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，並明確表示概不就因本公告全部或任何部分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） 二零二四年第三季度報告 此公告乃根據香港法例第571章證券及期貨條例第XIVA部及香港聯合交易所有 限公司證券上市規則第13.09(2)(a)及13.10B條的規定作出。 根據中華人民共和國（「中國」）上海證券交易所（本公司A股上市的交易所）的適用 規則，安徽皖通高速公路股份有限公司（「本公司」）及其附屬公司（與本公司合稱為 「本集團」）二零二四年第三季度報告（「二零二四年第三季度報告」）將於二零二四年 十月二十九日刊登於中國之報章。 隨附將刊登的本公司二零二四年第三季度報告。二零二四年第三季度報告所載的本 集團截至二零二四年九月三十日止三個月（「報告期」）之財務資料乃按照中國會計 準則編製。 中英文版如有歧異，概以中文版為準。 – 1 – | ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,990,476,328.15, a decrease of 1.47% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥411,212,643.00, down 19.57% year-on-year[4]. - The basic earnings per share for Q3 2024 was ¥0.2479, a decrease of 19.57% year-on-year[4]. - The weighted average return on equity for Q3 2024 was 3.24%, a decrease of 0.99 percentage points compared to the previous year[4]. - The total operating revenue for the first three quarters of 2024 reached RMB 5,043,450,578.02, an increase of 16.1% compared to RMB 4,344,060,266.07 in the same period of 2023[21]. - The total revenue for the first three quarters of 2024 was CNY 3,019,446,844.56, down from CNY 3,256,898,309.54 in the same period of 2023, representing a decline of 7.3%[26]. - The operating profit for Q3 2024 was CNY 1,634,134,201.49, compared to CNY 1,838,451,800.20 in Q3 2023, reflecting a decrease of 11.1%[23]. - The company's total comprehensive income for Q3 2024 was CNY 1,240,830,629.99, compared to CNY 1,374,572,808.18 in Q3 2023, reflecting a decrease of 9.7%[23]. Assets and Liabilities - The total assets at the end of the reporting period were ¥22,815,060,981.39, an increase of 4.95% from the end of the previous year[4]. - The total liabilities as of September 30, 2024, were RMB 8,410,988,542.61, compared to RMB 7,623,858,820.55 at the end of 2023, indicating an increase of 10.3%[21]. - The company's non-current assets totaled RMB 18,051,685,593.76, up from RMB 17,471,549,307.90, representing a growth of 3.3%[21]. - The company's cash and cash equivalents increased to RMB 4,329,738,029.77 from RMB 3,947,533,293.99, reflecting a growth of 9.7%[20]. - The total cash and cash equivalents at the end of Q3 2024 were CNY 1,656,534,430.14, compared to CNY 2,253,471,520.30 at the end of Q3 2023, a decrease of 26.4%[28]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥2,108,725,407.00, a decrease of 6.19% compared to the same period last year[4]. - The cash flow from operating activities for the first three quarters of 2024 was CNY 2,108,725,407.00, down from CNY 2,247,925,294.46 in the same period of 2023, a decline of 6.2%[26]. - The company reported a net cash outflow from investing activities of CNY -308,426,118.97 for the first three quarters of 2024, compared to CNY -1,501,599,695.43 in the same period of 2023[26]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 15,133[9]. - The largest shareholder, Anhui Provincial Transportation Holding Group Co., Ltd., holds 524,644,220 shares, accounting for 31.63% of the total shares[11]. - The second largest shareholder, HKSCC NOMINEES LIMITED, holds 489,083,879 shares, representing 29.49% of the total shares[11]. - The total number of A-share shareholders is 15,071, while H-share shareholders total 62[11]. Traffic and Toll Revenue - The total traffic volume for the 合宁高速公路 in Q3 2024 is 48,313 vehicles per day, a decrease of 1.01% compared to 48,804 vehicles in Q3 2023[13]. - The toll revenue for the 合宁高速公路 in Q3 2024 is RMB 374,450,000, down 3.18% from RMB 386,749,000 in Q3 2023[13]. - The total toll revenue for all highways in Q3 2024 is RMB 1,018,206,000, a decrease of 5.78% compared to RMB 1,080,709,000 in Q3 2023[13]. - The average daily traffic volume for the 岳武高速安徽段 in Q3 2024 is 15,088 vehicles, an increase of 99.34% from 7,569 vehicles in Q3 2023[13]. - The toll revenue for the 宁宣杭高速公路 in Q3 2024 is RMB 134,770,000, an increase of 54.60% compared to RMB 87,171,000 in Q3 2023[13]. - The total toll revenue for the 205国道天长段新线 in Q3 2024 is RMB 22,529,000, a decrease of 2.23% from RMB 23,043,000 in Q3 2023[13]. Costs and Expenses - Operating costs for the year-to-date increased by 40.59%, primarily due to the rising costs associated with the Xuan Guang expansion PPP project[7]. - The company reported a 39.44% increase in taxes and surcharges for the year-to-date, attributed to the exemption of property tax and urban land use tax in the first half of 2023[7]. - The company incurred financial expenses of CNY 121,270,648.79 in Q3 2024, slightly up from CNY 118,090,613.01 in Q3 2023[23]. - The company reported a significant increase in accounts payable, which rose to RMB 1,316,824,005.34 from RMB 631,684,718.17, reflecting a growth of 108.5%[21]. Investment and Future Plans - The company plans to issue corporate bonds not exceeding RMB 50 billion to optimize its debt structure and fund various projects[19]. - The company has invested RMB 1,328.33 million in the Anhui Traffic Control Investment Fund II as of the report date[17].

一、董事会会议召开情况 （一）安徽皖通高速公路股份有限公司（以下简称"本公司"或"公司"） 于 2024 年 10 月 28 日（星期一）上午在合肥市望江西路 520 号公司会议室以现 场会议和视频会议相结合的方式召开了第十届董事会第四次会议。 （二）会议通知及会议材料分别于 2024 年 10 月 18 日和 2024 年 10 月 21 日 以电子邮件方式发送给各位董事、监事和高级管理人员。 （三）会议应参加董事 9 人，实际参加董事 9 人，全部董事均亲自出席了本 次会议。 （四）会议由董事长汪小文先生主持，监事会成员和高级管理人员列席了会 议。 （五）本次会议的召集和召开符合《公司法》和《公司章程》的规定。 股票代码：600012 股票简称：皖通高速 公告编号：临 2024-027 安徽皖通高速公路股份有限公司 第十届董事会第四次会议决议公告 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相应的法律 责任。 二、董事会会议审议情况 本次会议审议通过了通知中所列的全部事项。有关事项公告如下： （一）审议通过本公司 2024 年第三 ...

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。 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。 關於召開業績說明會的公告 承董事會命 安徽皖通高速公路股份有限公司 公司秘書 李忠成 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） 一、业绩说明会类型 本次业绩说明会通过电话会议方式召开，公司将针对 2024 年三季度的业绩 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。 二、业绩说明会召开的时间、地点 2024年10月23日 中國安徽省合肥市 截止此公告日，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； 非執行董事楊旭東及杜漸；以 ...

股票代码：600012 股票简称：皖通高速 公告编号：临 2024-026 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相应的法律 责任。 重要内容提示： ● 投资者可于 2024 年 10 月 29 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。 安徽皖通高速公路股份有限公司（以下简称"公司"）将于 2024 年 10 月 29 日在上海证券交易所网站 （www.sse.com.cn）及香港联合交易所有限公司网站 （www.hkexnews.hk）发布公司 2024 年第三季度报告。根据中国证监会《上市公 司投资者关系管理工作指引》等相关规定，为了便于广大投资者更全面深入地了 解公司 2024 年三季度业绩和经营情况，公司计划于 2024 年 10 月 30 日（星期 三）15:00-16:00 召开业绩说明会，就投资者普遍关心的问题进行交流。 ● 会议召开时间：2024 年 10 月 30 日（星期三）15:0 ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[10]. - The company's operating revenue for the first half of 2024 reached CNY 3,052,974,249.87, representing a 31.38% increase compared to CNY 2,323,838,937.32 in the same period last year[19]. - The total operating revenue for the first half of 2024 was RMB 3,011,258,645.27, representing a 31.04% increase compared to RMB 2,298,043,829.54 in the same period of 2023[42]. - The gross profit for the first half of 2024 was RMB 1,158,160 thousand, compared to RMB 1,325,201 thousand in the previous year, indicating a decrease of about 12.6%[137]. - The net profit attributable to shareholders of the listed company was CNY 809,871,026.64, a decrease of 3.53% from CNY 839,500,426.23 in the previous year[19]. - The net profit attributable to shareholders was RMB 809,871 thousand, down 3.53% from RMB 839,500 thousand in the same period last year[33]. - The company's semi-annual profit was RMB 808,769 thousand for the first half of 2024, compared to RMB 838,399 thousand in the same period of 2023, indicating a decrease of approximately 3.5%[141]. - Total comprehensive income for the first half of 2024 was RMB 821,855 thousand, compared to RMB 844,954 thousand in the first half of 2023, a decline of about 2.7%[142]. Revenue Sources - Toll revenue accounted for RMB 1,862,327,254.90, a decrease of 8.55% from RMB 2,036,389,772.22 in the previous year[42]. - Revenue from construction and renovation services under franchise arrangements surged to RMB 1,121,348 thousand, a substantial increase from RMB 236,174 thousand in the previous year[151]. - The group achieved toll revenue of RMB 1,862,327 thousand, a decrease of 8.55% compared to RMB 2,036,390 thousand in the same period of 2023[34]. Operational Developments - New technology initiatives include the implementation of smart toll collection systems, expected to reduce transaction times by 30%[10]. - The company has established a smart operation command center and launched the "Wanmei Rescue" management system to improve network control capabilities[32]. - The company implemented a monthly and quarterly performance competition mechanism to enhance operational management efficiency[31]. - The company has allocated RMB 200 million for research and development of new highway safety technologies in 2024[10]. Market Expansion - The company plans to expand its market presence by entering two new provinces by the end of 2024, aiming for a 5% increase in market share[10]. - The company plans to invest RMB 386 million in the expansion of the Xuanguang Expressway, with all funding completed by the end of March 2024[32]. Financial Position - Total assets increased by 7.47% to CNY 23,362,606,972.27 from CNY 21,738,743,118.83 at the end of the previous year[19]. - The company's total assets increased to RMB 23,364,000,000, with cash and cash equivalents rising to RMB 5,368,605,042.59, accounting for 22.98% of total assets[51]. - The company's liabilities increased, with accounts payable rising by 52.15% to RMB 961,086,382.95[51]. - Total liabilities increased to RMB 9,424,248 thousand from RMB 7,631,261 thousand, marking an increase of approximately 23.5%[140]. Cash Flow - The net cash flow from operating activities was CNY 1,436,551,361.31, showing a slight increase of 0.59% compared to CNY 1,428,122,285.48 last year[19]. - The net cash flow from operating activities for the reporting period is RMB 1,284,586 thousand, which is comparable to RMB 1,302,860 thousand in the same period last year[67]. - Cash inflow from bank loans amounted to RMB 967,237, compared to RMB 80,000 in the same period last year, indicating a substantial increase[143]. Sustainability and Environmental Initiatives - The management emphasized a commitment to sustainability, with plans to reduce carbon emissions by 15% over the next three years[10]. - The company has achieved a carbon dioxide absorption capacity of approximately 1,280 tons per day through its greening efforts, with a total of 232,968 tons of carbon dioxide neutralized during the reporting period[90]. - The company has actively promoted the use of environmentally friendly de-icing agents to minimize pollution to water sources and soil[82]. - The company has installed a total of 14.34 MW of photovoltaic capacity across its main park, road sections, and service areas, generating 7.1 million kWh of electricity in the first half of the year, saving 330,000 CNY in electricity costs[89]. Risk Management - The company has identified potential risks related to regulatory changes, which could impact future revenue streams[10]. - The company is committed to deepening state-owned enterprise reform and enhancing risk control measures[66]. Shareholder Information - The total number of ordinary shareholders as of the reporting period end is 17,805 households, with H-share shareholders totaling 62 households[128]. - The top ten shareholders hold a total of 524,644,220 shares, representing 31.63% of the total shares[125]. - The company declared dividends amounting to RMB 996,825 thousand for the fiscal year 2023, impacting retained earnings significantly[141]. Employee and Community Engagement - The company has implemented a comprehensive training plan for 2024, focusing on enhancing employee skills and professional knowledge[78]. - The company has been supporting Lishuzhu Village in Taihu County for 8 consecutive years, with a focus on poverty alleviation and risk monitoring, successfully optimizing 8 monitoring grids in the first half of 2024[93].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [6][9]. Core Insights - The company benefits from steady growth in vehicle ownership and upcoming optimization of toll road management regulations, which are expected to enhance operational efficiency [6][19][24]. - The company's core assets are strategically located in the Yangtze River Delta, supported by state-owned shareholders, which enhances operational capabilities [6][26][28]. - The company's performance is driven by both traffic growth and external acquisitions, with significant improvements in revenue and profit from its toll road business [6][35][45]. - There is substantial potential for external acquisitions, with a high dividend payout ratio that rewards shareholders [6][50][52]. Summary by Sections 1. Vehicle Ownership Growth and Regulatory Optimization - Vehicle ownership in China has been steadily increasing, reaching 345 million by June 2024, with a year-on-year growth of 5.18% [19]. - Investment in road networks has seen steady growth, with highway construction investment reaching 1,595.5 billion in 2023, up from 1,150.4 billion in 2019 [22]. - The upcoming optimization of toll road management regulations is expected to extend the concession periods for operational highways, encouraging more investment [24][25]. 2. Core Assets and State-Owned Support - The company, established in 1996, is the only publicly listed toll road company in Anhui Province, controlling 10 toll road projects with approximately 609 kilometers of operational roads [26][28]. - The stable shareholding structure, with significant ownership by the Anhui State-owned Assets Supervision and Administration Commission, provides a solid foundation for the company's operations [28]. 3. Traffic Growth and Performance Improvement - The company has seen significant revenue contributions from its toll roads, with the He-Ning Expressway generating 1.404 billion in revenue in 2023, accounting for 34.3% of the toll road business [35]. - The company's revenue and profit have shown a recovery trend post-COVID-19, with 2023 revenue reaching 6.631 billion, a year-on-year increase of 27.4% [45]. - The company's gross profit from toll road operations improved from 1.628 billion in 2018 to 2.586 billion in 2023, driven by increased traffic and reduced impact from toll exemptions [45][46]. 4. Acquisition Potential and Shareholder Returns - The company has a rich pool of quality toll road assets in Anhui, with the provincial highway toll mileage reaching 5,804 kilometers in 2023, indicating a long-term growth trend [50][52]. - The company maintains a high dividend payout ratio of approximately 60.05%, supported by strong operating cash flow, which positions it well for future acquisitions and expansions [6][50].

证券研究报告 ＃industryId＃ 高速 ＃investSuggestion＃ ＃assAuthor＃ ＃ investSug gestionCh ange＃ 维持 ） 买入 ( 公 司 点 评 报 告 | --- | --- | |--------------------------------|-------------------------------------| | ＃市场数据 marketData ＃ | | | 日期 | 2024/9/4 | | 收盘价（元） | 15.99 | | 总股本（百万股） | 1659 | | | | | 流通股本（百万股） | 1166 | | 净资产（百万元） | 12470 | | 总资产（百万元） | 23363 | | 每股净资产（元） 来源： WIND | 7.52 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ 【兴证交运】《皖通高速 2023 年报点评：核心路段潜力释放， 成 长 性 位 于 板 块 前 列 》 2024-04-08 【兴证交运】《皖通高速 2023 年中报点评：核心路段潜力释 放，拟提高分红回报股 ...

股票代码：600012 股票简称：皖通高速 公告编号：临 2024-025 1、请简要介绍一下公司2024年中期的经营情况及未来发展目标。 2024年9月5日，本公司董事长汪小文先生，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答。 二、本次会议投资者提出的主要问题及公司的回复情况 公司在本次说明会上就投资者关心的问题给予了回答，主要问题及答复整理如 下： 2024年上半年，面对国内有效需求不足、新旧动能转换存在阵痛、安徽省内恶 劣天气天数较多等不利因素，本公司坚决贯彻落实有关决策部署，迎难而进、真抓 实干，聚焦高速公路主业发展，切实抓好运营管理各项工作，发展质量进一步提 升，总体态势平稳向好。公司运营主要呈现以下特点： 一是发展质效有目共睹。今年上半年，尽管受到宏观环境、恶劣天气以及宣广 高速改扩建等不利因素影响，但公司主要财务指标依然保持稳健，上半年实现营业 收入人民币30.53亿元，利润总额人民币10.84亿元，归属于本公司股东的净利润人 ...

公 司 研 究 皖通高速（600012.SH）：道路施工 致收入短期承压，盈利符合预期 2024 年 9 月 4 日 强烈推荐/维持 皖通高速 公司报告 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 事件：2024 年上半年公司实现通行费收入 18.62 亿元（税后），同比下降 8.55%， 归母净利 8.10 亿元，同比下降 3.53%，业绩符合预期。 注：公司上半年营收共计 30.53 亿元，同比增长 31.38%，主要系除通行费外还包含 11.21 亿的建造服务收入，但该业务收入与成本相互抵消，对公司盈利不产生影响。 宣广改扩建施工导致收入端短期承压：上半年公司通行费收入同比下降约 1.74 亿元，最主要的原因系宣广、广祠高速施工，自 3 月 8 日实施单向通行，封闭 部分站点，致使通行费下滑明显，其中宣广高速上半年收入 1.13 亿元 （-58.03%），同比减少 1.56 亿元，广祠高速收入 0.30 亿元（-48.44%），同 比减少 0.28 亿元。宣广改扩建已进入尾声，预计年内能够实现全线贯通，收 入增长则主要体现在 2025 年。 其他路段中，宁宣杭高速与岳武高速继续受益于 ...