四川路桥建设集团股份有限公司重大关联交易进展公告深度解读

一、公告要点与交易背景

四川路桥建设集团股份有限公司（证券代码：600039，证券简称：四川路桥）于2026年4月3日发布了关于下属施工企业以认购有限合伙企业份额模式参与新建南充至广安铁路站前工程施工总价承包项目投标的关联交易进展公告。此公告涉及公司通过认购合伙企业份额，参与重大铁路工程项目投标，交易金额高达64,663.20万元。该事项不仅涉及大额资金流动，且与公司未来盈利能力密切相关，对股东和投资者具有重要影响。

二、项目详情与进展

• 项目中标情况：
  • 公司收到南广城际铁路有限责任公司（南广公司）发来的中标通知书，成功中标新建南充至广安铁路站前工程施工总价承包NGZQSG-02和NGZQSG-05标段。
  • NGZQSG-02标段：
    • 中标价：19.7亿元
    • 正线长度：19.073公里，包含南充高坪站1号特大桥桥尾至市界段所有站前工程施工及征地拆迁涉及的建安工程施工
    • 工期：48个月
  • NGZQSG-05标段：
    • 中标价：40.97亿元
    • 正线长度：25.848公里，包含花园坪隧道出口至骑梁子大桥桥尾段、广安东存车场及动走线所有站前工程、广安南站站改同步实施的征地拆迁及建安工程、三电迁改和站后工程施工
    • 工期：48个月
• 合伙企业设立及协议签订：
  • 公司下属四川公路桥梁建设集团有限公司、四川省铁路建设有限公司与其他合伙人共同签订《四川蜀路通投资合伙企业（有限合伙）合伙协议》，认缴合伙企业份额合计约64,663.20万元。
  • 合伙企业总认缴出资额为13.84亿元，主要合伙人包括蜀道资本控股集团、四川省铁路建设有限公司等。公司下属两企业分别认缴约12.4亿元和5.2亿元。
  • 合伙企业存续期为7年，经营范围以自有资金从事投资活动，合伙目的为对目标企业投融资支持。

三、协议要点及风险提示

• 执行事务合伙人：蜀道（四川）股权投资基金有限公司担任普通合伙人及执行事务合伙人，负责合伙事务的日常执行。
• 合伙费用：执行事务合伙人按认缴出资总额的1%收取年度执行报酬，可部分或全部免除。
• 收益分配与亏损：
  • 有限合伙人以认缴出资额为限承担责任，普通合伙人承担无限连带责任。
  • 现金收入扣除合伙费用后，按实缴比例分配。
  • 违约金等收入在清算时由全体合伙人（除违约者）按比例分配。
• 退出与转让：有限合伙人未经普通合伙人同意不得转让份额，发生法定情形自动退伙。
• 清算：合伙到期或解散时，按清算费用、职工工资、税款、债务及收入分配顺序清偿。普通合伙人承担无限连带清偿责任。
• 风险提示：
  • 本项目合伙企业存续期7年，有限合伙人承担认缴出资额范围内责任，但本金仍有亏损风险。
  • 项目施工利润存在不达预期风险，公司将加强成本测算和项目管控以达预期利润。

四、对公司与股东影响

重大影响：本公告涉及四川路桥以认购合伙企业份额方式取得铁路重大工程项目，涉及金额巨大（64,663.20万元认缴，整体合伙企业认缴13.84亿元），项目中标价合计超60亿元，且工程周期长达48个月。此举不仅为公司带来长期工程收入，同时关联投资风险与利润实现情况，对公司未来业绩和股东权益影响重大。若项目利润未达预期或投资出现亏损，将直接影响公司盈利水平与股价表现，属于高度敏感事项。

五、后续信息披露与投资者建议

四川路桥表示将严格按照《上海证券交易所股票上市规则》等相关法规要求，及时履行信息披露义务。投资者应关注后续进展，理性投资，注意相关风险。

六、结论与投资者须知

• 本次公告为四川路桥取得重大铁路项目落实的关联交易进展，涉及巨额资金与工程收入，同时伴随投资风险。
• 项目利润实现及投资回收情况是影响公司业绩和股价的关键变量，建议投资者持续关注。
• 公告内容具有价格敏感性，可能影响公司股价。

免责声明

本文章仅为信息解读，不构成任何投资建议。投资者应根据自身风险承受能力，结合公告详细内容及公司后续信息披露，做出理性决策。公司及本平台不对因投资行为造成的任何损失负责。

English Version

In-depth Analysis: Sichuan Road & Bridge Co., Ltd. Major Related-Party Transaction Progress Announcement

1. Key Points and Transaction Background

Sichuan Road & Bridge Co., Ltd. (Stock Code: 600039, Stock Name: Sichuan Road & Bridge) released a progress announcement on April 3, 2026, regarding its subsidiary’s participation in the Nanchong-Guang’an Railway construction project by subscribing to shares in a limited partnership enterprise. The transaction involves a substantial investment of RMB 646.63 million. This matter concerns significant cash flow and closely relates to future profitability, making it highly impactful for shareholders and investors.

2. Project Details and Progress

• Winning the Bid:
  • The company received a winning bid notice from Nanguang Intercity Railway Co., confirming its success in securing two sections: NGZQSG-02 and NGZQSG-05, of the Nanchong-Guang’an Railway project.
  • NGZQSG-02 Section:
    • Winning Bid: RMB 1.97 billion
    • Main Line Length: 19.073 km, including all construction and land acquisition for the Nanchong Gaoping Station No.1 Grand Bridge to city border
    • Construction Period: 48 months
  • NGZQSG-05 Section:
    • Winning Bid: RMB 4.10 billion
    • Main Line Length: 25.848 km, including Huayuanping Tunnel exit to Qiliangzi Bridge tail, Guang’an East storage yard, all pre-station projects, station renovation, land acquisition, and post-station projects
    • Construction Period: 48 months
• Partnership Establishment and Agreement:
  • Subsidiaries Sichuan Highway Bridge Construction Group Co. and Sichuan Railway Construction Co. signed the partnership agreement with other partners, subscribing a total of about RMB 646.63 million in partnership shares.
  • The total capital commitment is RMB 1.38 billion, with major partners including Shudao Capital Holding Group and Sichuan Railway Construction Co. Subsidiaries subscribed RMB 1.24 billion and RMB 520 million respectively.
  • The partnership has a 7-year duration, focusing on investment activities to support target enterprises.

3. Agreement Details and Risk Warning

• General Partner: Shudao (Sichuan) Equity Investment Fund Co. is the general partner and executive, responsible for daily management.
• Fees: Executive partner receives 1% of total committed capital annually, which may be partially or fully waived.
• Profit Distribution and Losses:
  • Limited partners are liable up to their committed capital; general partner bears unlimited joint liability.
  • Cash income, after deducting partnership expenses, is distributed according to paid-in ratio.
  • Penalty income is distributed among partners (except the violator) during liquidation.
• Exit and Transfer: Limited partners cannot transfer shares without prior consent; automatic exit applies under legal circumstances.
• Liquidation: Upon maturity or dissolution, assets are settled in order: liquidation expenses, employee salary, taxes, debts, and income distribution. General partner bears unlimited joint liability for debts.
• Risk Warning:
  • Partnership lasts 7 years; limited partners are liable up to their capital commitment, but principal loss risk remains.
  • Project profit may not meet expectations. The company will strengthen cost estimation and project control for profitability.

4. Impact on Company and Shareholders

Major Impact: This announcement covers Sichuan Road & Bridge’s acquisition of a major railway project via partnership share subscription, involving a huge amount (RMB 646.63 million subscribed, RMB 1.38 billion total partnership commitment, winning bids over RMB 6 billion). The move brings long-term revenue and relevant investment risk, directly impacting future earnings and shareholder interests. If project profit is below expectation or losses occur, the company’s performance and stock price will be affected—this is a highly price-sensitive matter.

5. Subsequent Disclosure and Investor Advice

The company will comply with Shanghai Stock Exchange rules and timely disclose progress. Investors are advised to follow up, invest rationally, and pay attention to related risks.

6. Conclusion and Investor Notes

• This announcement marks Sichuan Road & Bridge’s progress in securing major railway projects, involving huge capital and revenue, with associated risks.
• Project profit realization and investment recovery are key variables for company performance and share price. Investors should monitor closely.
• The content is price-sensitive and may impact the stock price.

Disclaimer

This article is for information interpretation only and does not constitute any investment advice. Investors should assess their risk tolerance, review all details and subsequent disclosures, and make rational decisions. The company and this platform are not responsible for any investment losses.

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