Group 1 - The profit distribution plan for the fiscal year 2024 has been approved at the shareholders' meeting held on May 21, 2025, with a total cash dividend of RMB 293,462,039.20 (including tax) to be distributed, maintaining a ratio of RMB 2 per 10 shares [1] - The profit distribution plan specifies that for shareholders holding shares through the Shenzhen-Hong Kong Stock Connect, the cash dividend will be RMB 1.8 per 10 shares, with a differentiated tax rate applied for different types of shareholders [1][2] - The record date for the dividend distribution is set for June 18, 2025, and the payment will be made on June 19, 2025, directly into the shareholders' accounts [2] Group 2 - The company will not issue bonus shares or implement a capital reserve transfer to increase share capital for this fiscal year [1] - The company assumes all legal responsibilities for any insufficient cash dividends distributed by the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch [2] - Shareholders must apply for the dividend distribution between June 10, 2025, and the record date [2]

Core Viewpoint - Shandong Hi-Speed Company plans to hold its second extraordinary general meeting of shareholders in 2025 on June 17, 2025, to discuss key matters including the issuance of corporate bonds and the election of directors [1][5][9]. Meeting Details - The meeting is scheduled for June 17, 2025, at 11:00 AM, located at the company's conference room on the 22nd floor, Jinan, Shandong Province [1]. - Shareholders can attend in person or appoint a proxy to vote on their behalf [1][2]. - Registration for the meeting requires identification and proof of shareholding [1]. Voting Procedures - The meeting will utilize both on-site and online voting methods [1][5]. - A cumulative voting system will be employed for the election of directors and independent directors, allowing shareholders to allocate their votes among candidates [4][5]. Agenda Items - The first agenda item involves a proposal to issue corporate bonds not exceeding RMB 8 billion, with a maturity of up to 25 years [6][9]. - The second agenda item is the election of Yang Jianguo as a director of the sixth board, nominated by a major shareholder [9][10]. - The third agenda item includes the replacement of independent directors, with nominations for Tang Guiyao and Pan Lin [9][12]. Bond Issuance Details - The bond issuance aims to supplement working capital, repay debts, and fund project construction [6][7]. - The bonds will be unsecured and underwritten by a lead underwriter [6][7]. Director Nominations - Yang Jianguo has a background in engineering and has held various leadership roles in related companies [9][10]. - Tang Guiyao and Pan Lin are both qualified candidates for independent director positions, with significant academic and professional credentials [12][13].

Core Viewpoint - The company aims to achieve high-quality development in 2024 by focusing on "operating highways," enhancing quality and efficiency, and implementing cost control measures, despite facing a decline in net profit due to asset impairment losses [1][2][4]. Financial Performance - In 2024, the company reported a revenue of 3.02588 billion yuan, a decrease of 0.78% year-on-year, primarily due to reduced traffic volume and toll income [18]. - The net profit attributable to the parent company was 781 million yuan, down 13.46% from the previous year, with earnings per share at 0.28 yuan [1][18]. - Total assets increased by 3.19% to 172.88 billion yuan, while total liabilities decreased by 1.27% to 31.30 billion yuan [20]. Governance and Compliance - The company strengthened its governance structure by completing the election of the board of supervisors and specialized committees, ensuring compliance with relevant laws and regulations [4][5]. - The board of directors held six meetings and one shareholders' meeting during the reporting period, with all proposed resolutions approved [2][5]. Strategic Initiatives - The company is focused on cost reduction and efficiency improvement through various measures, including budget management and innovative construction methods [8]. - It is exploring capital operation paths in line with regulatory encouragement for mergers and acquisitions [8]. Information Disclosure and Investor Relations - The company completed four regular reports and 22 temporary announcements in 2024, ensuring timely and accurate information disclosure [6][8]. - It implemented a mid-term dividend policy to enhance investor confidence, raising the minimum dividend payout ratio from 30% to 35% [7][8]. Future Outlook - The company plans to continue integrating into provincial and municipal strategic development, focusing on major projects to enhance the transportation network in Fujian Province [9][10]. - It aims to deepen the integration of transportation and energy sectors, promoting a low-carbon and efficient operational model [9].

Core Viewpoint - The company plans to provide financial assistance to its associate company, Chongqing Tongyue Expressway Co., Ltd., to address its initial operational funding gap, amounting to a maximum of 73.1 million yuan, with a three-year term and interest based on the LPR [1][3][10]. Summary by Sections Transaction Overview - The financial assistance is intended to cover the operational funding gap of Tongyue Expressway during its initial phase, with the company providing support according to its 43% shareholding [3][6]. - The assistance will be capped at 73.1 million yuan, with interest rates following the five-year LPR, payable quarterly [1][3]. Related Party Information - Tongyue Expressway is a controlled enterprise of Chongqing Highway Group, which holds over 5% of the company's shares, thus qualifying it as a related party under the Shanghai Stock Exchange regulations [4][5]. - In the past 12 months, the company has engaged in related party transactions totaling 68.8 million yuan, representing 0.88% of the latest audited net assets [2][3]. Financial Assistance Details - The funds will primarily be used for repaying existing loans and settling construction project payments [6][9]. - The company has established a management system for external financial assistance, ensuring continuous risk assessment of Tongyue Expressway's financial health [9]. Impact on the Company - The financial assistance is expected to have a minimal adverse impact on the company's operations and asset status, as the funding is relatively small [9][10]. - The company will enhance monitoring of the use of the funds and closely observe Tongyue Expressway's operational and financial conditions to mitigate risks [9][10]. Approval Process - The proposal for financial assistance was approved unanimously by non-related directors during the board meeting held on June 10, 2025, and will be submitted for shareholder approval [2][10]. - The board's audit committee has also reviewed and supported the proposal, confirming that it aligns with the company's long-term strategic goals [10].

Group 1 - The company held its 11th Board's 12th meeting on May 23, 2025, approving a proposal for a related party transaction involving the procurement of asphalt and new materials by its subsidiary Jiangsu Guangjing Xicheng Highway Co., Ltd. from Jiangsu Gaoxin Material Co., Ltd. [1] - The transaction amount is capped at RMB 311,036,849.38, which is related to two contracts for the supply of materials for highway expansion projects [2][4] - The company plans to submit this proposal for approval at the 2024 annual shareholders' meeting scheduled for June 27, 2025 [1][3] Group 2 - The shareholders' meeting will take place at 15:00 on June 27, 2025, at the company's meeting room located at 6 Xianlin Avenue, Nanjing [3] - The network voting system will be available on the Shanghai Stock Exchange, with voting times set for June 27, 2025, during specified trading hours [3] - The original shareholder meeting notice remains unchanged, and the equity registration date is also unchanged [3][4]

Group 1 - The stock price of Anhui Wantuo Expressway (00995.HK) closed at HKD 12.620 on June 10, reflecting a 2.77% increase from the previous trading day, with an intraday high of HKD 12.740, marking a nearly one-year high [1] - The net capital inflow for the day was HKD 321.16 million, with a total of HKD 748.296 million flowing in and HKD 427.140 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 various expressways and bridges in Anhui, including the G40 Huhang Expressway and the Anqing Yangtze River Bridge, and provides management services for approximately 4,163 kilometers of expressways [2] - The company is exploring additional revenue streams through advertising along highways, financial services, and fund investments to enhance profitability and ensure sustainable development [2]

Group 1 - Jiangsu Ninghu Expressway (600377) announced that its subsidiary, Guangjing Xicheng Company, has entrusted the construction management of the Guangjing North Section Expansion Project and the Xiyi Expressway South Section Expansion Project to the Construction Bureau [1] - Contracts for the supply of asphalt and new materials for both projects have been signed with Su Gao New Materials Company, covering the period from July 1, 2025, to July 30, 2026, for the Guangjing North Section, with an estimated cost of approximately RMB 30 million in 2025 and RMB 55.34 million in 2026 [1] - The Xiyi Expressway South Section Expansion Project has a procurement period from July 1, 2025, to December 31, 2025, with an estimated cost of approximately RMB 226 million [1] Group 2 - The transactions are routine business contracts for the company’s subsidiary, priced at market fair value, ensuring no harm to the company's interests and no related party transactions that could lead to conflicts [2] - The collaboration with Su Gao New Materials Company is expected to enhance operational efficiency and reduce management costs through synergies within the group [2] - Previous agreements between the companies have been executed effectively without any defaults, indicating a low risk of non-performance for the ongoing related transactions [2]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the outlook for the Chinese stock market and various industries, particularly focusing on economic trends, capital expenditure, and investment opportunities in 2025 [1][11]. Core Insights and Arguments 1. **Market Expectations**: The market's economic expectations are at a low point, with zero returns in economically related sectors, indicating that market momentum is not driven by economic growth improvement [1][3]. 2. **Capital Expenditure Trends**: There is a divergence in capital expenditure between new and old economies, with increased spending in emerging economic structures and a decline in traditional sectors, suggesting a correction in long-term pessimistic investor expectations [1][4]. 3. **Discount Rate Impact**: The anticipated rise in the stock market in 2025 is attributed to a decrease in the discount rate, including lower risk-free rates and risk premiums, which will attract more capital into the market [1][5]. 4. **Asset Management Demand**: Economic pressures are creating a demand for asset management, particularly among young individuals seeking to grow their funds, highlighting the importance of long-term investment logic in the current market structure [1][6]. 5. **Long-term Investment Logic**: Industries and sectors that can articulate a long-term investment narrative are expected to attract more investment, as the impact of discount rate reductions is more significant on long-term asset pricing [1][7]. 6. **China's Risk Premium**: The reduction in China's risk premium is attributed to sound economic policies and capital market reforms, which are attracting both industrial and financial capital [1][9]. 7. **2025 Market Outlook**: The outlook for the Chinese securities market in 2025 is positive, with emerging technology as a key focus, while cyclical finance may emerge as a dark horse [1][11]. 8. **Steel Industry Dynamics**: The steel industry is expected to see demand bottoming out, with exports and manufacturing offsetting real estate downturns, leading to a potential rebound in steel prices after a short-term decline [1][28]. Additional Important Insights 1. **Real Estate Sales Policy**: Developers prefer a gradual approach to implementing current housing sales policies, indicating a cautious outlook on sales recovery [1][13]. 2. **Building Materials Sector**: The building materials sector is experiencing a decline in demand due to high base effects from the previous year, but overall stability is expected [1][16]. 3. **Chemical Industry Challenges**: The chemical industry faces challenges due to reduced export volumes and a lack of domestic demand catalysts, although long-term prospects remain attractive [1][19]. 4. **Construction Industry Sentiment**: The construction industry is under pressure, with cautious sentiment regarding future improvements and a focus on policy catalysts [1][21][22]. 5. **Energy and Metal Markets**: The energy metals market is influenced by geopolitical factors, while lithium prices are expected to remain under pressure in the near term [1][31][32]. This summary encapsulates the key points discussed in the conference call, providing insights into market expectations, industry dynamics, and investment opportunities for 2025.

Core Viewpoint - The legal opinion letter from Grandall Law Firm confirms that Anhui Wantuo Expressway Co., Ltd. can proceed with a non-public issuance of H shares to Anhui Transportation Holding Group (Hong Kong) Co., Ltd. without the need to issue a tender offer, as it meets the relevant regulatory conditions [2][11][17]. Group 1: Investor Rights Changes - The legal opinion addresses the changes in investor rights related to the non-public issuance of shares and confirms that the issuance complies with the relevant laws and regulations [3][11]. - The opinion states that Anhui Wantuo Expressway has provided all necessary documentation to support the issuance and that the information is accurate and complete [3][5]. Group 2: Qualification of the Subscriber - Anhui Transportation Holding Group (Hong Kong) Co., Ltd. is confirmed to have legal entity status and is in good standing, with a registered capital of USD 24.8 million [5][6]. - The subscriber has no disqualifying conditions that would prevent it from acquiring H shares of Anhui Wantuo Expressway, as verified by the legal firm [6][17]. Group 3: Approvals and Authorizations - The board of directors of Anhui Wantuo Expressway has approved the issuance of H shares and authorized the necessary actions to complete the transaction [7][8]. - The shareholders' meeting has also granted general authorization for the issuance of new shares, allowing the board to act based on market conditions [8][9]. Group 4: Issuance Details - The non-public issuance involves the subscription of 49,981,889 H shares, with a total payment of HKD 522,310,740.05 made by the subscriber [11][17]. - The issuance is structured to ensure that the direct and indirect shareholding of Anhui Transportation Holding Group does not exceed the regulatory threshold for requiring a tender offer [17].

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。 2025年4月未經審計營運資料 本集團2025年4月 未 經 審 計 的 營 運 資 料 如 下： | | | | 日均收費車流量（輛 次） | | | | | 路 費 收 入（人 民 幣，千 元） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 當月環比 | 當月同比 | 2025年 | 累計同比 | | 當月環比 | 當月同比 | 2025年 | 累計同比 | | 項 目 | 當 月 | 變 動 | 變 動 | 累 計 | 變動 | 當月 | 變 動 | 變 動 | 累 計 | 變 動 | | 附屬公司項目 | | | | | | | | | | | | 廣州北二環高速 | ...