GPED(SZ:000429)2026-03-25 09:50Group 1: Traffic Flow and Revenue Impact - The traffic volume and toll revenue for Guangzhu East Expressway and Fokai Expressway were affected by the diversion caused by the Shenzhen-Zhongshan Channel, leading to fluctuations in recent years [2] - In Q4 2025, Guangzhu East Expressway saw a year-on-year decrease in toll revenue, but the decline narrowed and stabilized, with December showing overall stability and a year-on-year increase due to holiday travel demand [2] - Fokai Expressway experienced year-on-year growth in both traffic volume and toll revenue in Q4, driven by increased public travel willingness [2] Group 2: Capital Expenditure and Funding Plans - The company's recent capital expenditures primarily focus on investments in the expansion and reconstruction of expressways, including ongoing projects like the Jingzhu Expressway Guangzhu East Section and Guanghui Expressway [2] - Funding arrangements will be made according to project progress to ensure financial needs for construction are met [2] Group 3: Dividend Policy and Shareholder Returns - The company disclosed a three-year shareholder return plan (2024-2026) on March 16, 2024, which states that dividends should be distributed in cash if the distributable profits are positive and cash flow supports ongoing operations [2] - The plan specifies that cash dividends should not be less than 70% of the net profit attributable to the parent company for each fiscal year, subject to board approval based on annual performance and future funding needs [2] Group 4: Strategic Development and Asset Expansion - The company aims to steadily advance the construction of its expressway projects while exploring quality projects in the transportation sector to enhance its asset scale [3] - There is a focus on accumulating quality investment projects and research to build development momentum [3]