深圳高速公路集团股份有限公司 简式权益变动报告书 上市公司名称：深圳高速公路集团股份有限公司 股票上市地点：上海证券交易所 股票简称：深高速 股票代码：600548 信息披露义务人：江苏云杉资本管理有限公司 注册地址：南京市中山东路291号101室 通讯地址：江苏省南京市建邺区江东中路399号江苏交控大厦 信息披露义务人声明 一、本报告书依据《中华人民共和国公司法》、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司收购管理办法》（以下简称"《收购 办法》"）、《公开发行证券的公司信息披露内容格式与准则第 15 号—权益变 动报告书》（以下简称"《准则 15 号》"）及其他相关法律、法规及部门规章 的有关规定编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之冲突。 三、依据《证券法》、《收购办法》、《准则 15 号》的规定，本报告书已 全面披露了信息披露义务人在深圳高速公路集团股份有限公司拥有权益的股份 变动情况。截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人 没有通过任何其他方式增加或减少其在深圳高速公路 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-059 | | --- | --- | --- | --- | --- | | 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 ...

Core Viewpoint - Yunshan Capital, a shareholder holding more than 5% of the company, increased its stake in the company's H-shares by acquiring 10.81 million shares between April 15 and May 27, 2025, raising its ownership from 9.57% to 10.00% [1] Group 1 - The increase in shareholding does not lead to a change in the company's controlling shareholder or actual controller, and it does not trigger a mandatory tender offer [1] - Yunshan Capital has prepared and disclosed a "Brief Report on Equity Changes" [1]

Core Viewpoint - The company aims to enhance the efficiency of fund utilization by using temporarily idle raised funds for structured deposits, ensuring the safety of the raised funds and increasing company revenue while protecting shareholder interests [2][4]. Group 1: Fund Management Overview - The company has decided to utilize a total of RMB 800 million (80,000 million) of temporarily idle raised funds for structured deposits with two banks: China Bank and Industrial and Commercial Bank of China [3][4]. - The structured deposit amounts are divided between the two banks, with specific expected annualized returns of 1.05% and 1.72% [3][4]. Group 2: Decision-Making Process - The decision to manage cash through structured deposits was approved in the 53rd meeting of the 9th Board of Directors and reviewed by the 31st Supervisory Board meeting [4][5]. - The cash management products will not exceed RMB 3 billion and can be rolled over within 12 months, with each product having a maximum term of 12 months [5][6]. Group 3: Risk Management - The structured deposit business is considered low-risk, but the company acknowledges potential market fluctuations that could affect returns [5]. - The company has implemented measures to monitor the safety, duration, and yield of the cash management products to control risks effectively [5][6]. Group 4: Impact on Daily Operations - The structured deposits are managed by large state-owned commercial banks and are considered capital-protected products, ensuring that daily operations and investment projects are not affected [5][6]. - This cash management strategy is expected to improve the efficiency of raised fund utilization and increase company revenue, aligning with the interests of the company and its shareholders [5][6].

Summary of the Conference Call for Shen High-Speed (深高速) Company Overview - Shen High-Speed reported a revenue of 1.772 billion yuan for Q1 2025, with a net profit attributable to shareholders of approximately 478 million yuan, showing a slight year-on-year increase. The net profit after deducting non-recurring gains and losses grew nearly 16% year-on-year, with earnings per share at 0.203 yuan [2][4] Key Financial Performance - For the full year 2024, Shen High-Speed achieved a revenue of 9.25 billion yuan and a net profit of 1.15 billion yuan, with earnings per share at 0.411 yuan. The decline in profit was mainly due to reduced revenue from the joint venture in real estate and asset impairment provisions made at the end of 2024 [4] Toll Road Business - The toll road business remained stable, with daily toll revenue in the Shenzhen area increasing, particularly benefiting from the opening of new roads. The average daily toll revenue for the Yangtze River Highway increased by 18% [2][7] Environmental Business - Shen High-Speed is actively expanding its environmental business, with an organic waste processing capacity exceeding 6,900 tons per day. In Q1 2025, 17 projects were in commercial operation, processing 320,000 tons of waste and generating revenue of 174 million yuan. However, the overall environmental business is currently operating at a loss, and the company plans to be cautious in future investments in clean energy [2][8][21][22] Financing and Debt Management - The company completed a private placement in March 2025, raising approximately 4.7 billion yuan. Additionally, it raised 7.3 billion yuan through various debt instruments, optimizing its debt structure and reducing financing costs. The comprehensive borrowing cost was approximately 3.19% [2][9][26] Future Development Strategy - Shen High-Speed is focused on advancing key highway projects, including the Outer Ring Phase III and the expansion of the Guangshen Expressway. A new five-year development strategy has been initiated, with the Outer Ring Phase III expected to be completed by the end of 2029 [2][11][15][16] Internal Rate of Return (IRR) and Investment Strategy - The internal rate of return (IRR) requirement for toll road and environmental projects has been adjusted to 6%-7%, still above the industry average. The company remains open to acquiring quality toll road projects but emphasizes profitability and regional barriers [5][17][18] Shareholder Returns and Capital Expenditure - Shen High-Speed is committed to returning at least 55% of net profits to shareholders in cash dividends from 2024 to 2026, with expectations of exceeding 60% in 2024. The planned capital expenditure for 2025-2027 is approximately 20.6 billion yuan, primarily for the Outer Ring Phase III and other projects [5][25][24] Impact of Road Network Changes - The opening of new roads and other structural changes in the road network have had a mixed impact on traffic flow, with overall positive factors outweighing negatives. The company is monitoring these changes closely [14] Conclusion - Shen High-Speed is navigating a complex landscape with stable performance in its toll road business, ongoing challenges in its environmental sector, and a clear focus on strategic growth and shareholder returns. The company is poised for future developments while maintaining a cautious approach to investments and financing.

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

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]