Core Viewpoint - Zhejiang Huhangyu achieved a total revenue of 8.685 billion yuan in the first half of 2025, representing a year-on-year growth of 3.80%, with a profit attributable to equity holders of 2.787 billion yuan, up 4.01% year-on-year [1] Group 1: Highway Business Performance - The highway business generated revenue of 10.662 billion yuan in 2024, an increase of 2.28% from 10.424 billion yuan in 2023, accounting for 59.0% of total revenue [3] - The growth in highway toll revenue is attributed to the steady recovery of the Chinese economy and the increasing economic vitality in Zhejiang Province [3] - The company plans to leverage the "Zhijiang Traffic Control" investment platform to promote quality highway project investments and mergers, while also exploring the construction of a new energy vehicle battery swap station network [3] Group 2: Securities Business Performance - The securities business reported revenue of 6.183 billion yuan in 2024, a decline of 2.97% from 6.372 billion yuan in 2023, making up 34.2% of total revenue [4] - The performance of the securities business was impacted by market volatility in the first three quarters, but showed signs of recovery in the fourth quarter [4] - The company anticipates that domestic capital markets will continue to deepen reforms under policy guidance, creating opportunities in emerging industries such as new energy and green finance [4] Group 3: Financial Indicators - Basic earnings per share for the first half of 2025 were 0.47 yuan, with a net asset per share of 7.70 yuan and an annualized return on equity of 12.06% [6] - The company's debt-to-asset ratio decreased from 70.92% in 2023 to 66.07% in 2024, but rose to 67.87% in the first half of 2025 [6] - Cash and cash equivalents increased from 70.079 billion yuan in 2024 to 85.044 billion yuan in the first half of 2025, indicating strong liquidity [6]

Investment Rating - The report maintains a "Buy" rating for Zhejiang Huhangyou (00576) [2][7][17] Core Insights - The company reported a slight earnings beat in its mid-year results, with revenue of 8.685 billion RMB, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 2.787 billion RMB, up 4.01% year-on-year [7] - The highway business showed stable revenue, while the securities business experienced a higher-than-expected growth rate, with securities revenue reaching 3.183 billion RMB, a 13.44% increase year-on-year [7] - Traffic volume on most routes continued to grow, although toll revenue growth was slightly lower than traffic volume growth due to various factors, including policy impacts on tolls [7] - The company received a notification from its controlling shareholder regarding a major asset restructuring plan, aiming to establish an A+H share listing platform to support long-term development [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows (in million RMB): - 2023: 16,965 - 2024: 18,065 - 2025E: 19,101 - 2026E: 20,236 - 2027E: 21,372 - Year-on-year growth rates for revenue are projected at 13.87% for 2023, 6.48% for 2024, and gradually declining to 5.62% by 2027 [3] - Net profit attributable to shareholders is forecasted as follows (in million RMB): - 2023: 5,224 - 2024: 5,502 - 2025E: 5,671 - 2026E: 5,887 - 2027E: 6,149 - Year-on-year growth rates for net profit are expected to be -2.89% for 2023, followed by positive growth of 5.32% in 2024 and continuing to rise to 4.45% by 2027 [3][8]

Core Viewpoint - The company reported a 3.8% increase in revenue for the six months ending June 30, 2025, compared to the same period in 2024, reaching RMB 8.685 billion, with a net profit attributable to shareholders of RMB 2.787 billion, reflecting a 4.0% year-on-year growth [1][2] Group 1: Financial Performance - Revenue for the first half of 2025 was RMB 8.685 billion, up 3.8% from 2024 [1] - Net profit attributable to shareholders was RMB 2.787 billion, a 4.0% increase year-on-year [1] - Basic earnings per share were RMB 0.4651, marking a 4.0% growth, while diluted earnings per share increased by 5.6% to RMB 0.4651 [1] Group 2: Strategic Initiatives - The company is actively implementing strategic initiatives to enhance highway operations, including hard shoulder expansion and smart upgrades, leading to reduced congestion and improved traffic flow [1][2] - Ongoing investments and acquisitions include the construction of the Ningbo-Jinhua and Shaoxing sections of the Yongjin Expressway and the successful bid for the second phase of the Ningbo-Zhoushan Expressway, enhancing regional network synergy [2] - The acquisition of a 51% stake in the GuiSan Expressway, a key route connecting the Sichuan-Chongqing and Yunnan-Guizhou regions to the Pearl River Delta, further strengthens the company's strategic positioning [2] Group 3: Innovation and Sustainability - The company is accelerating the integration of AI technologies, such as DeepSeek, to enhance smart highway operations and has initiated advanced technology research, including drone inspections [2] - The successful operation of a new energy heavy truck charging station at the Ningbo-Jinhua Expressway service area marks a significant step in establishing a demonstration transport route for electric container trucks [2] - The company has achieved grid connection for its distributed photovoltaic power generation project on the Ningbo-Zhoushan Expressway, expanding its renewable energy initiatives [2]

Core Viewpoint - Zhejiang Huhangyou (00576) reported a 3.8% increase in revenue for the six months ending June 30, 2025, compared to the same period in 2024, reaching RMB 8.685 billion, with a net profit attributable to shareholders of RMB 2.787 billion, reflecting a 4.0% year-on-year growth [1][2] Group 1: Financial Performance - The company's basic earnings per share increased by 4.0% to RMB 0.4651, while diluted earnings per share rose by 5.6% to RMB 0.4651 [1] - The group achieved a steady financial performance amidst a complex environment, demonstrating resilience and strategic focus [1] Group 2: Operational Enhancements - The company implemented measures such as hard shoulder opening and smart upgrades to improve road network efficiency, resulting in reduced congestion and shorter toll station closure times [1] - Enhanced planning and organization of roadwork, along with optimized construction schedules, contributed to ongoing upgrades in road maintenance [2] Group 3: Strategic Investments - The company is advancing major investment and acquisition projects, including the construction of the Yongjin Expressway and the successful bid for the second phase of the Yongzhou Expressway [2] - A 51% stake acquisition in the Gui San Expressway, a key route connecting the Sichuan-Chongqing and Guangdong-Hong Kong-Macau regions, further strengthens the company's regional strategic layout [2] Group 4: Green and Innovative Initiatives - The company is accelerating the integration of AI technologies and conducting research on advanced technologies such as drone inspections to enhance smart highway operations [2] - The successful operation of a new energy heavy truck charging station at the Yongjin Expressway service area marks a significant step in establishing a demonstration transport route for electric container trucks [2] - The company is also expanding its renewable energy projects, including the successful grid connection of distributed photovoltaic power generation on the Yongzhou Expressway [2]

格隆汇8月22日丨浙江沪杭甬(00576.HK)发布公告，截至2025年6月30日止6个月，本期间内，集团收益 与2024年同期相比增长3.8%，为人民币86.85亿元；归属于公司拥有人溢利为人民币27.87亿元，同比增 长4.0%；基本每股盈利为人民币46.51分。 ...

Financial Performance - The group's revenue for the six months ended June 30, 2025, increased by 3.8% year-on-year to RMB 8,685.46 million[3] - Profit attributable to the owners of the company rose by 4.0% year-on-year to RMB 2,787.48 million, with basic earnings per share increasing by 4.0% to RMB 0.4651[3] - The company reported a diluted earnings per share of RMB 0.4651, reflecting a year-on-year growth of 5.6%[3] - Total comprehensive income for the period was RMB 3,838.22 million, compared to RMB 3,501.27 million in the same period last year[7] - The net profit attributable to the company's owners for 2025 is RMB 2,787,482,000, an increase from RMB 2,680,010,000 in 2024, representing a growth of approximately 4.0%[9] - The total comprehensive income attributable to the company's owners for 2025 is RMB 2,698,683,000, compared to RMB 2,779,243,000 in 2024, indicating a decrease of about 2.9%[9] - Basic earnings per share for 2025 is RMB 46.51, up from RMB 44.72 in 2024, reflecting an increase of approximately 4.0%[9] - The company reported a net profit attributable to shareholders of RMB 2,787,482,000 for the six months ending June 30, 2025, up from RMB 2,680,010,000 in 2024, reflecting a growth of approximately 4.0%[25] Revenue Breakdown - Revenue from highway tolls amounted to RMB 5.132 billion, with a year-on-year growth of 0.4%, accounting for 59.1% of total revenue[45][48] - Securities business generated revenue of RMB 3.183 billion, reflecting a year-on-year increase of 13.4%, contributing 36.6% to total revenue[47] - The revenue from commission and fees in the securities business rose to RMB 1.886 billion, a year-on-year increase of 17.2%[47] - The revenue from the securities business for the six months ending June 30, 2025, was RMB 3,182,990,000, compared to RMB 2,805,936,000 in 2024, reflecting a growth of approximately 13.4%[17] Operating Costs and Expenses - Operating costs for the period were RMB 5,244.30 million, compared to RMB 4,681.65 million in the previous year, indicating an increase in operational expenses[5] - Gross profit for the period was RMB 3,441.16 million, down from RMB 3,686.43 million in 2024[5] - The company experienced a decrease in administrative expenses to RMB 49.73 million from RMB 57.65 million[5] - Financing costs decreased to RMB 749.53 million from RMB 909.96 million, indicating improved financial management[5] - The company’s tax expense for the six months ending June 30, 2025, was RMB 939,600,000, compared to RMB 811,948,000 in 2024, representing an increase of approximately 15.7%[22] Assets and Liabilities - Non-current assets as of June 30, 2025, amount to RMB 77,398,780,000, compared to RMB 71,258,072,000 in 2024, showing an increase of about 8.5%[10] - Current liabilities as of June 30, 2025, total RMB 144,392,083,000, up from RMB 108,265,977,000 in 2024, representing an increase of approximately 33.4%[12] - The company's total assets minus current liabilities for 2025 is RMB 116,050,794,000, compared to RMB 108,916,390,000 in 2024, indicating an increase of about 6.2%[12] - Non-current liabilities as of June 30, 2025, are RMB 32,370,690,000, down from RMB 35,218,026,000 in 2024, reflecting a decrease of approximately 8.0%[13] - The company's equity attributable to owners as of June 30, 2025, is RMB 46,432,023,000, compared to RMB 46,040,953,000 in 2024, showing a slight increase of about 0.8%[13] - The total liabilities of the group reached RMB 176.77 billion, an increase from RMB 143.48 billion as of December 31, 2024[67] Cash Flow and Investments - The net cash inflow from operating activities was RMB 4.95 billion, with no significant changes in the currency composition of cash and cash equivalents compared to the previous year[66] - The company recorded investment income from securities of RMB 1,416.10 million, significantly up from RMB 574.77 million in the previous year[5] - The company has remaining capital expenditure commitments of RMB 4.98 billion, with RMB 2.49 billion designated for highway expansion projects[73] Strategic Initiatives - The company is focusing on enhancing digital transformation and expanding into diverse foreign trade markets to drive growth[42] - The company plans to enhance its highway business by focusing on safety, service quality, and upgrading toll stations to comprehensive service stations[80] - The company aims to explore high-quality highway market acquisition opportunities and research innovative financing channels like REITs to lower overall capital costs[81] - The company is accelerating the development of digital capabilities to enhance corporate governance and optimize internal green energy resource allocation[82] Market Conditions - The company's revenue growth was supported by a GDP increase of 5.3% year-on-year in China during the first half of 2025[42] - Zhejiang Province's GDP grew by 5.8% year-on-year in the first half of 2025, driven by digital economy initiatives and private sector innovation[42] - The securities business is expected to face challenges due to increased uncertainty in international financial markets and stricter regulations, while also seizing opportunities from capital market reforms and financial technology advancements[83] Corporate Governance - The company complied with the corporate governance code as per Appendix C1 of the listing rules during the period[87] - The interim report for the six months ending June 30, 2025, will be published on the company's and the Hong Kong Stock Exchange's websites[88] - The chairman of the company is Yuan Yingjie, with executive directors including Wu Wei and Li Wei[90]

浙江沪杭甬(00576)公布浙商证券（601878）(601878.SH)2025年上半年业绩，营业收入约61.07亿元，同 比减少23.66%;归属于母公司股东的净利润约11.49亿元，同比增长46.49%;基本每股收益0.25元。 ...

智通财经APP讯，浙江沪杭甬(00576)公布浙商证券(601878.SH)2025年上半年业绩，营业收入约61.07亿 元，同比减少23.66%;归属于母公司股东的净利润约11.49亿元，同比增长46.49%;基本每股收益0.25元。 ...

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 會就本公告全部或任何部分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。 （股份代號：0576） （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 公 告 浙商證券截至2025年6月30日止半年度之 主要財務資料及指標 浙 江 滬 杭 甬 高 速 公 路 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）公 佈 本 公 司 之 子 公 司，浙 商 證 券 股 份 有 限 公 司（「浙商證券」，其A股於上海證券 交 易 所 上 市 及 買 賣）（證 券 代 碼：601878）於2025年8月22日刊發其2025年 半 年 度 報 告（「該報告」）。 董事會謹請本公司股東及公眾投資者留意以下該報告所載浙商證券截 至2025年6月30日 止 半 年 度 之 主 要 財 務 數 據 及 指 標： 一. 主要財務資料 單 位：元 幣 種：人 民 幣 | | 本報告期 | | ...

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 概不會就本 公告全部或 任何 部 分 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：0576) 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。 茲載列浙江滬杭甬高速公路股份有限公司（「本公司」）的子公司浙商證券股份有限公司 （「浙商證券」）於二零二五年八月二十二日在上海證券交易所網站刊登的浙商證券關於 變更會計師事務所的公告，僅供參閱。 相關公告內容同時於本公司網站 www.zjec.com.cn 刊載, 僅供參閱。 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、准确性和完整性承担个别及连带责任。 代表董事會 浙江滬杭甬高速公路股份有限公司 袁迎捷 董事長 中國杭州，二零二五年八月二十二日 於本公告發佈日，本公司董事長為袁迎捷先生；本公司執行董事包括: 吳偉先生和 ...