华泰联合证券有限责任公司 关于江苏通行宝智慧交通科技股份有限公司 2025 年上半年度持续督导跟踪报告 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 未亲自列席，已阅会议文件 | | （2）列席公司董事会次数 | 未亲自列席，已阅会议文件 | | （3）列席公司监事会次数 | 未亲自列席，已阅会议文件 ...

Market Overview - On September 2, the Jiangsu state-owned enterprise reform sector fell by 0.85% compared to the previous trading day, with Lianhuan Pharmaceutical leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the Jiangsu state-owned enterprise reform sector included: - Huami Environmental Energy (600475) with a closing price of 23.86, up 10.00% [1] - Zhongsheng High-Tech (002778) with a closing price of 20.94, up 5.23% [1] - Nanjing Port (002040) with a closing price of 10.03, up 3.62% [1] - Major decliners included: - Lianhuan Pharmaceutical (600513) with a closing price of 21.96, down 6.63% [2] - Tongxingbao (301339) with a closing price of 16.73, down 4.35% [2] - Nanjing Chemical Fiber (600889) with a closing price of 15.16, down 4.29% [2] Capital Flow - The Jiangsu state-owned enterprise reform sector experienced a net outflow of 720 million yuan from institutional investors, while retail investors saw a net inflow of 409 million yuan [2][3] - The capital flow for specific stocks showed: - Huami Environmental Energy (600475) had a net inflow of 1.421 billion yuan from institutional investors [3] - Jiangsu Jinzhu (002091) had a net inflow of 12.13 million yuan from institutional investors [3] - Nanjing Travel (600250) had a net inflow of 10.72 million yuan from institutional investors [3]

Core Viewpoint - The company, Tongxingbao, has shown a mixed performance in its financial metrics, with a slight decline in stock price and varying levels of financing and margin trading activity [1][2]. Financing and Trading Activity - On September 1, Tongxingbao's stock price decreased by 0.23%, with a trading volume of 167 million yuan. The financing buy amount was 15.86 million yuan, while the financing repayment was 24.66 million yuan, resulting in a net financing outflow of 8.80 million yuan [1]. - As of September 1, the total balance of margin trading for Tongxingbao was 156 million yuan, which represents 5.30% of its market capitalization. This financing balance is below the 50th percentile level over the past year, indicating a low level of financing activity [1]. - In terms of short selling, there were no shares sold or repaid on September 1, with a remaining short position of 26,500 shares and a short balance of 464,200 yuan, which is above the 50th percentile level over the past year, indicating a higher level of short selling activity [1]. Company Overview - Tongxingbao, established on November 2, 2016, and listed on September 9, 2022, is based in Nanjing, Jiangsu Province. The company primarily engages in smart traffic electronic toll collection and smart traffic operation management systems, with revenue contributions of 50.59% from electronic toll collection, 46.36% from operation management systems, and 3.05% from ecological businesses [1]. - As of June 30, the number of shareholders increased to 20,400, a rise of 22.11%, with an average of 8,242 circulating shares per person, up by 14.65% [2]. Financial Performance - For the first half of 2025, Tongxingbao reported a revenue of 389 million yuan, reflecting a year-on-year growth of 18.61%. The net profit attributable to shareholders was 107 million yuan, showing a slight increase of 0.66% year-on-year [2]. - Since its A-share listing, Tongxingbao has distributed a total of 324 million yuan in dividends [3]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders, Xingshan Green Investment Mixed Fund ranked as the fourth largest with 3.84 million shares, an increase of 1.14 million shares from the previous period. Other notable shareholders include Hong Kong Central Clearing Limited and Nuoan Innovation Driven Mixed Fund, both of which also increased their holdings [3].

Core Viewpoint - Jiangsu Tongxingbao Smart Transportation Technology Co., Ltd. has recently signed a strategic partnership agreement with the Jiangsu Urban Football League, becoming the official strategic partner of the league [1][2]. Company Overview - Tongxingbao was established in November 2016 and is a leading provider of smart transportation platform solutions in China, focusing on electronic toll collection, operational management systems, and related services [1]. - The company was listed on the Shenzhen Stock Exchange's ChiNext board on September 9, 2022 [1]. Financial Performance - In the first half of this year, Tongxingbao achieved revenue of 389 million yuan, representing a year-on-year growth of 18.61% [1]. - The net profit attributable to shareholders was 107 million yuan, with a year-on-year increase of 0.66%. Excluding the impact of equity incentive expenses, the net profit was 120 million yuan, reflecting a growth of 12.96% [1]. Product Development - In August, Tongxingbao launched a series of "Super League ETC" products that integrate Jiangsu's urban culture and sports elements, featuring a UFO-shaped onboard unit (OBU) that incorporates IP images from 13 cities in Jiangsu [1]. - The new ETC products are designed to be stylish decorations for car dashboards, catering to consumer demand for personalized ETC devices [2]. Strategic Direction - As the official strategic partner of the "Super League," Tongxingbao enjoys various rights, including brand authorization, trademark usage, advertising display at events, and exclusive rights in the industry [2]. - The company plans to continue advancing its "Transportation+" multi-scenario strategy, focusing on innovative directions such as "Transportation + Sports," "Transportation + Tourism," and "Transportation + Culture," while developing new generations of ETC products [2].

Core Viewpoint - Tongxingbao (301339) reported a revenue increase of 18.61% year-on-year for the first half of 2025, with total revenue reaching 389 million yuan and net profit rising by 0.66% to 107 million yuan [1] Financial Performance - Total revenue for the second quarter of 2025 was 224 million yuan, reflecting a year-on-year increase of 27.82 [1] - The net profit for the second quarter was 59.39 million yuan, showing a decline of 3.01% year-on-year [1] - The gross profit margin decreased to 49.31%, down 5.11% year-on-year, while the net profit margin fell to 28.27%, a decrease of 13.98% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 73.14 million yuan, accounting for 18.78% of revenue, an increase of 5.12% year-on-year [1] - Earnings per share remained stable at 0.19 yuan, with a slight increase of 0.64% year-on-year [1] Balance Sheet Highlights - The company reported a significant increase in accounts receivable, which reached 216 million yuan, up 3.07% year-on-year, and accounted for 102.94% of net profit [1][2] - Cash and cash equivalents decreased by 34.81% year-on-year to 105 million yuan [1] - The company’s net asset per share decreased by 26.90% to 4.67 yuan [1] Investment Insights - The company's return on invested capital (ROIC) for the previous year was 6.92%, indicating average capital returns [1] - Historical data shows a median ROIC of 10.49% since the company went public, with the lowest ROIC recorded at 5.2% in 2022 [1] - Analysts project a revenue of 338 million yuan for 2025, with an average earnings per share estimate of 0.58 yuan [2] Fund Holdings - The largest fund holding Tongxingbao is the Nuon Innovation-Driven Mixed A fund, which holds 2.5168 million shares [3] - Other notable funds include Xin'ao Core Technology Mixed A and Shenwan Lingshin Intelligent Automotive Stock A, which have increased their holdings [3]

Company Updates - Tongxingbao (SZ 301339, closing price: 18.11 yuan) announced on August 27 that Ren Zhuohua has resigned from the position of securities affairs representative due to work arrangements. After the resignation, she will continue to serve as the company's deputy general manager, board secretary, and financial officer [1] - The company has approved the proposal regarding the resignation of the securities affairs representative and appointed Tong Xin as the new securities affairs representative [1] Financial Performance - For the first half of 2025, Tongxingbao's revenue composition is entirely from the software and information technology services sector, accounting for 100.0% [1] Industry Insights - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for industry-listed companies [1]

Core Viewpoint - The company plans to enhance investor engagement by increasing the frequency of cash dividends and simplifying the mid-term dividend process for 2025 [1][2]. Group 1: Mid-term Dividend Arrangement - The company intends to implement a mid-term dividend plan in the second half of 2025, contingent upon meeting specific regulatory and internal conditions [1][2]. - The total cash dividend amount for 2025 will not exceed the net profit attributable to shareholders for the corresponding period, with the specific cash dividend ratio to be determined by the board based on actual operating conditions [1][2]. Group 2: Authorization Content - The board seeks authorization from the shareholders to handle all matters related to the 2025 mid-term dividend within the legal and regulatory framework, including the formulation of the specific dividend plan [2]. - The authorization will be effective from the date of approval at the second extraordinary general meeting of shareholders in 2025 until the completion of the related matters [2]. Group 3: Approval Procedures - The company has already convened several board meetings to review and approve the proposal for shareholder authorization regarding the mid-term dividend plan, which will be submitted for further consideration at the upcoming extraordinary general meeting [2].

Core Viewpoint - Tongxingbao (301339.SZ) reported a revenue of 389 million yuan for the first half of 2025, reflecting an 18.61% year-on-year growth [1] Financial Performance - The net profit attributable to shareholders of the listed company was 107 million yuan, showing a year-on-year increase of 0.66% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was also 107 million yuan, with a year-on-year growth of 10.18% [1] - The basic earnings per share stood at 0.1877 yuan [1]

江苏通行宝智慧交通科技股份有限公司 2025年1-6月非经营性资金占用及其他关联资金往来情况汇总表 | 往来方与上市公司的 | 上市公司核算的会计 | 2025年期初往来资 | 2025年1-6月往来累计发 | 2025年1-6月往来资金 | 2025年1-6月偿还 | 2025年1-6月期末 | 其他关联资金往来 | 资金往来方名称 | 往来形成原因 | 往来性质 | 关联关系 | 科目 | 金余额 | 生金额（不含利息） | 的利息（如有） | 累计发生金额 | 往来资金余额 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 同受母公司控制 | - | 0.11 | - | 0.11 | 预付服务费 | 经营性往来 | 江苏苏锡常南部高速公路有限公司 | 预付款项 | 同受母公司控制 | - | - | - | - | 预付服务费 | 经营性往来 | 江苏宿淮盐高速公路管理有限公司 | 预付款项 | ...

证券代码：301339 证券简称：通行宝 公告编号：2025-038 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。 江苏通行宝智慧交通科技股份有限公司（以下简称"公司"）董事会于近日 收到任卓华女士递交的书面辞职报告，任卓华女士因工作安排申请辞去公司证券 事务代表职务。上述辞职报告自送达公司董事会之日起生效。辞任后，任卓华女 士仍担任公司副总经理、董事会秘书及财务负责人职务。 江苏通行宝智慧交通科技股份有限公司 关于证券事务代表辞职及聘任证券事务代表的公告 公司于2025年8月26日召开第二届董事会第十八次会议，审议通过了《关于 公司证券事务代表辞职及聘任证券事务代表的议案》，同意聘任佟鑫女士担任公 司证券事务代表职务，其任期自公司董事会审议通过之日起至公司第二届董事会 任期届满之日止。 佟鑫女士已取得深圳证券交易所颁发的董事会秘书资格证书，具备担任证券 事务代表所需的专业知识。其任职资格符合《中华人民共和国公司法》《深圳证 券交易所创业板股票上市规则》等相关法律法规和规范性文件的规定。 佟鑫女士简历详见附件，联系方式如下： 电话：025-83485958 ...