安徽皖通高速公路股份有限公司 独立董事工作制度 （2025 年 10 月修订） 第一章 总则 第一条 为进一步完善安徽皖通高速公路股份有限公司（以下简称"皖通公 司"或"公司"）治理结构，规范独立董事行为，充分发挥独立董事在公司治理 中的作用，根据《上市公司治理准则》《上市公司独立董事管理办法》《上市公司 独立董事履职指引》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等有关法律法规和《安徽皖通高速公路股份有限公司章程》（以下简称"《公 司章程》"）的规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独 立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或 者个人的影响。如发现所审议事项存在影响其独立性的情况，应当向公司申明并 实行回避。任职期间出现明显影响独立性情形的，应当及时通知公司，提出解决 措施，必要时应当提出辞任。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按 照相关法律、法规和《公司章程》的要求，认真履行职责，在董事会 ...

安徽皖通高速公路股份有限公司 章 程 2025 年 10 月修订 1 安 徽 皖 通 高 速 公 路 股 份 有 限 公 司 Anhui Expressway Company Limited 目 录 章 目 标 题 2 第 一 章 总 则 第 二 章 经营宗旨和范围 第 三 章 股份和注册资本 第 四 章 减资和购回股份 第 五 章 购买公司股份的财务资助 第 六 章 股票、股东名册和股份转让 第 七 章 股东的权利和义务 第 八 章 控股股东对其他股东的义务 第 九 章 股东会 第 十 章 类别股东表决的特别程序 第 十一 章 公司党组织机构 第 十二 章 董事会 第 十三 章 公司董事会秘书 第 十四 章 高级管理人员 第 十五 章 公司董事、总经理和其他高级管理人员的资格和义务 第 十六 章 财务会计制度和审计 第 十七 章 利润分配 第 十八 章 会计师事务所的聘任 第 十九 章 劳动管理及职工及工会组织 第 二十 章 公司的合并、分立、增资、减资 第 二十一 章 解散和清算 第 二十二 章 章程的修订 第 二十三 章 通知及股东通讯 第 二十四 章 争议的解决 第 二十五 章 解释 安徽皖通高速公路 ...

安徽皖通高速公路股份有限公司 股东会议事规则 2025 年 10 月修订 1 目 录 第八章 附则 2 第一章 总则 第二章 股东的权利和义务 第一节 召开 第二节 召集与通知 第三章 股东会的职权 第四章 股东会的召开 第三节 股东委托代理人 第五章 股东会的举行 第六节 会议决议、会议记录和公告 第六章 股东、独立董事提议召开临时股东会 第七章 类别股东会议 第 1 条 为充分行使安徽皖通高速公路股份有限公司（以下简称"公司"）股 东会的权力，保障股东的利益，规范股东会的议事及决策的程序和方 式，特制定本规则。 第 2 条 本规则依据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司 股东会规则》《安徽皖通高速公路股份有限公司章程》（以下简称"公 司章程"）及其它相关法律法规而订定。 第 3 条 公司由股东组成股东会。股东会是公司的最高权力机构，依照公司章 程和本规则行使职权。公司董事会应当切实履行职责，认真、按时组 织股东会。公司全体董事应当勤勉尽责，确保股东会的正常召开和依 法履行职权。 第 4 条 公司股东为依法持有公司股份并且其姓名（名 ...

安徽皖通高速公路股份有限公司 董事会工作条例 2025 年 10 月修订 目 录 第五章 董事会组织结构 第十一章 附则 第一章 总则 第二章 董事 第三章 独立董事 第四章 董事会的职权 第一节 董事会秘书 第二节 董事会秘书室 第三节 审计委员会 第四节 战略发展及投资委员会 第五节 人力资源及薪酬委员会 第六章 董事长 第七章 财务负责人（财务总监） 第八章 董事会会议 第九章 董事会工作程序 第十章 董事会专项费用 安徽皖通高速公路股份有限公司 董事会工作条例 第一章 总则 第二章 董事 1 第 1 条 为建立现代企业制度及完善公司法人治理结构，根据《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、（以下简称"公司章程"）、香港联合交易所有 限公司（以下简称"联交所"）的《证券上市规则》和上海证券交易所 （以下简称"上交所"）《上海证券交易所股票上市规则》等其他有关 法规和《安徽皖通高速公路股份有限公司章程》（以下简称"公司章 程"），制订本条例。 第 2 条 制订本条例的目的是根据公司章程，进一步明确公司董事会的职责和 权限，规范公司董事会的 ...

皖通高速公告，第三季度营收为16.44亿元，同比下降23.54%；净利润为5.17亿元，同比增长8.19%。前 三季度营收为53.86亿元，同比下降2.07%；净利润为14.77亿元，同比增长5.43%。 ...

Summary of Key Points from the Earnings Call Transcript Industry and Company Overview - The focus is on the dividend-paying stocks within the transportation sector, particularly in the highway and logistics segments, as well as broader dividend stocks in the market. Core Insights and Arguments - **Dividend Yield Increase**: Leading dividend stocks have seen their yields rise to approximately 4.5%-5%, with expectations of continued inflow of incremental funds due to factors such as the introduction of swap convenience, brokerage proprietary fund allocation, and insurance OCI execution. This makes Q4 of this year and early next year an opportune time for dividend stock allocation [1][3]. - **Global Interest Rate Trends**: The ongoing global trend of interest rate cuts is expected to enhance the cost-effectiveness of dividend investments, making them more attractive [3]. - **Specific Recommendations**: - **Highway Sector**: - **Wuhan Expressway**: Benefiting from the acquisition of Fuzhou and urban expressways, fee discount adjustments, and recovery in vehicle traffic, currently has a dividend yield of about 4.8% [4][5]. - **Guan Yu Expressway**: Holding 78 million shares of Guosheng Jin控, with Q3 performance expected to grow over 50% year-on-year, corresponding to a dividend yield of approximately 4.3% [4][5]. - **Yue Expressway**: Anticipated significant profit growth due to recovery of impairment losses and reduced maintenance costs, currently has a dividend yield of about 5.2% [5]. - **Sichuan Chengyu**: Noted for the highest dividend yield in A-shares at around 5.3%, driven by reduced financial expenses leading to profit growth [5]. - **Railway and Port Recommendations**: - **Daqin Railway**: Benefiting from improved coal market conditions and increased transport volume, currently has a PB valuation close to historical lows and a dividend yield of about 4.3% [5]. - **Tangshan Port**: Fixed dividend of 0.20 per share, with a current yield exceeding 5%, showing operational improvement in Q3 despite a decline in H1 performance [5]. Additional Important Insights - **Broad Dividend Stocks**: - **China Logistics**: Entering peak season for domestic shipping, with an expected annual profit of 2 billion yuan, leading to a potential dividend yield of 7.7% based on a 90% payout ratio [6]. - **Jianfa Co.**: Offers a fixed dividend of 0.70 per share, providing a high certainty with a current yield of 6.8% [2][6]. - **China Foreign Trade**: Another cyclical dividend stock with a fixed distribution of 0.29 per share, currently yielding 4.6%, favored by insurance funds [6]. - **Investment Timing**: The current market environment is viewed as a critical opportunity for investors to allocate resources into these high-yield stocks, emphasizing the importance of strategic positioning in the dividend space [6].

Core Viewpoint - The transaction between Shandong Expressway and Anhui Expressway marks a significant development in the A-share highway sector, with Shandong Expressway Group transferring 7% of its shares to Anhui Expressway for approximately 30.19 billion yuan, enhancing strategic cooperation and regional development [3][4][9]. Group 1: Transaction Details - Shandong Expressway Group will transfer 338 million shares (7% stake) at a price of 8.92 yuan per share, totaling about 30.19 billion yuan [4]. - Post-transaction, Shandong Expressway Group's ownership will decrease to 63.57%, while Anhui Expressway will become the third-largest shareholder with a 7% stake [5][9]. Group 2: Strategic Implications - The share transfer aims to optimize Shandong Expressway's equity structure and enhance regional strategic collaboration, improving service quality and operational efficiency [3][9]. - Anhui Expressway, as the only publicly listed highway company in Anhui, seeks to expand effective investments and strengthen its core business through this acquisition [5][6]. Group 3: Financial Performance - In the first half of 2025, Shandong Expressway reported revenues of 10.73 billion yuan, with a net profit of 1.696 billion yuan, reflecting a 3.89% year-on-year increase [6][9]. - Anhui Expressway achieved revenues of 3.741 billion yuan and a net profit of 960 million yuan, marking growths of 11.72% and 4% respectively in the same period [6][7]. Group 4: Operational Overview - Shandong Expressway operates approximately 2,913 kilometers of toll road assets, with a focus on core businesses in toll road operations and diversified investments in related sectors [8][9]. - The company has maintained a high cash dividend policy, distributing a total of 21.739 billion yuan since its listing [9].

Core Viewpoint - Wantuo Expressway plans to invest 3 billion yuan to acquire a 7% stake in Shandong Expressway, a leading player in the highway industry in Shandong Province, and will gain one board seat [1] Group 1: Acquisition Details - The acquisition involves the transfer of 338 million shares at a price of 8.92 yuan per share, totaling approximately 3.019 billion yuan [1] - The funding for this transaction will come from the company's self-raised funds [1] Group 2: Company Background - Wantuo Expressway was established on August 15, 1996, and is the only listed expressway company in Anhui Province [1] - It is also the first mainland highway company to be listed on the Hong Kong stock market [1]

Core Viewpoint - Wantuo Expressway (600012.SH) is focusing on expanding its investment in the highway sector to strengthen its core business and achieve sustainable development through a share acquisition of Shandong Expressway [1] Group 1: Company Actions - Wantuo Expressway plans to acquire 7% of Shandong Expressway's total shares, amounting to 338 million shares, through a private agreement with Shandong High-speed Group [1] - The share transfer agreement was signed on October 21, 2025, indicating a strategic move to enhance Wantuo's investment portfolio [1] Group 2: Financial Details - The transaction price is set at RMB 8.92 per share, leading to a total transaction value of RMB 3.019 billion [1]

Core Viewpoint - The railway and highway sector experienced a slight increase of 0.69% on October 22, with Wan Tong Expressway leading the gains, while the overall Shanghai Composite Index fell by 0.07% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3913.76, down 0.07% - The Shenzhen Component Index closed at 12996.61, down 0.62% - Wan Tong Expressway (600012) saw a closing price of 14.85, with a rise of 3.77% and a trading volume of 174,400 shares, amounting to a transaction value of 255 million yuan [1] - Other notable performers included Shandong Expressway (600350) with a 3.00% increase, closing at 9.28, and China Merchants Highway (001965) with a 1.48% increase, closing at 10.30 [1] Group 2: Capital Flow - The railway and highway sector experienced a net outflow of 369 million yuan from institutional investors, while retail investors saw a net inflow of 397 million yuan [2] - The top three stocks by net inflow from institutional investors were Wan Tong Expressway (600012) with 26.95 million yuan, Shandong Expressway (600350) with 21.30 million yuan, and China Merchants Highway (001965) with 11.42 million yuan [3] - Conversely, the largest net outflows from retail investors were observed in China Merchants Highway (001965) with 25.51 million yuan and Shandong Expressway (600350) with 17.36 million yuan [3]