Core Viewpoint - The company reported a decline in toll revenue for February 2026 across three major highways, indicating potential challenges in revenue generation and traffic volume [1] Group 1: Revenue Performance - The total toll revenue for the Guangshen Expressway was approximately 139 million yuan, representing a year-on-year decrease of 33% [1] - The total toll revenue for the Guangzhu West Line Expressway was approximately 67.074 million yuan, reflecting a year-on-year decrease of 20% [1] - The total toll revenue for the Yangjiang Expressway (Shenzhen section) was approximately 45.729 million yuan, showing a year-on-year decrease of 7% [1]

Core Viewpoint - The company reported a decline in toll revenue across its major highways for February 2026, indicating potential challenges in revenue generation and traffic volume [1] Group 1: Revenue Performance - The total toll revenue for the Guangzhou-Shenzhen Expressway was RMB 139 million, representing a year-on-year decrease of 33% [1] - The total toll revenue for the Guangzhu West Line Expressway was RMB 67.074 million, reflecting a year-on-year decrease of 20% [1] - The total toll revenue for the Jiangjiang Expressway (Shenzhen section) was RMB 45.729 million, showing a year-on-year decrease of 7% [1]

Core Viewpoint - The company reported a decline in monthly toll revenue for February 2026 across three major highways, indicating potential challenges in revenue generation and traffic volume [1] Group 1: Revenue Performance - The monthly toll revenue for the Guangzhou-Shenzhen Expressway was approximately 139 million yuan, representing a year-on-year decrease of 33% [1] - The monthly toll revenue for the Guangzhou-Zhuhai West Line Expressway was approximately 67.07 million yuan, reflecting a year-on-year decline of 20% [1] - The monthly toll revenue for the Yangtze River Expressway (Shenzhen section) was approximately 45.73 million yuan, showing a year-on-year decrease of 7% [1]

Shenzhen Investment Holdings Bay Area Development Company Limited 深 圳 投 控 灣 區 發 展 有 限 公 司 2026 年 2 月未經審核之營運資料 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） - 1 - 謹慎性陳述 上述營運數據乃根據本集團未經審計的內部記錄匯總而成。由於在聯網收費系統的環 境下，數據拆分、確認及結算需要履行一定程序，部分營運數據在月度結算和披露時 須以預估方式記錄，上述營運數據與定期報告披露的數據可能存在差異。此外，當月 預估數據還會為上月預估數據與上月實際結算數據的差異作出調整，導致按年同比數 據可能出現偏差。本公司雖已適當謹慎地披露上述數據，但僅作為階段性數據供投資 者參考。投資者請審慎使用上述數據，並避免不恰當地依賴上述數據。 承董事會命 深圳投控灣區發展有限公 ...

Investment Rating - The report maintains a rating of "Add" for the company [3] Core Views - The company reported a total revenue of 6.72 billion yuan for 2025, a decrease of 12.7% year-on-year, while the adjusted net profit attributable to shareholders was 1.88 billion yuan, a slight decline of 1.6% year-on-year, but an increase of 12.5% on an adjusted basis [1] - The company’s toll revenue increased by 13.3% year-on-year, driven by new road assets and expansion projects [7] - The company is expected to continue expanding its core business through acquisitions and infrastructure improvements, with projected net profits of 2.11 billion yuan, 2.14 billion yuan, and 2.18 billion yuan for 2026 to 2028, respectively [7] Financial Data and Valuation - The company’s total revenue is projected to decline to 5.658 billion yuan in 2026, with a year-on-year decrease of 16% [2] - The earnings per share (EPS) is expected to be 1.23 yuan in 2026, with a price-to-earnings (PE) ratio of 12.5 [2][15] - The company’s return on equity (ROE) is projected to be 15.9% in 2026, indicating strong profitability [15] Business Performance - The company’s operating costs for 2025 were 3.73 billion yuan, a decrease of 24.2% year-on-year, while the gross margin was 57.7%, down 3.1 percentage points [7] - The company’s financial expenses increased by 253.3% year-on-year to 230 million yuan due to new bank loans and bond interest expenses [7] - The company plans to distribute cash dividends of 1.13 billion yuan for 2025, representing 60.1% of the net profit attributable to shareholders [7]

Macro Insights - The Middle East conflict has raised global inflation expectations, with March PMI indicators for the US, Europe, and Japan showing weakness due to energy supply shocks and high oil prices impacting the real economy [2][3] - The US stock indices fell throughout the month, while oil prices surged significantly, leading to increased volatility in equity and commodity markets [2] - Domestic manufacturing capacity adjustments are nearing completion, and raw material prices have risen sharply due to oil supply shocks, potentially squeezing profits for mid- and downstream enterprises [3] Company-Specific Insights - Guizhou Moutai (600519 CH) is undergoing a critical year of market-oriented governance transformation, with short-term price stability for its flagship product and long-term growth potential [7] - China Duty Free Group (601888 CH) reported a revenue of 53.694 billion yuan, down 4.92% year-on-year, but showed signs of recovery in Q4 with a revenue increase of 2.81% [8] - RuiPu Bio (300119 CH) achieved a revenue of 3.398 billion yuan in 2025, reflecting a 10.7% year-on-year growth, with a focus on the development of its microbial protein project [10] - MingNing (1768 HK) reported a revenue increase of 68.2% to 66.17 billion yuan, driven by higher store openings and improved profitability [11] - Torch Electronics (603678 CH) achieved a revenue of 4.121 billion yuan, up 47.09% year-on-year, with a focus on diversifying its business to enhance competitiveness [13] - China Overseas Development (688 HK) reported a revenue of 168.1 billion yuan, down 9% year-on-year, but maintains a strong competitive advantage in the industry [14] - Poly Property (6049 HK) achieved a revenue of 17.13 billion yuan, up 5% year-on-year, with expectations for continued stable growth in 2026 [24] - Times Electric (688187 CH) reported a revenue of 28.703 billion yuan, up 15.23% year-on-year, with strong performance in its non-rail business segments [25]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 6.72 billion yuan for 2025, a year-on-year decline of 12.7% compared to the adjusted revenue for 2024. The net profit attributable to shareholders was 1.88 billion yuan, down 1.6% year-on-year, but if excluding the impact of asset acquisitions, the growth rate would be 12.5% [2][4]. - In Q4 2025, the company achieved a revenue of 1.34 billion yuan and a net profit of 400 million yuan, reflecting a decline of 20.9% compared to Q4 2024, or a 10.6% decline when excluding the asset acquisition impact [2][4]. - The company’s toll revenue (after tax) reached 5.023 billion yuan in 2025, representing a growth of 13.36% compared to the adjusted toll revenue for 2024. Without considering the asset acquisition impact, the growth rate exceeded 30% [10]. - The company’s gross profit margin improved by 10 percentage points to 44.5%, and the net profit margin increased by 4.4 percentage points to 27.9%, indicating a significant enhancement in profitability [10]. - The company plans to distribute a cash dividend of 0.660 yuan per share, totaling 1.13 billion yuan, which corresponds to 60.06% of the net profit attributable to shareholders for the year [10]. Financial Summary - For 2025, the total revenue is projected at 6.722 billion yuan, with operating costs at 3.730 billion yuan, resulting in a gross profit of 2.991 billion yuan [13]. - The net profit attributable to shareholders is expected to be 1.877 billion yuan, with an EPS of 1.12 yuan [13]. - The company anticipates a steady increase in net profit over the next three years, with projections of 1.962 billion yuan in 2026, 2.017 billion yuan in 2027, and 2.055 billion yuan in 2028 [10][13].

Core Viewpoint - The company reported a decline in revenue and net profit for 2025, primarily due to reduced income from supporting services and real estate, while toll revenue showed resilience and growth in core operations [1][2]. Revenue Performance - The company achieved approximately RMB 20.289 billion in revenue for 2025, a year-on-year decrease of about 12.54%, with core revenue (excluding construction income) at approximately RMB 12.134 billion, down about 1.61% [1][2]. - Toll revenue reached approximately RMB 9.555 billion, reflecting a year-on-year growth of about 0.29%, indicating the resilience of the main business [2]. Traffic Volume and Toll Income - Traffic volumes for key routes such as the Shanghai-Nanjing Expressway and Wuxi Ring Taihu Road increased by 1.84% and 4.50% respectively, contributing to a growth in toll income for several routes [2]. - The company experienced a decline in toll income for some routes due to construction, but parallel routes benefited from traffic diversion, leading to overall growth in toll revenue [2]. Cost Management and Profitability - The company's operating costs totaled RMB 14.188 billion, down approximately 17.03%, with core operating costs at RMB 6.032 billion, a decrease of about 3.25% [3]. - Management and financial expenses decreased by 5.54% and 13.01% respectively, reflecting improved operational efficiency and cost control [3]. Investment Income and Profit Forecast - Investment income for 2025 was RMB 1.255 billion, a decline of 29.52%, primarily due to reduced dividends from Jiangsu Bank and lower contributions from joint ventures [3]. - The company has revised its profit forecasts downward for 2026-2027, with expected net profits of RMB 4.709 billion, RMB 4.734 billion, and RMB 4.820 billion for 2026E-2028E, respectively [4]. Rating and Valuation - Despite the challenges, the company maintains a "Buy" rating, as its toll road business shows steady growth compared to peers, with a projected PE ratio of 13 for 2026-2028 [4].

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。 四川成渝高速公路股份有限公司 Sichuan Expressway Company Limited* （在中華人民共和國註冊成立之股份有限公司） （股份編號：00107） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列四川成渝高速公路股份有限公司（「本公司」）在上海證券交易所網站發佈的 《四川成渝高速公路股份有限公司2025年年度報告》《四川成渝高速公路股份有限 公司2025年年度報告摘要》《四川成渝高速公路股份有限公司2025年度環境、社會 和公司治理報告》《四川成渝高速公路股份有限公司2025年度環境、社會和公司治 理報告摘要》《四川成渝高速公路股份有限公司獨立董事2025年度述職報告（余海 宗）》《四川成渝高速公路股份有限公司獨立董事2025年度述職報告（步丹璐）》《四 川成渝高速公路股份有限公司獨立董事2025年度述職報告（周華）》《四川成渝高 速公 ...

Core Viewpoint - Anhui Wantuo Expressway (00995.HK) has made a strategic investment by purchasing a total of 24,262,729 shares of Shenzhen Expressway A-shares and 31,010,000 shares of Shenzhen Expressway H-shares, indicating a commitment to enhancing its investment portfolio in the toll road sector [1] Group 1: Investment Details - The total purchase price for the A-shares was approximately RMB 222,784,481.64 (around HKD 252,064,266.88) and for the H-shares was approximately RMB 206,014,349.92 (around HKD 233,090,095.40), excluding transaction costs [1] - The payment for the shares was made using the company's internal cash resources [1] Group 2: Strategic Implications - This acquisition represents a continuation of the company's strategic investment in leading toll road operators, which is expected to facilitate potential collaboration and synergies with Shenzhen Expressway [1] - The investment will allow the company to benefit from Shenzhen Expressway's diversified highway portfolio, which is located outside of Anhui Province, contrasting with the company's primary operations in Anhui [1] - The acquisition is viewed as an attractive investment opportunity, leveraging Shenzhen Expressway's asset quality, stable financial performance, and long-term value to achieve returns [1]