证券代码：000498 证券简称：山东路桥 公告编号：2025-128 转债代码：127083 转债简称：山路转债 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。 特别提示： 债券代码：127083 债券简称：山路转债 转股起止时间：2023 年 10 月 9 日至 2029 年 3 月 23 日 暂停转股时间：2025 年 12 月 12 日至 2025 年第三季度权益分派 股权登记日 2025 年 12 月 10 日 附件：《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"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的 股本）使公司股份发生变化时，将相应进行转股价格的调整（保留小 数点后两位，最后一位四舍五入）。具体调整办法如下： 派送股票股利或转增股本：P1=P0/（1+n）； 增发新股或配股：P1=（P0+A×k）/（1+k）； 上述两项同时进行：P1=（P0+A×k）/（1+n+k）； 恢复转股时间：公司 2025 ...

国浩律师（济南）事务所 关于山东高速路桥集团股份有限公司 2025 年第三次临时股东会的法律意见书 2．公司第十届董事会第二十一次会议决议、公司第十届董事会第二十二次 会议决议； 3．公司 2025 年 11 月 22 日刊登于《中国证券报》《证券时报》《证券日报》 1 《上海证券报》及巨潮资讯网（网址：www.cninfo.com.cn）的《山东高速路桥 集团股份有限公司关于召开 2025 年第三次临时股东会的通知》（以下简称"《股 东会通知》"）； 4．山东高速投资控股有限公司《关于山东高速路桥集团股份有限公司 2025 年第三次临时股东会临时提案的函》； 5．公司 2025 年 11 月 28 日刊登于《中国证券报》《证券时报》《证券日报》 《上海证券报》及巨潮资讯网（网址：www.cninfo.com.cn）的《山东高速路桥集 团股份有限公司关于召开 2025 年第三次临时股东会的补充通知》（以下简称"《股 东会补充通知》"）； 6．公司本次股东会股东到会登记记录及凭证资料； 7．公司本次股东会会议文件。 致：山东高速路桥集团股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 ...

特别提示： 1.本次股东会没有否决或修改议案的情况。 2.本次股东会不涉及变更以往股东会已通过的决议。 3.本次股东会以现场表决与网络表决相结合的方式召开。 一、会议的召开情况 证券代码：000498 证券简称：山东路桥 公告编号：2025-127 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。 1.会议召开时间 (1) 现场会议时间：2025 年 12 月 09 日 14:30 (2)网络投票时间:通过深圳证券交易所系统进行网络投票的具体时间 为 2025 年 12 月 09 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证 券交易所互联网投票系统投票的具体时间为 2025 年 12 月 09 日 9:15 至 15:00 的任意时间。 2.会议地点：山东省济南市历下区经十路 14677 号山东高速路桥集团 股份有限公司四楼会议室 3.会议的召开方式：现场表决与网络投票相结合 4.股东会的召集人：董事会 5.现场会议主持人：董事长林存友先生因公出差，由半数以上董事共 同推举董事、总经理万雨帆先生主持会议 6. 本次会议的召集、 ...

本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 根据深圳证券交易所债券上市的有关规定，山东高速路桥集团股份有限公司 2025 年面 向专业投资者公开发行可续期公司债券（第一期）符合深圳证券交易所债券上市条件，将于 2025 年 12 月 9 日起在深圳证券交易所上市，并面向专业投资者交易，交易方式包括匹配成 交、点击成交、询价成交、竞买成交和协商成交。债券相关要素如下： 山东高速路桥集团股份有限公司 2025 年面向专业投资者公 开发行可续期公司债券（第一期） 在深圳证券交易所上市的公告 （本页无正文，为《山东高速路桥集团股份有限公司 2025 年面向专业投资者公 开发行可续期公司债券（第一期）在深圳证券交易所上市的公告》之盖章页） 山东高速路桥集团股份有限公司 2 年 月 日 | 债券名称 | 山东高速路桥集团股份有限公司 年面向专业投资者公开 2025 | | --- | --- | | | 发行可续期公司债券（第一期） | | 债券简称 | 25 山路 Y1 | | 债券代码 | 524572.SZ | | 信用评级 | 主体 AAA | | 评级机构 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for December 2025, analyzing each bond's issuer, including its financial performance, business scope, and key attractions [1][3][4]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Profile**: A globally leading specialized special steel material manufacturing enterprise with a production capacity of about 20 million tons of special steel materials per year [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent was 4.33 billion yuan (YoY +12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special steel enterprises in terms of variety and specifications, with leading market shares in core products such as bearing steel and automotive steel. It has a complete industrial chain and strong cost - control capabilities, and is actively seeking external expansion [12]. 3.2 Shanlu Convertible Bond - **Company Profile**: Mainly engaged in road and bridge engineering construction and maintenance, and actively expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent was 1.41 billion yuan (YoY -3.27%) [29]. - **Company Highlights**: Controlled by the Shandong Provincial State - owned Assets Supervision and Administration Commission, it has the concept of "China Special Valuation". It is expected to benefit from infrastructure construction in Shandong and the "Belt and Road" initiative [30]. 3.3 Hebang Convertible Bond - **Company Profile**: With advantages in salt mines, phosphate mines, and natural gas supply, it has completed the basic layout in the chemical, agricultural, and photovoltaic fields [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent was 93 million yuan (YoY -57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute stable profits, and the liquid methionine business has high - margin performance [45]. 3.4 Huayuan Convertible Bond - **Company Profile**: Focused on building a complete vitamin D3 upstream - downstream industrial chain, with products including cholesterol, vitamin D3, and chemical preparations [57]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY +13.58%), and the net profit attributable to the parent was 309 million yuan (YoY +60.76%). In the first three quarters of 2025, the operating income was 936 million yuan (YoY -0.2%), and the net profit attributable to the parent was 234 million yuan (YoY -3.07%) [57]. - **Company Highlights**: It is a leader in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product matrix and has a layout in the pharmaceutical manufacturing field [58]. 3.5 Xingye Convertible Bond - **Company Profile**: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [71]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent was 63.083 billion yuan (YoY +0.12%) [71]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [72]. 3.6 Huanxu Convertible Bond - **Company Profile**: A global leader in electronic manufacturing design, providing value - added services to brand customers [81]. - **Financial Performance**: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent was 1.263 billion yuan (YoY -2.6%) [81]. - **Company Highlights**: It is a leading manufacturer of smart wearable SiP modules, with advanced packaging technologies and a global production layout [82]. 3.7 Chongyin Convertible Bond - **Company Profile**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and selected for the "Leading Bank" program [94]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent was 4.879 billion yuan (YoY +10.19%) [94]. - **Company Highlights**: Benefiting from the Chengdu - Chongqing economic circle strategy, it has stable asset - scale growth and a reasonable credit strategy [96]. 3.8 Tianye Convertible Bond - **Company Profile**: The first industrial enterprise of the Xinjiang Production and Construction Corps and a leading enterprise in the chlor - alkali chemical industry, with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent was 7 million yuan (YoY -28.79%) [103]. - **Company Highlights**: The cost of caustic soda production is relatively fixed, and it plans to increase the dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Profile**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent was 354 million yuan (YoY +24.58%) [119]. - **Company Highlights**: It has an optimized distributor network, expanding preparation products, and high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Profile**: The largest water supply and drainage integrated enterprise in Chongqing, with a stable monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent was 779 million yuan (YoY +7.1%) [133]. - **Company Highlights**: It has a high market share in Chongqing, is expanding externally, and has effective cost - control measures [134].

债券代码：524572.SZ 证券简称：25 山路 Y1 山东高速路桥集团股份有限公司 2025 年面向专业投资者 公开发行可续期公司债券（第一期）发行结果公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 山东高速路桥集团股份有限公司（以下简称"发行人"）发行不超过人民币 40 亿元公司债券已获得中国证券监督管理委员会证监许可〔2025〕1756 号文注 册。根据《山东高速路桥集团股份有限公司 2025 年面向专业投资者公开发行可 续期公司债券（第一期）发行公告》，山东高速路桥集团股份有限公司 2025 年面 向专业投资者公开发行可续期公司债券（第一期）（以下简称"本期债券"）发 行规模为不超过 5 亿元（含 5 亿元），发行价格为每张 100 元，采取网下面向专 业机构投资者询价配售的方式。 本期债券发行时间自 2025 年 11 月 28 日至 2025 年 12 月 1 日，具体发行情 况如下： 本期债券网下预设的发行数量占本次债券发行规模的比例为 100%，即 5 亿 元；最终网下实际发行数量为 5 亿元，占本期债券发行 ...

Company Overview - Shandong Road and Bridge announced the convening of its 22nd meeting of the 10th Board of Directors on November 27, 2025, to discuss the proposal for participating in the bidding for the Weizhou Expressway Changle connection line project [1] Financial Performance - For the first half of 2025, Shandong Road and Bridge's revenue composition was as follows: construction industry accounted for 95.75%, leasing and sales for 2.66%, ready-mixed concrete processing and sales for 1.02%, and design consulting for 0.57% [1] Market Position - As of the report, Shandong Road and Bridge has a market capitalization of 9.3 billion yuan [1]

Core Viewpoint - Shandong Road and Bridge (000498.SZ) plans to participate in the bidding for the Weifang to Zoucheng Expressway project, with a maximum investment commitment of 676 million yuan from its subsidiary, while the estimated contract amount for the project is 4.731 billion yuan [1] Group 1 - The project involves a total length of 50.04 kilometers, constructed as a new dual four-lane expressway with a design speed of 120 km/h [2] - The project includes various infrastructure components such as 4 interchanges, 2 service areas, and multiple bridges and tunnels, with a total of 15 separated interchanges and 53 culverts [2] - The scope of the bidding includes comprehensive construction phases, covering earthworks, roadbed, pavement, bridge and culvert works, drainage, safety facilities, and landscaping [2]

Core Viewpoint - Shandong Road and Bridge (000498.SZ) plans to participate in the bidding for the Weifang to Zoucheng Expressway project, specifically the Weifang to Yiyuan section, with a combined construction and investment proposal [1] Group 1: Project Overview - The total length of the project route is 50.04 kilometers, all of which is new construction, designed to a standard of a dual four-lane expressway with a design speed of 120 km/h [2] - The project includes 4 interchanges (2 hub interchanges and 2 general interchanges), 2 service areas, 1 super large bridge (1,129 meters), 16 large bridges (4,371 meters), 7 medium bridges (628.04 meters), and 97 culverts [2] - The bidding scope includes various engineering works such as subgrade, pavement, bridge and culvert, drainage, protective works, traffic safety facilities, and landscaping [2] Group 2: Financial Commitment - The estimated contract amount for the project is 4.731 billion yuan, with the company's subsidiary committing to an investment of no more than 676 million yuan [1]

Core Viewpoint - Shandong Road and Bridge (000498.SZ) announced that its subsidiary plans to participate in the bidding for the construction of the Weifang to Zoucheng Expressway Changle Link Line project, combining construction and investment strategies [1] Summary by Sections Project Overview - The estimated contract amount for the project is 1.525 billion yuan, with the subsidiary's maximum investment commitment not exceeding 218 million yuan [1] - The project route is 22.990 kilometers long, consisting entirely of new road sections, designed to a standard of a two-way four-lane expressway with a design speed of 120 kilometers per hour [1] Construction Details - The overall roadbed width is 27.0 meters, featuring three interchanges (two hub interchanges and one general interchange) [1] - The project includes the construction of 1,019 meters of large bridges (4 bridges), 233.04 meters of medium bridges (3 bridges), and 38 culverts [1] - Additional infrastructure includes 6 separated interchanges, 12 bridge passages, 30 culverts, and 7 pedestrian bridges [1] Bidding Scope - The bidding scope covers various engineering aspects such as subgrade, pavement, bridge and culvert works, drainage, protective works, traffic safety facilities, and environmental greening [1] - The bidding is specifically for the first construction section, which also spans 22.990 kilometers [1]