Core Viewpoint - Nanning Expressway Investment Group's subsidiary, Nanning Expressway Construction Development Co., aims for high-quality development by focusing on core responsibilities and innovative reforms, achieving significant results in project execution and operational improvements in 2025 [2][3]. Group 1: Project Achievements - The company successfully completed major engineering projects, including the full bridge connectivity of the Nanjin Highway Phase II and the construction of the Zhengyoujiang Grand Bridge on the Nanning Second Ring Expressway [2]. - The total profit for the year reached 173 million, exceeding the annual budget by 124.46%, with fixed asset investment tasks completed at 3.782 billion [2]. Group 2: Operational Enhancements - The company emphasizes improving operational management and service quality, extending services to every lane and window, and implementing a "reservation passage" model for large cargo transport [2]. - Initiatives such as the ETC green channel and volunteer services have been introduced to enhance the travel experience for drivers [3]. Group 3: Technological Integration - The company has embraced digital transformation, with the Six Bin Expressway becoming the first in Guangxi to implement automated drone inspections, creating a new paradigm for smart maintenance [3]. - Eight toll stations on the Six Bin and Linhong Expressways have transformed into "smart stations," achieving full coverage of cashless payment systems and improving traffic efficiency [3]. Group 4: Party Building and Community Engagement - The company promotes the "Red Party Flag on the Expressway" brand, integrating party building with construction, maintenance, and service, enhancing overall development [3]. - The company’s youth team received the "Guangxi May Fourth Red Flag Youth League Branch" title, reflecting its commitment to community and team engagement [3].

Core Viewpoint - The controlling shareholder of Zhongyuan Expressway successfully completed its first share buyback plan, reflecting confidence in the company's value and future development [2][4][6]. Group 1: Share Buyback Details - From November 20, 2024, to May 20, 2025, the controlling shareholder, Henan Transportation Investment Group, increased its stake by 38.69 million shares, accounting for 1.72% of the total share capital, with a total investment of 160 million yuan [2][4]. - This buyback is the first since Zhongyuan Expressway's listing in 2003, aimed at boosting investor confidence and ensuring the company's stable development [2][4][6]. - Prior to the buyback, the controlling shareholder held 1.013 billion shares, representing 45.09% of the total share capital [4]. Group 2: Financial Performance - In 2024, Zhongyuan Expressway reported operating revenue of 6.969 billion yuan, a year-on-year increase of 22.2%, and a net profit of 880 million yuan, up 6.27% [2][10]. - The company faced a decline in toll revenue, which fell by 1.459 billion yuan, or 3.45%, due to adverse weather and increased holiday traffic [9][10]. - Investment income surged to 331 million yuan, marking a significant increase of 158.8% [9][10]. Group 3: Dividend Policy - Since its listing, Zhongyuan Expressway has distributed a total of 4.233 billion yuan in cash dividends (tax included) [3][11]. - The company plans to maintain a dividend payout ratio of no less than 40% over the next three years, with a proposed cash dividend of 1.7 yuan per 10 shares for the 2024 fiscal year [3][11].