安徽皖通高速公路股份有限公司 2025 年第三次临时股东大会会议资料 安徽皖通高速公路股份有限公司 2025 年第三次临时股东大会会议资料 2025 年 9 月 1 安徽皖通高速公路股份有限公司 2025 年第三次临时股东大会会议资料 目 录 非累积投票议案 2 一、会议须知 二、会议议程 三、会议议案 1、关于选举杨建国先生为本公司第十届董事会非执行董事的议案； （普通决议案） 2、关于本公司申请注册发行非金融企业债务融资工具的议案；（特 别决议案） 3、关于提请公司股东大会授权董事会办理本次非金融企业债务融资 工具的议案。（特别决议案） 安徽皖通高速公路股份有限公司 2025 年第三次临时股东大会会议资料 安徽皖通高速公路股份有限公司 2025 年第三次临时股东大会会议须知 1、A 股法人股东的法定代表人出席会议的，应出示加盖单位公章的法人营 业执照复印件、法人股东账户卡、本人身份证明文件；委托代理人出席会议的， 代理人还应出示法人股东的法定代表人依法签署的书面授权委托书和本人身份 证明文件。 2、A 股个人股东亲自出席会议的，应出示股东账户卡、本人身份证明文件； 委托代理人出席会议的，代理人还应出示股东 ...

Market Overview - On September 16, the railway and highway sector rose by 0.38% compared to the previous trading day, with Wuzhou Transportation leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Gainers in Railway and Highway Sector - Wuzhou Transportation (600368) closed at 4.52, up 5.36% with a trading volume of 1.6379 million shares and a turnover of 744 million yuan [1] - Three Gorges Tourism (002627) closed at 7.40, up 4.96% with a trading volume of 1.0433 million shares and a turnover of 758 million yuan [1] - Other notable gainers include Fulin Yuan (002357) up 3.76%, Jinjia Online (600650) up 2.31%, and Jiangxi Changyun (600561) up 2.19% [1] Top Losers in Railway and Highway Sector - Guangdong Expressway A (000429) closed at 11.05, down 0.81% with a trading volume of 95,700 shares and a turnover of 106 million yuan [2] - Shandong Expressway (600350) closed at 8.84, down 0.67% with a trading volume of 149,300 shares and a turnover of 132 million yuan [2] - Other notable losers include Chongqing Road and Bridge (600106) down 0.59% and Anhui Expressway (600012) down 0.52% [2] Capital Flow Analysis - The railway and highway sector experienced a net outflow of 78.42 million yuan from institutional investors and a net outflow of 126 million yuan from speculative funds, while retail investors saw a net inflow of 204 million yuan [2] - Key stocks with significant capital inflow include Jinjia Online (600650) with a net inflow of 33.62 million yuan and China Merchants Highway (001965) with a net inflow of 31.69 million yuan [3] Individual Stock Performance - Jinjia Online (600650) had a net inflow of 33.62 million yuan from institutional investors, but saw outflows from speculative and retail investors [3] - China Merchants Highway (001965) also had a significant net inflow from institutional investors at 31.69 million yuan, with outflows from speculative investors [3] - Other stocks like Anhui Expressway (600012) and Fujian Expressway (600033) showed mixed capital flows with varying degrees of net inflow and outflow [3]

Macro Research - The US labor market is experiencing a significant slowdown in new job creation, raising concerns about a potential recession, although it has not yet reached that point. The impacts of immigration and retirement on labor supply are diminishing, making it difficult to maintain the current balance between supply and demand in the labor market, which has raised alarms about a potential slowdown [4][12][14] - The average monthly new job creation needed to keep the unemployment rate stable is estimated to be between 150,000 and 180,000. However, the recent average has fallen to 120,000, which is below this range, indicating a need for policy adjustments to stimulate job growth [14][16] Company Research: Anhui Expressway - Anhui Expressway completed the acquisition of group road assets in Q1 2025, significantly enhancing its performance. The company is also benefiting from the accelerated recovery of toll revenues following the expansion of the Xuanguang Expressway, with a 13% year-on-year increase in toll revenue [6][7] - The company has committed to a high dividend policy, maintaining a dividend payout ratio of no less than 60% of net profit for 2025-2027, which is expected to yield dividend rates of 4.9%, 4.9%, and 4.7% respectively [7][9] - Despite recent stock price pressure due to shareholder reduction announcements, the long-term value of Anhui Expressway remains intact, supported by its strong return on equity (ROE) and stable cash flow [7][9] Industry Research: Transportation - The transportation sector is seeing a recovery in toll revenues, particularly in the context of expressway expansions, which is expected to continue driving stable growth in comparable performance metrics [6][7] - The overall market sentiment is influenced by changes in risk appetite, with a focus on high dividend yields and stable cash flows in the transportation industry [7][9] Industry Research: Coal - The coal industry is strategically viewed positively, with expectations of upward price trends driven by increased demand and supply constraints. The total coal production for the year is projected to remain stable, with a slight decrease expected in the second half due to regulatory impacts [31][33] - The price of thermal coal has seen a slight decline, but overall demand is expected to improve, particularly in Q3, as the market adjusts to supply dynamics [34][31] Industry Research: Textile and Apparel - The textile and apparel industry is facing challenges, with export growth slowing down in both China and Vietnam. In August, China's textile and apparel exports fell by 5% year-on-year, indicating a significant decline in growth momentum [35][36] - Several Taiwanese manufacturers reported a slowdown in revenue growth, highlighting the pressures faced by the manufacturing sector amid changing market conditions [36][35]

Core Viewpoint - The company has significantly enhanced its performance through the acquisition of group road assets and is experiencing steady growth in comparable performance metrics following the expansion of the Xuanguang Expressway [1][2]. Group 1: Performance and Financials - The company completed the acquisition of group road assets in Q1 2025, which has notably boosted its performance [2]. - In the first half of 2025, the company's net profit attributable to shareholders reached 960 million yuan, representing a 4% year-on-year growth in comparable terms [2]. - Toll revenue has seen a significant increase, recovering to 90% of the pre-expansion levels from 2022, with a year-on-year growth of 13% in toll fees [2]. - Financial expenses have risen due to interest costs associated with the acquisition of road assets and loans from the Xuanguang expansion [2]. Group 2: Market Sentiment and Shareholder Actions - The company's stock price has been under pressure due to a shareholder's plan to reduce their stake by up to 3%, alongside changes in market risk appetite [3]. - The shareholder,招商公路, holds a 29.06% stake and plans to reduce their holdings through both centralized bidding and block trading [3]. - Despite the stock price pressure, the company maintains a strong long-term value proposition, supported by stable return on equity (ROE) in the range of 10-13% [3]. Group 3: Dividend Policy - The company has committed to a high dividend policy, ensuring that the cash dividend ratio will not be less than 60% of net profit attributable to shareholders from 2025 to 2027 [3]. - The estimated dividend yields for 2025-2027 are projected to be 4.9%, 4.9%, and 4.7%, respectively, reflecting a stable cash flow and confirmed dividends [3].

Summary of Wantuo Expressway Conference Call Company Overview - **Company**: Wantuo Expressway - **Industry**: Expressway and Infrastructure Key Financial Performance - **Revenue Growth**: In the first half of 2025, Wantuo Expressway achieved a revenue of 3.741 billion yuan, representing a year-on-year increase of 11.72% [3] - **Net Profit**: The net profit attributable to shareholders was 960 million yuan, up 4% year-on-year [3] - **Earnings Per Share**: Basic earnings per share increased by 3.65% to 0.577 yuan [3] - **Total Assets**: Total assets reached 30.138 billion yuan, a growth of 9.59% [3] Capital Operations - **Acquisitions**: Successfully acquired the Fuzhou Suxu Expressway project and completed an H-share issuance, setting a precedent for financing in the industry [4] - **Revenue Impact**: The cancellation of the 85% discount policy in Anhui province is expected to increase monthly revenue by over 10 million yuan [4][12] - **REIT Contributions**: The contribution from the traffic control REIT was approximately 50 million yuan in the first half of 2025 [15] Operational Efficiency - **Congestion Management**: Enhanced congestion management led to an average network smoothness rate of 99.6% during major holidays, ranking among the best in the country [6] - **Dynamic Guidance Systems**: The emergency lane dynamic guidance system was recognized as a typical case by the Ministry of Transport [6] Project Developments - **S62 Project**: The S62 Handan Expressway Bozhou section project is progressing smoothly [5] - **Highway Upgrades**: The Gaijie Expressway upgrade project has commenced, with expected toll reductions of no more than 20% in 2026 and 30% in 2027 [17] Future Dividend Plans - **Dividend Policy**: Wantuo Expressway plans to distribute at least 60% of the net profit attributable to the parent company as cash dividends annually from 2025 to 2027 [9][22] Cost Management - **Cost Control**: The company has maintained its maintenance costs below industry standards, implementing various measures to reduce expenses [21] Market Conditions - **Impact of Policy Changes**: The adjustment of the toll discount policy in Anhui province is expected to positively impact the company's revenue [12] - **Market Sentiment**: The recent share reduction by the second-largest shareholder, China Merchants Expressway, has put pressure on the stock price, but the long-term outlook remains positive due to attractive dividend yields [26][27] Additional Insights - **Traffic Flow Projections**: Post-construction of the Guangci and Guanghua expressways, traffic flow is expected to increase significantly [8] - **Regulatory Developments**: The ongoing development of the toll road management regulations is being closely monitored by the industry [25]

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 易所網站發佈的公告如下，僅供參閱。 公司秘書 簡雪艮 2025年9月10日 中國安徽省合肥市 截止本公告日，本公司董事會成員包括執行董事汪小文（主席）、余泳、陳季平及吳長明；非執行 董事楊旭東；以及獨立非執行董事章劍平、盧太平及趙建莉。 | 证券代码：600012 | 证券简称：皖通高速 | 公告编号：临2025-039 | | --- | --- | --- | | 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V ...

| 证券代码：600012 | 证券简称：皖通高速 | 公告编号：临2025-039 | | --- | --- | --- | | 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 关于业绩说明会召开情况的公告 安徽皖通高速公路股份有限公司（以下简称"公司"或 "本公司"）于2025年9 月10日15:00-16:00通过电话视频会议的方式召开了2025年中期业绩说明会。关 于本次说明会的召开事项，公司已于2025年9月3日在《上海证券报》《中国证 券报》及上海证券交易所网站上披露了《关于召开业绩说明会的公告》（临 2025-037）。现将有关事项公告如下： 一、本次说明会召开情况 2025年9月10日，本公司副董事长、总经理余泳先生，董事、常务副总经理 吴长明先生，独立董事章剑平先生，财务总监黄宇先生、董事会秘书丁瑜女士 及相关人员出席了本次业绩说明会。公司与投资者进行了互动交流和沟通，在 信息披露允许的范围内就投资者普遍关注的问题进行了回 ...

皖通高速主营安徽省内收费公路，截至 2024 年底运营里程 609 公里， 并托管 5,411 公里。2025 年 3 月并表复州、四许公司后，收费里程增 至 745 公里，通行费收入显著提升，2025 年上半年通行费收入达 24.5 亿元，同比增速 13.59%，位居行业首位。 2024 年皖通高速收入 70.92 亿元，同比增长 7%，通行费收入 38.9 亿 元。毛利率维持在 60%左右，2023 年达 63.18%。2016-2024 年归 母净利润复合增速 7.54%。2025 年上半年归母净利润 9.6 亿元，同比 增速 4%。 皖通高速财务结构稳健，2024 年底资产负债率仅 39.13%，ROE 为 12.84%，盈利质量高。单公里通行费收入 628.9 万元，高于行业平均 水平，仅次于东部沿海地区。 合宁高速、高界高速、宣宁高速为公司主要路产，收入和利润占比高。 这些核心路产已完成或正在进行改扩建，不存在到期影响后续收益的问 题。 Q&A 皖通高速的基本情况及其主营业务是什么？ 皖通高速成立于 1996 年 8 月，并在同年于香港联交所上市，2003 年在上交 所上市，是中国第一家在香港上市 ...

Core Viewpoint - The company reported a stable growth in its main business despite a decline in Q2 revenue, with significant contributions from toll income and recent acquisitions [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 3.74 billion yuan, representing a year-on-year increase of 11.7% [1]. - The net profit attributable to shareholders for the same period was 960 million yuan, up 4% year-on-year [1]. - Q2 revenue was 920 million yuan, showing a significant decline of 51.7% compared to the previous year, while net profit for Q2 was 410 million yuan, a 2.4% increase year-on-year [1]. Group 2: Toll Revenue - Toll revenue for the first half of 2025 reached 2.52 billion yuan, marking a 13.4% year-on-year growth, with Q2 toll revenue at 1.23 billion yuan, up 18.4% year-on-year [1]. - Key toll road performance included: - He-Ning Expressway with a 8.7% increase in toll revenue for H1 2025 and 8.1% in Q2 [1]. - Xuan-Guang Expressway with a remarkable 98.7% increase in H1 2025 and 238.5% in Q2, attributed to traffic recovery post-expansion [1]. - Gao-Jie Expressway saw a slight decline of 0.4% in H1 2025 and 0.3% in Q2 due to traffic diversion from new road openings [1]. - Newly acquired roads, Fu-Zhou and Si-Xu Expressways, reported a 11.7% increase and a 2.1% decrease in toll revenue respectively for H1 2025 [1]. Group 3: Cost and Profitability - Operating costs for H1 2025 were 2.35 billion yuan, up 16.6% year-on-year, primarily due to increased depreciation from the completion of the Xuan-Guang expansion [2]. - The gross profit margin for H1 2025 was 37.2%, a decrease of 1.3 percentage points, with the toll road business gross margin at 55%, down 4.5 percentage points [2]. - Financial expenses rose to 90 million yuan, a 191.9% increase year-on-year, mainly due to interest expenses from increased borrowing related to the Xuan-Guang expansion [2]. Group 4: Investment Outlook - The company operates in a mature and profitable core area in Anhui Province, with high returns from expansions and acquisitions [2]. - The potential for traffic growth remains due to improvements in regional road networks and ongoing expansion efforts [2]. - Projected net profits for 2025-2027 are estimated at 1.85 billion, 1.88 billion, and 1.86 billion yuan respectively, with a 2025 PE ratio of 13.2x and a PB of 1.7x [2].

Group 1 - The company, Anhui Wantu Expressway Co., Ltd., is convening its third extraordinary general meeting of shareholders in 2025 on September 25, 2025, at 14:30 [1][3] - The meeting will utilize a combination of on-site and online voting methods, with specific time slots for voting outlined [1][3] - Shareholders must register to attend the meeting, with specific requirements for both A and H shareholders detailed [4][5] Group 2 - The agenda includes the election of Mr. Yang Jianguo as a non-executive director and the application for the registration of non-financial corporate debt financing instruments [3][6] - A detailed voting process is established for shareholders, including provisions for proxy voting and the need for notarized authorization for representatives [6][8] - The company will suspend the transfer of H shares from September 22 to September 25, 2025, to facilitate the meeting [5][7]