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].

Core Viewpoint - The company, Guangdong Expressway A, recently engaged in a specific investor survey with 23 institutions, discussing its operational status and project progress. Group 1: Company Operations - The company provided an overview of its financial data changes for the first half of 2025, including the operational status of its subsidiaries and ongoing expansion projects [1]. - The board secretary, Yang Hanming, highlighted the impact of the Shenzhen-Zhongshan Channel on traffic flow and toll revenue, noting a decrease in tolls for the Guangzhu East route but a stabilization in the decline [2]. Group 2: Traffic and Revenue Insights - Traffic volume for Guangzhu East and Guanghui Highways showed expected year-on-year changes, with Guanghui experiencing growth in both traffic and toll revenue [2]. - The company reported a higher-than-expected reduction in traffic volume for the Fokai Highway due to the influence of the Shenzhen-Zhongshan Channel and the opening of the Zhongkai Highway [2]. Group 3: Capital Expenditure and Project Management - The company’s recent capital expenditures primarily focus on the equity investments in the expansion projects of its highways, including Guangzhu East, Guanghui, and Yuezhao Highways [2]. - The company is implementing traffic organization plans to minimize the impact of construction on traffic flow during ongoing expansion projects [2].

Group 1: Financial Performance - The company reported significant changes in financial data for the first half of 2025, with specific focus on traffic volume and toll revenue across major routes [3] - The traffic volume for Guangzhu East and Guanghui Expressways showed expected year-on-year changes, with Guangzhu East experiencing a decline in toll revenue due to the diversion caused by the Shenzhen-Zhongshan Channel [3] - The traffic volume for Fokai Expressway decreased more than expected due to the impact of the Shenzhen-Zhongshan Channel and the opening of Zhongkai Expressway [3] Group 2: Capital Expenditure and Projects - The company's recent capital expenditures are primarily focused on the investment in the expansion projects of its controlled expressways, including Guangzhu East, Guanghui, and Yuezhang Expressways [3] - The company is committed to funding these projects according to their construction progress to meet financial requirements [3] Group 3: Impact of Infrastructure Changes - The company anticipates ongoing traffic diversion effects from the Shenzhen-Zhongshan Channel on Guangzhu East and Fokai Expressways throughout the year, with the extent of the impact to be monitored [3] - The company has implemented traffic management strategies to minimize the impact of construction on traffic flow during expansion projects [3]