招商公路(001965) - 2024年11月5日投资者关系活动记录表

Group 1: Financial Performance - The company's net profit, excluding the impact of the consolidation of China Merchants Railway, remained stable [1] - Revenue growth was significant compared to the same period last year, primarily due to the rapid increase in revenue from the consolidation of China Merchants Railway [1] - Financial expenses were high due to project loan matching for highway projects and the optimization of funding costs during the LPR adjustment process [2] Group 2: Shareholder Returns - The company has distributed approximately CNY 14 billion in cash dividends since its listing [1] - A shareholder return plan for the next three years (2022-2024) has been established, committing to distribute no less than 55% of the net profit attributable to the parent company's shareholders after deducting distributions to perpetual bonds and other equity instruments [2] - The company is considering multiple dividend distributions in the future, in line with trends observed in other companies [1] Group 3: Stock Buyback and REITs - The stock buyback plan was approved at the shareholders' meeting on November 1, 2024 [2] - The REITs project has completed the online and offline allocation phases, with steady progress expected to complete the listing within the year [2] - Future plans include leveraging the REITs platform to explore a full-cycle operation model for highway management [2]