（股 份 代 號：01052） 2025年7月未經審計營運資料 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 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 的 任 何 損 失 承 擔 任 何 責 任。 （在 百 慕 達 註 冊 成 立 之 有 限 公 司） 本集團2025年7月 未 經 審 計 的 營 運 資 料 如 下： | | | | 日均收費車流量（輛 次） | | | | | 路 費 收 入（人 民 幣，千 元） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 當月環比 | 當月同比 | 2025年 | 累計同比 | | 當月環比 | 當月同比 | 2025年 | 累計同比 | | 項 目 | 當 月 | 變 動 | 變 動 | 累 計 | 變動 | 當月 | 變 動 | 變 動 | 累 計 | 變 動 ...

Core Viewpoint - 越秀交通基建 reported a revenue of 2.099 billion yuan for the first half of 2025, representing a year-on-year increase of 14.9%, with a net profit attributable to shareholders of 361 million yuan, also up 14.9% year-on-year, driven by acquisitions and favorable network changes [1][2] Financial Performance - The company's financial expenses decreased by 28 million yuan year-on-year in 1H25, with the average borrowing rate dropping to 2.57% from 3.05% in 1H24 [2] - The toll revenue increased by 15.2% year-on-year in 1H25, with a non-consolidated toll revenue growth of 3.1% after excluding the impact of certain highways [2][3] - The company plans to distribute an interim dividend of 0.12 HKD per share for the 2025 fiscal year, maintaining a dividend payout ratio of 50.6% [1] Acquisition and Asset Management - The acquisition of Pinglin Expressway at the end of 2024 contributed significantly to the profit increase, while the disposal of Tianjin Jinxiong Expressway also played a role [1] - The company recorded an investment loss of 20.43 million yuan from a joint project in 1H24, which improved to a loss of 2.68 million yuan in 1H25 [1] Market and Industry Trends - The overall impact of road network changes in 2025 is expected to be neutral, with slight variations in toll revenues across different highways [2][3] - The company’s core asset, Guangzhou North Second Ring, is undergoing expansion, which is anticipated to have a minimal impact on traffic flow [2] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted upwards by 8.5%, 5.1%, and 10.4% to 730 million, 745 million, and 757 million yuan respectively [3] - The target price has been raised to 4.79 HKD based on a 10x PE ratio for 2025E, indicating a strong dividend yield of 6.8% [3]