8月25日下午，深高速（600548.SH，股价10.62元，市值269.52亿元）在深圳举办了半年度业绩说明 会。2025年上半年，公司业绩较上年同期有所提升，实现营业收入约39.19亿元，同比增长4.3%；归属 于上市公司股东的净利润约9.6亿元，同比增长24.04%。 公司通过控股子公司湾区发展持有的京港澳高速公路广州至深圳段改扩建亦按计划推进，其中莞穗段已 进入实体工程施工阶段；深圳段已取得立项核准，正在推进环评、土地整备及初步设计等工作，今年内 将争取先行段动工。 大环保业务是深高速第二大业务板块，主要分为有机垃圾处理和风光清洁能源板块。2025年上半年，公 司这一领域实现了减亏。目前，深高速旗下有机垃圾处理规模超过6300吨/日，已进入商业运营的项目 有18个。 深高速副总裁王绍良向《每日经济新闻》记者表示，上半年公司优化收运管理体系，降低了单吨收运和 处理成本，加强渣料资源化销售，推动技术工艺改造，提高了油脂产出能力。"通过上述措施，公司有 机垃圾处理业务整体减亏。下一步，深高速将推动符合条件的项目转商及落实调价机制，持续拓展油脂 销售市场，提升有机垃圾处理业务盈利能力。" 每经记者｜孔泽思 每 ...

Summary of the Conference Call for Shen High-Speed (深高速) Company Overview - Shen High-Speed reported a revenue of 1.772 billion yuan for Q1 2025, with a net profit attributable to shareholders of approximately 478 million yuan, showing a slight year-on-year increase. The net profit after deducting non-recurring gains and losses grew nearly 16% year-on-year, with earnings per share at 0.203 yuan [2][4] Key Financial Performance - For the full year 2024, Shen High-Speed achieved a revenue of 9.25 billion yuan and a net profit of 1.15 billion yuan, with earnings per share at 0.411 yuan. The decline in profit was mainly due to reduced revenue from the joint venture in real estate and asset impairment provisions made at the end of 2024 [4] Toll Road Business - The toll road business remained stable, with daily toll revenue in the Shenzhen area increasing, particularly benefiting from the opening of new roads. The average daily toll revenue for the Yangtze River Highway increased by 18% [2][7] Environmental Business - Shen High-Speed is actively expanding its environmental business, with an organic waste processing capacity exceeding 6,900 tons per day. In Q1 2025, 17 projects were in commercial operation, processing 320,000 tons of waste and generating revenue of 174 million yuan. However, the overall environmental business is currently operating at a loss, and the company plans to be cautious in future investments in clean energy [2][8][21][22] Financing and Debt Management - The company completed a private placement in March 2025, raising approximately 4.7 billion yuan. Additionally, it raised 7.3 billion yuan through various debt instruments, optimizing its debt structure and reducing financing costs. The comprehensive borrowing cost was approximately 3.19% [2][9][26] Future Development Strategy - Shen High-Speed is focused on advancing key highway projects, including the Outer Ring Phase III and the expansion of the Guangshen Expressway. A new five-year development strategy has been initiated, with the Outer Ring Phase III expected to be completed by the end of 2029 [2][11][15][16] Internal Rate of Return (IRR) and Investment Strategy - The internal rate of return (IRR) requirement for toll road and environmental projects has been adjusted to 6%-7%, still above the industry average. The company remains open to acquiring quality toll road projects but emphasizes profitability and regional barriers [5][17][18] Shareholder Returns and Capital Expenditure - Shen High-Speed is committed to returning at least 55% of net profits to shareholders in cash dividends from 2024 to 2026, with expectations of exceeding 60% in 2024. The planned capital expenditure for 2025-2027 is approximately 20.6 billion yuan, primarily for the Outer Ring Phase III and other projects [5][25][24] Impact of Road Network Changes - The opening of new roads and other structural changes in the road network have had a mixed impact on traffic flow, with overall positive factors outweighing negatives. The company is monitoring these changes closely [14] Conclusion - Shen High-Speed is navigating a complex landscape with stable performance in its toll road business, ongoing challenges in its environmental sector, and a clear focus on strategic growth and shareholder returns. The company is poised for future developments while maintaining a cautious approach to investments and financing.