Summary of the Conference Call for Shen High-Speed (深高速) Industry and Company Overview - The conference call pertains to Shen High-Speed, a company involved in toll road operations, waste resource processing, and clean energy generation, particularly wind power [2][3][4][6]. Key Points and Arguments Toll Road Business Performance - In Q1 2025, Shen High-Speed reported a revenue of 1.77 billion yuan and a net profit of approximately 488 million yuan, showing a slight year-on-year increase. The net profit after deducting non-recurring items grew by 15.89% [3]. - The average daily toll revenue from the Yangjiang Expressway increased by about 18% year-on-year, benefiting from the completion of the Yangjiang Phase II and the Shenzhen-Zhongshan Channel [2][3]. - Overall traffic volume showed significant growth in April 2025, although some highways experienced traffic diversion [2][11]. Waste Resource Processing - Shen High-Speed has an organic waste processing capacity exceeding 9,600 tons per day, operating 17 projects, with a processing volume of approximately 320,000 tons in Q1 2025, generating revenue of about 174 million yuan [2][4][5]. - The company plans to shrink its waste resource processing business, aiming to phase out unprofitable lines over the next two to three years [2][25]. Clean Energy Generation - The total installed capacity for wind power is 668 MW, with Q1 2025 generating 341,100 MWh of electricity, resulting in revenue of approximately 117 million yuan. However, increased wind abandonment rates have led to a decline in revenue from this sector [2][6][10]. - The company is cautious about future expansions in clean energy due to market conditions and funding arrangements [25]. Financing and Debt Management - In March 2025, Shen High-Speed completed an A-share placement, raising approximately 4.7 billion yuan, and issued perpetual bonds totaling about 7.3 billion yuan with interest rates between 1.64% and 2.29%, effectively optimizing its debt structure [2][7][29]. - The company aims to maintain a debt ratio of around 55% to meet regulatory requirements and ensure financial safety [4][32]. Future Development Plans - Shen High-Speed plans to adjust its funding and business expansion strategies based on external environmental changes, focusing on major projects like the Outer Ring Phase III construction and highway upgrades [2][8]. - The company is committed to providing stable returns to shareholders, emphasizing that 2025 will be a year of high capital expenditure for road projects [2][8]. Additional Important Insights - The internal rate of return (IRR) for new and expanded projects over the past five years ranges from 4.1% to 7.1%, indicating a general expectation for sustainable project returns [18][19]. - The industry expresses a desire for extended operating periods for toll roads to improve long-term planning and investment returns, with current operating periods being viewed as too short [16][21]. - The company is facing challenges in its environmental business due to policy restrictions and market conditions, leading to a reevaluation of its waste processing assets [25][27]. This summary encapsulates the essential aspects of Shen High-Speed's conference call, highlighting its operational performance, financial strategies, and future outlook within the context of the toll road and clean energy industries.

深圳高速公路集团股份有限公司 2025 年 4 月未经审计路费收入公告 本公司董事会及全体董事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法律责任。 深圳高速公路集团股份有限公司（"本公司"）董事会（"董事会"）谨此公告 本集团 2025 年 4 月的路费收入（未经审计）如下： | 收费公路 | 集团控股 | 收入合并 | 路费收入（人民币千元） | | | --- | --- | --- | --- | --- | | | 比例 | 比例 | 总计 | 日均 | | 广东省－深圳地区： | | | | | | 梅观高速 | 100% | 100% | 12,895 | 430 | | 机荷东段 | 100% | 100% | 56,043 | 1,868 | | 机荷西段 | 100% | 100% | 45,861 | 1,529 | | 沿江项目 | 100% | 100% | 63,177 | 2,106 | | 外环项目 | 100% | 100% | 97,142 | 3,238 | | 龙大高速 | 89.93% | 100% | 12,74 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2025-061 | | --- | --- | --- | --- | --- | --- | | 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 ...

Group 1 - Jiangsu Yunsong Capital Management Co., Ltd. increased its stake in Shenzhen Expressway (Deep Expressway) to 10% by acquiring 10.81 million H-shares between April 15 and May 27, 2025, at prices ranging from HKD 6.41 to HKD 6.73 per share [1][2] - The funding for this acquisition was sourced from legal self-owned and self-raised funds, indicating a strong financial backing for the investment [1] - Yunsong Capital previously subscribed to 243 million A-shares of Shenzhen Expressway at a price of RMB 13.17 per share, investing nearly RMB 3.2 billion [1][2] Group 2 - Yunsong Capital plans to further increase its holdings in Shenzhen Expressway H-shares within the next 12 months, depending on market conditions [3] - The company was established in 2015 with a registered capital of RMB 13.7 billion and is a wholly-owned subsidiary of Jiangsu Communications Holding Co., Ltd., which operates several expressway companies [3] - Shenzhen Expressway completed a private placement in March 2025, raising RMB 4.7 billion, with a significant portion allocated to the Shenzhen Outer Ring Expressway project, which has a total investment of RMB 29.4 billion [6]

| | | | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-059 | | --- | --- | --- | --- | --- | | 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 | | 深圳高速公路集 ...

Core Viewpoint - The report outlines the equity change of Shenzhen Expressway Group Co., Ltd. due to Jiangsu Yunsong Capital Management Co., Ltd. increasing its stake to 10% through the purchase of 10,810,000 H shares, representing 0.43% of the total share capital [1][4][5]. Group 1: Company Information - Shenzhen Expressway Group Co., Ltd. is listed on the Shanghai Stock Exchange with the stock code 600548 [1]. - Jiangsu Yunsong Capital Management Co., Ltd. was established on July 9, 2015, with a registered capital of 1,370 million yuan [3]. - The company is involved in equity investment, asset management, and investment consulting [3]. Group 2: Equity Change Details - The equity change was executed through the Hong Kong Stock Connect, resulting in Jiangsu Yunsong Capital holding a total of 253,786,461 shares in Shenzhen Expressway, which is 10% of the total issued shares [4][5]. - The funding for this equity increase was sourced from the company's own and self-raised funds [5]. - The report confirms that there have been no other changes in shareholding outside of this report [2]. Group 3: Future Plans - Jiangsu Yunsong Capital plans to further increase its holdings in Shenzhen Expressway within the next 12 months, depending on market conditions [4].

深圳高速公路集团股份有限公司 简式权益变动报告书 上市公司名称：深圳高速公路集团股份有限公司 股票上市地点：上海证券交易所 股票简称：深高速 股票代码：600548 信息披露义务人：江苏云杉资本管理有限公司 注册地址：南京市中山东路291号101室 通讯地址：江苏省南京市建邺区江东中路399号江苏交控大厦 信息披露义务人声明 一、本报告书依据《中华人民共和国公司法》、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司收购管理办法》（以下简称"《收购 办法》"）、《公开发行证券的公司信息披露内容格式与准则第 15 号—权益变 动报告书》（以下简称"《准则 15 号》"）及其他相关法律、法规及部门规章 的有关规定编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之冲突。 三、依据《证券法》、《收购办法》、《准则 15 号》的规定，本报告书已 全面披露了信息披露义务人在深圳高速公路集团股份有限公司拥有权益的股份 变动情况。截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人 没有通过任何其他方式增加或减少其在深圳高速公路 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-059 | | --- | --- | --- | --- | --- | | 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 | | 深圳高速公路集团股份有限公 ...

Core Viewpoint - Yunshan Capital, a shareholder holding more than 5% of the company, increased its stake in the company's H-shares by acquiring 10.81 million shares between April 15 and May 27, 2025, raising its ownership from 9.57% to 10.00% [1] Group 1 - The increase in shareholding does not lead to a change in the company's controlling shareholder or actual controller, and it does not trigger a mandatory tender offer [1] - Yunshan Capital has prepared and disclosed a "Brief Report on Equity Changes" [1]

Core Viewpoint - The company aims to enhance the efficiency of fund utilization by using temporarily idle raised funds for structured deposits, ensuring the safety of the raised funds and increasing company revenue while protecting shareholder interests [2][4]. Group 1: Fund Management Overview - The company has decided to utilize a total of RMB 800 million (80,000 million) of temporarily idle raised funds for structured deposits with two banks: China Bank and Industrial and Commercial Bank of China [3][4]. - The structured deposit amounts are divided between the two banks, with specific expected annualized returns of 1.05% and 1.72% [3][4]. Group 2: Decision-Making Process - The decision to manage cash through structured deposits was approved in the 53rd meeting of the 9th Board of Directors and reviewed by the 31st Supervisory Board meeting [4][5]. - The cash management products will not exceed RMB 3 billion and can be rolled over within 12 months, with each product having a maximum term of 12 months [5][6]. Group 3: Risk Management - The structured deposit business is considered low-risk, but the company acknowledges potential market fluctuations that could affect returns [5]. - The company has implemented measures to monitor the safety, duration, and yield of the cash management products to control risks effectively [5][6]. Group 4: Impact on Daily Operations - The structured deposits are managed by large state-owned commercial banks and are considered capital-protected products, ensuring that daily operations and investment projects are not affected [5][6]. - This cash management strategy is expected to improve the efficiency of raised fund utilization and increase company revenue, aligning with the interests of the company and its shareholders [5][6].