Core Viewpoint - The company has successfully completed a directed issuance of 4.706 billion yuan to support major infrastructure projects, enhancing its capital structure and market confidence [1][2] Financial Performance - For the first three quarters of 2025, the company achieved an operating revenue of 6.05 billion yuan, representing a year-on-year growth of 3.2% - The net profit attributable to shareholders reached 1.47 billion yuan, with a year-on-year increase of 7% [1] Strategic Developments - The company is undertaking a series of strategic projects to enhance traffic capacity and network value, establishing a sustainable growth trajectory - The second phase of the Yangtze River Expressway is set to open in mid-2024, improving traffic flow between the east and west banks of the Pearl River - The main construction of the Jihe Expressway expansion has commenced, aiming to upgrade to a dual-direction 8+8 lane highway by 2029, which will serve as a major corridor in the Guangdong-Hong Kong-Macao Greater Bay Area - The third phase of the Outer Ring Expressway has begun construction, expected to be completed by the end of 2028, forming a key part of Shenzhen's high-speed road network [1] Capital Structure and Shareholder Returns - The recent capital increase not only secures funding for major projects but also optimizes the company's capital structure, with support from major shareholders and strategic investments from state-owned enterprises in Jiangsu and Anhui - The company has maintained a high and sustainable cash dividend policy, distributing cash dividends to shareholders for 27 consecutive years, with a commitment to a minimum annual cash dividend ratio of 55% of the net profit attributable to ordinary shareholders from 2024 to 2026 [2]

Core Viewpoint - Shenzhen Expressway Group Co., Ltd. (referred to as "Shenzhen Expressway") is experiencing steady growth in toll revenue, supported by a robust road network in the Guangdong-Hong Kong-Macao Greater Bay Area and significant capital injection from a recent directed share issuance [1][4]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved an operating revenue of 6.05 billion yuan, representing a year-on-year increase of 3.2%, and a net profit attributable to the parent company of 1.47 billion yuan, up 7% year-on-year [2]. - Key road segments in Shenzhen, including the Jiangjiang Expressway and the Outer Ring Expressway, reported daily toll revenue growth of 11.2%, 3.9%, 3.5%, and 2.8% respectively, with the Qinglian Expressway in other regions of Guangdong seeing a 4.8% increase [2]. Group 2: Strategic Developments - The company is enhancing its traffic capacity and network value through strategic major projects, including the second phase of the Jiangjiang Expressway and the Shenzhen-Zhongshan Channel, both set to open in mid-2024, which will alleviate traffic bottlenecks [3]. - The ongoing expansion of the Jihe Expressway into a dual-direction 8+8 lane highway is expected to be completed by 2029, establishing it as a major traffic corridor in the Greater Bay Area [3]. Group 3: Capital Structure and Financing - In 2025, Shenzhen Expressway completed a directed share issuance, raising approximately 4.706 billion yuan by issuing 357 million A-shares, which will fund major infrastructure projects and optimize the capital structure [4]. - The company has seen a nearly 25% reduction in financing costs, indicating improved creditworthiness and financing capabilities [4]. Group 4: Shareholder Confidence - Major shareholders, including Yunshan Capital and China Merchants Highway Network Technology Holdings, have increased their stakes in the company, reflecting strong confidence in its fundamentals and growth potential [5]. - Shenzhen Expressway has maintained a cash dividend policy for 27 consecutive years, committing to a minimum annual cash dividend of 55% of the net profit attributable to ordinary shareholders from 2024 to 2026 [5].

Core Viewpoint - The company, Shen High-Speed (深高速), is positioned as a key player in the Guangdong-Hong Kong-Macao Greater Bay Area, benefiting from strong traffic flow and steady revenue growth from tolls, supported by significant capital injections and shareholder confidence [1][4]. Group 1: Business Foundation - Shen High-Speed's highway operations are deeply rooted in the economically vibrant Guangdong-Hong Kong-Macao Greater Bay Area and other developed regions, showcasing strong operational resilience and revenue-generating capabilities [2]. - In the first three quarters of 2025, the company achieved operating revenue of 6.05 billion yuan, a year-on-year increase of 3.2%, with net profit attributable to the parent company reaching 1.47 billion yuan, up 7% year-on-year [2]. - Key toll road segments in Shenzhen, such as the Yanjiang Expressway and the Jihe Expressway, reported average daily toll revenue growth of 11.2%, 3.9%, 3.5%, and 2.8% respectively, while the Qinglian Expressway in other regions saw a 4.8% increase [2]. Group 2: Development Engine - The company is enhancing its long-term competitiveness through strategic major projects, including the second phase of the Yanjiang Expressway and the expansion of the Jihe Expressway, which is expected to be completed by 2029 [3]. - The ongoing construction of the third phase of the Outer Ring Expressway is a critical component of Shenzhen's high-speed road network, with completion anticipated by the end of 2028 [3]. - These projects are expected to significantly improve network capacity and traffic efficiency, integrating deeply into the Greater Bay Area's development framework [3]. Group 3: Confidence Signals - Shen High-Speed raised 4.706 billion yuan through a targeted A-share issuance, optimizing its capital structure and providing substantial funding for major projects [4]. - Major shareholders, including Yunshan Capital and China Merchants Highway, have increased their stakes, indicating strong confidence in the company's fundamentals and growth potential [4]. - The company has maintained a high and sustainable cash dividend policy, committing to a dividend payout ratio of no less than 55% of net profit attributable to ordinary shareholders from 2024 to 2026 [4]. Group 4: Future Outlook - As the construction of the Greater Bay Area progresses, Shen High-Speed is expected to continue benefiting from increased traffic flow and enhanced network value, ultimately rewarding long-term shareholders through stable dividends and corporate value appreciation [5][6].

| 证券代码：600548 | 证券简称：深高速 | | | 公告编号：2025-103 | | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | 债券代码：241018 | 债券简称：24 | 深高 | 01 | | | 债券代码：241019 | 债券简称：24 | 深高 | 02 | | | 债券代码：242050 | 债券简称：24 | 深高 | 03 | | | 债券代码：242539 | 债券简称：25 | 深高 | 01 | | | 债券代码：242780 | 债券简称：25 | 深高 | Y1 | | | 债券代码：242781 | 债券简称：25 | 深高 | Y2 | | | 债券代码：242972 | 债券简称：25 | 深高 | Y3 | | | 债券代码：242973 | 债券简称：25 | 深高 | Y4 | | 关于持股 5%以上股东权益变动 ...

Core Viewpoint - Jiangsu Yunsong Capital Management Co., Ltd. increased its stake in Deep Highway by acquiring 25,378,000 H shares, raising its ownership from 12.00% to 13.00% during the period from September 22, 2025, to December 10, 2025 [2] Company Summary - Jiangsu Yunsong Capital is a significant shareholder, holding more than 5% of the company's shares, and the recent change in ownership percentage triggers the requirement for public announcement due to the 1% threshold [2]

Core Viewpoint - Shenzhen Expressway Company Limited (00548.HK) received a notification from its major shareholder, Jiangsu Yunsong Capital Management Co., Ltd., regarding the increase in shareholding through the Stock Connect program [1] Group 1: Shareholding Increase - Jiangsu Yunsong Capital increased its holdings by acquiring 25.378 million H-shares from September 22, 2025, to December 10, 2025 [1] - As of December 10, 2025, Jiangsu Yunsong Capital holds a total of 329,922,461 shares, representing 13.00% of the company's total share capital [1] - The breakdown of the holdings includes 242,976,461 A-shares and 86,946,000 H-shares [1]

Core Viewpoint - Shenzhen Expressway Company Limited (00548.HK) received a notification from its major shareholder, Jiangsu Yunsong Capital Management Co., Ltd., regarding the increase in shareholding through the Stock Connect program [1] Group 1: Shareholding Increase - Jiangsu Yunsong Capital increased its holdings by acquiring 25.378 million H-shares from September 22, 2025, to December 10, 2025 [1] - As of December 10, 2025, Jiangsu Yunsong Capital holds a total of 329,922,461 shares, representing 13.00% of the company's total share capital [1] - The breakdown of the holdings includes 242,976,461 A-shares and 86,946,000 H-shares [1]

Group 1 - The core point of the article is that Jiangsu Yunshan Capital Management Co., Ltd., a major shareholder of Deep Highway (600548.SH), has increased its stake in the company by acquiring 25.378 million H shares through the Stock Connect program between September 22, 2025, and December 10, 2025 [1] - As of December 10, 2025, Jiangsu Yunshan Capital directly holds 330 million shares of Deep Highway, representing 13% of the company's total share capital [1] - The breakdown of the shareholding includes 243 million A shares and 86.946 million H shares [1]

（於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 茲載列深圳高速公路集團股份有限公司（「本公司」）在上海證券交易所網站發布的《關 於持股 5%以上股東權益變動觸及 1%刻度的提示性公告》，僅供參閱。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 承董事會命 趙桂萍 公司秘書 中國，深圳，2025 年 12 月 11 日 於本公告之日，本公司董事會的成員包括執行董事徐恩利先生、廖湘文先生和姚海先生； 非執行董事陳雲江先生、伍燕淩女士和張堅女士；以及獨立非執行董事李飛龍先生、繆 軍先生、徐華翔先生和顏延先生。 | 证券代码：600548 | 证券简称：深高速 | | | 公告编号：2025-103 | | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | ...

Core Viewpoint - The company announced that as of December 10, 2025, it received a notification from its major shareholder, Yunshan Capital, regarding an increase in shareholding from 12.00% to 13.00% through the acquisition of 25.378 million H-shares from September 22 to December 10 [1] Group 1 - Yunshan Capital increased its stake in the company by acquiring 25.378 million H-shares, raising its ownership percentage from 12.00% to 13.00% [1] - As of December 10, Yunshan Capital directly holds a total of 329.922461 million shares, which includes 242.976461 million A-shares and 86.946 million H-shares [1] - The change in shareholding does not require the disclosure of a report on equity changes and does not trigger a mandatory takeover bid [1] Group 2 - The share acquisition plan by Yunshan Capital is not yet fully implemented, and there are intentions for further increases in shareholding at an opportune time [1]