Financial Performance - The company's operating revenue for Q3 2025 was ¥1,644,475,718.74, a decrease of 23.54% compared to ¥2,150,770,255.75 in the same period last year[4] - Total profit for the period was ¥717,728,633.78, an increase of 11.93% from ¥641,246,414.59 year-on-year[4] - Net profit attributable to shareholders was ¥516,752,461.00, reflecting an 8.19% increase from ¥477,639,469.15 in the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥533,164,721.66, up 29.19% from ¥412,695,840.41 in the same period last year[4] - Basic and diluted earnings per share for the period were both ¥0.3024, reflecting a 5.00% increase from ¥0.2880 in the same period last year[6] - Net profit for the first three quarters of 2025 was CNY 1,502,290,941.48, an increase of 5.74% from CNY 1,420,607,045.34 in 2024[35] - The company reported a basic earnings per share of CNY 0.8797, up from CNY 0.8448 in the previous year[35] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥29,059,073,700.32, representing a 5.67% increase from ¥27,499,785,608.68 at the end of the previous year[6] - Total liabilities increased to CNY 15,175,857,040.39 from CNY 9,596,629,676.59, marking a significant rise of 57.06%[34] - Total equity attributable to shareholders decreased to CNY 12,437,505,690.77 from CNY 16,376,960,138.34, a decline of 24.00%[34] - The company's cash and cash equivalents decreased to RMB 4,655,230,998.54 as of September 30, 2025, from RMB 4,820,589,842.07 as of December 31, 2024[30] - The company's long-term equity investments increased to RMB 199,551,577.27 as of September 30, 2025, compared to RMB 165,855,503.15 as of December 31, 2024[30] Cash Flow - The cash flow from operating activities for the year-to-date was ¥2,556,577,681.35, a 4.03% increase compared to ¥2,457,425,500.69 in the previous year[4] - Cash flow from operating activities for the first three quarters of 2025 was CNY 2,556,577,681.35, compared to CNY 2,457,425,500.69 in 2024, indicating an increase of 4.03%[39] - Cash flow from investing activities showed a net outflow of CNY 1,824,031,337.88, worsening from a net outflow of CNY 309,382,759.19 in the previous year[40] - Cash flow from financing activities resulted in a net outflow of CNY 381,627,109.84, an improvement from a net outflow of CNY 1,453,887,834.25 in 2024[40] Investments and Acquisitions - The company completed the acquisition of 100% equity in two highway companies, enhancing its market presence and operational capacity[8] - Other equity instrument investments increased by 4,873.12% mainly due to the company's investment in Shen Highways[13] - The company signed a share transfer agreement to acquire 7% of Shandong Expressway's total shares for RMB 3,018,706,016.44, allowing the company to nominate one director on Shandong Expressway's board[25] Traffic and Toll Revenue - Daily average traffic flow on the G205 national highway segment increased by 1.94% from 6,440 to 6,565 vehicles, with toll revenue rising by 12.07% from 2,253 to 2,525 million RMB[18] - The average daily traffic flow on the Gaojie Expressway increased by 1.36% from 24,511 to 24,844 vehicles, with toll revenue growing by 3.49% from 20,449 to 21,162 million RMB[18] - The overall toll revenue for the first three quarters of 2025 has recovered to 95% of the same period in 2022, with a 5.75% year-on-year increase in the third quarter compared to 2022[20] - The average daily traffic volume for the Xuan Guang Expressway after expansion has increased by 123.91% in the first nine months of 2025 compared to the same period in 2024, with toll revenue reaching RMB 37,368 million, up 159.61%[20] - The average daily traffic volume for the Ninghuai Expressway increased by 4.33% in the first nine months of 2025 compared to the same period in 2024, with toll revenue of RMB 10,010 million, up 17.30%[20] - The company reported a total of RMB 138,931 million in toll revenue for the first nine months of 2025, representing a 16.24% increase compared to the same period in 2024[30] Financial Strategy and Future Plans - The company plans to issue non-financial corporate debt financing tools up to RMB 50 billion, including medium-term notes of up to RMB 25 billion and perpetual medium-term notes of up to RMB 15 billion[22] - The company plans to cancel the supervisory board and amend the articles of association in accordance with the new Company Law[26] Financial Challenges - The company reported a total non-recurring loss of ¥16,412,260.66 for the period, compared to a gain of ¥103,540,974.64 year-to-date[10] - Fixed assets at the end of the reporting period rose by 71.31% due to the addition of fixed assets from the Xuan Guang Highway expansion project[13] - Accounts payable at the end of the reporting period increased by 46.05% primarily due to increased engineering payments by Guang Xuan Company[13] - Long-term borrowings at the end of the reporting period grew by 44.76% as a result of new bank loans[13] - The company issued bonds worth 2 billion RMB, leading to a 133.37% increase in payable bonds at the end of the reporting period[13] - Financial expenses from the beginning of the year to the end of the reporting period surged by 207.40% due to interest capitalization after the completion of the Xuan Guang Highway expansion project[13] - Investment income from the beginning of the year to the end of the reporting period increased by 81.07% mainly due to dividends from associated enterprises[13] - Cash received from investment during the reporting period rose by 561.58% due to a targeted issuance of H shares to Anhui Jiaokong Hong Kong Company[13]

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%。 ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - Crude oil freight rates have decreased month-on-month, while container shipping rates on long-distance routes have increased. The China Import Crude Oil Comprehensive Index (CTFI) reported 1632.26 points on October 23, down 8.9% from October 16. The VLCC market remains cautious due to the implementation of special port fees between China and the US, leading to a weak sentiment among shipowners [2][13] - Guangdong Province has released a high-quality development plan for the low-altitude economy, aiming to establish itself as a national leader in this sector. The civil aviation industry has shown steady growth in the first three quarters of 2025, with a total transport turnover of 1220.3 billion ton-kilometers, a year-on-year increase of 10.3% [2][15][16] - In Shenzhen, the monthly delivery volume of autonomous vehicles has surpassed one million, with a year-on-year growth of 12.7% in express delivery volume in September. The postal industry reported a total business income of 152.57 billion yuan in September, up 6.8% year-on-year [2][22][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, while container shipping rates on long-distance routes have increased. The CTFI reported a decrease of 8.9% [2][13] - Guangdong's low-altitude economy development plan aims to optimize airspace management and promote low-altitude logistics [15][16] - Shenzhen's autonomous vehicle delivery volume has exceeded one million, with express delivery volume growing by 12.7% [22][24] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index has shown a month-on-month increase of 6.9% [26] - Domestic cargo flights have increased by 3.05% year-on-year, while international flights have risen by 15.86% [32] - The express delivery business volume in September increased by 12.7% year-on-year, with total business income reaching 127.37 billion yuan [50][54] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Consider investment opportunities in the highway and railway sectors, recommending companies like Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Explore investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [4]

Economic News - The 28th ASEAN Plus China, Japan, and South Korea Leaders' Meeting emphasized the importance of open cooperation and strategic alignment to enhance economic potential through environmental improvement, deepening industrial chain collaboration, and fostering new growth drivers [1] - Canadian Prime Minister Carney announced plans for significant domestic investment and trade diversification, aiming to double exports to non-U.S. markets over the next decade, exceeding CAD 300 billion [1] - From January to September, profits of large-scale industrial enterprises in China increased by 3.2% year-on-year, marking the highest growth rate since August of the previous year [1] - The China Logistics and Purchasing Federation reported that the total demand for food cold chain logistics in the third quarter reached 117 million tons, a year-on-year increase of 4.72% [1] - The International Monetary Fund (IMF) predicts that the U.S. government's debt burden may exceed that of Italy and Greece for the first time this century, with total debt projected to rise over 20% to 143.4% of GDP by the end of the decade [1] Company Insights - Rio Tinto Group and State Power Investment Corporation launched a pilot project for pure electric battery swap mining trucks at the Oyu Tolgoi copper mine in Mongolia, marking the first use of this technology in an open-pit mine [4] - Yongmaotai reported third-quarter revenue of CNY 1.655 billion, a year-on-year increase of 59.65%, with net profit soaring by 6319.92% to CNY 30.41 million [4] - Delin Hai's third-quarter revenue reached CNY 185 million, up 94.96% year-on-year, while net profit surged by 1322.74% to CNY 48.73 million [4] - Knight Dairy's third-quarter revenue was CNY 246 million, down 6.78%, but net profit increased by 189.26% to CNY 22.73 million [4] - Porsche, a subsidiary of Volkswagen Group, reported a third-quarter loss of EUR 966 million (approximately CNY 8 billion), leading to a 99% year-on-year decline in sales profit for the first three quarters [4] Industry Analysis - The 20th Central Committee of the Communist Party of China emphasized the importance of high-quality development and technological self-reliance as core foundations for future growth, aiming to transition from a follower to a leader in the global industrial chain [6][7] - The meeting highlighted the need to build a modern industrial system and strengthen the real economy, with a focus on becoming a manufacturing, quality, aerospace, transportation, and internet power [6] - The report suggests that the technology sector, particularly those related to self-reliance, will be a key area for investment, with a positive outlook for companies in this space [7] - The food and beverage sector is experiencing a shift towards lower-alcohol products to attract younger consumers, as evidenced by the introduction of new low-alcohol products at recent trade fairs [10][11] - The logistics industry is seeing a recovery in single-ticket revenue, with major players like Shentong and Yunda reporting significant increases in revenue per ticket [22][23] Investment Recommendations - The report recommends focusing on technology sectors, particularly those with strong performance indicators, as the market shifts back to fundamentals with the release of quarterly reports [7] - In the food and beverage sector, attention is drawn to leading companies like Guizhou Moutai, which are showing signs of recovery despite short-term price fluctuations [11] - For the chemical industry, investment opportunities are identified in sectors benefiting from improved supply-demand dynamics and those driven by capital expenditure and R&D [27]

Core Viewpoint - The railway and highway sector experienced a decline of 0.39% on October 24, with Guangshen Railway leading the drop, while the overall stock market showed positive performance with the Shanghai Composite Index rising by 0.71% and the Shenzhen Component Index increasing by 2.02% [1][3]. Group 1: Market Performance - The Shanghai Composite Index closed at 3950.31, up 0.71% [1]. - The Shenzhen Component Index closed at 13289.18, up 2.02% [1]. - The railway and highway sector saw a decline of 0.39% compared to the previous trading day [1]. Group 2: Individual Stock Performance - The top-performing stock in the railway and highway sector was Sanfengsi, closing at 48.70 with a gain of 3.46% [1]. - Chongqing Road and Bridge closed at 6.44, up 1.58% [1]. - Anhui Expressway closed at 14.89, up 1.50% [1]. - Longjiang Transportation closed at 3.64, up 1.11% [1]. - Guangdong Expressway A closed at 11.75, up 1.03% [1]. - Other notable performances include Dazhong Transportation at 6.03 (up 1.01%) and Shandong Expressway at 9.32 (up 0.87%) [1]. Group 3: Capital Flow - The railway and highway sector experienced a net outflow of 98.87 million yuan from main funds, while retail funds saw a net inflow of 123 million yuan [3]. - Speculative funds had a net outflow of 24.10 million yuan [3].

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].