中国资源交通二零二五年年报

ANNUAL REPORT2025 Contents 24531456391CONSOLIDATED STATEMENT OF PROFIT ORLOSS AND OTHER COMPREHENSIVE INCOME95CONSOLIDATED STATEMENT OFFINANCIAL POSITION97CONSOLIDATED STATEMENT OFCHANGES IN EQUITY99CONSOLIDATED STATEMENT OFCASH FLOWS100NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS102SUMMARY OF FINANCIAL INFORMATION208 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 Ms. Ngan Wai, 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 FloorCamana BayP.O. Box 30745Grand Cayman KY1-1203Cayman Islands JTC (Cayman) Limited94 Solaris Avenue 2nd FloorCamana BayP.O. Box 30745Grand Cayman KY1-1203Cayman Islands PRINCIPAL PLACE OF BUSINESS 14522 22/F, On Hong Commercial Building145 Hennessy RoadWan 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”), 20253 312025 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 2025 andthe audited consolidated financial statements of the Company andits subsidiaries (together the “Group”) for the year ended 31 March2025. Withthe government of People’s Republic of China(“PRC”)advancingtoward a unified and open transportation market,weanticipatesignificant reforms in toll and maintenance systems forexpressways.While optimizing maintenance may raise operationalcosts,these changes are expected to enhance the valuation ofZhunxingExpressway,creating new opportunities for sustainablegrowth. Thestable growth of the global economy is set to increasetransportationdemand,subsequently boosting toll expresswaytraffic. As a vital part of modern transportation infrastructure, ourrevenues from toll expressways will rise alongside increased vehicleflow. Ina low-interest-rate environment,the toll expressway industry’sdefensivecharacteristics are becoming increasingly attractive toinvestors seeking robust assets. This trend enhances the investmentvalueof toll expressways,particularly in times of economicuncertainty. 265 Furthermore,the PRC government is implementing measures toexpand coal supply, stabilize coal prices, and adjust import rates,alongsidecoordinating transportation efforts to support the coalindustry’ssteady growth.As a result,Inner Mongolia ZhunxingHeavy Haul Expressway Company Limited*(“Zhunxing”),which operates the 265-kilometerheavy haul toll expressway (the “Zhunxing Expressway”) in InnerMongolia as part of the highway network, will continue to progresssteadily, aiming for stable growth in toll revenue. 2024 Lookingback to 2024,our management team and staffs arecommittedto comprehensively improve traffic safety servicelevels and enhancing working capital conditions. We will confrontchallenges with caution and determination, ensuring the continueddevelopmentof the Group and delivering greater value to ourshareholders. Wewould like to take this opportunity to express our sinceregratitude to all our shareholders and creditors for your unwaveringsupport. We also extend our heartfelt thanks to our fellow directorsfor their dedication and hard work over the past year. Mr. Lu ZhimingCo-Chairman Mr. Gao ZhipingCo-ChairmanHong Kong, 30 June 2025 2025630 Management Discussion and Analysis Forthe year ended 31 March 2025,the Group was principallyengaged in expressway operations, compressed natural gas (“CNG”)gas stations operations, growing an