按照公司债券命名惯例，本期债券名称由原申请的"招商局公路网络科技控 股股份有限公司2024年面向专业投资者公开发行公司债券"变更为"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公司债券 （第二期）"。本期债券名称变更不改变原签订的与本期债券发行相关的法律文 件效力，原签署的相关法律文件对更名后的公司债券继续具有法律效力。前述法 律文件包括但不限于《招商局公路网络科技控股股份有限公司2024年面向专业投 资者公开发行公司债券之债券受托管理协议》、《招商局公路网络科技控股股份 有限公司2024年面向专业投资者公开发行公司债券之持有人会议规则》等文件。 特此公告。 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公司债券（第二期）更名公告 招商局公路网络科技控股股份有限公司（以下简称"发行人"）于2024年12 月31日获得中国证券监督管理委员会《关于同意招商局公路网络科技控股股份有 限公司向专业投资者公开发行公司债券注册的批复》（证监许可〔2024〕1948 号）同意发行人向专业投资者公开发行面值总额不超过100亿元公司债券的注册 申请。招商局公路网 ...

重要事项提示 1．招商局公路网络科技控股股份有限公司（以下简称"发行人"或"公司"） 已于 2024 年 12 月 31 日获得中国证券监督管理委员会证监许可〔2024〕1948 号文注册公开发行面值不超过 100 亿元的公司债券（以下简称"本次债券"）。 发行人本次债券采取分期发行的方式，其中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公司债券（第二期）（以下 简称"本期债券"）发行面值总额不超过 10 亿元（含 10 亿元）。 2．本期债券简称为"25 招路 K2"，债券代码为"524395.SZ"。本期债券 发行规模为不超过人民币 10 亿元，每张面值为 100 元，发行数量不超过 1,000 万张，发行价格为人民币 100 元/张。 3．根据《证券法》等相关规定，本期债券仅面向专业投资者中的机构投资 者发行，普通投资者和专业投资者中的个人投资者不得参与发行认购。本期债 券上市后将被实施投资者适当性管理，仅专业投资者中的机构投资者参与交易， 普通投资者和专业投资者中的个人投资者认购或买入的交易行为无效。 4．经中诚信国际信用评级有限责任公司综合评定，发行人主体评级为 ...

关于延长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公司债券（第一期）（续发行）簿记建档时间 的公告 招商局公路网络科技控股股份有限公司（以下简称"发行人"）发行不超过 人民币 100 亿元公司债券已获得中国证券监督管理委员会证监许可〔2024〕1948 号文注册。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 发行科技创新公司债券（第一期）（续发行）（以下简称"本期债券"）发行面值 为不超过 5 亿元（含 5 亿元）。 根据《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 发行科技创新公司债券（第一期）（续发行）发行公告》，发行人、簿记管理人将 于2025年8月4日15:00至18:00以簿记建档的方式向网下投资者进行价格询价， 并根据簿记建档结果在预设的价格区间内确定本期债券的最终发行价格。 因市场波动的原因，经簿记管理人、发行人及投资人协商一致，现申请将簿 记建档结束时间由 2025 年 8 月 4 日 18:00 延长至 2025 年 8 月 4 日 19:00。 特此公告。 （本页以下无正文） (本页无正文,为《关于延长招商 ...

| 本次注册金额 | 不超过人民币 100亿元(含 100亿元) | | --- | --- | | 本期债券发行金额 | 不超过人民币10亿元(含10亿元) | | 増信情况 | T | | 信用评级结果 | 主体 AAA/本期债券无评级 | | 信用评级机构 | 中诚信国际信用评级有限责任公司 | 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公司债券（第二期）募集说明书 声 明 发行人将及时、公平地履行信息披露义务。发行人及其全体董事、监事、 高级管理人员或履行同等职责的人员保证募集说明书信息披露的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏。 主承销商已对募集说明书进行了核查，确认不存在虚假记载、误导性陈述 和重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 发行人承诺在本期债券发行环节，不直接或者间接认购自己发行的债券。 债券发行的利率或者价格应当以询价、协议定价等方式确定，发行人不会操纵 发行定价、暗箱操作，不以代持、信托等方式谋取不正当利益或向其他相关利 益主体输送利益，不直接或通过其他利益相关方向参与认购的投资者提供财务 资助、变相返费，不 ...

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 2021 年 6 月 19 日发布《招商公路关于中期票据获准注册的公告》，披露公司 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 [2021]MTN495 号），同意接受公司中期票据注册，注册金额累计为 60 亿元，注 册额度有效期为 2 年。 2022 年 8 月 1 日-2 日，公司发行了 2022 年度第一期中期票据（简称"22 招 商公路 MTN001"，代码：102281688），发行规模为 20 亿元，期限为 3 年，发行利 率为 2.68%。具体内容请详见 2022 年 8 月 6 日披露的《招商公路关于 2022 年度 第一期中期票据发行结果公告》。 公司 2022 年度第一期中期票据已于 2025 年 8 月 3 日到期，公司已在到期日 兑付了 2022 年度第一期中期票据本息，公司本次中期票据兑付公告详见中国货 币网（www.chinamoney.com.cn）和上海清算所网站（www.shclearing.com）。 招商局公路网络科技控股股份有限公司 2022 年度第一期中期票据到期兑付公告 本 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002357 | 富临远业 | 11.12 | 3.06% | 16.35万 | | 1.78亿 | | 600561 | 江西长运 | 6.85 | 1.33% | 5.95万 | | 4046.55万 | | 001317 | 三丰司 | 47.60 | 1.08% | 1 4.01万 | | 1.92亿 | | 603069 | 海汽集团 | 21.15 | 1.00% | 4.92万 | | 1.04亿 | | 600548 | 深高速 | 10.42 | 0.97% | 3.74万 | | 3872.71万 | | 000548 | 湖南投资 | 5.56 | 0.91% | 6.32万 | | 3505.22万 | | 600269 | 赣粤高速 | 5.11 | 0.79% | 12.13万 | | 6172.68万 | | 000429 | 粵高速 A | 12.41 | 0.73% | 5.06万 | | 6276 ...

Core Viewpoint - The company is issuing a public offering of technology innovation corporate bonds aimed at professional investors, with a total face value not exceeding 5 billion RMB, as part of a larger registration of up to 10 billion RMB approved by the China Securities Regulatory Commission [4][5]. Financial Situation - As of March 31, 2025, the company's net assets amounted to approximately 90.22 billion RMB, with a consolidated debt-to-asset ratio of 43.45% and a parent company debt-to-asset ratio of 29.38% [4]. - The average distributable profit over the last three accounting years was approximately 564.99 million RMB, with net profits for 2022, 2023, and 2024 being 486.07 million RMB, 676.66 million RMB, and 532.22 million RMB respectively [5]. - For the first quarter of 2025, the company reported revenue of approximately 280.27 million RMB, a year-on-year decrease of 7.24%, while net profit was approximately 150.04 million RMB, a year-on-year increase of 4.16% [5]. Bond Issuance Details - The bond issuance is exclusively for institutional investors, with individual investors not permitted to participate [6][7]. - The bonds will be listed and traded on the Shenzhen Stock Exchange, and the company will apply for listing as soon as the issuance is completed [7]. - The bonds will be issued at a fixed interest rate of 1.92% with a term of three years [18]. Rating and Compliance - The issuer has received a credit rating of AAA with a stable outlook from China Chengxin International Credit Rating Co., Ltd. [8]. - The bonds will be subject to annual tracking ratings during their term [8]. Market Context - The company operates in a competitive transportation sector, facing challenges from other modes of transport such as rail and air, which may impact highway traffic volumes [9]. - The company's intangible assets, primarily highway concession rights, were valued at approximately 85.35 billion RMB as of the end of 2024 [9]. Corporate Governance - Recent changes in the board of directors include resignations and new appointments, ensuring compliance with the new Company Law and enhancing governance structures [16][18].

Key Points - The issuer has received approval from the China Securities Regulatory Commission for a public bond issuance of up to 10 billion RMB, with a total issuance amount of 1.5 billion RMB for this specific bond [3][4] - The bond has a term of 3 years and a fixed interest rate of 1.92%, with a face value of 100 RMB per bond and a maximum issuance of 50 million bonds [3][4] - The bond is a continuation of the previously issued technology innovation corporate bonds aimed at professional investors [3][4][10] - The issuer's net assets as of March 2025 were approximately 9.02 billion RMB, with a consolidated debt-to-asset ratio of 43.45% [4][5] - The average distributable profit over the last three years was approximately 564.99 million RMB, which is expected to cover at least one year's interest for the bond [4][5] - The bond will be traded on the Shenzhen Stock Exchange, and only professional institutional investors are allowed to participate in the subscription and trading [4][5][6] - The final issuance price will be determined through a book-building process on August 4, 2025, with a subscription period starting on August 5, 2025 [6][18] - The bond issuance is subject to appropriate investor management, and individual investors are prohibited from participating in the subscription [4][5][6] - The bond will be issued in accordance with the regulations set forth by the Shenzhen Stock Exchange, and the issuer cannot guarantee that the bond will be listed if there are significant changes in financial conditions [5][6]

Core Viewpoint - The credit rating of China Merchants Highway Network Technology Holdings Co., Ltd. is maintained at AAA with a stable outlook, reflecting its strong operational capabilities and financial stability despite some challenges in its smart transportation business [3][5][6]. Financial Overview - Total assets increased from 1,149.39 billion in 2022 to 1,591.69 billion in 2024, while total liabilities rose from 472.64 billion to 703.88 billion during the same period [3][22]. - The company's net profit for 2024 is projected to be 59.36 billion, down from 72.16 billion in 2023, indicating a decline in profitability [3][21]. - The EBITDA for 2024 is expected to be 119.57 billion, showing growth from 98.04 billion in 2023 [3][21]. Business Operations - The company operates a significant network of toll roads, with a total of 1,832.19 kilometers of toll roads under its control as of 2024 [9][11]. - The company has a strong geographical advantage, with most of its toll roads located on major national and provincial highways [3][9]. - The smart transportation business has seen a decline in performance, which may impact the overall credit status of the company [3][6]. Investment and Growth Strategy - The company is focusing on expanding its core highway investment while also diversifying into traffic technology and ecological projects [8][14]. - The acquisition of Road King (China) Construction Co., Ltd. has increased the company's operational mileage by 276 kilometers [7][9]. - The issuance of REITs has improved the company's investment management capabilities, allowing for better capital allocation [7][8]. Industry Context - The highway transportation demand is expected to maintain growth due to ongoing infrastructure improvements and government policies aimed at stabilizing the economy [5][6]. - The industry is facing challenges such as increased competition and regulatory changes, which may affect toll revenue and operational efficiency [5][6][14]. - The overall credit level of highway operation companies is projected to remain stable despite the low growth rate in industry demand [6][19].

招商局公路网络科技控股股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0249 号 招商局公路网络科技控股股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 27 日 项目组成员：王 昭 zhwang02@ccxi.com.cn 评级总监： 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使 ...