Core Viewpoint - The company reported a slight increase in revenue and net profit for the year 2025, indicating stable financial performance despite challenges in the toll road sector [1] Financial Performance - The company achieved a revenue of 9.264 billion, a year-on-year increase of 0.2% [1] - The net profit attributable to shareholders was 1.149 billion, up 0.38% year-on-year [1] - The net profit after deducting non-recurring items was 1.224 billion, reflecting a year-on-year growth of 4.66% [1] - Operating cash flow for the period was 4.624 billion [1] - The company plans to distribute cash dividends of approximately 619 million, representing 53.9% of the annual net profit, with a dividend per share of about 0.244 yuan, yielding a dividend rate of approximately 2.66% based on the stock price at the time of the report [1] Business Segments - The company primarily engages in toll road and environmental protection business, with toll revenue accounting for approximately 55.31% of total revenue at about 5.124 billion [2] - Revenue from clean energy and solid waste resource treatment was approximately 1.517 billion, contributing 16.38% to total revenue [2] - Other income amounted to about 2.623 billion, making up 28.31% of total revenue [2] - Toll revenue from the Guangshen Expressway decreased by 2.1% year-on-year, while revenue from the Outer Ring project increased by 3.8%, and revenue from the Yangtze River project rose by 7.1% due to the opening of the second phase on June 30, 2024 [2] Environmental Business - The environmental protection segment focuses on clean energy generation and solid waste resource treatment [3] - The company has a total installed capacity of approximately 686 MW in clean energy generation, including 677 MW from wind and 9.4 MW from solar [3] - During the reporting period, the company processed 1,432 thousand tons of organic waste across four projects, generating an operating revenue of 780 million [3] - The gross profit margin for the environmental business showed significant growth compared to 2024 [3] Strategic Direction - The company aims to strengthen its core toll road business while optimizing its clean energy sector and developing strategic emerging industries during the 14th Five-Year Plan period [4]

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Insights - The company reported a revenue of 20.877 billion RMB in 2025, a year-on-year increase of 1.5%, but the net profit attributable to shareholders was 2.948 billion RMB, down 9.2% year-on-year, which was below previous expectations due to lower-than-expected new green energy installations and a significant decline in electricity prices [1][2] - The company plans to distribute a dividend of 0.18 RMB per share for 2025, including a special dividend of 0.0423 RMB per share, resulting in a dividend yield of 8.5% based on the closing price on March 27, 2026 [1][4] - The company is characterized by low valuation and high dividend yield, indicating potential for long-term value reassessment [1][5] Green Energy Segment - In 2025, the company’s wind and solar power revenue increased by 7.9% and decreased by 3.2% respectively, with operating profit declining by 4.5% and 0.1% respectively due to a drop in electricity prices [2] - The average on-grid electricity prices for wind and solar power are expected to decline by 8% and 11% respectively, leading to pressure on operating profits [2] - The company anticipates new green energy installations of 1.0 GW, 0.8 GW, and 0.6 GW for the years 2026-2028, with a compound annual growth rate of 6% for total green energy capacity [2] Gas Power Segment - The gas power segment reported a revenue increase of 2% in 2025, driven by a 1.3% increase in installed capacity, resulting in a generation of 19.02 billion kWh [3] - However, operating profit decreased by 13% due to credit impairment losses of 91.58 million RMB and increased maintenance costs [3] - The successful launch of an AI model for gas turbine operations is expected to enhance operational efficiency in the gas power business [3] Cash Flow and Dividend Policy - The company achieved positive free cash flow in 2025, recovering renewable energy generation subsidies amounting to 4.404 billion RMB, which is 2.96 times that of 2024 [4] - A shareholder return plan has been established, committing to a cash dividend payout ratio of no less than 42%, 44%, and 46% for the years 2025, 2026, and 2027 respectively [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2026-2028 is 3.08 billion RMB, 3.17 billion RMB, and 3.24 billion RMB respectively, with adjustments made due to lower-than-expected new green energy installations and electricity price declines [5] - The target price for the company is set at 3.19 HKD, based on a price-to-book ratio of 0.63x for 2026 [5][7]

Summary of Conference Call Notes Company Overview - The company discussed is 深高速 (Shenzhen Expressway) - The focus is on the company's financial performance and operational updates for the year 2025 Key Financial Metrics - Total revenue for 2025 reached 9.26 billion yuan, a year-on-year increase of 0.2% [3] - Net profit attributable to shareholders was 1.15 billion yuan, up 0.4% year-on-year [3] - Earnings per share stood at 0.429 yuan [3] - Total assets increased by 5.5% to 71.3 billion yuan, with a debt-to-asset ratio of 55.04% [3] - Comprehensive financing cost decreased to 2.5%, down 0.7 percentage points year-on-year [2][3] Revenue Breakdown by Business Segment - **Toll Road Business**: - Revenue of approximately 5.12 billion yuan, accounting for 55.3% of total revenue, with a year-on-year growth of 1.4% [4] - Net profit from this segment was about 2.31 billion yuan, a decline of 5% [4] - **Environmental Business**: - Revenue of 1.52 billion yuan, representing 16.4% of total revenue, with a year-on-year increase of 7.7% [4] - Operating profit grew by 35% to approximately 250 million yuan [4][7] - **Construction Services**: - Revenue of about 2 billion yuan, accounting for 21.5% of total revenue, with a year-on-year increase of 1.6% [4] - **Real Estate Development**: - Revenue of approximately 50 million yuan, a significant increase of 58.3% year-on-year [5] Toll Road Performance - The company operates 16 toll road projects with a total length of 613 kilometers [6] - Traffic volume and toll revenue increased in several projects due to network connectivity and rising vehicle ownership [6] - Notable increases in traffic and revenue were observed in the沿江 and外环 projects, while西线高速 experienced a decline of about 11% due to traffic diversion [6] Environmental Business Developments - The environmental segment saw a total organic waste processing volume of 1.45 million tons, a year-on-year increase of 2.2% [7] - The company has optimized management and implemented pricing adjustments to improve profitability [14] Capital Expenditure and Financing - Planned capital expenditure for 2026-2028 is approximately 18.1 billion yuan, focusing on major projects like机荷改扩建 and外环三期 [2][8] - The company successfully registered 50 billion yuan in medium-term notes and issued bonds totaling 9.3 billion yuan [8] Dividend Policy - The proposed dividend payout ratio for 2025 is approximately 58.85%, with a commitment to maintain a minimum of 55% [2][16] - The company has a history of consistent dividend payments, totaling over 15 billion yuan since inception [16] Future Strategic Focus - The company aims to strengthen its core toll road business while optimizing its environmental and clean energy segments [11][17] - Plans include enhancing operational efficiency, exploring new market opportunities, and maintaining a balance between short-term returns and long-term growth [11][17] Asset Impairment and Risk Management - In 2025, the company recognized an asset impairment of 746 million yuan, primarily affecting the environmental segment [2][12] - The company anticipates that future impairment risks will be manageable, with a focus on improving asset quality [12][21] Conclusion - Overall, 深高速 demonstrated stable financial performance in 2025, with strategic plans for growth and optimization across its business segments, while maintaining a commitment to shareholder returns through dividends and prudent financial management.

Investment Rating - The investment rating for the company is maintained as "Hold" for A-shares and "Buy" for H-shares [7]. Core Views - The company's 2025 revenue reached 9.264 billion RMB, a year-on-year increase of 0.20%, while the net profit attributable to shareholders was 1.149 billion RMB, up 0.38% year-on-year. However, the company recorded a one-time impairment loss of 653 million RMB, impacting net profit by 587 million RMB, leading to results below expectations by 617 million RMB [1][2]. - The company plans to distribute a dividend of 0.244 RMB per share for the 2025 fiscal year, with a payout ratio of approximately 58.85%, resulting in dividend yields of 2.7% for A-shares and 3.7% for H-shares [1][5]. Revenue and Profitability - The toll revenue for 2025 increased by 1.4% year-on-year, and after excluding the impact of the exit of Yichang Expressway in March 2024, the adjusted toll revenue grew by 3.15% due to the opening of Jiangsu Phase II and favorable weather conditions [2]. - The gross margin for the highway business decreased by 5.2% year-on-year, primarily due to increased amortization and maintenance costs [2]. - The clean energy generation business remained stable, with revenue and gross profit showing a slight decline of 0.9% and an increase of 2.2%, respectively [3]. Capital Expenditure and Financial Health - The company raised 4.7 billion RMB through a private placement in 2025, reducing the debt-to-asset ratio from 59.7% at the beginning of the year to 55.0% by year-end [4]. - The capital expenditure plan for 2026-2028 is projected to reach 18.1 billion RMB, primarily directed towards new and expanded road projects and waste treatment initiatives [4]. Earnings Forecast and Valuation - The net profit forecasts for 2026 and 2027 have been revised down by 4.6% and 6.0% to 1.78 billion RMB and 1.58 billion RMB, respectively, with an initial forecast for 2028 set at 1.5 billion RMB [5]. - The target prices for A-shares and H-shares are set at 10.20 RMB and 8.50 HKD, respectively, reflecting a decrease from previous estimates [5][13].

Investment Rating - The investment rating for the company is maintained as "Hold" for A-shares and "Buy" for H-shares [7]. Core Views - The company's 2025 revenue reached 9.264 billion RMB, a year-on-year increase of 0.20%, while the net profit attributable to shareholders was 1.149 billion RMB, up 0.38% year-on-year. However, the company recorded a one-time impairment loss of 653 million RMB, impacting net profit by 587 million RMB, leading to results below expectations by 617 million RMB [1][2]. - The company plans to distribute a dividend of 0.244 RMB per share for the 2025 fiscal year, with a payout ratio of approximately 58.85%, resulting in dividend yields of 2.7% for A-shares and 3.7% for H-shares [1][5]. Summary by Sections Revenue and Profitability - The company's toll revenue increased by 1.4% year-on-year, and after excluding the impact of the exit of Yichang Expressway, the adjusted toll revenue grew by 3.15%. This growth was attributed to the opening of the Jiangsu section and favorable weather conditions [2]. - The gross margin for the highway business decreased by 5.2%, primarily due to increased amortization and maintenance costs. The clean energy generation business remained stable, while the solid waste resource recovery business showed a slight turnaround [1][3]. Environmental Business - In the environmental sector, the clean energy generation revenue and gross profit decreased by 0.9% and increased by 2.2%, respectively. The kitchen waste treatment revenue and gross profit grew by 20% and turned profitable, mainly due to the commercial operation of the Guangming Environmental Park and rising oil prices [3]. - The subsidiary, Lande Environmental, reduced its losses to 196 million RMB in 2025 from 397 million RMB in 2024, indicating a near break-even point [3]. Capital Expenditure and Financial Health - The company raised 4.7 billion RMB through a private placement in 2025, reducing its debt-to-asset ratio from 59.7% at the beginning of the year to 55.0% by year-end. However, the company has significant capital expenditure plans of 18.1 billion RMB from 2026 to 2028, which may lead to a slight increase in the debt-to-asset ratio to 56.5% by the end of 2028 [4][5]. Profit Forecast and Valuation - The net profit forecasts for 2026 and 2027 have been revised down by 4.6% and 6.0% to 1.78 billion RMB and 1.58 billion RMB, respectively. The 2028 net profit forecast is introduced at 1.5 billion RMB. The target prices for A-shares and H-shares are set at 10.2 RMB and 8.5 HKD, respectively [5][7].

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。 （於百慕達註冊成立之有限公司） （股份代號：00152） 海外監管公告 隨附之文件乃深圳國際控股有限公司（「本公司」）的附屬公司 深圳高速公路集團股份有限公司所發佈的《2025 年年度業績初步 公告》。 2026 年 3 月 25 日 於本公告日期，本公司董事會的成員包括執行董事李海濤先生、劉征宇先生、王沛航先 生及劉秀麗女士；非執行董事蔡曉平先生；以及獨立非執行董事潘朝金先生、曾志博士、 王國文博士及丁春艷教授。 1.2 公司簡介 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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 2025 年年度業績初步公告 一、 重要提示 1.1 本公司 2025 年年度業績初步公告摘自本 ...

Investment Rating - The report indicates a strong need for private capital to support the UK's industrial strategy and infrastructure pipeline, highlighting the critical role of the financial sector in mobilizing £345 billion over the next decade [16][18]. Core Insights - The UK government aims to achieve its industrial strategy and national infrastructure goals through significant private investment, particularly in high-growth sectors identified in the IS-8 strategy [17][25]. - The report emphasizes the importance of private investment in clean energy, advanced manufacturing, and other key sectors to meet ambitious growth targets and ensure a sustainable economic future [27][89]. - The current market environment is favorable for investment, driven by increased interest in defense, low-carbon transitions, and public infrastructure updates [18][19]. Summary by Sections 1. Executive Summary - The report outlines two focused strategies for UK growth, emphasizing the need for private sector involvement in funding infrastructure projects [22][23]. 2. Infrastructure Pipeline - The national infrastructure pipeline is projected to attract approximately £530 billion in planned investments over the next decade, with nearly half expected to come from the private sector [23][34]. - The report highlights that 68% of projects scheduled for 2025/26 have confirmed funding, indicating a strong short-term funding outlook [45][46]. 3. Clean Energy - The UK government aims for clean energy to generate at least 95% of its electricity by 2030, requiring over £40 billion in annual investments to achieve this target [51][61]. - The clean energy sector is identified as a growth driver, with significant investment needed in technologies such as offshore wind and nuclear energy [62][63]. 4. Exploring IS-8 Areas - The IS-8 sectors, including advanced manufacturing, clean energy, and digital technology, collectively contributed £841 billion to the UK GDP in 2023, representing 31% of total economic output [25][89]. - The report stresses the necessity of scaling up financing to meet the ambitious growth targets set for these sectors [26][27].

Core Viewpoint - The green power ETF Guotai (159669) has seen a more than 2.5% increase, indicating a steady development in the industry, supported by recent government policies aimed at establishing a unified national electricity market by 2030 and fully completing it by 2035 [1] Group 1: Policy Developments - The State Council's recent issuance of the "Implementation Opinions on Improving the National Unified Electricity Market System" outlines a "two-step" strategy for market development [1] - By 2030, the goal is to have all types of power sources and non-essential users directly participate in the electricity market [1] - The plan includes innovative measures such as transitioning from "individual pricing and trading" to "unified pricing and joint trading" across various market levels [1] Group 2: Market Dynamics - The policy aims to expand the scale of green electricity consumption and accelerate the establishment of a combined system of mandatory and voluntary green certificate consumption [1] - There is a scheduled introduction of various power sources, including gas, hydro, and nuclear power, into the electricity market [1] - The exploration of a system that reflects the low-carbon value of nuclear power is also part of the strategy [1] Group 3: Commodity Prices and Inventory - The spot price of thermal coal has increased month-on-month but decreased year-on-year [1] - Coal inventories at major ports have shown a decrease both month-on-month and year-on-year [1] Group 4: Investment Opportunities - The green power ETF Guotai (159669) tracks the green power index (399438), which reflects the overall performance of publicly listed companies in the clean energy generation sector [1] - The index covers sub-sectors such as hydropower, wind power, and photovoltaics, focusing on power companies with low-carbon attributes [1] - These companies typically exhibit strong anti-cyclicality and abundant cash flow, making them important investment tools for achieving "dual carbon" goals [1]

Core Viewpoint - The recent issuance of the "Implementation Opinions on Improving the National Unified Electricity Market System" aims to establish a unified electricity market in China, with significant implications for the green electricity sector, as evidenced by the rise of the Cathay Green Power ETF (159669) by over 2% on February 27 [1]. Group 1: Policy Developments - The strategy for building a national unified electricity market will be implemented in two phases: by 2030, a basic framework will be established, allowing all types of power sources and non-essential users to participate directly in the market; by 2035, the system will be fully operational [1]. - The "Implementation Opinions" propose several innovative measures, including transitioning from "individual pricing and trading" to "unified pricing and joint trading" across various market levels [1]. - The policy aims to expand the scale of green electricity consumption and accelerate the establishment of a dual system for mandatory and voluntary green certificate consumption [1]. Group 2: Market Implications - The Cathay Green Power ETF (159669) tracks the green power index (399438), which selects listed companies involved in clean energy generation, such as hydropower, wind power, and solar power, to reflect the overall performance of securities related to green electricity [1]. - The policy encourages a phased approach for integrating various energy sources, including gas, hydro, and nuclear power, into the electricity market, while exploring systems that reflect the low-carbon value of nuclear power [1].

Group 1 - China Three Gorges (Brazil) Co., Ltd. has officially launched a battery energy storage system testing laboratory at the Ilia Hydropower Station in São Paulo, Brazil [1][3] - The project, named Flex BESS, is a collaboration between China Three Gorges Brazil, SENAI Pernambuco, Thymos Energia, and Wisebyte, focusing on the technical pathways of battery storage and photovoltaic power generation [3] - The total investment for the project is approximately 15 million Brazilian Reais, which includes the construction of a photovoltaic power station with 1,248 installed modules and a peak capacity of 692 kilowatts, sufficient to meet the electricity needs of over 380 households [3] Group 2 - The project also includes a 215 kilowatt-hour Huawei battery storage system to evaluate the operational characteristics of electrochemical storage under grid-connected conditions [3] - The initiative aims to enhance the stability of the power system and improve the capacity for renewable energy integration, contributing to the development of Brazil's "smart energy system" [3] - China Three Gorges Brazil operates 15 hydropower stations, 12 wind farms, and one solar park, with a total installed capacity of approximately 9 gigawatts [4]