深高速 20250825 摘要 大环保板块在 2025 年上半年表现如何？ 大环保板块实现收入 7.5 亿元，占总收入的 19%。其中，清洁能源发电收入 2.9 亿元，餐厨垃圾处理收入 3.9 亿元，电池综合利用收入约 0.7 亿元。大环 保板块整体同比增加 2%，主要由于光明环境园餐厨垃圾处理项目于今年 2 月 正式运营并贡献增量收入，以及兰德环保本年度运营收入增加。此外，由于弃 集团归母净利润 9.6 亿元，同比增长 24%，主要受益于融资利率下降、 有机垃圾处理业务亏损减少及部分项目公允价值变动。 集团正制定十五五战略规划，巩固提升收费公路主业，做优大环保业务， 审慎开拓优质清洁能源发电项目，并适时退出竞争优势不强业务，集中 资源做好核心业务。 风率上升导致部分风电项目发电收入下降，而锂电和拆车业务量减少也对前代 项目产生了负面影响。 集团在建造服务和委托建设管理方面的业绩如何？ 报告期内确认建造服务收入约 4.6 亿元，占总收入 12%，同比增长 60%。这 一增长主要源自外环高速及光明环境园等项目根据工程进度确认的建造服务收 入增加。委托建设管理方面，实现了 1.36 亿元的收益，占比 3%，同比增 ...

深圳商报·读创客户端记者 肖晗 2025年8月22日晚间，深圳高速公路集团股份有限公司（以下简称"深高速"）公布2025年半年度经营业 绩。报告期内，深高速实现营业收入约39.19亿元，同比增长4.30%；实现归属于上市公司股东的净利润 约9.60亿元，同比增长24.04%，每股收益0.382元。业绩增长主要受利息支出减少、环保业务减亏、相 关资产公允价值变动等综合因素影响。 财报还同时披露了深圳多项重点项目的进展情况。 据透露，外环三期现已全线开工建设，截至报告期末，已完成约20.2%工程形象进度。报告期内，本公 司已顺利完成向特定对象发行 A股股票，募集资金净额约46.79亿元，为募投项目外环三期补充了建设 资金。机荷高速改扩建项目主体工程已开工建设并完成约12%工程形象进度。该项目采用立体复合通道 模式，分地面层和立体层，均采用双向8车道高速公路标准，建成后可有效提升机荷高速现有交通线位 的通行能力，满足粤港澳大湾区和珠三角一体化的交通需求。此外，深高速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 ...

本报讯 （记者刘晓一）8月22日晚间，深圳高速公路集团股份有限公司（以下简称"深高速"）公布2025 年半年度经营业绩。报告期内，深高速实现营业收入39.19亿元，同比增长4.30%；实现归属于上市公司 股东的净利润9.60亿元，同比增长24.04%，每股收益0.382元。业绩增长主要受利息支出减少、环保业 务减亏、相关资产公允价值变动等综合因素影响。 收费公路业务稳中向好 2025年上半年，深圳地区汛期降雨量较上年同期减少，降低了不利天气对交通出行的干扰；此外，深圳 持续通过汽车补贴、以旧换新等措施促进汽车消费，机动车保有量的增长带动了区域内高速公路交通量 的增长。报告期内，深高速实现路费收入24.49亿元，同比增长0.64%，扣除益常高速从2024年3月21日 起不再纳入合并范围的影响，同口径下路费收入同比增长4.31%。于去年六月底开通的深中通道与沿江 二期有效促进了深高速旗下沿江高速及机荷高速等项目的车流量增长。 深高速管理层表示，集团将进一步做好现有项目的挖潜提质，做强做好主业。一是积极推进重大新建、 扩建公路项目的投资建设，聚焦优势做强收费公路业务；二是努力改善环保项目的盈利能力，集中资源 做好核 ...

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） 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。 茲載列深圳高速公路集團股份有限公司（「本公司」）在上海證券交易所網站發布的 《2025 年半年度報告》，僅供參閱。 承董事會命 趙桂萍 公司秘書 中國，深圳，2025 年 8 月 22 日 於本公告之日，本公司董事會的成員包括執行董事徐恩利先生、廖湘文先生、姚海先 生和文亮先生；非執行董事陳雲江先生、伍燕淩女士和張堅女士；以及獨立非執行董 事李飛龍先生、繆軍先生、徐華翔先生和顏延先生。 深圳高速公路集团股份有限公司 2025 年半年度报告 公司代码：600548 公司简称：深高速 深圳高速公路集团股份有限公司 SHENZHENEXPRESSWAYCORPORATIONLIMITED （于中华人民共和国注册成立的股份有限公司 ） 2025 年半年度 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Shenzhen International [1][6] Core Views - Shenzhen International is a state-owned enterprise with high-quality resources, focusing on logistics, toll roads, ports, and environmental protection, aiming to become a leading urban infrastructure developer and operator in China [5][17] - The company has developed a "big closed-loop" business model for logistics park transformation and a "small closed-loop" model for asset securitization, enhancing its earnings resilience [5][6] - The transformation of the South China logistics park is expected to contribute over HKD 15.658 billion in after-tax revenue [5] - The company maintains a stable dividend policy with a payout ratio of around 50% of net profit, making it an attractive high-dividend stock [5][37] Financial Data and Profit Forecast - Revenue projections for Shenzhen International are as follows: - 2023: HKD 20.524 billion - 2024: HKD 15.571 billion - 2025E: HKD 16.007 billion - 2026E: HKD 16.488 billion - 2027E: HKD 17.159 billion - Net profit attributable to shareholders is forecasted to be: - 2023: HKD 1.902 billion - 2024: HKD 2.872 billion - 2025E: HKD 3.081 billion - 2026E: HKD 3.430 billion - 2027E: HKD 3.925 billion [4][6] Business Model and Strategy - The company operates in four main sectors: toll roads and environmental protection, logistics, port services, and other investments [5][28] - The "big closed-loop" model focuses on land value appreciation through transformation and redevelopment, while the "small closed-loop" model involves asset securitization through public REITs or private funds [5][28] - The logistics and port business is the core of the company, with toll roads and environmental protection providing a stable revenue base [5][28] Market Position and Competitive Advantage - Shenzhen International is the only state-owned enterprise in Shenzhen that is publicly listed and focuses on modern logistics, toll roads, ports, and environmental protection [5][17] - The company has a strong presence in key economic regions such as the Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Delta, and Beijing-Tianjin-Hebei Economic Zone [5][17] - The company has a competitive edge due to its strategic location and experience in land development and asset management [5][9] Dividend Policy - The company has maintained a consistent dividend payout ratio of around 50% since 2017, with total dividends of HKD 15.593 billion from 2015 to 2024 [5][37] - Future dividends are expected to remain stable, supported by the logistics park transformation and asset securitization initiatives [5][37]

Core Insights - Shenzhen Expressway Company (referred to as "the company") reported a revenue of 9.25 billion in 2024, a decrease of 0.53% compared to 2023, and a net profit attributable to shareholders of 1.15 billion, down 50.8% year-on-year [2][3] Financial Performance - The company's operating income for 2024 was 9.25 billion, slightly down from 9.30 billion in 2023, reflecting a decrease of 0.53% [1] - The net profit attributable to shareholders dropped significantly from 2.33 billion in 2023 to 1.15 billion in 2024, marking a decline of 50.8% [1][2] - The net profit after deducting non-recurring items also saw a substantial decrease of 52.05%, from 2.24 billion in 2023 to 1.07 billion in 2024 [1] - The net cash flow from operating activities decreased by 9.22%, from 4.09 billion in 2023 to 3.72 billion in 2024 [1] Business Operations - The decline in revenue was primarily due to the exclusion of Yichang Company from the group consolidation starting March 2024, which led to a reduction in related income, alongside a decrease in environmental business revenue [1][3] - Despite challenges, the company maintained stability in its toll road operations, with toll revenue decreasing by 5.98% year-on-year; however, excluding the impact of Yichang Company, toll revenue remained stable [3] - The opening of the Shenzhen-Zhongshan Corridor significantly increased traffic on the Jiangsu Expressway, resulting in a 16.7% increase in toll revenue compared to the previous year [3] Strategic Developments - The company made significant progress in major engineering projects, with the Jiangsu Phase II project achieving simultaneous opening with the Shenzhen-Zhongshan Corridor on June 30, 2024 [3] - The Outer Ring Phase III has commenced full construction, and the main works of the Jihe Expressway expansion project are also underway, laying a solid foundation for future development [3] Dividend Policy - Despite the decline in performance, the company maintained a high cash dividend ratio, proposing a cash dividend of 0.244 per share, which represents 64.35% of the net profit after excluding perpetual bond investors' returns, significantly higher than the average cash dividend rate over the past three years [3] Risk Factors - The company recognized a total asset impairment provision of 584 million in 2024, primarily related to environmental business assets, contributing to the substantial decrease in net profit [4] - The company faces multiple risks, including macroeconomic fluctuations, changes in industrial policies, and market volatility [4] - In response to these challenges, the company plans to optimize its asset and business structure, focusing on core businesses and exiting less profitable segments [4]