Summary of Conference Call Notes Company Overview - The company discussed is 深高速 (Shenzhen Expressway) - The focus is on the company's financial performance and operational updates for the year 2025 Key Financial Metrics - Total revenue for 2025 reached 9.26 billion yuan, a year-on-year increase of 0.2% [3] - Net profit attributable to shareholders was 1.15 billion yuan, up 0.4% year-on-year [3] - Earnings per share stood at 0.429 yuan [3] - Total assets increased by 5.5% to 71.3 billion yuan, with a debt-to-asset ratio of 55.04% [3] - Comprehensive financing cost decreased to 2.5%, down 0.7 percentage points year-on-year [2][3] Revenue Breakdown by Business Segment - **Toll Road Business**: - Revenue of approximately 5.12 billion yuan, accounting for 55.3% of total revenue, with a year-on-year growth of 1.4% [4] - Net profit from this segment was about 2.31 billion yuan, a decline of 5% [4] - **Environmental Business**: - Revenue of 1.52 billion yuan, representing 16.4% of total revenue, with a year-on-year increase of 7.7% [4] - Operating profit grew by 35% to approximately 250 million yuan [4][7] - **Construction Services**: - Revenue of about 2 billion yuan, accounting for 21.5% of total revenue, with a year-on-year increase of 1.6% [4] - **Real Estate Development**: - Revenue of approximately 50 million yuan, a significant increase of 58.3% year-on-year [5] Toll Road Performance - The company operates 16 toll road projects with a total length of 613 kilometers [6] - Traffic volume and toll revenue increased in several projects due to network connectivity and rising vehicle ownership [6] - Notable increases in traffic and revenue were observed in the沿江 and外环 projects, while西线高速 experienced a decline of about 11% due to traffic diversion [6] Environmental Business Developments - The environmental segment saw a total organic waste processing volume of 1.45 million tons, a year-on-year increase of 2.2% [7] - The company has optimized management and implemented pricing adjustments to improve profitability [14] Capital Expenditure and Financing - Planned capital expenditure for 2026-2028 is approximately 18.1 billion yuan, focusing on major projects like机荷改扩建 and外环三期 [2][8] - The company successfully registered 50 billion yuan in medium-term notes and issued bonds totaling 9.3 billion yuan [8] Dividend Policy - The proposed dividend payout ratio for 2025 is approximately 58.85%, with a commitment to maintain a minimum of 55% [2][16] - The company has a history of consistent dividend payments, totaling over 15 billion yuan since inception [16] Future Strategic Focus - The company aims to strengthen its core toll road business while optimizing its environmental and clean energy segments [11][17] - Plans include enhancing operational efficiency, exploring new market opportunities, and maintaining a balance between short-term returns and long-term growth [11][17] Asset Impairment and Risk Management - In 2025, the company recognized an asset impairment of 746 million yuan, primarily affecting the environmental segment [2][12] - The company anticipates that future impairment risks will be manageable, with a focus on improving asset quality [12][21] Conclusion - Overall, 深高速 demonstrated stable financial performance in 2025, with strategic plans for growth and optimization across its business segments, while maintaining a commitment to shareholder returns through dividends and prudent financial management.

Investment Rating - The investment rating for the company is maintained as "Hold" for A-shares and "Buy" for H-shares [7]. Core Views - The company's 2025 revenue reached 9.264 billion RMB, a year-on-year increase of 0.20%, while the net profit attributable to shareholders was 1.149 billion RMB, up 0.38% year-on-year. However, the company recorded a one-time impairment loss of 653 million RMB, impacting net profit by 587 million RMB, leading to results below expectations by 617 million RMB [1][2]. - The company plans to distribute a dividend of 0.244 RMB per share for the 2025 fiscal year, with a payout ratio of approximately 58.85%, resulting in dividend yields of 2.7% for A-shares and 3.7% for H-shares [1][5]. Summary by Sections Revenue and Profitability - The company's toll revenue increased by 1.4% year-on-year, and after excluding the impact of the exit of Yichang Expressway, the adjusted toll revenue grew by 3.15%. This growth was attributed to the opening of the Jiangsu section and favorable weather conditions [2]. - The gross margin for the highway business decreased by 5.2%, primarily due to increased amortization and maintenance costs. The clean energy generation business remained stable, while the solid waste resource recovery business showed a slight turnaround [1][3]. Environmental Business - In the environmental sector, the clean energy generation revenue and gross profit decreased by 0.9% and increased by 2.2%, respectively. The kitchen waste treatment revenue and gross profit grew by 20% and turned profitable, mainly due to the commercial operation of the Guangming Environmental Park and rising oil prices [3]. - The subsidiary, Lande Environmental, reduced its losses to 196 million RMB in 2025 from 397 million RMB in 2024, indicating a near break-even point [3]. Capital Expenditure and Financial Health - The company raised 4.7 billion RMB through a private placement in 2025, reducing its debt-to-asset ratio from 59.7% at the beginning of the year to 55.0% by year-end. However, the company has significant capital expenditure plans of 18.1 billion RMB from 2026 to 2028, which may lead to a slight increase in the debt-to-asset ratio to 56.5% by the end of 2028 [4][5]. Profit Forecast and Valuation - The net profit forecasts for 2026 and 2027 have been revised down by 4.6% and 6.0% to 1.78 billion RMB and 1.58 billion RMB, respectively. The 2028 net profit forecast is introduced at 1.5 billion RMB. The target prices for A-shares and H-shares are set at 10.2 RMB and 8.5 HKD, respectively [5][7].

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。 （於百慕達註冊成立之有限公司） （股份代號：00152） 海外監管公告 隨附之文件乃深圳國際控股有限公司（「本公司」）的附屬公司 深圳高速公路集團股份有限公司所發佈的《2025 年年度業績初步 公告》。 2026 年 3 月 25 日 於本公告日期，本公司董事會的成員包括執行董事李海濤先生、劉征宇先生、王沛航先 生及劉秀麗女士；非執行董事蔡曉平先生；以及獨立非執行董事潘朝金先生、曾志博士、 王國文博士及丁春艷教授。 1.2 公司簡介 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） 2025 年年度業績初步公告 一、 重要提示 1.1 本公司 2025 年年度業績初步公告摘自本 ...

Group 1: Core Viewpoint - The company, Datang Power (601991), has made significant progress in its performance, board resolutions, clean energy capacity, and financing activities [1] Group 2: Performance and Operating Conditions - The company has announced an expected increase in net profit for 2025, projecting a net profit attributable to shareholders of 6.8 to 7.8 billion yuan, representing a year-on-year growth of 51% to 73%. The non-recurring net profit is expected to be between 7.2 to 8.2 billion yuan, with a year-on-year increase of 60% to 82% [2] Group 3: Company Status - A board meeting was held on February 10, 2026, to review proposals including an application for a budget for entrusted loans, which may involve future financing or project arrangements [3] Group 4: Business Progress - By the end of 2025, the company's clean energy installed capacity is expected to increase to 43.0%, with approximately 13.76 GW under construction or approved, accounting for 17% of the operational capacity, indicating a focus on optimizing the installation structure in the future [4] Group 5: Financial Movements - On February 5, 2026, the company completed the issuance of 3 billion yuan in medium-term notes with a coupon rate of 1.89%, with the funds allocated for energy supply security, which may impact the debt structure [5] Group 6: Related Transactions - On December 30, 2025, the board approved a capital increase of approximately 617 million yuan to its associate, Datang Nuclear Power, for nuclear power project construction. The transaction has been approved but requires attention to subsequent developments [6]

Core Insights - The Clean Energy Construction Prosperity Index (CEPI) for China in Q4 2025 is reported at 108.242, showing a year-on-year decrease of 8.22 points and a quarter-on-quarter decrease of 2.96 points, indicating a still prosperous but declining trend in the clean energy sector [1][2] Group 1: Capacity and Growth - By the end of 2025, China's total installed power generation capacity reached 3.89 billion kilowatts, representing a year-on-year increase of 16.12% [1] - The installed capacity for clean energy reached 2.352 billion kilowatts, accounting for over 60% of the total power generation capacity in the country [1] - In Q4 2025, the newly added power generation capacity was 17.944 million kilowatts, showing a year-on-year decrease of 5.88% but a quarter-on-quarter increase of 144.44% [1] Group 2: Investment and Construction - The scale of clean energy under construction by the end of 2025 reached 73.518 million kilowatts, which is a year-on-year decrease of 4.36% [1] - The total investment in clean energy for Q4 2025 was 381 billion RMB, reflecting a year-on-year decrease of 23.97% [1] Group 3: Energy Generation and Environmental Impact - In Q4 2025, clean energy generation amounted to 1,685.9 billion kilowatt-hours, marking a year-on-year increase of 20.65% and accounting for 53.34% of the national power generation [1] - This clean energy generation is equivalent to a reduction of approximately 138.4 million tons of carbon dioxide emissions [1] - The steady increase in clean energy generation indicates that the energy transition is entering an accelerated implementation phase [1]

Core Viewpoint - Shanxi Province aims to achieve a total installed capacity of 90.48 million kilowatts for renewable and clean energy by 2025, marking an increase of 18.29 million kilowatts year-on-year, which will account for 55.1% of the province's total power generation capacity, surpassing coal power for the first time [1] Group 1 - During the 14th Five-Year Plan period, Shanxi's total power generation capacity is expected to reach 164 million kilowatts [1] - Shanxi will export electricity to 24 provinces, ranking among the top in the country in terms of scale [1]

Group 1 - The core viewpoint of the article highlights the sustained competitive advantage of the new energy vehicle (NEV) industry during the "14th Five-Year Plan" period, with an average annual growth rate of 49.5% in manufacturing and sales revenue [1] - The clean energy generation sector, represented by wind, solar, hydro, and nuclear power, has also shown robust growth, with an average annual revenue increase of 13.9% [1] - By 2025, the green industry is expected to maintain a rapid growth rate, with NEV manufacturing projected to grow by 14.3% year-on-year and clean energy generation revenue expected to increase by 17.3% year-on-year, accounting for 38.5% of total electricity production revenue, which is a 6.9 percentage point increase from 2021 [1]

Core Viewpoint - The launch of two major clean energy projects in Qinghai, China, marks a significant advancement in the country's renewable energy sector, reinforcing its leadership in clean energy production and distribution [1] Group 1: Project Details - The Qaidam Geermu East Desert Base Power Project, invested by China Huadian, commenced construction on February 26, 2025, with a total investment of approximately 80 billion yuan, setting multiple records in the "desert" project scale and renewable energy ratio [1] - The Qinghai Hainan Clean Energy Delivery Base Power Project began construction on November 27, with a total investment of nearly 73 billion yuan, further breaking the national record for power scale in similar projects [1] - In 2025, Qinghai's clean energy installed capacity reached 74.04 million kilowatts, accounting for 93% of the total, with the power generation ratio at 89.7%, maintaining a leading position nationwide [1] Group 2: Significance of Events - These projects solidify Qinghai's core position as a national clean energy hub, enhancing the grid-based delivery structure and energy security of the "West-to-East Power Transmission" project [1] - The initiatives promote the transition from single energy output to a full industrial chain empowerment, stimulating new productive forces in the energy sector [1] - They accelerate the conversion of ecological advantages into economic benefits, providing robust support for the national "dual carbon" strategy and establishing a national model for the coordinated development of desert ecological governance and energy development [1]

Core Insights - Danzhou aims to enhance its industrial core advantages and showcase the Hainan Free Trade Port as a model by addressing policy applicability issues for enterprises, thereby converting policy value into high-quality development [2] - The city plans to focus on major project investments as a key driver for economic growth, with significant projects scheduled for completion by 2026, including offshore wind power and bioenergy projects [2] Group 1 - Danzhou will accelerate the construction of a clean and low-carbon electricity supply system, focusing on local wind power utilization and market-oriented nuclear power transactions to provide stable electricity for industrial parks [3] - The city aims to become the first large industrial park in China to achieve clean energy electricity supply, with ongoing projects like the Yangpu Port general cargo terminal [3] - By 2025, Danzhou plans to implement policies for bonded maintenance and remanufacturing, successfully launching pilot enterprises within 40 days from project initiation to first order [3] Group 2 - Danzhou emphasizes improving the business environment as crucial for boosting investment confidence among various enterprises, addressing their needs as a key development strategy [3] - The city will deepen market-oriented resource allocation reforms to better meet project demands, enhancing the availability of land, energy, and talent [3] - Danzhou aims to create a fair and orderly market environment, a transparent legal environment, and a convenient administrative environment to foster strong relationships between government and businesses [3]

Group 1 - The core viewpoint emphasizes the dialectical relationship between ecological protection and economic development, highlighting that ecological preservation is integral to productivity and sustainable growth [1] - Qinghai's ecological resources have a total value of 18.39 trillion yuan, providing over 60 billion cubic meters of clean water annually, contributing to national water resource security [1] - Qinghai leads the nation in clean energy generation, showcasing a successful model of green development that integrates modern industrial systems and promotes effective qualitative and quantitative growth [1] Group 2 - Qinghai's poverty alleviation practices reflect key characteristics such as prioritizing the interests of disadvantaged groups and exploring development paths based on local resources [2] - The province demonstrates that economic development can coexist with ecological protection, advocating for a harmonious relationship between humans and nature [2] - Green development is identified as a powerful and sustainable driver for poverty alleviation and overall development, representing a valuable "Chinese experience" for the world [2]