio Amoun Proportion( Amount Proportion Amou Proportion(
n(%) t %) (%) nt %)
Including
Accrual of bad debt
provision by portfolio
Including
CSF Portfolio 3,131,690.09 1.15% 3,131,690.09 2,889,227.54 0.93% 2,889,227.54
Very low credit risk
financial asset portfolio
Risk-free combination
Total 272,334,774.28 100.00% 272,334,774.28 310,284,317.51 100.00% 310,284,317.51
The Semi-Annual Report 2026
Accrual of bad debt provision by Portfolio: Other portfolio
In RMB
Balance in year-end
Name
Book Balance Bad debt provision Withdrawal proportion
Cast deposit portfolio 3,131,690.09
Very low credit risk financial
asset portfolio
Risk-free combination
Total 272,334,774.28
None
None
In RMB
Proportion of the
Closing
total year end
balance of
Name Nature Closing balance Aging balance of the
bad debt
accounts
provision
receivable(%)
Covering company
Zhaoqing Yuezhao Highway Within 1
expenses and costs on 268,806,712.49 98.65%
Co., Ltd. year
behalf of others.
Zhaoqing Yuezhao Highway Within 1
Interest 156,712.49 0.06%
Co., Ltd. year
Guangdong Litong
Within 1
Development Investment Co., Lease deposit 1,921,966.14 0.71%
year
Ltd.
Guangdong Litong
Development Investment Co., Lease deposit 12,062.00 1-2 years 0.00%
Ltd.
Guangdong Litong
Over 5
Development Investment Co., Other deposit 22,980.00 0.01%
years
Ltd.
Guangdong Litong Property Water and electricity
Development Co., Ltd. costs working capital
Guangdong Litong Property
Lease deposit 326,608.80 1-2 years 0.12%
Development Co., Ltd.
Guangdong Litong Property Within 1
Other deposit 1,887.00 0.00%
Development Co., Ltd. year
Huang Honggui Petty cash 110,000.00 2-3 years 0.04%
Huang Bisong Petty cash 110,000.00 2-3 years 0.04%
Total 271,404,333.23 99.65%
In RMB
End of term Beginning of term
Item
Book Balance Impairment Book value Book Balance Impairment Book value
The Semi-Annual Report 2026
provision provision
Investment in
subsidiaries
Investment in
joint ventures 4,108,290,069.23 4,108,290,069.23 4,347,435,530.17 4,347,435,530.17
and associates
Total 10,258,347,332.66 10,258,347,332.66 9,940,390,993.60 9,940,390,993.60
（1）Investment to the subsidiary
In RMB
Closing
Initial balance of
balance of Increase /decrease in reporting period Closing balance
impairment
Name Opening balance the provision
impairment Decreased Withdrawn
Oth
provision Add investment investmen impairment
er
t provision
Jingzhu
Expressway
Guangzhu 2,590,546,883.08 2,590,546,883.08
Section
Co., Ltd.
Guangfo
Expressway 154,982,475.25 154,982,475.25
Co., ltd.
Yuegao
Capital
Investment 375,500,000.00 375,500,000.00
(Guangzho
u) Co., Ltd.
Guanghui
Expressway 2,471,926,105.10 557,101,800.00 3,029,027,905.10
Co., Ltd.
Total 5,592,955,463.43 557,101,800.00 6,150,057,263.43
The Semi-Annual Report 2026
（2）Investment to joint ventures and associated enterprises
In RMB
Initial Increase /decrease in reporting period
balance of
Other Announced for Closing balance of
Name Opening balance the Decrease Investment Other Provision Closing balance
Increase in changes distributing impairment provision
in income under comprehensive for Other
impairment investment in cash dividend
investment equity method income impairment
equity or profit
provision
I. Joint ventures
II. Associated enterprises
Guangdong Guangle Expressway
Co., Ltd.
Guangdong Jiangzhong
Expressway Co., Ltd.
Guoyuan Securities Co.,Ltd. 1,111,329,165.64 40,423,523.96 -18,510,244.56 503.05 10,348,258.20 1,122,894,689.89
Ganzhou Gankang Expressway
Co., Ltd. 182,183,918.42 11,854,842.36 194,038,760.78
Ganzhou Kangda Expressway
Co., Ltd. 276,997,974.04 4,440,701.50 -281,438,675.54 0.00
Guangdong Yuepu Science and
Technology Microfinance Co., 221,720,512.32 699,301.96 222,419,814.28
Ltd.
ShenzhenHuiyan Expressway
Co., Ltd. 433,871,397.70 9,664,466.22 443,535,863.92
Zhaoqing Yuezhao Highway
Co., Ltd.
Subtotal 4,347,435,530.17 38,150,000.00 110,582,264.63 -18,510,244.56 503.05 87,929,308.52 -281,438,675.54 4,108,290,069.23
Total 4,347,435,530.17 38,150,000.00 110,582,264.63 -18,510,244.56 503.05 87,929,308.52 -281,438,675.54 4,108,290,069.23
Note: Additional changes include the transfer of the shares held by the Company in Ganzhou Kangda Expressway Co., Ltd. to its wholly-owned subsidiary, Yuegao
Capital Holdings (Guangzhou) Co., Ltd., without any charge.
The Semi-Annual Report 2026
In RMB
Item Amount of current period Amount of previous period
Revenue Cost Revenue Cost
Main business 708,602,601.48 261,767,053.45 684,892,134.29 249,732,622.26
Other 4,744,709.20 117,286.68 4,760,965.40 117,286.68
Total 713,347,310.68 261,884,340.13 689,653,099.69 249,849,908.94
In RMB
Item
Amount of current period Amount of previous period
Long-term equity investment income
accounted by cost method
Long-term equity investment income
accounted by equity method
Dividend income from other equity
instrument investments during the 41,169,615.20 44,772,473.91
holding period
Other 2,988,757.86 3,310,249.61
Total 324,636,052.95 598,411,199.63
XVIII. Supplementary Information
√ Applicable □Not applicable
In RMB
Item Amount Notes
Non-current asset disposal gain/loss -576,061.79
Government subsidies recognized in current gain and loss(excluding those closely
related to the Company’s business and granted under the state’s policies)
Capital occupation charges on non-financial enterprises that are recorded into
current gains and losses
Net amount of non-operating income and expense except the aforesaid items 1,352,668.85
Other non-recurring Gains/loss items 810,071.33
Less :Influenced amount of income tax 1,161,168.71
Influenced amount of minor shareholders’ equity (after tax) 201,541.31
Total 3,240,403.65 --
Details of other profit and loss items that meet the non-recurring profit and loss definition
□Applicable?Not applicable
There are no other gains/losses items that meet the definition of non-recurring gains/losses in the Company.
Explain the items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss
in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public -
-- Extraordinary Profit/loss
□Applicable ?Not applicable
Weighted EPS（Yuan/share）
Profit as of reporting period
average EPS-basic EPS-diluted
The Semi-Annual Report 2026
ROE (%)
Net profit attributable to common
shareholders of the Company
Net profit attributable to common
shareholders of the Company after
deduction of non-recurring profit
and loss
（ 1 ） Simultaneously pursuant to both Chinese accounting standards and international accounting
standards disclosed in the financial reports of differences in net income and net assets.
□ Applicable□√ Not applicable
（2）Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards.
□ Applicable□√ Not applicable
(3)Explanation of the reasons for the differences in accounting data under domestic and foreign
accounting standards. If the data that has been audited by an overseas audit institution is adjusted for
differences, the name of the overseas institution should be indicated
The Semi-Annual Report 2026
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