证券代码：148777 证券简称：24 招路 K1 关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科技创新公司债券（第一期） 2024 年第一次债券持有人会议结果的公告 本公司保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其 内容的真实性、准确性和完整性承担相应的法律责任。 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"、"24 招路 K1"）债券持有人： 本次回购的股份将全部予以注销并减少注册资本。公司董事 会将根据证券市场变化确定股份回购的实际实施进度。本次回购 股份不会影响公司的正常持续经营，不会导致公司发生资不抵债 的情况。 鉴于本次发行人因回购股份导致减资，且累计减资金额低于 本期债券发行时最近一期经审计合并口径净资产的 5%，预计不 会对发行人的偿债能力和债券持有人权益保护造成重大不利影 响，根据《公司债券发行与交易管理办法》、《招商局公路网络科 2 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）募集说明书》及《招商局公路网络科技控股 股份有限 ...

2024 年 11 月 法律意见书 北京市中伦律师事务所 关于招商局公路网络科技控股股份有限公司 北京市中伦律师事务所 关于招商局公路网络科技控股股份有限公司 "22 招路 01"、"23 招路 K1"、"23 招路 K2"、"24 招路 K1"2024 年第一次债券持有人会议的 法律意见书 "22 招路 01"、"23 招路 K1"、"23 招路 K2"、"24 招路 K1" 2024 年第一次债券持有人会议的 法律意见书 致：招商局公路网络科技控股股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受招商局公路网络科技控股 股份有限公司（以下简称"公司"或"发行人"）委托，指派本所律师对公司"22 招路 01"、"23 招路 K1"、"23 招路 K2"、"24 招路 K1"2024 年第一次债 券持有人会议（以下简称"本次债券持有人会议"）进行见证，并依据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）等法律法规及规范性文件以及相关《募集说明书》《债 券持有人会议规则》，按照律师行业公认的业务标准、道德规范和勤勉尽责精神 就发行人本次债券持有 ...

证券代码：148431 证券简称：23 招路 K1 关于招商局公路网络科技控股股份有限公司 2023 年面向专业投资者公开发行科技创新公司债券（第一期） 2024 年第一次债券持有人会议结果的公告 本公司保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其 内容的真实性、准确性和完整性承担相应的法律责任。 招商局公路网络科技控股股份有限公司 2023 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"、"23 招路 K1"）债券持有人： 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 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》，详请请参见 2024 年 10 月 17 日、2024 年 11 月 2 日 刊登在《中国证券报》《证券时报》《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）的《招商公路第三届董事会第二 十五次会议决议公告》（公告编号 2024 ...

证券代码：148545 证券简称：23 招路 K2 关于招商局公路网络科技控股股份有限公司 2023 年面向专业投资者公开发行科技创新公司债券（第二期） 2024 年第一次债券持有人会议结果的公告 招商局公路网络科技控股股份有限公司（以下简称"发行人" 或"公司"）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》，详请请参见 2024 年 10 月 17 日、2024 年 11 月 2 日 刊登在《中国证券报》《证券时报》《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）的《招商公路第三届董事会第二 十五次会议决议公告》（公告编号 2024-81）《招商公路关于公司 以集中竞价交易方式回购公司股份方案的公告》（公告编号 2024- 82）和《招商公路 2024 年第二次临时股东大会决议公告》（公告 1 编号 2024-90）。 根据本次股份回购方案，公司将通过深圳证券交易所系统拟 以集中竞价交易方式回购公司已发行的部 ...

关于招商局公路网络科技控股股份有限公司 2022 年面向专业投资者公开发行公司债券（第一期） 2024 年第一次债券持有人会议结果的公告 本公司保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其 内容的真实性、准确性和完整性承担相应的法律责任。 招商局公路网络科技控股股份有限公司 2022 年面向专业投 资者公开发行公司债券（第一期）（以下简称"本期债券"、"22 招路 01"）债券持有人： 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 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》，详请请参见 2024 年 10 月 17 日、2024 年 11 月 2 日 刊登在《中国证券报》《证券时报》《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）的《招商公路第三届董事会第二 十五次会议决议公告》（公告编号 2024-81）《招商公路关于公司 以集中竞价交易方式回购公司股份方案的公告》 ...

| 本次权益变动方式（可 | 通过证券交易所的集中交易 □ | | | | | --- | --- | --- | --- | --- | | | 通过证券交易所的大宗交易  | | | | | 多选） | 其他 （公司可转债转股 | | | | | | 被动稀释） | | | | | | 自有资金 □ 银行贷款 | | | □ | | 本次增持股份的资金 | 其他金融机构借款 □ 股东投资款 | | | □ | | 来源（可多选） | 其他 □（请注明） | | | | | | 不涉及资金来源  | | | | | 3．本次变动前后，投资者及其一致行动人拥有上市公司权益的股份情况 | | | | | | | 本次变动前持有股份 本次变动后持有股份 | | | | | 股份性质 | 股数(万 占总股本比 股数(万 | 占总股本比例 | | | | | 股) 例(%) 股) (%) | | | | | 合计持有股份 | 39,370.08 6.37 35,463.08 | 5.20 | | | | 其中：无限售条件股份 | 39,370.08 6.37 35,463.08 | 5.20 | | | | 有 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 9.077 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 38.04% (adjusted) [2] - The net profit attributable to shareholders for the same period was 4.160 billion yuan, a decrease of 4.63% (adjusted) [2] - The company is actively repurchasing shares to enhance shareholder confidence, with a planned buyback of 310 million to 618 million yuan [5] Financial Performance Summary - For Q3 2024, the company reported a revenue of 3.093 billion yuan, up 34.90% year-on-year, while the net profit attributable to shareholders was 1.452 billion yuan, down 6.43% [2] - The gross profit for the first three quarters was 3.446 billion yuan, a year-on-year increase of 32.41%, with a gross margin of 37.96%, down 1.62 percentage points [3] - Investment income accounted for 85.3% of the net profit, totaling 3.548 billion yuan, a decrease of 4.86% year-on-year [4] Asset and Liability Overview - Total assets as of 2024 are reported at 158.974 billion yuan, with total liabilities at 75.344 billion yuan [7] - The company has a net asset value of 69.692 billion yuan, with a total share capital of 6.820 billion shares [1] Future Projections - The company is expected to achieve net profits of 5.850 billion yuan, 6.438 billion yuan, and 6.427 billion yuan for 2024, 2025, and 2026 respectively [6] - The estimated earnings per share (EPS) for the same period are projected to be 0.86 yuan, 0.94 yuan, and 0.94 yuan [6]

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The company reported a revenue of 3.093 billion yuan in Q3 2024, representing a year-on-year increase of 34.90%, while the net profit attributable to shareholders was 1.452 billion yuan, a decrease of 6.43% year-on-year [1] - The company is expected to achieve net profits of 5.950 billion yuan, 6.655 billion yuan, and 7.195 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13.6, 12.2, and 11.3 [2] - The company is positioned as a leading platform in highway operations with high barriers to entry, and it is expected to benefit from significant performance growth due to its proactive acquisition strategy and expansion into smart transportation and technology [1] Financial Performance Summary - In Q3 2024, the company achieved an operating income of 3.093 billion yuan, with a year-on-year growth of 34.90%, and an operating cost of 2.679 billion yuan, which increased by 37.58% year-on-year [1] - For the first three quarters of 2024, the company reported a total revenue of 9.077 billion yuan, a year-on-year increase of 38.04%, and a net profit attributable to shareholders of 4.160 billion yuan, down 4.63% year-on-year [1] - The company’s financial expenses in Q3 2024 amounted to approximately 631 million yuan, a year-on-year increase of 37.65%, primarily due to the consolidation of招商中铁 [1] Future Outlook - The company has committed to a cash dividend policy, planning to distribute no less than 55% of the profit attributable to shareholders after deducting distributions to perpetual bondholders for the years 2022 to 2024 [1] - The company announced a share repurchase plan with a total amount ranging from 310 million yuan to 618 million yuan, which is expected to enhance shareholder returns [1]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported its Q3 2024 results, achieving revenue of 9.077 billion yuan for the first three quarters, a year-on-year increase of 38.04%. In Q3 alone, revenue reached 3.093 billion yuan, up 34.90% year-on-year. However, the net profit attributable to shareholders for the first three quarters was 4.160 billion yuan, a decrease of 4.63% year-on-year, with Q3 net profit at 1.452 billion yuan, down 6.43% year-on-year [2][6] - The decline in Q3 net profit was attributed to the impact of the consolidation of China Merchants Jinling, with operating costs rising to 1.855 billion yuan, a year-on-year increase of 37.58%. The gross profit margin for Q3 was 40.03%, down 1.17 percentage points year-on-year. Investment income from various toll road companies was 1.202 billion yuan, a decline of 7.13% year-on-year [6] - The company is steadily advancing its investment and operation of toll roads, with the approval of the Bozhou-Fu Highway REITs project and the completion of fundraising for the highway REIT, which raised 3.496 billion yuan. The company is also progressing with expansion projects for the Beijing-Tianjin-Tanggu Highway and the Yongtaiwen Highway [6] - The company plans to repurchase shares worth between 310 million yuan and 618 million yuan to enhance shareholder returns, with a loan limit of up to 430 million yuan from China Merchants Bank [6] Financial Summary - For 2024-2026, the company is expected to achieve revenues of 13.203 billion yuan, 13.814 billion yuan, and 14.318 billion yuan, with year-on-year growth rates of 35.67%, 4.63%, and 3.65% respectively. The net profit attributable to shareholders is projected to be 6.128 billion yuan, 6.573 billion yuan, and 7.016 billion yuan, with year-on-year growth rates of -9.44%, 7.27%, and 6.74% respectively. The earnings per share (EPS) are expected to be 0.90 yuan, 0.96 yuan, and 1.03 yuan [7][8]

Group 1: Financial Performance - The company's net profit, excluding the impact of the consolidation of China Merchants Railway, remained stable [1] - Revenue growth was significant compared to the same period last year, primarily due to the rapid increase in revenue from the consolidation of China Merchants Railway [1] - Financial expenses were high due to project loan matching for highway projects and the optimization of funding costs during the LPR adjustment process [2] Group 2: Shareholder Returns - The company has distributed approximately CNY 14 billion in cash dividends since its listing [1] - A shareholder return plan for the next three years (2022-2024) has been established, committing to distribute no less than 55% of the net profit attributable to the parent company's shareholders after deducting distributions to perpetual bonds and other equity instruments [2] - The company is considering multiple dividend distributions in the future, in line with trends observed in other companies [1] Group 3: Stock Buyback and REITs - The stock buyback plan was approved at the shareholders' meeting on November 1, 2024 [2] - The REITs project has completed the online and offline allocation phases, with steady progress expected to complete the listing within the year [2] - Future plans include leveraging the REITs platform to explore a full-cycle operation model for highway management [2]