Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown stable growth in revenue and profit, with an improvement in net profit margin [1] - For the first three quarters of 2025, the company reported a revenue of 5.207 billion, a year-on-year increase of 10.55%, and a net profit of 0.77 billion, a year-on-year increase of 21.20% [6] - The company is expected to maintain its profit forecast for 2025-2027, with projected net profits of 1.22 billion, 1.40 billion, and 1.60 billion respectively, reflecting year-on-year growth rates of 27.4%, 14.7%, and 14.3% [6] Financial Data Summary - Total revenue for 2025 is estimated at 9.371 billion, with a year-on-year growth rate of 41.8% [5] - The gross profit margin is projected to be 5.1% for 2025, with a return on equity (ROE) of 10.5% [5] - The company’s earnings per share (EPS) for 2025 is expected to be 0.47 yuan [5] - The company’s total assets and liabilities ratio stands at 76.96% as of September 30, 2025 [1]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [21]. Core Insights - The construction and decoration sector has shown a weekly increase of 2.91%, with the infrastructure private enterprises leading the performance at +7.55% [3][4]. - The report highlights that the GDP for the first three quarters of 2025 increased by 5.2%, while fixed asset investment decreased by 0.5% year-on-year [10][12]. - The "14th Five-Year Plan" emphasizes expanding high-level opening-up and optimizing regional economic layout, which is expected to provide significant elasticity to regional investments [10][12]. Summary by Sections 1. Market Performance - The construction sector outperformed the Shanghai Composite Index, with a weekly increase of 2.91% [4]. - The best-performing sub-sectors for the week were infrastructure private enterprises (+7.55%), decorative curtain walls (+7.00%), and infrastructure state-owned enterprises (+4.78%) [6][9]. 2. Industry Changes - The National Bureau of Statistics reported a year-on-year GDP growth of 5.2% for the first three quarters of 2025, with fixed asset investment down by 0.5% [10][12]. - Infrastructure investment (including all categories) grew by 3.3%, while real estate investment saw a significant decline of 13.9% [10][12]. 3. Key Company Updates - Jianfa Hecheng reported a revenue increase of 10.55% year-on-year and a net profit increase of 21.2% for the first three quarters of 2025 [12][14]. - Zhongyan Dadi won a procurement project worth 77.98 million yuan, accounting for 9.77% of its 2024 revenue [12][14]. - Anhui Construction won a project for the Yangzhou to Huainan expressway with a total value of 620 million yuan, representing 0.64% of its 2024 revenue [13][14]. 4. Investment Recommendations - The report recommends state-owned enterprises such as China Chemical, China Railway, and China Railway Construction due to their low valuations [3][12]. - It also suggests focusing on private enterprises like Zhizhi New Materials and Honglu Steel Structure, as well as international engineering firms like China Steel International and China Materials International [3][12].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [4][26]. Core Insights - The report highlights a week-on-week increase in the SW Construction Decoration Index by 2.91%, with the infrastructure private enterprises sector showing the best performance at +7.55% [4][5]. - Key macroeconomic indicators include a GDP growth of +5.2% year-on-year for the first three quarters and a decline in real estate investment by -13.9% [12][14]. - The report emphasizes the potential for regional investments to gain traction as national strategic layouts deepen, suggesting that state-owned enterprises are currently undervalued [4][12]. Summary by Sections 1. Market Performance - The construction industry saw a weekly increase of +2.91%, outperforming the Shanghai Composite Index which rose by +2.88% [5][6]. - The top three sub-sectors for weekly gains were infrastructure private enterprises (+7.55%), decorative curtain walls (+7.00%), and infrastructure state-owned enterprises (+4.78%) [7][10]. 2. Industry Changes - Major changes reported include the approval of the "14th Five-Year Plan" which emphasizes high-level opening-up and optimization of regional economic layouts [12][14]. - Fixed asset investment for January to September 2025 showed a cumulative year-on-year decline of -0.5%, while infrastructure investment (including electricity) grew by +3.3% [12][14]. 3. Key Company Updates - Key companies reported significant changes, such as Jianfa Hecheng with a revenue increase of +10.55% and net profit growth of +21.2% for the first three quarters of 2025 [14][17]. - Zhongyan Dadi won contracts totaling 77.98 million yuan, representing 9.77% and 9.40% of its projected 2024 revenue from two major projects [14][17]. 4. Investment Recommendations - The report recommends state-owned enterprises like China Chemical, China Railway, and China Railway Construction, while also highlighting private companies such as Zhizhi New Materials and Honglu Steel Structure as potential investment opportunities [4][12].

Group 1 - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or omissions [2][9][51] - The company has signed new contracts totaling 10.747 billion yuan, with engineering consulting business contracts increasing by 0.11% year-on-year and construction business contracts increasing by 149.57% year-on-year [6][8] Group 2 - The company has proposed to reappoint Rongcheng Accounting Firm as its auditor for the year 2025, with a one-year term [10][25] - The audit fee for the 2025 fiscal year is set at 1.1 million yuan, which includes 840,000 yuan for financial statement audits and 260,000 yuan for internal control audits [23] Group 3 - The company will hold its second extraordinary general meeting of 2025 on November 10, 2025, to discuss the reappointment of the accounting firm and other matters [35][36] - An investor performance briefing will be held on November 3, 2025, to discuss the company's third-quarter results and address investor questions [52][56]

Group 1 - The core point of the article is that Jianfa Hecheng held its sixth board meeting on October 24, 2025, to discuss amendments to corporate governance systems [1] - For the fiscal year 2024, Jianfa Hecheng's revenue composition is as follows: reinforcement business accounts for 89.41%, service industry for 10.27%, manufacturing for 0.26%, and other businesses for 0.06% [1] - As of the report date, Jianfa Hecheng has a market capitalization of 3.1 billion yuan [1] Group 2 - The article highlights that Chinese innovative drugs have generated $80 billion in overseas licensing this year [1] - It features an interview with Lu Gang, a partner at Chuangdong Investment, discussing the hot secondary market in biomedicine and the cooling fundraising in the primary market [1]

建发合诚工程咨询股份有限公司 募集资金使用管理办法 （2025 年 10 月修订） 第一章 总则 第一条 为规范建发合诚工程咨询股份有限公司(以下简称"公司")募集资金的使用与管 理，提高募集资金使用效益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司募集资金监管规则》及《上海证券交易所股票上市规则》《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》等法律法规、规范性文件的规定，结合公司实际及《建 发合诚工程咨询股份有限公司章程》（以下简称"《公司章程》"）的要求，制定本办法。 第二条 本办法所称募集资金是指公司通过发行股票及其衍生品(包括首次公开发行股票、 配股、增发、发行可转换公司债券、发行分离交易的可转换公司债券等)以及非公开发行证券 向投资者募集并用于特定用途的资金，但不包括公司实施股权激励计划募集的资金。 本办法所称超募资金是指实际募集资金净额超过计划募集资金金额的部分。 第三条 公司募集资金应当专款专用。公司使用募集资金应当符合国家产业政策和相关法 律法规，践行可持续发展理念，履行社会责任，原则上应当用于主营业务，有利于增强公司 竞争能力和创新能力。募集资金限定用于公 ...

证券代码：603909 证券简称：建发合诚 公告编号：2025-035 建发合诚工程咨询股份有限公司 关于续聘会计师事务所的公告 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个别及连带责任。 重要内容提示： 拟聘任的会计师事务所名称：容诚会计师事务所（特殊普通合伙）（以下 简称"容诚会计师事务所"）。 建发合诚工程咨询股份有限公司（以下简称"建发合诚"或"公司"）于 2025 年 10 月 24 日召开第五届董事会第六次会议，审议通过了《关于续聘会计师 事务所的议案》，同意续聘容诚会计师事务所为公司 2025 年度会计师事务所，聘 期为一年。 一、 拟聘任会计师事务所事项的基本情况 （一）机构信息 1. 基本信息 机构名称：容诚会计师事务所（特殊普通合伙） 成立日期：1988 年 8 月 组织形式：特殊普通合伙企业 注册地址：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 执业资质：从事证券期货相关业务资格、曾连续入选国务院国资委备选库、 从事金融相关审计业务资格、从事特大型国有企业审计资格、税务业务 ...

投资者可于 2025 年 10 月 25 日(星期六)至 11 月 2 日(星期日)16:00 前访 问网址 https://eseb.cn/1sBnVoE8CGY 或使用微信扫描下方小程序码进行会前提 问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问 题进行回答。 证券代码：603909 证券简称：建发合诚 公告编号：2025-037 建发合诚工程咨询股份有限公司（以下简称"公司"）已于 2025 年 10 月 25 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年三季度经营成果及财务状况，公司计划于 2025 年 11 月 3 日 10:00-11:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 建发合诚工程咨询股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 11 月 3 日(星期一)10:00-11:00 会议召开地点： ...

证券代码：603909 证券简称：建发合诚 公告编号：2025-036 建发合诚工程咨询股份有限公司 关于召开2025年第二次临时股东会的通知 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： 股东会召开日期：2025年11月10日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、召开会议的基本情况 网络投票系统：上海证券交易所股东会网络投票系统 （一）股东会类型和届次 2025年第二次临时股东会 （二）股东会召集人：董事会 （三）投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结 合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 10 日 14 点 30 分 召开地点：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 （五）网络投票的系统、起止日期和投票时间。 网络投票起止时间：自2025 年 11 月 10 日 至2025 年 11 月 10 日 （七）涉及公开征集股东投票权 无 二、会议审议事项 本次股东会审议议案及投票股东 ...

建发合诚工程咨询股份有限公司 第五届董事会第六次会议决议公告 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个别及连带责任。 建发合诚工程咨询股份有限公司（以下简称"建发合诚"或"公司"）董事 会于 2025 年 10 月 17 日以电子通信方式发出召开第五届董事会第六次会议的通 知，会议于 2025 年 10 月 24 日以现场结合电子通信方式召开并作出决议。会议 应到董事 9 人，实到董事 9 人。会议由董事长林伟国先生主持。会议的通知、召 开程序符合《公司法》《证券法》及《公司章程》的有关规定。会议审议通过以 下议案： 一、 审议通过《关于 2025 年第三季度报告的议案》 表决结果：9 票同意、0 票反对、0 票弃权 详情请查阅公司同日在上海证券交易所网站（www.sse.com.cn）披露的《建 发合诚 2025 年第三季度报告》。 证券代码：603909 证券简称：建发合诚 公告编号：2025-034 二、 审议通过《关于修订部分公司治理制度的议案》 表决结果：9 票同意、0 票反对、0 票弃权 为进一步提升公司规范治理水平，完善 ...