中国国际金融股份有限公司 关于蜀道投资集团有限责任公司 豁免要约收购四川成渝高速公路股份有限公司 的持续督导意见 中国国际金融股份有限公司（以下简称"中金公司"、"财务顾问"）接受委 托，担任蜀道投资集团有限责任公司（以下简称"蜀道集团"、"收购人"）豁免 要约收购四川成渝高速公路股份有限公司（以下简称"四川成渝"、"上市公司"） 的财务顾问，依照《上市公司收购管理办法》第六十九条、第七十一条、《上市 公司并购重组财务顾问业务管理办法》第三十一条以及《上海证券交易所上市公 司自律监管指引第11号——持续督导》等有关规定，持续督导期从四川成渝公告 收购报告书至收购完成后的12个月止（即从2021年6月4日至收购完成后的12个月 止）。2024年3月28日，四川成渝披露了2023年年度报告。结合上述2023年年度报 告及日常沟通，中金公司出具了2023年年度报告（从2023年1月1日至2023年12月 31日，以下简称"本持续督导期"）的持续督导意见（以下简称"本意见"）。本 意见所依据的文件、书面资料等由收购人与四川成渝提供，收购人与四川成渝保 证对其真实性、准确性和完整性承担全部及连带责任。本财务顾问对所发表 ...

证券代码：601107 证券简称：四川成渝 公告编号：2024-019 四川成渝高速公路股份有限公司 2024 年第二次临时股东大会决议公告 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法律责任。 重要内容提示： (五) 公司董事、监事和董事会秘书的出席情况 1、公司在任董事 9 人，出席 9 人； 2、公司在任监事 6 人，出席 6 人； 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 8 | | --- | --- | | 其中：A 股股东人数 | 7 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,792,903,688 | | 其中：A 股股东持有股份总数 | 1,719,052,616 | | 境外上市外资股股东持有股份总数（H 股） | 73,851,072 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 58.6288 | (一) 股东大会召开的时间：2024 年 4 月 9 日 (二) 股东 ...

证券代码：601107 证券简称：四川成渝 公告编号：2024-021 四川成渝高速公路股份有限公司 第八届监事会第十二次会议决议公告 本公司监事会及全体监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法律责任。 一、监事会会议召开情况 （一）四川成渝高速公路股份有限公司（以下简称"公司"或"本公司"） 第八届监事会第十二次会议于 2024 年 4 月 9 日在四川省成都市武侯祠大街 252 号本公司住所二楼 223 会议室以现场与通讯相结合的方式召开。 （二）会议通知、会议材料已于 2024 年 3 月 29 日以电子邮件和专人送达方 式发出。 （一）审查通过了《关于本公司董事、监事及高管责任险的议案》 购买董事、监事及高级管理人员责任保险，总保费不超过人民币 40 万元（人 民币肆拾万元整，含税）。 全体监事回避表决，该议案直接提交 2023 年年度股东大会审议。 特此公告。 1 （三）出席会议的监事应到 6 人，实到 6 人。 （四）会议由监事会主席罗茂泉先生主持，公司董事会秘书及财务总监列席 了会议。 （五）会议的召开符合《公司法》和本公司《公司章 ...

证券代码：601107 证券简称：四川成渝 公告编号：2024-022 四川成渝高速公路股份有限公司 关于董事长任职的公告 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法律责任。 本公司对罗祖义董事长的就任表示热烈欢迎。 特此公告。 四川成渝高速公路股份有限公司董事会 二○二四年四月九日 附件： 罗祖义先生个人简历 罗祖义先生，50 岁，先后毕业于四川省交通学校、中央党校、电子科技大 学，工商管理硕士，政工师。历任成渝高速公路资中管理处处长助理兼路政安全 科科长，四川成渝高速公路股份有限公司资阳处副处长兼工会主席，四川成渝高 速公路股份有限公司资阳管理处处长，四川九寨黄龙机场有限责任公司副总经理， 四川成渝高速公路股份有限公司成渝分公司党委书记、总经理，四川成渝高速公 路股份有限公司党委委员，四川成乐高速公路有限责任公司党委书记、董事长、 法定代表人，四川交投地产有限公司党委书记、董事长、法定代表人，四川蜀道 城乡投资集团有限责任公司党委副书记、副董事长、总经理。现任四川成渝高速 公路股份有限公司党委书记、董事长、法定代表人。 除上述 ...

中银（成都）律师事务所 关于四川成渝高速公路股份有限公司 2024 年第二次临时股东大会的 成都中银（2024）第 055-0409 号 2024 年 04 月 www.zhongyinlawyer.com 致：四川成渝高速公路股份有限公司 北京中银（成都）律师事务所（以下简称"本所"）受四川成渝高速公路股 份有限公司（以下简称"公司"）的委托，指派本所律师李佳妮、杨莎莎出席并 见证了公司 2024 年第二次临时股东大会（以下简称"本次股东大会"）。现本 所律师依据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公 司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、 法规、规范性文件及《四川成渝高速公路股份有限公司章程》（以下简称"《公 司章程》"）之规定，并按照律师行业公认的业务标准、道德规范和勤勉尽责精 神，就公司本次股东大会相关事宜出具如下法律意见： 一、本次股东大会的召集和召开程序 公司于 2024 年 3 月 15 日第八届董事会第十三次会议审议通过了《关于筹备 股东大会的议案》。依据前述决议，公司董事会于 2024 年 3 月 20 日在《上海证 券报》《中国证 ...

四川成渝高速公路股份有限公司 第八届董事会第十五次会议决议公告 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法律责任。 一、董事会会议召开情况 （一）四川成渝高速公路股份有限公司（以下简称"公司"或"本公司"） 第八届董事会第十五次会议于 2024 年 4 月 9 日在四川省成都市武侯祠大街 252 号本公司住所四楼 420 会议室以现场及通讯表决相结合的方式召开。 （二）会议通知、会议资料已于 2024 年 3 月 29 日以电子邮件和专人送达方 式发出。 （三）出席会议的董事应到 10 人，实到 10 人。 （四）会议由副董事长、总经理游志明先生（代行董事长职务）主持，公司 监事、高级管理人员列席了会议。 证券代码：601107 证券简称：四川成渝 公告编号：2024-020 （五）会议的召开符合《公司法》和本公司《公司章程》的有关规定。 二、董事会会议审议情况 会议审议通过了如下议案： （一）审议通过了《关于选举罗祖义先生为本公司第八届董事会董事长的 议案》 同意选举罗祖义先生为本公司第八届董事会董事长，任期自本议案通过之日 起 ...

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu (601107) [17] Core Views - The company's profitability from road assets has significantly improved, with a proposed dividend of 62% for 2023, indicating a strong commitment to shareholder returns [17] - The main business growth potential is emphasized, supported by the company's resource advantages and proactive strategies [17] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 11.652 billion, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 1.187 billion, up 90.2% [17] - The quarterly net profits for Q1 to Q4 were 440 million, 340 million, 340 million, and 70 million respectively, with Q4 being lower due to higher maintenance costs [17] - The board proposed a cash dividend of 2.4 yuan per 10 shares, representing 61.83% of the net profit attributable to shareholders [17] Revenue from Toll Roads - The revenue from various toll roads showed significant growth, with the second Western Sichuan Expressway surpassing Chengyu Expressway as the third-largest revenue contributor [17] - The revenues from Chengyu, Chengya, Chengren, Chengle, and other expressways were reported with year-on-year growth rates ranging from 16.7% to 34.73% [17] Profitability Improvement - The profitability of major road assets has improved significantly, with net profits exceeding 2019 levels [17] - The company has seen a reduction in losses from Suiguang and Suixi roads, with the latter achieving its first profit of 26 million [17] Investment Projections - The report projects net profits of 1.304 billion, 1.427 billion, and 1.596 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.43, 0.47, and 0.52 [17] - The target price is set at 6.4 yuan, indicating a potential upside of 22% from the current price of 5.22 yuan [17]

Group 1: Shareholder Return Plan - The company has increased the dividend payout ratio to over 60% as part of its three-year shareholder return plan, responding to regulatory encouragement and aiming to enhance investor engagement and value perception [1]. Group 2: Communication and Market Strategy - The company plans to enhance communication with investors, conveying its business philosophy and development direction, while focusing on the goals set in the "14th Five-Year Plan" [2]. - Future strategies include extending operational mileage, optimizing capital operations, and developing new profit growth points through diversified economic activities [2]. Group 3: Financial Management - The company aims to optimize its capital structure by considering various financing channels, including medium-term notes and perpetual bonds, to manage its debt levels effectively [2]. - The company is exploring refinancing options to replace high-interest debt with lower rates, thereby reducing financial costs [2]. Group 4: Performance Overview - The Suiguang-Suixi Expressway reported approximately CNY 685 million in revenue for 2023, a year-on-year increase of 95%, with a net loss of about CNY 280 million [2]. - The Rongcheng Second Ring Expressway achieved approximately CNY 880 million in revenue for 2023, with a net profit of about CNY 26.2 million [2].

Financial Performance - Revenue increased by approximately 11.15% to approximately RMB 11,580,867 thousand[2] - Profit attributable to owners increased by approximately 89.95% to approximately RMB 1,190,814 thousand[2] - Earnings per share increased by approximately 89.76% to approximately RMB 0.389[2] - Proposed final cash dividend for 2023 is RMB 0.24 per share (tax included), compared to RMB 0.10 per share for 2022[2] - Total comprehensive income for the year amounted to RMB 1,262,399 thousand, compared to RMB 690,933 thousand in 2022[4] - The adjusted profit before tax for the group was RMB 1,569,308 thousand after accounting for unallocated income and expenses[24] - The group achieved a net revenue of approximately RMB 11,580,867 thousand, representing a year-on-year growth of about 11.15%[85] - The attributable profit to the owners of the company for 2023 was approximately RMB 1,190,814 thousand, reflecting a year-on-year increase of about 89.95%[81] - The basic earnings per share for 2023 were approximately RMB 0.389, compared to RMB 0.205 for 2022 (restated)[81] Assets and Liabilities - Non-current assets totaled RMB 54,521,932 thousand, an increase from RMB 50,958,253 thousand in 2022[5] - Current liabilities increased to RMB 6,317,752 thousand from RMB 4,721,580 thousand in 2022[6] - Net assets decreased to RMB 16,673,281 thousand from RMB 21,610,787 thousand in 2022[6] - Total assets of the group were reported at RMB 57,640,787 thousand, including cash and cash equivalents of RMB 1,982,830 thousand[24] - Total liabilities amounted to RMB 559 million, a decrease of RMB 409 million compared to the previous year[17] - Total liabilities increased to RMB 40,967,506 thousand from RMB 34,588,353 thousand, indicating a rise in financial obligations[101] - The total current portion of trade receivables decreased significantly to RMB 1,015,838 thousand in 2023 from RMB 2,536,192 thousand in 2022, indicating improved liquidity management[58] Revenue Segments - The total revenue for the highway segment reached RMB 4,721,287 thousand, contributing to a total of RMB 11,580,867 thousand across all segments[24] - The highway segment generated a net revenue of approximately RMB 4,721,287 thousand, with a year-on-year increase of about 25.39%[85] - The new energy technology segment reported a net revenue of approximately RMB 64,845 thousand, reflecting a significant year-on-year growth of about 455.89%[85] - The traffic services segment experienced a slight decline, with a net revenue of approximately RMB 1,959,766 thousand, down by about 0.66% year-on-year[85] - The engineering construction segment reported a net revenue of approximately RMB 4,116,160 thousand, showing a year-on-year decrease of about 1.83%[85] Cash Flow and Financing - The net cash outflow from operating activities for the year was RMB 1,275,827 thousand, a reduction of RMB 226,614 thousand compared to the previous year[119] - The net cash inflow from investing activities was RMB 2,480,098 thousand, an increase of RMB 2,112,147 thousand compared to the previous year[120] - The net cash outflow from financing activities was RMB 1,880,636 thousand, an increase of RMB 1,517,465 thousand compared to the previous year[120] - The total bank and other interest-bearing borrowings amounted to RMB 37,780,677 thousand as of December 31, 2023[122] Employee and Operational Metrics - Employee costs increased to RMB 1,063,565,000 in 2023 from RMB 966,336,000 in 2022, representing a growth of approximately 10%[49] - The total number of employees as of December 31, 2023, is 4,668, with 3,307 in production roles and 673 in technical positions[138] - A total of 28,659 training sessions were conducted for employees during the reporting period, emphasizing the company's commitment to employee development[141] Corporate Governance and Compliance - The audit committee, composed of three independent non-executive directors, has reviewed the annual performance for the year ending December 31, 2023, confirming adherence to applicable accounting standards and regulations[143] - The company has established a code of conduct for directors and supervisors that meets or exceeds the standards set by the "Standard Code," confirming compliance with securities trading regulations[144] - The company has made efforts to enhance corporate governance standards in line with regulatory requirements[142] Strategic Initiatives - The company plans to continue expanding its highway projects and enhancing service levels to support future growth[110] - The company aims to enhance project profitability by integrating into market trends and expanding multimodal transport platforms[130] - The group plans to continue expanding its market presence and enhancing operational efficiency in response to favorable economic and policy environments[96]

2023年环境、社会与管治（ESG）报告 1 四川成渝高速公路股份有限公司 CONTENTS 目录 | 02 | 关于本报告 | | --- | --- | | 04 | 高管致辞 | | 06 | 关于成渝公司 | | 08 | 可持续发展战略 | | 09 | 利益相关方沟通 | | 10 | 实质性议题分析 | 46 50 绩效与附录 索引表 环境12 14 16 19 应对气候变化 环境影响管理 能源与资源管理 21 生物多样性与土地利用 24 27 职业健康与安全 科技创新 22 社会 治理 36 38 39 41 44 公司治理 风险管理 合规经营 廉洁从业 29 产品及服务质量保障 31 人才培养及赋能 32 员工权益保障 34 社区关系及公益慈善 02 关于本报告 本报告为四川成渝高速公路股份有限公司（以下简称"成 渝公司"、"四川成渝"、"（本）公司"、"（本）集 团"或"我们"）及/或其分子公司其附属子公司发布的《 四川成渝高速公路股份有限公司2023年环境、社会与管治 （ESG）报告》（以下简称"本报告"或"ESG报告"）， 描述了成渝公司2023年环境、社会及治理的方法和绩效。 本报告 ...