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].

Group 1: Company Overview and Financial Performance - The company reported its Q1 2025 operational status and key financial data, highlighting year-on-year changes [2] - The company aims to expand its main business scale and enhance profitability through capital operations in the transportation sector [2] Group 2: Infrastructure Development Progress - The Jiangzhu Expressway expansion is completed and operational, with fee adjustment applications underway [2] - The GY Expressway expansion is on schedule, with the main line expected to be completed by 2025 [2] - The Guanghui Expressway expansion project has been approved and is set to commence in 2025, with an estimated construction period of 5 years [2] Group 3: Traffic Impact and Strategic Response - The company is implementing traffic organization plans to mitigate the impact of construction on traffic flow, drawing from experiences on other expressways [2] - The opening of the Shenzhen-Zhongshan Channel has affected toll revenue on the Guangzhu East section, with a year-on-year decline expected to continue into 2025 [2] Group 4: Future Planning and Development Strategy - The company’s "14th Five-Year" plan emphasizes its role as a capital operation platform for the transformation and upgrading of Guangdong's expressway transportation industry [2] - The strategy includes mergers and acquisitions in emerging transportation sectors to create new revenue and profit growth points [2]

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].

Group 1: Company Overview and Financial Performance - The company reported a significant decline in toll revenue for the Guangzhu East section due to the opening of the Shenzhen-Zhongshan Channel, with expected continued impact into 2025 [1] - The financing cost for the company as of December 31, 2024, is estimated to be in the range of 2.20% to 2.80% [2] - The company has a dividend policy that mandates a cash distribution of at least 70% of the net profit attributable to the parent company for the years 2024 to 2026, provided there are no major investment plans or cash expenditures [2] Group 2: Infrastructure Development and Expansion Projects - The expansion of the Jingzhu Expressway (Guangzhu section) is set to be completed by 2027, with one segment already finished in September 2024 [1] - The Jiangzhong Expressway expansion has been fully completed and is currently undergoing a fee adjustment application [1] - The Guanghui Expressway expansion project has received approval from the provincial development and reform commission and is expected to commence in 2025 with a projected duration of 5 years [2]

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。 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） 建議進行高界高速改擴建工程 董事會宣佈： G50滬渝高速公路鴿子墩樞紐至皖鄂界段（下稱「高界高速」）改擴建工程（下稱 「改擴建工程」）已取得安徽省發展和改革委員會的核准批覆。 董事會一致通過本公司投資改擴建工程項目。改擴建工程估算總投資金額人民 幣123.03億元，其中資本金佔總投資20%，約人民幣24.61億元，為本公司自有 資金。剩餘98.42億元通過銀行貸款等融資方式解決。 本公司將召開臨時股東大會，以考慮及批准建議進行改擴建工程項目，並將盡 快向股東寄發一份載有（其中包括）建議進行改擴建工程及臨時股東大會通告的 通函。 – 1 – 高界高速基本情況 高界高速為一條雙向四車道的高速公路，設計速度100公里╱小時，是國家高速公 路主幹線G5 ...