Core Viewpoint - Jiangsu Ninghu Expressway (600377) announced a capital increase for the Xitai project, which is a key provincial transportation project in Jiangsu aimed to start construction in 2024 [1] Group 1: Capital Increase Details - The company signed a supplementary agreement to increase the registered capital of Xitai Company by RMB 5,599,095,550, raising it to RMB 12,099,095,550 [1] - New investors, including some contractors of the Xitai project, will contribute a total of RMB 650 million, while the existing shareholders will fund the remaining portion proportionally [1] - The company's stake in Xitai Company will decrease from 50% to approximately 47.5% after the new investment [1] Group 2: Project Significance - The Xitai project is part of the Jiangsu provincial government's three-year rolling plan and is one of the key provincial transportation projects [1] - Successful implementation of the project will strengthen the company's leading position in the southern Jiangsu road network [1] - The introduction of social capital through this capital increase will provide necessary funding for the Xitai project while reducing the company's own capital investment requirements [1]

Performance Forecast - The company expects a net loss for the period from January 1, 2025, to June 30, 2025, with an estimated loss of between 70 million to 85 million yuan, compared to a profit of 10.5262 million yuan in the same period last year [1] - The expected net loss attributable to shareholders, after deducting non-recurring gains and losses, is projected to be between 75 million to 90 million yuan, compared to a loss of 1.8676 million yuan in the previous year [1] - The basic earnings per share is anticipated to be a loss of between 0.0552 yuan to 0.0670 yuan, compared to a profit of 0.0083 yuan per share last year [1] Reasons for Performance Change - The primary reason for the expected change in net profit is that the highways invested and constructed by the company have entered the operational phase, which typically experiences initial operational losses during the charging cultivation period [1]