Summary of Shandong Road and Bridge Conference Call Company Overview - Shandong Road and Bridge is a comprehensive engineering construction service provider with qualifications in highway and municipal engineering construction. The company has a strong bidding and project undertaking capability, with a complete business system including research, design, construction, maintenance, and investment financing. [3] Financial Performance - In 2024, Shandong Road and Bridge reported revenue of 71.348 billion yuan, a decrease of 2.93% year-on-year. The net profit attributable to shareholders was 2.322 billion yuan, an increase of 1.47%. The net cash flow from operating activities was negative 5.139 billion yuan, a decrease of 29.88% year-on-year. [2][5] - The company expects 2025 revenue to reach 74.02 billion yuan, a growth of 3.74%, and a net profit of 3.13 billion yuan, an increase of 3.59%. [2][6] Dividend Policy - The company emphasizes investor returns and plans to continue its multi-period dividend policy in 2025, maintaining the same structure as 2024, which includes semi-annual and quarterly pre-dividends. The 2024 dividend was approximately 2 yuan for every 10 shares. [2][7][13] Order and Project Updates - In Q1 2025, the company secured stable new orders, including significant projects such as an energy project in Handan, Hebei (over 1.1 billion yuan), and a construction project for Shandong Highway Group (25.74 MW). [2][9] - The company has a project reserve of over 90 billion yuan, which supports future growth. [4][20] Profitability and Margin Improvement - The gross profit margin for the road and bridge engineering business is approximately 12%. The company aims to improve profitability through management optimization, cost reduction, and claims adjustments. [2][10][11] Market and Investment Strategy - The company is focusing on enhancing its market value management, which includes an evaluation plan to boost valuation through increased dividends and share buybacks. [4][14][15] - The company has invested 43.2 billion yuan in infrastructure projects and is optimistic about domestic market conditions, particularly in Shandong Province. [4][20] Overseas Business - The company has been expanding its overseas business, particularly in countries along the Belt and Road Initiative, with a significant increase in overseas orders (over 110% year-on-year). [15][19] - The impact of tariff policies on overseas business is minimal, as the company primarily operates in countries with favorable relations with China. [16] Cash Flow Management - The company is actively managing accounts receivable and cash flow, with a significant improvement in cash flow management noted in Q1 2025, showing an increase of over 80% year-on-year. [8] Conclusion - Shandong Road and Bridge is positioned for stable growth with a focus on improving profitability, expanding its market presence both domestically and internationally, and enhancing shareholder returns through a consistent dividend policy and strategic investments. [2][20]

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]

Group 1: Company Financial Performance - In Q1 2025, the net cash flow from operating activities increased by 81.03% year-on-year due to improved cash flow management [2] - The gross profit margin for 2024 was 13.20%, a 0.42% increase compared to the previous year, with construction and bridge engineering margins at 12.35% and 12.22% respectively [2][3] - The revenue forecast for 2025 is 74.02 billion CNY, representing a 3.74% increase from 2024, while the net profit is projected to be 3.13 billion CNY, a 3.59% increase [3][4] Group 2: Strategic Management and Operations - The company focuses on optimizing operational management and expanding market presence, covering 15 business areas to enhance profitability [3] - A standardized management system for project processes has been established to improve planning, risk management, and resource allocation [3] - The company has implemented a comprehensive cost control system, emphasizing profit enhancement activities and key management measures [3] Group 3: Market Outlook and External Factors - The company does not foresee direct impacts from tariff issues on its overseas projects, primarily located in countries along the Belt and Road Initiative [4] - Future performance is subject to various uncertainties, including macroeconomic conditions and market dynamics [4]

证券代码：000498 证券简称：山东路桥 公告编号：2025-40 山东高速路桥集团股份有限公司 关于 2025 年第一季度经营情况的公告 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。 山东高速路桥集团股份有限公司（以下简称"公司"、"本公司"） 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》 等规定，为方便投资者了解公司生产经营情况，现将 2025 年第一季度 主要经营情况披露如下： 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 第一季度新签订单 截至第一季度末累计 已签约订单未完工部分 截至第一季度末累计 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） 238 223.54 498 1163.43 注 1 205 288.35 一、2025 年第一季度订单情况 | 公司名称 | | 合同金额（万 | 业务 | 开工日 | | 工程 | 确认收入（万 | 结算金额（万 | | 收款金额（万 | 合同对 | | --- | --- | ...

(一)股东大会届次：2024 年度股东大会 证券代码：000498 证券简称：山东路桥 公告编号：2025-39 (二)股东大会的召集人：公司董事会 山东高速路桥集团股份有限公司 关于召开 2024 年度股东大会的通知 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、召开会议的基本情况 本次会议的召开已经公司第十届董事会第十次会议审议通过。 (三)会议召开的合法、合规性： 本次股东大会会议的召开符合有关法律、行政法规、部门规章、规范 性文件和公司章程的相关规定。 (四)会议召开的日期、时间： 1．现场会议时间：2025 年 5 月 19 日(星期一)14:30 2．网络投票的日期和时间为：2025 年 5 月 19 日，其中，通过深圳证 券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 19 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进行网 络投票的具体时间为 2025 年 5 月 19 日 9:15-15:00 期间的任意时间。 (五)会议的召开方式：现场投票结合网络投票方式 本 ...

证券代码：000498 证券简称：山东路桥 公告编号：2025-36 山东高速路桥集团股份有限公司 第十届董事会第十次会议决议公告 （二）审议通过《关于回购公司股份方案的议案》 基于对资本市场及公司未来发展的信心，综合考虑公司近期股 票价格、经营财务状况、未来盈利能力和发展前景等，为维护公司全 体股东利益，公司拟以自有资金或/及金融机构借款通过集中竞价交 易方式回购公司 A 股股份，本次回购的股份将全部用于注销并减少 公司注册资本，并自回购完成之日起十日内注销。本次回购价格区 间上限不超过 8.68 元/股（含），回购资金总额为不低于人民币 5,000.00 万元（含）且不超过人民币 10,000.00 万元（含）。按照回 购资金总额的上下限及回购价格上限 8.68 元/股计算，预计回购股份 数量约为5,760,369股至11,520,737股，约占公司目前总股本的0.37% 至 0.74%。本次回购股份的实施期限为自股东大会审议通过回购股 份方案后 12 个月内。 山东高速路桥集团股份有限公司（以下简称"公司"或"本公司"） 第十届董事会第十次会议于 2025 年 4 月 28 日在公司四楼会议室以 现场结 ...

证券代码：000498 证券简称：山东路桥 公告编号：2025-38 山东高速路桥集团股份有限公司 关于回购公司股份方案的公告 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。 重要内容提示： 1、回购方案主要内容 （1）回购股份的种类：公司已发行的人民币普通股（A 股）。 （2）回购资金总额：本次拟用于回购的资金总额不低于人民币 5,000.00 万元（含）且不超过人民币 10,000.00 万元（含）。 （3）回购期限：自股东大会审议通过本次回购股份方案之日起 12 个月内。回购方案实施期间，公司股票如因筹划重大事项连续停牌 十个交易日以上的，回购期限可予以顺延，顺延后不得超出中国证监 会及深圳证券交易所规定的最长期限。 （4）回购股份的用途：将全部用于注销并减少公司注册资本。 （5）回购股份的资金来源：自有资金或/及金融机构借款。 （6）回购股份价格：不超过人民币 8.68 元/股（含）。该价格不 高于公司董事会审议通过回购股份决议前 30 个交易日股票交易均价 的 150%。 （7）回购股份的数量及占公司总股本的比例：按照回购资金总 额的上下限及回购价格 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥9,764,372,534.02, representing a year-over-year increase of 1.95% compared to ¥9,565,917,173.91 in Q1 2024[5]. - Net profit attributable to shareholders was ¥249,335,611.32, reflecting a 1.89% increase from ¥244,417,473.56 in the same period last year[5]. - Basic earnings per share increased by 5.05% to ¥0.0977 from ¥0.0930 in the previous year[5]. - Net profit for the current period was ¥304,905,488.20, slightly higher than ¥300,927,703.78 from the previous period, indicating a growth of 1.00%[22]. - Basic earnings per share rose to ¥0.0977 from ¥0.0930, reflecting an increase of 7.52%[22]. Cash Flow - The net cash flow from operating activities improved significantly, with a net outflow of ¥524,870,277.43, an 81.03% reduction compared to a net outflow of ¥2,766,504,807.05 in Q1 2024[5][12]. - Operating cash inflow for the current period was ¥17,591,312,492.79, an increase of 12.0% from ¥15,703,202,989.79 in the previous period[25]. - Cash received from sales of goods and services was ¥13,471,891,406.08, compared to ¥12,955,448,134.00 in the previous period[25]. - Cash paid for goods and services was ¥11,473,449,536.99, down from ¥12,780,484,859.28 in the previous period[25]. - Cash received from other operating activities was ¥4,105,920,595.81, an increase from ¥2,719,589,223.93 in the previous period[25]. - Cash paid to employees was ¥1,421,332,398.89, an increase from ¥1,367,610,860.98 in the previous period[25]. Assets and Liabilities - Total assets at the end of Q1 2025 were ¥163,238,770,892.74, a slight decrease of 0.09% from ¥163,360,746,620.03 at the end of the previous year[5]. - Total current assets amount to ¥115,741,556,885.51, a decrease from ¥117,123,312,109.20 at the beginning of the period[17]. - Total liabilities decreased to ¥127,206,760,899.88 from ¥128,007,014,716.48, showing a reduction of approximately 0.62%[20]. - Non-current assets total ¥66,091,902,090.28, down from ¥69,212,322,657.05[17]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 48,002[14]. - Shandong High-Speed Group holds 49.75% of shares, totaling 776,564,176 shares[14]. - The top ten shareholders include Shandong Railway Development Fund with 6.88% and Shandong High-Speed Investment with 5.93%[14]. - The company has not disclosed any related party transactions among the top shareholders[15]. Investment and Expenses - The company reported a significant increase in prepayments, which rose by 37.12% to ¥1,938,353,545.91, primarily due to new prepayments made during the reporting period[9]. - Contract liabilities increased by 52.93% to ¥2,987,183,994.58, attributed to new prepayments received for ongoing projects[9]. - Research and development expenses were ¥178,331,458.76, down from ¥191,969,505.52, indicating a decrease of 7.13%[21]. - The company reported an investment income of ¥10,664,001.10, compared to ¥12,700,594.22 in the previous period, a decline of 16.09%[22]. Other Financial Metrics - The weighted average return on equity decreased slightly to 0.96% from 1.02% in the previous year[5]. - The company experienced a 453.16% increase in credit impairment losses, amounting to ¥39,071,885.94, due to changes in the aging of receivables[11]. - Total operating costs amounted to ¥9,447,976,156.00, up from ¥9,232,666,140.47, reflecting a year-over-year increase of 2.33%[21]. - Other comprehensive income after tax was reported at -¥7,716,547.77, an improvement from -¥10,582,619.05 in the previous period[22].

| 保荐机构名称：广发证券股份有限公司 | 被保荐公司简称：山东路桥 | | --- | --- | | 保荐代表人姓名：马东平 | 联系电话：020-66338888 | | 保荐代表人姓名：易达安 | 联系电话：020-66338888 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限 | | | 于防止关联方占用公司资源的制度、募集资金管理 | 是 | | 制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 次 12 | | （2）公司募集资金项目进展是否与信息披露文件一 | 是 | | 致 | | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 未现场出席，审阅了历次会议通知 ...

广发证券股份有限公司 关于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之保荐总结报告书 在发行保荐阶段，保荐人按照法律、行政法规和中国证监会的规定，对发行人进行 尽职调查，组织编制申请文件并出具推荐文件；提交推荐文件后，主动配合中国证监会、 1 深圳证券交易所的审核，组织发行人及其中介机构对审核问询进行答复，按照中国证监 会、深圳证券交易所的要求对涉及本次证券发行上市的特定事项进行尽职调查或核查； 按照深圳证券交易所上市规则的要求提交推荐向不特定对象发行可转换公司债券上市所 要求的相关文件，并报中国证监会备案。 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"、"发行人"）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，持续督导职责期间截至 2024 年 12 月 31 日。 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》等相关法规及规范性文件的要求，出具本保荐总结报告书。 | 情况 | ...