| 股份代號: | 00177 | | --- | --- | | 上市法國名稱: | 江蘇寧滬高速公路股份有限公司 - H | | 日期 (日 / 月 / 年): | 04/10/2025 - 04/11/2025 | | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 股份數目 | | | （請參聞上述 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | | | | 份百分比 | | | | | | | | | 06 | | CS20251031E00400 | 江蘇交通控股有限公司 | 1101(L) | | 12.954,000(L | HKD 9.4362 | 25,998,000(L) | 2.13(L)31/10/2025 | 格隆汇11月4日丨根据联交所最新权益披露资料显示，2025年10月31日，江苏宁沪高速公路(00177.HK)获江苏 ...

香港联交所最新数据显示，10月31日，江苏交通控股有限公司增持江苏宁沪高速（600377）公路 (00177)1295.4万股，每股作价9.4362港元，总金额约为1.22亿港元。增持后最新持股数目约为2599.8万 股，持股比例为2.13%。 ...

智通财经APP获悉，香港联交所最新数据显示，10月31日，江苏交通控股有限公司增持江苏宁沪高速公 路(00177)1295.4万股，每股作价9.4362港元，总金额约为1.22亿港元。增持后最新持股数目约为2599.8 万股，持股比例为2.13%。 ...

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） 須予披露交易 關於向本公司控股子公司提供同比例增資 的 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。 重 要 內 容 提 示： – 1 – 根據《上海證券交易所股票上市規則》，本次增資事項不構成關聯交易。 根 據 香 港 上 市 規 則，本 次 增 資 事 項 構 成 關 連 交 易，但 根 據 香 港 上 市 規則第14A.92(1)條，可 獲 得 全 面 豁 免。本 ...

Investment Rating - The report maintains a "Buy" rating for Ninghu Expressway (600377) [7] Core Views - The company's core road traffic volume shows steady growth, with a single-quarter profit increase year-on-year in Q3 2025 [7] - The report highlights that while the total revenue for Q3 2025 decreased by 12.76% year-on-year, the net profit for the same quarter increased by 3.06% [7] - The toll revenue for the first three quarters of 2025 reached approximately 7.2 billion yuan, reflecting a year-on-year growth of about 1.03% [7] Financial Summary - Total revenue for 2025 is projected at approximately 23.935 billion yuan, with a year-on-year growth rate of 3.2% [6] - The net profit attributable to the parent company for 2025 is estimated to be 5.447 billion yuan, corresponding to a year-on-year growth of 10.1% [6] - The earnings per share (EPS) for 2025 is expected to be 1.08 yuan, with a gross profit margin of 27.1% [6] Traffic Volume Insights - The weighted average traffic volume for the company's controlled road network decreased by 3.66% year-on-year [7] - Specific segments such as the Huning Expressway saw a traffic volume increase of 2.66%, while the Ningchang Expressway experienced a decline of 16.57% due to construction impacts [7] - The Wufengshan Bridge reported a traffic volume increase of 20.07% [7]

Core Viewpoint - Ninghu Expressway's net profit attributable to shareholders for the first three quarters of 2025 is 3.84 billion yuan, a year-on-year decrease of 6.9%, while Q3 net profit is 1.41 billion yuan, a year-on-year increase of 3.1%, indicating that performance meets expectations [1] Revenue and Profitability - Toll revenue remains stable, while auxiliary business income declines, reflecting the effectiveness of cost reduction and efficiency improvement measures [1] - Q3 real estate revenue recognition is approximately 0.03 billion yuan, down 55.9% year-on-year, primarily due to a decrease in the delivery scale of real estate projects by subsidiaries [1] - Other business income is 0.4 billion yuan, down 15.9% year-on-year, mainly due to adjustments in the settlement model of subsidiary advertising businesses and the dismantling of some billboards [1] Cost Management - Operating costs (excluding construction costs) for Q3 are approximately 1.31 billion yuan, down 3.9% year-on-year, resulting in a gross margin of 60%, an increase of 11 percentage points year-on-year, primarily due to cost reduction and efficiency improvements in the toll road business [1] - Financial expenses amount to 0.21 billion yuan, down 16.55% year-on-year, mainly due to further reductions in financing costs [1] Investment Outlook - The company's dividend yield has returned to a favorable range, highlighting its value in a low-interest-rate environment, maintaining an "overweight" rating [1]

Investment Rating - The report maintains a "Buy" rating for Ninghu Expressway (600377) [2][7] Core Insights - The company reported a third-quarter profit growth of 3.06% year-on-year, despite a decline in total revenue for the first three quarters [7] - The toll revenue for the first three quarters was approximately RMB 7.2 billion, showing a year-on-year increase of about 1.03% [7] - The report projects net profits for 2025E-2027E at RMB 5.447 billion, RMB 5.790 billion, and RMB 6.049 billion, respectively, with corresponding PE ratios of 13, 12, and 11 [7] Financial Data Summary - Total revenue for 2025 is estimated at RMB 23.935 billion, with a year-on-year growth rate of 3.2% [6][8] - The net profit for 2025 is projected to be RMB 5.447 billion, reflecting a year-on-year growth of 10.1% [6][8] - The gross profit margin is expected to be 27.1% in 2025, with a return on equity (ROE) of 12.7% [6][8]

Core Viewpoint - Jiangsu Ninghu Expressway (00177.HK) has approved a cash capital increase to its subsidiary, Danjin Company, amounting to RMB 263,655.5840 million to support project funding needs and ensure smooth project progress [1] Group 1 - The board of directors approved the capital increase during the sixteenth meeting of the eleventh session on October 29, 2025 [1] - The capital increase will be shared with another shareholder, Changzhou Jiaokong, based on their respective shareholding ratios [1] - Jiangsu Ninghu Expressway will contribute RMB 263,655.5840 million, while Changzhou Jiaokong will contribute RMB 89,771 million [1]

锡太项目是江苏省政府在三年滚动计划中提出的并且力争2024年开始建设的重点省级交通项目之一。该 项目的成功实施将进一步加强公司在苏南公路网络中的领先地位。通过增资引入社会资本，将有助于为 锡太项目提供必要的资金，同时降低公司自身的资本投入要求。 智通财经APP讯，江苏宁沪高速公路(00177)公布，2025年10月29日，该公司与各方签署《〈江苏锡太高 速公路有限公司出资协议书〉补充协议》，根据锡太项目进展情况追加注资锡太公司。锡太公司的注册 资本将增加人民币5,599,095,550元至人民币12,099,095,550元。为配合省政府扩大社会基础投资者的政 策，锡太公司已邀请部分锡太项目承包企业作为锡太公司的股东，总出资额为人民币6.5亿元，其余增 资部分将由现有股东按比例出资，该公司将出资人民币2,497,047,775元。新增投资者加入后，该公司在 锡太公司的股权比例将由50%降至扩大注册资本的约47.5%。鉴于锡太项目刚刚开始且没有发生重大变 化，锡太公司仅取得轻微亏损，各方同意，新投资者将按照与现有股东相同的条件，按人民币每1元注 册资本出资人民币1元，如同初始投资者一样。 ...

江苏宁沪高速（600377）公路(00177)公布，2025年10月29日，该公司与各方签署《〈江苏锡太高速公 路有限公司出资协议书〉补充协议》，根据锡太项目进展情况追加注资锡太公司。锡太公司的注册资本 将增加人民币5,599,095,550元至人民币12,099,095,550元。为配合省政府扩大社会基础投资者的政策，锡 太公司已邀请部分锡太项目承包企业作为锡太公司的股东，总出资额为人民币6.5亿元，其余增资部分 将由现有股东按比例出资，该公司将出资人民币2,497,047,775元。新增投资者加入后，该公司在锡太公 司的股权比例将由50%降至扩大注册资本的约47.5%。鉴于锡太项目刚刚开始且没有发生重大变化，锡 太公司仅取得轻微亏损，各方同意，新投资者将按照与现有股东相同的条件，按人民币每1元注册资本 出资人民币1元，如同初始投资者一样。 锡太项目是江苏省政府在三年滚动计划中提出的并且力争2024年开始建设的重点省级交通项目之一。该 项目的成功实施将进一步加强公司在苏南公路网络中的领先地位。通过增资引入社会资本，将有助于为 锡太项目提供必要的资金，同时降低公司自身的资本投入要求。 ...