丨证券研究报告丨 公司研究丨点评报告丨招商公路（001965.SZ） [Table_Title] 收入表现稳健，成本拖累 Q2 业绩 报告要点 [Table_Summary] 招商公路发布 2025 年中报，2025Q2 公司实现营业收入 28.6 亿元，同比下降 3.4%，实现归 属净利润 11.7 亿元，同比下滑 17.0%。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 招商公路（001965.SZ） cjzqdt11111 [Table_Title2] 收入表现稳健，成本拖累 Q2 业绩 [Table_Summary2] 事件描述 招商公路发布 2025 年中报，2025H 公司实现营业收入 56.6 亿元，同比下滑 5.36%，实现归 属净利润 25.0 亿元，同比下滑 7.56%；其中 2025Q2 公司实现营业收入 28.6 亿元，同比下降 3. ...

Performance Summary - In 1H2025, the company reported operating revenue of 5.66 billion, a year-on-year decrease of 5.4%, and a net profit attributable to shareholders of 2.504 billion, down 7.6% [1] - In 2Q2025, the company achieved operating revenue of 2.86 billion, a decline of 3.5%, and a net profit of 1.18 billion, down 17.0% [1] - The decline in revenue is attributed to the exit of the Bo-Fu Expressway and the impact of road diversion and differentiated toll policies [1] Financial Metrics - The company's gross margin decreased to 34.0%, down 2.9 percentage points year-on-year [2] - The expense ratio for 1H2025 was 20.65%, a decrease of 1.09 percentage points, with sales expenses increasing slightly by 0.05 percentage points [2] - Investment income rose to 2.35 billion, a year-on-year increase of 0.27 [2] Business Development - The company continues to develop its core highway investment and operation business, completing the capital increase for the Zhejiang Zhijiang project, adding 135.3 kilometers of managed mileage [2] - The company is actively promoting the renovation and expansion of existing projects and enhancing its light asset platform operations [2] - The company plans to reduce its stake in Wantong Expressway by up to 51.258 million shares, which may enhance profits [3] Profit Forecast - The company maintains its net profit forecast for 2025-2027 at 5.73 billion, 6.25 billion, and 6.73 billion respectively [4]

Group 1 - Shenzhen Expressway Company Limited (00548.HK) was increased by China Merchants Highway Network Technology Holdings Company Limited on September 1, 2025, acquiring 1,084,000 shares at an average price of HKD 7.194 per share, totaling approximately HKD 7.7983 million [1][2] - Following the acquisition, China Merchants Highway Network Technology Holdings Company Limited's total shareholding increased to 128,108,000 shares, raising its ownership percentage from 16.99% to 17.14% [1][2]

格隆汇9月3日丨根据联交所最新权益披露资料显示，2025年9月1日，深圳高速公路股份(00548.HK)获招 商局公路网络科技控股股份有限公司在场内以每股均价7.194港元增持108.4万股，涉资约779.83万港 元。 增持后，招商局公路网络科技控股股份有限公司最新持股数目为128,108,000股，持股比例由16.99%上 升至17.14%。 | 吸脂形式 | 大發動畫事(產星行政入員名 作出發罪的 寶入 / 賣出或修及时 商發的平均價 | | | 持有推証的胶母敷目 (G己發行的)商關哪件的目期相關法屬股份 資權處理益 ) | | --- | --- | --- | --- | --- | | | 股份 第三 | | | 100 130 1 有投票搬胶(日 / 月 / 年) | | and and the many of the many o | | | | A M S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S F F S S F F S F F S F | ...

（文章来源：证券日报） 证券日报网讯 9月2日晚间，招商公路发布公告称，截至2025年8月31日，公司通过回购专用证券账户以 集中竞价交易方式累计回购股份数量为23，521，768股，占公司目前股本总数的0.344877%。 ...

Group 1 - The core point of the article is that China Merchants Highway Network Technology Holdings Company Limited has increased its stake in Shenzhen Expressway Company Limited by acquiring 1.084 million shares at a price of HKD 7.194 per share, totaling approximately HKD 7.7983 million [1] - After the acquisition, the total number of shares held by China Merchants Highway Network is approximately 128 million, representing a holding percentage of 17.14% [1]

Core Viewpoint - The company, China Merchants Highway (001965.SZ), has announced a share buyback program, indicating a commitment to returning value to shareholders through the repurchase of its own shares [1] Summary by Relevant Categories Share Buyback Details - As of August 31, 2025, the company has repurchased a total of 23.52 million shares, which represents approximately 0.344877% of the company's total share capital [1] - The total amount spent on the share buyback is 292 million yuan [1]

Overview of Share Buyback Plan - The company plans to repurchase its issued A-shares through centralized bidding, with a maximum price of RMB 18.10 per share and a total fund amount between RMB 310 million and RMB 618 million [1][2] - The buyback was approved in meetings held on October 16, 2024, and November 1, 2024 [1] Progress of Share Buyback - As of August 31, 2025, the company has repurchased a total of 23,521,768 shares, representing 0.344877% of the total share capital [2] - The lowest transaction price was RMB 10.58 per share, while the highest was RMB 13.40 per share, with a total expenditure of RMB 310 million [2] Compliance and Regulations - The company has adhered to the relevant regulations regarding share buybacks, ensuring that transactions were conducted within the stipulated periods and price limits [2] - The company will continue to make buyback decisions based on market conditions and will fulfill its information disclosure obligations in a timely manner [2]

Group 1 - The core point of the article is that China Merchants Highway (001965.SZ) announced a share buyback program, where it has repurchased a total of 23.52 million shares, representing 0.344877% of the company's total share capital, with a total expenditure of 292 million yuan [1] Group 2 - The share buyback was conducted through centralized bidding transactions, indicating a strategic move by the company to enhance shareholder value [1] - The buyback program is set to be completed by August 31, 2025, suggesting a long-term commitment to this initiative [1]

格隆汇9月2日丨招商公路(001965.SZ)公布，截至2025年8月31日，公司通过回购专用证券账户以集中竞 价交易方式累计回购股份数量为23,521,768股，占公司目前股本总数的0.344877%，最低成交价格为 10.58元/股、最高成交价格为13.40元/股，支付的资金总额为人民币2.92亿元(不含交易费用)。 ...