深圳高速公路股份有限公司 (在中華人民共和國註冊成立的股份有限公司) (股份代號：600548（上交所）00548（聯交所）） 2019 半 年 度 報 告 有關前瞻性陳述之提示聲明： 除事實陳述外，本報告中還包括了某些本公司預計或期待未來可能發生的（包括但不限於）預測、目標、估計及計劃等「前 瞻性陳述」。前瞻性陳述涉及一些通常或特別的已知和未知的風險與不明朗因素，受此影響，本公司未來的實際結果可能 會與這些前瞻性陳述出現重大差異。任何人需審慎考慮上述及其他因素，並不可完全依賴公司的前瞻性陳述。此外，本 公司聲明，本公司沒有義務因新信息、未來事件或其他原因而對本報告中的任何前瞻性陳述公開地進行更新或修改；本 公司及其任何員工或連絡人並未就公司的未來表現作出任何保證聲明及不為任何該等聲明負責。 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實、準確、完 整，不存在虛假記載、誤導性陳述或者重大遺漏，並承擔個別和連帶的法律責任。 深國際集團成員 | --- | --- | --- | --- | --- | |-------|--------------------|-------|----- ...

Financial Performance - Net profit attributable to shareholders rose by 30.43% to CNY 1.52 billion for the first nine months of the year[8]. - Operating revenue for the first nine months reached CNY 4.14 billion, reflecting a growth of 13.31% year-on-year[8]. - Basic earnings per share increased by 30.43% to CNY 0.697[8]. - Operating profit for the first nine months of 2018 was ¥2,037,069,537.98, compared to ¥1,571,861,660.25 for the same period in 2017, reflecting a growth of 29.6%[39]. - Total profit for the first nine months of 2018 reached CNY 780.67 million, compared to CNY 1,077.51 million in the same period last year, reflecting a decrease of 27.6%[43]. - Net profit for Q3 2018 was ¥605,823,990.82, up 21.6% from ¥498,252,712.17 in Q3 2017[40]. Revenue and Traffic Data - In the third quarter of 2018, the average daily mixed traffic volume on the Meiguan Expressway increased by 7.8% year-on-year, reaching 108 thousand vehicles, while the average daily toll revenue rose by 5.9% to RMB 378 thousand[14]. - The average daily mixed traffic volume on the Jihe East Section grew by 3.0% year-on-year to 304 thousand vehicles, with average daily toll revenue increasing by 2.5% to RMB 2,189 thousand[14]. - The average daily mixed traffic volume on the Jiangnan Project increased by 9.2% year-on-year to 97 thousand vehicles, and average daily toll revenue surged by 23.6% to RMB 1,435 thousand[14]. - The average daily toll revenue for the Guangzhou West Second Ring Road saw a significant increase of 21.9% year-on-year, reaching RMB 1,789 thousand despite a 9.6% decrease in traffic volume[19]. - The group’s toll revenue from existing subsidiaries increased by 2.75% year-on-year, driven by natural growth in traffic volume and improvements in surrounding road networks[21]. Assets and Liabilities - Total assets increased by 0.81% to CNY 44.37 billion compared to the end of the previous year[7]. - The total interest-bearing debt at the end of the reporting period was CNY 21,407,650 thousand, a decrease of 1.3% from the beginning of the year[23]. - The asset-liability ratio at the end of the reporting period was 62.22%, down 1.91 percentage points from the beginning of the year[23]. - The company’s total liabilities decreased from RMB 28.23 billion at the beginning of the year to RMB 27.61 billion by September 30, 2018[35]. - The company’s non-current liabilities totaled RMB 21.87 billion, an increase from RMB 19.41 billion at the beginning of the year, indicating a rise in long-term financial obligations[35]. Cash Flow and Financial Activities - Net cash flow from operating activities for the first nine months was CNY 2.33 billion, up 2.42% from the previous year[8]. - Cash flow from operating activities for the first nine months of 2018 was CNY 2.33 billion, slightly up from CNY 2.27 billion in the same period last year[45]. - Cash flow from investing activities showed a net outflow of CNY 507.46 million, an improvement from a net outflow of CNY 5.12 billion in the previous year[46]. - Cash dividends, profits, or interest payments rose to $874.84 million compared to $701.64 million[48]. - The net increase in cash and cash equivalents was $89.53 million, a significant recovery from a decrease of -$1.91 billion[48]. Shareholder Information - As of the end of the reporting period, the total number of shareholders was 17,700, with the top ten shareholders holding 33.38% of the shares[12]. - The company plans to introduce a strategic investor, Vanke, through a capital increase of RMB 2.9 billion, diluting its and New Tongchan's stakes to 34.3% and 35.7% respectively[29]. Financial Expenses - Financial expenses for the first nine months of 2018 totaled CNY 826,232 thousand, an increase of 51.19% compared to the previous year, primarily due to rising interest expenses and foreign exchange losses[22]. - The company’s financial expenses surged to CNY 158.38 million in Q3 2018, compared to CNY 60.09 million in Q3 2017, marking an increase of 163.5%[43].

Financial Performance - The company's operating revenue for the first half of 2018 was approximately RMB 2.68 billion, representing a 16.91% increase compared to the same period last year [26]. - Net profit attributable to shareholders reached approximately RMB 968.65 million, marking a 37.42% increase year-on-year [26]. - Basic earnings per share increased to RMB 0.444, up 37.42% from RMB 0.323 in the previous year [26]. - The weighted average return on equity rose to 6.91%, an increase of 2.04 percentage points compared to the previous year [26]. - The net cash flow from operating activities was approximately RMB 1.60 billion, reflecting a 21.27% increase year-on-year [26]. - The total assets of the company at the end of the reporting period were approximately RMB 44.40 billion, a slight increase of 0.88% from the previous year [26]. - The net assets attributable to shareholders increased to approximately RMB 13.99 billion, representing a 2.64% increase compared to the end of the previous year [26]. - The company reported a net profit of RMB 787.96 million after deducting non-recurring gains and losses, which is a 10.11% increase from the previous year [26]. - Non-recurring gains totaled approximately RMB 180.69 million, with significant contributions from various sources including compensation for property and foreign exchange derivatives [29]. Revenue Sources - Toll revenue accounted for 91.97% of total revenue, amounting to approximately RMB 2.462 billion [50]. - The revenue from the toll road segment reached 2,462,485 thousand RMB, with a year-on-year growth of 14.42% [116]. - The company reported a significant increase in real estate development revenue, which grew by 98.65% to 110,811 thousand RMB, attributed to a higher number of completed housing units [96]. Business Strategy and Expansion - The company continues to explore market expansion opportunities and enhance operational efficiency through strategic initiatives [27]. - The company has established a dual main business strategy focusing on toll roads and environmental services, while actively expanding into infrastructure construction, urban development, and financial services [41]. - The company is actively seeking cooperation opportunities with leading enterprises in the environmental protection industry to enhance its competitive strength [47]. - The company is exploring smart transportation construction and enhancing service quality through strategic cooperation with research institutions and technology teams [64]. - The company is focused on expanding its business in the Deep-Shan Special Cooperation Zone and Guizhou Longli County, positioning itself as a key player in urban and transportation infrastructure development [154]. Risk Management - The company faces significant risks due to policy environment impacts on the toll road industry, which may affect traffic flow and operational management [9]. - The report includes forward-looking statements that are subject to various risks and uncertainties, which may lead to actual results differing significantly from those projected [7]. - The company is closely monitoring policy developments that may impact toll revenue, including the potential cancellation of highway toll stations [53]. Corporate Governance - The board of directors confirmed the accuracy and completeness of the financial report, with no significant omissions or misleading statements [4]. - The company has renewed the appointment of Ernst & Young Hua Ming as the auditor for the 2018 fiscal year [164]. - The company has complied with the corporate governance practices required by both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, with no significant deviations reported [197]. Investments and Acquisitions - The company completed the acquisition of 100% equity in the Yangjiang Company, which was included in the consolidated financial statements from February 8, 2018 [57]. - The company completed the acquisition of 100% equity of Yanjiang Company for a transfer price of RMB 1.472 billion [167]. - The company has committed to invest RMB 756 million in the Yangmao Expressway expansion project, part of a total investment of RMB 3.024 billion shared among multiple partners [182]. Employee and Investor Relations - As of June 30, 2018, the company had a total of 4,979 employees, including 1,102 management and professional personnel, and 3,877 operational staff [199]. - The company organized 23 employee training sessions during the reporting period, with a total of 260 participants [200]. - A total of 18 groups comprising 47 investors visited the company for direct communication in the first half of 2018 [198]. Financial Stability - The company maintains a strong credit rating and has established good relationships with banks, ensuring smooth financing channels [44]. - The company has a diversified debt structure, with 48.8% of its loans being credit loans and 89.7% denominated in RMB [138]. - The company has no overdue bank loans or bond principal and interest during the reporting period [136]. Environmental Initiatives - The company has established an environmental company to explore investment opportunities in the large environmental industry, focusing on water environment governance and solid waste treatment [71]. - The company is collaborating with Suez Group to establish a joint venture for hazardous waste disposal and water environment governance [73]. - The company plans to explore acquisition opportunities in the solid waste and water pollution treatment sectors to enhance its environmental business [152].

公司代码：600548 公司简称：深高速 深圳高速公路股份有限公司 SHENZHEN EXPRESSWAY COMPANY LIMITED ( 于 中 华 人 民 共 和 国 注 册 成 立 的 股 份 有 限 公 司 ) 2018 年第一季度报告全文 2018 年 4 月 25 日 | 一、 | 重要提示 | | 3 | | --- | --- | --- | --- | | 二、 | 公司基本情况 | | 3 | | 三、 | 重要事项 | | 6 | | 四、 | 附录 | | 13 | 2018 年第一季度报告 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | | 本报告期末比上 | | --- | --- | --- | --- | --- | | | | 调整后 | 调整前 | 年度末增减(%) | | 总资产 | 44,667,577,751.58 | 44,082,970,503.24 | 37,473,826,542.60 | 1.33 | | 归属于上市公司股东的净资 | 14,094,956,098.63 | 13,695,322,3 ...

Dividend and Shareholder Returns - The company proposed a final cash dividend of RMB 0.30 per share for the year 2017, subject to approval at the annual general meeting [7]. - The company has not implemented any capital reserve transfer to increase share capital [7]. - The company plans to distribute a cash dividend of RMB 0.30 per share for 2017, up from RMB 0.22 in 2016 [38]. - The board proposed a final cash dividend of 0.30 yuan per share, representing 45.9% of earnings per share, subject to approval at the annual general meeting [63]. Financial Performance - In 2017, the company's operating revenue reached CNY 4,836,620,833.89, representing a 6.72% increase compared to CNY 4,532,209,156.54 in 2016 [29]. - The net profit attributable to shareholders was CNY 1,426,402,801.01, which is a 21.98% increase from CNY 1,169,353,230.77 in the previous year [29]. - The net cash flow from operating activities was CNY 2,660,705,790.47, marking a 25.11% increase from CNY 2,126,610,026.45 in 2016 [29]. - The total assets of the company at the end of 2017 were CNY 37,473,826,542.60, a 15.71% increase from CNY 32,384,844,447.16 at the end of 2016 [30]. - The net assets attributable to shareholders increased to CNY 13,618,079,670.58, reflecting a 7.44% growth from CNY 12,674,475,959.27 in 2016 [30]. - Basic earnings per share for 2017 were CNY 0.654, up 21.98% from CNY 0.536 in 2016 [31]. - The weighted average return on equity increased to 10.88%, up 1.53 percentage points from 9.35% in 2016 [31]. - The company reported a quarterly revenue of CNY 1,465,978,121.30 in Q4 2017, contributing to the overall annual growth [33]. - The company reported a non-recurring loss of CNY 42,494,150.97 in 2017, compared to a profit of CNY 164,636,273.01 in 2016 [34]. - The company achieved a net profit of RMB 1,426,403 thousand in 2017, a year-on-year increase of 21.98% compared to RMB 1,169,353 thousand in 2016, primarily driven by growth in toll revenue and contributions from newly acquired projects [118]. - Total operating revenue for 2017 was RMB 4,836,621 thousand, representing a year-on-year growth of 6.72%, with toll revenue accounting for 88.59% of total revenue at RMB 4,284,638 thousand, up 16.43% from RMB 3,679,988 thousand in 2016 [121][122]. Operational Management and Strategy - The company plans to continue its prudent management approach, focusing on cost control and timely adjustments to its operational strategies [9]. - The company is managing 89.93% equity of Longda Company, which includes daily operational management of Longda Expressway [16]. - The company has implemented a free passage policy on several expressways since February 7, 2016, significantly reducing toll revenue [16]. - The company is actively involved in various construction projects, including the Meilin Pass urban renewal project with a land area of approximately 96,000 square meters [17]. - The company has established a comprehensive investment strategy focusing on infrastructure development and management across multiple regions [17]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and revenue growth [1]. - The company is actively promoting smart transportation research and application to enhance user experience and internal management levels [65]. - The company aims to expand its toll road business while enhancing investment, construction, operation, and maintenance capabilities to drive growth [194]. Acquisitions and Investments - The company acquired 100% equity of Yichang Company in June 2017, which was included in the consolidated financial statements from June 15, 2017 [37]. - The company completed the acquisition of the Yichang project and initiated the acquisition of the Yangtze River project, adding over 100 kilometers to its toll road network [65]. - The company acquired 100% equity of the Yangjiang project and 100% equity of the Yichang project, enhancing its asset portfolio [47]. - The company has signed agreements for the acquisition of 20% equity in Derun Environment, further diversifying its investment portfolio [54]. - The company invested RMB 440,864.45 thousand to acquire a 20% stake in Derun Environment, a comprehensive environmental company, enhancing its position in the environmental sector [113]. - The company successfully subscribed for a 15% stake in the Water Planning Institute for RMB 6,189 thousand, marking a strategic entry into the water environment governance field [112]. Market and Economic Environment - The company expects China's economic growth to remain between 6.5% and 7%, with continued demand for infrastructure, including urban transportation and environmental facilities [67]. - The overall economic environment in China showed stable growth, with GDP increasing by 6.9% in 2017, positively impacting road transport demand [78]. - The company recognizes the challenges in the toll road industry due to rising construction and operational costs and plans to innovate its business model and collaborate with local governments [68]. - The company faces policy risks related to toll road operations, which may impact traffic flow and future growth [190]. Traffic and Revenue Metrics - Daily average traffic volume on the Mei-Guang Expressway increased to 92,078 vehicles in 2017, up from 83,211 vehicles in 2016, representing an increase of approximately 10.5% [36]. - Daily average toll revenue for the Mei-Guang Expressway was CNY 336.3 thousand in 2017, compared to CNY 311.3 thousand in 2016, reflecting a growth of about 8.1% [36]. - The average daily toll revenue for the Qinglian Expressway increased to CNY 2,016.5 thousand in 2017, compared to CNY 1,834.9 thousand in 2016, marking an increase of approximately 9.9% [36]. - The average daily traffic volume for the Yangmao Expressway increased by 9.4% to 50,000 vehicles, with daily toll revenue slightly rising by 1.1% to RMB 1.819 million [82]. - The average daily mixed traffic volume for the Meiguan Expressway increased by 10.7% to 92,000 vehicles, with daily toll revenue rising by 8.0% to RMB 336,000 [81]. Challenges and Risks - The company emphasized the significant impact of policy environment on the toll road industry, which poses challenges to its operations and management [9]. - The company recognizes the challenges in the toll road industry due to rising construction and operational costs and plans to innovate its business model and collaborate with local governments [68]. - The company has identified environmental protection as a second core business, facing challenges in technology and talent acquisition that could affect project profitability and overall performance [195]. - The company anticipates a total construction scale exceeding 25 billion RMB for major projects in 2018, which may face risks related to cost increases and project delays [198]. - The company has established a comprehensive project change management system to address risks associated with construction changes and cost fluctuations [199]. Corporate Governance - The financial report was audited by Ernst & Young Hua Ming, which issued a standard unqualified opinion [6]. - The company confirmed that all board members attended the board meeting [5]. - The company highlighted the importance of considering risks associated with forward-looking statements in the report [8].