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 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,470,421,079.65, a decrease of 1.35% compared to CNY 4,531,518,433.04 in the same period last year[5]. - Net profit attributable to shareholders increased by 4.85% to CNY 806,669,493.39 from CNY 769,351,693.51 year-on-year[5]. - Basic and diluted earnings per share rose to CNY 0.135, reflecting a 4.65% increase from CNY 0.129 in the previous year[5]. - The company reported a weighted average return on equity of 2.19%, an increase of 0.07 percentage points compared to the previous year[5]. - The total profit for the period was approximately ¥1.33 billion, an increase from ¥1.25 billion in the previous period, representing a growth of about 7.06%[32]. - The net profit attributable to the parent company was approximately ¥806.67 million, up from ¥769.35 million, reflecting a growth of about 4.86%[32]. - The net profit for Qilu Expressway in Q1 2025 was 121 million yuan, a slight decrease of 1.16%[19]. - The rail transit segment reported Q1 2025 revenue of 1.091 billion yuan, a year-on-year increase of 13.09%, with net profit rising by 20.96% to 80 million yuan[20]. Cash Flow and Liquidity - The net cash flow from operating activities surged by 124.26% to CNY 2,314,578,940.64, primarily due to increased sales collections and a decrease in payments for project costs[5][8]. - The company's cash and cash equivalents were not explicitly detailed, but the overall liquidity position appears stable based on current liabilities[28]. - The cash and cash equivalents at the end of the period were approximately ¥2.53 billion, down from ¥5.57 billion at the end of the previous year, a decrease of about 54.66%[35]. - The company reported a significant increase in cash received from sales of goods and services, totaling approximately ¥5.71 billion, compared to ¥5.35 billion in the previous year, representing a growth of about 6.83%[34]. - The ending cash and cash equivalents balance for Q1 2025 was $945,441,955.53, down from $2,969,373,220.51 in Q1 2024, a decrease of approximately 68.1%[44]. Revenue Sources - The company reported toll revenue of 2.439 billion RMB in Q1 2025, representing a year-on-year growth of 7.85%[13]. - Specific toll revenue changes included a 22.24% increase for the Jilai Expressway, while the Jiqing Expressway saw a decrease of 1.16%[13]. - The total toll revenue for the company was 2.438 billion RMB, with significant contributions from various expressways, including 312.69 million RMB from Hubei Wujing Expressway, marking a 14.26% increase[14]. - Q1 2025 revenue for Qilu Expressway was 492 million yuan, down 13.74%, while toll revenue increased by 70.60% to 429 million yuan due to the completion of the Jike Expressway expansion[18]. Operational Efficiency and Strategy - The company plans to continue focusing on cash flow improvement and operational efficiency in the upcoming quarters[8]. - The company is focusing on restructuring its management system to create a more streamlined and efficient organization[13]. - The company has identified a need to improve toll collection efficiency and enhance service offerings to maintain revenue growth[13]. - The company plans to continue expanding its operational capabilities and exploring new market opportunities to drive future growth[13]. - The company plans to focus on core responsibilities and complete the "half-time, half-task" goal in Q2 2025, enhancing collaboration with traffic police for "all-weather passage" research[24]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 161,543,712,589.25, a slight decrease of 0.09% from CNY 161,687,852,769.53 at the end of the previous year[6]. - The company's long-term borrowings stood at approximately ¥53.78 billion, slightly up from ¥53.73 billion year-over-year[28]. - Total liabilities decreased to approximately ¥103.64 billion from ¥104.39 billion, indicating a reduction of 0.7%[28]. - The company's total liabilities amounted to CNY 54.11 billion, slightly higher than CNY 53.94 billion from the previous year[39]. - The total equity of the company was CNY 39.88 billion, compared to CNY 39.61 billion in the previous year, reflecting a growth of about 0.68%[39]. Investment and Expenses - In Q1 2025, the company achieved an investment income of 269.75 million yuan, a year-on-year decrease of 16.85%[16]. - The company completed approximately 238 million yuan in key engineering investments in Q1 2025[22]. - The company reported a decrease in research and development expenses to approximately ¥70.03 million from ¥82.50 million, reflecting a reduction of 15.1%[31]. - The company reported a decrease in financial expenses to CNY 234.50 million from CNY 279.02 million, a reduction of approximately 16%[40].

证券代码：600350 证券简称：山东高速 公告编号：2025-028 山东高速股份有限公司 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。 重要内容提示： 被担保人名称：宜宾康源危废处置有限公司、临汾康润金泽供水有 限公司，非上市公司关联人。 本次担保金额及已实际为其提供的担保余额：本次为宜宾康源危废 处置有限公司担保金额为人民币 0.5 亿元，截至目前，公司已实际为其提供 的担保余额为 5.35 亿元。本次为临汾康润金泽供水有限公司担保金额为人 民币 1 亿元，截至目前，公司已实际为其提供的担保余额为 1 亿元。 本次担保是否有反担保：无。 对外担保逾期的累计数量：公司无对外担保逾期情况。 特别风险提示：公司及公司控股子公司已批准的对外担保累计金额 为人民币 183.02 亿元，其中公司及其子公司对子公司已批准的担保累计金 额为人民币 182.26 亿元，分别占公司最近一期经审计归母净资产的比例为 42.28%、42.10%。宜宾康源危废处置有限公司截至 2025 年 3 月 31 日未经审 计资产负债率超过 70%，请投资 ...

山东高速股份有限公司董事会 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，审议通过了《关于补选公司董事的议案》，并决定将 本议案提交公司股东大会审议。 根据《公司章程》等相关规定，经公司控股股东山东高速集团有限公司推荐、 公司董事会提名、董事会提名委员会审查合格，会议同意选举卢瑜先生为公司第 六届董事会董事候选人，任期自公司股东大会审议通过之日起至第六届董事会届 满之日。 特此公告。 2025 年 4 月 30 日 证券代码：600350 证券简称：山东高速 公告编号：2025-026 - 1 - 山东高速股份有限公司 关于补选公司董事的公告 附件：卢瑜先生简历 卢瑜先生简历 卢瑜，男，1976 年 5 月出生，山东邹平人，中共党员，工学硕士，工程技 术应用研究员。1997 年 7 月参加工作，2004 年 8 月入党。曾任山东高速集团有 限公司建设管理分公司党委委员、副总经理，山东高速基础设施建设有限公司党 委委员、副 ...

Core Viewpoint - The Yantai Long-distance Heating Pipeline Project, with a total investment of 4.35 billion yuan and a planned length of 84.8 km, has officially commenced, marking a significant step towards clean heating and low-carbon supply in Yantai [1][3]. Group 1: Project Overview - The project aims to promote "clean heating and low-carbon supply" in Yantai, serving as a key livelihood initiative for the city [3]. - It will deliver clean energy to downstream heating companies, addressing the current heating source capacity shortage in urban areas [3]. - Upon completion, the project will cover a heating area of 46.4 million square meters across four districts, reducing carbon dioxide emissions by over one million tons annually [3]. Group 2: Collaboration and Implementation - The project was initiated rapidly, with the establishment of the Yantai Long-distance Heating Company occurring just two weeks after receiving the task from the municipal government [3]. - Shandong High-speed Group has been introduced as a strategic partner, contributing to investment, financing, and project management [3][5]. - Both companies aim to leverage their strengths to accelerate project planning, research, and approval processes, ensuring timely implementation [5].

山东高速：拟2亿元-3亿元回购股份用于注销 智通财经4月29日电，山东高速(600350.SH)公告，拟2亿元-3亿元回购公司股份，回购价格不超过15.45 元/股。回购的股份将用于注销并减少注册资本。 ...