四川路桥：认购合伙企业份额模式参与南广铁路项目进展公告深度解读

要点摘要

• 重大中标：四川路桥建设集团股份有限公司（600039）下属企业成功中标“新建南充至广安铁路站前工程”NGZQSG-02与NGZQSG-05两个标段，总中标金额超过60亿元。
• 关联交易模式：公司下属企业以有限合伙人身份，认购四川蜀路通投资合伙企业（有限合伙）份额，认缴出资总额为64,663.20万元。
• 合伙企业结构：合伙企业总认缴出资为13.84亿元，存续期为7年，普通合伙人为蜀道（四川）股权投资基金有限公司。
• 风险提示：有限合伙人仅以认缴出资额为限承担责任，但存在本金亏损风险；项目施工利润可能不达预期。
• 投资者须知：本次交易主要目的是获得施工份额而非合伙企业投资收益，公司将加强项目成本管控与风险防控，后续将持续信息披露。

详细内容

一、项目及交易背景

2026年2月11日，四川路桥建设集团股份有限公司董事会审议通过了下属企业以认购有限合伙企业份额方式参与新建南充至广安铁路站前工程施工总价承包项目的议案。中标后，下属企业将作为有限合伙人认购四川南广城际铁路有限责任公司指定的四川蜀路通投资合伙企业（有限合伙）份额。本次交易的主要目的为获得项目施工份额，非以获取投资收益为主。

二、项目中标情况

• NGZQSG-02标段：中标金额19.72亿元，工期48个月，主要内容为南充高坪站1号特大桥至市界共19.073公里的站前工程及相关建安工程。
• NGZQSG-05标段：中标金额40.97亿元，工期48个月，主要内容为花园坪隧道出口至骑梁子大桥尾25.848公里的站前工程、广安东存车场及动走线、广安南站改造等相关工程。

三、合伙企业协议主要内容

• 合伙企业名称：四川蜀路通投资合伙企业（有限合伙）
• 注册地址：成都市武侯区一环路南四段19号2号楼2层6号（A101）
• 合伙目的：为目标企业提供投融资支持
• 存续期限：7年，自营业执照签发之日起
• 出资结构：
  • 蜀道（四川）股权投资基金有限公司（普通合伙人）：1万元，占比0.001%
  • 蜀道资本控股集团有限公司（有限合伙人）：7.38亿元，占比53.282%
  • 四川省铁路建设有限公司（有限合伙人）：5.23亿元，占比37.759%
  • 四川公路桥梁建设集团有限公司（有限合伙人）：1.24亿元，占比8.958%
• 收益分配与风险承担：有限合伙人以认缴出资额为限承担有限合伙债务，普通合伙人承担无限连带责任。收益按实缴比例分配。
• 清算顺序：支付清算费用、职工工资、社保、税费、清偿债务，最后按协议分配剩余资产。
• 退出与转让：有限合伙人未经普通合伙人同意不得随意转让份额，发生破产等情况自动退伙，对退伙前债务仍需按取回财产承担责任。
• 违约责任：违约方需承担全部赔偿责任，违约金可从其应分配款项中扣除。

四、对公司的影响及股东关注要点

• 公司以认购合伙企业份额方式获取重大铁路工程施工权，若项目顺利推进，将极大提升公司收入与业绩表现。
• 项目本身涉及总投资额巨大（合计中标金额逾60亿元），对公司未来数年业绩有显著拉动作用，属重大利好。
• 有限合伙结构下，公司承担风险有限，但合伙企业本身仍有本金亏损及项目利润不达预期的风险，需持续关注后续经营与清算情况。
• 公司将加强标前成本测算及项目管控，力争实现预期利润目标，并承诺将持续披露项目进展，保障投资者知情权。

投资者须知与风险提示

• 本项目属于关联交易，且金额较大，涉及多个集团内外合伙方，投资者需密切关注后续项目执行及合伙企业经营情况。
• 如项目进展顺利，将显著提升公司收入与盈利能力，具有强烈的股价催化预期；如发生风险或利润未达预期，亦可能对公司业绩及股价产生负面影响。
• 公司将严格按照上交所相关规定，及时履行信息披露义务。

免责声明

本文基于四川路桥公告内容整理，仅供投资者参考，不构成任何投资建议。投资有风险，入市需谨慎。具体以公司后续公告及正式文件为准。

Sichuan Road & Bridge: In-depth Analysis of Participation in Nanchong-Guang’an Railway Project via Limited Partnership Model

Key Highlights

• Major Contract Win: Sichuan Road & Bridge (600039) subsidiaries have won bids for two sections (NGZQSG-02 and NGZQSG-05) of the Nanchong-Guang’an Railway, with total contract value exceeding RMB 6 billion.
• Related-party Transaction Structure: The subsidiaries will participate as limited partners in Sichuan Shulu Tong Investment Partnership (Limited Partnership), committing capital of RMB 646.63 million.
• Partnership Structure: Total committed capital is RMB 1.384 billion, partnership term is 7 years, and the general partner is Shudao (Sichuan) Equity Investment Fund Co., Ltd.
• Risk Warning: Limited partners bear liability only up to their committed capital, but there is risk of principal loss; project profit may fall short of expectations.
• Investor Notice: The main goal is to secure the construction contract, not to pursue investment returns from the partnership. The company will strengthen project cost control and risk management, and continue timely disclosure.

Detailed Information

1. Project and Transaction Background

On February 11, 2026, the board of Sichuan Road & Bridge approved its subsidiaries’ participation in the Nanchong-Guang’an Railway upfront construction project by subscribing to units in a designated limited partnership. The main objective is to secure a share of the construction project, not for investment income.

2. Project Bidding Results

• NGZQSG-02 Section: Bid amount of RMB 1.97 billion, 48-month construction period, works from Nanchong Gaoping Station’s No.1 Grand Bridge to the city border (19.073km), including all construction and associated works.
• NGZQSG-05 Section: Bid amount of RMB 4.10 billion, 48-month construction period, covers 25.848km of mainline, Guang’an East depot, dynamic lines, Guang’an South station upgrades, and related works.

3. Partnership Agreement Key Terms

• Name: Sichuan Shulu Tong Investment Partnership (Limited Partnership)
• Registered Address: 2/F, No. 19, Section 4, South 1st Ring Rd, Wuhou District, Chengdu
• Partnership Purpose: Provide funding support to the target enterprise
• Term: 7 years from date of business license
• Capital Structure:
  • Shudao (Sichuan) Equity Investment Fund (General Partner): RMB 10,000, 0.001%
  • Shudao Capital Holdings Group (Limited Partner): RMB 737.51 million, 53.282%
  • Sichuan Railway Construction Co. (Limited Partner): RMB 522.64 million, 37.759%
  • Sichuan Highway and Bridge Construction Group (Limited Partner): RMB 124 million, 8.958%
• Income Distribution & Risk Sharing: Limited partners’ liability is capped at their capital commitment; general partner bears unlimited joint liability. Profits distributed according to paid-in capital.
• Liquidation Order: Settlement of liquidation costs, staff wages, social insurance, taxes, debts, then asset distribution as per agreement.
• Transfer & Exit: Limited partners cannot transfer units without general partner’s approval; automatic exit if bankrupt, etc. Liable for debts incurred before withdrawal.
• Breach Responsibility: Breaching parties must fully compensate, damages can be deducted from distributions.

4. Impact on the Company & Shareholder Considerations

• The project secures major construction contracts and, if executed well, will significantly boost company revenue and earnings.
• Total contract value exceeds RMB 6 billion, which is substantial and could drive the company’s financial results for years, a major positive catalyst.
• While risk to the company is limited to its capital commitment, the partnership itself faces project risk and profit uncertainty; investors should monitor ongoing performance and eventual liquidation.
• The company pledges to strengthen cost control and project management, and to provide timely updates to ensure investor transparency.

Investor Warning & Risk Advisory

• This is a significant related-party transaction involving large sums and multiple group entities. Investors should closely monitor project execution and partnership operations.
• If the project progresses well, it could significantly enhance the company’s earnings and share price; failure or profit shortfall could negatively affect performance and valuation.
• The company will comply with Shanghai Stock Exchange rules on timely disclosure.

Disclaimer

This article is for reference only, based on publicly disclosed company announcements. It does not constitute investment advice. Please refer to official company filings and announcements. Investing involves risks; proceed with caution.

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