公司将根据相关法律法规和交易商协会的要求，结合资金需求和市场情况择 机发行，并将及时履行信息披露义务。 关于债务融资工具获准注册的公告 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。 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"） 于 2025 年 7 月 15 日召开第三届董事会第三十三次会议，会议审议通过了《关于 申请注册发行债务融资工具的议案》，该议案已提交公司 2025 年第二次临时股 东大会审议通过。详情请参见 2025 年 7 月 16 日、2025 年 8 月 1 日刊登在《中 国证券报》《证券时报》《上海证券报》及巨潮资讯网上的《招商公路第三届董 事会第三十三次会议决议公告》《招商公路 2025 年第二次临时股东大会决议公 告》。 近日，公司收到中国银行间市场交易商协会（以下简称"交易商协会"）出 具的《接受注册通知书》（中市协注[2025]DFI58 号），接受招商公路债务融资 工具注册。《接受注册通知书》主要事项如下： 证券代码：001965 证券简称：招商公路 公告编号：2025-56 一、招商公路债务融资工具注册自 ...

Core Viewpoint - Shenzhen Expressway Company Limited (00548.HK) has seen an increase in shareholding by China Merchants Highway Network Technology Holdings Company Limited, indicating confidence in the company's future performance [1] Group 1: Shareholding Changes - On April 7, 2025, China Merchants Highway Network Technology Holdings acquired 3.136 million shares at an average price of HKD 6.098 per share, totaling approximately HKD 19.1233 million [1] - Following this acquisition, China Merchants Highway Network Technology's total shareholding increased to 106,480,000 shares, raising its ownership percentage from 13.83% to 14.25% [1]

Group 1 - Shenzhen Expressway Company Limited (00548.HK) received an increase in shareholding from China Merchants Highway Network Technology Holdings Company Limited, acquiring 74,000 shares at an average price of HKD 7.308 per share, totaling approximately HKD 541,000 [1] - Following this acquisition, China Merchants Highway Network Technology Holdings Company Limited's total shareholding increased to 134,612,000 shares, raising its ownership percentage from 17.99% to 18.01% [1]

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | --- | --- | --- | --- | --- | --- | | | 原内 | 股份數目 | | ( 請參閱上述 * 註 | 有投票權股(日/月/年) 核 | | | | | | | 份百分比 | | CS20250917E00061 | 招商局公路网络科技控股股份 1101(L) | | 74.000(L) | HKD 7.3080 134,612,000(L) | 18.01(L)16/09/2025 | | | 有限公司 | | | | | | 股份代號: | 00548 | | --- | --- | | 上市法國名稱: | 深圳高速公路集團股份有限公司 | | 日期 (日 / 月 / 年): | 18/08/2025 - 18/09/2025 | 格隆汇9月18日丨根据联交所最新权益披露资料显示，2025年9月16日，深圳高速公路股份(00548.HK)获招商局公路网络科技控股股份有限公司在场内以每股 均价7.308港 ...

Group 1 - The core point of the article is that China Merchants Highway Network Technology Holdings Company Limited has increased its stake in Shenzhen Expressway Company Limited by purchasing 74,000 shares at a price of HKD 7.308 per share, totaling approximately HKD 540,800 [1] - After the acquisition, the total number of shares held by China Merchants Highway Network is approximately 135 million, representing an ownership stake of 18.01% [1]

智通财经APP获悉，香港联交所最新数据显示，9月16日，招商局公路网络科技控股股份有限公司增持 深圳高速公路股份(00548)7.4万股，每股作价7.308港元，总金额约为54.08万港元。增持后最新持股数目 约为1.35亿股，持股比例为18.01%。 ...

Market Overview - On September 16, the railway and highway sector rose by 0.38% compared to the previous trading day, with Wuzhou Transportation leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Gainers in Railway and Highway Sector - Wuzhou Transportation (600368) closed at 4.52, up 5.36% with a trading volume of 1.6379 million shares and a turnover of 744 million yuan [1] - Three Gorges Tourism (002627) closed at 7.40, up 4.96% with a trading volume of 1.0433 million shares and a turnover of 758 million yuan [1] - Other notable gainers include Fulin Yuan (002357) up 3.76%, Jinjia Online (600650) up 2.31%, and Jiangxi Changyun (600561) up 2.19% [1] Top Losers in Railway and Highway Sector - Guangdong Expressway A (000429) closed at 11.05, down 0.81% with a trading volume of 95,700 shares and a turnover of 106 million yuan [2] - Shandong Expressway (600350) closed at 8.84, down 0.67% with a trading volume of 149,300 shares and a turnover of 132 million yuan [2] - Other notable losers include Chongqing Road and Bridge (600106) down 0.59% and Anhui Expressway (600012) down 0.52% [2] Capital Flow Analysis - The railway and highway sector experienced a net outflow of 78.42 million yuan from institutional investors and a net outflow of 126 million yuan from speculative funds, while retail investors saw a net inflow of 204 million yuan [2] - Key stocks with significant capital inflow include Jinjia Online (600650) with a net inflow of 33.62 million yuan and China Merchants Highway (001965) with a net inflow of 31.69 million yuan [3] Individual Stock Performance - Jinjia Online (600650) had a net inflow of 33.62 million yuan from institutional investors, but saw outflows from speculative and retail investors [3] - China Merchants Highway (001965) also had a significant net inflow from institutional investors at 31.69 million yuan, with outflows from speculative investors [3] - Other stocks like Anhui Expressway (600012) and Fujian Expressway (600033) showed mixed capital flows with varying degrees of net inflow and outflow [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company's revenue for the first half of 2025 was 5.4% lower year-on-year, totaling 5.66 billion yuan, with a net profit attributable to shareholders of 2.5 billion yuan, down 7.6% year-on-year [1][8] - The decline in revenue is attributed to the impact of the removal of the Bozhou-Fu Highway from the asset list and changes in the surrounding road network [8] - The company has strong capabilities in road asset investment and operation, with a sustainable acquisition model expected to contribute to long-term growth [8] Financial Data and Valuation - Total revenue projections for 2025 are estimated at 12.465 billion yuan, reflecting a 2% decrease from the previous year [2][15] - The projected net profit for 2025 is 5.805 billion yuan, with a corresponding PE ratio of 11.9x and PB ratio of 0.9x [8][16] - The company’s total assets are projected to be 155.026 billion yuan in 2025, with total liabilities of 62.631 billion yuan [14] Performance Analysis - The company’s operating costs for the first half of 2025 were 3.74 billion yuan, a 1% decrease year-on-year, with a gross margin of 34% [8] - The investment income for the first half of 2025 was stable at 2.35 billion yuan, with a slight year-on-year increase of 0.3% [8] - The company’s management expenses decreased by 3.2% year-on-year, attributed to improved cost control [8] Shareholder Information - The major shareholder is China Merchants Group, holding a 62.19% stake in the company [3]

证券代码：001965 证券简称：招商公路 公告编号：2025-55 招商局公路网络科技控股股份有限公司 2025 年度第二期中期票据发行结果公告 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。 招商局公路网络科技控股股份有限公司（以下简称"公司"）于 2023 年 6 月 8 日召开了 2023 年第三次临时股东大会，会议审议通过了《关于公司申请注 册发行债务融资工具的议案》，并授权董事会或董事会授权人士办理本次申请注 册发行债务融资工具的相关事宜。 一、本次中期票据注册情况 公司已收到中国银行间市场交易商协会出具的《接受注册通知书》（中市协 注[2023]DFI50 号），同意接受公司债务融资工具注册，注册有效期为 2 年。 | | 发行要素 | | | | --- | --- | --- | --- | | 债券名称 | 招商局公路网络科技控股 股份有限公司 2025 年度第 二期中期票据 | 债券简称 | 25 招商公路 MTN002 | | 债券代码 | 102583834 | 期限 | 3+N 年 | | 起息日 | 2025 年 09 月 11 ...

Core Viewpoint - The company has appointed Mr. Chen Quan as the Vice General Manager, with the decision made during the 36th meeting of the third board of directors held on September 10, 2025, and the appointment is effective immediately until the end of the current board's term [1][2]. Group 1 - The board meeting was conducted via electronic means, with all 11 directors present and voting, resulting in unanimous approval for the appointment of Mr. Chen Quan [1][2]. - Mr. Chen Quan, born in 1974, is a senior engineer with a master's degree in project management from Shanghai University. He currently serves as the chairman of China Merchants Jinling Holdings Co., Ltd. and has held various managerial positions in highway construction and operation companies in Guangxi [3]. - Mr. Chen has no prior penalties from the China Securities Regulatory Commission or other relevant authorities, and he does not have any conflicts of interest with the company's major shareholders or other board members [3].