Group 1: Financial Performance - The net cash flow from operating activities increased by 33.79% in the first half of 2025, indicating an improvement in cash flow quality [2][3] - The company has diversified financing channels with lower interest rates, ensuring sufficient funding for operations and cash flow security [3] Group 2: Asset Impairment and Management - The company strictly follows accounting standards to recognize bad debt provisions, primarily for receivables and contract assets [3] - Future measures include enhancing contract asset verification and receivables collection, targeting high-quality clients to reduce asset impairment [3] Group 3: International Expansion - In the first half of 2025, the company achieved a bidding amount of 9.434 billion yuan in overseas construction projects, focusing on emerging markets [4] - The company has developed a robust overseas team and extensive experience, allowing it to establish long-term cooperative relationships in local markets [4] Group 4: Shareholder Returns - Since meeting dividend conditions, the total dividend amount has consistently increased, with plans for semi-annual and quarterly dividends starting in 2024 [4] - The company aims to enhance shareholder value through share buybacks and increased dividend frequency [4] Group 5: Market Outlook - The Shandong provincial government plans to invest 250 billion yuan in comprehensive transportation in 2025, with highway mileage expected to exceed 9,300 kilometers [5] - By 2035, the total scale of the comprehensive transportation network in Shandong is projected to reach over 50,600 kilometers, with more than 15,000 kilometers of highways [5] - The Shandong Highway Group has set an annual construction target of 432 billion yuan for highways in 2025 [5]

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for September 2025, including detailed information on each bond such as credit rating, closing price at the end of August, conversion premium rate, and the financial and business conditions of the underlying companies, as well as their key attractions [13][23][35]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Bond Information**: AAA rating, August closing price of 114.493 yuan, conversion premium rate of 96.64%, and a positive stock PE - TTM of 12.68 [6][13]. - **Company Overview**: A global leader in specialized special - steel materials manufacturing, with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw material bases, forming a strategic layout along the coast and rivers [13]. - **Financial Data**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent was 5.126 billion yuan (YoY - 10.41%). In the first half of 2025, operating income was 54.715 billion yuan (YoY - 4.02%), and net profit attributable to the parent was 2.798 billion yuan (YoY + 2.67%) [13]. - **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. It has a complete industrial chain and strong cost - control capabilities. It also seeks external expansion opportunities [14]. 3.2 Shanlu Convertible Bond - **Bond Information**: AAA rating, August closing price of 117.2 yuan, conversion premium rate of 48.74%, and a positive stock PE - TTM of 4.02 [6][23]. - **Company Overview**: Mainly engaged in road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [23]. - **Financial Data**: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent was 2.322 billion yuan (YoY + 1.47%). In the first half of 2025, operating income was 28.575 billion yuan (YoY + 0.26%), and net profit attributable to the parent was 1.029 billion yuan (YoY + 0.89%) [23]. - **Company Highlights**: Controlled by the Shandong Provincial SASAC, it has the potential for improvement in its balance sheet, liquidity, and order volume. It is expected to benefit from infrastructure construction in Shandong and the Belt and Road Initiative [24]. 3.3 Hebang Convertible Bond - **Bond Information**: AA rating, August closing price of 121.6 yuan, conversion premium rate of 27.33%, and a positive stock PE - TTM of - 154.7 [6][35]. - **Company Overview**: It has advantages in salt mines, phosphate mines, and natural gas supply. Its business has expanded from single - product operations to multiple sectors including chemicals, agriculture, and photovoltaics [35]. - **Financial Data**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent was 0.031 billion yuan (YoY - 97.55%). In the first half of 2025, operating income was 3.921 billion yuan (YoY - 19.13%), and net profit attributable to the parent was 0.052 billion yuan (YoY - 73.07%) [35]. - **Company Highlights**: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production is a major profit - contributor [36]. 3.4 Aima Convertible Bond - **Bond Information**: AA rating, August closing price of 127.164 yuan, conversion premium rate of 31.95%, and a positive stock PE - TTM of 14.18 [6][46]. - **Company Overview**: A leading enterprise in the electric two - wheeler industry, producing and selling various electric two - wheelers through dealers [46]. - **Financial Data**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent was 1.988 billion yuan (YoY + 5.68%). In the first half of 2025, operating income was 13.031 billion yuan (YoY + 23.04%), and net profit attributable to the parent was 1.213 billion yuan (YoY + 27.56%) [46]. - **Company Highlights**: It may benefit from government subsidies for trade - ins, the implementation of new national standards, and has potential for improving gross margins [47]. 3.5 Xingye Convertible Bond - **Bond Information**: AAA rating, August closing price of 124.698 yuan, conversion premium rate of 17.91%, and a positive stock PE - TTM of 6.14 [6][55]. - **Company Overview**: One of the first - established joint - stock commercial banks, evolving into a modern financial service group [55]. - **Financial Data**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent was 77.205 billion yuan (YoY + 0.12%). In the first half of 2025, operating income was 110.458 billion yuan (YoY - 2.29%), and net profit attributable to the parent was 43.141 billion yuan (YoY + 0.21%) [55]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [56]. 3.6 Wentai Convertible Bond - **Bond Information**: AA - rating, August closing price of 123.15 yuan, conversion premium rate of 23.63%, and a positive stock PE - TTM of - 19.91 [6][67]. - **Company Overview**: A global leader in semiconductor R & D and manufacturing, adopting the IDM model [67]. - **Financial Data**: In 2024, its operating income was 73.598 billion yuan (YoY + 20.23%), net profit attributable to the parent was - 2.833 billion yuan (YoY - 339.83%). In the first half of 2025, operating income was 25.341 billion yuan (YoY - 24.56%), and net profit attributable to the parent was 0.474 billion yuan (YoY + 237.36%) [67]. - **Company Highlights**: After divesting some subsidiaries, it focuses on the semiconductor business, which has shown growth. Its automotive and consumer electronics businesses also have development potential [68]. 3.7 Chongqing Bank Convertible Bond - **Bond Information**: AAA rating, August closing price of 123.688 yuan, conversion premium rate of 21.55%, and a positive stock PE - TTM of 6.47 [6][78]. - **Company Overview**: One of the earliest local joint - stock commercial banks in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [78]. - **Financial Data**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent was 5.117 billion yuan (YoY + 3.8%). In the first half of 2025, operating income was 7.659 billion yuan (YoY + 7%), and net profit attributable to the parent was 3.19 billion yuan (YoY + 5.39%) [78]. - **Company Highlights**: It benefits from the national strategy of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and actively adjusts its credit strategy [79]. 3.8 Tianye Convertible Bond - **Bond Information**: AA + rating, August closing price of 123.717 yuan, conversion premium rate of 84.35%, and a positive stock PE - TTM of 146.1 [6][90]. - **Company Overview**: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [90]. - **Financial Data**: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent was 0.068 billion yuan (YoY + 108.83%). In the first half of 2025, operating income was 5.16 billion yuan (YoY - 0.98%), and net profit attributable to the parent was - 0.009 billion yuan (YoY - 228.22%) [90]. - **Company Highlights**: It has relatively stable caustic soda production costs and plans to increase dividend frequency, while its group is promoting two coal - mine projects [91]. 3.9 Huanxu Convertible Bond - **Bond Information**: AA + rating, August closing price of 127.8 yuan, conversion premium rate of 24.45%, and a positive stock PE - TTM of 27.85 [6][101]. - **Company Overview**: A global leader in electronic manufacturing design, providing value - added services to brand customers [101]. - **Financial Data**: In 2024, its operating income was 60.691 billion yuan (YoY - 0.17%), net profit attributable to the parent was 1.652 billion yuan (YoY - 15.16%). In the first half of 2025, operating income was 27.214 billion yuan (YoY - 0.63%), and net profit attributable to the parent was 0.638 billion yuan (YoY - 18.66%) [101]. - **Company Highlights**: It is a leading manufacturer of smart - wearable SiP modules and has strengthened its R & D and production capabilities in key fields through global expansion [102]. 3.10 Yushui Convertible Bond - **Bond Information**: AAA rating, August closing price of 124.714 yuan, conversion premium rate of 28.15%, and a positive stock PE - TTM of 27.4 [6][111]. - **Company Overview**: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [111]. - **Financial Data**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent was 0.785 billion yuan (YoY - 27.88%). In the first half of 2025, operating income was 3.519 billion yuan (YoY + 7.16%), and net profit attributable to the parent was 0.458 billion yuan (YoY + 10.06%) [111]. - **Company Highlights**: It has a high market share in Chongqing, is expanding its business externally, and has achieved cost control through intelligent applications [112].

Core Viewpoint - The company reported a stable performance in H1 2025, with revenue and net profit showing slight year-on-year growth, while new orders significantly increased, indicating a positive outlook for future operations [1][4]. Financial Performance - H1 2025 revenue reached 28.575 billion yuan, a year-on-year increase of 0.26%, with net profit attributable to shareholders at 1.029 billion yuan, up 0.89% year-on-year [1]. - Q2 2025 revenue was 18.811 billion yuan, down 0.59% year-on-year but up 92.65% quarter-on-quarter, with net profit of 779 million yuan, reflecting a year-on-year increase of 0.57% and a quarter-on-quarter increase of 212.51% [1]. - The comprehensive gross margin for H1 2025 was 11.5%, a decrease of 0.67 percentage points year-on-year, with Q2 gross margin at 11.48% [2]. Order and Business Development - New orders signed in H1 2025 totaled 49.255 billion yuan, a year-on-year increase of 59.8%, continuing the high growth trend from Q1 [4]. - The company is focusing on expanding its "going urban and going overseas" strategy, with domestic urban projects accounting for approximately 48.54% of new orders and overseas projects seeing a significant increase in bids [4]. Cash Flow and Cost Management - The net operating cash flow for H1 2025 was -1.723 billion yuan, a reduction in outflow by 874 million yuan year-on-year, with cash collection and payment ratios at 78.1% and 76.6%, respectively [3]. - The expense ratio for H1 2025 was 5.25%, a decrease of 0.67 percentage points year-on-year, with financial expenses down 22.22% due to reduced interest payments [2]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 2.357 billion, 2.398 billion, and 2.456 billion yuan, respectively, with a target price of 9.06 yuan based on a PE ratio of 6.0 [5].

Core Viewpoint - Shandong Road and Bridge (000498) reported a slight increase in total revenue and net profit for the first half of 2025, indicating stable performance despite challenges in cash flow and rising receivables [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 28.575 billion yuan, a year-on-year increase of 0.26% [1]. - Net profit attributable to shareholders was 1.029 billion yuan, up 0.89% year-on-year [1]. - In Q2 2025, total revenue was 18.811 billion yuan, a decrease of 0.59% compared to the same quarter last year [1]. - Q2 net profit attributable to shareholders was 779 million yuan, an increase of 0.57% year-on-year [1]. - The gross margin was 11.47%, down 5.61% year-on-year, while the net margin was 4.49%, down 1.43% year-on-year [1]. - Total operating expenses (selling, administrative, and financial) amounted to 1.037 billion yuan, accounting for 3.63% of revenue, a decrease of 8.91% year-on-year [1]. Cash Flow and Receivables - The company reported a significant increase in accounts receivable, which reached 19.258 billion yuan, a rise of 23.37% year-on-year [1]. - The ratio of accounts receivable to net profit was notably high at 829.26% [1]. - Operating cash flow per share improved to -1.1 yuan, a 33.79% increase year-on-year, indicating better cash flow management [1]. Investment and Debt Analysis - The net cash flow from investing activities saw a drastic decline of 437.54%, attributed to increased cash payments for fixed assets and other long-term assets [2]. - Interest-bearing liabilities rose to 39.885 billion yuan, an increase of 23.63% year-on-year [1]. - The company’s return on invested capital (ROIC) was reported at 5.71%, indicating generally weak investment returns [2][3]. Business Model and Future Outlook - The company’s performance is primarily driven by research and development, necessitating a thorough examination of the underlying factors [4]. - Analysts project that the company’s performance for 2025 will reach 2.393 billion yuan, with an average earnings per share of 1.54 yuan [5].

Core Insights - Shandong Road and Bridge reported a decrease in the number of shareholders to 45,629 as of June 30, 2025, down by 2,373 or 4.94% from March 31, 2025 [1][2] - The average number of shares held per shareholder increased from 32,500 to 34,200, with an average market value of 201,200 yuan per shareholder [1][2] - Compared to the industry average, Shandong Road and Bridge has a lower number of shareholders and average market value per shareholder [1] Financial Performance - The stock price of Shandong Road and Bridge increased by 1.03% from March 31, 2025, to June 30, 2025, despite the reduction in the number of shareholders [1][2] - Over the same period, the company experienced a net outflow of 47.89 million yuan from institutional investors, while retail investors contributed a net inflow of 34.38 million yuan [2] - The average market value of shareholders in the infrastructure sector is 247,000 yuan, which is higher than that of Shandong Road and Bridge [1]

格隆汇8月29日丨山东路桥(000498.SZ)公布2025年半年度报告，上半年公司实现营业收入285.75亿元， 同比增长0.26%；归属于上市公司股东的净利润10.29亿元，同比增长0.89%；归属于上市公司股东的扣 除非经常性损益的净利润9.95亿元，同比增长9.29%；基本每股收益0.5250元；拟向全体股东每10股派 发现金红利0.23元(含税)。 ...

山东高速路桥集团股份有限公司 2025 年半年度报告全文 山东高速路桥集团股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 | 二、合并财务报表项目注释 | 20 | | --- | --- | | 三、在其他主体中的权益 | 91 | | 四、关联方及关联交易 105 | | 山东高速路桥集团股份有限公司 2025 年半年度报告全文 一、财务报告 1、合并资产负债表 编制单位：山东高速路桥集团股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 7,977,384,711.64 | 7,111,421,501.09 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 1,207,833,949.69 | 1,304,884,045.55 | | 应收账款 | 19,258,145,320.33 | 17,845,409,708.40 | | 应收款项融资 | | | | 预付 ...

2025 年 1-6 月非经营性资金占用及其他关联资金往来情况汇总表 编制单位：山东高速路桥集团股份有限公司 单位：人民币万元 | 非经营性资金 | | 占用方与 上市公司 | 上市公司 | 2025 年期初 | 2025 年 1-6 月占用 | 2025 年 1-6 月占 | 2025年1-6月 | 2025 年 6 月 | 占用 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 占用 | 资金占用方名称 | 的关联关 | 核算的会 | 占用资金余 | 累计发生金额（不 | 用资金的利息 | 偿还累计发 | 末占用资金 | 形成 | 占用性质 | | | | 系 | 计科目 | 额 | 含利息） | （如有） | 生金额 | 余额 | 原因 | | | 控股股东、实际 控制人及其附 | | | | | | | | | | 非经营性占用 | | 属企业 | | | | | | | | | | 非经营性占用 | | 小计 | | | | | | | | | | - | | 前控股股东、实 际控制人及其 | | | ...

证券代码： 000498 证券简称： 山东路桥 公告编号：2025-84 山东高速路桥集团股份有限公司 关于计提资产减值准备的公告 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。 为真实反映公司的财务状况及经营成果，根据《企业会计准则》 《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》及公司会计政策、会计估计等相关规定，山东高速路桥集团股 份有限公司(以下简称"公司"、"本公司")对合并报表范围内截 至2025年6月30日的各类资产进行了减值测试，对可能存在减值迹象的 资产计提相应减值准备。 (一)本次计提资产减值准备的原因 根据《企业会计准则》《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》的要求，为真实、准确、客观地反 映公司的财务状况、资产价值及经营成果，基于谨慎性原则，公司对 各类资产进行了全面检查和减值测试，并对公司截至2025年6月30日合 并报表范围内的有关资产计提相应的减值准备。 (二)本次计提资产减值准备的基本情况 本公司对于销售商品、提供劳务或服务等由收入准则规范的交 易形成且不含重大融资成分的应收款 ...

证券代码：000498 证券简称：山东路桥 公告编号：2025-82 山东高速路桥集团股份有限公司 关于 2025 年半年度募集资金存放与使用情 况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 根据中国证券监督管理委员会（以下简称"中国证监会"）《上 市公司募集资金监管规则》（以下简称"《监管规则》"）和深圳证 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 （2025 年修订）》（以下简称"《自律监管指引 1 号》"）等相关 规定，山东高速路桥集团股份有限公司（以下简称"公司"或"本公 司"）董事会全面核查了募集资金投资项目的进展情况，编制了 2025 年半年度募集资金存放与使用情况的专项报告，具体如下： 一、募集资金基本情况 （一）募集资金金额及到账时间 经中国证监会《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）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 48,360,000.00 张，每张面值为人民币 1 ...