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0.038 Tc 0.07 Tw 0 -1.154 Td
[(a)13 ( )0.5 (n)0.5 (e)0.6 (w)13 ( )0.5 (s)0.5 (t)0.5 (a)0.5 (r)0.6 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (p)0.5 (o)0.6 (i)0.5 (n)0.5 (t)0.5 (,)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (G)0.6 (r)0.5 (o)0.5 (u)0.6 (p)12.9 ( )0.5 (w)0.6 (i)0.5 (l)0.5 (l)13 ( )0.5 (f)0.5 (u)0.5 (l)0.6 (l)0.5 (y)13 ( )0.5 (a)0.5 (d)0.5 (v)0.6 (a)0.5 (n)0.5 (c)0.5 (e)13 ( )0.5 (a)0.6 (l)0.5 (l)13 ( )0.5 (w)0.5 (o)0.5 (r)0.6 (k)13 ( )0.5 (r)0.5 (e)0.5 (l)0.5 (a)0.6 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (A)0.6 (-)0.5 (s)0.5 (h)0.5 (a)0.6 (r)0.5 (e)13 ( )]TJ
0.07 Tc 0 -1.154 Td
[(listing,)12.5 ( striving)12.6 ( to)12.6 ( complete)12.6 ( dual)12.5 ( A+H)12.6 ( listing)12.5 ( within)12.5 ( the)12.6 ( year)12.5 ( to)12.5 ( facilitate)45 ( )]TJ
0.025 Tc 0 Tw 0 -1.154 Td
(valuation recovery and lift the investment value of the Company.)Tj
/T1_1 1 Tf
-2.181 -2.308 Td
[(\(II\) )-361.5 (Securities Business)]TJ
/T1_0 1 Tf
0.051 Tc 0.07 Tw 2.181 -2.308 Td
[(Looking)12.4 ( ahead)12.4 ( to)12.4 ( the)12.4 ( second)12.4 ( half)12.4 ( of)12.5 ( 2)12.4 (0)12.4 (2)12.4 (6)12.4 (,)12.4 ( the)12.4 ( global)12.4 ( political)12.5 ( and)12.4 ( economic)25.9 ( )]TJ
0.064 Tc 0 -1.154 Td
[(landscape)12.8 ( will)12.7 ( remain)12.8 ( complex)12.8 ( and)12.8 ( severe,)12.8 ( with)12.7 ( persistent)12.8 ( uncertainties)12.8 ( in)39 ( )]TJ
0.053 Tc 0 -1.154 Td
[(capital)12.3 ( markets.)12.3 ( The)12.3 ( domestic)12.3 ( securities)12.3 ( industry)12.3 ( will)12.3 ( continue)12.3 ( to)12.3 ( accelerate)28 ( )]TJ
0 -1.154 Td
[(tr)0.5 (ans)0.5 (fo)0.5 (rma)0.5 (tio)0.5 (n)12.9 ( t)0.5 (ow)0.5 (ard)13 ( c)0.5 (onc)0.5 (en)0.5 (tra)0.5 (tio)0.5 (n,)12.9 ( )0.5 (int)0.5 (ens)0.5 (if)0.5 (ica)0.5 (tio)0.5 (n)12.9 ( a)0.5 (nd)13 ( di)0.5 (git)0.5 (al)12.9 ( )0.5 (int)0.5 (el)0.5 (lige)0.5 (nc)0.5 (e,)28 ( )]TJ
0.058 Tc 0 -1.154 Td
[(accompanied)12.4 ( by)12.5 ( fiercer)12.4 ( competition)12.4 ( for)12.4 ( core)12.5 ( resources)12.5 ( such)12.4 ( as)12.5 ( high-quality)33 ( )]TJ
0.05 Tc 0 -1.154 Td
[(projects)12.8 ( and)12.8 ( professional)12.9 ( talents,)12.8 ( as)12.8 ( well)12.8 ( as)12.9 ( increasingly)12.8 ( stringent)12.8 ( regulatory)25 ( )]TJ
0.03 Tc 0.078 Tw 0 -1.154 Td
[(requirements,)4.9 ( )0.6 (presenting)5 ( )0.6 (multiple)5.1 ( )0.5 (challenges)5 ( )0.5 (to)5 ( )0.5 (the)5 ( )0.5 (development)5 ( )0.5 (of)5 ( )0.5 (the)5 ( )0.5 (Group\222s)5 ( )]TJ
0.055 Tc 0.07 Tw 0 -1.154 Td
[(securities)12.5 ( business.)12.5 ( Meanwhile,)12.4 ( rapid)12.5 ( iterative)12.5 ( technological)12.4 ( innovation)12.4 ( and)29.9 ( )]TJ
0 -1.154 Td
[(deepened)12.1 ( capital)12.2 ( market)12.1 ( reform)12.2 ( will)12.1 ( also)12.2 ( bring)12.1 ( pivotal)12.1 ( opportunities)12.1 ( for)12.1 ( the)30 ( )]TJ
0.025 Tc 0 Tw 0 -1.154 Td
(securities business.)Tj
0.038 Tc 0.07 Tw 0 -2.308 Td
[(Against)12.5 ( an)12.5 ( environment)12.5 ( featuring)12.5 ( both)12.5 ( opportunities)12.5 ( and)12.5 ( challenges,)12.5 ( Zheshang)13 ( )]TJ
0.063 Tc 0 -1.154 Td
[(Securities)12.5 ( will)12.5 ( conduct)12.5 ( in-depth)12.6 ( research)12.6 ( and)12.5 ( judgment)12.5 ( on)12.6 ( industry)12.5 ( trends,)38 ( )]TJ
0.045 Tc 0 -1.154 Td
[(keenly)12.7 ( capture)12.7 ( policy)12.7 ( dividends)12.7 ( and)12.7 ( market)12.7 ( opportunities,)12.7 ( further)12.7 ( consolidate)20.1 ( )]TJ
0 -1.154 Td
[(fundamental)12.2 ( revenue)12.1 ( base)12.1 ( of)12.1 ( its)12.1 ( brokerage)12.1 ( business)12.1 ( and)12.1 ( securities)12.1 ( investment)20 ( )]TJ
0.03 Tc 0.078 Tw 0 -1.154 Td
[(business,)5 ( )0.5 (actively)5 ( )0.5 (expand)5 ( )0.5 (additional)5 ( )0.5 (income)5 ( )0.5 (from)5 ( )0.5 (wealth)5 ( )0.5 (management)5 ( )0.5 (and)5 ( )0.5 (asset)5 ( )]TJ
0.025 Tc 0.058 Tw 0 -1.154 Td
(management businesses, and deploy digital financial services to fuel new\ growth )Tj
0.057 Tc 0.07 Tw 0 -1.154 Td
[(momentum.)12.6 ( Concurrently,)12.6 ( it)12.6 ( will)12.6 ( continuously)12.6 ( upgrade)12.6 ( compliance)12.6 ( and)12.6 ( risk)32 ( )]TJ
0.025 Tc 0.043 Tw 0 -1.154 Td
[(control capabilities, )0.5 (strengthen )0.5 (risk analysis, )0.5 (compliance research )0.5 (and emergency )]TJ
0.054 Tc 0.07 Tw 0 -1.154 Td
[(r)0.5 (e)0.5 (sp)0.5 (o)0.5 (n)0.5 (se)13 ( )0.5 (p)0.5 (la)0.5 (n)13 ( )0.5 (f)0.5 (or)0.5 (m)0.5 (ul)0.5 (a)0.5 (t)0.5 (io)0.5 (n)13 ( )0.5 (to)13 ( )0.5 (e)0.5 (ff)0.5 (e)0.5 (c)0.5 (t)0.5 (iv)0.5 (e)0.5 (l)0.5 (y)12.9 ( )0.5 (g)0.5 (ua)0.5 (r)0.5 (d)13 ( )0.5 (ag)0.5 (a)0.5 (i)0.5 (n)0.5 (st)13 ( )0.5 (s)0.5 (ho)0.5 (c)0.5 (ks)13 ( )0.5 (t)0.5 (o)12.9 ( )0.5 (o)0.5 (p)0.5 (er)0.5 (a)0.5 (t)0.5 (i)0.5 (on)0.5 (a)0.5 (l)29 ( )]TJ
0.025 Tc 0.02 Tw 0 -1.154 Td
(stability caused by sharp market volatility. It will also consolidate co\mprehensive )Tj
0.07 Tc 0.07 Tw 0 -1.154 Td
[(supporting)12.8 ( capabilities)12.9 ( across)12.8 ( technology,)12.8 ( talent,)12.8 ( capital)12.8 ( and)12.8 ( management)45 ( )]TJ
0.025 Tc 0 Tw 0 -1.154 Td
(dimensions to lay a solid foundation for high-quality development.)Tj
ET

endstreamendobj52 0 obj<</Length 6874>>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 29 \226)Tj
ET
q
0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
/T1_1 1 Tf
13 0 0 13 56.6929 773.5878 Tm
[(\(I\) )-775.5 (Toll Road Operation)]TJ
/T1_0 1 Tf
0.09 Tc 0.07 Tw 2.181 -2.462 Td
[(The)12.7 ( fundamental)12.6 ( long-term)12.6 ( positive)12.6 ( trends)12.6 ( of)12.6 ( China\222s)12.6 ( economy)12.6 ( remain)65 ( )]TJ
0.034 Tc 0.074 Tw 0 -1.231 Td
[(unchanged.)9 ( )0.5 (Zhejiang)9 ( )0.5 (Province)9 ( )0.5 (boasts)9 ( )0.5 (sufficient)9 ( )0.5 (resilience)9 ( )0.5 (and)9 ( )0.5 (robust)9 ( )0.5 (vitality)9 ( )0.5 (in)9 ( )]TJ
0.046 Tc 0.07 Tw 0 -1.231 Td
[(economic)12.2 ( development,)12.1 ( which)12.2 ( will)12.1 ( underpin)12.1 ( organic)12.1 ( growth)12.1 ( in)12.2 ( overall)12.1 ( traffic)21 ( )]TJ
0.028 Tc 0.08 Tw 0 -1.231 Td
[(volume)3.1 ( )0.5 (of)3 ( )0.5 (the)3 ( )0.5 (Group\222s)3 ( )0.5 (expressways.)3 ( )0.5 (Nevertheless,)3 ( )0.5 (in)3 ( )0.5 (day-to-day)3 ( )0.5 (operations,)3 ( )0.5 (the)3 ( )]TJ
0.039 Tc 0.07 Tw 0 -1.231 Td
[(Group\222s)12.3 ( expressway)12.2 ( business)12.3 ( remains)12.3 ( subject)12.3 ( to)12.3 ( combined)12.2 ( impacts)12.3 ( of)12.3 ( external)14 ( )]TJ
0.073 Tc 0 -1.231 Td
[(fa)0.5 (cto)0.5 (rs)12.9 ( )0.5 (suc)0.5 (h)12.9 ( as)13 ( po)0.5 (licy)13 ( ad)0.5 (just)0.5 (men)0.5 (ts)12.9 ( )0.5 (and)12.9 ( )0.5 (roa)0.5 (d)12.9 ( ne)0.5 (two)0.5 (rk)12.9 ( )0.5 (dive)0.5 (rsi)0.5 (on,)12.9 ( )0.5 (alon)0.5 (gsid)0.5 (e)48 ( )]TJ
0.025 Tc 0.016 Tw 0 -1.231 Td
(operational pressures including rising construction, maintenance and man\agement )Tj
0.039 Tc 0.07 Tw 0 -1.231 Td
[(costs.)12.9 ( The)12.9 ( Group)12.9 ( will)12.9 ( fully)12.9 ( capitalise)12.9 ( on)12.9 ( opportunities)12.9 ( and)12.9 ( proactively)12.9 ( address)14 ( )]TJ
0.051 Tc 0 -1.231 Td
[(challenges,)12.2 ( focus)12.2 ( on)12.2 ( its)12.2 ( core)12.3 ( expressway)12.2 ( business,)12.3 ( and)12.2 ( continuously)12.2 ( channel)26 ( )]TJ
0.07 Tc 0 -1.231 Td
[(efforts)12.4 ( into)12.4 ( safe)12.4 ( and)12.5 ( smooth)12.5 ( expressway)12.5 ( operation,)12.4 ( quality)12.5 ( and)12.4 ( efficiency)45 ( )]TJ
0.025 Tc 0.081 Tw 0 -1.231 Td
[(improvement, )0.5 (reform )0.5 (and )0.5 (innovation, )0.6 (in )0.6 (order )0.5 (to )0.5 (ensure )0.5 (steady )0.5 (operation )0.5 (amid )0.5 (a )]TJ
0 Tw 0 -1.231 Td
(complex market landscape and deliver long-term returns to shareholders.)Tj
/T1_1 1 Tf
0.07 Tc 0.07 Tw 0 -2.462 Td
[(Drive)12.9 ( operational)12.9 ( efficiency)12.9 ( and)12.9 ( service)12.9 ( quality)12.9 ( upgrading.)]TJ
/T1_0 1 Tf
29.524 0 Td
[( The)12.9 ( Group)45 ( )]TJ
0.05 Tc -29.524 -1.231 Td
[(wi)0.5 (ll)12.9 ( coor)0.5 (dinat)0.5 (e)12.9 ( off)0.5 (-peak)13 ( con)0.5 (struct)0.5 (ion,)12.9 ( )0.5 (collec)0.5 (tive)12.9 ( )0.5 (sche)0.5 (duling)12.9 ( )0.5 (const)0.5 (ructi)0.5 (on)12.9 ( and)25.1 ( )]TJ
0.07 Tc 0 -1.231 Td
[(congestion)12.3 ( mitigation)12.3 ( on)12.3 ( high-traffic)12.3 ( sections)12.4 ( to)12.3 ( further)12.4 ( cut)12.3 ( road)12.3 ( network)45 ( )]TJ
0.059 Tc 0 -1.231 Td
[(congestion)12.8 ( duration)12.8 ( and)12.8 ( improve)12.8 ( traffic)12.8 ( efficiency.)12.8 ( The)12.8 ( Group)12.8 ( will)12.8 ( roll)12.7 ( out)34 ( )]TJ
0.042 Tc 0 -1.231 Td
[(initiatives)12.2 ( to)12.2 ( attract)12.2 ( traffic)12.3 ( including)12.2 ( the)12.2 ( \223Expressway+\224)12.2 ( model,)12.2 ( differentiated)17 ( )]TJ
0.025 Tc 0.01 Tw 0 -1.231 Td
(services and additional traffic attracted from parallel road networks to\ sustainably )Tj
0.063 Tc 0.07 Tw 0 -1.231 Td
[(lift)12.3 ( operational)12.2 ( performance)12.2 ( of)12.2 ( core)12.3 ( expressway)12.2 ( businesses.)12.3 ( In)12.2 ( light)12.2 ( of)12.2 ( the)38 ( )]TJ
0.054 Tc 0 -1.231 Td
[(geographic)12.6 ( characteristics)12.6 ( of)12.6 ( toll)12.6 ( stations)12.6 ( and)12.6 ( travel)12.6 ( demands)12.6 ( of)12.7 ( drivers)12.6 ( and)29 ( )]TJ
0.024 Tc 0 Tw 0 -1.231 Td
[(passengers, the Group will accelerate the transformation of traditional \toll stations)-1 ( )]TJ
0.025 Tc 0.053 Tw 0 -1.231 Td
(into open and integrated service hubs to build multi-functional integrat\ed service )Tj
0.054 Tc 0.07 Tw 0 -1.231 Td
[(ou)0.5 (tlet)0.5 (s.)13 ( It)13 ( wi)0.5 (ll)12.9 ( f)0.5 (urt)0.5 (her)13 ( de)0.5 (epe)0.5 (n)12.9 ( i)0.5 (nit)0.5 (iat)0.5 (ive)0.5 (s)12.9 ( f)0.5 (or)12.9 ( )0.5 (truc)0.5 (k)12.9 ( d)0.5 (riv)0.5 (er)13 ( ca)0.5 (re)12.9 ( )0.5 (an)0.5 (d)12.9 ( ke)0.5 (y)12.9 ( c)0.5 (lie)0.5 (nt)29 ( )]TJ
0.025 Tc 0.049 Tw 0 -1.231 Td
(community operation, enhance precision of real-time road condition notif\ications )Tj
0.027 Tc 0.081 Tw 0 -1.231 Td
[(and)2 ( user)2 ( )0.5 (loyalty,)2 ( )0.5 (and)2 ( )0.5 (convert)2.1 ( operational)2 ( )0.5 (strengths)2 ( )0.5 (and)2 ( )0.5 (reputable)2 ( )0.5 (service)2 ( )0.5 (quality)2 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(into the Group\222s core competitiveness.)Tj
/T1_1 1 Tf
0.028 Tc 0.08 Tw 0 -2.462 Td
[(Coordinate)3 ( )0.5 (organic)3 ( )0.5 (growth)3 ( )0.5 (and)3 ( )0.5 (merger)3 ( )0.5 (&)3 ( )0.5 (acquisition)3 ( )0.5 (expansion.)]TJ
/T1_0 1 Tf
29.868 0 Td
[( )0.5 (The)3 ( )0.5 (Group)3 ( )]TJ
0.054 Tc 0.07 Tw -29.868 -1.231 Td
[(will)12.6 ( steadily)12.6 ( advance)12.7 ( reconstruction)12.6 ( and)12.6 ( expansion)12.5 ( projects)12.6 ( covering)12.6 ( Jinhua)29 ( )]TJ
0.029 Tc 0.079 Tw 0 -1.231 Td
[(and)4 ( )0.5 (Shaoxing)4 ( )0.5 (Sections)4 ( )0.6 (of)4 ( )0.5 (Ningbo-Jinhua)4.1 ( )0.5 (Expressway,)4 ( )0.5 (Zhajiasu)4 ( )0.5 (Expressway)4 ( )0.5 (and)4 ( )]TJ
0.05 Tc 0.07 Tw 0 -1.231 Td
[(Parallel)12.8 ( Line)12.8 ( of)12.8 ( Ningbo-Zhoushan)12.8 ( Expressway)12.8 ( Phase)12.8 ( II)12.8 ( construction)12.8 ( project,)25 ( )]TJ
0.038 Tc 0 -1.231 Td
[(and)12.4 ( dynamically)12.5 ( optimize)12.4 ( traffic)12.4 ( organisation)12.4 ( measures)12.4 ( to)12.4 ( mitigate)12.5 ( disruptions)13 ( )]TJ
0.057 Tc 0 -1.231 Td
[(to)12.7 ( daily)12.7 ( travel)12.7 ( brought)12.7 ( by)12.7 ( construction)12.7 ( works.)12.7 ( The)12.7 ( Group)12.7 ( will)12.7 ( closely)12.7 ( track)32 ( )]TJ
0.045 Tc 0 -1.231 Td
[(tendering)12.1 ( progress)12.2 ( for)12.2 ( investment)12.2 ( in)12.2 ( Shanghai-Hangzhou-Ningbo)12.3 ( Expressway)20 ( )]TJ
0.025 Tc 0.032 Tw 0 -1.231 Td
(reconstruction and expansion project, continue in-depth research on its \feasibility )Tj
0.062 Tc 0.07 Tw 0 -1.231 Td
[(study)12.7 ( scheme,)12.8 ( and)12.7 ( strive)12.8 ( to)12.7 ( boost)12.7 ( investment)12.8 ( returns.)12.7 ( The)12.8 ( Group)12.8 ( will)12.7 ( fully)37 ( )]TJ
0.05 Tc 0 -1.231 Td
[(leverage)12.6 ( the)12.6 ( investment)12.6 ( platform)12.5 ( of)12.6 ( \223Zhijiang)12.5 ( Communications)12.6 ( Holdings\224)12.5 ( to)25 ( )]TJ
0.027 Tc 0.081 Tw 0 -1.231 Td
[(explore)2 ( )0.5 (high-quality)2 ( )0.5 (expressway)2 ( )0.5 (investment)2 ( )0.5 (and)2 ( )0.5 (M&A)2 ( )0.5 (opportunities,)2 ( )0.5 (supporting)2 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(the sustainable development of core businesses.)Tj
ET

endstreamendobj51 0 obj<</Length 6458>>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 28 \226)Tj
ET
q
0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
0.042 Tw 13 0 0 13 56.6929 773.5878 Tm
[(Jiaxing Zhajiasu )0.5 (Expressway Co., Ltd., )0.5 (a )0.5 (subsidiary of )0.5 (the )0.5 (Company, pledged its )0.5 (right )]TJ
0.051 Tw 0 -1.231 Td
(of toll on expressway for its bank borrowings, and as at June 30, 2026, \the balance of )Tj
0 Tw 0 -1.231 Td
(such bank borrowings amounted to Rmb1,190.11 million.)Tj
0.05 Tw 0 -2.462 Td
(Zhejiang Jinhua Yongjin Expressway Co., Ltd., a subsidiary of the Compan\y, pledged )Tj
0.055 Tw 0 -1.231 Td
[(its )0.5 (highway )0.5 (toll )0.6 (collection )0.6 (rights )0.5 (as )0.5 (collateral )0.6 (for )0.5 (bank )0.6 (loans, )0.6 (and )0.5 (as )0.5 (at )0.6 (June )0.5 (30, )0.5 (2026, )]TJ
0 Tw 0 -1.231 Td
(the remaining bank loan balance was Rmb3.00 million.)Tj
0.073 Tc 0.07 Tw 0 -2.462 Td
[(Zheshang)12.5 ( International)12.6 ( Financial)12.5 ( Holding)12.5 ( Co.,)12.6 ( Ltd.,)12.6 ( a)12.6 ( subsidiary)12.6 ( of)12.5 ( Zheshang)48 ( )]TJ
0.056 Tc 0.069 Tw 0 -1.231 Td
[(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)0.6 (,)13 ( p)0.5 (l)0.5 (e)0.5 (d)0.5 (g)0.5 (e)0.6 (d)13 ( i)0.5 (t)0.5 (s)13 ( r)0.5 (i)0.5 (g)0.6 (h)0.5 (t)13 ( o)0.5 (f)13 ( l)0.5 (o)0.5 (a)0.6 (n)0.5 (s)13 ( t)0.5 (o)13 ( c)0.6 (u)0.5 (s)0.5 (t)0.5 (o)0.5 (m)0.5 (e)0.5 (r)0.6 (s)13 ( a)0.5 (r)0.5 (i)0.5 (s)0.5 (i)0.5 (n)0.6 (g)13 ( f)0.5 (r)0.5 (o)0.5 (m)13 ( m)0.5 (a)0.5 (r)0.5 (g)0.5 (i)0.5 (n)13 ( f)0.5 (i)0.5 (n)0.6 (a)0.5 (n)0.5 (c)0.5 (i)0.5 (n)0.5 (g)31 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(business, and as at June 30, 2026, the remaining loan balance was Rmb97.\33 million.)Tj
0.079 Tw 0 -2.462 Td
(Except for the above, during the period, the Group did not have any othe\r contingent )Tj
0 Tw 0 -1.231 Td
(liabilities, pledge of assets or guarantees.)Tj
/T1_1 1 Tf
0 -2.462 Td
(Foreign exchange exposure)Tj
/T1_0 1 Tf
0.042 Tc 0.07 Tw 0 -2.462 Td
[(During)12.1 ( the)12.2 ( Period,)12.2 ( the)12.2 ( Group\222s)12.1 ( principal)12.1 ( operations)12.2 ( were)12.2 ( transacted)12.2 ( and)12.1 ( booked)12.2 ( in)17 ( )]TJ
0.025 Tc 0.076 Tw 0 -1.231 Td
[(Renminbi, save for )0.5 (the )0.5 (following )0.5 (circumstances: )0.5 (\(i\) )0.5 (dividend )0.5 (payments )0.5 (to the )0.5 (holders )]TJ
0.054 Tc 0.07 Tw 0 -1.231 Td
[(of)12.8 ( H)12.9 ( shares)12.8 ( in)12.8 ( Hong)12.8 ( Kong)12.7 ( dollars;)12.8 ( \(ii\))]TJ
0 Tc 0.124 Tw 17.679 0 Td
( Z)Tj
0.054 Tc 0.07 Tw 1.038 0 Td
[(heshang)12.8 ( International)12.8 ( Financial)12.8 ( Holding)29 ( )]TJ
0.034 Tc 0.074 Tw -18.718 -1.231 Td
[(Co.,)9 ( )0.5 (Ltd.,)8.9 ( )0.5 (China)9 ( )0.5 (Guodu)9 ( )0.5 (\(Hong)9 ( )0.5 (Kong\))9 ( )0.5 (Financial)9 ( )0.5 (Holdings)9 ( )0.5 (Limited,)9 ( )0.5 (Guodu)9 ( )0.5 (Securities)9 ( )]TJ
0.025 Tc 0.015 Tw 0 -1.231 Td
(\(Hong Kong\) Limited \(subsidiaries of Zheshang Securities Co., Ltd.\) \and )Tj
(other entities)Tj
0 Tc 0 Tw ( )Tj
0.025 Tc 0.075 Tw 0 -1.231 Td
(operating in Hong Kong; \(iii\) issuance of the senior fixed-rate bonds \with a principal )Tj
0.023 Tw 0 -1.231 Td
(amount of USD470 million in Hong Kong capital market in July 2021, which\ has been )Tj
0.047 Tw 0 -1.231 Td
(repaid on July 14, 2026 and has a coupon rate of 1.638%)Tj
(; \(iv\) the portion of proceeds )Tj
0 Tw 0 -1.231 Td
(raised from the Right Issue denominated in Hong Kong dollars)Tj
0 Tc (.)Tj
0.025 Tc 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
0.059 Tc 0.07 Tw 0 -2.462 Td
[(Looking)12.5 ( ahead)12.6 ( to)12.5 ( the)12.5 ( second)12.6 ( half)12.6 ( of)12.5 ( 2)12.5 (0)12.5 (2)12.5 (6)12.5 (,)12.5 ( intertwined)12.5 ( geopolitical)12.5 ( tensions)12.5 ( and)34 ( )]TJ
0.052 Tc 0 -1.231 Td
[(uncertainties)12.8 ( trade)12.7 ( policies)12.7 ( may)12.8 ( continue)12.8 ( to)12.7 ( disrupt)12.8 ( the)12.7 ( stability)12.7 ( of)12.7 ( global)12.8 ( energy)27 ( )]TJ
0.037 Tc 0.071 Tw 0 -1.231 Td
[(markets)12 ( )0.5 (as)12 ( )0.6 (well)12.1 ( as)12 ( )0.5 (industrial)12.1 ( )0.5 (and)12 ( )0.5 (supply)12 ( )0.5 (chains.)12 ( )0.5 (Faced)12 ( )0.5 (with)12 ( )0.5 (a)12 ( )0.5 (complex)12 ( )0.5 (and)12.1 ( )0.5 (unstable)12.1 ( )]TJ
0.068 Tc 0.07 Tw 0 -1.231 Td
[(external)12.2 ( environment,)12.2 ( the)12.2 ( Chinese)12.2 ( Government)12.2 ( will)12.2 ( adhere)12.2 ( to)12.2 ( general)12.1 ( working)43 ( )]TJ
0.048 Tc 0 -1.231 Td
[(p)0.5 (r)0.5 (i)0.5 (nc)0.5 (i)0.5 (p)0.5 (l)0.5 (e)13 ( )0.5 (of)13 ( )0.5 (p)0.5 (u)0.5 (r)0.5 (s)0.5 (u)0.5 (i)0.5 (ng)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (gr)0.5 (e)0.5 (s)0.5 (s)13 ( )0.5 (w)0.5 (h)0.5 (i)0.5 (l)0.5 (e)13 ( e)0.5 (n)0.5 (s)0.5 (u)0.5 (r)0.5 (i)0.5 (n)0.5 (g)12.9 ( )0.5 (s)0.5 (t)0.5 (a)0.5 (b)0.5 (i)0.5 (li)0.5 (t)0.5 (y)0.5 (.)13 ( )0.5 (B)0.5 (y)13 ( f)0.5 (o)0.5 (c)0.5 (u)0.5 (s)0.5 (i)0.5 (n)0.5 (g)12.9 ( )0.5 (o)0.5 (n)13 ( )0.5 (e)0.5 (x)0.5 (pa)0.5 (n)0.5 (d)0.5 (i)0.5 (n)0.5 (g)23 ( )]TJ
0.023 Tc 0 Tw 0 -1.231 Td
[(do)0.5 (me)0.5 (st)0.5 (ic )0.5 (de)0.5 (ma)0.5 (nd,)0.5 ( op)0.5 (ti)0.5 (mis)0.5 (in)0.5 (g s)0.5 (upp)0.5 (ly)0.5 ( an)0.5 (d f)0.5 (os)0.5 (te)0.5 (ri)0.5 (ng )0.5 (new)0.5 ( g)0.5 (ro)0.5 (wt)0.5 (h d)0.5 (riv)0.5 (er)0.5 (s,)0.5 ( th)0.5 (e )0.5 (Gov)0.5 (er)0.5 (nm)0.5 (en)0.5 (t)-2.1 ( )]TJ
0.025 Tc 0.071 Tw 0 -1.231 Td
[(will facilitate steady )0.5 (economic performance. )0.5 (With )0.5 (the )0.5 (continuous implementation )0.5 (and )]TJ
0.04 Tc 0.07 Tw 0 -1.231 Td
[(tangible)12.3 ( effects)12.2 ( of)12.2 ( macroeconomic)12.2 ( policies,)12.2 ( new)12.2 ( growth)12.2 ( drivers)12.2 ( including)12.2 ( high-end)15 ( )]TJ
0.062 Tc 0 -1.231 Td
[(manufacturing,)12.4 ( digital)12.5 ( intelligent)12.5 ( economy)12.4 ( and)12.5 ( modern)12.5 ( services)12.4 ( will)12.4 ( develop)12.4 ( at)36.9 ( )]TJ
0.059 Tc 0 -1.231 Td
[(a)0.5 (n)13.1 ( )0.5 (a)0.5 (c)0.6 (c)0.5 (e)0.6 (l)0.5 (e)0.5 (r)0.6 (a)0.5 (t)0.6 (e)0.5 (d)13 ( )0.6 (p)0.5 (a)0.5 (c)0.6 (e)0.5 (,)13 ( )0.6 (e)0.5 (n)0.5 (a)0.6 (b)0.5 (l)0.5 (i)0.6 (n)0.5 (g)13 ( )0.6 (C)0.5 (h)0.5 (i)0.6 (n)0.5 (a)0.5 (\222)0.6 (s)13 ( )0.5 (e)0.6 (c)0.5 (o)0.5 (n)0.6 (o)0.5 (m)0.5 (y)13 ( )0.6 (t)0.5 (o)13 ( )0.6 (m)0.5 (a)0.5 (i)0.6 (n)0.5 (t)0.5 (a)0.6 (i)0.5 (n)13 ( )0.6 (a)13 ( )0.5 (s)0.6 (t)0.5 (a)0.5 (b)0.6 (l)0.5 (e)13 ( )0.6 (a)0.5 (n)0.5 (d)13.1 ( )0.5 (u)0.5 (p)0.5 (w)0.6 (a)0.5 (r)0.6 (d)34 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(development momentum.)Tj
ET

endstreamendobj50 0 obj<</Length 8809>>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
ET
q
0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
/T1_1 1 Tf
13 0 0 13 56.6929 773.5878 Tm
(Use of Proceeds from Rights Issue)Tj
/T1_0 1 Tf
0.064 Tc 0.07 Tw 0 -2.462 Td
[(Reference)12.1 ( is)12.2 ( made)12.2 ( to)12.1 ( the)12.2 ( prospectus)12.2 ( of)12.1 ( the)12.1 ( Company)12.2 ( dated)12.2 ( November)12.2 ( 2)12.1 (1)12.2 (,)12.1 ( 2)12.1 (0)12.2 (2)12.1 (3)39 ( )]TJ
0.045 Tc 0 -1.231 Td
[(in)12.4 ( relation)12.4 ( to)12.5 ( the)12.5 ( rights)12.5 ( issue)12.4 ( \(the)12.5 ( \223)]TJ
/T1_1 1 Tf
[(Rights)12.4 ( Issue)]TJ
/T1_0 1 Tf
[(\224\),)12.4 ( during)12.5 ( the)12.5 ( Period,)12.4 ( no)12.5 ( proceeds)20 ( )]TJ
0.035 Tc 0.073 Tw 0 -1.231 Td
[(f)0.5 (r)0.6 (o)0.5 (m)10 ( )0.5 (t)0.5 (h)0.5 (e)10.1 ( )0.5 (R)0.5 (i)0.5 (g)0.5 (h)0.5 (t)0.6 (s)10 ( )0.5 (I)0.5 (s)0.5 (s)0.6 (u)0.5 (e)10 ( )0.5 (w)0.5 (e)0.6 (r)0.5 (e)10 ( )0.5 (u)0.5 (t)0.6 (i)0.5 (l)0.5 (i)0.5 (z)0.6 (e)0.5 (d)0.5 (.)10 ( )0.5 (A)0.6 (s)10 ( )0.5 (o)0.5 (f)10 ( )0.5 (J)0.5 (u)0.6 (n)0.5 (e)10 ( )0.5 (3)10 (0)10 (,)10 ( )0.5 (2)10 (0)10 (2)10 (6)10 (,)10 ( )0.5 (o)0.5 (u)0.6 (t)10 ( )0.5 (o)0.5 (f)10 ( )0.5 (t)0.5 (h)0.5 (e)10.1 ( )0.5 (t)0.5 (o)0.5 (t)0.5 (a)0.6 (l)10 ( )0.5 (a)0.5 (m)0.5 (o)0.5 (u)0.6 (n)0.5 (t)10 ( )0.5 (o)0.5 (f)10 ( )]TJ
0.025 Tc 0.014 Tw 0 -1.231 Td
(Rmb6,120.00 million net proceeds raised from the Rights Issue, the Group\ had utilized )Tj
0.024 Tw 0 -1.231 Td
(an aggregate of approximately Rmb1,370.00 million for the expressway rec\onstruction )Tj
0.042 Tc 0.07 Tw 0 -1.231 Td
[(and)12.6 ( expansion,)12.6 ( and)12.6 ( approximately)12.6 ( Rmb)12.6 (8)12.6 (0)12.6 (0)12.7 (.)12.6 (0)12.6 (0)12.6 ( million)12.6 ( for)12.6 ( daily)12.7 ( operating)12.6 ( expenses)17 ( )]TJ
0.037 Tc 0.071 Tw 0 -1.231 Td
[(such)12 ( )0.5 (as)12 ( )0.5 (replenishment)12 ( )0.5 (of)12 ( )0.5 (liquidity)12 ( )0.5 (and)12 ( )0.5 (repayment)12 ( )0.5 (of)12 ( )0.6 (borrowings.)12.1 ( )0.5 (The)12 ( )0.5 (remaining)12 ( )0.5 (net)12 ( )]TJ
0.052 Tc 0.07 Tw 0 -1.231 Td
[(proceeds)12.8 ( from)12.7 ( the)12.8 ( Rights)12.8 ( Issue)12.8 ( amounted)12.8 ( to)12.8 ( approximately)12.8 ( Rmb)12.7 (3)12.8 (,)12.8 (9)12.8 (5)12.8 (0)12.8 (.)12.8 (0)12.8 (0)12.7 ( million,)27 ( )]TJ
0.037 Tc 0.071 Tw 0 -1.231 Td
[(which)12 ( )0.5 (are)12 ( )0.5 (allocated)12 ( )0.5 (as)12 ( )0.5 (follows:)12 ( )0.5 (\(i\))12 ( )0.5 (approximately)12 ( )0.5 (Rmb)12 (2)12 (,)12.1 (3)11.9 (3)12.1 (0)11.9 (.)12.1 (0)12 (0)12 ( )0.5 (million)12 ( )0.5 (will)12 ( )0.5 (be)12 ( )0.5 (used)12 ( )]TJ
0.046 Tc 0.07 Tw 0 -1.231 Td
[(for)12.9 ( the)13 ( expressw)0.5 (ay)12.9 ( reconst)0.5 (ruction)12.9 ( and)12.9 ( )0.5 (expansion,)12.9 ( wit)0.5 (h)12.9 ( f)0.5 (ull)12.9 ( utilizati)0.5 (on)13 ( expecte)0.5 (d)12.8 ( )0.5 (by)21 ( )]TJ
0.026 Tc 0.082 Tw 0 -1.231 Td
[(December)1 ( )0.5 (3)1 (1)1 (,)1 ( )0.5 (2)1 (0)1 (2)1 (8)1 ( )0.5 (\(it)1 ( )0.5 (is)1 ( )0.5 (estimated)1 ( )0.5 (that)1 ( )0.5 (Rmb)1 (9)1 (4)1 (0)1 (.)1 (0)1 (0)1 ( )0.5 (million,)1 ( )0.5 (Rmb)1 (9)1 (4)1 (0)1 (.)1 (0)1 (0)1 ( )0.5 (million,)1 ( )0.5 (and)1 ( )]TJ
0.042 Tc 0.07 Tw 0 -1.231 Td
[(Rmb)12.9 (4)12.8 (5)12.8 (0)12.8 (.)12.8 (0)12.9 (0)12.8 ( million)12.8 ( will)12.8 ( be)12.9 ( utilized)12.8 ( annually)12.8 ( over)12.9 ( the)12.9 ( three)12.8 ( years)12.8 ( ending)12.8 ( December)17 ( )]TJ
0.025 Tc 0.046 Tw 0 -1.231 Td
(31, 2028, respectively. The timetable for utilizing the proceeds is subj\ect to the actual )Tj
0.043 Tc 0.07 Tw 0 -1.231 Td
[(progress)12.5 ( of)12.5 ( expressway)12.4 ( reconstruction)12.5 ( and)12.4 ( expansion)12.5 ( projects)12.5 ( and)12.4 ( will)12.5 ( be)12.4 ( adjusted)18 ( )]TJ
0.058 Tc 0 -1.231 Td
[(a)0.5 (c)0.5 (c)0.6 (o)0.5 (r)0.5 (d)0.5 (i)0.5 (n)0.5 (g)0.5 (l)0.5 (y)0.5 (\))0.5 (;)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (\()0.6 (i)0.5 (i)0.5 (\))13 ( )0.5 (a)0.5 (p)0.5 (p)0.5 (r)0.5 (o)0.5 (x)0.5 (i)0.5 (m)0.5 (a)0.5 (t)0.5 (e)0.6 (l)0.5 (y)13 ( )0.5 (R)0.5 (m)0.5 (b)13 (1)13 (,)13 (6)13 (2)13 (0)13 (.)13 (0)13 (0)13 ( )0.5 (m)0.5 (i)0.5 (l)0.5 (l)0.5 (i)0.5 (o)0.5 (n)13 ( )0.6 (w)0.5 (i)0.5 (l)0.5 (l)13 ( )0.5 (b)0.5 (e)13 ( )0.5 (u)0.5 (s)0.5 (e)0.6 (d)13 ( )0.5 (f)0.5 (o)0.5 (r)13 ( )0.5 (d)0.5 (a)0.5 (i)0.5 (l)0.5 (y)33 ( )]TJ
0.033 Tc 0.075 Tw 0 -1.231 Td
[(operating)8 ( expenses)8 ( )0.5 (such)8 ( )0.5 (as)8 ( )0.5 (replenishment)8 ( )0.5 (of)8 ( )0.5 (liquidity)8 ( )0.5 (and)8 ( )0.5 (repayment)8 ( )0.5 (of)8 ( )0.5 (borrowings,)8 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(which has been fully utilized by July 31, 2026.)Tj
/T1_1 1 Tf
0 -2.462 Td
(Contingent liabilities and pledge of assets)Tj
/T1_0 1 Tf
0.043 Tw 0 -2.462 Td
(The Company and Shaoxing Communications Investment Group Co., Ltd. \(\223\)Tj
/T1_1 1 Tf
-0.025 Tw (Shaoxing )Tj
0.053 Tc -0.053 Tw 0 -1.231 Td
(Communications)Tj
/T1_0 1 Tf
0.07 Tw [(\224,)12.1 ( the)12.1 ( other)12.2 ( joint)12.2 ( venture)12.1 ( partner)12.2 ( that)12.2 ( holds)12.2 ( 5)12.2 (0)12.1 (%)12.2 ( equity)12.2 ( interest)27.9 ( )]TJ
0.052 Tc 0 -1.231 Td
[(i)0.5 (n)13 ( )0.5 (S)0.5 (h)0.5 (e)0.5 (n)0.5 (g)0.5 (x)0.5 (i)0.5 (n)13 ( )0.5 (C)0.5 (o)0.5 (\))13 ( )0.5 (p)0.5 (r)0.6 (o)0.5 (v)0.5 (id)0.6 (e)0.5 (d)13 ( )0.5 (S)0.5 (h)0.5 (e)0.5 (n)0.5 (g)0.5 (x)0.5 (i)0.5 (n)13 ( )0.5 (C)0.5 (o)13 ( )0.5 (w)0.5 (i)0.5 (t)0.5 (h)13 ( )0.5 (j)0.5 (o)0.5 (i)0.5 (n)0.5 (t)13 ( )0.5 (g)0.5 (u)0.5 (a)0.6 (r)0.5 (a)0.5 (n)0.5 (t)0.5 (e)0.5 (e)13 ( )0.5 (f)0.5 (o)0.5 (r)13 ( )0.5 (i)0.5 (t)0.5 (s)13 ( )0.6 (ba)0.6 (n)0.5 (k)13 ( )0.5 (l)0.5 (o)0.5 (a)0.5 (n)0.5 (s)13 ( )0.5 (o)0.5 (f)27 ( )]TJ
0.033 Tc 0.075 Tw 0 -1.231 Td
[(Rmb)8 (2)8 (.)8 (2)8 (0)8 ( )0.5 (billion,)8 ( )0.5 (in)8 ( )0.6 (accordance)8 ( )0.5 (w)0.5 (ith)8 ( )0.6 (their)8 ( )0.5 (proportionate)8 ( )0.5 (e)0.5 (qu)0.5 (ity)8.1 ( )0.5 (in)0.5 (terests)8 ( )0.5 (in)8 ( )0.5 (Shengxin)8 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(Co. These guarantees were released on February 2, 2026.)Tj
0.049 Tc 0.07 Tw 0 -2.462 Td
[(The)12.5 ( Company)12.5 ( provides)12.5 ( security)12.5 ( for)12.5 ( the)12.5 ( 8)12.5 (5)12.5 (%)12.5 ( portion)12.5 ( of)12.5 ( the)12.5 ( insurance-backed)12.5 ( debt)24 ( )]TJ
0.043 Tc 0 -1.231 Td
[(i)0.5 (nve)0.5 (st)0.5 (me)0.5 (nt)13 ( p)0.5 (ro)0.5 (gr)0.5 (am)13 ( of)13 ( )]TJ
-0.043 Tw 10.469 0 Td
[(Z)0.5 (he)0.5 (jia)0.5 (ng)]TJ
0.07 Tw 3.883 0 Td
[( )0.5 (Yo)0.5 (ngz)0.5 (ho)0.5 (u)12.9 ( )0.5 (Pa)0.5 (ra)0.5 (ll)0.5 (el)13 ( L)0.5 (in)0.5 (e)12.9 ( )0.5 (Ph)0.5 (as)0.5 (e)12.9 ( )]TJ
14.214 0 Td
[(I)0.5 (I)12.9 ( )0.5 (Exp)0.5 (re)0.5 (ss)0.5 (w)0.5 (ay)13 ( C)0.5 (o.)0.5 (,)18 ( )]TJ
0.034 Tc -0.034 Tw -28.565 -1.231 Td
[(L)0.5 (t)0.5 (d)0.5 (.)]TJ
0.074 Tw 1.773 0 Td
[(,)9 ( )0.5 (a)0.5 (n)0.5 (d)9 ( )0.5 (a)0.5 (s)9 ( )0.5 (a)0.5 (t)9 ( )0.5 (J)0.5 (u)0.5 (n)0.5 (e)9 ( )0.5 (3)9 (0)9 (,)9 ( )0.5 (2)9 (0)9 (2)9 (6)9 (,)9 ( )0.5 (t)0.5 (h)0.5 (e)9 ( )0.5 (b)0.5 (a)0.5 (l)0.5 (a)0.5 (n)0.5 (c)0.5 (e)9 ( )0.5 (o)0.5 (f)9 ( )0.5 (s)0.5 (u)0.5 (c)0.5 (h)9 ( )0.5 (i)0.5 (n)0.5 (s)0.5 (ur)0.5 (a)0.6 (nc)0.5 (e)0.5 (-)0.5 (b)0.5 (a)0.5 (c)0.5 (k)0.5 (e)0.5 (d)9 ( )0.5 (d)0.5 (e)0.5 (b)0.5 (t)9 ( )0.5 (i)0.5 (n)0.5 (v)0.5 (e)0.5 (s)0.5 (t)0.5 (m)0.5 (e)0.5 (n)0.5 (t)9 ( )]TJ
0.025 Tc 0 Tw -1.773 -1.231 Td
(program amounted to Rmb240.19 million.)Tj
0.058 Tc 0.07 Tw 0 -2.462 Td
[(Zhejiang)12.1 ( Zhoushan)12 ( Bay)12.1 ( Bridge)12.1 ( Co.,)12 ( Ltd.,)12.1 ( a)12.1 ( subsidiary)12.1 ( of)12 ( the)12.1 ( Company,)12 ( pledged)33 ( )]TJ
0.037 Tc 0.071 Tw 0 -1.231 Td
[(its)12 ( )0.5 (rights)12 ( )0.5 (of)12.1 ( )0.5 (toll)12 ( )0.5 (on)12 ( )0.5 (expressway)12 ( )0.5 (for)12.1 ( )0.5 (its)12 ( )0.6 (bank)12 ( )0.5 (borrowing,)12 ( )0.5 (and)12 ( )0.5 (as)12 ( )0.5 (at)12 ( )0.5 (June)12 ( )0.5 (3)12 (0)12 (,)12 ( )0.5 (2)12 (0)12.1 (2)12 (6)12 (,)12 ( )0.5 (the)12.1 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(remaining bank loan balance was Rmb4,176.90 million.)Tj
0.079 Tw 0 -2.462 Td
(Deqing County De\222an Highway Construction Co., Ltd., a subsidiary of t\he Company, )Tj
0.052 Tc 0.07 Tw 0 -1.231 Td
[(pledged)12.6 ( its)12.6 ( trade)12.6 ( receivables)12.6 ( for)12.6 ( its)12.6 ( bank)12.6 ( borrowing,)12.6 ( and)12.6 ( as)12.6 ( at)12.5 ( June)12.6 ( 3)12.6 (0)12.6 (,)12.6 ( 2)12.5 (0)12.6 (2)12.6 (6)12.6 (,)12.6 ( the)27 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(remaining bank loan balance was Rmb238.61 million.)Tj
0.074 Tw 0 -2.462 Td
[(Zhejiang LongLiLiLong Expressway Co., )0.5 (Ltd., )0.5 (a subsidiary of the Company, pledged )]TJ
0.028 Tc 0.08 Tw 0 -1.231 Td
[(its)3 ( )0.5 (rights)3 ( )0.5 (of)3 ( )0.5 (toll)3 ( )0.5 (on)3 ( )0.5 (expressway)3 ( )0.5 (for)3 ( )0.5 (its)3.1 ( )0.5 (bank)3 ( )0.5 (borrowings,)3 ( )0.5 (and)3 ( )0.5 (as)3 ( )0.5 (at)3 ( )0.5 (June)3.1 ( 3)3.1 (0)2.9 (,)3.1 ( )0.5 (2)3 (0)2.9 (2)3.1 (6)2.9 (,)3.1 ( the)3 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(balance of such bank borrowings amounted to Rmb5,358.09 million.)Tj
ET

endstreamendobj44 0 obj<</Length 6771>>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 26 \226)Tj
ET
q
0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
0.033 Tc 0.075 Tw 13 0 0 13 56.6929 773.5878 Tm
[(As)8 ( )0.5 (at)8 ( )0.5 (June)8 ( )0.5 (3)8 (0)8 (,)8 ( )0.5 (2)8 (0)8 (2)8 (6)8 (,)8 ( )0.5 (the)8 ( )0.5 (asset-liability)8 ( )0.5 (ratio)8.1 ( )0.5 (\(total)8 ( )0.5 (liabilities)8 ( )0.5 (over)8 ( )0.5 (total)8 ( )0.5 (assets\))8 ( )0.5 (of)8 ( )0.5 (the)8 ( )]TJ
0.057 Tc 0.07 Tw 0 -1.231 Td
[(Group)12.2 ( was)12.1 ( 7)12.1 (2)12.2 (.)12.2 (2)12.1 (%)12.2 ( \(December)12.2 ( 3)12.2 (1)12.1 (,)12.2 ( 2)12.1 (0)12.2 (2)12.1 (5)12.2 (:)12.1 (6)12.2 (8)12.1 (.)12.2 (3)12.1 (%\).)12.2 ( Excluding)12.1 ( the)12.2 ( effect)12.2 ( of)12.2 ( customer)32 ( )]TJ
0.039 Tc 0 -1.231 Td
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[(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 59.8% \(December 31, 2025: 58.1%\)\.)Tj
/T1_1 1 Tf
0 -2.462 Td
(Capital structure)Tj
/T1_0 1 Tf
0.099 Tc 0.07 Tw 0 -2.462 Td
[(As)12.4 ( at)12.4 ( June)12.4 ( 3)12.3 (0)12.4 (,)12.4 ( 2)12.3 (0)12.4 (2)12.4 (6)12.3 (,)12.4 ( the)12.4 ( Group)12.4 ( had)12.4 ( Rmb)12.4 (9)12.3 (4)12.4 (,)12.4 (8)12.4 (7)12.3 (2)12.4 (.)12.4 (4)12.3 (3)12.4 ( million)12.4 ( in)12.4 ( total)12.4 ( equity,)74 ( )]TJ
0.025 Tc 0.052 Tw 0 -1.231 Td
(Rmb160,594.97 million in fixed-rate liabilities, Rmb15,521.67 million in\ floating-rate )Tj
0.036 Tc 0.072 Tw 0 -1.231 Td
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(which is computed by dividing the total liabilities less accounts payabl\e to customers )Tj
0.036 Tc 0.072 Tw 0 -1.231 Td
[(arising)11 ( )0.5 (from)11 ( the)11 ( )0.5 (securities)11 ( )0.5 (business)11 ( )0.5 (by)11 ( )0.5 (total)11 ( )0.5 (equity,)10.9 ( )0.6 (was)11 ( )0.5 (1)11 (4)11 (7)11 (.)11 (6)11 (%)11 ( )0.5 (as)11 ( )0.5 (at)11 ( )0.5 (June)11 ( )0.5 (3)11 (0)11 (,)11 ( )0.5 (2)11 (0)11 (2)11 (6)11 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(\(December 31, 2025: 137.6%\).)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)12.5 ( of)12.4 ( the)12.5 ( Group)12.4 ( totaled)12.5 ( Rmb)12.5 (1)12.5 (,)12.4 (4)12.5 (0)12.5 (1)12.4 (.)12.5 (1)12.4 (0)12.5 ( million.)24 ( )]TJ
0.025 Tc 0.08 Tw 0 -1.231 Td
(Amongst the total capital expenditure, Rmb226.00 million was incurred fo\r acquiring )Tj
0.041 Tc 0.07 Tw 0 -1.231 Td
[(equity)12.1 ( investment,)12.2 ( Rmb)12.1 (2)12.1 (8)12.2 (.)12.1 (4)12.1 (4)12.2 ( million)12.1 ( was)12.2 ( incurred)12.2 ( for)12.1 ( acquisition)12.1 ( and)12.2 ( construction)16 ( )]TJ
0.054 Tc 0 -1.231 Td
[(o)0.5 (f)13 ( )0.5 (p)0.5 (r)0.5 (o)0.6 (pe)0.6 (r)0.5 (t)0.5 (i)0.5 (e)0.5 (s)0.5 (,)13 ( )0.5 (R)0.6 (m)0.5 (b)13 (6)13 (9)13 (.)13 (7)13 (2)13 ( )0.5 (m)0.5 (i)0.5 (l)0.5 (l)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (w)0.6 (a)0.5 (s)13 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (u)0.5 (r)0.6 (r)0.5 (e)0.5 (d)13 ( )0.5 (f)0.5 (o)0.5 (r)13 ( )0.5 (a)0.5 (c)0.6 (q)0.5 (u)0.5 (i)0.5 (s)0.5 (i)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (s)0.5 (t)0.5 (r)0.5 (u)0.5 (c)0.6 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (o)0.5 (f)29 ( )]TJ
0.055 Tc 0 -1.231 Td
[(equipment)12.8 ( and)12.8 ( facilities,)12.8 ( and)12.8 ( Rmb)12.8 (1)12.8 (,)12.8 (0)12.8 (7)12.9 (6)12.8 (.)12.8 (9)12.8 (4)12.8 ( million)12.8 ( was)12.9 ( incurred)12.8 ( for)12.8 ( construction)30 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(projects of expressways.)Tj
0.06 Tc 0.07 Tw 0 -2.462 Td
[(As)12.4 ( at)12.4 ( June)12.4 ( 3)12.4 (0)12.4 (,)12.3 ( 2)12.4 (0)12.4 (2)12.4 (6)12.4 (,)12.3 ( the)12.4 ( remaining)12.4 ( capital)12.4 ( expenditure)12.4 ( committed)12.4 ( by)12.4 ( the)12.4 ( Group)35 ( )]TJ
0.042 Tc 0 -1.231 Td
[(amounted)12.6 ( to)12.6 ( Rmb)12.6 (3)12.6 (,)12.5 (5)12.6 (5)12.5 (1)12.6 (.)12.5 (4)12.6 (0)12.6 ( million)12.6 ( in)12.6 ( total.)12.6 ( Amongst)12.6 ( the)12.5 ( remaining)12.5 ( balance)12.5 ( of)12.5 ( total)17 ( )]TJ
0.052 Tc 0 -1.231 Td
[(capital)12.8 ( expenditure)12.8 ( committed)12.8 ( by)12.7 ( the)12.7 ( Group,)12.7 ( Rmb)12.8 (1)12.7 (3)12.8 (4)12.7 (.)12.8 (4)12.7 (5)12.8 ( million)12.8 ( will)12.7 ( be)12.8 ( used)12.7 ( for)27 ( )]TJ
0.039 Tc 0 -1.231 Td
[(acquisition)12.4 ( and)12.3 ( construction)12.4 ( of)12.4 ( properties,)12.4 ( Rmb)12.3 (1)12.4 (,)12.4 (6)12.4 (7)12.4 (0)12.3 (.)12.4 (8)12.4 (9)12.4 ( million)12.4 ( for)12.4 ( acquisition)12.4 ( and)14 ( )]TJ
0.042 Tc 0 -1.231 Td
[(construction)12.8 ( of)12.8 ( equipment)12.9 ( and)12.8 ( facilities,)12.9 ( and)12.8 ( Rmb)12.8 (1)12.9 (,)12.8 (7)12.8 (4)12.9 (6)12.8 (.)12.8 (0)12.9 (6)12.8 ( million)12.8 ( for)12.8 ( construction)17 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(projects of expressways.)Tj
0.055 Tc 0.07 Tw 0 -2.462 Td
[(The)12.3 ( 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
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[(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
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(amount)Tj
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(Within )Tj
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(2-5 years )Tj
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( )Tj
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( )Tj
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68.032 0 l
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( )Tj
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( )Tj
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68.032 0 l
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68.031 0 l
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( )Tj
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68.032 0 l
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68.032 0 l
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( )Tj
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(31, 2025)Tj
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6.105 0 Td
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6.63 0 Td
(5,695,060)Tj
ET
2.5 w 
q 1 0 0 1 232.4409 514.6106 cm
0 0 m
68.032 0 l
S
Q
0.835 w 
q 1 0 0 1 232.4409 511.2781 cm
0 0 m
68.031 0 l
S
Q
BT
0 Tc 0 Tw 13 0 0 13 226.7716 512.5116 Tm
( )Tj
ET
2.5 w 
q 1 0 0 1 311.811 514.6106 cm
0 0 m
68.031 0 l
S
Q
0.835 w 
q 1 0 0 1 311.811 511.2781 cm
0 0 m
68.031 0 l
S
Q
BT
13 0 0 13 306.1417 512.5116 Tm
( )Tj
ET
2.5 w 
q 1 0 0 1 391.1811 514.6106 cm
0 0 m
68.032 0 l
S
Q
0.835 w 
q 1 0 0 1 391.1811 511.2781 cm
0 0 m
68.031 0 l
S
Q
BT
13 0 0 13 385.5118 512.5116 Tm
( )Tj
ET
2.5 w 
q 1 0 0 1 470.5511 514.6106 cm
0 0 m
68.032 0 l
S
Q
0.835 w 
q 1 0 0 1 470.5511 511.2781 cm
0 0 m
68.032 0 l
S
Q
BT
13 0 0 13 464.8818 512.5116 Tm
( )Tj
0.036 Tc 0.072 Tw -31.399 -2.335 Td
[(As)11 ( )0.5 (at)11 ( )0.6 (June)11 ( )0.5 (3)11 (0)11 (,)11 ( )0.5 (2)11 (0)11 (2)10.9 (6)11 (,)11 ( )0.6 (the)11.1 ( )0.5 (Group\222s)11 ( )0.5 (borrowings)11 ( )0.5 (from)11 ( )0.5 (domestic)11 ( )0.5 (commercial)11 ( )0.5 (banks)11 ( )0.5 (bore)11 ( )]TJ
0.025 Tc 0.077 Tw 0 -1.231 Td
(annual fixed interest rates ranged from 2.11% to 4.23%, annual floating \interest rates )Tj
0.047 Tc 0.07 Tw 0 -1.231 Td
[(ranged)12.5 ( from)12.5 ( 2)12.4 (.)12.5 (1)12.5 (1)12.4 (%)12.5 ( to)12.5 ( 2)12.5 (.)12.5 (8)12.4 (5)12.5 (%,)12.5 ( while)12.5 ( overseas)12.5 ( commercial)12.5 ( bank)12.5 ( borrowings)12.5 ( carried)22 ( )]TJ
0.067 Tc 0 -1.231 Td
[(a)13 ( )0.6 (f)0.5 (i)0.5 (x)0.5 (e)0.6 (d)13 ( )0.6 (a)0.5 (n)0.5 (n)0.5 (u)0.5 (a)0.6 (l)13 ( )0.5 (i)0.6 (n)0.5 (t)0.5 (e)0.6 (r)0.5 (e)0.5 (s)0.6 (t)13 ( )0.5 (r)0.5 (a)0.6 (t)0.5 (e)13 ( )0.6 (o)0.5 (f)13 ( )0.6 (5)13 (.)13 (3)13 (%)0.6 (,)13 ( )0.5 (B)0.5 (o)0.6 (r)0.5 (r)0.5 (o)0.6 (w)0.5 (i)0.5 (n)0.5 (g)0.6 (s)13 ( )0.5 (f)0.6 (r)0.5 (o)0.5 (m)13 ( )0.6 (o)0.5 (t)0.5 (h)0.5 (e)0.6 (r)13 ( )0.5 (d)0.6 (o)0.5 (m)0.5 (e)0.6 (s)0.5 (t)0.5 (i)0.5 (c)13.1 ( )0.5 (f)0.5 (i)0.6 (n)0.5 (a)0.5 (n)0.5 (c)0.6 (i)0.5 (a)0.5 (l)42 ( )]TJ
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30.024 0 Td
[( annual)12.9 ( floating)18 ( )]TJ
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[(interest)12.2 ( rate)12.3 ( was)12.2 ( 2)12.2 (.)12.2 (5)12.2 (%,)]TJ
10.13 0 Td
[( the)12.2 ( annual)12.2 ( floating)12.2 ( interest)12.2 ( rates)12.2 ( of)12.3 ( other)12.2 ( overseas)12.3 ( financial)15 ( )]TJ
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[(institution)12.1 ( loans)12.2 ( was)12.1 ( 3)12.2 (.)12.1 (8)12.2 (4)12.1 (%,)12.1 ( and)12.2 ( borrowings)12.1 ( from)12.1 ( other)12.2 ( domestic)12.1 ( entities)12.2 ( carried)28 ( )]TJ
0.029 Tc 0.079 Tw 0 -1.231 Td
[(floating)4.1 ( )0.5 (annual)4 ( )0.5 (interest)4 ( )0.5 (rates)4 ( )0.5 (of)4 ( )0.5 (2)4 (.)4 (4)4 (5)4 (%)4 ( )0.5 (and)4 ( )0.5 (2)4.1 (.)3.9 (5)4.1 (%.)4 ( )0.5 (As)4 ( )0.5 (at)4.1 ( June)4 ( )0.5 (3)4 (0)4 (,)4 ( )0.5 (2)4 (0)4 (2)4 (6)4 (,)4 ( )0.5 (the)4 ( )0.5 (beneficial)4 ( )]TJ
0.025 Tc 0.047 Tw 0 -1.231 Td
(certificates bore annual fixed interest rates ranged from 1.9% to 2.2%, \annual floating )Tj
0.058 Tc 0.07 Tw 0 -1.231 Td
[(interest)12.7 ( rates)12.6 ( ranged)12.7 ( from)12.7 ( 3)12.7 (.)12.7 (8)12.6 (%)12.7 ( to)12.7 ( 8)12.7 (.)12.6 (3)12.7 (%,)12.7 ( while)12.7 ( the)12.7 ( annual)12.7 ( fixed)12.7 ( interest)12.7 ( rates)12.7 ( of)33 ( )]TJ
0.052 Tc 0 -1.231 Td
[(short-term)12.4 ( financing)12.3 ( notes)12.3 ( ranged)12.3 ( from)12.3 ( 1)12.3 (.)12.3 (4)12.3 (9)12.3 (%)12.3 ( to)12.3 ( 1)12.3 (.)12.3 (7)12.3 (5)12.3 (%,)12.3 ( the)12.3 ( long-term)12.3 ( beneficial)27 ( )]TJ
0.025 Tc 0.003 Tw 0 -1.231 Td
(certificates bore annual fixed interest rates ranged from 1.72% to 2.1%,\ annual floating )Tj
0.046 Tc 0.07 Tw 0 -1.231 Td
[(interest)12.1 ( rates)12.1 ( ranged)12 ( from)12.1 ( 3)12.1 (.)12.1 (3)12.1 (5)12.1 (%)12.2 ( to)12.1 ( 8)12.1 (.)12.1 (3)12.1 (%,)12.1 ( while)12.1 ( the)12.1 ( annual)12.1 ( fixed)12.1 ( interest)12.1 ( rates)12.1 ( for)21 ( )]TJ
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[(corporate)12.6 ( bonds)12.6 ( ranged)12.6 ( from)12.6 ( 1)12.6 (.)12.6 (6)12.6 (4)12.6 (%)12.6 ( to)12.6 ( 3)12.6 (.)12.6 (1)12.6 (5)12.5 (%,)12.6 ( and)12.6 ( the)12.6 ( annual)12.6 ( fixed)12.6 ( interest)12.6 ( rate)12.7 ( for)14 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(subordinated bond ranged from 1.95% to 3.05%.)Tj
0.032 Tc 0.076 Tw 0 -2.462 Td
[(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 ( )0.5 (and)7 ( )0.5 (tax)7 ( )0.5 (for)7.1 ( )0.5 (the)7 ( )0.5 (Period)6.9 ( )0.6 (amounted)7 ( )0.5 (to)7 ( )]TJ
0.04 Tc 0.07 Tw 0 -1.231 Td
[(Rmb)12.2 (8)12.1 (7)12.2 (7)12.1 (.)12.2 (7)12.1 (3)12.2 ( million)12.1 ( and)12.2 ( Rmb)12.2 (6)12.2 (,)12.1 (2)12.2 (5)12.1 (6)12.2 (.)12.1 (6)12.2 (8)12.1 ( million,)12.2 ( respectively.)12.1 ( The)12.2 ( interest)12.1 ( cover)12.2 ( ratio)15 ( )]TJ
0.024 Tc 0 Tw 0 -1.231 Td
[(\(profit before interest and tax over interest expenses\) stood at 7.1 t\imes \(Corresponding)-1 ( )]TJ
0.025 Tc 0 -1.231 Td
(period of 2025: 7.5 times\).)Tj
ET

endstreamendobj69 0 obj<</Length 6003>>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 24 \226)Tj
ET
q
0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
/T1_1 1 Tf
13 0 0 13 56.6929 773.5878 Tm
(Borrowings and solvency)Tj
/T1_0 1 Tf
0.03 Tw 0 -2.462 Td
[(As at June 30, 2026, total liabilities of the )0.5 (Group amounted to Rmb246,995.77 million )]TJ
0.049 Tc 0.07 Tw 0 -1.231 Td
[(\(December)12.4 ( 3)12.5 (1)12.4 (,)12.5 ( 2)12.5 (0)12.5 (2)12.4 (5)12.5 (:)12.4 ( Rmb)12.5 (2)12.5 (0)12.4 (0)12.5 (,)12.4 (3)12.5 (6)12.5 (3)12.4 (.)12.5 (5)12.4 (8)12.5 ( million\),)12.4 ( of)12.4 ( which)12.4 ( 6)12.4 (.)12.5 (9)12.5 (%)12.4 ( was)12.4 ( bank)12.4 ( and)12.4 ( other)24 ( )]TJ
0.024 Tc 0 Tw 0 -1.231 Td
[(borrowings, 5.3% was short-term financing note, 22.2% was bonds payable,\ 11.6% was)-1 ( )]TJ
0.025 Tc 0.058 Tw 0 -1.231 Td
(financial assets sold under repurchase agreements and 43.3% was accounts\ payable to )Tj
0 Tw 0 -1.231 Td
(customers arising from securities business.)Tj
0.056 Tc 0.07 Tw 0 -2.462 Td
[(As)12.8 ( at)12.8 ( June)12.8 ( 3)12.7 (0)12.8 (,)12.8 ( 2)12.8 (0)12.7 (2)12.8 (6)12.8 (,)12.7 ( total)12.8 ( interest-bearing)12.8 ( borrowings)12.8 ( of)12.8 ( the)12.8 ( Group)12.8 ( amounted)12.8 ( to)31 ( )]TJ
0.057 Tc 0 -1.231 Td
[(Rmb)12.3 (8)12.2 (5)12.3 (,)12.2 (0)12.3 (7)12.2 (3)12.3 (.)12.2 (3)12.3 (6)12.2 ( million,)12.3 ( representing)12.2 ( an)12.3 ( increase)12.2 ( of)12.3 ( 1)12.3 (8)12.2 (.)12.3 (7)12.2 (%)12.3 ( compared)12.2 ( to)12.3 ( that)12.3 ( as)12.2 ( at)32 ( )]TJ
0.053 Tc 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 (5)13 (.)12.9 ( )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)0.6 (t)0.5 (ic)28.1 ( )]TJ
0.087 Tc 0 -1.231 Td
[(commercial)12.6 ( bank)12.6 ( loans)12.6 ( of)12.6 ( Rmb)12.5 (1)12.6 (4)12.6 (,)12.5 (8)12.6 (8)12.6 (2)12.6 (.)12.6 (9)12.5 (8)12.6 ( million,)12.6 ( borrowings)12.5 ( from)12.5 ( overseas)62 ( )]TJ
0.073 Tc 0 -1.231 Td
[(commercial)12.5 ( bank)12.5 ( loans)12.6 ( of)12.5 ( Rmb)12.5 (6)12.5 (1)12.5 (.)12.6 (0)12.5 (4)12.5 ( million,)12.5 ( borrowings)12.6 ( from)12.5 ( other)12.5 ( domestic)48 ( )]TJ
0.025 Tc 0.068 Tw 0 -1.231 Td
(financial institutions of Rmb345.26 million, borrowings from other overs\eas financial )Tj
0.072 Tc 0.07 Tw 0 -1.231 Td
[(institutions)12.9 ( of)12.8 ( Rmb)12.8 (9)12.9 (7)12.8 (.)12.9 (3)12.8 (2)12.9 ( million,)12.9 ( borrowings)12.9 ( from)12.8 ( other)12.8 ( domestic)12.9 ( institutions)47 ( )]TJ
0.08 Tc 0 -1.231 Td
[(of)12.8 ( Rmb)12.8 (1)12.7 (,)12.8 (6)12.8 (0)12.8 (1)12.7 (.)12.8 (7)12.8 (6)12.8 ( million,)12.7 ( short-term)12.7 ( financing)12.8 ( note)12.8 ( of)12.8 ( Rmb)12.8 (1)12.8 (1)12.7 (,)12.8 (3)12.8 (7)12.7 (6)12.8 (.)12.8 (4)12.8 (4)12.8 ( million,)55.1 ( )]TJ
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[(beneficial)12.1 ( certificates)12.1 ( of)12.1 ( Rmb)12.1 (1)12.1 (,)12.1 (8)12 (1)12.1 (2)12.1 (.)12 (8)12.1 (9)12.1 ( million,)12.1 ( long-term)12 ( beneficial)12 ( certificates)12.1 ( of)21.1 ( )]TJ
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[(Rmb)5 (1)5.1 (1)4.9 (,)5 (8)5 (8)5 (8)5 (.)5 (2)5 (9)5 ( )0.5 (m)0.5 (illio)0.5 (n,)5 ( )0.5 (sub)0.5 (ordin)0.5 (ate)0.5 (d)5 ( )0.5 (bonds)5.1 ( )0.5 (of)5 ( )0.5 (Rmb)5 (9)5 (,)5 (4)5 (8)5 (5)5 (.)5 (9)5 (9)5 ( )0.5 (mi)0.5 (llion)0.5 (,)5 ( )0.5 (cor)0.5 (pora)0.5 (te)5 ( )0.5 (bond)0.5 (s)5 ( )]TJ
0.025 Tc 0.074 Tw 0 -1.231 Td
(of Rmb33,521.39 million. Of the interest-bearing borrowings, 58.3% was n\ot payable )Tj
0 Tw 0 -1.231 Td
(within one year.)Tj
/T1_1 1 Tf
21.593 -2.462 Td
(Maturity Profile)Tj
-0.025 Tw -5.441 -1.231 Td
(Gross )Tj
-0.803 -1.231 Td
(amount)Tj
6.382 1.231 Td
(Within )Tj
0 Tw 0.363 -1.231 Td
(1 year)Tj
4.808 1.231 Td
(2-5 years )Tj
-0.025 Tw 0.137 -1.231 Td
(inclusive)Tj
0 Tw 5.88 1.231 Td
(Beyond 5 )Tj
-0.025 Tw 1.771 -1.231 Td
(years)Tj
/T1_0 1 Tf
13 0 3.4833 13 248.0745 389.5878 Tm
(Rmb\222000)Tj
6.105 0 Td
(Rmb\222000)Tj
6.105 0 Td
(Rmb\222000)Tj
6.105 0 Td
(Rmb\222000)Tj
0 Tw 13 0 0 13 56.6929 357.5878 Tm
(Floating rates)Tj
1.003 -1.231 Td
(Borrowings from domestic )Tj
1.003 -1.231 Td
(commercial banks)Tj
-0.025 Tw 12.021 0 Td
(13,582,388)Tj
6.63 0 Td
(3,463,915)Tj
6.105 0 Td
(6,355,213)Tj
6.105 0 Td
(3,763,260)Tj
0.024 Tc 0 Tw -31.865 -1.231 Td
[(Borrowings from a domestic)-1 ( )]TJ
0.025 Tc 1.003 -1.231 Td
(financial institution)Tj
-0.025 Tw 13.346 0 Td
(240,187)Tj
7.955 0 Td
(187)Tj
0 Tc 0 Tw 7.155 0 Td
(\226)Tj
0.025 Tc -0.025 Tw 3.205 0 Td
(240,000)Tj
0 Tw -32.665 -1.231 Td
(Borrowings from an )Tj
1.003 -1.231 Td
(overseas financial )Tj
-0.025 Tw 0 -1.231 Td
(institution)Tj
13.871 0 Td
(97,326)Tj
6.105 0 Td
(97,326)Tj
0 Tc 0 Tw 8.48 0 Td
(\226)Tj
6.105 0 Td
(\226)Tj
0.025 Tc -35.565 -1.231 Td
(Borrowings from domestic )Tj
-0.025 Tw 1.003 -1.231 Td
(institutions)Tj
12.546 0 Td
(1,601,765)Tj
7.955 0 Td
(1,765)Tj
5.055 0 Td
(268,000)Tj
5.305 0 Td
(1,332,000)Tj
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(Beneficial Certificates)Tj
-0.025 Tw 14.349 0 Td
(286,685)Tj
6.105 0 Td
(286,685)Tj
0 Tc 0 Tw 9.005 0 Td
(\226)Tj
6.105 0 Td
(\226)Tj
0.025 Tc -36.568 -1.231 Td
(Fixed rates)Tj
1.003 -1.231 Td
(Borrowings from domestic )Tj
1.003 -1.231 Td
(commercial banks)Tj
-0.025 Tw 12.546 0 Td
(1,300,588)Tj
6.905 0 Td
(984,588)Tj
6.105 0 Td
(316,000)Tj
0 Tc 0 Tw 9.005 0 Td
(\226)Tj
0.025 Tc -35.565 -1.231 Td
(Borrowings from an )Tj
1.003 -1.231 Td
(overseas commercial )Tj
-0.025 Tw 0 -1.231 Td
(bank)Tj
13.871 0 Td
(61,039)Tj
6.105 0 Td
(61,039)Tj
0 Tc 0 Tw 8.48 0 Td
(\226)Tj
6.105 0 Td
(\226)Tj
0.024 Tc -35.565 -1.231 Td
[(Borrowings from a domestic)-1 ( )]TJ
0.025 Tc 1.003 -1.231 Td
(financial institution)Tj
-0.025 Tw 13.346 0 Td
(105,071)Tj
6.105 0 Td
(105,071)Tj
0 Tc 0 Tw 9.005 0 Td
(\226)Tj
6.105 0 Td
(\226)Tj
ET

endstreamendobj68 0 obj<</Length 6767>>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 23 \226)Tj
ET
q
0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
/T1_1 1 Tf
13 0 0 13 56.6929 773.5878 Tm
(FINANCIAL ANALYSIS)Tj
/T1_0 1 Tf
0.049 Tw 0 -2.462 Td
(The Group adopts a prudent financial policy with an aim to provide share\holders with )Tj
0 Tw 0 -1.231 Td
(sound returns over the long term.)Tj
0.038 Tc 0.07 Tw 0 -2.462 Td
[(During)12.4 ( the)12.4 ( Period,)12.3 ( profit)12.3 ( attributable)12.4 ( to)12.4 ( owners)12.4 ( of)12.4 ( the)12.3 ( Company)12.4 ( was)12.3 ( approximately)13 ( )]TJ
0.025 Tc 0.001 Tw 0 -1.231 Td
[(Rmb2,697.20 million, representing a )0.5 (year-on-year decrease )0.5 (of 3.2%, earnings per share )]TJ
0.049 Tc 0.07 Tw 0 -1.231 Td
[(was)12.8 ( Rmb)12.8 (4)12.9 (4)12.8 (.)12.8 (6)12.8 (7)12.9 ( cents,)12.9 ( representing)12.8 ( a)12.8 ( year-on-year)12.9 ( decrease)12.9 ( of)12.9 ( 4)12.8 (.)12.9 (0)12.8 (%,)12.8 ( and)12.9 ( return)12.9 ( on)24 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(owners\222 equity was 5.2%, representing a year-on-year decrease of 12.6\%.)Tj
/T1_1 1 Tf
0 -2.462 Td
(Liquidity and financial resources)Tj
/T1_0 1 Tf
0.061 Tw 0 -2.462 Td
(As at June 30, 2026, current assets of the Group amounted to Rmb257,464.\91 million )Tj
0.032 Tc 0.076 Tw 0 -1.231 Td
[(in)7 ( )0.5 (aggregate)7 ( )0.5 (\(December)7 ( )0.5 (3)7 (1)7 (,)7 ( )0.5 (2)7 (0)7 (2)7 (5)7 (:)7 ( )0.5 (Rmb)7 (2)7 (1)7 (4)7 (,)7 (4)7 (9)7 (2)7 (.)7 (2)7 (3)6.9 ( )0.6 (million\),)7 ( )0.5 (of)7 ( )0.5 (which)7 ( )0.5 (bank)7 ( )0.5 (balances,)7 ( )]TJ
0.025 Tc 0.053 Tw 0 -1.231 Td
(clearing settlement fund, deposits and cash accounted for 13.8% \(Decemb\er 31, 2025: )Tj
0.058 Tc 0.07 Tw 0 -1.231 Td
[(1)12.5 (5)12.5 (.)12.5 (9)12.5 (%\),)12.5 ( bank)12.5 ( balances)12.5 ( and)12.5 ( clearing)12.5 ( settlement)12.5 ( fund)12.5 ( held)12.5 ( on)12.5 ( behalf)12.5 ( of)12.5 ( customers)33 ( )]TJ
0.078 Tc 0 -1.231 Td
[(accounted)12.4 ( for)12.4 ( 4)12.4 (1)12.5 (.)12.4 (9)12.5 (%)12.5 ( \(December)12.5 ( 3)12.5 (1)12.4 (,)12.5 ( 2)12.5 (0)12.4 (2)12.5 (5)12.4 (:)12.5 ( 3)12.5 (4)12.4 (.)12.5 (0)12.4 (%\),)12.5 ( financial)12.5 ( assets)12.5 ( at)12.5 ( FVTPL)53 ( )]TJ
0.025 Tc 0.025 Tw 0 -1.231 Td
(accounted for 18.7% \(December 31, 2025: 23.2%\) and loans to customers \arising from )Tj
0.04 Tc 0.07 Tw 0 -1.231 Td
[(margin)12.9 ( financing)12.9 ( business)12.9 ( accounted)12.9 ( for)12.9 ( 1)12.9 (8)12.8 (.)12.9 (0)12.9 (%)12.9 ( \(December)12.9 ( 3)12.9 (1)12.8 (,)12.9 ( 2)12.9 (0)12.9 (2)12.8 (5)12.9 (:)12.9 ( 1)12.9 (8)12.9 (.)12.9 (2)12.9 (%\).)12.9 ( As)12.8 ( at)15 ( )]TJ
0.036 Tc 0.072 Tw 0 -1.231 Td
[(June)11 ( )0.5 (3)11 (0)11 (,)11 ( )0.5 (2)11 (0)11 (2)11 (6)11 (,)11 ( the)11 ( )0.5 (current)11 ( )0.5 (ratio)11 ( )0.5 (\(current)11 ( )0.5 (assets)11 ( )0.5 (over)11 ( )0.5 (current)11 ( )0.5 (liabilities\))11.1 ( of)11 ( )0.5 (the)11 ( )0.5 (Group)11 ( )]TJ
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[(current )0.5 (liabilities )0.5 (less balance )0.5 (of accounts payable )0.5 (to )0.5 (customers arising )0.5 (from securities )]TJ
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(business\) was 1.70 \(December 31, 2025:1.60\).)Tj
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(products, etc.)Tj
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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
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[(Zhejiang)12.4 ( Communications)12.4 ( Investment)12.4 ( Carbon)12.4 ( Environmental)12.4 ( Technology)12.4 ( Co.,)16 ( )]TJ
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(year-on-year decrease of 16.5%.)Tj
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(million, representing a year-on-year increase of 2.8%.)Tj
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(attributable to the Company was Rmb350.38 million, representing a year-o\n-year )Tj
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(increase of 0.8%.)Tj
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[(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 ( )0.5 (Partnership)1.9 ( )0.5 (\(Limited)2 ( )]TJ
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(Partnership\) \(a 24.99% owned associate of the Company\) was primarily \engaged )Tj
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[(in)12.5 ( equity)12.5 ( investments,)12.5 ( investment)12.5 ( management)12.5 ( and)12.5 ( investment)12.5 ( consultation.)30 ( )]TJ
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(Company was Rmb15.58 million.)Tj
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(performance.)Tj
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(Period, representing a year-on-year decrease of 1.4%.)Tj
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[(Zhajiasu)10 ( )0.5 (Expressway)10 ( )0.5 (and)10 ( )0.5 (Parallel)10.1 ( Line)10 ( )0.5 (of)10 ( )0.6 (Ningbo-Zhoushan)10 ( )0.5 (Expressway)10 ( )0.5 (Phase)10 ( )]TJ
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[(II)12.5 ( construction)12.5 ( project,)12.5 ( with)12.4 ( an)12.5 ( overall)12.5 ( physical)12.5 ( progress)12.5 ( reaching)12.5 ( 3)12.5 (5)12.5 (.)12.4 (7)12.5 (%.)44 ( )]TJ
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[(Safety)12.5 ( resilience)12.5 ( enhancement)12.5 ( projects)12.5 ( for)12.5 ( Huihang)12.4 ( Expressway,)12.5 ( Zhoushan)36 ( )]TJ
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[(B)0.5 (a)0.5 (y)13 ( B)0.5 (r)0.5 (i)0.5 (d)0.5 (ge)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (Lo)0.5 (n)0.5 (g)0.5 (L)0.5 (iL)0.5 (i)0.5 (L)0.5 (o)0.5 (ng)13 ( )0.5 (E)0.5 (x)0.5 (pr)0.5 (e)0.5 (s)0.5 (s)0.5 (w)0.5 (a)0.5 (y)0.5 (s)12.9 ( )0.5 (w)0.5 (e)0.5 (r)0.5 (e)13 ( )0.5 (i)0.5 (mp)0.5 (l)0.5 (e)0.5 (m)0.5 (en)0.5 (t)0.5 (e)0.5 (d)13 ( i)0.5 (n)13 ( )0.5 (a)0.5 (n)13 ( o)0.5 (r)0.5 (d)0.5 (e)0.5 (r)0.5 (l)0.5 (y)23.9 ( )]TJ
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(manner to secure stable long-term operation of the expressway network. I\n-depth )Tj
0.054 Tc 0.07 Tw 0 -1.231 Td
[(research)12.6 ( on)12.6 ( feasibility)12.6 ( study)12.6 ( for)12.6 ( the)12.6 ( reconstruction)12.6 ( and)12.6 ( expansion)12.6 ( project)12.6 ( of)29 ( )]TJ
0.051 Tc 0 -1.231 Td
[(Shanghai-Hangzhou-Ningbo)12.8 ( Expressway)12.8 ( continued,)12.8 ( and)12.8 ( the)12.8 ( project)12.8 ( has)12.9 ( been)26 ( )]TJ
0.025 Tc 0.009 Tw 0 -1.231 Td
(successfully categorised as a priority candidate for commencement under \the 15th )Tj
0 -1.231 Td
(Five-Year Plan of Zhejiang Province, supporting sound long-term developm\ent of )Tj
0 Tw 0 -1.231 Td
(the core expressway business.)Tj
/T1_1 1 Tf
0.04 Tc 0.07 Tw 0 -2.462 Td
[(A)0.5 (c)0.5 (ti)0.5 (v)0.5 (el)0.5 (y)13 ( e)0.5 (x)0.5 (pa)0.5 (nd)0.5 (e)0.5 (d)13 ( i)0.5 (n)0.5 (no)0.5 (va)0.5 (t)0.5 (iv)0.5 (e)13 ( i)0.5 (n)0.5 (du)0.5 (s)0.5 (tr)0.5 (i)0.5 (al)13 ( )0.5 (la)0.5 (y)0.5 (ou)0.5 (t)0.5 (.)]TJ
/T1_0 1 Tf
22.216 0 Td
[( )0.5 (Th)0.5 (e)13 ( n)0.5 (e)0.5 (w)13 ( e)0.5 (n)0.5 (er)0.5 (g)0.5 (y)12.9 ( )0.5 (h)0.5 (e)0.5 (av)0.5 (y)0.5 (-d)0.5 (u)0.5 (ty)15 ( )]TJ
0.025 Tc 0.073 Tw -22.216 -1.231 Td
(truck charging station at Dayun Toll Station on Shanghai-Hangzhou Expres\sway )Tj
0.053 Tc 0.07 Tw 0 -1.231 Td
[(was)12.7 ( officially)12.7 ( put)12.7 ( into)12.7 ( operation,)12.7 ( reliably)12.7 ( catering)12.7 ( to)12.7 ( recharging)12.7 ( demands)12.7 ( of)28 ( )]TJ
0.063 Tc 0 -1.231 Td
[(new)12.7 ( energy)12.6 ( heavy-duty)12.7 ( trucks)12.7 ( with)12.7 ( convenient)12.7 ( and)12.7 ( efficient)12.7 ( energy)12.7 ( supply)38 ( )]TJ
0.038 Tc 0 -1.231 Td
[(services.)12.5 ( Construction)12.6 ( of)12.6 ( zero-carbon)12.6 ( expressways)12.6 ( and)12.6 ( intelligent)12.6 ( expressways)13 ( )]TJ
0.037 Tc 0.071 Tw 0 -1.231 Td
[(progressed)12.1 ( )0.5 (steadily)12 ( )0.5 (to)12 ( )0.5 (foster)12 ( )0.5 (a)12.1 ( )0.5 (new)12.1 ( )0.5 (green,)12 ( )0.5 (low-carbon)12 ( )0.5 (and)12 ( )0.5 (intelligent)12 ( )0.5 (operation)11.9 ( )]TJ
0.052 Tc 0.07 Tw 0 -1.231 Td
[(mo)0.5 (d)0.5 (el)0.5 (.)12.9 ( )0.5 (Se)0.5 (i)0.5 (zi)0.5 (ng)13 ( o)0.5 (pp)0.5 (or)0.5 (t)0.5 (un)0.5 (it)0.5 (ie)0.5 (s)12.9 ( )0.5 (br)0.5 (o)0.5 (ug)0.5 (ht)13 ( b)0.5 (y)12.9 ( )0.5 (t)0.5 (he)13 ( l)0.5 (ow)0.5 (-a)0.5 (l)0.5 (ti)0.5 (tu)0.5 (de)13 ( )0.5 (ec)0.5 (on)0.5 (om)0.5 (y,)13 ( )0.5 (Zh)0.5 (ej)0.5 (ia)0.5 (n)0.5 (g)26.9 ( )]TJ
0.033 Tc 0.075 Tw 0 -1.231 Td
[(Communications)8 ( )0.5 (Investment)8 ( )0.5 (Low-Altitude)8.1 ( )0.5 (Infrastructure)8 ( )0.5 (Industry)8 ( )0.5 (Development)8 ( )]TJ
0.038 Tc 0.07 Tw 0 -1.231 Td
[(C)0.5 (o)0.5 (.)0.5 (,)13 ( )0.5 (L)0.5 (t)0.5 (d)0.5 (.)13 ( )0.5 (\()]TJ
/C0_0 1 Tf
0.297 Tc -0.297 Tw 4.779 0 Td
<090F03EA037404B3042D06640A3F14FE0BA307440B2A0E380CEF089D03DE082202AE0321>Tj
/T1_0 1 Tf
0.025 Tc 0.083 Tw 23.198 0 Td
[(\))-12.5 (, )0.5 (a )0.5 (60% o)-12.4 (w)-12.5 (n)-12.6 (e)-12.4 (d )]TJ
0.034 Tc 0.074 Tw -27.977 -1.231 Td
[(s)0.5 (ub)0.5 (s)0.5 (i)0.5 (d)0.5 (ia)0.5 (r)0.5 (y)9 ( )0.5 (o)0.5 (f)9 ( )0.5 (t)0.5 (he)9 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (pa)0.6 (ny)9 ( )0.5 (w)0.5 (a)0.5 (s)9 ( )0.5 (e)0.5 (s)0.5 (ta)0.5 (b)0.5 (l)0.5 (i)0.5 (s)0.5 (he)0.5 (d)0.5 (,)9 ( )0.5 (w)0.5 (i)0.5 (th)9 ( )0.5 (r)0.5 (e)0.5 (l)0.5 (e)0.5 (va)0.5 (n)0.5 (t)9 ( )0.5 (a)0.5 (p)0.5 (pl)0.5 (i)0.5 (c)0.5 (a)0.5 (ti)0.5 (o)0.5 (n)9 ( )0.5 (s)0.5 (ce)0.5 (n)0.5 (a)0.5 (r)0.5 (i)0.5 (os)9 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(developed in tandem to consolidate the foundation for industrial growth.\)Tj
ET

endstreamendobj79 0 obj<</Length 7679>>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 18 \226)Tj
ET
q
0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
0.065 Tc 0.07 Tw 13 0 0 13 85.0394 773.5878 Tm
[(The)12.2 ( development)12.2 ( of)12.2 ( Zhoushan)12.2 ( industrial)12.2 ( park)12.2 ( and)12.2 ( ongoing)12.3 ( construction)12.2 ( of)40 ( )]TJ
0.032 Tc 0.076 Tw 0 -1.231 Td
[(Parallel)7 ( )0.6 (Line)7 ( )0.5 (of)7 ( )0.5 (Ningbo-Zhoushan)7 ( )0.5 (Expressway)7 ( )0.5 (drove)7.1 ( )0.5 (increased)7 ( )0.5 (freight)6.9 ( )0.6 (demand,)7 ( )]TJ
0.025 Tc 0.075 Tw 0 -1.231 Td
(resulting in significant year-on-year growth in truck traffic volume on \Zhoushan )Tj
0.034 Tc 0.074 Tw 0 -1.231 Td
[(B)0.5 (a)0.6 (y)9 ( )0.5 (B)0.5 (r)0.5 (i)0.5 (d)0.5 (g)0.5 (e)0.6 (.)9 ( )0.5 (N)0.5 (e)0.5 (v)0.6 (e)0.5 (r)0.5 (t)0.5 (h)0.5 (e)0.6 (l)0.5 (e)0.5 (s)0.5 (s)0.6 (,)8.9 ( )0.6 (a)0.5 (f)0.5 (f)0.5 (e)0.6 (c)0.5 (t)0.5 (e)0.5 (d)9 ( )0.5 (b)0.6 (y)9 ( )0.5 (a)0.5 (d)0.5 (v)0.5 (e)0.5 (r)0.6 (s)0.5 (e)9 ( )0.5 (i)0.5 (m)0.5 (p)0.6 (a)0.5 (c)0.5 (t)0.5 (s)9 ( )0.5 (i)0.6 (n)0.5 (c)0.5 (l)0.5 (u)0.5 (d)0.5 (i)0.6 (n)0.5 (g)9 ( )0.5 (t)0.5 (r)0.5 (a)0.5 (f)0.6 (f)0.5 (i)0.5 (c)9 ( )0.5 (c)0.5 (o)0.6 (n)0.5 (t)0.5 (r)0.5 (o)0.5 (l)9 ( )]TJ
0.035 Tc 0.073 Tw 0 -1.231 Td
[(fo)0.5 (r)10 ( )0.5 (re)0.5 (co)0.5 (ns)0.5 (tr)0.5 (uc)0.5 (tio)0.5 (n)10 ( )0.5 (an)0.5 (d)10 ( )0.5 (e)0.5 (xpa)0.5 (ns)0.5 (io)0.5 (n)10 ( )0.5 (pr)0.5 (oje)0.5 (ct)0.5 (s,)10 ( )0.5 (a)0.5 (dj)0.5 (us)0.5 (tme)0.5 (nt)0.5 (s)10 ( )0.5 (to)10 ( )0.5 (t)0.5 (ol)0.5 (l)9.9 ( )0.6 (pol)0.5 (ic)0.5 (ie)0.5 (s)10 ( )0.5 (an)0.5 (d)10 ( )0.5 (ro)0.5 (ad)10 ( )]TJ
0.047 Tc 0.07 Tw 0 -1.231 Td
[(ne)0.5 (twor)0.5 (k)12.9 ( di)0.5 (ver)0.5 (sion,)13 ( the)13 ( ove)0.5 (ral)0.5 (l)12.9 ( tr)0.5 (aff)0.5 (ic)12.9 ( v)0.5 (olum)0.5 (e)12.9 ( a)0.5 (nd)12.9 ( to)0.5 (ll)12.9 ( r)0.5 (eve)0.5 (nue)12.9 ( )0.5 (of)12.9 ( t)0.5 (he)12.9 ( )0.5 (Grou)0.5 (p\222s)22 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(expressways recorded a year-on-year decline in the first half of 2026.)Tj
0.075 Tc 0.07 Tw 0 -2.462 Td
[(Traffic)12.2 ( control)12.2 ( was)12.2 ( implemented)12.1 ( on)12.2 ( the)12.2 ( Xucun)12.2 ( to)12.2 ( Fotang)12.2 ( segment)12.3 ( on)12.2 ( the)50 ( )]TJ
0.074 Tc 0 -1.231 Td
[(reconstruction)12.1 ( and)12.1 ( expansion)12.1 ( project)12.1 ( of)12.1 ( Jinhua)12.1 ( Section)12 ( of)12.1 ( Ningbo-Jinhua)49 ( )]TJ
0.058 Tc 0 -1.231 Td
[(E)0.5 (x)0.5 (pr)0.5 (e)0.5 (s)0.5 (s)0.5 (w)0.5 (ay)13 ( )0.5 (f)0.5 (r)0.5 (om)13 ( )0.5 (J)0.5 (ul)0.5 (y)13 ( )0.5 (3)13 (1)12.9 (,)13 ( )0.5 (2)13 (0)12.9 (2)13 (5)13 (,)13 ( e)0.5 (x)0.5 (e)0.5 (r)0.5 (t)0.5 (in)0.5 (g)13 ( )0.5 (a)0.5 (n)12.9 ( )0.5 (a)0.5 (d)0.5 (v)0.5 (er)0.5 (s)0.5 (e)13 ( )0.5 (i)0.5 (mp)0.5 (a)0.5 (c)0.5 (t)13 ( o)0.5 (n)13 ( )0.5 (to)0.5 (l)0.5 (l)13 ( r)0.5 (e)0.5 (v)0.5 (e)0.5 (n)0.5 (ue)33 ( )]TJ
0.084 Tc 0 -1.231 Td
[(of)12.2 ( Jinhua)12.1 ( Section)12.2 ( of)12.1 ( Ningbo-Jinhua)12.1 ( Expressway.)12.1 ( The)12.2 ( traffic)12.2 ( control)12.1 ( for)59 ( )]TJ
0.021 Tc 0 Tw 0 -1.231 Td
[(reconstruction and expansion on the relevant sections of YongTaiWen Expr\essway)-4 ( )]TJ
0.025 Tc 0.008 Tw 0 -1.231 Td
(was lifted on November 30, 2025; nevertheless, affected by factors such \as inertia )Tj
0.053 Tw 0 -1.231 Td
(in travel route selection, the recovery of traffic volume on Shangsan Ex\pressway )Tj
0 Tw 0 -1.231 Td
(remained sluggish.)Tj
0.04 Tc 0.07 Tw 0 -2.462 Td
[(The)12.6 ( 1)12.6 (5)12.6 (%)12.7 ( discount)12.7 ( policy)12.6 ( on)12.6 ( tolls)12.6 ( for)12.6 ( Zhejiang)12.6 ( ETC)12.6 ( trucks,)12.6 ( implemented)12.6 ( since)15 ( )]TJ
0.065 Tc 0 -1.231 Td
[(2)12.3 (0)12.3 (1)12.3 (9)12.3 ( on)12.3 ( state-owned)12.3 ( expressways)12.3 ( within)12.3 ( Zhejiang)12.3 ( Province,)12.2 ( was)12.3 ( extended)40 ( )]TJ
0.046 Tc 0 -1.231 Td
[(t)0.5 (o)12.9 ( )0.5 (al)0.5 (l)12.9 ( )0.5 (ET)0.5 (C)13 ( tr)0.5 (u)0.5 (ck)0.5 (s)12.9 ( )0.5 (st)0.5 (ar)0.5 (t)0.5 (ing)13 ( )0.5 (Ap)0.5 (ri)0.5 (l)12.9 ( )0.5 (2)12.9 (5)13 (,)12.9 ( )0.5 (2)12.9 (0)13 (2)12.9 (5)13 (.)12.9 ( )0.5 (Th)0.5 (e)13 ( g)0.5 (ov)0.5 (er)0.5 (nm)0.5 (en)0.5 (t-)0.5 (pa)0.5 (i)0.5 (d)12.9 ( )0.5 (to)0.5 (ll)13 ( m)0.5 (ea)0.5 (s)0.5 (ur)0.5 (es)21 ( )]TJ
0.05 Tc 0 -1.231 Td
[(for)12.9 ( qualified)12.9 ( passenger)12.9 ( vehicles)12.9 ( on)12.9 ( Shanghai-H)0.5 (angzhou-Ningbo)12.9 ( Expressway,)25 ( )]TJ
0.051 Tc 0 -1.231 Td
[(Zhajiasu)12.6 ( Expressway)12.5 ( and)12.6 ( Zhoushan)12.6 ( Bay)12.6 ( Bridge)12.6 ( terminated)12.6 ( on)12.6 ( December)12.6 ( 3)12.6 (1)12.6 (,)26 ( )]TJ
0.067 Tc 0 -1.231 Td
[(2)12.7 (0)12.7 (2)12.7 (5)12.6 (.)12.7 ( Coupled)12.6 ( with)12.7 ( one)12.7 ( additional)12.7 ( day)12.7 ( of)12.7 ( free)12.7 ( passage)12.7 ( for)12.7 ( light)12.7 ( passenger)42 ( )]TJ
0.046 Tc 0 -1.231 Td
[(vehicles)12.1 ( due)12.1 ( to)12 ( the)12.1 ( extended)12.1 ( 2)12.1 (0)12 (2)12.1 (6)12.1 ( Spring)12.1 ( Festival)12.1 ( holiday)12.1 ( compared)12.1 ( with)12.1 ( the)21 ( )]TJ
0.054 Tc 0 -1.231 Td
[(corresponding)12.5 ( period)12.5 ( last)12.6 ( year,)12.6 ( the)12.6 ( foregoing)12.6 ( factors)12.5 ( collectively)12.6 ( exerted)12.6 ( an)29 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(adverse impact on the toll revenue of the Group\222s expressways.)Tj
0.023 Tc 0 -2.462 Td
[(Suzhou-Taizhou Expressway \(phase II\) opened to traffic on July 4, 2025\, resulting)-2.1 ( )]TJ
0.062 Tc 0.07 Tw 0 -1.231 Td
[(in)12.2 ( certain)12.2 ( diversion)12.2 ( impacts)12.2 ( on)12.2 ( traffic)12.2 ( volume)12.3 ( of)12.2 ( Zhajiasu)12.1 ( Expressway)12.1 ( and)37 ( )]TJ
0.025 Tc 0.023 Tw 0 -1.231 Td
(Jiaxing Section of Shanghai-Hangzhou Expressway. Hangzhou to Ningbo Sect\ion )Tj
0.042 Tc 0.07 Tw 0 -1.231 Td
[(of)12.8 ( Hangzhou-Shaoxing-Ningbo)12.8 ( Expressway)12.8 ( fully)12.8 ( opened)12.8 ( to)12.8 ( traffic)12.8 ( since)12.8 ( April)17 ( )]TJ
0.036 Tc 0.072 Tw 0 -1.231 Td
[(1)11 (1)11 (,)11 ( )0.5 (2)11 (0)11 (2)11 (5)11 (,)11 ( )0.5 (l)0.5 (e)0.5 (a)0.6 (d)0.5 (i)0.5 (n)0.5 (g)11 ( )0.5 (t)0.6 (o)10.9 ( )0.5 (a)11.1 ( )0.5 (c)0.5 (e)0.5 (r)0.6 (t)0.5 (a)0.5 (i)0.5 (n)11 ( )0.6 (d)0.5 (i)0.5 (v)0.5 (e)0.6 (r)0.5 (s)0.5 (i)0.5 (o)0.6 (n)10.9 ( )0.6 (o)0.5 (n)11 ( )0.5 (t)0.5 (r)0.5 (a)0.6 (f)0.5 (f)0.5 (i)0.5 (c)11.1 ( )0.5 (v)0.5 (o)0.5 (l)0.5 (u)0.5 (m)0.6 (e)11 ( )0.5 (o)0.5 (f)11 ( )0.5 (H)0.5 (a)0.6 (n)0.5 (g)0.5 (z)0.6 (h)0.5 (o)0.5 (u)0.5 (-)0.6 (N)0.5 (i)0.5 (n)0.5 (g)0.6 (b)0.5 (o)11 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.231 Td
(Expressway.)Tj
/T1_1 1 Tf
0 Tw 13 0 3.4833 13 55.3588 229.5878 Tm
[(\(II\) )-361.5 (Business operations achievements)]TJ
/T1_0 1 Tf
0.001 Tw 13 0 0 13 85.0394 197.5878 Tm
(Looking back at the first half of 2026, facing a complex external enviro\nment, the )Tj
0.039 Tc 0.07 Tw 0 -1.231 Td
[(Group)12.7 ( maintained)12.8 ( unwavering)12.8 ( strategic)12.8 ( focus,)12.7 ( balanced)12.7 ( current)12.7 ( operations)12.7 ( and)14 ( )]TJ
0.037 Tc 0.071 Tw 0 -1.231 Td
[(l)0.5 (o)0.5 (n)0.5 (g-)0.6 (te)0.6 (rm)12 ( )0.5 (l)0.5 (a)0.5 (y)0.5 (o)0.5 (u)0.5 (t)0.5 (,)12 ( )0.5 (a)0.5 (n)0.5 (d)12 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (c)0.5 (e)0.5 (n)0.5 (t)0.5 (ra)0.6 (t)0.5 (e)0.5 (d)12 ( )0.5 (e)0.5 (f)0.5 (f)0.5 (or)0.5 (t)0.5 (s)12 ( )0.5 (t)0.5 (o)12 ( )0.5 (e)0.5 (l)0.5 (e)0.5 (v)0.5 (a)0.5 (t)0.5 (e)12 ( )0.5 (t)0.5 (h)0.5 (e)12 ( )0.5 (q)0.5 (u)0.5 (a)0.5 (l)0.5 (i)0.5 (t)0.5 (y)12 ( )0.5 (a)0.5 (n)0.5 (d)12 ( )0.5 (e)0.5 (f)0.5 (f)0.5 (i)0.5 (c)0.5 (i)0.5 (e)0.5 (nc)0.5 (y)12 ( )]TJ
0.036 Tc 0.072 Tw 0 -1.231 Td
[(of)11 ( )0.5 (core)11 ( )0.5 (businesses,)11 ( )0.5 (empower)11 ( )0.5 (industrial)11 ( )0.5 (innovation)11 ( )0.5 (and)11 ( )0.5 (enhance)11 ( )0.5 (strategic)11 ( )0.5 (value,)11 ( )]TJ
0.025 Tc 0 Tw 0 -1.231 Td
(achieving initial results in all key areas.)Tj
ET

endstreamendobj78 0 obj<</Length 6638>>stream
BT
0 0 0 1 k
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/GS0 gs
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0.025 Tc 12 0 0 12 281.8878 18.7502 Tm
(\226 17 \226)Tj
ET
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0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
/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
0.044 Tc 0.07 Tw 13 0 0 13 85.0394 709.5878 Tm
[(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
0.053 Tc 0 -1.231 Td
[(Rmb)12.4 (4)12.4 (,)12.3 (8)12.4 (5)12.3 (4)12.4 (.)12.3 (7)12.4 (1)12.4 ( million,)12.3 ( representing)12.4 ( a)12.4 ( year-on-year)12.4 ( decrease)12.4 ( of)12.4 ( 5)12.3 (.)12.4 (4)12.4 (%.)12.4 ( Overall)27.9 ( )]TJ
0.04 Tc 0 -1.231 Td
[(traffic)12.7 ( volume)12.7 ( declined)12.7 ( by)12.7 ( 5)12.7 (.)12.7 (4)12.6 (%)12.7 ( year-on-year.)12.6 ( Daily)12.7 ( average)12.7 ( traffic)12.7 ( volume)12.7 ( in)15 ( )]TJ
0.025 Tc 0.077 Tw 0 -1.231 Td
(full-trip equivalents and toll revenue for each expressway section are d\etailed in )Tj
0 Tw 0 -1.231 Td
(the table below:)Tj
/T1_1 1 Tf
9.1 0 0 13 85.0394 581.5878 Tm
(The Group\222s Expressway Sections)Tj
20.096 2.462 Td
(Daily Average )Tj
-0.025 Tw 3.233 -1.231 Td
(Traffic)Tj
0 Tw -0.584 -1.231 Td
( Volume)Tj
-0.025 Tw 5.359 1.231 Td
(Year\226on-year)Tj
0 Tw 2.484 -1.231 Td
( Change)Tj
-0.025 Tw 9.667 1.231 Td
(Toll )Tj
-2.018 -1.231 Td
(Revenue)Tj
5.442 1.231 Td
(Year\226on-year)Tj
0 Tw 2.484 -1.231 Td
( Change)Tj
/T1_0 1 Tf
9.1 0 3.4833 13 276.1656 565.5878 Tm
(\(in Full-Trip)Tj
-0.025 Tw 0.469 -1.231 Td
(Equivalents\))Tj
0 Tw 14.854 0 Td
(\(Rmb million\))Tj
ET
0 0 0 1 K
0.5 w 
q 1 0 0 1 266.4567 545.1777 cm
0 0 m
59.528 0 l
S
Q
BT
0 Tc 13 0 3.4833 13 260.7874 546.5787 Tm
( )Tj
ET
q 1 0 0 1 337.3228 545.1777 cm
0 0 m
59.528 0 l
S
Q
BT
13 0 0 13 331.6536 546.5787 Tm
( )Tj
ET
q 1 0 0 1 408.189 545.1777 cm
0 0 m
59.528 0 l
S
Q
BT
13 0 3.4833 13 402.5197 546.5787 Tm
( )Tj
ET
q 1 0 0 1 479.0551 545.1777 cm
0 0 m
59.528 0 l
S
Q
BT
13 0 0 13 473.3859 546.5787 Tm
( )Tj
0.025 Tc 9.1 0 0 13 85.0394 514.5787 Tm
(Shanghai-Hangzhou-Ningbo Expressway)Tj
-0.025 Tw 23.602 0 Td
(88,529)Tj
8.147 0 Td
(-2.6%)Tj
6.628 0 Td
(2,302.08)Tj
8.947 0 Td
(-4.1%)Tj
0 Tw -46.327 -1.231 Td
(\226 Shanghai-Hangzhou Section)Tj
-0.025 Tw 22.606 0 Td
(89,048)Tj
8.147 0 Td
(-2.8%)Tj
0 Tw -30.752 -1.231 Td
(\226 Hangzhou-Ningbo Section)Tj
-0.025 Tw 22.606 0 Td
(88,149)Tj
8.147 0 Td
(-2.5%)Tj
0 Tw -31.749 -1.231 Td
(Shangsan Expressway)Tj
-0.025 Tw 23.602 0 Td
(29,970)Tj
8.147 0 Td
(-2.3%)Tj
7.428 0 Td
(438.85)Tj
8.147 0 Td
(-5.4%)Tj
0 Tw -47.324 -1.231 Td
(Jinhua Section of Ningbo-Jinhua Expressway)Tj
-0.025 Tw 23.602 0 Td
(21,632)Tj
7.621 0 Td
(-38.5%)Tj
7.953 0 Td
(177.72)Tj
7.621 0 Td
(-36.3%)Tj
0 Tw -46.799 -1.231 Td
(Hanghui Expressway)Tj
-0.025 Tw 23.602 0 Td
(28,120)Tj
8.147 0 Td
(-0.3%)Tj
7.428 0 Td
(340.60)Tj
8.505 0 Td
(1.8%)Tj
0 Tw -47.682 -1.231 Td
(Huihang Expressway)Tj
-0.025 Tw 23.602 0 Td
(12,472)Tj
7.622 0 Td
(-10.4%)Tj
8.478 0 Td
(92.56)Tj
7.096 0 Td
(-10.9%)Tj
0 Tw -46.799 -1.231 Td
(Zhoushan Bay Bridge)Tj
-0.025 Tw 23.602 0 Td
(33,309)Tj
8.505 0 Td
(2.7%)Tj
7.07 0 Td
(646.24)Tj
8.505 0 Td
(2.6%)Tj
0 Tw -47.682 -1.231 Td
(LongLiLiLong Expressways)Tj
-0.025 Tw 23.602 0 Td
(17,829)Tj
8.505 0 Td
(0.3%)Tj
7.07 0 Td
(412.55)Tj
8.505 0 Td
(1.1%)Tj
0 Tw -47.682 -1.231 Td
(Zhajiasu Expressway)Tj
-0.025 Tw 23.602 0 Td
(31,586)Tj
7.621 0 Td
(-27.6%)Tj
7.953 0 Td
(176.97)Tj
7.621 0 Td
(-27.2%)Tj
0 Tw -46.799 -1.231 Td
(HuangQuNan Expressway)Tj
-0.025 Tw 23.602 0 Td
(13,370)Tj
8.147 0 Td
(-2.7%)Tj
7.428 0 Td
(267.16)Tj
8.147 0 Td
(-0.6%)Tj
0.033 Tw 13 0 0 13 85.0396 324.2296 Tm
(The expressways operated by the Group are mainly located in Zhejiang Pro\vince, )Tj
0 -1.231 Td
(connecting multiple core economic zones in the Yangtze River Delta. Leve\raging )Tj
0.056 Tc 0.07 Tw 0 -1.231 Td
[(advantages)12.4 ( of)12.4 ( international)12.4 ( hubs)12.4 ( such)12.4 ( as)12.4 ( Ningbo-Zhoushan)12.4 ( Port,)12.4 ( along)12.4 ( with)31 ( )]TJ
0.034 Tc 0.074 Tw 0 -1.231 Td
[(robust)9 ( )0.5 (clusters)9 ( )0.5 (of)9 ( )0.5 (manufacturing,)9 ( )0.5 (well-developed)9 ( )0.5 (e-commerce)9 ( )0.5 (logistics)9 ( )0.5 (systems)9 ( )]TJ
0.024 Tc 0 Tw 0 -1.231 Td
[(and integrated applications of emerging industries including artificial \intelligence,)-1 ( )]TJ
0.043 Tc 0.07 Tw 0 -1.231 Td
[(Z)0.5 (h)0.5 (e)0.5 (j)0.5 (ia)0.5 (n)0.5 (g)13 ( )0.5 (P)0.5 (r)0.5 (ov)0.5 (i)0.5 (n)0.5 (c)0.5 (e)13 ( )0.5 (h)0.5 (a)0.5 (s)13 ( e)0.6 (st)0.5 (a)0.5 (b)0.5 (l)0.5 (i)0.5 (s)0.5 (he)0.5 (d)13 ( )0.5 (a)13 ( )0.5 (s)0.5 (o)0.5 (l)0.5 (i)0.5 (d)12.9 ( )0.5 (i)0.5 (n)0.5 (d)0.5 (u)0.5 (st)0.5 (r)0.5 (i)0.5 (a)0.5 (l)13 ( )0.5 (f)0.5 (ou)0.5 (n)0.5 (d)0.5 (a)0.5 (t)0.5 (i)0.5 (on)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (a)13 ( )0.5 (r)0.5 (e)0.5 (si)0.5 (l)0.5 (i)0.5 (e)0.5 (n)0.5 (t)18 ( )]TJ
0.029 Tc 0.079 Tw 0 -1.231 Td
[(foreign)4.1 ( )0.5 (trade)4 ( )0.5 (structure,)4.1 ( )0.5 (providing)4 ( )0.5 (stable)4 ( )0.5 (freight)4 ( )0.5 (demand)4 ( )0.5 (support)4 ( )0.5 (for)4.1 ( )0.5 (the)4 ( )0.5 (Group\222s)3.9 ( )]TJ
0.048 Tc 0.07 Tw 0 -1.231 Td
[(expressway)12.8 ( network.)12.8 ( Meanwhile,)12.7 ( deepening)12.8 ( integration)12.9 ( of)12.8 ( the)12.8 ( Yangtze)12.8 ( River)23 ( )]TJ
0.025 Tc 0.078 Tw 0 -1.231 Td
(Delta will continue to strengthen regional economic ties and personnel m\obility, )Tj
0.033 Tc 0.075 Tw 0 -1.231 Td
[(further)8 ( )0.5 (driving)8 ( )0.5 (growth)8.1 ( )0.5 (in)7.9 ( )0.5 (passenger)8 ( )0.5 (traffic.)8 ( )0.5 (In)8 ( )0.5 (the)8 ( )0.5 (first)8 ( )0.5 (half)8 ( )0.5 (of)8 ( )0.5 (2)8 (0)8 (2)8 (6)8 (,)8 ( )0.5 (Zhejiang\222s)8 ( )]TJ
0.038 Tc 0.07 Tw 0 -1.231 Td
[(GDP)12.7 ( grew)12.7 ( by)12.7 ( 5)12.7 (.)12.7 (7)12.7 (%)12.6 ( year-on-year,)12.7 ( outpacing)12.7 ( national)12.7 ( average)12.7 ( economic)12.7 ( growth)13 ( )]TJ
0.035 Tc 0.073 Tw 0 -1.231 Td
[(rate.)10 ( )0.6 (Favourable)10 ( )0.5 (geographical)10 ( )0.5 (location)10 ( )0.5 (and)10 ( )0.5 (sound)10 ( )0.5 (economic)10 ( )0.5 (foundation)10 ( )0.5 (provide)10 ( )]TJ
0.06 Tc 0.07 Tw 0 -1.231 Td
[(s)0.5 (t)0.5 (r)0.5 (on)0.5 (g)13 ( )0.5 (s)0.5 (u)0.5 (pp)0.5 (o)0.5 (r)0.5 (t)13 ( )0.5 (f)0.5 (or)13 ( )0.5 (o)0.5 (r)0.5 (g)0.5 (an)0.5 (i)0.5 (c)13 ( )0.5 (g)0.5 (r)0.5 (ow)0.5 (t)0.5 (h)13 ( )0.5 (i)0.5 (n)13 ( t)0.5 (o)0.5 (l)0.5 (l)13 ( )0.5 (re)0.5 (v)0.5 (e)0.5 (n)0.5 (u)0.5 (e)13 ( )0.5 (ge)0.5 (n)0.5 (e)0.5 (r)0.5 (a)0.5 (t)0.5 (e)0.5 (d)12.9 ( )0.5 (b)0.5 (y)13 ( )0.5 (t)0.5 (he)13 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)0.5 (\222s)35 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.231 Td
(expressways.)Tj
ET

endstreamendobj77 0 obj<</Length 8034>>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 16 \226)Tj
ET
q
0 Tc 0 g
/GS1 gs
0 TL/Fm0 Do
Q
BT
0.054 Tc 0.07 Tw 13 0 0 13 56.6929 773.5878 Tm
[(During)12.7 ( the)12.8 ( Period,)12.7 ( based)12.8 ( on)12.8 ( internal)12.7 ( operational)12.7 ( metrics,)12.8 ( macroeconomic)12.8 ( growth)29 ( )]TJ
0.032 Tc 0.076 Tw 0 -1.231 Td
[(drove)7 ( )0.5 (an)7 ( )0.5 (organic)7 ( )0.5 (increase)6.9 ( )0.6 (of)7 ( )0.5 (2)7 (.)7 (8)7 (%)7 ( )0.5 (in)7 ( )0.6 (toll)6.9 ( )0.5 (revenue)7.1 ( )0.5 (from)7 ( )0.5 (expressways)7 ( )0.5 (operated)7 ( )0.5 (by)7 ( )0.5 (the)7 ( )]TJ
0.051 Tc 0.07 Tw 0 -1.231 Td
[(Group.)12.1 ( However,)12.1 ( mainly)12.1 ( affected)12 ( by)12 ( external)12.1 ( factors)12.1 ( including)12 ( traffic)12.1 ( control)12.1 ( for)26 ( )]TJ
0.034 Tc 0.074 Tw 0 -1.231 Td
[(r)0.5 (e)0.6 (c)0.5 (o)0.5 (n)0.6 (s)0.5 (t)0.5 (r)0.5 (u)0.6 (c)0.5 (t)0.5 (i)0.6 (o)0.5 (n)9 ( )0.5 (a)0.5 (n)0.5 (d)9 ( )0.5 (e)0.6 (x)0.5 (p)0.5 (a)0.6 (n)0.5 (s)0.5 (i)0.5 (o)0.6 (n)9 ( )0.5 (p)0.5 (r)0.5 (o)0.6 (j)0.5 (e)0.5 (c)0.6 (t)0.5 (s)0.5 (,)9 ( )0.5 (a)0.5 (d)0.6 (j)0.5 (u)0.5 (s)0.6 (t)0.5 (m)0.5 (e)0.5 (n)0.6 (t)0.5 (s)9 ( )0.5 (t)0.5 (o)9 ( )0.5 (t)0.5 (o)0.6 (l)0.5 (l)9 ( )0.5 (p)0.5 (o)0.5 (l)0.6 (i)0.5 (c)0.5 (i)0.5 (e)0.6 (s)9 ( )0.5 (a)0.5 (n)0.5 (d)9 ( )0.6 (r)0.5 (o)0.5 (a)0.5 (d)9 ( )0.5 (n)0.6 (e)0.5 (t)0.5 (w)0.6 (o)0.5 (r)0.5 (k)9 ( )]TJ
0.025 Tc 0.076 Tw 0 -1.231 Td
(diversion, the Group recorded a year-on-year decline in toll revenue. Be\nefiting from )Tj
0.069 Tw 0 -1.231 Td
(steady improvement in domestic capital markets and vibrant mergers and a\cquisitions )Tj
0.044 Tw 0 -1.231 Td
(market, revenue of securities business saw substantial year-on-year grow\th, enhancing )Tj
0.054 Tc 0.07 Tw 0 -1.231 Td
[(the)12.4 ( Group\222s)12.3 ( overall)12.4 ( revenue)12.4 ( level.)12.3 ( During)12.4 ( the)12.4 ( Period,)12.4 ( total)12.4 ( revenue)12.4 ( of)12.3 ( the)12.4 ( Group)29 ( )]TJ
0.033 Tc 0.075 Tw 0 -1.231 Td
[(was)8.1 ( )0.5 (Rmb)8 (1)8 (0)8 (,)8 (5)8 (0)8 (8)8 (.)8 (1)8 (7)8 ( )0.5 (million,)8 ( )0.5 (representing)8 ( )0.5 (a)8.1 ( )0.5 (year-on-year)8 ( )0.5 (increase)8 ( )0.5 (of)8 ( )0.5 (2)8 (1)8 (.)8 (0)8 (%,)8 ( )0.5 (of)8 ( )0.5 (which)8 ( )]TJ
0.039 Tc 0.07 Tw 0 -1.231 Td
[(Rmb)12.9 (4)12.9 (,)12.9 (8)12.8 (5)12.9 (4)12.9 (.)12.8 (7)12.9 (1)12.9 ( million)12.9 ( was)12.9 ( generated)12.8 ( by)12.9 ( the)12.9 ( nine)12.8 ( major)12.9 ( expressways)12.9 ( operated)12.9 ( by)12.9 ( the)14.1 ( )]TJ
0.048 Tc 0 -1.231 Td
[(G)0.6 (r)0.5 (o)0.6 (u)0.5 (p)0.6 (,)13 ( )0.6 (r)0.5 (e)0.6 (p)0.5 (r)0.5 (e)0.6 (s)0.6 (e)0.5 (n)0.6 (t)0.5 (i)0.6 (n)0.5 (g)13 ( )0.6 (a)13.1 ( )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)0.6 (e)0.5 (a)0.6 (r)13 ( )0.6 (d)0.5 (e)0.6 (c)0.6 (r)0.5 (e)0.6 (a)0.5 (s)0.6 (e)13 ( )0.6 (o)0.5 (f)13.1 ( )0.5 (5)13.1 (.)13 (4)13.1 (%)13 ( )0.6 (a)0.5 (n)0.6 (d)13 ( )0.6 (a)0.5 (c)0.6 (c)0.6 (o)0.5 (u)0.6 (n)0.5 (t)0.5 (i)0.6 (n)0.5 (g)13.1 ( )0.5 (f)0.6 (o)0.5 (r)13.1 ( )0.5 (4)13.1 (6)13 (.)13.1 (2)13 (%)13.1 ( )0.5 (o)0.5 (f)23.1 ( )]TJ
0.025 Tc 0.039 Tw 0 -1.231 Td
(total revenue. Revenue generated by the securities business was Rmb4,523\.40 million, )Tj
0.034 Tc 0.074 Tw 0 -1.231 Td
[(r)0.5 (epr)0.5 (es)0.5 (en)0.5 (ti)0.5 (ng)9 ( )0.5 (a)9 ( )0.5 (y)0.5 (ea)0.5 (r-)0.5 (on)0.5 (-ye)0.5 (ar)9.1 ( i)0.5 (nc)0.5 (re)0.5 (as)0.5 (e)9 ( )0.5 (of)9 ( )0.6 (4)8.9 (2)9 (.)9 (1)9 (%)9 ( )0.5 (a)0.5 (nd)9 ( )0.5 (a)0.5 (c)0.5 (cou)0.5 (nt)0.5 (ing)9 ( )0.5 (f)0.5 (or)9 ( )0.5 (4)9 (3)9 (.)9 (0)9 (%)9 ( )0.5 (o)0.5 (f)9 ( )0.5 (th)0.5 (e)9 ( )0.5 (tot)0.5 (al)9 ( )]TJ
0.025 Tc -0.025 Tw 0 -1.231 Td
(revenue.)Tj
0 Tw 0 -2.462 Td
(A breakdown of the Group\222s revenue for the Period is set out below:)Tj
/T1_1 1 Tf
19.891 -2.462 Td
(For the six months ended June 30,)Tj
-0.025 Tw 1.91 -1.231 Td
(2026)Tj
13 0 3.4833 13 312.5309 469.5878 Tm
(Rmb\222000)Tj
/T1_0 1 Tf
13 0 0 13 425.151 485.5878 Tm
(2025)Tj
13 0 3.4833 13 399.728 469.5878 Tm
(Rmb\222000)Tj
13 0 0 13 464.3017 485.5878 Tm
(Year-on-year)Tj
2.425 -1.231 Td
(Change)Tj
ET
0 0 0 1 K
0.5 w 
q 1 0 0 1 293.3858 465.1777 cm
0 0 m
73.701 0 l
S
Q
BT
/T1_1 1 Tf
0 Tc 0 Tw 13 0 3.4833 13 287.7165 466.5787 Tm
( )Tj
ET
q 1 0 0 1 378.4252 465.1777 cm
0 0 m
73.701 0 l
S
Q
BT
/T1_0 1 Tf
13 0 3.4833 13 372.7559 466.5787 Tm
( )Tj
ET
q 1 0 0 1 463.4645 465.1777 cm
0 0 m
73.701 0 l
S
Q
BT
13 0 0 13 457.7953 466.5787 Tm
( )Tj
0.025 Tc -30.854 -2.462 Td
(Toll road operation revenue)Tj
/T1_1 1 Tf
-0.025 Tw 19.676 0 Td
(4,854,714)Tj
/T1_0 1 Tf
6.541 -0 Td
(5,132,493)Tj
8.226 0 Td
(-5.4%)Tj
-33.44 -1.231 Td
(Shanghai-Hangzhou-Ningbo )Tj
1.003 -1.231 Td
(Expressway)Tj
/T1_1 1 Tf
17.67 -0 Td
(2,302,079)Tj
/T1_0 1 Tf
6.541 0 Td
(2,400,941)Tj
8.226 -0 Td
(-4.1%)Tj
0 Tw -33.44 -1.231 Td
(Shangsan Expressway)Tj
/T1_1 1 Tf
-0.025 Tw 19.473 -0 Td
(438,846)Tj
/T1_0 1 Tf
6.541 0 Td
(464,003)Tj
7.426 -0 Td
(-5.4%)Tj
0 Tw -33.44 -1.231 Td
(Jinhua Section, Ningbo-Jinhua )Tj
-0.025 Tw 1.003 -1.231 Td
(Expressway)Tj
/T1_1 1 Tf
18.47 0 Td
(177,720)Tj
/T1_0 1 Tf
6.541 0 Td
(279,175)Tj
6.901 0 Td
(-36.3%)Tj
0 Tw -32.915 -1.231 Td
(Hanghui Expressway)Tj
/T1_1 1 Tf
-0.025 Tw 19.473 0 Td
(340,596)Tj
/T1_0 1 Tf
6.541 0 Td
(334,571)Tj
7.783 0 Td
(1.8%)Tj
0 Tw -33.798 -1.231 Td
(Huihang Expressway)Tj
/T1_1 1 Tf
-0.025 Tw 19.998 0 Td
(92,561)Tj
/T1_0 1 Tf
6.016 0 Td
(103,892)Tj
6.901 0 Td
(-10.9%)Tj
0 Tw -32.915 -1.231 Td
(Zhoushan Bay Bridge)Tj
/T1_1 1 Tf
-0.025 Tw 19.473 0 Td
(646,238)Tj
/T1_0 1 Tf
6.541 0 Td
(630,091)Tj
7.783 0 Td
(2.6%)Tj
0 Tw -33.798 -1.231 Td
(LongLiLiLong Expressways)Tj
/T1_1 1 Tf
-0.025 Tw 19.473 0 Td
(412,548)Tj
/T1_0 1 Tf
6.541 0 Td
(407,891)Tj
7.783 0 Td
(1.1%)Tj
0 Tw -33.798 -1.231 Td
(Zhajiasu Expressway)Tj
/T1_1 1 Tf
-0.025 Tw 19.473 0 Td
(176,967)Tj
/T1_0 1 Tf
6.541 0 Td
(243,057)Tj
6.901 0 Td
(-27.2%)Tj
0 Tw -32.915 -1.231 Td
(HuangQuNan Expressway)Tj
/T1_1 1 Tf
-0.025 Tw 19.473 0 Td
(267,159)Tj
/T1_0 1 Tf
6.541 0 Td
(268,872)Tj
7.426 0 Td
(-0.6%)Tj
0 Tw -34.443 -1.231 Td
(Securities business revenue)Tj
/T1_1 1 Tf
-0.025 Tw 19.676 0 Td
(4,523,401)Tj
/T1_0 1 Tf
6.541 0 Td
(3,182,990)Tj
8.059 0 Td
(42.1%)Tj
0 Tw -33.273 -1.231 Td
(Commission and fee income)Tj
/T1_1 1 Tf
-0.025 Tw 18.673 0 Td
(2,814,904)Tj
/T1_0 1 Tf
6.541 0 Td
(1,886,362)Tj
8.059 0 Td
(49.2%)Tj
0 Tw -33.273 -1.231 Td
(Interest income)Tj
/T1_1 1 Tf
-0.025 Tw 18.673 0 Td
(1,708,497)Tj
/T1_0 1 Tf
6.541 0 Td
(1,296,628)Tj
8.059 0 Td
(31.8%)Tj
0 Tw -34.276 -1.231 Td
(Other operation revenue)Tj
/T1_1 1 Tf
-0.025 Tw 19.676 0 Td
(1,130,054)Tj
/T1_0 1 Tf
7.341 0 Td
(369,974)Tj
6.733 0 Td
(205.4%)Tj
0 Tw -32.748 -1.231 Td
(Hotel and catering revenue)Tj
/T1_1 1 Tf
-0.025 Tw 19.998 0 Td
(49,772)Tj
/T1_0 1 Tf
6.541 0 Td
(49,801)Tj
6.9 0 Td
(-0.1%)Tj
0 Tw -33.44 -1.231 Td
(Construction service revenue)Tj
/T1_1 1 Tf
-0.025 Tw 18.673 0 Td
(1,071,457)Tj
/T1_0 1 Tf
7.341 0 Td
(305,722)Tj
6.733 0 Td
(250.5%)Tj
0 Tw -32.748 -1.231 Td
(PPP revenue)Tj
/T1_1 1 Tf
-0.025 Tw 20.523 0 Td
(8,825)Tj
/T1_0 1 Tf
6.016 0 Td
(14,451)Tj
6.376 0 Td
(-38.9%)Tj
ET
q 1 0 0 1 293.3858 142.1677 cm
0 0 m
73.701 0 l
S
Q
BT
/T1_1 1 Tf
0 Tc 0 Tw 13 0 0 13 287.7165 143.5687 Tm
( )Tj
ET
q 1 0 0 1 378.4252 142.1677 cm
0 0 m
73.701 0 l
S
Q
BT
/T1_0 1 Tf
13 0 0 13 372.7559 143.5687 Tm
( )Tj
ET
q 1 0 0 1 463.4645 142.1677 cm
0 0 m
73.701 0 l
S
Q
BT
13 0 0 13 457.7953 143.5687 Tm
( )Tj
0.025 Tc -30.854 -2.462 Td
(Total revenue)Tj
/T1_1 1 Tf
-0.025 Tw 19.151 0 Td
(10,508,169)Tj
/T1_0 1 Tf
7.066 0 Td
(8,685,457)Tj
8.059 0 Td
(21.0%)Tj
ET
2.5 w 
q 1 0 0 1 293.3858 106.0041 cm
0 0 m
73.701 0 l
S
Q
0.835 w 
q 1 0 0 1 293.3858 102.6716 cm
0 0 m
73.701 0 l
S
Q
BT
/T1_1 1 Tf
0 Tc 0 Tw 13 0 0 13 287.7165 103.9051 Tm
( )Tj
ET
2.5 w 
q 1 0 0 1 378.4252 106.0041 cm
0 0 m
73.701 0 l
S
Q
0.835 w 
q 1 0 0 1 378.4252 102.6716 cm
0 0 m
73.701 0 l
S
Q
BT
/T1_0 1 Tf
13 0 0 13 372.7559 103.9051 Tm
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