证券代码：000498 证券简称：山东路桥 公告编号：2025-121 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 1、股东会届次：2025 年第三次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券 交易所股票上市规则》《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》等法律、行政法规、部门规章、规范性文件及 《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 09 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体 时间为 2025 年 12 月 09 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投票的具体时间为 2025 年 12 月 09 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2025 年 12 月 03 日 7、出席对象： 8、会议地点：山东省济南市历下区 ...

证券代码：000498 证券简称：山东路桥 公告编号：2025-119 本议案经独立董事专门会议审议通过。 表决结果：8 票同意，0 票反对，0 票弃权，议案通过。 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"）第十届董事会第二十一次会议于 2025 年 11 月 21 日在公司四楼 会议室以通讯方式召开。经全体董事同意，会议通知于 1 日前以邮件 方式向全体董事、高级管理人员和纪委书记发出。会议应出席董事 9 人，实际出席董事 9 人。会议由董事长林存友先生主持，公司高级管 理人员及纪委书记列席会议。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 （一）审议通过《关于参与沂源至邹城高速投标的议案》 为响应招标人山东高速基础设施建设有限公司（以下简称"招标 人"）《潍坊至邹城高速公路沂源至邹城段工程施工招标文件》（以 下简称"招标文件"）要求，山东高速路桥集团股份有限公司（以下 简称"公司"）子公司山东省路桥集团有限公司及公司其他控股子公 ...

Summary of Shandong Road and Bridge's Conference Call Company Overview - **Company**: Shandong Road and Bridge - **Industry**: Infrastructure and Construction Key Points 1. Business Performance and Outlook - The company reported good operational development in Q4 2025, with optimistic bidding results for external market projects and active internal highway projects, expecting stable growth in Q4 despite weather-related impacts on project progress in North China and northern regions [2][3][4] - The revenue and net profit targets for 2025 remain unchanged, with the final results dependent on the opening and revenue contributions in the last three months of the year [2][5] 2. Market Conditions and Strategic Focus - The infrastructure market in Shandong province is expected to maintain stable growth from the end of the 14th Five-Year Plan to the 15th Five-Year Plan, with increased funding and policy support anticipated in 2026 [2][6] - The company is actively expanding into the northwest, southwest, and Southeast Asian markets [2][6] 3. Overseas Market Performance - The overseas market orders performed excellently, reaching over 9 billion yuan in the first half of 2025, with expectations to reach around 10 billion yuan for the entire year [2][7][8] - The major shareholder's orders are expected to enter the bidding phase in the next two months, contributing to growth [8] 4. Dividend Strategy - The company plans to gradually increase the total dividend amount over the next few years, continuing a strategy of multiple dividends per year and annual increases to provide fixed expectations for investors [2][9] 5. Profit Margin Management - The company has implemented cost control measures through the "cost reduction and efficiency enhancement" initiative and the "two 1%" project, which focuses on strict cost management before and during project execution [3][10] - Profit margins vary significantly based on project content and location, but the company aims to continue improving overall profit margins [10] 6. Cash Flow Management - The goal for 2025 is to achieve positive operating cash flow, with measures in place to improve cash flow, including a lifetime responsibility system for project managers and shared collection targets for the leadership team [3][11] - The company has diverse financing channels and low costs, enabling it to support daily operations and expand market share [11] 7. Market Value Management - The Shandong Provincial State-owned Assets Supervision and Administration Commission is seeking opinions on market value management guidelines, which are expected to be published by the end of 2025 or early 2026 [12] - The management of market value will impact leadership compensation and employee salary assessments, emphasizing the importance of performance in this area [12] 8. Emerging Markets and New Opportunities - The company has made significant progress in overseas markets, achieving a 100% year-on-year growth, with a short-term goal of overseas revenue accounting for over 10% of total income [13][14] - The company is also exploring opportunities in urban renewal and municipal engineering, as well as in low-altitude economy sectors [14][16] 9. Participation in Low-Altitude Economy - Currently, the company has limited participation in the low-altitude economy in Shandong, but it recognizes the potential for future involvement, leveraging existing infrastructure [16] This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic direction, and market conditions.

Core Viewpoint - The Jinan Municipal Science and Technology Bureau has officially announced the "2025 Annual Key Laboratory Filing List," with a total of 76 laboratories selected, including the "Key Laboratory of Bio-based Road Materials and High-Performance Green Pavement Structures" led by Shandong Road and Bridge [1] Group 1: Laboratory Selection - The selected key laboratories are aimed at addressing critical areas, key industries, and major projects that meet the actual needs of Jinan's economic and social development [1] - The focus is on solving "bottleneck" issues, cultivating high-level technological innovation talents and teams, enhancing core competitiveness of industries, and serving the transformation and upgrading of industries [1] Group 2: Company Implications - The successful selection of the laboratory is a significant achievement for Shandong Road and Bridge in the field of green pavement technology [1] - This lays a solid foundation for the company to promote the deep integration of scientific research innovation and industrial application [1] Group 3: Future Research Directions - The laboratory will focus on the pavement field, specifically on bio-based asphalt materials and durable pavement structures [1] - It will systematically carry out applied basic research, tackle key technological challenges, and facilitate the transformation of research results to support the high-quality development of the company and promote technological progress in the industry [1]

Summary of Shandong Road and Bridge's Conference Call Company Overview - Shandong Road and Bridge is a comprehensive enterprise with qualifications in highway engineering and municipal engineering construction and design, holding top-level construction qualifications [3][4] - The company has a strong bidding and project undertaking capability, covering the entire industry chain including research, design, construction, maintenance, and investment [3] Financial Performance - For the first three quarters of 2025, Shandong Road and Bridge reported revenue of 41.354 billion RMB, a year-on-year decrease of 3.11% [2][5] - Net profit was 1.729 billion RMB, down 3.52% year-on-year, while net profit attributable to shareholders was 1.410 billion RMB, a decrease of 3.27% [2][5] - Operating cash flow was negative at 1.389 billion RMB, but showed a year-on-year increase of 76.98% [2][5] - Total assets reached 173.929 billion RMB, up 6.47% from the beginning of the year, while liabilities increased by 3.67% to 132.676 billion RMB [5] Order Situation - The company secured new contracts worth 65.6 billion RMB in the first three quarters, with the highest proportion in housing construction [2][6] - The order structure includes municipal engineering, maintenance, and industrial park projects, with a significant increase in municipal engineering and industrial park business [6][7] - Domestic contracts accounted for 35.93% from outside Shandong, 42.42% from within Shandong, and approximately 21% from overseas [6] Market Dynamics - The third quarter saw accelerated performance decline due to increased industry pressure, cyclical factors causing delayed payments, and unmet expectations for new project progress [11][12] - The company is optimistic about future growth, particularly in the context of the upcoming "15th Five-Year Plan," which emphasizes infrastructure and renewable energy [10] Strategic Focus - The company prioritizes projects based on the creditworthiness and cash flow of owners, focusing on regions with good fiscal health [4][14] - Plans to increase dividend payouts to enhance company valuation and encourage conversion of convertible bonds [4][20] - The target is to ensure a price-to-book ratio (PB) greater than 1 in the long term [23] Overseas Expansion - Shandong Road and Bridge has seen significant growth in overseas orders, with a focus on markets in Africa, Southeast Asia, and Central Asia [24][25] - The company has successfully entered the Eastern European market through acquisitions and has ongoing projects in various regions [24][25] - The profitability and cash flow of overseas projects vary by project type, with aid projects providing stable cash flow despite lower profits [26] Conclusion - Shandong Road and Bridge is navigating a challenging domestic market while strategically expanding its overseas presence and focusing on improving financial health and project management practices [2][24][25]

Core Viewpoint - A new company, Kaiyuan Hongmeng (Shandong) Digital Technology Co., Ltd., has been established with a registered capital of 50 million yuan, focusing on various advanced technology sectors including intelligent unmanned aerial vehicle manufacturing and artificial intelligence applications [1] Company Summary - The registered capital of the newly established company is 50 million yuan [1] - The business scope includes manufacturing of intelligent unmanned aerial vehicles, integration services for artificial intelligence industry applications, sales of artificial intelligence hardware, sales of intelligent robots, and research and development of intelligent robots [1] - The company is jointly held by Shandong Road and Bridge (000498) wholly-owned subsidiary Shandong High-speed Road and Bridge Investment Management Co., Ltd. and Shengyang Co., Ltd. (002580) among others [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the top ten convertible bonds for November 2025, along with an analysis of the issuing companies, including their financial performance, business models, and key attractions [14][23][36]. 3. Summary by Company 3.1 Zhongte Convertible Bond - Issuer: A globally leading specialized special steel material manufacturing enterprise with a production capacity of approximately 20 million tons of special steel materials per year [14]. - Financial Performance: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent company was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent company was 4.33 billion yuan (YoY +12.88%) [14]. - Key Attractions: It is one of the world's steel companies with the most comprehensive variety and specifications, with a production capacity of over 20 million tons of special steel. It has a complete industrial chain, leading cost - control capabilities, and is seeking opportunities for external expansion [15]. 3.2 Shanlu Convertible Bond - Issuer: A company mainly engaged in road and bridge engineering construction and maintenance, with a complete business and management system [23]. - Financial Performance: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent company was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent company was 1.41 billion yuan (YoY -3.27%) [23]. - Key Attractions: It has the concept of "China - Special Valuation," potential for improvement in its balance sheet and order volume. It can benefit from infrastructure construction in Shandong Province and the Belt and Road Initiative [26]. 3.3 Hebang Convertible Bond - Issuer: A company with advantages in salt mines, phosphate mines, and natural gas supply, covering the chemical, agricultural, and photovoltaic sectors [36]. - Financial Performance: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent company was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent company was 93 million yuan (YoY -57.93%) [36]. - Key Attractions: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production has high - margin potential [37]. 3.4 Aima Convertible Bond - Issuer: A leading enterprise in the electric two - wheeler industry, responsible for R & D, production, and sales [45]. - Financial Performance: In 2024, its operating income was 21.606 billion yuan (YoY +2.71%), and the net profit attributable to the parent company was 1.988 billion yuan (YoY +5.68%). In the first three quarters of 2025, the operating income was 21.093 billion yuan (YoY +20.78%), and the net profit attributable to the parent company was 1.907 billion yuan (YoY +22.78%) [45]. - Key Attractions: The continuation of government subsidies for trade - ins, the implementation of new national standards, and potential improvements in gross margin [46]. 3.5 Xingye Convertible Bond - Issuer: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [56]. - Financial Performance: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent company was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent company was 63.083 billion yuan (YoY +0.12%) [56]. - Key Attractions: Stable asset quality and continuous growth in scale [57]. 3.6 Huanxu Convertible Bond - Issuer: A global leader in electronic manufacturing design, providing value - added services [67]. - Financial Performance: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent company was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent company was 1.263 billion yuan (YoY -2.6%) [67]. - Key Attractions: Leading in smart wearable SiP modules and having a global production layout [68]. 3.7 Chongyin Convertible Bond - Issuer: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [79]. - Financial Performance: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent company was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent company was 4.879 billion yuan (YoY +10.19%) [79]. - Key Attractions: Benefiting from the Chengdu - Chongqing economic circle strategy, stable asset growth, and proactive risk management [80]. 3.8 Tianye Convertible Bond - Issuer: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [88]. - Financial Performance: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent company was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent company was 7 million yuan (YoY -28.79%) [88]. - Key Attractions: Relatively stable caustic soda production costs and plans to increase dividend frequency and advance coal mine projects [89]. 3.9 Aorui Convertible Bond - Issuer: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in multiple fields [101]. - Financial Performance: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent company was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent company was 354 million yuan (YoY +24.58%) [101]. - Key Attractions: Improving its dealer network, expanding the market for its preparation products, and having high - quality customer resources [102]. 3.10 Yushui Convertible Bond - Issuer: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [110]. - Financial Performance: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent company was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent company was 779 million yuan (YoY +7.1%) [110]. - Key Attractions: Stable water supply and drainage business, expanding market share, and effective cost control [111].

1 (本页无正文, 为《山东高速路桥集团股份有限公司 2025 年面向专业投资者公开发行 公司债券（第二期）（品种一）在深圳证券交易所上市的公告》之盖章页） 根据深圳证券交易所债券上市的有关规定，山东高速路桥集团股份有限公司 2025 年面向专业投资者公开发行公司债券（第二期）（品种一）符合深圳证券交易所债券 上市条件，将于 2025年 11月 3日起在深圳证券交易所上市，并向专业投资者中的机构 投资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。 债券相关要素如下： | 债券名称 | 山东高速路桥集团股份有限公司 2025 | | | | | | 年面向专业投资者公开发 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 行公司债券（第二期）（品种一） | | | | | | | | 债券简称 | 25 山路 01 | | | | | | | | 债券代码 | 524494.SZ | | | | | | | | 信用评级 | 主体评级：AAA | | | | | | | | 评级机构 | 联合资信评估股份有限公司 | | | ...

Core Viewpoint - Shandong Road and Bridge is a significant player in the domestic road and bridge engineering sector, with a focus on construction and maintenance, showcasing strong technical capabilities and extensive project experience [1] Financial Performance - In Q3 2025, Shandong Road and Bridge achieved a revenue of 41.354 billion yuan, ranking 9th in the industry, significantly lower than the top players China Railway and China Communications Construction [2] - The company's net profit for the same period was 1.729 billion yuan, ranking 7th in the industry, also below the industry leaders and average [2] Profitability and Debt Ratios - As of Q3 2025, the company's debt-to-asset ratio was 76.28%, higher than the industry average of 72.81%, indicating a relatively high level of debt [3] - The gross profit margin stood at 12.29%, slightly above the industry average of 11.72%, reflecting better profitability compared to peers [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.97% to 44,700, while the average number of shares held per shareholder increased by 1.41% [5] - Notable changes among the top ten shareholders included a reduction in holdings by Hong Kong Central Clearing Limited and new entries from certain funds [5] Business Highlights - In H1 2025, the company reported a revenue of 28.575 billion yuan, a year-on-year increase of 0.26%, with a net profit of 1.029 billion yuan, up 0.89% [6] - New orders signed in H1 2025 reached 49.3 billion yuan, a significant year-on-year increase of 59.8%, indicating a positive outlook for future operations [6] - The company is focusing on expanding its presence in both domestic and international markets, with a notable increase in overseas contract values [6]

证券代码：000498 证券简称：山东路桥 公告编号：2025-118 山东高速路桥集团股份有限公司 关于 2025 年第三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 年第三季度 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 截至 2025 年三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（万元） | 业务 | 开工日 | 工期 | 工程进 | 确认收入（万 | 结算金额（万 | 收款金额（万 | 合同对 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 模式 | 期 | | 度(%) | 元） | 元） | 元） | 手方 ...