Core Viewpoint - The company, Wantuo Expressway, plans to apply for the registration of debt financing instruments not exceeding RMB 5 billion from the China Interbank Market Dealers Association [1] Group 1 - The company has received four "Acceptance Registration Notices" from the Dealers Association [1] - The registration includes medium-term notes, ultra-short-term financing bonds, and short-term financing bonds [1]

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][12]. Core Insights - The company is expected to significantly enhance its performance through the acquisition of road assets in Q1 2025 and the completion of the expansion of the Xuan Guang highway in Q3, which will drive accelerated profit growth. The planned acquisition of a stake in Shandong Expressway is anticipated to further boost earnings, with a stable dividend policy in place [3][12]. Financial Summary - **Revenue Forecast**: The total revenue is projected to grow from 6,631 million yuan in 2023 to 8,820 million yuan in 2025, reflecting a growth rate of 27.4% in 2023 and 24.4% in 2025 [5]. - **Net Profit**: The net profit attributable to the parent company is expected to increase from 1,660 million yuan in 2023 to 1,976 million yuan in 2025, with a growth rate of 14.9% in 2023 and 18.4% in 2025 [5]. - **Earnings Per Share (EPS)**: EPS is forecasted to rise from 0.97 yuan in 2023 to 1.16 yuan in 2025 [5]. - **Return on Equity (ROE)**: The ROE is projected to be 13.1% in 2023, decreasing to 11.2% by 2027 [5]. Market Data - **Current Price**: The stock is currently priced at 15.37 yuan, with a market capitalization of 26,261 million yuan [7]. - **52-Week Price Range**: The stock has traded between 12.89 yuan and 18.47 yuan over the past year [7]. - **Dividend Yield**: The company has committed to a dividend payout ratio of no less than 60% of net profit, resulting in a projected dividend yield of 4.7% for 2025 [12]. Strategic Moves - The company completed the acquisition of road assets in Q1 2025, which has significantly enhanced its earnings. The completion of the expansion of the Xuan Guang highway in Q3 is expected to release pent-up traffic demand, further driving profit growth [12]. - The planned acquisition of a 7% stake in Shandong Expressway is expected to add approximately 200 million yuan in annual investment income, enhancing the company's overall performance [12].

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 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10(B)條而作出。 茲載列安徽皖通高速公路股份有限公司（「本公司」）在中國大陸報章刊登及上海證 券交易所網站發佈的公告如下，並替代本公司於2025年11月12日刊發的海外監管 公告，僅供參閱。 關於2025年第三季度業績說明會召開情況的公告 承董事會命 安徽皖通高速公路股份有限公司 公司秘書 2025年11月12日，本公司董事长汪小文先生，董事、常务副总经理吴长明 先生，独立董事赵建莉女士，财务总监黄宇先生，董事会秘书丁瑜女士及相关 人员出席了本次业绩说明会。公司与投资者进行了互动交流和沟通，在信息披 露允许的范围内就投资者普遍关注的问题进行了回答。 二、本次会议投资者提出 ...

| 证券代码：600012 | 证券简称：皖通高速 | 公告编号：临2025-051 | | --- | --- | --- | | 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2025年第三季度业绩说明会召开情况的公告 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。 安徽皖通高速公路股份有限公司（以下简称"公司"或 "本公司"）于2025年 11月12日15:00-16:00通过电话视频会议的方式召开了2025年第三季度业绩说明 会。关于本次说明会的召开事项，公司已于2025年11月5日在《上海证券报》 《中国证券报》及上海证券交易所网站上披露了《关于召开2025年第三季度业 绩说明会的公告》（临2025-048）。现将有关事项公告如下： 一、本次说明会召开情况 2025年11月12日，本公司董事长汪小文先生，董事、常务副总经理吴长明 先生，独 ...

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 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10(B)條而作出。 茲載列安徽皖通高速公路股份有限公司（「本公司」）在中國大陸報章刊登及上海證 券交易所網站發佈的公告如下，僅供參閱。 關於2025年第三季度業績說明會召開情況的公告 承董事會命 安徽皖通高速公路股份有限公司 公司秘書 簡雪艮 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。 安徽皖通高速公路股份有限公司（以下简称"公司"或 "本公司"）于2025年 11月12日15:00-16:00通过电话视频会议的方式召开了2025年第三季度业绩说明 会。关于本次说明会的召开事项，公 ...

| 证券代码：600012 | 证券简称：皖通高速 | 公告编号：临2025-051 | | --- | --- | --- | | 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2025年第三季度业绩说明会召开情况的公告 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。 安徽皖通高速公路股份有限公司（以下简称"公司"或 "本公司"）于2025年 11月12日15:00-16:00通过电话视频会议的方式召开了2025年第三季度业绩说明 会。关于本次说明会的召开事项，公司已于2025年11月5日在《上海证券报》 《中国证券报》及上海证券交易所网站上披露了《关于召开2025年第三季度业 绩说明会的公告》（临2025-048）。现将有关事项公告如下： 一、本次说明会召开情况 2025年11月12日，本公司董事长汪小文先生，董事、常务副总经理吴长明 先生，独 ...

Group 1: Hong Kong Stocks - Eagle Precision (01286) increased by over 4.6%, reporting a 16.8% year-on-year revenue growth in Q3 and a 6.8% growth for the first three quarters, with a forecast of high single to double-digit sales growth for 2025 [1] - Huazhu Group-S (01179) rose by over 2.85%, with a board meeting scheduled for November 17, 2025, to review and approve the unaudited financial results for the three months ending September 30, 2025 [1] - Chongqing Machinery (02722) surged by 5.91%, with a cumulative increase of over 40% in the last four trading days, as the company actively responds to market changes and optimizes internal operations [1] - Anhui Wantu Highway (00995) increased by over 3.8%, reporting a 13.83% year-on-year growth in toll revenue for the first three quarters, driven by the completion of the Xuan-Guang Highway [1] Group 2: Other Notable Stocks - Lianlian Digital (02598) rose nearly 4.5%, showcasing its one-stop global cross-border fund solutions at the 8th China International Import Expo [2] - Yihua Tong (02402) increased by 5.44%, with the launch of a new hydrogen fuel cell heavy truck at the 2025 Tokyo Motor Show [2] - Ruipu Lanjun (00666) surged over 11.5%, driven by high demand in the energy storage sector, with major manufacturers achieving over 80% capacity utilization [2] - Federal Pharmaceutical (03933) rose by 2.8%, announcing the completion of Phase II clinical trials for its innovative drug TUL01101 in adults with moderate to severe atopic dermatitis [2] Group 3: US Market Highlights - Semiconductor stocks saw a collective rise, with Nvidia (NVDA.US) up over 5.7% and Micron Technology (MU.US) up nearly 7%, reflecting strong demand in the sector [5] - Solar energy stocks surged, with Canadian Solar (CSIQ.US) increasing over 13%, benefiting from rising global energy demand due to AI infrastructure expansion [5] - Eli Lilly (LLY.US) reached a historical high, up over 4.57%, as Goldman Sachs highlighted significant market potential due to reduced drug costs [5] - Gold stocks also saw gains, with Barrick Mining (B.US) up 5.17%, as spot gold prices rose significantly [6] Group 4: Chinese Concept Stocks - Nasdaq Golden Dragon China Index opened up 2%, with notable increases in stocks like Xpeng Motors (XPEV.US) up 16.15% and Baidu (BIDU.US) up 5.05%, amid positive developments in US government operations [7] - Major tech stocks also saw pre-market gains, with Nvidia (NVDA.US) up 5.79% and AMD (AMD.US) up 4.47%, following news of a potential end to the US government shutdown [7]

Group 1 - The stock of Anhui Wantuo Expressway (00995.HK) rose over 3% in early trading, reaching an increase of 3.45% at a price of 13.5 HKD [1] - The trading volume amounted to 15.57 million HKD [1]

Core Viewpoint - Anhui Wantuo Expressway (600012) has shown a strong performance in toll revenue for the first three quarters, indicating growth potential and strategic investments in the sector [1] Financial Performance - For the first three quarters, the company achieved a total toll revenue of 3.915 billion yuan, representing a year-on-year increase of 13.83% [1] - In the third quarter alone, toll revenue reached 1.389 billion yuan, marking a year-on-year growth of 16.24% [1] Strategic Developments - The company announced the completion of the Xuan-Guang Expressway's Guangci section in the third quarter, contributing to significant revenue growth [1] - In October, the company disclosed plans to acquire a 7% stake in Shandong Highway (600350) from Shandong High Group for 3.019 billion yuan, at a price of 8.92 yuan per share [1] - Following this investment, the company will secure one board seat in Shandong Highway and will account for this investment using the equity method, which is expected to enhance its earnings [1]

Core Viewpoint - Anhui Wantuo Expressway (00995) has seen a significant increase in its stock price, rising over 3% in early trading, attributed to strong revenue growth in toll income for the third quarter and strategic investment plans [1] Financial Performance - For the first three quarters, the company reported a total toll income of 3.915 billion yuan, representing a year-on-year increase of 13.83% [1] - In the third quarter alone, toll income reached 1.389 billion yuan, marking a year-on-year growth of 16.24% [1] Strategic Developments - The company announced plans to acquire a 7% stake in Shandong Highway Co., Ltd. from Shandong High Group through a private agreement, with a transaction value of 3.019 billion yuan, translating to a price of 8.92 yuan per share [1] - Following this investment, the company will secure one board seat at Shandong Highway and will account for this investment using the equity method, which is expected to enhance its earnings [1]