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]