孟杰先生的辞职不会导致公司董事会成员低于法定最低人数，不会影响公司 董事会正常运作。根据有关法律法规及《公司章程》有关规定，其辞职自辞职报 告送达本公司董事会之日起生效。 范跃进先生辞职后将导致公司独立董事人数少于董事会总人数的三分之一， 根据《公司法》《上市公司独立董事管理办法》和《公司章程》等相关规定，在 公司股东大会改选新任独立董事就任前，范跃进先生将依据相关法律法规的要求， 继续履行独立董事及董事会专门委员会的相应职责。 公司将按照相关规定，尽快完成董事、独立董事及董事会专门委员会成员补 选工作。 孟杰先生、范跃进先生在任职期间，勤勉敬业，恪尽职守，切实维护了公司 和全体股东的权益，在促进公司发展和规范运作等方面发挥了积极作用。公司及 董事会对孟杰先生、范跃进先生在任期间为公司发展做出的贡献表示感谢！ 特此公告。 证券代码：600350 证券简称：山东高速 编号：2025-032 山东高速股份有限公司 关于公司董事及独立董事辞职的公告 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" ...

证券代码：600350 证券简称：山东高速 公告编号：2025-031 山东高速股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，山东高速股份有限公司（以下简称"公 司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合 举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关事项 公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路 演 APP,参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。 届时公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、 融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交 流，欢迎广大投资者踊跃参与！ 特此公告。 山东高速股份有限公司董事会 2025 年 5 ...

证券代码：600350 证券简称：山东高速 编号：临 2025-030 山东高速股份有限公司 2024 年度业绩说明会纪要 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 5 月 8 日（星期四） 14:00-15:00 召开了 2024 年度业绩说明会。会议在上海证券交易所上证路演中 心（网址：http://roadshow.sseinfo.com/）采用自行录制+网络文字互动问答方式举 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: 1、公司本期盈利水平如何? 答：2024 年度公司盈利水平相对稳定，归母净利润 31.96 亿元，同比下降 3.07%，主要由于部分路段实施改扩建及个别路段收费期限到期停止收费，通行 费收入受到影响。 2、公司之后的盈利有什么增长点? 答：2025 年，公司重点从以下四个方面提升经营质量： 一是夯实主业"基本盘"，聚力在路桥运营增收创效上取得新突破。优化运 营体系，打造流程 ...

■ 注：以上股东的持股数量为合并普通账户和融资融券信用账户后总的持股数量。 二、前十名无限售条件股东持股情况 证券代码：600350 证券简称：山东高速 公告编号：2025-029 山东高速股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东持股情况的公告 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"）于2025年4月29日召开第六届董事会第七十二次会议，会议 审议通过了《关于以集中竞价交易方式回购公司部分股份的议案》，具体内容详见公司于2025年4月30 日披露的《山东高速股份有限公司关于以集中竞价交易方式回购股份方案暨收到金融机构股票回购专项 贷款承诺函的公告》，公告编号：2025-027。上述事项尚需提交公司股东大会审议批准。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关 规定，现将公司第六届董事会第七十二次会议决议公告前一交易日（即2025年4月29日）登记在册的前 十名股东和前十名无限售条件股东的名称、持股数量及持股比例情 ...

证券代码：600350 证券简称：山东高速 公告编号：2025-029 山东高速股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东 持股情况的公告 一、前十名股东持股情况 - 1 - | | 投资基金 | | | | --- | --- | --- | --- | | 6 | 中国平安人寿保险股份有限公司－自有 资金 | 22,879,368 | 0.47 | | 7 | 中泰证券股份有限公司 | 19,174,958 | 0.40 | | 8 | 中国农业银行股份有限公司－南方标普 中国 A 股大盘红利低波 50 交易型开放式 | 15,656,000 | 0.32 | | | 指数证券投资基金 | | | | 9 | 中国太平洋人寿保险股份有限公司－中 国太平洋人寿股票红利型产品（寿自营） | 13,759,800 | 0.28 | | | 委托投资（长江养老） | | | | 10 | 中国农业银行股份有限公司－中邮核心 | 12,000,000 | 0.25 | | | 成长混合型证券投资基金 | | | 注：以上股东的持股数量为合并普通账户和融资融券信用账户后总的持股数量。 | 序 | ...

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

Investment Rating - The investment rating for Shandong Expressway is "Buy" (maintained) [5] Core Views - The report emphasizes the strengthening of road asset scale and the realization of profit growth [5] - The company has shown steady performance in toll road operations, with revenue growth driven by completed upgrades and changes in the road network [7] - The management system's efficiency has improved, leading to enhanced profitability [7] Financial Summary - As of April 29, 2025, the closing price is 10.76 yuan, with a total market capitalization of 52,222.80 million yuan [3] - The company reported a revenue of 44.70 billion yuan in Q1 2025, a year-on-year decrease of 1.35%, while the net profit attributable to shareholders was 8.07 billion yuan, an increase of 4.85% [7] - The projected revenues for 2025-2027 are 28,471 million yuan, 29,067 million yuan, and 29,638 million yuan, respectively, with corresponding net profits of 3,216 million yuan, 3,378 million yuan, and 3,561 million yuan [6][8] Revenue and Profitability - The revenue from toll road operations in Q1 2025 was approximately 24.39 billion yuan, reflecting a year-on-year increase of 7.85% [7] - The gross profit margin for Q1 2025 was 39.18%, an increase of 3.54 percentage points year-on-year [7] - The company is expected to maintain a steady growth in net profit, with projections showing a slight increase in the coming years [7][8]

Core Viewpoint - The economic performance of Shandong state-owned enterprises in the first quarter of 2025 shows a stable and progressive trend, with significant growth in key financial metrics [1][3]. Group 1: Financial Performance - As of the end of March, the total assets of Shandong state-owned enterprises reached 54,097.4 billion yuan, a year-on-year increase of 6.5% [1]. - Cumulative operating revenue was 6,116.9 billion yuan, reflecting a year-on-year growth of 6.9% [1]. - Total profit amounted to 227.6 billion yuan, with a net profit of 172.2 billion yuan, contributing to the high-quality development of the provincial economy [1]. Group 2: Revenue and Profit Growth - The revenue growth rate for state-owned enterprises expanded by 0.6 percentage points compared to January-February, with March showing a month-on-month increase of 40.7% in revenue and 58.8% in total profit [3]. - Eight enterprises, including Shandong Gold and Shandong Heavy Industry, reported profit growth rates exceeding 5% [3]. Group 3: Key Contributors - Major contributors to profits included Shandong Heavy Industry (66.2 billion yuan), Shandong Expressway (42.4 billion yuan), Shandong Energy (31.3 billion yuan), Shandong Port (28.1 billion yuan), and Shandong Gold (20.1 billion yuan) [3]. - Shandong Heavy Industry saw domestic sales of heavy trucks, light trucks, buses, and excavators increase by over 20% year-on-year [3]. Group 4: Industrial Performance - The total industrial output value and sales value of state-owned enterprises reached 2,663.7 billion yuan and 2,714.5 billion yuan, respectively, with year-on-year growth of 18.1% and 16.1% [4]. - Five major industrial enterprises contributed over 50% of the profits, with Shandong Energy maintaining stable production levels and Shandong Gold increasing gold production by over 20% from overseas mines [4]. Group 5: Project Development - A total of 39 projects from state-owned enterprises were included in the provincial major project list for 2025, with 14 projects focusing on green and low-carbon development [4]. - Shandong Expressway completed over 8.5 billion yuan in highway investments, while several high-speed rail projects made significant progress [4]. Group 6: National Standing - Shandong state-owned enterprises ranked first in total operating revenue, total assets, and owners' equity among 32 provincial state-owned asset supervision commissions, and second in total profit [5]. Group 7: New Product Development - In the first quarter, state-owned enterprises in new industries generated revenue of 136.3 billion yuan, accounting for 22.3% of total revenue, an increase of 3.4 percentage points from the previous year [5][6]. - The new product revenue ratio for Hualu Group continued to grow, with seven new formulation products approved and 50 patents authorized, marking historical highs [6].

Core Viewpoint - The company reported a slight decline in revenue for the first quarter of 2025, while net profit showed a positive growth, indicating a mixed performance in its financial results [5]. Financial Performance - In Q1 2025, the company achieved operating revenue of 4.47 billion yuan, a year-on-year decrease of 1.35%, while net profit attributable to shareholders was 808 million yuan, an increase of 4.85% [5]. - The toll revenue reached 2.439 billion yuan, reflecting a year-on-year growth of 7.85% [7]. Operational Highlights - The company is restructuring its management system in road and bridge operations to enhance efficiency and service quality, including the launch of customized transportation services [6]. - The increase in toll revenue is attributed to the opening of connecting road sections and improved travel willingness among passengers [8]. Capital Operations - The company reported investment income of 270 million yuan, a decline of 16.85% year-on-year, primarily due to changes in project profitability [13]. - The Q1 revenue from Qilu Expressway was 492 million yuan, down 13.74%, while toll revenue increased by 70.60% due to the completion of the Jizhou Expressway expansion [15]. Engineering and Construction - In Q1 2025, the company completed investments of approximately 238 million yuan in key engineering projects [18]. - The company plans to continue focusing on its core business and accelerate project progress in the second quarter of 2025 [18]. Guarantee and Risk Management - The company has provided guarantees totaling 5.35 million yuan for Yibin Kangyuan Hazardous Waste Disposal Co., Ltd. and 10 million yuan for Linfen Kangrun Jinzhe Water Supply Co., Ltd. [22]. - The total approved external guarantees amount to 18.302 billion yuan, with no overdue guarantees reported [24][34].

证券代码：600350 证券简称：山东高速 公告编号：2025-025 山东高速股份有限公司 第六届董事会第七十二次会议决议公告 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"）第六届董事会第七十二次会议 于 2025 年 4 月 29 日以现场会议与通讯表决结合的方式召开，会议通知于 2025 年 4 月 23 日以专人送达及电子邮件方式发出。本次会议应到董事 10 人，实到董 事 10 人。会议的召开符合《公司法》和《公司章程》的规定。 会议审议并通过了以下决议： 一、会议以 10 票同意、0 票反对、0 票弃权，审议通过了《2025 年第一季 度报告》，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 2025 年第一季度 报告》。 二、会议以 10 票同意、0 票反对、0 票弃权，审议通过了《2025 年第一季 度总经理工作报告》。 三、会议 ...