股票代码：000828 股票简称：东莞控股 公告编号：2025－024 东莞发展控股股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会无否决议案的情况。 2、本次股东大会无涉及变更前次股东大会决议的情况。 一、会议召开情况 1、会议召开时间 （1）现场会议召开时间：2025 年 4 月 28 日 15:00。 （2）网络投票时间： 1 / 5 5、主持人：董事长王崇恩先生 本次股东大会的召开符合《中华人民共和国公司法》《上市公司 股东大会规则》《深圳证券交易所上市公司股东大会网络投票实施细 则》《深圳证券交易所股票上市规则》等相关法律法规及《公司章程》 的规定。 二、会议出席情况 1、本次股东大会采用现场投票与网络投票相结合的方式召开。 参加本次股东大会现场会议和网络投票的股东及股东授权委托代表 共计 141 人，代表股份 734,744,005 股，占公司有表决权股份总数的 70.6813％。 通过深圳证券交易所交易系统投票的具体时间为：2025 年 4 月 28 日上午 9:15—9 ...

2024 年年度股东大会的 法律意见书 二〇二五年四月 东莞控股——2024 年年度股东大会法律意见书 北京德和衡（广州）律师事务所 关于东莞发展控股股份有限公司 东莞控股——2024 年年度股东大会法律意见书 北京德和衡（广州）律师事务所 关于东莞发展控股股份有限公司 2024 年年度股东大会的法律意见书 德和衡证见意见(2025)第 00046 号 致：东莞发展控股股份有限公司 北京德和衡（广州）律师事务所（以下简称"本所"）接受东莞发展控股股份有 限公司（以下简称"公司"）的委托，指派本所律师出席并见证了公司召开 2024 年年 度股东大会。根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 国证券法》（以下简称《证券法》）、中国证券监督管理委员会《上市公司股东大会规 则》（以下简称《股东大会规则》）等法律法规、规范性法律文件及现行有效的《东莞 发展控股股份有限公司章程》（以下简称《公司章程》）的规定，就本次年度股东大会 的召集和召开程序、出席和列席本次年度股东大会的人员资格、本次年度股东大会的 表决程序、表决结果的合法性、有效性进行见证，并出具法律意见书。 本所律师依据本法律意见书出具 ...

Core Viewpoint - The company reported a significant decline in net profit for the first quarter, primarily due to the previous year's investment gains from exiting a project, but adjusted figures show a slight increase in profitability [3]. Financial Data Summary - The net profit attributable to shareholders decreased by 45.58% year-on-year, largely due to the absence of investment income from the previous year [3]. - If the previous year's impact is excluded, the net profit for the current period increased by 8.24% year-on-year [3]. Credit Rating Update - The company received an upgrade in its long-term credit rating from AA+ to AAA by a credit rating agency, indicating an improvement in its overall strength [7]. - The stable outlook of the new rating is expected to help the company reduce financing costs and expand financing channels, positively impacting its long-term sustainable development [7].

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]

证券研究报告 | 公司深度报告 2025 年 04 月 17 日 东莞控股（000828.SZ） 聚焦高速主业，承诺绝对分红提升股东回报 周期/交通运输 东莞控股为东莞市属国有控股上市公司，近几年聚焦高速主业经营、持续剥离 非主业。未来公司主业经营稳定，核心路产莞深高速区位优势明显，改扩建回 报高于行业平均水平。公司发布 25-27 年股东回报计划，承诺绝对值分红、股 息率吸引力较高。 ❑ 风险提示：宏观经济下行导致车流量下降、收费政策变化、改扩建效果不及 预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 4688 | 1692 | 1560 | 1548 | 1548 | | 同比增长 | 14% | -64% | -8% | -1% | 0% | | 营业利润(百万元) | 773 | 1189 | 1180 | 1174 | 1271 | | 同比增长 | -25% | 54% | -1% | -1% | 8% | | 归母净利润( ...

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.