公司前次主体信用评级结果为 AA+，本次上调为 AAA，评级上 调展现出公司综合实力的提升，有利于公司降低融资成本，拓宽融资 渠道，对公司长期健康可持续发展具有积极意义。 特此公告 股票代码：000828 股票简称：东莞控股 公告编号：2025-022 东莞发展控股股份有限公司 关于公司主体信用评级上调为 AAA 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"）近期收 到联合资信评估股份有限公司对本公司的主体信用评级结果。联合资 信评估股份有限公司对本公司的信用状况进行了综合分析和评估，经 信用评级委员会审定，确定公司主体长期信用等级为 AAA，评级展 望为稳定。 东莞发展控股股份有限公司董事会 2025 年 4 月 28 日 1 / 1 ...

股票代码：000828 股票简称：东莞控股 公告编号：2025-023 东莞发展控股股份有限公司 关于召开 2024 年度及 2025 年第一季度 网上业绩说明会的公告 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 4 月 8 日及 2025 年 4 月 28 日在巨潮资讯网分别披露了《东 莞控股 2024 年年度报告》《东莞控股 2025 年第一季度报告》。 为便于广大投资者进一步了解公司2024 年度及2025年第一季度 经营情况，公司定于 2025 年 5 月 9 日举行 2024 年度及 2025 年第一 季度网上业绩说明会。本次网上业绩说明会将采用网络远程的方式举 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 5 月 9 日下午 15:00-17:00 召开方式：网络互动方式 二、公司出席人员 公司董事长王崇恩先生；公司董事、副总裁、董事会秘 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥365,624,276.17, a decrease of 10.95% compared to ¥410,576,498.83 in the same period last year[5]. - Net profit attributable to shareholders decreased by 45.58% to ¥219,083,118.27 from ¥402,591,873.66 year-on-year[5]. - Basic and diluted earnings per share fell by 44.10% to ¥0.2108 from ¥0.3771 in the same period last year[5]. - The net profit for the current period is CNY 213,030,552.18, a decrease of 46.5% compared to CNY 397,697,666.31 in the previous period[19]. - The total comprehensive income for the current period is CNY 200,782,528.55, down from CNY 404,510,804.09 in the previous period, reflecting a decline of 50.5%[20]. - Basic and diluted earnings per share for the current period are both CNY 0.2108, compared to CNY 0.3771 in the previous period, representing a decrease of 44.0%[20]. Cash Flow - The net cash flow from operating activities improved significantly, reaching ¥387,884,407.88, compared to a negative cash flow of ¥743,149,397.05 in the previous year, marking a 152.19% increase[5]. - Cash flow from operating activities for the current period is CNY 387,884,407.88, a significant improvement from a negative cash flow of CNY -743,149,397.05 in the previous period[21]. - Cash flow from investing activities shows a net outflow of CNY -410,174,121.23, compared to a net outflow of CNY -370,293,625.26 in the previous period[21]. - Cash flow from financing activities results in a net outflow of CNY -166,782,283.53, contrasting with a net inflow of CNY 18,933,154.94 in the previous period[21]. Assets and Liabilities - Total assets at the end of the reporting period increased by 0.84% to ¥17,516,029,881.76 from ¥17,369,370,373.16 at the end of the previous year[5]. - Total liabilities decreased to RMB 7,355,472,230.26 from RMB 7,409,105,250.22, indicating a reduction of 0.7%[17]. - Non-current assets totaled RMB 11,480,338,362.44, an increase from RMB 10,829,378,279.75 at the beginning of the period[16]. - The company reported a decrease in short-term borrowings to RMB 1,601,142,628.22 from RMB 1,667,149,438.24, a decline of 4.0%[16]. - The company’s long-term borrowings increased slightly to RMB 4,495,724,721.27 from RMB 4,459,488,389.45, an increase of 0.8%[17]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 29,348[12]. - The largest shareholder, Dongguan Transportation Investment Group, holds 41.81% of the shares, totaling 434,671,714 shares[13]. - Shareholders' equity attributable to the parent company rose by 2.10% to ¥10,043,431,371.24 from ¥9,836,596,276.60 at the end of the previous year[5]. - Total equity attributable to shareholders increased to RMB 10,043,431,371.24 from RMB 9,836,596,276.60, reflecting a growth of 2.1%[17]. Expenses - The company reported a 51.46% decrease in income tax expenses, amounting to ¥58,492,877.36 compared to ¥120,508,434.42 in the previous year[11]. - The management expenses for the current period are CNY 23,542,974.38, down from CNY 26,343,645.83 in the previous period, indicating a reduction of 10.6%[19]. - The financial expenses, including interest expenses, decreased to CNY 3,445,293.36 from CNY 15,479,426.88, showing a reduction of 77.7%[19]. Investment Income - Investment income dropped significantly by 84.90% to ¥46,002,278.44 from ¥304,749,668.43 year-on-year, primarily due to the exit from the Dongguan Rail Transit Line 1 project[11]. - The investment income for the current period is CNY 46,002,278.44, a significant decrease from CNY 304,749,668.43 in the previous period, reflecting a decline of 84.9%[19]. Revenue and Costs - Total operating revenue for the current period was RMB 365,624,276.17, a decrease of 10.9% compared to RMB 410,576,498.83 in the previous period[18]. - Total operating costs for the current period were RMB 142,204,139.25, down 20.2% from RMB 178,136,690.09 in the previous period[18]. - The total revenue from sales of goods and services received in cash is CNY 340,603,996.90, slightly up from CNY 338,438,542.30 in the previous period[20]. - Accounts receivable decreased to RMB 33,481,309.02 from RMB 42,508,042.13, reflecting a decline of 21.3%[15]. - The company’s inventory decreased to RMB 1,061.95 from RMB 2,510.14, indicating a significant reduction[16].

股票代码：000828 股票简称：东莞控股 上市地点：深圳证券交易所 广发证券股份有限公司 关于 东莞发展控股股份有限公司 对控股子公司减资暨重大资产重组 （六）本独立财务顾问提请广大投资者认真阅读上市公司董事会发布的《东 莞发展控股股份有限公司对控股子公司减资暨重大资产重组报告书（草案）（修 订稿）》和与本次交易有关的审计报告、评估报告、法律意见书等文件全文。 之 2024 年度持续督导报告书 独立财务顾问 二〇二五年四月 声明 广发证券股份有限公司（以下简称"广发证券"或"本独立财务顾问"）接 受东莞发展控股股份有限公司（以下简称"东莞控股"或"公司"或"上市公司"） 的委托，担任东莞控股对控股子公司减资暨重大资产重组的独立财务顾问。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司重大 资产重组管理办法》《深圳证券交易所股票上市规则》等相关法律法规的规定， 按照证券业公认的业务标准、道德规范，本着诚实信用、勤勉尽责的态度，遵循 客观、公正原则，在审慎核查的基础上，本独立财务顾问出具了东莞控股对控股 子公司减资暨重大资产重组之 2024 年度持续督导报告书（以下简称"本报告书"）。 本独立财 ...

Core Viewpoint - Dongguan Holdings focuses on its core business of highway operations, divesting from non-core sectors, and aims to provide attractive shareholder returns through a robust dividend plan [1][2][3] Group 1: Business Operations - Dongguan Holdings operates the Dongshen Expressway and its branch line, covering 55.7 kilometers, with a toll operation period of 25 years, benefiting from a strategic location in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The company has shifted its focus to core operations since 2022, gradually exiting the rail transit and trust businesses, with transportation infrastructure contributing over 75% to revenue [1] - The gross profit structure shows that highway operations contribute 87% to gross profit, while other segments like commercial factoring and electric vehicle charging contribute significantly less [1] Group 2: Financial Performance - Dongguan Holdings' significant investments in Dongguan Securities (20% stake) and Humen Bridge (11.1% stake) historically account for over 70% of investment income and 19% of total profit [1] - The company’s return on equity (ROE) is projected to be 9.9% in 2024, indicating a strong performance relative to industry peers [1] Group 3: Investment Returns and Shareholder Commitment - The Dongshen Expressway expansion project is expected to be completed by December 2028, with an initial approval amount of 17.58 billion yuan and an internal rate of return (IRR) projected at 5.7%, which may improve with declining interest rates [2] - Dongguan Holdings commits to a cash dividend of no less than 0.475 yuan per share annually from 2025 to 2027, supported by low debt levels and strong cash flow [2][3] - The projected net profit for the company from 2025 to 2027 is estimated at 910 million yuan each year, with a PE ratio of 12x and a PB ratio of 1.1x, resulting in a dividend yield of 4.5% based on the latest closing price [3]

Investment Rating - The report assigns an "Accumulate" rating for Dongguan Holdings [3]. Core Views - Dongguan Holdings focuses on its core highway business, committing to absolute dividends to enhance shareholder returns. The company has been divesting non-core operations and is expected to maintain stable operations in its main business [1][7]. - The company has announced a shareholder return plan for 2025-2027, promising a minimum cash dividend of 0.475 CNY per share, which corresponds to an attractive dividend yield of 4.5% based on the latest closing price [7][43]. Financial Data and Valuation - Revenue projections for Dongguan Holdings show a significant decline in 2024, with total revenue expected to be 1.692 billion CNY, a 64% decrease from 2023. However, a gradual recovery is anticipated in subsequent years [2][47]. - The company’s net profit for 2024 is projected at 955 million CNY, with a compound annual growth rate (CAGR) of 7.4% from 2010 to 2024 [32][47]. - The company’s asset-liability ratio is 42.7%, indicating a relatively low level of debt compared to industry peers [41][42]. Business Overview - Dongguan Holdings operates the Dongguan-Shenzhen Expressway, which is a critical transportation artery in the Guangdong-Hong Kong-Macao Greater Bay Area, with a total length of 55.7 kilometers [11][18]. - The company has shifted its focus to core business operations, exiting from non-core sectors such as rail transit and trust businesses, thereby enhancing operational stability [7][49]. - The company’s revenue structure indicates that over 75% of its income is derived from transportation infrastructure, with the expressway business contributing the majority of gross profit [21][29]. Investment Opportunities - The report highlights that the return on investment (IRR) for the Dongguan-Shenzhen Expressway expansion project is estimated at 5.7%, which is above the industry average. The project is expected to be completed by December 2028 [38][39]. - The company’s commitment to dividends and its strong cash flow position suggest a robust capacity for shareholder returns in the future [41][43]. Profitability Forecast - The forecast for net profit from 2025 to 2027 is 911 million CNY, 906 million CNY, and 971 million CNY respectively, with a projected price-to-earnings (PE) ratio of 12x for 2025 [47][49]. - The gross margin for the expressway business is expected to remain stable, with projections of 72.4% for 2025 [46].

Summary of Conference Call Company Overview - The company discussed is Dongguan Holdings, primarily engaged in highway operation and management, as well as electric vehicle charging services [1][2]. - The company has divested some assets in recent years and announced a three-year work plan [1]. Financial Performance - The company reported a significant decrease in revenue, with a year-on-year decline of 63.91% attributed to accounting practices related to the integration of a project [3]. - Excluding the impact of the medical line, revenue for 2024 is expected to decline by 1.8% year-on-year [3]. - The net profit attributable to shareholders was 955 million, a year-on-year increase of 43.26%, mainly due to exiting the medical line and receiving investment income of 260 million [3]. - Revenue from highway tolls was 1.323 billion, accounting for 78.19% of total revenue [3]. Highway Operations - The company operates the Dongsheng Expressway and Longning Expressway, with a total length of 55.66 kilometers and a toll collection period of 25 to 27 years [2]. - The expressway connects Dongguan and Shenzhen, serving as a crucial part of the G94 expressway network in the Pearl River Delta [2]. - The company is undergoing a major expansion project with an estimated cost of 17.5 billion, with an internal rate of return (IRR) of 5.69% [7]. Investment and Future Plans - The company plans to optimize its asset structure by exiting certain investments and focusing on stable profit contributions from its highway operations and investment income from associated companies [6]. - There is a commitment to invest in renewable energy projects, including solar installations at service areas along highways [6]. - The company is exploring acquisition opportunities in the electric vehicle charging sector, particularly targeting underperforming assets that can be revitalized [19]. Market Dynamics - Dongguan has the largest vehicle ownership in Guangdong Province, with over 4.3 million registered vehicles, but only 310,000 are electric vehicles [5]. - The company believes that the trend towards electric vehicles is irreversible and is positioning itself to capitalize on this shift [5]. Risks and Challenges - The company anticipates challenges during the highway expansion phase, which may impact traffic flow and toll revenue [12][14]. - There is a cautious outlook on the impact of construction on traffic, with estimates suggesting a potential 10-15% decrease in traffic during peak construction years [13][15]. Financial Strategy - The company has a debt ratio of over 40% and plans to maintain sufficient cash flow to support capital expenditures and dividends [21]. - A dividend plan has been established, committing to a minimum payout of 0.475 per share, reflecting a response to shareholder demands [27][28]. Conclusion - Dongguan Holdings is focusing on stabilizing its core highway operations while exploring growth in renewable energy and electric vehicle charging sectors. The company is navigating challenges related to construction impacts on traffic and revenue while maintaining a commitment to shareholder returns through dividends and strategic investments.

Core Viewpoint - Dongguan Holdings reported a significant decline in revenue and total assets for 2024, but achieved a notable increase in net profit due to strategic exits and previous asset sales [1][2][3]. Financial Performance - The company achieved operating revenue of 1.692 billion yuan in 2024, a year-on-year decrease of 63.91% [2][3]. - Total assets at the end of 2024 were 17.369 billion yuan, down 40.86% year-on-year [2][3]. - Net profit attributable to shareholders was 955 million yuan, reflecting a 43.26% increase compared to the previous year [1][3]. Business Segment Performance - The expressway management segment saw a decrease in toll revenue, with a reported 1.323 billion yuan, down 3.06% year-on-year, attributed to adverse weather and competition from new highways [4]. - In the financial investment sector, the subsidiary Hongtong Factoring reported a revenue of 186.3 million yuan but incurred a net loss of 27.88 million yuan due to impairment provisions [4]. New Energy Vehicle Business - The new energy vehicle charging and swapping business reported overall losses, with both subsidiaries, Kangyi Chuang and Dongneng, posting negative net profits [5]. - Kangyi Chuang generated 82 million yuan in revenue but had a net loss of 24.66 million yuan, while Dongneng reported 8.12 million yuan in revenue and a net loss of 0.37 million yuan [5]. - The company has 144 charging stations and 16 swapping stations across various cities, indicating ongoing infrastructure development despite current losses [5]. Research and Development - R&D expenses significantly decreased by 52.63% to 4.13 million yuan in 2024, down from 8.71 million yuan in the previous year [6][7]. - The number of R&D personnel also declined from 51 to 45, reflecting a reduction in focus on R&D activities [6]. Future Outlook - Dongguan Holdings aims to align with Dongguan's 2025 "Innovation Development Year" goals, focusing on transportation infrastructure, new energy, and stable financial growth to support the local economy [7].

Core Viewpoint - Dongguan Development Holdings Co., Ltd. reported a mixed performance for 2024, with significant revenue decline but notable profit growth, primarily due to asset disposals and investment gains [1][2]. Revenue and Profit Summary - The company achieved a revenue of 1.692 billion yuan in 2024, a year-on-year decrease of 63.91% [1][2]. - The net profit attributable to shareholders was 955 million yuan, an increase of 43.26% year-on-year [1][2]. - The non-recurring net profit was 827 million yuan, up 34.63% year-on-year [1]. Business Segment Performance - The highway toll revenue was 1.323 billion yuan, accounting for 78.19% of total revenue, with a year-on-year decline of 3.06% [3]. - Revenue from leasing and factoring business was 256 million yuan, making up 15.16% of total revenue [3]. - The revenue from the new energy vehicle charging and swapping business was 86 million yuan, representing 5.10% of total revenue [3]. Highway Operations - The Dongguan-Shenzhen Expressway remains the primary revenue source, with traffic volume reaching 125.53 million vehicles, a slight increase of 0.3% year-on-year [3]. - The decline in toll revenue was attributed to increased rainfall and competition from the newly opened Wanfan Expressway [3]. - The toll rights for the expressway will expire in 2027, with ongoing expansion projects facing potential policy risks [3][4]. New Energy Business - The new energy business is currently underperforming, with a total loss of 28.37 million yuan from subsidiaries [5][6]. - The company has established 144 charging stations and 16 battery swapping stations, with a total power capacity of 227.4 MW [6][7]. - Despite current losses, the company remains optimistic about the new energy sector, planning to accelerate the development of charging networks and explore integrated energy solutions [7]. Research and Development - R&D expenses were significantly reduced to 4.13 million yuan, a decline of 52.63% year-on-year, with a decrease in R&D personnel by 11.76% [7]. - The company holds six patents in the charging station business but has a low R&D intensity compared to industry averages [7].

Dividend Distribution - The company plans to distribute a cash dividend of 3.25 RMB per 10 shares to all shareholders, based on a total of 1,039,516,992 shares [4]. - The company plans to distribute a cash dividend of 3.25 yuan per 10 shares, totaling 337,843,022.40 yuan, which represents 100% of the distributable profit [131]. - The total distributable profit available to shareholders is 5,814,673,475.84 yuan, with a net profit of 937,498,837.56 yuan for the year 2024 [131]. Business Operations and Strategy - The company has exited the rail transit business as of February 2024, focusing on highway operations, financing leasing, and commercial factoring [14]. - The company is actively pursuing market expansion strategies, particularly in the renewable energy sector, aiming for a 20% increase in market share by 2025 [10]. - The company is exploring potential mergers and acquisitions to enhance its operational capabilities and market presence, targeting a completion by Q3 2025 [10]. - The company is focusing on the transportation infrastructure sector, particularly the highway segment, which is expected to see continued investment growth [24]. - The company is committed to enhancing its operational capabilities in the financing leasing and commercial factoring sectors, which are crucial for supporting small and medium-sized enterprises [26]. - The company is actively pursuing mergers and acquisitions in the new energy sector, particularly in the charging and battery swapping business, to enhance its investment in high-quality assets along the industry chain [91]. - The company aims to solidify its low-risk business foundation by deepening relationships with low-risk customer segments, including state-owned enterprises in Dongguan, and optimizing cooperation with high-quality central state-owned enterprises using products like "Town Street Treasure" as a low-risk business cornerstone [90]. Financial Performance - The company reported a significant increase in user data, with a year-over-year growth of 15% in active users across its platforms [10]. - The company’s total revenue for the fiscal year was reported at 2.5 billion RMB, reflecting a 10% increase compared to the previous year [10]. - In 2024, the company achieved operating revenue of CNY 1.69 billion, a decrease of 63.91% compared to the previous year [16]. - The net profit attributable to shareholders was CNY 955.20 million, an increase of 43.26% year-on-year [16]. - The net cash flow from operating activities reached CNY 1.37 billion, a significant increase of 253.10% compared to the previous year [16]. - The company reported a basic earnings per share of CNY 0.9087, reflecting a year-on-year increase of 53.99% [16]. - The company reported zero revenue from PPP project construction services, down from ¥2.97 billion in 2023, marking a 100% decline [46]. - The financing leasing business generated operating revenue of 71.942 million, with a net profit of 51.976 million [33]. Asset Management - Total assets at the end of 2024 amounted to CNY 17.37 billion, down 40.86% from the previous year, primarily due to the company's exit from the construction of Line 1 [17]. - The company’s total assets decreased due to the exclusion of the construction company from the consolidated scope, impacting various asset categories [68]. - Long-term receivables increased by 9.31% to ¥3,841,421,235.87, while long-term equity investments decreased by 30.83% to ¥2,951,685,170.86 due to the same exclusion [69]. - The company plans to optimize its asset structure and improve resource utilization efficiency through the sale of non-core assets [156]. Risk Management - The company has identified key risks in its operational strategy, including regulatory changes and market competition, and has outlined mitigation strategies [4]. - The company is addressing risks related to highway toll policies and standards, which are determined by government authorities, and is working on the Dongguan-Shenzhen highway expansion project to extend the toll collection period [92]. - The company emphasizes strict risk control mechanisms, including project credit risk management and project classification tracking, to navigate the competitive landscape of financing leasing and commercial factoring [92]. Corporate Governance - The company has established a compliance management system and is continuously optimizing its internal control mechanisms [133]. - The company has a structured remuneration decision-making process based on performance and relevant regulations [114]. - The company has established a sound corporate governance structure, with no issues requiring rectification during the reporting period [139]. - The company maintains independence from its controlling shareholders in personnel, assets, business, organization, and finance, ensuring a complete and independent operational structure [98]. Employee Management - The total number of employees at the end of the reporting period is 971, with 690 in the parent company and 281 in major subsidiaries [125]. - The professional composition includes 676 production personnel, 17 sales personnel, 57 technical personnel, 23 financial personnel, and 198 administrative personnel [125]. - A total of 836 training sessions were conducted, with 230 participants in specialized training programs aimed at enhancing professional skills and overall quality [127]. Social Responsibility - The company actively engaged in social responsibility initiatives, including organizing 10 volunteer service activities benefiting over 1,000 individuals [141]. - The company purchased approximately 440,000 yuan worth of poverty alleviation agricultural products from Guizhou and Guangdong, supporting rural revitalization efforts [142]. Financial Reporting and Audit - The company’s financial report has been audited by a reputable firm, ensuring the accuracy and completeness of the financial statements [15]. - The audit opinion was a standard unqualified opinion, indicating fair presentation of financial statements [188]. - The internal control audit report was disclosed on April 8, 2025, with a standard unqualified opinion issued [138]. Shareholder Information - The total number of shares is 1,039,516,992, with 1,039,515,642 being unrestricted shares, representing 100% of the total [164]. - The largest shareholder, Dongguan Transportation Investment Group, holds 41.81% of the shares, totaling 434,671,714 shares [166]. - The number of shareholders increased from 29,348 to 30,457 during the reporting period [166].