香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 海外監管公告 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 及 中 國 報 章 刊 登 的 公 告。 特 此 公 告。 承董事會命 汪 鋒 執行董事 中 國‧南 京，2025年9月13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 2025年度第八期超短期融資券發行情況公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 規 定 作 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 9.41 billion yuan for the first half of 2025, a year-on-year decline of 5.56%, and a net profit attributable to shareholders of 2.42 billion yuan, down 11.8% year-on-year [2][6] - In Q2 2025, the company achieved a revenue of 4.62 billion yuan, a significant year-on-year decline of 28.7%, with a net profit of 1.213 billion yuan, down 19.2% year-on-year [2][6] - The company's highway toll revenue in Q2 2025 was 2.28 billion yuan, showing a slight increase of 1.0% year-on-year, despite a decrease in traffic volume due to construction impacts [12] - The company’s construction revenue, supporting services, and real estate sales saw declines, while electricity sales increased due to weather factors [12] - The company maintained a stable dividend policy, with a slight increase in DPS to 0.49 yuan per share, resulting in a current dividend yield of 3.7% [12] Summary by Sections Financial Performance - The company’s total revenue for 2025 is projected to be 23.965 billion yuan, with a net profit of 5.072 billion yuan, reflecting a stable financial outlook despite recent declines [16] - The company’s operating profit in Q2 2025 was 1.46 billion yuan, an increase of 8% year-on-year, driven by cost reduction and efficiency improvements [12] Traffic and Revenue Analysis - Traffic volume on the core highway segment increased by 1.2%, with average daily toll revenue rising by 6.8% [12] - However, traffic on several other highways saw significant declines due to ongoing construction projects [12] Future Outlook - The company is expected to see a gradual recovery in profitability, with projected net profits of 5.07 billion yuan, 5.28 billion yuan, and 5.46 billion yuan for 2025, 2026, and 2027 respectively [12] - The company’s long-term growth potential remains strong due to its strategic positioning in quality road assets [12]

2025 年度第八期超短期融资券发行情况公告 股票代码：600377 股票简称：宁沪高速 编号：临2025-041 江苏宁沪高速公路股份有限公司 江苏宁沪高速公路股份有限公司 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。 2025年9月13日 | | 发行要素 | | | | --- | --- | --- | --- | | 名称 2025 | 江苏宁沪高速公路股份有限公司 年度第八期超短期融资券 | 简称 | 25 宁沪高 SCP008 | | 代码 | 012582187 | 期限 | 218 天 | | 起息日 | 2025 年 9 月 11 日 | 兑付日 | 2026 年 4 月 17 日 | | 计划发行总额 | 7.00 亿元 | 实际发行总额 | 7.00 亿元 | | 发行利率 | 1.57% | 发行价格 | 100 元/百元面值 | | | 申购情况 | | | | 合规申购家数 | 14 家 | 合规申购金额 | 25.10 亿元 | | 最高申购价位 | 1.80% | 最低申购价位 | 1.56 ...

Group 1 - JPMorgan Chase & Co. increased its stake in Jiangsu Ninghu Expressway (00177.HK) by acquiring 3.654 million shares at an average price of HKD 9.1505 per share, totaling approximately HKD 33.436 million [1] - Following this acquisition, JPMorgan's total holdings in Jiangsu Ninghu Expressway rose to 75,050,326 shares, increasing its ownership percentage from 5.84% to 6.14% [1]

香港联交所最新资料显示，9月5日，小摩增持江苏宁沪高速（600377）公路(00177)365.4万股，每股作 价9.1505港元，总金额约为3343.59万港元。增持后最新持股数目约为7505.03万股，最新持股比例为 6.14%。 ...

智通财经APP获悉，香港联交所最新资料显示，9月5日，小摩增持江苏宁沪高速公路(00177)365.4万 股，每股作价9.1505港元，总金额约为3343.59万港元。增持后最新持股数目约为7505.03万股，最新持 股比例为6.14%。 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [6] Core Views - The company's H1 2025 performance has declined year-on-year due to fluctuations in investment income, with a revenue of 9.41 billion yuan, down 5.6%, and a net profit of 2.42 billion yuan, down 11.8% [4][12] - The toll revenue remained stable, while revenue from supporting services and clean energy decreased [12] - The gross profit margin improved year-on-year, and financial expenses decreased by approximately 8% [12] - Investment expenditure increased by 7.6% year-on-year, with ongoing projects progressing steadily [13] - The company is expected to maintain a steady high dividend policy due to its significant advantages in toll road assets [14] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 9.41 billion yuan, a decrease of 5.6% year-on-year, and a net profit of 2.42 billion yuan, down 11.8% [4][12] - Q2 2025 saw a revenue of 4.62 billion yuan, down 28.7%, and a net profit of 1.21 billion yuan, down 19.2% [4][12] - Toll revenue for H1 2025 was 4.60 billion yuan, an increase of 1.65% year-on-year, with average daily toll revenue on the Shanghai-Nanjing Expressway increasing by 8.18% [12] Cost and Margin Analysis - The company's operating costs for H1 2025 were 6.29 billion yuan, a decrease of 9.80% year-on-year, leading to a gross profit margin of 33.17%, an increase of 3.14 percentage points [12] - Financial expenses were 438 million yuan, down 7.67% year-on-year, while investment income was 700 million yuan, down 33.24% [12] Investment and Projects - Investment expenditure in H1 2025 was approximately 4.43 billion yuan, an increase of 7.64% year-on-year [13] - Major ongoing projects include the Ningyang Yangtze River Bridge North Connection Project and the expansion of the Xiyi Expressway South Section [13] Earnings Forecast - Projected revenues for 2025-2027 are 23.29 billion yuan, 23.32 billion yuan, and 22.54 billion yuan, with year-on-year growth rates of 0.41%, 0.14%, and -3.38% respectively [14] - Expected net profits for the same period are 5.07 billion yuan, 5.17 billion yuan, and 5.35 billion yuan, with growth rates of 2.43%, 1.99%, and 3.54% respectively [14]

Market Overview - On September 4, the railway and highway sector rose by 0.39% compared to the previous trading day, with Sanfengma leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Sanfengma (001317) with a closing price of 49.41, up 2.55% [1] - Jiangxi Changyun (600561) with a closing price of 6.86, up 2.08% [1] - Jinjiang Online (600650) with a closing price of 15.98, up 1.78% [1] - Other stocks with positive performance included: - Haikong Group (603069) up 1.77% [1] - Hunan Investment (000548) up 1.32% [1] Trading Volume and Capital Flow - The railway and highway sector experienced a net outflow of 139 million yuan from institutional investors, while retail investors saw a net inflow of 218 million yuan [2][3] - The trading volume for major stocks included: - Chongqing Road and Bridge (600106) with a trading volume of 481,900 shares, down 3.12% [2] - Sanchuan Tourism (002627) with a trading volume of 880,000 shares, down 1.39% [2] Capital Inflow Analysis - Key stocks with significant capital inflow included: - Sanfengma (001317) with a net inflow of 24.32 million yuan from institutional investors [3] - Jinghu High-speed Railway (601816) with a net inflow of 16.34 million yuan from institutional investors [3] - Conversely, stocks like Jinjiang Online (600650) and Wuzhou Transportation (600368) saw net outflows from retail investors [3]

风险提示：收费标准降低风险；不可抗力；竞争性线位导致车流转移。 机构：申万宏源研究 研究员：闫海/严天鹏/范晨轩 事件：宁沪高速发布2025 年中报，公司实现营业收入94.06 亿元，同比下降5.6%；剔除建造收入影响 后，营收同比下降0.99%，主业经营基本稳定。归属于上市公司股东的净利润为24.24 亿元，同比下降 11.8%，主要受联营企业投资收益减少及江苏银行分红周期调整影响。业绩略低于预期。 25 年H1 通行费收入稳中有增，江苏银行分红周期调整影响投资收益。25 年H1，公司共实现通行费收 入约人民币46 亿元，同比增长约1.65%，主要路段受改扩建影响，增速呈现分化状态。江苏银行公司分 红周期调整，于2024 年11 月实施2024 年度中期分红，25H1江苏银行分红为扣除中期分红后的年度分 红，约人民币1.68 亿元，24 年同期为全口径年度分红，约人民币3.68 亿元，同比下降54.38%。 核心路产改扩建持续推进，"低空+交通"赋能安全智慧管养新生态。根据公司路产改扩建计划，宁扬长 江大桥北接线项目预计将于25 年底前全线开通。此外，锡宜高速南段改扩建也将于2026 年6 月通车， 届时， ...

Core Insights - The company reported a revenue of 9.406 billion yuan in the first half of 2025, a year-on-year decrease of 5.56%. Excluding construction revenue, the revenue decline is 0.99% [1] - The net profit attributable to the parent company was 2.424 billion yuan, down 11.81% year-on-year. Despite a 4.31% increase in gross profit, net profit decreased due to reduced investment income from joint ventures and changes in dividend cycles from Jiangsu Bank [1][2] - The toll road business saw a slight increase in revenue, with a total toll income of 4.604 billion yuan, up 1.65% year-on-year, and a gross margin increase of 2.51 percentage points to 63.21% [1] Revenue Breakdown - The core asset, the Huning Expressway, generated 2.663 billion yuan in revenue, with a daily average income increase of 8.18%. This was influenced by construction on the Huwu Expressway, which redirected some traffic to the Huning Expressway, while the Ningchang Expressway saw a daily income decrease of 15.59% [1] - The Xiyi Expressway and Changyi Expressway experienced daily toll income declines of 28.08% and 12.28%, respectively, due to partial closures for construction on the Huyiyi Expressway. Conversely, the Wufengshan Bridge saw a daily toll income increase of 13.08% due to traffic rerouting from closed sections [1] Cost and Investment Income - Operating costs, excluding construction impacts, decreased by 6.37% year-on-year, with toll road business costs at 1.694 billion yuan, down 4.84%. This reduction was primarily due to a significant drop in maintenance costs from 215 million yuan to 114 million yuan [2] - Investment income totaled 700 million yuan, a decrease of 33.24% from the previous year, mainly due to reduced earnings from joint venture road and bridge companies and a change in the dividend cycle from Jiangsu Bank, resulting in a 54.38% decline in dividends received [2] Profit Forecast and Recommendations - The company is projected to achieve net profits of 5.09 billion yuan, 5.17 billion yuan, and 5.38 billion yuan for the years 2025 to 2027, with corresponding EPS of 1.01, 1.03, and 1.07 yuan, leading to PE ratios of 13.3X, 13.1X, and 12.6X [3] - The company is strategically located in the core area of the Yangtze River Delta, focusing on its main business with strong operational capabilities, leading to a "recommended" rating [3]