[Glossary](index=4&type=section&id=Item%201.%20Glossary) This chapter defines key professional terms and company abbreviations used in the report - This section primarily explains professional terms and company abbreviations used in the report, such as **'Zhongyuan Expressway'** and **'Henan Communications Investment Group'**, providing a basis for understanding the report's content[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's fundamental information and presents key financial data and performance indicators for the reporting period [Company Basic Information](index=5&type=section&id=Company%20Information) This chapter provides the company's basic business registration information, including names, legal representative, and addresses Company Information | Item | Information | | :--- | :--- | | **Chinese Name** | 河南中原高速公路股份有限公司 | | **Stock Abbreviation** | 中原高速 | | **Stock Code** | 600020 | | **Listing Exchange** | Shanghai Stock Exchange | | **Legal Representative** | Liu Jing | [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved year-on-year growth in revenue and net profit, with a significant increase in operating cash flow and improved profitability Main Accounting Data (Jan-Jun 2025) | Main Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 3,105,036,865.41 | 2,743,770,873.78 | 13.17% | | **Total Profit** | 843,977,625.02 | 808,415,101.48 | 4.40% | | **Net Profit Attributable to Shareholders of Listed Company** | 663,116,405.30 | 615,849,267.62 | 7.68% | | **Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items)** | 628,627,283.49 | 599,801,093.04 | 4.81% | | **Net Cash Flow from Operating Activities** | 1,146,284,155.08 | 878,330,234.80 | 30.51% | | | **End of Current Period (yuan)** | **End of Prior Year (yuan)** | **Period-end vs. Prior Year-end Change (%)** | | **Total Assets** | 53,013,088,005.69 | 52,163,406,051.21 | 1.63% | Key Financial Indicators (Jan-Jun 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (yuan/share)** | 0.2685 | 0.2460 | 9.15% | | **Weighted Average Return on Net Assets (%)** | 5.16% | 4.96% | Increase 0.20 percentage points | - During the reporting period, the company's non-recurring gains and losses totaled **34,489,121.81 yuan**, primarily from government subsidies recognized in current profit or loss[27](index=27&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry, main business operations, core competencies, key financial performance, and potential risks during the reporting period [Description of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company's main business is expressway investment and management, with profits from operations and associates, managing **808 kilometers** of roads, and pursuing innovation - The company's main business is expressway investment, construction, and operation management, with profits primarily from **expressway operations** and **investment income from associates**[32](index=32&type=chunk) - As of the end of the reporting period, the company managed approximately **808 kilometers** of road sections, including Airport Expressway and Zhengzhou-Zhumadian section of Beijing-Hong Kong-Macau Expressway, which are core road assets[33](index=33&type=chunk) - The company vigorously promotes technological innovation, establishing a new Technology Innovation Department and a Digital Intelligence Technology Innovation Company, with signed contracts totaling approximately **14.5 million yuan** in the first half of the year, demonstrating initial advantages in technology empowerment[35](index=35&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved revenue growth and increased net profit, driven by strategic initiatives and effective market value management Operating Performance H1 2025 | Indicator | Amount (billion yuan) | YoY Growth | | :--- | :--- | :--- | | **Operating Revenue** | 3.105 | 13.17% | | **Toll Revenue** | 2.193 | 2.23% | | **Total Profit** | 0.844 | 4.40% (compared to total profit of 0.808 billion yuan) | | **Net Profit Attributable to Parent** | 0.663 | 7.68% | | **Net Profit Attributable to Parent (Excluding Non-Recurring Items)** | 0.629 | 4.81% | - The company's key tasks in the first half of the year included issuing "Guidance on Traffic Diversion and Revenue Enhancement", orderly advancing projects like the Zheng-Luo Expressway, saving approximately **2.64 million yuan** in interest expenses through low-cost fund replacement, steadily increasing road-related economic income, improving corporate governance, and restoring market value through share repurchases[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - The company's market value management achieved results, with controlling shareholder Henan Communications Investment Group completing an additional **1.72%** shareholding, pushing total market capitalization past the **10 billion yuan** mark, and its Wind ESG rating improving to **A-level**[45](index=45&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=12&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) Core competencies include unique strategic location, high-quality assets, efficient management, professional development, and strong financing capabilities - The company's expressway assets are all located in Henan Province, a central plain region and a hub for national transportation arteries, giving it a **unique geographical advantage**[48](index=48&type=chunk) - The company possesses high-quality core road assets such as the Airport Expressway, the Zhengzhou-Zhumadian section of the Beijing-Hong Kong-Macau Expressway, and the Zhengzhou-Yaoshan section of the Zheng-Luan Expressway, all of which are **important transportation corridors** within the region[49](index=49&type=chunk) - The company maintains **stable cash flow**, a **high credit rating**, and good relationships with creditors, demonstrating excellent financing platform capabilities that secure its future development[54](index=54&type=chunk) [Key Operating Performance During the Reporting Period](index=13&type=section&id=Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section details financial status, showing revenue growth, cost increases, finance cost reduction, and changes in assets, liabilities, and investments [Analysis of Main Business](index=13&type=section&id=Analysis%20of%20Main%20Business) Operating revenue increased, while operating costs rose, sales expenses decreased, finance costs fell, and operating cash flow grew significantly Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 3,105,036,865.41 | 2,743,770,873.78 | 13.17 | | **Operating Cost** | 1,894,627,820.85 | 1,459,109,187.76 | 29.85 | | **Selling Expenses** | 1,005,369.24 | 7,854,847.25 | -87.20 | | **Finance Costs** | 373,275,184.18 | 459,389,559.18 | -18.75 | | **Net Cash Flow from Operating Activities** | 1,146,284,155.08 | 878,330,234.80 | 30.51 | | **Net Cash Flow from Financing Activities** | -50,965,718.87 | 64,778,988.87 | -178.68 | [Analysis of Assets and Liabilities](index=13&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) The asset and liability structure changed, with increases in other receivables and non-current financial assets, and debt structure optimization Major Asset and Liability Item Changes | Item Name | Period-end Amount (yuan) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | | **Other Receivables** | 79,043,219.48 | 84.24 | Primarily due to increased dividends receivable from associates in the current period | | **Other Non-Current Financial Assets** | 160,500,000.00 | 613.33 | Primarily due to increased equity fund investments by the parent company | | **Short-Term Borrowings** | 1,803,851,686.10 | -35.09 | Primarily due to a decrease in short-term borrowings in the current period | | **Other Current Liabilities** | 300,154,849.32 | 100.00 | Primarily due to the issuance of ultra-short-term commercial papers in the current period | | **Bonds Payable** | 500,000,000.00 | 100.00 | Primarily due to the issuance of medium-term notes in the current period | - As of the end of the reporting period, the company had approximately **33.3 billion yuan** in fixed assets and intangible assets (primarily tolling rights) pledged or mortgaged for borrowings, serving as a crucial guarantee for the company's financing[59](index=59&type=chunk) [Analysis of Investment Status](index=14&type=section&id=Analysis%20of%20Investment%20Status) Long-term equity investments increased from associate income, with continued non-equity investment in the Zheng-Luo project and fair value financial assets - The company continues to advance the Zheng-Luo Expressway project, investing **771 million yuan** in H1 2025, with cumulative investment reaching **6.93 billion yuan**, accounting for **34.86%** of the project's total investment[64](index=64&type=chunk) - The company's financial assets measured at fair value primarily include equity in **Zhongyuan Bank**, equity in **Henan Communications Science Research Institute**, and various **equity investment funds**[65](index=65&type=chunk) [Potential Risks](index=17&type=section&id=Potential%20Risks) The company faces macroeconomic, industry policy, and financing risks, which it plans to address through strategic measures - The company faces three major risks: **macroeconomic conditions**, **industry policies**, and **financing**. The company will actively respond by extending its industrial chain, strengthening policy communication, and optimizing its debt structure[68](index=68&type=chunk)[70](index=70&type=chunk)[72](index=72&type=chunk) [Corporate Governance, Environment, and Society](index=19&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's directors, supervisors, and senior management during the reporting period [Changes in the Company's Directors, Supervisors, and Senior Management](index=19&type=section&id=Changes%20in%20the%20Company%27s%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The board and senior management underwent personnel changes, including new elections, appointments, and departures Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Yang Shaojun | Director | Election | | Yang Jianguo | Director | Election | | Meng Jie | Director | Departure | | Liu Qiang | Deputy General Manager | Appointment | [Significant Matters](index=21&type=section&id=Item%205.%20Significant%20Matters) This section covers the fulfillment of commitments, significant related-party transactions, and major contracts and their performance [Fulfillment of Commitments](index=21&type=section&id=Fulfillment%20of%20Commitments) Controlling and major shareholders strictly fulfilled long-term commitments regarding competition avoidance and company independence - Controlling shareholder Henan Communications Investment Group committed to using the company as its ultimate integration platform for **high-grade highway and large bridge project investment and operation businesses**, and pledged to **avoid horizontal competition**[81](index=81&type=chunk) [Significant Related-Party Transactions](index=24&type=section&id=Significant%20Related-Party%20Transactions) Daily related-party transactions were within estimates, primarily for services, leasing, and sales, alongside non-operating debt with affiliates - The company projected total daily related-party transactions of **452 million yuan** for 2025, with **118 million yuan** actually incurred during the reporting period, primarily for **maintenance services, leasing, and product sales**[85](index=85&type=chunk) [Major Contracts and Their Performance](index=27&type=section&id=Major%20Contracts%20and%20Their%20Performance) The company has important leasing contracts and external guarantees, mainly for subsidiary property purchasers - The company has two major leasing contracts: leasing land for the Luohe-Zhumadian Expressway from the **Henan Provincial Department of Transportation**, and leasing service area assets under its jurisdiction to **Henan Communications Investment Service Area Management Co., Ltd.**[92](index=92&type=chunk) - As of the end of the reporting period, the company's external guarantee balance was **64.8766 million yuan**, accounting for **0.42%** of net assets, with the guaranteed parties being **property purchasers of subsidiary Jiaotou Yikang**[95](index=95&type=chunk) [Share Changes and Shareholder Information](index=31&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's shareholder structure and significant changes in shareholdings [Shareholder Information](index=31&type=section&id=Shareholder%20Information) The share capital structure remained unchanged, with top shareholders maintaining significant stakes and the controlling shareholder increasing its holding Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-end | Proportion (%) | Change During Reporting Period | | :--- | :--- | :--- | :--- | | **Henan Communications Investment Group Co., Ltd.** | 1,052,005,785 | 46.81 | +38,692,500 | | **China Merchants Expressway Network Technology Holdings Co., Ltd.** | 346,704,888 | 15.43 | 0 | | **Great Wall Life Insurance Co., Ltd. - Proprietary Funds** | 133,284,407 | 5.93 | 0 | | **Great Wall Life Insurance Co., Ltd. - Participating - Individual Participating** | 84,100,497 | 3.47 | +12,160,707 | - As of the end of the reporting period, the company had a total of **48,010** common shareholders[99](index=99&type=chunk) [Bond-Related Information](index=34&type=section&id=Item%207.%20Bond-Related%20Information) This section provides an overview of the company's non-financial enterprise debt financing instruments, including new issuances and outstanding balances [Non-Financial Enterprise Debt Financing Instruments](index=35&type=section&id=Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued new ultra-short-term commercial papers and medium-term notes, with total outstanding debt financing instruments of **4.5 billion yuan** Overview of Outstanding Non-Financial Enterprise Debt Financing Instruments | Bond Abbreviation | Bond Balance (billion yuan) | Interest Rate (%) | Maturity Date | | :--- | :--- | :--- | :--- | | 25 Zhongyuan Expressway SCP001 | 0.3 | 1.57 | 2026-02-06 | | 25 Zhongyuan Expressway MTN002 | 0.5 | 1.88 | 2028-05-23 | | 22 Zhongyuan Expressway MTN002 | 1.2 | 3.09 | 2025-07-26 (First Call Date) | | 23 Zhongyuan Expressway MTN001 | 1.0 | 3.79 | 2026-03-08 (First Call Date) | | 23 Zhongyuan Expressway MTN002 | 0.5 | 3.60 | 2026-04-14 (First Call Date) | | 25 Zhongyuan Expressway MTN001 | 1.0 | 2.20 | 2028-04-24 (First Call Date) | - During the reporting period, the company's interest coverage ratio improved from **2.43** to **2.67**, and its cash interest coverage ratio significantly increased from **2.73** to **3.72**, indicating enhanced debt repayment capability[111](index=111&type=chunk) [Financial Report](index=38&type=section&id=Item%208.%20Financial%20Report) This section presents the company's unaudited semi-annual consolidated and parent company financial statements, along with detailed notes [Financial Statements](index=38&type=section&id=Financial%20Statements) This chapter provides the unaudited H1 2025 consolidated and parent company financial statements, showing asset, liability, and equity figures Consolidated Balance Sheet Summary (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | **Total Assets** | **53,013,088,005.69** | | Total Current Assets | 7,080,644,861.61 | | Total Non-Current Assets | 45,932,443,144.08 | | **Total Liabilities** | **37,643,607,646.27** | | Total Current Liabilities | 5,369,079,843.20 | | Total Non-Current Liabilities | 32,274,527,803.07 | | **Total Owners' Equity** | **15,369,480,359.42** | | Total Owners' Equity Attributable to Parent Company | 15,369,460,359.42 | Consolidated Income Statement Summary (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | **I. Total Operating Revenue** | **3,105,036,865.41** | | **II. Total Operating Costs** | 2,353,864,668.23 | | Including: Operating Costs | 1,894,627,820.85 | | Finance Costs | 373,275,184.18 | | **III. Operating Profit** | 825,365,789.60 | | **IV. Total Profit** | 843,977,625.02 | | **V. Net Profit** | 663,116,405.30 | | Net Profit Attributable to Parent Company Shareholders | 663,116,405.30 | Consolidated Cash Flow Statement Summary (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | **Net Cash Flow from Operating Activities** | **1,146,284,155.08** | | **Net Cash Flow from Investing Activities** | **-969,300,753.97** | | **Net Cash Flow from Financing Activities** | **-50,965,718.87** | | **Net Increase in Cash and Cash Equivalents** | 126,017,682.24 | [Significant Accounting Policies and Estimates](index=61&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This chapter details the company's accounting policies and estimates for financial statement preparation, notably using the workload method for expressway assets - The company's expressway assets are depreciated using the **workload method**, with depreciation calculated based on the ratio of actual traffic volume to total estimated traffic volume for the period[216](index=216&type=chunk) - The company's concession rights (intangible assets) are also amortized using the **workload method** over the operating period of the toll roads and bridges, based on actual traffic volume[222](index=222&type=chunk) - For revenue recognition, toll revenue is recognized when services are provided; real estate sales revenue is recognized upon completion and acceptance of commercial properties meeting specified conditions; and PPP project construction service revenue is recognized based on the progress of performance[242](index=242&type=chunk)[243](index=243&type=chunk) [Notes to Consolidated Financial Statement Items](index=95&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes on key consolidated financial statement items, including monetary funds, accounts receivable, inventory, and long-term borrowings - Period-end accounts receivable had a book balance of **1.711 billion yuan**, of which **99.88%** was due from Henan Provincial Expressway Network Monitoring and Toll Communication Service Co., Ltd[276](index=276&type=chunk)[282](index=282&type=chunk) - Inventory had a period-end book value of **4.789 billion yuan**, comprising **3.405 billion yuan** in development costs and **1.382 billion yuan** in developed products, with **283 million yuan** in inventory impairment provisions[299](index=299&type=chunk)[300](index=300&type=chunk) - Long-term borrowings constitute the company's primary liability, with a period-end balance of **29.526 billion yuan**, mainly consisting of pledged borrowings for expressway project construction[389](index=389&type=chunk)[390](index=390&type=chunk)

Group 1 - The company reported a revenue of 3.105 billion yuan for the first half of 2025, representing a year-on-year growth of 13.17% [1] - The net profit for the same period was 663 million yuan, showing a year-on-year increase of 7.68% [1]

Core Insights - The railway and highway sector experienced a slight increase of 0.37% on August 5, with Jiangxi Changyun leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up by 0.96%, while the Shenzhen Component Index closed at 11106.96, up by 0.59% [1] Sector Performance - Jiangxi Changyun (600561) closed at 7.02, with a rise of 2.48% and a trading volume of 97,200 shares, totaling a transaction value of 67.94 million yuan [1] - Other notable performers included: - Sanfengsi (001317) at 48.56, up 2.02% with a transaction value of 165 million yuan [1] - Sichuan Chengyu (601107) at 5.71, up 1.78% with a transaction value of 123 million yuan [1] - Wuhu Expressway (600012) at 16.11, up 1.64% with a transaction value of 62.67 million yuan [1] Capital Flow - The railway and highway sector saw a net outflow of 158 million yuan from institutional investors, while retail investors contributed a net inflow of 115 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Daqin Railway (601006) had a net inflow of 15.37 million yuan from institutional investors, while it faced a net outflow of 20.23 million yuan from retail investors [3] - Jiangxi Changyun (600561) experienced a net inflow of 4.43 million yuan from institutional investors but a net outflow of 0.61 million yuan from retail investors [3] - Sichuan Chengyu (601107) had a net inflow of 0.82 million yuan from retail investors, despite a net outflow from institutional investors [3]

7月29日，中原高速连续5个交易日下跌，区间累计跌幅-6.76%。河南中原高速公路股份有限公司是经河南省人民政府批准,于2000年12月28日成立。 财报显示，南方基金旗下南方中证1000ETF为中原高速前十大股东，今年二季度减持。今年以来收益率14.82%，同类排名949(总3381)。 | 今年以来各阶段业绩及同类排名 | | --- | | 南方中证1000ETF | 简历显示，崔蕾女士:中国国籍,康奈尔大学金融工程硕士,金融风险管理师(FRM),特许金融分析师(CFA),具有基金从业资格。2015年2月加入南方基金,历任数 量化投资部助理研究员、研究员,指数投资部研究员;2019年7月12日至2021年4月23日,任南方小康ETF、南方小康ETF联接基金经理;2019年6月28日至2022年2 月18日,任大数据300基金经理;2020年3月26日至2023年3月27日,任南方粤港澳大湾区联接基金经理;2022年12月1日至2023年12月29日任南方上证科创板50成 份增强策略ETF基金的基金经理。2018年11月8日至2023年12月29日担任南方中证500量化增强股票型发起式证券投资基金基金经理 ...

证券之星消息，7月29日铁路公路板块较上一交易日下跌0.41%，中原高速领跌。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。铁路公路板块个股涨跌见下表： 从资金流向上来看，当日铁路公路板块主力资金净流出8361.62万元，游资资金净流入1.15亿元，散户资 金净流出3148.82万元。铁路公路板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601006 | 大秦铁路 | 9183.93万 | 19.34% | -4012.82万 | -8.45% | -5171.11万 | -10.89% | | 601107 | 四川成渝 | 1685.75万 | 19.20% | 390.34万 | 4.45% | -2076.09万 | -23.65% | | 60306a | 海汽集团 | 1612.02万 | 6.13% | -1621.57 ...

Core Viewpoint - The company has successfully completed the issuance of a public offering of renewable corporate bonds, with a total issuance amount of 1 billion RMB, approved by the China Securities Regulatory Commission [1][2]. Group 1: Bond Issuance Details - The company received approval from the China Securities Regulatory Commission to issue renewable corporate bonds with a total face value of up to 4 billion RMB [1]. - The first phase of the bond issuance was completed on July 23, 2025, with a total issuance amount of 1 billion RMB [1]. - The bond is named "25 豫高 Y1" and has a bond code of "243413.SH" [1]. Group 2: Financial Terms - The bonds have a base term of 3 years, with the option for the company to extend the term by 1 cycle at the end of each 3-year interest period [1]. - The coupon rate for the bonds is set at 2.07% [2]. - The subscription multiple for the bond issuance was 1.88 times [2].

河南中原高速公路股份有限公司 2025 年面向专业投资者公开发行可续期公司债券（第一期） 发行结果的公告 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个别及连带责任。 河南中原高速公路股份有限公司（以下简称"公司"）于 2025 年 7 月收到中 国证券监督管理委员会《关于同意河南中原高速公路股份有限公司向专业投资者 公开发行可续期公司债券注册的批复》（证监许可[2025]1397 号），同意公司向 专业投资者公开发行面值总额不超过 40 亿元可续期公司债券的注册申请。有关 内容共详见公司临 2025-045 号公告。 公司于 2025 年 7 月 23 日完成"河南中原高速公路股份有限公司 2025 年面 向专业投资者公开发行可续期公司债券（第一期）"（以下简称"债券"）的发行， 具体情况如下： 债券简称：25 豫高 Y1 债券代码：243413.SH 发行金额为人民币：10 亿元 期限：基础期限为 3 年期，以每 3 个计息年度为一个周期，在每个约定的周 期末附公司续期选择权，公司有权选择将本品种债券期限延长 1 个周期，或选择 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows significant divergence in June data, with a focus on the industry's anti-involution process [3] - The express logistics market is expanding, supported by the national strategy to boost domestic demand, with a year-on-year growth of 15.8% in express delivery volume in June 2025 [5] - The performance of major express companies varies, with SF Express maintaining a business volume growth rate of over 30%, while other companies like YTO Express and Yunda Express show slower growth [4][5] Summary by Sections Express Logistics - In June 2025, the total express delivery volume reached 16.87 billion pieces, a year-on-year increase of 15.8%, with total revenue of 126.32 billion yuan, up 9.0% [5][24] - Major express companies' performance in June: YTO Express (2.627 billion pieces, +19.34%), Yunda Express (2.173 billion pieces, +7.41%), SF Express (1.460 billion pieces, +31.77%) [4][28] - The market share for these companies is 15.6% for YTO, 12.9% for both Yunda and Shentong, and 8.7% for SF Express [4] Air Transportation - The air travel sector is expected to benefit from macroeconomic recovery, with a year-on-year increase of 4.4% in passenger transport volume in June 2025 [52] - Major airlines are projected to improve their performance in Q2 2025 due to better supply-demand dynamics and lower oil prices [8] Shipping and Ports - The shipping sector is anticipated to benefit from OPEC+ production increases and a favorable economic environment, with a focus on crude oil transportation [16] - The Baltic Dry Index (BDI) increased by 27.8% week-on-week, indicating a recovery in the bulk shipping market [11][68] - Container throughput at Chinese ports showed a slight increase in cargo volume but a decrease in container throughput [81] Road and Rail - In June 2025, road freight volume increased by 2.86% year-on-year, while rail freight volume rose by 7.36% [45] - National logistics operations are running smoothly, with a slight increase in freight truck traffic [14] Supply Chain Logistics - Companies like Shenzhen International and Debon Logistics are expected to benefit from strategic transformations and improved profitability [15]

Meeting Details - The shareholders' meeting was held on July 16, 2025, at Zhengzhou, Henan [1] - The meeting was convened by the board of directors and chaired by Liu Jing, with a combination of on-site and online voting methods [1][2] - Attendance included directors, supervisors, and a secretary, with some participating via video [1][2] Voting Results - The proposal for the re-election of directors was approved with 99.6212% of votes in favor, totaling 1,633,757,571 votes [2] - A total of 5,901,392 votes were against the proposal, representing 0.3598%, and 310,774 votes were abstained, accounting for 0.0190% [2] Legal Compliance - The meeting was witnessed by lawyers from Beijing Jiayuan Law Firm, confirming that the procedures and voting were in compliance with relevant laws and regulations [3]

北京市嘉源律师事务所 关于河南中原高速公路股份有限公司 2025 年第二次临时股东会的 法律意见书 嘉源律师事务所 JIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:河南中原高速公路股份有限公司 北京市嘉源律师事务所 关于河南中原高速公路股份有限公司 2025年第二次临时股东会的法律意见书 嘉源(2025)-04-532 北京市嘉源律师事务所(以下简称"本所")接受河南中原高速公路股份有限 公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》")《上市公司股东会规则》(以下简称"《股东会规则》")等现行有效 的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《河南 中原高速公路股份有限公司章程》(以下简称"《公司章程》")的有关规定,指 派本所律师对公司 2025 年第二次临时股东会(以下简称"本次股东会")进行见 证,并依法出具本法律意见书。 为出具本法律意见书,本所 ...