8月25日下午，深高速（600548）(600548.SH)2025中期业绩说明会如约而至。 不久前，深高速发布了一份高增长的半年报——今年上半年，公司实现营业收入39.19亿元，同比增长 4.30%；归属于上市公司股东的净利润9.60亿元，同比增长24.04%，这是公司自2023年年报后，净利润 再次重回超过20%的增长轨道。 不过，21世纪经济报道记者注意到，在业绩增长的同时，深高速两大主业的毛利率均出现了下滑，其中 清洁能源毛利率下滑了5.35个百分点至50.03%。 对于这一变化，深高速副总裁文德良在业绩说明会现场回应指出："上半年，公司清洁能源业务收入毛 利率维持在50%左右，主要受多方面因素影响，包括新疆木垒风场弃风限电率较去年同期上升；永城助 能、中卫甘塘等分厂停工维修维护时长同比增加；此外，部分风场的计划维护工作由去年下半年提前至 今年上半年实施，共同导致风电收入减少。"垃圾处理业务减亏 而公司整体业绩的大幅增长，则主要得益于三个方面。一是融资利率下降带动财务费用减少1.7亿元， 降幅达30%；二是餐厨垃圾处理业务减亏明显；以及持有的部分项目公允价值变动带来一定的增量利 润。 2025年上半年 ...

Core Viewpoint - Shenzhen Expressway Group Co., Ltd. reported a revenue of approximately 3.92 billion yuan for the first half of 2025, marking a year-on-year increase of 4.30%, and a net profit attributable to shareholders of approximately 960 million yuan, reflecting a growth of 24.04% [1][2]. Financial Performance - The total revenue for the reporting period was approximately 3.92 billion yuan, compared to 3.76 billion yuan in the same period last year, resulting in a 4.30% increase [2]. - The total profit for the period was approximately 1.26 billion yuan, up 14.15% from approximately 1.10 billion yuan in the previous year [2]. - The net profit attributable to shareholders was approximately 960 million yuan, a 24.04% increase from approximately 774 million yuan in the previous year [2]. - The basic earnings per share were 0.382 yuan, up 22.44% from 0.312 yuan in the same period last year [3]. - The net asset attributable to shareholders was approximately 26.92 billion yuan, a 22.89% increase from 21.90 billion yuan at the end of the previous year [2]. Operational Highlights - The toll revenue for the first half of 2025 was approximately 2.45 billion yuan, reflecting a year-on-year increase of 0.64%. Excluding the impact of the exclusion of a highway from consolidation, the toll revenue increased by 4.31% on a comparable basis [3]. - The company experienced positive synergy effects from the integration of the Shenzhen regional road network, aided by reduced rainfall during the flood season compared to the previous year, which improved traffic conditions [4]. - The opening of the Shenzhen-Zhongshan Channel and the second phase of the Yangjiang Expressway has enhanced connectivity between the eastern and western banks of the Pearl River Estuary, significantly increasing traffic flow on related highways [4]. Project Developments - The third phase of the Outer Ring Road has commenced construction, achieving approximately 20.2% of the engineering progress by the end of the reporting period [5]. - The expansion project of the Jihe Expressway has also started, with about 12% of the engineering progress completed [6]. - The company is advancing the expansion of the Guangzhou-Shenzhen section of the Jinggang'ao Expressway, with the Dongguan-Guangzhou section entering the construction phase [6]. Environmental Initiatives - The company is focusing on solid waste resource treatment and clean energy generation as a secondary business. The revenue from environmental businesses was approximately 750 million yuan, accounting for 19.14% of total revenue [6]. - The organic waste treatment business has seen a reduction in losses due to optimized management, with both waste disposal and oil extraction volumes increasing year-on-year [6]. Financial Strategy - The company has optimized its debt structure by issuing short-term financing bonds, medium-term notes, and perpetual corporate bonds totaling 9.3 billion yuan to replace existing debt and supplement working capital [7]. - The successful completion of a 4.7 billion yuan A-share private placement has strengthened the company's capital base, supporting sustainable future development [7].

Group 1 - The latest stock price of GCL-Poly Energy is 12.33 yuan, an increase of 0.11 yuan from the previous trading day, with an intraday high of 12.48 yuan and a low of 12.06 yuan, and a total trading volume of 718 million yuan, resulting in a turnover rate of 3.61% [1] - GCL-Poly Energy operates in the power industry, focusing on clean energy generation, cogeneration, and comprehensive energy services, and is involved in the energy-saving and environmental protection sector in Jiangsu province [1] - According to the company's announcement, GCL-Poly Energy and its subsidiaries have not experienced any overdue guarantees or litigation disputes arising from guarantees, which helps stabilize investor confidence in the company's financial status [1] Group 2 - On the day of reporting, the net inflow of main funds was 15.74 million yuan, but over the past five trading days, there has been an overall net outflow of 57.99 million yuan [1]

Group 1 - The stock price of GCL-Poly Energy closed at 11.55 yuan on August 4, 2025, down 1.11% from the previous trading day [1] - The trading volume on that day was 381,110 lots, with a total transaction amount of 439 million yuan [1] - GCL-Poly Energy operates in the power industry, focusing on clean energy generation, cogeneration, and comprehensive energy services [1] Group 2 - As a key energy enterprise in Jiangsu Province, GCL-Poly Energy's business covers multiple areas including renewable energy generation and energy conservation [1] - On August 4, the net outflow of main funds for GCL-Poly Energy was 42.31 million yuan, accounting for 0.23% of its circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 535 million yuan, representing 2.85% of its circulating market value [1]

Rating Adjustment - Moody's downgraded Shandong Water Development Group's issuer rating from Baa2 to Baa3 on June 17, 2025, citing concerns over financial disclosure and rising risks from affiliated enterprises[2] - The rating outlook was adjusted from negative to stable, reflecting the company's current pressures[2] Financial Performance - Revenue declined from CNY 745.32 billion in 2022 to CNY 641.77 billion in 2024, with a continuous downward trend due to various factors including a decrease in cotton trade[16] - Net profit figures were CNY -1.18 billion, CNY 1.17 billion, and CNY 3.05 billion for 2022, 2023, and 2024 respectively, indicating substantial losses when excluding government subsidies and asset disposals[17] Debt and Asset Management - The company's debt levels increased from CNY 939.67 billion in 2022 to CNY 1,022.79 billion by March 2025, indicating a rising debt burden[31] - Asset-liability ratio remained high at approximately 77.71% as of March 2025, despite a slight decrease over the years[32] Restructuring Efforts - The company has been actively divesting non-core assets, with a focus on its main businesses in water management, modern agriculture, and clean energy[10] - Internal restructuring involved 11 subsidiaries and an asset scale of CNY 245 billion, but the effectiveness of these efforts has been questioned[10] Government Support - The group received government subsidies of CNY 3.44 billion, CNY 3.93 billion, and CNY 2.28 billion from 2022 to 2024, which helped stabilize financial metrics despite operational cash flow weaknesses[9] - The Shandong Provincial State-owned Assets Supervision and Administration Commission has issued risk warnings regarding the company's debt situation, emphasizing the need for tighter control over expansion and financial management[14] Investment Strategy - Long-term equity investments surged from CNY 9.48 billion in 2022 to CNY 94.58 billion by the end of 2024, raising concerns about the shift from operational to investment assets[9] - The company’s strategy appears to involve holding assets through third-party investments rather than integrating them into its balance sheet, leading to a "virtual" asset structure[31]

聚力清洁能源全产业链培育壮大。打造清洁能源发电、高端装备制造、蓄能储能、绿电应用等全链条产 业体系，推动产业结构由单一项目开发转向研发、制造、应用综合发展。到2030年底，清洁能源装机总 容量将达到2500万千瓦。 实现清洁能源与文旅产业有机融合。以抽水蓄能电站建设带动周边地区文旅基础设施升级，激活乡村文 旅资源潜力，形成"环抽蓄生态旅游带"，打造能源主题文旅活动，形成能源与文旅的深度融合。 推动清洁能源与生态治理深度协同。实施500万千瓦光伏治沙项目，助力打好打赢科尔沁沙地歼灭战。 利用光伏板的遮阳作用减少地面水分蒸发，光伏板下种植耐旱植物，以此改变土壤结构，遏制沙地流 动，减少风沙对生态环境的破坏，实现生态效益与经济效益的双赢。 重点项目方面，朝阳市聚焦新能源重点领域，高效推动新能源重点项目取得突破进展。在建的200万千 瓦风电项目已并网发电，累计完成投资117亿元；总投资94.6亿元的朝阳抽水蓄能项目，两年前期工作 一年完成，跑出"朝阳加速度"；运达风电零碳产业园实现当年开工当年投产目标。朝阳县20万千瓦储能 项目正在进行开工前的准备工作；运达10万吨绿色甲醇项目已通过省级评审，正在参加国家级绿色液体 ...