Core Viewpoint - Jiangsu Ninghu Expressway's stock transfer and financial performance indicate a shift in shareholder structure and a decline in revenue and profit for the first three quarters of 2025 [1] Group 1: Shareholder Activity - On November 10, 2023, shareholders of Jiangsu Ninghu Expressway transferred shares from HSBC Hong Kong to Citibank, with a market value of HKD 538 million, representing 4.49% of the total shares [1] Group 2: Financial Performance - For the first three quarters of 2025, Jiangsu Ninghu Expressway reported revenue of approximately CNY 12.981 billion, a year-on-year decrease of 7.66% [1] - The net profit attributable to shareholders was approximately CNY 3.837 billion, reflecting a year-on-year decline of 6.86% [1] - The basic earnings per share stood at CNY 0.7617 [1]

Summary of Jiangsu Expressway - H/A Conference Call Company Overview - **Company**: Jiangsu Expressway - **Ticker**: 177 HK (H shares), 600377 CH (A shares) - **Market Cap**: $6.133 billion (H shares), $9.658 billion (A shares) [4][27] Key Industry Insights - **Sector**: Infrastructure, Industrials & Transport - **Performance**: Jiangsu Expressway has shown solid operational performance and cost efficiencies in 3Q25, supporting a positive outlook [2][12] - **Market Context**: H shares have declined by 5% and A shares by 15% since June, while the CSI300 index gained 11%, attributed to fund rotation into growth names [2] Financial Performance - **3Q25 Results**: - Revenue growth of 6.6% year-over-year (Y/Y) for Shanghai-Nanjing Expressway, driven by a 12% increase in truck traffic [6] - Cost of revenue decreased by 5.6% Y/Y, with expectations for continued decline in road maintenance costs [6] - **Earnings Estimates**: - 4Q25 earnings expected to rise by 15% Y/Y due to resilient toll revenue and cost-reduction efforts [6] Dividend and Valuation - **Dividend Yield**: 5.7% for Jiangsu Expressway - H, with a commitment to maintain dividend stability [2][12] - **Price Target**: - H shares: HK$11.00 by Dec-26 [4][17] - A shares: Rmb15.00 by Dec-26 [27][41] - **Valuation Metrics**: - Adjusted EPS for FY25E: Rmb0.95, FY26E: Rmb1.01 [9][27] Strategic Initiatives - **Expansion Projects**: - Ongoing preparations for the Shanghai-Nanjing Expressway expansion, with completion aimed before the concession expires in 2032 [8] - Several major projects are progressing as scheduled, including the Ningyang Yangtze River Bridge North Connection and Xitai Project [7][8] - **Regulatory Environment**: - Anticipated revisions to the National Tollroad Regulation Policy, potentially extending concession periods and promoting balanced tolling [6] Risks and Considerations - **Downside Risks**: - Larger-than-expected decline in traffic, higher-than-expected capital expenditures for new projects, and less favorable toll-road industry policy terms [23][42] - **Upside Risks**: - Larger-than-expected increase in traffic and lower-than-expected capital expenditures [42] Conclusion - **Investment Stance**: Overweight on Jiangsu Expressway - H due to solid fundamentals, attractive yield, and growth potential in the toll-road sector [2][12][21] - **Neutral on Jiangsu Expressway - A** due to valuation concerns after recent price rallies [30][40]

Core Viewpoint - Jiangsu Ninghu Expressway (600377) announced that its controlling shareholder, Jiangsu Jiaokong, reported that its subsidiary, Yunshan Capital, acquired 27.652 million H shares of the company, representing approximately 0.5489% of the total issued share capital [1] Group 1 - After the acquisition, Jiangsu Jiaokong and its concerted parties, including its subsidiary, hold a total of 2.771 billion shares in the company, comprising 2.743 billion A shares and 27.652 million H shares [1] - The shareholding ratio increased from approximately 54.4511% to approximately 55.0000% [1]

Core Viewpoint - Jiangsu Ninghu Expressway (00177) announced that its controlling shareholder, Jiangsu Communications Control, reported that its subsidiary, Yunsong Capital, acquired 27.652 million H-shares of the company, representing approximately 0.5489% of the total issued share capital [1] Group 1 - After the acquisition, Jiangsu Communications Control and its concerted parties, including its subsidiary, hold a total of 2.771 billion shares in the company, comprising 2.743 billion A-shares and 27.652 million H-shares [1] - The shareholding ratio increased from approximately 54.4511% to about 55.0000% following the acquisition [1]

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。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 及 中 國 報 章 刊 登 的 公 告。 特 此 公 告。 承董事會命 汪 鋒 執行董事 中 國‧南 京，2025年11月6日 於 本 公 告 日 期，本 公 司 董 事 為： （股份代號：00177） 海外監管公告 簡式權益變動報告書 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 規 定 作 出。 # 非執行董事 陳雲江 # 、王穎健 # 、謝蒙萌 # 、汪鋒、張新宇、楊少軍 # 、楊建國 # 、馬忠禮 # 、 徐 光 華 * 、葛 揚 * 、顧 朝 陽 * 、譚 世 俊 * 、孫 立 軍 * * 獨立非執行董事 ...

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。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 關於控股股東及其一致行動人權益變動觸及5%整數倍 的提示性公告 本 公 司 董 事 會 及 全 體 董 事 保 證 本 公 告 內 容 不 存 在 任 何 虛 假 記 載、誤 導 性 陳 述 或 者 重 大 遺 漏，並 對 其 內 容 的 真 實 性、準 確 性 和 完 整 性 承 擔 法 律 責 任。 根 據 本 公 司 控 股 股 東 江 蘇 交 通 報 告，其 控 股 子 公 司 雲 杉 資 本 收 購 本 公 司H股股份27,652,000股，佔 公司已發行股本總額的 約0.5489%。增 持 後，江蘇交控及其一致行動人暨控股子公司合計持有本公司2,770,76 ...

Core Insights - JPMorgan increased its stake in Jiangsu Ninghu Expressway (600377) by acquiring 4.436319 million shares at a price of HKD 9.3668 per share, totaling approximately HKD 41.5541 million [1] - Following this acquisition, JPMorgan's total shareholding in Jiangsu Ninghu Expressway reached approximately 86.1872 million shares, representing a stake of 7.05% [1]

Group 1 - The core point of the article is that JPMorgan has increased its stake in Jiangsu Ninghu Expressway (00177) by purchasing 443.6319 thousand shares at a price of 9.3668 HKD per share, totaling approximately 41.55 million HKD [1] - After the purchase, JPMorgan's total shareholding in Jiangsu Ninghu Expressway is approximately 86.1872 million shares, representing a holding percentage of 7.05% [1]

Core Viewpoint - Jiangsu Expressway's wholly-owned subsidiary, Yunshan Capital, increased its stake in Ninghu Expressway by acquiring 27.652 million H-shares, raising its total shareholding to 55.0000% [1] Summary by Relevant Sections - **Equity Change Details** - The acquisition occurred between September 9, 2025, and November 4, 2025, through the Hong Kong Stock Exchange's trading system [1] - The increase in shareholding represents 0.5489% of the total shares of Ninghu Expressway [1] - **Shareholding Structure** - Prior to the acquisition, Jiangsu Expressway held 54.4511% of the shares directly and indirectly [1] - Post-acquisition, Jiangsu Expressway and its concerted parties hold a total of 2.771 billion shares [1]

江苏宁沪高速公路股份有限公司 简式权益变动报告书 上市公司名称：江苏宁沪高速公路股份有限公司 股票上市地点：上海证券交易所 股票简称：宁沪高速 股票代码：600377 信息披露义务人1：江苏交通控股有限公司 注册地址：南京市中山东路291号 信息披露义务人 2：江苏云杉资本管理有限公司 信息披露义务人 5： 苏州金陵南林饭店有限责任公司 注册地址：苏州市滚绣坊20号 签署日期：二〇二五年十一月五日 注册地址： 南京市中山东路291号101室 信息披露义务人 3： 江苏扬子大桥股份有限公司 注册地址：南京市中山东路291号301室 信息披露义务人 4： 江苏交控资产管理有限公司 注册地址：南京市建邺区庐山路242号金融城1期2号楼32F | | | | | | 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之冲突。 三、依据《证券法》、《收购办法》、《准则 15 号》的规定，本报告书已 全面披露了信息披露义务人在江苏宁沪高速公路股份有限公司拥有权益的股份 变动情况。截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人 没有通过任何其他 ...