Financial Performance - The company's operating revenue for Q3 2025 was ¥1,402,067,800, a decrease of 41.37% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2025 was ¥134,825,499, down 9.34% year-on-year, while the net profit excluding non-recurring gains and losses was ¥131,684,250, a decrease of 9.91%[4] - The company's basic and diluted earnings per share for Q3 2025 were both ¥0.0888, down 9.39% year-on-year[4] - Total operating revenue decreased to ¥5,578,677,563.94 from ¥6,150,191,162.69, representing a decline of approximately 9.3% year-over-year[23] - Operating income fell to ¥5,166,397,158.95 from ¥5,724,097,810.31, a decrease of about 9.7%[23] - Net profit increased to ¥525,695,926.87 compared to ¥494,291,228.84, marking an increase of about 6.4% year-over-year[25] - Profit attributable to shareholders of the parent company rose to ¥433,447,811.07 from ¥406,213,741.38, an increase of approximately 6.7%[25] - Total comprehensive income amounted to CNY 524,746,374.70, an increase from CNY 507,495,514.76 in the previous period, with the parent company's share at CNY 432,498,258.90 compared to CNY 419,418,027.30[26] - Basic and diluted earnings per share increased to CNY 0.2586 from CNY 0.2345[26] Cash Flow and Assets - The net cash flow from operating activities increased by 33.97% to ¥2,763,584,871.68 for the first nine months of 2025 compared to the same period in 2024[11] - The company's cash and cash equivalents increased to approximately ¥4.16 billion from ¥3.78 billion, reflecting a growth of 9.8%[18] - Total current assets reached approximately ¥9.48 billion, up from ¥8.78 billion, indicating a growth of 7.9%[18] - The company's debt investment increased to approximately ¥4.81 billion from ¥3.88 billion, a rise of 23.9%[18] - Operating cash inflow from sales of goods and services reached CNY 6,509,769,876.77, up from CNY 6,357,404,046.33[29] - Net cash generated from operating activities was CNY 2,763,584,871.68, compared to CNY 2,062,895,454.35 in the previous period[30] - Cash outflow from investment activities totaled CNY 5,972,390,802.48, a decrease from CNY 12,196,958,939.43[31] - Cash inflow from investment activities was CNY 4,201,940,106.78, significantly lower than CNY 11,279,426,782.76 in the previous period[30] - Cash and cash equivalents at the end of the period were CNY 3,762,724,441.68, down from CNY 4,220,544,884.15[32] Shareholder Information - The total number of common shareholders at the end of the reporting period is 42,424[13] - The largest shareholder, Hunan Provincial Highway Group, holds 27.19% of shares, totaling 412,666,971 shares[14] - The second-largest shareholder, Hunan Rail Transit Holding Group, owns 11.32% of shares, amounting to 171,861,349 shares[14] - The company has a total of 1,000,000 shares held by the top ten unrestricted shareholders[15] - The company has not disclosed any related party relationships among the top shareholders[16] Expenses and Liabilities - The company experienced a 69.50% increase in sales expenses, totaling ¥37,771,588.91 for the first nine months of 2025[10] - Investment income decreased by 85.21% to ¥36,343,563.24, primarily due to reduced profits from futures trading and decreased investment income from a subsidiary[10] - Total operating costs decreased to ¥4,849,559,204.37 from ¥5,514,661,177.60, reflecting a reduction of approximately 12.1%[23] - Research and development expenses decreased to ¥14,446,777.59 from ¥17,951,849.03, a decline of about 19.1%[24] - Financial expenses decreased to ¥576,099,077.14 from ¥701,379,706.46, a reduction of approximately 17.8%[24] - Total liabilities increased to ¥45,276,073,415.31 from ¥43,821,268,449.18, an increase of approximately 3.3%[20] Asset Changes - Total assets as of September 30, 2025, were ¥59,573,654,775.26, reflecting a 2.48% increase from the end of the previous year[4] - Total assets increased to ¥59,573,654,775.26 from ¥58,130,305,893.18, reflecting a growth of about 2.5%[21] - Total equity decreased slightly to ¥14,297,581,359.95 from ¥14,309,037,444.00, a decrease of about 0.1%[21] Government Support and Future Plans - The company received government subsidies amounting to ¥192,384.34 in Q3 2025, contributing to its financial performance[6] - The company received registration notices for medium-term notes, indicating future financing capabilities[16] - The company plans to stop charging tolls on the Changyong Expressway starting November 1, 2025, transitioning it to a free highway[16] Other Financial Metrics - The company reported a significant increase in receivables, with accounts receivable rising by 4274.21% to ¥2,753,550 as a result of clients using bank acceptance bills for settlement[9] - The company recorded a substantial increase in derivative financial assets, which rose by 341.50% to ¥20,940,900, attributed to changes in the fair value of futures positions[9]

Core Insights - The futures concept sector experienced a decline of 0.36% on October 28, with the leading drop from Wuchan Zhongda [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Sector Performance - Notable gainers in the futures concept sector included: - Ruida Futures (002961) with a closing price of 24.29, up 5.75%, and a trading volume of 354,300 shares, totaling 861 million yuan [1] - Xiamen Guomao (600755) closed at 6.81, up 5.26%, with a trading volume of 1,649,200 shares, totaling 1.117 billion yuan [1] - Yuanda Environmental (600292) closed at 12.83, up 3.05%, with a trading volume of 301,900 shares, totaling 389 million yuan [1] - Major decliners included: - Wuchan Zhongda (600704) closed at 5.88, down 4.70%, with a trading volume of 2,257,700 shares, totaling 1.336 billion yuan [2] - Zhongjin Lingnan (000060) closed at 5.50, down 3.51%, with a trading volume of 1,289,500 shares, totaling 716 million yuan [2] - Zhongke Jincai (002657) closed at 30.78, down 2.75%, with a trading volume of 295,100 shares, totaling 903 million yuan [2] Capital Flow - The futures concept sector saw a net outflow of 705 million yuan from main funds, while retail funds experienced a net inflow of 296 million yuan [2][3] - Notable capital flows included: - Ruida Futures had a main fund net inflow of 150 million yuan, but retail funds saw a net outflow of 91.24 million yuan [3] - Yong'an Futures (600927) had a main fund net inflow of 43.91 million yuan, with retail funds experiencing a net outflow of 22.76 million yuan [3] - Yuanda Environmental had a main fund net inflow of 37.84 million yuan, with retail funds seeing a net outflow of 26.08 million yuan [3]

Core Points - The first highway in Hunan Province, Changyong Expressway, will be free of tolls starting from November 2, 2025, as confirmed by Modern Investment Co., Ltd [1][5] - Changyong Expressway, which opened on December 28, 1994, is 27 kilometers long and connects Huanghua Airport with downtown Changsha, marking the end of Hunan's "no expressway" history [3][5] Summary by Sections Toll Policy - The toll period for Changyong Expressway was originally set for 30 years, from December 28, 1994, to December 27, 2024 [5] - Due to compensatory policies, the toll period has been extended to November 1, 2025, accounting for 79 days of compensation [5] Current Highway Status - After November 2, 2025, Changyong Expressway will join a few other expressways in China that have ceased toll collection [6] - Other expressways in Hunan that are approaching the 30-year mark include Changsha to Xiangtan Expressway (opened December 1996), Changsha to Yiyang Expressway (opened July 1998), and others [6][7]

Core Points - The first highway in Hunan Province, Changyong Expressway, will be free of tolls starting November 1, 2025, as confirmed by Modern Investment Co., Ltd. [1][5] - Changyong Expressway, which opened on December 28, 1994, is 27 kilometers long and connects Huanghua Airport with downtown Changsha, marking the end of Hunan's history without highways [3][5]. Summary by Sections Highway Toll Policy - The toll collection for Changyong Expressway will cease on November 1, 2025, following a compensation plan for revenue losses due to holiday toll exemptions and green channel policies for fresh agricultural products [5]. - This makes Changyong Expressway one of the few highways in China to stop charging tolls [5]. Historical Context - Changyong Expressway was the first highway in Hunan, constructed in 1993 and completed in 1994, fundamentally changing the transportation landscape in the province [3][5]. - Other highways that followed include the Jingzhu Expressway (Changsha to Xiangtan section) and the Changsha to Yiyang Expressway, which have also been in operation for nearly 30 years [6].

证券简称：现代投资 证券代码：000900 公告编号：2025-028 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 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"）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）。 2025 年 9 月，公司收到中国银行间市场交易商协会（ ...

Market Overview - On September 29, the railway and highway sector rose by 0.41% compared to the previous trading day, with Fulin Transportation leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Fulin Transportation (002357) with a closing price of 10.00, up 2.35% on a trading volume of 83,100 shares and a turnover of 82.01 million yuan [1] - Anhui Expressway (600012) closed at 13.57, up 1.95% with a trading volume of 151,300 shares and a turnover of 204 million yuan [1] - Dongguan Holdings (000828) closed at 11.33, up 1.80% with a trading volume of 84,900 shares and a turnover of 95.34 million yuan [1] Fund Flow Analysis - The railway and highway sector experienced a net outflow of 274 million yuan from institutional investors, while retail investors saw a net inflow of 178 million yuan [2] - The sector's overall fund flow indicated that retail investors were more active compared to institutional investors on that day [2] Individual Stock Fund Flow - Key stocks with significant fund flow included: - Haikou Group (603069) with a net inflow of 20.84 million yuan from institutional investors, but a net outflow of 19.49 million yuan from retail investors [3] - Sichuan Chengyu (601107) had a net inflow of 7.74 million yuan from institutional investors, while retail investors saw a net outflow of 612.25 million yuan [3] - Hainan Expressway (000886) recorded a net inflow of 11.83 million yuan from institutional investors, but retail investors had a net outflow of 660.90 million yuan [3]

Core Viewpoint - Modern Investment has been recognized for its internal control practices, winning the "Best Practice Case for Internal Control" award among 270 participating listed companies in China, showcasing its innovative approach to internal control systems [1][2]. Group 1: Internal Control Practices - The case submitted by Modern Investment titled "Innovation-Driven Development: Transitioning Internal Control from Risk Defense to Value Creation" was selected as one of the best practices [1]. - The company has established a comprehensive and scientifically sound internal control system, emphasizing compliance and risk management [2]. Group 2: Digital Transformation in Internal Control - Modern Investment has developed a digital system integrating compliance, internal control, and risk management, enhancing the efficiency and depth of control measures [2]. - The company has created a networked integrated management platform that improves risk identification, response, warning, and disposal processes, promoting a holistic internal control network [2]. Group 3: Future Commitment - The recognition as a "Best Practice Case for Internal Control" is seen as validation of the company's governance reaching an industry-leading level [2]. - Modern Investment plans to continue strengthening and deepening its internal control and compliance systems to support high-quality development [2].

Group 1 - The company, Modern Investment, announced on September 22 that it has a valuation enhancement plan in place [2] - The company will actively promote the implementation of this valuation enhancement plan and will announce any share buybacks in a timely manner [2]

Group 1 - The company, Modern Investment, announced on September 22 that its operational status is normal and all business activities are proceeding in an orderly manner [1] - Key operational indicators have been disclosed in the semi-annual report [1] - The fluctuations in the secondary market stock price are influenced by multiple factors including macroeconomic environment, industry policies, market sentiment, and funding preferences [1] Group 2 - The company emphasized that short-term deviations in stock price from market trends do not fully reflect its intrinsic value and future prospects [1]

Group 1 - The company, Modern Investment (000900), announced on September 22 that it currently has no plans for share repurchase [1]