Investment Rating - The report maintains a "Buy" rating for Ninghu Expressway (600377) [1] Core Views - The company reported a revenue of 23.198 billion yuan for 2024, a year-on-year increase of 52.7%, slightly exceeding expectations [6] - The growth in passenger traffic significantly contributed to the company's performance in 2024, with a 4.24% increase in overall traffic, including a 4.00% rise in passenger vehicles and a 5.21% increase in freight vehicles [6] - The company is investing in infrastructure projects, such as the Danjin project, which will enhance regional traffic capacity and efficiency, thereby supporting future revenue growth [6] - The company has a diversified business model, with stable development in ancillary sectors and a consistent dividend policy, distributing 0.49 yuan per share in cash dividends [6] Financial Data and Profit Forecast - Total revenue projections for 2025E-2027E are 23.935 billion yuan, 24.730 billion yuan, and 25.436 billion yuan, respectively, with year-on-year growth rates of 3.2%, 3.3%, and 2.9% [5] - The net profit attributable to the parent company is forecasted to be 5.447 billion yuan in 2025E, 5.790 billion yuan in 2026E, and 6.049 billion yuan in 2027E, with corresponding growth rates of 10.1%, 6.3%, and 4.5% [5][7] - The report slightly revises the profit forecast upwards based on the company's performance, maintaining a price-to-earnings ratio of 13 for 2025E [6]

Financial Performance - The company achieved a net profit attributable to shareholders of approximately RMB 4,946.69 million, with earnings per share of approximately RMB 0.9819[9]. - The company's operating revenue for 2024 reached ¥23.20 billion, a 52.70% increase compared to ¥15.19 billion in 2023[14]. - Net profit attributable to shareholders was ¥4.95 billion, reflecting a 12.09% growth from ¥4.41 billion in the previous year[14]. - The net profit excluding non-recurring gains and losses was ¥4.88 billion, up 16.90% from ¥4.17 billion in 2023[14]. - The group achieved toll revenue of approximately RMB 9,527,503 thousand, a year-on-year increase of about 0.17%, accounting for approximately 41.07% of total operating revenue[49]. - The group reported a significant increase in investment income, totaling RMB 1.78 billion, up 21.53% year-on-year[59]. - The company reported a total comprehensive income of CNY 7,197,723,928.73 for 2024, compared to CNY 4,567,969,175.51 in 2023, representing a growth of 57.0%[144]. Assets and Liabilities - The total assets of the group amounted to approximately RMB 89.886 billion, with net assets attributable to shareholders of approximately RMB 38.597 billion[10]. - Total assets at the end of 2024 amounted to ¥89.89 billion, a 14.27% increase from ¥78.66 billion in 2023[14]. - The total liabilities at the end of the reporting period amounted to approximately RMB 40,152,087 thousand, with a debt-to-asset ratio of about 44.67%, a decrease of approximately 3.35 percentage points compared to the previous period[88]. - The net asset liability ratio decreased by 11.65 percentage points to 80.73%[83]. Investments and Projects - The company invested RMB 5.35 billion in the Ningyang Yangtze River Bridge project, which is 70.63% of the total project investment of RMB 62.54 billion[25]. - The company has invested RMB 14.83 billion in the Ningyang Yangtze River Bridge North Connection project, accounting for 58.74% of the total investment of RMB 69.85 billion[25]. - The company is advancing the Xitai project with a total estimated investment of RMB 241.98 billion, having invested RMB 60.66 billion, which is 25.07% of the total[26]. - Major investment projects for 2025 include the construction of the Xiyi Expressway South Extension at RMB 2,435,000,000 and the construction of the Xitai Expressway at RMB 1,800,000,000[113]. Revenue Streams - The revenue from the Shanghai-Nanjing Expressway was ¥5,260,680,666.24, achieving a gross margin of 60.65%, which is up by 7.44 percentage points compared to the previous year[62]. - The revenue from the power sales segment increased to ¥719,730,356.19, with a gross margin of 50.69%, up by 3.86 percentage points year-on-year[62]. - Real estate sales revenue decreased by 71.13% to approximately RMB 137,095 thousand due to a smaller project delivery scale compared to the previous year[51]. Operational Efficiency - The company has equipped 187 toll collection machines, reducing on-site personnel by over 300[27]. - The company has established 20 drone airports to enhance road maintenance efficiency, conducting nearly 3,000 inspections during the reporting period[28]. - The company’s smart expansion technology won the IRF International Award 2024, marking it as the first listed bridge company in the country to receive this honor[28]. - The group has established a modern enterprise management control framework to enhance operational efficiency and risk management[56]. Sustainability and Innovation - The company is actively exploring and developing transportation and new energy businesses to expand profit margins and achieve sustainable development[10]. - The company’s "zero carbon service area" project has generated over 3 million kWh of electricity annually, reducing CO2 emissions by over 2,000 tons each year[34]. - The company is committed to advancing green low-carbon development and aims to be a leader in the green transformation of the highway industry[108]. - The group emphasizes the integration of green low-carbon concepts throughout its production and operations, aiming to reduce energy consumption and emissions[111]. Shareholder Returns - The board proposed a cash dividend of RMB 0.49 per share (before tax), with the total share capital being 5,037,747,500 shares[9]. - The company has maintained a high dividend payout ratio since its listing, ensuring stable long-term returns for shareholders[42]. - The distributable reserves for shareholders as of December 31, 2024, amounted to RMB 15,688,590,021.99, an increase from RMB 13,285,818,750.47 as of December 31, 2023[92]. Market Position and Growth - The company is the only listed bridge company in Jiangsu Province, focusing on enhancing and integrating high-quality bridge projects in the southern Jiangsu road network[41]. - Jiangsu Province's GDP is expected to reach 13.7 trillion yuan in 2024, with a growth rate of 5.8%, contributing positively to the company's business development[41]. - The national GDP is projected to exceed 134 trillion yuan in 2024, representing a 5.0% increase from the previous year, creating a favorable external environment for the highway industry[37].

Core Viewpoint - Jiangsu Ninghu Highway Co., Ltd. announced a series of daily related transactions, ensuring that these transactions are conducted under normal commercial terms and do not affect the company's independence or harm the interests of non-related shareholders, particularly minority shareholders [1][2][3]. Summary of Daily Related Transactions - The company signed related transaction framework agreements with various counterparties, including software maintenance services with Nanjing Gando Technology Co., Ltd. and technical services with Jiangsu High-speed Information Engineering Co., Ltd. [1][2][3]. - Agreements also include leasing and property services with Jiangsu Traffic Control Commercial Operation Management Co., Ltd. and management consulting services with Jiangsu Traffic Control Talent Development Group Co., Ltd. [3][4][5]. - The total amount of these related transactions is less than 5% of the company's latest audited net assets, thus requiring only board approval and not shareholder meeting approval [8][10]. Previous Related Transactions - The company reported discrepancies between estimated and actual amounts for previous related transactions, with significant reductions in actual amounts due to decreased workload in 2024 [11][12][13]. - The total estimated amount for related transactions in 2024 is projected to be 59,012.67 million RMB, while the actual amount was 48,340.31 million RMB, indicating a reduction in expected business activity [11][12]. Compliance and Approval - The board of directors, including independent directors, reviewed and approved the related transactions, confirming that the terms are fair and reasonable [7][8]. - The company has complied with the Shanghai Stock Exchange listing rules, ensuring that all necessary disclosures and approvals are in place for the related transactions [10][9].

股票代码：600377 股票简称：宁沪高速 编号：临 2025-013 江苏宁沪高速公路股份有限公司 日常关联交易公告 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。 重要内容提示： 1、本次日常关联交易事项无须提交股东大会批准。 2、本公司董事（包括独立非执行董事）认为该 28 项交易在本公司日常业 务中进行，属一般的商业条款，交易价格公允合理，公司的收入、利润对该类 关联交易并不存在依赖性，也不存在影响本公司作为上市公司独立性的情形， 对本公司并无负面影响，不会损害公司及非关联股东利益，尤其是中小股东的 利益。 3、除特别注明外，本日常关联交易公告均以人民币元为金额单位。 4、需要提请投资者注意的其他事项：无。 一、日常关联交易的基本情况 （一）日常关联交易履行的审议程序 江苏宁沪高速公路股份有限公司（以下简称"本公司"）董事会于 2025 年 3 月 26 日审议批准下述年度日常关联交易事项，于 2025 年 3 月 26 日，本公司 就本公司及授权委托的控股子公司相关业务与下述交易对手方签署下述 1-25 项 及 27 ...

江苏宁沪高速公路股份有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 " " " " " " 报告编码:京25DP2FYJ62 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China +86 (10) 8508 5000 Telephone +86 (10) 8518 5111 Fax Internet kpmg.com/cn 上的十三十分班方窗口分 特殊普通合伙) 中国北京 乐安街 1号 东方广场毕马威大楼8层 邮政编码:100738 +86 (10) 8508 5000 +86 (10) 8518 5111 kpma.com/cn 审计报告 毕马威华振审字第 2507839 号 江苏宁沪高速公路股份有限公司全体股东： 一、审计意见 我们审计了后附的江苏宁沪高速公路股份有限公司(以下简称"宁沪高速")财务报表，包 括 2024年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及 母公司现 ...

Core Viewpoint - Jiangsu Ningshu Expressway Co., Ltd. emphasizes its commitment to environmental, social, and governance (ESG) practices, aiming for sustainable development and high-quality growth through comprehensive management and innovative practices [1][4][19]. Report Principles - The report adheres to HK-ESG guidelines and GRI Standards, focusing on substantial issues management and performance measurement [1][2]. - Key principles include importance, quantification, balance, and consistency in reporting [1][2]. Report Scope and Period - The report covers the management practices from January 1 to December 31, 2024, and includes data from the company and its subsidiaries [2][4]. - This is the 16th annual ESG report, with the previous report published in March 2024 [2]. Governance and Quality Assurance - The company ensures the accuracy and completeness of the report through internal audits and compliance with legal standards [3][5]. - The board of directors is responsible for overseeing ESG strategies and performance [16][17]. Company Overview - Jiangsu Ningshu Expressway Co., Ltd. was established in August 1992 and is the only publicly listed transportation infrastructure company in Jiangsu Province [7]. - As of December 31, 2024, the company has total assets of RMB 89.886 billion and net assets of RMB 38.597 billion [7]. Key Performance Indicators - Revenue increased from RMB 132.56 billion in 2022 to RMB 231.98 billion in 2024, while net profit rose from RMB 37.24 billion to RMB 49.47 billion during the same period [12][15]. - Employee satisfaction improved from 81.90 in 2022 to 86.23 in 2024, reflecting enhanced employee engagement [15]. Environmental Initiatives - The company is committed to green development, achieving a 100% usage rate of low-carbon maintenance materials and promoting energy-saving technologies [5][6]. - It aims to build a "zero-carbon service area" and actively participates in ecological protection efforts [5][6]. Technological Innovation - The company integrates advanced technologies such as cloud computing and AI into highway management, enhancing operational efficiency and traffic management [6][26]. - The "smart expansion" initiative has led to a 56% increase in traffic volume, demonstrating the effectiveness of technology in improving service efficiency [26]. Social Responsibility - The company engages in community support activities, including rural revitalization and volunteer services, contributing to social harmony [7][30]. - It prioritizes public safety and satisfaction, implementing comprehensive safety management and emergency response strategies [30][31]. Future Outlook - The company aims to continue its focus on high-quality development and innovation, aligning its ESG goals with national strategies and industry standards [19][20]. - Plans for 2025 include further integration of ESG principles into business operations and enhancing stakeholder communication [19][20].

Core Viewpoint - The audit committee of Jiangsu Ninghu Expressway Co., Ltd. has reported on the performance evaluation and supervisory responsibilities regarding the accounting firm KPMG Huazhen for the year 2024, emphasizing the thoroughness and diligence in their oversight duties [1][4]. Group 1: Basic Information about the Accounting Firm - KPMG Huazhen was established on August 18, 1992, in Beijing and became a special general partnership on July 5, 2012, with its main office located in Beijing [1]. - As of December 31, 2024, KPMG Huazhen has 241 partners and 1,309 registered accountants, with over 300 accountants having signed securities service audit reports [2]. - In 2023, KPMG Huazhen's audited total business revenue exceeded RMB 4.1 billion, with audit service revenue exceeding RMB 3.9 billion, including over RMB 900 million from statutory securities services and over RMB 1 billion from other securities services [2]. Group 2: Appointment Process of the Accounting Firm - The company approved the appointment of KPMG Huazhen as the financial auditor and internal control auditor during the board meeting on May 24, 2024, and the proposal was subsequently approved at the annual shareholders' meeting on June 26, 2024 [2]. Group 3: Supervision of the Accounting Firm - The audit committee conducted a rigorous review of KPMG Huazhen's audit fee quotations, qualifications, performance records, quality management, work plans, resource allocation, information security management, and risk-bearing capabilities, concluding that the firm possesses the necessary qualifications and professional capabilities to meet the company's audit requirements [4]. - On December 25, 2024, the audit committee held a communication meeting with the signing accountants from KPMG Huazhen to discuss the audit scope, independence of the audit plan, and team structure for the 2024 annual report audit [5]. - The audit committee ensured thorough discussions and communications with KPMG Huazhen during critical phases of the annual report audit, promoting objectivity and integrity in the audit report [5][6].

Core Viewpoint - The company has established a risk disposal plan for its financial business in Jiangsu Traffic Holding Group Financial Company to effectively prevent, control, and resolve funding risks associated with its loans and deposits [1][2][3]. Group 1: Risk Management Structure - A risk disposal leadership group has been formed, led by the company's general manager, responsible for overseeing risk prevention and management [1]. - The financial accounting department and other relevant departments are tasked with implementing risk prevention measures and coordinating efforts to mitigate risks [2][3]. Group 2: Risk Reporting and Disclosure - The company has established a risk reporting system to regularly inform the board of directors about the status of loan and deposit risks [2][3]. - Prior to depositing funds in the financial company, the company will review the latest audited annual report to assess business and financial risks [3][4]. Group 3: Risk Disposal Procedures - The leadership group will initiate disposal procedures if the financial company violates regulatory requirements or experiences significant operational issues [4][5]. - An emergency disposal group will be formed to address risks, with clear responsibilities and tasks assigned to various departments [5][6]. Group 4: Post-Incident Management - After resolving any sudden deposit risks, the company will enhance supervision of the financial company and reassess deposit risks [6][7]. - A thorough analysis will be conducted to understand the causes and consequences of any deposit risks, aiming to improve future risk management practices [6][7].

Core Viewpoint - The independent director's report highlights the commitment to uphold the interests of all shareholders, particularly minority investors, while ensuring the company's high-quality development through diligent governance and oversight [1][6]. Group 1: Independent Director Overview - The independent director, Sun Lijun, is a recognized expert in transportation engineering, serving as the chair of the nomination committee and a member of the audit committee [1]. - There are no conflicts of interest affecting the independence of the director, as neither he nor his immediate family holds shares in the company or has any relationships with major shareholders [1][2]. Group 2: Annual Performance Overview - The independent director attended all board meetings and a shareholders' meeting, providing support for all submitted proposals without any dissent [2]. - Active participation in the nomination committee involved thorough candidate evaluations for board and senior management positions, ensuring a fair and scientific nomination process [2][4]. - The audit committee's work included reviewing audit opinions and overseeing the audit process to ensure the integrity and transparency of financial reporting [2][4]. Group 3: Communication and Engagement - Regular communication with internal audit and accounting firms was maintained to ensure objective and fair audit results [4]. - Engagement with minority shareholders included participation in performance briefings to address investor inquiries and gather feedback [4][5]. Group 4: Key Focus Areas - The independent director closely monitored related party transactions, confirming that they complied with legal regulations and did not harm the interests of minority shareholders [5]. - The company adhered to legal requirements for timely disclosure of financial reports, ensuring accurate representation of its operational status [5]. - The appointment of senior management was conducted through a transparent process, with new appointments made to key positions [5][6]. Group 5: Overall Evaluation and Future Plans - The independent director emphasized adherence to legal standards and the importance of independent judgment in decision-making, contributing to effective corporate governance [6]. - Plans for 2025 include enhancing the ability to fulfill the role of independent director and improving communication with shareholders to protect their rights [6].

Core Viewpoint - The internal control self-evaluation report for Jiangsu Ninghu Expressway Co., Ltd. indicates that as of December 31, 2024, the company has maintained effective internal controls over financial reporting and has not identified any significant deficiencies in both financial and non-financial reporting [1][10]. Internal Control Evaluation Conclusion - The company has confirmed that there are no significant deficiencies in financial reporting internal controls as of the evaluation date [2][10]. - Similarly, there are no significant deficiencies in non-financial reporting internal controls identified [2][10]. - The evaluation period did not experience any factors that would affect the conclusion of internal control effectiveness [2][10]. Internal Control Evaluation Work - The evaluation scope was determined based on a risk-oriented principle, covering major units, businesses, and high-risk areas [3][4]. - The total assets of the units included in the evaluation account for 99% of the company's consolidated financial statement assets, while their total revenue accounts for 100% of the company's consolidated financial statement revenue [4]. Internal Control Deficiency Standards - The company has established quantitative standards for identifying deficiencies in financial reporting internal controls, with significant deficiencies defined as misstatements exceeding 2% of total assets or 10% of pre-tax profits [5][6]. - Non-financial reporting internal control deficiencies are similarly quantified, with significant deficiencies defined as asset losses exceeding 2% of total assets or 10% of pre-tax profits [6]. Remediation of Deficiencies - Any identified general deficiencies in internal controls have been rectified within the reporting period, ensuring that they do not impact the achievement of internal control objectives [9][10].