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 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 （在 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） 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。 承董事會命 越秀交通基建有限公司 余達峯 公司秘書 香 港，二 ○ 二 五 年 八 月 二 十 九 日 於 本 公 告 刊 發 日 期，董 事 會 成 員 包 括： 執行董事 ： 劉艷（董 事 長）、陳 靜、蔡 銘 華 及 潘 勇 強 獨 立 非 執 行 董 事 ： 馮 家 彬、劉 漢 銓、張 岱 樞 及 彭 申 越秀交通基建有限公司 2025 年半年度报告 越秀交通基建有限公司 2025年8月29日 重要提示 越秀交通基建有限公司（简称"公司"、"发行人"）承诺将及时、公平 地履行信息披露义务，公司及其全体董事、高级管理人员或履行同等 ...

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 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 （在 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） 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。 承董事會命 越秀交通基建有限公司 余達峯 公司秘書 香 港，二 ○ 二 五 年 八 月 二 十 九 日 於 本 公 告 刊 發 日 期，董 事 會 成 員 包 括： 執行董事 ： 劉艷（董 事 長）、陳 靜、蔡 銘 華 及 潘 勇 強 獨 立 非 執 行 董 事 ： 馮 家 彬、劉 漢 銓、張 岱 樞 及 彭 申 越秀交通基建有限公司 公司债券中期报告 （2025 年） 二〇二五年八月 0 重要提示 发行人承诺将及时、公平地履行信息披露义务。 本公司董事、高级管理人员已对中期报告签署书面确认意见。公司监事会（如有）已 对中期报告提出书面 ...

（在 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） 通知信件 敬 啟 者： 刊發下列文件之通知（「刊 發 文 件」） • 二○二五年中期報告 索取印刷本 倘 閣下收到的刊發文件版本的送遞方式符合 閣 下 的 意 願，則 毋 須 處 理 此 回 條。 越秀交通基建有限公司（「公 司」）謹通知 閣 下，公 司 上 述 的 刊 發 文 件 備 有 英 文 及 中 文 版 本，並 於 此 信 件 日 期 或 前後於公司網址www.yuexiutransportinfrastructure.com 及香港聯合交易所有限公司網址 www.hkexnews.hk載 有。公 司 或公司的股份過戶登記分處卓佳證券登記有限公司（「股份過戶登記處」），亦 存 有 刊 發 文 件 的 印 刷 本。 若 閣下已選擇（或 被 視 為 已 同 意 選 擇）透 過 公 司 的 網 站 查 閱 所 有 公 司 刊 發 的 公 司 通 訊，惟 在 接 收 或 查 閱 刊 發 文 件 時 遇 到 困 難， 閣下可填妥以下回條並與此信件一併(a)電郵至yuexiutransport-ecom@vistra.com ...

（於 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） 致新登記股東 列 位 股 東： 選擇公司通訊的收取方式 根據香港聯合交易所有限公司證券上市規則第2.07A條及第2.07B條以及越秀交通基建有 限公司（「本公司」）細 則，本 公 司 向 閣下提供有關收取本公司將予發出以供其股東參照 及╱或 採 取 行 動 的 任 何 文 件 的 下 述 方 案，其 中 包 括 但 不 限 於：(a)董 事 會 報 告、年 度 賬 目 連同核數師報告及（如 適 用）財 務 摘 要 報 告；(b)中期報告及（如 適 用）中 期 摘 要 報 告；(c)會 議 通 告；(d)上 市 文 件；(e)通 函；(f)代 表 委 任 表 格；及(g)本公司回條（「公司通訊」）： 為 響 應 環 保 以 及 節 省 印 刷 及 郵 遞 成 本，本 公 司 建 議 閣 下 選 擇 收 取 網 上 版 本。即 使 閣 下 已 選 擇 收 取 網 上 版 本， 閣下仍可隨時向本公司股份過戶登記分處（「股份過戶登記處」）卓 佳證券登記有限公司發出合理書面通知或電郵到yuexiutransport-ecom@vis ...

[Financial Summary](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The company's H1 2025 financial performance shows revenue and profit growth, with a slight decrease in total assets and an increase in net assets per share H1 2025 Performance Highlights | Metric | Amount (RMB) | Y-o-Y Change (%) | | :--- | :--- | :--- | | Revenue | 2.10 billion yuan | 14.9 | | Gross Profit | 982 million yuan | 7.2 | | Gross Profit Margin | 46.8% | -3.3 percentage points | | Operating Profit | 851 million yuan | 7.6 | | Profit Before Income Tax | 716 million yuan | 12.8 | | Profit Attributable to Equity Holders of the Company | 361 million yuan | 14.9 | | Basic Earnings Per Share | 0.2156 yuan | 14.9 | | Total Assets (vs. end 2024) | 37.38 billion yuan | -0.3 | | Net Assets Per Share Attributable to Shareholders (vs. end 2024) | 7.18 yuan | 0.3 | [Five-Year Financial Summary](index=5&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) This section provides a five-year overview of the company's income statement, balance sheet, and key financial ratios Income Statement (For the six months ended June 30) | (RMB thousand yuan) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 2,099,133 | 1,826,884 | 1,935,448 | 1,615,538 | 1,831,743 | | Profit Attributable to Equity Holders of the Company | 360,764 | 313,938 | 427,106 | 295,318 | 467,699 | | Basic Earnings Per Share | RMB 0.2156 | RMB 0.1876 | RMB 0.2553 | RMB 0.1765 | RMB 0.2795 | Financial Position (Period-end) | (RMB thousand yuan) | June 30, 2025 | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 37,379,135 | 37,506,791 | 36,502,458 | 36,337,410 | 35,661,108 | | Total Liabilities | 21,633,700 | 22,100,654 | 21,652,521 | 22,102,435 | 21,188,359 | | Equity | 15,745,435 | 15,406,137 | 14,849,937 | 14,234,975 | 14,472,749 | | Net Assets Per Share Attributable to Equity Holders of the Company | RMB 7.18 | RMB 7.08 | RMB 6.94 | RMB 6.71 | RMB 6.88 | Financial Ratios (Period-end) | Metric | June 30, 2025 | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Return on Equity Attributable to Equity Holders of the Company (Annualized) | 6.01% | 5.54% | 6.59% | 4.03% | 12.73% | | Interest Coverage Ratio (EBITDA) | 8.5x | 6.9x | 6.4x | 4.7x | 4.6x | | Capital Gearing Ratio | 48.5% | 50.0% | 49.5% | 51.4% | 48.5% | | Total Liabilities/Total Assets Ratio | 57.9% | 58.9% | 59.3% | 60.8% | 59.4% | [Company Profile](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B) The company primarily invests in, constructs, operates, and manages toll roads and bridges in China, with 16 projects and approximately 607.7 km of attributable toll mileage - Yuexiu Transport Infrastructure Limited and its subsidiaries primarily engage in the investment, construction, development, operation, and management of expressways and bridges in Guangdong Province and other high-growth provinces in China[22](index=22&type=chunk) - As of June 30, 2025, the Group has invested in and operates **16 toll road, bridge, and port projects**, with an attributable toll mileage of approximately **607.7 km**[23](index=23&type=chunk)[24](index=24&type=chunk) - Guangzhou Northern Ring Expressway's toll collection expired on March 22, 2024, and the project handover to the government is in progress[23](index=23&type=chunk) [Project Location Map](index=8&type=section&id=%E9%A0%85%E7%9B%AE%E4%BD%8D%E7%BD%AE%E5%9C%96) This section illustrates the geographical locations and basic information of the Group's expressway, bridge, and port projects across various provinces - The report provides detailed geographical locations and basic information for the Group's invested and operated expressways, bridges, and port projects in provinces such as Henan, Hubei, Hunan, Guangxi, and Guangdong, including toll mileage, number of lanes, and connecting road networks[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - Guangzhou Northern Ring Expressway's toll collection expired at 24:00 on March 22, 2024, with project handover to the government currently underway[33](index=33&type=chunk) - Pazhou Port and Macau Passenger Terminal currently has **5 berths** and **2 passenger ships**, operating two routes between Pazhou and Hong Kong city center and Hong Kong Airport[42](index=42&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an in-depth review of the company's operational and financial performance, along with future outlook and strategic initiatives [Business Review](index=16&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2025, most of the Group's projects saw year-on-year growth in average daily toll traffic and revenue, driven by increased travel and a lower base in the prior period, while some projects experienced revenue decline due to parallel road competition, with the Group continuously advancing lean management, revenue diversification, service quality enhancement, and innovative technology application [Summary of Operating Toll Roads, Bridges, and Ports](index=16&type=section&id=%E7%87%9F%E9%81%8B%E4%B8%AD%E6%94%B6%E8%B2%BB%E5%85%AC%E8%B7%AF%E3%80%81%E6%A9%8B%E6%A8%91%E3%80%81%E7%A2%BC%E9%A0%AD%E7%9A%84%E8%B3%87%E6%96%99%E6%A6%82%E8%A6%81) This section outlines basic information for the Group's **16 operating toll road, bridge, and port projects**, including toll mileage, number of lanes, attributable equity, and toll expiry dates, also noting adjustments to toll periods and new toll station openings for some projects - The Group completed the acquisition of a **55% equity stake** in Henan Pinglin Expressway on November 26, 2024[71](index=71&type=chunk) - Toll periods for projects in Guangdong Province are expected to be extended due to the toll exemption policy during the COVID-19 pandemic, while Guangzhou Northern Ring Expressway's toll collection expired on March 22, 2024, and is being handed over to the government[71](index=71&type=chunk) - Hubei Hancai Expressway's Caidian toll station opened in June 2025, and Hubei Daguanan Expressway's Huangshi toll station opened in January 2025, extending its toll mileage to **109.7 km**[71](index=71&type=chunk) [Toll Road, Bridge, and Port Project Toll Summary](index=18&type=section&id=%E6%94%B6%E8%B2%BB%E5%85%AC%E8%B7%AF%E3%80%81%E6%A9%8B%E6%A8%91%E3%80%81%E7%A2%BC%E9%A0%AD%E9%A0%85%E7%9B%AE%E6%94%B6%E8%

Key Points - The top three companies with net inflows of southbound funds are Kuaishou-W (01024) with 1.159 billion, SMIC (00981) with 1.079 billion, and Meituan-W (03690) with 1.006 billion [1] - The top three companies with net outflows of southbound funds are Xpeng Motors-W (09868) with -1.304 billion, Xiaomi Group-W (01810) with -0.902 billion, and Hua Hong Semiconductor (01347) with -0.756 billion [1] - In terms of net inflow ratio, Anhui Wanshan Expressway (00995) leads with 74.12%, followed by Yuexiu Transport Infrastructure (01052) with 64.51%, and Qin Port Co. (03369) with 59.89% [1] - The companies with the highest net outflow ratios are Swire Properties (01972) at -49.10%, Hopson Development Holdings (00754) at -47.11%, and Ansteel (00347) at -45.34% [1] Net Inflow Rankings - Kuaishou-W (01024) had a net inflow of 1.159 billion, representing a 19.73% increase in closing price to 74.90 [2] - SMIC (00981) saw a net inflow of 1.079 billion, with a closing price increase of 10.06% to 56.90 [2] - Meituan-W (03690) experienced a net inflow of 1.006 billion, with a closing price increase of 1.11% to 118.40 [2] Net Outflow Rankings - Xpeng Motors-W (09868) had the largest net outflow of -1.304 billion, with a closing price increase of 13.60% to 91.90 [2] - Xiaomi Group-W (01810) saw a net outflow of -0.902 billion, with a closing price increase of 2.34% to 52.55 [2] - Hua Hong Semiconductor (01347) experienced a net outflow of -0.756 billion, with a closing price increase of 17.85% to 56.00 [2] Additional Net Inflow and Outflow Ratios - Anhui Wanshan Expressway (00995) had a net inflow ratio of 74.12% with a closing price of 12.20 [3] - Yuexiu Transport Infrastructure (01052) had a net inflow ratio of 64.51% with a closing price of 4.18 [3] - Qin Port Co. (03369) had a net inflow ratio of 59.89% with a closing price of 2.22 [3] - Swire Properties (01972) had a net outflow ratio of -49.10% with a closing price of 20.92 [3] - Hopson Development Holdings (00754) had a net outflow ratio of -47.11% with a closing price of 3.78 [3] - Ansteel (00347) had a net outflow ratio of -45.34% with a closing price of 2.22 [3]

Group 1 - The core point of the news is that China Merchants Highway Network Technology Holdings Limited has increased its stake in Yuexiu Transportation Infrastructure (01052.HK) by acquiring 1.8 million shares at an average price of HKD 4.116 per share, totaling approximately HKD 7.4088 million [1][2] - Following this acquisition, China Merchants Highway Network Technology Holdings Limited's total shareholding in Yuexiu Transportation Infrastructure has risen to 218,241,000 shares, increasing its ownership percentage from 12.94% to 13.04% [1][2]

Core Viewpoint - The company reported better-than-expected performance for 1H25, with revenue and net profit both increasing by 14.9% year-on-year, driven by higher toll revenue and a significant decrease in financial expenses [1][2]. Financial Performance - 1H25 revenue reached 2.1 billion yuan, a year-on-year increase of 14.9% [1]. - Net profit attributable to shareholders was 360 million yuan, also up 14.9% year-on-year, exceeding expectations [1]. - The company declared an interim dividend of 0.12 HKD per share, maintaining the same level as 1H24, with a payout ratio of 50.6% [1]. Revenue Growth Drivers - Toll revenue for 1H25 was 2.06 billion yuan, reflecting a 15.2% year-on-year increase, attributed to several factors: 1. The consolidation of Pinglin Expressway contributed 260 million yuan to toll revenue [1]. 2. The impact of construction on Wuhuang Expressway led to a 56.6% increase in toll revenue for Hanhe Expressway [1]. 3. The expansion project on Hanyi Expressway resulted in a 17.3% increase in toll revenue for Hancai Expressway [1]. 4. The low base effect from adverse weather conditions in the same period last year [1]. Cost and Margin Analysis - Operating costs increased by 22.8% year-on-year, with intangible asset amortization rising by 26.3%, outpacing revenue growth [2]. - The gross margin decreased by 3.4 percentage points to 46.8% [2]. - Financial expenses decreased by 11.1% year-on-year, benefiting from lower market interest rates, with a weighted average interest rate of 2.6% in 1H25 compared to 3.15% in 1H24 [2]. Long-term Growth Potential - The company is focused on reinvesting in its core business, with the acquisition of Pinglin Expressway expected to strengthen its central road network [2]. - The core asset expansion in Guangzhou and potential group asset injections are anticipated to provide ongoing growth [2]. - The dividend policy remains stable, with a projected dividend payout ratio of 58.5% in 2024, suggesting attractive dividend yields of 6.9% and 7.3% for 2025 and 2026, respectively [2]. Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 upwards by 3.4% and 4.3%, respectively, to 739 million yuan and 770 million yuan [2]. - The current stock price corresponds to a price-to-earnings ratio of 8.5 times for 2025 and 8.0 times for 2026 [2]. - The target price has been raised by 4.3% to 4.34 HKD, reflecting a 9.0 times price-to-earnings ratio for 2025 and 8.5 times for 2026, indicating a potential upside of 6.1% from the current stock price [2].

Core Viewpoint - Yuexiu Transport Infrastructure reported strong 1H25 results, with revenue and net profit both increasing by 14.9% YoY, driven by higher toll revenue and reduced financial expenses [1][2]. Financial Performance - Revenue for 1H25 reached Rmb2.10 billion, a 14.9% increase YoY [1]. - Attributable net profit also rose 14.9% YoY to Rmb361 million, exceeding expectations due to robust toll revenue growth and a significant decline in financial expenses [1]. - The firm’s toll revenue grew 15.2% YoY to Rmb2.06 billion, attributed to the consolidation of Pinglin Expressway and changes in the road network [2]. - Operating costs increased by 22.8% YoY, with amortization of intangible operating rights up 26.3% YoY, leading to a gross margin decline of 3.4 percentage points to 46.8% [3]. Dividend Policy - An interim dividend of HK$0.12 per share was declared, consistent with 1H24, resulting in a dividend payout ratio of 50.6% [2]. - The firm maintains a stable dividend policy, with a projected payout ratio of 58.5% in 2024, potentially yielding 6.9% and 7.3% in 2025 and 2026, respectively [4]. Growth Potential - The acquisition of Pinglin Expressway is expected to enhance the firm's road network in central China, contributing to long-term growth [4]. - Future expansions, such as the Guangzhou North Second Ring Road and potential asset injections from the parent company, are anticipated to further drive growth [4]. Financial Forecasts and Valuation - Net profit forecasts for 2025 and 2026 have been raised by 3.4% and 4.3%, respectively, to Rmb739 million and Rmb770 million, due to ongoing reductions in financial expenses [5]. - The stock is currently trading at 8.5x and 8.0x estimated P/E ratios for 2025 and 2026, respectively, with a target price increase of 4.3% to HK$4.34, indicating a 6.1% upside [5].

Group 1 - The core point of the article is that China Merchants Highway Network Technology Holdings Company Limited has increased its stake in Yuexiu Transport Infrastructure by purchasing 1.8 million shares at a price of HKD 4.116 per share, totaling approximately HKD 7.4088 million [1] - After the acquisition, the total number of shares held by China Merchants is approximately 218 million, representing a holding percentage of 13.04% [1]