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 ...

Group 1 - The core point of the news is that China Merchants Highway Network Technology Holdings Limited has increased its stake in Yuexiu Transportation Infrastructure (01052.HK) by acquiring 1.8 million shares at an average price of HKD 4.116 per share, totaling approximately HKD 7.4088 million [1][2] - Following this acquisition, China Merchants Highway Network Technology Holdings Limited's total shareholding in Yuexiu Transportation Infrastructure has risen to 218,241,000 shares, increasing its ownership percentage from 12.94% to 13.04% [1][2]

Group 1 - The core point of the article is that China Merchants Highway Network Technology Holdings Company Limited has increased its stake in Yuexiu Transport Infrastructure by purchasing 1.8 million shares at a price of HKD 4.116 per share, totaling approximately HKD 7.4088 million [1] - After the acquisition, the total number of shares held by China Merchants is approximately 218 million, representing a holding percentage of 13.04% [1]

智通财经APP获悉，香港联交所最新资料显示，8月20日，招商局公路网络科技控股股份有限公司增持 越秀交通基建(01052)180万股，每股作价4.116港元，总金额约为740.88万港元。增持后最新持股数目约 为2.18亿股，最新持股比例为13.04%。 ...

Group 1 - The company issued a technology innovation corporate bond (Phase 1) from August 18 to August 21, 2023, with the bond code 148431 and name "23 招路 K1" [1][2] - The bond has a maturity date of August 21, 2025, with interest payments scheduled from August 21, 2024, to August 20, 2025, and the principal will be repaid in a lump sum at maturity [1][2] - The bond's coupon rate is set at 2.69%, resulting in an interest payment of RMB 26.90 per 1,000 yuan face value, with net payments after tax for individual and institutional investors specified [2][3] Group 2 - The bond's interest payment will be made to all registered holders as of the close of trading on August 20, 2025, at the Shenzhen Stock Exchange [2][3] - The company will entrust China Securities Depository and Clearing Corporation Limited Shenzhen Branch to handle the interest payments [3] - Tax obligations for bond interest income are outlined, with a 20% personal income tax rate applicable to individual bondholders, while foreign institutional investors are temporarily exempt from certain taxes until December 31, 2025 [4]