1 2016-024 号"、2017 年 3 月 4 日披露的"临 2017-002 号"、2019 年 5 月 22 日披露的"临 2019-019 号"、2019 年 8 月 21 日披露的"临 2019-027 号"公告、2021 年 10 月 28 日披露的"临 2021-051 号"公 告、2023 年 7 月 15 日披露的"临 2023-022 号"公告、2024 年 9 月 14 日披露的"临 2024-041 号"公告）。 二、基金延期情况 | 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-049 | | --- | --- | --- | --- | --- | --- | | 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 关于上海建元股权投资基金合伙企业（有限合伙）清算期延 长的公告 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 ...

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-048 | | --- | --- | --- | --- | --- | --- | | 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 第十届董事会第五十三次会议决议公告 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。 ●本次董事会会议审议议案全部获得通过。 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"）第十届董事会第五 十三次会议，于 2025 年 11 月 11 日以电子邮件方式分别发出会议通 知，并进行了电话确认，于 2025 年 11 月 18 日以通讯表决方式召开， 应到董事 8 名，实到 8 名。本次会议的召集、召开符合相关法律、法 规和《公司章程》的规定。 二、董事会会议审议情况 （一）《公司关于上海建元股权投资基金合伙企业(有限合伙)清算期 延长的议案》（该项 ...

一、《公司关于上海建元股权投资基金合伙企业(有限合伙)清算期延 长的议案》; 同意上海建元股权投资基金合伙企业(有限合伙)清算期延长五 年至 2030 年 12 月 26 日。 二、《公司关于子公司所属地块收储补偿的议案》; 同意公司下属公司上海煤气第一管线工程有限公司所属的水电 路 1251-1277 号、1277-1279 号地块被当地政府收储，补偿金额为 51,474 万元。 三、《公司关于子公司联合参与上海市杨浦区地块竞拍的议案》。 同意公司全资子公司上海建元资产管理有限公司与上海城建置 业发展有限公司联合参与杨浦区 N090501 单元 A3a-03、A3a-04、 A1-04-1 地块竞拍。 上海隧道工程股份有限公司 第十届董事会第五十三次会议决议 上海隧道工程股份有限公司第十届董事会第五十三次会议,于 2025 年 11 月 11 日以电子邮件方式分别发出会议通知，并进行了电 话确认,于 2025年 11 月 18 日以通讯表决方式召开,应到董事 8 名, 实到８名，会议召开符合相关法律法规和《公司章程》的规定，会议 审议通过了以下议案: 特此决议。 上海豚i (本页无正文,为上海隧道工程股份有 ...

隧道股份公告称，2016年公司下属全资子公司参与设立上海建元股权投资基金合伙企业（有限合伙）， 即"建元一期基金"，出资金额10亿元。截至目前，总出资额2.53亿元，上海隧道工程有限公司出资2.15 亿元，占比85.15%。根据合伙协议，该基金退出期将于2025年12月26日届满后进入清算期。经各合伙 人协商，拟将清算期延长5年至2030年12月26日，由基金GP担任清算人。此次延期利于项目退出，符合 股东利益，无需股东大会审议。 ...

Group 1: Key Points on Jiachi Technology - Jiachi Technology is positioned as a core supplier of stealth materials for aerospace, with expected continuous growth in performance driven by the accelerated demand for stealth materials due to the ramp-up of aerospace equipment [1][2] - The projected net profit for Jiachi Technology from 2025 to 2027 is estimated at 5.35 billion, 7.73 billion, and 9.94 billion yuan, with corresponding EPS of 1.34, 1.93, and 2.48 yuan [1][2] - A target price of 83.68 yuan has been set for Jiachi Technology, with a recommendation to "increase holdings" [1][2] Group 2: Key Points on Public Utilities - Recent policies in Jiangsu and Guangdong provinces aim to reduce vicious competition in electricity trading, which is expected to enhance market valuation [5][31] - The electricity market is gradually improving, with encouragement for private enterprises to enter the nuclear power sector, indicating a trend towards marketization [5][31] - The guidance on promoting renewable energy consumption includes a commitment to add at least 200 million kilowatts of new renewable energy installations annually to meet increasing electricity demand [31][32] Group 3: Key Points on Transportation - Anhui Expressway's acquisition of group road assets is expected to significantly enhance performance, with the completion of expansion projects driving accelerated profit growth [9][10] - The projected net profit for Anhui Expressway in 2025 has been revised upwards to 20 billion yuan, with a target price adjustment to 19.66 yuan [9][10] - The company is expected to benefit from a proposed acquisition of a 7% stake in Shandong Expressway, which could add approximately 200 million yuan to annual investment income [10][11]

Company and Industry Summary Company Overview - The company, Tunnel Corporation, has faced poor performance in the first three quarters due to the negative impact from Huada Jiutian, but expects a strong performance in Q4 to achieve its annual profit growth target [2][3] - The company is actively expanding its domestic and international business, focusing on regions such as Hong Kong, Macau, Southeast Asia (with Singapore as the core), and the Middle East (e.g., Dubai) [2][4] Key Points and Arguments Financial Performance - The company anticipates a strong Q4 performance, which is typically robust, to support the overall annual profit growth target despite the challenges faced in the first three quarters [3] - The company aims to improve project profit margins through cost reduction and efficiency enhancement, with preliminary results already visible in the Q3 report [2][6] Business Strategy - The company plans to reduce the proportion of investment income by 2025, focusing more on the profitability of its core business rather than relying heavily on investment income as seen in 2024 [2][7] - The operational business currently contributes about 8% to 10% of revenue, with plans to increase this contribution to over 20% by expanding existing services and entering new markets [8] Market Position and Valuation - The company believes its current price-to-book (PB) ratio of 0.68 indicates undervaluation, suggesting potential for improvement in market perception and valuation through operational optimization [4][10] - The company’s asset quality is considered strong, with a focus on converting construction data into data asset products to unlock further value [4][12] Investment and Cash Flow - Future cash flow is expected to remain stable, with a commitment to maintaining a dividend payout ratio of no less than 30% [9] - The company’s equity investments are performing steadily, contributing positively to profits despite current market conditions [11] International Expansion - The company’s overseas strategy includes consulting, construction, investment, and operations, with a focus on markets like the Middle East and Southeast Asia, where demand for high-end digital and intelligent services is growing [16][18] - The company has established a strong presence in Singapore and is leveraging its experience to expand into other regions [17][18] Debt Management - The company has made significant progress in debt resolution over the past three years, benefiting from government support and new project opportunities [19] Additional Important Insights - The company is exploring new business growth points, including indoor services and static traffic management, to diversify its revenue streams [2][4] - The company is committed to high-quality development to enhance net profit margins rather than merely pursuing revenue growth [2][6]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [2][28]. Core Insights - Fixed asset investment growth has further declined, with a cumulative year-on-year decrease of 1.7% for January to October 2025, a drop of 1.2 percentage points compared to the previous period [4][5]. - Traditional infrastructure investment growth has turned negative, with infrastructure investment (excluding electricity) showing a year-on-year decrease of 0.1% [5]. - Real estate investment remains low, with a year-on-year decline of 14.7% for January to October 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -1.7%, with manufacturing investment at +2.7% [4]. - Infrastructure investment (all-inclusive) shows a year-on-year increase of 1.5%, but infrastructure investment excluding electricity is down by 0.1% [5]. Infrastructure Investment - Transportation, water conservancy, and public utility investments are under pressure, with transportation and postal services showing a slight increase of 0.1% year-on-year, while water and environmental management investments are down by 4.1% [5]. - Regional investment varies, with the eastern region down by 5.4% and the northeastern region down by 11.7% [5]. Real Estate Investment - Real estate investment has decreased by 14.7% year-on-year, with construction starts down by 19.8% and completions down by 16.9% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in supply and inventory replenishment [11]. Investment Recommendations - The report suggests that in 2026, industry investment will stabilize, with emerging sectors expected to benefit from national strategic implementations [18]. - Specific companies to watch include Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [18].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 34.395 billion yuan for the first three quarters, a year-on-year decrease of 19.83%. The net profit attributable to shareholders was 1.210 billion yuan, down 19.35% year-on-year, while the net profit after deducting non-recurring gains and losses was 983 million yuan, a decrease of 24.26% year-on-year [2][6] - The gross profit margin significantly improved, but investment income negatively impacted net profit performance. The overall gross margin for the first three quarters was 15.90%, an increase of 11.34 percentage points year-on-year. In Q3 alone, the gross margin was 16.80%, also up 11.34 percentage points year-on-year [12] - The company experienced a slight decline in operating cash flow year-on-year, with a net inflow of 357 million yuan for the first three quarters, down 20.30 million yuan. The cash collection ratio was 118.65%, an increase of 13.60 percentage points year-on-year [12] Summary by Sections Revenue and Profitability - The company achieved a total revenue of 34.395 billion yuan in the first three quarters, a decrease of 19.83% year-on-year. In Q3, the revenue was 12.374 billion yuan, down 16.73% year-on-year [6][12] - The net profit attributable to shareholders for the first three quarters was 1.210 billion yuan, a decrease of 19.35% year-on-year. In Q3, the net profit was 483 million yuan, down 32.47% year-on-year [6][12] Margin and Expenses - The comprehensive gross margin for the first three quarters was 15.90%, an increase of 11.34 percentage points year-on-year. The Q3 gross margin was 16.80%, also up 11.34 percentage points year-on-year [12] - The operating expense ratio for the first three quarters was 12.72%, an increase of 2.37 percentage points year-on-year. In Q3, the operating expense ratio was 14.55%, up 4.38 percentage points year-on-year [12] Orders and Cash Flow - New contracts signed in Q3 amounted to 23.123 billion yuan, a year-on-year increase of 16.56%. The company’s cash flow from operating activities for the first three quarters was a net inflow of 357 million yuan, down 20.30 million yuan year-on-year [12] - The company’s asset-liability ratio decreased by 1.34 percentage points year-on-year to 75.62% [12]

Core Viewpoint - As of now, the company has no cooperative projects with Yajiang Group [1] Group 1 - The company confirmed on the interactive platform that there are currently no collaboration projects with Yajiang Group [1]

Core Viewpoint - Tunnel Corporation (600820.SH) has stated that there are currently no cooperative projects with Yajiang Group [1] Summary by Categories - Company Status - Tunnel Corporation has confirmed the absence of any ongoing collaboration with Yajiang Group as of now [1]