证券代码：600039 证券简称：四川路桥 公告编号：2025-095 四川路桥建设集团股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： ?会议召开时间：2025 年 9 月 8 日下午 16:00-17:00 （一）会议召开时间：2025 年 9 月 8 日下午 16:00-17:00 （二）会议召开地点：上证路演中心（网址：https://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络文字互动 三、参加人员 ?会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.ss einfo.com/） ?会议召开方式：上证路演中心网络文字互动 ?会议问题征集：投资者可于 2025 年 9 月 2 日至 9 月 7 日 16:00 前登录上证 路演中心网站首页点击"提问预征集"栏目（https://roadshow.sseinfo.com/preCal lQa）或通过电子邮件的形式发送至四川路桥建设 ...

Core Viewpoint - The company reported a stable performance in H1 2025, with revenue and net profit showing slight year-on-year growth, while new orders significantly increased, indicating a positive outlook for future operations [1][4]. Financial Performance - H1 2025 revenue reached 28.575 billion yuan, a year-on-year increase of 0.26%, with net profit attributable to shareholders at 1.029 billion yuan, up 0.89% year-on-year [1]. - Q2 2025 revenue was 18.811 billion yuan, down 0.59% year-on-year but up 92.65% quarter-on-quarter, with net profit of 779 million yuan, reflecting a year-on-year increase of 0.57% and a quarter-on-quarter increase of 212.51% [1]. - The comprehensive gross margin for H1 2025 was 11.5%, a decrease of 0.67 percentage points year-on-year, with Q2 gross margin at 11.48% [2]. Order and Business Development - New orders signed in H1 2025 totaled 49.255 billion yuan, a year-on-year increase of 59.8%, continuing the high growth trend from Q1 [4]. - The company is focusing on expanding its "going urban and going overseas" strategy, with domestic urban projects accounting for approximately 48.54% of new orders and overseas projects seeing a significant increase in bids [4]. Cash Flow and Cost Management - The net operating cash flow for H1 2025 was -1.723 billion yuan, a reduction in outflow by 874 million yuan year-on-year, with cash collection and payment ratios at 78.1% and 76.6%, respectively [3]. - The expense ratio for H1 2025 was 5.25%, a decrease of 0.67 percentage points year-on-year, with financial expenses down 22.22% due to reduced interest payments [2]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 2.357 billion, 2.398 billion, and 2.456 billion yuan, respectively, with a target price of 9.06 yuan based on a PE ratio of 6.0 [5].

Core Viewpoint - Shandong Road and Bridge (000498) reported a slight increase in total revenue and net profit for the first half of 2025, indicating stable performance despite challenges in cash flow and rising receivables [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 28.575 billion yuan, a year-on-year increase of 0.26% [1]. - Net profit attributable to shareholders was 1.029 billion yuan, up 0.89% year-on-year [1]. - In Q2 2025, total revenue was 18.811 billion yuan, a decrease of 0.59% compared to the same quarter last year [1]. - Q2 net profit attributable to shareholders was 779 million yuan, an increase of 0.57% year-on-year [1]. - The gross margin was 11.47%, down 5.61% year-on-year, while the net margin was 4.49%, down 1.43% year-on-year [1]. - Total operating expenses (selling, administrative, and financial) amounted to 1.037 billion yuan, accounting for 3.63% of revenue, a decrease of 8.91% year-on-year [1]. Cash Flow and Receivables - The company reported a significant increase in accounts receivable, which reached 19.258 billion yuan, a rise of 23.37% year-on-year [1]. - The ratio of accounts receivable to net profit was notably high at 829.26% [1]. - Operating cash flow per share improved to -1.1 yuan, a 33.79% increase year-on-year, indicating better cash flow management [1]. Investment and Debt Analysis - The net cash flow from investing activities saw a drastic decline of 437.54%, attributed to increased cash payments for fixed assets and other long-term assets [2]. - Interest-bearing liabilities rose to 39.885 billion yuan, an increase of 23.63% year-on-year [1]. - The company’s return on invested capital (ROIC) was reported at 5.71%, indicating generally weak investment returns [2][3]. Business Model and Future Outlook - The company’s performance is primarily driven by research and development, necessitating a thorough examination of the underlying factors [4]. - Analysts project that the company’s performance for 2025 will reach 2.393 billion yuan, with an average earnings per share of 1.54 yuan [5].

据证券之星公开数据整理，近期四川路桥（600039）发布2025年中报。截至本报告期末，公司营业总收 入435.36亿元，同比下降4.91%，归母净利润27.8亿元，同比下降13.0%。按单季度数据看，第二季度营 业总收入205.5亿元，同比下降13.21%，第二季度归母净利润10.05亿元，同比下降30.1%。本报告期四 川路桥公司应收账款体量较大，当期应收账款占最新年报归母净利润比达399.36%。 本次财报公布的各项数据指标表现一般。其中，毛利率14.5%，同比减8.68%，净利率6.4%，同比减 9.76%，销售费用、管理费用、财务费用总计19.13亿元，三费占营收比4.39%，同比减12.29%，每股净 资产5.47元，同比增8.32%，每股经营性现金流-0.49元，同比增9.27%，每股收益0.32元，同比减13.51% 建议关注公司债务状况（有息资产负债率已达30.5%、有息负债总额/近3年经营性现金流均值已达 14.93%） 建议关注财务费用状况（财务费用/近3年经营性现金流均值已达58.46%） | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | ...

Core Viewpoint - Chengdu Road and Bridge (002628) reported a decline in total revenue for the first half of 2025, while showing an improvement in net profit margin despite still being in the negative [1] Financial Performance Summary - Total revenue for the first half of 2025 was 334 million yuan, a decrease of 9.79% year-on-year [1] - Net profit attributable to shareholders was -22.64 million yuan, an increase of 18.79% year-on-year [1] - In Q2 2025, total revenue was 215 million yuan, an increase of 3.76% year-on-year [1] - Q2 2025 net profit attributable to shareholders was -26.78 million yuan, an increase of 14.82% year-on-year [1] - Gross margin improved to 9.44%, a year-on-year increase of 126.85% [1] - Net margin was -6.6%, a year-on-year increase of 10.7% [1] - Earnings per share improved to -0.03 yuan, a year-on-year increase of 25% [1] Cash Flow and Debt Analysis - Cash and cash equivalents increased significantly by 97.43% year-on-year, reaching 166 million yuan [1] - The company’s receivables increased by 20.24% year-on-year, totaling 1.303 billion yuan [1] - Interest-bearing liabilities decreased by 4.93% year-on-year, amounting to 1.466 billion yuan [1] - Cash flow from operations per share remained at -0.02 yuan, a decrease of 20.34% year-on-year [1] Historical Performance Insights - The company has shown weak historical performance with a median ROIC of 2.07% over the past decade [3] - The worst year for ROIC was 2024, with a value of -0.08% [3] - The company has reported a loss in one of the 13 annual reports since its listing, indicating a need for further investigation into underlying causes [3]

证券之星价投圈财报分析工具显示：业务评价：去年的净利率为-11.28%，算上全部成本后，公司产品 或服务的附加值不高。从历史年报数据统计来看，公司近10年来中位数ROIC为2.07%，中位投资回报较 弱，其中最惨年份2024年的ROIC为-0.08%，投资回报极差。公司历史上的财报非常一般，公司上市来 已有年报13份，亏损年份1次，需要仔细研究下有无特殊原因。 财报体检工具显示：建议关注公司现金流状况(货币资金/总资产仅为2.43%、货币资金/流动负债仅为 16.3%、近3年经营性现金流均值/流动负债仅为10.14%)建议关注公司债务状况(有息资产负债率已达 21.01%、有息负债总额/近3年经营性现金流均值已达13.9%)建议关注财务费用状况(财务费用/近3年经营 性现金流均值已达90.19%)建议关注公司应收账款状况(年报归母净利润为负) 据证券之星公开数据整理，近期成都路桥(002628)发布2025年中报。截至本报告期末，公司营业总收入 3.34亿元，同比下降9.79%，归母净利润-2264.06万元，同比上升18.79%。按单季度数据看，第二季度营 业总收入2.15亿元，同比上升3.76%，第二季度 ...

Group 1 - The company completed the repurchase and cancellation of 14,448,840 restricted stocks from the 2021 stock incentive plan, reducing the total share capital from 8,710,039,485 shares to 8,695,590,645 shares [1][2][3] - The board of directors and the supervisory board approved the proposal regarding the repurchase and cancellation of the restricted stocks during meetings held on June 27, 2025 [1] - The cancellation of the restricted stocks was finalized on August 28, 2025, and the company submitted the repurchase application to the Shanghai branch of China Securities Depository and Clearing Corporation Limited [2][3] Group 2 - The share structure after the cancellation is as follows: 6,715,566,605 unrestricted circulating shares and 1,980,024,040 restricted circulating shares [3] - The number of restricted circulating shares decreased by 14,448,840 due to the cancellation [3]

Core Viewpoint - Shandong Road and Bridge (000498.SZ) reported a slight increase in revenue and net profit for the first half of 2025, indicating stable performance amidst market conditions [1] Financial Performance - The company achieved operating revenue of 28.575 billion yuan, representing a year-on-year growth of 0.26% [1] - The net profit attributable to shareholders was 1.029 billion yuan, with a year-on-year increase of 0.89% [1] - The net profit after deducting non-recurring gains and losses was 999.5 million yuan, showing a year-on-year growth of 9.29% [1] - Basic earnings per share were reported at 0.5250 yuan [1] Dividend Distribution - The company proposed a cash dividend of 0.23 yuan (including tax) for every 10 shares to all shareholders [1]

Core Viewpoint - The company has approved a profit distribution plan for the first half of 2025, aiming to provide stable returns to shareholders while ensuring normal operations and long-term development [2][3]. Financial Performance - For the first half of 2025, the company reported a net profit of CNY 27,872,712.25 (approximately 27.87 million) [1]. - As of June 30, 2025, the cumulative distributable profit available for shareholders amounted to CNY 2,982,637,072.70 (approximately 2.98 billion) [1]. Profit Distribution Plan - The profit distribution plan involves a cash dividend, with 100% of the distribution amount allocated to cash dividends, which constitutes 3.45% of the net profit attributable to shareholders for the period [2]. - The total share capital for the distribution is 1,552,440,259 shares, after deducting 9,159,925 shares for buybacks [2]. - The remaining undistributed profits will be reserved for future distribution [2]. Compliance and Approval - The profit distribution plan complies with relevant laws and regulations, including the Company Law and guidelines from the China Securities Regulatory Commission [3]. - The board of directors and the supervisory board have both approved the profit distribution plan, which does not require further approval from the shareholders' meeting [3].

Group 1 - The board of directors of Shandong Highway Bridge Group Co., Ltd. held its 14th meeting of the 10th session on August 29, 2025, with all 10 directors present, ensuring compliance with legal and regulatory requirements [1][2]. - The board approved the 2025 semi-annual report and its summary, which will be published in various financial newspapers and on the company's website [1][2]. - The board also approved a special report on the storage and use of raised funds for the first half of 2025, which will be similarly disclosed [2]. Group 2 - The board reviewed and approved the profit distribution plan for the first half of 2025, which aims to provide stable returns to shareholders while ensuring the company's long-term development [3]. - The profit distribution plan is based on the total share capital of 1,552,440,259 shares as of July 31, 2025, after deducting 9,159,925 shares repurchased, with no new shares or capital reserve transfers involved [3]. - The profit distribution plan does not require submission to the shareholders' meeting for approval, as it falls within the authority granted to the board by the 2024 annual shareholders' meeting [3].