证券代码：600020 证券简称：中原高速 公告编号：临 2025－053 河南中原高速公路股份有限公司 2025 年 7 月份通行费收入和交通量数据公告 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。 河南中原高速公路股份有限公司（以下简称"公司"）2025 年 7 月份通行 费收入为 410,746,509.62 元，各路段情况如下： | 路段 | 通行费收入 | 交通量 | | --- | --- | --- | | | （元） | （折算数，台次） | | 京港澳高速公路郑州至漯河段 | 177,689,383.98 | 2,829,587 | | 京港澳高速公路漯河至驻马店段 | 37,167,404.21 | 1,316,260 | | 郑栾高速公路郑州至尧山段 | 81,543,311.93 | 868,672 | | 郑州至民权高速公路 | 46,388,985.34 | 943,461 | | 德上高速公路永城段 | 9,608,714.38 | 407,567 | | 商丘至登封高速公路 | 58,3 ...

Core Viewpoint - Zhongyuan Expressway (600020.SH) announced that its toll revenue for July 2025 is projected to be 411 million yuan [1] Group 1 - The company is forecasting a toll revenue of 411 million yuan for July 2025 [1]

智通财经APP讯，中原高速(600020.SH)发布公告，公司2025年7月份通行费收入为4.11亿元。 ...

Core Viewpoint - The company Zhongyuan Expressway (600020) announced that its toll revenue for July 2025 is projected to be 411 million yuan [1] Group 1 - The projected toll revenue for July 2025 is 411 million yuan [1]

Core Viewpoint - The report from Huayuan Securities indicates that Zhongyuan Expressway's debt structure optimization is showing results, and while toll revenue is under pressure, overall growth remains intact. [1] Group 1: Toll Revenue and Demand - In Q2, toll revenue experienced pressure, potentially due to a decline in truck demand, with expectations for recovery in macroeconomic demand. [1] - The company operates several key expressway segments, such as the Zhengzhou to Zhumadian section of the Jinggang'ao Expressway and the Zhengmin Expressway, which play a crucial role in connecting regional economies. [1] - The proportion of truck traffic is expected to increase as logistics recover. [1] Group 2: Zhenglu Project Progress - The Zhenglu project is progressing steadily, with a cumulative investment of 6.93 billion yuan expected by mid-2025. [1] - Key engineering milestones, such as the completion of the South Ridge Bridge and the 100% completion of the Suota for the He River Bridge, have been achieved ahead of schedule. [1] - The project has a total construction period of four years, with completion anticipated in 2026, which is expected to release incremental revenue. [1] Group 3: Business Structure and Dividend Policy - The company is continuously improving its road network scale and optimizing its business structure. [1] - An increase in the dividend payout ratio is expected to enhance the dividend yield and overall value. [1] - The recommendation to maintain a "buy" rating reflects confidence in the company's growth potential. [1]

Core Insights - The article highlights the recent movements of social security funds in the stock market, revealing that 15 new stocks were added to their portfolio in the second quarter [1] - A total of 238 companies have released their semi-annual reports, with social security funds appearing in 40 stocks, indicating significant institutional activity [1] Summary by Category New Investments - Social security funds initiated positions in 15 new stocks during the second quarter, with the highest number of funds appearing in Su Shi Testing, where three funds are listed among the top ten shareholders [1] - The stock with the highest proportion held by social security funds among new investments is Zhong Chumei, with a holding ratio of 3.45%, followed by Beiding Co., Ltd. at 3.16% [1] Holdings and Changes - In terms of shareholding volume, the stock with the largest number of shares held by social security funds is Satellite Chemical, with 20,169,300 shares, followed by Su Shi Testing and Zhongyuan Expressway with 14,862,000 shares and 13,000,100 shares, respectively [1][2] - The article provides a detailed table listing the new stocks acquired by social security funds, including their stock codes, names, number of funds involved, shareholding volume, and industry classifications [2] Performance Metrics - Among the new investments, 14 companies reported year-on-year net profit growth, with the highest increase recorded by Xin Qiang Lian at 496.60% [2] - Other notable companies with significant net profit growth include Ta Pai Group and Guo Mai Culture, with increases of 92.47% and 80.38%, respectively [2]

Core Viewpoint - Zhongyuan Expressway (600020.SH) is experiencing steady operational improvement, with plans for a significant investment in digital transformation to enhance its infrastructure and diversify its business model [1][4]. Financial Performance - In the first half of 2025, Zhongyuan Expressway reported a revenue of 3.105 billion yuan, an increase of 13.17% year-on-year, and a net profit of 663 million yuan, up 7.68% year-on-year [2][3]. - The company's non-recurring net profit reached 629 million yuan, reflecting a growth of 4.81% year-on-year [2][3]. - The toll revenue for the first half of 2025 was 2.193 billion yuan, which is a 2.23% increase compared to the previous year [2]. Business Diversification - Zhongyuan Expressway is actively developing diversified projects alongside its core highway operations, with a focus on investments in various sectors including banking, insurance, and real estate [1][3]. - The company has established four wholly-owned subsidiaries and has stakes in six other enterprises, enhancing its investment portfolio [3]. Investment Plans - The company plans to invest approximately 190 million yuan in a digital transformation project aimed at upgrading its traffic infrastructure, which includes five specific projects [4][5]. - The project is expected to improve traffic efficiency, enhance user experience, and support regional economic development [5]. Shareholder Activity - The controlling shareholder, Henan Transportation Investment Group, completed a share buyback plan, acquiring 38.69 million shares, which represents 1.72% of the total shares, boosting investor confidence [6]. - Several institutional investors have increased their holdings in Zhongyuan Expressway, indicating strong market interest [6].

Financial Overview - The company reported a total revenue of 3.105 billion yuan for the first half of 2025, an increase of 13.17% year-on-year [1] - The net profit attributable to shareholders was 663 million yuan, up 7.68% year-on-year, while the net profit excluding non-recurring items was 629 million yuan, rising 4.81% year-on-year [1] - However, the second quarter showed disappointing results, with a net profit decline of 7.39% year-on-year and a 12.59% decrease in net profit excluding non-recurring items [1] Accounts Receivable and Debt Situation - Accounts receivable significantly increased by 48.13% year-on-year, reaching 1.515 billion yuan [3] - Interest-bearing debt rose to 33.839 billion yuan, an increase of 4.65% year-on-year [3] - The ratio of accounts receivable to profit is as high as 172.12%, indicating potential risks in accounts receivable recovery [3] Cash Flow Situation - The company's cash and cash equivalents amounted to 621 million yuan, a year-on-year growth of 51.06% [4] - However, the ratio of cash and cash equivalents to current liabilities is only 12.06%, indicating some pressure in cash flow management [4] Main Business Analysis - The main source of revenue is from toll fees, generating 2.193 billion yuan, which accounts for 70.63% of total revenue, with a gross margin of 54.07% [5] - The Zheng-Luo Road contributed the most, with revenue of 975 million yuan and a gross margin of 67.37% [5] - Construction service revenue was 817 million yuan, making up 26.31% of total revenue, but specific profit figures were not disclosed [5] Industry and Policy Environment - The company operates in the road transportation industry (G54) and benefits from the Henan provincial government's plan to increase the actual mileage of highways to over 10,000 kilometers by 2025 and 13,800 kilometers by 2035 [6] - The company is actively promoting the application of the electronic toll collection (ETC) system and has initiated several smart construction projects [6] Summary - Overall, the company achieved revenue growth in the first half of 2025, but the profit decline in the second quarter, along with the accounts receivable and debt situation, warrants attention [7]

Core Viewpoint - Huayuan Securities issued a report on August 11, giving Zhongyuan Expressway (600020.SH, latest price: 4.45 yuan) a buy rating, citing several key factors for this recommendation [2] Group 1: Financial Performance - In the second quarter, toll revenue faced pressure, with expectations for recovery in macro demand [2] - Changes in gross margin are primarily due to shifts in revenue structure and the impact of toll revenue, while optimization of debt structure has significantly improved the expense ratio [2] Group 2: Project Development - The Zhenglu project is progressing steadily, and its completion is expected to release incremental revenue [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's debt structure optimization is showing results, and while toll revenues are under pressure, overall growth remains intact [5] - The company reported a revenue of approximately 3.105 billion yuan for the first half of 2025, a year-on-year increase of 13.17%, with a net profit attributable to shareholders of approximately 663 million yuan, up 7.68% year-on-year [7] - The second quarter toll revenue showed a decline, attributed to a drop in freight demand, but the company operates key highways that are crucial for regional economic connectivity, suggesting potential recovery as logistics improve [7] - The company is making steady progress on the Zhenglu project, which is expected to release incremental revenue upon completion in 2026 [7] - Profit forecasts for the company indicate net profits of 1.002 billion yuan in 2025, 1.091 billion yuan in 2026, and 1.149 billion yuan in 2027, with corresponding P/E ratios of 10.3x, 9.5x, and 9.0x [7] Financial Summary - The company achieved a gross margin of 32.65% in Q2 2025, a decrease of 7.47 percentage points year-on-year, primarily due to changes in revenue structure and toll revenue decline [7] - The company's total market capitalization is approximately 10.315 billion yuan, with a total share capital of 2,247.37 million shares [3] - The company's debt-to-asset ratio stands at 71.01%, and the net asset value per share is 5.17 yuan [3]