Core Viewpoint - Shenzhen Expressway Company Limited (00548) announced plans to issue corporate bonds not exceeding RMB 15 billion in the Chinese market, following approval from the China Securities Regulatory Commission to issue bonds up to RMB 80 billion [1] Group 1: Bond Issuance Details - The company plans to publicly issue the first phase of corporate bonds on January 6, 2026, targeting professional investors [1] - The total amount for the first phase of the bond issuance is set at RMB 15 billion, which includes the full amount [1] - The issuance will comply with relevant laws, regulations, and the authorization from the company's shareholders meeting [1]

深圳高速公路股份(00548)公布，于2025年11月，梅观高速、机荷东段、机荷西段、沿江项目及外环项 目路费收入分别为人民币1291.9万元、6106.2万元、5001万元、7424.4万元及1.11亿元。 ...

Core Viewpoint - Shenzhen Expressway Company Limited plans to publicly issue bonds in the Chinese market, with a total scale not exceeding RMB 1.5 billion, aimed at professional investors, scheduled for January 6, 2026 [1] Group 1 - The company announced the issuance of the 2026 bonds, referred to as the "First Phase Company Bonds" [1] - The bond issuance is subject to relevant approvals [1]

Core Viewpoint - Shenzhen Expressway Company Limited (00548) reported toll revenue for various projects in November 2025, indicating a diversified income stream from multiple highway segments [1] Revenue Summary - The toll revenue for Meiguan Expressway is projected to be RMB 12.919 million [1] - The toll revenue for Jihuo East Section is projected to be RMB 61.062 million [1] - The toll revenue for Jihuo West Section is projected to be RMB 50.01 million [1] - The toll revenue for Yanjiang Project is projected to be RMB 74.244 million [1] - The toll revenue for Outer Ring Project is projected to be RMB 111 million [1]

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 《2026 年面向專業投資者公開發行公司債券（第一期）發行公告》、《2026 年面向專業 投資者公開發行公司債券（第一期）募集說明書》，僅供參閱。 承董事會命 趙桂萍 公司秘書 中國，深圳，2025 年 12 月 31 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 生和金贞媛女士；非執行董事侯聖海先生、陳雲江先生、伍燕凌女士和張堅女士；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 2025-106 债券代码：244479 债券简称：26 深高 01 深圳高速公路集 ...

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。 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.09(2)、13.10B 條及相關要求 項下的披露責任而作出。 茲提述深圳高速公路集團股份有限公司（「本公司」）日期為 2024 年 4 月 18 日之公告， 內容有關中國證券監督管理委員會出具的關於本公司可向專業投資者公開發行面值不 超過人民幣 80 億元的公司債券的批覆（「該批覆」）。根據該批覆，本公司可自該批覆之 日起 24 個月內分期發行公司債券。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 公告 於中國發行公司債券 2 本公司董事（「董事」）會（「董事會」）謹此宣布，董事會計劃根據該批覆於 2026 年 1 月 6 日在中國市場公開發行規模不超過人民幣 15 億元（含人民幣 15 億元）的 2026 年面 向專業投資者公開發行公司債券（第一期）（「第一期公司債券」），並將按照有關法律法 規和上述核准文件的要求及本 ...

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。 承董事會命 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 2025年11月未經審計路費收入 深圳高速公路集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈 本集團2025年11月的路費收入（未經審計）如下： | 收費公路 | 集團控股 | 收入合併 | 路費收入（人民幣千元） | | | --- | --- | --- | --- | --- | | | 比例 | 比例 | 總計 | 日均 | | 廣東省－深圳地區： | | | | | | 梅觀高速 | 100% | 100% | 12,919 | 431 | | 機荷東段 | 100% | 100% | 61,062 | 2,035 | | 機荷西段 | 100% | 100% | 50,010 | 1,667 | | 沿江項目 | 100% | 100% | 74,244 | 2,475 | | 外環項目 | 100 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2][62] Core Views - The company is positioned as a core asset in the Greater Bay Area, focusing on toll roads and environmental protection sectors, with a total of 16 toll road projects and a toll mileage of 613 kilometers as of H1 2025 [8][15] - The toll road business is showing positive trends, with a daily traffic increase of 5.4% year-on-year in H1 2025, driven by network changes in the Shenzhen area [8][32] - The environmental protection segment is stabilizing, with expectations that impairment provisions have reached their end, allowing for a focus on high-quality projects [8][51] - The company emphasizes shareholder returns, with a dividend payout ratio expected to reach 54% in 2024, and cumulative dividends of 7.04 billion yuan from 2018 to 2024 [8][59] Summary by Sections Company Overview - The company, established in 1996, is the first listed enterprise in both Hong Kong and Shanghai from Shenzhen, with Shenzhen International as the controlling shareholder [12][15] - The main business includes toll roads and environmental protection, with a focus on solid waste resource processing and clean energy generation [15][22] Toll Road Business - The toll road business remains the core revenue and gross profit source, consistently contributing over 50% of total revenue and over 80% of gross profit [26][29] - The company is actively expanding its toll road assets through new constructions and upgrades, including the Outer Ring Road and the Jihe Expressway [38][41] Environmental Protection Business - The environmental protection segment includes solid waste processing and clean energy generation, with a focus on organic waste treatment and wind and solar power projects [22][24] - The company has processed over 1,045.6 thousand tons of organic waste in the first nine months of 2025, generating operational revenue of 550 million yuan [22][24] Financial Performance - Revenue projections for 2025-2027 are estimated at 10.245 billion yuan, 10.501 billion yuan, and 11.270 billion yuan, with corresponding net profits of 1.763 billion yuan, 1.809 billion yuan, and 1.892 billion yuan [7][62] - The company’s financial costs have decreased significantly, with the comprehensive borrowing cost dropping from 4.7% in 2017 to 2.6% in H1 2025 [57][58]

Core Viewpoint - The completion and opening of the Changshen Expressway Lianhuai section marks a significant upgrade in infrastructure, enhancing traffic capacity and efficiency along a crucial segment of the national highway network [1] Group 1: Project Overview - The Changshen Expressway Lianhuai section is an important part of the national highway network, specifically the Changchun-Shenzhen Expressway (G25) [1] - The section runs 98.6 kilometers from Lianyungang Ninghai Hub to Huai'an Wangxing Hub [1] Group 2: Upgrades and Improvements - The project upgraded the existing dual four-lane road to a dual eight-lane configuration [1] - The design speed has been increased to 120 kilometers per hour [1] Group 3: Traffic Capacity - The average daily traffic capacity for small vehicles is projected to increase from 25,000-55,000 vehicles before the expansion to 70,000-100,000 vehicles post-expansion, effectively doubling the capacity [1]

Core Viewpoint - The announcement from Bay Area Development (00737) highlights the monthly toll revenue for three highways in November 2025, indicating mixed performance across the different routes [1] Revenue Summary - The monthly toll revenue for the Guangzhou-Shenzhen Expressway is approximately 248 million yuan [1] - The monthly toll revenue for the Guangzhou-Zhuhai West Line Expressway is approximately 99.79 million yuan, reflecting a year-on-year decrease of 6% [1] - The monthly toll revenue for the Jiangjiang Expressway (Shenzhen section) is approximately 74.24 million yuan, showing a year-on-year increase of 5% [1]