Core Viewpoint - Jiangxi Ganyue Expressway Co., Ltd. reported a decrease in operating revenue but an increase in net profit for the first half of 2025, indicating a stable financial performance despite challenges in the industry [2][3]. Company Overview and Financial Indicators - The company achieved operating revenue of CNY 3.08 billion, a decrease of 4.32% compared to the same period last year [3][4]. - Total profit reached CNY 1.11 billion, reflecting a 16.93% increase year-on-year [3][4]. - Net profit attributable to shareholders was CNY 763.82 million, up 21.80% from the previous year [3][4]. - The company’s net assets amounted to CNY 19.01 billion, a 1.87% increase from the end of the previous year [3][4]. - Total assets were reported at CNY 37.27 billion, showing a slight increase of 0.19% [3][4]. Industry Context - The road transport industry in China saw a growth in freight volume of 3.9% year-on-year, with highway freight volume increasing by 4.0% [4][5]. - The Ministry of Transport and other departments issued guidelines to promote the integration of transportation and energy, focusing on clean energy development along highways [4][5]. - Jiangxi Province's highway transport completed a freight volume of 9.3 billion tons, with a year-on-year growth of 3.6% [4][5]. Main Business Operations - The company operates several expressways, with a total mainline mileage of nearly 800 kilometers [4][5]. - The company’s subsidiaries are involved in various sectors, including smart transportation, real estate, and financial investments [4][5]. - The smart transportation segment has been actively developing technology projects, achieving significant milestones in AI and digital solutions [4][5]. Financial Management and Cost Control - The company reported a significant reduction in financial expenses by 41.63%, attributed to lower comprehensive financing costs [4][5]. - The average new debt financing cost was recorded at 1.74% [4][5]. Project Development - The company is focused on enhancing project construction quality and efficiency, with ongoing projects like the Zhangji Expressway expansion [4][5]. - The company aims to complete major construction projects by the end of the year, emphasizing quality and safety [4][5].

Core Viewpoint - Jiangxi Gan-Yue Expressway Co., Ltd. reported a stable performance in the first half of 2025, with total assets reaching approximately 37.27 billion yuan and a net profit attributable to shareholders of about 764 million yuan, reflecting a positive trend despite a slight decline in revenue [1][4]. Financial Performance - Total assets at the end of the reporting period were 37,268,873,835.33 yuan, a 0.19% increase from the previous year [1]. - Net assets attributable to shareholders were 19,010,231,413.65 yuan, up 1.87% year-on-year [1]. - Operating revenue was 3,081,306,001.17 yuan, down 4.32% compared to the same period last year [1]. - Total profit reached 1,111,363,353.09 yuan, a 16.93% increase year-on-year [1]. - Net profit attributable to shareholders was 763,818,966.59 yuan, reflecting a 21.80% increase [1]. - Basic earnings per share were 0.33 yuan, up 22.22% from the previous year [1]. Operational Highlights - The company achieved a toll service revenue of 1.05% growth, totaling 1,796,000,000 yuan [4]. - The company implemented data analysis and operational management strategies to optimize resource allocation and enhance revenue collection [4]. - The company maintained a focus on quality and efficiency in project construction, particularly in the Zhanji Highway expansion project [8]. Debt Financing - The company reduced financial expenses to 108 million yuan, a decrease of 41.63% year-on-year, with an average new debt financing cost of 1.74% [8]. - The debt-to-asset ratio was reported at 43.90%, down from 44.71% the previous year [3]. Shareholder Structure - The largest shareholder is Jiangxi Provincial Transportation Investment Group, holding 47.52% of shares [2]. - Other significant shareholders include Great Wall Life Insurance Co., Ltd. and Jiangxi Port and Shipping Construction Investment Group, holding 6.85% and 4.99% respectively [2].

Group 1 - The core point of the article is that Ganyue Expressway announced the approval of a risk assessment report regarding Jiangxi Provincial Transportation Investment Group Financial Co., Ltd. during its 11th meeting of the 9th board of directors [2]

（文章来源：证券日报） 证券日报网讯 8月14日晚间，赣粤高速发布公告称，公司第九届监事会第六次会议审议通过了《2024年 度董事会和董事评价结果》等。 ...

智通财经APP讯，赣粤高速(600269.SH)披露2025年半年度报告，报告期公司实现营收30.81亿元，同比 下降4.32%;归属于上市公司股东的净利润7.64亿元，同比增长21.8%;扣非净利润6.26亿元，同比下降 3.83%;基本每股收益0.33元。 ...

（文章来源：每日经济新闻） 赣粤高速（SH 600269，收盘价：5.13元）8月14日晚间发布半年度业绩报告称，2025年上半年营业收入 约30.81亿元，同比减少4.32%；归属于上市公司股东的净利润约7.64亿元，同比增加21.8%；基本每股 收益0.33元，同比增加22.22%。 ...

江西赣粤高速公路股份有限公司 关于对江西省交通投资集团财务有限公司 的风险持续评估报告 江西赣粤高速公路股份有限公司（以下简称公司）按照 《上海证券交易所上市公司自律监管指引第 5 号——交易与 关联交易》的要求，通过查验江西省交通投资集团财务有限 公司（以下简称财务公司）《金融许可证》《营业执照》等证 件资料，并审阅其定期财务报告，对其经营资质、业务和风 险状况进行了持续评估，具体情况报告如下： 一、财务公司基本情况 截至 2025 年 6 月 30 日，未发现财务公司与财务报表相 关的资金、信贷、稽核、信息管理等方面的风险控制体系存 在重大缺陷。 （二）监管指标 根据《企业集团财务公司管理办法》规定，截至 2025 年 6 月 30 日，财务公司的各项监管指标均符合规定要求。 三、本公司存贷业务情况 江西省交通投资集团财务有限公司，原名江西高速集团 财务有限公司，系经中国银行保险监督管理委员会批复筹建 （银保监复[2018]79 号），中国银行保险监督管理委员会江西 监管局批复开业（赣银保监复[2018]32 号）的非银行金融机 构，2018 年 12 月 25 日获得中国银行保险监督管理委员会江 西监管 ...

证券代码:600269 股票简称:赣粤高速 编号:临2025-035 江西赣粤高速公路股份有限公司 第九届监事会第六次会议决议公告 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。 1.半年报编制和审议程序符合法律法规、《公司章程》和公司内 部管理制度的各项规定； 2.半年报的内容和格式符合中国证监会和证券交易所的规定，所 包含的信息真实地反映出公司 2025 年上半年的经营管理情况和财务 状况； 3.未发现参与半年报编制和审议的人员有违反保密规定的行为。 表决情况：5 票同意、0 票反对、0 票弃权。 （二）审议通过《2024 年度董事会和董事评价结果》。 表决情况：5 票同意、0 票反对、0 票弃权。 一、监事会会议召开情况 江西赣粤高速公路股份有限公司第九届监事会第六次会议于 2025 年 8 月 4 日以电子邮件方式发出会议通知和会议材料，并于 2025 年 8 月 13 日以通讯表决的方式召开。应参加会议投票表决的监事 5 人，实际收回有效表决票 5 张。会议的召开符合有关法律、行政法规、 部门规章、规范性文件 ...

一、董事会会议召开情况 江西赣粤高速公路股份有限公司第九届董事会第十一次会议于 2025 年 8 月 4 日以电子邮件方式发出会议通知和会议材料，并于 2025 年 8 月 13 日在江西省南昌市西湖区朝阳洲中路 367 号赣粤大厦八楼 会议室以现场结合通讯表决方式召开。会议应出席董事 9 人，实际出 席董事 9 人，其中独立董事胡炜先生、邹荣先生以及董事刘文鹏先生 以视频方式出席会议，董事李秀宏先生、聂头龙先生、聂建春先生以 通讯方式出席会议。会议由董事长韩峰先生主持，公司监事和其他高 级管理人员列席会议。会议的召开符合有关法律、行政法规、部门规 章、规范性文件和《公司章程》的规定。 证券代码:600269 股票简称:赣粤高速 编号:临2025-034 江西赣粤高速公路股份有限公司 第九届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担个别及连带责任。 本议案已经公司董事会审计委员会事前认可，具体内容详见公司 同日披露的《2025 年半年度报告》及其摘要。 表决情况：9 票同意、0 票反对、0 票弃权。 （ ...

Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This chapter defines key terms such as company abbreviations, controlling shareholders, major road assets, and subsidiaries, providing a foundation for understanding the report content - This chapter defines key terms used in the report, including company entities (e.g., Ganyue Expressway, Provincial Transportation Investment Group), core road assets (e.g., Changjiu Expressway, Changzhang Expressway), and major subsidiaries (e.g., Changtai Company, Fangxing Company), providing a basis for understanding subsequent chapters[12](index=12&type=chunk) Company Profile and Key Financial Indicators [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter provides the company's basic information, including its legal representative, contact details, registered address, and information disclosure channels - The company's legal representative is Mr Han Feng[14](index=14&type=chunk) - The company's stock abbreviation is “赣粤高速” (Ganyue Expressway), stock code is **600269**, listed on the Shanghai Stock Exchange[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, operating revenue decreased by **4.32%**, while net profit attributable to shareholders increased by **21.80%** due to non-recurring gains, and net cash flow from operating activities rose by **21.05%** 2025 Half-Year Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) ($) | Prior Period ($) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,081,306,001.17 | 3,220,380,893.17 | -4.32 | | Net Profit Attributable to Shareholders of Listed Company | 763,818,966.59 | 627,120,511.08 | 21.80 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 625,679,745.92 | 650,620,638.52 | -3.83 | | Net Cash Flow from Operating Activities | 1,488,659,986.13 | 1,229,795,709.66 | 21.05 | | **Indicators** | **End of Current Period ($)** | **End of Prior Year ($)** | **YoY Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 19,010,231,413.65 | 18,661,459,855.23 | 1.87 | | Total Assets | 37,268,873,835.33 | 37,199,302,482.25 | 0.19 | 2025 Half-Year Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share ($/share) | 0.33 | 0.27 | 22.22 | | Basic EPS Excluding Non-Recurring Items ($/share) | 0.27 | 0.28 | -3.57 | | Weighted Average Return on Net Assets (%) | 4.03 | 3.49 | Increase of 0.54 percentage points | | Weighted Average RONAE Excluding Non-Recurring Items (%) | 3.30 | 3.62 | Decrease of 0.32 percentage points | - During the reporting period, the company's total non-recurring gains and losses amounted to **$138 million**, primarily from fair value changes in financial assets held by non-financial enterprises (**$163 million**)[22](index=22&type=chunk)[23](index=23&type=chunk) - The proposed gratuitous transfer of **90% equity** of the controlling shareholder, Provincial Transportation Investment Group, to Jiangxi Guokong is still in progress[23](index=23&type=chunk) Management Discussion and Analysis [Industry and Main Business Overview](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company operates in the road transportation industry, with its main business encompassing highway operations, smart transportation, industrial investment, and financial investment - The company's main business is divided into four segments: highway operations, smart transportation, industrial investment, and financial investment[26](index=26&type=chunk) - The company's core business is highway operations, managing **8 expressways** with a main line mileage of nearly **800 kilometers**[27](index=27&type=chunk) - Industry policies include promoting clean energy development for highway infrastructure and exploring differentiated tolling for expressways in Jiangxi Province[25](index=25&type=chunk)[26](index=26&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company achieved operating revenue of **$3.08 billion** and net profit attributable to shareholders of **$764 million**, with core highway operations showing a **1.05%** increase in toll service revenue and financial expenses decreasing by **41.63%** Key Financial Performance During the Reporting Period | Indicators | Amount | | :--- | :--- | | Operating Revenue ($ billion) | 3.08 | | Total Profit ($ billion) | 1.11 | | Net Profit Attributable to Shareholders of Listed Company ($ billion) | 0.764 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) ($ billion) | 0.626 | | Earnings Per Share ($) | 0.33 | | Weighted Average Return on Net Assets (%) | 4.03 | - Core highway operations achieved toll service revenue of **$1.796 billion**, a year-on-year increase of **1.05%**[33](index=33&type=chunk) - The smart transportation segment, led by Fangxing Company, continued to advance technology projects, securing **11 patent authorizations** and actively expanding into external markets[35](index=35&type=chunk) - The Zhangji Expressway expansion project is progressing smoothly, aiming for basic completion and opening of the main line by year-end[36](index=36&type=chunk) - The company's financial expenses decreased by **41.63%** year-on-year due to precise financing, with an average new debt financing cost of only **1.74%**[37](index=37&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include strategically located, high-demand road assets, an efficient AAA-rated financing platform, extensive road-related resources, and strong government-enterprise relations - The company's core road assets are strategically located within the national and Jiangxi provincial expressway networks, ensuring strong transportation demand[39](index=39&type=chunk) - The company maintains an 'AAA' corporate credit rating and a reasonable asset-liability ratio, demonstrating an efficient financing platform advantage[39](index=39&type=chunk) [Analysis of Key Operating Performance](index=11&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section details financial statement changes, including a **41.63%** decrease in financial expenses due to lower financing costs, and significant non-core profits from fair value changes in financial assets [Main Business Analysis](index=11&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, operating revenue decreased by **4.32%**, operating costs decreased by **1.04%**, financial expenses significantly reduced by **41.63%**, and R&D expenses increased by **46.54%** Major Financial Statement Item Changes | Item | Current Period ($) | Prior Period ($) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,081,306,001.17 | 3,220,380,893.17 | -4.32 | | Operating Cost | 1,877,934,435.56 | 1,897,748,626.48 | -1.04 | | Financial Expenses | 108,198,059.85 | 185,369,064.72 | -41.63 | | R&D Expenses | 21,210,747.59 | 14,474,822.89 | 46.54 | | Net Cash Flow from Operating Activities | 1,488,659,986.13 | 1,229,795,709.66 | 21.05 | | Net Cash Flow from Financing Activities | -1,037,257,622.69 | -251,155,110.29 | -312.99 | - Financial expenses decreased by **41.63%** year-on-year, primarily due to a reduction in comprehensive financing costs during the period[41](index=41&type=chunk) - Net cash flow from financing activities decreased by **312.99%** year-on-year, mainly due to a decrease in interest-bearing debt and cash dividend distribution[41](index=41&type=chunk) [Non-Core Business Analysis](index=11&type=section&id=(%E4%BA%8C)%20%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%AF%BC%E8%87%B4%E5%88%A9%E6%B6%A6%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E7%9A%84%E8%AF%B4%E6%98%8E) Significant changes in non-core business profit during the reporting period primarily stemmed from **$160 million** in fair value changes from held-for-trading financial assets - During the reporting period, fair value changes from held-for-trading financial assets amounted to **$159.75 million**, significantly impacting profit[42](index=42&type=chunk) [Analysis of Assets and Liabilities](index=11&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, several asset and liability accounts changed, with short-term borrowings significantly decreasing by **69.44%** due to repayment of working capital loans Major Balance Sheet Item Changes | Item Name | Current Period End ($) | Proportion of Total Assets (%) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 50,532,716.75 | 0.14 | -50.53 | Primarily due to a decrease in subsidiary's prepaid purchases during the period | | Other Receivables | 101,507,094.53 | 0.27 | 62.28 | Primarily due to an increase in other receivables from subsidiary Fangxing Company during the period | | Long-Term Deferred Expenses | 53,757,201.00 | 0.14 | 605.75 | Primarily due to new renovation expenses amortized during the period | | Short-Term Borrowings | 550,356,666.67 | 1.48 | -69.44 | Primarily due to repayment of working capital loans during the period | - As of the end of the reporting period, the company pledged or mortgaged **15%** of Changjiu Expressway toll rights, Zhangji Expressway toll rights, and Jiayuan Binjiang land use rights for loans[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) [Analysis of Investment Status](index=12&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The most significant non-equity investment was the Zhangji Expressway expansion project, with cumulative investment of **$4.731 billion**, and financial assets including stocks and private equity funds totaled approximately **$2.068 billion** - The Zhangshu to Ji'an Expressway expansion project, invested by subsidiary Changtai Company, has a total budget of **$12.117 billion**, with cumulative investment reaching **$4.731 billion** as of the reporting period end[51](index=51&type=chunk) Financial Assets Measured at Fair Value (Unit: $) | Asset Category | Beginning Balance | Fair Value Change Gain/Loss for the Period | Ending Balance | | :--- | :--- | :--- | :--- | | Stocks | 1,456,547,289.93 | 169,779,354.88 | 1,591,324,448.04 | | Private Equity Funds | 194,261,907.56 | -9,419,322.95 | 183,388,581.28 | | Other | 360,644,157.75 | -607,249.61 | 293,036,618.61 | | **Total** | **2,011,453,355.24** | **159,752,782.32** | **2,067,749,647.93** | - Subsidiary Jiarong Company invested in multiple private equity funds, including Xinyu Zhixin, Ningbo Qingke Jiahao, Beijing Qingke and Jia II, and Dunfang Chuanyang No 5[53](index=53&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%90%A5%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Jiangxi Changtai Expressway Co Ltd contributed **$206.33 million** in net profit, while other subsidiaries like Jiangxi Changtong Expressway Co Ltd and Jiangxi Jiayuan Real Estate Development Co Ltd incurred losses Operating Performance of Major Subsidiaries (Unit: $ million) | Company Name | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | | Jiangxi Changtai Expressway Co Ltd | 411.7066 | 274.6515 | 206.3296 | | Jiangxi Changtong Expressway Co Ltd | 133.7218 | -44.2099 | -44.2227 | | Jiangxi Fangxing Technology Co Ltd | 468.3132 | 33.1986 | 26.0234 | | Jiangxi Ganyue Industrial Development Co Ltd | 764.5309 | 78.1432 | 57.4021 | | Shanghai Jiarong Investment Management Co Ltd | 22.0032 | 10.0687 | 9.8519 | | Jiangxi Jiayuan Real Estate Development Co Ltd | 41.8146 | -4.9143 | -4.9243 | [Other Disclosures](index=17&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company identified four main risk categories—macroeconomic, industry policy, financial control, and business expansion—and outlined measures to address them, while also promoting its value through a 'Quality Improvement, Efficiency Enhancement, and Returns' initiative - The company faces major risks including macroeconomic risks, industry policy risks, financial control risks, and business expansion risks[56](index=56&type=chunk)[57](index=57&type=chunk) - The company consistently distributes cash dividends annually, with **$397 million** distributed during the reporting period[58](index=58&type=chunk) - During the reporting period, the company actively engaged with investors, responding to **55 questions** on SSE e-interaction and organizing multiple performance briefings and communication events[59](index=59&type=chunk) Corporate Governance, Environment, and Society [Corporate Governance](index=19&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This chapter outlines changes in the company's directors, supervisors, and senior management, including the election of Mr Xu Zhihua as a director and the absence of a half-year profit distribution plan - On January 24, 2025, Mr Xu Zhihua, the General Manager, was elected as a director, and Mr Xu Yuehong ceased to be a director[61](index=61&type=chunk) - The company's proposed half-year profit distribution plan and capital reserve conversion plan are 'No'[62](index=62&type=chunk) Significant Matters [Significant Related Party Transactions](index=21&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company disclosed related party transactions for daily operations, with an estimated **$180 million** in transactions with the controlling shareholder and its subsidiaries in 2025, and significant outstanding receivables and payables - The company expects to engage in daily related party transactions totaling **$180 million** with its controlling shareholder and its subsidiaries in 2025, involving electromechanical construction, highway maintenance, and service area operations[67](index=67&type=chunk) - As of the end of the reporting period, the company had approximately **$181 million** in receivables from related parties and **$385 million** in payables to related parties, primarily for expressway engineering payments and centralized borrowing/repayment funds[70](index=70&type=chunk)[71](index=71&type=chunk) - The company signed a 'Financial Services Agreement' with Jiangxi Provincial Transportation Investment Group Finance Co Ltd for deposit, loan, and other financial services, with a deposit balance of **$782 million** at the end of the period[72](index=72&type=chunk)[73](index=73&type=chunk)[76](index=76&type=chunk) [Significant Contracts and Their Performance](index=24&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company disclosed three major lease contracts, including the leasing out of Changtai Building, Leigongao Gas Station concession, and parts of Beijing Zhidi Xingzuo Building, generating stable rental income Significant Lease Contracts (Unit: $ million) | Lessor | Lessee | Leased Asset | Lease Income | | :--- | :--- | :--- | :--- | | Jiangxi Changtai Expressway Co Ltd | Ji'an Municipal Engineering Company | Changtai Building | 2.2191 | | Jiangxi Provincial Transportation Investment Group Co Ltd | Jiangxi Ganyue Industrial Development Co Ltd | Leigongao Gas Station Concession | -7.6757 (Lessee) | | Shanghai Jiarong Investment Management Co Ltd | Beijing Hongcheng Minghao Business Hotel | Beijing Zhidi Xingzuo Building Block D | 3.2000 | [Explanation of Other Significant Matters](index=25&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company disclosed a lawsuit with Sichuan Xinya, the cessation of its subsidiary Fangxing Company's spin-off IPO plan, and the launch of a 'Ganyue Expressway Valuation Enhancement Plan' - The Supreme People's Court has decided to retry the goods payment dispute with Sichuan AVIC Xinya Co Ltd, suspending the execution of the original judgment[81](index=81&type=chunk)[82](index=82&type=chunk) - Due to changes in policy and market conditions, the company decided on March 21, 2025, to cease planning the spin-off listing of its controlling subsidiary, Fangxing Company[82](index=82&type=chunk) - On March 21, 2025, the company approved the 'Ganyue Expressway Valuation Enhancement Plan' to improve its investment value[83](index=83&type=chunk) Share Changes and Shareholder Information [Shareholder Information](index=26&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **49,252** common shareholders, with Jiangxi Provincial Transportation Investment Group Co Ltd as the controlling shareholder holding **47.52%** - As of the end of the reporting period, the company had a total of **49,252** common shareholders[85](index=85&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Number of Shares Held at Period End (shares) | Proportion (%) | | :--- | :--- | :--- | | Jiangxi Provincial Transportation Investment Group Co Ltd | 1,109,774,225 | 47.52 | | Great Wall Life Insurance Co Ltd - Own Funds | 159,985,682 | 6.85 | | Jiangxi Provincial Port and Shipping Construction Investment Group Co Ltd | 116,536,810 | 4.99 | | Hong Kong Securities Clearing Company Limited | 46,298,474 | 1.98 | | Wang Weizhen | 26,971,196 | 1.15 | | Huang Guozhen | 25,285,600 | 1.08 | | China Life Insurance Co Ltd - Traditional - Ordinary Insurance Products | 24,634,577 | 1.05 | | Great Wall Life Insurance Co Ltd - Universal - Individual Universal Insurance | 13,258,410 | 0.57 | | Hongkang Life Insurance Co Ltd - Own Funds | 11,193,000 | 0.48 | | China Merchants Bank Co Ltd - Southern CSI 1000 ETF | 11,038,600 | 0.47 | Bond-Related Information [Bond Overview and Financial Indicators](index=28&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company maintained several outstanding medium-term notes and super short-term commercial papers, all traded on the interbank bond market, with a stable financial position and significantly improved interest coverage ratio Basic Information on Outstanding Non-Financial Enterprise Debt Financing Instruments (Unit: $ billion) | Abbreviation | Maturity Date | Bond Balance | Interest Rate (%) | | :--- | :--- | :--- | :--- | | 22 Ganyue MTN001 | 2025-8-22 | 0.50 | 2.58 | | 24 Ganyue MTN001 | 2027-4-24 | 0.90 | 2.17 | | 24 Ganyue MTN002 | 2027-6-11 | 0.70 | 2.10 | | 24 Ganyue MTN003 | 2027-7-31 | 1.30 | 2.05 | | 25 Ganyue MTN001 | 2028-7-9 | 1.10 | 1.70 | | 25 Ganyue SCP003 | 2025-11-9 | 1.00 | 1.53 | | 25 Ganyue SCP004 | 2026-4-4 | 1.10 | 1.55 | - During the reporting period, the company completed the redemption and interest payment for four tranches of super short-term commercial papers: '24 Ganyue SCP002', '24 Ganyue SCP003', '25 Ganyue SCP001', and '25 Ganyue SCP002'[92](index=92&type=chunk) Key Solvency Financial Indicators | Key Indicators | End of Current Period/Current Period | End of Prior Year/Prior Period | Change | | :--- | :--- | :--- | :--- | | Asset-Liability Ratio (%) | 43.90 | 44.71 | Decrease of 0.81 percentage points | | Interest Coverage Ratio | 11.27 | 6.13 | 83.85% | | EBITDA Interest Coverage Ratio | 16.73 | 8.85 | 89.04% | Financial Report [Financial Statements](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter provides the unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, reflecting the company's financial position and performance - The report includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[98](index=98&type=chunk)[101](index=101&type=chunk)[103](index=103&type=chunk)[109](index=109&type=chunk) [Notes to Financial Statements](index=47&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The notes detail the company's general information, basis of financial statement preparation, significant accounting policies, and provide explanations for major items in the consolidated financial statements - The notes comprehensively disclose the company's significant accounting policies, such as revenue recognition, financial instruments, long-term equity investments, and depreciation of fixed assets (using the traffic flow method for highway assets)[125](index=125&type=chunk)[145](index=145&type=chunk)[173](index=173&type=chunk)[186](index=186&type=chunk) - The notes provide detailed explanations for major items in the consolidated financial statements, including monetary funds, accounts receivable, inventories, fixed assets, construction in progress (Zhangji Expressway expansion), borrowings, and bonds payable[233](index=233&type=chunk)[238](index=238&type=chunk)[266](index=266&type=chunk)[288](index=288&type=chunk) - The notes extensively disclose related party relationships and various related party transactions, including purchases and sales, leases, intercompany loans, and financial services with the finance company[425](index=425&type=chunk)[429](index=429&type=chunk)[436](index=436&type=chunk)[438](index=438&type=chunk)