申万宏源证券承销保荐有限责任公司 根据《上市公司收购管理办法》第七十一条，"自收购人公告上市公司收购 报告书至收购完成后 12 个月内，财务顾问应当通过日常沟通、定期回访等方式， 关注上市公司的经营情况，结合被收购公司定期报告和临时公告的披露事宜，对 收购人及被收购公司履行持续督导职责"。由于收购人尚未完成股份过户登记， 本财务顾问持续督导期为自 2021 年 6 月 4 日至收购完成后 12 个月内。 2024 年 10 月 31 日，上市公司披露了 2024 年第三季度报告。通过日常沟通， 结合上市公司的2024 年第三季度报告，本财务顾问出具 2024 年第三季度的持续督 导意见，本次持续督导期间为自 2024 年 7 月 1 日至 2024 年 9 月 30 日。本意见所 依据的文件、书面资料等由收购人与四川路桥提供，收购人与四川路桥保证对其 真实性、准确性和完整性承担全部及连带责任。本财务顾问对所发表意见的真实 性、准确性和完整性负责。 一、交易资产的交付或过户情况 关于 蜀道投资集团有限责任公司 免于发出要约收购四川路桥建设集团股份有限公司 的持续督导意见 财务顾问 二〇二四年十一月 申万宏源证券 ...

证券代码：600039 证券简称：四川路桥 公告编号：2024-113 四川路桥建设集团股份有限公司 关于股权激励限制性股票回购注销完成的公告 特此公告。 四川路桥建设集团股份有限公司董事会 2024 年 11 月 8 日 四川路桥建设集团股份有限公司（以下简称公司）于 2024 年 8 月 29 日召开 了第八届董事会第四十三次会议和第八届监事会第三十二次会议，审议通过了 《关于回购注销部分激励对象已获授但尚未解锁的限制性股票暨调整限制性股 票回购数量及价格的议案》，同意公司回购注销 8 名激励对象已获授但尚未解锁 的合计 55.44 万股限制性股票。具体内容详见公司于 2024 年 8 月 31 日披露的公 告编号为 2024-084 的《四川路桥关于回购注销部分激励对象已获授但尚未解锁 的限制性股票暨调整限制性股票回购数量及价格的公告》。 公司于 2024 年 11 月 5 日发布了《四川路桥关于股权激励限制性股票回购注 销实施公告》，公司已向中国证券登记结算有限责任公司上海分公司（以下简称 中登公司上海分公司）递交了回购注销申请。上述部分限制性股票注销完成后， 本公司总股本由 8,712,818,20 ...

证券代码：600039 证券简称：四川路桥 公告编号：2024-112 四川路桥建设集团股份有限公司 关于子公司参股投资金口河至西昌、昭觉至普格高速 公路项目暨关联交易的进展公告 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。 四川路桥建设集团股份有限公司（以下简称公司）于 2024 年 10 月 25 日， 以现场结合通讯方式召开第八届董事会第四十五次会议、第八届监事会第三十四 次会议，审议通过了《关于子公司放弃控股并参股投资金口河至西昌、昭觉至普 格高速公路项目的关联交易议案》。公司子公司四川公路桥梁建设集团有限公司 （以下简称路桥集团）、四川省交通建设集团有限责任公司（以下简称交建集团）、 四川川交路桥有限责任公司（以下简称川交公司）、四川路航建设工程有限责任 公司（以下简称路航公司）及四川路桥盛通建筑工程有限公司（以下简称盛通公 司）拟放弃控股，以参股的方式与公司关联方四川高速公路建设开发集团有限公 司（以下简称川高公司）、四川高路信息科技有限公司（以下简称高路信息）组 成联合体，参与金口河至西昌、昭觉至普格高速公路项 ...

证券代码：600039 证券简称：四川路桥 公告编号：2024-111 四川路桥建设集团股份有限公司 关于收到《中国证监会同意四川路桥建设集团股份 有限公司向专业投资者公开发行公司债券注册的批 复》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。 四川路桥建设集团股份有限公司（以下简称公司）于 2023 年 10 月 9 日、 2023 年 10 月 30 日先后召开第八届董事会第二十八次会议和 2023 年第十次临时 股东大会，审议通过了《关于公司符合公开发行公司债券条件的议案》《关于公 司公开发行公司债券方案的议案》《关于提请公司股东大会授权董事会或董事会 授权人士全权办理本次公开发行公司债券相关事宜的议案》，具体内容详见公司 在上海证券交易所网站披露的公告编号为 2023-108 的《四川路桥关于公开发行 公司债券预案的公告》。 一、同意公司向专业投资者公开发行面值总额不超过 50 亿元公司债券的注 册申请。 近日，公司收到中国证券监督管理委员会（以下简称中国证监会）出具的 《关于同意四川路桥建设集团股份有限公司向 ...

证券代码：600039 证券简称：四川路桥 公告编号：2024-110 四川路桥建设集团股份有限公司 关于召开 2024 年第三季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： 会议问题征集：投资者可于 2024 年 11 月 05 日至 11 月 07 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/questionCollection.do）或通过电子邮件 的形式发送至四川路桥建设集团股份有限公司（以下简称公司）投资 者关系邮箱 srbcdsh@163.com 进行提问。公司将在业绩说明会上对投 资者普遍关注的问题进行回答。 公司已于 2024 年 10 月 31 日披露了《四川路桥 2024 年第三季度 报告》，为便于广大投资者更全面深入地了解公司 2024 年第三季度经 营成果、财务状况，公司计划于 2024 年 11 月 08 日下午 16:00-17:00 举行 2024 年第三季度业绩说明会，就投资 ...

四川省成都市东御街 18 号百扬大厦 1 栋 11 楼邮编：610000 11th floor, building 1, Baiyang building, No. 18, Dongyu street, Chengdu, Sichuan 电话/TEL:（028）87747485 传真/FAX：（028）86512848 网址/WEBSITE：www.kangdacdlawyers.com/ 北京康达（成都）律师事务所 关于四川路桥建设集团股份有限公司 2021 年限制性股票 激励计划之部分限制性股票回购注销相关事项的 法律意见书 康达法意字[2024]第 5132 号 二〇二四年十一月 1 北京 BEIJING 上海 SHANGHAI 广州 GUANGZHOU 深圳 SHENZHEN 海口 HAIKOU 西安 XI'AN 天津 TIANJIN 杭州 HANGZHOU 南京 NANJING 沈阳 SHENYANG 成都 CHENGDU 菏泽 HEZE 苏州 SUZHOU 武汉 WUHAN 香港 HONGKONG 呼和浩特 HUHEHAOTE 厦门 XIAMEN 长沙 CHANGSHA 重庆 CHONGQING ...

●本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 554,400 | 554,400 | 2024 年 | 11 | 月 | 7 日 | 一、本次限制性股票回购注销的决策与信息披露 1、2024 年 8 月 29 日，公司召开第八届董事会第四十三次会议和第八届监 事会第三十二次会议，审议通过了《关于回购注销部分激励对象已获授但尚未解 锁的限制性股票暨调整限制性股票回购数量及价格的议案》，鉴于公司《2021 年激励计划》中首次授予的 6 名激励对象以及预留授予的 2 名激励对象因故出现 应当全部或者部分回购限制性股票的情形，公司将对前述共 8 名激励对象已获授 但尚未解锁的合计 55.44 万股限制性股票进行回购注销。上述事项已经第八届董 事会薪酬与考核委员会 2024 年第二次会议研究、提出建议，公司监事会对本次 回购注销的激励对象人员名单、数量及回购价格进行了确认，并发表了核查意见。 北京康达（成都）律师事务所出具了《北京康达（成都）律师事务所关于四川路 桥建设集团股份有限公 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [5]. Core Views - The company experienced a year-on-year decline in revenue and net profit for the first three quarters of 2024, with revenue at 71.88 billion yuan, down 19.74%, and net profit at 4.77 billion yuan, down 38.45% [1]. - Despite the challenges, there is a positive trend in project initiation within Sichuan province, with significant infrastructure projects being launched, which may lead to improved revenue recognition in the fourth quarter [1]. - The company has successfully secured multiple large-scale highway projects, which could provide a solid foundation for future performance [2]. - The mining and new materials segment is progressing steadily, with significant sales from various mineral projects [2]. - The clean energy segment has also seen growth, with approximately 5.4 GW of installed capacity under construction and operation [2]. Financial Performance Summary - For the first three quarters of 2024, the gross margin was 15.8%, a decrease of 1.28 percentage points year-on-year, while the net profit margin was 6.8%, down 1.93 percentage points [3]. - The company reported a cash flow from operations (CFO) net outflow of 5.61 billion yuan, which is an improvement compared to the previous year [3]. - The forecast for net profit for 2024 has been adjusted to 7.53 billion yuan, reflecting a 16% decline compared to previous estimates [4]. Financial Data and Valuation - The company's projected revenue for 2024 is 110.52 billion yuan, with a growth rate of -3.93% [4]. - The projected net profit for 2025 is 8.28 billion yuan, with a growth rate of 9.97% [4]. - The earnings per share (EPS) for 2024 is estimated at 0.86 yuan, with a price-to-earnings (P/E) ratio of 8.41 [4]. - The company has a total market capitalization of approximately 63.34 billion yuan [5].

Financial Performance - The company's operating revenue for Q3 2024 was CNY 26,093,057,734.68, representing a year-on-year increase of 13.25%[2] - The net profit attributable to shareholders for the same period was CNY 1,577,999,299.37, a decrease of 24.92% compared to the previous year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,549,470,259.13, down 26.32% year-on-year[2] - Basic earnings per share for the period were CNY 0.18, reflecting a decline of 25.00% compared to the same period last year[3] - The weighted average return on equity decreased by 7.33 percentage points to 10.24% year-to-date[3] - Total operating revenue for the first three quarters was CNY 71.88 billion, a decrease of 19.74% year-on-year[14] - Net profit attributable to shareholders was CNY 4.77 billion, down 38.45% year-on-year[14] - The total comprehensive income for the third quarter of 2024 was CNY 4,931,215,251.59, a decrease from CNY 7,759,929,937.03 in the same period of 2023[21] - The net profit attributable to the parent company was CNY 4,836,791,152.01, down from CNY 7,699,690,096.91 year-over-year[21] - Basic and diluted earnings per share for the third quarter were both CNY 0.55, compared to CNY 0.89 in the previous year[21] Cash Flow and Investments - The company reported a net cash flow from operating activities of CNY -5,606,203,707.61 year-to-date[2] - Cash inflows from operating activities totaled CNY 63,010,405,778.07, a decline from CNY 80,998,837,179.80 in the same period last year[22] - The net cash flow from operating activities was negative at CNY -5,606,203,707.61, compared to CNY -6,603,433,252.95 in the previous year[24] - Cash outflows from investing activities amounted to CNY 5,234,134,202.86, down from CNY 7,335,163,618.73 year-over-year[24] - The net cash flow from financing activities was CNY 6,965,759,107.88, an increase from CNY 2,365,776,699.54 in the same period last year[24] - Cash inflows from investment activities amounted to CNY 2.71 billion in Q3 2024, down from CNY 5.28 billion in Q3 2023, a decrease of 48.7%[31] - The net cash flow from investment activities was CNY 1.19 billion, compared to CNY 1.82 billion in Q3 2023, showing a decline of 34.5%[31] - Cash inflows from financing activities were CNY 2.91 billion in Q3 2024, a decrease from CNY 7.95 billion in Q3 2023, representing a decline of 63.5%[31] - The net cash flow from financing activities was CNY -1.46 billion, compared to CNY -1.05 billion in Q3 2023, indicating a worsening of 39.7%[31] Shareholder Information - The total number of common shareholders at the end of the reporting period is 64,931[8] - The largest shareholder, Sichuan Railway Industry Investment Group, holds 4,548,652,069 shares, accounting for 52.21% of the total shares[8] - The second-largest shareholder, Sichuan Expressway Construction Development Group, holds 935,133,256 shares, representing 10.73%[8] - The controlling shareholder, Shudao Group, plans to increase its stake in the company by investing between 200 million and 400 million RMB within 12 months starting from October 20, 2023[10] - As of the report date, Shudao Group holds 4,954,761,824 shares, which is 56.87% of the total shares[10] - The total shares held by Shudao Group and its concerted actors amount to 6,932,169,419 shares, or 79.56% of the total shares[10] - The company has completed a share buyback plan, acquiring 30,016,886 shares for a total amount of 201,913,002.61 RMB[10] - The top ten shareholders include several state-owned enterprises, indicating a strong government presence in the ownership structure[9] - The report indicates no pledged, marked, or frozen shares among the top shareholders[8] - The company has undergone a strategic restructuring, changing its controlling shareholder from Sichuan Railway Industry Investment Group to Shudao Group[9] Assets and Liabilities - Total assets at the end of the reporting period were CNY 250,709,644,495.80, an increase of 4.07% from the end of the previous year[3] - Total assets reached CNY 250.71 billion, an increase of 4.07% year-on-year[14] - Total liabilities rose to CNY 199.44 billion in Q3 2024, compared to CNY 190.16 billion in Q3 2023, marking an increase of 4.3%[17] - The company's cash and cash equivalents decreased to CNY 8.55 billion in Q3 2024 from CNY 7.97 billion in Q3 2023, indicating a growth of 7.3%[16] - Long-term borrowings increased to CNY 68.99 billion in Q3 2024, up from CNY 60.92 billion in Q3 2023, reflecting a rise of 13.5%[17] - The company's equity decreased to CNY 21.73 billion from CNY 25.75 billion, a decline of approximately 15.6%[27] - The total liabilities increased to CNY 22.85 billion as of September 30, 2024, compared to CNY 19.63 billion at the end of 2023, indicating an increase of about 16.4%[26] Operational Challenges and Strategies - The company faced challenges in project initiation due to land approval processes and geological conditions, impacting revenue and profit margins[6] - The company is actively exploring market opportunities and advancing production operations despite a slowdown in the domestic construction industry[6] - The company secured 303 new projects with a total bid amount of approximately CNY 77.6 billion[14] - The company plans to focus on project management to effectively reduce production costs[14] - The company aims to strengthen market operations and enhance the reserve of quality projects[14] - The company is accelerating the construction of key projects and addressing bottlenecks to ensure timely completion[14] - The mining and new materials sectors are still in the construction or initial operation phase, contributing a small proportion to total revenue[14]

一、监事会会议召开情况 证券代码：600039 证券简称：四川路桥 公告编号：2024-106 （一）本次监事会会议的召开符合《公司法》、公司《章程》的规定。 四川路桥建设集团股份有限公司 第八届监事会第三十五次会议决议的公告 （二）本次监事会于 2024 年 10 月 30 日在公司 9 楼会议室以现场结合通讯 方式召开，会议通知于 2024 年 10 月 20 日以书面、电话的方式发出。 本公司监事会及全体监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。 （三）本次监事会应出席人数 7 人，实际出席人数 7 人，其中监事会主席黄 卫、监事谭德彬、刘胜军、李亚舟以通讯方式参会。 （四）本次监事会由半数以上监事共同推举监事栾黎主持会议，公司部分高 级管理人员列席会议。 二、监事会审议情况 四川路桥建设集团股份有限公司监事会 （一）审议通过了《关于公司<2024 年第三季度报告>的议案》 2024 年 10 月 30 日 根据《证券法》及《上海证券交易所股票上市规则》的有关规定，监事会对 董事会编制的《2024 年第三季度报告》发表审核意见如下： ...