Core Viewpoint - A total of 11 listed companies announced share buybacks or increases in shareholdings this week, with notable commitments for special loans to facilitate these actions [1][2]. Group 1: Companies Announcing Buybacks - Longbai Group plans to repurchase shares worth between 500 million to 1 billion yuan, with loans not exceeding 900 million yuan [2]. - BOE Technology Group received a commitment for an 1.8 billion yuan special loan for stock repurchase [1][2]. - Changhong Meiling obtained a commitment letter for a special loan not exceeding 270 million yuan for stock repurchase [2]. - Shandong Road and Bridge received a commitment letter for a special loan not exceeding 90 million yuan for stock repurchase [2]. - Jianghan New Materials obtained a commitment letter for a special loan not exceeding 360 million yuan for stock repurchase [2]. - Maiwei Bio's chairman proposed a buyback using 25 million to 50 million yuan of self-owned funds and/or a special loan [2]. - Jiahua Energy received a commitment letter for a special loan not exceeding 540 million yuan for stock repurchase [2]. - Goodway plans to repurchase shares worth between 100 million to 150 million yuan and has obtained a loan commitment from CITIC Bank [2]. - Yanshan Technology plans to repurchase shares worth between 40 million to 60 million yuan, with loans not exceeding 50 million yuan [2]. Group 2: Companies Announcing Shareholding Increases - Xinhua Medical's controlling shareholder obtained a commitment for a special loan not exceeding 180 million yuan for shareholding increase [2]. - Hainan Development's controlling shareholder, Hainan Holdings, received a commitment for a special loan not exceeding 153 million yuan for shareholding increase [2].

Core Viewpoint - Shandong Expressway Bridge Group Co., Ltd. plans to repurchase its A-shares using its own funds or loans, with the aim of canceling the repurchased shares and reducing its registered capital [2][5]. Summary by Sections Repurchase Plan - The company will repurchase shares with a total fund of no less than RMB 50 million and no more than RMB 100 million, with a maximum repurchase price of RMB 8.68 per share [2][8]. - The estimated number of shares to be repurchased is between approximately 5,760,369 and 11,520,737 shares, representing about 0.37% to 0.74% of the company's total share capital [8][13]. Implementation Details - The repurchase period is set for 12 months from the approval date by the shareholders' meeting [10]. - The company has opened a dedicated securities account for the repurchase at the Shenzhen branch of China Securities Depository and Clearing Corporation [3][23]. Financial Impact - The repurchase will not significantly impact the company's debt repayment ability or ongoing operations, as the total assets as of December 31, 2024, were RMB 16,336 million, with a net asset of RMB 2,429 million and a debt ratio of 78.35% [15]. - The maximum repurchase amount of RMB 100 million will account for approximately 0.06% of total assets and 0.41% of net assets [15]. Shareholder Communication - The company has confirmed that there are no current plans for share reductions by directors, supervisors, senior management, or major shareholders during the repurchase period [2][15]. Regulatory Compliance - The repurchase plan complies with relevant regulations, including the requirement that the company's stock has been listed for more than six months and that there have been no major legal violations in the past year [5][8].

Core Viewpoint - Shandong Highway Bridge Group Co., Ltd. maintains a long-term credit rating of AAA, with a stable outlook for both the company and its convertible bonds, indicating strong financial health and operational stability [1][3]. Company Overview - The company is a core listed subsidiary of Shandong Highway Group, primarily engaged in road and bridge construction, with a high market share in Shandong Province [3][11]. - As of the end of 2024, the company had total assets of CNY 1,633.61 billion and equity of CNY 353.72 billion [10][11]. Financial Performance - In 2024, the company achieved total operating revenue of CNY 713.48 billion and a profit of CNY 36.57 billion, with a stable operating profit margin of 12.97% [10][11]. - The company’s total debt reached CNY 395.79 billion by the end of 2024, reflecting a 15.43% increase from the previous year [6][10]. Contractual and Project Management - The company signed 1,363 new contracts in 2024, with a total value of CNY 961.62 billion, indicating a strong pipeline for future revenue [13]. - As of the end of 2024, the company had a backlog of uncompleted contracts valued at CNY 1,182.31 billion, ensuring continued business activity [13][14]. Market Position and Competitive Advantage - The company ranks 46th among the top 200 construction enterprises in China, showcasing its competitive strength in the industry [11]. - It has a comprehensive range of qualifications, including special-grade qualifications for general contracting in road and municipal engineering, enhancing its bidding capabilities [12]. Industry Environment - The construction industry in Shandong is experiencing growth, supported by government investments in infrastructure, with a 3.3% increase in fixed asset investment in 2024 [10][11]. - The company benefits from favorable regional economic conditions, with Shandong's GDP growing by 5.7% in 2024, which positively impacts construction demand [10][11].

证券代码：000498 证券简称：山东路桥 公告编号：2025-53 转债代码：127083 转债简称：山路转债 公司前次主体长期信用等级结果为 AAA，"山路转债"前次信用 等级结果为 AAA，评级展望为"稳定"。 联合资信在对公司经营状况、行业发展情况等进行综合分析与评 估的基础上，于 2025 年 6 月 6 日出具了《山东高速路桥集团股份有 限公司可转换公司债券 2025 年跟踪评级报告》，跟踪评级结果：公 司主体长期信用等级为 AAA，公司发行的"山路转债"的信用等级为 AAA，评级展望为"稳定"。具体内容详见公司于 2025 年 6 月 7 日在 巨潮资讯网（www.cninfo.com.cn）披露的《山东高速路桥集团股份 有限公司可转换公司债券 2025 年跟踪评级报告》。 山东高速路桥集团股份有限公司董事会 2025 年 6 月 6 日 山东高速路桥集团股份有限公司 关于可转换公司债券 2025 年跟踪评级结果的公告 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。 根据中国证券监督管理委员会《上市公司证券发行注册管理办法》 和深圳证券交易所《深 ...

山东高速路桥集团股份有限公司 可转换公司债券 2025 年跟踪评级报告 1 www.lhratings.com 联合〔2025〕3996 号 联合资信评估股份有限公司通过对山东高速路桥集团股份有限 公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持 山东高速路桥集团股份有限公司主体长期信用等级为 AAA，维持 "山路转债"信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月六日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受山东高速路桥集团股份有限公司（以下简称 "该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委 托关系外，联合资信、评级人员与该公司不存在任 ...

山东高速路桥集团股份有限公司 2025 年跟踪评级报告 1 www.lhratings.com 联合〔2025〕3997 号 联合资信评估股份有限公司通过对山东高速路桥集团股份有限 公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持 山东高速路桥集团股份有限公司主体长期信用等级为 AAA，维持 "22 山路 01""22 山路 02""24 高速路桥 MTN001""24 山路 01" 和"24 山路 02"信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月六日 七、本报告所列示的主体评级及相关债券或证券的跟踪评级结果，不得 用于其他债券或证券的发行活动。 八、本报告版权为联合资信所有，未经书面授权，严禁以任何形式/方式 复制、转载、出售、发布或将本报告任何内容存储在数据库或检索系统中。 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循 ...

证券代码：000498 证券简称：山东路桥 公告编号：2025-51 山东高速路桥集团股份有限公司 回购报告书 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、山东高速路桥集团股份有限公司（以下简称"公司"）分别 于 2025 年 4 月 28 日、2025 年 5 月 19 日召开第十届董事会第十次会 议、2024 年度股东大会，审议通过了《关于回购公司股份方案的议 案》，同意公司以自有资金或/及金融机构借款通过集中竞价交易方式 回购公司 A 股股份，本次回购的股份将全部用于注销并减少公司注册 资本。本次拟用于回购的资金总额为不低于人民币 5,000.00 万元（含） 且不超过人民币 10,000.00 万元（含），回购价格不超过人民币 8.68 元/股（含）。按照回购资金总额的上下限及回购价格上限 8.68 元/股 计算，预计回购股份数量约为 5,760,369 股至 11,520,737 股，约占 公司目前总股本的 0.37%至 0.74%，具体回购股份数量和回购金额以 回购期限届满时实际回购的股份数量和回购金额为准。本次回购股份 的 ...

证券代码：000498 证券简称：山东路桥 公告编号：2025-52 债券代码：149994 债券简称：22 山路 01 山东高速路桥集团股份有限公司关于"22 山路 01" 票面利率调整及投资者回售实施办法第三次提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 5、回售登记日：2025 年 6 月 9 日至 2025 年 6 月 11 日（仅限交易日）。 6、回售资金到帐日：2025 年 7 月 18 日。 7、回售撤销：本次回售申报不可以进行撤销。 1 重要提示： 1、发行人调整票面利率选择权：根据山东高速路桥集团股份有限公司（以下简称 "本公司"或"发行人"）公告的《山东高速路桥集团股份有限公司 2022 年面向专业投 资者公开发行公司债券（第一期）募集说明书》（以下简称"《募集说明书》"），本期公 司债券的发行人即本公司有权决定在本期债券（债券代码：149994.SZ，债券简称：22 山路 01）存续期间第 3 个计息年度末调整后 2 年的票面利率。根据公司的实际情况以 及当前的市场环境，本公司选择调整本期债券的票面利率为 1.50%，并在本期 ...

证券代码：000498 证券简称：山东路桥 公告编号：2025-50 债券代码：149994 债券简称：22 山路 01 山东高速路桥集团股份有限公司关于"22 山路 01" 票面利率调整及投资者回售实施办法第二次提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 重要提示： 1、发行人调整票面利率选择权：根据山东高速路桥集团股份有限公司（以下简称 "本公司"或"发行人"）公告的《山东高速路桥集团股份有限公司 2022 年面向专业投 资者公开发行公司债券（第一期）募集说明书》（以下简称"《募集说明书》"），本期公 司债券的发行人即本公司有权决定在本期债券（债券代码：149994.SZ，债券简称：22 山路 01）存续期间第 3 个计息年度末调整后 2 年的票面利率。根据公司的实际情况以 及当前的市场环境，本公司选择调整本期债券的票面利率为 1.50%，并在本期债券后 2 年（2025 年 7 月 18 日至 2027 年 7 月 17 日）固定不变。 2、投资者回售选择权：本期债券投资者有权选择在本期债券的第 3 个计息年度付 息日将持有的本期债券按票面 ...

Core Viewpoint - The company, Shandong Highway and Bridge Group Co., Ltd., has announced a plan to repurchase its A-shares using its own funds or loans from financial institutions, with the intention to cancel the repurchased shares and reduce its registered capital [1][2]. Summary by Sections Share Repurchase Plan - The company has received approval to repurchase its A-shares through centralized bidding, with all repurchased shares to be canceled within ten days after the completion of the buyback [1]. - The repurchase will be conducted in accordance with relevant regulations, including the "Regulations on Share Repurchase by Listed Companies" and the "Self-Regulatory Guidelines for Listed Companies" [1]. Progress Update - As of May 31, 2025, the company has not yet implemented the share repurchase [1]. - The company will disclose the progress of the share repurchase in accordance with regulations on the first trading day following any actual repurchase [1]. Future Actions - The company plans to implement the share repurchase based on market conditions during the designated period and will fulfill its information disclosure obligations in a timely manner [2].