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]

Core Insights - Modern Investment (000900.SZ) reported a total operating revenue of 5.579 billion yuan for Q3 2025, ranking 4th among disclosed peers [1] - The net profit attributable to shareholders was 433 million yuan, an increase of 27.234 million yuan compared to the same period last year, representing a year-on-year growth of 6.70% [1] - The net cash inflow from operating activities was 2.764 billion yuan, ranking 5th among disclosed peers, with a year-on-year increase of 701 million yuan, reflecting a growth of 33.97% [1] Financial Metrics - The latest gross profit margin is 27.11%, up by 2.44 percentage points from the previous quarter and 1.64 percentage points from the same period last year [2] - The return on equity (ROE) stands at 3.43%, an increase of 0.18 percentage points year-on-year [2] - The diluted earnings per share (EPS) is 0.26 yuan, an increase of 0.02 yuan compared to the same period last year, representing a year-on-year growth of 10.28% [2] - The total asset turnover ratio is 0.09 times, and the inventory turnover ratio is 5.15 times [2] Shareholder Structure - The number of shareholders is 42,400, with the top ten shareholders holding a total of 808 million shares, accounting for 53.25% of the total share capital [2] - The largest shareholder is Hunan Expressway Group Co., Ltd., holding 27.1% of shares [2] Debt Metrics - The latest debt-to-asset ratio is 76.00% [3]

Core Insights - Modern Investment (000900.SZ) reported a significant decline in revenue for Q3 2025, with total revenue of 1.402 billion yuan, representing a year-on-year decrease of 41.37% [1] - The company's net profit for Q3 2025 was 135 million yuan, down 9.34% compared to the same period last year [1] - For the first three quarters of 2025, the total revenue reached 5.166 billion yuan, a year-on-year decrease of 9.74%, while net profit increased by 6.70% to 433 million yuan [1]

Core Points - Modern Investment announced the resignation of non-independent director Meng Jie due to work adjustments [1] Summary by Category - **Company Announcement** - The board of directors received a resignation report from Meng Jie, who is stepping down from his position as a director of the ninth board of directors [1] - Meng Jie will also resign from his role as a member of the strategic committee under the board [1] - After his resignation, Meng Jie will no longer hold any position within the company [1]

现代投资股份有限公司 信息披露暂缓与豁免管理办法 第七条 公司及相关信息披露义务人有保守国家秘密的 义务，不得通过信息披露、投资者互动问答、新闻发布、接 受采访等任何形式泄露国家秘密，不得以信息涉密为名进行 业务宣传。公司董事长、董事会秘书应当增强保守国家秘密 的法律意识，保证所披露的信息不违反国家保密规定。 第一章 总 则 第一条 为规范现代投资股份有限公司（以下简称"公 司"）信息披露暂缓与豁免行为，根据《中华人民共和国公 司法》《上市公司信息披露管理办法》《上市公司信息披露 暂缓与豁免管理规定》《深圳证券交易所股票上市规则》（以 下简称《股票上市规则》）等有关法律、行政法规和规章， 以及《公司章程》《公司信息披露事务管理制度》的规定， 结合公司信息披露工作的实际情况，制定本办法。 第二条 公司及相关信息披露义务人按照《上市公司信 息披露管理办法》 《上市公司信息披露暂缓与豁免管理规 定》 《股票上市规则》及深圳证券交易所（以下简称深交 所）其他相关业务规则的规定，办理信息披露暂缓、豁免事 务的，适用本办法。 第三条 应当披露的信息存在《上市公司信息披露暂缓与 豁免管理规定》《股票上市规则》及深交所其他相 ...

现代投资股份有限公司 选聘会计师事务所管理办法 第一章 总则 第一条 为规范现代投资股份有限公司（以下简称"公 司"）选聘会计师事务所相关行为，切实维护公司及股东利 益，提高财务信息和审计工作质量，根据《中华人民共和国 公司法》《深圳证券交易所股票上市规则》《国有企业、上 市公司选聘会计师事务所管理办法》及相关法律、法规，结 合公司实际情况，制定本办法。 第二条 本办法所称选聘会计师事务所，是指公司根据 相关法律、法规要求，聘任会计师事务所对财务会计报告发 表审计意见、出具审计报告的行为。公司选聘会计师事务所 从事除财务会计报告审计之外的其他法定审计业务的，可比 照本办法执行。 第三条 公司聘用或解聘会计师事务所，应当由财务管 理部提出申请，经公司党委会前置研究，董事会审计委员会 （以下简称"审计委员会"）审议同意后，提交董事会审议， 并由股东会决定。公司不得在董事会、股东会审议通过前聘 请会计师事务所开展审计业务。 第四条 公司控股股东、实际控制人不得在公司董事会、 1 股东会审议前，向公司指定会计师事务所，不得干预审计委 员会独立履行选聘职责。 第二章 管理职责 第五条 审计委员会负责选聘会计师事务所工作 ...