Core Viewpoint - The company reported a strong performance in H1 2025, with significant growth in net profit and revenue, driven by various operational efficiencies and strategic projects [1][4]. Revenue Performance - In H1 2025, the company achieved operating revenue of 3.92 billion yuan, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 960 million yuan, up 24.0% [1]. - In Q2 2025, the company recorded operating revenue of 2.15 billion yuan, representing a year-on-year growth of 24.9%, and a net profit of 480 million yuan, which is a 59.1% increase [1]. Toll Revenue and Business Segments - Toll revenue in H1 2025 was 2.45 billion yuan, a slight increase of 0.6% year-on-year; excluding the impact of the Yichang Expressway, the revenue grew by 4.3% [2]. - The gross margin for the toll road business was 49.3%, a decrease of 1.15 percentage points, attributed to increased maintenance costs and depreciation [2]. - Clean energy generation revenue decreased by 4.2% to 290 million yuan, while kitchen waste treatment revenue increased by 26.2% to 390 million yuan [2]. Financial Performance - Financial expenses decreased to 390 million yuan, down 170 million yuan year-on-year, due to lower financing rates and a slight appreciation of the yuan [3]. - Fair value gains increased by 110 million yuan to 80 million yuan, contributing positively to profits [3]. - The company recorded a total impairment provision of 90 million yuan, a decrease of 40 million yuan year-on-year [3]. Future Outlook - The company forecasts revenues of 9.61 billion yuan, 10.07 billion yuan, and 10.49 billion yuan for 2025-2027, with year-on-year growth rates of 3.94%, 4.74%, and 4.22% respectively [4]. - Net profit attributable to shareholders is expected to be 1.76 billion yuan, 1.85 billion yuan, and 1.88 billion yuan for the same period, with growth rates of 53.81%, 4.92%, and 1.70% respectively [4]. - The company maintains a "buy" rating due to its strategic location advantages in the Guangdong-Hong Kong-Macao Greater Bay Area [4].

Core Viewpoint - Shenzhen Expressway (600548) experienced a slight decline in stock price, closing at 10.59 yuan, down 0.94% from the previous week, with a total market capitalization of 26.876 billion yuan [1] Company Announcements - The company's subsidiary, Shenzhen Investment Control Bay Area Development Co., Ltd., received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds totaling no more than 2 billion yuan to professional investors [1] - The approval is valid for 24 months from the date of registration, allowing the subsidiary to issue the bonds in installments within this period [1] - The company is required to report any significant events that occur from the date of approval until the bond issuance is completed, adhering to information disclosure obligations [1]

Core Points - Shenzhen Investment Holdings Bay Area Development Company Limited has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds to professional investors, with a total face value not exceeding 2 billion yuan [3]. Group 1 - The approval allows Bay Area Development to issue corporate bonds within a registration period of 24 months, during which it can issue the bonds in tranches [3]. - The issuance must strictly adhere to the prospectus submitted to the Shenzhen Stock Exchange [3]. - Any significant events occurring between the approval and the completion of the bond issuance must be reported promptly by Bay Area Development [3].

Core Viewpoint - Shenzhen Expressway Company Limited (00548) reported toll revenue for various projects in July 2025, indicating a diversified income stream from multiple expressway segments [1] Revenue Summary - Meiguan Expressway generated toll revenue of RMB 13.475 million [1] - Jihe East Section recorded toll revenue of RMB 62.364 million [1] - Jihe West Section achieved toll revenue of RMB 50.53 million [1] - Yangjiang Project brought in toll revenue of RMB 69.475 million [1] - Outer Ring Project's toll revenue amounted to RMB 113 million [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。 - 1 - 簡要說明： 上表中路費收入為不含稅收入。 （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7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7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% | 13,475 | 435 | | 機荷東段 | 100% | 100% | 62,364 | 2,012 | | 機荷西段 | 100% | 100% | 50,530 | 1,630 | | 沿江項目 | 100% | 100% | 69,475 | 2 ...

- 1 - 简要说明： | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-080 | | --- | --- | --- | --- | --- | | 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 ...

Group 1 - The core point of the article is that the China Securities Regulatory Commission has approved Bay Area Development to publicly issue corporate bonds in mainland China, with a total face value not exceeding 2 billion RMB [1] - The bonds, referred to as "Panda Bonds," can be issued in installments within a validity period of 24 months from the date of approval by the China Securities Regulatory Commission [1]

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"）的控股子公司深圳投控湾区 发展有限公司（"湾区发展"，香港联合交易所有限公司上市代码"00737"及 "80737"）近日收到中国证券监督管理委员会（"中国证监会"）出具的《关于 同意深圳投控湾区发展有限公司（Shenzhen Investment Holdings Bay Area Development Company Limited）向专业投资者公开发行公司债券注册的批复》 （证监许可〔2025〕1797 号），批复的主要内容如下： 一、同意湾区发展向专业投资者公开发行面值总额不超过 20 亿元公司债 券的注册申请； 二、本次发行公司债券应严格按照报送深圳证券交易所的募集说明书进行； | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-079 | | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | 债券代码： ...

Group 1 - The company Bay Area Development (00737) announced its toll revenue for July 2025 from various highways [1] - The total toll revenue from Guangshen Expressway (600548) was approximately 263 million yuan, representing a year-on-year decrease of 0.4% [1] - The toll revenue from Guangzhu West Line Expressway decreased by 17% to approximately 103 million yuan [1] - The toll revenue from the Jiangjiang Expressway (Shenzhen section) decreased by 9% to approximately 69.475 million yuan [1]

Group 1 - The company Bay Area Development (00737) reported a decrease in monthly toll revenue for July 2025 from three major highways: Guangshen Expressway, Guangzhu West Line Expressway, and the Jiang River Expressway (Shenzhen section) [1] - The total toll revenue for Guangshen Expressway was approximately 263 million yuan, reflecting a year-on-year decrease of 0.4% [1] - The total toll revenue for Guangzhu West Line Expressway was approximately 103 million yuan, showing a significant year-on-year decrease of 17% [1] - The total toll revenue for Jiang River Expressway (Shenzhen section) was approximately 69.475 million yuan, indicating a year-on-year decrease of 9% [1]