Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [4][62]. Core Insights - The company, Shandong Road and Bridge, has a long history and a national presence, having been established in 1948 and listed in 2012. It has a strategic focus on both domestic and international markets, particularly in infrastructure projects [4][7]. - The company is backed by state-owned assets from Shandong, with a concentrated shareholding structure, where the largest shareholder holds 55.68% of the shares [10]. - The company has shown steady business progress, with a continuous increase in contract scale. In the first half of 2024, the company signed new contracts worth 746.6 billion yuan, a year-on-year increase of 11.7% [5][21]. - Revenue has been maintained with a total of 426.8 billion yuan in the first three quarters of 2024, despite a year-on-year decline of 6.3%. The net profit attributable to shareholders was 14.6 billion yuan, reflecting a 3.5% increase year-on-year [5][30]. - The company is expected to benefit from policies aimed at stabilizing the economy and resolving local debts, which may enhance its ability to meet market demand in the future [5][54]. Summary by Sections Company Overview - Shandong Road and Bridge was established in 1948 and has evolved into a leading player in infrastructure construction, with a focus on both domestic and international projects [4][7]. - The company has received numerous national and international awards and holds over 2,000 patents, with an annual construction capacity of 50 billion yuan [7]. Business Performance - The company's main revenue source is road and bridge engineering construction, which accounted for 89% of total revenue in the first half of 2024, amounting to 253.7 billion yuan [5][21]. - The company has a diverse portfolio, including road maintenance, concrete production, equipment leasing, and engineering consulting, with significant experience in various construction management fields [5][21]. Financial Performance - The company has shown a stable financial performance, with a net profit margin of 4.2% and a return on equity (ROE) of 6.2% in the first three quarters of 2024 [5][30]. - The company’s asset-liability ratio was 77.25%, a slight decrease from the previous year, indicating stable debt management [5][44]. Profit Forecast - The company is projected to achieve net profits of 2.46 billion, 2.62 billion, and 2.75 billion yuan for the years 2024 to 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 3.6, 3.4, and 3.3 [5][54]. Investment Recommendation - Given the company's strong order book and favorable market conditions, it is recommended as a "Buy" with expectations of significant growth in the coming years [5][54].

Summary of Shandong Road and Bridge Conference Call Company Overview - The conference call discusses Shandong Road and Bridge, a subsidiary of Shandong Highway Group, focusing on infrastructure investment and project developments in Shandong Province. Key Points Industry and Company Investment Plans - Shandong Highway Group plans to invest 43.2 billion yuan by 2025, covering six highway construction projects totaling 222 kilometers and the expansion of the Changshen Expressway, amounting to 295 kilometers, which presents potential order opportunities for the company [2][3] - Infrastructure investment in Shandong Province is on a declining trend, with planned investments of over 80 billion yuan in 2023, over 60 billion yuan in 2024, and over 40 billion yuan in 2025, primarily influenced by new regulations and local government debt [2][4] - By the end of 2024, the total operational mileage of highways in Shandong Province is expected to exceed 8,700 kilometers, with Shandong Highway Group operating over 9,000 kilometers, and the proportion of six-lane highways in the province reaching 44% [2][5] Order and Project Developments - In 2024, Shandong Road and Bridge secured a total of 91.4 billion yuan in new orders, with the highest proportion coming from road and bridge construction at 32%, followed by housing construction at 29%, municipal projects at 14%, and maintenance and industrial park projects at 6% and 5% respectively [3][6] - The company anticipates stable order proportions across various sectors in 2025, with no significant changes expected [3][7] - The company has won a bid for the Handan to Jinan Expressway project, valued at nearly 800 million yuan [2][9] Impact of Policies and Market Conditions - The new Municipal Infrastructure Asset Management Measures have led to a steady progression of new orders, although project planning periods have been extended [2][9] - The debt reduction policy has not yet significantly impacted the company, but positive changes in the attitudes of project owners are expected to yield benefits in 2025 and 2026 [2][10] - The company’s cash flow situation has improved, with enhanced collection efforts and diversified funding sources, although achieving positive cash flow in 2025 remains challenging [2][11] Future Outlook - The company aims to continue expanding its presence in the high-speed rail and subway sectors, with a projected business volume of approximately 4.2 billion yuan in 2024, accounting for nearly 5% of total business [2][8] - The overall market environment is expected to improve in the second quarter of 2025, with potential new policies anticipated to have a direct impact [2][16] Miscellaneous - The company plans to launch a valuation enhancement scheme by April 2025, following a share buyback and dividend distribution in 2024 [2][13] - Nationwide project resumption rates are around 70%-80%, similar to the previous year, with some delays in northern regions due to seasonal factors [2][14] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market conditions, and future expectations in the infrastructure sector.

Summary of Conference Call Company and Industry - The conference call primarily discusses the operations and future plans of a construction company involved in highway and infrastructure projects in Shandong Province, China. The company is linked to Shandong High-Speed Group and focuses on public infrastructure development. Key Points and Arguments Orders and Financial Performance - The company reported a total bidding amount of over 90 billion yuan for the year 2024, with specific details to be disclosed in the annual report [1] - The company is currently managing over 15 projects, with a focus on ensuring the completion of existing projects while planning for future developments [4] Investment Plans - The major shareholder, Shandong High-Speed Group, plans to complete investments in several highway projects by 2025, including the remaining sections of the G25 Changsheng Expressway and other significant routes totaling 295 kilometers [2] Regulatory Changes - A new management approach for public infrastructure projects was implemented on May 1, 2024, shifting from government-funded models to self-financing models, which may impact project execution and profitability [3] Market Dynamics - The company anticipates a slight growth in its core business segments in 2024, with a stable performance in municipal projects, while road and bridge projects are expected to face some pressure [6][7] - The high-speed rail and metro sectors are projected to generate approximately 4.2 billion yuan, accounting for about 5% of total revenue, with the company gradually increasing its participation in these sectors [8][9] Debt Management and Cash Flow - The company is actively working on debt management and cash flow improvement, with a focus on enhancing collection efforts and exploring multiple financing channels [14][15] - The pace of debt resolution in Shandong Province is perceived to be slower compared to southern cities, but there is optimism regarding future government support [16][15] Shareholder Returns - The company plans to enhance its market value management and has initiated a share buyback program, with intentions to increase dividend payouts in the future [17][18] Project Recovery and Market Sentiment - The company has resumed operations post-holiday, with expectations to reach about 70% operational capacity soon, despite some delays due to weather conditions [19][20] Future Outlook - The company remains cautiously optimistic about the second quarter of 2025, anticipating potential improvements in market conditions and project opportunities as government policies evolve [20] Other Important Information - The company emphasizes the importance of maintaining strong communication with project owners and stakeholders to navigate the changing regulatory landscape and market conditions [20] - The conference highlighted the challenges faced by the construction industry, including cash flow issues and the need for timely project execution [14][15]

Group 1: Company Overview - Shandong Highway Bridge Group Co., Ltd. has a stable contribution from maintenance business, accounting for approximately 5%-6% of revenue over the past three years [2][3] - The company is a pioneer in road maintenance construction in China, leading in technology innovation, professional training, and maintenance base layout [2][3] Group 2: Market Position and Expansion - By the end of 2024, the highway mileage in Shandong Province is expected to exceed 8,700 kilometers, driving continuous growth in the road maintenance market [2] - The company holds a significant market share in Shandong's highway maintenance and is actively expanding into other regions, achieving breakthroughs in over ten provinces including Henan, Hubei, and Sichuan [3] Group 3: Recent Developments - In 2023, the company successfully acquired Shandong Highway Traffic Construction Group Co., Ltd., enhancing its capabilities in road and bridge construction and maintenance [3] - The acquisition includes advanced maintenance management systems and complementary locations, which will improve production efficiency and market expansion [3] Group 4: Emerging Business Areas - The company is participating in emerging business fields such as road photovoltaic, wind power generation, and urban operation services, with over 2 billion yuan in contracts for road photovoltaic projects in 2024 [3] - Future strategies will focus on monitoring trends in emerging industries and preparing for future developments [3]

Group 1: Infrastructure Investment - In 2025, Shandong's comprehensive transportation investment is expected to reach CNY 250 billion, with 141 key projects being advanced [1] - The Shandong Highway Group aims for a construction target of "6 open, 4 start" and an investment of CNY 43.2 billion in highways for 2025 [1] Group 2: Market Value Management - The company has implemented a share repurchase plan in 2024 and plans to distribute a total dividend of CNY 330 million for the year, including semi-annual and quarterly dividends [2] - The company is committed to enhancing shareholder value through increased cash dividends and more frequent distributions [2] Group 3: Business Development Direction - In 2025, the company will focus on urban development and international expansion, particularly in financially strong cities and along the "Belt and Road" initiative [2] - The company will prioritize order quality by considering payment collection, client creditworthiness, and the impact of projects on future development [2] Group 4: Project Resumption Status - Following the Spring Festival, most projects have resumed work, with only a few affected by weather conditions [2]

证券代码：000498 证券简称：山东路桥 公告编号：2025-11 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。 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 日召开第八届董事会第二十次会议，审议通过了《关于子公司 拟购置房产的议案》，同意子公司山东省路桥集团有限公司（以下简称 "路桥集团"）向润阳置业购买其开发的晶石中心 A 栋房产（备案名称： 润阳科技技术大楼 A 栋，以下简称"标的房产"）作为公司办公场所。 详见公司于 2018 年 8 月 1 日、8 月 18 日在《中国证券报》《证券时报》 及巨潮资讯网(www.cninfo.com.cn)披露的《关于子公司购置办公楼的 公告》及《关于回复深圳证券交易所关注函的公告》。根据相关规则， 公司自 2019 年 7 月 19 日起在指定媒体每隔三十日发布该事项的进展 公告。 二、产权登记办理情况 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 ...

Summary of Shandong Road and Bridge's Conference Call Company Overview - **Company**: Shandong Road and Bridge - **Date**: February 18, 2025 Key Points Industry and Market Performance - In 2024, the company achieved a bidding amount of 91.48 billion yuan, with profits declining by 23% year-on-year [3][4] - The company operates in 15 business areas including road and bridge construction, comprehensive housing construction, municipal maintenance, industrial parks, high-speed rail, and energy [3] - The proportion of orders from outside Shandong province increased to 40% due to the "External Market Development Year" strategy [4] Order Quality and Strategy - The company plans to focus on order quality by considering payment collection and owner levels to ensure the selection of high-quality orders [3][4][7] - The company is actively participating in concession projects, such as the Hebei Handan to Jinan expressway, with a total investment of 8.55 billion yuan, aiming to secure long-term cash flow and reduce reliance on government-funded PPP projects [4][6] Financial Outlook - Shandong Province issued over 140 billion yuan in bonds at the end of 2024, with an expected positive impact on the company's cash flow over the next three years [4][11] - The company anticipates annual contract amount growth of 15% and revenue growth of 16-17% from 2024 to 2026 [4][14][17] Overseas Expansion - The company established an overseas platform, Road and Bridge International, achieving a contract amount of approximately 6 billion yuan in 2024, with plans for further growth [4][14][19] - The overseas business currently accounts for about 5% of total operations, with a goal to increase this share through strategic development [19] Challenges and Risk Management - The company has shifted focus from government-funded PPP projects to cash flow-positive concession projects to mitigate risks associated with local government debt issues [6][12] - The company is prepared to handle potential challenges in municipal engineering, such as payment difficulties, by leveraging strong relationships with local governments [16] Capital Expenditure and Business Model Changes - The shift in business model requires companies to invest in construction, increasing the probability of winning bids for those with financing advantages [28] - The company plans to prioritize cash flow projects and seek policy support to manage capital expenditure pressures [31] Value Management and Investor Confidence - The company will continue to implement share buybacks, encourage major shareholders to increase holdings, and propose valuation enhancement plans by April [26] - Despite current cash flow challenges, the company maintains confidence in its financial safety due to multiple financing channels and low costs [27] Future Plans - The company is developing its 14th Five-Year Plan, focusing on high-quality projects and leveraging its shareholder background for support in securing contracts [13] - The company aims to enhance project management capabilities to ensure profitability and effective project execution [18] Conclusion - Shandong Road and Bridge is strategically positioning itself for growth through market expansion, improved order quality, and effective financial management while navigating industry challenges and leveraging its strengths in both domestic and international markets.

国浩律师（济南）事务所 关于山东高速路桥集团股份有限公司 2025 年第一次临时股东大会的法律意见书 致：山东高速路桥集团股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）及中国证券监督管理委员会《上市 公司股东大会规则》（以下简称"《股东大会规则》"）、《深圳证券交易所上 市公司股东大会网络投票实施细则》等相关法律、行政法规、部门规章、规范性 文件和《山东高速路桥集团股份有限公司章程》（以下简称"公司章程"）的规 定，国浩律师（济南）事务所（以下简称"本所"）接受山东高速路桥集团股份 有限公司（以下简称"公司"）之委托，指派律师出席了公司于 2025 年 2 月 14 日召开的 2025 年第一次临时股东大会（以下简称"本次股东大会"），并就本 次股东大会的有关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括： 1．公司章程； 2．公司第十届董事会第六次会议决议； 3．公司 2025 年 1 月 23 日刊登于《中国证券报》《证券时报》《证券日报》 《上海证券报》及巨潮资讯网的《山东高速路桥集团股份有限 ...

证券代码：000498 证券简称：山东路桥 公告编号：2025-10 山东高速路桥集团股份有限公司 2025 年第一次临时股东大会决议公告 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。 特别提示： 1.为尊重中小投资者利益，提高中小投资者对公司股东大会决议的重 大事项的参与度，本次股东大会全部议案对中小投资者进行单独计票，中小 投资者是指除公司董事、监事、高级管理人员以及单独或者合计持有公司 5% 以上股份的股东以外的其他股东。 2.现场会议召开地点：山东省济南市历下区经十路 14677 号山东高速 路桥集团股份有限公司四楼会议室 3.会议召开方式：现场投票结合网络投票方式 2.本次股东大会没有否决或修改议案的情况。 3.本次股东大会不涉及变更以往股东大会已通过的决议。 4.本次股东大会以现场表决与网络表决相结合的方式召开。 一、会议的召开情况 1.会议召开时间 (1)现场会议召开时间:2025 年 2 月 14 日(星期五)14:30 (2)网络投票时间:2025 年 2 月 14 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 ...

证券代码：000498 证券简称：山东路桥 公告编号：2025-9 二、重大项目进展情况 截至 2024 年四季度末未交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 | | (%) | 元） | 元） | 元） | 手方 | | 宁夏公路桥 | | | | | | | | | | | | 梁建设有限 | 临沂至滕州公 | | 投资 | | | | | | | 山东高 | | 公司 、聊城 | 路工程施工合 | | 施工 | | | | | | | 速临滕 | | 市交通发展 | 同（第三标 | 143,731 .69 | 一体 | 2022.06 | 36 个月 | 80.37 | 107,558.20 | 95,872.14 | 98,369.69 | 公路有 | | 有限公司 联 | 段） ...