| 证券代码：601107 | 证券简称：四川成渝 | | 公告编号：2025-052 | | --- | --- | --- | --- | | 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 关于全资子公司收购荆宜公司 85%股权 暨关联交易公告 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： ●四川成渝高速公路股份有限公司（以下简称"公司""本公司"）全资 子公司四川蜀南投资管理有限公司（以下简称"蜀南公司"）拟以现金收购蜀 道（四川）创新投资发展有限公司（以下简称"蜀道创投"）所持有的湖北荆 宜高速公路有限公司（以下简称"荆宜公司"或"标的企业"）85%股权（以 下简称"本次交易"）。根据资产评估结果，截至评估基准日 2025 年 7 月 31 日，标的企业 100%股权的评估价值为人民币 283,461.32 万元，经交易双方友好 协商，拟以该评估值为股权交 ...

| 证券代码：601107 | 证券简称：四川成渝 | 公告编号：2025-053 | | --- | --- | --- | | 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 第八届董事会第四十一次会议决议公告 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、董事会会议召开情况 （一）四川成渝高速公路股份有限公司（以下简称"公司"或"本公司"） 第八届董事会第四十一次会议于 2025 年 12 月 19 日在四川省成都市武侯祠大街 252 号本公司住所四楼 420 会议室以现场及通讯表决相结合的方式召开。 （二）会议通知、会议资料已于 2025 年 12 月 12 日以电子邮件和专人送达 方式发出。 （三）出席会议的董事应到 12 人，实到 12 人。 （四）会议由董事长罗祖义先生主持，公司高级管理人员列席了会议。 （五）会议的召开符合《公司法》和本公司《公司章程》的有关规定。 二、 ...

每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ （记者 曾健辉） 每经AI快讯，四川成渝（SH 601107，收盘价：6.21元）12月19日晚间发布公告称，四川成渝高速公路 股份有限公司（以下简称"公司""本公司"）全资子公司四川蜀南投资管理有限公司（以下简称"蜀南公 司"）拟以现金收购蜀道（四川）创新投资发展有限公司（以下简称"蜀道创投"）所持有的湖北荆宜高 速公路有限公司（以下简称"荆宜公司"或"标的企业"）85%股权（以下简称"本次交易"）。根据资产评 估结果，截至评估基准日2025年7月31日，标的企业100%股权的评估价值为人民币283,461.32万元，经 交易双方友好协商，拟以该评估值为股权交易价格计算依据，确定标的企业85%股权转让价款为人民币 240,942.12万元。本次交易完成后，荆宜公司将成为蜀南公司的控股子公司，并将其纳入本公司合并报 表范围。 2025年1至6月份，四川成渝的营业收入构成为：公路桥梁管理及养护业占比55.1%，销售业占比 26.19%，公路桥梁建筑业占比15.76%，BT项目收入占比1.94%，租赁业占比0.76 ...

| 索引 | 页码 | | --- | --- | | 审计报告 | 1-2 | | 公司财务报表 | | | 资产负债表 | 1-2 | | 利润表 | 3 | | 现金流量表 | ব | | 所有者权益变动表 | 5-6 | | 财务报表附注 | 7-62 | 湖北荆宜高速公路有限公司 2024 年度、2025 年 1-7 月 审计报告 您可使用手机"扫一扫"或进入"注册会计师行业宏——此码用于证明该审计报告是否由具有执业许可的会计师事务所用 耳各由式 :永中和会计师事务所| 北京市东城区朝阳门北大街 8 号宣华大厦 审计报告 XYZH/2025CDAA1B0927 湖北荆宜高速公路有限公司 四川蜀南投资管理有限公司、蜀道(四川)创新投资发展有限公司全体股东: 一、审计意见 我们审计了湖北荆宜高速公路有限公司(以下简称荆宜公司)财务报表,包括 2025 年 7 月 31 日、2024 年 12 月 31 日的资产负债表，2025 年 1-7 月、2024 年度的利润表、 现金流量表、所有者权益变动表,以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反 映了荆宜 ...

中国资产评估协会 说明:报告备案回执仅证明此报告已在业务报备管理系统进行了备案,不作为 协会对该报告认证、认可的依据,也不作为资产评估机构及其签字资产评估专 业人员免除相关法律责任的依据。 备案回执生成日期:2025年11月28日 ICP备案号京ICP备2020034749号 本报告依据中国资产评估准则编制 四川蜀南投资管理有限公司拟收购蜀道(四川)创新投 资发展有限公司持有的湖北荆宜高速公路有限公司 85%股权涉及其股东全部权益价值评估项目 产评估报告 资产评估业务报告备案回执 | 报告编码: | 5151020001202500302 | | | --- | --- | --- | | 合同编号: | 川华资合字[2025]171号 | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 川华衡评报(2025) 270号 | | | 报告名称: | 四川蜀南投资管理有限公司拟收购蜀道(四川)创新投资发展有限 公司持有的湖北荆宜高速公路有限公司85%股权涉及其股东全部权 | | | | 益价值评估项目资产评估报告 | | | 评估结论: | 2,834,613,200.00元 | ...

每经AI快讯，12月19日，四川成渝（601107）(601107.SH)公告称，全资子公司蜀南公司拟以现金收购 蜀道创投所持有的荆宜公司85%股权，交易对价为24.09亿元。交易完成后，荆宜公司将成为蜀南公司 的控股子公司，并纳入公司合并报表范围。本次交易构成关联交易，需提交公司股东会审议。 ...

人民财讯12月19日电，四川成渝（601107）12月19日公告，公司全资子公司四川蜀南投资管理有限公司 拟以现金收购蜀道（四川）创新投资发展有限公司所持有的湖北荆宜高速公路有限公司（简称"荆宜公 司"）85%股权。标的企业85%股权转让价款为24.09亿元。通过本次交易收购荆宜公司85%股权，有利 于增加公司控股的高速公路项目，进一步提高公司资产规模、发挥规模效应。与此同时，荆宜公司的注 入能够提高公司路网规模。 ...

Summary of Sichuan Chengyu Conference Call Company Overview - Sichuan Chengyu was established in 1997 and listed on the H-share market the same year, with a history of 28 years [3] - The company has 19 subsidiaries and returned to A-shares in 2009, holding 2.162 billion shares in A-shares and 895 million shares in H-shares [3] - The largest shareholder is Shudao Group, holding 24.88% of shares, followed by China Merchants Highway [3] - The company operates nearly 900 kilometers of highways, including Chengyu, Chengya, Chengle, Chengren, and Tianqiong highways, with two ongoing projects: Chengle expansion and Chenyang expansion [3] Financial Performance - In Q3 2025, Sichuan Chengyu reported revenue of 16.086 billion yuan, a year-on-year decrease of 17.29%, primarily due to reduced construction service income [2][6] - Net profit attributable to shareholders was 1.3 billion yuan, a year-on-year increase of 15.78%, attributed to reduced financial expenses [2][6] - The debt ratio decreased from 72% to 66.28%, and the company maintains a high dividend policy, with a payout ratio not less than 60% for 2025 [2][6] Operational Insights - Overall traffic volume across all roads showed positive growth, although truck toll revenues decreased, putting pressure on income [2][7] - Maintenance costs were managed effectively, showing no significant changes compared to the previous year [7] - The cessation of tolls on the Northern section had a minor impact on annual profits, estimated at 10-20 million yuan [7] - The company is responding to the decline in truck traffic, which constitutes 40% of total traffic, by reducing costs and consolidating operations [9] Project Developments - The Chenyang expansion project has a total investment of approximately 28.4 billion yuan, with a per-kilometer cost of about 178 million yuan [9] - The project is progressing well, with expectations to extend the toll collection period and increase toll rates, pending final project costs and government approval [9] Future Outlook - Tianqiong Highway is expected to open in 2026, while the operation of the Erxi Highway this year may fall short of acquisition commitments, with the controlling shareholder prepared for compensation [10] - The company is exploring asset injections from its major shareholder, which has quality road assets available for integration [10] Industry Context - Recent toll increases in provinces like Shanxi and Ningxia have had a positive impact on the industry, and the company hopes for similar actions from the government [15] - The pricing of tolls is influenced by construction costs and government assessments, with recent tolls ranging from 0.6 to 1.2 yuan per kilometer [11][19] Strategic Direction - Sichuan Chengyu aims to focus on managing its core highway operations while expanding into new energy, fuel sales, and service area renovations to enhance shareholder returns [4][23]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - Crude oil freight rates have declined from high levels, with mixed changes in ocean freight rates. The China Import Crude Oil Composite Index (CTFI) was reported at 2321.90 points on December 4, down 7.9% from November 27. The VLCC market has seen transactions at major loading ports, with shipowners trying to maintain price levels despite a cooling market [3][14] - China Eastern Airlines has launched the world's longest one-way flight route from Shanghai to Buenos Aires, reducing travel time by over 4 hours. Additionally, a ton-class eVTOL was included in urban firefighting drills for the first time [3][16] - In November, China's express delivery volume exceeded 180 billion items for the first time, marking a new record. The first full schedule China-Europe freight train departed from Shijiazhuang [3][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, with the Middle East route showing a 9.76% drop. The Shanghai port's export rates to Europe and the US have also seen declines of 0.3%, 5.0%, and 4.7% respectively [14][15] - The launch of the longest flight route by China Eastern Airlines connects Shanghai to Buenos Aires, significantly shortening travel time [16][17] - The express delivery volume in China reached a record high of 180 billion items in November, reflecting strong economic vitality [24][26] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 5721.00 points, up 2.4% year-on-year [28] - Domestic freight flight numbers decreased by 2.03% year-on-year in November, while international flights increased by 14.88% [30] - The SCFI index for container shipping was reported at 1397.63 points, down 0.39% week-on-week and down 38.06% year-on-year [37] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream [5] - Investment opportunities in low-altitude economy trends, recommending CITIC Offshore Helicopter [5] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Shares [5] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [5] - Opportunities in the aviation sector, recommending Air China, China Southern Airlines, and others [5]

Group 1 - The company will hold its third extraordinary general meeting of shareholders on December 24, 2025 [2][21] - The meeting will be conducted using a combination of on-site and online voting methods [2][3] - The on-site meeting will take place at 15:00 at the company's office in Chengdu, Sichuan Province [2][12] Group 2 - The online voting system will be available on the same day from 9:15 to 15:00 [3] - Specific voting procedures for margin trading, transfer, and other related accounts must comply with relevant regulations [4] - There are no public solicitations for shareholder voting rights involved in this meeting [5] Group 3 - Proposals for the meeting have been previously approved in board meetings held on October 30 and November 10, 2025 [7] - There are no special resolutions for this meeting [7] - Proposals affecting minority investors will be counted separately [7] Group 4 - Shareholders must register to attend the meeting, with specific registration procedures outlined [14][15] - Registration will take place on December 23, 2025, with designated times for both corporate and individual shareholders [16] - Proxy representation is allowed, but must be formally authorized in writing [17][18] Group 5 - The meeting is expected to last no more than half a day, with attendees responsible for their own travel and accommodation costs [19] - Contact information for inquiries is provided, including a contact person and phone number [20]