证券代码：600350 证券简称：山东高速 公告编号：2025-079 山东高速股份有限公司 第六届董事会第八十一次会议决议公告 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。 会议同意，公司全资子公司山东高速投资发展有限公司将其持有的全部广东 省高速公路发展股份有限公司（以下简称"粤高速 A"）股权以 12.03 元/股的价 格，通过非公开协议转让方式转让给山东通汇资本投资集团有限公司。会议提请 股东会授权管理层及其授权相关人士具体办理本次股份转让的相关事宜。 本议案涉及关联交易，公司董事长傅柏先、副董事长王昊、董事卢瑜、梁占 海、隋荣昌为关联董事，均回避表决。 本议案经公司董事会战略发展与投资委员会、独立董事专门会议审议通过， 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关于全资子公司出 山东高速股份有限公司（以下简称"公司"）第六届董事会第八十一次会议 于 2025 年 11 月 28 日（周五）以通讯表决方式召开，会议通知于 2025 年 11 月 26 日以专人送达及电子邮件方式发出，全 ...

Group 1 - The company Shandong High-Speed (SH 600350) announced the transfer of a 9.68% stake in Guangdong High-Speed Development Co., Ltd. (stock code: 000429) to Shandong Tonghui Capital Investment Group for a transaction amount of 2.435 billion yuan [1] - The revenue composition for Shandong High-Speed in 2024 is as follows: toll revenue from highways accounts for 33.88%, construction service revenue for 26.27%, sales of goods for 12.09%, electromechanical engineering construction for 10.53%, and railway transportation for 8.76% [1] - The current market capitalization of Shandong High-Speed is 44.4 billion yuan [2]

Group 1 - The core point of the article is that Shandong Hi-Speed (600350) announced the transfer of a 9.68% stake in Guangdong Provincial Highway Development Co., Ltd. (referred to as "Yue Gaosu A") through a non-public agreement, involving 202 million shares for a transaction amount of 2.435 billion yuan [1] - After the completion of this transaction, the investment company will no longer hold any shares in Yue Gaosu A [1] - The buyer of the stake is Shandong Tonghui Capital Investment Group Co., Ltd. [1]

Group 1 - The company Shandong Expressway (SH 600350) announced a board meeting held on November 28, 2025, to discuss the transfer of shares in its wholly-owned subsidiary, Guangdong Expressway A [1] - For the fiscal year 2024, the revenue composition of Shandong Expressway is as follows: toll revenue from highways accounts for 33.88%, construction service revenue for 26.27%, sales of goods for 12.09%, electromechanical engineering construction revenue for 10.53%, and railway transportation revenue for 8.76% [1] - As of the report date, the market capitalization of Shandong Expressway is 44.4 billion yuan [1]

Group 1 - The core viewpoint of the news is that Shandong High-Speed's Xinyuan Technology has launched a self-developed ETC remote video teller machine in multiple government service halls in Jinan, enhancing the convenience of handling various administrative services alongside ETC applications [1] - The ETC remote video teller machine allows users to perform a full range of ETC services without prior knowledge of the operating process, thanks to real-time online customer service support [3] - Xinyuan Technology aims to integrate the ETC service network with local government systems, promoting the benefits of smart transportation to rural and urban areas [3] Group 2 - The functionalities of the ETC self-service machine include new ETC applications, vehicle information changes, bill inquiries, repairs, recharges, payment method changes, contact information updates, warranty inquiries, card renewals, and loss reporting [2] - The remote video teller machine provides 24-hour service, allowing users to complete multiple tasks in one visit, thus embodying the concept of "one-stop service" [1][3]

Core Insights - Chinese companies are accelerating their international expansion, focusing on infrastructure projects that enhance connectivity and mutual benefits with host countries [1][2][3] - Shandong enterprises are actively participating in the Belt and Road Initiative, aiming for high-quality development through local integration and community engagement [1][5] Group 1: Infrastructure Development - Shandong High-Speed Group is constructing two major elevated bridges in Morocco, which are critical for improving traffic flow between Rabat and Casablanca [2][3] - The completion of the Algeria North-South Highway segment by China State Construction Engineering Corporation will facilitate the timely transport of goods across the country, enhancing trade efficiency [3] Group 2: Local Integration and Employment - Chinese enterprises are adapting to local conditions and needs, with a focus on sustainable development and job creation in host countries [8][10] - In Guinea, the establishment of Boké Port has created over 1,000 local jobs, significantly improving the livelihoods of surrounding villagers [10][11] Group 3: Diverse Business Operations - Chinese companies are expanding their overseas operations across various sectors, including transportation infrastructure, urban construction, and renewable energy [5][8] - Shandong High-Speed Group has launched customized services for cross-border e-commerce, enhancing the availability of international products in China [7] Group 4: Community Impact and Social Responsibility - Chinese enterprises are implementing numerous livelihood projects in Belt and Road countries, such as desalination plants in Arab nations and agricultural training in Serbia [13] - Local communities have expressed gratitude for the positive changes brought by Chinese companies, including improved access to jobs and better living conditions [11][12]

Summary of Key Points Core Viewpoint - The company held a performance briefing on November 27, 2025, to address investor concerns regarding its financial performance and operational strategies for the upcoming periods [1]. Group 1: Financial Impact and Revenue - The revenue from the Weilai Expressway is expected to decrease by 345 million yuan in 2025 due to the cessation of tolls after its expiration on October 18, 2024 [3]. - The JiTai Expressway project is progressing normally, and the impact of construction on revenue has been adequately considered in profit forecasts [3]. - The JiHe Expressway saw a year-on-year revenue increase of 178.59% due to the restoration of two-way traffic, while the revenue from the JiTai Expressway segment decreased by 7.94% due to the expiration of tolls on the JiTai-JiQing connection line [3]. Group 2: Technological Development and Innovation - The company is focusing on "smart highways" and "green low-carbon" technologies, with a commitment to increasing research and development efforts despite a current R&D expense ratio of only 1.76% [4]. - The company is exploring new profit growth points through digital transformation and innovative services, which have already shown significant results in cost reduction and efficiency improvement [4]. Group 3: Capital Structure and Shareholder Returns - The company has experienced high capital expenditures and rising debt levels due to extensive infrastructure projects since 2016, but plans to gradually reduce its debt ratio as these projects are completed and operational [4]. - Future strategies may include asset securitization or the introduction of strategic investors to optimize the capital structure and balance large-scale infrastructure investments with shareholder returns [4]. Group 4: Profitability and Margin Management - The gross profit margin increased by 4.8 percentage points to 31.09% in Q3 2025, primarily due to a reduction in low-margin PPP construction revenue [5]. - The company aims to maintain profitability by focusing on its core business and enhancing the proportion of high-margin assets in its portfolio [5].

Core Viewpoint - The company held a Q3 2025 earnings briefing to address investor concerns regarding its financial performance and future projects, highlighting both challenges and strategic responses in its operations [1][3]. Group 1: Financial Impact and Revenue - The revenue from the Weilai Expressway is expected to decrease by 345 million yuan in 2025 due to the cessation of tolls after its completion in October 2024 [3]. - The Jihe Expressway saw a significant revenue increase of 178.59% year-on-year due to the restoration of two-way traffic, while the Jingtai Expressway experienced a revenue decline of 7.94% primarily due to the expiration of tolls on a connecting line [3]. Group 2: Project Progress and Challenges - The Jingtai Expressway project is progressing normally, with 97.5% of the roadbed completed, although building and electromechanical works lag behind at 57% and 50% respectively, which will not affect the planned opening [3]. - The company is exploring measures such as "highway + cultural tourism" and customized services to enhance overall road network utilization [3]. Group 3: Innovation and R&D - The company is focusing on "smart highways" and "green low-carbon" technologies, although its R&D expense ratio is currently at 1.76% [4]. - Innovations in infrastructure digital transformation and all-weather traffic are already contributing to cost reduction and efficiency improvements [4]. Group 4: Capital Structure and Shareholder Returns - The company has experienced high capital expenditures and rising debt levels due to extensive infrastructure projects since 2016, but plans to gradually reduce its debt ratio as projects are completed and operational [4]. - Future strategies may include asset securitization or attracting strategic investors to optimize the capital structure [4]. Group 5: Profitability and Margin Management - The gross profit margin increased by 4.8 percentage points to 31.09% year-on-year, mainly due to a reduction in low-margin PPP construction revenue [5]. - The company aims to maintain profitability by focusing on core operations and exploring new profit growth points within the industry [5].

证券代码：600350 证券简称：山东高速 编号：2025-078 山东高速股份有限公司 2025 年第三季度业绩说明会纪要 一、说明会基本情况 山东高速股份有限公司（以下简称"公司"）于 2025 年 11 月 27 日（星期 四）10:00-11:00 召开了 2025 年第三季度业绩说明会。会议在上海证券交易所 上证路演中心（网址：http://roadshow.sseinfo.com/）采用网络互动方式举办。 二、参加人员 公司董事长傅柏先先生、副董事长兼总经理王昊先生、独立董事王晖先生、 总会计师周亮先生、董事会秘书隋荣昌先生。 三、会议内容纪要 公司在本次说明会上就投资者关心的问题给予了回答，主要问题及答复整理 如下: 答：济菏高速 2025 年前三季度通行费收入同比增长 178.59%。原因主要是 1 济菏高速自 2024 年 12 月 20 日起恢复双向通行，从双向四车道增加至双向八车 道，通行量同比增加。京台高速路段收入同比下降 7.94%，原因主要是京台济青 连接线于 2025 年 1 月 18 日到期停止收费。公司正在探索"高速+文旅"、定制服 务等措施提高路网利用效率。 4、公司提到" ...

Core Viewpoint - The A-share market shows a slight increase with the Shanghai Composite Index at 3884.38 points, reflecting a gain of 0.52% as of 10:29 AM, with a total trading volume of 815.416 billion yuan [1] Group 1: Market Performance - The Shanghai Composite Index is currently at 3884.38 points, with a gain of 0.52% [1] - The total trading volume of A-shares today is 815.416 billion yuan [1] Group 2: Moving Averages Analysis - Six A-shares have experienced a death cross where the 5-day moving average falls below the 10-day moving average [1] - The stocks with the largest distance between the 5-day and 10-day moving averages include *ST Gauss at -0.55%, Shandong Highway at -0.42%, and Zhongyin Fashion at -0.26% [1] Group 3: Individual Stock Performance - *ST Gauss (002848) shows a decline of 0.40% with a 5-day moving average of 7.60 yuan and a 10-day moving average of 7.65 yuan, indicating a distance of -0.55% [1] - Shandong Highway (600350) has decreased by 0.43%, with a 5-day moving average of 9.33 yuan and a 10-day moving average of 9.37 yuan, showing a distance of -0.42% [1] - Zhongyin Fashion (300901) increased by 0.24%, with a 5-day moving average of 16.63 yuan and a 10-day moving average of 16.67 yuan, indicating a distance of -0.26% [1] - Yuanjie Technology (688498) decreased by 1.58%, with a 5-day moving average of 554.25 yuan and a 10-day moving average of 555.61 yuan, showing a distance of -0.25% [1] - *ST Yushun (002289) declined by 2.34%, with a 5-day moving average of 35.81 yuan and a 10-day moving average of 35.86 yuan, indicating a distance of -0.13% [1] - CITIC Bank (601998) increased by 0.13%, with both 5-day and 10-day moving averages at 7.84 yuan, showing a minimal distance of -0.01% [1]