| 证券代码：601107 | 证券简称：四川成渝 | | 公告编号：2025-036 | | --- | --- | --- | --- | | 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 关于投资G5京昆高速公路成都至雅安段扩容工 程项目暨关联交易的进展公告 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。 一、项目概述 2025 年 6 月 27 日，雅安市人民政府、成都市人民政府、眉山市人民政府（"招 标人"）就 G5 京昆高速公路成都至雅安段扩容工程项目（"成雅扩容项目""本 项目""项目"）发布招标公告，四川成渝高速公路股份有限公司("公司""本 公司")牵头组成的联合体（"联合体"）参与投标；2025 年 7 月 22 日，招标 人公示联合体成为本项目第一中标候选人；2025 年 7 月 28 日，联合体收到招标 人的《中标通知书》，确认联合体中标成雅扩容项目；202 ...

Group 1 - The core viewpoint of the article highlights the performance and holdings of the E Fund Hong Kong Stock Connect Dividend Mixed A fund, which has shown significant returns over various time frames [1] - The fund's latest net value is 0.8609 yuan, with a weekly return of 1.01%, a three-month return of 16.94%, and a year-to-date return of 22.37% [1] - The fund was established on March 7, 2018, and as of June 30, 2025, it has a total scale of 2.656 billion yuan [1] Group 2 - The top ten stock holdings of the fund include Longyuan Power, China Mobile, Sinopec Refining, China Chemical Fertilizer, Beijing Enterprises Water Group, Mengniu Dairy, Xinhua Wencun, Sinopec Guande, Datang Renewable, and Sichuan Chengyu [1] - The combined proportion of the top ten holdings accounts for 33.37% of the fund's total assets [1]

Summary of Sichuan Chengyu Conference Call Company and Industry Overview - **Company**: Sichuan Chengyu Expressway Company - **Industry**: Expressway and Infrastructure Management Key Points and Arguments 1. **Revenue Growth**: The company's toll revenue has shown a compound annual growth rate (CAGR) of 11% over the past three years, ranking second only to China Merchants Expressway, significantly outperforming Ninghu Expressway [2][3] 2. **Profitability**: The gross margin for 2024 is projected to be 59.6%, placing the company third in the industry, behind Guangdong Expressway and Anhui Expressway. The company experienced a remarkable growth of 90.15% in 2023, with an expected further increase of 22.9% in 2024 [2][3] 3. **Policy Support**: The Sichuan provincial government has provided substantial support, allowing for the expansion and upgrade of expressways, such as the Chengya Expressway, which will extend the toll collection period by 30 years and increase toll rates [2][5] 4. **Dividend Commitment**: The company has committed to a minimum dividend payout ratio of 60% over the next three years, supported by the Sichuan Provincial State-owned Assets Supervision and Administration Commission's policies [2][6] 5. **Capital Expenditure Reduction**: Capital expenditures are expected to decrease significantly, with a 35.8% decline in 2024 compared to 2023, and an 18.4% decline in Q1 2025 compared to Q1 2024, leading to improved cash flow and dividend capacity [2][9][8] 6. **Asset Quality**: The company maintains high asset quality, focusing solely on expressway operations without diversifying into unrelated sectors. Its expressways are strategically located, enhancing traffic flow and revenue potential [5][7] 7. **Future Growth Potential**: The company is well-positioned for future growth due to its core business focus, advantageous location, and supportive policies. The combination of revenue growth and cost-saving measures suggests a strong outlook for continued performance [7][10] 8. **Debt Management**: The company's debt-to-asset ratio has been declining, indicating improved financial health. It is projected to remain below 70%, supporting stable investment returns [11] 9. **Long-term Profitability Assurance**: The acquisition of the Er'er C Expressway project includes a seven-year profit commitment from the controlling shareholder, ensuring a minimum net profit of 2.3 billion yuan from 2023 to 2025 [12] 10. **Market Positioning**: Sichuan Chengyu has significant room for growth through asset interactions with its major shareholder, Shudao Group, which has a toll revenue of 26.8 billion yuan, indicating potential for further capital and asset operations [15] Additional Important Insights - **Dividend Yield**: The company is currently the only expressway stock in A-shares with a dividend yield exceeding 5%, reflecting strong performance in shareholder returns [8] - **Future Net Profit Projections**: Expected net profits for 2025, 2026, and 2027 are projected to be 1.58 billion, 1.71 billion, and 1.84 billion yuan, respectively, with target prices set at 7.75 yuan for A-shares and 6.01 HKD for Hong Kong shares [16][17]

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。 四川成渝高速公路股份有限公司 Sichuan Expressway Company Limited* 於本公告之日，董事會成員包括：執行董事羅祖義先生（董事長）、游志明先生 （副董事長）、馬永菡女士、姚建成先生及毛渝茸女士，非執行董事楊少軍先生 （副董事長）、李成勇先生及陳朝雄先生，獨立非執行董事余海宗先生、步丹璐女 士、周華先生及姜濤先生。 * 僅供識別 | 证券代码：601107 | 证券简称：四川成渝 | 公告编号：2025-035 | | --- | --- | --- | | 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 关于投资G5京昆高速公路成都至雅安段扩容工 程项目暨关联交易的进展公告 （在中華人民共和國註冊成立之股份有限公司） （股份編號：0010 ...

根据联合体与招标人签署的《投资协议》，联合体需在投资协议签订之日起 90 日内设立项目公司，作为成雅扩容项目融资、建设、运营和管理主体。成雅 扩容项目的项目公司已完成工商登记手续，并于今日收到雅安市市场监督管理局 颁发的《营业执照》，基本信息如下： 公司名称：四川成雅高速公路有限责任公司 注册地址：四川省雅安市雨城区草坝镇凤鸣村发展大道 1 号 1 栋 1 层 101 号 法定代表人：黄文悦 | 证券代码：601107 | 证券简称：四川成渝 | | 公告编号：2025-035 | | --- | --- | --- | --- | | 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 关于投资G5京昆高速公路成都至雅安段扩容工 程项目暨关联交易的进展公告 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。 一、项目概述 2025 年 6 月 27 日，雅安市人民政府、成都市人民政府、眉山 ...

Group 1 - A new company, Sichuan Chengya Expressway Co., Ltd., has been established with a registered capital of 100 million RMB [1] - The legal representative of the company is Huang Wenyue, indicating a formal leadership structure [1] - The company's business scope includes highway management and maintenance, construction engineering, design services, and various support services such as cleaning and emergency towing [1] Group 2 - The shareholders of the company include Sichuan Chengyu (601107), China Huaxi Enterprises Co., Ltd., Sichuan Transportation Construction Group Co., Ltd., Sichuan Highway and Bridge Construction Group Co., Ltd., and Sichuan Gaolu Information Technology Co., Ltd. [1] - This diverse ownership structure suggests a collaborative approach to infrastructure development in the region [1]

Core Viewpoint - Sichuan Chengya Expressway Co., Ltd. has been established with a registered capital of 100 million yuan, focusing on highway management, maintenance, construction engineering, and design [1] Company Summary - The newly formed company is a joint venture involving Sichuan Chengyu and other stakeholders [1] - The registered capital of the company is 100 million yuan, indicating a significant investment in infrastructure development [1] Industry Summary - The establishment of this company reflects ongoing investment and development in the highway management and construction sector in Sichuan [1] - The company's operations will include various aspects of highway management and construction, which are critical for regional infrastructure growth [1]

Group 1 - As of August 13, Sichuan Chengyu's stock price remained stable at 5.61 yuan, with a trading volume of 0.55 billion yuan and a turnover rate of 0.45%, resulting in a total market capitalization of 171.56 billion yuan [1] - Sichuan Chengyu is primarily engaged in the investment, construction, and management of highways, operating key routes such as Chengyu Expressway and Chengya Expressway, and is a listed company under Sichuan Transportation Investment Group [1] - On August 13, the company held its second extraordinary general meeting of 2025, where it approved several resolutions, including the proposal to amend and cancel the supervisory board [1] Group 2 - The company stated on its investor interaction platform that there are currently no plans to acquire assets related to Chengdu Tianfu Airport Expressway [1] - On August 13, there was a net inflow of 3.9672 million yuan from main funds, with a cumulative net inflow of 32.4467 million yuan over the past five days [1]

www.zhongyinlawyer.com 致：四川成渝高速公路股份有限公司 北京中银（成都）律师事务所（以下简称"本所"）受四川成渝高速公路股 份有限公司（以下简称"公司"）的委托，指派本所律师赵燕颖、李佳妮出席并 见证了公司 2025 年第二次临时股东会（以下简称"本次股东会"）。现本所律 师依据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股 东会规则》（以下简称"《股东会规则》"）等法律、法规、规范性文件及《四 川成渝高速公路股份有限公司章程》（以下简称"《公司章程》"）之规定，并 按照律师行业公认的业务标准、道德规范和勤勉尽责精神，就公司本次股东会相 关事宜出具如下法律意见： 一、本次股东会的召集和召开程序 中银（成都）律师事务所 关于四川成渝高速公路股份有限公司 成都中银（2025）第 055-0813 号 二、出席本次股东会人员的资格及召集人的资格 出席本次股东会的人员包括：①公司的股东和股东代理人共 356 人，所持表 决权股份总数为1,794,652,655股（包括 H 股共67,840,532股），约占公司有表 决权股份总数的 58.69%；②公司的董事、监事、董事会秘书 ...

证券代码：601107 证券简称：四川成渝 公告编号：2025-034 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 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： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 8 月 13 日 (二)股东大会召开的地点：四川省成都市武侯祠大街 252 号本公司四楼 420 会议 室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 其中：A 股股东人数 355 境外上市外资股股东人数（H 股） 1 其中：A 股股东持有股份总数 1,726,812,123 境外上市外资股股东持有股份总数（H 股） 67,840,532 份总数的比例（%） 58.69 其中：A 股股东持股占股份总数的比例（%） 56.47 境外上市外资股股东持股占股份总数的比例（%） 2.22 (四)表决方式是否符合《公司法》及《 ...