招商局公路网络科技控股股份有限公司 证券代码：001965 证券简称：招商公路 公告编号：2025-72 2025 年第三次临时股东会决议公告 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。 特别提示： 1、本次股东会无增加、变更、否决议案的情况； 2、本次会议采取现场投票与网络投票结合的表决方式。 一、会议召开和出席情况 2025 年 10 月 27 日，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"）董事会以公告方式向全体股东发出召开公司 2025 年第三 次临时股东会的通知。本次会议以现场会议与网络投票相结合的方式召开。其中， 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 11 月 11 日 9:15—9:25,9:30—11:30 和 13:00—15:00；通过深圳证券交易所互联网系统投 票的具体时间为 2025 年 11 月 11 日 9:15—15:00。现场会议于 2025 年 11 月 11 日下午 14：50 分在公司 11 层会议室召开。 本次会议召集人为公司董事会，根据《公司章程》规定，经全体董 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a 4% year-on-year decline in revenue for the first three quarters of 2025, totaling 8.703 billion yuan, and a 3.56% decrease in net profit attributable to shareholders, amounting to 4.012 billion yuan. In Q3 2025, revenue was 3.040 billion yuan, down 1.70% year-on-year but up 6.28% quarter-on-quarter, while net profit reached 1.509 billion yuan, reflecting a 3.91% year-on-year increase and a 28.45% quarter-on-quarter increase [4][12] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 3.040 billion yuan, a year-on-year decline of 1.70%, with operating costs rising by 7.28% to 1.990 billion yuan. The gross profit was 1.050 billion yuan, down 15.19% year-on-year, resulting in a gross margin of 34.54%, which is a decrease of 5.49 percentage points year-on-year. This decline was attributed to reduced toll revenue due to construction disruptions and increased maintenance costs during the national inspection year [13] Financial Expenses and Investment Income - Financial expenses decreased by 18% year-on-year, amounting to 352 million yuan, while investment income rose by 2.01% to 1.226 billion yuan in Q3 2025. The management expenses increased by 22.33% to 173 million yuan, with management expense ratio at 5.67% [14] Investment Strategy - The company maintains a steady investment pace, focusing on high-quality asset acquisitions. In H1 2025, it completed a capital increase in the Zhejiang Zhijiang project and is currently expanding the Tianjin section of the Beijing-Tianjin-Tanggu Expressway. The company plans to reduce its holdings in Anhui Expressway by up to 5.1277 million shares, not exceeding 3% of its total shares [15] Earnings Forecast and Investment Recommendation - The company is expected to generate revenues of 13.069 billion yuan, 13.496 billion yuan, and 13.975 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 2.82%, 3.27%, and 3.55%. Net profit attributable to shareholders is projected to be 5.577 billion yuan, 5.945 billion yuan, and 6.220 billion yuan for the same years, with growth rates of 4.78%, 6.59%, and 4.63%. The earnings per share (EPS) are forecasted to be 0.82 yuan, 0.87 yuan, and 0.92 yuan [16]

Core Insights - The railway and highway sector experienced a rise of 0.84% on November 10, with Haikong Group leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Railway and Highway Sector Performance - Haikong Group (603069) closed at 29.17, with a gain of 6.07% and a trading volume of 327,300 shares [1] - Other notable performers included: - Fulian Yuan (002357) at 11.26, up 2.93% with a trading volume of 180,000 shares [1] - Beijing-Shanghai High-Speed Railway (601816) at 5.29, up 1.54% with a trading volume of 1,658,600 shares [1] - The sector saw a net outflow of 584 million yuan from institutional investors, while retail investors contributed a net inflow of 483 million yuan [2][3] Fund Flow Analysis - Major stocks like Beijing-Shanghai High-Speed Railway experienced a net outflow of 18.48 million yuan from institutional investors, while retail investors contributed a net inflow of 35.08 million yuan [3] - Zhongyuan Expressway (600020) had a net inflow of 14.89 million yuan from institutional investors, but a net outflow of 9.30 million yuan from retail investors [3] - Overall, the sector's fund flow indicates a mixed sentiment among different types of investors, with retail investors showing more confidence [2][3]

Investment Rating - The report maintains a "Recommendation" rating for the transportation industry [3] Core Insights - The transportation industry is experiencing a recovery, with various segments showing potential for growth, particularly in shipping, infrastructure, aviation, and express delivery [7][19][22][20] Shipping - The shipping sector is seeing mixed price movements, with the SCFI for the US East route down 17.2% and the Southeast Asia route up 6.4% [11] - The report highlights the importance of monitoring the price increases in container shipping and the potential recovery in oil tanker rates due to improved US-China trade relations [16][12] Infrastructure - Key metrics indicate a decline in truck traffic and railway cargo, while port throughput has increased significantly, suggesting a shift in market dynamics [17][18] - The report emphasizes the potential for dividend stocks in the infrastructure sector, particularly in ports, which are currently undervalued [19] Aviation - The aviation sector shows a positive trend with a 7.2% year-on-year increase in passenger volume, driven by improved demand and a low base effect [22] - The report suggests that the industry is poised for profitability in 2026, with a focus on valuation recovery and potential investment opportunities in major airlines [22] Express Delivery - The express delivery sector is benefiting from a reduction in price competition, with a notable increase in business volume and revenue [20] - The report indicates that the "anti-involution" policies are helping to stabilize prices and improve profitability in the sector [20] Logistics - The logistics segment is experiencing stable performance, with cross-border air freight prices showing a week-on-week increase [23] - The report notes the importance of monitoring the daily traffic at key ports and the implications for logistics operations [23]

Group 1: Public REITs Basic Information - The strategic placement shares of the fund will be locked for 12 months from the listing date, with the release date set for November 21, 2025. A total of 278,900,000 shares will be released, accounting for 55.78% of the total fund shares [1] - Before the release of the strategic placement shares, the tradable shares in the secondary market amount to 81,810,000, which is 16.36% of the total fund shares. After the release, the total tradable shares will be 360,710,000, representing 72.14% of the total fund shares [1] Group 2: Infrastructure Project Performance - The infrastructure project is the Anhui Bo-Fu Expressway, managed by the Anhui Bo-Fu Expressway Co., Ltd. The project spans 101.3 kilometers with three toll stations and two service areas [4][5] - As of the announcement date, the project is operating stably, with a toll revenue (including tax) of 33,723 million yuan for the period from January to September 2025, reflecting a year-on-year growth of 7.1%. The average daily traffic volume is 15,637 vehicles, up 8.7% year-on-year [5] Group 3: Impact on Fund Shareholders' Rights - The closing price of the fund on November 6, 2025, was 7.401 yuan per share, representing a 5.85% increase from the issuance price. The predicted distributable amount for 2025 is 317,600,868.47 yuan [6] - The net cash flow distribution rate for an investor buying at the issuance price of 6.992 yuan per share is projected to be 9.08%, while for an investor buying at the market price of 7.401 yuan, it is projected to be 8.58% [6]

Core Points - The major shareholder, China Merchants Highway Network Technology Holdings Co., Ltd. (招商公路), has reduced its stake in Anhui Wantuo Expressway Co., Ltd. (安徽皖通高速公路股份有限公司) by selling 1,320,200 A-shares from October 31 to November 4, 2025 [1][2] - Following the reduction, China Merchants holds 402,871,301 A-shares, representing 23.58% of the total share capital, while its wholly-owned subsidiary, Cornerstone Holdings Limited (佳选控股), holds 92,396,000 H-shares, accounting for 5.41% [1][2] - The total shareholding of China Merchants and its subsidiary amounts to 495,267,301 shares, which is 28.99% of the total share capital [1][2] Shareholding Changes - The shareholding percentage of China Merchants and its concerted actions decreased from 29.06% to 28.99% due to the recent sale [2] - This reduction in stake does not lead to any changes in the controlling shareholder or actual controller of the company, nor does it significantly impact the corporate governance structure or ongoing operations [2] Future Plans - The share reduction is part of a previously disclosed plan, and it does not trigger a mandatory tender offer [2] - As of the announcement date, the share reduction plan has not been fully executed, and further sales will depend on market conditions [2]

Core Viewpoint - The announcement details a reduction in shareholding by a major shareholder,招商局公路网络科技控股股份有限公司, which has decreased its stake in 安徽皖通高速公路股份有限公司 from 29.06% to 28.99% through the sale of 1,320,200 A-shares between October 31 and November 4, 2025 [2][3]. Group 1: Shareholding Changes - 招商局公路 has reduced its direct holding of A-shares to 402,871,301, representing 23.58% of the total share capital [2]. - Through its wholly-owned subsidiary, 佳选控股有限公司, 招商局公路 holds an additional 92,396,000 H-shares, accounting for 5.41% of the total share capital [2]. - The total combined shareholding of 招商局公路 and 佳选控股 in 安徽皖通 is now 495,267,301 shares, which is 28.99% of the total share capital [2]. Group 2: Impact and Future Plans - The reduction in shareholding will not lead to changes in the controlling shareholder or the actual controller of the company, nor will it significantly impact the company's governance structure or ongoing operations [3]. - This share reduction is part of a previously disclosed plan and does not trigger a mandatory tender offer [3]. - 招商局公路's reduction plan is not yet complete, and future sales of A-shares will depend on market conditions [3].

Core Viewpoint - Anhui Wantong Expressway (00995) announced that its major shareholder, China Merchants Highway Network Technology Holdings Co., Ltd. (referred to as "China Merchants Highway"), reduced its stake in the company by selling 1.3202 million A-shares between October 31, 2025, and November 4, 2025 [1] Summary by Relevant Sections - **Shareholding Changes** - China Merchants Highway reduced its holdings by 1.3202 million A-shares during the specified period [1] - As of November 4, 2025, China Merchants Highway directly held 402,871,301 A-shares, representing 23.58% of the total share capital [1] - Through its wholly-owned subsidiary, Cornerstone Holdings Limited, China Merchants Highway held 92,396,000 H-shares, accounting for 5.41% of the total share capital [1] - The combined holdings of China Merchants Highway and Cornerstone Holdings amounted to 495,267,301 shares, which is 28.99% of the total share capital [1]

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2257.45 points, down 0.32%, with a trading volume of 24.053 billion yuan and a turnover rate of 0.97% [1] - Among the index constituents, 27 stocks rose while 22 stocks fell, with Beixin Building Materials leading the gainers at 2.45% and Yun Aluminum leading the decliners at 3.0% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (9.31% weight, latest price 4.00 yuan, market cap 149.656 billion yuan) in the electronics sector - Hikvision (7.97% weight, latest price 31.50 yuan, market cap 288.693 billion yuan) in the computer sector - Wuliangye Yibin (7.71% weight, latest price 116.18 yuan, market cap 450.965 billion yuan) in the food and beverage sector - Luzhou Laojiao (6.59% weight, latest price 132.17 yuan, market cap 194.548 billion yuan) in the food and beverage sector - Xugong Machinery (5.75% weight, latest price 10.79 yuan, market cap 126.815 billion yuan) in the machinery equipment sector - Changan Automobile (3.88% weight, latest price 12.28 yuan, market cap 121.745 billion yuan) in the automotive sector - Shenwan Hongyuan (3.84% weight, latest price 5.45 yuan, market cap 136.468 billion yuan) in the non-banking financial sector - Yun Aluminum (3.81% weight, latest price 22.96 yuan, market cap 79.624 billion yuan) in the non-ferrous metals sector - Yanghe Brewery (3.37% weight, latest price 69.81 yuan, market cap 105.165 billion yuan) in the food and beverage sector - Tongling Nonferrous Metals (3.18% weight, latest price 5.11 yuan, market cap 68.522 billion yuan) in the non-ferrous metals sector [1] Capital Flow Summary - The net outflow of main funds from the index constituents totaled 1.125 billion yuan, while speculative funds saw a net inflow of 243 million yuan and retail investors saw a net inflow of 882 million yuan [3] - Detailed capital flow for selected stocks includes: - Tongling Nonferrous Metals: main net inflow of 88.024 million yuan, speculative net outflow of 53.924 million yuan, retail net outflow of 34.100 million yuan - Luzhou Laojiao: main net inflow of 57.790 million yuan, speculative net outflow of 22.566 million yuan, retail net outflow of 35.224 million yuan - Beixin Building Materials: main net inflow of 56.578 million yuan, speculative net outflow of 24.593 million yuan, retail net outflow of 31.985 million yuan [3]

Group 1 - Shenzhen Expressway Company Limited (00548.HK) received an increase in shareholding from China Merchants Highway Network Technology Holdings Company Limited, acquiring 228,000 shares at an average price of HKD 7.195 per share, totaling approximately HKD 1.6405 million [1] - Following this transaction, China Merchants Highway Network Technology Holdings Company Limited's total shareholding increased to 142,052,000 shares, raising its ownership percentage from 18.97% to 19.00% [1]