Group 1 - The company, Dongguan Development Holdings Co., Ltd., will hold a half-year performance briefing on September 9, 2025, to discuss its operating conditions for the first half of 2025 [1][4] - The briefing will be conducted in an online interactive format, allowing investors to participate and ask questions [1][2] - Key company representatives, including the Vice President and the Chief Financial Officer, will be present to answer investor inquiries during the session [1][4] Group 2 - Investors can participate in the briefing by searching for "Yao Diao Yan" in the WeChat mini-program or by scanning a provided QR code [2] - The question submission channel for investors will be open from the announcement date until the briefing [1][3]

召开方式：网络互动方式 二、公司出席人员 股票代码：000828 股票简称：东莞控股 公告编号：2025-043 东莞发展控股股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 东莞发展控股股份有限公司（以下简称"公司""本公司"）已 于 2025 年 8 月 26 日在巨潮资讯网（http://www.cninfo.com.cn）披露 《公司 2025 年半年度报告》。 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 司定于 2025 年 9 月 9 日（星期二）举行 2025 年半年度业绩说明会。 本次网上业绩说明会将采用网络互动的方式举行，投资者可登录"约 调研"小程序参与互动交流。为广泛听取投资者的意见和建议，提前 向投资者征集问题，提问通道自发出公告之日起开放。 一、说明会时间和方式 召开时间：2025 年 9 月 9 日下午 15:00-17:00 公司董事、副总裁、董事会秘书林永森先生；公司副总裁、财务 总监李雪军先生将参加业绩说明会，回答投资者问题。 三、投资者参与方式 参 ...

证券日报网讯9月3日晚间，东莞控股（000828）发布公告称，公司将于2025年9月9日下午15：00—17： 00举行2025年半年度业绩说明会。 ...

召开方式：网络互动方式 二、公司出席人员 股票代码：000828 股票简称：东莞控股 公告编号：2025-043 东莞发展控股股份有限公司 关于召开 2025 年半年度业绩说明会的公告 | 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。 | 东莞发展控股股份有限公司（以下简称"公司""本公司"）已 于 2025 年 8 月 26 日在巨潮资讯网（http://www.cninfo.com.cn）披露 《公司 2025 年半年度报告》。 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 司定于 2025 年 9 月 9 日（星期二）举行 2025 年半年度业绩说明会。 本次网上业绩说明会将采用网络互动的方式举行，投资者可登录"约 调研"小程序参与互动交流。为广泛听取投资者的意见和建议，提前 向投资者征集问题，提问通道自发出公告之日起开放。 一、说明会时间和方式 召开时间：2025 年 9 月 9 日下午 15:00-17:00 投资者依据提示，授权登录"约调研"小程序，即可参与交流。 敬请广大投资者积极参与。 特此公告 东莞 ...

Group 1 - The company, Dongguan Holdings (000828.SZ), has no current plans for stock repurchase or cancellation [2]

Core Viewpoint - The white liquor sector has seen a significant increase in stock prices, with a notable rise in the index by over 13% since August, driven by investor interest amid low valuations and recent institutional buying activity [1][2][6]. Group 1: Market Performance - As of August 29, several white liquor stocks have shown strong performance, with Jinhuijiu rising over 6%, and others like Shede Liquor and Gujing Gongjiu increasing by over 4% [1][2]. - The white liquor index has increased by more than 13% since the beginning of August [1]. Group 2: Institutional Investment - Central Huijin has increased its holdings in white liquor ETFs, acquiring 121 million shares, bringing its total to 581 million shares, making it the third-largest holder [4][5]. - This move is seen as a long-term strategy to stabilize the market, particularly in the context of the white liquor sector's recent downturn [6]. Group 3: Financial Performance of Companies - Many white liquor companies have reported significant declines in revenue and profit for the first half of 2025, with companies like Kuaijiu and Shede Liquor experiencing double-digit drops [7][9]. - In contrast, leading companies like Kweichow Moutai and Wuliangye have reported growth, with Kweichow Moutai achieving a revenue of 91.094 billion yuan, up 9.16% year-on-year [10][11]. Group 4: Industry Trends - The white liquor industry is facing challenges, with a reported 5.8% decline in production for the first half of 2025 and increasing inventory issues among distributors [12]. - The average inventory turnover days have reached 900 days, indicating potential overstocking and pricing issues [12]. - Analysts suggest that the industry may be approaching a cyclical bottom, with expectations for a recovery in performance by mid-2026 [13].

证券研究报告 交运 东莞控股(000828.SZ)点评：高速公路主业稳固，2025-2027 年分红收益可观： 公司 2025H1 实现收入约 7.66 亿元，同比-8.57%，归母净利润约 5.32 亿元，同比 +20.51%；其中 2025 年 Q2 实现收入 4.00 亿元，同比-6.28%，归母净利润 3.13 亿元，同比+699.24%。公司发布 2025 中期分红公告，公司拟向全体股东派发现金 红利 0.15 元/股（含税）。高速公路主业稳固，类金融业务收缩致收入承压。毛利率 变化主因收入结构调整，冲回计提损失助力业绩提升。改扩建稳步推进，新能源业 务网络快速扩张。公司高速主业优势夯实，多元化布局初见成效，高分红承诺稳定 股东收益，2028 年莞深高速改扩建结束后有望释放盈利增量。 晨会 hyzqdatemark 2025 年 08 月 27 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年08月27日 华源晨会精粹 20250827 新消费 丸美生物(603983.SH)点评：25H1 收入端高增，主品牌丸美势能向好：公司 25H1 实现总营业收入 17.69 亿元，同比增长 30 ...

Investment Rating - The report maintains an "Accumulate" rating for Dongguan Holdings [3] Core Views - Dongguan Holdings reported a significant increase in net profit attributable to shareholders, with a year-on-year growth of 20.5% in the first half of 2025, driven by a recovery in bad debt provisions [1][7] - The company is focusing on its core business in the Guangdong-Hong Kong-Macao Greater Bay Area, optimizing its business structure by reducing non-core investments [7] - The company has committed to a stable cash dividend of no less than 0.475 CNY per share from 2025 to 2027, with a proposed interim dividend of 0.15 CNY per share for 2025 [7] Financial Performance - In the first half of 2025, the company achieved operating revenue of 770 million CNY, a decrease of 8.6% year-on-year, while net profit attributable to shareholders reached 530 million CNY, an increase of 20.5% [1] - The second quarter of 2025 saw operating revenue of 400 million CNY, down 6.3% year-on-year, but net profit attributable to shareholders surged by 699.2% to 310 million CNY [1] - The company’s gross profit margin improved to 68.9%, with the highway business achieving a gross margin of 75.6% [7] Financial Data and Valuation - The projected net profit attributable to shareholders for 2025-2027 is estimated at 1.014 billion CNY, 941 million CNY, and 942 million CNY respectively, with corresponding PE ratios of 12.4x for 2025 [2][7] - The company’s total market capitalization is approximately 12.5 billion CNY, with a current share price of 12.07 CNY [3] - Key financial ratios include a return on equity (ROE) of 10.4% and a debt-to-asset ratio of 37.1% [3]

Group 1 - The core viewpoint of the news is that Dongguan Development Holdings Co., Ltd. reported a decline in revenue for the first half of 2025, primarily due to a decrease in the scale of quasi-financial business, while net profit increased significantly due to the recovery of bad debt provisions from the disposal of equity in Dongguan Trust [1] - In the first half of 2025, the company achieved operating revenue of 766 million yuan, a year-on-year decrease of 8.57%, and a net profit attributable to shareholders of 532 million yuan, a year-on-year increase of 20.51% [1] - As of the end of the reporting period, the company's total assets were 16.128 billion yuan, a decrease of 7.15% from the beginning of the year, while net assets attributable to shareholders increased by 1.95% to 10.028 billion yuan [1] Group 2 - The company operates the Dongshen Expressway, which is a key part of the G94 expressway in the Pearl River Delta, connecting major cities like Guangzhou, Dongguan, and Shenzhen [2] - The company holds a 35% stake in the Huichang Expressway Dongguan section, which is 14.9 kilometers long, and is currently undergoing expansion and renovation with a total project cost of 17.584 billion yuan [2] - In the first half of 2025, the traffic volume on the Dongshen Expressway remained stable compared to the same period last year, with a total of 60.0858 million vehicles, and toll revenue of 627 million yuan, a slight decrease of 0.37% year-on-year [2]

Market Overview - On August 26, the railway and highway sector rose by 0.3% compared to the previous trading day, with Dongguan Holdings leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Dongguan Holdings (000828) closed at 12.07, up 4.50% with a trading volume of 419,900 shares and a turnover of 514 million yuan [1] - Other notable performers included Sanfengsi (001317) with a 2.95% increase, and Jinjiang Online (600650) with a 2.60% increase [1] - Conversely, Deep Highway (600548) saw a decline of 0.93%, and Fulin Transportation (002357) decreased by 0.72% [2] Capital Flow - The railway and highway sector experienced a net outflow of 134 million yuan from institutional investors, while retail investors saw a net inflow of 1.27 billion yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors remained active [2] Individual Stock Capital Flow - Jinjiang Online (600650) had a net outflow of 26.26 million yuan from institutional investors, while retail investors contributed a net inflow of 24.29 million yuan [3] - Haiqi Group (603069) saw a net inflow of 21.89 million yuan from institutional investors, indicating strong interest [3] - Conversely, Ninghu Highway (600377) had a significant net outflow of 21.70 million yuan from institutional investors, suggesting caution among larger players [3]