皖通高速 20250602 摘要 皖通高速核心路段如合宁、高界、宣广高速贡献主要营收和利润，2024 年合宁高速毛利占比 39%，高界占比 25%，三条路总占比超 75%。未 来随着宣杭高速通车，宣广高速通行费收入预计显著增长。 安徽省差异化收费政策及拟收购资产（抚州和四许高速）预计提升皖通 高速盈利能力。差异化收费减少货车减免金额约 1.1 亿，收购资产预计 在 2025-2026 年分别贡献净利润 2.27 亿和 2.42 亿元。 皖通高速单公里运输费收入在行业内领先，2024 年达 629 万元/公里， 排名第三。货车比例较高，如芜合高速货车占比 26%，部分路段超 70%，与宏观经济关联紧密，经济复苏时弹性更大。 高速公路改扩建显著提升盈利能力。合宁高速改扩建完成后车流量同比 增长 41%，通行费收入增长 19%。宁宣杭高速断头路打通后，通行费 收入同比增长 190%，2024 年毛利达 1.66 亿元。 皖通高速采用直线折旧法，前期折旧费用较高，后期折旧费用相对较少。 新版收费公路管理条例若延长东部地区收费期限，将显著提升公司公路 资产价值和投资回报率。 Q&A 皖通高速作为交运红利中的核心标的，其 ...

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.08% as of May 30, 2025, with mixed performance among constituent stocks [1] - Among the top-performing stocks, China Merchants Highway (001965) rose by 2.51%, Anhui Expressway (600012) increased by 2.44%, and Shandong Expressway (600350) went up by 2.04% [1] - Conversely, Cai Bai Co., Ltd. (605599) led the decline with a drop of 3.70%, followed by Weifu High Technology (000581) down 1.69%, and Tunnel Engineering (600820) down 1.63% [1] Group 2 - The National Development and Reform Commission's report indicates a 3.9% year-on-year increase in road personnel flow and a 5.4% increase in road freight volume in Q1 2025 [1] - The performance recovery of highway companies is supported by the reduction in Loan Prime Rate (LPR) and optimization of debt structure [1] - The State-Owned Enterprises Dividend ETF (159515) closely tracks the China Securities State-Owned Enterprises Dividend Index, which includes 100 listed companies with high and stable cash dividend yields [2] Group 3 - As of April 30, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.18% of the index, including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2] - The upcoming revisions to the toll road management regulations are expected to reduce reinvestment risks and enhance long-term returns for the industry [2]

Financial Performance - The company's net profit for 2024, according to Chinese accounting standards, is RMB 153,452 million, while the profit under Hong Kong accounting standards is RMB 152,399 million[4]. - The distributable profit for shareholders for 2024 is RMB 152,399 million, based on the lower of the profits calculated under domestic and foreign accounting standards[4]. - The company's operating revenue for 2024 reached ¥7,091,832,628.35, representing a 6.94% increase compared to ¥6,631,337,271.78 in 2023[24]. - Net profit attributable to shareholders for 2024 was ¥1,668,981,126.49, a slight increase of 0.55% from ¥1,659,928,716.34 in 2023[24]. - The net cash flow from operating activities for 2024 was ¥2,628,757,994.25, showing a decrease of 0.93% from ¥2,653,472,269.21 in 2023[24]. - Total assets at the end of 2024 amounted to ¥24,414,336,538.24, a 12.31% increase from ¥21,738,743,118.83 in 2023[24]. - The company's net assets attributable to shareholders increased by 5.36% to ¥13,335,168,274.45 in 2024 from ¥12,656,911,593.98 in 2023[24]. - Basic earnings per share for 2024 were ¥1.0063, reflecting a 0.55% increase from ¥1.0008 in 2023[26]. - The weighted average return on equity for 2024 was 12.84%, down from 13.51% in 2023[26]. - The company reported a pre-tax profit of ¥2,226,777,000 for 2024, slightly down from ¥2,263,826,000 in 2023[28]. - Total liabilities increased to ¥9,563,072,000 in 2024 from ¥7,631,261,000 in 2023[30]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 6.04 per 10 shares, totaling RMB 100,180.04 million, based on a total share capital of 1,658,610,000 shares[4]. - The company has reached a cumulative legal surplus reserve that exceeds 50% of the total share capital, thus no further allocation will be made this year[4]. - The total retained earnings available for distribution to shareholders as of December 31, 2024, amounted to RMB 11,000,485 thousand, an increase from RMB 10,473,278 thousand in 2023, reflecting a growth of approximately 5%[149]. - For the current year, the company plans to distribute a cash dividend of RMB 0.604 per share, achieving a payout ratio of 60.02%[180]. Risk Management and Compliance - The report includes a detailed description of existing risk factors and future development strategies, which investors are advised to consider[5][6]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[6]. - The company is committed to risk management, conducting annual risk assessments and optimizing its risk warning indicator system to proactively address foreseeable risks[184]. - The company has complied with significant laws and regulations impacting its operations, fulfilling its social responsibilities towards shareholders, employees, consumers, and the community[185]. - The company has not engaged in any related party fund occupation during the reporting period, maintaining strict compliance with regulatory requirements[178]. Operational Efficiency and Growth Strategies - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[24]. - The company aims to enhance its market presence through strategic management and operational improvements[49]. - The company is actively exploring digital transformation through the application of 5G and big data technologies[59]. - The company is focusing on technological innovation and asset optimization to strengthen its competitive advantage in the highway industry[126]. - The company plans to enhance operational efficiency by optimizing management mechanisms and promoting innovation within operational units[134]. Corporate Governance - The company has established a robust investor relations management system, actively engaging with investors through various channels to enhance transparency[179]. - The company has fully adopted the Corporate Governance Code, ensuring alignment with regulatory standards set by the China Securities Regulatory Commission[171]. - The company has conducted 7 supervisory board meetings during the reporting period, with all supervisors present, ensuring compliance with financial oversight responsibilities[173]. - The board of directors consists of 9 members, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors, with a strong background in finance and management[172]. Financial Instruments and Debt Management - The group secured bank loans totaling RMB 2.649 billion during the reporting period, a significant increase from RMB 480 million in 2023[150]. - As of the end of the reporting period, the outstanding bank loan balance was RMB 6.641 billion, compared to RMB 6.477 billion in 2023, indicating a slight increase of about 2.5%[150]. - The capital debt ratio as of December 31, 2024, was 29.07%, up from 28.33% in 2023, showing a trend towards increased leverage[150]. - The group maintained a fixed interest rate of 1.2% on RMB 220 million of its bank loans, while the remaining loans had floating rates ranging from 2.29% to 3.17%[150]. Market and Revenue Outlook - The company provided an optimistic outlook, projecting a revenue growth of 10% for the next quarter, aiming for $1.32 billion[199]. - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[200]. - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[198]. - The company aims to achieve a total toll revenue target of approximately RMB 4.603 billion (after tax) by 2025, compared to RMB 3.830 billion in 2024[133].

Group 1 - The stock price of Anhui Wantuo Expressway (00995.HK) closed at HKD 11.760 on April 29, reflecting a 1.03% increase from the previous trading day, with an intraday high of HKD 11.960, marking a new high in nearly a year [1] - The net capital inflow on that day was HKD 0.535 million, with a total of HKD 5.774 million flowing in and HKD 5.239 million flowing out [1] Group 2 - Anhui Wantuo Expressway Co., Ltd. was established on August 15, 1996, and is the first expressway company listed in Hong Kong, as well as the only publicly listed expressway company in Anhui Province [2] - The company primarily engages in the investment, construction, operation, and management of toll roads within Anhui Province, generating revenue through toll fees for vehicles [2] - The company owns or has partial rights to several expressways in Anhui, including the G40 Huhang Expressway, G50 Huhang Expressway segments, and the Anqing Yangtze River Bridge, among others [2] - The company also provides management services for approximately 4,163 kilometers of expressways on behalf of Anhui Transportation Holding Group and its subsidiaries [2] - Additionally, the company is exploring advertising, quasi-financial services, and fund investment businesses to expand its profit margins and achieve sustainable development [2]

Financial Performance - The company's operating revenue for the first quarter of 2025 reached RMB 2,821,340,301.98, representing a 95.33% increase compared to RMB 1,286,864,373.72 in the same period last year[9] - Net profit attributable to shareholders was RMB 551,150,344.38, a 5.19% increase from RMB 459,671,340.30 year-on-year[9] - Basic and diluted earnings per share increased to RMB 0.3323, up 5.19% from RMB 0.2771 in the same period last year[9] - The company reported total revenue of RMB 2,821,340,301.98 for Q1 2025, a significant increase of 95.1% compared to RMB 1,444,388,625.27 in Q1 2024[43] - The company reported a net profit of RMB 13,538,910.64 for Q1 2025, compared to RMB 11,830,380.30 in Q1 2024, reflecting an increase of 14.5%[43] - Operating profit for Q1 2025 was approximately ¥746.77 million, an increase of 4.82% compared to ¥712.29 million in Q1 2024[44] - Net profit for Q1 2025 reached ¥554.81 million, up 2.67% from ¥539.01 million in Q1 2024[44] - Total comprehensive income for Q1 2025 was ¥498.40 million, a decrease of 7.54% from ¥539.01 million in Q1 2024[45] Cash Flow and Investments - The net cash flow from operating activities was RMB 870,334,507.72, reflecting a 10.17% increase from RMB 674,132,876.34 in the previous year[9] - Cash flow from operating activities for Q1 2025 was ¥870.33 million, an increase of 10.16% compared to ¥790.00 million in Q1 2024[48] - Cash flow from investing activities for Q1 2025 showed a net outflow of ¥633.15 million, worsening from a net outflow of ¥139.27 million in Q1 2024[48] - Cash flow from financing activities for Q1 2025 resulted in a net inflow of ¥452.99 million, compared to a net inflow of ¥225.45 million in Q1 2024, indicating a significant increase[49] - The company received cash from borrowings amounting to ¥5.08 billion in Q1 2025, a substantial increase from ¥400 million in Q1 2024[49] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 29,001,383,861.13, marking a 5.46% increase from RMB 24,414,336,538.24 at the end of the previous year[12] - The company's total liabilities increased to RMB 15,370,624,468.73 as of March 31, 2025, compared to RMB 9,596,629,676.59 at the end of 2024, marking a rise of 60.5%[40] - The company's non-current assets totaled RMB 23,713,611,387.73 as of March 31, 2025, up from RMB 21,861,490,305.89 at the end of 2024, indicating an increase of 8.4%[39] - The company's equity attributable to shareholders decreased to RMB 12,100,900,720.63 as of March 31, 2025, from RMB 16,376,960,138.34 at the end of 2024, a decline of 26.2%[41] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,889[18] - The top shareholder, Anhui Provincial Transportation Holding Group, holds 524,644,220 shares, accounting for 31.63% of the total[19] - The company has no known related relationships among the top shareholders, ensuring independent shareholder actions[23] Traffic and Toll Revenue - The average daily traffic volume for the He Ning Expressway increased by 11.28% year-on-year, with toll revenue reaching RMB 377.86 million, up 9.33%[25] - The Xuan Guang Expressway reported a 17.23% increase in traffic volume, with toll revenue rising by 34.26% to RMB 10.38 million[25] - The total toll revenue for the reporting period was RMB 1,292.68 million, reflecting a 9.07% increase compared to the previous year[25] Policy and Discounts - The total amount of policy-based fee reductions during the reporting period reached RMB 264 million, including RMB 39 million for approximately 52,700 vehicles in the green channel[26] - During the Spring Festival, the traffic flow of small passenger cars (7 seats or fewer) on the company's managed roads reached 3.1967 million vehicles, resulting in a fee exemption of approximately RMB 137 million[26] - The ETC discount amounted to RMB 82 million, with RMB 47 million attributed to the Anhui transportation card for trucks, accounting for 57.14% of the total ETC reductions[26] - The company implemented a toll discount policy effective April 1, 2025, offering a 15% discount for certain vehicles on most highways in Anhui Province[35] Acquisitions and Projects - The company completed the acquisition of 100% equity in two subsidiaries, which are now fully owned, impacting the financial data for the first quarter of 2025[12] - Following the acquisition of 100% equity in Anhui Fuzhou Expressway Co., Ltd. and Anhui Sixu Expressway Co., Ltd., the company's total highway mileage increased to 745 kilometers[34] - The estimated total investment for the G50 Hu-Yu Expressway expansion project is RMB 12.303 billion, with the company's own capital contribution of approximately RMB 2.461 billion, representing 20% of the total investment[29] - The estimated total investment for the S62 Bozhou to Dancheng Expressway project is approximately RMB 3.08 billion, with the company's capital contribution of about RMB 215.6 million[34] Financial Activities - The company completed the issuance of RMB 2 billion rural revitalization corporate bonds, with a total issuance scale of RMB 1.3 billion at a coupon rate of 1.99% and RMB 700 million at a rate of 2.15%[32] - The company participated in a specific A-share stock issuance project, with an investment amount of RMB 503 million[15] - The company participated in the subscription of shares in Shenzhen Expressway Group, investing RMB 502.82 million for 38,179,196 shares at a price of RMB 13.17 per share, resulting in a 1.50% stake in the company[33]

Financial Performance - Total revenue for the fiscal year 2024 reached RMB 7,091,833 thousand, an increase of 6.95% compared to RMB 6,631,337 thousand in 2023[4] - Operating profit for 2024 was RMB 2,390,633 thousand, a decrease of 3.16% from RMB 2,468,857 thousand in 2023[4] - Net profit attributable to the owners of the company for 2024 was RMB 1,670,667 thousand, slightly up from RMB 1,657,726 thousand in 2023, reflecting a growth of 0.61%[4] - Basic and diluted earnings per share for 2024 were RMB 1.0073, compared to RMB 0.9995 in 2023, indicating a 0.08% increase[4] - Profit before tax for 2024 was RMB 533,069 thousand, compared to RMB 587,659 thousand in 2023, reflecting a decrease of 9.27%[18] - The current tax expense for corporate income tax was RMB 540,334 thousand in 2024, down from RMB 621,523 thousand in 2023, a reduction of 13.06%[18] - The pre-tax profit for 2024 is RMB 2,226,777 thousand, a slight decrease from RMB 2,263,826 thousand in 2023[21] - The actual income tax calculated at the group's effective tax rate for 2024 is RMB 533,069 thousand, compared to RMB 587,659 thousand in 2023, reflecting a decrease of approximately 9.3%[21] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 24,452,640 thousand, up from RMB 21,776,552 thousand in 2023, representing a growth of 12.27%[6] - Non-current assets increased to RMB 19,089,414 thousand in 2024 from RMB 17,509,357 thousand in 2023, marking an increase of 9.00%[6] - Cash and cash equivalents rose significantly to RMB 2,115,494 thousand in 2024, compared to RMB 962,380 thousand in 2023, reflecting a growth of 120.00%[6] - Total liabilities increased to RMB 9,563,072 thousand in 2024 from RMB 7,631,261 thousand in 2023, an increase of 25.38%[8] - The company reported a total of RMB 1,071,389 million in trade and other payables as of December 31, 2024, up from RMB 842,815 million in 2023, indicating a growth of 27.1%[35] Revenue Breakdown - Toll revenue decreased to RMB 3,830,215 thousand in 2024 from RMB 4,041,761 thousand in 2023, representing a decline of 5.22%[15] - The revenue from construction and renovation services under franchise arrangements increased significantly to RMB 3,133,523 thousand, up 26.54% from RMB 2,475,491 thousand in 2023[15] - The company reported a net other income and gains of RMB 165,387 thousand in 2024, significantly higher than RMB 59,191 thousand in 2023, representing an increase of 179.00%[4] - The share of profits from associates increased to RMB 10,634 thousand in 2024 from RMB 8,596 thousand in 2023, indicating a growth of 23.73%[4] Dividends - Dividends paid for 2024 amount to RMB 996,825 thousand (RMB 0.601 per share), compared to RMB 912,236 thousand (RMB 0.55 per share) in 2023, representing an increase of approximately 9.3%[24] - The proposed final dividend for the year ending December 31, 2024, is RMB 1,001,800 thousand, with a per share amount of RMB 0.604, pending approval at the upcoming board meeting[24] Investments and Capital Expenditures - The company has committed capital expenditures of RMB 1,949,601 thousand for 2024, down from RMB 4,337,572 thousand in 2023, indicating a reduction of about 55.1%[29] - The company completed investments of RMB 3.134 billion in the PPP project for highway expansion, with a cumulative actual investment of RMB 7.027 billion[63] - The company made equity investments totaling RMB 38,551,106 in Xuanguang Company, acquiring a 55.47% stake[62] Audit and Governance - The audit committee held seven meetings in 2024, reviewing key financial reports and internal control evaluations[80] - The company’s actual governance status aligns with the requirements of the China Securities Regulatory Commission[77] - The audit committee has approved the 2023 financial reports prepared under both domestic and Hong Kong accounting standards[83] - The company plans to continue its internal control evaluation work for 2024, ensuring compliance and transparency[84] Market and Industry Trends - The overall performance of toll roads is influenced by macroeconomic conditions and competition from surrounding road networks[46] - The highway industry faces challenges including limited toll revenue growth due to economic slowdown and rising construction costs, necessitating cautious investment decisions and improved cost management[98] - The company is focusing on expanding financing channels to lower costs and meet development funding needs[89] - The integration of new generation information technology with transportation is accelerating, with a focus on smart transportation as a key development direction during the 14th Five-Year Plan period[96] Strategic Initiatives - The company is strategically expanding its highway business in line with the "Yangtze River Delta Integration" initiative[61] - There is a push for business transformation beyond traditional toll road operations into areas like transportation technology and smart logistics to cultivate new growth points[97] - The company aims to optimize asset allocation and improve operational efficiency through asset restructuring and integration of upstream and downstream resources[97]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[10]. - The company's operating revenue for the first half of 2024 reached CNY 3,052,974,249.87, representing a 31.38% increase compared to CNY 2,323,838,937.32 in the same period last year[19]. - The total operating revenue for the first half of 2024 was RMB 3,011,258,645.27, representing a 31.04% increase compared to RMB 2,298,043,829.54 in the same period of 2023[42]. - The gross profit for the first half of 2024 was RMB 1,158,160 thousand, compared to RMB 1,325,201 thousand in the previous year, indicating a decrease of about 12.6%[137]. - The net profit attributable to shareholders of the listed company was CNY 809,871,026.64, a decrease of 3.53% from CNY 839,500,426.23 in the previous year[19]. - The net profit attributable to shareholders was RMB 809,871 thousand, down 3.53% from RMB 839,500 thousand in the same period last year[33]. - The company's semi-annual profit was RMB 808,769 thousand for the first half of 2024, compared to RMB 838,399 thousand in the same period of 2023, indicating a decrease of approximately 3.5%[141]. - Total comprehensive income for the first half of 2024 was RMB 821,855 thousand, compared to RMB 844,954 thousand in the first half of 2023, a decline of about 2.7%[142]. Revenue Sources - Toll revenue accounted for RMB 1,862,327,254.90, a decrease of 8.55% from RMB 2,036,389,772.22 in the previous year[42]. - Revenue from construction and renovation services under franchise arrangements surged to RMB 1,121,348 thousand, a substantial increase from RMB 236,174 thousand in the previous year[151]. - The group achieved toll revenue of RMB 1,862,327 thousand, a decrease of 8.55% compared to RMB 2,036,390 thousand in the same period of 2023[34]. Operational Developments - New technology initiatives include the implementation of smart toll collection systems, expected to reduce transaction times by 30%[10]. - The company has established a smart operation command center and launched the "Wanmei Rescue" management system to improve network control capabilities[32]. - The company implemented a monthly and quarterly performance competition mechanism to enhance operational management efficiency[31]. - The company has allocated RMB 200 million for research and development of new highway safety technologies in 2024[10]. Market Expansion - The company plans to expand its market presence by entering two new provinces by the end of 2024, aiming for a 5% increase in market share[10]. - The company plans to invest RMB 386 million in the expansion of the Xuanguang Expressway, with all funding completed by the end of March 2024[32]. Financial Position - Total assets increased by 7.47% to CNY 23,362,606,972.27 from CNY 21,738,743,118.83 at the end of the previous year[19]. - The company's total assets increased to RMB 23,364,000,000, with cash and cash equivalents rising to RMB 5,368,605,042.59, accounting for 22.98% of total assets[51]. - The company's liabilities increased, with accounts payable rising by 52.15% to RMB 961,086,382.95[51]. - Total liabilities increased to RMB 9,424,248 thousand from RMB 7,631,261 thousand, marking an increase of approximately 23.5%[140]. Cash Flow - The net cash flow from operating activities was CNY 1,436,551,361.31, showing a slight increase of 0.59% compared to CNY 1,428,122,285.48 last year[19]. - The net cash flow from operating activities for the reporting period is RMB 1,284,586 thousand, which is comparable to RMB 1,302,860 thousand in the same period last year[67]. - Cash inflow from bank loans amounted to RMB 967,237, compared to RMB 80,000 in the same period last year, indicating a substantial increase[143]. Sustainability and Environmental Initiatives - The management emphasized a commitment to sustainability, with plans to reduce carbon emissions by 15% over the next three years[10]. - The company has achieved a carbon dioxide absorption capacity of approximately 1,280 tons per day through its greening efforts, with a total of 232,968 tons of carbon dioxide neutralized during the reporting period[90]. - The company has actively promoted the use of environmentally friendly de-icing agents to minimize pollution to water sources and soil[82]. - The company has installed a total of 14.34 MW of photovoltaic capacity across its main park, road sections, and service areas, generating 7.1 million kWh of electricity in the first half of the year, saving 330,000 CNY in electricity costs[89]. Risk Management - The company has identified potential risks related to regulatory changes, which could impact future revenue streams[10]. - The company is committed to deepening state-owned enterprise reform and enhancing risk control measures[66]. Shareholder Information - The total number of ordinary shareholders as of the reporting period end is 17,805 households, with H-share shareholders totaling 62 households[128]. - The top ten shareholders hold a total of 524,644,220 shares, representing 31.63% of the total shares[125]. - The company declared dividends amounting to RMB 996,825 thousand for the fiscal year 2023, impacting retained earnings significantly[141]. Employee and Community Engagement - The company has implemented a comprehensive training plan for 2024, focusing on enhancing employee skills and professional knowledge[78]. - The company has been supporting Lishuzhu Village in Taihu County for 8 consecutive years, with a focus on poverty alleviation and risk monitoring, successfully optimizing 8 monitoring grids in the first half of 2024[93].

Financial Performance - The company's revenue for the six months ended June 30, 2024, was RMB 3,052,974 thousand, an increase from RMB 2,323,839 thousand in the same period of 2023, representing a growth of approximately 31.4%[3] - The gross profit for the same period was RMB 1,158,160 thousand, compared to RMB 1,325,201 thousand in 2023, indicating a decrease of about 12.6%[3] - The operating profit for the first half of 2024 was RMB 1,172,004 thousand, down from RMB 1,268,549 thousand in 2023, reflecting a decline of approximately 7.6%[3] - The net profit attributable to the owners of the company was RMB 808,769 thousand, compared to RMB 838,399 thousand in the previous year, a decrease of about 3.5%[2] - The company reported a total comprehensive income of RMB 821,855 thousand for the six months ended June 30, 2024, compared to RMB 844,954 thousand for the same period in 2023, reflecting a decrease of approximately 2.7%[11] - The company reported a basic and diluted earnings per share of RMB 0.4876 for the first half of 2024, down from RMB 0.5055 in the same period of 2023, a decrease of approximately 3.9%[2] - The pre-tax profit decreased by 7.45% to RMB 1,084,474 thousand, down from RMB 1,171,790 thousand in the previous year[41] - The net profit attributable to shareholders was RMB 809,871 thousand, a decline of 3.53% from RMB 839,500 thousand in the same period last year[41] Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 23,402,129 thousand, an increase from RMB 21,776,552 thousand at the end of 2023, representing a growth of approximately 7.4%[6] - The total liabilities increased to RMB 9,424,248 thousand from RMB 7,631,261 thousand, indicating a rise of about 23.5%[7] - The company’s total liabilities for trade and other payables were not detailed in the provided content, but it is essential to monitor these figures for future financial health assessments[38] - The company’s total liabilities increased to RMB 2,241,391 thousand as of June 30, 2024, compared to RMB 842,815 thousand at the end of 2023[39] Cash Flow - Cash generated from operating activities was RMB 1,673,888 thousand for the six months ended June 30, 2024, slightly down from RMB 1,698,885 thousand in the previous year, indicating a decrease of about 1.5%[13] - The net cash generated from operating activities was RMB 1,284,586 thousand for the first half of 2024, compared to RMB 1,302,860 thousand in the same period of 2023, showing a decline of approximately 1.4%[13] - The company recorded a net increase in cash and cash equivalents of RMB 1,913,293 thousand for the six months ended June 30, 2024, compared to a decrease of RMB 304,699 thousand in the same period of 2023[14] - The company raised RMB 967,237 thousand from bank borrowings during the first half of 2024, a significant increase compared to RMB 80,000 thousand in the same period of 2023[14] - The company’s cash and cash equivalents at the end of June 30, 2024, stood at RMB 2,875,638 thousand, an increase from RMB 2,599,158 thousand at the end of June 30, 2023[14] Revenue Sources - Toll revenue decreased to RMB 1,862,327 thousand for the six months ended June 30, 2024, down from RMB 2,036,390 thousand in 2023, reflecting a decline of about 8.6%[20] - The revenue from the toll road business was RMB 1,889,910,710.06, reflecting a year-on-year decrease of 8.34%[53] - The company reported a significant increase in toll revenue due to the opening of new highways and the completion of the Ning An Expressway, contributing to overall revenue growth[49] Investments and Expenditures - The company reported a net cash used in investing activities of RMB 1,293,808 thousand for the first half of 2023, indicating significant investment outflows compared to the previous year[13] - The company completed an investment of RMB 6.64 million in the Anhui Transportation Investment Fund II during the reporting period[65] - The company participated in the establishment of the Anhui Transportation Jinshi Emerging Industry Equity Investment Fund, contributing RMB 10 million[66] Employee and Operational Insights - The total employee compensation for the reporting period was RMB 232,897,900, an increase from RMB 212,494,200 in the same period last year[54] - The company employed a total of 1,922 personnel as of June 30, 2024, compared to 1,910 personnel a year earlier[54] - The company has implemented a comprehensive training program to enhance employee skills and management capabilities[55] - The company has established a multi-channel career development and compensation promotion system to motivate employees[54] Corporate Governance and Risk Management - The company emphasizes high standards of corporate governance to enhance transparency and protect shareholder interests[71] - The company is focusing on the risks associated with industry policies, including the uncertainty surrounding the toll road management regulations[79] - The company is addressing the risk of expiring operating rights by expanding its highway resources and investing in new projects[80] - The company is sensitive to macroeconomic fluctuations, which directly impact its operational performance due to the correlation with GDP[81] Future Plans and Developments - The company plans to issue corporate bonds not exceeding RMB 5 billion to optimize its debt structure and meet funding needs[70] - The company intends to actively utilize information technology for segment marketing to transform passive strategies into proactive ones[83] - The company plans to enhance communication with the government and major shareholders to stay informed about network planning and project progress[83]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 [Table_Industry] 运输 究 安 徽皖通高速公路(0995) [评Tab级le_I：nve st] 增持 公司经营稳健，高分红持续 [当 Ta前bl价e_格Cu :r (P港ri元ce] ) 9.57 [Table_Date] 2024.06.08 海 [table_A ut岳ho鑫rs] ( 分析师) 0755-23976758 外 yuexin@gtjas.com [ 交Ta易ble数_M据ar ket] 公 登 记编号 S0880514030006 52周内股价区间(港元) 7.05-10.00 司 当前股本(百万股) 1,659 本 报告导读： 当 前市值(百万港元) 15,873 （ 皖通高速2023年ROE回升至十年高位，且2024Q1高基数下业绩同比持平。公司经 中 营稳健，预计高分红政策持续，高股息确定可期。2024年市场风险偏好决定空间。 国 投资要点： 52周内股价走势图 香 [T abl维e_持Su增mm持a评ry]级 。皖通高速投资运 ...

Financial Performance - The net profit for the year 2023, according to Chinese accounting standards, is RMB 1,624,943 thousand, while the profit under Hong Kong accounting standards is RMB 1,614,144 thousand[4]. - The distributable profit for shareholders for 2023 is RMB 1,614,144 thousand, with a proposed cash dividend of RMB 6.01 per 10 shares, totaling RMB 996,824.61 thousand[4]. - The company's operating revenue for 2023 reached CNY 6,631,337,271.78, representing a 27.37% increase compared to CNY 5,206,366,427.90 in 2022[19]. - Net profit attributable to shareholders for 2023 was CNY 1,659,928,716.34, up 14.87% from CNY 1,445,017,073.40 in 2022[19]. - The net cash flow from operating activities increased by 36.94% to CNY 2,653,472,269.21 in 2023, compared to CNY 1,937,699,977.46 in 2022[19]. - The total assets of the company as of the end of 2023 were CNY 21,738,743,118.83, a 2.04% increase from CNY 21,303,368,819.17 at the end of 2022[20]. - The net assets attributable to shareholders increased by 6.14% to CNY 12,656,911,593.98 at the end of 2023, compared to CNY 11,924,812,353.80 at the end of 2022[20]. - Basic earnings per share for 2023 were CNY 1.0008, reflecting a 14.87% increase from CNY 0.8712 in 2022[21]. - The weighted average return on net assets for 2023 was 14.12%, an increase of 1.82 percentage points from 12.30% in 2022[21]. - The net profit after deducting non-recurring gains and losses for 2023 was CNY 1,735,620,350.12, a 21.82% increase from CNY 1,424,748,352.88 in 2022[19]. Dividend Policy - The company has maintained a stable dividend policy, distributing a total of approximately RMB 8.415 billion in cash dividends since its listing, with a proposed cash dividend of RMB 0.601 per share for the current year, resulting in a payout ratio of 60.05%[129]. - The profit distribution plan for 2023 includes a cash dividend of RMB 996,824,610, which represents 60.05% of the net profit attributable to shareholders of the parent company[183]. - The company has committed to distributing no less than 60% of the net profit attributable to shareholders in cash dividends over the next three years (2021-2023) to enhance shareholder returns[181]. Risk Management and Compliance - The company has implemented a comprehensive risk monitoring system to strengthen internal controls and legal compliance[39]. - The company has conducted special audits and ongoing internal control evaluations to ensure the effectiveness of its internal control systems, with a focus on risk management and response strategies[130]. - The company has not engaged in any related party fund occupation during the reporting period, ensuring compliance with necessary legal approval procedures and risk control measures[128]. - The company has updated its internal control manual in 2023 to meet regulatory requirements and improve risk management practices[130]. - The company has implemented a comprehensive risk management framework, further enhancing its governance structure[185]. Strategic Development - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency[1]. - Future guidance indicates a focus on increasing revenue and profitability through strategic initiatives and potential acquisitions[1]. - The company is focused on capital operations to expand its main business scale and optimize its industrial structure, aiming to become a leading capital operation platform in the domestic market[101]. - The company is actively participating in the "Yangtze River Delta Integration" strategy, enhancing its main highway business and increasing asset scale through ongoing PPP projects[83]. - The company is advancing the construction of smart highways and has completed the safety control enhancement project for the He-Ning smart highway, which is now operational[103]. Governance and Management - The company has established a governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and management team, enhancing decision-making efficiency[122]. - The board of directors comprises 7 members, including 2 executive directors, 2 non-executive directors, and 3 independent directors, ensuring diverse expertise in various fields[124]. - The company has implemented a new governance structure to enhance accountability and transparency in its operations[146]. - The company is committed to maintaining high standards of corporate governance and ethical practices[145]. - The company has a structured approach to determining remuneration based on market levels and company performance[156]. Operational Efficiency - The company has established a smart highway operation command center, enhancing the efficiency of operational services[37]. - The company is focused on optimizing its management system and improving economic efficiency through robust internal control measures[130]. - The company has seen a significant increase in management personnel, with several key appointments in various subsidiaries and affiliated companies[155]. - The company is actively managing its assets and investments to optimize returns and support future growth initiatives[94]. Market Position and Competition - The company is positioned to benefit from the national "Yangtze River Delta Integration" strategy and the "Yangtze Economic Belt" development strategy, enhancing the economic benefits of its road network[45]. - The company anticipates that competition from other transportation modes, such as high-speed rail, will not significantly impact highway transportation revenues[95]. - The toll road industry faces challenges such as limited revenue growth due to economic slowdown and rising construction and operational costs, impacting investment returns[80]. Employee Welfare - The employee welfare expenses for the reporting period amounted to RMB 386.675 million[174]. - The company paid a total of RMB 59.01 million for social insurance and RMB 29.83 million for housing provident fund in 2023[177]. - The company established an enterprise annuity plan, contributing RMB 19.90 million in 2023[177]. - The company conducted various training programs, including a specialized lecture on "Smart Transportation" to enhance employee engagement and knowledge[178].