四川路桥建设集团股份有限公司 第八届董事会第六十三次会议决议的公告 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。 证券代码：600039 证券简称：四川路桥 公告编号：2025-115 一、董事会会议召开情况 （一）本次董事会会议的召开符合《公司法》、公司《章程》的规定。 （一）审议通过了《关于收购成都市新筑路桥机械股份有限公司桥梁功能 部件资产组的关联交易议案》 为推动公司工程主业稳固发展，加强桥梁施工方面的技术工艺优势，董事会 同意公司以现金方式收购关联方成都市新筑路桥机械股份有限公司（以下简称新 筑股份）的桥梁功能部件资产组，具体包括新筑股份所持成都市新筑交通科技有 限公司（以下简称新筑交科）100%股权，及新筑股份本部与桥梁功能部件业务 有关的资产和负债（以下简称本次收购）。根据四川天健华衡资产评估有限公司 以 2025 年 5 月 31 日作为评估基准日出具的《资产评估报告》（川华衡评报〔2025〕 255 号），本次收购标的资产交易价格为 62,843.44 万元，公司以现金作为对价 支付。 具体内容详见公告编号 ...

每经AI快讯，四川路桥（SH 600039，收盘价：9.85元）11月7日晚间发布公告称，公司第八届第六十三 次董事会会议于2025年11月7日在公司以现场结合通讯方式召开。会议审议了《关于召开公司2025年第 五次临时股东会的议案》等文件。 2024年1至12月份，四川路桥的营业收入构成为：物流贸易占比6.25%，矿业及新材料占比3.12%，高速 公路投资运营占比2.69%，其他业务占比0.6%，清洁能源占比0.57%。 截至发稿，四川路桥市值为857亿元。 每经头条（nbdtoutiao）——卢浮宫被盗文物竟无保险，国内48亿元艺术品保险市场也不乐观：险企称 定价太难，蛋糕看到吃不到 （记者 曾健辉） ...

Core Viewpoint - The company plans to acquire 100% equity of Chengdu New Traffic Technology Co., Ltd. and related assets and liabilities from its affiliate, Chengdu New Bridge Machinery Co., Ltd., for a cash payment of 628 million yuan, which represents a 16.85% premium over the simulated combined book value [1] Group 1 - The transaction is classified as a related party transaction and requires approval from the company's shareholders' meeting [1] - The total transaction price is set at 628 million yuan [1] - The premium over the simulated combined book value is 16.85% [1]

Core Insights - A total of 77 stocks in the Shanghai and Shenzhen markets have experienced net inflows of main funds for five consecutive days or more as of November 5, with Cambricon Technologies (寒武纪-U) leading with 50 days of continuous inflow [1] - The total net inflow of main funds for Cambricon Technologies reached 6.325 billion yuan, followed by Shanghai Pudong Development Bank with a net inflow of 777 million yuan over five days [1] - In terms of the proportion of net inflow to trading volume, *ST Baoying ranks first, with a 47.72% increase over the past eight days [1] Summary by Category Stocks with Continuous Net Inflows - Cambricon Technologies (688256) has seen net inflows for 50 days totaling 6.325 billion yuan, with a price increase of 44.33% [1] - Shanghai Pudong Development Bank (600000) recorded net inflows of 777 million yuan over five days, with a price increase of 0.42% [1] - CITIC Bank (601998) had net inflows of 439 million yuan over six days, with a price increase of 3.85% [1] Notable Performers - *ST Baoying had the highest net inflow ratio, with a significant price increase of 47.72% over the last eight days [1] - Other notable stocks include Jiangsu Bank (600919) with a net inflow of 342 million yuan and a price increase of 5.70%, and Yaxing Anchor Chain (601890) with a net inflow of 331 million yuan and a price increase of 10.16% [1] Additional Stocks with Inflows - Other stocks with notable net inflows include: - China Shenhua (601088) with 314 million yuan and a 3.42% increase [1] - Haotian Co., Ltd. (603759) with 166 million yuan and a 64.35% increase over 11 days [1] - Microelectronic Physiology (688351) with 140 million yuan and a 12.94% increase [1]

Core Viewpoint - Sichuan Road and Bridge experienced a stock price increase of 44.08% year-to-date, with significant gains in recent trading days, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Sichuan Road and Bridge reported a revenue of 732.81 billion yuan, reflecting a year-on-year growth of 1.95%. The net profit attributable to shareholders was 53.00 billion yuan, marking an 11.04% increase compared to the previous year [2]. - The company has distributed a total of 188.55 billion yuan in dividends since its A-share listing, with 140.54 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Sichuan Road and Bridge increased to 60,500, a rise of 20.10% from the previous period. The average number of circulating shares per shareholder decreased by 16.59% to 110,993 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 96.12 million shares, a decrease of 18.47 million shares from the previous period [3]. Market Activity - On November 5, the stock price of Sichuan Road and Bridge rose by 2.06%, reaching 9.90 yuan per share, with a trading volume of 2.31 billion yuan and a turnover rate of 0.35%. The total market capitalization stood at 860.86 billion yuan [1]. - The net inflow of main funds was 1.7275 million yuan, with significant buying and selling activity from large orders [1].

Core Insights - Sichuan Road and Bridge shares increased by 1.65%, reaching a new high of 9.86 CNY per share, with a total market capitalization exceeding 857.38 billion CNY and a trading volume of 1.40 billion CNY [1] Company Performance - The stock price of Sichuan Road and Bridge has set a new record high [1] - The total market value of the company has surpassed 857.38 billion CNY [1] - The trading volume for the day was reported at 1.40 billion CNY [1]

Core Viewpoint - Sichuan Road and Bridge (600039) announced that as of October 31, 2025, it has repurchased a total of 4,936,900 shares through centralized bidding, representing 0.0568% of the company's total share capital [1] Summary by Category - **Share Repurchase Details** - The company has repurchased 4,936,900 shares [1] - This repurchase accounts for 0.0568% of the total share capital [1]

Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][3]. Core Insights - The construction industry faced revenue and profit pressures in Q1-Q3 2025, with total revenue of 5.52 trillion, down 5.2% year-on-year, and net profit of 118.9 billion, down 9.0% year-on-year [2][3]. - The decline in revenue has narrowed, and cash flow has shown significant improvement, attributed to local government debt resolution policies and enhanced cash flow management by companies [2][5]. - The industry’s gross margin remained stable at 9.8%, with a net margin of 2.16%, indicating effective cost control despite external pressures [2][10]. Summary by Sections 1. Financial Overview of the Construction Industry - In Q1-Q3 2025, major listed companies in the construction sector reported a total revenue of 5.52 trillion, reflecting a year-on-year decrease of 5.2%, and a net profit of 118.9 billion, down 9.0% [3][9]. - Quarterly revenues were 1.84 trillion, 1.91 trillion, and 1.76 trillion, with respective year-on-year declines of 6.2%, 5.2%, and 4.3% [3][9]. 2. ROE Analysis - The overall Return on Equity (ROE) for the industry in Q1-Q3 2025 was 3.36%, a decrease of 0.53 percentage points year-on-year [17]. - The decline in ROE is attributed to reduced investment and increased cost pressures, impacting profitability [17][28]. 3. Cash Flow Improvement - The industry’s operating cash flow showed improvement, with a net outflow of 404.7 billion, which is 70.7 billion less than the previous year [4][14]. - The cash collection ratio improved to 103%, 87%, and 108% across the three quarters, indicating better cash management [4][14]. 4. Investment and Profitability Trends - The construction sector is experiencing a shift towards cash management and asset quality improvement, with companies focusing on reducing ineffective assets [5][26]. - Investment net income in Q3 2025 decreased by 39.4 billion year-on-year, reflecting the ongoing challenges in the sector [26]. 5. Market Perception and Opportunities - The report suggests that the market underestimates the potential for investment in the construction and real estate sectors, which remain crucial to the economy [6]. - The emphasis on quality over growth by state-owned enterprises is expected to create new opportunities for sustainable growth [6].

四川路桥建设集团股份有限公司（以下简称公司）于 2025 年 4 月 29 日召开 第八届董事会第五十五次会议，审议通过了《关于以集中竞价交易方式回购公司 股份的议案》。公司拟使用自有资金或自筹资金，以集中竞价交易方式回购公司部 分已发行的人民币普通股（A 股）股份，用于股权激励或转换公司发行的可转债。 本次回购金额不低于人民币 10,000 万元且不超过人民币 20,000 万元，回购股份的 价格上限为 12.54 元/股，回购股份期限为自公司董事会审议通过本次回购股份方 案之日起 12 个月内。公司以 2025 年 7 月 11 日为除息日实施了 2024 年年度权益 分派，向全体股东每股派发现金红利 0.377 元（含税）；以 2025 年 10 月 23 日为 除息日实施了 2025 年半年度权益分派，向全体股东每股派发现金红利 0.032 元（含 四川路桥建设集团股份有限公司 1 证券代码：600039 证券简称：四川路桥 公告编号：2025-114 关于以集中竞价交易方式回购股份进展的公告 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 ...

Core Viewpoint - Sichuan Road and Bridge (600039.SH) has announced a share buyback program, indicating a strategic move to enhance shareholder value through repurchase of shares [1] Summary by Category Share Buyback Details - As of October 31, 2025, the company has repurchased a total of 4.9369 million shares, which represents 0.0568% of the company's total share capital [1] - The highest transaction price for the repurchased shares was 9.49 CNY per share, while the lowest was 8.62 CNY per share [1] - The total amount spent on the share buyback was 43.9907 million CNY, excluding transaction fees [1]