Group 1 - Modern Investment (000900) reported a financing net purchase of 604.14 million yuan on September 1, 2025, with a financing balance of 2.39 billion yuan [1][4] - Over the past three trading days, the cumulative net purchase reached 1.585 billion yuan, with 13 out of the last 20 trading days showing net purchases [1][4] - The financing balance increased by 2.59% compared to the previous day, reflecting a positive trend in financing activities [4] Group 2 - On the same day, the company experienced a short selling of 100 shares, with a total short selling balance of 100 shares [3] - In the last 20 trading days, there were 12 days of net short selling, indicating a mixed sentiment among investors [3]

Core Viewpoint - Modern Investment reported a dual growth in revenue and net profit for the first half of 2025, demonstrating robust financial indicators and effective strategic execution under its "one body, two wings" development strategy [1][2]. Financial Performance - The company achieved total operating revenue of 4.042 billion yuan, a year-on-year increase of 11.74% - Operating income reached 3.764 billion yuan, up 12.94% year-on-year - Net profit attributable to shareholders was 299 million yuan, reflecting a 15.97% increase compared to the previous year - The net profit after deducting non-recurring items was 293 million yuan, with a growth of 15.78% year-on-year - Despite slight fluctuations in gross margin due to industry conditions, the overall expense ratio decreased, with financial expenses reduced from 471 million yuan to 390 million yuan, a decrease of 17.28% [2]. Highway Operations - The highway business, a core component of the company's strategy, managed approximately 563 kilometers of operational highways, including major national routes - Toll revenue from Xiangheng Expressway reached 530 million yuan, a year-on-year increase of 12.16% - Revenue from Huaizhi Expressway was 37.99 million yuan, up 11.67% year-on-year - The company implemented digital transformation initiatives, enhancing operational efficiency by 50% through the "first pay later" service model [3]. Business Segments - The company’s financial segment achieved revenue of 2.166 billion yuan, leveraging its multi-license advantages to provide precise services to the highway industry - The environmental segment improved its market position, with subsidiaries obtaining necessary operational licenses and enhancing compliance and capacity - In the renewable energy sector, the company is advancing solar power initiatives along highways and exploring the "water + solar" market, positioning itself to capitalize on green transition opportunities [4]. Future Outlook - The company plans to actively pursue expansion and acquisition opportunities to enhance its quality road asset resources - It aims to establish a robust internal risk control system while focusing on its core highway business and leveraging synergies with financial, environmental, and renewable energy sectors to ensure stable revenue growth [5].

Core Insights - Modern Investment (000900.SZ) reported a revenue of 3.764 billion yuan for the first half of 2025, representing a year-on-year growth of 12.94% [1] - The net profit attributable to shareholders of the listed company was 299 million yuan, an increase of 15.97% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 293 million yuan, reflecting a year-on-year growth of 15.78% [1] - The basic earnings per share stood at 0.1698 yuan [1]

Core Viewpoint - Modern Investment Co., Ltd. reported a dual growth in revenue and net profit for the first half of 2025, underpinned by its "one body, two wings" development strategy, indicating a solid financial performance and strategic execution [1] Financial Performance - The company achieved total operating revenue of 4.042 billion yuan, a year-on-year increase of 11.74% [2] - Net profit attributable to shareholders reached 299 million yuan, up 15.97% year-on-year, while the net profit after deducting non-recurring gains and losses was 293 million yuan, reflecting a 15.78% increase [2] - The overall expense ratio decreased, with financial expenses reduced from 471 million yuan to 390 million yuan, a decrease of 17.28% [2] Operational Highlights - The highway business, as a core component, managed approximately 563 kilometers of operational highways, generating differentiated toll revenue growth [2] - Toll revenue from Xiangheng Expressway was 530 million yuan, up 12.16%, while Huai-Zhi Expressway revenue reached 37.99 million yuan, increasing by 11.67% [2] Digital Transformation - The company has made progress in digital transformation, launching the "Highway Hui Tong" platform and promoting the "pay later" service model, which has improved toll efficiency by 50% [3] - AI applications for intelligent inspections and smart maintenance decision models have been implemented [3] Business Expansion - Modern Investment is diversifying into financial, environmental, and new energy sectors, contributing to overall performance [4] - The financial segment generated 2.166 billion yuan in revenue, leveraging its multi-license advantages [4] - The environmental segment has strengthened its market position with successful permits and operational improvements [4] - The new energy sector is focusing on solar energy deployment along highways and exploring the "water + solar" market [4] Future Outlook - The company aims to expand its toll road assets through acquisitions and seek support from major shareholders [5] - There is a perceived mismatch between the company's valuation and its growth fundamentals, with a lower price-to-earnings ratio compared to the industry average [5] - A valuation enhancement plan was disclosed, indicating a move towards aligning with industry averages as operational results improve [5]

Core Viewpoint - Modern Investment reported a solid performance in the first half of 2025, with total revenue of 4.042 billion yuan, a year-on-year increase of 11.74%, and a net profit attributable to shareholders of 299 million yuan, up 15.97% [2] Group 1: Financial Performance - The company achieved a net profit of 293 million yuan after deducting non-recurring items, reflecting a growth of 15.78% year-on-year, indicating strong profit quality [2] - Despite slight fluctuations in gross margin due to industry conditions, the overall expense ratio decreased, with financial expenses reduced from 471 million yuan to 390 million yuan, a decrease of 17.28% [2] - The company lowered the comprehensive financing cost of existing debt by 11 basis points compared to the end of the previous year through proactive debt replacement and issuing low-cost financing tools [2] Group 2: Operational Efficiency - The highway business, as part of the company's "one body," continued to play a stabilizing role, managing approximately 563 kilometers of highways, including major national routes [3] - Toll revenue from Xiangheng Expressway reached 530 million yuan, a year-on-year increase of 12.16%, while Huai-Zhi Expressway revenue was 37.99 million yuan, up 11.67% [3] - The company implemented a digital transformation strategy, enhancing operational efficiency with initiatives like the "Highway Huaitong" platform and AI applications, resulting in a 50% improvement in toll efficiency [3] Group 3: Business Expansion - The company is leveraging its strengths in finance, environmental protection, and new energy sectors to drive growth, aligning with national policies on financial strength and carbon neutrality [4] - The financial segment generated revenue of 2.166 billion yuan, focusing on providing precise services to the upstream and downstream of the highway industry [4] - The environmental segment has strengthened its market position, with successful renewals of hazardous waste permits and advancements in smart wastewater treatment technology [4] Group 4: New Energy Initiatives - The company is positioned as a pioneer in photovoltaic power generation along highways, actively expanding its solar energy initiatives in line with government policies [5][6] - Future plans include seeking to extend toll collection periods and acquiring quality road assets through mergers and acquisitions to sustain long-term growth [6] - The company aims to enhance its internal risk control systems and focus on the core highway business while integrating financial, environmental, and new energy operations to stabilize revenue [6]

Company Summary - Modern Investment (SZ 000900) announced on August 29 that it will recognize impairment losses totaling 55.31 million yuan, which will reduce the company's profit before tax for the first half of 2025 by the same amount [1] - The net profit attributable to the parent company's shareholders will decrease by 35.45 million yuan, and the equity attributable to the parent company's shareholders will also decrease by 35.45 million yuan [1] - The impairment data has not been audited by the annual audit accountant, and the specific impairment items and amounts will be based on the audited financial data [1] Financial Performance - For the first half of 2025, Modern Investment's revenue composition is as follows: 52.58% from commodity trading, 34.14% from transportation auxiliary services, 6.87% from other businesses, and 6.41% from other sources [1] - As of the report date, the market capitalization of Modern Investment is 6.5 billion yuan [1]

Group 1 - The company, Modern Investment, announced the convening of its 9th Board of Directors meeting on August 28, 2025, to review the risk assessment report for Hunan Highway Group Financial Co., Ltd. [1] - For the first half of 2025, the revenue composition of Modern Investment was as follows: 52.58% from commodity trading, 34.14% from transportation auxiliary services, 6.87% from other businesses, and 6.41% from miscellaneous sources [1] - As of the report, the market capitalization of Modern Investment is 6.5 billion yuan [1] Group 2 - The automotive industry is witnessing a significant event with nearly 120 brands and 1,600 vehicles participating in the first A-level car exhibition in Southwest China, indicating a competitive landscape [1] - The emergence of new energy vehicles is expected to reshape the market dynamics in the automotive sector [1]

现代投资股份有限公司 2025 年半年度财务报告 现代投资股份有限公司 2025 年半年度财务报告 （未经审计） 【2025 年 8 月】 1 现代投资股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：现代投资股份有限公司 项目 期末余额 期初余额 流动资产： 货币资金 3,860,403,313.14 3,784,907,131.60 结算备付金 拆出资金 交易性金融资产 209,329,121.32 148,129,827.43 衍生金融资产 3,370.00 4,743,140.00 应收票据 62,949.60 应收账款 405,862,366.11 360,797,386.72 应收款项融资 819,730.00 100,740.00 预付款项 114,044,775.80 87,656,816.18 应收保费 应收分保账款 应收分保合同准备金 其他应收款 158,110,539.64 148,551,384.33 其中：应收利息 2,540,419 ...

上市公司名称：现代投资股份有限公司 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 的关联关系 | 上市公司核算的会计 科目 | 2025 年期初 占用资金余 | 2025 年 1-6 月占用累计 发生金额（不 | 2025 年 1-6 月占用资 金的利息 | 2025年1-6月 偿还累计发 | 2025 年 6 月期末 占用资金余额 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 额 | 含利息） | （如有） | 生金额 | | | | | 现大股东及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | - | - | - | - | - | - | - | | 前大股东及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | - | - | - | - | - | - | - | | 总计 | - | - | - | - | - | - | - | - | ...

证券简称：现代投资 证券代码：000900 公告编号：2025-025 现代投资股份有限公司 关于 2025 年半年度计提信用减值及资产减值准备的 公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 现代投资股份有限公司（以下简称"公司"）为真实、公允地反 映公司财务状况与 2025 年半年度的经营成果，依据《企业会计准则》 等相关规定，对截至 2025 年 6 月 30 日合并报表范围内存在减值迹象 的资产计提减值准备合计 5,530.62 万元。 一、计提减值准备情况概述 （一）本次计提减值准备的原因 根据《企业会计准则》等相关规定的要求，为真实、准确地反映 公司的资产状况和财务状况，基于谨慎性原则，公司对截至 2025 年 6 月 30 日合并报表范围内各项资产进行全面清查和减值测试，对合 并报表范围内可能发生信用减值损失、资产减值损失的有关资产计提 相应减值准备。 （二）本次计提减值准备的资产范围和总金额 公司本期计提信用减值准备及资产减值准备合计 5,530.62 万元。 本期计提减值准备的资产项目包括应收账款、其他应收款、债权投资、 其他债权投资 ...