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） 2025年年度業績初步公告 本 公 告 第 二、三、四、五、七、八、九 及 十 節 的 內 容 乃 根 據 香 港 上 市 規 則 第13.49(1)條及附錄D2第45段 而 作 出。 本 公 告 內 其 他 資 料 乃 根 據 上 交 所 上 市 規 則 作 出。 一. 重要提示 （一）江蘇寧滬高速公路股份有限公司（「本公司、集團」）董事會及董事、 高 級 管 理 人 員 保 證 本 公 告 所 載 數 據 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 個 別 及 ...

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 （一）江 蘇 寧 滬 高 速 公 路 股 份 有 限 公 司（以 下 簡 稱「本公司」）第 十 一 屆 董 事 會 第 二 十 次 會 議（以 下 簡 稱「會 議」）於2026年3月27日以現場 會 議 及 視 頻 會 議 相 結 合 的 方 式 召 開。 （二）會 議 通 知 以 郵 件、傳 真 的 方 式 向 董 事 會 全 體 成 員 發 出。 （三）會議應到董事12人，會 議 出 席 董 事12人。 （四）會 議 的 召 開 符 合《公 司 法》及 本 公 司《章 程》的 有 關 規 定，會 議 決 議 為 有 效 決 議。 二. 會議審議情況 本 次 會 議 審 議 並 通 過 如 下 議 案： （一） 審議並批准本公司2025年 ...

宁沪高速 2025 年环境、社会和公司治理（ESG）报告 共筑责任通途 畅达美好生活 宁沪高速 2025 年环境、社会和公司治理（ESG）报告 2026年3月 | 报告说明 3 | | --- | | 董事长致辞 6 | | 走进宁沪高速 | | (一) 公司简介 | | (二) 组织架构 . | | (三) 企业文化 | | (四) 企业荣誉 | | (五) 关键绩效 | | ESG 治理 | | (一) ESG 发展理念 . | | (二) ESG 治理架构 . | | (三) ESG 议题管理 15 | | ESG 能力建设 . (四) | | (五) 利益相关方沟通 | | 专题一: 数智高效响应, 免费援通, 守护万千出行坦途 | | 专题二: 淬炼安全韧性,技术护航,深耕道路生命防线 23 | | 专题三:服务提质升级,业态焕新,解锁品质出行体验 . | | 善治达稳，筑牢基业长青之根 33 | | (一) 优化公司治理 | | (二) 坚持党建引领 | | (三) 强化合规内控 | | (四) 恪守商业道德 | | 绿色达美，绘就路景交融之画 . | | (一） 健全环境管理 | | (二) 应 ...

可持续发展/环境、社会和公司治理报告摘要 证券代码：600377.SH 00177.HK 证券简称：宁沪高速 江苏宁沪高速公路股份有限公司 2025年度环境、社会和公司治理报告摘要 1 / 7 可持续发展/环境、社会和公司治理报告摘要 第二节 报告基本情况 1、基本信息 | 股票代码 | 600377.SH 00177.HK | | | --- | --- | --- | | 公司简称 | 宁沪高速 | | | 公司名称 | 江苏宁沪高速公路股份有限公司 | | | 报告范围 | 为合并报表范围 | | | 时间范围 | 2025 年 1 月 1 2025 年 12 月 31 日 | 日至 | | | 香港联合交易所《环境、社会及管治报告守则》、上海证 | | | | 券交易所《上市公司自律监管指引第 14 号——可持续发 | | | | 展报告（试行）》《上市公司自律监管指南第 4 号——可 | | | | 持续发展报告编制》、国务院国有资产监督管理委员会《关 | | | | 于国有企业更好履行社会责任的指导意见》《关于新时代 | | | | 中央企业高标准履行社会责任的指导意见》、财政部《企 | | | ...

股票代码：600377 股票简称：宁沪高速 编号：临 2026-012 江苏宁沪高速公路股份有限公司 日常关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1、本次日常关联交易事项无须提交股东会批准。 2、本公司董事（包括独立非执行董事）认为该 28 项交易在本公司日常业 务中进行，属一般的商业条款，交易价格公允合理，公司的收入、利润对该类 关联交易并不存在依赖性，也不存在影响本公司作为上市公司独立性的情形， 对本公司并无负面影响，不会损害公司及非关联股东利益，尤其是中小股东的 利益。 3、除特别注明外，本日常关联交易公告均以人民币元为金额单位。 4、需要提请投资者注意的其他事项：无。 一、日常关联交易的基本情况 （一）日常关联交易履行的审议程序 江苏宁沪高速公路股份有限公司（以下简称"本公司"）董事会于 2026 年 3 月 27 日审议批准下述年度日常关联交易事项，于 2026 年 3 月 27 日，本公司 就本公司及授权委托的控股子公司相关业务与下述交易对手方签署下述 1-26 项 及 28 ...

Core Viewpoint - Ninghu Expressway (600377.SH) reported a decline in revenue and net profit for the year, indicating challenges in its financial performance and potential impacts from external factors [1] Financial Performance - As of the end of 2025, the company's total assets are approximately RMB 96.389 billion, with net assets attributable to shareholders of approximately RMB 41.443 billion [1] - The company achieved an annual operating revenue of approximately RMB 20.289 billion, a year-on-year decrease of about 12.54%. Excluding construction revenue, the operating revenue was approximately RMB 12.134 billion, down about 1.61% year-on-year [1] - The total profit amounted to approximately RMB 6.106 billion, a year-on-year decline of about 3.34%, while the net profit attributable to shareholders was approximately RMB 4.594 billion, down about 7.13% year-on-year [1] - Earnings per share were reported at RMB 0.9119, with operating net cash flow of approximately RMB 6.762 billion and a weighted average return on equity of 11.48% [1]

Asset Structure and Quality - As of the end of 2025, the company's total consolidated assets reached 96.389 billion, an increase of 7.23% compared to the previous year, indicating continuous asset expansion [1] - Current assets amounted to 6.747 billion, accounting for 7.00% of total assets, a decrease of 19.63% year-on-year, primarily due to a reduction in trading financial assets [1] - Non-current assets totaled 89.642 billion, representing 93.00% of total assets, with a growth of 10.00%, driven by long-term equity investments and intangible assets [1] Liabilities and Capital Structure - Total consolidated liabilities at year-end were 41.408 billion, an increase of 3.13%, while the debt-to-asset ratio decreased from 44.67% to 42.96%, indicating improved financial structure [2] - Current liabilities decreased by 29.10% to 11.476 billion, significantly easing short-term repayment pressure [2] - Shareholder equity reached 54.981 billion, up 10.61% year-on-year, reflecting retained earnings and increased comprehensive income [2] Operating Results Analysis - The company achieved operating revenue of 20.289 billion, a decrease of 12.54% year-on-year, mainly due to reduced construction period revenue [3] - Core toll revenue was 9.555 billion, a slight increase of 0.29%, demonstrating stable cash flow generation from toll road operations [3] - Net profit attributable to the parent company was 4.594 billion, down 7.13% year-on-year, influenced by reduced dividends from Jiangsu Bank and declining investment income from joint ventures [3] Cost Control - Total operating costs were 14.188 billion, a decrease of 17.03%, aligning with the revenue decline, showcasing effective cost management [4] - Core business costs decreased by 3.25% to 6.032 billion, indicating effective control over daily operational expenses [4] - Financial expenses were reduced by 13.01% to 8.32 billion due to optimized debt structure [4] Cash Flow Analysis - Net cash flow from operating activities was 6.762 billion, an increase of 7.05%, supported by stable toll revenue and effective cost control [5] - Investment activities resulted in a net cash outflow of 5.322 billion, a reduction of 43.31%, as fixed asset investments decreased [6] - Financing activities showed a net cash outflow of 1.678 billion, a shift from net inflow, primarily due to debt repayments [7] Major Subsidiaries and Related Parties - Jiangsu Guangjing Xicheng Expressway Co., Ltd. reported net assets of 10.971 billion, contributing significantly to the company's profits with stable toll revenue [8] - Jiangsu Wufengshan Bridge Co., Ltd. achieved net assets of 5.776 billion, benefiting from increased traffic flow [8] - Jiangsu Yunsong Clean Energy Investment Holding Co., Ltd. showed steady growth in clean energy business, becoming a new profit growth point [8] Related Party Transactions - The company engaged in various related party transactions, including service area leasing and material procurement, all priced at market rates [9] - The company had deposits of 344 million and loans of 635 million with Jiangsu Transportation Holding Group Financial Co., Ltd., ensuring funding safety while optimizing financing costs [9] Major Events - In 2025, the company issued bonds totaling 2 billion, with funds primarily used for debt repayment and working capital, optimizing debt structure and reducing financing costs [10] - The company increased its stake in Longtan Bridge Company to 63.80% through a capital increase of 3.270 billion, enhancing control over key infrastructure projects [10] Comprehensive Evaluation and Suggestions - The company's overall operations in 2025 were stable, with core highway business maintaining stability and financial structure continuously improving [11] - Recommendations include enhancing core business operations, increasing investment in clean energy, and strengthening risk management practices [11]

Core Insights - The company reported a revenue of 20.289 billion yuan for the year 2025, representing a year-on-year decline of 12.54% [1] - The net profit attributable to shareholders was 4.594 billion yuan, down 7.13% year-on-year, while the net profit excluding non-recurring items was 4.468 billion yuan, a decrease of 8.45% [1] - The company proposed a cash dividend of 0.49 yuan per share (tax included) to all shareholders [1] Revenue Breakdown - The total revenue of approximately 20.289 billion yuan reflects a 12.54% decrease year-on-year, but shows a growth of about 33.55% compared to 2023 [1] - Excluding construction revenue, the revenue was approximately 12.134 billion yuan, down 1.61% year-on-year and down about 4.43% compared to 2023, primarily due to fluctuations in oil prices and a decrease in the scale of real estate project deliveries [1] - Toll revenue was approximately 9.555 billion yuan, showing a year-on-year increase of 0.29% and a growth of about 0.47% compared to 2023 [1] Profitability Metrics - The operating gross profit margin (excluding construction revenue and costs) increased by 0.84 percentage points year-on-year and grew by 6.09 percentage points compared to the end of 2023 [2] - Total profit decreased by approximately 3.34% year-on-year but increased by about 7.64% compared to the end of 2023 [2] - After excluding the impact of dividends from Jiangsu Bank, the net profit attributable to shareholders was approximately 4.426 billion yuan, reflecting a year-on-year increase of about 2.00% and a growth of approximately 9.85% compared to 2023 [2] Cost Management - The company benefited from the growth in toll revenue and implemented various cost-reduction and efficiency-enhancement measures, leading to a decrease in overall costs and expenses [2] - The net cash flow from operating activities increased by approximately 7.05% year-on-year but decreased by about 8.53% compared to the end of 2023, mainly due to increased tax expenses and a reduction in factoring business following the transfer of equity in the factoring company [2]

Core Insights - The company reported a revenue of 20.289 billion yuan for the year 2025, representing a year-on-year decline of 12.54% [1] - The net profit attributable to shareholders was 4.594 billion yuan, down 7.13% year-on-year, while the net profit excluding non-recurring items was 4.468 billion yuan, a decrease of 8.45% [1] - The company plans to distribute a cash dividend of 0.49 yuan per share (tax included) to all shareholders [1] Revenue Breakdown - The company's revenue, excluding construction income, was approximately 12.134 billion yuan, showing a year-on-year decline of 1.61% and a decrease of 4.43% compared to 2023 [1] - The decline in revenue was primarily attributed to fluctuations in crude oil prices and a decrease in the scale of real estate project deliveries, leading to reduced income from oil sales and real estate operations [1] - Toll revenue reached approximately 9.555 billion yuan, reflecting a year-on-year increase of 0.29% and a growth of 0.47% compared to 2023 [1] Profitability and Costs - The operating gross profit margin (excluding construction income and costs) increased by 0.84 percentage points year-on-year and by 6.09 percentage points compared to the end of 2023 [2] - Total profit for the reporting period decreased by approximately 3.34% year-on-year but increased by about 7.64% compared to the end of 2023 [2] - After excluding the impact of dividends from Jiangsu Bank, the net profit attributable to shareholders was approximately 4.426 billion yuan, reflecting a year-on-year increase of about 2.00% and a growth of approximately 9.85% compared to 2023 [2] Cash Flow and Cost Management - The company benefited from the growth in toll revenue and implemented various cost-reduction and efficiency-enhancement measures, resulting in a year-on-year increase in gross profit [2] - The net cash flow from operating activities grew by approximately 7.05% compared to the same period last year, although it decreased by about 8.53% compared to the end of 2023, mainly due to increased tax expenses and a reduction in factoring business after transferring equity in a factoring company [2]

Group 1 - The company Ninghu Expressway (SH 600377) reported an annual performance for 2025, indicating an operating revenue of approximately 20.289 billion yuan, a year-on-year decrease of 12.54% [1] - The net profit attributable to shareholders of the listed company is about 4.594 billion yuan, reflecting a year-on-year decline of 7.13% [1] - The basic earnings per share is 0.9119 yuan, which also shows a year-on-year decrease of 7.13% [1] Group 2 - The Chinese liquor industry is undergoing significant changes, with a notable decline of 28 million eligible male drinkers, while female consumers are on the rise [1] - Qin Shuyiao, president of the China Alcoholic Drinks Association, stated that the underlying logic of the liquor industry is being completely rewritten, suggesting that those who only profit from price differences will be eliminated [1]