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） 海外監管公告 2025年半年度報告 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。 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8月28日 於 本 公 告 日 期，本 公 司 董 事 為： 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 * # 非執行董事 * 獨立非執行董 ...

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） 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。 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8月28日 （股份代號：00177） 海外監管公告 江蘇交通控股集團財務有限公司風險評估報告 於 本 公 告 日 期，本 公 司 董 事 為： 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 * # 非執行董 ...

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。 （股份代號：00177） 海外監管公告 第十一屆監事會第十四次會議決議公告 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。 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 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） 汪 鋒 執行董事 中 國‧南 京，2025年8月29日 於 本 公 告 日 期，本 公 司 董 事 為： 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 * # 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 （股份代號：00177） 海外監管公告 第十一屆董事會第十四次會議決議公告 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。 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8月29日 （於中華人民共和國註冊成立的股份有限公司） 於 本 公 告 日 期，本 公 司 董 事 為： 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 * # 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） 2025年中期業績初步公告 本 公 告 第 一、三、五、六 章 的 內 容 乃 根 據 香 港 上 市 規 則 第13.49(6)條 及 附 錄D2第46段 規 定 作 出。 本 公 告 內 其 他 資 料 乃 根 據 上 海 證 券 交 易 所 股 票 上 市 規 則 作 出。 一. 重要提示 – 1 – 1.1 本 中 期 業 績 初 步 公 告 摘 要 來 自 半 年 度 報 告，為 全 面 了 解 本 公 司 的 經 營 成 果、財 務 狀 況 及 未 來 發 展 規 劃，投 資 者 應 當 到 上 海 證券交易所網站www.sse.com.cn、香 港 聯 合 ...

上 市 公 司 交通运输 2025 年 08 月 28 日 宁沪高速 (600377) ——受江苏银行分红周期变化影响，业绩略低于预期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 28 日 | | --- | --- | | 收盘价（元） | 13.53 | | 一年内最高/最低（元） | 16.39/12.50 | | 市净率 | 1.7 | | 股息率%（分红/股价） | 3.62 | | 流通 A 股市值（百万元） | 51,444 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 7.97 | | 资产负债率% | 45.79 | | 总股本/流通 A 股（百万） | 5,038/3,802 | | 流通 B 股/H 股（百万） | -/1,222 | 一年内股价与大盘对比走势： 08-28 09-28 10-28 11-28 12-28 01-28 02-28 03-31 ...

格隆汇8月28日丨宁沪高速(600377.SH)发布2025年半年度报告，报告期实现营业收入94.06亿元，同比下 降5.56%；归属上市公司股东的净利润24.24亿元，同比下降11.81%；扣除非经常性损益后的归属于上市 公司股东的净利润24.07亿元，同比下降7.49%；基本每股收益0.4811元。 ...

股票简称：宁沪高速 股票代码：600377 编号：临 2025-040 江苏宁沪高速公路股份有限公司 第十一届监事会第十四次会议决议公告 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 事会第十四次会议（以下简称"会议"）于 2025 年 8 月 28 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。 （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、审议并通过本公司 2025 年半年度报告及摘要。 全体监事一致认为，本公司 2025 年半年度报告编制和审议程序符合法律、 法规、本公司《章程》和本公司内部管理制度的各项规定；半年度报告的内容和 格式也符合中国证监 ...

股票简称：宁沪高速 股票代码：600377 编号：临 2025-039 （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）审议并批准本公司 2025 年半年度报告及摘要，以中文在中国证券报、证 券时报、上海证券报及上海证券交易所网站 www.sse.com.cn 刊登，以中英文在香港 联合交易所有限公司网站 www.hkexnews.hk 及本公司网站 www.jsexpressway.com 刊登；并批准印刷本公司 2025 年半年度报告。 江苏宁沪高速公路股份有限公司 第十一届董事会第十四次会议决议公告 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 （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 第十四次会议（以下简称"会议"）于2025年8月28日以现场会议及视频会议相结合 的方式召开 ...

[Definitions](index=4&type=section&id=Section%201%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions for key terms used in the report, including company names, related parties, and time periods, to ensure clear understanding - In this report, "the Company" refers to Jiangsu Expressway Company Limited, "the Group" refers to the Company and its subsidiaries, and the controlling shareholder is Jiangsu Communications Holding Co, Ltd[11](index=11&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025, and year-over-year (YoY) comparisons are made against the same period in 2024[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=7&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration information, contact details, information disclosure channels, and stock listing details - The company's Chinese name is 江苏宁沪高速公路股份有限公司, abbreviated as Ninghu Expressway, and the legal representative is Chen Yunjiang[15](index=15&type=chunk) - The company's A-shares are listed on the Shanghai Stock Exchange (code 600377), H-shares on The Stock Exchange of Hong Kong Limited (code 00177), and ADRs are traded on the US OTC market (code JEXYY)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by 5.56% YoY, while net profit and EPS declined due to lower investment income and dividend cycle adjustments from Bank of Jiangsu Key Financial Indicators for H1 2025 | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Basic earnings per share (RMB/share) | 0.4811 | 0.5456 | -11.81 | | Diluted earnings per share (RMB/share) | 0.4811 | 0.5456 | -11.81 | | Basic EPS excluding non-recurring items (RMB/share) | 0.4777 | 0.5164 | -7.49 | | Weighted average return on net assets (%) | 5.97 | 7.72 | Decreased by 1.75 p.p. | | Weighted average ROE excluding non-recurring items (%) | 5.93 | 7.32 | Decreased by 1.39 p.p. | Key Accounting Data for H1 2025 | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,405,722,179.55 | 9,959,934,057.30 | -5.56 | | Total Profit | 3,145,806,373.03 | 3,494,290,323.90 | -9.97 | | Net Profit Attributable to Shareholders | 2,423,880,435.76 | 2,748,469,162.00 | -11.81 | | Net Cash Flow from Operating Activities | 3,277,309,995.91 | 3,078,071,689.81 | 6.47 | - Due to a change in the dividend cycle of Bank of Jiangsu, dividends received in the reporting period were approximately **RMB 168 million**, a **54.38% decrease** from RMB 368 million in the prior-year period[22](index=22&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=9&type=section&id=IX.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) This section lists the company's non-recurring profit and loss items for the reporting period, which totaled RMB 17,297,408.44 Non-recurring Profit and Loss Items for H1 2025 | Non-recurring Profit and Loss Item | Amount (RMB) | | :--- | :--- | | Gains and losses on disposal of non-current assets | -1,270,886.30 | | Government grants recognized in current profit or loss | 3,207,939.90 | | Gains/losses from fair value changes and disposal of financial assets/liabilities | -488,183.43 | | Entrusted operation and management fee income | 29,295,318.19 | | Other non-operating income and expenses | -15,918,289.95 | | Less: Income tax impact | -3,999,225.39 | | Minority interest impact (after tax) | 1,527,715.36 | | **Total** | **17,297,408.44** | - The subsidiary recognized fair value changes on other non-current financial assets of approximately **-RMB 55.26 million**, dividend income from the Guochuang Kaiyuan Phase II Fund of **RMB 30.82 million**, and income from short-term bank wealth management products of **RMB 23.95 million**[24](index=24&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Industry and Core Business Overview](index=10&type=section&id=I.%20Overview%20of%20the%20Company's%20Industry%20and%20Core%20Business) The company's core business is the investment, construction, and operation of toll roads in Jiangsu Province, supplemented by ancillary services and clean energy ventures - The company's main business involves the investment, construction, operation, and management of toll roads and bridges within Jiangsu Province, along with developing ancillary services at expressway service areas[26](index=26&type=chunk) - As of the end of the reporting period, the Group controlled 12 operational toll road projects, 3 new construction projects, and held stakes in 4 associate toll road projects, with a total mileage of approximately 1,000 kilometers[26](index=26&type=chunk) - The company is actively exploring and developing "Transportation+" and clean energy businesses to expand profitability and achieve sustainable development[27](index=27&type=chunk) [Analysis of Operating Performance](index=11&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In H1 2025, the company focused on its core toll road business and cultivated new growth drivers, though revenue and net profit declined by 5.56% and 11.81% YoY, respectively Key Operating Data for H1 2025 | Indicator | Amount (RMB) | YoY Change | | :--- | :--- | :--- | | Total Assets | 96.134 billion | +6.95% (vs. end of prior year) | | Net Assets Attributable to Shareholders | 40.144 billion | +4.01% (vs. end of prior year) | | Operating Revenue | 9.406 billion | -5.56% | | Net Profit Attributable to Shareholders | 2.424 billion | -11.81% | | Earnings Per Share | 0.4811 | -11.81% | | Net Operating Cash Flow | 3.277 billion | +6.47% | [Core Toll Road Business Operations and Investment](index=11&type=section&id=1.%20Core%20Toll%20Road%20Business) The company advanced several major road construction projects and enhanced operational efficiency through smart transportation initiatives, leading to an 8.18% increase in daily toll revenue on the Shanghai-Nanjing Expressway - The Ningyang Yangtze River Bridge North Connection project is expected to fully open by the end of 2025, and the Xiyi Expressway South Section expansion project is scheduled for completion by the end of June 2026[33](index=33&type=chunk) - During the reporting period, the company handled **16,300** breakdown and rescue incidents, a YoY increase of **3.82%**, with the average arrival time reduced by **23.81%** to 8 minutes[35](index=35&type=chunk) Toll Revenue and Traffic Volume Data for H1 2025 | Project | Metric | Reporting Period | Prior-Year Period | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Group Toll Revenue | RMB thousand | 4,604,312 | 4,529,496 | 1.65% | | Shanghai-Nanjing Expressway Daily Revenue | RMB thousand/day | 14,711 | 13,599 | 8.18% | | Shanghai-Nanjing Expressway Traffic Volume | vehicles/day | 120,539 | 116,703 | 3.29% | | Wufengshan Bridge Daily Revenue | RMB thousand/day | 3,138 | 2,775 | 13.08% | | Wufengshan Bridge Traffic Volume | vehicles/day | 53,241 | 47,419 | 12.28% | [Ancillary Service Business Development](index=13&type=section&id=2.%20Ancillary%20Service%20Business) Ancillary service revenue declined by 2.15% due to lower fuel prices, but service area leasing and other revenues grew by 21.15% as the company expanded its EV charging network Ancillary Service Business Revenue for H1 2025 | Business Type | Revenue (RMB thousand) | YoY Change | | :--- | :--- | :--- | | Total Ancillary Service Revenue | 827,919 | -2.15% | | Fuel Sales Revenue | 719,449 | -4.80% | | Service Area Leasing and Other Revenue | 103,851 | +21.15% | - During the reporting period, **202 new EV charging spaces** were added, bringing the total to 412 and significantly enhancing new energy vehicle service capabilities[41](index=41&type=chunk) [Clean Energy Business Development](index=13&type=section&id=3.%20Clean%20Energy%20Business) The clean energy business, with a total installed capacity of 652 MW, saw a 3.70% YoY decrease in electricity sales revenue due to unfavorable wind conditions Clean Energy Business Data for H1 2025 | Indicator | Data | YoY Change | | :--- | :--- | :--- | | Total Grid-Connected Installed Capacity | 652 MW | - | | Clean Energy Power Generation | 469 million kWh | - | | Electricity Sales Revenue | RMB 335,220 thousand | -3.70% | | Transportation-Energy Integration Installed Capacity | Over 100 MW | - | - The Rudong Offshore Wind Power project successfully passed the review for China Certified Emission Reduction (CCER) project registration, clarifying a path for diversified value creation[43](index=43&type=chunk) [Real Estate Business Overview](index=14&type=section&id=4.%20Real%20Estate%20Business) Real estate sales revenue decreased significantly by 84.93% YoY due to a smaller scale of project deliveries compared to the prior year Real Estate Sales Revenue for H1 2025 | Indicator | Amount (RMB thousand) | YoY Change | | :--- | :--- | :--- | | Real Estate Sales Revenue | 19,032 | -84.93% | - The company is developing an intelligent transportation industry collaborative innovation center using its commercial real estate assets, which has already attracted several well-known enterprises[44](index=44&type=chunk) [Other Business Revenue and Investment Income](index=14&type=section&id=5.%20Other%20Business) Investment income from associate toll road companies fell by 26.56%, and dividend income decreased by 37.75% due to a dividend cycle adjustment at Bank of Jiangsu Other Business Investment Income and Revenue for H1 2025 | Business Type | Income/Revenue (RMB thousand) | YoY Change | | :--- | :--- | :--- | | Investment Income from Associate Toll Road Companies | 274,485 | -26.56% | | Investment Income from Associate Financial Companies | 50,403 | +0.43% | | Dividends Received (Bank of Jiangsu, etc.) | 321,799 | -37.75% | | Subsidiary Advertising and Management Service Revenue | 96,190 | +5.20% | [Analysis of Core Competitiveness](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness is rooted in its strategic location, high-quality assets, advanced operational management, and strong financing capabilities - The company's operations are located in the Yangtze River Delta region, with its controlled or invested road projects forming the core of the land transport corridor for two key industrial belts[46](index=46&type=chunk) - The Group's core toll road assets are central trunk lines in Jiangsu's expressway network, characterized by high quality and strong synergistic effects[46](index=46&type=chunk) - The Group possesses a professional and experienced management team and benefits from a strong financing platform and market image through its dual-listing and tri-market trading structure[48](index=48&type=chunk)[49](index=49&type=chunk) [Key Operating Activities](index=15&type=section&id=IV.%20Key%20Operating%20Activities%20During%20the%20Reporting%20Period) This section analyzes changes in financial statement items, business segment performance, cost structure, and investment expenditures during the reporting period [Financial Analysis of Core Business](index=15&type=section&id=(I)%20Analysis%20of%20Core%20Business) Operating revenue and costs decreased by 5.56% and 9.80% YoY respectively, resulting in a 3.14 percentage point increase in gross margin to 33.17% Changes in Key Financial Statement Items for H1 2025 | Item | H1 2025 (RMB) | H1 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,405,722,179.55 | 9,959,934,057.30 | -5.56 | | Operating Costs | 6,286,265,783.44 | 6,969,424,373.38 | -9.80 | | Selling Expenses | 2,781,383.79 | 3,089,120.38 | -9.96 | | Administrative Expenses | 111,165,157.76 | 106,929,283.20 | 3.96 | | Finance Costs | 438,174,476.39 | 474,594,731.87 | -7.67 | | Net Cash Flow from Operating Activities | 3,277,309,995.91 | 3,078,071,689.81 | 6.47 | | Investment Income | 700,460,481.47 | 1,049,155,694.96 | -33.24 | - The decrease in finance costs was primarily due to the decline in the domestic Loan Prime Rate (LPR) and the company's effective financing measures, which lowered the comprehensive interest rate on interest-bearing debt[51](index=51&type=chunk) Core Business Performance by Segment for H1 2025 | Segment | Operating Revenue (RMB) | Operating Costs (RMB) | Gross Margin (%) | Revenue YoY Change (%) | Cost YoY Change (%) | Gross Margin YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Toll Roads | 4,604,312,011.87 | 1,694,033,128.91 | 63.21 | 1.65 | -4.84 | Increased by 2.51 p.p. | | Ancillary Services | 827,919,422.11 | 797,455,512.60 | 3.68 | -2.15 | -4.26 | Increased by 2.12 p.p. | | Real Estate Sales | 19,031,630.60 | 18,116,846.68 | 4.81 | -84.93 | -78.55 | Decreased by 28.29 p.p. | | Electricity Sales | 335,220,319.45 | 177,662,011.99 | 47.00 | -3.70 | 1.62 | Decreased by 2.77 p.p. | [Significant Changes in Profit from Non-Core Business](index=18&type=section&id=(II)%20Explanation%20of%20Significant%20Profit%20Changes%20from%20Non-Core%20Business) During the reporting period, there were no significant profit changes resulting from non-core business activities [Analysis of Assets and Liabilities](index=18&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew by 6.95% to RMB 96.13 billion, while the total asset-liability ratio increased by 1.12 percentage points to 45.79% Changes in Assets and Liabilities for H1 2025 | Item | Closing Balance (RMB) | % of Total Assets | Change vs. Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Accounts Receivable | 2,066,983,203.86 | 2.15 | 10.93 | | Long-term Equity Investments | 13,179,281,738.45 | 13.71 | 3.31 | | Trading Financial Assets | 4,342,810,000.20 | 4.52 | 39.11 | | Bonds Payable | 4,496,461,700.84 | 4.68 | 349.96 | | Total Assets | 96,134,096,284.84 | 100 | 6.95 | | Total Asset-Liability Ratio | 45.79% | - | Increased by 1.12 p.p. | - As of the end of the reporting period, the company's restricted assets totaled **RMB 31.62 billion**, primarily consisting of pledged expressway toll collection rights (RMB 30.23 billion) and pledged electricity fee collection rights (RMB 1.38 billion)[73](index=73&type=chunk) [Analysis of Investment Status](index=22&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) Investment expenditure increased by 7.64% YoY to RMB 4.43 billion, mainly for toll road construction, while financial assets measured at fair value totaled RMB 18.37 billion Investment Expenditure for H1 2025 | Investment Project | Amount (RMB) | | :--- | :--- | | Ningyang Yangtze River Bridge and North Connection Project | 473,251,245.71 | | Xiyi Expressway South Section Expansion Project | 1,705,108,419.61 | | Xitai Expressway Construction Project | 433,000,000.00 | | Danjin Expressway Construction Project | 784,670,000.00 | | Guangjing North Section Expansion Project | 400,015,190.00 | | **Total** | **4,427,417,949.89** | Financial Assets at Fair Value for H1 2025 | Asset Class | Closing Balance (RMB 10k) | | :--- | :--- | | Private Equity Funds | 191,322.16 | | Stocks | 1,211,102.80 | | Other (Wealth Management Products, etc.) | 434,281.00 | | **Total** | **1,836,705.96** | - The company holds **782.87 million shares** of Bank of Jiangsu (a 4.27% stake) with a market value of approximately **RMB 9.18 billion**, and received dividend income of **RMB 168 million** from the bank during the reporting period[84](index=84&type=chunk) [Major Asset and Equity Sales](index=25&type=section&id=(V)%20Major%20Asset%20and%20Equity%20Sales) There were no major sales of assets or equity during the reporting period [Analysis of Major Subsidiaries and Investees](index=25&type=section&id=(VI)%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) Several key subsidiaries experienced a decline in net profit, while the Wufengshan Bridge company saw a significant profit increase; associate companies contributed RMB 355 million in investment income Operating Performance of Major Subsidiaries for H1 2025 | Company Name | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | | Guangjing Xicheng Company | 2,845,337,150.70 | 356,930,829.68 | | Zhendan Company | 52,547,894.54 | -16,535,791.13 | | Wufengshan Bridge Company | 573,879,506.12 | 241,557,871.29 | | Yunshan Clean Energy Company | 336,147,856.72 | 93,400,642.46 | Investment Income from Key Associate Companies for H1 2025 | Company Name | Investment Income Contribution (RMB) | % of Company's Net Profit Attributable to Shareholders | | :--- | :--- | :--- | | Suzhou Expressway Company | 65,911,034.93 | 2.72 | | Yangzi River Bridge Company | 182,315,402.68 | 7.52 | | Yanjiang Company | 26,258,505.35 | 1.08 | | Zijin Trust Company | 38,880,000.00 | 1.60 | [Structured Entities Controlled by the Company](index=27&type=section&id=(VII)%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period [Other Disclosures](index=27&type=section&id=V.%20Other%20Disclosures) This section outlines risks related to industry policies, competition, and investments, as well as the capital expenditure and financing plans for H2 2025 [Analysis of Key Risks](index=27&type=section&id=(I)%20Potential%20Risks) The company faces risks from policy changes, increased competition, and underperforming investments, which it addresses through proactive monitoring and strategic adjustments - **Industry Policy Risk**: Toll revenue is susceptible to policy adjustments; the company mitigates this by developing new profit sources and diversifying its business model[94](index=94&type=chunk) - **Changing Competitive Landscape Risk**: Alternative routes and expanding rail networks may erode market share; the company responds by developing smart expressways and optimizing its road network planning[95](index=95&type=chunk) - **Real Estate De-stocking Risk**: The real estate business is affected by market conditions and policies; the company counters this by innovating sales models and strengthening risk control over real estate funds[97](index=97&type=chunk) [Capital Expenditure, Financing, and Shareholder Return Plans](index=28&type=section&id=(II)%20Other%20Disclosures) The company plans capital expenditures of approximately RMB 4.95 billion in H2 2025 and has maintained a strong commitment to shareholder returns, with cumulative cash dividends reaching RMB 38.67 billion Planned Major Capital Expenditures for H2 2025 | Investment Project | Amount (RMB) | | :--- | :--- | | Xitai Expressway Construction Project | 1,367,000,000.00 | | Guangjing North Section Expansion Project | 854,984,810.00 | | Xiyi Expressway South Section Expansion Project | 729,891,580.39 | | Danjin Expressway Construction Project | 465,330,000.00 | | Three Major Systems and Informatization Construction Project | 429,899,345.69 | | **Total** | **4,946,034,450.11** | - The company has an unutilized super short-term commercial paper quota of approximately **RMB 2.65 billion** registered with NAFMII and an unutilized corporate bond quota of **RMB 7.5 billion** approved by the CSRC[99](index=99&type=chunk) - As of the end of the reporting period, cumulative cash dividends paid by the company reached approximately **RMB 38.67 billion**; in July 2025, the company distributed the 2024 annual dividend of **RMB 0.49 per share** (tax inclusive), totaling **RMB 2.47 billion**, a 4.26% increase from the previous year[101](index=101&type=chunk) [Corporate Governance, Environment, and Society](index=30&type=section&id=Section%204%20Corporate%20Governance,%20Environment,%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, the Board of Directors appointed Mr. Zhu Yuanjun as a Deputy General Manager of the company - On April 28, 2025, the 11th meeting of the 11th Board of Directors appointed Mr. Zhu Yuanjun as a Deputy General Manager of the company[104](index=104&type=chunk) [Profit Distribution Plan](index=30&type=section&id=II.%20Profit%20Distribution%20or%20Capitalization%20of%20Capital%20Reserve%20Plan) No profit distribution or capitalization of capital reserve is proposed for this semi-annual reporting period - This semi-annual report does not include a proposal for profit distribution or capitalization of capital reserve; the number of bonus shares, dividends, and converted shares per 10 shares is zero[105](index=105&type=chunk) [Rural Revitalization and Social Responsibility](index=30&type=section&id=V.%20Specific%20Initiatives%20for%20Poverty%20Alleviation%20and%20Rural%20Revitalization) The company actively supports rural revitalization through toll exemptions, financial aid, and volunteer services, contributing RMB 73.86 million in toll reductions in H1 Toll Reductions and Exemptions in H1 2025 | Exemption Type | Amount (RMB 10k) | | :--- | :--- | | Green Channel (Agricultural Products) | 7,386.07 | | Combine Harvesters | 96.73 | | Port Vehicles | 361.82 | - During the reporting period, the company donated **RMB 500,000** in special funds to Ganyu District, Lianyungang City, to support local rural revitalization projects[109](index=109&type=chunk) - The company organized volunteer activities to support agriculture and innovated a "highway service station + agricultural support platform" model to expand sales channels for agricultural products[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) [Significant Events](index=32&type=section&id=Section%205%20Significant%20Events) [Fulfillment of Commitments](index=32&type=section&id=I.%20Fulfillment%20of%20Commitments) There were no unfulfilled or ongoing commitments from the company's controlling shareholders, related parties, or the company itself during the reporting period [Major Litigation and Arbitration](index=33&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company was not involved in any major litigation or arbitration matters during the reporting period [Major Related-Party Transactions](index=33&type=section&id=X.%20Major%20Related-Party%20Transactions) This section details related-party transactions, including operational dealings, joint investments, and financial services with the controlling shareholder and its affiliates [Related-Party Transactions in Daily Operations](index=33&type=section&id=(I)%20Related-Party%20Transactions%20in%20Daily%20Operations) The company engaged in numerous service, leasing, and procurement agreements with related parties covering advertising, maintenance, and IT services - The company signed framework agreements with Jiangsu Transportation Media for promotional production services and advertising operations, with the 2025 advertising cooperation amount not to exceed **RMB 14 million**[116](index=116&type=chunk) - The company entered into annual framework agreements with Modern Road & Bridge for asphalt pavement maintenance, with the 2025 contract amount not to exceed **RMB 10 million**[128](index=128&type=chunk) - Subsidiary Guangjing Xicheng signed a contract with Sugao New Material to purchase asphalt and new materials for up to **RMB 315.44 million** for expansion projects[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk) [Related-Party Transactions in Asset/Equity Acquisitions and Sales](index=52&type=section&id=(II)%20Related-Party%20Transactions%20in%20Asset%20or%20Equity%20Acquisitions%20and%20Sales) There were no major related-party transactions involving the acquisition or sale of assets or equity during the reporting period [Major Related-Party Transactions in Joint Investments](index=52&type=section&id=(III)%20Major%20Related-Party%20Transactions%20in%20Joint%20Investments) The company approved a capital increase of RMB 168.24 million for its subsidiary Wufengshan Bridge Company, contributing RMB 108.52 million based on its shareholding ratio - The company approved a capital increase of **RMB 168.24 million** for its subsidiary Wufengshan Bridge Company, with the Company providing a cash injection of **RMB 108.52 million** based on its shareholding ratio[139](index=139&type=chunk) [Related-Party Credit and Debt](index=52&type=section&id=(IV)%20Related-Party%20Credit%20and%20Debt) The company engaged in financial services with its group finance company and parent company, including deposits, loans, and guarantees, with a maximum daily deposit of RMB 500 million - The company renewed its Financial Services Agreement with the group finance company, setting the maximum daily deposit balance at **RMB 500 million** and securing a comprehensive credit line of no less than **RMB 5 billion**[142](index=142&type=chunk) - The company and its subsidiaries signed a centralized financing agreement with Jiangsu Communications Holding, with financing balances not to exceed **RMB 10 billion** for the Company and **RMB 1 billion** each for subsidiaries Xitai and Danjin[141](index=141&type=chunk)[142](index=142&type=chunk) [Financial Business with Related-Party Finance Company](index=54&type=section&id=(V)%20Financial%20Business%20with%20Related-Party%20Finance%20Company) The company conducted deposit and loan business with the related-party finance company, with a deposit balance of RMB 411 million and a loan balance of RMB 675 million at period-end Deposit Business with Related-Party Finance Company in H1 2025 | Indicator | Opening Balance (RMB) | Total Deposits This Period (RMB) | Total Withdrawals This Period (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Deposits in Finance Company | 463,661,370.17 | 4,762,416,041.78 | 4,814,937,143.74 | 411,140,268.21 | Loan Business with Related-Party Finance Company in H1 2025 | Indicator | Opening Balance (RMB) | Total Loans This Period (RMB) | Total Repayments This Period (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | | Total Loans | 688,779,286.00 | 102,000,000.00 | 115,760,714.00 | 675,018,572.00 | [Major Contracts and Their Performance](index=56&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Performance) This section discloses the company's leasing activities as a lessor for several service areas, with lease income determined by contract terms [Leasing Matters](index=56&type=section&id=(I)%20Entrustment,%20Contracting,%20and%20Leasing%20Matters) The company leases several service areas to third parties, and the new bidding process for key service areas has been completed Major Service Area Leases in H1 2025 | Leased Asset | Lessee Name | Lease Start Date | Lease End Date | Lease Income (RMB) | | :--- | :--- | :--- | :--- | :--- | | Meicun Service Area | Jiaxing Kaitong Investment Co, Ltd | 2024/12/17 | 2030/12/16 | 12,650,404.3 | | Huanglishu Service Area | Jiangsu Communications Holding Commercial Operation Co, Ltd | 2024/12/25 | 2027/12/24 | 308,175 | | Douzhuang Service Area | Jiangsu Communications Holding Commercial Operation Co, Ltd | 2024/1/1 | 2026/12/31 | 4,833,333.33 | - The new bidding process for the Huanglishu, Xianshan, and Meicun service areas on the Shanghai-Nanjing Expressway has been completed, and all transitional period rents have been collected from the original tenants[150](index=150&type=chunk) [Major Guarantees](index=59&type=section&id=(II)%20Major%20Guarantees%20Performed%20and%20Outstanding) There were no major guarantees performed or outstanding during the reporting period [Other Major Events](index=60&type=section&id=XIII.%20Explanation%20of%20Other%20Major%20Events) This section discloses changes in the scope of consolidation and adjustments to toll discount policies for freight vehicles - Ninghu Real Estate (Suzhou) Co, Ltd was deregistered on March 26, 2025, and Sujiaokong Wind Power (Siyang) Co, Ltd was established on January 10, 2025[152](index=152&type=chunk) - Effective May 16, 2025, a **15% toll discount** was implemented for Class 3-6 freight vehicles using ETC, and a **30% discount** was offered to all ETC-equipped freight vehicles on the Taihu Tunnel section of the Suxi-Changzhou South Expressway[153](index=153&type=chunk) [Changes in Share Capital and Shareholder Information](index=61&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholder%20Information) [Changes in Share Capital](index=61&type=section&id=I.%20Changes%20in%20Share%20Capital) There were no changes in the company's total number of shares or share capital structure during the reporting period - The company's total number of shares and share capital structure remained unchanged during the reporting period[155](index=155&type=chunk) [Shareholder Information](index=61&type=section&id=II.%20Shareholder%20Information) As of the period-end, the company had 29,589 shareholders, with Jiangsu Communications Holding Co, Ltd being the largest, holding a 54.44% stake Top Ten Shareholders as of the Reporting Period-End | Shareholder Name | Shares Held (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Jiangsu Communications Holding Co, Ltd | 2,742,578,825 | 54.44 | State-owned legal person | | China Merchants Expressway Network & Technology Holdings Co, Ltd | 589,059,077 | 11.69 | State-owned legal person | | BlackRock, Inc. | 113,742,530 | 2.26 | Foreign legal person | | STATE STREET CORPORATION | 66,234,148 | 1.31 | Foreign legal person | | China Life Insurance Company Limited - Traditional - General Insurance Product - 005L - CT001 Shanghai | 28,014,633 | 0.56 | Other | - As of the end of the reporting period, the company had a total of **29,589** common shareholders, including 29,225 A-share holders and 364 H-share holders[156](index=156&type=chunk) [Information on Directors, Supervisors, Senior Management, and Employees](index=63&type=section&id=III.%20Information%20on%20Directors,%20Supervisors,%20and%20Senior%20Management) As of June 30, 2025, the Group had 4,504 employees, with total employee remuneration for the first half of the year amounting to RMB 585.35 million - As of June 30, 2025, the Group had a total of **4,504 employees**, consisting of 801 management and technical staff and 3,703 production staff[161](index=161&type=chunk) - Total employee remuneration for the reporting period was **RMB 585.35 million**, with the Group continuing to optimize its compensation system based on performance[161](index=161&type=chunk) [Bond-related Information](index=65&type=section&id=Section%207%20Bond-related%20Information) [Corporate Bonds and Debt Financing Instruments](index=65&type=section&id=I.%20Corporate%20Bonds%20and%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) This section details the company's outstanding corporate bonds and non-financial enterprise debt financing instruments, including their terms, use of proceeds, and impact on the debt structure [Corporate Bond Overview](index=65&type=section&id=(I)%20Corporate%20Bonds%20(including%20Enterprise%20Bonds)) The company has five outstanding corporate bonds totaling RMB 3.2 billion, and it exercised a rate adjustment option on the '21 Ninghu G1' bond in 2024 Corporate Bond Details | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Outstanding Balance (RMB 100M) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 Public Offering Corporate Bond for Professional Investors (Series 1) | 21 Ninghu G1 | 175706.SH | 2021/2/1 | 2026/2/2 | 10 | 2.93 | | 2022 Public Offering Corporate Bond for Professional Investors (Series 2) | 22 Ninghu G2 | 137686.SH | 2022/8/22 | 2025/8/23 | 5 | 2.55 | | 2022 Public Offering Green Corporate Bond for Professional Investors (Series 1) | 22 Ninghu G22 | 137962.SH | 2022/10/21 | 2025/10/24 | 7 | 2.58 | | 2025 Public Offering Corporate Bond for Professional Investors (Series 1) | 25 Ninghu 01 | 242387.SH | 2025/2/11 | 2030/2/13 | 5 | 1.88 | - In 2024, the issuer exercised its option to adjust the coupon rate for the '21 Ninghu G1' bond from **3.70% to 2.93%**, and investors exercised their put option for a total amount of **RMB 121 million**[170](index=170&type=chunk) [Use of Corporate Bond Proceeds](index=69&type=section&id=(II)%20Use%20of%20Corporate%20Bond%20Proceeds) The RMB 500 million raised from the '25 Ninghu 01' bond was fully used to replace own funds used for repaying the principal of the '21 Ninghu G2' bond Use of '25 Ninghu 01' Bond Proceeds | Bond Code | Bond Abbreviation | Total Proceeds (RMB 100M) | Proceeds Used in Reporting Period (RMB 100M) | Amount Used to Repay Bonds (RMB 100M) | | :--- | :--- | :--- | :--- | :--- | | 242387.SH | 25 Ninghu 01 | 5.00 | 5.00 | 5.00 | - The proceeds from '25 Ninghu 01' were used to replace own funds for repaying the principal of the '21 Ninghu G2' bond, consistent with the stated purpose in the prospectus[175](index=175&type=chunk)[177](index=177&type=chunk) [Disclosures for Special-Purpose Bonds](index=70&type=section&id=(III)%20Other%20Disclosures%20for%20Special-Purpose%20Bonds) The '22 Ninghu G22' is a green corporate bond, and its RMB 700 million proceeds were fully used to acquire equity in a clean energy company '22 Ninghu G22' Green Corporate Bond Details | Indicator | Data | | :--- | :--- | | Bond Abbreviation | Ninghu G22 | | Special Bond Type | Green Corporate Bond | | Total Proceeds | RMB 700 million | | Amount Used | RMB 700 million | | Green Project Name | Equity Acquisition of Jiangsu Yunshan Clean Energy Investment Holding Co, Ltd | | Use of Proceeds Consistent with Commitment | Yes | - The proceeds were invested in a green industry sector as defined by the Green Industry Guiding Catalogue (2019) and the Green Bond Supported Projects Catalogue (2021), specifically in the clean energy field[180](index=180&type=chunk) [Significant Corporate Bond Matters](index=72&type=section&id=(IV)%20Significant%20Corporate%20Bond%20Matters%20During%20the%20Reporting%20Period) The company's total interest-bearing debt increased by 3.81% to RMB 34.68 billion, with the asset-liability ratio rising to 45.79% Consolidated Interest-Bearing Debt Structure for H1 2025 | Debt Category | Total Amount (RMB 100M) | % of Total Interest-Bearing Debt | | :--- | :--- | :--- | | Corporate Credit Bonds | 120.50 | 34.75 | | Bank Loans | 161.57 | 46.59 | | Non-bank Financial Institution Loans | 6.75 | 1.95 | | Other Interest-Bearing Debt | 57.96 | 16.71 | | **Total** | **346.78** | **—** | Changes in Key Financial Ratios for H1 2025 | Key Indicator | End of Reporting Period | End of Prior Year | Change vs. Prior Year-End (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Current Ratio | 0.6357 | 0.5186 | 22.59 | Increase in short-term investments, decrease in current liabilities | | Quick Ratio | 0.4941 | 0.3815 | 29.53 | Increase in short-term investments, decrease in current liabilities | | Asset-Liability Ratio (%) | 45.79 | 44.67 | Increased by 1.12 p.p. | Increase in dividends payable and interest-bearing debt | [Non-financial Enterprise Debt Financing Instruments](index=75&type=section&id=(V)%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments%20in%20the%20Interbank%20Bond%20Market) The company has issued multiple medium-term notes and super short-term commercial papers, with a total outstanding balance of RMB 8.85 billion Details of Non-financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Outstanding Balance (RMB 100M) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 Series 1 Medium-Term Note | 20 Ninghu Gao MTN001 | 102001586.IB | 2020/8/19 | 2025/8/21 | 20.00 | 3.98 | | 2022 Series 1 Green Medium-Term Note (Sci-Tech Innovation) | 22 Ninghu Gao MTN001 (Sci-Tech) | 102281915.IB | 2022/9/13 | 2025/9/15 | 7.00 | 2.49 | | 2025 Series 1 Medium-Term Note | 25 Ninghu Gao MTN001 | 102580223.IB | 2025/1/13 | 2030/1/15 | 6.00 | 1.90 | | 2025 Series 1 Super Short-Term Commercial Paper | 25 Ninghu Gao SCP001 | 012580696.IB | 2025/3/18 | 2025/7/25 | 5.60 | 1.86 | - The proceeds from '22 Ninghu Gao MTN001 (Sci-Tech Innovation Note)' have been fully used to replace the issuer's own funds invested in the technology innovation sector, consistent with the prospectus[192](index=192&type=chunk) [Financial Report](index=79&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=79&type=section&id=I.%20Audit%20Report) This semi-annual financial report has not been audited - This semi-annual financial report is unaudited[5](index=5&type=chunk) [Financial Statements](index=79&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for H1 2025, including the balance sheet, income statement, and cash flow statement Consolidated Balance Sheet Summary (as of June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total Assets | 96,134,096,284.84 | 89,886,075,247.13 | | Total Liabilities | 44,018,579,989.18 | 40,152,087,126.76 | | Total Equity Attributable to Parent Company | 40,143,752,833.93 | 38,596,795,651.66 | Consolidated Income Statement Summary (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 9,405,722,179.55 | 9,959,934,057.30 | | Total Profit | 3,145,806,373.03 | 3,494,290,323.90 | | Net Profit Attributable to Parent Company Shareholders | 2,423,880,435.76 | 2,748,469,162.00 | | Basic Earnings Per Share (RMB/share) | 0.4811 | 0.5456 | Consolidated Cash Flow Statement Summary (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3,277,309,995.91 | 3,078,071,689.81 | | Net Cash Flow from Investing Activities | -5,382,175,611.35 | -5,522,119,761.32 | | Net Cash Flow from Financing Activities | 1,968,143,425.63 | 2,290,936,316.02 | [Company Basic Information](index=99&type=section&id=III.%20Company%20Basic%20Information) The company was established in 1992 and primarily engages in the construction and operation of the Shanghai-Nanjing Expressway and other highways in Jiangsu Province - The Company was incorporated in Nanjing, Jiangsu Province on August 1, 1992, and is primarily engaged in the construction and operational management of the Jiangsu section of the Shanghai-Nanjing Expressway and other highways within Jiangsu Province[231](index=231&type=chunk) - The Company's parent company and ultimate controlling entity is Jiangsu Communications Holding Co, Ltd[231](index=231&type=chunk) [Basis of Preparation for Financial Statements](index=99&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared on a going concern basis, supported by sufficient credit facilities despite current liabilities exceeding current assets - As of June 30, 2025, the Group's total current liabilities exceeded its total current assets by **RMB 5.46 billion**[234](index=234&type=chunk) - As of June 30, 2025, the Group had unused credit facilities with a term of more than one year of no less than **RMB 10 billion** from banks[234](index=234&type=chunk) [Significant Accounting Policies and Estimates](index=99&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the key accounting policies and estimates applied in preparing the financial statements, covering areas such as revenue recognition, financial instruments, and intangible assets - The accounting policy for the amortization of expressway concession rights is formulated based on the specific operating characteristics of the toll road industry[235](index=235&type=chunk) - The Group's normal operating cycle is the period from acquiring assets for processing to realizing cash or cash equivalents, which is typically longer than 12 months for the real estate industry[239](index=239&type=chunk) - Revenue is recognized when performance obligations are satisfied by transferring control of goods or services to the customer; toll revenue is recognized based on the amount collected or receivable at the time of vehicle passage[313](index=313&type=chunk)[316](index=316&type=chunk) [Taxes](index=119&type=section&id=VI.%20Taxes) This section discloses the company's main taxes and tax rates, including VAT and corporate income tax, noting that some subsidiaries benefit from preferential tax rates Main Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 3% - 13% | | Urban Maintenance and Construction Tax | 5% - 7% | | Land Appreciation Tax | Progressive rates from 30% - 60% | | Corporate Income Tax | 25% (with exceptions for some subsidiaries) | Subsidiaries with Preferential Corporate Income Tax Rates | Company Name | Preferential Tax Rate | Reason for Preference | | :--- | :--- | :--- | | Jiangsu Wufengshan Bridge Co, Ltd | 12.5% | Three-year exemption, three-year half-rate | | Sujiaokong Rudong Offshore Wind Power Co, Ltd | 12.5% | Three-year exemption, three-year half-rate | | Kunshan Fengyuan Real Estate Development Co, Ltd | 5% | Small and micro enterprise | [Notes to Consolidated Financial Statements](index=120&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on individual items in the consolidated financial statements, including assets, liabilities, equity, income, and expenses Composition of Cash and Cash Equivalents (June 30, 2025) | Item | Closing Balance (RMB) | | :--- | :--- | | Cash on Hand | 39,113.10 | | Bank Deposits | 298,403,995.35 | | Other Monetary Funds | 1,545,719.20 | | Deposits in Finance Company | 411,140,268.21 | | **Total** | **711,129,095.86** | Trading Financial Assets (June 30, 2025) | Item | Closing Balance (RMB) | | :--- | :--- | | Wealth Management Products | 4,311,000,000.00 | | Other Investments (Funds, Stocks) | 31,810,000.20 | | **Total** | **4,342,810,000.20** | Accounts Receivable Aging Analysis (June 30, 2025) | Aging | Closing Book Balance (RMB) | | :--- | :--- | | Within 1 year (inclusive) | 801,920,880.49 | | 1 to 2 years | 474,980,519.98 | | 2 to 3 years | 398,003,303.09 | | 3 to 4 years | 322,758,304.61 | | 4 to 5 years | 112,485,415.65 | | Over 5 years | 33,103,657.14 | | **Total** | **2,143,252,080.96** | Changes in Long-term Equity Investments (H1 2025) | Item | Opening Balance (RMB) | Change This Period (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | | Joint Ventures | 13,334,628.22 | 882,000.00 | 14,216,628.22 | | Associates | 12,743,414,949.70 | 406,800,160.53 | 13,165,065,110.23 | | **Total** | **12,756,749,577.92** | **407,682,160.53** | **13,179,281,738.45** | Other Equity Instrument Investments (June 30, 2025) | Item | Closing Balance (RMB) | Dividend Income Recognized This Period (RMB) | | :--- | :--- | :--- | | Bank of Jiangsu Co, Ltd | 9,347,477,352.00 | 167,847,499.52 | | Jiangsu Financial Leasing Co, Ltd | 2,763,550,738.50 | 123,128,498.25 | | **Total** | **12,111,028,090.50** | **290,975,997.77** | Book Value of Intangible Assets (June 30, 2025) | Item | Closing Book Value (RMB) | | :--- | :--- | | Highway Concession Rights - Operational | 32,639,180,034.42 | | Highway Concession Rights - Under Construction | 17,780,181,498.98 | | Land Use Rights | 108,184,085.00 | | Sea Area Use Rights | 63,404,807.51 | | Software | 4,826,726.83 | | **Total** | **50,595,777,152.74** | Bonds Payable (June 30, 2025) | Item | Closing Balance (RMB) | | :--- | :--- | | Medium-Term Notes | 7,617,288,693.61 | | Corporate Bonds | 3,245,880,513.03 | | Less: Bonds due within one year | 6,366,707,505.80 | | **Total** | **4,496,461,700.84** | Operating Revenue and Costs (H1 2025) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Core Business | 8,955,280,538.97 | 6,014,537,746.50 | | Other Business | 450,441,640.58 | 271,728,036.94 | | **Total** | **9,405,722,179.55** | **6,286,265,783.44** | Investment Income (H1 2025) | Item | Amount This Period (RMB) | | :--- | :--- | | Income from long-term equity investments under the equity method | 354,710,357.56 | | Investment income from trading financial assets during holding period | 23,951,326.16 | | Investment income from other non-current financial assets during holding period | 30,822,799.98 | | Investment income from other equity instruments during holding period | 290,975,997.77 | | **Total** | **700,460,481.47** | [Research and Development Expenses](index=174&type=section&id=VIII.%20Research%20and%20Development%20Expenses) The company's R&D expenditure for the reporting period was RMB 3.53 million, all of which was expensed as technology service fees R&D Expenses (H1 2025) | Item | Amount This Period (RMB) | | :--- | :--- | | Technology Service Fees | 3,533,528.00 | | **Total** | **3,533,528.00** | | Of which: Expensed R&D | 3,533,528.00 | [Changes in Consolidation Scope](index=174&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The scope of consolidation changed during the period due to the deregistration of one subsidiary and the establishment of another - Ninghu Real Estate (Suzhou) Co, Ltd was deregistered on March 26, 2025, and Sujiaokong Wind Power (Siyang) Co, Ltd was established on January 10, 2025[152](index=152&type=chunk) [Interests in Other Entities](index=175&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in its subsidiaries, joint ventures, and associate companies, including ownership percentages and key financial information - The company has several wholly-owned subsidiaries, including Jiangsu Ninghu Investment Development Co, Ltd and Jiangsu Ninghu Real Estate Co, Ltd[540](index=540&type=chunk) - The company's controlled subsidiaries include Guangjing Xicheng Company (85% ownership), Jiangsu Zhendan Expressway Co, Ltd (70% ownership), and Jiangsu Wufengshan Bridge Co, Ltd (64.5% ownership)[540](index=540&type=chunk)[541](index=541&type=chunk) Shareholding in Key Associate Companies | Associate Company Name | Shareholding Ratio (%) | Accounting Method | | :--- | :--- | :--- | | Yangzi River Bridge Company | 26.66 | Equity Method | | Suzhou Expressway Management | 23.86 | Equity Method | | Zijin Trust | 20.00 | Equity Method | | Yanjiang Company | 25.15 (indirect) | Equity Method | [Government Grants](index=187&type=section&id=XI.%20Government%20Grants) The company recognized a total of RMB 8.24 million in government grants during the reporting period, comprising both asset-related and income-related grants Government Grants Recognized in Current Profit or Loss (H1 2025) | Type | Amount This Period (RMB) | | :--- | :--- | | Asset-related | 5,031,470.03 | | Income-related | 3,207,939.90 | | **Total** | **8,239,409.93** | [Risks Related to Financial Instruments](index=188&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, interest rate, and other price risks through continuous monitoring, risk management policies, and maintaining adequate liquidity - The company is exposed to credit risk, liquidity risk, interest rate risk, and other price risks[566](index=566&type=chunk) - The Group has a significant concentration of credit risk, with accounts receivable from its top five customers accounting for **93.20%** of the total[564](index=564&type=chunk) - The company manages liquidity risk by regularly monitoring short-term and long-term funding needs and securing sufficient standby credit facilities from major financial institutions[565](index=565&type=chunk) [Fair Value Disclosure](index=190&type=section&id=XIII.%20Fair%20Value%20Disclosure) Assets measured at fair value totaled RMB 18.37 billion, primarily comprising financial assets valued using Level 1, Level 2, and Level 3 inputs Assets Measured at Fair Value (June 30, 2025) | Item | Level 1 Fair Value (RMB) | Level 2 Fair Value (RMB) | Level 3 Fair Value (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 31,810,000.20 | 4,311,000,000.00 | - | 4,342,810,000.20 | | Other Equity Instrument Investments | 12,111,028,090.50 | - | - | 12,111,028,090.50 | | Other Non-current Financial Assets | - | - | 1,913,221,618.41 | 1,913,221,618.41 | | **Total Assets at Fair Value** | **12,142,838,090.70** | **4,311,000,000.00** | **1,913,221,618.41** | **18,367,059,709.11** | - Other non-current financial assets measured using Level 3 inputs primarily consist of investments in private equity funds, valued using market-based approaches[574](index=574&type=chunk) [Related Parties and Related-Party Transactions](index=191&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's parent, subsidiaries, and other related parties, along with transactions involving sales, services, leasing, and financing - The company's parent and ultimate controlling party is Jiangsu Communications Holding Co, Ltd, which holds a **54.44%** stake[576](index=576&type=chunk) Major Related-Party Purchases/Services Received (H1 2025) | Related Party | Transaction Content | Amount This Period (RMB) | | :--- | :--- | :--- | | Modern Road & Bridge Company | Road maintenance/special projects | 116,237,322.95 | | Network Company | Toll system maintenance and operation | 17,570,953.00 | | Tongxingbao Company | Toll system maintenance and operation | 19,583,247.30 | | Communications Holding | Interest expense on related-party loans | 78,044,654.26 | | Group Finance Company | Interest expense on loans | 4,557,943.79 | Major Related-Party Sales/Services Provided (H1 2025) | Related Party | Transaction Content | Amount This Period (RMB) | | :--- | :--- | :--- | | Group Finance Company | Interest income on deposits | 792,021.30 | | Suxi-Changzhou South Company | Entrusted management income | 21,692,547.21 | | Yangzi River Bridge Company | Entrusted management income | 6,675,400.00 | | Hutong Bridge Company | Entrusted management income | 3,483,300.00 | | Jinghu Expressway Company | Electricity sales revenue | 653,665.40 | - The company, as the guaranteed party, received a guarantee from Communications Holding for an amount of **USD 867,163.67**, maturing on July 10, 2028[589](index=589&type=chunk) Related-Party Borrowings (H1 2025) | Related Party | Borrowing Amount (RMB) | Start Date | End Date | Description | | :--- | :--- | :--- | :--- | :--- | | Communications Holding (Lender) | 3,000,000,000.00 | 2024/10/31 | 2039/9/27 | Related-party loan, annual rate 2.17% | | Group Finance Company (Borrower) | 100,000,000.00 | 2025/3/7 | 2026/3/6 | Related-party loan, annual rate 2.11% | [Commitments and Contingencies](index=202&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company has capital commitments of RMB 39.02 billion for long-term asset construction and provides guarantees of approximately RMB 130.17 million for mortgage loans to property buyers Capital Commitments (June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Contracted but not yet recognized commitments for long-term asset construction | 39,016,620,000.00 | 54,209,500,185.26 | - As of June 30, 2025, subsidiary Ninghu Real Estate provided joint liability guarantees for mortgage loans to property buyers, with an outstanding guaranteed amount of approximately **RMB 130,169,867.02**[607](index=607&type=chunk) [Post-Balance Sheet Events](index=202&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) There were no significant post-balance sheet events to report between the period-end and the date of financial statement approval [Other Significant Matters](index=203&type=section&id=XVIII.%20Other%20Significant%20Matters) This section outlines the company's 15 reportable segments and provides financial information for each, including revenue, costs, and profit - The Group has 15 reportable segments, including the Shanghai-Nanjing Expressway, ancillary services, real estate development, and electricity sales[609](index=609&type=chunk) Segment Revenue, Costs, and Profit (H1 2025) | Segment | Operating Revenue (RMB) | Operating Costs (RMB) | Operating Profit (RMB) | | :--- | :--- | :--- | :--- | | Shanghai-Nanjing Expressway | 2,662,760,459.37 | 848,774,698.44 | 1,813,985,760.93 | | Guangjing and Xicheng Expressways | 424,791,462.91 | 98,822,820.94 | 325,968,641.97 | | Highway Ancillary Services | 827,919,422.11 | 797,455,512.60 | 30,463,909.51 | | Real Estate Development | 19,031,630.60 | 18,116,846.68 | 914,783.92 | | Electricity Sales | 335,220,319.45 | 177,662,011.99 | 157,558,307.46 | [Notes to Parent Company Financial Statements](index=206&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on key items in the parent company's financial statements, including receivables, long-term investments, and investment income Parent Company Accounts Receivable Aging Analysis (June 30, 2025) | Aging | Closing Book Balance (RMB) | | :--- | :--- | | Within 1 year (inclusive) | 314,491,819.50 | | 1 to 2 years | 84,149,681.45 | | 2 to 3 years | 416,626.72 | | Over 3 years | 3,286,889.43 | | **Total** | **402,345,017.10** | Parent Company Long-term Equity Investments (June 30, 2025) | Item | Closing Balance (RMB) | | :--- | :--- | | Investments in subsidiaries | 20,688,285,870.05 | | Investments in associates and joint ventures | 9,165,828,581.67 | | **Total** | **29,854,114,451.72** | Parent Company Operating Revenue and Costs (H1 2025) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Core Business | 4,056,273,594.05 | 1,864,038,950.48 | | Other Business | 69,247,695.48 | - | | **Total** | **4,125,521,289.53** | **1,864,038,950.48** | Parent Company Investment Income (H1 2025) | Item | Amount This Period (RMB) | | :--- | :--- | | Income from long-term equity investments under the cost method | 328,464,858.39 | | Income from long-term equity investments under the equity method | 308,661,710.46 | | Dividend income from other equity instrument investments | 154,600,581.12 | | Investment income from trading financial assets | 14,528,532.66 | | Loan interest income | 214,930.56 | | **Total** | **806,470,613.19** | [Supplementary Information](index=218&type=section&id=XX.%20Supplementary%20Information) [Details of Current Non-recurring Profit and Loss](index=218&type=section&id=1.%20Details%20of%20Current%20Non-recurring%20Profit%20and%20Loss) This section provides a detailed breakdown of the company's non-recurring profit and loss items for the reporting period, totaling RMB 17.30 million Non-recurring Profit and Loss Items for H1 2025 | Non-recurring Profit and Loss Item | Amount (RMB) | | :--- | :--- | | Gains and losses on disposal of non-current assets | -1,270,886.30 | | Government grants recognized in current profit or loss | 3,207,939.90 | | Gains/losses from fair value changes and disposal of financial assets/liabilities | -488,183.43 | | Entrusted operation and management fee income | 29,295,318.19 | | Other non-operating income and expenses | -15,918,289.95 | | Less: Income tax impact | -3,999,225.39 | | Minority interest impact (after tax) | 1,527,715.36 | | **Total** | **17,297,408.44** | [Return on Net Assets and Earnings Per Share](index=218&type=section&id=2.%20Return%20on%20Net%20Assets%20and%20Earnings%20Per%20Share) The weighted average return on net assets was 5.97%, with both basic and diluted earnings per share at RMB 0.4811 Return on Net Assets and Earnings Per Share for H1 2025 | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders | 5.97 | 0.4811 | 0.4811 | | Net profit attributable to common shareholders after deducting non-recurring items | 5.93 | 0.4777 | 0.4777 |