Core Viewpoint - Sichuan Chengyu (601107.SH) announced the construction, operation, management, and transfer of the G5 Jingkun Expressway Chengdu to Ya'an section expansion project, indicating a significant investment in infrastructure development [1] Company Summary - The project is managed by Chengya Company, a subsidiary of Sichuan Chengyu, which has signed contracts with several construction groups for the expansion project [1] - The total contract values for the project are approximately RMB 131.31 billion, RMB 39.07 billion, and RMB 8.56 billion with the respective companies involved [1] Industry Summary - The expansion of the G5 Jingkun Expressway is part of a broader trend in infrastructure investment in China, aimed at improving transportation efficiency and connectivity [1]

Group 1 - The company plans to change its domestic accounting firm for the year 2025 from Lixin Certified Public Accountants to Xinyong Zhonghe Certified Public Accountants [2][11] - The change is based on the company's future business development and overall audit work requirements, with a service period until April 30, 2026 [2][11] - The previous accounting firm, Lixin, has been informed and has no objections to the change, and there are no discrepancies in audit opinions [2][12] Group 2 - Xinyong Zhonghe Certified Public Accountants was established on March 2, 2012, and has 259 partners and 1,780 registered accountants as of December 31, 2024 [3] - The firm reported a total revenue of 4.054 billion RMB in 2024, with audit revenue of 2.587 billion RMB and securities business revenue of 976 million RMB [3] - The firm has conducted audits for 383 listed companies in 2024, with a total fee of 471 million RMB [3] Group 3 - The proposed audit fee for 2025 is 940,000 RMB, which includes 700,000 RMB for the annual financial statement audit and 240,000 RMB for internal control audit [8] - The final audit fee will be determined by the board of directors and requires shareholder approval [9] Group 4 - The company’s subsidiary, Chengya Highway Co., is responsible for the G5 Jingkun Expressway expansion project, with total contract values of approximately 131.31 billion RMB, 39.07 billion RMB, and 8.56 billion RMB for different contractors [17] - The project is classified as a related party transaction and does not constitute a major asset restructuring [17][21] - The total amount of similar related party transactions in the past 12 months has not reached 5% of the company's latest audited net assets [20][40]

Core Viewpoint - Sichuan Chengyu (601107.SH) has signed a total construction contract for the Chengya Expressway expansion project, with a maximum contract price of approximately 17.894 billion yuan, which is expected to enhance the company's profitability and asset scale stability [1][2][3]. Group 1: Project Details - The Chengya Expressway is a core asset of Sichuan Chengyu, with existing toll rights expiring on December 31, 2029. The company is expanding this expressway to optimize its revenue before the toll expiration [2][3]. - The construction, operation, management, and transfer of the G5 Jingkun Expressway Chengdu to Ya'an section expansion project will be handled by Chengya Company, a subsidiary of Sichuan Chengyu, in collaboration with three related parties [2][3]. - The total estimated investment for the Chengya Expressway expansion project is approximately 28.548 billion yuan, with the project route length being 159.115 kilometers [5]. Group 2: Financial Performance - Sichuan Chengyu's net profit for the first three quarters of 2025 reached 1.3 billion yuan, representing a year-on-year increase of over 15% [1][8]. - The company's asset-liability ratio decreased to 66.38% by the end of September 2025, indicating improved financial stability [9]. - The company has experienced a continuous increase in net profit since 2023, with a reported net profit of 1.387 billion yuan in 2023 and 1.459 billion yuan in 2024, reflecting growth rates of 90.15% and 22.91%, respectively [8][9].

Group 1 - ST Er Ya (600107) closed at 6.93 yuan on November 10, 2025, down 4.94% with a turnover rate of 4.28% and a trading volume of 154,100 shares, amounting to a transaction value of 109 million yuan [1] - On November 10, 2025, the net outflow of main funds was 28.06 million yuan, accounting for 25.83% of the total transaction value, while retail investors had a net inflow of 12.05 million yuan, representing 11.09% of the total transaction value [1][3] - ST Er Ya was listed on the "Dragon and Tiger List" due to a cumulative price drop deviation of over 12% for three consecutive trading days [1][3] Group 2 - Hubei Meir Ya Co., Ltd. announced that its stock experienced abnormal fluctuations with a cumulative price drop deviation exceeding 12% over three consecutive trading days [2] - For the first three quarters of 2025, the company reported revenue of 172 million yuan and a net loss of 35.68 million yuan [2][3] - If the annual revenue for 2025 falls below 300 million yuan and the company continues to incur losses, it will trigger a financial delisting risk warning [2][3]

Core Points - ST Er Ya's stock price closed at 6.93 yuan on November 10, 2025, down 4.94% from the previous trading day, with a total market capitalization of 2.495 billion yuan [1] - The stock experienced an abnormal fluctuation, with a cumulative closing price drop exceeding 12% over three consecutive trading days [1] - The company reported a revenue of 172 million yuan and a net loss of 35.68 million yuan for the first three quarters of 2025 [1] - If the annual revenue for 2025 falls below 300 million yuan and losses continue, the company may face financial delisting risk [1] - The 2024 financial report received a qualified audit opinion, and the internal control audit report received a negative opinion [1] - The company and its actual controller, Zheng Jiping, are currently under investigation by the China Securities Regulatory Commission [1]

Core Viewpoint - The Chengle Expressway expansion project is a significant infrastructure initiative in Sichuan Province, involving a total investment of approximately 25.1 billion RMB and aiming to enhance traffic capacity and connectivity in the region [1][2] Group 1: Project Overview - The Chengle Expressway expansion project is the first eight-lane expressway across city boundaries in Sichuan Province and represents a large-scale "four-to-eight" upgrade of an operational expressway [1] - The project spans a total length of 136.124 kilometers, featuring three service areas and 17 toll stations [1] - The total investment for the project is estimated at around 251 billion RMB, which includes new construction, road widening, and a bypass segment through Leshan city [1] Group 2: Compensation Agreement - A temporary compensation agreement has been signed between Chengle Company and Chengdu West Ring Expressway Company, with Chengle Company agreeing to pay 6.5725 million RMB for the temporary occupation of road assets during construction [1] - The compensation is intended to cover losses incurred by Chengdu West Ring Expressway Company due to the construction activities related to the expansion project [1][2] Group 3: Construction Details - The mainline of the Chengle Expressway expansion will include a new interchange that crosses over the Chengdu Ring Expressway [2] - The construction will require the temporary occupation of various lanes and emergency lanes on the Chengdu Ring Expressway to facilitate the expansion work [2]

Core Points - Sichuan Road and Bridge announced the approval of a related transaction for investment in the G5 Jingkun Expressway Chengdu to Ya'an section expansion project [2] - The company will participate in the project through a consortium with Sichuan Highway Bridge Construction Group Co., Ltd., Sichuan Transportation Construction Group Co., Ltd., China Huaxi Enterprises Co., Ltd., and Sichuan Chengyu Expressway Co., Ltd. [2] - The consortium received the bid notification on July 28, 2025, confirming their successful bid for the project [2] - An investment agreement was signed on August 6, 2025, followed by the signing of the general contracting agreement on November 10, 2025 [2]

Group 1 - The company, Sichuan Chengyu Expressway, has announced the establishment of a joint venture, Chengya Expressway Company, with China Huaxi, Jiaojian Group, Luqiao Group, and Gaolu Information to manage the Chengya Expressway expansion project [1] - The existing toll rights for Chengya Expressway will expire on December 31, 2029, and the expansion will allow for a reassessment of toll duration and pricing, ensuring stable cash flow, profit, and asset growth for the company [2] - The joint venture partners possess the necessary technical expertise and experience for highway expansion, which will help ensure project quality and safety while reducing management and operational costs [2] Group 2 - The company has signed engineering contracts with the joint venture partners, with the terms being standard commercial terms in the normal course of business, deemed fair and reasonable for the company and its shareholders [2]

Group 1 - The company, Sichuan Chengyu Expressway, announced the establishment of a joint venture, Chengya Expressway Company, with China Huaxi, Jiaojian Group, Luqiao Group, and Gaolu Information to manage the Chengya Expressway expansion project [1] - The existing toll rights of Chengya Expressway will expire on December 31, 2029, and the expansion will allow for the re-evaluation of toll duration and pricing, ensuring stable cash flow, profit, and asset growth for the company [2] - The joint venture partners possess the necessary technical expertise and experience for highway expansion, which will enhance project quality and safety while reducing management and operational costs [2] Group 2 - The company signed engineering contracts with China Huaxi on October 17, 2025, and with Jiaojian Group, Luqiao Group, and Gaolu Information on November 10, 2025, for the construction of the expansion project [1] - The terms of the four engineering contracts are similar, except for the contractor identity, project scope, content, and contract price [1] - The board believes that the contracts are conducted on normal commercial terms and are fair and reasonable, aligning with the overall interests of the company and its shareholders [2]

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。 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） 非常重大的收購及關連交易 有關成雅高速擴容項目之工程合同 茲提述本公司日期為二零二五年十月十七日、二零二五年七月二十二日的公告 及二零二五年七月二十五日之通函，內容有關本公司與中國華西、交建集團、 路橋集團和高路信息成立合營公司成雅高速公司，負責成雅高速擴容項目的建 設、運營、管理、移交等工作。成雅高速公司已於二零二五年十月十七日與中 國華西就成雅高速擴容項目的施工簽訂華西工程合同。 工程合同 就成雅高速擴容項目的施工，成雅高速公司(i)於二零二五年十月十七日與中國 華西簽訂了華西工程合同；及(ii)於二零二五年十一月十日分別與交建集團、路 橋集團和高路信息簽訂了交建工程合同、路橋工程合同及高路工程合同。除承 包人身份、工程範圍、工程 ...