Core Viewpoint - The company has announced a change in accounting estimates regarding the unit traffic volume amortization of its intangible assets related to the Jiangyan Expressway, effective from July 1, 2025, which will increase the amortization amount from RMB 7.09 to RMB 9.32 per standard vehicle, reflecting actual traffic conditions and forecasts [19][22][44]. Financial Data - The company reported that the financial data in the quarterly report is accurate and complete, with no significant omissions or misleading statements [2][4]. - The company has not audited the third-quarter financial statements [4]. Shareholder Information - As of the end of the reporting period, the total number of shareholders is 20,849, with 20,526 A-share shareholders and 323 H-share shareholders [6]. - The top ten shareholders and their holdings have been disclosed, with significant stakes held by entities such as Yunshan Capital and Zhaoshang Highway [8][11]. Operational Data - The average daily mixed traffic volume data does not include free traffic during holiday periods, and the reported income is exclusive of tax [9]. - The company has a cargo compensation agreement with the Shenzhen Transportation Bureau, which will end on December 31, 2024, after which normal toll rates will apply [9][10]. Investment Activities - The company has engaged in five new principal-protected floating income financial product transactions during the reporting period, with a total investment amount of RMB 1.5 billion [14]. - The balance of financial products held by the company at the end of the reporting period was RMB 3.74 billion, with no overdue principal or income [14]. Meeting Resolutions - The board of directors approved the change in accounting estimates and the third-quarter report during the meeting held on October 30, 2025, with unanimous support [42][44]. - The supervisory board also reviewed and approved the third-quarter report, confirming compliance with relevant laws and regulations [36][34].

Core Insights - Guangdong Transportation Group celebrates its 25th anniversary, having expanded its highway network from 501 kilometers in 2000 to 8,181 kilometers by 2025, contributing significantly to the connectivity of the Greater Bay Area [1][2]. Group 1: Highway Development - The group currently has 8 highway projects under construction in the Greater Bay Area, totaling approximately 548.8 kilometers, with 2 new projects starting, covering about 201 kilometers and a total investment of around 2,137 billion [1]. - The highway mileage in Guangdong has seen consistent growth, surpassing 11,700 kilometers by the end of 2024, with the group accounting for 8,181 kilometers, representing about 70% of the province's total highway mileage [2]. Group 2: Economic Impact - The highways have significantly boosted regional economies, with the Guangzhou-Shenzhen Expressway contributing over 400 billion to the economy of the surrounding areas from 2002 to 2020 [2]. - The newly opened Shenzhen-Zhongshan Bridge recorded over 31 million vehicle trips in its first year, facilitating the free flow of talent, goods, capital, and information across the Pearl River Delta [2]. Group 3: Tourism and Business Growth - The influx of tourists due to the Shenzhen-Zhongshan Bridge led to a 102.36% increase in visitors to Zhongshan during the 2024 National Day holiday, generating tourism revenue of 1.968 billion [3]. - The first phase of the Zhongshan Life Science Park has achieved a 65% occupancy rate, attracting over 30 biopharmaceutical companies to establish operations [3]. Group 4: Infrastructure Projects - Ongoing infrastructure projects include the Huangmaohai Cross-Sea Channel, the expansion of the Shenshan and Zhongjiang Highways, and the construction of various expressways, which are enhancing the connectivity of the Greater Bay Area [3].