Core Viewpoint - The controlling shareholder, Chengjian Group, plans to increase its stake in Tunnel Corporation (600820) by investing between 250 million to 500 million yuan, representing up to 2% of the total share capital, by May 15, 2026 [1] Summary by Relevant Sections - **Shareholding Increase Plan** - Chengjian Group intends to acquire shares through various methods including centralized bidding, block trading, and asset management plans [1] - The total investment amount will not be less than 250 million yuan and not exceed 500 million yuan [1] - The increase in shareholding will not trigger a mandatory tender offer and will not change the controlling shareholder or actual controller of the company [1] - **Funding Sources** - The funds for this share acquisition will come from the group's own funds and/or self-raised funds [1] - **Market Conditions and Risks** - The implementation of the shareholding increase plan may be affected by changes in capital market conditions or other risk factors [1]

Group 1 - The board meeting of Shanghai Tunnel Engineering Co., Ltd. was held on May 13, 2025, with all 8 directors present and no dissenting votes [1][2] - The board approved the acquisition of 100% equity of Guangdong Juran Construction Engineering Co., Ltd. and agreed to fulfill the unpaid registered capital obligation of 110 million yuan [1][2] - The board agreed to submit the proposal for the authorization plan to the shareholders' meeting for review [1][2] Group 2 - The board approved the appointment of Mr. Zhang Guixu as an independent director of the tenth board, with the proposal also submitted for shareholder review [2] - The board approved adjustments to the company's bond issuance plan, with unanimous support from all directors [2]

上海隧道工程股份有限公司 第十届董事会第四十四次会议决议公告 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。 重要内容提示： ●本次董事会会议全体董事出席。 | 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-020 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 本方案需提交公司股东会审议。 （三）公司关于增补第十届董事会独立董事的议案（该项议案同意票 8 票，反对票 0 票，弃权票 0 票；是否通过：通过）。 董事会同意增补张桂戌先生为公司第十届董事会独立董事。 一、董事会会议召集、召开情况 上海隧道工程股份有限公司（简称"公司"）第十届董事会第四 十四次会议，于 2025 年 5 月 9 日、5 月 12 日以电 ...

Financial Performance - In Q1 2025, the company reported operating revenue of 10.549 billion yuan, a year-on-year decrease of 25.33% [1][2] - The net profit attributable to shareholders was 330 million yuan, down 25.38% year-on-year, while the net profit after deducting non-recurring items was 282 million yuan, a decrease of 33.74% year-on-year [1][2] Revenue and Profitability Analysis - The decline in revenue is attributed to pressure on downstream funding, leading to slower construction progress [2] - The gross profit margin improved to 14.95%, an increase of 2.41 percentage points year-on-year, while the expense ratio rose slightly to 11.39%, an increase of 1.04 percentage points [2] - The net profit margin decreased to 3.13%, down 0.01 percentage points year-on-year, primarily due to a decline in investment income from holdings in companies like Huada Jiutian [2] Order Growth and Market Segmentation - In Q1 2025, the company signed new contracts totaling 23.084 billion yuan, a year-on-year increase of 1.87% [3] - By region, new contracts in Shanghai (both within and outside the city) and overseas were 7.14 billion, 9.81 billion, and 2.27 billion yuan, showing a year-on-year change of -27.79%, +23.42%, and +549.02% respectively [3] - In terms of business types, municipal engineering contracts decreased by 20.67%, while road and rail transit contracts saw significant increases of 209.87% and 97.78% respectively [3] Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 4.884 billion yuan, an increase of 975 million yuan year-on-year [4] - The cash collection ratio was 158.53%, up 29.35 percentage points year-on-year, while the cash payment ratio was 213%, an increase of 50.8 percentage points [4] - The debt-to-asset ratio decreased by 1.78 percentage points to 75.75%, and the accounts receivable turnover days increased by 61.73 days to 190.60 days [4] Shareholder Confidence and Future Outlook - The controlling shareholder, Shanghai Urban Construction, plans to invest up to 500 million yuan to increase its stake in the company, indicating confidence in the company's value [4] - The company has set a revenue growth target of 5-10% for 2025, with a projected dividend yield of approximately 5.6% based on a 35% payout ratio [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 10.549 billion yuan for Q1 2025, a year-on-year decrease of 25.33%. The net profit attributable to shareholders was 330 million yuan, down 25.38% year-on-year, while the net profit after deducting non-recurring items was 282 million yuan, a decrease of 33.74% year-on-year [2][6]. - Despite the revenue decline, the gross profit margin improved by 2.41 percentage points to 14.95%. The expense ratio increased slightly, leading to a net profit margin of 3.13%, which is a slight decrease of 0.01 percentage points year-on-year [6]. - The company signed new contracts worth 23.084 billion yuan in Q1 2025, representing a year-on-year increase of 1.87%. The municipal and energy engineering sectors are experiencing high demand [6]. - The operating cash flow showed a net outflow of 4.884 billion yuan, an increase of 975 million yuan year-on-year, primarily due to increased payments to subcontractors and suppliers [6]. - The major shareholder has announced plans to increase their stake in the company, which is expected to enhance the company's value. The company has set a revenue growth target of 5-10% for 2025 [6]. Summary by Sections Financial Performance - Q1 2025 revenue: 10.549 billion yuan, down 25.33% year-on-year - Q1 2025 net profit: 330 million yuan, down 25.38% year-on-year - Q1 2025 net profit after non-recurring items: 282 million yuan, down 33.74% year-on-year [2][6]. Profitability Metrics - Gross profit margin: 14.95%, up 2.41 percentage points year-on-year - Net profit margin: 3.13%, down 0.01 percentage points year-on-year [6]. Order Book and Market Demand - New contracts signed in Q1 2025: 23.084 billion yuan, up 1.87% year-on-year - Strong demand in municipal and energy engineering sectors [6]. Cash Flow Analysis - Operating cash flow net outflow: 4.884 billion yuan, up 975 million yuan year-on-year - Increased payments to subcontractors and suppliers contributed to cash flow outflow [6]. Shareholder Confidence - Major shareholder plans to invest up to 500 million yuan to increase stake - 2025 revenue growth target set at 5-10% [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved a total revenue of 68.816 billion yuan, a year-on-year decrease of 7.28%. The net profit attributable to shareholders was 2.841 billion yuan, down 3.54% year-on-year. The net profit after deducting non-recurring gains and losses was 2.608 billion yuan, a decrease of 3.84% year-on-year. In Q4 alone, the revenue was 25.927 billion yuan, a decrease of 5.06% year-on-year, while the net profit was 1.342 billion yuan, down 7.54% year-on-year. The net profit after deducting non-recurring gains and losses in Q4 was 1.310 billion yuan, an increase of 0.81% year-on-year [5][10]. Summary by Relevant Sections Revenue and Profitability - The company faced revenue pressure in 2024, with a total revenue of 68.816 billion yuan, down 7.28% year-on-year. The decline was attributed to decreases in both construction and operation business revenues. The company focused on high-quality regions, with the Yangtze River Delta region accounting for 78.93% of total revenue, an increase of 4.76 percentage points year-on-year [10][11]. - The overall gross margin improved to 12.15%, up 1.85 percentage points year-on-year. In Q4, the gross margin was 12.99%, an increase of 5.37 percentage points year-on-year. The total expense ratio for the year was 8.94%, a slight increase of 0.06 percentage points [10][11]. Order Growth and Market Conditions - The company signed a total of 103.016 billion yuan in new orders for various construction, design, and operation businesses in 2024, representing an 8.01% increase year-on-year. This marked the first time the annual order scale exceeded 100 billion yuan, with municipal and energy engineering projects seeing year-on-year growth of over 30% [10][11]. Cash Flow and Investment Returns - The company's operating cash flow improved significantly, with a net inflow of 4.587 billion yuan, an increase of 1.409 billion yuan year-on-year. The cash collection ratio was 97.40%, up 3.28 percentage points year-on-year. In Q4, the net inflow was 3.181 billion yuan, with a cash collection ratio of 84.67%, an increase of 0.66 percentage points [10][11]. - Investment income supported the company's performance, with successful completion of capital increases and significant investment returns from companies like Huada Jiutian and Xugong Machinery. The company expects to see substantial cash inflow from upcoming projects, with a projected revenue and profit growth of 5-10% in 2025. The estimated dividend yield based on a 35% payout ratio is approximately 5.6% [10][11].

Core Viewpoint - The company has released its first quarter report for 2025, ensuring the accuracy and completeness of the financial information presented [3][12][17]. Financial Data Summary - The first quarter financial report is unaudited, and the company has made adjustments due to mergers under common control, with no net profit reported for the merged entities in the current and previous periods [3][7]. - The report includes a commitment from the board and management to the truthfulness of the financial data, with no significant non-recurring gains or losses identified [4][12]. Shareholder Information - The company has confirmed that there are no changes in the top ten shareholders or any significant transactions involving share lending during the reporting period [6][12]. Board and Supervisory Committee Meetings - The supervisory committee and board of directors held meetings on April 29, 2025, where all members were present, and all resolutions, including the approval of the first quarter report, were passed unanimously [10][17]. - The board also approved the disposal of certain financial assets and the establishment of a new international investment company with a proposed capital of 1 billion RMB [18].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a year-on-year decline in revenue and net profit, but there was a slight improvement in gross margin. The overall business operations remain stable, and the investment business is thriving. The profit forecasts for 2025-2027 are set at 32.2 billion, 33.1 billion, and 32.9 billion yuan respectively, with corresponding EPS of 1.02, 1.05, and 1.05 yuan. The current stock price corresponds to PE ratios of 6.0, 5.8, and 5.9 times [6][10] Revenue and Profit Performance - In 2024, the company achieved operating revenue of 688.16 billion yuan, a year-on-year decrease of 7.28%. The net profit attributable to shareholders was 28.41 billion yuan, down 3.54% year-on-year. The gross margin and net margin were 12.15% and 4.30%, respectively, showing increases of 1.87 percentage points and 0.02 percentage points year-on-year [7] - In Q1 2025, the company reported operating revenue of 105.49 billion yuan, a year-on-year decline of 25.33%, and a net profit of 3.30 billion yuan, down 25.38% year-on-year [7] Order Growth - The company secured new orders worth 1,030.16 billion yuan in 2024, representing a year-on-year growth of 8.01%. Notably, the municipal and energy engineering sectors saw increases exceeding 30% [8] Financial Structure - As of the end of 2024, the company's total debt financing amounted to 390.59 billion yuan, with a debt structure that remains reasonable. Short-term loans accounted for 17.90% of the total, while long-term loans made up 48.71% [9]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12]. Core Viewpoints - The Central Political Bureau meeting on April 25 emphasized the need for proactive macroeconomic policies to stabilize growth and address risks in key areas, signaling positive stability for the real estate chain [2][9]. - The meeting highlighted the importance of high-quality development to respond to external uncertainties, particularly in the context of international trade tensions, such as the escalating US-China tariff situation [8][9]. - Infrastructure investment is expected to receive policy support as a key driver for economic growth, with a focus on enhancing funding and implementing new policies [10][11]. Summary by Sections Macroeconomic Policies - The report outlines the need for consistent policy orientation, utilizing more proactive fiscal policies and moderately loose monetary policies, including the issuance of special bonds and maintaining liquidity to support the real economy [9][10]. Real Estate Market - The report indicates that real estate development investment in March 2025 was CNY 0.9 trillion, a decrease of 10.0% year-on-year, with sales and new construction areas also showing declines [62][63]. Infrastructure Investment - In March 2025, narrow infrastructure investment reached CNY 1.9 trillion, up 5.9% year-on-year, while broad infrastructure investment was CNY 2.6 trillion, reflecting a 10.7% increase [54][55]. Sector Performance - The construction sector is advised to focus on the dual themes of stabilizing growth and the "Belt and Road" initiative, with recommendations for companies with high overseas exposure to benefit from increasing international orders [11][12].

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-019 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 上海隧道工程股份有限公司 第十届监事会第十七次会议决议公告 本公司监事会及全体监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。 重要内容提示： ●本次监事会全体监事出席。 ●本次监事会无监事对会议审议议案投反对或弃权票情形。 ●本次监事会审议议案全部获得通过。 一、监事会召集、召开情况 上海隧道工程股份有限公司第十届监事会第十七次会议，于2025 年 4 月 21 日以电子邮件方式发出会议通知，并进行了电话确认，于 2025 年 4 月 29 日下午以通讯表决方式召开，应到监事 3 名，实到 3 名。本次会议的召集、召开符合法律、法 ...