国浩律师（福州）事务所 关 于 福建发展高速公路股份有限公司 目 录 2024 年年度股东大会 之 法律意见书 福州市台江区望龙二路 1 号 IFC 福州国际金融中心 43 层 邮编：350004 43/F,International Financial Center,No.1 Wanglong 2nd Avenue, Taijiang District, Fuzhou,350004,P.R.China 电话/Tel: (+86)(591) 88115333 传真/Fax: (+86)(591) 8833 网址/Website:http://www.grandall.com.cn 2025 年 6 月 国浩律师（福州）事务所 股东大会法律意见书 | 一、本次股东大会的召集、召开程序 | 2 | | --- | --- | | 二、本次股东大会召集人和出席会议人员的资格 | 3 | | 三、本次股东大会的表决程序和表决结果 | 4 | | 四、结论 | 7 | 国浩律师（福州）事务所 关于福建发展高速公路股份有限公司 2024 年年度股东大会之法律意见书 致：福建发展高速公路股份有限公司 福建发展高速公路股份有 ...

Group 1 - The report highlights the steady growth in highway traffic volume, with a focus on the valuation recovery of H-shares and the systemic revaluation of A-shares, recommending specific stocks such as Zhejiang Huhangyong, Wantong Expressway, and Ninghu Expressway [3][4][32] - The railway passenger transport sector is experiencing structural changes in customer demographics, leading to a stable growth outlook, with a shift in valuation logic from PE to DCF and EV/EBITDA [3][4][56] - The railway freight sector is benefiting from the transformation of logistics and adjustments in railway freight pricing policies, with steady growth in freight volume and turnover, although the growth rate remains low [3][4][75] Group 2 - The logistics industry is being empowered by AI, which enhances traffic efficiency through the integration of traffic data models and optimization algorithms, allowing leading companies to expand their market share [3][4][105] - The report notes that the number of vehicles in China has reached 353 million by 2024, reflecting a year-on-year growth of 10.31%, indicating a robust demand for transportation services [5][11] - The report discusses the ongoing digital transformation in the railway sector, aiming for comprehensive digitization and intelligent upgrades by 2027, which will enhance operational efficiency [107][108]

（一）对 2023 年年度报告的更正情况 第三节"管理层讨论与分析"之"五、报告期内主要经营情况"之"（三） 资产、负债情况分析"之"1.资产及负债状况"。 证券代码：600033 证券简称：福建高速 编号：临 福建发展高速公路股份有限公司 关于 2023 年、2024 年年度报告更正的公告 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。 福建发展高速公路股份有限公司（以下简称公司）分别于 2024 年 4 月 18 日、2025 年 4 月 19 日披露了公司《2023 年年度报告》《2024 年年度报告》。 经核查，公司披露的 2023 年、2024 年年度报告个别数据有误，现对相关信息进 行更正。本次更正不涉及对公司财务报表的调整，不会对公司 2023 年、2024 年 年度的经营业绩造成影响。 一、更正内容 | | | 本期期末 数占总资 | | 上期期末 数占总资 | | 本期期末金 额较上期期 | | --- | --- | --- | --- | --- | --- | --- | | 项目名称 数 | 本期期末 ...

证券代码：600033 证券简称：福建高速 编号：临 2025-020 福建发展高速公路股份有限公司 关于 2023 年、2024 年年度报告更正的公告 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。 福建发展高速公路股份有限公司（以下简称公司）分别于 2024 年 4 月 18 日、2025 年 4 月 19 日披露了公司《2023 年年度报告》《2024 年年度报告》。 经核查，公司披露的 2023 年、2024 年年度报告个别数据有误，现对相关信息进 行更正。本次更正不涉及对公司财务报表的调整，不会对公司 2023 年、2024 年 年度的经营业绩造成影响。 一、更正内容 | 项目名称 | 本期期末数 | 本期期 末数占 总资产 | 上期期末数 | 上期期末 数占总资 | 本期期末 金额较上 期期末变 | | | --- | --- | --- | --- | --- | --- | --- | | | | 的比例 | | 产的比例 | 动比例 | 情况说明 | | | | | | （%） | | | | | | （%） ...

Dividend Distribution - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares (including tax), totaling 137,220,000 yuan, based on a total share capital of 2,744,400,000 shares as of December 31, 2024[4]. - The total undistributed profits carried forward to the next year amount to 2,649,303,146.97 yuan, in addition to the mid-year dividend of 0.5 yuan per 10 shares already implemented in December 2024, resulting in an annual total of 1 yuan per 10 shares[4]. - The company plans to distribute cash dividends of 1.2 RMB per 10 shares, totaling 329,328,000 RMB for the 2023 fiscal year[102]. - The cash dividend policy states that the company aims to distribute no less than 35% of the net profit attributable to shareholders in the coming three years (2024-2026) if financial conditions allow[102]. - The company has a cash dividend policy that emphasizes reasonable returns to investors, with a minimum of 30% of average distributable profits over three years to be distributed[102]. - The company’s net profit attributable to shareholders for the last fiscal year was 780,773,084.10 RMB, with cash dividends amounting to 35.15% of this profit[106]. Financial Performance - The company achieved operating revenue of CNY 3,025,880,245.40 in 2024, a decrease of 0.78% compared to 2023[22]. - Net profit attributable to shareholders was CNY 780,773,084.10, down 13.46% year-on-year[22]. - The net profit after deducting non-recurring gains and losses was CNY 792,581,778.80, reflecting a decline of 13.98% from the previous year[22]. - The company reported a net cash flow from operating activities of CNY 2,085,568,003.67, a slight decrease of 0.69% compared to 2023[23]. - The total assets increased to CNY 17,288,268,309.17, representing a growth of 3.19% year-on-year[23]. - Basic earnings per share were CNY 0.2845, down 13.47% from the previous year[24]. - The weighted average return on equity was 6.87%, a decrease of 1.31 percentage points compared to 2023[24]. - The company reported a net profit margin improvement, with operating costs decreasing while revenue remained stable[189]. - The net profit for 2024 was CNY 719,814,025.57, down 12% from CNY 817,783,051.20 in 2023[194]. - The total profit for 2024 was CNY 895,635,077.56, a decrease of 8.4% from CNY 977,757,914.87 in 2023[194]. Operational Challenges - The company faced challenges in freight logistics demand and limited passenger growth, impacting traffic volume and toll revenue[34]. - The company is focusing on enhancing service functions and optimizing project evaluations to improve operational efficiency[35]. - The company aims to enhance operational efficiency and service quality while reducing costs, focusing on the "speeding up and improving quality" initiative as part of its development strategy for the 14th Five-Year Plan[65]. - The company faces risks from macroeconomic fluctuations, which could limit demand for transportation services, and plans to mitigate this by focusing on its core highway operations and exploring ancillary economic opportunities[68]. - The company is also exposed to policy risks related to highway tolling regulations, particularly as many highways approach the end of their tolling periods, and it will closely monitor policy developments to adapt accordingly[68]. - The company recognizes the risk of dependency on toll revenue due to its single business structure and aims to diversify by exploring investments in related industries and value chains[69]. Governance and Compliance - The company has received a standard unqualified audit opinion from Huaxing Accounting Firm, ensuring the accuracy and completeness of the financial report[4]. - The company has established a robust governance structure, ensuring compliance with regulatory requirements and maintaining independence from its controlling shareholder[72]. - The company emphasizes the importance of risk assessment in investment decisions, forming a dedicated risk control team to enhance its investment decision-making process[70]. - The board consists of 11 members, including 4 independent directors, which exceeds one-third of the total board members[74]. - The company has established four specialized committees: strategy, nomination, compensation and assessment, and audit, all of which are functioning effectively[74]. - The company has implemented strict procedures for related party transactions, ensuring fairness and transparency[75]. - The company has established a comprehensive information disclosure system to maintain transparency and protect shareholder rights[75]. - The company has not experienced any insider information leaks during the reporting period, and insider information management is conducted in an orderly manner[76]. Investments and Assets - The company has invested in Xiamen International Bank, Haixia Insurance, and Industrial Bank, yielding positive investment returns[38]. - The company’s investment in stocks increased to ¥881,360,000.00, reflecting a fair value gain of ¥135,700,000.00 during the reporting period[60]. - The total capitalized R&D investment for the period was ¥961,142.48, which is 100% of the total R&D expenditure, accounting for 0.03% of operating revenue[52]. - The company is focused on evaluating the impairment of highway assets, which are significant to its total assets[173]. - The company plans to invest in new product development and technology to enhance market competitiveness[189]. Cash Flow and Liquidity - The company reported a significant increase in cash reserves, with cash and cash equivalents reaching ¥1,995,529,098.57, a 73.67% increase from the previous period[56]. - The ending balance of cash and cash equivalents for 2024 reached CNY 1,995,529,098.57, up from CNY 1,149,023,312.52 in 2023[197]. - Operating cash inflow for 2024 was CNY 3,083,734,269.38, a slight increase from CNY 3,047,957,366.06 in 2023, reflecting a growth of approximately 1.0%[196]. - Net cash flow from operating activities for 2024 was CNY 2,085,568,003.67, down from CNY 2,100,093,096.81 in 2023, indicating a decrease of about 0.7%[196]. - Cash outflow from financing activities in 2024 totaled CNY 691,742,084.77, significantly lower than CNY 1,099,766,283.69 in 2023, showing a decrease of about 37.0%[197]. Shareholder Information - The total number of common shareholders increased to 71,559 from 67,386 in the previous month, representing a growth of approximately 3.2%[139]. - The top shareholder, Fujian Provincial Highway Group Co., Ltd., holds 992,367,729 shares, accounting for 36.16% of total shares[141]. - The second-largest shareholder, China Merchants Highway Network Technology Holdings Co., Ltd., holds 487,112,772 shares, representing 17.75% of total shares[141]. - The total number of shares held by the top ten shareholders is significant, with the largest holding being 36.16% and the smallest in the top ten at 0.47%[142]. - The company does not have any strategic investors or general corporations that became top ten shareholders through new share placements[143]. Debt and Liabilities - The company has a total interest-bearing debt of 999 million RMB at the end of the reporting period, with a year-on-year increase of 0.14%[158]. - The company issued two types of corporate bonds in 2022, with a total balance of 999 million RMB, and a portion of 600 million RMB maturing between May and December 2025[159]. - The company’s debt structure includes 600 million RMB in corporate credit bonds, which account for 100% of the interest-bearing debt[158]. - The company’s current liabilities increased significantly, with non-current liabilities due within one year rising by 1688.01% to approximately 636.84 million RMB, primarily due to an increase in bonds maturing within one year[164]. - The total liabilities to assets ratio decreased by 0.81 percentage points to 18.11%, indicating a reduction in total liabilities[166].

Financial Performance - The company achieved operating revenue of CNY 3.05 billion in 2023, a year-on-year increase of 14.14%[30]. - Net profit attributable to shareholders reached CNY 902.26 million, up 7.36% compared to the previous year[30]. - Basic earnings per share increased to CNY 0.3288, reflecting a growth of 7.38% year-on-year[22]. - The weighted average return on equity rose to 8.18%, an increase of 0.29 percentage points from the previous year[22]. - Cash flow from operating activities amounted to CNY 2.10 billion, representing a 19.17% increase year-on-year[22]. - The company reported a significant increase in toll revenue, with a total of CNY 3.01 billion, up 14.11% year-on-year[30]. - The total operating cost was 1.51 billion RMB, reflecting a year-on-year growth of 12.85%[37]. - Net profit reached 1.15 billion RMB, up 8.29% compared to the previous year[37]. - The total revenue for the current period reached 194,326,300, with a year-on-year increase of 4.43% compared to 186,080,410 from the previous year[44]. Dividend and Profit Allocation - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares based on a total share capital of 2.7444 billion shares, subject to shareholder approval[4]. - The company has reported a 10% allocation of the net profit for the year to statutory surplus reserves[4]. - The total cash dividend amount accounted for 36.50% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which was 902,256,084.22 RMB[108]. - The company implemented a cash dividend policy, distributing a total of 411,660,000 RMB in cash dividends based on 2,744,400,000 shares, at a rate of 1.5 RMB per 10 shares[103]. - The company plans to maintain a cash distribution of at least 30% of the annual distributable profit over the next three years, contingent on good financial and cash conditions[103]. Audit and Compliance - The company has received a standard unqualified audit report from Huaxing Accounting Firm[3]. - The company has confirmed that there are no instances where more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the annual report[7]. - The company has not violated decision-making procedures for external guarantees[6]. - The company has established various specialized committees to oversee strategic planning, nominations, compensation, and auditing[70]. - The audit report confirms that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2023[157]. Governance and Management - The board of directors consists of 11 members, including 4 independent directors, ensuring compliance with governance requirements[69]. - The company has implemented a robust information disclosure system to maintain transparency and protect shareholder rights[72]. - The company has established various internal management systems to maintain control over its subsidiaries, ensuring compliance with governance and financial standards[111]. - The company has not faced any major changes in competition or business operations from its controlling shareholders[74]. - The company has not reported any changes in shareholding for its directors and senior management during the reporting period[78]. Strategic Initiatives and Future Outlook - The company is focusing on enhancing service quality and operational efficiency through various measures, including optimizing service quality and cost reduction[31]. - The company is actively exploring expansion opportunities and improving sustainable development capabilities through project upgrades and financing[31]. - The company aims to leverage technological advancements in smart transportation to improve operational efficiency and service quality, aligning with national policy initiatives[58]. - Future outlook suggests a projected revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion strategies[80]. - The company plans to enhance its operational management and focus on the main business of highway management, aiming to improve toll collection efficiency and service quality in 2024[60]. Risks and Challenges - The company acknowledges risks from macroeconomic fluctuations and industry policy changes, particularly regarding the expiration of toll road charges and the need for updated regulatory frameworks[63]. - The company faces a risk of traffic diversion due to the expanding highway network, which may impact existing routes[64]. - A special risk control team will be established to enhance investment decision-making and risk assessment processes[66]. - The company’s main business structure is heavily reliant on highway toll revenue, posing investment risks due to regulatory impacts[65]. Employee and Compensation - The total remuneration for the chairman, Fang Xiaodong, during the reporting period was 616,500 CNY[78]. - The total remuneration for the general manager, Zhong Yongyuan, during the reporting period was 155,500 CNY[78]. - The total remuneration for the independent director, Li Yun, during the reporting period was 36,000 CNY[78]. - The total remuneration for the employee supervisor, Li Wenhai, during the reporting period was 588,600 CNY[78]. - The company’s salary distribution policy considers operational performance and individual contributions, ensuring internal and external equity in compensation[101]. Investments and Assets - The company has invested in Xiamen International Bank, Haixia Insurance, and Industrial Bank, yielding good investment returns[34]. - The company operates a total of 282 kilometers of highways, with no new highway mileage added during the reporting period[33]. - The company has not made any new equity investments during the reporting period[53]. - The total assets at the end of the current period were 1,149,023,312.52, with a notable increase in cash reserves[50]. - The company’s total assets for Fujian Province Fuquan Expressway Co., Ltd. reached RMB 7.94 billion, with a net asset of RMB 6.63 billion and a revenue of RMB 1.632 billion in 2023, resulting in a net profit of RMB 661 million[56]. Cash Flow and Financial Position - The company’s cash flow from operating activities was CNY 324,344,700, indicating positive cash generation despite losses[196]. - The company reported a net cash outflow from investing activities of ¥639,009,402.31, worsening from a net outflow of ¥233,290,166.75 in 2022[182]. - The total amount raised from bond issuance was CNY 100,000,000, with all funds utilized as planned[150]. - The company maintained a loan repayment rate of 100% and an interest payment rate of 100%[154]. - The company’s total liabilities decreased to ¥3,170,617,972.62 in 2023 from ¥3,422,601,377.98 in 2022, reflecting a reduction of about 7.3%[170].

福建发展高速公路股份有限公司 2024 年年度股东大会 会议资料 中国·福州 2025 年 6 月 18 日 福建发展高速公路股份有限公司 2024 年年度股东大会会议议程 会议时间：2025 年 6 月 18 日（星期三）下午 14:30 开始 会议地点：福州市仓山区城门镇林浦路 367 号林浦广场 5 号楼 9 层会议室 会议议程： 一、主持人宣布大会开始，介绍出席会议股东情况，并通告会议的见证律师， 确定唱票人、计票人、监票人 二、听取报告人报告议案： 1．《2024 年度董事会工作报告》 2．《2024 年度监事会工作报告》 3．《2024 年度财务决算议案》 4．《2024 年度利润分配预案》 5．《2024 年年度报告》 6．《关于聘请 2025 年度审计机构的议案》 7．《2025 年度财务预算预案》 8．《关于修订公司<章程>及其附件暨调整治理结构的议案》 9．听取报告《2024 年度独立董事述职报告》 三、股东审议、提问，公司相关负责人员答疑 四、对上述议案进行投票表决 五、统计有效表决票 六、宣读表决结果 七、律师发表见证意见 八、与会董事签署股东大会决议 九、主持人宣布会议结束 议案 1 ...

Core Viewpoint - The company aims to achieve high-quality development in 2024 by focusing on "operating highways," enhancing quality and efficiency, and implementing cost control measures, despite facing a decline in net profit due to asset impairment losses [1][2][4]. Financial Performance - In 2024, the company reported a revenue of 3.02588 billion yuan, a decrease of 0.78% year-on-year, primarily due to reduced traffic volume and toll income [18]. - The net profit attributable to the parent company was 781 million yuan, down 13.46% from the previous year, with earnings per share at 0.28 yuan [1][18]. - Total assets increased by 3.19% to 172.88 billion yuan, while total liabilities decreased by 1.27% to 31.30 billion yuan [20]. Governance and Compliance - The company strengthened its governance structure by completing the election of the board of supervisors and specialized committees, ensuring compliance with relevant laws and regulations [4][5]. - The board of directors held six meetings and one shareholders' meeting during the reporting period, with all proposed resolutions approved [2][5]. Strategic Initiatives - The company is focused on cost reduction and efficiency improvement through various measures, including budget management and innovative construction methods [8]. - It is exploring capital operation paths in line with regulatory encouragement for mergers and acquisitions [8]. Information Disclosure and Investor Relations - The company completed four regular reports and 22 temporary announcements in 2024, ensuring timely and accurate information disclosure [6][8]. - It implemented a mid-term dividend policy to enhance investor confidence, raising the minimum dividend payout ratio from 30% to 35% [7][8]. Future Outlook - The company plans to continue integrating into provincial and municipal strategic development, focusing on major projects to enhance the transportation network in Fujian Province [9][10]. - It aims to deepen the integration of transportation and energy sectors, promoting a low-carbon and efficient operational model [9].

福建发展高速公路股份有限公司 2024 年年度股东大会 会议资料 中国·福州 2025 年 6 月 18 日 福建发展高速公路股份有限公司 2024 年年度股东大会会议议程 会议时间：2025 年 6 月 18 日（星期三）下午 14:30 开始 会议地点：福州市仓山区城门镇林浦路 367 号林浦广场 5 号楼 9 层会议室 会议议程： 一、主持人宣布大会开始，介绍出席会议股东情况，并通告会议的见证律师， 确定唱票人、计票人、监票人 二、听取报告人报告议案： 1．《2024 年度董事会工作报告》 2．《2024 年度监事会工作报告》 3．《2024 年度财务决算议案》 4．《2024 年度利润分配预案》 5．《2024 年年度报告》 6．《关于聘请 2025 年度审计机构的议案》 7．《2025 年度财务预算预案》 8．《关于修订公司<章程>及其附件暨调整治理结构的议案》 9．听取报告《2024 年度独立董事述职报告》 三、股东审议、提问，公司相关负责人员答疑 四、对上述议案进行投票表决 五、统计有效表决票 六、宣读表决结果 七、律师发表见证意见 八、与会董事签署股东大会决议 九、主持人宣布会议结束 议案 1 ...

证券代码：600033 证券简称：福建高速 公告编号：临 2025-019 福建发展高速公路股份有限公司 关于召开2024年年度股东大会的通知 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： 一、召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 18 日 14 点 30 分 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东大会召开日期：2025年6月18日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 涉及融资融券、转融通业务、 ...