登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000498 证券简称：山东路桥 公告编号：2025-85 山东高速路桥集团股份有限公司 为便于广大投资者进一步了解公司2025年半年度经营情况，公司将于2025年9月12日（星期五）15:00一 16:00在深圳证券交易所（以下简称"深交所"）"互动易"平台举行2025年半年度业绩说明会。本次业绩 说明会将采用网络远程的方式举行，投资者可登录深交所"互动易"平台（http://irm.cninfo.com.cn）进 入"云访谈"栏目参与本次业绩说明会。 出席本次说明会的人员有：公司董事长、董事会秘书、总会计师及独立董事（如遇特殊情况，参会人员 可能进行调整）。 为充分尊重投资者、提升交流的针对性，现就公司2025年半年度业绩说明会提前向投资者公开征集问 题，广泛听取投资者的意见和建议。投资者可提前登录深交所"互动易"平台"云访谈"栏目进入公司本次 业绩说明会页面进行提问。公司将在2025年半年度业绩说明会上，在信息披露允许的范围内对投资者普 遍关注的问题进行回答。 欢迎广大投资者积极参与。 特此公告。 山东高速路桥集团股份有限公司董事会 2025年 ...

Group 1 - The company, Shandong Expressway Bridge Group Co., Ltd., disclosed its 2025 semi-annual report on August 30, 2025 [1] - A performance briefing will be held on September 12, 2025, from 15:00 to 16:00 on the Shenzhen Stock Exchange's "Interactive Easy" platform [1] - Key personnel attending the briefing include the chairman, board secretary, chief accountant, and independent directors, with potential adjustments due to special circumstances [1] Group 2 - The company is soliciting questions from investors in advance of the performance briefing to enhance communication and address investor concerns [2] - Investors can submit their questions through the "Cloud Interview" section on the Shenzhen Stock Exchange's "Interactive Easy" platform [2] - The company will respond to commonly asked questions during the performance briefing within the limits of information disclosure regulations [2]

山东高速路桥集团股份有限公司（以下简称"公司"）于 2025 年 8 月 30 日在巨潮资讯网（www.cninfo.com.cn）披露了公司《2025 年半年度报告》全文及摘要。 为便于广大投资者进一步了解公司 2025 年半年度经营情况，公 司将于 2025 年 9 月 12 日（星期五）15:00—16:00 在深圳证券交易 所（以下简称"深交所"）"互动易"平台举行 2025 年半年度业绩说 明会。本次业绩说明会将采用网络远程的方式举行，投资者可登录深 交所"互动易"平台（http://irm.cninfo.com.cn）进入"云访谈" 栏目参与本次业绩说明会。 出席本次说明会的人员有：公司董事长、董事会秘书、总会计师 及独立董事（如遇特殊情况，参会人员可能进行调整）。 证券代码：000498 证券简称：山东路桥 公告编号：2025-85 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 特此公告。 山东高速路桥集团股份有限公司董事会 2025 年 9 月 4 日 为充分尊重投资者、提升交流的针对性，现就公司 2025 年半年 度业绩说明会提前向投资者公 ...

Summary of Shandong Road and Bridge's Conference Call Company Overview - **Company**: Shandong Road and Bridge - **Industry**: Construction and Infrastructure Key Points Industry and Company Performance - Shandong Road and Bridge is a leading construction company in Shandong Province, showing revenue and profit growth against the backdrop of an overall industry decline, indicating a strong regional position [2][3][4] - The company has achieved a compound annual growth rate (CAGR) of 31.2% in revenue and 23.5% in net profit from 2016 to 2024, with performance in the first half of 2025 exceeding industry averages [2][4] Financial Metrics - The company's current price-to-earnings (PE) ratio is approximately 4 times, significantly lower than major state-owned enterprises and most local state-owned enterprises, with a dividend yield of about 3.5% [2][3][19] - As of mid-2025, the company has an order backlog of approximately 108.2 billion yuan, which is 1.5 times its revenue for 2024, ensuring future performance growth [2][6] Order Growth and Market Position - Despite domestic order pressures, Shandong Road and Bridge has seen rapid growth in overseas orders, benefiting from the Belt and Road Initiative, with new contracts in the first half of 2025 surpassing the total for the same period in 2024 [2][11] - The company’s market share in Shandong Province has increased from 4.4% in 2018 to 14.1% in 2023, aided by strong support from its major shareholder, Shandong High-Speed Group [10] Cash Flow and Dividend Potential - The company has a strong willingness to convert its convertible bonds, which amount to approximately 4 billion yuan, and aims to improve its dividend payout, currently at 14%, compared to around 30% for similar companies [3][20] - Cash flow has improved significantly, with a reduction in cash outflow from 2.6 billion yuan in 2024 to 1.723 billion yuan in the first half of 2025, indicating better cash management [16][17] Government Policies and Future Outlook - National policies have introduced 10 trillion yuan in debt relief funds from 2024 to 2028, easing financial pressures on local governments and improving payment capabilities to construction firms [17] - The construction investment target in Shandong Province remains robust, with plans to reach 250 billion yuan in fixed asset investment in 2025, despite a slight decrease in growth rate [7][8] Risks and Challenges - The domestic construction industry faces challenges, with new orders declining for several consecutive quarters, and a notable drop in construction output in the second quarter of 2025 [11] - The company’s net cash position is lower than peers, but there is significant room for improvement as it shifts focus towards high-quality development and cash flow management [18] Investment Recommendation - Shandong Road and Bridge is recommended as a defensive investment due to its stable operations and low valuation, with potential for dividend increases and overall growth supported by favorable government policies [21]

证券代码：000498 证券简称：山东路桥 | 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（电话会议） | | 活动参与人员 | 长江证券股份有限公司张智杰及 7 家机构投资者 | | | 山东路桥证券管理部部长、证券事务代表李文佳 | | | 山东路桥财务管理部副部长洪福军 | | | 山东路桥经营开发部业务经理徐以骞 | | | 山东路桥证券管理部投资者关系管理专员朱晓赛 | | 时间 | 2025 年 9 月 2 日 10:30-11:05 | | 地点 | 山东高速路桥集团股份有限公司 25 楼 | | 形式 | 电话会议 | | | 一、介绍公司情况 二、互动交流 | | 交流内容及具 | 主要针对山东市场订单展望、公司现金流改善、 | | 体问答记录 | 海外市场拓展成果、加强投资者回报等内容进行沟通 | | | 交流，详见 2025 年 9 月 1 日《000498 山东路桥投资 | | | 者关系管理信息 20250901》 | | 关 ...

Summary of Shandong Road and Bridge Conference Call Company Overview - **Company**: Shandong Road and Bridge - **Industry**: Infrastructure and Construction Key Financial Metrics - **Net Profit**: 1H 2025 net profit was 1.284 billion yuan, a decrease of 1.17% year-on-year, while net profit attributable to the parent company increased by 0.89% to 1.029 billion yuan [2][3] - **Operating Revenue**: 1H 2025 operating revenue reached 28.575 billion yuan, a year-on-year increase of 0.26% [3] - **Operating Cash Flow**: Negative operating cash flow of 1.723 billion yuan, but improved by 33.79% year-on-year [2][3] - **Total Assets**: As of June 30, 2025, total assets were 169.39 billion yuan, up 3.69% from the beginning of the year [3] - **Total Liabilities**: Total liabilities were 132.558 billion yuan, up 3.58% from the beginning of the year [3] - **Equity**: Equity attributable to shareholders was 25.126 billion yuan, up 3.38% from the beginning of the year [3] Order and Market Performance - **Total Bids**: In 1H 2025, the company secured bids worth 48.73 billion yuan across 15 sectors, including road and bridge, housing construction, and municipal engineering [2][5] - **Geographical Distribution**: 36.7% of bids were from outside the province, 43.9% from within the province, and 19% from overseas [5] - **Overseas Orders**: The company achieved 9 billion yuan in overseas orders in 1H 2025, with a target of over 10 billion yuan for the full year [10][13] Strategic Initiatives - **International Expansion**: The company is enhancing its overseas contracting capabilities, focusing on countries along the "Belt and Road" initiative, particularly in Africa and Eastern Europe, while also exploring South America and Central Asia [6][14] - **Risk Management**: Measures such as risk classification of projects and strict bidding controls are in place to protect interests amid improving funding conditions for urban investment platforms [7] Future Outlook - **Cash Flow Improvement**: The company expects cash flow to continue improving in the second half of 2025, with a peak in investment recovery anticipated in 2026 [9][12] - **Investment Management**: The company aims to balance annual investment recovery to avoid concentrated pressure and manage cash flow effectively [10][12] - **Government Support**: The company is optimistic about government support for infrastructure projects, with expectations of continued growth in the "14th Five-Year Plan" period [18][19] Competitive Landscape - **Market Position**: The company does not perceive aggressive competition from state-owned enterprises in Shandong, as some have retreated from certain sectors [20] - **Local Market Dynamics**: There is a trend towards a unified national market, reducing local protectionism, which allows the company to compete effectively across various provinces [21][22] Profitability Expectations - **Profit Margins**: The company maintains a profit level above 10%, with expectations for revenue and profit growth around 3.5% for the year [23][24] PPP Projects - **Policy Impact**: Recent policy changes are expected to positively influence the collection side of PPP projects, although tangible progress is yet to be seen [25] Conclusion - **Long-term Growth**: The company is positioned for sustainable growth, leveraging its extensive experience and market strategies to enhance shareholder value and maintain a strong competitive edge in the infrastructure sector [30][31]

Core Viewpoint - Shandong Expressway Bridge Group Co., Ltd. has shown significant improvement in cash flow and overseas business expansion, while also enhancing shareholder returns through increased dividends and share buybacks [1] Group 1: Financial Performance - In the first half of 2025, the company's net cash flow from operating activities increased by 33.79% year-on-year, attributed to a stable economy and effective measures to alleviate local fiscal pressure [1] - The company has established a collection task force to strengthen the collection of receivables and contract assets, aiming to reduce asset impairment provisions in the future [1] Group 2: Asset Impairment and Management - The company strictly follows accounting standards to recognize bad debt provisions, with the main assets affected being receivables and contract assets [1] - Future strategies include enhancing the "dual clearance" work to ensure the rights of contract assets and receivables, while focusing on high-quality clients [1] Group 3: Overseas Business Development - In the first half of 2025, the company achieved a bidding amount of 9.434 billion yuan in overseas construction projects, with a focus on emerging markets such as South America, Central Asia, and Southeast Asia [1] - The company has a complete industrial chain and rich construction qualifications, which strengthens its competitive advantage in international bidding [1] Group 4: Shareholder Returns - Since meeting dividend conditions, the company has consistently increased its total dividend amount, introducing semi-annual and quarterly dividends starting in 2024 [1] - The company plans to continue share buybacks and increase cash dividends to enhance shareholder value and market confidence [1] Group 5: Market Outlook - The Shandong provincial government plans to invest 250 billion yuan in comprehensive transportation by 2025, with significant expansions in highway infrastructure [1] - As the largest highway contractor in Shandong, the company is positioned to benefit from ongoing infrastructure development in the province [1]

Group 1: Financial Performance - The net cash flow from operating activities increased by 33.79% in the first half of 2025, indicating an improvement in cash flow quality [2][3] - The company has diversified financing channels with lower interest rates, ensuring sufficient funding for operations and cash flow security [3] Group 2: Asset Impairment and Management - The company strictly follows accounting standards to recognize bad debt provisions, primarily for receivables and contract assets [3] - Future measures include enhancing contract asset verification and receivables collection, targeting high-quality clients to reduce asset impairment [3] Group 3: International Expansion - In the first half of 2025, the company achieved a bidding amount of 9.434 billion yuan in overseas construction projects, focusing on emerging markets [4] - The company has developed a robust overseas team and extensive experience, allowing it to establish long-term cooperative relationships in local markets [4] Group 4: Shareholder Returns - Since meeting dividend conditions, the total dividend amount has consistently increased, with plans for semi-annual and quarterly dividends starting in 2024 [4] - The company aims to enhance shareholder value through share buybacks and increased dividend frequency [4] Group 5: Market Outlook - The Shandong provincial government plans to invest 250 billion yuan in comprehensive transportation in 2025, with highway mileage expected to exceed 9,300 kilometers [5] - By 2035, the total scale of the comprehensive transportation network in Shandong is projected to reach over 50,600 kilometers, with more than 15,000 kilometers of highways [5] - The Shandong Highway Group has set an annual construction target of 432 billion yuan for highways in 2025 [5]

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for September 2025, including detailed information on each bond such as credit rating, closing price at the end of August, conversion premium rate, and the financial and business conditions of the underlying companies, as well as their key attractions [13][23][35]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Bond Information**: AAA rating, August closing price of 114.493 yuan, conversion premium rate of 96.64%, and a positive stock PE - TTM of 12.68 [6][13]. - **Company Overview**: A global leader in specialized special - steel materials manufacturing, with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw material bases, forming a strategic layout along the coast and rivers [13]. - **Financial Data**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent was 5.126 billion yuan (YoY - 10.41%). In the first half of 2025, operating income was 54.715 billion yuan (YoY - 4.02%), and net profit attributable to the parent was 2.798 billion yuan (YoY + 2.67%) [13]. - **Company Highlights**: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specifications, with leading market shares in core products. It has a complete industrial chain and strong cost - control capabilities. It also seeks external expansion opportunities [14]. 3.2 Shanlu Convertible Bond - **Bond Information**: AAA rating, August closing price of 117.2 yuan, conversion premium rate of 48.74%, and a positive stock PE - TTM of 4.02 [6][23]. - **Company Overview**: Mainly engaged in road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [23]. - **Financial Data**: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent was 2.322 billion yuan (YoY + 1.47%). In the first half of 2025, operating income was 28.575 billion yuan (YoY + 0.26%), and net profit attributable to the parent was 1.029 billion yuan (YoY + 0.89%) [23]. - **Company Highlights**: Controlled by the Shandong Provincial SASAC, it has the potential for improvement in its balance sheet, liquidity, and order volume. It is expected to benefit from infrastructure construction in Shandong and the Belt and Road Initiative [24]. 3.3 Hebang Convertible Bond - **Bond Information**: AA rating, August closing price of 121.6 yuan, conversion premium rate of 27.33%, and a positive stock PE - TTM of - 154.7 [6][35]. - **Company Overview**: It has advantages in salt mines, phosphate mines, and natural gas supply. Its business has expanded from single - product operations to multiple sectors including chemicals, agriculture, and photovoltaics [35]. - **Financial Data**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent was 0.031 billion yuan (YoY - 97.55%). In the first half of 2025, operating income was 3.921 billion yuan (YoY - 19.13%), and net profit attributable to the parent was 0.052 billion yuan (YoY - 73.07%) [35]. - **Company Highlights**: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production is a major profit - contributor [36]. 3.4 Aima Convertible Bond - **Bond Information**: AA rating, August closing price of 127.164 yuan, conversion premium rate of 31.95%, and a positive stock PE - TTM of 14.18 [6][46]. - **Company Overview**: A leading enterprise in the electric two - wheeler industry, producing and selling various electric two - wheelers through dealers [46]. - **Financial Data**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent was 1.988 billion yuan (YoY + 5.68%). In the first half of 2025, operating income was 13.031 billion yuan (YoY + 23.04%), and net profit attributable to the parent was 1.213 billion yuan (YoY + 27.56%) [46]. - **Company Highlights**: It may benefit from government subsidies for trade - ins, the implementation of new national standards, and has potential for improving gross margins [47]. 3.5 Xingye Convertible Bond - **Bond Information**: AAA rating, August closing price of 124.698 yuan, conversion premium rate of 17.91%, and a positive stock PE - TTM of 6.14 [6][55]. - **Company Overview**: One of the first - established joint - stock commercial banks, evolving into a modern financial service group [55]. - **Financial Data**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent was 77.205 billion yuan (YoY + 0.12%). In the first half of 2025, operating income was 110.458 billion yuan (YoY - 2.29%), and net profit attributable to the parent was 43.141 billion yuan (YoY + 0.21%) [55]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [56]. 3.6 Wentai Convertible Bond - **Bond Information**: AA - rating, August closing price of 123.15 yuan, conversion premium rate of 23.63%, and a positive stock PE - TTM of - 19.91 [6][67]. - **Company Overview**: A global leader in semiconductor R & D and manufacturing, adopting the IDM model [67]. - **Financial Data**: In 2024, its operating income was 73.598 billion yuan (YoY + 20.23%), net profit attributable to the parent was - 2.833 billion yuan (YoY - 339.83%). In the first half of 2025, operating income was 25.341 billion yuan (YoY - 24.56%), and net profit attributable to the parent was 0.474 billion yuan (YoY + 237.36%) [67]. - **Company Highlights**: After divesting some subsidiaries, it focuses on the semiconductor business, which has shown growth. Its automotive and consumer electronics businesses also have development potential [68]. 3.7 Chongqing Bank Convertible Bond - **Bond Information**: AAA rating, August closing price of 123.688 yuan, conversion premium rate of 21.55%, and a positive stock PE - TTM of 6.47 [6][78]. - **Company Overview**: One of the earliest local joint - stock commercial banks in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [78]. - **Financial Data**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent was 5.117 billion yuan (YoY + 3.8%). In the first half of 2025, operating income was 7.659 billion yuan (YoY + 7%), and net profit attributable to the parent was 3.19 billion yuan (YoY + 5.39%) [78]. - **Company Highlights**: It benefits from the national strategy of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and actively adjusts its credit strategy [79]. 3.8 Tianye Convertible Bond - **Bond Information**: AA + rating, August closing price of 123.717 yuan, conversion premium rate of 84.35%, and a positive stock PE - TTM of 146.1 [6][90]. - **Company Overview**: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [90]. - **Financial Data**: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent was 0.068 billion yuan (YoY + 108.83%). In the first half of 2025, operating income was 5.16 billion yuan (YoY - 0.98%), and net profit attributable to the parent was - 0.009 billion yuan (YoY - 228.22%) [90]. - **Company Highlights**: It has relatively stable caustic soda production costs and plans to increase dividend frequency, while its group is promoting two coal - mine projects [91]. 3.9 Huanxu Convertible Bond - **Bond Information**: AA + rating, August closing price of 127.8 yuan, conversion premium rate of 24.45%, and a positive stock PE - TTM of 27.85 [6][101]. - **Company Overview**: A global leader in electronic manufacturing design, providing value - added services to brand customers [101]. - **Financial Data**: In 2024, its operating income was 60.691 billion yuan (YoY - 0.17%), net profit attributable to the parent was 1.652 billion yuan (YoY - 15.16%). In the first half of 2025, operating income was 27.214 billion yuan (YoY - 0.63%), and net profit attributable to the parent was 0.638 billion yuan (YoY - 18.66%) [101]. - **Company Highlights**: It is a leading manufacturer of smart - wearable SiP modules and has strengthened its R & D and production capabilities in key fields through global expansion [102]. 3.10 Yushui Convertible Bond - **Bond Information**: AAA rating, August closing price of 124.714 yuan, conversion premium rate of 28.15%, and a positive stock PE - TTM of 27.4 [6][111]. - **Company Overview**: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [111]. - **Financial Data**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent was 0.785 billion yuan (YoY - 27.88%). In the first half of 2025, operating income was 3.519 billion yuan (YoY + 7.16%), and net profit attributable to the parent was 0.458 billion yuan (YoY + 10.06%) [111]. - **Company Highlights**: It has a high market share in Chongqing, is expanding its business externally, and has achieved cost control through intelligent applications [112].

Core Viewpoint - The company reported a stable performance in H1 2025, with revenue and net profit showing slight year-on-year growth, while new orders significantly increased, indicating a positive outlook for future operations [1][4]. Financial Performance - H1 2025 revenue reached 28.575 billion yuan, a year-on-year increase of 0.26%, with net profit attributable to shareholders at 1.029 billion yuan, up 0.89% year-on-year [1]. - Q2 2025 revenue was 18.811 billion yuan, down 0.59% year-on-year but up 92.65% quarter-on-quarter, with net profit of 779 million yuan, reflecting a year-on-year increase of 0.57% and a quarter-on-quarter increase of 212.51% [1]. - The comprehensive gross margin for H1 2025 was 11.5%, a decrease of 0.67 percentage points year-on-year, with Q2 gross margin at 11.48% [2]. Order and Business Development - New orders signed in H1 2025 totaled 49.255 billion yuan, a year-on-year increase of 59.8%, continuing the high growth trend from Q1 [4]. - The company is focusing on expanding its "going urban and going overseas" strategy, with domestic urban projects accounting for approximately 48.54% of new orders and overseas projects seeing a significant increase in bids [4]. Cash Flow and Cost Management - The net operating cash flow for H1 2025 was -1.723 billion yuan, a reduction in outflow by 874 million yuan year-on-year, with cash collection and payment ratios at 78.1% and 76.6%, respectively [3]. - The expense ratio for H1 2025 was 5.25%, a decrease of 0.67 percentage points year-on-year, with financial expenses down 22.22% due to reduced interest payments [2]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 2.357 billion, 2.398 billion, and 2.456 billion yuan, respectively, with a target price of 9.06 yuan based on a PE ratio of 6.0 [5].