中国资源交通二零二四年年报

ANNUAL REPORT2024 Contents 24531456386CONSOLIDATED STATEMENT OF PROFIT ORLOSS AND OTHER COMPREHENSIVE INCOME90CONSOLIDATED STATEMENT OFFINANCIAL POSITION92CONSOLIDATED STATEMENT OFCHANGES IN EQUITY94CONSOLIDATED STATEMENT OFCASH FLOWS95NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS97SUMMARY OF FINANCIAL INFORMATION204 CORPORATE INFORMATION STATEMENT OF CHAIRMAN MANAGEMENT DISCUSSION AND ANALYSIS DIRECTORS’ REPORT CORPORATE GOVERNANCE REPORT ENVIRONMENTAL, SOCIAL ANDGOVERNANCE REPORT INDEPENDENT AUDITOR’S REPORT Corporate Information BOARD OF DIRECTORS EXECUTIVE DIRECTORS Mr. Lu Zhiming(Co-Chairman)Mr. Gao Zhiping(Co-Chairman & Chief Executive Officer)Mr. Jiang TaoMr. Duan JingquanMr. Wang Gang INDEPENDENT NON-EXECUTIVE DIRECTORS 202410 15202410 15 Mr. Jing BaoliMr. Bao Liang MingMr. Xue BaozhongMs. Huang Chunlian (appointed on 15 October 2024)Ms. Xu Hui (resigned on 15 October 2024) AUDIT COMMITTEE 2024101520241015 Ms. Huang Chunlian(Chairlady) (appointed on 15 October 2024)Mr. Jing BaoliMr. Bao Liang MingMr. Xue BaozhongMs. Xu Hui(Chairlady) (resigned on 15 October 2024) REMUNERATION COMMITTEE 202410 15202410 15 Mr. Jing Baoli(Chairman)Mr. Bao Liang MingMr. Xue BaozhongMs. Huang Chunlian (appointed on 15 October 2024)Mr. Gao ZhipingMs. Xu Hui (resigned on 15 October 2024) NOMINATION COMMITTEE 202410 15202410 15 Mr. Gao Zhiping(Chairman)Mr. Jing BaoliMr. Bao Liang MingMr. Xue BaozhongMs. Huang Chunlian (appointed on 15 October 2024)Ms. Xu Hui (resigned on 15 October 2024) Corporate Information COMPANY SECRETARY Miss Ngan Wai Kam, Sharon AUDITOR McMillan Woods (Hong Kong) CPA Limited LEGAL ADVISOR NGANS LAWYERS LLP PRINCIPAL BANKERS Bank of China (Hong Kong) LimitedThe Bank of East Asia Limited REGISTERED OFFICE JTC (Cayman) Limited94 Solaris Avenue 2nd Floor,Camana BayP.O. Box 30745Grand Cayman KY1-1203Cayman Islands JTC (Cayman) Limited94 Solaris Avenue 2nd Floor,Camana BayP.O. Box 30745Grand Cayman KY1-1203Cayman Islands PRINCIPAL PLACE OF BUSINESS 14522 22/F, On Hong Commercial Building,145 Hennessy Road,Wan ChaiHong Kong SHARE REGISTRARS & TRANSFER OFFICE 1617 Tricor Progressive Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong STOCK CODE AT HONG KONG STOCKEXCHANGE 269 269 COMPANY WEBSITE http://www.crtg.com.hk http://www.crtg.com.hk Statement of Chairman To all shareholders of the Company (the “Shareholders”), : On behalf of the board of directors (the “Board”) of China Resourcesand Transportation Group Limited(the“Company”), I am delighted to present the Annual Report 2024 andthe audited consolidated financial statements of the Company andits subsidiaries (together the “Group”) for the year ended 31 March2024. 20243 312024 202420243 3118.91%265 In 2024, the global political and economic landscape continues tobeturbulent,with ongoing economic pressure.Frequent extremeweather events (such as heavy rain, snowstorms, and windstorms)havehad adverse impact on Zhunxing’s operations,leading totransportation disruptions that restrict vehicle passage and reducetoll revenue. As a result, the average daily income of the ZhunxingExpressway has decreased by 18.91% during the year ended 31March 2024. These weather conditions have also caused damagetothe highway infrastructure(such as road collapses and wateraccumulation),leading to increased maintenance and operationalcosts.Despite this,the government of the People’s Republic ofChina(“PRC”)is vigorously promoting the construction of thehighway network to stimulate economic development and regionalintegration. The construction of highways is seen as a crucial meanstopromote economic growth and improve logistics efficiency,enhancing the PRC transportation capacity and fostering economicexpansion. Further, to support the steady development of the coalindustry, the government of the PRC is implementing measures toexpand coal supply, stabilize coal prices, adjust the pace of coalimports, and coordinate coal transportation. Thanks to these policiesandmeasures,Inner Mongolia Zhunxing Heavy Haul ExpresswayC o m p a n yL i m i t e d *(“Zhunxing”),which operates the 265-kilometer heavy haul tollexpressway (the “Zhunxing Expressway”) in Inner Mongolia as partof the highway network, will continue to progress steadily, aiming forstable growth in toll revenue. 2023 Looking back at the year of 2023, the staffs at all levels of the Grouphad strived together and continued to take actions to improve theliquidityposition of the Group.Amid the challenging economicenvironment,the Company is in the progress of implementingvarious measures including but not limited to seeking other potentialpurchasers to dispose of the equity interests in Zhunxing and debtrestructuring with the Group’s creditors (the “Creditors”). The Groupwill take up challenges with prudence and step forward to achievesustainable growth of the Group and maximize the benefits of theShareholders as a whole. Iwish to take this opportunity to extend my ap