Zhong Guo Zheng Quan Bao·2025-12-16 22:46Core Viewpoint - The company has achieved steady growth during the "14th Five-Year Plan" period through a dual strategy of "internal growth and external expansion," focusing on enhancing asset quality and expanding its core business [1][2]. Internal Growth - The company has prioritized the renovation and expansion of existing road sections to enhance core asset value, successfully completing the renovation of the Xuanguang Expressway, a key project for the integration of the Yangtze River Delta [2]. - The company has restored toll revenue for the renovated road section to 95% of pre-construction levels by the third quarter of 2025, indicating a steady recovery in asset profitability [2]. - The company has successfully connected inter-provincial road networks, leading to significant increases in traffic and profitability, with the Ningxuanhang Expressway achieving profitability in 2024 [2]. External Expansion - Since the beginning of the "14th Five-Year Plan," the company has acquired four road assets totaling 188 kilometers for a total transaction value of 8.952 billion yuan [3]. - The company has increased its road mileage from 609 kilometers to 745 kilometers through strategic acquisitions, aligning the expansion of its highway business with the group's asset securitization [3]. Capital Operations - The company has engaged in various capital operations, including H-share issuance and strategic participation in the private placement of Shen High-Speed, reflecting a clear strategic focus on effective investment expansion [4]. - The company has actively pursued a "going out" strategy, investing approximately 500 million yuan in Shen High-Speed's A-share private placement, becoming one of the top ten shareholders [4]. Shareholder Returns - The company has maintained a high dividend payout policy, distributing a total of 9.412 billion yuan in cash dividends over 28 consecutive years, enhancing shareholder value while balancing long-term development [7]. - The company has successfully completed its first equity financing since its listing, raising approximately 5.22 billion Hong Kong dollars through a targeted issuance to Anhui Communications Control Group [5]. Future Strategy - The company aims to focus on high-quality development during the "15th Five-Year Plan," with four core objectives: expanding the scale of its core business, increasing effective investment, exploring financing potential, and leveraging financial and operational advantages [8]. - The company plans to implement three strategic layouts: optimizing core business through new construction and acquisitions, enhancing operational management for better service quality, and actively participating in new industry sectors aligned with digitalization and sustainability trends [8].