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Annual Report of Shandong Hi-Speed Co. Ltd. of 2020

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Annual Report 2020 Company Code: 600350 Abbreviation of Company: Shangdong Hi-Speed Annual Report of Shandong Hi-Speed Co. Ltd. of 2020 1/265 Annual Report 2020 Notes I. The Board of Directors, Board of Supervisors, directors, supervisors and executives of the Company guarantee the truthfulness, accuracy and completeness without any false or misleading statements or material omissions herein, and shall bear joint and several legal liabilities. II. Absent directors Post of absent director Name of absent director Reason for absence Name of delegate Independent Director Fan Yuejin Because of work Wei Jian III. Shinewing Certified Public Accountants (Special Partnership) has issued an unqualified auditor's report for the Company. IV. Mr. Sai Zhiyi, the head of the Company, Mr. Lyu Sizhong, Chief Accountant who is in charge of accounting affairs, Mr. Zhou Liang, and Chen Fang (accountant in charge) from ShineWing declared to guarantee the truthfulness, accuracy and completeness of the annual report. V. With respect to the profit distribution plan or common reserves capitalizing plan during the reporting period reviewed by the Board of Directors After being audited by Shinewing Certified Public Accountants (Special Partnership), the net profit attributable to owners of the parent company in 2020 after consolidation is CNY 2,038,999,018.13, where: the net profit achieved by the parent company is CNY2,242,060,666.99. After withdrawing the statutory reserves of CNY224,206,066.70 at a ratio of 10% of the achieved net profit of the parent company, the retained earnings is 2,017,854,600.29 . The accumulated distributable profits of parent company in 2020 is CNY16,232,090,812.89. December 31, 2020, the company intends to distribute, based on the total capital shares of 811,165,857, the cash dividend of CNY3.80 (including tax) upon 10 shares with the total cash dividends of CNY1,828,243,025.66, and distribute the surplus undistributed profit of 189,611,574.63 after carry-over. The company didn't increase stock capital by common reserves capitalizing in 2020. VI. Risk Declaration of Forward-looking Statements √ Applicable □ Not applicable The Company declares that the “forward-looking statements” of development strategies, future operation plans and so on herein do not constitute material commitment of the Company to investors, and we request investors to pay attention to investment risks. There is no obligation on the Company to update or amend any forward-looking statement therein in public for any new information, future event for other reasons; there is no responsibility on the Company and other employee or contact of the Company for any commitment statement of the future performance of the Company or any such statement. VII. Neither the company's controlling shareholder nor any of its affiliates has misappropriated the company's funds for non-operating purposes. No VIII.The company did not provide external guarantees in violation of the stipulated decision-making procedures. No IX. Whether more than half of the directors are unable to guarantee the truthfulness, accuracy and completeness of the annual report disclosed by the company No X. Major Risk Warning The Company has detailed and analyzed the possible latent risks in the operation and development of the Company and proposed risk precaution measures in the section of "Operation Discussion and Analysis" herein, and we request investors' attention. XI. Other √ Applicable □ Not applicable In this report, due to rounding, the sum of the itemized values is inconsistent with the mantissa of the total count. 2/265 Annual Report 2020 Contents Chapter I Definitions ............................................................................................................... 4 Section II Company Profile and Major Financial Indicators .............................................. 6 Section III Business Summary of the Company .................................................................. 13 Chapter IV Operation Discussion and Analysis .................................................................. 17 Chapter V Material Matters ................................................................................................. 41 Chapter VI Changes in common shares and shareholders ................................................ 70 Chapter VII Preference shares ............................................................................................. 76 Chapter VIII Information about Directors, Supervisors, Senior Management and Employees ............................................................................................................................... 77 Chapter IX Company Governance ....................................................................................... 90 Chapter X. Corporate Bond-Related Information .............................................................. 93 Chapter XI Financial Report ................................................................................................ 94 Chapter XII List of Documents Available for Inspection ................................................ 264 3/265 Annual Report 2020 Chapter I Definitions I. Definitions In the report, unless the context otherwise requires, the following expressions shall have the following definitions: Definitions of Frequently-used Terms The Company, the Group, Company, refer to Shandong High-speed Co., Ltd Shandong Hi-Speed Shandong Hi-Speed Group, Hi-Speed refer to Shandong Hi-Speed Group Co., Ltd. Group, Group Company China Merchants Expressway, China Merchants Expressway Network & Technology refer to CMET, China Merchants Huajian Holdings Co., Ltd. Xuyu Company refer to Shandong Hi-Speed Henan Xuyu Road Co., Ltd. Weilai Company refer to Shandong Hi-Speed Weilai Highway Co., Ltd. Shandong Hi-Speed Highway Operation Management Yunguan Company refer to Co., Ltd. Investment Company refer to Shandong Hi-Speed Investment Development Co., Ltd. Jinan Construction Company refer to Shandong Hi-Speed Jinan Investment Co., Ltd. Shandong Hi-Speed Zhangqiu Property Development Co., Zhangqiu Company refer to Ltd. Shandong Hi-Speed Jidong Development Co., Ltd (current name) Jidong Development Corporation refer to Shandong Expressway Zhangqiu Real Estate Development Co., Ltd (former name) Industrial Corporation refer to Shandong Hi-Speed Industrial Development Co., Ltd. Jitai Mining refer to Shandong Hi-Speed Jitai Mining Investment Co., Ltd. Environmental Protection Science refer to Shandong Hi-speed Environmental Technology Co., Ltd. and Technology Henan Development Company, refer to Shandong Hi-Speed Henan Development Co., Ltd. Henan Company Hengshao Company refer to Hunan Hengshao Expressway Co., Ltd. Shenzhen Company refer to Shandong Hi-Speed (Shenzhen) Investment Co., Ltd. Hesheng Company, Yantai Hesheng refer to Yantai Hesheng Real Estate Development Co., Ltd. Lijin Bridge Company refer to Shandong Lijin Huanghe Highway and Bridge Co., Ltd. Shandong Hi-Speed Qilu Construction Transport Transport Service Company refer to Administration Service Co., Ltd. Weihai Shanghang refer to Weihai City Commercial Bank Co., Ltd. Dongxing Securities refer to Dongxing Securities Co., Ltd. Shandong Hi-Speed Changying Equity Investment Changying Company refer to Management Co., Ltd. Fujian Longma Environmental Sanitation Equipment Co., Fulongma refer to Ltd. Wujing Company refer to Hubei Wujing Expressway Development Co., Ltd. Qingdao Changying Jinpeng Investment Partnership Changying Jinpeng refer to (Limited Partnership) Jinan Changying Jinhai Investment Partnership (Limited Changying Jinhai refer to Partnership) 4/265 Annual Report 2020 Jinan Changying Jin'an Investment Partnership (Limited Changying Jin'an refer to Partnership) Jinan Changying Jincheng Equity Investment Partnership Changying Jincheng refer to (Limited Partnership) Puyuan Real Estate refer to Jinan Puyuan Real Estate Co., Ltd. Reconstruction and Extension of Jinan-Qingdao Expressway, Jinan-Qingdao Expressway Reconstruction and Extension refer to Reconstruction and Extension Project Project of Jinan-Qingdao Expressway Beijing-Taipei Expressway Deqi Section Renovation and Expansion, Reconstruction and Extension Project of Dezhou(border Beijing-Taipei Expressway Deqi refer to Between Shandong and Hebei)-Qihe Section of Beijing- Section Renovation and Expansion Taibei Expressway Project, Beijing-Taipei Deqi Project Beijing-Taipei Expressway Jitai Section Renovation and Expansion, Beijing-Taipei Expressway Jinan-Taian Section Beijing-Taipei Expressway Jitai refer to Renovation and Expansion Project Section Renovation and Expansion Project, Beijing-Taipei Jitai Project Beijing-Taipei Expressway Qiji Section Renovation and Expansion, Beijing-Taipei Expressway Qihe-Jinan Section Beijing-Taipei Expressway Qiji refer to Renovation and Expansion Project Section Renovation and Expansion Project, Beijing-Taipei Qiji Project Jijin Company refer to Jiyuan City Jijin Expressway Co., Ltd. Logistics Group refer to Shandong High-speed Logistics Group Co., Ltd. Shandong Hi-speed Sichuan Industrial Development Co., Sichuan Company refer to Ltd. Shinewing Certified Public Accountants (Special ShineWing refer to Partnership) Rail Transit, Rail Transit Group refer to Shandong Hi-speed Rail Transit Group Co., Ltd. Construction Management Group refer to Shandong Hi-Speed Construction Group Co., Ltd Luyu Company refer to Luzhou Southeast Expressway Development Co., Ltd. Qilu Transportation Development Group, Qilu Jiaotong Development, refer to Qilu Transportation
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