Financial Statements [Unaudited Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8%E5%8F%8A%E5%85%B6%E4%BB%96%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) Revenue decreased by **23.30%** to **4.08 billion yuan**, but profit attributable to owners increased by **20.09%** to **838 million yuan**, with basic earnings per share rising to **RMB 0.260** Key Financial Performance for H1 2025 (Thousand Yuan (RMB)) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 4,079,978 | 5,319,241 | | Operating Profit | 1,330,153 | 1,324,953 | | Profit Before Tax | 1,070,209 | 902,973 | | Interim Profit | 882,575 | 732,672 | | Profit Attributable to Owners of the Company | 838,351 | 698,095 | | Basic and Diluted Earnings Per Share | RMB 0.260 | RMB 0.228 | - Revenue decreased by **23.30%** year-on-year, while profit attributable to owners of the company increased by **20.09%**[5](index=5&type=chunk)[7](index=7&type=chunk) [Unaudited Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets reached **61.32 billion yuan**, a slight increase from year-end 2024, while total liabilities decreased to **40.65 billion yuan**, optimizing the debt-to-capital ratio, and total owners' equity rose to **20.67 billion yuan** H1 2025 Financial Position Summary (Thousand Yuan (RMB)) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 61,322,641 | 61,032,031 | | Total Liabilities | 40,649,820 | 41,536,405 | | Total Equity | 20,672,821 | 19,495,626 | - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **293 million yuan**, but the Board considers the preparation of financial information on a going concern basis to be appropriate[14](index=14&type=chunk)[15](index=15&type=chunk) Notes to Financial Statements [General Information of the Company](index=6&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Sichuan Expressway Company Limited is a joint stock company registered in China, primarily engaged in investment holding, construction, management, and operation of expressways and toll bridges, gas station operations, and electric vehicle charging services, with Shu Dao Investment Group as the controlling shareholder - The company's principal businesses include investment holding, construction, management, and operation of expressways and toll bridges, operation of gas stations along expressways, and electric vehicle charging services[10](index=10&type=chunk)[13](index=13&type=chunk) - Shu Dao Investment Group Co., Ltd. is the controlling shareholder of the company[10](index=10&type=chunk) [Basis of Preparation and Updates to Accounting Policies](index=6&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E7%A4%8E%E5%92%8C%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E6%9B%B4%E6%96%B0) This interim condensed consolidated financial information is prepared in accordance with HKAS 34, consistent with prior year accounting policies, with the first-time adoption of new and revised HKAS, such as amendments to HKAS 21, expected to have no material impact, and disclosure of unadopted new standards - This interim condensed consolidated financial information is prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting'[12](index=12&type=chunk) - The Group has first adopted amendments to HKAS 21 'Lack of Exchangeability', which are not expected to have a material impact on prior, current, or future periods[16](index=16&type=chunk) New and Revised Standards Not Yet Adopted | Standard, Amendment or Interpretation Issue | Effective Date | | :--- | :--- | | Amendments to HKFRS 9 and HKFRS 7: Classification and Measurement of Financial Instruments | January 1, 2026 | | HKFRS 18: Presentation and Disclosure in Financial Statements | January 1, 2027 | [Basis of Preparation](index=6&type=section&id=2.1%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E7%A4%8E) - The interim condensed consolidated financial information for this period is prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting'[12](index=12&type=chunk) - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **293 million yuan**, but the Board considers the preparation of financial information on a going concern basis to be appropriate[14](index=14&type=chunk)[15](index=15&type=chunk) [Changes in Accounting Policies](index=7&type=section&id=2.2%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E6%9B%B4) - The Group has first adopted amendments to HKAS 21 'Lack of Exchangeability' for the reporting period beginning January 1, 2025, with no material impact expected[16](index=16&type=chunk) New and Revised Standards Not Yet Adopted | Standard, Amendment or Interpretation Issue | Effective Date | | :--- | :--- | | Amendments to HKFRS 9 and HKFRS 7: Classification and Measurement of Financial Instruments | January 1, 2026 | | HKFRS 18: Presentation and Disclosure in Financial Statements | January 1, 2027 | [Segment Information](index=9&type=section&id=3.%20%E5%88%86%E9%83%A8%E4%BF%A1%E6%81%AF) The Group is divided into six reportable operating segments: expressways, construction services, transportation services, transportation logistics, new energy technology, and other segments, with performance assessed based on adjusted profit before tax, excluding centrally managed assets and liabilities - The Group has six reportable operating segments: expressways, construction services, transportation services, transportation logistics, new energy technology, and other segments (primarily financial investments)[18](index=18&type=chunk)[19](index=19&type=chunk) - Segment performance is assessed based on adjusted profit before tax, excluding bank deposit interest income, dividend income, other unallocated income and gains, and unallocated expenses from headquarters and the company[18](index=18&type=chunk) - All of the Group's external revenue and non-current assets are located in mainland China, thus no geographical segment information is presented[25](index=25&type=chunk) - During the reporting period, no single customer accounted for **10%** or more of the Group's total revenue[26](index=26&type=chunk) [Segment Introduction](index=9&type=section&id=3.%20(i)%20%E5%88%86%E9%83%A8%E4%BB%8B%E7%B4%B9) - The expressway segment comprises the operation of expressways and a high-grade toll bridge in mainland China[19](index=19&type=chunk) - The construction services segment consists of construction and upgrade services under service concession arrangements and construction contracts[19](index=19&type=chunk) - The new energy technology segment comprises electric vehicle charging services and the sale of charging modules[19](index=19&type=chunk) [Details of Segment Information](index=10&type=section&id=3.%20(ii)%20%E5%88%86%E9%83%A8%E4%BF%A1%E6%81%AF) Segment Revenue and Profit for the Six Months Ended June 30, 2025 (Thousand Yuan (RMB)) | Segment | Revenue | Profit | | :--- | :--- | :--- | | Expressways | 2,273,610 | 1,069,331 | | Construction Services | 693,687 | 35,261 | | Transportation Services | 1,036,753 | 93,061 | | Transportation Logistics | 27,300 | 2,155 | | New Energy Technology | 48,628 | 21,007 | | Others | – | 32,415 | | **Total** | **4,079,978** | **1,253,230** | Segment Revenue and Profit for the Six Months Ended June 30, 2024 (Thousand Yuan (RMB)) | Segment | Revenue | Profit | | :--- | :--- | :--- | | Expressways | 2,325,982 | 955,192 | | Construction Services | 1,783,253 | 38,021 | | Transportation Services | 1,041,825 | 118,885 | | Transportation Logistics | 107,614 | 346 | | New Energy Technology | 60,567 | 15,289 | | Others | – | 20,242 | | **Total** | **5,319,241** | **1,147,975** | - As of June 30, 2025, the expressway segment's total assets amounted to **54.965 billion yuan**, accounting for **94.2%** of total segment assets[23](index=23&type=chunk) [Geographical Information](index=14&type=section&id=3.%20(iii)%20%E5%9C%B0%E5%9F%9F%E4%BF%A1%E6%81%AF) - All of the Group's external revenue and non-current assets are derived from and located in mainland China, thus no geographical segment information is presented[25](index=25&type=chunk) [Major Customer Information](index=14&type=section&id=3.%20(iv)%20%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B7%E4%BF%A1%E6%81%AF) - During the reporting period, no single customer accounted for **10%** or more of the Group's total revenue[26](index=26&type=chunk) [Revenue](index=14&type=section&id=4.%20%E6%94%B6%E5%85%A5) The Group's total revenue for H1 2025 was **4.08 billion yuan**, a **23.30%** year-on-year decrease, with customer contract revenue of **4.053 billion yuan** primarily from tolls, construction services, and product sales, recognized at a point in time or over time Revenue Analysis (Thousand Yuan (RMB)) | Revenue Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue from contracts with customers | 4,052,542 | 5,302,153 | | Gross rental income from operating leases | 27,436 | 17,088 | | **Total Revenue** | **4,079,978** | **5,319,241** | Customer Contract Revenue by Type of Goods and Services for the Six Months Ended June 30, 2025 (Thousand Yuan (RMB)) | Type of Goods and Services | Amount | | :--- | :--- | | Toll fees | 2,273,610 | | Construction services | 693,687 | | Product sales | 1,006,007 | | Electric vehicle charging services | 32,413 | | Others | 46,825 | | **Total** | **4,052,542** | - In H1 2025, revenue recognized at a point in time amounted to **3.315 billion yuan**, and revenue recognized over time amounted to **738 million yuan**[28](index=28&type=chunk) [Other Income and Gains](index=17&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%92%8C%E6%94%B6%E7%9B%8A) Total other income and gains for H1 2025 were **89.121 million yuan**, a **13.30%** year-on-year decrease, mainly due to lower bank deposit interest income and reduced fair value gains on financial assets measured at fair value through profit or loss Other Income and Gains (Thousand Yuan (RMB)) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Other Income | 86,652 | 97,128 | | Total Other Gains | 2,469 | 5,660 | | **Total** | **89,121** | **102,788** | - Interest income from construction contracts was **36.728 million yuan**, government grants were **15.877 million yuan**, and bank deposit interest income was **11.215 million yuan**[30](index=30&type=chunk) [Finance Costs](index=18&type=section&id=6.%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Total finance costs for H1 2025 were **299 million yuan**, a significant **31.90%** year-on-year decrease, primarily due to reduced interest on bank and other borrowings, lower medium-term note interest, and increased capitalized interest Finance Costs Analysis (Thousand Yuan (RMB)) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Interest on bank and other borrowings | 522,484 | 673,578 | | Interest on corporate bonds | 19,030 | 4,663 | | Interest on medium-term notes | 4,307 | 28,752 | | Interest on lease liabilities | 2,474 | 2,593 | | **Total Interest Expense** | **548,295** | **709,586** | | Less: Capitalized interest | (249,136) | (270,385) | | **Finance Costs** | **299,159** | **439,201** | - The capitalization rate for finance costs ranged from **2.87%** to **3.05%** (compared to **3.47%** to **3.65%** in the same period of 2024)[31](index=31&type=chunk) [Profit Before Tax](index=19&type=section&id=7.%20%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) Profit before tax for H1 2025 was **1.07 billion yuan**, an **18.52%** year-on-year increase, influenced by staff costs, depreciation and amortization, construction costs, and product sales costs, alongside a **22.378 million yuan** reversal of impairment losses on trade and other receivables Key Components of Profit Before Tax (Thousand Yuan (RMB)) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Staff costs | 475,371 | 514,406 | | Depreciation and amortization expenses | 641,072 | 641,127 | | Construction costs | 686,797 | 1,781,147 | | Cost of product sales | 878,477 | 987,483 | | Reversal of impairment losses on trade and other receivables | (22,378) | – | [Income Tax Expense](index=20&type=section&id=8.%20%E6%89%80%E5%BE%97%E7%A8%85%E8%B2%BB%E7%94%A8) Income tax expense for H1 2025 was **188 million yuan**, a **10.18%** year-on-year increase, primarily due to profit changes, with some subsidiaries benefiting from a **15%** preferential tax rate under the Western Development Strategy Income Tax Expense (Thousand Yuan (RMB)) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Current income tax | 177,139 | 166,855 | | Deferred income tax | 10,495 | 3,446 | | **Total** | **187,634** | **170,301** | - The company and certain subsidiaries and associates (e.g., Chengdu Airport Expressway) are entitled to a **15%** preferential corporate income tax rate, valid until **2030**[37](index=37&type=chunk)[38](index=38&type=chunk) [Earnings Per Share Attributable to Ordinary Equity Holders of the Company](index=21&type=section&id=9.%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E6%AC%8A%E6%8C%81%E6%9C%89%E8%80%85%E6%87%89%E4%BD%B5%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic earnings per share attributable to ordinary equity holders for H1 2025 was **RMB 0.260**, higher than **RMB 0.228** in H1 2024, with no dilutive earnings per share items Earnings Per Share (RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Basic Earnings Per Share | 0.260 | 0.228 | - As of June 30, 2025, the number of ordinary shares issued by the company was **3,058,060,000**, consistent with the same period in 2024[39](index=39&type=chunk) [Property, Plant and Equipment, Right-of-Use Assets and Service Concession Arrangements](index=21&type=section&id=10.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99%EF%BC%8C%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2%E4%BB%A5%E5%8F%8A%E6%9C%8D%E5%8B%99%E7%89%B9%E8%A8%B1%E7%B6%93%E7%87%9F%E5%AE%89%E6%8E%92) As of June 30, 2025, service concession arrangements increased to **52.177 billion yuan**, property, plant and equipment slightly decreased to **1.096 billion yuan**, and right-of-use assets decreased to **210 million yuan**, with multiple expressway tolling rights pledged for bank loans Carrying Value of Assets (Thousand Yuan (RMB)) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property, Plant and Equipment | 1,095,740 | 1,119,891 | | Right-of-Use Assets | 210,392 | 237,876 | | Service Concession Arrangements | 52,176,942 | 51,821,189 | - As of June 30, 2025, the tolling rights for Chengle Expressway, Chengren Expressway, Tianqiong Expressway, Suiguang Expressway, Suixi Expressway, and Second Ring West Expressway were pledged for bank loans, with a total net carrying value of **50.927 billion yuan**[41](index=41&type=chunk) [Investments in Joint Ventures](index=22&type=section&id=11.%20%E6%96%BC%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E4%B9%8B%E6%8A%95%E8%B3%87) As of June 30, 2025, the Group's investments in joint ventures decreased slightly to **27.598 million yuan** from year-end 2024, primarily due to a current period loss of **213 thousand yuan**, including Sichuan Chengyu Development Equity Investment Fund Center and Sichuan Zhongjiao Xintong Network Technology Co., Ltd Investments in Joint Ventures (Thousand Yuan (RMB)) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Share of Net Assets | 27,598 | 27,811 | - A current period loss of **213 thousand yuan** led to a decrease in the carrying value of investments in joint ventures[44](index=44&type=chunk) - Key joint ventures include Sichuan Chengyu Development Equity Investment Fund Center (holding **49.84%**) and Sichuan Zhongjiao Xintong Network Technology Co., Ltd. (holding **49%**)[43](index=43&type=chunk) [Investments in Associates](index=23&type=section&id=12.%20%E6%96%BC%E8%81%AF%E7%87%9F%E4%BC%81%E6%A5%AD%E4%B9%8B%E6%8A%95%E8%B3%87) As of June 30, 2025, the Group's investments in associates increased by **5.69%** to **512 million yuan** from year-end 2024, driven by current period earnings of **39.428 million yuan**, partially offset by declared dividends of **11.839 million yuan**, including Chengdu Airport Expressway and Sichuan Renshou Rural Commercial Bank Investments in Associates (Thousand Yuan (RMB)) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Carrying Value | 512,156 | 484,567 | - Current period earnings were **39.428 million yuan**, and declared dividends were **11.839 million yuan**[46](index=46&type=chunk) - Key associates include Chengdu Airport Expressway (holding **25%**), Sichuan Renshou Rural Commercial Bank Co., Ltd. (holding **7.474%**), and Chengdu Jiaotou International Supply Chain Management Co., Ltd. (holding **29%**)[45](index=45&type=chunk) [Financial Assets Designated at Fair Value Through Other Comprehensive Income](index=24&type=section&id=13.%20%E6%8C%87%E5%AE%9A%E7%82%BA%E4%BB%A5%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E5%85%B6%E4%BB%96%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) As of June 30, 2025, total financial assets designated at fair value through other comprehensive income were **362 million yuan**, a **22.26%** increase from year-end 2024, primarily comprising listed equity investments (China Everbright Bank and China Merchants Fund REITs) and unlisted equity investments Financial Assets Designated at Fair Value Through Other Comprehensive Income (Thousand Yuan (RMB)) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Listed Equity Investments | 351,155 | 284,937 | | Unlisted Equity Investments | 10,880 | 11,168 | | **Total** | **362,035** | **296,105** | - Listed equity investments primarily include China Everbright Bank and China Merchants Fund REITs[46](index=46&type=chunk) [Trade and Other Receivables](index=25&type=section&id=14.%20%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE) As of June 30, 2025, total trade and other receivables were **2.513 billion yuan**, a **4.50%** increase from year-end 2024, with net trade receivables of **1.527 billion yuan** and net other receivables and prepayments of **985 million yuan**, and trade receivables generally have credit terms of **20 days to 6 months** Trade and Other Receivables (Thousand Yuan (RMB)) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Trade Receivables | 1,527,496 | 1,557,853 | | Net Other Receivables and Prepayments | 985,289 | 846,810 | | **Total** | **2,512,785** | **2,404,663** | Aging Analysis of Trade Receivables (Net of Loss Allowance, Thousand Yuan (RMB)) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 105,855 | 316,967 | | Over 1 year | 1,199,889 | 1,200,460 | - As of June 30, 2025, **1.08 billion yuan** of trade receivables are recoverable in installments over **2 to 13 years**, bearing annual interest from **4.75%** to **8.5%**[48](index=48&type=chunk) - Among other receivables and prepayments, toll receivables amounted to **145 million yuan**, and deductible input VAT was **488 million yuan**[50](index=50&type=chunk) - The opening balance of impairment loss allowance for other receivables and prepayments was **110 million yuan**, with a reversal of **21.795 million yuan** in the current period, resulting in a closing balance of **88.652 million yuan**[51](index=51&type=chunk) [Trade and Other Payables](index=28&type=section&id=15.%20%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE) As of June 30, 2025, total trade and other payables were **2.171 billion yuan**, a **19.85%** decrease from year-end 2024, with trade payables of **35.761 million yuan** and other payables of **2.136 billion yuan**, primarily comprising construction payables, staff salaries, and benefits Trade and Other Payables (Thousand Yuan (RMB)) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 35,761 | 202,673 | | Other Payables | 2,135,681 | 2,506,527 | | **Total** | **2,171,442** | **2,709,200** | - Trade payables are typically settled within **1 to 12 months** and are non-interest bearing[53](index=53&type=chunk) - Among other payables, construction payables amounted to **1.212 billion yuan**, primarily related to the Chengle Expressway and Tianqiong Expressway construction projects[54](index=54&type=chunk) [Bank and Other Interest-Bearing Borrowings](index=30&type=section&id=16.%20%E9%8A%80%E8%A1%8C%E5%8F%8A%E5%85%B6%E4%BB%96%E8%A8%88%E6%81%AF%E5%80%9F%E6%AC%BE) As of June 30, 2025, total bank and other interest-bearing borrowings were **37.763 billion yuan**, a slight decrease from year-end 2024, with non-current portion at **36.328 billion yuan** and current portion at **1.435 billion yuan**, weighted average annual interest rate decreased to **2.79%**, and multiple bank loans are secured by service concession arrangements, with some guaranteed by controlling shareholder Shu Dao Investment Bank and Other Interest-Bearing Borrowings (Thousand Yuan (RMB)) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Portion | 1,434,602 | 2,590,518 | | Non-Current Portion | 36,328,249 | 35,835,207 | | **Total** | **37,762,851** | **38,425,725** | - As of June 30, 2025, the weighted average annual interest rate for bank and other borrowings was **2.79%** (compared to **3.55%** as of December 31, 2024)[58](index=58&type=chunk) - Approximately **28.74 billion yuan** of bank loans are secured by service concession arrangements (e.g., tolling rights for Chengle Expressway, Tianqiong Expressway)[60](index=60&type=chunk) - Approximately **9.064 billion yuan** of bank loans and **102 million yuan** of other borrowings are guaranteed by Shu Dao Investment[61](index=61&type=chunk) [Dividends](index=33&type=section&id=17.%20%E8%82%A1%E6%81%AF) The Board resolved not to declare an interim dividend for H1 2025, while the 2024 final dividend of **RMB 0.29** per share was fully paid on July 4, 2025 - The Board resolved not to declare an interim dividend for H1 2025[62](index=62&type=chunk) - The 2024 final dividend of **RMB 0.29** per share was fully paid on July 4, 2025[62](index=62&type=chunk) Management Discussion and Analysis [Performance Overview](index=34&type=section&id=%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A7%88) In H1 2025, amidst a stable macroeconomic environment and external uncertainties, the Group achieved growth in several economic indicators through project advancement, improved management, and cost reduction, despite a **23.30%** year-on-year decrease in total revenue to **4.08 billion yuan**, with profit attributable to owners increasing by **20.09%** to **838 million yuan** - In H1 2025, macroeconomic policies showed effectiveness, and economic operations continued a stable and positive trend, but external instability and uncertainties were numerous, leading to insufficient effective demand[63](index=63&type=chunk) Key Performance Indicators for H1 2025 (Thousand Yuan (RMB)) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 4,079,978 | 5,319,241 | | Profit Attributable to Owners of the Company | 838,351 | 698,095 | | Basic Earnings Per Share | RMB 0.260 | RMB 0.228 | | Total Assets | 61,322,641 | 61,032,031 (Year-end 2024) | | Net Assets | 20,672,821 | 19,495,626 (Year-end 2024) | [Business Review and Analysis](index=35&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%88%87%E5%88%86%E6%9E%90) This section reviews the Group's toll road and bridge operations, analyzing the impact of economic environment, policy changes, and road network construction on toll revenue, and details the progress of major investment and financing projects such as the Chengle Expressway expansion and Tianqiong Expressway BOT project - In H1 2025, the Group's road toll revenue was **2.274 billion yuan**, a **2.25%** year-on-year decrease, accounting for **55.73%** of operating revenue, an increase of **12 percentage points** year-on-year[66](index=66&type=chunk) - Regarding the economic environment, China's GDP grew by **5.3%** year-on-year in H1, and Sichuan Province's GDP grew by **5.6%**, providing a stable foundation for the Group's operations[66](index=66&type=chunk) - Policy factors include strict implementation of the 'Green Channel' policy for fresh agricultural products, the Five-Year Action Plan for a Strong Transportation Nation, the continuation of Sichuan Province's expressway toll preferential policies, and the toll exemption policy for hydrogen-powered vehicles[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - Road network changes and construction impacted traffic diversion on some expressways, such as Chengren Expressway affected by the opening of Tianfu Airport Expressway branch and Tianfu Avenue Renshou section, and Second Ring West Expressway by surrounding capacity contraction and high-speed rail diversion, while Suiguang-Suixi Expressway saw increased toll revenue due to traffic flow transfer from surrounding road upgrades[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [Operating Performance of Toll Road and Bridge Business](index=35&type=section&id=1.%20%E6%9C%AC%E9%9B%86%E5%9C%98%E6%94%B6%E8%B2%BB%E8%B7%AF%E6%A9%8B%E6%A5%AD%E5%8B%99%E7%B6%93%E7%87%9F%E6%83%85%E6%B3%81) H1 2025 Expressway Toll Revenue (Thousand Yuan (RMB)) | Item | H1 2025 | H1 2024 | Increase/Decrease (%) | | :--- | :--- | :--- | :--- | | Chengyu Expressway | 422,012 | 419,848 | 0.52 | | Chengya Expressway | 492,375 | 504,116 | (2.33) | | Chengren Expressway | 402,305 | 433,559 | (7.21) | | Chengle Expressway | 295,986 | 293,275 | 0.92 | | Chengbei Exit Expressway | 52,787 | 50,306 | 4.93 | | Suiguang Expressway | 136,081 | 131,484 | 3.50 | | Suixi Expressway | 89,250 | 85,734 | 4.10 | | Second Ring West Expressway | 382,814 | 407,660 | (6.09) | - In H1 2025, the Group's road toll revenue was approximately **2.274 billion yuan**, a **2.25%** decrease compared to the same period last year[66](index=66&type=chunk) [Major Investment and Financing Projects and Significant Acquisitions, Disposals](index=39&type=section&id=2.%20%E6%9C%AC%E9%9B%86%E5%9C%98%E9%87%8D%E5%A4%A7%E6%8A%95%E8%9E%8D%E8%B3%87%E9%A0%85%E7%9B%AE%E5%8F%8A%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E3%80%81%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85%E6%83%85%E6%B3%81) - The Chengle Expressway expansion project has an estimated total investment of **25.15 billion yuan**, with cumulative investment of approximately **14.377 billion yuan** as of June 30, 2025[75](index=75&type=chunk) - The Tianqiong Expressway BOT project has an estimated total investment of approximately **8.685 billion yuan**, was fully opened to traffic on September 13, 2024, and had cumulative investment of approximately **7.002 billion yuan** as of June 30, 2025[76](index=76&type=chunk) [Analysis of Operating Results and Financial Position](index=41&type=section&id=%E7%B6%93%E7%87%9F%E6%88%90%E6%9E%9C%E5%8F%8A%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%88%86%E6%9E%90) This section analyzes the Group's H1 2025 operating results and financial position, showing increased profit attributable to owners despite lower total revenue, driven by cost control and efficiency, maintaining a stable asset and liability structure, shifting from net cash outflow to inflow, and demonstrating strong borrowing capacity - The Group's operating results show decreased revenue but increased profit attributable to the parent company, while the financial position summary indicates growth in assets and equity, and a decrease in liabilities[78](index=78&type=chunk)[79](index=79&type=chunk) - Finance costs decreased by **22.73%**, primarily due to lower loan interest rates[84](index=84&type=chunk) - Operating activities generated a net cash inflow of **230 million yuan**, a significant improvement from the net outflow in the prior period[96](index=96&type=chunk) - The debt-to-capital ratio improved to **66.29%** (from **68.06%** at year-end 2024)[94](index=94&type=chunk) [Summary of Operating Results](index=41&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E7%B6%93%E7%87%9F%E6%88%90%E6%9E%9C%E6%91%98%E8%A6%81) H1 2025 Summary of Operating Results (Thousand Yuan (RMB)) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 4,079,978 | 5,319,241 | | Profit Before Tax | 1,070,209 | 902,973 | | Profit Attributable to Owners of the Company | 838,351 | 698,095 | | Earnings Per Share Attributable to Owners of the Company (RMB) | 0.260 | 0.228 | [Summary of Financial Position](index=41&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E6%91%98%E8%A6%81) H1 2025 Summary of Financial Position (Thousand Yuan (RMB)) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 61,322,641 | 61,032,031 | | Total Liabilities | 40,649,820 | 41,536,405 | | Equity Attributable to Owners of the Company | 19,578,018 | 18,404,170 | | Equity Attributable to Owners of the Company Per Share (RMB) | 6.402 | 6.018 | [Revenue Analysis](index=42&type=section&id=%E6%94%B6%E5%85%A5) Year-on-Year Change in Segment Revenue (Thousand Yuan (RMB)) | Segment | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Expressways | 2,273,610 | 2,325,982 | | Construction Services | 693,687 | 1,783,253 | | Transportation Logistics | 27,300 | 107,614 | | New Energy Technology | 48,628 | 60,567 | - The decrease in construction services revenue was primarily due to reduced construction contract revenue from the Chengle Expressway expansion project and the Tianqiong Expressway BOT project[81](index=81&type=chunk) - The decrease in transportation logistics revenue was mainly due to the company suspending the North-to-South Grain Transportation project[81](index=81&type=chunk) [Analysis of Other Income and Gains](index=44&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%92%8C%E6%94%B6%E7%9B%8A) - Total other income and gains decreased by **13.30%** year-on-year, primarily affected by reduced deposit interest income and changes in the fair value of financial assets[82](index=82&type=chunk) [Operating Expenses Analysis](index=44&type=section&id=%E7%B6%93%E7%87%9F%E8%B2%BB%E7%94%A8) Year-on-Year Change in Operating Expenses (Thousand Yuan (RMB)) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Construction Contract Costs | 650,437 | 1,760,325 | | Depreciation and Amortization Expenses | 641,072 | 641,127 | | Cost of Sales for Oil Products and Other Businesses | 878,477 | 987,483 | | Charging Service Costs | 12,881 | 24,653 | - Depreciation and amortization expenses remained largely stable, primarily due to the full amortization of the Chengbei Exit Expressway concession right on June 30, 2024, resulting in a year-on-year decrease in amortization expense[83](index=83&type=chunk) [Finance Costs Analysis](index=45&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) - Total finance costs decreased by **22.73%** year-on-year, primarily due to lower loan interest rates in the current period[84](index=84&type=chunk) [Income Tax Analysis](index=45&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%A0%85) - Income tax expense increased by **10.18%** year-on-year to **188 million yuan**, primarily due to increased profit in the current period[85](index=85&type=chunk) [Profit Analysis](index=45&type=section&id=%E6%BA%A2%E5%88%A9) Year-on-Year Change in Segment Profit (Thousand Yuan (RMB)) | Segment | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Expressways | 1,069,331 | 955,192 | | Construction Services | 35,261 | 38,021 | | Transportation Logistics | 2,155 | 346 | | New Energy Technology | 21,007 | 15,289 | | Others | 32,415 | 20,242 | - Expressway segment profit increased by **11.95%**, primarily due to reduced finance costs and lower amortization of the Chengbei Exit Expressway concession right[86](index=86&type=chunk) - Transportation logistics segment profit significantly increased by **522.83%**, mainly due to increased investment income from associate Chengdu Jiaotou International Supply Chain Management Co., Ltd[87](index=87&type=chunk) [Financial Position Analysis (Assets and Liabilities)](index=46&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%88%86%E6%9E%90) - Non-current assets increased by **1.23%** from year-end 2024, primarily due to an **899 million yuan** increase in the carrying value of service concession arrangements and a **27.376 million yuan** increase in investments in associates and joint ventures[88](index=88&type=chunk)[89](index=89&type=chunk) - Current assets decreased by **9.88%** from year-end 2024, mainly due to a **467 million yuan** decrease in cash and cash equivalents, as loan repayments exceeded new borrowings[90](index=90&type=chunk) - Financial assets designated at fair value through other comprehensive income increased by **65.93 million yuan**, primarily due to fair value changes in China Everbright Bank equity investments and China Merchants Fund REITs[89](index=89&type=chunk) [Capital Structure](index=48&type=section&id=%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B) Capital Structure (Thousand Yuan (RMB)) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 61,322,641 | 61,032,031 | | Total Liabilities | 40,649,820 | 41,536,405 | | Debt-to-Capital Ratio | 66.29% | 68.06% | [Cash Flow Analysis](index=48&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F) Cash Flow (Thousand Yuan (RMB)) | Activity Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Inflow/(Outflow) from Operating Activities | 230,170 | (63,962) | | Net Cash Outflow from Investing Activities | (8,228) | (111,637) | | Net Cash Outflow/(Inflow) from Financing Activities | (688,689) | 991,721 | | Cash and Cash Equivalents at End of Period | 2,490,509 | 2,957,256 (Year-end 2024) | - The increase in net cash inflow from operating activities was primarily due to higher profit before tax and reduced cash outflow from new service concession arrangements[96](index=96&type=chunk) - The increase in net cash outflow from financing activities was mainly due to a significant increase in cash outflows for repayment of bank loans, other loans, medium-term notes, and lease principal payments[98](index=98&type=chunk) [Foreign Exchange Fluctuation Risk](index=50&type=section&id=%E5%A4%96%E5%8C%AF%E6%B3%A2%E5%8B%95%E9%A2%A8%E9%9A%AA) - Except for purchasing HKD to distribute dividends to H-shareholders, the Group's operating income and expenses and capital expenditures are primarily settled in RMB, thus foreign exchange fluctuations have no material impact on the Group's performance[99](index=99&type=chunk) [Borrowing and Repayment Capacity](index=50&type=section&id=%E5%80%9F%E8%B2%B8%E5%8F%8A%E5%84%AA%E5%82%B5%E8%83%BD%E5%8A%9B) Borrowing Composition and Repayment Terms (Thousand Yuan (RMB)) | Item | Total | Within 1 Year | 1 to 5 Years | Over 5 Years | | :--- | :--- | :--- | :--- | :--- | | Bank Loans | 35,414,948 | 1,209,940 | 9,911,139 | 24,293,869 | | Medium-Term Notes and Corporate Bonds | 2,100,000 | 100,000 | 2,000,000 | – | | Other Borrowings and Lease Liabilities | 214,401 | 91,160 | 117,306 | 5,935 | | Accrued Interest | 33,502 | 33,502 | – | – | | **Total** | **37,762,851** | **1,434,602** | **12,028,445** | **24,299,804** | - The Group has obtained and is applying for conditional loan credit lines from financial institutions totaling **32.26 billion yuan** for the next one to two years[101](index=101&type=chunk) - The Group has formed syndicates with several banks to provide medium- and long-term borrowings for the Chengren Expressway, Suiguang Expressway, Suixi Expressway, Chengle Expressway expansion, and Tianqiong Expressway BOT projects[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) [Pledge of Assets](index=52&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) Asset Pledge Status (Thousand Yuan (RMB)) | Expressway | Net Carrying Value of Tolling Rights | Amount of Pledged Loans | | :--- | :--- | :--- | | Chengle Expressway | 14,712,498 | 7,489,870 | | Chengren Expressway | 5,590,107 | 734,958 | | Suiguang-Suixi Expressway | 10,781,813 | 5,707,000 | | Tianqiong Expressway | 7,002,338 | 5,743,740 | | Second Ring West Expressway | 12,839,915 | 9,064,000 | | **Total** | **50,926,671** | **28,739,568** | [Business Development Plan](index=53&type=section&id=%E6%A5%AD%E5%8B%99%E7%99%BC%E5%B1%95%E8%A8%88%E5%8A%83) The company's H2 2025 work plan includes focusing on core businesses (accelerating Chengle expansion, expanding road asset scale), seizing policy opportunities for diversified development (capital operations, service area operations, hydrogen and new energy businesses), establishing market-oriented operating concepts, building a refined cost control system, and strengthening safety and risk prevention - Focus on core businesses, accelerate the Chengle Expressway expansion project, and expand road asset scale through strategies such as original road upgrade and expansion, asset integration, and acquisition of quality road assets[107](index=107&type=chunk) - Seize policy opportunities, leverage the investment platform for diversified industrial layout to deepen capital operations, explore market-oriented paths for hydrogen energy applications, and expand innovative new energy business models such as energy storage and power sales[108](index=108&type=chunk) - Establish market-oriented operating concepts, with value creation as the core, build a refined resource allocation system, and cultivate proactive market expansion capabilities[109](index=109&type=chunk) - Continuously deepen the 'cost reduction and efficiency improvement' strategy, promote the implementation of a standardized cost control system, and strengthen the awareness of 'business-finance integration'[110](index=110&type=chunk) - Strengthen the bottom line of safety and risk prevention, enhance hazard investigation and emergency response, optimize strategic positioning, and build a risk resistance system supported by core businesses[111](index=111&type=chunk) [Purchase, Redemption or Sale of Listed Securities of the Company and its Subsidiaries](index=55&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B6%91%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities, and as of the end of the reporting period, the company held no treasury shares - During the reporting period, neither the company nor its subsidiaries purchased, redeemed, or sold any listed securities[112](index=112&type=chunk) - As of the end of the reporting period, the company held no treasury shares[113](index=113&type=chunk) Corporate Governance and Other Information [Employees, Remuneration and Training](index=55&type=section&id=%E5%93%A1%E5%B7%A5%E3%80%81%E8%96%AA%E9%85%AC%E5%8F%8A%E5%9F%B9%E8%A8%93) As of June 30, 2025, the Group had **4,478** employees, with production staff being the largest group, remuneration linked to operating performance, strict adherence to labor protection policies, and emphasis on multi-level training to enhance overall employee quality Group Employee Composition (As of June 30, 2025) | Category | Number of Employees | | :--- | :--- | | Total Employees | 4,478 | | Production Personnel | 2,849 | | Technical Personnel | 1,082 | | Financial Personnel | 106 | | Administrative Personnel | 441 | - Employee remuneration is linked to the company's operating performance, comprising basic salary and performance-based pay, adhering to the policy of 'salary based on position, adjusted with position changes, and rewarded by performance'[116](index=116&type=chunk) - The company fully contributes to employees' pension, medical, unemployment, work injury, maternity insurance, critical illness mutual aid supplementary insurance, and accidental injury insurance, as well as housing provident fund and enterprise annuity[117](index=117&type=chunk) - During the reporting period, the Group organized **6,674** training sessions to enhance employees' overall quality and professional skills[118](index=118&type=chunk) [Corporate Governance](index=57&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%A1%E6%B2%BB) The company has established a governance structure comprising the general meeting of shareholders, the Board of Directors, and management, with specialized committees such as the Audit Committee and Strategy and Sustainable Development Committee, complying with the HKEX Corporate Governance Code and CSRC Guidelines on Corporate Governance of Listed Companies, and adopting a code of conduct for directors' and supervisors' securities transactions no less exacting than the Model Code - The company has established a comprehensive corporate governance structure, including the general meeting of shareholders, the Board of Directors, management, and specialized committees under the Board (Audit, Strategy and Sustainable Development, Nomination, Remuneration and Appraisal Committees)[119](index=119&type=chunk) - The company complies with the requirements of the HKEX Corporate Governance Code and the CSRC Guidelines on Corporate Governance of Listed Companies, and has adopted a code of conduct for directors' and supervisors' securities transactions no less exacting than the Model Code[120](index=120&type=chunk)[122](index=122&type=chunk) - The Audit Committee, composed of three independent non-executive directors, has reviewed and confirmed the Group's unaudited interim condensed financial information and interim results report for the six months ended June 30, 2025[121](index=121&type=chunk) [Events After Reporting Period](index=58&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) In accordance with the new Company Law and CSRC regulations, the company proposed to abolish the Supervisory Committee and transfer its functions to the Board's Audit Committee, which was approved at the EGM on August 13, 2025, with four supervisors ceasing their duties on the same day - In accordance with the new Company Law and CSRC regulations, the company proposed to abolish the Supervisory Committee and transfer its functions to the Board's Audit Committee[123](index=123&type=chunk) - The proposal was approved at the EGM on August 13, 2025, and Wang Yao, Gao Ying, Li Tao, and Lu Xiaoyan ceased to be supervisors on the same day[124](index=124&type=chunk) [Major Transactions and Connected Transactions](index=59&type=section&id=%E4%B8%BB%E8%A6%81%E4%BA%A4%E6%98%93%E5%8F%8A%E9%97%9C%E8%81%AF%E4%BA%A4%E6%98%93) The Board resolved to bid for the Chengya Expressway expansion project and entered into cooperation agreements with China Huaxi, Jiaojian Group, Luqiao Group, and Gaolu Information to establish a project company, with an estimated total investment of approximately **28.548 billion yuan**, and the project company was established on August 13, 2025, constituting a major and connected transaction approved by independent shareholders - The Board resolved to bid for the Chengya Expressway expansion project and has become the first-ranked successful bidder[125](index=125&type=chunk)[126](index=126&type=chunk) - To develop the Chengya Expressway expansion project, the company entered into cooperation agreements with China Huaxi, Jiaojian Group, Luqiao Group, and Gaolu Information to establish a project company[126](index=126&type=chunk) - The Chengya Expressway expansion project has a total length of **159.115 kilometers** and an estimated total investment of approximately **28.548 billion yuan**, with the project company established on August 13, 2025[127](index=127&type=chunk) [Publication of Interim Report](index=59&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The company's interim report for the six months ended June 30, 2025, will be published on the HKEX and the company's website in due course in accordance with the Listing Rules and Articles of Association, with printed copies dispatched to shareholders as required - The interim report will be published on the HKEX and the company's website in due course in accordance with the Listing Rules and Articles of Association[128](index=128&type=chunk) Definitions [Definitions](index=60&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms, road project names, company and subsidiary names, and other related concepts used in the report to ensure clear understanding of the content - This section provides definitions for key terms, road project names, company and subsidiary names, and other related concepts used in the report[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)

| 证券代码：601107 | 证券简称：四川成渝 | | 公告编号：2025-037 | | --- | --- | --- | --- | | 债券代码：241012.SH | 债券简称：24 | 成渝 01 | | | 债券代码：102485587 | 债券简称：24 | 成渝高速 | MTN001 | （三）出席会议的董事应到 12 人，实到 12 人。 （四）会议由董事长罗祖义先生主持，公司高级管理人员列席了会议。 （五）会议的召开符合《公司法》和本公司《公司章程》的有关规定。 二、董事会会议审议情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 （一）四川成渝高速公路股份有限公司（以下简称"公司"或"本公司"） 第八届董事会第三十八次会议于 2025 年 8 月 28 日在四川省成都市武侯祠大街 252 号本公司住所四楼 420 会议室以现场及通讯表决相结合的方式召开。 （二）会议通知、会议资料已于 2025 年 8 月 18 日以电子邮件和专人送达方 式发出。 四川成渝高速公路股份有限公 ...

[Part I Definitions](index=4&type=section&id=Part%20I%20Definitions) This section defines key terms and abbreviations used in the report, ensuring clarity regarding the company's expressway assets, related entities, and financial market terminology [Definitions](index=4&type=section&id=Definitions) This chapter defines key terms and abbreviations used in the report, primarily covering the company's expressway assets, related corporate entities, and financial market terminology to ensure clear understanding of the content - The report defines multiple expressways including Chengyu Expressway, Chengya Expressway, Chengle Expressway, Chengbei Exit Expressway, Airport Expressway, Chengren Expressway, Suiguang Expressway, Suixi Expressway, Tianqiong Expressway, and Chengdu Second Ring West Expressway[13](index=13&type=chunk) - The company and its subsidiaries are collectively referred to as 'the Group', with clear definitions of A-shares and H-shares and their respective listing exchanges[14](index=14&type=chunk) - Project types such as BOT, BT, and PPP are defined, along with regulatory bodies like the China Securities Regulatory Commission (CSRC), Shanghai Stock Exchange (SSE), and Hong Kong Stock Exchange (HKEX)[14](index=14&type=chunk)[15](index=15&type=chunk) [Part II Company Profile and Key Financial Indicators](index=7&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information, contact details, and a comprehensive overview of its key financial performance and indicators for the reporting period [I. Company Information](index=7&type=section&id=I.%20Company%20Information) This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - The company's Chinese name is Sichuan Chengyu Expressway Company Limited, abbreviated as Sichuan Chengyu[17](index=17&type=chunk) - The company's legal representative is Luo Zuyi[17](index=17&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax numbers, and email addresses - The Board Secretary is Yao Jiancheng, and the Securities Affairs Representative is Qiu Zhu[18](index=18&type=chunk) - The company's contact address is No. 252 Wuhouci Street, Chengdu, Sichuan Province, China[18](index=18&type=chunk) [III. Overview of Changes in Basic Information](index=7&type=section&id=III.%20Overview%20of%20Changes%20in%20Basic%20Information) This section clarifies the company's registered and office addresses, noting no historical changes during the reporting period - Both the company's registered address and office address are No. 252 Wuhouci Street, Chengdu, Sichuan Province, China[19](index=19&type=chunk) [IV. Overview of Changes in Information Disclosure and Document Storage Locations](index=7&type=section&id=IV.%20Overview%20of%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section discloses the company's designated newspapers for information disclosure, the website address for semi-annual reports, and the locations where semi-annual reports are available for inspection - The company's selected newspapers for information disclosure are China Securities Journal and Shanghai Securities News[20](index=20&type=chunk) - The website address for publishing semi-annual reports is http://www.sse.com.cn[20](index=20&type=chunk) - The company's semi-annual reports are available for inspection both domestically (No. 252 Wuhouci Street, Chengdu) and in Hong Kong (40/F, Dah Sing Financial Centre, 248 Queen's Road East, Wanchai, Hong Kong)[20](index=20&type=chunk) [V. Company Stock Overview](index=7&type=section&id=V.%20Company%20Stock%20Overview) This section outlines the company's stock listing status, including the listing exchanges, stock abbreviations, and codes for both A-shares and H-shares - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Sichuan Chengyu and code 601107[21](index=21&type=chunk) - The company's H-shares are listed on The Stock Exchange of Hong Kong Limited, with stock abbreviation Sichuan Chengyu Expressway and code 00107[21](index=21&type=chunk) [VI. Other Relevant Information](index=7&type=section&id=VI.%20Other%20Relevant%20Information) This section provides information on the domestic and overseas law firms engaged by the company, as well as the names and office addresses of the domestic and overseas share registrars - The company's domestic law firm is Beijing Zhongyin (Chengdu) Law Firm, and its overseas law firm is Zhong Lun Law Firm[22](index=22&type=chunk)[23](index=23&type=chunk) - The domestic share registrar is China Securities Depository and Clearing Corporation Limited Shanghai Branch, and the Hong Kong registrar is Hong Kong Registrars Limited[23](index=23&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=8&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, showing a decrease in operating revenue compared to the same period last year, but an increase in total profit and net profit attributable to shareholders, along with improved earnings per share and return on net assets Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,126,034,968.39 RMB | 5,368,417,182.37 RMB | -23.14 | | Total Profit | 1,067,876,903.97 RMB | 901,596,674.35 RMB | 18.44 | | Net Profit Attributable to Shareholders of Listed Company | 837,253,765.83 RMB | 698,099,371.60 RMB | 19.93 | | Net Cash Flow from Operating Activities | 1,406,704,163.15 RMB | 1,663,537,807.59 RMB | -15.44 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 19,578,016,887.68 RMB | 18,404,171,806.44 RMB | 6.38 | | Total Assets (Period-end) | 61,307,200,630.84 RMB | 61,070,435,445.00 RMB | 0.39 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.2596 | 0.2283 | 13.71% | | Diluted Earnings Per Share (RMB/share) | 0.2596 | 0.2283 | 13.71% | | Basic EPS after Deducting Non-recurring Gains and Losses (RMB/share) | 0.2528 | 0.2205 | 14.65% | | Weighted Average Return on Net Assets (%) | 4.97 | 4.36 | Increased by 0.61 percentage points | | Weighted Average Return on Net Assets after Deducting Non-recurring Gains and Losses (%) | 4.85 | 4.21 | Increased by 0.64 percentage points | [VIII. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=VIII.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section discloses the differences in net profit and net assets attributable to shareholders of the listed company reported under Chinese and overseas accounting standards, primarily due to factors such as special reserves and numerical precision Differences in Net Profit and Net Assets under Domestic and Overseas Accounting Standards | Indicator | Net Profit Attributable to Shareholders (Current Period) | Net Profit Attributable to Shareholders (Prior Period) | Net Assets Attributable to Shareholders (Period-end) | Net Assets Attributable to Shareholders (Period-start) | | :--- | :--- | :--- | :--- | :--- | | Under Chinese Accounting Standards | 837,253,765.83 RMB | 698,099,371.60 RMB | 19,578,016,887.68 RMB | 18,404,171,806.44 RMB | | 1. Special Reserves | 1,094,520.03 RMB | -2,248.40 RMB | - | - | | 2. Differences due to numerical precision, etc. | 2,714.14 RMB | -2,123.20 RMB | 1,112.32 RMB | -1,806.44 RMB | | Under Overseas Accounting Standards | 838,351,000.00 RMB | 698,095,000.00 RMB | 19,578,018,000.00 RMB | 18,404,170,000.00 RMB | [IX. Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the specific amounts of non-recurring gains and losses items for the reporting period, totaling **RMB 20,560,494.81**, primarily including gains/losses from disposal of non-current assets, government grants, and other non-operating income/expenses Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 2,270,483.41 | | Government grants recognized in current profit/loss | 15,661,789.57 | | Gains/losses from changes in fair value and disposal of financial assets/liabilities | -22,548.41 | | Other non-operating income and expenses | 1,191,317.62 | | Other items meeting the definition of non-recurring gains and losses | 7,299,643.18 | | Less: Income tax impact | 5,764,430.23 | | Impact on minority interests (after tax) | 75,760.33 | | **Total** | **20,560,494.81** | [X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-based Payment Impact](index=9&type=section&id=X.%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans%20May%20Choose%20to%20Disclose%20Net%20Profit%20After%20Deducting%20Share-based%20Payment%20Impact) The company had no equity incentive or employee stock ownership plans during the reporting period, thus no disclosure of net profit after deducting share-based payment impact is required [XI. Others](index=9&type=section&id=XI.%20Others) There are no other matters requiring disclosure in this chapter [Part III Management Discussion and Analysis](index=10&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's industry, business operations, financial performance, core competencies, and future development plans for the reporting period [I. Explanation of the Company's Industry and Principal Business During the Reporting Period](index=10&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Principal%20Business%20During%20the%20Reporting%20Period) This section details the overall operating conditions of the transportation industry to which the company belongs, including growth in freight volume, port throughput, and cross-regional passenger flow, as well as the company's core business as an investor, constructor, operator, and manager of expressways [(I) Industry Overview](index=10&type=section&id=(I)%20Industry%20Overview) In the first half of 2025, the transportation economy generally operated smoothly, with sustained growth in freight volume, port cargo throughput, and cross-regional passenger flow, while transportation fixed asset investment remained high, though urban passenger volume decreased Key Transportation Industry Data for H1 2025 | Indicator | Volume Completed | Year-on-Year Growth | | :--- | :--- | :--- | | Commercial Freight Volume | 28.03 billion tons | 3.9% | | Road Freight Volume | 20.57 billion tons | 4.0% | | Waterway Freight Volume | 4.90 billion tons | 4.3% | | National Port Cargo Throughput | 8.90 billion tons | 4.0% | | Container Throughput | 170 million TEUs | 6.9% | | Cross-regional Passenger Flow | 33.76 billion person-times | 4.2% | | Urban Passenger Volume | 51.66 billion person-times | -2.4% | | Transportation Fixed Asset Investment | 1.6 trillion RMB | - | [(II) Principal Business Overview](index=11&type=section&id=(II)%20Principal%20Business%20Overview) The company's principal business involves investing, constructing, operating, and managing expressway projects within Sichuan Province, alongside expanding into green energy investments and integrated development of roadside resources. As of June 30, 2025, the company operates approximately **900 kilometers** of expressways, with total assets and net assets of approximately **RMB 61.307 billion** and **RMB 20.673 billion**, respectively - The company's principal businesses include investing, constructing, operating, and managing certain expressway projects within the province, green energy investment, and integrated development of roadside resources[33](index=33&type=chunk)[37](index=37&type=chunk) - As of June 30, 2025, the Group operates approximately **900 kilometers** of expressways (of which approximately **858 kilometers** are toll roads)[33](index=33&type=chunk) Company Asset Overview (As of June 30, 2025) | Indicator | Amount (RMB) | | :--- | :--- | | Total Assets | 61,307,200,630.84 | | Net Assets | 20,672,819,600.00 | | Total Share Capital | 3,058,060,000 shares | - All expressways under the company are operational expressways, generating operating income through vehicle toll collection[36](index=36&type=chunk) [II. Discussion and Analysis of Operating Performance](index=13&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) This section reviews the company's operating performance in the first half of 2025, noting profit growth achieved through project construction and management improvements despite a decrease in operating revenue. It also analyzes economic, policy, and road network factors affecting toll road and bridge operations, and outlines progress on major investment and financing projects and future business development plans [(I) Business Review and Analysis](index=13&type=section&id=(I)%20Business%20Review%20and%20Analysis) In the first half of 2025, the company's operating revenue decreased by **23.14%** year-on-year to **RMB 4.126 billion**, while net profit attributable to shareholders of the listed company increased by **19.93%** to **RMB 837 million**. Road toll revenue accounted for **55.10%** of operating revenue, influenced by macroeconomic conditions, policy environment (e.g., green channel policy, ETC discount policy), and road network changes (e.g., opening of Tianfu Airport Expressway branch, traffic diversion to Suiguang-Suixi Expressway) H1 2025 Operating Performance Summary | Indicator | Amount (RMB) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 4,126,034,968.39 | -23.14% | | Revenue from Expressway Management and Maintenance | 2,273,610,400.00 | - | | Construction Service Revenue | 650,194,300.00 | - | | Goods Sales Revenue | 1,080,555,100.00 | - | | Net Profit Attributable to Shareholders of Listed Company | 837,253,765.83 | 19.93% | | Basic Earnings Per Share | 0.2596 | 13.71% | | Road Toll Revenue | 2,273,610,400.00 | -2.25% | H1 2025 Operating Performance of Each Expressway | Project | Equity Ratio (%) | Average Daily Traffic (vehicle-times) | Toll Revenue (RMB 1,000) | | :--- | :--- | :--- | :--- | | Chengyu Expressway | 100 | 21,974 (3.70% Change) | 422,012 (0.52% Change) | | Chengya Expressway | 100 | 37,763 (-1.68% Change) | 492,375 (-2.33% Change) | | Chengren Expressway | 100 | 33,598 (-1.98% Change) | 402,305 (-7.21% Change) | | Chengle Expressway | 100 | 40,421 (2.26% Change) | 295,986 (0.92% Change) | | Chengbei Exit | 60 | 50,711 (8.24% Change) | 52,787 (4.93% Change) | | Suiguang Expressway | 100 | 11,548 (-3.19% Change) | 136,081 (3.50% Change) | | Suixi Expressway | 100 | 10,493 (3.82% Change) | 89,251 (4.10% Change) | | Chengdu Second Ring West Expressway | 100 | 26,370 (-5.03% Change) | 382,814 (-6.09% Change) | - Sichuan Province's expressway toll discount policy has been extended to December 31, 2025, increasing discounts for non-new energy freight vehicles with ETC to **6%** (**8%** at night), new energy freight vehicles to **20%**, and international standard container transport vehicles to **60%**[43](index=43&type=chunk) - Effective November 6, 2024, hydrogen-powered vehicles equipped with ETC are exempt from expressway tolls within Sichuan Province[43](index=43&type=chunk) [(II) Major Investment and Financing Projects](index=16&type=section&id=(II)%20Major%20Investment%20and%20Financing%20Projects) The company continues to advance major investment and financing projects, with the Chengle Expressway expansion project having accumulated **RMB 14.377 billion** in investment, the Tianqiong Expressway BOT project completed and operational with **RMB 7.002 billion** invested, and the G5 Beijing-Kunming Expressway Chengdu-Ya'an section expansion project awarded and a project company established - The Chengle Expressway expansion project has an adjusted construction mileage of **136.1 kilometers**, an estimated total investment of **RMB 25.15 billion**, and as of June 30, 2026, cumulative investment reached approximately **RMB 14.377 billion**[45](index=45&type=chunk) - The Tianqiong Expressway BOT project, with a total length of approximately **42 kilometers** and an estimated total investment of approximately **RMB 8.685 billion**, was fully completed and opened to traffic on September 13, 2024, with cumulative investment reaching approximately **RMB 7.002 billion** as of June 30, 2025[46](index=46&type=chunk) - The G5 Beijing-Kunming Expressway Chengdu-Ya'an section expansion project has been awarded, with a total route length of **159.115 kilometers** and an estimated total investment of approximately **RMB 28.548 billion**, and the project company was established on August 13, 2025[47](index=47&type=chunk) [(III) Business Development Plan](index=17&type=section&id=(III)%20Business%20Development%20Plan) For the second half of 2025, the company plans to focus on its core business, expanding road asset scale through expansion, integration, and M&A; seizing policy opportunities to promote diversified development, including deepening capital operations, optimizing service area operations, and exploring hydrogen and new energy innovative businesses; establishing market-oriented operating principles, building a refined cost control system, and strengthening the bottom line for safety and risk prevention - Focus on the core business, accelerate the construction of the Chengle Expressway expansion project, and expand road asset scale through strategies such as upgrading and expanding existing roads, asset integration, and acquiring high-quality road assets[47](index=47&type=chunk) - Regarding diversified industrial layout, the company will leverage its investment platform to deepen capital operations, optimize service area operations, focus on commercial pilot projects for hydrogen energy business, and expand into new energy innovative business models such as energy storage and power sales[48](index=48&type=chunk) - Establish a refined cost control system, strengthen full-process budget control and expenditure efficiency evaluation, and reinforce the bottom line for safety and risk prevention, optimizing strategic positioning[48](index=48&type=chunk)[49](index=49&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=18&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) As the sole A+H share listed company in road infrastructure in Sichuan Province, the company possesses a high-caliber management team, expressway concession rights, superior regional road asset location advantages, and benefits from the rapid economic and road network development in Sichuan Province, indicating significant future growth potential - The company is the only A+H share listed company in road infrastructure within Sichuan Province, holding a strong regional market position[50](index=50&type=chunk) - The company's management team is highly qualified and experienced, with its expressway business management system ranking among the leaders in Sichuan Province's industry[50](index=50&type=chunk) - The company holds concessions for expressway construction, management, maintenance, and toll collection, with strong support from its controlling shareholder, Shu Dao Investment Group Co., Ltd[50](index=50&type=chunk) - Most of the company's road assets are regional transportation arteries, located in economically developed areas and popular tourist destinations in Sichuan Province, demonstrating significant geographical advantages[51](index=51&type=chunk) - Sichuan Province's economy and road network construction are rapidly developing, with the total planned mileage of the expressway network reaching **20,000 kilometers**, providing substantial future growth opportunities for the company[51](index=51&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=18&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section provides an in-depth analysis of the company's key operating performance during the reporting period, including changes in financial statement items, asset-liability structure, investment activities, and the performance of major controlled and associate companies, revealing the drivers of profit growth amidst declining revenue and optimized asset structure [(I) Analysis of Principal Business](index=18&type=section&id=(I)%20Analysis%20of%20Principal%20Business) During the reporting period, the company's operating revenue decreased by **23.14%** year-on-year, but operating costs decreased by **31.62%** and financial expenses decreased by **31.03%**, leading to an increase in profit indicators. Net cash flow from investment activities significantly decreased, primarily due to the opening of Tianqiong Expressway and the slowdown of the Chengle Expressway expansion project; net cash flow from financing activities turned negative, mainly due to repayment of expressway construction loans Analysis of Changes in Financial Statement Items | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,126,034,968.39 | 5,368,417,182.37 | -23.14 | | Operating Cost | 2,581,318,509.72 | 3,774,801,544.66 | -31.62 | | Selling Expenses | 32,563,141.92 | 34,302,862.50 | -5.07 | | Administrative Expenses | 226,213,399.99 | 265,518,781.50 | -14.80 | | Financial Expenses | 289,962,122.06 | 420,406,588.87 | -31.03 | | Net Cash Flow from Operating Activities | 1,406,704,163.15 | 1,663,537,807.59 | -15.44 | | Net Cash Flow from Investing Activities | -1,180,992,639.40 | -1,836,906,259.43 | N/A | | Net Cash Flow from Financing Activities | -682,696,405.89 | 1,040,258,555.26 | -165.63 | - Operating costs decreased by **RMB 1.110131 billion**, a **63.06%** reduction, primarily due to a decrease in construction service costs[54](index=54&type=chunk) - The decrease in financial expenses is mainly attributed to the significant achievements in optimizing the company's existing debt structure[54](index=54&type=chunk) - The change in net cash flow from investing activities is primarily due to the full opening of the Tianqiong Expressway project and the slowdown of the Chengle Expressway expansion project, resulting in a significant decrease in cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets[54](index=54&type=chunk) - The change in net cash flow from financing activities is mainly due to the company's repayment of expressway construction loans[54](index=54&type=chunk) [(II) Explanation of Significant Profit Changes Caused by Non-Principal Business](index=19&type=section&id=(II)%20Explanation%20of%20Significant%20Profit%20Changes%20Caused%20by%20Non-Principal%20Business) During the reporting period, the company's profit did not experience significant changes due to non-principal business activities [(III) Analysis of Assets and Liabilities](index=20&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) The company's asset and liability structure underwent several changes: accounts receivable decreased by **30.75%** due to enhanced management; prepayments increased by **38.59%** due to advance freight payments for transportation projects; short-term borrowings decreased by **97.19%** due to loan repayments; contract liabilities increased by **133.25%** due to new unified toll fees; other payables increased by **42.14%** due to an increase in dividends payable; other equity instruments increased by **60.62%** due to the new issuance of **RMB 1.2 billion** in perpetual bonds; and other comprehensive income increased by **3,504.91%** due to fair value changes in other equity instrument investments. Overseas assets accounted for **0.01%** of total assets Analysis of Changes in Asset and Liability Status | Item | Current Period-end Amount (RMB) | % of Total Assets (Period-end) | Prior Year-end Amount (RMB) | % of Total Assets (Prior Year-end) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 156,058,703.59 | 0.25 | 225,370,286.30 | 0.37 | -30.75 | Enhanced accounts receivable management | | Prepayments | 178,998,531.11 | 0.29 | 129,160,754.95 | 0.21 | 38.59 | Advance freight payments for Duolian Company's transportation projects | | Contract Assets | 3,034,333.35 | 0.00 | 10,119,683.75 | 0.02 | -70.02 | Duolian Company completed partial project settlements | | Non-current Assets Due Within One Year | 95,279,289.53 | 0.16 | 44,000,000.00 | 0.07 | 116.54 | Part of Shunan Company's BT project long-term receivables due within one year | | Short-term Borrowings | 20,000,000.00 | 0.03 | 710,503,750.01 | 1.16 | -97.19 | Repayment of some short-term borrowings | | Advances from Customers | 29,448,204.62 | 0.05 | 21,259,575.81 | 0.03 | 38.52 | Shuxia Company's new advance rental income | | Contract Liabilities | 41,777,183.31 | 0.07 | 17,911,134.56 | 0.03 | 133.25 | New unified toll fees for East-West Urban Axis involving Chengyu Road recognized as contract liabilities | | Other Payables | 728,959,837.55 | 1.19 | 512,846,076.19 | 0.84 | 42.14 | Dividends payable balance of RMB 282 million at period-end, paid in July 2025 | | Other Equity Instruments | 3,212,485,540.35 | 5.24 | 2,000,000,000.00 | 3.27 | 60.62 | New issuance of RMB 1.2 billion perpetual bonds | | Other Comprehensive Income | 54,847,691.35 | 0.09 | 1,521,471.62 | 0.00 | 3,504.91 | Fair value changes of other equity instrument investments | - Overseas assets amounted to **RMB 5,711,199.51**, accounting for **0.01%** of total assets[58](index=58&type=chunk) - As of June 30, 2025, the company's restricted monetary funds included **RMB 171,500** for ETC account deposits; the toll operation rights of Chengren Expressway, Suiguang-Suixi Expressway, Chengle Expressway, Tianqiong Expressway, and Chengdu Second Ring West Expressway were pledged for borrowings[59](index=59&type=chunk)[61](index=61&type=chunk) [(IV) Analysis of Investment Status](index=21&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) During the reporting period, the book value of the company's external equity investments increased by **RMB 3.561 billion**, a **30.00%** growth, primarily due to a **RMB 3 billion** capital injection into its subsidiary Suiguang-Suixi Company via debt-to-equity swap. Major non-equity investment projects (Chengle expansion, Tianqiong project) progressed smoothly. The company also disclosed fair value measured financial assets, including stock and private equity fund investments - At the end of the reporting period, the company's book value of investments in subsidiaries, associates, and joint ventures was **RMB 15.43 billion**, an increase of **RMB 3.561 billion** or **30.00%** from the beginning of the period[60](index=60&type=chunk) - The main reason is a **RMB 3 billion** capital injection into its subsidiary Suiguang-Suixi Company via debt-to-equity swap during the current period[60](index=60&type=chunk) - The company holds financial assets measured at fair value, including stocks (e.g., Chongqing Rural Commercial Bank, Zhejiang Commercial Bank, Everbright Bank) and private equity funds (Hainan Chuanshang No. 12 Private Equity Fund Center)[63](index=63&type=chunk)[64](index=64&type=chunk) [(V) Major Asset and Equity Disposals](index=23&type=section&id=(V)%20Major%20Asset%20and%20Equity%20Disposals) During the reporting period, the company had no major asset or equity disposal matters [(VI) Analysis of Major Controlled and Associate Companies](index=23&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Associate%20Companies) This section presents the financial performance of the company's major controlled and associate companies, with Sichuan Chengle Expressway Co., Ltd. reporting the highest net profit, while Sichuan Suiguang-Suixi Expressway Co., Ltd. and Sichuan Shunan Investment Management Co., Ltd. incurred net losses Financial Performance of Major Controlled and Associate Companies (Unit: RMB 10,000) | Company Name | Company Type | Principal Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan Chengle Expressway Co., Ltd. | Subsidiary | Responsible for the operation and management of Chengle Expressway and the Chengle Expressway expansion project | 56,079.00 | 1,696,073.91 | 455,487.95 | 92,080.92 | 20,775.24 | 17,433.98 | | Sichuan Suiguang-Suixi Expressway Co., Ltd. | Subsidiary | Responsible for the operation and management of Suixi Expressway and Suiguang Expressway | 657,338.00 | 1,095,688.23 | 358,641.15 | 22,570.70 | -6,790.89 | -6,761.14 | | Sichuan Chengqiongya Expressway Co., Ltd. | Subsidiary | Responsible for the investment, construction, and operation of Tianqiong Expressway | 173,700.00 | 741,844.76 | 151,560.98 | 2,618.77 | 0.00 | 0.00 | | Sichuan Rongcheng Second Ring Expressway Development Co., Ltd. | Subsidiary | Responsible for the operation and management of Chengdu Second Ring West Expressway | 68,421.00 | 1,314,732.11 | 298,972.92 | 39,158.28 | 6,126.52 | 5,201.80 | | Chengdu Chengbei Exit Expressway Co., Ltd. | Subsidiary | Responsible for the operation and management of Chengbei Exit Expressway and Qinglongchang Interchange | 22,000.00 | 39,326.18 | 37,653.00 | 5,281.01 | 4,358.13 | 3,747.94 | | Sichuan Shunan Investment Management Co., Ltd. | Subsidiary | Primarily engaged in project investment and management, construction, maintenance, design, technical consulting, and supporting services for highways, bridges, and tunnels | 20,000.00 | 216,925.60 | 57,006.09 | 8,560.93 | 407.66 | -786.72 | | Sichuan Shu Dao Chengyu Investment Co., Ltd. | Subsidiary | Primarily engaged in investments and investment consulting services aligned with the company's development direction | 15,277.25 | 57,600.20 | 32,314.94 | 0.00 | 1,889.77 | 1,895.22 | | Sichuan Shuxia Industrial Co., Ltd. | Subsidiary | Primarily responsible for the management of expressway roadside assets, service areas, advertising, etc. | 20,000.00 | 47,148.23 | 41,295.54 | 4,697.20 | 1,628.75 | 1,143.65 | | Sichuan Shu Dao New Energy Technology Development Co., Ltd. | Subsidiary | Primarily engaged in the investment, construction, and operation of new energy infrastructure such as charging/swapping stations, battery banks, and hydrogen refueling stations along expressways and in urban areas | 48,000.00 | 57,322.85 | 44,141.51 | 4,932.75 | -48.10 | -47.01 | | Sichuan Chengyu New Energy Construction Co., Ltd. | Subsidiary | Construction engineering; installation and maintenance of power transmission, supply, and reception facilities; interior decoration; construction engineering design, etc. | 10,000.00 | 11,809.92 | 6,767.24 | 78.78 | -206.48 | -207.28 | | Xincheng Hong Kong Investment Co., Ltd. | Subsidiary | Equity investment business | 13,290.90 | 21,902.87 | 21,309.23 | 0.00 | 646.55 | 528.17 | | Sichuan Zhonglu Energy Co., Ltd. | Subsidiary | Primarily engaged in the sale of refined oil products at expressway service stations and chemical products | 5,200.00 | 30,269.82 | 22,925.50 | 63,162.88 | 4,072.66 | 2,878.63 | | Sichuan Chengya Expressway Oil Supply Co., Ltd. | Subsidiary | Primarily engaged in the sale of refined oil products and LNG at expressway service stations | 2,720.00 | 16,163.95 | 9,965.80 | 35,804.61 | 3,226.70 | 2,507.99 | | Sichuan Multimodal Transport Investment Development Co., Ltd. | Subsidiary | Primarily engaged in multimodal transport hub investment, operation services, supply chain management services, international freight forwarding services, technical equipment services, etc. | 100,000.00 | 107,680.60 | 100,928.29 | 2,761.72 | 392.47 | 386.51 | | Sichuan Chengyu Private Equity Fund Management Co., Ltd. | Subsidiary | Primarily engaged in private equity investment fund management and venture capital fund management services | 2,000.00 | 657.27 | 513.79 | 0.00 | -145.46 | -144.95 | [(VII) Information on Structured Entities Controlled by the Company](index=26&type=section&id=(VII)%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) Information on structured entities controlled by the company can be found in Section VIII 'Interests in Other Entities' of the financial report - For information on structured entities controlled by the company, please refer to 'Section VIII Financial Report, X. Interests in Other Entities'[69](index=69&type=chunk) [V. Other Disclosure Matters](index=26&type=section&id=V.%20Other%20Disclosure%20Matters) This section details the policy, market, financial, and management risks the company may face, outlining corresponding management and mitigation measures. It also highlights the company's continuous efforts in quality improvement, investor protection, and optimizing shareholder returns [(I) Potential Risks](index=26&type=section&id=(I)%20Potential%20Risks) The company faces policy risks (toll policy adjustments, operating period limitations, toll collection method changes), market risks (macroeconomic fluctuations, road network changes), financial risks (potential tax risks, financing risks), and management risks (daily operations, natural disasters, project investment risks). The company has established a systematic risk management mechanism and actively responds through enhanced communication, strengthened capabilities, and optimized strategies - Policy risks include adjustments to toll policies, limitations on operating periods (e.g., Chengbei Exit Expressway toll collection ends September 17, 2025; Chengyu Expressway until 2027; Chengya Expressway until 2029), and changes in toll collection methods (e.g., cancellation of provincial border toll stations)[70](index=70&type=chunk)[71](index=71&type=chunk) - Market risks primarily stem from macroeconomic fluctuations and changes in the road network (e.g., the 'Sichuan Provincial Expressway Network Plan (2022-2035)' will expand the provincial expressway network to **20,000 kilometers**)[72](index=72&type=chunk)[73](index=73&type=chunk) - Financial risks include potential tax risks and financing risks, which the company addresses by strengthening regulatory compliance, engaging professional institutions, and optimizing financing models[74](index=74&type=chunk) - Management risks involve daily operations, natural disasters, and expressway project investment risks, which the company mitigates through enhanced maintenance, emergency management, and investment strategy reviews[75](index=75&type=chunk)[76](index=76&type=chunk) [(II) Other Disclosure Matters](index=29&type=section&id=(II)%20Other%20Disclosure%20Matters) The company continues to implement quality improvement, efficiency enhancement, and high-return initiatives, focusing on core business operations, and highly values shareholder returns (committing to cash dividends of no less than **60%** of consolidated net profit attributable to the parent company from 2023-2025, with **RMB 889 million** distributed in 2024). It also optimizes investor communication, with both A-share and H-share prices reaching a 10-year high during the reporting period - The company commits to distributing annual cash dividends of no less than **60%** of the consolidated net profit attributable to owners of the parent company from 2023 to 2025[77](index=77&type=chunk) - In 2024, the company distributed cash dividends of **RMB 889 million**, accounting for **60.79%** of the consolidated net profit attributable to owners of the parent company for 2024, fulfilling its dividend commitment[77](index=77&type=chunk) - During the reporting period, the company's A-share closing price was **RMB 6.02**, and H-share closing price was **HKD 4.82**, representing increases of **27.01%** and **49.92%** respectively from the end of 2024, with both share prices reaching a 10-year high[78](index=78&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=30&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's governance structure, profit distribution plans, environmental disclosures, and contributions to poverty alleviation and rural revitalization efforts [I. Changes in Company Directors and Senior Management](index=30&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, Luo Maoquan resigned as Chairman of the Supervisory Board due to retirement, and Mr. Yao Jiancheng was elected as an Executive Director of the company's Eighth Board of Directors - Mr. Luo Maoquan resigned as a supervisor and Chairman of the company's Eighth Supervisory Board due to retirement[80](index=80&type=chunk) - Mr. Yao Jiancheng was elected as an Executive Director of the company's Eighth Board of Directors on January 9, 2025[80](index=80&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=30&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The Board of Directors decided not to distribute an interim dividend as of June 30, 2025, nor to convert capital reserves into share capital - The Board of Directors decided not to distribute an interim dividend as of June 30, 2025[6](index=6&type=chunk)[81](index=81&type=chunk) - The Board of Directors decided not to convert capital reserves into share capital[6](index=6&type=chunk)[81](index=81&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=31&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) There are no relevant environmental information disclosure matters in this chapter [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=31&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) In the first half of 2025, the company actively supported rural revitalization by donating **11 tons** of highland barley planting fertilizer and teaching equipment to Kuasha Township, organizing youth volunteers to conduct special courses, establishing long-term assistance mechanisms, and completing **RMB 899,400** in consumption-based assistance through the 'Shu Dao Employee Preferred Mall' platform - The company donated **11 tons** of highland barley planting fertilizer to Kuasha Township to support agricultural production[83](index=83&type=chunk) - Donated **4 computers** and **1 printer** and other teaching equipment to the township central school to improve educational facilities[83](index=83&type=chunk) - Organized youth volunteers to conduct special courses on safety knowledge, art creation, and intangible cultural heritage[83](index=83&type=chunk) - Completed **RMB 899,400** in consumption-based assistance through the 'Shu Dao Employee Preferred Mall' platform[83](index=83&type=chunk) [Part V Significant Matters](index=32&type=section&id=Part%20V%20Significant%20Matters) This section details the fulfillment of commitments by controlling shareholders and related parties, absence of illegal guarantees or fund occupation, and significant related party transactions, along with other important disclosures [I. Fulfillment of Commitments](index=32&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's controlling shareholder, Shu Dao Investment Group Co., Ltd., and its predecessor, Sichuan Provincial Investment Group Co., Ltd., along with China Merchants Expressway Network Technology Holdings Co., Ltd., have strictly fulfilled their commitments to avoid horizontal competition and regulate related party transactions. Additionally, Shu Dao Expressway and Shu Dao Group are in the process of fulfilling their performance commitments for the acquisition of 100% equity in Rongcheng Second Ring Company - Sichuan Provincial Investment Group Co., Ltd. committed to avoiding substantive horizontal competition with the company and regulating related party transactions, a commitment that remains long-term effective[85](index=85&type=chunk)[86](index=86&type=chunk) - Shu Dao Investment Group Co., Ltd. inherited the aforementioned commitments and pledged to resolve horizontal competition issues and avoid unnecessary related party transactions within a 5-year transition period[86](index=86&type=chunk)[87](index=87&type=chunk) - China Merchants Expressway Network Technology Holdings Co., Ltd. committed not to engage in businesses that directly or indirectly compete with the company's principal business within Sichuan Province, China[87](index=87&type=chunk) - Shu Dao Expressway and Shu Dao Group's performance commitment period for the acquisition of 100% equity in Rongcheng Second Ring Company is from January 1, 2023, to December 31, 2029, with a cumulative net profit commitment for the target enterprise of no less than **RMB 231.1778 million** from 2023 to 2025[88](index=88&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=36&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties [III. Irregular Guarantees](index=36&type=section&id=III.%20Irregular%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures [IV. Semi-Annual Report Audit Status](index=37&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk)[91](index=91&type=chunk) [V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Prior Year's Annual Report](index=37&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Related%20to%20Non-Standard%20Audit%20Opinions%20in%20the%20Prior%20Year's%20Annual%20Report) There are no relevant matters in this chapter [VI. Bankruptcy and Reorganization Matters](index=37&type=section&id=VI.%20Bankruptcy%20and%20Reorganization%20Matters) There are no relevant matters in this chapter [VII. Major Litigation and Arbitration Matters](index=37&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters [VIII. Alleged Violations, Penalties, and Rectification by the Listed Company, Its Directors, Senior Management, Controlling Shareholders, and Actual Controllers](index=37&type=section&id=VIII.%20Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification%20by%20the%20Listed%20Company%2C%20Its%20Directors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) There are no relevant matters in this chapter [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=37&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20Its%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) There are no relevant matters in this chapter [X. Major Related Party Transactions](index=37&type=section&id=X.%20Major%20Related%20Party%20Transactions) The company disclosed several major related party transactions, including framework agreements for recurring related party transactions with Sichuan Intelligent Transportation Company, Sichuan Shu Dao Property Services Group, and Shu Dao Investment Group, as well as the termination of the related party transaction to acquire **85%** equity in Hubei Jingyi Expressway Co., Ltd. through share issuance and cash payment. Additionally, Rongcheng Second Ring Company achieved a net profit of **RMB 52.018 million** during its performance commitment period - The company signed the 'Sichuan Provincial Expressway Network Toll System Operation Guarantee Service Agreement' with Sichuan Intelligent Transportation System Management Co., Ltd., with recurring related party transactions not exceeding **RMB 35 million/year**, and **RMB 9.2741 million** incurred during the reporting period[91](index=91&type=chunk)[92](index=92&type=chunk)[94](index=94&type=chunk) - The company signed a 'Framework Agreement on Property Management Services' with Sichuan Shu Dao Property Services Group Co., Ltd., with total recurring related party transactions not exceeding **RMB 180 million** for 2025-2027, an annual cap of **RMB 60 million**, and **RMB 12.7785 million** incurred during the reporting period[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - The company signed a 'Construction Engineering and Related Services Related Party Transaction Framework Agreement' with Shu Dao Investment Group Co., Ltd., with total related party transactions not exceeding **RMB 2.503 billion** for 2025, and **RMB 467.0555 million** incurred during the reporting period[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) - The company terminated the related party transaction involving the issuance of shares and cash payment to acquire **85%** equity in Hubei Jingyi Expressway Co., Ltd[101](index=101&type=chunk)[102](index=102&type=chunk) - Rongcheng Second Ring Company achieved a net profit of **RMB 52.018 million** in the first half of 2025, which is within its performance commitment period[107](index=107&type=chunk) [XI. Major Contracts and Their Fulfillment](index=42&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company had no major entrustment, contracting, leasing matters, or significant guarantees [XII. Explanation of Progress in Use of Raised Funds](index=43&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) There are no relevant matters in this chapter [XIII. Explanation of Other Significant Matters](index=43&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) There are no other significant matters to explain in this chapter [Part VI Share Changes and Shareholder Information](index=44&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes, shareholder structure, and information on directors and senior management, as well as any changes in controlling shareholders [I. Share Capital Changes](index=44&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[111](index=111&type=chunk) [II. Shareholder Information](index=44&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **35,568** common shareholders. Among the top ten shareholders, Shu Dao Investment Group Co., Ltd. held **39.86%**, HKSCC NOMINEES LIMITED held **29.06%**, and China Merchants Expressway Network Technology Holdings Co., Ltd. held **21.73%** - As of the end of the reporting period, the company had a total of **35,568** common shareholders[112](index=112&type=chunk) Shareholding of Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period-end | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shu Dao Investment Group Co., Ltd. | 1,218,979,662 | 39.86 | State-owned Legal Person | | HKSCC NOMINEES LIMITED | 888,734,570 | 29.06 | Overseas Legal Person | | China Merchants Expressway Network Technology Holdings Co., Ltd. | 664,487,376 | 21.73 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 27,488,581 | 0.90 | Overseas Legal Person | | Guolian Minsheng Securities Co., Ltd. | 16,425,600 | 0.54 | Other | | China Construction Bank Corporation - E Fund Rich Theme Mixed Securities Investment Fund | 16,008,349 | 0.52 | Other | | China Construction Bank Corporation - Southern Modern Education Stock Fund | 10,461,800 | 0.34 | Other | | Orient Securities Co., Ltd. | 10,018,100 | 0.33 | Other | | China Merchants Bank Co., Ltd. - Huishang Huize Flexible Allocation Mixed Initiated Securities Investment Fund | 6,349,500 | 0.21 | Other | | China Merchants Bank Co., Ltd. - Southern CSI 1000 Exchange Traded Index Securities Investment Fund | 6,029,100 | 0.20 | Other | - Shu Dao Capital Holdings Group Co., Ltd., a controlled subsidiary of Shu Dao Investment Group Co., Ltd., holds a **5.77%** stake in China Merchants Expressway Network Technology Holdings Co., Ltd[117](index=117&type=chunk) [III. Directors and Senior Management Information](index=47&type=section&id=III.%20Directors%20and%20Senior%20Management%20Information) During the reporting period, there were no changes in the shareholdings of the company's current and former directors and senior management [IV. Changes in Controlling Shareholder or Actual Controller](index=48&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller [V. Preferred Share Information](index=48&type=section&id=V.%20Preferred%20Share%20Information) There are no relevant matters in this chapter [Part VII Bond-Related Information](index=49&type=section&id=Part%20VII%20Bond-Related%20Information) This section provides an overview of the company's issued corporate bonds and non-financial enterprise debt financing instruments, confirming their current status and absence of delisting risks [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=49&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company disclosed the basic information of its issued corporate bonds and non-financial enterprise debt financing instruments, including '24 Chengyu 01' corporate bonds and '24 Chengyu Expressway MTN001', '21 Chengyu Expressway MTN001' medium-term notes, none of which pose a risk of delisting Basic Information of Corporate Bonds | Bond Name | Abbreviation | Code | Issue Date | Interest Commencement Date | Maturity Date | Bond Balance (billion RMB) | Interest Rate (%) | Trading Venue | Risk of Delisting | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan Chengyu Expressway Co., Ltd. 2024 Publicly Issued Corporate Bonds to Professional Investors (Tranche 1) | 24 Chengyu 01 | 241012.SH | 2024-05-24 | 2024-05-24 | 2029-05-24 | 20.00 | 2.30 | Shanghai Stock Exchange | No | Basic Information of Non-Financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Issue Date | Interest Commencement Date | Maturity Date | Bond Balance (billion RMB) | Interest Rate (%) | Trading Venue | Risk of Delisting | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan Chengyu Expressway Co., Ltd. 2024 First Tranche Medium-Term Notes | 24 Chengyu Expressway MTN001 | 102485587 | 2024-12-26 | 2024-12-27 | 2099-12-31 | 10.00 | 2.06 | Interbank Bond Market | No | | Sichuan Chengyu Expressway Co., Ltd. 2021 First Tranche Medium-Term Notes | 21 Chengyu Expressway MTN001 | 102100999 | 2021-05-26 | 2021-05-28 | 2026-05-28 | 1.00 | 2.07 | Interbank Bond Market | No | [II. Convertible Corporate Bonds](index=53&type=section&id=II.%20Convertible%20Corporate%20Bonds) There are no relevant matters in this chapter [Part VIII Financial Report](index=54&type=section&id=Part%20VIII%20Financial%20Report) This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies, tax information, and financial risks [I. Audit Report](index=54&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk)[91](index=91&type=chunk)[129](index=129&type=chunk) [II. Financial Statements](index=54&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity as of June 30, 2025 - The financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[130](index=130&type=chunk)[134](index=134&type=chunk)[138](index=138&type=chunk)[141](index=141&type=chunk)[145](index=145&type=chunk)[148](index=148&type=chunk)[150](index=150&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) [III. Company Basic Information](index=71&type=section&id=III.%20Company%20Basic%20Information) Sichuan Chengyu Expressway Company Limited was incorporated on August 19, 1997, listed on the Hong Kong Stock Exchange in October 1997, and on the Shanghai Stock Exchange on July 27, 2009. The company's principal business is expressway operation management and investment construction, with the ultimate controlling party being the State-owned Assets Supervision and Administration Commission of Sichuan Provincial People's Government - The company was incorporated on August 19, 1997, listed on the Hong Kong Stock Exchange in October 1997, and on the Shanghai Stock Exchange on July 27, 2009[159](index=159&type=chunk) - The Group's principal operating activities are the operation management and investment construction of expressways[159](index=159&type=chunk) - The company's parent company is Shu Dao Investment Group Co., Ltd., and the ultimate controlling party is the State-owned Assets Supervision and Administration Commission of Sichuan Provincial People's Government[160](index=160&type=chunk) [IV. Basis of Financial Statement Preparation](index=71&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, and on a going concern basis - These financial statements are prepared in accordance with the 'Accounting Standards for Business Enterprises' issued by the Ministry of Finance and 'No. 15 Rules for Information Disclosure by Companies Issuing Securities Publicly – General Provisions on Financial Reports' issued by the China Securities Regulatory Commission[161](index=161&type=chunk) - These financial statements are prepared on a going concern basis, and the company believes there are no significant matters affecting its ability to continue as a going concern within 12 months from the end of the reporting period[162](index=162&type=chunk) [V. Significant Accounting Policies and Estimates](index=71&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the specific accounting policies and estimates followed by the company in preparing its financial statements, covering areas such as compliance with Accounting Standards for Business Enterprises, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, notes receivable, accounts receivable, other receivables, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, preferred shares/perpetual bonds, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The company adheres to Accounting Standards for Business Enterprises to truly and completely reflect its financial position, operating results, and cash flows[165](index=165&type=chunk) - The company uses RMB as its functional currency and adopts the calendar year as its accounting year[166](index=166&type=chunk)[168](index=168&type=chunk) - Financial instruments are classified as financial assets and financial liabilities measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[178](index=178&type=chunk)[180](index=180&type=chunk) - Revenue recognition primarily includes vehicle toll revenue (recognized upon completion of passage and clearing settlement), highway ancillary service revenue (recognized when performance obligations are satisfied), and construction period revenue (recognized based on progress of performance)[250](index=250&type=chunk)[251](index=251&type=chunk) - Expressway concession rights are amortized using the unit-of-production method (traffic volume method), with estimated traffic volume reviewed periodically[229](index=229&type=chunk) [VI. Taxation](index=98&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax. The company and some subsidiaries enjoy a **15%** preferential corporate income tax rate under the Western Development policy Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Revenue from sales of goods and taxable services | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual VAT paid | 1%, 5%, 7% | | Education Surcharge | Actual VAT paid | 3% | | Local Education Surcharge | Actual VAT paid | 2% | | Corporate Income Tax | Taxable income | 15%, 25% | - The company and its subsidiaries, Chengdu Chengbei Exit Expressway Co., Ltd., Sichuan Chengle Expressway Co., Ltd., and Sichuan Rongcheng Second Ring Expressway Development Co., Ltd., qualify for the Western Development policy and enjoy a **15%** preferential corporate income tax rate[269](index=269&type=chunk)[271](index=271&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=99&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, financial assets held for trading, accounts receivable, other receivables, inventories, contract assets, long-term receivables, long-term equity investments, other equity instrument investments, investment properties, fixed assets, construction in progress, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, assets restricted by ownership or use rights, short-term borrowings, accounts payable, advances from customers, contract liabilities, employee benefits payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, long-term borrowings, bonds payable, lease liabilities, long-term payables, deferred income, other non-current liabilities, share capital, other equity instruments, capital reserves, other comprehensive income, special reserves, surplus reserves, undistributed profits, operating revenue and operating costs, taxes and surcharges, selling expenses, administrative expenses, financial expenses, other income, investment income, gains from changes in fair value, credit impairment losses, gains from asset disposals, non-operating income, non-operating expenses, income tax expenses, other comprehensive income, and cash flow statement items - The period-end balance of monetary funds was **RMB 2,490,680,840.86**, of which restricted monetary funds for ETC account deposits amounted to **RMB 171,500**[274](index=274&type=chunk)[275](index=275&type=chunk) - The period-end balance of accounts receivable was **RMB 156,058,703.59**, with an allowance for doubtful accounts of **RMB 6,026,005.72**[282](index=282&type=chunk) - The period-end book value of intangible assets was **RMB 52,343,245,630.16**, primarily consisting of expressway concession rights[339](index=339&type=chunk) - The period-end balance of short-term borrowings was **RMB 20,000,000.00**, a significant decrease of **97.19%** from the beginning of the period[363](index=363&type=chunk) - Operating revenue for the current period amounted to **RMB 4,126,034,968.39**, and operating costs were **RMB 2,581,318,509.72**[423](index=423&type=chunk) [VIII. Research and Development Expenses](index=157&type=section&id=VIII.%20Research%20and%20Development%20Expenses) There are no relevant matters in this chapter [IX. Changes in Consolidation Scope](index=157&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, there were no changes in the company's consolidation scope [X. Interests in Other Entities](index=159&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, key financial information of significant non-wholly owned subsidiaries, and major joint ventures and associates. The company exercises significant influence over some associates, even with lower equity stakes - The company has **15** first-tier subsidiaries, with business activities covering expressway operations, investment, auxiliary services, and green energy[470](index=470&type=chunk) Financial Information of Significant Non-Wholly Owned Subsidiaries (Unit: RMB) | Subsidiary Name | Minority Shareholding (%) | Current Period Profit/Loss Attributable to Minority Shareholders | Dividends Declared to Minority Shareholders in Current Period | Period-end Minority Interests Balance | | :--- | :--- | :--- | :--- | :--- | | Chengdu Chengbei Exit Expressway Co., Ltd. | 40.00 | 14,991,763.62 | - | 150,592,751.33 | | Sichuan Chengya Expressway Oil Supply Co., Ltd. | 49.00 | 12,289,150.42 | 22,050,000.00 | 48,832,434.78 | | Sichuan Zhonglu Energy Co., Ltd. | 49.00 | 14,105,269.61 | 29,471,769.33 | 112,335,958.37 | | Sichuan Multimodal Transport Investment Development Co., Ltd. | 49.00 | 1,347,174.69 | - | 494,306,992.27 | | Sichuan Chengqiongya Expressway Co., Ltd. | 18.00 | - | - | 272,809,756.08 | - The company holds a **7.474%** stake in Sichuan Renshou Rural Commercial Bank Co., Ltd., but exercises significant influence due to having a board representative, and thus accounts for it using the equity method[478](

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, while net profit showed an increase, leading to a decision not to distribute interim dividends or increase capital stock [1] Financial Performance - Revenue for the first half of 2025 was 4.126 billion, representing a year-on-year decrease of 23.14% [1] - Net profit for the same period was 837 million, showing a year-on-year increase of 19.93% [1] Dividend and Capital Management - The board of directors decided not to distribute interim dividends as of June 30, 2025 [1] - There will be no capital reserve conversion to increase share capital [1]

Investment Highlights - The company is rated as outperforming the industry with a target price of 6.85 CNY for A-shares and 5.61 HKD for H-shares, based on dividend yield valuation methods, corresponding to 4.5%/4.7% dividend yields for 2025/2026 for A-shares and 6.0%/6.4% for H-shares [1] - The company possesses core road assets in the Chengdu-Chongqing region, with strong profitability, backed by the Shudao Group, managing approximately 900 kilometers of road assets, primarily connecting Chengdu with major cities in Sichuan and serving as significant transit routes to other provinces [1] - The company has maintained an average gross margin of 52.8% over the past decade, indicating strong profitability within the industry [1] Sustainable Profit Growth - The company is actively investing in core road assets with short remaining toll collection periods through expansion and acquisitions, including the ongoing expansion of Chengle Expressway and the acquisition of Chengdu Second Ring West, which is expected to contribute 160 million CNY in profit by 2025 [2] - The company has a high dividend payout ratio, with a commitment to return at least 60% of profits to shareholders from 2023 to 2025, leading to a projected dividend yield of 5.2% in 2024, which is among the highest in the highway industry [2] - The company believes it can effectively extend the remaining toll collection periods and expand its highway business through strategic investments, despite market concerns regarding the short remaining periods of core road assets [2] Potential Catalysts - Key catalysts for growth include the completion of the Chengle Expressway expansion and ongoing asset acquisitions [3] Earnings Forecast and Valuation - The company is projected to have EPS of 0.51 CNY and 0.54 CNY for 2025 and 2026, respectively, with a CAGR of 6.3% from 2024 to 2026 [4] - Using a dividend yield approach, the target price for A-shares is set at 6.85 CNY, reflecting a 21.9% upside potential, while the target price for H-shares is 5.61 HKD, indicating a 14.5% upside potential [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 四川成渝高速公路股份有限公司 Sichuan Expressway Company Limited* （在中華人民共和國註冊成立之股份有限公司） （股份編號：00107） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列四川成渝高速公路股份有限公司（「本公司」）在上海證券交易所網站發佈的 《四川成渝高速公路股份有限公司關於投資G5京昆高速公路成都至雅安段擴容工 程項目暨關聯交易的進展公告》，僅供參閱。 承董事會命 四川成渝高速公路股份有限公司 姚建成 執行董事兼公司秘書 中華人民共和國 • 四川省 • 成都市 二零二五年八月十八日 於本公告之日，董事會成員包括：執行董事羅祖義先生（董事長）、游志明先生 （副董事長）、馬永菡女士、姚建成先生及毛渝茸女士，非執行董事楊少軍先生 （副董事長）、李成勇先生及陳朝雄先生，獨立非執行董事余海宗先生、步丹璐女 士、周華先生及 ...

| 证券代码：601107 | 证券简称：四川成渝 | | 公告编号：2025-036 | | --- | --- | --- | --- | | 债券代码：241012.SH | 债券简称：24 | 成渝 01 | | | 债券代码：102485587 | 债券简称：24 | 成渝高速 MTN001 | | 四川成渝高速公路股份有限公司 关于投资G5京昆高速公路成都至雅安段扩容工 程项目暨关联交易的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、项目概述 2025 年 6 月 27 日，雅安市人民政府、成都市人民政府、眉山市人民政府（"招 标人"）就 G5 京昆高速公路成都至雅安段扩容工程项目（"成雅扩容项目""本 项目""项目"）发布招标公告，四川成渝高速公路股份有限公司("公司""本 公司")牵头组成的联合体（"联合体"）参与投标；2025 年 7 月 22 日，招标 人公示联合体成为本项目第一中标候选人；2025 年 7 月 28 日，联合体收到招标 人的《中标通知书》，确认联合体中标成雅扩容项目；202 ...

Group 1 - The core viewpoint of the article highlights the performance and holdings of the E Fund Hong Kong Stock Connect Dividend Mixed A fund, which has shown significant returns over various time frames [1] - The fund's latest net value is 0.8609 yuan, with a weekly return of 1.01%, a three-month return of 16.94%, and a year-to-date return of 22.37% [1] - The fund was established on March 7, 2018, and as of June 30, 2025, it has a total scale of 2.656 billion yuan [1] Group 2 - The top ten stock holdings of the fund include Longyuan Power, China Mobile, Sinopec Refining, China Chemical Fertilizer, Beijing Enterprises Water Group, Mengniu Dairy, Xinhua Wencun, Sinopec Guande, Datang Renewable, and Sichuan Chengyu [1] - The combined proportion of the top ten holdings accounts for 33.37% of the fund's total assets [1]

Summary of Sichuan Chengyu Conference Call Company and Industry Overview - **Company**: Sichuan Chengyu Expressway Company - **Industry**: Expressway and Infrastructure Management Key Points and Arguments 1. **Revenue Growth**: The company's toll revenue has shown a compound annual growth rate (CAGR) of 11% over the past three years, ranking second only to China Merchants Expressway, significantly outperforming Ninghu Expressway [2][3] 2. **Profitability**: The gross margin for 2024 is projected to be 59.6%, placing the company third in the industry, behind Guangdong Expressway and Anhui Expressway. The company experienced a remarkable growth of 90.15% in 2023, with an expected further increase of 22.9% in 2024 [2][3] 3. **Policy Support**: The Sichuan provincial government has provided substantial support, allowing for the expansion and upgrade of expressways, such as the Chengya Expressway, which will extend the toll collection period by 30 years and increase toll rates [2][5] 4. **Dividend Commitment**: The company has committed to a minimum dividend payout ratio of 60% over the next three years, supported by the Sichuan Provincial State-owned Assets Supervision and Administration Commission's policies [2][6] 5. **Capital Expenditure Reduction**: Capital expenditures are expected to decrease significantly, with a 35.8% decline in 2024 compared to 2023, and an 18.4% decline in Q1 2025 compared to Q1 2024, leading to improved cash flow and dividend capacity [2][9][8] 6. **Asset Quality**: The company maintains high asset quality, focusing solely on expressway operations without diversifying into unrelated sectors. Its expressways are strategically located, enhancing traffic flow and revenue potential [5][7] 7. **Future Growth Potential**: The company is well-positioned for future growth due to its core business focus, advantageous location, and supportive policies. The combination of revenue growth and cost-saving measures suggests a strong outlook for continued performance [7][10] 8. **Debt Management**: The company's debt-to-asset ratio has been declining, indicating improved financial health. It is projected to remain below 70%, supporting stable investment returns [11] 9. **Long-term Profitability Assurance**: The acquisition of the Er'er C Expressway project includes a seven-year profit commitment from the controlling shareholder, ensuring a minimum net profit of 2.3 billion yuan from 2023 to 2025 [12] 10. **Market Positioning**: Sichuan Chengyu has significant room for growth through asset interactions with its major shareholder, Shudao Group, which has a toll revenue of 26.8 billion yuan, indicating potential for further capital and asset operations [15] Additional Important Insights - **Dividend Yield**: The company is currently the only expressway stock in A-shares with a dividend yield exceeding 5%, reflecting strong performance in shareholder returns [8] - **Future Net Profit Projections**: Expected net profits for 2025, 2026, and 2027 are projected to be 1.58 billion, 1.71 billion, and 1.84 billion yuan, respectively, with target prices set at 7.75 yuan for A-shares and 6.01 HKD for Hong Kong shares [16][17]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 四川成渝高速公路股份有限公司 Sichuan Expressway Company Limited* 於本公告之日，董事會成員包括：執行董事羅祖義先生（董事長）、游志明先生 （副董事長）、馬永菡女士、姚建成先生及毛渝茸女士，非執行董事楊少軍先生 （副董事長）、李成勇先生及陳朝雄先生，獨立非執行董事余海宗先生、步丹璐女 士、周華先生及姜濤先生。 * 僅供識別 | 证券代码：601107 | 证券简称：四川成渝 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：241012.SH | 债券简称：24 成渝 01 | | | 债券代码：102485587 | 债券简称：24 成渝高速 | MTN001 | 四川成渝高速公路股份有限公司 关于投资G5京昆高速公路成都至雅安段扩容工 程项目暨关联交易的进展公告 （在中華人民共和國註冊成立之股份有限公司） （股份編號：0010 ...