江苏宁沪高速公路股份有限公司 股票简称：宁沪高速 股票代码：600377 编号：临 2025-022 第十一届监事会第十二次会议决议公告 本公司监事会及全体监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、会议召开情况 （一）江苏宁沪高速公路股份有限公司（以下简称"本公司"）第十一届监 事会第十二次会议（以下简称"会议"）于 2025 年 5 月 23 日在南京市仙林大道 6 号本公司 2 号楼会议室以现场会议及视频会议相结合的方式召开，会议由杨世 威先生主持。 （二）会议通知及材料以邮件、传真的方式向全体监事发出。 此议案获得通过。 2、审议并通过《关于本公司租赁经营江苏润扬大桥发展有限责任公司所属 谷阳服务区加油站的日常关联交易的议案》。 （三）会议应到监事 5 人，会议实际出席监事 5 人。董事会秘书列席了本次 会议。 （四）会议的召开符合《公司法》及本公司《章程》的有关规定，会议决议 为有效决议。 二、会议审议情况 本次会议审议并通过如下议案： 1、审议并通过《关于本公司向控股子公司江苏锡太高速公路有限公司增资 的议案》。 表决结果： ...

股票简称：宁沪高速 股票代码：600377 编号：临 2025-021 江苏宁沪高速公路股份有限公司 第十一届董事会第十二次会议决议公告 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、会议召开情况 本议案已经本公司董事会战略委员会审议通过，并同意提交董事会审议。 表决结果：同意 13 票；反对 0 票；弃权 0 票。 （一）江苏宁沪高速公路股份有限公司（以下简称"本公司"）第十一届董事会 第十二次会议（以下简称"会议"）于2025年5月23日以现场会议及视频会议相结合 的方式召开。 （二）会议通知以邮件或专人送达的方式向董事会全体成员发出。 （三）会议应表决董事13人，会议出席董事13人。 （四）会议的召开符合《公司法》及本公司《章程》的有关规定，会议决议为有 效决议。 二、会议审议情况 本次会议审议并通过如下议案： （一）审议并批准《关于本公司向控股子公司江苏锡太高速公路有限公司（以下 简称"锡太公司"）增资的议案》。 同意控股子公司锡太公司采用"施工承包+股权投资"模式引入社会资本，与其 现有股东共同增资人民币 55 ...

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 4.78 billion yuan in Q1 2025, representing a year-on-year increase of 37.7%. However, the net profit attributable to shareholders was 1.211 billion yuan, down 2.9% year-on-year, while the net profit excluding non-recurring items grew by 0.63% year-on-year [1][3]. Summary by Sections Financial Performance - In Q1 2025, the company's highway toll revenue was 2.33 billion yuan, a year-on-year increase of 2.3%. The growth was influenced by a lower base in Q1 2024 due to adverse weather conditions and one less day of toll-free travel during the Spring Festival compared to the previous year [8]. - The traffic volume on the Jiangsu section of the Huning Expressway increased by 5.5%, benefiting from the diversion caused by the expansion of the Yangtze River Highway. Other expressways experienced varied traffic changes, with some showing significant declines due to construction impacts [8]. - The company’s construction revenue, supporting services, electricity sales, real estate sales, and other income for Q1 2025 were 1.8 billion, 420 million, 170 million, 20 million, and 50 million yuan respectively, with respective year-on-year changes of +13.3%, 0.0%, -0.4%, -0.6%, and +0.2 million yuan [8]. Investment and Capital Expenditure - The company’s investment expenditure significantly increased in 2024, reaching 11.16 billion yuan, a year-on-year increase of 307.26%. The planned capital expenditure for 2025 is 9.37 billion yuan, a decrease of 1.79 billion yuan from 2024, focusing on several key projects [8]. - The company continues to actively invest in quality road assets, which is expected to support long-term profit growth as traffic volumes increase [8]. Profitability and Dividend Policy - The company recorded a significant decrease in non-recurring income in Q1 2025, leading to a decline in attributable net profit. However, the net profit excluding non-recurring items showed a slight increase, indicating stable performance in the core business [8]. - The company maintains a stable dividend policy, with a slight increase in the dividend per share (DPS) to 0.49 yuan, corresponding to a dividend yield of 3.2% at the current stock price [8].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,781,525,555.03, representing a year-on-year increase of 37.66% compared to CNY 3,473,393,457.30 in the same period last year[4]. - The net profit attributable to shareholders of the listed company decreased by 2.88% to CNY 1,210,866,236.48 from CNY 1,246,836,155.30 in the previous year[4]. - The basic and diluted earnings per share were both CNY 0.2404, reflecting a decrease of 2.88% compared to CNY 0.2475 in the same period last year[4]. - The company reported a total comprehensive income of CNY 1,080,176,529.13 for Q1 2025, down from CNY 1,987,076,378.89 in Q1 2024, representing a decline of 45.5%[27]. - The company reported a total operating profit of approximately CNY 1,586,211 thousand for Q1 2025, a decline of 4.02% year-on-year, with net profit attributable to shareholders at CNY 1,210,866 thousand, down 2.88%[16]. Cash Flow and Assets - The net cash flow from operating activities increased by 4.48% to CNY 1,713,194,681.50 from CNY 1,639,672,583.68 in the previous year[4]. - The company's total assets as of March 31, 2025, amounted to CNY 91,484,769,001.36, an increase from CNY 89,886,075,247.13 at the end of 2024[21]. - Current liabilities decreased to CNY 13,757,114,771.77 from CNY 16,186,507,091.14 year-on-year[22]. - Non-current liabilities increased to CNY 26,761,864,647.64 from CNY 23,965,580,035.62 year-on-year[22]. - The cash and cash equivalents at the end of Q1 2025 were CNY 727,739,684.05, a decrease from CNY 784,188,898.65 at the end of Q1 2024[29]. Revenue Breakdown - The company achieved total operating revenue of approximately RMB 4,781,526 thousand, representing a year-over-year growth of about 37.66%[12]. - Excluding construction revenue, the operating revenue was approximately RMB 2,984,235 thousand, showing a slight decline of about 0.72% compared to the previous year[12]. - Toll road business generated revenue of approximately RMB 2,326,727 thousand, with a year-over-year increase of about 2.25%[12]. - Construction period revenue reached approximately RMB 1,797,290 thousand, marking a significant year-over-year growth of about 284.55%[12]. - Power sales revenue decreased to approximately RMB 171,711 thousand, down about 17.23% year-over-year due to weather impacts[13]. - Real estate business revenue fell to approximately RMB 18,040 thousand, a decline of about 76.02% year-over-year as the company reduced its real estate operations[13]. Traffic and Operations - The average daily traffic for the company's toll road network was 73,558 vehicles, reflecting a slight decrease of 0.56% year-over-year[14]. - The average daily income from the Ningchang Expressway was RMB 2,595.54 thousand, down 9.96% year-over-year[14]. - The company operates 11 toll road projects, with varying traffic and revenue performance across different routes[14]. - Total traffic volume decreased by 21.17% to 23,270 vehicles per day, while average daily revenue increased by 7.51% to CNY 346.88 thousand per day[15]. - For Wufengshan Bridge, total traffic volume was 49,125 vehicles per day, down 4.66%, with average daily revenue at CNY 2,692.03 thousand, a decrease of 6.27%[15]. Investments and Financial Activities - The company incurred financial expenses of CNY 219,649,147.18 in Q1 2025, down from CNY 246,435,277.03 in Q1 2024, showing a reduction of 10.9%[26]. - Investment activities resulted in a net cash outflow of CNY 2,794,548,425.03 in Q1 2025, compared to a net outflow of CNY 2,238,250,411.49 in Q1 2024, indicating an increase in investment spending[28]. - The company raised CNY 4,583,160,000.00 through borrowings in Q1 2025, slightly down from CNY 4,741,695,000.00 in Q1 2024[29]. - The company has approved a cash increase of CNY 10,851.72 thousand to its subsidiary Wufengshan Bridge Company, with other shareholders contributing proportionally[18]. Future Outlook - The completion of the Ningyang Yangtze River Bridge in January 2025 is expected to enhance the company's market position and operational scale in the regional road network[17].

Financial Performance - The company's operating revenue for the first quarter reached CNY 4,781,525,555.03, representing a year-on-year increase of 37.66% compared to CNY 3,473,393,457.30[7] - Net profit attributable to shareholders decreased by 2.88% to CNY 1,210,866,236.48 from CNY 1,246,836,155.30 in the same period last year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 0.63% to CNY 1,194,521,061.85[7] - Basic and diluted earnings per share both decreased by 2.88% to CNY 0.2404[7] - The company reported an operating profit of approximately RMB 1,586,211 thousand for the period, a decrease of 4.02% year-on-year[28] - Net profit attributable to shareholders was approximately RMB 1,210,866 thousand, with earnings per share of RMB 0.2404, down 2.88% year-on-year[28] - Total comprehensive income for Q1 2025 was ¥1,080,176,529.13, down from ¥1,987,076,378.89 in Q1 2024, indicating a decrease of approximately 45.5%[39] Revenue Breakdown - The increase in operating revenue was primarily driven by increased investment in road and bridge projects, while excluding construction revenue, the operating revenue decreased by 0.72%[13] - The toll road business generated revenue of approximately RMB 2,326,727 thousand, with a year-on-year growth of about 2.25%[21] - The construction period revenue amounted to approximately RMB 1,797,290 thousand, reflecting a significant year-on-year increase of about 284.55%[22] - The revenue from the power sales decreased by approximately 17.23%, totaling RMB 171,711 thousand, primarily due to weather-related factors[22] - The real estate business reported operating revenue of approximately RMB 18,040 thousand, down about 76.02% year-on-year, as the company actively reduced its real estate operations[22] - The revenue from ancillary businesses was approximately RMB 420,638 thousand, showing a year-on-year increase of about 1.15%[21] - The company's revenue from other businesses increased by approximately 47.45%, totaling RMB 47,119 thousand, mainly due to increased income from hotel rooms and other sources[22] Cash Flow and Investments - The net cash flow from operating activities was CNY 1,713,194,681.50, up 4.48% from CNY 1,639,672,583.68[7] - Cash flow from operating activities for Q1 2025 was ¥1,713,194,681.50, an increase from ¥1,639,672,583.68 in Q1 2024, showing a growth of about 4.5%[42] - Cash inflow from investment activities in Q1 2025 was ¥2,537,947,833.25, down from ¥6,046,644,637.68 in Q1 2024, indicating a decrease of approximately 58.1%[42] - Cash outflow from investment activities totaled approximately $5.33 billion in Q1 2025, down from $8.28 billion in Q1 2024, reflecting a reduction in investment spending[43] - The company received approximately $212.47 million from minority shareholders in Q1 2025, reflecting ongoing investment interest from minority stakeholders[43] Assets and Liabilities - Total assets at the end of the reporting period were CNY 91,484,769,001.36, an increase of 1.78% from CNY 89,886,075,247.13 at the end of the previous year[9] - Total liabilities as of March 31, 2025, were CNY 40,518,979,419.41, slightly higher than CNY 40,152,087,126.76 reported on December 31, 2024, representing an increase of approximately 0.91%[35] - The total non-current liabilities rose to CNY 26,761,864,647.64, compared to CNY 23,965,580,035.62, reflecting an increase of approximately 11.83%[35] - The company's cash and cash equivalents decreased to CNY 727,739,684.05 from CNY 864,469,970.43, a decline of about 15.77%[33] - The company's inventory stood at CNY 1,974,050,589.08, slightly down from CNY 1,999,541,489.81, indicating a decrease of about 1.29%[33] Shareholder Information - The company had a total of 27,697 shareholders, with 27,332 A-share shareholders and 365 H-share shareholders[19] - Jiangsu Transportation Holding Co., Ltd. holds the largest share with 54.44% of the total shares[16] - The company’s stock structure includes significant foreign institutional investors such as BlackRock, Inc. and JPMorgan Chase & Co.[16] Future Outlook and Projects - The completion of the Ningyang Yangtze River Bridge in January 2025 is expected to enhance the company's market share and operational management capabilities in the region[29] - The company anticipates the completion of the northern connection project of the Ningyang Yangtze River Bridge by the end of 2025, with cumulative investment reaching RMB 4.217 billion[29] Operational Metrics - The average daily traffic for the company's toll bridges was 73,558 vehicles, a slight decrease of 0.56% year-on-year[23] - The daily average income from tolls was RMB 14,897.34 thousand, an increase of 9.58% year-on-year[23] - The Jiangsu Ninghu Expressway Company experienced a significant drop in traffic, with passenger vehicle traffic down 54.81% year-on-year[24] - The company noted that the number of days with waived tolls for small passenger vehicles during major holidays was 8 days, compared to 9 days in the same period last year[26] Accounting and Reporting Changes - The company has implemented new accounting standards starting in 2025, which may affect financial reporting and analysis going forward[44]

Core Insights - The company reported a significant increase in revenue for Q1, with total revenue reaching 4.782 billion yuan, a year-on-year increase of 37.66%, primarily driven by increased investment in road and bridge construction projects [1][4] - Despite the revenue growth, net profit experienced a slight decline of 2.88% year-on-year, amounting to 1.211 billion yuan, largely due to soaring construction costs [1][4] - The company’s core business remains stable, with a non-recurring net profit of 1.195 billion yuan, reflecting a year-on-year growth of 0.63% [1][4] Revenue Breakdown - The toll road business, a core segment, generated 2.327 billion yuan in revenue, marking a 2.25% increase, benefiting from the expansion of the Yangtze River highway and a low base effect from adverse weather last year [2][4] - Construction business revenue surged to 1.797 billion yuan, a staggering increase of 284.55%, becoming the largest contributor to revenue growth [2][4] - Other segments showed mixed results, with power sales down 17.23% to 172 million yuan and real estate revenue plummeting 76.02% to 18 million yuan, indicating a strategic contraction in the real estate sector [2][4] Strategic Developments - The completion of the Ningyang Yangtze River Bridge marks a significant milestone, enhancing the company's road network layout [3][4] - The company is actively advancing the northern connection project of the Ningyang Yangtze River Bridge, with total construction investment reaching 4.217 billion yuan, expected to open by the end of 2025 [5] Financial Position - As of March 2025, total assets amounted to 91.485 billion yuan, a 1.78% increase from the previous year, while equity attributable to shareholders rose by 2.68% to 39.631 billion yuan [6] - The company has increased its long-term debt, with long-term borrowings reaching 20.008 billion yuan, up approximately 650 million yuan, indicating a preference for long-term financing [6]

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 4,946.69 million, with earnings per share of approximately RMB 0.9819[9]. - The company's operating revenue for 2024 reached ¥23.20 billion, a 52.70% increase compared to ¥15.19 billion in 2023[14]. - Net profit attributable to shareholders was ¥4.95 billion, reflecting a 12.09% growth from ¥4.41 billion in the previous year[14]. - The net profit excluding non-recurring gains and losses was ¥4.88 billion, up 16.90% from ¥4.17 billion in 2023[14]. - The group achieved toll revenue of approximately RMB 9,527,503 thousand, a year-on-year increase of about 0.17%, accounting for approximately 41.07% of total operating revenue[49]. - The group reported a significant increase in investment income, totaling RMB 1.78 billion, up 21.53% year-on-year[59]. - The company reported a total comprehensive income of CNY 7,197,723,928.73 for 2024, compared to CNY 4,567,969,175.51 in 2023, representing a growth of 57.0%[144]. Assets and Liabilities - The total assets of the group amounted to approximately RMB 89.886 billion, with net assets attributable to shareholders of approximately RMB 38.597 billion[10]. - Total assets at the end of 2024 amounted to ¥89.89 billion, a 14.27% increase from ¥78.66 billion in 2023[14]. - The total liabilities at the end of the reporting period amounted to approximately RMB 40,152,087 thousand, with a debt-to-asset ratio of about 44.67%, a decrease of approximately 3.35 percentage points compared to the previous period[88]. - The net asset liability ratio decreased by 11.65 percentage points to 80.73%[83]. Investments and Projects - The company invested RMB 5.35 billion in the Ningyang Yangtze River Bridge project, which is 70.63% of the total project investment of RMB 62.54 billion[25]. - The company has invested RMB 14.83 billion in the Ningyang Yangtze River Bridge North Connection project, accounting for 58.74% of the total investment of RMB 69.85 billion[25]. - The company is advancing the Xitai project with a total estimated investment of RMB 241.98 billion, having invested RMB 60.66 billion, which is 25.07% of the total[26]. - Major investment projects for 2025 include the construction of the Xiyi Expressway South Extension at RMB 2,435,000,000 and the construction of the Xitai Expressway at RMB 1,800,000,000[113]. Revenue Streams - The revenue from the Shanghai-Nanjing Expressway was ¥5,260,680,666.24, achieving a gross margin of 60.65%, which is up by 7.44 percentage points compared to the previous year[62]. - The revenue from the power sales segment increased to ¥719,730,356.19, with a gross margin of 50.69%, up by 3.86 percentage points year-on-year[62]. - Real estate sales revenue decreased by 71.13% to approximately RMB 137,095 thousand due to a smaller project delivery scale compared to the previous year[51]. Operational Efficiency - The company has equipped 187 toll collection machines, reducing on-site personnel by over 300[27]. - The company has established 20 drone airports to enhance road maintenance efficiency, conducting nearly 3,000 inspections during the reporting period[28]. - The company’s smart expansion technology won the IRF International Award 2024, marking it as the first listed bridge company in the country to receive this honor[28]. - The group has established a modern enterprise management control framework to enhance operational efficiency and risk management[56]. Sustainability and Innovation - The company is actively exploring and developing transportation and new energy businesses to expand profit margins and achieve sustainable development[10]. - The company’s "zero carbon service area" project has generated over 3 million kWh of electricity annually, reducing CO2 emissions by over 2,000 tons each year[34]. - The company is committed to advancing green low-carbon development and aims to be a leader in the green transformation of the highway industry[108]. - The group emphasizes the integration of green low-carbon concepts throughout its production and operations, aiming to reduce energy consumption and emissions[111]. Shareholder Returns - The board proposed a cash dividend of RMB 0.49 per share (before tax), with the total share capital being 5,037,747,500 shares[9]. - The company has maintained a high dividend payout ratio since its listing, ensuring stable long-term returns for shareholders[42]. - The distributable reserves for shareholders as of December 31, 2024, amounted to RMB 15,688,590,021.99, an increase from RMB 13,285,818,750.47 as of December 31, 2023[92]. Market Position and Growth - The company is the only listed bridge company in Jiangsu Province, focusing on enhancing and integrating high-quality bridge projects in the southern Jiangsu road network[41]. - Jiangsu Province's GDP is expected to reach 13.7 trillion yuan in 2024, with a growth rate of 5.8%, contributing positively to the company's business development[41]. - The national GDP is projected to exceed 134 trillion yuan in 2024, representing a 5.0% increase from the previous year, creating a favorable external environment for the highway industry[37].

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 4,946,692 thousand, with earnings per share of about RMB 0.9819[6]. - The company achieved a net profit of RMB 1.2 billion, representing a 20% increase compared to the same period last year[14]. - Net profit attributable to shareholders was RMB 4.95 billion, reflecting a 12.09% increase from RMB 4.41 billion in the previous year[21]. - The basic earnings per share for 2024 was RMB 0.9819, up 12.09% from RMB 0.8760 in 2023[22]. - The total profit reached RMB 6.317 billion, an increase of 11.36% compared to the previous year[41]. - The company reported a total operating revenue of RMB 23.198 billion for the year, representing a year-on-year increase of 52.70%[41]. - The company reported a total of RMB 66.24 million in non-recurring gains and losses for the year[29]. - The company reported a total revenue from the top five customers of RMB 91,453 thousand, accounting for 3.94% of total annual sales[82]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion, representing a 20% year-over-year growth[158]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan, representing a 20% year-over-year growth[160]. Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 0.49 per share (including tax), based on a total share capital of 5,037,747,500 shares, expected to be paid on July 30, 2025[6]. - The total comprehensive income for the year is RMB 6,954,903,293.41, with a significant portion attributed to undistributed profits of RMB 15,688,590,021.99 available for distribution to shareholders as of December 31, 2024[113]. Revenue and Growth Projections - Jiangsu Expressway Company Limited reported a revenue increase of 15% year-over-year, reaching RMB 5.2 billion for the latest quarter[14]. - The company has set a performance guidance of 12% revenue growth for the next fiscal year[14]. - The company provided a positive outlook for the next quarter, projecting revenue growth of 25% and aiming to reach $1.875 billion[158]. - Future guidance indicates a commitment to sustainability, with plans to invest $30 million in green initiatives over the next two years[158]. Operational Efficiency and Investments - Investment in new technologies for toll collection is expected to reach RMB 300 million, enhancing operational efficiency[14]. - The company has equipped 187 smart toll lanes, reducing on-site toll staff by over 300 personnel, enhancing the efficiency of free-flow tolling[44]. - The company has successfully reduced operational costs by 15% through efficiency improvements[158]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[158]. Traffic and User Engagement - User traffic on the expressways increased by 10% year-over-year, with a total of 45 million vehicles recorded[14]. - The average daily traffic flow for the company's controlled road network increased by 4.24% year-on-year, with passenger vehicle flow at 56,701 vehicles/day and freight vehicle flow at 14,296 vehicles/day[60]. - User data showed an increase in active users, reaching 10 million, which is a 15% increase compared to the previous quarter[158]. Strategic Initiatives and Future Plans - The company plans to expand its network by adding 200 kilometers of new expressways by the end of 2025[14]. - The company is exploring potential mergers and acquisitions to strengthen its market position in the region[14]. - The company is actively involved in the development of 45 integrated energy projects, including the "Wind-Solar-Storage-Charging-Swap" demonstration project[49]. - The company plans to optimize its debt structure and reduce financing costs while exploring various financing methods to support its development needs, with registered but unissued short-term financing bonds and medium-term notes totaling RMB 80 billion[141]. Sustainability and Environmental Initiatives - The company is focusing on sustainable practices, aiming for a 25% reduction in carbon emissions by 2025[14]. - The company aims to lead the green transformation in the highway industry, leveraging its subsidiary Yunshan Qingneng in the renewable energy sector[136]. - The company is actively exploring zero-carbon industry models and innovative energy platforms to support sustainable development[137]. Governance and Compliance - The governance structure of the company adheres to legal regulations and best practices, ensuring effective checks and balances among its governing bodies[148]. - The company has been recognized with multiple awards for its investor relations and corporate governance, including the "2023 Golden Bull Most Investment Value Award" and "Top 100 ESG Listed Companies in China"[52]. - The company has a clear governance structure with no cross-appointments between the controlling shareholder and the company[149]. Financial Position and Assets - Total assets at the end of 2024 were RMB 89.89 billion, a 14.27% increase from RMB 78.66 billion at the end of 2023[21]. - The company's net assets attributable to shareholders increased by 13.56% to RMB 38.60 billion compared to RMB 33.99 billion in 2023[21]. - The total liabilities to total assets ratio decreased to 44.67%, down by 3.35 percentage points from the previous period[94]. Employee and Management Practices - The total salary expenditure for employees during the reporting period was approximately RMB 909.67 million, reflecting the company's emphasis on employee value and compensation[197]. - Training expenses for the reporting period amounted to approximately RMB 17.96 million, covering all levels from frontline production to senior management, enhancing employee capabilities and awareness[199]. - The company has implemented a diversified incentive mechanism, including salary incentives and performance assessments, to stimulate employee motivation and creativity[197]. Related Party Transactions - The company has approved 21 daily related transactions, ensuring fair pricing and no negative impact on shareholders, particularly minority shareholders[180]. - The company has engaged independent third-party auditors to ensure the fairness and transparency of related party transactions, confirming the reasonableness of project costs[184].

Financial Performance - The company's operating revenue for the third quarter was RMB 4,098,509,526.37, a decrease of 8.37% compared to the same period last year[3]. - Net profit attributable to shareholders was RMB 1,371,233,351.15, reflecting a decline of 11.81% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,462,990,152.97, an increase of 3.26% compared to the previous year[3]. - Basic and diluted earnings per share were both RMB 0.2722, down 11.81% from the previous year[3]. - Operating revenue increased by approximately 21.10% year-on-year, benefiting from increased investment in bridge construction projects; excluding construction revenue, operating revenue decreased by 2.33% due to lower oil product sales and reduced real estate delivery scale[8]. - Net profit attributable to shareholders of the listed company increased by 2.05% year-on-year, driven by increased toll revenue, reduced financial expenses, and asset disposal gains from the cessation of tolls on the Luma first-level highway[9]. - Net profit attributable to shareholders of the listed company, after deducting non-recurring gains and losses, increased by 7.95% year-on-year[9]. - Basic earnings per share reached 2.05 yuan per share, reflecting the same upward trend as net profit[9]. - The operating profit for the same period was approximately RMB 1,736,375 thousand, a decrease of 13.31% year-on-year; net profit attributable to shareholders was approximately RMB 1,371,233 thousand, down 11.81% year-on-year[17]. - Net profit attributable to shareholders increased by approximately 2.05% year-on-year to RMB 4,119,703 thousand, with earnings per share of RMB 0.8178[22]. - Net profit attributable to shareholders for the first three quarters of 2024 was ¥4,119,702,513.15, compared to ¥4,036,767,899.56 in 2023, reflecting a growth of 2.0%[31]. Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 84,000,993,666.34, representing a growth of 6.79% compared to the end of the previous year[3]. - Equity attributable to shareholders reached RMB 36,803,692,015.40, an increase of 8.29% year-on-year[3]. - Current liabilities rose to ¥12,783,053,383.92, up from ¥9,549,438,432.72, representing a significant increase of 33.5%[27]. - Total liabilities decreased to ¥36,994,277,697.92 from ¥37,772,936,068.68, showing a reduction of 2.1%[28]. - The company maintained a strong equity position with total equity reaching ¥47,006,715,968.42, up from ¥40,888,507,875.68, indicating a growth of 15.5%[29]. Cash Flow - The company reported a net cash flow from operating activities of RMB 5,418,831,429.21 for the year-to-date, down 2.46% year-on-year[3]. - Cash flow from operating activities decreased by 2.46% year-on-year due to reduced factoring business after the transfer of equity in the factoring company last year[9]. - Cash inflow from investment activities in the first three quarters of 2024 was ¥17,680,117,734.40, a significant increase from ¥13,692,334,923.45 in 2023[35]. - Net cash flow from investment activities for the first three quarters of 2024 was -¥5,022,252,674.88, compared to -¥2,277,139,103.00 in 2023, indicating increased investment outflows[35]. - Cash inflow from financing activities for the first three quarters of 2024 totaled ¥17,074,722,272.00, up from ¥16,385,906,000.00 in 2023[35]. - The ending cash and cash equivalents balance as of the end of the third quarter of 2024 was ¥708,700,436.49, compared to ¥686,437,157.91 at the end of the same period in 2023[36]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,110[10]. - Jiangsu Transportation Holding Co., Ltd. holds 54.44% of the shares, making it the largest shareholder[11]. - BlackRock, Inc. and JPMorgan Chase & Co. hold 1.94% and 1.72% of the shares, respectively, as foreign institutional investors[11]. - The top ten shareholders collectively hold a significant portion of the company's shares, indicating strong institutional interest[12]. - The company has not disclosed any related party relationships or concerted action among the top shareholders[14]. Revenue Breakdown - The revenue from electricity sales for the first nine months was approximately RMB 529,908 thousand, an increase of 8.45% year-on-year, mainly due to increased electricity generation from offshore wind projects[18]. - The construction revenue for the first nine months was approximately RMB 4,827,230 thousand, an increase of 123.70% year-on-year, attributed to increased investment in bridge projects[18]. - The revenue from the real estate business for the first nine months was approximately RMB 133,576 thousand, a decrease of 57.60% year-on-year, due to a smaller delivery scale compared to the previous year[18]. Traffic and Income - The average daily traffic for the company's controlled toll road network was 71,597 vehicles per day, an increase of 2.48% year-on-year[19]. - The average daily income from the Ningchang Expressway was approximately RMB 3,006.96 thousand, an increase of 7.74% year-on-year[19]. - The average daily income from the Zhenli Expressway was approximately RMB 1,134.31 thousand, an increase of 12.97% year-on-year[19]. - Total vehicle traffic for Xiyi Expressway decreased by 23.20% year-on-year to 22,285 vehicles per day[20]. - Daily average revenue for Xiyi Expressway fell by 33.80% year-on-year to RMB 921.74 thousand[20]. - Daily average revenue for Wufengshan Bridge increased by 15.74% year-on-year to RMB 2,871.10 thousand[20]. - Daily average revenue for Changyi Expressway decreased by 12.66% year-on-year to RMB 331.40 thousand[20]. - Daily average revenue for Yichang Expressway decreased by 4.47% year-on-year to RMB 347.43 thousand[20].