投资者关系活动记录表 证券代码： 002869 证券简称：金溢科技 深圳市金溢科技股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 电话会议 √ 2025 年度深圳辖区上市公司投资者网上集体接待日活动 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 11 月 20 日 (周四) 下午 14:30~17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 用网络远程的方式召开 上市公司接待人 员姓名 1、董事长、总经理 罗瑞发 2、独立董事 陈君柱 3、副总经理、财务总监 李锋龙 4、董事会秘书 张晓城 1、请问公司在车路协同、智慧高速、物联网、边缘计算等前沿 技术领域的研发取得了哪些突破性进展？ 回复：公司作为交通运输部智能车路协同关键技术及装备行 业研发中心牵头单位，已构建了涵盖 V2X 底层通信模组、终端 产品、应用平台、算法及协议栈的全链条自主研发体系，在 DSRC-V2X、4G-V2X 和 5G-V2X 技 ...

新京报讯（记者裴剑飞）在今天（11月20日）下午举行的首都"十四五"规划高质量收官系列主题新闻发 布会上，记者从首发集团了解到，"十四五"期间北京累计建成通车高速公路191.6公里、城市快速路35.4 公里，服务交通量突破34.93亿辆次 。"十五五"期间，北京将推进建设108新线高速、京密高速（二期、 三期）、京秦高速公路（机场二高速－六环路段）、机场二高速南延、安立路快速化改造等项目。 北京市首都公路发展集团有限公司副总经理欣立庆表示，作为首都高速公路的标杆性工程，东六环改造 项目通过地上加宽和入地改造，以空间重构换时间畅通，实现了城市副中心交通网络的全面升级。 在重大节假日期间，累计保障免费通行小型客车1.58亿辆次，估算免收通行费约16.16亿元。精准落 实"绿色通道"惠民政策，累计保障鲜活农产品运输车辆764.31万辆次，减免通行费3.14亿元，保障市 民"菜篮子"供应。 在道路养护方面，累计投入养护资金超34亿元，完成462.2万平方米路面专项工程，路面使用性能指数 始终保持较高水平。开展高速公路独墩加固改造工程、桥梁综合整治和桥梁健康监测系统建设，管养桥 梁长期稳定安全运行。自主研发智慧巡查车， ...

Core Viewpoint - The "Jin Ying Hua" customer service team, part of Guangxi New Development Transportation Group Co., Ltd., is dedicated to providing high-quality service and support to drivers, emphasizing a commitment to customer satisfaction and community service [1][3][4]. Group 1: Team Overview - The "Jin Ying Hua" team consists of 13 members with an average age of 25, focusing on customer service, monitoring management, and toll inspection [1]. - The team operates under the service philosophy of "starting from demand and ending with satisfaction," aiming to provide warmth and support to drivers 24/7 [3][6]. Group 2: Community Engagement - The team actively participates in various volunteer activities, including support for special children and pandemic relief efforts, demonstrating a commitment to social responsibility [6][7]. - During the pandemic, the team contributed to a vegetable donation initiative for Wuhan, successfully harvesting 120,000 pounds of produce [7]. Group 3: Technological Advancements - The team has developed a smart highway platform that integrates multiple functions such as road monitoring and event management, enhancing operational efficiency [8][10]. - The introduction of AI technology for incident detection has led to the identification of 31,000 abnormal events, significantly improving response times and safety [12]. Group 4: Service Excellence - The team has handled over 3,000 service requests and 500 emergency rescue incidents since 2019, achieving a customer satisfaction rate of 99% [15][16]. - A robust internal control and inspection system has been established, resulting in over 300 inspections and 400 issues addressed, ensuring high service standards [16]. Group 5: Emergency Response - The team has implemented a three-party emergency response mechanism, enhancing collaboration and efficiency in handling road incidents [19]. - The focus on rapid response and streamlined processes aims to ensure safety and smooth traffic flow on highways [19][21].

Core Points - The Chengya Expressway expansion project has officially entered the construction phase, marking a significant infrastructure development in Sichuan Province as part of the national "14th Five-Year Plan" [2] - The project involves a total estimated investment of nearly 30 billion yuan, with a planned completion date in 2029 [2] - The expansion will increase the expressway's capacity by approximately 50% by widening the lanes from a dual six-lane and four-lane configuration to a dual eight-lane configuration [3] Group 1: Project Overview - The Chengya Expressway, originally opened in 2000, will be expanded to approximately 159 kilometers, including a new Lu Mountain branch line of 24.367 kilometers [2] - The main line will undergo significant upgrades, including the reconstruction of 20 interchanges and the addition of 4 new interchanges [2] - The new Lu Mountain branch will reduce travel time between Lu County and Mingshan District from 1 hour to 20 minutes, addressing the lack of direct expressway connections [2] Group 2: Technological and Operational Enhancements - The expansion will incorporate smart highway features, enhancing operational management through digital and intelligent systems, including dynamic lane control and emergency response measures [3] - The project aims to create a safer, more convenient, and comfortable expressway experience for travelers, integrating tourism and transportation [3] Group 3: Construction Strategy - The construction will focus on minimizing traffic disruption by implementing design and traffic organization strategies, such as single-side widening and phased construction [4] - The project will ensure that the existing road base remains stable while integrating new construction, addressing potential settlement issues through advanced engineering techniques [4] - All construction units have commenced work on various segments of the project, with simultaneous development of supporting infrastructure to ensure effective logistics and support [5]

Group 1 - Anhui Jiaokong Information Industry Co., Ltd. has officially reached a strategic cooperation with Tuo Wei Information System Co., Ltd. and Hunan Kaihong Zhigu Digital Industry Development Co., Ltd. [1] - The three parties will explore new cooperation models in the field of smart highways, focusing on domestic software and hardware technologies such as Kunpeng, Ascend AI, and open-source HarmonyOS [1] - This collaboration aims to inject strong new momentum into the digital transformation of the transportation industry [1]

Core Insights - The article discusses the differences in highway toll pricing and infrastructure management among China, Japan, and South Korea, highlighting China's competitive advantage in terms of cost and efficiency. Pricing Comparison - Japan's highway toll is approximately 1.1 yuan per kilometer, making it the most expensive among the three countries, with a legislative toll period extending to 2115, effectively creating a "permanent toll" situation [4] - South Korea charges about 0.42 yuan per kilometer, less than one-third of Japan's rate, with a clear toll period of 20 to 30 years, after which highways become free [7] - China's highway toll is around 0.4 yuan per kilometer, slightly cheaper than South Korea, with a total length exceeding 160,000 kilometers, making it the longest in the world [10] Infrastructure Management - Japan's high costs are attributed to geographical challenges, such as mountains and earthquakes, leading to expensive construction and maintenance [3] - South Korea benefits from a unified management system under a single road corporation, allowing for efficient planning and cost distribution [7] - China's highway construction has been standardized since 2004, leading to significant cost savings through bulk material purchases and efficient project execution, such as the rapid completion of the Hong Kong-Zhuhai-Macao Bridge [11][10] Technological Innovations - South Korea is implementing innovative solutions like solar-powered highway barriers and electric vehicle charging stations, which may reduce reliance on toll fees in the future [9] - China is advancing towards smart highways, including features for autonomous driving, enhancing convenience for users [12]

Core Viewpoint - Zhejiang Huhangyou (00576) reported a 3.8% increase in revenue for the six months ending June 30, 2025, compared to the same period in 2024, reaching RMB 8.685 billion, with a net profit attributable to shareholders of RMB 2.787 billion, reflecting a 4.0% year-on-year growth [1][2] Group 1: Financial Performance - The company's basic earnings per share increased by 4.0% to RMB 0.4651, while diluted earnings per share rose by 5.6% to RMB 0.4651 [1] - The group achieved a steady financial performance amidst a complex environment, demonstrating resilience and strategic focus [1] Group 2: Operational Enhancements - The company implemented measures such as hard shoulder opening and smart upgrades to improve road network efficiency, resulting in reduced congestion and shorter toll station closure times [1] - Enhanced planning and organization of roadwork, along with optimized construction schedules, contributed to ongoing upgrades in road maintenance [2] Group 3: Strategic Investments - The company is advancing major investment and acquisition projects, including the construction of the Yongjin Expressway and the successful bid for the second phase of the Yongzhou Expressway [2] - A 51% stake acquisition in the Gui San Expressway, a key route connecting the Sichuan-Chongqing and Guangdong-Hong Kong-Macau regions, further strengthens the company's regional strategic layout [2] Group 4: Green and Innovative Initiatives - The company is accelerating the integration of AI technologies and conducting research on advanced technologies such as drone inspections to enhance smart highway operations [2] - The successful operation of a new energy heavy truck charging station at the Yongjin Expressway service area marks a significant step in establishing a demonstration transport route for electric container trucks [2] - The company is also expanding its renewable energy projects, including the successful grid connection of distributed photovoltaic power generation on the Yongzhou Expressway [2]

Core Viewpoint - Zhongyuan Expressway (600020) reported a solid performance in its 2025 mid-year financial results, with total revenue and net profit showing year-on-year growth, although there was a decline in quarterly net profit [1] Financial Performance - Total revenue for the first half of 2025 reached 3.105 billion yuan, a year-on-year increase of 13.17% compared to 2.744 billion yuan in 2024 [1] - Net profit attributable to shareholders was 663 million yuan, up 7.68% from 616 million yuan in the previous year [1] - The second quarter saw total revenue of 1.806 billion yuan, a 9.5% increase year-on-year, but net profit decreased by 7.39% to 307 million yuan [1] - The gross margin was 38.98%, down 16.74% year-on-year, while the net margin was 21.36%, a decrease of 4.85% [1] Key Financial Metrics - Accounts receivable increased significantly by 48.13% year-on-year, reaching 1.515 billion yuan [1] - Cash and cash equivalents rose by 51.06% to 621 million yuan [1] - The total expenses (selling, administrative, and financial) amounted to 434 million yuan, representing 13.96% of revenue, a decrease of 27.16% [1] - Earnings per share increased by 9.15% to 0.27 yuan, while operating cash flow per share rose by 30.51% to 0.51 yuan [1] Business Model and Investment Insights - The company's return on invested capital (ROIC) was 3.77%, indicating historically weak capital returns, with a median ROIC of 5.15% over the past decade [3] - The business model relies heavily on capital expenditures, necessitating careful evaluation of capital projects and their financial viability [3] - Analysts expect the company's performance in 2025 to reach 1 billion yuan, with an average earnings per share forecast of 0.45 yuan [3] Debt and Cash Flow Management - The company has a debt-to-asset ratio of 63.83%, with interest-bearing liabilities totaling 33.839 billion yuan, which is 15.32 times the average operating cash flow over the past three years [3] - The company plans to optimize its debt structure and improve repayment capabilities through various financing channels, including bank loans and bond issuance [5]

Core Viewpoint - The reconstruction and expansion of the Jingha Expressway's Shenshan section aims to enhance traffic flow and safety, incorporating advanced technologies and new traffic management strategies to accommodate increased vehicle volume and improve operational efficiency [1][2][3]. Group 1: Infrastructure Expansion - The Shenshan section of the Jingha Expressway will add four lanes, resulting in a total of ten lanes for two-way traffic, significantly improving traffic flow [4][5]. - The project is expected to complete earlier than planned, with the Beijing direction anticipated to open by late July and full dual-direction operation by the end of September [1]. Group 2: Smart Technology Integration - The Shenshan section features a comprehensive smart highway system, including 32 platforms and 84 algorithms for real-time monitoring of traffic and environmental conditions, utilizing AI for video analysis and weather monitoring [3]. - Drones have been deployed along the highway to enhance surveillance and emergency response capabilities, with 27 drone nests installed for automated patrols [2]. Group 3: Traffic Management Innovations - New traffic management features include the introduction of a left-side hard shoulder for emergency stops and a tidal lane system to optimize traffic flow between passenger and freight vehicles [4][5]. - The tidal lane will dynamically adjust based on traffic conditions, allowing for flexible use of lanes depending on the volume of passenger and freight traffic [5]. Group 4: Safety Enhancements - The reconstruction includes new M-type guardrails designed to improve safety by reducing the risk of vehicle crossover and minimizing injury during accidents [6]. - Additional safety features such as mileage markers and warning signs have been implemented to assist drivers in accurately identifying their location and preparing for lane changes [6][7].

Core Viewpoint - The construction of key transportation projects in Inner Mongolia, such as the S26 Nalong Expressway and Provincial Road 220, is expected to significantly enhance regional connectivity, promote economic development, and improve living standards for local residents [1][4][10]. Group 1: Project Details - Provincial Road 220, spanning 125.755 kilometers, is crucial for connecting the Xilin Gol League and Chifeng City, facilitating the flow of people and goods, and supporting local industries like agriculture and tourism [1][5]. - The S26 Nalong Expressway, with a total investment of 7 billion yuan, is a major project aimed at improving coal transportation efficiency between Inner Mongolia and Shanxi [2][10]. - The construction of both roads is part of a broader initiative to enhance transportation infrastructure in Inner Mongolia, with plans to invest 48 billion yuan in 72 major projects by 2025 [10]. Group 2: Construction Techniques and Innovations - Innovative construction methods, such as "segmented prefabrication and multi-point synchronous transportation," are being employed to address challenges posed by complex terrain in the S26 Nalong Expressway project [2][6]. - The use of green and low-carbon technologies, including the incorporation of industrial waste into concrete, is being prioritized to enhance sustainability and reduce carbon emissions during construction [6][10]. - The construction teams are overcoming geological challenges through various techniques, ensuring the stability and safety of the roadbed and structures [5][6]. Group 3: Economic and Social Impact - The completion of these roads is anticipated to create more job opportunities and increase income for residents along the routes, thereby contributing to local economic growth [1][4]. - The development of transportation infrastructure is expected to facilitate tourism by improving access to scenic areas, thus integrating tourism resources and enhancing overall economic benefits [5][6]. - The ongoing construction efforts reflect a commitment to high-quality development in Inner Mongolia, with a focus on improving living conditions and economic prospects for local communities [6][10].