Core Viewpoint - The company, Shenzhen Expressway Development Co., Ltd. (深高速), has shown solid performance in the toll road and environmental sectors, with significant revenue growth and a stable outlook for future earnings despite challenges in profitability metrics compared to industry averages [2][3][6][7]. Group 1: Company Overview - Shenzhen Expressway was established on December 30, 1996, and listed on the Shanghai Stock Exchange on December 25, 2001, with its registered office in Shenzhen, Guangdong Province [1]. - The company primarily engages in the investment, construction, and operation of toll roads, holding a strong position in the South China region with quality road assets and a robust environmental business layout [1]. Group 2: Financial Performance - For Q3 2025, Shenzhen Expressway reported revenue of 60.5 billion yuan, ranking 5th among 20 companies in the industry, with the top competitor, Shandong Expressway, generating 168.41 billion yuan [2]. - The net profit for the same period was 15.97 billion yuan, placing the company 6th in the industry, with the leading company, China Merchants Highway, achieving 44.23 billion yuan [2]. Group 3: Profitability and Debt Metrics - As of Q3 2025, the company's debt-to-asset ratio stood at 54.14%, down from 58.40% year-on-year, but still above the industry average of 41.31% [3]. - The gross profit margin for Q3 2025 was 36.59%, a decrease from 39.04% year-on-year, and below the industry average of 46.20% [3]. Group 4: Shareholder Information - As of June 30, 2025, the number of A-share shareholders increased by 13.01% to 19,600, while the average number of shares held per shareholder decreased by 11.51% to 73,200 [5]. - By September 30, 2025, Huatai-PineBridge SSE Dividend ETF became the eighth largest shareholder, increasing its holdings by 1.93 million shares [5]. Group 5: Business Highlights and Future Outlook - In H1 2025, the company experienced a 24% year-on-year increase in profits, driven by a 4.3% rise in toll revenue, attributed to the opening of the Shenzhen-Zhongshan Corridor and the Jiangsu Phase II project [6][7]. - The environmental business segment, particularly the kitchen waste treatment operations, generated 3.9 billion yuan in revenue, reflecting a 26.2% increase, bolstered by the commencement of the Guangming Environmental Park project [6][7]. - Future revenue projections for 2025 to 2027 are estimated at 96.10 billion yuan, 100.65 billion yuan, and 104.89 billion yuan, respectively, with net profits expected to be 17.61 billion yuan, 18.48 billion yuan, and 18.79 billion yuan [6].

Group 1 - The company Shenzhen Expressway Company Limited (00548) announced toll revenue figures for various projects as of September 2025 [1] - The toll revenue for Meiguan Expressway is RMB 12.025 million [1] - The toll revenue for Jihuo East Section is RMB 57.904 million [1] - The toll revenue for Jihuo West Section is RMB 47.634 million [1] - The toll revenue for Yangjiang Project is RMB 69.047 million [1] - The toll revenue for Outer Ring Project is RMB 106 million [1]

Core Viewpoint - Shenzhen Expressway Company Limited (00548) announced toll revenue projections for various projects in September 2025, indicating a positive outlook for revenue generation from these infrastructure assets [1] Revenue Projections - The projected toll revenue for Meiguan Expressway is RMB 12.025 million [1] - The projected toll revenue for Jihuo East Section is RMB 57.904 million [1] - The projected toll revenue for Jihuo West Section is RMB 47.634 million [1] - The projected toll revenue for Yangjiang Project is RMB 69.047 million [1] - The projected toll revenue for Outer Ring Project is RMB 106 million [1]

Core Viewpoint - Shenzhen Expressway Company reported a revenue of 6.05 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 3.24% [1] - The net profit attributable to shareholders reached 1.47 billion yuan, marking a year-on-year increase of 7.01% [1] - Basic earnings per share stood at 0.575 yuan [1] Financial Performance - Revenue for the first three quarters: 6.05 billion yuan, up 3.24% year-on-year [1] - Net profit attributable to shareholders: 1.47 billion yuan, up 7.01% year-on-year [1] - Basic earnings per share: 0.575 yuan [1]

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。 2025年9月未經審計路費收入 深圳高速公路集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈 本集團2025年9月的路費收入（未經審計）如下： | 收費公路 | 集團控股 | 收入合併 | 路費收入（人民幣千元） | | | --- | --- | --- | --- | --- | | | 比例 | 比例 | 總計 | 日均 | | 廣東省－深圳地區： | | | | | | 梅觀高速 | 100% | 100% | 12,025 | 401 | | 機荷東段 | 100% | 100% | 57,904 | 1,930 | | 機荷西段 | 100% | 100% | 47,634 | 1,588 | | 沿江項目 | 100% | 100% | 69,047 | 2,302 | | 外環項目 | 100% | 100% | 105,525 | 3,517 | | 龍大高速 | 89.93 ...

Financial Performance - Total revenue for Q3 2025 reached RMB 2,131,000,236.75, an increase of 1.34% year-on-year[6] - Net profit attributable to shareholders decreased by 14.96% to RMB 510,395,317.56 for Q3 2025[6] - The net profit excluding non-recurring gains and losses for Q3 2025 was RMB 507,500,271.59, down 8.43% year-on-year[6] - Total operating revenue for the first nine months of 2025 reached RMB 6,049,555,577.49, an increase of 3.24% compared to RMB 5,859,778,932.60 in the same period of 2024[28] - Net profit attributable to shareholders of the parent company for the first nine months of 2025 was RMB 1,470,287,308.40, up from RMB 1,374,015,126.12 in 2024, reflecting a growth of 7.03%[29] - Operating profit for the first nine months of 2025 was RMB 1,950,851,776.01, compared to RMB 1,892,340,898.81 in 2024, indicating an increase of 3.08%[28] - The company reported a total comprehensive income of RMB 1,647,721,941.03 for the first nine months of 2025, compared to RMB 1,347,431,676.64 in 2024, representing an increase of 22.25%[29] - Basic and diluted earnings per share for the first nine months of 2025 were both RMB 0.575, compared to RMB 0.566 in 2024, showing an increase of 1.59%[29] Assets and Liabilities - The company's total assets as of September 30, 2025, amounted to RMB 71,106,518,855.44, reflecting a growth of 5.25% compared to December 31, 2024[6] - The total current assets as of September 30, 2025, amounted to RMB 12,431,036,754.32, an increase from RMB 7,643,838,856.74 at the end of 2024[23] - The total liabilities as of September 30, 2025, amounted to RMB 38,496,420,029.38, a decrease from RMB 40,356,460,239.19 at the end of 2024[26] - The company's total equity increased to RMB 32,610,098,826.06 as of September 30, 2025, compared to RMB 27,201,570,709.39 at the end of 2024, marking a growth of 19.06%[26] - The group’s long-term equity investments as of September 30, 2025, were valued at RMB 19,952,265,223.91, slightly up from RMB 19,755,383,217.22 at the end of 2024[23] Cash Flow - Cash flow from operating activities for the year-to-date increased by 31.12% to RMB 3,608,267,006.04[6] - Operating cash flow for the period from January to September 2025 reached approximately $3.61 billion, an increase of 31.1% compared to $2.75 billion in the same period of 2024[31] - Total cash inflow from operating activities was approximately $6.07 billion, up from $5.56 billion year-over-year, reflecting a growth of 9.2%[31] - Net cash flow from financing activities for the first nine months of 2025 was approximately $3.03 billion, recovering from a net outflow of approximately $2.04 billion in the same period of 2024[32] - Cash and cash equivalents at the end of September 2025 totaled approximately $3.74 billion, compared to $2.70 billion at the end of September 2024, marking an increase of 38.5%[32] Shareholder Information - The total number of shareholders as of the reporting period was 20,849, with 20,526 being A-share shareholders[10] - The company completed the issuance of 357,085,801 A-shares in March 2025, with major subscriptions from Xin Tong Chan, Jiangsu Yunsong Capital, and Anhui Wantong Highway, amounting to 75,930,144 shares, 242,976,461 shares, and 38,179,196 shares respectively[12] - The company has committed to not reducing its shareholding for 18 months following the issuance, with penalties for any violations[12] Traffic and Revenue - Daily average mixed traffic volume for the Meiguan Expressway was 172,000 vehicles in Q3 2025, with toll revenue of RMB 423,000, while the total for the first nine months was 165,000 vehicles and RMB 417,000[14] - The company reported a daily average traffic volume of 340,000 vehicles on the Jihe East Section in Q3 2025, generating toll revenue of RMB 1,986,000, compared to 323,000 vehicles and RMB 1,894,000 in the first nine months[14] - The Longda Expressway had a daily average traffic volume of 175,000 vehicles in Q3 2025, with toll revenue of RMB 437,000, while the first nine months recorded 167,000 vehicles and RMB 420,000[14] - The company’s average daily traffic volume on the Yangmao Expressway was 62,000 vehicles in Q3 2025, with toll revenue of RMB 2,190,000, compared to 58,000 vehicles and RMB 2,138,000 in the first nine months[14] - The company’s average daily traffic volume on the Guangzhou West Second Ring was 103,000 vehicles in Q3 2025, generating toll revenue of RMB 1,457,000, while the first nine months recorded 94,000 vehicles and RMB 1,365,000[14] - The company’s average daily traffic volume on the Changsha Ring Road was 97,000 vehicles in Q3 2025, with toll revenue of RMB 723,000, compared to 92,000 vehicles and RMB 692,000 in the first nine months[14] Investments and Projects - The organic waste treatment projects processed a total of 361.61 thousand tons in the first three quarters of 2025, generating operating revenue of RMB 184,578.89 thousand[16] - The clean energy power generation projects produced 191,842.33 MWh in the first three quarters of 2025, with wind power business revenue reaching RMB 88,733.81 thousand[17] - The group invested RMB 1.5 billion in five new principal-protected floating income financial products during the reporting period, with a total of RMB 3.74 billion remaining in financial product funds[18] - The group’s revenue from the Guiyang project in the organic waste treatment segment was RMB 24,978.90 thousand for Q3 2025, contributing to a total of RMB 72,342.18 thousand for the first three quarters[16] - The Xinjiang Mu Lei wind power project generated 191,842.33 MWh in the first three quarters of 2025, with revenue of RMB 88,733.81 thousand[17] Financial Products and Borrowings - The group reported no overdue principal or income from its financial products during the reporting period[18] - Long-term borrowings decreased to RMB 11,817,199,477.87 as of September 30, 2025, from RMB 13,912,273,334.21 at the end of 2024, a reduction of 15.06%[25] - Cash received from borrowings in 2025 was approximately $14.44 billion, slightly down from $18.71 billion in 2024, a decrease of 22.4%[32] - Cash paid for the purchase of fixed assets and other long-term assets surged to approximately $2.84 billion in 2025, compared to $1.51 billion in 2024, reflecting an increase of 88.1%[31] - The company reported a cash inflow from investment activities of approximately $1.84 billion in 2025, down from $4.27 billion in 2024, a decline of 56.9%[31]

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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 茲載列深圳高速公路集團股份有限公司（「本公司」）在上海證券交易所網站發布的《第 九屆監事會第三十四次會議決議公告》，僅供參閱。 承董事會命 趙桂萍 公司秘書 中國，深圳，2025 年 10 月 30 日 於本公告之日，本公司董事會的成員包括執行董事徐恩利先生、廖湘文先生、姚海先 生和文亮先生；非執行董事陳雲江先生、伍燕淩女士和張堅女士；以及獨立非執行董 事李飛龍先生、繆軍先生、徐華翔先生和顏延先生。 | 证券代码：600548 | 股票简称：深高速 | | 公告编号：2025-092 | | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | 债券代码：185300 | 债券 ...

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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 茲載列深圳高速公路集團股份有限公司（「本公司」）在上海證券交易所網站發布的《第 九屆董事會第五十七次會議決議公告》及《關於會計估計變更的公告》，僅供參閱。 承董事會命 趙桂萍 公司秘書 中國，深圳，2025 年 10 月 30 日 於本公告之日，本公司董事會的成員包括執行董事徐恩利先生、廖湘文先生、姚海先 生和文亮先生；非執行董事陳雲江先生、伍燕淩女士和張堅女士；以及獨立非執行董 事李飛龍先生、繆軍先生、徐華翔先生和顏延先生。 | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：2025-091 | | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 0 ...

深圳高速公路集团股份有限公司 2025 年 9 月未经审计路费收入公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 深圳高速公路集团股份有限公司（"本公司"）董事会（"董事会"）谨此公告 本集团 2025 年 9 月的路费收入（未经审计）如下： | 收费公路 | 集团控股 | 收入合并 | 路费收入（人民币千元） | | | --- | --- | --- | --- | --- | | | 比例 | 比例 | 总计 | 日均 | | 广东省－深圳地区： | | | | | | 梅观高速 | 100% | 100% | 12,025 | 401 | | 机荷东段 | 100% | 100% | 57,904 | 1,930 | | 机荷西段 | 100% | 100% | 47,634 | 1,588 | | 沿江项目 | 100% | 100% | 69,047 | 2,302 | | 外环项目 | 100% | 100% | 105,525 | 3,517 | | 龙大高速 | 89.93% | 100% | 12,4 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：2025-093 | | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | 债券代码：241018 | 债券简称：24 | 深高 | 01 | | | 债券代码：241019 | 债券简称：24 | 深高 | 02 | | | 债券代码：242050 | 债券简称：24 | 深高 | 03 | | | 债券代码：242539 | 债券简称：25 | 深高 | 01 | | | 债券代码：242780 | 债券简称：25 | 深高 | Y1 | | | 债券代码：242781 | 债券简称：25 | 深高 | Y2 | | | 债券代码：242972 | 债券简称：25 | 深高 | Y3 | | | 债券代码：242973 | 债券简称：25 | 深高 | Y4 | | 深圳高速公路集团股份有限公司 ...