Meeting Announcement - The company will hold an earnings briefing on May 16, 2025, from 15:00 to 17:00 on the "Panorama Network" platform to discuss its performance for the fiscal year 2024 and the first quarter of 2025 [1][2] - The company's annual report for 2024 and the quarterly report for Q1 2025 have been published in various financial newspapers and on the official website [1] Participation Details - Investors can participate in the earnings briefing by logging into the "Investor Interaction Platform" on the Panorama Network during the specified time [1] - The company is inviting investors to submit questions in advance to enhance the relevance of the discussion, with a deadline for submissions set for May 15, 2025, at 12:00 [1] Contact Information - Contact person for the event is Huaxia, with a phone number provided for inquiries [2]

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-017 广东省高速公路发展股份有限公司 关于召开业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、会议召开情况 三、投资者参与方式 投资者可在业绩说明会召开时间段内（2025 年 5 月 16 日下午 15:00-17:00） 登录全景网"投资者互动平台"（http://ir.p5w.net）参与本次说明会，与公司参 1 2、左江女士（董事、副总经理）； 3、陆明先生（董事、总会计师）； 4、张仁寿先生（独立董事）； 根据中国证监会《上市公司投资者关系管理工作指引》等相关规定，为了 便于广大投资者更全面深入地了解广东省高速公路发展股份有限公司（以下简 称"公司"）2024 年度及 2025 年一季度业绩和经营情况，公司将于 2025 年 5 月 16 日（星期五）下午 15:00-17:00 在"全景网"提供的平台召开业绩说明会， 投资者可登录全景网"投资者互动平台"（http://ir.p5w.net）参与本次业绩说明 会。公司《2024 ...

Group 1: Highway Expansion Projects - The Guanghui Expressway is expected to have no new network diversion impacts in 2025, following significant effects in 2024 due to high-speed rail and network diversions [1] - The expansion of the Jingzhu Expressway (Zhongshan to Zhuhai section) was completed in September 2024, with other sections planned for completion by 2027 [1] - The Jiangzhong Expressway expansion is fully completed and currently awaiting adjustments to the toll standards [1] - The Huizhan Expressway expansion is nearing completion, with full completion expected in 2025 [1] - The Guanghui Expressway expansion project has received approval from the provincial development and reform commission, with plans to start construction in 2025 and an estimated duration of 5 years [1] Group 2: Traffic Management and Financial Impact - The company is implementing traffic organization plans to minimize the impact of construction on traffic flow, drawing on experiences from previous projects [1] - The necessity of the Guanghui Expressway expansion is underscored by its location in a core traffic hub of the Pearl River Delta, which generates significant toll revenue to support the company's development [2] - The expansion will enhance the company's highway asset scale and focus on highway investment during the "14th Five-Year Plan" period, promoting sustainable high-quality development [2] - The opening of the Shenzhen-Zhongshan Channel is expected to continue affecting traffic flow on the Guangzhu East section in 2025, with the overall impact to be monitored [2] Group 3: Capital Expenditure Plans - Recent capital expenditures are primarily directed towards the expansion projects of controlled highways, including the ongoing Guangzhu East, Yuezhao, and Huizhan expressway projects [2] - The company will fund projects according to their engineering progress to meet the financial needs of construction [2]

Group 1: Company Overview and Financial Performance - The company reported its Q1 2025 operational status and key financial data, highlighting year-on-year changes [2] - The company aims to expand its main business scale and enhance profitability through capital operations in the transportation sector [2] Group 2: Infrastructure Development Progress - The Jiangzhu Expressway expansion is completed and operational, with fee adjustment applications underway [2] - The GY Expressway expansion is on schedule, with the main line expected to be completed by 2025 [2] - The Guanghui Expressway expansion project has been approved and is set to commence in 2025, with an estimated construction period of 5 years [2] Group 3: Traffic Impact and Strategic Response - The company is implementing traffic organization plans to mitigate the impact of construction on traffic flow, drawing from experiences on other expressways [2] - The opening of the Shenzhen-Zhongshan Channel has affected toll revenue on the Guangzhu East section, with a year-on-year decline expected to continue into 2025 [2] Group 4: Future Planning and Development Strategy - The company’s "14th Five-Year" plan emphasizes its role as a capital operation platform for the transformation and upgrading of Guangdong's expressway transportation industry [2] - The strategy includes mergers and acquisitions in emerging transportation sectors to create new revenue and profit growth points [2]

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]

本次会计估计变更采用未来适用法进行会计处理，不会对以往各年度财 务状况和经营成果产生影响。 本次会计估计变更预计将增加 2025 年度归属于母公司所有者净利润约 2,095 万元。 广东省高速公路发展股份有限公司 关于会计估计变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要提示 本议案无需提交公司股东大会审议。 一、本次会计估计变更概述 证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-015 变更起始日期：2025 年 2 月 1 日 2、会计估计变更的原因 根据《企业会计准则第 4 号——固定资产》的相关规定，固定资产使用寿命 预计数与原先估计数有差异的，应当调整固定资产使用寿命。广惠高速中的南香 山互通立交于 2019 年 12 月、荔湖（挂绿湖）互通立交和金龙（惠州北）互通立 1 交于 2022 年 8 月建成通车。2025 年 1 月，广惠高速改扩建工程项目核准立项， 公司控股子公司广惠高速公路有限公司（以下简称"广惠公司"）的经营期限预 计延长。据此，公司对上述三个立交的折旧年限和折 ...

证券简称：粤高速 A 、粤高速 B 证券代码：000429、200429 公告编号：2025-016 广东省高速公路发展股份有限公司 关于召开 2024 年年度股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、召开会议的基本情况 1、本次股东大会为广东省高速公路发展股份有限公司2024年年度股东大会。 2、本次股东大会的召集人为公司董事会。2025年4月29日召开的公司第十届 董事会第二十八次（临时）会议审议通过了《关于召开2024年年度股东大会的议 案》。 3、公司董事会召集召开本次股东大会会议符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的相关规定。 4、会议召开的日期、时间 （1）现场会议召开时间：2025年5月21日（星期三）下午3:00 （2）网络投票时间为：2025年5月21日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为2025年5月 21日上午9:15至9:25，9:30至11:30,下午1:00至3:00；通过深圳证券交易所互联 网投票的具体时间为2025年5月21日上午9:15至下午3:00。 5 ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-013 广东省高速公路发展股份有限公司 二、监事会会议审议情况 会议审议通过以下议案： （一）审议通过《关于会计估计变更的议案》 同意公司于 2025 年 2 月 1 日起对济广高速公路惠州小金口至广州萝岗段及 广惠高速公路惠州小金口至凌坑段－南香山、荔湖（挂绿湖）、金龙（惠州北） 互通立交的折旧年限和折旧车流量进行变更。 监事会认为：公司本次会计估计变更符合公司的经营情况的变化，符合相关 会计制度的规定，变更后的会计估计能够公允、恰当地反映公司的财务状况和经 营成果，同意此次会计估计变更。 表决结果：赞成 4 票，反对 0 票，弃权 0 票。 第十届监事会第十四次（临时）会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、监事会会议召开情况 广东省高速公路发展股份有限公司（以下简称"公司"）第十届监事会第十 四次（临时）会议（以下简称"本次会议"）于 2025 年 4 月 29 日（星期二）上 午以现场会议形式召开。本次会议的会议通知及相关会议文 ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-012 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 广东省高速公路发展股份有限公司（以下简称"公司"）第十届董事会第二 十八次（临时）会议（以下简称"本次会议"）于 2025 年 4 月 29 日（星期二） 上午以现场会议加视频会议通讯表决的形式召开。本次会议的会议通知及相关会 议文件已于 2025 年 4 月 22 日以传真、电子邮件或当面递交方式通知送达各位董 事。会议应到董事 13 名，实到董事 13 名，参加本次会议的董事超过全体董事的 半数，符合《中华人民共和国公司法》及《广东省高速公路发展股份有限公司章 程》的有关规定。 二、董事会会议审议情况 会议审议通过以下议案： （一）审议通过《关于会计估计变更的议案》 同意公司于 2025 年 2 月 1 日起对济广高速公路惠州小金口至广州萝岗段及 广惠高速公路惠州小金口至凌坑段－南香山、荔湖（挂绿湖）、金龙（惠州北） 互通立交的折旧年限和折旧车流量进行变更。 表决结果：赞成 13 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,049,919,860.48, a decrease of 6.63% compared to ¥1,124,466,320.26 in the same period last year[5] - Net profit attributable to shareholders increased by 56.28% to ¥657,482,517.83 from ¥420,705,862.42 year-on-year[5] - Basic earnings per share increased by 55.00% to ¥0.31 from ¥0.20 in the same period last year[5] - Net profit for the current period is ¥886,011,914.52, an increase of 58% compared to ¥560,618,118.35 in the previous period[33] - Earnings per share increased to ¥0.31 from ¥0.20, representing a growth of 55%[33] Cash Flow - The net cash flow from operating activities rose by 73.84% to ¥1,404,783,085.32, compared to ¥808,097,600.77 in the previous year[5] - Cash received from operating activities increased dramatically by 1657.72% to ¥66,314,000, primarily due to government subsidies received[19] - Operating cash inflow totaled $1,731,369,370.70, an increase of 49.2% from $1,160,269,897.45 in the previous period[35] - Net cash flow from operating activities reached $1,404,783,085.32, up 73.5% compared to $808,097,600.77 last year[35] - The ending cash and cash equivalents balance was $4,918,860,878.25, compared to $4,859,876,914.81 at the end of the last period[35] Assets and Liabilities - Total assets at the end of the reporting period were ¥23,432,590,886.16, reflecting a 4.42% increase from ¥22,441,664,114.93 at the end of the previous year[5] - The total liabilities of the company were CNY 9,447,976,576.55, compared to CNY 9,245,774,081.95 at the beginning of the period, showing an increase of approximately 2.2%[30] - The company's non-current assets totaled CNY 18,110,351,386.38, up from CNY 17,910,719,778.52, representing a growth of about 1.1%[30] - The company's long-term borrowings increased to CNY 7,199,785,216.00 from CNY 6,728,264,750.00, reflecting an increase of approximately 7.0%[30] Equity - The company’s total equity attributable to shareholders increased by 6.01% to ¥11,096,895,199.47 from ¥10,468,100,319.53 at the end of the previous year[5] - Total equity attributable to shareholders increased to ¥11,096,895,199.47 from ¥10,468,100,319.53, a growth of 6%[31] - The total equity of the company remained stable at CNY 2,090,806,126.00, with no changes reported during the period[30] Investment Income - The company reported a significant increase in investment income, which rose by 25.31% to ¥7,426,000 from ¥5,930,000 year-on-year[15] - Investment income increased to ¥74,072,953.26 from ¥59,110,274.23, a rise of 25.3%[32] Operational Changes - The company reversed a bad debt provision of CNY 343 million related to operational expenses for the Guangfo Expressway, positively impacting its financial status[27] - The company has received government documents regarding the management of the Guangfo Expressway, which may influence future operational strategies[27] Other Financial Metrics - The company experienced a 1738.64% decrease in credit impairment losses, amounting to a recovery of ¥35,416,000[16] - The number of ordinary shareholders at the end of the reporting period was 52,618[25] - Accounts receivable rose to CNY 121,123,025.99 from CNY 82,361,054.69, indicating a growth of about 47.0%[29] - The company reported a decrease in accounts payable from CNY 226,104,482.05 to CNY 178,574,825.21, a reduction of approximately 21.0%[30] - Cash outflow from investing activities was $520,162,310.59, significantly higher than $239,974,068.50 in the prior period[35] - Cash inflow from financing activities amounted to $2,190,000,000.00, a substantial increase from $438,750,000.00 in the previous period[35]