Summary of Wuzhou Transportation Conference Call Company Overview - Wuzhou Transportation is the only listed company in Guangxi Province engaged in highway toll operations, primarily generating revenue from two major highways: Tangbo Expressway and Cenluo Expressway, which account for approximately 98% of total revenue [4][5]. Core Business and Financial Performance - The main revenue source is highway toll fees, with Tangbo Expressway and Cenluo Expressway being the core assets. In 2025, the gross profit from toll fees reached 360 million yuan (half-year) and over 700 million yuan (full-year), representing 93% of total gross profit [2][5]. - The logistics and trade segment generated a gross profit of about 40 million yuan, accounting for less than 6% of total gross profit [2]. - The net profit attributable to shareholders for 2025 was 670 million yuan, with earnings per share (EPS) of 0.42 yuan. The projected net profit for 2026 is 705 million yuan, with an EPS of 0.44 yuan [2][5]. - The current stock price is approximately 4 yuan, corresponding to price-to-earnings (P/E) ratios of 9.7 and 9.3 for 2025 and 2026, respectively [3][5]. Key Assets and Projects - **Tangbo Expressway**: Approximately 188 kilometers long, undergoing a renovation and expansion project costing over 20 billion yuan, expected to be completed by the end of 2029 or early 2030, which will significantly enhance its toll capacity and profit potential [2][7]. - **Cenluo Expressway**: Serves as a vital link between eastern Guangxi and Guangdong, complementing the G314 national highway for regional transportation [2][7]. - **Pinglu Canal Project**: Expected to be completed by the end of 2026, this project will significantly enhance the cargo capacity of Beibu Gulf Port, leading to increased truck traffic and toll revenue for Wuzhou Transportation [2][8]. Strategic Initiatives - The company is actively implementing quality improvement and efficiency enhancement measures, including the development of AI smart operation and maintenance equipment, attracting new clients, and establishing cross-border e-commerce headquarters to improve operational efficiency and profitability [2][8]. Dividend Policy - The dividend payout ratio has been increasing annually, reaching 32% in 2024, with a total dividend amount of 210 million yuan, reflecting the company's strong profitability and commitment to returning value to shareholders [3][6].

Core Viewpoint - The report highlights the growth of industrial enterprises in Guangxi Zhuang Autonomous Region, indicating a positive trend in the industrial sector with a year-on-year increase in the number of enterprises [1]. Group 1: Industrial Enterprises in Guangxi - As of January-November 2025, the number of industrial enterprises in Guangxi reached 10,535, an increase of 239 enterprises compared to the same period last year, representing a growth rate of 2.32% [1]. - The industrial enterprises accounted for 2% of the national total, reflecting Guangxi's contribution to the overall industrial landscape in China [1]. Group 2: Industry Research and Consulting - Zhiyan Consulting, a leading industry consulting firm in China, has been deeply engaged in industry research for over a decade, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1]. - The firm emphasizes its professional approach, quality service, and keen market insights to empower investment decisions [1].

Market Overview - The railway and highway sector experienced a decline of 0.42% on January 13, with Hainan Highway leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Notable gainers included: - Shentong Metro (600834) with a closing price of 8.80, up 2.44% [1] - Jinjiang Online (600650) also up 2.44% at a closing price of 16.40 [1] - Major decliners included: - Hainan Highway (000886) down 4.45% at a closing price of 6.66 [2] - Haikou Group (603069) down 3.85% at a closing price of 23.75 [2] Trading Volume and Capital Flow - The railway and highway sector saw a net outflow of 113 million yuan from institutional investors, while retail investors had a net inflow of 101 million yuan [2] - The trading volume for Hainan Highway was 561,000 shares, with a transaction value of 379 million yuan [2] Individual Stock Capital Flow - Jinjiang Online (600650) had a net outflow of 53.1 million yuan from institutional investors, with a retail net outflow of 49.4 million yuan [3] - Shentong Metro (600834) recorded a net inflow of 15.8 million yuan from institutional investors [3] - West China Entrepreneurship (000557) had a net inflow of 16.7 million yuan from institutional investors [3]

Core Viewpoint - Wuzhou Transportation (600368) has been found to have inaccuracies in its financial reporting for the years 2022 to 2024, specifically regarding the recognition of revenue in its commercial operations, which violates the disclosure regulations set by the China Securities Regulatory Commission [1][2]. Group 1: Financial Reporting Issues - The company recognized revenue based on insufficient evidence and incorrectly applied the total amount method, leading to inaccurate financial disclosures [1][2]. - This situation has raised concerns about the integrity of the company's financial statements and compliance with regulatory standards [1]. Group 2: Investor Compensation Opportunities - Investors who purchased shares between March 31, 2023, and November 20, 2025, and either sold them at a loss or still hold them may have the opportunity to seek compensation [2][4]. - Legal expert Xu Jin indicates that investors can file civil lawsuits for damages resulting from the company's false statements, which may include losses from investment differences, stamp duty, and commission fees [3]. Group 3: Required Documentation for Claims - Affected investors are advised to prepare specific documentation for their claims, including a copy of their ID, confirmation of their securities account, and transaction records stamped by their brokerage [4].

Core Viewpoint - Wuzhou Transportation (600368.SH) has completed all rectifications in response to the Guangxi Securities Regulatory Bureau's findings regarding accounting irregularities and failure to conduct integrity checks on proposed directors and supervisors [1][2] Group 1: Accounting Issues - The company received a corrective order from the Guangxi Securities Regulatory Bureau on November 20, 2025, requiring rectification within 30 days [1] - Between 2022 and 2024, the company had insufficient basis for revenue recognition and incorrectly applied the gross method for revenue recognition, leading to inaccurate financial disclosures [1] - The company has corrected prior accounting errors by changing the revenue recognition method from gross to net, resulting in restated financial reports for 2022, 2023, and 2024 [1] Group 2: Financial Adjustments - After adjustments, the 2022 revenue decreased from approximately 1.687 billion to about 1.501 billion, and the operating costs fell from around 816 million to about 630 million [1] - For 2023, revenue was revised down from approximately 1.633 billion to about 1.617 billion, with operating costs adjusted from around 652 million to about 636 million [1] - In 2024, revenue was reduced from approximately 1.823 billion to about 1.563 billion, and operating costs decreased from around 922 million to about 662 million [1] Group 3: Integrity Checks - The company failed to conduct required integrity checks on proposed directors and supervisors from 2022 to 2024, violating the Securities and Futures Market Integrity Supervision Management Measures [2] - The company has now completed supplementary integrity checks for current directors and supervisors and will standardize the execution of related processes to prevent recurrence of similar issues [2]

Core Viewpoint - The company, Guangxi Wuzhou Transportation Co., Ltd., has announced the correction of prior accounting errors and retrospective adjustments for the financial reports from 2022 to 2024, following directives from the Guangxi Securities Regulatory Bureau [10][11]. Meeting Details - The company's 11th Board of Directors' second meeting was held on December 19, 2025, via telecommunication, with all 12 directors present [3][4]. - The meeting's agenda included the approval of the proposal regarding the correction of prior accounting errors and the report on the rectification measures taken in response to the Guangxi Securities Regulatory Bureau's directives [5][6]. Accounting Error Correction - The company will adjust the financial statements for the years 2022, 2023, and 2024, reducing the reported operating income and costs by CNY 185,972,816.10 for 2022, CNY 15,942,424.01 for 2023, and CNY 260,402,624.54 for 2024 [10][11]. - The adjustments will not affect the company's total assets, total liabilities, net assets, net profit, or cash flow from operating activities [10][11]. Reasons for Accounting Errors - The errors were identified as stemming from insufficient basis for revenue recognition in certain business transactions and incorrect application of the gross method for revenue recognition [11][17]. - The company has undertaken a thorough self-examination and implemented corrective measures in accordance with relevant accounting standards and regulations [11][18]. Rectification Measures - The company has changed its revenue recognition method from the gross method to the net method and has completed the necessary adjustments to its financial reports [18][19]. - The company has also addressed issues related to the failure to query the integrity records of proposed directors and senior management, ensuring compliance with regulations moving forward [21][22]. Audit Committee and Board Opinions - The Audit Committee and the Board of Directors have both approved the corrections, affirming that the adjustments align with accounting standards and improve the accuracy of financial reporting [12][12]. Future Commitments - The company is committed to enhancing its accounting practices and internal controls to prevent similar issues in the future, ensuring the quality of financial disclosures and maintaining investor trust [14][24].

Core Viewpoint - Guangxi Wuzhou Transportation Co., Ltd. received a corrective measure from the Guangxi Securities Regulatory Bureau, requiring the company to rectify issues related to accounting irregularities and failure to perform due diligence on the integrity records of appointed directors and supervisors [1][11]. Group 1: Accounting Irregularities - The company acknowledged that from 2022 to 2024, there were issues with revenue recognition in its commercial operations, leading to inaccurate financial reporting [1][11]. - The company will correct these accounting errors by changing the revenue recognition method from gross to net, resulting in adjustments to the financial statements for 2022, 2023, and 2024 [2][11]. - The specific adjustments include a reduction of revenue and costs for 2022 by CNY 185,972,816.10, for 2023 by CNY 15,942,424.01, and for 2024 by CNY 260,402,624.54 [11][13]. Group 2: Compliance with Regulatory Requirements - The company failed to perform the required integrity checks on appointed directors and supervisors from 2022 to 2024, which is a violation of the relevant regulations [5][11]. - The company has since complied with the requirement to conduct integrity checks on its current directors and supervisors [6][11]. Group 3: Rectification Measures and Future Commitment - The company has completed the necessary rectifications and is committed to enhancing the quality of its accounting practices and financial reporting to prevent similar issues in the future [3][7]. - The board of directors and the audit committee have reviewed and approved the corrective measures, affirming that the adjustments align with accounting standards and improve the accuracy of financial disclosures [14][15].

Core Viewpoint - Guangxi Wuzhou Transportation Co., Ltd. received a corrective order from the Guangxi Securities Regulatory Bureau, requiring the company to rectify issues related to accounting irregularities and failure to fulfill obligations regarding the integrity records of appointed directors and senior management [1][2][4]. Group 1: Issues and Rectification Measures - The company identified issues in accounting practices from 2022 to 2024, where some business revenues were recognized without sufficient basis and incorrectly applied the gross method for revenue recognition, leading to inaccurate financial disclosures [2][9]. - Rectification measures include correcting prior accounting errors by changing the revenue recognition method from gross to net, and making retrospective adjustments to the financial statements for 2022, 2023, and 2024 [2][10]. - The specific adjustments are as follows: - 2022: Revenue and cost reduced by 185,972,816.10 yuan - 2023: Revenue and cost reduced by 15,942,424.01 yuan - 2024: Revenue and cost reduced by 260,402,624.54 yuan - These adjustments do not affect total assets, total liabilities, net assets, net profit, or cash flow from operating activities [8][10]. Group 2: Completion of Rectification - The company has completed the required rectification and will continue to enhance the standardization of accounting practices and the quality of financial reporting to prevent similar issues in the future [3][5]. - The responsible parties for the rectification include the Chairman, General Manager, Board Secretary, and Chief Accountant [3][5]. Group 3: Summary of Rectification - The company acknowledges the importance of the Guangxi Securities Regulatory Bureau's inspection in identifying deficiencies in information disclosure, internal control, and accounting practices [6]. - The company aims to improve its governance and internal control systems, ensuring compliance with securities laws and regulations, and enhancing the quality of information disclosure [6][13].

证券代码：600368 证券简称：五洲交通 公告编号：临 2025-052 广西五洲交通股份有限公司 关于前期会计差错更正及追溯调整的公告 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个别及连带责任。 入和营业成本均为 260,402,624.54 元。 本次对前期会计差错更正及追溯调整，不会对公司资产总额、负债总额、净 资产、净利润及经营活动现金流量净额等财务状况和经营成果产生影响。具体情 况如下（除特殊注明外，单位均为人民币元）： 重要内容提示： 1.本次公司将对 2022 至 2024 年年度报告的相关数据进行追溯调整，相应调 减 2022 年度财务报表营业收入和营业成本均为 185,972,816.10 元；调减 2023 年度财务报表营业收入和营业成本均为 15,942,424.01 元；调减 2024 年度财务 报表营业收入和营业成本均为 260,402,624.54 元。 2.本次对前期会计差错更正及追溯调整，不会对公司资产总额、负债总额、 净资产、净利润及经营活动现金流量净额等财务状况和经营成果产生影响。 广西五洲交通股 ...

关于广西五洲交通股份有限公司 前期会计差错更正的 专项鉴证报告 致同会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ace.mof.gov.cn） TE 目 家 专项鉴证报告 前期会计差错更正专项说明 1-2 1-2 | | E TI ] A 24 VII To t ] ] r II Grant Thornton 致冒 关于广西五洲交通股份有限公司 前期会计差错更正的 专项鉴证报告 致同专字(2025)第 450A024612 号 广西五洲交通股份有限公司全体股东: 我们接受广西五洲交通股份有限公司(以下简称"五洲交通") 委托, 根据中国注册会计师执业准则,对后附的《广西五洲交通股份有限公司前期 会计差错更正专项说明》(以下简称"会计差错更正专项说明")执行了鉴 证。 一、管理层和治理层对财务报表的责任 按照《企业会计准则第 28 号一一会计政策、会计估计变更和差错更正》、 中国证券监督管理委员会《公开发行证券的公司信息披露编报规则第 19 号一 一财务信息的更正及相关披露》、上海证券交易所《上海证券交易所上市公 司自律监管指南第 2号 -- 业务办理: ...