证券代码：603183 证券简称：建研院 公告编号：2025-014 苏州市建筑科学研究院集团股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 9 日 (二)股东大会召开的地点：苏州市北官渡路 82 号建研院旺山总部太仓厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 204 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 128,612,085 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 25.8697 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次大会由公司董事会召集，公司董事长吴小翔先生主持，会议以现场投票 和网络投票相结合的方式表决，本次会议的召集、召开和表决方式符合《公 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the solid waste management industry, particularly focusing on the integration of waste incineration and IDC (Internet Data Center) projects, emphasizing the potential for efficiency improvements and enhanced return on equity (ROE) through market reforms and pricing adjustments [1][2]. Key Points and Arguments - **Market Valuation and ROE Potential**: The solid waste management sector, particularly through IDC initiatives, has the potential to double its ROE, with reference to international leaders like Waste Management (WM) achieving ROE of over 30%, a price-to-earnings (PE) ratio of 33x, and a price-to-book (PB) ratio of 11x [1]. - **Zero Carbon Projects**: The combination of waste incineration and IDC is positioned as a solution for ultra-low Power Usage Effectiveness (PUE) zero carbon projects, highlighting advantages such as cleanliness, efficiency, stability, and economic viability, especially in urban centers [1]. - **Profitability Models**: Different operational models (pure energy supply, energy supply with cabinet leasing, and energy supply with computing power leasing) show significant profitability elasticity, with potential increases in ROE from 12% to 16%, 15%, and 18% respectively [1]. - **Operational Scale and Location**: Companies like Yongxing, Junxin, and others have a high percentage of their operations meeting the scale and location requirements for effective waste management and IDC integration [1]. Financial Highlights - **Increased Cash Flow and Dividends**: The industry is entering a mature phase with declining capital expenditures, leading to positive free cash flow in 2023 and continued growth in 2024. Companies are significantly increasing their dividends, with notable examples including: - Green Power: Cash dividend of 418 million yuan (+100%), dividend payout ratio of 71.45% [2]. - Hanlan Environment: Dividend of 0.8 yuan per share (+67%), payout ratio of 39.20% [2]. - Junxin Co.: Dividend payout ratio of 95% (+23%) with a commitment to maintain a minimum of 50% [2]. - Yongxing Co.: Cash dividend of 540 million yuan (+15%), payout ratio of 65.81% [2]. - Other companies also reported significant increases in dividends and payout ratios, indicating a strong trend towards returning value to shareholders [2]. Additional Insights - **Policy Impact**: The push for metered charging in waste management is expected to streamline commercial models and improve cash flow, further supporting the financial health of companies in the sector [2]. - **Long-term Dividend Commitments**: Several companies have made long-term commitments to maintain or increase dividend payouts, indicating confidence in future cash flows and profitability [2]. This summary encapsulates the key insights from the conference call, highlighting the solid waste management industry's growth potential, financial performance, and strategic direction.

证券代码：603183 证券简称：建研院 公告编号：2025-013 苏州市建筑科学研究院集团股份有限公司 第四届监事会第十次会议决议公告 本项议案投票结果：3 票同意，0 票反对，0 票弃权。 特此公告。 苏州市建筑科学研究院集团股份有限公司 监 事 会 本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个别及连带责任。 一、监事会会议召开情况 苏州市建筑科学研究院集团股份有限公司（以下简称"公司"）第四届监事会 第十次会议于 2025 年 4 月 29 日在公司太仓厅召开。本次会议通知已于 2025 年 4 月 23 日通过电话和邮件方式发出。本次会议应出席监事 3 人，实际出席监事 3 人，监事会主席李振全先生主持了本次会议。本次会议的召集和召开符合《中华 人民共和国公司法》等法律、行政法规、规范性文件和《公司章程》的有关规定， 所形成的决议合法有效。 二、监事会会议审议情况 1、审议通过了《2025 年第一季度报告》 监事会认为：公司 2025 年第一季度报告所记录的内容客观、准确，真实呈 现了 2025 年第一季度公司实际生产经营 ...

证券代码：603183 证券简称：建研院 公告编号：2025-012 苏州市建筑科学研究院集团股份有限公司 第四届董事会第十次会议决议公告 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。 一、董事会会议召开情况 苏州市建筑科学研究院集团股份有限公司（以下简称"公司"）第四届董事会 第十次会议于 2025 年 4 月 29 日在公司太仓厅，以现场加通讯的方式召开。会议 通知已于 2025 年 4 月 23 日以电话和邮件的方式发出。本次会议应出席董事 9 人，实际出席董事 9 人。董事长吴小翔先生主持了本次会议，公司监事、高级管 理人员、党委书记列席了会议。本次会议的召集和召开符合《中华人民共和国公 司法》等法律、行政法规、规范性文件和《公司章程》的有关规定，所形成的决 议合法有效。 二、董事会会议审议情况 1、审议通过了《2025 年第一季度报告》 董事会认为：该报告所记录的内容客观、准确，真实呈现了 2025 年第一季 度公司实际生产经营状况，并同意对外报出。 具体内容详见公司同日于上海证券交易所网站（www.sse. ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0200 | 0.0100 | -300 | 0.0100 | | 每股净资产（元） | 3.21 | 3.16 | 1.58 | 2.98 | | 每股公积金(元) | 0.7 | 0.72 | -2.78 | 0.71 | | 每股未分配利润(元) | 1.39 | 1.40 | -0.71 | 1.23 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.51 | 1.76 | -14.2 | 1.64 | | 净利润(亿元) | -0.08 | 0.03 | -366.67 | 0.05 | | 净资产收益率(%) | -0.53 | 0.22 | -340.91 | 0.36 | 三、分红送配方案情况 本次公司不分配不转赠。 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 16728.6万股，累计占流通股比： ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥150,776,212.84, a decrease of 14.55% compared to ¥176,458,274.01 in the same period last year[3] - The net profit attributable to shareholders was -¥8,437,405.50, representing a decline of 347.97% from a profit of ¥3,402,587.46 in the previous year[3] - The basic earnings per share decreased by 300.00%, from ¥0.01 to -¥0.02[3] - The company experienced a significant decline in net profit due to insufficient overall construction activity in Q1[6] - The company reported a net profit of -7,858,753.93, a significant decline compared to a net profit of 9,124,686.52 in the previous year, indicating a year-over-year decrease of approximately 186.2%[17] - Operating profit turned negative at -5,635,922.49, contrasting with a positive operating profit of 11,379,602.87 in the same quarter last year[17] - The total comprehensive income for the period was -7,858,753.93, compared to 9,124,686.52 in the previous year, indicating a substantial decline[18] - Basic and diluted earnings per share were both -0.02, compared to 0.01 in the same quarter last year, reflecting a negative shift in profitability[18] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,206,041,092.29, down 3.47% from ¥2,285,419,823.09 at the end of the previous year[3] - Current assets totaled CNY 925,298,793.31 as of March 31, 2025, down 12.13% from CNY 1,053,125,355.50 on December 31, 2024[12] - Non-current assets increased to CNY 1,280,742,298.98 as of March 31, 2025, up 3.93% from CNY 1,232,294,467.59 on December 31, 2024[13] - Total liabilities were CNY 523,378,657.95 as of March 31, 2025, down 12.00% from CNY 594,984,795.04 on December 31, 2024[14] - Shareholders' equity totaled CNY 1,682,662,434.34 as of March 31, 2025, a decrease of 0.46% from CNY 1,690,435,028.05 on December 31, 2024[14] Cash Flow - The net cash flow from operating activities was -¥19,683,735.33, an improvement from -¥26,301,759.70 in the previous year[3] - The net cash flow from operating activities was -19,683,735.33, an improvement from -26,301,759.70 in the prior year, showing a reduction in cash outflow[20] - Cash and cash equivalents decreased to CNY 153,207,020.72 as of March 31, 2025, from CNY 270,047,090.36 on December 31, 2024[11] - Cash and cash equivalents at the end of the period stood at 144,911,251.37, down from 199,057,847.67, representing a decrease of approximately 27.3%[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 27,792[8] - The top shareholder, Wu Xiaoxiang, holds 37,055,723 shares, accounting for 7.45% of the total shares[8] Operating Costs - Total operating costs for Q1 2025 were CNY 172,571,417.20, down 3.61% from CNY 179,395,989.54 in Q1 2024[16] - Operating costs included CNY 87,278,367.31 in Q1 2025, a decrease of 7.36% from CNY 94,633,103.30 in Q1 2024[16] Research and Development - Research and development expenses were 17,359,437.97, slightly down from 18,462,973.38, indicating a decrease of about 6%[17] Future Strategy - The company plans to focus on market expansion and new product development as part of its future strategy[21]

证券代码：603183 证券简称：建研院 公告编号：2025-011 苏州市建筑科学研究院集团股份有限公司 关于 2024 年度业绩说明会召开情况的公告 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、准确性和完整性承担个别及连带责任。 为了便于广大投资者更全面、深入地了解苏州市建筑科学研究院集团股份有 限公司（以下简称"公司"或"本公司"）2024年度业绩和经营情况，公司于2025 年4月25 日（星期五）上午 10:00-11:00，通过上海证券交易所上证路演中 心（网址： http://roadshow.sseinfo.com），以网络文字互动方式，召开了2024 年度业绩说明会，就投资者普遍关心的问题进行了互动交流。现将本次业绩说明 会有关情况公告如下： 一、本次业绩说明会召开情况 2025 年 4 月 25 日上午 10:00-11:00，公司董事长、总经理吴小翔先生， 独立董事李丹云女士，财务总监任凭女士，董事会秘书许业峰先生参加了本次业 绩说明会，就公司 2024 年度业绩和经营情况，在线与投资者进行了互动沟通交 流，并对投资者普遍关注的问题 ...

Investment Rating - The report provides a neutral investment rating for the company, indicating that the expected performance is within a range of -5% to 5% relative to the benchmark index [12]. Core Insights - The company is projected to experience a steady increase in revenue, with expected figures of 9.08 billion in 2024, 9.54 billion in 2025, 10.54 billion in 2026, and 11.54 billion in 2027, reflecting a growth rate of 5.12% in 2025 and 10.48% in 2026 [7]. - The net profit is forecasted to rise from 0.74 billion in 2024 to 1.16 billion in 2027, with a notable increase of 24.63% in 2025 and 14.66% in 2026 [7]. - The company's gross margin is expected to remain stable, with values of 48.43% in 2024, 48.01% in 2025, 49.62% in 2026, and 48.35% in 2027 [7]. Financial Projections - The balance sheet indicates total assets will grow from 22.85 billion in 2024 to 51.89 billion in 2027, with current assets slightly decreasing in 2025 before a significant increase in subsequent years [6]. - Cash flow from operating activities is projected to increase from 1.07 billion in 2024 to 2.19 billion in 2027, indicating improved operational efficiency [6]. - The company’s debt levels are expected to remain low, with total liabilities increasing modestly from 5.95 billion in 2024 to 7.59 billion in 2027 [6]. Key Financial Ratios - The report highlights a projected return on equity (ROE) of 3.76% in 2024, increasing to 4.52% in 2025, but declining to 2.29% by 2027 [7]. - The price-to-earnings (P/E) ratio is expected to decrease from 32.57 in 2024 to 19.98 in 2027, suggesting a potential increase in market valuation over time [7]. - The current ratio is projected to improve significantly from 1.81 in 2024 to 4.86 in 2027, indicating enhanced liquidity [7].

证券研究报告 建研院 (603183 CH) 短周期盈利承压，检测业务有望回温 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 16 日│中国内地 | 其他建材 | 建研院 2024 年实现营收 9.08 亿元（yoy+1.71%），归母净利 6029.22 万元 （yoy-46.23%），扣非净利 6369.66 万元（yoy-41.36%）。其中 Q4 实现营 收 3.32 亿元（yoy-6.13%，qoq+59.81%），归母净利 3561.85 万元 （yoy-56.16%，qoq+517.88%）。全年归母净利低于我们此前预期（1.15 亿元），我们认为主因"十四五"末新增项目需求减少，叠加 4Q24 前资金 面整体偏紧，公司营收增长放缓，而费用刚性支出，削弱盈利能力。但考虑 到城镇化率已到一定阶段，城市更新逐步提上日程，叠加政策催化及化债推 进，我们认为公司检测业务有望迎来景气修复，维持"增持"。 设计业务稳步成长，费用刚性扰动盈利 24 年工程检测/工程施工/商品销售/工程监理/工程设计分部实现营收 6.41/0.29 ...

证券研究报告 建研院 (603183 CH) 短周期盈利承压，检测业务有望回温 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 16 日│中国内地 | 其他建材 | 建研院 2024 年实现营收 9.08 亿元（yoy+1.71%），归母净利 6029.22 万元 （yoy-46.23%），扣非净利 6369.66 万元（yoy-41.36%）。其中 Q4 实现营 收 3.32 亿元（yoy-6.13%，qoq+59.81%），归母净利 3561.85 万元 （yoy-56.16%，qoq+517.88%）。全年归母净利低于我们此前预期（1.15 亿元），我们认为主因"十四五"末新增项目需求减少，叠加 4Q24 前资金 面整体偏紧，公司营收增长放缓，而费用刚性支出，削弱盈利能力。但考虑 到城镇化率已到一定阶段，城市更新逐步提上日程，叠加政策催化及化债推 进，我们认为公司检测业务有望迎来景气修复，维持"增持"。 设计业务稳步成长，费用刚性扰动盈利 24 年工程检测/工程施工/商品销售/工程监理/工程设计分部实现营收 6.41/0.29 ...