Financial Performance - The company's operating revenue for the third quarter reached ¥29,745,096,206.72, representing a year-on-year increase of 14.00%[5] - The total profit for the quarter was ¥3,041,355,164.04, reflecting a significant growth of 51.23% compared to the same period last year[5] - The net profit attributable to shareholders was ¥2,520,301,622.64, marking a 59.72% increase year-on-year[5] - The basic earnings per share for the quarter was ¥0.29, up by 61.11% from the previous year[6] - For the first three quarters of 2025, the company achieved an operating revenue of approximately RMB 73.281 billion, a year-on-year growth of 1.95%[16] - The net profit attributable to shareholders of the listed company was approximately RMB 5.300 billion, reflecting a year-on-year increase of 11.04%[16] - The earnings per share (EPS) was approximately RMB 0.61, up by 10.91% year-on-year[16] - Net profit for the first three quarters of 2025 was ¥5.33 billion, representing a 8.97% increase from ¥4.89 billion in 2024[24] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.61, compared to ¥0.55 in the same period of 2024[25] - The total comprehensive income for the first three quarters of 2025 was ¥5.31 billion, compared to ¥4.93 billion in 2024, marking an increase of 7.7%[25] Assets and Liabilities - The total assets of the company at the end of the reporting period amounted to ¥254,943,860,185.48, an increase of 6.33% from the end of the previous year[6] - The total assets of the company reached approximately RMB 254.944 billion, a year-on-year increase of 6.33%[16] - As of September 30, 2025, the total assets of the company amounted to RMB 254.94 billion, an increase from RMB 239.77 billion at the end of 2024, reflecting a growth of approximately 6.3%[20] - The total liabilities of the company reached RMB 201.14 billion, compared to RMB 189.11 billion in the previous year, marking an increase of about 6.5%[22] - Total liabilities increased to 27,251,545,029.90 RMB from 20,727,837,093.81 RMB, reflecting a rise of approximately 31.5%[28] Shareholder Information - As of the end of the reporting period, the total number of common shareholders was 60,504[13] - The top shareholder, Shudao Investment Group, holds 46.56% of the shares, with significant stakes from other state-owned entities[13] - The company's total equity reached RMB 53.80 billion, an increase from RMB 50.66 billion, representing a growth of approximately 4.2%[22] - The company's total equity decreased slightly to 8,695,590,645.00 RMB from 8,712,263,805.00 RMB, indicating a marginal decline in shareholder equity[28] - The company’s total equity decreased to CNY 23,385,754,164.24 from CNY 25,340,800,810.99 year-over-year[29] Cash Flow and Investments - The company reported a cash flow deficit from operating activities of ¥236,126,193.26 for the year-to-date period[6] - Cash inflow from operating activities totaled ¥72.13 billion in the first three quarters of 2025, an increase of 14.5% from ¥63.01 billion in 2024[25] - Cash paid for purchasing goods and services was ¥61.01 billion, compared to ¥56.79 billion in 2024, indicating a year-on-year increase of 7.9%[25] - The net cash flow from operating activities was -236,126,193.26 RMB, compared to -5,606,203,707.61 RMB in the previous year, indicating a significant improvement[26] - Total cash outflow from investing activities was 2,099,040,891.00 RMB, down from 5,234,134,202.86 RMB year-over-year, reflecting a reduction in investment expenditures[26] - Cash inflow from financing activities totaled 18,210,504,156.84 RMB, a decrease from 26,813,911,346.49 RMB in the previous year, primarily due to lower borrowings[26] Project and Market Expansion - The company has seen a steady increase in its order backlog, indicating strong market demand and project pipeline[10] - Strategic adjustments have been made, including the completion of the deconsolidation of Shudao Mining Group and Shudao Clean Energy Group, leading to a reduction in expenses and improved profit margins[11] - The company is actively expanding its project portfolio and accelerating the progress of ongoing projects, particularly in the highway construction sector[10] - The company secured a total of 380 new bidding projects during the reporting period, amounting to approximately RMB 97.2 billion, a year-on-year increase of 25.16%[17] - The company successfully won the bid for the Yuxi to Fengdu to Wulong Expressway project, marking a breakthrough in the construction of large-scale bridges[17] - The company has expanded its overseas market presence, signing its first affordable housing project in Kuwait and three irrigation restoration projects in Tanzania[17] - The company is actively progressing on overseas projects, including the commencement of construction on the Kuwait affordable housing project[19] Inventory and Receivables - Accounts receivable increased significantly to RMB 36.25 billion, up from RMB 27.07 billion, representing a growth of approximately 34.2%[20] - The company's inventory increased to RMB 7.69 billion from RMB 5.95 billion, reflecting a growth of approximately 29.3%[21] - The company's contract assets amounted to RMB 82.75 billion, up from RMB 79.49 billion, reflecting an increase of about 4.5%[21] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥1.46 billion, slightly up from ¥1.45 billion in 2024[23] - Financial expenses decreased significantly to ¥1.71 billion in 2025 from ¥2.25 billion in 2024, a reduction of approximately 24.0%[23] - The company reported an investment income of ¥20.27 million, which is an increase from ¥11.34 million in the previous year[24] - The company reported investment income of CNY 667,821,705.07, a 36.3% increase from CNY 489,803,145.78 in the previous year[29]

四川路桥建设集团股份有限公司 董事会提名委员会工作制度 （2025 年 10 月修订版） 第一章 总则 第一条 为规范公司董事和高级管理人员的产生机制， 完善公司治理结构，根据《中华人民共和国公司法》《上市 公司独立董事管理办法》《上市公司治理准则》《四川路桥建 设集团股份有限公司章程》（以下简称公司《章程》）及其他 有关规定，公司董事会设立提名委员会（以下简称委员会）， 并制订本制度。 第二条 委员会是公司董事会设立的专门工作机构，对 董事会负责。 第二章 人员组成 第三条 委员会成员由五名董事组成，其中独立董事占 多数。 第四条 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提名，并由董事会选举产生。 第五条 委员会设主任委员(召集人)一名，由独立董事 委员担任，负责主持委员会工作，召集、主持会议并签发会 议文件。主任委员由董事会在独立董事委员中选举产生。 第六条 委员会任期与公司董事会任期一致，委员任期 届满，连选可以连任。期间如有委员不再担任公司董事职务， 其委员资格自其离任董事同时自动丧失，并由董事会根据本 1 制度相关规定补足委员人数。 第七条 党委工作部和董事会办公室为委员会提 ...

四川路桥建设集团股份有限公司 董事会风控与审计委员会工作制度 （2025 年 10 月修订版） 第一章 总则 第一条 为提高公司治理水平和风险管理水平，强化公 司内部控制能力，促进公司合规运行，完善公司治理结构， 根据《中华人民共和国公司法》《上市公司独立董事管理办 法》《上海证券交易所上市公司自律监管指引第 1 号—规范 运作》《上市公司治理准则》《上市公司审计委员会工作指 引》《四川路桥建设集团股份有限公司章程》（以下简称公 司《章程》）及其他有关规定，公司董事会设立风控与审计 委员会（以下简称委员会），并制定本制度。 第二条 委员会是董事会设立的专门工作机构，行使《公 司法》规定的监事会的职权，并对董事会负责。 第二章 人员组成 第三条 委员会成员由五名不在公司担任高级管理人员 的董事组成，其中独立董事应当过半数，并由独立董事中会 计专业人士担任主任委员（召集人）。董事会成员中的职工 代表可以成为审计委员会成员。 第四条 委员会成员由董事长、二分之一以上独立董事 或者全体董事的三分之一提名，并由董事会选举产生。 第五条 委员会设主任委员（召集人）一名，负责主持 委员会工作，召集、主持会议并签发会议文件。 ...

四川路桥建设集团股份有限公司 董事会战略与可持续发展委员会工作制度 （2025 年 10 月修订版） 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 力和可持续发展能力，确定公司发展规划，健全投资决策程 序，加强决策科学性，提高重大投资决策的效益和质量，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》《上海证券交 易所上市公司自律监管指引第 14 号——可持续发展报告（试 行）》《四川省省属企业公司章程指引（试行）》《四川路 桥建设集团股份有限公司章程》（以下简称公司《章程》） 及其他有关规定，公司董事会设立战略与可持续发展委员会 （以下简称委员会），并制定本制度。 第二条 委员会是董事会设立的专门工作机构，对董事 会负责。 1 会议文件等。 第六条 委员会任期与公司董事会任期一致，委员任期 届满，连选可以连任。期间如有委员不再担任公司董事职务， 其委员资格自其离任董事同时自动丧失，并由董事会根据相 关规定补足委员人数。 第七条 委员会的日常工作联络和会议组织等事宜由董 事会办公室负责。公司投资发展部、综合办公室、安全环保 与应急管理部、群团工 ...

四川路桥建设集团股份有限公司 董事会秘书管理办法 （2025 年 10 月修订版） 第一章 总则 第一条 为提高四川路桥建设集团股份有限公司（以下 简称公司）治理水平，规范公司董事会秘书的选任、履职和 培训工作，根据《中华人民共和国公司法》（以下简称《公 司法》）、《上海证券交易所上市公司自律监管指引第1号 —规范运作》《上海证券交易所股票上市规则》（以下简称 《股票上市规则》）、《上市公司治理准则》等法律法规、 其他规范性文件和公司《章程》的规定，制订本办法。 第二条 公司董事会秘书为公司高级管理人员，对公司 和董事会负责，应忠实、勤勉地履行职责。 第三条 公司董事会秘书是公司与证券监管机构、上海 证券交易所之间的指定联络人。公司董事会秘书和代行董事 会秘书职责的人员、证券事务代表负责与证券监管机构、上 海证券交易所联系，以公司名义办理信息披露、股票及其衍 生品种变动管理等事务。 第四条 公司设立董事会办公室为董事会秘书负责管理 的信息披露事务部门。董事会秘书除履行管理董事会办公室 的职责外，可根据公司内部职责分工，负责管理其他相关职 能部门。 （二）最近3年受到过中国证监会的行政处罚； （三）最近3年受到 ...

四川路桥建设集团股份有限公司 董事会薪酬与考核委员会工作制度 第二条 委员会是公司董事会设立的专门工作机构， 对董事会负责，董事会有权否决损害股东利益的薪酬计划 或方案。 第二章 人员组成 第三条 委员会成员由五名董事组成，其中独立董事 占多数。 （2025年10月修订版） 第四条 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提名，并由董事会选举产生。 第一章 总 则 第五条 委员会设主任委员（召集人）一名，由独立 董事委员担任，负责主持委员会工作，召集、主持会议并 签发会议文件。主任委员由董事会在独立董事委员中选举 产生。 第一条 为进一步健全公司董事（非独立董事）及高 级管理人员的考核和薪酬管理制度，完善公司治理结构， 根据《中华人民共和国公司法》《上市公司独立董事管理办 法》《上市公司治理准则》《四川路桥建设集团股份有限公 司章程》（以下简称公司《章程》）及其他有关规定，公 司董事会设立薪酬与考核委员会（以下简称委员会），并 制订本制度。 1 第六条 委员会任期与公司董事会任期一致，委员任 期届满，连选可以连任。期间如有委员不再担任公司董事 职务，其委员资格自其离任董事同时自动丧失， ...

Core Insights - The company reported a third-quarter revenue of 29.745 billion, representing a year-on-year increase of 14.00% [1] - The net profit for the third quarter was 2.52 billion, showing a significant year-on-year growth of 59.72% [1] - For the first three quarters, the total revenue reached 73.281 billion, with a year-on-year growth of 1.95% [1] - The net profit for the first three quarters was 5.3 billion, reflecting an increase of 11.04% year-on-year [1]

Core Insights - In the past five trading days (October 20 to October 24), a total of 9 companies saw significant shareholder increases, with a cumulative increase of 242 million shares and a total investment of 2.994 billion yuan [1] - During the same period, 107 companies experienced shareholder reductions, amounting to a total reduction of 9.443 billion yuan [1] Summary by Category Shareholder Activity - The top three companies with the highest increase in shareholder investment are Sichuan Road and Bridge, with an increase of 174 million shares and an investment of 1.530 billion yuan; followed by Changjiang Electric Power, with an increase of 49.56 million shares and an investment of 1.366 billion yuan; and Wuzhou Transportation, with an increase of 3.826 million yuan [1][2] - The main board accounted for 9 stocks in the shareholder increase category, with a total increase amount of 2.994 billion yuan [1] Industry Distribution - The significant shareholder increases were primarily concentrated in the steel and construction decoration industries, with 2 stocks each [1] Market Performance - The average increase in stock prices for companies with shareholder increases over the past five days was 1.86%, which was weaker than the overall performance of the Shanghai Composite Index during the same period [1] - Notable stock price increases were observed in Huamao Technology (10.62%), Wuzhou Transportation (2.84%), and China Communications Design (2.63%), while declines were seen in Vanadium Titanium Shares (-1.01%) and Xingfa Group (-0.56%) [1][2] Fund Flow - Among the stocks with shareholder increases, 6 experienced net inflows of main funds, with Changjiang Electric Power leading at a net inflow of 171 million yuan [2] - The stocks with the highest net outflows included Vanadium Titanium Shares and Jiangzhong Pharmaceutical, with outflows of 67 million yuan and 6 million yuan, respectively [2] Performance Metrics - Of the stocks with significant shareholder increases, 2 have released their third-quarter reports, with Jiangzhong Pharmaceutical showing the highest net profit growth of 5.54% year-on-year [2]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Insights - The "14th Five-Year Plan" emphasizes high-quality economic development, with a focus on technological innovation and new productive forces as the main development line [13][14] - Expectations for infrastructure stimulus in Q4 are rising, with the construction sector likely to benefit from incremental funds and policy catalysts [18][31] Summary by Sections 1. "14th Five-Year Plan" and Infrastructure Stimulus - The "14th Five-Year Plan" highlights the importance of high-quality development, emphasizing the need for a strong real economy and technological innovation [13][14] - Q4 infrastructure stimulus expectations are increasing, with significant issuance of special bonds and government bonds, totaling 3.68 trillion yuan in special bonds issued by September 2025, accounting for 83.6% of the annual quota [18][23] 2. Market Review - The construction index rose by 2.87% during the week of October 20-24, underperforming the broader market by 0.54 percentage points [25] - Notable stock performances included Huylv Ecological (+33%), China Nuclear Engineering (+23%), and Shikong Technology (+21%) [25] 3. Investment Recommendations - Focus on infrastructure investment opportunities in high-growth regions such as Xinjiang and Tibet, and consider companies involved in water conservancy, railways, and aviation projects [31] - Emphasize the nuclear power sector, recommending companies like China Nuclear Engineering and Libat, which are positioned well in the nuclear construction chain [33][15] - Highlight the importance of emerging business directions, including cleanroom technology and AI-driven computing infrastructure, suggesting companies like Boche and Shenghui Integration [33]

Investment Rating - The report maintains a "Buy" rating for several companies in the construction and decoration industry, including local state-owned enterprises such as Sichuan Road and Bridge, Tunnel Co., Anhui Construction, and Zhejiang Communications [4][22]. Core Insights - The report highlights the acceleration of state-owned asset management reforms across various provinces, aiming to enhance the efficiency of state-owned assets through measures like mergers, restructuring, and securitization [1][12]. - It emphasizes the importance of state-owned listed companies in preserving and increasing the value of state assets, which is crucial for supplementing local fiscal and social security funds [3][17]. - The report suggests that the focus on asset securitization will likely increase, with local governments and state-owned enterprises actively pushing for the listing of unlisted assets [2][17]. Summary by Sections State-Owned Asset Management - Multiple provinces are implementing reforms to optimize state-owned assets, with principles focusing on asset utilization, securitization, and leveraging funds [1][12]. - The scope of asset revitalization is expected to expand, targeting various types of state-owned resources and assets [2][12]. Financial Implications - The report indicates that local governments are facing funding constraints due to declining land transfer revenues and slow tax growth, which necessitates the revitalization of state-owned assets to supplement fiscal resources [2][19]. - State-owned listed companies are anticipated to prioritize valuation enhancement through operational improvements, increased dividends, mergers, and asset injections [3][17]. Investment Recommendations - Key investment opportunities include local state-owned enterprises with low price-to-earnings ratios, such as Sichuan Road and Bridge (25PE 9.6X), Tunnel Co. (25PE 7.4X), and Anhui Construction (25PE 6.0X) [4][22]. - The report also highlights the potential for asset injection and integration in leading international engineering firms like North International and China National Materials [4][22]. Valuation Insights - The report provides a detailed valuation table for key companies, indicating low price-to-book ratios for several central state-owned enterprises, suggesting potential undervaluation [20][24].