Group 1 - The core viewpoint of the news is that Guizhou Transportation Planning and Design Institute Co., Ltd. (勘设股份) has experienced fluctuations in its stock price and trading activity, with a notable increase in stock price year-to-date but a decline in recent trading days [1][2] - As of September 25, the stock price of 勘设股份 was 8.45 yuan per share, with a market capitalization of 2.587 billion yuan and a trading volume of 72.97 million yuan [1] - The company has seen a year-to-date stock price increase of 46.19%, but a recent 20-day decline of 8.15% [1] Group 2 - 勘设股份 was established on April 30, 2010, and listed on August 9, 2017, primarily engaged in engineering consulting and contracting services across various sectors including highways, bridges, and tunnels [2] - The company's revenue composition includes 72.30% from engineering consulting, 24.78% from engineering contracting, 2.26% from product sales, and 0.65% from other sources [2] - As of September 10, the number of shareholders increased by 4.52% to 16,900, with an average of 18,074 circulating shares per shareholder, a decrease of 4.32% [2] Group 3 - 勘设股份 has distributed a total of 662 million yuan in dividends since its A-share listing, with 68.27 million yuan distributed over the past three years [3]

Core Points - The stock of Kuan She Co., Ltd. (勘设股份) increased by 6.41% on the trading day, with a turnover rate of 5.42% and a total transaction amount of 139 million yuan, showing a volatility of 18.38% [1] - The stock was listed on the Shanghai Stock Exchange due to its daily volatility reaching 18.38%, with a net buying amount of 13.93 million yuan from brokerage seats [1] - The top five brokerage seats accounted for a total transaction amount of 63.20 million yuan, with a net buying amount of 13.93 million yuan [1] Trading Data - The largest buying brokerage was Fangzheng Securities, with a buying amount of 14.68 million yuan, while the largest selling brokerage was Guotai Junan Securities, with a selling amount of 7.28 million yuan [2] - The stock experienced a net inflow of 6.33 million yuan from main funds, with a significant outflow of 4.33 million yuan from large orders [1] - Over the past five days, the main funds have seen a net outflow of 6.64 million yuan [1] Financial Performance - For the first half of the year, Kuan She Co., Ltd. reported a revenue of 572 million yuan, representing a year-on-year growth of 3.50%, but incurred a net loss of 97.22 million yuan [1]

Group 1 - The stock of Kuan She Co., Ltd. (勘设股份) increased by 6.41% with a turnover rate of 5.42% and a trading volume of 139 million yuan, showing a volatility of 18.38% on the day [2] - The stock was listed on the Shanghai Stock Exchange due to its daily volatility reaching 18.38%, with a net buying amount of 13.93 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 63.20 million yuan, with a buying amount of 38.56 million yuan and a selling amount of 24.63 million yuan, resulting in a net buying of 13.93 million yuan [2] Group 2 - The largest buying brokerage was Founder Securities Co., Ltd. with a buying amount of 14.68 million yuan, while the largest selling brokerage was Guotai Junan Securities Co., Ltd. with a selling amount of 7.28 million yuan [2] - The stock experienced a net inflow of 6.33 million yuan from main funds, with a significant outflow of 4.33 million yuan from large orders and an inflow of 10.67 million yuan from medium-sized orders [2] - The company's semi-annual report released on August 30 showed a total revenue of 572 million yuan, representing a year-on-year growth of 3.50%, while the net profit was a loss of 97.22 million yuan [2]

Core Insights - The engineering consulting services sector experienced a 1.24% increase on September 24, with Hualan Group leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Sector Performance - Hualan Group saw a closing price of 15.74, with a rise of 7.81% and a trading volume of 135,100 shares, amounting to a transaction value of 209 million [1] - Other notable performers included Taiji Industry, which rose by 6.70% to a closing price of 7.80, and Kuan She Co., which increased by 6.41% to 8.63 [1] - The sector's overall trading volume and transaction values indicate strong investor interest, with significant movements in individual stocks [1] Capital Flow - The engineering consulting services sector saw a net inflow of 222 million in main funds, while retail investors experienced a net outflow of 55.76 million [2] - Main funds showed a preference for stocks like Taiji Industry and Shen Cheng Jiao, with net inflows of 256 million and 33.74 million respectively [3] - Conversely, retail investors withdrew from several stocks, indicating a divergence in investment strategies between institutional and retail investors [2][3]

Group 1 - The stock of Kuan She Co., Ltd. (勘设股份) closed at 8.60 yuan, with a decline of 3.26% [1] - Kuan She Co., Ltd. was listed on the Shanghai Stock Exchange on August 9, 2017, with an initial offering price of 29.36 yuan and a total of 31,037,867 shares issued, accounting for 25.00% of the total shares post-issuance [1] - The total amount of funds raised by Kuan She Co., Ltd. was 911.27 million yuan, with a net amount of 842.43 million yuan after deducting issuance costs of 68.85 million yuan, including underwriting and sponsorship fees of 52.40 million yuan [1] Group 2 - The 2018 annual profit distribution plan indicated a cash dividend of 0.84 yuan per share (including tax) and a capital reserve conversion of 0.45 shares per share, totaling 105.95 million yuan in cash dividends and 56.76 million shares converted, resulting in a new total share capital of 182,890,627 shares [2] - The 2019 annual profit distribution plan announced a cash dividend of 0.70 yuan per share (including tax) and a capital reserve conversion of 0.30 shares per share, totaling 130.12 million yuan in cash dividends and 55.77 million shares converted, leading to a new total share capital of 241,657,815 shares [2] - The 2020 annual profit distribution plan revealed a cash dividend of 0.64 yuan per share (including tax) and a capital reserve conversion of 0.30 shares per share, amounting to 154.52 million yuan in cash dividends and 72.43 million shares converted, resulting in a new total share capital of 313,869,212 shares [3]

Core Viewpoint - The recent financial report of Kuan She Co., Ltd. (603458) indicates a mixed performance with a slight increase in revenue but a significant decline in net profit, raising concerns about the company's financial health and operational efficiency [1] Financial Performance - Total revenue for the first half of 2025 reached 572 million yuan, representing a year-on-year increase of 3.5% [1] - The net profit attributable to shareholders was -97.22 million yuan, a decrease of 24.76% compared to the previous year [1] - In Q2 2025, total revenue was 315 million yuan, up 8.6% year-on-year, while net profit was -77.72 million yuan, down 59.28% [1] Profitability Metrics - Gross margin stood at 20.56%, down 25.5% year-on-year [1] - Net margin was -17.39%, a decline of 17.8% compared to the previous year [1] - The total of selling, administrative, and financial expenses was 110 million yuan, accounting for 19.19% of revenue, a decrease of 23.47% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 778 million yuan, up 16.23% year-on-year [1] - Accounts receivable amounted to 2.402 billion yuan, down 5.68% from the previous year [1] - Interest-bearing debt decreased to 1.231 billion yuan, a reduction of 18.63% year-on-year [1] Shareholder Metrics - Earnings per share (EPS) was -0.32 yuan, a decrease of 28.0% year-on-year [1] - Net asset value per share was 9.47 yuan, down 9.91% compared to the previous year [1] - Operating cash flow per share was -0.45 yuan, an improvement of 51.55% year-on-year [1] Debt and Cash Flow Analysis - The company's cash flow situation is considered healthy, with cash assets providing a good buffer against liabilities [2] - The ratio of cash assets to current liabilities is 58.59%, and the average operating cash flow over the past three years relative to current liabilities is 19.74% [2] - The interest-bearing debt ratio has reached 21.58%, indicating a notable level of leverage [2]

Company Summary - The company, 勘设股份, announced a provision for asset impairment totaling 99.5483 million yuan, which will reduce the total profit in the consolidated financial statements for the first half of 2025 by the same amount [1] - The asset impairment has already been reflected in the company's financial report for the first half of 2025 [1] Industry Overview - For the year 2024, the revenue composition of the company is as follows: 67.61% from the highway sector, 21.68% from the construction sector, 7.39% from water transport and other sectors, 3.01% from the municipal sector, and 0.31% from other businesses [1]

Group 1 - The company reported a total operating revenue of 572 million yuan for the first half of 2025, representing a year-on-year increase of 3.5% [1] - The net profit attributable to shareholders of the parent company was -97.22 million yuan, which is a loss increase of 19.295 million yuan compared to the same period last year [1] - The basic earnings per share were -0.32 yuan [1]

Financial Performance - The company's operating revenue for the first half of 2025 was CNY 571,580,001.55, representing a 3.5% increase compared to CNY 552,246,738.61 in the same period last year[24]. - The total profit for the first half of 2025 was a loss of CNY 112,690,861.41, compared to a loss of CNY 85,620,594.41 in the previous year, indicating a worsening financial performance[24]. - The net profit attributable to shareholders for the first half of 2025 was a loss of CNY 97,223,564.37, compared to a loss of CNY 77,928,596.24 in the same period last year[24]. - The basic earnings per share for the first half of 2025 was -CNY 0.32, compared to -CNY 0.25 in the same period last year[25]. - The weighted average return on net assets for the first half of 2025 was -3.30%, a decrease of 0.95 percentage points from -2.35% in the previous year[25]. - The company reported a net loss attributable to shareholders after deducting non-recurring gains and losses of CNY 98,481,330.74 for the first half of 2025[24]. - The net profit for the first half of 2025 was a loss of CNY 99,400,044.69, worsening from a loss of CNY 81,526,032.68 in the first half of 2024[105]. - The company reported a total comprehensive loss of CNY 21,751,987.68 for the first half of 2025, compared to a comprehensive income of CNY 3,050,687.29 in the same period of 2024[108]. Cash Flow and Assets - The net cash flow from operating activities for the first half of 2025 was a negative CNY 137,052,949.19, an improvement from a negative CNY 287,647,733.64 in the previous year[24]. - Total assets at the end of the reporting period were CNY 5,704,245,615.13, down 4.88% from CNY 5,997,206,870.93 at the end of the previous year[24]. - The proportion of cash and cash equivalents to total assets decreased to 13.64% from 14.80% year-on-year[50]. - Cash and cash equivalents amounted to RMB 778,327,780.34 on June 30, 2025, compared to RMB 887,569,952.04 on December 31, 2024, indicating a decline of about 12.29%[96]. - The company's total liabilities reached CNY 1,904,218,519.44, compared to CNY 1,897,740,063.06 in the prior period[102]. - The total amount of guarantees provided by the company to subsidiaries during the reporting period was ¥586,750,000[82]. Business Operations and Strategy - The main business focuses on engineering consulting and contracting, covering various sectors including highways, municipal, construction, and environmental services[28]. - The company aims to expand into new growth areas such as smart industries, ecological protection, and renewable energy, aligning with national development priorities[33]. - The company is enhancing its operational efficiency through a dual-driven business model that combines strategic management with project-based operations[34]. - The company is committed to digital transformation and technology innovation to improve service delivery and operational effectiveness[33]. - The company has developed various advanced technologies for infrastructure projects, including monitoring and early warning systems for road conditions[35]. - The company has established 13 national and provincial-level technology innovation platforms, including 1 academician workstation and 1 postdoctoral research station, and has undertaken a total of 205 research projects at various levels[36]. Risks and Challenges - The company faces risks related to macroeconomic fluctuations and competition in the engineering consulting industry, which could impact profitability[56]. - The company faces risks in overseas project implementation due to political and economic instability in developing countries where it operates[59]. - The company has implemented measures to control credit risk, but delays in client payments could adversely affect cash flow and financial results[60]. - The company has developed a comprehensive quality control system, but there remains a risk of quality-related disputes and claims that could increase costs[61]. Shareholder and Governance - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for the reporting period[9]. - Recent changes in the board of directors include the election of new non-independent and independent directors, effective for a three-year term[66]. - The company appointed Mr. Zhang Xiaohang as the chairman of the sixth board of directors and Mr. Huang Guojian as the vice chairman[67]. - The company plans to distribute no dividends or stock bonuses for the half-year period, with no capital reserve fund increase[69]. Social Responsibility - The company donated CNY 12,800 for purchasing water heaters to improve living conditions in Zanggenka Village, Tibet[70]. - The company’s subsidiary donated CNY 15,000 worth of warm blankets to support public welfare in Sichuan Province[70]. Accounting and Financial Reporting - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[136]. - The company adheres to accounting standards, ensuring that financial statements accurately reflect its financial position and performance[137]. - The company has not made any significant changes in accounting policies or prior period error corrections, maintaining consistency in financial reporting[121].

证券代码：603458 证券简称：勘设股份 公告编号：2025-040 贵州省交通规划勘察设计研究院股份有限公司 关于 2025 年半年度计提资产减值准备的公告 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法律责任。 一、计提资产减值准备情况概述 为客观、公允地反映贵州省交通规划勘察设计研究院股份有限公司（以下简 称"公司"）2025 年半年度的财务状况和经营成果，根据《企业会计准则》及 公司会计政策等相关规定，基于谨慎性原则，公司对截至 2025 年 6 月 30 日合并 报表范围内的各类资产进行了充分的评估和分析，根据测试结果对存在减值迹象 的资产计提了减值准备。2025 年半年度公司计提各类资产减值准备共计 9,954.83 万元，具体如下： 二、计提资产减值准备事项的相关说明 根据《企业会计准则第 22 号—金融工具确认和计量》及《企业会计准则第 14 号—收入》的规定，公司对以收入准则核算的应收款项及以摊余成本计量的 金融资产，采用预期信用损失的简化模型，即始终按照整个存续期内预期信用损 失的金额计量其损失准备，由此形成的损 ...