Core Viewpoint - Modern Investment (000900) is focusing on optimizing its financial sector by providing specialized and customized financial services, particularly in the upstream and downstream of the highway industry chain and high-quality local enterprises [1] Financial Sector - The company is enhancing its business structure in the financial sector, concentrating on the highway industry chain and quality enterprises within the province [1] Environmental Sector - The environmental sector is integrating resources from the highway group to expand projects related to wastewater treatment and ecological restoration, thereby improving its professional capabilities and core competitiveness in the environmental field [1] New Energy Initiatives - The new energy division is actively promoting photovoltaic power generation projects along the highway network in Hunan Province, aiming to establish a scalable and industrialized development model [1] Strategic Development - The company plans to deepen its "Highway+" strategy, reinforcing its core business in highway investment and operation while extending its industry chain through network resources, with a focus on smart transportation and cultural tourism [1]

Core Viewpoint - Modern Investment (000900) is actively engaging with its major shareholder, Hunan Expressway Group, to enhance the company's high-quality development through strategic asset integration [1] Group 1 - The major shareholder, Hunan Expressway Group, is highly supportive of the company's development initiatives [1] - The company is conducting research and analysis on suitable high-quality targets for potential integration [1] - There is an exploration of various methods to inject quality expressway assets into the listed company [1] Group 2 - The strategy aims to improve the asset securitization of the group while solidifying the company's core expressway business [1]

Core Viewpoint - Modern Investment (000900) faces dual pressures from tightening financial regulations and narrowing interest margins, impacting its financial business and environmental projects [1] Financial Business Challenges - The company highlights the challenges posed by stricter regulations and reduced interest margins, which are affecting its financial operations [1] - Environmental projects are primarily conducted through the PPP model, which is influenced by clients' payment capabilities, leading to extended accounts receivable periods for environmental enterprises [1] Strategic Responses - The company plans to establish a comprehensive policy dynamic tracking mechanism to anticipate policy trends and their impacts, enhancing its internal risk control system to improve risk identification and management capabilities [1] - Focus on core business by deeply exploring and fully utilizing the rich application scenarios of highways, leveraging advantages in finance, environmental protection, and new energy to steadily expand business and ensure revenue [1] - Strengthening core competitiveness by increasing investment in technological innovation and digital transformation, actively introducing advanced technologies and management concepts [1] - Through technological innovation and digital transformation, the company aims to enhance refined management, reduce operational costs, increase R&D efforts, and promote the conversion and application of technological research outcomes to improve service efficiency and risk management capabilities [1]

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]