越秀交通基建中期报告 2025

23461449 5051525455578190 / 30%/ 27.78%(2)/ 23.63%/ 45%/ 24.30%(1)/ 35%/ 30% / 60%/ 67%/ 90%/ 100%/ 70%/ 100%/ 100%/ 55%/ 100%/ 100% (1)24(2)1415 24 524.2641.483.5607.7 42.5G4105106324114 42.1 22.024 15.8 6.5 215.2 499522 98.1 36.01323G4G50 54.8 109.7 38.5G4 (G4)(G45)(G0421)(G55)(G36)(G30)64.3 (G30)(S82)(S60)(G45)61.0 G55S49S88S83106.5 46.5 (G80)22 (1)55% (2)a.86b.64c.64d.86 (3)18.446% (4)a.1b.79 (5)2525 (6)24 (7) 109.7 (1)(2)55% (GDP)660,5365.3%5.4%5.2% 3.594.1%3,68949.2%10.3% 4.2%5.5%5.6%6.2%5.7% 34+6.63403,388132%720% ETC99.68%98.54% AI98%8% 19 1 (1)97%(2)(3)(4) 2 3 4 272.3294,0981.8% 27.32.3%19,2382.1% 70.04.8%70,7082.4% 86.97.6%25,8992.4% 73.04.4%31,5882.0% 55% 141.20.1%37,2451.5% 198.16.9%32,0592.1% 79.018.0%54,0998.5% 85.057.5%57,66731.8% 105.011.3%28,0987.7% ETC19 60.40.6%34,3596.8% 131.80.3%91,9340.2% 212.826.5%80,79124.7% 27.21.5%17,4682.6% 181.40.9%52,2014.5% 12.69.7%33821.1% 11.67.0 14.9%21.07.6%8.5114.9%3.61 2.722.565,5633,883 14.9% 0.120.10910.120.109750.6%58.5% 21.020.63,980 20.617.915.2% 3,9803,9331,9111,9201,6551,751 11.29.1122.7%11.153.2%3.3 9.829.167.2%9.7246.8%3.3 (1)(2)55%(3)60% 1.481.359.4%698 1,7251,008637 1,3841,72019.5% 1,2442.4911.1%2.222.57%3.05% 4.4%7,3027,635 37.9%2,8680.5%1,194REIT37.3%47411.2%3406968052682,0434.0%3,391 3.2%1.721.67 3.613.1414.9% 4.4%7,3027,635 612,0001,3681431621,766 0.120.10910.120.109750.6%58.5% * 373.80.3%311.5316.319.520.121.719.8 216.32.1%108.0111.59.995.051.156.11.01.029.629.9 3.39157.5154.1120.1118.5 21.719.899.8% 14.511.816.513.62.031.72 3.852.214.443.374,5029,8911,4221,741 8.727.5818.09.76.916.111.982.342.523.192.452.5434956820.01,00012.924.94.993.3411.61.92 0.60.425.822.544.152.621.719.829.137.023.85.02,45519.118.0 8.56.6 10.9%9.5% 4.33.6 7.75.2 4.443.37(1)3.441.63(2)9,2471.62(3)7551,236 (1)(2)100%10.020.09,700 169.0172.6108.0111.59.995.051.156.199.7%0.3%99.7%0.3%48.9%50.9%2.5%2.72%105.22.772.48%2.70%3.84%1.8%2.91%3.97%1.93%2.87%2.45%2.64% 100.0% 88.4 2,2722,053 13.21 (i) (ii)30% (iii) 5,000 (IMF)3.0%3.1%4.8% 14.672.9320248%6.8720247.7%4,0703% 40 REITsREITs 3331REITs Ernst & Young27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong 5080343434 2410 34 # &20%40% 1 Clarendon House, 2 Church Street,Hamilton, HM 11, Bermuda16017A 2 34 1,831,630,0002,492,083,000502,918,0001,213,023,000 3 21 4 5 5.1 5 5.2 ••• 5.3 6 6 6 7 10 (a) (b)25%25%15%1815% 5%10%5%10%5%10% 10 (c) 11 12 0.120.10910.120.1097182,575,000183,534,000 13 25,527,611,00026,142,853,000 14 16 17 147,245,000157,974,000 (b) (c)8,266,301,0008,785,786,0002.00%2.90%2.10%3.00%2.48%2.70% 2.45%3.05% (e) 18 118 19 20 3.78%1,000,000,000100%3.78%2.7%970,000,000 3.28%1,000,000,000100%3.28%1.0% 2.87%500,000,000100% 2.84%1,000,000,000100% 20 1.86%800,000,000270 2.16%500,000,000100% 2.27%500,000,000100% 2.14%700,000,000100% 1.93%600,000,000100% 1.98%1,300,000,000100% 2.45%2.64%70,640,00067,640,000 21 [2020]10042,500,000,000 (i)3.48%1,000,000,000 (ii)3.84%500,000,000 [2025]6193,000,000,000 [2025]11715,000,000,000 500,000,0001.80% 21 2.91%3.97%10,194,00025,020,000 23 24 (a) 24 (b) 24 25 25 25 (iii) 25 XV352 (1)1,673,162,295 (2)264,000164,000100,000(3) XV352 336 (1)(2)113,266,0001752,792,20044.99%(2)739,526,2008,653Housemaster Holdings LimitedGreenwood Pacific Limited739,517,547(3)201,941,000175,650,00026,291,000(4)1,673,162,295 336 1. 2. 3. (i)(ii)5%(iii)(i)(ii) 4. 1.00 5. (a)(b)(c) 6. 1710%167,316,229159,367,100163,684,596 163,684,5969.78% 7. (12)1% (a)17.02(2)(c) (b)(c) 8. (28) 9. 1.41025% 2.41025% 3.41025% 4. (i)25% (A)(I)22.55%(II)(B)(I)4.65%(II)(C)85%(D)30%(E)(I)(II)(III) (ii)25% (A)25%B8025%(B)(I)(II)(III) 5. 4,317,496 7.685,997 C.2.1 2410 C3 愨1617 500,000,0003.84188058 500,000,0001.80243052 30,000,0002.70102100198 500,000,0002.87102381956 1,000,000,0002.84102481528 500,000,0002.16102482759 Clarendon House2 Church StreetHamilton HM 11Bermuda 500,000,0002.27102482856 700,000,0002.14102483729 600,000,0001.93102485323 16017A 1,300,000,0001.98102580210 (852) 2865 2205(852) 2865 2126contact@yuexiutransport.com.hk 䠽1617 http://www.yuexiutransportinfrastructure.comhttp://www.irasia.com/listco/hk/yuexiutransporthttp://www.hkexnews.hk 010521052.HK1052 HK