封面圖為浙江舟山跨海大橋，全長 46公里並於2010年2月6日通車， 連接寧波和舟山及中間的島嶼。 2020 年，舟山跨海大橋平均每日全程車流量為 XX 輛。 REPORT ANNUAL Definition of Terms 2 Company Profile 4 Corporate Structure of the Group 5 Review of Major Corporate Events 6 Particulars of Major Road Projects 8 Financial and Operating Highlights 10 Chairman’s Statement 13 Management Discussion and Analysis 17 Principal Risks and Uncertainties 38 Corporate Governance Report 42 Directors, Supervisors and Senior Management Profiles 58 Report of the Directors 74 Report of the Supervisory Committee 84 Connected Transactions 86 Independent Auditor’s Report 101 Consolidated Financial Statements & Notes 108 Independent Auditor’s Report 264 (Issued by a third country auditor registered with the UK Financial Reporting Council) Corporate Information 271 Location Map of Expressways in Zhejiang Province 273 Definition of Terms Associate has the meaning ascribed to it under the Listing Rules Audit Committee the audit committee of the Company Board the board of directors of the Company China Merchants China Merchants Expressway Network & Technology Holdings Co Ltd. ( ), a joint stock limited company established in the PRC on December招商局公路網絡科技控股股 18, 1993, whose shares份有限公司 are listed on the Shenzhen Stock Exchange Company or Zhejiang Zhejiang Expressway Co., Ltd., a joint stock limited company incorporated in the PRC with limited Expressway liability on March 1, 1997 Communications Group Zhejiang Communications Investment Group Co., Ltd. ( ), a wholly state-owned enterprise established in the PRC, on December浙江省交通投資集團有限公司 29, 2001 and the controlling shareholder of the Company Connected Person has the meaning ascribed to it under the Listing Rules Controlling Shareholder has the meaning ascribed to it under the Listing Rules De’an Co Deqing County De’an Highway Construction Co., Ltd. ( ), a 80.1% owned subsidiary of the Company, which is established德清縣德安公路建設有限責任公司 with Zhejiang Hongtu Transportation Construction Company ( ) for PPP Project in Deqing County 浙江交工宏途交通建設有限公司 Directors the directors of the Company GDP gross domestic product Group the Company and its subsidiaries H Shares the overseas listed foreign shares of Rmb1.00 each in the share capital of the Company which are primarily listed on the Hong Kong Stock Exchange and traded in Hong Kong dollars since May 15, 1997 Hanghui Co Zhejiang Hanghui Expressway Co., Ltd. ( ), a 88.674% owned subsidiary of the Company 浙江杭徽高速公路有限公司 HangNing Co Zhejiang HangNing Expressway Co., Ltd. ( ), a 30% owned associate of the company, which is established in the 浙江杭寧高速公路有限責任公司PRC with limited liability Huihang Co Huangshan Yangtze Huihang Expressway Co., Ltd ( ), a wholly-owned subsidiary of the Company 黃山長江徽杭高速公路有限責任公司 Hong Kong Stock The Stock Exchange of Hong Kong Limited Exchange Independent third any person(s) or company(ies) and their respective ultimate beneficial owner(s), to the best of the party(ies) Directors’ knowledge, information and belief having made all reasonable enquiries, are third parties independent of the Group and its connected persons in accordance with the Listing Rules Jiaogong Maintenance Zhejiang Jiaogong High-grade Expressway Maintenance Co., Ltd. ( ), an indirectly non-wholly owned subsidiary of Communications Group浙江交工高等級公路養護有限公 司 Jiaxing Co Zhejiang Jiaxing Expressway Co., Ltd. ( ), a 99.9995% owned subsidiary of the Company 浙江嘉興高速公路有限責任公司 Jinhua Co Zhejiang Jinhua Yongjin Expressway Co., Ltd. ( ), a wholly-owned subsidiary of the Company 浙江金華甬金高速公路有限公司 Listing Rules the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited LongLiLiLong Co Zhejiang LongLiLiLong Expressway Co., Ltd. ( ), a wholly-owned subsidiary of the Company 浙江龍麗麗龍高速公路有限公司 Maintenance Co Zhejiang Expressway Maintenance Co., Ltd. ( ), a company incorporated in the PRC and an indirect non-wholly owned 浙江滬杭甬養護工程有限公司subsidiary of Communications Group Ningbo Expressway Co Zhejiang Ningbo Yongtaiwen Expressway Co., Ltd. ( ), a limited liability company established in the PRC on April 26, 浙江寧波甬台温高速公路有限公司2004 and an approximately 80.45% owned subsidiary of Communications Group Period the period from January 1, 2020 to December 31, 2020 PRC the People’s Republic of China 02 ANNUAL REPORT Rmb Renminbi, the lawful currency of the PRC SFO Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong) Shangsan Co Zhejiang Shangsan Expressway Co., Ltd. ( ), a joint stock limited company established in the PRC on January 1, 1998浙江上三高速公路有限公司 which is owned as to 73.625% by the Company and 18.375% by China Merchants, respectively Shareholders the shareholders of the Company Shengxin Co Shengxin Expressway Co., Ltd. ( ), a 50% owned joint venture of the Company 浙江紹興嵊新高速公路有限公司 Shenjiahuhang Co Zhejiang Shenjiahuhang Expressway Co., Ltd.( ), a wholly-owned subsidiary of the Company 浙江申嘉湖杭高速公路有限公司 SRCB Shanghai Rural Commercial Bank Co., Ltd. ( ) a 5.36% owned associate of the Company 上海農村商業銀行股份有限公司 Supervisory Committee the supervisory committee of the Company Yangtze Financial Yangtze United Financial Leasing Co., Ltd. ( ), a 10.61% owned associate Leasing of the Company 長江聯合金融租賃有限公司 Yuhang Co Zhejiang Yuhang Expressway Co., Ltd. ( ), a 51% owned subsidiary of the Company 浙江余杭高速公路有限責任公司 Zhejiang Communications Zhejiang Communications Investment Group Finance Co., Ltd. ( Finance ), a 20.08% owned associate of the Company 浙江省交通投資集團財務有限責任公 司 Zhejiang Grand Hotel Zhejiang Grand Hotel Limited ( ), a wholly-owned subsidiary of the Company 浙江大酒店有限公司 Zhejiang Hongtu Zhejiang Hongtu Transportation Construction Company ( ), a limited liability company incorporated in the PRC and non-wholly owned浙江交工宏途交通建設有限公司 by Communications Group Zhejiang Information Zhejiang Expressway Information Engineering Technology Co., Ltd* ( ), a limited company established in the PRC and a 65.85% owned subsidiary浙江高速信息工程技術有限公 of Communications Group司 as at the date hereof Zhejiang International Zhejiang Expressway International (Hong Kong) Co., Ltd. ( ( ) ), a wholly-owned Hong Kong subsidiary of the Company 浙江滬杭甬國際 香港 有限公司 Zhejiang Oceanking Zhejiang Oceanking Development Co., Ltd ( ), a limited liability company established under the laws of the PRC and浙江鎮洋發展股份有限公司 a 65.44% owned subsidiary of the Communications Group Zhejiang Shunchang Zhejiang Shunchang High-grade Expressway Maintenance Co., Ltd. ( ), a non-wholly owned subsidiary of Communications Group 浙江順暢高等級公路養護有限公 司 Zheshang Securities Zheshang Securities Co., Ltd. ( ), a 58.7936% owned subsidiary of the Shangsan Co 浙商證券股份有限公司 Zhoushan Co Zhejiang Zhoushan Bay Bridge Co., Ltd.( ), a 51% owned subsidiary of Shenjiahuhang Co 浙江舟山跨海大橋有限公司 03 Company Profile Zhejiang Expressway is a listed company principally engaging in investing in, developing and operating of high-grade roads as well as securities business. The Company was incorporated on March 1, 1997 as an infrastructure company of the Zhejiang Provincial Government for investing in, developing and operating expressways and Class 1 roads in Zhejiang Province. The securities business is carried out by its subsidiary Zheshang Securities, which was listed on the Shanghai Stock Exchange (SH Stock Code: 601878) in June 2017. Major assets operated by the Group include seven expressways namely the 248 km Shanghai-Hangzhou-Ningbo Expressway, the 141 km Shangsan Expressway, the 70 km Jinhua section of Ningbo-Jinhua Expressway, the 122 km Hanghui Expressway, the 82 km Huihang Expressway, the 93 km Shenjiahuhang Expressway and the 46 km Zhoushan Bay Bridge. Among which, apart from Huihang Expressway which is situated within Anhui Province in the PRC, the rest of the six expressways are situated within Zhejiang Province in the PRC. As at December 31, 2020, total assets of the Company and its subsidiaries amounted to Rmb130,063.38 million. On January 19, 2021, the Company completed the acquisition of 100% equity interest in LongLiLiLong Co, which then became a wholly owned subsidiary of the Company. The total length of expressways operated by the Group increased from 802km to 1,024km, further strengthening the scale of the Group’s core business. Incorporated on December 29, 2001, Communications Group, the controlling shareholder of the Company, is a wholly state-owned communications company established by the Zhejiang Provincial Government. It mainly operates a diversity of businesses, such as investment, operations, maintenance, toll collection and ancillary services of expressways; construction and building of transportation project, ocean and coastal transport; as well as real estates. On July 11, 2016, Zhejiang Provincial Party Committee and Zhejiang Provincial Government carried out a merger and restructuring of Communications Group and Zhejiang Railroad Investment Group Co., Ltd. In July 2018, Zhejiang Provincial Party Committee and Zhejiang Provincial Government carried out a merger and restructuring of Communication Group and Zhejiang Commercial Group Co., Ltd. Upon merger and restructuring, Communications Group will be responsible for the investment and financing, construction, operation and management of transport related fundamental facilities including expressways, railroads, key cross-region mass transit railways and integrated transport hubs. The H Shares of the Company, which represent approximately 33% of the issued share capital of the Company, were listed on the Hong Kong Stock Exchange on May 15, 1997, and the Company subsequently obtained a secondary listing on the London Stock Exchange on May 5, 2000. With a solid foundation built on the Group’s expressway business,