Core Insights - The construction of the new section of National Highway 307 in Shanxi, with an estimated total investment of over 4.8 billion yuan, marks a significant step towards substantial construction and is a beneficial attempt at the BOT (Build-Operate-Transfer) model in Shanxi [1] - Shanxi Road and Bridge has won 17 concession projects totaling 1,296 kilometers and an investment of 99.2 billion yuan, demonstrating the importance of the concession model for the company [2] - The company reported a revenue of 785 million yuan from highway concession projects in the first half of 2023, a year-on-year increase of 2.31%, accounting for 99.32% of its total revenue [2] Investment and Financing - The new highway project will have a construction period of 36 months, with 20% of the total investment funded by the government and the concessionaire, while the remaining funds will be raised through project company financing [1] - The BOT model is the most commonly used method in Shanxi Road and Bridge's concession operations, providing a diversified financing model that ensures the smooth progress of projects [1] Recent Developments - In the second half of 2024, Shanxi Road and Bridge won multiple concession projects, including the Dazhong Ring Expressway and National Highways 109 and 208, with a total bid amount of approximately 12.9 billion yuan [4] - The first highway concession project in Shanxi, the Fenzhi to Wutai Expressway, has been signed, with a total length of 71.246 kilometers and an investment of 10.498 billion yuan [5] - The company currently manages and operates approximately 3,992 kilometers of various grades of highways, establishing itself as a key player in transportation project investment and construction in Shanxi [5]