机构持仓方面，截止2025年9月30日，招商公路十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股8716.55万股，相比上期减少1196.08万股。 责任编辑：小浪快报 资料显示，招商局公路网络科技控股股份有限公司位于北京市朝阳区北土城东路9号院1号楼华丰大厦， 成立日期1993年12月18日，上市日期2017年12月25日，公司主营业务涉及公路相关的经营收费公路业务 和交通科技业务。主营业务收入构成为：投资运营板块79.07%，交通科技板块16.15%，智能交通板块 2.68%，交通生态板块2.10%。 截至9月30日，招商公路股东户数4.80万，较上期增加32.84%；人均流通股142170股，较上期减少 24.72%。2025年1月-9月，招商公路实现营业收入87.03亿元，同比减少4.12%；归母净利润40.12亿元， 同比减少3.56%。 分红方面，招商公路A股上市后累计派现169.02亿元。近三年，累计派现90.19亿元。 1月7日，招商公路跌0.51%，成交额1.77亿元。两融数据显示，当日招商公路获融资买入额1734.70万 元，融资偿还640.32万元，融资净买入1094.38 ...

Core Viewpoint - The company, China Merchants Highway, is a leading player in the domestic toll road sector, with a comprehensive business model that includes toll road operations and traffic technology services [1] Group 1: Business Performance - In Q3 2025, China Merchants Highway reported revenue of 8.703 billion yuan, ranking third among 20 companies in the industry, with the top competitor, Shandong Highway, at 16.841 billion yuan [2] - The net profit for the same period was 4.423 billion yuan, leading the industry, while the second place, Ninghu Highway, reported 4.037 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 44.26%, slightly down from 45.42% year-on-year, but higher than the industry average of 41.31% [3] - The gross profit margin for Q3 2025 was 34.19%, down from 37.96% year-on-year, and below the industry average of 46.20% [3] Group 3: Management and Shareholder Information - The total compensation for General Manager Yang Xudong in 2024 was 1.596 million yuan, a decrease of 180,500 yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 32.84% to 48,000, while the average number of shares held per shareholder decreased by 24.72% to 142,200 shares [5] Group 4: Future Outlook - Analysts project net profits for 2025, 2026, and 2027 to be 5.62 billion, 6.01 billion, and 6.36 billion yuan respectively, maintaining a "buy" rating [5] - The company continues to pursue an expansion strategy, including a recent investment in the Guizhou-San Highway, adding 135.3 kilometers to its management portfolio [5]