Core Viewpoint - Ninghu Expressway continues the construction of the Ningyang Yangtze River Bridge project, aiming to enhance the regional highway network and solidify its leading position in the southern Jiangsu road network [1][2]. Investment Project - The company plans to invest no more than 90.33 billion RMB in the construction of the southern approach of the Ningyang Yangtze River Bridge [2]. - To ensure the project's smooth implementation, Ninghu Expressway will increase its capital contribution to the subsidiary Longtan Bridge Company by 3.27 billion RMB, while Nanjing Highway Development Group will contribute 1.247 billion RMB [2]. - The remaining construction funds of 4.516 billion RMB will be raised through bank loans [2]. - After the capital increase, Ninghu Expressway's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80% [2]. Strategic Importance - The project will effectively connect the southern approach of the Ningyang Yangtze River Bridge with the Hu-Ning Expressway, enhancing traffic flow and regional connectivity [3]. - This investment is crucial for improving the southern Jiangsu highway network and reinforcing the company's dominant position in the region [3]. Company Overview - Ninghu Expressway, established on August 1, 1992, is the only listed toll road company in Jiangsu Province and one of the largest listed companies in the domestic highway sector [4]. - The company primarily engages in the investment, construction, operation, and management of the Jiangsu section of the Hu-Ning Expressway and other toll roads within Jiangsu Province [4]. - As of June 30, 2025, the company operates 12 toll road projects and has 3 new projects under construction, totaling approximately 1,000 kilometers [4]. Financial Performance - From 2020 to 2024, the company's revenue increased from 8.032 billion RMB to 23.2 billion RMB, while net profit rose from 2.464 billion RMB to 4.947 billion RMB, despite some fluctuations due to the pandemic [4]. - In the first three quarters of 2025, the company's revenue was 12.981 billion RMB, a year-on-year decrease of 7.66%, and net profit was 3.837 billion RMB, down 6.86% year-on-year [4]. - As of the end of the third quarter of 2025, the company had cash and cash equivalents of 734 million RMB and financial assets of 2.923 billion RMB, with significant short-term and long-term liabilities [4]. Foreign Investment Interest - Ninghu Expressway has attracted significant foreign investment interest, particularly from BlackRock, which has increased its stake over four consecutive quarters, holding 126 million shares, or 2.49%, as of September 30, 2025 [5][6]. - Morgan Stanley reduced its stake in the second quarter of 2025 but increased it again in the third quarter, while State Street Bank entered the top ten shareholders list in the first quarter of 2025 [6].

Core Viewpoint - Ninghu Expressway (宁沪高速) is investing up to 9.033 billion RMB in the construction of the Nanyang Yangtze River Bridge South Connection Project to enhance regional highway networks and solidify its leading position in the southern Jiangsu road network [1][3][4] Group 1: Project Investment - The company plans to invest no more than 90.33 billion RMB in the Nanyang Yangtze River Bridge South Connection Project [1][3] - To ensure the project's smooth implementation, Ninghu Expressway will increase its investment in Jiangsu Longtan Bridge Co., Ltd. by 3.27 billion RMB, while Nanjing Highway Development Group Co., Ltd. will invest 1.247 billion RMB [3] - The remaining construction funds of 4.516 billion RMB will be raised through bank loans and other means [3] Group 2: Company Performance - Ninghu Expressway is the only listed toll road company in Jiangsu Province and has shown strong profitability [2][5] - From 2020 to 2024, the company's revenue increased from 8.032 billion RMB to 23.2 billion RMB, and net profit rose from 2.464 billion RMB to 4.947 billion RMB [5] - In the first three quarters of 2025, the company reported a revenue of 12.981 billion RMB, a year-on-year decrease of 7.66%, and a net profit of 3.837 billion RMB, down 6.86% year-on-year [5] Group 3: Shareholder Interest - The company has attracted significant foreign investment, particularly from BlackRock, which has increased its stake over four consecutive quarters, holding 126 million shares, or 2.49%, as of September 2025 [2][7] - Other notable shareholders include JPMorgan Chase and State Street Bank, indicating strong interest from institutional investors [6][7]

Core Viewpoint - Jiangsu Ninghu Expressway Co., Ltd. plans to increase capital for its subsidiary Jiangsu Longtan Bridge Co., Ltd. to invest in the Nanjing Metropolitan Circle Ring Expressway project, with a total estimated investment of up to RMB 9.03272 billion [2][3][21]. Group 1: Investment Overview - The company will increase its capital contribution to Jiangsu Longtan Bridge Co., Ltd. by RMB 3.26964 billion, while another shareholder, Nanjing Public Road Development Group Co., Ltd., will contribute RMB 1.24672 billion [4][13]. - The total investment for the Nanjing Yangtze River Bridge South Connection Project is estimated at RMB 9.03272 billion, with the capital contribution accounting for 50% of the total investment [21][15]. Group 2: Financial Impact - After the capital increase, the company's shareholding in Jiangsu Longtan Bridge Co., Ltd. will rise from approximately 57.33% to about 63.80% [4][16]. - The project is expected to enhance the overall traffic capacity of existing projects and increase traffic flow and toll revenue, thereby improving the operational efficiency of Jiangsu Longtan Bridge Co., Ltd. [21][19]. Group 3: Project Details - The project will connect the existing Nanjing Yangtze River Bridge and its northern connection to the regional expressway network, with a total length of approximately 19.627 kilometers [21][20]. - The project will be constructed to a dual six-lane expressway technical standard, with a design speed of 100 km/h [21][20]. Group 4: Approval and Compliance - The investment decision was approved by the company's board of directors and does not require shareholder approval, as it falls within the board's decision-making authority [5][52]. - The project is not classified as a major asset restructuring or related party transaction under relevant regulations [5][5].

Core Viewpoint - The company aims to enhance the regional highway network and solidify its leading position in the southern Jiangsu road network through the investment in the Nanyang Yangtze River Bridge and its associated projects [1] Group 1: Investment Details - The company plans to invest up to RMB 9.03272 billion in the construction of the southern approach to the Nanyang Yangtze River Bridge [1] - The company will increase its capital contribution to the subsidiary Longtan Bridge Company by RMB 3.26964 billion, while its shareholder Nanjing Highway Development Group will contribute RMB 1.24672 billion [1] - The remaining construction funds of RMB 4.51636 billion will be raised through bank loans and other means by Longtan Bridge Company [1] Group 2: Shareholding Changes - Following the capital increase, the company's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80% [1] - The subsidiary will continue to be included in the company's consolidated financial statements [1] Group 3: Board Approval - The company's board, including all independent non-executive directors, has confirmed that the transaction terms are fair and reasonable, conducted under general commercial terms or better, and align with the overall interests of the company and its shareholders [1]

Core Viewpoint - The company plans to invest up to RMB 9.03272 billion in the construction of the Nanyang Yangtze River Bridge South Connection Project to enhance the regional highway network and strengthen its dominant position in the southern Jiangsu road network [1] Investment Details - The company will increase its investment in Longtan Bridge Company by RMB 3.26964 billion using its own funds or other compliant funding sources [1] - Nanjing Highway Development (Group) Co., Ltd. will contribute RMB 1.24672 billion to Longtan Bridge Company [1] - The remaining construction funds of RMB 4.51636 billion will be raised through bank loans and other means by Longtan Bridge Company [1] Shareholding Changes - Following this capital increase, the company's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80%, remaining within the scope of the company's consolidated financial statements [1]

Core Viewpoint - The company plans to invest up to RMB 9.03272 billion in the construction of the southern approach of the Ningyang Yangtze River Bridge to enhance the regional highway network and strengthen its leading position in the southern Jiangsu road network [1] Investment Details - The company will increase its investment in Longtan Bridge Company by RMB 3.26964 billion using its own funds or other compliant funding sources [1] - Nanjing Highway Development (Group) Co., Ltd. will contribute RMB 1.24672 billion to Longtan Bridge Company [1] - The remaining construction funds of RMB 4.51636 billion will be raised through bank loans and other means by Longtan Bridge Company [1] Shareholding Changes - Following this capital increase, the company's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80% [1] - The increased shareholding will still fall within the scope of the company's consolidated financial statements [1]

Core Viewpoint - The company plans to invest up to RMB 90.3272 billion in the construction of the Nanyang Changjiang Bridge South Connection Project through its subsidiary, Longtan Bridge Company [1] Group 1: Investment Details - The company will increase its investment in Longtan Bridge Company by RMB 32.6964 billion using its own funds or other compliant funding sources [1] - Nanjing Highway Development (Group) Co., Ltd. will contribute RMB 12.4672 billion to Longtan Bridge Company [1] - The remaining construction funds of RMB 45.1636 billion will be raised through bank loans and other means by Longtan Bridge Company [1] Group 2: Shareholding Changes - Following this capital increase, the company's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80% [1] - The increased shareholding will still fall within the scope of the company's consolidated financial statements [1]