Group 1 - The company reported a net profit attributable to shareholders of 532 million yuan for the first half of 2025, representing a year-on-year increase of 20.51% [2] - The company's net assets attributable to shareholders reached 10.028 billion yuan by the end of the reporting period, an increase of 1.95% from the beginning of the year [2] - The revenue from highway tolls was 627 million yuan, remaining stable compared to the same period last year, accounting for 81.86% of total operating revenue [2] Group 2 - The company has initiated the expansion and renovation project for the Dongguan-Shenzhen Expressway, expected to be completed and operational by December 2028, which will effectively extend the toll collection period [2] - Revenue from financing leasing and commercial factoring was 81 million yuan, accounting for 10.60% of total operating revenue, with a decrease attributed to strict project risk control [2] - Revenue from the new energy vehicle charging and swapping business totaled 42 million yuan, accounting for 5.45% of total operating revenue, with a year-on-year increase of approximately 10% and a reduction in losses by 9.93% [2] Group 3 - The company announced an interim dividend of 1.5 yuan per 10 shares, totaling 156 million yuan, maintaining a stable and sustainable dividend policy [3] - The calculated dividend yield based on the most recent closing price is 4.11%, positioning the company among the industry leaders [3]

Group 1 - The company focuses on industries such as highways and new energy vehicle charging and swapping [2] - The company aims to enhance its core competitiveness through effective management [2] - The company actively leverages its status as a listed entity to contribute to regional economic development [2]

Group 1 - The core viewpoint is that Dongguan Holdings (000828.SZ) is currently facing losses in its new energy vehicle charging and swapping business for the year 2024 [1] - The company is implementing various measures to enhance the operational efficiency of its charging stations, including streamlining personnel to reduce costs and increase efficiency [1] - Dongguan Holdings has completed the acquisition of a 7.1% stake in Dongguan Securities, bringing its total ownership to 27.1% [1]

Core Insights - The National Energy Administration (NEA) has acknowledged the competitive landscape of electric vehicle (EV) charging and swapping enterprises in China, indicating a favorable market environment for these services [1] - The NEA has stated that local governments have largely deregulated charging service fees, allowing enterprises to set prices based on market competition [1] - The NEA emphasizes the importance of safety and operational standards for public charging stations, urging companies to enhance their operational capabilities and maintenance practices [1] - Future policies will be developed by the NEA to improve the quality of charging services, supporting the healthy development of the new energy vehicle industry [1] Industry Overview - The number of EV charging and swapping enterprises in China has increased significantly, leading to intense market competition [1] - The NEA is focused on ensuring that safety production responsibilities are strictly adhered to by construction, design, and supervision entities involved in public charging stations [1] - The NEA plans to implement measures to improve equipment availability and fault handling capabilities during critical times and scenarios [1]

Core Insights - The report highlights the progress of antitrust enforcement in China, particularly focusing on Alibaba and Meituan's compliance with regulatory requirements [1][2] - Key industries under scrutiny include entertainment ticketing, semiconductor materials, cloud services, and the new energy vehicle charging and swapping sector [1][2] Group 1: Antitrust Enforcement Overview - In 2024, the State Administration for Market Regulation (SAMR) intensified antitrust enforcement, concluding 11 cases of monopoly agreements and abuse of market dominance, with 643 merger cases reviewed [2] - A total of 72 cases involving the abuse of administrative power to eliminate or restrict competition were investigated, with a penalty of 119 million yuan imposed for obstructing investigations [2] - The report emphasizes the importance of addressing antitrust issues in public utilities and healthcare sectors, with a notable reduction of 62% in prices for involved pharmaceuticals [2] Group 2: Alibaba and Meituan Compliance - Alibaba was fined 18.228 billion yuan in April 2021 for abusing its market dominance, and it has completed a three-year rectification process as of August 2024 [5][6] - Meituan faced a fine of 3.442 billion yuan in October 2021 for similar "choose one from two" practices, and its rectification is expected to be nearing completion [7][8][9] Group 3: Industry Focus Areas - The entertainment ticketing market is under evaluation for potential horizontal monopoly risks, particularly concerning fixed ticket prices and price reduction restrictions [10] - The semiconductor materials sector is characterized by high market concentration and significant entry barriers, with risks of price-fixing and market division among major players [10][11] - The cloud services market is experiencing rapid growth, driven by advancements in AI, with potential risks related to data sharing and market dominance by major tech firms [11][12] Group 4: New Energy Vehicle Charging and Swapping - The new energy vehicle charging and swapping industry is currently competitive, with no significant monopolistic behavior observed, but future risks of oligopolistic structures are acknowledged [13][14] - Recommendations include enhancing antitrust reviews of market concentration, standardizing charging service fees, and improving the overall quality of charging infrastructure [15]

Core Viewpoint - The charging and swapping business of electric vehicles is classified as a mixed sale, which involves both the sale of electricity and the provision of related services, thus subjecting it to a 13% VAT rate based on the total sales amount [1][2]. Group 1: Policy Interpretation - According to the regulations, if a sales activity involves both services and goods, it is considered a mixed sale [1]. - The charging and swapping operation essentially involves the resale of electricity, which includes service fees that cannot exist independently from the sale of electricity [1]. - Therefore, the charging and swapping business should be treated as a mixed sale, and the applicable VAT rate is 13% on the total sales amount [1][2].

| 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | 线上参与东莞控股 2024 年度及 2025 年第一季度网上业绩说 | | 及人员姓名 | 明会的投资者 | | 时间 | 2025 年 05 月 09 日（星期五）下午 15:00-17:00 | | 地点 | "东莞控股投资者关系"微信小程序 | | 上市公司接待 | 董事长：王崇恩先生 | | 人员姓名 | 董事、副总裁、董事会秘书：林永森先生 | | | 独立董事：辛宇先生 | | | 副总裁、财务总监：李雪军先生 | | | 1、问：一季度公司营业收入同比下降较多，主要原因是什 | | | 么？ | | | 答：公司 年一季度营业收入下降约 2025 10%，主要原因是类 | | | 金融业务板块收入下降所致。 | | | 2、问：请问充电桩业务未能赢利的主因是什么？ | | 投资者关系活 | 答：报告期内，受公交业务缩减、市场竞争加剧的影响 ...