股票简称：宁沪高速 股票代码：600377 编号：临 2025-043 江苏宁沪高速公路股份有限公司 第十一届监事会第十五次会议决议公告 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 江苏宁沪高速公路股份有限公司监事会 （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。 （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 本次会议审议并通过如下议案： 1、审议并通过《关于补充预计 2025 年度日常关联交易的议案》。 表决结果：同意 5 票；反对 0 票；弃权 0 票。 此议案获得通过。 特此公告。 （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 事会第十五次会议（以下简称"会议"）于 2025 年 9 月 30 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。 二〇二五年十月一日 1 ...

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。 股票简称：宁沪高速 股票代码：600377 编号：临 2025-042 江苏宁沪高速公路股份有限公司 第十一届董事会第十五次会议决议公告 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 第十五次会议（以下简称"会议"）于2025年9月30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。 （1）本公司就本公司及控股子公司江苏广靖锡澄高速公路有限责任公司（以下 简称"广靖锡澄公司"）及其控股子公司江苏宜长高速公路有限公司、江苏常宜高速 公路有限公司的道路日常养护项目、道路专项养护维修项目、房建改造项目、路桥专 项设计项目与江苏现代路桥有限责任公司签署《关联交易框架协议》之补充协议。 （三）会议应到董事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 本次会议审议并通过如下议案： （一）审议并批准《关于补充预计 ...

Core Viewpoints - The shipping industry is experiencing high volatility in crude oil freight rates while container shipping rates on long-distance routes are declining [3] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for application by the Southwest Civil Aviation Administration, and a collaboration between Saudi Arabia and Ehang is set to launch autonomous flying vehicles and air taxi services [3] - China's first national standard for logistics enterprise digitization has been officially released, and the "parallel port" logistics model has achieved a throughput of over 76,000 tons in its first year of operation [3] Shipping Industry - As of September 25, the China Import Crude Oil Comprehensive Index (CTFI) was reported at 1908.03 points, a decrease of 3.4% from September 18 [3] - The VLCC market in the Middle East is seeing a slowdown in cargo availability, while the Atlantic and Gulf routes remain relatively calm [3] - The shipping rates from Shanghai to Europe and the U.S. have decreased, with rates to Europe at $971/TEU (down 7.7%) and to the U.S. West and East coasts at $1460/FEU (down 10.8%) and $2385/FEU (down 6.7%) respectively [3] Aviation Industry - The first hybrid tilt-rotor eVTOL model application has been accepted, marking a significant milestone in China's aviation sector [3] - Saudi Arabia's Front End and Cluster2Airports are collaborating with Ehang to introduce autonomous flying vehicles and air taxi services [3] Logistics and New Transportation Models - The national standard for logistics enterprise digitization was released on September 26, focusing on general requirements [3] - The "parallel port" logistics model has been operational for one year, achieving a throughput of 76.61 million tons and 37,000 standard containers [3] Investment Recommendations - Companies in the equipment and manufacturing export chain are recommended for attention, including COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [6] - Opportunities related to the construction of hydropower stations in the Yarlung Tsangpo River downstream are highlighted, with a focus on Sichuan Chengyu, Chongqing Port, and Fulmin Transportation [6] - The low-altitude economy and highway-railway sectors are also suggested for investment, with specific companies recommended for consideration [7]

报告要点 丨证券研究报告丨 [TaSummary] 今年以来，受资金风格切换等因素影响，交运板块核心红利资产标的均面临一定程度股价调整， 估值及股息率重回高性价比区间，显著领先十年期国债收益率，对于绝对收益资金吸引力逐步 提升。基于行业特征，我们重点推荐交运板块中具有低估值、高股息特征的垄断性资产，1）买 低波稳健+分红确定：优选高速公路龙头（招商公路以及宁沪高速等），以及大秦铁路与青岛港； 2）短期看，港股市场估值折价明显、股息率更具性价比，建议关注港股向上弹性。 行业研究丨行业周报丨运输 [Table_Title] 当前时点，如何看待交运红利资产配置价值？ 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 当前时点，如 ...

Summary of China Expressway Equities Conference Call Industry Overview - The conference call focused on the **China Expressway sector**, discussing potential investment opportunities and challenges in the upcoming quarters, particularly in **4Q25** [1] Key Points and Arguments Market Performance - Since July 2025, sector share prices have fluctuated between **-16% to +1%**, while the Hang Seng Index (HSI) increased by **+9%** [2] - The sell-off was attributed to: 1. Soft toll growth 2. Investors' risk-on sentiment 3. Company-specific risks, including major shareholder sell-offs and earnings revisions [2][4] Investment Opportunities - There is a potential opportunity in **4Q25** as dividend yields are expected to return to an attractive range of **6-7%** [2] - The expressway sector saw a share price rally of **5-15%** in **4Q24** [2] Catalysts for Growth - Expected catalysts include: 1. Stable dividend policies leading to attractive yields [3] 2. Potential revisions to the Toll Road Ordinance 3. Asset injections, particularly from Jiangsu Expressway's Suxichang South Expressway, which has shown strong traffic growth [3] Toll Growth Projections - Despite soft toll growth in **2H25**, projections for toll growth are as follows: - **Zhejiang Expressway**: -2% - **Jiangsu Expressway**: +1% - **Anhui Expressway**: +10% [4][11] Company Ratings and Preferences - The preferred companies in the sector are: - **Anhui Expressway**: Rated as **Buy** for better-than-peer toll income growth and high dividend yield - **Zhejiang Expressway**: Rated as **Buy** due to potential upside from its securities business and upcoming A-share listing - **Jiangsu Expressway**: Rated as **Hold** due to concerns over road expansion projects and uncertain returns from greenfield projects [5][8] Financial Metrics and Valuations - Current and target prices for key companies are as follows: - **Anhui Expressway - H**: Current price **HKD 11.35**, Target price **HKD 15.70** (Buy, +38.3% upside) - **Anhui Expressway - A**: Current price **RMB 12.92**, Target price **RMB 19.70** (Buy, +52.5% upside) - **Zhejiang Expressway**: Current price **HKD 7.26**, Target price **HKD 7.70** (Buy, +6.1% upside) - **Jiangsu Expressway - H**: Current price **HKD 9.27**, Target price **HKD 10.50** (Hold, +13.3% upside) [6][11] Dividend Policies - Companies are expected to maintain stable dividend payouts: - **Anhui Expressway**: Minimum **60%** payout ratio for 2025-27 - **Zhejiang Expressway**: Expected stable dividends of **RMB 0.49** for 2025-27 - **Jiangsu Expressway**: Expected stable absolute dividends [11][30] Risks and Challenges - Key risks include: - Slower-than-expected traffic volume growth - Uncertainties related to government policies affecting toll income and logistics costs - Potential negative impacts from road expansion projects [30][21] Conclusion - The China Expressway sector presents both opportunities and risks, with a focus on stable dividends and potential growth catalysts in the near future. Investors are advised to consider the specific company ratings and market conditions when making investment decisions [21][30]

江 蘇 寧 滬 高 速 公 路 股 份 有 限 公 司 JIANGSU EXPRESSWAY COMPANY LIMITED 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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 陳 晉 佳 張 寶 珍 聯席公司秘書 中國‧南京，2025 年9月28 日 於本公告日期，本公司董事為： 陳雲江 # 、王穎健 # 、謝蒙萌 # 、汪鋒、張新宇、楊少軍 # 、楊建國 # 、馬忠禮 # 、 徐光華 * 、葛 揚 * 、顧朝陽 * 、譚世俊 * 、孫立軍 * # 非執行董事 * 獨立非執行董事 董事會會議通知 江蘇寧滬高速公路股份有限公司（「 本公司 」）董事會謹此宣佈 ， 定 於 2 025年1 0月2 9日（星期三）下午3:30時於中國江蘇省南京市棲霞區仙林大 道6號本公司會議室舉行董事會會議，以批准本公司截至2025年9月3 0日止 9個月的三季度業績報告及處理其他相關事宜。 承董事會 ...

[Section I Definitions](index=3&type=section&id=第一節%20釋義) [Definitions of Common Terms](index=3&type=section&id=常用詞語釋義) This section defines common terms used in the report, including names of the company and its subsidiaries, controlling shareholders, associated companies, project names, and important financial and securities market terminology, ensuring clear understanding of the report content - The Company refers to Jiangsu Ning沪 Expressway Co., Ltd., and the Group refers to the Company and its subsidiaries[6](index=6&type=chunk) - The controlling shareholder is Jiangsu Communications Holding Co., Ltd[6](index=6&type=chunk) - The reporting period refers to January 1, 2025 to June 30, 2025[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=10&type=section&id=第二節%20公司簡介和主要財務指標) [I. Company Information](index=10&type=section&id=一.%20公司信息) This section provides the company's basic information, including its Chinese name, abbreviation, and legal representative - The company's Chinese name is Jiangsu Ning沪 Expressway Co., Ltd., abbreviated as Ning沪 Expressway[16](index=16&type=chunk)[17](index=17&type=chunk) - The company's legal representative is Chen Yunjiang[16](index=16&type=chunk) [II. Contact Persons and Information](index=10&type=section&id=二.%20聯繫人和聯繫方式) This section provides contact information for the company's Board Secretary, Joint Company Secretary, and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses - The Board Secretary is Chen Jinjia, contact number 8625-84362700-301838, email jsnh@jsexpwy.com[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=10&type=section&id=三.%20基本情況變更簡介) This section briefly outlines the postal code and website of the company's registered and office addresses, noting no changes in basic information during the reporting period - The company's registered and office addresses are both at No. 6 Xianlin Avenue, Nanjing, Jiangsu Province, China, postal code 210049[18](index=18&type=chunk) - The company's website is http://www.jsexpressway.com[18](index=18&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=11&type=section&id=四.%20信息披露及備置地點變更情況簡介) This section lists the company's selected newspapers for information disclosure, website addresses for semi-annual reports, and document storage locations, noting no changes during the reporting period - The newspapers selected by the company for information disclosure include China Securities Journal, Shanghai Securities News, and Securities Times[20](index=20&type=chunk) - The websites for semi-annual reports include www.sse.com.cn, www.hkexnews.hk, and www.jsexpressway.com[20](index=20&type=chunk) [V. Company Stock Overview](index=11&type=section&id=五.%20公司股票簡況) This section provides an overview of the company's stock listing, including the exchanges, stock abbreviations, and codes for A-shares, H-shares, and ADRs - The company's A-shares are listed on the Shanghai Stock Exchange, stock abbreviation Ning沪 Expressway, code 600377[21](index=21&type=chunk) - The company's H-shares are listed on The Stock Exchange of Hong Kong Limited, stock abbreviation Jiangsu Ning沪 Expressway, code 00177[21](index=21&type=chunk) - The company's ADRs are traded on the US OTC market, code JEXYY[21](index=21&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=12&type=section&id=七.%20公司主要會計數據和財務指標) During the reporting period, the company's operating revenue decreased by 5.56% year-on-year, or 0.99% excluding construction revenue. Total profit, net profit attributable to shareholders, and earnings per share all decreased year-on-year, mainly due to reduced investment income from associates and a change in Jiangsu Bank's dividend cycle. Net cash flow from operating activities increased by 6.47% year-on-year, driven by higher toll revenue and cost reduction measures Key Accounting Data (January-June 2025 vs. Prior Year Period) | 主要会计数据 | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,405,722,179.55 | 9,959,934,057.30 | -5.56 | | Total Profit | 3,145,806,373.03 | 3,494,290,323.90 | -9.97 | | Net Profit Attributable to Shareholders of Listed Company | 2,423,880,435.76 | 2,748,469,162.00 | -11.81 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 2,406,583,027.32 | 2,601,312,832.55 | -7.49 | | Net Cash Flow from Operating Activities | 3,277,309,995.91 | 3,078,071,689.81 | 6.47 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 40,143,752,833.93 | 38,596,795,651.66 | 4.01 | | Total Assets (Period-end) | 96,134,096,284.84 | 89,886,075,247.13 | 6.95 | Key Financial Indicators (January-June 2025 vs. Prior Year Period) | 主要财务指标 | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.4811 | 0.5456 | -11.81 | | Diluted Earnings Per Share (yuan/share) | 0.4811 | 0.5456 | -11.81 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.4777 | 0.5164 | -7.49 | | Weighted Average Return on Net Assets (%) | 5.97 | 7.72 | Decreased by 1.75 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 5.93 | 7.32 | Decreased by 1.39 percentage points | - Operating revenue decreased by **5.56%** year-on-year; excluding the impact of construction revenue, the company's operating revenue decreased by approximately **0.99%** year-on-year[26](index=26&type=chunk) - Total profit, net profit attributable to shareholders of the listed company, and earnings per share decreased year-on-year, mainly due to reduced investment income from associates and changes in Jiangsu Bank's dividend cycle[27](index=27&type=chunk) - Jiangsu Bank's dividend cycle was adjusted, with dividends of approximately **168 million yuan** in the current reporting period, compared to **368 million yuan** in the prior year period, a year-on-year decrease of **54.38%**[27](index=27&type=chunk) - After deducting the impact of Jiangsu Bank's dividends, the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was approximately **2.239 billion yuan**, a slight year-on-year increase[27](index=27&type=chunk) - Net cash flow from operating activities increased year-on-year, mainly due to increased toll revenue and cost reduction and efficiency improvement measures[28](index=28&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=14&type=section&id=九.%20非經常性損益項目和金額) This section lists the non-recurring gains and losses items and their amounts for the reporting period, totaling **17,297,408.44 yuan** Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Gains and losses on disposal of non-current assets | -1,270,886.30 | Mainly asset disposal gains recognized from the cessation of toll collection on Luma First-Class Highway in the prior year period | | Government subsidies recognized in current profit or loss | 3,207,939.90 | | | Fair value changes and disposal gains/losses of financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | -488,183.43 | Mainly fair value change gains of approximately -55,262 thousand yuan recognized from other non-current financial assets such as Guochuang Kaiyuan Phase II Fund held by subsidiaries, dividend income of approximately 30,823 thousand yuan from Guochuang Kaiyuan Phase II Fund, and income of approximately 23,951 thousand yuan from short-term bank wealth management products | | Custody fee income from entrusted operations | 29,295,318.19 | | | Other non-operating income and expenses apart from the above | -15,918,289.95 | Mainly road asset damage repair expenses incurred in the current reporting period | | Less: Income tax impact | -3,999,225.39 | | | Impact on minority interests (after tax) | 1,527,715.36 | | | Total | 17,297,408.44 | | [Section III Management Discussion and Analysis](index=16&type=section&id=第三節%20管理層討論與分析) [I. Description of the Company's Industry and Main Business During the Reporting Period](index=16&type=section&id=一.%20報告期內公司所屬行業及主營業務情況說明) As Jiangsu Province's sole listed road and bridge investment and operation company, the company's main business involves investing, constructing, operating, and managing toll roads and bridges within Jiangsu, while also expanding into service area operations and clean energy. As of the end of the reporting period, the company controlled and participated in road and bridge projects totaling approximately **1,000 kilometers**, with total assets of approximately **96.134 billion yuan** and net assets attributable to shareholders of approximately **40.144 billion yuan** - The company was registered and established in Jiangsu Province on August 1, 1992, and is Jiangsu Province's sole listed road and bridge investment and operation company[35](index=35&type=chunk) - Its main business involves the investment, construction, operation, and management of toll roads and bridges within Jiangsu Province, and the development of ancillary service area operations along expressways[35](index=35&type=chunk) - As of the end of the reporting period, the company controlled 12 operational road and bridge projects, 3 new road and bridge projects, and participated in 4 road and bridge projects, with a total mileage of approximately **1,000 kilometers**[35](index=35&type=chunk) - The company's operating area is located in the Yangtze River Delta region, with its core asset, the Jiangsu section of the Shanghai-Nanjing Expressway, connecting 6 major cities: Shanghai, Suzhou, Wuxi, Changzhou, Zhenjiang, and Nanjing[36](index=36&type=chunk) - The company actively explores and develops 'Transportation+' and clean energy businesses to expand profit margins and achieve sustainable development[36](index=36&type=chunk) Company Asset Status (As of June 2025) | Indicator | Amount (yuan) | | :--- | :--- | | Total Assets | 96.134 billion yuan | | Net Assets Attributable to Shareholders of Listed Company | 40.144 billion yuan | [II. Discussion and Analysis of Operations](index=19&type=section&id=二.%20經營情況的討論與分析) During the reporting period, the company focused on its core road and bridge business, deepened intelligent transformation, cultivated new growth drivers in "Transportation+" and clean energy, and improved operational efficiency through cost reduction. Road and bridge investments continued, smart transportation achieved significant results, and toll revenue increased by 1.65% year-on-year. Ancillary services revenue slightly decreased but gross margin improved. Clean energy electricity sales revenue slightly declined due to wind resource impacts. Real estate performance significantly decreased due to lower delivery scale. Investment income from associates decreased, mainly due to Jiangsu Bank's dividend cycle adjustment - The company is committed to the primary task of high-quality development, forging new competitive advantages through innovation, focusing on its core road and bridge business, cultivating new growth poles in 'Transportation+', and realizing potential through cost reduction and efficiency improvement[44](index=44&type=chunk) Company Key Operating Data (January-June 2025) | Indicator | Amount (yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 9.406 billion yuan | Decreased by 5.56% | | Operating Revenue Excluding Construction Revenue | 5.883 billion yuan | Decreased by 0.99% | | Total Profit | 3.146 billion yuan | Decreased by 9.97% | | Net Profit Attributable to Shareholders of Listed Company | 2.424 billion yuan | Decreased by 11.81% | | Earnings Per Share | 0.4811 yuan | | | Net Operating Cash Flow | 3.277 billion yuan | | | Weighted Average Return on Net Assets | 5.97% | | [1. Road and Bridge Core Business](index=20&type=section&id=1.%20路橋主業) In the road and bridge core business, multiple new and expansion projects, including the Ningyang Yangtze River Bridge North Connection, Xiyi Expressway South Section Expansion, Xitai Project, Danjin Project, and Guangjing North Section Expansion, continued to advance with significant cumulative construction investment. In operations and maintenance, the company deepened smart transportation, upgraded smart expansion model algorithms, strengthened emergency rescue capabilities, and innovated a "low-altitude + transportation" management model, enhancing road traffic efficiency and safety. Operationally, toll revenue increased by **1.65%** year-on-year, with Ning沪 Expressway's average daily toll revenue growing by **8.18%**, though some road sections experienced reduced traffic and revenue due to construction - The Ningyang Yangtze River Bridge North Connection project has accumulated construction investment of approximately **4.217 billion yuan**, accounting for **60.37%** of the total investment, and is expected to open fully by the end of 2025[45](index=45&type=chunk) - The Xiyi Expressway South Section Expansion project has accumulated construction investment of approximately **3.852 billion yuan**, accounting for **49.67%** of the total investment, and is expected to be completed and open to traffic by the end of June 2026[45](index=45&type=chunk) - The company upgraded its smart expansion model algorithms to enhance road capacity, with the Wuxi section of Ning沪 Expressway reaching a single-day cross-section traffic volume of **284,100 vehicles** during the May Day holiday, setting a new historical record[47](index=47&type=chunk) - Emergency rescue deployment was strengthened, increasing regular clearance stations to **71**, reducing average rescue arrival time by **23.81%** to **8 minutes**, and average handling time by **27.87%** to **17.75 minutes**[47](index=47&type=chunk) - A 'drone real-time data + human experience' integrated decision-making model was established, creating the nation's first standardized integrated dispatch and clearance operation process with drone participation on expressways, improving accident scene traffic efficiency by **30%**[47](index=47&type=chunk) Road and Bridge Core Business Operating Data (January-June 2025) | Indicator | Reporting Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Toll Revenue | 4.604 billion yuan | | Increased by 1.65% | | Ning沪 Expressway Average Daily Toll Revenue | 14.711 million yuan | 13.599 million yuan | Increased by 8.18% | | Total Weighted Average Traffic Volume of Company-Controlled Road Network | 71,253 vehicles/day | 73,323 vehicles/day | -2.82% | | Total Traffic Volume of Ning沪 Expressway | 120,539 vehicles/day | 116,703 vehicles/day | 3.29% | - Toll revenue for some road sections, such as Yanjiang Expressway, Ningchang Expressway, Zhenli Expressway, Xiyi Expressway, Changyi Expressway, Guangjing Expressway, and Xicheng Expressway, decreased year-on-year due to renovation and expansion construction[55](index=55&type=chunk) [2. Ancillary Services Business](index=26&type=section&id=2.%20配套服務業務) During the reporting period, ancillary services revenue decreased by **2.15%** year-on-year, primarily due to lower oil product sales prices, though oil product sales volume increased. Service area leasing and other business revenue grew by **21.15%** year-on-year, benefiting from a new round of commercial leasing. The gross margin for ancillary services increased by **2.12 percentage points** year-on-year. The company actively deployed new energy charging facilities, adding **202** charging spaces, and innovated service area operating models by creating integrated complexes and distinctive renovation projects Ancillary Services Business Revenue and Gross Margin (January-June 2025) | Indicator | Amount (thousand yuan) | YoY Change | | :--- | :--- | :--- | | Ancillary Services Business Revenue | 827,919 | Decreased by 2.15% | | Oil Product Sales Revenue | 719,449 | Decreased by 4.80% | | Service Area Leasing and Other Business Revenue | 103,851 | Increased by 21.15% | | Ancillary Services Business Gross Margin | | Increased by 2.12 percentage points | | Ancillary Services Business Gross Margin Excluding Clearance Services | 12.39% | Increased by 2.25 percentage points | - During the reporting period, a total of **202** new charging spaces were added, bringing the total to **412**, significantly enhancing the new energy charging service capacity in service areas[57](index=57&type=chunk) - The Xianrenshan Service Area's 'wind-solar-storage-charging-swapping' integrated project received CQC zero-carbon certification, capable of reducing carbon emissions by **2,756.32 tons** annually[57](index=57&type=chunk) - The first 'service area + logistics + RV camp' complex was built in Gehu Service Area, and Maoshan Service Area underwent a 'lake view ecological' special renovation, both showing increased traffic and revenue[57](index=57&type=chunk) [3. Clean Energy Business](index=27&type=section&id=3.%20清潔能源業務) The clean energy business, operated by subsidiary Yunshan Qingneng Company, had a total grid-connected installed capacity of **652 megawatts** as of the end of the reporting period, producing **469 million kWh** of clean energy. Electricity sales revenue decreased by **3.70%** year-on-year, mainly due to wind resource impacts. The company actively promoted integrated transportation-energy projects, with total installed capacity exceeding **100 megawatts**, and developed a digital management platform, while the Rudong offshore wind power project successfully passed CCER project registration and review - As of the end of the reporting period, Yunshan Qingneng Company's grid-connected projects had a total installed capacity of **652 megawatts** (including equity-based installed capacity)[59](index=59&type=chunk) Clean Energy Business Data (January-June 2025) | Indicator | Amount/Quantity | | :--- | :--- | | Clean Energy Electricity Production | 469 million kWh | | Electricity Sales Revenue | 335.22 million yuan | - Electricity sales revenue decreased by **3.70%** year-on-year, mainly due to the impact of wind resources, with reduced grid-connected electricity generation from the Rudong offshore wind power project[59](index=59&type=chunk) - Successfully completed **9** integrated transportation-energy projects, achieving full capacity grid-connected power generation at **18** sites with a scale of nearly **50 megawatts**, bringing the total installed capacity of integrated transportation-energy to over **100 megawatts**[60](index=60&type=chunk) - Successfully developed digital products such as the Yunshan Oasis (Yoasis) integrated transportation-energy management platform and microgrid EIS smart gateway devices[60](index=60&type=chunk) - The Rudong offshore wind power project successfully passed the review by the national certified voluntary emission reduction (CCER) project registration authority[60](index=60&type=chunk) [4. Real Estate Business](index=28&type=section&id=4.%20地產業務) Real estate performance, operated by subsidiaries Ning沪 Real Estate Company and Hanwei Company, saw real estate sales revenue of approximately **19.032 million yuan** recognized during the reporting period, a significant year-on-year decrease of **84.93%**, primarily due to a smaller scale of real estate project deliveries compared to the prior year. The company continued to promote the destocking of existing projects and, using its own commercial real estate as a platform, established a smart transportation industry collaborative innovation center, attracting several well-known enterprises Real Estate Sales Revenue (January-June 2025) | Indicator | Amount (thousand yuan) | YoY Change | | :--- | :--- | :--- | | Real Estate Sales Revenue | 19,032 | Decreased by 84.93% | - The significant decrease in real estate sales revenue was mainly due to a smaller scale of real estate project deliveries compared to the prior year period[61](index=61&type=chunk) - The company revitalized existing assets through innovative sales models and established a smart transportation industry collaborative innovation center, attracting several well-known enterprises such as Huashe Design Group, Sujiaoke Group, and Wanbang Digital Energy[61](index=61&type=chunk) [5. Other Businesses](index=28&type=section&id=5.%20其他業務) During the reporting period, investment income from associate and joint venture road and bridge companies was approximately **274.485 million yuan**, a year-on-year decrease of **26.56%**. Investment income from associate and joint venture financial companies was approximately **50.403 million yuan**, a slight year-on-year increase of **0.43%**. The Group received dividends of approximately **321.799 million yuan** from Jiangsu Bank, Jiangsu Leasing, and Guochuang Kaiyuan Phase II Fund, a year-on-year decrease of **37.75%**, primarily due to Jiangsu Bank's dividend cycle adjustment. Revenue from subsidiaries' advertising operations and management services increased by **5.20%** year-on-year Other Business Investment Income and Dividend Distribution (January-June 2025) | Indicator | Amount (thousand yuan) | YoY Change | | :--- | :--- | :--- | | Investment Income from Associate and Joint Venture Road and Bridge Companies | 274,485 | Decreased by 26.56% | | Investment Income from Associate and Joint Venture Financial Companies | 50,403 | Increased by 0.43% | | Dividends Received from Jiangsu Bank, Jiangsu Leasing, and Guochuang Kaiyuan Phase II Fund | 321,799 | Decreased by 37.75% | | Revenue from Subsidiaries' Advertising Operations and Management Services | 96,190 | Increased by 5.20% | - The decrease in traffic volume on the Yanjiang Expressway due to renovation and expansion led to a year-on-year decline in its contribution to investment income[62](index=62&type=chunk) - The adjustment of Jiangsu Bank's dividend cycle, resulting in a significant reduction in dividends compared to the prior year period, was the main reason for the decrease in the Group's total dividends received[62](index=62&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=29&type=section&id=三.%20報告期內核心競爭力分析) The company's core competitiveness stems from its unique geographical advantage, high-quality road and bridge assets, leading operational philosophy, professional management team, comprehensive risk management, and robust financing platform. Operating in the core Yangtze River Delta region, the company possesses excellent road and bridge assets and extensive operational management experience, actively building digital expressways and smart transportation. A professional management team and sound risk management system ensure stable development, while dual-listing and high credit ratings provide smooth financing channels - The company's operating area is located in China's most dynamic Yangtze River Delta region, and its controlled or participated road and bridge projects are core components of the land transportation corridors in Jiangsu's southern riverside and Shanghai-Nanjing industrial belts[65](index=65&type=chunk) - The Group's core road and bridge assets are all central arteries of Jiangsu Province's expressway network, with excellent asset quality and demonstrated synergistic benefits, laying the foundation for stable performance growth[65](index=65&type=chunk) - The Group is committed to highway operations, having accumulated rich experience, and the performance growth of the Jiangsu section of Ning沪 Expressway demonstrates its competitive advantage in highway operation and management, with efforts focused on building digital expressways and smart transportation[66](index=66&type=chunk) - The Group possesses a professional and experienced operation and management team that optimizes its asset portfolio through capital operations, effectively reducing operating costs and risks[66](index=66&type=chunk) - The Group has established a risk-oriented comprehensive risk control system to enhance risk governance capabilities and achieve stable development[67](index=67&type=chunk) - The Group is dual-listed and trades in three locations, with stable operations, high credit ratings, and smooth financing channels, which helps optimize its financing structure and reduce financing costs[67](index=67&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=31&type=section&id=四.%20報告期內主要經營情況) During the reporting period, the company's operating revenue and costs both decreased due to reduced investment in road and bridge projects. Selling expenses decreased, while administrative expenses increased, and financial expenses decreased due to lower LPR and effective financing measures. Net cash flow from operating activities increased, net cash flow from investing activities decreased, and net cash flow from financing activities declined. Fair value change gains and investment income both significantly decreased, mainly affected by the conversion of financial assets into shares and Jiangsu Bank's dividend adjustment. The asset-liability structure remained reasonable, but both total asset-liability ratio and net asset-liability ratio increased. The company continued to advance road and bridge project construction investments and actively expanded financing channels to reduce financing costs [(I) Analysis of Main Business](index=31&type=section&id=（一）%20主營業務分析) During the reporting period, the company's operating revenue decreased by **5.56%** year-on-year, and operating costs decreased by **9.80%** year-on-year, mainly due to reduced investment in road and bridge projects. The gross margin increased to **33.17%**. The gross margin of the toll road business grew, and that of ancillary services increased due to higher service area leasing income, but oil product sales revenue declined. Real estate sales revenue significantly decreased, and the gross margin of electricity sales decreased due to wind resource impacts Analysis of Changes in Financial Statement Items (January-June 2025 vs. Prior Year Period) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,405,722,179.55 | 9,959,934,057.30 | -5.56 | | Operating Cost | 6,286,265,783.44 | 6,969,424,373.38 | -9.80 | | Selling Expenses | 2,781,383.79 | 3,089,120.38 | -9.96 | | Administrative Expenses | 111,165,157.76 | 106,929,283.20 | 3.96 | | Financial Expenses | 438,174,476.39 | 474,594,731.87 | -7.67 | | Net Cash Flow from Operating Activities | 3,277,309,995.91 | 3,078,071,689.81 | 6.47 | | Net Cash Flow from Investing Activities | -5,382,175,611.35 | -5,522,119,761.32 | -2.53 | | Net Cash Flow from Financing Activities | 1,968,143,425.63 | 2,290,936,316.02 | -14.09 | | Fair Value Change Gains | -55,262,309.57 | 38,913,161.37 | -242.01 | | Investment Income | 700,460,481.47 | 1,049,155,694.96 | -33.24 | | Asset Disposal Gains | -1,270,886.30 | 54,946,241.84 | -102.31 | | Credit Impairment Losses | -16,206,468.46 | -108,514.99 | 14,834.77 | | Net Amount of Other Comprehensive Income After Tax | 1,631,726,343.82 | 496,879,246.91 | 228.39 | - Changes in operating revenue and operating costs were mainly due to a year-on-year decrease in construction investment in road and bridge projects during the current reporting period, with a corresponding reduction in construction period revenue and costs[71](index=71&type=chunk) - The decrease in financial expenses was mainly due to the decline in the domestic Loan Prime Rate (LPR) and the company's proactive and effective financing measures, leading to a reduction in the comprehensive borrowing interest rate for interest-bearing debt[72](index=72&type=chunk) - The change in fair value change gains was mainly due to the conversion of Jiangsu Leasing convertible bonds held in the prior year period into shares, which were subsequently measured under other equity instruments[76](index=76&type=chunk) - The decrease in investment income was mainly due to the adjustment of Jiangsu Bank's dividend cycle, resulting in a significant reduction in dividends, and a year-on-year decrease in investment income contributed by associates[76](index=76&type=chunk) Main Business by Industry Segment (January-June 2025) | Industry Segment | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Toll Roads | 4,604,312,011.87 | 1,694,033,128.91 | 63.21 | 1.65 | -4.84 | Increased by 2.51 | | Ancillary Services | 827,919,422.11 | 797,455,512.60 | 3.68 | -2.15 | -4.26 | Increased by 2.12 | | Real Estate Sales | 19,031,630.60 | 18,116,846.68 | 4.81 | -84.93 | -78.55 | Decreased by 28.29 | | Electricity Sales | 335,220,319.45 | 177,662,011.99 | 47.00 | -3.70 | 1.62 | Decreased by 2.77 | | Construction Period Revenue/Cost | 3,523,049,104.99 | 3,523,049,104.99 | 0.00 | -12.33 | -12.33 | – | | Other Businesses | 96,189,690.53 | 75,949,178.27 | 21.04 | 5.20 | -3.41 | Increased by 7.04 | | Total | 9,405,722,179.55 | 6,286,265,783.44 | 33.17 | -5.56 | -9.80 | Increased by 3.14 | - The overall gross margin level of the toll road business increased year-on-year, mainly due to increased toll revenue and reduced maintenance expenses[87](index=87&type=chunk) - The gross margin of ancillary services business increased year-on-year, mainly due to increased service area leasing income, but the net difference for clearance services was **-71.52 million yuan**[87](index=87&type=chunk) - The gross margin of electricity sales business decreased year-on-year, affected by wind resources and other factors, leading to reduced grid-connected electricity generation from offshore wind power projects[87](index=87&type=chunk) Analysis of Operating Cost Composition (January-June 2025) | Industry Segment | Cost Component Item | Current Period Amount (yuan) | Current Period Share of Total Cost (%) | Prior Year Period Amount (yuan) | Prior Year Period Share of Total Cost (%) | YoY Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Toll Roads | Depreciation and Amortization | 1,059,589,378.75 | 16.85 | 1,041,303,576.87 | 14.94 | 1.76 | | | | Maintenance Costs | 114,286,406.37 | 1.82 | 215,341,580.66 | 3.09 | -46.93 | Partial road sections under jurisdiction closed for construction, reduced scale of centralized road surface maintenance | | Ancillary Services | Raw Materials | 598,281,816.98 | 9.52 | 632,046,431.10 | 9.07 | -5.34 | Decreased unit price of oil product sales, corresponding decrease in procurement costs | | Real Estate Sales | – | 18,116,846.68 | 0.29 | 84,471,749.65 | 1.21 | -78.55 | Real estate project delivery scale smaller than prior year period | | Construction Period Costs | – | 3,523,049,104.99 | 56.04 | 4,018,362,207.04 | 57.66 | -12.33 | Year-on-year decrease in construction investment in road and bridge projects | [(III) Analysis of Assets and Liabilities](index=39&type=section&id=（三）%20資產、負債情況分析) As of the end of the reporting period, the company's total assets were approximately **96.134 billion yuan**, a year-on-year increase of **6.95%**. Accounts receivable increased by **10.93%**, mainly due to higher national subsidies receivable for grid-connected power stations. Inventory decreased by **3.53%**, primarily due to real estate project deliveries. Trading financial assets increased by **39.11%**, mainly due to an increase in wealth management products. Bonds payable increased by **349.96%**, mainly due to the issuance of **4.5 billion yuan** in corporate bonds and medium-term notes. Both the total asset-liability ratio and net asset-liability ratio increased, but management believes the financial leverage ratio is at a safe level. Investment expenditures during the reporting period were approximately **4.427 billion yuan**, a year-on-year increase of **7.64%**, mainly for road and bridge project construction Changes in Assets and Liabilities (As of June 2025 vs. End of Prior Year) | Item Name | Current Period-end Amount (yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | | Accounts Receivable | 2,066,983,203.86 | 10.93 | Mainly due to an increase in national subsidies receivable for grid-connected power stations at the end of the current reporting period compared to the beginning of the period | | Inventory | 1,928,964,304.87 | -3.53 | Mainly due to the delivery and transfer of real estate projects by subsidiaries during the reporting period and reclassification to investment properties | | Long-term Equity Investments | 13,179,281,738.45 | 3.31 | The increase is mainly due to investment income contributed by associates in the current reporting period | | Trading Financial Assets | 4,342,810,000.20 | 39.11 | Mainly due to an increase in wealth management products held by the Group at the end of the current reporting period compared to the beginning of the period | | Prepayments | 16,798,791.48 | 93.32 | Mainly due to an increase in prepaid guarantees and other items in the current reporting period compared to the beginning of the period | | Notes Payable | 87,300,000.00 | -68.74 | Mainly due to a decrease in bank acceptance bills issued by subsidiaries at the end of the current reporting period compared to the beginning of the period | | Other Current Liabilities | 1,357,430,518.01 | -67.15 | Mainly due to the repayment of maturing ultra-short-term financing bonds in the current reporting period, resulting in a decrease in the balance compared to the beginning of the period | | Bonds Payable | 4,496,461,700.84 | 349.96 | Mainly due to the issuance of 4.5 billion yuan in corporate bonds and medium-term notes in the current reporting period | | Special Reserves | 6,412,058.67 | 84.76 | Mainly safety production fees accrued by subsidiaries in the current reporting period | | Total Assets | 96,134,096,284.84 | 6.95 | | | Total Asset-Liability Ratio | 45.79% | Increased by 1.12 percentage points | | | Net Asset-Liability Ratio | 84.46% | Increased by 3.73 percentage points | | - Overseas assets amounted to **72,290.84 USD**, accounting for **0.0005383%** of total assets[107](index=107&type=chunk) Major Restricted Assets (As of June 2025) | Item | Book Value at Period-end (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Bank Deposits | 4,365,000.00 | Bill deposits, etc. | | Intangible Assets | 30,232,352,184.05 | Pledge of expressway toll operating rights | | Accounts Receivable | 1,381,231,483.54 | Pledge of electricity bill collection rights | | Total | 31,617,948,667.59 | | - During the reporting period, the Group implemented planned investment expenditures of approximately **4.427 billion yuan**, an increase of **7.64%** compared to the prior year period, mainly due to increased investment in road and bridge project construction[120](index=120&type=chunk) Major Capital Expenditure Projects (January-June 2025) | Investment Project Name | Amount (yuan) | | :--- | :--- | | Ningyang Yangtze River Bridge and North Connection Project | 473,251,245.71 | | Xiyi Expressway South Section Expansion Project | 1,705,108,419.61 | | Guangjing North Section Expansion Project | 400,015,190.00 | | Xitai Expressway Construction Project | 433,000,000.00 | | Danjin Expressway Construction Project | 784,670,000.00 | | Wufengshan Bridge Project Scope Adjustment and Capital Increase Project | 396,650,000.00 | | Service Area and Toll Station Renovation and Expansion | 11,074,536.83 | | Three Major Systems and Informatization Construction Project | 36,178,154.31 | | Yunshan Qingneng Company Investment in Integrated Transportation-Energy Projects | 100,241,689.84 | | Yunshan Qingneng Company Investment in Market-Oriented Clean Energy Equity Projects | 16,439,878.07 | | Investment in Three Gorges Yunshan Taizhou Hailing Power Generation Co., Ltd. | 14,850,000.00 | | Other Capital Expenditures of the Group | 55,938,835.52 | | Total | 4,427,417,949.89 | - As of the end of the reporting period, the principal balance of interest-bearing debt was approximately **34.678 billion yuan**, an increase of approximately **1.272 billion yuan** from the beginning of the period, with short-term interest-bearing debt accounting for approximately **5.05%** and long-term interest-bearing debt for approximately **94.95%**[123](index=123&type=chunk) - The Group's comprehensive borrowing cost for existing interest-bearing debt was approximately **2.68%**, a year-on-year decrease of approximately **0.46 percentage points**, and approximately **0.77 percentage points** lower than the current Loan Prime Rate (LPR)[123](index=123&type=chunk) - Subsidiary Ning沪 Real Estate Company provides joint and several liability guarantees for mortgage loans of commercial housing purchasers; as of June 30, 2025, the outstanding guaranteed amount was approximately **130.17 million yuan**[127](index=127&type=chunk) - The Group's main operating businesses are all in China, with operating income and major capital expenditures settled in RMB, thus there are no significant foreign exchange risks[128](index=128&type=chunk) [(IV) Analysis of Investment Status](index=49&type=section&id=（四）%20投資狀況分析) During the reporting period, the company continued to efficiently advance road and bridge project construction investments, including the Ningyang Yangtze River Bridge North Connection, Xiyi Expressway South Section Expansion, Xitai Project, Danjin Project, and Guangjing North Section Expansion. In financial assets, the company held private equity funds, stocks, and other wealth management products, with Jiangsu Bank and Jiangsu Leasing stocks designated as financial assets measured at fair value through other comprehensive income. Private equity fund investments included Guochuang Kaiyuan Phase II Fund, Zhongbei Zhiyuan Fund, and Luode Huizhi Fund, whose fair values decreased during the reporting period - The Ningyang Yangtze River Bridge North Connection project invested approximately **114 million yuan** in construction funds during the reporting period, with a cumulative investment of approximately **4.217 billion yuan**, accounting for **60.37%** of the total investment[130](index=130&type=chunk) - The Xiyi Expressway South Section Expansion project invested approximately **1.705 billion yuan** in construction funds during the reporting period, with a cumulative investment of approximately **3.852 billion yuan**, accounting for **49.67%** of the total investment[130](index=130&type=chunk) Financial Assets Measured at Fair Value (As of June 2025) | Asset Category | Period-end Amount (million yuan) | | :--- | :--- | | Private Equity Funds | 1,913.2216 | | Stocks | 12,111.0280 | | Others (Wealth Management Products, etc.) | 4,342.8100 | | Total | 18,367.0596 | - The company holds **782.8708 million shares** (4.27% equity) of Jiangsu Bank, with a market value of approximately **9.183 billion yuan**, accounting for approximately **9.55%** of the Group's total assets[138](index=138&type=chunk) - During the reporting period, the fair value of Guochuang Kaiyuan Phase II Fund decreased by approximately **58.352 million yuan**, Zhongbei Zhiyuan Fund decreased by approximately **268 thousand yuan**, and Luode Huizhi Fund decreased by approximately **561 thousand yuan**[141](index=141&type=chunk)[142](index=142&type=chunk) [(VI) Analysis of Major Controlled and Associate Companies](index=54&type=section&id=（六）%20主要控股參股公司分析) This section presents financial information for the company's major controlled subsidiaries and associate companies. Controlled subsidiaries such as Guangjing Xicheng Company, Zhendan Company, Ning沪 Real Estate Company, Hanwei Company, and Yunshan Qingneng Company experienced fluctuations in operating performance due to construction impacts or wind resources. Wufengshan Bridge Company saw significant performance growth benefiting from increased traffic volume. Ning沪 Investment Company's net profit declined due to a decrease in the fair value of other non-current financial assets. Associate companies contributed approximately **354.71 million yuan** in investment income, with Yanjiang Company's investment income decreasing Major Controlled Subsidiaries Financial Data (January-June 2025) | Company Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Guangjing Xicheng Company | 2,845,337,150.70 | 356,930,829.68 | | Zhendan Company | 52,547,894.54 | -16,535,791.13 | | Wufengshan Bridge Company | 573,879,506.12 | 241,557,871.29 | | Ning沪 Real Estate Company | 77,691,860.27 | 2,234,051.68 | | Ning沪 Investment Company | 12,789,372.16 | -36,160,835.09 | | Hanwei Company | 9,216,963.14 | -4,008,567.45 | | Yunshan Qingneng Company | 336,147,856.72 | 93,400,642.46 | | Xitai Company | 433,000,000.00 | 649,532.59 | | Danjin Company | 784,670,000.00 | 298.92 | - Guangjing Xicheng Company's toll revenue decreased year-on-year, and its operating performance declined year-on-year, affected by the renovation and expansion construction of Huning Expressway and Beijing-Shanghai Expressway[148](index=148&type=chunk) - Wufengshan Bridge Company benefited from increased traffic volume on its operating road network, with a corresponding increase in road and bridge core business operating revenue, leading to a significant year-on-year increase in operating performance[149](index=149&type=chunk) - Ning沪 Investment Company's net profit decreased year-on-year, mainly due to a decrease in the fair value of other non-current financial assets held[150](index=150&type=chunk) - Yunshan Qingneng Company's operating performance decreased year-on-year, affected by wind resources and other factors, with a year-on-year decrease in grid-connected electricity generation from offshore wind power projects[152](index=152&type=chunk) Investment Income Contributed by Associate and Joint Venture Companies (January-June 2025) | Company Name | Investment Income Contributed (yuan) | Share of Net Profit Attributable to Shareholders of the Listed Company (%) | | :--- | :--- | :--- | | Suzhou Expressway Company | 65,911,034.93 | 2.72 | | Yangtze Bridge Company | 182,315,402.68 | 7.52 | | Yanjiang Company | 26,258,505.35 | 1.08 | | Zijin Trust Company | 38,880,000.00 | 1.60 | | Total | Approximately 354.71 million yuan | | - The investment income contributed by Yanjiang Company decreased year-on-year, mainly due to a decline in Yanjiang Company's operating performance caused by renovation and expansion construction[154](index=154&type=chunk) [V. Other Disclosure Matters](index=57&type=section&id=五.%20其他披露事項) The company faces risks from industry policies, competitive landscape changes, project investments, and real estate destocking, and has formulated corresponding countermeasures. Capital expenditures for the second half of 2025 are estimated at approximately **4.946 billion yuan**, mainly for road and bridge project construction. The company has ample financing plans, with registered quotas for ultra-short-term financing bonds and corporate bonds, and bank credit lines. The company continues to deepen its "quality improvement, efficiency enhancement, and return focus" initiative, maintains a high cash dividend payout ratio, and strengthens investor relations management to enhance company value [(I) Potential Risks](index=57&type=section&id=（一）%20可能面對的風險) The company primarily faces risks related to industry policies, changes in the competitive landscape, project investments, and slower-than-expected real estate destocking. To address these, the company closely monitors policy trends, enhances service quality, optimizes investment decisions, and intensifies efforts to destock real estate projects - Industry policy risk: Toll revenue is the main source, and policy adjustments will directly or indirectly affect business revenue. Countermeasures include closely monitoring policy trends, exploring new profit growth points, and building diversified profit models[158](index=158&type=chunk) - Risk of changes in competitive landscape: The improvement of the expressway network and the extension of the railway network may reduce market share. Countermeasures include creating high-quality road conditions, enhancing service quality, promoting the construction of 'smart expressways', and promptly formulating response strategies[159](index=159&type=chunk) - Project investment risk: Under-construction and new road and bridge projects carry the risk of lower-than-expected returns, and investments in financial and quasi-financial products carry market fluctuation risks. Countermeasures include enhancing project research capabilities, establishing scientific investment decision-making procedures, and strengthening post-investment management[160](index=160&type=chunk) - Risk of real estate destocking falling short of expectations: Influenced by market environment and policies, sales cycles may be prolonged. Countermeasures include establishing a risk management system, strengthening policy analysis, transforming operating ideas, and adopting effective preventive measures[161](index=161&type=chunk) [(II) Other Disclosure Matters](index=59&type=section&id=（二）%20其他披露事項) The company's estimated capital expenditures for the second half of 2025 are approximately **4.946 billion yuan**, primarily for road and bridge project construction. The company has smooth financing channels, with registered quotas for ultra-short-term financing bonds and corporate bonds, and bank credit lines, ensuring ample financing. The company actively implements its "quality improvement, efficiency enhancement, and return focus" initiative, has consistently paid cash dividends annually since its listing, with cumulative cash dividends totaling approximately **38.668 billion yuan**, and strengthens investor relations management to enhance company value Estimated Major Capital Expenditure Projects for H2 2025 | Investment Project Name | Amount (yuan) | | :--- | :--- | | Ningyang Yangtze River Bridge and North Connection Project | 26,748,754.29 | | Xiyi Expressway South Section Expansion Project | 729,891,580.39 | | Guangjing North Section Expansion Project | 854,984,810.00 | | Xitai Expressway Construction Project | 1,367,000,000.00 | | Danjin Expressway Construction Project | 465,330,000.00 | | Wufengshan Project Scope Adjustment and Capital Increase Project | 23,959,400.00 | | Service Area and Toll Station Renovation and Expansion | 28,071,463.17 | | Three Major Systems and Informatization Construction Project | 429,899,345.69 | | Yunshan Qingneng Company Investment in Integrated Transportation-Energy Projects | 245,818,310.16 | | Yunshan Qingneng Company Investment in Market-Oriented Clean Energy Equity Projects | 486,510,121.93 | | Investment in Three Gorges Yunshan Taizhou Hailing Power Generation Co., Ltd. | 216,520,000.00 | | Other Capital Expenditures of the Group | 71,300,664.48 | | Total | 4,946,034,450.11 | - As of the end of the reporting period, the company had registered but unissued ultra-short-term financing bonds totaling approximately **2.65 billion yuan**, corporate bonds totaling **7.5 billion yuan**, and bank credit lines of no less than **10 billion yuan**[167](index=167&type=chunk) - The company plans to register a batch of ultra-short-term financing bonds with an issuance size not exceeding **4 billion yuan** and medium-term notes with a size not exceeding **4 billion yuan** in 2025[167](index=167&type=chunk) - Since its listing, the company has consistently paid cash dividends annually, with cumulative cash dividends totaling approximately **38.668 billion yuan** as of the end of the reporting period[170](index=170&type=chunk) - In July 2025, the company implemented its 2024 annual cash dividend, distributing a cash dividend of **0.49 yuan per share** (tax inclusive), totaling **2.468 billion yuan**, an increase of **4.26%** compared to the prior year[170](index=170&type=chunk) - The company highly values investor relations management, organizing domestic and international earnings briefings during the reporting period, actively participating in over **30** investor institutional research and exchange activities, and answering nearly **100** investor hotline inquiries[170](index=170&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=63&type=section&id=第四節%20公司治理、環境和社會) [I. Changes in Directors, Supervisors, and Senior Management](index=63&type=section&id=一.%20公司董事、監事、高級管理人員變動情況) During the reporting period, the company's Board of Directors appointed Mr. Zhu Yuanjun as Deputy General Manager, with no other changes to directors, supervisors, or senior management - On April 28, 2025, the company's Eleventh Board of Directors' Eleventh Meeting appointed Mr. Zhu Yuanjun as Deputy General Manager of the company[173](index=173&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=63&type=section&id=二.%20利潤分配或資本公積金轉增預案) The company did not propose a profit distribution plan or a capital reserve conversion to share capital plan for this semi-annual period - The proposed profit distribution plan or capital reserve conversion to share capital plan for this semi-annual period is 'No', with 0 bonus shares, dividends, and conversion shares per 10 shares[174](index=174&type=chunk) [V. Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization Efforts](index=65&type=section&id=五.%20鞏固拓展脫貧攻堅成果、鄉村振興等工作具體情況) The company actively fulfills its social responsibilities as a state-owned enterprise, contributing to comprehensive rural revitalization through multi-dimensional measures such as toll fee reductions, financial support, volunteer services, agricultural promotion, and consumption assistance. During the reporting period, the company implemented toll fee reduction policies, donated **500,000 yuan** in special funds to Ganyu District, Lianyungang City, organized agricultural assistance volunteer activities, innovated an "agricultural product + culture" integrated model, and ensured smooth and efficient transportation channels for agricultural production - The company promptly releases toll fee policy information through channels such as toll station entrance display boards and the 96777 consultation platform, enhancing information transparency[178](index=178&type=chunk) Toll Fee Reduction Status in H1 2025 | Reduction Details | Amount (10,000 yuan) | | :--- | :--- | | Green Priority | 7,386.07 | | Combine Harvesters | 96.73 | | Ports | 361.82 | - During the reporting period, the company donated **500,000 yuan** in special funds to Ganyu District, Lianyungang City, specifically supporting local rural revitalization construction projects[179](index=179&type=chunk) - The company organized agricultural assistance volunteer activities, such as the Ningchang Management Office organizing rice transplanting during spring plowing and building a social practice platform for returning college students[180](index=180&type=chunk) - The company explored a new model of integrated 'agricultural product + culture' development, creating a 'highway service station + agricultural assistance platform' service model to enhance the cultural added value of agricultural products[181](index=181&type=chunk) - The company actively built a production-sales matching platform, assisting agricultural product sales through consumption support, such as organizing charity sales of strawberries at Douzhuang Service Area and setting up a 'Maoshan Local Products' display area at Maoshan Toll Station[182](index=182&type=chunk) - The company fully ensured smooth and efficient transportation channels for agricultural production, ensuring unimpeded passage for spring plowing materials and combine harvester transport vehicles during spring plowing and 'Sanxia' busy farming seasons[183](index=183&type=chunk) [Section V Significant Matters](index=67&type=section&id=第五節%20重要事項) [X. Major Related Party Transactions / Connected Transactions](index=68&type=section&id=十.%20重大關聯交易╱關連交易) This section details the company's major related party transactions during and continuing into the reporting period, including those with controlling shareholders and their associates for promotional production, advertising operations, office and land/rooftop leasing, electricity purchase/sale, maintenance technical services, entrusted operation management, official vehicle leasing, service area operating rights leasing, cloud toll technical services, electromechanical system maintenance, road network technical services, training and consulting, labor outsourcing, gas station leasing, goods and services procurement, factoring business, de-icing agent procurement, clean energy power supply engineering operation and maintenance, photovoltaic power station construction and electricity sales, and asphalt and new material procurement. Additionally, it discloses financial services (deposits, loans, credit lines) with the finance company and intercompany borrowings with the controlling shareholder [(I) Related Party Transactions / Continuing Connected Transactions Related to Daily Operations](index=68&type=section&id=（一）%20與日常經營相關的關聯交易╱持續關連交易) The company has multiple daily related party transactions with its controlling shareholder and its associates, covering promotional production, advertising, office and site leasing, electricity purchase and sale, maintenance technical services, entrusted operation management of expressways, official vehicle leasing, service area operating rights leasing, various information technology and technical services, training and consulting, labor outsourcing, gas station leasing, procurement of goods and services, factoring business, de-icing agent procurement, clean energy power supply engineering operation and maintenance, photovoltaic power station construction and electricity sales, and asphalt and new material procurement. These transactions have been disclosed in interim announcements, with some having subsequent progress - The company signed agreements with Jiaotong Media Company for entrusted promotional production services and advertising operation and publishing cooperation. Ning沪 Investment Company's advertising operation and publishing cooperation with Jiaotong Media Company is from May 1, 2022 to April 30, 2025, with the 2025 amount not exceeding **14 million yuan**[187](index=187&type=chunk) - Yunshan Qingneng Company signed a leasing agreement with Jiaokong Commercial Operations Company to lease office space and parking, with a transaction amount not exceeding **2.1227 million yuan** from January 1, 2025 to September 30, 2025[187](index=187&type=chunk) - Several associates of Jiangsu Jiaokong provide land and rooftop leases to Yunshan Qingneng Company for the construction and operation of photovoltaic power generation businesses, with agreement terms typically **20 years**[191](index=191&type=chunk) - The company signed a leasing agreement with Modern Testing Company for the Maqun Engineering Management Center, with a term from January 1, 2023 to April 30, 2025, and total rent of approximately **5.0946 million yuan**[191](index=191&type=chunk) - Sujiaokong Qingneng Jiangsu Company signed land use right leasing contracts with Jiangsu Eastern Expressway Management Co., Ltd. and Ningjingsalt Company for distributed photovoltaic power generation projects, with a contract term of **20 years**[191](index=191&type=chunk)[193](index=193&type=chunk) - The company signed an electricity purchase and sale agreement with Nantong Tiandian Company, with a term from January 1, 2023 to December 31, 2025, and an annual transaction amount not exceeding **38.5 million yuan**[193](index=193&type=chunk) - Sujiaokong Qingneng Jiangsu Company signed an energy management contract with Jing沪 Company, leasing the Fanshui Service Area site for photovoltaic power station construction, offering a **15%** discount on local grid electricity prices for the same period[195](index=195&type=chunk) - The company signed an annual framework agreement with Maintenance Technology Company to provide comprehensive maintenance technical services, including a research service project on mechanical behavior and performance degradation of asphalt pavements with an agreement term until December 31, 2025, and a 2025 amount not exceeding **1.08 million yuan**[196](index=196&type=chunk) - The company signed an annual framework agreement with Jiaotong Media Company to provide entrusted promotional production services, advertising operation and publishing, etc., involving Zhendan Company, Wufengshan Bridge Company, Ning沪 Investment Company, and others[200](index=200&type=chunk) - Yangtze River Management Company signed entrusted operation and management agreements with Yangtze Bridge Company, Guangjing Xicheng Company, Hutong Bridge Company, etc., with terms until December 31, 2026, involving significant amounts[204](index=204&type=chunk) - The company signed an annual framework agreement with Kuailu Company to provide official vehicle leasing and property leasing services; the 2025 official vehicle leasing service agreement term is until April 30, 2024, and the property leasing service agreement term is until March 31, 2026, with the 2025 amount not exceeding **1.5777 million yuan**[207](index=207&type=chunk) - The company signed a contract with Jiaokong Commercial Operations Company to lease part of the operating rights of Ning沪 Expressway Douzhuang Service Area to Jiaokong Commercial Operations Company for a three-year term, with the 2025 amount not exceeding **13 million yuan**[207](index=207&type=chunk) - The company signed a renewal agreement with Yichang Company, where Yichang Company leases the Zhangzhu Service Area gas station to the company for operation and management, with an agreement term until April 30, 2025, and an amount not exceeding **2 million yuan** from January 1, 2025 to April 30, 2025[207](index=207&type=chunk) - The company signed entrusted operation and management agreements with Wufengshan Bridge Company and Susichang Southern Expressway Company, with terms until April 30, 2026, and 2025 amounts not exceeding **55 million yuan** and **58.3 million yuan**, respectively[209](index=209&type=chunk) - The company signed a related party transaction agreement with Tongxingbao Company to provide cloud toll robot services, with the company's 2025 agreement amount not exceeding **1.02 million yuan**[209](index=209&type=chunk) - The company signed a related party transaction agreement with Gandong Technology Company to provide cloud toll FFT2.0 empowerment platform services, with the company's 2025 agreement amount not exceeding **125,000 yuan**[212](index=212&type=chunk) - The company signed an agreement with Gaosu Information Company to provide service area checkpoint upgrade and renovation, operational data upload, and passenger flow recognition leasing services, with an agreement term until December 31, 2026, and a 2025 amount not exceeding **1.6 million yuan**[212](index=212&type=chunk) - The company signed a contract with Jiaokong Commercial Operations Company for Jiaokong Commercial Operations Company to supply goods to Maoshan Service Area supermarket, with a contract term until April 30, 2025, and a 2025 amount not exceeding **1.78 million yuan**[216](index=216&type=chunk) - The company signed a supplementary property leasing agreement with Modern Testing Company, adjusting the rent to **1.69 million yuan/year**, with a leasing term until April 30, 2025[216](index=216&type=chunk) - Sujiaokong Qingneng Jiangsu Company invested in and constructed distributed photovoltaic projects at Yanjiang Expressway Pingwang Service Area, Ningjingsalt Expressway Guocun Service Area, and Jinfeng Service Area + Hutong Bridge Management Office, and signed energy management contracts with relevant companies, offering electricity bill discounts in lieu of site rent[218](index=218&type=chunk)[221](index=221&type=chunk) - The company signed an annual framework agreement with Gandong Technology Company to provide cloud check-in services, expressway management and monitoring system cloud services, status list services, insurance claim collection services for clearance and rescue fees, toll lane FFT2.0 cloud empowerment services, etc., involving multiple subsidiaries and projects[224](index=224&type=chunk)[229](index=229&type=chunk) - The company signed an annual framework agreement with Gaosu Information Company to provide electromechanical system maintenance, service area smart management platform maintenance projects, service area informatization platform promotion and improvement projects, service area cashier audit construction services, provincial network toll system optimization services, etc.[232](index=232&type=chunk) - The company signed an annual framework agreement with Tongxingbao Company to provide cloud dispatch technical services and SD-WAN technical services for network systems, road network technical services, ETC customer service outlet leasing, ETC refueling aggregated payment technical services, service area charging station construction, cloud toll equipment procurement and subsequent network services projects, Longtan Bridge opening related toll equipment procurement and network services projects, etc.[235](index=235&type=chunk)[238](index=238&type=chunk) - The company signed an annual framework agreement with Modern Road and Bridge Company to provide asphalt pavement major and medium repair and maintenance projects, routine maintenance projects, traffic safety facility refinement and upgrade construction projects, expansion joint replacement projects, company headquarters building renovation projects, service area fire pipeline repair projects, and routine maintenance projects for controlled subsidiaries[241](index=241&type=chunk)[242](index=242&type=chunk) - The company signed an annual framework agreement with Modern Testing Company to provide road and bridge inspection and testing services[245](index=245&type=chunk) - The company signed an annual framework agreement with Jiaokong Commercial Operations Company to provide property service outsourcing, material procurement, office space leasing, etc.[246](index=246&type=chunk) - The

Core Insights - The report highlights a significant decline in pig prices, with the average price of live pigs dropping to 12.82 yuan/kg by September 19, marking a three-year low [5][6] - The report indicates that the supply side is experiencing pressure due to increased market supply, while demand remains weak, particularly affected by high temperatures in August [5][6] - The government is implementing stricter policies to control pig production capacity, aiming to stabilize prices and promote high-quality development in the industry [6] Industry Overview - In August 2025, the average prices for piglets, live pigs, and pork were 33.63 yuan/kg, 14.35 yuan/kg, and 24.98 yuan/kg, respectively, showing month-on-month declines of 5.87%, 3.77%, and 1.52% [5] - The report notes that the number of breeding sows in July was 40.42 million, with a slight decrease, indicating a trend of capacity reduction in the industry [5] - The report anticipates that the short-term pressure on pig prices will lead to a long-term upward trend as the government’s capacity reduction policies take effect [6] Company Insights - Major companies in the pig farming sector, such as Muyuan Foods and Wens Foodstuff Group, reported significant declines in sales prices in August, with average sales prices of 13.51 yuan/kg and 13.90 yuan/kg, respectively [7] - The report suggests that companies with strong cost advantages are likely to maintain profitability despite the current market pressures [6] - The report recommends focusing on leading companies in the industry, such as Muyuan Foods and Wens Foodstuff Group, which are expected to perform well in the long term [6]

Group 1 - Jiangsu Transportation Holding Co., Ltd. increased its stake in Jiangsu Ninghu Expressway (600377) by acquiring 13.044 million shares at an average price of HKD 9.2575 per share, totaling approximately HKD 121 million [1] - After the acquisition, the total number of shares held by Jiangsu Transportation is 13.044 million, representing a holding percentage of 1.07% [1]

Core Viewpoint - Jiangsu Transportation Holding Co., Ltd. has increased its stake in Jiangsu Ninghu Expressway (00177) by acquiring 13.044 million shares at an average price of HKD 9.2575 per share, totaling approximately HKD 121 million, resulting in a new holding of 1.07% [1] Summary by Category - **Share Acquisition** - Jiangsu Transportation Holding Co., Ltd. purchased 13.044 million shares of Jiangsu Ninghu Expressway [1] - The average purchase price was HKD 9.2575 per share [1] - The total investment amounted to approximately HKD 121 million [1] - **Ownership Structure** - After the acquisition, Jiangsu Transportation Holding's total shareholding in Jiangsu Ninghu Expressway reached 13.044 million shares [1] - The new ownership percentage stands at 1.07% [1]