1、网下发行 最终网下实际发行规模为 15 亿元，票面利率为 1.92%，认购倍数 3.89 倍。 证券代码：001965 证券简称：招商公路 证券代码：524252 证券简称：25 招路 K1 招商局公路网络科技控股股份有限公司 2025 年面向专业投资者公开 发行科技创新公司债券（第一期）发行结果公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，并对公 告中的虚假记载、误导性陈述或者重大遗漏承担责任。 招商局公路网络科技控股股份有限公司（以下简称"发行人"）发行不超过 人民币 100 亿元公司债券已获得中国证券监督管理委员会证监许可〔2024〕1948 号文注册。根据《招商局公路网络科技控股股份有限公司 2025 年面向专业投资 者公开发行科技创新公司债券（第一期）发行公告》，招商局公路网络科技控股 股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券（第一期）（以 下简称"本期债券"）发行规模为不超过 15 亿元（含 15 亿元），发行价格为每 张 100 元，采取网下面向专业投资者询价配售的方式。 本期债券网下发行时间自 2025 年 4 月 23 日至 2025 年 ...

Core Viewpoint - The performance meeting held by China Merchants Group and its subsidiaries highlighted the challenges and opportunities in the highway operation sector, particularly focusing on the revenue growth and profit decline of China Merchants Highway [1][2]. Group 1: Financial Performance - In 2024, China Merchants Highway achieved an operating revenue of 12.71 billion yuan, a year-on-year increase of 30.62% [1]. - The net profit attributable to shareholders was 5.32 billion yuan, reflecting a year-on-year decrease of 21.35%, primarily due to reduced asset optimization gains and adverse weather conditions [1]. - The company has distributed a total cash dividend of 9.03 billion yuan over the past three years from 2022 to 2024 [3]. Group 2: Highway Expansion Challenges - The current challenges in highway expansion include aging infrastructure and outdated design standards that do not meet the increasing traffic demands [2]. - The company is evaluating the necessity and feasibility of participating in highway expansion projects, which could extend operational and toll collection periods by approximately 25 years [2]. - China Merchants Highway currently manages 26 highway projects with a total length of about 2,008 kilometers, with an average toll collection period of around 12 years remaining [2]. Group 3: Revenue Composition - The investment and operation segment, primarily consisting of highway projects, accounted for 76.2% of the total revenue in 2024, showing a significant increase compared to 2023 [3]. - The traffic technology segment contributed 17% to the revenue, while both the intelligent transportation and ecological transportation segments accounted for less than 4% each [3].

证券代码：001965 证券简称：招商公路 招商公路投资者关系活动记录表 编号：2025-03 | 投资者关系 | □ 特定对象调研 □新闻发布会 | □分析师会议 | | --- | --- | --- | | 活动类别 | □媒体采访 □路演活动 | ☑业绩说明会 | | | □现场参观 | □其他 | | 参与单位名称 | 网络直播，面向所有投资者 现场出席：平安基金、博时基金、中信证券、中金公司、招商证券、 | | | 及人员姓名 | 华泰证券、国泰海通、民生证券、申万宏源、中银国际、信达证券、 | | | | 长江证券、中国证券报、证券时报、上海证券报 | | | 时间 | 2025 年 4 月 23 日 14:30-17:00 深圳证券交易所上市大厅 | 地点 | | 上市公司接待 人员姓名 | 白景涛（董事长）、沈翎（独立董事）、杨少军（财务总监） | | | | 第一部分：介绍招商公路 年度业绩表现、经营成效及 2025 年发展展望。 | 2024 | | | 2024 年，招商公路积极服务交通强国、科技强国建设，坚持守正 | | | | 创新，经营业绩再创历史新高。公司总资产达 1591.6 ...

Core Viewpoint - The China Merchants Group is undergoing its "third entrepreneurship," which is considered as significant as its previous two phases, focusing on innovation and efficiency through the "smile curve" and "Malik curve" strategies [1][2]. Group 1: Company Overview - The China Merchants Group aims to enhance its ability to navigate through economic cycles by diversifying its business segments and reducing reliance on single markets, targeting a total asset of 14.7 trillion yuan by the end of 2024, an increase of 8.9% from the beginning of the year, with a profit of 227.2 billion yuan [2]. - The group emphasizes the transformation of traditional industries into innovative sectors through technology empowerment, particularly in smart ports, real estate parks, intelligent transportation, and digital property services [1]. Group 2: Subsidiary Performance - China Merchants Shekou achieved a comprehensive funding cost of 2.99%, the best in the industry, with total assets of 860.3 billion yuan and a net profit of 4.04 billion yuan in 2024, while maintaining a strong sales ranking in the real estate sector [5][6]. - China Merchants Port reported a container throughput of 195.16 million TEU in 2024, a year-on-year increase of 8.3%, with a net profit of 4.52 billion yuan, marking a 26.4% growth [7]. - China Merchants Highway generated a revenue of 12.71 billion yuan and a net profit of 5.32 billion yuan in 2024, with a total asset of 159.17 billion yuan and a debt ratio of 44.22% [9][10]. - China Merchants Jiyu, a property management subsidiary, reported a revenue of 17.17 billion yuan, a year-on-year increase of 9.89%, with a net profit of 840 million yuan, focusing on non-residential sectors to build competitive advantages [11].

Core Viewpoint - The company emphasizes a strategic focus on enhancing capabilities, including product iteration, content operation, and service value, while maintaining a stable and high-quality development approach in the real estate sector [1][2]. Group 1: Company Strategy - The company plans to maintain strategic determination and adhere to the "four no losses" work requirements: "no mistakes, no blood loss, no speed loss, no ambition loss" [2]. - The investment strategy will focus on core cities and sectors, ensuring cash flow safety while pursuing high-quality growth [2]. - The company aims to enhance its asset operation capabilities through a REITs platform, integrating operations with real estate investment trusts to create a new model for resource circulation [2]. Group 2: Market Outlook - Despite a slight year-on-year decline in new housing sales, the market shows signs of stabilization and recovery, with a 20% year-on-year increase in second-hand housing transactions in 30 key cities [1]. - The real estate industry is projected to maintain a scale of 8-10 trillion yuan, indicating a substantial market opportunity [1]. - The rapid iteration of residential products is expected to stimulate consumer interest in purchasing and upgrading homes [1]. Group 3: Financial Strategy - The company plans to develop new financing models in response to the evolving real estate landscape, focusing on asset yield and turnover cycles [3]. - Aiming for a "fortress-style" balance sheet and a "cotton-padded jacket-style" cash flow statement, the company will work on cost reduction and efficiency improvement [3]. - The goal is to maintain an industry-leading capital structure and optimal funding cost levels [3].

对于2025年的发展展望，招商蛇口管理层表示，对房地产市场的平稳复苏充满信心。 每经记者 陈荣浩 每经编辑 陈梦妤 4月23日下午，招商局集团携旗下招商蛇口（SZ001979，股价9.69元，市值878亿元）、招商港口 （SZ001872，股价19.09元，市值477.5亿元）、招商公路（SZ001965，股价12.81元，市值873.7亿元） 和招商积余（SZ001914，股价12.55元，市值133.1亿元）4家上市公司召开业绩说明会并回答了机构和 投资者提问。 招商蛇口管理层在会上明确表示，2025年公司将继续保持战略定力，聚焦核心城市的核心板块，持续深 耕。 尽管房地产市场面临一定的调整压力，但核心城市的高品质住宅需求依然强劲，特别是在产品设计、功 能配套以及物业服务等方面具有显著优势的项目，依然受到市场青睐。而对于非核心城市，招商蛇口将 采取更为稳健的策略，避免盲目扩张带来的风险。 管理层强调："在当前市场环境下，保持现金流安全是企业稳健发展的关键。通过聚焦核心城市的核心 板块，公司可以在有限的资源下实现更高的投资回报率，同时降低因市场波动带来的不确定性。这一策 略不仅有助于提升公司的抗风险能力，也 ...

Investment Rating - The report maintains a "Buy" recommendation for the transportation industry, focusing on dividend yield opportunities [2] Core Insights - The transportation sector has shown resilience, with various segments outperforming the CSI 300 index in April 2025, particularly the railway transportation sector [5][10] - The low interest rate environment is favorable for the industry, with government bond yields declining [19] - The report highlights significant increases in trading volumes across all segments, especially in ports, indicating a recovery in market activity [19] - The overall dividend yield for highways, railways, and ports is projected to be in the range of 3%-4%, with coal and banking sectors leading [21] Monthly Market Performance - From April 1 to April 18, 2025, the transportation industry experienced a cumulative decline of 0.1%, outperforming the CSI 300 index by 2.85 percentage points [9][10] - The railway transportation sector had the best performance, with a cumulative increase of 5.09% during the same period [10] - Year-to-date, the transportation sector has underperformed the CSI 300 index, with a cumulative decline of 4.86% [9] Market Environment - The report notes a continued low interest rate environment, with the 10-year government bond yield at 1.65%, down from 1.81% at the end of March 2025 [19] - Trading volumes have rebounded, with daily average transaction amounts for highways, railways, and ports showing significant year-on-year increases [19] Capital Operations - Anhui Expressway plans to raise HKD 522 million through a share placement to Anhui Transportation Holding Group [23] Highway Sector Tracking - In the first two months of 2025, highway passenger traffic was 1.862 billion trips, a slight decline of 0.2% year-on-year, while freight traffic increased by 5.7% to 5.765 billion tons [25] - The report highlights key companies in the highway sector, noting significant revenue and profit changes for companies like Sichuan Chengyu and Ninghu Expressway [32][35][37] Railway Sector Tracking - In March 2025, railway passenger volume reached 337 million, a year-on-year increase of 4.9%, while freight volume was 44.5 million tons, up 2.4% [48] - The report emphasizes the importance of key railway companies and their performance metrics [56] Port Sector Tracking - The report indicates that monitored ports handled 1.048 billion tons of cargo in the past four weeks, a year-on-year increase of 4.5% [58] - Container throughput also showed growth, with a total of 9.5617 million TEUs handled year-to-date, reflecting a 9.6% increase [58]

证券代码：001965 证券简称：招商公路 证券代码：524252 证券简称：25 招路 K1 招商局公路网络科技控股股份有限公司 2025 年面向专业投资者 公开发行科技创新公司债券（第一期）票面利率公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，并对公 告中的虚假记载、误导性陈述或者重大遗漏承担责任。 招商局公路网络科技控股股份有限公司（以下简称"发行人"）发行不超过 人民币 100 亿元公司债券已获得中国证券监督管理委员会证监许可〔2024〕1948 号文注册。招商局公路网络科技控股股份有限公司 2025 年面向专业投资者公开 发行科技创新公司债券（第一期）（以下简称"本期债券"）发行规模为不超过 15 亿元（含 15 亿元）。 2025 年 4 月 22 日，发行人和主承销商在网下向机构投资者进行了票面利率 询价，利率询价区间为 1.60%-2.20%。根据网下向机构投资者询价结果，经发行 人与主承销商协商一致，最终确定本次债券票面利率为 1.92 %。 发行人将按上述票面利率于 2025 年 4 月 23 日至 2025 年 4 月 24 日面向专业 投资者网下发行。具体认购方 ...

关于延长招商局公路网络科技控股股份有限公司 2025 年面向专业投 资者公开发行科技创新公司债券（第一期）簿记建档时间的公告 招商局公路网络科技控股股份有限公司（以下简称"发行人"）发行不超过 人民币 100 亿元公司债券已获得中国证券监督管理委员会证监许可〔2024〕1948 号文注册。招商局公路网络科技控股股份有限公司 2025 年面向专业投资者公开 发行科技创新公司债券（第一期）（以下简称"本期债券"）发行规模为不超过 15 亿元（含 15 亿元）。 根据《招商局公路网络科技控股股份有限公司 2025 年面向专业投资者公开 发行科技创新公司债券（第一期）发行公告》，发行人、簿记管理人将于 2025 年 4 月 22 日 15:00 至 18:00 以簿记建档的方式向网下投资者进行利率询价，并根 据簿记建档结果在预设的利率区间内确定本期债券的最终票面利率。 因市场波动的原因，经簿记管理人、发行人及投资人协商一致，现申请将簿 记建档结束时间由 2025 年 4 月 22 日 18:00 延长至 2025 年 4 月 22 日 19:00。 特此公告。 （本页以下无正文） （本页无正文，为《关于延长招商局公路 ...

招商局公路网络科技控股股份有限公司 CHHA HERCANTS DPFEsSWA NETWCfx s TECNOLOOY HCLDNOS CO,LTD 招商局公路网络科技控股股份有限公司 (住所:天津自贸试验区(东疆保税港区)鄂尔多斯路599号东疆商务 中心A3楼91O) 2025年面向专业投资者公开发行 科技创新公司债券(第一期) 发行公告 牵头主承销商/簿记管理人 CMS 招商证券 (住所:广东省深圳市福田区福田街道福华一路111号) 联席主承销商/受托管理人 中信建投证考 /chiNAsEcugee液控 (住所:北京市朝阳区安立晶 号楼 联席主承销商 国投证券股份有限公司 中国银河征券 soic sEcuRiTiEsco.LTp. ssEcuRITiEs (住所:深圳市福田区福田街道福华一路 (住所:北京市丰合区西营街8号院1号楼 119号安信金融大厦) 7至18层1O1) 签署日期:二O二五年四月十七日 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整， 并对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 重要事项提示 1．招商局公路网络科技控股股份有限公司（以下简称"发行人"或"公 ...