(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 ...

Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.244 per share for the fiscal year ending December 31, 2024, totaling approximately RMB 619.24 million[6]. - The total number of shares for the dividend distribution is based on a total share count of 2,537,856,127 shares post-A share issuance in March 2025[6]. - The company has not implemented a capital reserve transfer to increase share capital for the fiscal year 2024[6]. - The company proposed a final cash dividend of RMB 0.244 per share, with a payout ratio of approximately 64.35%[52]. Financial Performance - The company reported a total revenue of approximately 3.5 billion RMB for the fiscal year 2024, reflecting a year-on-year growth of 12%[16]. - The company's operating revenue for 2024 was approximately CNY 9.25 billion, a decrease of 0.53% compared to CNY 9.30 billion in 2023[31]. - Net profit attributable to shareholders for 2024 was approximately CNY 1.15 billion, down 50.80% from CNY 2.33 billion in 2023[31]. - Basic earnings per share for 2024 were CNY 0.441, reflecting a decline of 55.09% from CNY 0.982 in 2023[31]. - The weighted average return on equity for 2024 was 5.31%, a decrease of 6.68 percentage points from 11.99% in 2023[31]. - The net cash flow from operating activities for 2024 was approximately CNY 3.72 billion, down 9.22% from CNY 4.09 billion in 2023[31]. - Total revenue for 2024 was RMB 9,246 million, a slight decrease of 0.5% compared to RMB 9,295 million in 2023[43]. - Toll revenue for 2024 was RMB 5,053 million, down from RMB 5,375 million in 2023, representing a decline of 6.0%[43]. - The company achieved an operating revenue of approximately RMB 9.24 billion in 2024, remaining stable year-on-year[52]. Operational Developments - The company has successfully secured land for future projects, with a total of 3,038 acres acquired in the last fiscal year[17]. - The company has approved the acquisition of over 1,000 mu of land for the Gui Long development project[18]. - The Meilin Pass urban renewal project covers an area of approximately 9.6 million square meters[18]. - The company initiated the investment and construction of the Outer Ring Phase III project, approximately 16.8 kilometers long, during the reporting period[43]. - The company commenced construction on major projects including the Outer Ring Phase III and the Jihe Expressway expansion[54]. - The Outer Ring Expressway project, with a total length of approximately 93 kilometers, is currently 14.3% complete, with an investment of approximately RMB 8.447 billion approved for its construction[99]. - The Jiangyan Phase II project is 99.9% complete, with an investment of RMB 280,443 thousand and a cumulative investment of RMB 985,603 thousand, expected to officially open on June 30, 2024[189]. Market Expansion and Strategic Initiatives - The company is expanding its market presence with plans to enter three new provinces by the end of 2025[16]. - A strategic acquisition of a logistics firm was completed, expected to contribute an additional 500 million RMB in revenue annually[17]. - The company aims to enhance its international brand image and market competitiveness through International Sustainability & Carbon Certification (ISCC)[20]. - The company is focused on expanding its market presence through strategic acquisitions and new project developments[19]. - The company plans to explore market expansion and new technology development to enhance future performance[30]. Research and Development - Investment in R&D increased by 25%, focusing on smart highway technologies and environmental sustainability[16]. - The company has developed 9 new patents in the battery recycling sector and achieved certification for new energy vehicle battery products[112]. - The company has established a digital technology company in collaboration with Yunji Wisdom to serve as a platform for digital transformation[78]. - The company is implementing a digital transformation plan to improve operational efficiency and management through innovative technologies[91]. Environmental and Renewable Energy Initiatives - The company is involved in various renewable energy projects, including a 32MW wind power project in Yongcheng and a 49.5MW wind power project in Zhongwei[19]. - The company has established a strong presence in the renewable energy sector through subsidiaries like Shenzhen High-Speed New Energy Holdings[19]. - The company aims to enhance management integration of acquired enterprises to ensure stable development of its clean energy business[87]. - The company has invested in wind power projects with a cumulative installed capacity of 668 MW[87]. - The company is committed to sustainable development through its entry into the environmental protection industry, focusing on solid waste and clean energy sectors[61]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements made in the report[7]. - The company has confirmed that there are no violations of decision-making procedures regarding external guarantees[9]. - The company is focusing on compliance management to mitigate operational risks and enhance management effectiveness[90]. Debt and Financing - The company successfully raised RMB 2.0475 billion through the issuance of 300 million fund shares for the Yifangda Deep Highway REIT[48]. - The average financing cost decreased by 13 percentage points, with the company issuing A-shares to raise approximately RMB 4.703 billion[57]. - The company maintains a strong financing platform with listings in both Shanghai and Hong Kong, ensuring smooth access to capital markets[133]. - The company plans to optimize its debt structure and enhance project profitability to mitigate liquidity risks[178]. Traffic and Toll Revenue - Daily toll income for the Jiangjiang project increased to RMB 2,011.7 thousand in 2024, up from RMB 1,724.1 thousand in 2023, marking a growth of 16.7%[42]. - Daily average traffic on the Meiguan Expressway was 165, a year-on-year increase of 0.4%, with toll revenue of RMB 431,000, up 0.9%[93]. - The Jiangjiang project saw a daily average traffic of 205, representing an 8.6% increase, and toll revenue of RMB 2,012,000, which is a 16.7% increase year-on-year[93]. - The overall toll revenue for the group experienced a slight decline due to adverse weather conditions and increased free passage days during holidays[95]. Future Outlook and Strategic Planning - The company plans to evaluate the performance of its "14th Five-Year" strategy in 2025 and develop the "15th Five-Year" strategy based on lessons learned and market analysis[199]. - The company aims to maintain stable main business revenue and operating costs in 2025[200]. - Focus on solidifying the asset base and enhancing the core toll road business[200]. - Major engineering projects include the expansion and reconstruction of the Jihe Expressway and the third phase of the Outer Ring Road project[200].

安徽皖通高速公路股份有限公司 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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 本公告只可作參考用途，並不構成收購、購買或認購證券的邀請或要約，或就進行上述任何事宜 訂立協議的邀請，亦不得視作收購、購買或認購本公司任何證券的要約。 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 自願公告 認購深圳高速A股股份 本公告由安徽皖通高速公路股份有限公司（以下簡稱「本公司」）自願作出。 本公司董事會（「董事會」）欣然宣佈，本公司已與深圳高速公路集團股份有限公司 （「深圳高速」）訂立深圳高速公路集團股份有限公司與安徽皖通高速公路股份有限 公司關於深圳高速公路集團股份有限公司向特定對象發行A股股票之認購協議（「認 購協議」）。根據認購協議，本公司同意認購而深圳高速同意配發及發行38,179,196 股深圳高速A股股份（「認購股份」）（「本次交易」），每股認購股份的認購價為人民幣 1 ...

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [4][49]. Core Viewpoints - The company is a leading player in the highway operation sector, focusing on nationwide highway network development and has a strong cash dividend yield [5][8]. - The company has achieved a compound annual growth rate (CAGR) of 9.81% in revenue and 12.65% in net profit from 2016 to 2023, indicating robust growth [5][18]. - The company emphasizes investor returns, having distributed a total of 14.066 billion yuan in cash dividends from 2017 to 2023, with an average annual payout ratio of 45.50% [5][25]. Summary by Relevant Sections Company Overview - The company, a subsidiary of China Merchants Group, has established a national highway network with over 14,700 kilometers of operational highways covering 22 provincial regions [5][12]. - It has invested in 26 highway companies, with 16 being listed on A and H shares, enhancing its market presence [5][30]. Financial Performance - The company forecasts revenues of 12,379 million yuan in 2024, with a year-on-year growth rate of 27.21% [4][48]. - The projected net profit for 2024 is 5,795 million yuan, reflecting a decline of 14.36% compared to the previous year [4][49]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated at 15.1x, 15.5x, and 14.9x respectively [4][49]. Business Segments - The company operates in three main segments: investment and operation, traffic technology, and smart transportation, with the investment and operation segment contributing 80.67% of revenue in the first half of 2024 [15][36]. - The traffic technology segment has shown a revenue CAGR of 9.14% from 2018 to 2023, indicating a growing importance in the overall business model [36][41]. Growth Drivers - The company is expected to benefit from the integration of new assets and the recovery of transportation demand as the macroeconomic environment improves [7][46]. - The ongoing expansion of road assets and the completion of key projects, such as the Beijing-Tianjin-Tanggu expressway upgrade, are anticipated to drive revenue growth [7][46].

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [4][49]. Core Insights - The company is a leading player in the highway operation sector, focusing on nationwide highway network development and has a strong cash dividend yield [5][8]. - The company has a robust growth trajectory, with a compound annual growth rate (CAGR) of 9.81% in revenue and 12.65% in net profit from 2016 to 2023 [5][18]. - The company emphasizes investor returns, having distributed a total of 14.066 billion yuan in cash dividends from 2017 to 2023, with an average annual payout ratio of 45.50% [5][25]. Summary by Sections Company Overview - The company, a subsidiary of China Merchants Group, operates over 14,700 kilometers of highways across 22 provincial regions in China and holds stakes in 26 highway companies, including 16 listed firms [5][12][29]. - The average remaining toll collection period for the company's controlled highways is 12.96 years, with over 80% of assets having more than 10 years left, providing ample time for traffic growth and revenue generation [30]. Financial Performance - The company forecasts revenue growth, with expected revenues of 12,379 million yuan in 2024, 12,989 million yuan in 2025, and 13,649 million yuan in 2026, reflecting a growth rate of 27.21%, 4.92%, and 5.08% respectively [4][48]. - The projected net profit for 2024, 2025, and 2026 is 5,795 million yuan, 5,665 million yuan, and 5,878 million yuan, with corresponding price-to-earnings (P/E) ratios of 15.1x, 15.5x, and 14.9x [6][49]. Business Segments - The company operates in three main segments: investment and operation, traffic technology, and smart transportation, with the investment and operation segment contributing 80.67% of revenue in the first half of 2024 [15][36]. - The traffic technology segment has shown a steady increase in revenue contribution, rising from 29.32% in 2018 to 34.19% in 2023, indicating a growing importance of this segment in the overall business model [41][42]. Market Position - The company is positioned as a leader in the domestic highway operation sector, continuously enhancing its asset scale and operational efficiency, which is expected to drive further revenue and profit growth [8][49]. - The company has a diversified revenue structure, with significant contributions from core assets such as the Yongtaiwen Expressway and the Jingtaix Expressway, which accounted for 20.35% and 14.77% of revenue in 2023 respectively [30].

A 股简称：深高速 股票代码：600548 H 股简称：深圳高速公路股份 股票代码：00548 深圳高速公路集团股份有限公司 2023 年度向特定对象发行 A 股股票 募集说明书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年二月 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资料不存 在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担相应的 法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务会计资 料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意见，均 不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相 反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发行人自 行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承担证券依法发 行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 重大 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of approximately RMB 1.164 billion to RMB 1.396 billion for the year 2024, representing a decrease of about 40%-50% compared to the previous year[4]. - The estimated net profit after deducting non-recurring gains and losses is expected to be around RMB 1.050 billion to RMB 1.283 billion, a decrease of approximately 43%-53% year-on-year[5]. - The net profit for the same period last year was approximately RMB 2.327 billion, with a net profit of about RMB 2.240 billion after deducting non-recurring gains and losses[6]. Reasons for Profit Decline - The main reasons for the profit decline include reduced investment income from a joint real estate project, adverse weather conditions, holiday-related free services, and increased special maintenance costs[8]. - The company has made provisions for impairment of assets such as inventory and receivables, contributing to the expected profit decrease[8]. Audit and Reporting - The earnings forecast data has not yet been audited by registered accountants, and some impairment testing data still requires evaluation[9]. - The company emphasizes that the forecast is a preliminary estimate and the final financial data will be disclosed in the official 2024 annual report[10].

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2024-097 | | --- | --- | --- | --- | --- | --- | | 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 | | | 深圳高速公路集团股份有限公司董事会 深圳高速公路集团股份有限公司 2024 年 12 月 5 日 关于参加 2024 年度深圳辖区上市公司集体接待日活动的公告 - 1 - 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。 为进一步加强与投资者的互动交流，深圳高速公路集团股份有限公司（ ...

Financial Performance - Operating revenue for Q3 2024 was CNY 2,102,886,631.30, a decrease of 6.39% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was CNY 600,157,956.65, down 1.55% year-on-year[2] - Net profit excluding non-recurring gains and losses for Q3 2024 was CNY 554,247,439.48, a decline of 9.69% compared to the same period last year[2] - Basic earnings per share for Q3 2024 was CNY 0.254, a decrease of 1.68% year-on-year[3] - Total operating revenue for the first three quarters of 2024 was CNY 5,859,778,932.60, a decrease of 8.01% compared to CNY 6,371,288,240.00 in the same period of 2023[23] - Net profit for the third quarter of 2024 was CNY 1,500,641,474.24, down from CNY 1,558,580,959.78 in the third quarter of 2023, representing a decline of 3.73%[25] - Basic earnings per share for the third quarter of 2024 was CNY 0.566, down from CNY 0.642 in the same quarter of 2023, a decrease of 11.85%[25] - The company’s total comprehensive income for the third quarter of 2024 was CNY 1,347,431,676.64, compared to CNY 1,227,044,364.20 in the same quarter of 2023, an increase of 9.81%[25] Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 66,705,407,211.40, down 1.19% from the end of the previous year[3] - Total assets decreased to CNY 66,705,407,211.40 from CNY 67,507,469,090.77, a reduction of 1.19%[22] - Total liabilities decreased to CNY 38,957,652,482.96 from CNY 39,508,787,105.65, a decline of 1.39%[22] - Long-term borrowings increased significantly to CNY 14,419,081,986.43 from CNY 9,567,707,809.79, an increase of 50.66%[22] - The company’s long-term receivables increased to approximately RMB 3.28 billion, up from RMB 2.33 billion at the end of 2023, reflecting a growth of about 40.5%[20] - The company reported a decrease in total non-current assets to CNY 58,694,852,224.64 from CNY 60,555,694,624.69, a decline of 3.08%[22] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 2,751,908,590.91, down 8.05% year-on-year[3] - In the first three quarters of 2024, the company's cash inflow from operating activities was CNY 5,558,072,339.65, a decrease of 9.95% compared to CNY 6,171,271,475.15 in the same period of 2023[26] - The net cash flow from operating activities for the first three quarters of 2024 was CNY 2,751,908,590.91, down 8.06% from CNY 2,992,715,053.98 in 2023[26] - Total cash inflow from investment activities increased to CNY 4,265,714,275.17 in 2024, up 31.31% from CNY 3,247,585,255.61 in 2023[26] - The net cash flow from investment activities was CNY 234,871,765.72, compared to CNY 62,751,299.49 in the previous year, marking a significant increase[26] - Cash inflow from financing activities reached CNY 18,734,393,966.25, an increase of 9.46% from CNY 17,117,634,438.95 in 2023[27] - The net cash flow from financing activities was negative at CNY -2,044,139,432.37, an improvement from CNY -3,276,066,981.44 in the same period last year[27] Shareholder Information - The total number of shareholders as of the report date was 18,128, with 17,889 A-share shareholders and 239 H-share shareholders[5] - The largest shareholder, HKSCC NOMINEES LIMITED, held 729,845,242 shares, representing 33.46% of the total shares[6] Operational Highlights - The average daily mixed traffic volume for the Meiguan Expressway in Shenzhen increased to 179, compared to 165 in the same period last year, with average toll revenue rising to RMB 463,000 from RMB 428,000[8] - The average daily mixed traffic volume for the Jihe East Section reached 333, up from 309, with toll revenue increasing to RMB 1,968,000 from RMB 1,823,000[8] - The average daily mixed traffic volume for the Jiangjiang Project was 236, compared to 199, with toll revenue rising to RMB 2,391,000 from RMB 1,915,000[10] - The average daily mixed traffic volume for the Outer Ring Project increased to 338 from 311, with toll revenue growing to RMB 3,460,000 from RMB 3,202,000[10] - The average daily mixed traffic volume for the Guangshen Expressway was 686, up from 631, with toll revenue reaching RMB 8,334,000 compared to RMB 7,918,000[10] Project Updates - The total organic waste processing volume for the Guizhou project was 47.35 thousand tons, while the Nanning project processed 45.36 thousand tons in Q3 2024[11] - The total operating revenue from the organic waste projects in Q3 2024 was RMB 182,202,270, compared to RMB 512,766,020 for the first nine months of 2024[12] - The company’s shareholding in the Yichang project decreased from 100% to 40% as of March 21, 2024, and it no longer consolidates the financials of Yichang project[10] - The company is in the process of transitioning the Shaoyang project to commercial operation starting September 2024, with a concession period extending to August 2054[13] - The company’s organic waste projects are expected to receive subsidies based on processing volume, although these figures are subject to audit and may differ from actual data[13] - The total revenue from wind power generation for the period of July to September 2024 was approximately RMB 31.32 million, with a total of 95,339.37 MWh generated[14] - For the first nine months of 2024, the wind power business generated revenue of approximately RMB 125.81 million, with a total of 400,854.46 MWh generated[14] Financing Activities - The company plans to issue up to 654 million A-shares, aiming to raise no more than RMB 4.703 billion for investment in external projects and debt repayment[16] - The company completed the issuance of super short-term financing bonds totaling RMB 1.5 billion with interest rates of 1.75% and 2.03% for different tranches[18][19] Cash and Current Assets - As of September 30, 2024, the company's cash and cash equivalents increased to approximately RMB 2.99 billion, up from RMB 2.15 billion at the end of 2023[20] - The company’s total current assets reached approximately RMB 8.01 billion, compared to RMB 6.95 billion at the end of 2023, indicating a growth of about 15.2%[20] - The company reported a decrease in cash received from sales of goods and services to CNY 5,390,646,466.45, down 8.75% from CNY 5,909,154,777.20 in 2023[26] - The company’s cash outflow for purchasing goods and services was CNY 968,333,940.85, a decrease of 27.25% compared to CNY 1,331,996,096.34 in the previous year[26] - The company did not receive any cash from new investments in 2024, compared to CNY 4,200,000.00 received in 2023[27]

| 证券代码：600548 | 证券简称：深高速 | | | 公告编号：2024-076 | | --- | --- | --- | --- | --- | | 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 | | 深圳高速公路集团股份有限公司 2024 年第三次临时股东大会、2024 年第一次 A 股类别股东 会议及 2024 年第一次 H 股类别股东会议决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 | 2024 年第三次临时股东大会出席情况 | | | | --- | --- | --- | | 1、出席会议的股东和代理人人数 ...