证券时报·2025-11-19 14:58Core Viewpoint - The article discusses the accelerated internal integration of local state-owned assets, highlighting the case of Ganyue Expressway (600269) as a recent example of this trend [1][3]. Group 1: Shareholding Changes - On November 19, Ganyue Expressway announced that the Jiangxi Provincial Government plans to transfer 90% of the shares held by the Jiangxi Provincial Department of Transportation in the Jiangxi Provincial Transportation Investment Group to the Jiangxi State-owned Capital Operation Holding Group [1]. - The recent announcement indicates that the transfer of shares will now be made directly to the Jiangxi Provincial State-owned Assets Supervision and Administration Commission (SASAC), changing the actual controller from the Provincial Department of Transportation to SASAC [3]. - Following this transfer, the shareholding ratio of the Jiangxi Provincial Transportation Investment Group in Ganyue Expressway will remain unchanged, with the group still being the controlling shareholder [3]. Group 2: Financial Performance - For the first three quarters of 2025, Ganyue Expressway reported revenue of 4.399 billion yuan, a year-on-year decline of 3.55%, while net profit reached 1.628 billion yuan, reflecting a year-on-year increase of 41.35% [4]. - The net profits for Ganyue Expressway in 2022, 2023, and 2024 were reported as 696 million yuan, 1.177 billion yuan, and 1.279 billion yuan, respectively [4]. Group 3: Market Position - As of November 19, Ganyue Expressway's stock price was 5.36 yuan per share, with a total market capitalization of 12.5 billion yuan [5].