Core Viewpoint - Shandong Hi-Speed (600350.SH) reported a decline in operating revenue for Q3 2025, while net profit showed a slight increase, indicating mixed financial performance [1] Financial Performance - Operating revenue for Q3 2025 was 6.102 billion, a year-on-year decrease of 21.41% [1] - Net profit attributable to shareholders was 0.923 billion, reflecting a year-on-year increase of 4.52% [1] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 0.885 billion, up 2.82% year-on-year [1]

Core Insights - Shandong Hi-Speed Company reported a revenue of 16.841 billion and a net profit of 2.619 billion for Q3 2025, showing a year-on-year increase of 4.11% in net profit [1] - The company's asset scale reached 162.947 billion, reflecting a year-on-year growth of 0.78% [1] Group 1: Road and Bridge Operations - The company focuses on enhancing the quality of road and bridge operations, achieving a toll revenue (including tax) of 7.877 billion, which is a 4.08% increase year-on-year [2] - The company has implemented innovative operational models, saving 4.41 million in operational costs through the promotion of 21 "non-station auxiliary station" models and 86 centralized toll station models [2] - The company achieved a 99.94% all-weather traffic rate, ensuring road safety and smooth traffic flow [2] Group 2: Engineering Construction - The company is making steady progress in key engineering projects, contributing to the improvement of regional transportation networks [3] - Significant milestones include the completion of the first phase of the Beijing-Taiwan Expressway Qiji section and the full closure construction of the Laiyang to Weifang section of the S16 Rongwei Expressway [3] - The company has initiated a labor competition for the G220 Dongshen Line reconstruction project to accelerate construction efficiency [3] Group 3: Compliance and Corporate Governance - The company has received an A-class rating for information disclosure from the Shanghai Stock Exchange for 2024-2025, reflecting its commitment to timely and accurate information sharing [4] - Shandong Hi-Speed has been recognized for its outstanding performance in environmental, social, and governance (ESG) areas, ranking among the top 100 in market capitalization and achieving an AA WindESG rating [4] - The company plans to introduce Anhui Expressway as a strategic investor to enhance service quality and operational efficiency [4] Group 4: Future Development Goals - The company aims to focus on high-quality development, aspiring to become a leading infrastructure investment and construction service provider in China [5] - The strategic goal includes integrating operation management, construction management, and industrial chain investment to deliver stable returns to shareholders and investors [5]

山东高速股份有限公司 内部审计监督管理办法 第一章 总则 第一条 为加强公司审计监督和风险控制，促进管理的 规范化与科学化，根据《中华人民共和国审计法》、审计署 《关于内部审计工作的规定》、《上市公司治理准则》等有关 法律、法规，结合公司实际，制定本办法。 第二条 本办法规定了内部审计的职责及权限、工作程 序、审计人才库管理、审计成果运用及考核问责、审计信息 化管理和法律责任。 第三条 本办法所称内部审计，是指公司内部审计机构 依照国家有关法律法规和本办法的规定，对公司及所属单位 的财务收支、经济活动、内部控制、风险管理实施独立、客 观的监督、评价和建议，以促进单位完善治理、实现目标的 活动。 第四条 本办法适用于山东高速股份有限公司（以下简 称"公司"）及各权属单位的内部审计工作。 第二章 内部审计机构和人员管理 第五条 公司董事会下设审计委员会，在董事会直接领 导下开展内部审计工作，向其负责并报告工作。公司审计法 务部在审计委员会指导下行使审计职权，负责对公司各权属 单位开展内部审计工作并对各权属单位的内部审计工作进 - 1 - 行指导、监督和管理。 第六条 审计人员应当具备国家承认的专业技术资格和 与财 ...

证券代码：600350 证券简称：山东高速 公告编号：2025-074 关于召开 2025 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 27 日（星期四）10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 20 日（星期四）至 11 月 26 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 sdhs@sdecl.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 山东高速股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公 司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三 季度经营成果、财务状况，公司计划于 2025 年 ...

证券代码：600350 证券简称：山东高速 公告编号：2025-073 二、会议以 11票同意、0票反对、0票弃权，审议通过了《2025 年第三季度 报告》，并决定将该报告按照有关规定及程序在中国证监会指定的网站及媒体及 时予以披露。 本议案经公司董事会审计委员会审议，同意提交公司董事会审议。 具体内容详见公司于同日披露的《山东高速股份有限公司 2025 年第三季度 报告》。 三、会议以 11 票同意、0 票反对、0 票弃权，审议通过了关于修订《董事 会议事清单》的议案。 山东高速股份有限公司 第六届董事会第八十次会议决议公告 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"）第六届董事会第八十次会议于 2025 年 10 月 30 日在公司 22楼会议室以现场会议与通讯表决结合的方式召开， 会议通知于 2025 年 10 月 20 日以专人送达及电子邮件方式发出。本次会议应到 董事 11人，实到董事 11人。公司高级管理人员以及相关部门负责人列席了会议。 会议的召开符合《公司法》和《公司章 ...

Financial Performance - The company's operating revenue for the third quarter was ¥6,102,292,072.20, a decrease of 21.41% compared to the same period last year[5] - Total profit for the quarter reached ¥1,515,094,961.79, reflecting a slight increase of 2.06% year-over-year[5] - Net profit attributable to shareholders was ¥923,131,824.13, up by 4.52% compared to the previous year[5] - The basic earnings per share for the quarter was ¥0.161, representing a growth of 5.92% year-over-year[6] - For Q3 2025, the company achieved revenue of RMB 6.102 billion and a net profit attributable to shareholders of RMB 0.923 billion, representing a year-on-year increase of 4.53%[14] - From the beginning of the year to the end of the reporting period, the company realized a total revenue of RMB 16.841 billion and a net profit of RMB 2.619 billion[14] - In the first three quarters of 2025, toll revenue reached RMB 7.877 billion, an increase of 4.08% year-on-year[15] - The total toll revenue for the first three quarters of 2025 was RMB 7.877 billion, compared to RMB 7.569 billion in the same period of 2024, reflecting a growth of RMB 308.48 million[16] - The net profit for the first three quarters of 2025 reached CNY 3,264,278,795.76, an increase from CNY 3,184,188,289.67 in the same period of 2024, representing a growth of approximately 2.5%[32] - The total profit for the first three quarters of 2025 was ¥2,285,566,498.04, up from ¥2,241,819,844.57 in 2024, indicating a growth of approximately 1.95%[43] - Net profit for the first three quarters of 2025 reached ¥1,822,366,405.14, compared to ¥1,754,472,112.69 in 2024, representing an increase of about 3.88%[43] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥162,946,608,868.09, an increase of 0.78% from the end of the previous year[6] - The equity attributable to shareholders increased to ¥44,587,656,252.15, marking a growth of 3.00% compared to the previous year[6] - Total assets amounted to CNY 162.95 billion, a slight increase from CNY 161.69 billion[28] - Total liabilities were CNY 104.01 billion, a decrease of 0.4% from CNY 104.39 billion[29] - Shareholders' equity increased to CNY 58.94 billion from CNY 57.30 billion, reflecting a growth of 2.9%[29] - The company's total assets as of September 30, 2025, were 93,700,377,528.58 RMB, slightly up from 93,549,178,775.18 RMB at the end of 2024[41] - The company's total liabilities decreased to 53,855,390,909.01 RMB from 53,935,183,618.47 RMB, reflecting a reduction in financial obligations[41] Cash Flow - The cash flow from operating activities for the year-to-date was ¥5,036,460,366.86, showing an increase of 7.68%[6] - The cash flow from operating activities for the first three quarters of 2025 was ¥3,380,208,425.88, down from ¥4,288,783,271.51 in 2024, showing a decline of approximately 21.14%[45] - The company's net cash flow from investing activities was -2,784,625,845.25 RMB, compared to -3,632,332,960.02 RMB in the previous period, indicating a decrease in cash outflow[38] - Total cash inflow from financing activities was 22,120,190,196.04 RMB, down from 23,264,730,469.78 RMB, while net cash flow from financing activities was -2,898,181,289.30 RMB, compared to -1,578,342,565.09 RMB previously[38] - The company's cash and cash equivalents at the end of the period were 1,891,302,267.10 RMB, down from 3,664,209,177.97 RMB, showing a significant decrease in liquidity[38] - The company reported a net cash decrease of 646,866,366.36 RMB, compared to a decrease of 533,554,450.45 RMB in the previous period, indicating worsening cash flow conditions[38] Operational Efficiency - The company implemented a centralized operation model across 21 groups and 86 toll stations, saving costs of RMB 4.41 million[15] - The company achieved a 99.94% all-weather traffic rate through enhanced road safety measures[15] - The Jihe Expressway reported a toll revenue of RMB 2.481 billion in Q3 2025, a 1.50% increase from RMB 2.444 billion in Q3 2024[16] - The Jing-Tai Expressway related sections experienced a toll revenue decrease of 7.94%, dropping to RMB 1.486 billion from RMB 1.614 billion[16] Investments and Projects - The company successfully won the management project for the Ta'er River Grand Bridge, marking a significant step in external operational management[15] - The company launched 12 tourism-related initiatives to capitalize on summer travel opportunities[15] - The company's rail transportation segment reported a revenue of RMB 3.953 billion, up 11.82% year-on-year, with a net profit of RMB 329 million, reflecting a growth of 0.3%[19] - The company signed contracts worth RMB 619 million for concrete pipe supply, marking a breakthrough in this business segment[19] - The company completed 97.5% of the earthwork for the Jingtai Expressway expansion project, with significant progress in other construction areas as well[24] - The company’s international business expansion included a total export value of RMB 104 million in railway sleepers during the first three quarters[19] Research and Development - The company successfully developed four core products in technology innovation, with two products recognized as high-end software products in Shandong Province[22] - R&D expenses for the first three quarters of 2025 amounted to ¥26,342,086.31, compared to ¥13,577,747.55 in the same period of 2024, reflecting a significant increase[43] - Research and development expenses decreased to CNY 272,218,716.00 from CNY 300,684,402.22, showing a reduction of about 9.5%[32] Tax and Expenses - The company's tax expenses increased to CNY 1,034,411,531.77 from CNY 998,404,962.82, representing an increase of approximately 3.6%[32] - Interest expenses for the first three quarters of 2025 were ¥873,885,628.96, down from ¥1,010,894,325.57 in 2024, showing a decrease of about 13.54%[43]

Group 1 - The core point of the announcement is the significant decline in the operating performance of the infrastructure projects held by the fund, with a 20.63% year-on-year decrease in main business income for Q3 2025, totaling 20.77 million yuan [1][5] - The overall occupancy rate of the infrastructure assets as of September 30, 2025, was 74.78%, down 8.11% from the same period last year, although it showed a quarter-on-quarter increase of 2.92% [1][2] - The average rental price for the infrastructure projects was 57.43 yuan per square meter per month, reflecting a 7.25% decrease compared to the previous year [1][2] Group 2 - The decline in performance is attributed to increased competition in the regional market, with the average rental price in Wuhan's industrial parks at 46 yuan per square meter per month and an average vacancy rate of about 30% [2][3] - The introduction of new research and office buildings in the area has intensified competition, with several new properties coming online within a 2-kilometer radius of the fund's projects [2][3] - The project company has adopted flexible pricing strategies to cope with market changes, resulting in a total signed area of 15,908.33 square meters for lease agreements in Q3 2025 [3][4] Group 3 - The fund's operating income for Q3 2025 was only 67.41% of the projected income for the year as per the 2024 annual assessment report, due to tenant turnover and lower-than-expected absorption of vacant space [5][6] - Measures have been taken to protect investor interests, including enhancing leasing efforts and actively engaging with potential tenants [6][7] - The fund management is focusing on optimizing park operations and improving asset value through various strategies, including tailored space solutions for tenants and monitoring rental payment situations [6][7]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - Crude oil freight rates have decreased month-on-month, while container shipping rates on long-distance routes have increased. The China Import Crude Oil Comprehensive Index (CTFI) reported 1632.26 points on October 23, down 8.9% from October 16. The VLCC market remains cautious due to the implementation of special port fees between China and the US, leading to a weak sentiment among shipowners [2][13] - Guangdong Province has released a high-quality development plan for the low-altitude economy, aiming to establish itself as a national leader in this sector. The civil aviation industry has shown steady growth in the first three quarters of 2025, with a total transport turnover of 1220.3 billion ton-kilometers, a year-on-year increase of 10.3% [2][15][16] - In Shenzhen, the monthly delivery volume of autonomous vehicles has surpassed one million, with a year-on-year growth of 12.7% in express delivery volume in September. The postal industry reported a total business income of 152.57 billion yuan in September, up 6.8% year-on-year [2][22][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, while container shipping rates on long-distance routes have increased. The CTFI reported a decrease of 8.9% [2][13] - Guangdong's low-altitude economy development plan aims to optimize airspace management and promote low-altitude logistics [15][16] - Shenzhen's autonomous vehicle delivery volume has exceeded one million, with express delivery volume growing by 12.7% [22][24] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index has shown a month-on-month increase of 6.9% [26] - Domestic cargo flights have increased by 3.05% year-on-year, while international flights have risen by 15.86% [32] - The express delivery business volume in September increased by 12.7% year-on-year, with total business income reaching 127.37 billion yuan [50][54] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Consider investment opportunities in the highway and railway sectors, recommending companies like Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Explore investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [4]

Core Viewpoint - Shandong Gaosu Group Co., Ltd. has become the largest shareholder of Shandong Dadiwei Co., Ltd. by acquiring 98,362,459 shares, representing 24.59% of the total share capital, through a non-compensatory transfer of state-owned equity [1] Group 1: Shareholding Changes - Prior to this equity change, Shandong Gaosu Group Co., Ltd. did not hold any shares in the company [1] - After the change, Shandong Gaosu Group Co., Ltd. holds 24.59% of the shares, making it the controlling shareholder [1] - The share transfer does not involve any payment, and the shares are free from pledges, freezes, or other rights restrictions [1] Group 2: Future Plans - Shandong Gaosu Group Co., Ltd. does not rule out the possibility of increasing its shareholding in the company within the next 12 months [1] - There are no plans for share reduction within the next 18 months, except for transfers between entities under the same actual controller [1] - The change in controlling shareholder does not affect the actual controller of the company [1]

Core Viewpoint - The report highlights the illegal practice of allowing overweight vehicles to access highways in Shandong province, specifically at the Qihe toll station, despite regulations prohibiting such actions [1][10]. Group 1: Illegal Practices - Drivers have reported that overweight vehicle transporters can pay to access the highway at the Qihe toll station, which is against national regulations [1][3]. - Observations made by reporters confirmed that multiple overweight vehicles were allowed to pass through the toll station without obstruction during the early hours of October 21 and 22 [5][7]. Group 2: Regulatory Framework - The "Special Governance Action Plan for Vehicle Transporters" issued by the Ministry of Transport and other departments clearly states that certain thresholds for vehicle loads classify them as illegal for highway access [10][13]. - The plan specifies that vehicles exceeding certain load limits, such as more than 6 vehicles for flatbed articulated trucks, are prohibited from entering highways [13]. Group 3: Financial Implications - It is estimated that around 200 trucks are involved in transporting "old man cars" (low-speed electric vehicles), with each truck making four to five trips per month, leading to significant revenue from toll fees [15]. - If each truck pays approximately 260 yuan per trip, the total toll revenue from these operations over the past six months could be substantial [15]. Group 4: Official Denials - The station manager at Qihe toll station denied any wrongdoing, claiming that all overweight vehicles are advised to turn back [15]. - However, reports from drivers suggest that this practice has been ongoing, raising questions about enforcement and compliance with regulations [15].