19 November 2024 Dear non-registered shareholder(s), Shenzhen Investment Holdings Bay Area Development Company Limited (the "Company") – Publication of the Circular dated 19 November 2024 ("Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the website of the Company at www.sihbay.com (the "Company's website") and the HKEXnews website at www.hkexnews.hk (the "HKEXnews website"), or the arranged printed copy(ies) of the Current ...

19 November 2024 Dear registered shareholder(s), Shenzhen Investment Holdings Bay Area Development Company Limited (the "Company") – Publication of the Circular dated 19 November 2024 ("Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the website of the Company at www.sihbay.com (the "Company's website") and the HKEXnews website at www.hkexnews.hk (the "HKEXnews website"), or the arranged printed copy(ies) of the Current Cor ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢 閣下的持牌證券交易商或註冊證 券機構、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有深圳投控灣區發展有限公司股份，應立即將本通函送交買主或承讓 人或經手買賣或轉讓之銀行、持牌證券交易商或註冊證券機構或其他代理商，以便轉交買主或承 讓人。 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通函之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本通函全部或任何部份內容而產生或因倚賴該 等內容而引致之任何損失承擔任何責任。 Shenzhen Investment Holdings Bay Area Development Company Limited 深圳投控灣區發展有限公司 股份代號：737（港幣櫃檯）及80737（人民幣櫃檯） （於開曼群島註冊成立之有限公司） 關連及主要交易 施工合同（TJ6、TJ8、TJ9及LM標段） 除文義另有所指外，本通函所用詞彙均具有本通函「釋義」一節所載的相同涵義。 載有施工合同（TJ6、TJ8、TJ9及LM標段）詳情的董事會函件載於本通函第6至第23頁。 ...

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分內容 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。 Shenzhen Investment Holdings Bay Area Development Company Limited 深 圳 投 控 灣 區 發 展 有 限 公 司 （於開曼群島註冊成立之有限公司） 股份代號：737（港幣櫃檯）及 80737（人民幣櫃檯） 延遲寄發通函 關連及主要交易 施工合同（TJ6, TJ8, TJ9 及 LM 標段） 茲提述本公司日期為二零二四年十月八日之公告（「該公告」），內容有關施工合同 （TJ6 – TJ9 及 LM 標段）及其項下擬進行的交易。除另有說明或文義另有所指外，本公 告所用之詞彙與該公告所界定者具有相同涵義。 誠如該公告所述，一份載有（其中包括）施工合同（TJ6, TJ8, TJ9 及 LM 標段）及其項下 擬進行的交易的進一步資料連同上市規則項下規定之其他資料之通函（「通函」）預期 於該公告刊發後的 15 個營業日內，即二零二四年十月三十日或之前 ...

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。 Shenzhen Investment Holdings Bay Area Development Company Limited 深 圳 投 控 灣 區 發 展 有 限 公 司 （於開曼群島註冊成立之有限公司） 股份代號：737（港幣櫃檯）及 80737（人民幣櫃檯） 截至二零二四年九月三十日止九個月之未經審核財務資料 註 2: 日均混合車流量不包括在實施節假日免費通行方案期間通行的免費車流量 高速公路 二零二四年第三季，廣州－深圳高速公路（「廣深高速公路」）的日均路費收入受二零二 四年六月開通的深中通道的分流影響，同比增長基本持平；廣州－珠海西綫高速公路 （「廣珠西綫高速公路」）的日均路費收入受二零二四年六月開通的中開高速公路和深中 通道，以及二零二四年八月中山西環高速公路永寧立交和廣中江高速公路天連立交全面互 聯互通的分流影響，同比下跌 4%；廣深沿江高速公路深圳段（「沿江高速公路（深圳 段）」） ...

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。 - 1 - 簡要說明 二零二四年九月實施節假日免費通行措施的天數比去年九月少兩天，加上廣深高速公 路、廣珠西綫高速公路及沿江高速公路（深圳段）周邊路網變化對車流量產生不同影 響，因此三條高速公路的路費收入按年變動幅度高低不一。 投資者可登錄本公司網站 http://www.sihbay.com 的「業務總覽」欄目，分別查閱各收 費公路的基本情況及歷史數據。 謹慎性陳述 Shenzhen Investment Holdings Bay Area Development Company Limited 深 圳 投 控 灣 區 發 展 有 限 公 司 （於開曼群島註冊成立之有限公司） 股份代號：737（港幣櫃檯）及 80737（人民幣櫃檯） 二零二四年九月未經審核之營運資料 深圳投控灣區發展有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事 會（「董事會」）謹此公佈本集團二零二四年九月未經審核之營運資 ...

Toll Revenue and Traffic Volume - The net toll revenue from the Guangzhou-Shenzhen Expressway, Guangzhu West Line Expressway, and the沿江 Expressway (Shenzhen section) totaled approximately RMB 2.331 billion, representing a year-on-year growth of 1%[3]. - The average daily toll revenue for the Guangzhou-Shenzhen Expressway increased by 0.3% to approximately RMB 7.71 million, while the average daily mixed traffic volume decreased by 4% to approximately 604,000 vehicles[5]. - The average daily toll revenue for the Guangzhu West Line Expressway increased by 0.6% to approximately RMB 3.43 million, with a decrease in average daily mixed traffic volume by 3% to approximately 253,000 vehicles[5]. - The average daily toll revenue for the沿江 Expressway (Shenzhen section) increased by 2% to approximately RMB 1.67 million, while the average daily mixed traffic volume decreased by 1% to approximately 180,000 vehicles[5]. - In the first half of 2024, the total toll revenue for the Guangzhou-Shenzhen Expressway was approximately RMB 1.403 billion, with a slight year-on-year increase of 0.9%[18]. - The average daily mixed traffic volume for the Guangzhou-Shenzhen Expressway in the first half of 2024 was approximately 604,000 vehicles, a decrease of 3.7% year-on-year[23]. - The toll revenue from Class 1 vehicles accounted for 82.6% of the total toll revenue for the Guangzhou-Shenzhen Expressway in the first half of 2024[24]. - The total toll revenue for the Guangzhou-Zhuhai West Line Expressway in the first half of 2024 was approximately RMB 623 million, with a year-on-year increase of 1.1%[29]. - The average daily mixed traffic volume for the Guangzhou-Zhuhai West Line Expressway in the first half of 2024 was approximately 253,000 vehicles, a decrease of 3.4% year-on-year[28]. - In the first half of 2024, the total toll revenue for the Shenzhen section of the Yangjiang Expressway was approximately RMB 305 million, with an average daily toll revenue of about RMB 1.67 million, reflecting a year-on-year increase of 2%[31]. Economic Indicators - The total social logistics volume in China reached RMB 167.4 trillion in the first half of 2024, reflecting a year-on-year growth of 5.8%[6]. - The GDP of China for the first half of 2024 was approximately RMB 61.68 trillion, with a year-on-year growth of 5%[6]. Infrastructure Development - The Guangdong Provincial Transportation Department emphasized the need to enhance the interconnectivity of transportation infrastructure in the Greater Bay Area, aiming to create a "one-hour living circle" by accelerating project planning and construction[9]. - The new regulations on infrastructure and public utility concessions will positively impact the development of operational expressways by extending the maximum concession period to 40 years[11]. - The revision of the toll road management regulations aims to strengthen the management of toll roads and protect the rights of both operators and users, promoting the development of the road sector[12]. - The opening of the Shenzhen-Zhongshan Channel on June 30, 2024, is expected to have a minor positive impact on traffic distribution for the Guangzhou-Shenzhen Expressway[19]. Financial Performance - The company reported a 1% year-on-year increase in total revenue for the first half of 2024, amounting to RMB 1.271 billion, with a net profit of RMB 296 million, representing a 40% increase compared to the previous year[40]. - The group's EBITDA rose by 7% year-on-year to approximately RMB 1.123 billion, with the Jiangyan Expressway (Shenzhen section) EBITDA increasing by 2% to approximately RMB 257 million[43]. - The net profit attributable to the group from the Jiangyan Expressway (Shenzhen section) was approximately RMB 105 million, a 2% increase from the previous year, while the share of net profit from the Guangshen joint venture increased by 49% to approximately RMB 233 million[47]. - The total interest and tax expenses for the group rose by 8% year-on-year to approximately RMB 239 million, influenced by increased toll revenue[46]. - The group's financial costs increased by 14% year-on-year to approximately RMB 87 million, primarily due to rising interest rates on HKD loans[50]. - The group anticipates a year-on-year adverse change in performance for the current year due to the reversal of road surface responsibility provisions, but maintains a cautiously optimistic long-term outlook[52]. - The group aims to maintain a regular dividend payout ratio of 100% of recurring income for the year[52]. - The net profit attributable to equity shareholders for the group was approximately RMB 241 million, a 40% increase compared to RMB 172 million in the previous year[50]. Cash and Debt Management - As of June 30, 2024, the group's cash and cash equivalents amounted to RMB 957 million, a slight increase from RMB 950 million as of December 31, 2023[56]. - The group's net debt as of June 30, 2024, was RMB 3.52 billion, compared to RMB 3.17 billion at the end of 2023, indicating an increase in leverage[56]. - The total liabilities of the group reached RMB 17.06 billion as of June 30, 2024, compared to RMB 17.04 billion at the end of 2023, reflecting a slight increase[61]. - The asset-liability ratio increased to 40% as of June 30, 2024, up from 38% at the end of 2023, indicating a rise in financial leverage[61]. - The group's cash and cash equivalents in the Liangjiang Company increased to RMB 228 million as of June 30, 2024, from RMB 102 million at the end of 2023[56]. - The group's share of cash and cash equivalents in the Guangshen joint venture rose to RMB 493 million as of June 30, 2024, compared to RMB 349 million at the end of 2023[59]. - The total amount of bank loans due within one year increased to RMB 1,912,798,000 from RMB 1,817,816,000, marking a rise of 5.2%[158]. - The company’s bank loans increased to RMB 4,032 million in 2023 from RMB 3,957 million in 2022, indicating a 1.9% growth[179]. Corporate Governance and Compliance - The company has adhered to all provisions of the corporate governance code during the review period, except for the absence of the chairman at the annual general meeting due to other work commitments[93]. - The company is committed to maintaining compliance with the Hong Kong Stock Exchange listing rules and corporate governance standards[194]. - The company’s board of directors includes experienced professionals with diverse backgrounds in finance and management, ensuring effective oversight and strategic direction[194]. Employee Management and Development - The company is committed to providing competitive compensation and benefits, including retirement contributions and medical insurance, to enhance employee productivity[88]. - The company has implemented a training program to address skill gaps identified in performance evaluations, aiming to improve employee productivity[88]. - The company has 556 employees as of June 30, 2024, including 494 employees from Jiang Company[88]. Investment and Land Development - The cumulative contract sales amount for the Park City project reached approximately RMB 3.669 billion, with an average selling price of RMB 25,000 per square meter[35]. - The Guangzhou-Shenzhen expansion project is expected to have a total investment of approximately RMB 29.4 billion, with the company planning to contribute no more than RMB 3.7 billion[36]. - The company is actively communicating with relevant government departments to explore land development opportunities along the Guangzhou-Shenzhen Expressway[38]. - The company aims to expand its market presence in the Greater Bay Area, focusing on infrastructure and urban development projects[193]. - The company holds a 15% equity stake in the Guangzhou Zhentong Industrial Development Co., which is involved in the new land development project[192]. Financial Results and Shareholder Returns - The interim dividend declared is RMB 0.078 per share, equivalent to HKD 0.08522358, representing 100% of the profit attributable to equity shareholders for the six months ended June 30, 2024[76]. - The company plans to pay an interim dividend of RMB 0.078 per share or HKD 0.08522358, with the payment date scheduled for November 8, 2024[197]. - The company declared dividends amounting to RMB 355,935 thousand for the six months ended June 30, 2024[114]. - The company plans to maintain a consistent dividend payout ratio of 100% for the upcoming periods[182].

Financial Performance - The net toll revenue for the GDS Expressway, GZ West Line Expressway, and the Yangjiang Expressway (Shenzhen section) totaled approximately RMB 2.331 billion, representing a year-on-year growth of 1%[3] - The profit attributable to equity shareholders increased by 40% year-on-year to approximately RMB 241 million, primarily due to a reduction in depreciation and amortization expenses and a decrease in net foreign exchange losses[2] - The company reported a net profit attributable to equity shareholders of RMB 240,618,000 for the six months ended June 30, 2024, up from RMB 171,744,000 in 2023, marking an increase of 40.1%[70] - The company recorded a net profit of RMB 296,406,000, compared to RMB 225,139,000 in the prior year, reflecting a year-on-year increase of approximately 31.6%[60] - The total operating profit before tax for the six months ended June 30, 2024, was RMB 402,377,000, compared to RMB 331,397,000 in 2023, reflecting an increase of 21.5%[70] Revenue and Sales - The total contract sales amount for the Park Shang City during the review period was approximately RMB 422 million[3] - The total toll revenue for the Guangzhou-Shenzhen Expressway was approximately RMB 1.403 billion, with a daily average toll revenue of about RMB 7.71 million, reflecting a slight year-on-year increase of 0.3%[12] - Toll revenue increased to RMB 304,672,000 for the six months ended June 30, 2024, compared to RMB 296,296,000 in 2023, reflecting a growth of 2.3%[75] - The cumulative contract sales amount for the Park Shangcheng project reached approximately RMB 3.669 billion, with an average selling price of RMB 25,000 per square meter[27] Dividends - The company declared an interim dividend of RMB 0.078 per share, equivalent to a payout ratio of 100% of the profit attributable to equity shareholders for the six months ended June 30, 2024[2] - The interim dividend declared for the six months ended June 30, 2024, is RMB 7.80 per share, up from RMB 5.55 per share in 2023, reflecting a 40.7% increase[80] - The total amount of interim dividends payable is approximately RMB 240,372,000 for 2024, compared to RMB 171,034,000 for 2023, indicating a significant increase of 40.5%[81] Economic Indicators - The total social logistics volume in China reached RMB 167.4 trillion in the first half of 2024, reflecting a year-on-year growth of 5.8%[5] - The GDP of China for the first half of 2024 was approximately RMB 61.68 trillion, with a year-on-year growth of 5%[5] - The Greater Bay Area's GDP exceeded RMB 14.0 trillion, accounting for about 11% of the national GDP, indicating significant regional economic activity and potential[6] Infrastructure and Development - The new regulations on infrastructure and public utility concessions extend the maximum concession period to 40 years, which may positively impact the development of operational expressways[7] - The company is positioned to benefit from the ongoing development of the Greater Bay Area, which aims to enhance transportation infrastructure and promote regional economic integration[6] - The completion of the Shenzhen-Zhongshan Channel on June 30, 2024, is expected to have a positive impact on the operational performance of the Guangzhou-Shenzhen Expressway[12] Financial Position - As of June 30, 2024, the group's cash and cash equivalents amounted to RMB 957 million, while bank loans stood at RMB 4.003 billion[38] - The group's total assets reached RMB 17,059 million as of June 30, 2024, compared to RMB 17,036 million on December 31, 2023, indicating a slight increase of 0.14%[42] - The group's total liabilities stood at RMB 9,465 million as of June 30, 2024, up from RMB 9,333 million as of December 31, 2023, representing an increase of approximately 1.41%[42] - The debt-to-asset ratio was 40% as of June 30, 2024, compared to 38% on December 31, 2023, indicating a rise in leverage[42] Operational Metrics - The average daily toll revenue for the GDS Expressway increased by 0.3% year-on-year to approximately RMB 7.709 million, while the average daily mixed traffic volume decreased by 4% to approximately 604,000 vehicles[4] - The contribution of Class 1 vehicles to toll revenue on the Guangzhou-Shenzhen Expressway was 82.6%, while their contribution to mixed traffic volume was 91.9%[12] - The use of ETC electronic payment cards accounted for approximately 66% of toll revenue and 63% of traffic volume on the Guangzhou-Shenzhen Expressway[12] Costs and Expenses - The depreciation and amortization expenses for the company's share of the expressway projects totaled approximately RMB 481 million, a decrease of 4% compared to the previous year[32] - The company's financial costs increased to RMB 87,217,000 in the first half of 2024, compared to RMB 78,895,000 in 2023, representing an increase of 10.8%[77] - The company reported a foreign exchange loss of RMB 50,913 thousand, an improvement from a loss of RMB 77,894 thousand in the previous year, indicating a reduction of about 34.5%[62] Future Outlook - The company plans to invest approximately RMB 29.4 billion in the expansion of the Guangzhou-Shenzhen Expressway, with an expected capital contribution of no more than RMB 3.7 billion from the company[29] - The company is actively communicating with Guangdong Highway Construction to explore opportunities for land value release along the Guangzhou-Shenzhen Expressway, aiming for enhanced investment returns[30] - The group expects a negative year-on-year change in performance due to provisions related to road resurfacing responsibilities for the Guangzhou-Shenzhen joint venture[36]

Summary of the Conference Call Company and Industry Involved - The conference call is focused on **iQIYI International** and its investment strategy for 2024, featuring insights from **Wangxi Development** and its management team [1] Core Points and Arguments - The call is hosted by **iQIYI International Analyst Su Lian**, indicating a structured approach to discussing investment strategies and core values of Wangxi Development [1] - **Li**, the Deputy General Manager of the Investor Relations Department at Wangxi Development, is present to provide insights and facilitate understanding of the company's current status and core value [1] Other Important but Possibly Overlooked Content - The format of the call encourages audience interaction, allowing participants to submit questions during the presentation, which may enhance engagement and clarify investor concerns [1]

欢迎大家参加由安信国际举办洛阳中承办的安信国际2024年中期投资策略会我是本场会议的主持人安信国际分析师苏瑞特本场会议我们邀请到了湾区发展的董秘投资者关系部副总经理余总来与我们进行交流协助我们进一步了解湾区发展的一个企业文化和核心价值投资者如果有任何问题可以随时在洛阳中的商会页面的问答区域内输入文字帖文稍后我将再为您演出 那么下面我们把时间交给余总有请那么尊敬的各位投资人分析师大家好很荣幸有机会跟大家交流那么本次餐会的话呢除了我这边以外呢其实还有我们的董秘董事会秘书刘继总那等一下的话呢就将于先由我来进行一个初步的一个公司情况的一个介绍那各位投资人和分析师呢也可以在我们的录影中的界面呢通过这个翻阅PPT来进行进一步的一个深度了解 那么在我进行介绍之后的话呢我们的刘继总还有我也会跟大家再进行一个进一步的一个深度的一个问答环节欢迎大家有什么问题呢也愿意跟我们进行一个提问和交流那么接下来呢我先首先介绍一下公司的一个最新的一个情况 那么首先的话呢湾区发展的话它的前身是合和公路基建那么在2003年的话呢已经在香港联交所上市了那么在2018年的时候呢是被深口控收购成为了国资委旗下的这样的一个香港上市公司那么经过一个一系列的 ...