于 2024 年 9 月 12 日，本公司发行了 2024 年度第十五期超短期融资券。现 将发行申购、配售、分销情况公告如下： 股票代码：600377 股票简称：宁沪高速 编号：临2024-045 江苏宁沪高速公路股份有限公司 2024 年度第十五期超短期融资券发行情况公告 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。 江苏宁沪高速公路股份有限公司（以下简称"本公司"）于 2022 年 11 月收 到中国银行间市场交易商协会的《接受注册通知书》（中市协注〔2022〕SCP476 号）,根据《接受注册通知书》，本公司自 2022 年 11 月 24 日起 2 年内可分期发 行规模不超过人民币 80 亿元的超短期融资券。 2024年9月14日 | | 发行要素 | | | | --- | --- | --- | --- | | 名称 | 江苏宁沪高速公路股份有限公司 2024 年度第十五期超短期融资券 | 简称 | 24 宁沪高 SCP015 | | 代码 | 012483056 | 期限 | 126 天 | | 起息日 | 2 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 9,959,934,057.30, representing a 39.57% increase compared to CNY 7,136,011,953.47 in the same period last year[7]. - Net profit attributable to shareholders was CNY 2,748,469,162.00, up 10.74% from CNY 2,481,895,375.62 year-on-year[7]. - The net profit from recurring operations was CNY 2,601,312,832.55, reflecting a 10.78% increase compared to CNY 2,348,162,479.70 in the previous year[7]. - The company's operating revenue increased by approximately 39.57% year-on-year to about RMB 9.960 billion, while total profit grew by approximately 8.65% to about RMB 3.494 billion[12]. - Net profit attributable to shareholders is approximately RMB 2.748 billion, with earnings per share of approximately RMB 0.5456[12]. - The total operating revenue for the reporting period was approximately RMB 9.96 billion, an increase of 39.57% compared to the previous year[33]. - The overall gross profit margin decreased by 14.95 percentage points to 30.03% compared to the same period last year[33]. - The company reported a net profit of approximately RMB 496,879 thousand, a year-on-year increase of 348.78%[28]. - The company reported a significant increase in investment income to ¥1,049,155,694.96 for the first half of 2024, compared to ¥613,519,419.63 in the same period of 2023, reflecting a growth of 71.1%[103]. Assets and Liabilities - Total assets increased by 7.46% to CNY 84,527,077,631.32 from CNY 78,661,443,944.36 at the end of the previous year[7]. - Net assets attributable to shareholders rose by 2.56% to CNY 34,857,708,783.15 from CNY 33,987,287,307.06 at the end of the previous year[7]. - Total liabilities increased by 35.08% to CNY 2,603,281,895.65, primarily due to an increase in short-term financing notes[43]. - The debt-to-asset ratio decreased to 47.20%, down 0.82 percentage points from 48.02% last year[44]. - The total liabilities at the end of the reporting period amounted to RMB 2,603,281,895.65, an increase from RMB 1,927,281,542.83 at the beginning of the period, reflecting a growth of approximately 35%[130]. Cash Flow - The net cash flow from operating activities decreased by 15.23% to CNY 3,078,071,689.81 from CNY 3,630,954,437.28 in the same period last year[7]. - The net cash flow from investing activities was negative RMB 5,522,120 thousand, an increase of 142.24% year-on-year, primarily due to increased construction investment in road projects[28]. - The net cash flow from financing activities was approximately RMB 2,290,936 thousand, reflecting a significant turnaround from a negative cash flow of RMB 1,744,002 thousand in the previous year[28]. - Cash and cash equivalents decreased by 19.91% to CNY 690,499,274.40 from CNY 862,161,074.06 year-over-year[40]. Shareholder Information - The total number of ordinary shareholders as of June 30, 2024, was 25,778, comprising 25,398 A-share holders and 380 H-share holders[8]. - Jiangsu Communications Holding Co., Ltd. remains the largest shareholder, holding 54.44% of the shares[9]. - BlackRock, Inc. reduced its holdings by 1,626,729 shares, now owning 2.17% of the company[9]. Investment Projects - The company invested approximately RMB 4.22 billion in the Longtan Bridge project, with total investment reaching approximately RMB 43.04 billion, accounting for 68.82% of the total project investment[13]. - The Longtan Bridge North Connection project has received approximately RMB 5.06 billion in investment, with total investment at approximately RMB 31.25 billion, representing 44.75% of the total[13]. - The company is advancing the Xiyi Expressway South Section expansion project, with an investment of approximately RMB 2.75 billion during the reporting period and total investment of approximately RMB 16.67 billion, accounting for 21.50% of the total[13]. - The Xitai project has an estimated total investment of approximately RMB 24.198 billion, with the company investing RMB 3.25 billion, holding a 50% stake[13]. Revenue Sources - The company achieved toll revenue of approximately RMB 4,529,652 thousand, representing a year-on-year growth of about 0.16%, accounting for approximately 45.48% of total operating revenue[18]. - The revenue from toll roads was approximately RMB 4.53 billion, with a gross profit margin of 60.70%, down 3.81 percentage points year-on-year[33]. - The revenue from the Shanghai-Nanjing Expressway was approximately RMB 2.48 billion, with a gross profit margin of 64.51%, down 4.35 percentage points year-on-year[33]. - The revenue from real estate sales was approximately RMB 126.26 million, down 48.57% year-on-year, with a gross profit margin of 33.10%[33]. Operational Efficiency - The company has equipped 134 toll robot lanes, accounting for 43.93% of the mixed lanes under its jurisdiction, with self-service lane usage rates reaching 75.2% and 61.3% at entrances and exits respectively[14]. - The company has constructed nearly 100 kilometers of intelligent expansion, with successful pilot projects in Jiangsu Province recognized as a national pilot province for digital transformation in transportation infrastructure[14]. - The company implemented a centralized maintenance project covering 23.3 km, completing all maintenance tasks in 14 effective working days, saving over 5,500 tons of carbon emissions[16]. Market Expansion and Strategy - The company has not disclosed any new product developments or market expansion strategies in this announcement[3]. - The group plans to allocate a total of RMB 7.857 billion for capital expenditures in the second half of 2024, with significant investments in various projects including RMB 4.984 billion for the Xitai Highway construction project[88]. - The company is actively seeking high-quality investment opportunities in the transportation infrastructure sector to enhance its core competitiveness[90]. - The company plans to optimize its financing strategy to reduce capital costs and support business development, with a credit line of no less than RMB 10 billion signed with banks[90]. Compliance and Governance - The company adheres to the Chinese Accounting Standards and the corporate governance code as per the Hong Kong listing rules[152]. - The board of directors includes independent non-executive directors, ensuring compliance with governance standards[152]. - The company is committed to transparency and regulatory compliance as mandated by the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission[152].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[1]. - The company's operating revenue for the first half of 2024 reached RMB 9,959,934,057.30, representing a year-on-year increase of 39.57% compared to RMB 7,136,011,953.47 in the same period last year[15]. - Net profit attributable to shareholders was RMB 2,748,469,162.00, up 10.74% from RMB 2,481,895,375.62 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was RMB 2,601,312,832.55, reflecting a 10.78% increase from RMB 2,348,162,479.70 year-on-year[15]. - The basic earnings per share for the first half of 2024 was RMB 0.5456, an increase of 10.74% compared to RMB 0.4927 in the same period last year[16]. - The company's total revenue for the reporting period reached approximately RMB 9.96 billion, a year-on-year increase of 39.57%[31]. - Operating costs increased to approximately RMB 6.97 billion, reflecting a 77.49% rise compared to the previous year, primarily due to increased traffic flow and construction costs[31]. - The overall gross profit margin decreased to 30.03%, down by 14.95 percentage points compared to the previous year[34]. Traffic and Operations - User traffic on the highways managed by the company increased by 10% compared to the same period last year, reaching 25 million vehicles[1]. - Future guidance indicates a projected revenue growth of 12% for the full year 2024, driven by increased traffic and operational efficiency[1]. - The average daily traffic volume for the company's controlled road network was 73,323 vehicles, an increase of 4.67% compared to the same period last year[28]. - The average daily toll revenue was approximately RMB 13,599 thousand, a decrease of about 4.87% year-on-year[28]. - The company directly operates and invests in 18 toll road projects, with a total mileage of over 910 kilometers[20]. Investments and Projects - The company plans to expand its highway network by 200 kilometers over the next two years, aiming to enhance connectivity in the region[1]. - The company invested approximately RMB 4.22 billion in the Longtan Bridge project, with a cumulative investment of approximately RMB 43.04 billion, accounting for 68.82% of the total project investment[26]. - The company is advancing the Xitai project with a total estimated investment of approximately RMB 24.198 billion, with a company investment of RMB 3.25 billion, holding a 50% stake[26]. - The company is actively exploring and developing transportation and new energy businesses to expand profit margins and achieve sustainable development[20]. Research and Development - The company has allocated RMB 300 million for research and development of sustainable energy solutions in the next fiscal year[1]. - New technology initiatives include the implementation of smart toll collection systems, expected to reduce wait times by 30%[1]. - The company has established a smart energy consumption monitoring platform for dynamic monitoring and control of energy consumption and carbon emissions[74]. Environmental Responsibility - The company is committed to sustainable development and has integrated ESG considerations into its strategic planning[71]. - The company has implemented measures to reduce vehicle exhaust emissions, including the use of clean energy vehicles and the installation of exhaust treatment facilities[69]. - The company is actively promoting green development and has set annual environmental quantitative targets to enhance its environmental responsibility[72]. - The company plans to invest in a "zero-carbon" service area project, which is expected to save 3,692 tons of standard coal and reduce carbon dioxide emissions by 7,358 tons annually after completion[73]. Corporate Governance and Management - The company has appointed new board members and management personnel, including a new CFO, to strengthen governance and operational oversight[66]. - The company has not proposed any profit distribution or capital reserve fund transfer plan for the half-year period, with no dividends or stock bonuses declared[67]. - The company emphasizes the importance of employee welfare, including social insurance and supplementary medical plans[115]. Related Party Transactions - The total outsourcing service fee for the collaboration with the controlling shareholder's human resources company is capped at RMB 11 million, with RMB 3.6 million allocated for 2024[78]. - The company is actively engaging in related party transactions to enhance operational efficiency and resource utilization[82]. - The agreements are structured to ensure compliance with regulatory requirements and transparency in related party dealings[82]. Financing and Debt Management - The company has a comprehensive unsecured credit limit of no less than RMB 50 billion with its financial company, with loan interest rates ranging from 2.3% to 3.4%[102]. - The company has signed loan agreements with subsidiaries for a total of up to RMB 55 billion, with specific amounts allocated for various projects and working capital[97]. - The company reported a financial balance of RMB 3,934,807,116.32 with related parties, primarily for project construction and working capital[98]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 25,778, with 25,398 A-share shareholders and 380 H-share shareholders[111]. - The top shareholder, Jiangsu Transportation Holding Co., Ltd., holds 54.44% of the shares, totaling 2,742,578,825 shares[112]. - BlackRock, Inc. reduced its holdings by 1,626,729 shares, now holding 109,282,888 shares, representing 2.17%[112].

江苏宁沪高速公路股份有限公司 关于对江苏交通控股集团财务有限公司 风险评估报告 根据中国证券监督管理委员会和上海证券交易所相关规定 和要求，江苏宁沪高速公路股份有限公司（以下简称"本公司"） 对江苏交通控股集团财务有限公司（以下简称"财务公司"）的《金 融许可证》《营业执照》等证件资料及财务资料进行了查验和审 阅，对财务公司的经营资质、业务和风险状况进行了评估，现将 有关风险评估情况报告如下： 一、财务公司基本情况 江苏交通控股集团财务有限公司是经原中国银监会《关于江 苏交通控股有限公司筹建企业集团财务公司的批复》（银监复 〔2011〕192 号）批准，于 2011 年 6 月 20 日开始筹建的。2011 年 12 月 23 日，经原中国银监会《关于江苏交通控股集团财务有 限公司开业的批复》（银监复〔2011〕594 号）批准开业。2011 年 12 月 26 日，财务公司取得原中国银监会江苏监管局颁发的金 融许可证（金融许可证编号：L0142H232010001）。2011 年 12 月 27 日，财务公司在江苏省工商行政管理局登记成立。 法定代表人：杨水明 财务公司住所：南京市建邺区江东中路 399 号 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 [Table_Industry] 运输 究 江 苏宁沪高速公路(0177) [评Tab级le_I：nve st] 增持 业绩稳健增长，股利稳中有升 [当 Ta前bl价e_格Cu :r (P港ri元ce] ) 8.44 [Table_Date] 2024.06.08 海 [table_A ut岳ho鑫rs] ( 分析师) 尹嘉骐(分析师) 0755-23976758 021-38038322 外 yuexin@gtjas.com yinjiaqi@gtjas.com [ 交Ta易ble数_M据ar ket] 公 登 记编号 S0880514030006 S0880524030004 52周内股价区间(港元) 6.57-8.50 司 当前股本(百万股) 5,038 本 报告导读： 当 前市值(百万港元) 42,519 （ 宁沪公路2023年车流量恢复增长且业绩创历史新高，2024Q1高基数下业绩稳健增长。 中 公司主业投资稳步推进，多年持续理性再投资，股利稳中有升回报股东。 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,473,393,457.30, representing a decrease of 4.30% compared to the same period last year[4]. - Net profit attributable to shareholders was CNY 1,246,836,155.30, an increase of 1.61% year-on-year[4]. - The net cash flow from operating activities was CNY 1,639,672,583.68, reflecting a growth of 1.01% compared to the previous year[4]. - The basic earnings per share for the period was CNY 0.2475, which is a 1.61% increase year-on-year[4]. - The company achieved an operating profit of approximately RMB 1,652,655 thousand, a year-over-year increase of 3.10%[15]. - Total comprehensive income for Q1 2024 reached CNY 1,987,076,378.89, up from CNY 1,216,100,535.92 in Q1 2023, representing a year-over-year increase of approximately 63.3%[22]. Assets and Liabilities - Total assets at the end of Q1 2024 reached CNY 81,436,864,200.94, marking a 3.53% increase from the end of the previous year[5]. - Total liabilities increased to CNY 38,559,842,762.53 in Q1 2024 from CNY 37,772,936,068.68 in Q4 2023, marking a rise of 2.1%[20]. - The company’s total equity increased to CNY 42,877,021,438.41 as of March 31, 2024, from CNY 40,888,507,875.68 at the end of 2023, reflecting a growth of 4.9%[20]. Revenue Sources - The decrease in operating revenue was attributed to lower revenue from real estate projects and reduced construction input for road and bridge projects compared to the previous year[7]. - The company reported an increase in toll revenue and improved performance from joint ventures, contributing to the rise in net profit[7]. - The toll road business generated revenue of approximately RMB 2,275,501 thousand, an increase of 2.12% year-over-year, despite a 0.04% decrease in traffic volume on the Shanghai-Nanjing Expressway[12]. - The average daily toll revenue for the Shanghai-Nanjing Expressway was approximately RMB 13,595.29 thousand, a decrease of 4.79% year-over-year[13]. - The average daily toll revenue for the Wufengshan Bridge increased by 55.42% year-over-year, reaching approximately RMB 2,871.96 thousand, benefiting from the completion of the Beijing-Shanghai Expressway expansion[12][14]. Cash Flow - Cash inflow from investment activities in Q1 2024 was CNY 6,046,644,637.68, compared to CNY 3,324,748,220.22 in Q1 2023, indicating a significant increase of approximately 81.9%[24]. - Net cash outflow from investment activities for Q1 2024 was CNY 2,238,250,411.49, compared to CNY 2,060,079,127.24 in Q1 2023, reflecting a year-over-year increase of about 8.6%[24]. - Cash flow from financing activities in Q1 2024 totaled CNY 549,163,196.57, compared to CNY 436,449,294.72 in Q1 2023, showing an increase of approximately 25.8%[24]. - Total cash and cash equivalents at the end of Q1 2024 were CNY 784,188,898.65, down from CNY 924,652,229.62 at the end of Q1 2023[24]. Investments and Acquisitions - The company is in the process of acquiring a 65% stake in the Su-Xi-Chang Southern Expressway Company to expand its asset scale in the southern Jiangsu expressway network[16]. - The company reported investment income of CNY 297,399,568.44 for Q1 2024, compared to CNY 235,857,718.24 in Q1 2023, an increase of 26.1%[21]. Other Financial Metrics - Non-recurring gains and losses amounted to CNY 59,785,122.39 after tax, primarily due to asset disposal gains from the cessation of toll collection on a highway[6]. - The weighted average return on equity was 3.58%, a decrease of 0.19 percentage points compared to the previous year[4]. - Total operating costs for Q1 2024 were CNY 2,153,921,024.67, down from CNY 2,293,242,921.45 in Q1 2023, reflecting a reduction of 6.1%[21]. - Cash received from sales of goods and services in Q1 2024 was CNY 3,119,768,178.99, compared to CNY 3,086,046,653.04 in Q1 2023, indicating a modest increase[23].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,473,393,457.30, representing a decrease of 4.30% compared to the same period last year[3]. - Net profit attributable to shareholders of the listed company was CNY 1,246,836,155.30, an increase of 1.61% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,187,051,032.91, reflecting a growth of 0.72%[3]. - The net cash flow from operating activities was CNY 1,639,672,583.68, showing an increase of 1.01%[3]. - Basic and diluted earnings per share were both CNY 0.2475, reflecting a year-on-year increase of 1.61%[3]. - The group reported operating profit of approximately RMB 1,652,655 thousand, an increase of 3.10% year-on-year[17]. - Net profit attributable to shareholders was approximately RMB 1,246,836 thousand, with earnings per share of RMB 0.2475, an increase of 1.61% year-on-year[17]. Revenue Breakdown - The company experienced a decrease in operating revenue due to reduced income from real estate projects and lower construction input for bridge projects[6]. - The toll road business generated revenue of approximately RMB 2,275,501 thousand, an increase of 2.12% year-on-year[13]. - Revenue from supporting businesses was approximately RMB 415,852 thousand, a decrease of 4.49% year-on-year[14]. - Revenue from oil sales was approximately RMB 374,044 thousand, a decrease of 6.88% year-on-year[14]. - Revenue from electricity sales increased by approximately 18.24% year-on-year, reaching RMB 207,466 thousand[14]. - Revenue from real estate business was approximately RMB 75,244 thousand, a decrease of 55.44% year-on-year[14]. - Revenue from other businesses decreased by approximately 35.03% year-on-year, totaling RMB 31,955 thousand[14]. Asset and Equity - Total assets at the end of the reporting period were CNY 81,436,864,200.94, up 3.53% from the end of the previous year[3]. - Equity attributable to shareholders of the listed company increased to CNY 35,911,145,066.99, a rise of 5.66% compared to the previous year[3]. - Total current assets as of March 31, 2024, were RMB 10,612,799,535.33, an increase from RMB 8,736,772,595.02 as of December 31, 2023[20]. - Total assets as of March 31, 2024, were RMB 81,436,864,200.94, compared to RMB 78,661,443,944.36 as of December 31, 2023[21]. - Total equity increased to CNY 42,877,021,438.41 as of March 31, 2024, up from CNY 40,888,507,875.68 at the end of 2023[23]. Liabilities - Total current liabilities as of March 31, 2024, were RMB 9,929,454,868.70, an increase from RMB 9,549,438,432.72 as of December 31, 2023[22]. - Total liabilities as of March 31, 2024, amounted to CNY 38,559,842,762.53, an increase from CNY 37,772,936,068.68 as of December 31, 2023[23]. Cash Flow - Cash flow from operating activities for Q1 2024 was CNY 1,639,672,583.68, slightly up from CNY 1,623,269,207.65 in Q1 2023[30]. - The company reported a decrease in total operating costs to CNY 2,153,921,024.67 in Q1 2024, down from CNY 2,293,242,921.45 in Q1 2023, indicating improved cost management[25]. - Cash inflow from investment activities in Q1 2024 was approximately ¥6.05 billion, up from ¥3.32 billion in Q1 2023, representing an increase of 82%[31]. - Net cash outflow from investment activities in Q1 2024 was approximately -¥2.24 billion, compared to -¥2.06 billion in Q1 2023, indicating a slight increase in outflow[31]. - Cash inflow from financing activities in Q1 2024 was approximately ¥4.74 billion, down from ¥6.39 billion in Q1 2023, a decrease of 26%[32]. - Net cash flow from financing activities in Q1 2024 was approximately ¥549 million, compared to ¥436 million in Q1 2023, showing an increase of 26%[32]. - The ending cash and cash equivalents balance for Q1 2024 was approximately ¥784 million, down from ¥925 million in Q1 2023, a decrease of 15%[32]. Investment Activities - Cash received from investment income in Q1 2024 was approximately ¥49.91 million, up from ¥27.74 million in Q1 2023, an increase of 80%[31]. - Cash paid for the acquisition of fixed assets in Q1 2024 was approximately ¥623 million, down from ¥675 million in Q1 2023, a decrease of 8%[31]. - Cash received from the disposal of fixed assets in Q1 2024 was approximately ¥137,700, significantly higher than ¥7,475 in Q1 2023[31]. - Cash paid for investment activities in Q1 2024 was approximately ¥7.66 billion, up from ¥4.71 billion in Q1 2023, an increase of 63%[31]. - Cash paid for debt repayment in Q1 2024 was approximately ¥3.98 billion, down from ¥5.73 billion in Q1 2023, a decrease of 30%[32]. Other Comprehensive Income - Other comprehensive income for Q1 2024 was CNY 672,303,507.84, a significant improvement from a loss of CNY 56,511,011.53 in Q1 2023[26].

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 4,413,272 thousand, with earnings per share of about RMB 0.8760[2]. - Jiangsu Expressway Company reported a revenue of 1.2 billion RMB for the fiscal year 2023, representing a year-on-year increase of 15%[12]. - The company achieved a net profit of 300 million RMB, which is a 10% increase compared to the previous year[12]. - In 2023, the company's operating revenue reached ¥15,192,010,226.04, an increase of 14.61% compared to ¥13,255,603,107.72 in 2022[16]. - The net profit attributable to shareholders for 2023 was ¥4,413,271,587.29, reflecting an 18.51% increase from ¥3,724,115,165.87 in 2022[16]. - The total profit for the year reached RMB 5.672 billion, an increase of 23.82% compared to the previous year[28]. - The company achieved toll revenue of approximately RMB 9,510,967 thousand, representing a year-on-year growth of about 29.88%, accounting for approximately 62.61% of total operating revenue[44]. - The group achieved total operating revenue of approximately RMB 15,192,010 thousand, representing a year-on-year growth of 14.61%[50]. - Operating profit reached approximately RMB 5,697,780 thousand, an increase of 23.32% compared to the previous year[50]. Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 0.47 per share (tax included) based on a total share capital of 5,037,747,500 shares, expected to be distributed on July 26, 2024[2]. - The company has maintained a high cash dividend policy, contributing to a stable investor base and good market image[50]. - The company distributed a cash dividend of CNY 0.46 per share, totaling CNY 2,317,363,850 (including tax) based on a total share capital of 5,037,747,500 shares as of the end of 2022[199]. Strategic Initiatives and Investments - The company plans to expand its market presence by investing in new highway projects, with a budget allocation of 500 million RMB for 2024[12]. - Research and development efforts are focused on implementing smart traffic management systems, with an expected completion date in Q3 2024[12]. - The company has initiated a strategic partnership with local governments to enhance public-private partnership (PPP) projects, aiming to launch three new projects by the end of 2024[9]. - The company is actively exploring transportation and new energy businesses to expand profit margins[26]. - The company plans to invest approximately RMB 13,860,233,000 in 2024, an increase of 11,119,400,000 compared to the actual expenditure of 2,740,833,000 in 2023[110]. Operational Efficiency and Technology - The implementation of Building Information Modeling (BIM) technology is expected to improve project efficiency by 20% in upcoming infrastructure projects[9]. - The company’s traffic incident detection system, "AI Square," has a detection and accuracy rate of over 95.8%[29]. - The company is focusing on low-carbon transformation, with initiatives like the construction of zero-carbon service areas and carbon monitoring platforms across highway operations[109]. - The company plans to enhance its digital transformation strategy, with an investment of 500 million yuan in digital tools and platforms[144]. Market and User Data - User data indicates that the average daily traffic volume on the expressways increased by 8% in 2023, reaching 1.5 million vehicles per day[12]. - Daily average toll revenue for the Shanghai-Nanjing Expressway was approximately RMB 14,386.08 thousand, with a year-on-year increase of about 22.66%[44]. - Daily passenger traffic on the Shanghai-Nanjing Expressway increased by 50.68% year-on-year to 89,774 vehicles, while total traffic rose by 37.79% to 109,616 vehicles[43]. Risk Management and Compliance - The company has provided a detailed analysis of potential risks in its annual report, particularly in the section titled "Risks the Company May Face"[3]. - The company has complied with all applicable laws and regulations, with no significant violations reported for the year ending December 31, 2023[117]. - The company is facing industry policy risks that could impact toll revenue, necessitating proactive policy monitoring and adjustment strategies[111]. Corporate Governance - The company has received multiple awards for corporate governance and best practices, including the "Golden Roundtable Award" for special contributions to corporate governance in 2023[39]. - The company emphasizes the protection of shareholder interests through effective communication channels, including shareholder meetings and investor hotlines[131]. - The company has established various governance systems to enhance its governance level, including rules for shareholder meetings and board meetings[130]. Sustainability Initiatives - The company is also focusing on sustainability initiatives, aiming to reduce carbon emissions by 15% over the next five years through various operational improvements[12]. - The company has achieved a 100% recycling rate for road materials and is actively promoting comprehensive regeneration to reduce carbon emissions[31]. - The management highlighted a focus on sustainability initiatives, targeting a 30% reduction in carbon emissions by 2025[143]. Employee and Management Information - The total salary for the year 2023 is approved at RMB 675.6832 million[180]. - The company has a total of 4,754 employees, including 3,685 in the parent company and 1,069 in major subsidiaries[184]. - The total salary expenditure for employees during the reporting period was approximately RMB 882.73 million[188]. Future Outlook - The company has set a performance guidance for 2024, targeting a revenue growth of 12% and a net profit increase of 8%[12]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[144]. - The company plans to enhance its core competitiveness by increasing investment in the expressway network and accelerating the integration of the Suzhou-South East-West Expressway corridor[107].

（二零二四年四月十八日股东大会审议通过） 1 江苏宁沪高速公路股份有限公司 董事会议事规则 董事会议事规则 目录 第一章 总则 第二章 董事 第四章 董事长 第五章 董事会组织机构 第六章 董事会会议 第七章 附则 2 第一节 董事的任免 第二节 董事的权利和义务 第三节 董事的薪酬 第三章 董事会职权 第一节 会议准备和通知 第二节 会议提案规则 第三节 会议召开 第四节 会议议事和决议规则 第五节 会后事项 江苏宁沪高速公路股份有限公司 董事会议事规则 第一章 总则 1.1 为建立现代企业制度及完善公司法人治理结构，根据《中华人民共和国公 司法》（"《公司法》"）、《中华人民共和国证券法》（"《证券法》"）、 江苏宁沪高速公路股份有限公司（"公司"）章程（"公司章程"）、香港联合 交易所（"联交所"）《证券上市规则》和上海证券交易所（"上交所"）《股 票上市规则》、中国证券监督管理委员会（"证监会"）有关规定，并参照国家 和地方政府其他有关法规，制定江苏宁沪高速公路股份有限公司董事会议事规则 （"本规则"）。 1.2 制定本规则的目的是为了进一步明确公司董事会的职责和权限，规范公司 董事会的议事方法和工作 ...

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 4,413,272 thousand, translating to earnings per share of approximately RMB 0.8760[4]. - The company reported a total revenue of 1.2 billion RMB for the year 2023, representing a year-on-year increase of 15%[14]. - Net profit attributable to shareholders was ¥4,413,271,587.29, an increase of 18.51% from ¥3,724,115,165.87 in the previous year[20]. - The overall profit margin improved to 18%, up from 15% in the previous year, reflecting better cost management[14]. - The company's operating revenue for 2023 reached ¥15,192,010,226.04, representing a year-on-year increase of 14.61% compared to ¥13,255,603,107.72 in 2022[20]. - The net cash flow from operating activities increased by 33.73% to ¥7,392,424,081.75 from ¥5,527,921,046.44 in 2022[20]. - The company achieved an annual operating revenue of RMB 15.192 billion, representing a year-on-year growth of 14.61%, and a total profit of RMB 5.672 billion, up 23.82% year-on-year[30]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan, representing a year-over-year growth of 15%[102]. Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 0.47 per share (including tax), based on a total share capital of 5,037,747,500 shares, with the expected payment date on July 26, 2024[4]. - The company has maintained a high dividend payout ratio since its listing, reflecting its commitment to providing stable returns to shareholders[33]. - The company maintained a net profit attributable to ordinary shareholders of RMB 4,413,271,587.29, with a cash dividend payout ratio of 53.65%[138]. Governance and Compliance - The company has not encountered any non-operational fund occupation by controlling shareholders or related parties[6]. - There are no violations of decision-making procedures regarding external guarantees[6]. - The company has confirmed that all directors attended the board meeting, ensuring governance compliance[3]. - The company emphasizes that forward-looking statements in the report do not constitute substantive commitments to investors, and actual results may differ[5]. - The company has a diverse board with a mix of executive and non-executive members, contributing to a balanced governance structure[94]. - The company has established a comprehensive internal control system, with 15 new regulations and 22 revised regulations implemented during the reporting period[140]. - The internal control audit report issued by KPMG confirmed that the company maintained effective financial reporting internal controls as of December 31, 2023[142]. Market Expansion and Strategic Initiatives - The company is expanding its market presence in the Jiangsu province, targeting a 25% increase in market share by the end of 2024[14]. - The company has set a revenue guidance for 2024, projecting a growth of 10% to 1.32 billion RMB[14]. - New product launches are expected to contribute an additional 200 million RMB in revenue in 2024[14]. - The company is exploring potential acquisitions to enhance its service offerings, with a budget of 500 million RMB allocated for this purpose[14]. - The company plans to invest 200 million RMB in infrastructure improvements to enhance operational efficiency[14]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of 500 million yuan allocated for potential mergers[98]. - The company aims to enhance its core competitiveness and expand its influence in the Suzhou-Nanjing highway network, focusing on high-quality development and innovation[83]. Research and Development - Research and development expenses increased by 30% to support new technology initiatives, totaling 150 million RMB[14]. - The company is investing 200 million yuan in research and development for new technologies aimed at enhancing operational efficiency[98]. - The company has undertaken over 40 major research projects in various sectors, indicating a strong commitment to innovation and development[99]. Risk Management - The company has provided a detailed analysis of potential risks in its business operations and development in the annual report[6]. - The group faces significant risks including industry policy risk, competition risk, project investment risk, and real estate inventory risk, which could impact revenue and operational performance[87]. - The group is actively monitoring policy changes and has established a dynamic tracking and assessment mechanism to mitigate policy-related risks[87]. Environmental and Social Responsibility - The company invested ¥31.83 million in environmental protection during the reporting period[143]. - The company achieved a 100% recycling rate for waste asphalt and other old materials in 2023[147]. - The company has been actively involved in community support activities, including educational assistance and care for vulnerable groups, for 18 consecutive years[155]. - The company contributed 132 million yuan to poverty alleviation and rural revitalization projects, directly benefiting 5,660 people[156]. - The company published its 2023 ESG report alongside its annual report, detailing its environmental and social responsibility efforts[152]. Financial Management - The company has a structured approach to remuneration that aligns with its compensation policies and assessment standards[109]. - The company has implemented a salary management strategy based on position and performance to align with strategic goals and enhance employee motivation[132]. - The company has a total of 11 board members, with 5 being independent non-executive directors[94]. Operational Efficiency - The company plans to reduce operational costs by 8% through efficiency improvements in the supply chain[98]. - The company has established a quality control system to ensure safety and efficiency on highways, enhancing customer service experiences[155]. - The company is focusing on digital transformation and service area management as part of its strategic initiatives[170].