Financial Performance - The company's operating revenue for the third quarter was CNY 1,960,243,196.60, a decrease of 1.52% compared to the same period last year[4] - The total profit for the quarter was CNY 579,677,103.99, reflecting an increase of 4.88% year-on-year[4] - The net profit attributable to shareholders was CNY 462,557,572.59, up by 8.96% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was CNY 451,765,203.44, an increase of 8.80% year-on-year[4] - Total revenue for the first three quarters of 2025 was approximately ¥6.09 billion, a decrease of 17.3% compared to ¥7.36 billion in the same period of 2024[22] - Net profit for the first three quarters of 2025 reached approximately ¥1.36 billion, an increase of 15.5% compared to ¥1.18 billion in the same period of 2024[22] - The total comprehensive income for the period was CNY 1,396,856,712.17, an increase of 17.1% compared to CNY 1,192,657,020.72 in the previous year[24] - Basic and diluted earnings per share increased to CNY 0.4032 from CNY 0.3671, representing a growth of 9.0%[24] Assets and Equity - The total assets at the end of the reporting period were CNY 62,847,113,967.20, representing a 2.91% increase from the end of the previous year[5] - The equity attributable to shareholders reached CNY 20,006,219,439.97, which is an increase of 8.70% compared to the previous year[5] - Total assets amounted to approximately ¥62.85 billion as of September 30, 2025, up from ¥61.07 billion at the end of 2024[19] - The company's equity increased to approximately ¥21.13 billion as of September 30, 2025, compared to ¥19.50 billion at the end of 2024[20] Cash Flow - The cash flow from operating activities for the year-to-date was CNY 2,557,793,484.41, a decrease of 5.62% compared to the previous year[5] - Cash inflows from operating activities totaled CNY 5,763,307,222.89, down 7.4% from CNY 6,221,632,507.44 in the same period last year[27] - Net cash flow from operating activities was CNY 2,557,793,484.41, a decrease of 5.6% compared to CNY 2,709,991,020.60[27] - Cash inflows from financing activities amounted to CNY 9,406,340,412.88, an increase of 48.3% compared to CNY 6,355,576,112.00[28] - The net cash flow from financing activities was -CNY 4,982,011.73, a significant decrease from CNY 384,876,939.77 in the previous year[28] - The ending cash and cash equivalents balance was CNY 3,998,271,746.33, up 47.2% from CNY 2,713,331,437.55[28] Investments and Projects - The total investment for the Chengle Expressway expansion project is estimated at RMB 251.5 billion, with a completed investment of approximately RMB 145.14 billion as of September 30, 2025[14] - The Tianqiong Expressway project has an estimated total investment of RMB 86.85 billion, with cumulative investment reaching approximately RMB 70.05 billion by September 30, 2025[15] - The G5 Jingkun Expressway Chengdu to Ya'an section expansion project has an estimated total investment of RMB 285.48 billion, with the project company established and registered capital of RMB 100 million[16] - The company has invested RMB 14.2434 billion in the Tianqiong Expressway project, which is responsible for its investment, construction, and operation[15] - The Chengle Expressway expansion project has a total length of 136.1 kilometers, aimed at alleviating traffic pressure[14] Shareholder Information - As of September 30, 2025, the total number of ordinary shareholders is 38,437, including 38,205 A-share shareholders and 232 H-share shareholders[12] - HKSCC NOMINEES LIMITED holds 889,334,570 H shares, representing multiple clients[12] - The company has not identified any related party relationships among the top shareholders as of the report date[12] Financial Management - The company reported a significant reduction in financial expenses, totaling approximately ¥428 million in the first three quarters of 2025, down from ¥629 million in the same period of 2024[23] - The company achieved an investment income of approximately ¥57 million in the first three quarters of 2025, compared to ¥38 million in the same period of 2024[23] Accounting Standards - The company will not apply new accounting standards starting from 2025[30]

| 证券代码：601107 | 证券简称：四川成渝 | 公告编号：2025-044 | | --- | --- | --- | | 债券代码：241012.SH | 债券简称：24 | 成渝 01 | | 债券代码：102485587 | 债券简称：24 | 成渝高速 MTN001 | 四川成渝高速公路股份有限公司 关于独立董事任期届满辞任暨提名独立董 事候选人的公告 本公司董事会谨此向步丹璐女士担任公司董事期间对本公司所作之贡献致 以衷心感谢！ 二、提名独立董事候选人 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、独立董事辞任情况 四川成渝高速公路股份有限公司（以下简称"公司"或"本公司"）独立董 事步丹璐女士自 2019 年 11 月 13 日起担任公司独立董事，连续任职时间即将满 六年。公司董事会近日收到公司独立董事步丹璐女士提交的辞任函，申请辞去第 八届董事会独立非执行董事、审计委员会主任委员、薪酬与考核委员会委员职务。 步丹璐女士辞任后不再担任公司任何职务。 步丹璐女士的辞任将导致公司独立董事人数少于董事会成员 ...

（一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用）； 独立董事提名人声明与承诺 提名人 四川成渝高速公路股份有限公司董事会，现提名 罗 宏为四川成渝高速公路股份有限公司第八届董事会独立董事候 选人，并已充分了解被提名人职业、学历、职称、详细的工作经 历、全部兼职、有无重大失信等不良记录等情况。被提名人已同 意出任四川成渝高速公路股份有限公司第八届董事会独立董事 候选人（参见该独立董事候选人声明）。提名人认为，被提名人 具备独立董事任职资格，与四川成渝高速公路股份有限公司之间 不存在任何影响其独立性的关系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者 ...

| 证券代码：601107 | 证券简称：四川成渝 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：241012.SH | 债券简称：24 | 成渝 01 | | 债券代码：102485587 | 债券简称：24 | 成渝高速 MTN001 | 四川成渝高速公路股份有限公司 关于2026年度施工工程及相关服务的 日常关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本次关联交易事项已经本公司第八届董事会独立董事专门会议第十一次会 议审查通过，全体独立董事一致认为本次关联交易事项是为了满足公司日常正常 业务开展的需要，没有对本公司生产经营造成不利影响，亦不会损害中小股东利 益，同意将本次关联交易事项提交董事会审议。 （二）截至 2025 年 6 月 30 日财政年度的前次日常关联交易的年度预计和 执行情况 重要内容提示： ●未来四川成渝高速公路股份有限公司（以下简称"公司""本公司"） 及本公司直接或间接控制的法人或其他组织（以下统称"本集团"）拟通过招 标、比选、询价或其他 ...

| 证券代码：601107 | 证券简称：四川成渝 | | 公告编号：2025-043 | | --- | --- | --- | --- | | 债券代码：241012.SH | 债券简称：24 | 成渝 01 | | | 债券代码：102485587 | 债券简称：24 | 成渝高速 MTN001 | | 四川成渝高速公路股份有限公司 日常关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次关联交易事项已经本公司第八届董事会独立董事专门会议第十一次会 议审查通过，全体独立董事一致认为本次关联交易事项是为了满足公司日常正常 业务开展的需要，没有对本公司生产经营造成不利影响，亦不会损害中小股东利 益，同意将本次关联交易事项提交董事会审议。 （二）截至 2025 年 6 月 30 日财政年度的前次日常关联交易的年度预计和 执行情况 币种：人民币 | 关联交 易类别 | 关联人 | 前次上限预 计金额 | 前次实际发生金额 | 预计金额 与实际发 生金额差 异较大的 原因 | | --- | --- ...

独立董事候选人声明与承诺 本人 罗宏， 已充分了解并同意由提名人四川成渝高速公路 股份有限公司董事会提名为 四川成渝高速公路股份有限公司第 八届董事会独立董事候选人。 本人公开声明，本 人具备独立董事 任职资格 ，保证不存在任何影响本人担任四川成渝高速公路股份 有限公司独 立董事独立性的关系，具体声明并承诺如下： 一、 本 人具备上市公司运作的基本知识， 熟悉相关法律、 行 政法规、 部门规章及其他规范性文件， 具有 5年 以上法律、经济、 会计、财 务、管理或者其他履行独立董事职责所必需的工作经验 。 本人已经参加培训并取得证券交易所认可的相关培 训证明 材料 。 二、 本 人任职资格符合下列法律、 行政法规和部门规章以及 公司规章的要求： (一 )《中华人民共和国公司法》 关于董事任职资格 的规定； (二 )《中华人民共和国公务员法》 关于公务员兼任职务的 规定 (如适用); (三 ) 中国证监会 《上市公司独立董事管理办法》、 上海证 券交易所 自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； (四) 中共中央纪委、 中共中央组织部《关于规范中管干部 辞去公职或者退 (离) 休后担任上市 ...

Summary of Key Points from the Earnings Call Transcript Industry and Company Overview - The focus is on the dividend-paying stocks within the transportation sector, particularly in the highway and logistics segments, as well as broader dividend stocks in the market. Core Insights and Arguments - **Dividend Yield Increase**: Leading dividend stocks have seen their yields rise to approximately 4.5%-5%, with expectations of continued inflow of incremental funds due to factors such as the introduction of swap convenience, brokerage proprietary fund allocation, and insurance OCI execution. This makes Q4 of this year and early next year an opportune time for dividend stock allocation [1][3]. - **Global Interest Rate Trends**: The ongoing global trend of interest rate cuts is expected to enhance the cost-effectiveness of dividend investments, making them more attractive [3]. - **Specific Recommendations**: - **Highway Sector**: - **Wuhan Expressway**: Benefiting from the acquisition of Fuzhou and urban expressways, fee discount adjustments, and recovery in vehicle traffic, currently has a dividend yield of about 4.8% [4][5]. - **Guan Yu Expressway**: Holding 78 million shares of Guosheng Jin控, with Q3 performance expected to grow over 50% year-on-year, corresponding to a dividend yield of approximately 4.3% [4][5]. - **Yue Expressway**: Anticipated significant profit growth due to recovery of impairment losses and reduced maintenance costs, currently has a dividend yield of about 5.2% [5]. - **Sichuan Chengyu**: Noted for the highest dividend yield in A-shares at around 5.3%, driven by reduced financial expenses leading to profit growth [5]. - **Railway and Port Recommendations**: - **Daqin Railway**: Benefiting from improved coal market conditions and increased transport volume, currently has a PB valuation close to historical lows and a dividend yield of about 4.3% [5]. - **Tangshan Port**: Fixed dividend of 0.20 per share, with a current yield exceeding 5%, showing operational improvement in Q3 despite a decline in H1 performance [5]. Additional Important Insights - **Broad Dividend Stocks**: - **China Logistics**: Entering peak season for domestic shipping, with an expected annual profit of 2 billion yuan, leading to a potential dividend yield of 7.7% based on a 90% payout ratio [6]. - **Jianfa Co.**: Offers a fixed dividend of 0.70 per share, providing a high certainty with a current yield of 6.8% [2][6]. - **China Foreign Trade**: Another cyclical dividend stock with a fixed distribution of 0.29 per share, currently yielding 4.6%, favored by insurance funds [6]. - **Investment Timing**: The current market environment is viewed as a critical opportunity for investors to allocate resources into these high-yield stocks, emphasizing the importance of strategic positioning in the dividend space [6].

Core Insights - The 2025 Sichuan Top 100 Enterprises list was released, showing a total of 8 companies with revenues exceeding 100 billion yuan, an increase of 3 from 2024 [1] - Tongwei Group Limited topped the list with revenues surpassing 200 billion yuan, marking its first time at the top [1] - Sichuan Energy Development Group and Qiya Group entered the 100 billion yuan revenue club for the first time [1] Company Rankings - Tongwei Group Limited: Revenue of 24,137,998 million yuan [2] - Sichuan Yibin Wuliangye Group Limited: Revenue of 19,529,677 million yuan [2] - Sichuan Changhong Electronics Holding Group Limited: Revenue of 15,267,474 million yuan [2] - Sichuan Energy Development Group Limited: Revenue of 11,745,767.72 million yuan [2] - Qiya Group Limited: Revenue of 11,035,872.53 million yuan [2] - New Hope Liuhe Co., Ltd.: Revenue of 10,306,296.23 million yuan [2] - Luzhou Laojiao Group Limited: Revenue of 10,045,283.6 million yuan [2] - Sichuan Huaxi Group Limited: Revenue of 10,010,347.8 million yuan [2] Additional Rankings - Sichuan Chuanwei Group Limited: Revenue of 8,871,760 million yuan [4] - China National Petroleum Corporation Sichuan Sales Branch: Revenue of 8,830,342.77 million yuan [4] - China Wuyi Group Limited: Revenue of 8,003,938.45 million yuan [4] - Blue Run Group Limited: Revenue of 7,855,709.32 million yuan [4] - China Dongfang Electric Group Limited: Revenue of 7,555,541.23 million yuan [4]

Core Viewpoint - Sichuan Chengyu Highway Co., Ltd. has signed a sand and gravel procurement contract with an affiliated party, involving a total transaction amount not exceeding RMB 100 million, to supply materials for the Tianmei Le Expressway project [2][4][12]. Summary by Sections 1. Overview of the Related Transaction - The contract was signed on October 22, 2025, between Sichuan Chengyu Xing Shu Supply Chain Management Co., Ltd. and Sichuan Jiaojian Lingzhou Construction Co., Ltd. for the Tianmei Le Expressway project, with an estimated total transaction amount of up to RMB 100 million (including tax) [2][4]. - The transaction constitutes a related party transaction but does not qualify as a major asset restructuring under relevant regulations [2][4]. 2. Approval Process - The transaction was approved by the company's eighth board of directors and the supervisory board, with related directors abstaining from voting [3][12]. - The company followed the necessary procedures for temporary disclosure due to the competitive nature of the bidding process [3][5]. 3. Impact on the Company - The related transaction is essential for the normal business operations of the group and does not harm the interests of the company or its shareholders, particularly minority shareholders [3][12]. - The company does not have significant reliance on the related party, ensuring that the transaction aligns with the interests of all shareholders [3][12]. 4. Details of the Agreement - The agreement includes a preliminary estimate of 400,000 tons of sand and gravel, with the final quantity subject to acceptance by the purchaser [8][9]. - The pricing is fixed and includes all associated costs, with payments made after quality acceptance of the supplied materials [9][10]. 5. Financial Background of the Related Party - Sichuan Jiaojian Lingzhou Construction Co., Ltd. has total assets of RMB 299.31 million and a net asset of RMB 109.28 million as of 2024, indicating a stable financial position [6]. - The company is controlled by Sichuan Transportation Construction Group, which is also affiliated with Sichuan Chengyu [6].

Group 1: Earnings Reports - Tonghuashun reported a 39.67% increase in revenue to 3.261 billion yuan for the first three quarters of 2025, with a net profit increase of 85.29% to 1.206 billion yuan [2] - Weihua New Materials experienced a 15.18% decline in revenue to approximately 660 million yuan for the first three quarters, but a significant net profit increase of 250.04% in Q3 to approximately 25.38 million yuan [1] - Yanjing Co. achieved a 22.99% revenue growth to 1.295 billion yuan for the first three quarters, with a net profit increase of 27.95% to approximately 42.5 million yuan [1] - XH Technology reported a 26.47% revenue increase to approximately 742 million yuan for the first three quarters, with a net profit increase of 186.19% to approximately 95.47 million yuan [5] - Dongtian Micro reported a 53.91% revenue increase to approximately 637 million yuan for the first three quarters, with a net profit increase of 99.2% to approximately 80.03 million yuan [6] Group 2: Corporate Actions - China Unicom plans to spin off its subsidiary, Unicom Smart Network Technology, for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to enhance innovation and competitiveness in the vehicle networking industry [3] - Kailer Co. is planning to acquire at least 50% of Kesheng Electromechanical, aiming to enter the high-end coating equipment sector [11] - Huitong Technology is preparing for an H-share listing in Hong Kong, with management authorized to initiate the process [11] Group 3: Other Notable Developments - Hengyi Petrochemical's subsidiary has successfully entered the trial production phase of a new project aimed at increasing its nylon production capacity [12] - Sichuan Chengyu's subsidiary signed a sand and gravel supply contract for a highway project, with a total transaction amount expected to be under 100 million yuan [14] - Sanwang Communication's board received a proposal for a share buyback plan, with a total amount not less than 20 million yuan [14]