Core Viewpoint - Sichuan Chengyu (601107.SH) announced the construction, operation, management, and transfer of the G5 Jingkun Expressway Chengdu to Ya'an section expansion project, indicating a significant investment in infrastructure development [1] Company Summary - The project is managed by Chengya Company, a subsidiary of Sichuan Chengyu, which has signed contracts with several construction groups for the expansion project [1] - The total contract values for the project are approximately RMB 131.31 billion, RMB 39.07 billion, and RMB 8.56 billion with the respective companies involved [1] Industry Summary - The expansion of the G5 Jingkun Expressway is part of a broader trend in infrastructure investment in China, aimed at improving transportation efficiency and connectivity [1]

Group 1 - The company plans to change its domestic accounting firm for the year 2025 from Lixin Certified Public Accountants to Xinyong Zhonghe Certified Public Accountants [2][11] - The change is based on the company's future business development and overall audit work requirements, with a service period until April 30, 2026 [2][11] - The previous accounting firm, Lixin, has been informed and has no objections to the change, and there are no discrepancies in audit opinions [2][12] Group 2 - Xinyong Zhonghe Certified Public Accountants was established on March 2, 2012, and has 259 partners and 1,780 registered accountants as of December 31, 2024 [3] - The firm reported a total revenue of 4.054 billion RMB in 2024, with audit revenue of 2.587 billion RMB and securities business revenue of 976 million RMB [3] - The firm has conducted audits for 383 listed companies in 2024, with a total fee of 471 million RMB [3] Group 3 - The proposed audit fee for 2025 is 940,000 RMB, which includes 700,000 RMB for the annual financial statement audit and 240,000 RMB for internal control audit [8] - The final audit fee will be determined by the board of directors and requires shareholder approval [9] Group 4 - The company’s subsidiary, Chengya Highway Co., is responsible for the G5 Jingkun Expressway expansion project, with total contract values of approximately 131.31 billion RMB, 39.07 billion RMB, and 8.56 billion RMB for different contractors [17] - The project is classified as a related party transaction and does not constitute a major asset restructuring [17][21] - The total amount of similar related party transactions in the past 12 months has not reached 5% of the company's latest audited net assets [20][40]

Core Viewpoint - Sichuan Chengyu announced the signing of construction contracts for the G5 Jingkun Expressway expansion project, involving significant financial commitments and related party transactions [2] Group 1: Project Details - The project is managed by Chengya Company, a subsidiary of Sichuan Chengyu, responsible for the construction, operation, management, and transfer of the G5 Jingkun Expressway from Chengdu to Ya'an [2] - Contracts were signed with three related parties: Sichuan Transportation Construction Group, Sichuan Highway and Bridge Construction Group, and Sichuan Gaolu Information Technology, with maximum contract values of approximately RMB 131.31 billion, 39.07 billion, and 8.56 billion respectively [2] Group 2: Corporate Governance - The transactions have been approved by the independent directors of the company's eighth board and require further approval from the shareholders' meeting [2]

Core Viewpoint - Sichuan Chengyu announced its participation in the bidding for the G5 Jingkun Expressway Chengdu to Ya'an section expansion project, confirming its status as the first candidate for the project after winning the bid [1] Group 1: Project Details - The project is referred to as the Chengya Expansion Project and involves the expansion of the G5 Jingkun Expressway [1] - The bidding announcement was made by the governments of Ya'an, Chengdu, and Meishan on June 27, 2025 [1] - The consortium, which includes Sichuan Chengyu, China Huaxi Enterprise Co., Ltd., Sichuan Provincial Transportation Construction Group Co., Ltd., Sichuan Highway and Bridge Construction Group Co., Ltd., and Sichuan Gaolu Information Technology Co., Ltd., was formed to participate in the bidding [1] Group 2: Bid Outcome - On July 22, 2025, the consortium was announced as the first candidate for the project [1] - The consortium received the bid notification from the tendering authority on July 28, 2025, confirming their successful bid for the Chengya Expansion Project [1] - An investment agreement was signed between the consortium and the tendering authority on August 6, 2025 [1]

Core Viewpoint - Sichuan Chengyu has won the bid for the G5 Jingkun Expressway expansion project from Chengdu to Ya'an, indicating a significant investment opportunity in infrastructure development [1] Group 1: Project Details - The project route spans a total length of 159.115 kilometers [1] - The estimated total investment for the project is approximately RMB 28.548 billion [1] - The project's capital contribution is 20.20% of the total investment, amounting to about RMB 5.767 billion [1] Group 2: Company Involvement - Sichuan Chengyu's investment in the project is approximately RMB 4.902 billion, representing an 85% ownership stake [1] - The project has a toll collection period of 29 years and 305 days [1]

Core Viewpoint - Sichuan Chengyu Highway Co., Ltd. has been selected as the first candidate for the G5 Jingkun Expressway Chengdu to Ya'an section expansion project, with an estimated total investment of approximately RMB 28.548 billion, of which the company's contribution will be about RMB 4.902 billion, accounting for 85% of the project's capital [1][3][17]. Summary by Sections Project Overview - The project involves a consortium with China Huaxi Enterprises Co., Ltd., Sichuan Transportation Construction Group Co., Ltd., Sichuan Highway and Bridge Construction Group Co., Ltd., and Sichuan Gaolu Information Technology Co., Ltd. [1][3] - The total estimated investment for the project is approximately RMB 28.548 billion, with the project capital accounting for 20.20%, approximately RMB 5.767 billion [3][17]. Related Transactions - The transaction constitutes a related party transaction but does not qualify as a major asset restructuring under relevant regulations [2][3]. - The company has adhered to the necessary disclosure procedures and the transaction has been approved by the board of directors, with related directors abstaining from voting [2][4][21]. Financial Contributions - The capital contributions from the consortium members are as follows: Sichuan Chengyu will contribute approximately RMB 4.902 billion (85%), China Huaxi will contribute about RMB 577 million (10%), Sichuan Transportation Construction Group will contribute about RMB 173 million (3%), and the other two members will each contribute about RMB 58 million (1%) [3][17]. Project Significance - The Chengdu to Ya'an Expressway is a crucial part of the national G5 Jingkun Expressway, serving as an important transportation route in Sichuan province and enhancing connectivity between major cities [13][14]. - The expansion project aims to alleviate traffic congestion and improve the overall traffic capacity of the expressway, which is essential for regional economic development [14][17]. Approval Process - The project requires further approval from the company's shareholders' meeting, with related parties abstaining from voting to ensure compliance with regulations [2][21]. - The independent directors have expressed that the transaction aligns with the company's development strategy and does not harm the interests of shareholders, particularly minority shareholders [21][22].

Core Viewpoint - The company, Sichuan Chengyu (601107), has formed a consortium with several other companies to jointly invest in the G5 Jingkun Expressway expansion project from Chengdu to Ya'an, with a total estimated investment of approximately RMB 28.548 billion [1] Investment Details - The total estimated investment for the project is approximately RMB 28.548 billion, with the project capital accounting for 20.20% of the total investment, which is about RMB 5.767 billion [1] - The company will contribute approximately RMB 4.902 billion, representing an 85% share of the capital investment [1] Project Timeline - According to the bidding documents, the consortium is required to sign the investment agreement with the bidder within 30 days from the issuance of the "Notice of Winning Bid" [1] - The project company must be established within 90 days from the signing of the investment agreement [1]