中信证券股份有限公司 关于中交设计咨询集团股份有限公司 部分募投项目增加实施主体和实施地点的核查意见 中信证券股份有限公司（以下简称"中信证券"或"本独立财务顾问"）作为 中交设计咨询集团股份有限公司（以下简称"中交设计"或"公司"）重大资产置 换及发行股份购买资产并募集配套资金暨关联交易的独立财务顾问，根据《上市公 司重大资产重组管理办法》《上市公司监管指引第2号——上市公司募集资金管理 和使用的监管要求》、《上海证券交易所上市公司自律监管指引第1号——规范运 作》《上海证券交易所上市公司自律监管指引第11号——持续督导》等相关规定， 对中交设计第十届董事会第十一次会议审议的《关于部分募投项目增加实施主体和 实施地点的议案》所涉及的事项进行了审慎核查，相关具体情况如下： 一、募集资金的基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意甘肃祁连 山水泥集团股份有限公司发行股份购买资产并募集配套资金注册的批复》（证监许 可〔2023〕2407号）许可，并经上海证券交易所（以下简称"上交所"）同意，公 司向特定对象发行人民币普通股（A股）232,887,084股，发行价格为每股人民币7.01 ...

证券代码：600720 证券简称：中交设计 公告编号：2024-064 中交设计咨询集团股份有限公司 第十届监事会第十次会议决议公告 （二）审议通过《关于部分募投项目增加实施主体和实施地点的议案》 一、监事会会议召开情况 2024 年 11 月 24 日，公司以书面形式发出召开第十届监事会第十次会议的通 知，会议于 2024 年 11 月 29 日以电子通讯方式召开。会议应参加表决监事 3 名， 实际参加表决监事 3 名。本次会议的召集人为监事会主席赵吉柱先生。本次会议 的召集、召开和表决程序及方式符合有关法律法规以及《公司章程》的规定。 二、监事会会议审议情况 （一）审议通过《关于调整募集资金投资项目拟投入募集资金金额的议案》 1. 同意通过《关于调整募集资金投资项目拟投入募集资金金额的议案》。具 体内容详见同日在上海证券交易所网站（www.sse.com.cn）上披露的《关于调整 募集资金投资项目拟投入募集资金金额的公告》。 2. 监事会认为：本次调整募集资金投资项目拟投入募集资金金额，相关审批 程序合规有效，不存在改变或变相改变募集资金用途以及损害公司及股东利益的 情形，符合《上市公司监管指引第2号-- ...

一、董事会会议召开情况 证券代码：600720 证券简称：中交设计 公告编号：2024-063 中交设计咨询集团股份有限公司 第十届董事会第十一次会议决议公告 中交设计咨询集团股份有限公司（简称本公司或公司）董事会及全体董事 保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 1. 同意通过《关于部分募投项目增加实施主体和实施地点的议案》。具体内 容详见同日在上海证券交易所网站（www.sse.com.cn）上披露的《关于部分募投 项目增加实施主体和实施地点的公告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 1 特此公告。 中交设计咨询集团股份有限公司董事会 2024 年 11 月 22 日，公司以书面形式发出召开第十届董事会第十一次会议 的通知，会议于 2024 年 11 月 29 日以电子通讯方式召开。会议应参加表决董事 9 名，实际参加表决董事 9 名。本次会议的召集人为董事长崔玉萍女士。本次会 议的召集、召开和表决程序及方式符合有关法律法规以及《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于调整募集资金投资项目拟 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.41 CNY per share based on a 16x PE for 2024 [3][6]. Core Views - The company reported a revenue of 6.73 billion CNY for the first three quarters of 2024, a decrease of 23% year-on-year, while the net profit attributable to shareholders was 980 million CNY, an increase of 3% year-on-year [1]. - The decline in revenue for Q3 2024 was primarily due to the optimization of the business structure and the divestment of low-margin construction operations [1]. - The company has improved its profitability metrics, with a gross margin of 30.0% in Q3 2024, up 1.2 percentage points year-on-year [2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 6.73 billion CNY, down 23% year-on-year, and a net profit of 980 million CNY, up 3% year-on-year [1]. - In Q3 2024, revenue was 1.78 billion CNY, down 45% year-on-year, and net profit was 350 million CNY, down 28% year-on-year [1]. - The company’s gross margin improved to 30.0% in Q3 2024, reflecting a 1.2 percentage point increase year-on-year [2]. Cost and Cash Flow - The operating cash flow for Q1-Q3 2024 showed a net outflow of 1.38 billion CNY, which was an increase in outflow by 430 million CNY compared to the previous year [2]. - The company’s expense ratio (excluding R&D) for Q1-Q3 2024 was 5.16%, a slight increase of 0.09 percentage points year-on-year [2]. Future Outlook - The company is expanding into technology sectors such as vehicle-road-cloud integration and low-altitude economy, and is expected to benefit from the overseas expansion strategy aligned with its parent company [3]. - The projected net profits for 2024-2026 are estimated at 1.78 billion CNY, 1.90 billion CNY, and 2.02 billion CNY respectively [3].

证券代码：600720 证券简称：中交设计 公告编号：2024-062 中交设计咨询集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 中交设计咨询集团股份有限公司（简称本公司或公司）董事会及全体董事 保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2024 年 11 月 14 日（星期四）下午 15:00-16:00 （二）会议召开地点：中国证券网中证路演（网址：https://www.cs.com.cn/r oadshow/yjsmh/） 会议召开地点：中国证券网中证路演 会议召开方式：中证路演网络互动 （三）会议召开方式：中证路演网络互动 三、参加人员 董事长崔玉萍，总经理范振宇，财务总监、总法律顾问、董事会秘书曹艳蓉， 独立董事于绪刚。 投资者可于 11 月 13 日（星期三）16:00 前通过公司邮箱（ccccdc@cccc ltd.cn）进行提问，公司将在说明会上对投资者普遍关注的问题进行回答。 公司于 2024 年 10 月 31 日发布 2024 年第三季度报告，为便于广大投资者更 ...

Investment Rating - The report maintains an investment rating of "Buy-A" for the company, with a 12-month target price of 11.7 CNY [4][6]. Core Views - The company has undergone a business structure adjustment leading to a decline in revenue but a steady increase in overall performance, with a net profit of 9.80 billion CNY for the first three quarters of 2024, reflecting a year-on-year increase of 2.76% [2][4]. - The company is positioned as a leading state-owned enterprise in the domestic infrastructure design sector, with strong technical advantages and a clear path for overseas expansion [4][6]. - The company is expected to benefit from asset injections from its controlling shareholder, China Communications Construction Group, enhancing its competitive strength in the domestic market [4][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 67.27 billion CNY, a year-on-year decrease of 22.99%. The quarterly revenues for Q1, Q2, and Q3 were -22.08%, +1.69%, and -44.89% respectively [2][3]. - The gross profit margin for the first three quarters was 28.56%, an increase of 3.32 percentage points year-on-year, attributed to the reduction of low-margin construction business [3][4]. - The net profit margin improved to 14.81%, up 3.77 percentage points year-on-year, with significant investment income contributing to this increase [3][4]. Future Outlook - The company is projected to achieve revenues of 133.94 billion CNY, 137.87 billion CNY, and 144.40 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 18.95 billion CNY, 20.61 billion CNY, and 22.60 billion CNY [6][7]. - The company is actively expanding into emerging industries such as low-altitude economy, smart transportation, and environmental protection, which are expected to create new growth opportunities [4][6]. Valuation Metrics - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 11.6x, 10.7x, and 9.7x respectively, indicating a favorable valuation compared to industry peers [6][8].

证券代码：600720 证券简称：中交设计 公告编号：2024-057 中交设计咨询集团股份有限公司 第十届董事会第十次会议决议公告 中交设计咨询集团股份有限公司（简称本公司或公司）董事会及全体董事 保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 2024 年 10 月 18 日，公司以书面形式发出召开第十届董事会第十次会议的 通知，会议于 2024 年 10 月 30 日以电子通讯方式召开。会议应参加表决董事 9 名，实际参加表决董事 9 名。本次会议的召集人为董事长崔玉萍女士。本次会议 的召集、召开和表决程序及方式符合有关法律法规以及《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于审议公司 2024 年第三季度报告的议案》 1. 同意通过《关于审议公司 2024 年第三季度报告的议案》。具体内容详见 同日在上海证券交易所网站（www.sse.com.cn）披露的《中交设计 2024 年第三季 度报告》。 2. 本议案已经审计委员会审议通过，并同意提交董事会审议。 表决结果：同意 9 票，反对 0 票，弃 ...

证券代码：600720 证券简称：中交设计 公告编号：2024-060 中交设计咨询集团股份有限公司 关于签署募集资金专户存储四方监管协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、募集资金基本情况 经中国证券监督管理委员会证监许可〔2023〕2407 号文注册批复，中交设计 咨询集团股份有限公司（以下简称"公司"）向特定对象发行人民币普通股（A 股）股票 232,887,084 股，每股发行价格为人民币 7.01 元，共计募集资金人民币 1,632,538,458.84 元，扣除各项发行费用 83,446,079.68 元，实际募集资金净额为 1,549,092,379.16 元。上述募集资金已于 2024 年 9 月 30 日到账，中审众环会计 师事务所（特殊普通合伙）对本次发行的资金到位情况进行了审验，并出具了《中 交设计咨询集团股份有限公司验资报告》（众环验字(2024)0200032 号）、《中 交设计咨询集团股份有限公司向特定对象发行普通股认购资金到位情况验证报 告》（众环验字(2024)020 ...

使用部分暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 中交设计咨询集团股份有限公司（以下简称"中交设计"、"公司"）重大资产 置换及发行股份购买资产并募集配套资金暨关联交易的独立财务顾问，根据《上 市公司重大资产重组管理办法》《上市公司监管指引第 2 号——上市公司募集资 金管理和使用的监管要求》、《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 等相关规定，对中交设计使用部分暂时闲置募集资金进行现金管理事项进行了审 慎核查，具体情况如下： 一、募集资金的基本情况 中信证券股份有限公司 关于中交设计咨询集团股份有限公司 根据中国证券监督管理委员会《关于同意甘肃祁连山水泥集团股份有限公司 发行股份购买资产并募集配套资金注册的批复》（证监许可[2023]2047 号），公 司向特定对象发行 232,887,084 股股票，募集资金总额为 1,632,538,458.84 元，扣 除各项不含税发行费用 78,722,716.68 元，募集资金净额为 1,553,815,742.1 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,778,456,370.25, a decrease of 44.89% compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2024 was CNY 353,262,110.16, down 27.69% year-on-year[3] - The net profit after deducting non-recurring gains and losses was CNY 272,741,959.42, a decline of 46.56% compared to the previous year[3] - Operating revenue for the reporting period decreased by 44.89% due to the decline in low-margin engineering contracting income as a result of business structure optimization[9] - Net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 46.56% primarily due to a decline in current quarter earnings and significant non-recurring gains from equity disposal[9] - Basic earnings per share for the reporting period decreased by 54.93%[9] - Diluted earnings per share for the reporting period also decreased by 54.93%[9] - Total operating revenue for the first three quarters of 2024 was CNY 6,727,142,451.17, a decrease of 23.0% compared to CNY 8,735,398,646.91 in the same period of 2023[18] - Net profit for the first three quarters of 2024 was CNY 996,191,972.72, an increase of 3.3% from CNY 964,683,804.62 in the same period of 2023[19] - Basic earnings per share for the first three quarters of 2024 was CNY 0.4756, down from CNY 0.7423 in the same period of 2023[20] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -1,384,140,942.06, indicating a significant cash outflow[3] - Cash inflow from operating activities totaled CNY 7,431,069,914.82, a decrease of 30.5% compared to CNY 10,704,151,504.00 in the same period of 2023[21] - The company’s total cash outflow from operating activities was CNY 8,815,210,856.88, down from CNY 11,659,347,806.30 in the same period of 2023[21] - The net cash flow from operating activities for the first three quarters of 2024 was -1,384,140,942.06 CNY, compared to -955,196,302.30 CNY in the same period of 2023, indicating a decline[22] - The total cash inflow from investment activities increased to 720,983,963.74 CNY in 2024 from 145,031,673.26 CNY in 2023, showing a significant improvement[22] - The net cash flow from investment activities was 451,937,073.46 CNY in 2024, a turnaround from -282,163,441.48 CNY in 2023[22] - The cash inflow from financing activities reached 1,812,320,192.68 CNY in 2024, compared to 22,017,422.18 CNY in 2023, reflecting a substantial increase[22] - The net cash flow from financing activities was 751,298,049.65 CNY in 2024, recovering from -560,154,193.74 CNY in 2023[22] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 28,305,236,074.97, reflecting a 2.96% increase from the previous year-end[3] - The company's total liabilities to total assets ratio decreased by 5.01 percentage points compared to the beginning of the year, indicating improved solvency[8] - The total liabilities decreased to CNY 13.71 billion from CNY 14.69 billion, a reduction of about 6.66%[17] - The company's equity attributable to shareholders increased to CNY 14.26 billion from CNY 12.46 billion, reflecting a growth of approximately 14.49%[17] - The company's current assets totaled CNY 18.59 billion, up from CNY 17.87 billion, indicating an increase of about 4.00%[15] - Accounts receivable rose significantly to CNY 9.45 billion from CNY 7.67 billion, marking an increase of approximately 23.23%[15] - The company's inventory rose to CNY 46.95 million from CNY 28.74 million, indicating an increase of about 63.38%[16] - The total non-current assets amounted to CNY 9.71 billion, a slight increase from CNY 9.62 billion, reflecting a growth of approximately 0.93%[16] Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 56,755[10] - The largest shareholder, China Communications Construction Company, holds 1,110,869,947 shares, accounting for 53.88% of total shares[10] - A subsidiary, China Communications Capital Holdings, plans to increase its stake in the company by purchasing shares worth between RMB 100 million and RMB 200 million within six months starting from September 10, 2024[14] - As of September 30, 2024, China Communications Capital Holdings has acquired 7,399,200 shares, amounting to RMB 60,015,145.70[14] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 357,582,266.96, down 18.0% from CNY 435,670,879.12 in the same period of 2023[18] Other Financial Metrics - The company's gross profit margin for the first nine months of 2024 was 28.56%, an increase of 3.32 percentage points year-on-year[8] - The company achieved a net profit margin of 14.81% for the first nine months of 2024, an increase of 3.77 percentage points year-on-year[8] - The return on equity (ROE) for Q3 2024 was 2.82%, a decrease of 1.94 percentage points compared to the same period last year[3] - Weighted average return on net assets for the reporting period was -1.94%, reflecting an increase compared to -1.76% for the year-to-date period[9] - The company reported a financial expense of CNY -79,324,523.07, an improvement from CNY -103,614,384.25 in the same period of 2023[18] - Other comprehensive income after tax for the first three quarters of 2024 was CNY 8,031,901.46, compared to a loss of CNY 25,154,219.09 in the same period of 2023[19]