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 ...

Financial Performance - Total revenue for the fiscal year 2024 reached RMB 7,091,833 thousand, an increase of 6.95% compared to RMB 6,631,337 thousand in 2023[4] - Operating profit for 2024 was RMB 2,390,633 thousand, a decrease of 3.16% from RMB 2,468,857 thousand in 2023[4] - Net profit attributable to the owners of the company for 2024 was RMB 1,670,667 thousand, slightly up from RMB 1,657,726 thousand in 2023, reflecting a growth of 0.61%[4] - Basic and diluted earnings per share for 2024 were RMB 1.0073, compared to RMB 0.9995 in 2023, indicating a 0.08% increase[4] - Profit before tax for 2024 was RMB 533,069 thousand, compared to RMB 587,659 thousand in 2023, reflecting a decrease of 9.27%[18] - The current tax expense for corporate income tax was RMB 540,334 thousand in 2024, down from RMB 621,523 thousand in 2023, a reduction of 13.06%[18] - The pre-tax profit for 2024 is RMB 2,226,777 thousand, a slight decrease from RMB 2,263,826 thousand in 2023[21] - The actual income tax calculated at the group's effective tax rate for 2024 is RMB 533,069 thousand, compared to RMB 587,659 thousand in 2023, reflecting a decrease of approximately 9.3%[21] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 24,452,640 thousand, up from RMB 21,776,552 thousand in 2023, representing a growth of 12.27%[6] - Non-current assets increased to RMB 19,089,414 thousand in 2024 from RMB 17,509,357 thousand in 2023, marking an increase of 9.00%[6] - Cash and cash equivalents rose significantly to RMB 2,115,494 thousand in 2024, compared to RMB 962,380 thousand in 2023, reflecting a growth of 120.00%[6] - Total liabilities increased to RMB 9,563,072 thousand in 2024 from RMB 7,631,261 thousand in 2023, an increase of 25.38%[8] - The company reported a total of RMB 1,071,389 million in trade and other payables as of December 31, 2024, up from RMB 842,815 million in 2023, indicating a growth of 27.1%[35] Revenue Breakdown - Toll revenue decreased to RMB 3,830,215 thousand in 2024 from RMB 4,041,761 thousand in 2023, representing a decline of 5.22%[15] - The revenue from construction and renovation services under franchise arrangements increased significantly to RMB 3,133,523 thousand, up 26.54% from RMB 2,475,491 thousand in 2023[15] - The company reported a net other income and gains of RMB 165,387 thousand in 2024, significantly higher than RMB 59,191 thousand in 2023, representing an increase of 179.00%[4] - The share of profits from associates increased to RMB 10,634 thousand in 2024 from RMB 8,596 thousand in 2023, indicating a growth of 23.73%[4] Dividends - Dividends paid for 2024 amount to RMB 996,825 thousand (RMB 0.601 per share), compared to RMB 912,236 thousand (RMB 0.55 per share) in 2023, representing an increase of approximately 9.3%[24] - The proposed final dividend for the year ending December 31, 2024, is RMB 1,001,800 thousand, with a per share amount of RMB 0.604, pending approval at the upcoming board meeting[24] Investments and Capital Expenditures - The company has committed capital expenditures of RMB 1,949,601 thousand for 2024, down from RMB 4,337,572 thousand in 2023, indicating a reduction of about 55.1%[29] - The company completed investments of RMB 3.134 billion in the PPP project for highway expansion, with a cumulative actual investment of RMB 7.027 billion[63] - The company made equity investments totaling RMB 38,551,106 in Xuanguang Company, acquiring a 55.47% stake[62] Audit and Governance - The audit committee held seven meetings in 2024, reviewing key financial reports and internal control evaluations[80] - The company’s actual governance status aligns with the requirements of the China Securities Regulatory Commission[77] - The audit committee has approved the 2023 financial reports prepared under both domestic and Hong Kong accounting standards[83] - The company plans to continue its internal control evaluation work for 2024, ensuring compliance and transparency[84] Market and Industry Trends - The overall performance of toll roads is influenced by macroeconomic conditions and competition from surrounding road networks[46] - The highway industry faces challenges including limited toll revenue growth due to economic slowdown and rising construction costs, necessitating cautious investment decisions and improved cost management[98] - The company is focusing on expanding financing channels to lower costs and meet development funding needs[89] - The integration of new generation information technology with transportation is accelerating, with a focus on smart transportation as a key development direction during the 14th Five-Year Plan period[96] Strategic Initiatives - The company is strategically expanding its highway business in line with the "Yangtze River Delta Integration" initiative[61] - There is a push for business transformation beyond traditional toll road operations into areas like transportation technology and smart logistics to cultivate new growth points[97] - The company aims to optimize asset allocation and improve operational efficiency through asset restructuring and integration of upstream and downstream resources[97]

Meeting Details - The 6th meeting of the 10th Supervisory Board of Anhui Wantuo Expressway Co., Ltd. was held in March 2025 [1] - The meeting was convened in accordance with the Company Law of the People's Republic of China and the company's articles of association [1] - All three supervisors attended the meeting, and it was chaired by Mr. Guo Xiaoze [1] Resolutions Passed - The Supervisory Board approved the 2024 annual report, which will be submitted for approval at the company's annual general meeting [1][2] - The Supervisory Board reviewed the 2024 annual profit distribution plan, which complies with relevant laws and regulations, and agreed to submit it for approval at the annual general meeting [2] - The Supervisory Board approved the 2024 internal control evaluation report [2]

Core Viewpoint - The company announced its profit distribution plan for the year 2024, proposing a cash dividend of RMB 0.604 per share, subject to shareholder approval [1][2]. Summary by Sections Profit Distribution Plan - The company plans to distribute a cash dividend of RMB 0.604 per share (including tax) to all shareholders [1][2]. - The total cash dividend amount for the year is RMB 1,001,800,440 (including tax) [2]. - The profit available for distribution to shareholders for 2024 is RMB 152,399 million [2]. Decision-Making Process - The company's board of directors unanimously approved the profit distribution plan during the 10th board meeting on March 28, 2025, and will submit it for shareholder approval [3]. - The supervisory board supports the profit distribution plan, stating it complies with relevant laws and regulations and considers the company's operational status and future funding needs [3]. Compliance and Risk Assessment - The profit distribution does not trigger any risk warnings as per the Shanghai Stock Exchange listing rules [1][3]. - The cash dividend ratio is confirmed to be above 30%, indicating a stable distribution policy [3].

安徽皖通高速公路股份有限公司 2024年度独立董事述职报告 （独立董事 赵建莉） 作为安徽皖通高速公路股份有限公司(以下简称" 公司" ) 的独立董事, 在2024年度履职期间，本人严格按照《公司法》 《证券法》《上市公司独立事管理办法》《上海证券交易所 股票上市规则》《公司章程》等的有关规定，在工作中谨慎、 认真、忠实、勤勉地履行法律法规及《公司章程》 赋予的职 责，积极参与公司重大事项决策，客观、公正、审慎地发表 意见，充分发挥了独立董事的作用，维护公司整体利益和全 体股东尤其是中小股东的合法权益。现将2024年度主要工作 情况报告如下： 一、 基本情况 （一）独立董事任职董事会专门委员会的情况 公司董事会下设战略发展及投资委员会、审核委员会、 人力资源及薪酬委员会三个专业委员会。本人在2024年度任 期内，在第十届董事会人力资源及薪酬委员会、审核委员会 担任委员。 1、本人和直系亲属及主要社会关系不在公司或其附属 企业任职；没有直接或间接持有公司已发行1%或1%以上股 份；不是公司前十名股东；不在直接或间接持有公司已发行 股份5%或5%以上的股东单位任职、不在公司前五名股东单 位任职。 2、本人没有为公 ...

安徽皖通高速公路股份有限公司 2024年度独立董事述职报告 （独立董事 方芳） 作为安徽皖通高速公路股份有限公司(以下简称" 公 司" )的独立董事, 在2024年度履职期间，本人严格按照《公 司法》《证券法》《上市公司独立事管理办法》《上海证券 交易所股票上市规则》《公司章程》等的有关规定，秉持客 观、独立、公正的立场，诚实、勤勉、独立地履行职责，积 极参加相关会议，独立自主决策，对公司重大事项发表了事 前认可及独立意见，充分发挥了独立董事的作用，切实维护 公司和全体股东、特别是中小股东的合法权益。现将2024年 度主要工作情况报告如下： 一、 基本情况 （一）独立董事任职董事会专门委员会的情况 公司董事会下设战略发展及投资委员会、审核委员会、 人力资源及薪酬委员会三个专业委员会。本人在2024年度任 期内，在第九届董事会人力资源及薪酬委员会担任委员。 （二）工作履历、专业背景以及兼职情况 方芳女士，1974年出生，研究生学历，MBA 硕士,曾任 Tybourne Capital Manangement董事总经理，远山资本管理有 限公司合伙人、基金经理，于2018年6月起任Tairen Capital （泰 ...