Core Viewpoint - Shandong Expressway Bridge Group Co., Ltd. (referred to as "Shandong Bridge") is facing legal challenges regarding the acquisition of an office building due to the seller's debt issues, which have led to a court ruling affecting the property [1][2]. Group 1: Acquisition Details - The property in question, known as the "Target Property," is located in the Crystal Center A Building with a total construction area of approximately 33,000 square meters and 320 parking spaces, with a total price of 570 million yuan [2][4]. - The acquisition was approved by the board on July 30, 2018, and the company had previously noted that the property was subject to mortgage and other encumbrances that needed to be resolved [2][4]. Group 2: Legal and Financial Context - The seller, Shandong Runyang Real Estate Co., Ltd. ("Runyang Real Estate"), has been listed as a dishonest executor multiple times, with debts related to compensation and project payments totaling over 53 million yuan [3]. - Shandong Bridge has initiated a civil lawsuit against Runyang Real Estate for failing to transfer the property as agreed, with the lawsuit filed on October 18, 2023 [4]. Group 3: Company Overview - Shandong Bridge is part of the Shandong Highway Group and has developed into a significant listed enterprise with total assets nearing 100 billion yuan, annual revenue exceeding 60 billion yuan, and total profits over 3 billion yuan [4]. - On November 18, 2023, the company's stock rose by 2.03%, closing at 6.53 yuan per share, with a total market capitalization of 10.2 billion yuan [5].

截至目前，标的房产已交付尚未过户，公司已就标的房产办证及 违约责任提起诉讼。标的房产 18-25 层因卖方山东润阳置业有限公司 （以下简称"润阳置业"）债务执行，经济南市中级人民法院裁定归申 请执行人济南四建（集团）有限责任公司（以下简称"济南四建"）所 有。公司正积极沟通相关方，在不影响正常经营、不损害公司利益的 情况下，继续推进后续统一办证事宜。敬请广大投资者注意投资风险。 证券代码：000498 证券简称：山东路桥 公告编号：2024-118 山东高速路桥集团股份有限公司 关于子公司购置办公楼的进展公告 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。 风险提示： 公司正积极沟通济南四建等相关方，在不影响正常经营、不损害 公司利益的情况下，继续推进后续统一办证事宜。公司将积极督促润 阳置业按照政府部门有关不动产转让和登记的政策要求协调有关单位 和部门办理标的房产过户登记，维护公司权益。敬请广大投资者注意 投资风险。 山东高速路桥集团股份有限公司董事会 一、交易概述 山东高速路桥集团股份有限公司（以下简称"公司"）于 2018 年 7 月 30 日召开第八届 ...

证券代码：000498 证券简称：山东路桥 公告编号：2024-117 | 第三季度新签订单 | | 截至第三季度末累计 | | 截至第三季度末累计 | | | --- | --- | --- | --- | --- | --- | | | | 已签约订单未完工部分 | | 已中标尚未签约合同订单 | | | 数量 | 总金额（亿元） | 数量 | 金额（亿元） | 数量 | 金额（亿元） | | 303 | 278.86 | 549 | 注 1 1297.36 | 75 | 174.58 | 注 1 数据为截至报告期末公司累计已签约但尚未完工订单合同总额中未完工部 分的金额。 二、重大项目进展情况 截至 2024 年三季度末未完工重大项目进展情况具体如下： | 公司名称 | 项目名称 | 合同金额（万 | 业务 | 开工日 | 工期 | 工程 进度 | 确认收入（万 | 结算金额（万 | 收款金额（万 | 合同对 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 元） | 模式 | 期 | | (%) | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [5]. Core Insights - The company has shown significant improvement in its Q3 performance, with a notable increase in profit margins and a reduction in expense ratios, leading to a strong quarterly profit growth [1][2]. - The company is expected to benefit from ongoing fiscal stimulus measures and a favorable infrastructure investment environment in Shandong province, which may lead to a reversal in its fundamental performance [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 42.679 billion, a year-on-year decrease of 6.33%, while the net profit attributable to the parent company was 1.456 billion, reflecting a year-on-year increase of 3.52% [1]. - The gross profit margin for the first three quarters of 2024 was 12.30%, an increase of 0.20 percentage points year-on-year, with the Q3 gross profit margin reaching 12.61%, up 0.67 percentage points year-on-year [2]. - The net profit margin for Q3 improved to 3.48%, an increase of 0.63 percentage points compared to the previous year [2]. Market and Investment Outlook - The company has secured a significant contract worth 1.096 billion for the construction of the Longyan Railway urbanization project, indicating strong market positioning in its traditional Shandong market [3]. - The report projects an upward revision in profit forecasts for 2024-2026, with expected net profits of 2.381 billion, 2.638 billion, and 2.947 billion respectively, reflecting a positive growth trajectory [4].

Financial Performance - The company's operating revenue for Q3 2024 was ¥14,182,327,586.49, a decrease of 1.20% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥437,246,267.94, an increase of 52.54% year-on-year[2]. - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥399,702,036.51, up by 49.20% compared to the previous year[2]. - The company's basic earnings per share for Q3 2024 was ¥0.2035, representing a growth of 31.97% year-on-year[2]. - The net profit for Q3 2024 was approximately ¥1.79 billion, a slight decrease from ¥1.82 billion in Q3 2023, representing a decline of about 1.5%[15]. - Total operating revenue for the period was ¥39.58 billion, down from ¥45.84 billion in the same period last year, indicating a decrease of approximately 13.7%[16]. - The total comprehensive income attributable to the parent company was approximately ¥1.66 billion, compared to ¥1.85 billion in the previous year, a decrease of about 10.4%[15]. - Basic earnings per share for Q3 2024 were ¥0.7292, down from ¥0.8231 in Q3 2023, reflecting a decline of approximately 11.4%[15]. Assets and Liabilities - The total assets as of September 30, 2024, reached ¥151,979,838,227.20, reflecting an increase of 8.92% from the end of the previous year[2]. - The total assets as of the end of the reporting period amounted to 109,514,684,119.65, an increase from 100,802,875,077.51 at the beginning of the period[11]. - Total liabilities increased to CNY 117,408,606,711.99 from CNY 106,865,582,330.35, marking a rise of 13.4%[13]. - The company’s total liabilities decreased by 46.24% in accounts payable, amounting to ¥3,347,879,478.07 as of September 30, 2024[5]. - The company’s long-term borrowings increased by 41.38%, reaching ¥14,314,299,878.76 due to new bank loans for PPP projects[5]. Cash Flow - The net cash flow from operating activities for the first nine months of 2024 was -6,029,594,327.89, a decrease of 67.57% compared to -3,598,335,955.47 in the same period of 2023[7]. - The cash flow from operating activities showed a net outflow of approximately ¥6.03 billion, compared to a net outflow of ¥3.60 billion in the previous year, reflecting a worsening cash flow situation[17]. - The net cash flow from investing activities improved to -2,107,069,325.25, a 70.12% increase from -7,051,053,819.66 year-over-year, primarily due to increased recoveries from investment projects[7]. - Investment activities resulted in a net cash outflow of approximately ¥2.11 billion, an improvement from a net outflow of ¥7.05 billion in the previous year[17]. - The net cash flow from financing activities decreased by 41.56% to 7,177,939,322.46 from 12,283,099,071.21, mainly due to reduced fundraising inflows compared to the previous year[7]. - Financing activities generated a net cash inflow of approximately ¥7.18 billion, down from ¥12.28 billion in the same period last year, indicating a decrease of about 41.5%[17]. Investments and Shareholder Information - The company reported a significant increase in investment income of 108.08%, totaling ¥118,119,289.92 for the first nine months of 2024[6]. - Long-term equity investments rose to 8,762,208,423.47 from 7,692,737,349.84, indicating growth in strategic investments[11]. - As of September 30, 2024, the total number of ordinary shareholders was 50,814, with the largest shareholder, Shandong Expressway Group Co., Ltd., holding 49.75% of shares[8]. - The company repurchased 9,159,925 shares, representing 0.59% of the total share capital[9]. Cost Management - Total operating costs amounted to CNY 40,267,796,605.73, down from CNY 42,984,231,904.75, reflecting a cost reduction strategy[14]. - Research and development expenses for the period were CNY 1,020,049,459.96, a decrease from CNY 1,107,726,310.34, indicating a focus on cost management[14]. - The company reported a decrease in financial expenses to CNY 681,990,017.54 from CNY 581,413,874.06, reflecting improved financial management[14]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[14].

证券代码：000498 证券简称：山东路桥 公告编号：2024- 115 2024 年 9 月，山东高速路桥集团股份有限公司（以下简称"公司"或"本 公司"）子公司山东省路桥集团有限公司（以下简称"路桥集团"）中标龙烟 铁路市域化改造工程施工总价承包（以下简称"龙烟市域铁路项目"或"本项 目"）LYSG-1 标段。近日，路桥集团与招标人济青高速铁路有限公司（以下简 称"济青高铁公司"）签署了施工合同协议书，合同金额1,096,429,290.00元。 （二）项目出资要求及形式 路桥集团拟积极响应本项目招标文件，按照中标合同金额 1/7 的出资要 求，以自有资金出资 15,663.2755 万元认购项目业主指定的济南枣桥投资合 伙企业（有限合伙）（以下简称"枣桥合伙"）有限合伙人份额。 （三）审议程序 枣桥合伙普通合伙人山东铁发资产管理有限公司（以下简称"铁发资产 公司"）为本公司持股 5%以上股东山东铁路发展基金有限公司（以下简称"铁 发基金"）下属子公司，为本公司关联方。本次出资构成关联交易，已经公司 第十届董事会第二次会议审议通过。董事彭学国先生兼任铁发基金董事，作 为关联董事回避表决。本次交易无需提交公 ...

证券代码： 000498 证券简称： 山东路桥 公告编号：2024-114 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。 山东高速路桥集团股份有限公司（以下简称"公司"）于2024年 10月28日召开第十届董事会第二次会议和第十届监事会第二次会议， 审议通过了《关于2024年第三季度利润分配方案的议案》。现将相关 事宜公告如下： 根据公司 2024 年第三季度财务报告（未经审计），公司 2024 年 1-9 月 合 并 报 表 实 现 归 属 于 上 市 公 司 股 东 的 净 利 润 为 1,456,351,779.34 元，母公司实现净利润为 140,560,448.80 元。截 至 2024 年 9 月 30 日 ， 公 司 合 并 报 表 累 计 可 供 分 配 利 润 为 11,176,954,526.03 元，母公司累计可供分配利润为 2,520,817,567.75 元。 按照中国证监会鼓励上市公司现金分红，给予投资者稳定合理回 报的指导意见，在符合利润分配原则、保证公司正常经营和长远发展 的前提下，为给广大股东创造持续稳定的收益，与股东共享公 ...

证券代码：000498 证券简称：山东路桥 公告编号：2024-112 （二）审议通过《关于 2024 年第三季度利润分配方案的议案》 山东高速路桥集团股份有限公司 第十届监事会第二次会议决议公告 本公司及监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、监事会会议召开情况 山东高速路桥集团股份有限公司（以下简称"公司"或"本公 司"）第十届监事会第二次会议于 2024 年 10 月 28 日在公司四楼会议 室以现场方式召开。会议通知于 10 日前以邮件方式向全体监事发出。 会议应出席监事 5 人，实际出席监事 5 人。本次会议由监事会主席范 垚先先生主持，所有监事现场出席。会议的召开符合《公司法》《公司 章程》的规定。 二、监事会会议审议情况 （一）审议通过《公司 2024 年第三季度报告》 经审核，监事会认为董事会编制和审议的公司 2024 年第三季度报 告的程序符合法律、行政法规及中国证监会的规定，报告内容真实、准 确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性 陈述或者重大遗漏。 公司 2024 年第三季度报告详见 2024 年 10 月 3 ...

证券代码：000498 证券简称：山东路桥 公告编号：2024-111 山东高速路桥集团股份有限公司 第十届董事会第二次会议决议公告 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。 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"）第十届董事会第二次会议于 2024 年 10 月 28 日在公司四楼会议 室以现场结合通讯方式召开。会议通知于 10 日前以邮件方式向全体董 事、监事、高级管理人员发出。会议应出席董事 10 人，实际出席董事 10 人。会议由董事长林存友先生主持，万雨帆先生以通讯方式出席会 议，马宁先生、彭学国先生、程佩宏先生、赵明学先生、宿玉海先生、 魏士荣先生、张宏女士、李建军先生现场出席，公司监事、高级管理人 员列席会议。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 表决结果:10 票同意，0 票反对，0 票弃权，议案通过。 该议案经公司董事会审计委员会审议通过。 （二）审议通过《关于 2024 年第三季度利润分配方案的议案》 根据公司 2024 年三季度财务报告（未经 ...

中标龙烟市域铁路项目并投资枣桥合伙关联交易事项 的核查意见 广发证券股份有限公司（以下简称"广发证券"、"保荐人"）作为山东高速 路桥集团股份有限公司（以下简称"山东路桥"、"公司"）向不特定对象发行可 转换公司债券的保荐人及持续督导机构，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易 所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所 上市公司自律监管指引第 7 号——交易与关联交易》等有关规定，对山东路桥中 标龙烟市域铁路项目并投资枣桥合伙关联交易事项进行了审慎核查，核查情况及 核查意见如下： 关于山东高速路桥集团股份有限公司 广发证券股份有限公司 一、交易概述 （一）项目基本情况 2024 年 9 月，山东路桥子公司山东省路桥集团有限公司（以下简称"路桥 集团"）中标龙烟铁路市域化改造工程施工总价承包（以下简称"龙烟市域铁路 项目"或"本项目"）LYSG-1 标段。近日，路桥集团与招标人济青高速铁路有限 公司（以下简称"济青高铁公司"）签署了施工合同协议书，合同金额 1,096,429,290.00 元。 （二） ...