| 证券代码：601107 | 证券简称：四川成渝 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：241012.SH | 债券简称：24 | 成渝 01 | | 债券代码：102485587 | 债券简称：24 | 成渝高速 MTN001 | 四川成渝高速公路股份有限公司 关于本公司控股子公司签署成品油买卖 协议的公告 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。 为实现能源业务的持续稳健发展，满足日常经营需要，四川成渝高速公路股 份有限公司（以下简称"本公司"）控股子公司四川中路能源有限公司（以下简 称"中路能源"）拟向中国石油天然气股份有限公司四川销售分公司（以下简称 "中石油四川"）及其所属法人主体的下属公司（以下简称"中石油四川集团"） 采购成品油，并与中石油四川拟签署《成品油买卖关联交易框架协议》（以下简 称"本协议"）。本公司于 2025 年 12 月 24 日召开第八届董事会第四十二次会 议，以现场结合通讯的方式审议通过了《关于本公司控股子公司与中石油四川签 署<成品 ...

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 2025 年第三次临时股东会的 成都中银（2025）第 055-1224 号 2025 年 12 月 一、本次股东会的召集和召开程序 公司于 2025 年 10 月 30 日召开第八届董事会第三十九次会议审议通过了《关 于筹备股东会的议案》。依据前述决议，公司董事会于 2025 年 12 月 5 日在《上 海证券报》《中国证券报》、上海证券交易所及公司网站上公告了《关于召开 2025 年第三次临时股东会的通知》，通知中载明了召开会议基本情况、会议审 议事项、投票注意事项、会议出席对象、出席会议登记办法等事项。此外，按照 香港联合交易所有限公司（以下简称"香港交易所"）上市规则编制的通函已发 布于香港交易所网站并寄发予公司 H 股股东；按照上海证券交易所相关要求编制 的股东会会议资料，亦已于上海证券交易所网站发布。该等通函和材料载明了会 议审议事项的详情。 本次会议的现场会议于 2025 年 12 月 24 日下午 15 时 00 分在四川省成都市 武侯祠大街 252 号本公司四楼 420 会议室召开，本次会议由公司董事长罗祖义先 生主持。本次会议的网络 ...

| 证券代码：601107 | 证券简称：四川成渝 | | 公告编号：2025-054 | | --- | --- | --- | --- | | 债券代码：241012.SH | 债券简称：24 | 成渝 01 | | | 债券代码：102485587 | 债券简称：24 | 成渝高速 | MTN001 | 四川成渝高速公路股份有限公司 2025年第三次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 151 | | --- | --- | | 股股东人数 其中：A | 150 | | 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） | 1,814,941,039 | | 其中：A 股股东持有股份总数 | 1,730,893,980 | | 境外上市外资股股东持有股份总数（H 股 ...

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"） 第八届董事会第四十二次会议于 2025 年 12 月 24 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。 | 证券代码：601107 | 证券简称：四川成渝 | 公告编号：2025-055 | | --- | --- | --- | | 债券代码：241012.SH | 债券简称：24 | 成渝 01 | | 债券代码：102485587 | 债券简称：24 | 成渝高速 MTN001 | 四川成渝高速公路股份有限公司 第八届董事会第四十二次会议决议公告 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。 （二）会议通知、会议资料已于 2025 年 12 月 16 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 12 人，实到 12 人。 （四）会议由董事长罗祖义先生主持，公司高级管理人员列席了会议。 （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、 ...

四川成渝公告，控股子公司中路能源拟向中石油四川及其下属公司采购成品油，并与中石油四川签署 《成品油买卖关联交易框架协议》。协议期限自2026年1月1日至2026年12月31日，预计日常关联交易总 金额不超过人民币14亿元。交易标的物为符合国家现行标准的成品油，定价按销售价格加运费厘定，运 费分别为50元/吨和0元/吨。付款方式为先款后货，中石油四川集团提供90日免费仓储。 ...

Core Viewpoint - Sichuan Chengyu plans to acquire 85% stake in Jingyi Expressway for cash, which is expected to enhance dividend yield by 2026 [1] Group 1: Company Overview - Sichuan Chengyu is the only publicly listed platform for expressways under Shudao Group, leveraging the group's substantial resources for development [1] - Shudao Group, a provincial state-owned enterprise, has total assets reaching 1.5 trillion yuan by the end of 2024, with over 500 wholly-owned and controlled enterprises [1] Group 2: Business Operations - Shudao Group operates over 11,400 kilometers of expressways and 6,700 kilometers of railways, covering investment, construction, and operation in both sectors [1] - The company is focused on expanding its road network and improving cost efficiency, with significant synergy potential from its rich road asset resources [1] Group 3: Financial Projections - The projected net profit for Sichuan Chengyu from 2025 to 2027 is estimated at 1.61 billion, 1.96 billion, and 2.17 billion yuan respectively [1] - The current price-to-earnings (PE) ratios are expected to be 11.8, 9.7, and 8.8 times for the years 2025, 2026, and 2027 [1] - With a 60% dividend payout ratio, the expected dividend yields are approximately 5.1%, 6.2%, and 6.9% for the same years [1]

Core Viewpoint - Sichuan Chengyu is making a significant acquisition to enhance its highway business by purchasing 85% of Hubei Jingyi Highway Co., Ltd. for 2.409 billion yuan, aiming to increase its asset scale and improve operational efficiency [1][2]. Group 1: Acquisition Details - Sichuan Chengyu's wholly-owned subsidiary, Shunan Investment, plans to acquire 85% of Jingyi Company for 2.409 billion yuan, which operates the Jingyi Highway [2]. - The acquisition will allow Sichuan Chengyu to directly increase the number of controlled highway projects and expand its asset scale and road network coverage [2]. - After the transaction, Jingyi Company will become a subsidiary of the listed company, with its financial performance included in the consolidated financial statements [2]. Group 2: Expansion Strategy - Sichuan Chengyu is pursuing a dual strategy of "expanding outside the province and enhancing quality within the province" to solidify its industry position [1][4]. - The company is also advancing the expansion project of Chengya Highway, having signed contracts exceeding 20 billion yuan for related engineering work [1][3]. - The Chengya Highway expansion project, which is crucial for the company, will help alleviate the pressure of expiring toll rights and ensure stable cash flow and profit growth [3]. Group 3: Financial Performance - Sichuan Chengyu's net profit attributable to shareholders has shown continuous growth, with a 90.15% increase in 2023 to 1.187 billion yuan, and projected growth of 22.91% in 2024 and 15.78% in the first three quarters of 2025 [3]. - The company aims to strengthen its core business in highway investment, construction, and operation while exploring related economic and green energy investments [4].

Summary of Key Points Core Viewpoint - ST Er Ya (600107) has experienced significant stock price fluctuations, raising concerns about its financial stability and potential delisting risks due to ongoing losses and regulatory investigations [2][3]. Trading Information - As of December 22, 2025, ST Er Ya closed at 7.1 yuan, up 5.03%, with a turnover rate of 2.54% and a trading volume of 91,500 shares, amounting to a total transaction value of 64.74 million yuan [1]. - On the same day, the net inflow of main funds was 1.139 million yuan, accounting for 1.76% of the total transaction value, while retail investors saw a net outflow of 1.1152 million yuan, representing 1.72% of the total [1][3]. Stock Performance and Regulatory Issues - ST Er Ya was listed on the "Dragon and Tiger List" due to a cumulative price deviation of over 12% for three consecutive trading days, marking its first appearance on the list in the last five trading days [2][3]. - The company reported a net profit of -35.68 million yuan for the first three quarters of 2025, and if the annual revenue falls below 300 million yuan and continues to incur losses, it will face financial delisting risk warnings [2][3]. - The company's internal control audit report received a negative opinion, and if the 2025 internal control report also receives a negative opinion, it will trigger regulatory delisting risk warnings [2].

Core Viewpoint - Sichuan Chengyu Highway Co., Ltd. is acquiring 85% equity of Hubei Jingyi Highway Co., Ltd. for 2.409 billion yuan, marking its first cross-province asset acquisition to expand its national network [1][2] Group 1: Acquisition Details - The acquisition will make Jingyi Company a subsidiary of Sichuan Chengyu, which will be included in the consolidated financial statements [1] - The acquisition process was previously hindered by legal disputes over minority equity, which have now been resolved, allowing the transaction to proceed [1][2] Group 2: Strategic Importance - Jingyi Highway is a critical part of the national G42 highway and plays a key role in Hubei's transportation network, connecting major cities [2] - The highway has shown stable financial performance, with revenues of 512 million yuan and net profits of 192 million yuan in 2024, and 310 million yuan in revenue with 149 million yuan in net profit from January to July 2025 [2] Group 3: Market Insights - Experts suggest that this acquisition is crucial for Sichuan Chengyu to overcome regional limitations and diversify its business, providing new growth opportunities [2] - The acquisition is expected to enhance the company's operational radius and improve cash flow through synergies with existing networks, although there are concerns about the cash payment's impact on liquidity and increased management complexity [2]

Investment Rating - The investment rating for Sichuan Chengyu (601107.SH) is "Buy" (maintained) [5] Core Views - The company plans to acquire 85% of the equity of Jingyi Expressway for cash of 2.409 billion yuan, which is expected to enhance the dividend yield starting in 2026 [7] - The acquisition is anticipated to solidify the company's revenue stream, as Jingyi Expressway has shown stable profitability with a projected net profit of approximately 1.92 billion yuan in 2024 and 1.49 billion yuan in the first seven months of 2025 [7] - The company is expected to achieve a net profit of 1.613 billion yuan in 2025, with a growth rate of 10.58%, and a projected dividend yield of around 5.1% in 2025, increasing to 6.2% in 2026 and 6.9% in 2027 [7] Financial Summary - The company's total revenue is projected to be 11.220 billion yuan in 2025, with a year-on-year growth rate of 8.28% [6] - The net profit attributable to the parent company is expected to reach 1.613 billion yuan in 2025, with a corresponding earnings per share (EPS) of 0.53 yuan [6] - The company's return on equity (ROE) is forecasted to be 8.47% in 2025, increasing to 9.90% in 2026 [6][8]