Summary of the Conference Call for Shen High-Speed (深高速) Company Overview - Shen High-Speed reported a revenue of 1.772 billion yuan for Q1 2025, with a net profit attributable to shareholders of approximately 478 million yuan, showing a slight year-on-year increase. The net profit after deducting non-recurring gains and losses grew nearly 16% year-on-year, with earnings per share at 0.203 yuan [2][4] Key Financial Performance - For the full year 2024, Shen High-Speed achieved a revenue of 9.25 billion yuan and a net profit of 1.15 billion yuan, with earnings per share at 0.411 yuan. The decline in profit was mainly due to reduced revenue from the joint venture in real estate and asset impairment provisions made at the end of 2024 [4] Toll Road Business - The toll road business remained stable, with daily toll revenue in the Shenzhen area increasing, particularly benefiting from the opening of new roads. The average daily toll revenue for the Yangtze River Highway increased by 18% [2][7] Environmental Business - Shen High-Speed is actively expanding its environmental business, with an organic waste processing capacity exceeding 6,900 tons per day. In Q1 2025, 17 projects were in commercial operation, processing 320,000 tons of waste and generating revenue of 174 million yuan. However, the overall environmental business is currently operating at a loss, and the company plans to be cautious in future investments in clean energy [2][8][21][22] Financing and Debt Management - The company completed a private placement in March 2025, raising approximately 4.7 billion yuan. Additionally, it raised 7.3 billion yuan through various debt instruments, optimizing its debt structure and reducing financing costs. The comprehensive borrowing cost was approximately 3.19% [2][9][26] Future Development Strategy - Shen High-Speed is focused on advancing key highway projects, including the Outer Ring Phase III and the expansion of the Guangshen Expressway. A new five-year development strategy has been initiated, with the Outer Ring Phase III expected to be completed by the end of 2029 [2][11][15][16] Internal Rate of Return (IRR) and Investment Strategy - The internal rate of return (IRR) requirement for toll road and environmental projects has been adjusted to 6%-7%, still above the industry average. The company remains open to acquiring quality toll road projects but emphasizes profitability and regional barriers [5][17][18] Shareholder Returns and Capital Expenditure - Shen High-Speed is committed to returning at least 55% of net profits to shareholders in cash dividends from 2024 to 2026, with expectations of exceeding 60% in 2024. The planned capital expenditure for 2025-2027 is approximately 20.6 billion yuan, primarily for the Outer Ring Phase III and other projects [5][25][24] Impact of Road Network Changes - The opening of new roads and other structural changes in the road network have had a mixed impact on traffic flow, with overall positive factors outweighing negatives. The company is monitoring these changes closely [14] Conclusion - Shen High-Speed is navigating a complex landscape with stable performance in its toll road business, ongoing challenges in its environmental sector, and a clear focus on strategic growth and shareholder returns. The company is poised for future developments while maintaining a cautious approach to investments and financing.

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]

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。 深圳高速公路集团股份有限公司（"本公司"）于 2025 年 4 月 29 日召开第 九届董事会第五十四次会议，审议通过了《关于使用部分募集资金置换预先投入 募投项目及已支付发行费用的自筹资金的议案》。董事会同意以募集资金置换本 集 团 预 先 投 入 募 投 项 目 及 已 支 付 发 行 费 用 的 自 筹 资 金 ， 合 计 人 民 币 1,263,576,794.87 元。现将有关情况公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳高速公路集团股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2024〕1748 号），本公司获准向 特定对象发行股票。本公司最终向特定对象发行 357,085,801 股人民币普通股股 票（A 股），发行价格为每股 13.17 元，募集资金总额为人民币 4,702,819,999.17 元，扣除不含税发行费用人民币 23,583,484.46 元，募集资金净额为人民币 4,679,236,514.71 元。上述募 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2025-049 | | --- | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | | 债券代码：241018 | 债券简称：24 | 深高 | 01 | | | | 债券代码：241019 | 债券简称：24 | 深高 | 02 | | | | 债券代码：242050 | 债券简称：24 | 深高 | 03 | | | | 债券代码：242539 | 债券简称：25 | 深高 | 01 | | | | 债券代码：242780 | 债券简称：25 | 深高 | Y1 | | | | 债券代码：242781 | 债券简称：25 | 深高 | Y2 | | | 深圳高速公路集团股份有限公司 第九届监事会第三十二次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导 ...

(一) 深圳高速公路集团股份有限公司（"本公司"、"公司"）第九届董事会第 五十四次会议（"本次会议"、"会议"）的召开符合公司股票上市地相关法律、行 政法规、部门规章、规范性文件和《公司章程》的规定。 (二) 会议通知发送方式：电子邮件、专人送达，日期：2025 年 4 月 15 日及 4 月 22 日；会议材料发送方式：电子邮件、专人送达，日期：2025 年 4 月 22 日。 (三) 本公司第九届董事会第五十四次会议于 2025 年 4 月 29 日（星期二） 以现场结合通讯表决方式在深圳市举行。 (四) 会议应到董事 10 人，实际出席董事 10 人，其中，以通讯表决方式出 席董事 5 人。 | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2025-048 | | --- | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | ...

中信证券股份有限公司 关于深圳高速公路集团股份有限公司 使用部分募集资金置换预先投入募投项目 及已支付发行费用的自筹资金的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为深圳高速公 路集团股份有限公司（以下简称"深高速"或"公司"）2023 年度向特定对象发行 A 股股票（以下简称"本次发行"）的保荐人，根据《证券发行上市保荐业务管理 办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求 （2022 年修订）》《上海证券交易所股票上市规则（2024 年 4 月修订）》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》 等规定，对深高速拟使用部分募集资金置换预先投入募投项目及已支付发行费用 的自筹资金事项进行了核查，并出具核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳高速公路集团股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2024〕1748 号），公司向特定对 象发行人民币普通股（A 股）357,085,801 股，每股面值人民币 1.00 元，发行价 格为每股 13.17 元，募集 ...

中信证券股份有限公司 等额置换的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为深圳高速公 路集团股份有限公司（以下简称"深高速"或"公司"）2023 年度向特定对象发行 A 股股票（以下简称"本次发行"）的保荐人，根据《证券发行上市保荐业务管理 办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求 （2022 年修订）》《上海证券交易所股票上市规则（2024 年 4 月修订）》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》 等规定，对深高速子公司深圳市外环高速公路投资有限公司（以下简称"外环公 司"）使用票据先行支付募投项目所需资金及到期后以募集资金等额置换事项进 行了核查，并出具核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳高速公路集团股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2024〕1748 号），公司向特定对 象发行人民币普通股（A 股）357,085,801 股，每股面值人民币 1.00 元，发行价 格为每股 13.17 元，募集资金总额为 4,702,819,9 ...

中信证券股份有限公司 关于深圳高速公路集团股份有限公司 使用募集资金向子公司实缴出资 及提供股东借款以实施募投项目的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为深圳高速公 路集团股份有限公司（以下简称"深高速"或"公司"）2023 年度向特定对象发行 A 股股票（以下简称"本次发行"）的保荐人，根据《证券发行上市保荐业务管理 办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求 （2022 年修订）》《上海证券交易所股票上市规则（2024 年 4 月修订）》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》 等规定，对深高速拟使用募集资金向子公司实缴出资及提供股东借款以实施募投 项目事项进行了核查，并出具核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳高速公路集团股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2024〕1748 号），公司获准向特 定对象发行股票。公司最终向特定对象发行 357,085,801 股人民币普通股股票（A 股），发行价格为每股 13.17 元，募集资金总 ...

深圳高速公路集团股份有限公司 以自筹资金预先投入募集资金投资项目及 支付发行费用情况的审核报告 2023年7月14日起至2025年3月31日止期间 Deloitte. 合计师事务所(结残普通合公) 审核报告 德师报(核)字(25)第 E00998 号 深圳高速公路集团股份有限公司董事会: 我们审核了后附的深圳高速公路集团股份有限公司(以下简称"深高速")自 2023年7月14日 起至 2025年3月31日止期间以自筹资金预先投入募集资金投资项目及支付发行费用情况的专 项说明(以下简称"专项说明")。 一、深高速董事会对专项说明的责任 按照中国证券监督管理委员会《上市公司监管指引第2号 -- 上市公司募集资金管理和使 用的监管要求》及《上海证券交易所上市公司自律监管指引第1号 --- 规范运作》的规定编制 专项说明,并保证专项说明的内容真实、准确、完整,且不存在虚假记载、误导性陈述或重大 遗漏是深高速董事会的责任。 二、注册会计师的责任 我们的责任是在实施审核工作的基础上对专项说明发表意见。我们按照《中国注册会计师 其他鉴证业务准则第 3101 号 -- 历史财务信息审计或审阅以外的鉴证业务》的规定执行了审 核 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,771,765,261.39, a decrease of 13.06% compared to ¥2,037,983,716.92 in the same period last year[5] - Net profit attributable to shareholders was ¥478,007,244.10, reflecting a slight increase of 1.50% from ¥470,958,969.66 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥466,270,240.35, which represents a 15.89% increase from ¥402,349,586.96 in the previous year[5] - Total revenue for Q1 2025 was CNY 1,771,765,261.39, a decrease of 13.06% compared to CNY 2,037,983,716.92 in Q1 2024[27] - The net profit for Q1 2025 was CNY 514,281,845.56, a slight increase from CNY 512,669,617.76 in Q1 2024, representing a growth of 0.3%[28] - The total profit before tax for Q1 2025 was CNY 621,275,671.38, slightly down from CNY 637,696,969.36 in Q1 2024, a decrease of 2.5%[28] - The total comprehensive income for Q1 2025 was CNY 546,823,605.96, compared to CNY 474,681,285.95 in Q1 2024, marking an increase of 15.2%[28] Cash Flow and Liquidity - The net cash flow from operating activities increased by 28.96% to ¥980,875,169.00, up from ¥760,626,644.48 in the same period last year[6] - The company's cash and cash equivalents rose to CNY 8,176,488,936.45, compared to CNY 2,908,582,010.43 at the end of 2024, indicating a significant increase[23] - The company reported a significant increase in cash and cash equivalents, ending Q1 2025 with CNY 8,019,330,500.54, up from CNY 3,235,689,796.04 in Q1 2024[32] - The net cash flow from operating activities for Q1 2025 was CNY 980,875,169.00, an increase of 29% from CNY 760,626,644.48 in Q1 2024[30] - Investment activities resulted in a net cash outflow of CNY 1,129,503,420.53 in Q1 2025, compared to a net inflow of CNY 672,220,430.43 in Q1 2024[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥73,150,343,598.02, an increase of 8.28% from ¥67,558,030,948.58 at the end of the previous year[6] - The total liabilities amounted to CNY 40,760,132,514.45, slightly up from CNY 40,356,460,239.19 at the end of 2024[24] - Long-term investments increased to CNY 20,019,730,301.43 as of March 31, 2025, compared to CNY 19,755,383,217.22 at the end of 2024, marking a growth of 1.34%[23] Shareholder Information - Shareholders' equity attributable to the parent company increased by 23.53% to ¥27,056,358,745.56, compared to ¥21,903,521,723.27 at the end of the previous year[6] - The total number of shareholders at the end of the reporting period was 17,576, with the top 10 shareholders holding a combined 88.77% of the shares[10] - The company completed the issuance of 357,085,801 A shares at a price of RMB 13.17 per share, raising a net amount of RMB 4,679,236,514.71[20] - The total share capital increased from 2,180,770,326 shares to 2,537,856,127 shares, with A shares totaling 1,790,356,127 and H shares 747,500,000[20] - The company has committed to a share lock-up period of 18 months for certain investors following the A share issuance[13] Operational Highlights - The average daily mixed traffic volume for the Guangdong province projects in Q1 2025 included 608 thousand vehicles for the Guangshen Expressway, generating a revenue of RMB 7,409 thousand[14] - The average daily toll revenue for the Meiguan Expressway was RMB 411 thousand with a traffic volume of 158 thousand vehicles[14] - The organic waste treatment projects processed a total of 317.24 thousand tons, generating operational revenue of RMB 174,266.95 thousand in Q1 2025[17] - The wind power projects generated a total of 178,690.70 MWh, resulting in revenue of RMB 52,905.30 thousand in Q1 2025[19] - The average daily traffic volume for the Jiangjiang project was 205 thousand vehicles, generating a revenue of RMB 2,010 thousand[14] Government and Financing Activities - The company received government subsidies amounting to ¥4,309,075.83, which are closely related to its normal business operations[7] - The company issued medium-term notes totaling RMB 1.5 billion with a coupon rate of 1.7% for a term of 3 years[20] - The company issued CNY 2.3 billion in bonds on March 12, 2025, with a coupon rate of 2.29% and a maturity of 5 years[22] - A short-term financing bond of CNY 1.5 billion was issued on April 15, 2025, with an interest rate of 1.64% and a term of 270 days[22] - The company did not engage in any financial product transactions during the reporting period, with a total entrusted investment amount of CNY 0[22]