Core Viewpoint - Xin Zhu Co., Ltd. is advancing asset restructuring by divesting assets to recover funds, focusing on transforming its business towards clean energy generation [1][5][8] Asset Sale Details - Xin Zhu plans to transfer 35.90929% equity in Shanghai Aowei Technology Development Co., Ltd. to Sichuan Development Leading Capital Management Co., Ltd. for 361 million yuan, resulting in an expected investment gain of 85.7579 million yuan [1][4] - After the transaction, Xin Zhu will no longer hold any equity in Aowei Technology, which has been experiencing continuous losses [3][4] Financial Performance - From 2021 to mid-2025, Xin Zhu reported a cumulative net loss of 1.618 billion yuan, with an asset-liability ratio of 84.49% as of June 2025 [2][7] - In the first half of 2025, Xin Zhu's revenue was 704 million yuan, a year-on-year decrease of 37.53%, with a net loss of 67.71 million yuan [7] Strategic Focus - The company aims to strategically exit the magnetic levitation and bridge component businesses while focusing on clean energy projects through the acquisition of 60% equity in Shudao Clean Energy [6][7] - Shudao Clean Energy, which specializes in hydropower, wind power, and solar energy, is expected to enhance Xin Zhu's operational capabilities and financial stability [7][8] Market Valuation - The market valuation of Aowei Technology shows a significant increase, with a valuation of 1.006 billion yuan against a book value of 213 million yuan, resulting in an appreciation rate of 371.97% [4]

Summary of Conference Call Records Company Overview - The conference call records pertain to **申高速** and **深高速**, focusing on their financial performance and operational updates for the first half of 2025. Key Points Financial Performance - **深高速** reported toll revenue of **24.5 billion** CNY, accounting for **63%** of total revenue, with a year-on-year growth of **0.64%** and a same-caliber growth of **4.3%** driven by the **深中通道** and **沿江二期** projects, despite a negative impact from the **外环二期** project due to traffic diversion [2][3][20] - **申高速** achieved total revenue of approximately **39.2 billion** CNY, a **4.3%** increase year-on-year, with a net profit of **9.6 billion** CNY, reflecting a **24%** rise, primarily due to reduced interest income and improved performance in the kitchen waste treatment business [3][4][13] Segment Performance - The **大环保** segment generated **7.5 billion** CNY, representing **19%** of total revenue, with a **2%** increase year-on-year, attributed to the operation of the **光明环境园** kitchen waste treatment project and increased revenue from **兰德环保** [2][4] - **建造服务** revenue reached **4.6 billion** CNY, marking a **60%** increase, mainly from the **外环高速** and **光明环境园** projects [2][6] Financial Costs and Investments - Financial expenses decreased by **1.7 billion** CNY, a **30%** reduction, due to the replacement of foreign debt with low-interest CNY loans and a decline in funding costs [2][7][23] - Investment income fell by **29%** year-on-year, primarily due to last year's gains from equity disposals and impairment provisions for real estate inventory in joint ventures [2][7] - Capital expenditures for the first half of 2025 were approximately **21 billion** CNY, with projected total capital expenditures of **192 billion** CNY from the second half of 2025 to the end of 2027 for various construction projects [2][8][9] Operational Updates - The toll road segment showed stable growth, with **16** projects covering **613 kilometers**. The **深中通道** and **沿江二期** positively impacted traffic and revenue, while the **外环二期** faced challenges due to traffic diversion [2][10][20] - Major ongoing projects include **外环三期**, **吉河高速** expansion, and **京港澳穗管段** expansion, with progress meeting expectations [2][11][16] Strategic Planning - The company is formulating its **十五五** strategic plan, focusing on enhancing core toll road operations and optimizing the **大环保** business while cautiously exploring quality clean energy projects [4][22] - Plans to improve operational efficiency and reduce costs through technology and management enhancements were discussed, including the integration of digital platforms and smart construction techniques [17][27] Future Outlook - The company aims to maintain high-quality growth in the second half of 2025, focusing on achieving annual operational targets and exploring opportunities in toll road expansions and clean energy projects [19][22] - The **清洁能源** segment faced challenges with a **4.2%** decline in revenue and a drop in gross margin due to increased curtailment rates in wind projects [22][23] Regulatory Environment - The company is closely monitoring the revision of toll road management regulations, which could significantly impact the industry [24] Shareholder Returns - The company has committed to a stable dividend policy, with a cash dividend payout ratio of no less than **55%** for the years 2024-2026, contingent on operational performance and funding needs [28] Miscellaneous - The **青连高速** road surface improvement project had a temporary negative impact on traffic revenue, estimated at **20 million** CNY, but is expected to enhance revenue post-completion [29]

Core Viewpoint - Shenzhen Expressway Group Co., Ltd. reported a revenue of approximately 3.92 billion yuan for the first half of 2025, marking a year-on-year increase of 4.30%, and a net profit attributable to shareholders of approximately 960 million yuan, reflecting a growth of 24.04% [1][2]. Financial Performance - The total revenue for the reporting period was approximately 3.92 billion yuan, compared to 3.76 billion yuan in the same period last year, resulting in a 4.30% increase [2]. - The total profit for the period was approximately 1.26 billion yuan, up 14.15% from approximately 1.10 billion yuan in the previous year [2]. - The net profit attributable to shareholders was approximately 960 million yuan, a 24.04% increase from approximately 774 million yuan in the previous year [2]. - The basic earnings per share were 0.382 yuan, up 22.44% from 0.312 yuan in the same period last year [3]. - The net asset attributable to shareholders was approximately 26.92 billion yuan, a 22.89% increase from 21.90 billion yuan at the end of the previous year [2]. Operational Highlights - The toll revenue for the first half of 2025 was approximately 2.45 billion yuan, reflecting a year-on-year increase of 0.64%. Excluding the impact of the exclusion of a highway from consolidation, the toll revenue increased by 4.31% on a comparable basis [3]. - The company experienced positive synergy effects from the integration of the Shenzhen regional road network, aided by reduced rainfall during the flood season compared to the previous year, which improved traffic conditions [4]. - The opening of the Shenzhen-Zhongshan Channel and the second phase of the Yangjiang Expressway has enhanced connectivity between the eastern and western banks of the Pearl River Estuary, significantly increasing traffic flow on related highways [4]. Project Developments - The third phase of the Outer Ring Road has commenced construction, achieving approximately 20.2% of the engineering progress by the end of the reporting period [5]. - The expansion project of the Jihe Expressway has also started, with about 12% of the engineering progress completed [6]. - The company is advancing the expansion of the Guangzhou-Shenzhen section of the Jinggang'ao Expressway, with the Dongguan-Guangzhou section entering the construction phase [6]. Environmental Initiatives - The company is focusing on solid waste resource treatment and clean energy generation as a secondary business. The revenue from environmental businesses was approximately 750 million yuan, accounting for 19.14% of total revenue [6]. - The organic waste treatment business has seen a reduction in losses due to optimized management, with both waste disposal and oil extraction volumes increasing year-on-year [6]. Financial Strategy - The company has optimized its debt structure by issuing short-term financing bonds, medium-term notes, and perpetual corporate bonds totaling 9.3 billion yuan to replace existing debt and supplement working capital [7]. - The successful completion of a 4.7 billion yuan A-share private placement has strengthened the company's capital base, supporting sustainable future development [7].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 茲載列深圳高速公路集團股份有限公司（「本公司」）在上海證券交易所網站發布的 《2025 年半年度報告》，僅供參閱。 承董事會命 趙桂萍 公司秘書 中國，深圳，2025 年 8 月 22 日 於本公告之日，本公司董事會的成員包括執行董事徐恩利先生、廖湘文先生、姚海先 生和文亮先生；非執行董事陳雲江先生、伍燕淩女士和張堅女士；以及獨立非執行董 事李飛龍先生、繆軍先生、徐華翔先生和顏延先生。 深圳高速公路集团股份有限公司 2025 年半年度报告 公司代码：600548 公司简称：深高速 深圳高速公路集团股份有限公司 SHENZHENEXPRESSWAYCORPORATIONLIMITED （于中华人民共和国注册成立的股份有限公司 ） 2025 年半年度 ...

Core Viewpoint - The National Bureau of Statistics spokesperson Fu Linghui announced that China's energy supply is undergoing a green transition, leading to an increase in investment demand for clean energy sources, with a significant growth in investment in solar, wind, nuclear, and hydropower from January to July [1] Investment Growth - From January to July, the total investment in solar, wind, nuclear, and hydropower in China increased by 21.9% year-on-year [1]

Economic Data Summary - In the first seven months of the year, fixed asset investment (excluding rural households) reached 28.82 trillion yuan, with a year-on-year growth of 1.6%, which is a decline of 1.2 percentage points compared to the first half of the year [1] - Private fixed asset investment saw a year-on-year decrease of 1.5% [1] - In July, fixed asset investment (excluding rural households) decreased by 0.63% month-on-month [1] Sector-Specific Investment Trends - Manufacturing investment grew by 6.2% year-on-year, although this represents a decline of 1.3 percentage points from the first half of the year [1][2] - Infrastructure investment increased by 3.2%, down 1.4 percentage points from the first half of the year [1] - Real estate development investment fell by 12%, with the decline widening by 0.8 percentage points compared to the first half of the year [1] Future Outlook and Policy Recommendations - The nominal growth rate of investment has declined, but the actual growth rate, after excluding price factors, is estimated to be around 4% to 5% [1][2] - The investment structure is continuously optimizing, driven by innovation and large-scale equipment updates, which are favorable for economic transformation [2] - There is significant potential for future investment, as China's per capita capital stock remains lower than that of developed countries [3] - To stabilize investment, it is suggested to enhance public investment in certain areas and implement policies to support the real estate market, including inventory reduction and liquidity improvement for developers [3]

Core Viewpoint - The spokesperson of the National Bureau of Statistics, Fu Linghui, indicated that as China's energy supply undergoes a green transition, the demand for investment in clean energy is expanding, with a significant increase in investment in solar, wind, nuclear, and hydropower generation from January to July, showing a year-on-year growth of 21.9% [1] Investment Growth - From January to July, the total investment in solar, wind, nuclear, and hydropower generation in China has increased by 21.9% year-on-year [1]

Group 1: Economic Development Indicators - Tax revenue data serves as a barometer for economic and social development, highlighting the role of tax policies in supporting high-quality growth during the "14th Five-Year Plan" period [1] - The three major economic regions—Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta—account for over 50% of national sales revenue, with respective growth rates of 4.2%, 6.2%, and 5.6% in the first half of this year [3] - The proportion of county-level economic sales revenue in the national total increased from 22.8% in 2020 to 24.3% in the first half of this year [3] Group 2: Green Transition - The clean energy generation sector is projected to grow at an average annual rate of 13.1% from 2021 to 2024, with its share of total electricity sector revenue rising from 30.3% to 33.8% [5] - Revenue from ecological protection-related industries is expected to grow at an average annual rate of 26% during the same period [5] Group 3: Openness and Foreign Investment - As of June this year, the number of foreign-invested tax-related entities has increased by 12.7% compared to 2020, indicating a stable growth in foreign enterprise sales revenue [6] - The average annual growth rate of export tax rebates processed by national tax authorities is projected to be 6.6% from 2021 to 2024, with a further increase to 7.1% in the first half of this year, reflecting strong resilience in China's foreign trade exports [6] Group 4: Social Welfare and Consumption - From 2021 to 2024, the government is implementing tax relief policies in areas such as pension, childcare, healthcare, and education, with an average annual tax reduction growth of 11.7% [7] - National commodity consumption is expected to grow at an average annual rate of 6.8%, with a growth rate of 7.7% in the first half of this year [7]

Core Insights - The article highlights the significant tax reductions and improvements in tax services during the "14th Five-Year Plan" period, with a focus on high-quality development and efficiency in tax administration [1][4][9]. Tax Reductions and Economic Impact - Over 100 million individuals benefit from special additional deductions, with total tax reductions expected to reach 10.5 trillion yuan this year [1][9]. - The sales revenue of high-tech industries has grown at an annual rate of 13.9%, while clean energy generation has seen a 13.1% annual increase [4]. - The manufacturing sector's sales revenue accounts for approximately 29% of total enterprise sales [9]. Tax Administration Efficiency - 90% of high-frequency tax payment services can be completed within 3 minutes, reflecting improved efficiency in tax administration [1]. - The number of domestic tax refund stores has increased significantly, exceeding 7,200, with a 186% year-on-year growth in the number of individuals benefiting from tax refunds [6]. Tax Revenue Trends - Tax revenue from the manufacturing sector has consistently remained around 30%, while the share of direct taxes has increased to over 40% during the "14th Five-Year Plan" [11]. - The share of private sector sales revenue has risen from 68.9% in 2020 to 71.7% in the first half of this year [9]. Legal and Regulatory Framework - The tax environment is being improved through legal measures, with over 3.6 million credit loans issued to compliant taxpayers [13]. - The government has initiated a special governance program for tax-related issues in investment attraction, standardizing tax administrative penalties across regions [17]. Green Taxation Initiatives - Specialized green taxes, such as environmental protection and resource taxes, have generated 2.5 trillion yuan in revenue [19]. - The pilot program for converting water resource fees into taxes has shown an 8% increase in tax revenue compared to previous fees [20].

Core Viewpoint - In the first half of this year, Baiyin City in Gansu Province achieved a record high clean energy generation of 30.58 billion kilowatt-hours, marking a year-on-year increase of 29.86% and accounting for 30.31% of the total power generation [1] Group 1: Clean Energy Development - Baiyin City has accelerated the development of renewable energy resources, leveraging its abundant wind and solar resources under the guidance of the "dual carbon" goals [1] - The clean energy installed capacity reached 3.6 million kilowatts by the end of June, representing 47.66% of the total installed capacity within the grid [1] - From January to June, renewable energy generation was 27.23 billion kilowatt-hours, reflecting a year-on-year growth of 35.96% [1] Group 2: Infrastructure and Support - The State Grid Baiyin Power Supply Company has been enhancing the planning and construction of the power grid to support renewable energy development [1] - A "one-stop" service system has been established to facilitate early grid connection and power generation for renewable energy projects [1] - A specialized flexible team has been formed to assist in the application of power prediction technology, helping users adjust their electricity consumption [1] Group 3: Future Prospects - Ongoing construction of supporting renewable energy projects in the Longdong area is expected to increase the grid-connected installed capacity to 4 million kilowatts in the second half of the year [1] - The State Grid Baiyin Power Supply Company aims to continuously improve grid connection service quality and contribute to the green energy transition and the achievement of "dual carbon" goals [1]