Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Insights - The company achieved a revenue of 18.647 billion yuan in the first half of 2025, representing a year-on-year growth of 1.12%. The net profit attributable to shareholders was 545 million yuan, an increase of 6.43% year-on-year [2][6]. - In the second quarter alone, the company reported a revenue of 10.476 billion yuan, a decrease of 2.21% year-on-year, while the net profit was 324 million yuan, down 0.64% year-on-year [2][6]. - The overall revenue remained stable, but the release of orders slowed down, with total orders amounting to 32.2 billion yuan, a decline of 27% year-on-year [12]. - The gross profit margin improved, leading to enhanced profitability, with a comprehensive gross margin of 8.67%, up 0.55 percentage points year-on-year [12]. - The company is expected to benefit from high levels of infrastructure investment in Zhejiang province, which reached 409.3 billion yuan in 2024, a year-on-year increase of 9.6% [12]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a total revenue of 18.647 billion yuan, with a net profit of 545 million yuan, and a non-recurring net profit of 530 million yuan, reflecting year-on-year growths of 1.12%, 6.43%, and 6.19% respectively [2][6]. - The second quarter's performance showed a revenue of 10.476 billion yuan, a decrease of 2.21% year-on-year, with a net profit of 324 million yuan, down 0.64% year-on-year [2][6]. Business Segmentation - The construction segment generated 16.678 billion yuan, down 3.21% year-on-year, while the highway maintenance segment saw a significant increase of 87.82%, reaching 1.758 billion yuan [12]. - Domestic revenue was 18.316 billion yuan, up 2.88% year-on-year, while overseas revenue was 332 million yuan, down 47.94% [12]. Profitability Metrics - The company’s gross margin for the first half of 2025 was 8.67%, an increase of 0.55 percentage points year-on-year, with the construction segment's gross margin at 9.15% [12]. - The net profit margin for the first half was 2.92%, up 0.15 percentage points year-on-year [12]. Cash Flow and Financial Health - Operating cash flow showed a net outflow of 2.899 billion yuan, an increase in outflow of 195 million yuan year-on-year, with a cash collection ratio of 114.54% [12]. - The company's asset-liability ratio decreased by 0.74 percentage points to 75.52% [12].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company's operating performance in the first half of 2025 remained stable with a slight increase, and the growth trend of the maintenance business revenue and new orders was good. The company will continue to promote business development around multiple business segments and strive to achieve high - quality development [25][27]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Zhejiang Jiaoke, belonging to the engineering construction industry. The reception time was on August 29, 2025. The listed company's reception personnel included the board secretary, the financial director Zhao Junwei, Lin Nanfang from the board office (Strategic Development Department), and Du Guohai from the market operation department (International Department) [16]. 3.2. Detailed Research Institutions - The research institutions included securities companies such as Tianfeng Securities, GF Securities, and Changjiang Securities; asset management companies like Shanghai Jiuxiang Asset and Hangzhou Zhongbai Asset; investment companies such as Shanghai Xishirun Investment and Guangdong Zhengyuan Investment; other institutions including Fidelity International and Jmen Finance; fund management companies like Tongtai Fund and Huaxia Fund; and insurance asset management companies such as Great Wall Wealth Insurance [17][18]. 3.3. Research Institution Proportion - Securities companies accounted for 26%, asset management companies 17%, investment companies 17%, other institutions 13%, fund management companies 22%, and insurance asset management companies 4% [20]. 3.4. Main Content Data - **Zhejiang's 2025 Comprehensive Transportation Investment Plan**: In 2025, Zhejiang plans to complete 350 billion yuan of comprehensive transportation investment, aiming for 360 billion yuan. It will build 160 kilometers of expressways, 280 kilometers of ordinary national and provincial roads, add 5 coastal berths of over 10,000 tons and 50 kilometers of inland waterways for 1,000 - ton vessels. It will promote the preliminary work of key projects and ensure the start of 30 major projects, aiming for 40. It will also accelerate the construction of key projects and promote the "Four - Good Rural Roads" 2.0 version [24]. - **Controlling Shareholder's Transportation Infrastructure Investment Plan**: In 2024, Zhejiang Transportation Group completed 74.7 billion yuan of transportation investment, accounting for about 18% of the province. In 2025, it plans to complete over 73.9 billion yuan of transportation investment, promoting the start of multiple projects and accelerating the construction of ongoing projects [25]. - **Company's 2025 First - Half Operating Conditions**: The company achieved an operating income of 18.647 billion yuan, a year - on - year increase of 1.12%. The net profit attributable to the parent company was 545 million yuan, a year - on - year increase of 6.43% [25]. - **Company's Gross Margin Situation**: In the first half of 2025, the gross margin of the construction business was 9.15%, a year - on - year increase of 1.04%. The gross margin of the maintenance business decreased, but it is expected to improve later [26]. - **Company's Order Situation**: From January to June 2025, the company received 567 new orders worth 32.157 billion yuan, a decrease compared to the same period in 2024. As of the end of the first half of 2025, the total contract value of ongoing projects was 224.087 billion yuan, with 90.873 billion yuan of cumulative recognized revenue and 133.214 billion yuan of remaining unfinished work [27]. - **Company's Maintenance Business Development**: The company's maintenance business has formed professional and scale advantages. It will extend the investment - construction - maintenance integrated business, expand the market, and promote green maintenance [27]. - **Company's Investment - Type Projects**: The company's ongoing investment - type projects include various models such as equity cooperation, PPP, and area development. There are multiple ongoing PPP projects [28]. - **Yitong Special Foundation Situation**: Zhejiang Yitong Special Foundation Engineering Co., Ltd. and its subsidiary Zhejiang Zhongrui Heavy Industry Technology Co., Ltd. have strong technical strength and business scope, and Zhejiang Jiaotong has completed the equity acquisition and capital increase [28][29]. - **Company's Low - Altitude and Water Conservancy Business Layout**: The company's subsidiaries won bids for relevant projects, which are beneficial attempts for business diversification [29]. - **Company's New Equipment and New Material Business Development**: The company's new equipment and new material business is mainly carried out by subsidiaries. The new equipment business will be upgraded, and the new material business will be industrialized [29][30]. - **Company's Cash Dividend Plan**: The company's profit distribution considers multiple factors. In 2024, it distributed 334 million yuan in cash dividends, and it will optimize the dividend plan in the future [31]. - **Company's Future Development Plan**: The company is planning the "14th Five - Year" development plan, aiming to become a leading enterprise in new infrastructure and promote high - quality development around five major business segments [31].

Group 1: Investment and Infrastructure Plans - Zhejiang Province plans to complete a total transportation investment of CNY 350 billion in 2025, aiming for CNY 360 billion [1] - Key projects include the construction of 160 km of expressways and 280 km of national and provincial roads, along with the addition of 5 coastal berths and 50 inland waterways [1][2] - The Zhejiang Transportation Group aims to complete transportation investments of over CNY 739 billion in 2025, focusing on 31 projects with a total investment of CNY 5.765 billion [2] Group 2: Company Performance and Financials - In the first half of 2025, the company achieved a revenue of CNY 18.647 billion, a year-on-year increase of 1.12% [3] - The net profit attributable to shareholders reached CNY 545 million, up 6.43% year-on-year [3] - The construction business reported a revenue of CNY 16.678 billion, a decline of 3.21%, while the highway maintenance business saw a significant increase of 87.82% to CNY 1.758 billion [3] Group 3: Business Development and Market Position - The company has secured 567 new orders in the first half of 2025, with a total order value of CNY 32.157 billion, although this represents a decrease compared to the same period in 2024 [3] - The maintenance segment has expanded its market presence, covering 11 cities in Zhejiang and managing approximately 80% of the province's operational highways [3] - The company is actively diversifying its business, including participation in PPP projects and expanding into new markets [4] Group 4: Future Strategies and Goals - The company is planning to enhance its capabilities in transportation infrastructure, urban construction, and related industries as part of its "14th Five-Year Plan" [5] - Aiming to become a leading enterprise in the new infrastructure sector, the company will optimize its business structure and improve overall development capabilities [5] - The cash dividend plan for 2024 includes a distribution of CNY 1.25 per 10 shares, totaling CNY 334 million, which is 25.48% of the net profit [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][18]. Core Views - The company has shown steady growth in revenue and profit, with a significant increase in maintenance business by 88% year-on-year and an improvement in gross margin [1][4]. - Despite a slight decline in Q2 performance, the company is diversifying its business structure, focusing on transportation infrastructure while expanding into urban construction, comprehensive maintenance, and related industries [1][4]. - The company has a robust order backlog, with a total of 1,332 billion in uncompleted contracts, ensuring a stable revenue stream [2]. Financial Performance - In H1 2025, the company achieved a revenue of 186.47 billion, a year-on-year increase of 1.12%, and a net profit attributable to shareholders of 5.45 billion, up 6.43% year-on-year [1]. - The gross margin for H1 2025 was reported at 8.7%, an increase of 0.55 percentage points year-on-year, while the net profit margin rose to 2.98%, up 0.14 percentage points [3]. - The company’s cash flow from operations showed a net outflow of 28.99 billion, which is an increase in cash outflow by 1.95 billion year-on-year [3]. Business Outlook - The company is expected to see a gradual increase in net profit over the next few years, with projections of 14.27 billion, 15.59 billion, and 17.14 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 8.95%, 9.26%, and 9.90% [4]. - The company is actively expanding its market presence both domestically and internationally, with significant efforts in localizing operations in new markets [2][4].

Group 1 - The company plans to implement a restricted stock incentive plan, granting 71.41 million shares to 699 eligible participants, increasing total shares from 2,599,137,900 to 2,670,551,430, resulting in a dilution of the controlling shareholder's stake from 42.35% to 41.22% [5] - The controlling shareholder, Zhejiang Transportation Group, intends to increase its stake in the company by acquiring between 1% and 2% of the total shares at a price not exceeding 8.77 yuan per share [6] - The company has approved the temporary use of up to 300 million yuan of idle raised funds to supplement working capital, with a usage period not exceeding 12 months [7] Group 2 - The company’s subsidiary, Zhejiang Jiaogong, signed an investment agreement to acquire 30% of Easy Special Foundation Engineering Co., Ltd. for 147.94 million yuan and to increase its capital by 211.34 million yuan, making it the controlling shareholder with 51% ownership [9] - The company is undergoing land acquisition by the Hangzhou government for a project, with cash compensation and some property compensation already in place [9] Group 3 - The company held its 15th meeting of the 9th Board of Directors on August 26, 2025, where several key reports and proposals were approved, including the 2025 semi-annual report and the risk assessment report of Zhejiang Provincial Transportation Investment Group [11][19] - The company plans to reappoint Rongcheng Accounting Firm as its auditor for the 2025 fiscal year, pending approval from the shareholders' meeting [32][38] Group 4 - The company’s subsidiary, Zhejiang Jiaogong, is applying to register and issue ordinary medium-term notes with a total amount not exceeding 1 billion yuan, aimed at optimizing its debt structure and reducing financing costs [41][42] - The funds raised from the medium-term notes will be used for repaying financial institution loans and other approved purposes [44]

Core Viewpoint - Zhejiang Jiaokao (stock code: 002061) reported steady revenue and profit growth in the first half of 2025, driven by diversified business collaboration and refined management, while enhancing core competitiveness through mergers, technology development, and market optimization [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 18.647 billion yuan, a year-on-year increase of 1.12% [1] - Net profit reached 545 million yuan, up 6.43% year-on-year [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 530 million yuan, reflecting a 6.19% increase year-on-year, indicating continuous improvement in profit quality [1] Business Operations - The company focuses on infrastructure engineering, extending its value chain around construction services, forming a diversified development pattern with transportation infrastructure as the mainstay [2] - In the transportation infrastructure sector, the company has integrated capabilities in investment, design, procurement, construction, and maintenance, covering various fields such as roads, bridges, ports, and rail transit [2] - New project contracts primarily consist of construction general contracting (over 50%) and engineering general contracting (approximately 30%), with ongoing expansion into franchise operations and integrated construction and maintenance models [2] Mergers and Subsidiary Operations - The company completed the acquisition of Zhejiang Yitong Special Foundation Engineering Co., Ltd. for 359 million yuan, obtaining a 51% stake and enhancing its competitive edge in the infrastructure sector [3] - Core subsidiary Zhejiang Jiaokong Group achieved operating revenue of 18.647 billion yuan and net profit of 555 million yuan during the reporting period, contributing significantly to overall performance [3] - The company invested 459 million yuan in R&D, a 13.58% increase year-on-year, focusing on high-strength rebound detection technology and self-developed anti-corrosion coatings [3] Market Expansion - The company has established 33 marketing agencies in Zhejiang and 20 in other provinces, covering over 30 provinces and municipalities nationwide [4] - Internationally, the company has expanded its business to 20 countries, generating 332 million yuan in overseas revenue despite geopolitical challenges [4] - The company actively participates in major projects aligned with national strategies, such as the "Transportation Power" initiative and the "Yangtze River Delta Integration Development" strategy [4] Future Outlook - The company plans to continue focusing on its core infrastructure business, deepen diversified business collaboration, and increase investments in technology development and digital transformation [4] - The strategy includes enhancing competitiveness through mergers and market optimization, aiming for significant breakthroughs in transportation infrastructure and related industries [4]

Core Viewpoint - Zhejiang Jiaokao has shown stable financial performance in the first half of 2025, with revenue and net profit growth, while expanding its market presence and enhancing its technological capabilities [1][2][3][4][5][6] Financial Performance - The company achieved operating revenue of 18.647 billion yuan, a year-on-year increase of 1.12% [1] - Net profit attributable to shareholders reached 545 million yuan, up 6.43% year-on-year [1] - Total assets amounted to 77.075 billion yuan, a decrease of 1.90% from the beginning of the period [1] - Net assets attributable to shareholders increased by 2.55% to 15.569 billion yuan [1] Industry Position and Qualifications - Zhejiang Jiaokao holds multiple top-level qualifications, including four special-grade qualifications for highway engineering general contracting [2][3] - The company ranked 27th in the 2024 China Contractor Top 80 list and has been recognized in the ENR International Contractors and Global Contractors Top 250 [2] - The company is positioned as one of the contractors with the broadest qualification coverage in Zhejiang Province [3] Technological Advancements - The company obtained a total of 161 patents, including 29 invention patents and 132 utility model patents [2] - R&D investment increased by 13.58% year-on-year, enhancing the company's technological influence [2] - The company is actively participating in the formulation of national and industry standards, which strengthens its technical voice [2][6] Market Expansion Strategies - The company is focusing on expanding its market presence both domestically and internationally, with operations in over 20 countries and more than 30 provinces in China [4] - As of the first half of 2025, domestic revenue was 18.316 billion yuan, reflecting a year-on-year growth of 2.88% [4] - The company is implementing a regional and localized operational strategy to enhance its market penetration [4] Industry Trends and Policy Support - The year 2025 marks a critical phase for the national "14th Five-Year Plan," with significant investments in transportation infrastructure [3] - In the first half of 2025, Zhejiang Province completed comprehensive transportation investments of 216.1 billion yuan, a year-on-year increase of 13.7% [3] - The company is well-positioned to benefit from policies promoting digital and green transformations in the transportation infrastructure sector [3][6]

Group 1 - The company Zhejiang Jiaokao (002061) announced the appointment of Mr. Xie Hongbo as the new deputy general manager [1]

交投财务公司是经原中国银行业监督管理委员会"银监复〔2012〕612 号" 文件批准成立的非银行金融机构。 1.金融许可证机构编码：L0164H233010001 2.统一社会信用代码：91330000056876028L 浙江省交通投资集团财务有限责任公司 风险持续评估报告 根据《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易 （2025 年修订）》的要求："上市公司应当在定期报告中持续披露涉及财务公 司的关联交易情况，每半年取得并审阅财务公司的财务报告，出具风险持续评估 报告，并与半年度报告、年度报告同步披露。"同时结合浙江省交通投资集团财 务有限责任公司（以下简称"交投财务公司"）提供的有关证件资料，公司对交 投财务公司的经营资质、业务和风险状况及经营情况进行持续评估，具体情况报 告如下： 一、交投财务公司基本情况 3.注册资本：65 亿元人民币 4.住所：浙江省杭州市上城区五星路 199 号明珠国际商务中心 2 号楼 8 层 5.法定代表人：李媛 6.经营业务范围：经国家金融监督管理总局及其派出机构批准，公司的业务 范围（可以经营下列部分或者全部本外币业务）： （1）吸收成员单位存款； ...

证券代码：002061 证券简称：浙江交科 公告编号：2025-071 浙江交通科技股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 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。 （一）募集资金管理情况 根据深圳证券交易所《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》及《深圳证券交易所上市公司自律监管指南第 2 号——公告格式》的规 定，将浙江交通科技股份有限公司（以下简称公司）2025 年半年度募集资金存放与使用 情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监发行字〔2020〕524 号文核准，并经深圳证券交易 所同意，本公司由主承销商东兴证券、浙商证券向本公司原股东优先配售，原股东优先 配售后余额部分（含原股东放弃优先配售部分）通过深圳交易所交易系统网上向社会公 众投资者发行，公开发行可转换公司债券 2,500.00 万张，每张面值为人民币 100.00 元， 按面值发行，发行总额为人民币 250,000.00 万元，坐扣承销和保荐费用 405.66 万 ...