Core Viewpoint - Ninghu Expressway (宁沪高速) is investing up to 9.033 billion RMB in the construction of the Nanyang Yangtze River Bridge South Connection Project to enhance regional highway networks and solidify its leading position in the southern Jiangsu road network [1][3][4] Group 1: Project Investment - The company plans to invest no more than 90.33 billion RMB in the Nanyang Yangtze River Bridge South Connection Project [1][3] - To ensure the project's smooth implementation, Ninghu Expressway will increase its investment in Jiangsu Longtan Bridge Co., Ltd. by 3.27 billion RMB, while Nanjing Highway Development Group Co., Ltd. will invest 1.247 billion RMB [3] - The remaining construction funds of 4.516 billion RMB will be raised through bank loans and other means [3] Group 2: Company Performance - Ninghu Expressway is the only listed toll road company in Jiangsu Province and has shown strong profitability [2][5] - From 2020 to 2024, the company's revenue increased from 8.032 billion RMB to 23.2 billion RMB, and net profit rose from 2.464 billion RMB to 4.947 billion RMB [5] - In the first three quarters of 2025, the company reported a revenue of 12.981 billion RMB, a year-on-year decrease of 7.66%, and a net profit of 3.837 billion RMB, down 6.86% year-on-year [5] Group 3: Shareholder Interest - The company has attracted significant foreign investment, particularly from BlackRock, which has increased its stake over four consecutive quarters, holding 126 million shares, or 2.49%, as of September 2025 [2][7] - Other notable shareholders include JPMorgan Chase and State Street Bank, indicating strong interest from institutional investors [6][7]

Core Viewpoint - The company aims to strengthen its core competitiveness in the transportation infrastructure sector, supporting road network construction and enhancing logistics business development to facilitate regional transportation and industrial synergy [1] Company Strategy - The company will continue to build its core competitiveness in the transportation infrastructure field [1] - It emphasizes deep support for road network construction [1] - The company is focused on empowering logistics business development [1] - It aims to assist in the coordinated development of regional transportation and industry [1]

Core Insights - Dongguan's Shatian Town has initiated the bidding for the design and survey of three new road projects, totaling approximately 4.8 kilometers, as part of a broader investment plan exceeding 1.87 billion yuan to enhance the road network [1][2] Group 1: Project Overview - The total investment for the road projects in Shatian Town is approximately 1.87 billion yuan, which includes the ongoing upgrade of Shatian Avenue, measuring about 8.5 kilometers [2] - The three new road projects include the extension of Jinggang Middle Road, the east extension of Jinggang North Road, and the reconstruction of Environmental Middle Road [1][2] Group 2: Specific Project Details - **Jinggang Middle Road Extension**: This project is approximately 2.94 kilometers long, with a total investment of 999.5 million yuan, making it the highest among the three projects. The construction includes a dual six-lane elevated main line and a four-lane ground auxiliary road [1][3] - **Jinggang North Road East Extension**: This project spans about 1.6 kilometers, with a planned road width of 60 meters and a design speed of 60 km/h. It includes the construction of a new bridge over the Xitai Long River [4] - **Environmental Middle Road Reconstruction**: This project is approximately 300 meters long, designed to meet urban main road standards with a speed limit of 40 km/h, and includes the construction of a new bridge [5] Group 3: Additional Information - The bidding for the Shatian Avenue upgrade and associated facilities was also launched on April 28, with a total length of about 8.5 kilometers and a design speed of 60 km/h [7] - The projects are funded by the local government, with all engineering works approved by the municipal development and reform bureau [2]