分红政策方面，公司于2024年3月16日披露《未来三年股东回报规划（2024年度—2026年度）》并获股 东大会审议通过。规划提出，在公司可供分配利润为正、现金能满足持续经营和长期发展，且无重大投 资计划或重大现金支出等事项时，每年采取现金方式分配股利。 明确定位与未来规划 公司在"十四五"发展规划中，明确自身作为重点服务于广东省高速公路交通产业转型升级的资本运作平 台。发展方向为培育、整合广东省高速公路路产和交通领域新兴产业，扩大高速公路主业规模，提升产 业基础与盈利能力。同时，依托粤高资本围绕交通领域新兴产业进行并购或参股投资，拓展项目来源， 深化业务联动，培育新的收入及盈利增长点。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公 ...

1 | | 由董事会根据公司年度盈利状况和未来资金使用计划提出，并提交股 | | --- | --- | | | 东大会审议。 | | | 问 5：公司的定位以及未来规划 | | | 答：公司"十四五"发展规划中明确了公司作为重点服务于广东省高 | | | 速公路交通产业转型升级的资本运作平台，以培育、整合广东省高速 | | | 公路路产和交通领域新兴产业作为发展方向，扩大高速公路主业规 | | | 模，提升产业基础能力、盈利能力；依托粤高资本围绕交通领域新兴 | | | 产业进行并购或参股投资，积极拓展项目来源，深化业务联动，寻求 | | | 机会开展交通领域新兴产业的培育、整合、转型、升级，延伸主业产 | | | 业链，加速产业融合，培育公司新的收入及盈利增长点。 | | 关于本次 | 无 | | 活动是否 | | | 涉及应披 | | | 露重大信 | | | 息的说明 | | | 活动过程 | 无 | | 中所使用 | | | 的演示文 | | | 稿、提供 | | | 的文档等 | | | 附件（如 | | | 有，可作 | | | 为附件） | | 2 编号：2025018 投资者关 系活动类 别 ...

Core Viewpoint - The company reported a significant increase in net profit for the first half of 2025, primarily due to the reversal of previously accrued maintenance expenses and a reduction in bad debt losses from the previous year [1] Financial Performance - Revenue for 1H25 was 2.118 billion yuan, a decrease of 5.06% year-on-year [1] - Net profit attributable to shareholders was 1.057 billion yuan, an increase of 23.58% year-on-year [1] - Operating cash flow reached 1.898 billion yuan, up 18.36% year-on-year [1] - Excluding the impact of reversals and bad debt, the adjusted net profit was 799 million yuan, down 9.59% year-on-year, mainly due to traffic diversion [1][2] Traffic and Toll Revenue - Toll revenue from controlled sections decreased by 5.3% year-on-year in 1H25 [2] - Specific toll revenue changes included: - Guangzhu East Expressway: down 18.8% due to traffic diversion and construction [2] - Fokai Expressway: down 7.9% due to traffic diversion and construction [2] - Guanghui Expressway: up 5.5% due to natural growth from a low base [2] - The company anticipates a positive year-on-year change in toll revenue for the second half of 2025 [2] Cost and Depreciation Adjustments - The company adjusted depreciation schedules, leading to a reduction in depreciation expenses by approximately 55 million yuan for 2025 [3] - Investment income decreased by 10 million yuan year-on-year, primarily due to declining profitability in certain expressways [3] - Financial expenses decreased by 10 million yuan year-on-year due to lower market interest rates [3] Capital Expenditure and Financial Health - The company is entering a peak capital expenditure period with significant ongoing projects [4] - Total estimated investment for Guanghui Expressway expansion is approximately 30.5 billion yuan, with a projected timeline from 2025 to 2029 [4] - The company maintains a commitment to distribute dividends of no less than 70% of net profit attributable to shareholders from 2024 to 2026 [4] - Projected dividend yields for 2025, 2026, and 2027 are 5.1%, 4.5%, and 4.1% respectively [4] Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 down by 3.9%, 4.4%, and 2.8% respectively [5] - The target price has been revised to 14.39 yuan, based on a combination of DCF and PE valuation methods [5] - The DCF calculation is based on a WACC of 5.0% and an equity IRR of 7.7% [5]

Financial Performance - The company reported total revenue of 2.118 billion yuan for the first half of 2025, a decrease of 5.06% year-on-year [1] - The net profit attributable to shareholders was 1.057 billion yuan, an increase of 23.58% year-on-year [1] - In Q2 2025, total revenue was 1.068 billion yuan, down 3.47% year-on-year, while net profit was 400 million yuan, down 8.07% year-on-year [1] - The gross margin increased by 0.24% to 68.2%, and the net margin increased by 33.36% to 67.98% [1] - Earnings per share rose to 0.51 yuan, a 24.39% increase year-on-year [1] Financial Ratios - The company's return on invested capital (ROIC) was 10.82%, indicating average capital returns [3] - The net profit margin was reported at 46.02%, reflecting high added value in products or services [3] - The company's cash assets are considered very healthy, with a debt-to-asset ratio of 33.07% [3] Shareholder Information - Major funds holding shares in the company include Zhongyou Core Growth Mixed A, which reduced its holdings, and Huabao Dividend Selected Mixed A, which entered the top ten holdings [4] - The largest fund holding is Zhongyou Core Growth Mixed A, with a scale of 2.609 billion yuan [4] Project Developments - The company has completed the Huizhou-Yanjiang Expressway expansion and is applying for a fee adjustment [5] - The Jiangzhong Expressway expansion has been completed and new fee standards have been executed since June 13, 2025 [5] - The Yuezhao Expressway expansion is scheduled for completion by the end of 2027, with fee adjustments to follow government approval [5]

Core Viewpoint - The company, Guangdong Expressway A, recently engaged in a specific investor survey with 23 institutions, discussing its operational status and project progress. Group 1: Company Operations - The company provided an overview of its financial data changes for the first half of 2025, including the operational status of its subsidiaries and ongoing expansion projects [1]. - The board secretary, Yang Hanming, highlighted the impact of the Shenzhen-Zhongshan Channel on traffic flow and toll revenue, noting a decrease in tolls for the Guangzhu East route but a stabilization in the decline [2]. Group 2: Traffic and Revenue Insights - Traffic volume for Guangzhu East and Guanghui Highways showed expected year-on-year changes, with Guanghui experiencing growth in both traffic and toll revenue [2]. - The company reported a higher-than-expected reduction in traffic volume for the Fokai Highway due to the influence of the Shenzhen-Zhongshan Channel and the opening of the Zhongkai Highway [2]. Group 3: Capital Expenditure and Project Management - The company’s recent capital expenditures primarily focus on the equity investments in the expansion projects of its highways, including Guangzhu East, Guanghui, and Yuezhao Highways [2]. - The company is implementing traffic organization plans to minimize the impact of construction on traffic flow during ongoing expansion projects [2].

Group 1: Financial Performance - The company reported significant changes in financial data for the first half of 2025, with specific focus on traffic volume and toll revenue across major routes [3] - The traffic volume for Guangzhu East and Guanghui Expressways showed expected year-on-year changes, with Guangzhu East experiencing a decline in toll revenue due to the diversion caused by the Shenzhen-Zhongshan Channel [3] - The traffic volume for Fokai Expressway decreased more than expected due to the impact of the Shenzhen-Zhongshan Channel and the opening of Zhongkai Expressway [3] Group 2: Capital Expenditure and Projects - The company's recent capital expenditures are primarily focused on the investment in the expansion projects of its controlled expressways, including Guangzhu East, Guanghui, and Yuezhang Expressways [3] - The company is committed to funding these projects according to their construction progress to meet financial requirements [3] Group 3: Impact of Infrastructure Changes - The company anticipates ongoing traffic diversion effects from the Shenzhen-Zhongshan Channel on Guangzhu East and Fokai Expressways throughout the year, with the extent of the impact to be monitored [3] - The company has implemented traffic management strategies to minimize the impact of construction on traffic flow during expansion projects [3]

Core Insights - The company reported a total revenue of 2.118 billion yuan, ranking 12th among disclosed peers [1] - The net profit attributable to shareholders was 1.057 billion yuan, ranking 5th among disclosed peers, representing an increase of 202 million yuan or 23.58% year-on-year [1] - The net cash inflow from operating activities was 1.898 billion yuan, ranking 4th among disclosed peers, with an increase of 294 million yuan or 18.36% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 44.75%, a decrease of 0.56 percentage points compared to the same period last year [3] - The latest gross profit margin is 68.20%, ranking 2nd among disclosed peers, with an increase of 0.45 percentage points from the previous quarter and an increase of 0.16 percentage points year-on-year [3] - The latest return on equity (ROE) is 10.06%, ranking 1st among disclosed peers, with an increase of 1.18 percentage points year-on-year [3] Earnings Per Share - The diluted earnings per share (EPS) is 0.51 yuan, ranking 3rd among disclosed peers, with an increase of 0.10 yuan or 24.39% year-on-year [3] - The latest total asset turnover ratio is 0.09 times [3]

Group 1 - The company reported a revenue of approximately 2.118 billion yuan for the first half of 2025, representing a year-on-year decrease of 5.06% [1] - The net profit attributable to shareholders of the listed company was approximately 1.057 billion yuan, showing a year-on-year increase of 23.58% [1] - The basic earnings per share were 0.51 yuan, reflecting a year-on-year increase of 24.39% [1]

广东省高速公路发展股份有限公司 2 | 修订前 | 修订后 | | --- | --- | | 第十一条 本章程所称其他高级管理人员是指 | 第十四条 本章程所称高级管理人员是指公司 | | 公司的副总经理、总会计师、总经济师、总工程师、 | 的总经理、副总经理、总会计师、总经济师、总工 | | 总法律顾问、董事会秘书、内审负责人。 | 程师、总法律顾问、董事会秘书。 | | 第二章 经营宗旨和范围 | 第二章 经营宗旨和范围 | | 第十三条 公司经营宗旨:充分发挥股份制企 | 第十五条 公司经营宗旨：以高速公路交通基础设 | | 业优势，广泛筹集和利用各种资金进行投资和建设， | 施为根本依托，广泛筹集和利用社会资金进行投资 | | 加速广东省的经济发展，提高经济效益，并使全体 | 和建设，提高企业经济效益，助力广东省经济发展， | | 股东获得满意的投资回报。 | 并使全体股东获得满意的投资回报。 | | 第十四条 经依法登记，主营公司的经营范围： | | | | 第十六条 经依法登记，公司的经营范围：主营高 | | 主营高速公路、等级公路和桥梁的投资、建设、收 | 速公路、等级公路和桥梁的投资、建设、 ...

上市公司2025年1-6月非经营性资金占用及其他关联资金往来情况汇总表 信制单位。 | 有同单位: | | 占用方与上市公司的 | 上市公司核算的会计 | | 2025年1-6月在来 | | | | | 金额单位:人民币万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 手空三十一日分 | | | | | | 025年1-6月在来最全的 | 2025年1-6月修区 | 2025年6月30日在 | 占用形成原因 | 占用性质 | | 现大股东及其對屬全 | | | | | | | | | | | | 小 2 | | -- | -- | 0.00 | 0.00 | 0. 00 | 0.00 | 0. 00 | -- | -- | | 前大股东及其附属企业 | | | | | | | | | | | | 小 H | | - | -- | 0.00 | 0.00 | 0. 00 | | | | | | प्र 计 | | -- | -- | 0.00 | 0.00 | 0. 00 | 0.00 0. 00 | 0.00 ...