Core Viewpoint - Anhui Wantong Expressway (600012) and several affiliated companies have signed cost-sharing agreements for the construction of disaster recovery centers and related projects, which will enhance infrastructure and service quality for highway users [1][2] Group 1: Cost-Sharing Agreements - The company and its affiliates will share costs for two agreements related to the 2025 disaster recovery center construction [1] - The cost-sharing will be based on the proportion of average monthly toll revenue from the previous year [1][2] Group 2: Project Details - The projects include the construction of a remote dual-system disaster recovery center, toll system optimization, national encryption upgrades, lane software upgrades, video cloud platform enhancements, and the Sunshine Rescue Platform [1][2] - These projects are deemed necessary for maintaining normal highway operations and improving infrastructure [2]

Group 1 - The company Anhui Wantong Expressway (00995) has signed two cost-sharing agreements related to the construction of a disaster recovery center and other projects with several subsidiaries and partners, effective November 4, 2025 [1] - The cost-sharing for the disaster recovery center and other projects will be based on the proportion of the average monthly toll revenue from the previous year for each participating company [1][2] - The projects included in the agreements are essential for maintaining normal highway operations and will enhance the infrastructure level of the highways operated by the group, ultimately benefiting highway users [2] Group 2 - The projects covered by the agreements include the construction of a remote dual-system disaster recovery center, toll system optimization and upgrade, national encryption modification and lane software upgrade, and video cloud platform optimization and sunshine rescue platform construction [1][2] - The agreements align with the requirements set forth by the provincial highway toll collection management committee, ensuring that the costs are shared fairly among the highway operating units [2]

安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED 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 就 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。 （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 持 續 關 連 交 易： 安徽省高速公路聯網收費管理平台 異地雙系統災備中心建設等項目 費用分 攤 協 議 董事會宣佈，於2025年11月4日，本公司、宣廣公司、廣祠公司、寧宣杭公司、 安 慶 大 橋 公 司、阜 周 公 司 及 泗 許 公 司 分 別 與 交 通 數 科 及 安 徽 高 速 聯 網 運營簽訂2025年 災備中心建設等項目費用 分 攤 協 議 一 及2025年災備中 心建設等項目費用分攤協議二，據 此，本 公 司、宣 廣 公 司、廣 祠 公 司 ...

FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 安徽皖通高速公路股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年11月4日 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) | 00995 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 542,991,889 | RMB | | 1 RMB | | 542,991,889 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 542,991,889 | RMB | | 1 RMB | | 542,991,889 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 ...

Market Overview - On November 4, the railway and highway sector rose by 0.3% compared to the previous trading day, with Fujian Expressway leading the gains [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Top Performers - Fujian Expressway (600033) closed at 3.79, up 5.87% with a trading volume of 1.497 million shares and a turnover of 562 million yuan [1] - Sichuan Chengyu (601107) closed at 6.12, up 3.90% with a trading volume of 407,500 shares and a turnover of 249 million yuan [1] - Sanfengsi (001317) closed at 48.84, up 3.56% with a trading volume of 74,200 shares and a turnover of 360 million yuan [1] Underperformers - Guangshen Railway (601333) closed at 3.02, down 1.63% with a trading volume of 892,800 shares and a turnover of 271 million yuan [2] - Chongqing Road and Bridge (600106) closed at 6.61, down 1.05% with a trading volume of 181,500 shares and a turnover of 120 million yuan [2] - Haikou Group (603069) closed at 28.50, down 1.04% with a trading volume of 270,400 shares and a turnover of 764 million yuan [2] Capital Flow - The railway and highway sector experienced a net outflow of 163 million yuan from institutional investors, while retail investors saw a net inflow of 125 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types, with institutional investors pulling back while retail investors increased their positions [2][3] Individual Stock Capital Flow - Fujian Expressway saw a net inflow of 42.24 million yuan from institutional investors, but a net outflow of 50.68 million yuan from retail investors [3] - Guangdong Expressway A (000429) had a net inflow of 21.26 million yuan from institutional investors, with retail investors experiencing a net outflow of 26.64 million yuan [3] - Sanfengsi (001317) recorded a net inflow of 17.95 million yuan from institutional investors, while retail investors had a net outflow of 19.98 million yuan [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Views - The company achieved a toll revenue of 3.915 billion yuan in the first three quarters, representing a year-on-year increase of 13.83%. In Q3 alone, toll revenue reached 1.389 billion yuan, up 16.24% year-on-year, slightly exceeding expectations [1] - The full opening of the Xuanguang Expressway has significantly boosted revenue, with Q3 toll income from the entire Xuanguang section reaching 189 million yuan, a substantial increase from 40 million yuan in the same period last year [1] - The acquisition of a 7% stake in Shandong Expressway is expected to enhance investment returns, with the transaction amounting to 3.019 billion yuan at a price of 8.92 yuan per share [2] Summary by Sections Financial Performance - The company reported a net profit attributable to shareholders of 1.477 billion yuan for the first three quarters, a year-on-year increase of 5.43%, with Q3 net profit at 517 million yuan, up 8.19% year-on-year. The non-recurring net profit for Q3 was 533 million yuan, reflecting a growth of 29.19% [1] - The company slightly adjusted its profit forecasts for 2025-2027 to 1.97 billion, 2.05 billion, and 1.91 billion yuan, respectively, with corresponding EPS of 1.19, 1.23, and 1.15 yuan [3] Revenue Growth - Excluding the impact of Xuanguang Expressway, other road assets generated toll revenue of 1.2 billion yuan in Q3, marking a year-on-year increase of 3.9%. Most road assets showed positive growth, except for a 16.9% decline in revenue from Ningxuanhang Expressway [2] Strategic Acquisitions - The acquisition of Shandong Expressway shares is anticipated to bolster investment income, with the company set to gain a board seat and account for the investment using the equity method [2] Dividend Policy - The company has demonstrated a strong willingness to distribute dividends, with continuous increases in dividend payouts since 2019 [3]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing the timely allocation of transportation dividend assets [1]. Core Insights - The resilience of highway performance is highlighted, with a notable inflection point in bulk commodity performance. The report indicates that the transportation sector is currently experiencing a favorable investment environment [1]. Summary by Sections Highway: Stable Growth in Toll Revenue and Resilient Performance - In the first three quarters of 2025, the overall toll revenue of listed highway companies remained stable, with a year-on-year increase of 2.4% [4][7]. - The net profit growth rate for the highway sector in Q3 2025 was 7.1%, with notable performers including Ganyue Expressway (+64.7%) and Zhongyuan Expressway (+43.8%) [10][11]. - Current dividend yields for highway companies as of October 31, 2025, show Sichuan Chengyu at 5.1%, followed by Guangdong Expressway A and Shandong Expressway at 4.5% each [17][18]. Port: Slight Recovery in Bulk Cargo and Mixed Overall Performance - In Q3 2025, the total cargo throughput of national ports increased by 5.8% year-on-year, with container throughput rising by 5.2% [19][21]. - The port industry achieved a net profit of 97.9 billion yuan in Q3 2025, a decrease of 7.4% year-on-year, with Liaoport Co. leading in performance growth at +37.5% for the first three quarters [25][27]. - Current dividend yields for major ports include Tangshan Port at 5.0% and Qingdao Port at 3.7% [17][18]. Railway: Improvement in Q3 Performance - The railway sector showed a sequential improvement in Q3 2025, with key companies like Beijing-Shanghai High-Speed Railway reporting a net profit of 39.86 billion yuan, up 8.96% year-on-year [11][12]. - Current dividend yields for railway companies include Daqin Railway at 4.7% and Beijing-Shanghai High-Speed Railway at 2.3% [17][18]. Bulk Supply Chain: Continuous Recovery in Operating Environment - Xiamen Xiangyu reported a significant net profit increase of 443.17% in Q3 2025, indicating a strong upward trend [4][28]. - Xiamen Guomao turned profitable in Q3 2025, reflecting a stabilization in operations despite a year-on-year decline of 18.94% in the first three quarters [4][28]. Investment Recommendations - The report suggests a continued positive outlook for A/H shares in transportation dividend assets, emphasizing the importance of industrial logic and valuation elasticity [4]. - Key recommendations include Sichuan Chengyu and Wuhu Expressway for highways, and Tangshan Port and Qingdao Port for ports, highlighting their strong dividend yields and growth potential [4].

Core Insights - The railway and highway sector experienced a 0.95% increase on November 3, with Fulin Transportation leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Sector Performance - Fulin Transportation (002357) closed at 10.69, up 5.95% with a trading volume of 180,100 shares and a turnover of 189 million yuan [1] - Hainan Highway (000886) closed at 7.70, up 3.77% with a trading volume of 821,900 shares and a turnover of 628 million yuan [1] - Sichuan Chengyu (601107) closed at 5.89, up 2.79% with a trading volume of 349,100 shares and a turnover of 205 million yuan [1] - Other notable performers include Jilin Highway (601518) at 3.03, up 2.36%, and Anhui Expressway (600012) at 15.25, up 2.21% [1] Capital Flow - The railway and highway sector saw a net inflow of 115 million yuan from institutional investors, while retail investors experienced a net inflow of 4.09 million yuan [2][3] - Notable net inflows from major players include Hainan Highway with 30.42 million yuan and Fulin Transportation with 18.16 million yuan [3] - Conversely, retail investors showed a net outflow from Hainan Highway of 39.57 million yuan and Fulin Transportation of 1829.05 million yuan [3]

Core Viewpoint - Anhui Wantuo Expressway (00995.HK) has seen a stock price increase of over 4%, currently trading at 12.85 HKD with a transaction volume of 25.478 million HKD [2] Group 1 - The stock price of Anhui Wantuo Expressway has risen by 4.3% [2] - The current trading price is reported at 12.85 HKD [2] - The total transaction volume reached 25.478 million HKD [2]

Core Viewpoint - Anhui Wantuo Expressway reported a mixed financial performance with a slight decline in revenue but an increase in net profit, indicating resilience in its core operations despite challenges in the broader market [1] Financial Performance - For the first three quarters of 2025, the company recorded an operating income of 5.3855 billion yuan, a year-on-year decrease of 2.07% [1] - The net profit for the same period was 1.477 billion yuan, reflecting a year-on-year increase of 5.43% [1] - In the third quarter alone, the company achieved a net profit attributable to shareholders of 517 million yuan, marking an 8.19% year-on-year growth [1] Traffic and Revenue Growth - The core traffic volume for the company’s main routes showed significant growth, with the Xuan-Guang Expressway expansion leading to a 321.35% year-on-year increase in traffic volume [1] - Toll revenue for the third quarter surged by 381.22% year-on-year, driven by the increased traffic [1] Strategic Investments - Following the acquisition of Fuzhou-Zhou and Si-Xu Expressways in the first half of the year, the company announced a major investment in October, planning to acquire a 7% stake in Shandong Expressway Group for 3.019 billion yuan through a private agreement [1] - This acquisition is expected to enhance the company's effective investments and strengthen its core business operations [1] - Post-transaction, the company will gain a board seat at Shandong Expressway, allowing for improved operational performance and collaboration in information sharing and business synergy [1]