（於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED 安徽皖通高速公路股份有限公司 董事會工作條例 – 1 – 目 錄 第十一章 附則 – 2 – 第一章 總則 第二章 董事 第三章 獨立董事 第四章 董事會的職權 第五章 董事會組織結構 第一節 董事會秘書 第二節 董事會秘書室 第三節 審計委員會 第四節 戰略發展及投資委員會 第五節 人力資源及薪酬委員會 第六章 董事長 第七章 財務負責人（財務總監） 第八章 董事會會議 第九章 董事會工作程序 第十章 董事會專項費用 安徽皖通高速公路股份有限公司 董事會工作條例 第一章 總則 – 3 – 第1條 為建立現代企業制度及完善公司法人治理結構，根據《中華人民共 和國公司法》（以下簡稱「《公司法》」）、《中華人民共和國證券法》 （以下簡稱「《證券法》」）、（以下簡稱「公司章程」）、香港聯合交易 所有限公司（以下簡稱「聯交所」）的《證券上市規則》和上海證券交 易所（以下簡稱「上交所」）《上海證券交易所股票上市規則》等其他 有關法規和《安徽皖通高速公路股份有 ...

安徽皖通高速公路股份有限公司 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） 安徽皖通高速公路股份有限公司 股東會議事規則 目 錄 第五章 股東會的舉行 | | 第一節 | 會議出席 | | --- | --- | --- | | | 第二節 | 會議主席 | | | 第三節 | 會議表決 | | | 第四節 | 會議提案 | | | 第五節 | 董事的選聘程序 | | | 第六節 | 會議決議、會議記錄和公告 | | 第六章 | | 股東、獨立董事提議召開臨時股東會 | 第七章 類別股東會議 | | | 第二節 通知與表決 第八章 附則 – 2 – 第一章 總則 第二章 股東的權利和義務 第三章 股東會的職權 第四章 股東會的召開 第一節 召開 第二節 召集與通知 第三節 股東委託代理人 – 4 – （三） 對公司的經營進行監督管理，提出建議或者質詢； （四） 依照法律、行政法規及本章程的規定轉讓、贈與或質押 其所持有的股份； （五） 查閱、複製公司章程、股東名冊、股東會會議記錄、董 事會會議決議、財務會計報告，符合規定的 ...

安徽皖通高速公路股份有限公司 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） 章程 – 1 – 安徽皖通高速公路股份有限公司 Anhui Expressway Company Limited 目錄 – 2 – 章目 標題 第一章 總則 第二章 經營宗旨和範圍 第三章 股份和註冊資本 第四章 減資和購回股份 第五章 購買公司股份的財務資助 第六章 股票、股東名冊和股份轉讓 第七章 股東的權利和義務 第八章 控股股東對其他股東的義務 第九章 股東會 第十章 類別股東表決的特別程序 第十一章 公司黨組織機構 第十二章 董事會 第十三章 公司董事會秘書 第十四章 高級管理人員 第十五章 公司董事、總經理和其他高級管理人員的資格和義務 第十六章 財務會計制度和審計 第十七章 利潤分配 第十八章 會計師事務所的聘任 第十九章 勞動管理及職工及工會組織 第二十章 公司的合併、分立、增資和減資 第二十一章 解散和清算 第二十二章 章程的修訂 第二十三章 通知及股東通訊 第二十四章 爭議的解決 第二十五章 解釋 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 等內容而引致之任何損失承擔任何責任。 安徽皖通高速公路股份有限公司 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） 於2025年11月28日舉行的臨時股東大會投票結果 董事會欣然宣佈，於2025年11月28日舉行的臨時股東大會上，臨時股東大會通告 所述決議案已獲股東正式投票通過。 茲提述安徽皖通高速公路股份有限公司（「本公司」）日期皆為2025年11月10日之通 函（「該通函」）以及臨時股東大會（「臨時股東大會」）通告（「臨時股東大會通告」）， 除另有所指外，本公告所用詞彙與該通函所界定者具有相同涵義。 臨時股東大會結果 董事會欣然宣佈，於2025年11月28日舉行的臨時股東大會上，於臨時股東大會通 告所提述的決議案已獲股東正式投票通過。安永會計師事務所（本公司之核數師） 於臨時股東大會出任點票程序監票人。 於臨時股東大會日期，本公司已發行股份總數為1,7 ...

Core Viewpoint - Anhui Expressway (AHE) is initiated with an OUTPERFORM rating, targeting Rmb17.32 for A-shares and HK$15.12 for H-shares, indicating attractive dividend yields for 2025 and 2026 [1][7] Investment Positives - AHE's road assets are strategically located on key interprovincial routes, ensuring strong profitability and extended toll collection periods, with an average gross margin of 59.5% from 2014 to 2024 [2] - The company is expected to benefit from the acquisition of the Anhui section of the Fuzhou and Sixu Expressways and the completion of renovations on existing expressways, potentially increasing earnings [3] - AHE's dividend payout ratio is projected to be at least 60% for 2025-2027, with A-shares yielding 4.5% and H-shares yielding 5.4% for 2025, both among the highest in their respective sectors [4][7] Financials and Valuation - Expected EPS for AHE is Rmb1.15 in 2025 and Rmb1.27 in 2026, reflecting a CAGR of 14.0% from 2024 to 2026, justifying a valuation premium due to high-quality assets and growth potential [6] - Target price for A-shares is set at Rmb17.32 based on a 4% dividend yield, implying a P/E of 15.0x for 2025 and 13.6x for 2026, with an upside of 12.0% [6] - Target price for H-shares is set at HK$15.12 based on a 5% dividend yield, implying a P/E of 12.0x for 2025 and 10.8x for 2026, with an upside of 8.0% [7] Market Differentiation - While the market expresses concerns regarding AHE's debt-to-asset ratio and cash flow, the company anticipates increased vehicle traffic on renovated roads and has solid financing options [5]

Core Viewpoint - The company held a Q3 2025 earnings briefing to address investor concerns regarding its financial performance and future projects, highlighting both challenges and strategic responses in its operations [1][3]. Group 1: Financial Impact and Revenue - The revenue from the Weilai Expressway is expected to decrease by 345 million yuan in 2025 due to the cessation of tolls after its completion in October 2024 [3]. - The Jihe Expressway saw a significant revenue increase of 178.59% year-on-year due to the restoration of two-way traffic, while the Jingtai Expressway experienced a revenue decline of 7.94% primarily due to the expiration of tolls on a connecting line [3]. Group 2: Project Progress and Challenges - The Jingtai Expressway project is progressing normally, with 97.5% of the roadbed completed, although building and electromechanical works lag behind at 57% and 50% respectively, which will not affect the planned opening [3]. - The company is exploring measures such as "highway + cultural tourism" and customized services to enhance overall road network utilization [3]. Group 3: Innovation and R&D - The company is focusing on "smart highways" and "green low-carbon" technologies, although its R&D expense ratio is currently at 1.76% [4]. - Innovations in infrastructure digital transformation and all-weather traffic are already contributing to cost reduction and efficiency improvements [4]. Group 4: Capital Structure and Shareholder Returns - The company has experienced high capital expenditures and rising debt levels due to extensive infrastructure projects since 2016, but plans to gradually reduce its debt ratio as projects are completed and operational [4]. - Future strategies may include asset securitization or attracting strategic investors to optimize the capital structure [4]. Group 5: Profitability and Margin Management - The gross profit margin increased by 4.8 percentage points to 31.09% year-on-year, mainly due to a reduction in low-margin PPP construction revenue [5]. - The company aims to maintain profitability by focusing on core operations and exploring new profit growth points within the industry [5].

智通财经APP获悉，2025年11月25日，港股上市公司投资日志如下： | 类别 | | 公司 | | --- | --- | --- | | | 图达通 | | | | (招股中) | | | | 海伟股份 | | | 新股活动 | (招股中) | | | | 量化派 | | | | (定价日) | | | | GC CONSTRUCTION | | | | 蔚来-SW | | | | 建业实业 | | | | 智中国际 | | | | NIRAKU | | | 业绩公布日 | 俊裕地基 | | | | 思博系统 | | | | 周大福 | | | | 小马智行-W | | | | 宾仕国际 | | | | 原生态牧业 | | | | 西普尼 | | | | 连达科技控股 | | | | 金粤控股 | | | | 安徽皖通高速公路 | | | 股东大会召开日 | 皇朝家居 | | 业绩公布日 分红派息 中国再保险 重庆银行 工商银行 首都信息 宏利金融-S （除净日） 鹰美 （除净日） 美亨实业 （除净日） 亚太资源 （除净日） 中信建投证券 （除净日） 重庆机电 （派息日） ...

Investment Rating - The report maintains a "Recommended" rating, emphasizing the importance of defensive stability and timely investment opportunities in the transportation sector [1]. Core Insights - The transportation sector's performance in November 2025 was generally average, outperforming the CSI 300 index, with highways leading the performance among sub-sectors [4][10]. - The report highlights a low interest rate environment, with the 10-year government bond yield at 1.82% as of November 21, 2025, indicating a stable financial backdrop for investments [20]. - The report identifies high dividend yield opportunities in both A-shares and H-shares within the transportation sector, with specific recommendations for companies like Sichuan Chengyu and Anhui Wantong Highway [68][70]. Monthly Market Performance - The transportation sector saw a cumulative decline of 2.24% from November 1 to November 21, 2025, outperforming the CSI 300 index by 1.79 percentage points [9]. - The sub-sectors of highways, railways, and ports had cumulative declines of -2.11%, -2.47%, and -2.97% respectively during the same period, but all outperformed the CSI 300 index [10]. - Year-to-date performance showed highways down 11.11%, railways down 15.77%, and ports down 4.83%, indicating a challenging year overall [10]. Highway Sector Tracking - In September 2025, highway passenger traffic was 934 million, down 4.3% year-on-year, while freight traffic increased by 5.2% to 3.891 billion tons [28]. - The report notes that the highway sector is expected to see stable performance improvements in 2026, driven by policy optimizations and local state-owned enterprise actions [68]. Railway Sector Tracking - In October 2025, railway passenger volume reached 410 million, up 10.1% year-on-year, while freight volume was 4.58 million tons, a slight increase of 0.6% [40][43]. - The report emphasizes the potential for investment opportunities in the railway sector, particularly in high-quality assets like the Beijing-Shanghai High-Speed Railway [70]. Port Sector Tracking - The report indicates that port cargo throughput for the four weeks ending November 16, 2025, was 1.057 billion tons, reflecting a year-on-year growth of 4.6% [48]. - The report highlights the importance of long-term value in port assets, suggesting that leading ports are undervalued in terms of their earnings stability and potential for dividend growth [71][72].

Core Viewpoint - The report from Huachuang Securities indicates that the highway sector is expected to maintain resilience in 2026, with high dividend configurations being a preferred investment direction. The port industry is anticipated to shift from a single container-driven growth model to a dual-wheel structure of stable container growth (5%-8%) and a recovery in bulk cargo (2%-5%) by 2026, with stable pricing expected. There are strategic layout opportunities for leading companies in the bulk supply chain that focus on dividends and returning to growth expectations in the coming year [1]. Highway Sector - The highway sector is viewed as a preferred option for stable asset allocation due to low valuations and high dividends, with expected dividend yields around 5% for leading highway companies in 2026. Notable companies include Sichuan Chengyu (5.6%), Shandong Highway (5.0%), and Anhui Wantong Highway (5.0%), with higher yields for H-shares [2]. - The outlook for 2026 suggests strong performance driven by stable volume and pricing, alongside significant cost reduction opportunities. Key factors include potential optimization of toll policies and a favorable interest rate environment that could alleviate operational pressures for highway companies [2]. - High dividend characteristics are expected to remain stable in 2026, with clear three-year return plans from leading companies like Sichuan Chengyu and Wantong Highway [2]. Port Sector - The port sector is entering a strategic value era, transitioning from a perception of cyclical capacity assets to being recognized as global supply chain security hubs. This shift is driven by geopolitical factors and the need for strategic asset control [3]. - The industry is expected to see stable throughput and pricing in 2026, with a dual growth model of container stability and bulk cargo recovery. The average dividend payout ratio is projected to be 37.46%, indicating significant potential for increases [3]. Railway Sector - Passenger transport is expected to see steady growth, with flexible pricing mechanisms in place. Freight transport is also showing signs of improvement, particularly in coal and other cargo types [4][5]. Bulk Supply Chain - The bulk supply chain is poised for a new growth phase in 2026, with companies like Xiamen Xiangyu leading the way in transformation logic focused on profit margin enhancement and investor returns. The operational environment is recovering, with strong performance trends evident since 2025 [6][7]. - Strategic layout opportunities exist for leading companies in the bulk supply chain that emphasize dividends and growth expectations [7]. Investment Recommendations - The company continues to favor A/H share transportation assets, highlighting the importance of industry logic and valuation elasticity. Key recommendations include Sichuan Chengyu and Wantong Highway for their stable growth and high dividends, as well as other notable companies in the highway and port sectors [8].

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 等內容而引致之任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10(B)條而作出。 茲載列安徽皖通高速公路股份有限公司（「本公司」）在中國大陸報章刊登及上海證 券交易所網站發佈的公告如下，僅供參閱。 2025年第四次臨時股東大會會議資料 承董事會命 安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED 安徽皖通高速公路股份有限公司 公司秘書 簡雪艮 2025年11月19日 中國安徽省合肥市 截止本公告日，本公司董事會成員包括執行董事汪小文（主席）、余泳、陳季平及 吳長明；非執行董事楊旭東及楊建國；以及獨立非執行董事章劍平、盧太平及趙建 莉。 安徽皖通高速公路股份有限公司 2025 年第四次临时股东大会会议资料 安徽皖通高速公路股份有限公司 2025 年第四次临时股东大会会议资料 2025 ...