Summary of Sichuan Road and Bridge Group Conference Call Industry Overview - Sichuan is a key area for the Western Development strategy, with significant improvements in infrastructure investment intensity and strategic positioning. The urbanization rate is below the national average, indicating substantial growth potential in highway infrastructure, which presents development opportunities for Sichuan Road and Bridge [2][3][12]. Company Insights - Sichuan Road and Bridge adopts an integrated investment and construction model, achieving operational capabilities 2-3 percentage points higher than typical construction firms. The controlling shareholder, Shudao Group, has increased its stake to nearly 80%, reflecting strong confidence from industrial capital and providing robust support [2][4][5]. - The company transferred loss-making businesses to Shudao Group for 650 million yuan, resulting in a loss reduction of approximately 500 million yuan, and plans to increase the dividend payout ratio to 60% by 2025, with an expected annual dividend yield of 7% [2][5][13]. Financial Performance - As of Q1 2025, Sichuan Road and Bridge signed new projects worth 35 billion yuan, a year-on-year increase of 19%, with infrastructure orders accounting for 88% of this total, up 28% year-on-year. This indicates a significant improvement in order recovery [2][6]. - The company’s stock has shown excess returns since the controlling shareholder's stake increase, with a cumulative rise of 265% over five years, while the Shanghai Construction Index fell by 35% during the same period. However, there has been a pullback since late 2023 due to revenue and performance declines [2][8]. Market Dynamics - The investment amount for key projects in Sichuan Province is substantial, providing a stable development outlook for Sichuan Road and Bridge. The company is currently in a favorable upward cycle due to personnel adjustments and continuous order improvements [2][12]. - The company’s overseas business, although small, is accelerating, with 2023 overseas revenue at 2.211 billion yuan, accounting for 2% of total revenue. Key markets are in Central Asia and Africa, with new projects expected to generate additional business [2][7]. Future Outlook - The company is expected to experience a recovery in revenue and performance in 2025, following a challenging 2024. The projected revenue growth is modest, with a PE ratio expected to decline from 9 times in 2024 to 8 times in 2025, and further to 7 times in 2026, aligning with industry benchmarks [2][9]. - Sichuan Road and Bridge's advantages include its strategic location in a high-demand infrastructure market, a high dividend strategy, and a return to stable management and operations, all of which support a positive outlook for future growth [2][10][11].

Financial Performance - The company reported a basic earnings per share of -0.1200 yuan for 2024, a decrease of 1300% compared to 0.0100 yuan in 2023 [1] - The operating revenue for 2024 was 8.1 billion yuan, down 30.59% from 11.67 billion yuan in 2023 [1] - The net profit for 2024 was -0.92 billion yuan, a significant decline of 2400% from 0.04 billion yuan in 2023 [1] - The return on equity for 2024 was -3.13%, a drop of 2186.67% compared to 0.15% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 19,217.77 million shares, accounting for 25.49% of the circulating shares, with a decrease of 3,199.46 million shares from the previous period [1] - New entrants among the top shareholders include Liu Mingyuan with 803.49 million shares (1.07%) and Zhang Yuhui with 387.62 million shares (0.51%) [2] - Several shareholders exited the top ten list, including Sichuan Province Daochengli Industrial Investment Co., Ltd. with 1,654.52 million shares (2.19%) [2] Dividend Distribution - The company has announced no distribution or capital increase for the current period [3]

成都路桥（002628）公告，2024年营业收入为8.1亿元，同比下降30.53%。归属于上市公司股东的净亏 损9217.21万元，去年同期净利润449.3万元。基本每股收益为-0.12元/股。公司计划不派发现金红利，不 送红股，不以公积金转增股本。 ...

Core Viewpoint - Zhejiang Jiaokao's subsidiaries have won bids for the construction of the Yongjinqu Shang Expressway, which aligns with the company's strategic business layout and is expected to positively impact its performance if successfully implemented [1] Company Summary - Zhejiang Jiaokao announced that its subsidiaries, including Zhejiang Jiaokong Road and Bridge Construction Co., Zhejiang Jiaokong Hongtu Transportation Construction Co., and Zhejiang Jiaokong Group Co., have been selected as the first candidates for three construction segments of the Yongjinqu Shang Expressway [1] - The bid amounts for the segments are as follows: TJ02 segment at 1.511 billion yuan, TJ03 segment at 1.826 billion yuan, and TJ05 segment at 2.257 billion yuan [1] Industry Summary - The awarded projects are in line with the company's main business strategy, indicating a potential growth opportunity within the infrastructure sector [1] - Successful execution of these projects could lead to a significant positive impact on the company's financial performance [1]

Summary of Sichuan Road and Bridge Group Conference Call Company Overview - **Company**: Sichuan Road and Bridge Group - **Industry**: Infrastructure and Construction Key Points and Arguments Stock Performance - The stock price of Sichuan Road and Bridge has experienced three main phases from January 2019 to the present: - **Phase 1 (2019-2023)**: Significant increase in stock price, rising five to six times due to doubled revenue and profit, along with multiple stock buybacks and acquisitions by the major shareholder, Shudao Group [3] - **Phase 2 (April 2023 - October 2024)**: Stock price adjustment due to natural disasters affecting projects, management turmoil, and a slowdown in infrastructure investment [3] - **Phase 3 (Post-October 2024)**: Recovery in operations and recognition from capital markets, entering a new development phase [3] Business Strategy and Growth - The company benefits from Shudao Group's infrastructure investments, increasing market share in the province, and a comprehensive investment-construction model that ensures funding and orders, effectively responding to market changes [4][5] - Focus on the Sichuan-Chongqing economic circle while diversifying into mining, new materials, wind power, and solar operations, aiming for steady growth [4][7] - The company has increased its dividend payout ratio to 60% by 2025, enhancing investor confidence and positively impacting stock valuation [4][6] Infrastructure Investment in Sichuan - The "14th Five-Year Plan" indicates substantial infrastructure investment in Sichuan, with total project investments reaching 2.15 trillion yuan, of which 60% is allocated to infrastructure, providing new growth opportunities for Sichuan Road and Bridge [4][9] Competitive Advantages - The integrated investment-construction model enhances competitiveness by ensuring liquidity and efficiency, avoiding common issues in traditional construction such as payment delays [10][11] - The model allows for direct profit confirmation through project orders, with dividends benefiting both the company and its major shareholder [11][12] Future Outlook - The company is expected to see significant improvements in revenue and profit in 2025, with a strong order backlog and a projected stable growth rate [13][15] - The restructuring of business segments and asset divestiture has optimized resource allocation and improved profitability, focusing on core construction operations [14] Investment Value - Sichuan Road and Bridge is currently viewed as having high investment value due to its robust order book, projected stable growth, and attractive dividend yield of at least 60% [15] Additional Important Insights - The company’s strategic focus on core competencies and divestment of loss-making assets positions it well for future growth [8][14] - The anticipated stability and performance growth are supported by recent financial reports, making it a compelling investment opportunity [15]

Group 1 - The traffic volume of the Shenzhen-Zhongshan Bridge reached a new high of 178,400 vehicles on April 4, indicating increased personnel and goods movement between the two city clusters, promoting regional economic integration [1] - Hong Kong's daily average of municipal solid waste disposal has decreased for three consecutive years, from 11,400 tons in 2021 to 10,500 tons in 2024, a reduction of 3.4% compared to 2023 and 7.5% compared to 2021, reflecting the government's efforts in waste reduction and recycling [2] - The construction of the 19.2-kilometer underwater tunnel for the Guangzhong High-Speed Railway has been completed, facilitating the connection between Guangzhou and Zhanjiang, and significantly shortening travel time within the Guangdong-Hong Kong-Macao Greater Bay Area [3] Group 2 - The Shenzhen Public Rescue Team is expected to return from Myanmar on April 7 after completing rescue operations, showcasing China's commitment to international humanitarian efforts [4] - The Shenzhen Component Index closed at 10,365.73 points on April 3, down 1.40%, indicating a decline in market performance [5] - The top gainers in the Shenzhen market included Meino Biological with a 20.03% increase, and the biggest losers included Jiangxin Furniture with a 20.00% decrease [6]

Core Viewpoint - Sichuan Road and Bridge Construction Group Co., Ltd. (the company) announces that its controlling shareholder, Shudao Investment Group Co., Ltd. (Shudao Group), plans to pledge 500 million shares for the issuance of exchangeable bonds, which will increase the total pledged shares to 905,803,310, representing 10.40% of the company's total equity [1][3]. Group 1 - Shudao Group intends to issue exchangeable bonds totaling no more than 5 billion yuan, having already completed the first phase of issuance on January 2, 2025 [2]. - Prior to the pledge, Shudao Group and its concerted parties held 6,932,169,419 shares, accounting for 79.59% of the company's total equity [1][3]. - After the pledge, the total number of pledged shares will represent 13.07% of Shudao Group's total holdings [3]. Group 2 - The pledged shares will be transferred to a special account established for the management of the exchangeable bonds, ensuring that they are available for bondholder exchanges and repayment [2]. - Shudao Group's credit status is reported to be good, with no current risks of forced liquidation or adverse effects on the company's operations and governance [3].

证券代码：600039 证券简称：四川路桥 公告编号：2025-031 四川路桥建设集团股份有限公司 关于全资子公司认购私募基金份额进展 暨退出基金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、私募基金基本情况 司四川公路桥梁建设集团有限公司（以下简称路桥集团）为以融资+工程总承包 模式取得广西天峨至北海公路（平塘至天峨广西段）（以下简称标的项目） No2标段的工程总承包，按照招标文件的要求，由路桥集团作为有限合伙人与 广西交通发展投资基金管理有限公司等其他合伙人签署了《广西交投捌期交通 建设投资基金合伙企业（有限合伙）合伙协议》。路桥集团以27,384万元认缴 了广西交投捌期交通建设投资基金合伙企业（有限合伙）（以下简称私募基金） 期540个日历天。 议》约定的基金份额锁定期。自建成交工之日起6个月内，标的项目未达到《基 金份额转让协议》约定的"任意连续180天的日均通车量不低于其工程可行性研 究中预期的日均通车量，即10682辆/天"之业绩条件。根据《基金份额转让协 议》约定，路桥集团拟通过转让所持基金份额的 ...

Group 1 - The strategic restructuring involves the merger between Sichuan Railway Investment Group and Sichuan Transportation Investment Group, initiated by the Sichuan Provincial Government [1][2] - The restructuring agreement was signed on April 2, 2021, and the asset transfer agreement was completed by May 28, 2021, resulting in the change of the controlling shareholder from Railway Investment Group to Shudao Group [1] - The company has fulfilled its information disclosure obligations regarding the restructuring process [1] Group 2 - As of the announcement date, the share transfer has been completed, with 4,548,652,069 shares transferred to Shudao Group, and the Railway Investment Group no longer holds any shares in the company [2] - The company has received the Securities Transfer Registration Confirmation from China Securities Depository and Clearing Corporation Limited [2]

（一）董事人数不足《公司法》规定人数或者《公司章程》 所定人数的三分之二时； （二）公司未弥补的亏损达实收股本总额三分之一时； 龙建路桥股份有限公司 股东大会议事规则 （待提交股东大会审议） 第一章 总则 第一条 为了规范龙建路桥股份有限公司（以下简称公司） 行为，保证公司股东大会依法行使职权，根据《中华人民共和国 公司法》（以下简称《公司法》）、《中华人民共和国证券法》 （以下简称《证券法》）和《龙建路桥股份有限公司章程》（以 下简称《公司章程》）以及国家相关法律、法规和规范性文件， 结合公司实际情况，制定本规则。 第二条 公司应当严格按照法律、行政法规、本规则及《公 司章程》的相关规定召开股东大会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东大会。公司 监事会应当切实履行职责，必要时召集主持临时股东大会。公司 全体董事、监事应当勤勉尽责，确保股东大会正常召开和依法行 使职权。 第三条 公司股东大会由全体股东组成。股东大会是公司的 权力机构，股东大会应当在《公司法》和《公司章程》规定的范 围内行使职权。 第四条 股东大会分为年度股东大会和临时股东大会。年度 股东大会每年召开一次 ...