Core Viewpoint - The company has completed the repurchase and cancellation of shares, reducing its total share capital and ensuring compliance with relevant regulations [2][4][7]. Group 1: Bond Redemption Announcement - The company announced the exercise of the redemption option for its 2023 second tranche medium-term notes, ensuring a smooth execution of the rights [1]. - The bond code for the medium-term notes is 102383299.IB, and the company is committed to accurate and complete information disclosure [1]. Group 2: Share Repurchase Completion - The company has completed the repurchase of 25,242,402 shares, which represents 0.3701% of the total share capital before cancellation [2][3]. - The total share capital has been reduced from 6,820,337,394 shares to 6,795,094,992 shares following the cancellation [2][4]. Group 3: Repurchase Details - The shares were repurchased between January 23, 2025, and October 22, 2025, with a total expenditure of 310,009,184.90 yuan, achieving the lower limit of the repurchase plan [3]. - The highest and lowest prices for the repurchased shares were 13.40 yuan and 10.12 yuan per share, respectively [3]. Group 4: Post-Cancellation Arrangements - Following the cancellation of shares, the company will amend its articles of association to reflect changes in registered capital and total shares, and will proceed with necessary registrations [7].

Core Viewpoint - The company, China Merchants Highway, is a leading player in the domestic toll road sector, with a comprehensive business model that includes toll road operations and traffic technology services [1] Group 1: Business Performance - In Q3 2025, China Merchants Highway reported revenue of 8.703 billion yuan, ranking third among 20 companies in the industry, with the top competitor, Shandong Highway, at 16.841 billion yuan [2] - The net profit for the same period was 4.423 billion yuan, leading the industry, while the second place, Ninghu Highway, reported 4.037 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 44.26%, slightly down from 45.42% year-on-year, but higher than the industry average of 41.31% [3] - The gross profit margin for Q3 2025 was 34.19%, down from 37.96% year-on-year, and below the industry average of 46.20% [3] Group 3: Management and Shareholder Information - The total compensation for General Manager Yang Xudong in 2024 was 1.596 million yuan, a decrease of 180,500 yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 32.84% to 48,000, while the average number of shares held per shareholder decreased by 24.72% to 142,200 shares [5] Group 4: Future Outlook - Analysts project net profits for 2025, 2026, and 2027 to be 5.62 billion, 6.01 billion, and 6.36 billion yuan respectively, maintaining a "buy" rating [5] - The company continues to pursue an expansion strategy, including a recent investment in the Guizhou-San Highway, adding 135.3 kilometers to its management portfolio [5]

招商局公路网络科技控股股份有限公司 证券代码：001965 证券简称：招商公路 公告编号：2025-70 2023 年度第二期中期票据发行人赎回选择权行权公告 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。 根据发行文件中相关条款规定，招商局公路网络科技控股股份有限公司 2023 年度第二期中期票据（债券简称：23 招商公路 MTN002，债券代码： 102383299.IB）设有发行人赎回选择权。为保证行权工作顺利进行，现将有关事 宜公告如下。 | 发行人赎回面额（亿元） | 12.5 | | --- | --- | | 赎回价格（元/百元面值） | 100 | | 行权日 | 2025-12-11 | 三、 其他需说明的事项 无。 四、 本次权利行使相关机构 （一）发行人：招商局公路网络科技控股股份有限公司 联系人：石超 联系方式：010-56529000 （二）存续期管理机构：招商银行股份有限公司 发行人名称 招商局公路网络科技控股股份有限公司 债券名称 招商局公路网络科技控股股份有限公司 2023 年度第二期中期票据 债券简称 23 招商公路 MTN0 ...

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 8.703 billion CNY, a decrease of 4.2% year-on-year [1] - The net profit attributable to shareholders for the same period was 4.012 billion CNY, down 3.56% year-on-year [1] - In Q3 2025, the company recorded a net profit of 1.509 billion CNY, an increase of 3.91% year-on-year [2] - The net profit excluding non-recurring items for Q3 2025 was 1.458 billion CNY, up 1.05% year-on-year [2] Revenue Decline Factors - The decline in revenue is primarily attributed to the exit of the Bozhou-Fu Highway REITs and the impact of road network diversions and construction activities [1] - The decrease in gross margin is due to factors such as construction disruptions and differentiated toll policies affecting revenue from toll fees [2] - Increased maintenance costs in 2025, designated as a national inspection year, have also pressured gross margins [2] Future Plans and Shareholder Returns - The company aims to enhance proactive management and focus on internal growth to create more investment value for shareholders [1] - From 2022 to 2024, the total cash dividends distributed reached 9.026 billion CNY, receiving high recognition from investors [2] - The company plans to develop a new three-year shareholder return plan, balancing funding needs with shareholder returns [2]

证券代码：001965 证券简称：招商公路 公告编号：2025-69 招商局公路网络科技控股股份有限公司 关于回购股份注销完成暨股份变动的公告 1、招商局公路网络科技控股股份有限公司（以下简称"公司"或"招商公 路"）本次回购股份已实施完毕。公司本次注销的股份为 25,242,402 股，占注销 前公司总股本 6,820,337,394 股的 0.3701%，本次注销的股份数量与公司实际回 购的股份数量一致。 2.公司于 2025 年 10 月 30 日在中国证券登记结算有限责任公司深圳分公司 办理完成上述股份的注销手续。本次股份回购注销完成后，公司总股本由 6,820,337,394 股变更为 6,795,094,992 股。 一、回购股份实施情况 公司于 2025 年 1 月 23 日首次以集中竞价方式实施股份回购，具体内容详见 公司于 2025 年 1 月 24 日披露的《招商公路关于首次回购公司股份的公告》（公 告编号：2025-03）。回购期间，公司按规定于每个月的前三个交易日内披露截至 上月末回购进展情况，具体内容详见公司刊登在巨潮资讯网的相关进展公告。 截至 2025 年 10 月 22 日，公 ...

Group 1 - HSBC has initiated a "Buy" rating for China Merchants Highway with a target price of 12.80 RMB [1]

Group 1 - HSBC has initiated a buy rating for China Merchants Jinling with a target price of 12.80 RMB [1]

根据深圳证券交易所债券上市的有关规定，招商局公路网络科技控股股份有 限公司 2025 年面向专业投资者公开发行科技创新可续期公司债券（第一期）符 合深圳证券交易所债券上市条件，将于 2025 年 10 月 29 日起在深圳证券交易所 上市，并面向专业投资者中的机构投资者交易，交易方式包括匹配成交、点击成 交、询价成交、竞买成交和协商成交。债券相关要素如下： | 债券名称 | 招商局公路网络科技控股股份有限公司 年面向专业投资 2025 | | | | | | --- | --- | --- | --- | --- | --- | | | 者公开发行科技创新可续期公司债券（第一期） | | | | | | 债券简称 | 25 招路 KY01 | | | | | | 债券代码 | 524480.SZ | | | | | | 信用评级 | 主体 AAA/债项 AAA | | | | | | 评级机构 | 中诚信国际信用评级有限责任公司 | | | | | | 发行总额（亿元） | 15.50 | | | | | | 债券期 限 | 本期债券发行期限为 2+N 年期 | | | | | | 票面年利率（%） | 2. ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - Crude oil freight rates have decreased month-on-month, while container shipping rates on long-distance routes have increased. The China Import Crude Oil Comprehensive Index (CTFI) reported 1632.26 points on October 23, down 8.9% from October 16. The VLCC market remains cautious due to the implementation of special port fees between China and the US, leading to a weak sentiment among shipowners [2][13] - Guangdong Province has released a high-quality development plan for the low-altitude economy, aiming to establish itself as a national leader in this sector. The civil aviation industry has shown steady growth in the first three quarters of 2025, with a total transport turnover of 1220.3 billion ton-kilometers, a year-on-year increase of 10.3% [2][15][16] - In Shenzhen, the monthly delivery volume of autonomous vehicles has surpassed one million, with a year-on-year growth of 12.7% in express delivery volume in September. The postal industry reported a total business income of 152.57 billion yuan in September, up 6.8% year-on-year [2][22][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, while container shipping rates on long-distance routes have increased. The CTFI reported a decrease of 8.9% [2][13] - Guangdong's low-altitude economy development plan aims to optimize airspace management and promote low-altitude logistics [15][16] - Shenzhen's autonomous vehicle delivery volume has exceeded one million, with express delivery volume growing by 12.7% [22][24] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index has shown a month-on-month increase of 6.9% [26] - Domestic cargo flights have increased by 3.05% year-on-year, while international flights have risen by 15.86% [32] - The express delivery business volume in September increased by 12.7% year-on-year, with total business income reaching 127.37 billion yuan [50][54] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Consider investment opportunities in the highway and railway sectors, recommending companies like Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Explore investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a year-on-year profit growth in Q3 2025, indicating a relief in operational pressure despite a slight decline in revenue [5][3]. - The company is positioned as a leading highway operator with strong growth drivers, supported by its background in the China Merchants Group [5]. - The company has a commitment to high dividend payouts, with a promise that the dividend ratio will not be less than 55% from 2022 to 2024 [5]. Financial Performance Summary - In Q3 2025, the company achieved operating revenue of 3.04 billion yuan, a year-on-year decrease of 1.7%, while net profit attributable to shareholders was 1.51 billion yuan, an increase of 3.9% [3][5]. - For the first three quarters of 2025, the company reported total operating revenue of 8.70 billion yuan, down 4.12% year-on-year, and a net profit of 4.01 billion yuan, a decline of 3.6% [3][5]. - The company's gross profit for Q3 2025 was 1.05 billion yuan, reflecting a year-on-year decline of 15.2%, although the decline rate narrowed compared to Q2 [10]. Operational Insights - The company experienced a slight increase in investment income, reaching 1.23 billion yuan in Q3 2025, up 2.0% year-on-year, attributed to increased travel demand during the summer peak season [10]. - The company successfully reduced its operating expenses significantly, with total expenses in Q3 2025 amounting to 575 million yuan, down 8.8% year-on-year [10]. - The overall traffic volume on highways remained stable, with a 3.0% year-on-year increase in freight traffic and a slight decline of 2.0% in passenger turnover [10].