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0.027 Tc 0.081 Tw 0 -1.231 Td
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[(and)12.4 ( advance)12.5 ( to)12.5 ( technology-based)12.5 ( securities)12.5 ( firms,)12.5 ( to)12.5 ( empower)12.4 ( business)61 ( )]TJ
0.025 Tc 0.056 Tw 0 -1.231 Td
(transformation; and accelerate business upgrading and continue to shape \the new )Tj
0.048 Tw 0 -1.231 Td
(impetus for development, helping Zheshang Securities to accelerate its e\ntry into )Tj
0 Tw 0 -1.231 Td
(the ranks of medium to large securities firms nationwide.)Tj
/T1_1 1 Tf
-2.181 -2.462 Td
(IMPORTANT EVENTS OCCURRED SINCE THE END OF THE PERIOD)Tj
/T1_0 1 Tf
0.038 Tc 0.07 Tw 0 -2.462 Td
[(There)12.9 ( have)12.9 ( been)12.9 ( no)12.8 ( other)12.9 ( important)12.8 ( events)12.9 ( affecting)12.9 ( the)12.8 ( Group)12.8 ( since)12.8 ( the)12.8 ( end)12.8 ( of)12.9 ( the)13 ( )]TJ
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(Period.)Tj
/T1_1 1 Tf
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(EXPECTED DATE OF PAYMENT OF THE PROPOSED DIVIDEND)Tj
/T1_0 1 Tf
0.036 Tw 0 -2.462 Td
(Subject to the approval by the shareholders of the Company at the AGM to\ be held on )Tj
0.023 Tc 0 Tw 0 -1.231 Td
[(April 25, 2025, the Company expects to pay a dividend of Rmb38.5 cents p\er share \(the)-2 ( )]TJ
0 Tc 0 -1.231 Td
(\223)Tj
/T1_1 1 Tf
0.025 Tc 0.469 0 Td
(Proposed Dividend)Tj
/T1_0 1 Tf
-0.025 Tw (\224\) )Tj
0 Tw 9.667 0 Td
(no later than)Tj
( June 24, 2025)Tj
( \(inclusive\))Tj
0 Tc (.)Tj
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(\226 44 \226)Tj
/T1_1 1 Tf
0.065 Tc 0.07 Tw 13 0 0 13 85.0394 773.5878 Tm
[(Enhancing)12.1 ( service)12.2 ( quality)12.2 ( for)12.1 ( better)12.2 ( public)12.2 ( travel.)]TJ
/T1_0 1 Tf
24.97 0 Td
[( Pilot)12.2 ( precision)12.2 ( entry)40 ( )]TJ
0.025 Tc 0.083 Tw -24.97 -1.231 Td
[(control )0.5 (at )0.5 (toll )0.5 (station )0.5 (and )0.5 (increase )0.5 (application of )0.5 (artificial )0.5 (intelligence )0.5 (and )0.5 (other )]TJ
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0.025 Tc 0.004 Tw 0 -1.231 Td
(through intelligent technologies. Create highway live-streaming rooms on\ internet )Tj
0 Tw 0 -1.231 Td
(platforms; explore cooperation potential between resources along the exp\ressways )Tj
0.056 Tc 0.07 Tw 0 -1.231 Td
[(and)12.4 ( sectors)12.4 ( such)12.4 ( as)12.4 ( logistics,)12.5 ( passenger)12.4 ( gathering)12.4 ( and)12.4 ( distribution,)12.4 ( and)12.4 ( new)31 ( )]TJ
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0.025 Tc 0 Tw 0 -1.231 Td
(sections to strengthen brand service capabilities and influence.)Tj
/T1_1 1 Tf
0.099 Tc 0.07 Tw 0 -2.462 Td
[(Expanding)12.3 ( core)12.3 ( business)12.4 ( to)12.4 ( improve)12.4 ( scale)12.3 ( and)12.3 ( efficiency.)]TJ
/T1_0 1 Tf
30.108 0 Td
[( Continue)74 ( )]TJ
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[(leveraging)12.5 ( the)12.5 ( \223Zhijiang)12.5 ( Communications)12.5 ( Holdings\224)12.6 ( investment)12.5 ( platform)12.5 ( to)30 ( )]TJ
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[(projects;)12.1 ( complete)12.1 ( supporting)12 ( research)12.1 ( for)12 ( reconstruction)12.1 ( and)12 ( expansion)55 ( )]TJ
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[(of)12.1 ( Shanghai-Hangzhou-Ningbo)12.1 ( Expressway)12.1 ( to)12.2 ( provide)12.2 ( technical)12.1 ( support)57 ( )]TJ
0.075 Tc 0 -1.231 Td
[(for)12.8 ( subsequent)12.8 ( reconstruction)12.8 ( and)12.8 ( expansion;)12.8 ( ensure)12.8 ( )]TJ
[(capital)12.7 ( injection)]TJ
33.178 0 Td
[( for)50 ( )]TJ
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[(reconstruction)12.2 ( and)12.2 ( expansion)12.2 ( of)12.2 ( Jinhua)12.2 ( Section)12.2 ( and)12.2 ( Shaoxing)12.2 ( Section)12.3 ( of)53 ( )]TJ
0.024 Tc 0 Tw 0 -1.231 Td
[(N)0.5 (i)0.5 (n)0.5 (g)0.5 (b)0.5 (o)0.5 (-J)0.6 (in)0.5 (h)0.5 (u)0.5 (a)0.5 ( )0.5 (E)0.5 (x)0.5 (p)0.5 (r)0.5 (e)0.5 (s)0.5 (s)0.5 (w)0.5 (a)0.5 (y)0.5 ( )0.5 (a)0.5 (s)0.5 ( )0.5 (w)0.5 (e)0.5 (l)0.5 (l)0.5 ( )0.5 (a)0.5 (s)0.5 ( )0.5 (Z)0.5 (h)0.5 (a)0.5 (j)0.5 (i)0.5 (a)0.5 (s)0.5 (u)0.5 ( E)0.5 (x)0.5 (p)0.5 (r)0.5 (e)0.5 (s)0.5 (s)0.5 (w)0.5 (a)0.5 (y)0.5 (;)0.5 ( )0.5 (a)0.5 (n)0.5 (d)0.5 ( )0.5 (p)0.5 (l)0.5 (a)0.5 (n)0.5 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (s)0.5 (tr)0.5 (u)0.5 (c)0.5 (t)0.5 (i)0.5 (o)0.5 (n)-1 ( )]TJ
0.063 Tc 0.07 Tw 0 -1.231 Td
[(timeline)12.4 ( for)12.4 ( the)12.4 ( \223)12.4 (1)12.3 (5)12.4 (th)12.4 ( Five-Year\224)12.4 ( reconstruction)12.3 ( and)12.4 ( expansion)12.4 ( projects)12.4 ( to)38 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(optimize their benefits.)Tj
/T1_1 1 Tf
0.057 Tc 0.069 Tw 0 -2.462 Td
[(I)0.5 (n)0.5 (t)0.5 (e)0.5 (gr)0.5 (a)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )-0.6 (t)0.5 (r)0.5 (a)0.5 (n)0.5 (s)0.5 (p)0.5 (or)0.6 (ta)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )-0.6 (a)0.5 (n)0.5 (d)13 ( e)0.5 (n)0.5 (er)0.5 (g)0.5 (y)13 ( t)0.5 (o)13 ( )-0.6 (c)0.5 (u)0.5 (l)0.5 (t)0.5 (i)0.5 (v)0.5 (at)0.5 (e)13 ( p)0.5 (r)0.5 (o)0.5 (f)0.5 (it)13 ( g)0.5 (r)0.5 (o)0.5 (w)0.5 (t)0.5 (h)13 ( )-0.6 (p)0.5 (o)0.5 (i)0.5 (n)0.5 (t)0.5 (s.)32 ( )]TJ
/T1_0 1 Tf
0.059 Tc 0.07 Tw 0 -1.231 Td
[(Plan)12 ( for)12.1 ( the)12.1 ( layout)12.1 ( of)12.1 ( new)12.1 ( energy)12 ( business,)12.1 ( exploring)12.1 ( the)12.1 ( construction)12.1 ( of)12.1 ( a)34.1 ( )]TJ
0.025 Tc 0.074 Tw 0 -1.231 Td
(battery-swapping station network along the Yangtze River Delta high-spee\d ring )Tj
0.036 Tc 0.072 Tw 0 -1.231 Td
[(road)11 ( to)11 ( )0.5 (drive)11 ( )0.5 (green)11 ( )0.5 (and)11 ( )0.5 (low-carbon)11 ( )0.5 (transformation;)11 ( )0.5 (accelerate)11 ( )0.5 (the)11 ( )0.6 (development)11 ( )]TJ
0.059 Tc 0.07 Tw 0 -1.231 Td
[(of)12.6 ( photovoltaic)12.6 ( resources)12.6 ( along)12.6 ( expressways)12.6 ( under)12.6 ( management,)12.5 ( laying)12.6 ( the)34 ( )]TJ
0.063 Tc 0 -1.231 Td
[(foundation)12.2 ( for)12.2 ( energy-saving,)12.2 ( cost)12.2 ( reduction)12.2 ( and)12.2 ( large-scale)12.2 ( integration)12.2 ( of)38 ( )]TJ
0.067 Tc 0 -1.231 Td
[(transportation)12.7 ( and)12.7 ( energy;)12.7 ( and)12.7 ( launch)12.7 ( the)12.7 ( second)12.7 ( batch)12.7 ( of)12.7 ( electric)12.7 ( vehicle)42 ( )]TJ
0.03 Tc 0.078 Tw 0 -1.231 Td
[(charging)5 ( )0.5 (stations)5 ( )0.5 (construction)5 ( )0.5 (at)5 ( )0.5 (high-traffic)5 ( )0.5 (toll)5 ( )0.5 (stations,)5.1 ( )0.5 (further)5 ( )0.5 (expanding)5 ( )0.5 (the)5 ( )]TJ
0.025 Tc 0.071 Tw 0 -1.231 Td
(network of electric vehicle charging stations on the expressways and ser\ving the )Tj
0 Tw 0 -1.231 Td
(public for green travel.)Tj
/T1_1 1 Tf
0.049 Tc 0.07 Tw 0 -2.462 Td
[(Empowering)12.6 ( high-quality)12.7 ( development)12.7 ( through)12.7 ( technological)12.7 ( innovation.)]TJ
/T1_0 1 Tf
0 Tc 0 Tw 34.913 0 Td
( )Tj
0.04 Tc 0.07 Tw -34.913 -1.231 Td
[(Advance)12.3 ( the)12.3 ( digital)12.3 ( transformation)12.3 ( of)12.2 ( internal)12.3 ( control)12.3 ( management)12.3 ( to)12.3 ( enhance)15 ( )]TJ
0 -1.231 Td
[(corporate)12.3 ( governance)12.3 ( efficiency;)12.3 ( explore)12.3 ( third-party)12.3 ( collaborations)12.3 ( in)12.3 ( aviation)15 ( )]TJ
0.054 Tc 0 -1.231 Td
[(logistics,)12.6 ( finance)12.6 ( and)12.7 ( insurance)12.6 ( around)12.7 ( low-altitude)12.6 ( economy)12.6 ( and)12.6 ( data)12.7 ( asset)29 ( )]TJ
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[(applications;)12.2 ( and)12.3 ( seize)12.3 ( opportunities)12.3 ( in)12.3 ( intelligent)12.3 ( transportation)12.2 ( development,)14 ( )]TJ
0.022 Tc 0 Tw 0 -1.231 Td
[(promoting the digital transformation and upgrading of transportation inf\rastructure)-3 ( )]TJ
0.025 Tc 0 -1.231 Td
(to ensure )Tj
(efficient, safe)Tj
( and )Tj
(smooth operation)Tj
( of intelligent expressways.)Tj
ET

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0.025 Tc 12 0 0 12 281.8878 18.7502 Tm
(\226 43 \226)Tj
/T1_1 1 Tf
13 0 0 13 56.6929 773.5878 Tm
(Foreign Exchange Exposure)Tj
/T1_0 1 Tf
0.074 Tw 0 -2.462 Td
(During the Period, save for \(i\) dividend payments to the holders of H \shares in Hong )Tj
0.023 Tw 0 -1.231 Td
(Kong dollars; \(ii\) Zheshang International Financial Holding Co., Ltd. \\(a wholly owned )Tj
0.074 Tw 0 -1.231 Td
(subsidiary of Zheshang Securities Co., Ltd.\) operating in Hong Kong; \(\iii\) balance of )Tj
0.004 Tw 0 -1.231 Td
(the zero coupon convertible )Tj
-0.025 Tw (bond)Tj
0.004 Tw ( issued in Hong Kong capital market in January 2021, )Tj
0.023 Tw 0 -1.231 Td
[(which will be due in January 2026, is Euro27.2 million; and \(iv\) issua\nce )0.5 (of )0.5 (the senior )]TJ
0.042 Tc 0.07 Tw 0 -1.231 Td
[(fixed-rate)12.8 ( bonds)12.8 ( with)12.9 ( a)12.8 ( principal)12.8 ( amount)12.8 ( of)12.8 ( USD)12.8 (4)12.8 (7)12.9 (0)12.8 ( million)12.8 ( in)12.8 ( Hong)12.8 ( Kong)12.8 ( capital)17 ( )]TJ
0.025 Tc 0.003 Tw 0 -1.231 Td
(market in July 2021, which will be due in July 2026 and has an coupon ra\te of 1.638%; )Tj
0.04 Tc 0.07 Tw 0 -1.231 Td
[(\(v\))12.7 ( the)12.7 ( portion)12.6 ( of)12.6 ( proceeds)12.7 ( raised)12.7 ( from)12.7 ( the)12.7 ( rights)12.7 ( issue)12.6 ( denominated)12.6 ( in)12.7 ( Hong)12.7 ( Kong)15 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(dollars; the Group\222s principal operations were transacted and booked \in Renminbi.)Tj
0 -2.462 Td
(During the Period, the Group has not used financial instruments for hedg\ing purpose.)Tj
/T1_1 1 Tf
-0.025 Tw 0 -2.462 Td
(OUTLOOK)Tj
/T1_0 1 Tf
0.041 Tw 0 -2.462 Td
(Looking ahead to 2025, although global economy is expected to continue i\ts moderate )Tj
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[(recovery,)12.5 ( it)12.6 ( still)12.6 ( faces)12.5 ( numerous)12.5 ( uncertainties.)12.6 ( The)12.6 ( latest)12.6 ( foreign)12.5 ( )]TJ
-0.044 Tw (policies)Tj
0 Tc 0 Tw 32.923 0 Td
( )Tj
0.032 Tc -0.032 Tw 0.364 0 Td
[(o)-12 (f)0.6 ( )]TJ
0.044 Tc -0.044 Tw 1.272 0 Td
[(major)19 ( )]TJ
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[(e)0.5 (c)0.6 (o)0.5 (n)0.5 (o)0.6 (m)0.5 (i)0.5 (e)0.6 (s)0.5 (,)13 ( )0.6 (p)0.5 (a)0.5 (r)0.6 (t)0.5 (i)0.5 (c)0.6 (u)0.5 (l)0.5 (a)0.6 (r)0.5 (l)0.5 (y)13.1 ( )0.5 (a)0.5 (d)0.6 (j)0.5 (u)0.5 (s)0.6 (t)0.5 (m)0.5 (e)0.6 (n)0.5 (t)0.5 (s)13 ( )0.6 (t)0.5 (o)13 ( )0.6 (t)0.5 (r)0.6 (a)0.5 (d)0.5 (e)13.1 ( )0.5 (t)0.5 (a)0.6 (r)0.5 (i)0.5 (f)0.6 (f)13 ( )0.5 (p)0.6 (o)0.5 (l)0.5 (i)0.6 (c)0.5 (y)0.5 (,)13.1 ( )0.5 (m)0.5 (a)0.6 (y)13 ( )0.5 (h)0.6 (a)0.5 (v)0.5 (e)13.1 ( )0.5 (p)0.5 (r)0.6 (o)0.5 (f)0.5 (o)0.6 (u)0.5 (n)0.5 (d)49 ( )]TJ
0.037 Tc 0.071 Tw 0 -1.231 Td
[(i)0.5 (m)0.6 (p)0.6 (l)0.5 (i)0.5 (c)0.6 (a)0.6 (t)0.5 (i)0.6 (o)0.5 (n)0.6 (s)12 ( )0.5 (f)0.5 (o)0.6 (r)12 ( )0.5 (g)0.5 (l)0.6 (o)0.5 (b)0.6 (a)0.5 (l)12.1 ( )0.5 (t)0.5 (r)0.6 (a)0.5 (d)0.6 (e)12 ( )0.5 (l)0.5 (a)0.6 (n)0.6 (d)0.5 (s)0.6 (c)0.5 (a)0.6 (p)0.5 (e)12 ( )0.6 (a)0.5 (n)0.6 (d)12 ( )0.5 (b)0.5 (r)0.6 (i)0.5 (n)0.6 (g)12 ( )0.5 (n)0.5 (e)0.6 (w)12 ( )0.5 (u)0.6 (n)0.5 (s)0.5 (t)0.6 (a)0.6 (b)0.5 (l)0.6 (e)12 ( )0.5 (f)0.5 (a)0.6 (c)0.6 (t)0.5 (o)0.6 (r)0.5 (s)12 ( )0.5 (t)0.6 (o)12 ( )0.5 (t)0.5 (h)0.6 (e)12 ( )0.5 (g)0.5 (l)0.6 (o)0.5 (b)0.6 (a)0.5 (l)12.1 ( )]TJ
0.048 Tc 0.07 Tw 0 -1.231 Td
[(e)0.5 (c)0.5 (o)0.6 (n)0.5 (o)0.5 (m)0.5 (i)0.5 (c)13 ( )0.5 (d)0.5 (e)0.5 (v)0.5 (e)0.6 (l)0.5 (o)0.5 (p)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 (.)13 ( )0.6 (U)0.5 (n)0.5 (d)0.5 (e)0.5 (r)13 ( )0.5 (c)0.6 (o)0.5 (m)0.5 (p)0.5 (l)0.5 (e)0.5 (x)13 ( )0.5 (a)0.5 (n)0.6 (d)13 ( )0.5 (u)0.5 (n)0.5 (s)0.5 (t)0.5 (a)0.5 (b)0.5 (l)0.5 (e)13.1 ( )0.5 (i)0.5 (n)0.5 (t)0.5 (e)0.5 (r)0.5 (n)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (a)0.5 (l)13 ( )0.5 (s)0.6 (t)0.5 (a)0.5 (t)0.5 (e)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (a)0.6 (f)0.5 (f)0.5 (a)0.5 (i)0.5 (r)0.5 (s)0.5 (,)23.1 ( )]TJ
0.031 Tc 0.077 Tw 0 -1.231 Td
[(the)6 ( )0.5 (Chinese)6.1 ( government)6 ( )0.5 (will)6 ( )0.5 (adhere)6.1 ( )0.5 (to)6 ( )0.5 (a)6 ( )0.6 (general)6 ( )0.5 (principle)6 ( )0.5 (of)6 ( )0.5 (seeking)6 ( )0.5 (progress)6.1 ( )0.5 (while)6 ( )]TJ
0.051 Tc 0.07 Tw 0 -1.231 Td
[(ma)0.5 (inta)0.5 (ining)13 ( sta)0.5 (bil)0.5 (ity,)12.9 ( )0.5 (impl)0.5 (emen)0.5 (t)12.9 ( mor)0.5 (e)12.9 ( p)0.5 (roac)0.5 (tive)13 ( ma)0.5 (cro)13 ( pol)0.5 (icie)0.5 (s,)12.9 ( e)0.5 (xpa)0.5 (nd)12.9 ( d)0.5 (omes)0.5 (tic)26 ( )]TJ
0.053 Tc 0 -1.231 Td
[(demand)12.5 ( on)12.5 ( all)12.5 ( fronts,)12.4 ( and)12.5 ( lead)12.5 ( the)12.5 ( development)12.5 ( of)12.5 ( new)12.5 ( quality)12.5 ( productive)12.5 ( forces)28.1 ( )]TJ
0.048 Tc 0 -1.231 Td
[(through)12.2 ( scientific)12.2 ( and)12.2 ( technological)12.2 ( innovation.)12.2 ( With)12.3 ( effective)12.2 ( implementation)12.2 ( of)23 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(these policies, China\222s economy is expected to continue to rebound an\d improve.)Tj
/T1_1 1 Tf
13 0 3.4833 13 55.3588 341.5878 Tm
[(\(I\) )-775.5 (Expressway business)]TJ
/T1_0 1 Tf
0.005 Tc 13 0 0 13 85.0394 309.5878 Tm
(The Group\222s expressway business will benefit from increased logistics\ demand driven )Tj
0.007 Tw 0 -1.231 Td
(by steady recovery of the China\222s economy, as well as new opportuniti\es arising from )Tj
0.029 Tw 0 -1.231 Td
(development of new energy vehicles, intelligent transportation, low-carb\on economy, )Tj
0.001 Tc 0 Tw 0 -1.231 Td
[(digital economy and low-altitude economy; at the same time, it is also f\acing pressures)-4 ( )]TJ
0.041 Tc 0.07 Tw 0 -1.231 Td
[(of)12.4 ( changes)12.4 ( in)12.4 ( policy)12.3 ( direction,)12.4 ( stricter)12.3 ( environmental)12.3 ( protection)12.4 ( requirements,)35.9 ( )]TJ
0.006 Tc 0.082 Tw 0 -1.231 Td
[(higher)1 ( )0.5 (construction)1 ( )0.5 (and)1 ( )0.5 (maintenance)1 ( )0.5 (costs)]TJ
[(,)1 ( )0.5 (as)1 ( )0.5 (well)0.9 ( )0.6 (as)]TJ
22.256 0 Td
[( )0.5 (technological)1 ( innovation.)1 ( )0.5 (The)1 ( )]TJ
0.022 Tc 0.07 Tw -22.256 -1.231 Td
[(Group)12.8 ( will)12.7 ( fully)12.7 ( grasp)12.7 ( opportunities)]TJ
0.009 Tc -0.009 Tw (, )Tj
0.022 Tc 0.07 Tw 16.058 0 Td
[(proactively)12.8 ( respond)12.8 ( to)12.7 ( challenges,)12.8 ( adhere)12.8 ( to)17 ( )]TJ
0.006 Tc 0.082 Tw -16.058 -1.231 Td
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25.124 0 Td
[(deepen)12 ( )0.5 (implementation)]TJ
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( )Tj
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[(Shengxin Co\) provided Shengxin Co with joint guarantee for its bank loa\ns of Rmb2.20)-3 ( )]TJ
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(December 31, 2024, the remaining bank loan balance was Rmb404.60 million\.)Tj
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-0.025 Tw (4,981.32)Tj
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(Deqing County De\222an Highway Construction Co., Ltd., a subsidiary of t\he Company, )Tj
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0 Tw 0 -1.231 Td
(remaining bank loan balance was Rmb)Tj
-0.025 Tw (377.34)Tj
0 Tw ( million.)Tj
0.074 Tw 0 -2.462 Td
[(Zhejiang LongLiLiLong Expressway Co., )0.5 (Ltd., a subsidiary of the Company, pledged )]TJ
0.072 Tw 0 -1.231 Td
(its rights of toll on expressway for its bank and other borrowing, and a\s at December )Tj
0 Tw 0 -1.231 Td
(31, 2024, the remaining bank loan balance was Rmb)Tj
-0.025 Tw (6,396.26 )Tj
26.197 0 Td
(million.)Tj
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[(Jiaxing)12.9 ( Zhajiasu)12.9 ( Expressway)12.9 ( Co.,)12.9 ( Ltd.,)12.9 ( a)12.9 ( subsidiary)12.8 ( of)12.9 ( the)12.9 ( Company,)12.8 ( pledged)12.9 ( its)28.1 ( )]TJ
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(right of toll on expressway for its bank borrowing, and as at December 3\1, 2024, the )Tj
0 Tw 0 -1.231 Td
(remaining bank loan balance was Rmb)Tj
-0.025 Tw (1,242.46)Tj
0 Tw ( million.)Tj
0.073 Tc 0.07 Tw 0 -2.462 Td
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0.025 Tc 0.023 Tw 0 -1.231 Td
(business, and as at December 31, 2024, the remaining bank loan balance w\as Rmb6.95 )Tj
-0.025 Tw 0 -1.231 Td
(million.)Tj
0.049 Tc 0.07 Tw 0 -2.462 Td
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0.025 Tc 0 Tw 0 -1.231 Td
(contingent liabilities, pledge of assets or guarantees.)Tj
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(\226 41 \226)Tj
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[(Total)7 ( )0.5 (interest)7 ( )0.5 (expenses)7 ( )0.5 (and)7 ( )0.5 (profit)7 ( )0.5 (before)7.1 ( )0.5 (interest)7.1 ( and)7 ( )0.5 (tax)7 ( )0.5 (for)7 ( )0.5 (the)7 ( )0.5 (Period)6.9 ( )0.6 (amounted)7 ( )0.5 (to)7 ( )]TJ
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(Rmb1,741.65 million and Rmb10,599.23 million, respectively. The interest\ cover ratio )Tj
0.024 Tc 0 Tw 0 -1.231 Td
[(\(profit before interest and tax over interest expenses\) stood at 6.1 t\imes \(Corresponding)-1 ( )]TJ
0.025 Tc 0 -1.231 Td
(period of 2023: 4.7 times\).)Tj
0.061 Tw 0 -2.462 Td
(As at December 31, 2024, the asset-liability ratio \(total liabilities o\ver total assets\) of )Tj
0.078 Tw 0 -1.231 Td
(the Group was 66.1% \(December 31, 2023: 70.9%\). Excluding the effect o\f customer )Tj
0.039 Tc 0.07 Tw 0 -1.231 Td
[(deposits)12.7 ( arising)12.7 ( from)12.7 ( the)12.7 ( securities)12.7 ( business,)12.7 ( the)12.7 ( resultant)12.7 ( asset-liability)12.8 ( ratio)12.7 ( \(total)14 ( )]TJ
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0.048 Tc 0 -1.231 Td
[(business)12.6 ( over)12.6 ( total)12.5 ( assets)12.6 ( less)12.6 ( bank)12.5 ( balances)12.6 ( and)12.5 ( clearing)12.6 ( settlement)12.6 ( fund)12.6 ( held)12.6 ( on)23 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(behalf of customers\) of the Group was 56.6% \(December 31, 2023: 63.2%\)\.)Tj
/T1_1 1 Tf
0 -2.462 Td
(Capital structure)Tj
/T1_0 1 Tf
0.064 Tc 0.07 Tw 0 -2.462 Td
[(A)0.5 (s)13 ( )0.5 (a)0.6 (t)12.9 ( )0.6 (D)0.5 (e)0.5 (c)0.5 (e)0.5 (m)0.5 (b)0.5 (e)0.5 (r)13 ( )0.5 (3)13 (1)13 (,)13 ( )0.6 (2)13 (0)13 (2)13 (4)13 (,)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)13 ( )0.5 (h)0.5 (a)0.5 (d)13 ( )0.5 (R)0.5 (m)0.5 (b)13 (7)13 (3)13 (,)13 (6)13 (9)13 (8)13 (.)13 (3)13 (6)13 ( )0.5 (m)0.5 (i)0.6 (ll)0.6 (i)0.5 (o)0.5 (n)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (t)0.5 (o)0.5 (t)0.5 (a)0.5 (l)13 ( )0.5 (e)0.5 (q)0.5 (u)0.5 (i)0.5 (t)0.5 (y)0.5 (,)39 ( )]TJ
0.025 Tc 0.052 Tw 0 -1.231 Td
(Rmb113,566.76 million in fixed-rate liabilities, Rmb15,380.04 million in\ floating-rate )Tj
0.036 Tc 0.072 Tw 0 -1.231 Td
[(liabilities,)11 ( )0.5 (and)11 ( )0.5 (Rmb)11 (1)11 (4)11 (,)11 (5)10.9 (3)11.1 (7)10.9 (.)11 (2)11 (0)11 ( )0.5 (million)11 ( )0.5 (in)11 ( )0.5 (interest-free)11 ( )0.5 (liabilities,)11 ( )0.5 (representing)11 ( )0.5 (3)11 (3)11 (.)11 (9)11 (%,)11 ( )]TJ
0.04 Tc 0.07 Tw 0 -1.231 Td
[(5)12.1 (2)12 (.)12.1 (3)12 (%,)12 ( 7)12.1 (.)12 (1)12.1 (%)12.1 ( and)12.1 ( 6)12 (.)12.1 (7)12 (%)12.1 ( of)12.1 ( the)12.1 ( Group\222s)12 ( total)12.1 ( capital,)12.1 ( respectively.)12.1 ( The)12.1 ( gearing)12 ( ratio,)15 ( )]TJ
0.025 Tc 0.074 Tw 0 -1.231 Td
(which is computed by dividing the total liabilities less accounts payabl\e to customers )Tj
0.037 Tc 0.071 Tw 0 -1.231 Td
[(a)0.5 (r)0.6 (i)0.5 (s)0.5 (i)0.6 (n)0.5 (g)12 ( )0.5 (f)0.5 (r)0.6 (o)0.5 (m)12 ( )0.5 (t)0.5 (h)0.5 (e)12.1 ( )0.5 (s)0.5 (e)0.6 (c)0.5 (u)0.5 (r)0.6 (i)0.5 (t)0.5 (i)0.5 (e)0.6 (s)12 ( )0.5 (b)0.5 (u)0.5 (s)0.6 (i)0.5 (n)0.5 (e)0.6 (s)0.5 (s)12 ( )0.5 (b)0.5 (y)12 ( )0.6 (t)0.5 (o)0.5 (t)0.5 (a)0.6 (l)12 ( )0.5 (e)0.5 (q)0.5 (u)0.6 (i)0.5 (t)0.5 (y)0.6 (,)12 ( )0.5 (w)0.5 (a)0.5 (s)12.1 ( )0.5 (1)12 (2)12 (9)12 (.)12 (0)12 (%)12 ( )0.5 (a)0.5 (s)12 ( )0.5 (a)0.6 (t)12 ( )0.5 (D)0.5 (e)0.6 (c)0.5 (e)0.5 (m)0.6 (b)0.5 (e)0.5 (r)12.1 ( )0.5 (3)11.9 (1)12.1 (,)12 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(2024 \(December 31, 2023: 169.7%\).)Tj
/T1_1 1 Tf
0 -2.462 Td
(Capital expenditure commitments and utilization)Tj
/T1_0 1 Tf
0.049 Tc 0.07 Tw 0 -2.462 Td
[(During)12.5 ( the)12.5 ( Period,)12.5 ( capital)12.4 ( expenditure)12.4 ( of)12.4 ( the)12.5 ( Group)12.4 ( totaled)12.5 ( Rmb)]TJ
0.037 Tc -0.037 Tw 29.424 0 Td
[(7)0.5 (,1)0.5 (1)0.5 (1.)0.5 (5)0.5 (6)]TJ
0.049 Tc 0.07 Tw 3.792 0 Td
[( million.)24 ( )]TJ
0.025 Tc 0 Tw -33.216 -1.231 Td
(Amongst the total capital expenditure, Rmb)Tj
-0.025 Tw (5,178,77)Tj
0 Tw ( million was incurred for acquiring )Tj
0.041 Tc 0.07 Tw 0 -1.231 Td
[(equity)12.1 ( investment,)12.2 ( Rmb)12.1 (7)12.1 (3)12.2 (.)12.1 (0)12.1 (2)12.2 ( million)12.1 ( was)12.2 ( incurred)12.2 ( for)12.1 ( acquisition)12.1 ( and)12.2 ( construction)16 ( )]TJ
0.047 Tc 0 -1.231 Td
[(of)12.7 ( properties,)12.8 ( Rmb)12.8 (8)12.8 (3)12.7 (0)12.8 (.)12.8 (0)12.7 (5)12.8 ( million)12.7 ( was)12.8 ( incurred)12.7 ( for)12.8 ( acquisition)12.7 ( and)12.8 ( construction)12.8 ( of)22 ( )]TJ
0.025 Tc 0.001 Tw 0 -1.231 Td
(equipment, facilities and ancillary facilities, and Rmb1,029.72 million \was incurred for )Tj
0 Tw 0 -1.231 Td
(reconstruction and expansion projects of expressways.)Tj
0.026 Tc 0.082 Tw 0 -2.462 Td
[(As)1 ( )0.5 (at)1 ( )0.5 (December)1 ( )0.5 (3)1 (1)1 (,)1 ( )0.5 (2)1 (0)1 (2)1 (4)1 (,)1 ( )0.5 (the)1 ( )0.5 (capital)1 ( )0.5 (expenditure)1 ( )0.6 (committed)1 ( )0.5 (by)1 ( )0.5 (the)1 ( )0.5 (Group)1 ( )0.5 (amounted)1 ( )]TJ
0.039 Tc 0.07 Tw 0 -1.231 Td
[(to)12.8 ( Rmb)12.9 (5)12.8 (,)12.9 (4)12.9 (1)12.8 (1)12.9 (.)12.9 (7)12.8 (1)12.9 ( million)12.9 ( in)12.9 ( total.)12.9 ( Amongst)12.9 ( the)12.8 ( capital)12.9 ( expenditure)12.9 ( committed)12.9 ( by)12.9 ( the)14.1 ( )]TJ
0.025 Tc 0.068 Tw 0 -1.231 Td
(Group, Rmb793.00 million will be used for acquiring equity investments, \Rmb235.13 )Tj
0.056 Tc 0.07 Tw 0 -1.231 Td
[(million)12.8 ( will)12.8 ( be)12.8 ( used)12.8 ( for)12.8 ( acquisition)12.8 ( and)12.8 ( construction)12.8 ( of)12.8 ( properties,)12.8 ( Rmb)12.7 (1)12.9 (,)12.7 (5)12.8 (8)12.8 (3)12.8 (.)12.8 (5)12.8 (8)31 ( )]TJ
0.074 Tc 0 -1.231 Td
[(million)12.5 ( for)12.5 ( acquisition)12.4 ( and)12.5 ( construction)12.5 ( of)12.5 ( equipment,)12.4 ( facilities)12.5 ( and)12.4 ( ancillary)49 ( )]TJ
0.032 Tc 0.076 Tw 0 -1.231 Td
[(facilities,)7 ( )0.5 (Rmb)7 (2)7 (,)7 (8)7 (0)7 (0)7 (.)7 (0)7 (0)6.9 ( )0.6 (million)7 ( )0.5 (for)7 ( )0.5 (reconstruction)7 ( )0.5 (and)7 ( )0.5 (expansion)7 ( )0.5 (projects)7 ( )0.5 (of)7 ( )0.5 (existing)7 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.231 Td
(expressways.)Tj
0.055 Tc 0.07 Tw 0 -2.462 Td
[(The)12.2 ( Group)12.3 ( will)12.3 ( first)12.2 ( consider)12.3 ( financing)12.3 ( the)12.3 ( above-mentioned)12.3 ( capital)12.2 ( expenditure)30 ( )]TJ
0.036 Tc 0.072 Tw 0 -1.231 Td
[(commitments)11 ( )0.5 (with)11 ( )0.5 (internal)11 ( )0.5 (resources,)11 ( )0.5 (and)11 ( )0.5 (then)11 ( )0.5 (will)11 ( )0.5 (comprehensively)11 ( )0.5 (consider)11 ( )0.5 (using)11 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(debt financing and equity financing to meet any shortfalls.)Tj
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[(During)12.9 ( the)12.8 ( Period,)12.9 ( net)12.9 ( cash)12.8 ( from)12.8 ( the)12.9 ( Group\222s)12.8 ( operating)12.9 ( activities)12.9 ( amounted)12.9 ( to)44 ( )]TJ
0.029 Tc 0.079 Tw 0 -1.231 Td
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0.025 Tc 0 Tw 0 -1.231 Td
(has not substantially changed as compared to the same period last year.)Tj
0.031 Tc 0.077 Tw 0 -2.462 Td
[(The)6.1 ( )0.5 (Directors)6 ( )0.5 (do)6 ( )0.5 (not)6 ( )0.5 (expect)6 ( )0.5 (the)6 ( )0.5 (Company)6 ( )0.5 (to)6.1 ( )0.5 (experience)6 ( )0.5 (any)6 ( )0.5 (problems)6.1 ( )0.5 (with)6.1 ( )0.5 (liquidity)6 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(and financial resources in the foreseeable future.)Tj
/T1_1 1 Tf
0 -2.462 Td
(Borrowings and solvency)Tj
/T1_0 1 Tf
0.083 Tw 0 -2.462 Td
[(As )0.5 (at )0.5 (December )0.5 (31, )0.5 (2024, )0.5 (total )0.5 (liabilities )0.5 (of )0.5 (the )0.5 (Group )0.5 (amounted )0.5 (to )0.5 (Rmb )0.5 (143,484.00 )]TJ
0.072 Tw 0 -1.231 Td
[(million \(December 31, 2023: Rmb147,328.69 million\), of which 11.9% )0.5 (was bank and )]TJ
0.049 Tc 0.07 Tw 0 -1.231 Td
[(other)12.4 ( borrowings,)12.4 ( 4)12.4 (.)12.4 (9)12.3 (%)12.4 ( was)12.4 ( short-term)12.4 ( financing)12.4 ( note,)12.4 ( 2)12.4 (1)12.4 (.)12.4 (5)12.4 (%)12.4 ( was)12.4 ( bonds)12.4 ( payable,)24 ( )]TJ
0.025 Tc 0.038 Tw 0 -1.231 Td
(16.1% was financial assets sold under repurchase agreements and 33.7% wa\s accounts )Tj
0 Tw 0 -1.231 Td
(payable to customers arising from securities business.)Tj
0.04 Tc 0.07 Tw 0 -2.462 Td
[(As)12.6 ( at)12.5 ( December)12.5 ( 3)12.5 (1)12.5 (,)12.6 ( 2)12.6 (0)12.5 (2)12.5 (4)12.6 (,)12.5 ( total)12.6 ( interest-bearing)12.6 ( borrowings)12.6 ( of)12.5 ( the)12.6 ( Group)12.5 ( amounted)15 ( )]TJ
0.053 Tc 0 -1.231 Td
[(to)12.3 ( Rmb)12.4 (5)12.3 (5)12.4 (,)12.3 (2)12.4 (6)12.3 (6)12.4 (.)12.4 (1)12.3 (5)12.3 ( million,)12.4 ( representing)12.4 ( a)12.4 ( decrease)12.4 ( of)12.4 ( 3)12.3 (.)12.4 (7)12.3 (%)12.4 ( compared)12.3 ( to)12.3 ( that)12.3 ( as)12.3 ( at)28 ( )]TJ
0 -1.231 Td
[(D)0.5 (e)0.5 (c)0.5 (e)0.5 (m)0.6 (be)0.6 (r)13 ( )0.5 (3)13 (1)13 (,)12.9 ( )0.5 (2)13.1 (0)13 (2)13 (3)12.9 (.)13 ( )0.5 (T)0.6 (he)13.1 ( )0.5 (b)0.5 (or)0.6 (r)0.5 (o)0.5 (w)0.5 (i)0.5 (n)0.5 (g)0.5 (s)13 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (p)0.5 (r)0.5 (i)0.5 (s)0.5 (e)0.5 (d)13 ( )0.5 (o)0.5 (u)0.5 (t)0.5 (s)0.5 (t)0.5 (a)0.5 (n)0.5 (d)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (b)0.5 (a)0.5 (l)0.5 (a)0.5 (n)0.5 (c)0.5 (e)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (d)0.5 (o)0.5 (m)0.5 (e)0.5 (s)0.5 (t)0.6 (ic)28.1 ( )]TJ
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[(commercial)12.6 ( bank)12.6 ( loans)12.6 ( of)12.6 ( Rmb)12.5 (1)12.6 (6)12.6 (,)12.5 (3)12.6 (5)12.6 (1)12.6 (.)12.6 (2)12.5 (0)12.6 ( million,)12.6 ( borrowings)12.5 ( from)12.5 ( overseas)62 ( )]TJ
0.024 Tc 0 Tw 0 -1.231 Td
[(commercial bank loans of Rmb51.21 million, borrowings from other domesti\c financial)-1 ( )]TJ
0.025 Tc 0.061 Tw 0 -1.231 Td
(institutions of Rmb682.69 million, short-term financing note of Rmb7,019\.96 million, )Tj
0.063 Tc 0.07 Tw 0 -1.231 Td
[(beneficial)12.2 ( certificates)12.2 ( of)12.2 ( Rmb)12.1 (6)12.2 (5)12.2 (.)12.2 (6)12.1 (7)12.2 ( million,)12.2 ( long-term)12.2 ( beneficial)12.2 ( certificates)12.2 ( of)38 ( )]TJ
0.025 Tc 0.066 Tw 0 -1.231 Td
(Rmb1,507.17 million, mid-term notes of Rmb3,048.69 million, subordinated\ bonds of )Tj
0.02 Tw 0 -1.231 Td
(Rmb6,214.43 million, corporate bonds of Rmb20,100.26 million, and conver\tible bond )Tj
0.036 Tc 0.072 Tw 0 -1.231 Td
[(denominated)11 ( )0.5 (in)10.9 ( )0.5 (Euro)11 ( )0.5 (that)11 ( )0.5 (equivalents)11 ( )0.5 (to)11 ( )0.5 (Rmb)11 (2)11 (2)11 (4)11 (.)11 (8)11 (7)11 ( )0.5 (million.)11 ( Of)11 ( )0.5 (the)11 ( )0.5 (interest-bearing)11 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(borrowings, 62.3% was not payable within one year.)Tj
0.075 Tc 0.07 Tw 0 -2.462 Td
[(As)12.9 ( at)12.9 ( Dec)0.5 (ember)12.9 ( 3)12.9 (1)12.8 (,)13 ( 2)12.9 (0)12.9 (2)12.9 (4)12.9 (,)12.9 ( the)12.9 ( Group\222s)12.9 ( borrowings)12.9 ( from)12.9 ( domestic)12.9 ( commercial)50 ( )]TJ
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[(banks)12.2 ( bore)12.3 ( annual)12.3 ( fixed)12.3 ( interest)12.2 ( rates)12.2 ( ranged)12.2 ( from)12.3 ( 2)12.3 (.)12.2 (6)12.2 (9)12.3 (%)12.2 ( to)12.3 ( 3)12.3 (.)12.2 (6)12.3 (0)12.2 (%,)12.2 ( annual)12.3 ( floating)14 ( )]TJ
0.031 Tc 0.077 Tw 0 -1.231 Td
[(interest)6 ( )0.5 (rates)6 ( )0.5 (ranged)6 ( )0.5 (from)6 ( )0.5 (2)6 (.)6 (2)6 (7)6.1 (%)6 ( )0.5 (to)6 ( )0.5 (4)6 (.)6 (0)6 (8)6 (%,)6 ( )0.5 (the)6 ( )0.5 (annual)6 ( )0.5 (fixed)6 ( )0.5 (interest)6 ( )0.5 (rate)6 ( )0.5 (of)6.1 ( )0.5 (overseas)6 ( )]TJ
0.041 Tc 0.07 Tw 0 -1.231 Td
[(commercial)12.7 ( bank)12.7 ( loans)12.7 ( was)12.8 ( 6)12.7 (.)12.7 (0)12.7 (3)12.7 (%,)12.7 ( the)12.8 ( annual)12.7 ( floating)12.8 ( interest)12.8 ( rate)12.7 ( was)12.7 ( 4)12.7 (.)12.7 (5)12.8 (0)12.7 (%,)12.7 ( the)16 ( )]TJ
0.022 Tc 0 Tw 0 -1.231 Td
[(annual fixed interest rates of other domestic financial institutions wer\e 2.95% to 3.70%.)-3 ( )]TJ
0.034 Tc 0.074 Tw 0 -1.231 Td
[(As)9 ( )0.5 (at)9 ( )0.5 (December)9 ( )0.5 (3)9 (1)9 (,)9 ( )0.5 (2)9 (0)9 (2)9 (4)9 (,)9 ( )0.5 (the)9 ( )0.5 (annual)9 ( )0.5 (floating)9 ( )0.5 (interest)9 ( )0.5 (rates)9 ( )0.5 (of)9.1 ( )0.5 (beneficial)9 ( )0.6 (certificates)9 ( )]TJ
0.031 Tc -0.031 Tw 0 -1.231 Td
[(was)6 ( )]TJ
0.025 Tc -0.025 Tw 2 0 Td
(7.00%)Tj
0.031 Tc 0.077 Tw 2.714 0 Td
[(,)6 ( )0.5 (the)6 ( )0.5 (annual)6 ( )0.5 (fixed)6 ( )0.5 (interest)6 ( )0.5 (rate)6.1 ( )0.5 (for)6.1 ( )0.5 (short-term)6 ( )0.5 (financing)6 ( )0.5 (notes)6.1 ( )0.5 (ranged)6 ( )0.5 (from)6 ( )]TJ
0.032 Tc 0.083 Tw -4.714 -1.231 Td
[(1.78% t)-12.7 (o 2.25%)-12.7 (, t)-12.7 (h)-12.7 (e a)-12.7 (n)-12.7 (n)-12.7 (u)-12.7 (a)-12.7 (l )]TJ
0.045 Tc -0.045 Tw (fixed)Tj
0.07 Tw 14.992 0 Td
[( interest)12.8 ( rates)12.8 ( of)12.8 ( long-term)12.8 ( beneficial)12.8 ( certificates)20 ( )]TJ
0.025 Tc 0.083 Tw -14.992 -1.231 Td
[(were )0.5 (2.50% )0.5 (and )0.5 (2.60%)]TJ
[(, )0.5 (the annual )0.5 (fixed )0.5 (interest )0.5 (rate )0.5 (for )0.5 (mid-term )0.5 (notes )0.5 (were )0.5 (2.80% )]TJ
0.074 Tw 0 -1.231 Td
(and 2.97%, the annual fixed annual interest rates for subordinated bonds\ ranged from )Tj
0.036 Tw 0 -1.231 Td
(2.28% to 4.08%, the annual fixed interest rate for corporate bond ranged\ from 1.638% )Tj
0.03 Tc 0.078 Tw 0 -1.231 Td
[(to)5 ( )0.5 (3)5 (.)5 (2)5 (7)5 (%,)5 ( )0.5 (and)5 ( )0.5 (the)5 ( )0.5 (annual)5 ( )0.5 (coupon)5 ( )0.5 (rate)5 ( )0.6 (for)5 ( )0.5 (convertible)5 ( )0.5 (bond)5 ( )0.5 (denominated)5 ( )0.5 (in)5 ( )0.5 (Euro)5.1 ( )0.5 (was)5 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.231 Td
(nil.)Tj
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(\226 39 \226)Tj
/T1_1 1 Tf
13 0 0 13 56.6929 773.5878 Tm
(FINANCIAL ANALYSIS)Tj
/T1_0 1 Tf
0.004 Tw 0 -2.462 Td
(The Group adopts a prudent financial policy with an aim to provide share\holders of the )Tj
0 Tw 0 -1.231 Td
(Company with sound returns over the long term.)Tj
0.045 Tc 0.07 Tw 0 -2.462 Td
[(During)12.9 ( the)12.9 ( Period,)12.8 ( profit)12.8 ( attributable)12.8 ( to)12.9 ( owners)12.8 ( of)12.9 ( the)12.9 ( Company)12.8 ( was)12.8 ( Rmb)12.8 (5)12.9 (,)12.8 (5)12.8 (0)12.9 (1)12.8 (.)12.9 (5)12.8 (9)20 ( )]TJ
0.032 Tc 0.076 Tw 0 -1.231 Td
[(m)0.6 (i)0.5 (l)0.5 (l)0.6 (i)0.5 (o)0.6 (n)0.5 (,)7 ( )0.5 (r)0.6 (e)0.5 (p)0.6 (r)0.5 (e)0.5 (s)0.6 (e)0.6 (n)0.5 (t)0.5 (i)0.6 (n)0.5 (g)7 ( )0.5 (a)0.6 (n)7 ( )0.5 (i)0.5 (n)0.6 (c)0.5 (r)0.6 (e)0.5 (a)0.6 (s)0.6 (e)7 ( )0.5 (o)0.5 (f)7 ( )0.5 (5)7 (.)7 (3)7 (%)7 ( )0.5 (y)0.6 (e)0.5 (a)0.6 (r)0.5 (-)0.6 (o)0.5 (n)0.6 (-)0.5 (y)0.5 (e)0.6 (a)0.6 (r)0.5 (,)7 ( )0.5 (b)0.6 (a)0.5 (s)0.6 (i)0.5 (c)7 ( )0.5 (e)0.6 (a)0.5 (r)0.6 (n)0.5 (i)0.6 (n)0.5 (g)0.6 (s)7 ( )0.5 (p)0.5 (e)0.6 (r)7 ( )0.5 (s)0.5 (h)0.6 (a)0.5 (r)0.6 (e)7 ( )0.5 (w)0.5 (a)0.6 (s)7 ( )]TJ
0.028 Tc 0.08 Tw 0 -1.231 Td
[(Rmb)3 (9)3 (1)3 (.)3 (7)3 (9)3 ( )0.5 (cents,)3 ( )0.5 (representing)3 ( )0.5 (a)3 ( )0.5 (decrease)3 ( )0.5 (of)3 ( )0.5 (1)3 (8)3 (.)3 (7)3 (%)3 ( )0.5 (year-on-year,)3 ( )0.5 (diluted)3 ( )0.5 (earnings)3 ( )0.5 (per)3 ( )]TJ
0.025 Tc 0.061 Tw 0 -1.231 Td
(share was Rmb90.50 cents, representing a decrease of 14.1% year-on-year,\ and return )Tj
0 Tw 0 -1.231 Td
(on owners\222 equity was 11.9%, representing a decrease of 25.6% year-on\-year.)Tj
/T1_1 1 Tf
0 -2.462 Td
(Liquidity and Financial Resources)Tj
/T1_0 1 Tf
0.042 Tc 0.07 Tw 0 -2.462 Td
[(A)0.5 (s)13.1 ( )0.5 (a)0.5 (t)13 ( )0.6 (D)0.5 (e)0.5 (c)0.5 (e)0.6 (m)0.5 (b)0.5 (e)0.6 (r)13 ( )0.5 (3)13 (1)13 (,)13.1 ( )0.5 (2)13 (0)13 (2)13 (4)13 (,)13.1 ( )0.5 (c)0.5 (u)0.5 (r)0.6 (r)0.5 (e)0.5 (n)0.5 (t)13 ( )0.6 (a)0.5 (s)0.5 (s)0.6 (e)0.5 (t)0.5 (s)13 ( )0.6 (o)0.5 (f)13 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.5 (G)0.6 (r)0.5 (o)0.5 (u)0.5 (p)13 ( )0.6 (a)0.5 (m)0.5 (o)0.5 (u)0.5 (n)0.6 (t)0.5 (e)0.5 (d)13 ( )0.5 (t)0.6 (o)13 ( )0.5 (R)0.5 (m)0.6 (b)13 (1)13 (4)13 (5)13 (,)13 (9)13 (2)13.1 (4)13 (.)13 (3)13 (0)17 ( )]TJ
0.046 Tc 0 -1.231 Td
[(million)12.7 ( in)12.7 ( aggregate)12.7 ( \(December)12.6 ( 3)12.7 (1)12.6 (,)12.7 ( 2)12.7 (0)12.6 (2)12.7 (3)12.6 (:)12.7 ( Rmb)12.7 (1)12.7 (5)12.6 (2)12.7 (,)12.7 (8)12.6 (6)12.7 (2)12.6 (.)12.7 (4)12.7 (3)12.6 ( million\),)12.7 ( of)12.6 ( which)12.7 ( bank)21 ( )]TJ
0.025 Tc 0.067 Tw 0 -1.231 Td
(balances, clearing settlement fund, deposits and cash accounted for 16.0\% \(December )Tj
0.062 Tc 0.07 Tw 0 -1.231 Td
[(3)12.7 (1)12.7 (,)12.7 ( 2)12.7 (0)12.7 (2)12.7 (3)12.7 (:)12.6 ( 1)12.7 (8)12.7 (.)12.7 (4)12.7 (%\),)12.7 ( bank)12.7 ( balances)12.7 ( and)12.7 ( clearing)12.7 ( settlement)12.7 ( fund)12.7 ( held)12.7 ( on)12.7 ( behalf)12.7 ( of)37 ( )]TJ
0.061 Tc 0 -1.231 Td
[(customers)12.7 ( accounted)12.7 ( for)12.8 ( 3)12.7 (3)12.7 (.)12.7 (6)12.7 (%)12.7 ( \(December)12.7 ( 3)12.8 (1)12.7 (,)12.7 ( 2)12.7 (0)12.7 (2)12.7 (3)12.7 (:)12.7 ( 2)12.7 (9)12.7 (.)12.7 (7)12.7 (%\),)12.8 ( financial)12.7 ( assets)12.8 ( at)36 ( )]TJ
0.05 Tc 0 -1.231 Td
[(FVTPL)12.1 ( accounted)12.1 ( for)12.1 ( 2)12.2 (4)12.1 (.)12.1 (4)12.1 (%)12.2 ( \(December)12.2 ( 3)12.1 (1)12.1 (,)12.2 ( 2)12.1 (0)12.1 (2)12.2 (3)12.1 (:)12.1 ( 2)12.2 (7)12.1 (.)12.1 (3)12.1 (%\))12.2 ( and)12.1 ( loans)12.1 ( to)12.1 ( customers)25 ( )]TJ
0.048 Tc 0 -1.231 Td
[(arising)12.8 ( from)12.7 ( margin)12.7 ( financing)12.7 ( business)12.8 ( accounted)12.7 ( for)12.7 ( 1)12.7 (6)12.7 (.)12.7 (6)12.7 (%)12.7 ( \(December)12.7 ( 3)12.7 (1)12.7 (,)12.7 ( 2)12.7 (0)12.7 (2)12.8 (3)12.7 (:)23 ( )]TJ
0.04 Tc 0 -1.231 Td
[(1)12.4 (3)12.4 (.)12.4 (0)12.4 (%\).)12.4 ( The)12.4 ( current)12.4 ( ratio)12.4 ( \(current)12.4 ( assets)12.4 ( over)12.4 ( current)12.4 ( liabilities\))12.4 ( of)12.4 ( the)12.4 ( Group)12.4 ( as)12.4 ( at)15 ( )]TJ
0.025 Tc 0.083 Tw 0 -1.231 Td
[(D)-3.2 (e)-3.2 (c)-3.2 (e)-3.2 (m)-3.2 (b)-3.2 (e)-3.2 (r )0.5 (31, )0.5 (2024 w)-3.2 (a)-3.1 (s )]TJ
-0.025 Tw (1.30)Tj
0.028 Tc 0.08 Tw [( )0.5 (\(December)3 ( )0.5 (3)3 (1)3 (,)3 ( )0.5 (2)3 (0)3 (2)3 (3)3 (:)3 ( )0.5 (1)3 (.)3 (5)3 (0)3 (\).)3 ( )0.5 (Excluding)3 ( )0.5 (the)3 ( )0.5 (effect)3 ( )0.5 (of)3 ( )0.5 (the)3 ( )]TJ
0.025 Tc 0.018 Tw 0 -1.231 Td
[(customer )0.5 (deposits )0.5 (arising )0.5 (from )0.5 (the )0.5 (securities )0.5 (business, )0.5 (the )0.6 (resultant )0.5 (current )0.5 (ratio )0.5 (of )0.5 (the )]TJ
0.005 Tw 0 -1.231 Td
(Group \(current assets less bank balances and clearing settlement fund h\eld on behalf of )Tj
0.019 Tw 0 -1.231 Td
(customers over current liabilities less balance of accounts payable to c\ustomers arising )Tj
0 Tw 0 -1.231 Td
(from securities business\) was 1.60 \(December 31, 2023: 1.80\).)Tj
0.045 Tw 0 -2.462 Td
(The amount of financial assets at FVTPL included in current assets of th\e Group as at )Tj
0.028 Tc 0.083 Tw 0 -1.231 Td
[(D)-12.5 (e)-12.5 (c)-12.6 (e)-12.5 (m)-12.5 (b)-12.6 (e)-12.5 (r 31, )0.5 (2024 w)-12.5 (a)-12.5 (s )0.5 (R)-12.5 (m)-12.6 (b35,536.63 m)-12.5 (i)-12.6 (l)-12.5 (l)-12.5 (i)-12.6 (o)-12.5 (n \()-12.5 (D)-12.5 (e)-12.5 (c)-12.6 (e)-12.5 (m)-12.5 (b)-12.6 (e)-12.5 (r 31, )0.5 (2023: )0.5 (R)-12.6 (m)-12.5 (b41,729.11)3 ( )]TJ
0.025 Tc 0 -1.231 Td
[(million\), )0.5 (of )0.5 (which 55.8% )0.5 (was )0.5 (invested )0.5 (in )0.5 (bonds, )0.5 (5.4% )0.5 (was invested )0.5 (in )0.5 (stocks, )0.5 (24.2% )]TJ
0.024 Tc 0 Tw 0 -1.231 Td
[(was invested in equity funds, and the rest were invested in structured p\roducts and trust)-1 ( )]TJ
0.025 Tc 0 -1.231 Td
(products, etc.)Tj
0.018 Tw 0 -2.462 Td
(The proceeds raised from the rights issue in 2023 had a remaining balanc\e of Rmb5.98 )Tj
0.075 Tw 0 -1.231 Td
(billion based on the closing exchange rate as at December 31, 2023. As o\f December )Tj
0.026 Tc 0.082 Tw 0 -1.231 Td
[(3)1 (1)1 (,)1 ( )0.5 (2)1 (0)1 (2)1 (4)1 (,)1 ( )0.5 (Rmb)1 (0)1 (.)1 (8)1 (6)1 ( )0.5 (billion)1 ( )0.5 (has)1 ( )0.5 (been)1 ( )0.6 (used)1 ( )0.5 (for)1 ( )0.5 (expenses)1 ( )0.5 (related)1 ( )0.5 (to)1 ( )0.5 (existing)1.1 ( )0.5 (expressway)1 ( )]TJ
0.044 Tc 0.07 Tw 0 -1.231 Td
[(expansion)12.3 ( and)12.3 ( reconstruction)12.2 ( projects,)12.3 ( leaving)12.3 ( a)12.3 ( balance)12.3 ( of)12.2 ( proceeds)12.3 ( equivalent)12.2 ( to)19.1 ( )]TJ
0.025 Tc 0.039 Tw 0 -1.231 Td
(Rmb5.20 billion based on the exchange rate at the end of the Period\(inc\luding interest )Tj
0.029 Tc 0.079 Tw 0 -1.231 Td
[(income)4 ( )0.5 (during)4 ( )0.5 (the)4 ( )0.5 (year\),)4.1 ( )0.5 (of)4 ( )0.5 (which)4 ( )0.5 (Rmb)4 (4)4 (.)4 (2)4 (2)4 ( )0.5 (billion)4 ( )0.5 (will)4 ( )0.5 (be)4 ( )0.5 (used)4 ( )0.5 (for)4.1 ( )0.5 (expenses)4 ( )0.5 (related)4 ( )]TJ
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[(to)2 ( )0.5 (existing)2 ( )0.5 (expressway)2 ( )0.5 (expansion)2 ( )0.5 (and)2 ( )0.5 (reconstruction)2 ( )0.5 (projects,)2 ( )0.5 (and)2 ( the)2 ( )0.5 (remaining)2 ( will)2 ( )]TJ
0.025 Tc 0.063 Tw 0 -1.231 Td
(be used for replenishing working capital and repaying loans and other da\ily operating )Tj
-0.025 Tw 0 -1.231 Td
(expenses.)Tj
ET

endstreamendobj78 0 obj<</Length 5162>>stream
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(\226 38 \226)Tj
0.062 Tc 0.07 Tw 13 0 0 13 85.0394 773.5878 Tm
[(Zhejiang)12.9 ( Wenzhou)12.9 ( YongTaiWen)12.9 ( Expressway)12.9 ( Co.,)12.8 ( Ltd.)12.9 ( \(a)12.9 ( 1)12.9 (5)12.9 (%)12.8 ( owned)12.9 ( joint)37 ( )]TJ
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[(venture)12.1 ( of)12.1 ( the)12.1 ( Company\))12.1 ( operates)12.1 ( the)12.1 ( Wenzhou)12.1 ( section)12.2 ( of)12.2 ( the)12.2 ( YongTaiWen)30 ( )]TJ
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[(Expressway)12.5 ( with)12.6 ( a)12.6 ( total)12.6 ( length)12.6 ( of)12.6 ( 1)12.6 (3)12.6 (9)12.6 (km.)12.6 ( During)12.6 ( the)12.6 ( Period,)12.6 ( the)12.5 ( associate)39 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(achieved a net profit of Rmb231.43 million \(2023: Rmb282.10 million\).)Tj
/T1_1 1 Tf
13 0 3.4833 13 55.3588 693.5878 Tm
[(\(II\) )-361.5 (Financial segment)]TJ
/T1_0 1 Tf
0.048 Tw 13 0 0 13 85.0394 661.5878 Tm
[(Zhejiang )0.5 (Communications )0.5 (Investment )0.5 (Group )0.5 (Finance )0.6 (Co., )0.5 (Ltd. )0.5 (\(a )0.5 (20.08% )0.5 (owned )]TJ
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[(associate)12.4 ( of)12.4 ( the)12.3 ( Company\))12.4 ( derived)12.3 ( income)12.4 ( mainly)12.4 ( from)12.4 ( interest)12.4 ( income,)12.4 ( fees)23 ( )]TJ
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0.025 Tc 0.031 Tw 0 -1.231 Td
(receiving deposits, for Communications Group, the controlling shareholde\r of the )Tj
0.04 Tc 0.07 Tw 0 -1.231 Td
[(Company,)12.3 ( and)12.3 ( its)12.3 ( subsidiaries.)12.3 ( During)12.3 ( the)12.4 ( Period,)12.3 ( the)12.3 ( associate)12.3 ( recorded)12.3 ( a)12.4 ( net)15 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(profit of )Tj
-0.025 Tw (Rmb395.24)Tj
0 Tw ( million \(2023: Rmb818.65 million\).)Tj
0.042 Tc 0.07 Tw 0 -2.462 Td
[(Yangtze)12.2 ( United)12.3 ( Financial)12.2 ( Leasing)12.2 ( Co.,)12.2 ( Ltd.)12.3 ( \(a)12.3 ( 1)12.2 (0)12.2 (.)12.2 (6)12.3 (1)12.2 (%)12.2 ( owned)12.2 ( associate)12.2 ( of)12.2 ( the)17 ( )]TJ
0.025 Tc 0.059 Tw 0 -1.231 Td
(Company\) is primarily engaged in the financial leasing business, the tr\ansferring )Tj
0.057 Tw 0 -1.231 Td
[(and )0.5 (receiving )0.5 (of )0.6 (financial )0.6 (leasing )0.5 (assets, )0.5 (fixed-income )0.5 (securities )0.5 (investment, )0.5 (and )]TJ
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[(other)3 ( )0.6 (businesses)3 ( )0.5 (approved)3 ( )0.5 (by)3 ( )0.5 (the)3 ( )0.5 (National)3 ( )0.5 (Financial)3 ( )0.5 (Regulatory)3 ( )0.5 (Administration.)3 ( )]TJ
0.021 Tc 0 Tw 0 -1.231 Td
[(During the Period, the associate recorded a net profit of Rmb687.27 mill\ion \(2023:)-4 ( )]TJ
0.025 Tc 0 -1.231 Td
(Rmb645.30 million\).)Tj
0.05 Tc 0.07 Tw 0 -2.462 Td
[(Shanghai)12.3 ( Rural)12.4 ( Commercial)12.4 ( Bank)12.3 ( Co.,)12.4 ( Ltd.)12.3 ( \(a)12.4 ( 4)12.4 (.)12.3 (9)12.4 (6)12.4 (%)12.4 ( owned)12.4 ( associate)12.4 ( of)12.3 ( the)25.1 ( )]TJ
0.038 Tc 0 -1.231 Td
[(Company\))12.5 ( is)12.4 ( primarily)12.4 ( engaged)12.4 ( in)12.4 ( the)12.5 ( commercial)12.5 ( banking)12.4 ( business,)12.4 ( including)13 ( )]TJ
0.024 Tc 0 Tw 0 -1.231 Td
[(deposits, short-, medium-, and long-term loans, domestic and overseas se\ttlements)-1 ( )]TJ
0.052 Tc 0.07 Tw 0 -1.231 Td
[(and)12.9 ( othe)0.5 (r)12.9 ( business)0.5 (es)12.9 ( that)12.9 ( a)0.5 (re)12.9 ( approve)0.5 (d)12.9 ( by)12.9 ( the)12.9 ( Na)0.5 (tional)12.9 ( Financ)0.5 (ial)12.9 ( Regula)0.5 (to)0.5 (ry)27 ( )]TJ
0.041 Tc 0 -1.231 Td
[(Administration.)12.6 ( As)12.7 ( at)12.6 ( the)12.7 ( date)12.6 ( of)12.7 ( this)12.6 ( announcement,)12.6 ( the)12.7 ( associate)12.7 ( has)12.7 ( not)12.6 ( yet)16 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(released its audited financial data for the year 2024.)Tj
0.027 Tc 0.081 Tw 0 -2.462 Td
[(Zhejiang)2 ( )0.5 (Zheshang)2 ( )0.5 (Transform)2 ( )0.5 (and)2 ( Upgrade)2 ( )0.5 (Fund)2 ( )0.5 (of)2 ( )0.5 (Funds)2 ( Partnership)1.9 ( )0.5 (\(Limited)2 ( )]TJ
0.039 Tc 0.07 Tw 0 -1.231 Td
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0.055 Tc 0 -1.231 Td
[(in)12.5 ( equity)12.5 ( investments,)12.5 ( investment)12.5 ( management)12.5 ( and)12.5 ( investment)12.5 ( consultation.)30 ( )]TJ
0.025 Tc 0.083 Tw 0 -1.231 Td
[(During )0.5 (the )0.5 (Period, )0.5 (the )0.5 (net )0.5 (loss )0.5 (of )0.5 (the )0.5 (associate attributable )0.5 (to )0.5 (the )0.5 (Company was )]TJ
-0.025 Tw 0 -1.231 Td
(Rmb)Tj
(19.22)Tj
0 Tw ( million \(2023: net profit of Rmb66.17 million\).)Tj
ET

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(\226 37 \226)Tj
/T1_1 1 Tf
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(Hotel and Catering Business)Tj
/T1_0 1 Tf
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[(Zhejiang)12.6 ( Grand)12.6 ( Hotel,)12.6 ( owned)12.6 ( by)12.6 ( Zhejiang)12.6 ( Grand)12.6 ( Hotel)12.6 ( Limited)12.6 ( \(a)12.6 ( 1)12.6 (0)12.6 (0)12.6 (%)12.6 ( owned)35 ( )]TJ
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[(subsidiary)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.5 (Company)7 ( )0.5 (at)7 ( )0.5 (the)7 ( )0.5 (end)7 ( )0.5 (of)7.1 ( )0.5 (the)7 ( )0.5 (Period\),)7 ( )0.5 (recorded)7 ( )0.5 (revenue)7 ( )0.5 (of)7 ( )0.5 (Rmb)7 (4)7 (2)7 (.)7 (9)7 (3)7 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(million for the Period \(2023: Rmb41.76 million\).)Tj
0.077 Tw 0 -2.462 Td
(Grand New Century Hotel, owned by Zhejiang Linping Expressway Co., Ltd. \\(a 51% )Tj
0.055 Tc 0.07 Tw 0 -1.231 Td
[(owned)12.7 ( subsidiary)12.7 ( of)12.7 ( the)12.7 ( Company)12.7 ( at)12.8 ( the)12.8 ( end)12.8 ( of)12.8 ( the)12.8 ( Period\),)12.7 ( recorded)12.7 ( revenue)12.7 ( of)30 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(Rmb65.32 million for the Period \(2023: Rmb82.32 million\).)Tj
/T1_1 1 Tf
0 -2.462 Td
(Long-Term Investments)Tj
13 0 3.4833 13 55.3588 581.5878 Tm
[(\(I\) )-775.5 (Expressway segment)]TJ
/T1_0 1 Tf
0.059 Tc 0.07 Tw 13 0 0 13 85.0394 549.5878 Tm
[(Z)0.5 (he)0.5 (j)0.5 (ia)0.5 (n)0.5 (g)13 ( S)0.5 (h)0.5 (a)0.5 (ox)0.5 (in)0.5 (g)13 ( )0.5 (Sh)0.5 (e)0.5 (ng)0.5 (x)0.5 (in)13 ( )0.5 (Ex)0.5 (p)0.5 (r)0.5 (es)0.5 (s)0.5 (w)0.5 (a)0.5 (y)12.9 ( )0.5 (C)0.5 (o.)0.5 (,)13 ( L)0.5 (t)0.5 (d.)13 ( )0.5 (\(\223)]TJ
/T1_1 1 Tf
24.798 0 Td
[(S)0.5 (he)0.5 (n)0.5 (g)0.5 (xi)0.5 (n)13 ( C)0.5 (o)]TJ
/T1_0 1 Tf
0.046 Tc 0.083 Tw 6.119 0 Td
[(\224)-12.5 (, a 50%)21 ( )]TJ
0.067 Tc 0.07 Tw -30.917 -1.231 Td
[(owned)12.9 ( joint)12.8 ( venture)12.8 ( of)12.9 ( the)12.9 ( Company\))12.8 ( owns)12.9 ( the)12.9 ( 7)12.9 (3)12.8 (km)12.8 ( Shaoxing)12.8 ( Section)12.8 ( of)42 ( )]TJ
0.024 Tc 0 Tw 0 -1.231 Td
[(Ningbo-Jinhua Expressway. During the Period, the average daily traffic v\olume in)-1 ( )]TJ
0.025 Tc 0.053 Tw 0 -1.231 Td
(full-trip equivalents was 31,004, representing an increase of 3.63% year\-on-year. )Tj
0.05 Tc 0.07 Tw 0 -1.231 Td
[(Toll)12.8 ( revenue)12.9 ( was)12.8 ( Rmb)12.8 (5)12.9 (6)12.8 (4)12.8 (.)12.8 (4)12.9 (6)12.8 ( million)12.8 ( \()12.9 (2)12.8 (0)12.8 (2)12.9 (3)12.8 (:)12.8 ( Rmb)12.8 (5)12.8 (3)12.9 (6)12.8 (.)12.8 (6)12.8 (5)12.9 ( million\).)12.8 ( During)12.8 ( the)25 ( )]TJ
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[(Period,)12.2 ( the)12.2 ( joint)12.2 ( venture)12.3 ( recorded)12.3 ( a)12.2 ( net)12.3 ( profit)12.2 ( of)12.3 ( Rmb)12.2 (2)12.2 (1)12.2 (6)12.3 (.)12.2 (5)12.2 (5)12.3 ( million)12.3 ( \()12.2 (2)12.3 (0)12.2 (2)12.2 (3)12.2 (:)33 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(Rmb164.28 million\).)Tj
0.062 Tc 0.07 Tw 0 -2.462 Td
[(Zhejiang)12.4 ( Zhijiang)12.4 ( Communications)12.4 ( Holdings)12.5 ( Co.,)12.4 ( Ltd.)12.4 ( \(a)12.4 ( 5)12.4 (0)12.4 (%)12.4 ( owned)12.4 ( joint)37 ( )]TJ
0.049 Tc 0 -1.231 Td
[(venture)12.3 ( of)12.3 ( the)12.3 ( Company\))12.3 ( is)12.3 ( primarily)12.3 ( engaged)12.4 ( in)12.3 ( expressway)12.3 ( investment)12.3 ( and)24 ( )]TJ
0.065 Tc 0 -1.231 Td
[(wholly)12.8 ( owns)12.8 ( the)12.8 ( 1)12.8 (4)12.8 (5)12.8 (km)12.8 ( Yonglan)12.8 ( Expressway.)12.8 ( During)12.8 ( the)12.8 ( Period,)12.8 ( the)12.8 ( joint)40 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(venture recorded a net profit of Rmb44.94 million \(2023: Rmb)Tj
-0.025 Tw (49.82)Tj
0 Tw ( million\).)Tj
0.075 Tc 0.07 Tw 0 -2.462 Td
[(Zhejiang)12.3 ( HangNing)12.3 ( Expressway)12.3 ( Co.,)12.3 ( Ltd.)12.3 ( \(a)12.3 ( 3)12.3 (0)12.3 (%)12.3 ( owned)12.3 ( associate)12.3 ( of)12.3 ( the)50 ( )]TJ
0.021 Tc 0 Tw 0 -1.231 Td
[(Company\) owns the 99km HangNing Expressway. During the Period, the asso\ciate)-4 ( )]TJ
0.025 Tc 0 -1.231 Td
(recorded a net profit of Rmb523.86 million \(2023: Rmb486.60 million\).)Tj
0.089 Tc 0.07 Tw 0 -2.462 Td
[(During)12.6 ( the)12.7 ( Period,)12.7 ( the)12.7 ( Company)12.7 ( held)12.6 ( 3)12.7 (0)12.7 (%)12.7 ( of)12.7 ( the)12.7 ( subordinated)12.7 ( class)12.8 ( of)64 ( )]TJ
0.045 Tc 0 -1.231 Td
[(CICC-Zhejiang)12.5 ( Expressway-Shenjiahuhang)12.6 ( asset-backed)12.6 ( special)12.5 ( program)12.5 ( \(the)19.9 ( )]TJ
0 Tc 0 Tw 0 -1.231 Td
(\223)Tj
/T1_1 1 Tf
0.034 Tc -0.034 Tw 0.478 0 Td
(Asse)Tj
(t-b)Tj
0.074 Tw [(acked)9 ( )0.5 (Special)]TJ
9.701 0 Td
[( )0.5 (Program)]TJ
/T1_0 1 Tf
[(\224\))9 ( )0.5 (which)9 ( )0.5 (owns)9 ( )0.5 (the)9 ( )0.5 (Shenjiahuhang)9 ( )0.5 (Expressway)9 ( )]TJ
0.025 Tc 0.012 Tw -10.179 -1.231 Td
(with a total length of 93km. During the Period, the )Tj
-0.025 Tw (Asse)Tj
(t-b)Tj
0.012 Tw (acked Special)Tj
( Program )Tj
0.067 Tc 0.07 Tw 0 -1.231 Td
[(rec)0.5 (orde)0.5 (d)12.9 ( a)12.9 ( bo)0.5 (ok)12.9 ( los)0.5 (s)12.9 ( of)12.9 ( )0.5 (Rmb)12.9 (2)12.9 (4)12.9 (.)12.9 (2)13 (1)12.9 ( millio)0.5 (n)12.9 ( \()12.9 (2)12.9 (0)12.9 (2)13 (3)12.9 (:)12.9 ( book)13 ( loss)12.9 ( )0.5 (of)12.9 ( Rm)0.5 (b)12.9 (1)12.9 (4)12.9 (1)12.9 (.)12.9 (9)12.9 (0)42 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.231 Td
(million\).)Tj
ET

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/Perceptual ri
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(\226 36 \226)Tj
/T1_1 1 Tf
0.103 Tc 0.07 Tw 13 0 0 13 85.0394 773.5878 Tm
[(Continuously)12.5 ( strengthening)12.4 ( market)12.5 ( value)12.5 ( management.)12.5 ( )]TJ
/T1_0 1 Tf
[(The)12.5 ( Group)78 ( )]TJ
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[(actively)12.2 ( responded)12.2 ( to)12.2 ( the)12.2 ( market)12.2 ( value)12.2 ( management)12.2 ( guidance)12.2 ( )]TJ
-0.071 Tw (from)Tj
0.07 Tw 31.822 0 Td
[( China)46 ( )]TJ
0.057 Tc -31.822 -1.231 Td
[(State-owned)12.2 ( Assets)12.2 ( Supervision)12.1 ( and)12.1 ( Administration)12.1 ( )]TJ
[(Commission)12.2 ( and)]TJ
31.892 0 Td
[( China)32 ( )]TJ
0.043 Tc -31.892 -1.231 Td
[(Securities)12.1 ( Regulatory)12.1 ( Commission,)12.1 ( and)12.1 ( endeavored)12.2 ( to)12.1 ( create)12.2 ( value)12.2 ( and)12.1 ( return)18 ( )]TJ
0.029 Tc 0.079 Tw 0 -1.231 Td
[(to)4 ( )0.5 (shareholders.)4 ( )0.5 (The)4 ( )0.5 (Group)4 ( )0.5 (continued)4 ( )0.5 (to)4 ( )0.5 (enhance)4 ( )0.5 (intrinsic)4 ( )0.5 (value)4 ( )0.5 (by)4 ( )0.5 (focusing)4 ( )0.5 (on)4 ( )]TJ
0.031 Tc 0.077 Tw 0 -1.231 Td
[(strengthening)6 ( )0.5 (core)6 ( )0.5 (business,)6 ( )0.5 (expanding)6 ( )0.5 (related)6 ( )0.5 (industries,)6 ( )0.5 (deepening)6 ( )0.5 (innovation)6 ( )]TJ
0.025 Tc 0.029 Tw 0 -1.231 Td
(development, and fulfilling social responsibilities. At the same time, i\t constantly )Tj
0.04 Tc 0.07 Tw 0 -1.231 Td
[(improved)12.8 ( corporate)12.8 ( governance,)12.8 ( continuously)12.8 ( improved)12.9 ( quality)12.9 ( of)12.9 ( information)15 ( )]TJ
0.025 Tc 0.059 Tw 0 -1.231 Td
(disclosure, and proactively carried out investor relations management to\ enhance )Tj
0 Tw 0 -1.231 Td
(market communication and transmission of company value.)Tj
/T1_1 1 Tf
-2.181 -2.462 Td
(Securities Business)Tj
/T1_0 1 Tf
0.03 Tc 0.078 Tw 0 -2.462 Td
[(In)5 ( )0.5 (2)5 (0)5 (2)5 (4)5 (,)5 ( )0.5 (domestic)5 ( )0.5 (capital)5 ( )0.5 (market)5 ( )0.5 (experienced)5 ( )0.5 (drastic)5 ( )0.5 (fluctuations)5 ( and)5 ( )0.5 (adjustments)5 ( )0.5 (in)5 ( )]TJ
0.035 Tc 0.073 Tw 0 -1.231 Td
[(t)0.5 (h)0.5 (e)10.1 ( )0.5 (f)0.5 (i)0.5 (r)0.6 (s)0.5 (t)10 ( )0.5 (t)0.5 (h)0.5 (r)0.6 (e)0.5 (e)10 ( )0.5 (q)0.6 (u)0.5 (a)0.5 (r)0.6 (t)0.5 (e)0.5 (r)0.5 (s)0.6 (.)10 ( )0.5 (I)0.5 (n)10 ( )0.5 (t)0.5 (h)0.6 (e)10 ( )0.5 (f)0.5 (o)0.5 (u)0.6 (r)0.5 (t)0.5 (h)10 ( )0.5 (q)0.6 (u)0.5 (a)0.5 (r)0.5 (t)0.6 (e)0.5 (r)0.5 (,)10 ( )0.5 (a)0.6 (s)10 ( )0.5 (a)10 ( )0.5 (n)0.5 (u)0.6 (m)0.5 (b)0.5 (e)0.6 (r)10 ( )0.5 (o)0.5 (f)10 ( )0.5 (f)0.5 (a)0.6 (v)0.5 (o)0.5 (r)0.6 (a)0.5 (b)0.5 (l)0.5 (e)10 ( )0.6 (p)0.5 (o)0.5 (l)0.5 (i)0.5 (c)0.6 (i)0.5 (e)0.5 (s)10.1 ( )0.5 (t)0.5 (o)0.5 (o)0.5 (k)10 ( )]TJ
0.025 Tc 0.029 Tw 0 -1.231 Td
(effect and market confidence restored, the activity level of capital mar\ket significantly )Tj
0.072 Tw 0 -1.231 Td
(improved. However, competition in the securities industry became more in\tense, with )Tj
0.051 Tc 0.07 Tw 0 -1.231 Td
[(a)12.1 ( general)12.1 ( trend)12.1 ( of)12.1 ( overall)12.1 ( commission)12.2 ( fee)12.1 ( reduction,)12.1 ( and)12.1 ( tightening)12.2 ( of)12.2 ( regulatory)26 ( )]TJ
0.025 Tc 0.053 Tw 0 -1.231 Td
(policies, resulting in a decline in the scale of equity financing. In th\e face of complex )Tj
0.05 Tc 0.07 Tw 0 -1.231 Td
[(and)12.1 ( severe)12.2 ( operating)12.2 ( conditions,)12.2 ( Zheshang)12.2 ( Securities)12.2 ( always)12.2 ( maintained)12.2 ( strategic)25.1 ( )]TJ
0.054 Tc 0 -1.231 Td
[(d)0.5 (e)0.5 (t)0.6 (e)0.5 (r)0.5 (m)0.5 (i)0.6 (n)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.6 (,)13 ( )0.5 (a)0.5 (c)0.6 (t)0.5 (i)0.5 (v)0.5 (e)0.6 (l)0.5 (y)13 ( )0.5 (s)0.5 (e)0.6 (i)0.5 (z)0.5 (e)0.6 (d)13 ( )0.5 (b)0.5 (u)0.5 (s)0.5 (i)0.6 (n)0.5 (e)0.5 (s)0.5 (s)13.1 ( )0.5 (o)0.5 (p)0.5 (p)0.5 (o)0.6 (r)0.5 (t)0.5 (u)0.5 (n)0.5 (i)0.5 (t)0.6 (i)0.5 (e)0.5 (s)0.5 (,)13 ( )0.6 (c)0.5 (o)0.5 (m)0.5 (p)0.6 (r)0.5 (e)0.5 (h)0.5 (e)0.6 (n)0.5 (s)0.5 (i)0.5 (v)0.5 (e)0.6 (l)0.5 (y)13 ( )0.5 (p)0.5 (r)0.6 (o)0.5 (m)0.5 (o)0.5 (t)0.5 (e)0.6 (d)29 ( )]TJ
0.025 Tc 0.065 Tw 0 -1.231 Td
(cost reduction and efficiency enhancement, and maintained relatively sta\ble operating )Tj
0 Tw 0 -1.231 Td
(results on the whole.)Tj
0.048 Tc 0.07 Tw 0 -2.462 Td
[(During)12.4 ( the)12.5 ( Period,)12.5 ( Zheshang)12.5 ( Securities)12.5 ( achieved)12.5 ( significant)12.5 ( results)12.5 ( in)12.5 ( operational)23.1 ( )]TJ
0.079 Tc 0 -1.231 Td
[(management.)12.4 ( By)12.3 ( seizing)12.3 ( policy)12.4 ( opportunities)12.4 ( for)12.4 ( mergers)12.4 ( &)12.4 ( acquisitions)12.4 ( and)54 ( )]TJ
0.046 Tc 0 -1.231 Td
[(restructuring,)12.6 ( Zheshang)12.6 ( Securities)12.7 ( acquired)12.6 ( a)12.6 ( cumulative)12.6 ( total)12.6 ( of)12.6 ( 3)12.6 (4)12.6 (.)12.6 (2)12.6 (5)12.6 (4)12.7 (6)12.5 (%)12.7 ( equity)21 ( )]TJ
0.025 Tc 0.076 Tw 0 -1.231 Td
(interest in Guodu Securities Co., Ltd. \(\223)Tj
/T1_1 1 Tf
(Guodu Securities)Tj
/T1_0 1 Tf
(\224\), with a view to realizing )Tj
0.042 Tc 0.07 Tw 0 -1.231 Td
[(c)0.5 (o)0.5 (m)0.5 (p)0.5 (l)0.5 (e)0.6 (me)0.6 (n)0.5 (t)0.5 (a)0.5 (r)0.5 (i)0.5 (t)0.5 (y)13 ( )0.5 (o)0.5 (f)13 ( )0.6 (m)0.5 (u)0.5 (t)0.5 (u)0.5 (a)0.5 (l)13 ( )0.5 (b)0.5 (u)0.5 (s)0.5 (i)0.5 (n)0.5 (e)0.6 (s)0.5 (s)13 ( )0.5 (s)0.5 (t)0.5 (r)0.5 (e)0.5 (n)0.5 (g)0.5 (t)0.5 (h)0.6 (s)0.5 (,)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (f)0.5 (a)0.6 (c)0.5 (i)0.5 (l)0.5 (i)0.5 (t)0.5 (a)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (Z)0.5 (h)0.5 (e)0.6 (s)0.5 (h)0.5 (a)0.5 (n)0.5 (g)13 ( )0.5 (S)0.5 (e)0.5 (c)0.6 (u)0.5 (r)0.5 (i)0.5 (t)0.5 (i)0.5 (e)0.5 (s)17 ( )]TJ
0.025 Tc 0.083 Tw 0 -1.231 Td
[(to )0.5 (enhance )0.5 (its )0.5 (competitiveness )0.5 (in )0.5 (the )0.5 (market )0.5 (and )0.5 (position )0.5 (in )0.5 (the )0.5 (industry; )0.5 (proactively )]TJ
0.014 Tw 0 -1.231 Td
(facilitated conversion of \223Zheshang Securities 22 Convertible Bonds\224\ into shares, with )Tj
0.038 Tc 0.07 Tw 0 -1.231 Td
[(a)12.5 ( conversion)12.5 ( rate)12.6 ( of)12.5 ( 9)12.5 (9)12.5 (.)12.5 (8)12.5 (8)12.5 (%,)12.5 ( further)12.5 ( enhancing)12.5 ( the)12.5 ( capital)12.5 ( strength)12.5 ( to)12.5 ( provide)12.5 ( more)13 ( )]TJ
0.025 Tc 0.073 Tw 0 -1.231 Td
(adequate capital support for the development of various businesses. Laun\ch of digital )Tj
0.041 Tc 0.07 Tw 0 -1.231 Td
[(platform)12.6 ( for)12.7 ( business)12.6 ( development,)12.7 ( effectively)12.7 ( explored)12.7 ( business)12.7 ( opportunities)12.6 ( and)16 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(supported synergy of entire businesses, resulting in continuous breakthr\oughs in digital )Tj
0 -1.231 Td
(application and R&D innovation capabilities.)Tj
0.066 Tc 0.07 Tw 0 -2.462 Td
[(During)12.8 ( the)12.7 ( Period,)12.7 ( Zheshang)12.7 ( Securities)12.8 ( recorded)12.7 ( total)12.7 ( revenue)12.7 ( of)12.7 ( Rmb)12.8 (6)12.7 (,)12.7 (1)12.7 (8)12.7 (2)12.7 (.)12.7 (5)12.7 (1)41 ( )]TJ
0.04 Tc 0 -1.231 Td
[(million,)12.8 ( representing)12.7 ( a)12.7 ( decrease)12.7 ( of)12.8 ( 3)12.8 (%)12.7 ( year-on-year,)12.8 ( of)12.7 ( which,)12.8 ( commission)12.7 ( and)12.7 ( fee)15 ( )]TJ
0.048 Tc 0 -1.231 Td
[(income)12.9 ( decreased)12.9 ( 5)12.8 (.)12.9 (8)12.9 (%)12.9 ( year-on-year)12.9 ( to)12.9 ( Rmb)12.9 (3)12.9 (,)12.9 (6)12.9 (9)12.8 (2)12.9 (.)12.9 (1)12.9 (5)12.9 ( million,)12.9 ( and)12.9 ( interest)12.9 ( income)23 ( )]TJ
0.021 Tc 0 Tw 0 -1.231 Td
[(from the securities business was Rmb2,490.36 million, representing an in\crease of 1.5%)-4 ( )]TJ
0.025 Tc 0.065 Tw 0 -1.231 Td
(year-on-year. In addition, securities investment gains of Zheshang Secur\ities included )Tj
0.064 Tw 0 -1.231 Td
(in the consolidated statement of profit or loss and other comprehensive \income of the )Tj
0 Tw 0 -1.231 Td
(Group was Rmb1,735.12 million \(2023: Rmb1,024.96 million\).)Tj
ET

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0 0 0 1 k
/Perceptual ri
/GS0 gs
/T1_0 1 Tf
0.025 Tc 12 0 0 12 281.8878 18.7502 Tm
(\226 35 \226)Tj
/T1_1 1 Tf
13 0 3.4833 13 55.3588 773.5878 Tm
[(\(II\) )-361.5 (Business operations achievements)]TJ
/T1_0 1 Tf
0.082 Tc 0.07 Tw 13 0 0 13 85.0394 741.5878 Tm
[(Looking)12.8 ( back)12.7 ( at)12.8 ( 2)12.8 (0)12.7 (2)12.8 (4)12.7 (,)12.8 ( the)12.8 ( Group)12.7 ( made)12.8 ( a)12.8 ( series)12.8 ( of)12.8 ( key)12.8 ( breakthroughs)12.8 ( in)57 ( )]TJ
0.044 Tc 0 -1.231 Td
[(operational)12.3 ( services,)12.2 ( technological)12.3 ( innovation)12.3 ( and)12.3 ( capital)12.3 ( operation)12.3 ( by)12.3 ( firmly)19 ( )]TJ
0.035 Tc 0.073 Tw 0 -1.231 Td
[(adhering)10 ( )0.5 (to)10.1 ( strategic)10 ( )0.5 (direction,)10 ( )0.5 (proactively)10 ( )0.5 (responding)10 ( )0.5 (to)10 ( )0.5 (complex)10 ( )0.5 (environment)10 ( )]TJ
0.039 Tc 0.07 Tw 0 -1.231 Td
[(and)12.3 ( focusing)12.2 ( on)12.3 ( strengthening)12.2 ( foundation,)12.2 ( seeking)12.2 ( long-term)12.2 ( development)12.2 ( and)14 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(promoting growth.)Tj
/T1_1 1 Tf
0.064 Tw 0 -2.462 Td
(Continuing to pursue business transformation)Tj
(, in pursue of safe and )Tj
-0.025 Tw (smooth )Tj
0.047 Tc -0.047 Tw 0 -1.231 Td
[(operation.)12.2 ( )]TJ
/T1_0 1 Tf
0.07 Tw 5.189 0 Td
[(The)12.2 ( Group)12.1 ( actively)12.1 ( developed)12.2 ( initiatives)12.2 ( to)12.1 ( attract)12.1 ( passenger)12.1 ( cars)22 ( )]TJ
0.054 Tc -5.189 -1.231 Td
[(flow,)12.2 ( to)12.2 ( constantly)12.2 ( tap)12.3 ( revenue)12.2 ( potential)12.3 ( from)12.3 ( the)12.2 ( core)12.3 ( business;)12.2 ( effectively)29 ( )]TJ
0.08 Tc 0 -1.231 Td
[(i)0.5 (mp)0.5 (l)0.5 (em)0.5 (e)0.5 (nt)0.5 (e)0.5 (d)12.9 ( )0.5 (a)13 ( c)0.5 (o)0.5 (mm)0.5 (u)0.5 (ni)0.5 (t)0.5 (y)12.9 ( )0.5 (s)0.5 (er)0.5 (v)0.5 (ic)0.5 (e)13 ( )0.5 (mo)0.5 (de)0.5 (l)13 ( )0.5 (fo)0.5 (r)13 ( l)0.5 (a)0.5 (rg)0.5 (e)13 ( f)0.5 (r)0.5 (ei)0.5 (g)0.5 (ht)13 ( )0.5 (tr)0.5 (a)0.5 (n)0.5 (sp)0.5 (or)0.5 (t)0.5 (a)0.5 (ti)0.5 (on)55 ( )]TJ
0.095 Tc 0 -1.231 Td
[(customers,)12.1 ( to)12.1 ( strengthen)12.1 ( customer)12.1 ( loyalty;)12.2 ( and)12.1 ( was)12.1 ( entrusted)12.2 ( with)12.2 ( the)70 ( )]TJ
0.04 Tc 0 -1.231 Td
[(management)12.7 ( of)12.8 ( Hangzhou)12.8 ( to)12.8 ( Shaoxing)12.8 ( Section)12.8 ( of)12.8 ( Hangzhou-Shaoxing-Ningbo)14.9 ( )]TJ
0.025 Tc 0.036 Tw 0 -1.231 Td
(Expressway and Hangzhou-Ningbo Expressway Parallel Line Phase I, to prom\ote )Tj
0.068 Tc 0.07 Tw 0 -1.231 Td
[(export)12.2 ( of)12.3 ( expressway)12.3 ( management.)12.3 ( At)12.2 ( the)12.2 ( same)12.2 ( time,)12.3 ( the)12.3 ( Group)12.3 ( )]TJ
-0.068 Tw (routinely)Tj
0 Tc 0 Tw 34.913 0 Td
( )Tj
0.029 Tc 0.079 Tw -34.913 -1.231 Td
[(implemented)4 ( )0.5 (off-peak)4 ( )0.5 (and)4 ( )0.5 (intensive)4 ( )0.5 (construction)4 ( )0.5 (at)4 ( )0.5 (night,)4 ( )0.5 (completed)4 ( )0.5 (alleviation)4 ( )]TJ
0.031 Tc 0.077 Tw 0 -1.231 Td
[(of)6 ( )0.5 (congestion)6 ( )0.5 (on)6 ( )0.5 (high-traffic)6 ( )0.5 (sections)6.1 ( in)6 ( )0.5 (a)6 ( )0.5 (high-quality)6 ( )0.5 (manner,)6 ( )0.5 (to)6 ( )0.5 (continuously)6 ( )]TJ
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(strengthen)Tj
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(smooth operation)Tj
0 Tc (.)Tj
/T1_1 1 Tf
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[(Steadily)12.4 ( advancing)12.5 ( development)12.4 ( of)12.4 ( core)12.4 ( business)12.4 ( of)12.4 ( expressway.)12.4 ( )]TJ
/T1_0 1 Tf
-0.04 Tw [(Following)15 ( )]TJ
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[(equity)5 ( )0.5 (interest)5 ( )0.5 (was)5 ( )0.5 (completed)5 ( )0.5 (in)5 ( )0.5 (January)5 ( )0.5 (2)5 (0)5 (2)4.9 (4)5.1 (;)5 ( )]TJ
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(ensured)Tj
0.078 Tw 3.314 0 Td
[( )0.5 (the)5 ( )0.5 (capital)5 ( )0.5 (injection)5 ( )0.6 (for)5 ( )]TJ
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(of Ningbo-Jinhua Expressway as well as Zhajiasu Expressway, and continuo\usly )Tj
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29.567 0 Td
[( )0.5 (assetization)]TJ
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( )Tj
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(in)Tj
0.001 Tw ( the highway infrastructure industry, completed the inclusion of data as\sets such )Tj
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28.506 0 Td
[(carried)9 ( )0.5 (out)9 ( )0.5 (the)9.1 ( )]TJ
0.025 Tc -0.025 Tw -28.506 -1.231 Td
(first)Tj
0 Tw ( data asset transaction in the industry, )Tj
-0.025 Tw (realizing)Tj
0 Tw ( the value of data assets.)Tj
/T1_1 1 Tf
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[(Accelerating)3 ( )0.5 (construction)3 ( )0.5 (of)3 ( )0.5 (intelligent)3 ( )0.5 (transportation)]TJ
[(,)3 ( )0.5 (as)3 ( )0.5 (well)3 ( )0.5 (as)]TJ
29.978 0 Td
[( )0.5 (green)3 ( )]TJ
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(and)Tj
0 Tc 0 Tw 1.694 0 Td
( )Tj
0.03 Tc 0.078 Tw -34.913 -1.231 Td
[(low-carbon)5 ( )0.5 (industrial)5 ( )0.5 (layout.)]TJ
/T1_0 1 Tf
13.428 0 Td
[( )0.5 (The)5 ( )0.5 (Group)5 ( )0.5 (completed)5 ( )0.5 (construction)5 ( )0.5 (of)5 ( )0.5 (intelligent)5 ( )]TJ
0.025 Tc 0.003 Tw -13.428 -1.231 Td
(transportation covering)Tj
( Shangsan Expressway and Ningbo-Zhoushan Expressway, )Tj
0.047 Tc 0.07 Tw 0 -1.231 Td
[(created)12.4 ( intelligent)12.4 ( transportation)12.4 ( systems)12.5 ( related)12.5 ( to)12.4 ( event)12.5 ( monitoring)12.4 ( system,)22 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(traffic control system and rapid rescue system, further solidifying core\ advantages )Tj
0.033 Tc 0.075 Tw 0 -1.231 Td
[(in)8 ( )0.5 (intelligent)8 ( )0.5 (transportation;)8 ( )0.5 (at)8 ( )0.5 (the)8 ( )0.6 (same)8 ( )0.5 (time,)8 ( )0.5 (focused)8 ( )0.6 (on)8 ( )0.5 (creating)8.1 ( )0.5 (China\222s)8 ( )0.5 (first)8 ( )]TJ
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(swapping of batteries for new energy heavy trucks of Ningbo-Jinhua Expre\ssway; )Tj
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[(and utilized toll stations and other idle areas to implement distributed\ photovoltaic)-2 ( )]TJ
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[(power )0.5 (generation )0.5 (projects )0.5 (on )0.5 (the )0.5 (Ningbo-Zhoushan )0.5 (Expressway )0.5 (and )0.5 (other )0.5 (related )]TJ
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(expressways.)Tj
ET

endstreamendobj84 0 obj<</Length 8767>>stream
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(\226 34 \226)Tj
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(Majority of the Group\222s expressways are located in Zhejiang Province,\ possessing )Tj
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[(favorable)12.3 ( location)12.3 ( advantages.)12.3 ( Leveraging)12.3 ( international)12.4 ( ports)12.4 ( such)12.4 ( as)12.3 ( Ningbo)21 ( )]TJ
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(Zhoushan Port, a vibrant private economy and a robust e-commerce and log\istics )Tj
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[(industry,)12.6 ( Zhejiang)12.6 ( Province)12.7 ( achieved)12.7 ( outstanding)12.7 ( foreign)12.7 ( trade)12.7 ( performance,)25 ( )]TJ
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[(g)-12 (o)-11.9 (o)-12 (d)-11.9 (s)0.5 ( i)-11.9 (n)0.5 ( 2)0.6 (0)0.5 (2)0.6 (4)0.5 (,)0.5 ( )]TJ
0.056 Tc -0.056 Tw (driving)Tj
0.07 Tw 10.397 0 Td
[( demand)12.6 ( for)12.5 ( freight)12.5 ( transportation.)12.5 ( At)12.6 ( the)12.5 ( same)12.5 ( time,)31 ( )]TJ
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[(Z)0.5 (h)0.5 (e)0.5 (j)0.5 (i)0.5 (a)0.5 (n)0.5 (g)13 ( P)0.5 (r)0.5 (o)0.5 (v)0.5 (i)0.5 (n)0.5 (c)0.5 (e)13 ( )0.5 (i)0.5 (s)13 ( )0.5 (l)0.5 (o)0.5 (c)0.5 (a)0.5 (te)0.6 (d)13 ( a)0.6 (t)12.9 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (c)0.5 (o)0.5 (r)0.5 (e)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (Y)0.5 (a)0.5 (n)0.5 (g)0.5 (t)0.5 (z)0.5 (e)13 ( R)0.5 (i)0.5 (v)0.5 (e)0.5 (r)13 ( )0.5 (D)0.5 (e)0.5 (l)0.5 (t)0.5 (a)13 ( )0.5 (E)0.5 (c)0.5 (o)0.5 (n)0.5 (o)0.5 (m)0.5 (i)0.5 (c)16 ( )]TJ
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[(Z)0.5 (o)0.5 (n)0.5 (e)0.6 (,)11 ( )0.5 (a)0.5 (n)0.5 (d)11 ( )0.5 (i)0.5 (s)11 ( )0.5 (a)0.5 (d)0.5 (j)0.6 (a)0.5 (c)0.5 (e)0.5 (n)0.5 (t)11 ( )0.5 (t)0.5 (o)11 ( )0.5 (e)0.6 (c)0.5 (o)0.5 (n)0.5 (o)0.5 (m)0.5 (i)0.5 (c)0.5 (a)0.6 (l)0.5 (l)0.5 (y)11 ( )0.5 (d)0.5 (e)0.5 (v)0.5 (e)0.6 (l)0.5 (o)0.5 (p)0.5 (e)0.5 (d)11 ( )0.5 (r)0.5 (e)0.5 (g)0.5 (i)0.6 (o)0.5 (n)0.5 (s)11 ( )0.5 (s)0.5 (u)0.5 (c)0.5 (h)11 ( )0.5 (a)0.6 (s)11 ( )0.5 (S)0.5 (h)0.5 (a)0.5 (n)0.5 (g)0.5 (h)0.5 (a)0.5 (i)11.1 ( )0.5 (a)0.5 (n)0.5 (d)11 ( )]TJ
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[(Jiangsu)2 ( )0.5 (Province,)2 ( )0.5 (forming)2 ( close)2 ( )0.5 (economic)2 ( )0.5 (ties)2 ( and)2 ( )0.5 (personnel)2 ( )0.5 (exchanges,)2 ( )]TJ
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(further)Tj
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( )Tj
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[(d)0.5 (r)0.6 (i)0.5 (v)0.6 (i)0.5 (n)0.6 (g)]TJ
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[( )0.5 (d)0.6 (e)0.5 (m)0.6 (a)0.5 (n)0.6 (d)]TJ
3.932 0 Td
[( )0.5 (f)0.6 (o)0.5 (r)13.1 ( )0.5 (p)0.6 (a)0.5 (s)0.6 (s)0.5 (e)0.6 (n)0.5 (g)0.6 (e)0.5 (r)13.1 ( )0.5 (v)0.6 (e)0.5 (h)0.6 (i)0.5 (c)0.5 (l)0.6 (e)13 ( )0.6 (t)0.5 (r)0.6 (a)0.5 (v)0.6 (e)0.5 (l)0.6 (.)13 ( )0.6 (I)0.5 (n)13 ( )0.6 (2)13 (0)13.1 (2)13 (4)13 (,)13.1 ( )0.5 (e)0.6 (c)0.6 (o)0.5 (n)0.5 (o)0.6 (m)0.5 (i)0.6 (c)13 ( )0.6 (g)0.5 (r)0.5 (o)0.6 (w)0.5 (t)0.6 (h)13 ( )0.6 (o)0.5 (f)41 ( )]TJ
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(Zhejiang Province was higher than the national average, )Tj
-0.025 Tw (providing)Tj
0.028 Tw ( strong support )Tj
0.041 Tc 0.07 Tw 0 -1.231 Td
[(for)12.6 ( sustained)12.6 ( growth)12.6 ( of)12.6 ( overall)12.6 ( traffic)12.6 ( volume)12.6 ( and)12.6 ( toll)12.6 ( revenue)12.6 ( of)12.6 ( the)12.6 ( Group\222s)16 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.231 Td
(expressways.)Tj
0.072 Tc 0.07 Tw 0 -2.462 Td
[(Nevertheless,)12.5 ( adverse)12.5 ( weather)12.5 ( conditions)12.4 ( and)12.5 ( increased)12.5 ( toll-free)12.4 ( )]TJ
-0.072 Tw (days)Tj
0.07 Tw 33.186 0 Td
[( for)47 ( )]TJ
0.035 Tc 0.073 Tw -33.186 -1.231 Td
[(passenger)9.9 ( )0.6 (cars)10 ( )0.5 (in)10 ( )0.5 (2)10 (0)10 (2)10 (4)10 ( )0.5 (had)10 ( )0.5 (a)10 ( )0.5 (certain)10 ( )0.5 (negative)10 ( )0.5 (impact)10 ( )0.5 (on)10 ( )0.5 (the)10 ( )0.5 (toll)10.1 ( )0.5 (revenue)10.1 ( )0.5 (of)10 ( )0.5 (the)10 ( )]TJ
0.046 Tc 0.07 Tw 0 -1.231 Td
[(Group\222s)12.3 ( expressways.)12.3 ( The)12.3 ( abnormal)12.3 ( cold)12.4 ( weather)12.4 ( in)12.3 ( February)12.3 ( )]TJ
[(caused)12.4 ( closure)21 ( )]TJ
0.055 Tc 0 -1.231 Td
[(of)12.9 ( certain)12.9 ( sections)12.8 ( of)12.9 ( expressways)12.8 ( and)12.9 ( tol)]TJ
-0.055 Tw (l-f)Tj
0.07 Tw [(ree)12.8 ( travel)12.9 ( on)12.8 ( some)12.9 ( expressways)30 ( )]TJ
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[(in)12.1 ( )0.6 (neighboring)12 ( )0.6 (provinces,)12 ( )0.6 (resulting)12 ( )0.6 (in)12.1 ( )0.6 (a)12 ( )0.6 (disrupted)12.1 ( )0.5 (pos)]TJ
0.092 Tc -0.092 Tw [(t)0.5 (-)0.6 (S)]TJ
0.091 Tc 0.071 Tw 28.114 0 Td
[(pring)12.1 ( )0.6 (Festival)66 ( )]TJ
0.042 Tc -0.042 Tw -28.114 -1.231 Td
(retur)Tj
(n-to-w)Tj
0.07 Tw [(ork)12.1 ( traffic;)]TJ
9.877 0 Td
[( the)12.1 ( continuous)12.2 ( rainfall)12.2 ( during)12.2 ( the)12.2 ( Plum)12.2 ( Rain)12.2 ( Season)12.1 ( in)17 ( )]TJ
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(June and subsequent typhoon weather led to a decline in public travel )Tj
-0.025 Tw (enthusiasm)Tj
(. )Tj
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[(T)0.5 (ol)0.5 (l)0.5 (-)0.5 (f)0.5 (r)0.5 (ee)13 ( )0.5 (d)0.5 (a)0.5 (y)0.5 (s)12.9 ( )0.5 (f)0.5 (o)0.5 (r)13 ( p)0.5 (a)0.5 (s)0.5 (s)0.5 (e)0.5 (ng)0.5 (e)0.5 (r)13 ( )0.5 (c)0.5 (a)0.5 (rs)13 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (re)0.5 (a)0.5 (s)0.5 (e)0.5 (d)13 ( )0.5 (by)13 ( )0.5 (t)0.5 (wo)13 ( )0.5 (d)0.5 (a)0.5 (ys)13 ( )0.5 (y)0.5 (e)0.5 (a)0.5 (r)0.5 (-o)0.5 (n)0.5 (-)0.5 (y)0.5 (ea)0.5 (r)13 ( )0.5 (d)0.5 (ue)13 ( )0.5 (t)0.5 (o)29 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(holiday distribution change combined with the leap year in 2024.)Tj
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[(Development)12.5 ( of)12.4 ( Zhoushan)12.4 ( industrial)12.5 ( park)12.4 ( and)12.4 ( construction)12.4 ( of)12.5 ( the)12.5 ( Parallel)44 ( )]TJ
0.037 Tc 0.071 Tw 0 -1.231 Td
[(Line)12.1 ( of)12 ( )0.5 (Ningbo-Zhoushan)12.1 ( )0.5 (Expressway)12 ( )0.5 (led)12 ( )0.5 (to)12 ( )0.5 (an)12 ( )0.5 (increase)12 ( )0.5 (in)12.1 ( )0.5 (demand)12 ( )0.5 (for)12 ( )0.5 (freight)12 ( )]TJ
0.046 Tc 0.07 Tw 0 -1.231 Td
[(transportation,)12.8 ( which)12.8 ( was)12.8 ( conducive)12.9 ( to)12.8 ( growth)12.8 ( of)12.8 ( traffic)12.8 ( volume)12.8 ( of)12.8 ( trucks)12.8 ( on)21 ( )]TJ
0.028 Tc 0.08 Tw 0 -1.231 Td
[(Zhoushan)3 ( )0.5 (Bay)3 ( )0.5 (Bridge;)3 ( )0.5 (from)3 ( )0.5 (September)3 ( )0.6 (1)2.9 (6)3.1 ( )0.5 (to)3 ( )0.5 (October)3 ( )0.5 (9)3 (,)3 ( )0.5 (2)3 (0)3 (2)3 (3)3 (,)3 ( )0.5 (relevant)3 ( )0.5 (sections)3 ( )]TJ
0.025 Tc 0.065 Tw 0 -1.231 Td
(of the Shanghai-Hangzhou-Ningbo Expressway were under traffic control du\ring )Tj
0.057 Tw 0 -1.231 Td
(the Hangzhou Asian Games and a 50% discount on the toll was implemented \for )Tj
0 Tw 0 -1.231 Td
(yellow-plate trucks on the Zhajiasu Expressway, )Tj
(both of which returned to normal)Tj
0 Tc ( )Tj
0.025 Tc 0 -1.231 Td
(in 2024.)Tj
0.073 Tc 0.07 Tw 0 -2.462 Td
[(Traffic)12.8 ( volume)12.8 ( of)12.9 ( some)12.9 ( of)12.9 ( the)12.8 ( Group\222s)12.9 ( expressways)12.9 ( was)12.8 ( also)12.8 ( affected)12.8 ( by)48 ( )]TJ
0.045 Tc 0 -1.231 Td
[(changes)12.3 ( in)12.3 ( neighboring)12.3 ( road)12.3 ( networks.)12.2 ( The)12.3 ( traffic-interrupting)12.3 ( reconstruction)20 ( )]TJ
0.101 Tc 0 -1.231 Td
[(and)12.5 ( expansion)12.5 ( of)12.5 ( Shuiyang)12.5 ( Hub)12.5 ( to)12.5 ( Daxi)12.5 ( Hub)12.5 ( Section)12.6 ( of)12.5 ( YongTaiWen)76 ( )]TJ
0.069 Tc 0 -1.231 Td
[(Expressway)12.7 ( since)12.8 ( July)12.7 ( 1)12.7 (9)12.8 (,)12.7 ( 2)12.7 (0)12.8 (2)12.7 (4)12.7 (,)12.8 ( negatively)12.8 ( affected)12.8 ( traffic)12.8 ( volume)12.7 ( of)12.8 ( the)44 ( )]TJ
0 -1.231 Td
[(connected)12.4 ( Shangsan)12.4 ( Expressway.)12.4 ( Both)12.4 ( the)12.5 ( Hangzhou)12.5 ( to)12.4 ( Shaoxing)12.4 ( Section)44 ( )]TJ
0.099 Tc 0 -1.231 Td
[(of)12.7 ( Hangzhou-Shaoxing-Ningbo)12.8 ( Expressway)12.8 ( and)12.8 ( the)12.8 ( Hangzhou-Ningbo)74 ( )]TJ
0.033 Tc 0.075 Tw 0 -1.231 Td
[(Expressway)8 ( )0.5 (Parallel)8 ( )0.5 (Line)8.1 ( )0.5 (Phase)8 ( )0.5 (I)8 ( )0.5 (opened)8 ( )0.5 (to)8 ( )0.5 (traffic)8.1 ( )0.5 (since)8 ( )0.5 (January)8 ( )0.5 (1)8 (9)8 (,)8 ( )0.5 (2)8 (0)8.1 (2)8 (4)8 (,)8 ( )0.5 (and)8 ( )]TJ
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[(the)10.1 ( )0.5 (Ningbo-Jinhua)10 ( )0.5 (Railway)10 ( )0.5 (opened)10 ( )0.5 (to)10 ( )0.5 (traffic)10 ( )0.5 (since)10 ( )0.5 (December)9.9 ( )0.6 (3)9.9 (1)10.1 (,)10 ( )0.5 (2)10 (0)10 (2)10 (3)10 (,)10 ( )0.5 (leading)10 ( )]TJ
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[(to)12.3 ( a)12.3 ( certain)12.3 ( diversion)12.3 ( of)12.3 ( traffic)12.3 ( volume)12.4 ( )]TJ
-0.043 Tw (on)Tj
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[( Hangzhou-Ningbo)12.3 ( Expressway)12.3 ( and)18 ( )]TJ
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(Zhoushan Bay Bridge, as well as Ningbo-Jinhua Expressway, respectively.)Tj
ET

endstreamendobj83 0 obj<</Length 4833>>stream
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/Perceptual ri
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(\226 33 \226)Tj
/T1_1 1 Tf
13 0 0 13 56.6929 773.5878 Tm
(Toll Road Operations)Tj
13 0 3.4833 13 55.3588 741.5878 Tm
[(\(I\) )-775.5 (Business performance and analysis)]TJ
/T1_0 1 Tf
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[(During)12.5 ( the)12.5 ( Period,)12.4 ( toll)12.4 ( revenue)12.5 ( of)12.5 ( the)12.5 ( Group\222s)12.5 ( nine)12.5 ( expressways)12.4 ( amounted)12.4 ( to)19 ( )]TJ
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[(RMB)12.6 (1)12.6 (0)12.5 (,)12.6 (6)12.6 (6)12.5 (2)12.6 (.)12.5 (3)12.6 (5)12.6 ( million,)12.6 ( representing)12.6 ( a)12.5 ( year-on-year)12.6 ( increase)12.6 ( of)12.6 ( 2)12.6 (.)12.5 (3)12.6 (%;)12.5 ( overall)22 ( )]TJ
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(\(Rmb million\))Tj
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( )Tj
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( )Tj
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(0.17%)Tj
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(-2.62%)Tj
6.465 0 Td
(186.84)Tj
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(-3.60%)Tj
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(5.56%)Tj
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(5.60%)Tj
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(792.18)Tj
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(4.70%)Tj
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(Zhajiasu Expressway)Tj
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(4.27%)Tj
6.107 0 Td
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6.491 0 Td
(5.00%)Tj
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(A breakdown of the Group\222s revenue for the Period is set out below:)Tj
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(-3.0%)Tj
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(1.5%)Tj
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(-12.8%)Tj
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(\226)Tj
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(N/A)Tj
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(44,830)Tj
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(-7.7%)Tj
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Q
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( )Tj
ET
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0 0 m
79.37 0 l
S
Q
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13 0 0 13 362.8347 399.5696 Tm
( )Tj
ET
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0 0 m
79.37 0 l
S
Q
BT
13 0 0 13 453.5434 399.5696 Tm
( )Tj
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(Total revenue)Tj
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(18,064,824)Tj
/T1_0 1 Tf
6.978 0 Td
(16,965,024)Tj
9.545 0 Td
(6.5%)Tj
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( )Tj
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(\226 31 \226)Tj
/T1_1 1 Tf
13 0 0 13 56.6929 773.5878 Tm
(BUSINESS REVIEW)Tj
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[(In)8.1 ( )0.5 (2)8 (0)8 (2)8 (4)8 (,)8 ( )0.5 (global)8 ( )0.5 (inflationary)8 ( )0.5 (pressure)8 ( )0.5 (eased,)8 ( )0.5 (but)8 ( )0.5 (issues)8 ( )0.5 (such)8 ( )0.5 (as)8 ( )0.5 (geopolitical)8 ( )0.5 (conflicts,)8 ( )]TJ
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[(trade)12.5 ( protectionism)12.5 ( persisted,)12.5 ( resulting)12.5 ( in)12.6 ( a)12.6 ( slow)12.5 ( recovery)12.6 ( of)12.6 ( the)12.6 ( global)12.5 ( economy.)22 ( )]TJ
0.052 Tc 0 -1.231 Td
[(Domestically,)12.2 ( China)12.1 ( also)12.2 ( faced)12.1 ( challenges)12.1 ( such)12.2 ( as)12.1 ( insufficient)12.2 ( domestic)12.2 ( demand.)27 ( )]TJ
0.033 Tc 0.075 Tw 0 -1.231 Td
[(However,)8 ( )0.5 (with)8 ( )]TJ
6.785 0 Td
[(concerted)8 ( )0.5 (efforts)8 ( )0.5 (in)]TJ
8.556 0 Td
[( )0.5 (macroeconomic)8 ( )0.5 (policies)8 ( )0.5 (and)8 ( )0.5 (steady)8 ( )0.5 (development)8 ( )]TJ
0.025 Tc 0.015 Tw -15.341 -1.231 Td
(of new quality productive forces, social confidence was boosted and Chin\a\222s economic )Tj
0.047 Tc 0.07 Tw 0 -1.231 Td
[(operation)12.8 ( was)12.8 ( generally)12.8 ( stable)12.8 ( in)12.8 ( steady)12.8 ( progress,)12.8 ( with)12.8 ( the)12.8 ( GDP)12.8 ( growing)12.8 ( by)12.7 ( 5)12.8 (.)12.8 (0)12.8 (%)22 ( )]TJ
0.025 Tc 0.023 Tw 0 -1.231 Td
(year on year. In 2024, Zhejiang Province\222s steady expansion in produc\tion and supply, )Tj
0.04 Tc 0.07 Tw 0 -1.231 Td
[(continuous)12.1 ( reinforcement)12.1 ( of)12.1 ( new)12.1 ( impetus)12.1 ( for)12.1 ( consumption,)12.1 ( rapid)12.1 ( growth)12.1 ( in)12.1 ( foreign)15 ( )]TJ
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[(trade,)4 ( )0.5 (and)4 ( )0.5 (coordinated)4 ( )0.5 (advancements)4 ( )0.5 (of)4 ( )0.5 (digital)4 ( )0.5 (economy,)4 ( )0.5 (private)4 ( )0.5 (economy)4 ( )0.5 (and)4 ( )0.5 (green)4 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(economy boosted year-on-year growth of the Province\222s GDP by 5.5%.)Tj
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[(During)9 ( )0.5 (the)9 ( )0.5 (Period,)9 ( )0.5 (toll)9 ( )0.5 (revenue)9 ( )0.5 (of)9.1 ( )0.5 (the)9 ( )0.5 (Group\222s)9 ( )0.5 (expressways)9 ( )0.5 (continued)9 ( )0.5 (to)9 ( )0.5 (grow)9 ( )0.5 (amid)9 ( )]TJ
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[(steady)5 ( )0.5 (recovery)5 ( )0.5 (of)5 ( )0.5 (China\222s)5 ( )0.6 (economy)5 ( )0.5 (and)5 ( )0.5 (sustained)5 ( )0.5 (activating)5 ( )0.5 (of)5 ( )0.5 (Zhejiang)5 ( )0.5 (Provinc)0.5 (e\222s)5 ( )]TJ
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[(economic)5 ( )0.5 (vitality,)5 ( )0.5 (while)5 ( )0.5 (the)5 ( )0.5 (Group\222s)5 ( )0.5 (securities)5 ( )0.6 (business)5 ( )0.5 (result)5 ( )0.5 (was)5 ( )0.5 (under)5 ( )0.5 (pressure)5 ( )0.5 (in)5 ( )]TJ
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(the first three quarters due to downward volatility in the capital marke\t, but gradually )Tj
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[(stabiliz)0.5 (ed and recover)0.5 (ed in the fourth qu)0.5 (arter alongside )0.5 (a rebound in the c)0.5 (apital market.)-1 ( )]TJ
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(During the Period, total revenue of the Group was Rmb18,064.82 million, \representing )Tj
0.034 Tc 0.074 Tw 0 -1.231 Td
[(an)9 ( )0.5 (increase)9 ( )0.5 (of)9 ( )0.5 (6)9 (.)9 (5)9 (%)9 ( )0.5 (year-on-year,)9 ( )0.5 (of)9 ( )0.5 (which)9 ( )0.5 (Rmb)9 (1)9 (0)9 (,)9 (6)9 (6)9 (2)9 (.)9 (3)9 (5)9 ( )0.5 (million)9 ( )0.5 (was)9 ( )0.5 (generated)9 ( )0.5 (by)9 ( )]TJ
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[(the)12.9 ( nine)12.9 ( major)12.9 ( expressways)12.9 ( operated)12.9 ( by)12.9 ( the)13 ( Group)12.9 ( \()12.9 (2)12.9 (0)12.9 (2)12.9 (3)12.9 (:)12.9 ( Rmb)12.9 (1)12.9 (0)12.8 (,)12.9 (4)12.9 (2)12.9 (3)12.9 (.)12.9 (8)12.9 (3)12.9 ( million\),)22 ( )]TJ
0.025 Tc 0.005 Tw 0 -1.231 Td
(representing 59.0 % of total revenue. Revenue generated by the securitie\s business was )Tj
0.043 Tc 0.07 Tw 0 -1.231 Td
[(Rmb)12.6 (6)12.5 (,)12.6 (1)12.6 (8)12.6 (2)12.6 (.)12.5 (5)12.6 (1)12.6 ( million)12.5 ( \()12.6 (2)12.6 (0)12.6 (2)12.6 (3)12.5 (:)12.6 ( Rmb)12.6 (6)12.5 (,)12.6 (3)12.6 (7)12.6 (2)12.6 (.)12.5 (2)12.6 (9)12.6 ( million\),)12.6 ( representing)12.5 ( 3)12.6 (4)12.6 (.)12.6 (2)12.6 (%)12.5 ( of)12.6 ( the)12.6 ( total)18 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.231 Td
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/T1_0 1 Tf
0.025 Tc 12 0 0 12 281.8878 18.7502 Tm
(\226 28 \226)Tj
/T1_1 1 Tf
13 0 0 13 85.0394 773.5878 Tm
(Convertible Bond 2022)Tj
/T1_0 1 Tf
0.051 Tc 0.07 Tw 0 -2.462 Td
[(On)12.9 ( June)12.9 ( 1)12.9 (4)12.9 (,)12.9 ( 2)12.8 (0)12.9 (2)12.9 (2)12.9 (,)12.9 ( Zheshang)12.9 ( Securities,)12.9 ( a)12.9 ( subsidiary)12.8 ( of)12.9 ( the)12.9 ( Company,)12.9 ( issued)25.9 ( )]TJ
0.058 Tc 0 -1.231 Td
[(a)12.1 ( convertible)12.1 ( bond)12.1 ( due)12.1 ( on)12.1 ( June)12 ( 1)12.1 (3)12.1 (,)12 ( 2)12.1 (0)12.1 (2)12 (8)12.1 ( \(the)12.1 ( \223)]TJ
/T1_1 1 Tf
[(Maturity)12.1 ( Date)12.1 ( 2)12.1 (0)12 (2)12.1 (2)]TJ
/T1_0 1 Tf
31.365 0 Td
[(\224\))12.1 ( in)12.1 ( an)33 ( )]TJ
0.068 Tc -31.365 -1.231 Td
[(ag)0.5 (grega)0.5 (te)12.9 ( p)0.5 (rinci)0.5 (pal)12.9 ( )0.5 (amoun)0.5 (t)12.9 ( of)12.9 ( )0.5 (Rmb)12.9 (7)12.9 (,)13 (0)12.9 (0)12.9 (0)12.9 (,)12.9 (0)12.9 (0)13 (0)12.9 (,)12.9 (0)12.9 (0)12.9 (0)12.9 ( )0.5 (\(the)13 ( \223)]TJ
/T1_1 1 Tf
[(Co)0.5 (nvert)0.5 (ible)13 ( Bond)43 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.231 Td
(2022)Tj
/T1_0 1 Tf
0.026 Tc 0.082 Tw [(\224)0.5 (\))0.5 (.)1 ( )0.5 (T)0.5 (h)0.5 (e)1 ( )0.5 (C)0.5 (o)0.5 (n)0.5 (v)0.5 (e)0.5 (r)0.5 (t)0.5 (i)0.5 (b)0.5 (l)0.5 (e)1 ( )0.5 (B)0.5 (o)0.5 (n)0.5 (d)1 ( )0.5 (2)1 (0)1 (2)1 (2)1 ( )0.5 (w)0.5 (a)0.6 (s)0.9 ( )0.6 (l)0.5 (i)0.5 (s)0.5 (t)0.5 (e)0.5 (d)1 ( )0.5 (o)0.5 (n)1 ( )0.5 (t)0.5 (h)0.5 (e)1 ( )0.5 (S)0.5 (h)0.5 (a)0.5 (n)0.5 (g)0.5 (h)0.5 (a)0.5 (i)1 ( )0.5 (S)0.5 (t)0.5 (o)0.5 (c)0.5 (k)1 ( )0.5 (E)0.5 (x)0.5 (c)0.5 (h)0.5 (a)0.5 (n)0.5 (g)0.5 (e)1 ( )]TJ
0.025 Tc 0.08 Tw 0 -1.231 Td
(on July 8, 2023. The coupon rate is 0.2% for the first year, 0.4% for th\e second )Tj
0.038 Tc 0.07 Tw 0 -1.231 Td
[(year,)12.5 ( 0)12.5 (.)12.6 (6)12.5 (%)12.6 ( for)12.6 ( the)12.5 ( third)12.5 ( year,)12.6 ( 1)12.6 (.)12.5 (0)12.6 (%)12.5 ( for)12.5 ( the)12.6 ( fourth)12.5 ( year,)12.6 ( 1)12.6 (.)12.5 (5)12.6 (%)12.5 ( for)12.5 ( the)12.6 ( fifth)12.6 ( year,)13 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(2.0% for the sixth year, and will be paid annually.)Tj
0.056 Tc 0.082 Tw 0 -2.462 Td
[(O)-12 (u)-12.1 (t)0.5 ( o)-12 (f t)-12.1 (h)-12.1 (e)0.5 ( p)-12.1 (r)-12 (i)-12.1 (n)-12.1 (c)-12 (i)-12 (p)-12.1 (a)-12 (l a)-12.1 (m)-12 (o)-12.1 (u)-12 (n)-12.1 (t)0.5 ( o)-12 (f R)-12.1 (m)-12 (b7)0.5 (,0)0.5 (00,)0.5 (00)0.5 (0,)0.5 (00)0.5 (0,)0.5 ( R)-12 (m)-12.1 (b)0.5 (3,8)0.5 (33)0.5 (,1)0.5 (85)0.5 (,0)0.5 (00)0.5 ( w)-12 (a)-12.1 (s)31 ( )]TJ
0.022 Tc 0 Tw 0 -1.231 Td
(subscribed by Zhejiang Shangsan Expressway Co., Ltd. \(\223)Tj
/T1_1 1 Tf
(Shangsan Co)Tj
/T1_0 1 Tf
[(\224\), another)-3 ( )]TJ
0.025 Tc 0.03 Tw 0 -1.231 Td
(subsidiary of the Group. Shangsan Co has disposed all of these Convertib\le Bond )Tj
0 Tw 0 -1.231 Td
(2022 in 2023.)Tj
0 -2.462 Td
(The principal terms of the Convertible Bond 2022 are set out below:)Tj
/T1_1 1 Tf
13 0 3.4833 13 83.7052 501.5878 Tm
[(\(1\) )-664.5 (Conversion right)]TJ
/T1_0 1 Tf
0.095 Tc 0.07 Tw 13 0 0 13 113.3858 469.5878 Tm
[(The)12.8 ( Convertible)12.9 ( Bond)12.9 ( 2)12.9 (0)12.8 (2)12.8 (2)12.9 ( will,)12.8 ( at)12.8 ( the)12.9 ( option)12.9 ( of)12.9 ( the)12.8 ( holders)12.8 ( \(the)70 ( )]TJ
0 Tc 0 Tw 0 -1.231 Td
(\223)Tj
/T1_1 1 Tf
0.085 Tc 0.07 Tw 0.529 0 Td
[(Bondholders)12.4 ( 2)12.4 (0)12.4 (2)12.4 (2)]TJ
/T1_0 1 Tf
9.065 0 Td
[(\224\),)12.4 ( be)12.4 ( convertible)12.4 ( \(unless)12.5 ( previously)12.5 ( redeemed,)60 ( )]TJ
0.046 Tc -9.594 -1.231 Td
[(converted)12.6 ( or)12.7 ( purchased)12.7 ( and)12.7 ( cancelled\))12.7 ( during)12.7 ( the)12.7 ( period)12.7 ( from)12.7 ( December)21 ( )]TJ
0.038 Tc 0 -1.231 Td
[(2)12.8 (0)12.9 (,)12.8 ( 2)12.9 (0)12.8 (2)12.8 (2)12.9 ( up)12.9 ( to)12.8 ( June)12.9 ( 1)12.9 (3)12.8 (,)12.8 ( 2)12.9 (0)12.8 (2)12.9 (8)12.8 (,)12.8 ( into)12.8 ( fully)12.8 ( paid)12.8 ( ordinary)12.8 ( shares)12.8 ( of)12.8 ( Zheshang)13 ( )]TJ
0.02 Tc 0 Tw 0 -1.231 Td
[(Securities with a par value of Rmb1.00 each at an initial conversion pri\ce \(the)-5 ( )]TJ
0 Tc 0 -1.231 Td
(\223)Tj
/T1_1 1 Tf
0.042 Tc 0.07 Tw 0.486 0 Td
[(Conversion)12.2 ( Price)12.2 ( 2)12.2 (0)12.2 (2)12.2 (2)]TJ
/T1_0 1 Tf
10.564 0 Td
[(\224\))12.2 ( of)12.2 ( Rmb)12.2 (1)12.2 (0)12.2 (.)12.1 (4)12.2 (9)12.2 ( per)12.2 ( share.)12.2 ( The)12.2 ( Conversion)12.2 ( Price)17 ( )]TJ
0.025 Tc 0.04 Tw -11.05 -1.231 Td
(2022 will be adjusted when Zheshang Securities distributes stock dividen\ds, )Tj
0.025 Tw 0 -1.231 Td
(capitalises common reserves into share capital, issues new shares \(excl\uding )Tj
0.026 Tc 0.082 Tw 0 -1.231 Td
[(the)1 ( )0.5 (increase)1 ( )0.5 (in)0.9 ( )0.5 (share)1 ( )0.5 (capital)1 ( )0.5 (due)1 ( )0.5 (to)1 ( )0.5 (the)1.1 ( )0.5 (conversion)1 ( )0.5 (of)1 ( )0.5 (the)1 ( )0.5 (Convertible)1 ( )0.5 (Bond)1 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(2022 issued\) or places new shares, distributes cash dividend.)Tj
0.074 Tc 0.07 Tw 0 -2.462 Td
[(When)12.6 ( the)12.6 ( share)12.6 ( price)12.5 ( of)12.6 ( Zheshang)12.6 ( Securities)12.6 ( is)12.6 ( less)12.5 ( than)12.5 ( 8)12.5 (0)12.6 (%)12.5 ( of)12.5 ( the)49 ( )]TJ
0.063 Tc 0 -1.231 Td
[(Convers)0.5 (ion)12.9 ( Price)12.9 ( )0.5 (2)12.9 (0)12.9 (2)12.9 (2)12.9 ( for)12.9 ( any)12.9 ( )0.5 (1)12.9 (5)12.9 ( business)13 ( days)12.9 ( within)13 ( a)12.9 ( period)12.9 ( of)13 ( 3)12.9 (0)38 ( )]TJ
0.05 Tc 0 -1.231 Td
[(consecutive)12.2 ( business)12.3 ( days)12.2 ( prior)12.3 ( to)12.2 ( the)12.2 ( Maturity)12.2 ( Date)12.3 ( 2)12.3 (0)12.2 (2)12.3 (2)12.2 (,)12.3 ( the)12.3 ( board)12.2 ( of)25.1 ( )]TJ
0.066 Tc 0 -1.231 Td
[(directors)12.6 ( of)12.6 ( Zheshang)12.5 ( Securities)12.6 ( has)12.6 ( the)12.6 ( right)12.6 ( to)12.5 ( propose)12.6 ( a)12.6 ( downward)41 ( )]TJ
0.056 Tc 0 -1.231 Td
[(revision)12.8 ( resolution)12.7 ( on)12.8 ( the)12.8 ( Conversion)12.7 ( Price)12.7 ( 2)12.7 (0)12.8 (2)12.7 (2)12.7 (,)12.8 ( and)12.8 ( submits)12.7 ( it)12.7 ( to)12.8 ( the)31 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(shareholder\222s meeting of Zheshang Securities for approval.)Tj
ET

endstreamendobj87 0 obj<</Length 8342>>stream
BT
0 0 0 1 k
/Perceptual ri
/GS0 gs
/T1_0 1 Tf
0.025 Tc 12 0 0 12 281.8878 18.7502 Tm
(\226 27 \226)Tj
0.037 Tc 0.071 Tw 13 0 0 13 85.0394 773.5878 Tm
[(The)12.1 ( )0.5 (movement)12 ( )0.5 (of)12 ( )0.5 (the)12 ( )0.5 (debt)12 ( and)12 ( )0.5 (derivative)12 ( )0.5 (components)12 ( )0.5 (of)12 ( )0.5 (the)12 ( )0.5 (Convertible)12 ( )0.5 (Bond)12 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(2021 as at December 31, 2023 and 2024 is set out as below:)Tj
/T1_1 1 Tf
8.45 0 0 13 224.8331 725.5878 Tm
(Debt component at )Tj
0.996 -1.231 Td
(amortised cost)Tj
11.732 1.231 Td
(Derivative component )Tj
2.677 -1.231 Td
(at FVTPL)Tj
-0.025 Tw 14.497 0 Td
(Total)Tj
/T1_0 1 Tf
8.45 0 3.4833 13 220.3899 693.5878 Tm
(Euro\222000)Tj
6.733 0 Td
(Rmb\222000)Tj
6.685 0 Td
(Euro\222000)Tj
6.733 0 Td
(Rmb\222000)Tj
6.685 0 Td
(Euro\222000)Tj
6.733 0 Td
(Rmb\222000)Tj
ET
0 0 0 1 K
0.5 w 
q 1 0 0 1 209.7639 689.1777 cm
0 0 m
45.354 0 l
S
Q
BT
0 Tc 0 Tw 13 0 3.4833 13 204.0946 690.5787 Tm
( )Tj
ET
q 1 0 0 1 266.4568 689.1777 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 3.4833 13 260.7875 690.5787 Tm
( )Tj
ET
q 1 0 0 1 323.1497 689.1777 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 3.4833 13 317.4804 690.5787 Tm
( )Tj
ET
q 1 0 0 1 379.8426 689.1777 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 3.4833 13 374.1733 690.5787 Tm
( )Tj
ET
q 1 0 0 1 436.5355 689.1777 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 3.4833 13 430.8662 690.5787 Tm
( )Tj
ET
q 1 0 0 1 493.2284 689.1777 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 3.4833 13 487.5591 690.5787 Tm
( )Tj
0.025 Tc 8.45 0 0 13 85.0395 658.5787 Tm
(As at January 1, 2023)Tj
-0.025 Tw 16.728 0 Td
(199,401)Tj
5.909 0 Td
(1,480,135)Tj
8.034 0 Td
(41,530)Tj
6.184 0 Td
(308,266)Tj
6.709 0 Td
(240,931)Tj
5.909 0 Td
(1,788,401)Tj
0 Tw -49.474 -1.231 Td
(Exchange realignment)Tj
0 Tc 19.628 0 Td
(\226)Tj
0.025 Tc -0.025 Tw 4.334 0 Td
(79,600)Tj
0 Tc 0 Tw 9.084 0 Td
(\226)Tj
6.709 0 Td
(\226)Tj
6.709 0 Td
(\226)Tj
0.025 Tc -0.025 Tw 4.334 0 Td
(79,600)Tj
0 Tw -50.799 -1.231 Td
(Interest charge)Tj
-0.025 Tw 17.253 0 Td
(28,080)Tj
6.184 0 Td
(228,084)Tj
0 Tc 0 Tw 9.609 0 Td
(\226)Tj
6.709 0 Td
(\226)Tj
0.025 Tc -0.025 Tw 4.334 0 Td
(28,080)Tj
6.184 0 Td
(228,084)Tj
0 Tw -50.274 -1.231 Td
(Gain on changes in fair value)Tj
0 Tc 19.628 0 Td
(\226)Tj
6.709 0 Td
(\226)Tj
0.025 Tc -0.025 Tw 3.951 0 Td
(\(38,012\))Tj
6.184 0 Td
(\(280,620\))Tj
7.234 0 Td
(\(38,012\))Tj
6.184 0 Td
(\(280,620\))Tj
ET
q 1 0 0 1 209.7639 606.1686 cm
0 0 m
45.354 0 l
S
Q
BT
0 Tc 0 Tw 13 0 0 13 204.0946 607.5696 Tm
( )Tj
ET
q 1 0 0 1 266.4568 606.1686 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 260.7875 607.5696 Tm
( )Tj
ET
q 1 0 0 1 323.1497 606.1686 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 317.4804 607.5696 Tm
( )Tj
ET
q 1 0 0 1 379.8426 606.1686 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 374.1733 607.5696 Tm
( )Tj
ET
q 1 0 0 1 436.5355 606.1686 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 430.8662 607.5696 Tm
( )Tj
ET
q 1 0 0 1 493.2284 606.1686 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 487.5591 607.5696 Tm
( )Tj
0.025 Tc 8.45 0 0 13 85.0395 575.5696 Tm
(As at December 31, 2023)Tj
-0.025 Tw 16.728 0 Td
(227,481)Tj
5.909 0 Td
(1,787,819)Tj
8.559 0 Td
(3,518)Tj
6.184 0 Td
(27,646)Tj
6.184 0 Td
(230,999)Tj
5.909 0 Td
(1,815,465)Tj
ET
2.5 w 
q 1 0 0 1 209.7639 570.0051 cm
0 0 m
45.354 0 l
S
Q
0.835 w 
q 1 0 0 1 209.7639 566.6726 cm
0 0 m
45.354 0 l
S
Q
BT
0 Tc 0 Tw 13 0 0 13 204.0946 567.9061 Tm
( )Tj
ET
2.5 w 
q 1 0 0 1 266.4568 570.0051 cm
0 0 m
45.354 0 l
S
Q
0.835 w 
q 1 0 0 1 266.4568 566.6726 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 260.7875 567.9061 Tm
( )Tj
ET
2.5 w 
q 1 0 0 1 323.1497 570.0051 cm
0 0 m
45.354 0 l
S
Q
0.835 w 
q 1 0 0 1 323.1497 566.6726 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 317.4804 567.9061 Tm
( )Tj
ET
2.5 w 
q 1 0 0 1 379.8426 570.0051 cm
0 0 m
45.354 0 l
S
Q
0.835 w 
q 1 0 0 1 379.8426 566.6726 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 374.1733 567.9061 Tm
( )Tj
ET
2.5 w 
q 1 0 0 1 436.5355 570.0051 cm
0 0 m
45.354 0 l
S
Q
0.835 w 
q 1 0 0 1 436.5355 566.6726 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 430.8662 567.9061 Tm
( )Tj
ET
2.5 w 
q 1 0 0 1 493.2284 570.0051 cm
0 0 m
45.354 0 l
S
Q
0.835 w 
q 1 0 0 1 493.2284 566.6726 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 487.5591 567.9061 Tm
( )Tj
0.025 Tc -0.025 Tw 8.45 0 0 13 85.0395 535.9061 Tm
(Redemption)Tj
/T1_1 1 Tf
16.345 0 Td
(\(202,600\))Tj
5.909 0 Td
(\(1,592,274\))Tj
0 Tc 0 Tw 10.792 0 Td
(\226)Tj
6.709 0 Td
(\226)Tj
0.025 Tc -0.025 Tw 3.426 0 Td
(\(202,600\))Tj
5.909 0 Td
(\(1,592,274\))Tj
/T1_0 1 Tf
0 Tw -49.091 -1.231 Td
(Conversion of Convertible Bond)Tj
/T1_1 1 Tf
-0.025 Tw 18.195 0 Td
(\(200\))Tj
5.909 0 Td
(\(1,472\))Tj
8.034 0 Td
(\(22\))Tj
6.184 0 Td
(\(164\))Tj
6.709 0 Td
(\(222\))Tj
5.909 0 Td
(\(1,636\))Tj
/T1_0 1 Tf
0 Tw -50.941 -1.231 Td
(Exchange realignment)Tj
/T1_1 1 Tf
0 Tc 19.628 0 Td
(\226)Tj
0.025 Tc -0.025 Tw 4.476 0 Td
(\(8,243\))Tj
0 Tc 0 Tw 8.942 0 Td
(\226)Tj
6.709 0 Td
(\226)Tj
6.709 0 Td
(\226)Tj
0.025 Tc -0.025 Tw 4.476 0 Td
(\(8,243\))Tj
/T1_0 1 Tf
0 Tw -50.941 -1.231 Td
(Interest charge)Tj
/T1_1 1 Tf
-0.025 Tw 17.778 0 Td
(1,192)Tj
6.709 0 Td
(8,879)Tj
0 Tc 0 Tw 8.559 0 Td
(\226)Tj
6.709 0 Td
(\226)Tj
0.025 Tc -0.025 Tw 4.859 0 Td
(1,192)Tj
6.709 0 Td
(8,879)Tj
/T1_0 1 Tf
0 Tw -51.324 -1.231 Td
(Loss on changes in fair value)Tj
/T1_1 1 Tf
0 Tc 19.628 0 Td
(\226)Tj
6.709 0 Td
(\226)Tj
0.025 Tc -0.025 Tw 5.659 0 Td
(512)Tj
5.909 0 Td
(2,676)Tj
7.509 0 Td
(512)Tj
5.909 0 Td
(2,676)Tj
ET
0.5 w 
q 1 0 0 1 209.7639 467.4961 cm
0 0 m
45.354 0 l
S
Q
BT
/T1_0 1 Tf
0 Tc 0 Tw 13 0 0 13 204.0946 468.897 Tm
( )Tj
ET
q 1 0 0 1 266.4568 467.4961 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 260.7875 468.897 Tm
( )Tj
ET
q 1 0 0 1 323.1497 467.4961 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 317.4805 468.897 Tm
( )Tj
ET
q 1 0 0 1 379.8427 467.4961 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 374.1734 468.897 Tm
( )Tj
ET
q 1 0 0 1 436.5356 467.4961 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 430.8663 468.897 Tm
( )Tj
ET
q 1 0 0 1 493.2285 467.4961 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 487.5592 468.897 Tm
( )Tj
0.025 Tc 8.45 0 0 13 85.0395 436.897 Tm
(As at December 31, 2024)Tj
/T1_1 1 Tf
-0.025 Tw 17.253 0 Td
(25,873)Tj
6.184 0 Td
(194,709)Tj
7.759 0 Td
(4,008)Tj
6.184 0 Td
(30,158)Tj
6.709 0 Td
(29,881)Tj
6.184 0 Td
(224,867)Tj
ET
2.5 w 
q 1 0 0 1 209.7639 431.3325 cm
0 0 m
45.354 0 l
S
Q
0.835 w 
q 1 0 0 1 209.7639 428 cm
0 0 m
45.354 0 l
S
Q
BT
0 Tc 0 Tw 13 0 0 13 204.0946 429.2335 Tm
( )Tj
ET
2.5 w 
q 1 0 0 1 266.4568 431.3325 cm
0 0 m
45.354 0 l
S
Q
0.835 w 
q 1 0 0 1 266.4568 428 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 260.7875 429.2335 Tm
( )Tj
ET
2.5 w 
q 1 0 0 1 323.1497 431.3325 cm
0 0 m
45.354 0 l
S
Q
0.835 w 
q 1 0 0 1 323.1497 428 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 317.4805 429.2335 Tm
( )Tj
ET
2.5 w 
q 1 0 0 1 379.8427 431.3325 cm
0 0 m
45.354 0 l
S
Q
0.835 w 
q 1 0 0 1 379.8427 428 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 374.1734 429.2335 Tm
( )Tj
ET
2.5 w 
q 1 0 0 1 436.5356 431.3325 cm
0 0 m
45.354 0 l
S
Q
0.835 w 
q 1 0 0 1 436.5356 428 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 430.8663 429.2335 Tm
( )Tj
ET
2.5 w 
q 1 0 0 1 493.2285 431.3325 cm
0 0 m
45.354 0 l
S
Q
0.835 w 
q 1 0 0 1 493.2285 428 cm
0 0 m
45.354 0 l
S
Q
BT
13 0 0 13 487.5592 429.2335 Tm
( )Tj
/T1_0 1 Tf
0.025 Tc 0.034 Tw -30.963 -2.335 Td
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(of redemption had been served on the Company requiring the Company to re\deem )Tj
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(underwriting fee. The effective interest rate used is 4.74%.)Tj
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[(\(b\) )-599.5 (Derivative component comprises conversion right of the Bondholders 2021,\ )]TJ
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(redemption option of the Company, and put option of the Bondholders 2021\.)Tj
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(proportion to their respective fair values.)Tj
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(carrying amount of the debt portion and amortised over the remaining lif\e of the )Tj
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(\226 25 \226)Tj
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(The Company may, having given not less than 30 days\222 nor more than )Tj
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[(\(a\) )-660.5 (At any time after January 20, 2024 but prior to the Maturity Date )]TJ
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(Fixed Exchange Rate\); or)Tj
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(amount originally issued.)Tj
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[(\(iii\) )-280.5 (Redemption at the option of the Bondholders 2021)]TJ
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[(Put)12.7 ( Option)18 ( )]TJ
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(Date)Tj
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(\224\).)Tj
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[(B)-12 (o)-11.9 (n)-12 (d)0.5 ( 2)0.6 (0)0.5 (2)0.5 (1)]TJ
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(Exchange.)Tj
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(The principal terms of the Convertible Bond 2021 are set out below:)Tj
/T1_1 1 Tf
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[(\(1\) )-664.5 (Conversion right)]TJ
/T1_0 1 Tf
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(\223)Tj
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[(Bondholders)12.4 ( 2)12.4 (0)12.4 (2)12.4 (1)]TJ
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[(\224\),)12.4 ( be)12.4 ( convertible)12.4 ( \(unless)12.5 ( previously)12.5 ( redeemed,)60 ( )]TJ
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(January 10, 2026 into fully paid ordinary shares with a par value of Rmb\1.00 )Tj
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[(each)12.7 ( at)12.6 ( an)12.7 ( initial)12.7 ( conversion)12.7 ( price)12.7 ( \(the)12.7 ( \223)]TJ
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[(Conversion)12.7 ( Price)12.7 ( 2)12.7 (0)12.6 (2)12.7 (1)]TJ
/T1_0 1 Tf
30.507 0 Td
[(\224\))12.7 ( of)46 ( )]TJ
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(HK$8.83 per H share and a fixed exchange rate of HK$9.5145 to Euro1.00 )Tj
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[(\(th)0.5 (e)12.9 ( \223)]TJ
/T1_1 1 Tf
[(F)0.5 (ixed)12.9 ( E)0.5 (xchan)0.5 (ge)12.9 ( R)0.5 (ate)]TJ
/T1_0 1 Tf
[(\224)0.5 (\).)12.9 ( Th)0.5 (e)12.9 ( Co)0.5 (nvers)0.5 (ion)12.9 ( Pr)0.5 (ice)12.9 ( )0.5 (2)12.9 (0)12.9 (2)12.9 (1)12.9 ( i)0.5 (s)12.9 ( subj)0.5 (ect)12.9 ( )0.5 (to)29 ( )]TJ
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[(consolidation,)12.1 ( subdivision)12.1 ( or)12.1 ( re-classification,)12.1 ( capitalisation)12.1 ( of)12.1 ( profits)12.1 ( or)17 ( )]TJ
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(reserves, capital distributions, rights issues of shares or options over\ shares, )Tj
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(rights issues of other securities and issues at less than current market\ price. )Tj
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[(\(2\) )0.5 (Redemption)]TJ
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[(\(i\) )-886.5 (Redemption at maturity)]TJ
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(provided herein, the Company will redeem all outstanding Convertible )Tj
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(2024)Tj
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(2024)Tj
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( )Tj
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(2024)Tj
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(December 31, )Tj
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[(8. )-1105.5 (TRADE RECEIVABLES)]TJ
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(2024)Tj
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( )Tj
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( )Tj
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(Total trade receivables)Tj
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8.432 0 Td
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87.874 0 l
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0.835 w 
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0 0 m
87.874 0 l
S
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BT
/T1_1 1 Tf
0 Tc 0 Tw 13 0 0 13 345.8268 461.2335 Tm
( )Tj
ET
2.5 w 
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0 0 m
87.874 0 l
S
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0.835 w 
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0 0 m
87.874 0 l
S
Q
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( )Tj
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[(The)12.4 ( Group)12.5 ( has)12.5 ( no)12.5 ( credit)12.5 ( period)12.5 ( granted)12.4 ( to)12.4 ( its)12.5 ( trade)12.4 ( customers)12.5 ( of)12.5 ( toll)12.5 ( road)42 ( )]TJ
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(toll receivables from the respective expressway fee settlement centre of\ Zhejiang )Tj
0.061 Tc 0.07 Tw 0 -1.231 Td
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(follows:)Tj
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(the seller-lessee does not recognise any amount of the gain or loss that\ relates to )Tj
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(Amendments\224\))Tj
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[(to defer )0.5 (settlement. The amendments )0.5 (also clarify that )0.5 (a liability can be settled in )]TJ
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(future covenants within 12 months after the reporting period.)Tj
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(The Group has reassessed the terms and conditions of its liabilities as \at January )Tj
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(application of the amendments, the convertible bonds were reclassified a\s current )Tj
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[(liabilities)12.3 ( since)12.2 ( the)12.3 ( conversion)12.3 ( options)12.2 ( were)12.3 ( not)12.2 ( classified)12.2 ( as)12.3 ( equity)12.2 ( and)12.3 ( are)29 ( )]TJ
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(statements of financial position of the Group as at December 31, 2024 an\d 2023.)Tj
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(Rules)Tj
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0.07 Tw [(\224\))12.9 ( of)12.9 ( the)12.9 ( Company)12.9 ( recommended)12.9 ( a)12.9 ( dividend)12.8 ( of)17 ( )]TJ
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