Shenzhen International : First Quarterly Report of 2021 of Shenzhen Expressway Company Limited

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in Bermuda with limited liability)

(Stock Code: 00152)

(Debt Securities Stock Code: 05042)

OVERSEAS REGULATORY ANNOUNCEMENT

The document attached hereto is the First Quarterly Report of 2021 of Shenzhen Expressway Company Limited, a subsidiary of Shenzhen International Holdings Limited (the "Company"), which has been released to the Shanghai Stock Exchange.

The document is originally prepared in Chinese. In case of any inconsistency between the Chinese version and the English version, the Chinese version shall prevail.

Hong Kong, 28 April 2021

As at the date of this announcement, the board of directors of the Company consists of Messrs. Li Haitao, Wang Peihang and Dai Jingming as executive directors, Messrs. Hu Wei and Zhou Zhiwei as non-executive directors and Professor Cheng Tai Chiu, Edwin, Messrs. Pan Chaojin and Chan King Chung as independent non-executive directors.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

深 圳 高 速 公 路 股 份 有 限 公 司

SHENZHEN EXPRESSWAY COMPANY LIMITED

(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 00548)

FIRST QUARTERLY REPORT OF 2021

This announcement is made pursuant to the disclosure obligation under Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and related requirements.

This quarterly report is prepared in accordance with relevant regulations of the China Securities Regulatory Commission on disclosure of information in quarterly reports for listed companies. The financial information set out in this quarterly report has not been audited. Shareholders of the Company and public investors should exercise caution when trading in the shares of the Company.

1. IMPORTANT NOTICE

1.1	The board of directors, the supervisory committee and the directors, the supervisors, the senior
	management of Shenzhen Expressway Company Limited (the "Company") confirm the
	truthfulness, accuracy and completeness of the content of this quarterly report and that there are no
	false representations or misleading statements contained in or material omissions from this report,
	and assume several and joint legal responsibility.
1.2	The director who was unable to attend the board meeting in which this quarterly report was
	approved in person:
		Name of the director unable to	Position of the director unable	Reason for the absence	Name of the director
		attend the board meeting	to attend the board meeting		appointed to vote
		Hu Wei	Chairman of the Board	Business reason	Wang Zeng Jin
		Liao Xiang Wen	Director	Business reason	Wen Liang
1.3	Mr. Hu Wei, Chairman, Ms. Zhao Gui Ping, Chief Financial Officer and Ms. Li Xiao Jun, General
	Manager of Accounting Department, confirm the truthfulness, accuracy and completeness of the
	financial statements contained in this quarterly report.
1.4	The financial statements contained in First Quarterly Report of 2021 (the "Report") of the
	Company for the three months ended 31 March 2021 (the "Reporting Period" or "Period") have
	not been audited.
			- 1 -

1. Unless otherwise stated, the currency of the amounts stated in the Report is in RMB.
2. Unless otherwise stated, the abbreviation of the highways/projects operated, invested and managed by the Company and the investee companies of the Company in the Report shall have the same meaning as defined in 2020 Annual Report of the Company.

2. PRINCIPAL FINANCIAL DATA AND CHANGE IN SHAREHOLDERS

2.1 Principal financial data

								Unit: RMB
					As at 31 Mar 2021	As at 31 Dec 2020	Change (%)
						After adjustment	Before adjustment
Total assets				58,305,290,489.70	55,144,962,042.63	55,144,962,042.63	5.73
Net	assets	attributable	to	23,537,891,908.32	23,042,941,782.92	23,042,941,782.92	2.15
owners of the Company
					Jan ~ Mar 2021	Jan ~ Mar 2020	Change (%)
						After adjustment	Before adjustment
Net cash flows from operating	677,216,593.31	-335,801,179.71	-436,646,603.14	N/A
activities
					Jan ~ Mar 2021	Jan ~ Mar 2020	Change (%)
						After adjustment	Before adjustment
Revenue				1,962,015,531.22	474,711,617.77	454,097,153.83	313.31
Net profit /loss attributable to
owners of the Company (loss	540,534,999.13	-132,684,403.98	-132,807,230.52	N/A
shown with "-")
Net	profit/loss	attributable	to
owners of the Company	-	526,396,601.15	-159,998,328.79	-159,998,328.79	N/A
excluding non-recurring items
(loss shown with "-")
Return on equity -	weighted	2.56	-0.72	-0.73	Increase 3.28
average (%)				pct.pt
Earnings/loss per share - basic
(RMB/share)	(loss	shown	0.227	-0.061	-0.061	N/A
with "-")
Earnings/loss per share - diluted
(RMB/share)	(loss	shown	0.227	-0.061	-0.061	N/A
with "-")

Note 1: Since Financial Leasing Company, Logistics Financial Company and Longda Company were entities under same control and consolidated into the Group in the second quarter and the fourth quarter of 2020 respectively, the Company has made retrospective adjustment to its consolidated financial statements for the previous year in accordance with the relevant requirements of the Accounting Standards for Business Enterprises.

Note 2: The Company issued perpetual bonds of RMB4 billion in December 2020, which was recognised in other equity instruments. According to the relevant requirements, the impact of perpetual bonds was excluded when calculating the above earnings per share and weighted average return on net assets.

- 2 -

Non-recurring Items and Amounts:

Unit: RMB

Non-recurring items	Jan ~ Mar 2021	Descriptions
Capital occupation fee received from	430,000.00
non-financial corporation
Gain or loss from changes in fair value	154,260.70
of foreign currency swaps
Asset disposal income	15,234,914.10	Compensation for part of the land acquisition along
the expressways received from the government.
Government grants recognised in the	1,782,349.53
profit or loss for the period
Other non-operating income and	1,790,194.77
expenditure excluding the above items
Effect on minority interest (after tax)	-412,818.19
Income tax effect	-4,840,502.93
Total	14,138,397.98

- 3 -

2.2 Shareholders information

As at the end of the Period, based on the shareholders' registers provided by the share registrar and the transfer offices of the Company in the PRC and Hong Kong, the total number of shareholders of the Company is 18,767, of which 18,528 were holders of A shares and 239 were holders of H shares. The top ten shareholders and the top ten holders of non-restricted circulating shares of the Company were as follows:

Unit: share

The top ten shareholders

Number of

Information

Name of shareholder

Nature of shareholders

Percentage

Number of

restricted

on shares

shares held

circulating

pledged or

shares held

frozen

HKSCC NOMINEES LIMITED⑴

Overseas legal person

33.46%

729,642,042

0

Unknown

Xin Tong Chan Development

State-owned legal

30.03%

654,780,000

0

None

(Shenzhen) Company Limited

person

Shenzhen Shen Guang Hui

State-owned legal

Highway Development Company

18.87%

411,459,887

0

None

person

Limited

China Merchants Expressway Network

State-owned legal

4.18%

91,092,743

0

None

& Technology Holdings Co., Ltd.

person

Guangdong Roads and Bridges

State-owned legal

Construction Development

2.84%

61,948,790

0

None

person

Company Limited

China Merchants Bank-SSE Dividend

Domestic

Trading Open Index Securities

non-state-owned legal

1.54%

33,476,560

0

Unknown

Investment Fund

person

AU SIU KWOK

Overseas natural

0.50%

11,000,000

0

Unknown

person

Mo Jing Xian

Domestic natural

0.48%

10,574,590

0

Unknown

person

Hong Kong Central Clearing Company

Domestic

non-state-owned legal

0.45%

9,897,613

0

Unknown

Limited

person

ZHANG PING YING

Domestic natural

0.35%

7,714,565

0

Unknown

person

Top ten holders of non-restricted circulating shares

Name of shareholder

Number of non-restricted

Type of shares

circulating shares held

HKSCC NOMINEES LIMITED⑴

729,642,042

H share

Xin Tong Chan Development (Shenzhen) Company Limited

654,780,000

A share

Shenzhen Shen Guang Hui

411,459,887

A share

Highway Development Company Limited

China Merchants Expressway Network & Technology Holdings

91,092,743

A share

Co., Ltd.

Guangdong Roads and Bridges Construction Development

61,948,790

A share

Company Limited

China Merchants Bank-SSE Dividend Trading Open Index

33,476,560

A share

Securities Investment Fund

AU SIU KWOK

11,000,000

H share

Mo Jing Xian

10,574,590

A share

Hong Kong Central Clearing Company Limited

9,897,613

A share

ZHANG PING YING

7,714,565

A share

Xin Tong Chan Development (Shenzhen) Company Limited ("XTC Company") and Shenzhen

Connected relationship

Shen Guang Hui Highway Development Company Limited ("SGH Company") are connected

or concerted action

persons under

the same control of

Shenzhen International Holdings Limited ("Shenzhen

International").

relationship among

In addition to the above associations, there is no connected relationship among the state-owned

the abovementioned

shareholders in the above table. The Company did not notice any connected relationship among

shareholders:

the other abovementioned shareholders or any connected relationship among the

abovementioned state-owned shareholders and other shareholders.

Note: (1) The H shares held by HKSCC NOMINEES LIMITED were held on behalf of various clients.

- 4 -

3. SIGNIFICANT MATTERS

3.1 Operational information

3.1.1 Toll Highway Business

As affected by factors such as the COVID-19 epidemic (the "Epidemic") and the Toll-free Policy during the Epidemic in the corresponding period last year, the toll revenue saw a significant decrease in general. During the Spring Festival in 2021, the national advocate was to encourage people to stay at their existing location to avoid instability in epidemic prevention and control. Returnees were subject to stringent preventive and control measures, leading to reduction in travelling vehicles during the period and thus decrease in toll revenue as compared with normal years. In general, however, the macro economy in China has shown recovery and steady growth. The toll highways operated and invested by the Group resumed their normal operational performance during the Reporting Period. Given a relatively lower base of the corresponding period last year, the traffic volume and toll revenue of all toll highways saw a significant YOY growth during the Reporting Period. Moreover, the operational performance of toll expressways is also affected by positive or negative impact of factors such as changes in surrounding competitive or coordinated road networks, construction or maintenance of the expressways, connected or parallel expressways, implementation of urban traffic organisation plans. The specific operation information of the toll highways during the Reporting Period is as follows:

	Toll highway		Average daily mixed traffic		Average daily toll revenue (RMB'000)
		volume (number of vehicles in
			thousands)⑴
	Guangdong Province - Shenzhen Region:
	Meiguan Expressway	144	427
	Jihe East	313	1,923
	Jihe West	204	1,445
	Coastal Expressway⑵	154	1,483
	Outer Ring Project	194	2,143
	Longda Expressway	108	385
	Shuiguan Expressway	268	1,701
	Shuiguan Extension	71	242
	Guangdong Province - Other Regions:
	Qinglian Expressway	58	2,831
	Yangmao Expressway	45	1,314
	GZ W2 Expressway	89	1,312
	Other Provinces in the PRC:
	Wuhuang Expressway	68	1,150
	Yichang Project	66	1,287
	Changsha Ring Road	66	683
	Nanjing Third Bridge	31	1,310

- 5 -

Notes:

⑴Traffic volume which is toll free during holidays is not included in the figures of average daily mixed traffic volume.

⑵According to the freight compensation agreement entered into between Shenzhen Transport Bureau, the Company and Coastal Company, it is agreed that during the period from 1 January 2021 to 31 December 2024, the lorries passing the Coastal Expressway should be charged at 50% of the standard rate of the toll, and such toll waived by the Company and Coastal Company shall be compensated by the government in an one-off manner in March of the following year.

Guangdong Province - Shenzhen Region

During the Reporting Period, benefitted from positive impact of factors such as the relocation of large-scale production bases to the north, increase in production bases along the highways, and the preferential policy for lorries implemented on Changhu Expressway and Congguan Expressway (Dongguan Section) (including the subsidiary road of Qingxi), the traffic volume of lorries passing through Meiguan Expressway has maintained a promising growth. As the major cargo freight artery for west-to-east traffic of Shenzhen, Jihe Expressway saw a stable operational performance. During the period from 1 January 2021 to 31 December 2024, the lorries passing the Coastal Expressway are still charged at 50% of the standard rate of the toll, and such toll waived by the Company and Coastal Company shall be compensated by the government in an one-off manner in March of the following year. In addition, benefitted from the positive impacts such as the promotion of development and construction in Qianhai and western port region in great efforts by Shenzhen, and the synergy on expressway network arising from the opening of the connecting lane of Dongbin Tunnel Shahe West Section, the traffic volume of Coastal Expressway has maintained sound growth.

Outer Ring Project is a toll highway invested by the Group according to the PPP model, which includes Outer Ring Phase I and Outer Ring Phase II. Of which, the total length of Outer Ring Phase I is about 50.74 kilometers. It officially commenced operation in the end of December 2020 and has become one of the main roads of "Ten Horizontal and Thirteen Vertical" road network in Shenzhen. The total length of Outer Ring Phase II is about 9.35 kilometers. Upon completion, it will be connected to 10 expressways and 8 Class 1 highways in Shenzhen. Upon official opening of Outer Ring Phase I, the connection function of which for enhancing the main road of expressway network for south-to-north traffic in the Pearl River Delta has manifested. During the Reporting Period, sound operational performance was recorded and the daily average toll revenue was RMB2.14 million. In addition, the opening of Outer Ring Phase I has caused attraction impact on the traffic volume of Meiguan Expressway and Coastal Expressway, but certain diversion impact on the traffic volume of all sections of Jihe Expressway.

Guangdong Province - Other Regions

The commencement of operation of all sections of Xuguang Expressway highlighted the effect of Qinglian Expressway as a north-south traffic artery from Southern China to Central China. The official opening of Qingyun Section of Shanzhan Expressway on 1 January 2020 has driven an increase in the traffic volume of Qinglian Expressway actively. Since the reopening of Qingyuan Bridge in mid-June 2020, some vehicles using the linkage chose to pass through Qinglian Expressway. Due to the positive impact of the above factors, the operational performance of Qinglian Expressway was steady during the Reporting Period.

During the Reporting Period, the operational performance of Yangmao Expressway was affected due to the negative impacts brought by speed limit as a result of the renovation and expansion work, closure for construction work at some toll collection stations for construction work, opening of adjacent road network such as Shanzhan Expressway and closure for construction work at linked road. Following improvement of the surrounding road networks and official opening of the adjacent Foqingcong Expressway in January 2020, the short-distance traffic volume of GZ W2 Expressway has increased, however the opening of Guangfozhao Expressway in the end of December 2020 caused certain diversion impact on the overall traffic volume of GZ W2 Expressway.

- 6 -

Other Provinces

During the Reporting Period, the operational performance of Wuhuang Expressway has returned to the normal level. The official opening of Changyi North-Line Expressway in August 2020 has a certain positive impact on the traffic volume growth of Yichang Expressway. With the Changsha-Yiyang-ChangdeHigh-Speed Railway entering the construction stage, the traffic volume for trucks of Yichang Expressway has been pulled up to a certain extent. Benefitted from the continuous positive impacts of the recovery of the peripheral economic and business zone and the opening of the peripheral highway network of Changyi North-Line Expressway and other expressways, the operational performance of Changsha Ring Road saw sound growth. The opening of Nanjing Fifth Bridge in the second half of December 2020 has caused diversion impact on Nanjing Third Bridge. The traffic volume for trucks has been pulled up by the differentiated charging for trucks implemented in Jiangsu Province. With the combined effect of the above factors, the overall performance of Nanjing Third Bridge was normal.

3.1.2 General-Environmental Protection Business

1. Recovery and Solid Waste Management

During the Reporting Period, Lande Environmental actively promoted the construction and operation of projects in hand. Lande Environmental currently has a total of 18 organic waste treatment projects, covering 14 cities in 10 provinces and regions across the country. Among which, four BOT projects have been put into commercial operation. The designed treatment capacities of kitchen waste are over 4,000 tons/day. After nearly one year of development, the treatment capacity of kitchen waste of Lande Environmental has seen improvement as compared to that of last year. During the Reporting Period, the revenue from the operating business of waste treatment recorded a relatively substantial YOY growth, while the EPC construction business, sales of equipment and other businesses also saw growth.

In February 2021, the Company was officially contracted for the Guangming Environmental Park Project by way of open tender. During the Reporting Period, the Company completed the establishment of a project company, and is actively conducting the preliminary works such as submitting the project proposal for approval, the relevant design and tendering.

The Group completed the acquisition of 50% of the shares of Qiantai Company in the end of 2020. Qiantai Company is the only enterprise qualified under the "Industry Standards and Conditions for the Comprehensive Utilisation of Waste Power Batteries for New Energy Vehicles 「新能源汽車

廢舊動力蓄電池綜合利用行業規範條件」" in Shenzhen. During the Reporting Period, Qiantai Company has been establishing the internal management systems and actively arranging connection with external resources, with an aim to prepare for expansion in market and the relevant business.

(2) Clean Energy

During the Reporting Period, to actively respond to the requirements of the new energy plan and the target of carbon emissions peak under the 14th Five-Year Plan, New Energy Company stepped up its efforts in expanding the markets of wind power and photovoltaic power, actively promoted pre-acquisition projects and large base projects of grid parity in various provinces and regions, deepened collaboration with advanced enterprises in the industry and facilitated contracting for sales of wind turbines of Nanjing Wind Power. To prepare for the times of grid parity in advance, Nanjing Wind Power has implemented various measures for future business development, including stepping up its efforts in technological research and development, innovation of techniques and development of procurement to further reduce manufacturing costs, optimising the design of two new models and enhancing preliminary works of market development, while improving the quality of after-sales operation and maintenance services and strengthening market expansion.

- 7 -

During the Reporting Period, Baotou Nanfeng continued to improve the operation and management of wind farms. Baotou Nanfeng recorded an on-grid power supply of 182,156.18 MWh, representing a YOY increase of 24%. In addition, the Group completed the acquisition of three wind power projects in Mulei, Xinjiang successively during the Reporting Period. For details, please refer to the content of 3.4(1) below. During the Reporting Period, the on-grid power supply recorded was 70,579.73MWh after the consolidation of the wind power projects in Mulei into the financial statements of the Group. The wind power projects in Mulei possess abundant wind resources with a relatively high value for wind power development. It is also a supporting project of ultra-high voltage in Zhundong - Southern Anhui region with promising power consumption.

3.2 Financial Analysis

3.2.1 General Description

During the Reporting Period, the Group recorded net profit attributable to owners of the Company of RMB540,535,000 (corresponding period of 2020 (restated): net loss of RMB132,684,000), representing a YOY increase of RMB673,219,000, which was mainly attributable to the impact of the Toll-free Policy during the Epidemic resulting in a substantial decline of toll revenue from highways operated and invested by the Group in the same period last year.

During the Reporting Period, the Group recorded revenue of RMB1,962,016,000 (corresponding period of 2020 (restated): RMB474,712,000), representing a YOY increase of 313.31%, which was mainly attributable to the impact of the Toll-free Policy during the Epidemic in the same period last year, resulting in a YOY increase of 268% in the revenue of ancillary toll highways for the current period. Moreover, Guilong Development Project, the environmental protection business and the newly-operated Outer Ring Phase I also contributed to the revenue growth of the Group. For the operational performance of various toll highway projects during the Reporting Period, please refer to the relevant content of 3.1 above.

During the Reporting Period, the Group recognised cost of services of RMB1,056,874,000 (corresponding period of 2020 (restated): RMB518,400,000), representing a YOY increase of 103.87%. The increase was mainly attributable to the YOY increase in the costs of depreciation and amortisation as a result of increased traffic volume of toll highways, and the development cost for commercial housing carried forward by Guilong Development Project.

During the Reporting Period, the Group recognised financial expenses of RMB199,898,000 (corresponding period of 2020 (restated): RMB199,041,000), remained basically the same year-on-year. After hedging the "Gain from changes in fair value - Income from changes in fair value of foreign currency swap instruments", the Group's comprehensive financial cost during the Reporting Period was RMB199,744,000 (corresponding period of 2020 (restated): RMB170,663,000), representing a YOY increase of 17.04%, which was mainly due to a YOY increase in the scale of interest-bearing borrowing.

During the Reporting Period, the Group recognised general and administrative expenses of RMB72,435,000 (corresponding period of 2020: RMB42,874,000), representing a YOY increase of 68.95%, which was mainly attributable to the implementation of pension insurance Reduction and Exemption Policy in phases during the corresponding period last year given the impact of the Epidemic, and the corresponding increase in employee expenses and so on following expansion of the Group's business scale during the Reporting Period.

During the Reporting Period, the Group recognised research and development expenses of RMB13,313,000 (corresponding period of 2020: RMB3,438,000), representing a YOY increase of RMB9,875,000, which was mainly attributable to a YOY increase in research and development expenses of Nanjing Wind Power for the current period.

During the Reporting Period, the Group's capital expenditure was approximately RMB2.69 billion. As at the end of the Reporting Period, the total outstanding amount of interest-bearing liabilities of the Group was RMB23.1 billion (31 December 2020: RMB19.3 billion), representing an increase

- 8 -

of 19.43% over the beginning of the year, which was mainly attributable to the increase in borrowing as a result of increased capital expenditures arising from the borrowing of debt-bearing acquisition of wind power projects in Mulei and purchasing of new office tower by the Group during the Reporting Period. As at the end of the Reporting Period, the debt-to-asset ratio of the Group was 54.02%, representing an increase of 1.67 pct. pt over the beginning of the year.

3.2.2 Changes in Scope of the Consolidated Financial Statements

（1） Business combination not under joint control

During the Reporting Period, Shenzhen Expressway (Guangdong) New Energy Investment Company Limited ("Guangdong New Energy"), a wholly-owned subsidiary of the Group, completed the acquisition of 100% equity interests of Qianzhi Company and Qianhui Company on 26 January 2021, and the acquisition of 100% equity interests of Qianxin Company on 26 March 2021. The above three companies have been consolidated into the financial statements of the Group from the date of completion of the acquisitions. During the Reporting Period, the aggregate revenue and net profit attributable to owners of the Company contributed by the three companies to the Group were RMB28,859,000 and RMB2,509,000, respectively.

3.3 Substantial changes of key financial statements items and financial indicators of the Company and the reasons for the changes:

Unit: '000 Currency: RMB

Item

As at

As at

Change (%)

Primary reasons for the change

31 Mar 2021

31 Dec 2020

Other current assets

519,018

325,723

59.34

Items in related statements

increase as compared to the

beginning of the year due to the

Fixed assets

5,551,846

3,493,301

58.93

consolidation of Mulei Wind

Power Project into the financial

statements of the Group.

Long-term prepaid

1,370,135

318,302

330.45

Prepayments for the acquisition

of new office tower.

Increase in research and

Development expenditure

7,355

1,857

296.07

development expenses of Lande

Environmental.

Increase in short-term

Short-term borrowings

2,229,696

1,341,218

66.24

borrowings according to the

market capital situation.

Bills payable

145,469

295,467

-50.77

Redemption of notes payable

upon maturity.

The carry forward of advance

Contract liabilities

63,397

319,854

-80.18

receipts of Guilong Development

Project.

Other current liabilities

3,018,563

2,041,455

47.86

Issuance of ultra-short-term

financing bonds.

Item

Jan - Mar 2021

Jan - Mar 2020

Change (%)

Primary reasons for the change

Increase in revenue and

Tax and surcharges

35,110

3,065

1,045.64

corresponding increase in tax and

surcharges.

Increase in selling expenses of

Selling expenses

8,931

3,761

137.45

Lande Environmental and

Guilong Development Project.

Gain or loss from changes

Recognition of profits or losses

154

39,191

-99.61

on change in fair value of Forex

in fair value

Swap instruments due to change

in exchange rate.

Decrease in share of gains in the

invested companies for the

corresponding period last year

Investment income

153,881

36,878

317.27

given the impact of the Epidemic

and the Toll-free Policy during

the Epidemic, and performance

growth of Derun Environment

for the current period.

- 9 -

							Compensation for part of the land
Asset disposal income	15,235	-44	N/A	acquisition along the
expressways received from the
							government.
							Donations for fighting against the
Non-operating expenses	272	6,440	-95.78	Epidemic in Hubei in the
							corresponding period last year.
							Corresponding increase in
Income tax expenses		166,823	-50,106	N/A	income tax expense as a result of
							revenue growth.
							Corresponding increase in share
Minority interests		45,028	-41,544	N/A	of profits of minority interests as
	a result of profit growth of
							partly-owned subsidiaries.
							Decrease in cash inflow from toll
Net	cash	flows	from				given the impact of the Toll-free
677,217	-335,801	N/A	Policy during the Epidemic for
operating activities
				the corresponding period last
							year.
Net	cash	flows	from				Prepayments for the new office
-2,266,945	-286,429	N/A	tower and consideration for the
investing activities		acquisition of equity interests in
							Mulei Wind Power Project.
Net	cash	flows	from				Corresponding increase in
1,748,058	1,458,258	19.87	borrowing as a result of increase
financing activities
				in capital expenditures.

3.4 Progress of significant matters and the analysis on the relevant impacts and solutions

• applicable □ not applicable

Upon approval of the Board, Guangdong New Energy, a wholly-ownedsubsidiary of the Group, invested a total amount of approximately RMB1.015 billion to acquire 100% equity interests in Mulei County Qianzhi Energy Development Co., Ltd. ( 木 壘 縣 乾 智 能 源 開 發 有 限 公 司 ) ("Qianzhi"), Mulei County Qianhui Energy Development Co., Ltd. (木壘縣乾慧能源開發有限公 司) ("Qianhui") and Mulei County Qianxin Energy Development Co., Ltd. (木壘縣乾新能源開發 有限公司) ("Qianxin") (collectively "Mulei Wind Power Project") by way of equity transfer and capital increase during the Reporting Period. For details, please refer to the relevant contents in the Company's announcements dated 25 January and 26 March 2021. The Mulei Wind Power Project is located in Changji Hui Autonomous Prefecture, Xinjiang Uygur Autonomous Region with 166 wind turbines in total. The aggregated actual installed capacity is 299 MW. Of which, the aggregated installed capacity of Qianzhi Project and Qianhui Project is 249.5 MW, which had completed connection of the network and commenced power generation in the end of 2020. The period of operation is until December 2040 and the feed-intariff is RMB0.49/kWh. The installed capacity of Qianxin Project is 49.5 MW, which had completed connection of the network in November 2015. The period of operation is until April 2036 and the feed-intariff is RMB0.51/kWh. Qianxin Project has been registered in the Renewable Energy Tariff Subsidy Catalogue (再生能源電價附加資金補助目錄) in 2018.

According to the "Notice of Acceptance of Registration" issued by the China Association of Interbank Market Dealers (Zhongshi Xie Note [2020] SCP704), the Company may issue ultra-short-term financing bonds with a total amount of not more than RMB 2 billion. From 23 February to 24 February 2021, the Company issued the first tranche of 2021 ultra-short-term financing bonds. The issuance scale is RMB 1 billion with a term of 60 days and an interest rate of 2.65%. For details, please refer to the Company's announcements dated 22 February and 25 February 2021. On 24 March 2021, the Company issued the second tranche of 2021

- 10 -

ultra-short-term financing bonds. The issuance scale is RMB 1 billion with a term of 180 days and an interest rate of 2.75%. For details, please refer to the Company's announcements dated 23 March and 25 March 2021.

In the first extraordinary general meeting 2020, the first class meeting 2020 of holders of A Shares and the first class meeting 2020 of holders of H Shares held on 31 March 2020 ("Shareholders' Meetings 2020"), the resolutions in relation to the non-public issuance by the Company of not more than 300 million H Shares (the "Issuance") were considered and approved, and the Board and its authorised person(s) were approved and granted the authorisation to handle matters in relation to the Issuance at their sole discretion ("Directors Authorisation Matters"). The validity period of part of the Directors Authorisation Matters is until 30 March 2021. The Company also received the approval from the China Securities Regulatory Commission for the Issuance in July 2020. However, due to the impact of various factors, the Company could not complete the Issuance within the validity period of resolutions of Shareholders' Meetings 2020. Given that the Original Validity Period is about to expire, to secure smooth progress of the Issuance, the resolutions in relation to the non-public issuance of H Shares were considered and approved once again on an individual basis in the board meeting held by the Company on 24 March 2020. It was also agreed to propose the extension of validity period of the resolutions in relation to the non-public issuance of H Shares for 2020 and the validity period of Directors Authorisation Matters for 12 months to 30 March 2022 for consideration, approval and ratification as special resolutions in the general meeting, the class meeting of holders of A Shares and the class meeting of holders of H Shares. The above matters are subject to consideration and approval in the general meeting, the class meeting of holders of A Shares and the class meeting of holders of H Shares of the Company. For details, please refer to the announcements dated 24 March and 1 April 2021, and the circular dated 27 April 2021 of the Company.

As approved by the Board of the Company, subject to the condition that both safety and liquidity of capital reserve can be assured, the Group invested part of the funds in monetary funds, wealth management products issued by banks, financial products for financing purposes issued by holding enterprises within the Shenzhen SASAC system and other types of wealth management products. During the Reporting Period, the Group did not purchase or sell any wealth management products. As at the end of the Reporting Period, the balance of such wealth management products of the Group was nil and there was no outstanding principal and gains overdue.

The 2019 annual general meeting held on 23 June 2020 considered and approved the proposal on the authorisation of the guarantees. The Board of the Company may provide guarantees for wholly-owned subsidiaries of not more than RMB2.7 billion in aggregate, and not more than RMB3.7 billion in aggregate for non-wholly-owned subsidiaries, as necessary. The guarantee includes guarantee for financing and guarantee for bankers' letter of guarantee. The guarantee authorisation is effective from the date of approval by the general meeting to the date of convening of the 2020 annual general meeting. As of the end of the Reporting Period, the relevant guarantees have not occurred.

- 11 -

3.5 Commitments that have not yet been duly fulfilled during the Reporting Period

• applicable  not applicable

Undertaking

Date and

Deadline for

Performed

Background

Type

Undertaking details

deadline for

performance

timely and

party

performance

or not

strictly or not

Undertake to avoid peer competition and

Shenzhen

regulate connected transactions, etc. For

International/

details, please refer to Detailed Report on the

Other

Shenzhen

Change of Equity Interests (詳式權益變動

Oct 2007

No

Yes

International

報告書) published on 18 October 2007 to

(Shenzhen)

the securities market of the PRC by

Undertakings

Co., LTD

undertaking parties or related contents in the

Annual Report 2007 of the Company.

made in

Undertaking in respect of the matters such as

Acquisition

Shenzhen

Dec 2010

Report or

Other

avoiding peer competition and supporting

Yes

Yes

International

Report on the

the business development of the Company.

June 2011

Change of

The undertakings include that Shenzhen

Dec 2010

Equity

International and SIHCL shall inject their

Interests

expressway assets into the Company in

Shenzhen

around 5-8 years when certain conditions are

Investment

fulfilled. For details, please refer to

Other

Holdings

Acquisition Report (收購報告書) published

May 2011

Yes

Yes

Limited("SIH

by SIHCL on 4 January 2011 to the

CL")

securities market of the PRC and the

announcement of the Company dated 1 June

2011.

Undertakings

Avoiding

XTC

The undertaking parties will not engage in

Company/

any industry or business in any form, which,

made related

peer

Jan 1997

No

Yes

SGH

directly or indirectly, competes with the

to IPO

competition

Company

Company in Shenzhen.

Notes:

On 29 December 2017, Shenzhen Investment International Capital Holdings Infrastructure Co., Ltd (深圳投控國際資本 控股基建有限公司), a subsidiary of SIHCL (as the purchaser), SIHCL (as the guarantor of the purchaser) and Anber Investments Limited (as the vendor) and Hopewell Holdings Limited (as the guarantor of the vendor) entered into an agreement in relation to the proposed acquisition of interests in Hopewell Highway Infrastructure Limited ("HHI"). Upon completion of the general offer and placing, SIHCL owned 71.83% equity interest in HHI as at 18 September 2018. HHI is a Hong Kong listed company, which, together with its subsidiaries, is principally engaged in the construction of highway infrastructure in Guangdong Province and currently owns interests in Guangzhou-Shenzhen Expressway and Guangdong Guangzhou-Zhuhai West Expressway. HHI was renamed as Shenzhen Investment Holdings Bay Area Development Company Limited ("Bay Area Development") on 30 April 2019.

Prior to the entering into of the agreement above, SIHCL had enquired the Company as to whether it considers acting as the acquirer in the aforementioned acquisition without disclosing the name of the target company. Based on the business of the target company and various conditions, such as the scale and completion timeframe of the acquisition, as provided by SIHCL, the Company was of the view that it was impracticable and incapable to proceed with the acquisition and the Company intended to give up such acquisition opportunity. Upon receiving the relevant report, the Board (including the independent non-executive Directors) concurred with the Company's decision to not to proceed with the acquisition. After SIHCL has completed the aforementioned acquisition, SIHCL further stated that it will negotiate with the Company at an appropriate time to fulfill the non-competition undertaking made to the Company and further negotiate with the Company for the specific arrangement on the business of the target company to properly settle the relevant issues as agreed in the existing undertaking.

On 15 March 2021, SIHCL and the Company entered into a memorandum of understanding, pursuant to which the Company will have an exclusive period of 6 months for negotiating with SIHCL on the transfer of 71.83% equity interest in Bay Area Development and arrange the follow-up works based on the results of the negotiation. In the event the Company enters into agreement to acquire the equity interest in Bay Area Development, the ultimate implementation of such transfer will still has a relatively large uncertainty and subject to fulfilment of various conditions precedent, including approval by the shareholders' of the Company. The acquisition of equity interest in Bay Area Development is beneficial to the expansion of the scale of the Company's toll road business and its profit base.

3.6 Profit alert, with reasons therefore, that the cumulative net profit from the beginning of the year to the end of the next reporting period may be a loss or may record a substantial change as compared to the same period of last year

• applicable □ not applicable
• • 12 -

Affected by the Epidemic and the Toll-free Policy during the Epidemic, the toll revenue from the toll highways operated and invested by the Group recorded a significant YOY decrease during the first half of 2020, while normal expenditures were still required for operating costs of toll highways, resulting in only a slight growth in net profit attributable to owners of the Company for the first half of 2020. According to the unified requirement of the competent transport departments, toll has been resumed from 0:00 on 6 May 2020 for toll highways operated and invested by the Group. Given a relatively lower base of the corresponding period last year, the performance of toll highway business has returned to normal. It is expected that the toll revenue from the toll highways operated and invested by the Group will see a significant YOY growth in the first half of 2021. Besides, the general-environmental protection business and other businesses of the Group are expected to achieve sound development, which in turn will bring positive impact to the Group's results in the first half of 2021.

In conclusion, the Group is expected to record a significant YOY increase in net profit for the first half of 2021. However, the Group cannot make a more accurate forecast. Shareholders and investors are advised to note the investment risk.

By order of the Board

Hu Wei

Chairman

Shenzhen, the PRC, 28 April 2021

As at the date of this announcement, the Directors of the Company are Mr. HU Wei (Executive Director and Chairman of the Board), Mr. LIAO Xiang Wen (Executive Director and President), Mr. WANG Zeng Jin (Executive Director), Mr. WEN Liang (Executive Director), Mr. DAI Jing Ming (Non-executive Director), Ms. LI Xiao Yan (Non-executive Director), Ms. CHEN Hai Shan (Non-executive Director), Ms. CHEN Xiao Lu (Independent non-executive Director), Mr. BAI Hua (Independent non-executive Director) and Mr. LI Fei Long (Independent non-executive Director).

This announcement is originally prepared in Chinese. In case of any inconsistency between the Chinese version and the English version, the Chinese version shall prevail.

- 13 -

Appendix:

Consolidated Balance Sheet

31 Mar 2021

		Unit: RMB; Unaudited
Item	As at 31 Mar 2021	As at 31 Dec 2020
Current assets:
Cash at banks and on hand	5,535,499,367.92	5,549,304,352.44
Notes receivable	354,016,346.21	378,532,713.65
Accounts receivable	650,606,326.97	798,070,361.76
Prepayments	359,525,923.46	403,190,304.27
Other receivables	842,788,780.00	773,039,332.04
Inventories	988,018,324.57	939,799,846.74
Contract assets	369,478,204.05	344,065,793.25
Assets held for sale	494,662,913.71	494,662,913.71
Non-current assets due within one year	82,020,167.75	74,870,082.79
Other current assets	519,017,655.19	325,722,991.02
Total current assets	10,195,634,009.83	10,081,258,691.67
Non-current assets:
Long-term prepayments	1,370,135,234.79	318,301,869.39
Long-term receivables	1,075,699,330.15	997,354,914.31
Long-term equity investments	9,134,856,169.17	8,939,325,449.78
Other non-current financial assets	1,605,891,286.54	1,605,891,286.54
Investment properties	11,079,013.20	11,222,998.80
Fixed assets	5,551,846,004.63	3,493,301,179.79
Construction in progress	121,894,047.15	123,595,758.16
Right-of-use assets	129,377,871.85	139,306,754.99
Intangible assets	26,539,971,485.00	26,853,518,315.85
Development expenditure	7,354,852.04	1,856,946.00
Goodwill	156,039,775.24	156,039,775.24
Long-term prepaid expenses	61,111,908.63	59,662,232.25
Deferred income tax assets	556,069,367.14	593,773,910.48
Other non-current assets	1,788,330,134.34	1,770,551,959.38
Total non-current assets	48,109,656,479.87	45,063,703,350.96
Total assets	58,305,290,489.70	55,144,962,042.63

- 14 -

Consolidated Balance Sheet (continued)

31 Mar 2021

		Unit: RMB; Unaudited
Item	As at 31 Mar 2021	As at 31 Dec 2020
Current liabilities:
Short-term borrowings	2,229,695,583.33	1,341,218,126.43
Transactional financial liabilities	83,523,552.51	83,677,813.21
Notes payable	145,469,031.66	295,467,331.39
Accounts payable	1,597,985,907.71	1,869,889,416.15
Contract liabilities	63,397,148.48	319,853,971.11
Employee benefits payable	214,816,240.43	281,972,189.76
Payable taxes	588,208,982.11	565,789,757.10
Other Payables	3,371,998,966.08	3,570,365,680.07
Non-current liabilities due within one year	3,841,002,235.60	3,665,798,518.83
Other current liabilities	3,018,562,895.01	2,041,455,397.33
Total current liabilities	15,154,660,542.92	14,035,488,201.38
Non-current liabilities:
Long-term borrowings	7,757,620,494.24	6,511,333,267.55
Bonds payable	3,793,003,959.28	3,792,324,357.82
Lease liabilities	100,550,634.55	104,653,671.67
Long-term payables	2,560,271,931.02	2,234,299,535.22
Long-term employee benefits payable	114,813,411.45	114,813,411.45
Provisions	164,290,623.61	165,626,186.20
Deferred revenue	599,826,479.70	608,186,171.37
Deferred income tax liabilities	1,251,164,886.40	1,299,127,356.20
Total non-current liabilities	16,341,542,420.25	14,830,363,957.48
Total liabilities	31,496,202,963.17	28,865,852,158.86
Owners' equity (or shareholders' equity):
Share capital (or Equity)	2,180,770,326.00	2,180,770,326.00
Other equity instruments	4,000,000,000.00	4,000,000,000.00
Including: perpetual bonds	4,000,000,000.00	4,000,000,000.00
Capital reserves	6,003,524,259.38	6,003,524,259.38
Other comprehensive income	869,360,317.06	868,945,190.79
Surplus reserves	2,711,599,472.69	2,711,599,472.69
Undistributed profit	7,772,637,533.19	7,278,102,534.06
Total shareholders' equity attributable to the parent	23,537,891,908.32	23,042,941,782.92
company
Minority interests	3,271,195,618.21	3,236,168,100.85
Total owners' equity (or shareholders' equity)	26,809,087,526.53	26,279,109,883.77
TOTAL LIABILITIES AND OWNERS' EQUITY (OR	58,305,290,489.70	55,144,962,042.63
SHAREHOLDERS' EQUITY)

- 15 -

Balance Sheet

31 Mar 2021

		Unit: RMB; Unaudited
Item	As at 31 Mar 2021	As at 31 Dec 2020
Current assets:
Cash at banks and on hand	1,706,245,209.18	1,365,622,853.05
Accounts receivable	16,500,831.41	20,151,041.12
Prepayments	23,728,925.89	21,750,910.62
Other receivables	1,703,496,709.08	1,319,653,642.94
Inventories	1,878,252.70	1,263,019.74
Contract assets	140,558,716.05	134,830,169.45
Assets held for sale	494,662,913.71	494,662,913.71
Total current assets	4,087,071,558.02	3,357,934,550.63
Non-current assets
Long-term prepayments	1,290,633,050.62	206,552,739.53
Long-term receivables	6,590,675,795.91	6,014,995,341.30
Long-term equity investments	26,038,584,383.45	25,003,745,962.67
Other non-current financial assets	1,571,963,316.54	1,571,963,316.54
Investment properties	11,079,013.20	11,222,998.80
Fixed assets	153,549,998.59	154,670,681.46
Construction in progress	1,413,434.50	-
Right-of-use assets	21,326,876.29	23,040,119.83
Intangible assets	180,340,130.71	187,570,677.62
Development expenditures	1,856,946.00	1,856,946.00
Long-term prepaid expenses	15,494,236.78	16,421,680.05
Deferred tax assets	57,272,958.14	84,546,531.11
Other current assets	153,917,504.01	152,054,832.31
Total non-current assets	36,088,107,644.74	33,428,641,827.22
Total assets	40,175,179,202.76	36,786,576,377.85

- 16 -

Balance Sheet (continued)

31 Mar 2021

		Unit: RMB; Unaudited
Item	As at 31 Mar 2021	As at 31 Dec 2020
Current liabilities
Short-term borrowings	1,385,843,649.97	601,857,503.53
Transactional financial liabilities	83,523,552.51	83,677,813.21
Accounts payable	62,021,574.83	62,687,911.59
Employee benefits payable	63,208,695.90	96,584,656.04
Taxes payable	26,516,810.27	38,268,742.63
Other payables	2,001,274,203.11	1,710,725,016.45
Non-current liabilities due within one year	3,433,725,867.36	3,315,629,370.65
Other current liabilities	3,016,018,605.63	2,018,087,592.62
Total current liabilities	10,072,132,959.58	7,927,518,606.72
Non-current liabilities
Long-term borrowings	5,241,558,867.55	4,658,608,867.55
Bonds payable	3,793,003,959.28	3,792,324,357.82
Lease liabilities	17,835,224.47	19,098,409.12
Long-term payables	2,316,198,575.34	1,948,950,517.48
Long-term employee benefits payable	69,517,451.40	69,517,451.40
Provision	30,072,184.37	29,708,258.21
Deferred income	265,445,572.14	272,250,747.47
Deferred tax liabilities	15,260,134.82	40,123,832.92
Total non-current liabilities	11,748,891,969.37	10,830,582,441.97
Total liabilities	21,821,024,928.95	18,758,101,048.69
Owners' equity (or shareholders' equity):
Share capital (or Equity)	2,180,770,326.00	2,180,770,326.00
Other equity instruments	4,000,000,000.00	4,000,000,000.00
Including: perpetual bonds	4,000,000,000.00	4,000,000,000.00
Capital surplus	2,978,192,273.96	2,978,192,273.96
Other comprehensive income	-14,148,065.97	-14,148,065.97
Surplus reserve	2,711,599,472.69	2,711,599,472.69
Undistributed profits	6,497,740,267.13	6,172,061,322.48
Total owners' equity (or shareholders' equity)	18,354,154,273.81	18,028,475,329.16
TOTAL LIABILITIES AND SHAREHOLDERS'	40,175,179,202.76	36,786,576,377.85
EQUITY (OR SHAREHOLDERS' EQUITY)

- 17 -

Consolidated Income Statement

Jan ~ Mar 2021

Unit: RMB; Unaudited

Item	Jan ~ Mar 2021	Jan ~ Mar 2020
(restated)
1.Total revenue	1,962,015,531.22	474,711,617.77
2.Total costs	1,386,560,983.26	770,579,788.61
Including: Cost of services	1,056,874,371.93	518,400,372.81
Taxes and surcharges	35,109,923.24	3,064,664.46
Selling expenses	8,930,568.82	3,761,067.70
General and administrative expenses	72,435,025.07	42,874,253.75
Research and development expenses	13,313,152.62	3,438,412.23
Financial expenses	199,897,941.58	199,041,017.66
Including: Interest expense	196,514,623.55	173,532,063.55
Interest income	11,477,801.24	14,198,413.19
Add: Other income	4,195,439.57	186,450.24
Investment income (loss shown with "-")	153,880,719.21	36,878,135.04
Including: Share of profits of associates and joint ventures	153,880,719.21	36,878,135.04
Gain or loss from changes in fair value (loss shown with "-")	154,260.70	39,191,196.00
Credit impairment losses (loss shown with "-")	1,675,132.49	-274,635.52
Gains or loss on disposal of assets (loss shown with "-")	15,234,914.10	-43,690.15
3.Operating profits (loss shown with "-")	750,595,014.03	-219,930,715.23
Add: Non-operating income	2,061,876.36	2,035,805.65
Less: Non-operating expenses	271,681.59	6,439,975.00
4.Total profit (loss shown with "-")	752,385,208.80	-224,334,884.58
Less: Income tax expenses	166,822,691.95	-50,106,144.22
5.Net profit (loss shown with "-")	585,562,516.85	-174,228,740.36
(1) Classified by business continuity
1. Net profit from continuing operations (loss shown with "-")	585,562,516.85	-174,228,740.36
(2) Classified by ownership
Net profit attributable to owners of the Company(loss shown with "-")	540,534,999.13	-132,684,403.98
Minority interests (loss shown with "-")	45,027,517.72	-41,544,336.38
6.Other comprehensive income after tax (loss shown with "-")	415,126.27	1,392,669.79
(1) Other comprehensive income after tax attributable to	415,126.27	1,392,669.79
owners of the company
Items that may be reclassified subsequently to profit or loss	415,126.27	1,392,669.79
Translation difference of foreign currency financial statements	415,126.27	1,392,669.79
7.Total comprehensive income	585,977,643.12	-172,836,070.57
(1) Total comprehensive income attributable to owners of the Company	540,950,125.40	-131,291,734.19
(2) Total comprehensive income attributable to minority shareholders'	45,027,517.72	-41,544,336.38
interests
8.Earnings per share
Basic earnings per share (RMB/share)	0.227	-0.061
Diluted earnings per share (RMB/share)	0.227	-0.061

- 18 -

Income Statement

Jan ~ Mar 2021

Unit: RMB; Unaudited

Item	Jan ~ Mar 2021	Jan ~ Mar 2020
1. Total revenue	149,040,642.42	54,369,841.66
Less: Cost of services	49,959,662.37	44,920,010.46
Tax and surcharges	3,470,219.76	486,708.61
General and administrative expenses	34,540,997.31	23,143,838.70
Financial expenses	106,396,165.69	97,256,826.34
Including: Interest expense	90,970,931.41	117,376,919.01
Interest income	4,725,272.66	58,565,390.85
Add: Other income	1,307,850.55	34,183.06
Investment income (loss shown with "-")	397,364,682.84	-11,707,862.20
Including: Share of profits of associates and joint ventures	49,628,420.45	-5,859,749.82
Gain or loss from changes in fair value (loss shown with "-")	154,260.70	39,191,196.00
Gains or loss on disposal of assets (loss shown with "-")	15,244,099.19	-
2.Operating profit (loss shown with "-")	368,744,490.57	-83,920,025.59
Add: Non-operating income	7,177.56	102,533.74
Less: Non-operating expenses	-	6,001,375.92
3.Total profit (loss shown with "-")	368,751,668.13	-89,818,867.77
Less: Income tax expenses	-2,927,276.52	-19,465,750.23
4. Net profit (loss shown with "-")	371,678,944.65	-70,353,117.54
(1) Net profit from continuing operations (loss shown with "-")	371,678,944.65	-70,353,117.54
5. Other comprehensive income (after tax)	-	-
6. Total comprehensive income	371,678,944.65	-70,353,117.54

- 19 -

Consolidated Cash Flow Statement

Jan ~ Mar 2021

Unit: RMB; Unaudited

Item	Jan ~ Mar 2021	Jan ~ Mar 2020
(restated)
1.Cash flows from operating activities:
Cash received from rendering services and selling goods	1,653,059,631.97	508,619,496.81
Refund of taxes	53,570.25	33,032.43
Cash received relating to other operating activities	49,611,111.12	118,079,671.78
Sub-total of cash inflows	1,702,724,313.34	626,732,201.02
Cash paid for goods and services	328,318,730.13	469,521,538.19
Cash paid to and on behalf of employees	286,387,295.42	219,500,314.38
Payments of taxes and surcharges	228,383,762.12	146,196,637.54
Cash paid relating to other operating activities	182,417,932.36	127,314,890.62
Sub-total of cash outflows	1,025,507,720.03	962,533,380.73
Net cash flows used in operating activities	677,216,593.31	-335,801,179.71
2.Cash flows from investing activities
Cash received from recovery of investments	48,427,979.14	15,771,710.88
Cash received from returns on investments	2,100,000.00	6,003,505.12
Net cash received from disposal of fixed assets, intangible assets and other	9,893,255.00	65,000.00
long-term assets
Net cash flows from disposal of subsidiaries and other business units	363,990,000.00	-
Cash received relating to other investing activities	3,185,955.62	7,238,760.83
Sub-total of cash inflows	427,597,189.76	29,078,976.83
Cash paid to acquire fixed assets, intangible assets and other long-term assets	2,160,666,837.66	221,098,139.48
Payments for investing activities	43,750,000.00	5,244.09
Cash paid to acquire subsidiaries and other business units	489,898,864.89	91,418,051.94
Cash paid relating to other investing activities	226,081.19	2,986,936.28
Sub-total of cash outflows	2,694,541,783.74	315,508,371.79
Net cash flows used in investing activities	-2,266,944,593.98	-286,429,394.96
3.Cash flows from financing activities
Cash received from borrowings	5,170,429,210.63	3,465,000,596.38
Cash received relating to other financing activities	380,828,679.66	-
Sub-total of cash inflows	5,551,257,890.29	3,465,000,596.38
Cash repayments of borrowings	3,342,471,300.00	1,828,776,705.34
Cash payments for interest expenses and distribution of dividends or profits	268,425,859.24	153,032,530.50
Cash payments relating to other financing activities	192,302,581.15	24,933,009.49
Sub-total of cash outflows	3,803,199,740.39	2,006,742,245.33
Net cash flows used in financing activities	1,748,058,149.90	1,458,258,351.05
4.Effect of foreign exchange rate changes on cash and cash equivalents	-1,896.41	-50,651.51
5.Net increase in cash and cash equivalents	158,328,252.82	835,977,124.87
Add: Cash and cash equivalents at beginning of year	3,233,581,180.27	2,977,834,893.73
6.Cash and cash equivalents at end of year	3,391,909,433.09	3,813,812,018.60

- 20 -

Cash Flow Statement

Jan ~ Mar 2021

		Unit: RMB; Unaudited
Item	Jan ~ Mar 2021		Jan ~ Mar 2020
1.Cash flows from operating activities
Cash received from selling goods and rendering services	140,495,632.38		40,533,912.09
Cash received relating to other operating activities	130,848,137.47		523,170,971.29
Sub-total of cash inflows	271,343,769.85		563,704,883.38
Cash paid for goods and services	9,594,379.58		10,853,250.66
Cash paid to and on behalf of employees	74,307,587.00		65,555,619.22
Payments of taxes and surcharges	21,387,420.64		5,565,564.60
Cash paid relating to other operating activities	137,662,130.12		393,277,365.37
Sub-total of cash outflows	242,951,517.34		475,251,799.85
Net cash flows from operating activities	28,392,252.51		88,453,083.53
2.Cash flows from investing activities
Cash received from returns on investments	26,100,000.00		5,675,000.00
Net cash received from disposal of fixed assets, intangible assets and	9,858,165.00		-
other long-term assets
Net cash received from disposal of subsidiaries and	363,990,000.00		-
other business units
Cash received relating to other investing activities	1,023,211,098.54		345,871,261.48
Sub-total of cash inflows	1,423,159,263.54		351,546,261.48
Cash paid to acquire fixed assets, intangible assets and other long-term	1,575,796,326.01		2,669,628.67
assets
Payments for investing activities	987,310,000.00		-
Cash paid to acquire subsidiaries and other business units	0.33		20,600,000.00
Cash paid relating to other investing activities	1,914,698,978.93		1,971,984,000.00
Sub-total of cash outflows	4,477,805,305.27		1,995,253,628.67
Net cash flows from investing activities	-3,054,646,041.73		-1,643,707,367.19
3.Cash flows from financing activities
Cash received from borrowings	4,299,000,000.00		2,720,000,000.00
Cash received relating to other financing activities	607,248,057.86		-
Sub-total of cash inflows	4,906,248,057.86		2,720,000,000.00
Cash repayments of borrowings	1,825,025,000.00		322,000,000.00
Cash payments for interest expenses and distribution of dividends or	197,191,897.44		83,422,481.39
profits
Cash payments relating to other financing activities	4,148,025.31		5,141,761.65
Sub-total of cash outflows	2,026,364,922.75		410,564,243.04
Net cash flows from financing activities	2,879,883,135.11		2,309,435,756.96
4.Effect of foreign exchange rate changes on cash and cash equivalents	465.76		2,127.52
5.Net increase in cash and cash equivalents	-146,370,188.35		754,183,600.82
Add: Cash and cash equivalents at beginning of year	1,326,583,970.59		1,267,105,113.94
6.Cash and cash equivalents at end of year	1,180,213,782.24		2,021,288,714.76

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