Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [4][8]. Core Views - The company reported a net profit of 5.32 billion yuan in H1 2025, a year-on-year increase of 20.51%, despite a revenue decline of 8.57% to 7.66 billion yuan [6]. - The company plans to distribute a mid-term cash dividend of 1.5 yuan per 10 shares, totaling approximately 156 million yuan, reflecting a commitment to shareholder returns [6]. - The company is undergoing expansion projects on the莞深高速 highway, with an investment of 8.63 billion yuan in H1 2025, which is expected to enhance future revenue streams [6]. Financial Performance Summary - For H1 2025, the company achieved operating revenue of 7.66 billion yuan, down 8.57% year-on-year, while net profit rose to 5.32 billion yuan, up 20.51% [6]. - The company’s cash flow from operating activities saw a significant increase of 332.74%, reaching 9.31 billion yuan [6]. - The company’s earnings per share (EPS) for H1 2025 was 0.5122 yuan, reflecting a year-on-year increase of 23.45% [6]. Revenue and Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 8.81 billion yuan, 8.93 billion yuan, and 9.31 billion yuan respectively, with corresponding EPS of 0.85 yuan, 0.86 yuan, and 0.90 yuan [6][7]. - The report anticipates a decline in revenue for 2024, followed by a slight recovery in subsequent years, with growth rates of -64% in 2024 and modest increases thereafter [4][7]. Valuation Metrics - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 13.6X, 13.5X, and 12.9X respectively, indicating a favorable valuation compared to historical performance [4][6]. - The company’s return on equity (ROE) is expected to be around 9% in 2025, gradually declining to 8% by 2027 [6][7].

Core Viewpoint - The company has agreed to cooperate with its investee company, Beijing Peking University Medical Oncology Hospital Management Co., Ltd., in reducing its registered capital and initiating liquidation due to severe operational difficulties [1][2][4]. Summary by Sections Basic Situation Overview - The investee company has a registered capital of 300 million RMB, with the company holding a 41% stake, amounting to an investment of 41 million RMB [1][2]. - The registered capital will be reduced from 300 million RMB to 100 million RMB, maintaining the proportionate contributions of all shareholders [2][5]. Approval Process - The board of directors approved the proposal with a unanimous vote of 3 in favor, 0 against, and 0 abstentions [3][4]. - The supervisory board also approved the proposal with a unanimous vote of 5 in favor, 0 against, and 0 abstentions [5]. Impact on the Company - The reduction of capital and subsequent liquidation of the investee company is aimed at optimizing the company's investment layout and reducing operational risks, which is expected to protect the interests of all shareholders, including minority shareholders [4][5]. - The actions taken will not have a substantial impact on the company's overall business development and profitability [5].

Core Viewpoint - The company has decided to exit its investment in the Guangzhou Huacheng Venture Capital Partnership (Limited Partnership) and its management company, optimizing its investment portfolio and resource allocation efficiency [4][22]. Group 1: Investment Overview - The company previously invested 100 million RMB as a limited partner in the Huacheng Venture Capital Fund, holding a 21.2721% stake [2]. - The total scale of the Huacheng Venture Capital Fund is 57.01 million RMB, with the company holding a 19.4064% stake after additional investments [3][4]. Group 2: Transaction Details - The company agreed to transfer its 19.4064% stake in the Huacheng Venture Capital Fund, corresponding to a capital contribution of 11.0636 million RMB, to Jiadu Technology Group Co., Ltd. for 64,387,049.38 RMB [4][22]. - The company will also transfer its 18% stake in the management company to Ms. Chen Jiao for 9,763,752.61 RMB [4][20]. Group 3: Parties Involved - Jiadu Technology Group Co., Ltd. is a publicly listed company with a registered capital of 2.144 billion RMB, and it has no relationship with the company [6][8]. - Ms. Chen Jiao is the executive president of Jiadu Technology and has no relationship with the company [10]. Group 4: Impact of the Transaction - The transaction is expected to enhance the company's investment layout and will not significantly impact its financial status or operational activities [22].