特此公告。 山东高速路桥集团股份有限公司董事会 份 9,159,925 股，占公司无限售条件流通股的 0.63%，未纳入前 10 名无限售条件普通股股东 持股情况列示。 三、备查文件 证券代码：000498 证券简称：山东路桥 公告编号：2025-42 山东高速路桥集团股份有限公司 关于回购股份事项股东大会股权登记日 前十名股东及前十名无限售条件股东 持股情况的公告 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"）于 2025 年 股份方案的议案》，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。该议案尚需提 交股东大会审议。详细内容请见公司于 2025 年 4 月 29 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）披露的《关于回购公司股份方案的公告》（公 告编号：2025-38）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律 ...

序号 股东名称 持股数量（股） 持股比例（%） 1 山东高速集团有限公司 776,564,176 49.75 2 山东铁路发展基金有限公司 107,346,104 6.88 3 山东高速投资控股有限公司 92,497,537 5.93 一、前十名股东持股情况 | 4 | 夏重阳 | 29,230,000 | 1.87 | | --- | --- | --- | --- | | 5 | 香港中央结算有限公司 | 19,944,951 | 1.28 | | 6 | 全国社保基金一一一组合 | 16,043,759 | 1.03 | | 7 | 光大金瓯资产管理有限公司 | 8,903,314 | 0.57 | | 8 | 招商银行股份有限公司－南方中证 1000 交易 型开放式指数证券投资基金 | 6,077,967 | 0.39 | | 9 | 中信证券资产管理（香港）有限公司－客户资 金 | 4,109,708 | 0.26 | | 10 | 上海宁泉资产管理有限公司－宁泉致远 56 号 私募证券投资基金 | 3,483,221 | 0.22 | 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 ...

Core Insights - The article discusses the recent research conducted by QuanGuo Fund on Shandong Road and Bridge, highlighting the fund's performance and the company's financial health and strategies [1] Group 1: Fund Overview - QuanGuo Fund was established on February 8, 2022, with a total asset management scale of 17.09 billion and manages 7 funds with 5 fund managers [1] - The fund's performance over the past year shows the following returns: - Fund Code 019624: 8.59% return - Fund Code 019625: 8.15% return - Fund Code 018329: 6.47% return - Fund Code 018330: 6.06% return - Fund Code 016709: 4.49% return - Fund Code 016710: 4.09% return [1] Group 2: Company Financials - In Q1 2025, the company reported a net cash flow from operating activities that increased by 81.03% year-on-year, indicating improved cash flow management [1] - The company aims to enhance cash flow by focusing on "strict control of new increments, resolving existing stock, and preventing risks" in 2025 [1] Group 3: Risk Management - The company has overseas projects primarily in countries along the Belt and Road Initiative and actively monitors exchange rate risks through contract terms, procurement planning, and currency selection for project settlements [1] Group 4: Subsidiary Performance - The core subsidiary, Luqiao Group, established in 1948, reported total assets of 62.236 billion, operating revenue of 29.355 billion, operating profit of 1.614 billion, and net profit of 1.396 billion in 2024 [1] Group 5: Financing Strategy - The company holds a 3A credit rating, providing it with diverse financing channels and low costs. The average financing costs for various instruments in 2024 were as follows: - Bank loans: 3.88% - Medium-term notes: 2.97% - Corporate bonds: 2.60% [1]

Group 1: Company Overview - Shandong Road and Bridge Group Co., Ltd. focuses on cash flow management, achieving a net cash flow increase of 81.03% year-on-year in Q1 2025 [2] - The core goal for 2025 is to strengthen cash flow management by emphasizing "strict control of increment, resolving stock, and preventing risks" [2] Group 2: Foreign Exchange Risk Management - The company actively monitors foreign exchange risks associated with overseas projects, particularly in countries along the "Belt and Road" initiative [3] - Strategies include careful contract terms regarding exchange rate impacts, advance procurement planning based on exchange rate forecasts, and selecting stable currencies for contracts and settlements [3] Group 3: Subsidiary Performance - The core subsidiary, Road and Bridge Group, established in 1948, reported total assets of 62.236 billion yuan, operating income of 29.355 billion yuan, operating profit of 1.614 billion yuan, and net profit of 1.396 billion yuan in 2024 [4] Group 4: Financing Channels and Costs - The company holds a 3A credit rating, providing access to diverse and low-cost financing channels [5] - In 2024, the average financing costs were 3.88% for bank loans, 2.97% for medium-term notes, and 2.60% for corporate bonds [5]

Financial Performance - In Q1 2025, the company achieved a net profit of 249 million CNY, representing a year-on-year increase of 1.89% [2] - Revenue increased by 1.95% year-on-year [2] - Net cash flow from operating activities grew by 81.03% year-on-year, indicating improved cash flow management [3] Business Development - A new wholly-owned subsidiary, Shandong Highway Engineering Equipment Co., Ltd., was established in March 2025, focusing on high-end equipment manufacturing [3] - The company plans to deepen its road and bridge construction business while expanding into new sectors, including water conservancy, environmental protection, and high-speed rail [4] - The 2025 revenue target is set at 74.02 billion CNY, a 3.74% increase from 2024, with a net profit target of 3.13 billion CNY, reflecting a 3.59% growth [4] Industry Outlook - The civil engineering construction industry is supported by national policies, solidifying its status as a pillar of the national economy [5] - In Shandong Province, a total investment of 250 billion CNY in comprehensive transportation is planned for 2025, with highway mileage expected to exceed 9,300 kilometers [5][6] - Nationally, the goal is to establish a comprehensive transportation network of approximately 700,000 kilometers by 2035, with significant investments planned for infrastructure [7][8] Competitive Position - The company maintains a stable development trend amid complex domestic and international environments, leveraging its comprehensive service capabilities across multiple sectors [8] - The company is positioned as a full-spectrum engineering service provider, enhancing its risk resistance through a diversified business structure [8]

Report Summary - The report presents the top ten convertible bonds for May 2025 [1][10] Core Viewpoints - The report provides a detailed analysis of the top ten convertible bonds in May 2025, including their ratings, closing prices at the end of April, conversion premium rates, and P/E ratios of the underlying stocks. It also analyzes the business operations, financial performance, and company highlights of the corresponding issuing companies [10][20][30] Analysis of Each Convertible Bond 1. Zhongte Convertible Bond - Rating: AAA; 4 - month - end closing price: 107.723 yuan; Conversion premium rate: 111.03%; Underlying stock PE - TTM: 11.5 [10] - The company is a globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons. In 2024, its revenue was 109.203 billion yuan (-4.22% y/y), and in Q1 2025, revenue was 26.84 billion yuan (-5.59% y/y) [10] - Company highlights: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with over 20 million tons of annual production capacity. It has a complete industrial chain and is seeking external expansion opportunities [11] 2. Shanlu Convertible Bond - Rating: AAA; 4 - month - end closing price: 109.882 yuan; Conversion premium rate: 53.32%; Underlying stock PE - TTM: 3.7 [20] - The company's main business is road and bridge construction and maintenance. In 2024, its revenue was 71.348 billion yuan (-2.3% y/y), and in Q1 2025, revenue was 9.764 billion yuan (+1.95% y/y) [20] - Company highlights: It has the concept of "China - specific valuations" as its actual controller is the Shandong Provincial State - owned Assets Supervision and Administration Commission. It is expected to benefit from the infrastructure construction plan in Shandong during the 14th Five - Year Plan period [21] 3. Heshun Convertible Bond - Rating: AA -; 4 - month - end closing price: 126.801 yuan; Conversion premium rate: 23.13%; Underlying stock PE - TTM: 11.2 [30] - The company is a high - tech enterprise focusing on the R & D, production, and sales of polyamide 6 slices. In 2024, its revenue was 7.168 billion yuan (+19.11% y/y), and in Q1 2025, revenue was 1.563 billion yuan (-4.63% y/y) [30] - Company highlights: In 2024, the downstream market demand was good. It is promoting multiple new projects and actively expanding into the international market [31] 4. Aima Convertible Bond - Rating: AA; 4 - month - end closing price: 128.524 yuan; Conversion premium rate: 15.7%; Underlying stock PE - TTM: 17.6 [41] - The company is a leading enterprise in the electric two - wheeled vehicle industry. In 2024, its revenue was 21.606 billion yuan (+2.71% y/y), and in Q1 2025, revenue was 6.232 billion yuan (+25.82% y/y) [41] - Company highlights: The subsidy for trading in old vehicles may continue, and the implementation of the new national standard is expected to bring policy dividends and improve the gross profit margin [42] 5. Xingye Convertible Bond - Rating: AAA; 4 - month - end closing price: 116.521 yuan; Conversion premium rate: 24.23%; Underlying stock PE - TTM: 5.7 [51] - The company is one of the first joint - stock commercial banks established with the approval of the State Council and the People's Bank of China. In 2024, its revenue was 212.226 billion yuan (+0.66% y/y), and in Q1 2025, revenue was 55.683 billion yuan (-3.58% y/y) [51] - Company highlights: Its net interest income has grown steadily, asset quality is stable, and the scale has maintained stable growth [52] 6. Yonghe Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.310 yuan; Conversion premium rate: 17.03%; Underlying stock PE - TTM: 32.7 [64] - The company's main business is the R & D, production, and sales of fluorochemical products. In 2024, its revenue was 4.606 billion yuan (+5.42% y/y), and in Q1 2025, revenue was 1.138 billion yuan (+12.36% y/y) [64] - Company highlights: In 2024, the prices of refrigerant products recovered, and the fluorochemical production base project of its subsidiary turned profitable [65] 7. Chongyin Convertible Bond - Rating: AAA; 4 - month - end closing price: 121.159 yuan; Conversion premium rate: 12.33%; Underlying stock PE - TTM: 7.2 [73] - The company is an early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China. In 2024, its revenue was 13.679 billion yuan (+3.54% y/y), and in Q1 2025, revenue was 3.581 billion yuan (+5.3% y/y) [73] - Company highlights: It is expected to benefit from the Chengdu - Chongqing Twin - City Economic Circle strategy. Its asset scale has grown steadily, and it actively follows national strategies [74] 8. Beigang Convertible Bond - Rating: AAA; 4 - month - end closing price: 127.2 yuan; Conversion premium rate: 12%; Underlying stock PE - TTM: 19.2 [85] - The company is located at an important transportation hub. In 2024, its revenue was 7.003 billion yuan (+0.77% y/y), and in Q1 2025, revenue was 1.643 billion yuan (+6.73% y/y) [85] - Company highlights: Its cargo and container throughput have increased, and it has a complete transportation network and is actively exploring the market [86] 9. Huayuan Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.228 yuan; Conversion premium rate: 12.95%; Underlying stock PE - TTM: 26.2 [96] - The company focuses on building a complete vitamin D3 industry chain. In 2024, its revenue was 1.243 billion yuan (+13.58% y/y), and in Q1 2025, revenue was 0.326 billion yuan (-1.18% y/y) [96] - Company highlights: It is a leading enterprise in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product portfolio and has achievements in the pharmaceutical manufacturing field [98] 10. Yushui Convertible Bond - Rating: AAA; 4 - month - end closing price: 122.423 yuan; Conversion premium rate: 26.22%; Underlying stock PE - TTM: 27.7 [106] - The company is the largest integrated water supply and drainage enterprise in Chongqing. In 2024, its revenue was 6.999 billion yuan (-3.52% y/y), and in Q1 2025, revenue was 1.652 billion yuan (+8.66% y/y) [106] - Company highlights: It has a high market share in Chongqing's water supply and drainage market, is expanding externally, and has achieved good results in cost control [108]

证券研究报告 山东路桥 (000498 CH) Q1 业绩稳健，现金流显著改善 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 建筑施工 | 公司发布一季报：2025Q1 实现营收 97.6 亿元，同比+1.95%，归母净利 2.49 亿元，同比+1.89%。我们认为随着政策转向稳增长、化债加码，公司需求 和现金流有望迎来改善。4 月 29 日公司发布回购公告，拟回购股份注销， 回购金额不低于 5000 万至 1 亿元，股价不超过 8.68 元/股，预计回购股份 数量约 576~1152 万股，占总股本 0.37%~0.74%，公司对未来发展信心充 足，积极维护股东利益，维持"买入"。 25Q1 综合毛利率同比下滑，期间费用率优化，归母净利率持平 25Q1 公司综合毛利率为 11.5%，同比-0.63pct。期间费用率为 7.83%，同 比-0.19pct，其中管理/研发/财务费用率分别为 3.92%/1.83%/2.07%，同比 +0.11/-0.18/-0.11pct，管理费用同比+4.7%，费用率有所提 ...

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]