Group 1: Aviation Sector - The aviation sector is expected to see strong demand during the summer peak season, with a recommendation to focus on pre-peak investment opportunities. The industry has gradually emerged from the low-demand season since March, with rational pricing strategies from airlines supporting demand [3][12]. - In 2024, the total revenue of six listed airlines is projected to reach 521.8 billion yuan, a year-on-year increase of 14%, with a tax pre-profit of 3 billion yuan, a significant recovery from a loss of 9 billion yuan in 2023. Different airlines show varying degrees of profit improvement [10][12]. - The report highlights that the international oil price decline will significantly enhance airline profits. A 5% drop in Brent crude oil prices could increase the pre-tax profits of major airlines by 29 billion yuan for Air China and 23 billion yuan for Eastern Airlines [14][15]. Group 2: Express Delivery Sector - The express delivery sector is anticipated to maintain strong growth resilience, with business volumes expected to increase by 21.5% in 2024 and 21.6% in Q1 2025. The total business volume for 2024 is projected to reach 1.758 billion pieces [32][35]. - The market concentration in the express delivery industry is on the rise, with the CR8 index expected to reach 85.2% in 2024 and 86.9% in Q1 2025, indicating a more consolidated market [32][35]. - Revenue for the express delivery industry is forecasted to grow by 13.8% in 2024, reaching 1.4 trillion yuan, with a slight pressure on average ticket prices, which are expected to decline by 14.2% [35][36]. Group 3: Dividend and Asset Value - The report emphasizes the value of dividend assets in the transportation sector, with cash dividend ratios for highways, railways, and ports projected at 51%, 47%, and 36% respectively for 2024, indicating strong cash flow stability [44][45]. - The TTM dividend yields for these sectors are expected to be 3.0% for highways, 3.3% for railways, and 2.3% for ports, reflecting a stable increase compared to previous years [44][45]. Group 4: Shipping Sector - The shipping sector faces short-term pressure due to US-China tariff disputes, but structural opportunities may arise. The report suggests that the tariff situation could lead to a shift in import demands, particularly for agricultural products, which may benefit dry bulk shipping [48][56]. - Historical data indicates that previous trade disputes have led to increased shipping rates for certain routes, suggesting potential for similar outcomes in the current context [48][56].

安徽皖通高速公路股份有限公司 2024 年年度股东大会会议资料 安徽皖通高速公路股份有限公司 2024 年年度股东大会会议资料 2025 年 6 月 1 安徽皖通高速公路股份有限公司 2024 年年度股东大会会议资料 目 录 非累积投票议案 1、2024年度董事会报告（附：2024年度独立董事述职报告）； （普通决议案） 2 一、会议须知 二、会议议程 三、会议议案 2、2024年度监事会报告；（普通决议案） 3、2024年度经审计财务报告；（普通决议案） 4、2024年年度利润分配方案；（普通决议案） 5、关于2025年度全面预算的议案；（普通决议案） 6、关于预计2025年度日常关联交易的议案；（普通决议案） 7、关于续聘公司2025年度核数师及授权董事会决定其酬金的方案； （普通决议案） 8、关于授权董事会配发或发行新增本公司 A 股及/或 H 股股份的一 般性授权。（特别决议案） 安徽皖通高速公路股份有限公司 2024 年年度股东大会会议资料 安徽皖通高速公路股份有限公司 2024 年年度股东大会会议须知 为维护全体股东的合法权益，确保安徽皖通高速公路股份有限公司（以下简 称"本公司"或"公司"）股东 ...

Group 1 - The report highlights the steady growth in highway traffic volume, with a focus on the valuation recovery of H-shares and the systemic revaluation of A-shares, recommending specific stocks such as Zhejiang Huhangyong, Wantong Expressway, and Ninghu Expressway [3][4][32] - The railway passenger transport sector is experiencing structural changes in customer demographics, leading to a stable growth outlook, with a shift in valuation logic from PE to DCF and EV/EBITDA [3][4][56] - The railway freight sector is benefiting from the transformation of logistics and adjustments in railway freight pricing policies, with steady growth in freight volume and turnover, although the growth rate remains low [3][4][75] Group 2 - The logistics industry is being empowered by AI, which enhances traffic efficiency through the integration of traffic data models and optimization algorithms, allowing leading companies to expand their market share [3][4][105] - The report notes that the number of vehicles in China has reached 353 million by 2024, reflecting a year-on-year growth of 10.31%, indicating a robust demand for transportation services [5][11] - The report discusses the ongoing digital transformation in the railway sector, aiming for comprehensive digitization and intelligent upgrades by 2027, which will enhance operational efficiency [107][108]

Group 1 - The stock price of Anhui Wantuo Expressway (00995.HK) closed at HKD 12.620 on June 10, reflecting a 2.77% increase from the previous trading day, with an intraday high of HKD 12.740, marking a nearly one-year high [1] - The net capital inflow for the day was HKD 321.16 million, with a total of HKD 748.296 million flowing in and HKD 427.140 million flowing out [1] Group 2 - Anhui Wantuo Expressway Co., Ltd. was established on August 15, 1996, and is the first expressway company listed in Hong Kong, as well as the only publicly listed expressway company in Anhui Province [2] - The company primarily engages in the investment, construction, operation, and management of toll roads within Anhui Province, generating revenue through toll fees for vehicles [2] - The company owns various expressways and bridges in Anhui, including the G40 Huhang Expressway and the Anqing Yangtze River Bridge, and provides management services for approximately 4,163 kilometers of expressways [2] - The company is exploring additional revenue streams through advertising along highways, financial services, and fund investments to enhance profitability and ensure sustainable development [2]

Core Viewpoint - The legal opinion letter from Grandall Law Firm confirms that Anhui Wantuo Expressway Co., Ltd. can proceed with a non-public issuance of H shares to Anhui Transportation Holding Group (Hong Kong) Co., Ltd. without the need to issue a tender offer, as it meets the relevant regulatory conditions [2][11][17]. Group 1: Investor Rights Changes - The legal opinion addresses the changes in investor rights related to the non-public issuance of shares and confirms that the issuance complies with the relevant laws and regulations [3][11]. - The opinion states that Anhui Wantuo Expressway has provided all necessary documentation to support the issuance and that the information is accurate and complete [3][5]. Group 2: Qualification of the Subscriber - Anhui Transportation Holding Group (Hong Kong) Co., Ltd. is confirmed to have legal entity status and is in good standing, with a registered capital of USD 24.8 million [5][6]. - The subscriber has no disqualifying conditions that would prevent it from acquiring H shares of Anhui Wantuo Expressway, as verified by the legal firm [6][17]. Group 3: Approvals and Authorizations - The board of directors of Anhui Wantuo Expressway has approved the issuance of H shares and authorized the necessary actions to complete the transaction [7][8]. - The shareholders' meeting has also granted general authorization for the issuance of new shares, allowing the board to act based on market conditions [8][9]. Group 4: Issuance Details - The non-public issuance involves the subscription of 49,981,889 H shares, with a total payment of HKD 522,310,740.05 made by the subscriber [11][17]. - The issuance is structured to ensure that the direct and indirect shareholding of Anhui Transportation Holding Group does not exceed the regulatory threshold for requiring a tender offer [17].

国浩律师（合肥）事务所 关于 安徽皖通高速公路股份有限公司投资者权益变动及 非公开发行股份免于发出要约事宜 之 法律意见书 安徽省合肥市政务区怀宁路200号置地栢悦中心12层 邮编：230000 电话/Tel：+86 0551 65633326 传真/Fax：+86 0551 65633323 网址/Website：http：//www.grandall.com.cn 日期：2025年6月9日 国浩律师（合肥）事务所 关于安徽皖通高速公路股份有限公司投资者权益变动及 非公开发行股份免于发出要约事宜之 为出具本法律意见书，本所律师特作如下声明： 1、本所律师已依据法律意见书出具日以前已发生或存在的事实和我 国现行法律、行政法规和规范性文件的有关规定发表本法律意见。 2、本所律师已严格履行法定职责，遵循了勤勉尽责和诚实信用原则， 对安徽皖通高速投资者权益变动及非公开发行股份是否符合免于发出要 约的条件进行了充分的核查验证，保证本法律意见书不存在虚假记载、 误导性陈述及重大遗漏。 3、本所律师同意将本法律意见书作为安徽皖通高速本次投资者权益 变动及非公开发行股份免于发出要约事宜的法律文件，随同其他材料一 同上报，并 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 安徽皖通高速公路股份有限公司 呈交日期： 2025年6月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00995 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 安徽皖通高速公路股份有限公司 呈交日期： 2025年6月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00995 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事 ...

| 股票代码：600012 | 股票简称：皖通高速 | | | 编号：临 | 2025-024 | | --- | --- | --- | --- | --- | --- | | 债券代码：242121 | 债券简称：24 | 皖通 | 01 | | | | 债券代码：242467 | 债券简称：25 | 皖通 | V1 | | | | 债券代码：242468 | 债券简称：25 | 皖通 | V2 | | | 安徽皖通高速公路股份有限公司 关于增发 H 股股份暨关联交易的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 发行对象：安徽省交通控股集团有限公司（以下简称"安徽交控集团"、 "集团"）之全资子公司安徽省交通控股集团（香港）有限公司（以下简称"交 控香港公司"） ● 发行股票种类、数量和价格： 1、股票种类：香港联合交易所有限公司（以下简称"联交所"）上市的 H 股普通股 2、发行数量：49,981,889 股 3、发行价格：10.45 港元/股 安徽皖通高速公路股份有限公司（以下简 ...

Summary of Wantuo Expressway Conference Call Company Overview - Wantuo Expressway operates key routes including He-Ning, Gao-Jie, and Xuan-Guang highways, which contribute significantly to revenue and profit. In 2024, He-Ning is expected to account for 39% of gross profit, Gao-Jie for 25%, and the three main routes together will exceed 75% of total profit [2][12][10]. Key Points and Arguments - **Revenue Growth**: The company anticipates significant growth in toll revenue with the opening of Xuan-Hang highway, which is expected to boost income substantially [2]. - **Differentiated Pricing Policy**: The implementation of a differentiated pricing policy in Anhui province is projected to enhance profitability by reducing truck discount amounts by approximately 110 million [2][24]. - **Acquisition Impact**: The planned acquisition of assets (Fuzhou and Suxu highways) is expected to contribute net profits of 227 million and 242 million in 2025 and 2026, respectively [2][23]. - **High Transport Revenue**: Wantuo Expressway's revenue per kilometer is leading in the industry, reaching 6.29 million yuan/km in 2024, ranking third [2][7]. - **High Truck Proportion**: The company has a high proportion of truck traffic, with some routes exceeding 70%, indicating a strong correlation with macroeconomic conditions and greater elasticity during economic recovery [2][5]. - **Infrastructure Expansion**: The completion of highway expansions has significantly improved profitability, with He-Ning highway traffic increasing by 41% and toll revenue by 19% post-expansion [2][18]. - **Depreciation Method**: The company uses the straight-line depreciation method, resulting in higher initial depreciation costs but lower costs in later years, which may enhance asset value and investment returns if toll collection periods are extended [2][14][21]. Financial Performance - **2024 Projections**: Revenue is expected to grow by 7% year-on-year, although vehicle toll revenue may decline by 5% due to macroeconomic factors [4][15]. Net profit is projected to increase by 1% due to reduced financial expenses [4][16]. - **Return on Equity (ROE)**: The company’s ROE is 13%, with a low debt-to-asset ratio of 39%, indicating potential for further growth through increased leverage [4][17]. - **Dividend Policy**: The dividend payout ratio has been increased to 60%, with a commitment to maintain this level through 2027, positioning the company favorably in terms of shareholder returns [4][25]. Risks and Considerations - **Market Risks**: Wantuo Expressway faces potential risks from traffic diversion and changes in highway policies, which require ongoing monitoring to ensure stable growth [4][26]. Additional Insights - **Strategic Location**: Anhui province serves as a crucial transportation hub connecting the Yangtze River Delta with central provinces, supporting stable freight demand due to its industrial structure [2][9]. - **Future Developments**: The company plans to enhance its profit sources through acquisitions and infrastructure improvements, with significant expected contributions from newly acquired assets [2][22]. This summary encapsulates the key insights from the conference call, highlighting Wantuo Expressway's strategic advantages, financial outlook, and potential risks.