Core Viewpoint - The company reported a stable growth in its main business despite a decline in Q2 revenue, with significant contributions from toll income and recent acquisitions [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 3.74 billion yuan, representing a year-on-year increase of 11.7% [1]. - The net profit attributable to shareholders for the same period was 960 million yuan, up 4% year-on-year [1]. - Q2 revenue was 920 million yuan, showing a significant decline of 51.7% compared to the previous year, while net profit for Q2 was 410 million yuan, a 2.4% increase year-on-year [1]. Group 2: Toll Revenue - Toll revenue for the first half of 2025 reached 2.52 billion yuan, marking a 13.4% year-on-year growth, with Q2 toll revenue at 1.23 billion yuan, up 18.4% year-on-year [1]. - Key toll road performance included: - He-Ning Expressway with a 8.7% increase in toll revenue for H1 2025 and 8.1% in Q2 [1]. - Xuan-Guang Expressway with a remarkable 98.7% increase in H1 2025 and 238.5% in Q2, attributed to traffic recovery post-expansion [1]. - Gao-Jie Expressway saw a slight decline of 0.4% in H1 2025 and 0.3% in Q2 due to traffic diversion from new road openings [1]. - Newly acquired roads, Fu-Zhou and Si-Xu Expressways, reported a 11.7% increase and a 2.1% decrease in toll revenue respectively for H1 2025 [1]. Group 3: Cost and Profitability - Operating costs for H1 2025 were 2.35 billion yuan, up 16.6% year-on-year, primarily due to increased depreciation from the completion of the Xuan-Guang expansion [2]. - The gross profit margin for H1 2025 was 37.2%, a decrease of 1.3 percentage points, with the toll road business gross margin at 55%, down 4.5 percentage points [2]. - Financial expenses rose to 90 million yuan, a 191.9% increase year-on-year, mainly due to interest expenses from increased borrowing related to the Xuan-Guang expansion [2]. Group 4: Investment Outlook - The company operates in a mature and profitable core area in Anhui Province, with high returns from expansions and acquisitions [2]. - The potential for traffic growth remains due to improvements in regional road networks and ongoing expansion efforts [2]. - Projected net profits for 2025-2027 are estimated at 1.85 billion, 1.88 billion, and 1.86 billion yuan respectively, with a 2025 PE ratio of 13.2x and a PB of 1.7x [2].

Group 1 - The company, Anhui Wantu Expressway Co., Ltd., is convening its third extraordinary general meeting of shareholders in 2025 on September 25, 2025, at 14:30 [1][3] - The meeting will utilize a combination of on-site and online voting methods, with specific time slots for voting outlined [1][3] - Shareholders must register to attend the meeting, with specific requirements for both A and H shareholders detailed [4][5] Group 2 - The agenda includes the election of Mr. Yang Jianguo as a non-executive director and the application for the registration of non-financial corporate debt financing instruments [3][6] - A detailed voting process is established for shareholders, including provisions for proxy voting and the need for notarized authorization for representatives [6][8] - The company will suspend the transfer of H shares from September 22 to September 25, 2025, to facilitate the meeting [5][7]

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之內容概不負責，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 等內容而引致之任何損失承擔任何責任。 安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 海外監管公告 公司秘書 簡雪艮 2025年9月5日 中國安徽省合肥市 截止本公告日，本公司董事會成員包括執行董事汪小文（主席）、余泳、陳季平及吳長明；非執行 董事楊旭東；以及獨立非執行董事章劍平、盧太平及趙建莉。 | 证券代码：600012 | 证券简称：皖通高速 | | | 公告编号：临 | 2025-038 | | --- | --- | --- | --- | --- | --- | | 债券代码：242121 | 债券简称：24 | 皖通 | 01 | | | | 债券代码：242467 | 债券简称：25 | 皖通 | V1 | | | | 债券代码：242468 | 债券简称：25 | 皖通 | V2 | | | 安徽皖通高速公路 ...

Core Points - The company plans to elect a non-executive director, register the issuance of non-financial corporate debt financing instruments, and hold an extraordinary general meeting on September 25, 2025 [1][2][4]. Group 1: Election of Non-Executive Director - The board announced the resignation of Mr. Du Jian due to a job change, effective August 27, 2025, and confirmed there are no disagreements with the board [4]. - Mr. Yang Jianguo has been nominated as a candidate for the new non-executive director, with his term starting from the date of election approval at the extraordinary general meeting [4][5]. Group 2: Issuance of Non-Financial Corporate Debt Financing Instruments - The company aims to improve its debt structure and broaden financing channels by registering to issue up to RMB 5 billion in non-financial corporate debt financing instruments, including medium-term notes and short-term financing bonds [6][8]. - The funds raised will be used for repaying existing debts, project construction, equity investments, and supplementing working capital [8]. Group 3: Extraordinary General Meeting Notice - The extraordinary general meeting is scheduled for September 25, 2025, at 2:30 PM in Hefei, Anhui Province, where shareholders will vote on the proposed resolutions [1][8]. - Shareholders must submit their proxy forms by 24 hours before the meeting to participate in the voting process [8][12].

如 閣下已售出或轉讓名下所有之安徽皖通高速公路股份有限公司之股份， 閣下應立即將 本通函連同隨附之股東代表委任表格送交買主或承讓人或經手買賣之銀行、股票經紀或其他 代理商，以便轉交買主或承讓人。 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通函之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本通函全部或任何部分內容而產生或 因依賴該等內容而引致之任何損失承擔任何責任。 安徽皖通高速公路股份有限公司 此乃要件 請即處理 如 閣下對本通函各方面或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他註冊 證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） (1)擬選舉非執行董事； (2)擬註冊發行非金融企業債務融資工具； 及 (3)臨時股東大會通告 本公司謹訂於2025年9月25日（星期四）下午二時三十分在中國安徽省合肥市望江西路520號本 公司會議室舉行臨時股東大會，召開臨時股東大會的通告，連同隨附的代表委任表格於2025 年9月5日分別發出及 ...

| 证券代码：600012 | 证券简称：皖通高速 | | | 公告编号：临 | 2025-038 | | --- | --- | --- | --- | --- | --- | | 债券代码：242121 | 债券简称：24 | 皖通 | 01 | | | | 债券代码：242467 | 债券简称：25 | 皖通 | V1 | | | | 债券代码：242468 | 债券简称：25 | 皖通 | V2 | | | 安徽皖通高速公路股份有限公司 关于召开2025年第三次临时股东大会的通知 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 25 日 14 点 30 分 召开地点：安徽省合肥市望江西路 520 号本公司会议室 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2025年9月25日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 网络投票起止时间：自2025 年 9 月 25 日 至2025 年 9 月 25 日 一、召开会议的基本情况 (一) 股东大会类型和届次 2025年第三次临时股东 ...

（「本公司」） （股份編號： 995） 安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） 股現委任（註3 ） 身份證號碼： （地址為 ）為本人╱ 吾等的代表 （如未能出席，則委任大會主席為本人╱吾等的代表）代表本人╱吾等出席2025年9月25日（星期四）下午二時三十分 在中華人民共和國安徽省合肥市望江西路520號本公司會議室召開的臨時股東大會（或其任何續會）（「大會」），並代 表本人╱吾等依照下列指示就決議案表決。如無作出指示，則受委代表可自行決定投贊成票、反對票或棄權票。（註6） | 序號 | 審議事項 | 贊成（註4） | 反對（註4） | 棄權（註4） | | --- | --- | --- | --- | --- | | | 普通決議案 | | | | | 1. | 選舉楊建國先生為本公司第十屆董事會非執行董事。 | | | | | | 特別決議案 | | | | | 2. | 審議及並批准關於本公司申請註冊發行非金融企業債務融 | | | | | | 資工具的議案。 | | | | | 3. | 審議及批准關於 ...

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通告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部份內容而產生或因倚賴該 等內容而引致之任何損失承擔任何責任。 安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 臨時股東大會通告 茲通告安徽皖通高速公路股份有限公司（「本公司」）謹訂於2025年9月25日（星期 四）下午二時三十分在中國安徽省合肥市望江西路520號本公司會議室舉行臨時股 東大會（「臨時股東大會」）。除另有指明外，本通告所用詞彙與本公司日期為2025 年9月5日的通函所界定者具有相同涵義。 即將舉行的臨時股東大會將處理以下事項： 中國安徽省合肥市 2025年9月5日 截至本通告日，董事會成員包括執行董事汪小文（主席）、余泳、陳季平及吳長明； 非執行董事楊旭東；以及獨立非執行董事章劍平、盧太平及趙建莉。 – 1 – 2. 審議及批准關於本公司申請註冊發行非金融企業債務融資工具的議案。 3. 審議及批准關於授權董事會辦理本次非金融企業債務融資 ...

此乃要件 請即處理 如 閣下對本通函各方面或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他註冊 證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 如 閣下已售出或轉讓名下所有之安徽皖通高速公路股份有限公司之股份， 閣下應立即將 本通函連同隨附之股東代表委任表格送交買主或承讓人或經手買賣之銀行、股票經紀或其他 代理商，以便轉交買主或承讓人。 （股份編號： 995） (1)擬選舉非執行董事； (2)擬註冊發行非金融企業債務融資工具； 及 (3)臨時股東大會通告 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通函之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本通函全部或任何部分內容而產生或 因依賴該等內容而引致之任何損失承擔任何責任。 安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） 本公司謹訂於2025年9月25日（星期四）下午二時三十分在中國安徽省合肥市望江西路520號本 公司會議室舉行臨時股東大會，召開臨時股東大會的通告，連同隨附的代表委任表格於2025 年9月5日分別發出及 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company reported a mid-year performance for 2025, achieving a revenue of 3.74 billion yuan, a year-on-year increase of 11.7%, and a net profit attributable to shareholders of 960 million yuan, up 4% year-on-year. However, Q2 revenue was 920 million yuan, down 51.7% year-on-year, with a net profit of 410 million yuan, a 2.4% increase year-on-year [1] - The company’s toll revenue for H1 2025 was 2.52 billion yuan, a 13.4% increase year-on-year, with Q2 toll revenue at 1.23 billion yuan, up 18.4% year-on-year. Key highways showed varied performance, with significant growth in Xuan-Guang Highway due to completed upgrades [7] - The report highlights the company's strong core assets in Anhui province, with growth potential through acquisitions and expansions, projecting net profits of 1.85 billion, 1.88 billion, and 1.86 billion yuan for 2025-2027, respectively [7] Financial Data Summary - Total revenue for 2023 is projected at 6.631 billion yuan, with a year-on-year growth of 27%. The revenue is expected to decline by 2% in 2025, followed by a significant drop of 24% in 2026 [2][12] - The net profit attributable to shareholders is forecasted to be 1.66 billion yuan in 2023, with a growth of 15%, and is expected to reach 1.85 billion yuan in 2025, reflecting an 11% increase [2][12] - The company’s PE ratio is projected to be 14.7 in 2023, decreasing to 13.2 in 2025, while the PB ratio is expected to decline from 1.9 to 1.7 over the same period [2][13] Key Financial Ratios - The gross margin for H1 2025 was reported at 37.2%, a decrease of 1.3 percentage points year-on-year, with the toll road business gross margin at 55%, down 4.5 percentage points [7] - The company’s return on equity (ROE) is projected to be 15.2% for the latest period, with a slight decline expected in the coming years [3][13] - The debt-to-asset ratio stands at 55.7%, indicating a moderate level of leverage [3]