Stock Code : 600350
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Address:No.5006. Aoti Middle Road, Hi-Tech Zone, Jinan
Website:www.sdecl.com.cn
Hotline:0531-89260052
Sustainability Report
Fax:0531-89260050
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Foreword 03
About Shandong Hi-Speed Sustainable Development
Message from the Chairman 05 Company Profile
Governance
Milestones 15 Governance System for Sustainable Development 21
Special Feature： Corporate Culture 17 Sustainable Development Achievement 22
Honors 17 Sustainability Risk Management
Green Upgrading of Transportation Infrastructure 07 23
Performance Highlights in 2025 20 Double Materiality Analysis
Fosters New Quality Productive Forces 24
Communications with Stakeholders 26
Shandong Hi-Speed Consolidates Shandong Hi-Speed Implements Shandong Hi-Speed Increases Shandong Hi-Speed Creates and Shares
the Foundation of Internal Green Practices in Road Networks Network Coordination Efficiency Social Value
Governance Service Quality Improvement 65 Protection of Employees' Rights and Interests
Response to Climate Change 43 83
Enhancement of Compliance Governance 29 Environmental Compliance Management 47 Innovation-Driven Development 67 Occupational Health and Safety 91
Adherence to Business Ethics 36 Energy Resource Management 56 Data Security and Protection 76 Co-creation of Better Society 103
Development Driven by Party Building 39 Responsible Supply Chain 79
ESG Data Tables and Notes 105
Index 107
Independent Verification Statement 109
Foreword
About this Report Preparation Basis Definition
This is the sixth Sustainability Report (or the
Environmental, Social and Governance Report)
Guidelines for Listed Companies on Shanghai
and the fifteenth Corporate Social Responsibility
Stock Exchange No. 14 - Sustainability Report (for Shandong Hi-Speed, the Company, or we Shandong Hi-Speed Company Limited
Report released by Shandong Hi-Speed Company
Trial Implementation) Supervision Guidelines for
Limited (hereinafter referred to as “Shandong
Listed Companies on Shanghai Stock Exchange Shandong Hi-Speed Group, or the Group Shandong Hi-Speed Group Co., Ltd.
Hi-Speed”, “the Company”, or “We”). In the prin-
No. 4 - Preparation of Sustainability Report
ciples of objectivity, standardization, transparen-
(Prepared in January 2026) Henan Development Shandong Hi-Speed Henan Development Co., Ltd.
cy, and comprehensiveness, this report provides
detailed disclosure of the Company’s practices
and performance in environmental, social, and 2.China Enterprise Reform and Development Qilu Expressway Qilu Expressway Company Limited
governance for the year 2025. Society Guide to Corporate Sustainability
Reporting in China (CASS-ESG 6.0)
Rail Transit, or SDHS Rail Transit Shandong Hi-Speed Transportation Construction Group Co., Ltd.
Luzhou Southeast Expressway Luzhou Southeast Expressway Development Co., Ltd.
Reporting Standards (GRI Standards)
Reporting Scope 4.UN Sustainable Development Goals (SDGs)
Econ Technology Econ Technology Co., Ltd.
Information Group Shandong Hi-Speed Information Group Co., Ltd.
This report covers Shandong High Speed 5.Sustainability Accounting Standards Board
Company Limited and its subsidiaries. Unless Standards (SASB Standards)
otherwise stated, the scope of this report is Shandong Expressway Changying Equity Investment
Changying Equity
consistent with the scope of the Company’s Management Co., Ltd.
annual report. Administration Commission of the State Council
Guiding Opinions on the Fulfillment of Social
Responsibility by Central Enterprises for a New Era
Description of Data Access to this Report Feedback
Reporting Period
This report covers the period from January 1, Data sources used in this report include public This report is available in electronic format. If you have any comments or suggestions concerning the Company’s
Period”). To improve the comparability and ational data, annual financial data, internal statis- from the website of the Shanghai Stock information below to help us continuously improve this Report.
completeness, some sections of this report tical reports of the Company, third-party ques- Exchange (www.sse.com.cn) or the official
may be appropriately referred to previous tionnaire surveys, third-party evaluations or inter- website of the Company (www.sdecl.com.cn) Securities Service Hotline Investor Service Fax
years or contains forward-looking state- views, etc. The financial data in this report is to access more information. For any ques-
ments. This report is released on an annual expressed in RMB. For any discrepancy between tions or suggestions regarding this report,
basis, consistent with the financial year. this report and the financial statements, the please send an email to sdhs@sdecl.com.cn
financial statements shall prevail. or call 0531-89260052. This report is Website Email
released in both Chinese and English. For any www.sdecl.com.cn sdhs@sdecl.com.cn
discrepancy between the Chinese and English
versions, the Chinese version shall prevail.
Address
No. 5006, Aoti Middle Road, Jinan City, Shandong Province
Message from the Chairman
As time progresses, new milestones emerge. As we embark on the journey toward the future, steadfast commitment leads to With governance as our guideline, we unleash the intrinsic momentum for high-quality development.
enduring success. 2025 is the decisive year for the successful conclusion of the 14th Five-Year Plan, a key year for China to
Standardized governance is the core strength that enables a company to withstand risks and
evolve into a country with strong transportation, and a critical year for Shandong Hi-Speed to anchor the corporate vision to be
navigate through economic cycles. In 2025, we continued to improve our three-tier ESG
a "century-old enterprise" and reshape the core of high-quality development through ESG. In the face of the global wave of
governance structure and won several industry recognitions, including the Best ESG Practice
green transformation and the growing demand for high-quality industry development, we remain firmly committed to the “Shan
Award from New Fortune, an “AA” rating from Wind ESG Ratings, an “AA-pi” rating from Green
Gao · Xing” brand ethos—we build a solid governance foundation with the steadfast strength of “Shan (Mountain)”, drive innova-
Development Credit Rating, and the "2025 Best Practice Case for Board Offices of Listed
tive breakthroughs through the aspiration of “Gao (Height)”, and fulfill our social responsibilities with the resilience of “Xing (Ac-
Companies" award from the China Association for Public Companies. These recognitions not only
tion)”. In doing so, we strive to deliver a response in the broad arena of environmental, social, and governance that lives up to
validate our governance capabilities but also fuel our commitment to continuous improvement. We
the times and our mission.
always uphold the bottom line of compliance and transparency. Our information disclosure has
With sustainability as our brush, we chart the practice blueprint of low-carbon transportation transformation. received an “A” rating from the Shanghai Stock Exchange for six consecutive years. We respond to
every trust with an open, fair, and transparent attitude. We optimize the diversity of our Board
As a steadfast practitioner of China’s “dual carbon” strategy and a leader in the green development of the transportation sector,
structure, appoint senior independent directors with expertise in finance, engineering,
we always embed a “deep commitment to zero-carbon development” into the fabric of our operations. We have established the
environmental protection and other fields, provide specialized and differentiated governance
“13510” pathway for achieving carbon peaking across the entire industrial chain, making green development the most defining
capabilities to deliver precise support for strategic decision-making, and comprehensively enhance
hallmark of Shandong Hi-Speed’s growth. We tackle the industry’s emission reduction challenges through technological innova-
decision quality and governance effectiveness. We uphold a long-term value philosophy and,
tion. The implementation of the 12km SMA-8 ultra-thin overlay preventive maintenance project has reduced raw material usage
through stable dividend distributions, have been included in the Cash Dividend Ranking published
by 62.5%. We activate the potential of new energy with model innovation. The integrated "PV+ ESS + Charging" project is
by the China Association for Public Companies, demonstrating our commitment to delivering
deployed at the Qingdao Transportation Management Center, with 8 stations interconnected to form a green energy ecosystem
tangible returns to investors for their continuous support. The continuous improvement of
that features “the self-generation and self-consumption of green electricity and the feeding of surplus green electricity into the
governance capabilities has allowed Shandong Hi-Speed to maintain a steady development trend
grid”. We realize full-scene energy-saving with digital empowerment. The upgrade of 1,400 intelligent networked lights saves
in a complex and ever-changing market environment, providing a solid foundation for the
implementation of our corporate strategies.
al transportation enterprises. The implementation of each initiative is a vivid embodiment of our commitment to the philosophy
that “lucid waters and lush mountains are invaluable assets”. Behind every set of data lies our unwavering determination to Standing at the historic juncture where the 14th Five-Year Plan is to be concluded and the 15th
propel the transportation industry toward the “Zero-Carbon Era”. Five-Year Plan begins, we deeply recognize that ESG is no longer merely an “add-on” for
enterprises, but a “hard metric” for measuring core competitiveness, a “new engine” driving
With responsibility as our backbone, we strengthen the foundation for shared and sustainable value.
industry transformation, and a “required course” for enterprises to integrate into the broader
The value of a company ultimately rests on its care for people and its contribution to society. We always believe that “to enrich national development landscape and realize long-term value. In the future, Shandong Hi-Speed will
staff, strengthen the enterprise, and repay society” is not only our mission but also the foundation for our long-term stability and follow national strategies to accelerate green and low-carbon transformation, promote the
development. At Shandong Hi-Speed, we have built a complete benefit system that covers statutory benefits and also provides implementation of new energy projects and low-carbon technologies, contribute the "Shandong
company-specific benefits. We have also established clear career development paths, allowing every member of Shandong Hi-Speed Solutions" to the zero-carbon transformation of the transportation industry, and deepen
Hi-Speed to realize personal value and experience a sense of belonging and happiness amidst the enterprise's development. digital technology empowerment to modernize transportation infrastructure with new quality
Externally, we have deeply invested in people's livelihoods. For over four consecutive years, we donated RMB 4 million to sup- productive forces. We also refine our ESG governance system to strengthen the foundation for our
port the “Warm Care for the Elderly” Assistance Program, helping more than 47,000 elderly citizens with difficulties and disabili- long-term development, and focus on improving people's well-being, helping China evolve into a
ties. We safeguard travel safety by optimizing the road network structure, promoting smart maintenance and vehicle–road coor- country with strong transportation, and enhancing public welfare.
dinated early warning technologies to facilitate smoother travel, strengthening emergency response and dispatch, and enhancing
The road ahead is long and arduous, but with perseverance, we will reach our destination. We look
supporting public service facilities, thereby ensuring safe, convenient, and efficient mobility for the public and providing profes-
forward to joining hands with partners from all sectors to build a green, safe, and smart
sional support for secure travel. We uphold the spirit of volunteerism, with the sustained implementation of initiatives such as
transportation future, and write a magnificent chapter for China’s transportation enterprises in this
“Learn from Lei Feng” and “Caring Support for Exam Candidates”, embedding a strong sense of responsibility into our culture.
new era, with the responsibility of "Shan", the ambition of "Gao" and the posture of "Xing".
From caring for employees to giving back to society, and from ensuring travel safety to supporting people's livelihoods, we
always “put our commitments into actions”, making development full of warmth and compassion.
Chairman:
Green Upgrading of Transportation
Special
Infrastructure
Feature
Fosters New Quality Productive Forces
productive forces. By taking green and low-carbon transformation as the core driver to advance the full-lifecy- Case
cle upgrading of infrastructure, and by closely aligning with the “carbon peaking and carbon neutrality” goals to
cultivate new quality productive forces in the transportation sector, Shandong Hi-Speed Group is advancing the
Green Practices of Shandong Hi-Speed:
implementation of the Company’s “Transportation + Energy” coordinated development strategy. The Company
has scaled up the deployment of road-adjacent photovoltaic (PV) systems, established 7 zero-carbon toll sta- Building a New Smart Energy Ecosystem for Green Power and Heating
tions to create a model for the self-generation and self-consumption of green electricity, and implemented
In 2025, Shandong Hi-Speed partnered with a leading local enterprise to launch a key long-dis-
technological innovations such as low-carbon maintenance and solid-waste resource utilization. In addition, we
tance district heating project in Yantai. We accelerated the large-scale development of our
integrate digital technologies like big data and AI, and build an infrastructure operation system that integrates
road-adjacent PV facilities, and achieved a breakthrough in installed capacity. Additionally, we
green and smart technologies, to advance carbon reduction and efficiency improvements across all stages of
innovatively deployed the virtual power plant technology in the expressway sector and success-
road network construction, maintenance, and operation. Shandong Hi-Speed empowers industrial upgrading
fully implemented the technology, thereby establishing a new integrated transportation-energy
through technological innovation, activates the value of road-adjacent resources through model innovation, and
ecosystem featuring “green PV power + clean energy heating + smart energy management”. This
transforms the green upgrading of infrastructure into a new engine for high-quality development. This provides
series of practices not only drives the Company's transformation from a traditional highway oper-
a practical reference for the green development of regional transportation, and explores a path of experience
ator to a comprehensive energy service transportation enterprise, but also nurtures a new green
that can be landed and promoted for the optimization of energy structure and the improvement of people's
and sustainable growth engine. Furthermore, by deeply integrating transportation infrastructure
livelihood services.
and energy systems, we have built a replicable model of energy-transportation integration prac-
tices in the industry, contributing the responsibilities and efforts of a listed company to the opti-
mization of the regional energy structure and the achievement of carbon emission reduction
Innovation in Road-adjacent Energy Integration
targets.
Location Map of the Yantai Long-Distance Heating Pipeline Project Pipeline Route Map
Shandong Hi-Speed deeply explores the value of road-adjacent assets, and implements the integration of trans-
portation and energy, with a focus on PV power, heating, and smart energy. The Company has implemented
road-adjacent PV projects and virtual power plant technology in the highway sector, and partnered with local
industry leaders to create a benchmark long-distance heating project in Yantai. Through multi-dimensional km
energy innovation, we are driving our transformation into a comprehensive energy-service-oriented transporta-
Legend
tion enterprise, fostering green new quality productive forces, and setting a benchmark for the transporta- Selected Route
tion-energy integration practices in the industry. District Boundary
Booster Pump Station
Heat Exchange Station
Construction of Zero-Carbon Transportation Facilities Application of Green Infrastructure Technologies
Shandong Hi-Speed, adopting a “point-to-line” planning approach, has established 7 zero-carbon toll stations, Shandong Hi-Speed integrates the low-carbon concept throughout the entire infrastructure lifecycle. Taking the
including those at Guzhan, Zhangqiu West, and East Bus Station. With a total installed capacity of 1,480 kW, an Beijing-Taipei Expressway Reconstruction and Expansion Project as a benchmark, the Company has scaled the
energy storage of 11.2 MWh, an annual power generation of 1.62 million kWh, and a carbon emissions reduction application of new green materials, such as paint-free weather-resistant steel and steel slag anti-slip wear-resis-
of 1,400 tons, these stations utilize a “PV + energy storage + integrated energy management” system to estab- tant layers. In addition, the Company is comprehensively promoting low-carbon maintenance technologies, such
lish a model for the self-generation and self-consumption of green electricity. This model provides a replicable as in-situ hot recycling of asphalt, and deepening the resource utilization of industrial solid waste, thus driving
template for the green upgrade of transportation hubs. Through facility reconstruction and technology integra- carbon reduction and efficiency improvement across the entire infrastructure chain through technological innova-
tion, it embeds the zero-carbon philosophy into the operational periphery of the road network, thereby driving a tion. This empowers the green upgrade of transportation infrastructure and cultivates new quality productive
comprehensive green transformation through micro-level upgrades. forces in the infrastructure sector.
Case Case
Zero Carbon + Intelligence + Service:
Beijing-Taipei Expressway “Six-to-Twelve” Lane Expansion Project:
Gushan Station Creates a Model for Green Upgrading of Expressways
Setting an Industry Benchmark for Green Expressway Reconstruction and Expansion in the Industry
The Gushan Zero-Carbon Toll Station is a benchmark practice for Shandong Hi-Speed’s green
As the first benchmark for green expansion of ultra-wide-lane expressways in China, the Bei-
infrastructure upgrade in 2025, and an innovative station site where the Company explores the
jing-Taipei Expressway “Six-to-Twelve-Lane” Reconstruction and Expansion Project deeply inte-
integration of "zero-carbon + intelligence + service". Equipped with a distributed PV power gener-
grates the philosophy of low-carbon development across the entire lifecycle into its design, con-
ation system, an energy storage facility, and an intelligent integrated energy management system,
struction, and operation: the large-scale application of paint-free weather-resistant steel (for the
the station innovatively adopts a dual power supply assurance model of “PV storage city grid
reduction of carbon emissions from lifecycle maintenance) and steel slag anti-skid wear layers (for
interconnection + generator backup power supply”. This model achieves a zero-carbon operation
the resource utilization of industrial solid waste), and the 100% recycling of old pavement materials,
that features “the self-generation and self-consumption of green electricity and the feeding of sur-
significantly reducing resource consumption and construction waste. Adhering to "non-disruptive
plus green electricity into the grid”, and enhances power supply reliability. It has also been
construction, continuous operation", the project minimizes social interference and ecological distur-
upgraded to create an open, people-friendly service environment, featuring supporting facilities
bance. The project not only solved the global challenge of green capacity expansion under
such as self-service charging piles, free rest areas, and ETC card-selling services. As an important
extremely over-saturated traffic flow, but also systematically established a replicable technical
part of the Company’s cluster of seven zero-carbon toll stations, the Gushan Zero-Carbon Toll Sta-
framework and standard combining “green materials + recycling technologies + fine management”.
tion achieves an average annual carbon reduction of 1,100 tons and saves about RMB 10,000 in
It has set an industry benchmark for resource-efficient, environmentally-friendly, and highly coordi-
electricity fees each year. By fostering new quality productive forces through the integration of
nated expressway reconstruction and expansion, vividly illustrating the practical path for the green
transportation and energy via technological innovation, and by putting the people-oriented philos-
upgrading of transportation infrastructure.
ophy into practice through service upgrades, this station has become a replicable model for
zero-carbon transformation and service quality improvement in expressway stations.
Beijing-Taipei Expressway
Gushan Zero-Carbon Toll Station
Road and Bridge Operation
About Shandong Hi-Speed
Toll road and bridge operations constitute the core business of Shandong Hi-Speed. In 2025, the total mileage of
Company Profile road and bridge assets operated and managed by the Company reached approximately
approximately 1,601 km of self-owned road and bridge assets and approximately 1,316 km of road and
bridge assets subject to the entrusted management by the Shandong Hi-Speed Group.
Shandong Hi-Speed Company Limited was founded in 1999 under the control of Shandong Hi-Speed Group Co., Ltd., and went
public in March 2002 on the Shanghai Stock Exchange (Stock Code: 600350), with its headquarters located at No. 5006, Aoti
Middle Road, Jinan City, Shandong Province. The Company is mainly engaged in the investment and operation of transportation
infrastructure, as well as equity investments in upstream and downstream industries related to the expressway industry chain. As
a leading road and bridge operation service provider in China, Shandong Hi-Speed continuously contributes to helping Shan-
dong/China evolve into a province/country with strong transportation. In 2025, the Company recorded an operating revenue of
RMB 23.925billion and had 10,562 employees.
The main businesses of Shandong Hi-Speed mainly include three segments: road and bridge operation, capital operation, and
engineering construction. Management Structure of the Road
and Bridge Operation Segment
Road and Bridge Operation Segment
Headquarters Functional
Departments | 12
Road and Bridge Capital Operation Segment
Operation Segment Direct Affiliated Units Operation and Management Centers Direct Subsidiaries
Engineering Dezhou Operation and Weifang Operation and Shandong Hi-Speed Transportation Construction
Management Center Management Center Group Co., Ltd.
Direct Affiliated Units | 3
Operation and Management Centers | 16
Direct Subsidiaries | 9
Regional Development Companies | 3
Direct Subsidiaries | 7
Major Equity-invested Companies | 6
Construction Division
Road & Bridge Xiajin Operation and Weiri Operation and Qilu Expressway Company Limited
Operation Division Management Center Management Center
Hunan Hengshao Expressway Co., Ltd.
Investment Jinan Operation and Weilai Operation and
Development Division Management Center of Management Center
Beijing-Taipei Expressway Shandong Lijin Yellow River Highway Bridge Co.,Ltd.
Qingdao Operation and
Tai’an Operation and Management Center Hubei Wujing Expressway Development Co., Ltd.
Management Center
Yantai Operation and
Zaozhuang Operation and Management Center Luzhou Southeast Expressway Development Co., Ltd.
Management Center
Weihai Operation and Shandong Hi-Speed Information Group Co., Ltd.
Jinan Operation and Management Center
Management Center of
Beijing-Shanghai Expressway Shandong Hi-Speed Dongshen Highway Co., Ltd.
Heze Operation and
Management Center
Jinan Operation and
Henan Heze-Baoji Expressway Co., Ltd.
Management Center of the
Taidong Operation and
Jinan-Qingdao Expressway
Functional Structure of Shandong Hi-Speed Management Center
Zibo Operation and
Management Center
Capital Operation
As the second-largest business segment of Shandong Hi-Speed, the capital operation segment represents a new long-term and
Total Mileage of
sustainable development path explored beyond the core expressway business. The Company continues to deepen capital opera-
Managed Roads and
tions and open up new avenues for development.
Bridges Reaches
Including 1,601 km of Self-Owned Road and Bridge
Regional Development
Companies Direct Subsidiaries
Major Equity-invested
Companies
Assets and 1,316 km of Road and Bridge Assets Subject
Shandong Hi-Speed Econ Technology Co., Ltd. Weihai City Commercial Bank Co., Ltd.
Henan Development
to Entrusted Management Co., Ltd. Shandong Hi-Speed Investment Dongxing Securities Co., Ltd.
Development Co., Ltd.
Shandong Hi-Speed FULONGMA Group Co., Ltd.
Hunan Development Shandong Hi-Speed Chain Cloud
Technology Co., Ltd. Shandong Hi-Speed Engineering
Co., Ltd.
Project Management Co., Ltd.
Shandong Hi-Speed Shangao Yunchuang (Shandong)
Commercial Factoring Co., Ltd. Shandong Hi-speed Logistics Group
(Shenzhen) Investment
Co., Ltd.
Co., Ltd.
Shandong Hi-Speed Industrial
Development Co., Ltd. Shandong Hi-Speed Maintenance
Group Co., Ltd.
Shandong Hi-Speed Qilu Construction
Transport Administration Service Co., Ltd.
Self-owned road and bridge assets include
Shandong Expressway Changying Equity
Investment Management Co., Ltd.
G20 Jinan–Qingdao Section of the Qingdao–Yinchuan G42 Wuhan–Jingmen Section of
Expressway Shanghai–Chengdu Expressway
G3 Dezhou–Tai’an Section of the Beijing–Taipei G93 Luzhou–Chongqing Section of the Engineering Construction
Expressway Chengdu–Chongqing Ring Road
Based on experience from the reconstruction and expansion of the Jinan-Qingdao Expressway and the Beijing-Taipei Express-
G35 Jingtai–Jiqing Connection Line of the way, Shandong Hi-Speed has developed a specialized management model covering the entire process of expressway reconstruc-
S80 Hengyang–Shaoyang Expressway
Jinan–Guangzhou Expressway tion and expansion—from project initiation to project completion. We set up an Engineering Construction Division that integrates
“project construction + market development”, and gradually develop an engineering construction segment. Focusing on engi-
G2 Jinan–Laiwu Section of the Beijing–Shanghai
Lijin Yellow River Highway Bridge neering construction and project development, we leverage our integrated advantages across investment, construction, and
Expressway
operation, as well as our full industry chain capabilities, to provide full lifecycle project services.
S16 Weifang–Laiyang Section of the Rongcheng–Weifang
Tai’an-Qufu First-Class Highway
Expressway
Green Investmentt
G18 Weihai–Rushan Section of the Rongcheng–Wuhai G0321 Liaocheng–Fanxian Section of the
Expressway Dezhou–Shangrao Expressway Shandong Hi-Speed is exploring the establishment of a green and low-carbon industry platform and gradually forming a tiered
development pattern of “commissioning a batch, reserving a batch, and planning a batch”. To date, the Company has successful-
G1516 Xuchang–Yuzhou Section of the
S28 Shenxian-Nanle Expressway ly implemented projects such as the 450 MW Handan Wind Power Project, the Wanhua Waste Heat Long-Distance Pipeline Proj-
Yancheng-Luoyang Expressway
ect, and distributed PV projects such as the Laizhou Second Wastewater Treatment Plant Project. We also won the bid for proj-
ects including the Xin’anhe Wastewater Treatment Plant Project, the Tangyin Sludge Treatment Project, and the Tongxu Sludge
G55 Jiyuan–Jincheng Section of the Erenhot-Guangzhou
G35 Jinan-Heze Expressway Treatment Project. Initial progress has been achieved in the development of a green and low-carbon industrial portfolio.
Expressway
G3511 Xinxiang–Changyuan Section of the Heze-Baoji Expressway
Milestones
Founded in 1999, Shandong Hi-Speed Company Limited has continuously deepened development commitment and expanded
development pathways across integrated transportation, engineering construction, and investment. Today, the Company has
evolved into a “pioneer in infrastructure development” supporting the construction of a strong and modern socialist province in
the new era.
◎ 2022 Road and Bridge Operation
Completed the reconstruction and expansion of the
◎ 2017 Road and Bridge Operation J i n a n - Ta i ' a n S e c t i o n o f t h e B e i j i n g - Ta i p e i
◎ 2011 Road and Bridge Operation Expressway, and began the reconstruction and
Established an Operations Division under the
Revitalizing Shandong: ex p a n s i o n o f t h e J i n a n - H e ze S e c t i o n o f t h e
Acquired high-quality road and bridge assets valued Headquarters to directly manage 127 frontline units;
Embarking on a Journey of Jinan-Guangzhou Expressway
at RMB 7.5 billion from the Group, and assumed the and realized the “full-payment” lanes at toll stations
Excellence entrusted management of 500 km of highway assets, ahead of schedule
◎ 2022 Capital Operation
increasing the total managed mileage to 1,452 km
Real Estate Development Co., Ltd., successfully
◎ 2012 Road and Bridge Operation Invested RMB 400 million to subscribe to newly issued divesting the real estate business
◎ 1989 Acquired 70% equity in Hunan Hengyang–Shaoyang shares of Longma Environmental Sanitation Equipment
S t a r te d t h e c o n s t ru c t i o n o f t h e Expressway; assumed entrusted management of ◎ 2023 Road and Bridge Operation
Jinan–Qingdao Expressway, the first assets including the S38 Zaozhuang-Linyi Expressway ◎ 2018 Road and Bridge Operation
Completed the transition from paper to electronic
expressway in Shandong Province and the S11 Yantai-Haiyang Expressway, increasing the Acquired 60% equity in Hubei Wujing Company and toll receipts, and recognized as internationally
total mileage of managed highways to 1,628 km 90% equity in Jijing Company, increased advanced and domestically leading with smart
Pioneering Development: operational mileage by 205 km, brought total technology achievements
Forging a Blue-Chip Enterprise operational mileage to 2,300 km; eliminated the toll
◎ 2013 Road and Bridge Operation
station at the Shandong-Suzhou border, realized ◎ 2023 Capital Operation
Assumed the entrusted management of the equity non-stop toll collection; and officially handed over
interests in the Beilai Highway and the Lijin Yellow the Jinan Yellow River Bridge, the Pingyin Yellow
Information Group Co., Ltd.
River Bridge, increasing the total managed highway River Bridge, and the Binzhou Yellow River Bridge
mileage to 1,875 km to the government
◎ 1999 ◎ 2024 Road and Bridge Operation
Established Shandong Hi-Speed Com- ◎ 2019 Road and Bridge Operation
Successfully won the bid for the Xinxiang-Changyuan
pany Limited under the control of ◎ 2014 Capital Operation Completed the expansion of the Jinan-Qingdao
Section of the Heze-Baoji Expressway; secured the
Shandong Hi-Speed Group Co., Ltd. Expressway with two-way eight lanes 15 months
Subscribed to 317 million shares newly issued by concession project for the reconstruction of the
ahead of schedule; and acquired 80% equity in
Weihai Bank; successfully issued corporate bonds section (from Dongying Nanwangcun to the Binzhou
◎ 2002 Luzhou-Chongqing Expressway in Sichuan
valued at RMB 2 billion border) of G220 Dongsheng Line; started the
Went public on the Shanghai Stock
reconstruction and expansion of the Weifang-Laixi
Exchange, and issued 505 million ◎ 2020 Road and Bridge Operation
◎ 2015 Road and Bridge Operation Expressway; successfully closed the steel box girder
A-shares in IPO
C o m p l e t e d t h e B e i j i n g - Ta i p e i E x p r e s s w a y of the main span of the Yellow River Super Large
Acquired 65% equity in Lijin Bridge Company, con- Reconstruction and Expansion Project ahead of Bridge for the reconstruction and expansion of the
◎ 2008 Road and Bridge Operation
structed 233 ETC lanes and automatic card issuance schedule; and won the National Quality Award and Qihe-Jinan Section of the Beijing-Taipei Expressway
Acquired the northern Dezhou–Qihe lanes, and realized an unmanned toll station entry other awards for the Jinan-Qingdao Expressway
Section of the Beijing-Fuzhou model Reconstruction and Expansion Project ◎ 2024 Capital Operation
Expressway, 100% equity in Xuyu
Acquired 20% equity in Luzhou-Chongqing Expressway
Highway Co., Ltd. under the Shan- ◎ 2020 Capital Operation
Striving forward: Advancing with in Sichuan
dong Hi-Speed Group, and 49%
Determination and Perseverance Acquired 51% equity in Shandong Hi-Speed Rail
equity in Shandong Hi-Speed Engi- ◎ 2025 Road and Bridge Operation
neering Consulting Co., Ltd. Transportation Group Co., Ltd., and 9.68% equity in
reconstruction and expansion project in China;
Pursuing Excellence: ◎ 2021 Road and Bridge Operation completed the reconstruction and expansion of the
Advancing with Broad ◎ 2016 Road and Bridge Operation Q i h e - J i n a n S e c t i o n o f t h e B e i j i n g - Ta i p e i
Integration Completed the reconstruction and expansion of the
Expressway, thus fully completing the upgrade and
Started the construction for the reconstruction and D e z h o u - Q i h e S e c t i o n o f t h e B e i j i n g - Ta i p e i
reconstruction of all sections of the Beijing-Taipei
expansion of the Jinan-Qingdao Expressway Expressway 18 months ahead of schedule
◎ 2016 Capital Operation ◎ 2021 Capital Operation
◎ 2025 Capital Operation
◎ 2010 Initiated the establishment of the first phase of the Acquired 38.93% equity in the Qilu Expressway, and Introduced Anhui Expressway as a strategic investor,
Changying Fund (with an initial scale of RMB 1 achieved the first practice of an A-share listed and transferred the equity in Guangdong Expressway
Launched a major asset restructuring
billion) as the Company’s capital operation platform; company controlling an H-share listed company in to Shandong Tonghui Capital through a wholly-owned
project
and participated in the competitive bidding for 120 the industry subsidiary
million newly issued shares of Dongxing Securities
Corporate Culture
Anchored in the cultural foundation of “Shan Gao”, Shandong Hi-Speed continues to advance the depth and impact of our “Shan
Gao · Xing” brand. As “Shan” symbolizes responsibility and commitment, “Gao” represents aspiration and ambition, and “Xing”
means pragmatic and proactive actions, we imbue “Shan Gao” with deeper significance: it not only represents our brand image,
but also symbolizes our pursuit of excellence and continuous progress.
Enrich staff, strengthen the enterprise, and repay society
Mission 2025 Most Influential Best Practice in Investor Relations
Brands in Shandong by Management for Listed
Qilu Evening News Companies by China Association
for Public Companies
Be determined to be a century-old enterprise and build the first
Vision brand of China's expressway industry.
Core Virtue oriented in behaving, people oriented in management,
Values sincerity oriented in work, and quality oriented in development
Corporate
Accountable Aggressive Advanced
Spirit
Shandong Hi-Speed: Paving the Way to a Better Future
Offices of Listed Companies” Relations Management of from Listed Companies in
Corporate Smooth Connectivity for Lasting Reach, High Harmony for Broader Integration by China Association of Chinese Listed Companies 2025 by China Association
Public Companies — Investor Relations and of Public Companies List
Slogan Smooth Travel across Shandong, Spreading Civilization; Honest Service, Repaying Society Shareholder Return Award of Cash Dividends
Pioneering Transportation Development, Connecting to a Better Future
Providing High-Quality Travel Services to the Public
Honors
During the Reporting Period, Shandong Hi-Speed won numerous honors and received wide recognition from the industry and
society for the Company’s solid practices and outstanding achievements in ESG governance, infrastructure construction, intelli-
gent operation services, as well as green and low-carbon innovation. These honors not only confirm the Company’s leading posi-
tion in governance standards, shareholder returns, green transformation, and service quality, but also fully affirm the dedication
of all employees in deepening their expertise and pursuing excellence. Representative
E-Board Compliance and Value Shanghai Stock Exchange “A”
Communication Award 2025 Enterprise of the
Rating for Information Disclosure
Third E-Board “100
Value”
Performance Highlights in 2025
Performance Highlights in 2025
Type Indicators Data Unit
Operating Revenue 239.25 RMB 100 million
Net Profits 32.06 RMB 100 million
Economic Indicators
Investment in R&D 54,113.55 RMB 100 million
China Securities Journal China Securities Journal 2024 2025 QC Group Achievement Evaluation
Golden Bull Award for Golden Bull Award --- Golden Certificate of China Association for Quality
Dividend Return of Listed Information Disclosure Award Total Taxes 21.84 RMB 100 million
Companies in 2024
Total Environmental Investment 1,223.71 RMB 10,000
Environmental Indicators Total GHG Emissions 101,887.04 tCO2e
Violations of Laws and Regulations
Concerning Environmental Protection
Total Number of Employees 10,562 Person
Employment Contract Signing Rate 100 %
Social Insurance Coverage Rate 100 %
Employee Turnover Rate 2.56 %
Certificate of China Association for Quality - Certificate of China Association for Quality - Total Investment in Work Safety 8,704.046 RMB 10,000
Shift II of Gaomi Toll Station Shift I of Fangzi Toll Station
Participants in Safety Training 136,795 Person-times
Investment in Safety Education
and Training
Total Investment in Social Welfare 792.35 RMB 10,000
Proportion of Independent Directors 36.36 ％
Proportion of Female Directors 18.18 ％
Governance Indicators
Number of Investor Visits Hosted 81 Times
Exemplary Case in the Publicity First Prize in the 2025 "Luxing Science and Technology Award of China Highway
of Key Highway Projects Cup" Labor Competition & Transportation Society in 2025 (Third Prize) Number of Major Violations of Laws
and Regulations
Integration of ESG Strategies into Business Operations
Sustainable Development Shandong Hi-Speed deeply integrates ESG into overall corporate development, using strategy as a guide, governance as a
Governance
foundation, and systems as safeguards to drive the deep integration of ESG with the entire business operations process. At the
strategic level, ESG principles are embedded throughout long-term strategic planning, governance system optimization, reform and
development initiatives, and daily operations, transforming a sense of comprehensive responsibility into concrete actions for
development. At the governance level, we establish an ESG Committee to build a core decision-making framework. We also issue
a series of supporting documents, such as the ESG Work Manual, the Stakeholder Communication System and the Materiality
Governance System for Sustainable Assessment System, to construct a systematic ESG management mechanism and standardize the advancement of ESG work from
the outset. At the implementation level, we embed ESG requirements into core business operations such as road network
Development
management, engineering construction, and capital operations. Simultaneously, we dynamically track regulatory standards from the
State-owned Assets Supervision and Administration Commission (SASAC) and stock exchanges to ensure compliant and orderly
ESG disclosure, thereby achieving synergistic advancement of ESG with business development and strategic implementation.
ESG Strategic Goals of Shandong Hi-Speed ESG Training ESG Remuneration
Management
To comprehensively enhance the ESG expertise and Shandong Hi-Speed has closely aligned the executive com-
practical capabilities of personnel at all levels of the pensation system with ESG performance. R&D funding and
To be a Leader in Sustainable Development and an ESG Benchmark
Company’s sustainable governance system, Shandong environmental technology innovation are incorporated as
Enterprise in the Industry. Hi-Speed regularly invites senior experts in the ESG incentive-based bonus factors, while workplace safety, public
field to conduct specialized training. These sessions petition stability, and highway maintenance quality are des-
provide in-depth analysis of the latest ESG policy con- ignated as restrictive deduction indicators that directly
text, industry trends, best practice case studies, and impact compensation calculations. Additionally, through Par-
Shandong Hi-Speed actively implements ESG strategic goals and deeply integrates them into the Company’s overall strategy and the Company’s ESG improvement directions. This ty-building assessments, compliance requirements, and a
daily management practices. By exploring new technologies for energy conservation and consumption reduction, establishing a ensures that the Board of Directors and the Manage- mechanism for salary recoupment in cases of major environ-
green highway network operation system and taking other measures, the Company is committed to achieving balanced and ment can promptly grasp cutting-edge ESG develop- mental pollution or safety responsibility accidents, the Com-
coordinated development in the areas of environment, social and governance (ESG). ments and professional knowledge, thereby laying a pany strengthens the ESG responsibility of directors and
solid governance foundation for the implementation of executives, promoting the implementation of the Company’s
The ESG Committee of the Company is chaired by the General Manager and comprises an ESG Committee Working Group and
the Company’s sustainable development strategy. ESG goals.
an ESG Task Force. Together with the ESG Execution Group—composed of various functional departments, they form a three-tier
governance structure of “decision-making, coordination, and execution”, clearly defining the roles and responsibilities of each
management level. Through the ESG Information Management System, the Company fully integrates all functional departments
into the governance framework, clarifies direct accountability for ESG-related information, and establishes a two-way mechanism
Sustainable Development Achievement
of “bottom-up information aggregation and top-down coordinated management” to ensure that the philosophy of sustainable The ESG practices of Shandong Hi-Speed have been recognized by mainstream domestic rating agencies, and the related rating
development is comprehensively and systematically implemented across all operational processes. results verify the effectiveness of the Company’s existing management system. Additionally, during the Reporting Period, the
Company won multiple ESG awards, including the "ESG Best Practice Award" from New Fortune, the 2025 Wind Top 100 ESG Best
Practices among Chinese Listed Companies (Large-Cap), and the 2025 List of E-Board 100 Value in 3rd "E-Board ESG Value Rating".
Board of Directors
In the future, under the leadership of the Board of Directors, the Company will deepen the integration of ESG with core business
Strategic operations, systematically advance management improvement and performance enhancement, and strive to achieve even better
Decision-making Level Environmental, Social and Gover- rating results, thereby repaying the trust of all stakeholders through sound, transparent, and long-term operations.
nance (ESG) Committee
Working Group under the Environmental,
Social and Governance (ESG) Committee
Supervision and
Management Level
ESG Working Group
E-Board ESG Rating CSI ESG Rating Wind ESG Rating
Execution and Corporate Safety and Environmental Social Responsibility
Industry Value Group
Implementation Level Governance Group Protection Group Group “AA” Rating in 2025 “A” Rating in 2025 “AA” Rating in 2025
“A” Rating in 2024 “A” Rating in 2024 “A” Rating in 2024
ESG Governance Structure
Double Materiality Analysis
In accordance with the Self-Regulatory Supervision Guidelines for Listed Companies on Shanghai Stock Exchange No. 14 -
Sustainability Report (for Trial Implementation) and the Self-Regulatory Supervision Guidelines for Listed Companies on Shanghai Stock
Exchange No. 4 - Preparation of Sustainability Report (Draft for Comment), the Global Reporting Initiative (GRI) Standards, the criteria
of major rating agencies (such as MSCI ESG Ratings and S&P CSA Ratings), and the Sustainability Accounting Standards Board
(SASB) Standards, Shandong Hi-Speed regularly organizes and summarizes annual material topics through discussions by the ESG
Working Group, external consultations, and stakeholder questionnaire surveys. Taking into account the characteristics of the
transportation industry, the Company analyzes and confirms the “impact materiality” and “financial materiality” of each topic,
prioritizes the identified material topics based on double materiality, and forms a double materiality matrix to promote the
development of the Company’s ESG strategy.
富员强企，回报社会
“ESG Best Practice 2025 Wind Top 100 ESG 2025 List of E-Board 2025 Best ESG Practice
Award”from New Fortune Best Practices among 100 Value in 3rd Award for Listed
Chinese Listed "E-Board ESG Value Companies in 3rd "E-Board Materiality Assessment Process
Companies (Large-Cap) Rating" ESG Value Rating" Assessment Method
Step 1: Learn about the background of the Company
• Conduct macro-environmental analysis of China's industrial development trends based on global megatrend analysis;
• Analyze based on the industry in which the Company
• Analyze based on the Company's business modes
• Identify the Company’s stakeholders and the impacts, risks, and opportunities the Company faces
Step 2: Conduct preliminary topic screening
• Establish a pool of topics related to sustainable development by reference to the Global Reporting Initiative (GRI)
Standards, the United Nations Sustainable Development Goals (SDGs), key issue assessment methodologies from
authoritative domestic and international organizations, and r relevant industry-related topics from domestic and inter-
national peers.
Responsibility Cases in ESG Proactive Rating by Responsibility Reports by China
Transportation Enterprises by Green Development Credit Association of Communication Step 3: Assess the materiality of topics
China Association of Rating Enterprise Management
Communication Enterprise Based on the results of stakeholder questionnaire surveys in previous years, analyze the
• Impact Materiality
Management
Assessment actual or potential significant positive or negative impacts that each sustainability topic
may have on the Company’s economic, environmental, and social aspects in the short,
medium, or long term.
• Financial Materiality Review each topic using various analytical methods, such as impact severity analysis and
Sustainability Risk Management
Assessment dependency assessment, in combination with expert judgment. Simultaneously, closely
coordinate with the risk and opportunity lists compiled by each business department to
ensure the comprehensiveness of the assessment.
In terms of ESG risk management, the Environmental, Social and Governance (ESG) Committee Working Group of Shandong
Hi-Speed is responsible for organizing research on ESG risks and opportunities, conducting identification, assessment and
response, gradually integrating ESG risks into the Company’s overall risk management, and improving the comprehensive risk
Step 4: Confirm material topics
management framework. The Board of Directors and the Environmental, Social and Governance (ESG) Committee incorporate
ESG factors into major strategic decisions and the considerations for the determination of executives’ compensation, and inte-
• Create a list of topics with impact materiality and financial materiality, and ensure that the relevant topics are
grate ESG management with the Company’s decision-making, operations, and development, to continuously create comprehen-
disclosed transparently, balanced, and comprehensively in the report.
sive value and ensure the steady and sustainable growth of all business operations.
Communications with Stakeholders
During the Reporting Period, Shandong Hi-Speed prudently updated and adjusted the materiality matrix based on the materiality
survey data from previous years, to ensure the timeliness and relevance of topic assessment.
Very high
Materiality of Economic, Social and Environmental Impacts
Robust Investment Returns Performance Briefings (Quarterly)
Legal and Compliant Operations Annual Reports/Semiannual Reports/Quarterly Reports (Regular)
Clear Communication Mechanisms Other Ad Hoc Announcements (As Needed)
Investor Relations Management SSE E-Interactive (Real-time)
interests Regular Reports (Regular) Hoc Announcements (As Needed)
Response to Policies
Environmental Protection
Anti-Corruption Fulfillment of Social Responsibility
Travel Experience
Safety Assurance and Green Services
Financial Materiality Very high 26.ESG Management Customer Privacy Protection
Matrix of Topics with Double Materiality
Material from Both Financial and Impact Perspectives from the Financial Perspective but Not from the Impact Perspective
Protection of Employees’ Employees Congress (Annual)
Rights and Interests
Material from the Impact Perspective but Not from the Internal Communication Platform (As Needed)
Not Material from Either the Financial or Impact Perspective
Financial Perspective Employees Career Development Channel Face-to-Face Communication (As Needed)
Compensation and Benefits Employee Satisfaction Survey (Annual)
Topics with Double Topics with Impact
Materiality Materiality
Ecological and Environ-
Communities and Public mental Protection Charitable Donations (As Needed) Assistance (Regular)
Response to Climate Change, and Environmental Compliance Management, Energy Utilization,
Welfare Organizations Exchanges and Visits (As Needed)
Innovation-driven Development, Water Resource Utilization, Circular Economy, Pollutant Emis- Community Support
Occupational Health and Safety sions, Waste Disposal, Talent Recruitment and Development,
Service Quality and Safety, Ecosystem and Biodiversity Protec-
tion, Data Security and Privacy Protection, Supply Chain Securi- Supplier Training (As Needed)
ty, Social Contribution, Rural Revitalization, Protection of Share- Integrity-based Supply Chain
Suppliers Business Visits (As Needed)
Related Topics holder’ Rights and Interests, Standardization of Corporate Gov- Green Procurement
ernance, ESG Governance, Anti-Commercial Bribery and Phone and Email Communication (As Needed)
Science and Technology Ethics, Anti-Corruption, Anti-Unfair Competition, Compliance and Risk
Control, Due Diligence, and Communication with Stakeholders Industry Conferences (As Needed)
and Equal Treatment of Small Industry Associations and Industrial and
and Medium-Sized Enterprises Research Organizations Technological Innovation Site Visits (As Needed)
Response to Public Opinions Media Interviews (As Needed)
Media
Note: Although the Company has not conducted ESG-specific due diligence, it continuously carries out risk management work to Information Transparency Phone and Email (As Needed)
identify and assess potential negative impacts arising from operations. For further details, please refer to the section on "Robust
Governance".
Robust Governance
Foundation of Internal Governance
In strict compliance with applicable laws and regulations such as
the Company Law of the People's Republic of China and the
Securities Law of the People's Republic of China, and with Party
building as the foundation and compliance as a guiding principle,
Shandong Hi-Speed standardizes corporate governance, upholds
business ethics, and empowers high-quality development with
governance effectiveness to ensure steady and long-term
progress.
Contents of this Chapter
Enhancement of Compliance Governance
Adherence to Business Ethics
Development Driven by Party Building
Responded SDGs
Enhancement of Compliance Governance Management of Remuneration for Directors and other
Shandong Hi-Speed strictly adheres to applicable laws and regulations including the Company Law of the People's Republic of China, Officers
the Securities Law of the People's Republic of China, the Code of Corporate Governance for Listed Companies, and the Rules Governing Shandong Hi-Speed has formulated the Measures for the Administration of Operation Performance Assessment and Remuneration
the Listing of Stocks on the Shanghai Stock Exchange. Through multidimensional measures such as improving the governance Management for Directors and Officers (for Trial Implementation), and established a remuneration management system for directors
structure, strengthening information disclosure, and optimizing investor communication mechanisms, the Company effectively and officers that combines short-term and long-term incentives with both incentives and constraints. The remuneration consists of
safeguards shareholders’ rights and interests. The Company has established a governance framework centered on the General base pay, performance-based pay, tenure-based performance rewards, and medium- to long-term incentives, closely linked to
Meetings of Shareholders, the Board of Directors, and the Management, with independent directors and specialized committees of multidimensional indicators such as operating performance, Party building, reform tasks, and workplace safety. The system
the Board of Directors performing supervisory and supportive functions. With clearly defined responsibilities and effective checks emphasizes quality, efficiency, and industry-specific characteristics. Through mechanisms such as incentive-based bonus points,
and balances at every level, this framework lays a solid systemic foundation for the Company to mitigate risks and achieve restrictive deductions, deferred payment, and retroactive adjustments, it strengthens the accountability and risk prevention
standardized governance. awareness of directors and officers while ensuring fairness in remuneration distribution.
In the Company’s operations, the General Meetings of Shareholders, as the highest decision-making body, actively participate in Assessment of Board Effectiveness
decisions regarding major matters. We convene and conduct General Meetings of Shareholders in accordance with established
Shandong Hi-Speed consistently regards the governance effectiveness of the Board of Directors as the core cornerstone of the
procedures to ensure that all shareholders, particularly minority shareholders, enjoy equal rights and fully exercise their voting rights.
Company’s sustainable development. Members of the Board of Directors regularly undergo performance evaluations organized
As the Company’s core decision-making body, the Board of Directors has established five specialized committees: the Strategy by Shandong Hi-Speed Group, focusing on dimensions such as the quality of strategic decision-making, the effectiveness of risk
Development and Investment Committee, the Environmental, Social and Governance (ESG) Committee, the Audit Committee, the management and control, and compliance in the fulfillment of duties. In addition, the Company strictly follows the special assess-
Remuneration and Appraisal Committee, and the Nomination Committee. These committees coordinate the work of their respective ment requirements of the State-owned Assets Supervision and Administration Commission under the State Council for the oper-
working groups to strengthen internal control, and ensure that the Company’s decisions are scientific, reasonable, and ation of the Board of Directors in state-controlled listed companies. We closely link assessment results with the structure optimi-
standardized. During the Reporting Period, the Company introduced new regulations such as the Measures for the Administration of zation of the Board of Directors, the improvement of directors’ performance capabilities, and the iterative enhancement of gover-
Directors’ Resignation and the Rules for Special Meetings of Independent Directors, and revised existing regulations including the Rules nance mechanisms, thereby forming a closed-loop management system of “assessment-feedback-improvement-empowerment”.
of Procedure for the Board of Directors and the Detailed Rules for the Work of the Board Secretary. These measures further improve
the corporate governance framework and lay a solid institutional foundation for the standardized and efficient operation of the Independence of Board of Directors
Board of Directors.
Shandong Hi-Speed recognizes that the independence of the Board of Directors is crucial for ensuring sound decision-making and
safeguarding the legitimate rights and interests of minority shareholders. Grounded in the essence of corporate governance, the
General Meeting Company has established systems such as the Regulations on the Work of Independent Directors and the Regulations on the Special
of Shareholders Meetings of Independent Directors. These regulations focus on optimizing the governance structure and enhancing decision-making
supervision effectiveness. By improving the institutional framework for independent directors and clarifying their qualification
Board of Directors requirements, independence standards, and performance norms, the Company ensures that independent directors can fully
perform their roles in decision-making, supervision, checks and balances, as well as professional consultation within the Board of
Directors. In addition, the Company conducts special reviews of major matters such as related-party transactions and changes to
Strategy Development and Investment Committee / Audit Committee /
Nomination Committee / Remuneration and Appraisal Committee / commitments. Supported by sound working support mechanisms and record-keeping systems, these measures strengthen the
Environmental, Social and Governance (ESG) Committee scientific nature and compliance of decisions made by the Board of Directors and continuously enhance the standardization of
corporate governance.
General Manager Board Secretary
Is the Convener an Number of Indepen- Proportion of
Key Performance
Independent Director dent Directors Independent Directors
Deputy General Manager / Chief Accountant / Chief Auditor / General
Counsel / Safety Director / Assistant to the General Manager / Chief
Engineer Nomination Committee Yes 3 60%
Governance Structure Strategy Development and
No 2 40%
Investment Committee
Board Diversity Remuneration and
Yes 3 60%
Appraisal Committee
The Company firmly believes that the diversity of Board members is crucial to enhancing the Company’s performance and Key
achieving its strategic goals regarding sustainable development. When planning the composition of the Board of Directors, the Performance Audit Committee Yes 2 66.66%
Company give full consideration to the diversity of members in the Board of Directors, including but not limited to age, culture,
educational backgrounds, professional experience, and skills. The Board of Directors consists of 11 members, including 4 inde-
pendent directors who account for 36.36% of the Board members. During the Reporting Period, the Company appointed 2 new Environmental, Social and
No 2 40%
Governance (ESG) Committee
female directors, bringing the proportion of female directors to 18.18%. The current directors of the Company possess extensive
experience in multiple fields including finance, engineering, environmental protection, law, and human resources, and actively
leverage their professional expertise to support the Company’s decision-making.
Shandong Hi-Speed continues to carry out investor relations management to deepen investors’ understanding and recognition of
the Company, thereby fostering long-term, stable, and positive relationships between the Company and investors. During the
Reporting Period, the Company updated the Measures for Investor Relations Management. Through multiple channels such as
During the Reporting Period,13 meetings of the Board of Directors were held, at which 81 proposals performance briefings, investor hotlines, the SSE E-Interactive platform, and external research activities, we actively communicated
with investors, responded to their concerns, and focused on safeguarding investors’ legitimate rights and interests, including the
were approved, with a % attendance rate by Board members; and General Meetings of right to information and voting rights, thereby maintaining a sound and trusting relationship between the Company and investors.
Shareholders were held, at which proposals were approved.
During the reporting period, the Nomination Committee held a total of 3 meetings; the Strategic
Key Development and Investment Committee held a total of 4 meetings; the Audit Committee held a total of
During the Reporting Period, the Company held 3 performance briefings, received 62 online surveys
Performance
by institutions and 19 offline surveys, responded 25 times on the SSE E-Interactive platform, and
Environmental, Social and Governance (ESG) Committee held a total of 2 meetings. Key
organized 15 open communication sessions with investors, achieving a 100 % response rate to
Performance investor inquiries.
Investor Relations Management
Case
Adhering to the investor relations management philosophy of “excellent performance and sincere returns”, Shandong Hi-Speed has
standardized the information disclosure processes and established regulations such as the Related-Party Transaction Management “I Am a Shareholder” Event and 2025 Investor Open Day
System, the Information Disclosure Management System, and the Information Disclosure System to standardize information disclosure
practices, strengthen the management of information disclosure affairs, and effectively protect the legitimate rights and interests On December 11, 2025, Shandong Hi-Speed hosted the “I Am a Shareholder” Event and 2025 Investor Open Day,
of stakeholders. During the Reporting Period, the Company received an “A” rating for the information disclosure in 2024-2025, attracting over 20 renowned institutional analysts and professional investors. The event was conducted in the form
which marks the sixth consecutive year the Company has received a “A” rating for information disclosure. of “on-site visits + roundtable discussion”. Investors visited locations including the Gushan Toll Station Smart Cloud
Warehouse and the Jingtai Yellow River Bridge, followed by face-to-face discussions with the Management to gain
in-depth insights into the key information of the Company, including operating performance, major project con-
struction, and development strategy. The event also established an efficient bridge for the communication with
investors, enhanced the market’s comprehensive understanding of the Company, and further demonstrated the
Company’s development value and market recognition.
During the Reporting Period, the Company disclosed 4 periodic reports and 134 interim announcements
and their attachments.
Key
Performance
Shandong Hi-Speed provides stable dividends to shareholders in accordance with the Five-Year (2020–2024) Shareholder Return
Plan of Shandong Hi-Speed Company Limited.
Percentage of Net Profit Attributable to Owners of the
Year Cash Dividend per Share Cash Dividend (Tax Inclusive)
Parent Company in the Consolidated Financial Statements
Communication Event Sites
Risk Management
Based on the internal control system, Shandong Hi-Speed has formulated the Measures for Risk Management, establishing a sound, Shandong Hi-Speed has formulated the Measures for the Administration of Internal Control Assessment, thus establishing an internal
complete, and effective risk management system. The Company has built a “three lines of defense” risk management framework control system centered on the Board of Directors and supported by coordination among multiple departments. In the principles
composed of primary units, headquarters departments, and audit and supervision departments. Regular risk identification activities of comprehensiveness, materiality, and objectivity, the system covers all elements including internal environment, risk assessment,
are conducted, and various business lines conduct research and inspections at primary units from time to time, focusing and control activities, as well as all affiliated units. Through measures such as clarifying defect classification standards and
comprehensively on risk information collection, risk prevention and assessment, risk resolution, and risk supervision practices. This strengthening closed-loop rectification management, the Company effectively prevents operational risks.
continuously improves the risk management system to ensure that all types of risks faced by the Company can be identified and
In addition, the Company actively organizes the training on risk management and offers the training on warning against issues
effectively managed in a timely manner. During the Reporting Period, no significant risk-related losses occurred in the Company.
identified through the audit checklist, further improving the long-term mechanism for risk prevention and control, and
strengthening risk awareness and accountability among all employees.
Risk Management Measures Case
I. Promoting the Front-Line Defense in Risk Management Training on Warning Against Issues Identified through Audit Checklist
Full-process tracking audits are conducted for any key engineering project with an investment budget From July 17 to August 15, 2025, Shandong Hi-Speed utilized the self-developed “Xuekao Cloud Platform” to con-
exceeding RMB 50 million. Departments such as Finance and Audit participate in the review and eval- duct the training on warning against issues identified through audit checklist for leaders of affiliated units, depart-
Key Tasks uation of project initiation and transfer activities, to promptly identify potential risks, conduct investi- ment heads, and key operational staff. The training focused on common and typical audit issues, in-depth analysis
gations, and provide targeted recommendations. A project risk assessment report is issued for each of risk cases across multiple fields, and relevant mitigation measures. This effectively facilitated the implementation
investment project. of audit findings, helped prevent the recurrence of similar issues, and further enhanced the entire workforce’s
awareness of compliance and risk management.
II. Strengthening Internal Control Audit and Self-Assessment
During the Reporting Period, the Company conducted top-down revisions, improvements, and inspec-
tions of all systems and processes in light of policy changes and actual business operations, and car-
Key Tasks
ried out internal control audits and assessments to comprehensively enhance the internal control
audit system.
Each year, the Company hires third-party audit institutions to conduct internal control audits, testing
and reviewing the establishment and operation of the Company’s internal control system. Identified
Implementation
issues are rectified in a timely manner. During the Reporting Period, the Audit Department completed
Cases
multiple audit projects through methods such as comprehensive audits combined with special audits,
and remote audits combined with on-site verification.
Training Materials
III. Enhancing Dynamic Monitoring of Risk Events
The Company strengthens closed-loop management throughout the entire chain of risk issues. Key
issues are included in company-level supervision and follow-up until rectification is completed. The
Key Tasks
handling results of risk events are incorporated into the performance assessment of affiliated units. During the Reporting Period, the Company offered training sessions on internal risks, with a total of
IV. Strengthening the Role of Internal Audit as the Third Line of Defense
Key training duration of 2.81 hours per person.
The Company integrates internal audit with internal control and risk management, strengthens analy- Performance
Key Tasks sis and judgment, promptly issues risk alerts when risks are identified, and oversees their rectification.
V. Striving to Enhance Risk Awareness Compliance Management
Through risk management training and other measures, the Company collects and analyzes various Shandong Hi-Speed has formulated the Measures for Compliance Management, under which the Compliance Committee leads the
major risk incidents through multiple channels and dimensions to enhance employees’ risk manage- advancement of the compliance management system under the overall coordination of the CPC Committee. Each year, the
Key Tasks
ment awareness and strengthen the effectiveness of internal risk management. Company prepares a compliance management report and submits it to the Board of Directors for review to ensure comprehensive
oversight by the governance level over risk control and system implementation.
In addition, the Company actively organizes compliance training, collaborates with primary units to give thematic lectures on
compliance management and training on applicable laws and regulations, thereby integrating compliance awareness into daily
operations and establishing a long-term prevention and control mechanism that features “institutional constraints + cultural inte-
gration”. During the Reporting Period, the Company offered a total of legal training sessions for
Case (person-times) participants, including 404 (person-times) legal personnel, with a total training duration
Professional Training for Legal Staff and Legal Professional Skills Competition
Key
Performance
of 163,381 hours.
On September 17, 2025, Shandong Hi-Speed’s Audit and Legal Department and the Mass Organizations Depart-
ment jointly organized a professional training session and a legal skills competition for legal personnel. The train-
ing was offered in a hybrid online and offline form, while the competition was centrally organized at the main Tax Management
venue. This event promoted learning through competition and practical application, effectively enhancing the
professional competence and ability of legal personnel to integrate legal and business practices. It helped the Shandong Hi-Speed consistently adheres to the principles of law-based and standardized operations, strictly complies with
Company identify and cultivate outstanding legal talent, thereby contributing to the improvement of compliance national tax laws and regulations, fulfills tax obligations in good faith, and treats lawful tax payment as an important component
governance. of fulfilling the economic and social responsibilities as a state-owned enterprise. We continuously improve our tax management
system, strengthen the construction of tax risk prevention and control mechanisms, and enhance tax management efficiency
through digital empowerment and other measures to ensure the accuracy and timeliness of tax declaration and payment. During
the Reporting Period, the Company paid a total of RMB 2.184 billion in taxes and fees.
Adherence to Business Ethics
Anti-corruption and Anti-bribery
Shandong Hi-Speed has established a systematic anti-corruption and anti-bribery
mechanism. During the Reporting Period, the Company strictly adhered to disciplinary
inspection documents such as the Detailed Rules for Case Adjudication by the
Commission for Discipline Inspection, the Detailed Rules for Case Supervision and
Event Site
Management by the Commission for Discipline Inspection (Revised), and the Guidelines
for Political Supervision by the Commission for Discipline Inspection (Revised). These
documents aim to implement the requirements for comprehensive and strict
governance of the Party, enhance employees’ awareness of discipline and integrity in
professional conduct, and standardize employees’ business ethics.
Case
To ensure the legality and compliance of business conduct, the Office of the
Commission for Discipline Inspection and other departments, under the unified
Training on the Rule of Law during the Civil Code Promotion Month
leadership of the Company’s CPC Party Committee and Commission for Discipline
Inspection, perform comprehensive coordination functions, and undertake overall
On May 21, 2025, Shandong Hi-Speed launched a
planning, supervision and inspection, comprehensive analysis, and performance
special training session titled “Promoting Legal
assessment. The Company is guided by intra-Party supervision, promotes effective
Awareness at the Primary Level, and Illuminating the
integration between disciplinary inspection supervision and other types of supervision,
Path to the Rule of Law with the Civil Code”. Cen-
and establishes mechanisms for resource sharing, information exchange, and
tered on the Civil Code and other laws and regula-
complementary measures.
tions in the transportation sector, the training
focused on high-frequency legal issues at the prima-
ry level. It promoted the deep-rooted implementation
Political Supervision Framework
of the spirit of compliance and the rule of law at the
primary level, effectively enhancing the ability of
frontline staff to resolve issues using legal reasoning
Vertical Integration Horizontal Coordination
and methods, and providing strong support for build-
ing a robust legal defense line for the Company.
Training Site Internal and External Coordination Rigorous and Effective Implementation
During the Reporting Period, the Company offered multiple training sessions and launched activities related to integrity education. In addition, Shandong Hi-Speed strictly implements the Measures for the Administration of Bidding and Procurement, fully
implementing the principles of openness, fairness, and impartiality, and strictly prohibiting the establishment of exclusionary or
restrictive clauses. Regarding the supervision of business partners, the Company relies on an electronic bidding platform to
Case 1 implement full-process online operations and promotes standardized procedures such as dual-envelope bid opening and price cap
review, effectively blocking channels for improper benefit transfer. For non-compliant behaviors such as bid rigging, collusive
Warning Education in Q4 bidding, and false bidding, the Company has established a "List of High-Risk Entities" and a blacklisting mechanism, and
implemented accountability measures—including disciplinary meetings, public notifications, and bidding restrictions—against
On December 19, 2025, Shandong Hi-Speed organized a special lecture on Party regulations, Party discipline, and non-compliant bidders and internal units. By optimizing bid evaluation methods, strengthening contract performance supervision,
laws and regulations, as well as the warning education in Q4. Experts from the Jinan Municipal Commission for and improving document management, the Company has established a comprehensive integrity governance system covering
Discipline Inspection and the Jinan Municipal Commission of Supervision were invited to deliver a lecture focusing business partner admission, behavioral oversight, and accountability for violations, thereby effectively maintaining a healthy and
on risks and prevention measures in Party conduct and governance integrity in state-owned enterprises. The lecture orderly market competition environment.
provided an in-depth analysis of typical cases and organized the viewing of the warning education film titled Mirror
of Family Education. Over a thousand cadres and employees, including company leaders, headquarters staff, and
personnel from affiliated units, participated both online and offline. This effectively strengthened Party members’ and ¤ Complaint and Whistleblowing Channels and Whistleblower Protection Mechanism
cadres’ awareness of discipline and their commitment to integrity in the workplace, and drives the comprehensive
and strict governance of the Party to greater depths.
Shandong Hi-Speed has established multiple whistleblowing channels, including telephone and email. To ensure these channels
remain open and accessible, staff are available to answer calls at the hotline of the Commission for Discipline Inspection during
working hours. This whistleblowing hotline number has been published in the “ Party Conduct and Governance Integrity” section
on the website of Shandong Hi-Speed Group.
Regarding the whistleblower protection system, the Company strictly protects the confidentiality of real-name whistleblowers in
accordance with systems such as the Implementation Rules of the Commission for Discipline Inspection of Shandong Hi-Speed
Company Limited for Handling Real-name Whistleblowing.
During the Reporting Period, the Company actively organized anti-corruption training covering a total of
Warning Education Site in Q4
Shandong Hi-Speed participated in anti-corruption training 5 55
times, with (person-times) participants
Case 2
and a total training duration of 275 hours. The percentage of directors who received anti-bribery and
Training on Disciplinary Inspection Practice Key anti-corruption training was 100 %, The percentage of management personnel who received anti-brib-
On May 30, 2025, Shandong Hi-Speed’s Commission for Discipline Inspection organized practical training on disci-
pline inspection, focusing on the implementation of the eight-point decision of the CPC Central Committee on
Performance
ery and anti-corruption training was100 %.The signing rate of the Commitment to Business Ethics
improving Party conduct and the rectification of “Four Forms of Decadence”. By analyzing typical cases involving
violations such as excessive dining and entertainment, as well as the acceptance and giving of gifts and cash, the
(including integrity) reached 100 %.
training reinforced awareness of disciplinary red lines, promoted the integration of integrity risk prevention and
control into daily management, and built a solid disciplinary defense line for the Company’s high-quality develop-
ment.
¤ Anti-Monopoly and Anti-Unfair Competition
Shandong Hi-Speed consistently adheres to the principles of rule-of-law-based and market-oriented operations, strictly complies
with applicable laws, regulations and regulatory requirements, such as the Anti-Unfair Competition Law of the People’s Republic of
China, adheres to the principles of fair competition and honest operations, and resolutely opposes unfair competition behaviors
such as commercial bribery and false advertising. The Company’s ESG Management Manual clarifies that the Environmental, Social
and Governance (ESG) Committee and its working groups coordinate anti-monopoly and anti-unfair competition work. We
continuously improve our internal compliance control mechanisms, strengthen the cultivation of business ethics and compliance
awareness among all employees, and integrate anti-unfair competition requirements throughout the entire business process. By
fulfilling the responsibilities of a state-owned enterprise, the Company actively fosters a healthy and orderly market environment
Discipline Inspection Practice Training Site
and safeguards high-quality corporate development through compliant operations.
Development Driven by Party Building
¤ Party Building and Relevant Activities
Shandong Hi-Speed is committed to building platforms and establishing mechanisms under the guidance of the Party building
In strict accordance with the Constitution of the Communist Party of China and the Company Law of the People’s Republic of China, brand of “Red Party Flag of Shandong Hi-Speed”, striving to strengthen primary foundations and energize Party members.
and other applicable laws and regulations, Shandong Hi-Speed has formulated systems such as the Rules of Procedure for Party During the Reporting Period, the Party Committee of the Company convened a total of 49 meetings and organized numerous
Committee Meetings, the Implementation Measures for the “Three Majors and One Large” Decision-Making System, and the Party-building activities, effectively leading and guiding Party members and cadres in their studies.
Implementation Measures for the Party Committee’s Primary Responsibility and the Commission for Discipline Inspection’s Supervisory
Responsibility in Promoting Party Conduct and Government Integrity. The Company remains unwavering in its commitment to
Party-building leadership, integrating Party-building work into all aspects of production and operations to provide a solid political Case
and organizational foundation for the Company’s sustained and healthy development. The Company currently has 35 Party
committees, 8 general Party branches, 275 Party branches, a total of 318 primary Party organizations, and 3,876 Party members. Convening a Theoretical Study session
On March 31, 2025, Shandong Hi-Speed’s Party Committee convened an expanded theoretical study session of the
Central Group to collectively study the Government Work Report and intra-Party regulations. Experts from the
Shandong Development and Reform Commission were invited to deliver specialized guidance, and discussions
Honors in Party Building
were held on implementing the economic work arrangements by the Central Economic Work Conference, compre-
hensively strengthening the political and theoretical literacy of Party members and cadres, as well as their aware-
ness of high-quality development.
Advanced Primary Party Organization Lantian Toll Station of Luzhou Southeast
within Shandong Provincial State-Owned Expressway Recognized as the Most
Enterprises in June 2025 Beautiful Station by the All-China
Federation of Trade Unions
Special Study Class on the Spirit of the Third Plenary Session of the 20th CPC
Central Committee for Party Members of Affiliated Units
Lantian Toll Station of Luzhou Southeast Youth League Branch of the Gangou Toll Station
Expressway Recognized as the under the Jinan Transport Management Center of
Convenient Reading Station by the the Beijing-Shanghai Expressway Honored as the
All-China Federation of Trade Unions “National May Fourth Red Flag Youth League
Branch” by the Communist Youth League of China
Green Road Network
Green Practices in Road Networks
Shandong Hi-Speed upholds a responsible attitude toward society, the
public, and the ecological environment, actively participates in the
development of green transportation, and implements the strategy of
carbon peaking and carbon neutrality and the philosophy of low-carbon
environmental protection development. Focusing on the core aspects of
expressway operation and infrastructure construction, Shandong
Hi-Speed promotes green operation of the road network and low-carbon
upgrades of infrastructure, vigorously develops new energy businesses
such as road-adjacent PV projects and zero-carbon transportation
facilities, and simultaneously advances the research and application of
low-carbon technologies and energy-saving transformation of
infrastructure. Through practical actions, the Company contributes to the
low-carbon transformation of the transportation industry and achieves
long-term sustainable development.
Contents of this Chapter
Response to Climate Change
Environmental Compliance Management
Energy Resources Management
Responded SDGs
Response to Climate Change
Based on the above scenarios, we analyzed the climate-related risks and opportunities faced by the Company, their duration,
their impacts on the Company, and corresponding countermeasures as shown in the table below.
Shandong Hi-Speed deeply integrates climate change response into the overall development of the Company, firmly implement-
ing the national “carbon peaking and carbon neutrality” strategy and the deployment of green and low-carbon high-quality devel-
Risk Identification
opment in Shandong Province. Based on the characteristics of the expressway industry and the operational realities of infrastruc- Value Chain
Reporting
ture, the Company systematically strengthens climate risk identification and management, strives to enhance the resilience and Risk Type Description of Risk Period Links Impacted Financial Impact Countermeasures
safety of the road network, actively fulfills the social responsibilities of state-owned enterprises, and promotes the green trans-
formation of the transportation sector while supporting the sustainable development of regional economy and communities. Extreme 1. Closely monitor weather changes
weather A decline in traffic volume
Extreme weather may lead to and establish emergency response
events reduces toll revenue, while
road surface damage, slope plans for extreme weather;
such as Operations, increased accidents raise
Governance
collapse, accelerated aging of Short term 2. enhance the climate resilience of
heavy rain, downstream accident handling costs,
bridge structures, and increased infrastructure;
heavy and road surface repairs
probability of accidentst 3 . use digital systems to collect
snow, and increase maintenance costs
Shandong Hi-Speed has established a clear governance structure and comprehensive institutional support for addressing climate real-time road condition and meteoro-
dense fog
change issues. At the governance structure level, a Carbon Peak Leading Group has been established to coordinate strategic logical data
Physical
planning, major decision-making, and the implementation of carbon peak targets. Additionally, the Environmental, Social and
Risk
Governance (ESG) Committee coordinates climate-related risk management and the implementation of related measures, while
clarifying the responsibilities of affiliated units. At the institutional level, with the carbon peaking schedule as the core guideline to ensure operational safety;
Global warming increases the
and in combination with carbon inventory analysis and carbon peaking study results, the Company has established a system cov- risks of drought and fire. Rising 2. develop emergency response plans
Rising There is an increase in
ering carbon emission accounting, target management, and implementation measures. It also actively aligns with the require- average temperatures increase for high temperatures;
average Operations, cooling demand, energy
ments of Shandong Hi-Speed Group and national and local regulations to ensure that climate-related management work follows cooling demand at service areas Long term 3. promote the use of energy-efficient
tempera- downstream consumption and oper-
clear rules and operates in a traceable and compliant manner. and toll stations, affecting road equipment to improve energy efficiency;
tures ating costs
surface quality and increasing 4. research and develop maintenance
maintenance costs technologies suitable for high-tempera-
ture conditions.
Strategy
Closely monitor policy changes and
With reference to the frameworks and guidelines of the Intergovernmental Panel on Climate Change (IPCC), the Shared Socio- Adjustments to or introduction regulatory developments, promote
Policy of new policies regarding Short and Increase in Carbon the implementation of energy
economic Pathways (SSP), and the Network for Greening the Financial System (NGFS), the Company conducted relevant climate Operations
and Laws carbon emissions and medium term Emission Compliance Cost conservation and consumption
scenario analyses to identify climate-related risks and opportunities. This analysis enables us to anticipate and strategically
renewable energy reduction measures, and accelerate
manage the impacts of climate change on our business. low-carbon transformation
Technological iterations may
occur in low-carbon pavement
Prepare budgets for low-carbon
materials, smart energy There is an increase in
Scenario Category Low-Emissions Scenario High-Emissions Scenario technology R&D investment and
management, and new energy Short and R&D expenditures on
Technology Operations proactively carry out energy
supply; and insufficient medium term cutting-edge and alter-
conservation and emission reduc-
technology reserves may lead native technologies
Global temperature rise is controlled tion projects
Temperature Rise Global temperature rise exceeds 2°C to reduced project competi-
within 1.5°C
tiveness
Transition
Risks
Assuming global net-zero emissions Assumes that greenhouse gas emissions The increasing penetration
rate of new energy vehicles Accelerate the transformation of
are achieved by 2050, with the aver- continue to increase throughout the 21st
Scenario Description places higher requirements on service area business models,
age temperature stabilized within 1.5°C century, resulting in a global average tem- supporting facilities such as Infrastructure modifica- increase the deployment of charging
Business Short and Operations,
above pre-industrial levels perature increase of 3.2–4.5°C by 2100 charging infrastructure and tions increase corporate facilities and battery swap stations in
Mode medium term downstream
battery swap stations in operating costs service areas, and build an integrated
service areas, and traditional “solar-storage-charging-swapping”
Under this scenario, the probability of
service area business models energy supply network
Scenarios Used for the acute physical risks such as extreme face transformation pressure
Physical Risk Assessment / weather increases, and the impact severity
of physical risks such as rising global tem-
Increased development and Operations and construction of green and
peratures and sea levels are significant Poor progress in the
competition in new energy low-carbon technologies;
low-carbon field may
Under this scenario, policy and regula- Reputation
and low-carbon technologies Medium to
lead to a decline in
within the industry increases long term management capabilities and
Scenarios Used for the tory requirements become stricter, and reputation and a
/ the invisible pressure on i n c re a s e p u b l i c c o m m u n i c a t i o n
Transition Risk Assessment the impact severity of transition risks reduction in revenue
enterprises regarding achievements such as
are significant zero-carbon highways
Opportunity Identification
Reporting Value Chain
Opportunity Type Description of Opportunity Period Links Impacted Financial Impact Countermeasures
For each identified risk and opportunity, the Company determines the primary climate-relat-
Assessmen ed drivers causing the risk or opportunity and assesses the potential major financial
Accelerate the promotion of
Energy structure transfor- PV power generation
ro a d - a d j a c e n t PV p ro j e c ts a n d
impacts and the relevant time horizons.
mation and the “transporta- Upstream, reduces the cost of
Medium to establish a standards system cover-
Green Transformation tion + new energy” model operations, purchased electricity and
long term ing road-adjacent PV, zero-carbon
create new opportunities downstream lowers operational energy
construction, and low-carbon main-
expenses
tenance
Based on the identification and assessment results, the Company
Seven core low-carbon main- Strengthen the R&D and applica-
Response formulates corresponding response measures to ensure that it
tenance technologies are tion of low-carbon technologies,
developed, focusing on The application of continuously promote key techno- has sufficient capabilities and resources to address climate-relat-
R&D and Application “low-carbon materials, ener- low-carbon maintenance l og i cal breakt h rou g h s s u c h a s ed risks and seize climate-related opportunities.
Medium to
of Low-Carbon gy-efficient processes, and Operations technologies can reduce low-carbon pavement materials,
long term
Technologies intelligent equipment”, to construction and opera- solid waste resource utilization, and
drive carbon reduction and tional costs smart energy management, and
efficiency gains throughout expand the scope of technology
the highway’s entire lifecycle applications
Zero-carbon projects and Increase the construction of
Metrics and Targets
With growing attention to
green operations attract zero-carbon toll stations and
climate change, consumer Medium to
Products and Services Operations customers, increase traffic zero-carbon highways, develop During the Reporting Period, Shandong Hi-Speed organized and carried out carbon inventory analysis and explicitly set the goal
i n t e re s t i n l o w - c a r b o n long term
volume, and raise operat- green operation models, and
travel is increasing of achieving carbon peaking by 2030; simultaneously, by establishing Shandong Hi-Speed’s carbon peaking implementation
ing revenue strengthen publicity
pathway—which encompasses the entire industry and supply chain and prioritizes “focusing on one goal, deepening efforts in
three key areas, implementing five major actions, and executing ten priority tasks”—the Company is driving the integrated
advancement of corporate development, ecological conservation, and green transformation.
Government incentive
Pa y a t t e n t i o n t o g o v e r n m e n t
policies are introduced to This secures government
Short and policies, actively promote coopera-
Market address climate change, Operations funding and enhances
medium term tion, and strive to obtain policy
such as financial subsidies corporate reputation
support One Goal Three Key Areas 5 Major Actions Ten Priority Tasks
and tax incentives
Notes: We define the short-term, medium-term, and long-term impact duration as 1-3 years, 3-5 years, and over 5 years, Action for Green upgrading of traditional businesses
respectively; the high, medium and low impact materiality refers to severe, moderate and minor impact on the Company's pro- Industrial Develop- 2. Accelerate the cultivation of
duction and operations, respectively; and the high, medium, and low likelihood of occurrence mean that relevant risks are very ment low-carbon emerging industries
likely, likely, and unlikely to occur, respectively. Investment
Action for Green 3. Accelerate the cultivation of new
and Low-Carbon energy infrastructure
Transformation 4. Strengthen energy-saving and
Impact, Risk, and Opportunity Management carbon-reduction upgrades of facilities
Achieving
Carbon 5. Implement preventive maintenance
Shandong Hi-Speed has established a management mechanism for identifying, assessing, and responding to risks, opportunities,
Peaking by Special Action for 6. Conduct research on low-carbon
and related impacts arising from climate change.
Big Transpor-
tation Special Action for 7. Carry out low-carbon and ener-
Green Operation gy-saving technology upgrades
Referencing the Task Force on Climate-related Financial Disclosures (TCFD) Recommendations, 8. Develop (net-zero) zero-carbon pilot
Identification the Company identifies the types of risks and opportunities it faces across three major catego- projects
ries—physical risks, transition risks, and opportunities—and defines and describes the risks
and opportunities posed by climate change to the Company based on applicable laws and 9. Prioritize resource conservation and
regulations, policy requirements, domestic and international sustainable development trends, Engineering Special Action for efficient utilization
and the Company’s actual circumstances. Construction Green Construction 10. Promote the transformation of
green construction methods
During the Reporting Period, the greenhouse gas (GHG) emissions of the Company were as follows.
Training on Environmental Protection
Shandong Hi-Speed attaches great importance to the development of an environmental protection training system and conducts
training on environmental regulations, green operations, and energy conservation and consumption reduction for all employees.
Range Unit 2024 2025
The training covers various groups, including management personnel and frontline operational staff, strengthening employees’
environmental responsibility awareness and operational capabilities, and ensuring that environmental protection concepts are
Direct GHG Emissions (Scope 1) tCO2e 13,913.78 12,063.33
deeply integrated into daily work.
Indirect GHG emissions (Scope 2) tCO2e 89,687.15 89,823.71
Case 1
Total GHG Emission (Scope 1 + Scope 2) tCO2e 103,600.93 101,887.04
Total GHG Emission per Million Yuan of Environmental Protection Education and Training
Operating Revenue (Scope 1 + Scope 2) tCO2e 3.64 4.26
On April 20, 2025, the Project Management Depart-
Note: Emission factors are primarily sourced from the Guidelines for Greenhouse Gas Emissions Accounting and Reporting for Land Transport Enterprises (Trial) and General ment for Section 1 of the Weifang-Laixi Expressway
principles for calculation of the comprehensive energy consumption (GB/T 2589-2020). Grid emission factors refer to the Announcement on the Release of 2023 Power Carbon Reconstruction and Expansion Project organized envi-
Dioxide Emission Factors issued by the Ministry of Ecology and Environment and the National Bureau of Statistics. ronmental protection training for all employees. The
session covered relevant regulations and practical mea-
sures regarding construction environmental protection,
soil and water conservation, ecological protection, and
Environmental Compliance Management noise and wastewater control. It strengthened employ-
ees’ awareness of environmental responsibility, promot-
ed the implementation of environmental protection
Environmental management system measures, effectively reduced the impact of construc-
tion on the surrounding ecological environment, and
provided a solid foundation for the green and compli-
In accordance with applicable laws and regulations such as the Environmental Protection Law of the People's Republic of China, ant advancement of the project.
Shandong Hi-Speed has formulated a series of environmental protection management systems, including the Environmental
Training Site
Protection Management System for Maintenance Operations. The philosophy of low-carbon and green development is integrated
into all aspects of production and operations. For each new construction, reconstruction, and expansion project, the Engineering
Construction Division has established relevant management systems such as the Measures for the Administration of Environmental
Protection in New Construction, Reconstruction and Expansion Projects. An Environmental Protection Leading Group has been
Case 2
established to continuously strengthen the environmental management of new construction, reconstruction and expansion projects,
with each department responsible for supervising and evaluating environmental protection management efforts. Environmental Protection Training on Noise Pollution and Dust Prevention
Subsidiaries including Information Group, Luzhou Southeast Expressway, Econ Technology, and Henan Development have passed On October 18, 2025, Shandong Hi-Speed conducted
ISO 14001 Environmental Management System certification. environmental training on noise pollution prevention and
dust control. The session focused on explaining imple-
mentation plans for noise pollution prevention and dust
control, standardized environmental operating proce-
dures for key frontline construction positions, and
strengthened the sense of responsibility for pollution
prevention and control among relevant personnel,
providing strong support for the project’s green and
compliant construction.
Training Site
Clean Production
ISO 14001 ISO 14001 ISO 14001 ISO 14001
Environmental Environmental Environmental Environmental Shandong Hi-Speed actively practices the philosophy of clean production, integrating green and low-carbon requirements into the entire
Management System Management System Management System Management System process of highway construction and operation. Through measures such as promoting energy-efficient equipment, optimizing smart toll
Certification Certification Certification Certification collection systems, and adopting green maintenance technologies, the Company continuously reduces energy consumption and pollutant
Certificate of Henan Certificate of Certificate of Luzhou Certificate of Econ emissions. Additionally, the Company focuses on resource recycling and ecological conservation, and continuously improves clean production
Development Information Group Southeast Expressway Technology management to support the green transformation of the transportation industry and lay a solid environmental foundation for achieving
sustainable development goals.
Environmental Inspections and Emergency Drills Case 1
Shandong Hi-Speed has always placed a high priority on environmental protection management. In strict accordance with national SMA-8 Ultra-Thin Overlay Preventive Maintenance Project
regulations such as the Measures for the Administration of Emergency Response Plans for Environmental Emergencies, the Company
has developed the Comprehensive Emergency Response Plan for Natural Disaster Incidents. For natural disaster events, the Company, During the Reporting Period, Shandong Hi-Speed implemented a 12km SMA-8 ultra-thin overlay preventive mainte-
based on factors such as the time for highway repair, the severity of casualties in highway construction projects, and the extent of nance project, innovating the traditional maintenance model through green technology. Compared to traditional
economic losses, divides the emergency response into four levels: Level I (especially major events), Level II (major events), Level III milling and repaving methods, this technology involves the direct paving of a 1.5-centimeter-thick mixture, reducing
(large events), and Level IV (general events). The Company is responsible for initiating and informing Level I, II, and III responses, raw material consumption by approximately 62.5% and significantly lowering energy consumption and pollutant
while each subordinate unit is responsible for implementing Level IV response. Shandong Hi-Speed attaches great importance to emissions throughout the entire asphalt mixture production process. By eliminating the energy-intensive milling
Additionally, the Company regularly organizes emergency drill exercises to enhance the environmental risk prevention capabilities process, the project improved paving and compaction efficiency while reducing transport trips by 62.5%, thereby
and professional emergency response expertise of all employees, ensuring that emergencies are “discovered in time, responded avoiding the additional environmental burden associated with the disposal of waste materials. From a full life-cycle
quickly and addressed accurately”. perspective, the ultra-thin overlay effectively slows pavement performance degradation, postpones large-scale
medium and major repairs, shortens construction periods and reduces additional emissions caused by traffic con-
During the Reporting Period, subsidiaries conducted multiple environmental inspections, promptly identified and rectified potential gestion, thereby delivering significant environmental benefits and social value.
environmental risks in several projects, improved drainage pipe installations and hazardous waste management, and ensured
environmental compliance and safety. In addition, the Company demonstrated excellent performance in responding to severe
weather by quickly organizing emergency efforts to effectively maintain a safe and smooth working environment.
Case
Training on Environmental Protection Against Heavy Pollution Weather and
Environmental Emergencies
On November 21, 2025, Shandong Hi-Speed organized an environmental training session on severe air pollution
and sudden environmental incidents. The session focused on explaining emergency response plans for sudden
environmental incidents and severe air pollution, specifically enhancing the Management’s environmental emergen-
cy response capabilities and strengthening project teams’ awareness of environmental risk prevention and control, Maintenance Site
thereby laying a solid foundation for ensuring ecological safety and regulatory compliance in engineering projects.
Case 2
Intelligent Lighting and Power Supply System Upgrade for Tunnels
During the Reporting Period, Shandong Hi-Speed advanced the retrofit of LED energy-saving lighting fixtures in the
Jinan-Laiwu Tunnel Cluster, establishing an integrated control system combining manual control, time-sequence
control, and intelligent dimming. By collecting real-time data through light intensity sensors and vehicle detectors
both inside and outside the tunnel, the system dynamically adjusts lighting brightness to maximize energy savings
and reduce consumption while ensuring traffic
safety. This project won the First Prize for Sci-
ence and Technology Progress from the China
Highway & Transportation Society. Concurrently,
the Company deepened the application of intel-
ligent tunnel monitoring technologies, upgraded
Training Site power supply equipment for long tunnels, and
built a comprehensive energy management plat-
form for unified collection, analysis, and man-
agement of energy data. The combination of
digital upgrades and intelligent regulation
Green and Intelligent Maintenance Design significantly improves the energy efficiency of
tunnel operations and provides a technical
During the Reporting Period, the Company actively carried out a series of research projects and explored the application of model for the low-carbon transformation of
Intelligent Transportation Visualization Platform for Tunnels
green technologies in the maintenance sector, water source protection, energy conservation and carbon reduction, with the aim transportation infrastructure.
of improving maintenance efficiency, ensuring safety, and promoting sustainable development.
Case 3
Noise Control
UHPC Cover Upgrade for Tunnel Inspection Walkway
By installing noise barrier facilities, noise hazards generated by expressway operations
During the Reporting Period, to address the issues of low strength and high energy consumption associated with
at noise-sensitive points along the route can be effectively eliminated or mitigated.
traditional concrete cover plates, Shandong Hi-Speed implemented a cover plate upgrade project in the Panlong-
shan Tunnel on the Qingdao-Lanzhou Expressway, replacing ordinary concrete cover plates with UHPC cover
plates. The new cover plates are 80% thinner and 75% lighter, significantly reducing concrete resource consump-
tion. Their compressive and tensile performance far exceeds that of traditional materials, with a load-bearing
capacity exceeding 2,000 kg/m? and a seepage resistance grade of P20. They also feature A1-grade fire resistance
and ZA-grade smoke toxicity performance, which provide more reliable safety protection in emergency scenarios, During the Reporting Period, the Company strictly complied with the relevant regulations on environmental information disclo-
and significantly reduce replacement frequency with enhanced durability. This upgrade achieves multiple objec- sure, and a total of 8 companies under the Company were included in the list of “Enterprises with Compliant Environmental
tives, including resource conservation, energy consumption reduction, and safety enhancement, thereby supporting Information Disclosure”, namely: Dayi Kangrun Water Service Co., Ltd., Gaoping Kangrun Environmental Protection Water Service
the tunnel’s green operation throughout its entire lifecycle. Co., Ltd., Shandong Huitai Renewable Resources Co., Ltd., Laizhou Lairun Holdings Co. Ltd., Laizhou Lairun Sewage Treatment
Co., Ltd., Laizhou Binhai Sewage Treatment Co., Ltd., Rushan Yike Water Environment Treatment Co., Ltd., and Shandong
Hi-Speed Environmental Protection Science and Technology Co., Ltd. The Company strictly monitored the whole process of the
above units to ensure that the pollutant discharge complied with national and local standards. During the Reporting Period, all
Management of Waste Gas, Wastewater and Solid Waste enterprises achieved compliant emissions, without any un-compliant emissions. The specific data on major pollutant emissions
are shown in the table below:
Shandong Hi-Speed actively formulates management systems related to waste gas, waste water and solid waste, and carefully
handles the disposal of wastewater, waste residue, and noise.
Emission Data
Wastewater Disposal
To ensure the normal operation of the sewage treatment system, Shandong Hi-Speed has formulated Key Indicator Unit 2024 2025
the Measures for the Administration of Wastewater Treatment Equipment, to specify in detail the
management of wastewater treatment systems in operation management centers and service areas.
The wastewater treatment methods are as follows:
•Electromechanical technicians conduct regular inspections of equipment during the operation of Ammonia nitrogen Ton 16.23 7.77
the wastewater system. Wastewater treatment equipment is inspected once daily, and the results of
these inspections are recorded in the Wastewater Treatment Equipment Inspection Log.
•Wastewater from mixing stations is first purified and settled. The treated clean water is used for Chemical Oxygen Demand (COD) Ton 735.77 674.64
vehicle washing, road sprinkling, and structural curing, while other wastewater that cannot be reused
is discharged into sewage pipelines after undergoing treatment and passing quality inspections.
•Laboratory wastewater is collected by category in accordance with laboratory management Total phosphorus Ton 4.48 4.63
regulations and uniformly handed over to qualified wastewater treatment institutions for disposal.
Total nitrogen Ton 274.92 269.20
Disposal of Wastes
Disposal Volume of Industrial Solid Waste-Sludge Ton 51,976.34 29,502.40
The Company implements a classified and graded waste management strategy, distinguishing
between general office waste and the pollutants from key pollution-emitting units. At the Company's
headquarters and non-key pollution-emitting units, the main waste produced includes discarded Disposal Volume of Hazardous Effluent Ton 3.46 2.49
paper, ink cartridges, and light tubes, which are all recycled and disposed of in compliance by
qualified third-party organizations. The Company independently manages pollutant discharges and
solid wastes in respect of wastewater treatment subsidiaries that should make environmental
information disclosure in accordance with applicable laws and regulations. For wastewater discharge, In addition to the above-mentioned units that should make environmental information disclosure in accordance with applicable
the Company achieves compliant discharge of key pollutants such as chemical oxygen demand (COD) laws and regulations, the Company headquarters and other non-key pollution-emitting units produce general household waste
and ammonia nitrogen in strict compliance with national standards. For solid waste, the Company and office waste during daily operations. The Company practices the concept of green office, strictly implements the waste clas-
entrusts qualified third-party organizations to dispose of industrial sludge generated from sewage sification management system, recycles and reuses harmless wastes such as discarded paper, and entrusts qualified third-party
treatment and hazardous waste liquids from laboratories (such as waste liquids containing mercuric
organizations to carry out harmless disposal of hazardous wastes such as discarded ink cartridges, so as to ensure that the
sulphate, etc.), to ensure that the whole process of hazardous waste discharge is compliant and
whole process is compliant and controllable. The generation and handling of office and domestic waste in the Company during
controllable, and that the Company effectively fulfills its environmental responsibilities.
the Reporting Period are shown in the table below:
Environmental Monitoring
General Wastes In the G220 Dongshen Line Reconstruction Project (the section from Dongying Nanwangcun to the Binzhou border) of G220
Dongsheng Line, Shandong Hi-Speed has implemented refined environmental protection measures centered on “monitoring +
Key Indicator Unit 2024 2025
control” to prevent and control noise and dust pollution during construction. On one hand, portable noise monitoring devices and
Waste Paper Pack 7,200 2,769 dust/noise monitoring facilities were deployed, while noise barriers were simultaneously installed to optimize the acoustic envi-
ronment, enabling dynamic monitoring of pollution factors and noise reduction at the source. On the other hand, routine opera-
Domestic Waste Ton 783.447 848.54
tions such as dust suppression through water sprinkling on village roads and construction access roads, as well as road sweep-
Kitchen Waste Ton 290.85 367.28 ing, were carried out to continuously control construction dust. These measures effectively promoted green and compliant con-
struction practices, substantially reducing the project’s impact on the surrounding environment and residents’ daily lives.
Hazardous Waste
Key Key Indicator Unit 2024 2025
Performance Discarded Light Tubes Piece 570 492
Discarded Printer Toner Cartridges Piece 2,297 1,809
Waste Batteries Piece 4,712 6,468
Discarded Ink Cartridges Piece 1,281 670
Discarded Light Ink Cartridges Piece 206 0
Portable Noise Monitor Dust and Noise Monitoring Noise Barriers
Green Industrial Park
Shandong Hi-Speed has always prioritized the green development and ecological environment improvement within the industrial
park. Based on the actual conditions of the park, timely replanting was carried out, covering an area of approximately 700 square
meters. A variety of high-quality vegetation has been introduced into the park, including five-lobed maples, osmanthus, and holly
shrubs, fully showcasing a healthy and harmonious ecological atmosphere. Through meticulous landscaping management, we
Water Sprinkling for Dust Water Sprinkling for Dust Suppression
strive to create a more beautiful and refreshing work and living environment for employees and the public. Road Sweeping
Suppression on Village Roads on Construction Access Roads
Biodiversity Protectiont
In strict accordance with the Convention on Biological Diversity and relevant national regulations, Shandong Hi-Speed clarifies
responsibilities related to biodiversity issues in the ESG Work Manual, and the Environmental, Social and Governance (ESG)
Committee and its working groups coordinate biodiversity protection efforts.
Shandong Hi-Speed consistently incorporates biodiversity protection into the lifecycle management of construction projects and
strictly observes ecological protection red lines. At the early stage of expressway project initiation, the Company entrusts professional
third-party institutions to conduct biodiversity impact assessments, thereby systematically evaluating the potential impacts of project
construction on species habitats and ecosystem integrity within the region. Projects are only formally implemented when the
assessment conclusion indicates that risks are within a controllable range. Concurrently, based on the assessment results, the
Company further optimizes site selection and route planning, and proactively avoids ecologically sensitive areas and biodiversity
hotspots to minimize the project’s impact on natural ecosystems from the outset. After entering the construction phase, the Company
effectively achieves coordinated development between construction and ecological protection by continuously optimizing
construction techniques, preserving native vegetation along the route, minimizing disturbances to the habitats of flora and fauna, and
taking other targeted measures. In the future, Shandong Hi-Speed will continue to strengthen the capacity for biodiversity
conservation. Embracing our responsibilities as a state-owned enterprise, we will help fortify the ecological security barrier and
provide the “Shandong Hi-Speed Solutions” to build a Beautiful China where humans and nature coexist in harmony.
Park Greening
Case 1 Key Indicator Unit 2025
Eco-Friendly Route Optimization in Water Source Protection Areas Total Environmental Investment RMB 10,000 1,223.71
During the reconstruction and expansion of Weifang–Laiyang Section of the Rongcheng–Weifang Expressway, the
section near the Zhudonghe Bridge is highly ecologically sensitive due to its proximity to the Yunshan Daling Grade Environmental Accidents Case 0
south side. To mitigate the project’s impact on Violations of Laws and Regulations
the drinking water source, the project team Case 0
Concerning Environmental Protection
implemented a targeted single-side widening
scheme, shifting the route 3.25 meters north- Pollutant Monitoring Compliance Rate % 100
ward. The single-side widening section spans
of the existing old bridge and reduces con- % 100
Environmental Facilities
struction costs while simultaneously avoiding
the regulatory boundaries of the Grade 1 Compliance Rate with the "Three Simultaneities" for
% 100
Environmental Protection in Construction Projects
Groundwater Protection Zone at the source.
This measure achieved efficient resource utili-
zation and significantly reduced disturbances to
the ecological environment of the water source
Energy Resource Management
area during both construction and operation
stages, realizing a coordinated win-win
outcome between project benefits and ecologi-
cal protection.
Project Construction Plan Diagram Energy Management
In close alignment with the national “carbon peaking and carbon neutrality” goals, Shandong Hi-Speed focuses on refined energy
Case 2 management as a core measure to build a modern energy management system that is green, low-carbon, intensive, and effi-
cient. Leveraging the technical support of a digital energy monitoring platform, the Company enables real-time tracking, intelli-
gent analysis, and end-to-end closed-loop control of energy consumption across the road network. We are also steadily imple-
Special Biodiversity Conservation Measures for the Beijing-Taipei Expressway
menting green energy projects such as PV power generation to further enhance the effectiveness of clean energy substitution
Reconstruction and Expansion Project
and facilitate the achievement of strategic goals.
The Qihe-Jinan Section (on the Beijing-Taipei Expressway) Reconstruction and Expansion Project focuses on eco-
logical protection requirements for areas passing through water sources and rivers and has established a full-pro-
Case 1
cess environmental control system. The project scheduled the construction of bridge foundations crossing water
sources during the non-flood season to avoid the impact of muddy water and oil leaks from machinery on water
quality during the rainy season, and it strictly controlled the project footprint and construction zone, and promptly Comprehensive Energy Management Platform
carried out ecological restoration and compensation after construction. Technically, natural slurry is used in bridge
The comprehensive energy management system of the Company’s subsidiaries serves as a key tool for energy
pier foundation construction and is supported by a slurry circulation purification and anti-seepage system. Waste
digital transformation and offers significant value in the precise management of electricity. During the Reporting
drilling residue is transported outside the pro-
Period, the system enabled remote control and locking of air conditioning panels. Based on weather conditions,
tected area for disposal, and no temporary
the backend adjusted the panels to achieve energy savings .
construction sites are set up within the water
source protection area. The project also
strengthened monitoring of ecological red-line
areas during both construction and operation
periods, controlled equipment leakage, stan-
dardized solid waste disposal, and restored
shoreline vegetation and water environments
in later stages, thereby comprehensively
establishing an ecological security barrier for
water source areas.
Beijing–Taipei Expressway Reconstruction and Expansion Project
Case 2
Maintenance Sub-center under the Qingdao Operation and Management Center
Control of Electricity Consumption in Offices
During the Reporting Period, Changying Equity implemented multiple electricity-saving measures to promote energy
The existing transformer capacity is 315 kVA, with an annual electricity consumption of approximately 91,000 kWh. The
conservation and emission reduction. On the one hand, all fluorescent tubes in office areas were replaced with
plan is to install one 120 kW dual-port fast-charging unit and one 215 kWh energy storage unit.
energy-efficient LED lighting products, and half of the rou-
tine lighting in public areas was turned off. On the other
hand, low-power energy-saving models were prioritized for
office equipment to control electricity consumption at the
source. In addition, through internal thematic briefings, the
philosophy of energy conservation was integrated into daily
office culture, actively promoting the practice of “turning
off lights when leaving”, thereby fostering a workplace
atmosphere in which all employees participate in energy
conservation and efficiency improvement.
Usage of Clean Energy
During the Reporting Period, Shandong Hi-Speed launched a “PV–Storage–Charging” integrated project at the Qingdao Operation
and Management Center, covering eight construction sites including the Qingdao Operation and Management Center, the Qing- Charging Station Construction Plan
dao Maintenance Sub-center, and the Qingdao Toll Station. It was a distributed energy project featuring “the self-generation and
self-consumption of green electricity and the feeding of surplus green electricity into the grid”. The project plans to construct PV
carports covering approximately 2,800 square meters of parking areas, using high-efficiency monocrystalline silicon PV modules,
with a total installed capacity of 1,030 kWp, an estimated annual power generation of 1.29 million kWh, and an annual CO2 emis-
sion reduction of 1,059.09 tons. It will be equipped with a 215 kWh lithium iron phosphate battery energy storage system and
Qingdao Toll Station
charging piles. The core objective is to achieve coordinated operation of PV power generation, energy storage peak regulation,
and electric vehicle charging, thereby creating a high-quality, efficient, and safe new energy demonstration project.
The existing transformer capacity is 630 kVA, with annual electricity consumption of approximately 1,220,600 kWh. It is
planned to install five 120 kW dual-gun fast-charging integrated units and add one 630 kVA transformer to support
charging for 10 parking spaces. A PV carport with a planned capacity of approximately 280 kW will be constructed, with
Qingdao Operation and Management Center charging spaces reserved for large vehicles and adopting a model of the self-generation and self-consumption of green
electricity. Three sets of 215 kWh energy storage units will also be installed. After installing the PV and energy storage
systems, electricity costs are expected to be reduced by RMB 15,090 annually. An intelligent car wash machine will be
The existing transformer capacity is 630 installed on the exit side of Qingdao Toll Station (south side of the ETC service cabin), covering an area of approximate-
kVA, with an annual electricity consump- ly 12 m × 6 m, with a drive-through traffic flow design.
tion of approximately 475,500 kWh. The Construction Plan
project will convert the membrane-struc- for Photovoltaic
ture canopy into a PV carport and install Carport and
PV panels on flat building roofs based on Charging Station
the load-bearing capacity of the garage
roof. The total PV construction capacity is
approximately 120 kW. The space manage-
ment fee is calculated at 0.0086 yuan/W,
with an estimated annual revenue of RMB Side View Rendering
kWh energy storage units will be installed. Carport and
After installing the PV and energy storage Charging Station
systems, , annual electricity costs are
expected to be reduced by RMB 6,470. Construction Plan for the Photovoltaic Carport and Intelligent Vehicle Washer
Charging Station Construction Plan
Gaomi Toll Station
The intelligent networked lights support brightness adjustment from 0 to 16W. At 8W, they outperform standard
The existing transformer capacity at Gaomi Toll Station is 315 kVA, with an annual electricity consumption of approxi-
sumption is approximately 2.2W, achieving an overall energy savings rate of 80% to 95%.
mately 532,000 kWh. The project will install five 120 kW dual-gun fast-charging integrated units and add one 630 kVA
transformer to meet the charging demand of 10 parking spaces. In addition, a PV carport with a planned capacity of
approximately 240 kW will be constructed, with charging spaces reserved for large vehicles and operating under a
model of the self-generation and self-consumption of green electricity. One 215 kWh energy storage unit will also be
installed. After installing the PV and energy storage systems, electricity costs are expected to be reduced by RMB
outside the office complex of the Gaomi Toll Station). Both locations occupy approximately 12 m × 6 m, and both adopt
a reverse-entry traffic flow design.
Intelligent Vehicle Washer Construction Plan
According to the project plan,
approximately 1,400 intelligent
networked lights will be retro-
fitted, reducing the annual
Photovoltaic Carport, Charging Station and electricity consumption by
Intelligent Vehicle Washer Construction Plan approximately 128,000 kWh
and cutting down the lighting
electricity costs by more than
RMB 140,000.
Energy-Saving Retrofit Plan
During the Reporting Period, Shandong Hi-Speed formulated the Smart Lighting Energy-Saving Retrofit Plan for the Parking
Garage, focusing on energy conservation and intelligent upgrading of lighting in the underground garage of the plaza. The specific
details are as follows: By replacing streetlights with
smart network-enabled models
and establishing a smart oper-
ation and maintenance man-
agement platform, the project
This retrofit adopts a closed-loop
achieved a reduction in annual
intelligent lighting control scheme
electricity consumption by over
of “perception–decision–execution”.
Through the combination of “digital
sumption trend chart further
and intelligent hardware + operation
confirms this significant ener-
and maintenance system (intelligent
gy-saving effect.
networked lighting)”, it achieves full
coverage from basic lighting to
intelligent scenarios.
Case
Energy Consumption Control of Water Consumption in Offices
During the Reporting Period, Changying Equity adopted multiple water-saving measures to optimize water consump-
Key Indicator Unit 2024 2025 tion. On the one hand, water-saving reminder signs were posted in restrooms to constantly remind employees to
strengthen their awareness of water conservation and regulate water-use behavior. On the other hand, new water
Natural Gas 10,000 m3 216.07 327.07 outlet pipes were installed to physically reduce water flow, thereby reducing water consumption from the source and
effectively strengthening the water management system.
Gasoline 10,000 L 273.10 116.67
Diesel 10,000 L 116.88 87.70
Liquefied Petroleum Gas Ton 30.17 27.49
Fuel OIL Ton 19.40 17.06
Liquefied Natural Gas Ton 15.85 3.96
Photovoltaic Power Generation 10,000 kWh / 1,955.7 Warning Sign for Water Conservation
Total Purchased Electricity 10,000 kWh 16,713.97 16,763.15
Key Case
Performance Total Purchased Heat GJ 0 7,985.88
Training on Water and Electricity Conservation
Energy Consumption On November 17, 2025, Henan Development offered a training session on water and electricity conservation. During
the session, the Company reported on water and electricity expenditures across road sections, noting that while
these costs had decreased significantly compared to 2024, there was still room for optimization. The training also
Key Indicator Unit 2024 2025
explained the importance of water and electricity conservation, key areas of water and electricity consumption in
Comprehensive Energy expressway operations, and specific measures for cultivating good electricity usage habits.
tce 27,838.59 30,004.70
Consumption
Renewable Energy
tce / 2,403.56
Consumption
Proportion of Renewable
% / 8.01
Energy Consumption
Comprehensive Energy tce/ RMB 1 million
Consumption Intensity 0.98 1.25
(Operating Revenue)
Training Site
Note: The photovoltaic power generation data only covers the Company’s subsidiary, Yikang Technology.
Water Resource Utilization Indicator Unit 2024 2025
Shandong Hi-Speed attaches great importance to the rational and efficient utilization of water resources, continuously deepening
the development of a scientific water management system. It strictly complies with applicable laws and regulations such as the Total Water Consumption Ton 891,348.74 1,033,779.85
Water Law of the People's Republic of China and the Law of the People's Republic of China on the Prevention and Control
of Water Pollution, and follows the applicable water use and discharge standards in each operating location. In the production and
operation processes, the Company actively practices the philosophy and responsibility of water resource protection, promoting the Water Consumption Intensity Tons/Million Yuan 31.28 43.21
sustainable utilization of water resources through practical actions.
Industrial Collaboration
Network Coordination Efficiency
Leveraging core road network resources, Shandong Hi-Speed
deepens industrial synergy and coordination to promote the
deep integration of road-adjacent resources with the upstream
and downstream of the industrial chain. By optimizing road net-
work traffic efficiency through smart dispatch, empowering in-
dustrial upgrading with road-adjacent PV power and comprehen-
sive energy services, and building an integrated transportation
industry ecosystem, the Company effectively supports the coor-
dinated development of the regional economy and injects strong
momentum for China to evolve into a country with strong trans-
portation.
Contents of this Chapter
Service Quality Improvement
Innovation-Driven Development
Data Security and Protection
Responsible Supply Chain
Responded SDGs
Service Quality Improvement Customer Satisfaction Management
Shandong Hi-Speed strictly adheres to the requirements of applicable laws and regulations, including the Law of the People's
Shandong Hi-Speed continuously optimizes the complaint management system, improves the full-process complaint handling
Republic of China on Product Quality, and always upholds the quality policy of “continuously improving the quality of toll collection,
mechanism, and comprehensively upgrades the quality of courteous service. Following the core principles of “unified management,
maintenance, road assets, information and electromechanical systems, and travel services to serve the public, replay society,
categorized allocation, tiered handling, and follow-up evaluation” and based on actual business operations, the Company has
reward shareholders, and empower employees”. By continuously refining the quality management system and enhancing
revised the Management Measures for Complaint Handling to provide an institutional framework for standardizing complaint
operational efficiency, we steadily strengthen the foundation for quality development and inject sustained momentum into our
resolution and enhancing service satisfaction.
high-quality development.
Satisfaction Improvement Measures
Quality Management System
Establish a monthly complaint review mechanism to generate monthly com-
Shandong Hi-Speed has formulated the Quality Management Manual and the Measures for Quality Management, which define Monthly Complaint
plaint analysis reports and systematically sort out problem types and
quality management-related terminology as well as the responsibilities of management at all levels and departments in accordance Review and Analysis
common root causes.
with standards such as GB/T 19001-2016. The system covers core aspects including the planning, establishment, implementation
and improvement of the quality management system, internal audits, and management reviews. It provides comprehensive and
systematic management guidance for the high-quality development of the Company’s road and bridge operations, services, and
maintenance businesses. During the Reporting Period, the Company and its subsidiaries (Henan Development and Luzhou
Targeted Follow-ups Conduct comprehensive follow-ups with all users who rated their experience
Southeast Expressway) have all passed ISO 9001 Quality Management System certification. In addition, the Company strictly
with Dissatisfied Users as “unsatisfied” to deeply explore their actual service needs and expectations
implements laws and regulations such as the Law of the People's Republic of China on Product Quality, and always upholds the quality
policy of “continuously improving the quality of toll collection, maintenance, road assets, information and electromechanical
systems, and travel services to serve the public, replay society, reward shareholders, and empower employees”, thereby promoting
the Company’s high-quality development through continuous improvement in quality management.
Development of Targeted Based on the results of the follow-up surveys, develop precise, tailored, and
Improvement Plans actionable service improvement plans
Continuously optimize service capabilities and operational standards to drive
Iterative Upgrades to
dynamic improvements in service quality and enhance the customer experi-
Service Quality
ence
By 2025, both the overall user service satisfaction rate and the complaint
ISO 9001 Quality Management System Certification
resolution rate exceeded %.
Based on the core requirements of the quality
Key
management system, Shandong Hi-Speed, in strict
Performance
accordance with the relevant provisions of the
Measures for Risk Management, organizes all Risk Avoidance Risk Control
departments and affiliated units to systematically Product Accessibility Improvement
identify and conduct in-depth analysis of various
opportunities and risks affecting operational
Shandong Hi-Speed consistently upholds the core philosophy of “enabling the public to share in high-quality travel services”.
performance. The Company scientifically formulates
Risk Acceptance Guided by the goal of improving access to transportation infrastructure, we fulfill our social responsibilities by building a road
targeted response measures and clearly organizes Risk Transfer
network service system that is extensive, inclusive, balanced, smart, and efficient. The Company continues to advance the opti-
implementation plans to effectively strengthen the
mization of the road network structure and strengthen transportation connectivity in underdeveloped areas. By leveraging ETC
defense line for product quality and service safety.
seamless passage, full coverage of mobile payments, and upgrades to accessibility facilities, we ensure that all groups enjoy
During the Reporting Period, no major safety or
equal access to convenient travel services. We deepen the application of technologies such as the “BIM+GIS” smart maintenance
quality liability incidents related to any product or
platform and the vehicle-road coordination early warning system to achieve real-time sharing of road condition information and
service occurred in the Company.
Risk Management Mode precise emergency response coordination, effectively overcoming barriers to travel caused by extreme weather and special road
sections.
Customer Complaint Management Governance
In order to efficiently respond to public travel demands and effectively improve service quality, the Company has formulated the Shandong Hi-Speed places high importance on innovation and R&D. By formulating the Measures for the Administration of
Measures for Complaint Management and established a diversified and omni-channel customer complaint acceptance system Innovation Efforts, we drive the realization of our strategic goals and promote the systematization, standardization, and
covering the 96659 Service Hotline, the Government Hotline, government departments referring complaints, the Company’s professionalization of innovation efforts. Meanwhile, SDHS Rail Transit has established a dedicated R&D center, which is centrally
WeChat Official Account, and other officially recognized channels. Complaints from all channels are incorporated into a managed by the Management Committee and comprises five research institutes.
standardized handling process to ensure quick response, accurate research and timely feedback, thus fully protecting the public’s
travel rights and continuously optimizing the travel service experience.
Management Committee
Customer Complaint Process
President
Complaint Complaint Complaint Complaint Complaint
Vice President Technology Committee
Initiation Distribution Acceptance Handling Follow-up
ing and High-end Equipment
Institute of Intelligent Manufactur-
Industry Technology
Institute of Advanced Materials
Freight Railway
Institute of Intelligent
gence
Institute of Digital Intelli-
Technology
Operation and Maintenance
Institute of Railway Equipment
Review by the Review by Main Review by
Complaint Complaint
Head of Business Leader of Responsible Leader
Archiving Re-evaluation
Department Subordinate Unit of Affiliated Units
Key Indicator Unit 2025
Organizational Structure of R&D Center
Training on Quality Culture Session 9
Total Duration of Training on Quality Culture Hour 28 Risk Identification
Reporting Value Chain
Risk Type Description of Risk Financial Impact Countermeasures
Period Links Impacted
Maintenance Quality Indicator (MQI) / 95.42
Pavement Quality Index (PQ) / 95.38
Increased R&D
investment and
During the R&D of new technologies technical teams, conduct regular
failure to achieve
such as intelligent transportation project evaluations, and establish
Operations, expected
and smart expressways, issues such a technological early-warning
Medium to downstream technological
Technology Risks as insufficient technological mechanism;
Innovation-Driven Development
long term outcomes may
maturity, cost overruns, or low 2. establish cooperation with
result in revenue
market acceptance may arise, universities and research institutes
losses and affect
leading to project failure or delays. to obtain advanced technical
market
support
Shandong Hi-Speed regards innovation as a core driving force. Anchoring our efforts in the transportation sector and pursuing competitiveness.
breakthroughs in technology and business models, we focus on deepening R&D practices in the fields of intelligent transporta-
tion and smart highways. This not only continuously strengthens our core competitiveness but also injects robust endogenous
momentum into the high-quality development of the transportation industry.
Reporting Value Chain Reporting Value Chain
Risk Type Description of Risk Financial Impact Countermeasures Opportunity Type Description of Opportunity Financial Impact Countermeasures
Period Links Impacted Period Links Impacted
Data-driven
Big data and artificial intelligence
strategies will
Changes in national transportation improve
Rising compliance and strengthen communication new models such as traffic flow to integrate internal and external
policies and stricter environmental Data-driven Medium to Operations, operational
costs may result with government departments to prediction and intelligent data resources, driving
protection requirements may affect Innovation long term downstream efficiency, leading
Policy and Short and in fines, litigation, ensure the Company’s strategy maintenance, thereby improving data-driven decision-making and
the Company’s operating model Operations to cost savings
Legal Risks medium term or administrative aligns with policies and decision-making efficiency and innovation
and innovation direction, such as and revenue
penalties, and regulations; service quality.
regulatory policies for new energy growth
affect cash flow. 2. establish a compliance
transportation tools.
management system.
With continued investment in
A successful
national transportation
transformation is
infrastructure and the expansion of 1. Develop a systematic
expected to
the highway network, the transformation strategy, optimize
improve
Company can achieve business resource allocation, and
Transformation Medium to operational
transformation and upgrading Operations strengthen project management
through reconstruction and to ensure smooth execution of all
As the highway network gradually high-quality road conditions, and service quality,
This may lead to expansion projects reconstruction and expansion
improves, parallel or alternative enhance road traffic efficiency; thereby
reduced operating tasks.
routes may emerge on certain 2. strengthen intelligent enhancing
revenue and
Competitive sections; simultaneously, as other Medium and infrastructure development. profitability
Operations unclear market
Risks passenger and freight transport long terms Increase R&D investment in
positioning, and
systems become increasingly intelligent expressway
affect overall
sophisticated, they may divert technologies, explore the
profitability.
traffic away from existing routes application of AI technologies, and
improve service efficiency.
Impact, Risk, and Opportunity Management
Through risk identification, assessment, monitoring, and management, the Company ensures effective mitigation of potential
risks during the R&D and innovation process, thereby promoting technological innovation and enhancing market competitiveness.
Opportunity Identification
Reporting Value Chain
Opportunity Type Description of Opportunity Financial Impact Countermeasures
Period Links Impacted
Risk Identification
The introduction of technologies The successful 1. Increase R&D investment, Comprehensive risk identifications are conducted on a regular basis, and special
such as toll collection systems, launch of new introduce advanced technologies, attention is paid to technical, policy, and market competition risks in areas such as
intelligent toll stations, and products will drive and conduct market research to
Medium to intelligent transportation, smart highways, and new energy projects, to ensure
Product Innovation intelligent transportation Operations revenue growth ensure new products meet
long term
customer needs;
better identification of potential threats during the innovation process.
management platforms brings new and enhance
products and services to the market 2. promote digitalization to
Company to meet market demand. competitiveness improve service efficiency
Risk Assessment
Key Indicator Unit 2024 2025
Each identified risk is assessed to determine its specific impact on
Total Number of R&D Team Members Person 822 1,044
finances and operations. For example, technical risks may lead to an
increase in R&D costs without a rapid return on investment, while Proportion of R&D Personnel to Total Workforce % 7.75 9.88
policy risks may increase compliance costs. Risk assessment results
are used for prioritization and strategic adjustments. Doctoral Degree Person 1 2
Master’s Degree Person 231 252
Educational Bachelor Person 515 690
Risk Monitoring Background
Associate Degree Person 70 97
High School and Below Person 5 3
A dynamic risk monitoring system is established to periodically ana- Under 30 (exclusive) Years Old Person 136 188
lyze policy changes, market trends, and competitor movements,
By Age 30 (inclusive) to 40 (exclusive) Years Old Person 374 486
especially in intelligent transportation and green projects, enabling
timely strategic adjustments and preventing risks from becoming
actual losses.
Key
Performance
Risk Management
Key Indicator Unit 2025
Targeted risk management plans are made to ensure effective con- Investment in R&D RMB 10,000 54,113.55
trol and mitigation of risks during technological innovation and
Percentage of R&D Investment in Main Business Revenue % 2.26
market expansion. For instance, through collaboration with research
institutions and engagement with industry associations, the latest
Innovation Achievements
technical intelligence and policy guidance are obtained to ensure
new products and services meet market demands and regulatory Cumulative Number of Authorized Patents Case 1515
requirements.
Cumulative Number of Authorized Invention Patents Case 335
Cumulative Number of Authorized Utility Model Patents Case 1096
Cumulative Number of Authorized Design Patents Case 64
Cumulative Number of Software Copyrights Case 363
National High-tech Enterprise Entity 10
Metrics and Targets Specialized and Sophisticated Enterprise that
Entity 11
Produces Novel and Unique Products
Shandong Hi-Speed has formulated relevant assessment rules for scientific and technological innovation, set scoring rules around
scientific and technological innovation and digital transformation. These rules clarify key indicators—such as the commercializa-
tion of R&D outcomes, the construction of R&D platforms, and ITAI advancement, along with their corresponding scores and
requirements. Through differentiated assessments and incentive-based approaches, we drive our subsidiaries to diligently carry
out work related to technological innovation.
Digitalization
Digitalization Target
Based on the overall digital transformation deployment of Shandong Hi-Speed Group, Shandong Hi-Speed will, in accordance with
the Digital Development Plan (2024–2026), rely on the development blueprint to continuously strengthen core expressway To establish a comprehensive digital infrastructure and data resource
Construction of Digital
businesses, promote the high-level application of data elements, support the digital governance and business intelligence, enhance system which ensures that the infrastructure can support all digital
Infrastructure
the "Shan Gao·Xing" brand, and foster high-quality sustainable development. applications by the end of 2026
To significantly expand the breadth and depth of data element applica-
Digital Development Planning Approach Expansion of Data Element
tions, and drive the comprehensive use of data across all business pro-
Applications
cesses
To define the digital transformation path and prioritize the digital
Digital Development Blueprint development of core expressway businesses in accordance with the
“1+3+9” digital development blueprint To accelerate the process of data assetization, and transform data into
Data Assetization Process
usable assets to enhance its value
To digitally empower all business lines—construction, management,
Empowerment of Business
maintenance, operations, and services—to enhance operational effi-
Lines To promote innovative integration and application of new digital tech-
ciency and management standards across all operations Integration of New Digital nologies, ensure digital systems cover all core business operations and
Technologies and System
To fully develop the “Expressway+” digital industry, expand business Coverage enterprise management scenarios, and improve management efficien-
Development of the Express- cy and business performance.
models, and actively explore integration and innovation of digitalization
way Digital Industry
with traditional business.
Construction of the Digital To achieve high integration and seamless connectivity of the Digital
To leverage data as a fundamental resource and innovation engine, Platform of Shandong Platform of Shandong Hi-Speed, and facilitate efficient integration of
Role of Data as a Key Hi-Speed information flows, capital flows, and business flows.
and promote high-level application of data elements to achieve deep
Resource
integration and collaboration across business operations.
To provide digital empowerment to enhance overall security, reduce
Collaboration Optimization To prioritize the collaborative optimization and reuse of data elements Effect of Digital Empower- operational burdens, cut down costs, and boost efficiency, and signifi-
and Reuse Efficiency to enhance the efficiency and effectiveness of data applications across ment cantly improve management and service standards while strengthening
Enhancement all business processes the Company’s overall operational efficiency
To promote digital governance and facilitate intelligent business opera-
Digital Governance and Industrialization and Diversi-
tions to achieve the efficient integration and intelligent management of To deepen digital industrialization and diversified business develop-
Intelligent Operations fied Business Expansion
information flows, capital flows, and business processes ment, and drive innovation and diversification of business models.
Industrial Transformation and To support industrial transformation and upgrade, enhance the “Shan
Brand Enhancement Gao·Xing” brand, and increase market influence and competitiveness. New Paradigm of "Digital and To fully establish the new paradigm of “Digital and Intelligent Shan-
Intelligent Shandong dong Hi-Speed 3.0” to enhance the Company’s competitiveness and
Hi-Speed 3.0" market position in digital transformation and high-quality development.
To inject strong momentum for high-quality sustainable development,
High-Quality Sustainable
and ensure effective alignment and integration of digital transforma-
Development
tion with sustainability goals. To support the Company’s digital transformation and upgrading to
achieve national leadership, and evolve into a leading domestic provid-
National Leadership
er of high-level transportation infrastructure investment, construction,
operation, and services.
Innovation Incentives
Shandong Hi-Speed has formulated the Measures for the Administration of Technology Achievement Transformation, aiming to
standardize the technology achievement transformation and strengthen innovation incentives. The Company specifies that the
technology achievement transformation shall be centrally managed by the Innovation Center and integrated into performance
assessments, so as to promote the industrialization and engineering application of innovative results.
Case Science and Technology Ethics
"Five-Small Innovations" and "Good Ideas" Collection Campaign As an entity engaged in the investment, construction, and operation of transportation infrastructure, Shandong Hi-Speed focuses
on major public infrastructure projects such as expressways. Our businesses are not directly related to frontier technologies such
During the Reporting Period, Shandong Hi-Speed launched a campaign to collect employees’ “Five Small Innova- as artificial intelligence or genetic technology, and do not currently involve issues related to science and technology ethics
tions” and “Good Ideas”. The initiative focused on four major sectors—including smart operations and key project review. We strictly adhere to national laws, regulations, and industry standards, continuously improve our ethical risk assessment
construction—as well as various operational aspects such as toll collection and maintenance management, solicit- mechanisms for technology applications, maintain prudent management over aspects potentially involving data security and the
ing innovative achievements and practical ideas. The winners were announced on December 3, and several “Five application of intelligent transportation technologies, and resolutely prevent the risk of technology misuse.
Small Innovations” achievements, “Good Ideas” projects, and Outstanding Organization Awards were selected, fully
stimulating employee creativity and supporting high-quality company development.
Award* Key Achievements
First Prize for “Five-Small Innovations”
Rapid Loading Device for De-icing Agent on Snow-Clearing and
Grit-Spreading Vehicles
Data Security and Protection
Intelligent Sensor Alarm for Lane Barrier Machines, Early Warning
Second Prize for “Five-Small Innovations” Robot for Expressways, Automatic Power Failure Alarm Device for
ETC Barrier Machines, etc.
Data Security Management System
Drone Relay Platform, Intelligent Traffic Diversion System for Toll Shandong Hi-Speed has established a data security governance framework covering three tiers: the decision-making level, the
First Prize for “Good Ideas” management level, and the execution level. The Data Management Leading Group, as the highest decision-making body, leads the
Lanes, Intelligent Traffic Diversion Plan for Toll Stations, etc.
Company’s digitalization and data management efforts and coordinates the construction and development of the Company’s digital
transformation. The Corporate Management Department, as the comprehensive data management unit, is responsible for
Development and Application of the Hazardous-Material Smooth
formulating and supervising the implementation of standards such as the Measures for Data Management, the Detailed Rules for
Transport Platform, Construction of Private Cloud Infrastructure,
Second Prize for “Good Ideas” Master Data Management, and the Implementation Rules for Data Collection and Sharing. Subsidiaries, business units, and
and the Weifang East Toll Station Project to Increase Revenue by
headquarters departments serve as the execution layer, responsible for implementing data security management within their
Directing Traffic to CNPC Gas Stations, etc.
respective units. The Company actively promotes network security protection for information systems, conducts security
classification, filing, evaluation, and remediation for critical systems, and continuously strengthens lifecycle data security controls.
Information Group, a subsidiary of Shandong Hi-Speed, has passed the certification of ISO 27001 Information Security Management
System, DCMM Level 3, and DCMM Level 2, effectively safeguarding the rights and interests of the Company and our customers.
Protection of intellectual property rights
Shandong Hi-Speed has formulated the Measures for Intellectual Property Management to strengthen IP management, standardize
procedures, and protect the Company’s legitimate rights and interests. These measures apply to the management and protection
of all types of intellectual property, including patents, trademarks, copyrights, proprietary technologies, and trade secrets. They
establish a responsibility framework in which the Corporate Management Department serves as the comprehensive management
body, headquarters departments manage according to their respective business divisions, and each subsidiary appoints a part-time
administrator to handle daily operations.
During the Reporting Period, the Company and its subsidiaries applied for
Key Information Group, a subsidiary of Shandong Hi-Speed, has
ISO 27001 Certificate Data Management Capability Maturity Model (Level 3) DCMM Certification Certificate
Performance passed GB/T 29490-2013 Intellectual Property Management
System Certification. GB/T29490-2013 Intellectual
Property Management System
Certification Certificate
Leveraging the distributed multi-node database technology of the road network traffic system, Shandong Hi-Speed achieves
in-depth mining and intuitive visualization of critical expressway data. Through three core modules, the Company monitors road Case
network status comprehensively, ensuring safe and stable operations.
Training on Cybersecurity Awareness in 2025
On November 30, 2025, Shandong Hi-Speed conducted cybersecurity awareness training tailored to practical work
scenarios. This training effectively enhanced the cybersecurity awareness of all employees and improved the tech-
nical proficiency of management personnel.
Basic Data
Management Module
Data Visualization Data Analysis
Module Module
Training Site
Three Core Modules of Road Network Traffic
Information Security Management System and Customer Privacy Protection
Emergency Response Plan Shandong Hi-Speed has established the Operational Data Classification and Categorization Management Platform of Shandong
Hi-Speed to precisely meet risk management requirements, ensure compliance and security, significantly enhance the security
Shandong Hi-Speed has formulated and continuously refined the Comprehensive Cybersecurity Emergency Response Plan,
protection of operational data, and build a robust defense for the confidentiality, integrity, and availability of user information.
established a Cybersecurity Incident Emergency Response Office, and defined incident classification, monitoring and early warning,
emergency response, and post-incident handling procedures. The contingency response plan covers a wide range of scenarios,
including malicious software, cyberattacks, data breaches, and equipment failures, and the Company regularly conducts emergency
drills to enhance the emergency response capabilities of all employees. The Company organizes multi-level drills annually to test
Key Indicator Unit 2025
the effectiveness of the contingency plan, ensuring rapid response, effective control, and swift recovery in the event of a security
incident.
Training on Information Security and Privacy Protection Case 16
Training on Data Security
Number of Training Participants Person 6,403
Shandong Hi-Speed has integrated data security and privacy protection into the comprehensive employee training system, regu-
larly conducting training on laws and regulations, institutional standards, typical cases, and practical skills, with a particular focus
on specialized education regarding data collection, storage, usage, and sharing. In 2025, the Company offered multiple training Total Investment in Data Security RMB 10,000 1,618.53
sessions on data security and privacy protection through a combination of online and offline methods, covering management
personnel and key-position employees at all levels, to continuously enhance employees’ overall data security awareness and pro- Information Security and Privacy Protection Violations Incident Case 0
tection capabilities.
Responsible Supply Chain Green Supply Chain
Shandong Hi-Speed considers green and sustainable development a key focus of its supply chain management. Within its pro-
Supply Chain Management System curement management system, the Company has adopted “high-intensity and high-efficiency” as its core principle, explicitly
requiring scientific research and thorough demonstration during project implementation, thereby laying an institutional founda-
tion for systematically integrating environmental considerations into procurement decisions. Committed to ensuring project quali-
To build a standardized, highly efficient, and collaborative supply chain management system, Shandong Hi-Speed has formulated ty and supply security, the Company actively promotes a resource-saving and environmentally friendly green supply chain model.
and continuously improved a series of management systems, including the Measures for the Administration of Bidding and Looking ahead, we aim to further enhance green procurement standards, deepen collaboration with suppliers on environmental
Procurement, Measures for the Administration of Non-bidding Procurement, Measures for the Administration of Performance-based practices, and jointly advance the green and low-carbon transformation of the entire value chain.
Procurement, Measures for the Administration of Investment Invitation and Leasing, and Measures for the Administration of Suppliers.
These systems specify the full-process requirements covering supplier access, review, evaluation, classified management, and
codes of conduct. Under this framework, the Company has established a clearly defined, multi-level supplier governance system.
The General Office of the Bidding and Procurement Leading Group serves as the overseeing department, coordinating the Clean Supply Chain
involvement of all business departments. Each affiliated unit is responsible for fulfilling its respective duties, ensuring that supply
chain management is systematic, standardized, and effective. Shandong Hi-Speed is committed to creating a transparent, clean, and efficient supply chain. By formulating and strictly enforcing
the Measures for the Administration of Bidding and Procurement, the Measures for the Administration of Non-bidding Procurement,
Organizational Structure of the Bidding and and other relevant systems, we ensure that procurement activities are guided by the principles of openness, fairness, impartiality,
Procurement Leading Group (Transparent and good faith. Irregular practices—such as procurement without mandatory bidding, bidding without prior approval, construction
Procurement Leading Group) before bidding, or apparent bidding with pre-determined winners—are strictly prohibited. The Company also broadens channels
for objections and complaints, clearly publishes procedures in bidding and procurement announcements, and handles all objections
in accordance with applicable laws and regulations. Furthermore, suppliers are required to sign an anti-corruption contract, and
any violations of this contract are factored into supplier performance evaluations. These measures help prevent commercial bribery
Group Leader:Chairman
and unfair competition, establishing a robust institutional safeguard for integrity throughout the supply chain.
Deputy Group Leader:General Manager
Equal Treatment of Small and Medium-Sized Enterprises
During the Reporting Period, Shandong Hi-Speed remained committed to fairness and impartiality, with a strong focus on ensuring
Members
equal treatment of small and medium-sized enterprises (SMEs). In supply chain management, contract performance, and
Other leaders and heads of the Planning and Finance Department, Enterprise Management commercial cooperation, the Company fully complies with regulations, such as the Regulations on Ensuring Payment of Accounts to
Department, Audit Department, and relevant business departments at the headquarters. Small and Medium-sized Enterprises. By implementing an open and transparent supplier evaluation system, the Company ensures
that SMEs have equal opportunities to participate in procurement processes and gain fair access to commercial opportunities. In
addition, the Company did not have accounts payable (including payable bills) exceeding RMB 30 billion or accounting for more
than 50% of total assets.
In selecting and managing suppliers, the Company focuses not only on cost and quality but also on continuously strengthening
the assessment of suppliers' compliance and performance in environmental, social, and governance (ESG) areas, with a commit-
ment to building a more transparent, sustainable, and responsible supply chain management system. We strictly prohibit discrim-
inatory clauses in the bidding and procurement process and systematically assess suppliers' ESG performance through credit
evaluations, performance appraisals, and the management of serious dishonest behaviors. The evaluation results directly influ-
ence suppliers' credit ratings and their competitiveness in future bidding and procurement activities.
Supplier Distribution in 2025
Key Performance Unit 2024 2025
Total Number of Suppliers Entity 1,574 1,908
Suppliers in Shandong Province Entity 1,177 1,427
Suppliers in Chinese Mainland excluding Shandong Province Entity 390 481
People-Oriented Road Service
Shandong Hi-Speed Creates and Shares Social Value
Shandong Hi-Speed is committed to its founding mission of serving
the people through roads. We ensure reliable operation of our road
network, continuously enhance our public service system, upgrade
travel support facilities, and improve overall service quality. By
leveraging our road network to drive regional development and
support rural revitalization, we actively fulfill our public welfare
responsibilities and implement people-centered initiatives. We
harness the power of transportation to enhance people's well-being,
promote the shared benefits of development among all stakeholders,
and work collaboratively to generate lasting social value.
Contents of this Chapter
Protection of Employees' Rights and Interests
Occupational Health and Safety
Co-creation of Better Society
Responded SDGs
Protection of Employees' Rights and By Gender By Age
Interests
Employee Recruitment and Employment 1,018
Shandong Hi-Speed has developed and enforced a comprehensive set of internal management systems to ensure a fair,
transparent, and standardized approach to employee recruitment and labor relations. These systems, including the Measures for
Employee Recruitment Management, Provisions on Labor Relations Management, Job Responsibilities of Headquarters Departments,
and Measures for Total Wage Distribution Management, have created a standardized recruitment framework and formal employment
procedures, ensuring fairness and transparency throughout the hiring process.
The Company applies a position- and quota-based management mechanism, adhering to the recruitment principles of openness,
equality, competition, and merit-based selection. In our daily management and recruitment practices, we strictly verify identity
information to ensure that all employee data is accurate and legitimate. The labor contract system is fully implemented, eliminating Male (Persons) Female (Persons) Under 30 (Exclusive) Years Old (Persons)
any form of forced labor and ensuring that the legitimate rights and interests of employees are consistently protected.
Anti-Child Labor and Anti-Forced Labor 50 Years Old and Above (Persons)
Shandong Hi-Speed places great importance on human rights protection, explicitly prohibiting the use of child labor and forced
labor. The Company fully enforces employment policies promoting gender equality, equal pay for equal work, and non-discrimi-
nation. We are committed to building a just, transparent, fair, inclusive, and human rights-respecting workplace. During the
By Educational Background By Specialty
Reporting Period, no violations of human rights, including child labor or forced labor, occurred.
Shandong Hi-Speed took significant steps to ensure the protection of employees' rights
and interests, achieving 100 % labor contract signing rate and 100 % social 6,016 4 6,355
insurance coverage. Moreover, the Company made significant efforts to attract new talent,
Key
hiring a total of 105 employees throughout the year. Of these, 35 were recruited
Performance through social channels, 54 through campus recruitment, and 16 through other
Doctorate Degree (Persons) Master's Degree (Persons) Manufacturing (Persons) Sales (Persons)
Bachelor's Degree (Persons) College Degree (Persons) Technology (Persons) Finance (Persons)
sources.
Below College Degree (Persons) Administration (Persons)
Number of Employees Employee Turnover
Diversity, Equality, and Inclusion
Total Number of Number of Employees Labor Dispatch
of Minority Nationalities Rate/Separation
Employees (Persons) with Disabilities Workers (Persons)
(Persons) Rate Shandong Hi-Speed integrates the principles of diversity, equity, and inclusion (DEI) into its talent management practices. In
recruitment, the Company equally values and actively hires women, ethnic minorities, and employees with disabilities, ensuring
differences and embraces diversity, striving to ensure that every employee is treated fairly and given ample opportunities to
grow.
Compensation and Benefit Key Performance Indicators (KPI)
Appraisal
Metrics Common Performance Indicators (CPI)
In accordance with internal regulations, including the Employee Compensation Management System, Employee Performance
Appraisal Measures, and Total Wage Distribution Management Measures, the Company has established a structured compensation Performance appraisal results are
system and performance evaluation mechanism to fairly reward employee contributions and effectively enhance motivation. The categorized into four levels: A, B, C, and
Company's compensation structure primarily consists of a fixed salary and a variable salary. The fixed salary is determined based D. In accordance with the Company's Routine Assessment
Employee Compensation Management Appraisal
on factors such as job position, job value, personal competence, and work experience. The variable salary is tied to the Company's Frequency
System, these results are applied to Employee Annual Performance Review
overall operational performance and individual performance appraisal results.
performance-based salary distribution, Performance
The employee performance appraisal system includes Key Performance Indicators (KPIs) and Common Performance Indicators job rank and grade adjustment, Appraisal
Level A
(CPIs), combining quantitative metrics with qualitative evaluation to ensure accuracy, objectivity, and comprehensiveness. The outstanding talent selection, labor
Company has also established a formal performance appeal procedure with dedicated channels. If an employee disagrees with an contract renewal, termination and Appraisal Level B
appraisal or compensation outcome, they may submit a written appeal to the human resources department of their unit during the dissolution, as well as the selection of Results
public notice period. The relevant department will provide feedback on the investigation results within one month of receiving the advanced employees. Level C
appeal.
Level D
Public Notice of Appraisal Results
The appraisal results will be posted within the employee's unit or department for
The Company has established a comprehensive benefits system that includes both statutory and company-sponsored benefits.
a period of 5 working days.
Statutory benefits cover essential protections such as pension insurance, medical insurance, work-related injury insurance,
unemployment insurance, maternity insurance, housing fund contributions, paid annual leave, and summer heatstroke prevention
Filing an Appeal subsidies, ensuring employees' basic rights are fully protected in accordance with the law. Company-sponsored benefits include
enterprise annuities, supplementary medical insurance, on-the-job training, health check-ups, meal allowances, heating subsidies,
If an employee disagrees with the appraisal results, they may submit a written appeal to the
childcare subsidies and other programs, aiming to enhance employees' well-being and support their professional growth.
human resources department of their unit during the public notice period. All appeal reports will
be recorded and filed systematically. In accordance with the Labor Law of the People's Republic of China, Provisions on Medical Treatment Period of the Employees Suffering
from Illness or Non-work-related Injuries and other relevant laws and regulations, the Company has formulated the Regulations on
Establishment of an Investigation Panel Attendance and Leave Management. In addition to statutory public holidays, employees are also entitled to various types of paid
leave, including parental leave, bereavement leave, annual leave, paternity leave, nursing leave, and marriage leave.
The human resources department will establish an investigation panel to review the appeal and
prepare an investigation report, including recommendations for handling the matter.
Appeal Handling
If the appeal is deemed valid, the employee may be re-appraised, or the appraisal result may be
revised. Corrective actions will be recommended for those responsible.If the appeal is not sub-
stantiated, the original appraisal result will stand. Annual Leave Marriage Leave Home Leave Paternity Leave
Company-Sponsored Benefits
Feedback
The human resources department will communicate the results of the investigation and han- Bereavement Nursing Leave Parental Leave ...
dling to the appellant within one month of receiving the appeal. Leave
Further Appeal
If the appellant remains dissatisfied with the outcome, they may file a further appeal to the
higher-level human resources department within 5 working days of receiving the feedback. The
Supplemental
Company's Human Resources Department will serve as the final authority in the appeal process. Corporate Health
Health
Pension Checkup
Insurance
Conclusion of Procedure
If no objection is raised within 5 working days after receiving the feedback, the appraisal result Meal Heating Childcare
will be considered accepted, and the appeal procedure will be concluded. Allowance Allowance Allowance
Employee Performance Appeal Procedure
Equity Incentive and Employee Stock Ownership During the Reporting Period, the staff congress reviewed and adopted nine proposals. Currently, 100% of employees are union
members, and collective bargaining agreements cover 100% of the workforce.
To further strengthen our corporate governance, promote a sound incentive and restraint mechanism, fully motivate directors,
Case
senior managers, middle managers, and other core employees, and effectively align the interests of shareholders, the company,
and individual managers, the Company has developed a series of equity incentive plans. These plans are formulated in accordance
with the Company Law of the People's Republic of China, Securities Law of the People's Republic of China, and other relevant The 2nd Session of the 4th Staff Congress of Shandong Hi-Speed & 2025 Working Conference
regulations, and are designed in conjunction with the current compensation and performance appraisal systems.
On January 25–26, 2025, the Company held the 2nd
Session of the 4th Staff Congress, the Congress of
Trade Union Members, the 2025 Working
Conference, and the Work Safety Conference in
attended the meetings. The meetings conveyed the
spirit of the Shandong Hi-Speed Group annual
conference, summarized business performance in
Contract, recognized outstanding collectives and
individuals, and signed the 2025 business operation
and safety production responsibility agreements. Trade Union Member (Staff) Congress
Assistance for Employees in Difficulty
Equity Incentives
The Company provides robust support to employees in need, earnestly implementing the medical mutual assistance and employ-
Second Exercise (Initial Grant & First Reserved Grant): 13.1852 million shares were listed ee assistance systems, and integrating hardship support with programs such as the “Golden Autumn Scholarship” and “Dream
Realization for Students.” A total of 42 employees facing difficulties received assistance, and special funds for serious illnesses
grant), involving 222 participants (189 from the initial grant, 33 from the reserved grant). ees in furthering their academic qualifications. We successfully obtained special grants totaling CNY 16,000 from the Shandong
Provincial Federation of Trade Unions and the Shandong Hi-Speed Group Trade Union for 16 front-line employees. During the
Reporting Period, the Company provided a total amount of hardship assistance of CNY 132,700.
Third Exercise (Initial Grant & Second Reserved Grant): 11.683398 million shares were
reserved grant). Shandong Hi-Speed conducts a variety of employee satisfaction surveys each year to gather opinions and needs, integrating the
findings into ongoing management improvements. Through routine inspections, special reviews, and face-to-face interviews, the
Company closely monitors employee satisfaction, documents and analyzes identified issues, and develops targeted solutions.
The third exercise period of the Company’s reserved grant is proceeding as Additionally, the Company actively engages employees through symposiums to ensure that all suggestions are addressed
participants.
Democratic Management and Employee Care
Shandong Hi-Speed places democratic management and employee well-being at the core of its operations. Through regular staff In 2025, the employee satisfaction rate was 100 %.
congresses, the Company implements a democratic decision-making process, encouraging employees to provide suggestions
Key
and ensuring that every voice is heard and addressed. Moreover, the Company emphasizes employee care, paying attention to
Performance
employees’ physical and mental health as well as career development. We provide a range of support and benefits, aiming to
foster a warm, harmonious, and people-oriented work environment.
Training for Talent Development Career Development Channel
Guided by the philosophy of “making the best use of talents and appointing people according to their abilities,” Shandong Hi-Speed The Company has implemented comprehensive systems, including the Post Management Measures, to establish a multi-channel
regards the construction of a talent system as a core element of its strategic development. In accordance with the Employee career development path for employees. These measures clarify internal job adjustment procedures, broaden employees' career
Training Management Measures, the Human Resources Department, as the responsible authority, continuously organizes training growth opportunities, and strengthen the Company's core competitiveness.
programs to unlock employees' potential and foster their growth. To ensure effectiveness, annual training is incorporated into
operational performance appraisals, reinforcing accountability for employee development. We offer multi-level career growth paths for employees. Post management covers three major sequences: management,
professional & technical, and frontline operation. Each sequence is supported by a clear rank system and promotion rules, ensuring
To establish a systematic internal knowledge inheritance mechanism, the Company selects and manages internal trainers according employees have structured and continuous development opportunities in either the professional or management tracks. The
to the principles of fairness, impartiality, openness, and objectivity, with the goal of promoting both internal knowledge Company advocates a dual-channel promotion model where employees can advance within their current sequence based on
management and talent development. The evaluation panel, jointly composed of the Human Resources Department and relevant performance and seniority, or pursue cross-sequence development through open competition and selection. Frontline operation
professional departments, oversees the selection of internal trainers at all levels. Internal trainers are categorized into two tiers: staff can transfer into professional and technical posts. Likewise, technical personnel can be promoted within their professional
company-level and subsidiary-level. Subsidiaries may recommend outstanding trainers for participation in higher-level selection field, with further opportunities to work at the Company's headquarters.
processes. Those certified as group-level internal trainers may apply for direct recognition as company-level internal trainers.
In addition, the Company has implemented an independent evaluation and appointment system for skilled talents. Through
standardized internal deployment mechanisms and exceptional promotion policies, the Company supports orderly employee
Case mobility, facilitates talent emergence, and ensures an open and fair talent development ecosystem. This ecosystem empowers
employees' growth and is critical to the Company's long-term sustainable development.
Road Administration and Operation Dispatching Training
HR Department Original HR Administrator of Receiving
On July 3, 2025, the Road & Bridge Operation Busi- Start Applicant HR Department Review
Preliminary Review Department Receiving Department Department
ness Department organized a specialized training ses-
sion on road administration and operation dispatching
General Manager Consolidation Relevant Leader Consolidation
for middle managers and key employees. The training Review by HR and Party Committee Office Heads
Approval 2 in Charge 1
focused on highway maintenance operation, safety con-
trol for obstacle removal and rescue, business proce-
dures for dispatching and command, and standards for Consolidation Consolidation
Chairman Approval Sign-off Stamping Distribution HR Filing End
information reporting of major incidents. Through pro- 3 4
cess explanation and case analysis, participants' profes-
sional competence was significantly enhanced, achiev- Online Internal Staff Deployment Process
ing effective and measurable training outcomes.
Road Administration and Operation Dispatching Training
During the Reporting Period, based on both the employees' career intentions and the
Leadership Training Company's operational needs, the Company successfully adjusted the positions of
Case Key
Performance
Management Personnel Quality and Competence Improvement Training
On August 8, 2025, the Company organized a quality and
competence improvement training for management Key Performance Unit 2024 2025
personnel and key employees. A professor from Shandong
University was specially invited to deliver a special lecture on Investment in Employee Training RMB 10,000 845.35 452.26
Market Value Management of Listed Companies. The
training integrated current economic trends and practical Training Sessions Session 1,748 1,714
cases, explaining the core logic and present situation of
market value management while providing professional Total Number of Persons Trained Person-times 77,108 68,419
suggestions relevant to the Company's operations. This
session broadened management personnel's vision, Total Duration of Employee Training Hour 614,305.65 769,852.5
strengthened their leadership and professional capabilities,
and contributed to a robust talent foundation for the Training Coverage Rate % 100 100
Company's high-quality development. Management Personnel Quality and
Competence Improvement Training Average Training Duration per Employee per Year Hour/Person 60.17 72.89
Occupational Health and Safety
Governance
Shandong Hi-Speed places a high priority on safety production management, and has established a robust governance model
characterized by unified leadership and hierarchical management. The Company has set up the Safety Management Department
as the central body for comprehensive supervision and management. Additionally, a Safety Production Committee has been
established, and corresponding management systems and regulations have been developed and regularly updated to ensure safe
operations. We strictly comply with relevant laws and regulations, including the Law of the Prevention and Control of Occupational
Diseases, and has established a sound occupational health and safety management system, which includes regular employee health
checkups and specialized occupational health training. These efforts are aimed at providing a safe and healthy working
environment for all employees.
We emphasize the full implementation of safety responsibilities by all employees. Detailed safety production assessment indicators
have been formulated, and the Safety Production Management Responsibility Letter is signed at all levels of the organization. This
ensures that both managers and employees take responsibility for safety, actively implement safety indicators, and establish a
top-down responsibility system. Our goal is to improve the overall level of safety production management, ensuring the Occupational Health and Safety Occupational Health and Safety Occupational Health and Safety
occupational safety and health of all employees. Management System Certification Management System Certification Management System Certification
Certificate of Shandong Hi-Speed Certificate of Henan Development Certificate of Econ Technology
Work Safety Policy
Uphold the leadership of the Communist Party of
China.
Strategy
Prioritize people and life above all else. Risk Identification
Impact Value Chain
Emphasize safety first, prevention first, and Risk Type Description of Riskt Financial Impact Countermeasures
Duration Impact Segments
comprehensive management.
Promote a people-oriented and safety-focused
The highway transportation Strengthen
development approach. Work Safety Principles
economy is closely linked to the communication with
macroeconomic cycle. Economic government departments,
Focus on preventing and addressing safety risks at the
Both the Party and the government share responsibility, fluctuations can influence the Lead to revenue fluctuations, closely monitor policy
source. Macro
with each role holding dual accountability; dereliction of demand for transportation Short and increase safety investment trends, ensure that safety
Economy and Operations
duty will be held responsible. resources, while changes in medium term costs, and affect overall production investments
Policy Risk
policies may lead to adjustments in profitability. align with regulatory
Implement a safety production responsibility system for safety production regulations, requirements, and
impacting the Company's safety develop diversified
all staff.
investments and operations. sources of profit growth.
Those who manage operations must also oversee safety;
those responsible for business must ensure safety; those
managing production must prioritize safety.
Improve safety
Adopt a hierarchical management system with clear,
management systems,
level-by-level responsibility. Compensation and medical enhance safety training
Safety accidents may occur during expenses resulting from and drills, establish a
project construction and operation, accidents can affect the robust accident
Long term Operations
Safety potentially causing casualties and Company's financial position. emergency response
Accident Risk property losses. Such incidents In addition, accidents may mechanism, and conduct
During the Reporting Period, the Company revised six management systems, including the Measures for the Assessment, Rewards, cause project delays and
directly impact the occupational regular safety inspections
and Punishments of Safety Production Management, Measures for Safety Production Management, and Measures for the Rewards of health and safety of employees. damage the Company's and hidden hazard
Internal Safety Production Reports, to ensure the effective implementation of safety production policies and measures. reputation. investigations.
During the Reporting Period, Shandong Hi-Speed obtained the ISO 45001 Occupational Health and Safety Management System
certification. Our subsidiaries, Henan Development and Econ Technology, also successfully passed the ISO 45001 certification.
Risk Identification
Impact, Risk, and Opportunity Management
Impact Value Chain
Risk Type Description of Riskt Financial Impact Countermeasures
Duration Impact Segments To enhance safety production management and safeguard both employee life safety and company property, the Company has
outlined relevant standards for the classification and control of safety risks in the Measures for Safety Production Management, and
has established the Measures for the Classification and Control of Safety Risks, and the Investigation and Management of Potential
In large-scale reconstruction and Optimize design and Hazards. Together, these systems form a comprehensive safety risk management framework for the Company.
expansion projects, unforeseen construction plans, ensure
factors such as demolition and strict adherence to safety
Lead to project cost overruns,
fluctuations in material prices can standards, control
Project Operations, reduced profit margins, and
arise. These factors may result in Short term material procurement and Basic Principles of Safety Production Risk Classification and Control
Management Risk downstream delays, which could incur
the inadequate implementation of adjustments, and
additional financial costs.
safety measures, which can strengthen on-site safety
compromise safety management management and
and disrupt budget control. oversight.
Prevention first with focus on early intervention Dynamic management and effective operation
Full staff participation and hierarchical control Elimination of potential hazards for safe operation
Opportunity Identification
Impact Value Chain
Opportunity Type Description of Opportunity Financial Impact Countermeasures
Duration Impact Segments
Safety Production Risk Classification and Control Process
With the advancement of data
analysis and intelligent monitoring ·The Company and all its units shall establish a comprehensive safety risk classification and control
Although technology
technology, safety management Invest in intelligent safety system, which will clearly define the procedures, methods, and standards for hidden danger investiga-
investment may incur initial
and accident response times can systems, regularly
costs, it will lead to Risk Identifi- tions, risk assessments, and the determination of risk levels.
Opportunities for be significantly improved. The upgrade technology,
Medium and substantial long-term savings
Technological introduction of advanced safety Operations develop professional cation and
long term by reducing operating costs, ·At least one hidden danger investigation will be organized each year. An account will be established, and
Innovation monitoring systems and intelligent talent, and enhance the Assessment
management tools will enable the
accident-related
intelligence level of safety
a thorough hazard identification process will be carried out, followed by qualitative and quantitative risk
compensation, and fines,
timely identification of hidden management. assessments.
ultimately boosting profits.
risks, thereby reducing the
accident rate. ·Risks are categorized into the following levels: critical risks, major risks, moderate risks and minor risks.
·All units shall develop a risk classification and control list, clearly specifying key control points, responsi-
ble personnel, safety measures, and emergency response procedures.
Risk Grading
·For critical and major risks, special control plans must be established, including measures such as
and Control
The government's growing focus restricting or prohibiting personnel access and conducting regular inspections.
Actively apply for special
on occupational health and safety Government funding can
government funds, ·At least one risk control review shall be carried out annually to ensure the effectiveness of these mea-
may provide policy support and help reduce the initial
participate in safety
financial subsidies to help investment required for sures.
Opportunities management projects
enterprises enhance safety Short and safety management, free up
from Policy Operations guided by government
management. By actively medium term resources for other
Support programs, and
participating in government-led operational needs, and
continuously improve the
safety initiatives, companies can strengthen overall financial ·The Company encourages the use of information technology for dynamic monitoring and establishes a
company's safety Dynamic
gain access to preferential policies stability. comprehensive risk control file. This file should include the risk classification and control system, hidden
and valuable resources.
management standards. Monitoring
danger investigation records, control list, and inspection logs.
and Informa-
tion Manage- ·High-risk units must set up a real-time risk monitoring and early warning system to track risks continu-
ment ously and issue timely alerts when necessary.
·Units with major hazard sources shall establish mechanisms for hazard identification and registration,
Achievement of Occupational Health and Safety Targets in 2025
safety assessment, reporting and filing, monitoring and rectification, and emergency response. Advanced
Major Hazard technologies should be used for dynamic monitoring, facilities and equipment should be inspected regu- Metrics Targets Achievement
Source larly, and appropriate safety warning signs must be installed.
Management Major Safety Incidents Occurrence Rate = 0 Achieved
·Implementation of monitoring and safety measures should be reported to the supervisory authority every
six months. Serious Injury Incidents Occurrence Rate = 0 Achieved
Death Incidents Occurrence Rate = 0 Achieved
·The person in charge of each unit is primarily responsible for identifying potential hazards and ensuring Fire Accidents Occurrence Rate = 0 Achieved
Responsibility effective risk prevention and control. A full-staff responsibility system is implemented to ensure account-
ability at all levels. Occupational Diseases Accidents Occurrence Rate = 0 Achieved
and Account-
ability Three-Level Safety Training for Employees Coverage Rate = 100% Achieved
·Individuals who cause accidents due to negligence in safety duties or violations of rules and regulations
will be held accountable in accordance with the relevant measures.
Permit Holding Rate for Personnel Engaged in Special Operations and Equipment 100% Achieved
·The Company closely monitors policy changes, industry trends, and technological advancements, actively
Opportunity
seeking opportunities to enhance safety management practices. Safety Production Inspection and Stakeholder
Management ·Employees' safety awareness and skills will be strengthened through continuous training and education, Safety Management
improving overall safety management capabilities and ensuring a leading position in safety performance.
The Company actively conducts safety production inspections. Following revisions during the Reporting Period, inspections are
categorized into basic inspections, classified inspections, and daily inspections. All units and business departments are required
to carry out regular inspections according to these categories to ensure comprehensive coverage of all production and opera-
tional posts and sites. During the Reporting Period, the Company engaged with business-related outsourcing companies, includ-
ing those providing security and cleaning services, obstacle removal and rescue, shuttle bus rental, fire maintenance, property
management, environmental operations, and waste collection and transportation.
Metrics and Targets
Safety Inspection Systems
Key Performance Unit 2025 Whoever conducts the inspection signs and takes responsibility
Investment in Safety Education and Training RMB 10,000 275.24 Classification of Safety Production Inspections
Total Safety Education and Training Sessions Case 3,084
Participants in Safety Education and Training Person-times 57,210 Regular inspections organized to assess safety foundations and grassroots management.
Basic
Total Duration of Safety Education and Training Hour 90,391
Inspections Conducted at least once a month, covering all subordinate units over the course of the year, with random
Investment in Work Safety RMB 10,000 8,704.046 inspections of grassroots units.
Coverage Rate of Health Checkups % 100
Inspections carried out according to specific business areas, such as road and bridge operations, engineering
Number of New Occupational Diseases Person 0 Classified construction, and green low-carbon industries.
Inspections
Incidence Rate of Occupational Diseases % 0
Conducted at least once a year.
Total Number of Work-related Injuries Person 48
Working Day Lost due to Work-related Injury Day 3,869 Inspections carried out in response to decisions by the Company's Party Committee, special safety campaigns,
Daily or during specific periods.
Number of Work-Related Deaths Person 0 Inspection
Conducted irregularly every year.
Number of Work-Related Deaths per 100 Million Yuan of Operating Revenue Person 0
Safety Management Principles for Stakeholders Hidden A hidden danger investigation and management file must be established, containing investigation records, recti-
Danger fication notices, meeting minutes, rectification reports, and other relevant documents to ensure traceability of
Filing the hidden danger management process.
Whoever conducts the bidding shall take responsibility
Whoever organizes the work shall take responsibility
For rectification instructions from external supervisory departments, a written response regarding the rectifica-
Whoever receives the stakeholder shall take responsibility Rectification
Requirements
tion status must be submitted in accordance with regulations, ensuring the rationality and feasibility of the cor-
rective measures.
Inspection of Potential Hazards Responsibility If an accident or major hidden danger arises due to failure to fulfill safety responsibilities, accountability will be
Accountability pursued in line with the relevant management procedures.
The Company has implemented a systematic approach to identify and manage potential safety hazards, ensuring the effective
execution of safety production work. The investigation of potential hazards is carried out at three levels: company-level, affiliated
unit-level, and grassroots unit-level. Each unit and department is responsible for conducting regular safety inspections to ensure
that potential hazards are identified and addressed in a timely manner. To enhance the Company's safety management efforts and promptly identify potential safety hazards and illegal activities, the
Company has introduced the Measures for Rewarding Internal Safety Production Reports. These measures outline the reporting
process, review criteria, reward standards, improvement actions, and other related details regarding internal safety production
Identify and Report Conduct Regular Provide Feedback on Implement report rewards.
Potential Hazards Safety Inspections Potential Hazards Corrective Actions
Potential During the Reporting Period, Shandong Hi-Speed has actively implemented various safety production requirements and
Hazard
continuously strengthened the Company's capacity to manage and address potential hazards.
Inspection
Process
Implementation of Safety Production Fundamental Governance Work in 2025
Respond to External Corrective Implement Corrective Archive Hazard Follow Up on
Action Requests and Accountability Actions Management Records Corrective Actions Optimized the Safety Education and Training System
Enhanced safety awareness through special study sessions by the Party Committee, public safety courses, and other meth-
ods. Organized safety qualification training, online training for all staff, and specialized training for transferred personnel to
Measures for Inspection of Potential Hazards improve safety literacy at all levels.
Company-level: At least once a month, covering all affiliated units and conducting random inspections of
grassroots units every six months.
Inspection Improved the Assessment, Reporting, Reward, and Punishment Mechanism
Frequency Affiliated unit-level: At least once a month, covering all departments and grassroots units every quarter.
Grassroots unit-level: At least once a month, covering all production and operational posts and venues. Implemented the safety management improvement guarantee responsibility system, with 116 leading group members over-
seeing 633 grassroots locations, identifying and rectifying over 1,200 issues. Optimized the reward standards for hidden
All employees must immediately report any potential hazards upon discovery. Inspectors will provide danger reporting and address 4,215 potential hazards through the “Sui Shou Pai” app.
Report on
feedback on potential hazards using documents like the Safety Hidden Danger Rectification Notice. Major
Potential
potential hazards should be reported to higher authorities promptly.
Hazards
Potential hazards can also be reported via the "Sui Shou Pai" app to simplify the process of discovering and
Promoted the Upgrading and Transformation of Equipment and Facilities
reporting potential hazards.
The responsible unit must take immediate action to eliminate potential hazards, truthfully document the Enhanced anti-skid and anti-freezing facilities in road and bridge operations, strengthened management and control of
Rectification confined space operations in environmental protection, standardized construction machinery and equipment management
status of rectification, inform employees, and perform a re-inspection and confirmation once the rectifi-
Responsibility in engineering projects, and optimized the performance supervision platform for key responsible personnel.
cation is complete.
Deepened the Construction of Safety Standardization
·Early Warning Levels: Early warnings are categorized into Level I, Level II, and Level III based on
the severity of the incident, including factors such as the number of casualties and direct eco-
nomic losses.
Compiled and distributed 1,000 copies of the Practical Manual for Safety Manage- Early Warning
ment and update six editions of safety management guidelines for key locations. Mechanism ·Information Release: The Safety Production Emergency Management Office promptly issues early
Eleven units applied for the “Lu An Cup” demonstration site and successfully warning information and reports to the Shandong Hi-Speed Group and relevant government
passed the management system audit. authorities.
·Level I Response: When an accident occurs without early warning, the Safety Production Emer-
gency Management Office immediately notifies all members of the emergency response team.
Each team is directed to rush to the scene and carry out emergency disposal according to the
instructions of the command headquarters.
Strengthened Safety Management and Control in Key Fields
强化重点领域安全管控
Response ·Level II Response: An emergency meeting is held to brief the situation. The command headquar-
Initiation ters deploys emergency resources immediately based on actual needs to ensure effective on-site
Held four business safety notification and consultation meetings, with leadership conducting inspections across more than response and disposal.
ducted 4,155 safety inspections throughout the year, rectifying 8,620 potential hazards, with the repeat hidden danger rate ·Level III Response: The situation is continuously monitored. If conditions worsen, the incident is
reduced to 5.4%. promptly reported to the commander-in-chief of the emergency rescue and disposal headquarters
to ensure a rapid response and prepare for potential escalation to Level I or Level II response.
·On-site Command: The on-site command headquarters is responsible for emergency disposal,
implementing measures such as cordoning off, search and rescue, and medical treatment.
Safety Production Training and Emergency Plan Drills Emergency
Response
·Preventive Measures: Take effective actions to prevent secondary and derivative accidents, ensur-
ing on-site safety.
To respond effectively to safety production incidents, the Company has developed detailed emergency plans to ensure a rapid ·Expert Guidance: Implement necessary emergency disposal measures based on expert opinions.
and coordinated response. Through systematic management and coordination, we aim to minimize losses and contain the
impact of accidents. We prioritize enhancing the professional skills of relevant personnel by regularly organizing safety manage-
ment staff for specialized training and emergency drills, while also improving the ability of all collaborative personnel to respond
·Aftermath Handling: The incident unit bears all expenses, provides support and comfort to the
efficiently during emergencies.
families of casualties, and conducts a thorough accident investigation.
Post
Disposition ·Experience Summary: Upon completion of accident aftermath disposal, summarize experiences
Safety Emergency Plan Procedures and lessons learned, propose improvement suggestions, and report findings to the Company.
·Communication Support: Establish an emergency communication liaison mechanism to ensure
smooth communication among all parties.
Emergency
·Personnel Support: Organize full-time and part-time emergency rescue teams to provide techni-
·Reception: A 24-hour emergency hotline is available. Responsible personnel include the on-duty Support
cal and operational support.
staff of the Operation and Dispatch Center and the on-duty leaders.
·Material Support: Stockpile emergency materials and equipment to ensure availability at all times.
·Reporting: In the event of an accident, the person in charge of the affected unit must report to
Information the relevant departments within 1 hour. The report should include basic information about the
Reporting accident, the number of casualties, and any economic losses. ·Training and Drills: Regularly conduct emergency plan training and drills to improve practical
operational capabilities.
·Transmission: Upon receiving the report, all affiliated units shall promptly forward the information Emergency
to the appropriate departments and personnel. Response Plan ·Evaluation and Revision: Conduct at least one annual evaluation of the emergency plan, and
Management revise it in a timely manner according to lessons learned and evolving situations to ensure its
effectiveness and applicability.
Case 1 Case 2
From June 1 to June 30, 2025, the Company organized a comprehensive series of activities under the theme
"Everyone Pays Attention to Safety, Everyone Knows How to Respond to Emergencies – Identify Safety Hazards In November 2025, the Company held a safety
Around Us." These activities aimed to raise awareness and improve practical safety knowledge across all levels. production knowledge learning competition for all
During this month-long event, the Company focused on studying General Secretary Xi Jinping's key insights on headquarters staff. Using the "Xuekaoyun Plat-
safety production. This was done through dedicated study sessions by the Party Committee and safety lectures form", employees studied key topics online, includ-
from top leaders. In total, 661 special publicity sessions were held, reaching 15,808 participants. As part of efforts ing General Secretary Xi Jinping's important expo-
to identify and address potential safety hazards, the Company conducted 584 thorough safety inspections, which sitions on safety production, the Fire Safety Pro-
led to the rectification of 1,462 issues. Additionally, practical resources like the Practical Manual for Safety motion Month plan, and winter safety production
Management were created and distributed to help raise awareness about hazard identification, particularly at the measures. After completing the online learning
grassroots level. The Company also organized 594 public safety events, including the "June 16 Safety Publicity and competition, employees' theoretical under-
Consultation Day", and ran 484 practical emergency drills. These drills covered a wide range of scenarios such as standing of safety production was effectively
fire prevention, flood control, and mechanical injuries, significantly enhancing employees' ability to respond in enhanced.
emergencies. Through system improvements, the promotion of technological safety advancements, and targeted
actions to address recurring hazards, the Company reinforced its safety management foundation. This proactive
approach supports the shift towards a prevention-first safety governance model and contributes to the overall goal Xuekaoyun Platform
of achieving intrinsic safety.
Case 3
总经理授课
Tabletop Drill for Comprehensive Emergency Plan for Safety Production Accidents
On December 24, 2025, the Company organized a tabletop drill for the comprehensive emergency plan for safety
production accidents. The drill simulated a vehicle rollover causing serious injuries during expressway obstacle
removal operations, designated as a Level II emergency response. It covered the full process of information report-
ing, response initiation, resource coordination, public opinion management, and aftermath handling. Through sce-
nario briefings, group discussions, and leader evaluations, the drill tested the Company's emergency command
system, multi-department collaboration mechanisms, and the practical operability of the plan, effectively enhancing
the standardization and effectiveness of our emergency response capabilities.
分管领导督导检查东部片区5家单位
安全生产工作
各单位安全生产月活动动员部署及 潍莱运管中心 威海运管中心
安全生产公开课
Tabletop Drill for Comprehensive Emergency Plan
"Safety Production Month" Event
Co-creation of Better Society Volunteer Services and Social Public Welfare
Rural Revitalization Case
“Warmth for the Elderly” Program
Shandong Hi-Speed always keeps in mind its mission as a state-owned enterprise, fully implementing the national rural revital-
ization strategy. By leveraging our strengths in infrastructure connectivity, we have enhanced the “transportation + industry” In response to the “Warmth for the Elderly” initiative launched by the Shandong Charity Federation in 2022, the
assistance model, steadily improving the rural road network and facilitating smoother circulation channels for agricultural prod- Company has committed to donating CNY 1 million annually for four consecutive years, amounting to a total dona-
ucts. In addition, the Company actively engages in consumption assistance and employment support, helping villagers along the tion of CNY 4 million. The program focuses on 39 cities and counties (districts) in the Yellow River Basin and 20
routes increase their incomes and achieve prosperity, while diligently fulfilling its social responsibilities. In the future, the Compa- key rural revitalization counties across Shandong Province. It provides targeted assistance to approximately 47,000
ny will continue to drive high-quality rural development, contribute its “high-speed strength” to rural revitalization across Shan- financially disadvantaged elderly individuals with disabilities. The donated funds are dedicated to offering home
dong Province, and work toward realizing the goal of common prosperity. care services for disabled elderly people, supporting the relocation of impoverished elderly individuals to care facili-
ties, and carrying out other forms of relief work. These efforts have significantly improved the living conditions and
Case 1 security of disadvantaged elderly groups in both urban and rural areas.
Donation for Rural Road Renovation in Xiaojing Town to Support Rural Revitalization
To implement the policies of the Agricultural and Rural Committee of the Shandong Provincial Party Committee,
fulfill its social responsibility as a state-owned enterprise, and support the rural revitalization strategy, the Company
established a paired assistance program with Xiaojing Town, Dongming County, Heze City. We contributed funds to
the People's Government of Dongming County and the Dongming County Charity Federation to carry out a road
renovation project in the town's concentrated rural revitalization promotion zone. As part of the project, four
Key Indicator Unit 2024 2025
cement roads stretching from Fantun Village to Xixiaying Village, with a total length of 8,645.8 meters, were
upgraded to asphalt pavement. The project has not only improved local infrastructure and living conditions but also
promoted harmonious social development. It demonstrates the Company's commitment as a state-owned enter- Total expenditure on charitable activities RMB 10,000 111.44 792.35
prise and contributes to Shandong's model of rural revitalization.
Number of volunteer activities Case 614 218
Total duration of volunteer activities Hour 7,128 3,276
Case 2 Key
Performance
Total investment in rural revitalisation RMB 10,000 24.76 24.96
Rural Revitalization Support by the “First Secretary”
In 2025, the Company dispatched a “First Secretary” to Guoyuan Village, Lingcheng District, Dezhou City, and
Projects to promote rural revitalisation Case 1 1
invested a total of CNY 249,600 to strengthen rural revitalization efforts. Focusing on four key areas—Party build-
ing, rural governance, ecological development, and improving villagers' quality of life—the Company implemented
projects such as the “Happiness Culture Square,” the “Happiness Canteen,” free medical consultations, condolence
visits, and consumption support, benefiting over 1,000 villagers. These initiatives have effectively consolidated the
achievements of poverty alleviation, significantly enhanced local public services, and improved villagers' sense of
happiness, demonstrating the Company's commitment to fulfilling its social responsibility as a state-owned enter-
prise.
ESG Data Tables and Notes Social Indicators
Governance Indicators Topics Indicator Unit 2024 2025
Indicator Unit 2024 2025 Investment in R&D RMB 10,000 54,844.64 54,113.55
Investment in R&D
Operating Revenue RMB 100 million 284.94 239.25
Percentage of R&D Investment In Operating Revenue % 1.92 2.26
Educational Background of the R&D Team
Net Profit Attributable to Shareholders RMB 100 million 31.96 32.06
Doctoral Degree Person 1 2
Earnings per Share Yuan/Share 0.54 0.42
Master’s Degree Person 231 252
Environmental Indicators
Bachelor’s Degree Person 515 690
Topics Indicator Unit 2024 2025
Below Bachelor’s Degree Person 75 100
Direct GHG Emissions (Scope 1) tCO2e 13,913.78 12,063.33
Indirect GHG emissions (Scope 2) tCO2e 89,687.15 89,823.71 Age Structure of R&D Team
GHG Emissions Total GHG Emission (Scope 1 + Scope 2) tCO2e 103,600.93 101,887.04 Under 30 Years Old Person 136 188
Total GHG Emission per Million Yuan of
tCO2e 3.64 4.26 30-40 Years Old Person 374 486
Operating Revenue (Scope 1 + Scope 2)
R&D Team
Above 40 Years Old Person 312 370
Ammonia nitrogen Ton 16.23 7.77
Chemical Oxygen Demand (COD) Ton 735.77 674.64 R&D Achievements
Total phosphorus Ton 4.48 4.63 Cumulative Number of Software Copyrights Case 261 363
Total nitrogen Ton 274.92 269.20
Cumulative Number of Authorized Patents Case 1,076 1,515
Disposal Volume of Industrial Solid Waste-Sludge Ton 51,976.34 29,502.40
Where:
Management of Disposal Volume of Hazardous Effluent Ton 3.46 2.49
Waste Gas, Discarded Light Tubes Piece 570 492 Authorized Invention Patents Case 274 335
Wastewater and Discarded Printer Toner Cartridges Piece 2,297 1,809 Authorized Utility Model Patents Case 749 1,096
Solid Waste
Waste Batteries Piece 4,712 6,468
Authorized Design Patents Case 53 64
Discarded Ink Cartridges Piece 1,281 670
Total Number of Employees Person 10,610 10,562
Discarded Light Ink Cartridges Piece 206 /
Waste Paper Pack 7,200 2,769 By Gender
Domestic Waste Ton 783.447 848.54 Male Person 7,021 7,173
Kitchen Waste Ton 290.85 367.28
Female Person 3,589 3,389
Total Energy Consumption tce 27,838.59 30,004.70
Total Energy Consumption per Million Revenue tce 0.98 1.25 By Age
Natural Gas 10,000 m3 216.07 327.07 30 Years Old and Above Person 1,217 1,018
Gasoline 10,000 L 273.10 116.67 Employee Composition 31-50 Years Old Person 7,744 7,810
Diesel 10,000 L 116.88 87.70
Energy Management Above 50 Years Old Person 1,649 1,734
Liquefied Petroleum Gas Ton 30.17 27.49
Fuel OIL Ton 19.40 17.06
By Position
Liquefied Natural Gas Ton 15.85 3.96 Manufacturing Person 6,240 6,355
Total Purchased Electricity 10,000 kWh 16,713.97 16,763.15
Sales Person 151 169
Total Purchased Heat GJ 0 7,985.88
Technology Person 2,634 2,620
Total Water Consumption Ton 891,348.74 1,033,779.85
Water Resource
Finance Person 209 201
Total Energy Consumption per Million
Management Ton 31.28 43.21
Yuan of Operating Revenue
Administration Person 1,376 1,217
Employee Turnover Rate % 2.70 2.56
General Framework of Shanghai Stock Exchange
Sustainability Reporting
Social Indicators Standards of the Global
Guide to Corporate Self-Regulatory Guidelines for Listed
Level 1 Headline Level 2 Headline Sustainability Reporting in Companies on Shanghai Stock
Topics Indicator Unit 2024 2025 Reporting Initiative
Exchange No. 14 - Sustainability
China
(GRIStandards) (CASS-ESG 6.0) Report (for Trial Implementation)
Total Number of Employees Recruited Person 133 105
Enhancement of 2-9/2-11/2-12/207-1
Where:
Compliance G1.2.1 Articles 12, 15，16 and 52
Robust Governance: Governance /207-2/2-16/2-27
Composition of New New Employees from Social Recruitment Person 42 35
Shandong Hi-Speed G2.1.1-G2.1.3/
Employees during the
New Employees from On-campus Recruitment Person 84 54 Adherence to 2-23/2-24/2-25/2-27
Consolidates the
Reporting Period Business Ethics G2.1.8/G2.2.1-G2.2.3 Articles 54, 55 and 56
New Employees from Other Recruitment Channels Person 7 16 Foundation of /206-1
Female Person 23 22 Internal Governance Development Driven by
/ /
Party Building
Male Person 110 83
E1.1.1/E1.1.2/E1.1.3/
Welfare Expenditures RMB 10,000 77,708.11 80,356.39 201-2/305-3/305-4/
Response to Articles 20, 21, 22, 23,
E1.1.4/E1.1.6/E1.1.7/
Paid Annual Leave Per Capita Day 11 10.82 Climate Change 24, and 27
E1.1.8/E1.1.15
Number of Employees on Maternity Leave Person 187 153 Green Road
Employee Benefits E2.1.1/E2.1.2/E2.1.5/
Network: Shandong
Return Rate of Employees on Maternity Leave % 100 100 2-12/2-27/201-2/30
Hi-Speed E2.1.6/E2.1.7/
Coverage Rate of Health Checkups Among Employees % 100 100 Environmental 1-1/301-2/303-2/30 Articles 29, 30, 31, 32 ,33 and 37
Implements Green E2.2.1/E2.2.3/
Compliance
Social Insurance Coverage Rate % 100 100 Practices in Road 3-4/306-1/306-2/30
Management E2.3.1/E2.3.2/
Networks 6-3/306-4/306-5
E2.3.3
E3.1.1/E31.2/
Index
Energy Resources E3.1.3/E3.1.5/
Management E3.2.1/E3.2.2/
E3.2.3
Shanghai Stock Exchange
Sustainability Reporting General Framework of Guide Self-Regulatory Guidelines for Listed Service Quality Assurance 416-1/418-1 S3.3.1/S3.3.2/S3.3.6 Article 47
Standards of the Global to Corporate Sustainability Industrial
Level 1 Headline Level 2 Headline Companies on Shanghai Stock
Reporting Initiative Reporting in China Exchange No. 14 - Sustainability Collaboration: Innovation-Driven
(GRIStandards) 203-1/308-1 S2.1.1-S2.1.12 Articles 41 and 42
(CASS-ESG 6.0) Report (for Trial Implementation) Development
Shandong Hi-Speed
Notes to Report 2-1/2-2/2-3/2-5/2-6 Increases Network Data Security and Protection 418-1/418-2 S3.4.1-S3.4.4 Article 48
P1.1/P1.2 Articles 3, 4 and 6
Foreword Preparation /2-8 Coordination
Message from the Chairman 2-21/2-22 P2.1 Efficiency Responsible Supply Chain S3.1.1-S3.1.4/S3.2.1 Articles 44, 45 and 46
Special Feature: Green Upgrading of
Transportation Infrastructure Fosters New / Articles 20, and 34 2-7/2-19/2-20/401-1
Quality Productive Forces /401-2/401-3/404-1/ Articles 49 and 50
Roads for the Employees’ Rights
S4.3.1-S4.3.4/
Company Profile 2-1/2-6 P3.1/P3.3 and Interests 405-1
People: Shandong S4.3.6
About Shandong Milestones / /
Hi-Speed
Hi-Speed Corporate Culture / P3.2 Occupational 403-1/403-2/403-5/403-6/
Co-Creates and S4.2.1-S4.2.6 Article 50
Health and Safety
Honors and Achievements / / 403-7/403-8/403-9/403-10
Shares Social Value
Governance System for 2-10/2-11/2-12/2-19 G1.1.1/G1.1.2/G1.1.3/
Articles 18 and 51 Co-creation of
Sustainable Development 413-1 S1.1.3/S1.2.2 Articles 38, 39 and 40
/2-27 G1.1.5/G1.1.6/G1.1.10 Better Society
Sustainable Development
Sustainable Achievement
Development Sustainability Risk
/ G1.1.8 Article 2 Index / A3 Article 57
Management
Governance
Double Materiality Analysis 2-16/3-1/3-2/3-3 G1.1.9 Articles 5, 11, 14, 15 and 18
Independent Verification Statement / A4 Article 58
Communications with
Stakeholders Feedback Form / A6 /
Independent Verification Statement
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