Stock Abbreviation: Guangdong Expressway A, B Stock Code: 000429, 200429
Announcement No.: 2026-002
Guangdong Provincial Expressway Development Co., Ltd.
I. Important Notice
This annual report summary is extracted from the full annual report. To fully understand the
Company's operating results, financial position, and future development plans, investors should
carefully read the full annual report at the media outlets designated by the China Securities
Regulatory Commission (CSRC).
All the directors attended the board meeting for reviewing the Annual Report.
Non standard audit opinion
□ Applicable √ Not applicable
The board examed common shares profit distribution plan and capitalizing of common reserves
plan for the Period.
√ Applicable □ Not applicable
Whether the capital reserve to share capital
□ Applicable √ Not applicable
The profit distribution proposal reviewed and approved by the boarding meeting was summarized
as follows:2,090,806,126 for the base, the Company would distribute cash dividend to all the
shareholders at the rate of CNY 6.04 for every 10 shares (with tax inclusive) , 0 bonus shares
（including tax）and no reserve would be converted into share capital.
Profit distribution plan for preferred shares adopted by the Board of Directors in the reporting
period
□ Applicable √ Not applicable
II. .Basic Information of the Company
Stock abbreviation: Guangdong Expressway A,B Stock code： 000429、200429
Stock exchange for
Shenzhen Stock Exchange
listing
Contact person and
Board secretary Securities affairs Representative
contact manner
Name Yang Hanming Liang Jirong
Contact address Road, Zhujiang New City, Tihe Disrtict , Road, Zhujiang New City, Tihe Disrtict ,
Guangzhou Guangzhou
Tel 020-29004619 020-29004523
Fax 020-38787002 020-38787002
E-mail Hmy69@126.com 139221590@qq.com
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.,
Guangdong Jiangzhong Expressway Co., Ltd., Zhaoqing Yuezhao Expressway Co.,
Ltd.,Ganzhou Kangda Expressway , Ganzhou Gankang Expressway Co., Ltd.,Guangdong Yuepu
Technology Petty Loan Co., Ltd.,Guangle Expressway 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.
Participate in the holding of the expressway situation
Volume of vehicle traffic in Increase Toll income in 2025 Increase
Guangfo Expressway 10,374.41 4.54% - -
Fokai Expressway 8,816.05 -2.24% 142,377.62 -4.78%
Jingzhu Expressway
Guangzhu East Section
Guanghui Expressway 8,941.49 3.11% 200,330.19 4.08%
Huiyan Expressway 5,739.66 24.81% 24,895.27 22.02%
Guangzhao Expressway 3,885.44 -7.61% 47,550.80 -11.34%
Jiangzhong Expressway 6,334.92 6.09% 43,085.65 23.16%
Kangda Expressway 142.94 -6.92% 29,664.07 -2.85%
Gankang Expressway 319.56 -23.93% 19,473.98 -8.45%
Guangle Expressway 3,853.68 -1.50% 252,890.12 -12.51%
Note. According to the informal letter No. 24-[2022] Yue Transportation Operation-"Notice of the
Department of Transportation of Guangdong Province on Issues Concerning the Expiration of Toll
Collection of Guangfo Expressway" issued by Guangdong Provincial Department of
Transportation, Guangfo Expressway shall stop toll collection from 0:00 on March 3, 2022.
revenue, impacted by the traffic diversion effect on traffic flows between eastern and western
Guangdong following the opening of the Shenzhen–Zhongshan Link and Zhongshan–Kaiping
Expressway, as well as the full closure of the main line from Sicun Interchange to Lianhuashan
Interchange on the Shenzhen – Cenxi Expressway (Jiangmen Section) for construction, and
construction works on the Fenjiang Bridge;
in traffic volume and toll revenue, impacted by traffic diversion following the opening of the
Shenzhen – Zhongshan Link and Nansha – Zhongshan Expressway, as well as factors such as
reconstruction and expansion works;
revenue, as the reconstruction and expansion project was completed and opened to traffic;
toll revenue, as the reconstruction and expansion project was completed and opened to traffic, and
a new toll rate has been implemented since June 13, 2025;
revenue, impacted by changes in the road network, such as the completion of parallel national
highways in the surrounding area;
revenue, impacted by changes in the road network, including the early completion of the Daqing
– Guangzhou Expressway (Jikang Section) reconstruction and expansion, the opening of the
Gannan Avenue Expressway, and the opening of the Longchuan-Xunwu Expressway;
toll revenue, impacted by the full closure of the southbound direction of the Leiyang – Yizhang
Expressway for construction.
Whether it has retroactive adjustment or re-statement on previous accounting data
□Yes √ No
In RMB
Changed
year（％）
Operating income（Yuan） 4,469,738,160.51 4,569,903,078.72 -2.19% 4,879,066,948.19
Net profit attributable to the
shareholders of the listed 1,801,337,614.93 1,562,122,219.95 15.31% 1,633,811,033.68
company（Yuan）
Net profit after deducting of
non-recurring gain/loss
attributable to the shareholders of 1,523,003,689.21 1,644,578,715.04 -7.39% 1,705,099,801.05
listed company（Yuan）
Cash flow generated by business
operation, net（Yuan）
Basic earning per
share(Yuan/Share)
Diluted gains per
share(Yuan/Share)
Weighted average ROE(%) 16.83% 15.52% 1.31% 17.30%
Changed
End of 2025 End of 2024 over last End of 2023
year（％）
Gross assets（Yuan） 26,790,914,410.82 22,441,664,114.93 19.38% 21,368,963,167.41
Net assets attributable to
shareholders of the listed 11,116,100,975.79 10,468,100,319.53 6.19% 9,847,531,855.89
company（Yuan）
In RMB
First quarter Second quarter Third quarter Fourth quarter
Operating revenue 1,049,919,860.48 1,068,042,912.77 1,244,545,969.16 1,107,229,418.10
Net profit attributable to the
shareholders of the listed 657,482,517.83 399,670,336.31 488,018,815.20 256,165,945.59
company
Net profit after deducting of
non-recurring gain/loss
attributable to the shareholders
of listed company
Net Cash flow generated by
business operation
Whether significant variances exist between the above financial index or the index with its sum
and the financial index of the quarterly report as well as semi-annual report index disclosed by the
Company.
□Yes √No
Total shareholders The total number of preferred Total preference shareholders with
Total number of common at the end of the shareholders voting
voting rights recovered at end of
shareholders at the end of the 57,026 month from the 54,926 rights 0 0
last month before annual report
reporting period date of disclosing restored at period-end (if any)(Note
the annual report 8) disclosed(if any)(Note8)
Particulars about shares held above 5% by shareholders or top ten shareholders(Excludes shares lent through refinancing)
Number of Number of share
Proportion Changes in Amount of Amount of
shares held pledged/frozen
Shareholders Nature of shareholder of shares reporting restricted shares un-restricted shares
at period
held（%） period held held State of share Amount
-end
Guangdong Communication
State-owned legal person 24.56% 513,485,480 410,105,738 103,379,742 Not applicable 0
Group Co.,Ltd
Guangdong Highway
State-owned legal person 22.30% 466,325,020 466,325,020 Not applicable 0
Construction Co., Ltd,
Shandong Tonghui Capital
State-owned legal person 9.68% 202,429,927 202,429,927 202,429,927 Not applicable 0
Investmenty Group Co., Ltd.
Guangdong Provincial
State-owned legal person 2.53% 52,937,491 19,582,228 33,355,263 Not applicable 0
Freeway Co.,Ltd.
China Pacific Life Insurance
Co., Ltd.-China Pacific Life
Equity Dividend Product (Life
Other 1.81% 37,812,274 37,812,274 Not applicable 0
Proprietary Trading) Entrusted
Investment (Changjiang
Pension)
China Construction Bank －
Huatai-PineBridge CSI
Dividend Low Volatility
Other 1.75% 36,631,729 36,631,729 0 36,631,729 Not applicable 0
Exchange-Traded Open-End
Index Securities Investment
Fund
Orient Securities State-owned legal person 0.78% 16,353,348 3,657,235 0 16,353,348 Not applicable 0
Xinyue Co., Ltd. Overseas legal person 0.63% 13,201,086 0 0 13,201,086 Not applicable 0
China Merchants Securities
State-owned legal person 0.61% 12,759,087 8,883,287 0 12,759,087 Not applicable 0
Co., Ltd.
China Life Insurance Co., Ltd
－ Dividends-Individual
Other 0.55% 11,594,185 10,511,685 0 11,594,185 Not applicable 0
dividends-005L － FH002
Shanghai
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
Strategic investor or general legal person becoming top-10 ordinary shareholder
relationship between other shareholders and whether they are persons taking concerted action specified in the
due to rights issue (if any) (see note 3)
Regulations on Disclosure of Information about Change in Shareholding of Shareholders of Listed
Companies.
Top 10 shareholders including the special account for repurchase (if any) (see
None
note 10)
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
□ Applicable √ Not applicable
N/A
controller
State-owned Assets
Supervision and
Administration Commission
the people’s Government
Guangdong
Communication Group
Guangdong Guangdong Guangdong Guangdong
Province Highway Province Xinyue Co.,
Transportation Construction Co., Ltd.
Development
Guangdong Provincial Expressway Development Co., Ltd
□ Applicable √ Not applicable
III. Important matters
During the reporting period, the Company received relevant government documents, clarifying
that the Guangzhou-Foshan Expressway would be taken back for management by the government.
The operational, management, and maintenance expenses advanced by Guangfo Company would
be paid to Guangfo Company by the relevant entities after audit and settlement were carried out in
accordance with procedures. The Company holds 75% equity in Guangfo Company. Guangfo
Company reversed the previously accrued bad debt provision for the advanced Guangzhou-Foshan
Expressway management and maintenance expenses. The Company will carry out the handover
procedures for the Guangzhou-Foshan Expressway in accordance with relevant regulations and
processes. The Company will make separate announcements regarding the progress of the related
matters.
Date of disclosing Description of the website for disclosing
Description of provisional announcement
provisional announcement provisional announcements
Announcement of important matters March 15,2025 http://www.cninfo.com.cn
