CONTENTS
Chairman
Section Section
tion
Premium Xiandai Nurturing Xian-
Governance Services Environmental dai's Talent Social
Section Section Workforce Section
Innovation 53 Protecting Employees'
Forging Xiandai Gov- 26 Safeguarding Safety Bot- Landscape, Honoring Hunan's Develop-
ernance tom Line Xiandai's Low-Carbon 54 Prioritizing Employee ment, Fulfilling Xian-
Commitment Development dai's Social Responsi-
bilities
ernance 37 Addressing Climate Change Health and Well-being
Supply Chain
Development with Part-
ners
Responsibilities
About This Report
Report Description Reporting Scope
This annual report is the fourth Sustainability and Environmental, Social and Governance ("ESG") Report released by Xiandai In- Unless otherwise specified, the time range of the data contained in this report is from January 1, 2025 to December 31, 2025 ("within
vestment Co., Ltd. ("Xiandai Investment", "Company" or "We\our" for short). this year" or "during the reporting period" for short). In order to enhance the comparability and completeness of the report, it will
be extended appropriately.
Reporting Boundary
This report covers Xiandai Investment and our branches, wholly-owned subsidiaries, and holding subsidiaries. Unless otherwise stat- Preparation Basis
ed, the scope of this report is the same as that of the Company's annual report.
Self-Regulatory Guidelines No. 17 for Companies Listed on Shenzhen Stock Exchange - Sustainability Report (For Trial Implemen-
●?
tation)
Branches Self-Regulatory Guidance No. 3 for Companies Listed on Shenzhen Stock Exchange – Preparation of Sustainability Report
●?
GRI Sustainability Reporting Standards (GRI Standards) issued by Global Sustainability Standards Board
●?
Changsha Branch of Xiandai Investment Co., Ltd. Huaihua Branch of Xiandai Investment Co., Ltd. The 2030 Agenda for Sustainable Development (SDGs) issued by United Nations
●?
("Changsha Branch" for short) ("Huaihua Branch" for short)
Reference Indicator System for ESG Reports of Listed Companies Controlled by Central State-owned Enterprises issued by the
●?
State-owned Assets Supervision and Administration Commission of the State Council (SASAC)
Guidance on Social Responsibility (ISO 26000:2010) issued by the International Organization for Standardization (ISO)
●?
Wholly-owned subsidiaries
Data Source
Dayou Futures Co., Ltd. Modern Wealth Capital Management Co., Ltd. The financial data disclosed in this report is sourced from the 2025 Annual Report of Xiandai Investment Co., Ltd. Other data comes
("Dayou Futures" for short) ("Modern Wealth" for short) from the Company's official documents and statistical reports, which have been reviewed by relevant departments. Unless oth-
erwise specified, all currency amounts involved in this report are in CNY. During the reporting period, due to some adjustments in
Hunan Modern Environment Technology Co., Ltd. Hunan Modern Assets Management Co., Ltd. statistical methods and restatements of certain data, for any discrepancy with previous reports, this report shall prevail.
("Modern Environment" for short) ("Modern Assets" for short)
Hunan Modern New Energy Co., Ltd. Hunan Modern Hongyuan Venture Capital Co., Ltd.
("Modern New Energy" for short) ("Modern Hongyuan" for short) Reliability Assurance
The Board of Directors of the Company hereby guarantees that the report is free of misrepresentations or misleading statements,
and bears responsibility for the authenticity, accuracy and completeness of the contents.
Holding subsidiaries
Hunan Yueyang Baling Rural Commercial Bank Co., Ltd. Hunan Huaizhi Expressway Construction and Report Access
("Yueyang Baling RCB" for short) Development Co., Ltd.
("Huaizhi Company" for short) This report includes Chinese and English versions, is designed to meet the information needs of stakeholders from different geo-
graphical and linguistic backgrounds, and is published annually in electronic format. You can obtain the electronic version of the
Hunan Xiangheng Expressway Co., Ltd.
report on the www.cninfo.com.cn. If there is any discrepancy between the two versions, the Chinese version shall prevail.
("Xiangheng Company" for short)
Message from the Chairman
This year, we strengthened fundamentals, improved quality portance to engineering protection and ecological restoration,
and efficiency, and strove to be a pioneer in modernizing cor- protected biodiversity, improved greening quality in parks, and
porate governance. We stayed committed to high-quality devel- realized harmonious coexistence between transportation infra-
opment led by high-quality Party building, optimized the "Three structure and the natural environment.
Importance and One Greatness" decision-making mechanism,
strengthened political oversight and integrity development, im- This year, we attracted and cultivated talents, building a strong
proved the long-term mechanism for compliance management, "reservoir" of high-quality industrial teams. Adhering to the
prevented and resolved various risks, and translated institutional strategy of strengthening the enterprise with talents, we deep-
strengths into governance efficiency. The Company's Wind ESG ened the reform of the industrial worker team, built platforms
rating rose from Grade A to AA, ranking among the top three for innovation, efficiency improvement, and cultivation of model
in the expressway sector and first among Hunan's provincial workers and craftsmen, and focused on developing research
state-owned enterprises. We successively received honors such teams. Several affiliates were selected into the first batch of
as "Outstanding Sustainable Development Practices of Listed "Youth Innovation and Efficiency Studios" of higher-level au-
Companies" and "Wind's 2025 China Listed Companies ESG Best thorities; many employees won provincial and municipal talent
Practices Top 100 (Mid-and Small-Cap)". Our ESG management honors and were selected into provincial professional expert
leads both the industry and the province, effectively enhancing databases, further raising the Company's overall professional
the Company's long-term investment value and brand reputation competence. Focusing on the "urgent needs and difficulties" of
in the capital market. employees, we completed all livelihood projects identified at
the beginning of the year with high quality, including sewage
This year, we pursued digital-intelligent operations and in- treatment renovation and AED installation. These efforts laid a
novation, acting as a "trailblazer" in digital transformation of solid talent foundation and gathered strong momentum for the
transportation. In digital-intelligent innovation, we fostered new Company's high-quality development.
"Data × Transportation" business forms; our data application
Party Secretary achievements won multiple provincial and ministerial honors. This year, we cared for people's wellbeing and gave back to
and Chairman We formulated the "Data-Linked Logistics" strategy, continu- society, serving as a "standard-bearer" for fulfilling the respon-
ously strengthening and expanding the road-related industrial sibilities of state-owned enterprises. We thoroughly implement-
ecosystem. We promoted the iteration and application of core ed the arrangements of the National Conference on Commerce
technologies including AI recognition and IoT communication, regarding "maintaining the resilience and security of industrial
improving the effectiveness of technology deployment. In smart and supply chains", built a "digital platform + supply chain"
highway development, we have rolled out the "post-paid toll ser- system, further expanded scenarios for new quality productive
vice" and Electronic Toll Collection (ETC) pre-transaction system forces, and promoted coordinated development of the industrial
at key toll stations, developed an innovative toll collection model chain. We deepened industry-university-research integration and
defined by "fully unmanned toll operations, cloud-enabled ser- innovation, injecting strong impetus into industrial upgrading.
vice delivery and streamlined operation & maintenance (O&M)", We systematically built a women workers' work system with
and completed tidal flow lane retrofitting projects. These initia- characteristics of Xiandai Investment, improved a normalized
tives have fully unlocked the potential of existing lane resources, assistance mechanism, and provided targeted care to employees
effectively alleviated peak-hour traffic congestion, and delivered in need. We deepened rural finance and steadfastly advanced
both material improvements in traffic efficiency and tangible en- comprehensive rural revitalization. Around major time points,
The journey stretches far and wide; the time to strive is now. The year 2025, just past, marks the conclu- vironmental benefits. In maintenance management, we widely we launched volunteer services such as the "Warm Winter
sion of the "14th Five-Year Plan" and a pivotal year in the Company's development—one that connects applied advanced technologies such as artificial intelligence, Campaign", serving more than 100,000 drivers and passengers,
initially establishing a smart maintenance and intelligent mon- demonstrating the warmth of a state-owned enterprise in serving
the past and the future while forging ahead with perseverance. Over the year, we integrated environmen-
itoring system and building an integrated "space-air-ground" people's livelihood.
tal risk considerations into strategic decision-making, embedded commitment to social responsibility monitoring network.
into daily operations, and strengthened adherence to long-termism in corporate governance. It is this Those who observe the trends are clear-minded; those who follow
exploration of internalizing ESG into our development DNA that, guided by the "Dual Carbon" goals, has This year, we planted and protected greenery, pursuing the trends are wise. The year 2026 marks the start of the "15th Five-
enabled us to achieve steady growth in operating performance. At the same time, we have demonstrated low-carbon development as a "pathfinder" for road-related Year Plan". We will continue to be guided by Xi Jinping Thought
low-carbon growth. We thoroughly implemented the national on Socialism with Chinese Characteristics for a New Era, stay com-
the responsibility and warmth of a state-owned listed company across broader dimensions: environmen-
"Dual Carbon" strategy and integrated the philosophy of green mitted to high-quality development, anchor value creation, and
tal protection, employee growth, and win-win cooperation with partners. development into the entire operation process. We vigorously pursue "both internal excellence and external excellence". We will
promoted photovoltaic applications and smart energy man- strengthen our core business to improve quality and efficiency,
agement, advanced innovation in fly ash resource utilization re- consolidate our foundational strengths, convey corporate value,
search projects, and completed iterative research on integrated and strive to build a listed company with prominent core business,
smart sewage equipment. We carried out low-noise pavement modern governance, and core competitiveness. We will unite and
renovation, innovated collaborative solid waste disposal tech- strive to write a new chapter of high-quality development for Xian-
nologies, and comprehensively improved energy and resource dai Investment.
utilization efficiency. We accelerated new energy development
and actively conducted scientific and technological innovation
and R&D based on project construction. We attached equal im-
About Us
Company Profile
Xiandai Investment Co., Ltd. was founded in 1993, principally engaging in the con-
struction, operation and management of expressways. The Company was listed on
the Shenzhen Stock Exchange in 1999 (Stock Code: 000900, "Xiandai Investment"
for short name). With the mission of "Creating and Sharing a Better Path, Practicing
Green Development", the Company has built a "Main Engine with Dual Boosters"
development pattern, taking expressway operation and management as the main
engine, and financial services and industrial operation as the "dual boosters". Based
on expressway assets and pursuing synergistic growth, its business scope covers ex-
pressways, banking, futures, environmental protection, new energy, digital-intelligent
logistics and asset management among other fields. In 2025, the Company achieved
a total operating revenue of 6.48 CNY billion, a total profit of 717 CNY million,and to-
tal assets of 59.67 CNY billion ,the weighted average return on equity (ROE) stood at
Honors and Recognitions
Selected as a Typical Case for Develop- Grade A rating for information disclo- Fourth Session of Typical Cases of Grassroots "Outstanding Achievements (Cases) of Party
ment and Utilization of Public Trans- sure 2024–2025 Party Building Innovation in the Transporta- Building Innovation in State-Owned Enter-
portation Data Shenzhen Stock Exchange tion Industry prises" 2025
Science and Technology Department of the China Communications News Co., Ltd., Enterprise Party Building Committee, China Enterprise Re-
Ministry of Transport China Communications Press Association form and Development Society; Editorial Office of State-
Owned Enterprises Magazine ; Enterprise Observer News
Best Practice Case of Internal Control of Chinese Listed Companies 2025, Outstand- ESG New Benchmark Wind's 2025 China Listed Companies
ing Sustainable Development Practices of Listed Companies 2025, Outstanding Enterprise Award ESG Best Practices Top 100 (Mid-and
Rural Vitalization Practice Case of Listed Companies 2024 StockStar Small-Cap)
China Association for Public Companies Wind
Second Prize of Science and Technol- Golden Information Disclosure "Excellent Institutional Service Award" of 2025 Global Futures Traders Con-
ogy Award of All-China Environment Award 2024 ference and the 19th National Futures (Options) Live Trading Competition,
Federation China Securities Journal the 12th Global Derivatives Live Trading Competition
All-China Environment Federation 2025 Global Futures Traders Conference and the 19th National Futures (Options) Live
Trading Competition, the 12th Global Derivatives Live Trading Competition
Governance
Xiandai Investment is guided by the vision of "Empowering Green Development and Creating Long-Term Value". We continue to op-
timize our value delivery path, systematically advance the development and implementation of the ESG management system, and
Number of female Attendance of board Annual audit plan Response rate of inves- integrate the ESG philosophy into all aspects of production and operation. We strive to strengthen the capital market's recognition
directors members execution rate tor inquires of the Company's long-term value and become a new benchmark in ESG governance among state-owned listed companies.
Board Statement
% % %
The Board of Directors (the Board) is the highest supervisory and decision-making body for the Company's ESG management. It is
Operation responsible for formulating ESG strategies, managing risks and opportunities, making decisions for major matters, and approving
the Company's annual sustainability report, etc. The Board has established a subordinate Strategy and Sustainability Committee to
assist itself in overseeing the implementation of key ESG topics and strategies and to report to the Board on a regular basis.
Length of highway Proportion of Class I Road excellence Individuals covered by financial
landscape greenbelt and Class II bridges rate knowledge activities The Board attaches great importance to ESG performance management. The Company has integrated such key topics as work
safety, rural vitalization and environmental compliance into performance and compensation assessments. The Board conducts an-
ESG Governance Structure
Environmental
We further continuously improved our ESG management system, designated the Board as the decision-making body for sustain-
ability initiatives and the responsible unit for the overall planning and promotion of ESG management. The Strategy and Sustain-
Renewable energy consumption Direct (Scope 1) GHG emissions Indirect (Scope 2) GHG ability Committee is fully responsible for the Company's sustainability strategies and management policies. The management
emissions formulates and optimizes ESG management policies and implementation strategies. The Securities Affairs Department, as the
leading-ESG department, assists the management in setting specific ESG work plans. Other functional departments, branches and
subsidiaries are responsible for executing related tasks. This solid structure ensures closed-loop management to achieve the Com-
pany's sustainability strategies and objectives.
Total investment in envi- Investment in road maintenance
ronmental protection projects
Board of Directors
Decision-making level
Strategy and Sustainabil-
ity Committee
Social
Customer satisfaction per- Total number of Work safety investment Annual training expenditure The Management
centage employees
Organizational level
Securities Affairs Department
Participants of employ- Number of participants in Beneficiaries of rural
ee training social welfare activities vitalization
Headquarters' Functional
Xiandai Investment ESG Governance Structure
Stakeholder Communication Materiality Assessment
The Company highly values communication with internal and external stakeholders, established diversified communication chan- In accordance with the Self-Regulatory Guidelines No. 17 for Companies Listed on Shenzhen Stock Exchange - Sustainability Report
nels and feedback mechanisms, takes the initiative to listen to and respond to stakeholders' demands, and promotes in-depth and (For Trial Implementation) and domestic and international ESG disclosure standards, the Company identified 21 material topics
solid progress in social responsibility management. based on the "double materiality" principle, combined with key stakeholder concerns and industry benchmarks. The management
analyzed and prioritized the topics from the two dimensions of "impact materiality" and "financial materiality" to form a materiali-
ty matrix. After review by the management, the material topics of the year were finally determined.
Expectations for Xiandai Invest-
Stakeholders Response and measures
ment
●?Integrity and law-abiding opera- 2025 Xiandai Investment ESG Materiality Matrix
tion
●?Policy advocacy
●?Local economic development
Government and regulatory ●?Qualification review Double materiality matrix of Xiandai Investment
promotion
authorities ●?Information disclosure
●?Energy saving and consumption
●?Suggestions
reduction
High importance
●?Environmental protection
●?Employee seminars
●?Work safety
●?Employee training
●?Career development
Employees ●?Corporate culture activities
●?Compensation and benefits
●?Social media
●?Interests and rights protection Risk management
●?Workers' congress
●?Safe travel Innovation-driven
●?Customer complaints
●?Service quality Response to development
Customers ●?Satisfaction survey climate change Product and service safety and quality
●?Information and privacy protec-
●?Social media Corporate governance
Financial materiality
tion Employees' rights and interests
Occupational health and safety
Board building
Talent training and management
●?Procurement in an open, fair and Energy management Business ethics
transparent way ●?Supplier audit Environmental compliance management
Suppliers and partners ●?Compliance management ●?Bidding procurement Supply chain management
●?Contract fulfillment in compliance ●?Phone and email
Circular economy
Data security and customer privacy protection
with laws
Water resource Ecosystem and biodiversity conservation
●?Shareholders' meeting management Emission management
●?Sustainable profitability ●?Periodic information disclosure
Shareholders and investors
●?Regulating governance ●?Investor meeting
●?Media publicity
Social welfare
●?Regular communication and re-
●?Environment and social perfor- Community relations
porting
Media and NGOs mance
●?Press release
●?Road quality and safety Rural vitalization
●?Media interview
Low importance High importance
●?Harmonious community develop- Impact materiality
●?Volunteer activities
ment
●?Job creation
Communities and the public ●?Local livelihoods improvement
Environmental Social Governance
●?Charity
●?Public welfare support
●?Social media
●?Operation according to laws
Rooted in Hunan, Forging Xiandai
Governance
Xiandai Investment Section Governance
Governance
Rooted in Hunan
Section
Forging Modern Governance
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era,
Xiandai Investment thoroughly implements the guidelines of the State-owned Assets Su-
pervision and Administration Commission (SASAC) and the China Securities Regulatory
Commission (CSRC) on high-quality development of listed companies. The Company
continuously improves its corporate governance system, holds fast to the bottom line of
sound operation, strengthens the risk and compliance management system , prevents and
resolves various risks, upholds business ethics, reinforces Party building leadership, and
comprehensively enhances governance effectiveness.
Rooted in Hunan, Forging Xiandai
Governance
Xiandai Investment Section Governance
Solidifying Corporate Governance Board building
The Company consistently emphasizes the professionalism, diversity and inclusiveness of the Board of Directors. In nominating di-
In strict compliance with the Company Law of the People's Republic of China , the Securities Law of the People's Republic of China ,
rectors, it takes into full account gender, age, educational background, professional experience and industry standing, requiring pro-
the Code of Corporate Governance for Listed Companies and other laws and regulations, as well as the latest regulatory require-
found expertise in road operation, legal and risk control, financial management and other fields to underpin sound decision-making.
ments of the CSRC and the Shenzhen Stock Exchange (SZSE), the Company revised key instruments including the Articles of Asso-
The Board currently comprises 9 directors, including 3 independent directors and 3 female directors.
ciation , the Rules of Procedure for the Shareholders' Meeting , and the Rules of Procedure for the Board of Directors . It successfully
completed key governance initiatives such as the reform of the Board of Supervisors and the functional optimization of the Audit During the reporting period, to further enhance the scientific decision-making of the Board and its special committees, external di-
Committee. Meanwhile, the Company promoted the iteration of governance systems across all subsidiaries and affiliates, building rectors gained in-depth insights into operations and the market through thematic meetings and on-site investigations. Leveraging
an integrated governance system of "parent company leadership, subsidiary collaboration". A governance structure composed of the their rich expertise in finance, law and investment, external directors put forward targeted and practical suggestions on optimizing the
Shareholders' Meeting, Board of Directors and Management was established, with a well-defined and standardized operating mech- management system, refining development strategies and strengthening risk prevention, effectively supporting decision-making.
anism that effectively ensures impartiality and scientificity in governance decisions, supporting steady operation and value creation.
Strategy and Sustainability
Committee Shareholder meetings held Board meetings held Specialized committees' meetings
Shareholders' meeting
Audit Committee Board of Supervisors 4 8 11
Board of Directors In accordance with the requirements of
Remuneration and Assess- the Company Law of the People's Repub- Extraordinary meetings of The attendance rate of members when participating in Shareholder meet-
ment Committee lic of China (revised at the end of 2024) independent directors ings, Board meetings and Specialized committees' meetings
and regulatory authorities including the
General Manager
Nomination Committee
China Securities Regulatory Commission
(CSRC) and stock exchanges, the Compa-
ny completed the reform of the Board of
Headquarters' Functional Supervisors in November 2025. The Audit
Note: As of the reform of the Board of Supervisors in November 2025, a total of 4 meetings were held
Departments Committee of the Board of Directors ex-
ercises the functions and powers of the
Board of Supervisors as stipulated in the
previous Company Law.
Branches and subsidiaries
Specialized Training for Directors, Supervisors and Senior Management
Organization Structure of Xiandai Investment
On April 1, 2025, the Company held a specialized training
session for directors, supervisors and senior management
themed "Corporate Governance and Market Value Manage-
ment". The training covered recent capital market devel-
opments, with a focus on the reform changes following the
"Nine Guidelines of the State Council", the new Company Law
and related regulatory revisions. It elaborated on strategies
and methods of market value management, emphasizing its
close alignment with corporate strategy. The training deep-
ened participants' understanding of corporate governance,
strengthened their awareness of standardized operation and
performance capabilities, and further elevated the Company's
governance effectiveness.
Rooted in Hunan, Forging Xiandai
Governance
Xiandai Investment Section Governance
Strengthening Risk Management
Protection of investors' rights and interests Xiandai Investment has long adhered to the management philosophy of "Promote Compliance, Strengthen Internal Control, Pre-
vent Risks". It has continuously improved its institutional system to form a hierarchical, categorized, scientific and robust institu-
tional framework. The Company has innovatively developed a digital system that integrates compliance, internal control and risk
The Company adheres to the fundamental principles of "truthfulness, accuracy, completeness, timeliness and fairness" in informa-
management (the trinity), and established a sound risk management and control mechanism. By fully leveraging the synergistic
tion disclosure. It has built a full-process, multi-dimensional internal control system covering pre-review, in-process control and
integration of internal control management, audit supervision and legal compliance, the Company has steadily enhanced its capa-
post-event tracking, effectively enhancing transparency and credibility in the capital market, laying a solid foundation for a sound
bilities in risk identification, early warning and response.
corporate image and investor rights protection.
Law-abiding and compliance
The Company formulated and implemented the Compliance Management System
The Company issued The Company has been awarded the Grade A Information Dis-
closure Rating by the Shenzhen Stock Exchange (SZSE) for four
and Detailed Rules for the Implementation of Compliance Management System ,
established a Compliance Committee to spearhead the compliance management
accordance with regulations
consecutive years, and successfully won the "Golden Information
Disclosure Award" presented by China Securities Journal .
system , and developed lists for compliance review and due compliance exemption to
build three lines of defense for compliance. Compliance management is implement-
systems added revised
ed to the frontline of business and integrated into all aspects of operation and man-
agement. In 2025, the annual compliance management report was compiled and 251 Existing systems in total
submitted to the Board for deliberation, ensuring full oversight by the governance
The Company adheres to the core philosophy of "investor-centric" and focuses on the goal of "delivering corporate value and layer over risk control and system implementation.
building market consensus". It advances the two parallel lines of investor relations – "value attraction line" and "sentiment stability
line" – to earnestly fulfill its responsibility of protecting investors' rights and interests, realize efficient interaction and in-depth res-
Compliance training was delivered to management at all levels, key positions and le-
gal personnel, and online courses were rolled out across all business units to achieve
ance commitment lettertotal
onance between the Company and investors, and foster a sound capital market ecosystem.
full coverage. Compliance training is also included in onboarding programs, fostering
a strong compliance culture and self-discipline.
Internal control and audit supervision
The Company has formulated and complied with institutional documents including the Internal Control Management Measures
The Company has built a communication Deepen the "going out + bringing in" two- and Detailed Rules for the Implementation of Internal Control Assessment . It has organized all subsidiaries and departments to
matrix of "mainstream financial media way mechanism: participate in industry complete internal control assessments, compiled lists of internal control deficiencies and internal control assessment reports,
+ professional institutional platforms". exchanges, host institutional research, formulated rectification plans and supervised the closure of rectification items one by one. These efforts have effectively improved
Following the release of periodic reports and accurately interpret the synergistic the Company's internal control processes and promoted the internal control system to upgrade from "formal compliance" to "sub-
and major announcements, it promptly advantages of "transportation infrastruc- stantive effectiveness".
delivers in-depth interpretations to sys- Investor re- ture + smart logistics + industrial finance".
Centered on budget implementation, and supported by risk management, economic responsibility, post-investment evaluation
tematically communicate the Company's Adopt differentiated communication
lations initia- and other work, the Company carries out integrated combined audits. It highlights the whole-process review system for budget
strategic layout, business highlights and strategies for different investor groups to
tives implementation, the key points of quality control in each link, and the hierarchical responsibility system for audit quality. This ap-
development potential, continuously ex- improve precision.
proach not only clarifies the boundaries of responsibilities but also strengthens accountability, with all nodes working in the same
panding its investor reach.
direction to efficiently advance audit work and jointly ensure the quality of audit results.
The Company won the "Best Practice Case of Internal Control"
Engage investors through annual performance briefings, investor meetings and online
Q&A.The annual performance briefing retained the "dual-platform live streaming + ex-
On September 22, 2025, under the guidance of the Department of Accounting of the Ministry of Finance of the People's Republic of
ecutive interview videos" format to further narrow the distance with investors.
China and the Department of Accounting of the China Securities Regulatory Commission, the China Association for Public Compa-
nies announced the results of the selection of best practice cases of internal control. The Company's case Innovation-Driven Devel-
opment: Internal Control Upgrades from Risk Defense to Value Creation stood out from 270 listed companies nationwide and was
successfully selected as a "Best Practice Case of Internal Control", being showcased
as one of the 18 best cases. This fully demonstrates the outstanding achievements of
the Company's innovative construction of the internal control system in recent years.
Rooted in Hunan, Forging Xiandai
Governance
Xiandai Investment Section Governance
Risk management
The Company has established the Comprehensive Risk Management System , Risk Assessment and Management Implementation Personnel health &
Rules , Operating Risks Prevention and Control System for Subsidiaries . It has established a comprehensive risk management or- Score Impact level Financial impact Corporate reputational impact
safety impact
ganization system composed of the Company's Board of Directors, Party Committee, management team, responsible departments,
audit department, various functional departments, and secondary and tertiary subsidiaries. A "three lines of defense" structure has
Causes certain impact within the
been formed, consisting of business departments, risk control departments, and audit supervision departments, to jointly manage
Low: The risk has a certain Financial loss province (brand, image, compet-
and control operational risks. All secondary subsidiaries under the Company have established their own comprehensive risk man- Seriously affects the
impact on corporate im- accounts for 5% itiveness, market share, social
agement system s based on actual conditions. All functional departments and subsidiaries of the Company are responsible for the 1 health of one employee
age, production and oper- or below of pre- stability, etc.), which can be elim-
specific risk management work of their own units, and accept the organization, coordination and guidance of the Enterprise Man- or citizen
ation tax profit inated within a certain period at a
agement Department.
certain cost
Business departments and their subordinate enterprises are the specific implementing bodies for Medium: The risk affects Causes certain impact within the
Financial loss
First Line risk management and assessment. Their responsibilities primarily involve the implementation of business operation but Seriously affects the province (brand, image, competi-
accounts for
of Defense relevant policies and procedures, the solving of issues within risk management operations, and 6%–10% of pre-
the regular identification and self-assessment of risks. with no follow-up impact ployees or citizens bility, etc.), which takes a long time
tax profit
within a certain period to eliminate at a high cost
The Company's Management and the Enterprise Management Department, as the leading organiz- High: The risk has a signif-
Second ing departments for risk assessment, are responsible for organizing and guiding the relevant work icant impact on corporate Causes certain impact nationwide
Financial loss
Line of of the Company's departments and subsidiaries, supervising and inspecting the implementation operation, requiring re- Results in the death of (brand, image, competitiveness,
accounts for
Defense of risk assessments, and submitting risk assessment and management reports to the Company's 3 source input for manage- one or more employees market share, social stability, etc.),
over 10% of pre-
management. ment and resolution with- or citizens which requires long-term efforts
tax profit
in a certain period, and and huge costs to eliminate
affects corporate survival.
Third
The Audit Committee and external auditors provide risk management tools and conduct risk man-
Line of
agement supervision and evaluation.
Defense
Three Lines of Defense for the Company's Risk Management
The Company holds 2025 training on legal, risk control, internal control and compliance
The Company continuously identifies and assesses various risks covering strategic, financial, market, operational and legal as-
The "2025 Training on Legal, Risk Control, Internal Control
pects. In view of potential risks in business processes, it classifies them into three levels: "General, Significant and Critical".
and Compliance" was closely aligned with the requirements
for deepening the reform and improvement of state-owned
enterprises. With the core goal of "accelerating the building
Score Classification Specific description by classification of a systematic and integrated 'big risk control' management
system", the training integrated policy requirements, business
practice and concept development, providing targeted solu-
tions to enterprise management and control challenges. Tak-
ing this training as an opportunity, the Company optimized its
compliance management model based on the experience of
ed in-depth coordination of risk prevention and control with
strategic decision-making and business operation, and sup-
ported the high-quality development of the Company.
Rooted in Hunan, Forging Xiandai
Governance
Xiandai Investment Section Governance
Upholding Business Ethics
The Company shares characteristic experience at Hunan listed companies integrity &
self-discipline meeting
Xiandai Investment adheres to the business philosophy of integrity and trustworthiness, and continuously improves its governance On August 15, 2025, the first meeting of the Integrity and Self-Discipline Committee of Hunan Listed Companies Association in 2025
systems against corruption, unfair competition and money laundering. By improving institutional norms, strengthening discipline was held in Changsha. As the chairing unit, the Company took the initiative to share its innovative practices in integrity and com-
inspection and supervision, opening up reporting channels, and deepening compliance training, the Company strictly prohibits pliance construction. It focused on the "Five Responsibilities Coordination" accountability mechanism, the promotion path of the
any activities that damage its reputation for integrity, builds a strong line of defense against corruption, and consolidates the foun- "Six Integrity" Project, the precise management model of "One Company, One Checklist", and the "Two-Way Supervision" system,
dation for sustainable development with open and transparent business practices. demonstrating the Company's active exploration in building a sound integrity management system. Meanwhile, the Company
actively offered suggestions and put forward constructive opinions on improving industry norms and exploring a risk information
sharing mechanism (under the premise of compliance). The sharing and proposals received positive responses and recognition
Anti-bribery and anti-corruption
from the representatives present.
The Company strictly implements the Implementation Measures for the Responsibility of Party Governance with "Five Responsibil-
ities Coordination" (Trial) . It has established a Coordination Group for Party Conduct, Integrity and Anti-corruption Work, forming a
responsibility closed loop of "knowing responsibilities, fulfilling responsibilities and serious accountability", and building a respon-
sibility system featuring "overall leadership by the Party Committee, leading responsibility by the Secretary, detailed responsibility
by team members, solid implementation by functional departments and strict supervision by discipline inspection institutions".
By setting up grassroots integrity monitoring points, implementing the "One Company, One Checklist" supervision model, and ap-
pointing integrity supervisors, the Company has extended supervision to the grassroots and front lines, and fostered sound coordi-
nation among various types of supervision.
The Company has formulated and issued documents including the Integrity
Risk Prevention Manual of Xiandai Investment Co., Ltd. , Typical Cases of Violat-
ing the Eight-point Regulation of the Central Committee and the Action Task List
for the "Three Modernizations" Construction Year of the Company . It has held All branches and subsidiar-
warning education meetings, conducted collective integrity talks, signed Integ- ies organized
rity Commitments , and built characteristic integrity culture positions, continu-
ously expanding the influence of the "Clean Xiandai" initiative. All branches and
subsidiaries regularly release integrity updates, cartoons and messages through
Huaihua Branch builds a featured integrity culture promotion position: Dayou Futures launches "Clean Breeze, One Heart Journey" clean gov-
"Chasing Light and Sticking to Integrity" ernance collection
the Company's official website, WeChat Official Account and internal journals,
Covered more than
fostering a strong atmosphere of integrity and building a solid ideological line
The Company formulated and issued the Measures for Han-
of defense against corruption for cadres and employees.
dling Petitions, Reports and Problem Clues , continuously
improving the reporting management mechanism and open- Reporting & complaint channels
ing up internal and external supervision channels. Stakehold-
ers may truthfully report violations of rules and disciplines
Email: xdtzjjb@163.com
through the reporting mailbox, special hotline and public
email. All reported clues received are strictly verified and han-
Reporting hotline: 0731-88749890
dled in accordance with prescribed procedures, and relevant
personnel are held accountable in accordance with regula-
tions, disciplines and laws. Meanwhile, the Company earnestly
protects the legitimate rights and interests of whistleblowers
in accordance with the Whistleblower Protection System .
Integrity & anti-corruption training coverage Participants in integrity & anti-corruption training
Held the 2025 Meeting on Party Conduct, Integrity and Anti-corruption Work
Rooted in Hunan, Forging Xiandai
Governance
Xiandai Investment Section Governance
Upholding Party Leadership
Xiandai Investment is committed to "striving for excellence and taking the core path of integrated Party-building and business de-
Anti-money laundering
velopment", using high-quality Party building to lead high-quality corporate development. Throughout the year, our Party-building
work maintained clear direction, an optimized system, dynamic mechanisms and a distinctive brand, providing strong political
underpinning and robust internal impetus for the Company to pursue progress while maintaining stability, improving quality and
The Company's anti-money laundering (AML) work is mainly carried out by two boosting efficiency amid a complex environment.
subsidiaries: Dayou Futures and Yueyang Baling Rural Commercial Bank. The AML
Center of Dayou Futures compiled and issued the internal journal Anti-Money Laun-
dering Horizon , produced and promoted its first promotional video through multiple
Strengthening foundations
channels, and popularized anti-fraud knowledge on campuses and in communities.
Meanwhile, it optimized the suspicious transaction model; in 2025, the number of
and practice 12
sessions organized The-
reported suspicious transactions decreased by 66.67% year-on-year, and automatic Theoretical study seminars of the Party Committee
synchronization of system risk levels was realized. Yueyang Baling RCB achieved out-
oretical Learning Center Group held throughout the year
standing results in anti-money laundering and anti-telecom fraud efforts, winning a
full score in the annual assessment of the provincial rural credit system, and the ac- 1,751 attendances of
Guided by Xi Jinping Thought on Socialism with Chi-
nese Characteristics for a New Era, the Company fully
curacy of its suspicious transaction reports was affirmed by regulators. employees implemented the spirit of the 20th National Congress of
the Communist Party of China and the 2nd, 3rd and 4th
plenary sessions of the 20th Central Committee. We thor-
oughly put into practice General Secretary Xi Jinping's
Focus on new regulatory rules to build a strong defense against money laundering
risks – Dayou Futures holds AML special training
important expositions on the reform, development Over 80 Special Party lectures delivered by grassroots
and Party building of state-owned enterprises, strictly Party organization secretaries
followed the "First Agenda" system, and deeply stud-
On December 19, 2025, Dayou Futures launched a special training on Customer Due Diligence (CDD) and Suspicious Transaction ied the major decisions and plans of the Party Central
Reporting. Closely aligned with regulatory policy guidelines, the training provided an in-depth interpretation of the Measures for
Customer Due Diligence, Customer Identity Information and Transaction Record Keeping for Financial Institutions and the revised
Committee on SOE reform, building China into a strong
transportation country and developing new quality
Anti-Money Laundering Law. It strengthened the whole staff's awe of compliant operation and established the consensus of "Joint- productive forces. Centered on General Secretary Xi Jin-
ly Resisting Money Laundering Risks". The training optimized the due diligence process and information sharing tools, promoted
the safe and efficient flow of necessary customer background information within the compliance framework, and achieved the
ping's important instructions and directives on scientific
and technological innovation, safe development, green
completed
dual goals of precise risk prevention and protection of legitimate rights and interests of compliant customers. It effectively im- and low-carbon growth, and the joint construction of and obtained certificates for special courses via SASAC
proved the compliance operation capabilities of frontline staff, strengthened the whole staff's awareness of AML responsibilities, the "Belt and Road Initiative", we earnestly reflected the E-Learning
built a solid line of defense for compliant operation, and supported the steady development of the Company. "Two Upholds" in concrete actions and daily work.
Deep integration to boost development
The Company firmly embraced the philosophy of "focusing on development while strengthening Party building, and strengthening
Party building to promote development", fully implemented the "Party Building +" working model, and advanced the integrated
evaluation of "Party Building + Value Creation". We promoted deep integration of Party building with scientific and technological
innovation, giving full play to the role of Party branches and Party members in key projects including smart highways, digital-intel-
ligent logistics, new energy and environmental protection research. Organizational strengths were directly channeled to frontline
taskforces, and Party building was deeply integrated into all aspects of production and operation.
Empowering new energy through brand activities
The Company actively built the Party building brand "Integration for Long-term Development" and issued the Corporate Culture
Manual , clarifying brand connotation, logo system and practice paths, forming a themed, hierarchical and experiential "education
matrix". Based on their business characteristics, grassroots units created sub-brands such as "Keep Innovation, Red Golden Phoe-
Fair competition nix", "Chasing Light", "Great Integration Tree" and "Five Teams in One", enabling Party building brands to take root in business and
empower development.
The Company strictly abides by the Anti-Monopoly Law of the People's Republic of China , the Anti-Unfair Competition Law of the Honors
People's Republic of China and other relevant laws and regulations. It updated the Internal Supplier List , adheres to the principles
of honest operation and fair competition, and strictly prohibits unfair competition and monopolistic behaviors such as commercial
Huaihua Branch: "Enhancing the Political and Organ-
●? ●?Dayou Futures' "Great Integration Tree" and Huaihua
bribery and false publicity. The Company continuously standardizes procurement management, enhances the transparency and
izational Functions of Party Organizations and Inte- Branch's "Chasing Light" Party building brands were
traceability of procurement processes, is committed to building a fair, transparent and healthy business environment, and steadily
grating Party Building with Business" won Outstanding both selected as the Fourth Session of Typical Cases of
improves its compliant operation and management capabilities. No delayed payment to suppliers occurred in 2025.
Achievements (Case) of Party Building Innovation of Grassroots Party Building Innovation in the Transpor-
State-owned Enterprises 2025. tation Industry
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Service
Xiandai Investment Section Premium Xiandai Services
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Service
Section
Highways
Forging Modern Governance
Xiandai Investment has always upheld a "customer-centric" service philosophy. We contin-
uously upgraded service quality, optimized service processes and innovated service mod-
els, providing every customer with safe, convenient and warm travel experiences with care
and dedication.
SDGs:
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Inspiring Technological Innovation Safeguarding Safety Bottom Line
Xiandai Investment pursues innovation-driven development, with digital transformation at its core. We deepened technological Xiandai Investment thoroughly implements General Secretary Xi Jinping's important expositions on workplace safety, strictly en-
innovation and application in smart highways, smart maintenance and other fields, improved the intellectual property protection forces the Work Safety Law of the People's Republic of China and other laws and regulations, continuously advances workplace
system, and strengthened cybersecurity, injecting sustained momentum into building an intelligent and efficient modern transpor- safety standardization, improves the safety management system, strengthens safety risk control, deepens hazard investigation and
tation service system. remediation, and enhances emergency response capabilities. These efforts ensure a steadily improving workplace safety situation,
providing solid safety support for the Company's high-quality development.
Intelligent construction of high-quality projects
Driven by digital transformation, the Company built an intelligent management platform, introduced an AI intelligent inspection
system and established a bridge health monitoring system, realizing real-time collection and analysis of operation and mainte-
Improving the safety management and governance system
nance data. This shifted highway maintenance from "passive treatment" to "proactive prevention", comprehensively improving
The Company has established a sound organizational structure for workplace safety, set up a Work Safety Committee, clarified
operational efficiency and service quality.
workplace safety responsibilities at all levels, and built a responsibility network that covers all sectors horizontally and all levels
vertically. It continuously advances workplace safety standardization, improves the dual prevention mechanism, strengthens safe-
Huaihua Branch: Building an intelligent operation and maintenance system ty performance assessment, and forms a collaborative safety management pattern, providing solid organizational and institutional
support for workplace safety.
Huaihua Branch established a three-in-one intelligent opera- In accordance with the requirements of "one post, two re-
tion and maintenance system: "intelligent equipment + data sponsibilities" and "three managements, three musts", the
platform + refined management". It launched the province's Company signs the Work Safety Target Responsibility Letter at
first multi-functional "Management Cabin"; deployed 7 sets of all levels, strictly implements the workplace safety assessment
lane intelligent robots, with vehicle-type recognition accuracy mechanism, combines process and result evaluation, and ap-
exceeding 99% and exit toll efficiency increased by 40%; in- plies a "one-vote veto" system. Through monthly evaluations,
troduced AI intelligent inspection system to efficiently identify quarterly bulletins and annual accountability, the initiative
potholes, foreign objects and other road anomalies; applied and consciousness of all staff in fulfilling duties have been
bridge health monitoring system for real-time data collection effectively enhanced. Company leaders lead teams to conduct
and dynamic status control; upgraded unmanned aerial vehi- frontline safety inspections every quarter, focusing on the per-
cles (UAVs) to achieve precise positioning of defects on slopes formance of duties and the frequency and quality of hazard
and bridge bearings; promoted systematic, digital and auto- identification. In 2025, the Company passed the assessment
mated inspection, greatly improving intelligent operation and with a score of 952 and obtained the First-Class Certificate of
maintenance capabilities. Work Safety Standardization for Expressway Operation.
Changsha Branch: Building the Huaminglou Smart Operation and Management Center
Metrics Unit 2025
In 2025, Changsha Branch implemented the "Hunan Provincial Trunk Corridor Active
Control Demonstration Project" on the Changsha–Tanjiang Expressway. Using big
Work safety investment CNY million 177
data, artificial intelligence and cloud computing, it integrated institutional, personnel
and regional resources, merging Datunying Toll Station, Huaminglou Toll Station,
Jinshi Toll Station and Changsha Maintenance & Road Assets Safety Management Work safety standardization level - First-class
Office into the Huaminglou Operation and Management Center — the largest of its
kind in Hunan Province. Through the intelligent operation platform, it achieved deep
integration of tolling, electromechanical, audit, maintenance and road assets busi- Work safety standardization score Points 952
nesses, enhancing intensive management and multi-skilling. It provided an innova-
tive model for intensive operation and management of expressways.
Work safety accidents Cases 0
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Strengthening risk prevention and control in key areas Deepening safety culture and capacity building
The Company implements full-chain risk prevention and control in key areas including road maintenance operations, rescue and The Company firmly upholds the concept of safe development and takes safety culture construction as the fundamental way to
obstacle clearing, and extreme weather response. Through standardized operation management, intelligent monitoring and early improve safety management. By building a normalized safety training system, carrying out emergency drills and safety-themed ac-
warning, and multi-department collaboration, we have built a closed-loop management system covering prevention in advance, tivities, and establishing an incentive mechanism for hazard reporting, the Company promotes safety awareness to be internalized
response during the event, and improvement after the event, effectively preventing and resolving major safety risks and ensuring in mind and externalized in action, creates a strong atmosphere of "everyone talks about safety, everyone can respond to emer-
safe and stable road operation. gencies", and continuously improves the safety literacy and emergency response capabilities of all staff.
Strengthening safety management of road rescue and obstacle clearing Improving the safety training system to enhance the competency of all staff
The Company has established a sound safety management
Changsha Branch
system for road rescue and obstacle clearing, improved emer-
gency plans and standard operating procedures to ensure
rapid response, standardized disposal, safety and efficiency.
Volunteers of Changsha Branch found a large truck stuck in
an inspection pit at Yuhua Toll Station, immediately activated
the emergency plan, and helped the vehicle get out of trouble Compiled training materials and
in only 30 minutes, ensuring smooth traffic without accidents. competition question banks for
Sanjiang Management Office of Huaihua Branch found wild tunnel fire posts, built a part-
animals interfering with traffic in Xuefeng Tunnel in the early time fire team, and internalized
morning, quickly activated the linkage mechanism, guided safety awareness through joint
them to a safe area in time, eliminated hidden dangers and training to improve the practical
avoided accidents. ability of emergency rescue.
Improving the emergency response mechanism for extreme weather
Changsha Branch's safety knowledge training session
Huaihua Branch
The Company has improved the monitoring and early warn-
ing system for extreme weather, formulated graded response
plans, and strengthened the reserve of emergency supplies
and team building. Changsha Branch formulated a special
emergency plan for low-temperature, rain, snow and freezing Carried out 174 safety training
disasters, inspected key sections in advance and installed sessions, 224 safety inspections,
remote thermometers to achieve accurate early warning and identified 339 hazards; com-
and rapid response. In 2025, it launched 2 low-temperature piled safety manuals and added
responses and 3 flood control responses, with no congestion 29 intelligent monitoring points
or secondary accidents. Huaihua Branch launched 3 flood to build a "smart fire protection"
control responses and 2 low-temperature, rain, snow and system, enhancing emergency
freezing responses in 2025, effectively ensuring road safety capabilities and safety culture.
and smoothness under severe weather.
Huaihua Branch's launch ceremony of work safety month
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Carrying out diversified themed activities to cultivate safety culture Intellectual property protection
Guided by the Measures for the Administration of Scientific and Technological Innovation , the Company has established and im-
Taking "Work Safety Month", "Fire Safety Promotion Month" and other activities as carriers, the Company extensively carried out
proved its intellectual property protection system, and strengthened the transformation and application of technological innova-
safety knowledge competitions, emergency drills, hazard investigations and other themed activities to make safety culture deeply
tion achievements. By improving management mechanisms for patent application, trademark registration and copyright registra-
rooted in the hearts of the people.
tion, the Company has enhanced the creation, application, protection and management of intellectual property rights, providing
strong support for the sustainable innovative development of the enterprise.
Changsha Branch
Dayou Futures awarded national invention patent
the year, with 480 participants, integrating Party member The "Futures Knowledge Base System Based on Big Data Automated Tagging" independently developed by Dayou Futures has
commandos and volunteer services to strengthen the been granted a National Invention Patent Certificate. This system integrates data collection, extraction and automated tagging,
practical implementation of safety awareness. Tanhengxi builds an index between text data and tags, and realizes the accumulation and inheritance of knowledge assets. Employees can
Management Center carried out a joint emergency rescue quickly obtain required information, which greatly improves the convenience of information retrieval, effectively enhances internal
drill for traffic injuries with multiple units; Huanghua Toll knowledge management and team collaboration efficiency, and injects new momentum into the Company's scientific and techno-
Station organized emergency drills for on-site tolling and logical innovation.
vault robbery prevention, testing the feasibility of emergen-
cy plans through actual combat drills.
Fire drill training site
Huaihua Branch
In view of seasonal characteristics and weak links in work-
place safety, the Company organized tabletop exercises
such as "Flood Season Emergency Tabletop Drill", "Vehicle
Rescue Review — Tabletop Drill", and "Emergency Re-
sponse to Spontaneous Combustion of New Energy Vehi-
cles", comprehensively simulating the emergency response
process under sudden situations to improve coordination
between departments.
Huaihua Branch's rescue review simulation
Metrics Unit 2025 Metrics Unit 2025
Number of safety training sessions Sessions 709 Total number of invention patents Piece 143
Number of participants in safety training Participants 8,612 Number of newly added invention patents Piece 12
Number of other intellectual property rights (trademarks,
Number of safety and fire publicity and education sessions Sessions 412 Sessions 43
software copyrights, etc.)
Number of safety training sessions for special operation personnel Sessions 168 Number of newly added other intellectual property rights
Piece 8
(trademarks, software copyrights, etc.)
Safety training coverage rate % 100
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Delivering Premium Services
Cybersecurity maintenance
Xiandai Investment has always adhered to a customer-centric philosophy. Focusing on smooth and safe highway operation, con-
The Company strictly abides by the Cybersecurity Law of
venient and thoughtful financial services, and high-quality services for various engineering industries, the Company continuously
the People's Republic of China and relevant laws and regu-
optimizes service processes, innovates service models, upgrades service standards, enhances customers' sense of gain and satis-
lations, formulated the Information Work Management Sys-
faction, elevates service quality to a higher level, and creates greater value for customers.
tem and supporting management measures, established a
Leading Group for Cybersecurity Work, and implemented
Smooth, safe, comfortable and beautiful travel
cybersecurity responsibilities. Through diversified meas-
ures including equipment upgrading, infrastructure reno-
vation, daily operation and maintenance inspection, access
control and incident handling, the Company has continu- The Company has developed optical-storage integrated monitoring equipment,
Honors
ously strengthened its cybersecurity barrier to ensure the built an intelligent management system for "truck-free/free vehicles", deployed mul-
safe and stable operation of information systems. ti-functional management cabins and lane robots, and innovated the "Five Fixations
and Three Inspections + Three-dimensional Patrol" model. It has built an intelligent
The case Reform and Innovative
●?
operation and maintenance system that boosts passage efficiency by 20%–40%.
Practice of Intensive Operation
Meanwhile, the Company ensures smooth traffic through intelligent traffic sched-
and Management of Expressways
The Company fulfills cybersecurity responsibilities to strengthen road network opera- uling, multi-party joint drills and real-time traffic prompts. It provides considerate
was selected as a Typical Case of
tion support services at toll stations and service areas to improve the travel experience for drivers
National Expressway Innovation
and passengers, and builds a safe, convenient and warm travel environment in an
and Development 2025
The Company formulated the Information Work Management System and four supporting measures covering information system all-round way, significantly optimizing public travel experience.
management, computer room management and cybersecurity management. It established a Leading Group for Cybersecurity
Work and implemented cybersecurity responsibilities layer by layer. In 2025, the Company conducted quarterly inspections on
The Company fulfills cybersecurity responsibilities to strengthen road network opera-
cybersecurity situation analysis, network vulnerability scanning, antivirus software verification and signature database checking,
tion support
continuously strengthening the security support for road network operation. The Company carried out and participated in 4 cyber
attack-defense drills and organized 1 company-wide cybersecurity training throughout the year, continuously improving cyberse-
curity protection capabilities and effectively safeguarding the rights and interests of the Company and its customers. Responding to the growing adoption of new energy vehicles
such as LNG-powered heavy trucks, Modern Assets' Zhaoshan
Service Area has added new LNG refueling lanes and equip-
ment on the basis of the existing LNG station. The refueling
lanes have been expanded from one to two, and LNG dispens-
Dayou Futures builds a multi-level cybersecurity defense system
ers upgraded from single-nozzle to double-nozzle units. Daily
refueling capacity has jumped from 20 tons to 80 tons, mark-
Dayou Futures comprehensively strengthened cybersecurity construction in 2025, deploying terminal access & desktop manage- ing the province's first leapfrog upgrade in vehicle clean ener-
ment systems, zero-trust access control systems and Internet behavior management systems to builda multi-level, all-round cyber- gy supply. The move contributes to the green transformation
security defense system. The terminal access system verifies the compliance of terminal devices; the zero-trust system reinforces of the province's transportation sector. LNG Refueling Station at Shaoshan Service Area
identity authentication and permission control; the behavior management system standardizes network usage. A closed-loop pro-
tection mechanism is formed from terminal access to access control, and from data protection to behavior management, ensuring
data privacy and business continuity while effectively protecting the rights and interests of the Company and its customers.
Heartfelt services guard a pleasant journey for drivers and passengers
Adhering to the "driver-and-passenger-centric" philosophy,
the Company provides diversified considerate services at toll
Metrics Unit 2025 stations and service areas. Party member commandos and
young volunteers are organized to offer free tea, medicine,
rest areas, route guidance and other services to solve travel
Cybersecurity investment amount CNY ten thousand Approx.150
difficulties for drivers and passengers. A total of 196 charging
piles have been installed at service areas. New fast-charging
Cybersecurity training coverage rate % 100
piles have been built and charging infrastructure has been
densified to improve charging support during peak traffic Staff at Majiahe Toll Station distribute safe driving guides to passing
Number of cybersecurity incidents Cases 0 hours and upgrade the travel experience. drivers and passengers
Number of cyber attack-defense drills carried out and
Cases 4
participated in throughout the year
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Efficient and convenient financial services Expanding diversified services
Leveraging the advantages of "industry-finance integration", the Company has built a comprehensive financial service system cov- Relying on the resource advantages of expressways, the Com-
ering the entire industrial chain based on diversified financial licenses including futures, financial leasing, commercial factoring, pany actively expands diversified service sectors such as the
guarantee and micro-credit. By innovating financial products, optimizing service processes and strengthening risk management, energy engineering industry and road-derived economy pro-
the Company provides convenient and efficient financing support and risk management tools for real enterprises, helping industri- jects, promoting the integrated development of the "Trans-
al chain enterprises reduce costs, improve efficiency and achieve steady development. portation +" industries. By revitalizing idle resources along
expressways, developing distributed photovoltaic projects
and building a smart logistics data platform, the Company has
Innovative financial models solve corporate financing challenges created an industrial service ecosystem of "industry-finance
integration and diversified collaboration", realizing efficient
Modern Wealth adopts a closed-loop model of "government guidance + market-oriented operation + risk sharing", and establishes resource utilization and value appreciation, and delivering di-
bank-guarantee cooperation mechanisms with Hengfeng Bank, Zheshang Bank and other institutions to provide financing guaran- versified service experiences to customers.
tee services for state-owned enterprises and small and micro enterprises, effectively lowering their financing thresholds and costs.
A "Secretary-in-Charge of Projects" mechanism has been established. Relying on the full expressway industrial chain, the Company
Data integration empowers logistics cost reduction and efficiency improvement
integrates four licenses (financial leasing, commercial factoring, guarantee and micro-credit) to carry out supply chain finance ser-
vices and promote business transformation and upgrading.
The "GSHT" Platform was selected as one of the first "Typical
Cases for the Development and Utilization of National Public
Transportation Data". Based on the "1 + 3 + N" technical archi-
tecture and innovative "data credit enhancement" technolo-
Futures tools empower industrial chain risk management gy, the Company launched "Logistics e-Loan" with Industrial
and Commercial Bank of China, providing credit to logistics
enterprises without traditional collateral to solve industry
Dayou Futures has innovated the "pick-up first, fix price later"
financing difficulties. It rolled out the "post-paid toll service"
basis trade model to serve new energy industrial chain cli-
technical solution, which eases peak congestion at toll sta-
ents. Clients can take physical delivery of lithium carbonate
tions through the digital mechanism of "clearance - advance
for production first, and lock in the futures benchmark price
payment - online supplementary payment". It also launched
within the agreed pricing period, effectively reducing procure-
"Huitong Worry-Free" service area liability insurance, realizing
ment costs. It also supports "price stabilization and supply
"zero errands" via online claims settlement. Data element in-
guarantee" for expressway construction. Adopting a batch
tegration drives cost reduction and efficiency improvement in
position-building strategy for rebar demand, it completed
transportation and logistics. Interface of GSHT Products
hedging of nearly 10,000 tons, successfully hedging against
price fluctuation risks and achieving the dual goals of "price
stabilization" and "supply guarantee". Sharing session on Dayou Futures' innovative model cases
Metrics Unit 2025
Metrics Unit 2025 Number of enterprises granted "Logistics e-Loan" entities 4
Amount of "Logistics e-Loan" issued CNY ten thousand 445
Number of "Insurance + Futures" projects piece 104
Cumulative vehicles served by "post-paid toll service" 10,000 trips Over 20.7
Number of covered counties and districts piece Approx. 47
Service areas covered by "Huitong Worry-Free" liability
Underwritten spot scale 10,000 tons 19 pair Nearly 20
insurance
Goods value CNY billion 2.28
Accumulated compensation amount CNY ten thousand 3,337.19 Transportation-energy integration forges a model for green transformation
Benefited business entities entities 1000+
Two cases of Modern New Energy, namely Building a Full-Scenario Development Model, Forging the "Hunan Experience" for Trans-
Revenue target for collaborative supply chain finance portation-Energy Integration and Practice and Innovation of the Distributed Photovoltaic Project on the Yichang North Expressway ,
CNY ten thousand 500
business were successfully selected as 2025 Typical Cases of Transportation and Energy Integration Development
Regulatory rating of micro-credit companies grade Grade A
Protecting Hunan's Landscape, Honoring
Environmental
Xiandai Investment Section Xiandai's Low-Carbon Commitment
Protecting Hunan's
Environmental
Landscape
Section
Honoring Xiandai's
Low-Carbon Commitmen
Green development is the path to the future, and ecological protection is the foundation
for sustainable development. Xiandai Investment is committed to being a practitioner and
guardian of green development. We place environmental management high on our agen-
da, actively address the challenges of climate change, comprehensively promote energy
and resource conservation, and practice green and low-carbon operations, making tangible
contributions to the construction of a Beautiful Hunan.
SDGs:
Protecting Hunan's Landscape, Honoring
Environmental
Xiandai Investment Section Xiandai's Low-Carbon Commitment
Response to climate change
Carbon emission reduction strategy Extreme weather response strategy
Addressing climate change has become a global consensus. Xiandai Investment has a profound understanding of the challenges
and risks posed by climate change and actively explores scientific and effective response solutions. We strictly follow the recom- In response to the national "Dual Carbon" In response to the extreme weather risks caused
mendations of the Task Force on Climate-related Financial Disclosures (TCFD), and systematically advance climate response and goals, the Company gradually reduces the by climate change, the Company has formulat-
management from the dimensions of governance, strategy, risk management, indicators and targets to ensure the steady opera- carbon emission intensity in its operation by ed a comprehensive emergency plan covering
tion of the business. optimizing business processes, promoting the extreme weather such as rainstorms, freezing
application of renewable energy, and improv- rain, typhoons and high temperatures. Through
Governance ing energy utilization efficiency. In expressway
operation, we vigorously promote intelligent
close cooperation with meteorological depart-
ments, strengthening the disaster resistance ca-
transportation systems, optimize traffic flow, pacity of infrastructure construction, optimizing
On the basis of the ESG governance structure, the Company further clarifies environment-related management responsibilities.
and reduce vehicle idling and unnecessary en- the emergency response mechanism, enhanc-
The Strategy and Sustainability Committee plays a key leading role in addressing climate change, and collaborates with the man-
ergy consumption. In office premises, we give ing road patrol and hazard investigation, estab-
agement team and various departments to build a governance system with clear responsibilities and efficient operation.
priority to the use of solar energy to reduce reli- lishing a cross-departmental collaboration and
ance on traditional fossil fuels. linkage mechanism, and carrying out employee
emergency training and drills, we ensure the
●?We closely track the dynamic changes of climate-related policies and regulations at home
stable operation of the business under extreme
and abroad, and conduct in-depth research on their potential impacts on core businesses
weather conditions.
such as expressway operation and financial investment.
Strategy and Sustainabili- ●?Combined with industry development trends and the Company's actual situation, we for-
ty Committee mulate a forward-looking climate change strategic plan, clarifying the long-term goals and
phased tasks of the Company in low-carbon development and climate change adaptation.
●?We refine the climate change strategy into specific implementation plans and promote their List of Climate Risks and Opportunities
effective implementation within the Company.
We organize the formulation and improvement of the Company's climate change-related
Risks\ Risk\Opportu- Time
●?
management systems and procedures, clarifying the responsibilities and working specifica- Impact on Business Countermeasures
Opportunities nity Name Frame
tions of each department in addressing climate change.
We coordinate the allocation of resources among departments to ensure the rational deploy- ●?Strengthen the research on the heat
The Management
●?
Continuous extreme high resistance of pavement materials and
ment of human, material and financial resources required for climate change response.
temperature leads to a select new materials that are more
●?We set up a Leading Group for Environmental Protection to implement all work arrangements decline in the performance resistant to high temperatures;
for environmental protection management. Risk of road of pavement materials,
●?Optimize road maintenance plans and
Acute physical damage caused resulting in softening, Short
Physical risks increase inspections during high tem-
risks by high temper- deformation, cracking, and term
perature seasons;
ature seriously affecting trans-
portation safety caused
●?Reserve emergency repair materials and
●?Fully consider climate change factors in the project planning and construction stage. equipment in advance, and implement
by a possible increase of
traffic accidents immediate repair once the pavement is
●?Strengthen energy management in service areas and other operation sites, adopt energy-sav-
damaged.
Departments/branches ing equipment and technologies to reduce operation energy consumption.
Implement cold-proof and insulation
and subsidiaries Implement various plans and programs for addressing climate change.
●?
●?
upgrades to infrastructure, such as
Low-temperature frost wrapping water pipes with insulating
damage may cause water materials and applying anti-frost heave
Risk of facility
pipe bursts, pavement frost measures to road surfaces;
damage caused
Strategy
Acute physical heave, electrical equip- Short
Physical risks by low-tem- ●?Strengthen the cold-weather main-
risks ment failures to infrastruc- term
perature frost tenance of electrical equipment and
ture such as roads, bridges,
damage regularly check their operational status;
The Company incorporates the identification, assessment and management of climate-related risks into the overall enterprise risk and service areas, affecting
their normal operation
●?Stockpile emergency repair materials
management process. Focusing on the two types of risk factors brought by climate change—physical risks and transition risks—the
and equipment for low-temperature
Company formulates strategies, tactics and methods to address climate risks. environments.
Protecting Hunan's Landscape, Honoring
Environmental
Xiandai Investment Section Xiandai's Low-Carbon Commitment
Risks\ Risk\Opportu- Time Risks\ Risk\Opportu- Time
Impact on Business Countermeasures Impact on Business Countermeasures
Opportunities nity Name Frame Opportunities nity Name Frame
Enhance the design standards for road
●? Conduct comprehensive ecological
●?
drainage systems, and increase efforts impact assessments at the project
to the build and maintain drainage planning phase to identify potential
Extreme weather events facilities; biodiversity hotspot areas that may be
Risk of traffic such as torrential rains and affected;
Strengthen the construction of slope
●?
disruption floods may lead to disasters The construction and
Acute physical Short protection projects and conduct regular Develop a biodiversity conservation
●?
Physical risks caused by including road waterlog- operation of the Compa-
risks term stability monitoring of slopes; plan, and take measures such as habitat
torrential rains ging, slope collapses, and ny's projects may poten-
Establish a meteorological disaster protection and species conservation,
and flooding bridge washouts, resulting tially destroy habitats and
●?
warning mechanism, collaborate with Chronic physical Risk of biodi- Short including the establishment of ecolog-
in traffic disruptions Physical risks threaten species survival,
meteorological departments for early risk versity loss term ical corridors and species monitoring
leading to a decline in
warning information and make prepara- programs;
biodiversity and affecting
tions for prevention. Strengthen ecological protection train-
regional ecological service
●?
ing for construction personnel to raise
Establish a cooperative mechanism functions
their awareness of biodiversity conser-
●?
with seismic departments for earth-
vation;
quake early warning information;
Establish an ecological compensation
●?
Earthquakes may result Reserve earthquake relief supplies and
mechanism to compensate biodiversity
●?
in casualties and prop- equipment, including rescue tools and
losses caused by projects.
Risk of infra- erty losses, causing road medical supplies;
Acute physical structure dam- collapses, bridge fractures, Short Conduct seismic performance assess- Closely track changes in policies and
●?
Physical risks
●?
risks age caused by damage to service area term ments on critical infrastructure and regulations, and enhance communica-
earthquakes buildings, and traffic implement reinforcement and retrofit- The national or local gov- tion with government departments;
disruptions, and increasing ting based on the assessment results; ernment introduces stricter Increase investment in the R&D of
●?
repair costs carbon emission policies Medium energy-saving and emission-reduction
Develop earthquake emergency
●?
Compliance
response plans, organize regular drills, and environmental regula- and technologies to drive the green trans-
Transition risks Policy risk risk caused by
and establish a mechanism for assess- tions, raising industry entry short formation of the Company's operations
stricter policies
ing earthquake disaster losses. barriers and corporate term and project construction;
carbon emission regulatory Establish and improve a carbon emis-
●?
Before the onset of freezing rain, reserve requirements sion management system to ensure the
●?
materials such as de-icing agents and
accuracy and compliance of the Compa-
anti-skid chains;
ny's carbon emission data.
Freezing rain may cause ice
Enhance road patrols to promptly iden-
●?
layers on the surfaces of Strengthen market research to gain
Risk of traffic tify and address icy road sections;
●?
Acute physical roads and bridges, leading Short in-depth understanding of evolving
Physical risks safety caused Disseminate road condition information
risks to slippery road conditions term The increasing environ-
●?
customer demand trends;
by freezing rain to remind drivers to slow down through
and loss of vehicle control, mental awareness among
traffic broadcasts and electronic display Medium Increase R&D investment in low-carbon
●?
affecting traffic safety consumers and market de-
screens etc.; Risk of market and financial products and green transpor-
Transition risks Market risk velopment bring a growing
demand shift short tation services, and cultivate specialized
Research and apply new anti-skid and
●? demand for green financial
term innovative talent;
de-icing technologies and materials. products and low-carbon
transportation services Collaborate with relevant enterprises to
●?
Inspect and mark landslide prone road
●? jointly develop products and services
sections, and install warning signs. that meet market needs.
Strengthen the monitoring of landslide
●?
Heavy rainfall, earthquakes Establish a comprehensive infor-
●?
hazard areas and implement engineer-
and other disasters can
ing treatment for landslide-prone zones,
Untimely or inaccurate mation disclosure system and
trigger landslides, which information disclosure may procedure to ensure timely and
Risk of road such as constructing retaining walls and Reputation
Acute physical bury roads,damage infra- Short lead to stakeholder doubts, accurate information disclosure;
Physical risks safety caused drainage systems. risk caused Medium
risks structure, disrupt traffic, term damage the Company's
by landslides Formulate a landslide emergency re- Transition risks Market risk by insufficient and long Create a quality assessment and
reputation, and undermine
●?
raise the cost of clearance
●?
sponse plan and clarify the emergency information term improvement mechanism for
and restoration, and en- investors' confidence, cus-
disclosure
danger human safety.
response procedures. tomers' trust, and partner information disclosure, regularly
In road planning, fully consider geologi-
●? relationships evaluating and enhancing the
cal conditions and avoid high-risk areas disclosure practices.
as much as possible.
Protecting Hunan's Landscape, Honoring
Environmental
Xiandai Investment Section Xiandai's Low-Carbon Commitment
Risks\ Risk\Opportu- Time Risks\ Risk\Opportu- Time
Impact on Business Countermeasures Impact on Business Countermeasures
Opportunities nity Name Frame Opportunities nity Name Frame
Optimize energy procurement strategies
●? Technological advance-
by signing long-term, stable supply con- ments drive the rapid
tracts with suppliers to secure favorable development of green ●?Enhance the operational efficiency of
prices; Opportuni- transportation technol- highways, and reduce energy con-
Tight energy supply or ties of green ogies, such as intelligent sumption and environmental pollution;
Enhance energy usage management to
●?
Technology ad- Medium
rising prices increase the Opportunities transportation transportation systems Improve the Company's service quality,
Medium avoid waste; vancements term
●?
Risk of rising Company's operating technology and new energy vehicle strengthen its market competitiveness,
Transition risks Market risk and long Explore diversified energy supply
energy costs costs, reducing profit mar-
●?
innovation charging technologies. and expand business development
term channels and increase the proportion of
gins and limiting business The Company is actively space.
renewable energy procurement;
development introducing and applying
Invest in energy-saving technologies
●?
these technologies
and equipment, such as energy-efficient
lighting and smart energy management The Company actively ful-
systems. fills its social responsibility ●?Attract more environmentally con-
to address climate change, scious customers and partners, and
Closely monitor the dynamics of Opportunities
●?
achieving significant enhance the Company's brand value;
environmental protection standards Self-develop- for enhancing Long
Opportunities results in energy conserva- Obtain policy support and social recog-
ment environmental term
●?
and establish a tracking and evaluation tion, emission reduction, nition from government departments
mechanism; image
Environmental standards ecological protection, to create favorable business develop-
have been improved, and Develop a plan for upgrading environ-
●? and establishing a sound ment conditions.
Cost risk the Company needs to mental equipment and improving pro- environmental image
caused by upgrade equipment and Medium cesses, and allocate capital investment
Reduce building energy consumption
reasonably;
●?
Transition risks Policy risk stricter en- processes to meet require- and long
and operation costs, and enhance cor-
vironmental ments, thus increasing term Actively apply for special environmental
porate brand value to attract customers
●?
standards environmental investment, funds and seek preferential policies;
and partners;
raising operating costs, and With the popularization of
Establish a mechanism for environmen-
Promote green building standards
●?
reducing profit margins
●?
tal cost control and efficiency improve- green building concepts,
Opportunities comprehensively in new construction
ment, reducing environmental costs the Company observe
of green build- Long and renovation projects, and practice
through optimized management and Opportunities Market demand green building standards
ing develop- term green concepts throughout the entire
technological innovation. to reduce costs to increase
ment process from design, construction to
efficiency, and enhance
Fluctuations in carbon operation;
image
market prices may impact ●?Adopt energy-saving equipment and
Closely track the trends in carbon
●?
the value and cost of the technology, and collaborate with re-
Risk of carbon Medium market prices, optimize the Company's
Company's carbon assets, search institutions to explore innova-
Transition risks Market risk market price and long carbon asset structure, and rationally
affecting financial planning tive green building solutions.
volatility term allocate carbon quotas and carbon
and the motivation for
reduction projects. The rapid development
energy conservation and
of the environmental Conduct feasibility studies on cooper-
emission reduction ●?
protection industry allows ative project to evaluate the technical
China strongly supports the Company to collabo- feasibility, economic rationality, and
the development of green Expand the scope of financial invest- rate with environmental market prospects of the projects;
●?
finance, introducing a ment business and optimize invest- Opportunities protection enterprises
●?Implement pilot cooperation projects
Opportunities series of preferential ment portfolios for new profit growth of cooperation and research institutions
Industry develop- Long and accumulate cooperation experi-
of green fi- policies to encourage Medium points; Opportunities in the environ- in business operations,
Opportunities Policy impetus ment term ence;
nance invest- financial institutions to term ●? Enhance the Company's brand influ- mental protec- achieving resource sharing
ment increase investment in tion industry and complementary ad-
●?Build a stable environmental protec-
ence in the green finance field to attract
green industries such as vantages, and enhancing tion industry cooperation network,
more green investment projects and
renewable energy and the Company's environ- and promote the transformation and
customer resources.
energy conservation mental protection technol- application of cooperative project
ogy level and innovation achievements.
capabilities
Protecting Hunan's Landscape, Honoring
Environmental
Xiandai Investment Section Xiandai's Low-Carbon Commitment
Risk management Deepening Green Operations
Regarding climate risk as one of the key risk fields for management, the Company establishes a whole-process climate change risk
Xiandai Investment has always taken deepening green operations as an important strategy for sustainable development. Respond-
management mechanism of "Identification - Assessment - Response" to systematically and scientifically address climate risks.
ing to the national call for green transportation, the Company attaches great importance to energy and resource management,
develops a circular economy, and is committed to building an efficient environmental management system to achieve resource
conservation and environmental friendliness.
Improving the management system
Risk identification Risk assessment Risk response The Company strictly abides by the Environmental Protection Law of the People's Republic of China , and has formulated internal
documents such as the Ecological Environmental Protection Management System and the Measures for Environmental Protection
We establish a cross-depart- We employ a combination We formulate differentiat-
Management of Construction Projects (for Trial Implementation) . It has continuously strengthened the standardization of the envi-
●? ●? ●?
mental risk identification of qualitative and quantita- ed response strategies for
ronmental management system and passed the GB/T24001-2016/ISO14001:2015 environmental management system certification,
team to comprehensively tive assessment approaches various types and levels of cli-
with a steady improvement in standardized management.
assess climate risks. By using to rate risks based on their mate risks. For physical risks,
various approaches, poten- likelihood of occurrence and we enhance infrastructure The Company insists on integrating environmental protection management into the whole process of project construction, and
tial risk points are identified impact. We assess the proba- protection and strengthen sets relevant environmental protection standards and measures for the pre-, mid- and post-project phases.
based on the distribution of bility of occurrence, potential emergency management ca-
existing facilities and our dis- economic losses, casualties, pabilities. For transition risks,
aster resilience capabilities. and business interruption we adopt proactive strategies,
duration to determine risk intensifying policy research Professional environmental assessment tools are used to fully identify potential environ-
Pre-project
●?
levels. and market monitoring. mental impact factors of the project, and strict environmental goals and feasible imple-
phase
mentation plans are determined in accordance with relevant laws and regulations.
A Leading Group for Environmental Protection is established, and construction contractors
Moreover, we further specify incident management responsibilities by taking actions to prevent and respond to environmental
●?
are strictly required to carry out construction in accordance with the environmental man-
emergencies and formulating the Emergency Plan for Environmental Incidents , which clarifies the duties of personnel at all levels Mid-project
agement plan. The control of pollutants such as dust, noise and wastewater during con-
in incident handling. In such way, employees' emergency response capabilities for environmental protection are enhanced. phase
struction is strengthened, and environmental monitoring and pollution source control are
enhanced.
Metrics and targets Upon project completion, all affiliates shall promptly complete the completion acceptance
Post-project
●?
procedures for environmental protection, and commission environmental protection facili-
The Company actively responds to the national "Dual Carbon" strategic goals, establishes a scientific and comprehensive cli- phase
ties before the project is put into use.
mate-related indicator monitoring and management system, continuously tracks key indicator data, and sets clear and measurable
annual targets for different indicators, which serve as an important basis for evaluating the effectiveness of the Company's climate
change response efforts.
Metrics Category Specific Metrics 2025
Scope 1 carbon emissions (ton) 7,394.27
Carbon emission
Scope 2 carbon emissions (ton)* 25,545.49
Water resources Total water consumption (m3) 1,499,259.9
Energy Total energy consumption (tons of standard coal) 152,271.87
Note: During the reporting period, the Company increased the mileage of entrusted managed road sections, which led to a substantial growth in pur-
chased electricity consumption, and in turn drove a notable increase in Scope 2 greenhouse gas (GHG) emissions.
Protecting Hunan's Landscape, Honoring
Environmental
Xiandai Investment Section Xiandai's Low-Carbon Commitment
Energy utilization Modern New Energy's photovoltaic intelligent management platform put into operation
The Company fully integrates energy use standards and optimized management into the whole process of operation and devel-
Modern New Energy's photovoltaic intelligent management platform has been put into use, realizing functions such as power
opment. Through technological innovation and equipment upgrading, the Company effectively reduces energy consumption, in-
station capacity data access, fault analysis and disposal, and automatic electricity fee data extraction and generation. It achieves
creases the proportion of clean energy, and improves energy utilization efficiency.
accurate data collection and refined management of power generation and electricity fees of power stations.
A total of nearly Installed capacity Average annual clean power
reached supply:
supporting energy storage) have been built 40 MW about 36 million kWh
Standard coal saved: CO2 emission reduction: Equivalent to planting
The Company actively carries out energy consumption safety projects such as water supply network emergency repair and high-
and low-voltage equipment rectification to ensure the stable supply of energy. Meanwhile, it increases the application of new ma-
terials, technologies and processes, focuses on the circular utilization of resources, reduces environmental pollution and achieves Modern New Energy's photovoltaic intelligent management platform
remarkable economic benefits.
Modern Environment integrates clean energy into project construction and operation, Construction and management of distributed photovoltaic power plant of Huaihua
accelerating green and intelligent transformation Branch
The Taojiang County Urban Flood Huaihua Branch, in cooperation with Modern New Energy, launched the construction and management project of a distribut-
Control Project PPP (Public-Private ed photovoltaic power plant. Photovoltaic power generation equipment is deployed by making full use of the idle space in the
Partnership) project constructed and branch's compound, with a total installed capacity of 621 kW. The "self-generation and self-use" model is adopted, and the gener-
operated by Modern Environment's ated power is mainly used for daily office and operation power supply of the branch. Since its commissioning, the project has op-
Taojiang Subsidiary extensively adopts erated stably with remarkable energy-saving and carbon-reduction effects. As of December 2025, it has provided a total of 840,000
solar street lamps in dyke flood control kWh of green electricity. It is estimated that this is equivalent to saving about 336 tons of standard coal and reducing about 837
facilities. It uses renewable energy for tons of carbon dioxide emissions, providing a feasible path for low-carbon and economical enterprise operation.
lighting, reduces reliance on the tra-
ditional power grid, lowers operation
costs, and enhances the sustainability
and environmental friendliness of flood
Water resource utilization
control work. This measure, combined
with intelligent dispatching technolo-
gy, jointly promotes the intelligent and
green development of the project. The Company implements the concept of green water use. All business water is supplied by the municipal water supply network,
and natural water intake is prohibited to protect water resources to the maximum extent. Domestic sewage is used for station
greening irrigation and road flushing after pretreatment, realizing the circular utilization of water resources. Meanwhile, the Com-
Solar flood control street lamps in Niutanhe Dyke, Taojiang Subsidiary of Modern Environment
pany strengthens the refined management of water equipment, regularly conducts water consumption measurement and data
analysis, timely detects and repairs equipment leakage, and improves water use efficiency.
Protecting Hunan's Landscape, Honoring
Environmental
Xiandai Investment Section Xiandai's Low-Carbon Commitment
Pollutant discharge
The Company strictly controls pollutant discharge during operation, identifies and classifies the types of pollution sources that
Focusing on people's livelihood demands to solve noise pollution
may be generated during construction, and formulates corresponding regulatory measures.
The operation and maintenance of sewage treatment facilities, water quality monitoring, and reclaimed water reuse are included
The Company actively listened to community opinions and implemented a low-noise
in the daily work assessment system of the Maintenance Department. The post responsibilities and work standards are clarified,
pavement renovation project for the noise pollution problem of the Lituo Sinking
and a long-term management mechanism of "daily inspection + quarterly testing + annual evaluation" is established to ensure the
Section of the Changsha–Tanjiang Expressway. While implementing environmental
long-term effectiveness of the project and realize the sustainable operation of wastewater treatment and resource utilization.
protection and noise reduction projects, guided by the responsibility of the operator,
the Company took multiple measures to deepen community linkage, established a
long-term monitoring mechanism for noise reduction effects, and optimized facility
maintenance plans. It also upgraded low-noise pavement materials and technolo-
Chaling Ser- Two sets of integrated treatment equipment with a ca-
The final effluent meets the Class
gies to further improve noise reduction effect and durability. With higher-quality ex-
vice Area I Grade A standard of the Dis-
●?
pacity of 200 m3/d are newly added. The original system pressway operation services, the Company promotes the harmonious coexistence of
Sewage is upgraded by renovating the original ECRI tank, bio-
charge Standard of Pollutants for New low-noise asphalt pavement successful-
transportation infrastructure with urban ecology and community life, and earnestly
Treatment chemical reactor and regulating tank.
Municipal Wastewater Treatment ly applied in the Changsha Section of the G4
fulfills the social responsibility and livelihood commitment of an expressway opera-
Project Plants (GB18918-2002). Beijing-Hong Kong-Macao Expressway
tor.
●?One set of sewage treatment system is newly built in
Guanxin Ex- each of the Gulou Service Area and the east and west
The final effluent is discharged
pressway zones of the Baomuyuan Service Area, with a single con-
after meeting the Class II standard
Sewage Treat- struction scale of 100 m3/d;
of the Discharge Standard of Main
Waste treatment
ment Project ●?One set of sewage treatment system is newly built in
Water Pollutant for Urban Sewage
each of the Xin'an Ramp Toll Station, Xi'an Ramp Toll Sta-
Treatment Plants in Hunan Prov-
tion and Anhua West Ramp Toll Station, with a construc-
ince (DB43/T 1546-2018).
tion scale of 8.0 m3/d; To ensure the effective control and treatment of the "three wastes" (waste water, waste gas, solid waste) during operation, the
●?Two sets of sewage treatment systems are newly built Company actively explores new "three wastes" treatment methods, ensures the reasonable and compliant disposal of wastes, and
in the Nanjin Operation Management Center, with con- promotes waste recycling.
struction scales of 15 m3/d and 1.0 m3/d respectively. For wastes such as asphalt waste and discarded building materials generated during road construction, the Company gives pri-
ority to local recycling and applies them to other nearby road engineering projects, improving resource utilization efficiency and
Modern Environment empowers digital-intelligent integration, committed to creating reducing the environmental impact of wastes. Taking discarded corrugated panels generated during construction as an example,
a clean and safe production and living environment the Company uniformly recycles them and hands them over to Modern Assets for professional treatment, providing reusable raw
materials for other enterprises, effectively extending the service life of resources and promoting resource recycling in the industry.
In 2025, Modern Environment successfully completed the construction of the "Intelligent Operation and Maintenance Manage- When cooperating with local waste recycling plants to treat wastes requiring third-party intervention, the Company strictly controls
ment Platform for Sewage Treatment". Relying on IoT technology, it built a full-process digital system, which collects real-time data the qualifications of partners, requiring all third-party units involved in waste treatment to have complete relevant qualifications,
such as water quality of sewage facilities and equipment operation status and conducts intelligent analysis, driving the transfor- and the treatment process must strictly comply with environmental protection requirements and industry standards.
mation of the operation and maintenance model from "passive emergency repair" to "proactive operation and maintenance". Its
Xiangxiang Subsidiary built an unorganized gas collection device for the chelation
workshop and temporary storage warehouse, which effectively collects and centrally
Modern Environment jointly builds an experimental platform for collaborative dispos-
treats volatile gas dissipated in the area, significantly reducing the impact on the sur-
al of waste incineration fly ash and silicon-rich waste to promote solid waste resource
rounding environment. This technology was selected into the provincial advanced
utilization
environmental protection technologies, provincial transportation scientific and tech-
nological achievements and the promotion catalog of Hunan Expressway Group, and
has been applied in more than 20 service areas, with achievement transformation The innovation and entrepreneurship team for solid waste resource utilization of
income exceeding 40 CNY million. Modern Environment, together with hydrothermal technology experts and building
Intelligent Operation and Maintenance Manage- materials experts from Hunan University, jointly built an experimental platform for
ment Platform for Sewage Treatment collaborative disposal of waste incineration fly ash and silicon-rich waste. The team
carried out research on the water washing process of waste incineration fly ash, clar-
ified the key process parameters and data of hydrothermal harmless and resource
treatment; conducted preliminary design and development of key equipment for the
The Company strictly abides by relevant noise emission standards, and controls noise pollution at the source, including equipment
hydrothermal disposal system; explored the development of key components and
procurement and manufacturing process design, to ensure compliance with laws and regulations. Noise during operation is strictly
system integration paths; and carried out life cycle analysis and comprehensive eval-
controlled, and low-noise pavement materials are preferred as the primary noise reduction method to fundamentally reduce noise
uation of the experimental system in terms of economy, energy consumption and en-
generation. Combined with engineering characteristics and surrounding natural environment features, the Company scientifically Experimental platform for collaborative
vironmental impact. Through industry-university-research cooperation, the platform disposal of waste incineration fly ash and
designs green isolation belts to build ecological noise barriers and effectively block noise transmission. While ensuring noise emis-
continues to be built, providing an innovative path for solid waste disposal. silicon-rich waste
sion compliance, the Company actively listens to the opinions of surrounding communities and takes the initiative to carry out low-
noise pavement renovation, so as to effectively eliminate or mitigate the noise hazards of expressway operation along the route.
Protecting Hunan's Landscape, Honoring
Environmental
Xiandai Investment Section Xiandai's Low-Carbon Commitment
Green office Modern Environment integrates engineering protection and ecological restoration to
promote harmonious coexistence between human and nature
The Company incorporates energy conservation and environmental protection actions and publicity and education into routine
work, encouraging employees to start from small things in daily office work and thoroughly practice the green and sustainable of- The southeast slope support project of the Huaihua Domestic Waste Incineration Power Generation Project of Modern Environ-
fice philosophy. ment systematically adopts the combination of rigid-flexible and ecological technologies: "gravity retaining wall + gabion net + veg-
etation blanket". The project gives priority to mixed sowing with plants adapted to the local climate to promote the recovery of soil
Green office initiatives microbial communities, restore regional water circulation and carbon fixation capacity. The composite vegetation layer provides
foraging and habitat space for insects, birds and other organisms, and the softened slope landscape significantly reduces the visual
abruptness of industrial facilities. It not only effectively prevents water and soil loss and quickly restores vegetation coverage, but
also realizes the harmonious coexistence of the project with the surrounding mountain environment.
Install energy-saving kitchenware such as en-
Canteen manage-
●?
●? Promote paperless office, and use electronic doc-
ergy-saving stoves
uments and instant messaging tools for file trans-
Daily of-
ment
mission and information communication Launch the "Clean Your Plate Campaign" and
fice
●?
post publicity slogans to advocate employees Huaihua Branch carries out project construction based on the principle of maintain-
Encourage employees to print on both sides
ing ecological authenticity
●?
to save food
During the construction of projects around the Yanzidong Tunnel, Huaihua Branch took into account the complex geological con-
●? Post green office publicity slogans in the office area ditions nearby. The location of the tunnel portal follows the principle of "early entry, late exit" to minimize the excavation height
Energy-saving train-
Property manage-
Carry out energy-saving renovation of air condi- of the portal side and upward slopes, and reduce the damage to the natural environment of the portal. The portal design compre-
Regularly organize employees to participate
●?
●?
tioners, elevators and other equipment in the of- hensively considers factors such as terrain, geology and coordination of left and right portals, combined with the requirements of
in energy-saving training
fice area portal drainage and slope stability, and strives for a simple portal structure. The selection of portal forms takes into account various
ment
ing
●? Add green office-related content to new em- factors such as the coordination of tunnel functions with the surrounding environment, traffic engineering, maintenance manage-
Precisely implement the "power reform" project ployee onboarding training ment and tunnel portal construction conditions, striving to achieve the unity of safety, applicability, economy, aesthetics and natu-
●?
and promote the intelligent transformation of
ral harmony.
lighting systems
Yueyang Baling RCB takes multiple measures to empower green office with intelligence
Land use
Yueyang Baling Rural Commercial Bank (RCB) continues to tap energy-saving potential, vigorously promotes paperless office, re-
alizes the full coverage of OA office software in the headquarters and all branches, and achieves full-process online operation and The Company practices the development philosophy of "green ecological integration", rationally uses land, enriches the spare time
electronic approval for various administrative and operation processes. The Bank precisely implemented the "power reform" pro- cultural life of employees, beautifies the park environment, and continuously improves the park greening rate, providing innova-
ject, successfully adjusted the power nature of many branches from commercial power to residential power, promoted the intelli- tive ideas for the Company's ecological environment protection.
gent transformation of lighting systems in all branches across the bank, and installed timing switch control systems for all branch
light signs to ensure automatic shutdown during non-business hours, eliminating invalid energy consumption. It achieved a win-
Huaihua Branch launches the "Garden-style Unit" creation activity
win situation of "quality guarantee" and "cost reduction", demonstrating the green effects of refined management.
Huaihua Branch insists on including greening and beautifying the environment in its important agenda, establishes and improves
systems such as greening management and sanitation cleaning, and promotes the creation of a "garden-style unit". In accordance
with the creation philosophy of "ecology, harmony and people-oriented", through careful planning and design, increased capital
Protecting Ecological Environment
investment, strengthened scientific management and implementation of creation responsibilities, the overall greening rate of the
office premises reached 79%. A variety of trees, shrubs, ground cover plants and flowers are planted in the courtyard, forming a
diverse plant community. A landscaping system with reasonable layout, optimized functions, distinctive features and an organic
Xiandai Investment always upholds the clean and low-carbon development philosophy, and integrates the ecological civilization combination of "points, lines and surfaces" has gradually taken shape.
concept into various production activities such as engineering construction, operation and maintenance, achieving a win-win of
"environmental protection account" and "development account".
Biodiversity
In strict accordance with the Ecological Environmental Protection Management System , the Company carries out biodiversity
protection and restoration throughout the whole process of project "design-development-construction-operation", including eco-
logical protection projects, habitat restoration, species conservation programs, and reducing the impact on biodiversity and land
during operation. In 2025, the Company added ecological slope management and ecological greening sectors to its business, and
gradually formed an integrated service capacity of "management + beautification".
Gathering Talents in Hunan, Nurturing
Talent
Xiandai Investment Section Xiandai's Talent Workforce
Gathering Talents in
Hunan
Section
Talent
Nurturing Xiandai's Talent
Workforce
Xiandai Investment focuses on the core tasks of "performance-driven guidance, talent-pow-
ered enterprise development, service quality upgrading, and in-depth reform advance-
ment". We improve the remuneration and welfare system and democratic management
mechanism, refine the talent development system, broaden career development paths, op-
timize talent structure, foster a harmonious and inclusive working environment, safeguard
the legitimate rights and interests of employees, stimulate innovation vitality, promote
the common growth of employees and the enterprise, and provide solid talent support for
high-quality development.
SDGs:
Gathering Talents in Hunan, Nurturing
Talent
Xiandai Investment Section Xiandai's Talent Workforce
Protecting Employees' Rights and Interests
Prioritizing Employee Development
Xiandai Investment strictly abides by the Labor Law of the People's Republic of China , Labor Contract Law of the People's Repub-
lic of China and other laws and regulations. We have established and improved a system for safeguarding employee rights and
interests, and effectively uphold the basic rights and interests of employees. By improving the remuneration and welfare system,
refining the democratic management mechanism, implementing the equal employment policy, and fostering a fair working envi- Adhering to the "talent-powered enterprise" strategy, Xiandai Investment has built a tiered and classified talent development sys-
ronment, we have built harmonious and stable labor relations, enabled employees to share the fruits of enterprise development, tem. By improving the training system, building talent echelons, and optimizing the promotion mechanism, we have created a tal-
and achieved the common growth of the enterprise and its employees. ent development platform with fair standards and clear paths, facilitating the personal growth of employees and the improvement
Improving the remuneration and welfare system
of corporate competitiveness, and realizing the common development of the enterprise and its employees.
The Company has deepened the reform of the "three institutional systems" (labor, personnel, and distribution systems), and estab-
lished a scientific remuneration management system and differentiated performance incentive mechanism. We have implement-
Enhancing the comprehensive quality of employees
ed the "Four Efficiencies" remuneration distribution system (higher returns for more output, stronger competence, greater cost
The Company has established and improved the employee training system, formulated the Implementation Plan for Employee
savings, and heavier responsibilities), established the orientation of "volume first, with equal emphasis on volume and efficiency",
Training and Development of the Company , and organized various training courses covering all positions across the Company's
and built a set of operable, quantifiable and scalable performance salary distribution model. We have strengthened the linkage
system. We have revised and issued regulations including the Training Management Measures of the Company and Internal Trainer
between labor performance and efficiency, achieved salary growth alongside profit increase, and effectively enhanced employees'
Management Measures of the Company , built an internal trainer team, and recommended internal trainers to higher-level authori-
sense of gain and well-being.
ties. Through multiple measures, we provide a continuous talent pipeline for the Company's development.
Refining the democratic management mechanism
Metrics Unit 2025
The Company has always upheld the founding mission of "serving the core business, serving the overall development, serving the
grassroots level, and serving frontline staff", and followed the working philosophy of "demand-oriented, order-based services". We
standardize the convening of Staff and Workers' Congresses at all levels, which deliberate on key documents including adminis- Number of training sessions organized Sessions 198
trative work reports, safety work debriefing reports, and proposal review reports, vote on the appointment and removal of worker
Participants in training Participants 6,000
supervisors, extensively collect opinions and suggestions from employees, and drive the high-quality implementation of 6 key em-
ployee proposals. We have effectively integrated democratic management into corporate governance. Number of internal trainers Persons 17
Internal trainers recommended to higher-level au-
Metrics Unit 2025 Persons 10
thorities
Trade Union co-construction sites entities 9 Number of winners in national competitions Persons 1
Investment in Trade Union co-construction initiatives CNY ten thousand 18.4 Accredited senior internal trainers Persons 1
Accredited junior internal trainers Persons 2
Building a fair working environment
The Company strictly abides by the Labor Law of the People's Republic of China , Labor Contract Law of the People's Republic of
China and other laws and regulations, adheres to the principle of equal employment, and improves the labor contract manage- 2025
ment system to achieve "formal procedures for employment, standardized criteria for management".
Annual training expenditure Employee training coverage rate Total training sessions
old
By gender By age 30-50 years old
Female 1,776 Above 50 years Total training Total number of trainees (includ- Average training hours
old hours ing dispatched workers) per employee
Male
Master's de-
gree
ment Bachelor's
Middle-level and degree
primary-level Education College degree
By grade
Front-line em- 1,391 tional qualifi-
ployee cations
Gathering Talents in Hunan, Nurturing
Talent
Xiandai Investment Section Xiandai's Talent Workforce
Consolidating talent support for development
Adhering to the talent development philosophy of "equal emphasis on recruitment and cultivation, and echelon building", the
Company has built a multi-level talent support system. We carry out precise talent recruitment in accordance with the annual em-
Huaihua Branch actively explores new paths for talent development ployment plan to optimize the structure of the talent team; build a platform for the application of provincial-level talent projects
and youth innovation and efficiency studios; actively strive for financial support for talent development, promote the implemen-
On April 9, 2025, the Huaihua Branch held an apprenticeship pairing ceremony themed "Honoring Teachers and the Way, Inheriting tation of talent projects, recommend experts to enter the provincial judge pool and review expert pool, and expand the space for
Craftsmanship", and formulated a scientific and rigorous training system. Mentors are required to formulate monthly learning plans talent development.
and regularly provide feedback on the apprentices' growth
progress; apprentices are required to actively participate in Metrics Unit 2025
frontline work to achieve the "integration of learning and
practice". Meanwhile, monthly assessments are linked to year-
Number of campus recruits Persons 16
end excellence evaluation to ensure the tangible results of the
Number of social recruits Persons 39
initiative. Through the mentoring interaction model of "expe-
rienced employees guiding new hires, and new hires inspiring Applications for provincial and above talent projects piece 7
experienced peers", the branch strives to build a high-quality, Talents recommended to higher-level authorities Persons 20
interdisciplinary talent team and drive the overall upgrading Experts recommended to the Youth League Commit-
of the talent pool. Persons 2
tee of Hunan Province
Experts recommended to the Hunan Provincial Senior
Persons 12
Professional Title Evaluation Expert Pool
Applications for talent development fund projects piece 27
Stimulating the vitality of talent development
The Company has issued the Company Job and Rank Management Measures , Guiding Opinions on the Rating of Technical Se-
Caring for Employees' Health and Well-being
quence Job Grades of the Company , Guiding Opinions on the Job Grade Rating of Operational Sequence Employees of the Compa-
ny's Operating Subsidiaries and other regulations. We have established a technical talent evaluation system, unblocked the career Xiandai Investment attaches great importance to the physical and mental health of employees. We have established and improved
development path for technical talents, stimulated employees' enthusiasm for deepening their professional expertise, and laid a an occupational health and safety management system, refined the health protection mechanism, strengthened safety training
foundation for the Company to strengthen the technical core of the operation segment, cultivate skilled talents, and optimize the and education, continuously improved the working environment, safeguarded the life, health and safety of employees in an all-
construction of the technical team. round manner, and created a safe, healthy and comfortable working environment for employees.
"Guan Cong Studio": The "Incubator" for Grassroots Skilled Talents Protecting the physical and mental health of employees
The Company has established an employee health check-up system, optimized the health examination plan, implemented special
To further advance the reform of the industrial workforce development, unblock the growth path of frontline skilled talents, and
health protection measures, strengthened health care for female employees, carried out regular assistance for employees in diffi-
stimulate the vitality of grassroots talents, the Huaihua Branch, relying on the technical expertise of Guan Cong, a Model Worker of
culties, built a physical and mental health service system, enriched employees' cultural and sports activities, improved employees'
Hunan Province, officially inaugurated the "Guan Cong Studio". The studio has built the talent cultivation brand of "State-Owned
mental health, and consolidated the line of defense for the life, physical and mental health of employees.
Enterprise Craftsman Young Pioneer", and established and
improved the skill inheritance mechanism of "passing on, Building a regularized difficulty assistance system to convey the warmth of the state-
helping and guiding". Taking the opportunity of the Compa- owned enterprise
ny's intensive reform, the studio focuses on the competency
requirements of core positions such as operation and main-
The Company has established a regularized assistance mechanism for employees in difficulties featuring "centralized festival con-
tenance technology, and toll collection business to carry out
dolences + daily dynamic assistance", forming a full-process management system with dynamic updates of the ledger of employ-
systematic training. At present, the "Guan Cong Studio" has
ees in difficulties and precise matching of needs.
become a characteristic platform for intensive reform and
interdisciplinary skilled talent training in Hunan's expressway
During the 2025 Spring Festival, the Party Committee leadership team of the Company led visits to the Changsha Branch, Huaihua
sector. It is a typical practical achievement of the Company's
Branch, Modern Wealth and other units, to visit and console employees in difficulties and frontline staff at grassroots stations. They
implementation of the talent-powered enterprise strategy,
held discussions with frontline employees to listen to their actual demands. At pres-
and has delivered a large number of high-quality frontline
ent, the Company has formed a multi-dimensional assistance system covering living
technical talents for the industry.
assistance, medical support, and education subsidies for the children of employees
in difficulties, to precisely solve the pressing difficulties and concerns of employees.
In 2025, the Company visited and consoled employees in difficulties for more than
various support benefits. We have effectively delivered the warmth and care of the Company leaders visit and console employ-
Company's Party Committee to employees, and continuously enhanced the sense of ees in difficulties and frontline grassroots
employees
belonging and identity of all employees.
Gathering Talents in Hunan, Nurturing
Talent
Xiandai Investment Section Xiandai's Talent Workforce
Measures taken to safeguard employees' physical and mental health and safety
Labor protection allocation
●?We provide safety protection equipment that meets national standards in full for Lantern Festival Events held
frontline employees in toll collection, maintenance and road administration positions,
conduct regular inspection and replacement of the equipment, to safeguard the labor
safety of personnel engaged in outdoor and night operations.
Health check-up services
●? We organize free annual health check-ups for all employees.
●? For employees working night shifts, we add special examinations for cardiovascular
diseases and sleep quality; for employees engaged in outdoor operations, we add spe- Themed Reading Activity for Female Em-
cial screenings for skin diseases and joint diseases, to achieve early detection, early ployees "Fragrance of Books in Roses, Hunan
prevention and early treatment. Reading for Youth" held
Working environment optimization
●? We have upgraded and built staff rest areas, water purification equipment, and heat-
ing and cooling air conditioning systems for grassroots stations, improved the accom-
modation and catering conditions for employees at remote stations, to create a com-
fortable working and living environment.
Staff Comprehensive Sports Meet
Measures taken to
Mental health services
safeguard employees'
physical and mental ●? We have established a company-wide mental health care mechanism.
health and safety ●? We carry out full-staff mental health counseling (Employee Assistance Program, EAP),
providing mental health lectures, one-on-one consultations and psychological hotline
services, to help employees alleviate work pressure and resolve emotional distress
through multiple forms.
Strengthening occupational health management
The Company has established and improved the occupational
health and safety management system for employees, and re- 2025
Care for special groups fined the occupational health protection mechanism. For the
occupational health of personnel working in special positions, Investment in safety facilities, Number of
●? We have established a special assistance ledger for female employees during pregnan- we provide labor protection supplies and improve the oper- equipment and labor protection work-related
cy and lactation, as well as employees with illnesses and family financial difficulties, ating environment. For high-risk operation links, we have for- supplies fatalities
and implemented care policies such as paid leave and hardship allowances. mulated special protection measures to reduce occupational
health risks. We have improved the occupational health train-
ing system to enhance employees' awareness of occupational
health and self-protection capabilities. No major work safety
accidents occurred throughout the year.
Committed to Hunan's Development,
Social
Xiandai Investment Section Fulfilling Xiandai's Social Responsibilities
Committed to Hunan's
Development
Section
Social
Fulfilling Xiandai's Social
Responsibilities
While pursuing corporate development, Xiandai Investment has always remained commit-
ted to giving back to society. We advance hand in hand with partners to jointly build the
industry ecosystem and promote industry development, actively foster sound community
relations, and deeply participate in the comprehensive rural revitalization strategy. We con-
tribute to enhancing social well-being and promoting coordinated regional development,
and share the fruits of corporate development with the whole society.
SDGs:
Committed to Hunan's Development,
Social
Xiandai Investment Section Fulfilling Xiandai's Social Responsibilities
Responsible procurement
Building a Responsible Supply Chain Xiandai Investment has integrated the idea of environmental protection into the procurement of materials and equipment, and
prepares and continuously optimizes the Bidding and Procurement Management System . Through the four-in-one bidding and
procurement management system, the Company prioritizes the procurement of energy-saving and environmentally friendly prod-
The Company strictly complies with the Regulations on the Implementation of the Bidding and Tendering Law of the People's Re-
ucts, strictly abiding by national green manufacturing standards and relevant customer requirements with a commitment to build-
public of China , Government Procurement Law of the People's Republic of China and other relevant laws and regulations. We have
ing a responsible supply chain. During the reporting period, the Company required relevant suppliers to participate in industry and
formulated a series of systems including the Bidding and Procurement Management System and Management System for Bidding
professional training organized by relevant ministries and commissions.
and Procurement Agencies, and strive to ensure the orderly operation of the supply chain management system. No illegal or irreg-
ular incidents related to bidding and procurement occurred in the Company during the reporting period.
Four-in-one bidding and procurement management system
Supplier management Clarifying management Clarify the rights and responsibilities of bidding and procure-
The Company adheres to the principles of "openness, fairness and justice", and in accordance with the established Supplier Man- responsibilities ment management at all levels
agement Measures , Contract Management System and other regulations, conducts standardized management of the full life cycle
of suppliers, including access mechanism, investigation and evaluation, performance appraisal, exit mechanism and confidentiali-
ty management. We strictly implement pre-procurement, in-procurement and post-procurement supervision. Optimizing management
Formulate the Bidding and Procurement Management System
mechanism
Supplier admission Supplier monitoring
Building All announcements issued by units at all levels enter project informa-
A new supplier development plan is carried For existing suppliers, follow-up inspections and
tion through the platform, and record and manage the whole process of
●? ●?
out quarterly. During the supplier admis- dynamic evaluations are conducted to encourage information
bid opening, evaluation and bid selection on the platform, and take this
sion stage, information is collected from their continuous improvement in product and ser- platform
as basis for signing the project contract
multiple channels, and risk assessments are vice quality.
conducted. After a basic investigation, an
on-site inspection and evaluation are per- Enhancing profes- Conducting training on bidding and procurement and contract
formed. Suppliers passing the evaluation sional quality management
are included in the potential supplier list.
Supplier assessment Risk response
Promoting Win-Win Development with Partners
Suppliers are categorized into five major
●? We proactively identify and dynamically monitor
●?
types: equipment, materials, engineer- supply chain risks, ensuring supply chain secu- Xiandai Investment actively builds cooperation platforms, carries out open cooperation with partners from all parties for mutual
ing, services, and others, with different rity and compliance through quality control and benefit and win-win results, continuously expands the scope of cooperation, and works together to build a value ecosystem of the
evaluation criteria. Based on their scores, emergency mechanisms. We maintain frequent industrial chain, to promote the common growth of the Company and all its partners.
they are classified into four levels, and communication with suppliers, promptly share in-
non-compliant ones are included in the formation and requirements, conduct full-process Baling RCB: Effective police-bank collaboration stops telecom fraud at the counter to
restricted bidding list. tracking and inspection of projects, and evaluate protect people's livelihoods
project progress. We have established correspond-
ing emergency mechanisms for contractors' perfor-
In December 2025, the Business Department of Baling RCB successfully intercepted a telecom fraud case through the police-bank
mance capabilities and unexpected situations to
linkage mechanism, helping a customer avoid potential losses of 500,000 CNY. On the day of the incident, the bank teller noticed
ensure the Company's stable development.
that the customer was acting abnormally when handling the early withdrawal of a large-amount fixed deposit, and refused to ex-
plain the purpose of the funds. The teller immediately activated the police-bank linkage emergency plan: The teller calmed and
retained the customer on the pretext of information verification, and simultaneously sent an early warning to the local police sta-
tion. Police officers arrived at the scene promptly, confirmed that
the customer was falling victim to telecom fraud, and dissuaded
the customer on site. The customer finally abandoned the transfer.
This incident is a vivid practice of Baling RCB in deepening the po-
lice-bank linkage mechanism. Through the keen identification of
frontline employees and the rapid response of the public security
authorities, the bank effectively protected the "hard-earned money"
of the public.
Frontline employees carry out anti-fraud promo-
tion in the bank lobby
Committed to Hunan's Development,
Social
Xiandai Investment Section Fulfilling Xiandai's Social Responsibilities
Modern Environment: Multi-party industry-university-research collaboration drives
multiple joint innovation initiatives
Xiandai Investment's financial measures to boost rural revitalization
In 2025, Modern Environment and its subsidiary Xiangxiang Branch, together with Central South University, carried out the "Re-
search on Key Technologies for Mercury Pollution Control in Waste Incineration Flue Gas", which was approved as a Hunan Provin- ●? We deepen government-bank collaboration, conduct regular visits to farmers, micro
cial Environmental Protection Scientific Research Project. It also joined hands with Hunan Expressway Group and Hunan University
and small entities, industrial clusters and commercial markets, to accurately identify
to conduct the "Technical Research and Engineering Demonstration on the Co-Disposal and Building Material Utilization of Waste Strengthening
financing needs in the agriculture, rural areas and farmers ("Three Rural Issues") sector,
Incineration Fly Ash and Silicon-Rich Wastes". These projects provide technical support for the green and low-carbon development the efficiency
dynamically track service demands, efficiently allocate credit funds, and customize
of the waste incineration industry, and contribute to the realization of China's "Dual Carbon" strategic goals. In addition, Modern of financial sup-
differentiated credit solutions. We fully support farmers in increasing their income, and
Environment has carried out joint project research with Hunan University, providing a real production environment and R&D fund-
ing support for college students' innovation and entrepreneurship. By integrating scientific and technological innovation with tal-
ent cultivation, the company strives to build a more competitive innovation ecosystem.
ply
Rural Issues" sector.
●?Through diversified models including "online + offline" and "centralized + door-to-
Deepening finan- door" sessions, we carry out tiered and targeted financial knowledge lectures for village
Dayou Futures hosts "Training Session on Risk Management and Application for Lithi- cial literacy organizations and villagers, bring financial knowledge to rural areas and households,
um Carbonate Industrial Chain Enterprises" education and effectively enhance the financial risk awareness and market participation capacity of ru-
On December 10, 2025, the "Training Session on Risk Management and Application for Lithium Carbonate Industrial Chain Enter-
prises", hosted by Dayou Futures and supported by the Guangzhou Futures Exchange, was successfully held in Changsha. The train-
promotion
good use of finance".
ing session precisely matched the needs of the industry, attracting participants from 25 midstream and downstream lithium car- ●?We conduct a systematic investigation of new types of rural business entities, special-
bonate production and trading enterprises. This event is a vivid practice of Dayou Futures in implementing the "industry + finance"
Cultivating new ized farmers and key enterprises, and establish a tiered cultivation database covering
integrated development model. It not only improved the awareness and utilization of lithium carbonate futures instruments in the
types of busi- "advantageous industries - potential enterprises - scaled farmers". We provide targeted
regional industry, but also helped industrial chain enterprises consolidate risk prevention barriers, stabilize business expectations,
ness entities empowerment for entities with standardized management, marketable products and
and inject financial impetus into the high-quality development of the real economy.
Fulfilling Community Responsibilities ●?We advance the quality improvement project for the development of credit villages and
Optimizing credit townships, strengthen the promotion and guidance of integrity culture, and strict-
Xiandai Investment gives full play to its own advantages, actively participates in the overall development of society and regional the rural ly implement preferential differentiated credit policies for credit villages. Through the
coordinated development, practices corporate social responsibility with practical actions, is committed to realizing the vision of financial eco- development of the credit environment, we drive the improvement of rural civilization,
harmonious and common prosperity of society, and contributes to improving the overall development level of the region.
Boosting rural revitalization
system
opment".
The company actively responds to the national strategy for all-round rural revitalization, earnestly implements the work arrange-
Dayou Futures continues to leverage the "Insurance + Futures" model to boost com-
ments on rural revitalization and consumption assistance made by the CPC Hunan Provincial Committee and the People's Gov-
prehensive rural revitalization
ernment of Hunan Province, and proactively fulfills the social responsibility of a listed company. It closely integrates its own de-
velopment with rural revitalization, leverages its professional strengths and the resource advantages of the assisted areas, adopts
location-specific and targeted measures, and comprehensively supports rural development.In 2025, the company dispatched two In 2025, Dayou Futures continued to provide in-depth services for rural revitalization through the "Insurance + Futures" projects.
staff members to participate in the village-based rural revitalization assistance work organized by the State-owned Assets Supervi- Throughout the year, the Company successfully implemented 104 "Insurance + Futures" projects, covering about 47 counties and
sion and Administration Commission of Hunan Province and Hunan Expressway Group, and carried out consumption assistance in districts nationwide, with an insured spot scale of 190,000 tons and a total commodity value exceeding 2.28 CNY billion. It paid a
the designated village. total of 33.3719 CNY million in indemnities to farmers and
cooperatives. The natural rubber "Insurance + Futures" pilot
Innovative characteristic financial services to deepen rural financial inclusion project in Mengla County, Yunnan Province, jointly declared
by Dayou Futures and CPIC Yunnan Branch, was carried out
smoothly, achieving a compensation effect well received by
Xiandai Fortune has partnered with Hunan New Wellful Co., Ltd. on the Huaxin Agriculture and Animal Husbandry Project, provid-
the insured farmers. The Party Branch of the Company also
ing targeted support for the construction of high-standard pig farms through financial leasing. The project has delivered remark-
signed a paired assistance agreement with the local grass-
able social and environmental benefits. On the one hand, the high production capacity can significantly increase the regional live
roots Party organization of the project, effectively carrying out
pig supply, contributing to the stability of the "vegetable basket" supply. It also brings land transfer income for local residents, fixed
industrial assistance and Party building co-development, to 2025 Training Session and Party Building Signing Ceremony for Natural
asset rent after the completion of the pig farms, and long-term employment opportunities generated by breeding operations. On
fully support rural revitalization. Rubber "Insurance + Futures" Project in Mengla, Yunnan
the other hand, the environmental protection treatment facilities supporting the high-standard pig farms can convert manure into
organic fertilizer for surrounding farmland and orchards, forming an ecological cycle of "integration of planting and breeding", and
improving the production efficiency and environmental protection level of the industry.
Committed to Hunan's Development,
Social
Xiandai Investment Section Fulfilling Xiandai's Social Responsibilities
Expanding the reach of rural financial services to bridge the "last mile" of rural financial "Join Forces for Love, Build Dreams for Children" - Lei Feng Spirit Themed Educational
inclusion Joint Activity
Yueyang Baling RCB has built Fuxiang E-Station, integrating financial services into the daily life scenarios of villagers through a On March 21, 2025, the Company joined hands with Xiangfu Yingcai Primary School and Jiufengyuan Community to carry out a
lightweight service model. Take the Fuxiang E-Station (Damingshan Service Point) at Zhangguying Village Committee as an ex- Lei Feng Spirit themed activity. The Company's volunteers set up the "Little Financial Lei Feng Classroom", helping children estab-
ample. The station focuses on solving the difficulties of villagers: traveling long distances for small-sum deposit and withdrawal, lish a correct consumption concept through fun explanations and financial management games. They organized the "Children's
cumbersome livelihood payment procedures, and inconvenient subsidy inquiry. Villagers can handle pension withdrawal, medical Heart Market" charity bazaar, with all proceeds donated in full to the Changsha Youth Development Foundation. They also held
insurance and social security contributions, small-sum trans- waste sorting promotion sessions and Lei Feng story sharing
fers for agricultural materials and other businesses nearby. meetings. With public welfare and charity as the core thread,
At the same time, the station cooperates with the village the activity linked school-enterprise-community resources,
committee to carry out financial knowledge popularization instilled the power of kindness in children, built a sustainable
activities, realizing the dual delivery of "financial services + development ecosystem of "education + public welfare + prac-
knowledge popularization". The construction and operation of tice", explored a new path for the coordinated development of
the stations have effectively filled the gap in the service cover- enterprises and society, and demonstrated the social respon-
age of township branches, and become an important carrier sibility of a state-owned enterprise. The Company joins hands with Xiangfu Yingcai Primary School and
to bridge the "last mile" of rural financial services. Jiufengyuan Community to carry out Lei Feng Spirit themed activity
Fuxiang E-Station at Zhangguying Village Committee of
Yueyang Baling RCB
Yueyang Baling RCB integrates financial knowledge promotion into the national "Village
Spring Festival Gala"
Dedication to public welfare and charity On January 22, 2025, Zhangguying Village in Yueyang County was bustling as the main venue of the national Spring Festival "Village
Spring Festival Gala". Meanwhile, young employees of Yueyang Baling RCB carried out a themed promotion campaign of "Golden
While pursuing development, the Company never forgets to give back to society, and actively carries out public welfare and charity
Snake Welcomes the Spring, Deposit Insurance Protects Your
activities to deliver warmth through practical actions. Centering on key festivals and events, we carry out volunteer services includ-
Wealth" at the event, delivering a special financial "knowledge
ing the "Warm Winter Campaign", continuously expand activity forms, and organize Lei Feng Spirit themed educational joint activi-
package" to villagers and tourists from all over the country.
ties, to achieve two-way empowerment between volunteer services and youth development, and help young people grow through
At the event site, the staff enthusiastically distributed promo-
serving the society.
tional brochures to passing tourists, and explained in detail
the core knowledge of deposit insurance, including its basic
Metrics Unit 2025 concept, coverage scope and repayment ceiling. This activity
not only helped the public understand the protection function
Total social welfare expenditure CNY ten thousand 52.67 of deposit insurance, but also made the public feel that rural
Young employees of Yueyang Baling RCB carry out themed promotion
commercial banks are the reliable, responsible banks always
Participants in public welfare activities Participants 1,768 campaign of "Golden Snake Welcomes the Spring, Deposit Insurance
by the people's side. Protects Your Wealth"
Number of public welfare activities Sessions 104
Total hours of public welfare activities hours 478
Modern Environment launches a series of public welfare science popularization activities
Modern Environment proactively carries out public welfare science popularization activities for the public, industrial enterprises
Centering on the Spring Festival travel rush, we carried out the "Warm Winter Cam- Youth League members
and partners. On June 5, 2025 (World Environment Day), it joined hands with the Gejiu Branch of the Honghe Prefecture Ecological
paign" volunteer services, dispatching volunteer service teams
Environment Bureau to carry out the "Beautiful China, I Take the Lead" Environment Day themed promotion. Through facility dis-
activity enhanced the public's understanding of hazardous
waste disposal and resource recycling. On June 25, it cooper-
The services covered the provincial capital Changsha, as well as Xiangtan, Hengyang, Directly serving more than
ated with hazardous goods transportation enterprises to hold
Loudi, Huaihua and other regions, with accumulated service hours exceeding
a "Safety Drill + Facility Open Day" event, explaining environ-
acteristics, and strengthening the environmental protection
and safety awareness of practitioners. On December 9, it held
a special environmental protection facility open day for back-
The Youth League Committee of the Company won the Outstanding Volunteer Ser- Individuals awarded the bone staff of local large retail enterprises. Through immersive
vice Organization Award of Hunan Province's 2025 "Warm Winter Campaign". Teams title of the "Outstanding visits and exchanges, it promoted the cross-industry dissemi-
awarded the title of Outstanding Volunteer Service Team" Volunteer" nation of environmental protection concepts. Modern Environment carries out "Beautiful China, I Take the
Lead" Environment Day themed promotion activity
Appendixes
Outlook Key ESG Performance
Indicator Unit 2023 2024 2025
The formidable passes and long road stood firm as iron, yet now we Company information
take bold strides forward to start a new journey. The 15th Five-Year Annual revenue CNY billion 8.47 8.20 6.48
Plan period is a critical period to lay a solid foundation and go all out Tax
for the basic realization of socialist modernization. Xiandai Investment
Tax paid CNY million 357 416 403
will thoroughly implement the decisions and arrangements of the CPC
Corporate governance
Central Committee and the State Council on improving the modern
Total board members \ 9 9 9
corporate system with Chinese characteristics. We will take the ESG
-Number of female directors \ 2 3 3
philosophy to guide the new journey of high-quality development, fo-
cus on the green transition of smart expressways and embed low-car- -Percentage of female directors % 22.22 33.33 33.33
bon principles into every link of construction and operation. We will -Number of independent directors \ 3 3 3
uphold our due responsibility for rural revitalization and fulfill the -Proportion of independent directors % 33.33 33.33 33.33
mission of a state-owned enterprise on the path to common prosper- -Number of employee directors \ 1 1 1
ity, and consolidate the foundation of modern corporate governance
-Proportion of employee directors % 11.11 11.11 11.11
to prevent and defuse risks through institutional strengths. We will ad-
Average term of office of board members year 3 4 4
here to long-termism, foster sustainable competitiveness, and strive
Number of female senior management personnel \ 1 1 1
to build a new benchmark for listed companies with leading value and
high-quality development. Proportion of female senior management personnel % 16.67 16.67 16.67
Turnover rate of directors, supervisors and senior management % 4.00 0 18.75
Standard deviation of age among directors, supervisors and sen-
year 7 8 8
ior management
Number of board meetings \ 9 5 8
Attendance of board members % 100 100 100
Number of directors attending less than 75% of meetings \ 0 0 0
Number of Audit Committee meetings \ 10 5 6
Number of Remuneration Committee meetings \ 2 1 1
Number of Nomination Committee meetings \ 1 1 3
Number of Strategy and Sustainability Committee meetings \ 3 1 1
Internal control
Announcement disclosed piece 72 73 106
Periodic reports \ 6 6 6
Interim reports \ 66 67 100
Annual audit plan execution rate % \ 100 100
Investor relation management
Investor Reception Day times 1 1 1
Investors received \ \ 30 83
Performance briefing session 1 1 1
Number of investor inquires \ \ 57 39
-Number of replies \ \ 57 39
-Response rate % 100 100 100
Shareholders' equity
Number of Shareholders' meetings held session 3 3 4
Note1:In November 2025, the Company completed its Board of Supervisors reform, consolidating the functions previously assigned to the Board of
Supervisors into the Board's Audit Committee.
Note2:In 2025, the "Strategy Committee" was adjusted to become the "Strategy and Sustainability Committee".
Indicator Unit 2023 2024 2025
Business ethics
Environmental performance
Lawsuits related to anti-competitive be-
havior, anti-trust, and anti-monopoly laws
case \ 0 0 Category Unit 2023 2024 2025
Integrity and anti-corruption training Energy management
Number of executives receiving integrity ton of standard
\ \ 10 9 Total energy consumption 3,934.00 114,501.34 152,271.87
and anti-corruption training coal
Proportion of executives receiving integrity
% \ 100 100.00 ton of stand-
and anti-corruption training
Energy consumption intensity ard coal\CNY 4.00 13.97 23.50
Number of middle and primary-level man-
million revenue
agement receiving integrity and anti-cor- \ \ 74 72
Non-renewable energy consumption
ruption training
Proportion of middle and primary-level -Gasoline（92#） liter 222,311.00 214,937.48 202,848.30
management receiving integrity and % \ 100 100 -Gasoline（95#） liter 34,426.00 63,094.33 59,767.39
anti-corruption training
-Biomass fuel* ton 2128.00 408,264.06 532,578.40
Number of front-line employees receiving
\ \ 2,350 2,273 -Coal ton \ 3.25 0.00
integrity and anti-corruption training
Proportion of front-line employees receiv- -Liquefied petroleum gas kg 25,995.00 21,175.00 39,219.00
% \ 100 100
ing integrity and anti-corruption training - Diesel* liter 394,593.00 774,179.62 878,363.79
Featured business indicators
-Non-transportation fuel energy - natural gas m3 172,818.00 199,356.64 148,367.70
Total investment in environmental protec- CNY
tion million
CNY Renewable energy consumption kWh \ 826,581.00 1,550,177.80
Investment in road maintenance projects 165 166 189
million -Installed capacity of photovoltaic power plants MW 4.04 5.50 35.319
Number of work-related fatalities among -Annual power generation of photovoltaic power
\ \ 0 0 GWh 1.07 4.82 2,505.83
suppliers plants
Number of work-related injuries among
\ \ 0 0 -Standard coal saved by photovoltaic power plants ton 1,396.00 1,926.70 10,023.32
suppliers
Huaihua: Xuhuai Expressway 99.99, Huaihua: Xuhuai Expressway 99.99, -Carbon dioxide emissions reduced by photovoltaic
ton 1,648.00 2,287.98 11,902.69
Huaizhi Expressway 100.00 Huaizhi Expressway 100.00 power plants
Resumption of normal traffic within 2 Changsha: Changyong and Changtan Changsha: Changyong and Changtan Water resource management
% \
hours Expressway 99.83, Changsha - Expressway 100, Changsha - Water intake ton \ 1,069,974.61 1,392,320.90
Shaoshan - Loudi Expressway 99.86, Shaoshan - Loudi Expressway 99.68,
Recycled water consumption ton 47,179.00 79,007.61 106,939.00
Tanhengxi Expressway 99.75 Tanhengxi Expressway 99.64
Huaihua: Xuhuai Expressway 60.00, Fresh water usage ton 597,447.00 1,054,387.00 1,392,320.90
Huaihua: Xuhuai Expressway 50.00,
Huaizhi Expressway52.00,Yuanchen Ex- Total water consumption ton 644,626.00 1,133,394.61 1,499,259.90
Huaizhi Expressway 46.60
pressway47.00,Xinxu Expressway57.00
Average clearing time for hindrance clear- Changsha: Changyong and Changtan Addressing climate change
minute \ Changsha: Changyong and Changtan
ance Expressway 29.32, Changsha - Shaos- Direct (Scope 1) GHG emissions tCO2e 1,888.00 6,312.84 7,394.27
Expressway30.82, Changsha -
han - Loudi Expressway 39.52, Tan-
Shaoshan - Loudi Expressway 41.00, Indirect (Scope 2) GHG emissions* tCO2e 13,523.00 8,891.94 25,545.49
hengxi Expressway 43.57
Tanhengxi Expressway 52.78 tCO2e\CNY
Number of highway hindrance clearance Greenhouse gas emission intensity (by income) 1.82 1.86 5.08
\ \ 15 16 million revenue
points
Greenhouse gas emission reduction tCO2e 1,004.00 724.99 1,332.69
Annual hindrance clearance \ \ 5,220 5,381
Pollution control
Length of highway landscape greenbelt km \ 206.40 206.40
Huaihua: Xuhuai Expressway94.29, Exhaust gas emissions
Huaihua: Xuhuai Expressway 93.96,
Huaizhi Expressway 94.82 -Particulate matter (PM) ton 7.00 9.31 15.15
Huaizhi Expressway 94.89
Changsha:Changsha -
Changsha: Changsha -Shaoshan - -Nitrogen oxide (NOx ) ton 121.00 212.01 435.91
Pavement Quality Index (PQI) \ \ Shaoshan - Loudi Expressway 93.79,
Loudi Expressway 93.94, Tanhengxi Ex- -Sulphur oxides (SOx ) ton 28.00 44.48 65.68
Tanhengxi Expressway 93.03,
pressway 93.00, Changtan Expressway
Changtan Expressway 94.71, Wastewater
Changyong Expressway 93.06 -Displacement ton 143,476.00 163,860.86 163,715.23
Huaihua: Xuhuai Expressway 95.58, Huaihua: Xuhuai Expressway 95.89,
-Industrial wastewater discharged ton \ 69,049.36 69,011.81
Huaizhi Expressway 96.35 Huaizhi Expressway 96.28
Changsha: Changsha -Shaoshan - Changsha:Changsha -Shaoshan - -Domestic wastewater discharged ton \ 94,811.50 94,869.25
Maintenance Quality Index (MQI) \ \
Loudi Expressway 95.63, Tanhengxi Ex- Loudi Expressway 95.53, Tanhengxi Ex- -Chemical Oxygen Demand (COD) discharged ton 1.83 3.85 3.78
pressway 95.09, Changtan Expressway pressway 95.12, Changtan Expressway -Ammonia nitrogen discharged ton 0.70 3.20 3.18
-Five day Biochemical Oxygen Demand (BOD5) ton 0.09 0.88 0.098
Road excellence rate % \ 100 100
Proportion of Class I and Class II bridges % \ 100 100 -Suspended Solids (SS) discharged ton 0.13 0.97 0.89
Financial knowledge activities session 112 147 1,452 Waste
Individuals covered by financial knowl- -Total solid waste discharged ton 94,228.74 93,500.42 145,057.22
\ 18,164 49,521 45,276
edge activities
-General industrial solid waste disposed ton \ 79,567.22 131,148.28
Online financial knowledge promotion
\ 105 122 67 -Hazardous waste disposed ton \ 25,147.54 27,910.74
works
-Total hazardous waste generated ton \ 5,969.85 5,862.59
Note: During the reporting period, the Company increased the mileage of entrusted managed road sections, which led to a substantial growth in pur-
Note: In 2025, the "General Meeting of Shareholders" of the Company was renamed as "Shareholders' Meeting". chased electricity consumption, and in turn drove a notable increase in Scope 2 greenhouse gas (GHG) emissions.
Social performance
Category Unit 2023 2024 2025 Category Unit 2023 2024 2025
Product safety and quality Number of veterans in service \ 79 110 92
Percentage of product and service categories assessed for the health Total new employees \ 153 80 106
% 0 0 0
and safety impacts
Male \ 89 44 65
Health and safety incidents related to products and services case 0 0 0 -By gender
Female \ 64 36 45
Number of incidents punished due to violations case 0 0 0
Number of incidents receiving warnings due to violations case 0 0 0
-By age group 30-50 years old \ 58 38 42
Number of incidents violating voluntary guidelines case 0 0 0
Customer service and rights 50 years old or above \ 25 0 0
Customer satisfaction percentage % 100 100 99.7 Total new employment rate % 5.70 3.29 4.5
Customers claims \ 360 287 860 Male % 6.20 3.38 5.2
-By gender
Number of customer complaints resolved case 360 287 859 Female % 5.20 3.18 4.1
R&D investment million 26.48 26.37 28.93 30 years old or below % 17.00 12.24 22.8
Proportion of R&D investment to business revenue % \ 0.35 0.49 - By age 30-50 years old % 3.00 2.11 2.4
Number of R&D personnel \ 278 295 309
Proportion of R&D personnel % 10.40 10.28 11.17
Total employee turnover \ 294 229 181
Total number of invention patents case 153 123 143
Male \ \ 116 108
Number of newly added invention patents case 8 18 12 -By gender
Female \ \ 113 77
Number of trademarks, software copyrights, and other intellectual
case 57 70* 43
property rights 30 years old or below \ \ 39 26
Number of newly added intellectual property rights such as trade- -By age group 30-50 years old \ \ 132 111
case \ 13 8
marks and software copyrights
Employment
Overall employee turnover rate % 11.00 9.41 7.7
Total number of employees \ 2,673 2,434 2,354
Male % \ 8.90 8.6
-Number of labor dispatch personnel \ \ 435 254 -By gender
Female % \ 9.99 7.0
Male \ 1,432 1,303 1,099
-By gender 30 years old or below % \ 11.37 9.0
Female \ 1,241 1,131 1,255
Full-time employees \ 2,672 2,434 2,354 -By age group 30 years old or below % \ 7.31 6.3
-By employment type
Part-time employees \ 1 0 26 50 years old or above % \ 20.28 16.7
Number of senior managers \ \ 10 9 Compensation and benefits
Number of middle-level and primary-level Labor contract signing rate % 100 100 100
-By grade \ \ 74 72
managers
Social insurance coverage % 100 100 100
Number of front-line employees \ \ 2,350 2,273
Beneficiaries of employee care and assistance \ \ 293 389
Investment in employee care and assistance CNY 240,000 329,000 37
-By age group 30-50 years old \ 1,940 1,805 1,776
Employee Seminar session \ 123 111
Occupational development and training
Master's degree \ 148 136 154
Bachelor's degree \ 1,374 1,367 1,391 CNY
-By educational back- Annual training expenditure 1.75 1.65 0.91
million
ground College degree \ 713 617 551
Employee training coverage rate % 100 100 100
Other educational qualifications \ 438 314 258
Total training sessions \ \ 1,232 1,406
Number of employees with disabilities in service \ 11 4 4
Number of employees with ethnic minority in service \ \ 175 173 Total training hours hour 147,156.00 161,062.50 110,295
Number of foreigners in service \ \ 0 0 Total employees trained \ 2,673 2,434 2,492
Report Indicator Index
Category Unit 2023 2024 2025
Xiandai Investment is in accordance with GRI standards from January 1,
Male \ 1,432 1,303 1,359 Instructions
-By gender 2025, to December 31, 2025 for reports preparation
Female \ 1,241 1,131 1,133
Senior managers \ \ 10 9 GRI 1 GRI 1: Foundation 2021
-By rank Middle-level and primary-level managers \ 86 74 72
Front-line employees \ 2,587 2,350 2,262
GRI Stand-
Total training hours per employee hour 55.00 66.20 44 Disclosures Sections Page
ards
Male hour 53.00 63.80 42.4
-By gender GRI 2: General Disclosures 2021
Female hour 57.00 68.60 45.6 2-1 Organizational details About Us P5-6
Senior managers hour \ 174.00 155 2-2 Entity included into the ESG report
About This Report P1-2
-By rank Middle-level and primary-level managers hour 90.00 75.00 68.00 2-3 Reporting period, frequency and contact point
This report does not require information
Front-line employees hour 54.00 65.00 43.2 2-4 Restatements of information /
restatement
Occupational health and safety This report does not conduct external
CNY assurance
Work safety investment 149.66 165 177
million 2-6 Activities, value chain and other business relationships About Us P5-6
CNY Protecting Employees' Rights and Inter-
-Investment in work safety liability insurance \ 2.33 223 2-7 Employees P53
million ests
-Investment in work safety liability insurance % \ 100 100
P13-
CNY 2-9 Governance structure and composition Solidifying Corporate Governance
-Investment in work-related injury insurance \ 2.46 233 14
million
-Coverage rate of work-related injury insurance % \ 100 100 2-11 Chair of the highest governance body
CNY Role of the highest governance body in overseeing the management of See the Annual Report /
-Investment in occupational injury insurance \ 4.29 404 2-12
million impacts
Number of emergency drills conducted \ \ 98 179 2-13 Delegation of responsibility for managing impacts
Number of regular and irregular safety inspections \ \ 792 1,004
-Hidden dangers inspected case \ 1,511 2,752 See the Annual Report /
-Hidden danger rectification rate % \ 100 100 2-17 Collective knowledge of the highest governance body
ESG Governance P8
Safety training session 379 408 709 2-18 Evaluation of the performance of the highest governance body
Participants of safety training \ 3,119 2,869 2,608 2-19 Remuneration policies
Number of work-related fatalities \ \ 0 0
Number of all traceable work-related health problem cases \ \ 0 0
Supply chain management 2-23 Policy commitments ESG Governance P8
Number of suppliers within Hunan Province \ 555 478 794 2-24 Embedding policy commitments
No related actions /
Number of suppliers outside Hunan Province \ 330 247 477 2-25 Processes to remediate negative impacts
Social contribution
CNY
Total social welfare expenditure 7.36 1.53 53 2-28 Membership associations No related actions /
million
Participants of social welfare activities \ \ 1,205 1,768
Protecting Employees' Rights and Inter-
Number of social welfare activities session \ 108 104 ests
Total hours of social welfare activities hour \ 343 478 GRI 3: Material Topics 2021
National strategic response ESG Governance P10
CNY
Total investment in rural vitalization \ 31.99 141 Economic
million
GRI 201: Economic Performance 2016
Beneficiaries of rural vitalization \ \ 616 5,378
GRI3-3 Management of material topics / /
Financial implications and other risks and opportunities due to climate P37-
change 43
GRI Stand- GRI Stand-
Disclosures Sections Page Disclosures Sections Page
ards ards
Protecting Employees' Rights and Inter- P53- GRI 304 Biodiversity 2016
ests 54 GRI3-3 Management of material topics / /
GRI 202: Market Presence 2016 areas and areas of high biodiversity value outside protected area Protecting Ecological Environ- P49-
GRI3-3 Management of material topics / / 304-2 Significant impacts of activities, products and services on biodiversity ment 50
Ratios of standard entry level wage by gender compared to local mini- 304-3 Habitats protected or restored
mum wage IUCN Red List species and national conservation list species with habi-
ests 54 304-4 N\A /
GRI 203: Indirect Economic Impacts 2016 GRI 305: Emissions 2016
GRI3-3 Management of material topics / / GRI3-3 Management of material topics / /
See the Annual Report / Addressing Climate Change P43
GRI 204: Procurement Practices 2016 305-3 Other indirect (Scope 3) GHG emissions Not calculated /
GRI3-3 Management of material topics / / 305-4 GHG emissions intensity
GRI 205: Anti-corruption 2016 305-6 Emissions of ozone-depleting substances (ODS) Performance Appendixes /
GRI3-3 Management of material topics / / Nitrogen oxides (NOX), sulfur oxides (SOX), and other significant air emis-
Communication and training about anti-corruption policies and proce- P19- GRI 306: Waste 2020
dures 21 GRI3-3 Management of material topics / /
Deepening Green Operations P48
GRI 206: Anti-competitive Behavior 2016 306-2 Management of significant waste-related impacts
GRI3-3 Management of material topics / / 306-3 Waste generated
Legal actions for anti-competitive behavior, anti-trust, and monopoly 306-4 Waste diverted from disposal Performance Appendixes 68
practices 306-5 Waste directed to disposal
GRI 207: Tax 2019 GRI 308: Supplier Environmental Assessment 2016
GRI3-3 Management of material topics / / GRI3-3 Management of material topics / /
Environmental GRI3-3 Management of material topics / /
GRI 301: Materials 2016 401-1 New employee hires and employee turnover Performance Appendixes
GRI3-3 Management of material topics / / Benefits provided to full-time employees that are not provided to tem- Protecting Employees' Rights and P54-
GRI 302: Energy 2016 GRI 402: Labor\Management Relations 2016
GRI3-3 Management of material topics / / GRI3-3 Management of material topics / /
Deepening Green Operations GRI 403: Occupational Health and Safety 2018
Performance Appendixes GRI3-3 Management of material topics / /
GRI 303: Water and Effluents 2018 403-2 Hazard identification, risk assessment, and incident investigation
GRI3-3 Management of material topics / / 403-3 Occupational health services
Deepening Green Operations P46 al health and safety
Prevention and mitigation of occupational health and safety impacts Performance Appendixes
directly linked by business relationships
Workers covered by an occupational health and safety management
system
GRI Stand-
Disclosures Sections Page
Reader Feedback
ards
GRI 404: Training and Education 2016
GRI3-3 Management of material topics / /
Programs for upgrading employee skills and transition assistance pro-
grams Prioritizing Employee Develop- P54- Dear Readers,
Percentage of employees receiving regular performance and career ment 56
development reviews
Thank you very much for reading the 2025 Sustainability Report of Xiandai Invest-
GRI 405: Diversity and Equal Opportunity 2016
ment Co., Ltd. We sincerely invite you to leave us your valuable feedback on this
GRI3-3 Management of material topics / /
report. Your comments and suggestions are crucial for our ongoing improvement of
Protecting Employees' Rights and
Interests
GRI 406: Non-discrimination 2016
GRI3-3 Management of material topics / /
Protecting Employees' Rights and
Interests
GRI 407: Freedom of Association and Collective Bargaining 2016
GRI3-3 Management of material topics / /
Operations and suppliers in which the right to freedom of association Protecting Employees' Rights and
and collective bargaining may be at risk Interests
ban@xdtz.net
GRI 408: Child Labor 2016
GRI3-3 Management of material topics / /
Protecting Employees' Rights and
Interests
GRI 409: Forced or Compulsory Labor 2016
GRI3-3 Management of material topics / /
Operations and suppliers at significant risk for incidents of forced or Protecting Employees' Rights and
compulsory labor Interests
GRI 410: Security Practices 2016
GRI3-3 Management of material topics N\A /
GRI 411: Rights of Indigenous Peoples 2016
GRI3-3 Management of material topics N\A /
GRI 413: Local Communities 2016
GRI3-3 Management of material topics / /
Operations with local community engagement, impact assessments, Fulfilling Community Responsi- P63-
and development programs bilities 66
Operations with significant actual and potential negative impacts on P49-
local communities 50
GRI 414: Supplier Social Assessment 2016
GRI3-3 Management of material topics / /
GRI 415: Public Policy 2016
GRI3-3 Management of material topics N\A /
GRI 416: Customer Health and Safety 2016
GRI3-3 Management of material topics / /
Assessment of the health and safety impacts of product and service P26-
categories 29
Incidents of non-compliance concerning the health and safety impacts
of products and services
GRI 417: Marketing and Labeling 2016
GRI3-3 Management of material topics / /
Incidents of non-compliance concerning product and service informa-
tion and labeling
GRI 418: Customer Privacy 2016
GRI3-3 Management of material topics / /
Substantiated complaints concerning breaches of customer privacy
and losses of customer data
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