Core Insights - The railway and highway sector experienced a 0.95% increase on November 3, with Fulin Transportation leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Sector Performance - Fulin Transportation (002357) closed at 10.69, up 5.95% with a trading volume of 180,100 shares and a turnover of 189 million yuan [1] - Hainan Highway (000886) closed at 7.70, up 3.77% with a trading volume of 821,900 shares and a turnover of 628 million yuan [1] - Sichuan Chengyu (601107) closed at 5.89, up 2.79% with a trading volume of 349,100 shares and a turnover of 205 million yuan [1] - Other notable performers include Jilin Highway (601518) at 3.03, up 2.36%, and Anhui Expressway (600012) at 15.25, up 2.21% [1] Capital Flow - The railway and highway sector saw a net inflow of 115 million yuan from institutional investors, while retail investors experienced a net inflow of 4.09 million yuan [2][3] - Notable net inflows from major players include Hainan Highway with 30.42 million yuan and Fulin Transportation with 18.16 million yuan [3] - Conversely, retail investors showed a net outflow from Hainan Highway of 39.57 million yuan and Fulin Transportation of 1829.05 million yuan [3]

Core Insights - The A-share listed companies in Chengdu have reported strong performance for the third quarter of 2025, with 91 out of 122 companies profitable, representing a profitability rate of 74.6% [1][3] - Total operating revenue for these companies reached 4340.55 billion, with a net profit totaling 411.75 billion [1][3] - Chengdu Bank led in net profit with 94.93 billion, while Olin Bio achieved the highest year-on-year net profit growth rate at 1079.36% [1][3] Financial Performance - Among the 122 Chengdu A-share listed companies, 58 reported positive year-on-year net profit growth, accounting for nearly 48% [3] - Twelve companies reported net profits exceeding 10 billion, including Chengdu Bank, New Yisheng, and Sichuan Road and Bridge [3] - The net profit growth rates for several companies were remarkable, with Olin Bio at 1079.36% and Zhimingda at 995.37% [3][4] Sector Performance - The economic data from Chengdu shows a GDP of 18226.9 billion for the first three quarters, growing by 5.8% year-on-year, indicating a stable growth environment for listed companies [4] - Various sectors, including electronics, non-ferrous metals, and biomedicine, showed strong performance, particularly driven by downstream demand [4] - New Yisheng reported significant growth in the artificial intelligence sector, with a revenue increase of 221.70% and a net profit increase of 284.37% [4][5] Company Highlights - New Yisheng's revenue for the first three quarters reached 165.05 billion, with a third-quarter revenue of 60.68 billion, reflecting a year-on-year growth of 152.53% [4][5] - Olin Bio achieved a revenue of 5.07 billion, with a net profit of 4747.98 million, marking a year-on-year growth of 1079.36% [5] - Zhimingda, focusing on high-reliability embedded computing, reported a revenue of 5.12 billion, with a net profit turnaround [5]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector is showing resilience in demand, with a "de-involution" trend leading to price increases, which is expected to enhance corporate profitability. Long-term positive competition opportunities are anticipated in the e-commerce express delivery market [14] - The shipping sector is expected to benefit from the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market anticipated in Q4 2025 [14] - The shipbuilding sector is in the early stages of a green renewal cycle, with demand driven by shipping market recovery and green updates. The shipbuilding market is expected to see improved activity as various constraints ease [14] - The aviation sector is projected to see Q3 performance as a signal for a long-term market upturn, with stable demand growth and cost improvements expected [14] - The supply chain logistics sector is expected to see performance elasticity from the transformation of logistics parks in South China, with a focus on high dividends and value reassessment [15] Summary by Sections Express Delivery - The "Tongda" companies reported Q3 2025 performance with improved single-ticket profits, reflecting the impact of price increases. YTO, Shentong, and Yunda's revenues were 18.27 billion, 13.55 billion, and 12.66 billion yuan, respectively, with year-on-year growth of 8.73%, 13.62%, and 3.29% [5] - YTO's business volume reached 7.721 billion pieces, a year-on-year increase of 15.0%, while Shentong and Yunda's volumes were 6.515 billion and 6.417 billion pieces, with year-on-year growth of 10.7% and 6.6% [5] Shipping - VLCC TCE rates surged to $125,000/day, a 10-year high, driven by tightening capacity and increasing demand [7] - The SCFI index rose by 10.5% week-on-week, indicating a positive trend in container shipping rates [8] - The BDTI index increased by 8.47% week-on-week, reflecting rising oil tanker rates [9] Aviation - Global passenger demand grew by 3.6% in September 2025, with a load factor of 83.4% [10] - China National Airlines plans to purchase up to 10 A350F freighters, with a total value of approximately $4.65 billion [11] Road and Rail - National logistics operations were stable from October 20 to 26, with rail freight at 79.224 million tons, a 1.37% decrease [12] - Sichuan Chengyu reported Q3 2025 revenue of 1.96 billion yuan, a 1.52% year-on-year decline, but net profit increased by 8.96% [13]

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu (601107) [1] Core Views - The company achieved a year-on-year revenue growth of 15.78% in the first three quarters of 2025, with continuous optimization of financial expenses, highlighting the undervalued assets with expected discrepancies [1] - The report emphasizes the significant reduction in financial expenses, which decreased by 31.9% to 428 million yuan, enhancing profits [6] - The company has secured long-term operational rights for its core profitable assets through major infrastructure projects, which are expected to improve revenue [6] Financial Summary - **Revenue Forecasts**: - Total revenue for 2024A is projected at 10,362 million yuan, with a decline to 9,946 million yuan in 2025E, followed by a slight recovery in subsequent years [2] - Year-on-year growth rates are expected to be -11.1% in 2024A, -4.0% in 2025E, 3.0% in 2026E, and 4.6% in 2027E [2] - **Net Profit Forecasts**: - The net profit attributable to the parent company is forecasted to be 1,459 million yuan in 2024A, increasing to 1,630 million yuan in 2025E, and further to 1,728 million yuan in 2026E [2] - Year-on-year growth rates for net profit are projected at 22.9% for 2024A, 11.7% for 2025E, 6.0% for 2026E, and 8.1% for 2027E [2] - **Earnings Per Share (EPS)**: - EPS is expected to be 0.48 yuan in 2024A, increasing to 0.53 yuan in 2025E, 0.56 yuan in 2026E, and 0.61 yuan in 2027E [2] - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to decrease from 12 in 2024A to 9 in 2027E, while the price-to-book (P/B) ratio remains stable at around 0.9 to 0.8 [2] Investment Recommendations - The report maintains profit forecasts of 1.63 billion yuan for 2025, 1.73 billion yuan for 2026, and 1.87 billion yuan for 2027, with corresponding EPS of 0.53, 0.57, and 0.61 yuan [6] - The target price is set at 7.70 yuan for A-shares and 6.74 HKD for H-shares, indicating a potential upside of 35% from the current price [6] - The company is positioned as a growth-oriented dividend asset, with a commitment to a 60% dividend payout ratio for 2024 [6]

Core Viewpoint - The company has announced its quarterly report and various related transactions, ensuring the accuracy and completeness of the information provided, while also detailing significant ongoing projects and their financial implications [2][9][10]. Financial Data and Indicators - The company reported that as of September 30, 2025, the total number of ordinary shareholders was 38,437, with 38,205 being A-share shareholders and 232 being H-share shareholders [4]. - The company has not conducted an audit for the third-quarter financial statements [2]. Major Projects - The Chengle Expressway expansion project, approved in 2017, has an estimated total investment of approximately RMB 251.5 billion, with a completed investment of about RMB 145.14 billion as of September 30, 2025 [4]. - The Tianqiong Expressway BOT project, with an estimated investment of RMB 86.85 billion, is expected to be completed by September 13, 2024, with a cumulative investment of approximately RMB 70.05 billion as of September 30, 2025 [5]. - The G5 Jingkun Expressway expansion project has an estimated total investment of RMB 285.48 billion, with a cumulative investment of approximately RMB 0.80 billion as of September 30, 2025 [6]. Related Transactions - The company signed a framework agreement for daily related transactions with Shudao Investment Group, which holds a 39.861% stake in the company, ensuring compliance with relevant regulations [10][11]. - The company also entered into a service agreement with Sichuan Intelligent Transportation Systems Management Co., Ltd. for highway toll collection services, with an expected transaction amount not exceeding RMB 35 million per year [23][24]. Board Decisions - The company’s board of directors approved the third-quarter report and the related transactions during a meeting held on October 30, 2025, with all resolutions passed unanimously [38][46]. - The board also proposed the nomination of a new independent director, Ro Hong, to replace the outgoing independent director, with the decision pending shareholder approval [35][47].

Core Insights - Sichuan Chengyu (601107.SH) reported a total operating revenue of 6.086 billion yuan for Q3 2025, ranking 9th among disclosed peers [1] - The net profit attributable to shareholders reached 1.3 billion yuan, ranking 11th among peers, with a year-on-year increase of 177 million yuan, marking a 15.78% rise compared to the same period last year [1] - The net cash inflow from operating activities was 2.558 billion yuan, also ranking 9th among peers [1] Financial Metrics - The latest debt-to-asset ratio is 66.38%, a decrease of 5.26 percentage points from the same period last year [3] - The latest gross profit margin stands at 39.34%, ranking 13th among peers, with an increase of 1.90 percentage points from the previous quarter and 5.47 percentage points year-on-year [3] - The return on equity (ROE) is 6.50%, ranking 12th among peers [3] - The diluted earnings per share (EPS) is 0.40 yuan, ranking 11th among peers, with a year-on-year increase of 0.04 yuan, reflecting a 9.83% rise [3] - The total asset turnover ratio is 0.10 times, while the inventory turnover ratio is 123.60 times, ranking 5th among peers, with a significant year-on-year increase of 302.84% [3] Shareholder Structure - The number of shareholders is 38,400, with the top ten shareholders holding 2.894 billion shares, accounting for 94.63% of the total share capital [3] - The largest shareholder is Sichuan Road Investment Group Co., Ltd., holding 39.86% of the shares [3] - Other significant shareholders include HKSCC Nominees Limited (29.08%) and China Merchants Highway Network Technology Holdings Co., Ltd. (21.73%) [3]

Group 1 - The core point of the article is that Sichuan Chengyu (SH 601107) held its 39th meeting of the 8th board of directors on October 30, 2025, to discuss the preparation for the shareholders' meeting and other documents [1] - For the first half of 2025, Sichuan Chengyu's revenue composition is as follows: 55.1% from highway bridge management and maintenance, 26.19% from sales, 15.76% from highway bridge construction, 1.94% from BT project revenue, and 0.76% from leasing [1]

Core Viewpoint - Sichuan Chengyu Highway Co., Ltd. is a significant player in the transportation infrastructure sector in Sichuan Province, focusing on highway investment, construction, and operation, with a comprehensive industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Sichuan Chengyu reported revenue of 6.086 billion yuan, ranking 4th among 20 companies in the industry, surpassing the industry average of 4.278 billion yuan and the median of 3.529 billion yuan, but below the top two companies, Shandong Highway at 16.841 billion yuan and Ninghu Highway at 12.981 billion yuan [2] - The revenue composition includes highway revenue of 2.942 billion yuan (71.29%), traffic service revenue of 1.024 billion yuan (24.83%), engineering construction revenue of 86.3972 million yuan (2.09%), new energy technology revenue of 49.3275 million yuan (1.20%), and traffic logistics revenue of 27.6172 million yuan (0.67%) [2] - The net profit for the same period was 1.36 billion yuan, ranking 8th in the industry, above the average of 1.282 billion yuan and the median of 893 million yuan, but below the top two companies, China Merchants Highway at 4.423 billion yuan and Ninghu Highway at 4.037 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 66.38%, down from 71.63% year-on-year but higher than the industry average of 41.31% [3] - The gross profit margin for the same period was 39.34%, an increase from 33.86% year-on-year, but still below the industry average of 46.20% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 23.01% to 38,200, while the average number of circulating A-shares held per household increased by 29.89% to 56,600 [5] - The top ten circulating shareholders included Southern CSI 1000 ETF, which held 5.9378 million shares, a decrease of 91,300 shares from the previous period [5] Group 4: Future Outlook - The company is steadily advancing several highway expansion projects, including the Chengle Highway expansion (65% of estimated total investment completed), the Tianqiong Highway BOT project (42 km, opened in September 2024), and the Chengya Highway expansion project (estimated total investment of approximately 28.548 billion yuan) [5] - Forecasts for net profit from 2025 to 2027 are 1.56 billion yuan, 1.69 billion yuan, and 1.88 billion yuan, respectively, with a "buy" rating maintained [5] - Western Securities noted a slight decline in toll revenue but significant cost reduction effects leading to better profit growth, with an upward adjustment to a "buy" rating and projected earnings per share of 0.51 yuan, 0.51 yuan, and 0.52 yuan for 2025 to 2027 [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 四川成渝高速公路股份有限公司 Sichuan Expressway Company Limited* （在中華人民共和國註冊成立之股份有限公司） （股份編號：00107） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列四川成渝高速公路股份有限公司（「本公司」）在上海證券交易所網站發佈的 《四川成渝高速公路股份有限公司第八屆董事會第三十九次會議決議公告》《獨立 董事候選人聲明與承諾》及《獨立董事提名人聲明與承諾》，僅供參閱。 承董事會命 四川成渝高速公路股份有限公司 姚建成 執行董事兼公司秘書 中華人民共和國 • 四川省 • 成都市 二零二五年十月三十日 於本公告之日，董事會成員包括：執行董事羅祖義先生（董事長）、游志明先生 （副董事長）、馬永菡女士、姚建成先生及毛渝茸女士，非執行董事楊少軍先生 （副董事長）、李成勇先生及陳朝雄先生，獨立非執行董事余海宗先生、 ...

Core Viewpoint - Sichuan Chengyu Expressway (00107) announced the resignation of Ms. Bu Danlu as an independent non-executive director after serving for nearly six years, effective after the election of a new independent non-executive director at the shareholders' meeting [1] Group 1 - Ms. Bu Danlu will continue to fulfill her duties as an independent non-executive director and committee member until the new appointment is made [1] - Mr. Luo Hong has been nominated as a candidate for the eighth board of directors as an independent non-executive director [1]