股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 深圳國際控股有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00152 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 1 | HKD | | 3,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 1 | HKD | | 3,000,000,000 | 本月底法定/註冊股本總額： HKD 3,000,000,000 第 1 頁 共 10 頁 v 1.2.1 FF301 ...

Group 1 - The core announcement is that Shenzhen Expressway Company (00548.HK) and Shenzhen International (00152.HK) jointly announced the subscription of a structured deposit product with a principal amount of RMB 1.2 billion, effective from April 1, 2026 [1]

Core Insights - The highway industry shows resilient traffic demand, with stable dividends and predictable cash flows. The policy optimization consensus is widespread and imminent [2][3] - The report emphasizes the importance of five key policy trends that could significantly impact reinvestment returns and long-term investment value in highway projects [4][3] Investment Highlights - From 2020 to 2022, truck traffic demand on highways demonstrated strong resilience, while passenger vehicle demand is expected to recover in 2023 due to concentrated effects of upgrades and expansions. High profitability and attractive dividends are anticipated [4][3] - A forecast indicates that highway traffic volume will continue to face pressure from the second half of 2024 to the first half of 2025, primarily due to economic fluctuations affecting national road diversions and differentiated tolling [4][3] - By Q3 2025, highway traffic volume is expected to show a year-on-year increase, with a recovery trend continuing into 2026, suggesting that the impact of national road diversions may have been fully realized [4][3] - The report highlights that the "Highway Management Regulations" have been in place since 2004, and revisions are necessary to address rising construction costs and stagnant toll standards, which have led to declining returns on new and upgraded projects [4][3] - There is a broad consensus in the industry regarding four key points for the upcoming revisions: extending the duration for new roads, allowing delays for upgrades, introducing compensation mechanisms, and establishing a maintenance toll system [4][3] Policy Trends - The report identifies five significant trends in local-level upgrade and expansion policies that may influence national policy optimization: 1. Upgrade projects can reassess toll periods and standards 2. Upgrade projects may be treated as new projects for toll period and standard assessments 3. Upgrade projects will continue to adhere to the principle of "reasonable returns" 4. Toll periods for upgrade projects will not exceed the new regulations set in 2024, allowing for extensions in large-scale projects 5. Toll standards for upgrades may be adjusted based on investment per kilometer, with upper limits set by local standards [4][3] Strategy - The report maintains an "Overweight" rating for the highway sector, indicating it remains a preferred choice for transportation dividends. The anticipated policy optimizations are expected to mitigate reinvestment risks if effectively implemented [4][3] - Recommended stocks include Anhui Wantuo Highway, China Merchants Highway, Jiangsu Ninghu Highway, and Shenzhen International, with related stocks such as Sichuan Chengyu and Shandong Highway also highlighted [4][3]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [4]. Core Insights - The aviation sector is expected to benefit from the spring holiday travel, with domestic fuel surcharges and rising ticket prices in the China-Europe routes aiding oil price transmission. The report suggests taking advantage of the geopolitical oil price opportunities [3][4]. - The oil shipping trade remains chaotic, with expectations that Chinese shipping companies' profits may exceed forecasts due to the high demand and strategic value of oil shipping [4]. - The highway sector is seeing a recovery in traffic demand, with various regions initiating expansion projects that could significantly impact long-term investment returns [4]. Summary by Sections Aviation - The spring holiday is anticipated to boost travel during the Qingming Festival, with high passenger load factors supporting a continued increase in domestic ticket prices. The average domestic aviation fuel price is expected to rise by over 4% year-on-year, while the gross profit margin for airlines is projected to improve significantly [4]. - The report highlights that the Chinese aviation supply has entered a low growth phase, and demand is expected to benefit from increased consumer spending, ensuring that the impact of oil prices is less than market concerns [4]. Oil Shipping - The oil shipping sector has entered a high prosperity phase, with the geopolitical situation in the Middle East providing unexpected opportunities for supply and demand dynamics. The report notes that the average daily earnings for Very Large Crude Carriers (VLCC) are currently over $10,000 [4]. - Short-term disruptions in the Strait of Hormuz and ongoing trade chaos are expected to keep shipping rates high, with Chinese shipowners adapting to maximize profits [4]. Highways - The report identifies five key policy trends in highway expansion that could significantly influence investment returns. These include the ability to reassess toll periods and standards, treating expansion projects as new constructions, and extending operational periods from 30 to 40 years [4]. - The stable cash flow and dividends from highway companies make them attractive for investment, with recommendations for specific companies in this sector [4].

EF003 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | --- | --- | | | 股票發行人現金股息（可選擇以股份代替）公告 | | 發行人名稱 | 深圳國際控股有限公司 | | 股份代號 | 00152 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 二零二五年度全年業績公告 | | 公告日期 | 2026年3月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.46 HKD | | 股東批准日期 | 2026年5月13日 | | 預設選項 | 股份 | | 代息股份信息 | | | 現金股息轉換為代息股份的價格 | 有待公佈 | | 寄發股票日期 | 有待公佈 | | ...

Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 16,345,347, an increase of 4.96% from HKD 15,570,615 in 2024[3] - Gross profit decreased to HKD 3,437,066, down 3.38% from HKD 3,557,957 in the previous year[3] - Operating profit for 2025 was HKD 5,098,123, a decline of 2.36% compared to HKD 5,221,292 in 2024[3] - Net profit for the year was HKD 2,944,188, representing a decrease of 20.14% from HKD 3,687,004 in 2024[4] - Basic earnings per share for 2025 was HKD 0.93, down from HKD 1.20 in 2024[4] - Total revenue for 2025 reached HKD 16,345,347,000, an increase of 4.95% from HKD 15,570,615,000 in 2024[20] - Operating profit for 2025 was HKD 5,221,292,000, compared to HKD 4,176,385,000 in 2024, reflecting a growth of 25.05%[20] - The company reported a net profit of HKD 3,687,004,000 for 2025, compared to HKD 2,945,664,000 in 2024, representing a growth of 25.14%[20] - The company reported a total tax expense of HKD 1,551,686,000 for 2025, compared to HKD 1,428,061,000 in 2024, an increase of 8.65%[24] - Shareholders' profit attributable to the company decreased by 22% to approximately HKD 2.25 billion in 2025, down from HKD 2.87 billion in 2024[36] - Basic earnings per share for 2025 were HKD 0.93, a decline of 23% from HKD 1.20 in 2024[36] - The proposed final dividend for 2025 is HKD 0.46 per share, down from HKD 0.598 in 2024, representing a 23% decrease[30] Assets and Liabilities - Total assets increased to HKD 152,328,058, up from HKD 135,997,560 in 2024, reflecting a growth of 12.36%[7] - Non-current assets rose to HKD 119,670,554, compared to HKD 112,251,443 in the previous year, marking a 6.06% increase[7] - Total equity increased to HKD 62,633,397, up from HKD 54,523,158 in 2024, indicating a growth of 15.00%[8] - As of December 31, 2025, the company's current liabilities exceeded current assets by approximately HKD 14,634,525,000[12] - Total liabilities increased by 10% to HKD 89.70 billion from HKD 81.48 billion in the previous year[138] - Shareholders' equity rose by 15% to HKD 62.63 billion, with net asset value per share increasing by 8% to HKD 14.6[139] - Total borrowings as of December 31, 2025, amounted to HKD 69.90 billion, reflecting a 16% increase from the previous year[147] - The debt-to-equity ratio was 95%, an increase of 2 percentage points due to additional borrowings for investment activities[139] Revenue Sources - The revenue from toll roads and environmental services was HKD 10,095,326,000, contributing significantly to the total revenue[18] - The logistics segment generated revenue of HKD 6,250,021,000, with an operating profit of HKD 3,822,149,000[18] - The revenue from tolls and environmental services was HKD 10,095,326,000 in 2025, slightly up from HKD 10,029,211,000 in 2024, reflecting a growth of 0.66%[20] - Revenue from port and related services reached approximately HKD 4.059 billion, a 13% increase year-on-year, driven by growth in port supply chain business[39] - The logistics business revenue for the year reached HKD 2.03 billion, an increase of 11% compared to the previous year, while the attributable loss to shareholders was approximately HKD 55.84 million[84] - Guangdong logistics parks generated revenue of approximately HKD 708.69 million, a 23% increase year-on-year, while the attributable profit was HKD 5.72 million[84] - The logistics service business achieved revenue of approximately HKD 370.08 million, an 11% increase year-on-year, but incurred an attributable loss of HKD 84.65 million, a 295% increase in losses compared to the previous year[84] Capital Expenditures - Capital expenditures for the year amounted to HKD 8,572,648,000, indicating ongoing investment in infrastructure and assets[18] - The company’s capital expenditure for 2025 was HKD 9,780,296,000, compared to HKD 5,040,847,000 in 2024, indicating a significant increase of 94.56%[20] - Capital expenditures for the year were approximately RMB 9.4 billion (equivalent to HKD 10.5 billion), with projected capital expenditures for 2026 estimated at RMB 8.5 billion (equivalent to HKD 9.5 billion)[142] Operational Developments - The company is under the supervision of the Shenzhen State-owned Assets Supervision and Administration Commission, which holds a controlling interest[11] - The company has established 18 logistics port projects in Guangdong Province, with 16 already operational, covering an area of approximately 2.2 million square meters and achieving an occupancy rate of about 88%[45] - The Shenzhen Western Highway Hub Logistics Park, covering 75,000 square meters, is set to commence operations by the end of 2025 and is part of Shenzhen's major logistics hub planning[46] - The Shenzhen Li Guang Smart Logistics Park, operational since 2023, spans 45,000 square meters and features advanced facilities including cold storage and automated warehouses[47] - The Shenzhen Yantian Smart Logistics Park, covering 32,000 square meters, is expected to start operations in early 2024, focusing on high-value logistics services[48] - The Shenzhen Pingshan Smart Logistics Park, with an area of 120,000 square meters, is scheduled to begin operations in December 2024, serving as a demonstration base for the integration of manufacturing and logistics[48] - The Shenzhen Qianhai Smart Logistics Park, covering 58,000 square meters, is a collaboration with Qianhai Construction Investment Group and aims to enhance regional freight capabilities[52] - The company has successfully attracted multiple logistics enterprises to its projects, enhancing its market position and operational efficiency[51] Strategic Initiatives - The company is focusing on strategic emerging sectors such as solar energy storage and low-altitude economy, aligning with market trends[134] - The company aims to enhance its ESG practices and social responsibility, integrating sustainable development into its operations[137] - The company is actively promoting the establishment of a new logistics Pre-REITs private fund to accelerate capital recovery and asset value release[68] - The group will continue to strengthen its toll road business and promote digital transformation to improve efficiency and reduce costs[130] - The group is exploring asset optimization through fund investments and mergers, aiming to maintain a controllable debt-to-asset ratio and enhance cash flow stability[132] Market Conditions - The logistics industry is expected to face challenges in the short term, including pressure on volume and pricing, while opportunities arise from national policies promoting domestic demand and strategic emerging industries[127] - The logistics industry is undergoing a supply-demand adjustment phase, with average effective rental rates under pressure, but stable growth in demand from emerging sectors like instant retail and green logistics[42] - The company is implementing a digital platform for comprehensive management across various operational areas, including asset management and green logistics[47] Environmental and Social Responsibility - The company is actively developing green low-carbon initiatives, including photovoltaic systems, to enhance the efficiency and sustainability of its cold chain operations[76] - The company aims to ensure timely cash flow and sales returns from the development of high-quality residential projects on the retained land[94]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：00152） 自願性公告 華南物流園一期轉型升級進展 第二期留用土地（一階段）的土地使用權 本次簽署土地出讓合同（二期一階段），標誌著華南物流園轉型升級 再一次取得階段式進展。本集團將全力推進該地塊的開發建設工作， 著力打造高品質示範性住宅項目，確保銷售回款與現金流及時回籠。 此外，本集團將積極推動其餘留用土地的確權與獲取，有序推進留用 土地的開發建設，實現「投建管轉」商業模式的閉環，為本集團的長 期可持續發展注入強勁動力。 承董事會命 深圳國際控股有限公司 聯席公司秘書 劉旺新 2026年3月26日 於本公告日期，本公司董事會的成員包括執行董事李海濤先生、劉征宇先生、王沛航先生 及劉秀麗女士；非執行董事蔡曉平先生；以及獨立非執行董事潘朝金先生、曾志博士、王 國文博士及丁春艷教授。 2025 年 12 月，市規資局龍華局公佈，華南轉型項目第二期留用土地 （一階 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：00152） 海外監管公告 隨附之文件乃深圳國際控股有限公司（「本公司」）的附屬公司 深圳高速公路集團股份有限公司所發佈的《2025 年年度業績初步 公告》。 2026 年 3 月 25 日 於本公告日期，本公司董事會的成員包括執行董事李海濤先生、劉征宇先生、王沛航先 生及劉秀麗女士；非執行董事蔡曉平先生；以及獨立非執行董事潘朝金先生、曾志博士、 王國文博士及丁春艷教授。 1.2 公司簡介 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 2025 年年度業績初步公告 一、 重要提示 1.1 本公司 2025 年年度業績初步公告摘自本 ...

Investment Rating - The report assigns an "Overweight" rating to the highway industry [2][3]. Core Insights - Traffic demand shows resilience, and stable dividends ensure predictable returns [2]. - Policy optimization is imminent, with widespread consensus on regulatory revisions, which will significantly improve reinvestment risks in the industry [3]. - The cash flow of highways remains stable, and high dividend policies continue to make them a preferred choice for transportation dividends [3]. Summary by Sections Investment Strategy - The strategy maintains an "Overweight" rating for the highway sector, highlighting the stability of cash flows and dividends as key factors for investment [3]. Traffic Demand - Traffic demand is expected to recover steadily in 2026, with the impact of national road diversion diminishing significantly [3]. - Excellent geographical locations will ensure the certainty of growth in traffic volume [3]. Policy Trends - The revision of the "Highway Management Regulations" has been in discussion for over a decade, with broad consensus on extending construction periods and allowing for compensation mechanisms [3]. - The next decade will see continued construction of road networks, with 34% of highways reaching their expiration, necessitating reasonable returns and maintenance funding [3]. Company Recommendations - Recommended stocks include Anhui Wansong Highway, China Merchants Highway, Jiangsu Ninghu Highway, and Shenzhen International, with additional related stocks such as Sichuan Chengyu, Shandong Highway, and Guangdong Highway [3].

( 於百慕達註冊成立之有限公司 ) （股份代號：00152） 2026 年 3 月 9 日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 深圳國際控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公 司將於 2026 年 3 月 26 日（星期四）召開董事會會議，藉以（其中包括）考慮及 通過本公司及其附屬公司截至 2025 年 12 月 31 日止年度的經審核全年業績，以 及考慮派發股息（如適用）。 承董事會命 深圳國際控股有限公司 聯席公司秘書 劉旺新 董事會會議召開日期 於本公告日期，董事會的成員包括執行董事李海濤先生、劉征宇先生、王沛航先生及 劉秀麗女士；非執行董事蔡曉平先生；以及獨立非執行董事潘朝金先生、曾志博士、 王國文博士及丁春艷教授。 ...