Financial Performance - The company's operating revenue for Q1 2025 was ¥1,771,765,261.39, a decrease of 13.06% compared to ¥2,037,983,716.92 in the same period last year[5] - Net profit attributable to shareholders was ¥478,007,244.10, reflecting a slight increase of 1.50% from ¥470,958,969.66 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥466,270,240.35, which represents a 15.89% increase from ¥402,349,586.96 in the previous year[5] - Total revenue for Q1 2025 was CNY 1,771,765,261.39, a decrease of 13.06% compared to CNY 2,037,983,716.92 in Q1 2024[27] - The net profit for Q1 2025 was CNY 514,281,845.56, a slight increase from CNY 512,669,617.76 in Q1 2024, representing a growth of 0.3%[28] - The total profit before tax for Q1 2025 was CNY 621,275,671.38, slightly down from CNY 637,696,969.36 in Q1 2024, a decrease of 2.5%[28] - The total comprehensive income for Q1 2025 was CNY 546,823,605.96, compared to CNY 474,681,285.95 in Q1 2024, marking an increase of 15.2%[28] Cash Flow and Liquidity - The net cash flow from operating activities increased by 28.96% to ¥980,875,169.00, up from ¥760,626,644.48 in the same period last year[6] - The company's cash and cash equivalents rose to CNY 8,176,488,936.45, compared to CNY 2,908,582,010.43 at the end of 2024, indicating a significant increase[23] - The company reported a significant increase in cash and cash equivalents, ending Q1 2025 with CNY 8,019,330,500.54, up from CNY 3,235,689,796.04 in Q1 2024[32] - The net cash flow from operating activities for Q1 2025 was CNY 980,875,169.00, an increase of 29% from CNY 760,626,644.48 in Q1 2024[30] - Investment activities resulted in a net cash outflow of CNY 1,129,503,420.53 in Q1 2025, compared to a net inflow of CNY 672,220,430.43 in Q1 2024[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥73,150,343,598.02, an increase of 8.28% from ¥67,558,030,948.58 at the end of the previous year[6] - The total liabilities amounted to CNY 40,760,132,514.45, slightly up from CNY 40,356,460,239.19 at the end of 2024[24] - Long-term investments increased to CNY 20,019,730,301.43 as of March 31, 2025, compared to CNY 19,755,383,217.22 at the end of 2024, marking a growth of 1.34%[23] Shareholder Information - Shareholders' equity attributable to the parent company increased by 23.53% to ¥27,056,358,745.56, compared to ¥21,903,521,723.27 at the end of the previous year[6] - The total number of shareholders at the end of the reporting period was 17,576, with the top 10 shareholders holding a combined 88.77% of the shares[10] - The company completed the issuance of 357,085,801 A shares at a price of RMB 13.17 per share, raising a net amount of RMB 4,679,236,514.71[20] - The total share capital increased from 2,180,770,326 shares to 2,537,856,127 shares, with A shares totaling 1,790,356,127 and H shares 747,500,000[20] - The company has committed to a share lock-up period of 18 months for certain investors following the A share issuance[13] Operational Highlights - The average daily mixed traffic volume for the Guangdong province projects in Q1 2025 included 608 thousand vehicles for the Guangshen Expressway, generating a revenue of RMB 7,409 thousand[14] - The average daily toll revenue for the Meiguan Expressway was RMB 411 thousand with a traffic volume of 158 thousand vehicles[14] - The organic waste treatment projects processed a total of 317.24 thousand tons, generating operational revenue of RMB 174,266.95 thousand in Q1 2025[17] - The wind power projects generated a total of 178,690.70 MWh, resulting in revenue of RMB 52,905.30 thousand in Q1 2025[19] - The average daily traffic volume for the Jiangjiang project was 205 thousand vehicles, generating a revenue of RMB 2,010 thousand[14] Government and Financing Activities - The company received government subsidies amounting to ¥4,309,075.83, which are closely related to its normal business operations[7] - The company issued medium-term notes totaling RMB 1.5 billion with a coupon rate of 1.7% for a term of 3 years[20] - The company issued CNY 2.3 billion in bonds on March 12, 2025, with a coupon rate of 2.29% and a maturity of 5 years[22] - A short-term financing bond of CNY 1.5 billion was issued on April 15, 2025, with an interest rate of 1.64% and a term of 270 days[22] - The company did not engage in any financial product transactions during the reporting period, with a total entrusted investment amount of CNY 0[22]

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-053 | | --- | --- | --- | --- | --- | | 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 | | 深圳高速公路集团股份有限公司 2025 年 3 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 ...

深高速（600548）公告，2025年第一季度营收为17.72亿元，同比下降13.06%；净利润为4.78亿元，同 比增长1.50%。 ...

Financial Performance - Operating revenue for Q1 2025 was RMB 1,771,765,261.39, a decrease of 13.06% compared to RMB 2,037,983,716.92 in Q1 2024[6] - Net profit attributable to shareholders was RMB 478,007,244.10, reflecting a slight increase of 1.50% from RMB 470,958,969.66 in the same period last year[6] - Basic and diluted earnings per share for Q1 2025 were both RMB 0.203, up 4.10% from RMB 0.195 in Q1 2024[6] - Net profit for Q1 2025 was RMB 514,281,845.56, slightly up from RMB 512,669,617.76 in Q1 2024, representing a growth of 0.31%[32] - Operating profit for Q1 2025 was RMB 621,113,486.27, down from RMB 634,811,192.70 in Q1 2024, a decline of 2.73%[32] - The company’s total comprehensive income for Q1 2025 was RMB 546,823,605.96, compared to RMB 474,681,285.95 in Q1 2024, an increase of 15.19%[33] Cash Flow and Assets - Net cash flow from operating activities increased by 28.96% to RMB 980,875,169.00, primarily due to the receipt of prior year waste treatment subsidies and increased revenue from transportation fees[8] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 8,019,330,500.54, up from RMB 3,235,689,796.04 at the end of Q1 2024[36] - The company reported a net cash flow from operating activities of RMB 980,875,169.00 in Q1 2025, an increase from RMB 760,626,644.48 in Q1 2024[35] - As of March 31, 2025, total current assets increased to RMB 12,921,011,423.05 from RMB 7,643,838,856.74 as of December 31, 2024, representing a growth of approximately 69.8%[27] - The company’s total assets increased to RMB 73,150,343,598.02 in Q1 2025, compared to RMB 67,558,030,948.58 in Q1 2024, reflecting a growth of 8.67%[30] Shareholder Information - The number of shareholders totaled 17,576, with 17,336 being A-share shareholders and 240 H-share shareholders[9] - The top shareholder, Xintong Industrial Development (Shenzhen) Co., Ltd., holds 28.79% of shares, totaling 730,710,144 shares[10] - Equity attributable to shareholders rose by 23.53% to RMB 27,056,358,745.56, mainly due to the issuance of A-shares to specific investors[8] Market and Operational Insights - The company plans to continue expanding its market presence and enhancing operational efficiency through strategic initiatives[12] - In the Guangdong province, the average daily mixed traffic volume for the Meiguan Expressway was 158, with toll revenue of RMB 411,000 for Q1 2025[13] - The average daily mixed traffic volume for the Jihe East Section was 308, generating toll revenue of RMB 1,817,000 in Q1 2025[13] - The average daily mixed traffic volume for the Jiangjiang Project was 205, resulting in toll revenue of RMB 2,010,000 for Q1 2025[13] - The average daily mixed traffic volume for the Guangshen Expressway was 608, generating toll revenue of RMB 7,409,000 in Q1 2025[15] - The total operating revenue from the Guizhou project in organic waste processing was RMB 22,046,770, processing 36.99 thousand tons in Q1 2025[17] - The total operating revenue from the Xinjiang Mu Lei wind power project was RMB 49,291,490, with an electricity generation of 107,112.87 MWh in Q1 2025[19] - The total operating revenue from the Huai'an Zhongheng project in clean energy generation was RMB 31,993,820, generating 66,346.40 MWh in Q1 2025[20] - The total operating revenue from the Tai Zhou project in organic waste processing was RMB 9,772,530, processing 17.03 thousand tons in Q1 2025[18] - The total operating revenue for Q1 2025 was RMB 1,771,765,261.39, a decrease of 13.06% compared to RMB 2,037,983,716.92 in Q1 2024[32] Liabilities and Financing - Current liabilities totaled RMB 11,890,985,416.04 as of March 31, 2025, down from RMB 14,175,295,530.40 at the end of 2024, a decrease of approximately 16.5%[29] - Long-term borrowings decreased to RMB 12,800,758,083.34 from RMB 13,912,273,334.21, reflecting a reduction of about 8.0%[29] - The company’s total non-current liabilities increased to RMB 28,869,147,098.41 as of March 31, 2025, compared to RMB 26,181,164,708.79 at the end of 2024, an increase of approximately 10.3%[29] - The company’s total liabilities amounted to RMB 40,760,132,514.45 as of March 31, 2025, slightly up from RMB 40,356,460,239.19 at the end of 2024, indicating a marginal increase of about 1.0%[29] - The company issued RMB 23 billion in corporate bonds with a 5-year term and a coupon rate of 2.29% on March 12, 2025[22] - The company completed the issuance of RMB 15 billion in short-term financing notes with a term of 270 days at an interest rate of 1.64% on April 15, 2025[22]

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching RMB 10 billion for the fiscal year 2024[6]. - The company provided a forward guidance of 10% revenue growth for the next fiscal year, projecting revenues of RMB 11 billion[6]. - The company's operating revenue for 2024 was CNY 9,245,691,487.27, a decrease of 0.53% compared to CNY 9,295,304,371.69 in 2023[28]. - Net profit attributable to shareholders for 2024 was CNY 1,145,048,951.69, down 50.80% from CNY 2,327,197,196.81 in 2023[28]. - The net cash flow from operating activities for 2024 was CNY 3,717,306,471.14, a decline of 9.22% from CNY 4,094,812,227.87 in 2023[28]. - Basic earnings per share for 2024 decreased by 55.09% to CNY 0.441 from CNY 0.982 in 2023[28]. - The weighted average return on equity for 2024 was 5.31%, a decrease of 6.68 percentage points from 11.99% in 2023[28]. - The company's operating revenue for 2024 is reported at RMB 9,246 million, a slight decrease from RMB 9,295 million in 2023, reflecting a year-over-year decline of approximately 0.5%[37]. - The net profit for 2024 is RMB 1,145 million, down from RMB 2,327 million in 2023, representing a decrease of approximately 50.8%[37]. - The total liabilities increased to RMB 40,356 million in 2024 from RMB 39,509 million in 2023, reflecting an increase of approximately 2.1%[37]. - The debt-to-asset ratio for 2024 is reported at 59.74%, up from 58.53% in 2023, indicating a rising leverage position[37]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[6]. - A strategic acquisition of a local competitor was completed, expected to enhance operational efficiency and increase market penetration by 15%[6]. - The company plans to invest RMB 500 million in infrastructure development over the next two years to support growth initiatives[6]. - Major projects such as the Outer Ring Phase III and the Jihe Expressway expansion have commenced construction, contributing to the expansion of quality highway assets[57]. - The company is actively promoting major new construction and expansion projects, including the Outer Ring Phase III, Jihe Expressway, and the Beijing-Hong Kong-Macao Expressway Guangzhou-Shenzhen section[76]. Customer and User Engagement - User data showed a growth of 20% in active users, totaling 5 million by the end of the reporting period[6]. - Customer satisfaction ratings improved by 10%, reflecting enhanced service quality and user experience[6]. Research and Development - Research and development expenses increased by 18%, focusing on innovative technologies to improve service delivery[6]. - The company is focusing on smart transportation research and improving traffic data collection, analysis, and forecasting capabilities[56]. - The company aims to promote the digital transformation of transportation infrastructure, with a goal of achieving digital upgrades for about 85% of busy national highways by 2027[73]. Environmental Initiatives - The company is engaged in solid waste resource treatment and clean energy power generation as part of its major environmental business[24]. - The company is focusing on solid waste resource treatment and clean energy generation in the environmental protection sector, gradually establishing a layout in the big environmental protection industry through acquisitions and investments[62]. - The company operates 19 BOT projects for organic waste treatment, with a design capacity of approximately 6,700 tons per day, positioning it among the industry leaders[81]. - The company has established an environmental company and a new energy company to expand its waste resource treatment and clean energy generation businesses[104]. Financial Management and Investments - The company has issued CNY 4 billion perpetual bonds in 2020, which were excluded from the calculations of earnings per share and return on equity[30]. - The group completed the issuance of 15 billion RMB in corporate bonds during the reporting period, primarily to refinance maturing debt and supplement working capital[184]. - The group maintained a AAA credit rating domestically and an investment-grade rating from Moody's and S&P internationally[183]. - The company has unused bank credit lines of approximately 65,822 million RMB, an increase of 22,082 million from 43,740 million in the previous year[177]. Operational Efficiency - The company aims to reduce operational costs by 5% through efficiency improvements and technology integration[6]. - The average financing cost of the group decreased by 1.3 percentage points year-on-year due to the expansion of diversified financing channels and coordination with banks to lower loan rates[58]. - The company is optimizing its asset and business structure by exiting less profitable equipment manufacturing and engineering construction businesses[57]. Infrastructure Development - The company has completed the first phase of the Outer Ring Expressway, totaling approximately 51 kilometers, which opened on December 29, 2020[14]. - The company has plans for the construction of the third phase of the Outer Ring Expressway, approximately 16.8 kilometers long, expected to commence by the end of 2023[14]. - The company has developed a road network monitoring and command scheduling system platform, which is now operational, enhancing road network operation monitoring and management[76]. Shareholder Information - As of the end of the reporting period, the company has issued 2,180,770,326 ordinary shares, with 1,433,270,326 A-shares listed on the Shanghai Stock Exchange, accounting for 65.72% of the total share capital[25]. - The largest shareholder is Xintong Company, holding approximately 30.03% of the company's shares, which is a wholly-owned subsidiary of Shenzhen International[25]. - The board proposed a final cash dividend of RMB 0.244 per share, with a payout ratio of approximately 64.35%[53].

Core Insights - Shenzhen Expressway Company (referred to as "the company") reported a revenue of 9.25 billion in 2024, a decrease of 0.53% compared to 2023, and a net profit attributable to shareholders of 1.15 billion, down 50.8% year-on-year [2][3] Financial Performance - The company's operating income for 2024 was 9.25 billion, slightly down from 9.30 billion in 2023, reflecting a decrease of 0.53% [1] - The net profit attributable to shareholders dropped significantly from 2.33 billion in 2023 to 1.15 billion in 2024, marking a decline of 50.8% [1][2] - The net profit after deducting non-recurring items also saw a substantial decrease of 52.05%, from 2.24 billion in 2023 to 1.07 billion in 2024 [1] - The net cash flow from operating activities decreased by 9.22%, from 4.09 billion in 2023 to 3.72 billion in 2024 [1] Business Operations - The decline in revenue was primarily due to the exclusion of Yichang Company from the group consolidation starting March 2024, which led to a reduction in related income, alongside a decrease in environmental business revenue [1][3] - Despite challenges, the company maintained stability in its toll road operations, with toll revenue decreasing by 5.98% year-on-year; however, excluding the impact of Yichang Company, toll revenue remained stable [3] - The opening of the Shenzhen-Zhongshan Corridor significantly increased traffic on the Jiangsu Expressway, resulting in a 16.7% increase in toll revenue compared to the previous year [3] Strategic Developments - The company made significant progress in major engineering projects, with the Jiangsu Phase II project achieving simultaneous opening with the Shenzhen-Zhongshan Corridor on June 30, 2024 [3] - The Outer Ring Phase III has commenced full construction, and the main works of the Jihe Expressway expansion project are also underway, laying a solid foundation for future development [3] Dividend Policy - Despite the decline in performance, the company maintained a high cash dividend ratio, proposing a cash dividend of 0.244 per share, which represents 64.35% of the net profit after excluding perpetual bond investors' returns, significantly higher than the average cash dividend rate over the past three years [3] Risk Factors - The company recognized a total asset impairment provision of 584 million in 2024, primarily related to environmental business assets, contributing to the substantial decrease in net profit [4] - The company faces multiple risks, including macroeconomic fluctuations, changes in industrial policies, and market volatility [4] - In response to these challenges, the company plans to optimize its asset and business structure, focusing on core businesses and exiting less profitable segments [4]

Group 1 - The core viewpoint of the news is that as of March 21, 2025, institutional investors hold a significant portion of Shenzhen Expressway's shares, with the top ten institutions accounting for 58.26% of the total shareholding [1] - A total of 19 institutional investors have disclosed their holdings in Shenzhen Expressway, with a combined shareholding of 1.271 billion shares, representing 58.28% of the company's total equity [1] - The top ten institutional investors include notable entities such as New Tongchan Industrial Development (Shenzhen) Co., Ltd. and Shenzhen Shenguanghui Highway Development Co., Ltd., among others [1] Group 2 - In the public fund sector, there was a slight increase in holdings from one fund, Huatai-PB SSE Dividend ETF, while one fund, Invesco Great Wall CSI Low Volatility 100 ETF, saw a slight decrease in holdings [2] - A total of 12 new public funds have disclosed their holdings this period, including Guolian High Dividend Mixed A and Qianhai Kaiyuan Refinance Stock [2] - One public fund, Huatai Zijin Value Vision 18-Month Holding Mixed A, was not disclosed in the previous quarter [2]

Financial Performance - The company achieved operating revenue of RMB 9,245,691,000 in 2024, a decrease of 0.53% compared to RMB 9,295,304,000 in 2023[6]. - Net profit attributable to shareholders was RMB 1,145,049,000, down 50.80% from RMB 2,327,197,000 in the previous year[6]. - The weighted average return on equity decreased to 5.31% in 2024, down from 11.99% in 2023, a decline of 6.68 percentage points[7]. - Basic earnings per share fell to RMB 0.441, a decrease of 55.09% from RMB 0.982 in the previous year[7]. - The company reported a significant decline in revenue from real estate development, which fell by 67.38% to CNY 29,262 thousand due to a decrease in the number of units delivered[82]. - Investment income decreased by 31.88% to 1,025,126 thousand RMB from 1,504,853 thousand RMB in the previous year[79]. - Operating costs increased by 6.30% to 6,324,399 thousand RMB from 5,949,384 thousand RMB in the previous year[79]. - The net cash flow from operating activities was 3,717,306 thousand RMB, down 9.22% from 4,094,812 thousand RMB in the previous year[79]. Shareholder Information - The company plans to distribute a cash dividend of RMB 0.244 per share for the year ending December 31, 2024, totaling approximately RMB 619,236,894.99[5]. - As of the end of 2024, the total number of shareholders was 16,781, with 16,540 being A-share shareholders and 241 being H-share shareholders[8]. - The top three shareholders held 82.37% of the total shares, with HKSCC NOMINEES LIMITED holding 33.47%[8]. - The company has maintained a continuous cash dividend distribution for 27 years since its listing, adhering to a policy that emphasizes reasonable shareholder returns while ensuring sustainable operations[139]. Assets and Liabilities - The total assets at the end of 2024 were RMB 67,558,030,948.58, showing a slight increase of 0.07% from RMB 67,507,469,090.77 at the end of 2023[7]. - The total interest-bearing liabilities increased by approximately 1.18% to 32,057,208 thousand RMB as of December 31, 2024, compared to 31,684,662 thousand RMB at the end of 2023[110]. - The company's asset-liability ratio was 59.74%, an increase from 58.53% at the end of the previous year[116]. - The net debt to equity ratio stood at 108.03%, compared to 106.18% at the end of the previous year[116]. - The group’s cash and cash equivalents increased by 35.13% to 2,908,582 thousand RMB compared to 2,152,368 thousand RMB at the end of the previous period[110]. Business Segments and Operations - The company's main revenue and profit source is the toll road business, which is crucial for regional economic development and transportation efficiency[13]. - The company aims to enhance its core business segments of toll roads and environmental protection, focusing on digital transformation to create a "Smart Deep Highway"[13]. - The environmental business segment includes solid waste resource processing and clean energy generation, aligning with national green transformation goals[12]. - The group currently operates 16 toll road projects with a total mileage of approximately 613 kilometers, primarily located in Shenzhen and the Guangdong-Hong Kong-Macao Greater Bay Area, showcasing strong regional advantages[20]. - The company is committed to sustainable development solutions, emphasizing innovation, intelligence, and efficiency in urban infrastructure[13]. Digital Transformation and Innovation - The company plans to extend its service offerings to include digital technology and financial services, enhancing operational efficiency[12]. - The group has developed a road network monitoring and command dispatch system platform, which is now operational, providing smart applications for network operation monitoring and management[20]. - The company is advancing digital transformation initiatives, including the application of digital technologies in highway construction and environmental protection operations to reduce costs and improve management[34]. - The company has a 51% stake in a digital technology company, which has developed 1 invention patent, 6 software copyrights, and 6 utility model patents during the reporting period[72]. Future Outlook and Strategic Plans - The company plans to focus on enhancing its toll road business and expanding into integrated clean energy sectors, leveraging opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area[144]. - The approved capital expenditure plan for 2025-2027 is approximately CNY 20.6 billion, aimed at various construction projects including environmental initiatives[147]. - The company plans to invest approximately RMB 8.447 billion in the construction of the third phase of the Shenzhen Outer Ring Expressway, with 14.3% of the project completed as of the reporting period[44]. - The company is focusing on risk management by integrating it into strategic decision-making, particularly concerning policy, operational management, financing, and construction management risks[149]. Environmental and Clean Energy Initiatives - The company is committed to sustainability and has obtained ISCC certification, enhancing its international brand image[184]. - The company’s clean energy projects have a total installed capacity of approximately 668 MW, with wind power revenue impacted by decreased wind resources and increased curtailment rates[57]. - The solid waste resource treatment and clean energy generation sectors are supported by national policies, aligning with the group's resource advantages and operational management model[21]. - The company is expanding its waste oil recycling network to improve profitability in its kitchen waste treatment projects[154]. Legal and Compliance Matters - The company is currently in a pre-trial mediation process regarding a lawsuit filed by the infrastructure and environmental company for performance compensation obligations[167]. - The audit committee has reviewed and confirmed the financial statements and annual report for 2024[170]. - The company has fully adopted the corporate governance code as per the listing rules, with no significant deviations noted[173].

Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.244 per share for the fiscal year ending December 31, 2024, totaling approximately RMB 619.24 million[6]. - The total number of shares for the dividend distribution is based on a total share count of 2,537,856,127 shares post-A share issuance in March 2025[6]. - The company has not implemented a capital reserve transfer to increase share capital for the fiscal year 2024[6]. - The company proposed a final cash dividend of RMB 0.244 per share, with a payout ratio of approximately 64.35%[52]. Financial Performance - The company reported a total revenue of approximately 3.5 billion RMB for the fiscal year 2024, reflecting a year-on-year growth of 12%[16]. - The company's operating revenue for 2024 was approximately CNY 9.25 billion, a decrease of 0.53% compared to CNY 9.30 billion in 2023[31]. - Net profit attributable to shareholders for 2024 was approximately CNY 1.15 billion, down 50.80% from CNY 2.33 billion in 2023[31]. - Basic earnings per share for 2024 were CNY 0.441, reflecting a decline of 55.09% from CNY 0.982 in 2023[31]. - The weighted average return on equity for 2024 was 5.31%, a decrease of 6.68 percentage points from 11.99% in 2023[31]. - The net cash flow from operating activities for 2024 was approximately CNY 3.72 billion, down 9.22% from CNY 4.09 billion in 2023[31]. - Total revenue for 2024 was RMB 9,246 million, a slight decrease of 0.5% compared to RMB 9,295 million in 2023[43]. - Toll revenue for 2024 was RMB 5,053 million, down from RMB 5,375 million in 2023, representing a decline of 6.0%[43]. - The company achieved an operating revenue of approximately RMB 9.24 billion in 2024, remaining stable year-on-year[52]. Operational Developments - The company has successfully secured land for future projects, with a total of 3,038 acres acquired in the last fiscal year[17]. - The company has approved the acquisition of over 1,000 mu of land for the Gui Long development project[18]. - The Meilin Pass urban renewal project covers an area of approximately 9.6 million square meters[18]. - The company initiated the investment and construction of the Outer Ring Phase III project, approximately 16.8 kilometers long, during the reporting period[43]. - The company commenced construction on major projects including the Outer Ring Phase III and the Jihe Expressway expansion[54]. - The Outer Ring Expressway project, with a total length of approximately 93 kilometers, is currently 14.3% complete, with an investment of approximately RMB 8.447 billion approved for its construction[99]. - The Jiangyan Phase II project is 99.9% complete, with an investment of RMB 280,443 thousand and a cumulative investment of RMB 985,603 thousand, expected to officially open on June 30, 2024[189]. Market Expansion and Strategic Initiatives - The company is expanding its market presence with plans to enter three new provinces by the end of 2025[16]. - A strategic acquisition of a logistics firm was completed, expected to contribute an additional 500 million RMB in revenue annually[17]. - The company aims to enhance its international brand image and market competitiveness through International Sustainability & Carbon Certification (ISCC)[20]. - The company is focused on expanding its market presence through strategic acquisitions and new project developments[19]. - The company plans to explore market expansion and new technology development to enhance future performance[30]. Research and Development - Investment in R&D increased by 25%, focusing on smart highway technologies and environmental sustainability[16]. - The company has developed 9 new patents in the battery recycling sector and achieved certification for new energy vehicle battery products[112]. - The company has established a digital technology company in collaboration with Yunji Wisdom to serve as a platform for digital transformation[78]. - The company is implementing a digital transformation plan to improve operational efficiency and management through innovative technologies[91]. Environmental and Renewable Energy Initiatives - The company is involved in various renewable energy projects, including a 32MW wind power project in Yongcheng and a 49.5MW wind power project in Zhongwei[19]. - The company has established a strong presence in the renewable energy sector through subsidiaries like Shenzhen High-Speed New Energy Holdings[19]. - The company aims to enhance management integration of acquired enterprises to ensure stable development of its clean energy business[87]. - The company has invested in wind power projects with a cumulative installed capacity of 668 MW[87]. - The company is committed to sustainable development through its entry into the environmental protection industry, focusing on solid waste and clean energy sectors[61]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements made in the report[7]. - The company has confirmed that there are no violations of decision-making procedures regarding external guarantees[9]. - The company is focusing on compliance management to mitigate operational risks and enhance management effectiveness[90]. Debt and Financing - The company successfully raised RMB 2.0475 billion through the issuance of 300 million fund shares for the Yifangda Deep Highway REIT[48]. - The average financing cost decreased by 13 percentage points, with the company issuing A-shares to raise approximately RMB 4.703 billion[57]. - The company maintains a strong financing platform with listings in both Shanghai and Hong Kong, ensuring smooth access to capital markets[133]. - The company plans to optimize its debt structure and enhance project profitability to mitigate liquidity risks[178]. Traffic and Toll Revenue - Daily toll income for the Jiangjiang project increased to RMB 2,011.7 thousand in 2024, up from RMB 1,724.1 thousand in 2023, marking a growth of 16.7%[42]. - Daily average traffic on the Meiguan Expressway was 165, a year-on-year increase of 0.4%, with toll revenue of RMB 431,000, up 0.9%[93]. - The Jiangjiang project saw a daily average traffic of 205, representing an 8.6% increase, and toll revenue of RMB 2,012,000, which is a 16.7% increase year-on-year[93]. - The overall toll revenue for the group experienced a slight decline due to adverse weather conditions and increased free passage days during holidays[95]. Future Outlook and Strategic Planning - The company plans to evaluate the performance of its "14th Five-Year" strategy in 2025 and develop the "15th Five-Year" strategy based on lessons learned and market analysis[199]. - The company aims to maintain stable main business revenue and operating costs in 2025[200]. - Focus on solidifying the asset base and enhancing the core toll road business[200]. - Major engineering projects include the expansion and reconstruction of the Jihe Expressway and the third phase of the Outer Ring Road project[200].

A 股简称：深高速 股票代码：600548 H 股简称：深圳高速公路股份 股票代码：00548 深圳高速公路集团股份有限公司 2023 年度向特定对象发行 A 股股票 募集说明书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年二月 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资料不存 在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担相应的 法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务会计资 料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意见，均 不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相 反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发行人自 行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承担证券依法发 行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 重大 ...