Core Insights - Shenzhen Expressway Group Co., Ltd. reported a revenue of approximately 3.919 billion yuan for the first half of 2025, representing a year-on-year increase of 4.30% [1] - The net profit attributable to shareholders reached about 960 million yuan, marking a year-on-year growth of 24.04%, with earnings per share at 0.382 yuan [1] - The growth in performance was primarily driven by reduced interest expenses, decreased losses in environmental business, and changes in the fair value of related assets [1] Revenue Breakdown - During the reporting period, toll revenue amounted to 2.449 billion yuan, reflecting a year-on-year increase of 0.64% [1] - Excluding the impact of Yichang Expressway, which was no longer included in the consolidated scope from March 21, 2024, the toll revenue increased by 4.31% on a comparable basis [1] Operational Factors - The integration of the road network positively impacted the company's operations in the Shenzhen area [1] - The reduction in rainfall during the flood season compared to the previous year minimized adverse weather effects on traffic [1] - Initiatives such as automobile subsidies and trade-in programs have stimulated vehicle consumption, contributing to increased traffic volume on highways [1] Infrastructure Development - The simultaneous opening of the Shenzhen-Zhongshan Channel and the second phase of the Yangtze River Expressway has enhanced the integration of Shenzhen with the eastern and western regions of the Pearl River Delta [1] - The core traffic hub effect continues to be released, effectively boosting traffic flow on the Yangtze River Expressway and the Jihe Expressway, with daily toll revenue on the Yangtze River Expressway increasing by over 20% year-on-year [1] Financial Strategy - The company issued short-term financing bonds, medium-term notes, and perpetual corporate bonds totaling 9.3 billion yuan to replace existing debt and supplement working capital [2] - The successful completion of a 4.7 billion yuan A-share private placement during the reporting period has strengthened the group's capital position, ensuring sustainable development for the future [2]

Core Viewpoint - The company reported a revenue increase of 4.30% and a net profit increase of 24.04% for the first half of 2025, driven by reduced interest expenses, improved performance in environmental services, and changes in asset fair value [2] Financial Performance - In the first half of 2025, the company achieved an operating income of 3.919 billion yuan and a net profit attributable to shareholders of 960 million yuan, with earnings per share of 0.382 yuan [2] - Toll revenue reached 2.449 billion yuan, reflecting a year-on-year growth of 0.64%, and a 4.31% increase when adjusted for the exclusion of Yichang Expressway from the consolidated scope [2] Business Operations - The company’s organic waste treatment business saw a reduction in losses due to optimized management and increased waste disposal and oil extraction volumes [2] - The company plans to enhance communication with government departments to promote project commercialization and implement pricing mechanisms to improve profitability in the organic waste treatment sector [2] Project Development - Ongoing construction projects are progressing well, with the Outer Ring Phase III and the Jihe Expressway expansion both underway, achieving 20% and 12% completion respectively [3] - The company issued 9.3 billion yuan in short-term financing instruments to refinance existing debt and supplement working capital, while also successfully completing an A-share private placement to strengthen capital [3] Strategic Planning - The company aims to enhance existing projects and focus on core business areas, particularly toll road operations and improving the profitability of environmental projects [3] - A strategic plan for the 14th Five-Year Plan is being developed, focusing on national policy directions, industry trends, and technological innovations to ensure sustainable high-quality development [3]

Core Viewpoint - The recent financial report of Shen High-Speed (600548) shows positive growth in revenue and net profit for the first half of 2025, indicating a stable financial performance despite some challenges in profit margins and cash flow metrics [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 3.919 billion yuan, a year-on-year increase of 4.3% [1]. - Net profit attributable to shareholders was 960 million yuan, reflecting a year-on-year growth of 24.04% [1]. - In Q2 2025, total revenue was 2.147 billion yuan, up 24.89% year-on-year, while net profit for the quarter was 482 million yuan, marking a 59.09% increase [1]. - Gross margin stood at 36.96%, down 3.66% year-on-year, while net margin improved to 26.3%, up 16.09% [1]. - Total expenses (selling, administrative, and financial) amounted to 563 million yuan, accounting for 14.37% of revenue, a decrease of 26.68% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 0.38 yuan, a rise of 22.44% year-on-year [1]. - Cash flow from operations per share was 0.77 yuan, down 4.6% year-on-year [1]. - The company's net assets per share rose to 9.03 yuan, an increase of 11.4% year-on-year [1]. Changes in Financial Items - Cash and cash equivalents increased by 100.18% due to fundraising through the issuance of A-shares [3]. - Trade receivables rose by 1.55%, while long-term prepayments increased by 38.91% due to project payments [3]. - Contract liabilities grew by 36.11% as a result of increased customer advances [3]. - Operating income increased by 4.3% due to higher construction service revenue under franchise arrangements [3]. Investment Insights - The company's return on invested capital (ROIC) was 3.68%, indicating weak capital returns, with a historical median ROIC of 7.85% over the past decade [4]. - The cash flow situation is a point of concern, with cash and cash equivalents covering only 72.3% of current liabilities [4]. - The debt situation is also noteworthy, with interest-bearing debt ratio reaching 43.08% [4].

Core Viewpoint - Shenzhen Expressway Group Co., Ltd. reported a revenue of approximately 3.92 billion yuan for the first half of 2025, marking a year-on-year increase of 4.30%, and a net profit attributable to shareholders of approximately 960 million yuan, reflecting a growth of 24.04% [1][2]. Financial Performance - The total revenue for the reporting period was approximately 3.92 billion yuan, compared to 3.76 billion yuan in the same period last year, resulting in a 4.30% increase [2]. - The total profit for the period was approximately 1.26 billion yuan, up 14.15% from approximately 1.10 billion yuan in the previous year [2]. - The net profit attributable to shareholders was approximately 960 million yuan, a 24.04% increase from approximately 774 million yuan in the previous year [2]. - The basic earnings per share were 0.382 yuan, up 22.44% from 0.312 yuan in the same period last year [3]. - The net asset attributable to shareholders was approximately 26.92 billion yuan, a 22.89% increase from 21.90 billion yuan at the end of the previous year [2]. Operational Highlights - The toll revenue for the first half of 2025 was approximately 2.45 billion yuan, reflecting a year-on-year increase of 0.64%. Excluding the impact of the exclusion of a highway from consolidation, the toll revenue increased by 4.31% on a comparable basis [3]. - The company experienced positive synergy effects from the integration of the Shenzhen regional road network, aided by reduced rainfall during the flood season compared to the previous year, which improved traffic conditions [4]. - The opening of the Shenzhen-Zhongshan Channel and the second phase of the Yangjiang Expressway has enhanced connectivity between the eastern and western banks of the Pearl River Estuary, significantly increasing traffic flow on related highways [4]. Project Developments - The third phase of the Outer Ring Road has commenced construction, achieving approximately 20.2% of the engineering progress by the end of the reporting period [5]. - The expansion project of the Jihe Expressway has also started, with about 12% of the engineering progress completed [6]. - The company is advancing the expansion of the Guangzhou-Shenzhen section of the Jinggang'ao Expressway, with the Dongguan-Guangzhou section entering the construction phase [6]. Environmental Initiatives - The company is focusing on solid waste resource treatment and clean energy generation as a secondary business. The revenue from environmental businesses was approximately 750 million yuan, accounting for 19.14% of total revenue [6]. - The organic waste treatment business has seen a reduction in losses due to optimized management, with both waste disposal and oil extraction volumes increasing year-on-year [6]. Financial Strategy - The company has optimized its debt structure by issuing short-term financing bonds, medium-term notes, and perpetual corporate bonds totaling 9.3 billion yuan to replace existing debt and supplement working capital [7]. - The successful completion of a 4.7 billion yuan A-share private placement has strengthened the company's capital base, supporting sustainable future development [7].

Core Insights - The company reported a revenue of 3.919 billion yuan for the first half of 2025, representing a year-on-year growth of 4.30% [1] - The net profit attributable to shareholders reached 960 million yuan, showing a significant increase of 24.04% year-on-year [1] Revenue Performance - Toll revenue for the first half was 2.449 billion yuan, with a year-on-year increase of 0.64%. Excluding the impact of Yichang Expressway no longer being included in the consolidated scope since March 21, 2024, the toll revenue growth on a comparable basis was 4.31% [1] Project Development - The company has made steady progress on its ongoing projects, with the opening of the Outer Ring Kengzi East Hub and the Outer Ring Xinwei Toll Station on March 11 and April 23, respectively [1] - The Outer Ring Phase III has commenced construction, achieving approximately 20% of the engineering progress by the end of the reporting period [1] - The main construction of the Jihe Expressway expansion project has started, with about 12% of the engineering progress completed [1] - The company is also advancing the expansion of the Guangzhou to Shenzhen section of the Jinggang'ao Expressway through its subsidiary Bay Area Development, with the Dongguan-Guangzhou section entering the physical construction phase [1] Financial Strategy - The company has optimized its debt structure by issuing short-term financing bonds, medium-term notes, and perpetual corporate bonds totaling 9.3 billion yuan to replace existing debt and supplement working capital [2] - A successful issuance of 4.7 billion yuan in A-share private placements has strengthened the company's capital position, providing robust support for sustainable future development [2]

（股份代號：00548） （於中華人民共和國註冊成立的股份有限公司） 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。 聯席公司秘書離任 茲提述深圳高速公路集團股份有限公司（「本公司」 ）日期為2022年3月10日有關委聘董事 會秘書及聯席公司秘書的公告。本公司董事會(「董事會」)謹此宣佈，董事會於2025?8 月22日收到?席公司秘書於林婉玲女士(「林女士」)提交的書面辭職報告。林女士因個人 業務原因辭任?席公司秘書職務。林女士的辭職報告送達董事會後即時生效。林女士已確 認，彼與董事會並無意見分歧，亦無任何有關彼?再擔任本公司的?席公司秘書之事宜須 敦請香港聯合交易所有限公司（ 「聯交所」 承董事會命 趙桂萍 公司秘書 中國，深圳，2025 年 8 月 22 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 ...

Core Viewpoint - Shenzhen Expressway Group Co., Ltd. reported a revenue of 3.919 billion yuan and a net profit of 960 million yuan for the first half of 2025, indicating a year-on-year growth of 4.30% and 24.04% respectively, driven by reduced interest expenses, improved environmental business performance, and changes in asset fair value [2] Group 1: Revenue and Profit Performance - The company achieved an operating income of 3.919 billion yuan, a 4.30% increase year-on-year [2] - The net profit attributable to shareholders was 960 million yuan, reflecting a 24.04% year-on-year growth, with earnings per share at 0.382 yuan [2] Group 2: Toll Road Business - Toll revenue reached 2.449 billion yuan, a 0.64% increase year-on-year; excluding the impact of the exclusion of Yichang Expressway from consolidation, the revenue grew by 4.31% [3] - The opening of the Shenzhen-Zhongshan Link and the second phase of the Yangtze River Expressway contributed to increased traffic volume on related expressways [3] Group 3: Organic Waste Treatment Business - The organic waste treatment segment saw reduced losses due to optimized management and increased waste disposal and oil extraction volumes [4] - The company plans to enhance communication with government departments to promote project commercialization and implement pricing mechanisms [4] Group 4: Major Project Progress - Key projects, including the opening of the Pitzi East Hub and the New Wei Toll Station, have progressed well, enhancing connectivity in the eastern and northern regions of Shenzhen [5] - The ongoing expansion of the Jihe Expressway is expected to improve traffic capacity and meet the transportation needs of the Guangdong-Hong Kong-Macao Greater Bay Area [5] Group 5: Debt Structure Optimization - The company issued 9.3 billion yuan in various financial instruments to optimize its debt structure during the first half of 2025 [6] - A successful issuance of 4.7 billion yuan in A-share private placements has strengthened the company's capital base for sustainable development [7]

格隆汇8月22日丨深高速(600548.SH)公布2025年半年报，公司上半年实现营业收入39.19亿元，同比增长 4.3%；归母净利润9.6亿元，同比增长24.04%；基本每股收益0.38元/股。报告期内，净利润增长主要原 因为持有参股公司股权公允价值变动收益增加及利息支出减少等。 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-076 | | --- | --- | --- | --- | --- | | 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 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-075 | | --- | --- | --- | --- | --- | | 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 ...