Core Viewpoint - The company reported strong growth in its mid-year performance, with significant increases in revenue and net profit, despite a decline in gross margins for its main business segments [1][2]. Revenue and Profitability - In the first half of 2025, the company achieved operating revenue of 3.919 billion yuan, a year-on-year increase of 4.30% [1]. - The net profit attributable to shareholders reached 960 million yuan, reflecting a year-on-year growth of 24.04% [1]. - The toll road business generated revenue of 2.449 billion yuan, accounting for 62.51% of total revenue, with a year-on-year growth of 0.64% [2]. Business Segment Performance - The clean energy segment experienced a gross margin decline of 5.35 percentage points to 50.03%, influenced by increased wind abandonment rates and maintenance downtime [1]. - The solid waste resource recovery business saw revenue growth of 26.24%, reaching 390 million yuan [2]. - The clean energy generation revenue decreased by 4.19% due to adverse weather conditions and operational challenges [2]. Financial Management - The company optimized its asset structure, successfully issuing 9.3 billion yuan in short-term financing and completing a 4.7 billion yuan A-share private placement, resulting in a 30% reduction in financial expenses [3]. - The reduction in financial costs contributed significantly to the overall profit growth [2][3]. Strategic Focus - The company aims to strengthen its core toll road business while optimizing its environmental protection segment, focusing on improving the profitability of kitchen waste treatment projects [4][5]. - The company plans to continue investing in major new and expanded road projects, concentrating resources on its core business areas [5]. Project Development - Several major engineering projects are progressing well, including the opening of key toll stations and ongoing construction of highway expansions, which are expected to enhance connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 茲載列深圳高速公路集團股份有限公司（「本公司」）在上海證券交易所網站發布的 《2025 年半年度業績說明會召開情況的公告》及附件，僅供參閱。 中國，深圳，2025 年 8 月 26 日 於本公告之日，本公司董事會的成員包括執行董事徐恩利先生、廖湘文先生、姚海先 生和文亮先生；非執行董事陳雲江先生、伍燕淩女士和張堅女士；以及獨立非執行董 事李飛龍先生、繆軍先生、徐華翔先生和顏延先生。 | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-078 | | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | 债券代码：185300 | ...

Market Overview - On August 26, the railway and highway sector rose by 0.3% compared to the previous trading day, with Dongguan Holdings leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Dongguan Holdings (000828) closed at 12.07, up 4.50% with a trading volume of 419,900 shares and a turnover of 514 million yuan [1] - Other notable performers included Sanfengsi (001317) with a 2.95% increase, and Jinjiang Online (600650) with a 2.60% increase [1] - Conversely, Deep Highway (600548) saw a decline of 0.93%, and Fulin Transportation (002357) decreased by 0.72% [2] Capital Flow - The railway and highway sector experienced a net outflow of 134 million yuan from institutional investors, while retail investors saw a net inflow of 1.27 billion yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors remained active [2] Individual Stock Capital Flow - Jinjiang Online (600650) had a net outflow of 26.26 million yuan from institutional investors, while retail investors contributed a net inflow of 24.29 million yuan [3] - Haiqi Group (603069) saw a net inflow of 21.89 million yuan from institutional investors, indicating strong interest [3] - Conversely, Ninghu Highway (600377) had a significant net outflow of 21.70 million yuan from institutional investors, suggesting caution among larger players [3]

Summary of Conference Call Records Company Overview - The conference call records pertain to **申高速** and **深高速**, focusing on their financial performance and operational updates for the first half of 2025. Key Points Financial Performance - **深高速** reported toll revenue of **24.5 billion** CNY, accounting for **63%** of total revenue, with a year-on-year growth of **0.64%** and a same-caliber growth of **4.3%** driven by the **深中通道** and **沿江二期** projects, despite a negative impact from the **外环二期** project due to traffic diversion [2][3][20] - **申高速** achieved total revenue of approximately **39.2 billion** CNY, a **4.3%** increase year-on-year, with a net profit of **9.6 billion** CNY, reflecting a **24%** rise, primarily due to reduced interest income and improved performance in the kitchen waste treatment business [3][4][13] Segment Performance - The **大环保** segment generated **7.5 billion** CNY, representing **19%** of total revenue, with a **2%** increase year-on-year, attributed to the operation of the **光明环境园** kitchen waste treatment project and increased revenue from **兰德环保** [2][4] - **建造服务** revenue reached **4.6 billion** CNY, marking a **60%** increase, mainly from the **外环高速** and **光明环境园** projects [2][6] Financial Costs and Investments - Financial expenses decreased by **1.7 billion** CNY, a **30%** reduction, due to the replacement of foreign debt with low-interest CNY loans and a decline in funding costs [2][7][23] - Investment income fell by **29%** year-on-year, primarily due to last year's gains from equity disposals and impairment provisions for real estate inventory in joint ventures [2][7] - Capital expenditures for the first half of 2025 were approximately **21 billion** CNY, with projected total capital expenditures of **192 billion** CNY from the second half of 2025 to the end of 2027 for various construction projects [2][8][9] Operational Updates - The toll road segment showed stable growth, with **16** projects covering **613 kilometers**. The **深中通道** and **沿江二期** positively impacted traffic and revenue, while the **外环二期** faced challenges due to traffic diversion [2][10][20] - Major ongoing projects include **外环三期**, **吉河高速** expansion, and **京港澳穗管段** expansion, with progress meeting expectations [2][11][16] Strategic Planning - The company is formulating its **十五五** strategic plan, focusing on enhancing core toll road operations and optimizing the **大环保** business while cautiously exploring quality clean energy projects [4][22] - Plans to improve operational efficiency and reduce costs through technology and management enhancements were discussed, including the integration of digital platforms and smart construction techniques [17][27] Future Outlook - The company aims to maintain high-quality growth in the second half of 2025, focusing on achieving annual operational targets and exploring opportunities in toll road expansions and clean energy projects [19][22] - The **清洁能源** segment faced challenges with a **4.2%** decline in revenue and a drop in gross margin due to increased curtailment rates in wind projects [22][23] Regulatory Environment - The company is closely monitoring the revision of toll road management regulations, which could significantly impact the industry [24] Shareholder Returns - The company has committed to a stable dividend policy, with a cash dividend payout ratio of no less than **55%** for the years 2024-2026, contingent on operational performance and funding needs [28] Miscellaneous - The **青连高速** road surface improvement project had a temporary negative impact on traffic revenue, estimated at **20 million** CNY, but is expected to enhance revenue post-completion [29]

Group 1: Resident Deposit Migration - The report indicates that resident deposit migration is expected to begin, typically occurring 10-12 months after a market transition from bear to bull, with the current period being 11 months since the last transition [1][6][7] - Initial signs of deposit migration have emerged, with a notable increase in non-bank deposit growth turning positive, suggesting potential for significant market inflow [6][9] - Short-term market consolidation of 2-3 months is anticipated as deposits begin to migrate, based on historical patterns observed in previous bull markets [8][9] Group 2: Unmanned Sanitation Vehicles - The unmanned sanitation vehicle market is projected to reach a scale of approximately 123 billion yuan in 2024, with significant growth expected as the industry transitions from the 0-1 stage to mass production [12][14] - The economic benefits of unmanned sanitation vehicles are substantial, with potential labor cost savings of 12-16 million yuan per vehicle by replacing 3-4 workers, leading to a cost reduction of up to 66% under certain conditions [13][15] - The market for unmanned sanitation vehicles is estimated to be worth between 1.16 trillion and 2.91 trillion yuan, depending on the replacement rate of sanitation workers [14][15] Group 3: Semiconductor Equipment - The report highlights a significant growth potential in the semiconductor equipment sector, particularly in the context of domestic AI development and the need for self-sufficient supply chains [3][18] - The domestic semiconductor equipment market has an average annual scale of approximately 41.7 billion USD, with expectations for continued expansion driven by AI applications [19] - Key companies in the semiconductor equipment space are recommended for investment, including those involved in front-end and back-end equipment, as well as the photolithography supply chain [19] Group 4: Power Prediction Business - The company is recognized as a leader in power prediction, with a projected net profit growth of 40% to 27% from 2025 to 2027, supported by a strong market demand and technological barriers [4][22][24] - The number of service sites for power prediction has increased significantly, indicating robust growth in this segment, with a 55.14% increase in revenue from power prediction services [23] - The company is actively investing in strategic partnerships to enhance its market position in the renewable energy sector [24] Group 5: Wind Power Equipment - The company has reported a 41.26% increase in revenue for the first half of 2025, driven by a significant rise in wind turbine sales, which saw a 106.58% increase in sales capacity [32][33] - The company’s gross margin for wind turbine sales has improved, reflecting operational efficiencies and increased demand [33] - Future projections indicate continued growth in net profit, with expectations of 63.8% growth from 2025 to 2027 [35] Group 6: Lithium Battery Materials - The company has achieved a 28.97% increase in revenue for the first half of 2025, with expectations for further price stabilization and growth in the second half of the year [37][38] - The company is focusing on innovation in lithium battery materials, with significant investments in new technologies and production capabilities [38][39] - Projections for net profit growth from 2025 to 2027 are robust, with an anticipated increase of 68.5% [39]

Core Insights - Shenzhen Expressway Group Co., Ltd. reported a revenue of approximately 3.919 billion yuan for the first half of 2025, representing a year-on-year increase of 4.30% [1] - The net profit attributable to shareholders reached about 960 million yuan, marking a year-on-year growth of 24.04%, with earnings per share at 0.382 yuan [1] - The growth in performance was primarily driven by reduced interest expenses, decreased losses in environmental business, and changes in the fair value of related assets [1] Revenue Breakdown - During the reporting period, toll revenue amounted to 2.449 billion yuan, reflecting a year-on-year increase of 0.64% [1] - Excluding the impact of Yichang Expressway, which was no longer included in the consolidated scope from March 21, 2024, the toll revenue increased by 4.31% on a comparable basis [1] Operational Factors - The integration of the road network positively impacted the company's operations in the Shenzhen area [1] - The reduction in rainfall during the flood season compared to the previous year minimized adverse weather effects on traffic [1] - Initiatives such as automobile subsidies and trade-in programs have stimulated vehicle consumption, contributing to increased traffic volume on highways [1] Infrastructure Development - The simultaneous opening of the Shenzhen-Zhongshan Channel and the second phase of the Yangtze River Expressway has enhanced the integration of Shenzhen with the eastern and western regions of the Pearl River Delta [1] - The core traffic hub effect continues to be released, effectively boosting traffic flow on the Yangtze River Expressway and the Jihe Expressway, with daily toll revenue on the Yangtze River Expressway increasing by over 20% year-on-year [1] Financial Strategy - The company issued short-term financing bonds, medium-term notes, and perpetual corporate bonds totaling 9.3 billion yuan to replace existing debt and supplement working capital [2] - The successful completion of a 4.7 billion yuan A-share private placement during the reporting period has strengthened the group's capital position, ensuring sustainable development for the future [2]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [5] Core Views - The express logistics sector is experiencing a price recovery trend, supported by regulatory measures against unhealthy competition, particularly in Zhejiang province, which accounted for 16.9% of national express business volume in H1 2025 [5] - Zhongtong Express reported a 26.8% year-on-year decline in adjusted net profit for Q2 2025, influenced by price competition, despite a revenue increase of 10.3% to 11.83 billion yuan [6] - The air transport sector is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring price increases, while short-term booking data shows signs of improvement [17] - The shipping industry is projected to see a boost in oil transportation due to OPEC+ production increases and a favorable interest rate environment, with specific companies recommended for investment [18] Summary by Sections Express Logistics - The express logistics sector is seeing a robust demand, with a total of 164 billion packages delivered in July 2025, marking a 15.1% year-on-year increase [27] - Major express companies like YTO Express and SF Express are showing significant growth in business volume, with SF Express achieving a 33.69% increase in July [7][27] Air Transport - In July 2025, civil aviation achieved a passenger transport volume of 71.82 million, a 3.9% increase year-on-year, and a cargo volume of 86.7 thousand tons, up 15.3% [11][57] - The overall seat occupancy rate for major airlines was 83.06%, slightly down from the previous month [60] Shipping and Ports - The shipping sector is experiencing fluctuations, with the BDTI index for oil transportation showing resilience amid geopolitical uncertainties [13][18] - China's port cargo throughput decreased by 2.82% to 26.135 million tons in the week of August 11-17, 2025 [81] Road and Rail - In July 2025, road freight volume increased by 3.28% to 36.99 billion tons, while rail freight volume rose by 3.35% to 4.52 billion tons [47]

Core Viewpoint - The company reported a revenue increase of 4.30% and a net profit increase of 24.04% for the first half of 2025, driven by reduced interest expenses, improved performance in environmental services, and changes in asset fair value [2] Financial Performance - In the first half of 2025, the company achieved an operating income of 3.919 billion yuan and a net profit attributable to shareholders of 960 million yuan, with earnings per share of 0.382 yuan [2] - Toll revenue reached 2.449 billion yuan, reflecting a year-on-year growth of 0.64%, and a 4.31% increase when adjusted for the exclusion of Yichang Expressway from the consolidated scope [2] Business Operations - The company’s organic waste treatment business saw a reduction in losses due to optimized management and increased waste disposal and oil extraction volumes [2] - The company plans to enhance communication with government departments to promote project commercialization and implement pricing mechanisms to improve profitability in the organic waste treatment sector [2] Project Development - Ongoing construction projects are progressing well, with the Outer Ring Phase III and the Jihe Expressway expansion both underway, achieving 20% and 12% completion respectively [3] - The company issued 9.3 billion yuan in short-term financing instruments to refinance existing debt and supplement working capital, while also successfully completing an A-share private placement to strengthen capital [3] Strategic Planning - The company aims to enhance existing projects and focus on core business areas, particularly toll road operations and improving the profitability of environmental projects [3] - A strategic plan for the 14th Five-Year Plan is being developed, focusing on national policy directions, industry trends, and technological innovations to ensure sustainable high-quality development [3]

Core Viewpoint - The recent financial report of Shen High-Speed (600548) shows positive growth in revenue and net profit for the first half of 2025, indicating a stable financial performance despite some challenges in profit margins and cash flow metrics [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 3.919 billion yuan, a year-on-year increase of 4.3% [1]. - Net profit attributable to shareholders was 960 million yuan, reflecting a year-on-year growth of 24.04% [1]. - In Q2 2025, total revenue was 2.147 billion yuan, up 24.89% year-on-year, while net profit for the quarter was 482 million yuan, marking a 59.09% increase [1]. - Gross margin stood at 36.96%, down 3.66% year-on-year, while net margin improved to 26.3%, up 16.09% [1]. - Total expenses (selling, administrative, and financial) amounted to 563 million yuan, accounting for 14.37% of revenue, a decrease of 26.68% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 0.38 yuan, a rise of 22.44% year-on-year [1]. - Cash flow from operations per share was 0.77 yuan, down 4.6% year-on-year [1]. - The company's net assets per share rose to 9.03 yuan, an increase of 11.4% year-on-year [1]. Changes in Financial Items - Cash and cash equivalents increased by 100.18% due to fundraising through the issuance of A-shares [3]. - Trade receivables rose by 1.55%, while long-term prepayments increased by 38.91% due to project payments [3]. - Contract liabilities grew by 36.11% as a result of increased customer advances [3]. - Operating income increased by 4.3% due to higher construction service revenue under franchise arrangements [3]. Investment Insights - The company's return on invested capital (ROIC) was 3.68%, indicating weak capital returns, with a historical median ROIC of 7.85% over the past decade [4]. - The cash flow situation is a point of concern, with cash and cash equivalents covering only 72.3% of current liabilities [4]. - The debt situation is also noteworthy, with interest-bearing debt ratio reaching 43.08% [4].

Core Viewpoint - Shenzhen Expressway Group Co., Ltd. reported a revenue of approximately 3.92 billion yuan for the first half of 2025, marking a year-on-year increase of 4.30%, and a net profit attributable to shareholders of approximately 960 million yuan, reflecting a growth of 24.04% [1][2]. Financial Performance - The total revenue for the reporting period was approximately 3.92 billion yuan, compared to 3.76 billion yuan in the same period last year, resulting in a 4.30% increase [2]. - The total profit for the period was approximately 1.26 billion yuan, up 14.15% from approximately 1.10 billion yuan in the previous year [2]. - The net profit attributable to shareholders was approximately 960 million yuan, a 24.04% increase from approximately 774 million yuan in the previous year [2]. - The basic earnings per share were 0.382 yuan, up 22.44% from 0.312 yuan in the same period last year [3]. - The net asset attributable to shareholders was approximately 26.92 billion yuan, a 22.89% increase from 21.90 billion yuan at the end of the previous year [2]. Operational Highlights - The toll revenue for the first half of 2025 was approximately 2.45 billion yuan, reflecting a year-on-year increase of 0.64%. Excluding the impact of the exclusion of a highway from consolidation, the toll revenue increased by 4.31% on a comparable basis [3]. - The company experienced positive synergy effects from the integration of the Shenzhen regional road network, aided by reduced rainfall during the flood season compared to the previous year, which improved traffic conditions [4]. - The opening of the Shenzhen-Zhongshan Channel and the second phase of the Yangjiang Expressway has enhanced connectivity between the eastern and western banks of the Pearl River Estuary, significantly increasing traffic flow on related highways [4]. Project Developments - The third phase of the Outer Ring Road has commenced construction, achieving approximately 20.2% of the engineering progress by the end of the reporting period [5]. - The expansion project of the Jihe Expressway has also started, with about 12% of the engineering progress completed [6]. - The company is advancing the expansion of the Guangzhou-Shenzhen section of the Jinggang'ao Expressway, with the Dongguan-Guangzhou section entering the construction phase [6]. Environmental Initiatives - The company is focusing on solid waste resource treatment and clean energy generation as a secondary business. The revenue from environmental businesses was approximately 750 million yuan, accounting for 19.14% of total revenue [6]. - The organic waste treatment business has seen a reduction in losses due to optimized management, with both waste disposal and oil extraction volumes increasing year-on-year [6]. Financial Strategy - The company has optimized its debt structure by issuing short-term financing bonds, medium-term notes, and perpetual corporate bonds totaling 9.3 billion yuan to replace existing debt and supplement working capital [7]. - The successful completion of a 4.7 billion yuan A-share private placement has strengthened the company's capital base, supporting sustainable future development [7].