关于四川路桥建设集团股份有限公司 2024 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2025CDAA8B0078 四川路桥建设集团股份有限公司 四川路桥建设集团股份有限公司全体股东： 我们按照中国注册会计师审计准则审计了四川路桥建设集团股份有限公司（以下简 称"四川路桥公司"）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产 负债表、2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股 东权益变动表以及财务报表附注，并于 2025 年 4 月 22 日出具了 XYZH/2025CDAA8B0082 号无保留意见的审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号——上市公司资金往来、 对外担保的监管要求》（证监会公告[2022]26 号），以及上海证券交易所的要求，四川路 桥公司编制了本专项说明所附的非经营性资金占用及其他关联资金往来情况汇总表（以 下简称汇总表）。编制和对外披露汇总表，并确保其真实性、准确性及完整性是四川路桥 公司的责任。我们对汇总表所载资料与我们审计四川路桥公司 2024 年度财务报表时所 复核的会计 ...

第八届董事会独立董事 2025 年第三次专门会议 四川路桥建设集团股份有限公司 四川路桥建设集团股份有限公司 表决结果：四票赞成，零票反对，零票弃权。 四川路桥建设集团股份有限公司 1 第八届董事会独立董事 2025 年第三次专门会议 四川路桥建设集团股份有限公司 独立董事：李光金、周友苏、赵泽松、曹麒麟 第八届董事会独立董事 2025 年第三次专门会议的 审查意见 根据《上市公司独立董事管理办法》有关规定，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 22 日以现场方式召开了第八届董事会独立董事 2025 年第三 次专门会议。会议应到独立董事 4 人，实到独立董事 4 人。 独立董事李光金先生为专门会议主持人，本次会议的召集、 召开和表决程序符合《上市公司独立董事管理办法》的规定， 就审议事项发表如下审查意见： 一、独立董事对《关于为矿业集团提供关联担保的议案》 的审查意见 经讨论，《关于为矿业集团提供关联担保的议案》符合 公司业务发展需要，遵循公平合理的原则，不存在损害公司 及股东特别是中小股东利益的情形。因此，我们同意将本事 项提交公司第八届董事会第五十四次会议审议，且关联董事 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-038 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。 为践行"以投资者为本"的上市公司发展理念，扎实推进高质量发展，提高投 资者回报，切实维护全体股东利益，四川路桥建设集团股份有限公司（以下简称 公司或本公司）于 2024 年 6 月 25 日披露了《四川路桥关于 2024 年度"提质增效 重回报"行动方案的公告》（以下简称《行动方案》，公告编号 2024-060）。 公司根据《行动方案》积极开展和落实相关工作，现将《行动方案》实施及 评估情况报告如下： 一、优化产业根基，创新引领可持续发展 （一）持续做强主业，夯实发展根基 2024 年，公司深入学习贯彻党的二十届三中全会和省委十二届六次全会精 神，以主营业务为核心，深化改革创新，聚力提质增效。面对复杂多变的外部环 境，公司经营态势总体平稳，展现出较强的发展韧性。2024 年，公司资产总额 2,397.73 亿元，全年实现营业收入 1,072.38 亿元、归属于上市公司股东的净利润 72.10 亿元。公司下属子 ...

证券代码：600039 证券简称：四川路桥 公告编号：2025-044 四川路桥建设集团股份有限公司 关于2024年度日常性关联交易预计额度执行情况的公告 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。 四川路桥建设集团股份有限公司（以下简称公司）先后于 2023 年 12 月 28 日、2024 年 1 月 17 日召开第八届董事会第三十一次会议和 2024 年第一次临时股东大会，审议 通过了《关于公司预计 2024 年度日常性关联交易金额的议案》，同意公司 2024 年度日 常性关联交易预计金额合计 1,205.24 亿元。（具体内容详见公司在上海证券交易所网 站披露的公告编号为 2023-134 的《四川路桥关于预计 2024 年度日常性关联交易的公 告》） 公司先后于 2024 年 12 月 4 日、2024 年 12 月 20 日召开第八届董事会第四十八次 会议和 2024 年第八次临时股东会，审议通过了《关于调整公司 2024 年度日常性关联 交易预计额度的议案》，同意对 2024 年度日常性关联交易预计额度进行调 ...

2024 四川路桥建设集团股份有限公司 可持续发展报告 目录 CONTENTS | 报告编制说明 | 01 | | --- | --- | | 公司基本信息 | 03 | | 议题重要性评估 | 08 | | 可持续发展治理 | 14 | | 数据表 | 94 | | --- | --- | | 对标索引表 | 101 | | 第三方鉴证报告 | 103 | 环境篇 社会篇 ENVIRONMENTAL | 应对气候变化 | 17 | | --- | --- | | 污染物排放 | 21 | | 废弃物处理 | 22 | | 生态系统和生物多样性保护 | 22 | | 环境合规管理 | 25 | | 能源利用 | 29 | | 水资源利用 | 31 | | 循环经济 | 32 | 01 02 03 SOCIAL | 员工 | 35 | | --- | --- | | 安全生产 | 49 | | 质量管理 | 55 | | 数据安全与客户隐私保护 | 58 | | 创新驱动 | 59 | | 供应链管理 | 63 | | 平等对待中小企业 | 65 | | 乡村振兴 | 65 | | 社会贡献 | 67 | 治理 ...

Core Viewpoint - Sichuan Road and Bridge (600039) reported a decline in both revenue and net profit for 2024, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for 2024 is projected to be 107.238 billion yuan, a year-on-year decrease of 6.78% [1] - The net profit attributable to shareholders is expected to be 7.21 billion yuan, reflecting a year-on-year decline of 19.92% [1] Dividend Distribution - The company plans to distribute a cash dividend of 0.377 yuan per share (tax included) to all shareholders, totaling approximately 3.284 billion yuan (tax included) [1] - The total dividend amount for the 2024 fiscal year is estimated to be 3.606 billion yuan, which represents 50.02% of the net profit attributable to shareholders for the same year [1]

Investment Rating - Industry rating is maintained as "Outperform the Market" [5] Core Viewpoints - Infrastructure investment continues to show high growth, with significant increases in municipal and water conservancy investments, which grew by 26.0% and 36.8% year-on-year respectively in the first quarter of 2025 [1][2] - New signed orders for construction companies indicate a recovery in infrastructure sentiment, with notable increases in orders for major companies such as China Construction and Sichuan Road and Bridge [1] - The report suggests focusing on the conversion rhythm of physical workload in infrastructure and investment opportunities in high-sentiment provinces like Sichuan [1] - The report highlights the potential for cyclical recovery driven by warming physical volumes in infrastructure and real estate, alongside expectations for policy support amid tariff impacts [1] - The report recommends monitoring the recovery of international engineering projects along the Belt and Road, particularly in Europe and ASEAN [1] Summary by Sections Infrastructure Investment - In the first three months of 2025, infrastructure investment showed a year-on-year increase of 11.5%, with a monthly increase of 12.6% in March [1] - New special bonds issued in Q1 amounted to 960.2 billion, an increase of 326.1 billion year-on-year, providing strong support for infrastructure investment [1] Real Estate Market - Real estate sales area decreased by 3% year-on-year in the first quarter, with a monthly decline of 1.6% in March [2] - New construction area saw a significant drop of 24.4% year-on-year, while the completion area decreased by 14.3% [2] Cement and Glass Industry - Cement production in the first quarter was 331 million tons, a decline of 1.4% year-on-year, but March saw a recovery with a 2.5% increase [3] - The average cement price remained stable at 402 yuan per ton as of April 13, with expectations for price increases in early April [3] - Flat glass production fell by 6.4% year-on-year in the first quarter, but market trading conditions are gradually improving [4] Key Stock Recommendations - The report recommends several stocks for investment, including Sichuan Road and Bridge, China Construction, and China Electric Power, all rated as "Buy" [15]

Summary of Sichuan Road and Bridge Group Conference Call Industry Overview - Sichuan is a key area for the Western Development strategy, with significant improvements in infrastructure investment intensity and strategic positioning. The urbanization rate is below the national average, indicating substantial growth potential in highway infrastructure, which presents development opportunities for Sichuan Road and Bridge [2][3][12]. Company Insights - Sichuan Road and Bridge adopts an integrated investment and construction model, achieving operational capabilities 2-3 percentage points higher than typical construction firms. The controlling shareholder, Shudao Group, has increased its stake to nearly 80%, reflecting strong confidence from industrial capital and providing robust support [2][4][5]. - The company transferred loss-making businesses to Shudao Group for 650 million yuan, resulting in a loss reduction of approximately 500 million yuan, and plans to increase the dividend payout ratio to 60% by 2025, with an expected annual dividend yield of 7% [2][5][13]. Financial Performance - As of Q1 2025, Sichuan Road and Bridge signed new projects worth 35 billion yuan, a year-on-year increase of 19%, with infrastructure orders accounting for 88% of this total, up 28% year-on-year. This indicates a significant improvement in order recovery [2][6]. - The company’s stock has shown excess returns since the controlling shareholder's stake increase, with a cumulative rise of 265% over five years, while the Shanghai Construction Index fell by 35% during the same period. However, there has been a pullback since late 2023 due to revenue and performance declines [2][8]. Market Dynamics - The investment amount for key projects in Sichuan Province is substantial, providing a stable development outlook for Sichuan Road and Bridge. The company is currently in a favorable upward cycle due to personnel adjustments and continuous order improvements [2][12]. - The company’s overseas business, although small, is accelerating, with 2023 overseas revenue at 2.211 billion yuan, accounting for 2% of total revenue. Key markets are in Central Asia and Africa, with new projects expected to generate additional business [2][7]. Future Outlook - The company is expected to experience a recovery in revenue and performance in 2025, following a challenging 2024. The projected revenue growth is modest, with a PE ratio expected to decline from 9 times in 2024 to 8 times in 2025, and further to 7 times in 2026, aligning with industry benchmarks [2][9]. - Sichuan Road and Bridge's advantages include its strategic location in a high-demand infrastructure market, a high dividend strategy, and a return to stable management and operations, all of which support a positive outlook for future growth [2][10][11].

公告编号：2025-034证券代码：600039证券简称：四川路桥 登录新浪财经APP 搜索【信披】查看更多考评等级 四川路桥建设集团股份有限公司 关于董事长提议回购公司部分股份的提示性公告 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。 四川路桥建设集团股份有限公司（以下简称本公司或公司）于2025年4月8日收到公司董事长孙立成先生 （以下简称提议人）《关于提议四川路桥建设集团股份有限公司回购公司部分股份的函》，具体内容如 下： 一、提议人的基本情况及提议时间 1、提议人：公司董事长孙立成先生 2、提议时间：2025年4月8日 二、提议回购股份的原因和目的 为维护公司全体股东利益，增强投资者信心，稳定及提升公司价值，基于对公司未来发展的信心，公司 董事长孙立成先生提议公司通过集中竞价交易方式回购部分公司股份，回购的股份将用于股权激励或用 于转换公司发行的可转债。 三、提议内容 1、回购股份的种类：公司发行的人民币普通股（A股）。 2、回购股份的用途：本次回购的股份用于股权激励或用于转换公司发行的可转债；若公司未能在本次 回购 ...

- The "CSI Smart High Dividend Strategy Index" was launched by the China Securities Index Company in 2024 to optimize traditional dividend stock selection logic through dynamic screening mechanisms and volatility control rules[2][32] - The index selects 50 stocks with continuous dividends and high expected dividend yields, using a "expected dividend yield" selection method combined with a dividend yield and volatility weighting mechanism to avoid the "high dividend trap" and ensure selected stocks have stable dividend capabilities and low volatility[2][32][39] - The index's construction process includes selecting stocks with continuous dividends over the past three years, calculating the expected dividend yield based on disclosed cash dividend plans, and weighting by the ratio of dividend yield to volatility[39][41] - The index has shown superior performance with higher annualized returns, lower volatility, and smaller maximum drawdowns compared to other dividend indices, demonstrating its value in long-term asset allocation[2][33][37] Model Performance Metrics - CSI Smart High Dividend Strategy Index, annualized return: 19.66%, annualized volatility: 24.60%, Sharpe ratio: 0.88, maximum drawdown: 64.82%[37] - Dividend Low Volatility 100 Total Return Index, annualized return: 17.87%, annualized volatility: 24.47%, Sharpe ratio: 0.81, maximum drawdown: 64.02%[15][37] - CSI Dividend Total Return Index, annualized return: 14.14%, annualized volatility: 25.86%, Sharpe ratio: 0.75, maximum drawdown: 72.13%[15][37] - CSI All Share Total Return Index, annualized return: 11.00%, annualized volatility: 26.29%, Sharpe ratio: 0.50, maximum drawdown: 71.48%[15] Factor Construction and Evaluation - The "expected dividend yield" factor is constructed by calculating the dividend yield based on disclosed cash dividend plans and adjusting for stock price at the end of April[39][41] - The factor is evaluated positively for its ability to avoid the "high dividend trap" and ensure selected stocks have stable dividend capabilities and low volatility[2][39] - The index's weighting method, which uses the ratio of dividend yield to volatility, effectively controls annualized volatility and enhances risk-adjusted returns[39][41] Factor Performance Metrics - CSI Smart High Dividend Strategy Index, dividend yield: consistently higher than other dividend indices during the period from September 30, 2024, to March 31, 2025[38] - The index's constituent stocks have a net asset return rate of approximately 10.5% and the lowest asset-liability ratio among compared dividend indices, indicating high profitability and low debt risk[54][56]