皖通高速（600012）公告，公司计划向安徽省交通控股集团有限公司增发4998.19万股H股，每股发行价 格为10.45港元，募集资金总额为5.22亿港元。此次交易构成关联交易，交控香港公司将以现金方式全额 认购。 ...

皖通高速（600012）公告，公司制定《安徽皖通高速公路股份有限公司股东回报规划(2025-2027年)》， 规划中提出，除特殊情况外，未来三年在公司累计未分配利润期末余额为正、当期可分配利润为正且公 司现金流可以满足公司正常经营和可持续发展的情况下，公司原则上每年进行现金分红。在符合现金分 红条件的情况下，未来三年公司每年以现金形式分配的利润不少于当年实现的合并报表归属母公司所有 者净利润的百分之六十。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][8]. Core Views - The company's revenue for 2024 is projected to be 7.092 billion yuan, a year-on-year increase of 6.94%, primarily driven by construction period income. However, toll revenue is expected to decline by 5.23% to 3.830 billion yuan due to the expansion of the Xuanguang Expressway [1][2]. - The net profit attributable to shareholders is forecasted to be 1.669 billion yuan for 2024, a slight increase of 0.55%, while the net profit after deducting non-recurring items is expected to decrease by 3.39% to 1.677 billion yuan [1][3]. - The company is expected to see significant profit contributions from the acquisition of new road assets and the completion of the Xuanguang and Guangci Expressway expansion, which is anticipated to enhance traffic flow and toll revenue in 2025 [3][4]. Summary by Sections Revenue and Profitability - The company's toll revenue for 2024 is projected to be 3.830 billion yuan, down from 4.25 billion yuan in 2023, primarily due to the Xuanguang Expressway expansion [1]. - The gross margin for the expressway business in 2024 is expected to be 61.77%, slightly down by 1.41 percentage points from the previous year, which is considered slightly better than market expectations [2]. Financial Performance - The report forecasts net profits for 2025, 2026, and 2027 to be 1.932 billion yuan, 2.004 billion yuan, and 1.860 billion yuan respectively, with corresponding EPS of 1.17 yuan, 1.21 yuan, and 1.12 yuan [4][9]. - The company has a strong dividend policy, with a projected dividend of 0.60 yuan per share for 2024, representing 60% of net profit [4]. Market Position and Future Outlook - The company has successfully completed the acquisition of the Sihu and Fuzhou Expressways, which are expected to contribute over 120 million yuan in annual profit starting in the second quarter of 2025 [3]. - The report highlights the company's strong dividend-paying capability and positive outlook for future performance, positioning it as an attractive high-dividend stock [4].

Core Viewpoint - Anhui Wantuo Expressway Co., Ltd. has reported a significant increase in stock price and announced a cash dividend distribution plan for the fiscal year 2024, reflecting positive financial performance and shareholder returns [1][3][4]. Stock Performance - As of March 28, 2025, Wantuo Expressway's stock closed at 16.89 yuan, up 3.68% from the previous week [1]. - The stock reached a peak of 16.91 yuan and a low of 15.87 yuan during the week [1]. - The company's total market capitalization is 29.009 billion yuan, ranking 6th in the railway and highway sector and 507th among A-shares [1]. Shareholder Changes - As of February 28, 2025, the number of shareholders decreased to 14,800, a reduction of 1,678 or 10.18% from December 31, 2024 [2][6]. - The average number of shares held per shareholder increased from 70,700 to 78,700, with an average holding value of 1.3945 million yuan [2]. Profit Distribution Plan - The company announced a cash dividend of 0.604 yuan per share (before tax), with a total proposed distribution of approximately 1.0018 billion yuan, which represents 60.02% of the net profit available for distribution [3][4]. - The net profit for the fiscal year 2024 is reported at 153.452 million yuan, with 152.399 million yuan available for distribution to shareholders [3][4]. Board and Supervisory Meetings - The 10th meeting of the 10th Board of Directors was held on March 28, 2025, where several key resolutions were passed, including the approval of the annual financial report and profit distribution plan [4]. - The 6th meeting of the 10th Supervisory Board also took place on the same day, approving the annual report and profit distribution plan, which will be submitted for shareholder approval [5].

Core Viewpoint - The company reported a revenue of 7.092 billion yuan for 2024, reflecting a year-on-year growth of 6.94%, and a net profit attributable to shareholders of 1.669 billion yuan, with a slight increase of 0.55% [1] Revenue Performance - In 2024, the company experienced a toll revenue decline of 5.23%, totaling 3.830 billion yuan, primarily due to adverse weather, road network diversion, and construction activities [2] - The main toll road, the He-Ning Expressway, generated 1.411 billion yuan, down 1.11% year-on-year; the Xuan-Guang and Guang-Ci Expressways saw significant declines of 55.26% and 50.37% respectively due to construction impacts [2] - Conversely, the Ning-Xuan-Hang and Yue-Wu Expressways benefited from improved traffic flow, with revenue increases of 56.50% and 66.28% respectively [2] - The Gao-Jie Expressway and Anqing Yangtze River Bridge tolls decreased by 12.29% and 9.19% respectively due to competitive road network diversion [2] Cost and Profitability - The gross margin for the toll road business decreased by 1.41 percentage points to 61.77%, with total costs amounting to 1.486 billion yuan, a decrease of 1.45% year-on-year [3] - Depreciation and maintenance expenses were 875 million yuan and 182 million yuan, down 4.33% and 6.32% respectively [3] - Financial expenses decreased by 39.03% to 64 million yuan, attributed to lower LPR and refinancing of existing loans at lower rates [3] - The company reported a fair value change loss of 32 million yuan, a reduction in losses by 70.72% compared to 2023 [3] Future Outlook - The company anticipates revenue for 2025-2027 to be 6.966 billion, 7.153 billion, and 7.320 billion yuan respectively, with year-on-year growth rates of -1.78%, 2.69%, and 2.33% [4] - Net profit attributable to shareholders is projected to be 1.807 billion, 1.845 billion, and 1.794 billion yuan for the same period, with growth rates of 8.29%, 2.07%, and -2.77% respectively [4] - Earnings per share (EPS) are expected to be 1.09, 1.11, and 1.08 yuan [4] - The company remains optimistic about the impact of road network connectivity on traffic volume and maintains a "buy" rating [4]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a 0.55% year-on-year increase in net profit attributable to shareholders for 2024, with Q4 performance exceeding expectations [1] - The company experienced a decline in core traffic flow due to insufficient demand, adverse weather, and expansion projects, leading to significant cost reductions in Q4 [1][2] - The company is expected to maintain a high dividend policy, with a proposed cash dividend of 0.604 yuan per share and a payout ratio of 60.02% for 2024 [2] Financial Summary - For 2024, the company achieved operating revenue of 7.092 billion yuan, a year-on-year increase of 6.94%, and a net profit of 1.669 billion yuan, a year-on-year increase of 0.55% [1][5] - The projected net profits for 2025, 2026, and 2027 are 1.801 billion yuan, 1.898 billion yuan, and 1.795 billion yuan, respectively [3] - The earnings per share (EPS) for 2024 is estimated at 1.01 yuan, with a price-to-earnings (P/E) ratio of 17.54 [5]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's 2024 revenue reached 7.092 billion RMB, a year-on-year increase of 6.94%, with a net profit attributable to shareholders of 1.669 billion RMB, up 0.55% year-on-year [1] - The company plans to distribute a dividend of 0.604 RMB per share for the 2024 fiscal year, maintaining a dividend payout ratio of 60% [1] - The company has completed the acquisition of two highways, which has led to an upward revision of the 2025 net profit forecast by 9.7% to 1.88 billion RMB [4] Summary by Sections Financial Performance - In 2024, the company's toll revenue decreased by 5.2% due to weak traffic growth and construction activities causing detours [2] - The company's operating costs for toll roads decreased by 1.5% in 2024, with depreciation and maintenance costs down by 4.3% and 6.3% respectively [3] - The company recorded a fair value loss of 0.32 billion RMB in 2024, primarily due to the decline in the price of a REIT [3] Revenue and Profit Forecast - The revenue forecast for 2025 is set at 9.292 billion RMB, reflecting a growth of 31.03% [6] - The net profit forecast for 2025 is 1.879 billion RMB, representing a year-on-year increase of 12.57% [6] - The company has introduced a forecast for 2027 with a net profit of 1.62 billion RMB, anticipating a decline due to the impact of highway expansion [4] Valuation - The target price for the A-shares is set at 18.60 RMB and for H-shares at 15.80 HKD [7][8] - The DCF valuation method is used, with a WACC of 5.0% for A-shares and 6.5% for H-shares [4]

金三江：2024年净利润同比增长52.54% 拟10派1.7元 3月31日，金三江（301059）公布2024年年度报告，公司2024年实现营业收入3.86亿元，同比增长 30.96%；归属于上市公司股东的净利润为5337.9万元，同比增长52.54%；基本每股收益为0.23元/股。公 司拟向全体股东每10股派发现金红利1.70元（含税）。 资料显示，金三江成立于2003年12月，主营业务是沉淀法二氧化硅的研发、生产和销售。 所属行业：基础化工–化学制品–其他化学制品 中旗股份：2024年净利润同比下降93.88% 拟10派0.5元 3月31日，中旗股份（300575）公布2024年年度报告，公司2024年实现营业收入24.22亿元，同比增长 1.35%；归属于上市公司股东的净利润为1172.1万元，同比下降93.88%；基本每股收益为0.03元/股。公 司拟向全体股东每10股派发现金红利0.5元（含税）。 资料显示，中旗股份成立于2003年8月，主营业务是农药产品的研发、生产和销售。 所属行业：基础化工–农化制品–农药 西子洁能：2024年净利润同比增长705.74% 拟10派2元 3月31日，西子洁能（0 ...

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之內容概不負責，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份內容而產生或因倚賴該 等內容而引致之任何損失承擔任何責任。 安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 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13.10(B)條而作出。 茲載列安徽皖通高速公路股份有限公司（「本公司」）在中國大陸報章及上海證券交 易所網站發佈的的公告如下，僅供參閱。 (1)第十屆董事會第十次會議決議公告 (2)第十屆監事會第六次會議決議公告 (3)關於2024年年度利潤分配方案的公告 (4)關於推動公司「提質增效重回報」的公告 (5)關於預計2025年度日常關聯交易的公告 (6)關於續聘2025年度境內審計師的公告 (7)關於購買安徽省阜周高速公路有限公司100%股權和安徽省泗許高速公路 有限公司100%股權暨關聯交易的進展公告 (8)2024年年度報告摘要 (9)2024年年度報告 (10)2024年度 ...

EF001 | | 股東類型 | 稅率 | 有關代預扣所得稅之更多補充 | | --- | --- | --- | --- | | | | | （如適用） | | | 非居民企業 | | | | | （非中國內地登記地址） | 10% | 根據2008年實施的《中華人民共 | | | | | 和國企業所得稅法》及《中華人民 | | | | | 共和國企業所得稅法實施條例》的 | | | | | 規定，自2008年1月1日起，凡中 | | | | | 國境內企業向非居民企業股東派發 | | | | | 2008年1月1日及以後年度股時， | | | | | 需代扣代繳企業所得稅，並以支付 | | | | | 人為扣繳義務人。對於記錄日期列 | | | | | 於本公司H股股東名冊上的所有以 | | | | | 非個人名義登記的股東，包括香港 | | | | | 中央結算（代理人）有限公司，其 | | | | | 它企業代理人或受託人，或其它組 | | | | | 織及團體皆被 | | | 內地投資者通過滬港通、深港 | 20% | 對內地個人投資者通過滬港通或深 | | | 通投資公司H股股票 | | 港通投資 ...