The Third Quarterly Report 2026
Stock Abbreviation: Guangdong Expressway A, Guangdong Expressway B Stock Code: 000429, 200429
Announcement No.: 2026-026
Guangdong Provincial Expressway Development Co., Ltd.
The Third Quarterly Report 2026
The Company and its directors hereby guarantee that the content of the information disclosure is real, accurate,
complete and free from any false record, misleading representation or material omissions.
Important Notes
no significant omissions, fictitious or misleading statements carried in the Report, and we will accept individual
and joint responsibilities for the truthfulness, accuracy and completeness of the Report.
accounting work, Ms.Yan Xiaohong, Chief of the accounting organ (chief of accounting ) hereby confirm that
the financial information of this Quarterly Report is authentic, accurate and complete.
□Yes √No
The Third Quarterly Report 2026
I. Main financial data
(i) Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□Yes ?No
Changes of this
Changes of this period Year-begin to period over same
This period over same period of last period-end
period of last year
year（％） Before adjustment
（％）
Operating revenue（Yuan) 1,235,092,658.47 -0.76% 3,354,045,665.57 -0.25%
Net profit attributable to the
shareholders of the listed company 456,249,404.20 -6.51% 1,306,378,661.06 -15.45%
（Yuan)
Net profit after deducting of non-
recurring gain/loss attributable to the
shareholders of listed company
（Yuan)
Net cash generated from /used in
— — 2,676,755,205.42 -12.09%
operating activities（Yuan)
Basic earning per share(Yuan/Share) 0.21 -8.70% 0.62 -16.22%
Diluted gains per share(Yuan/Share) 0.21 -8.70% 0.62 -16.22%
Weighted average return on equity
（%)
Changes of this period-end over same
End of this period End of last period
period-end of last year(%)
Total assets（Yuan) 28,803,568,726.46 26,790,914,410.82 7.51%
Net assets attributable to the
shareholders of the listed company 11,096,721,845.27 11,116,100,975.79 -0.17%
（Yuan)
(ii)Items and amount of non-current gains and losses
√ Applicable □ Not applicable
In RMB
Amount from year-begin
Item This period Notes
to period -end
Non-current asset disposal gain/loss(including the write-off part for which assets
-523,603.74 -1,099,665.53
impairment 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 -131,940.24 1,220,728.61
The Third Quarterly Report 2026
Amount from year-begin
Item This period Notes
to period -end
Other non-recurring Gains/loss items 8,250.00 818,321.33
Less :Influenced amount of income tax 179,173.79 1,340,342.50
Influenced amount of minor shareholders’ equity (after tax) -317,498.51 -115,957.20
Total 855,015.68 4,095,419.33 --
Other gains/losses items that conform to the definition of non-recurring gains/losses:
□Applicable?Not applicable
The Company does not haveother gains/losses items that conform to the definition of non-recurring gains/losses
Information on the definition of non-recurring profit(gain)/loss that listed in theQ&A Announcement No.1 on
Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary (non-recurring)
Profit(gain)/loss as the recurring profit(gain)/loss
□Applicable?Not applicable
The Company does not have any non-recurring profit(gain)/loss listed under theQ&A Announcement No.1 on
Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary (non-recurring)
Profit(gain)/lossdefined as recurring profit(gain)/loss
(iii)Particulars about material changes in items of main accounting statement and financial index and
explanations of reasons
√ Applicable □Not applicable
I. Items of balance sheet as compared with the beginning of this year.
(1)Account receivable
An increase of 33.12 million yuan or 34.25% over the beginning of the year, The main reason is the increase in
toll revenues pending liquidation..
(2)Construction in progress
An increase of 2,193.67 million yuan or 46.08% over the beginning of the year, Mainly due to the increased
expenditure on the renovation and expansion projects of the holding subsidiaries.
(3)Right-of-use asset
An increase of 13.27 million yuan or 344.66% over the beginning of the year, Mainly due to the combined
effect of recognizing right-of-use assets and recording amortization in the current period based on the newly
signed office building lease contracts.
（4）Other non-current assets
An increase of 442.12 million yuan or 53.18% over the beginning of the year, Mainly due to the impact of
Guangdong Guanghui Expressway Co., Ltd. reclassifying the prepayments for the expansion and reconstruction
project.
(5) Short-term Loans
Decreased by RMB 159.11 million from the beginning of the year, down 61.39%, mainly due to the company’
s repayment of matured loans.
(6) Accounts Payable
Decreased by RMB 89.12 million from the beginning of the year, down 40.56%, mainly due to the reduction in
outstanding project payments of the company.
The Third Quarterly Report 2026
（7）Other account payable
An increase of 146.90 million yuan or 50.24% over the beginning of the year, Mainly due to that the Guangzhu
East expansion project received agent construction proceeds.
(8) Current Portion of Non-current Liabilities
Increased by RMB 184.61 million from the beginning of the year, up 62.83%, mainly because
part of bank borrowings was reclassified from long-term borrowings to current portion of non-
current liabilities.
II. Items of income statement as compared with the same period of the previous year
(1)Financial expenses
The decrease of 15.78 million yuan or 33.10% over the same period of last year, Mainly due to the combined
effect of Guangdong Guanghui Expressway Co., Ltd. receiving interest from fixed deposits and the Company's
interest expenses.
(2)Loss of credit impairment
The decrease of 313.86 million yuan or 96.84%over the same period of last year, Mainly due to that in the same
period last year, the holding subsidiary Guangfo Expressway Co., Ltd. had a clear source for the funds advanced
for maintenance, and it reversed the bad debt provision of 342.94 million yuan for previously advanced
maintenance expenses calculated individually, while no such factor existed in the current period.
III. Notes of main items of cash flow statement
(1)Cash received from recovering investment
It decreased by 107.71 million yuan YOY, Mainly due to that in the same period last year, the wholly-owned
subsidiary Yuegao Capital Holdings (Guangzhou) Co., Ltd. received payment from the equity transfer of Hunan
Lianzhi Technology Co., Ltd., whereas no such transaction occurred in the current period.
(2) Cash paid for the purchase and construction of fixed asset
It increased by 1,400.49 million yuan or 114.71%YOY, Mainly due to the increase in spending on the holding
subsidiary's expansion and renovation projects.
（3）Cash received from investment retrieving
It increased by 124.42 million yuan or 149.68%YOY, Mainly due to the accelerated investment progress of the
Guanghui Expressway expansion and renovation project and increased capital contribution from shareholders in
the current period.
(4)Cash received as loans
It decreased by 1,282.00 million yuan or 42.38%YOY, Mainly due to the combined effect of reduced
borrowings for the Guangzhu East section expansion and renovation of the Beijing-Zhuhai Expressway and
increased borrowings for the Guanghui Expressway expansion and renovation project.
(5)Cash paid for settling debts
It decreased by 2,110.38 million yuan or 82.35%YOY, Mainly due to the combined effects of the Company
repaying maturing medium-term notes in the same period of the prior year (with no such event in the current
period) and the reduction in loan repayments in the current period.
The Third Quarterly Report 2026
II. Shareholders Information
(i) Total number of common shareholders and preference shareholders with voting rights recovered and
top ten common shareholders
In Shares
Total number of
Total preference shareholders with the voting power
common shareholders 62,157 0
recovered at the end of the reporting period(if any)
at the period-end
Shares held by the top 10 shareholders（Excluding shares lent through refinancing)
Amount of Pledging or freezing
Share
Properties of tradable shares
Shareholder name proportion Quantity Status of
shareholder with Conditional Quantity
% the shares
held
Guangdong Communication State-owned Not
Group Co., Ltd. legal person applicable
Guangdong Highway State-owned Not
Construction Co., Ltd, legal person applicable
Shangdong Tonghui Capital State-owned Not
Investment Group Co., Ltd. legal person applicable
Guangdong Provincial State-owned Not
Freeway Co.,Ltd. legal person applicable
China Construction Bank -
Huatai-Pine Bridge CSI
Dividend Low Volatility Not
Other 2.19% 45,741,229 0 0
Exchange-Traded Open-End applicable
Index Securities Investment
Fund
China Pacific Life Insurance
Co., Ltd.-China Pacific Life
Equity Dividend Product (Life Not
Other 1.83% 38,312,274 0 0
Proprietary Trading) applicable
Entrusted Investment
(Changjiang Pension)
China Merchants Securities State-owned
Co., Ltd. legal person
China Merchants Bank Co.,
Not
Ltd.-E Fund CSI Dividend Other 0.85% 17,803,947 0 0
applicable
Low-Volatility ETF
State-owned Not
Orient Securities 0.78% 16,354,248 0 0
legal person applicable
Overseas legal Not
HKSCC 0.74% 15,435,151 0 0
person applicable
Shares held by the Top 10 Shareholders of Non-restricted shares(
Excluding shares lent through refinancing and Top management lock-in stock)
Number of the non- Share type
Shareholders’ Names
restricted shares held Share type Quantity
Guangdong Highway Construction Co., Ltd, 466,325,020 RMB Common shares 466,325,020
The Third Quarterly Report 2026
Shangdong 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-Pine Bridge CSI
Dividend Low Volatility Exchange-Traded Open-End Index 45,741,229 RMB Common shares 45,741,229
Securities Investment Fund
China Pacific Life Insurance Co., Ltd.-China Pacific Life
Equity Dividend Product (Life Proprietary Trading) 38,312,274 RMB Common shares 38,312,274
Entrusted Investment (Changjiang Pension)
Guangdong Provincial Freeway Co.,Ltd. 33,355,263 RMB Common shares 33,355,263
China Merchants Securities Co., Ltd. 20,809,787 RMB Common shares 20,809,787
China Merchants Bank Co., Ltd.-E Fund CSI Dividend
Low-Volatility ETF
Orient Securities 16,354,248 RMB Common shares 16,354,248
HKSCC 15,435,151 RMB Common shares 15,435,151
Guangdong Communication Group Co., Ltd. is the parent company of
Guangdong Highway Construction Co., Ltd.and Guangdong Provincial
Related or acting-in-concert parties among Freeway Co.,Ltd., It is unknown whether there is relationship between
shareholders above 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.
Participation of top 10 unconditional common share
None
shareholders in securities margin trading (if any)
Information of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10
shareholders of unrestricted tradable shares participating in the lending of shares in securities lending and
borrowing business
□Applicable ?Not applicable
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared
with the previous period due to the securities lending/returning,
□Applicable ?Not applicable
(ii)Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end
of the report period
□Applicable ?Not applicable
III. Other important matters
□Applicable ?Not applicable
The Third Quarterly Report 2026
IV. Quarterly financial statements
（i）Financial statement
Prepared by：Guangdong Provincial Expressway Development Co., Ltd.
In RMB
Item Ending balance Opening balance
Current asset：
Monetary fund 6,652,010,210.19 6,545,379,942.11
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 129,821,162.97 96,702,638.20
Financing receivable
Prepayments 5,177,428.81 9,701,427.59
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 556,235,347.97 607,031,326.53
Including：Interest receivable
Dividend receivable 10,348,258.20
Repurchasing of financial assets
Inventories
Including：Data resources
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 16,549,141.09 7,909,725.13
Total of current assets 7,359,793,291.03 7,266,725,059.56
Non-current assets：
Loans and payment on other’s behalf
disbursed
Creditor's Investment
Other Creditor's Investment
Long-term receivable
Long term share equity investment 4,475,985,268.17 4,362,638,936.45
Other equity instruments investment 786,023,228.81 890,653,266.65
Other non-current financial assets 225,219,767.35 195,219,767.35
Property investment 1,838,954.12 2,004,792.98
Fixed assets 7,511,598,171.08 8,268,301,855.93
The Third Quarterly Report 2026
Construction in progress 6,954,022,406.94 4,760,350,219.82
Production physical assets
Oil & gas assets
Use right assets 17,123,304.30 3,850,889.14
Intangible assets 160,028,753.39 178,707,658.07
Including：Data resources
Development expenses
Including：Data resources
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 38,496,548.55 31,138,740.44
Other non-current asset 1,273,439,032.72 831,323,224.43
Total of non-current assets 21,443,775,435.43 19,524,189,351.26
Total of assets 28,803,568,726.46 26,790,914,410.82
Current liabilities
Short-term loans 100,058,611.02 259,163,958.03
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 130,593,016.25 219,716,016.18
Advance receipts 755,785.08 276,083.20
Contract liabilities
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 22,638,647.76 22,045,085.09
Tax payable 219,699,744.09 174,658,322.38
Other account payable 439,279,545.05 292,377,860.50
Including：Interest payable
Dividend payable 38,282,699.96 36,900,482.45
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 478,456,645.09 293,845,219.93
Other current liability 63,662.12 123,420.61
Total of current liability 1,391,545,656.46 1,262,205,965.92
Non-current liabilities:
Reserve fund for insurance contracts
Long-term loan 11,309,085,078.80 10,036,331,513.04
Bond payable
Including：preferred stock
Sustainable debt
The Third Quarterly Report 2026
Lease liability 5,491,148.60 0.00
Long-term payable 2,022,210.11 2,022,210.11
Long-term remuneration payable to staff
Expected liabilities
Deferred income 1,038,943,754.89 994,833,116.03
Deferred income tax liability 265,566,479.09 291,774,306.12
Other non-current liabilities
Total non-current liabilities 12,621,108,671.49 11,324,961,145.30
Total of liability 14,012,654,327.95 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 797,165,630.39 782,912,515.57
Less：Shares in stock
Other comprehensive income 176,711,909.69 253,875,915.99
Special reserve
Surplus reserves 1,870,662,965.01 1,870,662,965.01
Common risk provision
Retained profit 6,161,375,214.18 6,117,843,453.22
Total of owner’s equity belong to the
parent company
Minority shareholders’ equity 3,694,192,553.24 3,087,646,323.81
Total of owners’ equity 14,790,914,398.51 14,203,747,299.60
Total of liabilities and owners’ equity 28,803,568,726.46 26,790,914,410.82
Legal Representative: Miao Deshan
Person in charge of accounting：Lu Ming
Person in charge of accounting organ: Yan Xiaohong
In RMB
Item Current period Last period
I. Income from the key business 3,354,045,665.57 3,362,508,742.41
Including：Business income 3,354,045,665.57 3,362,508,742.41
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 1,259,749,176.78 1,236,518,371.34
Including：Business cost 1,080,471,976.03 1,046,182,622.13
The Third Quarterly Report 2026
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 14,971,953.66 15,255,281.68
Sales expense
Administrative expense 132,102,604.71 126,578,611.96
R & D costs 313,440.44 834,506.13
Financial expenses 31,889,201.94 47,667,349.44
Including: Interest expense 118,939,840.14 86,764,955.47
Interest income 86,220,988.21 39,274,606.96
Add: Other income 849,837.46 2,008,824.61
Investment gain(“－”for loss) 233,293,236.49 207,761,041.22
Including: investment gains from
affiliates
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 10,305,399.12 326,161,212.43
Impairment loss of assets
Assets disposal income
III. Operational profit(“－”for loss) 2,338,744,961.86 2,661,921,449.33
Add : Non-operational income 4,182,374.82 5,844,780.10
Less: Non-operating expense 4,061,311.74 3,998,170.34
IV. Total profit(“－”for loss) 2,338,866,024.94 2,663,768,059.09
Less: Income tax expenses 526,551,108.36 548,283,557.89
V. Net profit 1,812,314,916.58 2,115,484,501.20
(I) Classification by business
continuity
(II) Classification by ownership
parent company
VI. Net after-tax of other comprehensive
-77,164,006.30 -92,206,066.69
income
-77,164,006.30 -92,206,066.69
The Third Quarterly Report 2026
Net of profit of other comprehensive inc
ome attributable to owners of the parent
company.
(I)Other comprehensive income items
that will not be reclassified into
-86,469,177.70 -64,761,347.91
gains/losses in the subsequent accounting
period
measurement of defined benefit plans of
changes in net debt or net assets
equity method investee can not be reclas -7,996,649.32 10,348,586.52
sified into profit or loss.
-78,472,528.38 -75,109,934.43
investments in other equity instruments
company’s credit risks
（II）
Other comprehensive income that will be 9,305,171.40 -27,444,718.78
reclassified into profit or loss
equity method investee can be reclassifi
ed into profit or loss.
investments in other debt obligations
from the reclassification of financial
assets
investments in other debt obligations
ncial statements
Net of profit of other comprehensive inc
ome attributable to Minority
shareholders’ equity
VII. Total comprehensive income 1,735,150,910.28 2,023,278,434.51
Total comprehensive income attributable
to the owner of the parent company
Total comprehensive income
attributable minority shareholders
The Third Quarterly Report 2026
VIII. Earnings per share
(I）Basic earnings per share 0.6248 0.74
(II)Diluted earnings per share 0.6248 0.74
The current business combination under common control, the net profits of the combined party before achieved
net profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal Representative: Miao Deshan
Person in charge of accounting：Lu Ming
Person in charge of accounting organ: Yan Xiaohong
In RMB
Item Current period Last period
I. Cash flows from operating activities
Cash received from sales of goods or
rending of services
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
Sub-total of cash inflow 4,126,737,688.45 4,416,075,550.51
Cash paid for purchasing of merchandise
and services
Net increase of client trade and advance
Net increase of savings in central bank
The Third Quarterly Report 2026
and brother company
Cash paid for original contract claim
Net increase for Outgoing call loan
Cash paid for interest, processing fee
and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 326,271,457.25 325,845,382.43
Taxes paid 603,616,130.65 557,185,593.41
Other cash paid for business activities 339,000,238.09 343,786,757.37
Sub-total of cash outflow from business
activities
Net cash generated from /used in
operating activities
II. Cash flow generated by investing
Cash received from investment retrieving 0.00 107,111,100.00
Cash received as investment gains 149,358,347.55 118,033,996.77
Net cash retrieved from disposal of fixed
assets, intangible assets, and other long- 5,515,525.12 51,891.00
term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received 4,828,902.92 454,422.50
Sub-total of cash inflow due to
investment activities
Cash paid for construction of fixed
assets, intangible assets and other 2,621,356,306.13 1,220,870,780.62
long-term assets
Cash paid as investment 30,000,000.00 23,238,000.00
Net increase of loan against pledge
Net cash received from subsidiaries and
other operational units
Other cash paid for investment activities 1,089,821.80 726,068.90
Sub-total of cash outflow due to
investment activities
Net cash flow generated by investment -2,492,743,352.34 -1,019,183,439.25
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
Cash received as loans 1,743,000,000.00 3,025,000,000.00
Other financing –related cash received 305,402.23 0.00
Sub-total of cash inflow from financing
activities
Cash to repay debts 452,167,684.24 2,562,546,484.24
The Third Quarterly Report 2026
Cash paid as dividend, profit, or interests 1,580,185,828.46 1,405,258,390.77
Including: Dividend and profit paid by
subsidiaries to minor shareholders
Other cash paid for financing activities 8,504,090.91 8,656,844.56
Sub-total of cash outflow due to
financing activities
Net cash flow generated by financing -90,004,501.38 -868,336,719.57
IV. Influence of exchange rate
alternation on cash and cash equivalents
V.Net increase of cash and cash
equivalents
Add: balance of cash and cash
equivalents at the beginning of term
VI ..Balance of cash and cash
equivalents at the end of term
(ⅱ)The Company started implementing the updated accounting standards commencing from 2026 and
adjusted the relevant items in the financial statements at the beginning of the very year involved in the
initial implementation of the said standards
□Applicable ?Not applicable
(iii) Auditors 'Report
Is the Third Quarterly Report be audited?
□ Yes √No
The Third Quarterly report is not audited.
The Board of Directors of Guangdong Provincial Expressway Development Co., Ltd.
October 27, 2026
首页
微信公众号
证券之星APP
