皖通高速 20250429 摘要 • 皖通高速 2025 年一季度营收 28.21 亿元，同比增长 95.33%；净利润 5.51 亿元，同比增长 5.19%；基本每股收益 0.3,323 元，同比增长 5.19%。通行费收入显著增长，主要受益于春运期间天气良好及抚州、四 徐高速并表，实际利润增长约 19%。 • 公司通过强经营、提质效方案，包括管理提效、开源增收、节本降耗，提 升路网效率和服务质量。成功发行省内首单高成长产业债，年减少贷款利 息约 2,300 万元，并拓展硅谷网通产业园租赁收入，同比增长 30%。 • 皖通高速完成收购抚州高速和四许高速 100%股权，完善路网布局，增强 盈利能力。宣广高速改扩建项目完工，提升通行能力，一季度车流量恢复 至同期 80%-85%，但因折旧问题账面略有亏损，预计未来吞吐量将显著 增长。 • 宣广改扩建项目转固后财务费用预计上升，但 2025 年一季度财务费用未 显著上升，因部分贷款资金尚未到位，已到位约 30 亿元，贷款利率 2%- 3%。后续贷款利率取决于 LPR 走势，若 LPR 下降，融资成本有望进一步 降低。 宣广改扩建项目于去年年底至今年初基本完工。尽管 ...

| 证券代码：600012 | 证券简称：皖通高速 | 公告编号：临2025-019 | | --- | --- | --- | | 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 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。 安徽皖通高速公路股份有限公司（以下简称"公司"、"本公司"）于2025年4 月29日15:00-16:00通过电话视频会议的方式召开了2024年年度及2025年一季度 业绩说明会。关于本次说明会的召开事项，公司已于2025年4月23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2025-018）。 现将本次说明会召开情况公告如下： 一、本次说明会召开情况 2025年4月29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，独立董事赵建莉女士 ...

Group 1 - The stock price of Anhui Wantuo Expressway (00995.HK) closed at HKD 11.760 on April 29, reflecting a 1.03% increase from the previous trading day, with an intraday high of HKD 11.960, marking a new high in nearly a year [1] - The net capital inflow on that day was HKD 0.535 million, with a total of HKD 5.774 million flowing in and HKD 5.239 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 or has partial rights to several expressways in Anhui, including the G40 Huhang Expressway, G50 Huhang Expressway segments, and the Anqing Yangtze River Bridge, among others [2] - The company also provides management services for approximately 4,163 kilometers of expressways on behalf of Anhui Transportation Holding Group and its subsidiaries [2] - Additionally, the company is exploring advertising, quasi-financial services, and fund investment businesses to expand its profit margins and achieve sustainable development [2]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 21.75 CNY, representing a 25% upside from the current price of 17.45 CNY [2][10]. Core Viewpoints - The report emphasizes that high-quality development of listed companies is the foundation of market value management, highlighting that 安徽省内唯一的公路类上市公司 (the only highway listed company in Anhui Province) has a leading ROE of 12.8% in 2024, placing it among the top three in the industry [6][8]. - The report discusses the importance of shareholder returns and increasing dividend ratios as effective methods for achieving positive feedback in market value management, noting that since the company increased its dividend payout ratio in 2021, its market value has significantly improved [11][60]. - The support from major shareholders and the company's proactive efforts to strengthen its platform for sustainable development are also highlighted as key factors in enhancing market value potential [11][60]. Financial Performance Summary - The company is projected to achieve total revenue of 7,092 million CNY in 2024, with a year-on-year growth of 6.9%. However, a decline of 5.0% is expected in 2025, followed by a recovery in 2026 and 2027 with growth rates of 2.1% and 6.5%, respectively [2][23]. - The net profit attributable to shareholders is forecasted to be 1,669 million CNY in 2024, with a slight increase of 0.5% year-on-year. The net profit is expected to grow by 11.7% in 2025 and 6.8% in 2026, before declining by 2.5% in 2027 [2][30]. - The company maintains a healthy financial structure with an asset-liability ratio of 39.13% in 2024, which is relatively stable compared to other major companies in the industry [2][34]. Market Position and Competitive Advantage - The company operates approximately 609 kilometers of toll roads and manages a total of 5,411 kilometers, showcasing its significant presence in the Anhui province highway sector [6][16]. - The report notes that the company's toll revenue per kilometer is among the highest in the industry at 629,000 CNY/km, compared to the industry average of 517,000 CNY/km in 2024, indicating a competitive advantage in pricing [8][45]. - The top three revenue-generating toll roads contribute 71.57% of the company's gross profit, demonstrating the importance of these assets to overall financial performance [40][43]. Investment Recommendations - The report suggests that the company will maintain a dividend payout ratio of no less than 60% from 2025 to 2027, which is expected to yield a dividend yield of 3.9% based on projected net profits [10][11]. - The anticipated acquisitions of 阜周公司 and 泗许公司 in 2025 are expected to further enhance the company's revenue and profit potential, contributing positively to its financial outlook [9][10].

Financial Performance - The company's operating revenue for Q1 2025 reached ¥2,821,340,301.98, representing a 95.33% increase compared to ¥1,286,864,373.72 in the same period last year[4] - Net profit attributable to shareholders was ¥551,150,344.38, a 5.19% increase from ¥459,671,340.30 year-on-year[4] - Basic and diluted earnings per share both stood at ¥0.3323, up 5.19% from ¥0.2771 in the same period last year[5] - Total revenue for Q1 2025 reached CNY 2,821,340,301.98, a significant increase of 95.1% compared to CNY 1,444,388,625.27 in Q1 2024[36] - Net profit for Q1 2025 was CNY 554,813,222.40, representing a slight increase of 2.5% from CNY 539,006,430.21 in Q1 2024[37] Cash Flow and Liquidity - The net cash flow from operating activities was ¥870,334,507.72, reflecting a 10.17% increase from ¥674,132,876.34 in the previous year[5] - Operating cash flow for Q1 2025 was CNY 870,334,507.72, an increase from CNY 790,001,454.11 in Q1 2024, representing a growth of approximately 10.4%[40] - Cash and cash equivalents rose to CNY 4,974,667,815.13 from CNY 4,820,589,842.07 at the end of 2024[33] - Cash and cash equivalents at the end of Q1 2025 totaled CNY 2,848,505,391.76, compared to CNY 1,838,557,023.85 at the end of Q1 2024, representing an increase of approximately 55.0%[41] Assets and Liabilities - Total assets increased by 5.46% to ¥29,001,383,861.13 from ¥24,414,336,538.24 at the end of the previous year[5] - Total liabilities increased to CNY 15,370,624,468.73 as of March 31, 2025, compared to CNY 9,596,629,676.59 at the end of 2024[34] - Long-term borrowings increased to CNY 9,322,355,476.36 as of March 31, 2025, compared to CNY 6,382,090,813.04 at the end of 2024[34] Operational Highlights - The company completed the acquisition of 100% equity in two highway companies, which will enhance its operational capacity and market presence[6] - The company’s construction service revenue increased significantly due to the completion of the Xuan-Guang Highway expansion project, contributing to the rise in operating income[10] - The average daily traffic volume for the G50 Hu-Yu Expressway from Guangde to Xuancheng was 52,896 vehicles, representing an increase of 11.28% compared to the same period last year[17] - The company reported a 17.23% increase in traffic volume for the Xuan-Guang Expressway, with an average daily traffic of 24,456 vehicles[17] Toll Revenue and Policies - The total toll revenue for the same expressway was RMB 37.79 million, up 9.33% year-on-year[17] - The company provided a total of RMB 264 million in policy-related fee reductions during the reporting period, including RMB 39 million for green channel vehicles[18] - The company has implemented an 85% discount policy for trucks using Anhui Transportation Cards, which has attracted more trucks to use the expressways[18] - The company has reduced tolls for small passenger vehicles during the Spring Festival, resulting in a waived amount of approximately RMB 137 million[18] Investments and Acquisitions - The estimated total investment for the G50 Hu-Yu Expressway expansion project is RMB 12.303 billion, with a capital contribution of approximately RMB 2.461 billion, accounting for 20% of the total investment[21] - The company won the bid for the S62 Bozhou to Dancheng Expressway project, with an estimated total investment of approximately RMB 3.08 billion, and the company's capital contribution is about RMB 215.6 million[26] - The company completed the acquisition of 100% equity in Anhui Fuzhou Expressway Co., Ltd. and Anhui Sixu Expressway Co., Ltd., increasing its total highway mileage to 745 kilometers[28] - The company issued RMB 2 billion in rural revitalization bonds, with the first tranche having a total issuance of RMB 1.3 billion at a coupon rate of 1.99%[23][24] Shareholder Information - The total number of common shareholders at the end of the reporting period was 15,889, with 15,829 A-share shareholders and 60 H-share shareholders[15] - The company's major shareholders include Anhui Provincial Transportation Holding Group Co., Ltd., holding 31.63% of shares, and HKSCC NOMINEES LIMITED, holding 29.49%[15] Other Financial Metrics - The company reported non-recurring gains of ¥82,620,180.29, primarily from government subsidies and fair value changes of financial assets[8] - The company reported a decrease in other comprehensive income, with a net loss of CNY 56,409,762.09 in Q1 2025[37] - The total equity attributable to shareholders decreased to CNY 12,100,900,720.63 from CNY 16,376,960,138.34 at the end of 2024[34]

| 证券代码：600012 | 证券简称：皖通高速 | 公告编号：临2025-018 | | --- | --- | --- | | 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个别及连带责任。 重要内容提示： ● 会议召开时间：2025 年 4 月 29 日（星期二）15:00-16:00 ● 会议召开方式：电话视频会议 ● 投资者可于 2025 年 4 月 28 日（星期一）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 2025 年 4 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 2025 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 22.40 RMB [2][11]. Core Insights - The company's performance in 2024 demonstrates resilience, and the acquisition of quality road assets by the end of Q1 2025 is expected to enhance profitability. Future industry policy optimization may accelerate, ensuring reasonable returns on expansion and renovation projects. The company is positioned as a reliable dividend stock focused on domestic demand [3][11]. Financial Summary - Revenue for 2023 was 6,631 million RMB, projected to increase to 7,092 million RMB in 2024, followed by a decrease to 6,364 million RMB in 2025, and then rising to 8,109 million RMB in 2026 [5]. - Net profit attributable to the parent company was 1,660 million RMB in 2023, expected to slightly increase to 1,669 million RMB in 2024, and further rise to 1,864 million RMB in 2025 [5]. - Earnings per share (EPS) is projected to be 1.01 RMB in 2024 and 1.12 RMB in 2025 [5]. Operational Highlights - The average daily traffic volume is expected to decline by 8% in 2024, with toll revenue decreasing by 5%. The decline is attributed to the expansion of the Xuanguang Expressway, which has led to a significant reduction in traffic [11]. - Financial expenses are anticipated to decrease by 39% due to the reduction in LPR and the company's refinancing of existing loans at lower rates [11]. Acquisition and Expansion - The company plans to complete the acquisition of quality road assets from the group by the end of March 2025, which is expected to enhance profitability starting from Q2 2025 [11]. - The ongoing expansion projects of key expressways are projected to contribute significantly to the company's revenue, with three expressways accounting for nearly 70% of toll revenue [11]. Dividend Policy - The company maintains a high dividend payout ratio of 60% for 2024, consistent with its previous commitments to shareholder returns. The expected dividend yield for 2025-2027 is projected to be 3.9%, 3.9%, and 3.7% respectively [11].

股票代码：600012 股票简称：皖通高速 编号：临2025-016 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 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： ● 交易概述：安徽皖通高速公路股份有限公司（下称"本公司"或"公司"）计划运用一般性授权向安徽省 交通控股集团（香港）有限公司（以下简称"交控香港公司"）发行49,981,889股H股股票，发行价格为 10.45港元/股，募集资金总额为522,310,740.05港元，交控香港公司拟以现金方式全额认购。 ● 本公司控股股东为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"），交控香港公 司是安徽交控集团的全资子公司，根据《上海证券交易所股票上市规则》有关规定，本次交易构成关联 交易，但未构成《上市公司重大资产重组管理办法》规定的重大资产重组。 ● 本次交易已经公司第十届董事会第十一次会议审议通过，尚需提请本公司股东大会审议。 ● 其他需要提醒投资者重点关注的风险事项：安徽交控集团尚 ...

| 股票代码：600012 | 股票简称：皖通高速 | | | 编号：临 | 2025-017 | | --- | --- | --- | --- | --- | --- | | 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 关于股东回报规划（2025-2027 年）的公告 公司着眼于长远和可持续发展，在综合分析公司经营实际情况、股东诉求 和意愿、资金成本及融资环境的基础上，充分考虑公司所处行业特点、目前发 展所处阶段、盈利水平、现金流量状况、项目投资资金需求及银行信贷等情况 下，统筹考虑股东的短期利益和长期利益，对利润分配作出制度性安排，建立 科学、持续、稳定的分红回报机制。 （二）本规划的制定原则 1、积极回报投资者，并兼顾公司的长远利益、全体股东的整体利益及公司 可持续发展的需要。 1 2、进一步增强公司利润分配的透明度，优先采用现金分红的利润分配方 式，以便投资者形成稳定的回报预期。 ...

| 股票代码：600012 | 股票简称：皖通高速 | | | 编号：临 | 2025-015 | | --- | --- | --- | --- | --- | --- | | 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 第十届董事会第十一次会议决议公告 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。 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 2025 年 4 月 11 日（星期五）下午 16:00 以通讯方式召开第十届董事会第十一 次会议。 （二）会议通知及会议材料分别于 2025 年 4 月 1 日和 2025 年 4 月 3 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 ...