GPED(SZ:000429)2025-09-08 08:12Group 1: Traffic Volume and Revenue Changes - In the first half of 2025, the traffic volume of major routes such as Guangzhu East and Guanghui Expressway showed expected year-on-year changes, with Guangzhu East experiencing a stable decline in toll revenue due to the diversion effect of the Shenzhen-Zhongshan Channel [1] - Guanghui Expressway saw an increase in both traffic volume and toll revenue compared to the same period last year, as the impact of network diversion factors was already reflected [1] - The traffic volume of Fokai Expressway decreased more than expected due to the opening of the Shenzhen-Zhongshan Channel and the Zhongkai Expressway, with the diversion effect expected to continue [1] Group 2: Capital Expenditure and Dividend Policy - The company's recent capital expenditures focus on investments in the expansion and reconstruction of expressways, including ongoing projects like the Jingzhu Expressway Guangzhu East section and Guanghui Expressway [1] - The company has a dividend policy that states it will distribute cash dividends annually, provided that the distributable profits are positive and cash flow supports ongoing operations, with a minimum of 70% of the net profit attributable to the parent company being distributed as cash dividends from 2024 to 2026 [1][2] Group 3: Future Development and Strategic Positioning - The company's "14th Five-Year" development plan positions it as a key capital operation platform for the transformation and upgrading of the Guangdong expressway transportation industry, focusing on cultivating and integrating emerging industries in the transportation sector [2] - The strategy includes expanding the scale of the expressway main business, enhancing industrial capabilities and profitability, and seeking opportunities for mergers or investments in emerging transportation industries [2]