偿债能力方面，2025年三季度通行宝资产负债率为51.12%，较去年同期的49.99%有所上升，且高于行业平 均的34.38%。从盈利能力看，2025年三季度公司毛利率为50.07%，较去年同期的51.70%略有下降，但仍高 于行业平均的34.46%。 董事长王明文薪酬132.65万元，同比增加12.69万元 通行宝控股股东为江苏交通控股有限公司，实际控制人为江苏省政府国有资产监督管理委员会。董事长王 明文，1974年出生，中国国籍，无境外永久居留权，硕士，高级会计师，江苏省首期会计领军人才。其 2024年薪酬为132.65万元，较2023年的119.96万元增加12.69万元。总经理江涛，1974年出生，中国国籍， 无境外永久居留权，硕士，经济师。2024年薪酬为128.87万元，较2023年的118.07万元增加10.8万元。 A股股东户数较上期减少5.97% 通行宝成立于2016年11月2日，于2022年9月9日在深圳证券交易所上市，注册地址和办公地址均位于江苏 省南京市。公司是国内领先的智慧交通综合解决方案提供商，在ETC、智慧交通运营管理系统等领域具有 较强的技术实力和市场竞争力。 通行宝主要从事以 ...

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].