Core Viewpoint - The company, Chengjian Design (01599), reported a decline in both revenue and net profit for the first half of 2025, primarily due to a decrease in the number of engineering construction projects initiated [1] Financial Performance - The company achieved a revenue of RMB 3.586 billion, representing a year-on-year decrease of 14.19% [1] - The net profit for the period was RMB 239 million, reflecting a year-on-year decline of 35.58% [1] - Basic earnings per share were reported at RMB 0.18 [1] Operational Insights - The decrease in revenue is attributed to a reduction in the commencement of engineering construction projects [1]

[Definitions](index=3&type=section&id=%E9%87%8B%E7%BE%A9) This section defines key terms used throughout the report, including the reporting period, the Company, and the Group - The reporting period refers to the six months ended June 30, 2025[8](index=8&type=chunk) - The Company refers to Beijing Urban Construction Design & Development Group Co., Limited[7](index=7&type=chunk) - The Group or 'we' refers to the Company and its subsidiaries[7](index=7&type=chunk) [Company Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides fundamental details about the Company, including its official names, listing venue, registered address, and auditor Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 北京城建設計發展集團股份有限公司 | | English Name | Beijing Urban Construction Design & Development Group Co., Limited | | H-share Listing Venue | The Stock Exchange of Hong Kong Limited | | Stock Code | 1599 | | Registered Address | No. 5 Fuchengmen North Street, Xicheng District, Beijing, China | | Legal Representative | Mr. Pei Hongwei | | Website | www.bjucd.com | | Auditor | Da Hua Certified Public Accountants (Special General Partnership) | [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Overview](index=6&type=section&id=%E6%A6%82%E8%BF%B0) In H1 2025, the Company's revenue and net profit declined, primarily due to a slowdown in urban rail transit construction investment, prompting active marketing and efficiency initiatives H1 2025 Operating Performance Summary | Indicator | H1 2025 (thousand yuan) | H1 2024 (thousand yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,586,319 | 4,178,988 | -14.19% | | Net Profit | 239,389 | 370,785 | -35.58% | - The urban rail transit construction industry continues to slow, prompting the Company to strengthen full-产业链 collaborative marketing around 10 national marketing centers, solidify its development foundation, and diligently promote quality and efficiency improvements[10](index=10&type=chunk) [Revenue](index=7&type=section&id=%E6%94%B6%E5%85%A5) The Group's H1 2025 revenue was **3.586 billion yuan**, a 14.19% YoY decrease, mainly due to fewer new engineering construction projects, with significant reductions in engineering contracting revenue [Revenue by Business Segment](index=7&type=section&id=%E5%90%84%E6%A5%AD%E5%8B%99%E6%9D%BF%E5%A1%8A%E6%94%B6%E5%85%A5) The Group's revenue primarily stems from design, survey, and consulting services and engineering contracting, with H1 2025 revenues of **1.993 billion yuan** and **1.593 billion yuan**, respectively Revenue by Business Segment (thousand yuan) | Product Area | 2025 | 2024 | | :--- | :--- | :--- | | Design, Survey, and Consulting Services | 1,993,527 | 2,017,527 | | Engineering Contracting Services | 1,592,792 | 2,161,461 | | Total | 3,586,319 | 4,178,988 | [Design, Survey, and Consulting Business Segment](index=7&type=section&id=%E8%A8%AD%E8%A8%88%E3%80%81%E5%8B%98%E5%AF%9F%E5%8F%8A%E8%AB%AE%E8%A9%A2%E6%A5%AD%E5%8B%99%E6%9D%BF%E5%A1%8A) The design, survey, and consulting business, a core segment, generated **1.993 billion yuan** in H1 2025, a 1.24% YoY decrease, with urban rail transit engineering revenue down 7.18% but industrial, civil, and municipal engineering revenue up 17.07% Design, Survey, and Consulting Business Segment Revenue (thousand yuan) | Business Type | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Design, Survey, and Consulting Segment Revenue | 1,993,527 | 2,017,527 | -1.24% | | Urban Rail Transit Engineering Segment Revenue | 1,410,000 | 1,519,000 | -7.18% | | Industrial and Civil Building and Municipal Engineering Segment Revenue | 583,000 | 498,000 | +17.07% | - In the rail transit sector, the Company won bids for key projects such as Chengdu Line 27 Phase II and Xiamen-Zhangzhou-Quanzhou Intercity Railway (Xiamen Section), and undertook network planning tasks for multiple cities[14](index=14&type=chunk) - Actively cultivating new businesses, expanding into emerging areas such as intelligent computing, photovoltaics, autonomous driving, water environment governance, urban renewal, and urban lifeline systems[14](index=14&type=chunk) [Engineering Contracting Business Segment](index=8&type=section&id=%E5%B7%A5%E7%A8%8B%E6%89%BF%E5%8C%85%E6%A5%AD%E5%8B%99%E6%9D%BF%E5%A1%8A) The engineering contracting business segment's H1 2025 revenue significantly decreased by **26.28%** to **1.593 billion yuan**, primarily due to fewer new construction projects, with successful bids concentrated in major cities like Beijing, Guangzhou, and Chongqing Engineering Contracting Business Segment Revenue (thousand yuan) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Engineering Contracting Business Segment Revenue | 1,593,000 | 2,161,000 | -26.28% | - Won bids for Beijing R4 Line Phase I North Section, Hanyuan County Municipal Road Renovation Project in Sichuan Province, and Qingdao Metro Depot Photovoltaic EPC Project[15](index=15&type=chunk) - Ongoing engineering contracting projects are primarily concentrated in cities such as Beijing, Guangzhou, Chongqing, Urumqi, Nanjing, and Qingdao[15](index=15&type=chunk) [Operating Costs](index=8&type=section&id=%E7%87%9F%E6%A5%AD%E6%88%90%E6%9C%AC) The Group's H1 2025 operating costs were **2.893 billion yuan**, a 14.00% YoY decrease, reflecting cost reduction and efficiency gains, with design, survey, and consulting costs slightly up and engineering contracting costs down 24.36% Operating Costs (thousand yuan) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Costs | 2,893,377 | 3,363,630 | -14.00% | | Design, Survey, and Consulting Segment Operating Costs | 1,418,000 | 1,413,000 | +0.35% | | Engineering Contracting Segment Operating Costs | 1,475,000 | 1,950,000 | -24.36% | - The Company achieved certain results in cost reduction and efficiency improvement by reasonably determining budget expenditure scale and strictly controlling non-essential and non-urgent expenses[16](index=16&type=chunk) [Gross Profit and Gross Margin](index=8&type=section&id=%E6%AF%9B%E5%88%A9%E5%92%8C%E6%AF%9B%E5%88%A9%E7%8E%87) The Group's H1 2025 gross profit was **693 million yuan**, a 14.97% YoY decrease, with the overall gross margin slightly down to **19.32%**, and both design, survey, and consulting and engineering contracting segments experiencing margin declines Gross Profit and Gross Margin (thousand yuan) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Gross Profit | 692,942 | 815,358 | -14.97% | | Overall Gross Margin | 19.32% | 19.51% | -0.19% | | Design, Survey, and Consulting Segment Gross Profit | 575,000 | 604,000 | -4.80% | | Design, Survey, and Consulting Segment Gross Margin | 28.86% | 29.95% | -1.09% | | Engineering Contracting Segment Gross Profit | 118,000 | 211,000 | -44.08% | | Engineering Contracting Segment Gross Margin | 7.38% | 9.77% | -2.39% | - The decrease in gross margin for the design, survey, and consulting segment was primarily due to a reduced proportion of higher-margin rail transit business[17](index=17&type=chunk) [Selling Expenses](index=9&type=section&id=%E9%8A%B7%E5%94%AE%E8%B2%BB%E7%94%A8) H1 2025 selling expenses were **26.75 million yuan**, a 6.73% YoY decrease, attributed to strengthened collaborative development, integrated sales resources, and rational expenditure control Selling Expenses (million yuan) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Selling Expenses | 26.75 | 28.68 | -6.73% | - The decrease in selling expenses was mainly due to the Group's strengthened collaborative development, integrated sales resources, and rational expenditure control[18](index=18&type=chunk) [Administrative Expenses](index=9&type=section&id=%E7%AE%A1%E7%90%86%E8%B2%BB%E7%94%A8) H1 2025 administrative expenses were **223.21 million yuan**, a 2.01% YoY decrease, primarily due to the Company's enhanced budget management and strict control over non-operating expenditures Administrative Expenses (million yuan) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 223.21 | 227.80 | -2.01% | - The decrease in administrative expenses was mainly due to the Group's strengthened budget management and strict control over non-operating expenditures[19](index=19&type=chunk) [Research and Development Expenses](index=9&type=section&id=%E7%A0%94%E7%99%BC%E8%B2%BB%E7%94%A8) H1 2025 R&D expenses were **141.90 million yuan**, a 3.89% YoY decrease, primarily due to the Company's integration of internal R&D resources and improved resource utilization efficiency Research and Development Expenses (million yuan) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | R&D Expenses | 141.90 | 147.64 | -3.89% | - The decrease in R&D expenses was mainly due to the Group's integration of internal R&D resources and improved resource utilization efficiency[20](index=20&type=chunk) [Financial Expenses](index=9&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) H1 2025 financial expenses were **-55.30 million yuan**, an 8.26% YoY decrease, primarily due to lower borrowing interest rates and reduced interest expenses Financial Expenses (million yuan) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Financial Expenses | -55.30 | -51.08 | -8.26% | | Interest Expense | 119.79 | 141.44 | -15.24% | | Interest Income | 180.98 | 197.66 | -8.44% | - The decrease in financial expenses was mainly due to lower borrowing interest rates, leading to reduced interest expenses[21](index=21&type=chunk) [Investment Income](index=9&type=section&id=%E6%8A%95%E8%B3%87%E6%94%B6%E7%9B%8A) H1 2025 investment income was **44.27 million yuan**, a 37.95% YoY decrease, primarily due to reduced net profit from joint ventures and associates Investment Income (million yuan) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Investment Income | 44.27 | 71.35 | -37.95% | - The decrease in investment income was mainly due to reduced net profit from joint ventures and associates[22](index=22&type=chunk) [Credit Impairment Losses](index=9&type=section&id=%E4%BF%A1%E7%94%A8%E6%B8%9B%E5%80%BC%E6%90%8D%E5%A4%B1) H1 2025 credit impairment losses were **18.32 million yuan**, a 62.19% YoY decrease, primarily due to intensified collection efforts and recovery of some long-aged accounts receivable Credit Impairment Losses (million yuan) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Credit Impairment Losses | 18.32 | 48.45 | -62.19% | - The decrease in credit impairment losses was mainly due to intensified collection efforts and the recovery of some long-aged accounts receivable[23](index=23&type=chunk) [Asset Impairment Losses](index=9&type=section&id=%E8%B3%87%E7%94%A2%E6%B8%9B%E5%80%BC%E6%90%8D%E5%A4%B1) H1 2025 asset impairment losses increased by **44.55%** to **75.83 million yuan**, primarily due to an increase in long-aged contract assets and the corresponding impairment provisions Asset Impairment Losses (million yuan) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Asset Impairment Losses | 75.83 | 52.46 | +44.55% | - The increase in asset impairment losses was mainly due to an increase in long-aged contract assets, leading to impairment provisions[24](index=24&type=chunk) [Income Tax Expense](index=10&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E8%B2%BB%E7%94%A8) H1 2025 income tax expense was **52.44 million yuan**, a 13.08% YoY decrease, primarily due to a reduction in current income tax expense Income Tax Expense (million yuan) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Income Tax Expense | 52.44 | 60.33 | -13.08% | - The decrease in income tax expense was mainly due to a reduction in current income tax expense[25](index=25&type=chunk) [Net Profit](index=10&type=section&id=%E6%B7%A8%E5%88%A9%E6%BD%A4) In H1 2025, the Group's net profit was **239 million yuan**, representing a 35.58% year-on-year decrease Net Profit (billion yuan) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Profit | 0.239 | 0.371 | -35.58% | [Cash Flow](index=10&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F) In H1 2025, the Group reported net cash outflows of **1.04 billion yuan** from operating activities, **24 million yuan** from investing activities, and **124 million yuan** from financing activities, resulting in a net decrease of **1.188 billion yuan** in cash and cash equivalents Cash Flow (thousand yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Outflow from Operating Activities | (1,039,803) | (721,076) | | Net Cash Outflow from Investing Activities | (24,416) | (87,615) | | Net Cash Outflow from Financing Activities | (123,581) | (263,928) | | Net Decrease in Cash and Cash Equivalents | (1,187,800) | (1,072,619) | - The increase in net cash outflow from operating activities was mainly due to operating cash receipts being less than operating cash payments during the period[27](index=27&type=chunk) - The decrease in net cash outflow from financing activities was mainly due to a net increase of **29 million yuan** in the Company's short-term bank borrowings and interest expenses of approximately **101 million yuan** repaid during the year[27](index=27&type=chunk) [Asset Pledges](index=10&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC%E6%83%85%E6%B3%81) As of June 30, 2025, the Group's contract assets, accounts receivable, and intangible assets were pledged as collateral for bank loans, with a net value of **6,321 million yuan** Net Pledged Assets (million yuan) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Pledged Receivables and Intangible Assets | 6,321 | 6,224 | - Pledged assets include contract assets, accounts receivable, and intangible assets, used as collateral for bank loans[28](index=28&type=chunk) [Contingent Liabilities](index=10&type=section&id=%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no other significant contingent liabilities - As of June 30, 2025, the Group had no other significant contingent liabilities[29](index=29&type=chunk) [Capital Commitments](index=11&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94%E6%83%85%E6%B3%81) As of June 30, 2025, the Group's contracted but unprovided capital commitments, primarily for property, plant, and equipment and equity investments, totaled approximately **1.239 billion yuan** Capital Commitments (thousand yuan) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property, Plant, and Equipment | 146,998 | 150,149 | | Equity Investments | 1,092,871 | 1,083,871 | | Total | 1,239,869 | 1,234,020 | [Capital Structure and Financial Resources](index=11&type=section&id=%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B%E8%88%87%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group's equity capital consists mainly of domestic and H shares, while debt capital primarily comprises bank and other borrowings; as of June 30, 2025, net current assets were **2.424 billion yuan**, cash and cash equivalents were **1.855 billion yuan**, and the asset-liability ratio was **82.99%** Capital Structure and Financial Resources Overview | Indicator | June 30, 2025 (yuan) | | :--- | :--- | | Net Current Assets | 2,424 million yuan | | Cash and Cash Equivalents | 1,855 million yuan | | Interest-bearing Borrowings | 6.658 billion yuan | | Asset-Liability Ratio | 82.99% | - The Group maintains a healthy liquidity position with diverse financing options and channels, including available bank financing, to meet its operational needs[31](index=31&type=chunk) [Debt Situation](index=12&type=section&id=%E5%82%B5%E5%8B%99%E6%83%85%E6%B3%81) As of June 30, 2025, the Group's total borrowings amounted to **6.658 billion yuan**, with pledged bank loans constituting the largest portion, and long-term debt maturing in over five years representing the highest proportion of total debt maturities Total Borrowings (thousand yuan) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank Borrowings (Pledged) | 4,674,212 | 4,757,366 | | Bank Borrowings (Unpledged and Unsecured) | 542,602 | 429,529 | | Other Borrowings (Unpledged and Unsecured) | 1,176,699 | 1,164,314 | | Lease Liabilities (Unpledged and Unsecured) | 264,216 | 267,628 | | Total | 6,657,729 | 6,618,837 | Debt Maturity Profile (thousand yuan) | Maturity Date | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within One Year | 1,731,843 | 1,599,023 | | Second Year | 385,909 | 450,593 | | Third to Fifth Year | 1,199,502 | 2,464,499 | | Over Five Years | 3,340,475 | 2,104,722 | | Total | 6,657,729 | 6,618,837 | - Borrowings are denominated in RMB, with interest rates ranging from **1.81% to 4.90%**[33](index=33&type=chunk) [Significant Investments](index=13&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) The Group made a significant investment of **2.098 billion yuan** in Yunnan Jingjian Rail Transit Investment and Construction Co., Ltd., representing **8.9%** of total assets, to enhance profitability, expand market reach, and integrate the industrial chain Significant Investment Details | Company Name | Main Business | Equity Held (%) | Investment Cost (thousand yuan) | Current Period Investment Income (thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Yunnan Jingjian Rail Transit Investment and Construction Co., Ltd. | Construction management, operation, and related development of Kunming Rail Transit Line 4 | 78.28% | 1,634,327 | 36,545 | - Investing in Yunnan Jingjian Rail Transit Investment and Construction Co., Ltd. is beneficial for enhancing the Company's profitability, market expansion, and industrial chain integration[35](index=35&type=chunk) [Exchange Rate Risk](index=13&type=section&id=%E5%BD%99%E7%8E%87%E9%A2%A8%E9%9A%AA) The Group primarily operates in China, with most transactions settled in RMB, resulting in minimal exchange rate risk related to USD and HKD, which is not expected to have a material adverse effect on its financials - The Group primarily conducts its business in China, with most transactions settled in RMB[36](index=36&type=chunk) - Assets, liabilities, and operating transactions involving exchange rate risk are mainly related to USD and HKD[36](index=36&type=chunk) - The Directors believe that the Group's exchange rate risk is not significant and will not have a material adverse effect on the Group's financial position[36](index=36&type=chunk) [Bidding Performance](index=14&type=section&id=%E4%B8%AD%E6%A8%99%E6%83%85%E6%B3%81) As of June 30, 2025, the Company secured bids totaling **2.541 billion yuan**, with **1.367 billion yuan** from design, survey, and consulting services and **1.174 billion yuan** from engineering contracting services Bidding Performance (billion yuan) | Business Type | Bid Amount | | :--- | :--- | | Design, Survey, and Consulting | 1.367 | | Engineering, Procurement, and Construction | 1.174 | | Total | 2.541 | - Design, survey, and consulting projects are primarily located in Beijing, Nanjing, Xiamen, Chengdu, Qingdao, Zhengzhou, and other regions[37](index=37&type=chunk) - Engineering, procurement, and construction projects are primarily located in Beijing, Lhasa, Qingdao, and other regions[37](index=37&type=chunk) [Employees](index=14&type=section&id=%E5%83%B1%E5%93%A1) As of June 30, 2025, the Group had approximately **4,629 employees**, a 6% decrease from the previous year, while the proportion of senior-titled employees increased by 3% to **44%** Employee Structure | Indicator | June 30, 2025 | | :--- | :--- | | Total Employees | 4,629 | | Senior Title Holders | 44% | | Intermediate Title Holders | 37% | | Junior Title Holders and Below | 19% | - The number of employees decreased by **6%** compared to the end of the same period last year[38](index=38&type=chunk) - The proportion of senior-titled employees increased by **3%**[38](index=38&type=chunk) [Events After the Reporting Period](index=14&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8%E6%97%A5%E5%BE%8C%E4%BA%8B%E9%A0%85) The Group had no significant events after the reporting period - The Group had no significant events after the reporting period[39](index=39&type=chunk) [Profit Distribution and Dividends](index=14&type=section&id=%E5%88%A9%E6%BD%A4%E5%88%86%E9%85%8D%E5%8F%8A%E8%82%A1%E6%81%AF) The Group currently does not plan to distribute interim profits or pay interim dividends - The Group currently does not plan to distribute interim profits or pay interim dividends[40](index=40&type=chunk) [Company Management Measures for H2 2025](index=14&type=section&id=2025%E5%B9%B4%E4%B8%8B%E5%8D%8A%E5%B9%B4%E5%85%AC%E5%8F%B8%E7%AE%A1%E7%90%86%E6%8E%AA%E6%96%BD) In H2 2025, the Company will continue to focus on "market expansion, reform and innovation, and quality and efficiency improvement" to stabilize the design and consulting market, promote scaled development of engineering contracting, accelerate breakthroughs in new businesses, and strengthen enterprise management to improve cash flow and profitability [Stabilize Design and Consulting Market Scale](index=15&type=section&id=%E7%A9%A9%E4%BD%8F%E8%A8%AD%E8%A8%88%E8%AB%AE%E8%A9%A2%E5%B8%82%E5%A0%B4%E8%A6%8F%E6%A8%A1) The Company will leverage its network of ten marketing centers to closely monitor urban rail transit construction plans, expand into new areas like existing line renovation, urban renewal, and new energy development, and deepen its focus on high-end consulting and differentiated development in civil and municipal engineering - Rely on the network of ten marketing centers and full-产业链 collaborative efforts to closely monitor the progress of urban rail transit construction planning approvals in various regions[42](index=42&type=chunk) - Expand into new businesses such as existing line renovation, urban renewal, new energy development, digital intelligence, and urban lifeline systems[42](index=42&type=chunk) - Deepen efforts in segmented markets like evaluation and review, cost consulting, passenger flow enhancement consulting, and whole-process consulting, while pursuing differentiated and specialized development in civil and municipal engineering businesses[42](index=42&type=chunk) [Promote Scaled Development of Engineering Contracting](index=15&type=section&id=%E6%8E%A8%E5%8B%95%E5%B7%A5%E7%A8%8B%E7%B8%BD%E6%89%BF%E5%8C%85%E8%A6%8F%E6%A8%A1%E5%8C%96%E7%99%BC%E5%B1%95) The Company will focus on project management, strengthen production factor guarantees, ensure high-quality execution of ongoing projects, closely track key urban rail transit projects, and enhance collaborative marketing for EPC business to secure more project implementations - Focus on project management, strengthen production factor guarantees, and ensure high-quality execution of ongoing projects[43](index=43&type=chunk) - Closely follow urban rail transit projects in cities such as Beijing, Xuzhou, Guangzhou, Shenzhen, and Xi'an, and strive to achieve annual marketing targets[43](index=43&type=chunk) - Strengthen collaborative marketing for EPC business to facilitate the implementation of more projects, making it a new pillar for the Company's scaled development[43](index=43&type=chunk) [Accelerate Breakthrough in New Businesses, Fully Cultivate New Business Development](index=15&type=section&id=%E5%8A%A0%E9%80%9F%E6%96%B0%E6%A5%AD%E5%8B%99%E7%A0%B4%E5%B1%80%EF%BC%8C%E5%85%A8%E5%8A%9B%E5%9F%B9%E8%82%B2%E7%99%BC%E5%B1%95%E6%96%B0%E6%A5%AD%E5%8B%99) The Company will accelerate the market function of technological industrialization, build a complete business development chain from "product to market to delivery," facilitate the application of existing products, and specifically target industrialization platforms such as existing line renovation, urban renewal, green and low-carbon initiatives, urban lifeline systems, and the low-altitude economy - Accelerate the market function of technological industrialization, building a complete business development chain from "product end, market end, to delivery end"[44](index=44&type=chunk) - Seize industrialization opportunities in existing line renovation, urban renewal, green and low-carbon initiatives, urban lifeline systems, and the low-altitude economy[44](index=44&type=chunk) - Drive the implementation of products such as energy storage, photovoltaic sound barriers, urban simulation platforms, intelligent hazard identification models, and industrialized interior decoration[44](index=44&type=chunk) [Focus on Strengthening Enterprise Management](index=16&type=section&id=%E8%81%9A%E7%84%A6%E7%AE%A1%E7%90%86%E5%BC%B7%E4%BC%81) The Company will continuously improve cash flow, strengthen collection efforts, reduce the outstanding balance of "two funds" (receivables and inventories), and enhance overall profitability through refined management, cost reduction, efficiency improvement, and informatization, thereby establishing a positive image in the capital market - Continuously improve cash flow, firmly anchor collection targets, strengthen collection scheduling, enforce responsibility for arrears, and fully ensure the security of the capital chain[45](index=45&type=chunk) - Focus on reducing the scale of completed but unsettled projects, intensify efforts in project confirmation and settlement, promote key project settlements within the year, and achieve continuous reduction in the outstanding balance of "two funds"[45](index=45&type=chunk) - Implement refined management, reduce costs and increase efficiency, and enhance informatization to comprehensively improve profitability; ensure proper information disclosure and establish a positive image in the capital market[45](index=45&type=chunk) [Market Environment and Business Outlook](index=16&type=section&id=%E5%B8%82%E5%A0%B4%E7%92%B0%E5%A2%83%E5%8F%8A%E6%A5%AD%E5%8B%99%E5%89%8D%E6%99%AF) National policies continue to support data infrastructure, rural revitalization, urban renewal, sports industry, and integrated development of transportation and energy, offering broad prospects for the Company's business, while the urban rail transit industry transitions from high-speed growth to high-quality development, presenting opportunities and challenges for intelligent and green transformation across various engineering fields [Urban Rail Transit](index=17&type=section&id=%E5%9F%8E%E5%B8%82%E8%BB%8C%E9%81%93%E4%BA%A4%E9%80%9A) As of June 30, 2025, mainland China had **58 cities** operating **12,381.48 kilometers** of urban rail transit lines, with **220.70 kilometers** added in H1, as the industry shifts from rapid expansion to high-quality development, emphasizing technological innovation, standard system construction, and operational efficiency Urban Rail Transit Operations in Mainland China | Indicator | June 30, 2025 | | :--- | :--- | | Number of Operating Cities | 58 | | Total Length of Operating Lines | 12,381.48 kilometers | | New Operating Lines in H1 | 220.70 kilometers | - The Ministry of Transport revised the "Administrative Measures for Urban Rail Transit Operation Organization" and "Administrative Measures for Urban Rail Transit Passenger Organization and Service," improving institutional norms[48](index=48&type=chunk) - The industry faces multiple challenges and opportunities, including existing asset optimization, intelligent transformation, green and low-carbon development, regional integration, and internationalization[48](index=48&type=chunk) [Collaborative Innovation in Rail Transit Construction](index=18&type=section&id=%E8%BB%8C%E9%81%93%E4%BA%A4%E9%80%9A%E5%8D%94%E5%90%8C%E5%89%B5%E6%96%B0%E5%BB%BA%E8%A8%AD) The Company continues to drive technological innovation in rail transit, with multiple projects receiving national science and technology awards and undertaking major research initiatives, focusing on future innovations in high-quality underground infrastructure construction, pipeline renewal, lifeline monitoring, and vehicle-road-cloud integration - The Company's projects, such as "Key Technologies and Applications for Efficient Operation and Control of Ultra-large-scale Metro Networks," received special, first, and second prizes in the 2024 China Transportation Association Science and Technology Progress Awards[49](index=49&type=chunk) - Undertakes major research projects including the Ministry of Science and Technology's Xiong'an Innovation Special Program, the Ministry of Housing and Urban-Rural Development's scientific research special program, and provincial science and technology special programs[49](index=49&type=chunk) - Future innovations will focus on high-quality underground infrastructure construction, underground pipeline renewal, lifeline monitoring, and vehicle-road-cloud integration[49](index=49&type=chunk) [Surveying and Mapping](index=18&type=section&id=%E5%8B%98%E5%AF%9F%E6%B8%AC%E9%87%8F) The surveying and mapping industry is experiencing accelerated technological updates, with increasing adoption of high-precision equipment and software, and is transitioning towards intelligent and digital transformation, relying on drone aerial photography, 3D laser scanning, BIM, and integrating cloud platforms and big data analytics to provide comprehensive solutions - The pace of technological updates for high-precision surveying equipment and software is accelerating, with some enterprises focusing on the R&D and production service system construction of high-precision surveying and mapping equipment[50](index=50&type=chunk) - Future surveying and mapping technology will rapidly transform towards smart platforms, surveying big data, "one city map," and other new surveying services[51](index=51&type=chunk) - The surveying and mapping industry will increasingly rely on intelligent and digital technologies, as well as the application of drone aerial photography, 3D laser scanning, and BIM technologies[51](index=51&type=chunk) [Investment and Construction](index=19&type=section&id=%E6%8A%95%E8%B3%87%E5%BB%BA%E8%A8%AD) The nation is deepening efforts to resolve local government debt risks and strictly control new hidden debts, while expanding social capital participation in key projects; the standardized upgrade of the concession model and continued advancement of "three major projects" (affordable housing, urban village renovation, and metropolitan rail transit) present core opportunities for investment and construction businesses - The Standing Committee of the National People's Congress approved an increase of **6 trillion yuan** in local government debt limits to replace existing hidden debts, and clarified that **800 billion yuan** in special bonds will be allocated annually from 2024-2028 for debt resolution[52](index=52&type=chunk) - The concession model is undergoing standardized upgrades, encouraging integrated "investment + operation" models for cultural tourism and smart transportation projects[52](index=52&type=chunk) - The "three major projects" continue to advance, including affordable housing, urban village and underground pipeline renovation, and accelerated metropolitan rail transit development[53](index=53&type=chunk) [Planning and Design](index=20&type=section&id=%E8%A6%8F%E5%8A%83%E8%A8%AD%E8%A8%88) Urban renewal, national spatial planning, refined control planning, low-carbon intelligence, and regional coordination have become core directions for urban planning development, with the market continuously expanding and diversifying, transitioning from traditional models to intelligent and green approaches - Urban renewal, national spatial planning, refined control planning, low-carbon intelligence, and regional coordination have become the core directions for urban planning development[55](index=55&type=chunk) - Funding support is expanding, demonstration cities are increasing, emphasizing social capital participation; "multi-plan integration" is strengthened to optimize land use and improve living quality[55](index=55&type=chunk) - China's urban planning industry is undergoing a critical transition from traditional models to intelligent and green approaches, with continuous market expansion and diversified competition[55](index=55&type=chunk) [Architectural Design](index=20&type=section&id=%E5%BB%BA%E7%AF%筑%E8%A8%AD%E8%A8%88) The nation continues to advance urban renewal, emphasizing infrastructure construction and renovation, including old residential areas, urban villages, and infrastructure projects; while real estate development investment and construction area have declined YoY, government signals are positive, with policies expected to accelerate in H2 to stabilize the real estate market - The Ministry of Housing and Urban-Rural Development emphasized the need to solidly advance urban renewal work, implementing projects that benefit people's livelihoods, promote development, and prevent risks[56](index=56&type=chunk) National Real Estate Development Investment and Construction Area, January-June 2025 (billion yuan) | Indicator | Amount/Area | YoY Decrease | | :--- | :--- | :--- | | Real Estate Development Investment | 4,665.8 billion yuan | 11.2% | | Residential Investment | 3,577.0 billion yuan | 10.4% | | Housing Construction Area | 6,333.21 million square meters | 9.1% | | Residential Construction Area | 4,412.40 million square meters | 9.4% | | New Housing Starts Area | 303.64 million square meters | 20.0% | | New Residential Starts Area | 222.8 million square meters | 19.6% | - It is expected that in H2 2025, governments at all levels will fully promote the implementation of existing policies to a greater extent, driving the real estate market to stop falling and stabilize[57](index=57&type=chunk) [Engineering, Procurement, and Construction (EPC)](index=21&type=section&id=%E5%B7%A5%E7%A8%8B%E7%B8%BD%E6%89%BF%E5%8C%85) China's urban rail transit investment and new mileage are declining, with the industry entering a high-quality development stage; market opportunities are concentrated in network improvements in core city clusters, intercity (suburban) railways, existing line renovation, and intelligent, green construction technologies, while the Company will focus on Beijing as its foundation and deeply target three national strategic regions - In 2025, urban rail investment plans show a **28.59%** YoY decline, with the domestic rail market entering a high-quality development stage characterized by "seeking progress while maintaining stability, optimizing existing assets, regional focus, technological upgrading, refined management, and diversified integration"[58](index=58&type=chunk) - Core market opportunities are mainly concentrated in network improvements, intercity (suburban) railways, and existing line renovation in core city clusters such as Beijing-Tianjin-Hebei, Yangtze River Delta, Greater Bay Area, and Chengdu-Chongqing[58](index=58&type=chunk) - The Company will use the Beijing market as its foundation, deeply focus on the three national strategic regions of the Yangtze River Delta, Greater Bay Area, and Western Triangle (Chengdu-Chongqing), and actively deploy in the rail transit construction market[58](index=58&type=chunk) [Municipal Public Works](index=22&type=section&id=%E5%B8%82%E6%94%BF%E5%85%AC%E7%94%A8%E5%B7%A5%E7%A8%8B) The Central Urban Work Conference clarified the shift in urban development from incremental expansion to qualitative improvement, making urban renewal a key focus for municipal engineering; the sector is accelerating its transition to green construction and sustainable development, moving towards digitalization and intelligence - The Central Urban Work Conference clarified that urban development is shifting from incremental expansion to qualitative improvement, making urban renewal a key focus for municipal engineering in 2025[59](index=59&type=chunk) - The municipal engineering sector is accelerating its transition to green construction and sustainable development models, with green building materials, energy-saving technologies, and renewable energy applications becoming important components[59](index=59&type=chunk) - The development of smart cities is driving municipal engineering towards digitalization and intelligence, enabling full lifecycle management of municipal facilities[59](index=59&type=chunk) [Industrialization of Technology](index=22&type=section&id=%E7%A7%91%E6%8A%80%E7%94%A2%E6%A5%AD%E5%8C%96) The government work report emphasizes deep integration of scientific and technological innovation with industrial innovation to foster emerging industries; traditional infrastructure must seize opportunities from the new technological revolution, focusing on low-altitude economy, green energy, and digital intelligence, to deepen collaborative innovation and build a globally competitive modern transportation industry ecosystem - The 2025 government work report explicitly proposes the strategic direction of "promoting the deep integration of scientific and technological innovation with industrial innovation, and accelerating the cultivation and growth of emerging and future industries"[60](index=60&type=chunk) - The traditional infrastructure industry must seize the major historical opportunities of the new round of global technological revolution and industrial transformation, focusing on emerging fields such as the low-altitude economy, green energy, cultural tourism industry, digitalization, and informatization[60](index=60&type=chunk) - Deepen cross-industry, cross-department, and cross-regional collaborative innovation, tackle key core technologies, promote industrial application demonstrations, and build a modern transportation industry ecosystem with international competitiveness[60](index=60&type=chunk) [Other Information](index=23&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Interests of Directors, Supervisors, and Chief Executives in Shares](index=23&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E5%8F%8A%E6%8C%81%E6%9C%89%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A) As of June 30, 2025, Mr. Li Guoqing, Vice Chairman and Non-executive Director, held **48,000 H shares** (long position), representing approximately **0.01%** of the issued H share capital; additionally, Mr. Li Guoqing and Mr. Xia Xiujiang participated in the employee share ownership plan Shareholdings of Directors, Supervisors, and Chief Executives | Name | Position | Capacity | Share Class | Number of Shares | Approximate Percentage of Total Issued H Share Capital (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Guoqing | Vice Chairman and Non-executive Director | Personal Interest | H Shares | 48,000 | 0.01 | - Mr. Li Guoqing subscribed for **1,000,000 domestic shares** under the core employee share ownership plan, and Mr. Xia Xiujiang's subscription under the employee share ownership plan increased to **1,000,000 domestic shares**[62](index=62&type=chunk) - During the reporting period, the Company did not grant any rights to Directors, Supervisors, and Chief Executives to subscribe for shares or debentures of the Company or any related corporation[63](index=63&type=chunk) [Changes in Board of Directors and Board of Supervisors](index=24&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E7%9B%A3%E4%BA%8B%E6%9C%83%E8%AE%8A%E5%8B%95%E6%83%85%E6%B3%81) The Company held a general meeting on June 16, 2025, to appoint members of the Fourth Board of Directors and Board of Supervisors, with Mr. Pei Hongwei elected Chairman, Mr. Li Guoqing elected Vice Chairman, and Mr. Hu Shengjie elected Chairman of the Board of Supervisors; adjustments were also made to the Board's special committees [Changes in Directors](index=24&type=section&id=%E8%91%A3%E4%BA%8B%E8%AE%8A%E5%8B%95) Mr. Xia Xiujiang was appointed Executive Director, Mr. Pei Hongwei and Mr. Li Guoqing were appointed Non-executive Directors, and Mr. Wang Guofeng was appointed Independent Non-executive Director, all for a three-year term; Mr. Tan Guisheng and Mr. Ma Xufei retired as Directors - Mr. Xia Xiujiang was appointed Executive Director, and Mr. Pei Hongwei, Mr. Li Guoqing, Ms. Shi Huaxin, Mr. Peng Dongdong, Mr. Li Fei, Mr. Wang Tao, and Ms. Tang Qimeng were appointed Non-executive Directors[64](index=64&type=chunk) - Mr. Wang Guofeng, Mr. Xia Peng, Mr. Chen Fan, and Mr. Zha Xiaodong were appointed Independent Non-executive Directors[64](index=64&type=chunk) - Mr. Tan Guisheng and Mr. Ma Xufei retired as Directors on the same day[64](index=64&type=chunk) [Changes in Supervisors](index=24&type=section&id=%E7%9B%A3%E4%BA%8B%E8%AE%8A%E5%8B%95) Mr. Hu Shengjie, Ms. Zhong Hua, Mr. Fang Binjia, and Mr. Fu Yanbing were appointed as Supervisors of the Fourth Board of Supervisors, forming the Board of Supervisors with employee representative supervisors; Ms. Nie Kun and others retired as Supervisors - Mr. Hu Shengjie, Ms. Zhong Hua, Mr. Fang Binjia, and Mr. Fu Yanbing were appointed as Supervisors of the Fourth Board of Supervisors[65](index=65&type=chunk) - They, along with employee representative supervisors Mr. Liu Hao, Ms. Liu Xiaobo, and Mr. Li Zhiyu, form the Fourth Board of Supervisors[65](index=65&type=chunk) - Ms. Nie Kun, Mr. Li Yan, Ms. Yang Huiju, and Mr. Ban Jianbo retired as Supervisors on the same day[65](index=65&type=chunk) [Appointment of Chairman and Vice Chairman of the Board](index=24&type=section&id=%E5%A7%94%E4%BB%BB%E8%91%A3%E4%BA%8B%E6%9C%83%E8%91%A3%E4%BA%8B%E9%95%B7%E5%8F%8A%E5%89%AF%E8%91%A3%E4%BA%8B%E9%95%B7) The Board of Directors elected Mr. Pei Hongwei as Chairman and Mr. Li Guoqing as Vice Chairman of the Fourth Board of Directors on June 16, 2025, effective immediately - Mr. Pei Hongwei was elected Chairman of the Fourth Board of Directors[66](index=66&type=chunk) - Mr. Li Guoqing was elected Vice Chairman of the Fourth Board of Directors[66](index=66&type=chunk) [Appointment of Board Committee Members](index=24&type=section&id=%E5%A7%94%E4%BB%BB%E8%91%A3%E4%BA%8B%E6%9C%83%E5%B0%88%E9%96%80%E5%A7%94%E5%93%A1%E6%9C%83%E5%A7%94%E5%93%A1) The Board's special committee members were adjusted, with Mr. Pei Hongwei appointed Chairman of the Nomination Committee and Overseas Risk Control Committee, Mr. Xia Peng as Chairman of the Audit Committee, and Mr. Wang Guofeng as Chairman of the Remuneration Committee Chairmen of Board Committees | Committee | Chairman | | :--- | :--- | | Nomination Committee | Mr. Pei Hongwei | | Audit Committee | Mr. Xia Peng | | Remuneration Committee | Mr. Wang Guofeng | | Overseas Risk Control Committee | Mr. Pei Hongwei | [Appointment of Chairman of the Board of Supervisors](index=25&type=section&id=%E5%A7%94%E4%BB%BB%E7%9B%A3%E4%BA%8B%E6%9C%83%E4%B8%BB%E5%B8%AD) The Board of Supervisors elected Mr. Hu Shengjie as Chairman of the Fourth Board of Supervisors on June 16, 2025, effective immediately - Mr. Hu Shengjie was elected Chairman of the Fourth Board of Supervisors[68](index=68&type=chunk) [Standard Code for Securities Transactions by Directors and Supervisors](index=25&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E7%9B%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted the "Standard Code" as the code for securities transactions by its Directors and Supervisors, all of whom confirmed compliance during the reporting period - The Company has adopted the "Standard Code" as the code for securities transactions by its Directors and Supervisors[69](index=69&type=chunk) - Each Director and Supervisor confirmed their continuous compliance with the said code during the reporting period[69](index=69&type=chunk) [Shareholders' Interests and Short Positions Required to be Disclosed Under the SFO](index=26&type=section&id=%E6%A0%B9%E6%93%9A%E8%AD%89%E5%88%B8%E5%8F%8A%E6%9C%9F%E8%B2%A8%E6%A2%9D%E4%BE%8B%E8%82%A1%E6%9D%B1%E9%A0%88%E6%8A%AB%E9%9C%B2%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, the Company's major shareholders included Beijing Urban Construction Group, Beijing Infrastructure Investment Co., Ltd., and Beijing Chengtong Enterprise Management Center, holding domestic and H shares; Amundi Asset Management and Amundi Ireland Ltd were major H-share shareholders [Interests and Short Positions of Major Shareholders in the Company's Shares and Related Shares](index=26&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) Beijing Urban Construction Group is the controlling shareholder, holding **59.44%** of domestic shares; Beijing Infrastructure Investment Co., Ltd. and its subsidiary, Beijing Infrastructure Investment (Hong Kong) Co., Ltd., collectively hold approximately **14.83%** of shares; Amundi Asset Management and Amundi Ireland Ltd are major H-share shareholders Major Shareholder Domestic Shareholdings (thousand shares) | Shareholder Name | Capacity | Number of Domestic Shares (shares) | Approximate Percentage of Total Issued Domestic Share Capital (%) | Approximate Percentage of Total Issued Share Capital (%) | | :--- | :--- | :--- | :--- | :--- | | Beijing Urban Construction Group Co., Ltd. | Beneficial Owner | 571,031,118 | 59.44 | 42.34 | | Beijing Infrastructure Investment Co., Ltd. | Beneficial Owner | 87,850,942 | 9.14 | 6.51 | | Beijing Chengtong Enterprise Management Center (L.P.) | Beneficial Owner | 76,000,000 | 7.91 | 5.64 | Major Shareholder H-share Holdings (thousand shares) | Shareholder Name | Capacity | Number of H Shares (shares) | Approximate Percentage of Total Issued H Share Capital (%) | Approximate Percentage of Total Issued Share Capital (%) | | :--- | :--- | :--- | :--- | :--- | | Amundi Asset Management | Investment Manager | 83,171,000 | 21.44 | 6.17 | | Amundi Ireland Ltd | Investment Manager | 81,494,000 | 21.01 | 6.04 | | Beijing Infrastructure Investment Co., Ltd. | Interest in Controlled Corporation | 68,222,000 | 17.59 | 5.06 | | Beijing Infrastructure Investment (Hong Kong) Co., Ltd. | Beneficial Owner | 68,222,000 | 17.59 | 5.06 | - Beijing Infrastructure Investment Co., Ltd., through its wholly-owned subsidiary Beijing Infrastructure Investment (Hong Kong) Co., Ltd., indirectly holds a long position of **68,222,000 H shares** in the Company[71](index=71&type=chunk) [Purchase, Sale, or Redemption of the Company's Listed Securities](index=27&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and no treasury shares were held - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities[73](index=73&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[74](index=74&type=chunk) [Corporate Governance](index=28&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company has established a corporate governance system comprising the general meeting of shareholders, Board of Directors, Board of Supervisors, and senior management, in strict compliance with relevant laws, regulations, and regulatory requirements, and meets the code provisions of the "Corporate Governance Code" - The Company operates in strict accordance with the "Company Law of the People's Republic of China," the "Corporate Governance Code," and other laws, regulations, and regulatory requirements of domestic and overseas regulatory authorities[75](index=75&type=chunk) - It has established a corporate governance system consisting of the general meeting of shareholders, the Board of Directors, the Board of Supervisors, and senior management, forming an operating mechanism of mutual cooperation, coordination, and checks and balances[75](index=75&type=chunk) - During the reporting period, the Company consistently complied with all applicable regulatory laws, regulations, the "Articles of Association," and the code provisions of the "Corporate Governance Code"[75](index=75&type=chunk) [Material Litigation and Arbitration Matters](index=28&type=section&id=%E9%87%8D%E5%A4%A7%E8%A8%B4%E8%A8%9F%E5%8F%8A%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A0%85) During the reporting period, the Group had no litigation or arbitration matters that had a material impact on its operating activities - During the reporting period, the Group had no litigation or arbitration matters that had a material impact on its operating activities[76](index=76&type=chunk) [Articles of Association](index=28&type=section&id=%E3%80%8A%E5%85%AC%E5%8F%B8%E7%AB%A0%E7%A8%8B%E3%80%8B) The latest version of the "Articles of Association" has been revised and is available on the Company's and HKEX websites to further improve the corporate governance structure - The latest version of the "Articles of Association" is available on the Company's and HKEX websites[77](index=77&type=chunk) - During the reporting period, the Company made corresponding revisions to the "Articles of Association" to further improve its corporate governance structure[77](index=77&type=chunk) [Adoption of China Accounting Standards for Business Enterprises for Financial Reporting](index=29&type=section&id=%E6%8E%A1%E7%94%A8%E4%B8%AD%E5%9C%8B%E4%BC%81%E6%A5%AD%E6%9C%83%E8%A8%88%E6%BA%96%E5%89%87%E7%B7%A8%E8%A3%BD%E8%B2%A1%E5%8B%99%E6%9C%83%E8%A8%88%E5%A0%B1%E5%91%8A) The Board of Directors resolved on May 15, 2025, to adopt China Accounting Standards for Business Enterprises for financial reporting to enhance work efficiency, believing this is in the Company's best interest and will not materially affect its financial position, operating results, or cash flows - The Board of Directors resolved on May 15, 2025, to adopt China Accounting Standards for Business Enterprises for financial reporting[78](index=78&type=chunk) - This move aims to improve work efficiency and is in the best interest of the Company[78](index=78&type=chunk) - It is expected not to have a material impact on the Company's financial position, operating results, and cash flows in 2025 and beyond[78](index=78&type=chunk) [Review of Interim Report](index=29&type=section&id=%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The Company's auditor, Da Hua Certified Public Accountants (Special General Partnership), reviewed the Group's interim financial statements for the six months ended June 30, 2025, and the Audit Committee also reviewed the interim results - The Company's auditor, Da Hua Certified Public Accountants (Special General Partnership), reviewed the Group's interim financial statements for the six months ended June 30, 2025[79](index=79&type=chunk) - The Company's Audit Committee reviewed the Group's interim results and unaudited interim financial statements for the six months ended June 30, 2025[79](index=79&type=chunk) [Public Float](index=30&type=section&id=%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F) As of the report date, the Company's public float was approximately **23.70%**, failing to meet the minimum public float requirement of the Hong Kong Listing Rules; the Company is actively pursuing feasible measures, including restarting A-share issuance, negotiating major shareholder share transfers, or issuing H-shares to independent third parties, to restore the public float level - As of the date of this report, the Company's public float is approximately **23.70%**, which does not comply with the minimum public float requirement under Rule 8.08(1)(a) of the Hong Kong Listing Rules[81](index=81&type=chunk) - After Beijing Infrastructure Investment Co., Ltd. increased its stake by **68,222,000 H shares**, it became one of the major shareholders, and its H shares are no longer considered publicly held circulating shares[80](index=80&type=chunk) - The Company is actively taking feasible measures, including restarting the A-share issuance plan, negotiating with major shareholders to sell shares, and/or issuing H-shares to independent third parties under a general mandate, to restore the public float level[81](index=81&type=chunk) [Interim Financial Statements Review Report](index=31&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) Da Hua Certified Public Accountants (Special General Partnership) reviewed Beijing Urban Construction Design & Development Group Co., Limited's consolidated financial statements for the six months ended June 30, 2025, concluding that no matters came to their attention suggesting the statements were not prepared in accordance with enterprise accounting standards or did not fairly reflect the financial position, operating results, and cash flows in all material respects - Da Hua Certified Public Accountants (Special General Partnership) reviewed the consolidated financial statements of Beijing Urban Construction Design & Development Group Co., Limited for the six months ended June 30, 2025[82](index=82&type=chunk) - The review was conducted in accordance with "China Review Standard No. 2101 - Review of Financial Statements," providing a lower level of assurance than an audit[82](index=82&type=chunk) - Based on the review, no matters came to the reviewer's attention that caused them to believe the financial statements were not prepared in accordance with enterprise accounting standards or did not fairly reflect the financial position, operating results, and cash flows in all material respects[83](index=83&type=chunk) [Consolidated Balance Sheet](index=32&type=section&id=%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) This section presents the Group's consolidated balance sheet, detailing its assets, liabilities, and owners' equity as of June 30, 2025, and January 1, 2025 Consolidated Balance Sheet Key Data (yuan) | Item | June 30, 2025 (Period-end Balance) | January 1, 2025 (Period-start Balance) | | :--- | :--- | :--- | | **Current Assets:** | | | | Cash and Bank Balances | 1,933,635,958.25 | 3,156,509,037.14 | | Accounts Receivable | 4,252,267,487.11 | 4,012,733,311.84 | | Contract Assets | 5,764,005,751.45 | 5,516,151,792.12 | | Total Current Assets | 12,549,527,750.98 | 13,230,996,750.32 | | **Non-current Assets:** | | | | Long-term Equity Investments | 3,493,645,305.90 | 3,449,404,050.96 | | Fixed Assets | 1,247,801,332.97 | 1,264,222,355.74 | | Other Non-current Assets | 4,450,452,933.04 | 4,647,760,715.86 | | Total Non-current Assets | 11,097,270,724.58 | 11,310,928,503.47 | | **Total Assets** | **23,646,798,475.56** | **24,541,925,253.79** | | **Current Liabilities:** | | | | Short-term Borrowings | 918,003,461.02 | 800,057,476.75 | | Accounts Payable | 5,096,662,049.56 | 5,539,926,648.80 | | Contract Liabilities | 2,165,872,783.41 | 2,731,408,144.20 | | Total Current Liabilities | 10,125,366,874.01 | 11,061,007,358.63 | | **Non-current Liabilities:** | | | | Long-term Borrowings | 4,251,245,909.09 | 4,334,024,094.09 | | Bonds Payable | 500,000,000.00 | 500,000,000.00 | | Total Non-current Liabilities | 5,483,864,230.35 | 5,547,513,352.51 | | **Total Liabilities** | **15,609,231,104.36** | **16,608,520,711.14** | | **Owners' Equity:** | | | | Paid-in Capital (or Share Capital) | 1,348,670,000.00 | 1,348,670,000.00 | | Retained Earnings | 5,098,887,359.11 | 5,011,885,481.00 | | Total Equity Attributable to Parent Company Owners | 7,797,515,996.99 | 7,695,822,111.35 | | Non-controlling Interests | 240,051,374.21 | 237,582,431.30 | | **Total Owners' Equity** | **8,037,567,371.20** | **7,933,404,542.65** | | **Total Liabilities and Owners' Equity** | **23,646,798,475.56** | **24,541,925,253.79** | [Consolidated Income Statement](index=37&type=section&id=%E5%90%88%E4%BD%B5%E5%88%A9%E6%BD%A4%E8%A1%A8) This section presents the Group's consolidated income statement, detailing its revenues, expenses, and net profit for the six months ended June 30, 2025, and the comparative period Consolidated Income Statement Key Data (yuan) | Item | January-June 2025 (Current Period Amount) | January-June 2024 (Prior Period Amount) | | :--- | :--- | :--- | | I. Total Operating Revenue | 3,586,318,950.13 | 4,178,988,200.72 | | II. Total Operating Costs | 3,247,912,094.44 | 3,724,628,339.32 | | Including: Operating Costs | 2,893,377,461.12 | 3,363,629,737.41 | | Selling Expenses | 26,748,955.83 | 28,684,396.11 | | Administrative Expenses | 223,213,616.12 | 227,801,705.50 | | Research and Development Expenses | 141,896,162.94 | 147,640,596.66 | | Financial Expenses | -55,300,467.83 | -51,081,526.58 | | Add: Other Income | 3,683,074.09 | 1,527,927.75 | | Investment Income | 44,267,254.93 | 71,349,789.26 | | Gains from Changes in Fair Value | 1,356,000.00 | -3,708,000.00 | | Credit Impairment Losses | -18,321,540.30 | -48,445,420.89 | | Asset Impairment Losses | -75,834,131.22 | -52,456,351.70 | | III. Operating Profit | 294,180,975.66 | 423,094,057.59 | | IV. Total Profit | 291,830,692.80 | 431,112,401.17 | | Less: Income Tax Expense | 52,442,034.56 | 60,327,024.44 | | V. Net Profit | 239,388,658.24 | 370,785,376.73 | | Net Profit Attributable to Parent Company Owners | 232,253,637.11 | 359,774,333.20 | | VI. Net Other Comprehensive Income After Tax | 10,474,882.39 | -17,869,093.99 | | VII. Total Comprehensive Income | 249,863,540.63 | 352,916,282.74 | | VIII. Earnings Per Share: | | | | Basic Earnings Per Share | 0.18 | 0.27 | | Diluted Earnings Per Share | 0.18 | 0.27 | [Consolidated Cash Flow Statement](index=40&type=section&id=%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This section presents the Group's consolidated cash flow statement, detailing cash flows from operating, investing, and financing activities for the six months ended June 30, 2025, and the comparative period Consolidated Cash Flow Statement Key Data (yuan) | Item | January-June 2025 (Current Period Amount) | January-June 2024 (Prior Period Amount) | | :--- | :--- | :--- | | I. Net Cash Flow from Operating Activities | -1,039,802,162.20 | -721,076,410.19 | | II. Net Cash Flow from Investing Activities | -24,416,059.22 | -87,614,623.41 | | III. Net Cash Flow from Financing Activities | -123,581,225.69 | -263,927,546.96 | | IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents | -1,287,224.54 | -2,316,542.27 | | V. Net Increase in Cash and Cash Equivalents | -1,189,086,671.65 | -1,074,935,122.83 | | VI. Cash and Cash Equivalents at Period-end | 1,854,759,590.27 | 2,234,760,947.91 | [Consolidated Statement of Changes in Equity](index=43&type=section&id=%E5%90%88%E4%BD%B5%E6%89%80%E6%9C%89%E8%80%85%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This section presents the Group's consolidated statement of changes in equity, detailing movements in owners' equity for the six months ended June 30, 2025, and the comparative period Consolidated Statement of Changes in Equity Key Data (yuan) | Item | January-June 2025 (Current Period Amount) | January-June 2024 (Prior Period Amount) | | :--- | :--- | :--- | | I. Balance at End of Previous Year | 7,933,404,542.65 | 7,628,613,602.56 | | III. Amount of Changes for the Current Year (Decrease indicated by "-") | 104,162,828.55 | 121,633,247.44 | | (I) Total Comprehensive Income | 249,863,540.63 | 352,916,282.74 | | (III) Extraction and Use of Special Reserves | 4,217,125.14 | 6,321,183.40 | | (IV) Profit Distribution | -149,917,837.22 | -234,100,388.55 | | IV. Balance at End of Current Year | 8,037,567,371.20 | 7,750,246,850.00 | [Notes to the Interim Financial Statements](index=47&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [I. Company Profile](index=47&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Beijing Urban Construction Design & Development Group Co., Limited was established on October 28, 2013, with its H-shares listed on the Hong Kong Stock Exchange; the Company operates in the industrial design sector, primarily offering design, survey, consulting, and engineering contracting services for urban rail transit and related projects, with Beijing Urban Construction Group Co., Ltd. as its parent and ultimate controlling shareholder [History, Registered Address, Organizational Form, and Headquarters](index=47&type=section&id=%E6%AD%B7%E5%8F%B2%E6%B2%BF%E9%9D%A9%E3%80%81%E8%A8%BB%E5%86%8A%E5%9C%B0%E3%80%81%E7%B5%84%E7%B9%94%E5%BD%A2%E5%BC%8F%E5%8F%8A%E7%B8%BD%E9%83%A8%E5%9C%B0%E5%9D%80) The Company was established on October 28, 2013, by Beijing Urban Construction Group Co., Ltd., with its registered address at No. 5 Fuchengmen North Street, Xicheng District, Beijing; its H-shares are listed on The Stock Exchange of Hong Kong Limited under stock code 01599 - The Company was established on October 28, 2013, by Beijing Urban Construction Group Co., Ltd[114](index=114&type=chunk) - The Company's registered address is No. 5 Fuchengmen North Street, Xicheng District, Beijing, and its H-shares are listed on The Stock Exchange of Hong Kong Limited, stock code: 01599[114](index=114&type=chunk) [Nature of Business and Principal Operations](index=47&type=section&id=%E4%BC%81%E6%A5%AD%E7%9A%84%E6%A5%AD%E5%8B%99%E6%80%A7%E8%B3%AA%E5%92%8C%E4%B8%BB%E8%A6%81%E7%B6%93%E7%87%9F) The Company operates in the industrial design sector, primarily providing design, survey, and consulting services, as well as engineering contracting services, for urban rail transit and related industrial, civil, and municipal engineering projects - The Company operates in the industrial design sector, primarily providing design, survey, and consulting services for urban rail transit and related industrial and civil building and municipal engineering projects[117](index=117&type=chunk) - Currently, the main business segments are: design, survey, and consulting, and engineering contracting[118](index=118&type=chunk) [Name of Parent Company and Group Headquarters](index=47&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E4%BB%A5%E5%8F%8A%E9%9B%86%E5%9C%98%E7%B8%BD%E9%83%A8%E7%9A%84%E5%90%8D%E7%A8%B1) The Group's parent company and ultimate controlling shareholder is Beijing Urban Construction Group Co., Ltd - The Group's parent company and ultimate controlling shareholder are both Beijing Urban Construction Group Co., Ltd[119](index=119&type=chunk) [Approval and Issuance of Financial Statements](index=47&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E7%9A%84%E6%89%B9%E5%87%86%E5%A0%B1%E5%87%BA) These financial statements were approved for issuance by the Company's Board of Directors on August 28, 2025 - These financial statements were approved for issuance by the Company's Board of Directors on August 28, 2025[120](index=120&type=chunk) [II. Scope of Consolidated Financial Statements](index=48&type=section&id=%E4%BA%8C%E3%80%81%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E7%AF%84%E5%9C%8D) This period's consolidated financial statements include **21 second-tier subsidiaries**, covering businesses such as survey and design, engineering consulting, property management, engineering contracting, and investment and construction, primarily registered in Beijing, with some in Anhui, Guizhou, Yunnan, and Hong Kong - This period's consolidated financial statements include a total of **21 second-tier subsidiaries**[121](index=121&type=chunk) - The subsidiaries' business nature is diverse, including survey, design, and engineering exploration, rail transit engineering consulting, property management, engineering testing, construction project investment, construction and operation maintenance, and engineering contracting[121](index=121&type=chunk)[122](index=122&type=chunk) - The subsidiaries are primarily registered in Beijing, and also distributed in Hong Kong, Anhui, Guizhou, Yunnan, Guangdong, Hunan, and other regions[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) [III. Basis of Preparation of Financial Statements](index=50&type=section&id=%E4%B8%89%E3%80%81%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E7%9A%84%E7%B7%A8%E8%A3%BD%E5%9F%BA%E7%A4%8E) The Company prepares its financial statements on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the disclosure require

Group 1 - The State Intellectual Property Office has granted a patent titled "Traffic Control Method and System Based on Passenger Flow Forecast Data" to Beijing Urban Construction Design & Development Group Co., Ltd. and Shenzhen Metro Construction Group Co., Ltd. The patent authorization announcement number is CN119005584B, with an application date of July 2024 [1] - Beijing Urban Construction Design & Development Group Co., Ltd. was established in 1990 and is located in Beijing. The company primarily engages in professional technical services and has a registered capital of 1.34867 billion RMB. It has invested in 47 companies and participated in 5,000 bidding projects, holding 83 trademark records and 976 patent records, along with 148 administrative licenses [1] - Shenzhen Metro Construction Group Co., Ltd. was founded in 2019 and is based in Shenzhen. The company focuses on civil engineering and construction, with a registered capital of 90 million RMB. It has participated in 549 bidding projects, holds 149 patent records, and possesses 3,328 administrative licenses [1]

Group 1 - The company, Chengjian Design (01599.HK), will hold a board meeting on August 28, 2025, to review and approve its interim results for the six months ending June 30, 2025 [1]

北京城建設計發展集團股份有限公司（「本公司」）之董事會（「董事會」）謹此宣 佈，本公司將於2025年8月28日（星期四）舉行董事會會議，其中議程包括審議及 批准本公司及其附屬公司截至2025年6月30日止六個月之未經審計的中期業績及 其刊發。 Beijing Urban Construction Design & Development Group Co., Limited 北京城建設計發展集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1599） 董事會召開日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 承董事會命 北京城建設計發展集團股份有限公司 董事長 裴宏偉 北京，2025年8月18日 於本公告日期，本公司執行董事為夏秀江；本公司非執行董事為裴宏偉、 李國慶、史樺鑫、彭冬東、李飛、汪濤及唐其夢；及本公司獨立非執行董事為 王國鋒、夏鵬、陳帆及查小東。 ...

Core Viewpoint - The company anticipates a decline in revenue and net profit for the first half of 2025 compared to the same period in 2024, primarily due to macroeconomic factors and changes in industry policies [1] Revenue Forecast - The company expects revenue for the first half of 2025 to be between approximately RMB 3.385 billion and RMB 3.803 billion, representing a decrease of about 9% to 19% compared to approximately RMB 4.179 billion in the first half of 2024 [1] Net Profit Forecast - The projected net profit for the first half of 2025 is expected to be between approximately RMB 219 million and RMB 256 million, which indicates a decline of about 31% to 41% from approximately RMB 371 million in the first half of 2024 [1] Reasons for Decline - The board attributes the decline in revenue and net profit to several factors: 1. Reduced conversion rate of new rail construction projects due to macroeconomic conditions [1] 2. Adjustments in government policies affecting the number of approved urban rail transit lines, leading to a decrease in the scale of the company's design business [1] 3. The Chongqing Yuxi West Line construction project has entered the operational phase, resulting in a corresponding decrease in construction revenue [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Beijing Urban Construction Design & Development Group Co., Limited 北京城建設計發展集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1599） 盈利警告 裴宏偉 註： 鑒於本公司董事會已於2025年5月15日決議採用中國企業會計準則編製財務會計報告，本 集團2025年上半年收入及淨利潤以中國企業會計準則編製，本公告內的2024年上半年收 入約人民幣41.79億元、淨利潤約人民幣3.71億元亦為中國企業會計准則項下數據，與本 公司2024年中期業績公告的收入約人民幣41.80億元、淨利潤約人民幣3.77億元存在輕微 差異，乃由於國際財務報告準則會計準則與中國企業會計準則之間的差異導致。有關差異 的詳情，請參閱本公司將於2025年8月底前刊發的業績公告。 1 根據董事會目前可得的資料，董事會認為，前述收入及淨利潤下降 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京城建設計發展集團股份有限公司 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01599 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 387,937,000 | RMB | | 1 RMB | | 387,937,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 387,937,000 | RMB | | 1 RMB | | 387,937,000 | | 2. 股份分類 | 普通股 | 股份類別 ...

Financial Performance - The company achieved a revenue of RMB 8.658 billion for the year ended December 31, 2024, a decrease of RMB 1.704 billion or 16.44% compared to the previous year[11]. - Net profit for the same period was RMB 533 million, reflecting the company's efforts towards high-quality development[15]. - The gross profit for the year was RMB 1.559 billion, down from RMB 1.886 billion in 2023, reflecting the challenging market conditions[14]. - The group's sales cost for the year ended December 31, 2024, was RMB 7.098 billion, a decrease of RMB 1.377 billion or 16.25% compared to RMB 8.475 billion in the previous year[33]. - Other income for the year ended December 31, 2024, was RMB 405 million, a decrease of RMB 12 million or 2.88% from RMB 417 million in the previous year[35]. - The group's annual profit for the year ended December 31, 2024, was RMB 533 million, a decrease of RMB 377 million or 41.43% from RMB 910 million in the previous year[43]. - The company's financing structure improved, with total bank credit increasing to RMB 25.5 billion and a reduction in comprehensive financing costs by 25 basis points[126]. Business Segments - The design, surveying, and consulting business contributed RMB 4.383 billion, accounting for 50.62% of total revenue, while the engineering contracting business generated RMB 4.275 billion, making up 49.38%[13]. - The design, surveying, and consulting segment generated revenue of RMB 4.383 billion, a decline of RMB 484 million or 9.94% from RMB 4.867 billion in 2023[30]. - The engineering contracting segment reported revenue of RMB 4.275 billion, a decrease of RMB 1.220 billion or 22.20% from RMB 5.495 billion in 2023[32]. - The company secured a total contract amount of RMB 7.824 billion as of December 31, 2024, with RMB 2.989 billion from design, surveying, and consulting services, and RMB 4.835 billion from general contracting services[57]. Market Position and Strategy - The company maintained a strong market position by winning six major rail transit design projects during the year, reinforcing its industry leadership[15]. - The company aims to enhance its brand influence and expand its multi-faceted business segments, including high-end consulting and technology industrialization[15]. - The company plans to actively integrate into national strategies and leverage industry opportunities in 2025, focusing on innovation and risk management[16]. - The company is focusing on market expansion, reform, innovation, and improving quality and efficiency as part of its strategic direction[23]. - The company aims to strengthen its position in the rail transit design industry by focusing on major cities' construction planning, particularly in Chengdu, Nanjing, and Xi'an, among others[54]. - The company plans to expand its engineering general contracting business by targeting key cities like Shenzhen and Guangzhou, while also exploring the EPC model for integrated service capabilities[55]. Operational Efficiency and Management - The company is committed to enhancing its management foundation by improving risk control and cash flow management, aiming for effective cost control and resource allocation[56]. - The company has established a quality, environmental, and occupational health safety management system in compliance with international standards, ensuring product quality and continuous improvement[136]. - The company has maintained a strong compliance record, with no significant legal violations or penalties reported during the reporting period[138]. - The company emphasizes employee welfare by providing competitive compensation and various training programs to attract and retain talent[141]. - The company has implemented a dual prevention mechanism for risk control and hazard investigation to enhance safety production levels[143]. Leadership and Governance - The company has a strong leadership team with members holding advanced degrees in engineering and management from prestigious universities[87][89]. - The management team is committed to improving operational efficiency and driving growth through strategic investments and partnerships[86]. - The company has appointed several senior executives with extensive experience in engineering and management, including Mr. Ma Haizhi as Deputy General Manager and Mr. Liu Li as Chief Economist[107][108]. - The company has a diverse management team, including Mr. Liu Hao, a representative supervisor with engineering expertise since August 2017[103]. - The company emphasizes the importance of financial qualifications, with several board members holding advanced degrees and certifications in finance and management[98][99][100][101][102][103][105][106]. Future Outlook and Challenges - The company anticipates ongoing challenges due to external uncertainties but remains optimistic about long-term economic trends and industry potential[22]. - The company is facing significant macroeconomic risks in 2024, including external pressures and internal challenges, with a focus on stabilizing economic growth amidst geopolitical tensions and trade protectionism[128]. - The company aims to leverage emerging technologies such as artificial intelligence, quantum technology, and renewable energy to drive economic growth and industry transformation[129]. - By 2025, the company plans to combine national policy directions to promote intercity and suburban railway construction in key urban clusters, including Beijing-Tianjin-Hebei and the Yangtze River Delta[72]. Shareholder Information - The company reported a proposed final dividend of RMB 0.1077 per share, subject to shareholder approval on June 16, 2025[143]. - The company’s profit distribution policy prioritizes cash dividends, ensuring continuity and stability in returns to shareholders[146]. - The company will withhold a 10% corporate income tax on dividends paid to non-resident enterprises[150]. - The major shareholder, Chengjian Group, holds 571,031,118 domestic shares, representing approximately 59.44% of the domestic shares and 42.34% of the total issued shares[178]. - The company reported a total distributable reserve of approximately RMB 4,146,209,000 as of December 31, 2024[191].

Financial Performance - The company reported a revenue of RMB 8.658 billion for the year ended December 31, 2024, a decrease of RMB 1.704 billion or 16.44% compared to RMB 10.362 billion in the previous year[3][8][11]. - Net profit for the year was RMB 533 million, down RMB 377 million or 41.43% from RMB 910 million in the previous year[3][8][11]. - The gross profit margin for the year was approximately 18.00%, down from 18.19% in the previous year[10]. - The group achieved a gross profit of RMB 1.559 billion for the year ended December 31, 2024, a decrease of RMB 327 million or 17.34% compared to RMB 1.886 billion in the previous year, with a gross margin of 18.01%[17]. - Other income for the group was RMB 405 million, down RMB 12 million or 2.88% from RMB 417 million in the previous year, primarily due to a decrease in interest income[18]. - Other gains decreased significantly to RMB 12 million, down RMB 276 million or 95.83% from RMB 288 million in the previous year, mainly due to the absence of equity disposal gains[19]. - The company reported a net profit of RMB 533 million for the year ended December 31, 2024, a decrease of RMB 377 million or 41.43% from RMB 910 million in the previous year[25]. - Basic and diluted earnings per share decreased to RMB 0.38 from RMB 0.65 in 2023[67]. - The total income tax expense for the year ended December 31, 2024, was RMB 100,208,000, compared to RMB 107,454,000 for 2023, indicating a decrease of 6.2%[93]. Revenue Breakdown - The design, surveying, and consulting business generated revenue of RMB 4.383 billion, a decrease of RMB 484 million or 9.94% from RMB 4.867 billion in 2023[5][14]. - The engineering contracting business reported revenue of RMB 4.275 billion, down RMB 1.220 billion or 22.20% from RMB 5.495 billion in the previous year[5][15]. - Revenue from external customers in China decreased to RMB 8,586,787 thousand in 2024 from RMB 10,342,325 thousand in 2023, representing a decline of 17%[82]. - The engineering contracting segment generated revenue of RMB 4,603,072 thousand in 2024, down from RMB 5,495,140 thousand in 2023, a decrease of 16.2%[81]. - The adjusted profit before tax for the design, surveying, and consulting segment was RMB 479,868 thousand in 2024, compared to RMB 830,773 thousand in 2023, reflecting a decline of 42.2%[80]. - Total customer contract revenue for the year ended December 31, 2024, was RMB 8,621,594,000, a decrease of 16.7% from RMB 10,350,313,000 for the year ended December 31, 2023[87]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 24.542 billion, a slight decrease from RMB 24.850 billion in 2023[7]. - Total liabilities decreased to RMB 16.609 billion from RMB 17.221 billion in the previous year[7]. - Total assets as of December 31, 2024, amounted to RMB 24,541,927 thousand, slightly down from RMB 24,849,539 thousand in 2023[81]. - Non-current liabilities increased to RMB 5,547,513,000 from RMB 5,222,985,000 in 2023[70]. - The company reported a net asset value of RMB 7,933,407,000, up from RMB 7,628,615,000 in 2023[70]. Operational Highlights - The company established ten marketing centers nationwide to enhance market expansion and resource integration[8]. - The company continues to focus on urban rail transit projects, securing contracts for six major design projects in Beijing and Shenzhen[14]. - The company won contracts totaling RMB 7.824 billion as of December 31, 2024, with RMB 2.989 billion from design, surveying, and consulting, and RMB 4.835 billion from general contracting[41]. - The total amount of contracts on hand reached RMB 24.947 billion by the end of the reporting period[41]. - In 2024, a total of 953.04 kilometers of new urban rail transit lines were added, with the company winning bids for 6 out of 14 total design contracts, ranking first in the industry[47]. Strategic Initiatives - The company plans to strengthen its position in the rail transit design industry and explore new market potentials in urban renewal and other sectors in 2025[37]. - The company is actively developing new businesses in urban renewal, new energy, and municipal infrastructure, aiming for breakthroughs in these emerging fields[39]. - The company is exploring the EPC model for project management to integrate design consulting and engineering management services[38]. - The company is expanding its overseas business in the "Belt and Road" initiative and Southeast Asian markets[39]. - The company plans to enhance its management foundation by improving strategic leadership, resource allocation, and risk control[40]. Market Conditions and Future Outlook - The company anticipates a slowdown in the growth rate of the rail transit construction sector in China by 2025 due to increased competition and economic pressures[58]. - By 2027, significant progress is expected in the construction of new urban infrastructure to enhance urban resilience and risk management capabilities[45]. - The surveying and mapping industry is undergoing digital transformation, with high-precision surveying technologies significantly improving data collection and analysis efficiency[49]. - By 2025, the surveying and mapping industry is expected to continue growing, driven by technological advancements and policy support, despite facing intense market competition[50]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per the listing rules during the reporting period[63]. - The audit committee has reviewed the group's annual performance and the consolidated financial statements prepared in accordance with international financial reporting standards[65]. - The financial statements were prepared in accordance with International Financial Reporting Standards and reflect the company's commitment to transparency[73]. Dividend and Shareholder Information - The company plans to distribute a final dividend of RMB 0.1077 per share, pending shareholder approval at the annual general meeting on June 16, 2025[60]. - The proposed final dividend for the year ended December 31, 2024, is RMB 0.1077 per share, down from RMB 0.1724 per share in 2023, a reduction of 37.5%[94]. - The company has not purchased, sold, or redeemed any of its securities during the reporting period[61]. - The company has no treasury shares as of December 31, 2024[62]. - The company is taking appropriate measures to restore the public float level, which fell to 23.69% after a share transfer in 2018[63].