Core Viewpoint - Chengdu Road and Bridge (002628) emphasizes its strategic approach of "leading by main business, multi-industry collaboration, and innovation-driven" in response to investor inquiries [1] Group 1: Business Strategy - The company continues to strengthen its traditional infrastructure business through composite qualifications, focusing on the western region while expanding nationwide [1] - The company is actively exploring new fields, with new business initiatives progressing as planned [1]

Group 1 - The core viewpoint of the news highlights the financial performance and trading activities of Chengdu Road and Bridge Engineering Co., Ltd. as of December 29, with a focus on its financing and stock performance [1][2] - On December 29, Chengdu Road and Bridge's stock price remained unchanged at 0.00%, with a trading volume of 41 million yuan. The financing buy-in amount was 1.63 million yuan, while the financing repayment was 1.30 million yuan, resulting in a net financing buy of 335,800 yuan [1] - As of December 29, the total balance of margin trading for Chengdu Road and Bridge was 134 million yuan, with a financing balance of 133 million yuan, accounting for 4.22% of the circulating market value, indicating a low level compared to the past year [1] - The company had no short selling activity on December 29, with a short selling balance of 302,600 yuan, which is above the 90th percentile of the past year, indicating a high level of short selling [1] Group 2 - As of September 30, the number of shareholders for Chengdu Road and Bridge was 63,100, a decrease of 5.47% from the previous period, while the average circulating shares per person increased by 5.79% to 11,937 shares [2] - For the period from January to September 2025, Chengdu Road and Bridge reported an operating income of 541 million yuan, a year-on-year increase of 0.88%, but a net profit attributable to shareholders of the parent company was -28.36 million yuan, a decrease of 36.96% year-on-year [2] - The company has cumulatively distributed dividends of 249 million yuan since its A-share listing, with a total of 17.41 million yuan distributed over the past three years [3]

Market Performance - The infrastructure sector increased by 0.45% compared to the previous trading day, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Top Gainers in Infrastructure Sector - Guosheng Technology (603778) closed at 15.89, up 6.15%, with a trading volume of 977,400 shares and a transaction value of 1.528 billion [1] - ST Zhengping (603843) closed at 4.73, up 5.11%, with a trading volume of 20,800 shares and a transaction value of 9.8249 million [1] - Dongzhu Ecology (603359) closed at 8.64, up 5.11%, with a trading volume of 308,800 shares and a transaction value of 263 million [1] Market Trends and Capital Flow - The infrastructure sector experienced a net outflow of 88.965 million from institutional investors, while retail investors saw a net inflow of 127 million [2] - The top stocks with significant net inflows from retail investors include China Nuclear Engineering (601611) with a net inflow of 1.15 billion [3] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing while retail investors are actively buying [2][3]

Core Viewpoint - The company is actively progressing with the application for the safety production license for its fluorite mine and will comply with disclosure obligations as required [1] Group 1 - The company has submitted materials for the safety production license application for its fluorite mine [1] - The safety production license processing is being carried out in an orderly manner [1] - The company will strictly adhere to relevant regulations for information disclosure if any circumstances arise that require it [1]

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].