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].

New Consumption - The company achieved total operating revenue of 1.769 billion yuan in H1 2025, a year-on-year increase of 30.83% [2][8] - The total profit reached 241 million yuan, up 7.17% year-on-year, while the net profit attributable to shareholders was 186 million yuan, reflecting a growth of 5.21% [2][10] - The main brand, Marubi, maintained its position as the "No. 1 domestic brand in eye care" and the PL brand won the "Most Influential Makeup and Fragrance Brand" award [2][9] Machinery/Building Materials - The company reported operating revenue of 161 million yuan in H1 2025, a significant increase of 51.66% year-on-year, with a net profit of 23 million yuan, up 199.23% [12][15] - The balance machine business showed steady growth, while automation equipment and software information systems contributed significantly to performance [13][15] - The company is recognized as a leader in domestic balance machines, with new orders expected to increase as the company expands into high-end equipment manufacturing markets [15] Transportation - The company achieved approximately 766 million yuan in revenue in H1 2025, a decrease of 8.57% year-on-year, while the net profit was approximately 532 million yuan, an increase of 20.51% [16][17] - The main business of highways remains stable, with a significant increase in net profit in Q2 2025 due to the recovery of previously provisioned losses [16][17] - The company plans to distribute a cash dividend of 0.15 yuan per share, indicating a commitment to shareholder returns [16][18] North Exchange - The company reported revenue of 237 million yuan in H1 2025, a year-on-year increase of 7%, with a net profit of 52.68 million yuan, up 14% [20][21] - The domestic revenue grew by 31%, while overseas revenue faced challenges [21] - The company is actively developing new products in nuclear power and data center sectors, which are expected to drive future growth [21][22] Hydraulic Industry - The company achieved revenue of 344 million yuan in H1 2025, a year-on-year increase of 13%, with a net profit of 67.32 million yuan, up 40% [31][32] - The growth was driven by strong demand for dump truck cylinders and oil-gas springs, with significant improvements in gross margins [32][33] - The company is expanding into new fields such as autonomous driving and industrial robotics, indicating a strategic shift towards innovative applications [34][35]

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]

Core Viewpoint - Dongguan Holdings reported a mixed performance in its 2025 H1 financial results, with a decline in revenue but an increase in net profit and cash flow, indicating potential resilience in profitability despite revenue challenges [1][2][3][4] Financial Performance - In H1 2025, the company achieved operating revenue of 766 million yuan, a year-on-year decrease of 8.57% [1] - The net profit attributable to shareholders was 532 million yuan, reflecting a year-on-year increase of 20.51% [1] - The net cash flow from operating activities was 931 million yuan, showing a significant year-on-year increase of 332.74% [1] - Basic earnings per share were 0.5122 yuan, up 23.45% year-on-year [1] - The weighted average return on equity was 5.33%, an increase of 0.79 percentage points year-on-year [1] Quarterly Performance - In Q2 2025, the company reported operating revenue of 400 million yuan, a year-on-year decrease of 6.28% but a quarter-on-quarter increase of 9.41% [1] - The net profit for Q2 was 313 million yuan, a substantial year-on-year increase of 699.24% and a quarter-on-quarter increase of 43.02% [1] Revenue Breakdown - Revenue from toll fees, financing leasing, factoring business, and new energy vehicle charging business were 627 million, 10 million, 71 million, and 42 million yuan respectively, with year-on-year changes of -0.37%, -71.52%, -40.66%, and +10.86% [1][2] Traffic and Infrastructure - The traffic volume on the Dongguan-Shenzhen Expressway remained stable year-on-year, with a mixed traffic volume of 60.09 million vehicles, a slight decrease of 0.26% [2] - The company is undertaking expansion and renovation projects on the Dongguan-Shenzhen Expressway, with H1 2025 investments amounting to 863 million yuan, totaling 3.536 billion yuan, which is 20.11% of the total investment [2] Profitability Factors - The company recorded credit impairment losses of 63 million yuan in H1 2025, a significant change from -174 million yuan in the same period last year, primarily due to the recovery of previously impaired receivables [3] - Financial expenses were -11 million yuan, down from 36 million yuan year-on-year, attributed to reduced interest expenses and increased interest income [3] - The company acquired a 7.1% stake in Dongguan Securities, increasing its total holding to 27.1%, and recognized investment income from joint ventures and associates of 111 million yuan, up 26.22% year-on-year [3] Shareholder Returns - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling approximately 156 million yuan, pending approval from the shareholders' meeting [4] - The future three-year shareholder return plan (2025-2027) aims for a minimum cumulative cash dividend of 0.475 yuan per share annually, translating to an estimated dividend yield of about 4.1% based on the closing price of 11.55 yuan on August 25, 2025 [4] Earnings Forecast - The company forecasts net profits attributable to shareholders of 881 million, 893 million, and 931 million yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.85, 0.86, and 0.90 yuan [4] - The price-to-earnings ratios based on the closing price on August 25 are projected to be 13.6X, 13.5X, and 12.9X for the respective years [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [4][8]. Core Views - The company reported a net profit of 5.32 billion yuan in H1 2025, a year-on-year increase of 20.51%, despite a revenue decline of 8.57% to 7.66 billion yuan [6]. - The company plans to distribute a mid-term cash dividend of 1.5 yuan per 10 shares, totaling approximately 156 million yuan, reflecting a commitment to shareholder returns [6]. - The company is undergoing expansion projects on the莞深高速 highway, with an investment of 8.63 billion yuan in H1 2025, which is expected to enhance future revenue streams [6]. Financial Performance Summary - For H1 2025, the company achieved operating revenue of 7.66 billion yuan, down 8.57% year-on-year, while net profit rose to 5.32 billion yuan, up 20.51% [6]. - The company’s cash flow from operating activities saw a significant increase of 332.74%, reaching 9.31 billion yuan [6]. - The company’s earnings per share (EPS) for H1 2025 was 0.5122 yuan, reflecting a year-on-year increase of 23.45% [6]. Revenue and Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 8.81 billion yuan, 8.93 billion yuan, and 9.31 billion yuan respectively, with corresponding EPS of 0.85 yuan, 0.86 yuan, and 0.90 yuan [6][7]. - The report anticipates a decline in revenue for 2024, followed by a slight recovery in subsequent years, with growth rates of -64% in 2024 and modest increases thereafter [4][7]. Valuation Metrics - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 13.6X, 13.5X, and 12.9X respectively, indicating a favorable valuation compared to historical performance [4][6]. - The company’s return on equity (ROE) is expected to be around 9% in 2025, gradually declining to 8% by 2027 [6][7].

Group 1 - The company reported a net profit attributable to shareholders of 532 million yuan for the first half of 2025, representing a year-on-year increase of 20.51% [2] - The company's net assets attributable to shareholders reached 10.028 billion yuan by the end of the reporting period, an increase of 1.95% from the beginning of the year [2] - The revenue from highway tolls was 627 million yuan, remaining stable compared to the same period last year, accounting for 81.86% of total operating revenue [2] Group 2 - The company has initiated the expansion and renovation project for the Dongguan-Shenzhen Expressway, expected to be completed and operational by December 2028, which will effectively extend the toll collection period [2] - Revenue from financing leasing and commercial factoring was 81 million yuan, accounting for 10.60% of total operating revenue, with a decrease attributed to strict project risk control [2] - Revenue from the new energy vehicle charging and swapping business totaled 42 million yuan, accounting for 5.45% of total operating revenue, with a year-on-year increase of approximately 10% and a reduction in losses by 9.93% [2] Group 3 - The company announced an interim dividend of 1.5 yuan per 10 shares, totaling 156 million yuan, maintaining a stable and sustainable dividend policy [3] - The calculated dividend yield based on the most recent closing price is 4.11%, positioning the company among the industry leaders [3]