东莞发展控股股份有限公司（以下简称"公司""本公司"）的控 股子公司天津市宏通商业保理有限公司（以下简称"宏通公司"），与 淼诚（天津）股权投资合伙企业（有限合伙）、东莞市福民私募基金 管理有限公司，共同投资设立东莞福民鸿泽一号股权投资基金合伙 企业（有限合伙）（以下简称"合伙企业"）。具体内容详见公司于 2023 年 11 月 4 日 、 2024 年 4 月 20 日 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露的《关于控股子公司与专业投资机 构共同投资设立合伙企业的公告》（公告编号：2023-055）、《关于与 专业投资机构共同投资设立合伙企业的进展公告》（公告编号： 2024-030）。 二、退出合伙企业的情况 证券代码：000828 证券简称：东莞控股 公告编号：2025-027 东莞发展控股股份有限公司 关于控股子公司退出合伙企业的公告 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。 一、合伙企业设立情况 鉴于合伙企业目前尚未实际开展投资经营活动，合伙目的已无 法实现，根据《中华人民共和国合伙企业法》《私募投资基 ...

Group 1: Investment and Growth Strategies - The company is actively pursuing investment and mergers, focusing on comprehensive transportation, new energy, and the upstream and downstream of new productivity industry chains to identify acquisition opportunities in niche industry leaders [1] - The company is enhancing investor relations management to attract more institutional investors, addressing the concentration of major shareholders and exploring equity optimization plans with the controlling shareholder [1] Group 2: Project Investment and Financials - The estimated budget for the Dongguan-Shenzhen Expressway expansion project (including the Longlin branch) is approximately 1,758,414 thousand yuan, with a capital ratio of 25%, equating to about 44 billion yuan; the internal rate of return on capital is projected at 5.69% [1] - The project has a construction period of 3-4 years, and while loan interest rates may decrease, the exact reduction in costs remains uncertain [2] Group 3: Toll Rate Adjustments and Revenue Impact - The main line of the Dongguan-Shenzhen Expressway will be expanded to a dual ten-lane standard, while the Longlin branch will adopt a dual eight-lane standard; the toll rate for the Longlin branch will increase from 0.45 yuan to 0.6 yuan per standard vehicle kilometer after expansion [2] - During the expansion period, the company anticipates a negative impact on toll revenue due to construction, but traffic organization measures will be implemented to mitigate this effect; traffic volume in Q1 2025 remained stable compared to the same period last year [2]

Investment Highlights - Dongguan Holdings focuses on its core highway business, with expected substantial dividends from 2025 to 2027. The company has seen its total revenue grow from 1.097 billion to 1.692 billion yuan from 2015 to 2024, with a CAGR of 4.93%. Cumulatively, the company has distributed 3.108 billion yuan in cash dividends during the same period, and it commits to a minimum annual cash dividend of 0.475 yuan per share for the next three years, provided profits are positive and cash flow supports ongoing operations [1][2]. Competitive Advantages - The core asset of the company is the Dongguan-Shenzhen Expressway, strategically located in the Pearl River Delta, serving as a vital link between Guangzhou, Dongguan, and Shenzhen. From 2015 to 2024, toll revenue from this expressway increased from 930 million to 1.32 billion yuan, with a CAGR of 3.9%, and traffic volume rose from 66.7 million to 125.53 million vehicles, with a CAGR of 7.3%. The ongoing expansion project is expected to enhance traffic capacity significantly upon completion in December 2028 [2]. Strategic Diversification - The company is exploring a diversified strategy, including financial investments and new energy initiatives. Its financial services encompass commercial factoring and leasing, with projected gross margins exceeding 50% in 2024. However, the factoring business faced a net loss of 28 million yuan due to impairment provisions. In the new energy sector, revenue from electric vehicle charging services is expected to reach 86 million yuan in 2024, although margins are under pressure due to declining demand and competitive challenges [3]. Profit Forecast - The company anticipates net profits of 812 million, 856 million, and 888 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -15.0%, 5.4%, and 3.8%. The current price-to-earnings ratios are projected at 13.1, 12.4, and 11.9 times for the respective years. Comparable companies include China Merchants Highway, Ninghu Expressway, and Sichuan Chengyu [3].

Investment Rating - The report gives an initial investment rating of "Buy" for Dongguan Holdings, emphasizing its strong position in the expressway sector and stable dividend commitments to shareholders [4][6][71]. Core Viewpoints - Dongguan Holdings focuses on its core business of expressway operations, particularly the advantageous position of the Dongshen Expressway, which is a vital part of the Guangdong-Hong Kong-Macao Greater Bay Area's transportation network [5][8]. - The company has committed to a minimum annual cash dividend of no less than 0.475 CNY per share for the years 2025-2027, reflecting its emphasis on shareholder returns [5][33]. - The ongoing expansion project of the Dongshen Expressway is expected to significantly enhance traffic capacity and toll revenue in the long term, despite short-term challenges during the construction phase [5][45][71]. Summary by Sections Financial Performance - The company's total revenue increased from 1.097 billion CNY in 2015 to 1.692 billion CNY in 2024, with a CAGR of 4.93% [5][18]. - The projected net profit for 2025-2027 is estimated at 812 million CNY, 856 million CNY, and 888 million CNY, with year-on-year growth rates of -15.0%, 5.4%, and 3.8% respectively [6][71]. Business Segments - The expressway business remains the core revenue driver, contributing 78.19% of total revenue in 2024, with toll revenue from the Dongshen Expressway reaching 1.323 billion CNY [18][22]. - The financial investment segment, including commercial factoring and leasing, is expected to provide stable income, while the new energy sector is expanding but facing short-term profitability challenges [51][58]. Strategic Initiatives - The company is actively pursuing a multi-faceted strategy that includes optimizing its asset portfolio by focusing on expressway operations and divesting non-core assets [71]. - The ongoing expansion of the Dongshen Expressway is projected to alleviate traffic congestion and enhance toll revenue, with completion expected by December 2028 [5][45]. Market Position - Dongguan Holdings is positioned as a key player in the expressway sector within the Greater Bay Area, benefiting from its strategic location and the ongoing integration of regional transportation networks [8][71]. - The company’s financial health is supported by a strong shareholder base and a commitment to maintaining a stable dividend policy [33][71].

Core Viewpoint - The newly revised "Regulations on Strict Economy and Opposition to Waste in Party and Government Agencies" emphasizes a ban on high-end dishes, cigarettes, and alcohol in work meals, which has led to a decline in the stock prices of liquor companies, particularly in the white liquor sector [1][4]. Group 1: Impact of the New Regulations - The new regulations reaffirm existing restrictions on public alcohol consumption, which have been in place since the "Eight Regulations" introduced in 2012, and further clarify the details of these rules [1][3]. - The market share of public alcohol consumption has significantly decreased, from approximately 40% in 2011 to less than 5% currently, indicating a substantial shift in the consumption landscape [3][4]. Group 2: Historical Context of Public Alcohol Consumption - Public alcohol consumption has historically held a significant role in Chinese culture, evolving from a political tool to a mainstream market driver, and is now being phased out [2][12]. - Previous bans on public alcohol consumption in 1989, 1996, and 2012 have each led to drastic changes in the white liquor market, with the latest ban being less impactful compared to earlier ones [6][10]. Group 3: Market Reactions and Trends - Following the announcement of the new regulations, 11 white liquor stocks experienced declines ranging from 0.19% to 2.73%, with high-end brands facing larger drops [4][11]. - Despite short-term fluctuations, analysts suggest that the long-term investment logic for the white liquor sector remains largely unaffected, as public alcohol consumption constitutes a minor portion of overall sales [4][6]. Group 4: Changing Consumer Preferences - The current consumer base for white liquor is shifting towards younger generations, who prioritize taste, brand recognition, price, and packaging, indicating a trend towards more diverse and personalized consumption [12][14]. - The top consumption scenarios for white liquor in 2024 are family gatherings, friend meet-ups, and business banquets, reflecting a move away from traditional public consumption [12][14].

Core Viewpoint - Dongguan Holdings has completed the transfer of a 22.2069% stake in Dongguan Trust, receiving a total of 142,765.52 million yuan, which will positively impact the company's profit by reversing a bad debt provision of 5,996.15 million yuan [2][3]. Group 1: Transaction Information - As of May 16, 2025, Dongguan Holdings' stock closed at 10.33 yuan, down 1.15%, with a turnover rate of 0.47% and a trading volume of 48,500 shares, amounting to a transaction value of 50.2672 million yuan [1]. - On May 16, the capital flow for Dongguan Holdings showed a net outflow of 4.1351 million yuan from main funds, a net inflow of 3.2195 million yuan from speculative funds, and a net inflow of 915,600 yuan from retail investors [1][3]. Group 2: Company Announcements - Dongguan Holdings announced the progress of the transfer of its 22.2069% stake in Dongguan Trust to Dongguan City Road and Bridge Investment Construction Co., Ltd. for 142,765.52 million yuan [2]. - The company signed the equity transfer agreement on May 17, 2024, and received the first payment of 42,829.66 million yuan on May 23, 2024, followed by the second payment of 99,935.86 million yuan on May 16, 2025 [2]. - The completion of this transaction allows the company to reverse the previously recognized bad debt provision of 5,996.15 million yuan, leading to an increase in total profit [2][3].

股票代码：000828 股票简称：东莞控股 公告编号：2025-026 东莞发展控股股份有限公司 关于转让东莞信托股权的进展公告 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董事会 1 / 2 2025 年 5 月 19 日 2 / 2 东莞发展控股股份有限公司（以下简称"公司""本公司"）将 持有的东莞信托有限公司（以下简称"东莞信托"）22.2069%股权以 142,765.52 万元转让给东莞市路桥投资建设有限公司（以下简称"市 路桥公司"），具体内容详见公司于 2024 年 4 月 13 日披露的《关于 转让东莞信托股权的公告》（公告编号：2024-020）。 二、进展情况 2024 年 5 月 17 日，公司与市路桥公司签署《关于东莞信托有限 公司之股权转让协议》；2024 年 5 月 23 日，公司收到市路桥公司支 付的首期款 42,829.66 万元；2025 年 5 月 16 日，公司收到市路桥公 司支付的第二笔款项 99,935.86 万元。至此，公司已根据协议约定按 时收回全部股权转让款，本次交易实施完毕。 三、 ...

Group 1: Financial Performance - In Q1 2025, the company's revenue decreased by approximately 10% year-on-year, primarily due to a decline in the financial services segment [1] - For 2024, the company reported a revenue of 1.692 billion yuan, a year-on-year decrease of 63.91%, attributed to the exit from the Line 1 construction project [3] - The net profit attributable to shareholders for 2024 increased by 43.26% to 955 million yuan, indicating growth even when excluding non-recurring gains [2] Group 2: Business Strategy - The company plans to focus on transportation infrastructure and the new energy industry, particularly expanding its highway business and investing in the charging and swapping business [2] - The company is actively exploring acquisition opportunities to strengthen its highway assets and enhance operational efficiency [3] - The company aims to optimize asset allocation and improve operational efficiency by disposing of low-efficiency assets while investing in high-quality assets [3] Group 3: Future Outlook - The company anticipates significant growth in highway toll revenue following the completion of the Dongshen Expressway expansion project [4] - The demand for charging infrastructure is expected to grow, with the number of new energy vehicles in Dongguan projected to reach approximately 31,000 by the end of 2024, a year-on-year increase of 46.81% [4] - The company recognizes the strategic value of highways in supporting economic development and national security, predicting continued expansion in highway investment [4]

东莞发展控股股份有限公司 2024 年年度权益分派实施公告 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"）2024 年年度权益分派方案已获 2025 年 4 月 28 日召开的 2024 年年度股东 大会审议通过。现将权益分派事宜公告如下： 一、股东大会审议通过的利润分配方案等情况 1、公司 2024 年年度股东大会审议通过的 2024 年度利润分配方 案为：以公司 2024 年 12 月 31 日的股份总额 1,039,516,992 股为基数， 向全体股东按每 10 股派发现金红利 3.250000 元（含税），共计 337,843,022.40 元，剩余利润结转以后年度分配；2024 年度不送股， 也不进行公积金转增股本。若在本次分配预案实施前公司总股本发生 变化的，公司将维持每股分配比例不变，相应调整分配总额。 股票代码：000828 股票简称：东莞控股 公告编号：2025-025 四、权益分派对象 本次分派对象为：截至 2025 年 5 月 13 日下午深圳证券交易所收 市后，在中国证券登记结算 ...

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]