Group 1: Traffic Volume and Revenue - The traffic volume and toll revenue for the main highways, including the Fokai Expressway, Guangzhu East Expressway, and Guanghui Expressway, showed overall growth in Q4 2025 compared to the previous year [3]. - The Fokai Expressway experienced an increase in traffic volume and toll revenue due to heightened public travel willingness [3]. - The Guangzhu East Expressway saw a decrease in toll revenue in October and November due to traffic diversion from the Shen-Zhong Channel, but stabilized in December with year-on-year growth driven by holiday travel [3]. Group 2: Capital Expenditure Plans - The company's recent capital expenditures primarily focus on investments in the expansion and reconstruction of controlled highways, including the ongoing projects for the Jingzhu Expressway Guangzhu East section, Guanghui Expressway, and Yuezhang Expressway [3]. - Funding for these projects will be aligned with construction progress to meet financial requirements [3]. Group 3: Engineering Progress - The reconstruction projects for the Jingzhu Expressway Guangzhu section, Guanghui Expressway, and Yuezhang Expressway are being implemented in an orderly manner [3]. - The Huishan Expressway reconstruction has completed its main line and is awaiting final inspection and approval for toll standards [3]. - The Jiangzhong Expressway reconstruction has been fully completed and is now operational under the approved toll standards [3]. Group 4: Depreciation and Financing Costs - The company uses traffic volume to calculate depreciation, leading to a decrease in depreciation for the Jingzhu Expressway Guangzhu section due to a decline in toll revenue in 2025 [3]. - As of December 31, 2025, the company's financing costs range from 2.01% to 2.94%, with bank loan financing costs averaging around 2.4% [4].