Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,781,525,555.03, representing a year-on-year increase of 37.66% compared to CNY 3,473,393,457.30 in the same period last year[4]. - The net profit attributable to shareholders of the listed company decreased by 2.88% to CNY 1,210,866,236.48 from CNY 1,246,836,155.30 in the previous year[4]. - The basic and diluted earnings per share were both CNY 0.2404, reflecting a decrease of 2.88% compared to CNY 0.2475 in the same period last year[4]. - The company reported a total comprehensive income of CNY 1,080,176,529.13 for Q1 2025, down from CNY 1,987,076,378.89 in Q1 2024, representing a decline of 45.5%[27]. - The company reported a total operating profit of approximately CNY 1,586,211 thousand for Q1 2025, a decline of 4.02% year-on-year, with net profit attributable to shareholders at CNY 1,210,866 thousand, down 2.88%[16]. Cash Flow and Assets - The net cash flow from operating activities increased by 4.48% to CNY 1,713,194,681.50 from CNY 1,639,672,583.68 in the previous year[4]. - The company's total assets as of March 31, 2025, amounted to CNY 91,484,769,001.36, an increase from CNY 89,886,075,247.13 at the end of 2024[21]. - Current liabilities decreased to CNY 13,757,114,771.77 from CNY 16,186,507,091.14 year-on-year[22]. - Non-current liabilities increased to CNY 26,761,864,647.64 from CNY 23,965,580,035.62 year-on-year[22]. - The cash and cash equivalents at the end of Q1 2025 were CNY 727,739,684.05, a decrease from CNY 784,188,898.65 at the end of Q1 2024[29]. Revenue Breakdown - The company achieved total operating revenue of approximately RMB 4,781,526 thousand, representing a year-over-year growth of about 37.66%[12]. - Excluding construction revenue, the operating revenue was approximately RMB 2,984,235 thousand, showing a slight decline of about 0.72% compared to the previous year[12]. - Toll road business generated revenue of approximately RMB 2,326,727 thousand, with a year-over-year increase of about 2.25%[12]. - Construction period revenue reached approximately RMB 1,797,290 thousand, marking a significant year-over-year growth of about 284.55%[12]. - Power sales revenue decreased to approximately RMB 171,711 thousand, down about 17.23% year-over-year due to weather impacts[13]. - Real estate business revenue fell to approximately RMB 18,040 thousand, a decline of about 76.02% year-over-year as the company reduced its real estate operations[13]. Traffic and Operations - The average daily traffic for the company's toll road network was 73,558 vehicles, reflecting a slight decrease of 0.56% year-over-year[14]. - The average daily income from the Ningchang Expressway was RMB 2,595.54 thousand, down 9.96% year-over-year[14]. - The company operates 11 toll road projects, with varying traffic and revenue performance across different routes[14]. - Total traffic volume decreased by 21.17% to 23,270 vehicles per day, while average daily revenue increased by 7.51% to CNY 346.88 thousand per day[15]. - For Wufengshan Bridge, total traffic volume was 49,125 vehicles per day, down 4.66%, with average daily revenue at CNY 2,692.03 thousand, a decrease of 6.27%[15]. Investments and Financial Activities - The company incurred financial expenses of CNY 219,649,147.18 in Q1 2025, down from CNY 246,435,277.03 in Q1 2024, showing a reduction of 10.9%[26]. - Investment activities resulted in a net cash outflow of CNY 2,794,548,425.03 in Q1 2025, compared to a net outflow of CNY 2,238,250,411.49 in Q1 2024, indicating an increase in investment spending[28]. - The company raised CNY 4,583,160,000.00 through borrowings in Q1 2025, slightly down from CNY 4,741,695,000.00 in Q1 2024[29]. - The company has approved a cash increase of CNY 10,851.72 thousand to its subsidiary Wufengshan Bridge Company, with other shareholders contributing proportionally[18]. Future Outlook - The completion of the Ningyang Yangtze River Bridge in January 2025 is expected to enhance the company's market position and operational scale in the regional road network[17].

Financial Performance - The company's operating revenue for the first quarter reached CNY 4,781,525,555.03, representing a year-on-year increase of 37.66% compared to CNY 3,473,393,457.30[7] - Net profit attributable to shareholders decreased by 2.88% to CNY 1,210,866,236.48 from CNY 1,246,836,155.30 in the same period last year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 0.63% to CNY 1,194,521,061.85[7] - Basic and diluted earnings per share both decreased by 2.88% to CNY 0.2404[7] - The company reported an operating profit of approximately RMB 1,586,211 thousand for the period, a decrease of 4.02% year-on-year[28] - Net profit attributable to shareholders was approximately RMB 1,210,866 thousand, with earnings per share of RMB 0.2404, down 2.88% year-on-year[28] - Total comprehensive income for Q1 2025 was ¥1,080,176,529.13, down from ¥1,987,076,378.89 in Q1 2024, indicating a decrease of approximately 45.5%[39] Revenue Breakdown - The increase in operating revenue was primarily driven by increased investment in road and bridge projects, while excluding construction revenue, the operating revenue decreased by 0.72%[13] - The toll road business generated revenue of approximately RMB 2,326,727 thousand, with a year-on-year growth of about 2.25%[21] - The construction period revenue amounted to approximately RMB 1,797,290 thousand, reflecting a significant year-on-year increase of about 284.55%[22] - The revenue from the power sales decreased by approximately 17.23%, totaling RMB 171,711 thousand, primarily due to weather-related factors[22] - The real estate business reported operating revenue of approximately RMB 18,040 thousand, down about 76.02% year-on-year, as the company actively reduced its real estate operations[22] - The revenue from ancillary businesses was approximately RMB 420,638 thousand, showing a year-on-year increase of about 1.15%[21] - The company's revenue from other businesses increased by approximately 47.45%, totaling RMB 47,119 thousand, mainly due to increased income from hotel rooms and other sources[22] Cash Flow and Investments - The net cash flow from operating activities was CNY 1,713,194,681.50, up 4.48% from CNY 1,639,672,583.68[7] - Cash flow from operating activities for Q1 2025 was ¥1,713,194,681.50, an increase from ¥1,639,672,583.68 in Q1 2024, showing a growth of about 4.5%[42] - Cash inflow from investment activities in Q1 2025 was ¥2,537,947,833.25, down from ¥6,046,644,637.68 in Q1 2024, indicating a decrease of approximately 58.1%[42] - Cash outflow from investment activities totaled approximately $5.33 billion in Q1 2025, down from $8.28 billion in Q1 2024, reflecting a reduction in investment spending[43] - The company received approximately $212.47 million from minority shareholders in Q1 2025, reflecting ongoing investment interest from minority stakeholders[43] Assets and Liabilities - Total assets at the end of the reporting period were CNY 91,484,769,001.36, an increase of 1.78% from CNY 89,886,075,247.13 at the end of the previous year[9] - Total liabilities as of March 31, 2025, were CNY 40,518,979,419.41, slightly higher than CNY 40,152,087,126.76 reported on December 31, 2024, representing an increase of approximately 0.91%[35] - The total non-current liabilities rose to CNY 26,761,864,647.64, compared to CNY 23,965,580,035.62, reflecting an increase of approximately 11.83%[35] - The company's cash and cash equivalents decreased to CNY 727,739,684.05 from CNY 864,469,970.43, a decline of about 15.77%[33] - The company's inventory stood at CNY 1,974,050,589.08, slightly down from CNY 1,999,541,489.81, indicating a decrease of about 1.29%[33] Shareholder Information - The company had a total of 27,697 shareholders, with 27,332 A-share shareholders and 365 H-share shareholders[19] - Jiangsu Transportation Holding Co., Ltd. holds the largest share with 54.44% of the total shares[16] - The company’s stock structure includes significant foreign institutional investors such as BlackRock, Inc. and JPMorgan Chase & Co.[16] Future Outlook and Projects - The completion of the Ningyang Yangtze River Bridge in January 2025 is expected to enhance the company's market share and operational management capabilities in the region[29] - The company anticipates the completion of the northern connection project of the Ningyang Yangtze River Bridge by the end of 2025, with cumulative investment reaching RMB 4.217 billion[29] Operational Metrics - The average daily traffic for the company's toll bridges was 73,558 vehicles, a slight decrease of 0.56% year-on-year[23] - The daily average income from tolls was RMB 14,897.34 thousand, an increase of 9.58% year-on-year[23] - The Jiangsu Ninghu Expressway Company experienced a significant drop in traffic, with passenger vehicle traffic down 54.81% year-on-year[24] - The company noted that the number of days with waived tolls for small passenger vehicles during major holidays was 8 days, compared to 9 days in the same period last year[26] Accounting and Reporting Changes - The company has implemented new accounting standards starting in 2025, which may affect financial reporting and analysis going forward[44]

宁沪高速一季度总体业绩呈现"营收大增、利润小降"的局面，主要受建造业务成本飙升影响。核心资产 沪宁高速表现出色，重大项目宁扬长江大桥已于今年正式通车，有助于公司拓展收费路桥主业。 周一晚间，宁沪高速公布一季度财报。核心要点如下： 成本增幅远超收入，净利润承压 宁沪高速Q1实现营业收入47.82亿元，同比激增37.66%，这一增长主要源于路桥建设项目的投入加大。 然而，若剔除建造收入影响，实际营业收入同比下降0.72%，主要受地产销售收入和电力销售收入同比 减少影响。 值得注意的是，由于建造业务成本率较高，公司营业成本同比飙升70.49%至31.24亿元，增速远超收入 增幅，导致盈利能力受到一定影响。归属于上市公司股东的净利润为12.11亿元，同比下降2.88%；每股 收益为0.2404元，同比下降2.88%。 然而，如果剔除非经常性损益的影响，公司扣非净利润为11.95亿元，同比增长0.63%，表明公司核心业 务盈利能力仍保持相对稳定。公司经营活动产生的现金流量净额为17.13亿元，同比增长4.48%，显示良 好的现金创造能力。 高速公路稳中有增，多元化业务冷热不均 作为公司核心业务的收费公路业务表现亮眼，多 ...

Core Insights - The company reported a revenue of 4.782 billion yuan for Q1 2025, representing a year-on-year increase of 37.66% [1] - The net profit for the same period was 1.211 billion yuan, showing a year-on-year decrease of 2.88% [1] Financial Performance - Revenue for Q1 2025: 4.782 billion yuan, up 37.66% year-on-year [1] - Net profit for Q1 2025: 1.211 billion yuan, down 2.88% year-on-year [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 日 常 關 聯╱持 續 關 連 交 易 公 告 於2025年4月28日本公司控股子公司龍潭大橋公司就交安設施施工項 目 與 交 建 局、現 代 交 通 公 司 簽 署 三 方 協 議，由 現 代 交 通 公 司 向 寧 揚 長 江大橋北接線項目YL-YZ32標段提供鋼護欄施 工。協議期限為2025年 5月1日 至2025年12月31日，協 議 金 額 不 超 過 人 民 幣1,043.08萬 元。 本 次 交 易 的 承 包 方 現 代 交 通 公 司 為 現 代 路 橋 公 司 的 全 資 子 公 司，與 本 公 司 同 受 江 蘇 交 控 控 制，根 據 上 海 上 ...

Group 1 - Jiangsu Ninghu Expressway Company Limited is the only publicly listed transportation infrastructure company in Jiangsu Province, established on August 1, 1992 [2] - The company operates and manages toll roads and bridges within Jiangsu Province, with a focus on the investment, construction, and operation of expressways [2] - As of June 30, 2023, the company has directly participated in the operation and investment of 17 toll road projects, with over 910 kilometers of opened toll road mileage [2] Group 2 - As of April 25, the stock price of Jiangsu Ninghu Expressway closed at 9.740 HKD, a decrease of 0.1% from the previous trading day, with an intraday high of 9.820 HKD, marking a nearly one-year high [1] - The net capital inflow on that day was 151.54 million HKD, with a total of 506.530 million HKD flowing in and 354.992 million HKD flowing out [1]

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 4,946.69 million, with earnings per share of approximately RMB 0.9819[9]. - The company's operating revenue for 2024 reached ¥23.20 billion, a 52.70% increase compared to ¥15.19 billion in 2023[14]. - Net profit attributable to shareholders was ¥4.95 billion, reflecting a 12.09% growth from ¥4.41 billion in the previous year[14]. - The net profit excluding non-recurring gains and losses was ¥4.88 billion, up 16.90% from ¥4.17 billion in 2023[14]. - The group achieved toll revenue of approximately RMB 9,527,503 thousand, a year-on-year increase of about 0.17%, accounting for approximately 41.07% of total operating revenue[49]. - The group reported a significant increase in investment income, totaling RMB 1.78 billion, up 21.53% year-on-year[59]. - The company reported a total comprehensive income of CNY 7,197,723,928.73 for 2024, compared to CNY 4,567,969,175.51 in 2023, representing a growth of 57.0%[144]. Assets and Liabilities - The total assets of the group amounted to approximately RMB 89.886 billion, with net assets attributable to shareholders of approximately RMB 38.597 billion[10]. - Total assets at the end of 2024 amounted to ¥89.89 billion, a 14.27% increase from ¥78.66 billion in 2023[14]. - The total liabilities at the end of the reporting period amounted to approximately RMB 40,152,087 thousand, with a debt-to-asset ratio of about 44.67%, a decrease of approximately 3.35 percentage points compared to the previous period[88]. - The net asset liability ratio decreased by 11.65 percentage points to 80.73%[83]. Investments and Projects - The company invested RMB 5.35 billion in the Ningyang Yangtze River Bridge project, which is 70.63% of the total project investment of RMB 62.54 billion[25]. - The company has invested RMB 14.83 billion in the Ningyang Yangtze River Bridge North Connection project, accounting for 58.74% of the total investment of RMB 69.85 billion[25]. - The company is advancing the Xitai project with a total estimated investment of RMB 241.98 billion, having invested RMB 60.66 billion, which is 25.07% of the total[26]. - Major investment projects for 2025 include the construction of the Xiyi Expressway South Extension at RMB 2,435,000,000 and the construction of the Xitai Expressway at RMB 1,800,000,000[113]. Revenue Streams - The revenue from the Shanghai-Nanjing Expressway was ¥5,260,680,666.24, achieving a gross margin of 60.65%, which is up by 7.44 percentage points compared to the previous year[62]. - The revenue from the power sales segment increased to ¥719,730,356.19, with a gross margin of 50.69%, up by 3.86 percentage points year-on-year[62]. - Real estate sales revenue decreased by 71.13% to approximately RMB 137,095 thousand due to a smaller project delivery scale compared to the previous year[51]. Operational Efficiency - The company has equipped 187 toll collection machines, reducing on-site personnel by over 300[27]. - The company has established 20 drone airports to enhance road maintenance efficiency, conducting nearly 3,000 inspections during the reporting period[28]. - The company’s smart expansion technology won the IRF International Award 2024, marking it as the first listed bridge company in the country to receive this honor[28]. - The group has established a modern enterprise management control framework to enhance operational efficiency and risk management[56]. Sustainability and Innovation - The company is actively exploring and developing transportation and new energy businesses to expand profit margins and achieve sustainable development[10]. - The company’s "zero carbon service area" project has generated over 3 million kWh of electricity annually, reducing CO2 emissions by over 2,000 tons each year[34]. - The company is committed to advancing green low-carbon development and aims to be a leader in the green transformation of the highway industry[108]. - The group emphasizes the integration of green low-carbon concepts throughout its production and operations, aiming to reduce energy consumption and emissions[111]. Shareholder Returns - The board proposed a cash dividend of RMB 0.49 per share (before tax), with the total share capital being 5,037,747,500 shares[9]. - The company has maintained a high dividend payout ratio since its listing, ensuring stable long-term returns for shareholders[42]. - The distributable reserves for shareholders as of December 31, 2024, amounted to RMB 15,688,590,021.99, an increase from RMB 13,285,818,750.47 as of December 31, 2023[92]. Market Position and Growth - The company is the only listed bridge company in Jiangsu Province, focusing on enhancing and integrating high-quality bridge projects in the southern Jiangsu road network[41]. - Jiangsu Province's GDP is expected to reach 13.7 trillion yuan in 2024, with a growth rate of 5.8%, contributing positively to the company's business development[41]. - The national GDP is projected to exceed 134 trillion yuan in 2024, representing a 5.0% increase from the previous year, creating a favorable external environment for the highway industry[37].

Financial Performance - The company's operating revenue for the third quarter was RMB 4,098,509,526.37, a decrease of 8.37% compared to the same period last year[3]. - Net profit attributable to shareholders was RMB 1,371,233,351.15, reflecting a decline of 11.81% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,462,990,152.97, an increase of 3.26% compared to the previous year[3]. - Basic and diluted earnings per share were both RMB 0.2722, down 11.81% from the previous year[3]. - Operating revenue increased by approximately 21.10% year-on-year, benefiting from increased investment in bridge construction projects; excluding construction revenue, operating revenue decreased by 2.33% due to lower oil product sales and reduced real estate delivery scale[8]. - Net profit attributable to shareholders of the listed company increased by 2.05% year-on-year, driven by increased toll revenue, reduced financial expenses, and asset disposal gains from the cessation of tolls on the Luma first-level highway[9]. - Net profit attributable to shareholders of the listed company, after deducting non-recurring gains and losses, increased by 7.95% year-on-year[9]. - Basic earnings per share reached 2.05 yuan per share, reflecting the same upward trend as net profit[9]. - The operating profit for the same period was approximately RMB 1,736,375 thousand, a decrease of 13.31% year-on-year; net profit attributable to shareholders was approximately RMB 1,371,233 thousand, down 11.81% year-on-year[17]. - Net profit attributable to shareholders increased by approximately 2.05% year-on-year to RMB 4,119,703 thousand, with earnings per share of RMB 0.8178[22]. - Net profit attributable to shareholders for the first three quarters of 2024 was ¥4,119,702,513.15, compared to ¥4,036,767,899.56 in 2023, reflecting a growth of 2.0%[31]. Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 84,000,993,666.34, representing a growth of 6.79% compared to the end of the previous year[3]. - Equity attributable to shareholders reached RMB 36,803,692,015.40, an increase of 8.29% year-on-year[3]. - Current liabilities rose to ¥12,783,053,383.92, up from ¥9,549,438,432.72, representing a significant increase of 33.5%[27]. - Total liabilities decreased to ¥36,994,277,697.92 from ¥37,772,936,068.68, showing a reduction of 2.1%[28]. - The company maintained a strong equity position with total equity reaching ¥47,006,715,968.42, up from ¥40,888,507,875.68, indicating a growth of 15.5%[29]. Cash Flow - The company reported a net cash flow from operating activities of RMB 5,418,831,429.21 for the year-to-date, down 2.46% year-on-year[3]. - Cash flow from operating activities decreased by 2.46% year-on-year due to reduced factoring business after the transfer of equity in the factoring company last year[9]. - Cash inflow from investment activities in the first three quarters of 2024 was ¥17,680,117,734.40, a significant increase from ¥13,692,334,923.45 in 2023[35]. - Net cash flow from investment activities for the first three quarters of 2024 was -¥5,022,252,674.88, compared to -¥2,277,139,103.00 in 2023, indicating increased investment outflows[35]. - Cash inflow from financing activities for the first three quarters of 2024 totaled ¥17,074,722,272.00, up from ¥16,385,906,000.00 in 2023[35]. - The ending cash and cash equivalents balance as of the end of the third quarter of 2024 was ¥708,700,436.49, compared to ¥686,437,157.91 at the end of the same period in 2023[36]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,110[10]. - Jiangsu Transportation Holding Co., Ltd. holds 54.44% of the shares, making it the largest shareholder[11]. - BlackRock, Inc. and JPMorgan Chase & Co. hold 1.94% and 1.72% of the shares, respectively, as foreign institutional investors[11]. - The top ten shareholders collectively hold a significant portion of the company's shares, indicating strong institutional interest[12]. - The company has not disclosed any related party relationships or concerted action among the top shareholders[14]. Revenue Breakdown - The revenue from electricity sales for the first nine months was approximately RMB 529,908 thousand, an increase of 8.45% year-on-year, mainly due to increased electricity generation from offshore wind projects[18]. - The construction revenue for the first nine months was approximately RMB 4,827,230 thousand, an increase of 123.70% year-on-year, attributed to increased investment in bridge projects[18]. - The revenue from the real estate business for the first nine months was approximately RMB 133,576 thousand, a decrease of 57.60% year-on-year, due to a smaller delivery scale compared to the previous year[18]. Traffic and Income - The average daily traffic for the company's controlled toll road network was 71,597 vehicles per day, an increase of 2.48% year-on-year[19]. - The average daily income from the Ningchang Expressway was approximately RMB 3,006.96 thousand, an increase of 7.74% year-on-year[19]. - The average daily income from the Zhenli Expressway was approximately RMB 1,134.31 thousand, an increase of 12.97% year-on-year[19]. - Total vehicle traffic for Xiyi Expressway decreased by 23.20% year-on-year to 22,285 vehicles per day[20]. - Daily average revenue for Xiyi Expressway fell by 33.80% year-on-year to RMB 921.74 thousand[20]. - Daily average revenue for Wufengshan Bridge increased by 15.74% year-on-year to RMB 2,871.10 thousand[20]. - Daily average revenue for Changyi Expressway decreased by 12.66% year-on-year to RMB 331.40 thousand[20]. - Daily average revenue for Yichang Expressway decreased by 4.47% year-on-year to RMB 347.43 thousand[20].

Financial Performance - The company reported a mid-year performance with a focus on the accuracy and completeness of the financial statements, ensuring compliance with applicable accounting standards[15]. - Jiangsu Ninghu Expressway reported a revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[23]. - The company achieved a net profit of RMB 300 million, up 20% compared to the same period in 2023[23]. - The company's operating revenue for the first half of the year reached ¥9,959,934,057.30, representing a year-on-year increase of 39.57% compared to ¥7,136,011,953.47 in the same period last year[29]. - Net profit attributable to shareholders was ¥2,748,469,162.00, up 10.74% from ¥2,481,895,375.62 in the previous year[29]. - The company's operating revenue increased by approximately 39.57% year-on-year to about RMB 9.960 billion, while total profit rose by approximately 8.65% to about RMB 3.494 billion[43]. Risk Management - The report includes a forward-looking statement risk disclaimer, indicating that actual future results may differ from the projections made[15]. - The company emphasizes the importance of risk awareness regarding future plans and projections, distinguishing them from commitments[15]. - The group has established a comprehensive risk management system to enhance its risk governance capabilities and ensure sustainable development[42]. - The company is facing industry policy risks that could directly impact its toll revenue, which is its main income source, and is actively monitoring policy changes[132]. - The company is committed to improving its risk management system to better navigate the real estate market's cyclical nature and policy impacts[135]. Investments and Expansion Plans - The company plans to expand its network by adding 200 kilometers of new expressways by the end of 2025[23]. - Investment in new technology for toll collection systems is projected to reach RMB 50 million in 2024, enhancing operational efficiency[23]. - The company plans to continue investing in road and bridge projects to drive future revenue growth despite a slight decline in revenue when excluding construction income[31]. - The company plans to invest RMB 7,857,207,378.27 in major capital expenditure projects in the second half of 2024, including RMB 4,984,186,698.00 for the construction of the Xitai Expressway[137]. Financial Position - Jiangsu Ninghu Expressway's debt-to-equity ratio stands at 0.5, indicating a stable financial position for future investments[23]. - The company has a total asset of approximately RMB 84.527 billion and net assets attributable to shareholders of approximately RMB 34.858 billion[37]. - The total liabilities of the group amounted to approximately RMB 39,899,081 thousand, with a total asset-liability ratio of 47.20%, a decrease of about 0.82 percentage points compared to the previous period[102]. - The group maintains a stable and ample operating cash flow, indicating a safe level of financial leverage[102]. Environmental Initiatives - The company has implemented measures to ensure compliance with environmental regulations, including regular monitoring of wastewater discharge at 48 points and 11 direct discharge points[149]. - The company is actively promoting the use of clean energy vehicles and has implemented technologies to reduce vehicle emissions at toll stations[149]. - The company plans to invest in a "zero-carbon" service area project, expected to save 3,692 tons of standard coal annually and reduce CO2 emissions by 7,358 tons[159]. - The company has adopted low-noise pavement materials and implemented noise reduction measures to mitigate environmental impact[151]. Corporate Governance - The audit committee, consisting of 3 independent non-executive directors and 1 non-executive director, reviewed the mid-year report on August 26, 2024, confirming its adherence to Chinese accounting standards[15]. - The board of directors confirmed that all members attended the board meeting, ensuring collective responsibility for the report's accuracy[15]. - Significant changes in the board of directors occurred, with multiple resignations and new appointments, including the election of new independent directors[142]. Revenue Streams and Business Diversification - The company is exploring potential mergers and acquisitions to enhance its market position in the Jiangsu region[23]. - The company is focusing on diversifying its operations to mitigate risks associated with its relatively singular revenue structure[134]. - The company is actively promoting the integration of "service area + commerce" to enhance revenue streams from service areas[54]. Technology and Innovation - The company has equipped 134 toll robot lanes, accounting for 43.93% of mixed lanes, with self-service lane usage rates reaching 75.2% and 61.3% at entrances and exits, respectively[45]. - The company has implemented an "AI Square" event detection application covering approximately 160 kilometers, enhancing event warning capabilities[45]. - The company is developing a digital drone inspection system to improve highway management and enhance public travel experiences[160]. Social Responsibility - A total of 100 million yuan was donated to the Jiangsu Province Brave Fund as part of the company's social responsibility initiatives[160]. - The company aims to enhance its ESG governance framework, with a focus on economic, social, and environmental impacts[157].

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].