安徽皖通高速公路股份有限公司关于2026年度日常关联交易的详细公告解读

一、公告要点

• 2026年度公司及其子公司预计与关联方发生日常关联交易总额为人民币40,102.40万元，较上年度（2025年度实际发生金额105,795.78万元）大幅下降。
• 主要涉及委托管理、租赁业务、商品/服务采购、工程业务及联网收费等五大类。
• 本次关联交易无需提交股东大会审议，已由董事会和审计委员会通过，且独立董事发表同意意见。
• 工程类关联交易金额下降的主因是部分需要公开招标的项目（如“十五五”综合养护设计施工总承包项目、高界高速改扩建项目等）不计入本日常关联交易预计。
• 公司与安徽交控集团财务有限公司签署的金融服务协议，为单独议案，涉及60亿元最高存款余额、60亿元可循环综合授信额度及每年不超100万元的金融业务费用。

二、详细内容解读

1. 关联交易类别与金额

2026年公司及其全资、控股子公司与关联方的日常关联交易预计具体如下：

• 委托管理类：1,884.14万元。主要涉及公司受托管理多条高速公路及桥梁（如合巢芜高速、合徐南段、合枞高速等），合同期限多为2024-2026年。
• 租赁业务类：6,182.54万元。涉及向关联方提供房屋、加油站、服务区、土地等租赁服务。
• 商品/服务采购类：6,188.64万元。包括物业管理、班车、办公用品、食品采购、光伏发电、培训等。
• 工程业务类：20,474.08万元。涵盖规划设计、检测、监理、工程建设管理、IT运维、房屋维修等。
• 联网收费业务类：5,373.00万元。主要为联网公司、交通数智公司提供的联网收费路网运行服务。

2. 关联方情况及关联关系

本次关联交易涉及的全部关联方为公司控股股东安徽省交通控股集团有限公司及其下属公司，包括但不限于安徽安联高速公路有限公司、安徽交控驿达服务开发集团有限公司、安徽省高速石化有限公司、安徽省合枞高速公路有限责任公司等共计三十余家。所有关联方的经营情况均正常，财务指标良好，履约能力有保障。

3. 交易定价政策

本次关联交易严格遵循公开、公平、公正的市场定价原则，优先以市场公允价格为基础，若无市场可比价格则参考关联方与第三方的非关联交易价格，或以合理成本加合理利润方式定价。涉及招投标的项目则以中标价格为准，确保交易价格公允合理。

4. 对公司及投资者的影响

公司表示，所有关联交易均为日常经营需要，有助于巩固主营业务、优化资源配置，不会影响公司独立性，亦不会对关联方形成业务依赖。

5. 潜在影响与需关注事项

• 2026年度日常关联交易总额较2025年度的实际发生数大幅减少，主要由于部分项目需公开招标不再计入常规关联交易，显示公司合规管理强化，可能降低因关联交易带来的监管及市场风险。
• 公司与安徽交控集团财务公司签署的金融服务协议（每日最高存款余额60亿元，综合授信60亿元），若运用得当，将提升资金使用效率，增强公司流动性。
• 因工程类业务需招标，实际发生金额与预算存在较大差异的可能，投资者应持续关注后续实际执行情况及相关公告。
• 重要需要股东注意的是，公告提到高界高速、连霍改扩建等大项目的原材料、监理、检测等合计将超过45亿元，这部分不在本次常规关联交易预算内，但属于公司2026年重大支出，投资者需关注其资金安排与项目进展。
• 公司未对任何单一关联方形成重大依赖，保障业务安全。

三、结论

本公告披露了安徽皖通高速2026年度与关联方的交易框架，整体交易规模大幅缩减，合规管理趋严，有望提升公司治理水平，降低市场对关联交易的担忧。公司资金管理灵活度提高，同时重磅项目支出压力加大，需关注项目进度及资金流动性。相关内容具备一定信息敏感性，投资者应密切关注后续公告与实际执行进展。

免责声明

本文仅为根据安徽皖通高速公路股份有限公司公开公告所做的详细解读和信息整理，不构成任何投资建议。投资有风险，请投资者根据自身判断审慎决策。

Detailed Analysis of Anhui Expressway 2026 Related-Party Transactions Announcement

Key Highlights

• The Company and its subsidiaries project RMB 401.024 million in related-party transactions for 2026, a sharp decrease from RMB 1,057.96 million in 2025 actuals.
• Main transaction types: entrusted management, leasing, goods/services procurement, engineering, and network toll settlement.
• No shareholder meeting required; already approved by the Board and the Audit Committee with independent directors’ consent.
• Engineering transaction amount drops mainly because large projects requiring open tender (e.g., maintenance design and construction, highway expansion) are excluded from routine related-party estimates.
• Financial services agreement with Anhui Jiaokong Group Finance Co., Ltd. (daily cap: RMB 6bn deposit, RMB 6bn credit, max RMB 1m annual fees) submitted as a separate board resolution.

Detailed Review

1. Transaction Types & Amounts

• Entrusted Management: RMB 18.8414 million, managing multiple highways and bridges under various multi-year contracts.
• Leasing: RMB 61.8254 million, involving leasing of property, gas stations, service areas, and land to affiliates.
• Goods/Services Procurement: RMB 61.8864 million, including property management, shuttle buses, office supplies, food, renewable energy, and training.
• Engineering: RMB 204.7408 million, including planning, design, testing, supervision, facility maintenance, IT, and repairs.
• Network Toll Services: RMB 53.73 million for toll network operation services from affiliates.

2. Related Parties

All related parties are either the controlling shareholder Anhui Jiaokong Group or its subsidiaries, including over thirty entities. All are in sound financial condition and have strong contract performance capabilities.

3. Pricing Policy

All transactions adhere to fair market pricing, referencing independent third-party prices where possible. If unavailable, prices are based on reasonable cost plus profit, or by agreement. Engineering is determined by tender results.

4. Company & Investor Impact

All related transactions are for normal operations, help maintain operational stability, and do not impact company independence or induce over-reliance on affiliates.

5. Material Considerations for Shareholders

• Noteworthy is the sharp drop in related transactions for 2026 due to compliance upgrades and open tender requirements, which may reduce regulatory risk and market concerns over related dealings.
• The financial services deal with the group finance company could enhance liquidity and financial flexibility if used properly.
• Because engineering contracts are awarded via tender, actual transactions may differ significantly from estimates; investors should track subsequent disclosures closely.
• Major capex for expansion projects (totalling over RMB 4.5bn, not included in routine related transactions) will impact cash flow and may affect valuation, requiring investor attention.
• No major dependency on any single affiliate, ensuring business security.

Conclusion

This disclosure shows Anhui Expressway’s strengthened compliance and governance, with a notable reduction in routine related transactions. Financial flexibility improves, but large future investment needs persist. Market participants should monitor ongoing disclosures and execution against these budgets, as developments may impact the company’s share price.

Disclaimer

This article is an informational summary based on the official disclosure of Anhui Expressway and does not constitute investment advice. Investors should make independent decisions and bear risks accordingly.

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