Guangshen Railway : OVERSEAS REGULATORY ANNOUNCEMENT-FIRST QUARTERLY REPORT FOR 2021

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

(Stock Code: 00525)

OVERSEAS REGULATORY ANNOUNCEMENT

FIRST QUARTERLY REPORT FOR 2021

In accordance with the requirements of the China Securities Regulatory Commission ("CSRC"), Guangshen Railway Company Limited (the "Company") is required to issue a first quarterly report.

The financial information set out in this quarterly report has not been audited, and has been prepared in accordance with the PRC Enterprise Accounting Standards.

This announcement is made in accordance with Rule 13.09(2)(a) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

1. IMPORTANT NOTICE

1. The board of directors, supervisory committee, directors, supervisors and senior management of the Company warrant that the contents of this quarterly report are authentic, accurate and complete, and there are no misrepresentations or misleading statements contained in or material omissions from this quarterly report, and severally and jointly accept the related legal responsibility.
2. All directors of the Company attended the meeting of the board of directors to consider this quarterly report.
3. Mr. Wu Yong, Chairman of the Company, Mr. Hu Lingling, General Manager, Mr. Luo Xinpeng, Chief Accountant and Mr. Liu Qiyi, Chief of Finance Department hereby declare that the authenticity, accuracy and completeness of the financial statements contained in this quarterly report are warranted.
4. The financial statements contained in this quarterly report of the Company have not been audited.

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2. THE OVERALL INFORMATION OF THE COMPANY

2.1 Principal financial data

Unit: ¥  Currency: RMB

			Increase/decrease
			as compared with
			the end of this
	At the end of this	At the end of	reporting period of
	reporting period	last year	last year (%)
Total assets	36,867,346,357	36,780,451,862	0.24
Net assets attributable to
shareholders of listed company	28,124,745,820	28,192,839,252	(0.24)
	From the	From the
	beginning of the	beginning of last	Increase/decrease
	year to the end of	year to the end of	as compared with
	the reporting	the reporting	the same period of
	period	period of last year	last year (%)
Net cash flow from operating
activities	(328,591,924)	392,515,633	(183.71)
	From the	From the
	beginning of the	beginning of last	Increase/decrease
	year to the end of	year to the end of	as compared with
	the reporting	the reporting	the same period of
	period	period of last year	last year (%)
Revenues from operation	4,413,764,612	3,767,511,446	17.15
Net profit attributable to
shareholders of listed company	(93,372,207)	(462,072,653)	N/A
Net profit attributable to
shareholders of listed company after
extraordinary gain or loss	(93,683,062)	(462,654,338)	N/A
Weighted average return on net
assets (%)	(0.33)	(1.60)	N/A
Basic earnings per share (¥/share)	(0.013)	(0.065)	N/A
Diluted earnings per share (¥/share)	(0.013)	(0.065)	N/A

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Extraordinary gain or loss items and amounts ✓ Applicable   Not applicable

	Unit: ¥  Currency: RMB
		Amount for the
Items		period
Gain or loss on disposal of non-current assets		(2,833,279)
Other non-operating income and expenses other than aforesaid
items		2,209,950
Effect of minority interest (net of tax)		927,411
Effect of income tax		6,773
Total		310,855

Note:  Extraordinary losses are expressed in negative figures.

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2.2 Total number of shareholders, shareholding of top ten shareholders and top ten holders of shares without selling restrictions at the end of the reporting period

						Unit: Shares
Total number of shareholders
(Number)							202,110
	Shareholding of top ten shareholders
			Number of	Subject to pledge
	Number of		shares with	or frozen
	shares held at		selling
	the end of the	Percentage	restrictions	Status of			Nature of
Name of shareholder (Full name)	period	(%)	held	shares		Number	shareholder
China Railway Guangzhou Group							State-owned
Co., Ltd.	2,629,451,300	37.12	-	None		-	legal person
HKSCC NOMINEES LIMITED							Foreign legal
(Note)	1,538,497,803	21.72	-	Unknown		-	person
							Domestic
Lin Naigang	124,000,000	1.75	-	Unknown		-	natural person
							Domestic
Li Wei	32,000,001	0.45	-	Unknown		-	natural person
Taiyuan Iron & Steel (Group)							State-owned
Company Limited	29,338,189	0.41	-	Unknown		-	legal person
							Domestic
Li Haihong	28,541,961	0.40	-	Unknown		-	natural person
Harvest Fund - Agricultural Bank
of China - Harvest CSI Financial
Asset Management Plan	28,101,600	0.40	-	Unknown		-	Other
Yinhua Fund - Agricultural Bank
of China - Yinhua CSI Financial
Asset Management Plan	26,814,300	0.38	-	Unknown		-	Other
Zhongou Fund - Agricultural
Bank of China - Zhongou CSI
Financial Assets Management Plan	26,436,800	0.37	-	Unknown		-	Other
Southern Fund - Agricultural
Bank of China - Southern CSI
Financial Asset Management Plan	24,907,300	0.35	-	Unknown		-	Other

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Shareholding of top ten shareholders holding shares without selling restrictions

	Number of shares	Class and number of shares
	held without
Name of shareholders	selling restrictions	Class	Number
China Railway Guangzhou Group Co., Ltd.		Renminbi-denominated
	2,629,451,300	ordinary shares	2,629,451,300
HKSCC NOMINEES LIMITED (Note)		Renminbi-denominated
		ordinary shares	121,383,504
		Overseas listed
	1,538,497,803	foreign shares	1,417,114,299
Lin Naigang	124,000,000	Renminbi denominated	124,000,000
	ordinary shares
Li Wei	32,000,001	Renminbi denominated	32,000,001
	ordinary shares
Taiyuan Iron & Steel (Group) Company	29,338,189	Renminbi-denominated	29,338,189
Limited	ordinary shares
Li Haihong	28,541,961	Renminbi denominated	28,541,961
	ordinary shares
Harvest Fund - Agricultural Bank of
China - Harvest CSI Financial Asset	28,101,600	Renminbi-denominated	28,101,600
Management Plan	ordinary shares
Yinhua Fund - Agricultural Bank of
China - Yinhua CSI Financial Asset	26,814,300	Renminbi-denominated	26,814,300
Management Plan	ordinary shares
Zhongou Fund - Agricultural Bank of
China - Zhongou CSI Financial Assets	26,436,800	Renminbi-denominated	26,436,800
Management Plan	ordinary shares
Southern Fund - Agricultural Bank of
China - Southern CSI Financial Asset	24,907,300	Renminbi denominated	24,907,300
Management Plan	ordinary shares
Statement regarding connected relationship	The Company is unaware whether the above shareholders are connected
or concerted action of the above	or concerted parties as defined in Measures on Administration of
shareholders	Acquisitions of Listed Companies.

Note: 121,383,504 A shares and 1,417,114,299 H shares of the Company were held by HKSCC NOMINEES LIMITED in the capacity of various clients.

2.3 Total number of preference shareholders, shareholding of top ten preference shareholders and top ten preference shareholders holding shares without selling restrictions at the end of the reporting period

 Applicable  ✓ Not applicable

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3. SIGNIFICANT EVENTS

3.1 Significant changes of key accounting items and financial indicators and reasons for changes

✓ Applicable   Not applicable

					Unit: ¥  Currency: RMB
Statement				Movement
of Profit	Items	Jan-Mar 2021	Jan-Mar 2020	(%)	Major reason analysis
(1)	Credit	(42,504,173)	-	100.00	Recalculate according to the
	impairment loss				estimated credit loss rate stipulated
					by the railway transportation
					enterprise and reverse the credit
					impairment loss accrued in the
					previous year.
(2)	Net profit	(93,372,207)	(462,072,653)	N/A	Due to the effective control of the
	attributable to				COVID-19 pandemic in PRC, the
	owners of the				passenger and good transportation
	parent				volume of the Company have
					recovered during the reporting
					period with increased income from
					operation of the Company.
Cash Flow		Jan - Mar	Jan - Mar	Movement
Statement	Items	2021	2020	(%)	Major reason analysis
(1)	Net cash flows	(328,591,924)	392,515,633	(183.71)	Due to the payment of unpaid
	from operating				construction and equipment
	activities				payables, material procurement
					expenses at the end of the previous
					year as well as deferred payment of
					labor union funds and employee
					education funds and supplementary
					pension insurance contributions.
(2)	Net cash flows	(103,615,679)	(352,228,216)	N/A	Due to the decrease in fixed asset
	from investing				investment expenditures.
	activities

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1. Progress and impact of significant events and analysis and explanations for solutions
2. • Applicable  ✓ Not applicable
3. Commitments which have not been fulfilled during the reporting period
4. • Applicable  ✓ Not applicable
5. Caution and explanation as to the anticipated loss of accumulated net profit from the beginning of the year to the end of the next reporting period or significant changes over the same period of last year
6. • Applicable  ✓ Not applicable

Name of Company	Guangshen Railway Company Limited
Legal representative	Wu Yong
Date	27 April 2021

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4. APPENDIX

4.1 FINANCIAL STATEMENTS

Combined Balance Sheet

31 March 2021

Prepared by: Guangshen Railway Company Limited	Unit: ¥  Currency: RMB	Audit type: Unaudited
Items	31 March 2021		31 December 2020
Current assets:
Bank balances and cash	1,191,078,086		1,545,232,043
Trade receivables	4,491,509,847		3,721,676,955
Prepayments	9,860,344		5,124,452
Other receivables	595,941,983		595,861,776
Inventories	308,105,633		296,405,900
Other current assets	91,423,731		94,535,587
Total current assets	6,687,919,624		6,258,836,713
Non-current assets:
Debt investments	160,000,000		160,000,000
Long-term receivables	24,121,604		23,733,581
Long-term equity investments	196,283,289		196,848,985
Investments in other equity instruments	377,631,199		377,631,199
Fixed assets	22,889,422,153		23,016,083,082
Constructions-in-progress	2,480,474,217		2,778,675,953
Right-of-use assets	1,348,493,701		1,352,498,274
Intangible assets	1,818,191,922		1,831,303,551
Goodwill	281,254,606		281,254,606
Long-term prepaid expenses	44,734,725		43,888,542
Deferred income tax assets	521,904,817		422,953,733
Other non-current assets	36,914,500		36,743,643
Total non-current assets	30,179,426,733		30,521,615,149
Total assets	36,867,346,357		36,780,451,862

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Combined Balance Sheet (Continued)

31 March 2021

Prepared by: Guangshen Railway Company Limited	Unit: ¥	Currency: RMB	Audit type: Unaudited
Items		31 March 2021		31 December 2020
Current liabilities:
Trade payables			4,895,209,734		4,988,615,141
Contract liabilities			253,015,556		215,305,381
Staff remuneration payable			497,880,795		442,701,969
Tax payable			68,279,972		63,638,806
Other payables			1,431,104,982		1,357,761,713
Other current liabilities			18,539,693		14,833,718
Non-current liabilities due within one year			62,162,500		61,880,000
Total current liabilities			7,226,193,232		7,144,736,728
Non-current liabilities:
Lease liabilities			1,316,813,434		1,315,693,163
Deferred income			103,714,040		104,938,887
Deferred income tax liabilities			132,240,845		58,912,559
Total non-current liabilities			1,552,768,319		1,479,544,609
Total liabilities			8,778,961,551		8,624,281,337
Owners' equity (or shareholders' equity):
Paid-in capital (or share capital)			7,083,537,000		7,083,537,000
Capital reserves		11,562,657,448		11,562,657,448
Other comprehensive income			181,940,940		181,940,940
Appropriative reserves			28,873,553		-
Surplus reserves			3,084,484,724		3,084,484,726
Retained earnings			6,183,252,155		6,280,219,138
Total equity attributable to owners (or shareholders'
equity) of the parent		28,124,745,820		28,192,839,252
Minority interests			(36,361,014)		(36,668,727)
Total owners' equity (or shareholders' equity)		28,088,384,806		28,156,170,525
Total liabilities and owners' equity (or shareholders'
equity)		36,867,346,357		36,780,451,862
Chairman: Wu Yong	General Manager: Hu Lingling
Chief Accountant: Luo Xinpeng	Chief of Finance Department: Liu Qiyi

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Company Balance Sheet

31 March 2021

Prepared by: Guangshen Railway Company Limited	Unit: ¥  Currency: RMB	Audit type: Unaudited
Items	31 March 2021		31 December 2020
Current assets:
Bank balances and cash	1,191,098,894		1,545,222,622
Trade receivables	4,488,707,498		3,716,035,332
Prepayments	5,583,994		5,106,139
Other receivables	595,711,717		751,430,086
Inventories	302,847,658		292,269,250
Other current assets	264,317,072		92,938,515
Total current assets	6,848,266,833		6,403,001,944
Non-current assets:
Debt investments	160,000,000		160,000,000
Long-term receivables	24,121,604		23,733,581
Long-term equity investments	278,814,748		279,380,444
Investments in other equity instruments	375,913,320		375,913,320
Fixed assets	22,821,960,684		22,946,937,504
Constructions-in-progress	2,480,474,217		2,778,675,953
Right-of-use assets	1,348,493,701		1,352,498,274
Intangible assets	1,552,443,568		1,562,722,321
Goodwill	281,254,606		281,254,606
Long-term prepaid expenses	43,345,736		42,614,082
Deferred income tax assets	424,074,353		434,550,411
Other non-current assets	7,438,514		7,267,658
Total non-current assets	29,798,335,051		30,245,548,154
Total assets	36,646,601,884		36,648,550,098

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Company Balance Sheet (Continued)

31 March 2021

Prepared by: Guangshen Railway Company Limited	Unit: ¥	Currency: RMB	Audit type: Unaudited
Items		31 March 2021		31 December 2020
Current liabilities:
Trade payables			4,854,730,160		4,967,604,697
Contract liabilities			252,911,436		215,196,603
Staff remuneration payable			493,235,758		438,972,664
Tax payable			67,693,820		61,869,778
Other payables			1,095,223,821		1,003,783,793
Other current liabilities			18,539,693		14,833,718
Non-current liabilities due within one year			62,162,500		61,880,000
Total current liabilities			6,844,497,188		6,764,141,253
Non-current liabilities:
Lease liabilities			1,316,813,434		1,315,693,163
Deferred income			103,714,040		104,938,887
Total non-current liabilities			1,420,527,474		1,420,632,050
Total liabilities			8,265,024,662		8,184,773,303
Owners' equity (or shareholders' equity):
Paid-in capital (or share capital)			7,083,537,000		7,083,537,000
Capital reserves		11,564,461,609		11,564,461,609
Other comprehensive income			181,940,940		181,940,940
Appropriative reserves			28,873,553		-
Surplus reserves			3,084,484,726		3,084,484,726
Retained earnings			6,438,279,394		6,549,352,520
Total owners' equity (or shareholders' equity)		28,381,577,222		28,463,776,795
Total liabilities and owners' equity (or shareholders'		36,646,601,884		36,648,550,098
equity)
Chairman: Wu Yong	General Manager: Hu Lingling
Chief Accountant: Luo Xinpeng	Chief of Finance Department: Liu Qiyi

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Combined Statement of Profit

January to March 2021

Prepared by: Guangshen Railway Company Limited  Unit: ¥  Currency: RMB  Audit type: Unaudited

Items		The first quarter of 2021	The first quarter of 2020
I.	Total revenues from operation	4,413,764,612	3,767,511,446
	Include: Revenues from operation	4,413,764,612	3,767,511,446
II.	Total operating costs	4,577,882,895	4,239,712,129
	Include: Operating costs	4,498,687,910	4,151,476,780
	Business tax and surcharges	11,096,089	9,141,028
	Management expenses	57,805,062	73,137,987
	Finance costs	10,293,834	5,956,334
	Include: Interest expense	16,875,271	14,411,213
	Interest income	6,805,008	6,902,315
	Add: Other gains	4,128,123	3,827,381
	Gains from investments (loss denoted by "-")	(565,696)	1,730,891
	Include: Gains from investments in associates and
	joint ventures	(565,696)	1,730,891
	Credit impairment losses (loss denoted by
	"-")	42,504,173	-
III.	Profit from operation (loss denoted by "-")	(118,051,683)	(466,642,411)
	Add: Non-operating income	3,555,622	1,220,887
	Less: Non-operating expenses	2,992,973	2,839,670

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Combined Statement of Profit (Continued)

January to March 2021

Prepared by: Guangshen Railway Company Limited  Unit: ¥  Currency: RMB  Audit type: Unaudited

Items				The first quarter of 2021	The first quarter of 2020
IV.	Gross profit (gross loss denoted by "-")		(117,489,034)	(468,261,194)
	Less: Income tax expenses		(24,424,539)	(7,000,092)
V.	Net profit (net loss denoted by "-")		(93,064,495)	(461,261,102)
	(1)	By continuous operation
		1. Net profit from continuous operation (net
		loss denoted by "-")		(93,064,495)	(461,261,102)
		2. Net profit from discontinuous operation
		(net loss denoted by "-")		-	-
	(2)	By ownership of the equity
		1. Net profit attributable to owners of the
		parent (net loss denoted by "-")		(93,372,207)	(462,072,653)
		2. Profit or loss of minority shareholders (net
		loss denoted by "-")		307,712	811,551
VI.	Net other comprehensive income after tax		-	-
VII.	Total comprehensive income		(93,064,495)	(461,261,102)
	(1)	Total comprehensive income attributable to
		owners of the parent		(93,372,207)	(462,072,653)
	(2)	Total comprehensive income attributable to
		minority shareholders		307,712	811,551
VIII.	Earnings per share:
	(1)	Basic earnings per share (¥/share)		(0.013)	(0.065)
	(2)	Diluted earnings per share (¥/share)		(0.013)	(0.065)
		Chairman: Wu Yong  General Manager: Hu Lingling
		Chief Accountant: Luo Xinpeng	Chief of Finance Department: Liu Qiyi

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Company Statement of Profit

January to March 2021

Prepared by: Guangshen Railway Company Limited  Unit: ¥  Currency: RMB  Audit type: Unaudited

Items				The first quarter of 2021	The first quarter of 2020
I.	Revenues from operation	4,302,580,308	3,742,605,652
	Less:	Operating costs	4,409,194,612	4,105,512,245
		Business tax and surcharges	10,370,863	9,004,330
		Management expenses	53,094,863	68,618,356
		Finance costs	10,348,073	6,061,958
	Include: Interest expense	16,875,271	14,411,213
		Interest income	6,707,421	6,742,058
	Add:	Other gains	3,053,122	3,611,253
		Gains from investments (loss denoted by
			"-")	(565,696)	1,730,891
	Include: Gains from investments in associates and
			joint ventures	(565,696)	1,730,891
		Credit impairment losses (loss denoted by
			"-")	42,504,173	-
II.	Profit from operation (loss denoted by "-")	(135,436,504)	(441,249,093)
	Add: Non-operating income	3,549,293	1,076,992
	Less: Non-operating expenses	2,987,274	2,830,190
III.	Gross profit (gross loss denoted by "-")	(134,874,485)	(443,002,291)
	Less: Income tax expenses	(23,801,359)	(6,376,974)

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Company Statement of Profit (Continued)

January to March 2021

Prepared by: Guangshen Railway Company Limited  Unit: ¥  Currency: RMB  Audit type: Unaudited

Items				The first quarter of 2021	The first quarter of 2020
IV.	Net profit (net loss denoted by "-")		(111,073,126)	(436,625,317)
	(1)	Net profit from continuous operation (net loss
		denoted by "-")		(111,073,126)	(436,625,317)
	(2)	Net profit from discontinuous operation (net
		loss denoted by "-")		-	-
V.	Net other comprehensive income after tax		-	-
VI.	Total comprehensive income		(111,073,126)	(436,625,317)
VII.	Earnings per share:
	(1)	Basic earnings per share (¥/share)		N/A	N/A
	(2)	Diluted earnings per share (¥/share)		N/A	N/A
		Chairman: Wu Yong  General Manager: Hu Lingling
		Chief Accountant: Luo Xinpeng	Chief of Finance Department: Liu Qiyi

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Combined Cash Flow Statement

January to March 2021

Prepared by: Guangshen Railway Company Limited  Unit: ¥  Currency: RMB  Audit type: Unaudited

Items		The first quarter of 2021	The first quarter of 2020
I.	Cash flows from operating activities:
	Cash received from sales of goods or rendering of
	services	3,176,340,726	2,710,559,217
	Cash received relating to other operating activities	48,276,171	87,707,349
	Sub-total of cash inflows from operating activities	3,224,616,897	2,798,266,566
	Cash paid for goods purchased and services accepted	1,527,901,836	724,116,809
	Cash paid to and on behalf of employees	1,769,375,631	1,394,043,055
	Tax paid	103,567,319	257,684,809
	Cash paid relating to other operating activities	152,364,035	29,906,260
	Sub-total of cash outflows from operating activities	3,553,208,821	2,405,750,933
	Net cash flows from operating activities	(328,591,924)	392,515,633
II.	Cash flows from investing activities:
	Net cash received from disposal of fixed assets,
	intangible assets and other long-term assets
	activities	93,802,016	10,787
	Sub-total of cash inflows from investing activities	93,802,016	10,787
	Cash paid to construct fixed assets, intangible assets
	and other long-term assets	197,417,695	352,239,003
	Sub-total of cash outflows from investing activities	197,417,695	352,239,003
	Net cash flows from investing activities	(103,615,679)	(352,228,216)

- 16 -

Combined Cash Flow Statement (Continued)

January to March 2021

Prepared by: Guangshen Railway Company Limited  Unit: ¥  Currency: RMB  Audit type: Unaudited

Items			The first quarter of 2021	The first quarter of 2020
III.	Cash flows from financing activities:
	Cash received relating to other financing activities		78,053,646	-
	Sub-total of cash inflows from financing activities		78,053,646	-
	Net cash flows from financing activities		78,053,646	-
IV.	Effect of foreign exchange rate changes on cash
	and cash equivalents		-	-
V.	Net increase in cash and cash equivalents		(354,153,957)	40,287,417
	Add: Balance of cash and cash equivalents at the
	beginning of the period		1,545,232,043	1,562,333,604
VI.	Balance of cash and cash equivalents at the end of
	the period		1,191,078,086	1,602,621,021
	Chairman: Wu Yong  General Manager: Hu Lingling
	Chief Accountant: Luo Xinpeng	Chief of Finance Department: Liu Qiyi

- 17 -

Company Cash Flow Statement

January to March 2021

Prepared by: Guangshen Railway Company Limited  Unit: ¥  Currency: RMB  Audit type: Unaudited

Items		The first quarter of 2021	The first quarter of 2020
I.	Cash flows from operating activities:
	Cash received from sales of goods or rendering of
	services	3,146,238,980	2,682,817,984
	Cash received relating to other operating activities	48,155,445	68,286,119
	Sub-total of cash inflows from operating activities	3,194,394,425	2,751,104,103
	Cash paid for goods purchased and services accepted	1,518,182,546	719,193,148
	Cash paid to and on behalf of employees	1,740,751,395	1,354,561,291
	Tax paid	101,959,910	255,182,072
	Cash paid relating to other operating activities	928,958,449	29,650,641
	Sub-total of cash outflows from operating activities	4,289,852,300	2,358,587,152
	Net cash flows from operating activities	(1,095,457,875)	392,516,951
II.	Cash flows from investing activities:
	Net cash received from disposal of fixed assets,
	intangible assets and other long-term assets
	activities	93,802,016	10,787
	Sub-total of cash inflows from investing activities	93,802,016	10,787
	Cash paid to construct fixed assets, intangible assets
	and other long-term assets	197,417,695	352,239,003
	Sub-total of cash outflows from investing activities	197,417,695	352,239,003
	Net cash flows from investing activities	(103,615,679)	(352,228,216)

- 18 -

Company Cash Flow Statement (Continued)

January to March 2021

Prepared by: Guangshen Railway Company Limited  Unit: ¥  Currency: RMB  Audit type: Unaudited

III.	Cash flows from financing activities:
	Cash received relating to other financing activities		844,949,826	-
	Sub-total of cash inflows from financing activities		844,949,826	-
	Net cash flows from financing activities		844,949,826	-
IV.	Effect of foreign exchange rate changes on cash
	and cash equivalents		-	-
V.	Net increase in cash and cash equivalents		(354,123,728)	40,288,735
	Add: Balance of cash and cash equivalents at the
	beginning of the period		1,545,222,622	1,562,323,909
VI.	Balance of cash and cash equivalents at the end of
	the period		1,191,098,894	1,602,612,644
	Chairman: Wu Yong	General Manager: Hu Lingling
	Chief Accountant: Luo Xinpeng  Chief of Finance Department: Liu Qiyi

1. Information of adjustments made to the opening financial statements for the year of first adoption of new revenue accounting standards and new lease accounting standards since 2020
2. • Applicable  ✓ Not applicable
3. Explanation of the retrospective adjustments made to the comparative figures of prior periods due to the first adoption of new revenue accounting standards and new lease accounting standards since 2020
4. • Applicable  ✓ Not applicable
5. Audit Report
6. • Applicable  ✓ Not applicable

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