证券代码：000498 证券简称：山东路桥 公告编号：2025-87 债券代码：148109 债券简称：22 山路 02 山东高速路桥集团股份有限公司关于"22 山路 02" 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（第二期）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：148109.SZ，债券简称：22 山路 02）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 1.70%，并在本期债券后 2 年（2025 年 10 月 31 日至 2027 年 10 月 30 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 ...

证券代码：000498 证券简称：山东路桥 公告编号：2025-86 债券代码：148109 债券简称：22 山路 02 山东高速路桥集团股份有限公司关于"22 山路 02" 票面利率调整及投资者回售实施办法第一次提示性公告 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。 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金额全部或部分回售给发行人。若投资者未作登记，则视 为继续持有债券。 3、风险提示：投资者参与回售等同于以人民币 100 元/张（不含利息）卖出持有的 本期债券。随着市场波动，投资者选择回售可能会带来损失，敬请投资者注意风险。 4、回售价格：人民币 100 元/张（不含利息）。 5、回售登记日：2025 年 9 月 12 日至 2025 年 9 月 16 日（仅限交易日）。 6、回售资金到帐日：2025 年 10 月 31 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 ...

9月8日山东路桥大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | | | | | 98.32 | 616.47 | 6.27 | 0.80 | 招商证券股份有限公司深圳 | 平安证券股份有限公司广州 | | | | | | 西丽留仙大道证券营业部 | 番禺环城东路证券营业部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 山东路桥9月8日大宗交易平台出现一笔成交，成交量98.32万股，成交金额616.47万元，大宗交易成交价 为6.27元，相对今日收盘价溢价0.80%。该笔交易的买方营业部为招商证券股份有限公司深圳西丽留仙 大道证券营业部，卖方营业部为平安证券股份有限公司广州番禺环城东路证券营业部。 证券时报·数据宝统计显示，山东路桥今日收盘价为6.22元，上涨1.14%，日换手率为1.49%，成交额为 1.33亿元，全天主力资金净流出115.20万元，近5日该股累计下 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-09-08 | 000498 | 山东路桥 | 6.27 | 98.32 | 616.47 | 招商证券股份有限 | 平安证券股份有限 | | | | | | | | 公司深圳西丽留仙 | 公司广州番禺环城 | | | | | | | | 大道证券营业部 | 东路证券营业部 | 9月8日，山东路桥大宗交易成交98.32万股，成交额616.47万元，占当日总成交额的4.42%，成交价6.27元，较市场收盘价 6.22元溢价0.8%。 ...

Group 1 - The company Shandong Road and Bridge (000498) announced that its 2025 semi-annual performance briefing will be held on September 12, 2025 [1]

Core Points - The company, Shandong Expressway Bridge Group Co., Ltd., announced the holding of a half-year performance briefing for 2025 on September 12, 2025 [1][5] - The briefing will be conducted online via the Shenzhen Stock Exchange's "Interactive Easy" platform, allowing investors to participate remotely [1][2] - The company encourages investors to submit questions in advance to enhance the relevance of the discussion during the briefing [2][3] Summary by Sections - **Announcement Details** - The company disclosed its 2025 half-year report on August 30, 2025, on the Giant Tide Information Network [1] - The performance briefing is scheduled for September 12, 2025, from 15:00 to 16:00 [1] - **Investor Engagement** - The company is actively seeking investor questions prior to the briefing to address common concerns during the session [2] - Investors can access the briefing through the "Cloud Interview" section on the Interactive Easy platform [2]

Group 1 - The company, Shandong Expressway Bridge Group Co., Ltd., disclosed its 2025 semi-annual report on August 30, 2025 [1] - A performance briefing will be held on September 12, 2025, from 15:00 to 16:00 on the Shenzhen Stock Exchange's "Interactive Easy" platform [1] - Key personnel attending the briefing include the chairman, board secretary, chief accountant, and independent directors, with potential adjustments due to special circumstances [1] Group 2 - The company is soliciting questions from investors in advance of the performance briefing to enhance communication and address investor concerns [2] - Investors can submit their questions through the "Cloud Interview" section on the Shenzhen Stock Exchange's "Interactive Easy" platform [2] - The company will respond to commonly asked questions during the performance briefing within the limits of information disclosure regulations [2]

山东高速路桥集团股份有限公司（以下简称"公司"）于 2025 年 8 月 30 日在巨潮资讯网（www.cninfo.com.cn）披露了公司《2025 年半年度报告》全文及摘要。 为便于广大投资者进一步了解公司 2025 年半年度经营情况，公 司将于 2025 年 9 月 12 日（星期五）15:00—16:00 在深圳证券交易 所（以下简称"深交所"）"互动易"平台举行 2025 年半年度业绩说 明会。本次业绩说明会将采用网络远程的方式举行，投资者可登录深 交所"互动易"平台（http://irm.cninfo.com.cn）进入"云访谈" 栏目参与本次业绩说明会。 出席本次说明会的人员有：公司董事长、董事会秘书、总会计师 及独立董事（如遇特殊情况，参会人员可能进行调整）。 证券代码：000498 证券简称：山东路桥 公告编号：2025-85 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 特此公告。 山东高速路桥集团股份有限公司董事会 2025 年 9 月 4 日 为充分尊重投资者、提升交流的针对性，现就公司 2025 年半年 度业绩说明会提前向投资者公 ...

Summary of Shandong Road and Bridge's Conference Call Company Overview - **Company**: Shandong Road and Bridge - **Industry**: Construction and Infrastructure Key Points Industry and Company Performance - Shandong Road and Bridge is a leading construction company in Shandong Province, showing revenue and profit growth against the backdrop of an overall industry decline, indicating a strong regional position [2][3][4] - The company has achieved a compound annual growth rate (CAGR) of 31.2% in revenue and 23.5% in net profit from 2016 to 2024, with performance in the first half of 2025 exceeding industry averages [2][4] Financial Metrics - The company's current price-to-earnings (PE) ratio is approximately 4 times, significantly lower than major state-owned enterprises and most local state-owned enterprises, with a dividend yield of about 3.5% [2][3][19] - As of mid-2025, the company has an order backlog of approximately 108.2 billion yuan, which is 1.5 times its revenue for 2024, ensuring future performance growth [2][6] Order Growth and Market Position - Despite domestic order pressures, Shandong Road and Bridge has seen rapid growth in overseas orders, benefiting from the Belt and Road Initiative, with new contracts in the first half of 2025 surpassing the total for the same period in 2024 [2][11] - The company’s market share in Shandong Province has increased from 4.4% in 2018 to 14.1% in 2023, aided by strong support from its major shareholder, Shandong High-Speed Group [10] Cash Flow and Dividend Potential - The company has a strong willingness to convert its convertible bonds, which amount to approximately 4 billion yuan, and aims to improve its dividend payout, currently at 14%, compared to around 30% for similar companies [3][20] - Cash flow has improved significantly, with a reduction in cash outflow from 2.6 billion yuan in 2024 to 1.723 billion yuan in the first half of 2025, indicating better cash management [16][17] Government Policies and Future Outlook - National policies have introduced 10 trillion yuan in debt relief funds from 2024 to 2028, easing financial pressures on local governments and improving payment capabilities to construction firms [17] - The construction investment target in Shandong Province remains robust, with plans to reach 250 billion yuan in fixed asset investment in 2025, despite a slight decrease in growth rate [7][8] Risks and Challenges - The domestic construction industry faces challenges, with new orders declining for several consecutive quarters, and a notable drop in construction output in the second quarter of 2025 [11] - The company’s net cash position is lower than peers, but there is significant room for improvement as it shifts focus towards high-quality development and cash flow management [18] Investment Recommendation - Shandong Road and Bridge is recommended as a defensive investment due to its stable operations and low valuation, with potential for dividend increases and overall growth supported by favorable government policies [21]

证券代码：000498 证券简称：山东路桥 | 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他（电话会议） | | 活动参与人员 | 长江证券股份有限公司张智杰及 7 家机构投资者 | | | 山东路桥证券管理部部长、证券事务代表李文佳 | | | 山东路桥财务管理部副部长洪福军 | | | 山东路桥经营开发部业务经理徐以骞 | | | 山东路桥证券管理部投资者关系管理专员朱晓赛 | | 时间 | 2025 年 9 月 2 日 10:30-11:05 | | 地点 | 山东高速路桥集团股份有限公司 25 楼 | | 形式 | 电话会议 | | | 一、介绍公司情况 二、互动交流 | | 交流内容及具 | 主要针对山东市场订单展望、公司现金流改善、 | | 体问答记录 | 海外市场拓展成果、加强投资者回报等内容进行沟通 | | | 交流，详见 2025 年 9 月 1 日《000498 山东路桥投资 | | | 者关系管理信息 20250901》 | | 关 ...