证券日报网讯现代投资（000900）11月12日发布公告，在公司回答调研者提问时表示，金融业务面临监 管趋严与利差收窄的双重压力，环保项目多以PPP模式开展，受客户支付能力影响，导致环保企业应收 账款账期加长。应对策略：一是建立完善的政策动态跟踪机制，提前预判政策趋势及实施影响，完善内 部风险控制体系，提高对风险的识别和管理能力。二是聚焦主业，深度挖掘并充分利用高速公路丰富的 应用场景，围绕高速公路上下游产业链，发挥公司金融、环保、新能源业务优势，稳健拓展业务、保证 收益。三是增强自身核心竞争力，加大在科技创新与数字化转型方面的投入，积极引入先进技术与管理 理念。通过科技创新、数字化转型，加强精细化管理，降低运营成本，加大技术研发力度，推动技术研 发成果转化和应用，提升服务效率和风险管理能力。 ...

Group 1: Financial Performance - The company's net profit and cash flow growth rates have diverged during the reporting period, primarily driven by the toll business's internal growth and effective cost control [1] - The company reported a stable gross margin across its main business segments, focusing on core business development and risk management to enhance overall profitability [2] Group 2: Strategic Initiatives - The "Highway+" strategy has led to significant achievements, including optimizing the financial sector and expanding environmental services related to highway operations [2] - Future focus will be on deepening the "Highway+" strategy, particularly in smart transportation and cultural tourism sectors, to build a competitive advantage across the entire industry chain [2] Group 3: Investment and Financing - The company plans to continue investing in high-quality projects related to highway operations, financial services, and industrial operations, with varying investment return cycles depending on the sector [3] - Recent bond issuances and short-term financing approvals have improved the company's capital structure, with potential for equity financing to further reduce the debt ratio [3] Group 4: Market Challenges and Risk Management - The company faces regulatory pressures in the financial sector and challenges in the environmental projects due to client payment capabilities, necessitating a robust risk management framework [4] - A three-tiered risk management system has been established to address market, operational, and credit risks, focusing on employee behavior regulation and operational efficiency [4] Group 5: Growth Engines - Core growth engines for the next three to five years include enhancing the highway business, leveraging digital finance, and expanding green energy initiatives [4] - The company aims to optimize existing resources and explore new business opportunities closely related to highway operations, including tourism and emerging industries [4] Group 6: Support from Major Shareholder - The controlling shareholder, Hunan Highway Group, is committed to supporting the company's high-quality development by exploring the injection of quality assets into the listed company [5]

证券简称：现代投资 证券代码：000900 公告编号：2025-037 现代投资股份有限公司 关于 2025 年度第二期科技创新债发行情况的公告 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。 本 期 中 期 票 据 发 行 的 相 关 文 件 已 在 中 国 货 币 网 （ http://www.chinamoney.com.cn ） 和 上 海 清 算 所 网 站 （http://www.shclearing.com.cn）刊登。 特此公告。 现代投资股份有限公司 董 事 会 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》（20 ...

关于 现代投资股份有限公司 吸收合并全资子公司事项的 1 中信建投证券作为现代投资股份有限公司2025年面向专业投资者公开发行 公司债券(第一期)的受托管理人，根据《公司债券发行与交易管理办法》《公司 债券受托管理人执业行为准则》等相关规则，与发行人《现代投资股份有限公司 关于吸收合并全资子公司的公告》，现就公司债券重大事项报告如下： 临时受托管理事务报告 债券简称：25 现代 01 债券代码：524153.SZ 债券受托管理人 2025 年 10 月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》、现代投资股份有限公司（以下简称"发行人"或"公司"）就存续公 司债券与受托管理人签署的受托管理协议（以下简称"《受托管理协议》"）及 其它相关信息披露文件以及发行人出具的相关说明文件和提供的相关资料等，由 受托管理人中信建投证券股份有限公司（以下简称"中信建投证券"或"受托管 理人"）编制。中信建投证券编制本报告的内容及信息均来源发行人提供的资料 或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作 ...

Core Viewpoint - Modern Investment (000900) reported a decline in total revenue for Q3 2025, while net profit showed a slight increase, indicating mixed financial performance amid rising short-term debt pressure [1][3]. Financial Performance - Total revenue for Q3 2025 was 15.37 billion yuan, a decrease of 39.33% year-on-year [1]. - Net profit for Q3 2025 was 1.35 billion yuan, down 9.34% year-on-year [1]. - For the entire reporting period, total revenue was 55.79 billion yuan, down 9.29% year-on-year, while net profit reached 4.33 billion yuan, an increase of 6.7% [1]. Profitability Metrics - Gross margin improved to 27.11%, up 6.43% year-on-year [1]. - Net margin increased to 10.18%, reflecting a year-on-year growth of 17.83% [1]. - Total expenses (selling, administrative, and financial) amounted to 8.98 billion yuan, accounting for 16.1% of revenue, a decrease of 5.01% year-on-year [1]. Cash Flow and Debt - Cash flow per share was reported at 1.82 yuan, an increase of 33.97% year-on-year [1]. - The company’s liquidity ratio was noted at 0.39, indicating rising short-term debt pressure [1][3]. - The company held 41.55 billion yuan in cash, representing a 1.03% increase year-on-year [1]. Shareholder Returns and Valuation - The company has a net asset value per share of 7.34 yuan, up 1.43% year-on-year [1]. - The company is encouraging share buybacks to enhance stock valuation [4].

Core Viewpoint - Modern Investment is a leading enterprise in the Hunan province highway industry, primarily engaged in highway toll collection, with a regional monopoly advantage [1] Group 1: Business Performance - In Q3 2025, Modern Investment reported an operating revenue of 5.166 billion yuan, ranking 7th among 20 companies in the industry [2] - The company's net profit for the same period was 526 million yuan, placing it 13th in the industry [2] - The main business composition includes commodity trading at 2.125 billion yuan, accounting for 56.46%, and toll fees from Xiangheng Expressway at 530 million yuan, accounting for 14.08% [2] Group 2: Financial Ratios - As of Q3 2025, Modern Investment's debt-to-asset ratio was 76.00%, higher than the previous year's 75.39% and significantly above the industry average of 41.31% [3] - The gross profit margin for the same period was 27.11%, an increase from 25.48% year-on-year, but still below the industry average of 46.20% [3] Group 3: Corporate Governance - The controlling shareholder of Modern Investment is Hunan Provincial Highway Group Co., Ltd., with the actual controller being the Hunan Provincial Government State-owned Assets Supervision and Administration Commission [4] - Chairman Luo Weihua has been in office for nearly two years, having assumed the role of Party Secretary in June 2023 and Chairman in July 2023 [4] - General Manager Tang Qiansong's salary for 2024 is 772,000 yuan, an increase of 102,900 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.35% to 42,400 [5] - The average number of circulating A-shares held per shareholder decreased by 1.33% to 35,800 [5] - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 15.4287 million shares, a decrease of 6.3298 million shares from the previous period [5]

Core Viewpoint - Modern Investment (000900) reported a decline in revenue but an increase in net profit and cash flow for the third quarter of 2025, indicating mixed financial performance [1][2]. Financial Performance - For the year-to-date until the reporting period, the company achieved operating revenue of 5,166,397,158.95 yuan, a decrease of 9.74% compared to the same period last year [1]. - The net profit attributable to shareholders was 433,447,811.07 yuan, reflecting a year-on-year increase of 6.70% [1]. - The net cash flow from operating activities was 2,763,584,871.68 yuan, showing a significant growth of 33.97% [1][2]. Balance Sheet Highlights - The amount of funds lent out increased from 0.00 yuan at the end of the previous year to 100,000,000.00 yuan, marking a 100.00% change due to new borrowing by the bank's subsidiary [1]. - Trading financial assets rose to 205,540,103.35 yuan, up 38.76% from the end of the previous year, primarily due to increased holdings in funds and trust products by the futures subsidiary [1]. - Derivative financial assets surged to 20,940,900.00 yuan, a 341.50% increase, attributed to changes in the fair value of futures positions in the trading subsidiary [1]. Investment Income and Cash Flow - Investment income for the year-to-date was 36,343,563.24 yuan, down 85.21% year-on-year, mainly due to reduced profits from futures trading and lower investment returns from affiliated rural commercial banks [2]. - Fair value changes yielded a profit of 67,589,734.51 yuan, a significant improvement from a loss of 94,597,331.17 yuan in the same period last year, reflecting a 171.45% change [2]. - Cash outflows from investment activities totaled 5,972,390,802.48 yuan, a decrease of 51.03% year-on-year, primarily due to reduced debt investment scale by the subsidiary Yueyang Baling Rural Commercial Bank [2]. Shareholder Information - As of the reporting period, the total number of ordinary shareholders was 42,424, with Hunan Expressway Group Co., Ltd. being the largest shareholder, holding 27.19% of shares, equivalent to 412,666,971 shares [2]. Operational Changes - The company announced that its subsidiary Changyong Expressway will cease toll collection and transition to free road operation starting November 1, 2025 [2].

Market Overview - The railway and highway sector experienced a decline of 0.35% on the trading day, with Shentong Metro leading the losses [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Jilin Expressway (601518) with a closing price of 3.00, up 5.63% on a trading volume of 803,800 shares and a turnover of 240 million yuan [1] - Chongqing Road and Bridge (600106) closed at 6.84, up 4.91% with a trading volume of 558,900 shares and a turnover of 375 million yuan [1] - Conversely, Shentong Metro (600834) led the declines, closing at 8.90, down 3.68% with a trading volume of 119,800 shares and a turnover of 108 million yuan [2] Capital Flow - The railway and highway sector saw a net outflow of 210 million yuan from institutional investors, while retail investors contributed a net inflow of 324 million yuan [2] - Specific stock capital flows included: - Chongqing Road and Bridge (600106) had a net inflow of 28.18 million yuan from institutional investors, while retail investors had a net outflow of 25.08 million yuan [3] - Jilin Expressway (601518) showed a significant retail net inflow, indicating strong interest from individual investors [3]

Core Insights - Modern Investment Co., Ltd. reported a net profit of 433 million yuan for the first three quarters of 2025, representing a year-on-year increase of 6.70% with basic earnings per share of 0.2586 yuan, up 10.28% [1] - The company emphasizes its "one body, two wings" development strategy, achieving stable operations despite a complex market environment [1] Financial Performance - The financial cost management has shown significant effectiveness, with interest expenses reduced to 596 million yuan, down 17.9% from 727 million yuan in the previous period, enhancing profitability [3] - The company’s undistributed profits reached 7.897 billion yuan, indicating steady growth [2] Core Business Operations - The core highway operation business continues to play a crucial role, covering key transportation lines in Hunan and the G4 Jinggang'ao Expressway, demonstrating resilience [1] - The company has implemented an integrated operation model at the Huaihua North Management Center, which has been successfully scaled up, showcasing its maturity and replicability [1] Diversified Growth Strategies - The financial services and industrial operations segments have made multiple breakthroughs, with the futures subsidiary's "insurance + futures" business expanding steadily, and bank subsidiary deposits increasing by 1.134 billion yuan [2] - In the industrial operations sector, significant advancements have been made in smart wastewater integration and fly ash resource utilization technologies, contributing to sustainable growth [2] Recognition and Governance - The company has received industry recognition for its governance, winning awards such as "Best Practice Case for Internal Control of Chinese Listed Companies in 2025" and achieving an AA rating in Wind ESG, ranking among the top three in the highway sector [2]

Core Insights - Modern Investment Co., Ltd. reported a net profit of 433 million yuan for the first three quarters of 2025, representing a year-on-year increase of 6.70% [1] - The basic earnings per share increased by 10.28% to 0.2586 yuan, indicating strong financial performance despite a complex market environment [1] - The company effectively controlled financial costs, with interest expenses decreasing by 17.9% to 596 million yuan compared to the same period last year [1] Financial Performance - The net cash flow from operating activities increased to 2.764 billion yuan, reflecting improved cash management [1] - Long-term borrowings decreased from 20.601 billion yuan at the beginning of the period to 20.001 billion yuan, showcasing effective debt structure optimization [1] Business Operations - The core business of highway operation continues to play a crucial role, with the company promoting an integrated management model [1] - The Huaihua North operation center's management experience has been successfully implemented at the Huaminglou operation center, enhancing operational efficiency [1] Two-Wing Business Strategy - In the financial services sector, the scale of the "insurance + futures" business at Dayou Futures has steadily expanded, with fund and trust products increasing by 38.76% compared to the beginning of the year [2] - The banking subsidiary saw a net increase of 1.134 billion yuan in customer deposits and interbank placements [2] Environmental and Governance Initiatives - Modern Investment's subsidiaries in environmental technology have renewed operating licenses and increased production capacity, making progress in integrated smart wastewater equipment and fly ash resource utilization technology [2] - The company has constructed 98 photovoltaic power stations, integrating traffic and energy resources [2] - Modern Investment received recognition as a "Best Practice Case for Internal Control of Chinese Listed Companies in 2025" and an "ESG Benchmark Enterprise Award," with a Wind ESG rating of AA, ranking among the top three in the industry [2] Future Outlook - The company plans to continue advancing its "one body, two wings" development strategy, solidifying its core highway business while promoting the scaling of diversified operations to enhance overall risk resistance and operational quality [2]