编号：2016-04 证券代码：000498 证券简称：山东路桥 山东高速路桥集团股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|-----------------------------|----------------------------------------------| | | | | | 投资者关系活 | √特定对象调研 □分析师会议 | | | 动类别 | □媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | | □现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | | 国泰君安证券股份有限公司 黄俊伟 | | 及人员姓名 | | | | 时间 | 2016 年 7 月 12 | 日 10:00 | | 地点 | 公司二楼会议室 | | | 上市公司接待 | 董事会秘书、副总经理 管士广 | | | 人员姓名 | 证券管理部副经理 张鲁军 | | | 投资者关系活 | | 1、请介绍下公司养护再生业务的布局拓展情 | | 动主要内容介 | 况？ | | | 绍 | ...

Group 1: Company Operations and Strategies - The company adopts an integrated construction model for projects like Longqing Road and Taidong Road, which requires strong financial capabilities and offers higher profit margins compared to traditional methods [2] - The company plans to participate in numerous highway construction projects over the next three years, ensuring quality, safety, and financial strength [2] - The company has been accumulating experience in local railway construction, which may facilitate future participation in high-speed rail projects [2][3] Group 2: Financial Performance and Projections - The company aims to achieve an operating income of 7.938 billion CNY and a net profit of 367 million CNY in 2016, based on current orders and market conditions [5] - The company has a strong cash flow, with a net cash flow from operating activities of 833 million CNY in 2015 and 182 million CNY in the first quarter of 2016 [5][6] - The company has recovered 1.224 billion CNY from a lawsuit settlement as of the end of the first quarter [5] Group 3: Market Position and Competitive Advantages - The company has unique advantages in highway maintenance and recycling services, having started its recycling business in 2005 with advanced self-developed equipment [3][4] - The company is actively expanding its maintenance business beyond the province and is involved in setting industry standards [4] - The company possesses strong qualifications in tunnel and municipal engineering, with plans to enhance its capabilities in these areas [4] Group 4: Future Developments and Challenges - The company is exploring non-public stock issuance to leverage its competitive advantages in technology and management [6] - The company faces challenges such as land acquisition difficulties for projects and the need to balance provincial and external project bids [5]

证券代码：000498 证券简称：山东路桥 山东高速路桥集团股份有限公司投资者关系活动记录表 编号：2016-05 | --- | --- | --- | |--------------|-------------------------------|------------------------------------------------| | | | | | 投资者关系活 | √特定对象调研 □分析师会议 | | | 动类别 | □媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | | □现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | | 中泰证券股份有限公司 徐驰 倪一琛 刘琛 邓轲 | | 及人员姓名 | 长江证券股份有限公司 邹叶 | | | | 华夏基金管理有限公司 王亚男 | | | | | 东方证券股份有限公司 李益欢 程鑫 | | | 华富基金管理有限公司 王帅 | | | | | 建信信托有限责任公司济南业务中心 王聪 | | | | 鼎泰海富（北京）投资管理有限公司 孟庆胜 孙振宇 | | | 银华基金管理有 ...

Group 1: Company Overview - The company is a state-owned enterprise (SOE) with 68.38% of shares held by Shandong High-speed Group and its affiliates, under the actual control of the Shandong Provincial State-owned Assets Supervision and Administration Commission [3] - As of the end of 2016, there are 21 ongoing major construction projects, all related to road and bridge construction, with new contracts exceeding 200 kilometers of highways signed [3] Group 2: Revenue Breakdown - Revenue from overseas projects accounted for approximately 6.12% of total revenue as of the end of 2016 [4] - Road and bridge construction contributed 85.07% of total revenue, primarily from highway construction [4] Group 3: Financing and Growth Strategies - The company is actively exploring the Public-Private Partnership (PPP) model for project financing, which is expected to become a mainstream model in the construction industry [5] - The company has established management systems for PPP projects, although their contribution to total business revenue is currently small [5] - The company has a bank credit limit of 17 billion RMB, with approximately 7 billion RMB utilized, and is initiating non-public offerings and corporate bond issuances to reduce debt ratios and financing costs [6] Group 4: Market Outlook - Infrastructure construction is expected to remain a pillar of the national economy, with increased investment anticipated due to economic pressures and opportunities from initiatives like the Belt and Road [5][6] - The construction industry is projected to see a surge in new contract orders driven by domestic and international infrastructure demand [6]

Group 1: Investment and Financial Performance - The company has a low risk of capital recovery due to its collaboration with major shareholder Shandong High-speed, with a typical buyback period of approximately 3 years [3] - In 2016, the company entered the high-speed rail market by participating in the Lunan High-speed Railway project, securing a construction task worth 600-700 million CNY [3] - The company's financing cost is approximately 5 basis points above the basic bank interest rate, indicating a relatively low financing cost [4] Group 2: Project Management and Operations - The company's PPP projects are consolidated with the parent company, impacting the asset-liability ratio and creating pressure for future financing [4] - The company will not engage in highway operations to avoid competition with its major shareholder, Shandong High-speed [4] - The company is currently awaiting approval from the CSRC for its targeted issuance, with updates on 2016 and Q1 2017 data being processed [5] Group 3: Investor Relations and Support - The company has strong support from banks, alleviating significant financial pressure, with many completed projects generating cash recovery [5] - The investor relations activity involved specific research with various securities firms, indicating proactive engagement with investors [2]

编号：2017-05 证券代码：000498 证券简称：山东路桥 山东高速路桥集团股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |--------------|-----------------------------------------------------|--------------------------------------|---------------| | | | | | | 投资者关系活 | □ | 特定对象调研 □分析师会议 | | | 动类别 | □ 媒体采访 □业绩说明会 | | | | | □ 新闻发布会 □路演活动 | | | | | □ 现场参观 | | | | | √ 其他（投资峰会） | | | | 参与单位名称 | | 奥氏资本管理（香港）有限公司 尹克成 | | | 及人员姓名 | 安联投资 陈翠珊、尤靖湧 景顺投资管理有限公司 郑振东 | | | | 时间 | 2017 年 5 月 10 | 日 10 ： 30-11 ： 20 | 、 11:30- | | | 12:20 | | | | 地点 | 深圳星河丽思卡尔顿酒店 ...

编号：2017-06 证券代码：000498 证券简称：山东路桥 山东高速路桥集团股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|---------------------------------------------|----------------------------------------------| | | | | | 投资者关系活 | □ | 特定对象调研 □分析师会议 | | 动类别 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | | □ 现场参观 | | | | √ 其他（投资峰会） | | | 参与单位名称 | | 上投摩根资产管理（香港）有限公司 司徒芳华 | | 及人员姓名 | | 太平洋资产管理有限责任公司 李俊 | | | 荷宝投资管理集团 唐琳 | 瀚亚投资（香港）有限公司 潘树恒 | | 时间 | 摩根资产管理 梁碧娴 2017 年 5 月 11 | 日 10 ： 30-11 ： 20 、 11:30- | | | | 12:20、14:00-14:50、15:00-15:50 ...

证券代码：000498 证券简称：山东路桥 山东高速路桥集团股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|-------------------------------|--------------------------------------------| | | | | | 投资者关系活 | √特定对象调研 □分析师会议 | | | 动类别 | □媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | | □现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | | 华安财保资产管理有限责任公司 许殿豪 | | 及人员姓名 | 南方基金管理有限公司 曹帆 | | | | 信诚基金管理有限公司 孙鹏 | | | | | 君合泰达投资管理有限公司 刘海军 | | | | 明泰资产管理有限公司 刘佩虎 王金龙 | | | | 安信证券股份有限公司 程龙戈 夏天 | | | | 中泰证券股份有限公司 徐驰 刘琛 倪一琛 焦俊 | | | | 平安养老保险股份有限公司 顾益辉 | | | 万家 ...

证券代码：000498 证券简称：山东路桥 编号：2016-07 | --- | --- | --- | |----------------|-----------------------------|-----------------------------------------------| | | | | | 投资者关系活动 | □特定对象调研 □分析师会议 | | | 类别 | √媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | | √现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | | 中国金融在线有限公司 牛霞 张仙 董茜 邢静 | | 人员姓名 | | | | 时间 | 2016 年 11 月 21 | 日 9:30 | | 地点 | | 公司二楼会议室、公司二环东路南延项目部 | | 上市公司接待人 | 董事会秘书、副总经理 管士广 | | | 员姓名 | 证券管理部副经理 张鲁军 | | | | 投资发展部副经理 颜鲁博 | | | 投资者关系活动 | 一、 | 介绍公司基本情况 | | 主要内容介绍 | | 公司 ...

证券代码：000498 证券简称：山东路桥 山东高速路桥集团股份有限公司投资者关系活动记录表 编号：2017-01 | --- | --- | --- | |--------------|-------------------------------|---------------------------------------| | | | | | 投资者关系活 | √ | 特定对象调研 □分析师会议 | | 动类别 | □ | 媒体采访 □业绩说明会 | | | □ 新闻发布会 □路演活动 | | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | | 北京和聚投资管理有限公司 邹序元 | | 及人员姓名 | 中国国际金融股份有限公司 徐榕 | | | | 华商基金管理有限公司 吴同伟 | | | | 华夏基金管理有限公司 张露 | | | | | 中泰证券股份有限公司 倪一琛 程龙戈 | | 时间 | 2017 年 1 月 19 | 日 14:00 | | 地点 | 公司二楼会议室 | | | 上市公司接待 | 证券管理部副经理 张鲁军 | | | ...