证券代码：000498 证券简称：山东路桥 公告编号：2026-2 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。 一、董事会会议召开情况 山东高速路桥集团股份有限公司（以下简称"公司"或"本公司"） 第十届董事会第二十四次会议于 2026 年 1 月 19 日在公司四楼会议室以 通讯方式召开。会议通知于 3 日前以邮件方式向全体董事、高级管理人 员和纪委书记发出。会议应出席董事 9 人，实际出席董事 9 人。会议由 董事长林存友先生主持，公司高级管理人员及纪委书记列席会议。会议 的召集和召开符合法律、法规及《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于预计 2026 年度日常关联交易的议案》 为满足日常生产经营需要，根据《深圳证券交易所股票上市规则》 等规定，公司对 2026 年度与控股股东山东高速集团有限公司及其下属子 公司之间将发生的提供、接受劳务等关联交易事项进行合理预计。具体 内容详见公司于 2026 年 1 月 20 日在《中国证券报》《证券时报》《证 券日报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn） ...

Core Viewpoint - Shandong Road and Bridge Group Co., Ltd. has undergone significant corporate changes, including a capital increase, shareholder changes, and a major board adjustment, reflecting a strategic move to enhance its financial structure and market position [1][3][4][6]. Group 1: Capital Increase - The registered capital of Shandong Road and Bridge Group has increased from 6.01 billion yuan to 8.747 billion yuan, with an additional capital injection of over 2.7 billion yuan [1]. - The capital increase is part of a Series A financing round, with the total fundraising target set between 1 billion yuan and 4 billion yuan, corresponding to a shareholding ratio of approximately 1.1259% to 31.29% [5]. Group 2: Shareholder Changes - New shareholders include major state-owned financial institutions, such as ICBC Financial Asset Investment Co., Ltd. and China Galaxy Asset Management Co., Ltd., with respective holdings of 7.8236%, 6.6500%, 6.4623%, 6.4545%, and 3.9040% [3][4]. - The original shareholder, Shandong Expressway Road and Bridge Group Co., Ltd., has seen its ownership stake reduced from 100% to 68.7057% following the capital increase [4]. Group 3: Board Adjustments - The board of directors has undergone significant changes, retaining only a few members while adding over ten new directors, indicating a shift in governance and strategic direction [4]. - Notably, two original directors who were recently appointed in June 2025 have exited, while others have remained, suggesting a potential reevaluation of leadership roles [4]. Group 4: Financial Implications - The successful capital increase is expected to lower the company's debt levels and optimize its capital structure, enhancing financial leverage and meeting long-term funding needs [6]. - The valuation of Shandong Road and Bridge Group is now estimated to exceed 10 billion yuan, reflecting the market's recognition of its industry position and asset quality [6].

Core Insights - Shandong Road and Bridge Group Co., Ltd. has undergone a significant change in its shareholder structure, with the addition of several financial asset investment companies, leading to an increase in registered capital from 6.01 billion RMB to approximately 8.75 billion RMB, representing a growth of about 46% [1] Company Overview - Shandong Road and Bridge Group Co., Ltd. was established in August 1984 and is legally represented by Lin Cunyou. The company's business scope includes the sale of construction materials, metal materials, construction steel products, and retail of automotive parts [1] Shareholder Changes - The new shareholders include China Construction Financial Asset Investment Co., Ltd., Bank of Communications Financial Asset Investment Co., Ltd., Agricultural Bank of China Financial Asset Investment Co., Ltd., China Galaxy Asset Management Co., Ltd., and Gongrong Jintou No. 2 (Beijing) Emerging Industry Equity Investment Fund Partnership (Limited Partnership) [1] - The company is now jointly held by Shandong Road and Bridge (stock code: 000498) and the newly added shareholders [1]

Core Viewpoint - The announcement provides an update on the conversion status of the company's convertible bonds, indicating minimal conversion activity since the bonds were issued, with a significant majority remaining unconverted. Group 1: Conversion Status - As of December 31, 2025, the total amount converted from the "Shanlu Convertible Bonds" since the conversion period began on October 9, 2023, is 103,100.00 yuan, resulting in 12,965 shares converted, which represents 0.0008% of the company's total shares before conversion [2] - The amount of unconverted "Shanlu Convertible Bonds" as of December 31, 2025, is 4,835,896,900.00 yuan, accounting for 99.9979% of the total issuance [2] - In the fourth quarter of 2025, the conversion amount was 2,000.00 yuan, leading to the conversion of 262 shares [10] Group 2: Bond Issuance and Listing - The company issued 48,360,000 convertible bonds on March 24, 2023, with a total value of 483,600.00 million yuan, each with a face value of 100.00 yuan and a maturity of six years [2][3] - The bonds were listed on the Shenzhen Stock Exchange on April 26, 2023, under the name "Shanlu Convertible Bonds" with the code "127083" [3] Group 3: Conversion Price Adjustments - The initial conversion price was set at 8.17 yuan per share, which was adjusted to 8.01 yuan on June 29, 2023, due to the company's annual equity distribution [5] - Further adjustments to the conversion price occurred, with the price set to 7.83 yuan on July 16, 2024, and subsequently adjusted to 7.81 yuan on October 23, 2024, and 7.80 yuan on December 25, 2024 [6][7] - The conversion price was adjusted to 7.64 yuan on July 17, 2025, and further to 7.62 yuan on October 24, 2025, and finally to 7.61 yuan on December 24, 2025 [8][9]

Group 1 - The company held its 23rd meeting of the 10th Board of Directors on December 30, 2025, with all 9 directors present, ensuring compliance with legal and regulatory requirements [2][3] - The Board approved several amendments to internal governance documents to enhance operational standards and protect shareholder rights, including the Independent Director Work System and Financial Management System [3][4][13] - All approved amendments will be submitted for shareholder meeting review [6][12][18] Group 2 - The company completed a capital increase of 4 billion yuan for its wholly-owned subsidiary, Shandong Provincial Road and Bridge Group Co., Ltd., with five investors participating [28] - The subsidiary has received the new business license reflecting a registered capital of 8.74 billion yuan and various operational capabilities [29] - The business scope includes construction materials sales, engineering services, and environmental protection equipment manufacturing, among others [29]

转债代码：127083 转债简称：山路转债 证券代码：000498 证券简称：山东路桥 公告编号：2026-1 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。 重要内容提示： 1、累计转股情况：自可转债转股期起始日（2023年10月9日）至 2025年12月31日，"山路转债"累计已转股金额为103,100.00元，累 计转股数为12,965股，占可转债转股前公司已发行股份总额的比例为 0.0008%。 （一）可转债发行情况 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） 2、未转股可转债情况：截至2025年12月31日，公司尚未转股的 "山路转债"金额为4,835,896,900.00元，占"山路转债"发行总量 的比例为99.9979%。 3、本季度转股情况：自2025年10月1日至2025年12月31日，"山 路转债"转股金额为2,000.00元，转股数为262股。 的核准，公司于2023年3月24日向不特定对象发行可转换公司债券 48,360,000张，每张面值为人民币100.0 ...

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View The report presents the top ten convertible bonds in January 2026, including their credit ratings, closing prices at the end of December, conversion premium rates, and the trailing twelve - month price - to - earnings ratios (PE - TTM) of their underlying stocks. It also details the business profiles, financial performance, and key highlights of the companies corresponding to these convertible bonds [2][4][6]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Overview**: A globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons of special - steel materials. It has multiple production and raw - material bases, forming a coastal and riverside industrial chain layout [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent company was 5.126 billion yuan (YoY - 10.41%). In the first three quarters of 2025, operating income was 81.206 billion yuan (YoY - 2.75%), and net profit attributable to the parent company 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 specification. It has a complete industrial chain, leading cost - control ability, and is seeking external expansion opportunities [12]. 3.2 Shanlu Convertible Bond - **Company Overview**: Focuses on road and bridge engineering construction and maintenance, and is 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%), net profit attributable to the parent company was 2.322 billion yuan (YoY + 1.47%). In the first three quarters of 2025, operating income was 41.354 billion yuan (YoY - 3.11%), and net profit attributable to the parent company was 1.41 billion yuan (YoY - 3.27%) [29]. - **Company Highlights**: It has the concept of China - specific valuation, potential for improvement in balance sheet and orders, benefits from regional infrastructure plans, and is exploring overseas markets [30]. 3.3 Hebang Convertible Bond - **Company Overview**: Has advantages in resource supply and has completed a basic layout in the chemical, agricultural, and photovoltaic fields, with four major business segments [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent company was 31 million yuan (YoY - 97.55%). In the first three quarters of 2025, operating income was 5.927 billion yuan (YoY - 13.02%), and net profit attributable to the parent company was 93 million yuan (YoY - 57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute profits, and its liquid methionine production is a major profit - contributor [45]. 3.4 Huayuan Convertible Bond - **Company Overview**: Focuses on building a complete vitamin D3 upstream - downstream industrial chain, with products in the vitamin and chemical - preparation fields [56]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY + 13.58%), net profit attributable to the parent company was 309 million yuan (YoY + 60.76%). In the first three quarters of 2025, operating income was 936 million yuan (YoY - 0.2%), and net profit attributable to the parent company was 234 million yuan (YoY - 3.07%) [56]. - **Company Highlights**: It has leading products in the market, is expanding its product matrix, and has a strong layout in the pharmaceutical manufacturing field [57]. 3.5 Xingye Convertible Bond - **Company Overview**: One of the first joint - stock commercial banks in China, evolving into a modern financial service group with multiple financial licenses [70]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent company was 77.205 billion yuan (YoY + 0.12%). In the first three quarters of 2025, operating income was 161.234 billion yuan (YoY - 1.82%), and net profit attributable to the parent company was 63.083 billion yuan (YoY + 0.12%) [70]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of customers [71]. 3.6 Aima Convertible Bond - **Company Overview**: The leading enterprise in the electric two - wheeled vehicle industry, producing and selling electric bicycles, scooters, and motorcycles [80]. - **Financial Performance**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent company was 1.988 billion yuan (YoY + 5.68%). In the first three quarters of 2025, operating income was 21.093 billion yuan (YoY + 20.78%), and net profit attributable to the parent company was 1.907 billion yuan (YoY + 22.78%) [80]. - **Company Highlights**: It may benefit from government subsidies, new national standards, and has potential for improving gross margins [81]. 3.7 Chongyin Convertible Bond - **Company Overview**: 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 included in the "Leading Sheep" plan [90]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent company was 5.117 billion yuan (YoY + 3.8%). In the first three quarters of 2025, operating income was 11.74 billion yuan (YoY + 10.4%), and net profit attributable to the parent company was 4.879 billion yuan (YoY + 10.19%) [90]. - **Company Highlights**: It benefits from the regional economic development, has stable asset - scale growth, and actively adjusts its business strategies [91][94]. 3.8 Tianye Convertible Bond - **Company Overview**: The first industrial enterprise of the Xinjiang Production and Construction Corps, 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%), net profit attributable to the parent company was 68 million yuan (YoY + 108.83%). In the first three quarters of 2025, operating income was 7.97 billion yuan (YoY + 2.2%), and net profit attributable to the parent company was 7 million yuan (YoY - 28.79%) [103]. - **Company Highlights**: It has cost - advantage in caustic soda production and plans to increase dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Overview**: 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%), net profit attributable to the parent company was 355 million yuan (YoY + 22.59%). In the first three quarters of 2025, operating income was 1.237 billion yuan (YoY + 13.67%), and net profit attributable to the parent company was 354 million yuan (YoY + 24.58%) [119]. - **Company Highlights**: It is optimizing its distribution network, expanding its overseas market for preparations, and has high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Overview**: The largest water supply and drainage integrated enterprise in Chongqing, with a monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent company was 785 million yuan (YoY - 27.88%). In the first three quarters of 2025, operating income was 5.568 billion yuan (YoY + 7.21%), and net profit attributable to the parent company was 779 million yuan (YoY + 7.1%) [133]. - **Company Highlights**: It has a high market share, is expanding its business regionally, and has achieved cost control through intelligent applications [134].

证券日报网讯 1月4日，山东路桥发布公告称，全资子公司路桥集团已完成增资扩股工商变更，截至目 前，路桥集团已收到投资者缴付的40亿元增资款。近日取得了济南市历下区行政审批服务局核发的新 《营业执照》，变更后注册资本为捌拾柒亿肆仟柒佰肆拾伍万柒仟叁佰壹拾叁元整。 （编辑 王江浩） ...

山东高速路桥集团股份有限公司 关联交易制度 第一章 总 则 第一条 为规范山东高速路桥集团股份有限公司（以下简称"公司"）的关联 交易，保证关联交易的公平合理，维护公司的利益，根据《中华人民共和国公司 法》《中华人民共和国证券法》《企业会计准则第 36 号—关联方披露》《深圳证 券交易所股票上市规则》等有关法律法规、规范性文件及《山东高速路桥集团股 份有限公司章程》（以下简称"《公司章程》"）的规定，制定本制度。 第二条 公司关联交易应遵循诚实信用、平等、自愿、公平、公开、公允的原 则，不得损害公司和非关联股东的利益。 第三条 公司及其下属控股的子公司在发生交易活动时，相关责任人应审慎判 断是否构成关联交易。如果构成关联交易，应在各自权限内履行审批、报告义务。 第四条 公司股东、董事、高级管理人员不得利用其关联关系损害公司利益。 违反规定，给公司造成损失的，应当承担赔偿责任。 第五条 公司董事、高级管理人员、持股 5%以上的股东及其一致行动人、实 际控制人应当及时向公司董事会报送公司关联人名单及关联关系的说明，由公司 做好登记管理工作。 第二章 关联人和关联关系 第六条 公司关联人包括关联法人（或者其他组织） ...

第一章 总则 山东高速路桥集团股份有限公司 独立董事专门会议工作制度 第一条 为进一步完善山东高速路桥集团股份有限公司（以下简称"公司"） 的治理结构，规范独立董事专门会议的运作，更好地维护中小股东及利益相关者 的利益，促进公司的规范运作，根据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司独立董事管理办法》等法律、法规、规范性文件和《山东 高速路桥集团股份有限公司章程》（以下简称"《公司章程》"）以及《山东高速路 桥集团股份公司独立董事工作制度》的规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及主要 股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立 客观判断关系的董事。 独立董事应当独立履行职责，不受公司及主要股东、实际控制人等单位或者 个人的影响。 第二章 独立董事专门会议审议事项 第三条 下列事项应当由独立董事专门会议审议并经全体独立董事过半数同 意后，提交董事会审议： （一）应当披露的关联交易； （二）公司及相关方变更或者豁免承诺的方案； （三）董事会就公司作为被收购方，针对收购所作出的决策及采取的措施； 第七条 独立董事专门会议应当 ...