Group 1: Market Performance - Hang Seng Index rose by 0.18%, gaining 45 points to close at 24,947 points; Hang Seng Tech Index increased by 0.03% [1] - Hong Kong stock market saw a morning trading volume of 120.6 billion HKD [1] Group 2: Notable Stock Movements - Coal stocks led the gains, with China Shenhua (01088) up 3.61% and Yanzhou Coal (01171) up 4.1%, as the fifth round of coking coal price hikes took effect [1] - Crystal International (02228) surged over 8% after signing a pipeline cooperation agreement with DoveTree, with a total order size of approximately 47 billion HKD and an initial payment of 51 million USD received [1] - Tsugami (01651) rose by 4.68% following a nearly 40% increase in Q1 net profit from its Japanese division and positive machine tool production data for June [1] - Xianjian Technology (01302) increased by 6.97%, with expectations of gradual price adjustments for related products in the second half of the year [1] - Pop Mart (09992) gained 6.31%, driven by strong demand for its proprietary IP, with Morgan Stanley highlighting its undervalued platform [1] - China Shipbuilding Defense (00317) rose over 7%, anticipating a more than double year-on-year increase in net profit for the first half of the year [1] - BYD Electronics (00285) increased by over 6%, benefiting from AI-driven growth in the liquid cooling market and entry into the Nvidia supply chain [1] - Wuling Motors (00305) surged over 10% after announcing a profit warning, with mid-term net profit soaring nearly threefold as the company actively expands in the new energy sector [1] Group 3: Declining Stocks - Qilu Expressway (01576) fell by 6.37% after issuing a profit warning, expecting a year-on-year decline of approximately 21.62% in mid-term net profit [2] - Dongfang Zhenxuan (01797) dropped over 7% amid public relations issues and the closure of Sam's Club member stores, despite its stock price doubling since early July [3] - Boya Interactive (00434) declined by over 6%, projecting a year-on-year profit decrease of 25% to 35% for the first half of the year [4]

Core Viewpoint - Qilu Highway (01576) has issued a profit warning, expecting a significant decline in revenue and net profit for the upcoming six months ending June 30, 2025, primarily due to a decrease in construction business income [1] Revenue Summary - The company anticipates revenue of approximately RMB 1.067 billion, representing a year-on-year decrease of about 61.98% [1] - Toll revenue is expected to be around RMB 847 million (including tax), showing a year-on-year increase of approximately 70.03%, attributed to the completion of the Jizhou-Heze expressway expansion and the restoration of two-way traffic [1] Profit Summary - The projected net profit is approximately RMB 198 million, which indicates a year-on-year decline of about 21.62% [1] - The decrease in net profit is mainly due to increased depreciation, amortization, and financial costs following the completion of the Jizhou-Heze expressway expansion [1]

Core Viewpoint - Qilu Highway (01576) issued a profit warning, expecting a significant decline in revenue and net profit for the upcoming six months ending June 30, 2025 [1] Revenue Summary - The company anticipates revenue of approximately RMB 1.067 billion, representing a year-on-year decrease of about 61.98% [1] - Toll revenue is expected to be around RMB 847 million (including tax), showing a year-on-year increase of approximately 70.03% due to the completion of the Jizhou-He Highway expansion and restoration of two-way traffic [1] Profit Summary - The expected net profit is approximately RMB 198 million, which indicates a year-on-year decline of about 21.62% [1] - The decrease in net profit is attributed to increased depreciation, amortization, and financial costs following the completion of the Jizhou-He Highway expansion [1]

截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 齊魯高速公路股份有限公司 呈交日期: 2025年8月5日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01576 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | RMB | | 1 RMB | | 2,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,000,000,000 | RMB | | 1 RMB | | 2,000,000,000 | 本月底法定/註冊股本總額： RMB 2,000, ...

齐鲁高速(01576)发布公告，王振江先生(王先生)因工作调动原因辞任本公司董事长、执行董事、董事会 提名委员会(提名委员会)主席、董事会战略委员会(战略委员会)主席、法定代表人及就香港联合交易所 有限公司证券上市规则(上市规则)第3.05条而言的授权代表(授权代表)的职务，有关辞任自2025年7月31 日起生效。 根据提名委员会的提名及董事会的审议，董事会建议委任魏勇先生(魏先生)为执行董事。任期自本公司 股东会会议审议通过之日生效，直至本届董事会任期届满之日为止。 董事会宣布，王令方先生已获委任为提名委员会主席，任期自2025年7月31日起直至本届董事会任期届 满之日为止。 董事会宣布，执行董事段鹏先生已获委任为授权代表，自2025年7月31日起生效。 ...

董事会宣布，王令方先生已获委任为提名委员会主席，任期自2025年7月31日起直至本届董事会任期届 满之日为止。 董事会宣布，执行董事段鹏先生已获委任为授权代表，自2025年7月31日起生效。 智通财经APP讯，齐鲁高速(01576)发布公告，王振江先生(王先生)因工作调动原因辞任本公司董事长、 执行董事、董事会提名委员会(提名委员会)主席、董事会战略委员会(战略委员会)主席、法定代表人及 就香港联合交易所有限公司证券上市规则(上市规则)第3.05条而言的授权代表(授权代表)的职务，有关 辞任自2025年7月31日起生效。 根据提名委员会的提名及董事会的审议，董事会建议委任魏勇先生(魏先生)为执行董事。任期自本公司 股东会会议审议通过之日生效，直至本届董事会任期届满之日为止。 ...

此外，王令方已获委任为提名委员会主席，任期自2025年7月31日起直至本届董事会任期届满之日为 止。执行董事段鹏已获委任为授权代表，自2025年7月31日起生效。 根据提名委员会的提名及董事会的审议，董事会建议委任魏勇为执行董事。任期自公司股东会会议审议 通过之日生效，直至本届董事会任期届满之日为止。 格隆汇7月31日丨齐鲁高速(01576.HK)发布公告，王振江因工作调动原因辞任公司董事长、执行董事、 提名委员会主席、战略委员会主席、法定代表人及授权代表的职务，有关辞任自2025年7月31日起生 效。 ...

高勇軍先生 （副董事長） 孔霞女士 王剛先生 施驚雷先生 杜中明先生 任瑋先生 獨立非執行董事 劉洪渭先生 何家樂先生 王令方先生 冷平先生 沈塵女士 1 附註： （於中華人民共和國註冊成立的股份有限公司） （股份代號：1576） 董事名單及其角色與職能 齊魯高速公路股份有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 段鵬先生 陳修林先生 非執行董事 2025年7月31日 2 審計委員會 薪酬與考核委員會 提名委員會 戰略委員會 段鵬先生 ╱ ╱ ╱ M 高勇軍先生 ╱ ╱ ╱ M 孔霞女士 ╱ ╱ ╱ M 王剛先生 ╱ ╱ ╱ M 施驚雷先生 M ╱ ╱ ╱ 劉洪渭先生 M C ╱ ╱ 何家樂先生 C ╱ ╱ ╱ 王令方先生 ╱ M C ╱ 冷平先生 ╱ M M ╱ 沈塵女士 ╱ ╱ M ╱ 董事會下有4個專門委員會。各董事在該等委員會擔任的職位如下： 「C」是指委員會主席 「M」是指委員會成員 ...

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倚 賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1576） 董事長、執行董事、提名委員會主席、 董事長、執行董事、提名委員會主席、戰略委員會主席、法定代表人及授權 代表辭任 齊魯高速公路股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）謹此宣佈，王振江先生（「王先生」）因工作調動原因辭任本公 司董事長、執行董事、董事會提名委員會（「提名委員會」）主席、董事會戰略委員 會（「戰略委員會」）主席、法定代表人及就香港聯合交易所有限公司證券上市規則 （「上市規則」）第3.05條而言的授權代表（「授權代表」）的職務，有關辭任自2025年 7月31日起生效。王先生已向本公司確認，彼與董事會並無任何意見分歧，亦無 任何有關彼辭任上述職位的其他事宜須敦請本公司股東（「股東」）垂注。 本公司將適時就有關委任戰略委員會主席作出進一步公告。 董事會謹藉此機會對王先生在任職期內為 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report analyzes Shandong provincial state - owned capital investment and operation companies from four dimensions: establishment background and process, positioning and consolidated business directions, assets and profitability, and outstanding bonds and bond valuations [2]. - Shandong provincial state - owned capital investment and operation companies' construction process can be divided into three stages: transferring state - owned capital to the provincial social security fund (2014 - 2017), introducing Shandong Guohui and transferring 20% of social security funds to it (2018 - 2020), and restructuring the social security fund council into Caixin Company and reorganizing the provincial investment and operation platforms (2020 - present) [2][8][9]. - These companies can be classified into five types according to their functions and business directions: state - owned capital operation companies, diversified industrial investment companies, focused industrial investment companies, financial investment companies, and policy - oriented investment companies [3][15]. - The asset scale of 12 provincial state - owned capital investment and operation companies in Shandong is significantly differentiated, and the asset structure varies greatly due to different functional positioning and business segments. Their profitability is good but has been under pressure in recent years [4][31][43]. - The outstanding bonds are mainly public bonds, and the scale is also significantly differentiated. Shandong Development, Shandong Guotou, Shandong Land, Shandong Steel Group, and Shandong High - speed have relatively low weighted ChinaBond valuation yields [5][52]. 3. Summary According to the Directory 3.1 Emergence: Establishment of Shandong Provincial Investment and Operation Companies - In 2013, the Third Plenary Session of the 18th Central Committee proposed to reform the state - owned capital authorization and operation system. Shandong Province launched a new round of state - owned enterprise reform [6]. - In 2014, Shandong issued the "26 Articles on Shandong State - owned Enterprise Reform", and in 2015, it passed the "1 + 5" documents, which jointly formed the top - level design for the construction of Shandong's state - owned investment and operation platforms [7]. - The construction process of Shandong provincial state - owned capital investment and operation companies has three stages: transferring state - owned capital to the social security fund, introducing Shandong Guohui, and restructuring and integrating platforms [2][8][9]. 3.2 Anchoring Direction: Company Positioning and Consolidated Business Directions - Companies are divided into five types: state - owned capital operation companies (e.g., Shandong Guotou), diversified industrial investment companies (e.g., Hualu Group, Lushang Group, Shandong Guohui), focused industrial investment companies (e.g., Shandong Energy, Shandong Gold, Shandong High - speed, Shandong Steel Group), financial investment companies (e.g., Luxin Group), and policy - oriented investment companies (e.g., Shandong Land, Shandong Development, Shandong Finance) [3][15]. - Each type of company has its own core business and development strategy. For example, Shandong Guotou focuses on IT business, Hualu Group on high - end chemical industry, and Luxin Group on financial services [19][20][23]. 3.3 Financial Perspective: Company Assets and Profitability 3.3.1 Asset Dimension - Asset scale is significantly differentiated, divided into four echelons. Shandong High - speed and Shandong Energy have over - trillion - yuan asset scales, while Shandong Development has the smallest scale [31]. - Asset composition varies. There are four types based on the consolidated statements: assets mainly formed by industrial subsidiaries' businesses, financial assets and long - term equity investments in financial subsidiaries, assets mainly formed by equity investments, and assets mainly formed by government - function infrastructure and its investment and financing services [32][34][35]. 3.3.2 Profitability Dimension - The overall profitability of 12 companies is good but has been under pressure in recent years. Since 2022, the overall revenue growth has slowed down, and the net profit has declined [43]. - In terms of revenue structure, 7 companies have more retained operating profits, 4 companies' profits mainly come from investment income, and Shandong Steel's investment income is an important source of profit due to industry downturn [44]. 3.4 Bond Market: Outstanding Bonds and Bond Valuation Overview - Outstanding bonds are mainly public bonds, and the scale is significantly differentiated. Shandong High - speed has the highest outstanding bond scale, while Shandong Development and Hualu Group have the smallest [52]. - Shandong Development, Shandong Guotou, Shandong Land, Shandong Steel Group, and Shandong High - speed have relatively low weighted ChinaBond valuation yields, less than 2% [52].