山东路桥 20260226 摘要 公司分红政策保持"持续上涨"趋势，分红总额力争逐年提升。计划保 持一年多次分红安排，在关键节点实施分红，并适度提升分红总额。 内部项目回款保障具备优势，毛利率方面因地缘优势可能略高且更稳定。 海外项目利润率低于国内，但回款情况较好，随着规模扩大与协同效应 增强，利润水平具备改善空间。 在"十五五"开局背景下，如何展望山东省内高速公路建设投资的中枢水平与 趋势变化？2026 年省内投资节奏可能出现哪些影响因素？ 对山东省内投资的判断偏向"十五五"期间保持总体稳定。结合山东省交通立 体规划网相关纲要以及山东高速集团年度建设任务的安排，预计"十五五"期 间省内高速公路新建项目年度投资总额大体在 400 亿—500 亿元区间。除新建 外，改扩建需求亦将形成增量支撑：山东高速集团在手运营里程已突破 9,300 多公里，改扩建数量存在逐年提升的客观要求，同时六车道以上占比要求提升， 也将带动改扩建需求的叠加。整体趋势上，"十五五"前半段预计与"十四 五"相近，投资维持在相对高位；"十五五"后半段相较前半段、以及与"十 四五"相比，趋势上可能有所变化。2026 年作为"十五五"开局之年，在 ...

Group 1: Business Performance - In the first half of 2025, the company secured a total order amount of approximately 94.34 billion CNY, with "urban expansion" projects accounting for about 48.54% of the business [2] - The company has diversified its project portfolio, covering 13 sub-sectors, with comprehensive road and bridge projects making up approximately 31.2% [2] - Emerging sectors, including new energy, ecological protection, and high-speed rail, collectively won contracts worth 50.91 billion CNY [3] Group 2: Cash Flow Management - The net cash flow from operating activities increased by 33.79% year-on-year in the first half of 2025, indicating an improvement in cash flow [3] - The company plans to enhance cash flow by establishing a collection task force and optimizing payment models to reduce fund mismatches [3] - The company has a rich financing channel with low interest rates, ensuring sufficient funding for operations and cash flow security [3] Group 3: Shareholder Returns - Since meeting dividend conditions, the total dividend amount has consistently increased, with plans to enhance dividend levels and frequency [4] - In 2024-2025, the company conducted two share buybacks, demonstrating a commitment to maintaining company value and shareholder rights [4] - The company aims to actively reward shareholders through improved performance and increased dividends [4] Group 4: Competitive Landscape - The company has initiated the process for the injection of Shandong Port Construction Co., Ltd., with related audit and evaluation work currently underway [3] - The timeline for resolving competition issues has exceeded the 36-month commitment made by Shandong High-Speed Group [3]