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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 4 4 | 30 | 日~2026 | 年 | 月 | 日 29 | | 预计回购金额 | 10,000万元~20,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 √用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 2,028,900股 | | | | | | | 累计已回购股数占总股本比例 | 0.0233% | | | | | | | 累计已回购金额 | 17,659,481.67元 | | | | | | | 实际回购价格区间 | 8.62元/股~8.79元/股 | | | | | | 一 ...

Group 1 - The company Sichuan Road and Bridge (600039.SH) announced that as of September 30, 2025, it has repurchased a total of 2.0289 million shares through centralized bidding, accounting for 0.0233% of the company's total share capital [1] - The maximum transaction price for the repurchased shares was 8.79 [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with total revenue of 43.536 billion yuan, a year-on-year decrease of 4.91%, and net profit attributable to shareholders of 2.780 billion yuan, down 13.00% [1] Group 1: Financial Performance - The company achieved revenue, net profit attributable to shareholders, and net profit after deducting non-recurring gains and losses of 43.536 billion yuan, 2.780 billion yuan, and 2.720 billion yuan respectively, with year-on-year changes of -4.91%, -13.00%, and -13.72% [1] - The company has a projected revenue of 109.295 billion yuan, 117.840 billion yuan, and 123.732 billion yuan for the years 2025 to 2027, reflecting year-on-year growth of +2%, +8%, and +5% respectively [3] - The expected net profit attributable to shareholders for 2025 to 2027 is 7.958 billion yuan, 8.410 billion yuan, and 8.914 billion yuan, with year-on-year growth of +10%, +6%, and +6% respectively [3] Group 2: Strategic Developments - Sichuan's strategic positioning has been upgraded, with infrastructure investment expected to exceed 280 billion yuan in 2025, a year-on-year increase of 4.48% [1] - The total planned scale of highways in Sichuan is approximately 20,000 kilometers by 2035, with over 10,000 kilometers already operational by the end of 2024, indicating significant growth potential [1] Group 3: Shareholder Returns - The major shareholder, Shudao Group, has increased the company's dividend payout ratio to 60%, with a projected dividend yield of 6.8% for 2025 [2] - The cash dividend ratio has been steadily increasing, with a commitment to maintain a payout of no less than 60% from 2025 to 2027 [2] Group 4: Order Growth - The company signed new contracts worth 72.240 billion yuan in the first half of 2025, representing a year-on-year increase of 22.20%, with quarterly growth rates of 18.87% and 25.44% for Q1 and Q2 respectively [2] - The infrastructure sector showed strong performance, with new contracts amounting to 61.740 billion yuan in the first half of 2025, a year-on-year increase of 25.88% [3]

Group 1 - The core viewpoint is that Fangzheng Securities has given Sichuan Road and Bridge Construction Group Co., Ltd. a strong buy initial rating [1]

Group 1 - The transaction involves a significant asset sale, issuance of shares, and cash payment for asset acquisition, along with fundraising, all of which are interdependent and form an integral part of a major asset restructuring [2][3][4] - The company plans to sell 100% equity of Sichuan Development Maglev Technology Co., Ltd. and related assets to Sichuan Shudao Rail Transit Group Co., Ltd., and 100% equity of Chengdu Xinzhu Transportation Technology Co., Ltd. to Sichuan Road and Bridge Construction Group Co., Ltd. [3] - The company intends to issue shares and pay cash to acquire 60% equity of Sichuan Shudao Clean Energy Group Co., Ltd., which will become a controlling subsidiary post-transaction [4] Group 2 - The company aims to raise matching funds by issuing shares to no more than 35 qualified investors, with the total amount not exceeding 100% of the transaction price for the asset acquisition [5] - This transaction is expected to constitute a major asset restructuring and related party transaction but does not qualify as a restructuring listing [6] - The company has disclosed the history of this transaction, including stock suspension and resumption dates, and relevant announcements made on various dates [7][8] Group 3 - As of the announcement date, the audit and evaluation work related to the transaction is still ongoing, and the company will convene a board meeting to review the transaction once these tasks are completed [9]

Group 1 - The construction of the Chengyu High-speed Railway's key control project, the largest span and highest safety risk section, has successfully completed the final concrete pouring, marking the completion of all nine continuous beams in this segment [1][3] - The main span of the bridge over the Chuyong Expressway is 128 meters, consisting of a total of 64 cantilever pouring segments, utilizing a fully enclosed bridge construction machine for the cantilever pouring [7] - The project is part of the national "eight vertical and eight horizontal" high-speed rail network and will significantly reduce travel time between Chengdu and Chongqing, injecting new transportation momentum into the Chengdu-Chongqing economic circle [9] Group 2 - The construction will transition from "local breakthroughs" to a new phase of "overall completion," with a focus on quality and safety while accelerating project progress [7] - Innovative technologies such as fully enclosed bridge construction machines, intelligent synchronous control systems, and BIM technology have been introduced to enhance construction efficiency and quality control [7] - The Chengyu High-speed Railway has a total length of 292 kilometers and is designed for a speed of 350 kilometers per hour, with expectations for early operation [9]

Core Insights - The construction index decreased by 1.67%, while the CSI 300 index increased by 0.74%, indicating that the construction sector underperformed the market by 2.42 percentage points [1] - Mergers and acquisitions, along with semiconductor cleanroom-related stocks, showed significant gains this week, driven by heightened expectations for U.S. production expansion [1][2] - The focus remains on infrastructure opportunities in regions like Xinjiang and Tibet, as well as on mergers and acquisitions and small-cap construction transformation stocks [1] Construction Sector Performance - In the week from September 22 to September 26, the construction index fell by 1.67%, while the CSI 300 index rose by 0.74%, leading to a 2.42 percentage point underperformance of the construction sector [5] - Among sub-sectors, only the architectural design sector recorded a positive return of 1.02%, while other sub-sectors experienced declines [5] - Notable individual stock performances included Huajian Group (+23.17%), Haibo Heavy Industry (+17.25%), Suzhou Planning (+12.08%), *ST Huawang (+11.95%), and Yaxiang Integration (+11.89%) [5] Infrastructure Development - In Sichuan, the number of newly awarded projects reached 218, amounting to approximately 72.2 billion yuan, reflecting a year-on-year growth of 22.20%, with infrastructure orders growing by 25.88% [3] - Despite the increase in new projects, the commencement of construction has been hindered by land approval and project red line issues, leading to revenue pressure in the first half of the year [3] - A recent meeting emphasized the need to accelerate project initiation and completion in the remaining months of the year, suggesting a potential improvement in the fundamentals for Sichuan Road and Bridge [3] Material Indicators - The cement shipment rate was reported at 50.83%, with a week-on-week increase of 2.50 percentage points, while the asphalt plant operating rate was at 40.10%, up by 5.7 percentage points [4] - The recovery in cement and asphalt rates indicates a positive outlook for the conversion of physical workload in infrastructure projects [4]

Investment Rating - The industry rating is maintained at "Outperform the Market" [6] Core Viewpoints - The construction index decreased by 1.67%, while the CSI 300 index increased by 0.74%, indicating that the construction sector underperformed the market by 2.42 percentage points. The cleanroom sector is expected to benefit from the rising production expectations in the U.S. and the upcoming third-quarter reports, which may exceed expectations [1][2][3] - The cleanroom sector is experiencing renewed benefits due to U.S. policies that may require semiconductor companies to match domestic production with imports, potentially benefiting companies like TSMC and Micron Technology [2][13] - The construction sector in Sichuan is seeing a significant increase in new bids, with a total of 218 new projects worth approximately 72.2 billion yuan, a year-on-year increase of 22.20% [3][23] - The cement shipment rate and asphalt operating rate have rebounded, indicating a positive outlook for the conversion of physical workloads in construction projects [4][24] Summary by Sections Market Overview - The construction index fell by 1.67% from September 22 to September 26, while the CSI 300 index rose by 0.74%, with only the architectural design sub-sector recording a positive return of 1.02% [5][32] Investment Recommendations - Focus on infrastructure investment opportunities in regions with high growth potential, such as Sichuan, Xinjiang, and Tibet, as well as sectors like hydropower, coal chemical, and nuclear power [1][36] - Emphasize the cleanroom sector, particularly companies like Baicheng Co., Shenghui Integration, and Yaxiang Integration, which are expected to benefit from the ongoing semiconductor industry developments [17][38] Key Projects and Orders - Sichuan Road and Bridge has seen a significant increase in new bids, with a focus on major provincial projects and government special bond projects to accelerate construction progress [3][23] - The cleanroom sector's order volume remains robust, with Baicheng Co. and Shenghui Integration reporting significant year-on-year growth in new orders [18][19] Sector Performance - The cleanroom sector is expected to maintain a high level of activity, driven by domestic demand for new semiconductor production facilities and the ongoing transition of the semiconductor industry [17][21] - The construction sector is experiencing a structural recovery, with a focus on major transportation infrastructure projects and regional opportunities in high-demand areas [36][39]

Group 1: Metal Sector - Zijin Mining's net profit forecast for 2025 is 475 million CNY, with a PE ratio of 15.46[12] - Luoyang Molybdenum's net profit forecast for 2025 is 168.65 million CNY, with a PE ratio of 17.35[12] - The copper production of Zijin Mining is expected to increase by 7% to 115,000 tons in 2025[20] Group 2: Chemical Sector - Wanhua Chemical's net profit forecast for 2025 is 141.75 million CNY, with a PE ratio of 0.00[12] - Longbai Group's net profit forecast for 2025 is 23.01 million CNY, with a PE ratio of 19.75[12] - The MDI market is expected to improve as supply and demand conditions stabilize[48] Group 3: Transportation Sector - China Merchants Highway's net profit forecast for 2025 is 55.01 million CNY, with a PE ratio of 12.10[12] - Haitong Development's net profit forecast for 2025 is 4.43 million CNY, with a PE ratio of 18.87[12] Group 4: Construction Sector - Sichuan Road and Bridge's net profit forecast for 2025 is 82.86 million CNY, with a PE ratio of 8.79[12] - Honglu Steel Structure's net profit forecast for 2025 is 7.96 million CNY, with a PE ratio of 15.35[12]

Meeting Overview - The shareholders' meeting was held on September 26, 2025, at No. 12, Jiuxing Avenue, High-tech Zone, Chengdu [1] - The meeting was chaired by Vice Chairman Yang Yong due to Chairman Sun Licheng's absence [1] Attendance - Out of 10 current directors, 7 attended the meeting, while 3 were absent due to other commitments [2] - Among 6 current supervisors, 3 attended, with one participating via telecommunication [2] - The company secretary and some senior executives were also present [2] Resolutions - Three proposals were reviewed and approved: 1. Proposal to amend the company's Articles of Association [3] 2. Proposal to amend the Rules of Procedure for Shareholders' Meetings [3] 3. Proposal to amend the Rules of Procedure for Board Meetings [3] - The first proposal required a special resolution, which was passed with over two-thirds of the valid voting rights [4] Legal Verification - The meeting was witnessed by Beijing Kangda (Chengdu) Law Firm, with lawyers Gong Xingming and Tian Zhen present [4] - The lawyers confirmed that the meeting's procedures, participant qualifications, and voting processes complied with legal regulations and the company's Articles of Association [4]