Core Viewpoint - Bay Area Development (00737) has received approval from the China Securities Regulatory Commission to issue a total of up to RMB 2 billion in corporate bonds (Panda bonds) in mainland China [1] Group 1: Bond Issuance Details - The approval allows Bay Area Development to publicly issue Panda bonds to professional investors within a validity period of 24 months from the date of approval by the CSRC [1] - The issuance time, scale, and other terms will be determined based on market conditions [1] - The coupon rate will be set according to the results of the book-building process conducted by the lead underwriter [1] Group 2: Listing Information - The Panda bonds are planned to be listed on the Shenzhen Stock Exchange [1]

Group 1 - The core point of the article is that the China Securities Regulatory Commission has approved Bay Area Development to publicly issue panda bonds totaling up to RMB 2 billion to professional investors in mainland China [1] - The approval allows Bay Area Development to issue the panda bonds in installments within a validity period of 24 months from the date of approval by the China Securities Regulatory Commission [1]

深圳高速公路集團股份有限公司（「深高速」）及深圳投控灣區發展有限公司（「灣區發 展」，深高速擁有約 71.83%權益之附屬公司）董事會欣然宣佈，中國證券監督管理委員 會（「中國證監會」）於近日已同意灣區發展在中國內地向專業投資者公開發行面值總額 不超過人民幣 20 億元的公司債券（「熊貓債券」）的註冊申請。自中國證監會批覆之日 起 24 個月有效期內，灣區發展可分期發行熊貓債券。 債券的發行時間、發行規模及其他發行條款將根據市場情況確定，票面利率將根據主承 銷商的簿記建檔結果確定。熊貓債券計劃在深圳證券交易所上市。 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聯合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，概不對因本聯合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) Shenzhen Investment Holdings Bay Area Development Company Limited 深 圳 投 控 灣 區 發 展 有 限 公 司 （於開曼群島註冊成立之有限公司 ...

Core Viewpoint - Shenzhen International (00152) reported a slight increase in revenue for the first half of 2025, but a significant decline in net profit attributable to shareholders, primarily due to the absence of one-time gains from previous logistics projects [1][2]. Financial Performance - Revenue for the first half of 2025 reached HKD 6.67 billion, a year-on-year increase of 0.9% [1]. - Net profit attributable to shareholders was HKD 490 million, a decrease of 24.9% compared to the previous year [1]. - Basic earnings per share were HKD 0.2 [1]. Logistics Business - The logistics segment generated revenue of approximately HKD 987 million, reflecting a 12% increase year-on-year due to the operational contributions from several logistics port projects [1]. - The absence of income from the "investment, construction, and management" model led to a 98% drop in net profit attributable to shareholders in this segment, amounting to approximately HKD 7.93 million [1][2]. Project Development - The company has been focusing on strengthening its logistics core business with a prudent investment strategy, emphasizing high operational efficiency and strong risk resilience [2]. - As of June 30, 2025, the company managed and operated 53 logistics port projects across 41 cities, with a total operational area of approximately 6.71 million square meters and an occupancy rate of about 87% for mature logistics parks [2]. Port and Related Services - Revenue from port and related services decreased by 13% year-on-year to approximately HKD 1.39 billion, attributed to reduced income from the port supply chain due to falling coal prices and overall market demand slowdown [3]. - Net profit attributable to shareholders in this segment fell by 72% to approximately HKD 12.04 million, impacted by increased depreciation and amortization costs from new project launches and intensified competition in the domestic port industry [3]. Toll Road and Environmental Business - The toll road and environmental business, managed by Shenzhen Expressway Group, reported total revenue of approximately HKD 4.22 billion, a 4% increase year-on-year [3]. - Net profit for Shenzhen Expressway increased by 21% year-on-year to approximately HKD 1.11 billion, benefiting from changes in the fair value of financial assets and significantly reduced financial costs [3]. - The company's share of profits from Shenzhen Expressway rose by 12% year-on-year to approximately HKD 484 million [3].

Core Viewpoint - The company, Shen High-Speed (深高速), reported a year-on-year increase in revenue and net profit for the first half of 2025, driven by reduced financing costs and improved performance in its environmental protection segment [1][2]. Financial Performance - In the first half of 2025, Shen High-Speed achieved approximately 3.919 billion yuan in revenue, a year-on-year increase of 4.3% [1]. - The net profit attributable to shareholders was around 960 million yuan, reflecting a growth of 24.04% compared to the same period last year [1]. - Toll revenue reached approximately 2.449 billion yuan, with a slight increase of 0.64%. Excluding the impact of a project no longer included in the consolidation, the toll revenue grew by 4.31% year-on-year [1]. Business Segments - The toll road business accounted for about 63% of the company's total revenue, while the environmental protection segment was the second-largest business area [1]. - The environmental protection segment showed a reduction in losses, with the company managing over 6,300 tons per day of organic waste treatment and operating 18 projects commercially [2][3]. Operational Developments - The company has initiated major projects, including the Shenzhen Outer Ring Phase III, which is 20% complete and expected to be operational by the end of 2028 [2]. - The company is also advancing the expansion of the Ji-Hu Expressway, which has completed 12% of its construction [2]. Cost Management and Financing - The company reported a decrease in financing costs, with the overall borrowing cost dropping to 2.57% in the first half of 2025 from 3.19% in 2024 [3]. - New borrowings of approximately 11.5 billion yuan were made at an average cost of 2.07%, which is 0.44 percentage points lower than in 2024 [3]. - The company successfully replaced high-interest foreign currency debt with low-cost RMB funds, reducing financial expenses by 30% year-on-year [4].

2025 年半年度业绩说明会会议纪要 说明会基本情况： 深圳高速公路集团股份有限公司 深圳高速公路集团股份有限公司（"公司"）于 2025 年 8 月 25 日及 8 月 26 日举行了 2025 年半年度业绩说明会。本次业绩说明会采用网络方式分两场举行。 第一场于 2025 年 8 月 25 日 16:00－17:00 通过进门财经平台采用网络视频 直播方式举行； 第二场于 2025 年 8 月 26 日 15:00－16:00 通过全景·路演天下平台采用网络 远程方式举行。 参会人员： 公司董事长徐恩利先生、执行董事兼总裁廖湘文先生、独立董事颜延先生、 副总裁黄毕南女士、副总裁王绍良先生、副总裁文德良先生、副总裁杜猛先生、 总会计师兼董事会秘书赵桂萍女士。 会议内容纪要： 一、介绍环节。总会计师兼董事会秘书赵桂萍、执行董事兼总裁廖湘文、 董事长徐恩利先后介绍了公司 2025 年上半年的财务表现、经营情况以及公司未 来发展的思路和工作重点。 二、问答环节。参会人员围绕公司上半年业绩状况、经营表现、战略规划、 资本开支计划、分红派息政策等问题与管理层进行了沟通交流，主要内容如下： 1、今年上半年公司业绩同比增 ...

第二场于 2025 年 8 月 26 日 15:00－16:00 通过全景·路演天下平台采用网络 远程方式举行。 公司董事长徐恩利先生、执行董事兼总裁廖湘文先生、独立董事颜延先生、 副总裁黄毕南女士、副总裁王绍良先生、副总裁文德良先生、副总裁杜猛先生、 总会计师兼董事会秘书赵桂萍女士参加了上述会议。 参会人员围绕公司上半年业绩状况、经营表现、战略规划、资本开支计划、 分红派息政策等问题与管理层进行了沟通交流。有关详情可参阅公司于本公告同 日在上海证券交易所网站（http://www.sse.com.cn）发布的《深圳高速公路集团 股份有限公司 2025 年半年度业绩说明会会议纪要》。 | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-078 | | --- | --- | --- | --- | --- | | 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： ...

Core Viewpoint - The company reported strong growth in its mid-year performance, with significant increases in revenue and net profit, despite a decline in gross margins for its main business segments [1][2]. Revenue and Profitability - In the first half of 2025, the company achieved operating revenue of 3.919 billion yuan, a year-on-year increase of 4.30% [1]. - The net profit attributable to shareholders reached 960 million yuan, reflecting a year-on-year growth of 24.04% [1]. - The toll road business generated revenue of 2.449 billion yuan, accounting for 62.51% of total revenue, with a year-on-year growth of 0.64% [2]. Business Segment Performance - The clean energy segment experienced a gross margin decline of 5.35 percentage points to 50.03%, influenced by increased wind abandonment rates and maintenance downtime [1]. - The solid waste resource recovery business saw revenue growth of 26.24%, reaching 390 million yuan [2]. - The clean energy generation revenue decreased by 4.19% due to adverse weather conditions and operational challenges [2]. Financial Management - The company optimized its asset structure, successfully issuing 9.3 billion yuan in short-term financing and completing a 4.7 billion yuan A-share private placement, resulting in a 30% reduction in financial expenses [3]. - The reduction in financial costs contributed significantly to the overall profit growth [2][3]. Strategic Focus - The company aims to strengthen its core toll road business while optimizing its environmental protection segment, focusing on improving the profitability of kitchen waste treatment projects [4][5]. - The company plans to continue investing in major new and expanded road projects, concentrating resources on its core business areas [5]. Project Development - Several major engineering projects are progressing well, including the opening of key toll stations and ongoing construction of highway expansions, which are expected to enhance connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area [4].

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 《2025 年半年度業績說明會召開情況的公告》及附件，僅供參閱。 中國，深圳，2025 年 8 月 26 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：临 2025-078 | | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | 债券代码：185300 | ...

Summary of Conference Call Records Company Overview - The conference call records pertain to **申高速** and **深高速**, focusing on their financial performance and operational updates for the first half of 2025. Key Points Financial Performance - **深高速** reported toll revenue of **24.5 billion** CNY, accounting for **63%** of total revenue, with a year-on-year growth of **0.64%** and a same-caliber growth of **4.3%** driven by the **深中通道** and **沿江二期** projects, despite a negative impact from the **外环二期** project due to traffic diversion [2][3][20] - **申高速** achieved total revenue of approximately **39.2 billion** CNY, a **4.3%** increase year-on-year, with a net profit of **9.6 billion** CNY, reflecting a **24%** rise, primarily due to reduced interest income and improved performance in the kitchen waste treatment business [3][4][13] Segment Performance - The **大环保** segment generated **7.5 billion** CNY, representing **19%** of total revenue, with a **2%** increase year-on-year, attributed to the operation of the **光明环境园** kitchen waste treatment project and increased revenue from **兰德环保** [2][4] - **建造服务** revenue reached **4.6 billion** CNY, marking a **60%** increase, mainly from the **外环高速** and **光明环境园** projects [2][6] Financial Costs and Investments - Financial expenses decreased by **1.7 billion** CNY, a **30%** reduction, due to the replacement of foreign debt with low-interest CNY loans and a decline in funding costs [2][7][23] - Investment income fell by **29%** year-on-year, primarily due to last year's gains from equity disposals and impairment provisions for real estate inventory in joint ventures [2][7] - Capital expenditures for the first half of 2025 were approximately **21 billion** CNY, with projected total capital expenditures of **192 billion** CNY from the second half of 2025 to the end of 2027 for various construction projects [2][8][9] Operational Updates - The toll road segment showed stable growth, with **16** projects covering **613 kilometers**. The **深中通道** and **沿江二期** positively impacted traffic and revenue, while the **外环二期** faced challenges due to traffic diversion [2][10][20] - Major ongoing projects include **外环三期**, **吉河高速** expansion, and **京港澳穗管段** expansion, with progress meeting expectations [2][11][16] Strategic Planning - The company is formulating its **十五五** strategic plan, focusing on enhancing core toll road operations and optimizing the **大环保** business while cautiously exploring quality clean energy projects [4][22] - Plans to improve operational efficiency and reduce costs through technology and management enhancements were discussed, including the integration of digital platforms and smart construction techniques [17][27] Future Outlook - The company aims to maintain high-quality growth in the second half of 2025, focusing on achieving annual operational targets and exploring opportunities in toll road expansions and clean energy projects [19][22] - The **清洁能源** segment faced challenges with a **4.2%** decline in revenue and a drop in gross margin due to increased curtailment rates in wind projects [22][23] Regulatory Environment - The company is closely monitoring the revision of toll road management regulations, which could significantly impact the industry [24] Shareholder Returns - The company has committed to a stable dividend policy, with a cash dividend payout ratio of no less than **55%** for the years 2024-2026, contingent on operational performance and funding needs [28] Miscellaneous - The **青连高速** road surface improvement project had a temporary negative impact on traffic revenue, estimated at **20 million** CNY, but is expected to enhance revenue post-completion [29]