SDHS(SH:600350) Zheng Quan Ri Bao·2025-04-30 00:53Core Viewpoint - The company reported a slight decline in revenue for the first quarter of 2025, while net profit showed a positive growth, indicating a mixed performance in its financial results [5]. Financial Performance - In Q1 2025, the company achieved operating revenue of 4.47 billion yuan, a year-on-year decrease of 1.35%, while net profit attributable to shareholders was 808 million yuan, an increase of 4.85% [5]. - The toll revenue reached 2.439 billion yuan, reflecting a year-on-year growth of 7.85% [7]. Operational Highlights - The company is restructuring its management system in road and bridge operations to enhance efficiency and service quality, including the launch of customized transportation services [6]. - The increase in toll revenue is attributed to the opening of connecting road sections and improved travel willingness among passengers [8]. Capital Operations - The company reported investment income of 270 million yuan, a decline of 16.85% year-on-year, primarily due to changes in project profitability [13]. - The Q1 revenue from Qilu Expressway was 492 million yuan, down 13.74%, while toll revenue increased by 70.60% due to the completion of the Jizhou Expressway expansion [15]. Engineering and Construction - In Q1 2025, the company completed investments of approximately 238 million yuan in key engineering projects [18]. - The company plans to continue focusing on its core business and accelerate project progress in the second quarter of 2025 [18]. Guarantee and Risk Management - The company has provided guarantees totaling 5.35 million yuan for Yibin Kangyuan Hazardous Waste Disposal Co., Ltd. and 10 million yuan for Linfen Kangrun Jinzhe Water Supply Co., Ltd. [22]. - The total approved external guarantees amount to 18.302 billion yuan, with no overdue guarantees reported [24][34].