Core Viewpoint - Ninghu Expressway announced the issuance of the 8th phase of ultra-short-term financing bonds for the year 2025 on September 10, 2025 [2] Company Summary - The company is set to issue ultra-short-term financing bonds, indicating a strategy to raise funds for operational or investment purposes [2] - The announcement was made on the evening of September 12, suggesting timely communication with stakeholders regarding financial activities [2]

Group 1 - JPMorgan reduced its stake in Jiangsu Ninghu Expressway (600377) by 3.7 million shares at a price of HKD 9.1741 per share, totaling approximately HKD 33.9442 million [1] - After the reduction, JPMorgan's latest holding is approximately 71.6863 million shares, representing a holding percentage of 5.86% [1]

Group 1 - JPMorgan reduced its stake in Jiangsu Ninhuhighway (00177) by 3.7 million shares at a price of approximately HKD 9.17 per share [1] - The total amount from the sale was about HKD 33.94 million [1] - After the reduction, JPMorgan's remaining shareholding is approximately 71.69 million shares, representing a stake of 5.86% [1]

Group 1 - The company Jiangsu Ninghu Expressway (00177) announced the issuance of its 8th ultra-short-term financing bond for the year 2025, with a total issuance amount of 700 million yuan [1] - The bond, referred to as "25 Ninghu Gao SCP008," has an issuance interest rate of 1.57% [1]

Group 1 - The company Jiangsu Ninghu Expressway (600377) issued the eighth phase of its ultra-short-term financing bonds for the year 2025, with a total issuance amount of 700 million yuan [1] - The bonds are referred to as "25 Ninghu Gao SCP008" and have an issuance interest rate of 1.57% [1]

Group 1 - The company Jiangsu Ninghu Expressway (00177.HK) announced the issuance of its 2025 eighth phase of short-term financing bonds, with a total issuance amount of 700 million yuan [1] - The issuance date is set for September 10, 2025, and the interest rate for the bonds is 1.57% [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 9.41 billion yuan for the first half of 2025, a year-on-year decline of 5.56%, and a net profit attributable to shareholders of 2.42 billion yuan, down 11.8% year-on-year [2][6] - In Q2 2025, the company achieved a revenue of 4.62 billion yuan, a significant year-on-year decline of 28.7%, with a net profit of 1.213 billion yuan, down 19.2% year-on-year [2][6] - The company's highway toll revenue in Q2 2025 was 2.28 billion yuan, showing a slight increase of 1.0% year-on-year, despite a decrease in traffic volume due to construction impacts [12] - The company’s construction revenue, supporting services, and real estate sales saw declines, while electricity sales increased due to weather factors [12] - The company maintained a stable dividend policy, with a slight increase in DPS to 0.49 yuan per share, resulting in a current dividend yield of 3.7% [12] Summary by Sections Financial Performance - The company’s total revenue for 2025 is projected to be 23.965 billion yuan, with a net profit of 5.072 billion yuan, reflecting a stable financial outlook despite recent declines [16] - The company’s operating profit in Q2 2025 was 1.46 billion yuan, an increase of 8% year-on-year, driven by cost reduction and efficiency improvements [12] Traffic and Revenue Analysis - Traffic volume on the core highway segment increased by 1.2%, with average daily toll revenue rising by 6.8% [12] - However, traffic on several other highways saw significant declines due to ongoing construction projects [12] Future Outlook - The company is expected to see a gradual recovery in profitability, with projected net profits of 5.07 billion yuan, 5.28 billion yuan, and 5.46 billion yuan for 2025, 2026, and 2027 respectively [12] - The company’s long-term growth potential remains strong due to its strategic positioning in quality road assets [12]

一、说明会基本情况 山东高速（600350）股份有限公司（以下简称"公司"）于2025年09月11日（星期四）14:00-15:00召开了 2025年半年度业绩说明会。会议在上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com） 采用网络互动方式举办。 二、参加人员 公司董事长傅柏先先生、副董事长兼总经理王昊先生、独立董事王晖先生、总会计师周亮先生、董事会 秘书隋荣昌先生。 三、会议内容纪要 公司在本次说明会上就投资者关心的问题给予了回答，主要问题及答复整理如下： 1、看到公司上半年营业收入下降了11.52%，是什么原因？ 答：2025年上半年，公司建造服务收入10.04亿元，同比减少21.71亿元，导致营业收入减少。剔除建造 服务收入，营业收入同比增加7.73亿元。 答：2025年上半年，公司实现营业收入107.39亿元，同比下降11.52%，主要是由于济菏高速改扩建完 成，建造服务收入下降；实现归属于母公司的净利润16.96亿元，同比增长3.89%。上半年实现通行费收 入（含税）49.14亿元，同比增长5.54%，投资收益6.39亿元，同比下降8.82%。每股收益0.2 ...

Core Viewpoint - Shenzhen Expressway Company Limited (00548) has applied for the registration of medium-term notes with the China Interbank Market Dealers Association, receiving an acceptance notice for a registered amount of RMB 5 billion [1] Group 1 - The registered amount for the medium-term notes is RMB 5 billion, valid for 2 years from the date of the acceptance notice [1] - The acceptance notice is identified as MTN853, issued by the China Interbank Market Dealers Association [1] - The joint lead underwriters for the issuance include major banks such as China Merchants Bank, Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China, China CITIC Bank, and Shanghai Pudong Development Bank [1]

Core Viewpoint - Shenzhen Expressway Company has applied for the registration of medium-term notes with the China Interbank Market Dealers Association, receiving an acceptance notice for a registered amount of RMB 5 billion [1] Group 1 - The registered amount for the medium-term notes is RMB 5 billion, valid for 2 years from the date of the acceptance notice [1] - The joint lead underwriters for the issuance include China Merchants Bank, Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China, China CITIC Bank, and Shanghai Pudong Development Bank [1]