Group 1 - Jiangsu Communications Holding Co., Ltd. increased its stake in Jiangsu Ningtong Expressway (600377) by acquiring 12.954 million shares at a price of HKD 9.4362 per share, totaling approximately HKD 122 million [1] - After the acquisition, Jiangsu Communications Holding's total shareholding in Jiangsu Ningtong Expressway reached approximately 25.998 million shares, representing a holding percentage of 2.13% [1]

Group 1 - Jiangsu Transportation Holding Co., Ltd. increased its stake in Jiangsu Ningtong Expressway (00177) by acquiring 12.954 million shares at a price of HKD 9.4362 per share, totaling approximately HKD 122 million [1] - After the acquisition, the total number of shares held by Jiangsu Transportation is approximately 25.998 million, representing a holding percentage of 2.13% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 須予披露交易 關於向本公司控股子公司提供同比例增資 的 公 告 本 公 司 董 事 會 及 全 體 董 事 保 證 本 公 告 內 容 不 存 在 任 何 虛 假 記 載、誤 導 性 陳 述 或 者 重 大 遺 漏，並 對 其 內 容 的 真 實 性、準 確 性 和 完 整 性 承 擔 法 律 責 任。 重 要 內 容 提 示： – 1 – 根據《上海證券交易所股票上市規則》，本次增資事項不構成關聯交易。 根 據 香 港 上 市 規 則，本 次 增 資 事 項 構 成 關 連 交 易，但 根 據 香 港 上 市 規則第14A.92(1)條，可 獲 得 全 面 豁 免。本 ...

Investment Rating - The report maintains a "Buy" rating for Ninghu Expressway (600377) [7] Core Views - The company's core road traffic volume shows steady growth, with a single-quarter profit increase year-on-year in Q3 2025 [7] - The report highlights that while the total revenue for Q3 2025 decreased by 12.76% year-on-year, the net profit for the same quarter increased by 3.06% [7] - The toll revenue for the first three quarters of 2025 reached approximately 7.2 billion yuan, reflecting a year-on-year growth of about 1.03% [7] Financial Summary - Total revenue for 2025 is projected at approximately 23.935 billion yuan, with a year-on-year growth rate of 3.2% [6] - The net profit attributable to the parent company for 2025 is estimated to be 5.447 billion yuan, corresponding to a year-on-year growth of 10.1% [6] - The earnings per share (EPS) for 2025 is expected to be 1.08 yuan, with a gross profit margin of 27.1% [6] Traffic Volume Insights - The weighted average traffic volume for the company's controlled road network decreased by 3.66% year-on-year [7] - Specific segments such as the Huning Expressway saw a traffic volume increase of 2.66%, while the Ningchang Expressway experienced a decline of 16.57% due to construction impacts [7] - The Wufengshan Bridge reported a traffic volume increase of 20.07% [7]

Core Viewpoint - Ninghu Expressway's net profit attributable to shareholders for the first three quarters of 2025 is 3.84 billion yuan, a year-on-year decrease of 6.9%, while Q3 net profit is 1.41 billion yuan, a year-on-year increase of 3.1%, indicating that performance meets expectations [1] Revenue and Profitability - Toll revenue remains stable, while auxiliary business income declines, reflecting the effectiveness of cost reduction and efficiency improvement measures [1] - Q3 real estate revenue recognition is approximately 0.03 billion yuan, down 55.9% year-on-year, primarily due to a decrease in the delivery scale of real estate projects by subsidiaries [1] - Other business income is 0.4 billion yuan, down 15.9% year-on-year, mainly due to adjustments in the settlement model of subsidiary advertising businesses and the dismantling of some billboards [1] Cost Management - Operating costs (excluding construction costs) for Q3 are approximately 1.31 billion yuan, down 3.9% year-on-year, resulting in a gross margin of 60%, an increase of 11 percentage points year-on-year, primarily due to cost reduction and efficiency improvements in the toll road business [1] - Financial expenses amount to 0.21 billion yuan, down 16.55% year-on-year, mainly due to further reductions in financing costs [1] Investment Outlook - The company's dividend yield has returned to a favorable range, highlighting its value in a low-interest-rate environment, maintaining an "overweight" rating [1]

Investment Rating - The report maintains a "Buy" rating for Ninghu Expressway (600377) [2][7] Core Insights - The company reported a third-quarter profit growth of 3.06% year-on-year, despite a decline in total revenue for the first three quarters [7] - The toll revenue for the first three quarters was approximately RMB 7.2 billion, showing a year-on-year increase of about 1.03% [7] - The report projects net profits for 2025E-2027E at RMB 5.447 billion, RMB 5.790 billion, and RMB 6.049 billion, respectively, with corresponding PE ratios of 13, 12, and 11 [7] Financial Data Summary - Total revenue for 2025 is estimated at RMB 23.935 billion, with a year-on-year growth rate of 3.2% [6][8] - The net profit for 2025 is projected to be RMB 5.447 billion, reflecting a year-on-year growth of 10.1% [6][8] - The gross profit margin is expected to be 27.1% in 2025, with a return on equity (ROE) of 12.7% [6][8]

Core Viewpoint - Jiangsu Ninghu Expressway (00177.HK) has approved a cash capital increase to its subsidiary, Danjin Company, amounting to RMB 263,655.5840 million to support project funding needs and ensure smooth project progress [1] Group 1 - The board of directors approved the capital increase during the sixteenth meeting of the eleventh session on October 29, 2025 [1] - The capital increase will be shared with another shareholder, Changzhou Jiaokong, based on their respective shareholding ratios [1] - Jiangsu Ninghu Expressway will contribute RMB 263,655.5840 million, while Changzhou Jiaokong will contribute RMB 89,771 million [1]

Core Viewpoint - Jiangsu Ninghu Expressway (00177) has signed a supplementary agreement to increase the registered capital of Xitai Company by RMB 5,599,095,550, raising the total to RMB 12,099,095,550, in line with the provincial government's policy to expand social infrastructure investment [1] Group 1 - The additional investment will involve new shareholders from Xitai project contractors contributing a total of RMB 650 million, while existing shareholders will contribute proportionally, with the company investing RMB 2,497,047,775 [1] - Following the capital increase, the company's equity stake in Xitai will decrease from 50% to approximately 47.5% [1] - The Xitai project is a key provincial transportation initiative proposed by the Jiangsu provincial government, aiming to commence construction in 2024 [1] Group 2 - The successful implementation of the Xitai project will enhance the company's leading position in the southern Jiangsu road network [1] - The introduction of social capital through this capital increase will provide necessary funding for the Xitai project while reducing the company's own capital investment requirements [1]

Core Viewpoint - Jiangsu Ninghu Expressway (600377) announced a capital increase for the Xitai project, which is a key provincial transportation project in Jiangsu aimed to start construction in 2024 [1] Group 1: Capital Increase Details - The company signed a supplementary agreement to increase the registered capital of Xitai Company by RMB 5,599,095,550, raising it to RMB 12,099,095,550 [1] - New investors, including some contractors of the Xitai project, will contribute a total of RMB 650 million, while the existing shareholders will fund the remaining portion proportionally [1] - The company's stake in Xitai Company will decrease from 50% to approximately 47.5% after the new investment [1] Group 2: Project Significance - The Xitai project is part of the Jiangsu provincial government's three-year rolling plan and is one of the key provincial transportation projects [1] - Successful implementation of the project will strengthen the company's leading position in the southern Jiangsu road network [1] - The introduction of social capital through this capital increase will provide necessary funding for the Xitai project while reducing the company's own capital investment requirements [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 本 公 司 董 事 會 及 全 體 董 事 保 證 本 公 告 內 容 不 存 在 任 何 虛 假 記 載、誤 導 性 陳 述 或 者 重 大 遺 漏，並 對 其 內 容 的 真 實 性、準 確 性 和 完 整 性 承 擔 法 律 責 任。 重 要 內 容 提 示： – 1 – 1. 交 易 簡 要 內 容：江 蘇 寧 滬 高 速 公 路 股 份 有 限 公 司（以 下 簡 稱「本公司」 或「寧滬公司」）向 控 股 子 公 司 江 蘇 丹 金 高 速 公 路 有 限 公 司（以 下 簡 稱 「丹金公司」）進 行 同 比 例 增 資。 2. 增 資 金 額：人 民 幣263,655.5840萬 元。 3. 本 次 交 易 未 構 成 關 聯 交 易。 4. 本 次 交 易 未 構 成 重 大 資 產 重 組。 一. 增資概述 （一）增資基 ...