Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company's revenue for the first half of 2025 was 5.4% lower year-on-year, totaling 5.66 billion yuan, with a net profit attributable to shareholders of 2.5 billion yuan, down 7.6% year-on-year [1][8] - The decline in revenue is attributed to the impact of the removal of the Bozhou-Fu Highway from the asset list and changes in the surrounding road network [8] - The company has strong capabilities in road asset investment and operation, with a sustainable acquisition model expected to contribute to long-term growth [8] Financial Data and Valuation - Total revenue projections for 2025 are estimated at 12.465 billion yuan, reflecting a 2% decrease from the previous year [2][15] - The projected net profit for 2025 is 5.805 billion yuan, with a corresponding PE ratio of 11.9x and PB ratio of 0.9x [8][16] - The company’s total assets are projected to be 155.026 billion yuan in 2025, with total liabilities of 62.631 billion yuan [14] Performance Analysis - The company’s operating costs for the first half of 2025 were 3.74 billion yuan, a 1% decrease year-on-year, with a gross margin of 34% [8] - The investment income for the first half of 2025 was stable at 2.35 billion yuan, with a slight year-on-year increase of 0.3% [8] - The company’s management expenses decreased by 3.2% year-on-year, attributed to improved cost control [8] Shareholder Information - The major shareholder is China Merchants Group, holding a 62.19% stake in the company [3]