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。 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。 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 | 证券代码：601107 | 证券简称：四川成渝 | 公告编号：2025-018 | | --- | --- | --- | | 债券代码：241012.SH | 债券简称：24成渝01 | | | 债券代码：102485587 | ...

Group 1 - The core viewpoint of the news is that Sichuan Chengyu is implementing various measures to optimize costs and increase profits in 2024, with significant growth in traffic and toll revenue due to the completion of the Chengle Expressway expansion [1] - The company is focusing on cost control and financial optimization to reduce losses in the Suiguang-Suixi project, while still achieving profitability in the Rongcheng Second Ring Road despite macroeconomic challenges [1] - The company is benefiting from the growth of the new energy vehicle market and internal management improvements, leading to a turnaround in profitability for Shudao New Energy [1] - The profits of Zhonglu Energy and Chengya Oil Company have improved due to increased oil sales and refined management practices [1] - The company plans to focus on its core business, enhance maintenance management, and expand comprehensive energy development and service-oriented businesses, while maintaining a high dividend payout ratio and steadily advancing asset injections [1] Group 2 - Beijing Hanhe Capital Management Co., Ltd. is a member of the China Securities Investment Fund Industry Association, established in January 2013, and obtained a private investment fund management license in June 2014 [2] - Hanhe Capital adheres to a long-term value investment philosophy, emphasizing that without a long-term perspective, there can be no victory [2] - The company aims to build an investment philosophy based on long-term thinking, achieving long-term win-win outcomes with excellent enterprises [2] - Hanhe Capital's value proposition includes ultra-long-term, exquisite, and sustainable principles, ensuring alignment of interests between the management and investors by not charging fixed management fees [2]

四川成渝公司成立于 1997 年，主要业务为投资建设、运营和管理高速公路及拓 展路域经济发展。公司拥有 18 家子分公司，总资产规模为 610 亿元，员工人数 约 4,500 人。四川成渝于 2009 年在香港上市，并回归 A 股，目前是一家 A+H 股 上市公司，总股本为 30.58 亿股，其中 A 股 21.63 亿股，H 股 18.95 亿股。公 司的第一大股东是蜀道集团，持有 39.86%的股份；第二大股东是招商公路，持 有 24.88%的股份；公众持股比例为 35.26%。作为中国西部唯一一家基建的 A+H 股上市公司，同时也是蜀道集团唯一的公路产业上市平台，公司在行业中具有 • 四川成渝 2024 年营收 103.62 亿元，同比下降 11.07%，剔除建造服务收入 影响后，实际营收同比下降 0.1%。通行费收入 47.77 亿元，同比增长 0.74%，新能源板块收入 1.15 亿元，同比增长 71.64%。 • 2024 年四川成渝归母净利润 14.59 亿元，同比增长 22%；扣非后归母净利 润 13.90 亿元，同比增长 27%。总成本 43.60 亿元，同比下降 8%，财务费 用显著下降， ...

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。 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 投 資 者 關 係 活 動 記 錄 表》，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 執行董事兼聯席公司秘書 中華人民共和國 • 四川省 • 成都市 二零二五年四月二日 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 ...

近期四川成渝(601107)发布2024年年报，证券之星财报模型分析如下： 经营概况 四川成渝(601107)在2024年的年报中显示，公司营业总收入为103.62亿元，同比下降11.07%；归母净利 润为14.59亿元，同比上升22.91%；扣非净利润为13.9亿元，同比上升27.22%。尽管营业收入有所下 降，但公司的盈利能力显著增强，毛利率为31.86%，同比增加了26.69%，净利率为14.93%，同比增加 了37.84%。 单季度表现 从单季度数据来看，第四季度营业总收入为30.03亿元，同比下降17.94%；归母净利润为3.36亿元，同 比上升395.67%；扣非净利润为3.0亿元，同比上升384.14%。这表明公司在第四季度的盈利表现尤为突 出。 主要财务指标 毛利率：31.86%，同比增加26.69%净利率：14.93%，同比增加37.84%三费占营收比：14.21%，同比增 加12.77%每股净资产：5.36元，同比增加4.66%每股经营性现金流：1.21元，同比增加14.42%每股收 益：0.48元，同比增加22.93% 现金流与债务状况 公司货币资金为29.48亿元，同比增加48.65% ...

证券时报·数据宝统计，截至今日上午10:30，上证综指3338.68点，收于年线之上，涨跌幅为-0.38%，A 股总成交额为5685.40亿元。到目前为止，今日有17只A股价格突破了年线，其中乖离率较大的个股有四 川成渝、*ST九有、中集车辆等，乖离率分别为4.88%、4.67%、1.71%；冀东水泥、菜百股份、国安达 等个股乖离率较小，刚刚站上年线。 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 601107 | 四川成 渝 | 6.60 | 1.97 | 5.08 | 5.33 | 4.88 | | 600462 | *ST九有 | 4.76 | 2.33 | 1.47 | 1.54 | 4.67 | | 301039 | 中集车 辆 | 2.64 | 1.45 | 9.16 | 9.32 | 1.71 | | 000899 | 赣能股 份 | 2.16 | 1.58 | 8.85 | 9 ...

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu (601107), expecting a performance that will exceed the benchmark index by over 20% in the next six months [1][21]. Core Views - The company's 2024 performance exceeded expectations with a revenue of 10,362 million yuan, a year-on-year decrease of 11.1%, while the net profit attributable to shareholders increased by 22.91% to 1,459 million yuan [6][10]. - The cash dividend payout ratio is 60.79%, resulting in a dividend per share of 0.29 yuan, which corresponds to a dividend yield of 5.8% for A-shares [6][10]. - The company has shown significant improvement in its toll revenue, with a gross margin of nearly 60% and a total toll service revenue of 4,777 million yuan, a year-on-year increase of 0.74% [6][10]. Financial Summary - **Revenue Forecast**: The total revenue for 2024 is projected at 10,362 million yuan, with a forecasted growth of 3.3% in 2025 and 4.2% in 2027 [2]. - **Net Profit**: The net profit attributable to shareholders is expected to grow from 1,459 million yuan in 2024 to 1,843 million yuan in 2027, reflecting a compound annual growth rate of approximately 8% [2]. - **Earnings Per Share (EPS)**: The EPS is projected to increase from 0.48 yuan in 2024 to 0.60 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 10 to 8 [2][6]. Dividend Policy - The company has committed to a high dividend payout, with a target dividend ratio of 60% for the years 2023-2025, emphasizing its focus on shareholder returns [6][10]. Market Position - Sichuan Chengyu's toll revenue is a significant contributor to its overall income, accounting for 46.1% of total revenue in 2024, with a notable increase in toll revenue from several highways [6][10].

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。 中華人民共和國 • 四川省 • 成都市 二零二五年三月二十八日 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2024年 年 度 報 告》《四 川 成 渝 高 速公路股份有限公司2024年 年 度 報 告 摘 要》《四 川 成 渝 高 速 公 路 股 份 有 限 公司獨立董事2024年 度 述 職 報 告（余 海 宗）》《四 川 成 渝 高 速 公 路 股 份 有 限 公司獨立董事2024年 度 述 職 報 告（步 丹 璐）》《四 川 成 渝 高 速 公 路 股 份 有 限 公司獨立董事2024年 度 述 職 報 ...

EF001 | | 股東類型 | 稅率 | 有關代預扣所得稅之更多補充 | | --- | --- | --- | --- | | | | | （如適用） | | 非居民企業 | | | | | | （非中國內地登記地址） | 10% | 作為中國境內企業，本公司將在代 | | | | | 扣代繳股息中10%企業所得稅後向 | | | | | 非居民企業股東（即任何以非個人 | | | | | 股東名義持有本公司股份的股東， | | | | | 包括但不限於以香港中央結算（代 | | | | | 理人）有限公司、或其他代理人或 | | | | | 受託人、或其他組織及團體名義 | | | | | 登記的H股股東）派發股息。 | | 非個人居民 | | | | | | （非中國內地登記地址） | 10% | 持有境內非外商投資企業在香港發 | | | | | 行的股票的境外居民個人股東，可 | | | | | 根據其居民身份所屬國家與中國簽 | | | | | 署的稅收協議或中國內地和香港 | | | | | （澳門）之間的稅收安排的規定， | | | | | 享受相關稅收優惠。就此，本公司 | | | | | ...

Financial Performance - Revenue decreased by approximately 11.51% to about RMB 10,247,400 thousand[3] - Profit attributable to owners increased by approximately 21.72% to about RMB 1,449,447 thousand[3] - Earnings per share increased by approximately 21.85% to about RMB 0.474[5] - Total comprehensive income for the year amounted to RMB 1,555,619 thousand, compared to RMB 1,262,399 thousand in the previous year[7] - Total revenue for the year ended December 31, 2024, was RMB 10,247,400,000, a decrease from RMB 11,580,867,000 in 2023, representing a decline of approximately 11.5%[32] - The total profit before tax for 2024 was RMB 1,870,434,000, an increase from RMB 1,569,308,000 in 2023, representing a growth of approximately 19.2%[25][26] - Total customer contract revenue for 2024 reached RMB 10,192,344 thousand, a slight increase from RMB 11,543,947 thousand in 2023, representing a decrease of approximately 11.7% year-over-year[33][34] - The company reported no revenue from any single external customer accounting for 10% or more of total revenue for both 2024 and 2023[31] Dividends - Proposed final cash dividend for 2024 is RMB 0.29 per share (tax included), up from RMB 0.24 per share in 2023[5] - The board has proposed a final cash dividend of RMB 0.29 per share, totaling approximately RMB 886,837,000, which represents 65.13% of the distributable profits[70] - The proposed dividend is subject to approval at the upcoming annual general meeting[72] - The company must withhold a 10% corporate income tax on dividends distributed to non-resident shareholders[73] Assets and Liabilities - Total assets increased to RMB 61,032,031 thousand from RMB 57,640,787 thousand[9] - Total liabilities as of December 31, 2024, were RMB 41,536,405,000, compared to RMB 40,967,506,000 in 2023, showing a slight increase of about 1.4%[27][29] - Total equity increased to RMB 19,495,626 thousand from RMB 16,673,281 thousand[9] - As of December 31, 2024, the group's current liabilities exceed current assets by approximately RMB 1,299,798,000[13] - The board confirms that the group has sufficient funding to support its operations and meet liabilities due within 12 months from December 31, 2024[14] Segment Performance - The segment profit for the highway construction segment was RMB 2,038,436,000 for 2024, compared to RMB 1,742,689,000 in 2023, indicating an increase of about 17%[25][26] - The segment revenue for the highway construction segment was RMB 4,777,135,000 in 2024, compared to RMB 4,721,287,000 in 2023, indicating a growth of about 1.2%[25][26] - Revenue from toll fees in 2024 was RMB 4,777,135 thousand, up from RMB 4,721,287 thousand in 2023, indicating a growth of about 1.2%[33][34] - Revenue from construction services decreased significantly from RMB 4,116,160 thousand in 2023 to RMB 2,805,834 thousand in 2024, a decline of approximately 31.8%[33][34] - The new energy technology segment achieved revenue of approximately RMB 114.1 million, with a significant growth of about 75.89% year-on-year[78] - The traffic service segment reported revenue of approximately RMB 2,266.6 million, reflecting a year-on-year increase of about 15.66%[78] - The engineering construction segment's revenue was approximately RMB 2,805.8 million, a decrease of about 31.83% year-on-year[78] Cash Flow and Financing - The net cash inflow from operating activities for the year was RMB 987,951 thousand, a significant increase of RMB 2,263,778 thousand compared to a net cash outflow of RMB 1,275,827 thousand in 2023[115] - The net cash outflow from investing activities was RMB 172,856 thousand, a decrease of RMB 2,652,954 thousand compared to a net cash inflow of RMB 2,480,098 thousand in 2023[116] - The net cash inflow from financing activities was RMB 414,356 thousand, an increase of RMB 2,294,992 thousand compared to a net cash outflow of RMB 1,880,636 thousand in 2023[117] - The group has established a good credit relationship with financial institutions, allowing it to enjoy favorable loan rates and has secured a credit limit of RMB 35.874 billion for the next one to two years[121] Employee and Operational Management - Total employee compensation for the group amounted to approximately RMB 660,891 thousand, with the company's (including subsidiaries) total employee compensation being around RMB 310,094 thousand[135] - As of December 31, 2024, the total number of employees in the group was 4,548, including 3,145 production staff and 654 technical personnel[134] - The company has implemented a salary system linked to operational performance, with compensation determined based on position and performance metrics[135] - The company has emphasized employee training, with a total of 38,019 training participations during the reporting period[137] Governance and Compliance - The company has adhered to the corporate governance code and has made efforts to improve governance standards[138] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[154] - The company has not engaged in the purchase, sale, or redemption of its listed securities during the reporting period[133] Future Outlook and Strategic Initiatives - The company plans to enhance its core competitiveness in the expressway sector and accelerate the construction of the Chengle expansion project[127] - The company aims to integrate various energy businesses into a comprehensive energy sector, focusing on green energy development and expanding charging station networks[128] - The company intends to optimize service area designs and develop a multi-modal logistics service system to enhance operational efficiency[129]