登录新浪财经APP 搜索【信披】查看更多考评等级 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、准确性和完整性依法承担法律责任。 重要内容提示： 1、2020年3月6日，公司召开第五届董事会第四十七次会议（临时），审议通过了《关于公司股票期权 激励计划（草案）及其摘要的议案》《关于公司股票期权激励计划实施考核管理办法的议案》《关于提 请股东大会授权董事会办理公司股票期权激励计划相关事项的议案》。监事会对激励对象名单进行核查 并发表意见，独立董事就激励计划相关事项发表了独立意见。 2、2020年3月24日，公司披露了《关于公司实施股票期权激励计划获得山东高速集团有限公司批复的公 告》，公告编号：临2020-007。 3、2020年5月27日，公司召开第六届董事会第二次会议（临时），审议通过了《关于公司股票期权激励 计划（草案修订稿）及其摘要的议案》。监事会对激励对象名单（调整后）进行核查并发表意见，独立 董事就激励计划相关事项发表了独立意见。 4、2020年5月27日至2020年6月6日，公司对股票期权激励计划首次授予的激励对象的姓名及职务在公司 办公楼一 ...

证券代码：600350 证券简称：山东高速 公告编号：2025-022 山东高速股份有限公司 重要内容提示： 本次行权股票数量：1,339,080 份。 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为 1,339,080 股。 本次股票上市流通总数为 1,339,080 股。 本次股票上市流通日期为 2025 年 4 月 23 日。 一、本次股票期权行权的决策程序及相关信息披露 1、2020 年 3 月 6 日，公司召开第五届董事会第四十七次会议（临时），审议 通过了《关于公司股票期权激励计划（草案）及其摘要的议案》《关于公司股票期 权激励计划实施考核管理办法的议案》《关于提请股东大会授权董事会办理公司股 票期权激励计划相关事项的议案》。监事会对激励对象名单进行核查并发表意见， 独立董事就激励计划相关事项发表了独立意见。 2、2020 年 3 月 24 日，公司披露了《关于公司实施股票期权激励计划获得山 东高速集团有限公司批复的公告》，公告编号：临 2020-007。 关于股票期权激励计划预留授予第三个行权期行权 结果暨股份上市的公告 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、 ...

山 东 高 速 股 份 有 限 公 司 验 资 报 告 天 职 业 字 [2025]17829 号 录 目 验资报告- l 新增注册资本实收情况明细表- -3 注册资本及股本变更前后对照表- -7 验资事项说明- 8 您可使用手机"扫一扣"或遗入"注册会计师行业统一流管平台（http://aco.mof.gov.cn）"进行查询 您可使用手机"扫一扣"或遗入"注册会计师行业统一流管平台（http://aco.mof.gov.cn）"进行查询 "我们 验资报告 天职业字[2025]17829号 山东高速股份有限公司全体股东: 我们接受委托,审验了山东高速股份有限公司(以下简称"贵公司")截至 2025年 3 月 30 日止新增注册资本及股本情况。按照法律法规以及协议、章程的要求出资,提供真实、合法、 完整的验资资料,保护资产的安全、完整是全体股东及贵公司的责任。我们的责任是对贵公 司新增注册资本及实收情况发表审验意见。我们的审验是依据《中国注册会计师审计准则第 1602 号-验资》进行的。在审验过程中,我们结合贵公司的实际情况,实施了检查等必要的审 验程序。 贵公司原注册资本为人民币4,852,081,025. ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000498 证券简称：山东路桥 公告编号：2025-20 山东高速路桥集团股份有限公司 关于筹划回购公司股份的自愿性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 基于对资本市场及公司未来发展的信心，综合考虑公司近期股票价格、经营财务状况、未来盈利能力和 发展前景等，山东高速路桥集团股份有限公司（以下简称"公司"）正筹划回购公司股份事项，具体情况 如下： 二、拟回购股份的方式、资金总额及价格 公司拟通过深圳证券交易所交易系统以集中竞价方式回购。回购股份的资金总额暂为不低于人民币 5,000万元（含）且不超过人民币10,000万元（含），回购股份按法律法规允许的价格进行。具体以有权 决策机构审议通过的回购方案为准。 三、资金来源 公司自有资金或自筹资金。 一、拟回购股份的种类 公司发行的人民币普通股（A股）股票。 本次回购股份将在法律法规及证监会相关规则要求的期限内实施，具体以有权决策机构审议通过的回购 方案为准。 六、风险提示 上述回购事项正处于筹划阶段，公司将尽快制定合理可行的股份回购方案， ...

Group 1 - The core idea of the news is the collaboration between Shandong Expressway and the 4A-level scenic spot Wenshang Baoxiang Temple to create a "Highway + Cultural Tourism" integrated service system, enhancing tourism and local economy during the Qingming Festival [1] - A strategic cooperation agreement was signed on April 4, establishing a long-term mechanism for mutual promotion of "customer source + publicity + service" between the toll stations and the scenic area [1] - The toll stations will provide 24/7 convenience services, including travel guides for Baoxiang Temple and surrounding areas, and coordinate promotional materials in service areas [2] Group 2 - Exclusive channels for highway tourists will be opened, offering a 10% discount on Baoxiang Temple tickets and dining packages, along with priority access to cultural activities during the upcoming cultural tourism festival [2] - The first Wenshang Luohua Chicken Cooking Competition will be held on April 14, promoting local culinary culture and creating an immersive consumption scene with food, culture, and shopping [2] - Beyond the Qingming Festival, the collaboration aims to launch special activities during other holidays, converting an average of 5,000 daily vehicle flows into cultural tourism consumption [3]

一、提议人的基本情况及提议时间 证券代码：600350 证券简称：山东高速 编号：2025-021 山东高速股份有限公司 关于董事长提议回购公司部分股份的提示性公告 本公司董事会及全体董事保证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。 提议人：公司董事长傅柏先先生 提议时间：2025 年 4 月 9 日 山东高速股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日收到公司 董事长傅柏先先生（以下简称"提议人"）《关于提议山东高速股份有限公司回 购公司部分股份的函》，具体内容如下： 二、提议回购股份的原因和目的 为维护公司全体股东利益，增强投资者信心，稳定及提升公司价值，基于对 公司未来发展的信心，公司董事长傅柏先先生提议公司通过集中竞价交易方式回 购部分公司股份，回购的股份将用于减少注册资本，优化公司资本结构，提升公 司股东价值。 三、提议内容 1、回购股份的种类：公司发行的人民币普通股（A 股）。 2、回购股份的用途：本次回购的股份将用于减少注册资本。 3、回购股份的方式：通过上海证券交易所交易系统以集中竞价交易方式进 行股份回购。 4 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment in the stock [4][6]. Core Viewpoints - Shandong Expressway is a leading player in the toll road and bridge sector, focusing on the investment and operation of transportation infrastructure, with a robust expansion strategy in the upstream and downstream value chain [5][9]. - The company has a strong commitment to shareholder returns, maintaining an average dividend payout ratio of 65.37% from 2019 to 2023, with a commitment to not distribute less than 60% of net profit as dividends from 2020 to 2024 [5][26]. - The company is expected to see stable growth in revenue and profit, with projected net profits of 3,216 million, 3,378 million, and 3,561 million RMB for 2025, 2026, and 2027 respectively, reflecting a gradual recovery in traffic demand and operational efficiency [6][51]. Summary by Sections Company Overview - Shandong Expressway, established in 1999 and listed in 2002, has expanded its operational toll road mileage from 1,452 kilometers in 2010 to 2,864 kilometers by 2024, achieving a CAGR of 5.36% [13][18]. - The company is controlled by the state-owned Shandong Expressway Group, which holds 70.31% of the shares, providing a strong backing for its operations [13][14]. Financial Performance - The company reported a revenue CAGR of 17.09% and a net profit CAGR of 2.72% from 2014 to 2023, with total assets growing at a CAGR of 14.71% [18]. - For the first three quarters of 2024, the company achieved a revenue of 19,901 million RMB, a year-on-year increase of 10.94%, while net profit decreased by 5.70% to 2,516 million RMB due to adverse weather conditions and traffic diversions [18][20]. Business Segments - The toll road business is the core revenue driver, contributing 37.29% of total revenue in the first half of 2024, with a gross profit margin of 53.78% [15][21]. - The company has diversified its operations into various sectors, including construction services, electrical engineering, and railway transportation, with the latter contributing 9.50% to total revenue in the first half of 2024 [15][39]. Investment Strategy - The company employs an "investment + management" model to expand its national highway network, managing a total of 2,864 kilometers of toll road assets across multiple provinces [28][32]. - Shandong Expressway has made strategic investments in sectors such as finance, environmental protection, and smart transportation, enhancing its growth potential [34][35]. Profitability Forecast - The company anticipates stable revenue growth driven by a recovery in traffic demand and ongoing expansion of its toll road assets, with expected net profits showing modest growth from 2025 to 2027 [47][51].

证券代码：600350 证券简称：山东高速 编号：2025-020 山东高速股份有限公司 关于积极推动"提质增效重回报"情况的公告 本公司董事会及全体董事保证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。 山东高速股份有限公司（以下简称"公司"）作为国有控股上市公司，坚持 聚焦主责主业，践行国企担当使命，维护全体股东权益，促进公司健康可持续发 展。现将有关情况公告如下： 一、聚焦主责主业、提升经营质量 近年来，公司围绕高质量发展主题，聚焦主责主业，重点发展三大业务板块， 即智慧运营、工程建设和产业链投资。一是运营服务提质增效。公司坚持以客户 服务为中心，深化"全天候通行"模式，结合利用畅和通 APP、ETC 等技术手段， 提升服务质量，优化驾乘人员体验。二是创树工程建设品牌。自 2014 年起，公 司累计完成 4 条，共计 609 公里的高速公路扩容改造，其中济青高速改扩建项目 获得了李春奖、詹天佑奖、鲁班奖、全国质量奖等行业大奖，实现了业内重量级 奖项大满贯。三是投资赋能转型发展。一方面公司先后收购湖南衡邵、湖北武荆、 河南济晋、四川泸渝等高速公路，累 ...

Summary of Shandong Expressway Conference Call Company Overview - **Company**: Shandong Expressway - **Year**: 2024 Key Financial Data - **Total Revenue**: 28.494 billion CNY, up 7.34% year-on-year [3] - **Net Profit Attributable to Shareholders**: 3.196 billion CNY, down 3% year-on-year [3] - **Net Profit Excluding Non-recurring Items**: 2.914 billion CNY, down 0.5% year-on-year [3] - **Net Cash Flow from Operating Activities**: 6.841 billion CNY, up 13% year-on-year [3] - **Basic Earnings per Share**: 0.54 CNY, down 5.9% year-on-year [3] - **Weighted Average Return on Equity**: 8.95% [3] Revenue Breakdown - **Toll Revenue**: 9.928 billion CNY, down 5.9% year-on-year, primarily due to the diversion effect from the opening of the Jixin Expressway [3][5] - **Jixin Expressway Toll Revenue**: 3.167 billion CNY [5] - **Jing-Tai Expressway Toll Revenue**: 2.167 billion CNY, slight increase of 0.1% [5] Project Developments - **TG Project Investment**: 2.588 billion CNY, with 90% of the subgrade and 75% of the pavement completed [6] - **Jing-Tai Expressway**: Fully restored two-way traffic as of December 20, 2023 [6] - **Acquisition**: 100% control of Central Southeast Expressway and investment in HeYue Expressway [6] Other Business Segments - **Rail Transit Group Revenue**: 4.846 billion CNY, up 0.5% year-on-year; net profit down 3.5% to 430 million CNY [7] - **Shandong High-Speed Rail Revenue**: 4.4 billion CNY, up 2.5%; net profit up 17% to 369 million CNY [7] - **Total Investment Income**: 1.403 billion CNY, up 2.33% year-on-year [7] Traffic Flow and Future Expectations - **Jixin Expressway**: Daily toll revenue decline stabilized at 6%-8%, mainly affecting passenger vehicles [8] - **Jilai Expressway**: Overall traffic volume expected to return to reasonable growth rates in 2025 [9] - **Wujin and Luzhu Expressways**: Show signs of recovery after negative growth in 2024 [10] Capital Expenditure and Financing - **2025 Capital Expenditure Plan**: 3.5 billion CNY, focusing on geometric and future projects [19] - **Financing Strategy**: Plans to reduce comprehensive financing costs over the next five years through bank loans and corporate bonds [22] Dividend and Incentive Plans - **Dividend Policy**: New dividend plan expected in the second half of 2025, aiming for a high payout ratio over the next 3-5 years [24] - **Incentive Plan**: New incentive plan to align management and economic interests, with implementation expected soon [25] Regulatory and Market Considerations - **Highway Management Regulations**: No confirmed timeline for new regulations affecting the toll road sector [23] - **Impact of US-China Trade War**: Short-term effects on exports and production, but potential for domestic demand stimulation [36] Investment Returns and Cost Management - **Internal Rate of Return for Projects**: Approximately 6% for reconstruction and expansion projects [37] - **Cost Control**: Decrease in sales expenses due to cost optimization measures [32] Conclusion Shandong Expressway is navigating challenges in toll revenue due to traffic diversions while maintaining growth in other segments. The company is focused on strategic investments and cost management to enhance profitability and shareholder returns in the coming years.

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [6]. Core Views - The company is projected to achieve a revenue of 28.49 billion yuan in 2024, reflecting a year-on-year growth of 7.34%. However, the net profit attributable to the parent company is expected to decline by 3.07% to 3.20 billion yuan [4][5]. - The company is actively expanding its core business through road asset upgrades and acquisitions, which are anticipated to contribute to future growth [4]. - The company plans to maintain a stable dividend payout of 0.42 yuan per share, resulting in a dividend yield of approximately 4.0% based on the current stock price [4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 28.49 billion yuan, with a year-on-year growth rate of 7% [2]. - The net profit attributable to the parent company for 2024 is projected at 3.20 billion yuan, down 3% from the previous year [2][4]. - The earnings per share (EPS) for 2024 is estimated to be 0.66 yuan, with a slight decline expected in subsequent years [2][5]. Revenue Sources - The company’s toll revenue for 2024 is expected to be 9.93 billion yuan, a decrease of 5.95% year-on-year, primarily due to traffic diversion from new road openings [4]. - The core toll revenue from the Jiqing Expressway is projected to be 3.17 billion yuan, down 12.12% year-on-year, while the revenue from the Jingtai Expressway is expected to grow slightly by 0.10% [4]. Investment and Expansion - The company has invested 2.59 billion yuan in road asset upgrades in 2024, with significant progress reported in various construction projects [4]. - The company has also acquired a 20% stake in Luzhou Southeast Company, achieving full control, and has won a bid for the remaining concession rights of the He Bao Expressway [4]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 14.8X, 14.0X, and 13.2X, respectively, based on the current stock price of 10.41 yuan [2][4]. - The report anticipates a stable return on equity (ROE) of 6% over the forecast period [2][5].