江苏宁沪高速公路股份有限公司：2026年度日常关联交易公告详解

一、公告要点及对投资者的影响

• 涉及28项日常关联交易，累计额度达人民币64932.68万元，预计与去年基本持平。
• 本次交易不需提交股东大会批准，由董事会审议通过，独立董事事前审核并同意。
• 关联交易涵盖系统软件建设、网络安全、机电维护、养护工程、广告宣传、物业、租赁、保险代理、培训、加油站经营、汽车租赁、保理业务、资产处置、光伏电站建设等多个业务领域。
• 交易价格均通过招标、比价、第三方造价咨询等方式定价，确保公允合理，未出现利益输送。
• 涉及交易方包括江苏交通控股有限公司、招商局公路网络科技控股股份有限公司及其控股附属公司。
• 公司董事会认为上述交易不会损害公司及非关联股东利益，不影响上市公司独立性，对公司无负面影响。

二、具体交易内容

• 系统软件建设及维护服务：与南京感动科技公司等签署框架协议，涉及云值机、收费车道云赋能、办公系统信息化模块建设等，金额超千万元。
• 网络安全服务：广靖锡澄公司与元创公司签署协议，金额12万元。
• 机电系统及信息化平台维护：与高速信息公司合作，涵盖服务区信息化、智慧服务区升级改造，金额达525.82万元。
• ETC、云收费等智慧交通服务：通行宝公司提供云调度、SD-WAN、路网技术、云收费采购、ETC聚合支付等，年度上限超7600万元。
• 路桥养护及检测：现代路桥公司、养护技术公司、现代检测公司等提供日常养护、专项维修、检测服务，单项年度金额最高达3亿元。
• 办公用房租赁、物业服务：与交控商运公司等签署协议，涵盖租赁、物业、会务服务，金额超7000万元。
• 加油站、充电桩经营：与高速能源公司、泰兴油品公司、宜长公司等签署加油站租赁协议，年度金额超3700万元。
• 汽车租赁、保理业务：快鹿公司提供汽车租赁，保理公司提供保理服务。
• 资产管理、房屋委托管理：与资管公司合作处置废旧护栏板和房屋委托管理。
• 光伏电站建设及电力销售：苏交控清能江苏公司与多家高速公司签署租用场地建设光伏电站并销售电力项目，年度金额达4290万元。

三、交易定价与风险控制

• 所有交易通过公开招标、第三方审价、市场询价、行业指导价等方式定价，确保公平合理。
• 各项服务及采购在季度或年度结算，部分项目按进度付款或一次性结算，资金来源为自有资金或符合用途的融资款项。
• 公司与关联方均为集团控股，历史协议均能有效履约，未出现违约风险。

四、关联交易对公司及股东的影响

• 公告明确，本次关联交易不会对公司独立性、主营业务、利润产生依赖，不损害中小股东利益。
• 交易有助于集团内部协同，提升管理效率，节约成本，保证主营业务有效运营。
• 如部分高速公路改扩建项目进度晚于预期，可能影响成本确认及实际发生金额。

五、潜在影响与投资者关注

• 关联交易额度总体与去年持平，未出现大幅增长，反映公司业务稳定。
• 涉及智慧交通、光伏电站等新业务板块，若后续相关业务放量，可能对公司业绩形成支撑。
• 如未来关联交易结构、定价、实际发生金额出现显著变化，可能对公司利润、现金流造成影响，投资者需持续关注。
• 本公告按《上海证券交易所股票上市规则》和《香港联合交易所上市规则》披露，部分交易已达到披露要求，但均无需股东会批准。

六、主要关联方介绍

• 江苏交通控股有限公司为公司控股股东，注册资本16.8亿元，总资产901亿元。
• 招商局公路网络科技控股股份有限公司为公司第二大股东，总资产159亿元。
• 各关联方均为集团旗下或控股公司，经营范围涵盖公路、桥梁、信息化、能源、交通等。

七、结论

本次公告涉及多项金额较大的日常关联交易，均为公司及控股子公司主营业务范围内，交易价格公允合理，未出现利益输送或损害中小股东利益的情形。整体交易额度与去年持平，反映公司业务稳定。投资者需关注后续关联交易结构、业务发展及实际发生金额变化，尤其是智慧交通、光伏电站等领域，若规模放量或政策变化，可能对公司业绩形成支撑或影响股价。

免责声明：本文仅为信息披露及分析，不构成任何投资建议。投资者应结合自身判断和风险偏好进行决策。公司未来业绩受多种因素影响，公告内容仅供参考。

English Version

Jiangsu Ningtong Expressway Co., Ltd.: Detailed Analysis of 2026 Routine Related Transactions

Key Points and Investor Impact

• 28 routine related transactions with a total cap of RMB 649.33 million, similar to last year.
• No shareholder meeting approval required; board and independent directors have reviewed and approved.
• Transactions cover software systems, cybersecurity, electromechanical maintenance, bridge maintenance, advertising, property, leasing, insurance agency, training, gas station operations, car rentals, factoring, asset disposal, photovoltaic power station construction, and more.
• Transaction prices set via bidding, comparison, third-party appraisal; no interest transfer detected.
• Counterparties include Jiangsu Transportation Holding Co., Ltd., China Merchants Highway Technology Holdings Co., Ltd., and their subsidiaries.
• The board asserts these deals do not harm non-related shareholders or affect company independence.

Transaction Details

• Software system construction/maintenance: Agreements with Nanjing Gandong Technology etc., covering cloud-based modules, amounting to millions.
• Cybersecurity: Guangjing Xicheng signs with Yuan Chuang for RMB 120,000.
• Electromechanical and IT platform maintenance: High-speed info company provides services for service areas, upgrades, with caps over RMB 5 million.
• Smart transport/ETC cloud services: Tongxingbao offers cloud dispatch, SD-WAN, network tech, ETC payment integration, with annual caps over RMB 76 million.
• Bridge maintenance/testing: Modern Road Bridge, Technical Maintenance, and Testing companies provide core services, with single annual transaction caps up to RMB 300 million.
• Office leasing/property: Agreements with Commercial Operations Co., Ltd., over RMB 70 million.
• Gas station/charging pile operations: With Energy Co., Ltd., Taixing Oil, Yichang, annual caps over RMB 37 million.
• Car rental/factoring: Kua Lu and Factoring companies provide services.
• Asset management/entrusted property: Asset Management Co. handles disposal and property management.
• Photovoltaic power station/electricity sales: Sujiaokong Clean Energy Jiangsu signs with multiple highway companies, annual cap RMB 42.9 million.

Pricing & Risk Control

• All prices set by open bidding, third-party appraisal, market inquiry, industry guidance, ensuring fairness.
• Payments settled quarterly or annually, some by progress or lump sum, using own funds or qualified financing.
• All parties are group-controlled, past agreements executed without defaults, no credit risk detected.

Impact on Company & Shareholders

• Transactions do not affect company independence or profit dependency, nor harm minority shareholders.
• Group synergy helps save costs, improve management efficiency, and ensures business operation.
• Project progress delays (e.g., highway expansion) may affect cost recognition and actual occurrence amounts.

Potential Impact & Investor Focus

• Total related transaction cap is stable vs last year, showing steady operations.
• Smart transport and photovoltaic expansion may boost future earnings if business scales up.
• Any material changes to transaction structure, pricing, or actual amounts could affect profits/cash flows—investors should monitor closely.
• All disclosures meet Shanghai and Hong Kong listing rules; no shareholder meeting required.

Main Related Parties

• Jiangsu Transportation Holding Co., Ltd. is the controlling shareholder, capital RMB 1.68 billion, total assets RMB 90.1 billion.
• China Merchants Highway Technology Holdings Co., Ltd. is the second largest shareholder, total assets RMB 15.9 billion.
• All parties are group companies, with business ranging from highways, bridges, information technology, energy, transportation.

Conclusion

These routine related transactions, with substantial amounts, are within the company’s main business scope and are fairly priced. There is no evidence of interest transfer or harm to minority shareholders. The overall cap is stable, reflecting steady operations. Investors should pay attention to future changes in transaction structure and business expansion, especially in smart transport and photovoltaic fields, as these may impact earnings and share prices.

Disclaimer: This article is for information and analysis only and does not constitute investment advice. Investors should make decisions based on their own judgment and risk tolerance. Future performance is affected by various factors; this disclosure is for reference only.

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