August 2025 2025 FIRST HALF RESULTS REVIEW O U R B U S I N E S S 2025 First Half Results Review ~ Stock Code: 0270 F I N A N C I A L H I G H L I G H T S 1 The unaudited consolidated profit attributable to owners of the Company for 1H25 increased by 11.2% to HK$2,682 million and interim dividend per share increased by 11.2% to HK$26.66 cents. 2 The net finance costs from continuing operations was decreased by HK$201 million to HK$188 million and net loss arising from fair value adjustments for investment pro ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a net profit of 361 million HKD for the first half of 2025, which is a 14.9% year-on-year increase, driven by the acquisition of Pinglin Expressway and positive network changes benefiting Hubei-Han Expressway [1][2] - The company plans to distribute an interim dividend of 0.12 HKD per share for 2025, maintaining a dividend payout ratio of 50.6% [1] - The target price has been adjusted to 4.79 HKD based on an updated profit forecast for 2025-2027, reflecting an 8.5% increase in net profit estimates for 2025 [5][9] Summary by Sections Financial Performance - The company's revenue for the first half of 2025 was 2.099 billion HKD, up 14.9% year-on-year, with net profit reaching 361 million HKD, also a 14.9% increase [1] - The acquisition of Pinglin Expressway contributed approximately 39 million HKD to the net profit, accounting for about 80% of the total net profit increase [2] - The financial costs decreased by 28 million HKD year-on-year due to lower market interest rates, with the average borrowing rate dropping to 2.57% [2] Revenue Drivers - Toll revenue increased by 15.2% year-on-year, with a 3.1% increase in non-consolidated toll revenue, primarily due to the performance of Hubei-Han Expressway, which saw a 57% increase in toll revenue [3] - The overall impact of network changes in 2025 is expected to be neutral, with slight variations in toll revenues across different expressways [4] Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been raised by 8.5%, 5.1%, and 10.4% respectively, with projected net profits of 730 million, 745 million, and 757 million HKD [5] - The estimated dividend yield for 2025 is projected to be 6.8%, indicating strong attractiveness for dividend investors [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。 （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6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6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% | 13,088 | 436 | | 機荷東段 | 100% | 100% | 60,258 | 2,009 | | 機荷西段 | 100% | 100% | 49,624 | 1,654 | | 沿江項目 | 100% | 100% | 66,302 | 2,210 | | 外環項目 | 100% | 100% ...

Group 1: Project Progress and Developments - The Huizhou-Yanjiang Expressway expansion project has been completed and is now open to traffic, with an application for a fee adjustment currently in process [1] - The Jiangzhong Expressway expansion project has also been completed and has been executing a new fee standard since June 13, 2025 [1] - The Yuezhao Expressway expansion project is scheduled to be completed by the end of 2027, with plans to apply for a fee adjustment based on current policies after completion [1] Group 2: Capital Expenditure Plans - The company's recent capital expenditures primarily focus on the expansion projects of its controlled expressways, including the ongoing projects of the Guangzhu East and Guanghui Expressways [2] - Funding for these projects will be allocated according to the engineering progress to meet construction funding needs [2] Group 3: Traffic Impact and Network Changes - The impact of the Shenzhen-Zhongshan Channel on the Jingzhu-Guangzhu East section is expected to continue throughout the year, with further tracking and assessment needed [2] - The Guanghui Expressway has already experienced traffic diversion effects in 2024 due to high-speed rail, intercity light rail, and new expressway openings, with no new diversion factors anticipated for 2025 [2] Group 4: Financing Costs - As of December 31, 2024, the company's financing interest rate ranges from 2.20% to 2.80% [2]

April 2025 2025 FIRST QUARTER RESULTS REVIEW 2025 First Quarter Results Review ~ Stock Code: 0270 F I N A N C I A L H I G H L I G H T S 1 The unaudited consolidated profit attributable to owners of the Company from continuing operations for 1Q25 increased by 1.9% to HK$1,322 million On 21 January 2025, 99.9% of GD Land shares held by the Company was distributed to the shareholders. The unaudited consolidated loss attributable to owners of the Company from GD Land (discontinued operations) up to 21 January 2 ...

Core Viewpoint - Sichuan Chengyu has maintained a high cash dividend ratio of over 60% for three consecutive years, reflecting strong shareholder trust and solid support for the company's high-quality development [1][2] Financial Performance - In the previous year, Sichuan Chengyu achieved a revenue of 10.362 billion yuan and a net profit attributable to shareholders of 1.459 billion yuan, representing a year-on-year growth of 22.91% [2] - The operating cash flow net amount reached 3.696 billion yuan [2] - The company's A-shares and H-shares have both surpassed nearly ten-year highs, with a market value increase of nearly 60% since the beginning of 2024 [2] Highway Assets - The company primarily generates revenue from highway tolls, owning significant rights to several major highways in Sichuan Province [2] - The Chengle Expressway was a key contributor to performance growth, with average daily traffic increasing by 11.84% and toll revenue rising by 16.81% [2] - The stable traffic flow on the Chengyu Expressway has continued to contribute over 800 million yuan in revenue annually, despite concerns about high-speed rail competition [2][3] Policy and Market Opportunities - The "Chengyu Twin City Economic Circle" initiative and new policy benefits are providing unprecedented opportunities for economic and transportation development in Sichuan [3] - The provincial government plans to expand the highway network to 20,000 kilometers by 2035, enhancing regional transportation demand [3] Capital Expenditure and Business Development - The company has passed its peak capital expenditure phase, which is expected to reduce future financial costs and allow for continued dividend payments [6] - Sichuan Chengyu is actively developing new business lines, including introducing various retail and service offerings at highway service areas [4] Maintenance and Cost Management - The company has successfully reduced maintenance costs through standardized and digital management practices, implementing a lifecycle preventive maintenance approach [5] - The focus on cost optimization has not compromised the quality of highway maintenance [5] Strategic Planning - Following the termination of a significant asset restructuring plan due to legal disputes, the company currently has no plans for further restructuring [7] - Future asset injection plans will be considered based on overall strategic planning and cash flow conditions [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。 （在 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） – 1 – 簡 要 說 明： 1. 本集團部分項目當月日均車流量環比下降原因 二 月 多 數 時 間 仍 處 於 春 運 期 間，7座及以下（含7座）載客車輛（「小 客 車」）日均車 流 量 基 數 較 高。 3. 本集團部分項目當月路費收入環比下降原因 2025年3月未經審計營運資料 本集團2025年3月 未 經 審 計 的 營 運 資 料 如 下： | | | | 日均收費車流量（輛 次） | | | | | 路 費 收 入（人 民 幣，千 元） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

Group 1: Company Overview and Financial Data - The company reported a total investment amount of 30.52 billion CNY for the Guanghui Expressway expansion project, with 35% as capital and 65% financed through bank loans [2] - The company holds a 51% stake in Guanghui Company, which translates to approximately 5.448 billion CNY in capital contribution [2] - The construction period for the project is estimated to be 5 years [2] Group 2: Project Necessity and Strategic Importance - The Guanghui Expressway is located in the core area of the Pearl River Delta transportation hub, indicating high traffic volume and stable toll revenue potential [2] - Investment in the Guanghui expansion project is expected to enhance the company's expressway asset scale and focus on core business during the "14th Five-Year Plan" period [2] - The expansion will allow for the establishment of a toll operating period, ensuring the continuous operation of Guanghui Company and reinforcing the company's expressway business [2] Group 3: Capital Expenditure Plans - Recent capital expenditures primarily focus on the expansion projects of controlled expressways, including the ongoing Guangzhu East, Yue Zhao, and Hui Yan expressway projects [2] - The company plans to fund these projects according to their engineering progress to meet construction funding needs [2]

截至二零二五年三月三十一日止三個月 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： 截至二零二五年三月三十一日止三個月，本集團已簽訂合同額為人民幣 17.61 億元。連同 協議未轉合同額人民幣 5.34 億元，本集團三個月止的總物業銷售額為人民幣 22.95 億元。 截至二零二五年三月三十一日止三個月，高速公路項目的路費收入及日均混合車流量分 別為港幣 4.09 億元及 85,000 架次。 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。 ROAD KING INFRASTR ...

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu [2][6] Core Views - The report emphasizes that there is still a significant expectation gap in the market regarding Sichuan Chengyu, despite its strong performance in revenue growth and cash dividends [6][8] - The analysis is based on four dimensions: asset quality, dividend capability, earnings growth certainty, and future growth potential [6][8] Summary by Relevant Sections 1. Asset Quality - The company's road assets are strategically located, with toll revenue growth and profitability ranking among the industry leaders [9][13] - The overall profitability of the company's road assets is high, with a projected toll gross margin of 59.6% for 2024, second only to Guangdong Expressway and Anhui Expressway [21][24] - The company has achieved a compound annual growth rate (CAGR) of 11% in toll revenue over the past three years, indicating strong revenue resilience [15][16] 2. Dividend Capability - The company has increased its dividend payout ratio to over 60% in 2023, maintaining a dividend yield of 5.05%, making it the only highway stock in A-shares with a yield above 5% [30][39] - The peak of capital expenditure may have passed, with a projected free cash flow of 650 million yuan in 2024, indicating a stronger and sustainable internal cash dividend capability [9][30] 3. Earnings Growth Certainty - Future earnings growth is expected to be driven by natural growth in traffic and toll revenue, with financial expenses likely to decrease significantly [9][10] - The company has a seven-year performance commitment for the second ring road, providing substantial growth support and profit elasticity in the medium to long term [10][11] 4. Growth Potential - The company is seen as undervalued in terms of growth potential, supported by the classic logic of "large group, small company" [10][11] - The integration of high-quality road resources with the support of the Shudao Group is ongoing, which is expected to enhance the company's market value [10][11] 5. Investment Recommendations - The report maintains profit forecasts for 2025-2027 at 1.58 billion, 1.71 billion, and 1.84 billion yuan, with corresponding earnings per share (EPS) of 0.52, 0.56, and 0.60 yuan [10][11] - The target price is set at 7.75 yuan for A-shares and 6.01 HKD for H-shares, indicating a potential upside of 35% and 39% respectively from current prices [10][11]