Core Viewpoint - The company focuses on the investment, construction, and management of highways, with profits primarily derived from highway operations and investment income from joint ventures [1]. Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 3.105 billion yuan, representing a year-on-year increase of 13.17% [1]. - The net profit attributable to shareholders of the listed company was 663 million yuan, reflecting a year-on-year growth of 7.68% [1]. Group 2: Strategic Development - The company is committed to strategic transformation and development planning, aiming to expand its core business and enhance quality and scale [1]. - The focus is on lean management to strengthen the brand and cultivate new productive forces, emphasizing value creation [1]. - The goal is to build a first-class domestic listed company in the highway sector [1].

Core Insights - Company reported a total revenue of 3.105 billion yuan, an increase of 361 million yuan compared to the same period last year, marking a year-on-year growth of 13.17% [1] - Net profit attributable to shareholders reached 663 million yuan, up by 47.27 million yuan year-on-year, reflecting a growth of 7.68% [1] - Net cash inflow from operating activities was 1.146 billion yuan, an increase of 268 million yuan year-on-year, representing a growth of 30.51% [1] Financial Ratios - The latest debt-to-asset ratio stands at 71.01% [3] - The latest gross profit margin is 38.98% [4] - Return on equity (ROE) is 4.31%, an increase of 0.20 percentage points compared to the same period last year [4] Earnings and Efficiency Metrics - Diluted earnings per share are 0.27 yuan, an increase of 0.02 yuan year-on-year, reflecting a growth of 9.15% [5] - Total asset turnover ratio is 0.06 times, remaining stable compared to the same period last year, with a year-on-year increase of 8.06% [5] - Inventory turnover ratio is 0.40 times, an increase of 0.10 times year-on-year, representing a growth of 32.18% [5] Shareholder Structure - The number of shareholders is 48,000, with the top ten shareholders holding 1.688 billion shares, accounting for 75.10% of the total share capital [5] - The largest shareholder is Henan Transportation Investment Group Co., Ltd., holding 46.81% [5]

Core Viewpoint - The report highlights the financial performance and operational developments of Henan Zhongyuan Expressway Company Limited for the first half of 2025, showcasing growth in revenue and net profit, alongside strategic initiatives in infrastructure and technology integration [1][2]. Financial Performance - The company achieved an operating revenue of CNY 3.105 billion, representing a year-on-year increase of 13.17% [2][5]. - Total profit amounted to CNY 843.98 million, reflecting a 4.40% increase compared to the previous year [2][5]. - Net profit attributable to shareholders reached CNY 628.63 million, up by 4.81% year-on-year [2][5]. - The net cash flow from operating activities was CNY 1.146 billion, an increase of 30.51% from the previous year [5]. Business Operations - The company's main business involves the investment, construction, and management of expressways, with a focus on operational efficiency and technological innovation [5][6]. - As of June 30, 2025, the company managed approximately 808 kilometers of expressways, including various lane configurations [5]. - The company is actively involved in the development of smart highway projects, integrating new technologies such as AI and big data into its operations [5][6]. Industry Context - The expressway industry is positioned for growth, supported by government initiatives aimed at enhancing infrastructure and transportation systems [5]. - The "14th Five-Year Plan" emphasizes the integration of digital technologies in transportation, which aligns with the company's strategic focus on innovation [5]. - The provincial government’s highway network plan anticipates significant expansion, with actual expressway mileage expected to exceed 10,000 kilometers by 2025 [5]. Strategic Initiatives - The company has established a technology innovation department to enhance its capabilities in smart infrastructure [5][6]. - It has also initiated various projects aimed at improving operational efficiency and reducing costs, such as the implementation of a "main and auxiliary station" model at toll booths [5]. - The company has received recognition for its innovative projects, including awards for its smart highway monitoring systems [5][6].

Core Viewpoint - The implementation plan for the digital transformation and upgrade of transportation infrastructure in Henan Province focuses on creating a demonstration corridor and network, aiming to enhance the efficiency and safety of transportation systems through advanced technologies and integrated management [1][11]. Group 1: Company Overview - Henan Transportation Investment Group Co., Ltd. was established on June 28, 2009, as a large state-owned enterprise responsible for financing, investment, construction, and asset management of transportation infrastructure in Henan Province [1]. - The company aims to transform the transportation sector by focusing on strategic layout and professional restructuring, positioning itself as a leading entity in transportation project financing [1]. Group 2: Government Initiatives - The Ministry of Transport has emphasized the importance of smart transportation development, issuing several policy documents to guide the digital upgrade of traditional infrastructure [2]. - Henan Province has released multiple plans and action items to promote smart highway construction, including the "13th Five-Year Plan for Transportation Informationization" and the "Digital Transformation Action Plan (2023-2025)" [2]. Group 3: Project Details - The demonstration corridor includes major national highways such as G4 Jinggang'ao, G30 Lianhuo, and G55 Erguang, covering a total of 1,522 kilometers [12]. - The project aims to implement smart service areas and enhance traffic management through the integration of big data and advanced technologies [27][28]. Group 4: Technological Integration - The plan includes the establishment of a comprehensive digital management system that utilizes big data analysis, real-time monitoring, and AI-driven decision-making to improve traffic flow and safety [6][24]. - Key features of the smart highways include vehicle-road collaboration, emergency response systems, and enhanced communication networks [3][4][9]. Group 5: Future Directions - The initiative aims to create a unified transportation service model that integrates various transport modes and enhances user experience through real-time information sharing and smart service stations [17][18]. - The focus will also be on improving infrastructure resilience against adverse weather conditions and enhancing overall traffic safety through advanced monitoring systems [20][21].

Core Viewpoint - Henan Zhongyuan Expressway Company Limited reported significant financial growth in its 2025 semi-annual report, with notable increases in total assets, net profit, and cash flow from operating activities [1][2]. Financial Performance - Total assets at the end of the reporting period reached 21.38 billion RMB, reflecting a 1.63% increase compared to the previous year [1]. - The net profit attributable to shareholders was 663.12 million RMB, marking a 7.68% increase from the previous year [1]. - Operating revenue for the period was reported at 843.98 million RMB, which is a 4.40% increase year-on-year [1]. - The net cash flow from operating activities was 878.33 million RMB, showing a 30.51% increase compared to the previous year [1]. Shareholder Information - The largest shareholder, Henan Transportation Investment Group Co., Ltd., holds 46.81% of the shares, while the second-largest shareholder, China Merchants Highway Network Technology Holdings Co., Ltd., holds 15.43% [2]. - The report indicates that there are no significant relationships or agreements among shareholders that would affect voting rights or control [2]. Debt and Financial Ratios - The company's debt-to-asset ratio was reported at 71.01%, slightly up from 70.92% at the end of the previous year [4]. - The EBITDA interest coverage ratio improved to 4.0059 from 3.4729 in the previous year, indicating better debt servicing capability [4].

Group 1 - The board meeting of Henan Zhongyuan Expressway Co., Ltd. was held in compliance with legal and regulatory requirements, with all 11 directors present [1][2] - The board approved the proposal to supplement the members of the seventh board's specialized committees, with a unanimous vote of 11 in favor [1][2] - The board also approved the 2025 semi-annual report and its summary, receiving prior approval from the audit committee [2] Group 2 - The board approved the investment in the "One Axis One Corridor" digital transformation and upgrade demonstration project for transportation infrastructure, authorizing management to handle all related matters [2] - The proposal for the investment project received prior approval from the strategic investment and ESG committee, with a unanimous vote of 11 in favor [2]

Core Viewpoint - The company plans to invest approximately 189.83 million yuan in the "One Axis One Corridor" digital transformation project for transportation infrastructure, which aligns with its business development strategy and aims to enhance operational efficiency and service quality [1][3]. Group 1: Investment Overview - The total estimated investment for the project is 189.83 million yuan [1][3]. - The project is part of a national initiative to support the digital transformation of transportation infrastructure, specifically focusing on the "6 Axes 7 Corridors 8 Channels" framework [1][2]. - The project includes the construction of five key components: smart highway stations, smart service areas, weight measurement equipment upgrades, and demonstration corridors on specific highway segments [2][3]. Group 2: Project Impact - The project is expected to significantly improve traffic efficiency and user experience on the highways, reduce congestion, and enhance safety by lowering accident rates [3]. - It will also improve the rapid response capabilities for hazardous materials vehicles and unusual incidents, thereby contributing to regional economic development [3]. - The implementation of smart services is anticipated to increase customer retention and optimize operational costs through better information sharing and reduced redundancy [3]. Group 3: Project Timeline and Funding - Construction is scheduled to commence in October 2025, with a planned duration of six months [2]. - The company intends to fund the project using its own capital [3].

（四）会议应出席监事 5 人，实际出席 5 人。 证券代码：600020 证券简称：中原高速 公告编号：临 2025－049 河南中原高速公路股份有限公司 第七届监事会第二十四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 （一）河南中原高速公路股份有限公司(以下简称"公司")第七届监事会第 二十四次会议的召开符合法律、部门规章、规范性文件和《公司章程》的规定。 （二）会议通知及相关材料已于 2025 年 7 月 28 日以专人或电子邮件方式发 出。 （三）会议于 2025 年 8 月 8 日上午以通讯表决方式召开。 （五）本次会议由监事会主席冯可主持。 二、监事会会议审议情况 会议审议了通知中所列的全部事项。审议情况如下： （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 特此公告。 河南中原高速公路股份有限公司监事会 ...

《公司章程》、 《董 证券代码：600020 证券简称：中原高速 公告编号：临 2025－050 河南中原高速公路股份有限公司 关于增补第七届董事会专门委员会委员的公告 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。 根据河南中原高速公路股份有限公司（以下简称"公司"） 鉴于上述情况，为完善公司法人治理结构，公司第七届董事会第四十次会议 审议通过《关于增补第七届董事会专门委员会委员的议案》，同意选举董事杨建 国为战略投资与 ESG 委员会委员，增补后，公司第七届董事会战略投资与 ESG 委员会成员为：刘静（主任委员）、王铁军、杨建国、康卓、马书龙。选举杨少 军为薪酬与考核委员会委员，增补后，公司第七届董事会薪酬与考核委员会成员 为：马书龙（主任委员）、马骏、杨少军、康卓、李纪治。 特此公告。 河南中原高速公路股份有限公司董事会 事会战略投资与 ESG 委员会工作细则》及《董事会薪酬与考核委员会工作细则》 等规定，公司董事会各专门委员会均由 5 名董事组成。公司原董事孟杰先生因工 作调整，已辞去公司第七届董事会董事、战略投 ...

证券代码：600020 证券简称：中原高速 公告编号：临 2025－052 河南中原高速公路股份有限公司 二、离任对公司的影响 根据《公司法》、《公司章程》及相关规定，冯可先生的辞职不会导致公司 监事会成员低于法定人数，不会影响公司监事会的正常运行，辞职申请自送达公 司监事会之日起生效。 冯可先生担任公司监事期间，恪尽职守、勤勉尽责，为公司规范运作、健康 发展发挥了积极作用，公司及监事会对冯可先生任职期间为公司发展做出的贡献 表示衷心感谢！ 河南中原高速公路股份有限公司监事会 关于监事会主席辞职的公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 河南中原高速公路股份有限公司（以下简称"公司"）监事会于今日收到公 司监事会主席冯可先生的书面辞职申请。因工作调整，冯可先生申请辞去公司监 事会主席及监事职务。辞职后，冯可先生将不再担任公司任何职务。 一、提前离任的基本情况 | | | | | 是否继续在 | 是否存在 | | | --- | --- | --- | --- | --- | --- | --- | | | | ...