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Centering on com\parative )Tj 0.054 Tc 0.07 Tw 0 -1.231 Td [(a)0.5 (d)0.6 (v)0.5 (a)0.5 (n)0.5 (t)0.5 (a)0.6 (g)0.5 (e)0.5 (s)0.5 (,)13.1 ( )0.5 (Z)0.5 (h)0.5 (e)0.6 (s)0.5 (h)0.5 (a)0.5 (n)0.6 (g)13 ( )0.5 (S)0.5 (e)0.5 (c)0.6 (u)0.5 (r)0.5 (i)0.5 (t)0.6 (i)0.5 (e)0.5 (s)13 ( )0.6 (w)0.5 (i)0.5 (l)0.5 (l)13 ( )0.6 (b)0.5 (u)0.5 (i)0.5 (l)0.5 (d)13 ( )0.6 (a)13 ( )0.5 (d)0.5 (i)0.6 (s)0.5 (t)0.5 (i)0.5 (n)0.5 (c)0.6 (t)0.5 (i)0.5 (v)0.5 (e)13.1 ( )0.5 (w)0.5 (e)0.6 (a)0.5 (l)0.5 (t)0.5 (h)13 ( )0.6 (m)0.5 (a)0.5 (n)0.5 (a)0.6 (g)0.5 (e)0.5 (m)0.5 (e)0.6 (n)0.5 (t)29 ( )]TJ 0.025 Tc 0.021 Tw 0 -1.231 Td (brand, integrate resources effectively in the low-interest-rate era, and\ enhance the )Tj 0.028 Tc 0.08 Tw 0 -1.231 Td [(competitive)3 ( )0.6 (edge)3 ( )0.5 (of)3 ( )0.5 (its)3 ( )0.5 (wealth)3 ( )0.5 (management)3 ( )0.5 (business.)3 ( )0.5 (Zheshang)3 ( )0.5 (Securities)3 ( )0.6 (seeks)3 ( )]TJ 0.047 Tc 0.07 Tw 0 -1.231 Td [(to)12.7 ( prioritize)12.7 ( cultivation)12.7 ( of)12.7 ( artificial)12.7 ( intelligence)12.7 ( applications)12.7 ( in)12.7 ( core)12.7 ( business)22 ( )]TJ 0.052 Tc 0 -1.231 Td [(scenarios)12.9 ( such)12.9 ( as)12.9 ( investment)12.8 ( research)12.8 ( and)12.9 ( investment)12.8 ( advisory)12.9 ( services,)12.9 ( and)27 ( )]TJ 0.046 Tc 0 -1.231 Td [(comprehensively)12.2 ( advance)12.3 ( the)12.2 ( application)12.2 ( of)12.2 ( financial)12.2 ( technology)12.2 ( to)12.2 ( empower)21 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (development of securities business.)Tj /T1_1 1 Tf -2.181 -2.462 Td (IMPORTANT EVENTS OCCURRED SINCE THE END OF THE PERIOD)Tj /T1_0 1 Tf 0.023 Tc 0 -2.462 Td [(Save for the matters in relation to redemption of all outstanding Conver\tible Bond 2021)-2 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.231 Td [(disc)0.5 (losed)12.9 ( on)12.9 ( J)0.5 (uly)12.9 ( 2)12.9 (9)12.9 (,)12.9 ( 2)12.9 (0)13 (2)12.9 (5)12.9 ( and)12.9 ( pl)0.5 (anning)12.9 ( of)12.9 ( )0.5 (a)12.9 ( majo)0.5 (r)12.9 ( asset)13 ( restruc)0.5 (turing)12.9 ( dis)0.5 (closed)13 ( on)14 ( )]TJ 0.025 Tc 0.034 Tw 0 -1.231 Td (August 19, 2025 by the Company, there have been no other important event\s affecting )Tj 0 Tw 0 -1.231 Td (the Group since the end of the Period.)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)12.1 ( Code)12.1 ( \(the)12.1 ( \223)]TJ /T1_1 1 Tf -0.053 Tw (Code)Tj /T1_0 1 Tf 0.07 Tw [(\224\))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 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 31 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 0.022 Tc 13 0 0 13 85.0394 773.5878 Tm (Proceed steadily with capital operations.)Tj /T1_0 1 Tf [( The Group looks forward to leveraging)-3 ( )]TJ 0.045 Tc 0.07 Tw 0 -1.231 Td [(functions)12.8 ( of)12.8 ( the)12.8 ( investment)12.8 ( platform)12.8 ( \223Zhijiang)12.8 ( Communications)12.8 ( Holdings\224)12.9 ( to)20 ( )]TJ 0.06 Tc 0 -1.231 Td [(explore)12.9 ( market-based)12.9 ( merger)12.9 ( and)12.9 ( acquisition)12.9 ( opportunities)12.9 ( for)12.9 ( high-quality)35 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.231 Td (expressways. Additionally, the Group is exploring innovative financing c\hannels )Tj 0.023 Tc 0 Tw 0 -1.231 Td [(such as REITs to further optimize existing assets and reduce overall fun\ding costs.)-2.1 ( )]TJ 0.025 Tc 0.059 Tw 0 -1.231 Td [(The )0.5 (Group will )0.5 (also )0.5 (actively advance )0.5 (construction )0.5 (of existing )0.5 (reconstruction and )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(expansion)3 ( )0.5 (projects,)3 ( )0.5 (accelerate)3 ( )0.5 (feasibility)3 ( )0.5 (study)3 ( )0.5 (for)3 ( )0.5 (reconstruction)3 ( )0.5 (and)3 ( )0.5 (expansion)2.9 ( )]TJ 0.06 Tc 0.07 Tw 0 -1.231 Td [(of)12.8 ( Shanghai-Hangzhou-Ningbo)12.8 ( Expressway)12.7 ( and)12.8 ( incorporate)12.8 ( it)12.8 ( into)12.8 ( the)12.8 ( 1)12.8 (5)12.8 (th)35 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(Five-Year)4 ( )0.5 (Plan)4 ( )0.5 (for)4 ( )0.5 (implementation,)4 ( )0.5 (thereby)4 ( )0.5 (supporting)4 ( )0.5 (sustainable)4 ( )0.5 (development)3.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (of its core business.)Tj /T1_1 1 Tf 0.092 Tc 0.07 Tw 0 -2.462 Td [(Speed)12.8 ( up)12.8 ( industrial)12.8 ( transformation)12.8 ( and)12.9 ( upgrading.)12.8 ( )]TJ /T1_0 1 Tf [(With)12.8 ( a)12.9 ( focus)12.8 ( on)67 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(transportation)2.9 ( )0.5 (and)3 ( )0.5 (energy)3 ( )0.5 (integration,)3 ( )0.5 (the)3 ( )0.5 (Group)3 ( )0.5 (plans)3 ( )0.5 (the)3 ( )0.5 (layout)3 ( )0.5 (of)3 ( )0.5 (new)3 ( )0.5 (energy)3 ( )]TJ 0.038 Tc 0.07 Tw 0 -1.231 Td [(heavy-duty)12.4 ( truck)12.4 ( recharging)12.4 ( stations)12.4 ( and)12.4 ( expansion)12.4 ( of)12.5 ( distributed)12.4 ( photovoltaic)13 ( )]TJ 0.053 Tc 0 -1.231 Td [(projects)12.8 ( construction)12.8 ( along)12.8 ( expressways)12.8 ( under)12.8 ( its)12.8 ( management)12.8 ( to)12.8 ( help)12.8 ( build)28 ( )]TJ 0.06 Tc 0 -1.231 Td [(a)12.2 ( green)12.2 ( and)12.2 ( low-carbon)12.2 ( transportation)12.2 ( network.)12.2 ( With)12.2 ( a)12.2 ( focus)12.2 ( on)12.2 ( intelligent)34.9 ( )]TJ 0.048 Tc 0 -1.231 Td [(transportation,)12.7 ( the)12.7 ( Group)12.7 ( intends)12.7 ( to)12.8 ( accelerate)12.8 ( the)12.7 ( iteration)12.7 ( and)12.7 ( upgrading)12.7 ( of)23 ( )]TJ 0.023 Tc 0 Tw 0 -1.231 Td [(r)0.5 (e)0.5 (l)0.6 (a)0.5 (t)0.5 (e)0.5 (d)0.5 ( )0.5 (p)0.5 (r)0.5 (o)0.6 (d)0.5 (u)0.5 (c)0.5 (t)0.5 (s)0.5 ( )0.5 (t)0.5 (o)0.6 ( )0.5 (e)0.5 (n)0.5 (h)0.5 (a)0.5 (n)0.5 (c)0.6 (e)0.5 ( )0.5 (c)0.5 (a)0.6 (p)0.5 (a)0.5 (b)0.5 (i)0.5 (l)0.5 (i)0.5 (t)0.5 (i)0.5 (e)0.6 (s)0.5 ( )0.5 (o)0.5 (f)0.5 ( )0.5 (s)0.5 (a)0.6 (f)0.5 (e)0.5 ( )0.5 (a)0.6 (nd)0.6 ( )0.5 (s)0.5 (m)0.5 (o)0.5 (o)0.5 (t)0.5 (h)0.5 ( )0.6 (op)0.6 (e)0.5 (r)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.6 (n)0.5 ( )0.5 (o)0.5 (f)0.5 ( )0.5 (i)0.5 (n)0.5 (t)0.5 (e)0.6 (l)0.5 (l)0.5 (i)0.5 (g)0.5 (e)0.5 (n)0.5 (t)-2 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(expressways.)10 ( )0.5 (With)10 ( )0.5 (a)10 ( )0.5 (focus)10 ( )0.6 (on)10 ( )0.5 (road-related)9.9 ( )0.6 (economy,)10 ( )0.5 (the)10 ( )0.6 (Group)10 ( )0.5 (will)10 ( )0.5 (expand)10 ( )0.6 (its)10 ( )]TJ 0.025 Tc 0.08 Tw 0 -1.231 Td [(management )0.5 (output, )0.5 (transportation organization )0.5 (and other )0.5 (business operations )0.5 (to )]TJ 0 Tw 0 -1.231 Td (continue generating economic benefits.)Tj /T1_1 1 Tf 0.063 Tc 0.07 Tw 0 -2.462 Td [(Strengthen)13 ( digita)0.5 (l)12.9 ( i)0.5 (nt)0.5 (elligence-enabled)12.9 ( de)0.5 (ve)0.5 (lopment.)]TJ /T1_0 1 Tf 25.804 0 Td [( The)12.9 ( Gr)0.5 (oup)13 ( aims)12.9 ( to)38 ( )]TJ 0.031 Tc 0.077 Tw -25.804 -1.231 Td [(e)0.5 (nh)0.5 (a)0.5 (n)0.5 (c)0.5 (e)6 ( )0.5 (c)0.5 (or)0.5 (p)0.5 (or)0.5 (a)0.5 (t)0.5 (e)6 ( )0.5 (go)0.5 (v)0.5 (e)0.5 (r)0.5 (na)0.5 (n)0.5 (ce)6.1 ( )0.5 (ef)0.5 (f)0.5 (i)0.5 (c)0.5 (ie)0.5 (n)0.5 (c)0.5 (y)6 ( )0.5 (by)6 ( )0.5 (a)0.5 (d)0.5 (v)0.5 (an)0.5 (c)0.5 (i)0.5 (ng)6 ( )0.5 (d)0.5 (i)0.5 (gi)0.5 (t)0.5 (a)0.5 (li)0.5 (z)0.5 (a)0.5 (ti)0.5 (o)0.5 (n)6 ( )0.5 (o)0.5 (f)6 ( )0.5 (in)0.5 (t)0.5 (e)0.5 (rn)0.5 (a)0.5 (l)6 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(control systems, while optimizing allocation of internal green electrici\ty resources)-1 ( )]TJ 0.042 Tc 0.07 Tw 0 -1.231 Td [(by)12.7 ( establishing)12.6 ( a)12.7 ( digital)12.7 ( platform)12.6 ( for)12.6 ( energy)12.7 ( management.)12.6 ( Through)12.6 ( deepening)17 ( )]TJ 0.05 Tc 0 -1.231 Td [(application)12.4 ( and)12.4 ( promotion)12.3 ( of)12.4 ( innovative)12.4 ( technologies,)12.4 ( the)12.5 ( Group)12.4 ( is)12.4 ( expected)25 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(t)0.5 (o)9 ( )0.5 (in)0.5 (c)0.5 (r)0.5 (e)0.5 (a)0.5 (se)9.1 ( )0.5 (pr)0.5 (o)0.5 (p)0.5 (or)0.5 (t)0.5 (i)0.5 (on)0.5 (s)9 ( )0.5 (o)0.5 (f)9 ( )0.5 (pr)0.5 (e)0.5 (v)0.5 (e)0.5 (n)0.5 (ti)0.5 (v)0.5 (e)9 ( )0.5 (m)0.5 (a)0.5 (in)0.5 (t)0.5 (e)0.5 (na)0.5 (n)0.5 (c)0.5 (e)9 ( )0.5 (o)0.5 (n)9 ( )0.5 (ro)0.5 (a)0.5 (d)9 ( )0.5 (s)0.5 (u)0.5 (rf)0.5 (a)0.5 (c)0.5 (e)0.5 (s)0.5 (.)9 ( )0.5 (Th)0.5 (e)9 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (up)9 ( )]TJ 0.045 Tc 0.07 Tw 0 -1.231 Td [(will)12.9 ( continue)12.9 ( to)12.9 ( expand)12.9 ( cross-domain)12.9 ( data)12.9 ( product)12.8 ( transactions)12.8 ( by)12.9 ( leveraging)20 ( )]TJ 0 -1.231 Td [(existing)12.2 ( data)12.2 ( algorithms)12.2 ( models)12.2 ( from)12.2 ( expressway)12.3 ( operations,)12.2 ( while)12.3 ( exploring)20 ( )]TJ 0.025 Tc 0.051 Tw 0 -1.231 Td (and innovating business models for data asset transactions to expand its\ scope of )Tj 0 Tw 0 -1.231 Td (development cooperation.)Tj /T1_1 1 Tf -2.181 -2.462 Td [(\(II\) )-361.5 (Securities Business)]TJ /T1_0 1 Tf 0.061 Tc 0.07 Tw 2.181 -2.462 Td [(Looking)12.6 ( ahead)12.6 ( to)12.7 ( the)12.7 ( second)12.7 ( half)12.7 ( of)12.6 ( 2)12.6 (0)12.7 (2)12.6 (5)12.7 (,)12.6 ( the)12.7 ( securities)12.7 ( business)12.7 ( will)12.6 ( face)36 ( )]TJ 0.025 Tc 0.052 Tw 0 -1.231 Td (opportunities such as deepening capital market reforms, accelerated deve\lopment )Tj 0.059 Tc 0.07 Tw 0 -1.231 Td [(of)12.7 ( financial)12.7 ( technology)12.7 ( and)12.8 ( expansion)12.7 ( of)12.7 ( cross-border)12.7 ( financial)12.7 ( businesses.)34 ( )]TJ 0.095 Tc 0 -1.231 Td [(However,)12.3 ( it)12.2 ( will)12.3 ( also)12.3 ( face)12.3 ( challenges)12.3 ( such)12.3 ( as)12.3 ( increased)12.3 ( uncertainty)12.3 ( in)70 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(international)8 ( )0.5 (financial)8 ( )0.5 (markets,)8 ( )0.5 (stricter)8 ( )0.5 (regulation)8 ( )0.5 (within)8 ( )0.5 (the)8.1 ( )0.5 (securities)8 ( )0.5 (industry)8 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(and)12.1 ( intensified)12.1 ( market)12.1 ( competition.)12.1 ( Zheshang)12.1 ( Securities)12.1 ( will)12.1 ( conduct)12.1 ( in-depth)15 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (analysis of macroeconomic trends, closely monitor financial regulation, \keep pace )Tj 0.041 Tc 0.07 Tw 0 -1.231 Td [(with)12.2 ( industrial)12.1 ( transformations)12.2 ( driven)12.2 ( by)12.2 ( technological)12.2 ( revolution,)12.2 ( and)12.2 ( keenly)15.9 ( )]TJ 0.025 Tc 0.031 Tw 0 -1.231 Td (seize policy dividends and market opportunities, striving to fully conve\rt positive )Tj 0 Tw 0 -1.231 Td (factors into development achievements.)Tj ET endstreamendobj55 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 30 \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 (Foreign exchange exposure)Tj /T1_0 1 Tf 0.074 Tw 0 -2.462 Td (During the Period, save for \(i\) dividend payments to the holders of H \shares in Hong )Tj 0.046 Tc 0.07 Tw 0 -1.231 Td [(K)0.5 (ong)13 ( d)0.5 (ol)0.5 (la)0.5 (rs;)13 ( \()0.5 (ii)0.5 (\))12.9 ( )0.5 (Zhe)0.5 (s)0.5 (han)0.5 (g)12.9 ( )0.5 (In)0.5 (te)0.5 (rn)0.5 (at)0.5 (ion)0.5 (al)13 ( Fi)0.5 (na)0.5 (nc)0.5 (ia)0.5 (l)12.9 ( )0.5 (Ho)0.5 (ld)0.5 (ing)13 ( C)0.5 (o.)0.5 (,)12.9 ( L)0.5 (td)0.5 (.)12.9 ( )0.5 (ope)0.5 (r)0.5 (ati)0.5 (ng)13 ( i)0.5 (n)21 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.231 Td [(Hong )0.5 (Kong; )0.5 (\(iii\) )0.5 (balance )0.5 (of )0.5 (the )]TJ 13.976 0 Td [(Euro230 )0.5 (million )]TJ 7.349 0 Td [(zero )0.5 (coupon )0.5 (convertible )0.5 (bond )0.5 (issued )]TJ 0.002 Tw -21.325 -1.231 Td (in Hong Kong capital market in January 2021, which will be redeemed if n\ot converted )Tj 0.02 Tw 0 -1.231 Td (on September 9, 2025, is Euro27.2 million; \(iv\) issuance of the senior\ fixed-rate bonds )Tj 0.053 Tc 0.07 Tw 0 -1.231 Td [(with)12.8 ( a)12.9 ( principal)12.9 ( amount)12.8 ( of)12.9 ( USD)12.8 (4)12.9 (7)12.9 (0)12.9 ( million)12.9 ( in)12.9 ( Hong)12.9 ( Kong)12.9 ( capital)12.9 ( market)12.9 ( in)12.8 ( July)28 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.231 Td (2021, which will be due in July 2026 and has an coupon rate of 1.638%; t\he Group\222s )Tj 0 Tw 0 -1.231 Td (principal operations were transacted and booked in Renminbi.)Tj 0 -2.462 Td (During the Period, the Group has not used financial instruments for hedg\ing purpose.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.462 Td (OUTLOOK)Tj /T1_0 1 Tf 0.035 Tc 0.073 Tw 0 -2.462 Td [(Looking)10 ( )0.5 (ahead)10 ( )0.5 (to)10 ( )0.5 (the)10.1 ( )0.5 (second)10 ( )0.5 (half)10.1 ( )0.5 (of)10 ( )0.5 (2)10 (0)10 (2)10 (5)10 (,)10.1 ( )0.5 (geopolitical)10 ( )0.5 (tensions)10 ( )0.5 (are)10 ( )0.5 (unlikely)10 ( )0.5 (to)10 ( )0.5 (ease)10 ( )]TJ 0.058 Tc 0.07 Tw 0 -1.231 Td [(in)12.2 ( the)12.2 ( short)12.2 ( term,)12.2 ( adjustments)12.2 ( and)12.2 ( negotiations)12.2 ( in)12.1 ( trade)12.3 ( policies)12.2 ( may)12.1 ( exacerbate)33 ( )]TJ 0 -1.231 Td [(fluctuations)12.9 ( in)12.9 ( global)12.9 ( supply)12.9 ( chains,)12.9 ( with)12.9 ( external)12.9 ( environmental)12.9 ( instability)12.9 ( and)33 ( )]TJ 0.062 Tc 0 -1.231 Td [(uncertainty)12.6 ( on)12.6 ( the)12.6 ( rise.)12.6 ( In)12.6 ( facing)12.5 ( a)12.6 ( more)12.6 ( complex)12.6 ( and)12.5 ( challenging)12.5 ( international)37 ( )]TJ 0.025 Tc 0.018 Tw 0 -1.231 Td (landscape, the Chinese government will adhere to maintaining a steady ye\t progressive )Tj 0.047 Tc 0.07 Tw 0 -1.231 Td [(approach,)12.3 ( accelerating)12.3 ( establishment)12.3 ( of)12.3 ( a)12.4 ( new)12.3 ( development)12.3 ( paradigm,)12.3 ( prioritizing)22 ( )]TJ 0.023 Tc 0 Tw 0 -1.231 Td [(expansion of domestic demand, and promoting integrated development of te\chnological)-2.1 ( )]TJ 0.093 Tc 0.07 Tw 0 -1.231 Td [(innovation)12.1 ( with)12.1 ( industrial)12.1 ( innovation.)12.1 ( With)12.1 ( coordinated)12.1 ( implementation)12.2 ( of)68 ( )]TJ 0.025 Tc 0.073 Tw 0 -1.231 Td (macroeconomic policies and continued release of domestic demand potentia\l, China\222s )Tj 0 Tw 0 -1.231 Td (economy is expected to maintain a stable and positive development trend.\)Tj /T1_1 1 Tf 0 -2.462 Td [(\(I\) )-775.5 (Expressway Business)]TJ /T1_0 1 Tf 0.083 Tw 2.181 -2.462 Td [(China\222s )0.5 (economy )0.5 (continues to )0.5 (maintain )0.5 (steady growth with )0.5 (positive momentum, )]TJ 0.05 Tc 0.07 Tw 0 -1.231 Td [(with)12.5 ( Zhejiang)12.5 ( Province)12.5 ( demonstrating)12.5 ( strong)12.4 ( economic)12.5 ( resilience)12.5 ( and)12.4 ( robust)25 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(development)8 ( )0.5 (momentum,)8 ( )0.5 (which)8 ( )0.5 (will)8 ( )0.5 (collectively)8 ( )0.5 (provide)8 ( )0.6 (a)8 ( )0.5 (solid)8 ( )0.5 (foundation)8 ( )0.5 (for)8 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(stable)12.8 ( development)12.8 ( of)12.8 ( the)12.8 ( Group\222s)12.8 ( expressway)12.8 ( business.)12.8 ( The)12.8 ( Group)12.8 ( will)12.8 ( seize)16.1 ( )]TJ 0.025 Tc 0.026 Tw 0 -1.231 Td [(opportunities, )0.6 (adhere )0.5 (to )0.5 (the )0.5 (strategic )0.6 (orientation )0.6 (of )0.6 (\223expanding )0.5 (growth, )0.5 (extending )]TJ 0.06 Tc 0.07 Tw 0 -1.231 Td [(existing)12.7 ( business,)12.7 ( activating)12.7 ( dynamic)12.8 ( variables)12.7 ( and)12.7 ( stabilizing)12.8 ( profitability)35 ( )]TJ 0.043 Tc 0 -1.231 Td [(levels\224,)12.5 ( and)12.6 ( strive)12.6 ( to)12.6 ( create)12.6 ( long-term)12.6 ( returns)12.6 ( for)12.6 ( shareholders)12.6 ( through)12.6 ( steady)18 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (operational performance.)Tj /T1_1 1 Tf 0.073 Tw 0 -2.462 Td [(S)0.5 (t)0.6 (a)0.5 (y)10 ( )0.5 (f)0.5 (o)0.6 (c)0.5 (u)0.6 (s)0.5 (e)0.6 (d)9.9 ( )0.5 (o)0.6 (n)10 ( )0.5 (m)0.5 (a)0.5 (i)0.6 (n)10 ( r)0.6 (e)0.6 (s)0.5 (p)0.5 (o)0.6 (n)0.5 (s)0.5 (i)0.6 (b)0.5 (i)0.6 (l)0.5 (i)0.5 (t)0.6 (i)0.5 (e)0.5 (s)10 ( )0.5 (o)0.6 (f)10 ( )0.5 (e)0.5 (x)0.5 (p)0.6 (r)0.5 (e)0.6 (s)0.5 (s)0.6 (w)0.5 (a)0.5 (y)10.1 ( b)0.6 (u)0.5 (s)0.6 (i)0.5 (n)0.5 (e)0.6 (s)0.5 (s)0.5 (.)]TJ /T1_0 1 Tf 27.929 0 Td [( )0.5 (T)0.5 (h)0.6 (e)10 ( )0.5 (G)0.5 (r)0.6 (o)0.5 (u)0.5 (p)10 ( )0.5 (w)0.6 (i)0.5 (l)0.5 (l)10 ( )]TJ 0.028 Tc 0.07 Tw -27.929 -1.231 Td [(continue)12.2 ( to)12.2 ( ensure)12.2 ( safe)12.2 ( and)12.2 ( smooth)12.2 ( traffic)12.2 ( by)12.2 ( strengthening)12.2 ( accident)12.2 ( prevention,)13 ( )]TJ 0.015 Tc 0.075 Tw 0 -1.231 Td (congestion management and technological maintenance, and also enhance pu\blic\222s )Tj 0.035 Tw 0 -1.231 Td (satisfaction by deepening special action to improve service quality. The\ Group will )Tj 0.015 Tw 0 -1.231 Td (accelerate the upgrade of toll stations to comprehensive service station\s, integrating )Tj 0.032 Tc 0.07 Tw 0 -1.231 Td [(diverse)12.9 ( scenarios)12.9 ( such)12.8 ( as)12.9 ( travel)12.9 ( services,)12.9 ( information)12.8 ( exchange)12.9 ( and)12.9 ( commercial)17 ( )]TJ 0.015 Tc 0.032 Tw 0 -1.231 Td (ecosystems. Furthermore, the Group will expand measures such as \223Expr\essway+\224, )Tj 0.018 Tw 0 -1.231 Td (differentiated services and attracting traffic volume against parallel r\oad network to )Tj 0 Tw 0 -1.231 Td (continuously improve operational capabilities of its core business.)Tj ET endstreamendobj54 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 ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT 0.06 Tc 0.07 Tw 13 0 0 13 56.6929 773.5878 Tm [(As)12.4 ( at)12.4 ( June)12.4 ( 3)12.4 (0)12.4 (,)12.3 ( 2)12.4 (0)12.4 (2)12.4 (5)12.4 (,)12.3 ( the)12.4 ( remaining)12.4 ( capital)12.4 ( expenditure)12.4 ( committed)12.4 ( by)12.4 ( the)12.4 ( Group)35 ( )]TJ 0.042 Tc 0 -1.231 Td [(amounted)12.6 ( to)12.6 ( Rmb)12.6 (4)12.6 (,)12.5 (9)12.6 (0)12.5 (8)12.6 (.)12.5 (0)12.6 (4)12.6 ( million)12.6 ( in)12.6 ( total.)12.6 ( Amongst)12.6 ( the)12.5 ( remaining)12.5 ( balance)12.5 ( of)12.5 ( total)17 ( )]TJ 0.052 Tc 0 -1.231 Td [(capital)12.8 ( expenditure)12.8 ( committed)12.8 ( by)12.7 ( the)12.7 ( Group,)12.7 ( Rmb)12.8 (7)12.7 (4)12.8 (2)12.7 (.)12.8 (0)12.7 (0)12.8 ( million)12.8 ( will)12.7 ( be)12.8 ( used)12.7 ( for)27 ( )]TJ 0.049 Tc 0 -1.231 Td [(acquiring)12.8 ( equity)12.8 ( investments,)12.8 ( Rmb)12.8 (2)12.8 (0)12.8 (2)12.8 (.)12.8 (7)12.8 (4)12.8 ( million)12.8 ( will)12.8 ( be)12.8 ( used)12.9 ( for)12.8 ( acquisition)12.8 ( and)24 ( )]TJ 0.056 Tc 0 -1.231 Td [(construction)12.8 ( of)12.7 ( properties,)12.7 ( Rmb)12.7 (1)12.8 (,)12.7 (4)12.7 (6)12.8 (8)12.7 (.)12.8 (1)12.7 (6)12.8 ( million)12.7 ( for)12.7 ( acquisition)12.7 ( and)12.7 ( construction)31 ( )]TJ 0.044 Tc 0 -1.231 Td [(of)12.9 ( )0.5 (equip)0.5 (ment)12.9 ( )0.5 (and)12.9 ( f)0.5 (aci)0.5 (litie)0.5 (s,)12.9 ( Rm)0.5 (b)12.9 (2)12.9 (,)12.9 (4)12.9 (9)12.9 (5)13 (.)12.9 (1)12.9 (4)12.9 ( mi)0.5 (llion)12.9 ( )0.5 (for)12.9 ( )0.5 (reco)0.5 (nstru)0.5 (ction)13 ( and)12.9 ( )0.5 (expa)0.5 (nsion)19 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (projects of existing expressways.)Tj 0.055 Tc 0.07 Tw 0 -2.462 Td [(The)12.3 ( Group)12.3 ( will)12.3 ( first)12.2 ( consider)12.3 ( financing)12.3 ( the)12.3 ( above-mentioned)12.3 ( capital)12.2 ( expenditure)30 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(commitments)11 ( )0.5 (with)11 ( )0.5 (internal)11 ( )0.5 (resources,)11 ( )0.5 (and)11 ( )0.5 (then)11 ( )0.5 (will)11 ( )0.5 (comprehensively)11 ( )0.5 (consider)11 ( )0.5 (using)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (debt financing and equity financing to meet any shortfalls.)Tj /T1_1 1 Tf 0 -2.462 Td (Contingent liabilities and pledge of assets)Tj /T1_0 1 Tf 0.033 Tc 0.075 Tw 0 -2.462 Td [(The)8 ( )0.5 (Company)8 ( )0.5 (and)8 ( )0.5 (Shaoxing)8 ( )0.5 (Communications)8 ( )0.5 (Investment)8 ( )0.5 (Group)8 ( )0.5 (Co.,)8 ( )0.5 (Ltd.)8 ( )0.5 (\(the)8 ( )0.5 (other)8 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(joint venture partner that holds 50% equity interest in Shengxin Co\) pr\ovided Shengxin)-1 ( )]TJ 0.025 Tc 0.022 Tw 0 -1.231 Td (Co with joint guarantee for its bank loans of Rmb2.20 billion, in accord\ance with their )Tj 0.009 Tw 0 -1.231 Td (proportionate equity interests in Shengxin Co. As at June 30, 2025, the \remaining bank )Tj 0 Tw 0 -1.231 Td (loan balance was Rmb395.43 million.)Tj 0.058 Tc 0.07 Tw 0 -2.462 Td [(Zhejiang)12.1 ( Zhoushan)12 ( Bay)12.1 ( Bridge)12.1 ( Co.,)12 ( Ltd.,)12.1 ( a)12.1 ( subsidiary)12.1 ( of)12 ( the)12.1 ( Company,)12 ( pledged)33 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(its)12 ( )0.5 (rights)12 ( )0.5 (of)12.1 ( )0.5 (toll)12 ( )0.5 (on)12 ( )0.5 (expressway)12 ( )0.5 (for)12.1 ( )0.5 (its)12 ( )0.6 (bank)12 ( )0.5 (borrowing,)12 ( )0.5 (and)12 ( )0.5 (as)12 ( )0.5 (at)12 ( )0.5 (June)12 ( )0.5 (3)12 (0)12 (,)12 ( )0.5 (2)12 (0)12.1 (2)12 (5)12 (,)12 ( )0.5 (the)12.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (remaining bank loan balance was Rmb4,787.19 million.)Tj 0.079 Tw 0 -2.462 Td (Deqing County De\222an Highway Construction Co., Ltd., a subsidiary of t\he Company, )Tj 0.052 Tc 0.07 Tw 0 -1.231 Td [(pledged)12.6 ( its)12.6 ( trade)12.6 ( receivables)12.6 ( for)12.6 ( its)12.6 ( bank)12.6 ( borrowing,)12.6 ( and)12.6 ( as)12.6 ( at)12.5 ( June)12.6 ( 3)12.6 (0)12.6 (,)12.6 ( 2)12.5 (0)12.6 (2)12.6 (5)12.6 (,)12.6 ( the)27 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (remaining bank loan balance was Rmb330.78 million.)Tj 0.074 Tw 0 -2.462 Td [(Zhejiang LongLiLiLong Expressway Co., )0.5 (Ltd., a subsidiary of the Company, pledged )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(its)12 ( )0.5 (rights)12 ( )0.5 (of)12.1 ( )0.5 (toll)12 ( )0.5 (on)12 ( )0.5 (expressway)12 ( )0.5 (for)12.1 ( )0.5 (its)12 ( )0.6 (bank)12 ( )0.5 (borrowing,)12 ( )0.5 (and)12 ( )0.5 (as)12 ( )0.5 (at)12 ( )0.5 (June)12 ( )0.5 (3)12 (0)12 (,)12 ( )0.5 (2)12 (0)12.1 (2)12 (5)12 (,)12 ( )0.5 (the)12.1 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (remaining )Tj 0 Tw 4.555 0 Td (bank borrowing )Tj (balance was Rmb6,069.16 million.)Tj 0.042 Tw -4.555 -2.462 Td [(Jiaxing Zhajiasu )0.5 (Expressway Co., Ltd., )0.5 (a )0.5 (subsidiary of the )0.5 (Company, pledged its )0.5 (right )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(of)2 ( )0.5 (toll)2 ( )0.5 (on)2 ( )0.5 (expressway)2 ( for)2 ( )0.5 (its)2 ( )0.5 (bank)2 ( )0.5 (borrowing,)1.9 ( )0.5 (and)2 ( )0.5 (as)2 ( )0.5 (at)2 ( )0.5 (June)2 ( 3)2 (0)2 (,)2 ( )0.5 (2)2 (0)2 (2)2 (5)2 (,)2 ( the)2 ( )0.5 (remaining)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (bank loan balance was Rmb1,241.15 million.)Tj 0.079 Tw 0 -2.462 Td (Except for the above, during the period, the Group did not have any othe\r contingent )Tj 0 Tw 0 -1.231 Td (liabilities, pledge of assets or guarantees.)Tj ET endstreamendobj53 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 ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT 0.036 Tc 0.072 Tw 13 0 0 13 56.6929 773.5878 Tm [(As)11 ( )0.5 (at)11 ( )0.6 (June)11 ( )0.5 (3)11 (0)11 (,)11 ( )0.5 (2)11 (0)11 (2)11 (5)10.9 (,)11 ( )0.6 (the)11.1 ( )0.5 (Group\222s)11 ( )0.5 (borrowings)11 ( )0.5 (from)11 ( )0.5 (domestic)11 ( )0.5 (commercial)11 ( )0.5 (banks)11 ( )0.5 (bore)11 ( )]TJ 0.025 Tc 0.077 Tw 0 -1.231 Td (annual fixed interest rates ranged from 2.60% to 3.35%, annual floating \interest rates )Tj -0.025 Tw 0 -1.231 Td (ranged )Tj 3.169 0 Td (from )Tj 0.024 Tw 2.342 0 Td [(2.27% )0.5 (to )0.5 (3.03%, )0.5 (the )0.5 (annual )]TJ -0.025 Tw 12.124 0 Td (floating)Tj 0.024 Tw [( )0.5 (interest )0.5 (rates )0.5 (of )0.5 (overseas )0.6 (commercial )]TJ 0.081 Tw -17.636 -1.231 Td (bank loans was 4.60%, and the annual fixed interest rates of other domes\tic financial )Tj 0.034 Tw 0 -1.231 Td (institution ranged from 2.70% to 3.70%. As at June 30, 2025, the annual \fixed interest )Tj 0.058 Tw 0 -1.231 Td (rates for short-term financing notes )Tj (ranged from)Tj ( 1.68)Tj 0 Tc 0 Tw (%)Tj 0.025 Tc 0.058 Tw 23.861 0 Td ( to 1.85)Tj 0 Tc 0 Tw (%)Tj 0.025 Tc 0.058 Tw 4.202 0 Td (. The annual floating )Tj 0.039 Tc 0.07 Tw -28.063 -1.231 Td [(i)0.5 (n)0.5 (te)0.5 (r)0.5 (e)0.5 (s)0.5 (t)13 ( )0.5 (r)0.5 (at)0.5 (e)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (be)0.5 (n)0.5 (e)0.5 (f)0.5 (i)0.5 (c)0.5 (ia)0.5 (l)13 ( )0.5 (c)0.5 (e)0.5 (r)0.5 (t)0.5 (if)0.5 (i)0.5 (c)0.5 (a)0.5 (t)0.5 (e)0.5 (s)13 ( )0.5 (ra)0.5 (n)0.5 (g)0.5 (e)0.5 (d)13 ( )0.5 (fr)0.5 (o)0.5 (m)13 ( )0.5 (3)13 (.)12.9 (9)13 (5)13 (%)13 ( )0.5 (to)13 ( )0.5 (5)13 (.)13 (5)13 (0)]TJ 0 Tc 0 Tw 29.019 0 Td (%)Tj 0.039 Tc 0.07 Tw 0.872 0 Td [(,)13 ( )0.5 (w)0.5 (it)0.5 (h)13 ( )0.5 (i)0.5 (ts)13 ( )0.5 (a)0.5 (n)0.5 (n)0.5 (u)0.5 (al)14.1 ( )]TJ 0.041 Tc -29.891 -1.231 Td [(fixed)12.9 ( interest)12.9 ( rates)12.8 ( of)12.9 ( 2)12.9 (.)12.9 (2)12.9 (6)12.8 (%)12.9 ( to)12.8 ( 2)12.9 (.)12.8 (9)12.9 (0)12.9 (%.)12.8 ( )]TJ [(The)12.8 ( annual)12.9 ( fixed)12.8 ( interest)12.9 ( rates)12.9 ( of)12.9 ( lon)]TJ -0.041 Tw (g-t)Tj [(erm)16 ( )]TJ 0.06 Tc 0.07 Tw 0 -1.231 Td [(beneficial)12.2 ( certificates)12.2 ( were)12.1 ( 2)12.1 (.)12.1 (5)12.2 (0)12.1 (%)12.2 ( and)12.1 ( 2)12.1 (.)12.2 (6)12.1 (0)12.1 (%.)]TJ 21.274 0 Td [( The)12.2 ( annual)12.2 ( fixed)12.2 ( interest)12.2 ( rate)12.2 ( for)35 ( )]TJ 0.043 Tc -21.274 -1.231 Td [(mid-term)12.9 ( notes)12.9 ( was)12.9 ( 2)12.9 (.)12.9 (8)12.9 (0)12.8 (%.)12.9 ( The)12.9 ( annual)12.9 ( fixed)12.9 ( annual)12.8 ( interest)12.8 ( rates)12.9 ( for)12.9 ( subordinated)18 ( )]TJ 0.059 Tc 0 -1.231 Td [(bonds)12.2 ( ranged)12.2 ( from)12.2 ( )]TJ 0.047 Tc -0.047 Tw (2.28%)Tj 0.082 Tw [( t)-12.3 (o )]TJ -0.047 Tw (4.07%)Tj 0.059 Tc 0.07 Tw 16.335 0 Td [(.)12.2 ( The)12.2 ( annual)12.2 ( fixed)12.2 ( interest)12.1 ( rate)12.2 ( for)12.2 ( corporate)34 ( )]TJ 0.057 Tc -16.335 -1.231 Td [(bond)12.3 ( ranged)12.3 ( from)12.3 ( 1)12.3 (.)12.3 (6)12.3 (4)12.3 (%)12.3 ( to)12.3 ( 3)12.3 (.)12.3 (4)12.3 (0)12.3 (%.)12.3 ( The)12.4 ( annual)12.3 ( coupon)12.3 ( rate)12.3 ( for)12.3 ( convertible)12.3 ( bond)32 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (denominated in Euro was nil.)Tj 0.032 Tc 0.076 Tw 0 -2.462 Td [(Total)7 ( )0.5 (interest)7 ( )0.5 (expenses)7 ( )0.5 (and)7 ( )0.5 (profit)7 ( )0.5 (before)7.1 ( )0.5 (interest)7 ( and)7 ( )0.5 (tax)7 ( )0.5 (for)7 ( )0.5 (the)7 ( )0.5 (Period)6.9 ( )0.6 (amounted)7 ( )0.5 (to)7 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(Rmb)12.2 (7)12.1 (4)12.2 (9)12.1 (.)12.2 (5)12.1 (3)12.2 ( million)12.1 ( and)12.2 ( Rmb)12.2 (5)12.2 (,)12.1 (6)12.2 (1)12.1 (3)12.2 (.)12.1 (7)12.2 (5)12.1 ( million,)12.2 ( respectively.)12.1 ( The)12.2 ( interest)12.1 ( cover)12.2 ( ratio)15 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(\(profit before interest and tax over interest expenses\) stood at 7.5 t\imes \(Corresponding)-1 ( )]TJ 0.025 Tc 0 -1.231 Td (period of 2024: 5.6 times\).)Tj 0.033 Tc 0.075 Tw 0 -2.462 Td [(As)8 ( )0.5 (at)8 ( )0.5 (June)8 ( )0.5 (3)8 (0)8 (,)8 ( )0.5 (2)8 (0)8 (2)8 (5)8 (,)8 ( )0.5 (the)8 ( )0.5 (asset-liability)8 ( )0.5 (ratio)8.1 ( )0.5 (\(total)8 ( )0.5 (liabilities)8 ( )0.5 (over)8 ( )0.5 (total)8 ( )0.5 (assets\))8 ( )0.5 (of)8 ( )0.5 (the)8 ( )]TJ 0.057 Tc 0.07 Tw 0 -1.231 Td [(Group)12.2 ( was)12.1 ( 6)12.1 (7)12.2 (.)12.2 (9)12.1 (%)12.2 ( \(December)12.2 ( 3)12.2 (1)12.1 (,)12.2 ( 2)12.1 (0)12.2 (2)12.1 (4)12.2 (:)12.1 (6)12.2 (6)12.1 (.)12.2 (1)12.1 (%\).)12.2 ( Excluding)12.1 ( the)12.2 ( effect)12.2 ( of)12.2 ( customer)32 ( )]TJ 0.039 Tc 0 -1.231 Td [(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 ( \(total)14 ( )]TJ 0.063 Tc 0 -1.231 Td [(l)0.5 (i)0.5 (a)0.6 (b)0.5 (i)0.5 (l)0.5 (i)0.5 (t)0.6 (i)0.5 (e)0.5 (s)13 ( )0.6 (l)0.5 (e)0.5 (s)0.5 (s)13.1 ( )0.5 (b)0.5 (a)0.5 (l)0.6 (a)0.5 (n)0.5 (c)0.6 (e)13 ( )0.5 (o)0.5 (f)13 ( )0.6 (a)0.5 (c)0.5 (c)0.6 (o)0.5 (u)0.5 (n)0.5 (t)0.5 (s)13.1 ( )0.5 (p)0.5 (a)0.5 (y)0.6 (a)0.5 (b)0.5 (l)0.5 (e)13.1 ( )0.5 (t)0.5 (o)13 ( )0.6 (c)0.5 (u)0.5 (s)0.5 (t)0.6 (o)0.5 (m)0.5 (e)0.5 (r)0.5 (s)13.1 ( )0.5 (a)0.5 (r)0.6 (i)0.5 (s)0.5 (i)0.5 (n)0.5 (g)13 ( )0.6 (f)0.5 (r)0.5 (o)0.5 (m)13.1 ( )0.5 (s)0.5 (e)0.5 (c)0.6 (u)0.5 (r)0.5 (i)0.5 (t)0.6 (i)0.5 (e)0.5 (s)38 ( )]TJ 0.048 Tc 0 -1.231 Td [(business)12.6 ( over)12.6 ( total)12.5 ( assets)12.6 ( less)12.6 ( bank)12.5 ( balances)12.6 ( and)12.5 ( clearing)12.6 ( settlement)12.6 ( fund)12.6 ( held)12.6 ( on)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (behalf of customers\) of the Group was 56.7% \(December 31, 2024: 56.6%\)\.)Tj /T1_1 1 Tf 0 -2.462 Td (Capital structure)Tj /T1_0 1 Tf 0.099 Tc 0.07 Tw 0 -2.462 Td [(As)12.4 ( at)12.4 ( June)12.4 ( 3)12.3 (0)12.4 (,)12.4 ( 2)12.3 (0)12.4 (2)12.4 (5)12.3 (,)12.4 ( the)12.4 ( Group)12.4 ( had)12.4 ( Rmb)12.4 (8)12.3 (3)12.4 (,)12.4 (6)12.4 (8)12.3 (0)12.4 (.)12.4 (1)12.3 (0)12.4 ( million)12.4 ( in)12.4 ( total)12.4 ( equity,)74 ( )]TJ 0.025 Tc 0.052 Tw 0 -1.231 Td (Rmb146,446.89 million in fixed-rate liabilities, Rmb15,232.53 million in\ floating-rate )Tj 0.036 Tc 0.072 Tw 0 -1.231 Td [(liabilities,)11 ( )0.5 (and)11 ( )0.5 (Rmb)11 (1)11 (5)11 (,)11 (0)10.9 (8)11.1 (3)10.9 (.)11 (3)11 (6)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 (2)11 (.)11 (1)11 (%,)11 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(5)12.1 (6)12 (.)12.1 (2)12 (%,)12 ( 5)12.1 (.)12 (8)12.1 (%)12.1 ( and)12 ( 5)12 (.)12.1 (9)12 (%)12.1 ( of)12.1 ( the)12.1 ( Group\222s)12 ( total)12.1 ( capital,)12.1 ( respectively.)12.1 ( The)12.1 ( gearing)12 ( ratio,)15 ( )]TJ 0.025 Tc 0.074 Tw 0 -1.231 Td (which is computed by dividing the total liabilities less accounts payabl\e to customers )Tj 0.036 Tc 0.072 Tw 0 -1.231 Td [(arising)11 ( )0.5 (from)11 ( the)11 ( )0.5 (securities)11 ( )0.5 (business)11 ( )0.5 (by)11 ( )0.5 (total)11 ( )0.5 (equity,)10.9 ( )0.6 (was)11 ( )0.5 (1)11 (3)11 (0)11 (.)11 (9)11 (%)11 ( )0.5 (as)11 ( )0.5 (at)11 ( )0.5 (June)11 ( )0.5 (3)11 (0)11 (,)11 ( )0.5 (2)11 (0)11 (2)11 (5)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (\(December 31, 2024: 129.0%\).)Tj /T1_1 1 Tf 0 -2.462 Td (Capital expenditure commitments and utilization)Tj /T1_0 1 Tf 0.06 Tc 0.07 Tw 0 -2.462 Td [(During)12.8 ( the)12.8 ( Period,)12.8 ( capital)12.8 ( expenditure)12.8 ( of)12.8 ( the)12.8 ( Group)12.7 ( totaled)12.8 ( Rmb)12.8 (5)12.8 (0)12.7 (3)12.8 (.)12.8 (6)12.8 (7)12.7 ( million.)35 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(Amongst)9 ( )0.5 (the)9 ( )0.5 (total)9 ( )0.5 (capital)9 ( )0.5 (expenditure,)9.1 ( Rmb)9 (5)9 (1)9 (.)9 (0)9 (0)9 ( )0.5 (million)9 ( )0.5 (was)9 ( )0.5 (incurred)9 ( )0.6 (for)9 ( )0.5 (acquiring)9 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(equity)12.1 ( investment,)12.2 ( Rmb)12.1 (3)12.1 (2)12.2 (.)12.1 (3)12.1 (9)12.2 ( million)12.1 ( was)12.2 ( incurred)12.2 ( for)12.1 ( acquisition)12.1 ( and)12.2 ( construction)16 ( )]TJ 0.047 Tc 0 -1.231 Td [(of)12.7 ( properties,)12.8 ( Rmb)12.8 (1)12.8 (1)12.7 (5)12.8 (.)12.8 (4)12.7 (2)12.8 ( million)12.7 ( was)12.8 ( incurred)12.7 ( for)12.8 ( acquisition)12.7 ( and)12.8 ( construction)12.8 ( of)22 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(e)0.5 (qu)0.5 (ipm)0.5 (en)0.5 (t)2 ( )0.5 (an)0.5 (d)2 ( f)0.5 (a)0.5 (ci)0.5 (lit)0.5 (ie)0.5 (s,)2 ( )0.5 (a)0.5 (nd)2 ( )0.5 (R)0.5 (mb)2 (3)2 (0)2 (4)2 (.)2 (8)2 (6)1.9 ( )0.5 (m)0.5 (il)0.5 (li)0.5 (on)2 ( )0.5 (wa)0.5 (s)2 ( )0.5 (in)0.5 (cu)0.5 (rr)0.5 (ed)2 ( )0.5 (f)0.5 (or)2 ( )0.5 (re)0.5 (c)0.5 (on)0.5 (str)0.5 (uc)0.5 (ti)0.5 (on)2 ( )0.5 (a)0.5 (nd)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (expansion projects of existing expressways.)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 27 \226)Tj ET q 0 Tc 0 g /GS1 gs 0 TL/Fm0 Do Q BT 0.018 Tw 13 0 0 13 56.6929 773.5878 Tm (The proceeds raised from the rights issue in 2023 had a remaining balanc\e of Rmb5.20 )Tj 0.038 Tc 0.07 Tw 0 -1.231 Td [(billion)12.3 ( based)12.3 ( on)12.3 ( the)12.3 ( closing)12.3 ( exchange)12.4 ( rate)12.4 ( as)12.4 ( at)12.3 ( December)12.4 ( 3)12.4 (1)12.3 (,)12.4 ( 2)12.4 (0)12.3 (2)12.4 (4)12.3 (.)12.3 ( As)12.4 ( of)12.3 ( June)12.4 ( 3)12.4 (0)12.3 (,)13 ( )]TJ 0.052 Tc 0 -1.231 Td [(2)12.3 (0)12.4 (2)12.3 (5)12.4 (,)12.3 ( Rmb)12.3 (0)12.4 (.)12.3 (2)12.3 (5)12.4 ( billion)12.4 ( has)12.4 ( been)12.3 ( used)12.4 ( for)12.4 ( expenses)12.4 ( related)12.4 ( to)12.3 ( existing)12.4 ( expressway)27 ( )]TJ 0.044 Tc 0 -1.231 Td [(expansion)12.3 ( and)12.3 ( reconstruction)12.2 ( projects,)12.3 ( leaving)12.3 ( a)12.3 ( balance)12.3 ( of)12.2 ( proceeds)12.3 ( equivalent)12.2 ( to)19.1 ( )]TJ 0.025 Tc 0.079 Tw 0 -1.231 Td (Rmb5.0 billion based on the exchange rate at the end of the Period\(incl\uding interest )Tj 0.029 Tc 0 -1.231 Td [(income)4 ( )0.5 (during)4 ( )0.5 (the)4 ( )0.5 (year\),)4.1 ( )0.5 (of)4 ( )0.5 (which)4 ( )0.5 (Rmb)4 (3)4 (.)4 (9)4 (7)4 ( )0.5 (billion)4 ( )0.5 (will)4 ( )0.5 (be)4 ( )0.5 (used)4 ( )0.5 (for)4.1 ( )0.5 (expenses)4 ( )0.5 (related)4 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(to)2 ( )0.5 (existing)2 ( )0.5 (expressway)2 ( )0.5 (expansion)2 ( )0.5 (and)2 ( )0.5 (reconstruction)2 ( )0.5 (projects,)2 ( )0.5 (and)2 ( the)2 ( )0.5 (remaining)2 ( will)2 ( )]TJ 0.025 Tc 0.063 Tw 0 -1.231 Td (be used for replenishing working capital and repaying loans and other da\ily operating )Tj -0.025 Tw 0 -1.231 Td (expenses.)Tj 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 (9)4 (0)4 (5)4 (.)4 (1)4 (9)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 0.03 Tw 0 -2.462 Td (As at June 30, 2025, total liabilities of the Group amounted to Rmb176,7\62.77 million )Tj 0.044 Tc 0.07 Tw 0 -1.231 Td [(\(December)12.3 ( 3)12.3 (1)12.3 (,)12.3 ( 2)12.3 (0)12.3 (2)12.4 (4)12.3 (:)12.3 ( Rmb)12.3 (1)12.3 (4)12.4 (3)12.3 (,)12.3 (4)12.4 (8)12.3 (4)12.3 (.)12.3 (0)12.4 (0)12.3 ( million\),)12.4 ( of)12.4 ( which)12.4 ( 9)12.3 (.)12.3 (7)12.4 ( %)12.3 ( was)12.3 ( bank)12.3 ( and)12.4 ( other)19 ( )]TJ 0.038 Tc 0 -1.231 Td [(borrowings,)12.3 ( 5)12.3 (.)12.2 (4)12.3 ( %)12.3 ( was)12.2 ( short-term)12.3 ( financing)12.2 ( note,)12.2 ( 1)12.2 (8)12.3 (.)12.2 (4)12.3 ( %)12.3 ( was)12.2 ( bonds)12.2 ( payable,)]TJ 0.026 Tc -0.026 Tw 34.382 0 Td (17.4%)Tj 0 Tc 0 Tw 2.711 0 Td ( )Tj 0.063 Tc 0.07 Tw -37.093 -1.231 Td [(was)12.2 ( financial)12.2 ( assets)12.2 ( sold)12.2 ( under)12.2 ( repurchase)12.2 ( agreements)12.2 ( and)12.3 ( 3)12.2 (8)12.2 (.)12.2 (1)12.2 (%)12.2 ( was)12.2 ( accounts)38 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (payable to customers arising from securities business.)Tj 0.056 Tc 0.07 Tw 0 -2.462 Td [(As)12.8 ( at)12.8 ( June)12.8 ( 3)12.7 (0)12.8 (,)12.8 ( 2)12.8 (0)12.7 (2)12.8 (5)12.8 (,)12.7 ( total)12.8 ( interest-bearing)12.8 ( borrowings)12.8 ( of)12.8 ( the)12.8 ( Group)12.8 ( amounted)12.8 ( to)31 ( )]TJ 0.064 Tc 0 -1.231 Td [(Rmb)12 (5)12.1 (9)12.1 (,)12 (3)12.1 (8)12.1 (8)12.1 (.)12 (8)12.1 (5)12.1 ( million,)12.1 ( representing)12.1 ( an)12.1 ( increase)12.1 ( of)12.1 ( 7)12.1 (.)12 (5)12.1 (%)12.1 ( compared)12.1 ( to)12.1 ( that)12.1 ( as)12.1 ( at)39 ( )]TJ 0.053 Tc 0 -1.231 Td [(D)0.5 (e)0.5 (c)0.5 (e)0.5 (m)0.6 (be)0.6 (r)13 ( )0.5 (3)13 (1)13 (,)12.9 ( )0.5 (2)13.1 (0)13 (2)13 (4)12.9 (.)13 ( )0.5 (T)0.6 (he)13.1 ( )0.5 (b)0.5 (or)0.6 (r)0.5 (o)0.5 (w)0.5 (i)0.5 (n)0.5 (g)0.5 (s)13 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (p)0.5 (r)0.5 (i)0.5 (s)0.5 (e)0.5 (d)13 ( )0.5 (o)0.5 (u)0.5 (t)0.5 (s)0.5 (t)0.5 (a)0.5 (n)0.5 (d)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (b)0.5 (a)0.5 (l)0.5 (a)0.5 (n)0.5 (c)0.5 (e)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (d)0.5 (o)0.5 (m)0.5 (e)0.5 (s)0.5 (t)0.6 (ic)28.1 ( )]TJ 0.087 Tc 0 -1.231 Td [(commercial)12.6 ( bank)12.6 ( loans)12.6 ( of)12.6 ( Rmb)12.5 (1)12.6 (6)12.6 (,)12.5 (2)12.6 (2)12.6 (6)12.6 (.)12.6 (5)12.5 (0)12.6 ( million,)12.6 ( borrowings)12.5 ( from)12.5 ( overseas)62 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(commercial bank loans of Rmb63.23 million, borrowings from other domesti\c financial)-1 ( )]TJ 0.025 Tc 0.061 Tw 0 -1.231 Td (institutions of Rmb785.67 million, short-term financing note of Rmb8,038\.21 million, )Tj 0.046 Tc 0.07 Tw 0 -1.231 Td [(beneficial)12.1 ( certificates)12.1 ( of)12.1 ( Rmb)12.1 (1)12.1 (,)12.1 (5)12 (6)12.1 (6)12.1 (.)12 (7)12.1 (7)12.1 ( million,)12.1 ( long-term)12 ( beneficial)12 ( certificates)12.1 ( of)21.1 ( )]TJ 0.044 Tc 0 -1.231 Td [(Rmb)12.2 (1)12.1 (,)12.1 (5)12.1 (2)12.2 (6)12.1 (.)12.1 (2)12.1 (7)12.2 ( million,)12.2 ( mid-term)12.1 ( notes)12.2 ( of)12.2 ( Rmb)12.1 (1)12.2 (,)12.1 (6)12.1 (4)12.1 (4)12.2 (.)12.1 (1)12.1 (3)12.1 ( million,)12.1 ( subordinated)12.1 ( bonds)19 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(of)2 ( )0.5 (Rmb)2 (6)2 (,)2 (2)2 (3)2 (4)1.9 (.)2 (8)2 (9)2 ( )0.5 (million,)2 ( )0.5 (corporate)2 ( )0.5 (bonds)2 ( )0.5 (of)2 ( )0.5 (Rmb)2 (2)1.9 (3)2 (,)2 (0)2 (4)2 (1)2 (.)2 (4)2 (8)2 ( )0.5 (million,)2 ( )0.5 (convertible)2 ( )0.5 (bond)2 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(denominated)11 ( )0.5 (in)10.9 ( )0.5 (Euro)11 ( )0.5 (that)11 ( )0.5 (equivalents)11 ( )0.5 (to)11 ( )0.5 (Rmb)11 (2)11 (6)11 (1)11 (.)11 (7)11 (0)11 ( )0.5 (million.)11 ( Of)11 ( )0.5 (the)11 ( )0.5 (interest-bearing)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (borrowings,52.9% was not payable within one year.)Tj ET endstreamendobj46 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 0.05 Tc 0.07 Tw 13 0 0 13 85.0394 773.5878 Tm [(Shanghai)12.3 ( Rural)12.4 ( Commercial)12.4 ( Bank)12.3 ( Co.,)12.4 ( Ltd.)12.3 ( \(a)12.4 ( 4)12.4 (.)12.3 (9)12.4 (6)12.4 (%)12.4 ( owned)12.4 ( associate)12.4 ( of)12.3 ( the)25.1 ( )]TJ 0.062 Tc 0 -1.231 Td [(Company\))12.4 ( is)12.4 ( primarily)12.3 ( engaged)12.3 ( in)12.3 ( commercial)12.4 ( banking)12.4 ( business,)12.4 ( including)37 ( )]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 0.027 Tc 0.081 Tw 0 -1.231 Td [(Administration.)2 ( )0.5 (As)2 ( )0.5 (at)2 ( )0.5 (the)2 ( )0.5 (date)2 ( )0.5 (of)2.1 ( this)2 ( )0.5 (announcement,)2 ( )0.5 (the)2 ( )0.5 (associate)2 ( )0.5 (company)2 ( )0.5 (has)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (not yet published its 2025 interim results.)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 (\(Limited)2 ( )]TJ 0.025 Tc 0.06 Tw 0 -1.231 Td (Partnership\) \(a 24.99% owned associate of the Company\) was primarily \engaged )Tj 0.055 Tc 0.07 Tw 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 0.063 Tc 0 -1.231 Td [(During)12.2 ( the)12.2 ( Period,)12.2 ( the)12.2 ( share)12.2 ( of)12.2 ( net)12.2 ( loss)12.2 ( of)12.2 ( the)12.2 ( associate)12.2 ( attributable)12.2 ( to)12.2 ( the)38 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Company is Rmb29.01 million.)Tj /T1_1 1 Tf -2.181 -2.462 Td (FINANCIAL ANALYSIS)Tj /T1_0 1 Tf 0.049 Tw 0 -2.462 Td (The Group adopts a prudent financial policy with an aim to provide share\holders with )Tj 0 Tw 0 -1.231 Td (sound returns over the long term.)Tj 0.038 Tc 0.07 Tw 0 -2.462 Td [(During)12.4 ( the)12.4 ( Period,)12.3 ( profit)12.3 ( attributable)12.4 ( to)12.4 ( owners)12.4 ( of)12.4 ( the)12.4 ( Company)12.4 ( was)12.3 ( approximately)13 ( )]TJ 0.043 Tc 0 -1.231 Td [(Rmb)12 (2)12.1 (,)12.1 (7)12.1 (8)12 (7)12.1 (.)12.1 (4)12.1 (8)12.1 ( million,)12 ( representing)12 ( a)12.1 ( year-on-year)12.1 ( increase)12.1 ( of)12.1 ( 4)12.1 (.)12 (0)12.1 (%,)12.1 ( basic)12.1 ( earnings)18 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(per)4 ( )0.5 (share)4 ( )0.5 (was)4 ( )0.5 (Rmb)4 (4)4 (6)4 (.)4 (5)4 (1)4.1 ( )0.5 (cents,)4 ( )0.5 (representing)4 ( )0.5 (a)4 ( )0.5 (year-on-year)4.1 ( )0.5 (increase)4 ( )0.5 (of)4 ( )0.5 (4)4 (.)4 (0)4 (%,)4 ( )0.5 (diluted)4 ( )]TJ 0.025 Tc 0.043 Tw 0 -1.231 Td (earnings per share was Rmb46.51 cents, representing a year-on-year incre\ase of 5.6%, )Tj 0 Tw 0 -1.231 Td (and return on owners\222 equity was 6.0%, representing a year-on-year de\crease of 8.7%.)Tj /T1_1 1 Tf 0 -2.462 Td (Liquidity and financial resources)Tj /T1_0 1 Tf 0.061 Tw 0 -2.462 Td (As at June 30, 2025, current assets of the Group amounted to Rmb183,044.\10 million )Tj 0.032 Tc 0.076 Tw 0 -1.231 Td [(in)7 ( )0.5 (aggregate)7 ( )0.5 (\(December)7 ( )0.5 (3)7 (1)7 (,)7 ( )0.5 (2)7 (0)7 (2)7 (4)7 (:)7 ( )0.5 (Rmb)7 (1)7 (4)7 (5)7 (,)7 (9)7 (2)7 (4)7 (.)7 (3)7 (0)6.9 ( )0.6 (million\),)7 ( )0.5 (of)7 ( )0.5 (which)7 ( )0.5 (bank)7 ( )0.5 (balances,)7 ( )]TJ 0.025 Tc 0.053 Tw 0 -1.231 Td (clearing settlement fund, deposits and cash accounted for 10.9% \(Decemb\er 31, 2024: )Tj 0.058 Tc 0.07 Tw 0 -1.231 Td [(1)12.5 (6)12.5 (.)12.5 (0)12.5 (%\),)12.5 ( bank)12.5 ( balances)12.5 ( and)12.5 ( clearing)12.5 ( settlement)12.5 ( fund)12.5 ( held)12.5 ( on)12.5 ( behalf)12.6 ( of)12.5 ( customers)33 ( )]TJ 0.078 Tc 0 -1.231 Td [(accounted)12.4 ( for)12.4 ( 3)12.4 (6)12.5 (.)12.4 (9)12.5 (%)12.5 ( \(December)12.5 ( 3)12.5 (1)12.4 (,)12.5 ( 2)12.5 (0)12.4 (2)12.5 (4)12.4 (:)12.5 ( 3)12.5 (3)12.4 (.)12.5 (6)12.4 (%\),)12.5 ( financial)12.5 ( assets)12.5 ( at)12.5 ( FVTPL)53 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.231 Td (accounted for 27.5% \(December 31, 2024: 24.4%\) and loans to customers \arising from )Tj 0.04 Tc 0.07 Tw 0 -1.231 Td [(margin)12.9 ( financing)12.9 ( business)12.9 ( accounted)12.9 ( for)12.9 ( 1)12.9 (5)12.8 (.)12.9 (9)12.9 (%)12.9 ( \(December)12.9 ( 3)12.9 (1)12.8 (,)12.9 ( 2)12.9 (0)12.8 (2)12.9 (4)12.9 (:)12.9 ( 1)12.9 (6)12.9 (.)12.9 (6)12.9 (%\).)12.9 ( As)12.8 ( at)15 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(June)11 ( )0.5 (3)11 (0)11 (,)11 ( )0.5 (2)11 (0)11 (2)11 (5)11 (,)11 ( the)11 ( )0.5 (current)11 ( )0.5 (ratio)11 ( )0.5 (\(current)11 ( )0.5 (assets)11 ( )0.5 (over)11 ( )0.5 (current)11 ( )0.5 (liabilities\))11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (Group)11 ( )]TJ 0.042 Tc 0.07 Tw 0 -1.231 Td [(w)0.5 (as)13 ( 1)12.9 (.)13 (3)12.9 (0)13 ( \()0.5 (De)0.5 (ce)0.5 (mb)0.5 (er)13 ( 3)13 (1)12.9 (,)13 ( 2)13 (0)12.9 (2)12.9 (4)13 (:)12.9 ( )0.5 (1)12.9 (.)13 (3)12.9 (0)12.9 (\))0.5 (.)12.9 ( )0.5 (Ex)0.5 (cl)0.5 (ud)0.5 (ing)13 ( t)0.5 (he)13 ( e)0.5 (ff)0.5 (ec)0.5 (t)12.9 ( )0.5 (of)13 ( th)0.5 (e)12.9 ( )0.5 (cu)0.5 (st)0.5 (om)0.5 (er)13 ( d)0.5 (ep)0.5 (os)0.5 (its)17 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(arising)8 ( )0.6 (from)8 ( )0.5 (the)8 ( )0.5 (securities)8 ( )0.5 (business,)8 ( )0.5 (the)8 ( )0.5 (resultant)8 ( )0.6 (current)8 ( )0.5 (ratio)8 ( )0.5 (of)8 ( )0.6 (the)8 ( )0.5 (Group)8 ( )0.5 (\(current)8 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td [(a)0.5 (s)0.6 (s)0.5 (e)0.6 (t)0.5 (s)0.5 ( )0.6 (l)0.5 (e)0.5 (s)0.6 (s)0.5 ( )0.6 (b)0.5 (a)0.5 (n)0.5 (k)0.6 ( )0.5 (b)0.5 (a)0.6 (l)0.5 (a)0.6 (n)0.5 (c)0.5 (e)0.6 (s)0.5 ( )0.5 (a)0.6 (n)0.5 (d)0.6 ( )0.5 (c)0.5 (l)0.6 (e)0.5 (a)0.6 (r)0.5 (i)0.5 (n)0.5 (g)0.6 ( )0.5 (s)0.5 (e)0.6 (t)0.5 (t)0.6 (l)0.5 (e)0.5 (m)0.6 (e)0.5 (n)0.5 (t)0.6 ( )0.5 (f)0.5 (u)0.6 (n)0.5 (d)0.5 ( )0.6 (h)0.5 (e)0.5 (l)0.6 (d)0.5 ( )0.5 (o)0.6 (n)0.5 ( )0.5 (b)0.5 (e)0.6 (h)0.5 (a)0.6 (l)0.5 (f)0.5 ( )0.6 (o)0.5 (f)0.5 ( )0.5 (c)0.6 (u)0.5 (s)0.6 (t)0.5 (o)0.5 (m)0.6 (e)0.5 (r)0.5 (s)0.6 ( )0.5 (o)0.6 (v)0.5 (e)0.5 (r )]TJ 0.027 Tw 0 -1.231 Td [(current )0.5 (liabilities )0.5 (less balance )0.5 (of accounts payable )0.5 (to )0.5 (customers arising )0.5 (from securities )]TJ 0 Tw 0 -1.231 Td (business\) was 1.50 \(December 31, 2024:1.60\).)Tj 0.036 Tc 0.072 Tw 0 -2.462 Td [(The)11.1 ( a)0.5 (mount)11 ( )0.5 (of)11 ( )0.6 (financ)0.5 (ial)11 ( )0.5 (as)0.5 (sets)11 ( )0.5 (a)0.5 (t)10.9 ( )0.5 (F)0.5 (VTPL)11 ( )0.5 (in)0.5 (clude)0.5 (d)10.9 ( )0.6 (in)11 ( )0.5 (curre)0.5 (nt)11 ( )0.5 (ass)0.5 (ets)11 ( )0.5 (of)11 ( )0.5 (th)0.5 (e)11 ( )0.5 (Group)11 ( )0.5 (a)0.5 (s)11 ( )]TJ 0.046 Tc 0.082 Tw 0 -1.231 Td [(a)-12.1 (t J)-12.1 (u)-12.2 (n)-12.2 (e 30, 2025 w)-12.1 (a)-12.2 (s R)-12.2 (m)-12.1 (b50,323.04 m)-12.1 (i)-12.2 (l)-12.2 (l)-12.1 (i)-12.2 (o)-12.1 (n \()-12.1 (D)-12.2 (e)-12.1 (c)-12.2 (e)-12.1 (m)-12.2 (b)-12.1 (e)-12.2 (r 31, 2024: R)-12.2 (m)-12.1 (b35,536.63)21.1 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.231 Td [(million\), )0.5 (of )0.5 (which 54.1% )0.5 (was )0.5 (invested in )0.5 (bonds, )0.5 (5.5% )0.5 (was invested )0.5 (in )0.5 (stocks, )0.5 (26.9% )]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 ET endstreamendobj33 0 obj<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 2/NumberofPages 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(%)12.6 ( equity)12.7 ( interest)12.7 ( of)13 ( )]TJ 0.047 Tc 0 -1.231 Td [(Y)0.5 (o)0.5 (ng)0.5 (l)0.5 (a)0.5 (n)12.9 ( )0.5 (E)0.5 (x)0.5 (pr)0.5 (e)0.5 (s)0.5 (s)0.5 (wa)0.5 (y)13 ( )0.5 (\()13 (1)12.9 (4)13 (5)13 (km)0.5 (\))13 ( )0.5 (a)0.5 (nd)13 ( )0.5 (5)13 (1)12.9 (%)13 ( )0.5 (e)0.5 (qu)0.5 (i)0.5 (t)0.5 (y)12.9 ( )0.5 (i)0.5 (n)0.5 (te)0.5 (r)0.5 (e)0.5 (s)0.5 (t)12.9 ( )0.5 (o)0.5 (f)13 ( G)0.5 (u)0.5 (i)0.5 (s)0.5 (an)13 ( )0.5 (E)0.5 (xp)0.5 (r)0.5 (e)0.5 (s)0.5 (sw)0.5 (a)0.5 (y)22 ( )]TJ 0.025 Tc 0.072 Tw 0 -1.231 Td [(\(135km\). 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During the Period, the asso\ciate)-4 ( )]TJ 0.025 Tc 0.022 Tw 0 -1.231 Td (company recorded a net profit of Rmb201.85 million, representing a year-\on-year )Tj 0.041 Tc 0.07 Tw 0 -1.231 Td [(decrease)12.2 ( of)12.3 ( 2)12.3 (0)12.2 (.)12.3 (3)12.2 (%,)12.3 ( which)12.3 ( was)12.3 ( mainly)12.2 ( affected)12.3 ( by)12.2 ( two-way)12.2 ( traffic)12.2 ( interruption)15.9 ( )]TJ 0.048 Tc 0 -1.231 Td [(c)0.5 (a)0.5 (u)0.5 (s)0.5 (e)0.5 (d)12.9 ( )0.5 (b)0.5 (y)13 ( )0.5 (r)0.5 (ec)0.5 (o)0.5 (n)0.5 (s)0.5 (t)0.5 (ru)0.5 (c)0.5 (t)0.5 (i)0.5 (o)0.5 (n)12.9 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (e)0.5 (xp)0.5 (a)0.5 (n)0.5 (s)0.5 (i)0.5 (on)13 ( )0.5 (w)0.5 (o)0.5 (r)0.5 (k)0.5 (s)12.9 ( )0.5 (o)0.5 (n)13 ( )0.5 (bo)0.5 (t)0.5 (h)13 ( )0.5 (H)0.5 (u)0.5 (yi)13 ( )0.5 (E)0.5 (x)0.5 (pr)0.5 (e)0.5 (s)0.5 (s)0.5 (w)0.5 (a)0.5 (y)13 ( )0.5 (an)0.5 (d)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Yangli Expressway in Jiangsu Province.)Tj 0.082 Tc 0.07 Tw 0 -2.462 Td [(The)12.7 ( Company)12.7 ( held)12.8 ( 3)12.7 (0)12.7 (%)12.8 ( of)12.8 ( the)12.7 ( subordinated)12.8 ( class)12.8 ( of)12.8 ( the)12.8 ( CICC-Zhejiang)57 ( )]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 (pe)0.5 (c)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 (\()0.5 (t)0.5 (h)0.5 (e)13 ( \223)]TJ /T1_1 1 Tf -0.047 Tw 28.71 0 Td [(A)0.5 (s)0.5 (s)0.5 (et)0.5 (-)0.5 (b)0.5 (a)0.5 (c)0.5 (ke)0.5 (d)22 ( )]TJ 0.038 Tc 0.07 Tw -28.71 -1.231 Td [(S)0.5 (p)0.5 (e)0.5 (c)0.6 (i)0.5 (a)0.5 (l)13 ( )0.5 (P)0.5 (r)0.5 (o)0.5 (g)0.5 (r)0.6 (a)0.5 (m)]TJ /T1_0 1 Tf 7.758 0 Td [(\224)0.5 (\))0.5 (,)13 ( )0.5 (w)0.6 (h)0.5 (i)0.5 (c)0.5 (h)13 ( )0.5 (o)0.5 (w)0.5 (n)0.5 (s)13 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.5 (9)13 (3)13 (k)0.5 (m)13 ( )0.5 (S)0.5 (h)0.5 (e)0.5 (n)0.5 (j)0.5 (i)0.5 (a)0.6 (h)0.5 (u)0.5 (h)0.5 (a)0.5 (n)0.5 (g)13 ( )0.5 (E)0.5 (x)0.5 (p)0.5 (r)0.6 (e)0.5 (s)0.5 (s)0.5 (w)0.6 (a)0.5 (y)0.5 (.)13 ( )0.5 (D)0.5 (u)0.5 (r)0.5 (i)0.5 (n)0.5 (g)13 ( )]TJ 0.025 Tc 0 Tw -7.758 -1.231 Td (the Period, )Tj -0.025 Tw (the)Tj 0 Tw ( Asset-backed Special Program )Tj -0.025 Tw (has)Tj 0 Tw ( recognized )Tj (zero net loss)Tj 0 Tc (.)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 (\(a)6.1 ( )0.5 (1)6 (5)6 (%)6 ( )0.5 (owned)6 ( )0.5 (associate)6 ( )]TJ 0.043 Tc 0.07 Tw 0 -1.231 Td [(of)12.6 ( the)12.6 ( Company\))12.6 ( operates)12.6 ( Wenzhou)12.6 ( section)12.6 ( of)12.6 ( YongTaiWen)12.6 ( Expressway)12.6 ( with)18 ( )]TJ 0 -1.231 Td [(a)12.3 ( total)12.3 ( length)12.3 ( of)12.3 ( 1)12.3 (3)12.3 (9)12.2 (km.)12.3 ( During)12.3 ( the)12.4 ( Period,)12.3 ( the)12.3 ( associate)12.4 ( company)12.3 ( achieved)12.3 ( a)18 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(net)9 ( )0.5 (profit)9 ( )0.5 (of)9.1 ( )0.5 (Rmb)9 (9)9 (9)9 (.)9 (1)9 (8)9 ( )0.5 (million,)8.9 ( )0.6 (representing)9 ( )0.5 (a)9 ( )0.5 (year-on-year)9 ( )0.5 (decrease)9 ( )0.5 (of)9 ( )0.5 (2)9 (6)9 (.)9 (0)9 (%,)9 ( )]TJ 0.025 Tc 0.01 Tw 0 -1.231 Td (which was mainly affected by traffic-interrupting reconstruction and exp\ansion of )Tj 0.07 Tw 0 -1.231 Td (Shuiyang Hub to Daxi Hub Section and Shuiyang Hub to Ninghai South Secti\on )Tj 0 Tw 0 -1.231 Td (of YongTaiWen Expressway.)Tj /T1_1 1 Tf 13 0 3.4833 13 55.3588 341.5878 Tm [(\(II\) )-361.5 (Financial segment)]TJ /T1_0 1 Tf 0.071 Tc 0.07 Tw 13 0 0 13 85.0394 309.5878 Tm [(Zhejiang)12.3 ( Communications)12.3 ( Investment)12.3 ( Group)12.3 ( Finance)12.3 ( Co.,)12.3 ( Ltd.)12.2 ( \(a)12.3 ( 2)12.3 (0)12.3 (.)12.3 (0)12.2 (8)12.3 (%)46.1 ( )]TJ 0.025 Tc 0.08 Tw 0 -1.231 Td (owned associate of the Company\) derives income mainly from interest, fe\es and )Tj 0.054 Tc 0.07 Tw 0 -1.231 Td [(commissions)12.3 ( for)12.3 ( providing)12.2 ( financial)12.3 ( services,)12.3 ( including)12.3 ( arranging)12.2 ( loans)12.2 ( and)29 ( )]TJ 0.025 Tc 0.012 Tw 0 -1.231 Td (receiving deposits, for Zhejiang Communications Investment Group Co., Lt\d., 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 0.025 Tc 0.02 Tw 0 -1.231 Td (the associate company recorded a net profit of Rmb247.89 million, repres\enting a )Tj 0 Tw 0 -1.231 Td (year-on-year increase of 15.2%.)Tj 0.042 Tc 0.07 Tw 0 -2.462 Td [(Yangtze)12.2 ( United)12.3 ( Financial)12.2 ( Leasing)12.2 ( Co.,)12.2 ( Ltd.)12.3 ( \(a)12.3 ( 1)12.2 (0)12.2 (.)12.2 (6)12.3 (1)12.2 (%)12.2 ( owned)12.2 ( associate)12.2 ( of)12.2 ( the)17 ( )]TJ 0.052 Tc 0 -1.231 Td [(Company\))12.2 ( is)12.1 ( primarily)12.2 ( engaged)12.1 ( in)12.1 ( finance)12.2 ( leasing)12.1 ( business,)12.1 ( transferring)12.2 ( and)27 ( )]TJ 0.049 Tc 0 -1.231 Td [(receiving)12.6 ( of)12.6 ( financial)12.6 ( leasing)12.6 ( assets,)12.6 ( fixed-income)12.6 ( securities)12.6 ( investment,)12.6 ( and)24 ( )]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 0.044 Tc 0.07 Tw 0 -1.231 Td [(During)12.5 ( the)12.5 ( Period,)12.6 ( the)12.6 ( associate)12.6 ( company)12.5 ( recorded)12.6 ( a)12.6 ( net)12.6 ( profit)12.6 ( of)12.5 ( Rmb)12.6 (3)12.5 (5)12.6 (0)12.5 (.)12.5 (4)12.6 (2)19 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (million, representing a year-on-year increase of 4.5%.)Tj ET endstreamendobj67 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 (Securities Business)Tj /T1_0 1 Tf 0.061 Tc 0.07 Tw 0 -2.462 Td [(In)12.8 ( the)12.8 ( first)12.7 ( half)12.8 ( of)12.7 ( 2)12.8 (0)12.7 (2)12.8 (5)12.7 (,)12.8 ( amid)12.8 ( significant)12.7 ( fluctuations)12.8 ( in)12.7 ( the)12.8 ( U.)12.7 ( S.)12.8 ( dollar)12.8 ( index,)36 ( )]TJ 0.076 Tc 0 -1.231 Td [(geopolitical)12.2 ( conflicts)12.2 ( and)12.1 ( international)12.2 ( trade)12.2 ( frictions,)12.2 ( global)12.2 ( capital)12.1 ( markets)51 ( )]TJ 0.071 Tc 0 -1.231 Td [(experienced)12.5 ( volatility)12.5 ( and)12.6 ( divergent)12.5 ( trends.)12.5 ( However,)12.6 ( China\222s)12.5 ( capital)12.5 ( markets)46.1 ( )]TJ 0.04 Tc 0 -1.231 Td [(remained)12.6 ( stable)12.7 ( with)12.6 ( an)12.7 ( upward)12.6 ( trend,)12.7 ( supported)12.6 ( by)12.7 ( policy)12.6 ( measures)12.7 ( and)12.6 ( economic)15 ( )]TJ 0.025 Tc 0.081 Tw 0 -1.231 Td (recovery. The A-share market saw active trading, with major indices stea\dily moving )Tj 0.025 Tw 0 -1.231 Td (upward. Zhejiang Securities seized market opportunities, strengthened co\mpliance risk )Tj 0.033 Tc 0.075 Tw 0 -1.231 Td [(management,)8 ( )0.5 (continued)8.1 ( to)8 ( )0.5 (advance)8 ( )0.5 (cost)8 ( )0.5 (reduction)8 ( )0.5 (and)7.9 ( )0.6 (efficiency)8 ( )0.5 (improvements,)8 ( )0.5 (and)8 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(leveraged digital and intelligent technologies to enhance operational ef\ficiency, driving)-1 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(significant)7 ( )0.5 (growth)7 ( )0.5 (in)7 ( )0.5 (business)7 ( )0.5 (performance,)7 ( )0.5 (with)6.9 ( )0.6 (brokerage)7 ( )0.5 (business)7 ( )0.5 (and)7 ( )0.5 (proprietary)7 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (business serving as the primary drivers of growth.)Tj 0.066 Tc 0.07 Tw 0 -2.462 Td [(During)12.8 ( the)12.7 ( Period,)12.7 ( Zheshang)12.7 ( Securities)12.8 ( recorded)12.7 ( total)12.7 ( revenue)12.7 ( of)12.7 ( Rmb)12.7 (3)12.7 (,)12.7 (1)12.7 (8)12.7 (2)12.7 (.)12.7 (9)12.7 (9)41 ( )]TJ 0.04 Tc 0 -1.231 Td [(m)0.5 (i)0.5 (ll)0.5 (i)0.5 (on)0.5 (,)13 ( )0.5 (re)0.5 (p)0.5 (r)0.5 (es)0.5 (e)0.5 (n)0.5 (t)0.5 (in)0.5 (g)13 ( a)0.5 (n)13 ( )0.5 (in)0.5 (c)0.5 (r)0.5 (e)0.5 (a)0.5 (se)13 ( )0.5 (o)0.5 (f)13 ( 1)13 (3)13 (.)12.9 (4)13 (%)13 ( )0.5 (ye)0.5 (a)0.5 (r)0.5 (-)0.5 (on)0.5 (-)0.5 (y)0.5 (ea)0.5 (r)0.5 (,)13 ( )0.5 (of)13 ( )0.5 (w)0.5 (hi)0.5 (c)0.5 (h)0.5 (,)12.9 ( )0.5 (c)0.5 (o)0.5 (mm)0.5 (i)0.5 (s)0.5 (s)0.5 (io)0.5 (n)13 ( a)0.5 (n)0.5 (d)15 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.231 Td (fee income increased 17.2% year-on-year to Rmb1,886.36 million, and inte\rest income )Tj 0.027 Tc 0.081 Tw 0 -1.231 Td [(was)2.1 ( Rmb)1.9 (1)2 (,)2 (2)2 (9)2 (6)2 (.)2 (6)2 (3)2 ( )0.5 (million,)2 ( )0.5 (representing)1.9 ( )0.5 (an)2 ( )0.5 (increase)2.1 ( of)2 ( )0.5 (8)2 (.)2 (3)1.9 (%)2.1 ( year-on-year.)2 ( )0.5 (During)2 ( )0.5 (the)2 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(Period,)3 ( )0.5 (securities)3 ( )0.5 (investment)3 ( )0.5 (gains)3 ( )0.5 (of)3 ( )0.5 (Zheshang)3 ( )0.5 (Securities)3 ( )0.5 (included)2.9 ( )0.6 (in)3 ( )0.5 (the)3 ( )0.5 (condensed)3 ( )]TJ 0.076 Tc 0.07 Tw 0 -1.231 Td [(consolidated)12.7 ( statement)12.7 ( of)12.7 ( profit)12.7 ( or)12.7 ( loss)12.7 ( and)12.6 ( other)12.7 ( comprehensive)12.7 ( income)12.7 ( was)51 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Rmb1,416.10 million, representing a year-on-year increase of 146.4%.)Tj /T1_1 1 Tf 0 -2.462 Td (Hotel and Catering Business)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 ( \(a)12.6 ( 1)12.6 (0)12.6 (0)12.6 (%)12.6 ( owned)35 ( )]TJ 0.042 Tc 0 -1.231 Td [(s)0.5 (u)0.5 (bs)0.5 (i)0.5 (d)0.5 (i)0.5 (a)0.5 (r)0.5 (y)12.9 ( )0.5 (o)0.5 (f)13 ( )0.5 (th)0.5 (e)13 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (pa)0.5 (n)0.5 (y)0.5 (\))0.5 (,)13 ( )0.5 (re)0.5 (c)0.5 (o)0.5 (r)0.5 (d)0.5 (e)0.5 (d)12.9 ( )0.5 (r)0.5 (e)0.5 (v)0.5 (e)0.5 (n)0.5 (ue)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (R)0.5 (mb)13 (1)13 (8)13 (.)13 (9)12.9 (1)13 ( )0.5 (m)0.5 (i)0.5 (ll)0.5 (i)0.5 (o)0.5 (n)13 ( f)0.5 (o)0.5 (r)13 ( )0.5 (t)0.5 (he)13 ( )0.5 (P)0.5 (e)0.5 (r)0.5 (i)0.5 (od)0.5 (,)17 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(r)0.5 (ep)0.5 (re)0.5 (se)0.5 (n)0.5 (ti)0.5 (ng)5 ( )0.5 (a)5 ( )0.5 (y)0.5 (ea)0.5 (r)0.5 (-o)0.5 (n-)0.5 (ye)0.5 (ar)5 ( )0.5 (d)0.5 (e)0.5 (cr)0.5 (e)0.5 (as)0.5 (e)5 ( )0.5 (of)5 ( )0.5 (4)5 (.)5 (0)5 (%)0.5 (.)5 ( )0.5 (A)0.5 (mid)5.1 ( c)0.5 (o)0.5 (nt)0.5 (in)0.5 (uo)0.5 (us)5 ( )0.5 (p)0.5 (re)0.5 (ss)0.5 (ur)0.5 (e)5 ( )0.5 (i)0.5 (n)5 ( )0.5 (th)0.5 (e)5 ( )0.5 (ho)0.5 (te)0.5 (l)5 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.231 Td [(sector,)12.4 ( Zhejiang)12.3 ( Grand)12.3 ( Hotel)12.3 ( proactively)12.3 ( expanded)12.3 ( into)12.3 ( street)12.3 ( vending)12.3 ( operations,)21.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (which is expected to inject new momentum into its future development.)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 (3)12.3 (0)12.4 (.)12.3 (8)12.4 (9)12.4 ( million)12.3 ( for)12.4 ( the)20 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Period, representing a year-on-year decrease of 3.8%.)Tj /T1_1 1 Tf 0 -2.462 Td (Long-Term Investments)Tj 13 0 3.4833 13 55.3588 213.5878 Tm [(\(I\) )-775.5 (Expressway segment)]TJ /T1_0 1 Tf 0.059 Tc 0.07 Tw 13 0 0 13 85.0394 181.5878 Tm [(Z)0.5 (he)0.5 (j)0.5 (ia)0.5 (n)0.5 (g)13 ( S)0.5 (h)0.5 (a)0.5 (ox)0.5 (in)0.5 (g)13 ( )0.5 (Sh)0.5 (e)0.5 (ng)0.5 (x)0.5 (in)13 ( )0.5 (Ex)0.5 (p)0.5 (r)0.5 (es)0.5 (s)0.5 (w)0.5 (a)0.5 (y)12.9 ( )0.5 (C)0.5 (o.)0.5 (,)13 ( L)0.5 (t)0.5 (d.)13 ( )0.5 (\(\223)]TJ /T1_1 1 Tf 24.798 0 Td [(S)0.5 (he)0.5 (n)0.5 (g)0.5 (xi)0.5 (n)13 ( C)0.5 (o)]TJ /T1_0 1 Tf 0.046 Tc 0.083 Tw 6.119 0 Td [(\224)-12.5 (, a 50%)21 ( )]TJ 0.067 Tc 0.07 Tw -30.917 -1.231 Td [(owned)12.9 ( joint)12.8 ( venture)12.8 ( of)12.9 ( the)12.9 ( Company\))12.8 ( owns)12.9 ( the)12.9 ( 7)12.9 (3)12.8 (km)12.8 ( Shaoxing)12.8 ( Section)12.8 ( of)42 ( )]TJ 0.038 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 (5)5 (,)5 (1)5 (5)5 (5)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 (4)5 (.)5 (7)5 (9)5 (%.)5 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.231 Td [(T)0.5 (ol)0.5 (l)13 ( )0.5 (re)0.5 (v)0.5 (en)0.5 (u)0.5 (e)13 ( )0.5 (wa)0.5 (s)13 ( )0.5 (Rm)0.5 (b)13 (2)12.9 (8)13 (1)13 (.)13 (5)12.9 (2)13 ( )0.5 (mi)0.5 (l)0.5 (li)0.5 (on)0.5 (,)13 ( )0.5 (re)0.5 (p)0.5 (r)0.5 (e)0.5 (se)0.5 (n)0.5 (ti)0.5 (n)0.5 (g)12.9 ( )0.5 (a)13 ( )0.5 (ye)0.5 (a)0.5 (r)0.5 (-)0.5 (on)0.5 (-)0.5 (ye)0.5 (a)0.5 (r)13 ( i)0.5 (n)0.5 (c)0.5 (re)0.5 (a)0.5 (s)0.5 (e)13 ( o)0.5 (f)21 ( )]TJ 0.041 Tc 0 -1.231 Td [(6)12.8 (.)12.8 (5)12.8 (%.)12.8 ( During)12.8 ( the)12.8 ( Period,)12.8 ( the)12.8 ( joint)12.8 ( venture)12.9 ( recorded)12.8 ( a)12.8 ( net)12.8 ( profit)12.8 ( of)12.8 ( Rmb)12.8 (1)12.8 (1)12.8 (7)12.9 (.)12.8 (1)12.8 (1)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (million, representing a year-on-year increase of 46.7%.)Tj ET endstreamendobj66 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 /T1_1 1 Tf 0.089 Tc 0.07 Tw 13 0 0 13 85.0394 773.5878 Tm [(Steadily)12.4 ( implement)12.3 ( investments)12.3 ( and)12.3 ( mergers)12.4 ( &)12.3 ( acquisitions)12.3 ( in)12.3 ( core)64 ( )]TJ 0.085 Tc 0 -1.231 Td [(expressway)12.7 ( business.)]TJ /T1_0 1 Tf 10.686 0 Td [( The)12.8 ( Group)12.7 ( is)12.7 ( advancing)12.7 ( construction)12.7 ( progress)12.7 ( of)60 ( )]TJ 0.043 Tc -10.686 -1.231 Td [(reconstruction)12.7 ( and)12.8 ( expansion)12.7 ( projects)12.7 ( including)12.7 ( Jinhua)12.8 ( and)12.7 ( Shaoxing)12.7 ( sections)17.9 ( )]TJ 0.055 Tc 0 -1.231 Td [(of)12.2 ( Ningbo-Jinhua)12.1 ( Expressway)12.1 ( as)12.2 ( well)12.2 ( as)12.1 ( Zhajiasu)12.1 ( Expressway)12.2 ( in)12.2 ( an)12.1 ( orderly)30 ( )]TJ 0.049 Tc 0 -1.231 Td [(manner.)12.6 ( In)12.6 ( addition,)12.6 ( the)12.6 ( Company)12.6 ( successfully)12.5 ( won)12.5 ( the)12.6 ( bid)12.6 ( for)12.6 ( Parallel)12.5 ( Line)24 ( )]TJ 0.05 Tc 0 -1.231 Td [(of)12.4 ( Ningbo-Zhoushan)12.3 ( Expressway)12.3 ( \(Phase)12.4 ( II\))12.4 ( project,)12.4 ( strengthening)12.5 ( integrated)25 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(effects)12 ( )0.6 (of)12 ( )0.5 (the)12 ( )0.5 (regional)12 ( )0.5 (road)12 ( )0.5 (network.)12 ( )0.5 (Furthermore,)12 ( )0.5 (the)12 ( )0.5 (Company)12 ( )0.5 (completed)12.1 ( )0.5 (the)12 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(bidding)9 ( process)9 ( )0.5 (for)9 ( )0.5 (feasibility)9 ( )0.5 (study)9 ( )0.5 (of)9.1 ( reconstruction)9 ( )0.5 (and)9 ( )0.5 (expansion)9 ( )0.5 (project)9 ( )0.5 (of)9 ( )]TJ 0.047 Tc 0.07 Tw 0 -1.231 Td [(Sha)0.5 (ngh)0.5 (ai-H)0.5 (ang)0.5 (zho)0.5 (u-N)0.5 (ingb)0.5 (o)12.9 ( Ex)0.5 (pre)0.5 (ssw)0.5 (ay)12.9 ( )0.5 (and)13 ( ful)0.5 (ly)12.9 ( l)0.5 (aun)0.5 (che)0.5 (d)12.9 ( fe)0.5 (as)0.5 (ibili)0.5 (ty)12.9 ( )0.5 (stud)0.5 (y,)22 ( )]TJ 0.025 Tc 0.078 Tw 0 -1.231 Td (with planning for road network expansion in advance. During the Period, \a 51% )Tj 0.032 Tc 0.076 Tw 0 -1.231 Td [(equity)7 ( )0.6 (stake)7 ( )0.5 (in)7 ( )0.5 (Guisan)7 ( )0.5 (Expressway)7 ( )0.5 (with)7 ( )0.5 (1)7 (3)7 (5)7 ( )0.5 (kilometers)7 ( )0.5 (was)7 ( )0.5 (completed)7 ( )0.5 (through)7 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(a)8 ( )0.5 (joint)8 ( )0.5 (venture)8 ( )0.5 (investment)8 ( )0.5 (platform.)8 ( )0.5 (Guisan)8 ( )0.5 (Expressway)8 ( )0.5 (is)8 ( )0.5 (strategically)8 ( )0.5 (located)8 ( )]TJ 0.062 Tc 0.07 Tw 0 -1.231 Td [(and)12.6 ( serves)12.7 ( as)12.7 ( one)12.6 ( of)12.7 ( the)12.7 ( primary)12.7 ( transportation)12.7 ( routes)12.7 ( connecting)12.7 ( Sichuan,)37 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(Chongqing,)10 ( )0.5 (Yunnan)10 ( )0.5 (and)10 ( )0.6 (Guizhou)10 ( )0.5 (regions)10 ( )0.5 (to)10 ( )0.5 (the)10 ( )0.5 (Pearl)10 ( )0.5 (River)10 ( )0.5 (Delta,)10 ( )0.5 (as)10 ( )0.5 (well)10 ( )0.5 (as)10 ( )0.5 (a)10 ( )]TJ 0.044 Tc 0.07 Tw 0 -1.231 Td [(renowned)12.1 ( tourist)12.1 ( route.)12.1 ( This)12.1 ( acquisition)12.1 ( further)12.1 ( expands)12.1 ( the)12.1 ( Group\222s)12.2 ( regional)19 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (strategic layout.)Tj /T1_1 1 Tf 0.063 Tw 0 -2.462 Td (Accelerate layout of green and low-carbon industries.)Tj /T1_0 1 Tf ( By integrating AI large )Tj 0.037 Tc 0.071 Tw 0 -1.231 Td [(m)0.5 (o)0.5 (d)0.5 (e)0.6 (l)0.5 (s)12 ( )0.5 (s)0.5 (u)0.5 (c)0.5 (h)12.1 ( )0.5 (a)0.5 (s)12 ( )0.5 (D)0.5 (e)0.6 (e)0.5 (p)0.5 (S)0.5 (e)0.5 (e)0.6 (k)12 ( )0.5 (t)0.5 (o)12 ( )0.5 (a)0.5 (c)0.5 (c)0.6 (e)0.5 (l)0.5 (e)0.5 (r)0.6 (a)0.5 (t)0.5 (e)12 ( )0.5 (t)0.5 (h)0.6 (e)12 ( )0.5 (u)0.5 (p)0.5 (g)0.5 (r)0.5 (a)0.6 (d)0.5 (e)12 ( )0.5 (o)0.5 (f)12 ( )0.5 (i)0.5 (n)0.6 (t)0.5 (e)0.5 (l)0.5 (l)0.5 (i)0.5 (g)0.6 (e)0.5 (n)0.5 (t)12 ( )0.5 (e)0.5 (x)0.5 (p)0.6 (r)0.5 (e)0.5 (s)0.5 (s)0.5 (w)0.6 (a)0.5 (y)0.5 (s)0.5 (,)12 ( )]TJ 0.065 Tc 0.07 Tw 0 -1.231 Td [(and)12.7 ( conducting)12.7 ( research)12.7 ( on)12.7 ( cutting-edge)12.7 ( technologies)12.7 ( such)12.6 ( as)12.7 ( drone-based)40 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(pre-warning)12 ( )0.5 (inspections,)12 ( )0.5 (smooth)12 ( )0.5 (operation)12 ( )0.5 (through)12 ( )0.5 (intelligent)12 ( )0.5 (management)12 ( )0.5 (has)12 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.231 Td (proved increasingly effective. The new energy heavy-duty truck battery s\wapping )Tj 0.039 Tc 0.07 Tw 0 -1.231 Td [(station)12.9 ( at)12.9 ( the)12.9 ( Shengzhou)12.9 ( Service)12.9 ( Area)12.9 ( on)12.9 ( Ningbo-Jinhua)12.9 ( Expressway)12.9 ( has)12.9 ( been)14 ( )]TJ 0.045 Tc 0 -1.231 Td [(su)0.5 (cces)0.5 (sfull)0.5 (y)12.9 ( lau)0.5 (nche)0.5 (d)12.9 ( int)0.5 (o)12.9 ( ope)0.5 (rati)0.5 (on,)12.9 ( e)0.5 (stabl)0.5 (ishin)0.5 (g)12.9 ( Chi)0.5 (na\222s)13 ( fir)0.5 (st)12.9 ( de)0.5 (monst)0.5 (ratio)0.5 (n)20 ( )]TJ 0.079 Tc 0 -1.231 Td [(transport)12.2 ( route)12.2 ( for)12.2 ( new)12.2 ( energy)12.2 ( container)12.3 ( electric)12.3 ( trucks.)12.2 ( Meanwhile,)12.2 ( the)54 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(distributed)1.9 ( )0.5 (photovoltaic)2 ( )0.5 (power)2 ( )0.5 (generation)2.1 ( project)2 ( )0.5 (on)2 ( )0.5 (Ningbo-Jinhua)2 ( )0.5 (Expressway)2 ( )]TJ 0.025 Tc 0.008 Tw 0 -1.231 Td [(has )0.5 (achieved on-grid )0.5 (connection and )0.5 (operation, with )0.5 (the scale and )0.5 (benefits of )0.5 (new )]TJ 0 Tw 0 -1.231 Td (energy construction continuing to expand.)Tj /T1_1 1 Tf 0.065 Tc 0.07 Tw 0 -2.462 Td [(C)0.5 (o)0.5 (n)0.6 (t)0.5 (i)0.5 (n)0.5 (u)0.5 (o)0.5 (u)0.6 (s)0.5 (l)0.5 (y)13 ( )0.5 (d)0.5 (e)0.6 (e)0.5 (p)0.5 (e)0.5 (n)13.1 ( )0.5 (i)0.5 (n)0.5 (n)0.5 (o)0.5 (v)0.6 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (-)0.6 (d)0.5 (r)0.5 (i)0.5 (v)0.5 (e)0.6 (n)13 ( )0.5 (d)0.5 (e)0.5 (v)0.6 (e)0.5 (l)0.5 (o)0.5 (p)0.5 (m)0.6 (e)0.5 (n)0.5 (t)0.5 (.)13 ( )]TJ /T1_0 1 Tf 26.605 0 Td [(Z)0.5 (h)0.5 (e)0.6 (j)0.5 (i)0.5 (a)0.5 (n)0.5 (g)13 ( )0.6 (Z)0.5 (h)0.5 (i)0.5 (j)0.5 (i)0.6 (a)0.5 (n)0.5 (g)40 ( )]TJ 0.029 Tc 0.079 Tw -26.605 -1.231 Td [(Intelligent)4.1 ( )0.5 (Communications)4.1 ( )0.5 (Technology)4 ( )0.5 (Co.,)4 ( )0.5 (Ltd.)4 ( )0.6 (has)4 ( )0.5 (obtained)4 ( )0.5 (the)4 ( )0.5 (qualification)4 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.231 Td (of Hangzhou Municipal Enterprise High-tech Research and Development Cent\er, )Tj 0.056 Tw 0 -1.231 Td (further solidifying its innovative foundation. In addition, the Group co\ntinuously )Tj 0.044 Tc 0.07 Tw 0 -1.231 Td [(upgraded)12.8 ( its)12.7 ( intelligent)12.7 ( systems)12.7 ( for)12.8 ( incident)12.7 ( detection)12.7 ( and)12.8 ( traffic)12.8 ( control,)12.7 ( and)19 ( )]TJ 0.051 Tc 0 -1.231 Td [(exported)12.5 ( its)12.5 ( innovative)12.5 ( achievements)12.5 ( to)12.5 ( other)12.5 ( provinces.)12.6 ( It)12.5 ( also)12.5 ( collaborated)26 ( )]TJ 0.06 Tc 0 -1.231 Td [(on)12.4 ( inclusion)12.4 ( of)12.4 ( data)12.4 ( assets)12.4 ( in)12.4 ( financial)12.3 ( statements)12.4 ( and)12.3 ( optimization)12.4 ( of)12.4 ( data)35 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(governance,)1 ( )0.5 (exploring)1 ( )0.5 (application)1 ( )0.5 (of)1 ( )0.5 (data)1.1 ( )0.5 (asse)0.5 (tization)1 ( )0.5 (in)1 ( )0.5 (inte)0.5 (lligent)1 ( )0.5 (expressways)1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (to effectively realize data value.)Tj ET endstreamendobj65 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 0.016 Tw 13 0 0 13 85.0394 773.5878 Tm [(Nevertheless, )0.5 (the )0.6 (growth )0.6 (in )0.6 (toll )0.5 (revenue )0.5 (of )0.5 (the )0.5 (Group )0.5 (was )0.5 (slightly )0.5 (lower )0.5 (than )0.5 (that )]TJ 0.059 Tw 0 -1.231 Td (of traffic volume in the first half of 2025, mainly due to a 15% discoun\t on tolls )Tj 0.033 Tc 0.075 Tw 0 -1.231 Td [(for)8 ( )0.5 (all)8 ( )0.5 (trucks)8 ( )0.5 (with)8 ( )0.5 (ETC)8 ( )0.5 (device)8 ( )0.6 (implemented)8 ( )0.5 (on)8 ( )0.5 (the)8.1 ( )0.5 (state-controlled)8 ( )0.5 (expressway)8 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.231 Td [(within the Zhejiang Province since April 25, 2025, in )0.5 (addition to other discounts )]TJ 0 Tw 0 -1.231 Td (for trucks in effect since 2019.)Tj 0.051 Tc 0.07 Tw 0 -2.462 Td [(Other)12.5 ( specific)12.6 ( sections)12.6 ( were)12.6 ( also)12.5 ( affected)12.5 ( by)12.6 ( the)12.6 ( industrial)12.5 ( development)12.5 ( and)25.9 ( )]TJ 0.052 Tc 0 -1.231 Td [(c)0.5 (h)0.6 (a)0.6 (n)0.5 (g)0.5 (e)0.6 (s)13 ( )0.6 (o)0.5 (f)13.1 ( )0.5 (r)0.6 (o)0.5 (a)0.6 (d)13 ( )0.6 (n)0.5 (e)0.6 (t)0.5 (w)0.5 (o)0.6 (r)0.5 (k)0.6 (s)13 ( )0.6 (i)0.5 (n)13.1 ( )0.5 (n)0.5 (e)0.6 (i)0.6 (g)0.5 (h)0.5 (b)0.6 (o)0.5 (r)0.6 (i)0.5 (n)0.6 (g)13 ( )0.5 (r)0.6 (e)0.6 (g)0.5 (i)0.5 (o)0.6 (n)0.5 (s)0.6 (.)13 ( )0.6 (D)0.5 (e)0.5 (v)0.6 (e)0.6 (l)0.5 (o)0.5 (p)0.6 (m)0.5 (e)0.6 (n)0.5 (t)13 ( )0.6 (o)0.5 (f)13.1 ( )0.5 (Z)0.6 (h)0.5 (o)0.6 (u)0.5 (s)0.6 (h)0.5 (a)0.6 (n)27 ( )]TJ 0.025 Tc 0.009 Tw 0 -1.231 Td (industrial park and construction of Parallel Line of Ningbo-Zhoushan Exp\ressway )Tj 0.043 Tc 0.07 Tw 0 -1.231 Td [(continuously)12.7 ( led)12.6 ( to)12.6 ( an)12.6 ( increase)12.6 ( in)12.7 ( demand)12.6 ( for)12.6 ( freight)12.6 ( transportation,)12.6 ( resulting)18 ( )]TJ 0.068 Tc 0 -1.231 Td [(in)12.3 ( significant)12.2 ( growth)12.3 ( of)12.3 ( traffic)12.3 ( volume)12.3 ( of)12.3 ( trucks)12.3 ( on)12.3 ( Zhoushan)12.3 ( Bay)12.3 ( Bridge)43 ( )]TJ 0.083 Tc 0 -1.231 Td [(year-on-year.)12.2 ( Shangsan)12.2 ( Expressway)12.1 ( was)12.2 ( affected)12.2 ( by)12.2 ( traffic-interrupting)58 ( )]TJ 0.07 Tc 0 -1.231 Td [(reconstruction)12.7 ( and)12.7 ( expansion)12.7 ( implemented)12.6 ( on)12.6 ( the)12.7 ( relevant)12.7 ( sections)12.7 ( of)12.6 ( the)45 ( )]TJ 0.054 Tc 0 -1.231 Td [(connected)12.1 ( YongTaiWen)12.2 ( Expressway,)12.1 ( with)12.2 ( a)12.2 ( year-on-year)12.2 ( decrease)12.2 ( in)12.2 ( traffic)29 ( )]TJ 0.069 Tc 0 -1.231 Td [(vol)0.5 (ume.)12.9 ( L)0.5 (inan)12.9 ( )0.5 (Linglo)0.5 (ng-Y)0.5 (uqian)12.9 ( )0.5 (Sect)0.5 (ion)12.9 ( of)13 ( Na)0.5 (tional)13 ( High)0.5 (way)12.9 ( )0.5 (3)12.9 (2)12.9 (9)12.9 ( op)0.5 (ened)44 ( )]TJ 0.056 Tc 0 -1.231 Td [(to)12.9 ( )0.5 (traff)0.5 (ic)12.9 ( si)0.5 (nce)12.9 ( )0.5 (Dec)0.5 (embe)0.5 (r)12.9 ( 2)12.9 (6)12.9 (,)12.9 ( )0.5 (2)12.9 (0)12.9 (2)12.9 (4)12.9 (,)12.9 ( )0.5 (couple)0.5 (d)12.9 ( wi)0.5 (th)12.9 ( ope)0.5 (ning)12.9 ( )0.5 (to)12.9 ( tra)0.5 (ffic)13 ( of)12.9 ( W)0.5 (est)31 ( )]TJ 0.025 Tc 0.067 Tw 0 -1.231 Td (Wenyi Road Tunnel since June 28, 2024, traffic volume of Hanghui Express\way )Tj 0.07 Tc 0.07 Tw 0 -1.231 Td [(experienced)12.1 ( a)12.2 ( year-on-year)12.2 ( decline)12.1 ( affected)12.1 ( by)12.1 ( aforementioned)12.1 ( diversion.)45 ( )]TJ 0.039 Tc 0 -1.231 Td [(Hangzhou)12.3 ( to)12.3 ( Ningbo)12.4 ( Section)12.3 ( of)12.3 ( Hangzhou-Shaoxing-Ningbo)12.4 ( Expressway)12.4 ( fully)14 ( )]TJ 0.041 Tc 0 -1.231 Td [(opened)12.2 ( to)12.1 ( traffic)12.2 ( since)12.1 ( April)12.1 ( 1)12.2 (1)12.2 (,)12.2 ( 2)12.2 (0)12.2 (2)12.2 (5)12.2 (,)12.1 ( leading)12.2 ( to)12.1 ( a)12.2 ( certain)12.2 ( diversion)12.1 ( of)12.2 ( traffic)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (volume on Hangzhou-Ningbo Expressway.)Tj /T1_1 1 Tf 13 0 3.4833 13 55.3588 421.5878 Tm [(\(II\) )-361.5 (Business operations achievements)]TJ /T1_0 1 Tf 0.056 Tc 0.07 Tw 13 0 0 13 85.0394 389.5878 Tm [(Looking)12.2 ( back)12.2 ( at)12.3 ( the)12.3 ( first)12.3 ( half)12.3 ( of)12.2 ( 2)12.2 (0)12.3 (2)12.2 (5)12.3 (,)12.2 ( the)12.2 ( Group)12.2 ( made)12.3 ( initial)12.2 ( results)12.2 ( in)12.3 ( the)31 ( )]TJ 0.042 Tc 0 -1.231 Td [(o)0.5 (p)0.5 (e)0.5 (r)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( o)0.5 (f)13 ( )0.5 (r)0.5 (o)0.5 (a)0.5 (d)13 ( )0.5 (n)0.5 (e)0.5 (t)0.5 (w)0.5 (o)0.5 (r)0.5 (k)0.5 (s)0.5 (,)13 ( )0.5 (i)0.5 (n)0.5 (v)0.5 (e)0.5 (s)0.5 (t)0.5 (m)0.5 (e)0.5 (nt)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (m)0.5 (e)0.5 (r)0.5 (g)0.5 (e)0.5 (r)0.5 (s)0.5 (,)13 ( )0.5 (i)0.5 (n)0.5 (d)0.5 (u)0.5 (s)0.5 (t)0.5 (ri)0.5 (a)0.6 (l)12.9 ( )0.5 (t)0.5 (r)0.5 (a)0.5 (n)0.5 (s)0.5 (f)0.5 (o)0.5 (r)0.5 (m)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)17 ( )]TJ 0.025 Tc 0.001 Tw 0 -1.231 Td (and technological innovation by firmly adhering to strategic direction, \proactively )Tj 0.05 Tc 0.07 Tw 0 -1.231 Td [(responding)12.1 ( to)12.1 ( complex)12.1 ( environment)12.1 ( and)12.1 ( fully)12.1 ( leveraging)12.1 ( its)12.1 ( advantages)12.1 ( with)25 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td 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(g)0.5 (e)0.6 (nt)13 ( t)0.5 (r)0.5 (a)0.6 (n)0.5 (sf)0.6 (o)0.5 (r)0.5 (ma)0.6 (t)0.5 (i)0.5 (o)0.5 (n,)13 ( e)0.6 (n)0.5 (s)0.5 (u)0.5 (r)0.5 (i)0.5 (n)0.5 (g)12.9 ( s)0.5 (us)0.5 (t)0.6 (a)0.5 (i)0.5 (n)0.5 (e)0.5 (d)32 ( )]TJ 0.025 Tc 0.001 Tw 0 -1.231 Td (reductions in duration of road congestion and toll station closure, with\ consequent )Tj 0.022 Tc 0 Tw 0 -1.231 Td [(improvements in smooth traffic flow. 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3.4833 13 459.2126 735.8479 Tm ( )Tj 0.025 Tc 13 0 0 13 56.6929 703.8479 Tm (Securities business revenue)Tj /T1_1 1 Tf -0.025 Tw 19.785 0 Td (3,182,990)Tj /T1_0 1 Tf 6.541 0 Td (2,805,936)Tj 8.059 0 Td (13.4%)Tj 0 Tw -33.382 -1.231 Td (Commission and fee income)Tj /T1_1 1 Tf -0.025 Tw 18.782 0 Td (1,886,362)Tj /T1_0 1 Tf 6.541 0 Td (1,609,014)Tj 8.059 0 Td (17.2%)Tj 0 Tw -33.382 -1.231 Td (Interest income)Tj /T1_1 1 Tf -0.025 Tw 18.782 0 Td (1,296,628)Tj /T1_0 1 Tf 6.541 0 Td (1,196,922)Tj 8.584 0 Td (8.3%)Tj 0 Tw -34.91 -1.231 Td (Other operation revenue)Tj /T1_1 1 Tf -0.025 Tw 20.585 0 Td (369,974)Tj /T1_0 1 Tf 6.541 0 Td (449,091)Tj 6.901 0 Td (-17.6%)Tj 0 Tw -33.024 -1.231 Td (Hotel and catering)Tj ( revenue)Tj /T1_1 1 Tf -0.025 Tw 20.107 0 Td (49,801)Tj /T1_0 1 Tf 6.541 0 Td (51,791)Tj 6.901 0 Td (-3.8%)Tj 0 Tw -33.549 -1.231 Td (Construction service )Tj -0.025 Tw (revenue)Tj /T1_1 1 Tf 19.582 0 Td (305,722)Tj /T1_0 1 Tf 6.541 0 Td (376,475)Tj 6.901 0 Td (-18.8%)Tj 0 Tw -33.024 -1.231 Td (PPP revenue)Tj /T1_1 1 Tf -0.025 Tw 20.107 0 Td (14,451)Tj /T1_0 1 Tf 6.541 0 Td (20,825)Tj 6.376 0 Td (-30.6%)Tj ET q 1 0 0 1 294.8032 603.4379 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 289.1339 604.8389 Tm ( )Tj ET q 1 0 0 1 379.8425 603.4379 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 374.1732 604.8389 Tm ( )Tj ET q 1 0 0 1 464.8819 603.4379 cm 0 0 m 73.701 0 l S Q BT 13 0 0 13 459.2126 604.8389 Tm ( )Tj 0.025 Tc -30.963 -2.462 Td (Total revenue)Tj /T1_1 1 Tf -0.025 Tw 19.785 0 Td (8,685,457)Tj /T1_0 1 Tf 6.541 0 Td (8,367,599)Tj 8.584 0 Td (3.8%)Tj ET 2.5 w q 1 0 0 1 294.8032 567.2743 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 294.8032 563.9418 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 289.1339 565.1753 Tm ( )Tj ET 2.5 w q 1 0 0 1 379.8425 567.2743 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 379.8426 563.9418 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 374.1732 565.1753 Tm ( )Tj ET 2.5 w q 1 0 0 1 464.8819 567.2743 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 464.8819 563.9418 cm 0 0 m 73.701 0 l S Q BT 13 0 0 13 459.2126 565.1753 Tm ( )Tj ET endstreamendobj72 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 /T1_1 1 Tf 13 0 0 13 56.6929 773.5878 Tm (BUSINESS REVIEW)Tj /T1_0 1 Tf 0.049 Tc 0.07 Tw 0 -2.462 Td [(In)12.2 ( the)12.2 ( first)12.2 ( half)12.2 ( of)12.2 ( 2)12.2 (0)12.1 (2)12.2 (5)12.2 (,)12.2 ( against)12.1 ( a)12.2 ( backdrop)12.2 ( of)12.2 ( escalating)12.2 ( trade)12.2 ( protectionism)12.2 ( and)24 ( )]TJ 0.067 Tc 0 -1.231 Td [(p)0.5 (e)0.5 (r)0.5 (s)0.5 (i)0.5 (s)0.5 (t)0.5 (e)0.5 (d)13 ( )0.5 (g)0.5 (e)0.5 (o)0.5 (p)0.6 (ol)0.5 (i)0.5 (t)0.5 (i)0.5 (c)0.6 (a)0.5 (l)13 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (f)0.5 (l)0.5 (i)0.5 (c)0.5 (t)0.5 (s)0.5 (,)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (g)0.5 (l)0.5 (o)0.5 (b)0.5 (a)0.5 (l)13 ( )0.5 (e)0.5 (c)0.5 (o)0.5 (n)0.5 (o)0.5 (m)0.5 (i)0.5 (c)13 ( )0.6 (g)0.5 (r)0.5 (o)0.5 (w)0.5 (t)0.5 (h)13 ( )0.5 (s)0.5 (l)0.5 (o)0.5 (w)0.5 (e)0.5 (d)13 ( )0.5 (d)0.5 (o)0.5 (w)0.5 (n)13 ( )0.5 (w)0.5 (i)0.5 (t)0.5 (h)42 ( )]TJ 0.06 Tc 0 -1.231 Td [(regional)12.6 ( divergence.)12.6 ( In)12.6 ( the)12.6 ( face)12.7 ( of)12.7 ( fluctuant)12.7 ( eternal)12.6 ( demands)12.6 ( and)12.7 ( pressure)12.6 ( from)35 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(transformation)11 ( and)11 ( )0.5 (upgrading)11 ( )0.5 (of)11 ( )0.5 (domestic)11 ( )0.5 (traditional)11 ( )0.5 (industries,)11 ( )0.5 (China)11 ( )0.5 (implemented)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (targeted macro-policy regulation, constantly deepened supply-side reform\s, proactively )Tj 0.04 Tc 0.07 Tw 0 -1.231 Td [(cultivated)12.7 ( new)12.7 ( quality)12.7 ( productive)12.7 ( forces,)12.7 ( ensuring)12.7 ( that)12.6 ( China\222s)12.7 ( economic)12.7 ( operation)15 ( )]TJ 0.025 Tc 0.059 Tw 0 -1.231 Td (was generally stable in steady progress, with the GDP growing by 5.3% ye\ar on year. )Tj 0.069 Tw 0 -1.231 Td (In the first half of 2025, Zhejiang Province leveraged its early-start a\dvantages in the )Tj 0.046 Tw 0 -1.231 Td (digital economy and vitality of private sector, through measures such as\ strengthening )Tj 0.043 Tw 0 -1.231 Td (efforts of digital transformation, stimulating private-sector innovation\, and developing )Tj 0.026 Tc 0.082 Tw 0 -1.231 Td [(a)1 ( )0.5 (diversified)1 ( )0.5 (foreign)1 ( )0.5 (trade)1 ( )0.5 (market,)1 ( )0.5 (boosted)1 ( )0.5 (the)1 ( )0.5 (year-on-year)1 ( )0.5 (growth)1 ( )0.5 (of)1 ( )0.6 (the)1 ( )0.5 (Province\222s)1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (GDP by 5.8%)Tj 0 Tc (.)Tj 0.034 Tc 0.074 Tw 0 -2.462 Td [(During)9 ( )0.5 (the)9 ( )0.5 (Period,)9 ( )0.5 (toll)9 ( )0.5 (revenue)9 ( )0.5 (of)9.1 ( )0.5 (the)9 ( )0.5 (Group\222s)9 ( )0.5 (expressways)9 ( )0.5 (continued)9 ( )0.5 (to)9 ( )0.5 (grow)9 ( )0.5 (amid)9 ( )]TJ 0.025 Tc 0.072 Tw 0 -1.231 Td (steady recovery of China\222s economy and sustained unleashing of Zhejia\ng Province\222s )Tj 0.03 Tc 0.078 Tw 0 -1.231 Td [(e)0.5 (c)0.5 (o)0.5 (n)0.5 (om)0.5 (i)0.5 (c)5 ( )0.5 (v)0.5 (i)0.5 (t)0.5 (a)0.5 (l)0.5 (i)0.5 (t)0.5 (y,)5 ( )0.5 (w)0.5 (h)0.5 (i)0.5 (l)0.5 (e)5 ( )0.5 (r)0.5 (e)0.5 (v)0.5 (e)0.5 (n)0.5 (u)0.5 (e)5 ( )0.5 (o)0.5 (f)5 ( )0.5 (s)0.5 (e)0.5 (c)0.5 (u)0.5 (r)0.5 (it)0.5 (i)0.5 (e)0.5 (s)5 ( )0.5 (b)0.5 (u)0.5 (s)0.5 (i)0.5 (n)0.5 (es)0.6 (s)4.9 ( )0.6 (r)0.5 (ec)0.6 (or)0.5 (d)0.5 (e)0.5 (d)5 ( )0.5 (a)5 ( )0.5 (s)0.5 (i)0.5 (g)0.5 (n)0.5 (i)0.5 (f)0.5 (ic)0.5 (a)0.5 (n)0.5 (t)5 ( )0.5 (g)0.5 (r)0.5 (o)0.5 (w)0.5 (t)0.5 (h)5 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.231 Td [(driven)12.9 ( by)12.9 ( a)12.9 ( rebound)12.8 ( in)12.8 ( the)12.9 ( domestic)12.9 ( capital)12.8 ( market)12.8 ( and)12.9 ( the)12.9 ( low)12.8 ( base)12.9 ( effect.)12.8 ( During)14 ( )]TJ 0.06 Tc 0 -1.231 Td [(the)12.5 ( Period,)12.5 ( total)12.4 ( revenue)12.4 ( of)12.5 ( the)12.4 ( Group)12.5 ( was)12.5 ( Rmb)12.4 (8)12.5 (,)12.4 (6)12.5 (8)12.4 (5)12.5 (.)12.5 (4)12.4 (6)12.5 ( million,)12.5 ( representing)12.5 ( a)35 ( )]TJ 0.038 Tc 0 -1.231 Td [(year-on-year)12.6 ( increase)12.6 ( of)12.5 ( 3)12.5 (.)12.6 (8)12.5 (%,)12.5 ( of)12.6 ( which)12.5 ( Rmb)12.5 (5)12.6 (,)12.5 (1)12.6 (3)12.5 (2)12.6 (.)12.5 (4)12.6 (9)12.5 ( million)12.6 ( was)12.5 ( generated)12.6 ( by)12.5 ( the)13 ( )]TJ 0.025 Tc 0.003 Tw 0 -1.231 Td (nine major expressways operated by the Group, representing a year-on-yea\r increase of )Tj 0.083 Tw 0 -1.231 Td [(0.4% )0.5 (and )0.5 (59.1% )0.5 (of )0.5 (the )0.5 (total )0.5 (revenue. )0.5 (Revenue generated )0.5 (from )0.5 (securities business )0.5 (for )]TJ 0.039 Tc 0.07 Tw 0 -1.231 Td [(t)0.5 (h)0.5 (e)13.1 ( )0.5 (G)0.6 (r)0.5 (o)0.5 (u)0.5 (p)13.1 ( )0.5 (w)0.5 (a)0.6 (s)13 ( )0.5 (R)0.5 (m)0.6 (b)13 (3)13 (,)13 (1)13.1 (8)13 (2)13 (.)13 (9)13.1 (9)13 ( )0.5 (m)0.5 (i)0.6 (l)0.5 (l)0.5 (i)0.5 (o)0.6 (n)0.5 (,)13 ( )0.5 (r)0.6 (e)0.5 (p)0.5 (r)0.6 (e)0.5 (s)0.5 (e)0.6 (n)0.5 (t)0.5 (i)0.5 (n)0.6 (g)13 ( )0.5 (a)13 ( )0.6 (y)0.5 (e)0.5 (a)0.6 (r)0.5 (-)0.5 (o)0.6 (n)0.5 (-)0.5 (y)0.5 (e)0.6 (a)0.5 (r)13 ( )0.6 (i)0.5 (n)0.5 (c)0.6 (r)0.5 (e)0.5 (a)0.6 (s)0.5 (e)13 ( )0.6 (o)0.5 (f)13 ( )0.5 (1)13.1 (3)13 (.)13 (4)13 (%)14 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (and 36.6% of the total revenue.)Tj 0 -2.462 Td (A breakdown of the Group\222s revenue for the Period is set out below:)Tj /T1_1 1 Tf 20 -2.462 Td (For the six months ended June 30,)Tj -0.025 Tw 1.91 -1.231 Td (2025)Tj /T1_0 1 Tf 6.541 0 Td (2024)Tj 5.437 0 Td (Change)Tj /T1_1 1 Tf 13 0 3.4833 13 313.9482 293.5878 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 1 294.8032 289.1777 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 289.1339 290.5787 Tm ( )Tj ET q 1 0 0 1 379.8425 289.1777 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 374.1732 290.5787 Tm ( )Tj ET q 1 0 0 1 464.8819 289.1777 cm 0 0 m 73.701 0 l S Q BT 13 0 3.4833 13 459.2126 290.5787 Tm ( )Tj 0.025 Tc 13 0 0 13 56.6929 258.5787 Tm (Toll road operation revenue)Tj /T1_1 1 Tf -0.025 Tw 19.785 0 Td (5,132,493)Tj /T1_0 1 Tf 6.541 0 Td (5,112,572)Tj 8.584 0 Td (0.4%)Tj -33.907 -1.231 Td (Shanghai-Hangzhou-Ningbo )Tj 1.003 -1.231 Td (Expressway)Tj /T1_1 1 Tf 17.779 0 Td (2,400,941)Tj /T1_0 1 Tf 6.541 0 Td (2,380,730)Tj 8.584 0 Td (0.8%)Tj 0 Tw -33.907 -1.231 Td (Shangsan Expressway)Tj /T1_1 1 Tf -0.025 Tw 19.582 0 Td (464,003)Tj /T1_0 1 Tf 6.541 0 Td (550,380)Tj 6.901 0 Td (-15.7%)Tj 0 Tw -33.024 -1.231 Td (Jinhua section, Ningbo-Jinhua )Tj -0.025 Tw 1.003 -1.231 Td (Expressway)Tj /T1_1 1 Tf 18.579 0 Td (279,175)Tj /T1_0 1 Tf 6.541 0 Td (269,258)Tj 7.783 0 Td (3.7%)Tj 0 Tw -33.907 -1.231 Td (Hanghui Expressway)Tj /T1_1 1 Tf -0.025 Tw 19.582 0 Td (334,571)Tj /T1_0 1 Tf 6.541 0 Td (354,206)Tj 7.426 0 Td (-5.5%)Tj 0 Tw -33.549 -1.231 Td (Huihang Expressway)Tj /T1_1 1 Tf -0.025 Tw 19.582 0 Td (103,892)Tj /T1_0 1 Tf 6.541 0 Td (101,398)Tj 7.783 0 Td (2.5%)Tj 0 Tw -33.907 -1.231 Td (Zhoushan Bay Bridge)Tj /T1_1 1 Tf -0.025 Tw 19.582 0 Td (630,091)Tj /T1_0 1 Tf 6.541 0 Td (570,784)Tj 7.258 0 Td (10.4%)Tj 0 Tw -33.382 -1.231 Td (LongLiLiLong Expressways)Tj /T1_1 1 Tf -0.025 Tw 19.582 0 Td (407,891)Tj /T1_0 1 Tf 6.541 0 Td (387,120)Tj 7.783 0 Td (5.4%)Tj 0 Tw -33.907 -1.231 Td (Zhajiasu Expressway)Tj /T1_1 1 Tf -0.025 Tw 19.582 0 Td (243,057)Tj /T1_0 1 Tf 6.541 0 Td (236,715)Tj 7.783 0 Td (2.7%)Tj 0 Tw -33.907 -1.231 Td (HuangQuNan Expressway)Tj /T1_1 1 Tf -0.025 Tw 19.582 0 Td (268,872)Tj /T1_0 1 Tf 6.541 0 Td (261,981)Tj 7.783 0 Td (2.6%)Tj ET endstreamendobj71 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 0.055 Tc 0.07 Tw 13 0 0 13 85.0394 773.5878 Tm [(Transaction)12.1 ( costs)12.2 ( amounting)12.1 ( to)12.1 ( approximately)12.2 ( Rmb)12.1 (1)12.1 (,)12.1 (7)12.1 (1)12.2 (1)12.1 (,)12.1 (2)12.1 (4)12.2 (7)12.1 ( relating)12.1 ( to)12.1 ( the)30 ( )]TJ 0.064 Tc 0 -1.154 Td [(derivative)12.3 ( component)12.3 ( were)12.3 ( charged)12.3 ( to)12.3 ( profit)12.3 ( or)12.3 ( loss)12.3 ( during)12.3 ( the)12.3 ( year)12.3 ( ended)39 ( )]TJ 0.024 Tc 0 Tw 0 -1.154 Td [(December 31, 2021. Transaction costs amounting to approximately Rmb6,716\,268)-1 ( )]TJ 0.038 Tc 0.07 Tw 0 -1.154 Td [(relating)12.8 ( to)12.9 ( the)12.9 ( debt)12.8 ( component)12.8 ( a)0.5 (re)13 ( included)12.9 ( in)12.8 ( the)12.9 ( carrying)12.9 ( amount)12.9 ( of)12.9 ( the)12.9 ( debt)13 ( )]TJ 0.041 Tc 0 -1.154 Td [(portion)12.5 ( and)12.5 ( amortised)12.5 ( over)12.6 ( the)12.6 ( period)12.5 ( of)12.6 ( the)12.6 ( Convertible)12.6 ( Bond)12.5 ( 2)12.6 (0)12.5 (2)12.6 (1)12.5 ( using)12.5 ( the)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.154 Td (effective interest method.)Tj 0.048 Tw 0 -2.308 Td (The derivative component was measured at fair value with reference to va\luation )Tj 0 Tw 0 -1.154 Td (carried out by a firm of independent professional valuers.)Tj 0.037 Tc 0.071 Tw 0 -2.308 Td [(The)12.1 ( )0.5 (movement)12 ( )0.5 (of)12 ( )0.5 (the)12 ( )0.5 (debt)12 ( and)12 ( )0.5 (derivative)12 ( )0.5 (components)12 ( )0.5 (of)12 ( )0.5 (the)12 ( )0.5 (Convertible)12 ( )0.5 (Bond)12 ( )]TJ 0.025 Tc 0 Tw 0 -1.154 Td (2021 as of June 30, 2025 is set out as below:)Tj /T1_1 1 Tf 10.4 0 0 13 216.536 578.5878 Tm (Debt component at)Tj 0.996 -1.154 Td (amortised cost)Tj 9.01 1.154 Td (Derivative components)Tj 2.884 -1.154 Td (at FVTPL)Tj -0.025 Tw 11.981 0 Td (Total)Tj /T1_0 1 Tf 10.4 0 3.4833 13 212.6835 548.5878 Tm (Euro\222000)Tj 5.475 0 Td (Rmb\222000)Tj 5.427 0 Td (Euro\222000)Tj 5.475 0 Td (Rmb\222000)Tj 5.427 0 Td (Euro\222000)Tj 5.475 0 Td (Rmb\222000)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 209.7638 544.1777 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 13 0 3.4833 13 204.0945 545.5787 Tm ( )Tj ET q 1 0 0 1 266.4567 544.1777 cm 0 0 m 45.354 0 l S Q BT 13 0 3.4833 13 260.7874 545.5787 Tm ( )Tj ET q 1 0 0 1 323.1496 544.1777 cm 0 0 m 45.354 0 l S Q BT 13 0 3.4833 13 317.4803 545.5787 Tm ( )Tj ET q 1 0 0 1 379.8425 544.1777 cm 0 0 m 45.354 0 l S Q BT 13 0 3.4833 13 374.1732 545.5787 Tm ( )Tj ET q 1 0 0 1 436.5355 544.1777 cm 0 0 m 45.354 0 l S Q BT 13 0 3.4833 13 430.8662 545.5787 Tm ( )Tj ET q 1 0 0 1 493.2284 544.1777 cm 0 0 m 45.354 0 l S Q BT 13 0 3.4833 13 487.5591 545.5787 Tm ( )Tj 0.025 Tc 10.4 0 0 13 85.0394 515.5787 Tm (On December 31, 2023 )Tj -0.025 Tw 1.008 -1.154 Td (\(Audited\))Tj 11.945 0 Td (227,481)Tj 4.651 0 Td (1,787,819)Tj 7.301 0 Td (3,518)Tj 4.926 0 Td (27,646)Tj 4.926 0 Td (230,999)Tj 4.651 0 Td (1,815,465)Tj -39.41 -1.154 Td (Redemption)Tj 12.571 0 Td (\(202,600\))Tj 4.651 -0 Td (\(1,592,274\))Tj 0 Tc 0 Tw 9.534 0 Td (\226)Tj 5.451 -0 Td (\226)Tj 0.025 Tc -0.025 Tw 2.168 0 Td (\(202,600\))Tj 4.651 -0 Td (\(1,592,274\))Tj 0 Tw -39.027 -1.154 Td (Conversion of Convertible )Tj -0.025 Tw 1.008 -1.154 Td (Bond)Tj 13.412 -0 Td (\(200\))Tj 4.651 0 Td (\(1,472\))Tj 6.776 -0 Td (\(22\))Tj 4.926 0 Td (\(164\))Tj 5.451 -0 Td (\(222\))Tj 4.651 0 Td (\(1,636\))Tj 0 Tw -40.877 -1.154 Td (Exchange realignment)Tj 0 Tc 15.854 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.218 0 Td (\(8,243\))Tj 0 Tc 0 Tw 7.684 0 Td (\226)Tj 5.451 0 Td (\226)Tj 5.451 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.218 0 Td (\(8,243\))Tj 0 Tw -40.877 -1.154 Td (Interest charge)Tj -0.025 Tw 14.004 0 Td (1,192)Tj 5.451 0 Td (8,879)Tj 0 Tc 0 Tw 7.301 0 Td (\226)Tj 5.451 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.601 0 Td (1,192)Tj 5.451 0 Td (8,879)Tj 0 Tw -41.26 -1.154 Td (Loss on changes in fair )Tj -0.025 Tw 1.008 -1.154 Td (value)Tj 0 Tc 0 Tw 14.845 0 Td (\226)Tj 5.451 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.401 0 Td (512)Tj 4.651 0 Td (2,676)Tj 6.251 0 Td (512)Tj 4.651 0 Td (2,676)Tj ET q 1 0 0 1 209.764 391.1678 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 204.0947 392.5688 Tm ( )Tj ET q 1 0 0 1 266.4569 391.1678 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 260.7876 392.5688 Tm ( )Tj ET q 1 0 0 1 323.1498 391.1678 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 317.4805 392.5688 Tm ( )Tj ET q 1 0 0 1 379.8427 391.1678 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 374.1734 392.5688 Tm ( )Tj ET q 1 0 0 1 436.5356 391.1678 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 430.8664 392.5688 Tm ( )Tj ET q 1 0 0 1 493.2285 391.1678 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 487.5593 392.5688 Tm ( )Tj 0.025 Tc 10.4 0 0 13 85.0396 362.5688 Tm (On December 31, 2024 )Tj -0.025 Tw 1.008 -1.154 Td (\(Audited\))Tj 12.47 0 Td (25,873)Tj 4.926 0 Td (194,709)Tj 6.501 0 Td (4,008)Tj 4.926 0 Td (30,158)Tj 5.451 0 Td (29,881)Tj 4.926 0 Td (224,867)Tj ET 2.5 w q 1 0 0 1 209.764 342.0043 cm 0 0 m 45.354 0 l S Q 0.835 w q 1 0 0 1 209.764 338.6718 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 204.0947 339.9053 Tm ( )Tj ET 2.5 w q 1 0 0 1 266.4569 342.0043 cm 0 0 m 45.354 0 l S Q 0.835 w q 1 0 0 1 266.4569 338.6718 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 260.7876 339.9053 Tm ( )Tj ET 2.5 w q 1 0 0 1 323.1498 342.0043 cm 0 0 m 45.354 0 l S Q 0.835 w q 1 0 0 1 323.1498 338.6718 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 317.4805 339.9053 Tm ( )Tj ET 2.5 w q 1 0 0 1 379.8427 342.0043 cm 0 0 m 45.354 0 l S Q 0.835 w q 1 0 0 1 379.8427 338.6718 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 374.1734 339.9053 Tm ( )Tj ET 2.5 w q 1 0 0 1 436.5356 342.0043 cm 0 0 m 45.354 0 l S Q 0.835 w q 1 0 0 1 436.5356 338.6718 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 430.8664 339.9053 Tm ( )Tj ET 2.5 w q 1 0 0 1 493.2285 342.0043 cm 0 0 m 45.354 0 l S Q 0.835 w q 1 0 0 1 493.2285 338.6718 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 487.5593 339.9053 Tm ( )Tj 0.025 Tc 10.4 0 0 13 85.0396 309.9053 Tm (Exchange realignment)Tj /T1_1 1 Tf 0 Tc 15.854 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.076 0 Td (21,654)Tj 0 Tc 0 Tw 7.826 0 Td (\226)Tj 5.451 0 Td (\226)Tj 5.451 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.076 0 Td (21,654)Tj /T1_0 1 Tf 0 Tw -40.735 -1.154 Td (Interest charge)Tj /T1_1 1 Tf -0.025 Tw 14.804 0 Td (624)Tj 4.651 0 Td (5,154)Tj 0 Tc 0 Tw 7.301 0 Td (\226)Tj 5.451 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.401 0 Td (624)Tj 4.651 0 Td (5,154)Tj /T1_0 1 Tf 0 Tw -41.26 -1.154 Td (Loss on changes in fair )Tj -0.025 Tw 1.008 -1.154 Td (value)Tj /T1_1 1 Tf 0 Tc 0 Tw 14.845 0 Td (\226)Tj 5.451 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.401 0 Td (798)Tj 4.126 0 Td (10,022)Tj 6.776 0 Td (798)Tj 4.126 0 Td (10,022)Tj ET 0.5 w q 1 0 0 1 209.7641 260.4952 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 204.0948 261.8962 Tm ( )Tj ET q 1 0 0 1 266.457 260.4952 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 260.7877 261.8962 Tm ( )Tj ET q 1 0 0 1 323.1499 260.4952 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 317.4807 261.8962 Tm ( )Tj ET q 1 0 0 1 379.8428 260.4952 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 374.1736 261.8962 Tm ( )Tj ET q 1 0 0 1 436.5358 260.4952 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 430.8665 261.8962 Tm ( )Tj ET q 1 0 0 1 493.2287 260.4952 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 487.5594 261.8962 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 10.4 0 0 13 85.0397 231.8962 Tm (On June 30, 2025 )Tj -0.025 Tw 1.008 -1.154 Td (\(Unaudited\))Tj /T1_1 1 Tf 12.47 0 Td (26,497)Tj 4.926 0 Td (221,517)Tj 6.501 0 Td (4,806)Tj 4.926 0 Td (40,180)Tj 5.451 0 Td (31,303)Tj 4.926 0 Td (261,697)Tj ET 2.5 w q 1 0 0 1 209.7641 211.3317 cm 0 0 m 45.354 0 l S Q 0.835 w q 1 0 0 1 209.7641 207.9992 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 204.0948 209.2327 Tm ( )Tj ET 2.5 w q 1 0 0 1 266.457 211.3317 cm 0 0 m 45.354 0 l S Q 0.835 w q 1 0 0 1 266.457 207.9992 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 260.7877 209.2327 Tm ( )Tj ET 2.5 w q 1 0 0 1 323.1499 211.3317 cm 0 0 m 45.354 0 l S Q 0.835 w q 1 0 0 1 323.1499 207.9992 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 317.4807 209.2327 Tm ( )Tj ET 2.5 w q 1 0 0 1 379.8428 211.3317 cm 0 0 m 45.354 0 l S Q 0.835 w q 1 0 0 1 379.8428 207.9992 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 374.1736 209.2327 Tm ( )Tj ET 2.5 w q 1 0 0 1 436.5358 211.3317 cm 0 0 m 45.354 0 l S Q 0.835 w q 1 0 0 1 436.5358 207.9992 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 430.8665 209.2327 Tm ( )Tj ET 2.5 w q 1 0 0 1 493.2287 211.3317 cm 0 0 m 45.354 0 l S Q 0.835 w q 1 0 0 1 493.2287 207.9992 cm 0 0 m 45.354 0 l S Q BT 13 0 0 13 487.5594 209.2327 Tm ( )Tj /T1_0 1 Tf 0.051 Tc 0.07 Tw -30.963 -2.181 Td [(A)0.5 (s)13 ( )0.5 (a)0.5 (t)13 ( )0.5 (J)0.6 (ul)0.5 (y)13 ( )0.6 (2)13 (9)13 (,)13 ( )0.5 (2)13 (0)13 (2)13 (5)13 (,)13 ( )0.5 (T)0.5 (h)0.5 (e)13 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)13 ( )0.5 (i)0.5 (s)0.5 (s)0.5 (u)0.5 (e)0.5 (d)13 ( )0.5 (a)13 ( )0.6 (r)0.5 (e)0.5 (d)0.5 (e)0.5 (m)0.5 (p)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (n)0.5 (o)0.5 (t)0.5 (i)0.5 (c)0.5 (e)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (r)0.5 (e)0.5 (d)0.5 (e)0.5 (e)0.6 (m)13 ( )0.5 (t)0.5 (h)0.5 (e)26 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.154 Td [(whole)6.1 ( )0.5 (of)6 ( )0.5 (the)6.1 ( )0.5 (bonds)6 ( )0.5 (on)6 ( )0.5 (September)6 ( )0.5 (9)6 (,)6 ( )0.5 (2)6 (0)6 (2)6 (5)6 ( )0.5 (at)6 ( )0.5 (their)6 ( )0.5 (outstanding)6 ( )0.5 (principal)6 ( )0.5 (amount)5.9 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.154 Td [(on)12.7 ( that)12.7 ( date.)12.7 ( As)12.7 ( of)]TJ 8.353 0 Td [( the)12.7 ( date)12.7 ( of)12.7 ( this)12.6 ( announcement)]TJ 0.028 Tc -0.028 Tw (, )Tj 0.041 Tc -0.041 Tw 14.412 0 Td (the)Tj 0.07 Tw 1.332 0 Td [( principal)12.6 ( amount)12.7 ( )]TJ [(of)12.7 ( the)16 ( )]TJ 0.025 Tc 0 Tw -24.097 -1.154 Td (outstanding bonds)Tj ( were Euro)Tj -0.025 Tw (6,500,000)Tj 0 Tc 0 Tw (.)Tj ET endstreamendobj70 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 13 0 3.4833 13 112.0517 773.5878 Tm [(\(ii\) )-583.5 (Redemption at the option of the Company)]TJ 0.047 Tc 0.07 Tw 13 0 0 13 141.7323 741.5878 Tm [(The)12.9 ( Company)12.8 ( may,)12.9 ( having)12.8 ( given)12.9 ( not)12.9 ( less)12.9 ( than)12.8 ( 3)12.8 (0)12.9 ( nor)12.9 ( more)12.9 ( than)12.8 ( 6)12.9 (0)21.9 ( )]TJ 0.025 Tc 0.012 Tw 0 -1.231 Td (days\222 notice, redeem the Convertible Bond 2021 in whole and not some \)Tj 0.054 Tc 0.07 Tw 0 -1.231 Td [(only)12.5 ( at)12.6 ( 1)12.6 (0)12.5 (0)12.5 ( percent)12.6 ( of)12.5 ( their)12.5 ( outstanding)12.5 ( principal)12.5 ( amount)12.5 ( as)12.5 ( at)12.5 ( the)29 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (relevant redemption date:)Tj 0.041 Tc 0.07 Tw 0 -2.462 Td [(\()16 (a)16 (\))16 ( )-634.5 (at)12.7 ( any)12.8 ( time)12.7 ( after)12.7 ( January)12.8 ( 2)12.8 (0)12.7 (,)12.7 ( 2)12.7 (0)12.8 (2)12.7 (4)12.7 ( but)12.7 ( prior)12.8 ( to)12.7 ( the)12.8 ( CB)12.7 ( Maturity)16 ( )]TJ 0.078 Tc 2.181 -1.231 Td [(Date)12.5 ( 2)12.4 (0)12.4 (2)12.5 (1)12.4 (,)12.4 ( provided)12.4 ( that)12.4 ( no)12.4 ( such)12.4 ( redemption)12.4 ( may)12.4 ( be)12.4 ( made)53.1 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(unless)4 ( )0.5 (the)4.1 ( )0.5 (closing)4 ( )0.5 (price)4 ( )0.5 (of)4 ( )0.5 (an)3.9 ( )0.6 (H)4 ( )0.5 (share)4 ( )0.5 (translated)4 ( )0.5 (into)4 ( )0.5 (Euro)4 ( )0.5 (at)4 ( )0.5 (the)4 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(prevailing)12.1 ( )0.5 (rate)12.1 ( )0.5 (applicable)12 ( )0.5 (to)12 ( )0.5 (each)12 ( )0.5 (Stock)12 ( )0.5 (Exchange)12 ( )0.5 (business)12 ( )0.5 (day,)12 ( )]TJ 0.043 Tc 0.07 Tw 0 -1.231 Td [(f)0.5 (o)0.6 (r)13 ( )0.5 (a)0.6 (n)0.5 (y)13.1 ( )0.5 (2)13 (0)13 ( )0.6 (S)0.5 (t)0.5 (o)0.6 (c)0.5 (k)13 ( )0.6 (E)0.5 (x)0.6 (c)0.5 (h)0.5 (a)0.6 (n)0.5 (g)0.5 (e)13.1 ( )0.5 (b)0.5 (u)0.6 (s)0.5 (i)0.5 (n)0.6 (e)0.5 (s)0.6 (s)13 ( )0.5 (d)0.6 (a)0.5 (y)0.5 (s)13.1 ( )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)0.6 (o)0.5 (d)13 ( )0.6 (o)0.5 (f)13 ( )0.6 (3)13 (0)18 ( )]TJ 0.025 Tc 0.061 Tw 0 -1.231 Td (consecutive Stock Exchange business days, the last of such Stock )Tj 0.048 Tw 0 -1.231 Td (Exchange business day shall occur not more than 10 days prior to )Tj 0.083 Tw 0 -1.231 Td [(the )0.5 (date )0.5 (upon which )0.5 (notice )0.5 (of )0.5 (such )0.5 (redemption )0.5 (is )0.5 (given, )0.5 (was, )0.5 (for )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(each)3 ( )0.5 (such)3 ( )0.5 (2)3 (0)3 ( )0.5 (Stock)3 ( )0.5 (Exchange)3 ( )0.5 (business)3 ( )0.6 (days,)3 ( )0.5 (at)3 ( )0.5 (least)3 ( )0.5 (1)3 (3)3 (0)3 ( )0.5 (percent)3 ( )]TJ 0.043 Tc 0.07 Tw 0 -1.231 Td [(of)12.9 ( the)12.8 ( Conversion)12.9 ( Price)12.8 ( 2)12.8 (0)12.8 (2)12.9 (1)12.8 ( \(translated)12.8 ( into)12.8 ( Euro)12.8 ( at)12.8 ( the)12.9 ( Fixed)18 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Exchange Rate\); or)Tj 0.036 Tc 0.072 Tw -2.181 -2.462 Td [(\()11 (b)11 (\))11 ( )-581.5 (i)0.5 (f)11 ( )0.5 (a)0.5 (t)11 ( )0.5 (a)0.6 (n)0.5 (y)11 ( )0.5 (t)0.5 (i)0.5 (m)0.5 (e)11 ( )0.5 (t)0.5 (h)0.6 (e)11 ( )0.5 (a)0.5 (g)0.5 (g)0.5 (r)0.6 (e)0.5 (g)0.5 (a)0.5 (t)0.5 (e)11 ( )0.5 (p)0.6 (r)0.5 (i)0.5 (n)0.5 (c)0.5 (i)0.6 (p)0.5 (a)0.5 (l)11 ( )0.5 (a)0.5 (m)0.5 (o)0.5 (u)0.6 (n)0.5 (t)11 ( )0.5 (o)0.5 (f)11 ( )0.5 (t)0.5 (h)0.5 (e)11 ( )0.5 (C)0.6 (o)0.5 (n)0.5 (v)0.5 (e)0.5 (r)0.5 (t)0.6 (i)0.5 (b)0.5 (l)0.5 (e)11 ( )]TJ 0.045 Tc 0.07 Tw 2.181 -1.231 Td [(B)0.5 (o)0.5 (n)0.5 (d)13 ( )0.6 (2)13 (0)13 (2)13 (1)13 ( )0.5 (o)0.6 (u)0.5 (t)0.5 (s)0.5 (t)0.5 (a)0.5 (n)0.5 (d)0.6 (i)0.5 (n)0.5 (g)13 ( )0.5 (i)0.5 (s)13 ( )0.6 (l)0.5 (e)0.5 (s)0.5 (s)13 ( )0.6 (t)0.5 (h)0.5 (a)0.5 (n)13 ( )0.5 (1)13 (0)13.1 ( )0.5 (p)0.5 (e)0.5 (r)0.5 (c)0.6 (e)0.5 (n)0.5 (t)13 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (a)0.5 (g)0.5 (g)0.5 (r)0.5 (e)0.6 (g)0.5 (a)0.5 (t)0.5 (e)20 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (principal amount originally issued.)Tj 13 0 3.4833 13 112.0517 405.5878 Tm [(\(iii\) )-280.5 (Redemption at the option of the Bondholders 2021)]TJ 0.072 Tw 13 0 0 13 141.7323 373.5878 Tm (The Company will, at the option of the Bondholders 2021, redeem the )Tj 0.048 Tc 0.07 Tw 0 -1.231 Td [(w)0.5 (ho)0.5 (l)0.5 (e)12.9 ( )0.5 (o)0.5 (r)12.9 ( )0.5 (s)0.5 (om)0.5 (e)13 ( )0.5 (of)13 ( )0.5 (th)0.5 (a)0.5 (t)12.9 ( )0.5 (h)0.5 (ol)0.5 (de)0.5 (r)0.5 (\222)0.5 (s)12.9 ( )0.5 (b)0.5 (on)0.5 (d)13 ( o)0.5 (n)12.9 ( )0.5 (J)0.5 (a)0.5 (nu)0.5 (a)0.5 (ry)13 ( )0.5 (2)12.9 (0)13 (,)13 ( 2)13 (0)12.9 (2)13 (4)13 ( \()0.5 (t)0.5 (he)13 ( )0.5 (\223)]TJ /T1_1 1 Tf -0.048 Tw 28.932 0 Td [(P)0.5 (ut)23 ( )]TJ 0.025 Tc 0 Tw -28.932 -1.231 Td (Option Date)Tj /T1_0 1 Tf (\224\) at the outstanding principal amount on that date.)Tj -4.361 -2.462 Td (The Convertible Bond 2021 comprises two components:)Tj 0.098 Tc 0.07 Tw 0 -2.462 Td [(\()73 (a)73 (\))73 ( )-577.5 (Debt)12.8 ( component)12.8 ( was)12.8 ( initially)12.9 ( measured)12.8 ( at)12.9 ( fair)12.8 ( value)12.9 ( amounted)12.8 ( to)73 ( )]TJ 0.041 Tc 0.082 Tw 2.181 -1.231 Td [(a)-12.2 (p)-12.3 (p)-12.2 (r)-12.3 (o)-12.2 (x)-12.3 (i)-12.2 (m)-12.3 (a)-12.2 (t)-12.3 (e)-12.2 (l)-12.3 (y E)-12.2 (u)-12.2 (r)-12.3 (o183,297,000 \()-12.2 (e)-12.2 (q)-12.3 (u)-12.2 (i)-12.3 (v)-12.2 (a)-12.3 (l)-12.2 (e)-12.3 (n)-12.2 (t t)-12.3 (o R)-12.2 (m)-12.3 (b1,443,009,000\))-12.2 (. I)-12.3 (t i)-12.2 (s)16 ( )]TJ 0.058 Tc 0.07 Tw 0 -1.231 Td [(subsequently)12.9 ( measured)12.9 ( at)12.9 ( amortised)12.9 ( cost)12.9 ( by)12.9 ( ap)0.5 (plying)12.9 ( effective)12.9 ( interest)33 ( )]TJ 0.068 Tc 0 -1.231 Td [(rate)12.1 ( method)12 ( after)12.1 ( considering)12 ( the)12 ( effect)12.1 ( of)12.1 ( the)12.1 ( issuance)12.1 ( costs)12.1 ( such)12.1 ( as)42.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (underwriting fee. The effective interest rate used is 4.74%.)Tj 0.068 Tc 0.07 Tw -2.181 -2.462 Td [(\()43 (b)43 (\))43 ( )-551.5 (De)0.5 (riva)0.5 (tive)13 ( com)0.5 (pone)0.5 (nt)12.9 ( c)0.5 (ompr)0.5 (ises)13 ( co)0.5 (nver)0.5 (sion)13 ( rig)0.5 (ht)12.9 ( of)13 ( the)13 ( Bon)0.5 (dhol)0.5 (ders)43 ( )]TJ 0.053 Tc 2.181 -1.231 Td [(2)13 (0)13 (2)13 (1)13 (,)13 ( )0.5 (r)0.5 (e)0.5 (d)0.5 (e)0.5 (m)0.5 (p)0.5 (ti)0.5 (o)0.5 (n)13 ( )0.5 (o)0.5 (p)0.5 (t)0.5 (i)0.5 (o)0.5 (n)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 (mp)0.5 (a)0.5 (n)0.5 (y)0.5 (,)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (r)0.5 (e)0.5 (d)0.5 (e)0.5 (m)0.5 (p)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (o)0.5 (p)0.5 (t)0.5 (io)0.5 (n)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)28 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Bondholders 2021.)Tj 0.087 Tc 0.07 Tw -2.181 -2.385 Td [(Transaction)12.9 ( costs)12.9 ( totalling)12.9 ( Rm)0.5 (b)12.8 (8)12.9 (,)12.9 (4)12.9 (2)12.9 (7)12.9 (,)12.9 (5)12.9 (1)12.9 (5)12.9 ( that)12.9 ( relate)12.9 ( to)12.9 ( the)12.9 ( issue)13 ( of)12.9 ( the)62 ( )]TJ 0.041 Tc 0 -1.154 Td [(Convertible)12.9 ( Bond)12.9 ( 2)12.8 (0)12.9 (2)12.9 (1)12.9 ( are)12.9 ( allocated)12.9 ( to)12.9 ( the)12.9 ( debt)12.9 ( and)12.9 ( derivative)12.9 ( components)12.9 ( in)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.154 Td (proportion to their respective fair values.)Tj ET endstreamendobj69 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 16 \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 [(9. )-1105.5 (CONVERTIBLE BONDS)]TJ 2.181 -2.462 Td (Convertible Bond 2021)Tj /T1_0 1 Tf 0.038 Tc 0.07 Tw 0 -2.462 Td [(On)12.4 ( January)12.4 ( 2)12.4 (0)12.5 (,)12.4 ( 2)12.5 (0)12.4 (2)12.4 (1)12.5 (,)12.4 ( the)12.5 ( Company)12.4 ( issued)12.4 ( a)12.5 ( zero)12.4 ( coupon)12.4 ( convertible)12.4 ( bond)12.4 ( due)13 ( )]TJ 0.045 Tc 0 -1.231 Td [(2)12.3 (0)12.3 (2)12.3 (6)12.2 ( in)12.3 ( an)12.3 ( aggregate)12.3 ( principal)12.2 ( amount)12.2 ( of)12.3 ( Euro)12.3 (2)12.2 (3)12.3 (0)12.3 (,)12.3 (0)12.3 (0)12.2 (0)12.3 (,)12.3 (0)12.3 (0)12.3 (0)12.3 ( \(the)12.3 ( \223)]TJ /T1_1 1 Tf -0.045 Tw [(Convertible)20 ( )]TJ 0.043 Tc 0.082 Tw 0 -1.231 Td [(B)-12.3 (o)-12.3 (n)-12.3 (d 2021)]TJ /T1_0 1 Tf 0.055 Tc 0.07 Tw [(\224\).)12.2 ( The)12.2 ( Convertible)12.2 ( Bond)12.2 ( 2)12.2 (0)12.3 (2)12.2 (1)12.2 ( is)12.2 ( listed)12.2 ( and)12.1 ( traded)12.2 ( on)12.2 ( The)12.3 ( Stock)30 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Exchange of Hong Kong Limited \(the \223)Tj /T1_1 1 Tf (Stock Exchange)Tj /T1_0 1 Tf -0.025 Tw (\224\).)Tj 0 Tw -0 -2.462 Td (The principal terms of the Convertible Bond 2021 are set out below:)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 597.5878 Tm [(\(1\) )-664.5 (Conversion right)]TJ /T1_0 1 Tf 0.102 Tc 0.07 Tw 13 0 0 13 113.3858 565.5878 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 (,)12.5 ( 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 ( \(the)12.7 ( \223)]TJ /T1_1 1 Tf [(Conversion)12.6 ( Price)12.7 ( 2)12.7 (0)12.6 (2)12.7 (1)]TJ /T1_0 1 Tf 30.507 0 Td [(\224\))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 0.017 Tc 0 Tw 0 -1.231 Td [(rights issues of other securities and issues at less than current market\ price. As)-8 ( )]TJ 0.025 Tc 0 -1.231 Td (at June 30, 2025, the latest conversion price was HK$5.84 per H share.)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 357.5878 Tm [(\(2\) )-664.5 (Redemption right)]TJ /T1_0 1 Tf 2.84 -2.462 Td [(\(i\) )-886.5 (Redemption at maturity)]TJ 0.03 Tc 0.078 Tw 13 0 0 13 141.7323 293.5878 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 Tw 0 -1.231 Td (provided herein, the Company will redeem each Convertible Bond 2021 )Tj 0.053 Tw 0 -1.231 Td (at 100 percent of its outstanding principal amount on the maturity date \)Tj 0 Tw 0 -1.231 Td (of January 20, 2026 \(the \223)Tj /T1_1 1 Tf (CB Maturity Date 2021)Tj /T1_0 1 Tf -0.025 Tw (\224\).)Tj ET endstreamendobj23 0 obj<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 2/NumberofPages 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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<>>>>>>>endobj78 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 15 \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)12.4 ( net)12.5 ( of)12.5 ( allowance)12.5 ( for)23.1 ( )]TJ 0.055 Tc 0 -1.231 Td [(credit)12.6 ( losses)12.6 ( presented)12.6 ( based)12.6 ( on)12.6 ( the)12.6 ( invoice)12.5 ( date)12.6 ( at)12.5 ( the)12.6 ( end)12.5 ( of)12.5 ( the)12.6 ( reporting)30 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (period, which approximated the respective revenue recognition dates:)Tj /T1_1 1 Tf 24.962 -2.462 Td (As at)Tj -1.437 -1.231 Td (June 30,)Tj -0.025 Tw 1.656 -1.231 Td (2025)Tj /T1_0 1 Tf 0 Tw 7.524 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 13 384.8143 661.5878 Tm (Rmb\222000)Tj /T1_0 1 Tf 7.798 0 Td (Rmb\222000)Tj /T1_1 1 Tf 13 0 0 13 368.9498 645.5878 Tm (\(Unaudited\))Tj /T1_0 1 Tf 8.961 0 Td (\(Audited\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 351.4961 641.1777 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 642.5787 Tm ( )Tj ET q 1 0 0 1 450.7086 641.1777 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 642.5787 Tm ( )Tj 0.025 Tc -27.692 -2.462 Td (Within 3 months)Tj /T1_1 1 Tf -0.025 Tw 23.856 0 Td (681,205)Tj /T1_0 1 Tf 7.632 0 Td (489,187)Tj 0 Tw -31.488 -1.231 Td (3 months to 1 year)Tj /T1_1 1 Tf -0.025 Tw 23.856 0 Td (339,549)Tj /T1_0 1 Tf 7.632 0 Td (391,596)Tj 0 Tw -31.488 -1.231 Td (1 to 2 years)Tj /T1_1 1 Tf -0.025 Tw 23.856 0 Td (257,939)Tj /T1_0 1 Tf 7.632 0 Td (168,839)Tj 0 Tw -31.488 -1.231 Td (Over 2 years)Tj /T1_1 1 Tf -0.025 Tw 24.381 0 Td (59,649)Tj /T1_0 1 Tf 8.957 0 Td (876)Tj ET q 1 0 0 1 351.4961 558.1686 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 559.5696 Tm ( )Tj ET q 1 0 0 1 450.7086 558.1686 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 559.5696 Tm ( )Tj 0.025 Tc -0.025 Tw -27.692 -2.462 Td (Total)Tj /T1_1 1 Tf 23.056 0 Td (1,338,342)Tj /T1_0 1 Tf 7.632 0 Td (1,050,498)Tj ET 2.5 w q 1 0 0 1 351.4961 522.0051 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4961 518.6726 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 519.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7087 522.0051 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7087 518.6726 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 519.9061 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -29.873 -2.335 Td [(8. )-1105.5 (TRADE PAYABLES)]TJ /T1_0 1 Tf 0.037 Tc 0.071 Tw 2.18 -2.462 Td [(Trade)12 ( )0.5 (payables)12 ( )0.5 (mainly)12 ( )0.5 (represent)12 ( )0.5 (the)12 ( )0.5 (payables)12 ( )0.5 (for)12 ( )0.6 (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 24.962 -2.462 Td (As at)Tj -1.437 -1.231 Td (June 30,)Tj -0.025 Tw 1.656 -1.231 Td (2025)Tj /T1_0 1 Tf 0 Tw 7.524 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 13 384.8143 345.5571 Tm (Rmb\222000)Tj /T1_0 1 Tf 7.798 0 Td (Rmb\222000)Tj /T1_1 1 Tf 13 0 0 13 368.9498 329.5571 Tm (\(Unaudited\))Tj /T1_0 1 Tf 8.961 0 Td (\(Audited\))Tj ET 0.5 w q 1 0 0 1 351.4961 325.147 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 326.548 Tm ( )Tj ET q 1 0 0 1 450.7086 325.147 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 326.548 Tm ( )Tj 0.025 Tc -27.692 -2.462 Td (Within 3 months)Tj /T1_1 1 Tf -0.025 Tw 23.856 0 Td (232,220)Tj /T1_0 1 Tf 7.632 0 Td (537,785)Tj 0 Tw -31.488 -1.231 Td (3 months to 1 year)Tj /T1_1 1 Tf -0.025 Tw 23.856 0 Td (283,295)Tj /T1_0 1 Tf 7.632 0 Td (124,735)Tj 0 Tw -31.488 -1.231 Td (1 to 2 years)Tj /T1_1 1 Tf -0.025 Tw 23.856 0 Td (159,807)Tj /T1_0 1 Tf 7.632 0 Td (132,298)Tj 0 Tw -31.488 -1.231 Td (2 to 3 years)Tj /T1_1 1 Tf -0.025 Tw 24.381 0 Td (56,735)Tj /T1_0 1 Tf 7.632 0 Td (76,)Tj 0 Tc 0 Tw (9)Tj 0.025 Tc -0.025 Tw 1.85 0 Td (91)Tj 0 Tw -33.863 -1.231 Td (Over 3 years)Tj /T1_1 1 Tf -0.025 Tw 23.856 0 Td (265,553)Tj /T1_0 1 Tf 7.632 0 Td (271,)Tj 0 Tc 0 Tw (3)Tj 0.025 Tc -0.025 Tw 2.375 0 Td (97)Tj ET q 1 0 0 1 351.4961 226.138 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 227.5389 Tm ( )Tj ET q 1 0 0 1 450.7086 226.138 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 227.5389 Tm ( )Tj 0.025 Tc -0.025 Tw -27.692 -2.462 Td (Total)Tj /T1_1 1 Tf 23.856 0 Td (997,610)Tj /T1_0 1 Tf 6.832 0 Td (1,143,206)Tj ET 2.5 w q 1 0 0 1 351.4961 189.9744 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4961 186.6419 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 187.8754 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7087 189.9744 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7087 186.6419 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 187.8754 Tm ( )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 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 56.6929 773.5878 Tm [(7. )-1105.5 (TRADE RECEIVABLES)]TJ 27.143 -2.462 Td (As at)Tj -1.437 -1.231 Td (June 30,)Tj -0.025 Tw 1.656 -1.231 Td (2025)Tj /T1_0 1 Tf 0 Tw 7.524 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 13 384.8143 693.5878 Tm (Rmb\222000)Tj /T1_0 1 Tf 7.798 0 Td (Rmb\222000)Tj /T1_1 1 Tf 13 0 0 13 368.9498 677.5878 Tm (\(Unaudited\))Tj /T1_0 1 Tf 8.961 0 Td (\(Audited\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 351.4961 673.1777 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 674.5787 Tm ( )Tj ET q 1 0 0 1 450.7086 673.1777 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 674.5787 Tm ( )Tj 0.025 Tc -27.692 -2.462 Td (Trade receivables comprise:)Tj 1.003 -1.231 Td (\226 contracts with customers)Tj /T1_1 1 Tf -0.025 Tw 22.053 0 Td (1,362,757)Tj /T1_0 1 Tf 7.632 0 Td (1,070,246)Tj 0 Tw -30.688 -1.231 Td (Less: Allowance for credit losses)Tj /T1_1 1 Tf -0.025 Tw 23.998 0 Td (\(24,415\))Tj /T1_0 1 Tf 7.632 0 Td (\(19,748\))Tj ET q 1 0 0 1 351.4961 606.1686 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 607.5696 Tm ( )Tj ET q 1 0 0 1 450.7086 606.1686 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 607.5696 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -4.636 -2.462 Td (1,338,342)Tj /T1_0 1 Tf 7.632 0 Td (1,050,498)Tj ET 2.5 w q 1 0 0 1 351.4961 570.0051 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4961 566.6726 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 567.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7087 570.0051 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7087 566.6726 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 567.9061 Tm ( )Tj 0.025 Tc -27.692 -2.462 Td (Trade receivables \(before allowance )Tj 0 Tc ( )Tj 0.025 Tc 1.003 -1.231 Td (for credit losses\) comprise:)Tj 0 -1.231 Td (Fellow subsidiaries)Tj /T1_1 1 Tf -0.025 Tw 23.903 0 Td (7,703)Tj /T1_0 1 Tf 7.107 0 Td (16,390)Tj 0 Tw -31.01 -1.231 Td (Third parties)Tj /T1_1 1 Tf -0.025 Tw 22.053 0 Td (1,355,054)Tj /T1_0 1 Tf 7.632 0 Td (1,053,856)Tj ET 0.5 w q 1 0 0 1 351.4961 483.4961 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 484.897 Tm ( )Tj ET q 1 0 0 1 450.7086 483.4961 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 484.897 Tm ( )Tj 0.025 Tc -27.692 -2.462 Td (Total trade receivables)Tj /T1_1 1 Tf -0.025 Tw 23.056 0 Td (1,362,757)Tj /T1_0 1 Tf 7.632 0 Td (1,070,246)Tj ET 2.5 w q 1 0 0 1 351.4961 447.3325 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4961 444 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 445.2335 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7087 447.3325 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7087 444 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 445.2335 Tm ( )Tj 0.037 Tc 0.071 Tw -27.692 -2.335 Td [(The)12.1 ( )0.5 (Group)12 ( )0.5 (has)12 ( )0.5 (no)12 ( )0.5 (credit)12 ( )0.5 (period)12 ( )0.5 (granted)12 ( )0.5 (to)12 ( )0.5 (its)12 ( )0.5 (trade)12 ( )0.5 (customers)12 ( )0.5 (of)12 ( )0.5 (toll)12 ( )0.5 (operation)12 ( )]TJ 0.082 Tc 0.07 Tw 0 -1.231 Td [(business.)12.6 ( The)12.6 ( Group\222s)12.5 ( trade)12.5 ( receivable)12.6 ( balance)12.5 ( for)12.6 ( toll)12.5 ( operation)12.5 ( is)12.6 ( toll)57 ( )]TJ 0.042 Tc 0 -1.231 Td [(receivables)12.6 ( from)12.6 ( the)12.6 ( respective)12.6 ( expressway)12.6 ( fee)12.6 ( settlement)12.6 ( centres)12.6 ( of)12.6 ( Zhejiang)17 ( )]TJ 0.061 Tc 0 -1.231 Td [(Province)12.6 ( and)12.6 ( Anhui)12.7 ( 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 0.055 Tw 0 -1.231 Td (Transportation Bureau of Lin\222an of Hangzhou, Transportation Bureau of\ Jiaxing, )Tj -0.025 Tw 0 -1.231 Td (etc.)Tj 0.071 Tc 0.07 Tw 0 -2.462 Td [(In)12.2 ( respect)12.2 ( of)12.3 ( the)12.3 ( Group\222s)12.3 ( asset)12.3 ( management)12.3 ( service,)12.2 ( security)12.3 ( commission)46 ( )]TJ 0.049 Tc 0 -1.231 Td [(and)12.1 ( financial)12 ( advisory)12.1 ( service)12 ( operated)12.1 ( by)12 ( Zheshang)12 ( Securities)12.1 ( Co.,)12.1 ( Ltd)12.1 ( \(the)24 ( )]TJ 0 Tc 0 Tw 0 -1.231 Td (\223)Tj /T1_1 1 Tf 0.025 Tc 0.035 Tw 0.469 0 Td (Zheshang Securities)Tj /T1_0 1 Tf (\224\), trading limits are set for customers. The Group seeks to )Tj 0.061 Tw -0.469 -1.231 Td (maintain tight control over its outstanding trade receivables in order t\o minimise )Tj 0 Tw 0 -1.231 Td (credit risk. Overdue balances are regularly monitored by the management.\)Tj ET endstreamendobj76 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 /T1_1 1 Tf 13 0 0 13 56.6929 773.5878 Tm [(6. )-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)21.1 ( )]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 22.016 -2.462 Td (For the six months ended)Tj 3.811 -1.231 Td (June 30,)Tj -0.025 Tw -0.646 -1.231 Td (2025)Tj /T1_0 1 Tf 7.632 0 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 384.8143 613.5878 Tm (Rmb\222000)Tj /T1_0 1 Tf 7.798 0 Td (Rmb\222000)Tj /T1_1 1 Tf 13 0 0 13 373.2787 597.5878 Tm (\(Unaudited\))Tj /T1_0 1 Tf 7.634 0 Td (\(Unaudited\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 351.4961 593.1777 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 594.5787 Tm ( )Tj ET q 1 0 0 1 450.7086 593.1777 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 594.5787 Tm ( )Tj 0.025 Tc -27.692 -2.462 Td (Profit for the Period attributable to owners of )Tj 1.003 -1.231 Td (the Company)Tj /T1_1 1 Tf -0.025 Tw 22.053 0 Td (2,787,482)Tj /T1_0 1 Tf 7.632 0 Td (2,680,010)Tj 0 Tw -30.688 -1.231 Td (Earnings for the purpose of basic earnings per )Tj -0.025 Tw 1.003 -1.231 Td (share)Tj /T1_1 1 Tf 22.053 0 Td (2,787,482)Tj /T1_0 1 Tf 7.632 0 Td (2,680,010)Tj 0 Tw -30.688 -1.231 Td (Effect of dilutive potential ordinary shares )Tj 1.003 -1.231 Td (arising from convertible bonds)Tj /T1_1 1 Tf -0.025 Tw 23.378 0 Td (31,417)Tj /T1_0 1 Tf 7.249 0 Td (\(23,109\))Tj ET q 1 0 0 1 351.4961 478.1686 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 479.5696 Tm ( )Tj ET q 1 0 0 1 450.7086 478.1686 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 479.5696 Tm ( )Tj 0.025 Tc -27.692 -2.462 Td (Earnings for the purpose of diluted earnings )Tj 1.003 -1.231 Td (per share)Tj /T1_1 1 Tf -0.025 Tw 22.053 0 Td (2,818,899)Tj /T1_0 1 Tf 7.632 0 Td (2,656,901)Tj ET 2.5 w q 1 0 0 1 351.4961 426.0051 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4961 422.6726 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 423.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7087 426.0051 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7087 422.6726 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 423.9061 Tm ( )Tj 0.025 Tc -27.692 -2.335 Td (Number of shares:)Tj /T1_1 1 Tf 22.016 -2.462 Td (For the six months ended)Tj 3.811 -1.231 Td (June 30,)Tj -0.025 Tw -0.646 -1.231 Td (2025)Tj /T1_0 1 Tf 7.632 0 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 413.2321 313.5571 Tm (\222000)Tj /T1_0 1 Tf 7.632 0 Td (\222000)Tj /T1_1 1 Tf 13 0 0 13 368.9498 297.5571 Tm (\(Unaudited\))Tj /T1_0 1 Tf 7.967 0 Td (\(Unaudited\))Tj ET 0.5 w q 1 0 0 1 351.496 293.147 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 294.548 Tm ( )Tj ET q 1 0 0 1 450.7086 293.147 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0393 294.548 Tm ( )Tj 0.025 Tc -27.692 -2.462 Td (Number of ordinary shares for the purpose of )Tj 1.003 -1.231 Td (basic earnings per share)Tj /T1_1 1 Tf -0.025 Tw 22.053 0 Td (5,993,801)Tj /T1_0 1 Tf 7.632 0 Td (5,993,498)Tj 0 Tw -30.688 -1.231 Td (Effect of dilutive potential ordinary shares )Tj 1.003 -1.231 Td (arising from convertible bonds)Tj /T1_1 1 Tf -0.025 Tw 23.378 0 Td (38,684)Tj /T1_0 1 Tf 7.632 0 Td (38,968)Tj ET q 1 0 0 1 351.496 210.138 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 211.539 Tm ( )Tj ET q 1 0 0 1 450.7086 210.138 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0393 211.539 Tm ( )Tj 0.025 Tc -27.692 -2.462 Td (Weighted average number of ordinary shares )Tj 1.003 -1.231 Td (for the purpose of diluted earnings per share)Tj /T1_1 1 Tf -0.025 Tw 22.053 0 Td (6,032,485)Tj /T1_0 1 Tf 7.632 0 Td (6,032,466)Tj ET 2.5 w q 1 0 0 1 351.496 157.9745 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.496 154.642 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 155.8754 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7086 157.9745 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7086 154.642 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0393 155.8754 Tm ( )Tj ET endstreamendobj75 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 56.6929 773.5878 Tm [(5. )-1105.5 (INCOME TAX EXPENSE)]TJ 24.196 -2.462 Td (For the six months ended)Tj 3.811 -1.231 Td (June 30,)Tj -0.025 Tw -0.646 -1.231 Td (2025)Tj /T1_0 1 Tf 7.632 0 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 384.8143 693.5878 Tm (Rmb\222000)Tj /T1_0 1 Tf 7.798 0 Td (Rmb\222000)Tj /T1_1 1 Tf 13 0 0 13 373.2787 677.5878 Tm (\(Unaudited\))Tj /T1_0 1 Tf 7.634 0 Td (\(Unaudited\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 351.4961 673.1777 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 674.5787 Tm ( )Tj ET q 1 0 0 1 450.7086 673.1777 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 674.5787 Tm ( )Tj 0.025 Tc -27.692 -2.462 Td (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 22.853 0 Td (970,386)Tj /T1_0 1 Tf 7.632 0 Td (572,230)Tj 0 Tw -30.485 -1.231 Td (Deferred tax)Tj /T1_1 1 Tf -0.025 Tw 22.995 0 Td (\(30,786\))Tj /T1_0 1 Tf 7.49 0 Td (239,718)Tj ET q 1 0 0 1 351.4961 606.1686 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 607.5696 Tm ( )Tj ET q 1 0 0 1 450.7086 606.1686 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 607.5696 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -3.836 -2.462 Td (939,600)Tj /T1_0 1 Tf 7.632 0 Td (811,948)Tj ET 2.5 w q 1 0 0 1 351.4961 570.0051 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4961 566.6726 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 567.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7087 570.0051 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7087 566.6726 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 567.9061 Tm ( )Tj 0.044 Tc 0.07 Tw -27.692 -2.335 Td [(Under)12.6 ( the)12.6 ( Law)12.6 ( of)12.6 ( the)12.6 ( PRC)12.6 ( on)12.6 ( EIT)12.7 ( and)12.6 ( Implementation)12.6 ( Regulation)12.6 ( of)12.6 ( the)12.6 ( EIT)19 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Law, the tax rate of the PRC subsidiaries is 25%.)Tj 0.054 Tc 0.07 Tw 0 -2.462 Td [(No)12.5 ( Hong)12.4 ( Kong)12.4 ( profits)12.4 ( tax)12.4 ( has)12.4 ( been)12.4 ( provided)12.4 ( as)12.4 ( the)12.4 ( Group)12.4 ( has)12.4 ( no)12.5 ( estimated)29 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (assessable profit in Hong Kong during the Period.)Tj ET endstreamendobj74 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 11 \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 0.023 Tc 0 -2.462 Td [(A)0.5 (n)0.5 ( )0.5 (a)0.6 (n)0.5 (a)0.5 (l)0.5 (y)0.5 (s)0.5 (i)0.6 (s)0.5 ( )0.5 (o)0.5 (f)0.5 ( )0.5 (t)0.5 (h)0.5 (e)0.5 ( )0.6 (G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)0.5 (\222)0.5 (s)0.6 ( )0.5 (r)0.5 (e)0.5 (v)0.5 (e)0.5 (n)0.6 (u)0.5 (e)0.5 (,)0.5 ( )0.5 (n)0.5 (e)0.5 (t)0.5 ( )0.6 (o)0.5 (f)0.5 ( )0.5 (d)0.5 (i)0.5 (s)0.5 (c)0.6 (o)0.5 (u)0.5 (n)0.5 (t)0.5 (s)0.5 ( )0.5 (a)0.5 (n)0.6 (d)0.5 ( )0.5 (t)0.5 (a)0.5 (x)0.5 (e)0.5 (s)0.6 (,)0.5 ( )0.5 (f)0.5 (o)0.5 (r)0.5 ( )0.5 (t)0.5 (h)0.6 (e)0.5 ( )0.5 (P)0.5 (e)0.5 (r)0.5 (i)0.5 (o)0.6 (d)0.5 ( )0.5 (i)0.5 (s)0.5 ( )0.5 (a)0.5 (s)-2 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (follows:)Tj /T1_1 1 Tf 0 Tw 22.016 -2.462 Td (For the six months ended)Tj 3.811 -1.231 Td (June 30,)Tj -0.025 Tw -0.646 -1.231 Td (2025)Tj /T1_0 1 Tf 7.632 0 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 384.8143 645.5878 Tm (Rmb\222000)Tj /T1_0 1 Tf 7.798 0 Td (Rmb\222000)Tj /T1_1 1 Tf 13 0 0 13 373.2787 629.5878 Tm (\(Unaudited\))Tj /T1_0 1 Tf 7.634 0 Td (\(Unaudited\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 351.4961 625.1777 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 626.5787 Tm ( )Tj ET q 1 0 0 1 450.7086 625.1777 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 626.5787 Tm ( )Tj 0.025 Tc -27.692 -2.462 Td (Toll operation revenue)Tj /T1_1 1 Tf -0.025 Tw 23.056 0 Td (5,132,493)Tj /T1_0 1 Tf 7.632 0 Td (5,112,572)Tj 0 Tw -30.688 -1.231 Td (Commission and fee income from securities )Tj -0.025 Tw 1.003 -1.231 Td (operation)Tj /T1_1 1 Tf 22.053 0 Td (1,886,362)Tj /T1_0 1 Tf 7.632 0 Td (1,609,014)Tj 0 Tw -30.688 -1.231 Td (Interest income from securities operation)Tj /T1_1 1 Tf -0.025 Tw 23.056 0 Td (1,296,628)Tj /T1_0 1 Tf 7.632 0 Td (1,196,922)Tj 0 Tw -30.688 -1.231 Td (Hotel and catering revenue)Tj /T1_1 1 Tf -0.025 Tw 24.381 0 Td (49,801)Tj /T1_0 1 Tf 7.632 0 Td (51,791)Tj 0 Tw -32.013 -1.231 Td (Construction service revenue)Tj /T1_1 1 Tf -0.025 Tw 23.856 0 Td (305,722)Tj /T1_0 1 Tf 7.632 0 Td (376,475)Tj 0 Tw -31.488 -1.231 Td (PPP revenue)Tj /T1_1 1 Tf -0.025 Tw 24.381 0 Td (14,451)Tj /T1_0 1 Tf 7.632 0 Td (20,825)Tj ET q 1 0 0 1 351.4961 494.1686 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 495.5696 Tm ( )Tj ET q 1 0 0 1 450.7086 494.1686 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 495.5696 Tm ( )Tj 0.025 Tc -0.025 Tw -27.692 -2.462 Td (Total)Tj /T1_1 1 Tf 23.056 0 Td (8,685,457)Tj /T1_0 1 Tf 7.632 0 Td (8,367,599)Tj ET 2.5 w q 1 0 0 1 351.4961 458.0051 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4961 454.6726 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 455.9061 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7087 458.0051 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7087 454.6726 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 455.9061 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -29.873 -2.335 Td [(4. )-1105.5 (OTHER 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