2025年年度报告（英文版）

2025 Annual Report1Guangdong Provincial Expressway Development Co., Ltd.2025 Annual ReportMarch 20262025 Annual Report2I. Important Notice, Table of Contents and DefinitionsThe Board of Directors and the directors, Supervisory Committee and supervisors and Senior Executives of theCompany hereby warrant that at the year , there are no misstatement, misleading representation or importantomissions in this report and shall assume joint and several liability for the authenticity, accuracy andcompleteness of the contents hereof.Mr.Miao Deshan, The Company leader, Mr. Lu Ming, Chief financial officer and the Ms.Yan Xiaohong,the person in charge of the accounting department (the person in charge of the accounting )hereby confirm theauthenticity and completeness of the financial report enclosed in this annual report.All the directors attended the board meeting for reviewing the Annual Report.The toll revenues of Expressway is main source of the major business income of the company , The chargestandard of vehicle toll must be submitted to the same level people's government for review and approval after thetransport regulatory department of province, autonomous region or municipality directly under the centralgovernment 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 thefuture price level when the cost of the company rises still depend on the approval of relevant national policies andgovernment departments, and the company isn't able to make timely adjustment to the charge standard inaccordance with the its own operation cost or the change of market supply demand. So, the change of chargepolicy and the adjustment of charge standard also have influence on the expressways operated by the company tosome extent. So, the charging policy changes and charges adjustment will affect the highways operation of thecompany.The profit distribution proposal reviewed and approved by the boarding meeting was summarized asfollows:2,090,806,126 for the base, the Company would distribute cash dividend to all the shareholders at therate of CNY 6.04 for every 10 shares (with tax inclusive) , 0 bonus shares（including tax）and no reserve wouldbe converted into share capital.2025 Annual Report3Table of ContentsI.Important Notice, Table of contents and DefinitionsII. Company Profile & Financial Highlights.III. Management Discussion & AnalysisIV. Corporate Governance and Environmental SocialV. Important EventsVI. Changes in shares and information about ShareholdersVII. Corporate BondVIII. Financial Report2025 Annual Report4Documents available for inspection1. Accounting statements carried with personal signatures and seals of legal representative, General Manager,Chief Financial officer（Chief accountant）,the person in charge of the accounting department (the person incharge of the accounting )Financial Principal .2. Original o