Group 1 - The company, Zhejiang Jiaokao, primarily focuses on infrastructure engineering, which includes investment, design, construction, maintenance, and management of transportation infrastructure such as roads, bridges, tunnels, rail transit, ports, and underground projects [2] - The company has not made any investments or developments in the robotics sector [2]

Core Viewpoint - Zhejiang Jiaokao (002061.SZ) focuses on infrastructure engineering, including investment, design, construction, maintenance, and consulting for various transportation infrastructure projects [1] Group 1: Company Overview - The company specializes in infrastructure engineering business, which encompasses roads, bridges, tunnels, rail transit, ports, and underground engineering [1] - The company has not yet ventured into the robotics field [1]

Core Viewpoint - The company reported a slight increase in revenue for the first three quarters of 2025, but a significant decline in net profit, indicating challenges in profitability despite revenue growth [1][2]. Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 31.418 billion yuan, a year-on-year increase of 2.50% [1][2]. - The net profit attributable to shareholders was 715 million yuan, a year-on-year decrease of 14.83% [1]. - In Q3 alone, the company recorded a revenue of 12.771 billion yuan, up 4.57% year-on-year, but the net profit dropped by 48.14% to 170 million yuan [1][2]. Orders and Market Performance - Q3 saw a significant increase in new orders, with new contracts amounting to 34.412 billion yuan, a year-on-year growth of 210.3% [2]. - Cumulatively, the total orders for the first three quarters reached 66.57 billion yuan, reflecting a year-on-year increase of 20.2% [2]. - The company faced a decline in order volume in 2024 due to delays from some clients, but the trend has reversed in 2025 with accelerated project launches [2]. Margins and Expenses - The overall gross margin for the first three quarters was 8.02%, a decrease of 0.13 percentage points year-on-year [3]. - The expense ratio increased to 4.63%, up 0.37 percentage points year-on-year, with specific increases in management and R&D expenses [3]. - The net profit margin for the first three quarters was 2.27%, down 0.46 percentage points year-on-year [3]. Cash Flow and Financial Health - Q3 saw a significant cash inflow, with net cash flow from operating activities turning positive at 2.108 billion yuan [4]. - The cash collection ratio improved to 109.03%, an increase of 11.01 percentage points year-on-year [4]. - The company's debt ratio decreased by 1.15 percentage points to 76.03%, indicating improved financial stability [4]. Industry Outlook - In 2024, Zhejiang province's transportation investment reached a record high of 409.3 billion yuan, a year-on-year increase of 9.6% [5]. - The company is expected to benefit from the high construction intensity in the province, with planned transportation investments of 350 billion yuan for 2025 [5]. - The company is actively pursuing maintenance business opportunities to enhance profit contributions alongside its core construction activities [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved operating revenue of 31.418 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 2.50%. However, the net profit attributable to shareholders decreased by 14.83% to 715 million yuan, and the net profit after deducting non-recurring gains and losses fell by 15.17% to 697 million yuan [5][6] - In Q3 alone, the company reported operating revenue of 12.771 billion yuan, a year-on-year increase of 4.57%, but the net profit attributable to shareholders dropped significantly by 48.14% to 170 million yuan [5][6] - The company experienced a substantial inflow of cash flow in Q3, primarily due to an increase in cash receipts and significant cash inflows related to operating activities [11] Summary by Sections Revenue and Profitability - The company reported a total operating revenue of 31.418 billion yuan for the first three quarters of 2025, with a 2.50% increase year-on-year. The net profit attributable to shareholders was 715 million yuan, down 14.83% year-on-year, while the net profit after deducting non-recurring items was 697 million yuan, a decrease of 15.17% [5][6] - In Q3, the company achieved an operating revenue of 12.771 billion yuan, reflecting a 4.57% year-on-year growth, but the net profit attributable to shareholders fell by 48.14% to 170 million yuan [5][6] Cash Flow - The company experienced a significant cash inflow in Q3, with a net cash inflow from operating activities of 2.108 billion yuan, marking a positive turnaround compared to the previous year. The cash collection ratio improved to 100.99%, an increase of 5.28 percentage points year-on-year [11] - The net cash outflow from operating activities for the first three quarters was 791 million yuan, which was a reduction of 2.297 billion yuan compared to the previous year [11] Order Growth - The company reported new orders of 34.412 billion yuan in Q3, a remarkable year-on-year increase of 210.3%. Cumulatively, the total orders for the first three quarters reached 66.57 billion yuan, up 20.2% year-on-year [11] - The company is expected to benefit from the high level of infrastructure investment in Zhejiang province, which is projected to reach 350 billion yuan in 2025 [11]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a total operating revenue of CNY 314.18 billion, representing a year-on-year increase of 2.50% [1] - The net profit attributable to shareholders for the same period was CNY 7.15 billion, showing a decline of 14.83% year-on-year, primarily due to pressure on the gross margin of certain projects [1] - The net operating cash flow improved significantly to -CNY 7.91 billion, attributed to the receipt of prepayments for new projects and effective project fund management [1] Group 2: Order Situation - From January to September 2025, the company secured 801 new orders across various sectors, including highways, municipal projects, maintenance, construction, and port navigation, with a total order value of CNY 665.69 billion, marking a year-on-year growth of 20.20% [1] - Recent major projects won include segments of the Hangzhou to Shangrao Expressway and other significant highway projects, indicating a positive order acquisition trend [1] Group 3: Maintenance Business - The company's maintenance business encompasses traditional construction and maintenance, consulting, and supply chain services, with a focus on county-level maintenance, leading to strong professional and scale advantages [2] Group 4: Future Investment and Acquisition Plans - The company plans to expand its infrastructure business through acquisitions related to upstream and downstream industries, aiming to enhance its industry chain and create new profit growth points [2] - Key focus areas include new infrastructure, new technologies, and new materials to improve core competitiveness [2] Group 5: Cash Dividend Plan - A three-year dividend plan has been established, with a proposed cash dividend of CNY 1.25 per share for 2024, totaling CNY 3.34 billion, which is 25.48% of the annual net profit attributable to shareholders [2] - The company aims to enhance dividend stability and predictability while considering shareholder feedback, especially from minority shareholders [2] Group 6: Future Development Strategy - The company is actively planning its "14th Five-Year" development strategy, focusing on five major business sectors: transportation infrastructure, urban construction, comprehensive maintenance, transportation manufacturing, and related industries [2] - The goal is to become a leading enterprise in new infrastructure, optimizing business composition and enhancing overall development capabilities [2]

Investment Rating - The investment rating for the company is "Buy" [6][18] Core Views - The company has experienced rapid growth in new orders, with a significant increase of 571% year-on-year in Q3 2025, reaching 284.4 billion [2] - Despite a steady revenue growth of 2.5% year-on-year for the first three quarters of 2025, the company's net profit has declined by approximately 14.83% [1][3] - The company is focusing on expanding its business across five major sectors: transportation infrastructure, urban construction, comprehensive maintenance, transportation manufacturing, and related industries [2] Financial Performance Summary - For the first three quarters of 2025, the company's revenue was 314.2 billion, with a net profit of 7.15 billion, reflecting a decline in profitability [1] - The gross margin for the first three quarters was 8%, a decrease of 0.13 percentage points year-on-year, while the Q3 gross margin was 7.06%, down 1.13 percentage points [3] - The operating cash flow has improved, with a net outflow of 7.91 billion, which is 22.97 billion less than the previous year [3] Financial Data and Valuation - The projected net profit for 2025 is 12 billion, with corresponding P/E ratios of 9.6, 7.7, and 7 for the years 2025 to 2027 [1][5] - The company's total revenue is expected to grow from 46,045.70 million in 2023 to 58,095.82 million by 2027, with a compound annual growth rate of approximately 9.08% [5][12] - The company's P/E ratio is projected to be 9.60 for 2025, indicating a relatively attractive valuation compared to historical performance [5][12]

Core Viewpoint - Zhejiang Jiaokao (002061.SZ) reported a slight increase in revenue for the first three quarters of 2025, but experienced a significant decline in net profit compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 31.418 billion yuan, representing a year-on-year growth of 2.50% [1] - The net profit attributable to shareholders of the listed company was 715 million yuan, showing a year-on-year decrease of 14.83% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 697 million yuan, reflecting a year-on-year decline of 15.17% [1]

— 2 — 浙江交通科技股份有限公司 《投资者关系管理办法》修订对照表 | 修订前 | 修订后 | | --- | --- | | 第八条 公司应当加强投资者网络沟通渠道的建 | | | 设和运维，在公司官网开设投资者关系专栏，收集和 | 第八条 公司应当加强投资者网络沟通渠道 | | 答复投资者的咨询、投诉和建议等诉求，及时发布和 | 的建设和运维，在公司官网开设投资者关系专 | | 更新投资者关系管理相关信息。 | 栏，收集和答复投资者的咨询、投诉和建议等诉 | | 公司应当积极利用中国投资者网、证券交易所投 | 求，及时发布和更新投资者关系管理相关信息。 | | 资者关系互动平台等公益性网络基础设施开展投资者 | 公司视情况增设新媒体平台开展投资者关系 | | 关系管理活动。 | 管理活动。对已开设的新媒体平台及其访问地 | | 公司视情况增设新媒体平台开展投资者关系管理 | 址，应当在公司官网投资者关系专栏公示，及时 | | 活动。对已开设的新媒体平台及其访问地址，应当在 | 更新。 | | 公司官网投资者关系专栏公示，及时更新。 | | | | 第九条 公司应当积极利用中国投资者网、 | | | 深 ...

证券代码：002061 证券简称：浙江交科 公告编号：2025-089 浙江交通科技股份有限公司 关于修订和废止公司部分制度的公告 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。 特此公告。 浙江交通科技股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召 开第九届董事会第十七次会议，审议通过了《关于修订和废止公司部分制度的议 案》，根据《公司法》《上市公司章程指引》《深圳证券交易所股票上市规则》 《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》等 相关法律、行政法规和规范性文件的规定，为进一步完善公司治理体系，提升规 范运作水平，结合公司实际情况，公司对现有内部制度进行系统性梳理，修订、 废止公司部分制度，其中部分制度需提交公司股东会审议，具体情况公告如下： 上述 8 项制度修订及其修订对照表等内容，具体详见公司同日披露于巨潮资 讯网（www.cninfo.com.cn）上的相关公告。 二、备查文件 1.公司第九届董事会第十七次会议决议； 2.深交所要求的其他文件。 — 1 — 序号 制度名称 类型 是否提交公司股东 ...

浙江交通科技股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召 开第九届董事会第十七次会议，审议通过了《关于修订<公司章程>及相关议事规 则的议案》，根据《公司法》《关于新〈公司法〉配套制度规则实施相关过渡期 安排》《上市公司章程指引》等相关法律法规及规范性文件的要求，结合公司实 际情况，同意公司对治理架构进行调整，公司不再设置监事会，并据此对《浙江 交通科技股份有限公司章程》（以下简称"《公司章程》"）及其附件《股东会议 事规则》和《董事会议事规则》进行修订，同步废止《监事会议事规则》，本议 案需提交公司股东会审议。具体情况公告如下： 一、《公司章程》及其附件修订主要内容 1.治理权责衔接。删除《公司章程》原"第七章 监事会"全章内容，同时 删除其他章节中涉及监事会、监事的职责界定、议事程序等相关条款；明确后续 由董事会审计委员会承接《公司法》规定的监事会核心职权；同步废止《监事会 议事规则》。 2.治理结构完善。新增"控股股东和实际控制人""独立董事""董事会专 门委员会"专节；调整股东权利以及相关细节；调整股东会、董事会职权，将"股 东大会"相关表述改为"股东会"；完善内部审计相关规 ...