Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2021, representing a year-on-year increase of 15%[9]. - The net profit attributable to shareholders was RMB 300 million, up 20% compared to the same period last year[9]. - The company's operating revenue for the first half of the year reached CNY 1,687,650,616.38, representing a 106.10% increase compared to the same period last year[18]. - Net profit attributable to shareholders was CNY 710,265,062.62, a significant increase of 547.64% year-over-year[18]. - The net profit after deducting non-recurring gains and losses was CNY 691,841,524.36, reflecting a 637.13% increase from the previous year[18]. - The net cash flow from operating activities amounted to CNY 964,867,896.11, up 200.68% compared to the same period last year[18]. - Basic earnings per share (EPS) increased to CNY 0.4282, a 547.81% rise from CNY 0.0661 in the same period last year[21]. - The weighted average return on net assets rose to 6.14%, an increase of 5.1 percentage points compared to the previous year[21]. - The company achieved a total profit before income tax of CNY 1,007,450, reflecting a substantial increase from CNY 95,956 in the previous year[28]. - The total profit amounted to RMB 1,008,921 thousand, reflecting a significant year-on-year increase of 930.39%[34]. - The company achieved toll revenue of RMB 1,646,047 thousand in the first half of 2021, a significant increase of 133.78% compared to the same period in 2020[35]. Operational Developments - User data indicates an increase in traffic volume on highways managed by the company, with a 10% rise in average daily traffic[9]. - The company plans to expand its highway network by 200 kilometers over the next two years, aiming to enhance connectivity and accessibility[9]. - New technology initiatives include the implementation of smart toll collection systems, expected to reduce wait times by 30%[9]. - The company has allocated RMB 100 million for research and development of new road safety technologies in 2021[9]. - The company has expanded its operational highway mileage to 557 kilometers and managed a total of 3,825 kilometers of highways[30]. - The company is actively exploring advertising, financial services, and fund investment businesses to enhance profitability[30]. - The company has implemented a high-quality revenue collection strategy, achieving significant improvements in operational efficiency[32]. - The company is focusing on safety management and compliance to ensure smooth traffic flow, especially during major holidays and adverse weather conditions[68]. Financial Position - Total assets at the end of the reporting period were CNY 17,478,510,012.55, a 7.62% increase from the end of the previous year[20]. - Net assets attributable to shareholders increased by 2.92% to CNY 11,605,704,401.65 compared to the previous year[20]. - Cash and cash equivalents increased to ¥4,409,528,266.21, representing 25.23% of total assets, a 92.40% increase compared to the previous year[58]. - The company’s total liabilities as of June 30, 2021, were RMB 5,343,478 thousand, compared to RMB 4,334,693 thousand at the end of 2020, representing an increase of 23.3%[125]. - The company reported a basic and diluted earnings per share of RMB 0.4276 for the first half of 2021, compared to RMB 0.0652 in 2020, indicating a significant improvement in earnings[127]. Corporate Governance - The board of directors has confirmed that all members attended the board meeting, ensuring accountability for the report's accuracy[3]. - The report has not been audited but has been reviewed by the company's audit committee[3]. - The company has not provided any guarantees that violate regulatory decision-making procedures[4]. - The company has maintained good integrity status, with no significant debts or court judgments pending[6]. - The company has complied with the corporate governance code, ensuring high standards of corporate governance to protect shareholder interests[107]. Environmental and Social Responsibility - The company has implemented over 150 ETC dedicated lanes, significantly improving highway traffic efficiency and reducing fuel consumption and emissions[88]. - The company has adopted environmentally friendly snow melting agents, controlling their usage based on snowfall conditions to minimize environmental impact[85]. - The company has established a water collection pool under the Dongpu Reservoir Bridge to prevent wastewater from entering drinking water sources, ensuring compliance with national wastewater discharge standards[85]. - The company has planted over 6,080 trees to reduce highway noise impact on nearby residential areas, investing RMB 408,200 in the initiative[86]. - The company completed the seventh batch of poverty alleviation tasks in Lishuzhuang Village, helping 326 households and 1,097 individuals escape poverty by the end of 2020[88]. - The company conducted 32 charitable activities, providing a total of RMB 28,610 to support vulnerable groups such as elderly individuals and children[4]. Future Outlook - The company anticipates continued growth in toll revenue as economic recovery progresses and traffic demand increases[39]. - The company plans to invest approximately $48.195 million to acquire a 51% stake in a consortium for the Istanbul Third Bridge and North Ring Expressway project[62]. - The company is actively communicating with the government and major shareholders to understand road network planning and project construction progress[66]. - The company is leveraging the national strategy of the Yangtze River Delta integration to improve project performance and mitigate negative impacts on its operations[67].

Financial Performance - The net profit for the year 2020, according to Chinese accounting standards, was RMB 1,070,165 thousand, while under Hong Kong accounting standards, it was RMB 1,069,083 thousand[4]. - The distributable profit for shareholders for 2020 was RMB 1,069,083 thousand, with a proposed cash dividend of RMB 2.3 per 10 shares, totaling RMB 381,480.30 thousand[4]. - The company did not allocate any statutory surplus reserve for the year as the accumulated surplus reserve has reached over 50% of the total share capital[4]. - The total number of shares for dividend distribution is 1,658,610,000 shares[4]. - The net profit attributable to shareholders was CNY 918,480,418.11, down 16.32% from CNY 1,097,546,191.64 in the previous year[19]. - The basic earnings per share for 2020 was CNY 0.5538, a decrease of 16.31% from CNY 0.6617 in 2019[21]. - The weighted average return on equity decreased by 2.21 percentage points to 8.37% in 2020 from 10.58% in 2019[21]. - The company reported a pre-tax profit of CNY 1,245,972,000 in 2020, down from CNY 1,550,142,000 in 2019[22]. - The company reported a total revenue of RMB 174,468.63 thousand, reflecting a year-on-year decline of 21.76%[35]. - Net profit for the company was RMB 41,492.46 thousand, showing a significant decrease of 50.72% compared to the previous year[35]. - The company achieved a significant operational rebound in the second half of the year after a noticeable decline in the first half due to the pandemic and policy-related toll fee reductions[39]. Assets and Liabilities - As of the end of 2020, the total assets amounted to CNY 16,240,743,095.33, an increase of 2.01% from CNY 15,920,011,667.90 at the end of 2019[20]. - The net assets attributable to shareholders increased by 5.02% to CNY 11,276,709,422.09 from CNY 10,737,909,003.94 in 2019[20]. - The company's total liabilities as of December 31, 2020, were RMB 4,334,693,000, a slight decrease of 0.6% from RMB 4,360,855,000 in 2019[23]. - The asset-liability ratio of the company stands at 28.25%[35]. - The company's trading financial assets increased by 161.53% to RMB 1,104,490,547.95 from RMB 422,316,986.30 year-on-year, primarily due to the purchase of floating-rate bank structured deposits[37]. - Long-term payables rose by 33.22% to RMB 522,905,699.32 from RMB 392,499,619.04 in the previous year, primarily due to increased borrowings from minority shareholders[73]. Cash Flow - The net cash flow from operating activities was CNY 1,703,936,939.19, reflecting a decrease of 6.52% compared to CNY 1,822,702,104.07 in 2019[19]. - The company reported a net cash flow from operating activities of RMB 591,250,244.21 in Q4 2020, indicating strong cash generation capabilities[27]. - The cash flow from operating activities decreased by 6.52% to RMB 1,703,936,939.19 from RMB 1,822,702,104.07 in the previous year[59]. Dividends and Profit Distribution - The company has maintained a cash dividend policy for 24 consecutive years, with a cash dividend of RMB 2.30 per share for 2020, amounting to RMB 381,480.30 thousand, representing 41.53% of the net profit[113][115]. - The profit distribution plan for 2020 complies with the company's articles of association, with independent directors providing opinions on the relevant factors[113]. - The company has established a mechanism for profit distribution decision-making that considers sustainable development and shareholder interests[113]. Governance and Compliance - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[6]. - The company assures the accuracy and completeness of the annual report and financial statements[3]. - The company has maintained a good integrity status during the reporting period, with no significant debts or court judgments outstanding[119]. - The company has established a robust internal regulatory framework related to ESG and has conducted interviews to assess significant issues[101]. - The company has adopted the Corporate Governance Code and has no discrepancies with the requirements set by the China Securities Regulatory Commission[199]. Strategic Focus and Future Plans - The company plans to focus on market expansion and new technology development in the upcoming fiscal year[1]. - The company is exploring advertising, financial services, and fund investment businesses to expand its profit margins[33]. - The company is actively enhancing its governance capabilities by revising key internal regulations and completing the election of the ninth board of directors and supervisors[43]. - The company is focusing on diversification and transformation as a strategic choice due to declining investment returns in the toll road sector[76]. - The company aims to establish itself as a leading highway operation management platform and capital operation platform during the "14th Five-Year Plan" period[90]. Challenges and Risks - The company is facing challenges such as slow growth in traffic volume and the approaching expiration of toll collection periods on core routes, which may impact sustainable development[45]. - The company is sensitive to macroeconomic fluctuations, which can directly affect traffic flow and toll revenue[97]. - The company faces policy risks related to toll pricing and potential changes in government regulations affecting revenue[95]. - The company is at risk of losing its concession rights as existing highway operating periods approach maturity, which could impact sustainable development[96]. Social Responsibility and Community Engagement - The company has actively participated in poverty alleviation and rural revitalization efforts, receiving high praise from various sectors of society[101]. - The company provided over RMB 3 million in rent reductions for small and micro enterprises and donated RMB 5 million to support local pandemic prevention efforts[40]. - The company has implemented a 100% recycling rate for road waste on its highways, enhancing its green maintenance practices[148]. - The company has been recognized as an advanced collective in the national transportation system's fight against COVID-19[40]. Shareholder Information - The total number of ordinary shares issued by the company is 1,658,610,000, with 1,165,600,000 A-shares listed on the Shanghai Stock Exchange, accounting for approximately 70.28% of total shares, and 493,010,000 H-shares listed on the Hong Kong Stock Exchange, accounting for about 29.72%[154]. - The largest shareholder, Anhui Transportation Holding Group Co., Ltd., holds 524,644,220 shares, representing 31.63% of total shares[157]. - The top three shareholders collectively hold 80.42% of the company's shares, indicating a high concentration of ownership[157]. Management and Leadership - The company has a total of 2,079 employees, with 1,441 in the parent company and 638 in major subsidiaries[188]. - The company has a diverse management team with expertise in finance, engineering, and law, including professionals like Huang Yu, who became the CFO on January 22, 2021[177]. - The company has not granted any stock incentives to directors or senior management during the reporting period[179]. - The company has maintained a focus on aligning executive pay with market standards and operational performance[183].

Financial Performance - Total revenue for Q1 2021 reached RMB 847,416,635.46, a significant increase of 211.10% compared to RMB 272,395,967.64 in the same period last year[9] - Net profit attributable to shareholders was RMB 352,142,964.39, a turnaround from a loss of RMB 26,142,369.46 in Q1 2020[9] - The company's operating revenue for Q1 2021 reached RMB 847,416,635.46, a significant increase of 211.10% compared to RMB 272,395,967.64 in the same period last year[11] - The profit before tax saw a dramatic rise, with income tax expenses increasing by 1460.69% to RMB 140,227,010.25 from RMB 8,984,957.27 year-on-year[11] - The company reported operating profit of ¥501,718,224.51 for Q1 2021, a significant improvement from an operating loss of ¥65,555,942.61 in Q1 2020[34] - The total comprehensive income for Q1 2021 was ¥361,750,059.36, compared to a loss of ¥74,644,915.58 in the same quarter of the previous year[35] - The net profit for Q1 2021 reached ¥324,441,601.27, compared to ¥17,003,706.19 in Q1 2020, indicating a substantial increase of about 1,810%[36] - The company's total profit for Q1 2021 was ¥429,187,647.60, a substantial increase from ¥19,443,264.16 in Q1 2020, reflecting a growth of approximately 2,108%[36] Cash Flow and Liquidity - Operating cash flow for the period was RMB 513,206,269.59, up 237.50% from RMB 152,060,872.22 year-on-year[4] - Cash received from sales and services amounted to RMB 814,758,091.23, reflecting a 133.44% increase from RMB 349,019,574.22 in the previous year[12] - Cash received from borrowings surged by 418.06% to RMB 1,660,000,000.00, reflecting significant new bank loans acquired during the reporting period[12] - The company’s cash and cash equivalents decreased to RMB 2.12 billion from RMB 2.29 billion year-over-year[29] - The company’s cash and cash equivalents decreased to ¥1,813,845,366.51 from ¥2,040,183,790.27, indicating a reduction in cash reserves[32] - The cash flow from operating activities for Q1 2021 was ¥513,206,269.59, up from ¥152,060,872.22 in Q1 2020, reflecting an increase of approximately 237%[38] - The company reported a significant increase in cash and cash equivalents, with a balance of ¥1,191,973,238.49 at the end of Q1 2021, compared to ¥687,283,290.59 at the end of Q1 2020[38] Assets and Liabilities - Total assets increased to RMB 17,338,820,334.97, reflecting a growth of 6.76% from RMB 16,240,743,095.33 at the end of the previous year[4] - As of March 31, 2021, the total assets amounted to RMB 17.34 billion, an increase from RMB 16.24 billion at the end of 2020[30] - The total liabilities increased to RMB 5.06 billion as of March 31, 2021, compared to RMB 4.33 billion at the end of 2020[30] - Total liabilities decreased to ¥1,953,685,550.31 from ¥2,031,110,916.13 at the end of 2020, reflecting improved financial stability[32] - Current assets increased to ¥4,514,983,027.28 from ¥3,277,386,435.65 year-over-year, showing strong liquidity position[32] Shareholder Information - The number of shareholders at the end of the reporting period was 27,849, with the top three shareholders holding a combined 85.24% of shares[6][7] - The company’s total equity increased to ¥12,574,072,377.83 from ¥12,249,517,741.19, reflecting growth in shareholder value[32] Revenue Sources - Toll revenue from the He-Ning Expressway increased by 237.04% to RMB 36,767,000, compared to RMB 85,783,000 in the same period last year[13] - The company anticipates continued growth in toll revenue due to the completion of infrastructure projects and increased traffic flow post-pandemic[16][20] - The company reported a significant increase in toll revenue expected in 2021 due to the recovery of regional transportation and logistics demand[27] Expenses and Investments - Management expenses rose by 50.95% to RMB 29,333,642.56, primarily due to an increase in personnel and social security costs[11] - The company incurred a financial expense of -¥21,915,016.17 in Q1 2021, an improvement from -¥27,272,728.52 in Q1 2020, indicating a reduction in financial costs[36] - The company received investment income of ¥9,893,822.92 in Q1 2021, compared to ¥7,393,552.76 in Q1 2020, showing an increase of approximately 34%[36] - The cash inflow from investment activities in Q1 2021 was ¥905,523,293.83, a significant rise from ¥58,488,378.70 in Q1 2020[39] - The company reported a cash outflow from investment activities of ¥2,145,421,316.06 in Q1 2021, compared to ¥1,590,817,771.25 in Q1 2020, indicating an increase in investment expenditures[39] Future Outlook - The company anticipates continued growth in revenue and profitability as the impact of the COVID-19 pandemic diminishes[9] - The company plans to continue supporting the acquisition of quality highway assets from Anhui Communications Control Group[25] - The company has committed to not engaging in any business activities that may compete directly or indirectly with its operations[26]

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 1.2 billion for the first half of 2020, representing a year-on-year growth of 15%[9]. - The company's operating revenue for the first half of 2020 was CNY 818.87 million, a decrease of 44.20% compared to CNY 1,467.50 million in the same period last year[19]. - Net profit attributable to shareholders for the same period was CNY 109.67 million, down 79.98% from CNY 547.88 million year-on-year[19]. - The basic earnings per share decreased to CNY 0.0661, a decline of 79.99% compared to CNY 0.3303 in the previous year[21]. - The net cash flow from operating activities was CNY 320.90 million, representing a decrease of 65.70% from CNY 935.51 million in the same period last year[19]. - The company reported a significant drop in pre-tax profit, which was CNY 95.96 million, down 87.34% from CNY 757.66 million in the previous year[32]. - The company’s weighted average return on net assets decreased to 1.04%, down 4.29 percentage points from 5.33% in the previous year[21]. - The company’s diluted earnings per share were CNY 0.0661, reflecting a decrease of 79.99% compared to the previous year[21]. - The company reported a total operating revenue of RMB 818,868 thousand for the first half of 2020, a decrease of 44.20% compared to RMB 1,467,501 thousand in the same period of 2019[43]. - The total profit for the period was RMB 97,916 thousand, down 87.17% from RMB 763,349 thousand in the previous year[43]. Traffic and Toll Revenue - User data showed an increase in traffic volume on the expressways, with an average daily traffic of 1.5 million vehicles, up 10% compared to the same period last year[9]. - Toll revenue for the first half of 2020 was RMB 704,096 thousand, a significant drop of 48.05% compared to RMB 1,355,353 thousand in the same period last year[44]. - The average daily traffic volume and toll revenue for all highways operated by the company showed a growth trend from May 6 to June 30, 2020, following the resumption of toll collection[47]. - The Hefei-Nanjing Expressway experienced a toll revenue increase of 23.93% and 37.41% in May and June 2020, respectively, due to the local economic recovery[48]. - The Ninghuai Expressway's toll revenue increased by 6.75% and 13.13% in May and June 2020, respectively, as traffic volume began to recover[52]. Future Outlook and Strategy - The company has outlined its future outlook, projecting a revenue growth of 12% for the next fiscal year, driven by ongoing infrastructure projects and increased traffic[9]. - The company is expanding its market presence by entering into partnerships with local governments to develop new expressway projects, targeting an additional 300 kilometers of road by 2025[9]. - There are no plans for significant mergers or acquisitions in the near term, focusing instead on organic growth and internal improvements[9]. - The company has implemented new strategies to enhance customer experience, including mobile app upgrades that have increased user engagement by 25%[9]. - The company plans to invest $48.195 million to acquire a 51% stake in the Istanbul Third Bridge and North Ring Expressway project, with a 7% share in the consortium[71]. Financial Stability and Assets - The company has maintained a strong balance sheet, with total assets reported at RMB 5 billion, ensuring financial stability for future investments[9]. - Total assets as of June 30, 2020, were CNY 16.04 billion, an increase of 0.73% from CNY 15.92 billion at the end of the previous year[20]. - The company's net assets attributable to shareholders were CNY 10.47 billion, down 2.53% from CNY 10.74 billion at the beginning of the year[20]. - Total liabilities increased by 13.90% to RMB 4,966,869 thousand from RMB 4,360,855 thousand[33]. - The company’s asset-liability ratio stood at 27.31% as of June 30, 2020[35]. Risk Factors and Challenges - Risk factors related to future operations have been identified, including potential regulatory changes and economic fluctuations, which are detailed in the management discussion section[4]. - The company is facing considerable uncertainty regarding its operational performance for the remainder of the year due to ongoing policy impacts from the pandemic[74]. - The company's main business revenue growth space has narrowed due to increased parallel and alternative routes, negatively impacting toll revenue[76]. Social Responsibility and Community Engagement - The company donated RMB 5 million to support COVID-19 prevention efforts and organized voluntary donations totaling RMB 67,370 from its employees[41]. - During the reporting period, the company engaged in poverty alleviation efforts, including purchasing agricultural products worth RMB 24,510 to support local farmers[103]. - The company has invested a total of RMB 244.331 million in poverty alleviation efforts, with RMB 203.713 million specifically allocated to industry development projects[104]. - A total of 551 registered impoverished individuals were helped to escape poverty, with 321 households and 1,085 individuals lifted out of poverty by the end of 2019, resulting in a poverty incidence rate of 0.33%[106]. Governance and Compliance - The board of directors has confirmed that there are no non-operational fund occupations by controlling shareholders, ensuring transparency and accountability[3]. - The company has maintained compliance with corporate governance standards and has improved its governance mechanisms to enhance transparency and protect shareholder interests[117]. - The company continues to employ PwC and Deloitte as auditors for the 2020 fiscal year, ensuring compliance with auditing standards[89]. - No significant litigation or arbitration matters were reported during the reporting period, indicating a stable legal environment for the company[89]. Employee and Management - The company reported a total of 2,098 employees as of June 30, 2020, a decrease from 2,223 employees on June 30, 2019[138]. - Employee compensation for the reporting period was RMB 158.51 million, down from RMB 171.59 million in the first half of 2019, representing a decrease of approximately 7.5%[138]. - The company has implemented a broad salary system linked to job value and performance, enhancing employee motivation[138]. Environmental and Operational Efficiency - The company has implemented green practices in road maintenance, including 100% recycling of 1,000 cubic meters of road milling materials[110]. - The company plans to enhance highway operation management and control after the cancellation of provincial boundary toll stations[79]. - The company aims to improve emergency response plans and enhance the efficiency of emergency handling to ensure smooth traffic flow[80].

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥818.87 million, a decrease of 44.20% compared to ¥1.47 billion in the same period last year[20] - The net profit attributable to shareholders for the first half of 2020 was approximately ¥109.67 million, down 79.98% from ¥547.88 million in the previous year[20] - The net cash flow from operating activities was approximately ¥320.90 million, a decline of 65.70% compared to ¥935.51 million in the same period last year[20] - The basic earnings per share for the first half of 2020 was ¥0.0661, a decrease of 79.99% from ¥0.3303 in the same period last year[21] - The total profit for the period was RMB 97,916 thousand, down 87.17% from RMB 763,349 thousand in the previous year[47] - The company reported a significant decline in operating income, which was RMB 818,868,119.89, down 44.20% from RMB 1,467,501,106.08 year-on-year[64] - The company experienced a 65.70% decrease in cash flow from operating activities, amounting to RMB 320,895,649.05 compared to RMB 935,505,582.63 in the previous year[64] - The company reported a net profit margin decline, reflecting the challenging market conditions impacting overall profitability[180] Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥16.04 billion, an increase of 0.73% from ¥15.92 billion at the end of the previous year[20] - The total liabilities increased by 13.90% to RMB 4,966,869,000 from RMB 4,360,855,000[32] - The net assets attributable to shareholders at the end of the reporting period were approximately ¥10.47 billion, a decrease of 2.53% from ¥10.74 billion at the end of the previous year[20] - The company's total current assets reached CNY 3,147,932,185.84, up from CNY 2,744,428,474.34 in December 2019, reflecting a growth of approximately 14.7%[171] - The total liabilities increased to CNY 4,958,099,432.53 from CNY 4,350,269,318.36, representing an increase of about 13.9%[173] - The company's cash and cash equivalents decreased to CNY 1,760,431,780.79 from CNY 2,113,750,095.72, a decline of approximately 16.7%[171] Government Support and Subsidies - The company received government subsidies amounting to RMB 1,814,550.33, which are related to asset construction[27] Operational Strategies and Initiatives - The company is exploring advertising, financial services, and fund investment businesses to expand its profit sources[36] - The company has implemented a comprehensive safety management strategy during the pandemic, ensuring operational continuity and safety measures[45] - The company has initiated a project to enhance its information technology systems, including video monitoring and weather condition monitoring systems[45] - The company plans to enhance highway operation and maintenance levels in the second half of the year, focusing on toll collection and network management[94] - The company will actively adapt to the changes in operation management systems post the removal of provincial toll stations, aiming to increase revenue collection[94] Social Responsibility and Community Engagement - The company has invested RMB 203.713 million in eight poverty alleviation projects, helping 230 registered poor households to escape poverty[120] - The company has conducted vocational training for 50 individuals, helping 15 registered poor households achieve employment[120] - The company has actively engaged in social responsibility initiatives, including infrastructure construction and educational support in rural areas[116] Corporate Governance - The company has maintained a high standard of corporate governance, ensuring transparency and protection of shareholder rights[137] - The board of directors has established a comprehensive internal control system to safeguard shareholder investments and company assets[144] - The company has adopted a code of conduct for securities trading by directors and supervisors, in compliance with the Hong Kong Stock Exchange regulations[143] Employee Management - As of June 30, 2020, the company had a total of 2,098 employees, a decrease from 2,223 employees on June 30, 2019[165] - Employee compensation for the reporting period was RMB 158.51 million, down from RMB 171.59 million in the same period of 2019[165] - The company encourages online learning and self-study among employees due to the COVID-19 pandemic[166] Future Outlook and Challenges - The company anticipates significant uncertainty in its operating performance due to the impact of the pandemic and related policies on net profit[88] - The macroeconomic environment and industry policy changes pose risks to the company's performance, particularly in the toll road sector[89] - The company's main business revenue growth space is narrowing due to increased parallel and alternative routes affecting toll income negatively[91] - The company faces significant challenges to sustainable development as the concession periods for most highway assets are nearing expiration[92]