Financial Performance - In the first half of 2025, the company's construction business gross margin was 9.15%, an increase of 1.04% year-on-year [1] - The company's operating cash flow remained stable compared to the same period last year, with a net cash outflow due to high project funding needs [1] - As of June 30, 2025, accounts receivable amounted to 8.111 billion CNY, showing a decrease compared to the end of the previous year [1] Order and Project Status - From January to June 2025, the company secured 567 new orders with a total value of 32.157 billion CNY, a decline compared to the same period in 2024 due to project delays [2] - The company has successfully bid for significant projects, including sections of the G2531 Hangzhou to Shangrao Expressway [2] Business Development - The company's maintenance business has shown growth in revenue and new orders, focusing on county-level maintenance and expanding into local markets [2] - The company is enhancing its investment projects, including PPP projects, while maintaining strict risk control [2] Equipment and Materials - The company’s new equipment sector is led by Zhejiang Jiaogong Equipment Engineering Co., focusing on high-end manufacturing and intelligent solutions [3] - The new materials business covers a range of products, with ongoing research and development aimed at industrialization [3] Future Strategies - The company plans to expand through mergers and acquisitions, focusing on upstream and downstream industries to enhance its core competitiveness [4] - A three-year cash dividend plan has been established, with a proposed cash dividend of 1.25 CNY per 10 shares for 2024, totaling 334 million CNY, which is 25.48% of the net profit [5] - The company is actively planning its "14th Five-Year" development strategy, targeting five major business sectors to enhance overall development capabilities [6]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 18.647 billion yuan, a year-on-year increase of 1.12% [1] - The construction business generated revenue of 16.678 billion yuan, a decrease of 3.21% year-on-year, while the highway maintenance business saw revenue of 1.758 billion yuan, an increase of 87.82% [1] - The net profit attributable to shareholders was 545 million yuan, up 6.43% year-on-year, with a non-recurring net profit of 529 million yuan, increasing by 6.19% [1] Profitability Metrics - The gross margin for the construction business was 9.15%, an increase of 1.04% year-on-year [1] - The gross margin for highway maintenance decreased due to rising costs despite stable pricing [1] Accounts Receivable - As of June 30, 2025, accounts receivable stood at 8.111 billion yuan, showing a decrease compared to the previous year [2] - The company is actively managing accounts receivable to accelerate cash flow and reduce capital occupation costs [2] Order Intake - In the first half of 2025, the company secured 567 new orders with a total value of 32.157 billion yuan, a decline compared to the same period in 2024 [2] - Recent major projects include the G2531 Hangzhou to Shangrao Expressway and other significant segments, indicating a positive order acquisition trend [2] Maintenance Business Development - The maintenance business includes traditional construction and maintenance, design consulting, and supply chain services, showing good growth in revenue and new orders [2] - Future plans involve expanding maintenance services across various regions and promoting green maintenance practices [2] Investment Projects - The company is engaged in various investment projects, including PPP and equity cooperation, with a focus on risk control [2] - Ongoing major PPP projects include the Hangjinqu Expressway and the Ningbo-Zhoushan Expressway [2] New Equipment and Materials - The company is developing new equipment and materials, with a focus on high-end manufacturing and smart solutions [3][4] - Recent revenue from Zhejiang Yitong Special Foundation Engineering Co., Ltd. was 188 million yuan, with a net profit of 13 million yuan [3] Dividend Policy - The company plans to distribute cash dividends of 1.25 yuan per 10 shares for the 2024 fiscal year, totaling 334 million yuan, which is 25.48% of the net profit [4] - Future dividend policies will consider shareholder feedback and company performance to enhance predictability and stability [4] Future Development Plans - The company is formulating its "14th Five-Year" development plan, focusing on five major business sectors to enhance overall development capabilities [4]

Group 1: Investment and Infrastructure Plans - Zhejiang Province plans to complete a total transportation investment of CNY 350 billion in 2025, aiming for CNY 360 billion [1] - Key projects include the construction of 160 km of expressways and 280 km of national and provincial roads, along with the addition of 5 coastal berths and 50 inland waterways [1][2] - The Zhejiang Transportation Group aims to complete transportation investments of over CNY 739 billion in 2025, focusing on 31 projects with a total investment of CNY 5.765 billion [2] Group 2: Company Performance and Financials - In the first half of 2025, the company achieved a revenue of CNY 18.647 billion, a year-on-year increase of 1.12% [3] - The net profit attributable to shareholders reached CNY 545 million, up 6.43% year-on-year [3] - The construction business reported a revenue of CNY 16.678 billion, a decline of 3.21%, while the highway maintenance business saw a significant increase of 87.82% to CNY 1.758 billion [3] Group 3: Business Development and Market Position - The company has secured 567 new orders in the first half of 2025, with a total order value of CNY 32.157 billion, although this represents a decrease compared to the same period in 2024 [3] - The maintenance segment has expanded its market presence, covering 11 cities in Zhejiang and managing approximately 80% of the province's operational highways [3] - The company is actively diversifying its business, including participation in PPP projects and expanding into new markets [4] Group 4: Future Strategies and Goals - The company is planning to enhance its capabilities in transportation infrastructure, urban construction, and related industries as part of its "14th Five-Year Plan" [5] - Aiming to become a leading enterprise in the new infrastructure sector, the company will optimize its business structure and improve overall development capabilities [5] - The cash dividend plan for 2024 includes a distribution of CNY 1.25 per 10 shares, totaling CNY 334 million, which is 25.48% of the net profit [4]