Core Viewpoint - Anhui Wantuo Expressway Co., Ltd. plans to apply for the registration and issuance of non-financial corporate debt financing instruments to meet operational needs, expand financing channels, reduce costs, and optimize debt structure [1] Group 1: Issuance Plan - The total scale of the debt financing tool application is not to exceed RMB 5 billion, including up to RMB 2.5 billion in medium-term notes, RMB 1.5 billion in perpetual medium-term notes, RMB 800 million in short-term financing bills, and RMB 200 million in short-term notes [2] - The debt financing tools will be publicly issued and can be issued in one or multiple phases after obtaining approval from the trading association [2] - The proposed issuance includes various types of instruments with specific terms, such as short-term financing bills not exceeding 270 days and medium-term notes with no specific limit [2] Group 2: Fund Utilization - The funds raised will be used for purposes including but not limited to repaying existing debts, project construction, equity investment, and supplementing working capital [2] Group 3: Authorization and Governance - The company intends to seek authorization from the shareholders' meeting for the board of directors to manage the issuance process, including determining specific issuance details and making necessary adjustments based on regulatory feedback [4]

Core Points - The company has received approval from the shareholders' meeting held on May 9, 2024, to apply for a unified registration of non-financial corporate debt financing instruments with the China Interbank Market Dealers Association [1] - The company plans to issue various debt instruments including super short-term financing bonds, short-term financing bonds, medium-term notes, PPNs, and asset-backed notes in the interbank market [1] Summary by Category Debt Issuance - The company has registered a total issuance amount of 50,000 million yuan for its second medium-term note [1] - The issuance interest rate is set at 2.08%, with an issuance price of 100.00 yuan per 100 yuan face value [1] - The effective subscription amount reached 58,000 million yuan from 7 valid subscribers, with the highest subscription rate at 2.20% and the lowest at 1.98% [1] Management and Underwriting - The book manager and lead underwriter for the issuance is CITIC Bank Corporation Limited [1]

Core Viewpoint - The company has reported a significant increase in revenue and net profit for the first half of 2025, driven by growth in toll revenue and construction services, while also completing strategic acquisitions to enhance its operational capabilities [10][11][26]. Financial Data - The company achieved operating revenue of RMB 374,105 million in the first half of 2025, an increase of 11.72% compared to RMB 334,851 million in the same period of 2024 [10][11]. - The total profit for the period was RMB 127,701 million, up 3.32% from RMB 123,602 million year-on-year [10][11]. - The net profit attributable to shareholders was RMB 96,048 million, reflecting a 4.00% increase from RMB 92,353 million in 2024 [10][11]. - Basic earnings per share rose to RMB 0.5771, a 3.65% increase from RMB 0.5568 in the previous year [10][11]. Business Operations - The company has focused on enhancing its core highway operations, improving management efficiency, and implementing smart rescue systems to boost emergency response capabilities [7][8]. - The average traffic flow rate during major holidays exceeded 99.6%, positioning the company among the top in the industry [7]. - The company has successfully completed significant equity financing and bond issuance to optimize its capital structure [8]. Major Events - The company signed a conditional agreement to acquire 100% equity of Anhui Fuzhou Highway Co., Ltd. and Anhui Suxu Highway Co., Ltd. for a total consideration of RMB 477,080 million, enhancing its asset base [26][27]. - The acquisition was completed with the registration of the companies as wholly-owned subsidiaries by March 27, 2025 [27]. Shareholder Information - As of the reporting period, the total number of A-share shareholders was 16,903, while H-share shareholders numbered 62 [5]. - Major shareholder, China Merchants Highway Network Technology Holdings Co., Ltd., holds 29.06% of the company's total shares [84].

Meeting Overview - The second extraordinary general meeting of shareholders was held on August 5, 2025, at the company's conference room in Anyang, Henan Province [1] - The meeting was presided over by the chairman, Cheng Guanjian, and utilized a combination of on-site and online voting methods [1][2] Attendance - Out of 9 current directors, 6 attended the meeting, while 3 directors were absent due to work commitments [2] - The company secretary and other key management members were present at the meeting [2] Resolutions Passed - The first resolution regarding the issuance of debt financing instruments in the interbank bond market was approved [2] - The second resolution concerning the borrowing limit application from the controlling shareholder for the year 2025 was also approved, with the controlling shareholder abstaining from voting due to the nature of the transaction [3] Legal Compliance - The meeting was witnessed by Beijing Hairun Tianrui Law Firm, and the lawyers confirmed that all procedures and voting methods complied with relevant laws and regulations [3]

Issuance Plan - The company plans to issue debt financing instruments including medium-term notes and ultra-short-term financing bonds, with a total registered scale not exceeding RMB 1 billion [1][2] - The debt instruments will have a maturity of up to 10 years for medium to long-term products, while short-term products will follow the guidelines set by the China Interbank Market Dealers Association [1][2] Interest Rate and Fund Usage - The debt financing tools will have a fixed interest rate determined through a market-based book-building process during the issuance phase [2] - The funds raised will be used for debt repayment, working capital, fixed asset investment, equity investment, and other purposes permitted by applicable laws and regulations [2] Authorization and Governance - The board of directors seeks authorization from the shareholders' meeting to handle all matters related to the registration and issuance of the debt financing instruments, including adjustments to issuance terms based on market conditions [1][3] - The authorization will remain valid for 24 months from the date of approval by the shareholders' meeting [1][4]

Meeting Overview - The fourth meeting of the board of directors of Shanghai Putailai New Energy Technology Co., Ltd. was held on June 13, 2025, with all five directors present, ensuring the meeting's legality and effectiveness [1]. Resolutions Passed - The board approved the revised "Fundraising Management System (2025 Revision)" to regulate the use and management of raised funds in compliance with relevant laws and regulations [1]. - The board unanimously passed the proposal to formulate or revise fifteen institutional documents, including the "Audit Committee Work Rules" and others, to enhance corporate governance [2][3]. - The board approved the cancellation of 5,280,900 stock options and the repurchase of 766,296 restricted stocks due to unmet performance conditions for the third exercise period and release period [4][5]. - The profit distribution plan for 2024 was set at a cash dividend of 1.70 yuan per 10 shares (tax included), with adjustments made to the stock option exercise price and repurchase price [5]. - The board approved the revision and restatement of the "Articles of Association" to reflect changes in the company's capital structure following the repurchase of restricted stocks [6]. - The board agreed to apply for the registration of debt financing instruments not exceeding 2 billion yuan, aimed at repaying debts and supplementing working capital [6]. - A proposal to convene the third extraordinary general meeting of shareholders in 2025 was approved [7].