Core Viewpoint - The company, China Merchants Highway Network Technology Holdings Co., Ltd., has approved a share repurchase plan to buy back its A-shares, with the intention to cancel the repurchased shares and reduce its registered capital [1][2]. Summary by Sections Share Repurchase Plan - The company plans to repurchase shares at a price not exceeding RMB 18.10 per share, with a total repurchase fund amounting to no less than RMB 310 million and no more than RMB 618 million [1]. Implementation Status - As of October 22, 2025, the company has completed its share repurchase plan, having repurchased a total of 25,242,402 shares, which accounts for 0.37010% of the total share capital [3][4]. Financial Details - The highest transaction price during the repurchase was RMB 13.40 per share, while the lowest was RMB 10.12 per share. The total amount paid for the repurchased shares was RMB 310,009,184.90, which meets the lower limit of the repurchase fund [3]. Compliance and Execution - The actual repurchase of shares aligns with the approved plan, with no discrepancies in the number of shares, repurchase price, or total funds used [4]. The repurchase was conducted in compliance with relevant regulations [6]. Impact on the Company - The share repurchase is not expected to have a significant adverse effect on the company's operations, profitability, financial status, or future development. It will not change the company's control or its status as a listed company [5]. Future Arrangements - All repurchased shares will be stored in a dedicated account and will not have voting rights or profit distribution rights during the holding period. The company plans to cancel these shares and reduce its registered capital accordingly [9].

Core Viewpoint - The successful completion of the Liao-Deng Expressway maintenance project marks the first pilot project for centralized maintenance of highways in the province, with a total investment of 100 million yuan and a project duration of 66 days, effectively utilizing 45 days for construction [1] Group 1: Project Overview - The project was officially launched on July 21 and utilized a one-way traffic closure method to facilitate construction [1] - The project involved comprehensive repairs over a total of 82 kilometers of dual-direction road surface, safety facilities, and ancillary facilities, organized in two phases [1] Group 2: Efficiency and Cost Savings - Compared to traditional maintenance methods, the project reduced the construction period by over 75% [1] - Advanced technologies were employed during the project, resulting in a reduction of carbon emissions by 2,100 tons and saving 5.73 million yuan in project costs [1] Group 3: Future Implications - The successful implementation of this project lays a foundation for the province's maintenance work to evolve towards a more specialized, modernized, efficient, and high-quality approach [1]

Core Viewpoint - The collaboration between CITIC Bank Nanjing Branch, Nanjing Highway Group, and China UnionPay aims to enhance the travel experience for car owners during the National Day holiday through a promotional discount campaign [1][2]. Group 1: Promotional Activity Details - The campaign titled "'Happy Journey, Instant Discount'" officially started on October 1 and will last until December 31, 2025 [1]. - Car owners can enjoy a discount of "randomly reducing 1-5 yuan for every 5 yuan spent" when using UnionPay QR codes at designated highway toll stations and service area merchants [1]. - Users can participate in the discount program by binding their CITIC Bank Nanjing Branch UnionPay debit card to the CITIC Bank APP or Cloud Flash Payment APP [1]. Group 2: User Participation and Benefits - Each user can enjoy one discount per day, with a maximum of four discounts per month, ensuring accessibility for daily commuters and holiday travelers [1]. - The daily discount quota is limited to 1,000, available on a first-come, first-served basis, encouraging early participation for planned trips [1]. Group 3: Company Commitment and Collaboration - CITIC Bank Nanjing Branch emphasizes its commitment to integrating financial services into daily life through innovative partnerships and scenario integration [2]. - Nanjing Highway Group aims to enhance service experiences during peak travel times, ensuring that drivers feel warmth and convenience on their journeys [2].

Core Viewpoint - The Dong'a Highway Development Center is actively implementing comprehensive rural living environment improvement measures, focusing on enhancing the environmental quality along national and provincial roads to create multifunctional routes that serve transportation, ecological, and economic purposes [1][10]. Investment and Funding - The center has secured over 150 million yuan in funding for various projects, including the major repair of the S105 highway, which involves resurfacing with 14 cm of asphalt concrete and is currently 78% complete, expected to finish by October [5]. - Over 65,000 green plants have been planted along key road sections, including 13,000 flowering shrubs and 5,100 meters of flower beds [3]. Infrastructure Maintenance - The center has developed practical maintenance plans based on road condition surveys, addressing surface damage and ensuring smooth traffic flow [5]. - Specific actions include repairing 1.06 million meters of road cracks, patching over 1,380 square meters of potholes, and conducting thorough inspections of major bridges [5][6]. Safety Enhancements - Monthly safety inspections are conducted to identify and rectify hazards, including the removal of non-compliant signage and the installation of new safety barriers and road markings [6][8]. - Emergency response plans for adverse weather conditions have been established to ensure road safety [6]. Environmental Management - The center has implemented a closed-loop process for addressing road environment issues, identifying 202 problems that have been rectified, transitioning from a broad management approach to a more detailed one [8]. - Regular cleaning and maintenance of road safety facilities and greenery are conducted, with a focus on high-traffic areas to control dust and debris [10]. Community Engagement - The center emphasizes collaboration with local governments and traffic enforcement agencies to enhance road cleanliness and environmental management, aiming to improve public safety and satisfaction [10].

Core Viewpoint - The article discusses the implementation of a collaborative mechanism for the protection and management of public national and provincial highways in China, aimed at enhancing road governance and protecting road assets and rights [1][2]. Group 1: Mechanism Overview - The collaborative mechanism consists of four parts: task objectives, work responsibilities, collaboration mechanisms, and relevant requirements, focusing on addressing prominent issues in road governance and asset protection [1]. - This mechanism is the first of its kind in the country, representing a practical step in deepening comprehensive administrative law enforcement reforms in transportation [1]. Group 2: Key Innovations - One major breakthrough is the establishment of the highway department as the primary responsible entity for asset protection, with road asset protection inspections conducted by the highway department and law enforcement by local transportation agencies [2]. - Three innovations include: 1. Clarifying the rights and responsibilities of highway departments and law enforcement agencies through normative documents at the provincial level [2]. 2. Leveraging the highway department's experience to address issues of insufficient grassroots enforcement and weak technical capabilities [2]. 3. Establishing a mutual supervision and checks mechanism between highway departments and law enforcement agencies to ensure both parties fulfill their responsibilities [2]. Group 3: Future Steps - The provincial transportation department plans to organize pilot projects to develop initial results and experiences, aiming to provide a demonstration effect for road asset protection inspections and law enforcement work across the country and province [2].

Core Points - The company, China Merchants Highway Network Technology Holdings Co., Ltd., is issuing a new tranche of corporate bonds aimed at professional investors, with a total issuance limit of up to RMB 10 billion [1][2] - The bonds will have a face value of no more than RMB 500 million, with each bond priced at RMB 100, and the final issuance price will be determined through a book-building process [1][2] Summary by Sections - **Bond Issuance Details** - The company has received approval from the China Securities Regulatory Commission for the issuance of corporate bonds [1] - The bonds will be issued on August 5-6, 2025, with a maturity period of 3 years and a coupon rate of 1.92% [2] - The final issuance price was set at RMB 101.03 after consultations with underwriters [2] - **Investor Information** - The bonds are targeted at professional institutional investors, and specific subscription methods will be detailed in an announcement on August 1, 2025 [2]

Group 1 - The company, China Merchants Highway Network Technology Holdings Co., Ltd., has approved a share repurchase plan to buy back its A-shares at a price not exceeding RMB 18.10 per share, with a total repurchase fund ranging from RMB 310 million to RMB 618 million [2] - As of July 31, 2025, the company has repurchased a total of 18,366,602 shares, accounting for 0.26929% of the total share capital, with a total expenditure of RMB 234,536,100.22, excluding transaction fees [3] - The repurchase activities comply with relevant regulations and guidelines set by the Shenzhen Stock Exchange and are conducted within the stipulated time frames [4][5] Group 2 - The company has not repurchased shares during periods that could significantly impact the trading price of its securities or during other specified circumstances [4] - The share repurchase is conducted in accordance with the rules that prohibit buying at prices that exceed the daily trading limit and during specific trading sessions [5] - The company commits to timely disclosure of the progress of the share repurchase in accordance with regulatory requirements [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company reported a total revenue of 4.57 billion, a year-on-year decrease of 6.34%, and a net profit attributable to shareholders of 1.562 billion, down 4.39% year-on-year [3][4] - The company plans to distribute a dividend of 5.23 yuan per 10 shares, totaling 1.09 billion, which represents 70% of the net profit for the year [3][4] - The company has received a government document confirming the reimbursement of operational maintenance fees, which amounts to 340 million, indicating a positive outlook for future maintenance fee policies [5] Summary by Sections Financial Performance - Total revenue for 2024 was 4.57 billion, down 6.34% year-on-year - Net profit attributable to shareholders was 1.562 billion, a decrease of 4.39% year-on-year - Basic earnings per share were 0.75 yuan, with a weighted ROE of 15.52% [3][4] Business Operations - The company manages 306.78 kilometers of highways, with a total of 295.88 kilometers when considering equity stakes [4] - Key revenue contributors include: - Fokai Expressway: 1.495 billion - Jingzhu Expressway (Guangzhou-Zhuhai section): 1.08 billion - Guanghui Expressway: 1.925 billion [4] Future Outlook - The company aims for a revenue target of 4.447 billion for 2025, which is lower than the actual revenue for 2024 [4] - The estimated total investment for the expansion of Guanghui Expressway is 30.5 billion, with the company responsible for approximately 5.448 billion in capital contributions [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company reported a total revenue of 4.57 billion, a year-on-year decrease of 6.34%, and a net profit attributable to shareholders of 1.562 billion, down 4.39% year-on-year [3][4] - The company plans to distribute a dividend of 5.23 yuan per 10 shares, totaling 1.09 billion, which represents 70% of the net profit for the year [3][4] - The company has received a government document confirming the reimbursement of operational maintenance fees, indicating a positive outlook for future maintenance fee policies [5] Financial Performance - The company operates 306.78 kilometers of expressways, with a total revenue contribution from key expressways: 1.495 billion from Fokai Expressway, 1.08 billion from Jingzhu Expressway, and 1.925 billion from Guanghui Expressway in 2024 [4] - The company’s revenue target for 2025 is set at 4.447 billion, which is lower than the actual revenue for 2024 [4] - The company’s cash flow from operating activities for the reporting period was 3.256 billion [3] Earnings Forecast - The forecasted revenues for the next three years are as follows: 4.676 billion in 2025, 4.692 billion in 2026, and 4.720 billion in 2027, with year-on-year growth rates of 2.3%, 0.4%, and 0.6% respectively [6] - The net profit forecast for the next three years is projected to be 1.571 billion in 2025, 1.582 billion in 2026, and 1.596 billion in 2027, with year-on-year growth rates of 0.6%, 0.7%, and 0.9% respectively [6]