Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of RMB 1.70 per 10 shares, totaling approximately RMB 262.36 million, following adjustments to its total share capital due to convertible bond conversions and share repurchases [1][2][3]. Group 1: Profit Distribution Plan - The 2024 annual profit distribution plan was approved at the shareholders' meeting on May 19, 2025, with a cash dividend of RMB 1.70 per 10 shares, amounting to RMB 263.81 million based on the previous total share capital [1][2][3]. - The total share capital has been adjusted from 1,560,998,425 shares to 1,552,439,109 shares due to the conversion of convertible bonds and share repurchases, leading to a new base of 1,543,279,184 shares for the dividend distribution [1][3][6]. - The cash dividend will be distributed to shareholders registered by the equity registration date of July 16, 2025, with the ex-dividend date set for July 17, 2025 [7][8]. Group 2: Convertible Bond Adjustments - The conversion price for the company's convertible bonds ("山路转债") has been adjusted from RMB 7.81 to RMB 7.64 per share, effective from July 17, 2025, due to the cash dividend distribution [13][19]. - The adjustment in the conversion price is in accordance with the company's regulations regarding changes in share capital due to profit distributions [14][15][19]. Group 3: Legal Matters - The company and its subsidiaries have been involved in litigation and arbitration cases totaling approximately RMB 3.04 billion over the past twelve months, which exceeds 10% of the company's latest audited net assets [19][20]. - Among these cases, RMB 1.86 billion is related to cases where the company is the plaintiff, while RMB 1.18 billion involves cases where the company is the defendant [19][20].

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of RMB 1.70 per share (before tax), totaling RMB 262,357,461.28 (before tax) to be distributed among shareholders [1][3][4]. Summary by Sections Dividend Distribution Plan - The total share capital of the company has been adjusted from 1,560,998,425 shares to 1,552,439,109 shares due to the repurchase of shares [1][3]. - The adjusted plan states that for every 10 shares held, shareholders will receive a cash dividend of RMB 1.70 (before tax) [3][4]. - The total cash dividend amount is calculated as: Total share capital × 1.70 ÷ 10 = RMB 262,357,461.28 (before tax) [1][3]. Shareholder Rights and Adjustments - Shares held in the repurchase account (9,159,925 shares) will not participate in this dividend distribution, which will reduce the per-share cash dividend amount [2][6]. - The per-share cash dividend after the distribution will be RMB 0.1689969 (before tax) based on the adjusted total share capital [2][6]. Important Dates - The record date for the dividend distribution is set for July 16, 2025, and the ex-dividend date is July 17, 2025 [5][6]. Distribution Method - The cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodial institutions on July 17, 2025 [5][6].

Summary of Key Points Core Viewpoint - Shandong Expressway Bridge Group Co., Ltd. has disclosed that it and its subsidiaries have been involved in litigation and arbitration matters totaling approximately 3,042.08 million yuan over the past twelve months, which exceeds 10% of the company's latest audited net assets attributable to shareholders [1]. Group 1: Litigation and Arbitration Overview - The total amount involved in litigation and arbitration matters over the past twelve months is approximately 3,042.08 million yuan, which is over 10% of the company's latest audited net assets [1]. - The company is a plaintiff in litigation and arbitration matters amounting to 1,859.04 million yuan, while it is a defendant in matters amounting to 1,183.04 million yuan [1]. - There are 10 cases with a single amount involved exceeding 50 million yuan, but there are no significant litigation or arbitration matters exceeding 10% of the company's latest audited net assets and over 10 million yuan [1]. Group 2: Potential Impact on Profit - The ongoing cases may have an uncertain impact on the company's current and future profits, and the company will handle accounting matters according to accounting standards and the progress of the cases [2]. - The company will continue to monitor the developments of the litigation and arbitration matters and take necessary measures to protect its and its subsidiaries' legal rights [2].

Group 1 - The company announced an adjustment to the conversion price of its convertible bonds due to a cash dividend distribution of RMB 1.70 per 10 shares, totaling RMB 263.81 million [1][2][5] - The adjusted conversion price for the "Shanlu Convertible Bonds" will be approximately RMB 7.64 per share, effective from July 17, 2025 [5] - The total number of shares after the buyback will be adjusted from 1,560,998,425 shares to 1,552,439,109 shares, with the dividend distribution based on the remaining shares [4][3] Group 2 - The company will not issue bonus shares or increase capital from reserves for the 2024 fiscal year [2][4] - The conversion period for the "Shanlu Convertible Bonds" is from October 9, 2023, to March 23, 2029 [5]

| | | 山东高速路桥集团股份有限公司 关于 2024 年年度权益分派调整可转债转股价格的 公告 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。 特别提示： 1、债券代码：127083 6、"山路转债"转股期:2023年10月9日至2029年3月23日。 一、关于可转债转股价格调整的相关规定 经中国证券监督管理委员会《关于核准山东高速路桥集团股份有 限公司公开发行可转换公司债券的批复》（证监许可[2023]8号）核 准，山东高速路桥集团股份有限公司（以下简称"公司"）于2023 年3月24日向不特定对象发行可转换公司债券4,836.00万张，每张面 值为人民币100.00元，发行总额为人民币483,600.00万元。 根据公司《向不特定对象发行可转换公司债券募集说明书》中"转 股价格的调整方式及计算公式"相关条款的规定： "在本次发行之后，当本公司因派送股票股利、转增股本、增发 新股或配股、派息、派发现金股利等情况（不包括因可转债转股增加 1 2、债券简称：山路转债 3、本次调整前"山路转债"转股价格：7.81元/股 4、本次调整后"山路转债"转股价格：7. ...

二、本次公告的诉讼、仲裁对公司本期利润或期后利润的可能影 响 截至本公告披露日，上述部分案件尚在进展过程中，对公司本期利 润或期后利润的影响具有不确定性，公司将依据会计准则的要求和案件 进展情况进行相应的会计处理。 公司将持续关注有关诉讼、仲裁事项的后续进展，积极采取相关措 施维护公司及控股子公司的合法权益，及时履行信息披露义务。敬请广 大投资者注意投资风险。 特此公告。 证券代码：000498 证券简称：山东路桥 公告编号：2025-63 山东高速路桥集团股份有限公司 关于累计诉讼、仲裁情况的公告 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。 山东高速路桥集团股份有限公司（以下简称"公司"）根据《深圳 证券交易所股票上市规则》等有关规定，公司及控股子公司连续十二个 月累计发生的诉讼、仲裁事项涉及金额已达到披露标准，现将有关情况 公告如下： 一、连续十二个月累计诉讼、仲裁事项基本情况 截至本公告披露日，公司及控股子公司连续十二个月内发生的诉讼、 仲裁事项涉案金额约 304,207.84 万元，超过公司最近一期经审计归属 于上市公司股东的净资产的 10%。其中 ...

证券代码：000498 证券简称：山东路桥 公告编号：2025-61 山东高速路桥集团股份有限公司 2024 年年度权益分派实施公告 1．公司 2024 年度股东大会审议通过的 2024 年年度权益分派方案 为：以 2025 年 3 月 31 日总股本 1,560,998,425 股扣除回购的股份 9,159,925 股后的 1,551,838,500 股为基数，向全体股东每 10 股派发现 金股利人民币 1.70 元 ( 含 税 ) ， 合 计 派 发 现 金 股 利 人 民 币 263,812,545.00 元(含税)，上述利润分配后，剩余未分配利润结转至下 一年度再行分配。公司 2024 年度不送红股，不以资本公积金转增股本。 本次利润分配方案公布后至实施前，若公司因可转债转股、股份回 购等原因导致股本总额发生变动，则以享有利润分配权的股东所对应的 最新股本总额为基数，按照分配比例不变，调整分配总额的原则进行分 配。 2．自上述分配方案披露至实施期间，公司可转债转股及 2025 年回 购股份注销，公司总股本由 1,560,998,425 股调整至 1,552,439,109 股。 根据权益分派方案规定， ...

Investment Rating - The industry rating is maintained as "Outperform" [6] Core Viewpoints - The construction sector has underperformed the broader market, with a weekly increase of 0.72% compared to the 1.78% rise in the CSI 300 index, resulting in a 1.06 percentage point lag [5][26] - There is an increasing market focus on low-valuation, high-dividend stocks within the construction sector, particularly among central state-owned enterprises (SOEs), local SOEs, international engineering firms, and private enterprises [14][34] - The construction sector's central SOEs, such as China Chemical, have significantly lower price-to-earnings (PE) ratios compared to their peers, with China Chemical's PE at 7.99, placing it in the 6.8% percentile since 2010 [15][14] - Local SOEs like Shandong Road and Anhui Construction show low PE ratios of 3.94 and 6.10, respectively, with dividend yields exceeding those of central SOEs [16][14] - Private enterprises such as Jianghe Group and Sanwei Chemical also demonstrate strong dividend capabilities, with yields of 8.90% and 4.83% respectively [19][14] Summary by Sections Low-Valuation Stocks Worth Attention - Central SOEs like China Chemical and China Railway Construction have low PB ratios, with China Railway at 0.41 and China Railway at 0.45 [14][15] - Local SOEs such as Shandong Road and Anhui Construction have PE ratios significantly below 10, indicating potential investment opportunities [16][14] - Private enterprises like Jianghe Group and Yaxiang Integration have returned to reasonable valuation levels, with PE ratios of 11.66 and 12.21 respectively [19][14] Market Performance Review - The construction index increased by 0.72% in the week from June 30 to July 4, lagging behind the CSI 300's 1.78% increase [5][26] - Notable individual stock performances included Chengbang Co. (+42.23%) and Hangzhou Garden (+31.16%) [5][26] Investment Recommendations - Focus on cyclical opportunities arising from improvements in construction activity, particularly in water conservancy, railways, and aviation sectors [34][35] - Highlight the potential of nuclear power investments and emerging business directions within the construction sector [36][34] - Emphasize investment opportunities in major hydropower projects and the deep-sea economy, with recommendations for companies involved in these sectors [37][34]

Core Points - The company, Shandong Highway Bridge Group Co., Ltd., has announced the suspension of the conversion of its convertible bonds (code: 127083, name: Shanlu Convertible Bonds) from July 7, 2025, until the registration date for the 2024 equity distribution, after which the conversion will resume on the first trading day following the registration date [1][2] Group 1 - The conversion period for the convertible bonds is set from October 9, 2023, to March 23, 2029 [1] - The suspension of conversion is due to the company's implementation of the 2024 profit distribution plan approved at the shareholders' meeting on May 19, 2025 [1][2] - The company will adjust the conversion price of the bonds in case of changes in the number of shares or shareholder equity due to stock dividends, capital increases, new share issuances, or cash dividends [2][3] Group 2 - The adjustment formulas for the conversion price are specified, including scenarios for stock dividends, capital increases, new share issuances, and cash dividends [2][3] - The company will announce the adjusted conversion price and the suspension period through designated media as required by regulatory authorities [3][4] - The company aims to protect the rights and interests of convertible bondholders during any changes in share structure or equity [4]

证券代码：000498 证券简称：山东路桥 公告编号：2025-60 转债代码：127083 转债简称：山路转债 山东高速路桥集团股份有限公司 关于实施权益分派期间山路转债暂停转股的公告 鉴于山东高速路桥集团股份有限公司（以下简称"公司"）2025 年 5 月 19 日召开的 2024 年度股东大会审议通过了《公司 2024 年度 利润分配预案》，公司将实施 2024 年度权益分派。根据《深圳证券 交易所上市公司自律监管指南第 1 号——业务办理：2.4 向不特定对 象发行可转换公司债券》的规定"公司实施权益分派方案的，如公司 回购账户存在股份的，或者公司拟实施利润分配总额不变的权益分派 方法的，实施权益分派期间可转债暂停转股。"及《山东高速路桥集 团股份有限公司向不特定对象发行可转换公司债券募集说明书》中 "转股价格的调整方式及计算公式"（详见附件）条款的规定，2025 年7月7 日起至本次权益分派股权登记日止，公司可转换公司债券（债 券代码：127083；债券简称：山路转债）将暂停转股，本次权益分派 股权登记日后的第一个交易日起恢复转股。在上述期间，公司可转换 公司债券正常交易，敬请公司可转换公司债券持有 ...