Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - Crude oil freight rates have decreased month-on-month, while container shipping rates on long-distance routes have increased. The China Import Crude Oil Comprehensive Index (CTFI) reported 1632.26 points on October 23, down 8.9% from October 16. The VLCC market remains cautious due to the implementation of special port fees between China and the US, leading to a weak sentiment among shipowners [2][13] - Guangdong Province has released a high-quality development plan for the low-altitude economy, aiming to establish itself as a national leader in this sector. The civil aviation industry has shown steady growth in the first three quarters of 2025, with a total transport turnover of 1220.3 billion ton-kilometers, a year-on-year increase of 10.3% [2][15][16] - In Shenzhen, the monthly delivery volume of autonomous vehicles has surpassed one million, with a year-on-year growth of 12.7% in express delivery volume in September. The postal industry reported a total business income of 152.57 billion yuan in September, up 6.8% year-on-year [2][22][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, while container shipping rates on long-distance routes have increased. The CTFI reported a decrease of 8.9% [2][13] - Guangdong's low-altitude economy development plan aims to optimize airspace management and promote low-altitude logistics [15][16] - Shenzhen's autonomous vehicle delivery volume has exceeded one million, with express delivery volume growing by 12.7% [22][24] 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 has shown a month-on-month increase of 6.9% [26] - Domestic cargo flights have increased by 3.05% year-on-year, while international flights have risen by 15.86% [32] - The express delivery business volume in September increased by 12.7% year-on-year, with total business income reaching 127.37 billion yuan [50][54] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Consider investment opportunities in the highway and railway sectors, recommending companies like Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Explore investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [4]

Core Insights - The company reported a total operating revenue of 4.888 billion yuan for Q3 2025, an increase of 183 million yuan compared to the same period last year, marking a year-on-year growth of 3.89% [1] - The net profit attributable to shareholders reached 961 million yuan, up by 138 million yuan year-on-year, reflecting a significant increase of 16.78% [1] - The net cash inflow from operating activities was 1.868 billion yuan, which is an increase of 237 million yuan from the same period last year, representing a year-on-year growth of 14.52% [1] Financial Ratios - The latest debt-to-asset ratio stands at 71.03% [3] - The gross profit margin is reported at 38.29% [3] - The return on equity (ROE) is 6.23%, which is an increase of 0.79 percentage points compared to the same period last year [3] Earnings Per Share - The diluted earnings per share (EPS) is 0.39 yuan, an increase of 0.07 yuan year-on-year, reflecting a growth of 20.25% [3] Asset Management - The total asset turnover ratio is 0.09 times [3] - The inventory turnover ratio is 0.63 times, which is an increase of 0.05 times year-on-year, indicating a growth of 8.25% [3] Shareholder Structure - The number of shareholders is 52,400, with the top ten shareholders holding a total of 1.680 billion shares, accounting for 74.74% of the total share capital [3] - The largest shareholder is Henan Transportation Investment Group Co., Ltd., holding 468 million shares [3]

Core Viewpoint - Zhongyuan Expressway (600020.SH) reported a year-on-year revenue growth of 3.89% for the first three quarters of 2025, reaching a total operating revenue of 4.888 billion yuan, alongside a net profit attributable to shareholders of 961 million yuan, which represents a year-on-year increase of 16.78% [1] Financial Performance - Total operating revenue for the first three quarters of 2025 was 4.888 billion yuan, reflecting a growth of 3.89% compared to the previous year [1] - Net profit attributable to the parent company's shareholders was 961 million yuan, marking a year-on-year increase of 16.78% [1] - Basic earnings per share stood at 0.3895 yuan [1]

Core Insights - The company reported a revenue of 1,783,299,374.98 yuan for the third quarter of 2025, representing a year-on-year decrease of 9.09% [1] - The net profit attributable to shareholders of the listed company was 298,115,301.69 yuan, showing a year-on-year increase of 43.85% [1] Financial Performance - Revenue for Q3 2025: 1,783,299,374.98 yuan, down 9.09% year-on-year [1] - Net profit for Q3 2025: 298,115,301.69 yuan, up 43.85% year-on-year [1]

（一）信用减值损失 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个别及连带责任。 河南中原高速公路股份有限公司(以下简称"公司")为真实、准确地反映公 司资产状况财务状况，依据《企业会计准则》等相关规定的要求，基于审慎性原 则，对截至 2025 年 9 月 30 日合并报表范围内的各项资产进行全面清查和减值测 试，对合并报表范围内可能发生资产减值损失的有关资产计提相应减值准备。 一、计提资产减值准备内容 公司前三季度计提信用减值及资产减值准备合计 13,100.75 万元。本期计提 减值准备的资产项目包括应收账款、其他应收款、固定资产及无形资产，具体情 况如下表： | | 项目 | 本期发生额（万元） | | --- | --- | --- | | 信用风险减值损失 | 应收账款坏账损失 | 10,990.16 | | | 其他应收款坏账损失 | 1,679.32 | | 资产减值损失 | 固定资产减值损失 | 183.83 | | | 无形资产减值损失 | 247.44 | | | 合计 | 13,100.75 | 二、计提减值准备 ...

证券代码：600020 证券简称：中原高速 公告编号：临 2025－062 河南中原高速公路股份有限公司 第七届董事会第四十二次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 （一）河南中原高速公路股份有限公司(以下简称"公司")第七届董事会第 四十二次会议的召开符合法律、部门规章、规范性文件和《公司章程》的规定。 （二）会议通知及相关材料已于 2025 年 10 月 16 日以专人或电子邮件方式 发出。 （三）会议于 2025 年 10 月 27 日上午以通讯表决方式召开。 （四）会议应出席董事 11 人，实际出席 11 人。 （五）本次会议由董事长刘静主持。 二、董事会会议审议情况 会议逐项审议了通知中所列的全部事项。审议情况如下： （一）审议通过《关于公司 2025 年第三季度报告的议案》。 本议案已经公司董事会审计委员会事前认可。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 （二）审议通过《关于公司 2025 年前三季度计提资产减值准备的议案》。 董事会认为公司 ...

Group 1 - The core point of the article is that Zhongyuan Expressway (SH 600020) held its 42nd meeting of the 7th board of directors on October 27, 2025, via telecommunication, where it reviewed proposals including amendments to certain governance systems [1] - For the fiscal year 2024, Zhongyuan Expressway's revenue composition is as follows: transportation industry accounts for 63.98%, construction services for 33.22%, other businesses for 1.54%, and real estate for 1.25% [1] - As of the time of reporting, Zhongyuan Expressway has a market capitalization of 10 billion yuan [1] Group 2 - The article also mentions a separate company promoting the tokenization of real estate overseas, with claims that participants can earn significant returns, which has raised skepticism among some individuals [1]

Financial Performance - The company's operating revenue for the third quarter was CNY 1,783,299,374.98, a decrease of 9.09% compared to the same period last year[4] - Total profit for the quarter reached CNY 408,776,988.63, an increase of 44.60% year-on-year[4] - Net profit attributable to shareholders was CNY 298,115,301.69, reflecting a growth of 43.85% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was CNY 313,875,544.67, up 58.38% year-on-year[4] - Basic earnings per share for the quarter were CNY 0.1210, representing a 55.33% increase from the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached CNY 4,888,336,240.39, an increase of 3.89% compared to CNY 4,705,412,258.51 in the same period of 2024[22] - Net profit for the first three quarters of 2025 was CNY 961,183,598.09, representing a 16.8% increase from CNY 823,069,582.82 in the previous year[23] - Earnings per share for the first three quarters of 2025 were CNY 0.3895, compared to CNY 0.3239 in the same period of 2024, indicating a growth of 20.3%[24] - Net profit for the first three quarters of 2025 was CNY 1,056,039,886.01, representing a 16.19% increase from CNY 909,401,167.25 in 2024[35] Assets and Liabilities - Total assets at the end of the reporting period were CNY 53,249,016,706.53, an increase of 2.08% from the end of the previous year[5] - Total assets increased to CNY 53,249,016,706.53 in 2025 from CNY 52,163,406,051.21 in 2024, marking a growth of 2.08%[19] - Total liabilities rose to CNY 37,822,080,116.05 in 2025, compared to CNY 36,996,059,002.30 in 2024, reflecting an increase of 2.23%[19] - Total liabilities increased to CNY 37,065,206,545.14 in 2025 from CNY 36,334,519,657.79 in 2024, reflecting a rise of 2.02%[32] - Current liabilities decreased to CNY 4,865,865,383.33 from CNY 5,345,686,377.46, showing a reduction of approximately 8.9%[31] Cash Flow - The company reported a net cash flow from operating activities of CNY 1,868,028,835.33, an increase of 14.52% year-to-date[4] - Cash flow from operating activities for the first three quarters of 2025 reached CNY 1,868,028,835.33, an increase of 14.5% compared to CNY 1,631,245,216.27 in the same period of 2024[27] - Total cash inflow from operating activities was CNY 3,439,007,613.41, up from CNY 3,130,536,018.62, reflecting a growth of 9.8% year-over-year[28] - Net cash flow from investing activities was -CNY 1,368,483,391.27, an improvement from -CNY 1,895,518,569.00 in the previous year, indicating a reduced cash outflow[29] - Cash inflow from financing activities totaled CNY 8,919,391,633.49, a decrease from CNY 13,142,410,000.00 in the same period last year[29] - The company reported a net cash increase of CNY 39,207,132.39 for the first three quarters of 2025, compared to a decrease of CNY 2,690,982.12 in 2024[29] Revenue by Segment - The company's main business revenue reached RMB 4,782,825,809.54, with a year-on-year increase of 3.37%[14] - The transportation industry generated RMB 3,429,603,566.73 in revenue, reflecting a 1.63% increase year-on-year, while costs increased by 3.22%[14] - Real estate business revenue decreased by 49.63% year-on-year, with costs also declining by 45.49%[14] - The company’s construction services revenue increased by 11.82% year-on-year, with costs also rising by 11.82%[14] Investments and Equity - Long-term equity investments increased to RMB 5,383,056,622.44 from RMB 5,280,463,833.85[17] - Shareholders' equity totaled CNY 15,426,936,590.48 in 2025, up from CNY 15,167,347,048.91 in 2024, showing a growth of 1.71%[19] - Total equity rose to CNY 14,120,728,519.89 in 2025, compared to CNY 13,766,282,690.40 in 2024, marking an increase of 2.58%[32] - The company reported an increase in investment income to CNY 183,511,462.62 in 2025, up from CNY 129,954,685.62 in 2024, representing a growth of 41.19%[34] Other Financial Information - The company received government subsidies amounting to CNY 14,213,761.57 during the reporting period, contributing positively to its financial performance[7] - Financial expenses decreased to CNY 553,939,397.45 in 2025 from CNY 679,976,797.98 in 2024, a reduction of 18.54%[23] - The company has no related party transactions among its top shareholders[12] - The company has not engaged in any securities lending or borrowing activities[12] - The company has not adopted new accounting standards for the current reporting period, maintaining consistency in financial reporting[39] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[39]

河南中原高速公路股份有限公司 董事会战略投资与 ESG 委员会工作细则 第一章 总 则 第一条 为适应公司战略发展需要，增强公司核心竞争力，确定公司发展规 划，健全投资决策程序，加强决策科学性，提高投资效益，完善公司治理结构， 根据《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管理办 法》《河南中原高速公路股份有限公司章程》（以下简称"《公司章程》"）及其他 有关规定，公司设立董事会战略投资与 ESG 委员会，并制定本工作细则。 第二条 董事会战略投资与 ESG 委员会是董事会按照《公司章程》设立的 专门工作机构，主要负责对公司长期发展战略和重大投资决策进行研究并提出建 议。 第二章 人员组成 第三条 战略投资与 ESG 委员会成员由 5 名董事组成，其中至少包括一名 独立董事。 第四条 战略投资与 ESG 委员会委员由董事长、二分之一以上独立董事或 者全体董事的三分之一以上提名，并由董事会选举产生。 第五条 战略投资与 ESG 委员会设主任委员一名，负责主持委员会工作； 主任委员在委员内选举，并报请董事会批准产生。 第六条 战略投资与 ESG 委员会任期与董事会任期一致，委员任期届满， 连选 ...

河南中原高速公路股份有限公司 独立董事年报工作制度 第一条 为完善公司治理，提高公司信息披露质量，充分发挥独立董事在公 司年度报告编制和信息披露工作中的作用，根据《上市公司独立董事管理办法》 《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》，以及《河南中原高速公路股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，制定本制度。 第二条 独立董事在公司年报的编制和披露工作中，应当按照有关法规、《公 司章程》以及本制度规定，切实履行独立董事的责任和义务，勤勉尽责，不受公 司及其主要股东、实际控制人等单位或者个人的影响，维护公司整体利益和股东 权益。 第三条 为保证独立董事有效行使职权，公司应当向独立董事定期通报公司 运营情况，提供资料，组织或者配合独立董事开展实地考察等工作。 第四条 每个会计年度结束后，公司管理层应向每位独立董事全面汇报公司 本年度的生产经营情况和投、融资活动等重大事项的进展情况，公司可以安排独 立董事进行实地考察。 第五条 独立董事应对公司拟聘的会计师事务所是否具有证券、期货相关从 业资格以及为公司提供年报审计的注册会计师（简称"年审注册会计师 ...