东莞控股经营管理莞深高速一二期、三期东城段和龙林高速（总长55.66公里，收费经营期至2027年6月 30日）。 莞深高速是广东省珠三角环线高速（G94）的关键部分，位于珠三角核心区域，是连接广州、东莞与深 圳的重要快速通道，地理位置优越。公司间接持有惠常高速公路东莞段35%的权益，该路段全长14.9公 里，贯穿谢岗、樟木头和常平三镇，并与甬莞高速、常虎高速交汇，收费经营期至2034年9月27日。莞 深高速收费经营期至2027年6月30日，公司正在对莞深高速实施改扩建工程，项目批复概算为175.84亿 元，资本金比例为25%。目前该工程项目已动工建设，报告期投入金额8.63亿元，累计投入金额35.36亿 元，占投资总额的20.11%，预计于2028年12月份建成通车。鉴于项目正在开展改扩建，2027年6月30日 到期后不影响继续收费，公司将申请延长收费期限，具体期限以政府相关部门批复为准。2025年上半 年，莞深高速车流量与去年同期基本持平，混合车流量达到6008.58万辆，同比下降0.26%，实现通行费 收入6.27亿元，同比下降0.37%。 （编辑 郭之宸） 本报讯 （记者丁蓉）8月25日晚间，东莞发展控 ...

京哈高速公路改扩建工程是国家"十四五"重点工程。其中，辽宁绥中至盘锦段是我国首条200公里级十车道高速公路改扩建项目，也是交通运输部交通强 国"十四五"首批重点项目。7月30日，京哈高速公路改扩建段北京方向将正式通车。9月底，将实现双向通车。 改建之后的新京哈高速什么样？有哪些改变和我们的出行息息相关？我们跟随总台记者的镜头，来一起先睹为快。 京哈高速公路是国家"五纵七横"国道主干线的重要组成部分，然而，随着经济社会的快速发展，这条已经使用了22年的"功勋高速"也面临着严峻挑战。 改扩建工程途经3市8县 主线段220多公里 对此，京哈高速公路专门设置了左侧应急停车道。 设置左侧应急车道 遇突发情况可就近停靠 左侧应急车道，在国内长距离高速公路建设上还是首次出现。新京哈开通之后，原则上，行驶在第一、第二车道上的车辆要使用左侧应急车道，行驶在第 三、第四、第五车道上的车辆要使用右侧应急车道，这样就可以实现"就近停靠"。 京哈高速公路改扩建之前，由于车流量持续增加，拥堵现象时有发生。由于常年高负荷的运行，还导致路面等基础设施出现了不同程度的损坏。为了让这条 交通主干线重焕生机，2022年8月，京哈高速公路绥中到盘锦 ...

Group 1: Project Progress and Developments - The Huizhou-Yanjiang Expressway expansion project has been completed and is now open to traffic, with an application for a fee adjustment currently in process [1] - The Jiangzhong Expressway expansion project has also been completed and has been executing a new fee standard since June 13, 2025 [1] - The Yuezhao Expressway expansion project is scheduled to be completed by the end of 2027, with plans to apply for a fee adjustment based on current policies after completion [1] Group 2: Capital Expenditure Plans - The company's recent capital expenditures primarily focus on the expansion projects of its controlled expressways, including the ongoing projects of the Guangzhu East and Guanghui Expressways [2] - Funding for these projects will be allocated according to the engineering progress to meet construction funding needs [2] Group 3: Traffic Impact and Network Changes - The impact of the Shenzhen-Zhongshan Channel on the Jingzhu-Guangzhu East section is expected to continue throughout the year, with further tracking and assessment needed [2] - The Guanghui Expressway has already experienced traffic diversion effects in 2024 due to high-speed rail, intercity light rail, and new expressway openings, with no new diversion factors anticipated for 2025 [2] Group 4: Financing Costs - As of December 31, 2024, the company's financing interest rate ranges from 2.20% to 2.80% [2]

Core Viewpoint - The Shanghai S32 highway will not be made free, and the expansion project is progressing with the construction of the Songjiang New Town section starting in August 2023 [1][3][7] Group 1: Highway Status and Developments - The Shanghai S32 highway has been rumored to become free, but the Shanghai Municipal Transportation Commission has confirmed that it will maintain tolls [1] - The expansion of the S32 highway is underway, with the Songjiang New Town section measuring approximately 13.8 kilometers, transitioning from a dual six-lane to a dual eight-lane configuration [3][5] - The construction of the Songjiang New Town section is set to begin in August 2023, with a projected completion time of two years [3][5] Group 2: Importance of the Expansion - The Songjiang New Town section is strategically located near the newly developed Shanghai Songjiang Station, which is a significant transportation hub with nine platforms and 23 lines [5] - The increased traffic demand due to the station's expansion necessitates the upgrade of the S32 highway to improve accessibility and convenience for commuters [5][6] - The current expansion project is expected to set a standard of "6 to 8" lanes, which may reflect the highway's suburban location and the need for moderate upgrades [7]

Group 1: Company Overview - The company is Guangdong Provincial Highway Development Co., Ltd., with stock codes 000429 and 200429 for its A and B shares respectively [1] - The meeting was held on July 1, 2025, from 13:30 to 14:30 in the company conference room [1] Group 2: Impact of Infrastructure Changes - The opening of the Shenzhen-Zhongshan Channel will continue to affect the traffic distribution on the Jingzhu-Guangzhu East section in 2025, with the overall impact to be monitored and assessed [1] - The Guanghui Expressway is expected to have no new traffic distribution impacts in 2025, as the main factors affecting it were already reflected in 2024 [2] Group 3: Dividend Policy - The company disclosed a shareholder return plan for 2024-2026, stating that cash dividends should not be less than 70% of the net profit attributable to the parent company for the respective year [2] - The specific profit distribution plan for each year will be proposed by the board based on the company's annual profitability and future funding plans, and submitted for shareholder approval [2] Group 4: Capital Expenditure Plans - Recent capital expenditures are primarily focused on the expansion projects of controlled highways, including the ongoing expansions of Guangzhu East, Guanghui, Yuezhao, and Huishan highways [2] - The company will fund these projects according to their engineering progress to meet the financial needs of construction [2]

Investment Rating - The report gives an initial investment rating of "Buy" for Dongguan Holdings, emphasizing its strong position in the expressway sector and stable dividend commitments to shareholders [4][6][71]. Core Viewpoints - Dongguan Holdings focuses on its core business of expressway operations, particularly the advantageous position of the Dongshen Expressway, which is a vital part of the Guangdong-Hong Kong-Macao Greater Bay Area's transportation network [5][8]. - The company has committed to a minimum annual cash dividend of no less than 0.475 CNY per share for the years 2025-2027, reflecting its emphasis on shareholder returns [5][33]. - The ongoing expansion project of the Dongshen Expressway is expected to significantly enhance traffic capacity and toll revenue in the long term, despite short-term challenges during the construction phase [5][45][71]. Summary by Sections Financial Performance - The company's total revenue increased from 1.097 billion CNY in 2015 to 1.692 billion CNY in 2024, with a CAGR of 4.93% [5][18]. - The projected net profit for 2025-2027 is estimated at 812 million CNY, 856 million CNY, and 888 million CNY, with year-on-year growth rates of -15.0%, 5.4%, and 3.8% respectively [6][71]. Business Segments - The expressway business remains the core revenue driver, contributing 78.19% of total revenue in 2024, with toll revenue from the Dongshen Expressway reaching 1.323 billion CNY [18][22]. - The financial investment segment, including commercial factoring and leasing, is expected to provide stable income, while the new energy sector is expanding but facing short-term profitability challenges [51][58]. Strategic Initiatives - The company is actively pursuing a multi-faceted strategy that includes optimizing its asset portfolio by focusing on expressway operations and divesting non-core assets [71]. - The ongoing expansion of the Dongshen Expressway is projected to alleviate traffic congestion and enhance toll revenue, with completion expected by December 2028 [5][45]. Market Position - Dongguan Holdings is positioned as a key player in the expressway sector within the Greater Bay Area, benefiting from its strategic location and the ongoing integration of regional transportation networks [8][71]. - The company’s financial health is supported by a strong shareholder base and a commitment to maintaining a stable dividend policy [33][71].

Group 1: Company Overview and Financial Plans - The company has a capital expenditure plan focused on the expansion and reconstruction of its controlled highways, including several ongoing projects [1] - The shareholder return plan for 2024-2026 stipulates that cash dividends should not be less than 70% of the net profit attributable to the parent company for the respective year [2] Group 2: Project Necessity and Financial Impact - The expansion of the Guanghui Expressway is essential due to its location in the core area of the Pearl River Delta, which has high traffic flow and can provide stable revenue through tolls [3] - The company aims to enhance its highway asset scale and focus on highway investment during the "14th Five-Year Plan" period to promote sustainable high-quality development [3] Group 3: Financing Costs - As of December 31, 2024, the company's financing interest rate is projected to be between 2.20% and 2.80% [4]

Group 1: Company Overview and Financial Data - The company reported a total investment amount of 30.52 billion CNY for the Guanghui Expressway expansion project, with 35% as capital and 65% financed through bank loans [2] - The company holds a 51% stake in Guanghui Company, which translates to approximately 5.448 billion CNY in capital contribution [2] - The construction period for the project is estimated to be 5 years [2] Group 2: Project Necessity and Strategic Importance - The Guanghui Expressway is located in the core area of the Pearl River Delta transportation hub, indicating high traffic volume and stable toll revenue potential [2] - Investment in the Guanghui expansion project is expected to enhance the company's expressway asset scale and focus on core business during the "14th Five-Year Plan" period [2] - The expansion will allow for the establishment of a toll operating period, ensuring the continuous operation of Guanghui Company and reinforcing the company's expressway business [2] Group 3: Capital Expenditure Plans - Recent capital expenditures primarily focus on the expansion projects of controlled expressways, including the ongoing Guangzhu East, Yue Zhao, and Hui Yan expressway projects [2] - The company plans to fund these projects according to their engineering progress to meet construction funding needs [2]

Group 1: Highway Expansion Projects - The Guanghui Expressway is expected to have no new network diversion impacts in 2025, following significant effects in 2024 due to high-speed rail and network diversions [1] - The expansion of the Jingzhu Expressway (Zhongshan to Zhuhai section) was completed in September 2024, with other sections planned for completion by 2027 [1] - The Jiangzhong Expressway expansion is fully completed and currently awaiting adjustments to the toll standards [1] - The Huizhan Expressway expansion is nearing completion, with full completion expected in 2025 [1] - The Guanghui Expressway expansion project has received approval from the provincial development and reform commission, with plans to start construction in 2025 and an estimated duration of 5 years [1] Group 2: Traffic Management and Financial Impact - The company is implementing traffic organization plans to minimize the impact of construction on traffic flow, drawing on experiences from previous projects [1] - The necessity of the Guanghui Expressway expansion is underscored by its location in a core traffic hub of the Pearl River Delta, which generates significant toll revenue to support the company's development [2] - The expansion will enhance the company's highway asset scale and focus on highway investment during the "14th Five-Year Plan" period, promoting sustainable high-quality development [2] - The opening of the Shenzhen-Zhongshan Channel is expected to continue affecting traffic flow on the Guangzhu East section in 2025, with the overall impact to be monitored [2] Group 3: Capital Expenditure Plans - Recent capital expenditures are primarily directed towards the expansion projects of controlled highways, including the ongoing Guangzhu East, Yuezhao, and Huizhan expressway projects [2] - The company will fund projects according to their engineering progress to meet the financial needs of construction [2]

Summary of the Conference Call for Guangdong Expressway Company Overview - The conference call discusses Guangdong Expressway's performance in the first quarter of 2025, highlighting the impact of the opening of the Shenzhen-Zhongshan Corridor and changes in the road network on revenue and operations [2][3]. Key Points Financial Performance - **Revenue Decline**: The company's revenue decreased by approximately 6% year-on-year, primarily due to traffic diversion caused by the opening of the Shenzhen-Zhongshan Corridor, affecting Guangzhou East and Fokai Expressways [3][6]. - **Net Profit Growth**: The net profit attributable to the parent company increased by 56.28%, mainly due to the recovery of bad debt losses after the government provided funds following the suspension of tolls by Guangfo Company [2][4]. - **Revenue Projections**: The company projects a total revenue of 4.447 billion yuan for 2024, considering ongoing impacts from the Shenzhen-Zhongshan Corridor and other construction projects [2][7]. Asset and Cash Flow Changes - **Balance Sheet**: Other receivables increased by 69 million yuan due to the recovery of bad debt provisions and operational funding received. Non-current liabilities due within one year decreased by 700 million yuan due to the repayment of medium-term notes [5]. - **Cash Flow**: Cash flow from operating activities increased by 640 million yuan, primarily due to funds received from Guangfo Company and government subsidies for Guangzhou East [5]. Traffic and Operational Insights - **Traffic Composition**: The traffic composition remains stable, with passenger vehicles accounting for about 80% of traffic on Guangzhou East and 70% on other expressways like Guanghui and Fokai [3][8]. - **Impact of Construction**: Ongoing construction projects are expected to positively influence traffic flow once completed, with measures in place to minimize disruption during construction [10]. Expansion and Acquisition Plans - **Expansion Projects**: The company is actively pursuing expansion projects, including the completion of the Jiangzhong Expressway upgrade and the ongoing development of the Guangzhou East transportation hub [9][11]. - **Acquisition Strategy**: Future plans include considering new acquisition opportunities to expand control and improve operational efficiency, particularly in projects that align with the core business [11][12]. Investment and Financial Strategy - **Investment Focus**: The company has historically invested in financial assets but plans to tighten controls on such investments, focusing instead on projects closely related to its core operations [14]. - **Internal Rate of Return (IRR)**: Recent expansion projects have an IRR of approximately 5.5% to 6%, indicating a stable return on investment [13]. Market and Policy Considerations - **Market Dynamics**: The company will continue to monitor market dynamics and policy changes to ensure stable operations and enhance profitability [6][7]. Additional Insights - **Traffic Flow Management**: The company employs strategies to manage traffic flow during construction, such as maintaining sufficient lanes for traffic and scheduling closures during off-peak hours [10]. - **Government Support**: The company benefits from government support in terms of funding and project approvals, which aids in its expansion and operational stability [11].