广东省高速公路发展股份有限公司董事会 对独立董事独立性自查情况的专项意见 根据《上市公司独立董事管理办法》和《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》等相关规定要求， 广东省高速公路发展股份有限公司（以下简称："公司"）董事会就公 司在任独立董事 2024 年度的独立性情况进行评估，并出具专项意见 如下： 经核查公司独立董事曾小清、尤德卫、虞明远、张仁寿、刘衡的 履历情况以及签署的自查文件，上述独立董事均未在公司担任除独立 董事会以外的任何职务，也未在公司主要股东公司担任任何职务，与 公司及主要股东之间不存在利害关系、重大业务往来或其他可能妨碍 其进行独立客观判断的关系，不存在影响独立董事独立性的情况。 公司董事会认为，公司 5 位独立董事均符合《上市公司独立董事 管理办法》和《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等规定中关于独立董事独立性的要求。 广东省高速公路发展股份有限公司董事会 2025 年 3 月 4 日 ...

一、董事会建设及运作情况 （一）董事会机构设置情况 公司董事会由 15 名董事组成，设董事长 1 人，独立董事 5 人。董事会设立 审计委员会、薪酬与考核委员会、战略委员会、风险管理委员会和合规委员会 5 个专门委员会。 （二）制度建设完善情况 广东省高速公路发展股份有限公司 2024 年度董事会工作报告 2024 年，广东省高速公路发展股份有限公司（以下简称"公司"）董事会严 格按照《公司法》《证券法》《深圳证券交易所股票上市规则》及《公司章程》等 相关规定，本着对全体股东负责的态度，恪尽职守、勤勉尽职，认真执行股东大 会决议，积极推进董事会各项决议实施，不断完善公司法人治理结构，有效地保 障了公司规范运作和可持续发展。现将公司董事会 2024 年度主要工作报告如下： 根据中国证监会发布的《上市公司独立董事管理办法》（2023 年 8 月颁布） 《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理规则（2024 年修订）》等规定，并按照《粤高速国企改革深化提升行动实施方案（2023-2025 年）》《关于印发<广东省高速公路发展股份有限公司国企改革深化提升行动 2024 年重点工作>的通知》的要求， ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-009 广东省高速公路发展股份有限公司 关于"质量回报双提升"行动方案的进展公告 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。 为响应并践行中央政治局会议提出的"要活跃资本市场、提振投资者信心" 及国务院常务会议提出的"要大力提升上市公司质量和投资价值，要采取更加有 力有效措施，着力稳市场、稳信心"的指导思想，维护全体股东利益，促进公司 长远健康可持续发展，广东省高速公路发展股份有限公司（以下简称"公司"） 制定了"质量回报双提升"行动方案，详见公司公告《关于"质量回报双提升" 行动方案的公告》（公告编号 2024-020），举措如下：（一）坚持高质量发展， 注重内涵式增长，优化资源配置。（二）切实回报股东，共享发展成果。（三） 深化市场沟通，加强投资者关系管理。 行动方案披露至今，公司采取多项举措落实方案内容：（一）锚定主业稳健 发展，持续推进京珠高速广珠段、粤肇高速公路、惠盐高速公路和江中高速公路 改扩建项目建设，进一步拓宽和优化公司的交通网络，为公司的持 ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-004 广东省高速公路发展股份有限公司 第十届监事会第十三次会议决议公告 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 三次会议（以下简称"本次会议"）于 2025 年 3 月 3 日（星期一）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件已于 2025 年 2 月 21 日以传真、 电子邮件或当面递交方式通知送达各位监事。会议应到监事 4 名，实到监事 4 名，参加本次会议的监事超过全体监事的半数，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、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 2024 年度利润分配预案的议案》 公司已在 2023、2024 年分别向股东派发 2022 年度和 2023 年度的现金股利 合计 20.39 亿元，加上本次拟分配的 2024 年度现金股利 10.93 亿 ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-003 广东省高速公路发展股份有限公司 第十届董事会第二十七次会议决议公告 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、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 十七次会议（以下简称"本次会议"）于 2025 年 3 月 3 日（星期一）上午以现 场会议加视频会议及通讯表决形式召开。本次会议的会议通知及相关会议文件已 于 2025 年 2 月 21 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2024年度财务决算报告的议案》 本议案尚需提交公司 2024 年年度股东大会审议。 表决结果：赞成 13 票，反对 0 票，弃权 0 票。 （二）审议通过《关于2024年度利润分 ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-008 广东省高速公路发展股份有限公司 关于 2024 年度利润分配预案的公告 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、审议程序 2025 年 3 月 3 日，广东省高速公路发展股份有限公司（以下简称"公司"） 第十届董事会第二十七次会议审议通过了《关于 2024 年度利润分配预案的议案》， 表决结果：赞成 13 票，反对 0 票，弃权 0 票。 本议案尚需提交公司 2024 年年度股东大会审议。 二、利润分配预案的基本情况 经永拓会计师事务所（特殊普通合伙）审计，公司 2024 年度合并财务报表 归属于母公司股东的净利润为 1,562,122,219.95 元，母公司净利润为 1,634,601,993.02 元。 根据《公司章程》《未来三年股东回报规划（2024 年度-2026 年度）》等相 关制度，以及公司 2025 年的资金安排，公司拟在提取 10%的法定盈余公积 163,460,199.30 元后以现金方式进行 2024 年度的利润分配：以 ...

Financial Performance - The company's operating revenue for 2024 was CNY 4,569,903,078.72, a decrease of 6.34% compared to CNY 4,879,066,948.19 in 2023[19] - The net profit attributable to shareholders for 2024 was CNY 1,562,122,219.95, down 4.39% from CNY 1,633,811,033.68 in the previous year[19] - The net cash flow from operating activities decreased by 15.02% to CNY 3,256,363,593.91 in 2024, compared to CNY 3,831,785,563.47 in 2023[19] - Basic earnings per share for 2024 were CNY 0.75, a decline of 3.85% from CNY 0.78 in 2023[19] - The weighted average return on equity for 2024 was 15.52%, down from 17.30% in 2023[19] - The company reported a total of 306.78 kilometers of controlled highway mileage, with an additional 295.88 kilometers accounted for through equity stakes in other highways[33] - The company has reported a total of CNY 82.46 million in non-recurring losses for 2024, primarily due to impairment provisions related to pending funding sources[25] Revenue Sources - The revenue from highway transportation is ¥4,499,825,267.43, accounting for 98.47% of total revenue, with a year-on-year decrease of 6.47%[42] - The revenue from Guanghui Expressway is ¥1,924,805,181.43, which is 42.12% of total revenue, showing a decline of 9.74% compared to the previous year[42] - The revenue from Jingzhu Expressway (Guangzhu Section) is ¥1,079,757,126.95, accounting for 23.63% of total revenue, with a decrease of 6.66% year-on-year[42] Operational Challenges - The company faces challenges in adjusting toll fees due to reliance on government approvals, impacting revenue potential[2] - The company is experiencing a decline in toll revenue across multiple expressways due to external factors such as new infrastructure developments and adverse weather conditions[40][42] - The company faced a significant impact on traffic volume and toll revenue due to the opening of new road networks and railways, leading to a decrease in overall performance[39][40] Expansion and Development - The company is actively pursuing multiple expansion projects, including the completion of the Jiangzhong Expressway expansion and ongoing upgrades to several other expressways[36] - The company aims to enhance service quality at highway service areas, implementing innovative technologies for energy efficiency and customer service improvements[36] - The company is focusing on the research and development of high-performance wear layers for road surfaces, aiming to improve road usability and reduce maintenance costs by approximately 15%[50] Research and Development - Research and development expenses rose significantly by 56.66% to ¥5,083,785.20, attributed to an increase in ongoing R&D projects[48] - The company increased its R&D personnel to 81 in 2024, representing 2.71% of the total workforce, compared to 0% in 2023[56] - R&D investment amounted to ¥7,492,700.07 in 2024, a 16.04% increase from ¥6,457,084.00 in 2023, with R&D investment as a percentage of revenue rising from 0.13% to 0.16%[56] Financial Management - The company has established a performance-based salary system, linking employee compensation closely to individual performance and overall company profitability[143] - The company has a well-established internal control system, ensuring compliance with legal and regulatory requirements[148] - The company has maintained effective internal control over financial reporting in all material respects as of the reporting date[152] Governance and Compliance - The company has a clear ownership structure with all shareholders' contributions fully in place and property rights clearly defined[100] - The company has a fully independent board of directors and supervisory board, ensuring proper governance and operational independence[101] - The company has successfully maintained a high level of compliance with legal and regulatory requirements in its governance practices[99] Future Outlook - The company aims to achieve operating revenue of 4.447 billion yuan in 2025, with operating costs controlled within 1.716 billion yuan[80] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[86] - Future strategies include diversifying service offerings to include eco-friendly solutions, aligning with market trends[86] Shareholder Relations - The company plans to maintain a cash dividend ratio of 70% of the net profit attributable to the parent company for the 2024 fiscal year, ensuring a solid return to investors[96] - The company has conducted 8 investor communication events to strengthen investor relations management[96] - The company plans to implement a three-year shareholder return plan from 2024 to 2026, which was approved during the annual general meeting[103] Management Changes - The company reported a significant leadership change with the resignation of several board members, including the general manager, due to retirement and personal reasons[108] - The company has a new chairman, Mr. Miao Deshan, who has extensive experience in the transportation sector, having served in various leadership roles since 2011[109] - The company is actively expanding its market presence and has appointed new directors with diverse expertise in engineering and finance[110]

一、董事会会议召开情况 证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-002 广东省高速公路发展股份有限公司 第十届董事会第二十六次（临时）会议决议公告 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。 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 十六次（临时）会议（以下简称"本次会议"）于 2025 年 1 月 24 日（星期五） 上午以通讯表决形式召开。本次会议的会议通知及相关会议文件已于 2025 年 1 月 21 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《关于广州南沙开发区土地开发中心凤亭大道项目征收广珠段 公司坦尾部分地块事宜的议案》，同意： 1、由广州南沙开发区土地开发中心依照政府征收流程收回控股子公司京珠 高速广珠段有限公司坦尾部分地块 38657.47 平方米国 ...

Financial Performance - Total operating revenue for 2024 was RMB 4.57 billion, a decrease of 6.34% compared to RMB 4.88 billion in the previous year[4] - Operating profit for 2024 was RMB 2.78 billion, down 7.28% from RMB 2.99 billion year-on-year[4] - Net profit attributable to shareholders for 2024 was RMB 1.56 billion, a decline of 4.39% from RMB 1.63 billion in the previous year[4] - Basic earnings per share for 2024 were RMB 0.75, a decrease of 3.85% compared to RMB 0.78 in the previous year[4] - Net profit after deducting non-recurring gains and losses was RMB 1.64 billion, down 3.55% from RMB 1.71 billion year-on-year[4] - The weighted average return on net assets decreased by 1.78 percentage points to 15.52%[4] Assets and Liabilities - Total assets as of December 31, 2024, reached RMB 22.44 billion, an increase of 5.02% from RMB 21.37 billion at the beginning of the year[5] - Total liabilities increased to RMB 9.25 billion, reflecting a growth of 3.19% from the beginning of the year[5] - Shareholders' equity attributable to the company increased to RMB 10.47 billion, up 6.30% from RMB 9.85 billion at the start of the year[5] Performance Factors - The main factor affecting performance was a decrease in toll revenue from the Guanghui and Jingzhu expressways due to regional network changes[5]

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of 15.57 CNY, based on a current price of 13.35 CNY [5]. Core Views - The company focuses on toll road operations, demonstrating robust growth in revenue and profitability, with a high return on equity (ROE) around 15% and a dividend payout ratio of approximately 70%, which are industry-leading figures [1][11][25]. - The traffic volume on the company's toll roads is expected to continue rising, driven by economic growth in Guangdong province, which has a GDP growth rate higher than the national average [2][38]. - The company is actively pursuing acquisitions and increasing its stake in quality road assets, which has led to a significant increase in controlled toll road mileage by 223% from 2014 to 2023 [3][54]. Summary by Sections Focus on Core Business, High ROE, and High Dividends - The company is the only publicly listed toll road operator controlled by the Guangdong Provincial Transportation Group, focusing on toll road operations and showing steady growth [1][12]. - From 2014 to 2023, the company's toll revenue and net profit have increased by 241% and 413%, respectively, indicating strong operational performance [15][20]. Existing Road Traffic Volume Continues to Rise - The traffic volume on major toll roads operated by the company has shown an upward trend, with annual growth rates for specific highways such as Guangfo, Fokai, and Guanghui at 10.6%, 12.5%, and 13.5%, respectively [2][31]. - The company anticipates further increases in traffic volume and toll revenue following the completion of road expansions [2][38]. Acquisition and Increase of Quality Road Assets Accelerates Development - The company employs a "stake increase to control" strategy, which has resulted in a significant increase in controlled toll road mileage and traffic volume [3][54]. - The company is expected to continue acquiring or increasing stakes in quality road assets, supported by favorable policies for industry consolidation [3][66]. Profitability Forecast and Target Price - The company is projected to see continued profit growth, with estimated net profits of 1.57 billion CNY, 1.63 billion CNY, and 1.67 billion CNY for 2024, 2025, and 2026, respectively [4][4]. - The target price of 15.57 CNY reflects the company's strong fundamentals and growth potential [4][5].