Group 1 - Chengdu Road and Bridge experienced a stock price increase of 0.79% on October 15, with a trading volume of 108 million yuan [1] - The company had a net financing purchase of 6.10 million yuan on the same day, with total financing and securities balance reaching 165 million yuan, accounting for 4.29% of its market capitalization [1] - The company has a high financing balance, exceeding the 90th percentile level over the past year [1] Group 2 - As of June 30, the number of shareholders for Chengdu Road and Bridge decreased by 16.27% to 66,800, while the average circulating shares per person increased by 19.39% to 11,284 shares [2] - For the first half of 2025, the company reported a revenue of 334 million yuan, a year-on-year decrease of 9.79%, and a net profit attributable to shareholders of -22.64 million yuan, an increase of 18.79% year-on-year [2] - Since its A-share listing, the company has distributed a total of 249 million yuan in dividends, with 17.41 million yuan distributed over the past three years [2]

Core Viewpoint - Chengdu Road and Bridge is addressing the long-standing issue of overdue receivables from local government projects through a debt restructuring plan, which aims to recover a total of 177 million yuan in receivables and improve cash flow [2][3][4]. Group 1: Debt Restructuring Details - The debt restructuring is based on an old agreement from 2021 with the Jiang'an County government, which involved a buyback of surplus indicators at a price of 237,700 yuan per mu [3]. - The total buyback price for the surplus indicators is 226 million yuan, but only 49.6 million yuan has been received so far, leaving 177 million yuan overdue [3][6]. - The new agreement includes a phased payment plan where the government will prioritize paying 140 million yuan by October 15, 2025, with the remaining amount to be paid by June 30, 2026 [3][4]. Group 2: Financial Impact - The company expects to generate a debt restructuring gain of 4.9 million yuan, which will increase the pre-tax profit by the same amount [5]. - The restructuring aims to accelerate cash recovery, reduce receivables risk, and improve cash flow, despite incurring some financing costs [4][6]. - As of the end of 2024, the company's receivables reached 1.261 billion yuan, accounting for 18.1% of total assets, with over half concentrated among the top five clients [6][7]. Group 3: Operational Challenges - The company reported a net loss for the first time in 2024, with a revenue decline of 30.53% year-on-year, attributed to delayed project payments leading to credit loss provisions [6][7]. - In the first half of 2025, the company continued to face losses, with a net profit loss of 22.64 million yuan and significant credit and asset impairment provisions [6][7]. - To address these challenges, the company has initiated various measures, including forming a special collection task force and exploring new business opportunities to enhance revenue and cash recovery [7].

Core Viewpoint - Chengdu Road and Bridge Engineering Co., Ltd. has approved a debt restructuring plan with the Jiang'an County People's Government to address outstanding payments related to land use rights, aiming to improve cash flow and financial stability [3][13]. Group 1: Board Meeting Details - The 35th meeting of the 7th Board of Directors was held on October 13, 2025, via telecommunication, with all 9 participating directors voting [2][4]. - The meeting adhered to the regulations of the Company Law of the People's Republic of China and the company's articles of association [2]. Group 2: Debt Restructuring Overview - The company signed an investment cooperation agreement with Jiang'an County in February 2021, which included a buyback price of 237,700 yuan per mu for surplus indicators [8]. - As of September 2025, the company has received 49.6 million yuan of the total 226.12 million yuan owed, leaving 176.52 million yuan unpaid [9]. Group 3: Debt Restructuring Plan - The restructuring involves a total of 176.52 million yuan in outstanding payments, with a proposed payment of 140 million yuan by October 15, 2025, and the remaining 36.52 million yuan to be paid by June 30, 2026 [10][12]. - The company will waive 9.1 million yuan in penalties to facilitate the payment process [12]. Group 4: Impact of Debt Restructuring - The restructuring aims to accelerate cash recovery, reduce accounts receivable risks, and improve cash flow [13]. - The company anticipates a restructuring gain of 4.9 million yuan, positively impacting pre-tax profits [13].

为妥善解决回购款支付问题，公司与江安县人民政府经友好协商，拟签订补充协议，对剩余款项的支付 安排、融资成本分担及违约责任等事项进行重新约定。根据补充协议约定，江安县人民政府在2025年10 月15日前安排节余指标回购款人民币14,000万元支付给公司，剩余节余指标回购款3,652.06万元在2026 年6月底前根据后续资金安排分期分批支付完成；公司让利于江安县人民政府910万元（以年利率6.5% 的1年期资金成本计算），在剩余节余指标回购款3,652.06万元中扣除910万元，即江安县人民政府只支 付公司剩余节余指标回购款2,742.06万元。 格隆汇10月14日丨成都路桥(002628.SZ)公布，公司于2021年2月与江安县人民政府签订《江安县2020年 （第二批）四面山镇、夕佳山镇、阳春镇、怡乐镇等9个镇13个增减挂钩项目投资合作协议书》（简 称"原协议"），约定由公司负责实施城乡建设用地增减挂钩项目，节余指标由江安县人民政府按23.77 万元/亩单价回购。项目已于2023年12月取得全部指标证书，形成节余指标951.2858亩，回购总价款为 22,612.06万元。截至2025年9月底，公司累计收到回 ...

为妥善解决回购款支付问题，公司与江安县人民政府经友好协商，拟签订补充协议，对剩余款项的支付 安排、融资成本分担及违约责任等事项进行重新约定。根据补充协议约定，江安县人民政府在2025年10 月15日前安排节余指标回购款人民币14,000万元支付给公司，剩余节余指标回购款3,652.06万元在2026 年6月底前根据后续资金安排分期分批支付完成；公司让利于江安县人民政府910万元（以年利率6.5% 的1年期资金成本计算），在剩余节余指标回购款3,652.06万元中扣除910万元，即江安县人民政府只支 付公司剩余节余指标回购款2,742.06万元。 格隆汇10月14日丨成都路桥(002628.SZ)公布，公司于2021年2月与江安县人民政府签订《江安县2020年 （第二批）四面山镇、夕佳山镇、阳春镇、怡乐镇等9个镇13个增减挂钩项目投资合作协议书》（简 称"原协议"），约定由公司负责实施城乡建设用地增减挂钩项目，节余指标由江安县人民政府按23.77 万元/亩单价回购。项目已于2023年12月取得全部指标证书，形成节余指标951.2858亩，回购总价款为 22,612.06万元。截至2025年9月底，公司累计收到回 ...

Group 1 - Chengdu Road and Bridge announced the convening of its 35th meeting of the 7th Board of Directors on October 13, 2025, via communication voting, to review the proposal regarding the company's debt restructuring [1] - For the first half of 2025, Chengdu Road and Bridge's revenue composition was as follows: 66.02% from highway and municipal engineering construction, 27.98% from building construction, 3.72% from testing fees, 1.48% from operational service fees, and 0.43% from traffic facility sales [1] - As of the report date, Chengdu Road and Bridge had a market capitalization of 3.8 billion yuan [1]

证券代码：002628 证券简称：成都路桥 公告编号：2025-047 成都市路桥工程股份有限公司 关于公司债务重组的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、债务重组概述 成都市路桥工程股份有限公司（以下简称"公司"）于2021年2月与江安县人 民政府签订《江安县2020年（第二批）四面山镇、夕佳山镇、阳春镇、怡乐镇等 9个镇13个增减挂钩项目投资合作协议书》（以下简称"原协议"），约定由公司负 责实施城乡建设用地增减挂钩项目，节余指标由江安县人民政府按23.77万元/亩 单价回购。项目已于2023年12月取得全部指标证书，形成节余指标951.2858亩， 回购总价款为22,612.06万元。截至2025年9月底，公司累计收到回购款4,960万元， 尚有17,652.06万元以及按原协议约定已产生逾期付款违约金未支付。为妥善解决 回购款支付问题，公司与江安县人民政府经友好协商，拟签订补充协议，对剩余 款项的支付安排、融资成本分担及违约责任等事项进行重新约定。 本次债务重组事项已经公司于2025年10月13日召开的第七届董事会第三十 五次会议审 ...

证券代码：002628 证券简称：成都路桥 公告编号：2025-046 成都市路桥工程股份有限公司 第七届董事会第三十五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 二〇二五年十月十五日 二、董事会会议审议情况 经与会董事审议并通过记名投票方式表决，会议审议通过了以下议案： （一）审议通过《关于公司债务重组的议案》 公司董事会同意公司与江安县人民政府就《江安县2020年（第二批）四面山镇、 夕佳山镇、阳春镇、怡乐镇等9个镇13个增减挂钩项目投资合作协议书》项下未支付节 余指标回购款事宜签订补充协议，实施债务重组。本次债务重组的具体内容详见同日 在 《 中 国 证 券 报 》《 证 券 时 报 》《 上 海 证 券 报 》《 证 券 日 报 》 及 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于公司债务重组的公告》（公告编号：2025-047）。 投票表决结果：9票同意，0票弃权，0票反对。 三、备查文件 经与会董事签字并加盖董事会印章的董事会决议。 特此公告。 成都市路桥工程股份有限公司董事会 ...

Market Performance - The infrastructure sector rose by 2.75% on October 9, with Guanzhong Ecological leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Top Gainers in Infrastructure Sector - Guanzhong Ecological (300948) closed at 19.36, up 20.02% with a trading volume of 32,600 lots and a transaction value of 63.17 million [1] - Beixin Road and Bridge (002307) closed at 4.90, up 10.11% with a trading volume of 865,700 lots and a transaction value of 416 million [1] - Oriental Garden (002310) closed at 2.84, up 10.08% with a trading volume of 2,285,700 lots and a transaction value of 633 million [1] - China Nuclear Construction (601611) closed at 9.74, up 10.06% with a trading volume of 1,222,100 lots and a transaction value of 1.155 billion [1] Market Capital Flow - The infrastructure sector saw a net inflow of 885 million from main funds, while retail funds experienced a net outflow of 261 million [2] - The main funds' net inflow and outflow for specific stocks indicate varying investor sentiment within the sector [3] Individual Stock Fund Flow - China Railway (601390) had a main fund net inflow of 347 million, but retail funds saw a net outflow of 91.89 million [3] - Xinjiang Communications Construction (002941) experienced a main fund net inflow of 276 million, with retail funds seeing a net outflow of 129 million [3] - China Nuclear Construction (601611) had a main fund net inflow of 170 million, while retail funds experienced a net outflow of 96.60 million [3]

Core Insights - Chengdu Road and Bridge announced a significant increase in its total bid amount for the first half of 2025, reaching approximately 952 million yuan, which represents a year-on-year growth of 98.68% [1] Summary by Categories Company Performance - The company secured a total bid amount of about 883 million yuan from four traditional infrastructure projects, primarily located in regions such as Xinjiang and Sichuan [1] - The subsidiaries contributed a total bid amount of approximately 69 million yuan [1] Future Outlook - The latest order status will be disclosed in the upcoming "2025 Third Quarter Operating Situation Announcement," scheduled for October 2025 [1]