Core Viewpoint - The company reported a decline in monthly toll revenue for February 2026 across three major highways, indicating potential challenges in revenue generation and traffic volume [1] Group 1: Revenue Performance - The monthly toll revenue for the Guangzhou-Shenzhen Expressway was approximately 139 million yuan, representing a year-on-year decrease of 33% [1] - The monthly toll revenue for the Guangzhou-Zhuhai West Line Expressway was approximately 67.07 million yuan, reflecting a year-on-year decline of 20% [1] - The monthly toll revenue for the Yangtze River Expressway (Shenzhen section) was approximately 45.73 million yuan, showing a year-on-year decrease of 7% [1]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The recent decline in the company's stock price has already factored in the impairment impact and the market liquidity contraction [1] - The company plans to distribute a final dividend of HKD 0.13 per share for the fiscal year 2025, resulting in a total annual dividend of HKD 0.25 per share, maintaining a dividend payout ratio of 70.2% [1] - The acquisition of Shandong Qinbin Expressway is expected to contribute positively to earnings starting in 2026 [1] Revenue and Profitability - The company reported a revenue of HKD 4.33 billion for the fiscal year 2025, representing a year-on-year increase of 12.0% [11] - The net profit attributable to the parent company was HKD 533 million, a decrease of 18.9% year-on-year [11] - Excluding impairment factors, the company's net profit excluding non-recurring items grew by 8.4% year-on-year to HKD 712 million [1][11] Traffic Revenue Growth - The company's toll revenue increased by 12.2% year-on-year in fiscal year 2025, primarily due to the acquisition of Pinglin Expressway [2] - The Han-Ehu Expressway saw a toll revenue increase of 22% year-on-year, benefiting from the closure and expansion of the Wuhuang Expressway [2] Cost and Margin Analysis - Operating costs increased by 19.6% year-on-year, while gross profit grew by 3.6% [3] - The company adjusted its intangible asset amortization, leading to a rise in costs [3] - Financial expenses decreased by 10.7% year-on-year due to lower market interest rates [3] Acquisition Impact - The acquisition of 85% of Shandong Qinbin Expressway for HKD 1.153 billion is expected to yield an estimated internal rate of return (IRR) of approximately 10.43% [4] - The projected net profits from Qinbin Expressway for 2026 to 2028 are estimated at HKD 124 million, HKD 162 million, and HKD 195 million respectively [4] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company for 2026 and 2027 has been adjusted to HKD 818 million and HKD 801 million, respectively [5] - The target price has been raised to HKD 5.53 based on a 10x 2026E PE ratio [5] - The estimated dividend yield for 2026 is projected to be 7.8%, indicating strong attractiveness [5]

Core Viewpoint - The company reported a significant decline in property sales and is facing liquidity pressures, prompting a debt restructuring process to manage its financial obligations [1][4]. Sales Performance - The company achieved property sales of 7.39 billion RMB in 2025, a decrease of approximately 41% compared to the previous year [1]. - The total sales area for 2025 was 367,000 square meters, down from 593,000 square meters in 2024 [2]. Land Reserves - The company has paused land acquisitions due to significant liquidity pressures and has not secured new projects during the year, maintaining a land reserve of 2.2 million square meters, with 310,000 square meters sold but not yet delivered [2]. Highway Business - The average daily mixed traffic volume for the Indonesian highway project was approximately 87,300 vehicles, a slight increase of about 1% year-on-year [3]. - Toll revenue for the highway segment was approximately 1.695 billion HKD, a decrease of 4% from the previous year, but remained stable when excluding currency depreciation effects [3]. Profitability - The company's attributable profit for 2025 was 5.319 billion HKD, a decline of 50.82% from 10.815 billion HKD in the previous year [3]. - The net asset value per share was reported at 7.10 HKD [3]. Financial Position - Total assets amounted to 45.152 billion HKD, a year-on-year decrease of 21.49%, with cash and bank deposits at 2.566 billion HKD, down 39.96% [4]. - The company has outstanding secured senior notes of 1.401 billion USD and three tranches of senior secured perpetual capital securities totaling 890.5 million USD [4]. Debt Restructuring - The company has initiated a debt restructuring process due to offshore debt pressures and has made progress in negotiations with creditors, achieving a principle agreement with several stakeholders [4]. - A creditor group has shown support for the latest restructuring plan, representing approximately 65% of the group's holdings, although there are internal disagreements regarding the proposal [4]. Future Focus - The company plans to concentrate on offshore debt restructuring, ensure project deliveries, maintain operational stability, and control cash flow while exploring the sale of the Indonesian highway project and expanding real estate-related businesses [5].

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。 上表中路費收入為不含稅收入。 謹慎性陳述 承董事會命 2026年1月未經審計路費收入 深圳高速公路集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈 本集團2026年1月的路費收入（未經審計）如下： | 收費公路 | 集團控股 | 收入合併 | 路費收入（人民幣千元） | | | --- | --- | --- | --- | --- | | | 比例 | 比例 | 總計 | 日均 | | 廣東省－深圳地區： | | | | | | 梅觀高速 | 100% | 100% | 13,019 | 420 | | 機荷東段 | 100% | 100% | 64,659 | 2,086 | | 機荷西段 | 100% | 100% | 51,962 | 1,676 | | 沿江項目 | 100% | 100% | 75,169 | 2,425 | | 外環項目 | 100% | 100% | 113,0 ...

Financial Data and Key Metrics Changes - Revenue reached EUR 9.6 billion, up 8.6% year-over-year on a like-for-like basis, driven mainly by high revenues in highways and construction [6][7] - Adjusted EBITDA stood at EUR 1.5 billion, representing a 12.2% year-over-year increase on a like-for-like basis [7] - Total shareholder return in 2025 reached an outstanding 38.6% [8] Business Line Data and Key Metrics Changes - Highways revenue grew 13.7% like-for-like in the year, while adjusted EBITDA was up 12.2%, driven by strong double-digit growth from U.S. assets [11] - Construction revenue reached EUR 7.7 billion, up 7.5% in like-for-like terms compared to 2024, with adjusted EBITDA increasing by 19.9% [27] - Dividends from projects reached a record EUR 968 million, showing a 2.2% increase year-over-year [8] Market Data and Key Metrics Changes - The construction order book reached a new all-time high of EUR 17.4 billion, with almost 50% coming from North America [7][28] - Traffic in the 407 ETR increased by 6.1% in 2025, reflecting the success of targeted rush-hour driving offers [12] - North American toll road assets are located in top-performing regions, with the Greater Toronto Area population expected to expand 22% by 2051 [21][23] Company Strategy and Development Direction - The company focuses on selective growth opportunities in North American highway assets and continues to monitor opportunities across other infrastructure segments [10][11] - A capital rotation strategy focuses on mature assets, providing flexibility to reinvest in attractive opportunities [11] - The company aims to maintain financial discipline while delivering value creation for shareholders [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of North American infrastructure assets, particularly in the Greater Toronto Area and Dallas-Fort Worth [21][23] - The company is facing a record pipeline of infrastructure projects in the U.S., larger than anything seen before [10] - Management noted that the economic environment remains challenging but expects continued growth supported by solid cash flow from the current portfolio [38] Other Important Information - The company returned EUR 156 million in cash to shareholders and repurchased shares totaling EUR 501 million [5] - The company was shortlisted for several significant infrastructure projects, including I-285 East in Georgia and I-24 in Tennessee [5][10] - The New Terminal One project at JFK Airport is progressing towards operational readiness, with a target completion date for the first phase set for fall 2026 [25] Q&A Session Summary Question: Insights on ETR revenue per transaction and pricing impact - Management noted that the fourth quarter revenue per transaction was affected by seasonality and weather, with promotions helping to maximize EBITDA [41][44] Question: Provision for lifetime expected credit loss and EBIT margin outlook - Management explained that the provision was due to changes in collection processes and reiterated a long-term EBIT margin outlook of 3.5% for construction [49][50] Question: Impact of AI and autonomous vehicles on discretionary lane plans - Management indicated that autonomous vehicles may lead to increased traffic and congestion in the short term, which could be beneficial [56][57] Question: Pricing on I-66 and I-77 and construction performance - Management stated that toll rates on I-66 are expected to increase above inflation, while construction margins were positively impacted by change orders and project completions [63][64]

Investment Rating - The report initiates coverage with a "Buy" rating for Anhui Wantu Highway (00995) [6][35] Core Insights - The company is expected to benefit from the integration of the Yangtze River Delta, driving traffic growth and continuous expansion through acquisitions [6][15] - The company has a high dividend payout ratio, maintaining a commitment to shareholder returns, with a planned distribution of at least 60% of net profit for 2025-2027 [6][24] - The company's financial performance shows steady growth, with projected net profits for 2025-2027 of 1.955 billion, 2.002 billion, and 2.119 billion RMB, respectively [6][35] Financial Data and Profit Forecast - Revenue and profit projections for Anhui Wantu Highway are as follows: - Revenue (in million RMB): 2023A: 6,631, 2024A: 7,092, 2025E: 7,147, 2026E: 7,228, 2027E: 7,267 [3][40] - Net profit attributable to ordinary shareholders (in million RMB): 2023A: 1,658, 2024A: 1,671, 2025E: 1,955, 2026E: 2,002, 2027E: 2,119 [3][40] - Revenue growth rates (%): 2023A: 27.4, 2024A: 6.9, 2025E: 0.8, 2026E: 1.1, 2027E: 0.5 [3][40] - Gross margin (%): 2023A: 39.1, 2024A: 34.1, 2025E: 37.9, 2026E: 38.1, 2027E: 39.4 [3][40] - Return on equity (ROE, %): 2023A: 13.1, 2024A: 12.5, 2025E: 14.6, 2026E: 15.2, 2027E: 16.1 [3][40] Key Assumptions - Revenue growth is primarily driven by toll income from highways, with expected growth rates of 18%, 2%, and 1% for 2025-2027 [8][31] - Operating costs are projected to increase slightly, with expected growth rates of 27%, 2%, and -4% for the same period [8][31] Market Position and Competitive Advantage - Anhui Wantu Highway operates in a region with significant economic development, leveraging its strategic location in the Yangtze River Delta [6][15] - The company has a strong asset base, with a total operational highway mileage of approximately 745 kilometers and management of 5,397 kilometers of highways [6][15] Valuation - The report estimates a reasonable valuation for Anhui Wantu Highway at a PE ratio of 11x for 2026, indicating a potential upside of 5.13% from its current market value [6][35]

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 佈 之 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 會 就 因 本 公 佈 之 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 本公司股東及有意投資者於買賣本公司證券時，務請審慎行事，概不可過度依賴上述資 訊。當有疑問時，投資者應尋求專業或財務顧問的專業意見。 （於百慕達註冊成立之有限公司） （股份代號：1098） 承董事會命 Road King Infrastructure Limited （ 路勁基建有限公司* ） 主席 單偉彪 截至二零二五年十二月三十一日止全年 未經審核營運數據 Road King Infrastructure Limited（路勁基建有限公司* ）（「本公司」）董事會（「董事 會」）謹此宣佈，本集團（包括本公司、其附屬公司、合作／合資及聯營企業）的若干 未經審核營運數據如下： 截至二零二五年十二月三十一日止全年， ...

Summary of the Conference Call for Yuehai Investment Industry and Company Overview - **Company**: Yuehai Investment - **Industry**: Water Supply, Real Estate, Highway, Power Generation, Hotel and Department Store Key Points and Arguments Water Supply Business - The Dongjiang water business is expected to grow by 2.4% in the 2026 base price agreement, with stable water supply in Shenzhen and Dongguan. Non-Dongjiang water business has seen a decline, but acquisition projects are expected to mitigate this impact [2][4] - The estimated renewal amount for Dongjiang water is between HKD 50 billion to 54 billion, requiring significant financial preparation [2][8] - The company plans to negotiate price increases for eligible water supply and sewage treatment projects to achieve a slight average price increase, compensating for the decline in water pipe connection business [2][11] Real Estate Business - The rental rate for Tianhe City Mall is good, close to 80%, while office leasing faces challenges with a rate below 80%. The mall's rental income may increase due to its favorable location [2][4] Highway Business - Revenue has been affected by new highway diversions, but it is expected that the impact will gradually diminish, leading to a recovery in traffic volume and toll income [2][7] Power Generation Business - The power generation sector benefits from low coal prices, leading to favorable profit expectations for 2026 [2][7] Financial Performance and Strategy - The company plans to maintain a 65% dividend payout ratio and control capital expenditures to address the significant funding needs for Dongjiang water source renewal [2][6] - In 2025, the overall performance met market expectations with a significant increase in net profit. Cash flow improved but still requires time to digest bond issuance [3][13] - The company aims to control capital expenditures at approximately HKD 2 billion annually and considers acquiring profitable projects worth HKD 1 billion to 2 billion to offset the decline in non-Dongjiang water profits [3][6] Future Outlook - The negotiations for Hong Kong water supply prices for 2027-2029 are expected to reference inflation rates and exchange rates, with limited increases anticipated [2][10] - The company has six ongoing projects, but new projects are expected to incur losses this year, relying on existing projects for profit growth [2][11] Cash Flow and Accounts Receivable - Cash flow is projected to reach HKD 9 billion in 2024, with overall cash flow manageable to support dividends, capital expenditures, and debt repayment [3][13] - The company has a significant portion of its loans (83%) denominated in RMB, with limited room for reducing financial costs in the future [3][16] Acquisition Strategy - The company prioritizes acquiring water supply projects over sewage treatment projects due to more stable returns and less impact from government payments [2][14][15] Conclusion - Yuehai Investment is strategically positioned in the water supply industry with a focus on maintaining profitability through careful financial management, strategic acquisitions, and adapting to market conditions. The company’s long-standing relationship with the Guangdong provincial government provides a competitive advantage in future negotiations and contract renewals [2][9]

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。 簡要說明： 上表中路費收入為不含稅收入。 謹慎性陳述 （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12月未經審計路費收入 深圳高速公路集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈 本集團2025年12月的路費收入（未經審計）如下： | 收費公路 | 集團控股 | 收入合併 | 路費收入（人民幣千元） | | | --- | --- | --- | --- | --- | | | 比例 | 比例 | 總計 | 日均 | | 廣東省－深圳地區： | | | | | | 梅觀高速 | 100% | 100% | 13,448 | 434 | | 機荷東段 | 100% | 100% | 64,177 | 2,070 | | 機荷西段 | 100% | 100% | 52,004 | 1,678 | | 沿江項目 | 100% | 100% | 75,758 | ...

Investment Rating - The report assigns a "Buy" rating for Shenzhen International (00152) [2] Core Views - Shenzhen International is controlled by the Shenzhen State-owned Assets Supervision and Administration Commission and holds quality assets in the Greater Bay Area [8] - The logistics business serves as a solid foundation, with REITs spin-offs and logistics park upgrades opening up profit elasticity [8] - The toll road and port businesses provide stable profit contributions, with a central profit contribution of approximately HKD 1.1 billion [18] Summary by Relevant Sections 1. Control and Asset Management - Shenzhen International is a state-owned enterprise under the Shenzhen State-owned Assets Supervision and Administration Commission, focusing on urban support development and operations [13][14] 2. Logistics Business Development - The logistics business is centered around logistics parks, with an operational area of 6.71 million square meters as of H1 2025, and a compound annual growth rate of 24.07% from 2014 to 2024 [23][24] - The company has completed the REITs spin-off for five projects, contributing a total of HKD 14.2 billion to net profit as of H1 2025 [8][38] - The logistics park projects are expected to generate significant land appreciation and development profits, with projected after-tax returns of HKD 136.5 billion from the South China logistics park project [60][62] 3. Toll Road and Port Business - The toll road and port operations are managed by subsidiaries, contributing a stable profit base with a net profit of HKD 4.9 billion in H1 2025 [65] - The company holds approximately 47.3% equity in Shenzhen Expressway, which operates 16 toll road projects with a total toll mileage of 613 kilometers [66] 4. Financial Projections - The company is expected to achieve revenues of HKD 17.06 billion, HKD 17.61 billion, and HKD 18.75 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 3.17 billion, HKD 3.47 billion, and HKD 3.53 billion [6][8]