Core Viewpoint - Sichuan Chengyu Expressway (00107.HK) announced an earnings presentation scheduled for November 13, 2025, to enhance investor understanding of the company's operational results, financial status, and development strategy [1] Group 1 - The earnings presentation will take place from 15:00 to 16:00 on November 13, 2025 [1] - The event will be hosted on the "Value Online" platform (www.ir-online.cn) [1] - The company aims to engage with investors and gather their opinions and suggestions [1]

格隆汇11月5日丨四川成渝高速公路(00107.HK)公告，为便于广大投资者更加全面深入地了解公司经营 成果、财务状况、发展战略等，公司定于2025年11月13日(星期四)15:00-16:00在"价值在线"(www.ir- online.cn)举办四川成渝高速公路股份有限公司2025年第三季度业绩说明会，与投资者进行沟通和交 流，广泛听取投资者的意见和建议。 ...

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* （在中華人民共和國註冊成立之股份有限公司） （股份編號：00107） 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關於召開2025年第三季度業績說明會的公告》及 《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 執行董事兼公司秘書 中華人民共和國 • 四川省 • 成都市 二零二五年十一月五日 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 ...

| 证券代码：601107 | 证券简称：四川成渝 | 公告编号：2025-046 | | --- | --- | --- | | 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召开 2025年第三季度业绩说明会的公告 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： 四川成渝高速公路股份有限公司（以下简称"公司"）已于 2025 年 10 月 会议召开时间：2025 年 11 月 13 日（星期四）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 13 日 前 访 问 网 址 https://eseb.cn/1sVrkKFT7Gw 或使用微信扫描下方小程序码进行会前提 问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍 关注的问题进行回 ...

Investment Rating - The investment rating for Sichuan Chengyu (601107.SH) is "Buy" (maintained) [5] Core Views - The company's performance growth is driven by cost reduction, and there is significant growth potential under resource integration [5] - Despite a slight decline in revenue due to external factors, net profit has shown a strong increase due to effective cost control [7] - The company is advancing several key projects that are expected to contribute significantly to future earnings [7] Financial Performance Summary - For 2023, the projected revenue is 11,652 million RMB, with a year-on-year growth rate of 10.12% [6] - The net profit attributable to shareholders is expected to reach 1,187 million RMB in 2023, reflecting a substantial year-on-year increase of 90.15% [6] - The company’s earnings per share (EPS) is projected to be 0.39 RMB in 2023, with a price-to-earnings (P/E) ratio of 14.71 [6] Future Projections - The forecasted net profit for 2025-2027 is 16.1 billion RMB, 17.4 billion RMB, and 19.4 billion RMB respectively, with corresponding P/E ratios of 10.8, 10.0, and 9.0 [7] - The company is expected to maintain a high dividend payout ratio and dividend yield, which will likely enhance its value [7] Market Performance - The closing price of the stock is 5.71 RMB, with a market capitalization of 17,461.52 million RMB [3] - The stock has experienced a 52-week high of 6.56 RMB and a low of 4.74 RMB [3]

FF301 本月底法定/註冊股本總額： RMB 3,058,060,000 | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601107 | 說明 | | A股（上海證券交易所） | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,162,740,000 | RMB | | | 1 RMB | | 2,162,740,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,162,740,000 | RMB | | | 1 RMB | | 2,162,740,000 | | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu (601107) [1] Core Views - The company achieved a year-on-year revenue growth of 15.78% in the first three quarters of 2025, with continuous optimization of financial expenses, highlighting the undervalued assets with expected discrepancies [1] - The report emphasizes the significant reduction in financial expenses, which decreased by 31.9% to 428 million yuan, enhancing profits [6] - The company has secured long-term operational rights for its core profitable assets through major infrastructure projects, which are expected to improve revenue [6] Financial Summary - **Revenue Forecasts**: - Total revenue for 2024A is projected at 10,362 million yuan, with a decline to 9,946 million yuan in 2025E, followed by a slight recovery in subsequent years [2] - Year-on-year growth rates are expected to be -11.1% in 2024A, -4.0% in 2025E, 3.0% in 2026E, and 4.6% in 2027E [2] - **Net Profit Forecasts**: - The net profit attributable to the parent company is forecasted to be 1,459 million yuan in 2024A, increasing to 1,630 million yuan in 2025E, and further to 1,728 million yuan in 2026E [2] - Year-on-year growth rates for net profit are projected at 22.9% for 2024A, 11.7% for 2025E, 6.0% for 2026E, and 8.1% for 2027E [2] - **Earnings Per Share (EPS)**: - EPS is expected to be 0.48 yuan in 2024A, increasing to 0.53 yuan in 2025E, 0.56 yuan in 2026E, and 0.61 yuan in 2027E [2] - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to decrease from 12 in 2024A to 9 in 2027E, while the price-to-book (P/B) ratio remains stable at around 0.9 to 0.8 [2] Investment Recommendations - The report maintains profit forecasts of 1.63 billion yuan for 2025, 1.73 billion yuan for 2026, and 1.87 billion yuan for 2027, with corresponding EPS of 0.53, 0.57, and 0.61 yuan [6] - The target price is set at 7.70 yuan for A-shares and 6.74 HKD for H-shares, indicating a potential upside of 35% from the current price [6] - The company is positioned as a growth-oriented dividend asset, with a commitment to a 60% dividend payout ratio for 2024 [6]

Core Viewpoint - The company has announced its quarterly report and various related transactions, ensuring the accuracy and completeness of the information provided, while also detailing significant ongoing projects and their financial implications [2][9][10]. Financial Data and Indicators - The company reported that as of September 30, 2025, the total number of ordinary shareholders was 38,437, with 38,205 being A-share shareholders and 232 being H-share shareholders [4]. - The company has not conducted an audit for the third-quarter financial statements [2]. Major Projects - The Chengle Expressway expansion project, approved in 2017, has an estimated total investment of approximately RMB 251.5 billion, with a completed investment of about RMB 145.14 billion as of September 30, 2025 [4]. - The Tianqiong Expressway BOT project, with an estimated investment of RMB 86.85 billion, is expected to be completed by September 13, 2024, with a cumulative investment of approximately RMB 70.05 billion as of September 30, 2025 [5]. - The G5 Jingkun Expressway expansion project has an estimated total investment of RMB 285.48 billion, with a cumulative investment of approximately RMB 0.80 billion as of September 30, 2025 [6]. Related Transactions - The company signed a framework agreement for daily related transactions with Shudao Investment Group, which holds a 39.861% stake in the company, ensuring compliance with relevant regulations [10][11]. - The company also entered into a service agreement with Sichuan Intelligent Transportation Systems Management Co., Ltd. for highway toll collection services, with an expected transaction amount not exceeding RMB 35 million per year [23][24]. Board Decisions - The company’s board of directors approved the third-quarter report and the related transactions during a meeting held on October 30, 2025, with all resolutions passed unanimously [38][46]. - The board also proposed the nomination of a new independent director, Ro Hong, to replace the outgoing independent director, with the decision pending shareholder approval [35][47].

Core Insights - Sichuan Chengyu (601107.SH) reported a total operating revenue of 6.086 billion yuan for Q3 2025, ranking 9th among disclosed peers [1] - The net profit attributable to shareholders reached 1.3 billion yuan, ranking 11th among peers, with a year-on-year increase of 177 million yuan, marking a 15.78% rise compared to the same period last year [1] - The net cash inflow from operating activities was 2.558 billion yuan, also ranking 9th among peers [1] Financial Metrics - The latest debt-to-asset ratio is 66.38%, a decrease of 5.26 percentage points from the same period last year [3] - The latest gross profit margin stands at 39.34%, ranking 13th among peers, with an increase of 1.90 percentage points from the previous quarter and 5.47 percentage points year-on-year [3] - The return on equity (ROE) is 6.50%, ranking 12th among peers [3] - The diluted earnings per share (EPS) is 0.40 yuan, ranking 11th among peers, with a year-on-year increase of 0.04 yuan, reflecting a 9.83% rise [3] - The total asset turnover ratio is 0.10 times, while the inventory turnover ratio is 123.60 times, ranking 5th among peers, with a significant year-on-year increase of 302.84% [3] Shareholder Structure - The number of shareholders is 38,400, with the top ten shareholders holding 2.894 billion shares, accounting for 94.63% of the total share capital [3] - The largest shareholder is Sichuan Road Investment Group Co., Ltd., holding 39.86% of the shares [3] - Other significant shareholders include HKSCC Nominees Limited (29.08%) and China Merchants Highway Network Technology Holdings Co., Ltd. (21.73%) [3]

Group 1 - The core point of the article is that Sichuan Chengyu (SH 601107) held its 39th meeting of the 8th board of directors on October 30, 2025, to discuss the preparation for the shareholders' meeting and other documents [1] - For the first half of 2025, Sichuan Chengyu's revenue composition is as follows: 55.1% from highway bridge management and maintenance, 26.19% from sales, 15.76% from highway bridge construction, 1.94% from BT project revenue, and 0.76% from leasing [1]