FUJIAN EXPRESSWAY(SH:600033) Chang Jiang Shang Bao·2025-11-28 00:19Core Viewpoint - Fujian Expressway (600033.SH) is enhancing its external investment strategy by participating in a capital increase project of Strait Insurance, investing 180 million yuan, while maintaining an 18% stake as the second-largest shareholder [1][2][3] Investment Strategy - The company aims to leverage its cash flow advantages to expand sustainable development through the capital increase in Strait Insurance, aligning with its "main business enhancement, investment-driven" strategy [1][5] - The total scale of the capital increase for Strait Insurance is 1 billion yuan, with Fujian Expressway contributing 180 million yuan [2][3] Financial Performance - For the first three quarters of 2025, Fujian Expressway reported revenue of 2.298 billion yuan, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 822 million yuan, up 3.58% [1][5] - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares, totaling 137 million yuan, which represents 16.70% of its net profit for the same period [1][6] Shareholder Structure Post-Investment - After the capital increase, Fujian Expressway will retain its 18% stake in Strait Insurance, while the largest shareholder, Fujian Provincial Investment Group, will increase its stake from 20% to 55.49% [3] - Other shareholders will see their stakes diluted significantly due to the capital increase [3] Asset and Liability Overview - As of September 2025, Fujian Expressway's total assets amounted to 17.593 billion yuan, with a low debt ratio of 14.01% [7] - The company has reported investment income of 49.12 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 23.63% [6]