Core Viewpoint - Zhejiang Jiaokao (002061.SZ) announced that its subsidiaries have been awarded the first candidate for several project segments, indicating a positive development in their project bidding activities [1] Group 1: Project Awards - The company’s subsidiaries, Zhejiang Jiaogong Group Co., Ltd., Zhejiang Jiaogong Road and Bridge Construction Co., Ltd., and Zhejiang Jiaogong Jinzhu Transportation Construction Co., Ltd., have been selected as the first candidates for the Yiwu to Longquan section of the Yilongqing Expressway and the Ningbo Qijia Mountain to Zhoushan Jintang section of the G92 Hangzhou Bay Ring Expressway [1] - The company has received notification letters regarding the successful bids for these project segments [1]

Group 1 - Zhejiang Jiaokao (002061.SZ) announced that its subsidiaries participated in the bidding for the G2531 Hangzhou to Shangrao Expressway project [1] - The bidding results were publicly announced on August 29, 2025, with the subsidiaries being the first candidates for several project sections [1]

Group 1 - Zhejiang Jiaokao announced that its subsidiaries participated in the bidding for the G2531 Hangzhou to Shangrao Expressway project, with a total bid amount of 45.425 billion yuan [1] - The subsidiaries were announced as the first candidate for several sections of the project, which aligns with the company's strategic business layout [1] - Successful implementation of the project is expected to positively impact the company's performance and strengthen its market competitiveness in the Yangtze River Delta region [1] Group 2 - For the first half of 2025, the company's revenue composition was as follows: 89.44% from the infrastructure engineering sector, 9.43% from road maintenance, and 1.13% from other businesses [1]

证券代码：002061 证券简称：浙江交科 公告编号：2025-076 浙江交通科技股份有限公司 6.拟中标价：第 TJ03 标段拟中标价：人民币 1,964,666,666.00 元；第 TJ05 标段拟中标价：人民币 1,718,415,998.00 元；第 TJ06 标段拟中标价：人民币 1,746,895,681.00 元；第 TJ07 标段拟中标价：人民币 1,747,515,888.00 元。 关于拟中标项目的提示性公告 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。 浙江交通科技股份有限公司（以下简称"公司"）下属公司浙江交工集团股 份有限公司、浙江交工金筑交通建设有限公司、浙江交工路桥建设有限公司、浙 江交工宏途交通建设有限公司分别参与 G2531 杭州至上饶高速公路（杭淳开高 速公路）杭州中环至浙赣界工程（杭州段）项目投标。2025 年 08 月 29 日，招 标人公示了评标结果，下属公司分别为上述项目部分标段第一中标候选人，具体 情况如下： 一、拟中标项目概况 1.拟中标项目名称及概况：G2531 杭州至上饶高速公路（杭淳开高速公路） 杭州 ...

证券代码：002061 证券简称：浙江交科 公告编号：2025-077 浙江交通科技股份有限公司 关于项目中标的公告 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。 浙江交通科技股份有限公司（以下简称"公司"）于 2025 年 08 月 23 日在 《 证 券 时 报 》 《 证 券 日 报 》 《 上 海 证 券 报 》 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn/new/index）上披露了《关于拟中标项目的提示性公告》 （公告编号：2025-067），下属公司浙江交工集团股份有限公司、浙江交工路桥 建设有限公司、浙江交工金筑交通建设有限公司分别为义龙庆高速公路义乌至龙 泉段（金华段）以及 G92 杭州湾地区环线高速公路宁波戚家山至舟山金塘段（甬 舟高速公路复线宁波戚家山至舟山金塘段）项目部分标段第一中标候选人。 近日，公司收到下属公司发来的上述项目部分标段中标通知书，现将主要内 容公告如下： 5.中标单位：第 TJ02 标段中标人：浙江交工路桥建设有限公司；第 TJ04 标 段中标人：浙江交工集团股份有限公司；第 TJ07 ...

Group 1 - Zhejiang Jiaokao plans to complete a comprehensive transportation investment of 350 billion yuan in 2025, aiming for 360 billion yuan [1] - Zhejiang Transportation Group aims to achieve transportation investment of over 73.9 billion yuan in 2025, with total project investment reaching 576.5 billion yuan [1] - The company reported a revenue of 18.647 billion yuan and a net profit of 545 million yuan in the first half of 2025, representing a year-on-year growth of 6.43% [1] Group 2 - The gross profit margin for construction business is 9.15%, while the maintenance business revenue increased by 87.82% year-on-year [1] - New orders amount to 32.157 billion yuan, with remaining uncompleted contracts valued at 133.214 billion yuan [1] - The maintenance business covers 37 counties and districts in Zhejiang, holding approximately 80% market share in provincial highway maintenance [1] Group 3 - Ongoing PPP projects include Hangjinqu Liaison Line and Yongzhou复线 [1] - Yitong Special Technology achieved revenue of 188 million yuan and net profit of 13 million yuan in the second quarter of 2025 [1] - The company is exploring low-altitude and water conservancy businesses, as well as new equipment and materials [1] Group 4 - A dividend of 1.25 yuan per 10 shares (tax included) is planned for the 2024 fiscal year, with future optimization of the dividend plan [1] - The company is actively planning its "14th Five-Year" development strategy to become a leading enterprise in new infrastructure [1]

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].