Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu [2][6] Core Views - The report emphasizes that there is still a significant expectation gap in the market regarding Sichuan Chengyu, despite its strong performance in revenue growth and cash dividends [6][8] - The analysis is based on four dimensions: asset quality, dividend capability, earnings growth certainty, and future growth potential [6][8] Summary by Relevant Sections 1. Asset Quality - The company's road assets are strategically located, with toll revenue growth and profitability ranking among the industry leaders [9][13] - The overall profitability of the company's road assets is high, with a projected toll gross margin of 59.6% for 2024, second only to Guangdong Expressway and Anhui Expressway [21][24] - The company has achieved a compound annual growth rate (CAGR) of 11% in toll revenue over the past three years, indicating strong revenue resilience [15][16] 2. Dividend Capability - The company has increased its dividend payout ratio to over 60% in 2023, maintaining a dividend yield of 5.05%, making it the only highway stock in A-shares with a yield above 5% [30][39] - The peak of capital expenditure may have passed, with a projected free cash flow of 650 million yuan in 2024, indicating a stronger and sustainable internal cash dividend capability [9][30] 3. Earnings Growth Certainty - Future earnings growth is expected to be driven by natural growth in traffic and toll revenue, with financial expenses likely to decrease significantly [9][10] - The company has a seven-year performance commitment for the second ring road, providing substantial growth support and profit elasticity in the medium to long term [10][11] 4. Growth Potential - The company is seen as undervalued in terms of growth potential, supported by the classic logic of "large group, small company" [10][11] - The integration of high-quality road resources with the support of the Shudao Group is ongoing, which is expected to enhance the company's market value [10][11] 5. Investment Recommendations - The report maintains profit forecasts for 2025-2027 at 1.58 billion, 1.71 billion, and 1.84 billion yuan, with corresponding earnings per share (EPS) of 0.52, 0.56, and 0.60 yuan [10][11] - The target price is set at 7.75 yuan for A-shares and 6.01 HKD for H-shares, indicating a potential upside of 35% and 39% respectively from current prices [10][11]

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu [2][8] Core Views - The report emphasizes that there is still a significant expectation gap in the market regarding Sichuan Chengyu, despite its strong performance in revenue growth and cash dividends [6][8] - The analysis is based on four dimensions: asset quality, dividend capability, earnings growth certainty, and future growth potential [6][8] Summary by Relevant Sections 1. Asset Quality - The company's road assets are strategically located, with toll revenue growth and profitability ranking among the industry leaders. The toll revenue has a compound annual growth rate (CAGR) of 11% over the past three years, second only to China Merchants Highway [6][9] - The overall profitability of the company's road assets is also among the highest in the industry, with a toll gross margin of 59.6% in 2024, just behind Guangdong Highway and Anhui Expressway [9][21] 2. Dividend Capability - The company has shown a strong commitment to returning value to shareholders, with a dividend payout ratio increased to over 60% in 2023 and maintained in 2024, resulting in a dividend yield of 5.05%, making it the only highway stock in A-shares with a yield above 5% [6][30] - Capital expenditures are expected to decline, with a projected free cash flow of 650 million in 2024, indicating a stronger and sustainable internal cash dividend capability [9][30] 3. Earnings Growth Certainty - Future earnings growth is expected to be driven by natural growth in traffic and toll revenue, with financial expenses likely to decrease significantly. The company is expected to benefit from a long-term interest rate decline [9][10] - The company has a seven-year performance commitment for the second ring road, providing significant growth support and profit elasticity in the medium to long term [9][10] 4. Growth Potential - The company is seen as undervalued in terms of growth potential, with a low asset securitization rate compared to other provinces. The integration of high-quality road resources with the support of the Shudao Group is ongoing [9][10] - The report draws parallels with Anhui Expressway, which has successfully achieved a virtuous cycle of "market value-dividend-assets" since 2021, suggesting a similar path for Sichuan Chengyu [9][10] 5. Investment Recommendations - The report maintains profit forecasts for 2025-2027 at 1.58 billion, 1.71 billion, and 1.84 billion, with corresponding earnings per share (EPS) of 0.52, 0.56, and 0.60, and price-to-earnings (PE) ratios of 11, 10, and 10 times [10][11] - The target price is set at 7.75 yuan for A-shares and 6.01 HKD for H-shares, indicating a potential upside of 35% and 39% from the current prices, respectively [10][11]

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。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 四 川 成 渝 高 速 公 路 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 發 佈 的《中 國 國 際 金 融 股 份 有 限 公 司 關 於 蜀 道 投 資 集 團 有 限 責 任 公 司 豁免要約收購四川成渝高速公路股份有限公司的持續督導意見》，僅供參閱。 承董事會命 四川成渝高速公路股份有限公司 姚建成 執行董事兼聯席公司秘書 中華人民共和國 • 四川省 • 成都市 二零二五年五月十四日 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 ...

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

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。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 四 川 成 渝 高 速 公 路 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 發 佈 的《四 川 成 渝 高 速 公 路 股 份 有 限 公 司 第 八 屆 董 事 會 第 三 十 三 次 會 議 決 議 公 告》及《四 川 成 渝 高 速 公 路 股 份 有 限 公 司 第 八 屆 監 事 會 第 二 十 五 次 會 議 決 議 公 告》，僅 供 參 閱。 承董事會命 四川成渝高速公路股份有限公司 姚建成 執行董事兼聯席公司秘書 中華人民共和國 • 四川省 • 成都市 二零二五年四月二十九日 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 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,849,869,296.47, representing a decrease of 8.08% compared to the same period last year[6]. - Net profit attributable to shareholders was CNY 456,446,940.45, an increase of 16.61% year-on-year[6]. - Basic and diluted earnings per share increased by 11.33% to CNY 0.1425[6]. - Total revenue for Q1 2025 was approximately ¥1.85 billion, a decrease of 8.09% compared to ¥2.01 billion in Q1 2024[29]. - Operating profit for Q1 2025 increased to approximately ¥573 million, up 17.2% from ¥489 million in Q1 2024[30]. - Net profit for Q1 2025 was approximately ¥477 million, representing a 17.4% increase from ¥407 million in Q1 2024[30]. - Total comprehensive income for Q1 2025 was approximately ¥475 million, compared to ¥411 million in Q1 2024[31]. - The company reported an increase in investment income to approximately ¥22.57 million in Q1 2025, up from ¥13.81 million in Q1 2024[29]. Cash Flow - The net cash flow from operating activities decreased by 35.88% to CNY 512,374,211.98, primarily due to a decline in operating revenue and the absence of tax refunds[14]. - Cash flow from operating activities for Q1 2025 was approximately ¥512 million, a decrease of 35.9% from ¥799 million in Q1 2024[36]. - Cash inflow from investment activities totaled $32,877,693.35, a significant increase from $14,550,695.71 in the previous period[37]. - Cash outflow from investment activities was $831,037,685.49, down from $1,017,846,003.83 year-over-year[37]. - Net cash flow from investment activities was -$798,159,992.14, improving from -$1,003,295,308.12 in the prior period[37]. - Cash inflow from financing activities reached $7,542,854,000.00, compared to $1,585,410,000.00 previously[38]. - Net cash flow from financing activities was $1,850,728,490.99, up from $887,809,102.25 year-over-year[38]. - Cash and cash equivalents at the end of the period stood at $4,512,436,933.83, an increase from $2,666,369,525.39[38]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 63,374,669,479.87, up 3.77% from the end of the previous year[9]. - Total liabilities increased to CNY 42,217,542,279.56 as of March 31, 2025, compared to CNY 41,574,810,358.73 at the end of 2024, reflecting a growth of approximately 1.5%[26]. - Long-term borrowings increased to CNY 35,281,441,819.17 from CNY 33,593,725,819.17, which is an increase of approximately 5.0%[26]. - The company's total assets reached CNY 63,374,669,479.87, up from CNY 61,070,435,445.00, indicating an increase of about 3.8%[27]. - The total equity attributable to shareholders rose to CNY 20,044,104,190.31 from CNY 18,404,171,806.44, representing an increase of about 8.9%[27]. Shareholder Information - The top shareholder, Shudao Investment Group, holds 1,218,979,662 shares, representing 39.86% of total shares[15]. - HKSCC Nominees Limited holds 888,620,700 shares, accounting for 29.06% of total shares[15]. - The total number of common shareholders is 49,867, with 49,625 being A-share shareholders and 242 being H-share shareholders[20]. Projects and Investments - The Chengle Expressway expansion project has a total estimated investment of approximately RMB 251.5 billion, with cumulative investment reaching about RMB 137.82 billion as of March 31, 2025[21]. - The Tianqiong Expressway BOT project has an estimated total investment of approximately RMB 86.85 billion, with cumulative investment reaching about RMB 69.56 billion as of March 31, 2025[22]. - The company has completed the two-way traffic for the Chengle Expressway expansion project, enhancing overall traffic capacity and service levels[21]. - The Tianqiong Expressway project is expected to officially open on September 13, 2024, indicating future growth potential[22]. Accounting and Governance - The company confirmed that all directors attended the board meeting to review the quarterly report, ensuring the accuracy and completeness of the financial statements[4]. - The report period ended on March 31, 2025, and the financial data presented is unaudited[10]. - The company plans to implement new accounting standards starting in 2025, which may affect financial reporting[40].

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。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 四 川 成 渝 高 速 公 路 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 發 佈 的《四 川 成 渝 高 速 公 路 股 份 有 限 公 司 投 資 者 關 係 活 動 記 錄 表》，僅 供 參 閱。 承董事會命 四川成渝高速公路股份有限公司 姚建成 執行董事兼聯席公司秘書 3.高管您好。请问贵公司本期财务报告中，盈利表现如何？谢 谢。 中華人民共和國 • 四川省 • 成都市 二零二五年四月二十二日 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 ...

Group 1 - Sichuan Chengyu Expressway Company Limited is the only A+H share listed infrastructure company in Western China and serves as the only highway industry platform for Shudao Group [2] - The company primarily engages in the investment, construction, and operation of provincial expressway projects, green energy investment, and comprehensive resource development along the routes [2] - The total mileage of operational expressways has exceeded 900 kilometers, including major routes centered around provincial capitals and significant provincial thoroughfares [2] Group 2 - The company has received numerous awards for the quality of its self-built expressway projects, including the "National Quality Engineering Award" and "Li Chun Award" [2] - Sichuan Chengyu has established a strong operational and service quality reputation, consistently ranking at the top in both provincial and national assessments [2] - The company is accelerating the construction of the first large-scale "four-to-eight" expansion project in Sichuan Province, with several segments already completed [2] Group 3 - The company is actively developing a road-related economic platform through various methods, including independent establishment, joint ventures, and direct acquisitions in sectors like fuel sales and service area operations [2] - It is also focusing on cultivating a green energy industry cluster, expanding into electric vehicle charging, hydrogen energy, solar power, energy storage, and battery leasing [2] - As of mid-2024, the company's total assets reached 60.161 billion yuan, and net assets were 16.624 billion yuan, representing a 23-fold and 11-fold increase since its establishment, respectively [2] Group 4 - Sichuan Chengyu has maintained excellent asset quality and profit metrics compared to 21 similar listed companies nationwide, consistently ranking high in net profit among over 170 listed companies in the province [2] - The company has achieved a long-term AAA credit rating in the capital market and has been recognized with over 50 national and provincial awards for its governance and operational excellence [2]

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通告的內 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 不對因本通告全部或任何部份內容而產生或因依賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 2024年年度股東大會通告 茲通告四川成渝高速公路股份有限公司（「本公司」）謹訂於2025年5月22日（星 期 四）下 午 三 時 正 假 座 中 華 人 民 共 和 國（「中 國」）四 川 省 成 都 市 武 侯 祠 大 街252號4樓420室舉行2024年年度股東大會（「2024年年度股東大會」），藉 以 審 議 及 酌 情 通 過（不 論 有 否 修 訂）下 列 決 議 案： 特別決議案 以 記 名 非 累 積 投 票 表 決 方 式 審 議 及 批 准 以 下 決 議 案： 1. 動 議 批 准 建 議 註 冊 發 行 非 金 融 企 業 債 務 融 資 工 具。 普通決議案 以 記 名 非 累 積 投 票 表 決 方 式 審 議 及 批 准 以 下 決 議 案： 2. 審議及批准本公司2024年 度 利 潤 分 配 及 股 息 ...

此乃要件 請即處理 閣下如對本通函任何方面或擬採取之行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的四川成渝高速公路股份有限公司（「本公司」）所有股份全部出售或轉讓，應立即 將本通函及隨附的代理人委任表格送交買方、承讓人，或經手買賣或轉讓的銀行、持牌證券商或 其他代理商，以便轉交買方或承讓人。 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通函的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本通函全部或任何部分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。 本通函僅供參考用途，概不構成收購、購買或認購本公司證券之邀請或要約。 一. 建議註冊發行非金融企業債務融資工具；及 二. 2024年年度股東大會通告 本封頁所用詞彙與本通函所界定者具有相同涵義。 董事會函件載於本通函第1頁至第6頁。 本公司謹定於2025年5月22日（星期四）下午三時正假座中華人民共和國（「中國」）四川省成都市武 侯祠大街252號4樓420室舉行2024年年度股東大會，2024年年度股東大會通告載於本通函第AGM-1 頁至第AG ...