Core Viewpoint - Modern Investment Co., Ltd. has received approval for the registration of debt financing instruments totaling up to RMB 5 billion, with specific details on the issuance of medium-term notes [1][2]. Group 1 - The company held board meetings and a temporary shareholders' meeting in August and September 2022, approving the issuance of debt financing tools [1]. - The company has received two acceptance registration notices from the China Interbank Market Dealers Association, allowing for the registration of medium-term notes [1][2]. - The first notice allows for the registration of medium-term notes amounting to RMB 1.5 billion, valid for two years from the date of the notice [2]. Group 2 - The underwriting for the medium-term notes will be conducted by several major banks, including Shanghai Pudong Development Bank, Bank of China, and others [1][2]. - The company plans to issue the medium-term notes in phases, considering its funding needs and market conditions [2].

证券简称：现代投资 证券代码：000900 公告编号：2025-026 现代投资股份有限公司 关于公司债务融资工具获准注册的公告 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 现代投资股份有限公司（以下简称"公司"）分别于 2022 年 8 月 25 日、2022 年 9 月 14 日召开第八届董事会第十五次会议、2022 年第一次临时股东大会审议通过了《关于公司拟发行债务融资工具的 议案》，同意公司以一期或分期分批形式注册发行合计不超过人民币 50 亿元的债务融资工具。详见公司于 2022 年 8 月 27 日、2022 年 9 月 15 日披露的《关于公司拟发行债务融资工具的公告》（2022-032）、 《2022 年第一次临时股东大会决议公告》（2022-036）。 董 事 会 2025 年 9 月 5 日 近日，公司收到中国银行间市场交易商协会（以下简称"交易商 协会"）下发的《接受注册通知书》（中市协注[2025]MTN837 号） （以下简称"通知书①"）和《接受注册通知书》（中市协注 [2025]MTN838 号）（以下简 ...

Core Viewpoint - The company has received a registration notice from the China Interbank Market Dealers Association, allowing it to issue medium-term notes with a total registered amount of 1.5 billion yuan [1] Group 1 - The registered amount for the medium-term notes is 1.5 billion yuan, valid for two years from the date of the notice [1] - Multiple banks will act as joint lead underwriters for the issuance of the medium-term notes [1] - The company plans to issue the medium-term notes in installments during the registration validity period and will fulfill its information disclosure obligations in a timely manner [1]

Group 1 - The core viewpoint of the article is that Modern Investment's commodity trading revenue constitutes approximately 56% of its total revenue based on the semi-annual report data [1] - The company operates in various sectors of commodity trading, including non-ferrous metals, precious metals, ferrous metals, coal, chemicals, and agricultural products [1]

Financial Performance - The company's operating revenue for the current reporting period is approximately 3.76 billion yuan, an increase from 3.33 billion yuan in the same period last year, representing a growth of about 12.92% [1] - The net profit attributable to shareholders is approximately 298.62 million yuan, up from 257.50 million yuan, indicating a year-on-year increase of about 15.97% [1] - The net profit after deducting non-recurring gains and losses is approximately 292.85 million yuan, compared to 252.93 million yuan last year, reflecting a growth of about 15.77% [1] - The net cash flow from operating activities is approximately 1.48 billion yuan, a significant increase of 143.99% from 607.77 million yuan in the previous year [29] Earnings and Ratios - Basic and diluted earnings per share are both 0.1698 yuan, compared to 0.1365 yuan in the previous year, showing an increase of about 24.36% [1] - The weighted average return on equity is 2.33%, up from 1.89% in the previous year, indicating an improvement in profitability [28] - The company's price-to-earnings ratio (TTM) is approximately 17.01 times, while the price-to-book ratio (LF) is about 0.52 times, and the price-to-sales ratio (TTM) is around 0.81 times [1] Asset and Liability Changes - As of the end of the current reporting period, total assets amount to approximately 58.87 billion yuan, an increase from 58.13 billion yuan at the end of the previous year [1] - The net assets attributable to shareholders are approximately 12.50 billion yuan, slightly up from 12.47 billion yuan [1] - The company has seen a 19.79% increase in debt investments compared to the end of the previous year, while other current assets have increased by 17.76% [42] Shareholder Structure - The top ten shareholders include new shareholder Invesco Great Wall CSI Dividend Low Volatility 100 ETF, replacing the previous quarter's shareholder [53] - The largest shareholder is Hunan Expressway Group Co., Ltd., holding approximately 27.19% of the total shares, with no change in its holding [53] Business Structure - The company has established a "one body, two wings" development pattern, with the "one body" focusing on highway investment, construction, and management, while the "two wings" encompass financial services and industrial operations, including banking, futures, environmental protection, new energy, digital economy, and asset management [12]

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]