Core Points - The provincial transportation department is actively implementing the G331 border open tourism corridor project and several highway projects, achieving a 6.1% year-on-year increase in transportation infrastructure investment by the end of April, totaling 2.6 billion yuan [1] - The G331 project is prioritized as the "number one project," with a goal to complete the main line by October 1 and the entire project by the end of the year, having already invested 4.65 billion yuan, which is 49.7% of the total investment [2] - The Changchun urban area western ring highway project has completed 6.16 billion yuan in investment, with a projected completion date of October 2026, enhancing the highway network around Changchun [3] - Other highway projects, including Songjianghe to Changbai and Baishan to Linjiang, are progressing well, with significant investments and completion percentages, contributing to the goal of connecting all counties in the province with highways [3] - The transportation department is also planning to start two new highway projects in the second half of the year, which will further improve the road network in the eastern border area [3] - The department is focusing on supporting the development of the cultural tourism industry by enhancing transportation services and infrastructure, aiming to create new growth drivers for high-quality development in Jilin [4]

湖北英达律师事务所 关于湖北楚天智能交通股份有限公司 法律意见书 中国武汉市新华路 186 号福星国际商会大厦 18 楼 电话：86.27.85350032 传真：86.27.85350997 邮政编码：430022 网址:www.yingdalaw.com 二○二五年五月二十三日 英达律师事务所 法律意见书 湖北英达律师事务所 《中华人民共和国证券法》 （下称"《证券法》"）、 《上市公 司股东会规则》 （下称"《股东会规则》"）以及《湖北楚天智能交通股份有限公司 章程》 （下称"《公司章程》"）的有关规定，就本次股东会的召集和召开程序、出 席会议人员的资格、召集人资格、会议表决程序和表决结果的合法有效性出具法 律意见。 本法律意见书是本所律师根据对本次股东会事实的了解及对我国现行法律、 法规和规范性文件的理解而出具的。 关于湖北楚天智能交通股份有限公司 法律意见书 致：湖北楚天智能交通股份有限公司 湖北英达律师事务所（下称"本所"）受湖北楚天智能交通股份有限公司（下 称"公司"）委托，指派本所律师刘杰、胡楚涵参加公司于 2025 年 5 月 23 日召开 的 2024 年年度股东会（下称"本次股东会"）， ...

Core Viewpoint - Sichuan Chengyu has maintained a high cash dividend ratio of over 60% for three consecutive years, reflecting strong shareholder trust and solid support for the company's high-quality development [1][2] Financial Performance - In the previous year, Sichuan Chengyu achieved a revenue of 10.362 billion yuan and a net profit attributable to shareholders of 1.459 billion yuan, representing a year-on-year growth of 22.91% [2] - The operating cash flow net amount reached 3.696 billion yuan [2] - The company's A-shares and H-shares have both surpassed nearly ten-year highs, with a market value increase of nearly 60% since the beginning of 2024 [2] Highway Assets - The company primarily generates revenue from highway tolls, owning significant rights to several major highways in Sichuan Province [2] - The Chengle Expressway was a key contributor to performance growth, with average daily traffic increasing by 11.84% and toll revenue rising by 16.81% [2] - The stable traffic flow on the Chengyu Expressway has continued to contribute over 800 million yuan in revenue annually, despite concerns about high-speed rail competition [2][3] Policy and Market Opportunities - The "Chengyu Twin City Economic Circle" initiative and new policy benefits are providing unprecedented opportunities for economic and transportation development in Sichuan [3] - The provincial government plans to expand the highway network to 20,000 kilometers by 2035, enhancing regional transportation demand [3] Capital Expenditure and Business Development - The company has passed its peak capital expenditure phase, which is expected to reduce future financial costs and allow for continued dividend payments [6] - Sichuan Chengyu is actively developing new business lines, including introducing various retail and service offerings at highway service areas [4] Maintenance and Cost Management - The company has successfully reduced maintenance costs through standardized and digital management practices, implementing a lifecycle preventive maintenance approach [5] - The focus on cost optimization has not compromised the quality of highway maintenance [5] Strategic Planning - Following the termination of a significant asset restructuring plan due to legal disputes, the company currently has no plans for further restructuring [7] - Future asset injection plans will be considered based on overall strategic planning and cash flow conditions [7]

Core Viewpoint - The controlling shareholder of Zhongyuan Expressway successfully completed its first share buyback plan, reflecting confidence in the company's value and future development [2][4][6]. Group 1: Share Buyback Details - From November 20, 2024, to May 20, 2025, the controlling shareholder, Henan Transportation Investment Group, increased its stake by 38.69 million shares, accounting for 1.72% of the total share capital, with a total investment of 160 million yuan [2][4]. - This buyback is the first since Zhongyuan Expressway's listing in 2003, aimed at boosting investor confidence and ensuring the company's stable development [2][4][6]. - Prior to the buyback, the controlling shareholder held 1.013 billion shares, representing 45.09% of the total share capital [4]. Group 2: Financial Performance - In 2024, Zhongyuan Expressway reported operating revenue of 6.969 billion yuan, a year-on-year increase of 22.2%, and a net profit of 880 million yuan, up 6.27% [2][10]. - The company faced a decline in toll revenue, which fell by 1.459 billion yuan, or 3.45%, due to adverse weather and increased holiday traffic [9][10]. - Investment income surged to 331 million yuan, marking a significant increase of 158.8% [9][10]. Group 3: Dividend Policy - Since its listing, Zhongyuan Expressway has distributed a total of 4.233 billion yuan in cash dividends (tax included) [3][11]. - The company plans to maintain a dividend payout ratio of no less than 40% over the next three years, with a proposed cash dividend of 1.7 yuan per 10 shares for the 2024 fiscal year [3][11].

Market Overview - The market is experiencing volatility, with many investors selling U.S. Treasury bonds, leading to a 30-year Treasury yield of 5.089%, the highest level since October 2023, and a 10-year yield of 4.595%, the highest since February 2023 [1] - The Hang Seng Index closed down 1.19% amid these developments [1] Geopolitical Events - A shooting incident involving Israeli embassy staff in Washington has heightened concerns among the Jewish community, potentially leading to increased investment in safe-haven assets like Bitcoin and gold [2] - Domestic gold jewelry prices have surged, with prices for gold jewelry from Chow Tai Fook and Lao Miao rising to 1008 CNY and 1004 CNY per gram, respectively, reflecting a significant increase due to international gold price movements [2] ASEAN and Logistics Sector - The ASEAN concept is gaining traction, with Chinese Premier Li Qiang set to visit Indonesia and attend the ASEAN-China-GCC summit, highlighting Indonesia's market potential [3] - J&T Express has captured a 30% market share in Indonesia, with plans for network expansion, indicating a competitive edge in logistics due to lower cost structures compared to self-operated logistics by e-commerce platforms [3] Retail Sector Dynamics - U.S. high tariff policies are creating challenges for retailers like Sam's Club, which has seen a 40% increase in domestic beef procurement to mitigate tariff impacts, yet still faces significant cost pressures due to over 35% of imported goods [4] - Local retailers like Hema are positioned to benefit, with their M membership store brand accounting for 30% of sales and offering lower prices compared to Sam's Club, potentially capturing price-sensitive customers [4] Gaming and Entertainment Sector - Pop Mart's Labubu toy gained global attention after being featured by David Beckham, leading to a surge in sales and stock price [5] - The company reported a significant increase in sales in Europe and North America, with TikTok followers rising by 68% [5] Steel Industry Insights - The integration of steel and financial markets is deepening, with the China Steel Industry Association noting the growing influence of futures markets on the steel industry [8] - Major steel companies like Ansteel and Maanshan Steel are expected to benefit from this trend as futures trading becomes more prominent [8] Corporate Developments - Dongfeng Motor and Changan Automobile are progressing with a restructuring plan, which is anticipated to enhance operational synergies [6] - Pharmaceutical stocks are performing well ahead of the upcoming listing of Hengrui Medicine's H shares, which are priced at 44.05 HKD, indicating strong market interest [6] Dividend Stocks - Following interest rate cuts, there is a shift towards high-dividend stocks, with banks and public utilities like Jiangsu Ninghu Expressway announcing dividend payouts [7] Gaming Collaboration - Zhongxu Future has signed a three-year cooperation memorandum with Kaiying Network, focusing on overseas business growth and the development of popular IP games [9] - The company reported a 44.9% year-on-year increase in overseas revenue, indicating strong international market performance [10]

在改善交通基础设施条件和扩大投资稳增长的双重因素推动下，西南地区的高速公路网络正在快速扩 张。 近日，G8513线九寨沟至绵阳高速公路最后一座隧道——蒲南隧道双幅顺利贯通，标志着九绵高速主线 历时9年正式贯通，全线预计今年建成通车。届时，成都至九寨沟的路程将由原来的8小时缩短至4小 时，形成向西连接甘肃、青海、新疆的高速公路出川大通道。 九绵高速路线全长244.23公里，是四川计划今年建成通车的重要一条线路。按照四川交通运输厅的计 划，在去年建成507公里、总里程突破1万公里之后，四川今年还将新增900公里高速公路。 川滇黔桂接力跨越 西南地区地形特征以高原山地为主，交通基础设施相对落后，成为制约经济发展的一个重要因素。"要 想富先修路"，在过去20多年里，西南省份大力投资建设高速公路，形成了"云端高速""万桥飞架"的壮 观景象。 2024年全国高速公路通车里程排名中，虽然广东连续10多年一直位居第一，但云南、四川、广西和贵州 等4个省份已经跻身前5位。 目前，这些省份的高速公路网络还在织密。2025年，贵州将建成高速公路500公里；四川明确要建成900 公里，这在全国已经公布的省份中位居前列；而广西目标是超 ...

Group 1 - The core message emphasizes the importance of integrity and diligence among young officials, comparing integrity to a stable bridge that enables endless possibilities [1] - The "Clean Guizhou · Youth Integrity Promotion Team" was launched to educate young officials in key positions across six sectors, reaching over 660 participants [1] - Various presentations were made by members of the provincial promotion team, using themes such as "Building a Clean Heart" and "Learning from Cases" to instill ideals and maintain integrity [1] Group 2 - The initiative aims to strengthen the integrity education of young officials, with a focus on preventing corruption and maintaining discipline [2] - The "Clean Guizhou · Guizhou Youth Says" micro-course competition has been organized for four consecutive years, integrating excellent video materials into training for party members and officials [2] - A total of 58 promotional events have been conducted across the province, reaching over 9,600 young officials [2]

Meeting Details - The annual general meeting of Guangdong Provincial Highway Development Co., Ltd. is scheduled for May 21, 2025, at 3:00 PM [1] - The meeting will be held at the company's conference room located at 32 Zhujiang East Road, Guangzhou [3] - The meeting will combine on-site voting and online voting [4] Attendance - A total of 249 shareholders and their proxies attended the meeting, representing 1,286,824,551 shares, which is 61.5468% of the total voting shares [6] - Among them, 47 attended the on-site meeting, representing 1,068,226,276 shares (51.0916% of total voting shares), while 202 participated via online voting, representing 218,598,275 shares (10.4552% of total voting shares) [6] Proposal Voting Results - The proposal for the 2024 financial settlement report was approved with 1,286,643,751 votes in favor, accounting for 99.9860% of the votes cast [9] - The proposal for the 2024 profit distribution plan received 1,286,746,751 votes in favor, representing 99.9940% [12] - The proposal for the 2025 comprehensive budget was approved with 1,253,127,803 votes in favor, which is 97.3814% [16] - The proposal for the 2024 board of directors' work report was approved with 1,286,643,551 votes in favor, accounting for 99.9859% [19] - The proposal for the 2024 supervisory board work report received 1,286,643,051 votes in favor, representing 99.9859% [22] - The proposal for the 2024 annual report and its summary was approved with 1,286,644,151 votes in favor, accounting for 99.9860% [25] - The proposal for the 2025 investment plan received 1,250,074,212 votes in favor, which is 97.1441% [27] - The proposal for increasing investment in the Ji Guang Expressway project was approved with 253,740,860 votes in favor, representing 99.8679% [28] - The proposal for issuing medium-term notes received 1,286,675,251 votes in favor, accounting for 99.9884% [29] Legal Opinions - The legal opinions provided by Guangdong Lianyue Law Firm confirmed that the meeting's procedures and voting results comply with relevant laws and regulations [33] Future Meetings - The company will hold its first temporary shareholders' meeting on June 6, 2025, at 3:30 PM [74] - The meeting will also utilize a combination of on-site and online voting [76]

Core Viewpoint - Shanxi Expressway Group Co., Ltd. has established a three-year shareholder return plan (2023-2025), prioritizing cash dividends and aiming to distribute at least 40% of the annual distributable profits as cash dividends to shareholders [1][4]. Financial Performance - In Q1 2025, the company reported a net profit of 107 million yuan, a year-on-year increase of 26.92%, attributed to increased toll revenue and cost reduction efforts [3][4]. - The company plans to distribute a cash dividend of 2 yuan per 10 shares for the fiscal year 2024, totaling approximately 293.46 million yuan, which represents 73.2% of the annual distributable profits [1][4]. Investment and Development Strategy - The company is focusing on integrating high-quality asset resources into the listed company and enhancing fixed asset investments to improve operational quality [1][4]. - In 2024, the company allocated 6.0735 million yuan for R&D, focusing on six key projects related to highway maintenance and technology [3][4]. Operational Efficiency - The company has implemented measures to reduce operational costs, including the promotion of unmanned toll stations and centralized monitoring systems, which have contributed to a significant decrease in financial expenses [3][4]. - The company aims to enhance its core competitiveness by focusing on asset and capital management, innovation, and operational efficiency [4][6]. Market Position and Future Plans - As the only publicly listed expressway platform in the province, the company has a unique resource advantage and plans to expand its market share through strategic asset acquisitions and operational improvements [4][6]. - The company is exploring the integration of service areas with commercial development, logistics, and tourism to enhance revenue from its road economy segment [4][6].

Core Points - The company aims to establish a modern corporate system to protect the rights and interests of shareholders, employees, and creditors while ensuring the preservation and appreciation of state-owned assets [2][4] - The company was established as a joint-stock company in accordance with the Company Law and other relevant regulations, with a registered capital of RMB 1,467.31 million [2][6] - The company is committed to the leadership of the Communist Party of China and integrates party organizations into its corporate governance structure [4][11] Company Structure - The company is a permanent joint-stock company with a legal representative who is either a director or manager [3][4] - Shareholders are liable for the company's debts only to the extent of their subscribed shares, while the company is liable for its debts with all its assets [3][10] - The company has established a party committee and a disciplinary inspection committee to conduct party activities and ensure compliance with regulations [4][11] Business Objectives and Scope - The company's business objective is to develop highways and related industries while creating value for shareholders [5][16] - The registered business scope includes the maintenance and consulting services for high-grade highways, bridges, tunnels, and related infrastructure projects [5][16] Share Issuance and Capital Management - The company has issued a total of 1,467,310,196 shares, with various rounds of public offerings and private placements since its establishment [7][10] - The company adheres to principles of fairness and transparency in share issuance, ensuring equal rights for shareholders of the same class [18][19] - The company can increase its capital through various methods, including issuing shares to unspecified objects or specific targets [24][30] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in shareholder meetings, and supervise the company's operations [35][36] - The company has established rules to prevent shareholders from abusing their rights to the detriment of the company or other shareholders [41][42] - Shareholders holding more than 5% of the voting shares must report any pledges of their shares to the company [46][47] Governance and Decision-Making - The company’s board of directors is responsible for convening shareholder meetings and making decisions on significant matters such as profit distribution and capital changes [26][27] - Major transactions and external guarantees exceeding certain thresholds require approval from the shareholders' meeting [48][49] - The company has mechanisms in place to ensure compliance with legal and regulatory requirements during decision-making processes [54][55]