华设设计集团股份有限公司 第五届监事会第二十二次会议决议公告 本公司监事会及全体监事保证本公告内容不存在虚假记载、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。 一、监事会会议召开情况 华设设计集团股份有限公司第五届监事会第二十二次会议于2025年10月30 日在公司AB507会议室（南京市秦淮区紫云大道9号）召开，会议由监事会主席 汤蓉召集并主持。本次会议通知于2025年10月20日以书面方式送达各位监事。本 次会议应出席监事3名，实际出席3名。会议采用现场方式进行。会议的召开符合 《中华人民共和国公司法》及《华设设计集团股份有限公司章程》的规定。公司 董事会秘书、证券事务代表列席了会议。 二、监事会会议审议情况 | 证券代码：603018 | 证券简称：华设集团 | 公告编号：2025-049 | | --- | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | | 二○二五年十月三十日 1、审议通过《公司2025年第三季度报告》 《公司2025年第三季度报告》所载资料不存在任何虚假记载、误导性陈述或 者重大遗漏，监事会对其内容的真实性、准确 ...

| | | 华设设计集团股份有限公司 第五届董事会第二十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、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。 一、董事会会议召开情况 华设设计集团股份有限公司第五届董事会第二十五次会议于2025年10月30 日在公司AB507会议室（南京市秦淮区紫云大道9号）召开，会议由董事长杨卫 东召集并主持。本次会议通知于2025年10月20日以书面和邮件方式送达各位董 事。本次会议应出席董事9名，实际出席9名。会议采用现场与通讯表决方式进 行。会议的召开符合《中华人民共和国公司法》及《华设设计集团股份有限公 司章程》的规定。公司监事、董事会秘书和财务负责人列席了会议。 二、董事会会议审议情况 1、审议通过《公司2025年第三季度报告》； 《公司2025年第三季度报告》已经第五届董事会审计委员会2025年第四次 会议审议通过。 具体内容详见与本公告同时披露的相关文件。 表决结果：同意9票，反对0票，弃权0票。 2、审议通过《关于增加2025年度日常关联交易预计金额的议案》 该议案已经公司2025年独立董事第三次专门会议提前审 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 1,048,282,018.92, representing a year-on-year increase of 1.64%[4] - The net profit attributable to shareholders was CNY 84,627,677.84, reflecting an increase of 8.30% compared to the same period last year[4] - Total operating revenue for the first three quarters of 2025 was CNY 2,543,243,148.92, a decrease of 5.5% compared to CNY 2,691,919,330.14 in the same period of 2024[18] - The net profit for the first three quarters of 2025 was CNY 187,195,481.45, a decrease of 18.0% compared to CNY 228,305,663.96 in the same period of 2024[19] - The total profit for the first three quarters of 2025 was CNY 221,504,158.90, down from CNY 269,656,337.85 in 2024, reflecting a decline of 17.9%[19] - The operating profit for the first three quarters of 2025 was CNY 221,370,779.11, compared to CNY 271,204,352.98 in 2024, indicating a decrease of 18.4%[19] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 12,418,655,458.01, showing a decrease of 4.38% from the end of the previous year[5] - The total assets of the company amounted to CNY 12,418,655,458.01 as of September 30, 2025, compared to CNY 12,987,402,901.13 at the end of 2024, a reduction of 4.4%[16] - The total liabilities decreased to CNY 7,031,505,453.98 as of September 30, 2025, from CNY 7,717,571,823.96 at the end of 2024, reflecting a decline of 8.9%[15] Cash Flow - The company's net cash flow from operating activities was negative CNY 428,913,533.72, indicating a significant cash outflow[5] - The cash flow from operating activities for the first three quarters of 2025 was negative at CNY -428,913,533.72, an improvement from CNY -612,019,116.65 in 2024[23] - The cash flow from investing activities generated a net inflow of CNY 160,333,460.59 in the first three quarters of 2025, compared to a net outflow of CNY -139,178,348.13 in 2024[23] - The cash flow from financing activities resulted in a net outflow of CNY -21,394,345.46 in the first three quarters of 2025, an improvement from CNY -44,332,379.10 in 2024[24] - The total cash and cash equivalents at the end of the third quarter of 2025 stood at CNY 1,476,229,286.60, an increase from CNY 1,284,771,507.51 in 2024[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 30,498[11] - The top shareholder, Zhang Yuejun, held 28,487,100 shares, representing 4.17% of the total shares[11] Earnings Per Share - The basic earnings per share for the quarter was CNY 0.12, a decrease of 22.86% compared to CNY 0.27 for the same period last year[5] - The basic earnings per share for the first three quarters of 2025 was CNY 0.27, down from CNY 0.35 in the same period of 2024[20] - The diluted earnings per share for the first three quarters of 2025 was CNY 0.27, compared to CNY 0.34 in 2024, reflecting a decrease of 20.6%[20] Other Financial Metrics - The weighted average return on equity decreased by 1.16 percentage points to 1.57% compared to the previous year[5] - The company's cash and cash equivalents decreased to CNY 1,484,717,077.38 as of September 30, 2025, from CNY 1,876,110,095.63 at the end of 2024, representing a decline of 20.9%[14] - Accounts receivable as of September 30, 2025, was CNY 3,720,041,707.68, slightly down from CNY 3,848,123,344.32 at the end of 2024, indicating a decrease of 3.3%[14] - The company reported a significant increase in inventory to CNY 270,482,799.54 as of September 30, 2025, compared to CNY 257,964,709.20 at the end of 2024, an increase of 4.8%[14] - The company’s long-term equity investments were CNY 424,091,854.47 as of September 30, 2025, slightly down from CNY 429,359,613.00 at the end of 2024, a decrease of 1.2%[14] - The company’s retained earnings increased to CNY 3,722,489,514.72 as of September 30, 2025, compared to CNY 3,606,822,039.51 at the end of 2024, an increase of 3.2%[16] - The company reported a decrease in interest income to CNY 18,549,777.78 from CNY 19,900,033.93 in the previous year, a decline of 6.8%[19] - The company experienced a 38.90% increase in short-term borrowings, attributed to an increase in bank loans[9] - The company reported a 55.28% increase in construction in progress, primarily due to the construction of the innovation center[9]

Market Overview - In October 2025, the equity market experienced an overall upward trend, with the Shanghai Composite Index breaking through 3900 points and reaching a historical high of 3950.3, marking a monthly increase of 0.42% [5] - The bond market remained volatile, influenced by expectations of further monetary policy easing and high risk aversion due to the uncertain Sino-US trade situation. The yield on 10-year government bonds rose by 0.20 basis points to 1.849% by October 24 [5] - The convertible bond market saw a stabilization after an initial valuation compression, with the average price of convertible bonds decreasing by 3.00% to 114.34 yuan, and the median price dropping by 0.48% to 131.01 yuan [5][11] Convertible Bond Strategy - The report suggests a balanced approach to convertible bond investments, emphasizing the need for a wave-like strategy in asset management. It highlights the importance of selecting bonds with high potential for price appreciation while managing risks associated with high premiums and frequent redemptions [17] - The report identifies sectors with high win rates and high odds for convertible bond investments, including lithium batteries, semiconductor equipment, and agricultural chemicals, which are expected to benefit from recent price increases and market demand [17] "Top Ten Convertible Bonds" Portfolio - The report lists the "Top Ten Convertible Bonds" for November 2025, highlighting their respective industries, credit ratings, and reasons for recommendation. For instance, the "Xingye Convertible Bond" is recommended due to its attractive dividend yield of over 5% [19][20] - The portfolio includes bonds from various sectors such as banking, battery manufacturing, medical devices, and semiconductor industries, showcasing a diverse investment strategy aimed at capturing growth across different market segments [19] Sector-Specific Insights - The banking sector, represented by Xingye Bank, is noted for its stable revenue growth and strong asset quality, with a projected dividend yield of 4.6% [20][21] - The battery sector, particularly represented by Yiwei Lithium Energy, is experiencing rapid growth in energy storage battery shipments, positioning the company as a leader in the market [31][34] - The medical device sector, led by Yirui Technology, is benefiting from increased demand for digital X-ray detectors and core component breakthroughs, indicating strong growth potential [43][46] - The semiconductor sector, represented by Weier Technology, is capitalizing on the recovery in consumer electronics demand and the expansion of automotive electronics, leading to significant revenue growth [68][71] - The communication sector, represented by Zhongbei Communication, is seeing explosive growth in its intelligent computing business, driven by the increasing demand for AI-related services [80][83] Conclusion - The report emphasizes the importance of a strategic approach to investing in convertible bonds, focusing on sectors with strong growth potential and favorable market conditions. The "Top Ten Convertible Bonds" portfolio serves as a guide for investors looking to capitalize on these opportunities while managing associated risks [17][19]

Core Viewpoint - China Coal Construction Group's subsidiary, Zhongshe Underground Space Technology Co., Ltd., is 49% owned by the company [1] Group 1 - The company has a stake in Zhongshe Underground Space Technology Co., Ltd. [1]

Core Insights - Hua She Group (603018) reported a net financing purchase of 28,700 yuan on October 20, 2025, with a financing balance of 311 million yuan, indicating a positive market sentiment towards the stock [1][4]. Financing Activity - On October 20, 2025, the net financing purchase was 28,700 yuan, with a financing balance of 311 million yuan, representing 5.99% of the circulating market value [2]. - Over the past three trading days, the cumulative net financing purchase reached 1,792,590 yuan, with 12 out of the last 20 trading days showing net financing purchases [1][2]. - The financing balance increased by 0.01% compared to the previous day, reflecting a slight upward trend in market activity [4]. Margin Trading - On October 20, 2025, there was a net short sale of 400 shares, with a margin balance of 22,120 yuan [3]. - The margin trading activity showed a cumulative net short sale of 1,000 shares over the last three trading days [3]. Overall Market Sentiment - The increase in financing balance suggests a strengthening of bullish sentiment in the market, while the net short sales indicate some bearish sentiment as well [5].

Group 1: Company Performance - On October 20, Huasheng Group's stock increased by 0.40%, with a trading volume of 26.19 million yuan [1] - For the period from January to June 2025, Huasheng Group reported a revenue of 1.495 billion yuan, a year-on-year decrease of 9.97%, and a net profit attributable to shareholders of 101 million yuan, down 34.36% year-on-year [2] - Cumulative cash dividends paid by Huasheng Group since its A-share listing amount to 1.249 billion yuan, with 455 million yuan distributed in the last three years [3] Group 2: Financing and Shareholder Information - As of October 20, Huasheng Group's total margin financing and securities lending balance reached 311 million yuan, accounting for 5.99% of its market capitalization [1] - The number of shareholders of Huasheng Group increased to 34,600 as of July 31, representing a 59.46% rise compared to the previous period [2] - The top ten circulating shareholders include Qianhai Kaiyuan Public Utilities Stock, which holds 24.68 million shares, an increase of 2.13 million shares from the previous period [3]

| 证券代码：603018 | 证券简称：华设集团 | 公告编号：2025-047 | | --- | --- | --- | | 转债代码：113674 | 转债简称：华设转债 | | 华设设计集团股份有限公司 可转债转股结果暨股份变动公告 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、准确性和完整性承担法律责任。 重要内容提示： 累计转股情况：华设设计集团股份有限公司（以下简称"华设集团"或 "公司"）向不特定对象发行可转换公司债券自 2024 年 1 月 29 日起开始转股， 截至 2025 年 9 月 30 日，累计有人民币 135,000.00 元"华设转债"转换为公司普 通股股票，累计转股股数为 15,451 股，占"华设转债"转股前公司已发行股份 总额的 0.0023%。 未转股可转债情况：截至 2025 年 9 月 30 日，尚未转股的"华设转债" 金额为人民币 399,865,000 元，占"华设转债"发行总量的比例为 99.9663%。 本季度转股情况：自 2025 年 7 月 1 日起至 2025 年 9 月 30 日期间，共有 人 ...

Company Overview - Huasheng Group's stock price decreased by 2.06% on September 23, trading at 7.59 CNY per share with a market capitalization of 5.19 billion CNY [1] - The company was established on August 12, 2005, and listed on October 13, 2014, primarily engaged in engineering consulting services including surveying design, planning research, testing, and project management [1] - The revenue composition includes: surveying design (49.75%), low-carbon and environmental business (12.81%), comprehensive testing (11.14%), digital and smart business (9.99%), planning research (8.72%), project management and commercial operation (6.28%), and others (1.31%) [1] Financial Performance - For the first half of 2025, Huasheng Group reported a revenue of 1.495 billion CNY, a year-on-year decrease of 9.97%, and a net profit attributable to shareholders of 101 million CNY, down 34.36% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 1.249 billion CNY, with 455 million CNY distributed over the last three years [3] Shareholder Information - As of July 31, the number of shareholders increased to 34,600, a rise of 59.46%, while the average circulating shares per person decreased by 37.29% to 19,750 shares [2] - The top ten circulating shareholders include Qianhai Kaiyuan Public Utilities Stock and Qianhai Kaiyuan New Economy Mixed A, with significant increases in their holdings [3]

Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [8] Core Insights - In August, broad infrastructure investment decreased by 6.4%, with a month-on-month decline of 4.5 percentage points, while narrow infrastructure investment fell by 5.9%, with a month-on-month decline of 0.8 percentage points [4][6] - Real estate investment in August saw a year-on-year decline of 19.9%, with the drop expanding compared to July [7] - The report highlights a trend towards stabilization in the real estate market, despite ongoing challenges [7] - Infrastructure investment from January to August grew by 2.0% year-on-year, outpacing overall investment growth [7] Summary by Sections Infrastructure Investment - Broad infrastructure investment in August decreased by 6.4%, a decline of 12.6 percentage points compared to the same month in 2024, and a month-on-month drop of 4.5 percentage points [6] - Narrow infrastructure investment fell by 5.9%, with a year-on-year decline of 7.1 percentage points and a month-on-month decrease of 0.8 percentage points [6] - Specific sectors such as water conservancy saw a significant drop of 29.8% year-on-year, while public facilities decreased by 11.6% [6] Real Estate Market - Real estate investment in August dropped by 19.9% year-on-year, with sales area declining by 11.0% [7] - New construction area fell by 19.8%, and completed area decreased by 21.2% [7] - The report indicates that the real estate market is moving towards stabilization, with inventory reduction efforts showing results [7] Investment Recommendations - The report recommends undervalued high-dividend stocks such as China State Construction (dividend yield 4.85%), China Railway Construction (dividend yield 3.74%), and Tunnel Corporation (dividend yield 4.48%) [7] - It also highlights the potential for growth in private investment in infrastructure, particularly in green energy [7]