Anhui Expressway Co Ltd
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Penke I guess you are interested in Anhui Expressway Co Ltd. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Anhui Expressway Co Ltd. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of Anhui Expressway Co Ltd (30 sec.)

What can you expect buying and holding a share of Anhui Expressway Co Ltd? (30 sec.)

How much money do you get?

HK$0.09

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

HK$9.19

Expected worth in 1 year

HK$10.59

How sure are you?

70.0%

+ What do you gain per year?

Total Gains per Share

HK$2.15

Return On Investment

24.3%

For what price can you sell your share?

Current Price per Share

HK$8.84

Expected price per share

HK$8.29 - HK$9.38

How sure are you?

50%

1. Valuation of Anhui Expressway Co Ltd (5 min.)

Live pricePrice per Share (EOD)

HK$8.84

Book Value per Share

HK$9.19

Intrinsic Value Per Share

HK$-42.41 - HK$-6.96

Total Value Per Share

HK$-33.22 - HK$2.23

My calculation of the intrinsic value of Anhui Expressway Co Ltd is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: (HK$0.14) 3Y: (HK$0.15) TTM: (HK$0.09)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: (HK$-0.02) 3Y: (HK$-0.08) TTM: (HK$-0.20)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	HK$-0.25	HK$0.43	HK$-0.77 - HK$0.32
2	HK$-1.70	HK$0.56	HK$-2.10 - HK$0.03
3	HK$-4.22	HK$0.42	HK$-3.44 - HK$-0.26
4	HK$-7.68	HK$0.03	HK$-4.78 - HK$-0.55
5	HK$-11.96	HK$-0.61	HK$-6.12 - HK$-0.84
6	HK$-16.97	HK$-1.48	HK$-7.45 - HK$-1.13
7	HK$-22.60	HK$-2.56	HK$-8.79 - HK$-1.42
8	HK$-28.77	HK$-3.84	HK$-10.13 - HK$-1.72
9	HK$-35.40	HK$-5.31	HK$-11.46 - HK$-2.01
10	HK$-42.41	HK$-6.96	HK$-12.80 - HK$-2.30

2. Growth of Anhui Expressway Co Ltd (5 min.)

Is Anhui Expressway Co Ltd growing?

	Current year	Previous year	Grow	Grow %
How rich?	$1.9b	$1.7b	$150.4m	8.1%

How much money is Anhui Expressway Co Ltd making?

	Current year	Previous year	Grow	Grow %
Making money	$73m	$67.2m	$5.7m	7.9%
Net Profit Margin	28.8%	33.0%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Anhui Expressway Co Ltd (5 min.)

4. Comparing to competitors in the Infrastructure Operations industry (5 min.)

Industry Rankings (Infrastructure Operations)

Richest
#18 / 63

Most Revenue
#26 / 63

Most Profit
#19 / 63

Most Efficient
#15 / 63

What can you expect buying and holding a share of Anhui Expressway Co Ltd? (5 min.)

Welcome investor! Anhui Expressway Co Ltd's management wants to use your money to grow the business. In return you get a share of Anhui Expressway Co Ltd.

What can you expect buying and holding a share of Anhui Expressway Co Ltd?

First you should know what it really means to hold a share of Anhui Expressway Co Ltd. And how you can make/lose money.

Speculation

The Price per Share of Anhui Expressway Co Ltd is HK$8.84. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Anhui Expressway Co Ltd.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Anhui Expressway Co Ltd, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is HK$9.19. Based on the TTM, the Book Value Change Per Share is HK$0.35 per quarter. Based on the YOY, the Book Value Change Per Share is HK$0.00 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is HK$0.19 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Anhui Expressway Co Ltd.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	HK$	% of Price per Share	HK$	% of Price per Share	HK$	% of Price per Share	HK$	% of Price per Share	HK$	% of Price per Share
Usd Eps	0.03	0.3%	0.03	0.4%	0.03	0.3%	0.03	0.3%	0.03	0.3%
Usd Book Value Change Per Share	0.02	0.3%	0.04	0.5%	0.00	0.0%	0.01	0.2%	0.01	0.1%
Usd Dividend Per Share	0.01	0.1%	0.02	0.3%	0.02	0.3%	0.02	0.2%	0.01	0.1%
Usd Total Gains Per Share	0.03	0.3%	0.07	0.8%	0.02	0.3%	0.03	0.3%	0.03	0.3%
Usd Price Per Share	0.98	-	1.00	-	0.81	-	0.72	-	0.73	-
Price to Earnings Ratio	9.56	-	7.84	-	7.70	-	3.45	-	5.96	-
Price-to-Total Gains Ratio	32.21	-	9.18	-	-1.36	-	-2.01	-	3.38	-
Price to Book Ratio	0.84	-	0.90	-	0.79	-	0.71	-	0.83	-
Price-to-Total Gains Ratio	32.21	-	9.18	-	-1.36	-	-2.01	-	3.38	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	1.128868
Number of shares	885

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.02	0.02
Usd Book Value Change Per Share	0.04	0.01
Usd Total Gains Per Share	0.07	0.03
Gains per Quarter (885 shares)	60.63	26.92
Gains per Year (885 shares)	242.52	107.68

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	84	159	233	56	52	98
2	168	317	476	111	104	206
3	252	476	719	167	156	314
4	335	635	962	223	208	422
5	419	793	1205	279	260	530
6	503	952	1448	334	312	638
7	587	1111	1691	390	364	746
8	671	1269	1934	446	416	854
9	755	1428	2177	501	468	962
10	838	1587	2420	557	520	1070

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	19.0	1.0	0.0	95.0%	39.0	1.0	0.0	97.5%	83.0	1.0	0.0	98.8%
Book Value Change Per Share	3.0	1.0	0.0	75.0%	7.0	5.0	0.0	58.3%	13.0	7.0	0.0	65.0%	28.0	12.0	0.0	70.0%	62.0	22.0	0.0	73.8%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	84.0	0.0	0.0	100.0%
Total Gains per Share	3.0	1.0	0.0	75.0%	7.0	5.0	0.0	58.3%	13.0	7.0	0.0	65.0%	28.0	12.0	0.0	70.0%	69.0	15.0	0.0	82.1%

Fundamentals of Anhui Expressway Co Ltd

About Anhui Expressway Co Ltd

https://www.anhui-expressway.net
Infrastructure Operations
1940
520 Wangjiang West Road, Hefei, China, 230088
Google Maps Bing Maps

Anhui Expressway Company Limited constructs, operates, manages, and develops toll roads and associated service sections in Anhui province, the People's Republic of China. The company owns interests in the Hening Expressway, New Tianchang Section of National Trunk 205, Gaojie Expressway, Xuanguang Expressway, Ninghuai Expressway Tianchang Section, Lianhuo Highway Anhui Section, Guangci Expressway, Ningxuanhang Expressway, Anquing Yangtze River Expressway Bridge, and Yuewu Expressway Anhui section. It also provides pawn loan services. Anhui Expressway Company Limited was incorporated in 1996 and is headquartered in Hefei, the People's Republic of China.

Fundamental data was last updated by Penke on 2024-04-15 15:54:02.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge profit.
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating less efficient.
The company is inefficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is cheap.
Based on the earnings, the company is underpriced.
Based on how much money comes from the company's main activities, the company is fair priced.

1.1. Profitability of Anhui Expressway Co Ltd.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Anhui Expressway Co Ltd earns for each $1 of revenue.

Above 10% is considered healthy but always compare Anhui Expressway Co Ltd to the Infrastructure Operations industry mean.
A Net Profit Margin of 13.5% means that $0.14 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Anhui Expressway Co Ltd:

The MRQ is 13.5%. The company is making a huge profit. +2
The TTM is 28.8%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	13.5%	TTM	28.8%	-15.2%
TTM	28.8%	YOY	33.0%	-4.2%
TTM	28.8%	5Y	32.9%	-4.2%
5Y	32.9%	10Y	35.3%	-2.4%

Compared to industry (Infrastructure Operations)

Period	Company	Industry (mean)	+/-
MRQ	13.5%	10.7%	+2.8%
TTM	28.8%	14.1%	+14.7%
YOY	33.0%	11.9%	+21.1%
5Y	32.9%	14.0%	+18.9%
10Y	35.3%	13.2%	+22.1%

Measures how much net profit Anhui Expressway Co Ltd earns for each $1 of revenue.

Revenue is the amount of profit Anhui Expressway Co Ltd generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Anhui Expressway Co Ltd earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Anhui Expressway Co Ltd to the Infrastructure Operations industry mean.
Can be used to compare companies within the Infrastructure Operations industry.

You typically want a high profit margin. This means that for each $1 in sales, Anhui Expressway Co Ltd makes more profit. This shows the investor how efficiently Anhui Expressway Co Ltd is operating in general and compared to other companies in the same industry. Anhui Expressway Co Ltd operates in the Infrastructure Operations industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Anhui Expressway Co Ltd. If profit margins remain low (compared to the Infrastructure Operations industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Anhui Expressway Co Ltd is 0.14. This means that Anhui Expressway Co Ltd earned $0.14 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Infrastructure Operations industry is 10.7%.
What is the trend?
The trend is important because it shows you how Anhui Expressway Co Ltd is performing over time. The most recent quarter might be important if Anhui Expressway Co Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Anhui Expressway Co Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Anhui Expressway Co Ltd with other companies in the same industry (Infrastructure Operations).
Net profit margin should rise over the years.
Can be influenced when Anhui Expressway Co Ltd sells assets (profit will increase while costs remain the same).
It won’t show what part of Anhui Expressway Co Ltd is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Anhui Expressway Co Ltd

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Anhui Expressway Co Ltd = 309,168
Total revenue MRQ Anhui Expressway Co Ltd = 2,287,277
$309,168 / $2,287,277 = 0.14 or 13.5%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Anhui Expressway Co Ltd is using its assets to generate profit.

Above 5% is considered healthy but always compare Anhui Expressway Co Ltd to the Infrastructure Operations industry mean.
1.4% Return on Assets means that Anhui Expressway Co Ltd generated $0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Anhui Expressway Co Ltd:

The MRQ is 1.4%. Using its assets, the company is less efficient in making profit.
The TTM is 2.4%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	1.4%	TTM	2.4%	-1.0%
TTM	2.4%	YOY	2.3%	+0.1%
TTM	2.4%	5Y	2.0%	+0.4%
5Y	2.0%	10Y	2.0%	+0.1%

Compared to industry (Infrastructure Operations)

Period	Company	Industry (mean)	+/-
MRQ	1.4%	1.2%	+0.2%
TTM	2.4%	1.3%	+1.1%
YOY	2.3%	1.5%	+0.8%
5Y	2.0%	1.3%	+0.7%
10Y	2.0%	1.4%	+0.6%

Shows how efficient Anhui Expressway Co Ltd is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Anhui Expressway Co Ltd to the Infrastructure Operations industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Anhui Expressway Co Ltd is using its resources to generate profit. If the return on assets (1.4%) from Anhui Expressway Co Ltd are higher than the Infrastructure Operations mean (1.2%) that means Anhui Expressway Co Ltd is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Anhui Expressway Co Ltd is 1.4%. This means the company generated $0.01 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Infrastructure Operations industry is 1.2%.
What is the trend?
The trend is important because it shows you how Anhui Expressway Co Ltd is performing over time. The most recent quarter might be important if Anhui Expressway Co Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Anhui Expressway Co Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Anhui Expressway Co Ltd

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Anhui Expressway Co Ltd = 309,168
Total assets MRQ (balance sheet) from Anhui Expressway Co Ltd = 21,738,743
309,168 / 21,738,743 = 0.01 or 1.4%

ROA is an important ratio as it will tell you how effectively Anhui Expressway Co Ltd is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Anhui Expressway Co Ltd is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Anhui Expressway Co Ltd to the Infrastructure Operations industry mean.
2.4% Return on Equity means Anhui Expressway Co Ltd generated $0.02 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Anhui Expressway Co Ltd:

The MRQ is 2.4%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 4.3%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	2.4%	TTM	4.3%	-1.9%
TTM	4.3%	YOY	4.2%	+0.2%
TTM	4.3%	5Y	3.3%	+1.0%
5Y	3.3%	10Y	2.3%	+1.0%

Compared to industry (Infrastructure Operations)

Period	Company	Industry (mean)	+/-
MRQ	2.4%	3.6%	-1.2%
TTM	4.3%	3.4%	+0.9%
YOY	4.2%	3.0%	+1.2%
5Y	3.3%	2.5%	+0.8%
10Y	2.3%	2.4%	-0.1%

Shows how efficient Anhui Expressway Co Ltd is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Anhui Expressway Co Ltd to the Infrastructure Operations industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Infrastructure Operations industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Anhui Expressway Co Ltd is 2.4%. This means Anhui Expressway Co Ltd generated $0.02 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Infrastructure Operations industry is 3.6%.
What is the trend?
The trend is important because it shows you how Anhui Expressway Co Ltd is performing over time. The most recent quarter might be important if Anhui Expressway Co Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Anhui Expressway Co Ltd up to 10 years back (depending if Anhui Expressway Co Ltd existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Anhui Expressway Co Ltd

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Anhui Expressway Co Ltd = 309,168
Shareholders equity (balance sheet) MRQ Anhui Expressway Co Ltd = 12,656,912
309,168 / 12,656,912 = 0.02 or 2.4%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Anhui Expressway Co Ltd.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Anhui Expressway Co Ltd is operating .

Measures how much profit Anhui Expressway Co Ltd makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Anhui Expressway Co Ltd to the Infrastructure Operations industry mean.
An Operating Margin of 0.0% means the company generated $0.00 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Anhui Expressway Co Ltd:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	6.2%	-6.2%
TTM	6.2%	YOY	20.4%	-14.2%
TTM	6.2%	5Y	33.9%	-27.7%
5Y	33.9%	10Y	23.3%	+10.6%

Compared to industry (Infrastructure Operations)

Period	Company	Industry (mean)	+/-
MRQ	-	14.2%	-14.2%
TTM	6.2%	11.9%	-5.7%
YOY	20.4%	22.9%	-2.5%
5Y	33.9%	23.1%	+10.8%
10Y	23.3%	16.0%	+7.3%

Measures how efficient Anhui Expressway Co Ltd is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Anhui Expressway Co Ltd to the Infrastructure Operations industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Anhui Expressway Co Ltd is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Anhui Expressway Co Ltd is 0.0%. This means that Anhui Expressway Co Ltd earned $0.00 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Infrastructure Operations industry is 14.2%.
What is the trend?
The trend is important because it shows you how Anhui Expressway Co Ltd is performing over time. The most recent quarter might be important if Anhui Expressway Co Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Anhui Expressway Co Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Anhui Expressway Co Ltd

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Anhui Expressway Co Ltd = 519,148
Total revenue MRQ Anhui Expressway Co Ltd = 2,287,277
$519,148 / $2,287,277 = 0.00 or 0.0%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Anhui Expressway Co Ltd is keeping operating costs low.

Below 1 is considered healthy (always compare to Infrastructure Operations industry mean).
An Operation Ratio of 1.52 means that the operating costs are $1.52 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Anhui Expressway Co Ltd:

The MRQ is 1.515. The company is inefficient in keeping operating costs low. -1
The TTM is 1.078. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	1.515	TTM	1.078	+0.437
TTM	1.078	YOY	0.989	+0.089
TTM	1.078	5Y	0.985	+0.093
5Y	0.985	10Y	0.760	+0.226

Compared to industry (Infrastructure Operations)

Period	Company	Industry (mean)	+/-
MRQ	1.515	1.307	+0.208
TTM	1.078	1.152	-0.074
YOY	0.989	1.094	-0.105
5Y	0.985	1.130	-0.145
10Y	0.760	0.961	-0.201

Measures how efficient Anhui Expressway Co Ltd is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Anhui Expressway Co Ltd to the Infrastructure Operations industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Anhui Expressway Co Ltd is 151.5%. This means that Anhui Expressway Co Ltd earned $1.52 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Infrastructure Operations industry is 1.31.
What is the trend?
The trend is important because it shows you how Anhui Expressway Co Ltd is performing over time. The most recent quarter might be important if Anhui Expressway Co Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Anhui Expressway Co Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Anhui Expressway Co Ltd

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(1,698,086 +1,768,129) \ 2,287,277 = 1.52

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Anhui Expressway Co Ltd.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Anhui Expressway Co Ltd is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Infrastructure Operations industry mean).
A Current Ratio of 2.92 means the company has $2.92 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Anhui Expressway Co Ltd:

The MRQ is 2.922. The company is able to pay all its short-term debts. +1
The TTM is 3.230. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	2.922	TTM	3.230	-0.308
TTM	3.230	YOY	3.020	+0.210
TTM	3.230	5Y	2.398	+0.832
5Y	2.398	10Y	2.058	+0.339

Compared to industry (Infrastructure Operations)

Period	Company	Industry (mean)	+/-
MRQ	2.922	1.153	+1.769
TTM	3.230	1.123	+2.107
YOY	3.020	1.278	+1.742
5Y	2.398	1.299	+1.099
10Y	2.058	1.165	+0.893

Measures if Anhui Expressway Co Ltd is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Infrastructure Operations industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Anhui Expressway Co Ltd if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Anhui Expressway Co Ltd is 2.92. This means Anhui Expressway Co Ltd has $2.92 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Infrastructure Operations industry is 1.15.
What is the trend?
The trend is important because it shows you how Anhui Expressway Co Ltd is performing over time. The most recent quarter might be important if Anhui Expressway Co Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Anhui Expressway Co Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Anhui Expressway Co Ltd

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
4,267,194 \ 1,460,530) = 2.92

The current ratio measures if Anhui Expressway Co Ltd is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Anhui Expressway Co Ltd is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Anhui Expressway Co Ltd does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Anhui Expressway Co Ltd is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Anhui Expressway Co Ltd is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Anhui Expressway Co Ltd to the Infrastructure Operations industry mean.
A Quick Ratio of 0.00 means the company can pay off $0.00 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Anhui Expressway Co Ltd:

The MRQ is 0.000. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	0.318	-0.318
TTM	0.318	YOY	1.126	-0.808
TTM	0.318	5Y	1.027	-0.709
5Y	1.027	10Y	0.668	+0.359

Compared to industry (Infrastructure Operations)

Period	Company	Industry (mean)	+/-
MRQ	-	0.457	-0.457
TTM	0.318	0.477	-0.159
YOY	1.126	0.614	+0.512
5Y	1.027	0.773	+0.254
10Y	0.668	0.668	0.000

Measures if Anhui Expressway Co Ltd is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Anhui Expressway Co Ltd to the Infrastructure Operations industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Anhui Expressway Co Ltd can pay off its short term debts. This shows if Anhui Expressway Co Ltd can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Anhui Expressway Co Ltd is 0.00. This means that Anhui Expressway Co Ltd can pay off $0.00 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Infrastructure Operations industry is 0.46.
What is the trend?
The trend is important because it shows you how Anhui Expressway Co Ltd is performing over time. The most recent quarter might be important if Anhui Expressway Co Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Anhui Expressway Co Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Anhui Expressway Co Ltd

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Anhui Expressway Co Ltd: ( + +) / 1,460,530 = 0.00

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of Anhui Expressway Co Ltd.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Anhui Expressway Co Ltd assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Anhui Expressway Co Ltd to Infrastructure Operations industry mean.
A Debt to Asset Ratio of 0.35 means that Anhui Expressway Co Ltd assets are financed with 35.1% credit (debt) and the remaining percentage (100% - 35.1%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Anhui Expressway Co Ltd:

The MRQ is 0.351. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.384. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.351	TTM	0.384	-0.033
TTM	0.384	YOY	0.411	-0.027
TTM	0.384	5Y	0.334	+0.050
5Y	0.334	10Y	0.313	+0.021

Compared to industry (Infrastructure Operations)

Period	Company	Industry (mean)	+/-
MRQ	0.351	0.532	-0.181
TTM	0.384	0.559	-0.175
YOY	0.411	0.509	-0.098
5Y	0.334	0.489	-0.155
10Y	0.313	0.496	-0.183

Measures how much % of Anhui Expressway Co Ltd assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Anhui Expressway Co Ltd than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Anhui Expressway Co Ltd to Infrastructure Operations industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Anhui Expressway Co Ltd is 0.35. This means means that Anhui Expressway Co Ltd is financed with 35.1% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Infrastructure Operations industry is 115.3%.
What is the trend?
The trend is important because it shows you how Anhui Expressway Co Ltd is performing over time. The most recent quarter might be important if Anhui Expressway Co Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Anhui Expressway Co Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Anhui Expressway Co Ltd has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Anhui Expressway Co Ltd

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
7,623,859 \ 21,738,743 = 35.1% or 0.35.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Anhui Expressway Co Ltd is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Anhui Expressway Co Ltd to the Infrastructure Operations industry mean.
A Debt to Equity ratio of 60.2% means that company has $0.60 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Anhui Expressway Co Ltd:

The MRQ is 0.602. The company is very able to pay all its debts with equity. +2
The TTM is 0.684. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.602	TTM	0.684	-0.081
TTM	0.684	YOY	0.744	-0.060
TTM	0.684	5Y	0.550	+0.134
5Y	0.550	10Y	0.373	+0.177

Compared to industry (Infrastructure Operations)

Period	Company	Industry (mean)	+/-
MRQ	0.602	1.142	-0.540
TTM	0.684	1.238	-0.554
YOY	0.744	1.020	-0.276
5Y	0.550	1.068	-0.518
10Y	0.373	1.281	-0.908

Measures if Anhui Expressway Co Ltd is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Anhui Expressway Co Ltd is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Anhui Expressway Co Ltd is 0.60. This means that Anhui Expressway Co Ltd can pay off $0.60 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Infrastructure Operations industry is 1.14.
What is the trend?
The trend is important because it shows you how Anhui Expressway Co Ltd is performing over time. The most recent quarter might be important if Anhui Expressway Co Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Anhui Expressway Co Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Anhui Expressway Co Ltd

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
7,623,859 \ 12,656,912 = 0.60 or 60.2%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Anhui Expressway Co Ltd

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Anhui Expressway Co Ltd generates.

Above 15 is considered overpriced but always compare Anhui Expressway Co Ltd to the Infrastructure Operations industry mean.
A PE ratio of 9.56 means the investor is paying $9.56 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Anhui Expressway Co Ltd:

The EOD is 10.980. Based on the earnings, the company is underpriced. +1
The MRQ is 9.564. Based on the earnings, the company is underpriced. +1
The TTM is 7.839. Based on the earnings, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	10.980	MRQ	9.564	+1.416
MRQ	9.564	TTM	7.839	+1.725
TTM	7.839	YOY	7.700	+0.139
TTM	7.839	5Y	3.448	+4.391
5Y	3.448	10Y	5.960	-2.512

Compared to industry (Infrastructure Operations)

Period	Company	Industry (mean)	+/-
EOD	10.980	11.039	-0.059
MRQ	9.564	11.735	-2.171
TTM	7.839	10.141	-2.302
YOY	7.700	9.427	-1.727
5Y	3.448	9.209	-5.761
10Y	5.960	10.872	-4.912

Measures how much money you pay for each share for every $1 in earnings Anhui Expressway Co Ltd generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Anhui Expressway Co Ltd to the Infrastructure Operations industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Anhui Expressway Co Ltd is 9.56. This means the investor is paying $9.56 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Infrastructure Operations industry is 11.74.
What is the trend?
The trend is important because it shows you how Anhui Expressway Co Ltd is performing over time. The most recent quarter might be important if Anhui Expressway Co Ltd released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Anhui Expressway Co Ltd up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Anhui Expressway Co Ltd

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
\ 1,658,610 = EPS
PE ratio MRQ = 9.56

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Anhui Expressway Co Ltd:

The EOD is -2.980. Based on how much money comes from the company's main activities, the company is expensive. -2
The MRQ is -2.596. Based on how much money comes from the company's main activities, the company is expensive. -2
The TTM is 30.235. Based on how much money comes from the company's main activities, the company is fair priced.

Trends

Current period		Compared to		+/-
EOD	-2.980	MRQ	-2.596	-0.384
MRQ	-2.596	TTM	30.235	-32.831
TTM	30.235	YOY	8.760	+21.475
TTM	30.235	5Y	11.692	+18.543
5Y	11.692	10Y	4.331	+7.361

Compared to industry (Infrastructure Operations)

Period	Company	Industry (mean)	+/-
EOD	-2.980	3.785	-6.765
MRQ	-2.596	3.734	-6.330
TTM	30.235	5.780	+24.455
YOY	8.760	2.504	+6.256
5Y	11.692	2.452	+9.240
10Y	4.331	3.192	+1.139

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Anhui Expressway Co Ltd is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Infrastructure Operations industry mean).
A PB ratio of 0.84 means the investor is paying $0.84 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Anhui Expressway Co Ltd:

The EOD is 0.962. Based on the equity, the company is cheap. +2
The MRQ is 0.838. Based on the equity, the company is cheap. +2
The TTM is 0.899. Based on the equity, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	0.962	MRQ	0.838	+0.124
MRQ	0.838	TTM	0.899	-0.061
TTM	0.899	YOY	0.788	+0.111
TTM	0.899	5Y	0.709	+0.190
5Y	0.709	10Y	0.834	-0.125

Compared to industry (Infrastructure Operations)

Period	Company	Industry (mean)	+/-
EOD	0.962	0.900	+0.062
MRQ	0.838	0.893	-0.055
TTM	0.899	0.899	+0.000
YOY	0.788	0.875	-0.087
5Y	0.709	0.959	-0.250
10Y	0.834	0.990	-0.156

2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Anhui Expressway Co Ltd compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.194	0.351	-45%	0.002	+8975%	0.115	+69%	0.101	+92%
Book Value Per Share	-	-	9.189	8.754	+5%	8.043	+14%	7.908	+16%	6.957	+32%
Current Ratio	-	-	2.922	3.230	-10%	3.020	-3%	2.398	+22%	2.058	+42%
Debt To Asset Ratio	-	-	0.351	0.384	-9%	0.411	-15%	0.334	+5%	0.313	+12%
Debt To Equity Ratio	-	-	0.602	0.684	-12%	0.744	-19%	0.550	+10%	0.373	+62%
Dividend Per Share	-	-	0.045	0.185	-76%	0.185	-76%	0.123	-64%	0.101	-55%
Eps	-	-	0.201	0.257	-22%	0.229	-12%	0.221	-9%	0.205	-2%
Free Cash Flow Per Share	-	-	-0.742	0.087	-949%	0.101	-833%	0.150	-593%	0.143	-620%
Free Cash Flow To Equity Per Share	-	-	-0.742	-0.050	-93%	-0.085	-88%	0.019	-3970%	0.024	-3139%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	-6.959	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-42.413	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	0.426	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-0.250	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	0.423	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-4.220	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	-0.612	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-11.961	-	-	-	-	-	-	-	-
Market Cap	4358208258.560	-193%	12771297000.000	13007648925.000	-2%	10478268675.000	+22%	9369997157.575	+36%	9430725464.664	+35%
Net Profit Margin	-	-	0.135	0.288	-53%	0.330	-59%	0.329	-59%	0.353	-62%
Operating Margin	-	-	-	0.062	-100%	0.204	-100%	0.339	-100%	0.233	-100%
Operating Ratio	-	-	1.515	1.078	+41%	0.989	+53%	0.985	+54%	0.760	+99%
Pb Ratio	0.962	+13%	0.838	0.899	-7%	0.788	+6%	0.709	+18%	0.834	+0%
Pe Ratio	10.980	+13%	9.564	7.839	+22%	7.700	+24%	3.448	+177%	5.960	+60%
Price Per Share	8.840	+13%	7.700	7.843	-2%	6.318	+22%	5.650	+36%	5.686	+35%
Price To Free Cash Flow Ratio	-2.980	-15%	-2.596	30.235	-109%	8.760	-130%	11.692	-122%	4.331	-160%
Price To Total Gains Ratio	36.983	+13%	32.214	9.184	+251%	-1.365	+104%	-2.010	+106%	3.382	+853%
Quick Ratio	-	-	-	0.318	-100%	1.126	-100%	1.027	-100%	0.668	-100%
Return On Assets	-	-	0.014	0.024	-41%	0.023	-39%	0.020	-29%	0.020	-27%
Return On Equity	-	-	0.024	0.043	-44%	0.042	-41%	0.033	-26%	0.023	+6%
Total Gains Per Share	-	-	0.239	0.536	-55%	0.187	+28%	0.238	+0%	0.202	+18%
Usd Book Value	-	-	1946307888.737	1854084754.375	+5%	1703592990.379	+14%	1674962216.684	+16%	1473490491.889	+32%
Usd Book Value Change Per Share	-	-	0.025	0.045	-45%	0.000	+8975%	0.015	+69%	0.013	+92%
Usd Book Value Per Share	-	-	1.173	1.118	+5%	1.027	+14%	1.010	+16%	0.888	+32%
Usd Dividend Per Share	-	-	0.006	0.024	-76%	0.024	-76%	0.016	-64%	0.013	-55%
Usd Eps	-	-	0.026	0.033	-22%	0.029	-12%	0.028	-9%	0.026	-2%
Usd Free Cash Flow	-	-	-157075359.356	18510984.677	-949%	21432215.379	-833%	31837878.344	-593%	30217314.579	-620%
Usd Free Cash Flow Per Share	-	-	-0.095	0.011	-949%	0.013	-833%	0.019	-593%	0.018	-620%
Usd Free Cash Flow To Equity Per Share	-	-	-0.095	-0.006	-93%	-0.011	-88%	0.002	-3970%	0.003	-3139%
Usd Market Cap	556543194.618	-193%	1630894626.900	1661076767.723	-2%	1338074909.798	+22%	1196548637.022	+36%	1204303641.838	+35%
Usd Price Per Share	1.129	+13%	0.983	1.001	-2%	0.807	+22%	0.721	+36%	0.726	+35%
Usd Profit	-	-	42631278.516	73022998.341	-42%	67264083.134	-37%	52396423.578	-19%	43249660.909	-1%
Usd Revenue	-	-	315393678.465	268073675.478	+18%	219771154.503	+44%	163066322.647	+93%	126671843.801	+149%
Usd Total Gains Per Share	-	-	0.031	0.069	-55%	0.024	+28%	0.030	+0%	0.026	+18%
	EOD	+3 -5	MRQ	TTM	+10 -25	YOY	+15 -20	5Y	+14 -21	10Y	+15 -20

3.2. Fundamental Score

Let's check the fundamental score of Anhui Expressway Co Ltd based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	10.980
Price to Book Ratio (EOD)	Between	0-1	0.962
Net Profit Margin (MRQ)	Greater than	0	0.135
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	0.000
Current Ratio (MRQ)	Greater than	1	2.922
Debt to Asset Ratio (MRQ)	Less than	1	0.351
Debt to Equity Ratio (MRQ)	Less than	1	0.602
Return on Equity (MRQ)	Greater than	0.15	0.024
Return on Assets (MRQ)	Greater than	0.05	0.014
Total			6/10 (60.0%)

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3.3. Technical Score

Let's check the technical score of Anhui Expressway Co Ltd based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	8.780
Total			0/1 (0.0%)

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Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in CNY. All numbers in thousands.

Summary

Total Assets	21,738,743
Total Liabilities	7,623,859
Total Stockholder Equity	12,656,912

	As reported
Total Liabilities	7,623,859
Total Stockholder Equity	+ 12,656,912
Total Assets	= 21,738,743

Assets

Total Assets	21,738,743
Total Current Assets	4,267,194
Long-term Assets	17,471,549

Total Current Assets

Total Current Assets (as reported)	4,267,194
Cash And Cash Equivalents	3,947,533
Inventory	4,458
Other Current Assets	187,418
Total Current Assets (calculated)	4,139,410
+/-	127,784

Long-term Assets

Long-term Assets (as reported)	17,471,549
Property Plant Equipment	1,206,555
Intangible Assets	15,026,839
Long-term Assets (calculated)	16,233,394
+/-	1,238,155

Liabilities & Shareholders' Equity

Total Current Liabilities	1,460,530
Long-term Liabilities	6,163,328
Total Stockholder Equity	12,656,912

Total Current Liabilities

Total Current Liabilities (as reported)	1,460,530
Accounts payable	631,685
Other Current Liabilities	100,671
Total Current Liabilities (calculated)	732,355
+/-	728,175

Long-term Liabilities

Long-term Liabilities (as reported)	6,163,328
Long term Debt	5,959,722
Long-term Liabilities (calculated)	5,959,722
+/-	203,607

Total Stockholder Equity

Total Stockholder Equity (as reported)	12,656,912
Retained Earnings	10,528,576
Total Stockholder Equity (calculated)	10,528,576
+/-	2,128,336

Other

Capital Stock	1,658,610
Common Stock Shares Outstanding	1,658,610
Net Debt	2,012,188
Net Invested Capital	18,616,633
Net Working Capital	2,806,663
Property Plant and Equipment Gross	1,206,555

Balance Sheet

Currency in CNY. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

2005-09-30

2005-06-30

2005-03-31

2004-12-31

2004-09-30

2004-06-30

2004-03-31

2003-12-31

2003-09-30

2003-06-30

2003-03-31

2002-12-31

2002-06-30

> Total Assets

4,395,466
5,062,204
5,099,025
5,633,488
6,150,648
6,214,885
6,210,488
6,267,682
6,248,818
6,551,915
6,662,600
6,509,946
6,595,975
6,970,438
7,875,150
7,151,673
7,182,545
7,232,967
7,446,366
7,006,942
7,162,728
7,387,902
7,821,737
7,880,919
8,223,192
8,587,027
8,725,476
8,913,082
9,068,874
9,573,686
9,247,283
8,811,321
9,128,828
9,411,388
9,668,791
9,614,593
9,827,710
10,106,001
10,445,785
10,759,649
10,733,002
11,334,161
11,508,472
11,524,636
12,088,370
12,202,968
12,545,870
12,645,287
12,698,528
11,532,440
11,527,873
11,676,278
11,728,532
12,140,702
12,795,967
12,845,464
12,654,945
13,120,802
13,374,838
13,605,038
13,537,814
14,176,004
14,369,664
14,461,313
14,541,560
14,780,288
15,055,371
15,281,969
15,243,205
15,920,012
15,860,105
16,036,839
15,975,308
16,240,743
17,338,820
17,478,510
17,633,127
19,920,863
19,915,285
21,148,687
21,587,979
21,345,566
21,687,722
21,968,907
21,958,067
21,738,743

21,738,743

21,958,067

21,968,907

21,687,722

21,345,566

21,587,979

21,148,687

19,915,285

19,920,863

17,633,127

17,478,510

17,338,820

16,240,743

15,975,308

16,036,839

15,860,105

15,920,012

15,243,205

15,281,969

15,055,371

14,780,288

14,541,560

14,461,313

14,369,664

14,176,004

13,537,814

13,605,038

13,374,838

13,120,802

12,654,945

12,845,464

12,795,967

12,140,702

11,728,532

11,676,278

11,527,873

11,532,440

12,698,528

12,645,287

12,545,870

12,202,968

12,088,370

11,524,636

11,508,472

11,334,161

10,733,002

10,759,649

10,445,785

10,106,001

9,827,710

9,614,593

9,668,791

9,411,388

9,128,828

8,811,321

9,247,283

9,573,686

9,068,874

8,913,082

8,725,476

8,587,027

8,223,192

7,880,919

7,821,737

7,387,902

7,162,728

7,006,942

7,446,366

7,232,967

7,182,545

7,151,673

7,875,150

6,970,438

6,595,975

6,509,946

6,662,600

6,551,915

6,248,818

6,267,682

6,210,488

6,214,885

6,150,648

5,633,488

5,099,025

5,062,204

4,395,466

> Total Current Assets

549,576
1,172,528
1,280,636
660,860
570,238
567,653
568,548
533,251
502,878
712,660
827,588
642,695
682,642
609,179
576,965
517,720
407,564
418,867
580,982
474,892
456,508
425,552
705,165
518,152
519,509
553,463
577,876
475,686
499,682
1,068,449
874,412
461,281
766,606
839,106
1,093,874
898,061
887,950
747,429
553,458
999,774
800,980
1,012,997
1,155,511
1,031,096
1,188,201
1,348,066
1,723,845
1,829,364
2,168,519
755,862
844,660
1,031,509
996,426
1,222,368
2,002,220
2,148,831
2,075,873
2,276,163
2,671,878
2,764,587
2,441,896
2,340,222
2,585,903
2,674,166
2,708,752
2,693,590
2,859,934
3,003,544
2,744,680
2,744,428
2,858,841
3,147,932
3,249,547
3,564,188
4,843,787
5,141,269
5,439,910
4,484,276
4,766,829
5,177,613
5,738,800
5,213,960
6,056,385
5,542,728
5,412,176
4,267,194

4,267,194

5,412,176

5,542,728

6,056,385

5,213,960

5,738,800

5,177,613

4,766,829

4,484,276

5,439,910

5,141,269

4,843,787

3,564,188

3,249,547

3,147,932

2,858,841

2,744,428

2,744,680

3,003,544

2,859,934

2,693,590

2,708,752

2,674,166

2,585,903

2,340,222

2,441,896

2,764,587

2,671,878

2,276,163

2,075,873

2,148,831

2,002,220

1,222,368

996,426

1,031,509

844,660

755,862

2,168,519

1,829,364

1,723,845

1,348,066

1,188,201

1,031,096

1,155,511

1,012,997

800,980

999,774

553,458

747,429

887,950

898,061

1,093,874

839,106

766,606

461,281

874,412

1,068,449

499,682

475,686

577,876

553,463

519,509

518,152

705,165

425,552

456,508

474,892

580,982

418,867

407,564

517,720

576,965

609,179

682,642

642,695

827,588

712,660

502,878

533,251

568,548

567,653

570,238

660,860

1,280,636

1,172,528

549,576

Cash And Cash Equivalents

425,910
1,118,916
632,685
525,203
448,069
510,615
489,671
451,117
459,500
678,042
790,821
592,138
641,716
580,964
550,343
508,072
390,783
400,453
557,543
447,770
413,025
407,178
683,360
492,027
493,485
531,235
551,159
448,948
473,886
1,042,968
843,615
425,380
722,100
756,507
997,059
805,849
783,655
597,802
423,458
887,763
512,714
762,838
783,324
672,887
831,793
904,073
1,190,658
1,441,136
1,625,403
559,945
608,834
695,956
664,536
906,246
1,681,954
1,775,826
1,678,086
2,010,812
2,156,100
2,407,213
1,954,131
1,829,395
2,131,119
2,427,772
2,473,655
2,513,475
2,652,842
2,575,021
1,937,987
2,113,750
897,726
1,760,432
1,322,619
2,291,803
2,121,093
4,409,528
5,229,153
4,318,206
4,566,768
4,983,834
4,687,611
2,903,848
5,644,001
2,599,158
5,073,236
3,947,533

3,947,533

5,073,236

2,599,158

5,644,001

2,903,848

4,687,611

4,983,834

4,566,768

4,318,206

5,229,153

4,409,528

2,121,093

2,291,803

1,322,619

1,760,432

897,726

2,113,750

1,937,987

2,575,021

2,652,842

2,513,475

2,473,655

2,427,772

2,131,119

1,829,395

1,954,131

2,407,213

2,156,100

2,010,812

1,678,086

1,775,826

1,681,954

906,246

664,536

695,956

608,834

559,945

1,625,403

1,441,136

1,190,658

904,073

831,793

672,887

783,324

762,838

512,714

887,763

423,458

597,802

783,655

805,849

997,059

756,507

722,100

425,380

843,615

1,042,968

473,886

448,948

551,159

531,235

493,485

492,027

683,360

407,178

413,025

447,770

557,543

400,453

390,783

508,072

550,343

580,964

641,716

592,138

790,821

678,042

459,500

451,117

489,671

510,615

448,069

525,203

632,685

1,118,916

425,910

Short-term Investments

46,575
0
46,631
46,631
46,631
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
250,656
600,886
422,317
1,828,504
1,105,472
1,704,973
1,104,491
2,509,110
502,770
0
0
0
0
850,296
0
100,682
0
0
0

100,682

850,296

502,770

2,509,110

1,104,491

1,704,973

1,105,472

1,828,504

422,317

600,886

250,656

46,631

46,575

Net Receivables

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
259,898
0
351,900
0
502,419
0
235,161
0
170,745
0
167,305
192,965
195,295
122,070
266,457
209,006
154,286
201,278
215,953
199,678
143,907
0
173,621
181,536
537,733
0
263,586
0
0

263,586

537,733

181,536

173,621

143,907

199,678

215,953

201,278

154,286

209,006

266,457

122,070

195,295

192,965

167,305

170,745

235,161

502,419

351,900

259,898

Inventory

24,286
22,769
22,940
18,186
19,653
17,904
20,427
28,397
1,604
1,484
1,700
2,552
2,570
2,866
2,127
2,377
2,604
2,873
2,596
2,653
2,458
2,983
2,857
3,158
2,939
1,857
1,821
2,025
1,859
2,395
2,418
8,515
2,820
3,761
3,500
3,739
3,771
3,413
3,614
4,224
4,025
3,554
3,033
3,511
3,324
3,824
4,031
4,116
4,014
2,617
2,626
3,410
5,425
5,287
4,995
5,511
5,738
5,276
5,119
5,293
5,879
7,409
7,124
7,048
5,949
5,041
5,143
5,899
6,391
5,682
5,576
5,581
5,937
6,156
6,039
5,933
5,827
5,395
4,973
5,000
4,665
4,706
4,384
4,200
4,253
4,458

4,458

4,253

4,200

4,384

4,706

4,665

5,000

4,973

5,395

5,827

5,933

6,039

6,156

5,937

5,581

5,576

5,682

6,391

5,899

5,143

5,041

5,949

7,048

7,124

7,409

5,879

5,293

5,119

5,276

5,738

5,511

4,995

5,287

5,425

3,410

2,626

2,617

4,014

4,116

4,031

3,824

3,324

3,511

3,033

3,554

4,025

4,224

3,614

3,413

3,771

3,739

3,500

3,761

2,820

8,515

2,418

2,395

1,859

2,025

1,821

1,857

2,939

3,158

2,857

2,983

2,458

2,653

2,596

2,873

2,604

2,377

2,127

2,866

2,570

2,552

1,700

1,484

1,604

28,397

20,427

17,904

19,653

18,186

22,940

22,769

24,286

> Long-term Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12,195,437
12,278,425
12,498,525
13,175,583
13,001,264
12,888,907
12,725,762
12,676,555
12,495,033
12,337,241
12,193,217
15,436,587
15,148,455
15,971,074
15,849,179
16,089,409
15,631,337
16,383,818
16,545,891
17,471,549

17,471,549

16,545,891

16,383,818

15,631,337

16,089,409

15,849,179

15,971,074

15,148,455

15,436,587

12,193,217

12,337,241

12,495,033

12,676,555

12,725,762

12,888,907

13,001,264

13,175,583

12,498,525

12,278,425

12,195,437

Property Plant Equipment

3,351,625
3,391,271
3,324,502
4,442,917
4,995,304
5,291,970
5,290,254
5,386,279
5,402,427
5,482,533
5,481,751
5,517,808
5,567,670
5,615,435
5,606,092
5,829,083
5,985,376
6,038,413
5,835,993
5,949,383
6,129,991
6,330,276
6,490,381
6,746,961
2,395,374
723,077
753,076
743,334
730,055
732,372
736,439
732,028
751,279
798,451
685,269
688,882
801,673
771,566
616,288
625,151
633,445
675,343
666,607
646,897
838,243
940,920
914,651
894,490
878,362
876,159
853,314
872,197
853,307
1,035,910
1,000,546
978,613
952,012
1,283,891
919,795
1,223,716
858,293
999,705
974,426
912,547
895,066
958,059
925,150
910,552
1,233,902
1,504,105
1,096,173
1,444,651
1,420,593
1,161,672
1,523,271
1,469,389
1,065,896
1,600,117
0
1,549,362
1,138,536
1,213,955
1,191,733
1,180,746
1,156,249
1,206,555

1,206,555

1,156,249

1,180,746

1,191,733

1,213,955

1,138,536

1,549,362

1,600,117

1,065,896

1,469,389

1,523,271

1,161,672

1,420,593

1,444,651

1,096,173

1,504,105

1,233,902

910,552

925,150

958,059

895,066

912,547

974,426

999,705

858,293

1,223,716

919,795

1,283,891

952,012

978,613

1,000,546

1,035,910

853,307

872,197

853,314

876,159

878,362

894,490

914,651

940,920

838,243

646,897

666,607

675,343

633,445

625,151

616,288

771,566

801,673

688,882

685,269

798,451

751,279

732,028

736,439

732,372

730,055

743,334

753,076

723,077

2,395,374

6,746,961

6,490,381

6,330,276

6,129,991

5,949,383

5,835,993

6,038,413

5,985,376

5,829,083

5,606,092

5,615,435

5,567,670

5,517,808

5,481,751

5,482,533

5,402,427

5,386,279

5,290,254

5,291,970

4,995,304

4,442,917

3,324,502

3,391,271

3,351,625

Goodwill

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
474,418
0
0
442,790
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

442,790

474,418

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
339,591
0
443,511
0
529,855
0
542,245
0
465,232
0
478,193
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

478,193

465,232

542,245

529,855

443,511

339,591

Intangible Assets

483,548
475,965
471,400
507,348
562,900
333,416
329,839
326,104
322,070
336,222
332,817
329,028
325,248
322,091
318,295
306,592
765,632
751,232
546,610
546,991
538,464
552,238
546,958
540,866
5,208,206
7,213,265
7,297,562
7,605,914
7,727,700
7,657,264
7,513,579
7,505,727
7,500,164
7,673,278
7,654,851
7,805,251
7,760,471
8,025,083
8,293,441
8,316,227
8,366,563
8,726,379
8,773,099
8,931,268
8,996,344
8,922,856
8,911,951
8,925,568
8,955,813
9,122,047
9,050,794
9,048,268
9,154,684
9,155,124
9,065,077
8,984,952
8,890,798
9,156,141
9,043,815
9,135,201
9,416,482
9,935,269
9,900,321
9,938,243
10,014,769
10,246,384
10,380,864
10,447,093
10,698,817
11,166,391
11,014,743
10,919,453
10,798,332
10,564,351
10,417,642
10,299,633
10,160,110
13,154,619
12,948,064
13,791,022
13,704,962
13,503,554
12,999,936
13,837,983
14,026,079
15,026,839

15,026,839

14,026,079

13,837,983

12,999,936

13,503,554

13,704,962

13,791,022

12,948,064

13,154,619

10,160,110

10,299,633

10,417,642

10,564,351

10,798,332

10,919,453

11,014,743

11,166,391

10,698,817

10,447,093

10,380,864

10,246,384

10,014,769

9,938,243

9,900,321

9,935,269

9,416,482

9,135,201

9,043,815

9,156,141

8,890,798

8,984,952

9,065,077

9,155,124

9,154,684

9,048,268

9,050,794

9,122,047

8,955,813

8,925,568

8,911,951

8,922,856

8,996,344

8,931,268

8,773,099

8,726,379

8,366,563

8,316,227

8,293,441

8,025,083

7,760,471

7,805,251

7,654,851

7,673,278

7,500,164

7,505,727

7,513,579

7,657,264

7,727,700

7,605,914

7,297,562

7,213,265

5,208,206

540,866

546,958

552,238

538,464

546,991

546,610

751,232

765,632

306,592

318,295

322,091

325,248

329,028

332,817

336,222

322,070

326,104

329,839

333,416

562,900

507,348

471,400

475,965

483,548

Long-term Assets Other

-157
-212
-212
-1,486
-1,475
-256
0
-558
-1,334
0
0
0
0
400,000
1,350,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
404,845
404,845
404,845
336,299
336,299
336,299
0
13,175,583
0
0
1,050,655
0
0
0
0
0
0
0
0
0
0
0
0
0

1,050,655

13,175,583

336,299

404,845

1,350,000

400,000

-1,334

-558

-256

-1,475

-1,486

-212

-157

> Total Liabilities

1,255,143
1,317,808
1,284,594
1,767,698
2,190,348
2,168,422
2,066,607
2,141,058
2,027,757
2,208,039
2,180,982
2,072,431
1,999,413
2,134,171
2,864,223
2,603,917
2,433,748
2,246,985
2,245,634
2,528,333
2,518,787
2,543,883
2,809,416
2,997,693
3,153,202
3,368,799
3,307,673
3,717,540
3,693,864
4,042,744
3,523,329
3,254,509
3,355,710
3,385,036
3,378,917
3,502,217
3,490,058
3,545,427
3,708,422
4,178,175
3,935,324
4,013,931
3,932,078
4,081,564
4,384,905
4,309,274
4,389,213
4,745,824
4,529,996
3,082,747
2,825,771
3,236,752
3,048,437
3,233,917
3,611,874
3,899,171
3,468,068
3,700,660
3,643,072
4,138,640
3,762,175
4,145,963
4,061,994
4,378,286
4,160,465
4,199,189
4,184,143
4,212,211
3,876,138
4,350,269
4,365,008
4,958,099
4,513,739
4,326,110
5,062,437
5,333,112
5,089,779
7,975,854
7,384,940
9,223,628
8,582,803
9,387,413
7,703,364
10,100,551
8,141,386
7,623,859

7,623,859

8,141,386

10,100,551

7,703,364

9,387,413

8,582,803

9,223,628

7,384,940

7,975,854

5,089,779

5,333,112

5,062,437

4,326,110

4,513,739

4,958,099

4,365,008

4,350,269

3,876,138

4,212,211

4,184,143

4,199,189

4,160,465

4,378,286

4,061,994

4,145,963

3,762,175

4,138,640

3,643,072

3,700,660

3,468,068

3,899,171

3,611,874

3,233,917

3,048,437

3,236,752

2,825,771

3,082,747

4,529,996

4,745,824

4,389,213

4,309,274

4,384,905

4,081,564

3,932,078

4,013,931

3,935,324

4,178,175

3,708,422

3,545,427

3,490,058

3,502,217

3,378,917

3,385,036

3,355,710

3,254,509

3,523,329

4,042,744

3,693,864

3,717,540

3,307,673

3,368,799

3,153,202

2,997,693

2,809,416

2,543,883

2,518,787

2,528,333

2,245,634

2,246,985

2,433,748

2,603,917

2,864,223

2,134,171

1,999,413

2,072,431

2,180,982

2,208,039

2,027,757

2,141,058

2,066,607

2,168,422

2,190,348

1,767,698

1,284,594

1,317,808

1,255,143

> Total Current Liabilities

208,649
270,914
237,800
661,804
1,012,549
991,524
889,709
964,159
851,258
1,024,967
994,013
881,737
804,961
936,187
1,662,206
2,126,599
1,952,429
1,767,639
1,762,250
2,063,495
2,011,521
2,172,928
2,437,355
2,623,984
2,777,842
3,023,644
2,960,196
3,367,699
3,326,615
1,704,613
1,178,179
899,895
901,877
812,810
737,634
830,322
804,573
790,020
815,132
1,252,823
1,005,593
911,340
819,200
979,948
1,196,055
2,921,611
2,829,748
3,136,287
2,900,816
1,268,459
897,096
1,286,211
962,700
1,069,613
810,105
1,126,058
748,205
946,150
845,434
1,249,801
848,371
1,214,456
1,034,351
1,435,250
1,400,774
1,431,532
1,748,479
1,932,696
1,687,477
2,103,501
2,003,271
2,610,850
2,287,763
2,124,367
1,635,194
1,873,112
1,435,417
2,796,885
1,540,961
2,567,277
1,800,316
1,378,197
1,241,632
2,400,476
1,924,956
1,460,530

1,460,530

1,924,956

2,400,476

1,241,632

1,378,197

1,800,316

2,567,277

1,540,961

2,796,885

1,435,417

1,873,112

1,635,194

2,124,367

2,287,763

2,610,850

2,003,271

2,103,501

1,687,477

1,932,696

1,748,479

1,431,532

1,400,774

1,435,250

1,034,351

1,214,456

848,371

1,249,801

845,434

946,150

748,205

1,126,058

810,105

1,069,613

962,700

1,286,211

897,096

1,268,459

2,900,816

3,136,287

2,829,748

2,921,611

1,196,055

979,948

819,200

911,340

1,005,593

1,252,823

815,132

790,020

804,573

830,322

737,634

812,810

901,877

899,895

1,178,179

1,704,613

3,326,615

3,367,699

2,960,196

3,023,644

2,777,842

2,623,984

2,437,355

2,172,928

2,011,521

2,063,495

1,762,250

1,767,639

1,952,429

2,126,599

1,662,206

936,187

804,961

881,737

994,013

1,024,967

851,258

964,159

889,709

991,524

1,012,549

661,804

237,800

270,914

208,649

Short-term Debt

5,000
0
0
0
208,280
627,000
515,000
575,000
450,000
450,000
450,000
150,000
150,000
350,000
1,150,000
1,100,000
1,235,000
1,261,000
1,261,000
1,276,000
1,451,000
1,390,000
1,610,000
1,935,000
2,035,000
2,225,000
2,225,000
2,615,000
2,585,000
985,000
615,000
265,000
230,000
120,000
110,000
60,000
70,000
40,000
57,300
46,300
65,300
65,300
70,000
158,048
158,048
158,048
88,048
2,060,468
98,760
400,000
250,000
250,000
250,000
250,000
100,000
0
152,768
159,699
167,366
143,591
44,557
78,327
91,588
152,049
337,284
385,766
698,302
513,515
0
0
195,000
295,362
297,807
295,284
100,086
0
0
0
0
0
0
0
0
0
0
0

100,086

295,284

297,807

295,362

195,000

513,515

698,302

385,766

337,284

152,049

91,588

78,327

44,557

143,591

167,366

159,699

152,768

100,000

250,000

400,000

98,760

2,060,468

88,048

158,048

70,000

65,300

46,300

57,300

40,000

70,000

60,000

110,000

120,000

230,000

265,000

615,000

985,000

2,585,000

2,615,000

2,225,000

2,035,000

1,935,000

1,610,000

1,390,000

1,451,000

1,276,000

1,261,000

1,235,000

1,100,000

1,150,000

350,000

150,000

450,000

575,000

515,000

627,000

208,280

5,000

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,770,369
0
2,897,037
0
78,327
0
152,049
0
385,766
698,302
513,515
0
0
195,000
295,362
297,807
295,284
100,086
0
0
0
0
0
0
0
0
0
0
0

100,086

295,284

297,807

295,362

195,000

513,515

698,302

385,766

152,049

78,327

2,897,037

2,770,369

Accounts payable

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
440,094
0
314,189
0
765,352
0
539,956
0
629,706
605,174
544,688
571,257
1,210,423
1,035,082
981,648
1,051,623
954,739
703,018
742,389
746,415
743,335
681,668
708,911
798,783
605,444
507,431
590,411
987,204
631,685

631,685

987,204

590,411

507,431

605,444

798,783

708,911

681,668

743,335

746,415

742,389

703,018

954,739

1,051,623

981,648

1,035,082

1,210,423

571,257

544,688

605,174

629,706

539,956

765,352

314,189

440,094

Other Current Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
272,018
0
664,887
0
283,363
0
591,140
0
334,199
721,312
580,602
662,180
332,085
329,009
758,256
352,003
468,435
456,150
769,613
358,214
1,477,765
122,914
1,147,984
239,904
112,440
113,690
1,124,635
106,648
100,671

100,671

106,648

1,124,635

113,690

112,440

239,904

1,147,984

122,914

1,477,765

358,214

769,613

456,150

468,435

352,003

758,256

329,009

332,085

662,180

580,602

721,312

334,199

591,140

283,363

664,887

272,018

> Long-term Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,435,664
2,279,514
2,188,661
2,246,768
2,361,737
2,347,249
2,225,976
2,201,742
3,427,243
3,459,999
3,654,362
5,178,969
5,843,979
6,656,351
6,782,487
6,420,606
6,461,732
6,237,906
6,216,430
6,163,328

6,163,328

6,216,430

6,237,906

6,461,732

6,420,606

6,782,487

6,656,351

5,843,979

5,178,969

3,654,362

3,459,999

3,427,243

2,201,742

2,225,976

2,347,249

2,361,737

2,246,768

2,188,661

2,279,514

2,435,664

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,666,585
0
1,635,741
0
1,562,897
0
1,821,547
0
1,812,698
0
1,799,345
0
1,641,975
0
3,047,066
0
4,726,409
0
6,231,493
0
6,201,986
0
6,029,148
0
0

6,029,148

6,201,986

6,231,493

4,726,409

3,047,066

1,641,975

1,799,345

1,812,698

1,821,547

1,562,897

1,635,741

1,666,585

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
143,840
0
135,393
0
134,313
0
126,442
0
124,972
0
35,802
34,233
41,571
564,656
40,477
40,881
559,768
35,576
86,526
83,476
158,061
0
149,858
145,245
0
0
131,198
0
0

131,198

145,245

149,858

158,061

83,476

86,526

35,576

559,768

40,881

40,477

564,656

41,571

34,233

35,802

124,972

126,442

134,313

135,393

143,840

> Total Stockholder Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8,678,963
0
8,821,805
0
9,436,203
0
9,606,104
0
10,118,674
10,359,030
10,247,688
10,500,884
10,778,299
10,711,767
10,505,019
10,837,818
11,276,709
11,628,965
11,605,704
11,984,387
11,389,110
11,795,331
11,145,809
11,650,588
11,958,153
12,385,400
11,868,356
12,347,378
12,656,912

12,656,912

12,347,378

11,868,356

12,385,400

11,958,153

11,650,588

11,145,809

11,795,331

11,389,110

11,984,387

11,605,704

11,628,965

11,276,709

10,837,818

10,505,019

10,711,767

10,778,299

10,500,884

10,247,688

10,359,030

10,118,674

9,606,104

9,436,203

8,821,805

8,678,963

Common Stock

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,658,610
0
1,658,610
0
1,658,610
0
1,658,610
0
1,658,610
0
1,658,610
1,658,610
1,658,610
1,658,610
1,658,610
1,658,610
1,658,610
1,658,610
1,658,610
1,658,610
1,658,610
0
1,658,610
1,658,610
1,658,610
0
1,658,610
0
0

1,658,610

Retained Earnings Total Equity

Accumulated Other Comprehensive Income

-1,405,222

-1,349,457

-1,304,379

-1,252,316

-1,203,021

-1,149,138

-1,136,445

-1,085,620

-1,034,472

-988,070

-949,679

-917,273

-868,510

-829,467

-713,435

-676,732

-633,380

-584,182

-523,979

-536,592

-583,257

-617,259

-625,712

-580,029

-2,321,968

-2,160,794

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,417,836
0
1,417,836
0
1,417,836
0
1,417,836
0
1,417,836
0
1,417,836
0
1,415,593
0
1,415,593
0
1,415,593
0
1,417,836
0
1,417,836
0
1,417,836
0
0

1,417,836

1,415,593

1,417,836

Treasury Stock

Other Stockholders Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
59,110
0
59,110
0
49,383
0
36,818
0
-13,845
0
-13,845
266,678
-28,827
-28,827
-28,827
251,696
-27,027
253,610
-26,816
253,827
-23,530
0
-20,568
-22,691
0
0
-36,568
0
0

-36,568

-22,691

-20,568

-23,530

253,827

-26,816

253,610

-27,027

251,696

-28,827

266,678

-13,845

36,818

49,383

59,110

Balance Sheet

Currency in CNY. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31
Accounts Payable	631,685	605,444	743,335	954,739	1,210,423	629,706	765,352	440,094	428,723	412,508	476,817	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accumulated Other Comprehensive Income	-	-	-	-	-1,349,457	-1,252,316	-1,149,138	-1,085,620	-988,070	-917,273	-829,467	-676,732	-584,182	-536,592	-617,259	-580,029	-2,160,794	-	-	-	-	-	-	-	-
Capital Stock	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Surpluse	-	1,417,836	1,415,593	1,415,593	1,417,836	1,417,836	1,417,836	1,417,836	1,417,836	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash	3,947,533	2,903,848	4,318,206	2,291,803	2,113,750	2,513,475	1,829,395	2,010,812	906,246	559,945	904,073	762,838	597,802	756,507	1,042,968	531,235	407,178	400,453	580,964	678,042	510,615	1,118,916	350,920	286,781	300,757
Cash And Short Term Investments	-	2,903,848	3,359,918	3,072,244	2,327,578	2,453,475	1,829,395	1,900,812	709,246	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock	-	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock Shares Outstanding	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,535	1,658,474	1,658,701	1,659,315	1,657,954	1,657,114	1,658,723	1,658,742	1,658,997	1,658,486	1,657,373	-	-	-	-	-	-	-
Common Stock Total Equity	-	-	-	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,408,610	1,408,610	1,408,610
Intangible Assets	15,026,839	13,503,554	13,154,619	10,564,351	11,166,391	10,246,384	9,935,269	9,156,141	9,155,124	9,122,047	8,922,856	8,726,379	8,025,083	7,673,278	7,657,264	7,213,265	552,238	751,232	322,091	336,222	333,416	475,965	493,936	500,966	292,374
Inventory	4,458	4,706	5,395	6,156	5,682	5,041	7,409	5,276	5,287	2,617	3,824	3,554	3,413	3,761	2,395	1,857	2,983	2,873	2,866	1,484	17,904	22,769	14,805	3,997	3,087
Liabilities And Stockholders Equity	-	21,345,566	19,965,469	15,602,819	15,088,178	14,269,186	13,525,061	12,379,623	11,350,491	10,684,706	11,368,806	10,557,274	9,812,180	9,141,743	9,337,286	8,366,806	7,169,267	7,167,857	6,770,363	6,350,787	6,006,283	4,870,007	4,170,769	4,114,213	3,018,849
Long Term Debt	5,959,722	6,201,986	4,726,408	1,641,974	1,812,698	1,562,897	1,666,585	1,649,833	1,052,649	1,601,252	1,221,378	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt Total	-	6,201,986	4,726,409	1,641,975	1,812,698	1,562,897	1,666,585	1,649,833	1,052,649	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Investments	-	-	-	-	-	465,232	529,855	339,591	311,913	349,113	570,973	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Debt	2,012,188	1,470,487	408,202	-354,545	121,264	-564,812	-84,483	-201,280	396,403	691,492	-168,974	1,766,238	1,732,221	1,537,150	1,913,694	1,943,334	1,252,565	1,339,892	967,020	955,030	1,292,883	-73,322	759,674	965,159	16,254
Net Invested Capital	18,616,633	18,126,798	16,115,518	13,213,967	12,550,607	11,632,894	11,045,683	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Receivables	-	537,733	143,907	154,286	195,295	155,012	502,419	259,898	310,695	193,171	440,169	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Tangible Assets	-	-	-1,765,510	712,358	-428,482	-176,387	-556,171	-477,178	-1,038,551	-1,520,089	-1,863,324	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Working Capital	2,806,663	3,835,759	1,687,391	1,439,820	640,927	1,262,058	1,125,766	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	17,471,549	16,089,409	15,436,587	12,676,555	13,175,583	12,086,697	11,835,781	10,844,639	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Other	-	-	294,500	4,663,368	1,812,698	1,562,897	1,666,585	1,649,833	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	6,163,328	6,420,606	5,178,969	2,201,742	2,246,768	2,767,657	2,931,507	2,754,510	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Currrent Assets Other	-	-	-	-	13,175,583	336,299	0	0	-	-	-	-	-	-	-	-	-	-	400,000	-	-256	-212	-154	-162	311,800
Other Assets	-	79,512	125,608	435,897	54,014	57,559	46,109	65,017	63,310	57,087	42,143	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Current Assets	187,418	1,767,673	16,767	7,453	7,384	7,235	999	175	197,000	129	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Current Liab	100,671	112,440	1,477,765	468,435	332,085	334,199	279,597	272,018	180,645	324,144	193,450	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Liab	-	-	158,061	559,768	41,571	124,972	134,313	143,840	155,392	213,037	166,286	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Stockholder Equity	-	-	-23,530	-27,027	-28,827	-13,845	49,383	59,110	48,499	90,270	43,815	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant And Equipment Gross	1,206,555	1,213,955	2,920,013	1,161,672	1,122,187	952,655	992,670	945,500	1,035,910	876,159	940,920	675,343	771,566	798,451	732,372	723,077	6,330,276	6,038,413	5,615,435	5,482,533	5,291,970	3,391,271	3,419,470	3,472,313	1,967,667
Property Plant And Equipment Net	1,206,555	1,213,955	1,229,878	1,161,672	1,122,187	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant Equipment	-	1,222,518	1,600,117	1,161,672	1,504,105	1,317,522	1,324,548	1,283,891	1,046,208	1,248,332	1,318,929	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Retained Earnings	10,528,576	8,956,889	9,753,617	8,471,348	7,934,348	7,251,454	6,497,327	5,787,465	5,235,687	4,679,301	4,183,329	3,667,141	3,193,681	2,768,162	2,388,921	2,150,036	1,881,072	1,469,036	1,216,273	891,136	687,699	476,210	404,330	299,153	186,151
Short Long Term Debt	-	-	0	295,284	-	385,766	78,327	159,699	143,865	73,591	3,415,584	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Short Long Term Debt Total	-	-	-	1,937,258	2,235,015	1,948,662	1,744,912	1,809,532	1,302,649	1,251,437	735,098	2,529,076	2,330,023	2,293,657	2,956,662	2,474,568	1,659,743	1,740,346	1,547,984	1,633,073	1,803,499	1,045,594	1,110,594	1,251,940	317,011
Short Term Debt	-	0	0	295,284	0	385,766	78,327	159,699	250,000	400,000	158,048	65,300	40,000	120,000	985,000	2,225,000	1,390,000	1,261,000	350,000	450,000	627,000	-	65,000	-	-
Short Term Investments	-	-	0	1,104,491	422,317	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	20,560	-	-
Total Assets	21,738,743	21,345,566	19,920,863	16,240,743	15,920,012	14,780,288	14,176,004	13,120,802	12,140,702	11,532,440	12,202,968	11,334,161	10,106,001	9,411,388	9,573,686	8,587,027	7,387,902	7,232,967	6,970,438	6,551,915	6,214,885	5,062,204	4,359,675	4,302,013	3,054,767
Total Current Assets	4,267,194	5,213,960	4,484,276	3,564,188	2,744,428	2,693,590	2,340,222	2,276,163	1,222,368	755,862	1,348,066	1,012,997	747,429	839,106	1,068,449	553,463	425,552	418,867	609,179	712,660	567,653	1,172,528	437,000	323,394	371,353
Total Current Liabilities	1,460,530	1,378,197	2,796,885	2,124,367	2,103,501	1,431,532	1,214,456	946,150	1,069,613	1,268,459	2,921,611	911,340	790,020	812,810	1,704,613	3,023,644	2,172,928	1,767,639	936,187	1,024,967	991,524	270,914	237,509	138,839	129,935
Total Liab	7,623,859	9,387,413	7,975,854	4,326,110	4,350,269	4,199,189	4,145,963	3,700,660	3,233,917	3,082,747	4,309,274	4,013,931	3,545,427	3,385,036	4,042,744	3,368,799	2,543,883	2,246,985	2,134,171	2,208,039	2,168,422	1,317,808	1,283,733	1,390,780	446,946
Total Stockholder Equity	12,656,912	11,958,153	11,389,110	11,276,709	10,778,299	10,118,674	9,436,203	8,744,499	8,190,498	7,601,959	7,059,532	-	-	-	-	-	-	-	-	-	-	-	-	-	-

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-06-30
Accounts Payable	631,685	987,204	590,411	507,431	605,444	798,783	708,911	681,668	743,335	746,415	742,389	703,018	954,739	1,051,623	981,648	1,035,082	1,210,423	571,257	544,688	605,174	629,706	-	539,956	-	765,352	-	314,189	-	440,094	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accumulated Other Comprehensive Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,405,222	-	-1,349,457	-	-1,304,379	-	-1,252,316	-	-1,203,021	-	-1,149,138	-	-1,136,445	-	-1,085,620	-	-1,034,472	-	-988,070	-	-949,679	-	-917,273	-	-868,510	-	-829,467	-	-713,435	-	-676,732	-	-633,380	-	-584,182	-	-523,979	-	-536,592	-	-583,257	-	-617,259	-	-625,712	-	-580,029	-	-2,321,968	-	-2,160,794	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Stock	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Surpluse	-	-	1,417,836	-	1,417,836	-	1,417,836	-	1,415,593	-	1,415,593	-	1,415,593	-	1,417,836	-	1,417,836	-	1,417,836	-	1,417,836	-	1,417,836	-	1,417,836	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash	3,947,533	5,073,236	2,599,158	5,644,001	2,903,848	4,687,611	4,983,834	4,566,768	4,318,206	5,229,153	4,409,528	2,121,093	2,291,803	1,322,619	1,760,432	897,726	2,113,750	1,937,987	2,575,021	2,652,842	2,513,475	2,473,655	2,427,772	2,131,119	1,829,395	1,954,131	2,407,213	2,156,100	2,010,812	1,678,086	1,775,826	1,681,954	906,246	664,536	695,956	608,834	559,945	1,625,403	1,441,136	1,190,658	904,073	831,793	672,887	783,324	762,838	512,714	887,763	423,458	597,802	783,655	805,849	997,059	756,507	722,100	425,380	843,615	1,042,968	473,886	448,948	551,159	531,235	493,485	492,027	683,360	407,178	413,025	447,770	557,543	400,453	390,783	508,072	550,343	580,964	641,716	592,138	790,821	678,042	459,500	451,117	489,671	510,615	448,069	525,203	632,685	1,118,916	425,910
Cash And Short Term Investments	-	-	2,599,158	-	2,903,848	-	3,506,314	-	3,359,918	-	4,491,922	-	3,072,244	-	2,641,551	-	2,327,578	-	2,816,263	-	2,453,475	-	2,427,772	-	1,829,395	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock	-	-	1,658,610	-	1,658,610	1,658,610	1,658,610	-	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	-	1,658,610	-	1,658,610	-	1,658,610	-	1,658,610	-	1,658,610	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock Shares Outstanding	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,296	1,658,296	1,658,252	1,658,252	1,658,203	1,658,203	1,658,804	1,658,804	1,658,381	1,658,381	1,658,451	1,658,451	1,658,589	1,658,589	1,658,277	1,658,277	1,658,955	1,658,955	1,658,962	1,658,962	1,658,848	1,658,848	1,658,652	1,658,652	1,658,217	1,658,217	1,658,260	1,658,260	1,658,768	1,658,768	1,658,021	1,658,021	1,658,502	1,658,502	1,658,946	1,658,946	1,658,311	1,658,311	1,658,989	1,658,989	1,658,496	1,658,496	1,658,992	1,658,992	1,657,470	1,657,470	1,659,270	1,659,270	1,659,409	1,659,409	1,658,043	1,658,043	1,658,043	1,658,043	1,657,957	1,657,957	1,657,957	1,657,957	1,657,957	1,657,957	1,657,957	1,657,957	1,657,957	1,657,957	1,657,957	1,657,957	1,657,957	1,657,957	1,657,957	-
Common Stock Total Equity	-	-	-	-	-	-	-	-	-	-	-	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,658,610	1,408,610
Good Will	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	442,790	-	-	474,418	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Intangible Assets	15,026,839	14,026,079	13,837,983	12,999,936	13,503,554	13,704,962	13,791,022	12,948,064	13,154,619	10,160,110	10,299,633	10,417,642	10,564,351	10,798,332	10,919,453	11,014,743	11,166,391	10,698,817	10,447,093	10,380,864	10,246,384	10,014,769	9,938,243	9,900,321	9,935,269	9,416,482	9,135,201	9,043,815	9,156,141	8,890,798	8,984,952	9,065,077	9,155,124	9,154,684	9,048,268	9,050,794	9,122,047	8,955,813	8,925,568	8,911,951	8,922,856	8,996,344	8,931,268	8,773,099	8,726,379	8,366,563	8,316,227	8,293,441	8,025,083	7,760,471	7,805,251	7,654,851	7,673,278	7,500,164	7,505,727	7,513,579	7,657,264	7,727,700	7,605,914	7,297,562	7,213,265	5,208,206	540,866	546,958	552,238	538,464	546,991	546,610	751,232	765,632	306,592	318,295	322,091	325,248	329,028	332,817	336,222	322,070	326,104	329,839	333,416	562,900	507,348	471,400	475,965	483,548
Inventory	4,458	4,253	4,200	4,384	4,706	4,665	5,000	4,973	5,395	5,827	5,933	6,039	6,156	5,937	5,581	5,576	5,682	6,391	5,899	5,143	5,041	5,949	7,048	7,124	7,409	5,879	5,293	5,119	5,276	5,738	5,511	4,995	5,287	5,425	3,410	2,626	2,617	4,014	4,116	4,031	3,824	3,324	3,511	3,033	3,554	4,025	4,224	3,614	3,413	3,771	3,739	3,500	3,761	2,820	8,515	2,418	2,395	1,859	2,025	1,821	1,857	2,939	3,158	2,857	2,983	2,458	2,653	2,596	2,873	2,604	2,377	2,127	2,866	2,570	2,552	1,700	1,484	1,604	28,397	20,427	17,904	19,653	18,186	22,940	22,769	24,286
Liabilities And Stockholders Equity	-	-	21,968,907	-	21,345,566	-	21,191,790	-	19,965,469	-	17,524,788	16,691,402	15,602,819	15,351,557	15,424,198	15,076,775	15,088,178	14,377,022	14,415,431	14,543,173	14,269,186	14,009,834	13,931,501	13,709,270	13,525,061	12,885,640	12,960,445	12,615,580	12,379,623	11,910,287	12,122,291	11,982,662	11,350,491	10,933,901	10,890,625	10,651,026	10,684,706	11,895,038	11,878,793	11,708,822	11,368,806	11,242,699	10,754,301	10,706,252	10,557,274	10,310,196	10,355,991	10,048,573	9,812,180	9,545,234	9,356,164	9,371,042	9,141,743	8,881,645	8,586,448	8,992,185	9,337,286	8,850,489	8,709,860	8,490,990	8,366,806	7,989,802	7,625,452	7,579,489	7,169,267	7,055,203	6,912,451	7,365,388	7,167,857	7,129,586	7,098,679	7,675,114	6,770,363	6,394,972	6,308,904	6,461,515	6,350,787	6,047,494	6,059,098	6,002,083	6,006,283	5,942,887	5,441,560	4,907,019	4,870,007	4,206,489
Long Term Debt	5,959,722	6,010,838	6,029,148	6,244,343	6,201,986	6,342,742	6,231,493	5,400,695	4,726,408	3,211,042	3,047,066	3,029,958	1,641,974	2,185,095	1,799,345	2,319,760	1,812,698	2,154,428	1,821,547	1,548,051	1,562,897	-	1,635,741	-	1,666,585	-	2,753,446	-	2,610,670	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt Total	-	-	6,029,148	-	6,201,986	-	6,231,493	-	4,726,409	-	3,047,066	-	1,641,975	-	1,799,345	-	1,812,698	-	1,821,547	-	1,562,897	-	1,635,741	-	1,666,585	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Investments	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	478,193	-	465,232	-	542,245	-	529,855	-	443,511	-	339,591	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Debt	2,012,188	937,602	774,692	600,342	1,470,487	1,655,132	1,247,659	833,927	408,202	-	-	1,008,951	-354,545	669,361	334,276	1,094,355	121,264	409,600	-239,959	-406,489	-564,812	-515,470	-639,982	-335,342	-84,483	-234,990	-585,413	-302,526	-201,280	120,515	90,715	139,271	396,403	534,567	399,319	490,861	691,492	-806,675	1,334,342	-381,964	-168,974	1,856,897	1,951,914	1,751,940	1,766,238	1,998,999	1,603,537	2,047,429	1,732,221	1,525,027	1,491,491	1,346,256	1,537,150	1,568,284	1,813,830	1,744,322	1,913,694	2,387,140	2,423,202	1,927,172	1,943,334	1,819,862	1,718,256	1,198,875	1,252,565	1,495,741	828,230	1,186,841	1,339,892	1,325,536	1,069,246	1,801,674	967,020	702,736	748,556	846,148	955,030	1,166,999	1,300,381	1,201,828	1,292,883	936,709	567,022	459,840	-73,322	624,684
Net Invested Capital	18,616,633	18,358,216	17,865,265	18,629,743	18,126,798	17,993,330	17,377,302	17,196,026	16,115,518	15,195,429	14,652,770	14,759,010	13,213,967	12,829,798	12,560,807	12,703,847	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Receivables	-	-	263,586	-	537,733	181,536	173,621	-	143,907	199,678	215,953	201,278	154,286	209,006	266,457	122,070	195,295	192,965	167,305	-	170,745	-	235,161	-	502,419	-	351,900	-	259,898	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Tangible Assets	-	-	-2,003,414	-	-	-2,054,374	-2,645,213	-	-1,765,510	1,824,278	1,306,071	1,211,324	712,358	39,486	-453,354	-302,977	-428,482	-197,933	-243,873	-	-176,387	-	-385,029	-	-556,171	-	-313,396	-	-477,178	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Working Capital	2,806,663	3,487,219	3,142,252	4,814,754	3,835,759	3,938,484	2,610,336	3,225,868	1,687,391	4,004,493	3,268,157	3,208,593	1,439,820	961,783	537,082	855,570	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	17,471,549	16,545,891	16,383,818	15,631,337	16,089,409	15,849,179	15,971,074	15,148,455	15,436,587	12,193,217	12,337,241	12,495,033	12,676,555	12,725,762	12,888,907	13,001,264	13,175,583	12,498,525	12,278,425	12,195,437	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Other	-	-	-	-	-	-	-	294,500	294,500	359,845	-	361,709	-	490,922	1,799,346	1,797,081	1,812,698	1,746,702	1,821,547	1,548,051	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	6,163,328	6,216,430	6,237,906	6,461,732	6,420,606	6,782,487	6,656,351	5,843,979	5,178,969	3,654,362	3,459,999	3,427,243	2,201,742	2,225,976	2,347,249	2,361,737	2,246,768	2,188,661	2,279,514	2,435,664	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Currrent Assets Other	-	-	-	-	-	-	-	-	-	-	-	-	-	1,050,655	-	-	13,175,583	-	336,299	336,299	336,299	404,845	404,845	404,845	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,350,000	400,000	-	-	-	-	-1,334	-558	-	-256	-1,475	-1,486	-212	-212	-157
Other Assets	-	-	119,886	-	79,512	120,168	116,029	-	125,608	431,942	50,166	40,816	435,897	63,788	63,037	433,874	54,014	100,173	87,195	-	35,922	-	23,653	-	22,777	-	38,023	-	65,017	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Current Assets	187,418	54,656	20,486	8,714	1,767,673	14,693	15,159	15,059	16,767	5,252	7,084	6,267	7,453	7,012	9,990	4,967	7,384	3,606	5,272	3,513	63,513	-	4,185	-	999	-	181	-	175	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Current Liab	100,671	106,648	1,124,635	113,690	112,440	239,904	1,147,984	122,914	1,477,765	358,214	769,613	456,150	468,435	352,003	758,256	329,009	332,085	662,180	580,602	721,312	334,199	-	591,140	-	283,363	-	664,887	-	272,018	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Liab	-	-	131,198	-	-	145,245	149,858	-	158,061	83,476	86,526	35,576	559,768	40,881	40,477	564,656	41,571	34,233	35,802	-	124,972	-	126,442	-	134,313	-	135,393	-	143,840	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Stockholder Equity	-	-	-36,568	-	-	-22,691	-20,568	-	-23,530	253,827	-26,816	253,610	-27,027	251,696	-28,827	-28,827	-28,827	266,678	-13,845	-	-13,845	-	36,818	-	49,383	-	59,110	-	59,110	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant And Equipment Gross	1,206,555	1,156,249	2,789,923	1,191,733	1,213,955	1,138,536	-	-	-	-	-	1,132,364	1,161,672	1,050,655	1,069,986	1,096,173	1,122,187	882,374	897,085	925,150	952,655	895,066	906,330	974,426	992,670	858,293	883,287	919,795	945,500	952,012	978,613	1,000,546	1,035,910	853,307	872,197	853,314	876,159	878,362	894,490	914,651	940,920	838,243	646,897	666,607	675,343	633,445	625,151	616,288	771,566	801,673	688,882	685,269	798,451	751,279	732,028	736,439	732,372	730,055	743,334	753,076	723,077	2,395,374	6,746,961	6,490,381	6,330,276	6,129,991	5,949,383	5,835,993	6,038,413	5,985,376	5,829,083	5,606,092	5,615,435	5,567,670	5,517,808	5,481,751	5,482,533	5,402,427	5,386,279	5,290,254	5,291,970	4,995,304	4,442,917	3,324,502	3,391,271	3,351,625
Property Plant And Equipment Net	1,206,555	1,156,249	1,180,746	1,191,733	1,213,955	1,138,536	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant Equipment	-	-	1,485,720	-	1,222,518	1,493,949	1,549,362	-	1,600,117	1,065,896	1,469,389	1,523,271	1,161,672	1,420,593	1,444,651	1,096,173	1,504,105	1,233,902	910,552	-	958,059	-	912,547	-	999,705	-	1,223,716	-	1,283,891	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Retained Earnings	10,528,576	10,313,258	10,213,664	10,335,803	8,956,889	10,014,669	9,507,355	9,748,003	9,753,617	10,071,950	9,693,387	8,823,491	8,471,348	8,034,257	7,662,538	7,908,206	7,934,348	7,682,342	7,384,678	7,540,488	7,251,454	6,980,164	6,684,009	6,777,955	6,497,327	6,231,967	5,930,307	6,081,010	5,787,465	5,554,968	5,335,869	5,489,901	5,235,687	5,000,306	4,768,716	4,902,597	4,679,301	4,488,840	4,256,767	4,443,406	4,183,329	3,981,591	3,796,534	3,897,971	3,667,141	3,499,534	3,302,472	3,418,451	3,193,681	3,065,322	2,864,477	3,005,557	2,768,162	2,619,289	2,425,765	2,562,949	2,388,921	2,312,886	2,148,530	2,335,436	2,150,036	2,092,288	1,883,446	2,025,760	1,881,072	1,527,369	1,375,072	1,667,917	1,469,036	1,330,203	1,129,127	1,390,973	1,216,273	1,143,947	984,862	1,028,921	891,136	869,575	767,878	785,314	687,699	674,832	597,872	546,436	476,210	468,640
Short Long Term Debt	-	-	-	-	-	-	-	-	0	0	0	100,086	295,284	297,807	295,362	195,000	-	-	513,515	698,302	385,766	-	152,049	-	78,327	-	2,897,037	-	2,770,369	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Short Long Term Debt Total	-	-	-	-	-	-	-	-	-	-	3,047,066	3,130,044	1,937,258	1,991,980	2,094,708	1,992,081	2,235,015	2,347,587	2,335,062	2,246,353	1,948,662	1,958,185	1,787,790	1,795,777	1,744,912	1,719,142	1,821,800	1,853,574	1,809,532	1,798,601	1,866,541	1,821,224	1,302,649	1,199,103	1,095,275	1,099,695	1,251,437	818,729	2,775,478	808,694	735,098	2,688,689	2,624,801	2,535,264	2,529,076	2,511,713	2,491,299	2,470,886	2,330,023	2,308,682	2,297,340	2,343,316	2,293,657	2,290,383	2,239,210	2,587,936	2,956,662	2,861,026	2,872,150	2,478,331	2,474,568	2,313,346	2,210,282	1,882,235	1,659,743	1,908,766	1,276,000	1,744,384	1,740,346	1,716,319	1,577,318	2,352,017	1,547,984	1,344,452	1,340,694	1,636,969	1,633,073	1,626,499	1,751,499	1,691,499	1,803,499	1,384,779	1,092,225	1,092,525	1,045,594	1,050,594
Short Term Debt	-	-	0	-	0	-	0	-	0	-	0	100,086	295,284	297,807	295,362	195,000	-	-	513,515	698,302	385,766	337,284	152,049	91,588	78,327	44,557	143,591	167,366	159,699	152,768	-	100,000	250,000	250,000	250,000	250,000	400,000	98,760	2,060,468	88,048	158,048	158,048	158,048	70,000	65,300	65,300	46,300	57,300	40,000	70,000	60,000	110,000	120,000	230,000	265,000	615,000	985,000	2,585,000	2,615,000	2,225,000	2,225,000	2,035,000	1,935,000	1,610,000	1,390,000	1,451,000	1,276,000	1,261,000	1,261,000	1,235,000	1,100,000	1,150,000	350,000	150,000	150,000	450,000	450,000	450,000	575,000	515,000	627,000	208,280	-	-	-	5,000
Short Term Investments	-	-	-	100,682	-	850,296	-	-	0	-	502,770	2,509,110	1,104,491	1,704,973	1,105,472	1,828,504	422,317	600,886	250,656	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	46,631	46,631	46,631	-	46,575
Total Assets	21,738,743	21,958,067	21,968,907	21,687,722	21,345,566	21,587,979	21,148,687	19,915,285	19,920,863	17,633,127	17,478,510	17,338,820	16,240,743	15,975,308	16,036,839	15,860,105	15,920,012	15,243,205	15,281,969	15,055,371	14,780,288	14,541,560	14,461,313	14,369,664	14,176,004	13,537,814	13,605,038	13,374,838	13,120,802	12,654,945	12,845,464	12,795,967	12,140,702	11,728,532	11,676,278	11,527,873	11,532,440	12,698,528	12,645,287	12,545,870	12,202,968	12,088,370	11,524,636	11,508,472	11,334,161	10,733,002	10,759,649	10,445,785	10,106,001	9,827,710	9,614,593	9,668,791	9,411,388	9,128,828	8,811,321	9,247,283	9,573,686	9,068,874	8,913,082	8,725,476	8,587,027	8,223,192	7,880,919	7,821,737	7,387,902	7,162,728	7,006,942	7,446,366	7,232,967	7,182,545	7,151,673	7,875,150	6,970,438	6,595,975	6,509,946	6,662,600	6,551,915	6,248,818	6,267,682	6,210,488	6,214,885	6,150,648	5,633,488	5,099,025	5,062,204	4,395,466
Total Current Assets	4,267,194	5,412,176	5,542,728	6,056,385	5,213,960	5,738,800	5,177,613	4,766,829	4,484,276	5,439,910	5,141,269	4,843,787	3,564,188	3,249,547	3,147,932	2,858,841	2,744,428	2,744,680	3,003,544	2,859,934	2,693,590	2,708,752	2,674,166	2,585,903	2,340,222	2,441,896	2,764,587	2,671,878	2,276,163	2,075,873	2,148,831	2,002,220	1,222,368	996,426	1,031,509	844,660	755,862	2,168,519	1,829,364	1,723,845	1,348,066	1,188,201	1,031,096	1,155,511	1,012,997	800,980	999,774	553,458	747,429	887,950	898,061	1,093,874	839,106	766,606	461,281	874,412	1,068,449	499,682	475,686	577,876	553,463	519,509	518,152	705,165	425,552	456,508	474,892	580,982	418,867	407,564	517,720	576,965	609,179	682,642	642,695	827,588	712,660	502,878	533,251	568,548	567,653	570,238	660,860	1,280,636	1,172,528	549,576
Total Current Liabilities	1,460,530	1,924,956	2,400,476	1,241,632	1,378,197	1,800,316	2,567,277	1,540,961	2,796,885	1,435,417	1,873,112	1,635,194	2,124,367	2,287,763	2,610,850	2,003,271	2,103,501	1,687,477	1,932,696	1,748,479	1,431,532	1,400,774	1,435,250	1,034,351	1,214,456	848,371	1,249,801	845,434	946,150	748,205	1,126,058	810,105	1,069,613	962,700	1,286,211	897,096	1,268,459	2,900,816	3,136,287	2,829,748	2,921,611	1,196,055	979,948	819,200	911,340	1,005,593	1,252,823	815,132	790,020	804,573	830,322	737,634	812,810	901,877	899,895	1,178,179	1,704,613	3,326,615	3,367,699	2,960,196	3,023,644	2,777,842	2,623,984	2,437,355	2,172,928	2,011,521	2,063,495	1,762,250	1,767,639	1,952,429	2,126,599	1,662,206	936,187	804,961	881,737	994,013	1,024,967	851,258	964,159	889,709	991,524	1,012,549	661,804	237,800	270,914	208,649
Total Liab	7,623,859	8,141,386	10,100,551	7,703,364	9,387,413	8,582,803	9,223,628	7,384,940	7,975,854	5,089,779	5,333,112	5,062,437	4,326,110	4,513,739	4,958,099	4,365,008	4,350,269	3,876,138	4,212,211	4,184,143	4,199,189	4,160,465	4,378,286	4,061,994	4,145,963	3,762,175	4,138,640	3,643,072	3,700,660	3,468,068	3,899,171	3,611,874	3,233,917	3,048,437	3,236,752	2,825,771	3,082,747	4,529,996	4,745,824	4,389,213	4,309,274	4,384,905	4,081,564	3,932,078	4,013,931	3,935,324	4,178,175	3,708,422	3,545,427	3,490,058	3,502,217	3,378,917	3,385,036	3,355,710	3,254,509	3,523,329	4,042,744	3,693,864	3,717,540	3,307,673	3,368,799	3,153,202	2,997,693	2,809,416	2,543,883	2,518,787	2,528,333	2,245,634	2,246,985	2,433,748	2,603,917	2,864,223	2,134,171	1,999,413	2,072,431	2,180,982	2,208,039	2,027,757	2,141,058	2,066,607	2,168,422	2,190,348	1,767,698	1,284,594	1,317,808	1,255,143
Total Stockholder Equity	12,656,912	12,347,378	11,868,356	12,385,400	11,958,153	11,650,588	11,145,809	11,795,331	11,389,110	11,984,387	11,605,704	11,628,965	11,276,709	10,837,818	10,505,019	10,711,767	10,778,299	10,500,884	10,247,688	10,359,030	10,118,674	-	9,606,104	-	9,436,203	-	8,821,805	-	8,678,963	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Cash Flow

Currency in CNY. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
Begin Period Cash Flow	2,903,848	3,359,918	1,967,754	1,905,262	2,453,475	1,829,395	1,900,812	709,246	462,945	545,670	762,838	603,223	756,507	1,042,968	531,235	407,178	400,453	580,964	678,042	500,639	1,118,916	371,480	286,781
Capital Expenditures	2,116,496	176,698	422,250	505,898	1,236,395	1,113,000	1,219,485	524,055	873,327	681,722	1,108,949	858,307	929,794	725,845	837,080	1,233,490	800,952	713,061	425,965	480,834	1,493,712	101,910	123,383
Change In Cash	-1,941,469	-456,070	1,386,200	62,492	-548,213	624,080	-71,417	1,191,567	246,301	-82,725	-217,168	159,615	-158,705	-286,461	511,733	124,057	6,725	-180,511	-97,078	177,403	-618,276	747,436	84,699
Change In Working Capital	-131,840	-1,345,640	-537,184	127,418	-8,432	-19,722	53,462	118,480	-31,799	65,193	-95,298	-242,287	20,245	49,052	-60,980	-128,837	233,754	-78,608	22,850	160,378	16,755	41,340	-10,674
Change To Account Receivables	-	-	-447,536	20,463	20,778	-26,408	-21,870	60,821	-35,477	21,864	-35,811	-	-	-	-	-	-	-	-	-	-	-	-
Change To Inventory	248	689	1,901	-474	-641	2,368	-2,133	11	-2,670	1,207	-270	-141	348	-1,367	-538	1,126	-110	-7	-1,382	-11,360	4,865	-7,964	-10,808
Change To Liabilities	-	-	-39,936	118,312	16,051	-3,731	84,538	20,117	-43,106	29,812	-42,729	-	-	-	-	-	-	-	-	-	-	-	-
Change To Netincome	-	-	99,520	-39,140	-40,595	503	30,651	34,722	52,937	35,715	98,254	-	-	-	-	-	-	-	-	-	-	-	-
Change To Operating Activities	-	-	38,108	-7,648	14,525	-12,980	12,819	13,206	-8,260	-4,565	10,812	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation	905,374	166,300	926,259	727,471	715,039	722,649	687,451	690,267	619,428	616,276	570,853	526,763	488,288	488,084	389,937	346,466	338,076	353,228	300,039	313,636	261,240	199,911	191,235
Dividends Paid	1,145,592	912,236	519,689	475,136	517,416	476,547	469,341	474,015	462,298	527,296	467,946	491,770	467,929	451,745	501,646	451,098	485,025	521,489	178,350	123,123	51,652	113,511	74,699
End Period Cash Flow	962,380	2,903,848	3,359,918	1,967,754	1,905,262	2,453,475	1,829,395	1,900,812	709,246	462,945	545,670	762,838	597,802	756,507	1,042,968	531,235	407,178	400,453	580,964	678,042	500,639	1,118,916	371,480
Free Cash Flow	536,977	621,717	1,674,811	1,198,039	586,307	694,617	663,315	1,228,346	647,392	914,079	384,178	451,485	618,614	817,538	305,656	-199,947	364,696	375,824	578,552	436,710	-940,806	400,702	293,671
Investments	-3,117,564	-2,477,042	496,328	-1,167,352	-1,716,711	-714,135	-1,477,410	-404,766	-185,000	691,403	-488,403	-	-	-	-	-	-	-	-	-	-	-	-
Net Borrowings	-	-	2,679,045	142,661	5,847	134,400	94,314	410,527	295,975	-1,248,844	375,047	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	1,659,929	1,445,017	1,514,168	865,950	1,097,546	1,123,042	1,091,343	933,258	937,867	860,866	847,910	761,001	856,728	782,917	673,449	691,802	517,448	749,302	659,248	404,403	283,265	258,393	248,119
Other Cashflows From Financing Activities	-	-272,254	-3,070,400	-1,167,352	1,822,702	1,807,617	1,882,800	1,752,402	-15,000	1,595,802	1,493,127	242,353	1,548,407	1,543,382	1,971,662	30,000	1,165,648	1,088,885	1,004,517	-2,570	-3,818	539,600	417,054
Other Cashflows From Investing Activities	-	-2,282,927	112,484	-659,142	74,501	98,208	57,904	76,950	-140,985	186,543	46,531	-	-	-	-	-	-	-	-	-	-	-	-
Other Non Cash Items	124,505	166,432	222,891	86,910	50,460	49,418	31,918	89,335	65,958	134,682	133,294	131,946	114,238	132,787	68,102	60,494	-1,730	54,147	10,890	21,805	447	3,066	-11,486
Total Cash From Financing Activities	-	323,855	-911,045	-474,093	-654,204	-469,402	-476,807	-156,068	-259,995	-1,875,273	-159,528	92,575	-447,941	-1,148,756	201,343	335,285	-367,346	389,511	-278,350	-272,693	571,529	361,089	-9,699
Total Cash From Operating Activities	2,653,472	1,679,535	2,097,061	1,703,937	1,822,702	1,807,617	1,882,800	1,752,402	1,520,718	1,595,802	1,493,127	1,309,792	1,548,407	1,543,382	1,142,737	1,033,543	1,165,648	1,088,885	1,004,517	917,544	552,906	502,612	417,054
Total Cashflows From Investing Activities	-	-2,459,625	200,184	-1,167,352	-1,716,711	-714,135	-1,477,410	-404,766	-208,239	196,746	-1,550,766	-	-	-	-	-	-	-	-	-	-	-	-

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31
Begin Period Cash Flow	2,253,472	2,599,158	2,961,120	2,903,848	2,768,328	3,506,314	3,610,549	3,359,918	3,903,406	3,989,152	1,191,973	1,967,754	1,118,267	1,536,080	687,283	1,905,262	1,931,621	2,565,607	2,652,842	2,453,475	1,603,655	2,427,772	2,131,119	1,829,395	1,954,131	2,307,213	2,046,100	1,900,812	1,578,086	1,578,826	1,264,954	709,246	387,521	548,956	461,834	462,945	578,403	676,136	518,158	904,073	886,744	584,838	783,324	762,838	512,714	887,763	423,458	603,223	783,655	805,849	997,059	756,507	722,100	425,380	843,615	1,042,968	473,886	448,948	551,159	531,235	493,485	492,027	683,360	407,178	413,025	447,770	557,543	400,453	390,783	508,072	550,343	580,964	641,716	592,138	790,821	678,042	454,500	446,117	479,879	500,639	448,069	525,203	-	-
Capital Expenditures	1,544,678	100,220	373,580	98,017	98,017	158,131	1,015,312	1,015,312	181,784	4,935	28,103	207,428	189,894	21,045	79,235	215,723	279,347	381,730	243,072	332,246	403,726	194,077	144,989	370,209	476,814	331,804	224,555	186,312	241,898	54,985	80,177	146,996	237,998	248,628	56,373	330,327	179,487	162,785	129,409	210,041	346,422	268,672	217,062	276,792	316,907	182,880	153,773	204,747	267,929	221,937	205,928	233,999	294,978	107,656	102,619	220,592	96,148	250,935	263,104	226,893	400,052	340,984	272,688	219,766	310,740	227,059	143,600	119,553	299,447	201,669	154,667	57,277	260,395	30,765	17,299	117,506	120,263	101,126	153,318	106,127	577,718	157,468	175,218	583,309
Change In Cash	-1,291,092	-345,687	-361,962	-361,962	-361,962	-737,986	-104,235	-104,235	-549,452	-85,746	2,797,179	-775,781	849,487	-417,813	848,796	-1,217,979	-26,359	-633,986	-87,235	199,367	849,820	-824,117	296,654	301,724	-124,736	-353,082	261,113	145,288	322,726	-739	313,872	555,708	321,724	-161,434	87,121	-1,111	-115,459	-97,732	157,978	-385,915	-341,074	301,906	-198,486	20,486	250,124	-375,049	464,305	-179,765	-185,853	-22,194	-191,210	240,552	34,407	296,720	-418,235	-199,353	569,082	24,939	-102,211	19,924	37,750	1,458	-191,333	276,182	-5,847	-34,745	-109,773	157,090	9,670	-117,289	-42,271	-30,621	-60,752	49,578	-198,683	112,779	223,542	8,382	0	0	52,570	-77,133	-	-
Change In Working Capital	-	-	1,302,860	-	1,679,535	-	971,608	-	1,603,504	-	668,915	-	1,336,930	-	-14,120	-	611,796	-	309,473	-	718,017	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-45,586	-18,854	66,021	-80,189	77,517	-30,233	-22,116	-2,317	94,935	17,788	12,007	35,649	4,501	24,532	-	-
Change To Account Receivables	-	-	-67,189	-67,189	-67,189	38,376	-38,376	-38,376	-447,536	70,705	-70,705	-70,705	20,463	111,431	-111,431	-111,431	-	-	-8,799	-	-26,408	-	-43,429	-	-21,870	-	-6,702	-	60,821	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Inventory	-	-	506	506	506	-395	395	395	1,901	-222	222	222	-474	-101	101	101	-	-	-858	-	2,368	-	361	-	-2,133	-	-17	-	11	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-269	-227	-250	739	-296	-18	-852	-216	121	-987	-7,970	-2,523	1,749	-1,467	-	-
Change To Liabilities	-	-	72,990	0	0	90,531	-90,531	0	-39,936	40,513	-40,513	0	118,312	17,963	-17,963	0	16,051	11,712	-11,712	-	-3,731	-	-31,420	-	86,711	-	65,450	-	20,117	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Netincome	-	-	-447,816	-447,816	-447,816	545,407	-75,938	-75,938	-475,622	568,840	-154,761	161,063	-670,437	702,405	-249,311	178,203	-660,619	615,812	-202,909	-	-560,279	-	-226,435	-	-599,057	-	-188,230	-	-600,085	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Operating Activities	-	-	-	-	-	-47,661	47,661	47,661	38,108	13,785	-13,785	-13,785	-7,648	-41,717	41,717	41,717	14,525	-44,017	44,017	-	-10,808	-	8,276	-	10,646	-	7,406	-	13,206	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation	-	-	457,317	457,317	457,317	-447,805	447,805	447,805	926,259	-371,340	371,340	373,081	742,075	-368,387	368,387	368,387	-	-	358,930	-	717,297	-	351,920	-	684,082	-	339,825	-	689,130	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	92,709	92,311	86,816	81,392	83,666	64,925	70,110	81,338	94,498	73,348	75,822	69,968	80,728	53,182	-	-
Dividends Paid	68,952	962,423	54,026	54,026	54,026	966,481	57,105	57,105	42,704	415,294	33,303	28,388	13,369	409,975	28,143	23,649	35,286	427,947	25,437	28,746	23,661	403,471	28,014	21,400	22,330	407,259	18,482	21,269	17,999	407,169	21,430	27,416	9,662	413,105	18,882	20,649	114,649	382,626	16,926	13,094	111,379	7,521	339,959	9,087	114,433	371,010	1,210	7,536	115,746	234	350,914	1,503	102,080	3,045	337,708	8,912	46,936	12,548	411,461	30,701	33,241	36,532	359,435	21,889	8,701	251,817	208,760	15,747	15,657	339,046	153,676	13,110	639	120,112	53,588	5,290	19,406	458	100,649	2,610	1,894	35,111	14,650	3
End Period Cash Flow	962,380	2,253,472	2,599,158	2,961,120	2,903,848	2,768,328	3,506,314	3,610,549	3,359,918	3,903,406	3,989,152	1,191,973	1,967,754	1,118,267	1,536,080	687,283	1,905,262	1,931,621	2,565,607	2,652,842	2,453,475	1,603,655	2,427,772	2,131,119	1,829,395	1,954,131	2,307,213	2,046,100	1,900,812	1,578,086	1,578,826	1,264,954	709,246	387,521	548,956	461,834	462,945	578,403	676,136	518,158	545,670	886,744	584,838	783,324	762,838	512,714	887,763	423,458	597,802	783,655	805,849	997,059	756,507	722,100	425,380	843,615	1,042,968	473,886	448,948	551,159	531,235	493,485	492,027	683,360	407,178	413,025	447,770	557,543	400,453	390,783	508,072	550,343	580,964	641,716	592,138	790,821	678,042	454,500	446,117	479,879	500,639	448,069	525,203	-
Free Cash Flow	-1,139,131	719,583	25,080	931,444	79,132	527,270	-464,012	479,326	251,307	694,166	423,559	305,779	401,356	770,746	89,599	-63,662	77,792	148,328	196,280	163,908	-8,643	367,408	204,478	131,374	-49,705	194,158	224,975	293,886	174,935	412,128	333,316	307,967	105,803	195,050	250,285	96,254	227,942	299,689	191,255	195,194	-20,212	241,387	142,250	20,753	61,997	35,707	143,904	209,878	102,242	106,565	229,588	180,218	108,323	240,493	293,433	175,288	243,034	51,239	-38,294	49,677	-96,224	-9,432	-159,325	65,035	118,540	-8,526	91,845	162,837	-1,769	86,420	159,962	131,211	139,408	168,901	153,737	116,506	226,888	98,226	18,342	93,253	-409,688	-601	-91,350	-439,167
Investments	-1,615,964	-196,756	-800,816	-800,816	-800,816	480,075	-493,358	-493,358	529,536	-570,566	537,357	-2,190,390	329,964	-584,553	659,889	-1,572,653	-293,743	-700,733	-479,033	-243,201	300,000	-	300,000	-	-220,000	-	-100,000	-	-1,020	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Borrowings	-	-	-217,723	-217,723	-217,723	184,970	837,577	837,577	1,745,449	174,000	-183,399	942,995	-58,358	-103,243	78,000	226,262	-54,469	-35,364	120,520	-	45,524	-	-24,476	-	52,327	-	54,678	-	47,982	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	309,168	511,261	380,038	459,463	271,732	507,312	259,921	406,052	425,340	378,563	358,122	352,143	437,091	371,719	135,813	-26,142	252,006	297,664	258,842	289,033	271,290	296,155	287,534	268,063	265,361	301,659	230,777	293,546	232,496	219,100	227,448	254,214	235,381	231,590	247,599	223,296	190,461	232,073	178,255	260,077	201,738	185,057	230,285	230,830	168,128	197,062	183,916	211,895	211,260	200,845	207,228	237,395	220,827	193,525	194,538	174,028	138,036	164,357	185,747	185,309	148,864	208,841	189,408	144,688	45,824	163,618	121,808	186,198	225,246	201,076	148,281	174,700	240,576	159,085	121,801	137,785	123,011	101,697	82,081	97,615	84,642	76,960	51,437	70,226
Other Cashflows From Financing Activities	-	-	-150,219	-150,219	-150,219	580,157	-1,041,738	-1,041,738	-2,957,228	-113,172	13,204	-13,204	329,964	791,791	168,835	152,061	357,139	530,058	439,351	496,154	395,083	561,485	349,467	501,582	427,110	525,962	449,530	480,198	416,833	467,113	413,492	454,963	85,000	-100,000	306,659	426,580	97,000	462,474	320,665	405,235	88,048	510,059	-88,048	297,545	182,353	218,587	60,000	414,624	370,171	328,502	435,516	414,217	-22,500	9,000	11,603	1,897	1,957,662	14,000	224,810	276,570	303,828	18,000	113,363	12,000	429,280	218,534	235,446	282,389	297,679	288,089	314,629	188,488	399,803	199,666	-300,000	234,012	13,825	-4,242	-12,153	199,380	-3,757	3,180	-2,798	-443
Other Cashflows From Investing Activities	-	-	835,000	835,000	835,000	-1,544,452	9,198	9,198	-79,790	145,253	2,039,450	-1,992,429	522,269	-1,237,775	1,413,295	-1,356,930	537,722	-316,032	-146,917	-	397,173	-	346,695	-	-261,776	-	158,347	-	124,166	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Non Cash Items	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13,136	13,627	13,694	13,690	405	2,735	3,101	4,650	21,653	2,564	1,427	-3,839	6,842	2,120	-	-
Total Cash From Financing Activities	-	-	-421,968	-421,968	-421,968	-201,355	-261,266	-261,266	-1,254,483	-354,466	-203,499	901,403	-71,727	-625,051	20,072	202,613	-89,755	-463,311	-47,553	-53,586	21,863	-407,095	-179,745	95,576	29,998	-537,973	-22,385	53,553	24,608	-452,959	-201,346	473,629	203,605	-350,213	-65,749	-47,637	-1,522,420	-352,672	-89,221	89,039	164,497	60,171	-379,810	-4,387	188,762	-308,325	172,374	39,764	-95,746	13,205	-423,897	58,497	-100,080	55,855	-727,516	-377,015	325,726	-28,548	-65,134	-30,701	131,572	28,038	-34,435	210,111	-81,022	-76,817	-203,760	-5,747	10,343	-204,046	-203,676	786,890	200,639	-120,112	-353,588	-5,290	-5,582	-99,700	-52,802	-114,610	413,069	176,350	-17,449	-440
Total Cash From Operating Activities	-	-	398,661	398,661	398,661	685,402	551,300	551,300	433,091	699,102	451,662	513,206	591,250	791,791	168,835	152,061	357,139	530,058	309,473	-	718,017	-	287,095	-	638,670	-	449,530	-	416,833	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	297,679	288,089	314,629	188,488	399,803	199,666	171,036	234,012	347,151	199,352	171,661	199,380	168,029	156,868	-	-
Total Cashflows From Investing Activities	-	-	-338,654	-338,654	-338,654	-1,222,033	-394,269	-394,269	271,940	-430,382	2,549,016	-2,190,390	329,964	-584,553	659,889	-1,572,653	-293,743	-700,733	-150,395	-	280,291	-	346,018	-	-320,982	-	-166,032	-	-118,715	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Income Statement

Currency in CNY. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31	2000-12-31	1999-12-31
Cost Of Revenue	4,008,478	2,984,195	1,580,676	1,302,644	1,272,488	1,282,804	1,184,759	1,062,489	970,673	929,091	897,750	829,256	727,260	619,917	548,135	499,313	438,829	452,021	472,847	525,912	405,562	315,359	278,086	162,649	145,525
Depreciation And Amortization	-	-	-	9,382	9,838	9,903	11,437	13,202	12,384	13,307	16,483	12,023	7,792	488,084	389,937	346,466	338,076	353,228	300,039	313,636	261,240	199,911	191,235	-	-
Ebit	-	-	2,176,970	1,211,587	1,554,730	1,577,591	1,574,153	1,304,037	1,280,035	1,235,376	1,261,036	1,237,238	1,348,404	1,256,465	1,023,743	1,008,298	1,100,777	1,021,272	883,429	550,293	367,564	321,990	252,037	193,589	154,484
Ebitda	-	3,127,922	3,284,057	1,220,969	1,564,568	1,587,494	1,585,590	1,317,238	1,292,420	1,248,683	1,277,519	1,249,261	1,356,195	1,744,549	1,413,680	1,354,764	1,438,853	1,374,500	1,183,468	863,928	628,805	521,902	443,271	-	-
Gross Profit	2,622,859	2,222,171	2,340,282	1,329,889	1,673,933	1,684,145	1,676,652	1,436,647	1,456,332	1,410,478	1,432,354	1,393,251	1,489,095	1,489,649	1,223,428	1,190,244	1,250,050	1,194,570	1,074,133	730,725	504,423	441,205	338,576	246,778	204,119
Income Before Tax	2,266,764	1,977,818	2,119,127	1,248,994	1,560,167	1,547,540	1,540,423	1,245,920	1,260,870	1,171,532	1,208,587	1,115,097	1,245,849	1,126,768	950,796	987,225	1,098,614	968,980	860,226	520,705	366,876	324,806	257,985	217,766	171,573
Income Tax Expense	-	-	573,812	383,044	500,962	450,898	454,798	336,879	293,410	303,871	291,375	277,028	310,815	265,069	220,363	247,037	493,961	207,188	202,031	116,642	83,351	66,623	9,500	37,062	26,931
Interest Expense	213,972	109,290	254,808	119,343	118,830	130,277	61,824	58,351	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	109,514	216,788	84,695	31,369	97,000	90,252	35,494	95,365	47,959	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Minority Interest	-18,441	31,013	-31,148	637,924	831,833	511,102	650,943	741,179	790,211	847,735	834,162	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	1,659,929	1,445,457	1,514,168	918,480	1,097,546	1,123,042	1,091,343	933,258	937,867	860,866	847,910	761,001	856,728	782,917	673,449	691,802	517,448	749,302	659,248	404,403	283,265	258,393	248,119	179,702	144,434
Net Income Applicable To Common Shares	-	1,445,457	1,514,168	918,480	1,097,546	1,123,042	1,091,343	933,258	929,377	860,866	847,910	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income From Continuing Ops	1,678,370	1,414,004	1,545,316	865,950	1,059,205	1,096,642	1,085,625	909,040	967,460	867,662	917,212	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Interest Income	-104,577	-146,318	-170,357	-88,154	-50,423	-48,881	-34,203	-83,810	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	2,427,452	2,194,606	2,182,820	1,211,587	1,554,730	1,577,591	1,574,153	1,304,037	1,280,035	1,235,376	1,261,036	1,237,238	1,348,404	1,256,465	1,023,743	1,008,298	1,100,777	1,021,272	883,429	550,293	367,564	321,990	252,037	193,589	154,484
Other Operating Expenses	-	-	27,933	1,420,945	1,391,690	1,389,357	1,287,258	1,195,099	1,146,970	1,104,194	1,069,068	985,269	867,951	853,100	747,820	681,259	588,102	625,319	663,551	706,344	542,421	434,574	364,625	215,838	195,160
Reconciled Depreciation	905,374	924,469	910,121	727,471	715,039	722,649	687,451	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Selling And Marketing Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,013	977	746	595	-	-
Selling General Administrative	41,264	162,434	25,081	20,589	20,453	18,574	20,342	18,017	18,168	15,054	14,122	14,214	14,891	161,409	141,807	128,515	94,582	122,620	128,104	115,854	90,109	80,189	57,078	32,744	31,898
Tax Provision	588,393	562,194	573,812	383,044	498,180	448,049	451,948	334,032	290,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Operating Expenses	4,203,885	3,133,337	1,738,138	1,420,945	1,391,690	1,389,357	1,287,258	1,195,099	1,148,587	1,162,208	1,080,316	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Other Income Expense Net	-	-	-	-	-	-24,862	-19,137	-57,740	-17,548	-5,829	-41,201	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Revenue	6,631,337	5,206,366	3,920,958	2,632,532	2,946,421	2,966,949	2,861,411	2,499,136	2,427,005	2,339,570	2,330,104	2,222,507	2,216,355	2,109,565	1,771,562	1,689,557	1,688,879	1,646,591	1,546,980	1,256,637	909,985	756,564	616,662	409,427	349,644

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30
Cost Of Revenue	1,698,086	1,322,807	998,638	423,593	1,203,137	439,235	1,409,503	359,069	642,685	310,922	322,000	305,069	280,855	358,316	347,383	316,089	315,285	316,617	327,156	313,430	318,618	329,885	310,663	323,637	292,384	296,306	309,381	286,688	277,619	272,252	255,484	257,135	240,555	239,663	253,709	236,746	237,583	232,017	225,727	233,764	254,507	235,914	200,641	206,688	222,892	221,393	188,925	196,046	169,878	200,506	175,222	181,654	157,715	140,727	162,811	158,664	167,776	141,460	115,323	123,577	113,978	132,171	124,807	128,356	96,978	110,876	110,326	120,649	55,523	112,201	161,298	122,999	45,469	128,364	160,146	138,868	153,098	119,198	117,319	136,297	134,306	80,505	98,526	92,224	93,546	72,131
Depreciation And Amortization	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	92,709	92,311	86,816	81,392	83,666	64,925	70,110	81,338	94,498	73,348	75,822	69,968	80,728	53,182	-	-	-	-
Ebit	-	-	575,538	-	-	700,730	400,401	-	630,145	549,378	489,859	507,588	618,346	532,732	163,576	-65,660	380,516	416,302	357,622	405,727	364,062	-	394,555	-	368,124	-	336,545	-	310,058	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	324,893	257,492	198,420	240,467	318,239	209,437	160,056	195,697	186,645	128,713	105,734	129,200	112,911	98,972	-	-	-	-
Ebitda	-	-	575,719	702,301	446,840	718,275	445,721	592,617	703,589	587,725	547,892	528,953	643,834	553,408	208,715	-49,335	420,922	423,553	394,059	429,643	402,961	444,588	449,242	383,769	488,274	425,587	381,879	404,327	375,546	330,510	307,830	375,620	348,369	346,034	312,292	352,860	388,028	332,144	331,266	358,569	374,230	320,658	389,990	321,019	263,995	324,043	296,226	343,215	352,487	302,379	326,339	369,975	356,042	308,757	305,149	289,877	239,801	253,031	251,036	272,662	303,368	249,842	282,302	222,660	345,922	261,391	271,720	255,192	417,603	349,802	285,235	321,859	401,905	274,362	230,165	277,035	281,143	202,061	181,556	199,169	193,639	152,154	64,786	90,896	84,889	82,351
Gross Profit	589,191	697,415	1,325,201	721,494	1,186,977	729,637	440,498	607,181	696,960	582,741	518,234	542,348	606,991	567,502	199,089	-43,693	401,357	445,661	390,434	436,481	399,237	451,699	428,401	404,808	421,592	452,939	372,137	429,985	344,188	355,074	317,223	420,161	360,532	384,306	318,725	392,769	341,100	363,995	327,892	377,491	353,468	360,525	358,722	359,640	304,625	350,442	352,232	385,953	375,870	331,215	372,449	409,561	425,290	361,136	355,182	348,040	300,770	304,842	291,488	326,327	302,408	295,435	324,592	267,809	347,103	301,144	299,951	301,851	357,382	293,122	256,387	287,679	353,500	249,703	216,471	254,459	247,258	168,632	141,953	172,881	144,382	137,241	96,431	126,370	114,064	114,215
Income Before Tax	423,715	671,258	1,170,321	649,216	1,055,176	657,872	382,649	537,644	558,627	551,580	507,056	501,864	618,346	532,732	163,576	-65,660	380,516	416,302	357,622	405,727	364,062	415,690	394,555	373,233	368,124	424,594	336,545	411,159	310,058	302,066	284,696	349,100	307,964	325,952	310,730	316,224	264,123	321,654	244,689	341,066	273,356	282,426	324,158	328,647	243,155	288,656	272,904	310,383	324,703	278,120	300,371	342,655	317,687	278,295	274,484	256,302	204,078	237,550	245,663	263,505	214,399	293,483	272,271	207,073	351,772	246,901	257,543	242,397	311,594	244,665	184,721	227,999	319,363	203,647	158,763	178,454	159,268	128,673	104,828	127,936	111,010	98,983	65,625	91,258	82,129	84,906
Income Tax Expense	-	-	139,230	170,545	-	151,424	142,933	-	136,348	153,750	143,487	140,227	167,320	149,903	56,836	8,985	163,368	118,994	103,003	115,598	114,030	117,622	110,347	108,899	107,669	115,352	118,653	113,123	89,734	87,559	59,253	100,333	70,302	85,383	53,667	84,057	72,560	87,301	63,946	80,064	71,715	75,850	71,326	72,485	58,935	72,441	70,720	74,932	96,049	59,838	72,304	82,624	73,599	65,307	62,477	63,686	51,467	57,988	46,977	63,931	55,334	71,288	69,645	50,770	258,993	70,249	122,224	42,495	73,743	43,624	36,482	53,339	79,714	44,600	37,005	40,712	36,435	27,121	22,568	30,518	25,748	22,113	14,300	21,189	21,929	21,737
Interest Expense	56,264	51,478	9,395	53,085	50,443	60,404	63,072	54,973	144,962	36,144	40,836	32,866	35,214	28,733	34,057	26,233	47,678	10,064	36,935	24,154	35,293	30,188	50,068	14,727	67,270	4,820	30,782	14,139	30,872	22,081	20,148	26,556	7,618	21,204	5,537	23,542	33,121	33,633	33,661	36,196	22,284	33,291	22,080	32,758	17,898	34,089	23,182	32,739	22,248	27,212	24,675	28,118	19,757	33,025	28,126	36,115	18,938	17,059	3,768	10,762	3,640	16,250	9,056	16,632	17,956	10,178	14,051	12,920	15,411	13,567	15,260	13,677	2,305	2,581	6,458	4,627	20,544	937	1,729	1,265	4,374	411	-	628	3,142	2,938
Interest Income	189,884	133,972	98,228	33,151	106,939	13,835	28,584	24,007	29,195	25,868	17,271	12,361	6,892	8,647	44,703	10,013	60,903	16,723	36,097	-	56,043	-	34,209	-	31,056	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Minority Interest	21,330	-17,256	-3,307	-19,208	8,725	865	20,205	1,219	3,061	-19,267	539,694	647,418	637,924	623,751	612,640	783,331	831,833	866,182	866,538	-	511,102	-	529,813	-	650,943	-	644,592	-	741,179	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	309,168	511,261	838,399	459,463	777,947	507,312	259,921	406,052	425,340	378,563	358,122	352,143	437,091	371,719	135,813	-26,142	252,006	297,664	258,842	289,033	271,290	296,155	287,534	268,063	265,361	301,659	230,777	293,546	232,496	219,100	227,448	254,214	235,381	231,590	247,599	223,296	190,461	232,073	178,255	260,077	201,738	185,057	230,285	230,830	168,128	197,062	183,916	211,895	211,260	200,845	207,228	237,395	220,827	193,525	194,538	174,028	138,036	164,357	185,747	185,309	148,864	208,841	189,408	144,688	45,824	163,618	121,808	186,198	225,246	201,076	148,281	174,700	240,576	159,085	121,801	137,785	123,011	101,697	82,081	97,615	84,642	76,960	51,437	70,226	60,621	63,031
Net Income Applicable To Common Shares	-	-	380,038	380,038	380,038	507,312	259,921	259,921	425,340	378,563	358,122	352,143	437,091	371,719	135,813	-26,142	252,006	297,664	543,667	-	563,980	-	551,381	-	563,128	-	230,777	-	232,496	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income From Continuing Ops	287,838	528,517	383,345	478,671	263,007	506,447	239,716	404,834	422,279	397,830	363,570	361,637	451,026	382,829	106,740	-74,645	217,149	297,308	254,619	290,128	250,033	-	284,208	-	260,455	-	217,892	-	220,324	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Interest Income	-27,204	-24,687	-32,027	-20,659	-33,635	-47,164	-31,990	-33,529	-114,757	-11,434	-21,595	-22,571	-21,745	-21,950	-25,603	-18,901	-12,286	-13,424	-11,472	-13,251	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	519,148	647,975	1,268,549	681,768	1,162,115	693,935	404,243	566,476	632,419	550,860	491,000	508,541	560,598	541,602	173,344	-63,957	364,465	419,870	358,102	412,293	371,541	424,657	397,950	383,444	394,826	425,537	342,343	411,448	315,572	326,054	288,218	374,192	318,418	344,453	272,166	344,998	299,642	322,162	281,883	331,689	304,755	316,787	319,055	320,439	266,992	322,809	304,418	343,020	345,018	301,794	331,617	369,974	361,774	308,757	296,056	289,877	244,105	253,031	253,944	272,662	249,436	249,740	286,530	222,591	314,159	261,391	270,035	255,192	324,893	257,492	198,420	240,467	318,239	209,437	160,056	195,697	186,645	128,713	105,734	129,200	112,911	98,972	64,786	90,896	81,251	84,333
Other Operating Expenses	-	-	3,943	3,943	3,943	12,967	6,776	6,776	9,977	6,369	6,122	338,876	327,248	384,216	373,128	336,353	352,178	342,407	359,488	337,617	346,315	356,927	341,114	345,001	319,150	323,707	339,175	305,225	306,235	301,272	284,489	303,104	282,669	279,516	300,267	284,517	279,041	273,851	271,736	279,566	303,220	279,652	240,308	245,889	260,525	249,026	236,740	238,978	200,730	229,926	216,053	221,241	221,231	193,106	221,937	216,827	224,440	193,270	152,867	177,241	166,950	177,866	162,869	173,574	129,922	150,630	140,242	167,308	88,011	147,832	219,265	170,210	80,730	168,630	216,561	197,630	213,711	159,117	153,538	179,978	165,777	118,774	130,171	127,698	126,359	102,012
Reconciled Depreciation	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	92,709	92,311	86,816	81,392	83,666	64,925	70,110	81,338	94,498	73,348	75,822	69,968	80,728	53,182	-	-	-	-
Selling And Marketing Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	400	386	226	314	247	231	186	246	156
Selling General Administrative	76,826	105,685	73,226	37,978	93,191	97,711	22,407	35,868	54,630	73,270	22,892	29,334	42,223	22,421	13,825	19,432	48,352	22,943	15,369	21,936	45,853	24,385	12,793	18,728	45,033	24,838	9,591	15,392	48,924	25,069	16,206	21,576	49,634	17,938	16,458	25,569	55,515	21,112	17,539	23,824	47,137	22,484	15,184	20,138	47,492	9,007	16,859	23,251	39,118	11,826	11,080	19,964	42,991	35,422	42,458	40,539	41,122	37,255	26,096	37,334	39,776	31,997	23,830	32,913	18,854	26,359	15,688	33,681	19,827	23,144	45,425	34,225	22,592	28,379	38,924	38,209	39,099	24,788	23,105	28,862	18,162	26,483	21,784	23,680	21,641	19,492
Tax Provision	135,878	142,741	309,407	170,545	286,819	151,424	142,933	132,810	136,348	153,750	143,487	140,227	167,320	149,903	65,333	8,985	281,000	118,994	217,180	115,598	230,228	-	217,821	-	221,597	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Operating Expenses	1,768,129	1,372,246	600,192	463,319	812,867	474,937	1,445,758	399,774	707,226	342,803	349,234	33,807	46,393	384,216	373,128	336,353	352,178	342,407	359,488	337,617	350,614	-	341,797	-	320,016	-	337,058	-	306,611	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Other Income Expense Net	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	310	-	-3,179	-	-2,713	-	-25,836	-	-7,915	-	-5,137	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Revenue	2,287,277	2,020,221	2,323,839	1,145,087	2,390,114	1,168,872	1,850,002	966,251	1,339,645	893,663	840,234	847,417	887,846	925,818	546,472	272,396	716,643	762,277	717,590	749,911	717,856	781,584	739,064	728,444	713,976	749,244	681,518	716,673	621,807	627,326	572,707	677,296	601,088	623,969	572,433	629,515	578,683	596,012	553,619	611,255	607,975	596,439	559,362	566,328	527,517	571,834	541,158	581,998	545,748	531,720	547,670	591,215	583,005	501,863	517,993	506,704	468,546	446,302	406,811	449,904	416,386	427,606	449,399	396,165	444,081	412,020	410,277	422,500	412,904	405,324	417,685	410,677	398,969	378,067	376,617	393,328	400,356	287,830	259,273	309,178	278,688	217,747	194,956	218,594	207,610	186,345

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	6,631,337
Cost of Revenue	-4,008,478
Gross Profit	2,622,859	2,622,859

Operating Income (+$)
Gross Profit	2,622,859
Operating Expense	-4,203,885
Operating Income	2,427,452	-1,581,026

Operating Expense (+$)
Research Development	-
Selling General Administrative	41,264
Selling And Marketing Expenses	-
Operating Expense	4,203,885	41,264

Net Interest Income (+$)
Interest Income	109,514
Interest Expense	-213,972
Other Finance Cost	-120
Net Interest Income	-104,577

Pretax Income (+$)
Operating Income	2,427,452
Net Interest Income	-104,577
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	2,266,764	2,427,452 EBIT - interestExpense = -213,972 1,659,929 1,873,901
Interest Expense	213,972
Earnings Before Interest and Taxes (EBIT)	-	2,480,736
Earnings Before Interest and Taxes (EBITDA)	-

After tax Income (+$)
Income Before Tax	2,266,764
Tax Provision	-588,393
Net Income From Continuing Ops	1,678,370	1,678,370
Net Income	1,659,929
Net Income Applicable To Common Shares	-

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	-
Total Other Income/Expenses Net	-	104,577

Technical Analysis of Anhui Expressway Co Ltd
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Anhui Expressway Co Ltd. The general trend of Anhui Expressway Co Ltd is UNKNOWN with 0.0% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Anhui Expressway Co Ltd's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator State	Bullish trend		Bearish trend
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of Anhui Expressway Co Ltd.

The long score for the Support & Resistance is 0/1.
The longshort score for the Support & Resistance is 0/(-1 +1).

Between support/resistance: The price is trading between support and resistance lines.

The bullish price targets are: 9.38.

The bearish price targets are: 8.34 > 8.31 > 8.29.

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Anhui Expressway Co Ltd Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of Anhui Expressway Co Ltd. The current mas is .

Directionalities and relatives.

Moving Average	Amount of candles	Trend	Price +/-	vs. MA 50	vs. MA 100	vs. MA 200

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Anhui Expressway Co Ltd Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Anhui Expressway Co Ltd.

Anhui Expressway Co Ltd Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of Anhui Expressway Co Ltd. The current adx is .

Anhui Expressway Co Ltd Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of Anhui Expressway Co Ltd.

Anhui Expressway Co Ltd Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of Anhui Expressway Co Ltd.

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Anhui Expressway Co Ltd Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of Anhui Expressway Co Ltd.

Anhui Expressway Co Ltd Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of Anhui Expressway Co Ltd.

Anhui Expressway Co Ltd Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Anhui Expressway Co Ltd.

Anhui Expressway Co Ltd Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of Anhui Expressway Co Ltd.

Anhui Expressway Co Ltd Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of Anhui Expressway Co Ltd.

Anhui Expressway Co Ltd Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of Anhui Expressway Co Ltd.

Anhui Expressway Co Ltd Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of Anhui Expressway Co Ltd.

Anhui Expressway Co Ltd Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of Anhui Expressway Co Ltd.

Anhui Expressway Co Ltd Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Anhui Expressway Co Ltd.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-12-01	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-04	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2023-12-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2023-12-06	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-19	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-20	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-21	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-22	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-27	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2023-12-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-02	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-03	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-04	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2024-01-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-09	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-10	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-01-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-16	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-17	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-01-18	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-19	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-22	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-23	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-24	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-25	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-26	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-01-29	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-30	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-02	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-02-06	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-09	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-14	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-16	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-19	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-20	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-23	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-27	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-28	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-04	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-07	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-08	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-11	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-13	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-14	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-15	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-19	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-20	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-25	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-26	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-28	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-04-02	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-05	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-08	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-09	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-10	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-11	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-04-12	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-17	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-04-23	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-04-25	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-04-26	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside

6.3. Candlestick Patterns

Anhui Expressway Co Ltd Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Anhui Expressway Co Ltd based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	8.780
Total			0/1 (0.0%)

Create your own Symbol Scanner

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Quick analysis of Anhui Expressway Co Ltd (30 sec.)

What can you expect buying and holding a share of Anhui Expressway Co Ltd? (30 sec.)

How much money do you get?

What is your share worth?

+ What do you gain per year?

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1. Valuation of Anhui Expressway Co Ltd (5 min.)

HK$8.84

HK$9.19

HK$-42.41 - HK$-6.96

HK$-33.22 - HK$2.23

2. Growth of Anhui Expressway Co Ltd (5 min.)

Is Anhui Expressway Co Ltd growing?

How much money is Anhui Expressway Co Ltd making?

How much money comes from the company's main activities?

3. Financial Health of Anhui Expressway Co Ltd (5 min.)

4. Comparing to competitors in the Infrastructure Operations industry (5 min.)

Industry Rankings (Infrastructure Operations)

What can you expect buying and holding a share of Anhui Expressway Co Ltd? (5 min.)

What can you expect buying and holding a share of Anhui Expressway Co Ltd?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Anhui Expressway Co Ltd

About Anhui Expressway Co Ltd

Financial Health

Valuation

1.1. Profitability of Anhui Expressway Co Ltd.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Infrastructure Operations)

1.1.2. Return on Assets

Trends

Compared to industry (Infrastructure Operations)

1.1.3. Return on Equity

Trends

Compared to industry (Infrastructure Operations)

1.2. Operating Efficiency of Anhui Expressway Co Ltd.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Infrastructure Operations)

1.2.2. Operating Ratio

Trends

Compared to industry (Infrastructure Operations)

1.3. Liquidity of Anhui Expressway Co Ltd.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Infrastructure Operations)

1.3.2. Quick Ratio

Trends

Compared to industry (Infrastructure Operations)

1.4. Solvency of Anhui Expressway Co Ltd.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Infrastructure Operations)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Infrastructure Operations)

2. Market Valuation of Anhui Expressway Co Ltd

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Infrastructure Operations)

Anhui Expressway Co Ltd
Buy, Hold or Sell?