Core Viewpoint - Ninghu Expressway continues the construction of the Ningyang Yangtze River Bridge project, aiming to enhance the regional highway network and solidify its leading position in the southern Jiangsu road network [1][2]. Investment Project - The company plans to invest no more than 90.33 billion RMB in the construction of the southern approach of the Ningyang Yangtze River Bridge [2]. - To ensure the project's smooth implementation, Ninghu Expressway will increase its capital contribution to the subsidiary Longtan Bridge Company by 3.27 billion RMB, while Nanjing Highway Development Group will contribute 1.247 billion RMB [2]. - The remaining construction funds of 4.516 billion RMB will be raised through bank loans [2]. - After the capital increase, Ninghu Expressway's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80% [2]. Strategic Importance - The project will effectively connect the southern approach of the Ningyang Yangtze River Bridge with the Hu-Ning Expressway, enhancing traffic flow and regional connectivity [3]. - This investment is crucial for improving the southern Jiangsu highway network and reinforcing the company's dominant position in the region [3]. Company Overview - Ninghu Expressway, established on August 1, 1992, is the only listed toll road company in Jiangsu Province and one of the largest listed companies in the domestic highway sector [4]. - The company primarily engages in the investment, construction, operation, and management of the Jiangsu section of the Hu-Ning Expressway and other toll roads within Jiangsu Province [4]. - As of June 30, 2025, the company operates 12 toll road projects and has 3 new projects under construction, totaling approximately 1,000 kilometers [4]. Financial Performance - From 2020 to 2024, the company's revenue increased from 8.032 billion RMB to 23.2 billion RMB, while net profit rose from 2.464 billion RMB to 4.947 billion RMB, despite some fluctuations due to the pandemic [4]. - In the first three quarters of 2025, the company's revenue was 12.981 billion RMB, a year-on-year decrease of 7.66%, and net profit was 3.837 billion RMB, down 6.86% year-on-year [4]. - As of the end of the third quarter of 2025, the company had cash and cash equivalents of 734 million RMB and financial assets of 2.923 billion RMB, with significant short-term and long-term liabilities [4]. Foreign Investment Interest - Ninghu Expressway has attracted significant foreign investment interest, particularly from BlackRock, which has increased its stake over four consecutive quarters, holding 126 million shares, or 2.49%, as of September 30, 2025 [5][6]. - Morgan Stanley reduced its stake in the second quarter of 2025 but increased it again in the third quarter, while State Street Bank entered the top ten shareholders list in the first quarter of 2025 [6].

Core Viewpoint - Ninghu Expressway (宁沪高速) is investing up to 9.033 billion RMB in the construction of the Nanyang Yangtze River Bridge South Connection Project to enhance regional highway networks and solidify its leading position in the southern Jiangsu road network [1][3][4] Group 1: Project Investment - The company plans to invest no more than 90.33 billion RMB in the Nanyang Yangtze River Bridge South Connection Project [1][3] - To ensure the project's smooth implementation, Ninghu Expressway will increase its investment in Jiangsu Longtan Bridge Co., Ltd. by 3.27 billion RMB, while Nanjing Highway Development Group Co., Ltd. will invest 1.247 billion RMB [3] - The remaining construction funds of 4.516 billion RMB will be raised through bank loans and other means [3] Group 2: Company Performance - Ninghu Expressway is the only listed toll road company in Jiangsu Province and has shown strong profitability [2][5] - From 2020 to 2024, the company's revenue increased from 8.032 billion RMB to 23.2 billion RMB, and net profit rose from 2.464 billion RMB to 4.947 billion RMB [5] - In the first three quarters of 2025, the company reported a revenue of 12.981 billion RMB, a year-on-year decrease of 7.66%, and a net profit of 3.837 billion RMB, down 6.86% year-on-year [5] Group 3: Shareholder Interest - The company has attracted significant foreign investment, particularly from BlackRock, which has increased its stake over four consecutive quarters, holding 126 million shares, or 2.49%, as of September 2025 [2][7] - Other notable shareholders include JPMorgan Chase and State Street Bank, indicating strong interest from institutional investors [6][7]

Key Points - Yonghui Supermarket's stock may face significant decline risks after a short-term surge [1] - Fuzhijing Technology's actual controller reduced holdings by 1.0429 million shares during abnormal stock fluctuations [1] Investment Projects - Ninghu Expressway plans to invest 9 billion yuan in the construction of the Nanyang Yangtze River Bridge southern connection project [1] - China Shipbuilding Special Gas plans to invest approximately 870 million yuan to build an annual production facility for 3,383 tons of high-purity hydrogen sulfide and other electronic gases [1] Contract Wins - Jicheng Electronics won contracts totaling approximately 215 million yuan for multiple State Grid projects [1] - Beixin Road and Bridge secured a 180 million yuan engineering project [1] - Beijing Kerui won a 498 million yuan State Grid project [1] Equity Acquisitions - Blues Technology intends to acquire 100% of Peimei Gao International to expand into the AI computing infrastructure sector [1] - Daon Co. plans to acquire 80% of Ningbo Aisikai [1] - Alibaba Travel Investment intends to subscribe for 20% equity in Zhongxin Youyou through a 55% stake in Hangzhou Aixin [1] Share Buybacks - Xingyu Co. plans to repurchase shares with an investment of 200 million to 300 million yuan [1]

Key Points - Yonghui Supermarket (601933.SH) may face significant downside risk after a large short-term price increase [2] - Fuzhijun Technology (002222.SZ) saw its actual controller reduce holdings by 1.0429 million shares during the period of abnormal stock fluctuations [2] - Ninghu Expressway (600377.SH) plans to invest 9 billion yuan in the construction of the Nanyang Yangtze River Bridge southern approach project [2] - Jicheng Electronics (002339.SZ) won contracts totaling approximately 215 million yuan for multiple State Grid projects [2] - Lens Technology (300433.SZ) intends to acquire 100% of Peimei Gao International to expand into the AI computing infrastructure sector [2] - Xingyu Co., Ltd. (601799.SH) plans to repurchase shares with an investment of 200 million to 300 million yuan [2] - Zhuangyuan Pasture (002910.SZ) board member Ma Hongfu plans to reduce holdings by no more than 3% [2] - Ruili Kemi (001285.SZ) has received project designation from clients [3] - Guangliwei (301095.SZ) plans to establish a wholly-owned subsidiary in Singapore focused on application research and global sales [3]

Core Viewpoint - Jiangsu Ninghu Expressway Co., Ltd. plans to increase capital for its subsidiary Jiangsu Longtan Bridge Co., Ltd. to invest in the Nanjing Metropolitan Circle Ring Expressway project, with a total estimated investment of up to RMB 9.03272 billion [2][3][21]. Group 1: Investment Overview - The company will increase its capital contribution to Jiangsu Longtan Bridge Co., Ltd. by RMB 3.26964 billion, while another shareholder, Nanjing Public Road Development Group Co., Ltd., will contribute RMB 1.24672 billion [4][13]. - The total investment for the Nanjing Yangtze River Bridge South Connection Project is estimated at RMB 9.03272 billion, with the capital contribution accounting for 50% of the total investment [21][15]. Group 2: Financial Impact - After the capital increase, the company's shareholding in Jiangsu Longtan Bridge Co., Ltd. will rise from approximately 57.33% to about 63.80% [4][16]. - The project is expected to enhance the overall traffic capacity of existing projects and increase traffic flow and toll revenue, thereby improving the operational efficiency of Jiangsu Longtan Bridge Co., Ltd. [21][19]. Group 3: Project Details - The project will connect the existing Nanjing Yangtze River Bridge and its northern connection to the regional expressway network, with a total length of approximately 19.627 kilometers [21][20]. - The project will be constructed to a dual six-lane expressway technical standard, with a design speed of 100 km/h [21][20]. Group 4: Approval and Compliance - The investment decision was approved by the company's board of directors and does not require shareholder approval, as it falls within the board's decision-making authority [5][52]. - The project is not classified as a major asset restructuring or related party transaction under relevant regulations [5][5].

Major Events - JD Industrial (07618) received a subscription rate of 60.52 times for its public offering in Hong Kong, with a share price set at HKD 14.10 [1] - Shanghai Pharmaceuticals (02607) obtained approval for the listing application of Succinic Acid Sultamicillin Tablets (SPH3127) [1] - Fosun Pharma (02196) received approval from the National Medical Products Administration for the drug registration application of Sodium Phosphonate Injection [1] - Lingbao Gold (03330) subsidiary plans to invest AUD 370 million to acquire a 50%+1 share stake in St Barbara Mining Pty Ltd [1] - Jiangsu Ninghu Expressway (00177) intends to increase capital by CNY 3.26964 billion to Longtan Bridge Company [1] - Yunfeng Financial (00376) had Fitch maintain the "A-" (Strong) financial strength rating for Wantong Insurance [1] Operating Performance - Sunny Optical Technology (02382) reported a shipment volume of 12.634 million vehicle-mounted lenses in November, a year-on-year increase of 69.4% [1] - Q Technology (01478) saw mobile camera module sales of 38.053 million units in November, a month-on-month decrease of 13.6% and a year-on-year decrease of 5.6% [1] - Yue Yuen Industrial (00551) reported a cumulative operating profit of approximately USD 7.382 billion for the first 11 months, a year-on-year decrease of 1.6% [1] - Baoshan International (03813) reported a cumulative operating profit of CNY 15.784 billion for the first 11 months, a year-on-year decline of 6.8% [1] - COFCO Joycome (01610) reported a pig slaughter volume of 559,000 heads in November, a month-on-month decrease of 4.44% [1]

Core Viewpoint - Jiangsu Ninghu Expressway (00177.HK) has signed a capital increase agreement with Longtan Bridge Company and its shareholders to enhance its investment in infrastructure projects, specifically the Nanjing Metropolitan Area Ring Expressway [1] Group 1: Capital Increase Agreement - The capital increase agreement involves an increase in registered capital of Longtan Bridge Company by RMB 4.51636 billion [1] - Longtan Bridge Company will invest up to RMB 9.03272 billion for the construction of the Nanjing Metropolitan Area Ring Expressway from Provincial Road 338 to the Huhong Expressway section [1] - The company will contribute RMB 3.26964 billion from its own funds or other compliant funding sources to the capital increase [1] Group 2: Shareholding Changes - After the capital increase, the company's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80% [1] - Shareholder Nanjing Highway will contribute RMB 1.24672 billion to the capital increase [1] - The remaining construction funds of RMB 4.51636 billion will be sourced through bank loans and other means by Longtan Bridge Company [1]

Core Viewpoint - Jiangsu Ninghu Expressway (00177) has signed a capital increase agreement with Longtan Bridge Company and its shareholders, indicating a strategic investment to enhance its stake and fund infrastructure development [1] Group 1: Capital Increase Agreement - The capital increase agreement was signed on December 10, 2025, with Longtan Bridge Company increasing its registered capital by RMB 4.51636 billion [1] - Longtan Bridge Company will invest up to RMB 9.03272 billion for the construction of the Nanjing Metropolitan Area Ring Expressway project [1] - The company will contribute RMB 3.26964 billion from its own funds or other compliant funding sources to Longtan Bridge Company [1] Group 2: Shareholding Changes - After the capital increase, the company's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80% [1] - Shareholder Nanjing Highway will contribute RMB 1.24672 billion to Longtan Bridge Company as part of the capital increase [1] - The remaining construction funds of RMB 4.51636 billion will be raised by Longtan Bridge Company through bank loans and other means [1]

Core Viewpoint - Jiangsu Ninghu Expressway (600377) has signed an investment agreement with Longtan Bridge Company to increase its registered capital and fund the construction of a highway project in the Nanjing metropolitan area [1] Group 1: Investment Agreement Details - The investment agreement was signed on December 10, 2025, and involves an increase in registered capital of RMB 4.51636 billion for Longtan Bridge Company [1] - Longtan Bridge Company will invest up to RMB 9.03272 billion for the construction of the highway project from Provincial Road 338 to the Huhong Expressway [1] - The company will contribute RMB 3.26964 billion in self-owned or other qualifying funds to Longtan Bridge Company [1] Group 2: Shareholding Changes - After the capital increase, the company's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80% [1] - Nanjing Highway, a shareholder of Longtan Bridge Company, will contribute RMB 1.24672 billion as part of the capital increase [1] - The remaining construction funds of RMB 4.51636 billion will be raised by Longtan Bridge Company through bank loans and other means [1]

（於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 關於對外投資事項的公告 須予披露交易及關連交易 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 法 律 遺 漏，並 對 其 內 容 的 真 實 性、準 確 性 和 完 整 性 承 擔 個 別 及 連 帶 法 律 責 任。 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 鑒於本公司該項注資根據香港上市規則第14.07條計算的最高適用百 分比率超過5%但低於25%，故該項注資將構成本公司的須予披露交易， 僅 須 遵 守 披 露 規 定。 根據香港上市規則第14A.07(1)條，由 於 南 京 公 路 持 有 龍 潭 大 橋 公 司 10%或 ...