证券代码：600039 证券简称：四川路桥 公告编号：2025-050 1、若公司股票价格持续超出回购方案披露的价格上限，可能导致回购方案 无法按计划实施或只能部分实施的风险； 2、若公司在实施回购股份期间，受外部环境变化、临时经营需要等因素影 响，可能致使本次回购股份所需资金未能筹措到位，导致回购方案无法实施的风 险； 3、若因发生对公司股票交易价格产生重大影响的重大事项或因公司生产经 营、财务状况、外部客观情况发生重大变化等原因，公司董事会可能根据规则变 更或终止本次回购方案等事项，则存在回购方案无法按计划实施的风险； 四川路桥建设集团股份有限公司 关于以集中竞价交易方式回购公司股份方案的公告 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: 四川路桥建设集团股份有限公司（以下简称公司或本公司）拟使用公司 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， ...

申万宏源证券承销保荐有限责任公司 关于 蜀道投资集团有限责任公司 免于发出要约收购四川路桥建设集团股份有限公司 的持续督导意见 财务顾问 二〇二五年四月 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"本 财务顾问"）接受委托，担任蜀道投资集团有限责任公司（以下简称"蜀道集团"、 "收购人"）豁免要约收购四川路桥建设集团股份有限公司（以下简称"四川路 桥"、"上市公司"）的财务顾问。 根据《上市公司收购管理办法》第七十一条，"自收购人公告上市公司收购 报告书至收购完成后 12 个月内，财务顾问应当通过日常沟通、定期回访等方式， 关注上市公司的经营情况，结合被收购公司定期报告和临时公告的披露事宜，对 收购人及被收购公司履行持续督导职责"。本财务顾问持续督导期为自 2021 年 6 月 4 日至收购完成后 12 个月内。 2025 年 4 月 23 日，上市公司披露了 2024 年年度报告。通过日常沟通，结合 上市公司的2024 年年度报告，本财务顾问出具 2024 年年度的持续督导意见，本次 持续督导期间为自 2024 年 1 月 1 日至 2024 年 12 月 31 日。本意见所依据的文件 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 22,985,816,779.58, representing a year-on-year increase of 3.98% compared to CNY 22,106,017,697.22 in the same period last year[4] - The net profit attributable to shareholders of the listed company was CNY 1,774,197,421.63, showing a slight increase of 0.99% from CNY 1,756,748,353.24 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,776,316,723.80, up by 2.05% from CNY 1,740,571,507.41 in the same period last year[4] - The total profit for the first quarter of 2025 was CNY 2,204,819,220.69, an increase from CNY 2,158,011,946.67 in the same period of 2024, representing a growth of approximately 2.0%[20] - The net profit for the first quarter of 2025 was CNY 1,814,922,532.26, compared to CNY 1,785,593,539.87 in the first quarter of 2024, reflecting an increase of about 1.6%[20] - The net profit margin for Q1 2025 was approximately 9.65%, compared to 9.72% in Q1 2024, indicating a slight decline[19] Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -3,053,298,877.46, compared to CNY -2,978,280,300.42 in the previous year, indicating a decline in cash flow[4] - The total current assets as of March 31, 2025, were CNY 14,001,732,489.37, an increase from CNY 13,892,731,775.04 at the end of 2024[24] - The total cash and cash equivalents at the end of the first quarter of 2025 were CNY 18,884,261,825.31, down from CNY 20,926,279,658.66 at the end of the first quarter of 2024[22] - The cash outflow from investment activities for the first quarter of 2025 was CNY 821,357,234.44, compared to CNY 1,430,821,917.32 in the same period of 2024, showing a decrease of approximately 42.6%[22] - The company's total current assets as of March 31, 2025, were approximately ¥153.23 billion, a decrease from ¥157.24 billion on December 31, 2024, representing a decline of about 2.4%[14] - Cash and cash equivalents decreased to approximately ¥19.58 billion from ¥20.78 billion, a decline of about 5.8%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 66,202[9] - The top ten shareholders hold a significant portion of the company's shares, with the largest shareholder owning approximately 4.55 billion shares[11] - The company has not reported any significant changes in its financing or share lending activities among major shareholders[12] Liabilities and Equity - The total assets at the end of the reporting period were CNY 234,871,866,878.62, a decrease of 2.04% from CNY 239,773,354,769.84 at the end of the previous year[5] - Total liabilities decreased to ¥182,315,921,504.80 from ¥189,113,553,778.59, reflecting a reduction of 3.93%[16] - The company's equity attributable to shareholders rose to ¥49,693,671,779.60 from ¥47,836,601,917.91, an increase of 3.86%[16] Operating Costs and Expenses - Total operating costs for Q1 2025 were ¥20,745,904,911.04, up from ¥20,095,138,562.85 in Q1 2024, reflecting a year-over-year increase of 3.24%[19] - Financial expenses for Q1 2025 were ¥570,693,449.47, down from ¥719,398,036.37 in Q1 2024, showing a decrease of 20.63%[19] - Research and development expenses decreased to ¥133,456,890.85 in Q1 2025 from ¥279,816,733.07 in Q1 2024, a reduction of 52.24%[19] Strategic Moves - The company has pledged 405,803,310 shares to secure the exchangeable bonds issued for professional investors, indicating a strategic move to enhance liquidity[11] - The company has engaged in various asset management plans through partnerships with multiple banks and funds, indicating a strategy for diversified investment[11] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may affect financial reporting[32]

证券代码：600039 证券简称：四川路桥 公告编号：2025-049 四川路桥建设集团股份有限公司 2025 年度第一季度担保情况的公告 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: 被担保人名称：四川路桥怡达投资有限公司、自贡北城快速交通投资开 发有限责任公司、四川自隆高速公路开发有限公司、绵阳新路投资发展有限责任 公司、四川路桥怡通投资有限公司、四川路桥城投环保材料有限责任公司 四川路桥建设集团股份有限公司（以下简称公司或本公司）已于 2024 年 12 月 20 日召开第八届董事会第四十九次会议、2025 年 1 月 6 日召开 2025 年第 一次临时股东会审议通过了《关于公司 2025 年度授信及担保计划的议案》，2025 年度，公司提供担保预计总额为 462.66 亿元（包含以前年度已签担保合同的存 量使用部分及预计新增）。上述担保金额为公司 2025 年度可提供的担保最高控 制额度，具体的担保金额和期限将以正式发生担保义务确定，超过上述控制额度 或者条件的担保事项，需按规定另行审议。在上述担保 ...

四川路桥（600039）公告，公司拟以集中竞价交易方式回购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。回购金额不低于1亿元且不超过2亿元，回购价格上限为12.54元/ 股。本次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。回购股份资金来源 为公司自有资金或自筹资金。 ...

四川路桥（600039）公告，2025年第一季度营收为229.86亿元，同比增长3.98%；净利润为17.74亿元， 同比增长0.99%。 ...

证券研究报告 工业/基础材料 Q1 境外工程高景气，加力城市更新 华泰研究 2025 年 4 月 27 日│中国内地 行业周报（第十七周） 本周观点：25Q1 海外工程订单景气，加力城市更新稳定消费建材需求 上周中共中央政治局会议提出"加强超常规逆周期调节"、"加力实施城市更 新行动"、"加强对企业'走出去'的服务"等，我们认为有利于内需基建投 资链、城市更新类建材、一带一路等细分板块。25Q1 我国对外承包工程新 签合同额/完成营业额 586.7/341.8 亿美元, 同比+26.0%/+5.5%，海外工程 保持较高景气。加大高品质住房供给，有利于稳定一线消费建材品牌龙头需 求；老旧小区改造和城中村改造有望从小 b 和大 b 不同渠道提供消费建材 增量需求。我们短期继续推荐内需逆周期及供给端约束较强的品种，重点推 荐四川路桥、中材国际、中国交建、中国核建、中国建筑国际、海螺水泥、 上峰水泥、中材科技、兔宝宝、中国联塑。 上周细分行业回顾 截至 4.25，上周全国水泥价格周环比-0.7%；水泥出货率 47.4%，周环比/ 同比-1.3%/-2.5pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比持 ...

Investment Rating - Industry rating is maintained at "Outperform" [5] Core Viewpoints - The report emphasizes a more proactive fiscal policy and a demand for stabilizing domestic consumption, with a focus on accelerating the issuance and utilization of local government special bonds and ultra-long-term special treasury bonds [2][13] - The construction sector is expected to benefit from improved infrastructure investment, particularly in the central and western regions of China, as well as from cyclical opportunities in related sectors [2][30] - The report highlights a recovery in operational rates and an increase in new orders from central and state-owned enterprises, indicating an upward trend in construction activity [20][24] Summary by Sections Fiscal Policy and Economic Outlook - The April 25 Politburo meeting stressed the need for more active macroeconomic policies, including the use of fiscal and monetary tools to support the real economy [2][13] - The meeting also indicated a commitment to stabilizing the real estate market and enhancing local government investment capabilities [13][15] Market Performance - The construction index rose by 0.56% during the week of April 21-25, outperforming the CSI 300 index by 0.16 percentage points [4][25] - Key stocks that performed well included Hanjia Design (+31%), Sanwei Chemical (+22%), and Meichen Technology (+16%) [25][30] Investment Recommendations - Focus on traditional construction blue-chip stocks and cyclical opportunities in infrastructure, particularly in water conservancy, railways, and aviation projects [30][31] - Recommendations include high-performing local state-owned enterprises such as Sichuan Road and Bridge, Zhejiang Communications, and Anhui Construction [30][31] - Attention is also drawn to emerging business directions such as computing power and cleanroom investments, as well as the semiconductor sector [32][33]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The fourth quarter performance shows significant recovery, and the high dividend payout enhances investment attractiveness [4] - The company is expected to increase its cash dividend ratio to no less than 60% from 2025 to 2027, with corresponding dividend yields projected at 6.7%, 7.6%, and 8.4% [5] Financial Performance Summary - In 2024, the company achieved revenue of 107.238 billion yuan, a year-on-year decrease of 6.78%, with a net profit attributable to shareholders of 7.210 billion yuan, down 19.92% [5] - The fourth quarter alone saw revenue of 35.361 billion yuan, a year-on-year increase of 38.73%, with net profit attributable to shareholders reaching 2.437 billion yuan, up 94.97% [5] - The company’s total cash dividend for 2024 is projected at 3.606 billion yuan, with a cash dividend ratio of 50.02%, leading to a dividend yield of 4.87% based on the closing price on April 23 [5] Revenue and Profit Forecast - Revenue forecasts for the company are as follows: 115.042 billion yuan in 2023, 107.238 billion yuan in 2024, 118.513 billion yuan in 2025, 130.498 billion yuan in 2026, and 141.155 billion yuan in 2027 [4] - The net profit attributable to shareholders is projected to be 9.004 billion yuan in 2023, 7.210 billion yuan in 2024, 8.354 billion yuan in 2025, 9.405 billion yuan in 2026, and 10.460 billion yuan in 2027 [4] Market Performance - The company’s engineering construction, mining and new materials, and clean energy segments generated revenues of 92.952 billion yuan, 3.343 billion yuan, and 610 million yuan in 2024, with year-on-year changes of -10.53%, +98.13%, and +33.26% respectively [5] - The company has a robust order backlog, with a total remaining order amount of 291.3 billion yuan, approximately 2.72 times the revenue scale of 2024, providing a solid foundation for future revenue and profit release [5]

证券代码：600039 证券简称：四川路桥 公告编号：2025-046 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。 四川路桥建设集团股份有限公司(以下简称公司)2024年度第一期短期融资券 (24四川路桥CP001)，发行金额为人民币10亿元，票面利率为2.10%，期限365日， 起息日为2024年4月23日，兑付日为2025年4月23日(具体内容详见公司公告编号为 2024-038的《四川路桥2024年度第一期短期融资券发行结果公告》)。 该期短期融资券于2025年4月23日到期。公司已于2025年4月23日按期兑付了 该短期融资券本息，本息兑付总额为人民币1,021,000,000.00元。 特此公告。 四川路桥建设集团股份有限公司董事会 2025年4月24日 1 0505200555444444052X ...