2.与北京公科飞达订立机电工程施工合同(JD2标段)，签约合同价为人民币2.89亿元。 机电工程施工合同(JD1标段)标的事项为广东新粤(作为承建商)将承接自K2+270起始至K71+130.658终止 (不含萝岗立交范围、新塘立交范围、火村和新联互通枢纽范围)，总长度约68.861公里路段的收费系 统、监控系统和通信系统的施工，以及通信管道工程，并统筹机电系统的联合调试和测试。 湾区发展(00737)发布公告，经通过广州公共资源交易中心进行若干公开招标及投标程序后，于2025年9 月26日(交易时段后)，广深珠公司就有关经批准路段改扩建项目的机电工程施工工作与各承建商订立以 下机电工程施工合同： 1.与广东新粤订立机电工程施工合同(JD1标段)，签约合同价为人民币4.22亿元;及 机电工程施工合同(JD2标段)标的事项为北京公科飞达(作为承建商)将承接自K2+270起始至K71+130.658 终止(不含萝岗立交范围、新塘立交范围、火村和新联互通枢纽范围)，总长度约68.861公里路段的供配 电(含外供电)及照明系统的施工。 高速公路的投资、建设、营运和维护为集团的主要业务之一。订立机电工程施工合同(JD1 ...

2. 与北京公科飞达订立机电工程施工合同(JD2标段)，签约合同价为人民币2.89亿元。 机电工程施工合同(JD1标段)标的事项为广东新粤(作为承建商)将承接自 K2+270起始至 K71+130.658终 止(不含萝岗立交范围、新塘立交范围、火村和新联互通枢纽范围)，总长度约 68.861 公里路段的收费系 统、监控系统和通信系统的施工，以及通信管道工程，并统筹机电系统的联合调试和测试。 机电工程施工合同(JD2标段)标的事项为北京公科飞达(作为承建商)将承接自K2+270起始至 K71+130.658 终止(不含萝岗立交范围、新塘立交范围、火村和新联互通枢纽范围)，总长度约 68.861 公 里路段的供配电(含外供电)及照明系统的施工。 高速公路的投资、建设、营运和维护为集团的主要业务之一。订立机电工程施工合同(JD1及JD2标段)为 实施经批准路段改扩建项目的一部分。实施经批准路段改扩建项目，将有助于提升经批准路段的通行能 力和服务水平，壮大集团在收费公路行业的核心竞争力，符合集团的发展战略。 1. 与广东新粤订立机电工程施工合同(JD1标段)，签约合同价为人民币4.22亿元;及 智通财经APP讯，湾区 ...

Group 1 - The company reported a decline in revenue for H1 2025, with total revenue of 10.74 billion yuan, a year-on-year decrease of 11.5%, while net profit attributable to shareholders was 1.70 billion yuan, an increase of 3.9% [1] - In Q2 2025, the company achieved revenue of 6.27 billion yuan, down 17.6% year-on-year, and net profit of 0.89 billion yuan, up 3.0% [1] Group 2 - The company's toll revenue for H1 2025 increased by 5.5% year-on-year, totaling 4.914 billion yuan [2] - The revenue from Jiqing Expressway was 1.483 billion yuan, a slight increase of 0.57% year-on-year, while revenue from Jingtai Expressway decreased by 5.09% to 0.952 billion yuan [2] - The revenue from Jishan Expressway surged by 165.46% to 0.629 billion yuan, attributed to the completion of expansion works and the resumption of two-way traffic [2] Group 3 - In H1 2025, Qilu Expressway reported a net profit of 0.198 billion yuan, a decrease of 21.62%, mainly due to increased depreciation and financial costs after the completion of Jishan Expressway expansion [3] - The Rail Transit Group achieved a net profit of 0.223 billion yuan, a year-on-year increase of 14.04%, with a total volume of 55.16 million tons, up 2.2% [3] - The Information Group's net profit rose by 20.46% to 0.079 billion yuan [3] - The company reported investment income of 0.639 billion yuan, a decrease of 8.82% year-on-year [3] Group 4 - As of H1 2025, the company completed investments of 1.26 billion yuan in ongoing projects [4] - The cumulative investment in the Jingtai Expressway expansion project reached 6.564 billion yuan, with 95% of the subgrade and 85% of the pavement completed [4] - The Weilai Expressway expansion project had a cumulative investment of 0.696 billion yuan, with only 9% of the subgrade and 2% of the pavement completed [4] - The G220 Dongshen Line expansion project had a cumulative investment of 0.495 billion yuan, with 27% of the main works completed [4] Group 5 - The company forecasts revenues of 27.832 billion yuan, 28.175 billion yuan, and 28.616 billion yuan for 2025-2027, with year-on-year growth rates of -2.32%, 1.23%, and 1.57% respectively [5] - The net profit attributable to shareholders is expected to be 3.466 billion yuan, 3.670 billion yuan, and 3.787 billion yuan for the same period, with growth rates of 8.44%, 5.90%, and 3.18% respectively [5] - The company maintains a "buy" rating, emphasizing its core expressway assets as central to the Shandong provincial expressway network [5]

Core Viewpoint - The company reported a stable growth in its main business despite a decline in Q2 revenue, with significant contributions from toll income and recent acquisitions [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 3.74 billion yuan, representing a year-on-year increase of 11.7% [1]. - The net profit attributable to shareholders for the same period was 960 million yuan, up 4% year-on-year [1]. - Q2 revenue was 920 million yuan, showing a significant decline of 51.7% compared to the previous year, while net profit for Q2 was 410 million yuan, a 2.4% increase year-on-year [1]. Group 2: Toll Revenue - Toll revenue for the first half of 2025 reached 2.52 billion yuan, marking a 13.4% year-on-year growth, with Q2 toll revenue at 1.23 billion yuan, up 18.4% year-on-year [1]. - Key toll road performance included: - He-Ning Expressway with a 8.7% increase in toll revenue for H1 2025 and 8.1% in Q2 [1]. - Xuan-Guang Expressway with a remarkable 98.7% increase in H1 2025 and 238.5% in Q2, attributed to traffic recovery post-expansion [1]. - Gao-Jie Expressway saw a slight decline of 0.4% in H1 2025 and 0.3% in Q2 due to traffic diversion from new road openings [1]. - Newly acquired roads, Fu-Zhou and Si-Xu Expressways, reported a 11.7% increase and a 2.1% decrease in toll revenue respectively for H1 2025 [1]. Group 3: Cost and Profitability - Operating costs for H1 2025 were 2.35 billion yuan, up 16.6% year-on-year, primarily due to increased depreciation from the completion of the Xuan-Guang expansion [2]. - The gross profit margin for H1 2025 was 37.2%, a decrease of 1.3 percentage points, with the toll road business gross margin at 55%, down 4.5 percentage points [2]. - Financial expenses rose to 90 million yuan, a 191.9% increase year-on-year, mainly due to interest expenses from increased borrowing related to the Xuan-Guang expansion [2]. Group 4: Investment Outlook - The company operates in a mature and profitable core area in Anhui Province, with high returns from expansions and acquisitions [2]. - The potential for traffic growth remains due to improvements in regional road networks and ongoing expansion efforts [2]. - Projected net profits for 2025-2027 are estimated at 1.85 billion, 1.88 billion, and 1.86 billion yuan respectively, with a 2025 PE ratio of 13.2x and a PB of 1.7x [2].

人民财讯9月5日电，今天（5日），京昆高速公路合阳至蒲城段改扩建工程正式开工建设。此次改扩建 的京昆高速合蒲段横跨陕西渭北核心区，途经陕西合阳、澄城、蒲城三县区，全长约76.868公里，全线 采用双向八车道高速公路标准，设计时速120公里，预计建设工期3年。 （文章来源：央视新闻） ...

Core Viewpoint - The company, Guangdong Expressway A, recently engaged in a specific investor survey with 23 institutions, discussing its operational status and project progress. Group 1: Company Operations - The company provided an overview of its financial data changes for the first half of 2025, including the operational status of its subsidiaries and ongoing expansion projects [1]. - The board secretary, Yang Hanming, highlighted the impact of the Shenzhen-Zhongshan Channel on traffic flow and toll revenue, noting a decrease in tolls for the Guangzhu East route but a stabilization in the decline [2]. Group 2: Traffic and Revenue Insights - Traffic volume for Guangzhu East and Guanghui Highways showed expected year-on-year changes, with Guanghui experiencing growth in both traffic and toll revenue [2]. - The company reported a higher-than-expected reduction in traffic volume for the Fokai Highway due to the influence of the Shenzhen-Zhongshan Channel and the opening of the Zhongkai Highway [2]. Group 3: Capital Expenditure and Project Management - The company’s recent capital expenditures primarily focus on the equity investments in the expansion projects of its highways, including Guangzhu East, Guanghui, and Yuezhao Highways [2]. - The company is implementing traffic organization plans to minimize the impact of construction on traffic flow during ongoing expansion projects [2].

Group 1: Financial Performance - The company reported significant changes in financial data for the first half of 2025, with specific focus on traffic volume and toll revenue across major routes [3] - The traffic volume for Guangzhu East and Guanghui Expressways showed expected year-on-year changes, with Guangzhu East experiencing a decline in toll revenue due to the diversion caused by the Shenzhen-Zhongshan Channel [3] - The traffic volume for Fokai Expressway decreased more than expected due to the impact of the Shenzhen-Zhongshan Channel and the opening of Zhongkai Expressway [3] Group 2: Capital Expenditure and Projects - The company's recent capital expenditures are primarily focused on the investment in the expansion projects of its controlled expressways, including Guangzhu East, Guanghui, and Yuezhang Expressways [3] - The company is committed to funding these projects according to their construction progress to meet financial requirements [3] Group 3: Impact of Infrastructure Changes - The company anticipates ongoing traffic diversion effects from the Shenzhen-Zhongshan Channel on Guangzhu East and Fokai Expressways throughout the year, with the extent of the impact to be monitored [3] - The company has implemented traffic management strategies to minimize the impact of construction on traffic flow during expansion projects [3]

Core Viewpoint - The company reported a revenue increase of 11.7% year-on-year for the first half of 2025, driven by toll and construction service income, despite a significant decline in revenue for the second quarter of 2024 [1][2]. Group 1: Performance Overview - In 1H2025, the company achieved an operating income of 3.74 billion yuan, a year-on-year increase of 11.7%, and a net profit attributable to shareholders of 960 million yuan, up 4.0% [1]. - In 2Q2024, the company recorded an operating income of 920 million yuan, a year-on-year decrease of 51.7%, while the net profit attributable to shareholders was 410 million yuan, an increase of 2.4% [1]. Group 2: Operational Analysis - The revenue growth in 1H2025 was primarily due to toll income and construction service income, with toll income reaching 2.48 billion yuan, a year-on-year increase of 13.4% [2]. - The toll income from the Xuan-Guang Expressway was 220 million yuan, a significant increase of 98.7%, attributed to the reopening of the highway after renovations [2]. - The core route, the An-Ning Expressway, generated toll income of 740 million yuan, up 8.7%, benefiting from higher traffic during the Spring Festival [2]. - Construction period revenue costs were 1.22 billion yuan, reflecting a year-on-year increase of 9.1% [2]. Group 3: Profitability and Cost Analysis - The gross profit margin for 1H2025 was 37.2%, a decrease of 2.6 percentage points year-on-year, mainly due to the commencement of depreciation for the Xuan-Guang Expressway [3]. - The gross profit margin for the Xuan-Guang Expressway was 20.6%, down 16.7 percentage points [3]. - The company's expense ratio was 4.79%, an increase of 1.5 percentage points year-on-year, with financial expenses accounting for 2.53%, up 1.56 percentage points [3]. - The fair value change profit was 58.51 million yuan, a significant increase of 6054.7% year-on-year, primarily due to the recognition of fair value changes from the CICC Anhui Expressway REIT [3]. - The net profit margin attributable to shareholders was 25.7%, down 1.9 percentage points year-on-year [3]. Group 4: Strategic Developments - The company completed the acquisition of 100% equity in Fuzhou Expressway and Sihu Expressway for 4.77 billion yuan, contributing a net profit of 85.05 million yuan and 33.22 million yuan, respectively [4]. - The company participated in a private placement of Shen Expressway, investing 500 million yuan, and won the concession rights for the Bo-Dan Expressway, investing 35 million yuan to expand its asset base [4]. - Since April, Anhui Province has implemented differentiated toll policies, reducing discounts for certain vehicles, which is expected to positively impact the company's profitability [4]. Group 5: Profit Forecast and Valuation - The company maintains its net profit forecast for 2025-2027 at 1.89 billion yuan, 1.99 billion yuan, and 2.10 billion yuan, respectively, and continues to hold a "buy" rating [5].

Group 1 - The core viewpoint of the news is that Dongguan Development Holdings Co., Ltd. reported a decline in revenue for the first half of 2025, primarily due to a decrease in the scale of quasi-financial business, while net profit increased significantly due to the recovery of bad debt provisions from the disposal of equity in Dongguan Trust [1] - In the first half of 2025, the company achieved operating revenue of 766 million yuan, a year-on-year decrease of 8.57%, and a net profit attributable to shareholders of 532 million yuan, a year-on-year increase of 20.51% [1] - As of the end of the reporting period, the company's total assets were 16.128 billion yuan, a decrease of 7.15% from the beginning of the year, while net assets attributable to shareholders increased by 1.95% to 10.028 billion yuan [1] Group 2 - The company operates the Dongshen Expressway, which is a key part of the G94 expressway in the Pearl River Delta, connecting major cities like Guangzhou, Dongguan, and Shenzhen [2] - The company holds a 35% stake in the Huichang Expressway Dongguan section, which is 14.9 kilometers long, and is currently undergoing expansion and renovation with a total project cost of 17.584 billion yuan [2] - In the first half of 2025, the traffic volume on the Dongshen Expressway remained stable compared to the same period last year, with a total of 60.0858 million vehicles, and toll revenue of 627 million yuan, a slight decrease of 0.37% year-on-year [2]

新建的右幅汉江特大桥。 8月21日，京港澳高速公路鄂豫界至军山段改扩建工程传来捷报，分离新建汉江特大桥、跨汉丹汉宜铁路转体桥、东西湖互通至武汉 西互通分离新建主线路段"两桥一路"正式对社会车辆开放，较原计划提前8个月，标志着武汉主城区内该项目核心工程全部建成。 21日凌晨，分离新建的右幅汉江特大桥灯火如链，宛如一道钢铁长虹横跨东西湖区与蔡甸区。"这桥修得太漂亮了，以后跑运输可就顺 畅多了！"司机李师傅难掩喜悦。 右幅汉江特大桥全长1667米，主跨为155+450+155米双塔双索面斜拉桥，主塔高123米，承担8车道南下通行任务。大桥在国内首次应 用"节段T梁全装配式建造技术"，将30米T梁分解为6米"积木"预制拼装，破解运输难题，开创绿色建造新模式。 转体时的跨汉丹汉宜铁路转体桥。 E = 73 1 2 10 1 and 245 Bird Child in s (1) F re 1997 TE AR ONE BA DA BE DE BE 75 55 r START A 1 PANE flice ALES AND r relat y ------- ri D 11 11 2 t and a . . 位于东西湖区 ...