一、财务公司基本情况 财务公司于 2011 年 5 月 17 日经原中国银行业监督管理委员会批准正式成立， 并取得《金融许可证》，是具有企业法人地位的非银行金融机构。 注册地：北京市朝阳区安定路 5 号院 10 号楼 B 栋 15 层 1501 法定代表人：吴泊 招商局公路网络科技控股股份有限公司 关于招商局集团财务有限公司的风险持续评估报告 （2025 年 6 月 30 日） 招商局公路网络科技控股股份有限公司（以下简称"本公司"）查验了招商 局集团财务有限公司（以下简称"财务公司"）《金融许可证》《营业执照》等证 件资料，审阅了财务公司资产负债表、利润表、现金流量表等定期财务报告，对 财务公司的经营资质、业务和风险状况进行了评估，现将有关风险评估情况报告 如下： 注册资本：人民币 50 亿元，其中招商局集团有限公司和中国外运长航集团 有限公司分别出资人民币 25.5 亿元和人民币 24.5 亿元，分别占比 51%和 49%。 统一社会信用代码：9111000071782949XA 财务公司业务范围包括：吸收成员单位存款；办理成员单位贷款；办理成员 单位票据贴现；办理成员单位资金结算与收付；提供成员单位委托 ...

证券代码：001965 证券简称：招商公路 公告编号：2025-49 第三届董事会第三十五次会议决议公告 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。 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"） 第三届董事会第三十五次会议通知于 2025 年 8 月 20 日以电子邮件等方式送达全 体董事、高级管理人员。本次会议于 2025 年 8 月 27 日上午 10:00 在公司 1101 会议室，以现场及通讯表决的方式召开。本次会议应表决董事 11 名，实际行使 表决权董事 11 名；其中，董事王永磊先生、王胜伟先生、独立董事李兴华先生 以通讯方式出席会议。部分高级管理人员列席会议。会议的召集、召开符合有关 法律、法规和《公司章程》的规定。会议由董事长宋嵘先生主持，会议审议通过 了如下议案： 该议案具体情况请参见《招商公路关于招商局集团财务有限公司风险持续评 估报告》。 一、审议公司《2025 年半年度报告》全文及其摘要。 表决结果：11 名董事同意，0 名董事反对，0 名董事弃权。 表决结果：11 名董事同意，0 名董事反对，0 名董事弃 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025 compared to the same period last year [1] Financial Performance - The company achieved operating revenue of 5.663 billion yuan, representing a year-on-year decrease of 5.36% [1] - The net profit attributable to shareholders of the listed company was 2.504 billion yuan, down 7.56% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.487 billion yuan, a decrease of 7.55% year-on-year [1] - The basic earnings per share were 0.3684 yuan [1]

Summary of Key Points Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 5.663 billion yuan, a year-on-year decrease of 5.36% [1] - The net profit attributable to shareholders was 2.504 billion yuan, down 7.56% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.487 billion yuan, reflecting a decrease of 7.55% year-on-year [1] - The basic earnings per share stood at 0.3684 yuan [1]

招商局公路网络科技控股股份有限公司 2025 年半年度报告 二〇二五年八月二十七日 招商局公路网络科技控股股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责 任。 公司负责人杨旭东、主管会计工作负责人杨少军及会计机构负责人(会计 主管人员)王静声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告所涉宏观及行业分析、公司未来发展战略、经营计划等前瞻性陈述， 不构成公司对任何投资者及相关人士的实质承诺，敬请广大投资者注意投资风 险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节 | 重要提示、目录和释义 | 1 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 6 | | 第三节 | 管理层讨论与分析 | 9 | | 第四节 | 公司治理、环境和社会 | 26 | | 第五节 | 重要事项 | 29 | | 第六节 | 股份变动及股东情况 | ...

Market Overview - On August 28, the railway and highway sector declined by 0.5% compared to the previous trading day, with China Merchants Highway leading the decline [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Jiangxi Changyuan (Code: 600561) with a closing price of 7.09, up 2.75% on a trading volume of 149,600 shares and a turnover of 106 million yuan [1] - Three Gorges Tourism (Code: 002627) with a closing price of 5.84, up 2.28% on a trading volume of 399,100 shares and a turnover of 231 million yuan [1] - Chongqing Road and Bridge (Code: 600106) with a closing price of 7.35, up 2.08% on a trading volume of 436,300 shares and a turnover of 317 million yuan [1] - Conversely, notable decliners included: - Zhishang Highway (Code: 001965) with a closing price of 10.60, down 2.57% on a trading volume of 368,600 shares [2] - Shandong Highway (Code: 600350) with a closing price of 9.19, down 1.82% on a trading volume of 145,100 shares [2] - Ninghu Highway (Code: 600377) with a closing price of 13.53, down 1.53% on a trading volume of 121,800 shares [2] Capital Flow - The railway and highway sector experienced a net outflow of 99.27 million yuan from institutional investors, while retail investors saw a net inflow of 60.88 million yuan [2] - Key stocks with significant capital flow included: - Daqin Railway (Code: 601006) with a net inflow of 42.16 million yuan from institutional investors [3] - Three Gorges Tourism (Code: 002627) with a net inflow of 15.57 million yuan from institutional investors [3] - Sichuan Chengyu (Code: 601107) with a net inflow of 15.53 million yuan from institutional investors [3]

Core Viewpoint - The report provides a comprehensive overview of the performance and operational status of the招商公路高速公路封闭式基础设施证券投资基金, highlighting its financial metrics, investment strategies, and the operational performance of its underlying asset, the亳阜高速公路. Fund Overview - The fund is named 招商基金招商公路高速公路封闭式基础设施证券投资基金, with a total of 500 million shares at the end of the reporting period [2]. - The fund's operation is contract-based and has a lifespan of 15 years, with over 80% of its assets invested in infrastructure asset-backed securities [2][3]. - The fund aims to achieve long-term stable cash flow growth from infrastructure projects through active management [2]. Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the fund reported total income of approximately RMB 213.71 million and a net profit of about RMB 45.20 million [3]. - The fund's total assets at the end of the reporting period were approximately RMB 4.06 billion, with net assets of about RMB 3.24 billion, resulting in a total asset to net asset ratio of 125.13% [3]. - The cash distribution rate for the period was 3.44%, with an annualized cash distribution rate of 6.93% [3]. Asset Project Performance - The underlying asset, 亳阜高速公路, generated toll revenue of approximately RMB 218.07 million during the reporting period, reflecting a year-on-year increase of 7.49% [4]. - The average daily traffic volume was 15,326 vehicles, a 10.15% increase year-on-year, with passenger vehicles increasing by 14.48% and freight vehicles by 3.52% [4]. - The toll fee structure remained unchanged during the reporting period, and the project has a diversified revenue source with no single major cash flow provider [4][5]. Industry Context - The highway industry in China is entering a mature phase, with a total highway mileage of 549,040 kilometers as of the end of 2024, including 190,700 kilometers of expressways [5]. - The industry is characterized by weak cyclicality, with stable toll revenue due to the essential nature of road transport [5]. - Recent adjustments in toll policies in Anhui province are expected to positively impact toll revenue for the project [6][7]. Regulatory Environment - The Anhui provincial government issued new regulations regarding differentiated toll pricing, which are expected to enhance the project's revenue potential [6][7]. - The fund's management is committed to monitoring the impact of regulatory changes on traffic volume and toll income [7].

Core Points - The railway and highway sector increased by 0.58% on August 25, with Wuzhou Transportation leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Sector Performance - Wuzhou Transportation (600368) closed at 4.39, up 1.39% with a trading volume of 631,200 shares and a transaction value of 277 million [1] - Zhongyuan Expressway (600020) closed at 4.54, up 1.11% with a trading volume of 233,500 shares and a transaction value of 106 million [1] - China Merchants Highway (001965) closed at 11.08, up 1.09% with a trading volume of 181,700 shares and a transaction value of 200 million [1] - Shandong Expressway (600350) closed at 9.47, up 1.07% with a trading volume of 127,400 shares and a transaction value of 120 million [1] - Western Entrepreneurship (000557) closed at 5.73, up 1.06% with a trading volume of 195,300 shares and a transaction value of 112 million [1] - Dongguan Holdings (000828) closed at 11.55, up 0.96% with a trading volume of 124,200 shares and a transaction value of 143 million [1] - Longjiang Transportation (601188) closed at 3.57, up 0.85% with a trading volume of 236,800 shares and a transaction value of 84.43 million [1] - Beijing-Shanghai High-Speed Railway (601816) closed at 5.39, up 0.75% with a trading volume of 1,694,000 shares and a transaction value of 911 million [1] - Jilin Expressway (601518) closed at 2.77, up 0.73% with a trading volume of 218,000 shares and a transaction value of 60.22 million [1] - Chutian Expressway (600035) closed at 4.35, up 0.69% with a trading volume of 167,300 shares and a transaction value of 72.69 million [1] Capital Flow - The railway and highway sector experienced a net outflow of 285 million from main funds, while retail investors saw a net inflow of 233 million [1] - Speculative funds had a net inflow of 51.81 million [1]

Investment Rating - The report maintains a "Positive" outlook on the shipping sector, particularly highlighting the potential for VLCC (Very Large Crude Carrier) rates to strengthen in the upcoming months [4]. Core Insights - The report indicates that tanker rates have exceeded expectations during the off-season, with VLCC rates expected to perform strongly from September to December due to reduced exports from Iran and increased production in the Middle East [4]. - The report recommends specific companies such as China Merchants Energy Shipping and highlights the potential for consolidation in the Chinese shipping industry [4]. - The report emphasizes the resilience of freight volumes in rail and highway transport, suggesting steady growth in these sectors [4]. Summary by Sections Shipping Sector - VLCC rates increased by 32% this week, reaching $45,800 per day, driven by limited supply and increased demand from the Atlantic market [4]. - The report notes that the average export volume from Iran has decreased to 1.3-1.5 million barrels per day, down from 1.7-1.9 million barrels per day in July [4]. - The Suez crude oil tanker rates rose by 15% to $59,563 per day, supported by strong demand from the West African market [4]. Dry Bulk Shipping - The Baltic Dry Index (BDI) fell by 4.9% to 1,944 points, primarily due to a decline in large vessel rates, while smaller vessels showed stronger performance [5]. - The report remains optimistic about the Capesize bulk carrier market in the second half of the year, citing expected increases in shipments from major miners [4]. Air Transport - The report suggests that the "anti-involution" policy from the Civil Aviation Administration is likely to optimize competition in the airline industry, benefiting airline profitability in the long term [4]. - Recommended airlines include China Eastern Airlines, Spring Airlines, and China Southern Airlines, with a focus on the potential for improved earnings due to supply constraints and demand recovery [4]. Express Delivery - The report anticipates a price increase in the express delivery sector driven by the "anti-involution" policy, with expectations for sustained profitability in the e-commerce delivery segment [4]. - Companies such as Shentong Express and YTO Express are highlighted as having strong potential for recovery and valuation improvement [4]. Rail and Highway Transport - Data from the Ministry of Transport indicates that rail freight volume increased by 1.22% week-on-week, while highway freight traffic rose by 3.06% [4]. - The report identifies two main investment themes in the highway sector: high dividend yield stocks and potential value recovery in undervalued stocks [4].

业绩说明会召开时间：2025 年 8 月 29 日（星期五）下午 15:00-16:00 业绩说明会召开方式：网络互动方式 证券代码：001965 证券简称：招商公路 公告编号：2025-48 公司现就 2025 年半年度业绩说明会提前向广大投资者征集相关问题，广泛 听取投资者的意见和建议。 招商局公路网络科技控股股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 特别提示： 业绩说明会召开网址：中证路演中心（https://www.cs.com.cn/roadshow/） 招商局公路网络科技控股股份有限公司（以下简称："公司"）将于 2025 年 8 月 29 日 在 深 圳 证 券 交 易 所 网 站 （ www.szse.cn) 和 巨 潮 资 讯 网 （www.cninfo.com.cn)披露公司 2025 年半年度报告。为加强与投资者交流，使 投资者更加全面深入的了解公司经营情况，公司将于 2025 年 8 月 29 日举行 2025 年半年度网上业绩说明会，欢迎广大投资者积极参与。 1、投资者 ...