Summary of the Conference Call for Shen High-Speed (深高速) Company Overview - Shen High-Speed reported a revenue of 1.772 billion yuan for Q1 2025, with a net profit attributable to shareholders of approximately 478 million yuan, showing a slight year-on-year increase. The net profit after deducting non-recurring gains and losses grew nearly 16% year-on-year, with earnings per share at 0.203 yuan [2][4] Key Financial Performance - For the full year 2024, Shen High-Speed achieved a revenue of 9.25 billion yuan and a net profit of 1.15 billion yuan, with earnings per share at 0.411 yuan. The decline in profit was mainly due to reduced revenue from the joint venture in real estate and asset impairment provisions made at the end of 2024 [4] Toll Road Business - The toll road business remained stable, with daily toll revenue in the Shenzhen area increasing, particularly benefiting from the opening of new roads. The average daily toll revenue for the Yangtze River Highway increased by 18% [2][7] Environmental Business - Shen High-Speed is actively expanding its environmental business, with an organic waste processing capacity exceeding 6,900 tons per day. In Q1 2025, 17 projects were in commercial operation, processing 320,000 tons of waste and generating revenue of 174 million yuan. However, the overall environmental business is currently operating at a loss, and the company plans to be cautious in future investments in clean energy [2][8][21][22] Financing and Debt Management - The company completed a private placement in March 2025, raising approximately 4.7 billion yuan. Additionally, it raised 7.3 billion yuan through various debt instruments, optimizing its debt structure and reducing financing costs. The comprehensive borrowing cost was approximately 3.19% [2][9][26] Future Development Strategy - Shen High-Speed is focused on advancing key highway projects, including the Outer Ring Phase III and the expansion of the Guangshen Expressway. A new five-year development strategy has been initiated, with the Outer Ring Phase III expected to be completed by the end of 2029 [2][11][15][16] Internal Rate of Return (IRR) and Investment Strategy - The internal rate of return (IRR) requirement for toll road and environmental projects has been adjusted to 6%-7%, still above the industry average. The company remains open to acquiring quality toll road projects but emphasizes profitability and regional barriers [5][17][18] Shareholder Returns and Capital Expenditure - Shen High-Speed is committed to returning at least 55% of net profits to shareholders in cash dividends from 2024 to 2026, with expectations of exceeding 60% in 2024. The planned capital expenditure for 2025-2027 is approximately 20.6 billion yuan, primarily for the Outer Ring Phase III and other projects [5][25][24] Impact of Road Network Changes - The opening of new roads and other structural changes in the road network have had a mixed impact on traffic flow, with overall positive factors outweighing negatives. The company is monitoring these changes closely [14] Conclusion - Shen High-Speed is navigating a complex landscape with stable performance in its toll road business, ongoing challenges in its environmental sector, and a clear focus on strategic growth and shareholder returns. The company is poised for future developments while maintaining a cautious approach to investments and financing.

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,771,765,261.39, a decrease of 13.06% compared to ¥2,037,983,716.92 in the same period last year[5] - Net profit attributable to shareholders was ¥478,007,244.10, reflecting a slight increase of 1.50% from ¥470,958,969.66 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥466,270,240.35, which represents a 15.89% increase from ¥402,349,586.96 in the previous year[5] - Total revenue for Q1 2025 was CNY 1,771,765,261.39, a decrease of 13.06% compared to CNY 2,037,983,716.92 in Q1 2024[27] - The net profit for Q1 2025 was CNY 514,281,845.56, a slight increase from CNY 512,669,617.76 in Q1 2024, representing a growth of 0.3%[28] - The total profit before tax for Q1 2025 was CNY 621,275,671.38, slightly down from CNY 637,696,969.36 in Q1 2024, a decrease of 2.5%[28] - The total comprehensive income for Q1 2025 was CNY 546,823,605.96, compared to CNY 474,681,285.95 in Q1 2024, marking an increase of 15.2%[28] Cash Flow and Liquidity - The net cash flow from operating activities increased by 28.96% to ¥980,875,169.00, up from ¥760,626,644.48 in the same period last year[6] - The company's cash and cash equivalents rose to CNY 8,176,488,936.45, compared to CNY 2,908,582,010.43 at the end of 2024, indicating a significant increase[23] - The company reported a significant increase in cash and cash equivalents, ending Q1 2025 with CNY 8,019,330,500.54, up from CNY 3,235,689,796.04 in Q1 2024[32] - The net cash flow from operating activities for Q1 2025 was CNY 980,875,169.00, an increase of 29% from CNY 760,626,644.48 in Q1 2024[30] - Investment activities resulted in a net cash outflow of CNY 1,129,503,420.53 in Q1 2025, compared to a net inflow of CNY 672,220,430.43 in Q1 2024[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥73,150,343,598.02, an increase of 8.28% from ¥67,558,030,948.58 at the end of the previous year[6] - The total liabilities amounted to CNY 40,760,132,514.45, slightly up from CNY 40,356,460,239.19 at the end of 2024[24] - Long-term investments increased to CNY 20,019,730,301.43 as of March 31, 2025, compared to CNY 19,755,383,217.22 at the end of 2024, marking a growth of 1.34%[23] Shareholder Information - Shareholders' equity attributable to the parent company increased by 23.53% to ¥27,056,358,745.56, compared to ¥21,903,521,723.27 at the end of the previous year[6] - The total number of shareholders at the end of the reporting period was 17,576, with the top 10 shareholders holding a combined 88.77% of the shares[10] - The company completed the issuance of 357,085,801 A shares at a price of RMB 13.17 per share, raising a net amount of RMB 4,679,236,514.71[20] - The total share capital increased from 2,180,770,326 shares to 2,537,856,127 shares, with A shares totaling 1,790,356,127 and H shares 747,500,000[20] - The company has committed to a share lock-up period of 18 months for certain investors following the A share issuance[13] Operational Highlights - The average daily mixed traffic volume for the Guangdong province projects in Q1 2025 included 608 thousand vehicles for the Guangshen Expressway, generating a revenue of RMB 7,409 thousand[14] - The average daily toll revenue for the Meiguan Expressway was RMB 411 thousand with a traffic volume of 158 thousand vehicles[14] - The organic waste treatment projects processed a total of 317.24 thousand tons, generating operational revenue of RMB 174,266.95 thousand in Q1 2025[17] - The wind power projects generated a total of 178,690.70 MWh, resulting in revenue of RMB 52,905.30 thousand in Q1 2025[19] - The average daily traffic volume for the Jiangjiang project was 205 thousand vehicles, generating a revenue of RMB 2,010 thousand[14] Government and Financing Activities - The company received government subsidies amounting to ¥4,309,075.83, which are closely related to its normal business operations[7] - The company issued medium-term notes totaling RMB 1.5 billion with a coupon rate of 1.7% for a term of 3 years[20] - The company issued CNY 2.3 billion in bonds on March 12, 2025, with a coupon rate of 2.29% and a maturity of 5 years[22] - A short-term financing bond of CNY 1.5 billion was issued on April 15, 2025, with an interest rate of 1.64% and a term of 270 days[22] - The company did not engage in any financial product transactions during the reporting period, with a total entrusted investment amount of CNY 0[22]

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-050 | | --- | --- | --- | --- | --- | | 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 | | 深圳高速公路集团股份有限公司 关于使用募集资金向子公司实缴出资及提供借款 以实施募投项目的公告 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， ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-053 | | --- | --- | --- | --- | --- | | 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 | | 深圳高速公路集团股份有限公司 2025 年 3 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 ...

深高速（600548）公告，2025年第一季度营收为17.72亿元，同比下降13.06%；净利润为4.78亿元，同 比增长1.50%。 ...

Financial Performance - Operating revenue for Q1 2025 was RMB 1,771,765,261.39, a decrease of 13.06% compared to RMB 2,037,983,716.92 in Q1 2024[6] - Net profit attributable to shareholders was RMB 478,007,244.10, reflecting a slight increase of 1.50% from RMB 470,958,969.66 in the same period last year[6] - Basic and diluted earnings per share for Q1 2025 were both RMB 0.203, up 4.10% from RMB 0.195 in Q1 2024[6] - Net profit for Q1 2025 was RMB 514,281,845.56, slightly up from RMB 512,669,617.76 in Q1 2024, representing a growth of 0.31%[32] - Operating profit for Q1 2025 was RMB 621,113,486.27, down from RMB 634,811,192.70 in Q1 2024, a decline of 2.73%[32] - The company’s total comprehensive income for Q1 2025 was RMB 546,823,605.96, compared to RMB 474,681,285.95 in Q1 2024, an increase of 15.19%[33] Cash Flow and Assets - Net cash flow from operating activities increased by 28.96% to RMB 980,875,169.00, primarily due to the receipt of prior year waste treatment subsidies and increased revenue from transportation fees[8] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 8,019,330,500.54, up from RMB 3,235,689,796.04 at the end of Q1 2024[36] - The company reported a net cash flow from operating activities of RMB 980,875,169.00 in Q1 2025, an increase from RMB 760,626,644.48 in Q1 2024[35] - As of March 31, 2025, total current assets increased to RMB 12,921,011,423.05 from RMB 7,643,838,856.74 as of December 31, 2024, representing a growth of approximately 69.8%[27] - The company’s total assets increased to RMB 73,150,343,598.02 in Q1 2025, compared to RMB 67,558,030,948.58 in Q1 2024, reflecting a growth of 8.67%[30] Shareholder Information - The number of shareholders totaled 17,576, with 17,336 being A-share shareholders and 240 H-share shareholders[9] - The top shareholder, Xintong Industrial Development (Shenzhen) Co., Ltd., holds 28.79% of shares, totaling 730,710,144 shares[10] - Equity attributable to shareholders rose by 23.53% to RMB 27,056,358,745.56, mainly due to the issuance of A-shares to specific investors[8] Market and Operational Insights - The company plans to continue expanding its market presence and enhancing operational efficiency through strategic initiatives[12] - In the Guangdong province, the average daily mixed traffic volume for the Meiguan Expressway was 158, with toll revenue of RMB 411,000 for Q1 2025[13] - The average daily mixed traffic volume for the Jihe East Section was 308, generating toll revenue of RMB 1,817,000 in Q1 2025[13] - The average daily mixed traffic volume for the Jiangjiang Project was 205, resulting in toll revenue of RMB 2,010,000 for Q1 2025[13] - The average daily mixed traffic volume for the Guangshen Expressway was 608, generating toll revenue of RMB 7,409,000 in Q1 2025[15] - The total operating revenue from the Guizhou project in organic waste processing was RMB 22,046,770, processing 36.99 thousand tons in Q1 2025[17] - The total operating revenue from the Xinjiang Mu Lei wind power project was RMB 49,291,490, with an electricity generation of 107,112.87 MWh in Q1 2025[19] - The total operating revenue from the Huai'an Zhongheng project in clean energy generation was RMB 31,993,820, generating 66,346.40 MWh in Q1 2025[20] - The total operating revenue from the Tai Zhou project in organic waste processing was RMB 9,772,530, processing 17.03 thousand tons in Q1 2025[18] - The total operating revenue for Q1 2025 was RMB 1,771,765,261.39, a decrease of 13.06% compared to RMB 2,037,983,716.92 in Q1 2024[32] Liabilities and Financing - Current liabilities totaled RMB 11,890,985,416.04 as of March 31, 2025, down from RMB 14,175,295,530.40 at the end of 2024, a decrease of approximately 16.5%[29] - Long-term borrowings decreased to RMB 12,800,758,083.34 from RMB 13,912,273,334.21, reflecting a reduction of about 8.0%[29] - The company’s total non-current liabilities increased to RMB 28,869,147,098.41 as of March 31, 2025, compared to RMB 26,181,164,708.79 at the end of 2024, an increase of approximately 10.3%[29] - The company’s total liabilities amounted to RMB 40,760,132,514.45 as of March 31, 2025, slightly up from RMB 40,356,460,239.19 at the end of 2024, indicating a marginal increase of about 1.0%[29] - The company issued RMB 23 billion in corporate bonds with a 5-year term and a coupon rate of 2.29% on March 12, 2025[22] - The company completed the issuance of RMB 15 billion in short-term financing notes with a term of 270 days at an interest rate of 1.64% on April 15, 2025[22]

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching RMB 10 billion for the fiscal year 2024[6]. - The company provided a forward guidance of 10% revenue growth for the next fiscal year, projecting revenues of RMB 11 billion[6]. - The company's operating revenue for 2024 was CNY 9,245,691,487.27, a decrease of 0.53% compared to CNY 9,295,304,371.69 in 2023[28]. - Net profit attributable to shareholders for 2024 was CNY 1,145,048,951.69, down 50.80% from CNY 2,327,197,196.81 in 2023[28]. - The net cash flow from operating activities for 2024 was CNY 3,717,306,471.14, a decline of 9.22% from CNY 4,094,812,227.87 in 2023[28]. - Basic earnings per share for 2024 decreased by 55.09% to CNY 0.441 from CNY 0.982 in 2023[28]. - The weighted average return on equity for 2024 was 5.31%, a decrease of 6.68 percentage points from 11.99% in 2023[28]. - The company's operating revenue for 2024 is reported at RMB 9,246 million, a slight decrease from RMB 9,295 million in 2023, reflecting a year-over-year decline of approximately 0.5%[37]. - The net profit for 2024 is RMB 1,145 million, down from RMB 2,327 million in 2023, representing a decrease of approximately 50.8%[37]. - The total liabilities increased to RMB 40,356 million in 2024 from RMB 39,509 million in 2023, reflecting an increase of approximately 2.1%[37]. - The debt-to-asset ratio for 2024 is reported at 59.74%, up from 58.53% in 2023, indicating a rising leverage position[37]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[6]. - A strategic acquisition of a local competitor was completed, expected to enhance operational efficiency and increase market penetration by 15%[6]. - The company plans to invest RMB 500 million in infrastructure development over the next two years to support growth initiatives[6]. - Major projects such as the Outer Ring Phase III and the Jihe Expressway expansion have commenced construction, contributing to the expansion of quality highway assets[57]. - The company is actively promoting major new construction and expansion projects, including the Outer Ring Phase III, Jihe Expressway, and the Beijing-Hong Kong-Macao Expressway Guangzhou-Shenzhen section[76]. Customer and User Engagement - User data showed a growth of 20% in active users, totaling 5 million by the end of the reporting period[6]. - Customer satisfaction ratings improved by 10%, reflecting enhanced service quality and user experience[6]. Research and Development - Research and development expenses increased by 18%, focusing on innovative technologies to improve service delivery[6]. - The company is focusing on smart transportation research and improving traffic data collection, analysis, and forecasting capabilities[56]. - The company aims to promote the digital transformation of transportation infrastructure, with a goal of achieving digital upgrades for about 85% of busy national highways by 2027[73]. Environmental Initiatives - The company is engaged in solid waste resource treatment and clean energy power generation as part of its major environmental business[24]. - The company is focusing on solid waste resource treatment and clean energy generation in the environmental protection sector, gradually establishing a layout in the big environmental protection industry through acquisitions and investments[62]. - The company operates 19 BOT projects for organic waste treatment, with a design capacity of approximately 6,700 tons per day, positioning it among the industry leaders[81]. - The company has established an environmental company and a new energy company to expand its waste resource treatment and clean energy generation businesses[104]. Financial Management and Investments - The company has issued CNY 4 billion perpetual bonds in 2020, which were excluded from the calculations of earnings per share and return on equity[30]. - The group completed the issuance of 15 billion RMB in corporate bonds during the reporting period, primarily to refinance maturing debt and supplement working capital[184]. - The group maintained a AAA credit rating domestically and an investment-grade rating from Moody's and S&P internationally[183]. - The company has unused bank credit lines of approximately 65,822 million RMB, an increase of 22,082 million from 43,740 million in the previous year[177]. Operational Efficiency - The company aims to reduce operational costs by 5% through efficiency improvements and technology integration[6]. - The average financing cost of the group decreased by 1.3 percentage points year-on-year due to the expansion of diversified financing channels and coordination with banks to lower loan rates[58]. - The company is optimizing its asset and business structure by exiting less profitable equipment manufacturing and engineering construction businesses[57]. Infrastructure Development - The company has completed the first phase of the Outer Ring Expressway, totaling approximately 51 kilometers, which opened on December 29, 2020[14]. - The company has plans for the construction of the third phase of the Outer Ring Expressway, approximately 16.8 kilometers long, expected to commence by the end of 2023[14]. - The company has developed a road network monitoring and command scheduling system platform, which is now operational, enhancing road network operation monitoring and management[76]. Shareholder Information - As of the end of the reporting period, the company has issued 2,180,770,326 ordinary shares, with 1,433,270,326 A-shares listed on the Shanghai Stock Exchange, accounting for 65.72% of the total share capital[25]. - The largest shareholder is Xintong Company, holding approximately 30.03% of the company's shares, which is a wholly-owned subsidiary of Shenzhen International[25]. - The board proposed a final cash dividend of RMB 0.244 per share, with a payout ratio of approximately 64.35%[53].

Group 1 - The core viewpoint of the news is that as of March 21, 2025, institutional investors hold a significant portion of Shenzhen Expressway's shares, with the top ten institutions accounting for 58.26% of the total shareholding [1] - A total of 19 institutional investors have disclosed their holdings in Shenzhen Expressway, with a combined shareholding of 1.271 billion shares, representing 58.28% of the company's total equity [1] - The top ten institutional investors include notable entities such as New Tongchan Industrial Development (Shenzhen) Co., Ltd. and Shenzhen Shenguanghui Highway Development Co., Ltd., among others [1] Group 2 - In the public fund sector, there was a slight increase in holdings from one fund, Huatai-PB SSE Dividend ETF, while one fund, Invesco Great Wall CSI Low Volatility 100 ETF, saw a slight decrease in holdings [2] - A total of 12 new public funds have disclosed their holdings this period, including Guolian High Dividend Mixed A and Qianhai Kaiyuan Refinance Stock [2] - One public fund, Huatai Zijin Value Vision 18-Month Holding Mixed A, was not disclosed in the previous quarter [2]

Financial Performance - The company achieved operating revenue of RMB 9,245,691,000 in 2024, a decrease of 0.53% compared to RMB 9,295,304,000 in 2023[6]. - Net profit attributable to shareholders was RMB 1,145,049,000, down 50.80% from RMB 2,327,197,000 in the previous year[6]. - The weighted average return on equity decreased to 5.31% in 2024, down from 11.99% in 2023, a decline of 6.68 percentage points[7]. - Basic earnings per share fell to RMB 0.441, a decrease of 55.09% from RMB 0.982 in the previous year[7]. - The company reported a significant decline in revenue from real estate development, which fell by 67.38% to CNY 29,262 thousand due to a decrease in the number of units delivered[82]. - Investment income decreased by 31.88% to 1,025,126 thousand RMB from 1,504,853 thousand RMB in the previous year[79]. - Operating costs increased by 6.30% to 6,324,399 thousand RMB from 5,949,384 thousand RMB in the previous year[79]. - The net cash flow from operating activities was 3,717,306 thousand RMB, down 9.22% from 4,094,812 thousand RMB in the previous year[79]. Shareholder Information - The company plans to distribute a cash dividend of RMB 0.244 per share for the year ending December 31, 2024, totaling approximately RMB 619,236,894.99[5]. - As of the end of 2024, the total number of shareholders was 16,781, with 16,540 being A-share shareholders and 241 being H-share shareholders[8]. - The top three shareholders held 82.37% of the total shares, with HKSCC NOMINEES LIMITED holding 33.47%[8]. - The company has maintained a continuous cash dividend distribution for 27 years since its listing, adhering to a policy that emphasizes reasonable shareholder returns while ensuring sustainable operations[139]. Assets and Liabilities - The total assets at the end of 2024 were RMB 67,558,030,948.58, showing a slight increase of 0.07% from RMB 67,507,469,090.77 at the end of 2023[7]. - The total interest-bearing liabilities increased by approximately 1.18% to 32,057,208 thousand RMB as of December 31, 2024, compared to 31,684,662 thousand RMB at the end of 2023[110]. - The company's asset-liability ratio was 59.74%, an increase from 58.53% at the end of the previous year[116]. - The net debt to equity ratio stood at 108.03%, compared to 106.18% at the end of the previous year[116]. - The group’s cash and cash equivalents increased by 35.13% to 2,908,582 thousand RMB compared to 2,152,368 thousand RMB at the end of the previous period[110]. Business Segments and Operations - The company's main revenue and profit source is the toll road business, which is crucial for regional economic development and transportation efficiency[13]. - The company aims to enhance its core business segments of toll roads and environmental protection, focusing on digital transformation to create a "Smart Deep Highway"[13]. - The environmental business segment includes solid waste resource processing and clean energy generation, aligning with national green transformation goals[12]. - The group currently operates 16 toll road projects with a total mileage of approximately 613 kilometers, primarily located in Shenzhen and the Guangdong-Hong Kong-Macao Greater Bay Area, showcasing strong regional advantages[20]. - The company is committed to sustainable development solutions, emphasizing innovation, intelligence, and efficiency in urban infrastructure[13]. Digital Transformation and Innovation - The company plans to extend its service offerings to include digital technology and financial services, enhancing operational efficiency[12]. - The group has developed a road network monitoring and command dispatch system platform, which is now operational, providing smart applications for network operation monitoring and management[20]. - The company is advancing digital transformation initiatives, including the application of digital technologies in highway construction and environmental protection operations to reduce costs and improve management[34]. - The company has a 51% stake in a digital technology company, which has developed 1 invention patent, 6 software copyrights, and 6 utility model patents during the reporting period[72]. Future Outlook and Strategic Plans - The company plans to focus on enhancing its toll road business and expanding into integrated clean energy sectors, leveraging opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area[144]. - The approved capital expenditure plan for 2025-2027 is approximately CNY 20.6 billion, aimed at various construction projects including environmental initiatives[147]. - The company plans to invest approximately RMB 8.447 billion in the construction of the third phase of the Shenzhen Outer Ring Expressway, with 14.3% of the project completed as of the reporting period[44]. - The company is focusing on risk management by integrating it into strategic decision-making, particularly concerning policy, operational management, financing, and construction management risks[149]. Environmental and Clean Energy Initiatives - The company is committed to sustainability and has obtained ISCC certification, enhancing its international brand image[184]. - The company’s clean energy projects have a total installed capacity of approximately 668 MW, with wind power revenue impacted by decreased wind resources and increased curtailment rates[57]. - The solid waste resource treatment and clean energy generation sectors are supported by national policies, aligning with the group's resource advantages and operational management model[21]. - The company is expanding its waste oil recycling network to improve profitability in its kitchen waste treatment projects[154]. Legal and Compliance Matters - The company is currently in a pre-trial mediation process regarding a lawsuit filed by the infrastructure and environmental company for performance compensation obligations[167]. - The audit committee has reviewed and confirmed the financial statements and annual report for 2024[170]. - The company has fully adopted the corporate governance code as per the listing rules, with no significant deviations noted[173].

(a joint stock limited company incorporated in the People's Republic of China with limited liability) 关于对德勤华永会计师事务所（特殊普通合伙）履职 情况评估的报告 深圳高速公路集团股份有限公司（以下简称"公司"） 聘请德勤华永会计师事务所（特殊普通合伙）（以下简称"德 勤华永"）作为公司2024年度财务报告及内部控制的审计机 构。根据财政部、国资委及证监会颁布的《国有企业、上市 公司选聘会计师事务所管理办法》（财会〔2023〕4号）， 公司对德勤华永在2024年年报审计过程中的履职情况进行 了评估。经评估，公司认为，德勤华永在资质等方面合规有 效，其内部质量管理体系能够确保其在履职过程中保持独立 性，勤勉尽责，出具适合具体情况的业务报告，公允表达意 见。具体情况如下： 一、质量管理水平 德勤华永根据《会计师事务所质量管理准则 第 5101 号——业务质量管理》的要求，针对财务报表的审计或审阅 业务、其他鉴证业务或相关服务业务设计、实施及运行了质 量管理体系，为其在会计师事务所及其人员按照法律法规和 职业准则 ...