Core Viewpoint - The company's 1H25 performance aligns with expectations, showing a decline in revenue but an increase in net profit, indicating effective cost management and operational efficiency [1][2]. Financial Performance - In 1H25, the company reported revenue of 4.126 billion yuan, a year-on-year decrease of 23.14%, while net profit attributable to shareholders was 837 million yuan, up 19.93% year-on-year, meeting expectations [1]. - For Q2 2025, revenue was 2.276 billion yuan, down 32.17% year-on-year, but net profit increased by 24.2% to 381 million yuan [1]. Revenue Trends - Toll revenue slightly declined, with a total of 2.274 billion yuan in 1H25, down 2.25% year-on-year. Key toll roads like Chengle and Chengyu saw revenue increases of 0.92% and 0.52%, respectively, while Chengya and Chengren experienced declines of 2.33% and 7.21% due to new road openings and competition from railways [1]. - The company managed to reduce financial expenses by 31.0% and management expenses by 14.8%, contributing positively to profit margins [1]. Growth Prospects - The company is investing in core assets, with the Chengle Expressway expansion nearing completion and the Chengya Expressway already awarded an expansion project, which is expected to enhance toll rates and extend toll collection periods post-completion [2]. - The acquisition of Chengdu Erxinan is projected to contribute 160 million yuan in profit for 2025, along with an expected cumulative compensation of 31.48 million yuan from 2023 to 2024, indicating significant profit growth potential [2]. Shareholder Returns - The company emphasizes shareholder returns, with a commitment to a dividend payout ratio of no less than 60% from 2023 to 2025, a notable increase from previous levels [2]. - The projected dividend yield for 2024 is 5.2%, positioning the company among the leaders in the highway industry, with potential yields of 5.5% and 5.8% for 2025 and 2026, respectively [2]. Valuation and Forecast - The company maintains its profit forecasts for 2025 and 2026, with current A-share prices reflecting a price-to-earnings ratio of 10.9 and 10.4 for those years, and H-share prices at 8.6 and 8.1 [2]. - The target price for A-shares is set at 6.85 yuan, suggesting a 21.9% upside potential, while the target price for H-shares is 5.61 HKD, indicating a 16.4% upside [2].

Core Viewpoint - Sichuan Chengyu (601107) reported a decline in total revenue for the first half of 2025, while net profit increased, indicating a mixed performance in financial results [1]. Financial Performance - Total revenue for the first half of 2025 was 4.126 billion yuan, a decrease of 23.14% year-on-year [1]. - Net profit attributable to shareholders reached 837 million yuan, an increase of 19.93% year-on-year [1]. - In Q2 2025, total revenue was 2.276 billion yuan, down 32.17% year-on-year, while net profit was 381 million yuan, up 24.17% year-on-year [1]. - Gross margin improved to 37.44%, up 26.12% year-on-year, and net margin increased to 21.33%, up 56.61% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 549 million yuan, accounting for 13.3% of revenue, a slight decrease of 0.87% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) for the first half of 2025 was 0.26 yuan, an increase of 13.71% year-on-year [1]. - Cash flow per share was 0.46 yuan, a decrease of 15.44% year-on-year [1]. - The company's return on invested capital (ROIC) was 4.21%, indicating weak capital returns [1]. - The debt-to-asset ratio for interest-bearing liabilities reached 61.4% [3]. Business Model and Growth Drivers - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of capital projects [2]. - Recent growth in net profit is attributed to a focus on the core highway business and improved financial efficiency, with net profit expected to reach 1.587 billion yuan in 2025 [5]. Shareholder Information - The estimated dividend yield for the company is 4.56% [2]. - Notable funds holding shares in Sichuan Chengyu include Huisheng Huize Mixed A and Zhongyou Ruixin Enhanced Bond, among others [4].

Meeting Overview - The 38th meeting of the 8th Board of Directors of Sichuan Chengyu Expressway Co., Ltd. was held on August 28, 2025, in Chengdu, Sichuan Province, with all 12 directors present [1][2] - The meeting was chaired by Chairman Luo Zuoyi, and senior management attended [1] Financial Report - The board approved the unaudited financial report for the six months ending June 30, 2025, which showed a net profit attributable to the company's owners of approximately RMB 837.254 million, with earnings per share of approximately RMB 0.260 [2][3] Dividend and Capital Increase - The board decided not to distribute a mid-term dividend or conduct a capital reserve transfer to increase share capital for the year 2025, based on cash flow and funding needs for recent projects [2][3] Investment Plan Adjustment - The board approved the mid-term adjustment of the 2025 investment plan based on reports from subsidiary companies [2][3] Organizational Structure Optimization - The board approved the optimization and adjustment of the Emergency Dispatch Center and Operations Science and Technology Center to enhance operational management and service efficiency [3] Related Party Transactions - The board approved a proposal for the indirect subsidiary Sichuan Chengyu Logistics Co., Ltd. to provide transportation services to Sichuan Hongda Co., Ltd., with a total service fee cap of RMB 61.2 million [4]

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu (601107) [1] Core Views - The company's Q2 2025 performance exceeded expectations with a year-on-year growth of 24%, and H1 2025 performance showed a 20% year-on-year increase, indicating a potential undervaluation of this asset [1] Financial Summary - Total revenue for 2024A is projected at 10,362 million, with a decline of 11.1% year-on-year. For 2025E, revenue is expected to be 9,984 million, with a further decline of 3.7% [2] - Net profit attributable to shareholders for 2024A is estimated at 1,459 million, reflecting a year-on-year growth of 22.9%. For 2025E, net profit is projected at 1,630 million, with an 11.7% increase [2] - Earnings per share (EPS) for 2025E is forecasted at 0.53 yuan, with a price-to-earnings (PE) ratio of 11 times [2] - The company’s total market capitalization is 171.86 billion, with a circulating market value of 121.55 billion [3] Business Performance - In H1 2025, the company achieved a total revenue of 4.126 billion, a decrease of 23.14% year-on-year, primarily due to a decline in construction service revenue. However, net profit attributable to shareholders was 837 million, up 19.93% year-on-year [7] - The toll revenue from the Chengyu Expressway in H1 2025 was 422 million, a slight increase of 0.52% year-on-year, while the Chengren Expressway saw a decline of 7.21% [10] Investment Recommendations - The report suggests an upward revision of profit forecasts for 2025-2027, with net profits adjusted to 16.3 billion, 17.3 billion, and 18.7 billion respectively. This corresponds to EPS of 0.53, 0.57, and 0.61 yuan for the same years [7] - The target price is set at 8.00 yuan for A-shares and 6.32 HKD for H-shares, indicating a potential upside of 42% and 32% from current prices respectively [2][7]

Financial Performance - The company's total operating revenue for the first half of 2025 was 4.126 billion yuan, ranking 6th among disclosed peers [1] - The net profit attributable to shareholders was 837 million yuan, ranking 8th among disclosed peers, representing an increase of 139 million yuan or 19.93% year-on-year [1] - The net cash inflow from operating activities was 1.407 billion yuan, ranking 8th among disclosed peers [1] Financial Ratios - The latest debt-to-asset ratio is 66.28%, a decrease of 0.34 percentage points from the previous quarter and a decrease of 6.09 percentage points from the same period last year [3] - The latest gross profit margin is 37.44%, ranking 10th among disclosed peers, with an increase of 7.75 percentage points year-on-year, marking three consecutive years of growth [3] - The latest return on equity (ROE) is 4.28%, ranking 11th among disclosed peers [3] Earnings Metrics - The diluted earnings per share (EPS) is 0.26 yuan, ranking 10th among disclosed peers, with an increase of 0.03 yuan or 13.71% year-on-year [3] - The latest total asset turnover ratio is 0.07 times [3] - The latest inventory turnover ratio is 93.07 times, ranking 6th among disclosed peers, with an increase of 69.02 times year-on-year, representing a 286.96% increase [3]

Group 1 - The company Sichuan Chengyu (SH 601107) held its 38th meeting of the 8th Board of Directors on August 28, 2025, to discuss the mid-term adjustment of the 2025 investment plan [1] - For the first half of 2025, the company'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 income, and 0.76% from leasing [1]

四川成渝（601107）高速公路(00107)公布，2025年8月28日，公司间接全资附属公司成渝物流与宏达股 份（600331）订立了浮选磷精矿运输合同，据此，成渝物流向宏达股份提供浮选磷精矿运输服务，总服 务费用上限预计为人民币6,120万元。此前，宏达股份就徵集运输服务供应商进行了公开招标，而成渝 物流最终中标。 ...

（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。 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* 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三十八次會議決議公告》，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 二零二五年八月二十八日 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、步丹璐女 士、周華先生及姜濤先生。 * 僅供識別 | 证 ...

Group 1 - The core point of the article highlights that Sichuan Chengyu's financing buy-in volume exceeded 50% of the total trading volume on August 28, leading to its appearance on the "Dragon and Tiger List" [2] - Sichuan Chengyu's closing price was 5.62 yuan, with a slight increase of 0.18% on that day, and the total trading volume reached 20,125,800 shares, with a total transaction amount of 112.65 million yuan [2] - The financing buy-in volume accounted for 55.71% of the total trading volume, with a total financing buy-in amount of 60.24 million yuan, where the largest financing buy-in member was CITIC Securities Co., Ltd., contributing 23.86 million yuan [2] Group 2 - In the past month, Sichuan Chengyu was among the stocks with financing buy-in volumes exceeding 50% of total trading volume, specifically at 55.71% on August 28 [3] - The stock's trading performance on that day included a total trading volume of 20,125,800 shares and a transaction amount of 112.65 million yuan [3] - Other notable stocks included Cambridge Technology, which had a financing buy-in volume of 60.23% on August 27, with a significant price increase of 10% [3]

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 董事會欣然宣佈，二零二五年八月二十八日，本公司間接全資附屬公司成渝物 流與宏達股份訂立了浮選磷精礦運輸合同，據此，成渝物流向宏達股份提供浮 選磷精礦運輸服務，總服務費用上限預計為人民幣6,120萬元。此前，宏達股份 就徵集運輸服務供應商進行了公開招標，而成渝物流最終中標。 上市規則的涵義 於本公告日期，蜀道投資為持有本公司約39.861%已發行股份的控股股東，而 宏達股份為蜀道投資持股41.49%的公司，屬蜀道投資的聯繫人。因此，根據上 市規則第14A.07(4)條，宏達股份為本公司之關連人士。故根據上市規則第十四 A章，浮選磷精礦運輸合同項下擬進行的交易構成本公司的關連交易。由於浮 選磷精礦運輸合同的預計總服務費用上限有一項或多項適用百分比（除盈利比率 外）超過0.1%但低於5%，故須遵守有關申報及公告的規定，但可豁免遵守上市 規則第14A章的獨立股東批准規定。 四川成渝高速公路股份有限公司 Sich ...