Core Viewpoint - The economic performance of Shandong state-owned enterprises in the first quarter of 2025 shows a stable and progressive trend, with significant growth in key financial metrics [1][3]. Group 1: Financial Performance - As of the end of March, the total assets of Shandong state-owned enterprises reached 54,097.4 billion yuan, a year-on-year increase of 6.5% [1]. - Cumulative operating revenue was 6,116.9 billion yuan, reflecting a year-on-year growth of 6.9% [1]. - Total profit amounted to 227.6 billion yuan, with a net profit of 172.2 billion yuan, contributing to the high-quality development of the provincial economy [1]. Group 2: Revenue and Profit Growth - The revenue growth rate for state-owned enterprises expanded by 0.6 percentage points compared to January-February, with March showing a month-on-month increase of 40.7% in revenue and 58.8% in total profit [3]. - Eight enterprises, including Shandong Gold and Shandong Heavy Industry, reported profit growth rates exceeding 5% [3]. Group 3: Key Contributors - Major contributors to profits included Shandong Heavy Industry (66.2 billion yuan), Shandong Expressway (42.4 billion yuan), Shandong Energy (31.3 billion yuan), Shandong Port (28.1 billion yuan), and Shandong Gold (20.1 billion yuan) [3]. - Shandong Heavy Industry saw domestic sales of heavy trucks, light trucks, buses, and excavators increase by over 20% year-on-year [3]. Group 4: Industrial Performance - The total industrial output value and sales value of state-owned enterprises reached 2,663.7 billion yuan and 2,714.5 billion yuan, respectively, with year-on-year growth of 18.1% and 16.1% [4]. - Five major industrial enterprises contributed over 50% of the profits, with Shandong Energy maintaining stable production levels and Shandong Gold increasing gold production by over 20% from overseas mines [4]. Group 5: Project Development - A total of 39 projects from state-owned enterprises were included in the provincial major project list for 2025, with 14 projects focusing on green and low-carbon development [4]. - Shandong Expressway completed over 8.5 billion yuan in highway investments, while several high-speed rail projects made significant progress [4]. Group 6: National Standing - Shandong state-owned enterprises ranked first in total operating revenue, total assets, and owners' equity among 32 provincial state-owned asset supervision commissions, and second in total profit [5]. Group 7: New Product Development - In the first quarter, state-owned enterprises in new industries generated revenue of 136.3 billion yuan, accounting for 22.3% of total revenue, an increase of 3.4 percentage points from the previous year [5][6]. - The new product revenue ratio for Hualu Group continued to grow, with seven new formulation products approved and 50 patents authorized, marking historical highs [6].

Summary of Wantuo Expressway Conference Call Company Overview - **Company**: Wantuo Expressway - **Industry**: Expressway and Transportation Key Financial Performance - **Q1 2025 Revenue**: 2.821 billion CNY, up 95.33% YoY [2] - **Q1 2025 Net Profit**: 551 million CNY, up 5.19% YoY [2] - **Basic Earnings Per Share**: 0.3323 CNY, up 5.19% YoY [2] - **2024 Revenue**: 7.092 billion CNY, up 6.94% YoY [3] - **2024 Net Profit**: 1.669 billion CNY, up 0.55% YoY [3] Revenue Drivers - Significant increase in toll revenue due to favorable weather during the Spring Festival and consolidation of Fuzhou and Suxu expressways [2][10] - Expected additional revenue of approximately 100 million CNY from the adjustment of ETC discount from 85% to 95% [4][11] Operational Improvements - Implementation of efficiency enhancement measures including management optimization, revenue increase, and cost reduction [5] - Issued the first high-growth industrial bond in the province, reducing annual loan interest by approximately 23 million CNY [5] - Expansion of rental income from Silicon Valley Internet Communication Industrial Park, which grew by 30% [2][5] Strategic Acquisitions and Projects - Completed acquisition of 100% equity in Fuzhou and Suxu expressways, enhancing network layout and profitability [2][6] - Completion of the Xuan-Guan expressway expansion project, which is expected to significantly increase traffic volume in the future [2][6][7] - High-Jie expressway expansion project design approved, with construction expected to start by the end of April 2025 [4][13] Financial Management - Financial expenses are expected to rise post-expansion project completion, but Q1 2025 expenses did not show significant increases due to some loan funds not being fully utilized [8] - Current loan interest rates range from 2% to 3%, with potential for further reduction depending on LPR trends [8] Market and Policy Impact - The adjustment of the ETC discount policy is anticipated to positively impact toll revenue, although vehicle flow needs to be monitored [11] - The company is actively pursuing new investment opportunities in expressway projects to optimize asset structure and enhance fundamentals [18] Future Outlook - The company aims to balance investment returns and growth in the final year of the 14th Five-Year Plan, with a focus on highway construction and asset investment [22] - Initiatives for the 15th Five-Year Plan are underway, with a commitment to high-quality development and strategic investments in emerging industries [23] Additional Insights - The company’s performance metrics, including stock price ranking and return on equity, indicate strong market recognition [22] - The impact of regional economic changes and traffic flow adjustments on toll revenue is being closely monitored [19][20] This summary encapsulates the key points from the Wantuo Expressway conference call, highlighting financial performance, operational strategies, and future plans within the expressway industry.

赣粤高速 20250429 摘要 • 赣粤高速 2024 年归母净利润 4.28 亿元，扣非归母净利润 4.11 亿元，分 别同比增长 9.52%和 7.17%，主要得益于高速公路主业的增长和财务费 用降低。2025 年一季度通行费收入同比增长 3.81%，其中 1 月创历史新 高。 • 2024 年营业收入同比下降 20%，主要受智慧交通和地产行业收入下降影 响，但高速公路主业收入同比增长 2.11%。智慧交通业务通过减少省外低 毛利率项目，实现毛利率提升 4 个百分点。 • 高速公路业务毛利率提升至 54.45%，同比增长 3.17 个百分点，主要受 益于养护成本大幅下降，得益于交通运输部对养护支出管理的规范，将大 型维修改造支出资本化。预计 2025 年养护成本将继续控制在合理水平。 • 财务费用显著下降，得益于低成本融资策略。2024 年新增融资成本为 2.11%，2025 年 1 月发行的超短期融资利率仅为 1.67%。未来将继续用 新债券置换前期发行的较高利率债券。 • 地产业务受 2023 年高基数影响，销售确认有所减少，但新增地产项目销 售良好，已售出超过半数房产。公司战略为去库存，暂不新增地 ...

Core Insights - Ninghu Expressway (600377.SH) reported a total operating revenue of 4.782 billion yuan for Q1 2025, ranking 4th among disclosed peers, with a year-on-year increase of 1.308 billion yuan, representing a 37.66% growth compared to the same period last year [1] - The company's net profit attributable to shareholders was 1.211 billion yuan, ranking 4th among peers, but decreased by 35.9699 million yuan, reflecting a 2.88% decline year-on-year [1] - Operating cash flow net inflow reached 1.713 billion yuan, ranking 3rd among peers, with an increase of 73.5221 million yuan, marking a 4.48% rise year-on-year [1] Financial Ratios - The latest debt-to-asset ratio stands at 44.29%, ranking 21st among peers, down 0.38 percentage points from the previous quarter and down 3.06 percentage points year-on-year [3] - The latest gross profit margin is 34.67%, ranking 18th among peers, up 8.39 percentage points from the previous quarter but down 12.58 percentage points year-on-year [3] - Return on equity (ROE) is at 3.06%, ranking 5th among peers, with a decrease of 0.42 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.24 yuan, ranking 3rd among peers, with a decrease of 0.01 yuan, reflecting a 2.87% decline year-on-year [3] - The total asset turnover ratio is 0.05 times, ranking 13th among peers, with an increase of 0.01 times year-on-year, representing a 21.43% growth [3] - The inventory turnover ratio is 1.57 times, ranking 21st among peers, with an increase of 0.74 times year-on-year, achieving a continuous rise over 5 years, reflecting an 89.79% increase [3] Shareholder Structure - The number of shareholders is 27,700, with the top ten shareholders holding 3.679 billion shares, accounting for 73.02% of the total share capital [3] - The largest shareholder is Jiangsu Transportation Holding Co., Ltd., holding 54.44% of the shares [4] - Other significant shareholders include China Merchants Highway Network Technology Holdings Co., Ltd. at 11.69% and BlackRock, Inc. at 2.21% [4]

山东高速（600350）公告，2025年第一季度营收为44.7亿元，同比下降1.35%；净利润为8.07亿元，同 比增长4.85%。 ...

深高速（600548）公告，2025年第一季度营收为17.72亿元，同比下降13.06%；净利润为4.78亿元，同 比增长1.50%。 ...

Group 1 - The stock price of Anhui Wantuo Expressway (00995.HK) closed at HKD 11.760 on April 29, reflecting a 1.03% increase from the previous trading day, with an intraday high of HKD 11.960, marking a new high in nearly a year [1] - The net capital inflow on that day was HKD 0.535 million, with a total of HKD 5.774 million flowing in and HKD 5.239 million flowing out [1] Group 2 - Anhui Wantuo Expressway Co., Ltd. was established on August 15, 1996, and is the first expressway company listed in Hong Kong, as well as the only publicly listed expressway company in Anhui Province [2] - The company primarily engages in the investment, construction, operation, and management of toll roads within Anhui Province, generating revenue through toll fees for vehicles [2] - The company owns or has partial rights to several expressways in Anhui, including the G40 Huhang Expressway, G50 Huhang Expressway segments, and the Anqing Yangtze River Bridge, among others [2] - The company also provides management services for approximately 4,163 kilometers of expressways on behalf of Anhui Transportation Holding Group and its subsidiaries [2] - Additionally, the company is exploring advertising, quasi-financial services, and fund investment businesses to expand its profit margins and achieve sustainable development [2]

Core Viewpoint - The Shitai Expressway expansion project in Hebei is China's first "carbon-neutral" highway, integrating green and low-carbon principles throughout its design and construction process [1][2]. Group 1: Project Overview - The Shitai Expressway is a crucial east-west energy transportation corridor in China, with its expansion project starting in 2022 to accommodate increasing vehicle traffic [2]. - The project involves widening the highway from 4 lanes to 6 lanes (with some sections having 8 lanes) and increasing the design speed from 60 km/h to between 80 km/h and 100 km/h [2]. Group 2: Environmental Initiatives - The project utilizes rubber asphalt made from recycled tires, with a maximum incorporation rate of 50%, enhancing road durability and reducing noise while promoting recycling and carbon reduction [1]. - Green vegetation bags have been added to slope engineering for ecological restoration and protection [1]. Group 3: Investment and Future Plans - As of the first quarter of 2025, Hebei Province plans to invest 165.8 billion yuan in highway construction, aiming to complete 312 kilometers of new highways and exceed a total of 9,000 kilometers [2]. - The project aligns with the broader goal of achieving zero carbon emissions during operation by installing solar energy facilities in service areas and along the roadbed slopes [2].

三、分红送配方案情况 数据四舍五入，查看更多财务数据>> 本次公司不分配不转赠。 一、主要会计数据和财务指标 | 名称 持有数量(万股) | | 占总股本比例 (%) | 增减情况(万 股) | | --- | --- | --- | --- | | 黑龙江省高速公路集团有限公司 | 44048.22 | 33.47 | 不变 | | 招商局公路网络科技控股股份有限公司 | 21739.64 | 16.52 | 不变 | | 穗甬控股有限公司 | 9277.00 | 7.05 | -1275.00 | | 杭州合赢壹号企业管理合伙企业(有限合伙) | 7800.00 | 5.93 | 不变 | | 广州辰崧投资合伙企业(有限合伙) | 1109.00 | 0.84 | 不变 | | 黑龙江交通（601188）发展股份有限公司回购专用证 券账户 | 1040.87 | 0.79 | 新进 | | 冯慧 | 353.66 | 0.27 | 2.20 | | 张桂梅 | 220.72 | 0.17 | 新进 | | 高盛公司有限责任公司 | 219.70 | 0.17 | 新进 | | 中信证券股份有限公司 | 2 ...

Core Insights - The company reported a significant increase in revenue for Q1, with total revenue reaching 4.782 billion yuan, a year-on-year increase of 37.66%, primarily driven by increased investment in road and bridge construction projects [1][4] - Despite the revenue growth, net profit experienced a slight decline of 2.88% year-on-year, amounting to 1.211 billion yuan, largely due to soaring construction costs [1][4] - The company’s core business remains stable, with a non-recurring net profit of 1.195 billion yuan, reflecting a year-on-year growth of 0.63% [1][4] Revenue Breakdown - The toll road business, a core segment, generated 2.327 billion yuan in revenue, marking a 2.25% increase, benefiting from the expansion of the Yangtze River highway and a low base effect from adverse weather last year [2][4] - Construction business revenue surged to 1.797 billion yuan, a staggering increase of 284.55%, becoming the largest contributor to revenue growth [2][4] - Other segments showed mixed results, with power sales down 17.23% to 172 million yuan and real estate revenue plummeting 76.02% to 18 million yuan, indicating a strategic contraction in the real estate sector [2][4] Strategic Developments - The completion of the Ningyang Yangtze River Bridge marks a significant milestone, enhancing the company's road network layout [3][4] - The company is actively advancing the northern connection project of the Ningyang Yangtze River Bridge, with total construction investment reaching 4.217 billion yuan, expected to open by the end of 2025 [5] Financial Position - As of March 2025, total assets amounted to 91.485 billion yuan, a 1.78% increase from the previous year, while equity attributable to shareholders rose by 2.68% to 39.631 billion yuan [6] - The company has increased its long-term debt, with long-term borrowings reaching 20.008 billion yuan, up approximately 650 million yuan, indicating a preference for long-term financing [6]