Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is continuously improving its asset layout, and its toll road operations are stable [4] - The company reported a total operating revenue of 4.782 billion yuan in Q1 2025, a year-on-year increase of 37.66%, while the net profit attributable to shareholders decreased by 2.88% [7] - The company is focusing on its core business and enhancing its asset layout, with ongoing projects expected to release incremental revenue [7] Financial Summary - For 2023, the company expects operating revenue of 15.192 billion yuan, with a year-on-year growth rate of 14.61% [5] - The projected net profit attributable to shareholders for 2025 is 5.211 billion yuan, with a corresponding PE ratio of 15.31 [5][7] - The company’s gross profit margin for Q1 2025 was 34.67%, a decrease of 12.58 percentage points year-on-year, primarily due to an increase in construction projects with zero gross margin [7]

股票简称：宁沪高速 股票代码：600377 编号：临 2025-020 江苏宁沪高速公路股份有限公司 第十一届监事会第十一次会议决议公告 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法律责任。 一、会议召开情况 （一）江苏宁沪高速公路股份有限公司（以下简称"本公司"）第十一届监 事会第十一次会议（以下简称"会议"）于 2025 年 4 月 28 日在南京市仙林大道 6 号本公司 2 号楼会议室以现场会议及视频会议相结合的方式召开，会议由杨世 威先生主持。 （二）会议通知及材料以邮件、传真的方式向全体监事发出。 （三）会议应到监事 5 人，会议实际出席监事 5 人。董事会秘书列席了本次 会议。 二、会议审议情况 本次会议审议并通过如下议案： 1、审议并通过《2025 年第一季度报告》。 表决结果：同意 5 票；反对 0 票；弃权 0 票。 此议案获得通过。 2、审议并通过《关于本公司全资子公司江苏云杉清洁能源投资控股有限公 司对其全资子公司苏交控清洁能源江苏有限公司增资的议案》。 表决结果：同意 5 票；反对 0 票；弃权 0 票。 （ ...

股票简称：宁沪高速 股票代码：600377 编号：临 2025-019 第十一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法律责任。 一、会议召开情况 （一）江苏宁沪高速公路股份有限公司（以下简称"本公司"）第十一届董事会 第十一次会议（以下简称"会议"）于2025年4月28日以现场会议及视频会议相结合的 方式召开。 （二）会议通知以邮件或专人送达的方式向董事会全体成员发出。 （三）会议应表决董事13人，会议出席董事13人。 （四）会议的召开符合《公司法》及本公司《章程》的有关规定，会议决议为有 效决议。 二、会议审议情况 江苏宁沪高速公路股份有限公司 本次会议审议并通过如下议案： (一) 审议并批准《2025 年第一季度报告》。 同意本公司 2025 年第一季度报告，批准以中文在中国证券报、证券时报、上海 证券报及上海证券交易所网站 www.sse.com.cn 刊登，以中英文在香港联合交易所有 限公司网站 www.hkexnews.hk 及本公司网站 www.jsexpressway.com 刊登。 ...

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

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

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

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

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

股票代码：600377 股票简称：宁沪高速 编号：临2025-018 江苏宁沪高速公路股份有限公司 2025 年度第四期中期票据发行情况公告 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法律责任。 江苏宁沪高速公路股份有限公司（以下简称"本公司"）于 2024 年 10 月收 到中国银行间市场交易商协会的《接受注册通知书》（中市协注〔2024〕MTN1049 号）,根据《接受注册通知书》，本公司自 2024 年 10 月 31 日起 2 年内可分期发 行规模不超过人民币 40 亿元的中期票据。 于 2025 年 4 月 21 日，本公司发行了 2025 年度第四期中期票据。现将发行 申购、配售、分销情况公告如下： | 发行要素 | | | | | --- | --- | --- | --- | | 名称 | 江苏宁沪高速公路股份有限公司 2025 年度第四期中期票据 | 简称 | 25 宁沪高 MTN004 | | 代码 | 102581769 | 期限 | 3 年 | | 起息日 | 2025 年 4 月 22 日 | 兑付日 | ...

Investment Rating - The report assigns an investment rating of "Buy" for the company, marking its first coverage [5][61]. Core Views - The company focuses on its core toll road business while exploring diversified layouts, which is expected to enhance its profitability and shareholder returns [7][10]. - The company has a strong position in the Jiangsu province's highway network, with significant contributions from its core asset, the Shanghai-Nanjing Expressway [10][38]. - The report anticipates steady growth in revenue and net profit, driven by the recovery of traffic demand and expansion of road assets [57][61]. Summary by Relevant Sections Basic Data - Closing price: 15.59 CNY - Total market capitalization: 78,538.48 million CNY - Total shares outstanding: 5,037.75 million shares - Debt-to-asset ratio: 44.67% [3][4]. Financial Forecast and Valuation - Projected revenue for 2025: 22,128 million CNY, with a year-on-year growth rate of -4.61% - Projected net profit for 2025: 5,211 million CNY, with a year-on-year growth rate of 5.33% - Price-to-earnings ratio (P/E) for 2025: 15.07 [6][8]. Investment Highlights - The company has a cumulative cash dividend of 246.85 billion CNY from 2014 to 2024, with a stable dividend per share of around 0.45 CNY [7][33]. - The company operates 19 toll road projects with approximately 1,000 kilometers of controlled or invested road mileage [14][38]. - The Shanghai-Nanjing Expressway contributes 55.22% of the total revenue from toll roads in 2024 [38]. Revenue Structure - Toll road revenue accounted for approximately 41.07% of total revenue in 2024, with construction period revenue from PPP projects contributing 46.84% [20][26]. - Investment income for 2024 is estimated at 17.80 billion CNY, representing 28.07% of operating profit [26][46]. Risk and Growth Drivers - The company is expected to benefit from the recovery of macroeconomic conditions and the expansion of its road network, which will drive traffic volume and revenue growth [9][57]. - The diversification into financial services, renewable energy, and real estate is anticipated to enhance profitability and sustainability [45][51].