证券代码：603909 证券简称：建发合诚 公告编号：2025-033 建发合诚工程咨询股份有限公司 关于非独立董事辞职暨选举职工代表董事的公告 根据《公司法》《公司章程》等有关规定，康明旭先生的辞职报告自送达公 司董事会之日起生效。康明旭先生的辞职不会导致公司董事会成员人数低于法定 人数，不会影响公司董事会的正常运行，亦不会对公司的规范运作和日常运营产 生不利影响。 二、职工代表董事选举情况 为进一步完善公司治理结构，根据《公司法》《上市公司章程指引》等法律、 法规及规范性文件和《公司章程》的相关规定，公司董事会中设置 1 名职工代表 （一）提前离任的基本情况 姓名 离任职务 离任时间 原定任期 到期日 离任原因 是否继续在 上市公司及 其控股子公 司任职 具体职务 （如适用） 是否存在 未履行完 毕的公开 承诺 康明旭 非独立董事 2025 年 9 月 5 日 2027 年 12 月 19 日 公司内部 工作调整 是 公 司 副 总 经 理、子公司董 事长/董事 否 董事，职工代表董事由公司职工代表大会选举产生。 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 ...

关于建发合诚工程咨询股份有限公司 2025 年第一次临时股东会的 法律意见书 中国·厦门 厦禾路 666 号海翼大厦 A 幢 16-18 楼 厦门 · 上海 · 福州 · 泉州 · 龙岩 http://www.tenetlaw.com 中国 · 厦门 厦禾路 666 号海翼大厦 A 幢 16-18 楼 电话:86 · 592 · 5883666 · 传真:86 · 592 · 588 厦门 · 泉州 · 福州 · 龙岩 · 上海 www tenet 关于建发合诚工程咨询股份有限公司 2025 年第一次临时股东会的法律意见书 (2025) 天衡(意)字第208 号 致:建发合诚工程咨询股份有限公司 基于上述,本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精 神,对与出具本法律意见书有关的资料和事实进行了核查和验证,现发表法律意 见如下: 建发合诚工程咨询股份有限公司(以下简称"公司")2025年第一次临时股 东会（以下简称"本次股东会"）于 2025 年 9 月 5 日召开。福建天衡联合律师 事务所(以下简称"本所")接受公司的委托,指派黄臻臻律师、荆日扬律师(以 下简称"本所律师")出席本次股东会,根 ...

证券代码：603909 证券简称：建发合诚 公告编号：2025-032 建发合诚工程咨询股份有限公司 2025年第一次临时股东会决议公告 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） 股东会召开的时间：2025 年 9 月 5 日 （二） 股东会召开的地点：厦门市湖里区枋钟路 2368 号金山财富广场 4 号 楼 11 层会议室 （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 | 78 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 115,046,511 | | 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份 | 44.1343 | | 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。 本次股东会由公司董事会召集，董事长林伟国先生主持会议。会议召集、召 开及表决方式符合《公司法》和《公司章程》等 ...

Core Viewpoint - Company reported strong performance in new contract signings and revenue growth, particularly in engineering construction and urban renewal sectors, while also expanding its overseas business in Southeast Asia [2][4][10]. Group 1: Financial Performance - In the first half of 2025, the company signed new contracts worth 50.5 billion yuan, a year-on-year increase of 48% [2]. - The company's main revenue reached 33.93 billion yuan, up 7.67% year-on-year, with a net profit attributable to shareholders of 450.45 million yuan, reflecting a 32.33% increase [10]. - The second quarter of 2025 saw a significant rise in revenue to 18.53 billion yuan, a 21.81% increase year-on-year, and a net profit of 248.38 million yuan, up 112.51% [10]. Group 2: Business Segments - Engineering construction business showed remarkable growth with new contracts amounting to 45.93 billion yuan, a 56% increase year-on-year, driven by the expansion of land reserves by the controlling shareholder [2]. - The urban renewal segment achieved new contracts worth 1.79 billion yuan in the first half of 2025, surpassing the total for the previous year, with over 1 billion yuan specifically for urban renewal projects [4][5]. Group 3: Overseas Expansion - The company is focusing on the Southeast Asian market, establishing a local team in Thailand and securing its first major project, the construction of a solar photovoltaic industrial park road, valued at over 10 million yuan [3][6][7]. - Future plans include expanding business opportunities with state-owned enterprises in Southeast Asia and exploring sustainable overseas business development models [7]. Group 4: Technological Advancements - The company is enhancing its digital capabilities through the "Heceng Smart Cloud" platform, which integrates various services for lifecycle management of engineering projects [8]. - Innovations include the use of drones for inspections, significantly improving efficiency in disaster assessments and maintenance operations [8]. Group 5: Strategic Planning - The company aims to strengthen strategic partnerships with local investment and transportation companies, focusing on urban renewal projects in key cities like Hangzhou, Chengdu, and Wuhan [6]. - The company is actively seeking investment and acquisition opportunities in the engineering industry, particularly in new materials and technologies [9].

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Jianfa Heceng, which has a current stock price of 10.63 yuan and a rolling PE ratio of 25.99 times, significantly lower than the industry average of 69.14 times [1][2] - As of the latest half-year report in 2025, Jianfa Heceng achieved an operating income of 3.393 billion yuan, representing a year-on-year increase of 7.67%, and a net profit of 45.0448 million yuan, up 32.33% year-on-year, with a sales gross margin of 4.99% [1] - The company operates in six main business areas: surveying and design, project management, testing and inspection, construction, comprehensive maintenance, and engineering new materials, and has received several prestigious awards in the industry [1] Group 2 - Jianfa Heceng ranks 27th in the engineering consulting services industry based on PE ratio, with a total market capitalization of 2.771 billion yuan [1][2] - The company is held by four institutions, including two funds, with a total shareholding of 84.2411 million shares valued at 821 million yuan [1] - The industry average PE ratio is 69.14, while the median is 40.92, indicating that Jianfa Heceng's valuation is below both the average and median of its peers [2]

Group 1 - The company is holding its first extraordinary general meeting of shareholders in 2025 on September 5, 2025, at 14:00 in Xiamen [4] - The agenda includes the announcement of the meeting, reporting on shareholder attendance, reviewing proposals, and voting procedures [4][5] - The meeting will be presided over by Chairman Lin Weiguo [4] Group 2 - The company has proposed to adjust the expected daily related transaction limit for 2025 from 9.1 billion to 13.1 billion yuan, an increase of 4 billion yuan [7] - The adjustment is based on the latest developments in business cooperation with related parties, particularly with Xiamen Jianfa Group and its controlled enterprises [7][8] - The expected total amount for daily related transactions includes sales of goods and provision of services [7] Group 3 - The company plans to revise its articles of association and eliminate the supervisory board, transferring its responsibilities to the audit committee of the board of directors [14][15] - The revision aims to enhance the governance structure and protect the rights of shareholders, employees, and creditors [14][15] - The new articles will maintain the existing provisions while updating specific clauses to align with regulatory requirements [15][16]

二○二五年第一次临时股东会会议资料目录 建发合诚工程咨询股份有限公司 二○二五年第一次临时股东会会议资料 二○二五年九月 二○二五年第一次临时股东会会议资料 建发合诚工程咨询股份有限公司 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 一 | 二○二五年第一次临时股东会现场会议须知 | 2 | | 二 | 二○二五年第一次临时股东会会议议程 | 3 | | 三 | 二○二五年第一次临时股东会表决办法 | 4 | | 四 | 二○二五年第一次临时股东会议案 | - | | 非累积投票议案 | | | | 1 | 关于调整 年度日常关联交易额度预计的议案 2025 | 7 | | 2 | 关于修订《公司章程》并取消监事会的议案 | 13 | | 3 | 关于修订《股东会议事规则》的议案 | 42 | | 4 | 关于修订《董事会议事规则》的议案 | 45 | | 5 | 关于修订《独立董事工作制度》的议案 | 48 | | 6 | 关于修订《董事履职考核与薪酬管理制度》的议案 | 49 | | 7 | 关于修订《董事及高级管理人员持股变动管理办法》的议案 | 50 | | 8 | ...

Group 1: Fixed Income Market Insights - The fixed income market has shown a "N" shaped trend this year, with a "see-saw" effect between stocks and bonds re-emerging as market dynamics shift [1][25] - The bond market's main narrative has changed, indicating that current market behavior is driven more by risk appetite and asset reallocation rather than fundamental or liquidity factors [25][26] - The "look at stocks, act on bonds" strategy may continue in the third quarter, with the 10-year government bond yield expected to stabilize in the range of 1.75%-1.80% [1][28] Group 2: Banking Sector Performance - In the first half of 2025, commercial banks reported a net profit of 1.24 trillion yuan, a year-on-year decrease of 1.20%, but with signs of marginal improvement compared to the first quarter [3] - City commercial banks showed the most significant performance improvement, with a total profit of 176.9 billion yuan, a year-on-year decrease of 1.10% but a notable increase in growth rate [3] - The outlook for the banking sector suggests that net interest margins may stabilize in the short term due to regulatory controls on deposit renewals and interbank rates [3] Group 3: Company-Specific Developments - Baiyunshan (600332) achieved a revenue of 41.835 billion yuan in the first half of 2025, a year-on-year increase of 1.93%, with a net profit of 2.516 billion yuan, down 1.31% [6] - The company is focusing on expanding its health product segment and enhancing its international market presence, with significant growth in overseas revenue [6][9] - The company has adjusted its revenue forecasts for 2025-2026 due to increased competition and insufficient demand, lowering expected revenues to 78.013 billion yuan and 81.185 billion yuan respectively [9] Group 4: Energy Sector Insights - Kunlun Energy (00135) reported a revenue of 97.543 billion yuan in the first half of 2025, a year-on-year increase of 4.97%, with a total gas sales volume growth of 10.05% [42][43] - The company's LNG processing and transportation segment performed well, achieving record profitability despite a slight decrease in revenue [43][44] - The outlook for the energy sector remains positive, with expectations for continued growth in gas sales and operational efficiency improvements [43][44] Group 5: Retail and Consumer Goods - Xiaoshangcheng (600415) reported a revenue of 7.713 billion yuan in the first half of 2025, a year-on-year increase of 13.99%, with a net profit growth of 16.78% [10] - The company is focusing on expanding its trade services and has successfully completed trials for various consumer goods, indicating strong potential for future growth [10] - The outlook for the retail sector is optimistic, with expectations for continued growth driven by new market openings and the Belt and Road Initiative [10]

Core Viewpoint - Jianfa Hucheng (603909) reported a revenue increase of 7.67% year-on-year for the first half of 2025, reaching 3.393 billion yuan, with a net profit increase of 32.33% to 45.0448 million yuan [1] Financial Performance - Total revenue for the second quarter of 2025 was 1.853 billion yuan, up 21.81% year-on-year, while net profit for the same period surged 112.51% to 24.8381 million yuan [1] - The gross margin decreased to 4.99%, down 2.04% year-on-year, while the net margin improved to 1.61%, an increase of 10.21% [1] - Total operating expenses (selling, administrative, and financial) amounted to 60.391 million yuan, representing 1.78% of revenue, a decrease of 11.56% year-on-year [1] - Earnings per share rose to 0.17 yuan, a 32.31% increase compared to the previous year [1] Accounts Receivable and Cash Flow - Accounts receivable represented 1069.8% of the latest annual net profit, indicating a significant amount of outstanding receivables [4] - Operating cash flow per share increased dramatically by 218.12% to 0.2 yuan, reflecting improved cash collection [1][4] Changes in Financial Items - Accounts receivable decreased by 5.72% to 1.023 billion yuan, while cash and cash equivalents increased by 92.59% to 1.096 billion yuan [3] - The company experienced a significant increase in accounts payable and other receivables, with changes of -63.18% and 153.05% respectively, due to various operational factors [3] Investment and Market Position - The company's return on invested capital (ROIC) was reported at 10.2%, indicating average capital returns [4] - Analysts expect the company's performance for 2025 to reach 119 million yuan, with an average earnings per share forecast of 0.46 yuan [4] Fund Holdings - The largest fund holding Jianfa Hucheng is the Huaxia Value Select Mixed Fund, which holds 3.0351 million shares, with a recent net value increase of 0.59% [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.33 CNY [7] Core Views - The company achieved significant growth in Q2, with a revenue increase of 21.81% year-on-year, driven by collaboration with its controlling shareholder and benefits from urban renewal projects [1][2] - The company has raised its profit forecasts for 2025-2027, expecting net profits of 1.2 billion, 1.3 billion, and 1.5 billion CNY respectively [1] - The engineering construction business has seen a substantial increase in new contract signings, with a total of 50.50 billion CNY in new contracts, a 48% increase year-on-year, primarily from the construction segment [2] Financial Performance - In H1 2025, the company reported a revenue of 3.393 billion CNY, a year-on-year increase of 7.67%, and a net profit of 0.45 billion CNY, up 32.33% [1] - The company's gross margin for H1 2025 was 4.99%, with a net profit margin of 1.61%, reflecting a 0.15 percentage point increase year-on-year [3] - The cash flow from operations for H1 2025 was 0.52 billion CNY, an increase of 0.95 billion CNY year-on-year, indicating improved cash collection management [3] Business Expansion - The company has increased its expected daily related transaction limit with its controlling shareholder to 12 billion CNY for 2025, up from 8 billion CNY [4] - The company’s engineering consulting business showed resilience with a new contract amount of 4.57 billion CNY, remaining stable compared to the previous year [2]