证券代码：001965 证券简称：招商公路 公告编号：2025-28 招商局公路网络科技控股股份有限公司 关于以集中竞价方式回购公司股份的进展公告 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。 一、股份回购方案概述 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 2024 年 10 月 16 日召开第三届董事会第二十五次会议，并于 2024 年 11 月 1 日召开 2024 年第二次临时股东大会，会议分别审议通过了《关于公司以集中竞 价交易方式回购公司股份的议案》，公司拟以集中竞价交易方式回购公司已发行 的部分人民币普通股（A 股）股票，本次回购的股份将全部予以注销并减少注册 资本。本次回购股份价格不超过人民币 18.10 元/股（含），本次回购资金总额 不低于人民币 31,000 万元（含）且不超过人民币 61,800 万元（含）。本次回购 方案具体内容详见公司分别于 2024 年 10 月 17 日、2024 年 11 月 2 日、2024 年 11 月 28 日刊登在《中国证券报》《证券时报》《上海证券报》及巨潮资讯网 （h ...

Group 1: Bond Overview - The bond is named "招商局公路网络科技控股股份有限公司 2017 年面向合格投资者公开发行公司债券（第一期）（品种二）" with a code of 112563 and a term of 10 years [3] - The bond has an interest rate of 4.98% and a total issuance scale of RMB 1 billion, with the same amount remaining [3] - The bond was issued on August 7, 2017, and listed for trading on the Shenzhen Stock Exchange on August 28, 2017 [3] Group 2: Financial Performance - The company's operating income for 2024 was RMB 12.711 billion, a 30.62% increase from RMB 9.731 billion in 2023 [7] - The total assets of the company increased by 1.07% to RMB 159.169 billion in 2024 from RMB 157.482 billion in 2023 [7] - The net profit attributable to the parent company decreased by 21.35% to RMB 5.322 billion in 2024 from RMB 6.767 billion in 2023 [7] Group 3: Fund Utilization - The total amount raised from the bond issuance was RMB 3 billion, with RMB 1.5 billion allocated for working capital and the remaining for equity investments or asset acquisitions [8] - As of December 31, 2024, all raised funds were utilized as planned, with no remaining balance [8] Group 4: Debt Servicing and Management - The issuer has established a dedicated repayment task force to ensure timely payment of bond principal and interest [10] - The issuer has maintained compliance with the bondholder meeting rules, although a scheduled meeting was canceled due to insufficient attendance [13] - The issuer's debt servicing capability is strong, with a cash interest coverage ratio of 3.87 in 2024, up from 3.37 in 2023 [14]

| 债券代码：148018.SZ | 债券简称：22 | 招路 | 01 | | --- | --- | --- | --- | | 债券代码：148431.SZ | 债券简称：23 | 招路 | K1 | | 债券代码：148545.SZ | 债券简称：23 | 招路 | K2 | | 债券代码：148777.SZ | 债券简称：24 | 招路 | K1 | 债券代码：148018.SZ 债券简称：22 招路 01 招商局公路网络科技控股股份有限公司 公司债券受托管理事务报告 （2024 年度） 债券受托管理人 （住所：深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基 金小镇 B7 栋 401） 二零二五年六月 | | 重要提示 | 2 | | --- | --- | --- | | 第一章 | 公司债券概况 | 3 | | 第二章 | 受托管理人履行职责情况 | 9 | | 第三章 | 发行人 2024 年度经营和财务状况 | 11 | | 第四章 | 募集资金使用及专项账户运作情况与核查情况 | 16 | | 第五章 | 关于发行人信息披露义务履行的核查情况 | 18 | | 第六章 | 内外 ...

债券简称：17 招路 02 债券代码：112563.SZ 招商局公路网络科技控股股份有限公司 （住所：天津自贸试验区（东疆保税港区）鄂尔多斯路 599 号东疆商务中心 A3 楼 910） 招商局公路网络科技控股股份有限公司公司债券受托 管理事务报告 （2024 年度） 重要声明 光大证券股份有限公司（以下简称"光大证券"）编制本报告的内容及信息 均来源于招商局公路网络科技控股股份有限公司（以下简称"发行人"）对外公 布的《2024 年年度报告》等相关公开信息披露文件、第三方中介机构出具的专 业意见以及发行人向光大证券提供的其他材料。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为光大证券所作的承诺 或声明。 债券受托管理人 （住所：上海市静安区新闸路 1508 号） 2025 年 6 月 I | | 1 | | --- | --- | | 5 | 4 | | | 1 | | | œ | | 重要声明 | II | | --- | --- | | 目 录 | III | | 第十章 负责处理与本期债券相关事务专人的变动情况 15 | | ...

Group 1 - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Transportation Infrastructure Index reported at 1307.84 points [1] - The CSI 300 Transportation Infrastructure Index has decreased by 1.18% over the past month, 1.77% over the past three months, and 7.38% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The CSI 300 Transportation Infrastructure Index has a market share of 71.89% from the Shanghai Stock Exchange and 28.11% from the Shenzhen Stock Exchange [1] - Within the CSI 300 Transportation Infrastructure Index, the airport sector accounts for 44.63%, the highway sector for 36.91%, and the port sector for 18.47% [1] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Group 1 - The core viewpoint of the news is that招商公路's stock price has experienced a slight decline, and the company has reported mixed financial results for the first quarter of 2025, with a decrease in total revenue but an increase in net profit [1][3] - As of June 20, 2025,招商公路's stock closed at 12.06 yuan, down 0.17%, with a trading volume of 113,600 hands and a transaction amount of 137 million yuan [1] - The company experienced a net outflow of main funds amounting to 18.0042 million yuan, which accounted for 13.15% of the transaction amount, indicating a bearish sentiment among investors [1] Group 2 - For the first quarter of 2025,招商公路 reported total operating revenue of 2.803 billion yuan, a year-on-year decrease of 7.24%, while the net profit attributable to shareholders was 1.329 billion yuan, reflecting a year-on-year increase of 2.74% [1] - The company's liquidity ratios are as follows: current ratio at 0.826, quick ratio at 0.804, and debt-to-asset ratio at 43.45% [1] -招商局公路网络科技控股股份有限公司 has made investments in 63 enterprises and participated in 861 bidding projects, showcasing its active engagement in the market [2]

Group 1 - The report highlights the steady growth in highway traffic volume, with a focus on the valuation recovery of H-shares and the systemic revaluation of A-shares, recommending specific stocks such as Zhejiang Huhangyong, Wantong Expressway, and Ninghu Expressway [3][4][32] - The railway passenger transport sector is experiencing structural changes in customer demographics, leading to a stable growth outlook, with a shift in valuation logic from PE to DCF and EV/EBITDA [3][4][56] - The railway freight sector is benefiting from the transformation of logistics and adjustments in railway freight pricing policies, with steady growth in freight volume and turnover, although the growth rate remains low [3][4][75] Group 2 - The logistics industry is being empowered by AI, which enhances traffic efficiency through the integration of traffic data models and optimization algorithms, allowing leading companies to expand their market share [3][4][105] - The report notes that the number of vehicles in China has reached 353 million by 2024, reflecting a year-on-year growth of 10.31%, indicating a robust demand for transportation services [5][11] - The report discusses the ongoing digital transformation in the railway sector, aiming for comprehensive digitization and intelligent upgrades by 2027, which will enhance operational efficiency [107][108]

Group 1 - The company is issuing a technology innovation corporate bond (first phase) from June 14 to June 17, 2024, with a maturity date of June 17, 2025 [1][2] - The bond, named "24 Zhaolu K1," has a coupon rate of 2.34%, resulting in an interest payment of RMB 23.40 per 1,000 yuan face value [2][3] - The issuer's credit rating is AAA with a stable outlook, and the bond itself has not been rated [2] Group 2 - Interest payments will be made to all registered holders of "24 Zhaolu K1" as of June 16, 2025, after the market closes [2][3] - The company will entrust China Securities Shenzhen Branch to handle the interest payment process [3] - Individual bondholders are subject to a 20% personal income tax on the interest earned, which will be withheld at the time of payment [3][4]

| 证券代码：001965 | 证券简称：招商公路 | 公告编号：2025-26 | | --- | --- | --- | | 债券代码：148777 | 债券简称：24 招路 K1 | | 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科技创新公司债券（第一期） 2025 年付息公告 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： 1、债券名称：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 者公开发行科技创新公司债券（第一期）。 2、本期债券债权登记日：2025 年 6 月 16 日。 3、本期债券付息日：2025 年 6 月 17 日。 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"） 于 2024 年 6 月 14 日至 6 月 17 日发行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科技创新公司债券（第一期）（以下简称"本期 债券"，债券简称：24 招路 K1，债券代码：148777）将于 2025 年 6 月 17 日支付 自 2024 年 6 月 1 ...

证券代码：001965 证券简称：招商公路 公告编号：2025-27 招商局公路网络科技控股股份有限公司 2024 年度第一期中期票据付息公告 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。 为保证招商局公路网络科技控股股份有限公司 2024 年度第一期中期票据 （债券简称：24 招商公路 MTN001，债券代码：102482821.IB）付息工作的顺利 进行，现将有关事宜公告如下。 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 | | --- | --- | | 债项名称 | 招商局公路网络科技控股股份有限公司2024年度 | | | 第一期中期票据 | | 债项简称 | 24招商公路MTN001 | | 债项代码 | 102482821.IB | | 发行总额(亿) | 25.00 | | 起息日 | 2024-07-02 | | 发行期限（年） | 5 | | 债券余额(亿) | 25.00 | | 最新评级情况 | AAA | | 偿还类别 | 利息支付 | | ...