Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [1]. Core Insights - In 2025, the company's toll revenue increased by 13.36% year-on-year, driven by both organic growth and external expansion strategies [1]. - The company achieved a total revenue of 6,722 million yuan in 2025, a decrease of 12.68% compared to the previous year, primarily due to a reduction in construction service revenue. However, excluding construction service revenue, the company reported a revenue growth of 13.41% [6]. - The net profit attributable to the parent company was 1,877 million yuan, reflecting a slight decline of 1.57% year-on-year, while the net profit excluding non-recurring items grew by 6.69% [6]. - The company plans to distribute a cash dividend of 0.66 yuan per share, totaling 1,128 million yuan, with a dividend payout ratio of 60.06% [6]. Financial Performance Summary - **Revenue Forecasts**: The company is projected to generate total revenues of 7,337 million yuan in 2026, with a growth rate of 9.2%, followed by 7,294 million yuan in 2027 and 7,926 million yuan in 2028 [2]. - **Net Profit Forecasts**: The net profit is expected to reach 2,162 million yuan in 2026, growing by 15.1%, and continue to rise to 2,198 million yuan in 2027 and 2,309 million yuan in 2028 [2]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 1.27 yuan in 2026, 1.29 yuan in 2027, and 1.35 yuan in 2028 [2]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected to be 12 for 2026 and 11 for 2028, while the price-to-book (P/B) ratio is expected to decrease from 2.1 in 2025 to 1.7 in 2028 [2]. Growth Drivers - The company has shown strong internal growth, with significant recovery in core toll revenue, particularly from newly opened projects that have led to a rapid increase in traffic and revenue [6]. - The external expansion strategy includes the acquisition of high-quality road assets and strategic investments, such as acquiring a 7% stake in Shandong Highway for 30.19 billion yuan, which is expected to yield substantial investment returns [6]. - New project investments have been secured, laying a foundation for future growth, including several new highway projects [6].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][22]. Core Insights - In 2025, the company's toll revenue increased by 13.36% year-on-year, driven by both organic growth and external expansion strategies [1][6]. - The company achieved total revenue of 6,722 million yuan in 2025, a decrease of 12.68% compared to the previous year, primarily due to a reduction in construction service revenue. However, excluding this segment, revenue grew by 13.41% [2][6]. - The net profit attributable to shareholders was 1,877 million yuan, down 1.57% year-on-year, while the net profit excluding non-recurring items increased by 6.69% [2][6]. - The company plans to distribute a cash dividend of 0.66 yuan per share, totaling 1,128 million yuan, with a dividend payout ratio of 60.06% [6]. Financial Performance Summary - **Revenue Forecasts**: The company is projected to generate total revenues of 7,337 million yuan in 2026, with a growth rate of 9.2%, followed by 7,294 million yuan in 2027 and 7,926 million yuan in 2028 [2][11]. - **Net Profit Forecasts**: Expected net profits are 2,162 million yuan in 2026, 2,198 million yuan in 2027, and 2,309 million yuan in 2028, reflecting growth rates of 15.1%, 1.7%, and 5.1% respectively [2][11]. - **Earnings Per Share (EPS)**: EPS is projected to be 1.27 yuan in 2026, 1.29 yuan in 2027, and 1.35 yuan in 2028 [2][11]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to be 12 for 2026 and 11 for 2028, while the price-to-book (P/B) ratio is projected to decrease from 2.1 in 2025 to 1.7 in 2028 [2][11]. Growth Drivers - The company is experiencing strong internal growth, with significant recovery in core toll revenue, particularly from newly opened projects that have shown remarkable traffic recovery [6]. - External expansion efforts include the acquisition of high-quality road assets and strategic investments, such as acquiring a 7% stake in Shandong Highway for 30.19 billion yuan, which is expected to yield substantial investment returns [6][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A-shares and H-shares [7]. Core Views - The company's revenue for 2025 is reported at 6.722 billion RMB, a decrease of 12.68% year-on-year, while the net profit attributable to shareholders is 1.877 billion RMB, a slight decrease of 1.57%. However, the net profit excluding non-recurring items increased by 6.69% to 1.789 billion RMB [1][2]. - The growth in net profit is primarily driven by the acquisition of the Fuzhou and Suxu expressways, optimization of truck toll rates starting from Q2, and favorable weather conditions that improved traffic [1][2]. - The company plans to distribute a tax-inclusive dividend of 0.66 RMB per share, maintaining a payout ratio of 60%, which corresponds to a dividend yield of 4.3% for A-shares and 5.2% for H-shares [1]. Revenue and Profit Growth - The company's toll revenue for 2025 increased by 31% (non-revised basis), mainly due to the acquisition of the Fuzhou and Suxu expressways. On a comparable basis, toll revenue grew by 13.3% [2]. - The completion of the Xuan-Guan project expansion led to a 181% increase in toll revenue for the Xuan-Guan, Guan-Ci, and Guan-De North sections. Other sections saw a 4.0% increase in toll revenue [2]. Cost and Profitability - The company's gross profit increased by 544 million RMB (non-revised basis), with the newly acquired expressways contributing approximately 66% to this increase. However, the growth rate of gross profit (7.8%) was lower than that of toll revenue (13.3%) due to rising depreciation and maintenance costs [3]. - Financial expenses increased by 160 million RMB year-on-year, primarily due to expanded debt from external investments and increased interest expenses following the completion of the Xuan-Guan project [4]. Financial Forecast and Valuation - The forecast for net profit attributable to shareholders has been raised by 13% and 16% for 2026 and 2027, respectively, to 2.164 billion RMB and 2.004 billion RMB. A forecast for 2028 has also been introduced at 1.865 billion RMB [5]. - The target prices based on DCF valuation are set at 18.7 RMB for A-shares and 17.0 HKD for H-shares, with a WACC of 4.8% for A-shares and 6.2% for H-shares [5].

JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 海外監管公告 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。 2025年年度報告 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 規 定 作 出。 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 及 中 國 報 章 刊 登 的 公 告。 特 此 公 告。 承董事會命 汪 鋒 執行董事 中 國‧南 京，2026年3月30日 於 本 公 告 日 期，本 公 司 董 事 為： 汪鋒 Δ 、王穎健 # 、謝蒙萌 # 、張新宇 #^ 、楊少軍 # 、楊建國 # 、馬忠禮 # 、徐光華 * 、 葛 揚 * 、顧 朝 陽 * 、譚 世 俊 * 、孫 立 軍 * Δ 執行董事 # 非執行董事 * 獨立 ...

Investment Rating - The report maintains a "Recommend" rating for the company [1] Core Insights - The company's performance in 2025 remained stable year-on-year, with a total revenue of 92.64 billion yuan, reflecting a growth of 0.2%. The net profit attributable to shareholders was 11.49 billion yuan, a year-on-year increase of 0.4% [7] - The core business of toll roads showed steady growth, with toll revenue reaching 51.24 billion yuan, up 1.4% year-on-year. The company has a strong position in the Greater Bay Area infrastructure market, which is expected to provide opportunities for expansion in quality projects [7][8] - The environmental protection business is still in the cultivation phase, with revenue from clean energy and solid waste resource processing showing mixed results [7] Financial Summary - **Revenue Forecasts**: The company is projected to achieve total revenues of 96.78 billion yuan in 2026, 101.41 billion yuan in 2027, and 105.62 billion yuan in 2028, with respective growth rates of 4.5%, 4.8%, and 4.2% [3] - **Net Profit Forecasts**: The net profit attributable to shareholders is expected to rise to 14.60 billion yuan in 2026, 15.53 billion yuan in 2027, and 16.59 billion yuan in 2028, with growth rates of 27.0%, 6.4%, and 6.8% respectively [3] - **Earnings Per Share (EPS)**: The EPS is projected to be 0.58 yuan in 2026, 0.61 yuan in 2027, and 0.65 yuan in 2028 [3] - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 20 times in 2025 to 14 times in 2028, while the price-to-book (P/B) ratio remains stable at around 0.8 times [3] Business Segments - **Toll Road Operations**: The toll road segment is benefiting from network synergies, with a slight increase in traffic and revenue in key regions [7] - **Environmental Protection Initiatives**: The clean energy segment reported a slight decline in revenue, while solid waste processing saw a growth of 13.78% year-on-year, indicating potential for future profitability as projects mature [7] Investment Recommendations - The report suggests that while the core toll road business remains stable, there may be ongoing pressures in the environmental sector. The earnings forecasts for 2026 and 2027 have been adjusted downwards due to these concerns, but the overall outlook remains positive given the company's strategic advantages in the Greater Bay Area [7]

Core Viewpoint - The company reported a slight increase in revenue and net profit for the year 2025, indicating stable financial performance despite challenging market conditions [1] Financial Performance - The company achieved an operating revenue of 9.264 billion yuan, representing a year-on-year growth of 0.20% [1] - The net profit attributable to shareholders was 1.149 billion yuan, with a year-on-year increase of 0.38% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.124 billion yuan, reflecting a year-on-year growth of 4.66% [1] - Basic earnings per share were 0.429 yuan [1] Dividend Distribution - The company proposed a final cash dividend of 0.244 yuan per share (including tax) to all shareholders for the year ending December 31, 2025 [1] Business Strategy and Operations - The company focused on its "14th Five-Year" strategic goals, actively implementing measures to enhance production efficiency and promote operational synergy [1] - Revenue from toll fees was approximately 5.124 billion yuan, accounting for 55.31% of total revenue [1] - Revenue from clean energy and solid waste resource treatment, categorized under environmental protection business, was about 1.517 billion yuan, representing 16.38% of total revenue [1] - Other income amounted to approximately 2.623 billion yuan, making up 28.31% of total revenue [1]

Core Viewpoint - Shenzhen Expressway (600548) has shown a price increase of 1.76% this week, closing at 9.26 yuan, with a total market capitalization of 23.501 billion yuan, ranking 8th in the railway and highway sector [1] Group 1: Company Announcements - Shenzhen Investment Holdings Bay Area Development Co., Ltd. (a subsidiary of Shenzhen Expressway) reported a revenue of approximately 786 million yuan and a net profit attributable to shareholders of about 468 million yuan for the year 2025 [1][3] - The company plans to distribute a total dividend of approximately 467 million yuan for the year 2025, with a proposed dividend of 0.076 yuan per share [1] - Shenzhen Expressway announced the establishment of a special account for cash management of raised funds, utilizing 200 million yuan of idle funds to invest in structured deposit products with a term of 365 days and expected annual yields ranging from 0.65% to 2.28% [1][3] Group 2: Upcoming Events - The company will hold its 2025 annual performance briefing on March 27 and March 30, with participation from key executives and the opportunity for investors to submit questions in advance [2][3]

Investment Rating - The investment rating for the company has been adjusted to "Accumulate" [6] Core Views - The company reported a revenue of 4.47 billion RMB for 2025, a year-on-year decrease of 2.19%, while the net profit attributable to shareholders was 1.80 billion RMB, an increase of 15.31% year-on-year [1] - The company is entering a peak period for expansion and renovation, which is expected to impact its financial performance due to increased capital expenditures [3] - The toll revenue for the company's controlled sections is expected to decline by 2.6% in 2025, primarily due to network diversion caused by new road openings and ongoing construction [2] Summary by Sections Financial Performance - The company achieved a net profit of 1.80 billion RMB in 2025, with a cash flow from operating activities of 3.56 billion RMB, reflecting a year-on-year increase of 9.31% [1] - The company plans to distribute a dividend of 0.604 RMB per share for 2025, maintaining a payout ratio of 70%, which corresponds to a dividend yield of 4.8% [1] Capital Expenditure and Expansion - The company is undertaking significant expansion projects, with the Guanghui Expressway renovation budget estimated at 30.5 billion RMB and the Guangzhu East renovation budget at 13.7 billion RMB [3] - The company’s debt-to-asset ratio was 47% at the end of 2025, but it is projected to rise to approximately 62% by 2028 due to increased capital expenditures [3] Toll Revenue and Network Changes - The toll revenue for Guangzhu East Expressway is expected to decline by 11.5% due to competition from new routes and ongoing construction [2] - The company anticipates that the opening of new highways in the Pearl River Delta region from 2026 to 2028 will increase network variability and potentially impact traffic flow on existing routes [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2026 and 2027 has been slightly adjusted to 1.59 billion RMB and 1.48 billion RMB, respectively [5] - The target price for the company is set at 13.52 RMB, based on a discounted cash flow (DCF) analysis and price-to-earnings (PE) ratio assessment [5]

Group 1 - The "Yue Che Nan Xia" policy has been implemented smoothly during its initial phase, with a significant increase in passenger flow in Guangdong during the Spring Festival [1][2] - On the first day of the Spring Festival, nearly 100 Guangdong private cars were booked to enter Hong Kong, with a total of nearly 500 expected over the following days, indicating strong regional traffic demand [2] - The policy aims to enhance transportation connectivity in the Greater Bay Area and is expected to gradually expand to more cities in Guangdong [2] Group 2 - During the Spring Festival, the Guangzhou Railway Bureau anticipated over 2 million arriving passengers on February 20, with Guangdong's passenger flow reaching 1.487 million, a year-on-year increase of 12.9% [2] - The overall inter-regional mobility during the same period reached 339 million people, reflecting a 5.0% increase compared to the previous period [2] - The Guangzhou Railway Bureau added 633 trains to accommodate the pre-festival peak, sending 2.604 million passengers, indicating heightened transportation activity during the Spring Festival [2] Group 3 - The stock price of Yueyun Transportation H shares increased slightly by 1.21% from February 14 to February 20, closing at 1.67 HKD on February 20 [3] - Technical indicators show short-term momentum has strengthened, with the MACD histogram turning positive and the KDJ indicator J line rising to 78.82 [3] - Despite the positive price movement, trading volume remains low, with a turnover of only 155,900 HKD and a turnover rate of just 0.04% [3]

Core Viewpoint - The company has increased its stake in Shen高速 H shares and plans to issue corporate bonds to support ongoing projects, reflecting confidence from major shareholders [1][2]. Recent Events - On February 5, the company acquired 566,000 shares of Shen高速 H at HKD 7.6 per share, raising its ownership to 21.01% [2]. - The company announced plans to publicly issue corporate bonds up to CNY 1.5 billion on January 6, 2026, to fund project advancements [2]. - In December 2025, the main toll revenue from key routes continued to grow, with the Outer Ring project generating CNY 113 million, and the Jihe East and Yangjiang projects contributing CNY 64.18 million and CNY 75.76 million, respectively [2]. Institutional Perspectives - Multiple brokerages, including Caifeng Securities and Huatai Securities, forecasted a net profit attributable to shareholders of approximately CNY 1.76 billion for the full year of 2025, driven by stable growth in the toll road business and optimization of financial expenses [3]. Project Progress - Major engineering projects such as the Jihe Expressway expansion have commenced, expected to be completed by 2029, while the Outer Ring Expressway Phase III is scheduled for completion by the end of 2028, enhancing the road network's hub status in the Guangdong-Hong Kong-Macau Greater Bay Area [4].