Core Viewpoint - Shenzhen Expressway Company Limited's subsidiary, Shenzhen Investment Holdings Bay Area Development Co., Ltd., reported its financial performance for the first three quarters of 2025, highlighting significant revenue and profit figures [1] Financial Performance - For the first three quarters of 2025, the company achieved an operating revenue of approximately RMB 581 million [1] - The pre-tax profit for the same period was approximately RMB 566 million [1] - The net profit attributable to shareholders was around RMB 381 million [1] Asset Overview - As of September 30, 2025, the total assets of the company were approximately RMB 13.167 billion [1] - The net assets stood at approximately RMB 7.721 billion [1] Ownership Structure - The company holds a 51% stake in the Guangshen Coastal Expressway (S3) Shenzhen section [1] - Other significant assets include a 45% stake in Guangzhou-Shenzhen Expressway Co., Ltd. and a 50% stake in Guangdong Guangzhu West Line Expressway Co., Ltd. [1] - Additionally, the company has a 15% stake in Guangzhou Zhentong Industrial Development Co., Ltd., which is currently developing a project in Zengcheng District, Guangzhou [1]

Group 1 - Hunan's first highway, Changyong Expressway, will be free of tolls starting November 2, 2023, with the toll collection ending on November 1, 2025 [1] - The Changyong Expressway connects Changsha County and Liuyang City, marking the end of Hunan's history of having no expressways [1] - Other expressways in Hunan, such as Jingzhu Expressway and Changsha to Yiyang Expressway, were constructed following the completion of Changyong Expressway [1] Group 2 - In Yunnan, a significant case of counterfeit jewelry certification was uncovered, with over 3,000 forged certificates seized and two suspects arrested [2] - The operation involved the illegal production and sale of jewelry certification without proper licensing, leading to a fine of 314,600 yuan for the offenders [2] Group 3 - In Guangxi, the number of flood points in Baise has decreased significantly, with 320 out of 365 flood points having been resolved as of October 23, 2023 [2] - The flood relief efforts have shown notable progress, particularly in the heavily affected areas like Jinxin City [2] Group 4 - In Sichuan, a court ruling on a domestic violence case awarded the female victim, Ms. Xie, over 1.4 million yuan in property division from her ex-husband [3] - The court determined a 70-30 split of the couple's joint assets, reflecting the severity of the domestic violence experienced [3] Group 5 - In Shanghai, a new policy allows for citywide registration of newborns, eliminating the need for parents to return to their registered household location for birth registration [5][6] - This initiative aims to streamline the process for families, particularly those living far from their registered addresses, enhancing convenience and efficiency in public services [6] Group 6 - Zhejiang Province reported a GDP of 68,495 billion yuan for the first three quarters of 2023, reflecting a year-on-year growth of 5.7% [6] - The growth was driven by increases in all three sectors: primary (3.7%), secondary (5.2%), and tertiary (6.0%) industries [6] - Per capita disposable income for residents reached 54,653 yuan, with a nominal increase of 4.7% and a real increase of 4.9% after adjusting for inflation [6]

Core Viewpoint - Bay Area Development (00737.HK) reported a decrease in revenue and gross profit for the nine months ending September 30, 2025, while net profit attributable to equity shareholders increased slightly [1] Financial Performance - Revenue for the nine months was RMB 581 million, a year-on-year decrease of 12.99% [1] - Gross profit amounted to RMB 242 million, reflecting a year-on-year decrease of 5.27% [1] - Net profit attributable to equity shareholders was RMB 381 million, showing a year-on-year increase of 2.45% [1] - Basic earnings per share were RMB 0.1236 [1]

Core Viewpoint - The company reported a decrease in monthly toll revenue for three major highways in September 2025 compared to the previous year, indicating potential challenges in revenue generation [1] Revenue Summary - The monthly toll revenue for the Guangzhou-Shenzhen Expressway was approximately 233 million yuan, representing a year-on-year decrease of 5% [1] - The monthly toll revenue for the Guangzhou-Zhuhai West Line Expressway was approximately 91.719 million yuan, showing a year-on-year decline of 12% [1] - The monthly toll revenue for the Yangtze River Expressway (Shenzhen section) was approximately 69.047 million yuan, reflecting a year-on-year decrease of 6% [1]

湾区发展(00737)公布，于2025年9月，广深高速（600548）公路、广珠西线高速公路及沿江高速公路(深 圳段)月总路费收入分别为约2.33亿元、9171.9万元及6904.7万元，同比分别减少5%、12%及6%。 ...

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。 Shenzhen Investment Holdings Bay Area Development Company Limited 深 圳 投 控 灣 區 發 展 有 限 公 司 （於開曼群島註冊成立之有限公司） 股份代號：737（港幣櫃檯）及 80737（人民幣櫃檯） 2025 年 9 月未經審核之營運資料 深圳投控灣區發展有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事 會（「董事會」）謹此公佈本集團 2025 年 9 月未經審核之營運資料如下： | | 2024 年 9 月 | 2025 年 9 月 | 變動 % | | --- | --- | --- | --- | | 於營運層面 | | | | | 廣深高速公路 | | | | | 月總路費收入（人民幣千元） | 245,505 | 232,541 | -5% | | 日均路費收入（人民幣千元） | 8,184 | 7,751 | ...

Group 1: Logistics - The logistics industry is expected to undergo a paradigm shift towards high-quality development, driven by policy changes and the "anti-involution" movement, which aims to ensure the rights of delivery personnel and improve profitability [4][24][30] - The logistics sector is entering a new phase of overseas expansion, with companies like Jitu Express and Jiayou International transitioning from initial stages to more advanced operations, focusing on management and capacity exports [4][8][35] Group 2: Aviation - The aviation industry is poised for recovery, benefiting from a resurgence in business travel demand since September, leading to improved revenue and cost dynamics [9][51] - The supply side is tightening, with low aircraft deliveries expected in 2025 and high capacity utilization rates, indicating a potential for revenue and cost resonance in the industry [9][51] Group 3: Shipping - The shipping sector is influenced by both seasonal and non-seasonal factors, with a focus on oil transportation due to OPEC+ production adjustments and the expected positive impact of new projects in the dry bulk segment [10][20] - The container shipping market is facing tariff disruptions, but demand is anticipated to rise due to proposed measures from the 301 investigation, which may boost feeder vessel demand [10][20] Group 4: Highways - Highway companies are regaining attractiveness in terms of valuation and dividend yield, with a focus on low valuation and high dividend characteristics [11][20] - The widening gap between highway company dividend yields and ten-year government bond yields suggests a return to a high cost-performance ratio for these assets [11][20]

Core Points - The first highway in Hunan Province, Changyong Expressway, will be free of tolls starting from November 2, 2025, as confirmed by Modern Investment Co., Ltd [1][5] - Changyong Expressway, which opened on December 28, 1994, is 27 kilometers long and connects Huanghua Airport with downtown Changsha, marking the end of Hunan's "no expressway" history [3][5] Summary by Sections Toll Policy - The toll period for Changyong Expressway was originally set for 30 years, from December 28, 1994, to December 27, 2024 [5] - Due to compensatory policies, the toll period has been extended to November 1, 2025, accounting for 79 days of compensation [5] Current Highway Status - After November 2, 2025, Changyong Expressway will join a few other expressways in China that have ceased toll collection [6] - Other expressways in Hunan that are approaching the 30-year mark include Changsha to Xiangtan Expressway (opened December 1996), Changsha to Yiyang Expressway (opened July 1998), and others [6][7]

Core Points - The first highway in Hunan Province, Changyong Expressway, will be free of tolls starting November 1, 2025, as confirmed by Modern Investment Co., Ltd. [1][5] - Changyong Expressway, which opened on December 28, 1994, is 27 kilometers long and connects Huanghua Airport with downtown Changsha, marking the end of Hunan's history without highways [3][5]. Summary by Sections Highway Toll Policy - The toll collection for Changyong Expressway will cease on November 1, 2025, following a compensation plan for revenue losses due to holiday toll exemptions and green channel policies for fresh agricultural products [5]. - This makes Changyong Expressway one of the few highways in China to stop charging tolls [5]. Historical Context - Changyong Expressway was the first highway in Hunan, constructed in 1993 and completed in 1994, fundamentally changing the transportation landscape in the province [3][5]. - Other highways that followed include the Jingzhu Expressway (Changsha to Xiangtan section) and the Changsha to Yiyang Expressway, which have also been in operation for nearly 30 years [6].

Summary of Key Points from the Earnings Call Transcript Industry and Company Overview - The focus is on the dividend-paying stocks within the transportation sector, particularly in the highway and logistics segments, as well as broader dividend stocks in the market. Core Insights and Arguments - **Dividend Yield Increase**: Leading dividend stocks have seen their yields rise to approximately 4.5%-5%, with expectations of continued inflow of incremental funds due to factors such as the introduction of swap convenience, brokerage proprietary fund allocation, and insurance OCI execution. This makes Q4 of this year and early next year an opportune time for dividend stock allocation [1][3]. - **Global Interest Rate Trends**: The ongoing global trend of interest rate cuts is expected to enhance the cost-effectiveness of dividend investments, making them more attractive [3]. - **Specific Recommendations**: - **Highway Sector**: - **Wuhan Expressway**: Benefiting from the acquisition of Fuzhou and urban expressways, fee discount adjustments, and recovery in vehicle traffic, currently has a dividend yield of about 4.8% [4][5]. - **Guan Yu Expressway**: Holding 78 million shares of Guosheng Jin控, with Q3 performance expected to grow over 50% year-on-year, corresponding to a dividend yield of approximately 4.3% [4][5]. - **Yue Expressway**: Anticipated significant profit growth due to recovery of impairment losses and reduced maintenance costs, currently has a dividend yield of about 5.2% [5]. - **Sichuan Chengyu**: Noted for the highest dividend yield in A-shares at around 5.3%, driven by reduced financial expenses leading to profit growth [5]. - **Railway and Port Recommendations**: - **Daqin Railway**: Benefiting from improved coal market conditions and increased transport volume, currently has a PB valuation close to historical lows and a dividend yield of about 4.3% [5]. - **Tangshan Port**: Fixed dividend of 0.20 per share, with a current yield exceeding 5%, showing operational improvement in Q3 despite a decline in H1 performance [5]. Additional Important Insights - **Broad Dividend Stocks**: - **China Logistics**: Entering peak season for domestic shipping, with an expected annual profit of 2 billion yuan, leading to a potential dividend yield of 7.7% based on a 90% payout ratio [6]. - **Jianfa Co.**: Offers a fixed dividend of 0.70 per share, providing a high certainty with a current yield of 6.8% [2][6]. - **China Foreign Trade**: Another cyclical dividend stock with a fixed distribution of 0.29 per share, currently yielding 4.6%, favored by insurance funds [6]. - **Investment Timing**: The current market environment is viewed as a critical opportunity for investors to allocate resources into these high-yield stocks, emphasizing the importance of strategic positioning in the dividend space [6].