（记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：董秘，您好，贵司萤石矿安全生产许可证已提交资料 申请了吗？ 成都路桥（002628.SZ）12月10日在投资者互动平台表示，公司萤石矿安全生产许可证办理工作正有序 推进，后续若涉及需披露的情形，公司将严格按照相关规定履行信息披露义务。 ...

成都市路桥工程股份有限公司（以下简称"公司"）于2025年10月24日在巨 潮资讯网（www.cninfo.com.cn）上披露了《关于控股股东的一致行动人所持公司 部分股份将被司法拍卖的提示性公告》（公告编号：2025-055）。四川省成都市中 级人民法院（以下简称"成都中院"）定于2025年11月24日10:00时至2025年11月 25日10:00时止（因竞价自动延时除外）在淘宝网司法拍卖网络平台公开拍卖公 司控股股东四川东君泰达实业有限公司的一致行动人四川宏义嘉华实业有限公 司（以下简称"宏义嘉华"）持有的52,997,030股公司股份。 公司于2025年11月21日收到成都中院送达的《执行裁定书》，现因当事人对 成都中院实施的司法拍卖行为产生争议，为了有助于案件执行和纠纷处理，依照 《最高人民法院关于人民法院民事执行中拍卖、变卖财产的规定》第十八条规定， 中止成都中院公告于2025年11月24日对被执行人宏义嘉华持有的52,997,030股公 司股份在淘宝网司法拍卖网络平台的司法拍卖。 公司将持续关注本次司法拍卖事项的进展情况，并按照相关规定及时履行信 息披露义务。公司所有信息均以在指定媒体刊登的信 ...

Core Viewpoint - The ongoing power struggle over Chengdu Road and Bridge (002628) is highlighted by the impending judicial auction of shares held by its former controlling shareholder, which could significantly alter the company's control dynamics [1][9]. Group 1: Control Changes Over the Years - The control of Chengdu Road and Bridge has changed hands multiple times over the past decade, starting with founder Zheng Yuli's departure in 2015 due to legal issues, which opened the door for external capital to intervene [3][4]. - In 2016, businessman Li Qin became the largest shareholder with a 20.06% stake, but he failed to maintain effective control due to financial pressures [4]. - In 2017, Liu Zhihong's Hongyi Jiahua acquired a 21.64% stake, becoming the new controlling shareholder after a significant investment of approximately 21 billion yuan [5]. Group 2: Legal and Financial Challenges - Hongyi Jiahua faced legal disputes over share transfer agreements, leading to the judicial freezing of 1.56 billion shares, which represented 20.55% of the total shares [6]. - In December 2022, a portion of Hongyi Jiahua's shares was auctioned off, resulting in a reduced stake of 15.56% [6][11]. - A debt repayment agreement was established, requiring Hongyi Jiahua to pay 417 million yuan by October 2025, but the company struggled to resolve its financial issues [7][8]. Group 3: Upcoming Judicial Auction - A judicial auction of 52.997 million shares, representing 7% of the total shares, is scheduled for November 24, 2025, with a starting price of approximately 183 million yuan [9][10]. - The auction could reduce the controlling shareholder's stake to 13.56%, raising concerns about the stability of control [11]. Group 4: Disputes Over Auction Process - Hongyi Jiahua's management has expressed strong opposition to the split auction, arguing it undermines shareholder rights and could lead to undervaluation of the shares [12][14]. - Allegations have emerged regarding the misuse of a lost company seal to authorize legal representation in the auction process, raising questions about the legitimacy of the auction [15][16]. - Legal actions have been initiated to contest the auction and reclaim the lost seal, indicating ongoing internal conflicts within Hongyi Jiahua [17][18].

Core Viewpoint - The ongoing power struggle over Chengdu Road and Bridge (成都路桥) highlights the complexities of governance in listed private enterprises, with significant implications for its control and ownership structure [1][2][3] Group 1: Control Changes - Chengdu Road and Bridge has experienced multiple changes in control over the past decade, starting from the founder Zheng Yuli's departure in 2015, leading to external capital involvement and subsequent ownership shifts [2][3] - In 2018, Hongyi Jiahua, led by Liu Zhihong, acquired a controlling stake in Chengdu Road and Bridge, spending approximately 2.1 billion yuan to purchase 21.64% of the shares [2][3] Group 2: Legal and Financial Issues - Hongyi Jiahua's shares were frozen due to contractual disputes, leading to a court-ordered auction of 37.86 million shares in December 2022, reducing its stake to 15.56% [3][4] - A new agreement in March 2023 allowed East Jun Taida to exercise voting rights over Hongyi Jiahua's remaining shares, effectively transferring control to East Jun Taida [3][4] Group 3: Upcoming Judicial Auction - A judicial auction of 52.997 million shares (7% of total shares) is scheduled for November 24, 2025, with a starting price of approximately 183 million yuan [6][8] - The auction could potentially reduce Hongyi Jiahua's stake to 8.56%, raising concerns about the stability of control within the company [6][8] Group 4: Disputes Over Auction Process - Hongyi Jiahua's management has expressed strong opposition to the split auction process, arguing it undermines shareholder rights and could lead to undervaluation of the shares [7][9] - Allegations have emerged regarding the misuse of a lost company seal to authorize legal representation in the auction process, complicating the situation further [10][12]

Core Viewpoint - The ongoing power struggle over Chengdu Road and Bridge (成都路桥) highlights the complexities of governance in listed private enterprises, with significant implications for its control and ownership structure [2][3]. Group 1: Control Changes - Chengdu Road and Bridge has experienced frequent changes in control over the past decade, starting from the founder Zheng Yuli's departure in 2015, leading to external capital involvement and multiple ownership shifts [3][4]. - In 2015, Zheng Yuli was removed due to bribery allegations, allowing businessman Li Qin to become the largest shareholder by acquiring 20.06% of shares [3]. - In 2018, Liu Zhihong's Hongyi Jiahua acquired a controlling stake of 21.64% for approximately 2.1 billion yuan, becoming the new actual controller [3][4]. Group 2: Legal and Financial Issues - Hongyi Jiahua's shares were frozen due to disputes over share transfer agreements, leading to a court-ordered auction of 37.86 million shares in December 2022, reducing its stake to 15.56% [4][5]. - A new agreement in March 2023 allowed East Jun Taida to exercise voting rights over Hongyi Jiahua's remaining shares, effectively transferring control to East Jun Taida [5][6]. Group 3: Upcoming Judicial Auction - A judicial auction of 52.997 million shares (7% of total shares) is scheduled for November 24, 2025, with a starting price of approximately 1.83 billion yuan [6][7]. - The auction could reduce Hongyi Jiahua's stake to 8.56%, raising concerns about the stability of control over Chengdu Road and Bridge [7][8]. Group 4: Disputes Over Auction Process - Hongyi Jiahua's management has expressed strong opposition to the split auction, claiming it undermines shareholder rights and may not cover the debts owed [8][9]. - Allegations have emerged regarding the misuse of a lost company seal to authorize legal representation for the auction, complicating the situation further [11][12]. Group 5: Future Implications - The outcome of the auction and ongoing disputes will significantly impact the governance and control dynamics of Chengdu Road and Bridge, with potential shifts in shareholder power [14].

Core Insights - A 27-year-old woman, Lin Xiaoqing, has taken over as the chairman of Chengdu Road and Bridge (002628.SZ), marking a significant shift in leadership within the company and the Sichuan infrastructure sector [2][4]. Group 1: Leadership Transition - Lin Xiaoqing was appointed as the vice president of Chengdu Road and Bridge in August 2023, despite having no prior experience in the infrastructure industry [2][3]. - Following the resignation of the former chairman and several executives in May 2024, Lin quickly ascended to the role of chairman, becoming the youngest leader in the Sichuan A-share market [2][4]. - Lin was re-elected as chairman in November 2024 for a three-year term, indicating continued confidence in her leadership despite the company's challenges [2][4]. Group 2: Financial Performance - Chengdu Road and Bridge has faced declining revenues for three consecutive years, with 2022 revenue at 1.339 billion yuan and a net profit of 9.11 million yuan, dropping to 1.167 billion yuan and 4.49 million yuan in 2023, and experiencing a net loss of 92.17 million yuan in 2024 with revenue of only 810 million yuan [4]. - The company's accounts receivable reached 1.261 billion yuan by the end of 2024, accounting for 155.6% of that year's revenue, indicating significant cash flow pressures [4]. - Although the first half of 2025 showed a narrowing of losses with a net profit of -22.64 million yuan (an 18.79% improvement), revenue still declined by 9.79% to 334 million yuan [4]. Group 3: Stock Market Reaction - On the day Lin Xiaoqing took over as chairman, the stock price was 2.44 yuan per share, which surged to 7.87 yuan by October 31, 2024, reflecting a rise of over 220% and a peak market capitalization of 5.958 billion yuan [5]. - However, the stock price subsequently fell back to 4.67 yuan, resulting in a market capitalization of 3.536 billion yuan, representing a loss of over 40% from its peak [5]. Group 4: Background and Connections - Lin Xiaoqing's background includes significant investments in various Shenzhen-based companies, raising questions about her funding sources, particularly a 73.8 million yuan investment in 2019 [3][6]. - Her father, Lin Juncheng, is a prominent entrepreneur and the chairman of Lushan Group, which has connections to Chengdu Road and Bridge, suggesting a strategic alignment of capital and resources [6][7]. - The relationship between Lin Xiaoqing and her father's business empire indicates a potential strategy to leverage capital market experience to enhance the value of Chengdu Road and Bridge's assets amid industry challenges [7].

Core Viewpoint - The resurgence of the "Dazhou Gang" in the capital market is highlighted by the recent rise of Lin Xiaoqing, a 29-year-old chairwoman of Chengdu Road and Bridge, who is not a second-generation successor but has connections to the "Dazhou Gang" through her family [2][4][10]. Group 1: Company Background - Chengdu Road and Bridge, established in 1988, is the only privately-owned infrastructure company listed in Sichuan, having gone public in 2011 [10]. - The company has seen significant changes in control, with the original controller, Zheng Yuli, imprisoned in 2015, leading to a series of acquisitions by members of the "Dazhou Gang" [10][12]. Group 2: Recent Developments - Lin Xiaoqing was appointed as chairwoman in May 2022 and has a notable background in various political and business roles in Shenzhen [4]. - Under her leadership, Chengdu Road and Bridge engaged in a related party transaction, renting office space from a hotel owned by her direct relative, Lin Junchen, which raised concerns about potential conflicts of interest [4][6]. Group 3: Ownership and Control - Liu Jiangdong and Liu Zhiming, both associated with the "Dazhou Gang," hold 5% and 15.56% of Chengdu Road and Bridge, respectively, with Liu Jiangdong being the actual controller [2][12]. - The company has faced challenges, including share freezes and disputes, leading to a decrease in the voting power of its major shareholders, although control remains intact for now [12].

Core Points - Lin Xiaoqing became the youngest chairman of Chengdu Road and Bridge (002628.SZ) in May 2024, with an annual salary of 925,700 yuan [2] - Chengdu Road and Bridge is a private enterprise, and Lin Xiaoqing's appointment raised curiosity due to her lack of familial ties with the actual controller and other shareholders [3][4] - Lin Xiaoqing registered a company named Shenzhen Shanyuxie Cultural Communication Co., Ltd. in May 2023, with a registered capital of 1 million yuan [5] - Lin Xiaoqing became the deputy general manager of Chengdu Road and Bridge shortly after registering her company, overseeing the bidding and procurement center and the marketing department [6] - The relationship between Lin Xiaoqing and Lin Junchen, the chairman of Lushan Group, suggests a close familial connection, possibly father-daughter [15][16] Company Background - Chengdu Road and Bridge has faced financial difficulties, reporting a loss of over 92 million yuan last year and an additional loss of over 28 million yuan in the first three quarters of this year [22] - The company has reduced its research and development staff from 56 to 30, with R&D expenses for the remaining team being less than 3.89 million yuan [22] - Chengdu Road and Bridge has engaged in various R&D projects, including applications of artificial intelligence in construction and improvements in tunnel construction technology [22] Related Entities - Lushan Group, chaired by Lin Junchen, has connections to Chengdu Road and Bridge, as the company rented office space from Shenzhen Spring River Lushan Hotel, which is linked to Lushan Group [11][16] - The hotel has been identified as a dishonest entity with a total amount involved in legal cases reaching 33.6 million yuan [12] - Lin Junchen has a history of philanthropic activities, including significant donations to impoverished students in Jiangxi [28][39]

Core Viewpoint - The emergence of "post-90s" chairpersons in the A-share market is reshaping corporate governance, with a notable example being Lin Xiaoqing, born in 1996, who has been re-elected as the chairperson of Chengdu Road and Bridge, highlighting the trend of younger leaders driving innovation and new business strategies in traditional industries [3][4]. Group 1: Demographics and Distribution - A total of 78 listed companies in the A-share market are led by "post-90s" chairpersons, with the youngest being only 24 years old [3][4]. - These young leaders are primarily found in economically vibrant provinces, with Guangdong, Zhejiang, and Jiangsu having the highest numbers of such chairpersons, indicating a regional concentration of youthful entrepreneurship [4]. Group 2: Industry Involvement - The companies led by "post-90s" chairpersons span diverse sectors including pharmaceuticals, electronics, machinery, power equipment, media, and agriculture, with many also venturing into high-growth areas like renewable energy, semiconductors, and smart manufacturing [4][5]. - For instance, Shihua Medical, under the leadership of 1998-born Shi Wenling, has significantly increased its market share in orthopedic implants and expanded its overseas presence [4]. Group 3: Leadership Characteristics - The "post-90s" chairpersons are characterized by a strong focus on research and development (R&D) and employee incentives, with 9 out of 78 companies investing over 100 million yuan in R&D in the third quarter [7]. - Notably, Yang Mu of Wentai Technology led the company to invest 1.598 billion yuan in semiconductor technology, showcasing the high R&D intensity among these young leaders [7]. Group 4: Challenges and Opportunities - Despite their innovative approaches, some companies face significant challenges, including financial losses, with companies like Yijing Optoelectronics and Shuguang Co. reporting net losses exceeding 200 million yuan in the third quarter of 2025 [8]. - Young chairpersons often struggle with inexperience, resource integration difficulties, and internal resistance within family businesses, necessitating a balance between maintaining legacy and pursuing innovation [8].

Core Insights - The evaluation results for information disclosure of listed companies in 2024 show a decline for Chengdu Road and Bridge Engineering Co., Ltd., dropping from "Good" to "Unqualified" compared to 2023 [1][2] Company Overview - Chengdu Road and Bridge Engineering Co., Ltd. is located at 1777 North Tianfu Avenue, Chengdu, Sichuan Province, established on May 28, 1988, and listed on November 3, 2011 [1] - The company's main business includes highway engineering, bridge engineering, and tunnel engineering construction, with revenue composition as follows: 66.02% from engineering construction, 27.98% from housing construction, and 5.99% from other sources [1] Industry Classification - Chengdu Road and Bridge belongs to the Shenwan industry category of construction decoration, specifically in basic infrastructure and municipal engineering [1] - The company is associated with several concept sectors, including prefabricated buildings, PPP concepts, Xinjiang revitalization, equity transfer, and low-price strategies [1]