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） 承董事會命 安徽皖通高速公路股份有限公司 公司秘書 （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。 關於召開業績說明會的公告 重要内容提示： ● 会议召开时间：2025 年 9 月 10 日（星期三）15:00-16:00 ● 会议召开方式：电话视频会议 ● 投资者可于 2025 年 9 月 9 日（星期二）前将相关问题通过电子邮件的形 式发送至公司邮箱：wtgs@anhui-expressway.net。 簡雪艮 2025年9月2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 ...

| 证券代码：600012 | 证券简称：皖通高速 | | | 公告编号：临 | 2025-037 | | --- | --- | --- | --- | --- | --- | | 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 关于召开业绩说明会的公告 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法律责任。 重要内容提示： ● 会议召开时间：2025 年 9 月 10 日（星期三）15:00-16:00 一、业绩说明会类型 本次业绩说明会通过电话视频会议方式召开，公司将针对 2025 年半年度业 绩和经营情况与投资者进行交流，并在信息披露允许的范围内，对投资者普遍关 注的问题进行回答。 安徽皖通高速公路股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日在上海证券交易所网站（www.sse.com.cn ...

Core Viewpoint - The company reported a revenue of 3.741 billion yuan for the first half of 2025, reflecting a year-on-year growth of 11.72% [1] - The net profit attributable to shareholders reached 960 million yuan, marking a year-on-year increase of 4% [1] - The basic earnings per share stood at 0.5771 yuan [1] Financial Performance - Revenue for the first half of 2025: 3.741 billion yuan, up 11.72% year-on-year [1] - Net profit attributable to shareholders: 960 million yuan, up 4% year-on-year [1] - Basic earnings per share: 0.5771 yuan [1]

Core Viewpoint - Anhui Wantuo Expressway Co., Ltd. plans to apply for the registration and issuance of non-financial corporate debt financing instruments to meet operational needs, expand financing channels, reduce costs, and optimize debt structure [1] Group 1: Issuance Plan - The total scale of the debt financing tool application is not to exceed RMB 5 billion, including up to RMB 2.5 billion in medium-term notes, RMB 1.5 billion in perpetual medium-term notes, RMB 800 million in short-term financing bills, and RMB 200 million in short-term notes [2] - The debt financing tools will be publicly issued and can be issued in one or multiple phases after obtaining approval from the trading association [2] - The proposed issuance includes various types of instruments with specific terms, such as short-term financing bills not exceeding 270 days and medium-term notes with no specific limit [2] Group 2: Fund Utilization - The funds raised will be used for purposes including but not limited to repaying existing debts, project construction, equity investment, and supplementing working capital [2] Group 3: Authorization and Governance - The company intends to seek authorization from the shareholders' meeting for the board of directors to manage the issuance process, including determining specific issuance details and making necessary adjustments based on regulatory feedback [4]

Core Viewpoint - The announcement details a share reduction plan by a major shareholder, China Merchants Highway Network Technology Holdings Co., Ltd., which holds 29.06% of Anhui Wantuo Expressway Co., Ltd. The reduction is driven by business development needs and funding requirements, and it will not affect the company's control or governance structure [1][2]. Group 1: Shareholder Information - The major shareholder, China Merchants Highway, holds 496,587,500 shares, representing 29.06% of the total share capital, with 404,191,500 shares in A-shares and 92,396,000 shares in H-shares [1][2]. - The shares were acquired through administrative transfer (347,019,000 shares) and centralized trading [1][2]. Group 2: Reduction Plan Details - The reduction plan involves a maximum of 51,257,700 shares, which is up to 3.00% of the total shares [2]. - The reduction will occur through centralized bidding (up to 17,085,900 shares) and block trading (up to 34,171,800 shares) [2]. - The reduction period is set from September 2025 to December 2025 [2]. Group 3: Purpose and Impact - The reduction is based on the shareholder's business development needs and funding requirements [2]. - The plan will not lead to a change in control of the company and will not significantly impact its governance or ongoing operations [2][4].

Meeting Overview - The board meeting of Anhui Wantuo Expressway Co., Ltd. was held on August 28, 2025, combining in-person and video conferencing formats [1] - All 8 directors attended the meeting, ensuring compliance with the Company Law and Articles of Association [1] Financial Reports - The board approved the 2025 semi-annual financial reports prepared under both Chinese and Hong Kong accounting standards, with unanimous votes of 8 in favor [2] - The semi-annual report and performance summary were also approved with the same voting results [2] Budget and Compliance - The board approved a budget adjustment for 2025, with a unanimous vote [2] - The appointment of Zhang Xianxiang as Chief Compliance Officer was approved to enhance compliance management, effective immediately [2] Director Changes - The resignation of non-executive director Du Jian was accepted, and Yang Jianguo was nominated as his replacement, pending shareholder approval [3][4] Debt Financing Tools - The board approved the application to register and issue non-financial corporate debt financing instruments up to RMB 5 billion to optimize the company's debt structure [4][5] - The issuance will include various types of instruments, such as medium-term notes and short-term financing bonds, with specific limits set for each type [5] - The funds raised will be used for debt repayment, project construction, equity investment, and working capital [5] Shareholder Meeting - The board agreed to convene a temporary shareholder meeting to discuss the approved proposals, with the authorization to issue notices as needed [6][8]

Meeting Overview - The 9th meeting of the 10th Supervisory Board of Anhui Wantuo Expressway Co., Ltd. was held on August 28, 2025, in Hefei, combining in-person and video conferencing [1][2] - All three supervisors attended the meeting, ensuring compliance with the Company Law and Articles of Association [1] Meeting Resolutions - The Supervisory Board approved the review of the 2025 semi-annual report, confirming that the report complies with legal and regulatory requirements and accurately reflects the company's operational and financial status [1][2] - The board also approved the proposal to apply for the registration and issuance of non-financial corporate debt financing instruments, with a planned issuance of up to RMB 5 billion, aligning with the company's funding needs and overall interests [2]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The company reported a robust growth in toll revenue, achieving a total revenue of 3.741 billion RMB in H1 2025, which represents a year-on-year increase of 11.7% [6] - The net profit attributable to the parent company for H1 2025 was 960 million RMB, reflecting a year-on-year growth of 4.0% [6] - The company’s toll revenue for H1 2025 reached 2.45 billion RMB (after tax), marking a significant increase of 13.59% year-on-year, driven by improved traffic flow from newly opened sections of highways [6] - The ongoing expansion and upgrade of core road assets are expected to sustain future traffic growth, with the successful completion of the Xuanguang Expressway project enhancing capacity and economic benefits [6] - The company has a solid dividend policy, committing to distribute at least 60% of the net profit attributable to the parent company in cash dividends over the next three years [6] - The profit forecast for 2025E-2026E has been slightly adjusted upwards, with expected net profits of 1.955 billion RMB and 2.002 billion RMB respectively, corresponding to PE multiples of 13 and 12 [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 7,147 million RMB for 2025E, 7,228 million RMB for 2026E, and 7,267 million RMB for 2027E, with growth rates of 0.8%, 1.1%, and 0.5% respectively [2] - The net profit attributable to the parent company is forecasted to be 1,955 million RMB for 2025E, 2,002 million RMB for 2026E, and 2,119 million RMB for 2027E, with growth rates of 17.1%, 2.4%, and 5.8% respectively [2] - The earnings per share (EPS) are projected to be 1.14 RMB for 2025E, 1.17 RMB for 2026E, and 1.24 RMB for 2027E [2] - The gross margin is expected to improve from 38.6% in 2025E to 40.2% in 2027E [2] - The return on equity (ROE) is projected to be 12.4% for 2025E, declining to 10.7% by 2027E [2] Market Data - The closing price of the company's stock is 14.59 RMB, with a market capitalization of 17,006 million RMB [3] - The stock has a price-to-book ratio of 2.1 and a dividend yield of 4.14% [3] - The company's net asset per share is 6.99 RMB, with a debt-to-asset ratio of 55.66% [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][11]. Core Views - The company achieved a revenue of 3.741 billion yuan in the first half of the year, representing a year-on-year growth of 11.7%, and a net profit attributable to shareholders of 960 million yuan, up 4.0% year-on-year [3]. - The newly acquired assets have started contributing to profits, with the net profit from the newly acquired companies accounting for 12.3% of the total net profit in the first half of the year [3]. - The revenue from the Xuan-Guan Expressway has shown a significant recovery, with a year-on-year increase of 98.67% to 224 million yuan, while the Guangci Expressway experienced a decline of 64.85% due to construction [4]. - The overall toll revenue from the Xuan-Guan and Guangci Expressways has recovered to 90% of the level before the expansion, indicating potential for further growth [4]. - The company’s other toll revenues have shown steady performance, with notable increases in several key routes [5]. Financial Forecast and Investment Rating - The company is expected to achieve net profits of 1.93 billion yuan, 2.00 billion yuan, and 1.86 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.17, 1.21, and 1.12 yuan [6]. - The report highlights a strong dividend capability, indicating confidence in the company's future performance [11].

Core Viewpoint - The railway and highway sector experienced a slight decline of 0.05% on August 29, with Wanshan Expressway leading the losses, while the Shanghai Composite Index rose by 0.37% and the Shenzhen Component Index increased by 0.99% [1] Group 1: Market Performance - The closing price of Guangshen Railway was 3.21, with a significant increase of 9.93% and a trading volume of 2.2562 million shares, amounting to 722 million yuan [1] - The closing price of Wanshan Expressway was 14.59, showing a decrease of 2.99% with a trading volume of 103,500 shares, totaling 152 million yuan [2] - The railway and highway sector saw a net outflow of 173 million yuan from main funds, while retail investors contributed a net inflow of 180 million yuan [2] Group 2: Individual Stock Analysis - Guangshen Railway had a main fund net inflow of 213 million yuan, but a net outflow of 118 million yuan from speculative funds [3] - Shenhui Expressway recorded a main fund net inflow of 6.4612 million yuan, with a net outflow of 174,740 yuan from speculative funds [3] - Jilin Expressway experienced a main fund net inflow of 494,430 yuan, while speculative funds saw a net inflow of 206,060 yuan [3]