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Dividend, the\ record dates )Tj 0 Tw 0 -1.231 Td (are fixed on May 6, 2026 and May 17, 2026, respectively.)Tj /T1_1 1 Tf 0.081 Tc 0.07 Tw 0 -2.462 Td [(PURCHASE,)12.4 ( SALE)12.4 ( AND)12.4 ( REDEMPTION)12.3 ( OF)12.3 ( THE)12.3 ( COMPANY\222S)12.3 ( LISTED)56 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (SECURITIES)Tj /T1_0 1 Tf 0.023 Tc 0 Tw 0 -2.462 Td [(Neither the Company nor any of its subsidiaries purchased, sold, redeeme\d or cancelled)-2 ( )]TJ 0.025 Tc 0 -1.231 Td (any of the Company\222s listed securities during the Period.)Tj /T1_1 1 Tf 0 -2.462 Td (COMPLIANCE WITH LISTING RULES APPENDIX C1)Tj /T1_0 1 Tf 0.03 Tc 0.078 Tw 0 -2.462 Td [(During)5 ( )0.5 (the)5.1 ( )0.5 (Period,)5 ( )0.5 (the)5 ( )0.5 (Company)5 ( )0.5 (complied)5 ( )0.5 (with)5 ( )0.5 (the)5 ( )0.5 (code)5 ( )0.5 (provisions)5 ( )0.5 (in)5 ( )0.5 (the)5 ( )0.5 (Corporate)5 ( )]TJ 0.053 Tc 0.07 Tw 0 -1.231 Td [(Governance)12 ( Code)12 ( \(the)12.1 ( \223)]TJ /T1_1 1 Tf -0.053 Tw (Code)Tj /T1_0 1 Tf 0.07 Tw [(\224\))12.1 ( set)12.1 ( out)12.1 ( in)12.1 ( Appendix)12 ( C)12.1 (1)12.1 ( to)12.1 ( the)12.1 ( Listing)12.1 ( Rules,)12.1 ( and)28 ( )]TJ 0.025 Tc 0.002 Tw 0 -1.231 Td (adopted the recommended best practices in the Code as and when applicabl\e during the )Tj -0.025 Tw 0 -1.231 Td (Period.)Tj ET endstreamendobj63 0 obj<>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 38 \226)Tj /T1_1 1 Tf 0.057 Tc 0.069 Tw 13 0 0 13 85.0394 776.3179 Tm [(A)0.5 (cc)0.5 (e)0.5 (l)0.5 (er)0.5 (a)0.5 (te)13 ( cu)0.5 (l)0.5 (ti)0.5 (v)0.5 (at)0.5 (io)0.5 (n)13 ( )-0.6 (o)0.5 (f)12.9 ( n)0.5 (ew)13 ( gr)0.5 (o)0.5 (wt)0.5 (h)13 ( )-0.6 (d)0.5 (r)0.5 (iv)0.5 (e)0.5 (rs)0.5 (.)13 ( )]TJ /T1_0 1 Tf 22.414 0 Td [(T)0.5 (he)13 ( Gr)0.5 (o)0.5 (up)13 ( )-0.6 (p)0.5 (l)0.5 (an)0.5 (s)13 ( )-0.6 (t)0.5 (o)12.9 ( e)0.5 (xp)0.5 (a)0.5 (nd)32 ( )]TJ 0.033 Tc 0.075 Tw -22.414 -1.115 Td [(road-related)8.1 ( )0.5 (industries)8.1 ( )0.5 (by)8 ( )0.5 (leveraging)8 ( )0.5 (road)8 ( )0.5 (domain)8 ( )0.5 (resources:)8 ( )0.5 (explore)8 ( )0.5 (integrated)8 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.115 Td [(development)12.5 ( of)12.5 ( \223low-altitude)12.5 ( +)12.5 ( expressway\224;)12.5 ( continue)12.6 ( building)12.4 ( a)12.5 ( standardized)14 ( )]TJ 0.025 Tc 0.052 Tw 0 -1.115 Td (technological foundation for intelligent expressways and enhance externa\l output )Tj 0.029 Tc 0.079 Tw 0 -1.115 Td [(capabilities;)4 ( )0.5 (advance)4 ( )0.5 (distributed)4 ( )0.5 (photovoltaic)4 ( )0.5 (projects)4 ( )0.5 (along)4 ( )0.5 (expressways,)4 ( )0.5 (green)4 ( )]TJ 0.025 Tc 0.068 Tw 0 -1.115 Td (and low-carbon toll stations, and development of a new energy heavy-duty\ truck )Tj 0.038 Tc 0.07 Tw 0 -1.115 Td [(recharging)12.1 ( network,)12.2 ( and)12.1 ( establish)12.2 ( an)12.2 ( energy)12.2 ( management)12.1 ( platform)12.1 ( to)12.1 ( integrate)13 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.115 Td [(photovoltaic,)7 ( )0.5 (storage,)7 ( )0.5 (and)7 ( )0.5 (charging)6.9 ( )0.5 (resources,)7 ( )0.5 (strengthening)7 ( )0.5 (green)6.9 ( )0.6 (development)7 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.115 Td (momentum.)Tj /T1_1 1 Tf 0.032 Tc 0.076 Tw 0 -2.231 Td [(Deepen)7 ( )0.5 (technological)7 ( )0.5 (empowerment)7 ( )0.5 (for)7 ( )0.5 (efficiency)7 ( )0.5 (enhancement.)7 ( )]TJ /T1_0 1 Tf -0.032 Tw 30.01 0 Td [(Proactively)7 ( )]TJ 0.047 Tc 0.07 Tw -30.01 -1.115 Td [(seizing)12.5 ( the)12.4 ( opportunities)12.4 ( in)12.5 ( autonomous)12.5 ( driving)12.5 ( development,)12.4 ( the)12.4 ( Group)12.4 ( will)22 ( )]TJ 0.045 Tc 0 -1.115 Td [(accelerate)12.1 ( research)12 ( on)12 ( \223unmanned)12.1 ( truck)12.1 ( formation\224)12.1 ( to)12.1 ( enhance)12.1 ( the)12.1 ( utilization)20 ( )]TJ 0.05 Tc 0 -1.115 Td [(of)13 ( i)0.5 (dle)13 ( ro)0.5 (ad)13 ( ne)0.5 (two)0.5 (rk)13 ( re)0.5 (so)0.5 (urc)0.5 (es)13 ( an)0.5 (d)12.9 ( o)0.5 (ve)0.5 (ra)0.5 (ll)12.9 ( )0.5 (tra)0.5 (ff)0.5 (ic)12.9 ( )0.5 (ef)0.5 (fic)0.5 (ie)0.5 (ncy)0.5 (.)12.9 ( )0.5 (Mea)0.5 (nw)0.5 (hil)0.5 (e,)12.9 ( )0.5 (th)0.5 (e)25 ( )]TJ 0.025 Tc 0.033 Tw 0 -1.115 Td [(Group intends to )0.5 (strengthen )0.5 (R&D in key technologies )0.5 (such )0.5 (as disaster prevention )]TJ 0.042 Tc 0.07 Tw 0 -1.115 Td [(and)12.7 ( mitigation,)12.7 ( intelligent)12.7 ( detection,)12.7 ( as)12.8 ( well)12.7 ( as)12.7 ( routine)12.7 ( monitoring)12.7 ( and)12.7 ( hazard)17 ( )]TJ 0.081 Tc 0 -1.115 Td [(management)12.7 ( for)12.7 ( critical)12.6 ( structures)12.7 ( like)12.7 ( slopes)12.7 ( and)12.7 ( tunnels,)12.7 ( continuously)55.9 ( )]TJ 0.053 Tc 0 -1.115 Td [(improving)12.6 ( scientific)12.7 ( maintenance)12.7 ( standards)12.7 ( and)12.7 ( safety)12.7 ( resilience)12.7 ( of)12.6 ( the)12.7 ( road)27.9 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.115 Td [(network.)6 ( )0.5 (The)6 ( )0.5 (Group)6 ( )0.5 (will)6 ( )0.5 (persist)6 ( )0.5 (in)6 ( )0.5 (implementing)6 ( )0.5 (digital)6 ( )0.5 (and)6 ( )0.5 (intelligent)6 ( )0.5 (internal)6 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.115 Td [(control )0.5 (management, )]TJ 9.304 0 Td [(and )0.5 (build)]TJ [( )0.5 (an )0.5 (integrated )0.5 (intelligent )0.5 (governance )0.6 (platform )0.6 (and )]TJ 0.081 Tw -9.304 -1.115 Td [(an )0.5 (enterprise AI )0.5 (service hub )0.5 (to consistently enhance management efficiency and )]TJ 0 Tw 0 -1.115 Td (solidify the foundation for cost reduction and efficiency improvement.)Tj /T1_1 1 Tf 0.063 Tc 0.07 Tw 0 -2.231 Td [(Continuously)12.1 ( strengthen)12.1 ( market)12.1 ( capitalization)12.1 ( management.)12.1 ( )]TJ /T1_0 1 Tf [(Guided)12.1 ( by)38 ( )]TJ 0.061 Tc 0 -1.115 Td [(the)12.5 ( core)12.4 ( principles)12.5 ( of)12.4 ( value)12.5 ( creation)12.4 ( and)12.4 ( shareholder)12.4 ( returns,)12.4 ( the)12.4 ( Company)36 ( )]TJ 0.043 Tc 0 -1.115 Td [(will)12.3 ( persistently)12.3 ( enhance)12.3 ( its)12.2 ( intrinsic)12.2 ( value)12.3 ( by)12.3 ( focusing)12.3 ( on)12.3 ( strengthening)12.3 ( core)18 ( )]TJ 0.025 Tc 0.009 Tw 0 -1.115 Td (business, expanding related industries, deepening innovation-driven deve\lopment, )Tj 0.062 Tw 0 -1.115 Td (and fulfilling social responsibilities. Concurrently, the Company will c\ontinue to )Tj 0.028 Tc 0.08 Tw 0 -1.115 Td [(refine)3 ( )0.5 (corporate)3 ( )0.5 (governance,)3 ( )0.5 (steadily)3 ( )0.5 (improve)3 ( )0.5 (quality)3 ( )0.5 (of)3 ( )0.5 (information)3 ( )0.5 (disclosure,)2.9 ( )]TJ 0.061 Tc 0.07 Tw 0 -1.115 Td [(and)12.3 ( actively)12.4 ( engage)12.4 ( in)12.3 ( investor)12.3 ( relations)12.3 ( management)12.3 ( to)12.4 ( strengthen)12.4 ( market)35.9 ( )]TJ 0.048 Tc 0 -1.115 Td [(communication)12.1 ( and)12.2 ( value)12.1 ( transmission.)12.1 ( Furthermore,)12.1 ( the)12.1 ( Company)12.1 ( will)12.1 ( fully)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.115 Td (advance capital operation for A-share listing to facilitate valuation re\covery.)Tj /T1_1 1 Tf 0.362 Tw 13 0 3.4833 13 55.3587 296.3179 Tm [(\(II\) )0.5 (Securities )]TJ -0.025 Tw 6.871 0 Td (Business)Tj /T1_0 1 Tf 0.041 Tc 0.07 Tw 13 0 0 13 85.0393 267.3179 Tm [(Looking)12.6 ( ahead)12.6 ( to)12.6 ( 2)12.5 (0)12.6 (2)12.6 (6)12.5 (,)12.6 ( which)12.5 ( marks)12.6 ( the)12.5 ( inaugural)12.5 ( year)12.6 ( of)12.6 ( the)12.6 ( 1)12.6 (5)12.6 (th)12.6 ( Five-Year)16 ( )]TJ 0.055 Tc 0 -1.115 Td [(Plan,)12.1 ( China\222s)12.2 ( capital)12.2 ( markets)12.1 ( will)12.2 ( continue)12.1 ( to)12.2 ( deepen)12.1 ( reforms.)12.1 ( The)12.1 ( Group\222s)30 ( )]TJ 0.084 Tc 0 -1.115 Td [(securities)12.5 ( business)12.6 ( will)12.5 ( benefit)12.6 ( from)12.6 ( sustained)12.6 ( policy)12.6 ( dividends,)12.5 ( deeper)59 ( )]TJ 0.055 Tc 0 -1.115 Td [(application)12.4 ( of)12.5 ( financial)12.5 ( technology,)12.4 ( and)12.4 ( expansion)12.4 ( of)12.4 ( cross-border)12.5 ( financial)29.9 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.115 Td [(services,)8 ( )0.5 (while)8.1 ( )0.5 (also)8 ( )0.5 (facing)8.1 ( )0.5 (challenges)8 ( )0.5 (such)8 ( )0.5 (as)8 ( )0.5 (an)8 ( )0.5 (uncertain)8 ( )0.5 (global)8 ( )0.5 (environment,)8 ( )]TJ 0.044 Tc 0.07 Tw 0 -1.115 Td [(t)0.5 (i)0.6 (g)0.5 (h)0.5 (t)0.6 (e)0.5 (n)0.5 (i)0.6 (n)0.5 (g)13 ( )0.5 (r)0.6 (e)0.5 (g)0.6 (u)0.5 (l)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.6 (n)0.5 (s)0.5 (,)13 ( )0.6 (a)0.5 (n)0.6 (d)13 ( )0.5 (i)0.6 (n)0.5 (t)0.5 (e)0.6 (n)0.5 (s)0.5 (i)0.6 (f)0.5 (y)0.5 (i)0.5 (n)0.6 (g)13 ( )0.6 (c)0.5 (o)0.5 (m)0.6 (p)0.5 (e)0.5 (t)0.6 (i)0.5 (t)0.5 (i)0.6 (o)0.5 (n)0.5 (.)13 ( )0.6 (Z)0.5 (h)0.5 (e)0.6 (s)0.5 (h)0.6 (a)0.5 (n)0.5 (g)13.1 ( )0.5 (S)0.5 (e)0.6 (c)0.5 (u)0.6 (r)0.5 (i)0.5 (t)0.5 (i)0.6 (e)0.5 (s)13 ( )0.6 (w)0.5 (i)0.6 (l)0.5 (l)19 ( )]TJ 0.049 Tc 0 -1.115 Td [(conduct)12.5 ( in-depth)12.5 ( analysis)12.5 ( of)12.5 ( macroeconomic)12.5 ( trends,)12.5 ( adhere)12.5 ( to)12.5 ( the)12.5 ( core)12.5 ( focus)24 ( )]TJ 0.042 Tc 0 -1.115 Td [(of)12.3 ( \223stabilizing)12.3 ( the)12.4 ( foundation,)12.4 ( expanding)12.3 ( )]TJ -0.042 Tw (growth)Tj 0.07 Tw [(,)12.3 ( and)12.3 ( optimizing)12.4 ( layout\224,)12.3 ( and)17 ( )]TJ 0.05 Tc 0 -1.115 Td [(coo)0.5 (rdinat)0.5 (e)12.9 ( ef)0.5 (forts)13 ( to)12.9 ( c)0.5 (onsolida)0.5 (te)12.9 ( f)0.5 (ounda)0.5 (tional)13 ( busin)0.5 (esse)0.5 (s,)12.9 ( ac)0.5 (hieve)13 ( innov)0.5 (ative)25 ( )]TJ 0.086 Tc 0 -1.115 Td [(breakthroughs)12.6 ( in)12.6 ( new)12.6 ( businesses,)12.5 ( and)12.6 ( optimize)12.6 ( overall)12.5 ( business)12.5 ( layout.)61 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.115 Td [(Meanwhile,)11 ( )0.5 (Zheshang)11 ( )0.5 (Securities)11 ( will)11 ( )0.5 (focus)11.1 ( on)11 ( )0.5 (core)11 ( )0.5 (businesses)11 ( )0.5 (to)11.1 ( )0.5 (build)11 ( )0.5 (leading)11 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.115 Td (advantages in niche segments and deepen integration of technology with b\usiness )Tj 0.037 Tc 0.071 Tw 0 -1.115 Td [(operations.)12 ( )0.5 (Zheshang)12 ( )0.5 (Securities)12 ( )0.5 (will)12 ( )0.5 (strengthen)12 ( )0.5 (synergies)12 ( )0.5 (across)12 ( )0.5 (business)12 ( )0.5 (lines)12 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.115 Td [(to)11 ( )0.5 (enhance)11 ( )0.5 (resource)11.1 ( )0.5 (allocation)10.9 ( )0.6 (efficiency)11 ( )0.5 (and)11 ( )0.5 (overall)11 ( )0.5 (operational)11 ( )0.5 (effectiveness,)11 ( )]TJ 0.077 Tc 0.07 Tw 0 -1.115 Td [(th)0.5 (ere)0.5 (by)12.9 ( )0.5 (es)0.5 (tabl)0.5 (ish)0.5 (ing)13 ( di)0.5 (ffe)0.5 (re)0.5 (nti)0.5 (ate)0.5 (d)12.9 ( c)0.5 (omp)0.5 (eti)0.5 (tive)13 ( a)0.5 (dva)0.5 (nta)0.5 (ges)13 ( a)0.5 (mid)13 ( ind)0.5 (ust)0.5 (ry)52 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.115 Td (restructuring.)Tj ET endstreamendobj62 0 obj<>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 37 \226)Tj /T1_1 1 Tf -0.025 Tw 13 0 0 13 56.6929 776.409 Tm (OUTLOOK)Tj /T1_0 1 Tf 0.062 Tc 0.07 Tw 0 -2.308 Td [(Looking)12.8 ( ahead)12.8 ( to)12.8 ( 2)12.8 (0)12.8 (2)12.7 (6)12.8 (,)12.8 ( the)12.8 ( global)12.8 ( economy)12.8 ( is)12.8 ( expected)12.8 ( to)12.8 ( maintain)12.8 ( a)12.8 ( moderate)37 ( )]TJ 0.043 Tc 0 -1.154 Td [(recovery)12.3 ( amid)12.3 ( regional)12.3 ( divergences,)12.3 ( yet)12.3 ( risk)12.3 ( factors)12.3 ( such)12.3 ( as)12.3 ( policy)12.3 ( adjustments)12.4 ( by)18 ( )]TJ 0.054 Tc 0 -1.154 Td [(m)0.5 (a)0.6 (j)0.5 (o)0.6 (r)13 ( )0.5 (e)0.6 (c)0.5 (o)0.6 (n)0.5 (o)0.5 (m)0.6 (i)0.5 (e)0.6 (s)0.5 (,)13 ( )0.6 (g)0.5 (e)0.6 (o)0.5 (p)0.5 (o)0.6 (l)0.5 (i)0.5 (t)0.6 (i)0.5 (c)0.6 (a)0.5 (l)13 ( )0.6 (c)0.5 (o)0.6 (n)0.5 (f)0.5 (l)0.6 (i)0.5 (c)0.6 (t)0.5 (s)0.5 (,)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.6 (t)0.5 (r)0.6 (a)0.5 (d)0.5 (e)13.1 ( )0.5 (f)0.6 (r)0.5 (i)0.5 (c)0.6 (t)0.5 (i)0.6 (o)0.5 (n)0.5 (s)13.1 ( )0.5 (w)0.6 (i)0.5 (l)0.5 (l)13.1 ( )0.5 (c)0.6 (o)0.5 (n)0.5 (t)0.6 (i)0.5 (n)0.5 (u)0.6 (e)13 ( )0.6 (t)0.5 (o)13 ( )0.6 (p)0.5 (o)0.5 (s)0.6 (e)29 ( )]TJ 0.04 Tc 0 -1.154 Td [(pressures)12.5 ( and)12.5 ( uncertainties.)12.5 ( Despite)12.5 ( challenging)12.6 ( and)12.5 ( complex)12.5 ( external)12.6 ( environment)15 ( )]TJ 0.043 Tc 0 -1.154 Td [(a)0.5 (s)13 ( )0.5 (we)0.5 (l)0.5 (l)13 ( a)0.5 (s)13 ( )0.5 (do)0.5 (m)0.5 (e)0.5 (st)0.5 (i)0.5 (c)13 ( d)0.5 (e)0.5 (v)0.5 (e)0.5 (lo)0.5 (p)0.5 (me)0.5 (n)0.5 (t)13 ( c)0.5 (h)0.5 (a)0.5 (ll)0.5 (e)0.5 (n)0.5 (g)0.5 (es)0.5 (,)13 ( )0.5 (th)0.5 (e)13 ( )0.5 (f)0.5 (un)0.5 (da)0.5 (m)0.5 (e)0.5 (n)0.5 (ta)0.5 (l)13 ( )0.5 (tr)0.5 (e)0.5 (n)0.5 (d)12.9 ( )0.5 (a)0.5 (n)0.5 (d)13 ( s)0.5 (u)0.5 (pp)0.5 (o)0.5 (r)0.5 (ti)0.5 (n)0.5 (g)18 ( )]TJ 0.049 Tc 0 -1.154 Td [(condi)0.5 (tions)12.9 ( for)13 ( long-ter)0.5 (m)12.9 ( growth)13 ( of)12.9 ( China)0.5 (\222s)12.9 ( eco)0.5 (nomy)12.9 ( rema)0.5 (in)12.9 ( uncha)0.5 (nged.)12.9 ( W)0.5 (ith)12.9 ( the)24 ( )]TJ 0.025 Tc 0.004 Tw 0 -1.154 Td (coordinated efforts of macro policies, accelerated cultivation of new qu\ality productive )Tj 0.049 Tc 0.07 Tw 0 -1.154 Td [(forces,)12.6 ( and)12.7 ( continuous)12.7 ( release)12.7 ( of)12.7 ( reform)12.6 ( dividends,)12.7 ( China\222s)12.7 ( economy)12.7 ( is)12.7 ( poised)12.7 ( to)24 ( )]TJ 0.025 Tc 0 Tw 0 -1.154 Td (further strengthen its stable and improving development momentum.)Tj /T1_1 1 Tf 13 0 3.4833 13 55.3588 595.409 Tm [(\(I\) )-775.5 (Expressway Business)]TJ /T1_0 1 Tf 0.038 Tc 0.07 Tw 13 0 0 13 85.0394 565.409 Tm [(In)12.3 ( 2)12.3 (0)12.3 (2)12.3 (6)12.4 (,)12.3 ( despite)12.3 ( the)12.3 ( phased)12.3 ( impacts)12.3 ( from)12.3 ( traffic)12.3 ( control)12.3 ( for)12.3 ( reconstruction)12.3 ( and)13 ( )]TJ 0.06 Tc 0 -1.154 Td [(expansion)12.1 ( on)12 ( connecting)12.1 ( external)12 ( road)12.1 ( networks)12.1 ( and)12 ( certain)12.1 ( sections)12.1 ( under)35 ( )]TJ 0.072 Tc 0 -1.154 Td [(the)12.6 ( Group\222s)12.6 ( operation,)12.6 ( the)12.6 ( sustained)12.6 ( steady)12.6 ( and)12.6 ( positive)12.6 ( trend)12.5 ( of)12.6 ( China\222s)47 ( )]TJ 0.055 Tc 0 -1.154 Td [(economy,)12.8 ( coupled)12.8 ( with)12.8 ( Zhejiang)12.8 ( Province\222s)12.9 ( resilient)12.9 ( economic)12.8 ( performance)30 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.154 Td [(and)11 ( )0.5 (continuously)11 ( )0.5 (strengthening)11 ( )0.5 (new)11 ( )0.5 (growth)11 ( )0.5 (drivers,)11 ( )0.5 (will)11 ( )0.5 (jointly)11 ( )0.5 (provide)11.1 ( )0.5 (strong)11 ( )]TJ 0.064 Tc 0.07 Tw 0 -1.154 Td [(support)12.6 ( for)12.7 ( organic)12.7 ( growth)12.6 ( of)12.6 ( )]TJ -0.064 Tw (overall)Tj 0.07 Tw 17.496 0 Td [( traffic)12.7 ( volume)12.6 ( )]TJ [(of)12.6 ( expressways)]TJ 14.476 0 Td [( under)39 ( )]TJ 0.042 Tc -31.972 -1.154 Td [(the)12.6 ( Group\222s)12.5 ( operation.)12.5 ( The)12.5 ( Group)12.5 ( will)12.6 ( fully)12.5 ( seize)12.5 ( opportunities,)12.5 ( adhere)12.5 ( to)12.5 ( the)17 ( )]TJ 0.024 Tc 0 Tw 0 -1.154 Td [(strategic orientation of \223expanding growth, extending existing busine\ss, activating)-1 ( )]TJ 0.023 Tc 0 -1.154 Td [(dynamic variables and stabilizing profitability levels\224, and deepen i\mplementation)-2 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.154 Td [(of)1 ( )0.5 (\223service-centered,)1 ( )0.5 (profit-centered)1 ( )0.5 (and)1 ( )0.5 (brand-centered)1 ( )0.5 (development)1 ( )0.5 (strategies\224)1 ( )]TJ 0.023 Tc 0 Tw 0 -1.154 Td [(in operation and management, so as to ensure steady operations amid comp\lex and)-2.1 ( )]TJ 0.025 Tc 0 -1.154 Td (unstable market conditions, thereby creating long-term returns for share\holders.)Tj /T1_1 1 Tf 0.065 Tc 0.07 Tw 0 -2.308 Td [(Comprehensively)12.9 ( advance)12.9 ( service)12.9 ( excellence)12.9 ( and)12.9 ( efficiency.)12.8 ( )]TJ /T1_0 1 Tf [(In)12.9 ( terms)12.9 ( of)40 ( )]TJ 0.049 Tc 0 -1.154 Td [(s)0.5 (a)0.5 (f)0.5 (e)0.5 (t)0.5 (y)13 ( )0.5 (a)0.6 (nd)13.1 ( )0.5 (s)0.5 (m)0.5 (o)0.5 (o)0.5 (t)0.5 (h)13 ( )0.5 (t)0.5 (r)0.5 (a)0.5 (f)0.5 (f)0.5 (i)0.5 (c)0.5 (,)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (G)0.6 (ro)0.6 (u)0.5 (p)13 ( )0.5 (w)0.5 (i)0.5 (l)0.5 (l)13 ( )0.5 (l)0.5 (e)0.5 (v)0.5 (e)0.5 (r)0.5 (a)0.5 (g)0.5 (e)13 ( )0.5 (i)0.5 (n)0.5 (t)0.5 (e)0.6 (l)0.5 (l)0.5 (ig)0.6 (e)0.5 (n)0.5 (t)13 ( )0.5 (t)0.5 (e)0.5 (c)0.5 (h)0.5 (n)0.5 (o)0.5 (l)0.5 (o)0.5 (g)0.5 (i)0.5 (e)0.5 (s)13 ( )0.5 (t)0.5 (o)24 ( )]TJ 0.038 Tc 0 -1.154 Td [(enhance)12.7 ( advance)12.8 ( and)12.7 ( real-time)12.7 ( intervention,)12.7 ( actively)12.7 ( explore)12.8 ( applications)12.8 ( such)13 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.154 Td [(a)0.5 (s)11 ( )0.5 (d)0.5 (ro)0.5 (n)0.5 (es)11 ( )0.5 (a)0.5 (n)0.5 (d)11 ( )0.5 (ro)0.5 (b)0.5 (o)0.5 (ts)11 ( )0.5 (f)0.5 (o)0.5 (r)11 ( )0.5 (in)0.5 (t)0.5 (el)0.5 (l)0.5 (ig)0.5 (e)0.5 (nt)11.1 ( )0.5 (in)0.5 (s)0.5 (pe)0.5 (c)0.5 (t)0.5 (io)0.5 (n)0.5 (,)10.9 ( )0.5 (a)0.5 (n)0.5 (d)11 ( )0.5 (f)0.5 (ur)0.5 (t)0.5 (he)0.5 (r)11 ( )0.5 (d)0.5 (e)0.5 (e)0.5 (pe)0.5 (n)11 ( )0.5 (c)0.5 (on)0.5 (s)0.5 (tr)0.5 (u)0.5 (c)0.5 (ti)0.5 (o)0.5 (n)11 ( )]TJ 0.062 Tc 0.07 Tw 0 -1.154 Td [(management)12.5 ( and)12.5 ( intelligent)12.5 ( congestion)12.5 ( mitigation)12.5 ( to)12.5 ( continuously)12.5 ( improve)37.1 ( )]TJ 0.04 Tc 0 -1.154 Td [(road)12.4 ( network)12.5 ( efficiency.)12.4 ( In)12.4 ( terms)12.4 ( of)12.4 ( service)12.5 ( quality)12.5 ( enhancement,)12.4 ( focusing)12.4 ( on)15 ( )]TJ 0.025 Tc 0.042 Tw 0 -1.154 Td (precision services and efficient management, the Group will upgrade toll\ stations )Tj 0.04 Tc 0.07 Tw 0 -1.154 Td [(with)12.7 ( multifunctional)12.7 ( and)12.7 ( intelligent)12.7 ( capabilities,)12.7 ( utilize)12.7 ( traffic)12.7 ( data)12.7 ( for)12.7 ( precise)15.1 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.154 Td [(customer)11 ( )0.5 (profiling,)11 ( )0.5 (and)11 ( )0.5 (strengthen)11 ( )0.5 (care)11 ( )0.6 (for)11.1 ( truck)11 ( )0.5 (drivers,)11 ( )0.5 (so)11 ( )0.5 (as)11 ( )0.5 (to)11 ( )0.5 (continuously)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.154 Td (elevate user satisfaction, and increase customer loyalty.)Tj /T1_1 1 Tf 0.004 Tw 0 -2.308 Td (Deepen the value of expressway core business. )Tj /T1_0 1 Tf (The Group will steadily advance )Tj 0.041 Tc 0.07 Tw 0 -1.154 Td [(re)0.5 (c)0.5 (ons)0.5 (tru)0.5 (ct)0.5 (io)0.5 (n)12.9 ( a)0.5 (nd)13 ( e)0.5 (xpa)0.5 (ns)0.5 (ion)13 ( p)0.5 (roj)0.5 (ec)0.5 (ts)13 ( i)0.5 (ncl)0.5 (ud)0.5 (ing)13 ( J)0.5 (inh)0.5 (ua)13 ( a)0.5 (nd)12.9 ( )0.5 (Sha)0.5 (ox)0.5 (in)0.5 (g)12.9 ( S)0.5 (ec)0.5 (ti)0.5 (ons)16 ( )]TJ 0.071 Tc 0 -1.154 Td [(of)12.8 ( Ningbo-Jinhua)12.8 ( Expressway,)12.8 ( Zhajiasu)12.8 ( Expressway,)12.8 ( and)12.7 ( Parallel)12.8 ( Line)12.8 ( of)46.1 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.154 Td [(Ni)0.5 (ng)0.5 (bo-)0.5 (Zh)0.5 (ous)0.5 (ha)0.5 (n)4 ( )0.5 (Ex)0.5 (pre)0.5 (ss)0.5 (wa)0.5 (y)4 ( )0.5 (Ph)0.5 (as)0.5 (e)4 ( )0.5 (II)4.1 ( )0.5 (con)0.5 (st)0.5 (ruc)0.5 (ti)0.5 (on)4 ( )0.5 (p)0.5 (roj)0.5 (ec)0.5 (t,)4 ( )0.5 (w)0.5 (hil)0.5 (e)4 ( )0.5 (c)0.5 (ont)0.5 (inu)0.5 (ou)0.5 (sly)4 ( )]TJ 0.025 Tc 0.039 Tw 0 -1.154 Td (optimizing traffic organization plans to effectively mitigate constructi\on impacts. )Tj 0.062 Tc 0.07 Tw 0 -1.154 Td [(The)12.3 ( Group)12.3 ( will)12.3 ( orderly)12.2 ( activate)12.3 ( the)12.3 ( bidding)12.3 ( process)12.3 ( for)12.3 ( reconstruction)12.3 ( and)37 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.154 Td [(expansion)7 ( )0.5 (project)7 ( )0.5 (of)6.9 ( )0.6 (Shanghai-Hangzhou-Ningbo)6.9 ( )0.6 (Expressway,)7 ( )0.5 (further)7 ( )0.5 (refine)7 ( )0.5 (its)7 ( )]TJ 0.025 Tc 0.053 Tw 0 -1.154 Td (feasibility study plan, and strive to enhance investment returns. The Gr\oup looks )Tj 0.017 Tw 0 -1.154 Td (forward to leveraging function of investment platform \223Zhijiang Commu\nications )Tj 0.041 Tc 0.07 Tw 0 -1.154 Td [(H)0.5 (old)0.5 (ing)0.5 (s\224)13 ( to)13 ( e)0.5 (xp)0.5 (lor)0.5 (e)12.9 ( )0.5 (op)0.5 (por)0.5 (tun)0.5 (it)0.5 (ie)0.5 (s)12.9 ( o)0.5 (f)12.9 ( )0.5 (hig)0.5 (h-)0.5 (qua)0.5 (li)0.5 (ty)12.9 ( )0.5 (ex)0.5 (pr)0.5 (es)0.5 (sw)0.5 (ay)13 ( in)0.5 (ve)0.5 (stm)0.5 (en)0.5 (t)12.9 ( )0.5 (and)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.154 Td (merger & acquisition.)Tj ET endstreamendobj61 0 obj<>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 36 \226)Tj 0.079 Tw 13 0 0 13 56.6929 776.3179 Tm (Deqing County De\222an Highway Construction Co., Ltd., a subsidiary of t\he Company, )Tj 0.038 Tw 0 -1.231 Td (pledged its trade receivables for its bank borrowing, and as at December\ 31, 2025, the )Tj 0 Tw 0 -1.231 Td (remaining bank loan balance was Rmb284.43 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, 2025, the remaining bank loan balance was Rmb5,714.23 million.)Tj 0.053 Tc 0.07 Tw 0 -2.462 Td [(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 0.025 Tc -0.025 Tw 0 -1.231 Td (rights)Tj 0.054 Tw ( of toll on expressway for its bank borrowing, and as at December 31, 20\25, the )Tj 0 Tw 0 -1.231 Td (remaining bank loan balance was Rmb1,241.23 million.)Tj 0.05 Tw 0 -2.462 Td (Zhejiang Jinhua Yongjin Expressway Co., Ltd., a subsidiary of the Compan\y, pledged )Tj 0.047 Tc 0.07 Tw 0 -1.231 Td [(its)12.9 ( highway)12.8 ( toll)12.9 ( collection)12.8 ( rights)12.9 ( as)12.9 ( collateral)12.9 ( for)12.9 ( bank)12.9 ( loans.)12.9 ( As)12.8 ( of)12.9 ( December)12.9 ( 3)12.8 (1)12.9 (,)22 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (2025, the remaining bank loan balance was Rmb3.00 million.)Tj 0.026 Tc 0.082 Tw 0 -2.462 Td [(Other)1 ( )0.5 (than)1 ( )0.5 (as)1.1 ( )0.5 (disclosed)1 ( )0.5 (above,)1 ( )0.5 (the)1 ( )0.5 (Group)1 ( )0.5 (had)1 ( )0.5 (no)0.9 ( )0.6 (other)1 ( )0.5 (contingent)1 ( )0.5 (liabilities)1 ( )0.5 (or)1 ( )0.5 (assets)1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (pledged as collateral as of December 31, 2025.)Tj /T1_1 1 Tf 0 -2.462 Td (Foreign Exchange Risk)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 0.035 Tc 0.073 Tw 0 -1.231 Td [(Kong)10 ( )0.6 (dollars;)10 ( )0.5 (\(ii\))10 ( )0.5 (Zheshang)10 ( )0.5 (International)10.1 ( )0.5 (Financial)10 ( )0.5 (Holding)10 ( )0.6 (Co.,)10 ( )0.5 (Ltd.,)10 ( )0.5 (China)10 ( )0.5 (Guodu)10 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.231 Td [(\(Hong)12.6 ( Kong\))12.7 ( Financial)12.6 ( Holdings)12.6 ( )]TJ -0.046 Tw (Limited)Tj 0.07 Tw [(,)12.6 ( Guodu)12.6 ( Securities)12.7 ( \(Hong)12.6 ( Kong\))12.6 ( Limited)21 ( )]TJ 0.05 Tc 0 -1.231 Td [(\(subsidiaries)12.6 ( of)12.6 ( Zheshang)12.6 ( Securities)12.6 ( Co.,)12.6 ( Ltd.\))12.6 ( operating)12.5 ( in)12.5 ( Hong)12.6 ( Kong;)12.6 ( \(iii\))12.6 ( The)25 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(r)0.5 (e)0.6 (m)0.5 (a)0.5 (i)0.5 (n)0.6 (i)0.5 (n)0.5 (g)7 ( )0.5 (b)0.5 (a)0.6 (l)0.5 (a)0.5 (n)0.5 (c)0.6 (e)7 ( )0.5 (o)0.5 (f)7 ( )0.5 (t)0.5 (h)0.5 (e)7 ( )0.5 (z)0.6 (e)0.5 (r)0.6 (o)6.9 ( )0.6 (c)0.5 (o)0.5 (u)0.5 (p)0.5 (o)0.6 (n)7 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (v)0.6 (e)0.5 (r)0.5 (t)0.5 (i)0.6 (b)0.5 (l)0.5 (e)7 ( )0.5 (b)0.5 (o)0.6 (n)0.5 (d)7 ( )0.5 (i)0.5 (s)0.5 (s)0.5 (u)0.6 (e)0.5 (d)7 ( )0.5 (i)0.5 (n)7 ( )0.5 (H)0.6 (o)0.5 (n)0.5 (g)7 ( )0.5 (K)0.5 (o)0.5 (n)0.6 (g)7 ( )0.5 (c)0.5 (a)0.5 (p)0.6 (i)0.5 (t)0.5 (a)0.5 (l)7 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.231 Td [(market)12.8 ( in)12.7 ( January)12.7 ( 2)12.8 (0)12.8 (2)12.7 (1)12.8 (,)12.8 ( which)12.8 ( was)12.8 ( Euro)12.8 (2)12.8 (7)12.7 (.)12.8 (2)12.8 ( million,)12.8 ( had)12.7 ( been)12.8 ( fully)12.8 ( converted)12.8 ( by)21 ( )]TJ 0.025 Tc 0.071 Tw 0 -1.231 Td (August 29, 2025)Tj (; \(iv\))Tj ( issuance of the senior fixed-rate bonds with a principal amount )Tj 0.034 Tc 0.074 Tw 0 -1.231 Td [(o)0.5 (f)9 ( )0.5 (U)0.5 (S)0.5 (D)9 (4)9 (7)9 (0)9 ( )0.5 (m)0.5 (i)0.5 (l)0.5 (l)0.5 (i)0.5 (o)0.5 (n)9 ( )0.5 (in)9 ( )0.5 (H)0.6 (on)0.5 (g)9 ( )0.5 (K)0.5 (o)0.5 (n)0.5 (g)9 ( )0.5 (c)0.5 (a)0.5 (p)0.5 (i)0.5 (t)0.5 (a)0.5 (l)9 ( )0.5 (m)0.5 (a)0.5 (r)0.5 (k)0.5 (e)0.5 (t)9 ( )0.5 (i)0.5 (n)9 ( )0.5 (J)0.5 (u)0.5 (l)0.5 (y)9 ( )0.5 (2)9 (0)9 (2)9 (1)9 (,)9 ( )0.5 (w)0.5 (h)0.5 (i)0.5 (c)0.5 (h)9 ( )0.5 (w)0.5 (i)0.5 (l)0.5 (l)9 ( )0.5 (b)0.5 (e)9 ( )0.5 (d)0.5 (u)0.5 (e)9 ( )0.5 (i)0.5 (n)9 ( )]TJ 0.025 Tc 0.013 Tw 0 -1.231 Td (July 2026 and has )Tj 0 Tc 0 Tw (a)Tj 0.025 Tc 0.013 Tw 8.413 0 Td [( )0.5 (coupon )0.5 (rate of )0.5 (1.638%; )]TJ -0.025 Tw 10.55 0 Td (\(v\))Tj 0.013 Tw [( the )0.5 (portion of proceeds raised from )0.5 (the )]TJ 0.038 Tw -18.963 -1.231 Td (rights issue denominated in Hong Kong dollars; the Group\222s principal \operations were )Tj 0 Tw 0 -1.231 Td (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 ET endstreamendobj59 0 obj<>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 35 \226)Tj /T1_1 1 Tf 13 0 0 13 56.6929 773.5878 Tm (Use of Proceeds from Convertible Bonds and Rights Issue)Tj /T1_0 1 Tf 13 0 3.4833 13 55.3588 742.5878 Tm (Convertible Bond 2021)Tj 0.005 Tc 0.04 Tw 13 0 0 13 56.6929 712.5878 Tm [(The )0.5 (Company )0.5 (issued )]TJ 8.907 0 Td [(the )0.5 (Convertible )0.5 (Bond )0.5 (2021)]TJ [( )0.5 (on )0.5 (January )0.5 (20, )0.5 (2021, )0.5 (and )0.5 (after )0.5 (deducting )]TJ 0 Tw -8.907 -1.154 Td (issuance costs of approximately Euro1 million, the net proceeds from the\ convertible bonds )Tj 0.023 Tc 0.07 Tw 0 -1.154 Td [(issuance)12.4 ( amounted)12.4 ( to)12.4 ( approximately)12.4 ( Euro)12.4 (2)12.4 (2)12.4 (9)12.5 ( million,)12.4 ( all)12.4 ( of)12.4 ( which)12.4 ( were)12.4 ( used)12.4 ( to)12.4 ( repay)18 ( )]TJ 0.005 Tc 0 Tw 0 -1.154 Td (existing borrowings.)Tj 0.025 Tc 13 0 3.4833 13 55.3588 636.5878 Tm (Rights Issue)Tj 0.048 Tc 0.07 Tw 13 0 0 13 56.6929 606.5878 Tm [(R)0.5 (e)0.5 (f)0.5 (e)0.5 (r)0.5 (en)0.5 (c)0.5 (e)13 ( )0.5 (i)0.5 (s)13 ( )0.5 (ma)0.5 (d)0.5 (e)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (th)0.5 (e)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (s)0.5 (pe)0.5 (c)0.5 (t)0.5 (u)0.5 (s)13 ( )0.5 (of)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (C)0.5 (om)0.5 (p)0.5 (a)0.5 (n)0.5 (y)13 ( d)0.5 (a)0.5 (t)0.5 (e)0.5 (d)13 ( )0.5 (N)0.5 (ov)0.5 (e)0.5 (m)0.5 (b)0.5 (e)0.5 (r)13 ( 2)13 (1)13 (,)13 ( )0.5 (2)12.9 (0)13 (2)13 (3)13 ( )0.5 (i)0.5 (n)23 ( )]TJ 0.043 Tc 0 -1.154 Td [(relation)12.1 ( to)12.1 ( the)12.2 ( rights)12.2 ( issue)]TJ /C0_0 1 Tf 0 Tc 0 Tw 11.39 0 Td <0080>Tj /T1_0 1 Tf 0.043 Tc -0.043 Tw 1.031 0 Td [(the)12.1 ( )]TJ 0 Tc 0 Tw 1.703 0 Td (\223)Tj /T1_1 1 Tf 0.043 Tc 0.07 Tw 0.487 0 Td [(Rights)12.1 ( Issue)]TJ /T1_0 1 Tf 0 Tc 0 Tw (\224)Tj /C0_0 1 Tf 6.248 0 Td <0081>Tj /T1_0 1 Tf 0.031 Tc -0.031 Tw 0.656 0 Td (. )Tj 0.043 Tc 0.07 Tw 0.644 0 Td [(During)12.1 ( the)12.1 ( Period,)12.1 ( the)12.1 ( Group)12.1 ( has)18 ( )]TJ 0.027 Tc 0.081 Tw -22.16 -1.154 Td [(uti)0.5 (lized)2 ( )0.5 (a)0.5 (pproxi)0.5 (mate)0.5 (ly)2 ( R)0.5 (mb)2 (3)2 (9)2 (0)2 ( m)0.5 (illion)2 ( )0.5 (of)2 ( )0.5 (th)0.5 (e)2 ( )0.5 (net)2 ( )0.5 (proc)0.5 (eeds)2 ( )0.5 (fr)0.5 (om)2 ( )0.5 (the)2 ( )0.5 (Righ)0.5 (ts)2 ( )0.5 (Issue)2.1 ( f)0.5 (or)2 ( )]TJ 0.038 Tc -0.038 Tw 0 -1.154 Td [(the)12.1 ( )]TJ 0.07 Tw 1.683 0 Td [(reconstruction)12.1 ( and)12.1 ( expansion)]TJ 12.897 0 Td [( of)12.1 ( existing)12.2 ( expressway)12.1 ( projects)12.2 ( of)12.1 ( the)12.1 ( Group,)12.1 ( and)13 ( )]TJ 0.025 Tc 0.071 Tw -14.58 -1.154 Td (approximately Rmb800 million for daily operating expenses such as replen\ishment of )Tj 0.055 Tw 0 -1.154 Td (liquidity and repayment of borrowings for the Group.)Tj ( Such use of proceeds was made )Tj 0.021 Tc 0 Tw 0 -1.154 Td [(in accordance with and consistent with the intended use of proceeds for \the Rights Issue)-4 ( )]TJ 0.025 Tc 0 -1.154 Td (as previously disclosed.)Tj 0.083 Tw 0 -2.308 Td [(A)-1.3 (s o)-1.3 (f )0.5 (D)-1.4 (e)-1.3 (c)-1.4 (e)-1.3 (m)-1.4 (b)-1.4 (e)-1.3 (r )0.5 (31, 2025, )]TJ 0.026 Tc 0.082 Tw 11.853 0 Td [(out)1 ( )0.5 (of)1 ( )0.5 (the)1 ( )0.5 (total)1 ( )0.5 (amount)1.1 ( )0.5 (of)1 ( )0.5 (Rmb)1 (6)1 (,)1 (1)1 (2)1 (0)1 ( )0.5 (million)1 ( )0.5 (net)1 ( )0.5 (proceeds)1 ( )]TJ 0.04 Tc 0.07 Tw -11.853 -1.154 Td [(raised)12.4 ( from)12.4 ( the)12.4 ( Rights)12.4 ( Issue,)12.4 ( )]TJ [(the)12.4 ( Group)12.5 ( had)12.4 ( utilized)12.4 ( )]TJ [(an)12.4 ( aggregate)12.5 ( of)12.5 ( )]TJ -0.04 Tw [(approximately)15 ( )]TJ 0.054 Tc -0.054 Tw 0 -1.154 Td [(R)-12.7 (m)-12.8 (b1,370 )]TJ 0.067 Tc 0.07 Tw 5.041 0 Td [(million)12.7 ( for)]TJ 5.085 0 Td [( the)12.8 ( )]TJ [(reconstruction)12.7 ( and)12.8 ( expansion)]TJ 15.874 0 Td [( of)12.8 ( existing)12.7 ( expressway)42 ( )]TJ 0.049 Tc -26 -1.154 Td [(projects,)12.3 ( and)12.3 ( approximately)12.3 ( Rmb)12.3 (8)12.2 (0)12.3 (0)12.3 ( million)12.3 ( for)12.2 ( daily)12.2 ( operating)12.3 ( expenses)12.2 ( such)12.3 ( as)24 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.154 Td [(replenishment)2 ( )0.5 (of)2.1 ( liquidity)2 ( )0.5 (and)2 ( )0.5 (repayment)2 ( )0.5 (of)2 ( borrowings.)2 ( )0.5 (The)2 ( )0.5 (remaining)2 ( )0.5 (net)2 ( )0.5 (proceeds)2 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.154 Td [(f)0.5 (r)0.5 (o)0.5 (m)3 ( )0.5 (t)0.5 (h)0.5 (e)3 ( )]TJ 0 Tc 0 Tw 4.069 0 Td (R)Tj 0.028 Tc -0.028 Tw 0.695 0 Td [(i)0.5 (g)0.5 (h)0.5 (t)0.5 (s)3 ( )]TJ 0 Tc 0 Tw 2.438 0 Td (I)Tj 0.028 Tc 0.08 Tw 0.361 0 Td [(s)0.5 (s)0.5 (u)0.5 (e)3 ( )0.5 (a)0.5 (m)0.5 (o)0.5 (u)0.5 (nt)0.5 (e)0.5 (d)3 ( )0.5 (t)0.5 (o)3 ( )0.5 (a)0.5 (p)0.5 (p)0.5 (r)0.5 (o)0.5 (x)0.5 (im)0.5 (a)0.5 (t)0.5 (e)0.5 (l)0.5 (y)3 ( )0.5 (R)0.5 (m)0.5 (b)3 (3)3 (,)3 (9)3 (5)3 (0)3 ( )0.5 (m)0.5 (i)0.5 (l)0.5 (l)0.5 (io)0.5 (n)]TJ 22.224 0 Td [(.)3 ( )0.5 (A)0.5 (s)3 ( )0.5 (d)0.5 (i)0.5 (s)0.5 (c)0.5 (l)0.5 (os)0.5 (e)0.5 (d)3 ( )0.6 (in)3 ( )]TJ 0.025 Tc 0.07 Tw -29.785 -1.154 Td [(the )0.5 (announcement of )0.5 (the )0.5 (Company dated )0.5 (December )0.5 (31, )0.5 (2025, )]TJ 0 Tc 0 Tw 27.074 0 Td (t)Tj 0.025 Tc -0.025 Tw 0.303 0 Td (he)Tj 0.07 Tw [( )0.5 (remaining proceeds )]TJ 0.026 Tc 0.082 Tw -27.376 -1.154 Td [(were)1 ( )0.5 (reallocated)1 ( )0.5 (as)1 ( )0.5 (follows:)1 ( )0.5 (\(i\))1 ( )0.5 (approximately)1 ( )0.5 (Rmb)1 (2)1 (,)1 (3)1 (3)1 (0)1 ( )0.5 (million)1 ( )0.5 (will)1 ( )0.5 (be)1 ( )0.5 (used)1 ( )0.5 (for)1 ( the)1 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.154 Td [(reconstruction)12.4 ( and)12.4 ( expansion)12.5 ( of)12.4 ( existing)12.4 ( expressway)12.5 ( projects,)12.4 ( with)12.5 ( full)12.5 ( utilization)21 ( )]TJ 0.025 Tc 0.004 Tw 0 -1.154 Td (expected by December 31, 2028 \(it is estimated that Rmb940 million, Rmb\940 million, )Tj 0.033 Tc 0.075 Tw 0 -1.154 Td [(and)8 ( )0.5 (Rmb)8 (4)8 (5)8 (0)8 ( )0.5 (million)8 ( )0.5 (will)8 ( )0.5 (be)8 ( )0.5 (utilized)8 ( )0.5 (annually)8 ( )0.5 (over)8 ( )0.5 (the)8 ( )0.5 (three)8 ( )0.5 (years)8 ( )0.5 (ending)8 ( )0.5 (December)8 ( )]TJ 0.025 Tc 0.046 Tw 0 -1.154 Td (31, 2028, respectively. The timetable for utilizing the proceeds is subj\ect to the actual )Tj 0.043 Tc 0.07 Tw 0 -1.154 Td [(progress)12.5 ( of)12.5 ( expressway)12.4 ( reconstruction)12.5 ( and)12.4 ( expansion)12.5 ( projects)12.5 ( and)12.4 ( will)12.5 ( be)12.4 ( adjusted)18 ( )]TJ 0.025 Tc 0.005 Tw 0 -1.154 Td (accordingly\); and \(ii\) approximately Rmb1,620 million will be used fo\r daily operating )Tj 0.039 Tc 0.07 Tw 0 -1.154 Td [(expenses)12.6 ( such)12.7 ( as)12.7 ( replenishment)12.7 ( of)12.7 ( liquidity)12.6 ( and)12.7 ( repayment)12.6 ( of)12.7 ( borrowings,)12.6 ( which)12.6 ( is)14.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.154 Td (expected to be fully utilized by December 31, 2026.)Tj /T1_1 1 Tf 0 -2.385 Td (Contingent Liabilities and Pledge of Assets)Tj /T1_0 1 Tf 0.043 Tw 0 -2.308 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 -1.154 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 -1.154 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 ( )0.5 (b)0.5 (a)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 -1.154 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 ( )0.6 (in)0.5 (terests)8 ( )0.5 (in)8 ( )0.5 (Shengxin)8 ( )]TJ 0.061 Tc 0.07 Tw 0 -1.154 Td [(Co)0.5 (.)12.9 ( As)13 ( at)12.9 ( )0.5 (Dec)0.5 (embe)0.5 (r)12.9 ( 3)12.9 (1)13 (,)12.9 ( 2)12.9 (0)12.9 (2)13 (5)12.9 (,)12.9 ( th)0.5 (e)12.9 ( r)0.5 (emain)0.5 (ing)12.9 ( )0.5 (bank)12.9 ( )0.5 (loan)13 ( bal)0.5 (anc)0.5 (e)12.9 ( wa)0.5 (s)12.9 ( Rm)0.5 (b)12.9 (3)12.9 (7)12.9 (0)12.9 (.)13 (5)12.9 (2)36 ( )]TJ 0.025 Tc 0 Tw 0 -1.154 Td (million. These guarantees were released on February 2, 2026.)Tj 0.04 Tc 0.07 Tw 0 -2.308 Td [(Zhejiang)12.8 ( Zhoushan)12.9 ( Bay)12.9 ( Bridge)12.9 ( Co.,)12.9 ( Ltd.,)12.9 ( a)12.9 ( subsidiary)12.9 ( of)12.9 ( the)12.9 ( Company,)12.9 ( pledged)12.8 ( its)15 ( )]TJ 0.025 Tc 0.054 Tw 0 -1.154 Td (rights of toll on expressway for its bank borrowing, and as at December \31, 2025, the )Tj 0 Tw 0 -1.154 Td (remaining bank loan balance was Rmb4,475.58 million.)Tj ET endstreamendobj60 0 obj<>endobj71 0 obj[72 0 R]endobj72 0 obj<>endobj73 0 obj<>endobj74 0 obj<>endobj75 0 obj<>stream Hj`@(, L"pCĠ&]A q82/@.!YNÉ&9 endstreamendobj76 0 obj<>stream HTP{Pw%_hWQ*VEyE0A|y !HETZaWg[[鶻;κ_ٸuܹ0B q(;%/Y%i{K, /+o#K- _J"A`YB _2hXr~Uq,;ǯ>1SvjiY v6e֕TԟgTV3?ؙ:nm#d=Ymbqq5U'@e5xAj e!!g! u^fs"î^>7?eE B?x 2 dh)^2DyBfC`95as%Gng#?:>(u MV<# fQVIׅ+dNi4d@.&Ep ,S!_O]`+dK˖sT~_1tjmq<`C$EE"V~}7n* cJӄ?M PVA<@>b"Xl. 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H9/xt&Ƒ h,bRi1.б=N{G5ʣ4 %x&ےZjV^w)wi@fwQ$6b{c{c e:rdۇٴSs FߠH>_q0'&өX5&8eUcTz&A> õN#uQ)m^$/xZ'Icr&NuocjdojRɗF&Jc+()-2&n!OFP4^[uCFO%+ S3;.Q»17qYt$HPSdOFt`VjSJ~.{ q-kf2C!ԢLqz2[8%d&FYP]@l6hk-h.w9Ojt@FC-^ROhbz?㜳X&*'p'zn;g bAWF7(Gh'(=Q󹛕=zk:..(dr v,uu:B ?Зh}h9llFuN8L #fIXyw R!hޟYN!mR8^PX&Vc@u/xvx^ ngb1E){DWu}994W%UD4\"c11ؑ ^Qc8-_Z|j侫%hrߦ`Ռ9eQ,Ґު*s֙#4k{iRv&4C}}>XTQhyUDZ6Z Iňg8ô?PRbݝ&b &kꪘ eITU4&sj M1;P?{C-8段]75J˩ߑ@i.>[jg̤ۧ]J:wسFuw)@wAұ.wsDPsss8㌖oy@+¬ʚFn]Pc2L2eYlaR !1`k{{{[{Z#ZWrXd-YETY:ZYXEP~>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 34 \226)Tj 0.043 Tc 0.07 Tw 13 0 0 13 56.6929 776.3179 Tm [(During)12.6 ( the)12.6 ( Period,)12.6 ( total)12.6 ( interest)12.6 ( expenses)12.5 ( and)12.6 ( profit)12.6 ( before)12.6 ( interest)12.6 ( and)12.6 ( tax)12.6 ( for)12.6 ( the)18 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td [(P)0.5 (e)0.5 (r)0.5 (i)0.5 (o)0.5 (d)0.5 ( )0.5 (a)0.5 (m)0.5 (o)0.5 (un)0.6 (te)0.5 (d)0.5 ( )0.5 (t)0.5 (o)0.5 ( )0.5 (R)0.5 (m)0.5 (b)0.5 (1)0.5 (,)0.5 (5)0.5 (4)0.5 (6)0.5 (.)0.5 (91)0.5 ( )0.5 (m)0.5 (i)0.5 (l)0.5 (l)0.5 (i)0.5 (o)0.5 (n)0.5 ( )0.5 (a)0.5 (n)0.5 (d)0.5 ( )0.5 (Rm)0.5 (b)0.5 (1)0.5 (1)0.5 (,)0.5 (3)0.5 (3)0.5 (6)0.5 (.)0.5 (4)0.5 (9)0.5 ( )0.5 (m)0.5 (il)0.5 (l)0.5 (i)0.5 (o)0.5 (n)0.5 (,)0.5 ( )0.5 (r)0.5 (e)0.5 (s)0.5 (p)0.5 (e)0.5 (c)0.5 (t)0.5 (i)0.5 (v)0.5 (e)0.5 (l)0.5 (y)0.5 (.)0.5 ( )0.5 (Th)0.6 (e )]TJ 0.083 Tw 0 -1.231 Td [(interest )0.5 (cover ratio )0.5 (\(profit )0.5 (before )0.5 (interest )0.5 (and )0.5 (tax )0.5 (over )0.5 (interest )0.5 (expenses\) )0.5 (stood )0.5 (at 7.3 )]TJ 0 Tw 0 -1.231 Td (times \(Corresponding period of 2024: 6.1 )Tj -0.025 Tw (times)Tj (\).)Tj 0.061 Tw 0 -2.462 Td (As at December 31, 2025, the asset-liability ratio \(total liabilities o\ver total assets\) of )Tj 0.078 Tw 0 -1.231 Td (the Group was 68.3% \(December 31, 2024: 66.1%\). 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 ( \(total)14 ( )]TJ 0.063 Tc 0 -1.231 Td [(l)0.5 (i)0.5 (a)0.6 (b)0.5 (i)0.5 (l)0.5 (i)0.5 (t)0.6 (i)0.5 (e)0.5 (s)13 ( )0.6 (l)0.5 (e)0.5 (s)0.5 (s)13.1 ( )0.5 (b)0.5 (a)0.5 (l)0.6 (a)0.5 (n)0.5 (c)0.5 (e)13.1 ( )0.5 (o)0.5 (f)13 ( )0.6 (a)0.5 (c)0.5 (c)0.6 (o)0.5 (u)0.5 (n)0.5 (t)0.5 (s)13.1 ( )0.5 (p)0.5 (a)0.5 (y)0.6 (a)0.5 (b)0.5 (l)0.5 (e)13.1 ( )0.5 (t)0.5 (o)13 ( )0.6 (c)0.5 (u)0.5 (s)0.5 (t)0.6 (o)0.5 (m)0.5 (e)0.5 (r)0.5 (s)13.1 ( )0.5 (a)0.5 (r)0.6 (i)0.5 (s)0.5 (i)0.5 (n)0.5 (g)13 ( )0.6 (f)0.5 (r)0.5 (o)0.5 (m)13 ( )0.6 (s)0.5 (e)0.5 (c)0.6 (u)0.5 (r)0.5 (i)0.5 (t)0.5 (i)0.6 (e)0.5 (s)38 ( )]TJ 0.048 Tc 0 -1.231 Td [(business)12.6 ( over)12.6 ( total)12.5 ( assets)12.6 ( less)12.6 ( bank)12.6 ( balances)12.6 ( and)12.5 ( clearing)12.6 ( settlement)12.6 ( fund)12.6 ( held)12.6 ( on)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (behalf of customers\) of the Group was 58.1% \(December 31, 2024: 56.6%\)\.)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)0.5 (t)13 ( )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 (5)12.9 (,)13.1 ( t)0.6 (he)13.1 ( )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 (9)13 (3)13 (,)13 (0)13 (4)13 (9)13 (.)13 (3)13 (3)13 ( )0.5 (m)0.5 (i)0.6 (ll)0.6 (io)0.6 (n)12.9 ( )0.6 (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 (Rmb132,212.29 million in fixed-rate liabilities, Rmb15,860.52 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 (5)11 (2)10.9 (,)11 (2)11 (9)11 (0)11 (.)11 (7)11 (7)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 (1)11 (.)11 (7)11 (%,)11 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(4)7 (5)7 (.)7 (1)7 (%,)7 ( )0.5 (5)7 (.)7 (4)7 (%)7 ( )0.5 (an)0.5 (d)7 ( )0.5 (1)7 (7)7 (.)7 (8)7 (%)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.6 (Group)0.5 (\222s)7 ( )0.5 (tot)0.5 (al)7 ( )0.5 (ca)0.5 (pita)0.5 (l,)7 ( )0.5 (res)0.5 (pect)0.5 (ivel)0.5 (y.)7 ( )0.5 (The)7 ( )0.5 (g)0.5 (ear)0.5 (ing)7 ( )0.5 (ra)0.5 (tio,)7 ( )]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)0.5 (i)0.6 (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 (,)11.9 ( )0.6 (w)0.5 (a)0.5 (s)12.1 ( )0.5 (1)12 (3)12 (7)12 (.)12 (6)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 (2025 \(December 31, 2024: 129.0%\).)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)12.5 (4)12.5 (,)12.4 (0)12.5 (8)12.5 (7)12.4 (.)12.5 (8)12.4 (4)12.5 ( million.)24 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Amongst the total capital expenditure, Rmb1,134.50 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 (8)12.1 (6)12.2 (.)12.1 (1)12.1 (1)12.2 ( million)12.1 ( was)12.2 ( incurred)12.2 ( for)12.1 ( acquisition)12.1 ( and)12.1 ( construction)16 ( )]TJ 0.047 Tc 0 -1.231 Td [(of)12.2 ( properties,)12.2 ( Rmb)12.2 (1)12.3 (,)12.2 (1)12.2 (6)12.2 (3)12.2 (.)12.2 (3)12.2 (1)12.2 ( million)12.2 ( was)12.2 ( incurred)12.2 ( for)12.2 ( acquisition)12.2 ( of)12.2 ( equipment)12.2 ( and)22 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.231 Td (facilities, as well as construction of ancillary facilities, and Rmb1,70\3.92 million was )Tj 0 Tw 0 -1.231 Td (incurred for construction projects of expressways.)Tj 0.026 Tc 0.082 Tw 0 -2.462 Td [(As)1 ( )0.5 (at)1 ( )0.6 (December)1.1 ( )0.5 (3)1 (1)1 (,)1 ( )0.5 (2)1 (0)1 (2)1 (5)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 (4)12.8 (,)12.9 (9)12.9 (5)12.8 (2)12.9 (.)12.9 (5)12.8 (0)12.9 ( million)12.9 ( in)12.9 ( total.)12.8 ( 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, Rmb226.00 million will be used for acquiring equity investments, \Rmb162.89 )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)12.7 ( properties,)12.8 ( Rmb)12.9 (1)12.7 (,)12.8 (7)12.8 (4)12.8 (0)12.8 (.)12.8 (6)12.8 (1)31 ( )]TJ 0.025 Tc 0.047 Tw 0 -1.231 Td (million for acquisition of equipment and facilities, as well as construc\tion of ancillary )Tj 0.048 Tc 0.07 Tw 0 -1.231 Td [(facilities,)12.5 ( and)12.4 ( Rmb)12.5 (2)12.4 (,)12.5 (8)12.4 (2)12.5 (3)12.5 (.)12.4 (0)12.5 (0)12.4 ( million)12.5 ( for)12.4 ( expressways)12.5 ( reconstruction)12.4 ( and)12.5 ( expansion)23 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (projects.)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)12.3 ( 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)11.1 ( )0.5 (using)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (debt financing and equity financing to meet any shortfalls.)Tj ET endstreamendobj57 0 obj<>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 33 \226)Tj 0.045 Tw 13 0 0 13 56.6929 776.0055 Tm (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 (2025 w)-12.5 (a)-12.5 (s )0.5 (R)-12.5 (m)-12.6 (b49,832.10 m)-12.5 (i)-12.6 (l)-12.5 (l)-12.5 (i)-12.6 (o)-12.5 (n \()-12.5 (D)-12.5 (e)-12.5 (c)-12.6 (e)-12.5 (m)-12.5 (b)-12.6 (e)-12.5 (r 31, )0.5 (2024: )0.5 (R)-12.6 (m)-12.5 (b35,536.63)3 ( )]TJ 0.025 Tc 0.042 Tw 0 -1.231 Td (million\), of which 49.3% was invested in bonds, 12.9% was invested in s\tocks, 19.5% )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 0.069 Tc 0.07 Tw 0 -2.462 Td [(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 [(R)0.5 (m)0.6 (b)4 (4)4 (,)4 (2)4 (0)4 (3)4 (.)4 (4)4 (8)4 ( )0.5 (m)0.6 (i)0.5 (l)0.5 (l)0.6 (i)0.5 (o)0.5 (n)0.6 (.)4 ( )0.5 (T)0.5 (h)0.6 (e)4 ( )0.5 (c)0.5 (u)0.6 (r)0.5 (r)0.5 (e)0.6 (n)0.5 (c)0.6 (y)4 ( )0.5 (m)0.5 (i)0.5 (x)4 ( )0.6 (i)0.5 (n)4 ( )0.5 (w)0.5 (h)0.6 (i)0.5 (c)0.6 (h)3.9 ( )0.6 (c)0.5 (a)0.6 (s)0.5 (h)4 ( )0.5 (a)0.6 (n)0.5 (d)4 ( )0.5 (c)0.5 (a)0.6 (s)0.5 (h)4 ( )0.5 (e)0.6 (q)0.5 (u)0.6 (i)0.5 (v)0.5 (a)0.6 (l)0.5 (e)0.6 (n)0.5 (t)0.5 (s)4 ( )0.5 (a)0.6 (r)0.5 (e)4 ( )0.5 (h)0.6 (e)0.5 (l)0.5 (d)4.1 ( )]TJ 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 0.034 Tc 0.074 Tw 0 -2.462 Td [(As)9.1 ( )0.5 (at)9 ( )0.5 (December)9 ( )0.5 (3)9 (1)9 (,)9 ( )0.5 (2)9 (0)9 (2)9 (5)9 (,)8.9 ( )0.5 (total)9 ( )0.5 (liabilities)9 ( )0.5 (of)9 ( )0.5 (the)9 ( )0.5 (Group)9.1 ( )0.5 (amounted)9 ( )0.5 (to)9 ( )0.5 (Rmb)9 (2)9 (0)9 (0)9 (,)9 (3)9 (6)9 (3)8.9 (.)9.1 (5)8.9 (8)9 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(million)11 ( )0.5 (\(December)11.1 ( )0.5 (3)11 (1)10.9 (,)11 ( )0.6 (2)10.9 (0)11 (2)11 (4)11 (:)11 ( )0.5 (Rmb)11 (1)11 (4)11 (3)11 (,)11 (4)11 (8)11 (4)11 (.)11 (0)11 (0)11 ( )0.5 (million\),)11 ( )0.5 (of)11 ( )0.6 (which)11 ( )0.5 (8)11 (.)11 (9)11 (%)11 ( )0.5 (was)11 ( )0.5 (bank)11 ( )0.5 (and)11 ( )]TJ 0.049 Tc 0.07 Tw 0 -1.231 Td [(other)12.4 ( borrowings,)12.4 ( 6)12.4 (.)12.4 (8)12.3 (%)12.4 ( was)12.4 ( short-term)12.4 ( financing)12.4 ( note,)12.4 ( 2)12.4 (0)12.4 (.)12.4 (1)12.4 (%)12.4 ( was)12.4 ( bonds)12.4 ( payable,)24 ( )]TJ 0.025 Tc 0.038 Tw 0 -1.231 Td (17.2% was financial assets sold under repurchase agreements and 36.1% wa\s accounts )Tj 0 Tw 0 -1.231 Td (payable to customers arising from securities business.)Tj 0.053 Tw 0 -2.462 Td (As at December 31, 2025, total interest-bearing borrowings of the Group \amounted to )Tj 0.039 Tc 0.07 Tw 0 -1.231 Td [(Rm)0.5 (b)12.9 (7)12.9 (1)13 (,)12.9 (6)12.9 (4)13 (0)12.9 (.)12.9 (7)13 (7)12.9 ( m)0.5 (ill)0.5 (ion)0.5 (,)12.9 ( )0.5 (rep)0.5 (res)0.5 (e)0.5 (ntin)0.5 (g)12.9 ( )0.5 (an)12.9 ( )0.5 (inc)0.5 (re)0.5 (as)0.5 (e)12.9 ( )0.5 (of)12.9 ( )0.5 (2)12.9 (9)12.9 (.)13 (6)12.9 (%)12.9 ( )0.5 (co)0.5 (mpa)0.5 (re)0.5 (d)12.9 ( w)0.5 (it)0.5 (h)12.9 ( D)0.5 (ec)0.5 (em)0.5 (ber)14 ( )]TJ 0.031 Tc 0.082 Tw 0 -1.231 Td (31, 2024)Tj -0.031 Tw (. )Tj 0.043 Tc 0.07 Tw 4.472 0 Td [(The)12.4 ( borrowings)12.4 ( comprised)12.3 ( outstanding)12.4 ( balances)12.4 ( of)12.3 ( domestic)12.3 ( commercial)18 ( )]TJ 0.051 Tc -4.472 -1.231 Td [(bank)12.3 ( loans)12.3 ( of)12.4 ( Rmb)12.4 (1)12.4 (5)12.4 (,)12.3 (6)12.4 (2)12.4 (7)12.4 (.)12.4 (0)12.3 (3)12.4 ( million,)12.3 ( borrowings)12.4 ( from)12.4 ( overseas)12.4 ( commercial)12.4 ( bank)26 ( )]TJ 0.05 Tc 0 -1.231 Td [(loans)12.2 ( of)12.2 ( Rmb)12.2 (6)12.2 (3)12.2 (.)12.2 (3)12.2 (3)12.2 ( million,)12.2 ( borrowings)12.2 ( from)12.2 ( other)12.2 ( domestic)12.2 ( financial)12.2 ( institutions)25 ( )]TJ 0.06 Tc 0 -1.231 Td [(of)12.8 ( Rmb)12.8 (5)12.8 (4)12.9 (5)12.8 (.)12.8 (4)12.8 (3)12.8 ( million,)12.8 ( borrowings)12.8 ( from)12.8 ( other)12.8 ( domestic)12.8 ( entities)12.8 ( of)12.9 ( Rmb)12.8 (1)12.9 (,)12.8 (6)12.8 (0)12.8 (1)12.8 (.)12.8 (2)12.8 (1)35 ( )]TJ 0.046 Tc 0 -1.231 Td [(million,)12.6 ( short-term)12.6 ( financing)12.6 ( notes)12.6 ( of)12.6 ( Rmb)12.6 (8)12.5 (,)12.6 (7)12.6 (5)12.6 (4)12.5 (.)12.6 (7)12.6 (5)12.5 ( million,)12.6 ( beneficial)12.6 ( certificates)21.1 ( )]TJ 0 -1.231 Td [(of)12.2 ( Rmb)12.3 (4)12.2 (,)12.3 (8)12.3 (3)12.2 (0)12.3 (.)12.3 (4)12.3 (6)12.2 ( million,)12.3 ( long-term)12.2 ( beneficial)12.3 ( certificates)12.3 ( of)12.3 ( Rmb)12.3 (5)12.3 (,)12.2 (5)12.3 (3)12.3 (6)12.2 (.)12.3 (8)12.3 (2)12.3 ( million,)21 ( )]TJ 0.045 Tc 0 -1.231 Td [(subordinated)12.7 ( bonds)12.7 ( of)12.8 ( Rmb)12.7 (6)12.8 (,)12.7 (2)12.7 (4)12.7 (2)12.7 (.)12.7 (5)12.7 (3)12.8 ( million)12.7 ( and)12.7 ( corporate)12.7 ( bonds)12.8 ( of)12.7 ( Rmb)12.7 (2)12.7 (8)12.7 (,)12.7 (4)12.7 (3)12.7 (9)12.8 (.)12.7 (2)12.7 (1)20 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (million. Of the interest-bearing borrowings, 50.8% was not payable withi\n one year.)Tj 0.031 Tc 0.077 Tw 0 -2.462 Td [(A)0.5 (s)6 ( )0.5 (o)0.5 (f)6 ( )0.5 (D)0.5 (e)0.5 (c)0.5 (e)0.5 (m)0.5 (b)0.5 (e)0.5 (r)6 ( )0.5 (3)6.1 (1)6 (,)6 ( )0.5 (2)6 (0)6 (2)6 (5)6 (,)6 ( )0.5 (t)0.5 (h)0.5 (e)6 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)0.5 (\222)0.5 (s)6 ( )0.5 (b)0.5 (o)0.5 (r)0.5 (r)0.5 (o)0.5 (w)0.5 (in)0.5 (g)0.5 (s)6 ( )0.5 (f)0.5 (r)0.5 (o)0.5 (m)6 ( )0.5 (d)0.5 (o)0.5 (m)0.5 (e)0.5 (s)0.5 (t)0.5 (i)0.5 (c)6 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (m)0.5 (e)0.5 (r)0.5 (c)0.5 (i)0.5 (a)0.5 (l)6 ( )0.5 (b)0.5 (a)0.5 (n)0.5 (k)0.5 (s)6 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(bore)1 ( )0.6 (annual)1 ( )0.5 (fixed)1 ( )0.5 (interest)1 ( )0.5 (rates)1 ( )0.5 (ranged)1 ( )0.5 (from)1 ( )0.5 (2)1 (.)1 (6)1 (0)1 (%)1 ( )0.5 (to)1 ( )0.5 (3)1 (.)1 (2)1 (5)1 (%,)1 ( )0.5 (annual)1 ( )0.5 (floating)1 ( )0.5 (interest)0.9 ( )]TJ 0.06 Tc 0.07 Tw 0 -1.231 Td [(rates)12.3 ( ranged)12.2 ( from)12.2 ( 2)12.2 (.)12.2 (1)12.2 (1)12.2 (%)12.2 ( to)12.2 ( 2)12.2 (.)12.2 (9)12.2 (5)12.2 (%,)12.2 ( while)12.2 ( overseas)12.2 ( commercial)12.2 ( bank)12.2 ( borrowings)35 ( )]TJ 0.025 Tc 0.003 Tw 0 -1.231 Td (carried a fixed annual interest rate of 5.72%. Borrowings from other dom\estic financial )Tj 0.055 Tc 0.07 Tw 0 -1.231 Td [(institutions)12.8 ( carried)12.8 ( fixed)12.8 ( annual)12.8 ( interest)12.8 ( rates)12.9 ( ranging)12.8 ( from)12.8 ( 2)12.9 (.)12.8 (5)12.8 (0)12.8 (%)12.8 ( to)12.8 ( 2)12.8 (.)12.8 (7)12.8 (7)12.8 (%,)12.8 ( and)30 ( )]TJ 0.025 Tc 0.029 Tw 0 -1.231 Td [(borrowings from )0.5 (other )0.5 (domestic entities )0.5 (carried )0.5 (floating annual )0.5 (interest )0.5 (rates )0.5 (of 2.45% )]TJ 0.045 Tc 0.07 Tw 0 -1.231 Td [(and)12.2 ( 2)12.2 (.)12.2 (5)12.2 (0)12.2 (%.)12.2 ( As)12.3 ( of)12.2 ( December)12.2 ( 3)12.2 (1)12.2 (,)12.2 ( 2)12.2 (0)12.2 (2)12.2 (5)12.2 (,)12.2 ( the)12.2 ( beneficial)12.2 ( certificates)12.2 ( bore)12.2 ( annual)12.2 ( fixed)20 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.231 Td [(interest )0.5 (rates )0.5 (ranged )0.5 (from )0.5 (1.83% )0.5 (to )0.5 (2.30%, )0.5 (annual )0.5 (floating interest )0.5 (rates )0.5 (ranged )0.5 (from )]TJ 0.042 Tc 0.07 Tw 0 -1.231 Td [(1)12.3 (.)12.4 (6)12.4 (0)12.3 (%)12.4 ( to)12.3 ( 8)12.3 (.)12.4 (3)12.3 (0)12.4 (%,)12.3 ( while)12.4 ( the)12.4 ( annual)12.4 ( fixed)12.3 ( interest)12.3 ( rate)12.4 ( for)12.4 ( short-term)12.3 ( financing)12.4 ( notes)17.1 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(ranged)10 ( )0.5 (from)10 ( )0.5 (1)10 (.)10 (6)10 (7)10 (%)10 ( )0.5 (to)10.1 ( )0.5 (1)10 (.)10 (7)10 (5)10 (%,)10 ( )0.5 (the)10 ( )0.5 (long-term)10.1 ( )0.5 (beneficial)10 ( )0.5 (certificates)10 ( )0.5 (bore)10 ( )0.5 (annual)10 ( )0.5 (fixed)10 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.231 Td [(interest )0.5 (rates )0.5 (ranged )0.5 (from )0.5 (1.96% )0.5 (to )0.5 (2.60%, )0.5 (annual )0.5 (floating interest )0.5 (rates )0.5 (ranged )0.5 (from )]TJ 0.041 Tw 0 -1.231 Td (3.75% to 8.30%, while the annual fixed interest rates for corporate bond\s ranged from )Tj 0.024 Tc 0 Tw 0 -1.231 Td [(1.64% to 3.49%, and the annual fixed interest rates for subordinated bon\ds ranged from)-1 ( )]TJ 0.025 Tc 0 -1.231 Td (2.28% to 4.07%)Tj 0 Tc (.)Tj ET endstreamendobj56 0 obj<>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 32 \226)Tj /T1_1 1 Tf 13 0 0 13 56.6929 776.409 Tm (FINANCIAL ANALYSIS)Tj /T1_0 1 Tf 0.049 Tc 0.07 Tw 0 -2.462 Td [(The)12.3 ( Group)12.2 ( adopts)12.3 ( a)12.3 ( prudent)12.2 ( financial)12.3 ( policy)12.2 ( to)12.3 ( achieve)12.2 ( its)12.2 ( long-term)12.3 ( objective)12.3 ( of)24 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (delivering quality returns to shareholders.)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 (3)12.8 (2)12.9 (4)12.8 (.)12.9 (9)12.8 (6)20 ( )]TJ 0.038 Tc 0 -1.231 Td [(million,)12.7 ( representing)12.7 ( a)12.7 ( decrease)12.8 ( of)12.8 ( 3)12.8 (.)12.7 (2)12.8 (%)12.7 ( year-on-year,)12.8 ( basic)12.7 ( earnings)12.7 ( per)12.7 ( share)12.7 ( was)13 ( )]TJ 0 -1.231 Td [(Rmb)12.9 (8)12.9 (8)12.8 (.)12.9 (6)12.9 (2)12.9 ( cents,)12.9 ( representing)12.9 ( a)12.8 ( decrease)12.9 ( of)12.9 ( 3)12.9 (.)12.9 (5)12.8 (%)12.9 ( year-on-year,)12.8 ( diluted)12.9 ( earnings)12.8 ( per)13 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(share)6 ( )0.5 (was)6 ( )0.5 (Rmb)6 (8)6 (8)6.1 (.)6 (6)6 (2)6 ( )0.5 (cents)0.5 (,)6 ( )0.5 (repr)0.5 (esenting)6 ( )0.5 (a)6 ( )0.6 (de)0.5 (cre)0.5 (ase)6 ( )0.5 (of)6 ( )0.5 (2)6 (.)6 (1)6 (%)6 ( )0.5 (year-on-year,)6 ( )0.5 (and)6 ( )0.5 (return)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (on equity was 11.0%, representing a decrease of 7.6% 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 (5)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 (2)13 (1)13 (4)13 (,)13 (4)13 (9)13.1 (2)13 (.)13 (2)13 (3)17 ( )]TJ 0.065 Tc 0 -1.231 Td [(million)12.5 ( \(December)12.5 ( 3)12.6 (1)12.5 (,)12.5 ( 2)12.5 (0)12.5 (2)12.5 (4)12.6 (:)12.5 ( Rmb)12.6 (1)12.5 (4)12.5 (5)12.5 (,)12.5 (9)12.5 (2)12.5 (4)12.6 (.)12.5 (3)12.5 (0)12.5 ( million\),)12.5 ( of)12.5 ( which)12.5 ( bank)12.5 ( balances,)40 ( )]TJ 0.055 Tc 0 -1.231 Td [(settlement)12.9 ( reserves,)12.8 ( deposits)12.8 ( and)12.8 ( cash)12.8 ( accounted)12.9 ( for)12.9 ( 1)12.8 (5)12.8 (.)12.8 (9)12.9 (%)12.8 ( \(December)12.8 ( 3)12.8 (1)12.9 (,)12.8 ( 2)12.8 (0)12.8 (2)12.9 (4)12.8 (:)30 ( )]TJ 0.071 Tc 0 -1.231 Td [(1)12.5 (6)12.5 (.)12.6 (0)12.5 (%\),)12.6 ( client)12.6 ( bank)12.6 ( balances)12.5 ( and)12.5 ( settlement)12.5 ( reserves)12.5 ( held)12.5 ( on)12.5 ( behalf)12.5 ( of)12.6 ( clients)46 ( )]TJ 0.025 Tc 0.063 Tw 0 -1.231 Td (represented 34.0% \(December 31, 2024: 33.6%\), financial assets at fair\ value through )Tj 0.05 Tc 0.07 Tw 0 -1.231 Td [(profit)12.2 ( or)12.2 ( loss)12.3 ( constituted)12.2 ( 2)12.3 (3)12.2 (.)12.2 (2)12.3 (%)12.2 ( \(December)12.2 ( 3)12.2 (1)12.2 (,)12.2 ( 2)12.2 (0)12.3 (2)12.2 (4)12.2 (:)12.2 ( 2)12.2 (4)12.2 (.)12.3 (4)12.2 (%\),)12.2 ( and)12.3 ( customer)12.3 ( loans)25 ( )]TJ 0.062 Tc 0 -1.231 Td [(arising)12.4 ( from)12.4 ( margin)12.5 ( financing)12.4 ( and)12.4 ( securities)12.4 ( lending)12.5 ( business)12.5 ( comprised)12.4 ( 1)12.4 (8)12.5 (.)12.4 (2)12.5 (%)36.9 ( )]TJ 0.025 Tc 0.059 Tw 0 -1.231 Td (\(December 31, 2024: 16.6%\). The current ratio \(current assets over cu\rrent liabilities\) )Tj 0.022 Tw 0 -1.231 Td [(of )0.5 (the )0.5 (Group )0.5 (as )0.6 (at )0.5 (December )0.5 (31, )0.5 (2025 )0.5 (was )0.5 (1.30)]TJ 0 Tc 0.047 Tw [( )0.5 (\()]TJ 0.025 Tc 0.022 Tw 21.052 0 Td [(December )0.5 (31, )0.5 (2024: )0.5 (1.30\). )0.5 (Excluding )]TJ 0.032 Tc 0.076 Tw -21.052 -1.231 Td [(the)7 ( )0.5 (effect)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.5 (customer)7 ( )0.5 (deposits)7 ( )0.5 (arising)6.9 ( )0.6 (from)7 ( )0.5 (the)7 ( )0.5 (securities)7 ( )0.5 (business,)7 ( )0.5 (the)7 ( )0.5 (resultant)7 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(current)9 ( )0.5 (ratio)8.9 ( )0.5 (of)9 ( )0.5 (the)9 ( )0.5 (Group)9 ( )0.5 (\(current)9 ( )0.5 (assets)9 ( )0.5 (less)9 ( )0.5 (bank)9 ( )0.5 (balances)9 ( )0.6 (and)9 ( clearing)9 ( )0.5 (settlement)9 ( )]TJ 0.052 Tc 0.07 Tw 0 -1.231 Td [(fund)12.4 ( held)12.4 ( on)12.5 ( behalf)12.4 ( of)12.4 ( customers)12.4 ( over)12.4 ( current)12.4 ( liabilities)12.4 ( less)12.4 ( balance)12.4 ( of)12.4 ( accounts)27 ( )]TJ 0.025 Tc 0.081 Tw 0 -1.231 Td [(payable )0.5 (to customers )0.5 (arising from securities business\) )0.5 (was )0.5 (1.60)]TJ 0 Tc 0.106 Tw [( )0.5 (\()]TJ 0.025 Tc 0.081 Tw 28.345 0 Td [(December )0.5 (31, 2024: )]TJ -0.025 Tw -28.345 -1.231 Td (1.60\).)Tj ET endstreamendobj52 0 obj<>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 31 \226)Tj /T1_1 1 Tf 0.362 Tw 13 0 3.4833 13 55.3588 776.409 Tm [(\(II\) )0.5 (Financial )]TJ -0.025 Tw 6.681 0 Td (Segment)Tj /T1_0 1 Tf 0.048 Tw 13 0 0 13 85.0394 744.409 Tm [(Zhejiang )0.5 (Communications )0.5 (Investment )0.5 (Group )0.5 (Finance )0.6 (Co., )0.5 (Ltd. )0.5 (\(a )0.5 (20.08% )0.5 (owned )]TJ 0.048 Tc 0.07 Tw 0 -1.231 Td [(associate)12.4 ( of)12.4 ( the)12.3 ( Company\))12.4 ( derived)12.3 ( income)12.4 ( mainly)12.4 ( from)12.4 ( interest)12.4 ( income,)12.4 ( fees)23 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(a)0.5 (n)0.5 (d)2 ( )0.5 (c)0.6 (o)0.5 (m)0.5 (m)0.5 (i)0.5 (s)0.5 (s)0.5 (i)0.6 (o)0.5 (n)0.5 (s)2 ( )0.5 (f)0.5 (o)0.5 (r)2 ( )0.5 (p)0.5 (r)0.5 (o)0.6 (v)0.5 (i)0.5 (d)0.5 (i)0.5 (n)0.5 (g)2 ( )0.5 (f)0.5 (i)0.5 (n)0.6 (a)0.5 (n)0.5 (c)0.5 (i)0.5 (a)0.6 (l)2 ( s)0.6 (e)0.5 (r)0.5 (v)0.5 (i)0.5 (c)0.6 (e)0.5 (s)0.5 (,)2 ( )0.5 (i)0.5 (n)0.5 (c)0.6 (l)0.5 (u)0.5 (d)0.5 (i)0.5 (n)0.5 (g)2 ( )0.5 (a)0.5 (r)0.6 (r)0.5 (a)0.5 (n)0.5 (g)0.5 (i)0.5 (n)0.6 (g)2 ( l)0.6 (o)0.5 (a)0.5 (n)0.5 (s)2 ( )0.5 (a)0.5 (n)0.5 (d)2 ( )]TJ 0.025 Tc 0.012 Tw 0 -1.231 Td (receiving deposits, for )Tj (Zhejiang Communications Investment Group Co., Ltd.)Tj (, the )Tj 0.026 Tc 0.082 Tw 0 -1.231 Td [(controlling)1 ( )0.5 (shareholder)1 ( )0.5 (of)1 ( )0.5 (the)1 ( )0.5 (Company,)1 ( )0.5 (and)1 ( )0.5 (its)1 ( )0.5 (subsidiaries.)1 ( )0.5 (During)1 ( )0.5 (the)1 ( )0.5 (Period,)1 ( )]TJ 0.057 Tc 0.07 Tw 0 -1.231 Td [(the)12.8 ( associate)12.8 ( recorded)12.8 ( a)12.8 ( net)12.8 ( profit)12.8 ( of)12.8 ( Rmb)12.8 (4)12.8 (4)12.8 (0)12.8 (.)12.8 (8)12.8 (9)12.7 ( million)12.8 ( \()12.8 (2)12.7 (0)12.8 (2)12.8 (4)12.8 (:)12.8 ( Rmb)12.8 (3)12.8 (9)12.7 (5)12.8 (.)12.8 (2)12.8 (4)32 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (million\).)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 ( \(a)12.3 ( 1)12.2 (0)12.2 (.)12.2 (6)12.2 (1)12.3 (%)12.2 ( owned)12.2 ( associate)12.2 ( of)12.2 ( the)17 ( )]TJ 0.025 Tc 0.059 Tw 0 -1.231 Td (Company\) 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 )0.5 (financial )0.6 (leasing )0.5 (assets, )0.5 (fixed-income )0.5 (securities )0.5 (investment, )0.5 (and )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(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 Rmb705.24 mill\ion \(2024:)-4 ( )]TJ 0.025 Tc 0 -1.231 Td (Rmb687.27 million\).)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 2025.)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 (\(Limited)2 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.231 Td [(Pa)0.5 (rt)0.5 (ne)0.5 (rsh)0.5 (ip)0.5 (\))12.9 ( \()0.5 (a)12.9 ( )0.5 (2)12.9 (4)13 (.)12.9 (9)12.9 (9)13 (%)12.9 ( )0.5 (ow)0.5 (ned)13 ( a)0.5 (ss)0.5 (oci)0.5 (at)0.5 (e)12.9 ( )0.5 (of)13 ( th)0.5 (e)12.9 ( )0.5 (Com)0.5 (pa)0.5 (ny\))13 ( i)0.5 (s)12.9 ( )0.5 (pri)0.5 (ma)0.5 (ri)0.5 (ly)12.9 ( )0.5 (en)0.5 (ga)0.5 (ged)14 ( )]TJ 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 0.056 Tc 0 -1.231 Td [(During)12.9 ( the)12.9 ( Period,)12.9 ( the)12.8 ( net)12.9 ( loss)12.9 ( of)12.9 ( the)12.8 ( associate)12.9 ( attributable)12.9 ( to)12.9 ( the)12.9 ( Company)31 ( )]TJ 0.051 Tc 0 -1.231 Td [(was)12.9 ( Rmb)12.8 (1)12.8 (7)12.8 (.)12.8 (3)12.8 (5)12.9 ( million)12.8 ( \()12.9 (2)12.7 (0)12.9 (2)12.8 (4)12.8 (:)12.8 ( the)12.8 ( net)12.8 ( loss)12.9 ( of)12.8 ( the)12.9 ( associate)12.8 ( attributable)12.9 ( to)12.8 ( the)26 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Company: Rmb19.22 million\).)Tj ET endstreamendobj37 0 obj<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 2/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj38 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj39 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 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)]TJ -0.025 Tw 7.816 0 Td (Segment)Tj /T1_0 1 Tf 0.059 Tc 0.07 Tw 13 0 0 13 85.0393 712.3179 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 (\(\223)]TJ /T1_1 1 Tf 24.798 0 Td [(S)0.5 (he)0.5 (n)0.5 (g)0.5 (xi)0.5 (n)13 ( C)0.5 (o)]TJ /T1_0 1 Tf 0.046 Tc 0.083 Tw 6.119 0 Td [(\224)-12.5 (, a )0.5 (50%)21 ( )]TJ 0.067 Tc 0.07 Tw -30.917 -1.231 Td [(owned)12.9 ( joint)12.8 ( venture)12.8 ( of)12.9 ( the)12.9 ( Company\))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 0.038 Tc 0 -1.231 Td [(Ningbo-Jinhua)12.5 ( Expressway.)12.5 ( During)12.5 ( the)12.6 ( Period,)12.5 ( average)12.5 ( daily)12.5 ( traffic)12.6 ( volume)12.6 ( in)13 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(full-trip)5 ( )0.5 (equivalents)5 ( )0.5 (was)5 ( )0.5 (3)5 (2)5 (,)5 (9)5 (5)5 (6)5 (,)5 ( )0.5 (representing)5 ( )0.5 (a)5 ( )0.5 (year-on-year)5 ( )0.5 (increase)5 ( )0.5 (of)5 ( )0.5 (6)5 (.)5 (3)5 (0)5 (%,)5 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(with)9 ( )0.5 (toll)9 ( )0.5 (revenue)9 ( )0.5 (amounting)9 ( )0.5 (to)9 ( )0.5 (Rmb)9 (5)9 (9)9 (2)9 (.)9 (8)9 (2)9 ( )0.5 (million)9 ( )0.5 (\()9 (2)9 (0)9 (2)9 (4)9 (:)9 ( )0.5 (Rmb)9 (5)9 (6)9 (4)9 (.)9 (4)9 (6)9 ( )0.5 (million\).)9 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(During)4 ( )0.5 (the)4 ( )0.5 (Pe)0.5 (riod,)4 ( )0.5 (the)4 ( )0.5 (joint)4 ( )0.5 (venture)4 ( )0.5 (re)0.5 (corded)4 ( )0.5 (a)4 ( )0.5 (net)4 ( )0.5 (pr)0.5 (ofit)4 ( )0.5 (of)4 ( )0.5 (Rmb)4 (2)4 (2)4 (8)4 (.)4 (8)4 (6)4 ( )0.5 (million)4 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (\(2024: Rmb216.55 million\).)Tj 0.129 Tc 0.07 Tw 0 -2.462 Td [(Zhejiang)12.9 ( Zhijiang)12.8 ( Communications)12.8 ( Holdings)12.9 ( Co.,)12.9 ( Ltd.)12.9 ( \(\223)]TJ /T1_1 1 Tf -0.129 Tw [(Zhijiang)104 ( )]TJ 0.048 Tc 0.07 Tw 0 -1.231 Td [(Communications)12.5 ( Holdings)]TJ /T1_0 1 Tf [(\224,)12.5 ( a)12.6 ( 5)12.5 (0)12.5 (%)12.5 ( owned)12.6 ( joint)12.6 ( venture)12.5 ( of)12.5 ( the)12.5 ( Company\))12.5 ( is)23 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(primarily)11 ( )0.5 (engaged)11 ( )0.5 (in)11 ( )0.5 (expressway)11 ( )0.5 (investments)11 ( )0.5 (and)11 ( )0.5 (holds)11 ( )0.5 (a)11 ( )0.5 (1)11 (0)11 (0)11 (%)11 ( )0.5 (equity)11 ( )0.5 (interest)11 ( )]TJ 0.062 Tc 0.07 Tw 0 -1.231 Td [(in)12.1 ( the)12.2 ( 1)12.2 (4)12.2 (5)12.1 (km)12.2 ( Yonglan)12.2 ( Expressway)12.1 ( and)12.2 ( a)12.1 ( 5)12.2 (1)12.1 (%)12.2 ( equity)12.1 ( interest)12.1 ( in)12.1 ( the)12.2 ( 1)12.1 (3)12.2 (5)12.1 (km)37 ( )]TJ 0.025 Tc 0.063 Tw 0 -1.231 Td (Guisan Expressway. During the Period, the joint venture achieved a net p\rofit of )Tj 0 Tw 0 -1.231 Td (Rmb67.73 million \(2024: Rmb44.94 million\).)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 Rmb375.84 million \(2024: Rmb523.86 million\).)Tj 0.112 Tc 0.07 Tw 0 -2.462 Td [(The)12.8 ( Company)12.8 ( held)12.7 ( 3)12.8 (0)12.8 (%)12.8 ( of)12.8 ( the)12.8 ( subordinated)12.8 ( class)12.8 ( of)12.8 ( CICC-Zhejiang)87 ( )]TJ 0.047 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 (a)0.5 (y)0.5 (-S)0.5 (h)0.5 (e)0.5 (n)0.5 (ji)0.5 (a)0.5 (h)0.5 (u)0.5 (ha)0.5 (n)0.5 (g)13 ( )0.5 (a)0.5 (ss)0.5 (e)0.5 (t)0.5 (-)0.5 (b)0.5 (a)0.5 (c)0.5 (ke)0.5 (d)13 ( )0.5 (s)0.5 (p)0.5 (ec)0.5 (i)0.5 (a)0.5 (l)13 ( )0.5 (pr)0.5 (o)0.5 (g)0.5 (r)0.5 (a)0.5 (m)12.9 ( )0.5 (\()0.5 (t)0.5 (h)0.5 (e)13 ( \223)]TJ /T1_1 1 Tf -0.047 Tw 28.71 0 Td [(A)0.5 (s)0.5 (s)0.5 (et)0.5 (-)0.5 (b)0.5 (a)0.5 (c)0.5 (ke)0.5 (d)22 ( )]TJ 0.025 Tc 0 Tw -28.71 -1.231 Td [(S)0.5 (p)0.5 (e)0.5 (c)0.5 (i)0.5 (a)0.5 (l)0.5 ( )0.5 (P)0.5 (r)0.5 (o)0.5 (g)0.5 (r)0.5 (a)0.5 (m)0.5 ( )0.5 (\()0.5 (P)0.5 (h)0.5 (a)0.5 (s)0.5 (e)0.5 ( )0.5 (I)0.5 (\))]TJ /T1_0 1 Tf 11.805 0 Td [(\224)0.5 (\))0.5 ( )0.5 (w)0.5 (h)0.5 (i)0.5 (c)0.5 (h)0.5 ( )]TJ -0.025 Tw 3.941 0 Td [(o)0.5 (w)0.5 (n)0.5 (s)]TJ 0 Tw 2.209 0 Td [( )0.5 (S)0.5 (h)0.5 (e)0.5 (n)0.5 (j)0.5 (i)0.5 (a)0.5 (h)0.5 (u)0.5 (h)0.5 (a)0.5 (n)0.5 (g)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 (w)0.5 (i)0.5 (t)0.5 (h)0.5 ( )0.5 (a)0.5 ( )0.5 (t)0.5 (o)0.5 (t)0.5 (a)0.5 (l )]TJ 0.044 Tc 0.07 Tw -17.956 -1.231 Td [(length)12.3 ( of)12.2 ( 9)12.2 (3)12.2 (km.)12.3 ( During)12.2 ( the)12.3 ( Period,)12.3 ( the)12.3 ( Asset-Backed)12.2 ( Special)12.2 ( Program)12.3 ( \(Phase)19 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(I)0.5 (\))3 ( )0.5 (w)0.5 (a)0.5 (s)3 ( )0.5 (r)0.5 (e)0.5 (n)0.5 (e)0.6 (w)0.5 (e)0.5 (d)3 ( )0.5 (u)0.5 (p)0.5 (o)0.5 (n)3 ( )0.5 (ma)0.6 (t)0.5 (ur)0.6 (it)0.5 (y)0.5 (.)3 ( )0.5 (A)0.6 (t)3 ( )0.5 (th)0.5 (e)3.1 ( s)0.6 (a)0.5 (m)0.5 (e)3 ( )0.5 (t)0.5 (i)0.5 (m)0.5 (e)0.5 (,)3 ( )0.5 (t)0.5 (he)3.1 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)3 ( )0.5 (h)0.5 (e)0.5 (l)0.5 (d)3 ( )0.5 (2)3 (0)2.9 (%)3.1 ( )0.5 (o)0.5 (f)3 ( )0.5 (t)0.5 (h)0.5 (e)3 ( )]TJ 0.045 Tc 0.07 Tw 0 -1.231 Td [(s)0.5 (u)0.5 (b)0.5 (or)0.6 (di)0.5 (n)0.5 (a)0.5 (t)0.5 (e)0.5 (d)13 ( )0.5 (c)0.5 (l)0.5 (a)0.5 (s)0.5 (s)13 ( )0.5 (of)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (r)0.5 (e)0.5 (n)0.5 (e)0.5 (w)0.5 (e)0.5 (d)13 ( )0.5 (C)0.5 (I)0.5 (CC)0.5 (-)0.5 (Z)0.5 (h)0.5 (e)0.5 (j)0.5 (i)0.5 (a)0.5 (n)0.5 (g)13 ( 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 (S)0.5 (h)0.5 (e)0.5 (n)0.5 (ji)0.5 (a)0.5 (h)0.5 (u)0.5 (h)0.5 (a)0.5 (n)0.5 (g)20 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(a)0.5 (s)0.5 (s)0.6 (e)0.5 (t)0.5 (-)0.5 (b)0.5 (a)0.6 (c)0.5 (k)0.5 (e)0.5 (d)0.5 ( )0.5 (s)0.5 (p)0.6 (e)0.5 (c)0.5 (i)0.5 (a)0.5 (l)0.5 ( )0.6 (p)0.5 (r)0.5 (o)0.5 (g)0.5 (r)0.5 (a)0.6 (m)0.5 ( )0.5 (\()0.5 (P)0.5 (h)0.5 (a)0.5 (s)0.5 (e)0.6 ( )0.5 (I)0.5 (I)0.5 (\))0.5 ( )0.5 (\()0.6 (\223)]TJ /T1_1 1 Tf 17.952 0 Td [(A)0.5 (s)0.5 (s)0.6 (e)0.5 (t)0.5 (-)0.5 (b)0.5 (a)0.5 (c)0.6 (k)0.5 (e)0.5 (d)0.5 ( )0.5 (S)0.5 (p)0.5 (e)0.6 (c)0.5 (i)0.5 (a)0.5 (l)0.5 ( )0.5 (P)0.6 (r)0.5 (o)0.5 (g)0.5 (r)0.5 (a)0.5 (m)0.5 ( )0.5 (\()0.6 (P)0.5 (h)0.5 (a)0.5 (s)0.5 (e)-1 ( )]TJ 0.025 Tc -0.025 Tw -17.952 -1.231 Td (II\))Tj /T1_0 1 Tf 0.078 Tw (\224\). During the Period, the total investment income from Asset-backed\ Special )Tj 0.032 Tc 0.076 Tw 0 -1.231 Td [(Program)7 ( )0.5 (\(Phase)7 ( )0.5 (I\))7 ( )0.5 (and)7 ( )0.5 (Asset-backed)7 ( )0.5 (Special)7 ( )0.5 (Program)7 ( )0.5 (\(Phase)7 ( )0.5 (II\))7 ( )0.5 (was)7 ( )0.5 (Rmb)7 (7)7 (9)7 (.)7 (4)7 (8)7 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (million.)Tj 0.031 Tc 0.077 Tw 0 -2.462 Td [(Zhejiang)6 ( )0.5 (Wenzhou)6 ( )0.5 (YongTaiWen)6 ( )0.5 (Expressway)6 ( )0.5 (Co.,)6 ( )0.5 (Ltd.)6.1 ( )0.5 (\(a)6.1 ( )0.5 (1)6 (5)6 (%)6 ( )0.5 (owned)6 ( )0.5 (associate)6 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.231 Td [(of the )0.5 (Company\) )0.5 (operates )0.5 (Wenzhou )0.5 (Section )0.5 (of )0.5 (YongTaiWen )0.5 (Expressway )0.5 (with )0.5 (a )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(total)10 ( )0.5 (length)10 ( )0.5 (of)10 ( )0.5 (1)10 (3)10.1 (9)9.9 (km.)10 ( )0.5 (During)10 ( )0.5 (the)10 ( )0.5 (Period,)10 ( )0.5 (the)10 ( )0.5 (associate)10.1 ( )0.5 (recorded)10 ( )0.5 (a)10 ( )0.5 (net)10 ( )0.5 (profit)10 ( )0.5 (of)10 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Rmb181.18 million \(2024: Rmb231.43 million\).)Tj ET endstreamendobj82 0 obj<>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 /T1_1 1 Tf 13 0 0 13 56.6929 776.0055 Tm (Securities Business)Tj /T1_0 1 Tf 0.074 Tw 0 -2.462 Td (In 2025, amid a complex external environment and intensifying industry c\ompetition, )Tj 0.051 Tc 0.07 Tw 0 -1.231 Td [(China\222s)12 ( capital)12.1 ( market)12.1 ( demonstrated)12.1 ( overall)12 ( stability)12.1 ( with)12.1 ( positive)12 ( trends,)12 ( driven)26 ( )]TJ 0.042 Tc 0 -1.231 Td [(by)12.6 ( supportive)12.6 ( macroeconomic)12.6 ( policies)12.6 ( and)12.6 ( steady)12.6 ( economic)12.7 ( recovery.)12.6 ( The)12.7 ( A-share)17 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(m)0.5 (a)0.6 (r)0.6 (k)0.5 (e)0.6 (t)12 ( )0.5 (s)0.5 (a)0.6 (w)12 ( )0.5 (a)0.6 (c)0.5 (t)0.6 (i)0.5 (v)0.6 (e)12 ( )0.5 (t)0.5 (r)0.6 (a)0.5 (d)0.6 (i)0.5 (n)0.6 (g)0.5 (,)12 ( )0.5 (w)0.6 (i)0.5 (t)0.6 (h)12 ( )0.5 (i)0.5 (n)0.6 (v)0.5 (e)0.6 (s)0.5 (t)0.6 (o)0.6 (r)12 ( )0.5 (c)0.5 (o)0.6 (n)0.5 (f)0.6 (i)0.5 (d)0.6 (e)0.5 (n)0.6 (c)0.5 (e)12 ( )0.6 (g)0.5 (r)0.5 (a)0.6 (d)0.6 (u)0.5 (a)0.6 (l)0.5 (l)0.6 (y)11.9 ( )0.5 (r)0.6 (e)0.6 (c)0.5 (o)0.6 (v)0.5 (e)0.6 (r)0.5 (i)0.6 (n)0.5 (g)12 ( )0.5 (a)0.6 (n)0.5 (d)12.1 ( m)0.6 (a)0.5 (j)0.6 (o)0.5 (r)12.1 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(indices)1.9 ( )0.5 (showing)2 ( steady)2 ( )0.5 (upward)2 ( )0.5 (momentum.)1.9 ( )0.5 (Proactively)2 ( )0.5 (seizing)2.1 ( market)2 ( )0.5 (opportunities,)2 ( )]TJ 0.068 Tc 0.07 Tw 0 -1.231 Td [(Zheshang)12.6 ( Securities)12.7 ( adhered)12.6 ( to)12.7 ( direction)12.6 ( of)12.6 ( market-oriented,)12.6 ( professional,)12.6 ( and)43 ( )]TJ 0.025 Tc 0.059 Tw 0 -1.231 Td (differentiated development, continuously deepened reform and innovation,\ focused on )Tj 0.056 Tw 0 -1.231 Td (enhancing quality and efficiency of operational management, and achieved\ significant )Tj 0.035 Tc 0.073 Tw 0 -1.231 Td [(growth)10 ( )0.5 (in)9.9 ( )0.5 (annual)10 ( )0.6 (operating)10 ( )0.5 (performance.)10 ( )0.5 (Notably,)10 ( )0.5 (brokerage)10.1 ( )0.5 (business)10 ( )0.5 (and)10 ( )0.5 (securities)10 ( )]TJ 0.047 Tc -0.047 Tw 0 -1.231 Td [(i)0.5 (nv)0.5 (e)0.5 (s)0.5 (tm)0.5 (e)0.5 (nt)13 ( )]TJ 5.208 0 Td [(b)0.5 (us)0.5 (i)0.5 (n)0.5 (es)0.5 (s)]TJ 0.07 Tw 3.749 0 Td [( )0.5 (de)0.5 (l)0.5 (i)0.5 (ve)0.5 (r)0.5 (e)0.5 (d)13 ( o)0.5 (u)0.5 (ts)0.5 (t)0.5 (an)0.5 (d)0.5 (i)0.5 (ng)13 ( )0.5 (pe)0.5 (r)0.5 (f)0.5 (o)0.5 (rm)0.5 (a)0.5 (n)0.5 (ce)0.5 (,)13 ( )0.5 (wh)0.5 (i)0.5 (le)13 ( )0.5 (t)0.5 (he)13 ( )0.5 (a)0.5 (c)0.5 (qu)0.5 (i)0.5 (si)0.5 (t)0.5 (i)0.5 (on)13 ( )0.5 (of)13 ( )0.5 (a)22 ( )]TJ 0.025 Tc 0 Tw -8.957 -1.231 Td (controlling stake in Guodu Securities Co., Ltd. also contributed )Tj -0.025 Tw (growth)Tj 0 Tw ( to results.)Tj 0.046 Tc 0.07 Tw 0 -2.462 Td [(During)12.7 ( the)12.7 ( Period,)12.7 ( Zheshang)12.7 ( Securities)12.8 ( recorded)12.7 ( revenue)12.7 ( of)12.7 ( Rmb)12.7 (7)12.7 (,)12.7 (5)12.7 (5)12.7 (0)12.7 (.)12.8 (6)12.7 (1)12.7 ( million,)21 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(representing)5 ( )0.5 (a)5.1 ( )0.5 (year-on-year)5 ( )0.5 (increase)5 ( )0.5 (of)5 ( )0.5 (2)5 (2)5 (.)5 (1)5 (%,)5 ( )0.5 (of)5 ( )0.5 (which)5 ( )0.5 (commission)5 ( )0.5 (and)5 ( )0.5 (fee)5 ( )0.5 (income)5 ( )]TJ 0.038 Tc 0.07 Tw 0 -1.231 Td [(increased)12.3 ( 2)12.3 (5)12.3 (.)12.2 (8)12.3 (%)12.3 ( year-on-year)12.3 ( to)12.3 ( Rmb)12.2 (4)12.3 (,)12.3 (6)12.3 (4)12.3 (3)12.2 (.)12.3 (0)12.3 (0)12.3 ( million;)12.3 ( interest)12.3 ( income)12.3 ( of)12.3 ( securities)13 ( )]TJ 0.042 Tc 0 -1.231 Td [(business)12.7 ( reached)12.7 ( Rmb)12.7 (2)12.7 (,)12.7 (9)12.7 (0)12.6 (7)12.7 (.)12.7 (6)12.7 (2)12.6 ( million,)12.7 ( a)12.7 ( 1)12.7 (6)12.7 (.)12.7 (8)12.6 (%)12.7 ( increase)12.7 ( year-on-year.)12.6 ( In)12.7 ( addition,)17 ( )]TJ 0.062 Tc 0 -1.231 Td [(securities)12.2 ( investment)12.2 ( gains)12.2 ( of)12.2 ( Zheshang)12.2 ( Securities)12.2 ( included)12.2 ( in)12.2 ( the)12.2 ( consolidated)37.1 ( )]TJ 0.074 Tc 0 -1.231 Td [(s)0.5 (t)0.5 (a)0.5 (t)0.5 (e)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (f)0.5 (i)0.5 (t)13 ( )0.5 (o)0.5 (r)13 ( )0.5 (l)0.5 (o)0.5 (s)0.5 (s)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (o)0.5 (t)0.5 (h)0.5 (e)0.5 (r)13 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (p)0.5 (r)0.5 (e)0.5 (h)0.5 (e)0.5 (n)0.5 (s)0.5 (i)0.5 (v)0.5 (e)13 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (o)0.5 (m)0.5 (e)13 ( )0.5 (o)0.5 (f)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 (w)0.5 (a)0.5 (s)49 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Rmb2,819.17 million \(2024: Rmb1,735.12 million\).)Tj /T1_1 1 Tf 0 -2.462 Td (Hotel and Catering)Tj /T1_0 1 Tf 0.06 Tc 0.07 Tw 0 -2.462 Td [(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 ( \(a)12.6 ( 1)12.6 (0)12.6 (0)12.6 (%)12.6 ( owned)35 ( )]TJ 0.045 Tc 0 -1.231 Td [(subsidiary)12.3 ( of)12.3 ( the)12.2 ( Company\),)12.2 ( recorded)12.2 ( revenue)12.3 ( of)12.3 ( Rmb)12.2 (3)12.3 (9)12.2 (.)12.2 (8)12.3 (2)12.2 ( million)12.3 ( for)12.2 ( the)12.3 ( Period)20 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (\(2024: Rmb42.93 million\).)Tj 0.077 Tw 0 -2.462 Td (Grand New Century Hotel, owned by Zhejiang Linping Expressway Co., Ltd. \\(a 51% )Tj 0.045 Tc 0.07 Tw 0 -1.231 Td [(owned)12.3 ( subsidiary)12.3 ( of)12.4 ( the)12.4 ( Company\),)12.4 ( recorded)12.4 ( revenue)12.3 ( of)12.3 ( Rmb)12.4 (6)12.3 (1)12.4 (.)12.3 (8)12.4 (1)12.4 ( million)12.3 ( for)12.4 ( the)20 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Period \(2024: Rmb65.32 million\).)Tj ET endstreamendobj81 0 obj<>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 /T1_1 1 Tf 0.032 Tc 0.076 Tw 13 0 0 13 85.0394 776.3179 Tm [(Solidified)7 ( )0.5 (sustainable)7 ( )0.5 (development)7 ( )0.5 (foundation)7 ( of)7 ( )0.5 (core)7 ( )0.5 (expressway)7 ( )0.5 (business.)]TJ /T1_0 1 Tf 0 Tc 0 Tw 34.913 0 Td ( )Tj 0.064 Tc 0.07 Tw -34.913 -1.231 Td [(An)12.4 ( acquisition)12.4 ( of)12.4 ( 5)12.5 (1)12.4 (%)12.5 ( equity)12.5 ( stake)12.5 ( in)12.5 ( the)12.5 ( 1)12.5 (3)12.5 (5)12.4 ( km)12.4 ( Guisan)12.5 ( Expressway)12.5 ( was)39 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(c)0.5 (om)0.5 (p)0.5 (le)0.5 (te)0.5 (d)0.5 ( t)0.5 (h)0.5 (ro)0.5 (ug)0.5 (h)0.5 ( a)0.5 ( )0.5 (jo)0.5 (in)0.5 (t)0.5 ( v)0.5 (e)0.5 (nt)0.5 (ur)0.5 (e)0.5 ( )0.5 (in)0.5 (ve)0.5 (s)0.5 (tm)0.5 (e)0.5 (nt)0.5 ( )0.5 (pl)0.5 (a)0.5 (tf)0.5 (or)0.5 (m)0.5 (. )0.5 (G)0.5 (ui)0.5 (s)0.5 (an)0.5 ( E)0.5 (x)0.5 (pr)0.5 (e)0.5 (ss)0.5 (w)0.5 (a)0.5 (y )0.5 (bo)0.5 (a)0.5 (st)0.5 (s)-1 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.231 Td (a strategic location as one of the primary routes connecting Sichuan, Ch\ongqing, )Tj 0.074 Tw 0 -1.231 Td (Yunnan and Guizhou regions to the Pearl River Delta. With its abundant n\atural )Tj 0.023 Tc 0 Tw 0 -1.231 Td [(scenic resources along the route, it also serves as a renowned tourist c\orridor. This)-2 ( )]TJ 0.038 Tc 0.07 Tw 0 -1.231 Td [(acquisition)12.9 ( further)12.9 ( )]TJ -0.038 Tw (expanded)Tj 0.07 Tw 12.597 0 Td [( the)12.9 ( Group\222s)12.9 ( regional)12.9 ( strategic)12.9 ( footprint)12.9 ( following)13 ( )]TJ 0.042 Tc -12.597 -1.231 Td [(the)12.1 ( acquisition)12.1 ( of)12.2 ( the)12.1 ( 1)12.1 (4)12.2 (5)12.1 ( km)12.1 ( Yonglan)12.2 ( Expressway.)12.2 ( Meanwhile,)12.2 ( the)12.1 ( Company)17 ( )]TJ 0.043 Tc 0 -1.231 Td [(successfully)12.4 ( won)12.4 ( the)12.4 ( bid)12.4 ( as)12.4 ( an)12.3 ( investor)12.5 ( for)12.3 ( Parallel)12.4 ( Line)12.4 ( of)12.4 ( Ningbo-Zhoushan)18 ( )]TJ 0.04 Tc 0 -1.231 Td [(Expressway)12.6 ( Phase)12.6 ( II)12.6 ( project,)12.6 ( enhancing)12.6 ( integrated)12.6 ( effects)12.6 ( of)12.6 ( the)12.6 ( regional)12.6 ( road)15 ( )]TJ 0.046 Tc 0 -1.231 Td [(network.)12.2 ( Steady)12.3 ( progress)12.3 ( was)12.2 ( made)12.3 ( on)12.2 ( reconstruction)12.2 ( and)12.2 ( expansion)12.3 ( projects)21 ( )]TJ 0.063 Tc 0 -1.231 Td [(including)12.1 ( Jinhua)12.2 ( and)12.1 ( Shaoxing)12.1 ( Sections)12.1 ( of)12.1 ( Ningbo-Jinhua)12.1 ( Expressway)12 ( and)38 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Zhajiasu Expressway, with the overall construction progress reaching 27.\5%.)Tj /T1_1 1 Tf 0.066 Tc 0.07 Tw 0 -2.462 Td [(Ac)0.5 (c)0.5 (el)0.5 (er)0.5 (at)0.5 (e)0.5 (d)12.9 ( )0.5 (de)0.5 (ve)0.5 (lo)0.5 (pm)0.5 (en)0.5 (t)12.9 ( )0.5 (of)13 ( \223)0.5 (tr)0.5 (an)0.5 (sp)0.5 (or)0.5 (ta)0.5 (ti)0.5 (on)13 ( +)13 ( e)0.5 (ne)0.5 (r)0.5 (gy\224)13 ( i)0.5 (nt)0.5 (eg)0.5 (r)0.5 (ati)0.5 (on)13 ( a)0.5 (nd)41 ( )]TJ 0.064 Tc 0 -1.231 Td [(intelligent)12.9 ( expressways.)12.8 ( )]TJ /T1_0 1 Tf [(Through)12.9 ( capital)12.9 ( injection,)12.9 ( the)12.9 ( Company)12.9 ( acquired)39 ( )]TJ 0 -1.231 Td [(an)12.1 ( 1)12.1 (1)12.1 (.)12.1 (6)12.1 (7)12.1 (3)12.1 (3)12.2 (%)12.1 ( equity)12.1 ( stake)12.1 ( in)12.1 ( Zhejiang)12.2 ( Communications)12.1 ( Investment)12.1 ( Carbon)39 ( )]TJ 0.038 Tc 0 -1.231 Td [(E)0.5 (n)0.5 (v)0.5 (i)0.5 (r)0.5 (o)0.5 (n)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 (a)0.5 (l)13 ( )0.5 (T)0.5 (e)0.5 (c)0.5 (h)0.5 (n)0.5 (o)0.5 (l)0.5 (o)0.5 (g)0.5 (y)13 ( )0.5 (C)0.5 (o)0.5 (.,)13 ( )0.5 (L)0.6 (td)0.5 (.)0.5 (*)13 ( )0.5 (\()]TJ /C0_0 1 Tf 0.358 Tc -0.358 Tw 17.59 0 Td <090F03EA037404B30295104114110FA407C504A603DE082202AE>Tj 0.025 Tc -0.025 Tw -17.59 -1.231 Td <03210081>Tj /T1_0 1 Tf 0.045 Tw 1.675 0 Td (, marking its entry into green new energy sector. The new energy heavy-d\uty )Tj 0.029 Tc 0.079 Tw -1.675 -1.231 Td [(truck)4 ( )0.5 (battery)4 ( )0.5 (swapping)4 ( )0.5 (station)4 ( )0.5 (at)4 ( )0.5 (the)4 ( )0.6 (Shengzhou)4 ( )0.5 (Service)4.1 ( )0.5 (Area)4 ( )0.5 (of)4.1 ( )0.5 (Ningbo-Jinhua)4 ( )]TJ 0.045 Tc 0.07 Tw 0 -1.231 Td [(Expressway)12.6 ( has)12.6 ( commenced)12.6 ( operation,)12.6 ( successfully)12.6 ( establishing)12.6 ( China\222s)12.6 ( first)20 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (dedicated )Tj 4.377 0 Td (transport)Tj 0.045 Tw ( route for foreign trade )Tj -0.025 Tw (container)Tj 0.045 Tw ( electric trucks. Additionally, )Tj 0.079 Tw -4.377 -1.231 Td (the Group completed province-wide deployment of the \223Sunshine Rescue \\()Tj /C0_0 1 Tf 0.225 Tc -0.225 Tw 32.663 0 Td <0DA20388>Tj -32.663 -1.231 Td <0AB90C6A>Tj /T1_0 1 Tf 0.027 Tc 0.081 Tw 2.375 0 Td [(\)\224)2 ( )0.5 (system)2 ( )0.5 (and)1.9 ( )0.5 (the)2 ( )]TJ -0.027 Tw 8.019 0 Td (activation)Tj 0.081 Tw 4.21 0 Td [( )0.5 (of)2 ( )0.5 (the)2.1 ( drone)2 ( )0.5 (flight)2 ( )0.5 (control)2 ( )0.5 (platform,)1.9 ( )0.5 (upgraded)2 ( )]TJ 0.038 Tc 0.07 Tw -14.604 -1.231 Td [(c)0.5 (o)0.5 (r)0.5 (e)13 ( )0.5 (t)0.5 (e)0.5 (c)0.5 (h)0.5 (n)0.5 (o)0.5 (l)0.5 (o)0.5 (g)0.5 (i)0.5 (e)0.5 (s)13 ( )0.5 (s)0.5 (u)0.5 (c)0.5 (h)13 ( )0.5 (a)0.5 (s)13 ( )0.5 (\223)]TJ -0.038 Tw 12.128 0 Td [(Z)0.5 (h)0.5 (i)0.5 (j)0.5 (i)0.5 (a)0.5 (n)0.5 (g)]TJ 0.07 Tw 3.676 0 Td [( )0.5 (I)0.5 (n)0.5 (t)0.5 (e)0.5 (l)0.5 (l)0.5 (i)0.5 (g)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (E)0.5 (y)0.5 (e)13 ( )0.5 (\()]TJ /C0_0 1 Tf 0.238 Tc -0.238 Tw 7.721 0 Td <029803EA11460B3B>Tj /T1_0 1 Tf 0.038 Tc 0.07 Tw 4.864 0 Td [(\))0.5 (\224)0.5 (,)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (c)0.5 (r)0.5 (e)0.5 (a)0.5 (t)0.5 (e)0.5 (d)13 ( )]TJ 0.051 Tc -28.39 -1.231 Td [(a)12.6 ( comprehensive)12.6 ( service)12.6 ( platform)12.6 ( of)12.6 ( intelligent)12.6 ( expressway)]TJ 0 Tc 0 Tw (s)Tj 0.051 Tc 0.07 Tw 27.552 0 Td [( to)12.6 ( continuously)26 ( )]TJ 0.025 Tc 0 Tw -27.552 -1.231 Td (enhance smooth traffic operation through intelligent systems.)Tj /T1_1 1 Tf 0.03 Tc -0.03 Tw 0 -2.462 Td (Steady)Tj 0.078 Tw 3.063 0 Td [( )0.5 (advancement)5 ( )0.5 (in)5 ( )0.5 (A-share)5.1 ( listing)5 ( )0.5 (capital)5 ( )0.5 (operations.)5 ( )]TJ /T1_0 1 Tf 23.952 0 Td [(Seizing)5 ( )0.5 (the)5 ( )0.5 (policy)5 ( )]TJ 0.06 Tc 0.07 Tw -27.014 -1.231 Td [(op)0.5 (po)0.5 (rtu)0.5 (ni)0.5 (ty)12.9 ( )0.5 (of)13 ( r)0.5 (eg)0.5 (ul)0.5 (ato)0.5 (ry)13 ( s)0.5 (upp)0.5 (or)0.5 (t)12.9 ( )0.5 (for)13 ( a)0.5 (bs)0.5 (or)0.5 (pt)0.5 (ion)13 ( a)0.5 (nd)13 ( me)0.5 (rg)0.5 (er)13 ( b)0.5 (et)0.5 (we)0.5 (en)13 ( l)0.5 (ist)0.5 (ed)35 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(c)0.6 (o)0.5 (m)0.6 (p)0.5 (a)0.6 (n)0.5 (i)0.6 (e)0.5 (s)6 ( )0.5 (u)0.6 (n)0.5 (d)0.6 (e)0.5 (r)6.1 ( )0.5 (c)0.5 (o)0.6 (m)0.5 (m)0.6 (o)0.5 (n)6 ( )0.5 (c)0.6 (o)0.5 (n)0.6 (t)0.5 (r)0.6 (o)0.5 (l)0.6 (,)6 ( )0.5 (t)0.5 (h)0.6 (e)6 ( )0.5 (C)0.6 (o)0.5 (m)0.6 (p)0.5 (a)0.6 (n)0.5 (y)6 ( )0.5 (h)0.6 (a)0.5 (s)6.1 ( )0.5 (b)0.5 (e)0.6 (e)0.5 (n)6 ( )0.5 (a)0.6 (d)0.6 (v)0.5 (a)0.6 (n)0.5 (c)0.6 (i)0.5 (n)0.6 (g)6 ( )0.5 (a)0.5 (b)0.6 (s)0.5 (o)0.6 (r)0.5 (p)0.6 (t)0.5 (i)0.6 (o)0.5 (n)6 ( )]TJ 0.056 Tc 0.07 Tw 0 -1.231 Td [(and)12.7 ( merger)12.8 ( through)12.7 ( share)12.7 ( swap)12.8 ( with)12.7 ( Zhejiang)12.7 ( Oceanking)12.7 ( Development)12.7 ( Co.,)31 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(Ltd.)10 ( )0.5 (in)10 ( )0.6 (an)10 ( )0.5 (orderly)10.1 ( )0.5 (manner.)10 ( )0.5 (Upon)10 ( )0.5 (completion)10 ( )0.5 (of)10 ( )0.5 (this)10 ( )0.5 (absorption)10 ( )0.6 (and)10 ( )0.5 (merger,)10 ( )0.5 (the)10 ( )]TJ 0.047 Tc 0.07 Tw 0 -1.231 Td [(Company)12.6 ( will)12.6 ( achieve)12.6 ( listing)12.6 ( on)12.5 ( both)12.5 ( A-share)12.5 ( and)12.6 ( H-share)12.6 ( markets,)12.5 ( which)12.6 ( is)22 ( )]TJ 0.055 Tc 0 -1.231 Td [(conduc)0.5 (ive)12.9 ( to)12.9 ( valu)0.5 (ation)12.9 ( rec)0.5 (overy)12.9 ( )]TJ [(of)12.9 ( )0.5 (th)0.5 (e)12.9 ( Company)]TJ 22.408 0 Td [(,)12.9 ( en)0.5 (hancing)12.9 ( inve)0.5 (stment)12.9 ( and)30 ( )]TJ 0.025 Tc 0 Tw -22.408 -1.231 Td (financing capabilities, and supporting )Tj (the Group\222s)Tj ( long-term development.)Tj ET endstreamendobj80 0 obj<>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 0.035 Tw 13 0 0 13 85.0394 776.3179 Tm (Performance variations across different sections were primarily influenc\ed by the )Tj 0 Tw 0 -1.154 Td (following factors:)Tj 0.034 Tc 0.074 Tw 0 -2.308 Td [(The)9 ( )0.5 (development)9 ( )0.5 (of)9 ( )0.5 (Zhoushan)9 ( )0.5 (industrial)9.1 ( )0.5 (park)9 ( )0.5 (and)9 ( )0.5 (construction)9 ( )0.5 (of)9 ( )0.5 (Parallel)9 ( )0.5 (Line)9 ( )]TJ 0.042 Tc 0.07 Tw 0 -1.154 Td [(of)12.4 ( Ningbo-Zhoushan)12.4 ( Expressway)12.4 ( drove)12.5 ( increased)12.4 ( freight)12.4 ( demand,)12.4 ( resulting)12.4 ( in)17 ( )]TJ 0 -1.154 Td [(significant)12.3 ( growth)12.4 ( in)12.3 ( truck)12.3 ( traffic)12.3 ( volume)12.3 ( on)12.3 ( Zhoushan)12.3 ( Bay)12.4 ( Bridge.)12.3 ( Shangsan)17 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.154 Td [(E)0.5 (x)0.6 (p)0.5 (r)0.5 (e)0.5 (s)0.6 (s)0.5 (w)0.5 (a)0.5 (y)7 ( )0.5 (w)0.6 (a)0.5 (s)7 ( )0.5 (a)0.5 (f)0.6 (f)0.5 (e)0.5 (c)0.6 (t)0.5 (e)0.5 (d)7 ( )0.5 (b)0.5 (y)7 ( )0.5 (t)0.5 (r)0.6 (a)0.5 (f)0.5 (f)0.6 (i)0.5 (c)7 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (t)0.6 (r)0.5 (o)0.5 (l)7 ( )0.5 (f)0.5 (o)0.6 (r)7 ( )0.5 (r)0.5 (e)0.5 (c)0.6 (o)0.5 (n)0.5 (s)0.5 (t)0.5 (r)0.6 (u)0.5 (c)0.5 (t)0.5 (i)0.6 (o)0.5 (n)7 ( )0.5 (a)0.5 (n)0.5 (d)7 ( )0.5 (e)0.6 (x)0.5 (p)0.5 (a)0.5 (n)0.5 (s)0.6 (i)0.5 (o)0.5 (n)7 ( )0.5 (o)0.5 (n)7 ( )]TJ 0.044 Tc 0.07 Tw 0 -1.154 Td [(the)12.5 ( relevant)12.5 ( sections)12.5 ( of)12.5 ( YongTaiWen)12.5 ( Expressway)12.5 ( \(an)12.5 ( external)12.5 ( road)12.5 ( network\),)19 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.154 Td [(while)10 ( )0.5 (Xucun)10 ( )0.5 (to)10.1 ( )0.5 (Fotang)10 ( )0.5 (segment)10 ( )0.5 (on)10 ( )0.5 (the)10 ( )0.5 (reconstruction)10 ( )0.5 (and)10 ( )0.5 (expansion)10 ( )0.5 (project)10 ( )0.5 (of)10 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.154 Td [(Jinhua)12 ( )0.5 (Section)12.1 ( of)12 ( )0.5 (Ningbo-Jinhua)12 ( )0.5 (Expressway)12.1 ( )0.5 (implemented)12 ( )0.5 (traffic)12 ( )0.5 (control)11.9 ( )0.6 (from)12 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.154 Td [(July)7 ( )0.5 (3)7 (1)7 (,)7 ( )0.5 (2)7 (0)7 (2)7 (5)7 (,)7 ( )0.5 (leading)7 ( )0.5 (to)7 ( )0.5 (phased)7 ( )0.5 (declines)7 ( )0.5 (in)7 ( )0.5 (traffic)7.1 ( )0.5 (volume)7.1 ( )0.5 (and)6.9 ( )0.6 (toll)7 ( )0.5 (revenue)7 ( )0.5 (for)7 ( )]TJ 0.025 Tc 0 Tw 0 -1.154 Td (both expressways.)Tj 0.054 Tc 0.07 Tw 0 -2.308 Td [(Suzhou-Taizhou)12.6 ( Expressway)12.6 ( \(Phase)12.6 ( II\))12.5 ( opened)12.6 ( to)12.6 ( traffic)12.6 ( since)12.6 ( July)12.6 ( 4)12.5 (,)12.6 ( 2)12.5 (0)12.6 (2)12.5 (5)12.6 (,)29 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.154 Td [(leading)7 ( )0.5 (to)7 ( )0.5 (a)7.1 ( )0.5 (year-on-year)6.9 ( )0.6 (decline)7 ( )0.5 (in)7 ( )0.5 (traffic)7 ( )0.5 (volume)7 ( )0.5 (of)7 ( )0.5 (Zhajiasu)7 ( )0.5 (Expressway)7 ( )0.5 (due)7 ( )]TJ 0.025 Tc 0.035 Tw 0 -1.154 Td (to diversion. Linan Linglong-Yuqian Section of National Highway 329 open\ed to )Tj 0.076 Tw 0 -1.154 Td (traffic since December 26, 2024, coupled with opening to traffic of West\ Wenyi )Tj 0.027 Tc 0.081 Tw 0 -1.154 Td [(Road)2 ( )0.5 (Tunnel)2 ( )0.5 (since)2 ( )0.5 (June)2 ( )0.5 (2)2 (8)2 (,)2 ( )0.5 (2)2 (0)2 (2)2 (4)1.9 (,)2 ( )0.5 (resulting)1.9 ( )0.5 (in)2 ( )0.5 (a)2 ( )0.5 (year-on-year)2 ( )0.5 (decrease)2 ( )0.5 (in)1.9 ( )0.5 (traffic)2 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.154 Td [(volume)11 ( )0.5 (of)11 ( )0.5 (Hanghui)11 ( )0.5 (Expressway)11 ( )0.5 (due)11 ( )0.5 (to)11 ( )0.5 (diversion.)11 ( )0.5 (Hangzhou)11 ( )0.5 (to)11 ( )0.5 (Ningbo)11 ( )0.5 (Section)11 ( )]TJ 0.042 Tc 0.07 Tw 0 -1.154 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 0.039 Tc 0 -1.154 Td [(1)12.4 (1)12.3 (,)12.4 ( 2)12.4 (0)12.4 (2)12.3 (5)12.4 (,)12.4 ( leading)12.4 ( to)12.4 ( a)12.4 ( certain)12.3 ( diversion)12.4 ( in)12.4 ( traffic)12.3 ( volume)12.4 ( of)12.4 ( Hangzhou-Ningbo)13.9 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.154 Td (Expressway.)Tj 0.04 Tc 0.07 Tw 0 -2.308 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 0.025 Tc 0.012 Tw 0 -1.154 Td (2019 on state-controlled expressways within the Zhejiang Province, was e\xtended )Tj 0.058 Tw 0 -1.154 Td (to all ETC trucks starting April 25, 2025)Tj -0.025 Tw (. )Tj 0.058 Tw 18.259 0 Td (Coupled with one fewer toll collection )Tj 0.041 Tc 0.07 Tw -18.259 -1.154 Td [(day)12.2 ( in)12.2 ( 2)12.2 (0)12.2 (2)12.2 (5)12.2 ( compared)12.3 ( to)12.3 ( the)12.3 ( year)12.2 ( of)12.2 ( 2)12.2 (0)12.2 (2)12.2 (4)12.2 (,)12.2 ( these)12.2 ( factors)12.2 ( collectively)12.2 ( exerted)12.2 ( a)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.154 Td (certain negative impact on the toll revenue of the Group\222s expressway\s.)Tj /T1_1 1 Tf 13 0 3.4833 13 55.3588 340.3179 Tm [(\(II\) )-361.5 (Business Operations Achievements)]TJ /T1_0 1 Tf 0.037 Tc 0.071 Tw 13 0 0 13 85.0394 310.3179 Tm [(2)12 (0)12 (2)12 (5)12 ( )0.5 (marked)12 ( )0.5 (the)12 ( )0.5 (conclusion)12 ( )0.5 (of)12 ( )0.5 (the)12 ( )0.5 (1)12 (4)12 (th)12 ( )0.5 (Five-Year)12 ( )0.5 (Plan.)12 ( )0.5 (Facing)12 ( )0.5 (a)12 ( )0.5 (complex)12.1 ( )0.5 (and)12 ( )]TJ 0.025 Tc 0.032 Tw 0 -1.154 Td [(ever-changing external environment, the Group remained steadfast in )0.5 (its strategic )]TJ 0.031 Tc 0.077 Tw 0 -1.154 Td [(direction.)6 ( )0.5 (With)6 ( )0.5 (a)6 ( )0.5 (focus)6 ( )0.5 (on)6 ( )0.5 (stabilizing)6 ( )0.5 (growth,)6 ( )0.5 (advancing)6 ( )0.5 (reforms,)6 ( )0.5 (strengthening)6 ( )]TJ 0.025 Tc 0.006 Tw 0 -1.154 Td (governance, and enhancing profitability, the Group has made key achievem\ents in )Tj 0.027 Tc 0.081 Tw 0 -1.154 Td [(service)2.1 ( quality)2 ( )0.5 (improvement,)2 ( core)2 ( )0.5 (business)2 ( )0.5 (expansion,)2 ( )0.5 (industrial)2 ( )0.5 (upgrading,)2 ( )0.5 (and)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.154 Td (capital operations.)Tj /T1_1 1 Tf 0.067 Tc 0.07 Tw 0 -2.308 Td [(Continuous)12.7 ( enhancement)12.8 ( of)12.7 ( operational)12.7 ( efficiency)12.7 ( and)12.7 ( service)12.7 ( quality.)42 ( )]TJ /T1_0 1 Tf 0.072 Tc 0 -1.154 Td [(Through)12.6 ( measures)12.6 ( such)12.7 ( as)12.6 ( hard)12.6 ( shoulder)12.6 ( expansion,)12.6 ( drone)12.6 ( early)12.6 ( warning,)46.9 ( )]TJ 0.052 Tc 0 -1.154 Td [(intensive)12.5 ( and)12.5 ( off-peak)12.5 ( maintenance)12.5 ( construction,)12.5 ( the)12.5 ( Group)12.4 ( has)12.5 ( consistently)27 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.154 Td [(reduced)2 ( the)2 ( duration)2 ( )0.5 (of)2 ( )0.5 (toll)2 ( )0.5 (station)2 ( )0.5 (closures,)2 ( )0.5 (as)2 ( )0.5 (well)2 ( )0.5 (as)2 ( )0.5 (road)2 ( )0.5 (closures)2 ( )0.5 (and)2 ( )0.5 (traffic)2 ( )]TJ 0 -1.154 Td [(interruptions)2.1 ( caused)2 ( )0.5 (by)2 ( )0.5 (road)2 ( )0.5 (maintenance)2 ( )0.5 (to)2 ( )0.5 (enhance)2.1 ( efficiency)2 ( )0.5 (of)2 ( )0.5 (existing)2 ( )0.5 (road)2 ( )]TJ 0.052 Tc 0.07 Tw 0 -1.154 Td [(networks.)12.1 ( Meanwhile,)12.1 ( leveraging)12.1 ( Douyin)12.1 ( live)12.1 ( streaming)12.1 ( for)12.1 ( real-time)12.1 ( traffic)27.1 ( )]TJ 0.05 Tc 0 -1.154 Td [(updates)12.7 ( and)12.8 ( marketing)12.8 ( promotions,)12.8 ( systematically)12.8 ( establishing)12.8 ( a)12.7 ( care)12.8 ( system)25 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.154 Td [(for)8 ( )0.5 (truck)8.1 ( users,)8 ( )0.5 (and)8 ( )0.5 (adding)8 ( )0.5 (service)8 ( )0.5 (facilities)8 ( )0.5 (such)8 ( )0.5 (as)8 ( )0.5 (fatigue-prevention)8 ( )0.5 (parking)8 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.154 Td [(spaces,)12.5 ( driver)12.5 ( rest)12.5 ( areas,)12.5 ( and)12.5 ( health)12.5 ( stations,)12.6 ( the)12.6 ( Group)12.5 ( has)12.5 ( improved)12.5 ( service)21 ( )]TJ 0.025 Tc 0 Tw 0 -1.154 Td (quality and strengthened customer loyalty.)Tj ET endstreamendobj77 0 obj<>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 /T1_1 1 Tf 13 0 0 13 56.6929 773.5878 Tm (Toll Road Operations)Tj 0.776 Tw 13 0 3.4833 13 55.3588 741.5878 Tm [(\(I\) )0.5 (Business )]TJ -0.025 Tw 6.323 0 Td (Performance)Tj 0 Tw 5.931 0 Td ( and Analysis)Tj /T1_0 1 Tf 0.069 Tc 0.07 Tw 13 0 0 13 85.0394 709.5878 Tm [(The)12.6 ( expressways)12.6 ( operated)12.6 ( by)12.6 ( the)12.6 ( Group)12.7 ( are)12.7 ( primarily)12.6 ( located)12.7 ( in)12.6 ( Zhejiang)44 ( )]TJ 0.043 Tc 0 -1.231 Td [(Province,)12.1 ( connecting)12.1 ( several)12.1 ( core)12.1 ( economic)12.2 ( regions)12.1 ( within)12.1 ( the)12.1 ( Yangtze)12.2 ( River)18 ( )]TJ 0.045 Tc 0 -1.231 Td [(Delta.)12.4 ( Leveraging)12.4 ( advantages)12.4 ( of)12.4 ( international)12.3 ( hubs)12.3 ( such)12.3 ( as)12.4 ( Ningbo-Zhoushan)20 ( )]TJ 0.043 Tc 0 -1.231 Td [(Port,)12.3 ( along)12.3 ( with)12.3 ( a)12.3 ( vibrant)12.3 ( private)12.3 ( sector,)12.3 ( robust)12.2 ( manufacturing)12.3 ( clusters,)12.3 ( and)12.3 ( a)18 ( )]TJ 0.025 Tc 0.017 Tw 0 -1.231 Td (well-developed e-commerce logistics system, Zhejiang Province has establ\ished a )Tj 0.026 Tw 0 -1.231 Td (solid industrial foundation and a resilient foreign trade structure, pro\viding stable )Tj 0.042 Tc 0.07 Tw 0 -1.231 Td [(freight)12.4 ( demand)12.5 ( support)12.4 ( for)12.5 ( the)12.4 ( Group\222s)12.5 ( )]TJ -0.042 Tw (road)Tj 0.07 Tw 19.916 0 Td ( network)Tj 0 Tc 0 Tw (s)Tj 0.042 Tc 0.07 Tw 4.365 0 Td [(.)12.4 ( Meanwhile,)12.4 ( deepening)17 ( )]TJ 0.061 Tc -24.28 -1.231 Td [(integr)0.5 (ation)12.9 ( of)12.9 ( t)0.5 (he)12.9 ( Ya)0.5 (ng)0.5 (tze)12.9 ( Rive)0.5 (r)12.9 ( Delta)13 ( will)12.9 ( c)0.5 (ontinue)12.9 ( t)0.5 (o)12.9 ( strengthe)0.5 (n)12.9 ( region)0.5 (al)36 ( )]TJ 0.025 Tc 0.02 Tw 0 -1.231 Td (economic ties and personnel mobility, further driving passenger traffic \growth. In )Tj 0.03 Tc 0.078 Tw 0 -1.231 Td [(2)5 (0)5 (2)5 (5)5 (,)5 ( )0.5 (Zhejiang)5 ( )0.5 (Province\222s)5.1 ( )0.5 (GDP)5 ( )0.5 (grew)5 ( )0.5 (by)5 ( )0.5 (5)5 (.)5 (5)5 (%)5 ( )0.5 (year-on-year,)5 ( )0.5 (exceeding)5 ( )0.5 (national)5 ( )]TJ 0 -1.231 Td [(average)5 ( )0.5 (growth)5 ( )0.5 (rate.)5 ( )0.5 (The)5 ( )0.5 (superior)5 ( )0.5 (geographical)5 ( )0.5 (conditions)5 ( )0.5 (and)5 ( )0.5 (robust)5 ( )0.5 (economic)5 ( )]TJ 0.025 Tc 0.054 Tw 0 -1.231 Td [(foundation have provided strong support for )0.5 (the )0.5 (organic growth of overall )0.5 (traffic )]TJ 0 Tw 0 -1.231 Td (volume and toll revenue )Tj -0.025 Tw (of)Tj 0 Tw ( the Group\222s expressways.)Tj 0.044 Tc 0.07 Tw 0 -2.462 Td [(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)12.5 ( amounted)12.4 ( to)19 ( )]TJ 0.046 Tc 0 -1.231 Td [(Rmb)12.6 (1)12.7 (0)12.7 (,)12.7 (3)12.6 (8)12.7 (7)12.7 (.)12.7 (6)12.7 (6)12.6 ( million,)12.7 ( representing)12.7 ( a)12.7 ( year-on-year)12.7 ( decrease)12.7 ( of)12.7 ( 2)12.7 (.)12.7 (6)12.6 (%.)12.7 ( Overall)21 ( )]TJ 0.04 Tc 0 -1.231 Td [(traffic)12.7 ( volume)12.7 ( declined)12.7 ( by)12.7 ( 1)12.7 (.)12.7 (3)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 )Tj -0.025 Tw (section)Tj 0.077 Tw ( are detailed in )Tj 0 Tw 0 -1.231 Td (the table below:)Tj /T1_1 1 Tf 9.1 0 0 13 85.0394 389.5878 Tm (The Group\222s )Tj 0 Tc 9.1 0 0 13 139.8481 389.5878 Tm ( )Tj 0.025 Tc 9.1 0 0 13 85.0394 373.5878 Tm (Expressway Sections)Tj 17.292 1.231 Td (Daily Average )Tj -0.525 -1.231 Td (Traffic Volume )Tj -0.025 Tw 9.634 1.231 Td (Year-on-year )Tj 2.592 -1.231 Td (Change)Tj 0 Tw 6.211 0 Td (Toll Revenue )Tj -0.025 Tw 8.641 1.231 Td (Year-on-year )Tj 2.592 -1.231 Td (Change)Tj /T1_0 1 Tf 0 Tw 9.1 0 3.4833 13 250.6538 357.5878 Tm (\(in Full-Trip )Tj -0.025 Tw 0.469 -1.231 Td (Equivalents\))Tj 0 Tw 16.723 0 Td (\(Rmb million\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 232.4409 337.1777 cm 0 0 m 68.031 0 l S Q BT 0 Tc 9.1 0 3.4833 13 226.7717 338.5787 Tm ( )Tj ET q 1 0 0 1 311.811 337.1777 cm 0 0 m 68.032 0 l S Q BT 9.1 0 3.4833 13 306.1417 338.5787 Tm ( )Tj ET q 1 0 0 1 391.1811 337.1777 cm 0 0 m 68.031 0 l S Q BT 9.1 0 3.4833 13 385.5118 338.5787 Tm ( )Tj ET q 1 0 0 1 470.5512 337.1777 cm 0 0 m 68.032 0 l S Q BT 9.1 0 3.4833 13 464.8819 338.5787 Tm ( )Tj 0.025 Tc -0.025 Tw 9.1 0 0 13 85.0394 306.5787 Tm (Shanghai-Hangzhou-Ningbo )Tj 1.277 -1.231 Td (Expressway)Tj 19.522 0 Td (91,379)Tj 8.914 0 Td (0.15%)Tj 7.73 0 Td (4,928.17)Tj 9.356 0 Td (-1.40%)Tj 0 Tw -45.522 -1.231 Td (\226 Shanghai-Hangzhou Section)Tj -0.025 Tw 19.522 0 Td (93,058)Tj 8.914 0 Td (0.98%)Tj 0 Tw -28.436 -1.231 Td (\226 Hangzhou-Ningbo Section)Tj -0.025 Tw 19.522 0 Td (90,154)Tj 8.556 0 Td (-0.46%)Tj 0 Tw -29.355 -1.231 Td (Shangsan Expressway)Tj -0.025 Tw 20.799 0 Td (28,330)Tj 8.031 0 Td (-12.36%)Tj 9.413 0 Td (872.85)Tj 8.031 0 Td (-17.70%)Tj 0 Tw -46.274 -1.231 Td (Jinhua Section, Ningbo-Jinhua )Tj -0.025 Tw 1.277 -1.231 Td (Expressway)Tj 19.522 0 Td (30,442)Tj 8.031 0 Td (-10.49%)Tj 9.413 0 Td (504.90)Tj 8.031 0 Td (-10.90%)Tj 0 Tw -46.274 -1.231 Td (Hanghui Expressway)Tj -0.025 Tw 20.799 0 Td (27,693)Tj 8.556 0 Td (-4.91%)Tj 8.888 0 Td (685.82)Tj 8.556 0 Td (-6.10%)Tj 0 Tw -46.799 -1.231 Td (Huihang Expressway)Tj -0.025 Tw 20.799 0 Td (12,240)Tj 8.914 0 Td (5.16%)Tj 8.53 0 Td (189.41)Tj 8.914 0 Td (1.40%)Tj 0 Tw -47.157 -1.231 Td (Zhoushan Bay Bridge)Tj -0.025 Tw 20.799 0 Td (34,656)Tj 8.914 0 Td (8.65%)Tj 7.73 0 Td (1,392.83)Tj 9.714 0 Td (7.20%)Tj 0 Tw -47.157 -1.231 Td (LongLiLiLong Expressways)Tj -0.025 Tw 20.799 0 Td (16,803)Tj 8.914 0 Td (5.50%)Tj 8.53 0 Td (806.58)Tj 8.914 0 Td (1.80%)Tj 0 Tw -47.157 -1.231 Td (Zhajiasu Expressway)Tj -0.025 Tw 20.799 0 Td (40,815)Tj 8.556 0 Td (-5.66%)Tj 8.888 0 Td (469.29)Tj 8.556 0 Td (-6.30%)Tj 0 Tw 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Tf 6.105 0 Td (2024)Tj 0 Tc 0 Tw 2.85 0 Td (Yea)Tj (r-on-y)Tj (ear )Tj 2.275 -1.231 Td (Change)Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 13 0 3.4833 13 323.8694 725.5878 Tm (Rmb\222000)Tj /T1_0 1 Tf 6.271 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 310.3937 721.1777 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 304.7244 722.5787 Tm ( )Tj ET q 1 0 0 1 389.7638 721.1777 cm 0 0 m 68.032 0 l S Q BT /T1_0 1 Tf 13 0 3.4833 13 384.0945 722.5787 Tm ( )Tj ET q 1 0 0 1 469.1339 721.1777 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 463.4646 722.5787 Tm ( )Tj 0.025 Tc -31.29 -2.462 Td (Toll road operation revenue)Tj /T1_1 1 Tf -0.025 Tw 20.024 0 Td (10,387,655)Tj /T1_0 1 Tf 6.105 0 Td (10,662,346)Tj 8.314 0 Td (-2.6%)Tj 0 Tw -33.44 -1.231 Td (Shanghai-Hangzhou-Ningbo Expressway)Tj /T1_1 1 Tf -0.025 Tw 19.546 0 Td (4,928,173)Tj /T1_0 1 Tf 6.105 0 Td (4,996,109)Tj 7.789 0 Td (-1.4%)Tj 0 Tw -33.44 -1.231 Td (Shangsan Expressway)Tj /T1_1 1 Tf -0.025 Tw 20.346 0 Td (872,848)Tj /T1_0 1 Tf 5.305 0 Td (1,060,476)Tj 7.264 0 Td (-17.7%)Tj 0 Tw -32.915 -1.231 Td (Jinhua Section, Ningbo-Jinhua )Tj -0.025 Tw 1.003 -1.231 Td (Expressway)Tj /T1_1 1 Tf 19.343 0 Td (504,902)Tj /T1_0 1 Tf 6.105 0 Td (566,418)Tj 6.464 0 Td (-10.9%)Tj 0 Tw -32.915 -1.231 Td (Hanghui Expressway)Tj /T1_1 1 Tf -0.025 Tw 20.346 0 Td (685,815)Tj /T1_0 1 Tf 6.105 0 Td (730,386)Tj 6.989 0 Td (-6.1%)Tj 0 Tw -33.44 -1.231 Td (Huihang Expressway)Tj /T1_1 1 Tf -0.025 Tw 20.346 0 Td (189,405)Tj /T1_0 1 Tf 6.105 0 Td (186,844)Tj 7.347 0 Td (1.4%)Tj 0 Tw -33.798 -1.231 Td (Zhoushan Bay Bridge)Tj /T1_1 1 Tf -0.025 Tw 19.546 0 Td (1,392,825)Tj /T1_0 1 Tf 6.105 0 Td (1,299,442)Tj 8.147 0 Td (7.2%)Tj 0 Tw -33.798 -1.231 Td (LongLiLiLong Expressways)Tj /T1_1 1 Tf -0.025 Tw 20.346 0 Td (806,578)Tj /T1_0 1 Tf 6.105 0 Td (792,175)Tj 7.347 0 Td (1.8%)Tj 0 Tw -33.798 -1.231 Td (Zhajiasu Expressway)Tj /T1_1 1 Tf -0.025 Tw 20.346 0 Td (469,290)Tj /T1_0 1 Tf 6.105 0 Td (500,747)Tj 6.989 0 Td (-6.3%)Tj 0 Tw -33.44 -1.231 Td (HuangQuNan Expressway)Tj /T1_1 1 Tf -0.025 Tw 20.346 0 Td (537,819)Tj /T1_0 1 Tf 6.105 0 Td (529,749)Tj 7.347 0 Td (1.5%)Tj 0 Tw -34.801 -1.231 Td (Securities business revenue)Tj /T1_1 1 Tf -0.025 Tw 20.549 0 Td (7,550,613)Tj /T1_0 1 Tf 6.105 0 Td (6,182,506)Tj 7.622 0 Td (22.1%)Tj 0 Tw -33.273 -1.231 Td (Commission and fee income)Tj /T1_1 1 Tf -0.025 Tw 19.546 0 Td (4,642,996)Tj /T1_0 1 Tf 6.105 0 Td (3,692,147)Tj 7.622 0 Td (25.8%)Tj 0 Tw -33.273 -1.231 Td (Interest income)Tj /T1_1 1 Tf -0.025 Tw 19.546 0 Td (2,907,617)Tj /T1_0 1 Tf 6.105 0 Td (2,490,359)Tj 7.622 0 Td (16.8%)Tj 0 Tw -34.276 -1.231 Td (Other operation revenue)Tj /T1_1 1 Tf -0.025 Tw 20.549 0 Td (1,817,222)Tj /T1_0 1 Tf 6.105 0 Td (1,219,972)Tj 7.622 0 Td (49.0%)Tj 0 Tw -33.273 -1.231 Td (Hotel and catering)Tj /T1_1 1 Tf -0.025 Tw 20.346 0 Td (101,628)Tj /T1_0 1 Tf 6.105 0 Td (108,251)Tj 6.989 0 Td (-6.1%)Tj 0 Tw -33.44 -1.231 Td (Construction service)Tj /T1_1 1 Tf -0.025 Tw 19.546 0 Td (1,690,252)Tj /T1_0 1 Tf 6.105 0 Td (1,070,362)Tj 7.622 0 Td (57.9%)Tj 0 Tw -33.273 -1.231 Td (Public-private partnership)Tj /T1_1 1 Tf -0.025 Tw 20.871 0 Td (25,342)Tj /T1_0 1 Tf 6.105 0 Td (41,359)Tj 5.939 0 Td (-38.7%)Tj ET q 1 0 0 1 310.3936 414.1686 cm 0 0 m 68.032 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 304.7244 415.5696 Tm ( )Tj ET q 1 0 0 1 389.7637 414.1686 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 384.0945 415.5696 Tm ( )Tj ET q 1 0 0 1 469.1338 414.1686 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 463.4645 415.5696 Tm ( )Tj 0.025 Tc -31.29 -2.462 Td (Total revenue)Tj /T1_1 1 Tf -0.025 Tw 20.024 0 Td (19,755,490)Tj /T1_0 1 Tf 6.105 0 Td (18,064,824)Tj 8.672 0 Td (9.4%)Tj ET 2.5 w q 1 0 0 1 310.3936 378.0051 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 310.3936 374.6726 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 304.7244 375.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 389.7637 378.0051 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 389.7637 374.6726 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 384.0945 375.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 469.1338 378.0051 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 469.1338 374.6726 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 463.4645 375.9061 Tm ( )Tj ET endstreamendobj87 0 obj<>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 (BUSINESS REVIEW)Tj /T1_0 1 Tf 0.041 Tc 0.07 Tw 0 -2.462 Td [(In)12.3 ( 2)12.3 (0)12.2 (2)12.3 (5)12.2 (,)12.2 ( global)12.2 ( economic)12.3 ( recovery)12.2 ( faced)12.3 ( challenges)12.2 ( from)12.2 ( geopolitical)12.2 ( tensions)12.2 ( and)16 ( )]TJ 0.054 Tc 0 -1.231 Td [(fluctuations)12.3 ( in)12.4 ( international)12.3 ( trade)12.3 ( environment.)12.3 ( Domestic)12.3 ( economic)12.4 ( development)29 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.231 Td [(also encountered )0.5 (structural )0.5 (pressures including )0.5 (insufficient )0.5 (demand )0.5 (and )0.5 (the )0.5 (transition )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td 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However, due to traffic control for reconstruction and expansion \on connecting )Tj 0.016 Tw 0 -1.231 Td (external road networks and certain sections under the Group\222s operati\on, as well as the )Tj 0.035 Tc 0.073 Tw 0 -1.231 Td [(expanded)10 ( )0.5 (scope)10 ( )0.5 (of)10 ( )0.5 (the)10.1 ( )0.5 (1)10 (5)10 (%)10 ( )0.5 (toll)10 ( )0.5 (discount)10.1 ( )0.5 (policy)10 ( )0.5 (for)10 ( )0.5 (ETC)10 ( )0.5 (trucks,)10 ( )0.5 (the)10 ( )0.5 (Group)10 ( )0.6 (recorded)10 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.231 Td [(a )0.5 (slight )0.5 (year-on-year decline )0.5 (in )0.5 (expressway )0.5 (toll )0.5 (revenue. )0.5 (Benefiting from )0.5 (recovery )0.5 (in )]TJ 0.003 Tw 0 -1.231 Td (domestic capital markets and increased activity in mergers and acquisiti\ons, revenue of )Tj 0.013 Tw 0 -1.231 Td (securities business saw substantial year-on-year growth, enhancing the G\roup\222s overall )Tj 0.042 Tc 0.069 Tw 0 -1.231 Td [(r)0.6 (e)0.5 (v)0.6 (e)0.6 (n)0.5 (u)0.6 (e)0.5 (.)13.1 ( D)0.5 (u)0.6 (r)0.5 (i)0.6 (n)0.6 (g)13 ( t)0.5 (h)0.6 (e)13 ( P)0.6 (e)0.5 (r)0.6 (i)0.5 (o)0.6 (d)0.6 (,)13 ( t)0.5 (o)0.6 (t)0.5 (a)0.6 (l)13.1 ( r)0.6 (e)0.5 (v)0.6 (e)0.6 (n)0.5 (u)0.6 (e)13.1 ( o)0.6 (f)13 ( t)0.5 (h)0.6 (e)13.1 ( G)0.6 (r)0.5 (o)0.6 (u)0.6 (p)13 ( w)0.5 (a)0.6 (s)13.1 ( R)0.6 (m)0.6 (b)13 (1)13.1 (9)13 (,)13.1 (7)13 (5)13.1 (5)13 (.)13.1 (4)13 (9)13.1 ( m)0.5 (i)0.6 (l)0.5 (l)0.6 (i)0.5 (o)0.6 (n)0.5 (,)17.1 ( )]TJ 0.045 Tc 0.07 Tw 0 -1.231 Td [(representing)12.2 ( a)12.1 ( year-on-year)12.1 ( increase)12.2 ( of)12.1 ( 9)12.2 (.)12.1 (4)12.1 (%,)12.1 ( of)12.1 ( which)12.1 ( Rmb)12.1 (1)12.1 (0)12.1 (,)12.2 (3)12.1 (8)12.1 (7)12.1 (.)12.1 (6)12.1 (6)12.2 ( million)12.1 ( was)20 ( )]TJ 0.025 Tc 0.03 Tw 0 -1.231 Td [(generated )0.5 (by the )0.5 (nine )0.5 (major expressways operated )0.5 (by )0.5 (the )0.5 (Group )0.5 (\(2024: )0.5 (Rmb10,662.35 )]TJ 0.045 Tc 0.07 Tw 0 -1.231 Td [(million\),)12.6 ( representing)12.7 ( 5)12.7 (2)12.6 (.)12.6 (6)12.7 (%)12.6 ( of)12.6 ( total)12.7 ( revenue.)12.7 ( Revenue)12.6 ( generated)12.7 ( by)12.7 ( the)12.7 ( securities)20 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(business)3 ( )0.5 (was)3 ( )0.5 (Rmb)3 (7)3 (,)3 (5)3 (5)3 (0)3 (.)3 (6)3 (1)3 ( )0.5 (million)3 ( )0.5 (\()3 (2)3 (0)3 (2)3 (4)3 (:)3 ( )0.5 (Rmb)3 (6)3 (,)3 (1)3 (8)3 (2)3 (.)3 (5)3 (1)3 ( )0.5 (million\),)3 ( )0.5 (representing)3 ( )0.5 (3)3 (8)3 (.)3 (2)3 (%)3 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (of the total revenue.)Tj ET endstreamendobj86 0 obj<>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 0.045 Tc 0.07 Tw 13 0 0 13 113.3858 773.5878 Tm [(T)0.5 (h)0.5 (e)13 ( )0.5 (m)0.5 (o)0.6 (ve)0.6 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13.1 ( d)0.6 (e)0.5 (b)0.5 (t)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (d)0.5 (e)0.5 (r)0.6 (i)0.5 (v)0.5 (a)0.5 (t)0.5 (i)0.5 (v)0.5 (e)13 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (p)0.5 (o)0.5 (n)0.5 (e)0.6 (n)0.5 (t)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (C)0.5 (o)0.5 (n)0.5 (v)0.6 (e)0.5 (r)0.5 (t)0.5 (i)0.5 (b)0.5 (l)0.5 (e)20 ( )]TJ 0.029 Tc 0.082 Tw 0 -1.231 Td [(B)-12 (o)-12.1 (n)-12.1 (d)0.5 ( 2)0.5 (02)0.5 (1 a)-12.1 (s)0.5 ( a)-12 (t D)-12.1 (e)-12 (c)-12 (e)-12.1 (m)-12.1 (b)-12 (e)-12.1 (r)0.5 ( 3)0.5 (1,)0.5 ( 2)0.5 (02)0.5 (4 a)-12.1 (n)-12 (d D)-12.1 (e)-12 (c)-12.1 (e)-12 (m)-12.1 (b)-12 (e)-12.1 (r)0.5 ( 3)0.5 (1,)0.5 ( 2)0.5 (02)0.5 (5 i)-12 (s s)-12.1 (e)-12 (t o)-12.1 (u)-12 (t a)-12.1 (s)4 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (below:)Tj /T1_1 1 Tf 0 Tw 9.1 0 0 13 264.587 709.5878 Tm (Debt component at )Tj 0.996 -1.231 Td (amortised cost)Tj 8.905 1.231 Td (Derivative component )Tj 2.677 -1.231 Td (at FVTPL)Tj -0.025 Tw 11.67 0 Td (Total)Tj /T1_0 1 Tf 9.1 0 3.4833 13 260.3406 677.5878 Tm (Euro\222000)Tj 5.319 0 Td (Rmb\222000)Tj 5.271 0 Td (Euro\222000)Tj 5.319 0 Td (Rmb\222000)Tj 5.271 0 Td (Euro\222000)Tj 5.319 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 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559.5696 Tm ( )Tj ET q 1 0 0 1 308.9765 558.1686 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 303.3073 559.5696 Tm ( )Tj ET q 1 0 0 1 357.1655 558.1686 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 351.4962 559.5696 Tm ( )Tj ET q 1 0 0 1 405.3545 558.1686 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 399.6852 559.5696 Tm ( )Tj ET q 1 0 0 1 453.5435 558.1686 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 447.8742 559.5696 Tm ( )Tj ET q 1 0 0 1 501.7324 558.1686 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 496.0631 559.5696 Tm ( )Tj 0.025 Tc 9.1 0 0 13 113.386 527.5696 Tm (As at December 31, 2024)Tj -0.025 Tw 17.372 0 Td (25,873)Tj 4.77 0 Td (194,709)Tj 6.345 0 Td (4,008)Tj 4.77 0 Td (30,158)Tj 5.295 0 Td (29,881)Tj 4.77 0 Td (224,867)Tj ET 2.5 w q 1 0 0 1 260.7876 522.0051 cm 0 0 m 36.85 0 l S Q 0.835 w q 1 0 0 1 260.7876 518.6726 cm 0 0 m 36.85 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 255.1183 519.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 308.9765 522.0051 cm 0 0 m 36.85 0 l S Q 0.835 w q 1 0 0 1 308.9765 518.6726 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 303.3073 519.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 357.1655 522.0051 cm 0 0 m 36.85 0 l S Q 0.835 w q 1 0 0 1 357.1655 518.6726 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 351.4962 519.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 405.3545 522.0051 cm 0 0 m 36.85 0 l S Q 0.835 w q 1 0 0 1 405.3545 518.6726 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 399.6852 519.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 453.5435 522.0051 cm 0 0 m 36.85 0 l S Q 0.835 w q 1 0 0 1 453.5435 518.6726 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 447.8742 519.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 501.7324 522.0051 cm 0 0 m 36.85 0 l S Q 0.835 w q 1 0 0 1 501.7324 518.6726 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 496.0631 519.9061 Tm ( )Tj 0.025 Tc 9.1 0 0 13 113.386 487.9061 Tm (Conversion of Convertible Bond)Tj /T1_1 1 Tf -0.025 Tw 16.989 0 Td (\(26,608\))Tj 4.77 0 Td (\(217,028\))Tj 6.345 0 Td (\(4,806\))Tj 4.77 0 Td (\(40,180\))Tj 5.295 0 Td (\(31,414\))Tj 4.77 0 Td (\(257,208\))Tj /T1_0 1 Tf 0 Tw -42.942 -1.231 Td (Exchange realignment)Tj /T1_1 1 Tf 0 Tc 19.747 0 Td (\226)Tj 0.025 Tc -0.025 Tw 2.92 0 Td (16,457)Tj 0 Tc 0 Tw 7.67 0 Td (\226)Tj 5.295 0 Td (\226)Tj 5.295 0 Td (\226)Tj 0.025 Tc -0.025 Tw 2.92 0 Td (16,457)Tj /T1_0 1 Tf 0 Tw -43.85 -1.231 Td (Interest charge)Tj /T1_1 1 Tf -0.025 Tw 18.697 0 Td (735)Tj 4.495 0 Td (5,862)Tj 0 Tc 0 Tw 7.145 0 Td (\226)Tj 5.295 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.245 0 Td (735)Tj 4.495 0 Td (5,862)Tj /T1_0 1 Tf 0 Tw -44.375 -1.231 Td (Loss on changes in fair value)Tj /T1_1 1 Tf 0 Tc 19.747 0 Td (\226)Tj 5.295 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.245 0 Td (798)Tj 3.971 0 Td (10,022)Tj 6.62 0 Td (798)Tj 3.97 0 Td (10,022)Tj ET 0.5 w q 1 0 0 1 260.7877 435.4961 cm 0 0 m 36.85 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 255.1184 436.897 Tm ( )Tj ET q 1 0 0 1 308.9767 435.4961 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 303.3074 436.897 Tm ( )Tj ET q 1 0 0 1 357.1656 435.4961 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 351.4964 436.897 Tm ( )Tj ET q 1 0 0 1 405.3546 435.4961 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 399.6854 436.897 Tm ( )Tj ET q 1 0 0 1 453.5436 435.4961 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 447.8743 436.897 Tm ( )Tj ET q 1 0 0 1 501.7326 435.4961 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 496.0633 436.897 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 9.1 0 0 13 113.3862 404.897 Tm (As at December 31, 2025)Tj /T1_1 1 Tf 0 Tc 19.747 0 Td (\226)Tj 5.295 0 Td (\226)Tj 5.295 0 Td (\226)Tj 5.295 0 Td (\226)Tj 5.295 0 Td (\226)Tj 5.295 0 Td (\226)Tj ET 2.5 w q 1 0 0 1 260.7878 399.3325 cm 0 0 m 36.85 0 l S Q 0.835 w q 1 0 0 1 260.7878 396 cm 0 0 m 36.85 0 l S Q BT /T1_0 1 Tf 13 0 0 13 255.1185 397.2335 Tm ( )Tj ET 2.5 w q 1 0 0 1 308.9767 399.3325 cm 0 0 m 36.85 0 l S Q 0.835 w q 1 0 0 1 308.9767 396 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 303.3075 397.2335 Tm ( )Tj ET 2.5 w q 1 0 0 1 357.1657 399.3325 cm 0 0 m 36.85 0 l S Q 0.835 w q 1 0 0 1 357.1657 396 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 351.4964 397.2335 Tm ( )Tj ET 2.5 w q 1 0 0 1 405.3547 399.3325 cm 0 0 m 36.85 0 l S Q 0.835 w q 1 0 0 1 405.3547 396 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 399.6854 397.2335 Tm ( )Tj ET 2.5 w q 1 0 0 1 453.5437 399.3325 cm 0 0 m 36.85 0 l S Q 0.835 w q 1 0 0 1 453.5437 396 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 447.8744 397.2335 Tm ( )Tj ET 2.5 w q 1 0 0 1 501.7326 399.3325 cm 0 0 m 36.85 0 l S Q 0.835 w q 1 0 0 1 501.7326 396 cm 0 0 m 36.85 0 l S Q BT 13 0 0 13 496.0634 397.2335 Tm ( )Tj 0.082 Tc 0.07 Tw -29.437 -2.335 Td [(On)12.6 ( December)12.7 ( 2)12.7 (2)12.7 (,)12.7 ( 2)12.7 (0)12.7 (2)12.7 (3)12.6 (,)12.7 ( pursuant)12.7 ( to)12.7 ( the)12.7 ( terms)12.7 ( and)12.6 ( conditions)12.7 ( of)12.6 ( the)57 ( )]TJ 0.051 Tc 0 -1.231 Td [(bonds,)12.1 ( notice)12.1 ( of)12.1 ( redemption)12.1 ( had)12.1 ( been)12.1 ( served)12.1 ( on)12.1 ( the)12.1 ( Company)12.1 ( requiring)26 ( )]TJ 0.075 Tc 0 -1.231 Td [(the)12.8 ( Company)12.8 ( to)12.8 ( redeem)12.8 ( part)12.8 ( of)12.8 ( the)12.8 ( bonds)12.9 ( at)12.8 ( the)12.8 ( principal)12.8 ( amount)12.8 ( of)50 ( )]TJ 0.04 Tc -0.04 Tw 0 -1.231 Td [(E)-12.8 (u)-12.8 (r)-12.9 (o202,600,000)]TJ (. )Tj 0.053 Tc 0.07 Tw 8.249 0 Td [(Such)12.7 ( redemption)12.7 ( rights)12.7 ( were)12.7 ( executed)12.7 ( on)12.6 ( January)12.7 ( 2)12.7 (0)12.7 (,)27.9 ( )]TJ 0.025 Tc -0.025 Tw -8.249 -1.231 Td (2024)Tj (. )Tj 0.03 Tw 2.68 0 Td (During the year ended December 31, 2024, the bondholders converted )Tj 0.08 Tw -2.68 -1.231 Td (part of the Convertible Bond 2021 with a principal amount of Euro200,000\ )Tj 0.038 Tc 0.07 Tw 0 -1.231 Td [(to)12.4 ( the)12.5 ( shares)12.4 ( of)12.4 ( the)12.4 ( Company.)12.4 ( During)12.4 ( the)12.4 ( year)12.4 ( )]TJ -0.038 Tw (ended)Tj 0.07 Tw 23.553 0 Td [( December)12.4 ( )]TJ 0.026 Tc -0.026 Tw (31,)Tj 0.082 Tw [( 20)0.5 (25,)1 ( )]TJ 0.031 Tc 0.077 Tw -23.553 -1.231 Td [(the)6 ( )0.5 (bondholder)6.1 ( )0.5 (converted)6 ( )0.5 (remaining)6 ( )0.5 (Convertible)6 ( )0.5 (Bond)6 ( )0.5 (2)6 (0)6 (2)6.1 (1)5.9 ( )0.6 (with)6 ( )0.5 (principal)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (amount of Euro27,200,000 to the shares of the Company.)Tj ET endstreamendobj85 0 obj<>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 22 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT 13 0 0 13 113.3858 773.5878 Tm (The Convertible Bond 2021 comprises two components:)Tj 0.029 Tc 0.079 Tw 0 -2.462 Td [(\()4 (a)4 (\))4 ( )-637.5 (Debt)4 ( )0.5 (component)4 ( )0.5 (was)4 ( )0.5 (initially)4 ( )0.5 (measured)4 ( )0.5 (at)4 ( )0.5 (fair)4 ( )0.5 (value)4 ( )0.5 (in)4 ( )0.5 (the)4 ( )0.5 (amount)4 ( )0.5 (of)4 ( )]TJ 0.022 Tc 0 Tw 2.181 -1.231 Td [(approximately Euro183,297,000 \(equivalent to Rmb1,443,009,000\). It is)-3 ( )]TJ 0.025 Tc 0.066 Tw 0 -1.231 Td (subsequently measured at amortised cost by applying effective interest )Tj 0.037 Tc 0.071 Tw 0 -1.231 Td [(r)0.5 (a)0.5 (t)0.5 (e)12 ( )0.5 (m)0.5 (e)0.5 (t)0.5 (h)0.5 (o)0.5 (d)12 ( )0.5 (a)0.5 (f)0.5 (t)0.5 (e)0.5 (r)12.1 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (s)0.5 (i)0.5 (d)0.5 (e)0.5 (r)0.5 (i)0.5 (n)0.5 (g)12 ( )0.5 (t)0.5 (h)0.5 (e)12 ( )0.5 (e)0.5 (f)0.5 (f)0.5 (e)0.5 (c)0.5 (t)12 ( )0.5 (o)0.5 (f)12 ( )0.5 (t)0.5 (h)0.5 (e)12 ( )0.5 (i)0.5 (s)0.5 (s)0.5 (u)0.5 (a)0.6 (nc)0.5 (e)12.1 ( )0.5 (c)0.5 (o)0.5 (s)0.5 (t)0.5 (s)12 ( )0.5 (s)0.5 (u)0.5 (c)0.5 (h)12 ( )0.5 (a)0.5 (s)12 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (underwriting fee. The effective interest rate used is 4.74%.)Tj 0.033 Tc 0.075 Tw -2.181 -2.462 Td [(\()8 (b)8 (\))8 ( )-581.5 (Derivative)8 ( )0.5 (component)8 ( )0.5 (comprises)8 ( )0.5 (conversion)8 ( )0.5 (right)8 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (Bondholders)8.1 ( )]TJ 0.077 Tc 0.07 Tw 2.181 -1.231 Td [(2)12.6 (0)12.6 (2)12.6 (1)12.6 (,)12.6 ( redemption)12.6 ( option)12.6 ( of)12.6 ( the)12.6 ( Company,)12.6 ( and)12.6 ( put)12.6 ( option)12.6 ( of)12.6 ( the)52 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Bondholders 2021.)Tj 0.056 Tc 0.07 Tw -2.181 -2.462 Td [(Transaction)12.6 ( costs)12.6 ( totalling)12.6 ( Rmb)12.6 (8)12.6 (,)12.6 (4)12.6 (2)12.6 (7)12.6 (,)12.6 (5)12.6 (1)12.6 (5)12.6 ( that)12.6 ( relate)12.6 ( to)12.6 ( the)12.6 ( issue)12.6 ( of)12.6 ( the)31 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.231 Td (Convertible Bond 2021 are allocated to the debt and derivative component\s )Tj 0 Tw 0 -1.231 Td (in proportion to their respective fair values.)Tj 0.049 Tc 0.07 Tw 0 -2.462 Td [(Transaction)12.4 ( costs)12.4 ( amounting)12.5 ( to)12.4 ( approximately)12.5 ( Rmb)12.4 (1)12.5 (,)12.4 (7)12.5 (1)12.4 (1)12.4 (,)12.5 (2)12.4 (4)12.5 (7)12.4 ( relating)12.4 ( to)24 ( )]TJ 0.025 Tc 0.067 Tw 0 -1.231 Td (the derivative component were charged to profit or loss as at December 3\1, )Tj -0.025 Tw 0 -1.231 Td (2021)Tj (. )Tj 0.032 Tc 0.076 Tw 2.733 0 Td [(Issuance)7 ( )0.5 (costs)7 ( )0.5 (such)7 ( )0.5 (as)7 ( )0.5 (underwriting)6.9 ( )0.6 (fee)7 ( )0.5 (amounting)7 ( )0.6 (to)7 ( )0.5 (approximately)7 ( )]TJ 0.051 Tc 0.07 Tw -2.733 -1.231 Td [(Rmb)12.4 (6)12.3 (,)12.4 (7)12.3 (1)12.4 (6)12.3 (,)12.3 (2)12.4 (6)12.4 (8)12.3 ( relating)12.4 ( to)12.4 ( the)12.4 ( debt)12.4 ( component)12.4 ( are)12.3 ( included)12.3 ( in)12.4 ( the)12.4 ( initial)26 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.231 Td (carrying amount of the debt portion and amortised over the remaining lif\e of )Tj 0 Tw 0 -1.231 Td (the Convertible Bond 2021 using the effective interest method.)Tj 0.054 Tc 0.07 Tw 0 -2.462 Td [(The)12.1 ( derivative)12.2 ( component)12.2 ( was)12.2 ( measured)12.1 ( at)12.2 ( fair)12.2 ( value)12.1 ( with)12.1 ( reference)12.1 ( to)29 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (valuation carried out by a firm of independent professional valuers.)Tj ET endstreamendobj84 0 obj<>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 21 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 0.665 Tw 13 0 3.4833 13 83.7052 773.5878 Tm [(\(2\) )0.5 (Redemption)]TJ /T1_0 1 Tf 0 Tw 2.84 -2.462 Td [(\(i\) )-886.5 (Redemption at Maturity)]TJ 0.03 Tc 0.078 Tw 13 0 0 13 141.7323 709.5878 Tm [(Unless)5 ( )0.5 (previously)5 ( )0.5 (redeemed,)4.9 ( )0.6 (converted)5 ( )0.5 (or)5 ( )0.5 (purchased)5 ( )0.5 (and)5 ( )0.5 (cancelled)5 ( )0.5 (as)5 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.231 Td (provided herein, the Company will redeem all outstanding Convertible )Tj 0.02 Tw 0 -1.231 Td (Bonds 2021 at 100 percent of their outstanding principal amount on the )Tj 0 Tw 0 -1.231 Td (maturity date of January 20, 2026 \(the \223)Tj /T1_1 1 Tf (Maturity Date 2021)Tj /T1_0 1 Tf -0.025 Tw (\224\).)Tj 0 Tw 13 0 3.4833 13 112.0517 629.5878 Tm [(\(ii\) )-583.5 (Redemption at the option of the Company)]TJ 0.064 Tw 13 0 0 13 141.7323 597.5878 Tm (The Company may, having given not less than 30 days\222 nor more than )Tj 0.055 Tc 0.07 Tw 0 -1.231 Td [(6)12.7 (0)12.8 ( days\222)12.7 ( notice,)12.7 ( redeem)12.7 ( the)12.7 ( outstanding)12.7 ( Convertible)12.8 ( Bond)12.7 ( 2)12.7 (0)12.8 (2)12.7 (1)12.7 ( in)29.9 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(whole)1 ( )0.5 (and)1 ( )0.5 (not)1 ( )0.5 (some)1.1 ( )0.5 (only)1 ( )0.5 (at)1 ( )0.5 (1)1 (0)1 (0)1 ( )0.5 (percent)1 ( )0.5 (of)1 ( )0.6 (their)1 ( )0.5 (outstanding)1 ( )0.5 (principal)1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (amount as at the relevant redemption date if:)Tj 0.06 Tw 0 -2.462 Td [(\(a\) )-660.5 (At any time after January 20, 2024 but prior to the Maturity Date )]TJ 0.038 Tc 0.07 Tw 2.181 -1.231 Td [(2)12.9 (0)12.9 (2)12.9 (1)12.9 (,)12.9 ( th)0.5 (e)12.9 ( closing)12.9 ( p)0.5 (rice)12.9 ( of)12.9 ( )0.5 (an)12.9 ( H)12.9 ( sha)0.5 (re)12.9 ( tra)0.5 (nslated)12.9 ( into)13 ( Euro)12.9 ( at)12.9 ( )0.5 (the)13 ( )]TJ 0.069 Tc 0 -1.231 Td [(prevailing)12.7 ( exchange)12.7 ( rate)12.7 ( applicable)12.7 ( to)12.6 ( each)12.6 ( Stock)12.7 ( Exchange)44 ( )]TJ 0.063 Tc 0 -1.231 Td [(b)0.5 (u)0.6 (s)0.5 (i)0.5 (n)0.5 (e)0.6 (s)0.5 (s)13.1 ( )0.5 (d)0.5 (a)0.5 (y)0.6 (,)13 ( )0.5 (f)0.6 (o)0.5 (r)13 ( )0.6 (a)0.5 (n)0.5 (y)13.1 ( )0.5 (2)13 (0)13 ( )0.6 (b)0.5 (u)0.5 (s)0.6 (i)0.5 (n)0.5 (e)0.6 (s)0.5 (s)13 ( )0.6 (d)0.5 (a)0.5 (y)0.6 (s)13 ( )0.5 (w)0.6 (i)0.5 (t)0.5 (h)0.5 (i)0.6 (n)13 ( )0.5 (a)13.1 ( )0.5 (p)0.5 (e)0.6 (r)0.5 (i)0.5 (o)0.6 (d)13 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (3)13 (0)38 ( )]TJ 0.025 Tc 0.017 Tw 0 -1.231 Td (consecutive Stock Exchange business days prior to the publication )Tj 0.057 Tc 0.07 Tw 0 -1.231 Td [(of)12.6 ( such)12.6 ( redemption)12.6 ( notice,)12.6 ( the)12.6 ( last)12.6 ( day)12.7 ( of)12.6 ( such)12.6 ( business)12.6 ( days)32 ( )]TJ 0.043 Tc 0 -1.231 Td [(shall)12.6 ( occur)12.6 ( not)12.6 ( more)12.6 ( than)12.6 ( 1)12.6 (0)12.6 ( days)12.6 ( prior)12.6 ( to)12.6 ( the)12.6 ( date)12.6 ( upon)12.6 ( which)18 ( )]TJ 0.045 Tc 0 -1.231 Td [(notice)12.3 ( of)12.4 ( such)12.4 ( redemption)12.4 ( is)12.3 ( given,)12.4 ( was)12.3 ( at)12.3 ( least)12.3 ( 1)12.3 (3)12.4 (0)12.3 ( percent)12.4 ( of)20 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(the)3 ( )0.5 (prevailing)3 ( )0.5 (Conversion)3 ( )0.5 (Price)3 ( )0.5 (2)3 (0)3 (2)3 (1)3 ( )0.5 (\(translated)3 ( )0.5 (into)3 ( )0.5 (Euro)3 ( )0.5 (at)3 ( )0.5 (the)3.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Fixed Exchange Rate\); or)Tj 0.043 Tc 0.07 Tw -2.181 -2.462 Td [(\()18 (b)18 (\))18 ( )-576.5 (At)12.1 ( any)12.2 ( time)12.1 ( prior)12.1 ( to)12.1 ( the)12.2 ( publication)12.1 ( of)12.1 ( such)12.1 ( redemption)12.1 ( notice,)18 ( )]TJ 0.057 Tc 2.181 -1.231 Td [(the)12.3 ( aggregate)12.3 ( principal)12.4 ( amount)12.3 ( of)12.3 ( the)12.4 ( Convertible)12.4 ( Bond)12.4 ( 2)12.3 (0)12.4 (2)12.3 (1)32 ( )]TJ 0.059 Tc 0 -1.231 Td [(outstanding)12.6 ( is)12.6 ( less)12.6 ( than)12.5 ( 1)12.6 (0)12.5 ( percent)12.6 ( of)12.6 ( the)12.6 ( aggregate)12.6 ( principal)34 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (amount originally issued.)Tj 13 0 3.4833 13 112.0517 261.5878 Tm [(\(iii\) )-280.5 (Redemption at the option of the Bondholders 2021)]TJ 0.055 Tc 0.07 Tw 13 0 0 13 141.7323 229.5878 Tm [(The)12.8 ( Company)12.8 ( will,)12.8 ( at)12.8 ( the)12.8 ( option)12.7 ( of)12.7 ( the)12.8 ( Bondholders)12.7 ( 2)12.8 (0)12.7 (2)12.8 (1)12.8 (,)12.7 ( redeem)30 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(the)7 ( )0.5 (whole)7 ( )0.5 (or)7.1 ( )0.5 (only)7.1 ( )0.5 (some)7 ( )0.5 (of)7 ( )0.5 (that)7 ( )0.5 (holder\222s)7 ( )0.5 (bonds)7 ( )0.5 (at)7 ( )0.5 (1)7 (0)7 (0)7 ( )0.5 (percent)7 ( )0.5 (of)7 ( )0.5 (their)7 ( )]TJ 0.049 Tc 0.07 Tw 0 -1.231 Td [(out)0.5 (sta)0.5 (nding)13 ( pri)0.5 (nci)0.5 (pal)12.9 ( )0.5 (amou)0.5 (nt)12.9 ( o)0.5 (n)12.9 ( J)0.5 (anua)0.5 (ry)12.9 ( )0.5 (2)12.9 (0)12.9 (,)12.9 ( )0.5 (2)12.9 (0)12.9 (2)12.9 (4)12.9 (\()0.5 (the)13 ( \223)]TJ /T1_1 1 Tf [(P)0.5 (ut)12.9 ( Op)0.5 (tio)0.5 (n)23.9 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (Date)Tj /T1_0 1 Tf (\224\).)Tj ET endstreamendobj27 0 obj<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 2/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj28 0 obj<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 2/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj29 0 obj<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 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(payables)12.1 ( mainly)12 ( )0.5 (represent)12 ( )0.5 (the)12 ( )0.5 (payables)12 ( )0.5 (for)12.1 ( )0.5 (the)12 ( )0.5 (expressway)12 ( )0.5 (improvement)12 ( )]TJ 0.025 Tc 0.074 Tw 0 -1.231 Td (projects. The following is an aged analysis of trade payables presented \based on )Tj 0 Tw 0 -1.231 Td (the invoice date at the end of the reporting period:)Tj /T1_1 1 Tf 26.125 -2.462 Td (As at )Tj -3.811 -1.231 Td (December 31, )Tj -0.025 Tw 4.03 -1.231 Td (2025)Tj /T1_0 1 Tf 0 Tw 6.434 2.462 Td (As at )Tj -3.701 -1.231 Td (December 31, )Tj -0.025 Tw 3.809 -1.231 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 399.9324 629.5878 Tm (Rmb\222000)Tj /T1_0 1 Tf 6.707 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 380.7874 625.1777 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 375.1181 626.5787 Tm ( )Tj ET q 1 0 0 1 465.8268 625.1777 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 3.4833 13 460.1575 626.5787 Tm ( )Tj 0.025 Tc 13 0 0 13 85.0394 594.5787 Tm (Within 3 months)Tj /T1_1 1 Tf -0.025 Tw 25.019 0 Td (650,547)Tj /T1_0 1 Tf 6.541 0 Td (537,785)Tj 0 Tw -31.561 -1.231 Td (3 months to 1 year)Tj /T1_1 1 Tf -0.025 Tw 25.019 0 Td (151,292)Tj /T1_0 1 Tf 6.541 0 Td (124,735)Tj 0 Tw -31.561 -1.231 Td (1 to 2 years)Tj /T1_1 1 Tf -0.025 Tw 25.544 0 Td (97,292)Tj /T1_0 1 Tf 6.016 0 Td (132,298)Tj 0 Tw -31.561 -1.231 Td (2 to 3 years)Tj /T1_1 1 Tf -0.025 Tw 25.544 0 Td (59,897)Tj /T1_0 1 Tf 6.541 0 Td (76,991)Tj 0 Tw -32.086 -1.231 Td (Over 3 years)Tj /T1_1 1 Tf -0.025 Tw 25.019 0 Td (243,144)Tj /T1_0 1 Tf 6.541 0 Td (271,397)Tj ET q 1 0 0 1 380.7874 526.1686 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1181 527.5696 Tm ( )Tj ET q 1 0 0 1 465.8268 526.1686 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 527.5696 Tm ( )Tj 0.025 Tc -0.025 Tw -28.855 -2.462 Td (Total)Tj /T1_1 1 Tf 24.219 0 Td (1,202,172)Tj /T1_0 1 Tf 6.541 0 Td (1,143,206)Tj ET 2.5 w q 1 0 0 1 380.7874 490.0051 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 380.7874 486.6726 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1181 487.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 465.8268 490.0051 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 465.8268 486.6726 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 487.9061 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -31.036 -2.335 Td [(10. )-580.5 (CONVERTIBLE BONDS)]TJ /T1_0 1 Tf -0.025 Tw 2.18 -2.462 Td (On)Tj 0.076 Tw ( January 20, 2021, the Company issued a zero coupon convertible bond in \an )Tj 0.054 Tw 0 -1.231 Td (aggregate principal amount of Euro230,000,000 \(the \223)Tj /T1_1 1 Tf (Convertible Bond 2021)Tj /T1_0 1 Tf -0.025 Tw (\224\). )Tj 0.055 Tc 0.07 Tw 0 -1.231 Td [(As)12.7 ( at)12.6 ( December)12.7 ( 3)12.6 (1)12.6 (,)12.6 ( 2)12.6 (0)12.6 (2)12.6 (5)12.6 (,)12.6 ( all)12.6 ( bonds)12.6 ( of)12.6 ( the)12.6 ( Convertible)12.7 ( Bond)12.7 ( 2)12.6 (0)12.6 (2)12.6 (1)12.6 ( had)12.6 ( been)30 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (redeemed or converted.)Tj 0 -2.462 Td (The principal terms of the Convertible Bond 2021 are as follows:)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7053 313.5571 Tm [(\(1\) )-664.5 (Conversion right)]TJ /T1_0 1 Tf 0.102 Tc 0.07 Tw 13 0 0 13 113.3859 281.5571 Tm [(The)12.2 ( Convertible)12.2 ( Bond)12.1 ( 2)12.2 (0)12.1 (2)12.2 (1)12.1 ( will,)12.1 ( at)12.1 ( the)12.2 ( option)12.1 ( of)12.1 ( the)12.2 ( holder)12.2 ( \(the)77 ( )]TJ 0 Tc 0 Tw 0 -1.231 Td (\223)Tj /T1_1 1 Tf 0.085 Tc 0.07 Tw 0.529 0 Td [(Bondholders)12.4 ( 2)12.4 (0)12.4 (2)12.4 (1)]TJ /T1_0 1 Tf 9.065 0 Td [(\224\),)12.4 ( be)12.4 ( convertible)12.4 ( \(unless)12.5 ( previously)12.5 ( redeemed,)60 ( )]TJ 0.057 Tc -9.594 -1.231 Td [(converted)12.5 ( or)12.4 ( purchased)12.4 ( and)12.4 ( cancelled\))12.5 ( on)12.4 ( or)12.4 ( after)12.4 ( March)12.4 ( 2)12.4 (,)12.4 ( 2)12.4 (0)12.4 (2)12.5 (1)12.4 ( up)12.4 ( to)32 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (January 10, 2026 into fully paid ordinary shares with a par value of Rmb\1.00 )Tj 0.071 Tc 0.07 Tw 0 -1.231 Td [(each)12.7 ( at)12.6 ( an)12.7 ( initial)12.7 ( conversion)12.7 ( price)12.7 ( \(the)12.7 ( \223)]TJ /T1_1 1 Tf [(Conversion)12.7 ( Price)12.7 ( 2)12.7 (0)12.6 (2)12.7 (1)]TJ /T1_0 1 Tf 30.507 0 Td [(\224\))12.7 ( of)46 ( )]TJ 0.025 Tc 0.08 Tw -30.507 -1.231 Td (HK$8.83 per H share and a fixed exchange rate of HK$9.5145 to Euro1.00 )Tj 0.054 Tc 0.07 Tw 0 -1.231 Td [(\(th)0.5 (e)12.9 ( \223)]TJ /T1_1 1 Tf [(F)0.5 (ixed)12.9 ( E)0.5 (xchan)0.5 (ge)12.9 ( R)0.5 (ate)]TJ /T1_0 1 Tf [(\224)0.5 (\).)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 0.052 Tc 0 -1.231 Td [(the)12.5 ( anti-dilutive)12.4 ( adjustments)12.4 ( and)12.4 ( certain)12.5 ( events)12.5 ( including)12.5 ( mainly:)12.5 ( share)27.1 ( )]TJ 0.042 Tc 0 -1.231 Td [(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 0.025 Tc 0.049 Tw 0 -1.231 Td (reserves, capital distributions, rights issues of shares or options over\ shares, )Tj 0 Tw 0 -1.231 Td (rights issues of other securities and issues at less than current market\ price.)Tj ET endstreamendobj92 0 obj<>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 19 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT 0.048 Tc 0.07 Tw 13 0 0 13 85.0394 773.5878 Tm [(The)12.4 ( following)12.5 ( is)12.4 ( an)12.5 ( ageing)12.4 ( analysis)12.5 ( of)12.5 ( trade)12.5 ( receivables)12.5 ( net)12.5 ( of)12.5 ( allowance)12.5 ( for)23.1 ( )]TJ 0.025 Tc 0.074 Tw 0 -1.231 Td (credit losses presented based on the invoice date at the end of the Peri\od, which )Tj 0 Tw 0 -1.231 Td (approximated the respective revenue recognition dates:)Tj /T1_1 1 Tf 26.125 -2.462 Td (As at )Tj -0.025 Tw -2.212 -1.231 Td (December )Tj 1.106 -1.231 Td (31,2025)Tj /T1_0 1 Tf 0 Tw 7.759 2.462 Td (As at )Tj -3.701 -1.231 Td (December 31, )Tj -0.025 Tw 3.809 -1.231 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 399.9324 661.5878 Tm (Rmb\222000)Tj /T1_0 1 Tf 6.707 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 380.7874 657.1777 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 375.1181 658.5787 Tm ( )Tj ET q 1 0 0 1 465.8268 657.1777 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 3.4833 13 460.1575 658.5787 Tm ( )Tj 0.025 Tc 13 0 0 13 85.0394 626.5787 Tm (Within 3 months)Tj /T1_1 1 Tf -0.025 Tw 25.019 0 Td (711,032)Tj /T1_0 1 Tf 6.541 0 Td (489,187)Tj 0 Tw -31.561 -1.231 Td (3 months to 1 year)Tj /T1_1 1 Tf -0.025 Tw 25.019 0 Td (395,314)Tj /T1_0 1 Tf 6.541 0 Td (391,596)Tj 0 Tw -31.561 -1.231 Td (1 to 2 years)Tj /T1_1 1 Tf -0.025 Tw 25.019 0 Td (242,245)Tj /T1_0 1 Tf 6.541 0 Td (168,839)Tj 0 Tw -31.561 -1.231 Td (Over 2 years)Tj /T1_1 1 Tf -0.025 Tw 25.544 0 Td (28,593)Tj /T1_0 1 Tf 7.866 0 Td (876)Tj ET q 1 0 0 1 380.7874 574.1686 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1181 575.5696 Tm ( )Tj ET q 1 0 0 1 465.8268 574.1686 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 575.5696 Tm ( )Tj 0.025 Tc -0.025 Tw -28.855 -2.462 Td (Total)Tj /T1_1 1 Tf 24.219 0 Td (1,377,184)Tj /T1_0 1 Tf 6.541 0 Td (1,050,498)Tj ET 2.5 w q 1 0 0 1 380.7874 538.0051 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 380.7874 534.6726 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1181 535.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 465.8268 538.0051 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 465.8268 534.6726 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 535.9061 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -28.855 -2.335 Td (Movement of allowance for credit losses)Tj 26.125 -1.231 Td (As at )Tj -3.811 -1.231 Td (December 31, )Tj -0.025 Tw 4.03 -1.231 Td (2025)Tj /T1_0 1 Tf 0 Tw 6.434 2.462 Td (As at )Tj -3.701 -1.231 Td (December 31, )Tj -0.025 Tw 3.809 -1.231 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 399.9325 441.5571 Tm (Rmb\222000)Tj /T1_0 1 Tf 6.707 0 Td (Rmb\222000)Tj ET 0.5 w q 1 0 0 1 380.7874 437.1471 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 375.1182 438.548 Tm ( )Tj ET q 1 0 0 1 465.8268 437.1471 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 3.4833 13 460.1575 438.548 Tm ( )Tj 0.025 Tc 13 0 0 13 85.0395 406.5479 Tm (At the beginning of the year)Tj /T1_1 1 Tf -0.025 Tw 25.544 0 Td (19,748)Tj /T1_0 1 Tf 7.066 -0 Td (5,748)Tj 0 Tw -32.611 -1.231 Td (Impairment recognised for the year)Tj /T1_1 1 Tf -0.025 Tw 25.544 -0 Td (17,123)Tj /T1_0 1 Tf 6.541 0 Td (14,000)Tj 0 Tw -32.086 -1.231 Td (Acquisition of a subsidiary)Tj /T1_1 1 Tf -0.025 Tw 25.544 0 Td (24,235)Tj /T1_0 1 Tf 0 Tc 0 Tw 8.916 0 Td (\226)Tj 0.025 Tc -34.461 -1.231 Td (Reversal of written off)Tj /T1_1 1 Tf -0.025 Tw 26.869 0 Td (318)Tj /T1_0 1 Tf 0 Tc 0 Tw 7.591 0 Td (\226)Tj ET q 1 0 0 1 380.7874 354.1375 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 13 0 0 13 375.1181 355.5385 Tm ( )Tj ET q 1 0 0 1 465.8268 354.1375 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 355.5385 Tm ( )Tj 0.025 Tc -28.855 -2.462 Td (At the end of the year)Tj /T1_1 1 Tf -0.025 Tw 25.544 0 Td (61,424)Tj /T1_0 1 Tf 6.541 0 Td (19,748)Tj ET 2.5 w q 1 0 0 1 380.7874 317.9739 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 380.7874 314.6414 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1181 315.8749 Tm ( )Tj ET 2.5 w q 1 0 0 1 465.8268 317.9739 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 465.8268 314.6414 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 315.8749 Tm ( )Tj ET endstreamendobj91 0 obj<>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 /T1_1 1 Tf 13 0 0 13 56.6929 773.5878 Tm [(8. )-1105.5 (TRADE RECEIVABLES)]TJ 28.306 -2.462 Td (As at )Tj -3.811 -1.231 Td (December 31, )Tj -0.025 Tw 4.03 -1.231 Td (2025)Tj /T1_0 1 Tf 0 Tw 6.434 2.462 Td (As at )Tj -3.701 -1.231 Td (December 31, )Tj -0.025 Tw 3.809 -1.231 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 399.9324 693.5878 Tm (Rmb\222000)Tj /T1_0 1 Tf 6.707 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 380.7874 689.1777 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 375.1181 690.5787 Tm ( )Tj ET q 1 0 0 1 465.8268 689.1777 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 3.4833 13 460.1575 690.5787 Tm ( )Tj 0.025 Tc 13 0 0 13 85.0394 658.5787 Tm (Trade receivables comprise:)Tj 1.003 -1.231 Td (\226 Contracts with customers)Tj /T1_1 1 Tf -0.025 Tw 23.216 0 Td (1,438,608)Tj /T1_0 1 Tf 6.541 0 Td (1,070,246)Tj 0 Tw -30.761 -1.231 Td (Less: Allowance for credit losses)Tj /T1_1 1 Tf -0.025 Tw 25.161 0 Td (\(61,424\))Tj /T1_0 1 Tf 6.541 0 Td (\(19,748\))Tj ET q 1 0 0 1 380.7874 622.1686 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1181 623.5696 Tm ( )Tj ET q 1 0 0 1 465.8268 622.1686 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 623.5696 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -4.636 -2.462 Td (1,377,184)Tj /T1_0 1 Tf 6.541 0 Td (1,050,498)Tj ET 2.5 w q 1 0 0 1 380.7874 586.0051 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 380.7874 582.6726 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1181 583.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 465.8268 586.0051 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 465.8268 582.6726 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 583.9061 Tm ( )Tj 0.025 Tc -28.855 -2.462 Td (Trade receivables )Tj 0 Tc ( )Tj 0.025 Tc 1.003 -1.231 Td (\(before allowance for credit losses\) comprise:)Tj 0 -1.231 Td (Fellow subsidiaries)Tj /T1_1 1 Tf -0.025 Tw 24.541 0 Td (40,203)Tj /T1_0 1 Tf 6.541 0 Td (16,390)Tj 0 Tw -31.083 -1.231 Td (Third parties)Tj /T1_1 1 Tf -0.025 Tw 23.216 0 Td (1,398,405)Tj /T1_0 1 Tf 6.541 0 Td (1,053,856)Tj ET 0.5 w q 1 0 0 1 380.7874 499.4961 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1181 500.897 Tm ( )Tj ET q 1 0 0 1 465.8268 499.4961 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 500.897 Tm ( )Tj 0.025 Tc -28.855 -2.462 Td (Total trade receivables)Tj /T1_1 1 Tf -0.025 Tw 24.219 0 Td (1,438,608)Tj /T1_0 1 Tf 6.541 0 Td (1,070,246)Tj ET 2.5 w q 1 0 0 1 380.7874 463.3325 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 380.7874 460 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1181 461.2335 Tm ( )Tj ET 2.5 w q 1 0 0 1 465.8268 463.3325 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 465.8268 460 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 461.2335 Tm ( )Tj 0.067 Tc 0.07 Tw -28.855 -2.335 Td [(The)12.4 ( Group)12.5 ( has)12.5 ( no)12.5 ( credit)12.5 ( period)12.4 ( granted)12.4 ( to)12.4 ( its)12.5 ( trade)12.4 ( customers)12.5 ( of)12.5 ( toll)12.5 ( road)42 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td [(o)0.5 (p)0.5 (e)0.6 (r)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.6 (n)0.5 ( )0.5 (b)0.5 (u)0.5 (s)0.5 (i)0.5 (n)0.5 (e)0.6 (s)0.5 (s)0.5 (.)0.5 ( )0.6 (T)0.5 (h)0.5 (e)0.5 ( )0.5 (G)0.6 (r)0.5 (o)0.5 (u)0.5 (p)0.5 (\222)0.5 (s)0.6 ( )0.5 (t)0.5 (r)0.5 (a)0.6 (d)0.5 (e)0.5 ( )0.5 (r)0.5 (e)0.6 (c)0.5 (e)0.5 (i)0.5 (v)0.5 (a)0.6 (b)0.5 (l)0.5 (e)0.5 ( )0.5 (b)0.6 (a)0.5 (l)0.5 (a)0.5 (n)0.5 (c)0.6 (e)0.5 ( )0.5 (f)0.5 (o)0.5 (r)0.6 ( )0.5 (t)0.5 (o)0.5 (l)0.5 (l)0.5 ( )0.6 (r)0.5 (o)0.5 (a)0.5 (d)0.5 ( )0.6 (o)0.5 (p)0.5 (e)0.5 (r)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)0.5 ( )0.5 (i)0.5 (s )]TJ 0.051 Tw 0 -1.231 Td (toll receivables from the respective expressway fee settlement centre of\ Zhejiang )Tj 0.061 Tc 0.07 Tw 0 -1.231 Td [(Province)12.6 ( and)12.6 ( Anhui)12.6 ( Province,)12.6 ( Transportation)12.6 ( Bureau)12.6 ( of)12.6 ( Linping)12.6 ( County)12.6 ( of)36 ( )]TJ 0.025 Tc 0.079 Tw 0 -1.231 Td [(Hangzhou, Transportation )0.5 (Bureau of )0.5 (Hangzhou, Transportation Bureau of Yiwu, )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(Transportation)2 ( )0.5 (Bureau)2 ( )0.5 (of)2 ( )0.5 (Linan)2 ( )0.5 (of)2 ( )0.5 (Hangzhou,)2 ( )0.5 (Transportation)2 ( )0.5 (Bureau)2 ( of)2 ( )0.5 (Jiaxing,)1.9 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (etc.)Tj 0.044 Tc 0.07 Tw 0 -2.462 Td [(In)12.8 ( respect)12.8 ( of)12.8 ( the)12.8 ( Group\222s)12.8 ( asset)12.7 ( management)12.8 ( service,)12.8 ( security)12.7 ( commission)12.8 ( and)19 ( )]TJ 0.025 Tc 0.043 Tw 0 -1.231 Td (financial advisory service operated by Zheshang Securities Co., Ltd. \(\223\)Tj /T1_1 1 Tf -0.025 Tw (Zheshang )Tj 0.036 Tc -0.036 Tw 0 -1.231 Td (Securities)Tj /T1_0 1 Tf 0.072 Tw [(\224\),)11 ( )0.5 (trading)11 ( )0.5 (limits)11 ( )0.5 (are)11 ( )0.5 (set)11 ( )0.5 (for)11 ( )0.5 (customers.)11 ( )0.5 (The)11.1 ( )0.5 (Group)11 ( )0.5 (seeks)11 ( )0.5 (to)11 ( )0.5 (maintain)11 ( )]TJ 0.025 Tc 0.071 Tw 0 -1.231 Td (tight control over its outstanding accounts receivable in order to minim\ise credit )Tj 0 Tw 0 -1.231 Td (risk. Overdue balances are regularly monitored by the management.)Tj ET endstreamendobj90 0 obj<>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 17 \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 [(7. )-1105.5 (EARNINGS PER SHARE)]TJ /T1_0 1 Tf 0.046 Tc 0.07 Tw 2.181 -2.462 Td [(The)12.4 ( calculation)12.5 ( of)12.5 ( the)12.4 ( basic)12.4 ( and)12.4 ( diluted)12.4 ( earnings)12.5 ( per)12.5 ( share)12.5 ( attributable)12.4 ( to)12.4 ( the)21 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (owners of the Company is based on the following data:)Tj 0 -2.462 Td (Earnings figures are calculated as follows:)Tj /T1_1 1 Tf 24.602 -2.462 Td (For the year ended )Tj 1.2 -1.231 Td (December 31,)Tj -0.025 Tw 0.542 -1.231 Td (2025)Tj /T1_0 1 Tf 6.541 0 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 399.9324 613.5878 Tm (Rmb\222000)Tj /T1_0 1 Tf 6.707 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 380.7874 609.1777 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 375.1181 610.5787 Tm ( )Tj ET q 1 0 0 1 465.8268 609.1777 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 3.4833 13 460.1575 610.5787 Tm ( )Tj 0.025 Tc 13 0 0 13 85.0394 578.5787 Tm (Profit for the year attributable to owners of the )Tj -0.025 Tw 1.003 -1.231 Td (Company)Tj /T1_1 1 Tf 23.216 0 Td (5,324,958)Tj /T1_0 1 Tf 6.541 0 Td (5,501,588)Tj 0 Tw -30.761 -1.231 Td (Earnings for the purpose of basic earnings per share)Tj /T1_1 1 Tf -0.025 Tw 24.219 0 Td (5,324,958)Tj /T1_0 1 Tf 6.541 0 Td (5,501,588)Tj 0 Tw -30.761 -1.231 Td (Effect of dilutive potential ordinary shares arising )Tj 1.003 -1.231 Td (from convertible bond)Tj /T1_1 1 Tf 0 Tc 26.916 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 3.784 0 Td (\(41,723\))Tj ET q 1 0 0 1 380.7874 510.1686 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1181 511.5696 Tm ( )Tj ET q 1 0 0 1 465.8268 510.1686 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 511.5696 Tm ( )Tj 0.025 Tc 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(statement)8 ( )0.5 (of)8 ( )0.6 (profit)8 ( )0.6 (or)8 ( )0.5 (loss)8 ( )0.5 (and)8 ( )0.5 (other)8 ( )0.5 (comprehensive)8 ( )0.5 (income)8 ( )0.5 (as)8 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (follows:)Tj /T1_1 1 Tf 0 Tw 24.602 -2.462 Td (For the year ended )Tj 1.2 -1.231 Td (December 31,)Tj -0.025 Tw 0.542 -1.231 Td (2025)Tj /T1_0 1 Tf 6.541 0 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 399.9324 661.5878 Tm (Rmb\222000)Tj /T1_0 1 Tf 6.707 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 380.7874 657.1777 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 375.1181 658.5787 Tm ( )Tj ET q 1 0 0 1 465.8268 657.1777 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 3.4833 13 460.1575 658.5787 Tm ( )Tj 0.025 Tc 13 0 0 13 85.0394 626.5787 Tm (Profit before tax)Tj /T1_1 1 Tf -0.025 Tw 24.219 0 Td (9,789,587)Tj /T1_0 1 Tf 6.541 0 Td (8,857,582)Tj 0 Tw -30.761 -1.231 Td (Tax at the PRC EIT rate of 25% \(2024: 25%\))Tj /T1_1 1 Tf -0.025 Tw 24.219 0 Td (2,447,397)Tj /T1_0 1 Tf 6.541 0 Td 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-0.025 Tw 1.003 -1.231 Td (purposes)Tj /T1_1 1 Tf 24.541 0 Td (45,701)Tj /T1_0 1 Tf 6.541 0 Td (47,983)Tj 0 Tw -32.086 -1.231 Td (Tax effect of income not subject to tax)Tj /T1_1 1 Tf -0.025 Tw 24.636 0 Td (\(284,036\))Tj /T1_0 1 Tf 6.541 0 Td (\(282,646\))Tj ET q 1 0 0 1 380.7874 446.1686 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1182 447.5696 Tm ( )Tj ET q 1 0 0 1 465.8268 446.1686 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 447.5696 Tm ( )Tj 0.025 Tc -28.855 -2.462 Td (Income tax expense for the year)Tj /T1_1 1 Tf -0.025 Tw 24.219 0 Td (1,926,050)Tj /T1_0 1 Tf 6.541 0 Td (1,701,104)Tj ET 2.5 w q 1 0 0 1 380.7875 410.0051 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 380.7875 406.6726 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1182 407.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 465.8268 410.0051 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 465.8269 406.6726 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1576 407.9061 Tm ( )Tj /T1_1 1 Tf 0.025 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GAINS AND LOSSES)]TJ 26.782 -2.462 Td (For the year ended )Tj 1.2 -1.231 Td (December 31,)Tj -0.025 Tw 0.542 -1.231 Td (2025)Tj /T1_0 1 Tf 6.541 0 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 399.9324 693.5878 Tm (Rmb\222000)Tj /T1_0 1 Tf 6.707 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 380.7874 689.1777 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 375.1181 690.5787 Tm ( )Tj ET q 1 0 0 1 465.8268 689.1777 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 3.4833 13 460.1575 690.5787 Tm ( )Tj 0.025 Tc 13 0 0 13 85.0394 658.5787 Tm (Interest income from financial institutions)Tj /T1_1 1 Tf -0.025 Tw 25.019 0 Td (480,118)Tj /T1_0 1 Tf 6.541 0 Td (474,167)Tj 0 Tw -31.561 -1.231 Td (Rental income)Tj /T1_1 1 Tf -0.025 Tw 25.544 0 Td (74,542)Tj /T1_0 1 Tf 6.541 0 Td (73,727)Tj 0 Tw -32.086 -1.231 Td (Losses on changes in fair value in respect of the )Tj 1.003 -1.231 Td (derivative component of convertible bond)Tj /T1_1 1 Tf -0.025 Tw 24.158 0 Td (\(10,022\))Tj /T1_0 1 Tf 7.066 0 Td (\(2,676\))Tj 0 Tw -32.228 -1.231 Td (Exchange gains/\(losses\), net)Tj /T1_1 1 Tf -0.025 Tw 26.069 0 Td (3,185)Tj /T1_0 1 Tf 6.958 0 Td (\(780\))Tj 0 Tw -33.028 -1.231 Td (\(Loss\)/gain on commodity trading, net)Tj /T1_1 1 Tf -0.025 Tw 25.161 0 Td (\(20,220\))Tj /T1_0 1 Tf 6.924 0 Td (64,009)Tj 0 Tw -32.086 -1.231 Td (Management fee income)Tj /T1_1 1 Tf -0.025 Tw 25.544 0 Td (27,641)Tj /T1_0 1 Tf 6.541 0 Td (27,135)Tj 0 Tw -32.086 -1.231 Td (Government subsidy)Tj /T1_1 1 Tf -0.025 Tw 25.544 0 Td (66,895)Tj /T1_0 1 Tf 6.541 0 Td (69,485)Tj 0 Tw -32.086 -1.231 Td (Gain on disposal of assets)Tj /T1_1 1 Tf -0.025 Tw 26.069 0 Td (6,022)Tj /T1_0 1 Tf 6.016 0 Td (26,736)Tj -32.086 -1.231 Td (Others)Tj /T1_1 1 Tf 25.019 0 Td (174,172)Tj /T1_0 1 Tf 6.541 0 Td (157,342)Tj ET q 1 0 0 1 380.7874 510.1686 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1181 511.5696 Tm ( )Tj ET q 1 0 0 1 465.8268 510.1686 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 511.5696 Tm ( )Tj 0.025 Tc -0.025 Tw -28.855 -2.462 Td (Total)Tj /T1_1 1 Tf 25.019 0 Td (802,333)Tj /T1_0 1 Tf 6.541 0 Td (889,145)Tj ET 2.5 w q 1 0 0 1 380.7874 474.0051 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 380.7874 470.6726 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1181 471.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 465.8268 474.0051 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 465.8268 470.6726 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 471.9061 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -31.036 -2.335 Td [(5. )-1105.5 (INCOME TAX EXPENSE)]TJ 26.782 -2.462 Td (For the year ended )Tj 1.2 -1.231 Td (December 31,)Tj -0.025 Tw 0.542 -1.231 Td (2025)Tj /T1_0 1 Tf 6.541 0 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 399.9325 361.5571 Tm (Rmb\222000)Tj /T1_0 1 Tf 6.707 0 Td (Rmb\222000)Tj ET 0.5 w q 1 0 0 1 380.7874 357.147 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 375.1182 358.548 Tm ( )Tj ET q 1 0 0 1 465.8268 357.147 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 3.4833 13 460.1575 358.548 Tm ( )Tj 0.025 Tc 13 0 0 13 85.0395 326.548 Tm (Current Tax:)Tj 1.003 -1.231 Td (PRC Enterprise Income Tax \(\223)Tj /T1_1 1 Tf -0.025 Tw (EIT)Tj /T1_0 1 Tf (\224\))Tj /T1_1 1 Tf 23.216 0 Td (2,096,445)Tj /T1_0 1 Tf 6.541 0 Td (1,508,683)Tj 0 Tw -29.758 -1.231 Td (Deferred tax)Tj /T1_1 1 Tf -0.025 Tw 23.633 0 Td (\(170,395\))Tj /T1_0 1 Tf 6.924 0 Td (192,421)Tj ET q 1 0 0 1 380.7874 290.1379 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1182 291.5389 Tm ( )Tj ET q 1 0 0 1 465.8268 290.1379 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 291.5389 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -4.636 -2.462 Td (1,926,050)Tj /T1_0 1 Tf 6.541 0 Td (1,701,104)Tj ET 2.5 w q 1 0 0 1 380.7875 253.9744 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 380.7875 250.6419 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1182 251.8754 Tm ( )Tj ET 2.5 w q 1 0 0 1 465.8268 253.9744 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 465.8269 250.6419 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1576 251.8754 Tm ( )Tj 0.038 Tc 0.07 Tw -28.855 -2.335 Td [(Under)12.6 ( the)12.6 ( Law)12.6 ( of)12.7 ( the)12.6 ( PRC)12.6 ( on)12.6 ( EIT)12.6 ( and)12.6 ( Implementation)12.6 ( Regulations)12.6 ( of)12.6 ( the)12.6 ( EIT)13 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Law, the tax rate of the PRC subsidiaries is 25%.)Tj 0.08 Tw 0 -2.462 Td (Pursuant to the relevant tax ordinance of the Hong Kong Special Administ\rative )Tj 0.045 Tc 0.07 Tw 0 -1.231 Td [(Region,)12.1 ( Hong)12.1 ( Kong)12.1 ( profits)12.2 ( tax)12.1 ( has)12.1 ( been)12.1 ( provided)12 ( at)12.1 ( the)12.1 ( rate)12.1 ( of)12.1 ( 1)12.1 (6)12.1 (.)12.1 (5)12.1 (%)12 ( on)12.1 ( the)20 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (estimated assessable profits arising in Hong Kong.)Tj ET endstreamendobj97 0 obj<>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 14 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 13 0 0 13 85.0394 773.5878 Tm (Revenue from major services)Tj /T1_0 1 Tf 0.049 Tw 0 -2.462 Td (An analysis of the Group\222s revenue, net of discounts and taxes, for t\he year is as )Tj -0.025 Tw 0 -1.231 Td (follows:)Tj /T1_1 1 Tf 0 Tw 24.602 -2.462 Td (For the year ended )Tj 1.2 -1.231 Td (December 31,)Tj -0.025 Tw 0.542 -1.231 Td (2025)Tj /T1_0 1 Tf 6.541 0 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 399.9324 645.5878 Tm (Rmb\222000)Tj /T1_0 1 Tf 6.707 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 380.7874 641.1777 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 375.1181 642.5787 Tm ( )Tj ET q 1 0 0 1 465.8268 641.1777 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 3.4833 13 460.1575 642.5787 Tm ( )Tj 0.025 Tc 13 0 0 13 85.0394 610.5787 Tm (Toll road operation revenue)Tj /T1_1 1 Tf -0.025 Tw 23.694 0 Td (10,387,655)Tj /T1_0 1 Tf 6.541 0 Td (10,662,346)Tj 0 Tw -30.236 -1.231 Td (Commission and fee income from securities )Tj -0.025 Tw 1.003 -1.231 Td (operation)Tj /T1_1 1 Tf 23.216 0 Td (4,642,996)Tj /T1_0 1 Tf 6.541 0 Td (3,692,147)Tj 0 Tw -30.761 -1.231 Td (Interest income from securities operation)Tj /T1_1 1 Tf -0.025 Tw 24.219 0 Td (2,907,617)Tj /T1_0 1 Tf 6.541 0 Td (2,490,359)Tj 0 Tw -30.761 -1.231 Td (Hotel and catering revenue)Tj /T1_1 1 Tf -0.025 Tw 25.019 0 Td (101,628)Tj /T1_0 1 Tf 6.541 0 Td (108,251)Tj 0 Tw -31.561 -1.231 Td (Construction service revenue)Tj /T1_1 1 Tf -0.025 Tw 24.219 0 Td (1,690,252)Tj /T1_0 1 Tf 6.541 0 Td (1,070,362)Tj 0 Tw -30.761 -1.231 Td (Revenue from PPP project)Tj /T1_1 1 Tf -0.025 Tw 25.544 0 Td (25,342)Tj /T1_0 1 Tf 6.541 0 Td (41,359)Tj ET q 1 0 0 1 380.7874 510.1686 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1181 511.5696 Tm ( )Tj ET q 1 0 0 1 465.8268 510.1686 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 511.5696 Tm ( )Tj 0.025 Tc -0.025 Tw -28.855 -2.462 Td (Total)Tj /T1_1 1 Tf 23.694 0 Td (19,755,490)Tj /T1_0 1 Tf 6.541 0 Td (18,064,824)Tj ET 2.5 w q 1 0 0 1 380.7874 474.0051 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 380.7874 470.6726 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 375.1181 471.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 465.8268 474.0051 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 465.8268 470.6726 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 460.1575 471.9061 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -28.855 -2.335 Td (Geographical information)Tj /T1_0 1 Tf 0.03 Tc 0.078 Tw 0 -2.462 Td [(The)5 ( )0.5 (Group\222s)5 ( )0.5 (operations)5 ( )0.5 (are)5 ( )0.5 (located)5 ( )0.5 (in)5 ( )0.5 (the)5.1 ( )0.5 (PRC.)5 ( )0.5 (The)5 ( )0.5 (Group\222s)5 ( )0.5 (non-current)4.9 ( )0.5 (assets)5 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (are located in the PRC )Tj (\(country of domicile\))Tj 0 Tc (.)Tj 0.044 Tc 0.07 Tw 0 -2.462 Td [(All)12.2 ( of)12.2 ( the)12.2 ( Group\222s)12.2 ( revenue)12.1 ( from)12.2 ( external)12.2 ( customers)12.1 ( is)12.1 ( attributed)12.1 ( to)12.1 ( the)12.2 ( group)19 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (entities\222 country of domicile \(i.e. the PRC\).)Tj /T1_1 1 Tf 0 -2.462 Td (Information about major customers)Tj /T1_0 1 Tf 0.042 Tc 0.07 Tw 0 -2.462 Td [(During)12.1 ( the)12.2 ( years)12.1 ( ended)12.1 ( December)12.1 ( 3)12.1 (1)12.1 (,)12.1 ( 2)12.1 (0)12.2 (2)12.1 (5)12.1 ( and)12.2 ( 2)12.1 (0)12.1 (2)12.1 (4)12.1 (,)12.2 ( there)12.2 ( was)12.1 ( no)12.1 ( individual)17 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (customer with sales over 10% of the total revenue of the Group.)Tj ET endstreamendobj96 0 obj<>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 13 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT 13 0 0 13 85.0394 773.5878 Tm (For the year ended December 31, 2024)Tj -0.025 Tw 10.4 0 0 13 282.3557 741.5878 Tm (Toll )Tj 0 Tc 0 Tw 10.4 0 0 13 303.4371 741.5878 Tm ( )Tj 0.025 Tc -0.025 Tw 10.4 0 0 13 259.1121 725.5878 Tm (operation)Tj 7.44 1.231 Td (Securities )Tj 0.192 -1.231 Td (operation)Tj 8.818 0 Td (Others)Tj 8.212 0 Td (Total)Tj 10.4 0 3.4833 13 258.2873 709.5878 Tm (Rmb\222000)Tj 7.632 0 Td (Rmb\222000)Tj 7.632 0 Td (Rmb\222000)Tj 7.632 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 232.4409 705.1777 cm 0 0 m 68.031 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 226.7717 706.5787 Tm ( )Tj ET q 1 0 0 1 311.811 705.1777 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 306.1417 706.5787 Tm ( )Tj ET q 1 0 0 1 391.1811 705.1777 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 385.5118 706.5787 Tm ( )Tj ET q 1 0 0 1 470.5512 705.1777 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 464.8819 706.5787 Tm ( )Tj 0.025 Tc 10.4 0 0 13 85.0394 674.5787 Tm (Income tax expense)Tj -0.025 Tw 16.515 0 Td (1,279,788)Tj 8.432 0 Td (416,940)Tj 8.682 0 Td (4,376)Tj 5.782 0 Td (1,701,104)Tj 0 Tw -39.41 -1.231 Td (Interest income from financial )Tj -0.025 Tw 1.008 -1.231 Td (institutions)Tj 16.306 0 Td (473,839)Tj 0 Tc 0 Tw 10.532 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.582 0 Td (328)Tj 5.782 0 Td (474,167)Tj 0 Tw -40.21 -1.231 Td (Interest expenses)Tj -0.025 Tw 17.315 0 Td (756,301)Tj 7.632 0 Td (966,160)Tj 8.157 0 Td (19,190)Tj 6.307 0 Td (1,741,651)Tj 0 Tw -39.41 -1.231 Td (Impairment losses on loans )Tj 1.008 -1.231 Td (to customers arising from )Tj 0 -1.231 Td (margin financing business, )Tj 0 -1.231 Td (recognised in profit or loss)Tj 0 Tc 19.206 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.782 0 Td (7,613)Tj 0 Tc 0 Tw 9.482 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.782 0 Td (7,613)Tj 0 Tw -41.26 -1.231 Td (Impairment losses on trade )Tj 1.008 -1.231 Td (receivables, net of reversal)Tj -0.025 Tw 16.831 0 Td (14,986)Tj 8.574 0 Td (\(754\))Tj 7.632 0 Td (\(232\))Tj 6.69 0 Td (14,000)Tj 0 Tw -40.735 -1.231 Td (Interests in associates)Tj -0.025 Tw 16.515 0 Td (2,725,259)Tj 7.632 0 Td (5,909,180)Tj 7.632 0 Td (8,576,300)Tj 7.107 0 Td (17,210,739)Tj 0 Tw -38.885 -1.231 Td (Interests in joint ventures)Tj -0.025 Tw 16.515 0 Td (2,400,437)Tj 0 Tc 0 Tw 11.332 0 Td (\226)Tj 7.632 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.932 0 Td (2,400,437)Tj 0 Tw -39.41 -1.231 Td (Share of profit of associates)Tj -0.025 Tw 17.315 0 Td (184,608)Tj 8.299 0 Td (\(6,722\))Tj 6.965 0 Td (761,513)Tj 7.632 0 Td (939,399)Tj 0 Tw -40.21 -1.231 Td (Share of profit of joint ventures)Tj -0.025 Tw 17.315 0 Td (130,742)Tj 0 Tc 0 Tw 10.532 0 Td (\226)Tj 7.632 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.732 0 Td (130,742)Tj 0 Tw -40.21 -1.231 Td (Net gains arising from financial )Tj 1.008 -1.231 Td (assets at FVTPL)Tj 0 Tc 19.206 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.932 0 Td (1,493,929)Tj 0 Tc 0 Tw 11.332 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.932 0 Td (1,493,929)Tj 0 Tw -39.41 -1.231 Td (Loss on changes in fair value )Tj 1.008 -1.231 Td (in respect of the derivative )Tj 0 -1.231 Td (component of convertible )Tj -0.025 Tw 0 -1.231 Td (bond)Tj 16.973 0 Td (\(2,676\))Tj 0 Tc 0 Tw 9.865 0 Td (\226)Tj 7.632 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.399 0 Td (\(2,676\))Tj 0 Tw -40.877 -1.231 Td (Additions to non-current assets )Tj -0.025 Tw 10.4 0 3.4833 13 95.5276 338.5787 Tm (\(Note\))Tj 10.4 0 0 13 256.7925 338.5787 Tm (2,498,934)Tj 7.632 0 Td (5,496,595)Tj 8.957 0 Td (55,404)Tj 6.307 0 Td (8,050,933)Tj 0 Tw -39.41 -1.231 Td (Depreciation and amortization)Tj -0.025 Tw 16.515 0 Td (3,394,018)Tj 8.432 0 Td (394,119)Tj 8.157 0 Td (24,289)Tj 6.307 0 Td (3,812,426)Tj 11 0 2.9474 11 83.9105 294.2296 Tm (Note)Tj 0.046 Tc -0.066 Tw 11 0 0 11 107.523 294.2296 Tm [(:)21 ( Addition)]TJ 0 Tc 0 Tw (s)Tj 0.046 Tc 0.07 Tw 4.883 0 Td [( to)12.1 ( non-current)12.2 ( assets)12.1 ( )]TJ -0.046 Tw (consist)Tj 0.07 Tw 13.175 0 Td [( of)12.1 ( additions)12.2 ( to)12.1 ( property,)12.1 ( plant)12.1 ( and)12.2 ( equipment,)21 ( )]TJ 0.057 Tc -17.525 -1.273 Td [(e)0.5 (xp)0.5 (re)0.5 (ss)0.5 (wa)0.5 (y)13 ( op)0.5 (e)0.5 (ra)0.5 (ti)0.5 (ng)13 ( r)0.5 (ig)0.5 (ht)0.5 (s,)13 ( o)0.5 (th)0.5 (er)13 ( i)0.5 (nt)0.5 (an)0.5 (gi)0.5 (bl)0.5 (e)12.9 ( )0.5 (as)0.5 (s)0.5 (et)0.5 (s,)13 ( r)0.5 (ig)0.5 (ht)0.5 (-o)0.5 (f-)0.5 (us)0.5 (e)12.9 ( )0.5 (as)0.5 (s)0.5 (et)0.5 (s,)13 ( i)0.5 (nt)0.5 (er)0.5 (es)0.5 (ts)13 ( )0.5 (in)32 ( )]TJ 0.058 Tc 0 -1.273 Td [(associates)12.7 ( and)12.7 ( interests)12.7 ( in)12.7 ( joint)12.7 ( ventures)12.7 ( \(including)12.7 ( assets)12.7 ( from)12.7 ( the)12.7 ( acquisition)12.7 ( of)12.7 ( a)33 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.273 Td (subsidiary\).)Tj ET endstreamendobj95 0 obj<>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 12 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 13 0 0 13 85.0394 773.5878 Tm (Other segment information)Tj /T1_0 1 Tf 0 -2.462 Td (Amounts included in the measure of segment profit/\(loss\) or segment as\sets:)Tj /T1_1 1 Tf 0 -2.462 Td (For the year ended December 31, 2025)Tj -0.025 Tw 10.4 0 0 13 281.7733 677.5878 Tm (Toll )Tj -2.513 -1.231 Td (operation)Tj 7.552 1.231 Td (Securities )Tj 0.08 -1.231 Td (operation)Tj 8.874 0 Td (Others)Tj 8.323 0 Td (Total)Tj 10.4 0 3.4833 13 256.5611 645.5878 Tm (Rmb\222000)Tj 7.632 0 Td (Rmb\222000)Tj 7.632 0 Td (Rmb\222000)Tj 7.632 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 232.4409 641.1777 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7717 642.5787 Tm ( )Tj ET q 1 0 0 1 311.811 641.1777 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 306.1417 642.5787 Tm ( )Tj ET q 1 0 0 1 391.1811 641.1777 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 385.5118 642.5787 Tm ( )Tj ET q 1 0 0 1 470.5512 641.1777 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 464.8819 642.5787 Tm ( )Tj 0.025 Tc 10.4 0 0 13 85.0394 594.5787 Tm (Income tax expense)Tj /T1_1 1 Tf -0.025 Tw 16.515 0 Td (1,309,738)Tj 8.432 0 Td (616,312)Tj 0 Tc 0 Tw 10.532 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.932 0 Td (1,926,050)Tj /T1_0 1 Tf 0 Tw -39.41 -1.231 Td (Interest income from financial )Tj -0.025 Tw 1.008 -1.231 Td (institutions)Tj /T1_1 1 Tf 16.306 0 Td (479,922)Tj 0 Tc 0 Tw 10.532 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.582 0 Td (196)Tj 5.782 0 Td (480,118)Tj /T1_0 1 Tf 0 Tw -40.21 -1.231 Td (Interest expenses)Tj /T1_1 1 Tf -0.025 Tw 17.315 0 Td (545,922)Tj 7.632 0 Td (988,214)Tj 8.157 0 Td (12,770)Tj 6.307 0 Td (1,546,906)Tj /T1_0 1 Tf 0 Tw -39.41 -1.231 Td (Impairment losses on loans )Tj 1.008 -1.231 Td (to customers arising from )Tj 0 -1.231 Td (margin financing business, )Tj 0 -1.231 Td (recognised in profit or loss)Tj /T1_1 1 Tf 0 Tc 19.206 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.257 0 Td (10,397)Tj 0 Tc 0 Tw 10.007 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.257 0 Td (10,397)Tj /T1_0 1 Tf 0 Tw -40.735 -1.231 Td (Impairment losses on trade )Tj 1.008 -1.231 Td (receivables, net of reversal)Tj /T1_1 1 Tf -0.025 Tw 17.356 0 Td (9,237)Tj 7.632 0 Td (6,278)Tj 7.632 0 Td (1,608)Tj 7.107 0 Td (17,123)Tj /T1_0 1 Tf 0 Tw -40.735 -1.231 Td (Interests in associates)Tj /T1_1 1 Tf -0.025 Tw 16.515 0 Td (2,531,116)Tj 7.632 0 Td (3,547,618)Tj 7.632 0 Td (8,791,494)Tj 7.107 0 Td (14,870,228)Tj /T1_0 1 Tf 0 Tw -38.885 -1.231 Td (Interests in joint ventures)Tj /T1_1 1 Tf -0.025 Tw 16.515 0 Td (3,280,335)Tj 0 Tc 0 Tw 11.332 0 Td (\226)Tj 7.632 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.932 0 Td (3,280,335)Tj /T1_0 1 Tf 0 Tw -39.41 -1.231 Td (Share of profit 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(n)0.5 (d)13 ( )0.5 (s)0.6 (p)0.5 (o)0.5 (n)0.5 (s)0.5 (o)0.6 (r)0.5 (s)0.5 (h)0.5 (i)0.5 (p)0.6 (,)13 ( )0.5 (a)0.5 (s)0.6 (s)0.5 (e)0.5 (t)44 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (management, advisory services and proprietary trading.)Tj 0.039 Tc 0.07 Tw -2.181 -2.462 Td [(\()14 (i)14 (i)14 (i)14 (\))14 ( )-196.5 (Others)12.4 ( \226)12.3 ( hotel)12.4 ( operation,)12.3 ( PPP)12.3 ( project,)12.4 ( construction)12.4 ( service,)12.4 ( investment)12.4 ( in)13.9 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (other financial institutions and other ancillary services.)Tj /T1_1 1 Tf -2.181 -2.462 Td (Segment revenue and results)Tj /T1_0 1 Tf 0.024 Tw 0 -2.462 Td (The following is an analysis of the Group\222s revenue and results by re\portable and )Tj 0 Tw 0 -1.231 Td (operating segment.)Tj /T1_1 1 Tf 0 -2.462 Td (For the year ended December 31, 2025)Tj -0.025 Tw 11.7 0 0 13 299.2785 261.5878 Tm (Toll )Tj -2.513 -1.231 Td (operation)Tj 5.977 1.231 Td (Securities )Tj 0.08 -1.231 Td (operation)Tj 7.299 0 Td (Others)Tj 6.748 0 Td (Total)Tj 11.7 0 3.4833 13 271.0815 229.5878 Tm (Rmb\222000)Tj 6.057 0 Td (Rmb\222000)Tj 6.057 0 Td (Rmb\222000)Tj 6.057 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 260.7874 225.1777 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 13 0 3.4833 13 255.1181 226.5787 Tm ( )Tj ET q 1 0 0 1 331.6536 225.1777 cm 0 0 m 59.528 0 l S Q BT 13 0 3.4833 13 325.9843 226.5787 Tm ( )Tj ET q 1 0 0 1 402.5197 225.1777 cm 0 0 m 59.528 0 l S Q BT 13 0 3.4833 13 396.8504 226.5787 Tm ( )Tj ET q 1 0 0 1 473.3858 225.1777 cm 0 0 m 59.528 0 l S Q BT 13 0 3.4833 13 467.7166 226.5787 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 11.7 0 0 13 85.0394 194.5787 Tm (Revenue \226 external customers)Tj /T1_1 1 Tf -0.025 Tw 15.384 0 Td (10,387,655)Tj 6.582 0 Td (7,550,613)Tj 6.057 0 Td (1,817,222)Tj 5.532 0 Td (19,755,490)Tj ET 2.5 w q 1 0 0 1 260.7874 189.0142 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 260.7874 185.6817 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 255.1181 186.9152 Tm ( )Tj ET 2.5 w q 1 0 0 1 331.6536 189.0142 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 331.6536 185.6817 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 325.9843 186.9152 Tm ( )Tj ET 2.5 w q 1 0 0 1 402.5197 189.0142 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 402.5197 185.6817 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 396.8504 186.9152 Tm ( )Tj ET 2.5 w q 1 0 0 1 473.3858 189.0142 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 473.3859 185.6817 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 467.7166 186.9152 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 11.7 0 0 13 85.0394 154.9151 Tm (Segment profit)Tj /T1_1 1 Tf -0.025 Tw 15.909 0 Td (4,305,474)Tj 6.057 0 Td (2,815,198)Tj 6.857 0 Td (742,865)Tj 5.257 0 Td (7,863,537)Tj ET 2.5 w q 1 0 0 1 260.7874 149.3506 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 260.7874 146.0181 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 255.1181 147.2516 Tm ( )Tj ET 2.5 w q 1 0 0 1 331.6536 149.3506 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 331.6536 146.0181 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 325.9843 147.2516 Tm ( )Tj ET 2.5 w q 1 0 0 1 402.5197 149.3506 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 402.5197 146.0181 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 396.8504 147.2516 Tm ( )Tj ET 2.5 w q 1 0 0 1 473.3858 149.3506 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 473.3859 146.0181 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 467.7166 147.2516 Tm ( )Tj ET endstreamendobj102 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 9 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf -0.025 Tw 13 0 0 13 56.6929 773.5878 Tm (NOTES:)Tj 0 Tw 0 -2.308 Td [(1. )-1105.5 (BASIS OF PREPARATION)]TJ /T1_0 1 Tf 0.047 Tc 0.07 Tw 2.181 -2.462 Td [(The)12.7 ( consolidated)12.7 ( financial)12.7 ( statements)12.7 ( have)12.7 ( been)12.7 ( prepared)12.7 ( in)12.7 ( accordance)12.7 ( with)22 ( )]TJ 0.05 Tc 0 -1.231 Td [(HKFRS)12.7 ( Accounting)12.7 ( Standards)12.7 ( as)12.7 ( issued)12.7 ( by)12.7 ( Hong)12.7 ( Kong)12.7 ( Institute)12.7 ( of)12.7 ( Certified)25 ( )]TJ 0.076 Tc 0 -1.231 Td [(Public)12.6 ( Accountants)12.6 ( \(\223)]TJ /T1_1 1 Tf -0.076 Tw (HKICPA)Tj /T1_0 1 Tf 0.07 Tw [(\224\).)12.6 ( In)12.6 ( addition,)12.5 ( the)12.5 ( consolidated)12.5 ( financial)51 ( )]TJ 0.038 Tc 0 -1.231 Td [(statements)12.7 ( include)12.7 ( disclosures)12.7 ( required)12.7 ( by)12.7 ( The)12.7 ( Rules)12.7 ( Governing)12.7 ( the)12.8 ( Listing)12.7 ( of)13 ( )]TJ 0.025 Tc 0.067 Tw 0 -1.231 Td (Securities on The Stock Exchange of Hong Kong Limited \(\223)Tj /T1_1 1 Tf (Listing Rules)Tj /T1_0 1 Tf (\224\) and )Tj 0 Tw 0 -1.231 Td (by the Hong Kong Companies Ordinance.)Tj /T1_1 1 Tf -2.181 -2.462 Td [(2. )-1105.5 (PRINCIPAL ACCOUNTING POLICIES)]TJ /T1_0 1 Tf 0.033 Tc 0.075 Tw 2.181 -2.462 Td [(The)8 ( )0.5 (consolidated)8 ( )0.5 (financial)8 ( )0.5 (statements)8 ( )0.5 (have)8.1 ( )0.5 (been)8 ( )0.5 (prepared)8.1 ( )0.5 (on)8 ( )0.5 (the)8.1 ( )0.5 (historical)8 ( )0.5 (cost)8 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(basis)5 ( )0.6 (except)5 ( )0.5 (for)5 ( )0.5 (certain)5 ( )0.5 (financial)5 ( )0.5 (instruments)5 ( )0.5 (that)5 ( )0.5 (are)5 ( )0.5 (measured)5.1 ( at)5 ( )0.5 (fair)5 ( )0.5 (values)5 ( )0.5 (at)5 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (the end of each reporting period.)Tj 0.03 Tc 0.078 Tw 0 -2.462 Td [(E)0.5 (x)0.6 (c)0.5 (e)0.6 (p)0.5 (t)5 ( )0.5 (a)0.5 (s)5 ( )0.5 (d)0.6 (i)0.5 (s)0.5 (c)0.6 (l)0.5 (o)0.5 (s)0.6 (e)0.5 (d)5 ( )0.5 (b)0.5 (e)0.6 (l)0.5 (o)0.6 (w)0.5 (,)5 ( )0.5 (t)0.5 (h)0.6 (e)5 ( )0.5 (a)0.5 (c)0.6 (c)0.5 (o)0.6 (u)0.5 (n)0.5 (t)0.5 (i)0.6 (n)0.5 (g)5 ( )0.5 (p)0.5 (o)0.6 (l)0.5 (i)0.5 (c)0.6 (i)0.5 (e)0.5 (s)5.1 ( a)0.6 (n)0.5 (d)5 ( )0.5 (m)0.6 (e)0.5 (t)0.5 (h)0.6 (o)0.5 (d)0.5 (s)5 ( )0.5 (o)0.6 (f)5 ( )0.5 (c)0.5 (o)0.5 (m)0.6 (p)0.5 (u)0.5 (t)0.5 (a)0.6 (t)0.5 (i)0.6 (o)0.5 (n)5 ( )]TJ 0.025 Tc 0.059 Tw 0 -1.231 Td (applied in the consolidated financial statements are consistent with tho\se applied )Tj 0.028 Tc 0.08 Tw 0 -1.231 Td [(in)3 ( )0.5 (the)3 ( )0.6 (preparation)3 ( )0.5 (of)3.1 ( )0.5 (the)3 ( )0.5 (Group\222s)3 ( )0.5 (annual)3 ( )0.5 (financial)3 ( )0.5 (statements)3 ( )0.5 (for)3 ( )0.5 (the)3 ( )0.5 (year)3 ( )0.5 (ended)3 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (December 31, 2024.)Tj /T1_1 1 Tf 0 -2.462 Td (Amendments to HKFRS Accounting Standards that are mandatorily effective \)Tj 0 -1.231 Td (for the current year)Tj /T1_0 1 Tf 0.03 Tc 0.078 Tw 0 -2.462 Td [(During)5 ( )0.5 (the)5 ( )0.5 (Period,)5 ( )0.5 (the)5 ( )0.5 (Group)5 ( )0.5 (has)5 ( )0.5 (initially)5 ( )0.5 (applied)5 ( )0.5 (the)5 ( )0.5 (following)5 ( )0.5 (amendments)5 ( )0.5 (to)5 ( )]TJ 0.025 Tc 0.036 Tw 0 -1.231 Td (HKFRS Accounting Standards as issued by the HKICPA for the first time, w\hich )Tj 0.043 Tw 0 -1.231 Td (are mandatorily effective for the Group\222s annual periods beginning on\ January 1, )Tj 0 Tw 0 -1.231 Td (2025, for the preparation of the consolidated financial statements:)Tj 0 -2.462 Td (Amendments to HKAS 21)Tj 16.354 0 Td (Lack of Exchangeability)Tj 0.058 Tc 0.07 Tw -16.354 -2.335 Td [(The)12.4 ( nature)12.4 ( and)12.4 ( the)12.4 ( impact)12.4 ( of)12.4 ( the)12.4 ( revised)12.4 ( HKFRS)12.4 ( Accounting)12.4 ( Standards)12.4 ( are)33 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (described below:)Tj /T1_1 1 Tf 0 -2.462 Td (Impacts on Application of Amendments to HKAS 21 Lack of Exchangeability)Tj /T1_0 1 Tf 0.047 Tc 0.07 Tw 0 -2.462 Td [(T)0.5 (he)13 ( G)0.5 (r)0.5 (ou)0.5 (p)12.9 ( )0.5 (ha)0.5 (s)13 ( a)0.5 (pp)0.5 (l)0.5 (ie)0.5 (d)12.9 ( )0.5 (am)0.5 (e)0.5 (nd)0.5 (me)0.5 (nt)0.5 (s)13 ( t)0.5 (o)12.9 ( )0.5 (H)0.5 (KA)0.5 (S)12.9 ( )0.5 (2)12.9 (1)13 ( f)0.5 (o)0.5 (r)12.9 ( )0.5 (th)0.5 (e)13 ( f)0.5 (ir)0.5 (st)13 ( )0.5 (ti)0.5 (me)13 ( d)0.5 (ur)0.5 (i)0.5 (ng)13 ( t)0.5 (he)22 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (Period)Tj 0.039 Tw (. The amendments specify how an entity shall assess whether a currency i\s )Tj 0.005 Tw 0 -1.231 Td (exchangeable into another currency and how it shall estimate a spot exch\ange rate )Tj 0.052 Tw 0 -1.231 Td (at a measurement date when exchangeability is lacking. The amendments re\quire )Tj 0.048 Tw 0 -1.231 Td (disclosures of information that enable users of financial statements to \understand )Tj 0 Tw 0 -1.231 Td (the impact of a currency not being exchangeable.)Tj ET endstreamendobj101 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 8 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 13 0 0 13 423.7217 770.8478 Tm (As at )Tj -3.811 -1.231 Td (December 31, )Tj -0.025 Tw 4.03 -1.231 Td (2025)Tj /T1_0 1 Tf 0 Tw 6.434 2.462 Td (As at )Tj -3.701 -1.231 Td (December 31, )Tj -0.025 Tw 3.809 -1.231 Td (2024)Tj 13 0 3.4833 13 328.6784 722.8478 Tm (Notes)Tj /T1_1 1 Tf 5.408 0 Td (Rmb\222000)Tj /T1_0 1 Tf 6.707 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 379.8425 718.4478 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 446.3933 719.8488 Tm ( )Tj ET q 1 0 0 1 464.8819 718.4478 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 3.4833 13 531.4327 719.8488 Tm ( )Tj 0.025 Tc 13 0 0 13 56.6929 687.8488 Tm (NON-CURRENT LIABILITIES)Tj 0 -1.231 Td (Bank and other borrowings)Tj /T1_1 1 Tf -0.025 Tw 25.802 0 Td (15,496,333)Tj /T1_0 1 Tf 6.541 0 Td (14,577,484)Tj 0 Tw -32.343 -1.231 Td (Bonds payable)Tj /T1_1 1 Tf -0.025 Tw 25.802 0 Td (20,889,600)Tj /T1_0 1 Tf 6.541 0 Td (19,876,048)Tj 0 Tw -32.343 -1.231 Td (Deferred tax liabilities)Tj /T1_1 1 Tf -0.025 Tw 27.127 0 Td (499,519)Tj /T1_0 1 Tf 6.541 0 Td (518,088)Tj 0 Tw -33.668 -1.231 Td (Lease liabilities)Tj /T1_1 1 Tf -0.025 Tw 27.127 0 Td (460,306)Tj /T1_0 1 Tf 6.541 0 Td (246,406)Tj ET q 1 0 0 1 379.8425 619.4387 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1732 620.8397 Tm ( )Tj ET q 1 0 0 1 464.8819 619.4387 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2126 620.8397 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -5.161 -2.462 Td (37,345,758)Tj /T1_0 1 Tf 6.541 0 Td (35,218,026)Tj ET q 1 0 0 1 379.8425 584.4296 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1732 585.8306 Tm ( )Tj ET q 1 0 0 1 464.8819 584.4296 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2126 585.8306 Tm ( )Tj 0.025 Tc -30.963 -2.462 Td (NET ASSETS)Tj /T1_1 1 Tf -0.025 Tw 25.802 0 Td (93,049,334)Tj /T1_0 1 Tf 6.541 0 Td (73,698,364)Tj ET 2.5 w q 1 0 0 1 379.8425 548.2661 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 379.8426 544.9335 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1732 546.1671 Tm ( )Tj ET 2.5 w q 1 0 0 1 464.8819 548.2661 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 464.8819 544.9335 cm 0 0 m 73.701 0 l S Q BT 13 0 0 13 459.2126 546.1671 Tm ( )Tj /T1_0 1 Tf 0.025 Tc -30.963 -2.462 Td (CAPITAL AND RESERVES)Tj 0 -1.231 Td (Share capital)Tj /T1_1 1 Tf -0.025 Tw 26.327 0 Td (6,038,115)Tj /T1_0 1 Tf 6.541 0 Td (5,993,801)Tj -32.868 -1.231 Td (Reserves)Tj /T1_1 1 Tf 25.802 0 Td (44,342,158)Tj /T1_0 1 Tf 6.541 0 Td (40,047,152)Tj ET 0.5 w q 1 0 0 1 379.8425 477.757 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1732 479.158 Tm ( )Tj ET q 1 0 0 1 464.8819 477.757 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2126 479.158 Tm ( )Tj 0.025 Tc -30.963 -2.462 Td (Equity attributable to owners of the Company)Tj /T1_1 1 Tf -0.025 Tw 25.802 0 Td (50,380,273)Tj /T1_0 1 Tf 6.541 0 Td (46,040,953)Tj 0 Tw -32.343 -1.231 Td (Non-controlling interests)Tj /T1_1 1 Tf -0.025 Tw 25.802 0 Td (42,669,061)Tj /T1_0 1 Tf 6.541 0 Td (27,657,411)Tj ET q 1 0 0 1 379.8425 426.748 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1732 428.1489 Tm ( )Tj ET q 1 0 0 1 464.8819 426.748 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2126 428.1489 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -5.161 -2.462 Td (93,049,334)Tj /T1_0 1 Tf 6.541 0 Td (73,698,364)Tj ET 2.5 w q 1 0 0 1 379.8425 390.5844 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 379.8426 387.2519 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1732 388.4854 Tm ( )Tj ET 2.5 w q 1 0 0 1 464.8819 390.5844 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 464.8819 387.2519 cm 0 0 m 73.701 0 l S 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13 0 0 13 445.0393 668.8398 Tm ( )Tj 0.025 Tc -29.873 -2.462 Td (Items that may be reclassified )Tj 1.003 -1.231 Td (subsequently to profit or loss:)Tj -1.003 -1.231 Td (Fair value \(loss\)/gain on debt instruments )Tj 1.003 -1.231 Td (measured at fair value through other )Tj 0 -1.231 Td (comprehensive income)Tj /T1_1 1 Tf -0.025 Tw 24.651 0 Td (\(440,541\))Tj /T1_0 1 Tf 8.015 0 Td (314,277)Tj 0 Tw -33.668 -1.231 Td (Impairment losses for debt instruments )Tj 1.003 -1.231 Td (measured at fair value through other )Tj 0 -1.231 Td (comprehensive income)Tj /T1_1 1 Tf -0.025 Tw 26.884 0 Td (381)Tj /T1_0 1 Tf 6.832 0 Td (2,854)Tj 0 Tw -34.718 -1.231 Td (Income tax impact relating to items that )Tj 1.003 -1.231 Td (may be reclassified subsequently to )Tj 0 -1.231 Td (profit or loss)Tj /T1_1 1 Tf -0.025 Tw 25.034 0 Td (110,040)Tj /T1_0 1 Tf 7.774 0 Td (\(79,283\))Tj 0 Tw -33.81 -1.231 Td (Exchange differences on translation )Tj 1.003 -1.231 Td (of financial statements of foreign )Tj -0.025 Tw 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the year attributable to:)Tj 0 -1.231 Td (Owners of the Company)Tj /T1_1 1 Tf -0.025 Tw 25.237 0 Td (5,324,958)Tj /T1_0 1 Tf 7.632 0 Td (5,501,588)Tj 0 Tw -32.868 -1.231 Td (Non-controlling interests)Tj /T1_1 1 Tf -0.025 Tw 25.237 0 Td (2,538,579)Tj /T1_0 1 Tf 7.632 0 Td (1,654,890)Tj ET 0.5 w q 1 0 0 1 351.4955 151.739 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8263 153.14 Tm ( )Tj ET q 1 0 0 1 450.7082 151.739 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0389 153.14 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -4.636 -2.462 Td (7,863,537)Tj /T1_0 1 Tf 7.632 0 Td (7,156,478)Tj ET 2.5 w q 1 0 0 1 351.4955 115.5755 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4955 112.243 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8262 113.4765 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7081 115.5755 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7081 112.243 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0388 113.4765 Tm ( )Tj ET endstreamendobj110 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 2 \226)Tj 0.044 Tc 0.07 Tw 13 0 0 13 56.6929 776.0055 Tm [(The)12.3 ( Company\222s)12.3 ( Audit)12.3 ( Committee)12.3 ( has)12.3 ( reviewed)12.2 ( the)12.3 ( Group\222s)12.3 ( consolidated)12.2 ( financial)19 ( )]TJ 0.023 Tc 0 Tw 0 -1.231 Td [(statements for the Period. Set out below are the audited consolidated st\atement of profit)-2 ( )]TJ 0.025 Tc 0.081 Tw 0 -1.231 Td (or loss and other comprehensive income for the Period and consolidated s\tatement of )Tj 0.04 Tc 0.07 Tw 0 -1.231 Td [(financial)12.2 ( position)12.3 ( as)12.2 ( at)12.3 ( December)12.2 ( 3)12.2 (1)12.3 (,)12.2 ( 2)12.2 (0)12.3 (2)12.2 (5)12.3 (,)12.2 ( with)12.2 ( comparative)12.3 ( figures)12.2 ( for)12.2 ( 2)12.2 (0)12.3 (2)12.2 (4)12.3 (,)12.2 ( and)15 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (relevant notes to the consolidated financial statements:)Tj /T1_1 1 Tf 0.113 Tc 0.07 Tw 0 -2.462 Td [(CONSOLIDATED)12.8 ( STATEMENT)12.8 ( OF)12.8 ( PROFIT)12.8 ( OR)12.8 ( LOSS)12.8 ( AND)12.8 ( OTHER)88 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (COMPREHENSIVE INCOME)Tj 22.416 -2.462 Td (For the year ended December 31,)Tj -0.025 Tw 4.945 -1.231 Td (2025)Tj /T1_0 1 Tf 7.632 0 Td (2024)Tj 13 0 3.4833 13 300.3319 600.0055 Tm (Notes)Tj /T1_1 1 Tf 6.499 0 Td (Rmb\222000)Tj /T1_0 1 Tf 7.798 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 351.496 595.5955 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 345.8268 596.9965 Tm ( )Tj ET q 1 0 0 1 450.7086 595.5955 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 3.4833 13 445.0394 596.9965 Tm ( )Tj 0.025 Tc -0.025 Tw 13 0 0 13 56.6928 564.9965 Tm (Revenue)Tj 0 Tc 0 Tw 19.811 0 Td (3)Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 4.901 0 Td (19,755,490)Tj /T1_0 1 Tf 7.632 0 Td (18,064,824)Tj 0 Tw -31.34 -1.231 Td (Including: Interest income under )Tj 1.003 -1.231 Td (effective interest method)Tj /T1_1 1 Tf -0.025 Tw 23.231 0 Td (2,907,617)Tj /T1_0 1 Tf 7.632 0 Td (2,490,359)Tj 0 Tw -32.868 -1.231 Td (Operating costs)Tj /T1_1 1 Tf -0.025 Tw 24.329 0 Td (\(12,980,298\))Tj /T1_0 1 Tf 7.632 0 Td (\(10,812,360\))Tj ET q 1 0 0 1 351.496 512.5864 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8267 513.9874 Tm ( )Tj ET q 1 0 0 1 450.7086 512.5864 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0393 513.9874 Tm ( )Tj 0.025 Tc -29.873 -2.462 Td (Gross Profit)Tj /T1_1 1 Tf -0.025 Tw 25.237 0 Td (6,775,192)Tj /T1_0 1 Tf 7.632 0 Td (7,252,464)Tj 0 Tw -32.868 -1.231 Td (Securities investment gains)Tj /T1_1 1 Tf -0.025 Tw 25.237 0 Td (2,819,166)Tj /T1_0 1 Tf 7.632 0 Td (1,735,120)Tj 0 Tw -32.868 -1.231 Td (Other income and gains and losses)Tj 0 Tc 19.811 0 Td (4)Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 6.226 0 Td (802,333)Tj /T1_0 1 Tf 7.632 0 Td (889,145)Tj 0 Tw -33.668 -1.231 Td (Administrative expenses)Tj /T1_1 1 Tf -0.025 Tw 25.654 0 Td (\(146,934\))Tj /T1_0 1 Tf 7.632 0 Td (\(160,894\))Tj 0 Tw -33.285 -1.231 Td (Other expenses)Tj /T1_1 1 Tf -0.025 Tw 25.654 0 Td (\(192,198\))Tj /T1_0 1 Tf 7.632 0 Td (\(167,289\))Tj 0 Tw -33.285 -1.231 Td (Impairment losses under expected credit )Tj 1.003 -1.231 Td (loss model, net of reversal)Tj /T1_1 1 Tf -0.025 Tw 25.176 0 Td (\(45,077\))Tj /T1_0 1 Tf 7.632 0 Td (\(19,454\))Tj 0 Tw -33.81 -1.231 Td (Share of )Tj -0.025 Tw (profit)Tj 0 Tw ( of associates)Tj /T1_1 1 Tf -0.025 Tw 25.237 0 Td 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Tc 0 Tw (\))Tj ET EMC BT /T1_3 1 Tf 0.025 Tc 15 0 0 15 139.1199 564.6819 Tm (2025 ANNUAL RESULTS ANNOUNCEMENT)Tj ET 0 0 0 1 K 0.5 w /GS2 gs q 1 0 0 1 56.6929 546.781 cm 0 0 m 482.39 0 l S Q q 1 0 0 1 538.8326 541.1117 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 538.8326 381.1117 cm 0 0 m 0 160 l S Q q 1 0 0 1 538.8326 372.8578 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.9429 541.1117 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 56.9429 381.1117 cm 0 0 m 0 160 l S Q q 1 0 0 1 56.9429 372.8578 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.6929 372.6078 cm 0 0 m 482.39 0 l S Q BT /GS0 gs /T1_0 1 Tf 0.078 Tc 0.07 Tw 13 0 0 13 65.4468 526.7627 Tm [(\225)53 ( )-1407.5 (Revenue)12.8 ( was)12.8 ( Rmb)12.7 (1)12.8 (9)12.8 (,)12.8 (7)12.8 (5)12.8 (5)12.7 (.)12.8 (4)12.8 (9)12.8 ( million,)12.8 ( representing)12.7 ( an)12.8 ( increase)12.8 ( of)12.8 ( 9)12.8 (.)12.7 (4)12.8 (%)53 ( )]TJ 0.025 Tc -0.025 Tw 2.181 -1.231 Td (year-on-year)Tj 0.064 Tc 0.07 Tw -2.181 -2.462 Td [(\225)39 ( )-1421.5 (Profit)12.8 ( attributable)12.8 ( to)12.8 ( owners)12.9 ( of)12.9 ( the)12.8 ( Company)12.9 ( was)12.8 ( Rmb)12.9 (5)12.8 (,)12.8 (3)12.8 (2)12.9 (4)12.8 (.)12.8 (9)12.8 (6)12.9 ( million,)39 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (representing a decrease of 3.2% year-on-year)Tj 0.026 Tc 0.082 Tw -2.181 -2.462 Td [(\225)1 ( )-1447.5 (B)0.5 (a)0.5 (s)0.5 (i)0.5 (c)1.1 ( )0.5 (e)0.5 (a)0.5 (r)0.5 (n)0.5 (i)0.5 (n)0.5 (g)0.5 (s)1 ( )0.5 (p)0.5 (e)0.5 (r)1 ( )0.5 (s)0.5 (h)0.5 (a)0.6 (r)0.5 (e)1 ( )0.5 (w)0.5 (a)0.5 (s)1 ( )0.5 (R)0.5 (m)0.5 (b)1 (8)1 (8)1 (.)1 (6)1 (2)1 ( )0.5 (c)0.6 (e)0.5 (n)0.5 (t)0.5 (s)0.5 (,)1 ( )0.5 (a)0.5 (n)0.5 (d)1 ( )0.5 (d)0.5 (i)0.5 (l)0.5 (u)0.5 (t)0.5 (e)0.5 (d)1 ( )0.5 (e)0.5 (a)0.6 (r)0.5 (n)0.5 (i)0.5 (n)0.5 (gs)1.1 ( )0.5 (p)0.5 (e)0.5 (r)1 ( )0.5 (s)0.5 (h)0.5 (a)0.5 (r)0.5 (e)1 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (was Rmb88.62 cents)Tj -2.181 -2.462 Td [(\225 )-1530.5 (A dividend of Rmb39.5 cents per share was recommended)]TJ 0.033 Tc 0.075 Tw -0.673 -3.008 Td [(The)8 ( )0.6 (directors)8.1 ( )0.5 (\(the)8 ( )0.5 (\223)]TJ /T1_3 1 Tf -0.033 Tw (Directors)Tj /T1_0 1 Tf 0.075 Tw [(\224\))8 ( )0.5 (of)8 ( )0.5 (Zhejiang)8 ( )0.5 (Expressway)8 ( )0.5 (Co.,)8 ( )0.5 (Ltd.)8 ( )0.5 (\(the)8 ( )0.5 (\223)]TJ /T1_3 1 Tf -0.033 Tw (Company)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw [(\224)-8 (\) )]TJ 0.069 Tc 0.07 Tw 0 -1.231 Td [(announce)12.1 ( the)12.1 ( audited)12.1 ( consolidated)12.1 ( results)12.1 ( of)12.1 ( the)12.1 ( Company)12.1 ( and)12.1 ( its)12.1 ( subsidiaries)44 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.231 Td (\(collectively the \223)Tj /T1_3 1 Tf -0.025 Tw (Group)Tj /T1_0 1 Tf 0.019 Tw (\224\) for the year ended December 31, 2025 \(the \223)Tj /T1_3 1 Tf -0.025 Tw (Period)Tj /T1_0 1 Tf 0.019 Tw (\224\), with )Tj 0 Tw 0 -1.231 Td (the basis of preparation as stated in Note 1 set out below.)Tj 0.045 Tc 0.07 Tw 0 -2.462 Td [(During)12.6 ( the)12.6 ( Period,)12.6 ( revenue)12.7 ( for)12.6 ( the)12.6 ( Group)12.7 ( was)12.6 ( Rmb)12.6 (1)12.7 (9)12.6 (,)12.6 (7)12.7 (5)12.6 (5)12.6 (.)12.7 (4)12.6 (9)12.6 ( million,)12.7 ( representing)20 ( )]TJ 0.039 Tc 0.082 Tw 0 -1.231 Td [(a)-12.2 (n i)-12.3 (n)-12.2 (c)-12.3 (r)-12.2 (e)-12.3 (a)-12.2 (s)-12.2 (e o)-12.3 (f 9.4% o)-12.3 (v)-12.2 (e)-12.3 (r 2024.)]TJ 0 Tc 0 Tw ( )Tj 0.051 Tc 0.07 Tw 14.509 0 Td [(Profit)12.3 ( attributable)12.3 ( to)12.2 ( owners)12.2 ( of)12.3 ( the)12.3 ( Company)12.2 ( was)26 ( )]TJ 0.039 Tc -14.509 -1.231 Td [(Rmb)12.2 (5)12.3 (,)12.2 (3)12.3 (2)12.2 (4)12.2 (.)12.3 (9)12.2 (6)12.3 ( million,)12.2 ( representing)12.2 ( a)12.2 ( decrease)12.2 ( of)12.3 ( 3)12.3 (.)12.2 (2)12.2 (%)12.3 ( year-on-year.)12.3 ( Basic)12.3 ( earnings)14 ( )]TJ 0.042 Tc 0 -1.231 Td [(per)12.5 ( share)12.5 ( for)12.5 ( the)12.4 ( Period)12.4 ( were)12.5 ( Rmb)12.5 (8)12.5 (8)12.4 (.)12.5 (6)12.5 (2)12.4 ( cents)12.5 ( \()12.5 (2)12.5 (0)12.5 (2)12.4 (4)12.5 (:)12.5 ( Rmb)12.4 (9)12.5 (1)12.5 (.)12.5 (7)12.4 (9)12.5 ( cents\),)12.5 ( and)12.5 ( diluted)17 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (earnings per share were Rmb88.62 cents \(2024: Rmb90.50 cents\).)Tj 0.042 Tc 0.07 Tw 0 -2.462 Td [(The)12.9 ( board)12.9 ( of)12.9 ( Directors)12.9 ( \(the)12.9 ( \223)]TJ /T1_3 1 Tf -0.042 Tw (Board)Tj /T1_0 1 Tf 0.07 Tw [(\224\))12.9 ( of)12.9 ( the)13 ( Company)12.9 ( recommended)12.9 ( a)12.9 ( dividend)12.8 ( of)17 ( )]TJ 0.025 Tc 0.017 Tw 0 -1.231 Td (Rmb39.5 cents per share \(2024: dividend of Rmb38.5 cents per share\). 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