Investment Rating - The investment rating for the company is "Buy" and is maintained [11] Core Views - The company reported a revenue of 1.674 billion yuan in the first quarter, a year-on-year decrease of 21.77%, while the net profit attributable to shareholders was 94 million yuan, an increase of 1.91% year-on-year [2][8] - The decline in revenue is primarily due to the divestment of the engineering general contracting business, while the net profit remained stable due to credit impairment reversals [14] - The company has a robust backlog of contracts and has seen significant growth in overseas business, with new overseas contracts amounting to 218 million USD, a year-on-year increase of 81.6% [14] - The company is focusing on new industries such as renewable energy and low-altitude economy, which, combined with its overseas expansion, is expected to drive net profit growth in the coming years [14] Summary by Sections Financial Performance - In Q1, the company achieved a gross margin of 14.83%, a decrease of 1.16 percentage points year-on-year, with a net profit margin of 5.61%, an increase of 1.30 percentage points year-on-year [14] - The operating cash flow showed a net outflow of 1.073 billion yuan, which is an increase in outflow of 76 million yuan year-on-year, while the collection ratio improved to 120.32%, up 15.29 percentage points year-on-year [14] Contract and Business Development - The company signed new contracts worth 17.28 billion yuan in 2024, with domestic contracts at 15.73 billion yuan and overseas contracts at 218 million USD [14] - The company is recognized as a leader in the design industry, with significant advantages in overseas markets due to its parent company, China Communications Construction Company [14] Future Outlook - The company is expected to achieve net profits of 1.797 billion yuan, 1.890 billion yuan, and 2.069 billion yuan for the years 2025 to 2027, corresponding to current price-to-earnings ratios of 10.10, 9.60, and 8.77 respectively [14]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has optimized its business structure, leading to a slight increase in gross margin despite a decline in revenue [6][7] - The company is focusing on strategic emerging industries, including new energy, low-altitude economy, and underground space, to accelerate its transformation [10][11] - The controlling shareholder's plan to increase holdings reflects confidence in the company's future development [9] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 12.434 billion yuan, a decrease of 8.0% year-on-year, and a net profit attributable to shareholders of 1.751 billion yuan, down 0.8% [5] - For Q1 2025, the company reported operating revenue of 1.667 billion yuan, a decline of 21.8% year-on-year, but a net profit increase of 1.9% to 90 million yuan [5][6] Business Structure and Strategy - The company has seen a significant increase in overseas business, with revenue from international operations growing by 67.4% year-on-year [6] - New contracts signed in 2024 totaled 17.28 billion yuan, with a notable increase in overseas contracts, which reached 218 million USD, up 81.6% [8] Cost Management and Profitability - The company improved its gross margin to 29.4% in 2024, up 2.23 percentage points year-on-year, due to better cost control and an increase in investment income [7] - In Q1 2025, the gross margin was 14.8%, with a net margin of 5.9%, reflecting ongoing efforts to manage costs effectively [7] Future Outlook - The company has sufficient contracts on hand and is actively expanding into new strategic areas, which is expected to support future growth [11] - Profit forecasts for 2025 and 2026 have been adjusted to 1.812 billion yuan and 1.898 billion yuan, respectively, reflecting a cautious outlook due to local government financial constraints [11]

Core Viewpoint - The company is committed to enhancing quality and efficiency while ensuring shareholder returns through a comprehensive action plan aimed at high-quality development and value recovery [31][32]. Financial Data - The company has not audited its first-quarter financial statements for 2025 [3]. - The company reported a net profit of 0 yuan for the merged entity prior to the merger [9]. Shareholder Information - As of the end of the reporting period, the controlling shareholder, China Communications Construction Company, and its affiliates hold approximately 57.01% of the company's total shares [5][6]. - The company plans to increase its shareholding through its subsidiary, with a minimum investment of 1.0 billion yuan and a maximum of 2.0 billion yuan [6][7]. Corporate Governance - The board of directors and the supervisory board have confirmed the accuracy and completeness of the quarterly report, taking legal responsibility for its content [2][11]. - The company emphasizes the importance of corporate governance and compliance with legal regulations to protect shareholder rights [40]. Strategic Initiatives - The company aims to focus on high-quality development by enhancing its core competitiveness in design consulting services and expanding into related areas [32]. - The company plans to deepen its international presence and engage in significant projects along the Belt and Road Initiative [33]. Shareholder Returns - The company has established a cash dividend policy, committing to distribute at least 30% of its average distributable profits over the last three years [36]. - The company has distributed a total of 757 million yuan in cash dividends since its listing, ensuring stable returns for shareholders [36]. Investor Communication - The company will hold an investor briefing on April 29, 2025, to discuss its first-quarter performance and address investor questions [21][23]. - The company is committed to improving the quality of information disclosure and enhancing communication channels with investors [38].

证券代码：600720 证券简称：中交设计 公告编号：2025-020 中交设计咨询集团股份有限公司 关于召开 2025 年第一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： 投资者可于 4 月 29 日（星期二）12:00 前通过公司邮箱（ccccdc@cccclt d.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 2025 年 4 月 26 日发布 2025 年第一季度报告，为便于广大投资者更 全面深入地了解公司 2025 年一季度经营成果和财务状况，公司计划于 2025 年 4 月 29 日下午 15:00-16:00 举行 2025 年第一季度业绩说明会，就投资者关心的问 题进行交流。 一、说明会类型 本次投资者说明会以网络互动的形式召开，公司将针对 2025 年一季度经营 情况及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、 ...

证券代码：600720 证券简称：中交设计 公告编号：2025-018 中交设计咨询集团股份有限公司 第十届监事会第十三次会议决议公告 中交设计咨询集团股份有限公司（简称本公司或公司）监事会及全体监事 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、监事会会议召开情况 2025 年 4 月 21 日，公司以书面形式发出第十届监事会第十三次会议的通知。 会议于 2025 年 4 月 25 日以电子通信方式召开。会议应到监事 3 名，参会并表决 的监事 3 名。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《关于审议公司<2025 年第一季度报告>的议案》 1.同意公司 2025 年第一季度报告的主要内容，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《2025 年第一季度报告》。 2.监事会认为：公司 2025 年第一季度报告的编制和审议程序规范合法，符 合法律法规、《公司章程》和公司内部管理制度的各项规定；公司 2025 年第一 季度报告内容 ...

2025 年 4 月 18 日，公司以书面形式发出第十届董事会第十四次会议的通知。 会议于 2025 年 4 月 25 日以电子通讯方式召开。全体董事一致同意豁免本次会议 通知时限要求。会议应到董事 9 名，实际参加并表决的董事 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<2025 年第一季度报告>的议案》 1.同意公司《2025 年第一季度报告》主要内容，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《2025 年第一季度报告》。 2.本议案已经董事会审计委员会 2025 年第二次会议审议通过后同意提交董 事会审议。 证券代码：600720 证券简称：中交设计 公告编号：2025-017 中交设计咨询集团股份有限公司 第十届董事会第十四次会议决议公告 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 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,674,304,617.44, representing a decrease of 21.77% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 93,931,655.49, showing an increase of 1.91% year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 77,897,097.60, a decrease of 10.37% compared to the previous year[4] - The basic earnings per share (EPS) was CNY 0.0409, down 8.50% from CNY 0.0446 in the same period last year[4] - Total operating revenue for Q1 2025 was ¥1,674,304,617.44, a decrease of 21.7% compared to ¥2,140,357,986.76 in Q1 2024[20] - Net profit for Q1 2025 was ¥98,073,400.49, slightly up from ¥97,754,554.81 in Q1 2024, indicating a growth of 0.3%[21] - Earnings per share for Q1 2025 was ¥0.0409, compared to ¥0.0447 in Q1 2024, representing a decrease of 8.5%[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 29,896,037,960.88, a decrease of 2.75% from the end of the previous year[5] - Total assets decreased to ¥29,896,037,960.88 in the latest reporting period from ¥30,742,886,825.01 in the previous period, a decline of 2.8%[17] - Total liabilities decreased to ¥14,429,845,431.41 from ¥15,382,251,584.31, reflecting a reduction of 6.2%[17] - The company’s total non-current assets amounted to ¥9,640,241,022.08, down from ¥9,711,793,013.42, a decrease of 0.7%[17] Shareholder Information - The controlling shareholder, China Communications Construction Company, and its concerted parties hold a total of 1,308,060,863 shares, accounting for approximately 57.01% of the total share capital[12] - China Communications Capital plans to increase its shareholding by no less than 100 million RMB and no more than 200 million RMB within 6 months starting from September 10, 2024[12] - The total number of ordinary shareholders at the end of the reporting period was 53,801[11] - The top 10 shareholders collectively hold 1,110,869,947 shares, representing 48.41% of the total share capital[11] Cash Flow and Investments - In Q1 2025, the cash inflow from operating activities was CNY 2,434,685,211.76, a decrease of 5.7% compared to CNY 2,581,212,661.57 in Q1 2024[25] - The net cash flow from operating activities was -CNY 1,072,821,168.11, worsening from -CNY 996,965,396.23 in the same period last year[25] - The net cash flow from investing activities was CNY 124,970,497.34, a significant improvement from -CNY 52,636,302.84 in Q1 2024[26] - Cash inflow from financing activities was CNY 10,192,161.20, compared to CNY 14,662,119.54 in Q1 2024, reflecting a decrease of 30.5%[26] - The ending cash and cash equivalents balance was CNY 6,578,175,092.28, an increase from CNY 5,276,818,272.31 year-over-year[26] Expenses and Impairments - The company experienced a 35.24% increase in taxes and surcharges, primarily due to higher urban construction tax and education surcharges[9] - Research and development expenses for Q1 2025 were ¥123,054,441.61, slightly up from ¥120,859,871.70 in Q1 2024, indicating an increase of 1.8%[20] - The company reported a credit impairment loss of ¥96,061,345.26 in Q1 2025, compared to ¥18,739,731.93 in Q1 2024, a significant increase of 413.5%[21] Other Financial Metrics - The weighted average return on equity (ROE) decreased by 0.12 percentage points to 0.62%[4] - Shareholders' equity attributable to the parent company was CNY 15,126,011,802.74, reflecting a slight increase of 0.67%[5] - The company reported a total of 1,146,752,167.22 RMB in contract assets as of March 31, 2025, slightly down from 1,152,524,813.07 RMB in the previous period[15] - The company has no significant changes in the participation of major shareholders in margin trading and securities lending[13] - The company did not apply new accounting standards for the first time in 2025[26]

证券代码：600720 证券简称：中交设计 公告编号：2025-016 中交设计咨询集团股份有限公司 关于控股股东全资子公司首次增持公司股份暨 增持计划进展的公告 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法律责任。 重要内容提示： 增持计划基本情况：中交设计咨询集团股份有限公司（以下简称"公司" 或"中交设计"）于 2025 年 4 月 22 日发布《关于控股股东全资子公司增持公司 股份计划的公告》（详见临时公告 2025-015 号），公司控股股东中国交通建设 股份有限公司（以下简称"中国交建"）全资子公司中交资本控股有限公司（以 下简称"中交资本"）计划于 2025 年 4 月 21 日起 12 个月内以其自有资金通过 上海证券交易所交易系统允许的方式增持公司股份。本次拟增持金额为不低于 15,000 万元人民币，不超过 30,000 万元人民币。 首次增持基本情况：2025 年 4 月 23 日，公司控股股东中国交建全资子公 司中交资本通过上海证券交易所交易系统以集中竞价方式，首次 ...

Core Viewpoint - China Communications Design (中交设计) has announced a new share buyback plan by its controlling shareholder, China Communications Construction Company (中国交建), through its wholly-owned subsidiary, China Communications Capital (中交资本), indicating confidence in the company's fundamentals and future development prospects [2][3] Group 1: Share Buyback Plans - China Communications Capital plans to increase its stake in China Communications Design by investing between 150 million to 300 million yuan over the next 12 months [2][3] - This is the second time within a month that China Communications Capital has announced a buyback plan, following a previous plan that was completed in March 2025 [3][4] Group 2: Financial Performance - In 2024, China Communications Design reported revenue of 12.434 billion yuan, a year-on-year decrease of 7.98%, and a net profit of 1.751 billion yuan, a slight decline of 0.84% [7] - The company has achieved a cumulative net profit of 3.517 billion yuan since the completion of its major asset restructuring two years ago [7] - The company plans to distribute a cash dividend of 0.229 yuan per share, totaling 525 million yuan, which represents 30% of the net profit attributable to ordinary shareholders [7] Group 3: Business Operations and Market Position - The company has undergone a significant transformation, shifting its main business from cement production to engineering technology and design services following a major asset restructuring completed at the end of 2023 [5][6] - China Communications Design has maintained a leading position in the engineering design consulting sector, participating in major infrastructure projects such as the Hong Kong-Zhuhai-Macao Bridge [6] - In 2024, the company secured new contracts worth 17.28 billion yuan, demonstrating its continued strength in core business areas such as transportation infrastructure and urban renewal [7] Group 4: Performance of Subsidiaries - The six subsidiaries of China Communications Design have consistently met their performance commitments for two consecutive years, with 2024 net profits exceeding targets [8] - In 2024, the subsidiaries achieved net profits of 1.041 billion yuan, 950 million yuan, 961 million yuan, 352 million yuan, 127 million yuan, and 26.71 million yuan, with performance commitment achievement rates ranging from 104% to 150% [8]

Group 1 - The core viewpoint of the news is that China Communications Design (中交设计) is expected to see significant growth potential and investment value, as evidenced by the planned share buyback by its controlling shareholder, China Communications Construction Company (中国交建) [1] - The controlling shareholder's plan to increase its stake in the company by 150 million to 300 million RMB within the next twelve months reflects strong confidence in the company's future growth and long-term strategy [1] - The previous buyback, completed on March 20, involved the purchase of 22.64 million shares, representing 0.99% of the total share capital, with a total expenditure of approximately 197 million RMB [1] Group 2 - China Communications Design has made significant progress in optimizing its business structure and improving profit margins, achieving a gross profit margin increase of 2.55 percentage points and a weighted average return on equity of 12.63% in 2024 [2] - The company has successfully divested its heavy asset construction business, leading to a more lightweight operational model, while its design consulting business remains a leader in the industry [2] - The overseas contract value increased by 81.6% in 2024, with the company actively participating in projects in countries along the "Belt and Road" initiative, indicating strong future revenue growth potential [2] Group 3 - In emerging business areas, the company is exploring new applications in AI and low-altitude economy, with successful implementations of technologies such as health monitoring systems for mountainous roads and smart highway services [3] - The establishment of a low-altitude economy innovation center and involvement in various planning projects position the company well for future low-altitude infrastructure orders [3] - The controlling shareholder's continuous increase in stake during market fluctuations reflects confidence in the company's core competitiveness and global strategy [3] Group 4 - The company is expected to maintain its leading position in the design consulting industry, driven by the acceleration of the "Belt and Road" initiative, domestic demand policies, and the deepening of digital infrastructure trends [4] - The solid industrial foundation and technological innovation advantages are anticipated to support the company's market value recovery and long-term value release [4]