Group 1 - The fund plans to distribute a cash dividend of RMB 147,000,000, which accounts for 99.8669% of the available distributable amount as of the distribution base date [1][2] - The cash dividend will be transferred from the fund's custodian account on November 26, 2025, with the distribution date set for November 27, 2025, for on-market transactions and November 26, 2025, for off-market transactions [3][4] - The fund's available distributable amount as of the distribution base date is RMB 147,195,878.09, consisting of amounts from two periods: RMB 287.30 from the previous period and RMB 147,195,590.79 from the current period [2] Group 2 - The infrastructure project associated with the fund is the Anhui Bo-Fu Expressway, which spans 101.3 kilometers and includes three toll stations and two service areas [8][19] - The project is managed by the China Merchants Highway Network Technology Holdings Co., Ltd. and its wholly-owned subsidiary [19] - As of October 2025, the project has shown good operational performance, with toll revenue sources being relatively diversified and no significant cash flow provider [9][20] Group 3 - In the first nine months of 2025, the project company achieved toll revenue of RMB 33,723,000, representing a year-on-year increase of 7.1% [20] - The average daily traffic volume for the project was 15,637 vehicles, with a year-on-year increase of 8.7%, including a 12.71% increase in passenger vehicle traffic [20] - The fund's total available distributable amount from October 17, 2024, to September 30, 2025, was RMB 462,055,871.97 [20] Group 4 - The fund will have 278,900,000 shares released from lock-up, which represents 55.78% of the total fund shares, effective November 21, 2025 [12] - After the release, the total tradable shares will increase to 360,710,000, accounting for 72.14% of the total fund shares [12] - The fund's market price as of November 19, 2025, was RMB 7.240 per share, reflecting a 3.55% increase from the issue price [21]

Group 1: Public REITs Basic Information - The strategic placement shares of the fund will be locked for 12 months from the listing date, with the release date set for November 21, 2025. A total of 278,900,000 shares will be released, accounting for 55.78% of the total fund shares [1] - Before the release of the strategic placement shares, the tradable shares in the secondary market amount to 81,810,000, which is 16.36% of the total fund shares. After the release, the total tradable shares will be 360,710,000, representing 72.14% of the total fund shares [1] Group 2: Infrastructure Project Performance - The infrastructure project is the Anhui Bo-Fu Expressway, managed by the Anhui Bo-Fu Expressway Co., Ltd. The project spans 101.3 kilometers with three toll stations and two service areas [4][5] - As of the announcement date, the project is operating stably, with a toll revenue (including tax) of 33,723 million yuan for the period from January to September 2025, reflecting a year-on-year growth of 7.1%. The average daily traffic volume is 15,637 vehicles, up 8.7% year-on-year [5] Group 3: Impact on Fund Shareholders' Rights - The closing price of the fund on November 6, 2025, was 7.401 yuan per share, representing a 5.85% increase from the issuance price. The predicted distributable amount for 2025 is 317,600,868.47 yuan [6] - The net cash flow distribution rate for an investor buying at the issuance price of 6.992 yuan per share is projected to be 9.08%, while for an investor buying at the market price of 7.401 yuan, it is projected to be 8.58% [6]

Group 1 - The announcement includes the appointment of new senior management personnel and acknowledges the contributions of the outgoing general manager, Mr. Xu Yong [1][6] - The infrastructure project under the fund is the Anhui Bo-Fu Expressway, which spans 101.3 kilometers and features a dual four-lane design with three toll stations [2][3] - The operational data for April 2025 indicates a year-on-year increase in average daily traffic and toll revenue, attributed to growth in passenger vehicle traffic and adjustments in differentiated toll policies for freight vehicles [3][4] Group 2 - The fund's management confirms that the investment operation is normal and that there are no undisclosed significant issues [4] - Investors are encouraged to consult the fund management's website or customer service for further inquiries regarding the fund [4]

Fund Overview - The fund is named "招商基金招商公路高速公路封闭式基础设施证券投资基金" and is also referred to as "招商高速公路 REIT" [2] - The fund was established on October 17, 2024, with a total of 500 million shares [2] - The fund's investment strategy focuses on infrastructure assets, with over 80% of its assets allocated to infrastructure asset-backed securities [2][3] Financial Performance - For the reporting period from October 17, 2024, to December 31, 2024, the fund reported total income of approximately RMB 86.78 million and a net profit of approximately RMB 17.43 million [3] - The fund's total assets at the end of the reporting period were approximately RMB 4.35 billion, with net assets of approximately RMB 3.31 billion [3] - The annualized cash distribution rate was reported at 9.90%, with a cash distribution rate of 7.44% for the period [3] Project Details - The fund acquired 100% equity of 安徽亳阜高速公路有限公司, which operates the 101.3 km long Bozhou-Fu Highway [2][8] - The highway generated a total toll revenue of approximately RMB 84.10 million during the reporting period, reflecting a year-on-year increase of 3.2% [24] - Daily average traffic volume was reported at 13,619 vehicles, with a year-on-year growth of 3.06% [24][25] Market Context - The highway industry in China is entering a mature phase, with a stable demand for transportation services and a growing network of highways [12][13] - The total length of highways in China has increased by 3.61% year-on-year, indicating ongoing infrastructure development [12] - The competitive landscape includes various transportation modes, but highways maintain a strong position due to their convenience and extensive coverage [13][14] Operational Management - The fund's operational management is conducted by 招商局公路网络科技控股股份有限公司, ensuring compliance and efficiency in managing the infrastructure assets [6][10] - The operational management fees for the reporting period included various components, ensuring the effective management of the highway project [6][10] - The fund emphasizes a collaborative approach with the operational management team to enhance service quality and operational efficiency [25]