江苏宁沪高速公路股份有限公司2025年度财务公司关联交易专项说明详解
报告核心要点
- 江苏宁沪高速公路股份有限公司（以下简称“宁沪高速”）与江苏交通控股集团财务有限公司（“江苏交控财务公司”）存在关联交易，主要涉及存款、贷款及其他金融业务。
- 毕马威华振会计师事务所对宁沪高速2025年度财务报表进行了审计，并出具了标准无保留意见审计报告。
- 专项说明及汇总表仅用于年度报告披露目的，未经毕马威书面同意不得用于其他用途。
存款业务详细
| 关联方 |
每日最高存款限额 |
存款利率范围 |
年初余额（万元） |
本年发生额（万元） |
年末余额（万元） |
| 江苏交控财务公司 |
不超过人民币5亿元，且低于本公司经审计营业收入、总资产或市值的5% |
2025年1月1日至5月30日：
– 10万元以内活期存款：0.385%
– 超过10万元部分：1.265%
保证金存款：按挂牌整存整取利率
2025年6月1日至12月31日：
– 10万元以内活期存款：0.285%
– 超过10万元部分：0.765%
保证金存款：按挂牌整存整取利率
|
46,366 |
存入：1,073,288
取出：1,085,239 |
34,415 |
贷款业务详细
| 关联方 |
贷款额度 |
贷款利率范围 |
年初余额（万元） |
本年发生额（万元） |
年末余额（万元） |
| 江苏交控财务公司 |
不低于人民币50亿元的综合无抵押授信额度 |
2.11%-2.80% |
68,878 |
贷款：40,450
还款：45,802 |
63,526 |
其他金融业务
- 委托开立承兑汇票：年初余额27,930万元，本年增加8,730万元，本年减少36,660万元，年末余额为零。
重要董事会决议
- 2022年3月25日：与江苏交控财务公司签订三年《金融服务协议》。
- 2024年3月28日：签订一年期《金融服务协议补充协议》。
- 2025年3月26日：签订新三年期《金融服务协议》。
对股东和投资者的影响及潜在价格敏感事项
- 关联金融交易规模巨大：存款发生额超千万万元，贷款余额维持在较高水平，显示公司与集团财务公司资金往来频繁。资金安全、利息收入及成本变化可能影响公司盈利。
- 贷款利率区间有变化：贷款利率2.11%-2.80%，与市场利率变化相关，若后续利率变化或授信额度调整，可能影响公司财务费用及利润。
- 新金融服务协议签订：2025年起与集团财务公司签订新三年协议，保障资金流动性与金融服务稳定，但也意味着未来三年公司资金管理依赖关联方，需关注集团财务公司风险。
- 承兑汇票业务终止：年末余额为零，表明相关业务已结束，可能对公司短期流动性管理产生影响。
- 未计提未支付利息：贷款余额未包含已计提未支付利息，需关注实际利息支出对公司利润影响。
投资者须知
- 上述交易属于关联交易，需持续关注关联方风险，及其对公司资金安全、流动性及盈利能力的影响。
- 未来三年金融服务协议已签订，若集团财务公司经营出现异常，可能对公司资金管理造成影响，属于价格敏感信息。
免责声明
本新闻仅供参考，不构成投资建议。投资者需结合公司年度报告及公告，理性判断风险。本报告内容基于公开文件，实际情况请以公司公告为准。
Jiangsu Expressway Co., Ltd. 2025 Related Financial Transactions Detailed Analysis
Key Points of the Report
- Jiangsu Expressway Co., Ltd. (“Jiangsu Expressway”) has engaged in related-party financial transactions with Jiangsu Transportation Holdings Group Finance Co., Ltd. (“Jiangsu Traffic Holding Finance Company”), including deposits, loans, and other financial businesses.
- KPMG Huazhen LLP audited Jiangsu Expressway’s 2025 financial statements and issued a standard unqualified opinion.
- The special explanation and summary table are for annual report disclosure purposes only; further use requires written consent from KPMG.
Deposit Business Details
| Related Party |
Maximum Daily Deposit Limit |
Deposit Rate Range |
Beginning Balance (RMB 10,000) |
Annual Transaction Amount (RMB 10,000) |
Ending Balance (RMB 10,000) |
| Jiangsu Traffic Holding Finance Company |
No more than RMB 500 million, and less than 5% of audited revenue, total assets, or market value |
Jan 1 – May 30, 2025:
– Current deposits within RMB 100,000: 0.385%
– Above RMB 100,000: 1.265%
Margin deposits: According to posted term deposit rates
Jun 1 – Dec 31, 2025:
– Within RMB 100,000: 0.285%
– Above RMB 100,000: 0.765%
Margin deposits: According to posted term deposit rates
|
46,366 |
Deposit: 1,073,288
Withdrawal: 1,085,239 |
34,415 |
Loan Business Details
| Related Party |
Loan Limit |
Loan Rate Range |
Beginning Balance (RMB 10,000) |
Annual Transaction Amount (RMB 10,000) |
Ending Balance (RMB 10,000) |
| Jiangsu Traffic Holding Finance Company |
Comprehensive unsecured credit line of at least RMB 5 billion |
2.11%-2.80% |
68,878 |
Loan: 40,450
Repayment: 45,802 |
63,526 |
Other Financial Business
- Entrusted acceptance bills: Beginning balance RMB 279.3 million, increase RMB 87.3 million, decrease RMB 366.6 million, ending balance zero.
Key Board Resolutions
- March 25, 2022: Signed three-year “Financial Services Agreement” with Jiangsu Traffic Holding Finance Company.
- March 28, 2024: Signed one-year “Financial Services Agreement Supplement.”
- March 26, 2025: Signed new three-year “Financial Services Agreement.”
Shareholder Impact & Price Sensitive Information
- Large scale of related financial transactions: Deposit and loan volumes are substantial, indicating frequent and significant fund flows with the group finance company. Changes in interest income/costs could impact earnings.
- Loan rate variations: The loan rate range (2.11%-2.80%) is sensitive to market rate changes. Future adjustments in rates or credit lines could affect financial costs and profits.
- New financial service agreement: From 2025, a new three-year agreement ensures funding and financial service stability, but increases reliance on the group finance company—investors should monitor related party risk.
- Acceptance bill business ended: Ending balance is zero, which may affect short-term liquidity management.
- Unpaid accrued interest not included: Loan balances exclude accrued unpaid interest—actual interest outflow could impact profits.
Investor Advisory
- These are significant related-party transactions. Investors should monitor risks related to the group finance company, as well as impacts on liquidity, profitability, and financial safety.
- The three-year financial services agreement is price-sensitive. Any abnormalities in the group finance company could impact Jiangsu Expressway’s capital management.
Disclaimer
This news is for reference only and does not constitute investment advice. Investors should review the company’s annual report and announcements for accurate information. This report is based on public disclosures; actual circumstances may differ, please refer to company announcements.
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