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） 公 告 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。 關 聯╱持 續 關 連 交 易 關於向控股子公司提供借款的公告 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。 於2026年3月27日本公司第十一屆董事會第二十次會議審議通過《關 於 本公司向控股子公司提供借款的議案》，本 公 司 擬 使 用 自 籌 資 金，向 本 公 司 控 股 子 公 司 五 峰 山 大 橋 公 司、廣 靖 錫 澄 公 司、宜 長 公 司、常 宜 公 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 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 日常關聯交易╱持 續 關 連 交 易 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。 本公司（為 本 身 及╱或 其 授 權 委 託 的 控 股 子 公 司）於2026年3月27日 與 以 下1–26及28序 號 關 聯 方╱關 連 人 士 簽 訂 以 下 相 關 協 議： | | 關聯方╱ | | | | | --- | --- | --- | --- | --- | | ...

Group 1 - The company has adjusted the financial service transaction limit with Jiangsu Transportation Holding Group Financial Co., Ltd., reducing the daily maximum deposit balance from RMB 5 billion to RMB 4.5 billion, effective from March 27, 2026 [3][4] - The company aims to enhance its fund management efficiency and reduce the scale of monetary funds through this adjustment, which is expected to maximize fund utilization [4] - The financial service agreement includes a comprehensive credit limit of no less than RMB 50 billion, with loan interest rates not exceeding the People's Bank of China’s benchmark lending rate [2][3] Group 2 - The company’s wholly-owned subsidiary, Jiangsu Ninghu Investment Development Co., Ltd., has invested up to RMB 500 million in the Nanjing Lord Wisdom Equity Investment Partnership [7] - As of the announcement date, the subsidiary has contributed RMB 500 million to the fund and has recovered RMB 139.86 million, with the fund having invested in 10 projects, 4 of which have exited [9][10] - The fund has encountered operational risks with some partners, but has successfully secured shares in Xiamen International Bank valued at RMB 524.27 million through legal proceedings [10][11] Group 3 - The company plans to provide loans totaling up to RMB 4.3 billion to its subsidiaries, including Jiangsu Wufengshan Bridge Co., Ltd. and Jiangsu Guangjing Xicheng Highway Co., Ltd., to optimize debt management and reduce financing costs [16][19] - The loans will be used for various purposes, including replacing project loans and supplementing working capital, with a borrowing period of three years [19][20] - The interest rates for these loans will be based on the current rates of the company's financing products, ensuring that the financing costs are minimized [30][35] Group 4 - The company has engaged in daily related transactions with various subsidiaries, which do not require shareholder approval, as they are considered ordinary business terms [38] - The company has signed multiple framework agreements for services such as software maintenance and road network management with related parties [39][40] - The company’s independent directors have reviewed and approved these transactions, ensuring they align with the interests of all shareholders [47][48]

Group 1 - The company announced a proposed cash dividend of 0.49 yuan per share (before tax) for the fiscal year 2025, totaling approximately 2.468 billion yuan [1] - This dividend proposal represents 53.73% of the net profit attributable to shareholders of the listed company for the current year [1] - The record date for the dividend will be announced separately, and the proposal is subject to approval by the shareholders' meeting [1]

Core Viewpoint - Ninghu Expressway (600377) announced the approval of several key proposals during the 20th meeting of its 11th Board of Directors, including the annual report for 2025 and profit distribution plans [1] Group 1 - The company approved the proposal for the 2025 annual report and summary [1] - The company also approved the profit distribution proposal for 2025 [1] - The company plans to utilize its idle funds to purchase short-term financial products [1]

Core Viewpoint - Ninghu Expressway reported a decline in both revenue and net profit for the fiscal year 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 20,289,199,757.75 yuan in 2025, representing a year-on-year decrease of 12.54% [1] - The net profit attributable to shareholders of the listed company was 4,593,870,605.31 yuan, which is a year-on-year decline of 7.13% [1]

Core Viewpoint - The announcement from Ninghu Expressway reveals significant changes in its top ten circulating shareholders as of December 31, 2025, including new entries, exits, increases, and decreases in shareholdings [1][4]. Shareholder Changes - Three new shareholders entered the top ten list: - China Merchants Highway holds 590 million shares, accounting for 11.73% of circulating shares - Jiangsu Yunsong Capital holds 86.23 million shares, accounting for 1.72% - Harvest CSI 300 Dividend Low Volatility ETF holds 9.83 million shares, accounting for 0.2% [1][4][5]. - Two shareholders exited the top ten list: - Huatai-PB CSI Dividend Low Volatility ETF previously held 20.71 million shares, accounting for 0.41% - China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 005L - CT001 previously held 17.90 million shares, accounting for 0.36% [1][4][6]. - Two shareholders increased their holdings: - JPMorgan Chase increased its holdings by 4.39% to 74.83 million shares - Southern S&P Dividend Low Volatility 50 ETF Link A increased its holdings by 15.24% to 14.69 million shares [1][4][5]. - Two shareholders decreased their holdings: - BlackRock reduced its holdings by 3.22% to 121 million shares - Guotai Junan reduced its holdings by 16.41% to 13.07 million shares [1][4][6]. Overall Shareholding Summary - The top ten circulating shareholders collectively hold 3.73 billion shares, representing 74.24% of circulating shares, which is an increase of 56.43 million shares compared to the previous report [3][6].

Core Viewpoint - Jiangsu Ninghu Expressway (00177) reported a decline in both revenue and net profit for the year 2025, indicating challenges in the current operational environment [1] Financial Performance - The company achieved an operating revenue of approximately 20.289 billion yuan, a year-on-year decrease of about 12.54% [1] - The net profit attributable to shareholders was approximately 4.594 billion yuan, reflecting a year-on-year decline of about 7.13% [1] - Earnings per share were reported at 0.9119 yuan, with a proposed cash dividend of 0.49 yuan per share (tax included) [1] Revenue Breakdown - Toll revenue amounted to approximately 9.555 billion yuan, showing a year-on-year growth of about 0.29% [1] - Toll revenue accounted for approximately 47.10% of the total operating revenue, and about 78.75% when excluding construction revenue [1] - Daily average toll revenue for the Huning Expressway was approximately 15.082 million yuan, representing a year-on-year increase of about 4.93% [1] Strategic Focus - The company aims to consolidate its core strengths in the road and bridge sector while deepening digital and intelligent integration as a driving force [1] - The strategy includes accelerating the transition to a green and low-carbon model and fostering sustainable growth momentum [1] - The company is focused on promoting deep collaboration across various business segments to enhance capabilities and improve quality and efficiency [1]

Core Viewpoint - Jiangsu Ninghu Expressway (00177.HK) reported a decline in revenue and net profit for the year, with total assets projected to reach approximately RMB 96.39 billion by the end of 2025, indicating a challenging financial environment [1] Financial Performance - As of the end of 2024, the company's total assets are expected to be approximately RMB 89.89 billion, while net assets attributable to shareholders are projected to be around RMB 41.44 billion, up from RMB 38.60 billion in 2024 [1] - The company achieved an annual operating revenue of approximately RMB 20.29 billion, a year-on-year decrease of about 12.54%, with revenue excluding construction income at approximately RMB 12.13 billion, down about 1.61% year-on-year [1] - The total profit for the period was approximately RMB 6.11 billion, a decrease of about 3.34% compared to RMB 6.32 billion in 2024, while net profit attributable to shareholders was approximately RMB 4.59 billion, down about 7.13% from RMB 4.95 billion in 2024 [1] - Earnings per share were reported at RMB 0.9119, compared to RMB 0.9819 in 2024 [1] - Operating net cash flow was approximately RMB 6.76 billion, an increase from RMB 6.32 billion in 2024 [1] - The weighted average return on equity was 11.48%, down from 13.63% in 2024 [1]

| 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 1.每股H股人民幣0.49元（含稅）； | | | 2.总股息不变。如果在股權登记日之前进一步发行股份，每股股息可能会进行调整。 | | | 發行人董事 | | | 汪鋒Δ、王穎健#、謝蒙萌#、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* | | | Δ 執行董事 | | | # 非執行董事 | | | * 獨立非執行董事 | | | ^ 職工代表董事 | | | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 江蘇寧滬高速公路股份有限公司 | | 股份代號 | 00177 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | ...