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Hunan Investment Group Co., Ltd. 2025 Annual Report Summary
Log into the Sina Finance app to search for 【disclosures】 and view rating tiers
Security code: 000548 Security abbreviation: Hunan Investment Announcement No.: 2026-005
I. Important Notice
The summary of this annual report is drawn from the full annual report. To fully understand the operating results, financial condition, and future development plans of our Company, investors should carefully read the full annual report in the media designated by the CSRC.
All directors have attended the board meeting that deliberated on this report.
Non-standard audit opinion notice □ Applicable √ Not applicable
Profit distribution proposal for the reporting period or proposal for conversion of capital reserve into share capital deliberated by the Board of Directors √ Applicable □ Not applicable
Whether to convert capital reserve into share capital □ Yes √ No
The profit distribution proposal approved by this Board meeting is as follows: based on 499,215,811 shares, distribute cash dividends of RMB 0.30 per 10 shares to all shareholders (including tax), issue bonus shares of 0 (including tax), and do not convert capital reserve into share capital.
Preferred stock profit distribution proposal for the reporting period approved by the Board of Directors □ Applicable √ Not applicable
II. Basic Information of the Company
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(1) Major businesses
At present, the Company’s principal businesses are expressway construction and operation, asset management and property services, hotel investment and operations, and investment and development of urban integrated complexes.
(2) Operating model
All principal business segments are operated independently by the Company.
(3) Explanations of major business conditions and its position in the industry
The Company holds 100% toll operation rights for the Runnan Expressway, with a governed length of 28.665 kilometers. Within the route there are the Xiangjiang Heishipu Very Large Bridge (total length: 3,068 meters) and the Meixihu Tunnel (total length: 3,320 meters). Five toll stations are set up: Huanghuatang, Pingtang, Datou, Dongjing, and Wanjiali Nan, etc. During the reporting period, the average share of toll revenue for this segment in the Company’s total revenue is approximately 45% or more; this is the Company’s core source of profit. Relying on geographic advantages, this segment forms an effective connection with the Jinggangao Expressway and the Hukun Expressway, with good synergy of the regional road network. Among expressway operators in Hunan Province, the Company’s road asset maintenance quality rate has remained at above 98% for two consecutive years, with comprehensive management efficiency ranking among the top in the province.
The asset management and property services segment is one of the Company’s sources of operating revenue. The Company currently owns two property companies, Guangxin Development and Junyi Property. Their business is mainly based on real estate projects developed by the Company itself and commercial real estate held by the Company. The Company has already operated and managed assets such as the Hunan Investment Building and the New Bund Commercial Plaza (held by the Company), and has undertaken property service projects such as Guangrun Fuyuan and Guangrong Fudi, as well as projects including Linyang Wealth New City, etc., with a total managed property management area of nearly 600k square meters. Among them, the Hunan Investment Building maintains a stable year-average occupancy rate that ranks among the top tier in the May 1 business district. This project has been rated as a five-star property management project in Hunan Province and a five-star A-level business building in Changsha. Guangxin Development and Junyi Property have been rated as outstanding property enterprises in Hunan Province for three consecutive years.
The “Junyi” brand series of hotels is one of the Company’s sources of operating income. The two four-star hotels under its ownership—Junyi Kangnian Hotel and Junyi Shanshui Hotel—are both located in core areas within Changsha. After years of operation, they have formed a relatively mature management model and system, accumulating a certain customer base. During the reporting period, hotel operations remained stable without any major operating abnormalities. To further expand the “Junyi” hotel brand series, increase brand influence, and improve the layout of the hotel segment, the Company established Hunan Junyi Wealth Hotel Co., Ltd. in 2023. The company is currently advancing renovation and construction work in accordance with the plan to ensure stable and sustainable development of the hotel segment.
The Company’s urban integrated complex projects are mainly driven by independent development and sales. The business mainly focuses on areas such as residential real estate development and commercial real estate operation, which is one of the Company’s main sources of operating income. The Company currently owns real estate companies such as Linyang River Construction, Guangrong Real Estate, Guangrun Real Estate, Guanglu Real Estate, Modern Property, Zhongyi Real Estate, etc. These companies have successfully operated projects including Wuhenyang Land, Mengze Garden, Jiang’an Jingyuan, Huifu Center, and others. The key operating projects at present are Linyang Wealth New City, Guangrong Fudi, and Guangrun Fuyuan. Land reserves include commercial plots in Guangrun Fuyuan and the Runchen plot (MasterCard Plot No. 3).
(4) The Company’s competitive advantages and disadvantages
The expressway construction and operation segment relies on standardized, safe, and information-based operation and management to achieve stable toll revenue. The application of information-based tools such as intelligent monitoring, rapid early warning, joint dispatching, and real-time traffic information publishing improves the efficiency of segment operation management and the level of traffic safety assurance. The Runnan Expressway plays an important role in the regional road network in the Changsha area. Currently, the Runnan Expressway segment’s traffic volume is approaching saturation, road maintenance pressure has increased somewhat, and the capabilities for rescue support and the level of smart transportation applications still need continuous improvement, in order to better meet traffic demand.
The asset management and property services segment maintains a stable overall occupancy rate of operating projects. However, affected by the market environment, there is downward pressure on commercial property leasing prices. The two property companies need to continuously expand value-added services, steadily expand external market business, and enhance their continuous operating capability.
The hotel investment and operation segment relies on “Junyi” brand operations and has accumulated a relatively stable customer base. In recent years, the homestay and various boutique hotel markets have developed rapidly, and competition in the industry has intensified, creating certain pressure on the Company’s hotel operations. The Company needs to further optimize service quality, flexibly adapt to market changes, and steadily improve its operating level.
The urban integrated complex investment and development segment, after years of operation, has accumulated corresponding practical experience in real estate project development, construction, and marketing. In the future, while accelerating the liquidation of existing inventory projects, it will need to handle market timing prudently, promote project development rationally, and achieve steady growth.
(5) Key performance drivers
① Expressway construction and operation
During the reporting period, Runnan Company optimized operation management through technological application and continuously improved operational efficiency. It built a smart expressway intelligent early warning platform to enhance traffic throughput efficiency for the route. Related work was selected as representative cases of national expressway innovation and development, and as an excellent case for digital transformation in the transportation industry. It completed intelligent upgrades for the Pingtang toll station’s tidal lanes to improve vehicle entry throughput efficiency. The project was selected as a smart toll station digital transformation project in Hunan Province for waterways and highways. It completed maintenance and remediation works for the Heishipu Bridge to ensure road safety for passage. Relevant segments were rated “Excellent” in the province-wide comprehensive evaluation of “Three Safeguards, Three Major and One Innovation.” The above operational optimizations and project implementations provide strong support for stable revenue from the Company’s expressway segment.
② Asset management and property services
During the reporting period, the property services and asset management businesses operated steadily. Guangxin Development conducted operation services around held-by-the-company properties and external projects. In 2025, it completed the renewal of multiple customer lease agreements within the Hunan Investment Building and adjustments to leased area. It further enriched revenue streams by carrying out value-added services inside units. As of the end of the reporting period, the occupancy rate of the Hunan Investment Building was 88.03%, and relevant operational indicators were better than the average level of Changsha’s Grade A office buildings. Junyi Property Company optimized its tenant recruitment strategy, actively introducing multiple institutional tenants. As of the end of the reporting period, the occupancy rate of the company-held shops was 94.97%, at a relatively good level within the Yuwan Town business district. Stable delivery of property leasing and value-added services generated continuous and steady cash flow for the Company.
③ Hotel investment and operation
During the reporting period, under the impact of intensified market competition in Changsha’s hotel industry, the Company’s two hotels experienced significant competitive and operational pressure during their operations. Junyi Shanshui Hotel optimized its customer source structure through online operations and offline market expansion, and its related operating evaluations ranked among the top in Changsha among hotels of the same type. Junyi Kangnian Hotel stabilized its customer base through a combination of online and offline approaches and operated the Changsha Youth Talent Station (Tianxin District station), which was awarded the China Golden Key China Service Demonstration Enterprise. The renovation project of Junyi Wealth Hotel commenced in May 2025, and the project is being advanced as planned. All hotels have taken multiple measures to ensure the hotel segment continues to operate.
④ Investment and development of urban integrated complexes
During the reporting period, urban integrated complex projects were strongly advanced. The residential units of the Guangrun Fuyuan project were all sold out, and the project was rated as an excellent construction site in Hunan Province and a structurally excellent project in Changsha. Linyang Wealth New City introduced cooperative partners such as Hunan provincial-level university student entrepreneurship incubation bases, the Linyang River Cultural Industry Park, and the Linyang International Communication Center, which effectively activated existing inventory assets. Guangrong Fudi accelerated the clearance of its final phase inventory; all held commercial properties have been fully leased out. Sales, asset activation, and operating income from urban integrated complex projects provided important support for the Company’s operating revenue for the current period.
New land reserve projects
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Cumulative status of land reserves
■
Development status of major projects
■
Sales status of major projects
■
Linyang Wealth New City has a sellable area of 149,661.20 sqm, including residential 95,510.84 sqm (held by the Company: 66,964.71 sqm; resettlement households: 28,546.13 sqm), and commercial 54,150.36 sqm (held by the Company: 53,497.85 sqm; resettlement households: 652.51 sqm); the 29,198.64 sqm for resettlement households has completed resettlement procedures.
Main project leasing status
■
Primary land development status □ Applicable √ Not applicable
Financing channels
■
Development strategy and operating plan for the coming year
For details on the development strategy and the operating plan for the coming year, please refer to the relevant content of the “Third Section: Discussion and Analysis by the Management” and “XI. Outlook on the Company’s Future Development” in the Company’s “2025 Annual Report” disclosed on the Juchao Information Website on April 4, 2026.
Providing guarantees to purchasers of commodity housing for bank mortgage loans √ Applicable □ Not applicable
During the reporting period, the amount of phase-based guarantees provided by the Company to financial institutions for mortgage loans applied for by homebuyers was RMB 8.86 million. As of December 31, 2025, the balance was zero. For specific circumstances, please refer to the Company’s “2025 Annual Report” “Fifth Section: Important Matters” “XVI. Major Contracts and Their Performance” “2. Major Guarantees.”
Investment together with the listed company by directors and senior management personnel (applicable when the investment subject is the listed company’s directors and senior management personnel) □ Applicable √ Not applicable
(1) Major accounting data and financial indicators for the past three years
Does the Company need to retroactively adjust or restate prior-year accounting data? □ Yes √ No
Unit: RMB
■
(2) Major accounting data by quarter
Unit: RMB
■
Whether the above financial indicators or their totals have significant differences from the financial indicators disclosed in the Company’s quarterly reports and semi-annual reports □ Yes √ No
(1) Number of ordinary shareholders and number of preferred shareholders with voting rights restored, and a table of shareholding of the top 10 shareholders
Unit: shares
■
Whether shareholders holding more than 5% and the top 10 shareholders and top 10 shareholders of circulating shares without restrictions participate in the securities lending and borrowing (securities lending and borrowing via transfer) business by lending shares □ Applicable √ Not applicable
Changes compared with the prior period due to the reasons for lending/returning shares via securities lending and borrowing by the top 10 shareholders and the top 10 shareholders of circulating shares without restrictions □ Applicable √ Not applicable
(2) Total number of company preferred shareholders and table of shareholding of the top 10 preferred shareholders □ Applicable √ Not applicable
The Company has no preferred shareholders in the reporting period.
(3) Disclosure of the Company’s ownership and control relationship with the actual controller in the form of a box diagram
■
III. Important Matters
During the reporting period, important matters are set out in the Company’s “2025 Annual Report” disclosed on the Juchao Information Website on April 4, 2026, under “Third Section: Discussion and Analysis by the Management” and “Fifth Section: Important Matters.”
Security code: 000548 Security abbreviation: Hunan Investment Announcement No.: 2026-003
Hunan Investment Group Co., Ltd.
Resolutions of the 2nd Board of Directors Meeting in Fiscal Year 2026
This company and all members of the Board of Directors hereby guarantee that the information disclosure is true, accurate, and complete, and that there are no false records, misleading statements, or material omissions.
I. Convocation of the Board of Directors Meeting
The notice of the Company’s 2nd Board of Directors Meeting for FY 2026 was issued on March 23, 2026 by written and communication methods.
This meeting was held on April 2, 2026 in the meeting room on the 22nd floor of Hunan Investment Building.
The number of directors who should attend this meeting was 11, and the number of directors who actually attended was 11.
The meeting was chaired by Mr. Pi Zhen, Chairman. The Company’s disciplinary inspection committee secretary and all senior management personnel attended the meeting.
The convening of this meeting complies with relevant laws, administrative regulations, departmental rules, normative documents, and the provisions of the Company’s Articles of Association.
II. Deliberations and resolutions of the Board of Directors Meeting
Approved by 11 votes in favor, 0 votes against, and 0 votes abstaining: “Company’s 2025 Annual General Manager’s Work Report.”
Approved by 11 votes in favor, 0 votes against, and 0 votes abstaining: “Company’s 2025 Annual Financial Final Accounts and 2026 Annual Financial Budget Report.”
Approved by 11 votes in favor, 0 votes against, and 0 votes abstaining: “Proposal for Profit Distribution and Conversion of Capital Reserve into Share Capital for the Company for 2025.”
“The Announcement on the Company’s Proposal for Profit Distribution and Conversion of Capital Reserve into Share Capital for 2025” [Announcement No.: 2026-006] is available in the China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, and on the Juchao Information Website on the same day.
Before submitting the proposal to this Board meeting for deliberation, the proposal had already been approved at the 2nd meeting of the Audit Committee of the Board for FY 2026 and the 1st independent directors’ special meeting for FY 2026. The proposal needs to be submitted to the Company’s 2025 annual general meeting of shareholders for deliberation.
“The Announcement on the Company’s Change of Accounting Firm” [Announcement No.: 2026-007] is available in the China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, and on the Juchao Information Website on the same day.
Before submitting the proposal to this Board meeting for deliberation, the proposal had already been approved at the 2nd meeting of the Audit Committee of the Board for FY 2026 and the 1st independent directors’ special meeting for FY 2026. The proposal needs to be submitted to the Company’s 2025 annual general meeting of shareholders for deliberation.
“Company’s 2025 Annual Report (Full Text and Summary)” [Announcement No.: 2026-004, 2026-005] is available in the China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, and on the Juchao Information Website on the same day.
Before submitting the proposal to this Board meeting for deliberation, the proposal had already been approved at the Audit Committee meeting of the Board for FY 2026 (2nd meeting). The proposal needs to be submitted to the Company’s 2025 annual general meeting of shareholders for deliberation.
“Company’s 2025 Annual Board of Directors Work Report” is disclosed on the Juchao Information Website on the same day.
The proposal needs to be submitted to the Company’s 2025 annual general meeting of shareholders for deliberation.
“Company’s 2025 Annual Independent Directors’ Duty Report” is disclosed on the Juchao Information Website on the same day.
Before submitting the proposal to this Board meeting for deliberation, the proposal had already been approved at the 1st independent directors’ special meeting for FY 2026. The independent directors will present their duty reports at the Company’s 2025 annual general meeting of shareholders.
“Company’s 2025 Annual Internal Control Evaluation Report” is disclosed on the Juchao Information Website on the same day.
Before submitting the proposal to this Board meeting for deliberation, the proposal had already been approved at the 2nd meeting of the Audit Committee of the Board for FY 2026 and the 1st independent directors’ special meeting for FY 2026.
“The Special Opinion of the Company Regarding Independent Directors’ Maintaining Independence in 2025” is disclosed in full on the Juchao Information Website on the same day.
“The Report of the Company’s Audit Committee on the Assessment of the Accounting Firm’s Performance of Duties in FY 2025 and the Performance of Supervisory Responsibilities” is disclosed in full on the Juchao Information Website on the same day.
Before submitting the proposal to this Board meeting for deliberation, the proposal had already been approved at the 2nd meeting of the Audit Committee of the Board for FY 2026.
“Company’s Assessment Report on the Accounting Firm’s Performance of Duties in FY 2025” is disclosed in full on the Juchao Information Website on the same day.
As this proposal involves the compensation of all directors, in accordance with the principle of prudence, all directors abstained from voting. The proposal was directly submitted to the Company’s 2025 annual general meeting of shareholders for deliberation.
“The Announcement on Confirming the Compensation for Directors and Senior Management Personnel for FY 2025 and the Compensation Plan for FY 2026” [Announcement No.: 2026-009] is available in the China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, and on the Juchao Information Website on the same day.
Before submitting the proposal to this Board meeting for deliberation, the proposal had been submitted to the 1st meeting of the Board’s Remuneration and Appraisal Committee for FY 2026 for deliberation. As the proposal involves the compensation of all members of the Remuneration and Appraisal Committee, in accordance with the principle of prudence, all committee members abstained from voting. The proposal was directly submitted to the Board of Directors for deliberation.
“Company’s 2025 Sustainability Report” is disclosed in full on the Juchao Information Website on the same day.
“The Company’s ‘System for Independent Directors’” is disclosed in full on the Juchao Information Website on the same day.
The proposal needs to be submitted to the Company’s 2025 annual general meeting of shareholders for deliberation.
“The Company’s ‘System for Management of Related Party Transactions’” is disclosed in full on the Juchao Information Website on the same day.
The proposal needs to be submitted to the Company’s 2025 annual general meeting of shareholders for deliberation.
“The Company’s ‘System for Management of Proceeds from Raising Funds’” is disclosed in full on the Juchao Information Website on the same day.
The proposal needs to be submitted to the Company’s 2025 annual general meeting of shareholders for deliberation.
“The Company’s ‘Measures for Fund Management by the Board of Directors’” is disclosed in full on the Juchao Information Website on the same day.
The proposal needs to be submitted to the Company’s 2025 annual general meeting of shareholders for deliberation.
“The Company’s ‘System for the Selection and Engagement of Accounting Firms’” is disclosed in full on the Juchao Information Website on the same day.
The proposal needs to be submitted to the Company’s 2025 annual general meeting of shareholders for deliberation.
“The Company’s ‘Measures for Compensation Management of Directors and Senior Management Personnel’” is disclosed in full on the Juchao Information Website on the same day.
The proposal needs to be submitted to the Company’s 2025 annual general meeting of shareholders for deliberation.
Agreed to appoint Ms. Nie Shan as the Head of the Company’s Audit Department.
Before submitting the proposal to this Board meeting for deliberation, the proposal had already been approved at the 1st meeting of the Nomination Committee of the Board for FY 2026 and the 2nd meeting of the Audit Committee of the Board for FY 2026.
Nie Shan, female, born in 1978, a member of the Communist Party of China, with an undergraduate degree and a senior economist title. She has previously served as the supervisor of the Legal Affairs Department, Deputy Director of the Operations and Management Department, and Deputy Director of the Audit Department of Hunan Investment Group Co., Ltd., as well as Director of the Office of Work Safety Production and Comprehensive Governance. She has served as Vice Chairman of the Group Trade Union and Chairman of the Organization Trade Union; currently, she serves as the Head of the Audit Department of the Company.
As of the date of disclosure of this announcement, Ms. Nie Shan does not hold any shares in the Company. There are no related relationships with shareholders holding more than 5% of the Company’s shares, the actual controller, other directors, or senior management personnel of the Company. She has not been subject to penalties by the CSRC or other relevant authorities or sanctions by securities exchanges. She has not been filed for investigation by judicial authorities for suspected crimes, nor has she been filed for investigation by the CSRC for suspected violations of laws and regulations. She does not have any relevant circumstances as specified in Article 3.2.2 of the Shenzhen Stock Exchange’s Self-Regulatory Guidance No. 1—Regulation of the Main Board Listed Companies. She meets the appointment qualifications stipulated by relevant laws, regulations, normative documents including the Company Law and the Company’s Articles of Association. She is not a dishonest person subject to enforcement.
The Board of Directors has decided to convene the Company’s 2025 annual general meeting of shareholders on May 12, 2026. The “Notice on Convening the 2025 Annual General Meeting of Shareholders” [Announcement No.: 2026-010] is available in the China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, and on the Juchao Information Website on the same day.
In addition, at this meeting, all directors will also hear the “Report on the Use of the Board’s Fund in FY 2025.”
III. Documents for Reference
“Resolutions of the Company’s 2nd Board of Directors Meeting for FY 2026”;
“Resolutions of the Company’s 1st Independent Directors’ Special Meeting for FY 2026”;
“Resolutions of the Company’s 2nd Board of Directors Audit Committee Meeting for FY 2026”;
“Resolutions of the Company’s 1st Board of Directors Nomination Committee Meeting for FY 2026”;
“Resolutions of the Company’s 1st Board of Directors Remuneration and Appraisal Committee Meeting for FY 2026.”
This is hereby announced.
Board of Directors of Hunan Investment Group Co., Ltd.
April 4, 2026
Security code: 000548 Security abbreviation: Hunan Investment Announcement No.: 2026-006
Announcement of Hunan Investment Group Co., Ltd.
on the Proposal for Profit Distribution and Conversion of Capital Reserve into Share Capital for FY 2025
This company and all members of the Board of Directors hereby guarantee that the information disclosure is true, accurate, and complete, and that there are no false records, misleading statements, or material omissions.
I. Deliberation Procedure
Hunan Investment Group Co., Ltd. (hereinafter referred to as the “Company”) convened the 1st independent directors’ special meeting for FY 2026 and the 2nd Board of Directors Audit Committee meeting for FY 2026 on March 31, 2026, and convened the 2nd Board of Directors meeting on April 2, 2026, during which it deliberated and approved the “Proposal for Profit Distribution and Conversion of Capital Reserve into Share Capital for the Company for FY 2025.”
The “Proposal for Profit Distribution and Conversion of Capital Reserve into Share Capital for the Company for FY 2025” still needs to be submitted to the Company’s 2025 annual general meeting of shareholders for deliberation.
II. Basic Information on the Proposal for Profit Distribution and Conversion of Capital Reserve into Share Capital
According to the standard unqualified audit report issued by Zhongshen Zhonghuan Certified Public Accountants (Special General Partnership), the Company achieved net profit attributable to shareholders of listed companies of RMB 42,067,343.61 in FY 2025, and the parent company achieved net profit of RMB 43,473,057.79. Pursuant to the relevant provisions of the Company’s Articles of Association, 10% of the parent company’s net profit, i.e., RMB 4,347,305.78, is withdrawn as the statutory surplus reserve. As of the end of the reporting period, the profits available for distribution to shareholders were RMB 897,815,368.06.
The Company’s proposal for profit distribution and conversion of capital reserve into share capital for FY 2025 is as follows: the Company proposes to use the total share capital of 499,215,811 shares at the end of 2025 as the basis, and distribute to all shareholders cash dividends of RMB 0.30 per 10 shares (including tax) out of the profits available for distribution to shareholders. The total cash dividends to be distributed amount to RMB 14,976,474.33 (including tax). The remaining undistributed profits of RMB 882,838,893.73 will be carried forward and distributed in subsequent years. No bonus shares will be distributed for FY 2025, and no conversion of capital reserve into share capital will be made. The total cash dividend amount under this proposal will account for 35.60% of the net profit attributable to the shareholders of the parent company in the Company’s consolidated financial statements for FY 2025.
From the publication of this distribution proposal until its implementation, if there is any change in the Company’s total share capital, the per-share cash dividend amount will be adjusted under the principle that the total cash dividend amount remains fixed.
Total cumulative cash dividends for FY 2025: if this proposal is approved at the shareholders’ meeting, the Company’s cumulative cash dividends for FY 2025 will total RMB 14,976,474.33, accounting for 35.60% of the net profit attributable to the shareholders of the parent company in the Company’s consolidated financial statements for FY 2025. The Company did not conduct any share repurchase in FY 2025.
III. Details of the Cash Dividend Distribution Plan
■
Other explanation: Based on the above indicators, the Company did not trigger the potential other risk alert circumstances specified in Item (9) of Article 9.8.1 of the Shenzhen Stock Exchange’s Stock Listing Rules.
The Company’s profit distribution proposal for FY 2025 complies with the relevant provisions on profit distribution under the Company Law, the “Guidelines for the Cash Dividends of Listed Companies No. 3,” the “Self-regulatory Guidelines for Listed Companies No. 1—Regulation of Main Board Listed Companies,” and the Company’s Articles of Association. It also aligns with the Company’s profit distribution policy. This profit distribution proposal comprehensively considers factors such as the Company’s actual operating conditions, the stage of development, profitability level, and the funding needs for future development, balancing the return to investors and the Company’s sustainable development. It is therefore legitimate, compliant, and reasonable.
IV. Risk Disclosure
The “Proposal for Profit Distribution and Conversion of Capital Reserve into Share Capital for FY 2025” still needs to be submitted to the Company’s 2025 annual general meeting of shareholders for deliberation and will only be implemented after approval. Investors are kindly requested to make rational investments, and pay attention to investment risks.
V. Documents for Reference
“Resolutions of the Company’s 2nd Board of Directors Meeting for FY 2026”;
“Resolutions of the Company’s 2nd Board of Directors Audit Committee Meeting for FY 2026”;
“Resolutions of the Company’s 1st Independent Directors’ Special Meeting for FY 2026.”
This is hereby announced.
Board of Directors of Hunan Investment Group Co., Ltd.
April 4, 2026
Security code: 000548 Security abbreviation: Hunan Investment Announcement No.: 2026-007
Hunan Investment Group Co., Ltd.
Announcement on the Change of Accounting Firm
This company and all members of the Board of Directors hereby guarantee that the information disclosure is true, accurate, and complete, and that there are no false records, misleading statements, or material omissions.
Special Announcement:
Accounting firm proposed to be engaged: Tianjian Certified Public Accountants (Special General Partnership) (hereinafter referred to as “Tianjian”)
Accounting firm previously engaged: Zhongshen Zhonghuan Certified Public Accountants (Special General Partnership) (hereinafter referred to as “Zhongshen Zhonghuan”)
Reasons for changing the accounting firm: Given that the term of the previous audit institution Zhongshen Zhonghuan has expired, and considering the business development of Hunan Investment Group Co., Ltd. (hereinafter referred to as “Hunan Investment” or the “Company”) as well as the needs for the overall audit work, the Company proposes to engage Tianjian as the audit institution for the Company’s financial statements and internal control for FY 2026, in accordance with the “Measures for the Administration of the Selection and Engagement of Accounting Firms for State-owned Enterprises and Listed Companies” (Cai Hui [2023] No. 4) issued by the Ministry of Finance, the State-owned Assets Supervision and Administration Commission of the State Council, and the CSRC (hereinafter referred to as the “Measures”), and other relevant regulations.
The Company has conducted thorough communication with Tianjian and Zhongshen Zhonghuan regarding the matters related to this change of accounting firm, and both accounting firms have clearly understood the matter and confirmed that they have no objections.
The change of accounting firm in this matter complies with the “Measures” and the Company’s Articles of Association. The Company’s Audit Committee and the Board of Directors have no objection to this matter.
This matter needs to be submitted to and approved by the Company’s 2025 annual general meeting of shareholders.
At the 2nd Board of Directors meeting for FY 2026 held on April 2, 2026, the Company deliberated and approved the “Proposal on the Change of Accounting Firm.” The Company proposes to appoint Tianjian to serve as the Company’s financial audit and internal control audit institution for FY 2026, with a term of one year and an audit fee of RMB 630k (including tax). The audit fee includes RMB 460k for the financial audit, RMB 160k for the internal control audit, and RMB 10k for special audit services for performance appraisal of the business operations of the enterprise’s responsible person during the term. Specific matters are as follows:
I. Basic Information on the Accounting Firm Proposed to Be Engaged
(A) Information on the institution
Name of accounting firm: Tianjian Certified Public Accountants (Special General Partnership)
Date established: July 18, 2011
Organization form: Special General Partnership
Registered address: No. 128 Xixi Road, Xixi District, Hangzhou, Zhejiang Province
Chief partner: Zhong Jianguo
As of December 31, 2025, the number of partners was 250.
As of December 31, 2025, the number of certified public accountants was 2,363. Among them, the number of certified public accountants who have signed audit reports for securities services businesses was 954.
Total operating revenue audited in the most recent year: RMB 600k
Securities-related business audit revenue: RMB 630k
Securities business revenue: RMB 460k
Number of listed company audit clients in the prior year: 756
Number of listed company audit clients in the same industry: 5
Main industries of the listed company audit clients: manufacturing; information transmission, software and information technology services; wholesale and retail; water conservancy, environment and public facility management; electricity, heat, gas, and water production and supply; scientific research and technical services; agriculture, forestry, animal husbandry and fishery; culture, sports and entertainment; construction; real estate; leasing and business services; mining; financial services; transportation, warehousing and postal services; comprehensive; health and social work, etc.
Total fees charged for audit of listed company annual reports in 2024: RMB 735 million
Tianjian has strong investor protection capabilities. It has accrued professional risk funds and purchased professional liability insurance in accordance with requirements under relevant laws and regulations. As of the end of 2025, the cumulative compensation limit from accrued professional risk funds and purchased professional liability insurance exceeded RMB 200 million. The accrual of professional risk funds and purchase of professional liability insurance comply with relevant provisions issued by the Ministry of Finance regarding the “Measures for the Administration of Professional Risk Funds of Accounting Firms,” etc. In the past three years, Tianjian has had civil lawsuits related to its practice, and in some of these it bore civil liability.
The situations in which Tianjian, in the past three years, was determined in relevant civil lawsuits to assume civil liability are as follows:
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The above cases have been concluded, and Tianjian has duly fulfilled the final judgments in a timely manner; this will not have any adverse impact on Tianjian’s ability to perform.
In the past three years of Tianjian (from January 1, 2023 to December 31, 2025), it received 4 administrative penalties, 17 supervision and management measures, 13 self-regulatory supervision measures, and 5 disciplinary sanctions due to its practice-related conduct. It has not been subject to criminal penalties. In the past three years, 112 practitioners received administrative penalties for 15 person-times, supervision and management measures for 63 person-times, self-regulatory supervision measures for 42 person-times, and disciplinary sanctions for 23 person-times due to their practice-related conduct. They have not been subject to criminal penalties.
(B) Project information
Project partner and signatory certified public accountant: Li Xinkui. Became a Certified Public Accountant in China in 1998; began engaging in audits of listed companies in 1997; began practicing with Tianjian in 1998; has been providing audit services to Hunan Investment starting in 2026. In the most recent 3 years, he has signed audit reports for 10 listed companies.
Signatory certified public accountant: Zhou Rong. Became a Certified Public Accountant in China in 2016; began engaging in audits of listed companies in 2007; began practicing with Tianjian in 2007; has been providing audit services to Hunan Investment starting in 2026. In the most recent 3 years, he has signed audit reports for 4 listed companies.
Project quality review personnel: Zheng Jian. Became a Certified Public Accountant in China in 2008; began engaging in audits of listed companies in 2004; began practicing with Tianjian in 2008; has been providing audit services to Hunan Investment starting in 2026. In the most recent 3 years, he has reviewed audit reports for 4 listed companies.
Among the project partner, signatory certified public accountants, and project quality review personnel, Li Xinkui has, in the past three years, been subject to criminal penalties due to his practice-related conduct, as well as administrative penalties, supervision and management measures, and other actions, and self-regulatory supervision measures and disciplinary sanctions by self-regulatory organizations such as the CSRC and its dispatched institutions, industry authorities, and stock exchanges and industry associations. Specific details are set out in the table below:
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Tianjian and the project partner, signatory certified public accountants, and project quality review personnel have no circumstances that may affect their independence.
The Company intends to appoint Tianjian to serve as its financial audit and internal control audit institution for FY 2026, for a term of one year, with an audit fee of RMB 630k (including tax). Of this: financial audit fee RMB 460k; internal control audit fee RMB 160k; and special audit fee RMB 10k for the performance appraisal of the business operations of the enterprise’s responsible person during the term.
II. Explanation of the Reasons for Proposed Change of Accounting Firm
(A) Information on the previous accounting firm and the audit opinion last year
Name of previous accounting firm: Zhongshen Zhonghuan Certified Public Accountants (Special General Partnership)
Years of audit services provided: 2 years
Type of audit opinion for the prior year: Standard unqualified audit opinion
The Company has no situation in which it terminated the previous accounting firm after commissioning the previous accounting firm to conduct part of the audit work for FY 2026.
(B) Reasons for the proposed change of accounting firm
Given that the term of the original audit institution Zhongshen Zhonghuan has expired, and based on the Company’s business development needs and the requirements for overall audit work, pursuant to the relevant provisions of the Measures, the Company proposes to appoint Tianjian as the audit institution for its financial statements and internal control for FY 2026.
© Communication between the listed company and the previous and incoming accounting firms
The Company has conducted thorough communication with the previous and incoming accounting firms regarding this matter, and the previous accounting firm Zhongshen Zhonghuan has no objection to the change. The previous and incoming accounting firms will actively conduct communication and coordination in accordance with the “Communication Standards between the predecessor and successor certified public accountants No. 1153 of Chinese Certified Public Accountants” and other relevant professional standards.
III. Procedures to be fulfilled for the proposed change of accounting firm
On March 31, 2026, the Company held the 2nd Audit Committee meeting of the Board for FY 2026, at which it deliberated and approved the “Proposal on the Proposed Change of Accounting Firm.” The Board’s Audit Committee has gained a thorough understanding of Tianjian’s practice, and after reviewing Tianjian’s relevant qualification certificates, relevant information, and integrity records, reached a unanimous view that the firm’s integrity status is good, and that it fully possesses independence, professional competence, and investor protection capability, and can meet the Company’s needs for an audit institution. The Audit Committee agreed to appoint Tianjian as the Company’s audit institution for FY 2026 and submitted the proposal to the Company’s 2nd Board of Directors meeting for deliberation.
At the Company’s 2nd Board of Directors meeting for FY 2026, the “Proposal on the Change of Accounting Firm” was approved. It agreed to appoint Tianjian as the Company’s financial and internal control audit institution and submitted the proposal to the shareholders’ meeting for deliberation.
The proposal needs to be submitted to the Company’s shareholders’ meeting for deliberation, and it will become effective from the date the shareholders’ meeting approves it.
IV. Documents for Reference
“Resolutions of the Company’s 2nd Board of Directors Meeting for FY 2026”;
“Resolutions of the Company’s 2nd Board of Directors Audit Committee Meeting for FY 2026”;
Explanations issued by Tianjian regarding its basic information.
This is hereby announced.
Board of Directors of Hunan Investment Group Co., Ltd.
April 4, 2026
Security code: 000548 Security abbreviation: Hunan Investment Announcement No.: 2026-008
Hunan Investment Group Co., Ltd.
Announcement on the Accrual of Asset Impairment Provisions for FY 2025
This company and all members of the Board of Directors hereby guarantee that the information disclosure is true, accurate, and complete, and that there are no false records, misleading statements, or material omissions.
I. Overview of the Accrual of Asset Impairment Provisions for FY 2025
(A) Reasons for accruing asset impairment provisions
Pursuant to relevant provisions such as the Shenzhen Stock Exchange’s Stock Listing Rules, the Shenzhen Stock Exchange’s Self-regulatory Guideline No. 1—Standardized Operation of Main Board Listed Companies, and the Enterprise Accounting Standards, in order to more truly and accurately reflect the Company’s asset conditions and financial conditions as of December 31, 2025, the Company and its subsidiaries carried out a comprehensive inventory of various categories of assets including receivables, inventories, investment properties, and fixed assets. Based on the inventory, the Company conducted thorough analysis, assessment, and testing of various items such as inventories’ net realizable value, the recoverability of receivables, the recoverable amounts of investment properties, and the recoverable amounts of fixed assets. Based on the principle of prudence, the Company accrued asset impairment provisions for relevant assets that may incur impairment.
(B) Scope, total amount, and reporting period included in the accrual of asset impairment provisions
After a comprehensive inventory and asset impairment testing were carried out by the Company and its subsidiaries for assets that may incur impairment, including inventories, receivables, investment properties, fixed assets, etc., the Company accrued asset impairment provisions for FY 2025 totaling RMB 24.3762 million, included in the reporting period from January 1, 2025 to December 31, 2025. The details are as follows:
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This matter of asset impairment provisions accrual is executed in accordance with relevant laws, regulations, normative documents, and the Company’s accounting policies and accounting estimates, such as the Shenzhen Stock Exchange’s Stock Listing Rules and the Enterprise Accounting Standards. It has already been approved by the 2nd Board of Directors Audit Committee meeting for FY 2026 and does not need to be submitted to the Board of Directors or the shareholders’ meeting for deliberation.
II. Confirmation standards and methods for the accrual of asset impairment provisions
(A) Inventory write-down provisions
For FY 2025, the Company accrued inventory write-down provisions of RMB 17.7808 million. The confirmation standards and accrual methods are as follows:
According to the Company’s inventory accounting policies, inventories are measured at the lower of cost and net realizable value. For inventories for which cost is higher than net realizable value and for obsolete or slow-moving inventories, inventory write-down provisions are accrued. Inventory impairment to net realizable value is based on the assessment of the sellability of inventories and their net realizable value. To identify inventory impairment, management must make judgments and estimates based on obtaining conclusive evidence and considering factors such as the purpose of holding the inventories and the effects of events after the balance sheet date. Differences between the actual results and the original estimates will affect the carrying amount of inventories and the accrual or reversal of inventory write-down provisions during the period in which the estimate is revised.
(B) Impairment provisions for long-term assets
For FY 2025, the Company accrued impairment provisions for investment properties of RMB 3.1497 million. The confirmation standards and accrual methods are as follows:
At the balance sheet date, assess whether there are indicators of possible impairment for non-current assets other than financial assets. For intangible assets with indefinite useful lives, in addition to impairment tests conducted annually, impairment tests are also carried out when there are indicators of impairment. For other non-current assets other than financial assets, when there are indicators showing that their carrying amounts are not recoverable, impairment tests are conducted.
© Credit impairment losses
For FY 2025, the Company accrued credit impairment provisions of RMB 3.4457 million. The confirmation standards and accrual methods are as follows:
Accounts receivable: referencing historical credit loss experience, combined with the current situation and forecasts of future economic conditions, and using the schedule comparing the aging of accounts receivable and the expected credit loss rates to calculate expected credit losses.
Other receivables: referencing historical credit loss experience, combined with the current situation and forecasts of future economic conditions, and using the schedule comparing the aging of other receivables and the expected credit loss rates to calculate expected credit losses.
III. Impact of this accrual of asset impairment provisions on the Company
For this accrual, the Company accrued asset impairment provisions totaling RMB 24.3762 million, which reduced the Company’s net profit attributable to shareholders of listed companies for FY 2025 by RMB 24.3762 million, accounting for 57.95% of the absolute value of the Company’s net profit attributable to shareholders of listed companies for FY 2025.
This accrual of asset impairment provisions has been audited by Zhongshen Zhonghuan Certified Public Accountants (Special General Partnership).
This accrual of asset impairment provisions truly reflects the Company’s financial position and complies with the requirements of accounting standards and related policies, and also aligns with the Company’s actual situation. There is no conduct that could harm the interests of the Company and shareholders, particularly those of small and medium shareholders.
IV. Reasonableness explanation by the Board’s Audit Committee regarding the accrual of asset impairment provisions
This accrual of asset impairment provisions complies with the requirements of the Shenzhen Stock Exchange’s Stock Listing Rules, the Shenzhen Stock Exchange’s Self-regulatory Guideline No. 1—Standardized Operation of Main Board Listed Companies, and the Enterprise Accounting Standards. It is based on the principle of prudence and is made after asset impairment testing, with sufficient basis and fairly reflecting the Company’s financial position, asset value, and operating results as of December 31, 2025.
This is hereby announced.
Board of Directors of Hunan Investment Group Co., Ltd.
April 4, 2026
Security code: 000548 Security abbreviation: Hunan Investment Announcement No.: 2026-010
Hunan Investment Group Co., Ltd.
Notice of Convening the 2025 Annual General Meeting of Shareholders
This company and all members of the Board of Directors hereby guarantee that the information disclosure is true, accurate, and complete, and that there are no false records, misleading statements, or material omissions.
At the 2nd Board of Directors meeting for FY 2026 of Hunan Investment Group Co., Ltd. (hereinafter referred to as the “Company”) held on April 2, 2026, the meeting decided to convene the Company’s 2025 annual general meeting of shareholders on May 12, 2026. The relevant matters for this shareholders’ meeting are hereby notified as follows:
I. Basic information on convening the meeting
Session of the shareholders’ meeting: 2025 annual general meeting of shareholders
Convenor of the shareholders’ meeting: the Board of Directors
The convening and convening compliance: This meeting’s convening and calling comply with the relevant provisions of the Company Law of the People’s Republic of China, the Shenzhen Stock Exchange’s Stock Listing Rules, the Shenzhen Stock Exchange’s Self-regulatory Guideline No. 1—Standardized Operation of Main Board Listed Companies, and other applicable laws, administrative regulations, departmental rules, normative documents, and the Company’s Articles of Association.
Meeting time:
(1) Time for the onsite meeting: May 12, 2026 at 14:30
(2) Time for online voting: The specific time for online voting through the Shenzhen Stock Exchange system is May 12, 2026, 9:15–9:25, 9:30–11:30, and 13:00–15:00; the specific time for voting through the Shenzhen Stock Exchange internet voting system is any time between 9:15 and 15:00 on May 12, 2026.
Voting method: Combination of onsite voting and online voting.
Record date for shareholding: May 7, 2026
Attendees:
(1) All ordinary shareholders of the Company recorded in the register maintained by China Securities Depository and Clearing Co., Ltd. Shenzhen Branch as of the close of business on May 7, 2026 are entitled to attend the shareholders’ meeting. Shareholders may appoint a proxy in writing to attend and participate in voting (the proxy does not need to be a shareholder of the Company), or participate in online voting during the online voting period;
(2) Directors and senior management personnel of the Company;
(3) The witness lawyers engaged by the Company.
II. Items for consideration
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(1) The Company’s independent directors will present their duty reports at this annual shareholders’ meeting.
(2) The proposals of this meeting have been approved by the Company’s 2nd Board of Directors meeting for FY 2026. For the specific content, please refer to the relevant announcements disclosed by the Company on April 4, 2026 in the China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, and on the Juchao Information Website.
(3) For proposals above, the Company will vote item by item, and conduct separate counting for small and medium shareholders.
III. Registration and other matters
(1) Individual shareholders should handle registration procedures with their securities account card, valid shareholding certificate, and personal ID card. For entrusted proxies, they must provide their personal ID card, the letter of authorization (see Attachment 2), and the appointing party’s securities account card and valid shareholding certificate for registration (see Attachment 3).
(2) Corporate shareholders must provide copies of their business license (stamped with the official company seal), a legal representative identity certification letter, copies of the legal representative’s ID card, an authorization letter for the unit, securities account card, valid shareholding certificate, and the ID card of the attendee for registration (see Attachment 3).
(3) Shareholders may register by holding the above-mentioned documents in person, by mail, by fax, or by email (must be delivered to the Company no later than May 11, 2026 at 17:00), and also confirm with the Company by telephone for the letter, fax, or email sent. In addition, this Company does not accept telephone registrations.
Registration time: May 11, 2026, 9:30–11:30 and 13:30–17:00
Registration location: Office of the Board of Directors, 21st Floor, Hunan Investment Building, No. 447 Wuyi Avenue, Furong District, Changsha
Contact phone for the meeting: 0731-89799888, Fax: 0731-85922066
Contact email for the meeting: hntz0548@126.com
Contact persons: He Xiaolan, Yang Yan, Cai Yeqing
IV. Detailed procedures for participating in online voting
At this shareholders’ meeting, shareholders may vote through the Shenzhen Stock Exchange trading system or the internet voting system (
V. Documents for Reference
“Resolutions of the Company’s 2nd Board of Directors Meeting for FY 2026”
This is hereby announced.
Board of Directors of Hunan Investment Group Co., Ltd.
April 4, 2026
Attachment 1
Detailed procedures for participating in online voting
I. Procedures for online voting
Ordinary share voting code and voting abbreviation: voting code is “360548”, voting abbreviation is “Hunan Tou Voting”.
Fill in voting opinions or the number of election votes.
For non-cumulative voting proposals, fill in voting opinions: agree, disagree, abstain.
When shareholders vote on the general proposal and on specific proposals repeatedly, the first valid vote shall prevail. If shareholders first vote on specific proposals and then vote on the general proposal, the voting opinions on the specific proposals already voted shall prevail; for other proposals not voted on, the voting opinions on the general proposal shall prevail. If shareholders first vote on the general proposal and then vote on specific proposals, the voting opinions on the general proposal shall prevail.
II. Procedures for voting through the Shenzhen Stock Exchange trading system
Voting time: the trading time on May 12, 2026, i.e., 9:15–9:25, 9:30–11:30, and 13:00–15:00.
Shareholders may vote through the trading system by logging into their securities company trading client.
III. Procedures for voting through the Shenzhen Stock Exchange internet voting system
The time for starting voting through the internet voting system is May 12, 2026 from 9:15 to 15:00.
Shareholders conducting online voting through the internet voting system must complete identity authentication in accordance with the “Implementation Measures for Online Voting in Shareholders’ Meetings by Listed Companies of the Shenzhen Stock Exchange” and the “Operating Instructions for Identity Authentication of Shareholders for Internet Voting Business of the Shenzhen Stock Exchange,” and obtain the “Shenzhen Stock Exchange digital certificate” or the “Shenzhen Stock Exchange investor service password.” The specific identity authentication procedures can be found by logging into the internet voting system and checking the Rules and Guidance column.
Shareholders can log in to vote through the Shenzhen Stock Exchange internet voting system within the specified time using the obtained service password or digital certificate.
Attachment 2
Hunan Investment Group Co., Ltd.
Authorization Letter for the 2025 Annual General Meeting of Shareholders
I hereby authorize __________ Mr./Ms. to attend the 2025 annual general meeting of shareholders of Hunan Investment Group Co., Ltd. scheduled to be held on May 12, 2026 on behalf of myself (or this unit), and to exercise voting rights on behalf of myself (or this unit) in the following manner:
Table of voting opinions for proposals of this shareholders’ meeting
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Name of the appointing party (stamp):
(For corporate shareholders, the corporate official seal must be affixed.)
ID number of the appointing party (social credit code):
Shareholder account of the appointing party: Number of shares held:
Proxy: Proxy ID number:
Date of issuance: Validity period of authorization:
Attachment 3:
Hunan Investment Group Co., Ltd.
Shareholder attendance registration form for the 2025 annual general meeting of shareholders
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Explanation:
Please fill in the full name and address in block letters (must be the same as those recorded in the shareholder register);
The shareholder attendance registration form duly completed and signed should be delivered to the Company no later than May 11, 2026 at 17:00 by onsite delivery, email, mail, or fax, and the Company must be confirmed by telephone regarding the letter, fax, or email sent;
If a shareholder intends to speak at this shareholders’ meeting, please indicate your speaking intention and key points in the “Speaking Intention and Key Points” column and specify the required time. Please note that due to limited time at shareholders’ meetings, the Company will arrange speeches of shareholders in accordance with the registration. The Company cannot guarantee that all shareholders who indicate their speaking intentions and key points on the shareholder attendance registration form will be able to speak at this shareholders’ meeting;
Cuttings, photocopies, or forms self-made in accordance with the above format of the above shareholder attendance registration form are vali