Core Viewpoint - Dongguan Holdings plans to transfer a large time deposit of 200 million yuan to its affiliate, Dongguan City Road and Bridge Investment Construction Co., Ltd. This transaction is classified as a related party transaction and has been approved by the company's board of directors [1] Group 1 - The transfer will be conducted at par value [1] - Dongguan City Road and Bridge is a wholly-owned subsidiary of Dongguan City Transportation Investment Group, which is the controlling shareholder of Dongguan Holdings [1] - The transaction does not constitute a major asset restructuring and does not require approval from relevant authorities [1]

关于转让大额存单产品暨关联交易的公告 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。 为满足东莞发展控股股份有限公司（以下简称"公司""本公司"） 资金使用需求，提高资金使用效率，公司拟转让大额存单产品给关联 方东莞市路桥投资建设有限公司（以下简称"市路桥公司"），金额 为 20,000 万元，转让方式为平价转让，本次交易的具体情况如下： 一、关联交易概述 股票代码：000828 股票简称：东莞控股 公告编号：2025-032 东莞发展控股股份有限公司 （一）交易情况 公司拟转让大额存单产品给关联方市路桥公司，产品本金为人民 币 20,000 万元。 （二）关联关系情况说明 本次交易对手方为市路桥公司，市路桥公司为公司控股股东—— 东莞市交通投资集团有限公司（以下简称"东莞交投"）的全资子公 司。根据《股票上市规则》等有关规定，市路桥公司为本公司的关联 法人，本次交易构成关联交易。 （三）关联交易审批情况 本次关联交易相关议案《关于转让大额存单产品暨关联交易的议 案》，经于 2025 年 6 月 26 日召开的公司第八届董事会第四十三次会 议审议通过（公司董事 ...

东莞发展控股股份有限公司 关于受让东莞证券 7.1%股份的进展公告 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（以下简称"公司""本公司"）与 东莞金融控股集团有限公司（以下简称"东莞金控"）于 2024 年 8 月组成联合体，成功竞拍广东锦龙发展股份有限公司（以下简称"锦 龙股份"）公开挂牌转让的东莞证券股份有限公司（以下简称"东莞 证券""标的公司"）30,000 万股股份（占总股本的 20%），其中本 公司受让东莞证券 10,650 万股股份（占总股本的 7.1%），对应成交 价格为 806,472,741 元。本次交易的相关议案已经公司第八届董事会 第三十四次会议、2024 年第二次临时股东大会审议通过。公司与东 莞金控、锦龙股份已签署《关于东莞证券股份有限公司之股份转让协 议》（以下简称"《股份转让协议》"），自中国证监会下发核准标 的公司股东变更的批复之日起生效。 股票代码：000828 股票简称：东莞控股 公告编号：2025-029 二、进展情况 一、交易概述 2025 年 6 月 26 日 比例为 27.1%。 特 ...

股票代码：000828 股票简称：东莞控股 公告编号：2025-031 特此公告 东莞发展控股股份有限公司监事会 1 / 1 2025 年 6 月 26 日 东莞发展控股股份有限公司（以下简称"公司""本公司"）第 八届监事会第三十二次会议，于 2025 年 6 月 26 日以通讯方式召开， 应到会监事 3 名，实际到会监事 3 名。会议的召开符合《中华人民共 和国公司法》和本公司章程的规定，决议合法有效。本次会议作出了 如下决议： 以同意票 2 票，反对票 0 票，弃权票 0 票，审议通过了《关于转 让大额存单产品暨关联交易的议案》。 本议案构成关联交易，黄惠明女士作为关联监事对本议案回避表 决。 东莞发展控股股份有限公司 第八届监事会第三十二次会议决议公告 本公司及监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。 ...

股票代码：000828 股票简称：东莞控股 公告编号：2025-030 东莞发展控股股份有限公司 第八届董事会第四十三次会议决议公告 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。 东莞发展控股股份有限公司（以下简称"公司""本公司"）第 八届董事会第四十三次会议，于 2025 年 6 月 26 日以通讯方式召开， 应到会董事 7 名，实际到会董事 7 名，会议主持人为公司董事长王崇 恩先生。会议的召开符合《中华人民共和国公司法》和本公司章程的 规定，决议合法有效。本次会议作出了如下决议： 以同意票 5 票，反对票 0 票，弃权票 0 票，审议通过了《关于转 让大额存单产品暨关联交易的议案》。 同意公司向关联方东莞市路桥投资建设有限公司转让大额存单 产品，金额为 20,000 万元，转让利率为 3.10%。本议案构成关联交易， 王崇恩、林永森先生作为关联董事对本议案回避表决。 该议案经独立董事专门会议审议通过，公司独立董事一致同意将 该议案提交董事会审议。 此议案的具体内容详见公司同日在巨潮资讯网披露的《关于转让 大额存单产品暨关联交易的公告》（公告编号：20 ...

股票代码：000828 股票简称：东莞控股 公告编号：2025-028 叶子龙先生在任职期间勤勉尽责，公司董事会对叶子龙先生为公 司发展所作的贡献表示衷心感谢。 特此公告 东莞发展控股股份有限公司董事会 2025 年 6 月 24 日 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"）董事会于 2025 年 6 月 24 日收到公司副总裁叶子龙先生提交的书面辞职报告。叶子 龙先生因工作调整，申请辞去公司副总裁职务，辞职后将不在公司担 任职务，其辞职不会对公司的生产经营工作产生不利影响。 根据《中华人民共和国公司法》《公司章程》《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规 定，叶子龙先生的辞职报告自送达董事会之日起生效，截至本公告披 露日，叶子龙先生未持有公司股票。 东莞发展控股股份有限公司 关于高级管理人员辞职的公告 ...

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].