（於中華人民共和國註冊成立的股份有限公司） 股份代號 : 03399 ( 於中華人民共和國註冊成立的股份有限公司 ) 股份代號 : 03399 2024 年度報告 僅供識別 公司簡介 廣東粵運交通股份有限公司（「本公司」或「公司」）及其附屬公 司（統稱「本集團」）是綜合性交通服務提供商，成立於1999 年，2005年於香港聯合交易所有限公司主板上市（「聯交所」， 股份代號：03399）。公司目前總股本799,847,800股，其控股 股東廣東省交通集團有限公司（「交通集團」）持有其約74.12% 的股份，H股股東持有其約25.88%的股份。 本集團目前從事的業務主要是出行服務業務，劃分為： 本公司「十四五」規劃對本集團的戰略定位：立足交通，以高 速公路出行服務產業為核心，深度經營交通出行網絡資源，以 集約化、數字化、專業化的運營模式，深挖放大資源價值，積 極探索新經濟，打造國內領先的高速公路出行服務及交能融合 運營一體化服務平台，致力成為綜合性交通服務集團。 • 高速公路服務區經營 › 能源業務 › 零售業務 › 招商業務 › 廣告業務 • 道路客運及配套 • 太平立交運營 目錄 公司概覽 | 公司簡介 | ...

Financial Performance - The group's operating revenue for the year 2024 was approximately RMB 7,200,338 thousand, a decrease of about RMB 26,893 thousand compared to 2023[4]. - The net profit attributable to shareholders of the parent company for 2024 was approximately RMB 236,508 thousand, an increase of RMB 34,620 thousand or 17% compared to 2023[4]. - Basic and diluted earnings per share for 2024 were RMB 0.30, an increase of RMB 0.05 per share or 17% compared to 2023[4]. - The total operating costs for 2024 were RMB 7,337,298,365.24, compared to RMB 7,366,936,804.42 in 2023[10]. - The operating profit for 2024 was RMB 309,438,267.04, an increase from RMB 295,796,749.74 in 2023[10]. - Net profit for 2024 reached approximately $229.29 million, an increase of 7.2% from $213.83 million in 2023[12]. - Total comprehensive income for 2024 was approximately $228.20 million, compared to $220.15 million in 2023, indicating a growth of 3.1%[12]. - The company reported a total of RMB 343,125,834.79 in other income for 2024, compared to RMB 362,142,659.89 in 2023[10]. - The company recorded a total cash outflow related to leases of RMB 305,709,516.10 in 2024, down from RMB 384,622,352.98 in 2023, indicating a decrease of about 20.5%[77]. - The company achieved a gross profit of RMB 649,950 thousand, an increase of RMB 3,170 thousand or approximately 0.49% compared to RMB 646,780 thousand in 2023, with a gross margin of 9.03%[107]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 8,724,059,777.83, compared to RMB 8,603,368,305.61 as of December 31, 2023[5][6]. - Total liabilities as of December 31, 2024, were RMB 6,118,199,172.56, an increase from RMB 5,986,462,949.38 as of December 31, 2023[6]. - The total equity attributable to shareholders of the parent company was RMB 2,086,139,750.36 as of December 31, 2024, compared to RMB 1,914,431,505.37 as of December 31, 2023[8]. - The total amount of accounts payable due within one year increased to RMB 468,885,160.18 from RMB 326,983,018.81 in 2023, a rise of 43.3%[53]. - The overdue short-term borrowings as of December 31, 2024, stood at RMB 100,130,000.00, with an overdue interest rate ranging from 6.53% to 7.65%[51]. - Long-term borrowings decreased to RMB 522,995,173.22 as of December 31, 2024, down from RMB 984,736,205.01 in 2023, representing a reduction of 46.9%[55]. Investments and Expenses - Research and development expenses for 2024 were RMB 5,492,718.04, down from RMB 7,044,729.80 in 2023[10]. - The company has not made any significant changes to important accounting estimates during the year[20]. - The financial expenses for the year amounted to RMB 199,981,978.64, an increase from RMB 180,284,878.30 in 2023, marking an increase of 10.9%[61]. - Investment income from equity method accounted long-term investments decreased from $85.74 million in 2023 to $77.03 million in 2024, a decline of about 10.2%[64]. - Total credit impairment losses decreased significantly from $18.38 million in 2023 to $5.06 million in 2024, a reduction of approximately 72.5%[64]. Operational Developments - The company managed 226 gas stations by the end of 2024, including 112 self-operated stations, which indicates a strategic expansion in the energy sector[86]. - The group achieved a total fuel sales volume of 284,900 tons, with a year-on-year increase of 52% in fuel sales to major customers, totaling over 36,000 tons[88]. - The company aims to enhance its energy business by expanding its gas station network and promoting clean energy initiatives, aligning with its strategic goals for growth[86]. - The company has implemented eight major quality improvement actions to drive transformation and enhance operational efficiency in response to market trends[85]. - The company plans to reduce the workforce in the passenger transport sector by 25.34% in 2024 to align with operational scale[95]. Governance and Compliance - The company held its 2023 Annual General Meeting on June 28, 2024, and the first special general meeting on July 30, 2024, with all executive directors and independent non-executive directors present, ensuring comprehensive understanding of shareholder opinions[149]. - The Audit and Corporate Governance Committee reviewed the company's audited financial statements for the year ending December 31, 2024, and recommended their adoption by the board[157]. - The company has adopted the standard code of conduct for securities trading by directors and supervisors, confirming compliance for the year ending December 31, 2024[151]. - The company has no significant contingent liabilities as of December 31, 2024[135]. - The company is committed to promoting gender diversity among employees and has implemented flexible working arrangements for those needing to care for family[165].

Financial Performance - Total revenue for the first half of 2024 reached RMB 3,674,663,000, a 5% increase compared to RMB 3,498,266,000 in the same period of 2023[8] - Revenue from highway service area operations was RMB 2,621,531,000, up 10% from RMB 2,388,803,000 year-on-year[8] - Net profit attributable to shareholders increased by 13% to RMB 138,669,000 from RMB 122,634,000 in the previous year[8] - Operating profit for the first half of 2024 was RMB 189,754,000, an 8% increase from RMB 176,100,000 in the same period last year[8] - Basic earnings per share increased by 13% to RMB 0.17 from RMB 0.15 in the previous year[8] - The gross profit for the same period was RMB 379,135 thousand, representing a year-on-year increase of RMB 80,710 thousand or 27%, with a gross margin of 10.32% compared to 8.53% in 2023[45] - The company reported a total operating profit of RMB 189,753,485.07 for the first half of 2024, an increase from RMB 176,100,488.58 in the same period of 2023, reflecting a growth of 7.48%[100] - The company reported a total comprehensive income of RMB 132,033,100.14 for the first half of 2024, compared to RMB 138,669,235.05 in the same period of 2023, showing a decrease of approximately 4.8%[113] Asset and Liability Management - Total assets as of June 30, 2024, were RMB 8,592,319,000, showing a slight decrease of 0% from RMB 8,603,368,000 at the end of 2023[10] - The company’s debt-to-asset ratio was 69.39% as of June 30, 2024, slightly down from 69.58% at the end of 2023[10] - The group’s total liabilities as of June 30, 2024, were RMB 5,961,857 thousand, with a debt-to-equity ratio of 8.40%, down from 21.48% at the end of 2023[61] - The company reported a decrease in non-current liabilities to RMB 3,165,000,981.86 from RMB 3,426,060,560.45, a reduction of approximately 7.6%[94] - The company has reduced its interest-bearing debt ratio by 7.61 percentage points by the end of June 2024, compared to the beginning of the year[32] Strategic Initiatives - The company plans to deepen its focus on integrated transportation services and explore new economic opportunities as part of its "14th Five-Year Plan"[4] - The company plans to increase investments in emerging industries such as photovoltaics and charging stations, while optimizing the structure of the domestic road passenger transport business[11] - The company aims to expand its self-operated gas station network and enhance strategic cooperation with state-owned oil companies to ensure stable fuel supply and reduce procurement costs[12] - The company is constructing a photovoltaic "source-network-load-storage integration" project at the Dahai service area, aiming to become a national benchmark for "zero-carbon" and "low-carbon" service areas[12] - The company is advancing the "Hundred Thousand Ten Thousand Project" to upgrade service areas, focusing on integrating transportation with agriculture, culture, and tourism[15] Operational Efficiency - The company is reforming its service area management structure and optimizing its operational management system to improve efficiency and reduce costs[16] - The company is implementing a personalized management strategy for different store conditions, optimizing operational models to improve profitability and efficiency[14] - The company has established three rescue centers and 207 rescue stations, covering 7,432 kilometers of highway rescue service mileage by the end of June 2024[35] - The company is enhancing its service quality in highway vehicle rescue, aiming for a 30-minute arrival rate and a 60-minute clearance rate[20] Market Development - The company is exploring external market development through direct business expansion and enhancing customer resources[17] - The company has successfully implemented a new leasing model for service area招商业务, with notable progress in expanding KFC franchise locations, including the opening of 雅瑤 KFC in early July[28] - A total of 31 promotional events for local agricultural products have been conducted across 26 agricultural demonstration service areas, in collaboration with local governments and support teams[29] - The company held its first out-of-province highway service area招商推介会 in the first half of 2024, promoting 31特色服务区 and 104助农兴业示范服务区[29] Human Resources and Training - The total employee cost for the six months ended June 30, 2024, was approximately RMB 749 million, a decrease from RMB 819 million in the same period of 2023, reflecting a reduction in total employees from 14,558 to 13,850[85] - The company conducted a total of 228 training courses with 15,938 participants, accumulating approximately 203,171 training hours, achieving a satisfaction rate of over 95%[87] Corporate Governance - The company is committed to maintaining high standards of corporate governance and has complied with all relevant codes except for specific deviations noted[80] - The independent auditor, Lixin CPA, was appointed for the term until the next annual general meeting[89] - The company emphasizes the importance of corporate governance for business success and shareholder value enhancement[80] Cash Flow and Investment - The net cash inflow from operating activities for the first half of 2024 was RMB 623,201 thousand, an increase of RMB 227,688 thousand compared to RMB 395,513 thousand in the same period of 2023[63] - The net cash inflow from investment activities was RMB 4,627 thousand, a significant improvement of RMB 25,451 thousand compared to a net outflow of RMB 20,824 thousand in the first half of 2023[64] - The net cash flow from financing activities was RMB 167,357,268.97 in the first half of 2024, a turnaround from a negative cash flow of RMB 92,255,544.08 in the same period of 2023[111] Financial Reporting and Compliance - The financial report is prepared in accordance with the accounting standards issued by the Ministry of Finance of the People's Republic of China, reflecting the financial position as of June 30, 2024[125] - The accounting period for the financial report covers January 1, 2024, to June 30, 2024[126] - The company’s business cycle is defined as 12 months[127] - The company views the entire corporate group as a single accounting entity, preparing consolidated financial statements that reflect the overall financial position, operating results, and cash flows of the group[132]

Financial Performance - For the six months ended June 30, 2024, the company's operating revenue was approximately RMB 3,674,663,000, representing a 5% increase compared to RMB 3,498,266,000 for the same period in 2023[1]. - The net profit for the same period was RMB 135,604,000, a decrease of 6% from RMB 144,092,000 in 2023[1]. - The net profit attributable to shareholders of the parent company increased by 13% to RMB 138,669,000 from RMB 122,634,000 year-on-year[1]. - Basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 0.17, up from RMB 0.15, reflecting a 13% increase[1]. - Total operating revenue for the first half of 2024 reached RMB 3,674,662,696.59, an increase of 5.04% compared to RMB 3,498,266,113.58 in the same period of 2023[8]. - Total operating costs increased to RMB 3,675,818,805.95, up from RMB 3,552,521,726.49, reflecting a rise of 3.47%[8]. - Net profit for the first half of 2024 was RMB 135,603,731.44, a decrease of 5.43% from RMB 144,092,496.76 in the first half of 2023[8]. - Total comprehensive income for the first half of 2024 was RMB 129,402,631.17, down from RMB 148,832,640.33 in the same period of 2023, indicating a decline of 12.93%[9]. - The company reported operating profit of RMB 189,753,485.07 for the first half of 2024, compared to RMB 176,100,488.58 in the same period of 2023, indicating an increase of about 7.5%[56]. Assets and Liabilities - Total current assets as of June 30, 2024, amounted to RMB 2,791,441,182.25, compared to RMB 2,453,909,196.32 as of December 31, 2023[3]. - Total current liabilities increased to RMB 2,796,856,710.29 from RMB 2,560,402,388.93 as of December 31, 2023[5]. - The total assets as of June 30, 2024, were RMB 8,592,319,210.61, slightly down from RMB 8,603,368,305.61 at the end of 2023[7]. - The company’s total liabilities increased to RMB 487,153,095.54 for current liabilities due within one year as of June 30, 2024[35]. - The total liabilities as of June 30, 2024, were RMB 5,961,857,692.15, compared to RMB 6,042,965,916.68 at the end of 2023[52]. Cash Flow and Investments - Cash inflow from operating activities was RMB 623,201 thousand, an increase of RMB 227,688 thousand year-on-year, driven by increased revenue[92]. - The net cash inflow from investment activities in the first half of 2024 was RMB 4,627 thousand, a significant increase of RMB 25,451 thousand compared to a net outflow of RMB 20,824 thousand in the same period of 2023[93]. - The net cash outflow from financing activities in the first half of 2024 was RMB 223,976 thousand, a decrease of RMB 68,840 thousand from a net outflow of RMB 292,816 thousand in the same period of 2023[94]. Research and Development - Research and development expenses surged to RMB 4,524,303.98, significantly higher than RMB 1,326,633.35 in the previous year, marking an increase of 241.36%[8]. - Management and R&D expenses totaled RMB 250,263 thousand, an increase of RMB 35,824 thousand or 17% year-on-year, primarily due to business reform initiatives[83]. Employee and Training - As of June 30, 2024, the company had a total of 13,850 employees, a decrease from 14,558 employees as of December 31, 2023[114]. - Total employee costs for the six months ended June 30, 2024, amounted to approximately RMB 749 million, down from RMB 819 million in the same period of 2023[114]. - The company conducted a total of 228 training courses, with 15,938 participants and a total of approximately 203,171 training hours[115]. - The overall satisfaction rate of participants in internal and external training courses exceeded 95%[115]. Corporate Governance - The board did not recommend the declaration of an interim dividend for the six months ended June 30, 2024[116]. - The audit committee reviewed the unaudited interim results for the six months ended June 30, 2024, and recommended their adoption by the board[112]. - The company appointed Lixin Certified Public Accountants as its auditor until the next annual general meeting[116]. - The board of directors comprises nine members, including four executive directors and four independent non-executive directors[111]. Business Operations and Strategy - The company operates 221 gas stations, with 204 currently in operation, including 81 self-operated and 11 cooperative stations, and has 239 service areas equipped with charging stations[60]. - Diesel sales have significantly increased year-on-year due to marketing activities, including 40 promotional campaigns aimed at enhancing customer loyalty[61]. - The company has expanded its retail business, operating 500 "Le Yi" convenience stores as of June 30, 2024, and has optimized delivery routes to save 73 kilometers per trip[62]. - A new business model for retail operations has been introduced, including "human + machine" and "unmanned stores" to adapt to evolving market demands[62]. - The company has successfully implemented a new leasing model for service area operations, enhancing its commercial management capabilities[63]. - The company is actively promoting its service area upgrade projects, having conducted promotional activities for 31 pairs of specialty service areas in the first half of 2024[64]. - The company is advancing its energy business by integrating solar energy projects and enhancing its energy supply chain, with feasibility studies for 30 supercharging stations completed[60]. Financial Management - Financial expenses for the first half of 2024 totaled RMB 75,507,124.09, down from RMB 86,573,152.59 in the same period of 2023, indicating a reduction of about 12.3%[42]. - The company has reduced its interest-bearing debt ratio by 7.61 percentage points by the end of June 2024 compared to the beginning of the year[67]. - The group’s fixed assets valued at approximately RMB 305,119 thousand and land use rights valued at RMB 72,084 thousand were used as collateral for borrowings as of June 30, 2024[98]. Future Plans - The group plans to expand its self-operated gas station network and optimize its energy structure by developing clean energy projects, including a photovoltaic project at the Dahai service area[100]. - The group will implement a personalized operational strategy for different stores, focusing on optimizing store operations and improving profitability[101]. - The company aims to complete the exit of 2 to 3 regional passenger transport enterprises by the end of the year as part of its restructuring efforts[104]. - The company plans to enhance the efficiency of highway rescue services by improving the on-time arrival rate to 30 minutes and the clearance rate to 60 minutes[105].

Financial Performance - Total assets decreased by 7% to RMB 8,603,368 thousand as of December 31, 2023, compared to RMB 9,215,602 thousand in 2022[10] - Net assets attributable to equity holders of the company increased by 13% to RMB 1,914,432 thousand in 2023, up from RMB 1,698,049 thousand in 2022[10] - Gross profit margin significantly improved to 8.95% in 2023, a 187% increase from 3.12% in 2022[10] - Total operating revenue increased by 24% to RMB 7,227,231 thousand in 2023 compared to RMB 5,819,528 thousand in 2022[33] - Net profit attributable to shareholders of the parent company was RMB 201,888 thousand in 2023, a significant improvement from a loss of RMB 150,423 thousand in 2022[33] - Gross profit surged by 256% to RMB 646,780 thousand in 2023 from RMB 181,571 thousand in 2022[33] - The company expects a net profit of at least RMB 120 million for the first half of 2023, a turnaround from the same period in 2022[44] - The company's revenue for the first half of 2023 reached approximately RMB 3,498,266 thousand, a 20% increase compared to the same period in 2022[69] - Net profit for the first half of 2023 was approximately RMB 144,092 thousand, a significant increase from the previous year[69] Business Operations and Expansion - The company successfully reduced its interest expense by securing a RMB 248.5 million working capital loan at a preferential rate of 2.80%, down 85 basis points from the previous rate of 3.65%[14] - The company completed the disposal of a property in Wuhua County for RMB 16,204,049 in September 2023[20] - The company signed a contract worth RMB 18,571,500 for the operation rights of gas stations at Chaozhou Service Area on Shantou-Fenyang Expressway[25] - The company expanded its service area operations by acquiring self-operated franchise rights for KFC outlets at Lantang and Yangjiang service areas[24] - The company launched a digital rescue solution project, marking its first comprehensive digital solution for the highway rescue industry[22] - The company's highway service area business revenue grew by 31% to RMB 4,954,993 thousand in 2023[33] - Road passenger transport and supporting business revenue increased by 11% to RMB 2,128,605 thousand in 2023[33] - The company signed a RMB 62.9066 million contract for the operation rights of service areas along the Zihui Expressway[43] - The company sold 59.6206% equity of Zhaoqing Yueyun Automobile Transportation Co., Ltd. for RMB 69,719,500[48] - The company achieved a new model of overall outsourcing of service area property management with a contract value of RMB 34.7415 million[46] - The company's self-developed cross-border passenger ticketing system successfully supported the full resumption of cross-border passenger services[36] - The company operates 68 self-built and self-operated gas stations, with plans to exceed 100 stations during the "14th Five-Year Plan" period[55] - The company manages 61 charging stations with 287 charging piles and 297 charging spaces, and has partnered with NIO to operate 7 battery swap stations[55] - The "Leyi" convenience store brand has expanded to 480 stores across the province, with ongoing optimization of store operations and service quality[55] - The company has completed the comprehensive development of the Da Huai service area and upgraded 26 service areas, leading to stable growth in service area leasing revenue[58] - The company has increased the annual cap for property leasing related-party transactions from RMB 3,400,000 to RMB 11,130,000 for the year ending December 31, 2023[65] - The company secured the operating rights for the Heng He service area gas station with a contract value of RMB 36 million[74] - The company plans to complete the first phase of traditional gas station business model reform by 2024, focusing on scale operation, refined management, and brand enhancement[64] - The company aims to complete a pilot project for a "source-grid-load-storage integrated" new energy project by 2024, focusing on charging piles, battery swap stations, and photovoltaic power generation[64] - The company has the largest number of highway service area operating rights in Guangdong Province, with 369 service areas (350 in operation), leveraging the massive highway traffic flow in the region for network and scale advantages[83] - The company's "Yueyun Rescue" road rescue service covers 76 highway sections with a total service mileage of 7,002 kilometers, gradually achieving full coverage across the province[99] - The company plans to complete the construction of 9 pairs of highway characteristic service areas in 2024, focusing on themes such as cultural tourism, commercial services, and local specialties[92] - The company has renewed several management and outsourcing agreements, including the Taiping Interchange Management Agreement and the Yuegang Freight Branch Outsourcing Agreement, extending them for three years from January 1, 2024, to December 31, 2026[76] - The company has established joint ventures with major energy companies like Sinopec and PetroChina to develop highway refueling and gas station businesses, aiming to strengthen cooperation in oil supply and expand storage, wholesale, and transportation services[78] - The company's "Leyi" brand ranked 50th in the 2021 Guangdong Chain TOP100 list and was awarded the "Rural Revitalization" honor in 2022 for its social contributions[83] - The company has developed a membership-based vehicle travel guarantee service, accumulating 140,000 platform members by December 2023, including 80,000 paid gold card members and 60,000 regular card members[87] - The company is optimizing its advertising resources, deploying innovative designs that align with the highway environment, thereby enhancing the value of its advertising assets[85] - The company is integrating retail resources within service areas, unifying management of food retail projects, and exploring new retail business models in collaboration with leading e-commerce and supply chain platforms[91] - The company is leveraging its network and scale advantages by covering 76 highways, 598 toll stations (including 17 provincial boundary toll stations), and service areas and passenger stations with its advertising resources[96] - The company has completed the construction of an advertising business management platform, optimizing workflows and reducing redundant steps to improve risk control and management efficiency[107] - In 2024, the company will focus on advertising facility construction in the Pearl River Delta central area and expanded road sections, with planning and approval processes being completed in advance[107] - The company is implementing a new management model to enhance operational efficiency, including organizational restructuring and optimization of service area commercial development[106] - The company is actively exploring internal enterprise customer resources and improving design and planning capabilities to provide high-quality services for key projects and outdoor advertising[107] - The company is optimizing its business structure by formulating exit strategies for passenger transport enterprises, including equity transfers and asset disposals[107] - The company is enhancing the commercial value and social service value of its highway service area network through improved management and resource planning[106] - The company is conducting province-wide commercial operation training to improve service area operation levels[106] - The company completed the iteration and update of its digital retail system, enhancing operational, inventory management, warehousing, and supplier collaboration capabilities[178] - The company integrated local resources to upgrade service areas, introducing local specialty food zones and expanding the commercial ecosystem with new formats such as city exhibition halls, comic exhibitions, and pre-made food vending machines[180] ESG and Corporate Governance - The company's ESG performance was recognized, being listed among the top 30 state-owned enterprises in the Greater Bay Area ESG Development Index[21] - The company's Board of Directors consists of 9 members, including 4 executive directors, 1 non-executive director, and 4 independent non-executive directors, maintaining a balanced structure[196] - The company has appointed a sufficient number of independent non-executive directors in compliance with Hong Kong Listing Rule 3.10A, and all independent non-executive directors have submitted their annual independence confirmations for 2023[196] - All directors' terms will end upon the conclusion of the 8th Board of Directors' term, and they are eligible for re-election[197] - Hu Jian was elected and appointed as an executive director at the 2022 Annual General Meeting held on June 15, 2023[199] - Chen Min resigned as a non-executive director on November 2, 2023, due to retirement[200] - Guo Junfa resigned as executive director and chairman on December 29, 2023, due to work reassignment, and was replaced by Hu Xianhua as the company's authorized representative[200] - Lian Yuebin resigned as employee representative supervisor on January 16, 2024, due to retirement, and was replaced by Ou Lixu[200] Accounting and Financial Policies - The company is focusing on financial asset transfers, distinguishing between full and partial transfers, and recognizing gains or losses based on fair value differences[112] - The company measures expected credit losses for financial instruments, considering the longest contract period and credit risk[117] - The company uses the weighted average method to determine the actual cost of inventory when it is issued[126] - The company uses the equity method to account for long-term equity investments, offsetting unrealized internal transaction profits and losses with associates and joint ventures based on the proportion attributable to the company[135] - For partial disposals of equity-method long-term equity investments, the remaining equity continues to be accounted for using the equity method, with other comprehensive income and changes in other equity interests proportionally transferred to current profits or losses[136] - Subsequent expenditures related to investment properties are capitalized if the economic benefits are likely to flow in and costs can be reliably measured; otherwise, they are expensed[137] - Subsequent expenditures related to fixed assets are capitalized if the economic benefits are likely to flow in and costs can be reliably measured, with replaced parts derecognized and other expenditures expensed[139] - The company assesses significant increases in credit risk based on reasonable and supportable information, including forward-looking data, and evaluates credit risk on a single instrument or portfolio basis[144] - If the company no longer reasonably expects to recover all or part of the contractual cash flows of a financial asset, the carrying amount is directly written off, constituting derecognition of the financial asset[147] - Inventory is measured at the lower of cost and net realizable value, with any excess of cost over net realizable value recognized as an inventory write-down[150] - For long-term equity investments obtained through issuing equity instruments, the initial investment cost is based on the fair value of the equity instruments issued[157] - The company capitalizes borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets, while other borrowing costs are expensed as incurred[166] - The cost of externally acquired intangible assets includes the purchase price, related taxes, and other directly attributable expenditures to prepare the asset for its intended use[170] - The company adopted a cost model for its investment properties, applying the same depreciation and amortization policies as its fixed assets and intangible assets[184] - The company reviews the useful life, estimated residual value, and depreciation method of its fixed assets at least annually[187] - The company capitalizes borrowing costs during the construction or production period of qualifying assets, pausing capitalization if the interruption exceeds three months[191] Asset and Resource Management - The company has 209 gas stations under its operation, including 68 self-operated stations, 13 co-operated stations, and 128 contracted stations as of December 2023[176] - The company manages 506 advertising resources across 76 highways, including rooftop signs, toll station signs, gantries, columns, overpasses, and ground signs[180] - The company revised the annual cap for property leasing framework agreements from RMB 3,400,000 to RMB 11,130,000 for the year ending December 31, 2023[173] - The company renewed several agreements, including the Taiping Interchange Management Agreement with Humen Bridge Company and the property leasing framework agreement with Guangdong Litong, effective from January 1, 2024, to December 31, 2026[174]

Financial Performance - The group's operating revenue for 2023 was approximately RMB 7,227.231 million, a 24% increase from RMB 5,819.528 million in 2022[13] - Net profit attributable to parent company shareholders in 2023 was approximately RMB 201.888 million, compared to a net loss of RMB 150.423 million in 2022, representing a profit increase of RMB 352.311 million[13] - Basic and diluted earnings per share for 2023 were both RMB 0.25, compared to a loss per share of RMB 0.19 in 2022, representing an increase of RMB 0.44 per share[13] - Total revenue for 2023 reached RMB 7,227,231,098.67, a significant increase from RMB 5,819,527,628.66 in 2022[23] - Net profit for 2023 was RMB 213,826,843.82, a substantial improvement from a net loss of RMB 208,980,782.45 in 2022[24] - Operating profit for 2023 was RMB 295,796,749.74, compared to an operating loss of RMB 36,342,685.25 in 2022[23] - Basic earnings per share for 2023 was RMB 0.25, compared to a loss per share of RMB 0.19 in 2022[24] - Net profit attributable to the parent company's owners for the year was 201,887,517.27, a significant improvement from a loss of 150,423,379.26 in the previous year[146] - The company achieved a net profit of 213,826,843.82 in 2023, a significant turnaround from a net loss of -208,980,782.45 in 2022[177] - Total operating revenue increased by 24.2% from 5,819,527,628.66 in 2022 to 7,227,231,098.67 in 2023[177] Assets and Liabilities - The group's total current assets as of December 31, 2023 were RMB 2,453.909 million, compared to RMB 2,255.806 million in 2022[16] - Total assets decreased to RMB 8,603,368,305.61 in 2023 from RMB 9,215,602,097.18 in 2022[22] - Total liabilities decreased to RMB 5,986,462,949.38 in 2023 from RMB 6,733,846,620.99 in 2022[21] - Total equity increased to RMB 2,616,905,356.23 in 2023 from RMB 2,481,755,476.19 in 2022[22] - The company's current liabilities exceeded current assets by RMB 106,493,192.61 as of December 31, 2023, but it has sufficient unused credit facilities to support debt repayment over the next 12 months[32] - Total assets as of December 31, 2023, amounted to RMB 6,074,885,893.64, a decrease from RMB 6,340,430,804.44 in 2022[86] - Net current liabilities decreased significantly from -1,310,922,697.26 in 2022 to -106,493,192.61 in 2023, indicating improved liquidity[172] - Total assets minus current liabilities increased from 5,648,873,525.48 in 2022 to 6,042,965,916.68 in 2023, reflecting stronger financial position[172] - The company's total assets decreased slightly from 9,215,602,097.18 in 2022 to 8,603,368,305.61 in 2023, indicating asset optimization[177] - Total liabilities decreased from 6,733,846,620.99 in 2022 to 5,986,462,949.38 in 2023, showing improved debt management[177] Employee and Labor Costs - The group had 14,558 employees as of December 31, 2023, a decrease from 17,073 employees in 2022[7] - Employee costs (including director remuneration) for 2023 were RMB 1.689 billion, compared to RMB 1.819 billion in 2022[7] - The proportion of female employees in the group is less than 25% as of December 31, 2023[1] - The company's board has achieved gender diversity with one female director and aims to appoint more female directors in the future[139] Corporate Governance and Compliance - The company's board of supervisors held two meetings in 2023 with an average attendance rate of 100%[3] - The company plans to continue appointing Lixin Certified Public Accountants as its auditor at the 2023 annual general meeting in June 2024[8] - The company fully complied with the Corporate Governance Code as of December 31, 2023[96] - The Audit and Corporate Governance Committee reviewed the company's audited financial statements for 2023 and recommended their adoption by the board[101] - The Audit and Corporate Governance Committee members had a 100% attendance rate for all 3 meetings in 2023[101] - The Remuneration Committee members had a 100% attendance rate for all 2 meetings in 2023[105] - The Nomination Committee follows a selection process considering diversity, time commitment, potential conflicts, and independence for director candidates[108] - The company's director nomination process includes interviews, background checks, and board approval[109] Subsidiaries and Asset Disposal - The company disposed of subsidiaries, including Dapu County Lianxing Motor Vehicle Inspection Technology Co., Ltd. for RMB 4,335,700 and Zhaoqing Yueyun Automobile Transportation Co., Ltd. for RMB 69,719,500[53][55] - Four subsidiaries were deregistered in 2023 and excluded from the consolidated financial statements, including Yangjiang Yueyun Langri Taxi Co., Ltd. and Heyuan Yueyun Tongxing Tourism Automobile Co., Ltd.[57] - The company disposed of subsidiaries, resulting in a reduction of RMB 338,961,271.43 in assets[86] - The company completed the equity transfer of Zhaoqing Yueyun Automobile Transportation Co., Ltd. and Maoming Dianbai Yueyun Automobile Transportation Co., Ltd., fully exiting the passenger transportation business in Zhaoqing and Maoming regions[199] Accounts Receivable and Bad Debt - Accounts receivable decreased to RMB 343,606,007.30 in 2023 from RMB 367,089,918.68 in 2022[17] - Accounts receivable within 3 months decreased to RMB 249,538,395.73 as of December 31, 2023, compared to RMB 256,831,824.96 in the previous year[58] - The total accounts receivable balance was RMB 421,061,477.93 as of December 31, 2023, with a bad debt provision of RMB 77,455,470.63[58] - Total bad debt provision for 2023 reached RMB 77,455,470.63, with RMB 25,117,280.29 from single-item provisions and RMB 52,338,190.34 from portfolio provisions[75] - The company wrote off RMB 3,758,964.57 in actual bad debts during the year[75] - The provision ratio for receivables aged over 3 years reached 100% for certain business segments[73] - The total provision ratio for receivables aged 1-2 years in the highway service business was 10%[73] - The total provision ratio for receivables aged 2-3 years in the material logistics business was 50%[75] Fixed Assets and Investment Properties - Investment property increased by RMB 143,687,496.73 in 2023, reaching a total book value of RMB 431,420,395.99[77] - Fixed assets decreased by RMB 545,722,078.02 in 2023, totaling RMB 2,390,537,513.74[85] - The company's investment properties worth RMB 192,033,725.57 were used as collateral for bank loans, including RMB 72,564,353.13 for long-term loans and RMB 119,469,372.44 for short-term loans[77] - The company's investment property depreciation and amortization increased by RMB 50,366,353.45 in 2023[77] - Fixed assets used as collateral for bank loans totaled RMB 214,729,021.65 as of December 31, 2023[87] - The book value of fixed assets not yet registered with property certificates was RMB 79,731,369.89 as of December 31, 2023[88] - Depreciation expenses for the year amounted to RMB 494,024,011.66, primarily from regular depreciation charges[87] - The company transferred assets to investment properties, totaling RMB 72,579,453.52 in 2023[86] - The book value of fixed assets decreased from RMB 2,936,259,591.76 in 2022 to RMB 2,390,537,513.74 in 2023[87] - Impairment losses for the year were minimal, with a reduction of only RMB 127,090.94[87] - Fixed assets used as collateral for long-term payables increased to RMB 153,006,500.89 in 2023 from RMB 65,866,878.62 in 2022[87] Intangible Assets and Right-of-Use Assets - The total book value of right-of-use assets decreased from RMB 3,459,406,738.95 in 2022 to RMB 3,203,975,900.88 in 2023, reflecting a reduction of RMB 255,430,838.07[89] - The book value of intangible assets decreased from RMB 1,657,486,164.30 in 2022 to RMB 1,507,861,441.42 in 2023, a reduction of RMB 149,624,722.88[91] - The accumulated depreciation of right-of-use assets increased from RMB 1,485,362,811.16 in 2022 to RMB 1,403,956,751.49 in 2023, reflecting an increase of RMB 81,593,940.33[89] - The accumulated amortization of intangible assets increased from RMB 778,142,808.98 in 2022 to RMB 775,061,529.70 in 2023, a slight increase of RMB 3,081,279.72[91] - The net book value of right-of-use assets decreased from RMB 1,974,043,927.79 in 2022 to RMB 1,800,019,149.39 in 2023, a reduction of RMB 174,024,778.40[89] - The net book value of intangible assets decreased from RMB 876,386,375.75 in 2022 to RMB 691,758,827.36 in 2023, a reduction of RMB 184,627,548.39[93] - The company added RMB 189,002,271.26 to right-of-use assets in 2023, primarily from new leases[89] - The company added RMB 24,601,295.57 to intangible assets in 2023, including RMB 13,561,686.27 from acquisitions and RMB 8,800,852.56 from internal development[91] - The company disposed of RMB 444,433,109.33 in right-of-use assets in 2023, including RMB 371,103,496.05 due to lease expirations[89] - The company disposed of RMB 174,226,018.45 in intangible assets in 2023, including RMB 92,008,063.19 from subsidiary disposals[91] Land and Property - The company's land assets without property certificates in Heyuan, Shanwei, Shaoguan, Yangjiang, and Meizhou had a book value of RMB 6,957,525.39 as of December 31, 2023, compared to RMB 7,130,970.79 in 2022[94] - The company's land use rights obtained through allocation had a book value of RMB 83,822,210.96 as of December 31, 2023, down from RMB 90,817,804.81 in 2022[94] - The remaining amortization period for the company's land use rights ranges from 26 to 59 years[83] Borrowings and Financial Expenses - The company's short-term borrowings as of December 31, 2023, totaled RMB 445.87 million, with interest rates ranging from 2.00% to 5.10%[119] - As of December 31, 2023, the company had overdue short-term borrowings of RMB 13.95 million with an interest rate of 4.75%[122] - The company's accounts payable as of December 31, 2023, amounted to RMB 557.73 million, with the majority (RMB 326.98 million) due within one year[123][124] - The company's long-term borrowings due within one year as of December 31, 2023, were RMB 112.73 million, a significant decrease from RMB 696.13 million in the previous year[127] - Total credit borrowing increased to 824,447,656.20 from 561,009,396.46, with bank borrowing rising to 721,633,384.24 from 505,606,077.01[130] - Mortgage borrowing increased to 204,381,166.77 from 349,230,532.07, while pledged borrowing was newly recorded at 17,519,864.49[130] - Long-term borrowing classified as due after one year decreased to 489,194,107.59 from 872,009,713.05[134] - Overdue long-term borrowing as of December 31, 2023, amounted to 15,263,891.79 with interest rates ranging from 4.75% to 4.90%[144] - Lease liabilities decreased to 1,833,134,415.92 from 1,846,526,980.15, with current portion of non-current liabilities also decreasing to 160,910,669.96 from 254,994,878.92[145] - Total financial expenses decreased to 180,284,878.30 from 218,674,043.77, with a notable decrease in interest expenses on loans and bonds to 69,302,075.09 from 106,867,820.87[149] Government Subsidies and Taxes - Government subsidies related to assets decreased to 82,218,145.99 from 99,016,442.47, while subsidies related to income also decreased to 277,901,649.72 from 327,735,274.08[149] - Government subsidies related to COVID-19 were 4,502,553.00 in 2022 but zero in 2023[156] - Current income tax expense for 2023 was 101,276,100.89, up from 57,088,238.48 in 2022[158] - Total government subsidies for 2023 were 428,938,234.02, down from 472,886,387.99 in 2022[170] Business Operations and Strategy - The company is focusing on exiting the passenger transport business and transferring assets to achieve capital recovery, while leveraging digital passenger transport to optimize operations[65] - The company completed the construction of an advertising business management platform to optimize workflows and reduce redundant steps, aiming to establish a comprehensive risk control system and improve the fine management level of advertising operations[111] - In 2024, the company plans to focus on advertising facility construction in the Pearl River Delta central area and expanded road sections, with investment controlled based on customer demand to reduce overall vacancy rates[111] - The company is advancing the "Digital Rescue" project to support the digital transformation of highway rescue services, including the development of a 5G+AI-based video monitoring rescue cloud service platform[115] - The company did not recommend any dividend for the year ended December 31, 2023, as profits were used to cover previous losses and support future business development[118] - The company reduced the interest-bearing debt scale of passenger transportation enterprises by 13% compared to the beginning of the year by the end of December 2023[199] - The company achieved a 21% year-on-year growth in off-station business revenue in 2023[200] - The company launched 675 station bus routes covering 17 regions across the province, with a platform daily average of 15,000 orders and a single-day peak exceeding 30,000 orders by the end of December 2023[200] Revenue and Profit by Business Segment - Revenue from highway service area operations grew by 30.9% from 3,789,508,305.11 in 2022 to 4,959,557,186.44 in 2023[177] - The company's operating income from road passenger transport and supporting services increased by 11.0% from 1,918,636,459.49 in 2022 to 2,129,947,475.54 in 2023[177] Inventory and Cash Flow - Inventory increased to RMB 116,394,019.79 in 2023 from RMB 104,752,877.67 in 2022[17] - Cash and cash equivalents increased to RMB 1,102,710,458.51 in 2023 from RMB 958,576,522.33 in 2022[17] - The company's total lease-related cash outflows increased by 5.9% from 363,332,362.31 in 2022 to 384,622,352.98 in 2023[172] - The company's total undiscounted lease receivables amounted to 2,897,099,699.29, with 491,609,268.54 expected within one year[175] Retail and Convenience Store Operations - The company owns 209 gas stations, including 68 self-operated, 13 co-operated, and 128 contracted stations[183] - The company added 357,300 new electronic members for its energy brand, a year-on-year increase of 62.5%[185] - The company operates 480 "Leyi" convenience stores[186] - The company achieved a record single-day retail sales of 7.07 million yuan[186] - The company successfully leased out 220 out of 281 service area rental projects[189] - The company's advertising business covers 506 advertising resources across 76 highways[197] - The company manages 361 service areas,

Revenue and Profitability - The company's total revenue for the first half of 2023 was RMB 3,498,266 thousand, an increase of RMB 582,806 thousand or 20% compared to RMB 2,915,460 thousand in the same period of 2022[23]. - Revenue from highway service area operations accounted for 68% of total revenue, amounting to RMB 2,388,803 thousand, up from RMB 1,886,617 thousand in the previous year[23]. - Revenue from road passenger transport and related services was RMB 1,041,882 thousand, representing 30% of total revenue, compared to RMB 972,646 thousand in the same period last year[23]. - Retail business revenue for the first half of 2023 reached RMB 265,487 thousand, a 57% increase from RMB 169,487 thousand in the same period of 2022[24]. - The group reported a net profit attributable to shareholders of RMB 122,634 thousand for the first half of 2023, a significant increase of RMB 199,856 thousand compared to a net loss of RMB 77,222 thousand in the same period of 2022[42]. - Gross profit totaled RMB 298,425 thousand, representing a 96% increase from RMB 151,916 thousand year-on-year[137]. - The overall operating profit for the first half of 2023 was RMB 176,100 thousand, a 310% increase from a loss of RMB 84,000 thousand in the same period last year[137]. Cost Management and Financial Performance - The group's financial expenses for the first half of 2023 amounted to RMB 86,573 thousand, a decrease of RMB 21,689 thousand or 20% compared to the same period in 2022[32]. - Management and R&D expenses totaled RMB 214,439 thousand, a decrease of RMB 59,939 thousand or 22% year-on-year, attributed to effective cost control measures[50]. - Credit impairment losses increased to RMB 8,703 thousand in the first half of 2023, up RMB 2,350 thousand or 37% year-on-year, primarily due to an increase in accounts receivable[34]. - The capital debt ratio improved to 31.76% as of June 30, 2023, down from 36.70% at the end of 2022[55]. - The interest coverage ratio increased dramatically to 2.96 times, up 957% from 0.28 times in the previous year[173]. Assets and Liabilities - As of June 30, 2023, the total assets of Guangdong Yueyun Transportation Company amounted to RMB 9,212,219,002.21, slightly down from RMB 9,215,602,097.18 as of December 31, 2022[120][124]. - The total liabilities decreased to RMB 6,578,418,148.79 from RMB 6,733,846,620.99, indicating a reduction of approximately 2.3%[120][124]. - The total current liabilities decreased to RMB 3,021,001,167.18 from RMB 3,566,728,571.70, a reduction of about 15.4%[120]. - The total equity attributable to the owners of the parent company rose to RMB 1,827,208,545.95 from RMB 1,698,048,838.00, an increase of about 7.6%[124]. Employee and Operational Metrics - The company reported a total of 16,355 employees as of June 30, 2023, down from 17,073 employees at the end of 2022, reflecting a reduction of about 4.2%[113]. - Employee costs for the six months ended June 30, 2023, were approximately RMB 819 million, compared to RMB 918 million for the same period in 2022, representing a decrease of about 10.8%[113]. - The company conducted a total of 204 training courses with 15,277 participants, accumulating approximately 200,994 training hours, achieving a satisfaction rate of over 95%[103]. Strategic Initiatives and Future Plans - The company plans to expand its gas station network and optimize the layout of traditional and new energy development, accelerating the operation of new gas stations in regions like 粵北 and 橫荷[8]. - The company aims to enhance its marketing efforts by leveraging the recovery of highway traffic, increasing sales through group purchases and promotional activities[10]. - The company plans to implement "one enterprise, one policy" to deepen reforms in service area operations and achieve overall profitability in transportation services[147]. - The company is focusing on innovative development concepts to expand its new energy business, leveraging platform resource advantages[150]. - The group is accelerating the construction of a digital retail cloud service system to support the transformation of its retail business[198]. Corporate Governance and Compliance - The company maintains a high standard of corporate governance, emphasizing its importance for business success and shareholder value enhancement[72]. - The company has complied with all provisions of the Corporate Governance Code except for C.1.6 during the six months ended June 30, 2023[96]. - The company has established an audit and corporate governance committee responsible for overseeing financial reporting and internal control systems[99]. - The company has adopted the Standard Code for Securities Transactions by Directors and confirmed compliance by all directors and supervisors during the reporting period[98]. Market and Industry Developments - The company is actively promoting digital transformation, focusing on "people, goods, and venues" to enhance omnichannel capabilities and customer experience[152]. - The group has signed a strategic cooperation framework agreement with Didi Chuxing to promote "digital passenger transport" in Guangdong Province, focusing on customized passenger transport and long-distance ride-sharing services[189]. - The group is committed to exploring comprehensive energy industry layouts in response to changes in the international and domestic energy markets[196].

Financial Performance - Total operating revenue for the first half of 2023 reached RMB 3,498,266,113.58, an increase of 20% compared to RMB 2,915,459,860.63 in the same period of 2022[18] - Net profit for the first half of 2023 was RMB 144,092,496.76, a significant recovery from a net loss of RMB 106,950,479.96 in the same period of 2022[19] - The company reported a basic and diluted earnings per share of RMB 0.15 for the first half of 2023, compared to a loss per share of RMB 0.10 in the first half of 2022[19] - The company’s net profit attributable to the owners for the first half of 2023 was RMB 122,634,003.74, compared to a loss of RMB 77,221,703.23 in the same period of 2022[103] - Gross profit for the first half of 2023 was RMB 298,425 thousand, up 96% from RMB 151,916 thousand in the same period of 2022, with a gross margin of 8.53% compared to 5.21% in 2022[164] Operating Costs and Expenses - Total operating costs for the first half of 2023 were RMB 3,552,521,726.49, up from RMB 3,190,748,429.47 in the first half of 2022, reflecting a cost increase of approximately 11%[18] - Research and development expenses for the first half of 2023 were RMB 1,326,633.35, slightly down from RMB 1,447,743.14 in the same period of 2022, indicating a focus on cost management[18] - Management and R&D expenses decreased by 22% to RMB 214,439 thousand from RMB 274,378 thousand in the same period of 2022, due to effective cost control measures[174] - Financial expenses were RMB 86,573 thousand, down 20% from RMB 108,262 thousand in 2022, primarily due to a reduction in interest-bearing debt[175] Accounts Receivable and Bad Debts - The total amount of accounts receivable as of June 30, 2023, was RMB 416,478,446.06, an increase from RMB 367,089,918.68 as of December 31, 2022[8] - The provision for bad debts increased to RMB 85,629,554.90 as of June 30, 2023, compared to RMB 76,758,971.75 at the end of 2022, indicating a higher risk assessment[8] - The provision for bad debts for accounts aged over 3 years is 100%, totaling CNY 21,084,371.49[24] - The company reported a total of CNY 383,348,049.43 in receivables aged within 1 year, with a provision of CNY 51,955,514.31, representing a 13.5% provision rate[24] - The provision for bad debts for receivables aged 1 to 2 years is CNY 8,213,557.93, which is 35% of the total receivables in that category[24] Assets and Liabilities - The company’s total equity as of June 30, 2023, was RMB 2,633,800,853.42, up from RMB 2,481,755,476.19 at the end of 2022, reflecting a growth of approximately 6%[15] - The company has a total fixed asset value of CNY 2,717,764,318.85 as of June 30, 2023, down from CNY 2,936,259,591.76 at the end of 2022[27] - The total book value of fixed assets as of June 30, 2023, is RMB 3,629,941,832.28, up from RMB 3,459,406,738.95 on December 31, 2022, indicating an increase of about 4.93%[39] - The group’s total liabilities decreased to RMB 6,578,418 thousand as of June 30, 2023, down from RMB 6,733,847 thousand at the end of 2022, reflecting improved financial management[184] - The net debt as of June 30, 2023, was RMB 1,225,900 thousand, a reduction from RMB 1,439,028 thousand at the end of 2022, indicating a stronger balance sheet[184] Cash Flow and Investments - The net cash inflow from operating activities for the first half of 2023 was RMB 395,513 thousand, an increase of RMB 267,340 thousand compared to RMB 128,173 thousand in the same period of 2022, driven by higher revenue[185] - Cash outflow from investing activities was RMB 20,824 thousand in the first half of 2023, a decrease of RMB 65,016 thousand compared to RMB 85,840 thousand in the same period of 2022, due to tighter investment controls[187] - Cash outflow from financing activities increased to RMB 292,816 thousand in the first half of 2023, up by RMB 137,023 thousand from RMB 155,793 thousand in the same period of 2022, primarily due to increased debt repayments[188] Government Subsidies and Other Income - Total government subsidies recorded in other income for the first half of 2023 amounted to ¥174,778,978.53, a decrease of 7.0% compared to ¥189,110,205.39 in the same period of 2022[105] - Total government subsidies related to revenue for the first half of 2023 were ¥216,514,793.47, a decrease of 14.3% from ¥252,780,043.81 in the same period of 2022[118] - The company reported a total of ¥168,821,824.75 in government subsidies for the first half of 2023, slightly up from ¥167,488,290.89 in the same period of 2022[107] Business Operations and Growth - The company reported a total revenue of approximately 3.50 billion for the first half of 2023, with significant contributions from highway service area operations and road passenger transport[124] - Retail business revenue increased by approximately 40% year-on-year due to expanded bulk sales customer base[134] - The company has acquired operational rights for 361 service areas, with 351 currently in operation as of June 30, 2023[135] - The company has expanded its gas station network and optimized traditional and new energy development, accelerating the operation of new gas stations in areas like Northern Guangdong and Henghe[137] - The company has launched 61 customized bus routes, with an average daily ridership of 3,200 and a peak ridership of 7,983 during high-demand periods[147]

Financial Performance - Total revenue for 2022 was RMB 5,819,528,000, a decrease of 7% compared to RMB 6,271,137,000 in 2021[16] - The company reported a net loss of RMB 208,980,000, a 35% improvement from a net loss of RMB 323,341,000 in 2021[16] - Total assets decreased by 13% to RMB 9,215,602,000 from RMB 10,554,449,000 in 2021[17] - The gross profit margin fell to 3.12% in 2022 from 6.50% in 2021, a decline of 52%[17] - Investment income increased significantly to RMB 236,041,000 from a loss of RMB 7,379,000, marking a 3,299% change[16] - The company reported a net loss attributable to shareholders of RMB 150,423 thousand for 2022, an improvement of RMB 69,889 thousand compared to a net loss of RMB 220,312 thousand in 2021[83] - The total profit for 2022 was a loss of RMB 18,030, improving from a loss of RMB 241,874 in 2021[139] - The company experienced a negative impact on its road passenger transport and related businesses due to local COVID-19 outbreaks in Guangdong Province in 2022[135] Revenue Breakdown - Revenue from highway service area operations was RMB 3,788,823,000, up 2% from RMB 3,726,307,000 in the previous year[16] - Road passenger transport and related services revenue decreased by 18% to RMB 2,346,181,000 from RMB 2,846,181,000[16] - Revenue from highway service area operations was RMB 3,788,823 thousand, representing 65% of total revenue, with a year-on-year increase of RMB 62,516 thousand or 2%[85] - Revenue from road passenger transport and related services was RMB 1,916,269 thousand, a decrease of RMB 429,912 thousand or 18% year-on-year[86] - The company expanded its off-site business, achieving revenue of RMB 2.9 billion from off-site operations, a year-on-year increase of 16%, with off-site business accounting for 55% of total revenue[78] Asset and Liability Management - The company’s total liabilities to total assets ratio was 73.07%, slightly improved from 73.91% in the previous year[17] - Total liabilities decreased to RMB 6,733,847 in 2022 from RMB 7,801,241 in 2021, a reduction of 13.7%[140] - As of December 31, 2022, the group had outstanding borrowings of RMB 2,384,127 thousand, a decrease from RMB 3,148,951 thousand as of December 31, 2021[116] - The group’s borrowings are approximately 46% fixed-rate, providing some stability against interest rate fluctuations[116] - The group has no significant contingent liabilities as of December 31, 2022, indicating a stable financial position[124] Strategic Initiatives - The company plans to enhance its transportation services and expand its integrated travel service platform as part of its strategic positioning[5] - The company aims to deepen its operational capabilities in transportation network resources to achieve international standards in comprehensive transportation services[5] - The company plans to reform its highway service area operations through asset restructuring and management optimization to enhance economic efficiency and achieve high-quality development[45] - The company aims to improve its energy business by analyzing overall development and implementing operational model reforms for gas stations[46] - The company plans to develop a comprehensive energy service network that includes oil, gas, hydrogen, electricity, and non-oil products, aiming to strengthen the "Yueyun Energy" brand and drive innovative performance in the energy sector[49] Operational Developments - The company has built 75 urban bus charging stations with 669 charging piles, and operates 205 service areas with charging facilities, expanding its electric vehicle service network[31] - The company has established a network of 64 self-built gas stations, aiming to exceed 100 by the end of the 14th Five-Year Plan, which will become the core support business[30] - The company has upgraded its "Le Yi" convenience store brand, with 479 stores in operation and 14 new stores opened in 2022, enhancing store quality and individual store efficiency[31] - The company received multiple national honors in 2022, including "Outstanding Service Area Management Company" and "Famous Convenience Store Brand" for "Le Yi" convenience stores[28] Governance and Compliance - The company has adhered to the corporate governance code, except for specific deviations related to the rotation of directors and attendance of non-executive directors at shareholder meetings due to pandemic restrictions[168][169] - The company has established a strict division of responsibilities between the board and management to ensure effective operations[186] - The company has implemented measures to ensure compliance with the corporate governance code moving forward[168] - The company has established various committees, including the Audit and Corporate Governance Committee, Remuneration Committee, and Nomination Committee, to ensure effective governance[191] Future Outlook - The company provided a positive outlook for 2023, projecting a revenue growth of 10% to 15% based on current market trends and user acquisition strategies[150] - The company plans to expand its market presence by entering two new provinces in 2023, aiming to increase market share by 8%[150] - The company is focusing on enhancing its digital infrastructure, with a budget of 3 million earmarked for technology upgrades in 2023[150] - The management emphasized the importance of sustainability, committing to reduce carbon emissions by 25% over the next five years[150]

Financial Performance - In 2022, the group recorded other income of RMB 478,220 thousand, an increase of RMB 155,878 thousand or 48% compared to 2021, primarily due to an increase in operating subsidies[1]. - The net cash inflow from operating activities in 2022 was RMB 810,837 thousand, a decrease of RMB 95,539 thousand compared to RMB 906,376 thousand in 2021, mainly due to a reduction in revenue[6]. - The company's total operating revenue for 2022 was approximately RMB 5,819.53 million, a decrease of about RMB 451.61 million (or 7%) compared to RMB 6,271.14 million in 2021[78]. - The net loss attributable to the parent company's shareholders for 2022 was approximately RMB 150.42 million, a reduction in loss of RMB 69.89 million compared to the net loss of RMB 220.31 million in 2021[78]. - The basic and diluted loss per share for 2022 was RMB 0.19, a decrease in loss of RMB 0.09 per share compared to RMB 0.28 in 2021[78]. - The company's total liabilities exceeded current assets by RMB 1,310.92 million as of December 31, 2022[71]. - The company reported a total profit of RMB (18.03) million for 2022, compared to RMB (241.87) million in 2021[67]. - The company's retained earnings at the end of 2022 were RMB 646,279,200.57, down from RMB 816,260,050.18 in 2021, reflecting a decrease of about 20.8%[171]. - The company reported a net profit attributable to the parent company of RMB (150,423,379.26) for 2022, compared to RMB 220,312,135.39 in 2021, indicating a significant decline[171]. Operational Strategies - The company aims to enhance the efficiency of its energy business by reforming the operating model of gas stations and developing a comprehensive energy service network including oil, gas, hydrogen, and electricity[10]. - The retail business will continue to expand by leveraging product channels and location advantages, aiming to increase the scale and efficiency of retail group purchasing and distribution[12]. - The company plans to implement a standardized management approach for its招商业务 (招商业务 management), enhancing efficiency and transparency in the leasing process[14]. - The company is focused on reducing the scale of receivables and aims to lower the proportion of receivables aged over one year[16]. - The company is actively working on asset revitalization to increase rental rates of properties such as stations and offices, including relocating enterprises to save on rental costs[19]. - The company is focused on digital transformation, establishing the "Digital Guangdong Transportation" service platform and initial membership system[38]. - The company has implemented measures to optimize personnel structure and control total workforce size[37]. - The company has established a performance assessment plan based on annual net profit targets to enhance overall operational performance[18]. Governance and Diversity - The board has set a goal to appoint more female directors in the future, promoting gender diversity at the board level[31]. - The company is committed to increasing the proportion of female employees, which currently stands at less than 25% of the total workforce of 17,073[51]. - The company has established an audit and corporate governance committee, a remuneration committee, and a nomination committee to enhance governance standards[44]. - The company continues to enhance its corporate governance practices to improve reliability and transparency for shareholders[42]. - The company has adopted a zero-tolerance policy towards child labor and forced labor, promoting a family-friendly work environment[51]. Asset Management - The company has implemented strategies to enhance asset management and reduce overdue receivables, contributing to a healthier balance sheet[127]. - The total investment properties as of December 31, 2022, amounted to RMB 296,179,410.23, up from RMB 191,436,541.24 in 2021, indicating a growth of about 54.7%[102]. - The accumulated depreciation for investment properties increased to RMB 43,930,078.11 in 2022 from RMB 40,847,086.72 in 2021, reflecting an increase of approximately 5.1%[102]. - The book value of fixed assets as of December 31, 2022, was RMB 2,936,259,591.76, compared to RMB 3,500,238,445.97 in 2021, showing a decrease of about 16.1%[102]. - The company reported a total bad debt provision of RMB 58,249,728.33 for the year, which includes RMB 11,275,918.77 charged to profit and loss[101]. - The company anticipates that certain receivables will not be recoverable, leading to a 100% provision for specific accounts[100]. Government Subsidies - The total government subsidies received increased significantly from RMB 292,900,596.18 in 2021 to RMB 426,751,716.55 in 2022, marking an increase of approximately 45.7%[150]. - The company’s total revenue from government subsidies related to operations rose from RMB 212,784,575.01 in 2021 to RMB 327,735,274.08 in 2022, an increase of about 54.0%[150]. - The total amount of government subsidies recognized in other income for 2022 was RMB 236,040,737.83, compared to a loss of RMB (7,378,606.14) in 2021, indicating a positive turnaround[173]. - The company received RMB 146,531,146.57 in new energy vehicle purchase subsidies in 2022, compared to RMB 65,445,004.36 in 2021[199]. - The company recognized RMB 11,599,749.84 in vehicle purchase tax subsidies in 2022, slightly up from RMB 412,765.91 in 2021[200]. Debt and Liabilities - The total amount of borrowings secured by fixed assets decreased from RMB 317,488,454.17 in 2021 to RMB 194,940,126.19 in 2022, a reduction of approximately 38.7%[155]. - The company’s total lease liabilities decreased from RMB 2,059,766,502.67 in 2021 to RMB 1,846,526,980.15 in 2022, representing a reduction of approximately 10.3%[147]. - Long-term borrowings due within one year increased significantly from RMB 263,059,210.18 in 2021 to RMB 696,131,202.58 in 2022, representing a growth of about 164.5%[163]. - The total amount of non-current liabilities due within one year rose slightly from RMB 1,014,008,729.14 in 2021 to RMB 1,027,975,915.81 in 2022, an increase of approximately 1.9%[163]. - The company’s short-term borrowings remained stable with interest rates ranging from 1.90% to 6.50% as of December 31, 2022[137].