Financial Performance - The company's operating revenue for the third quarter reached ¥1,813,628,004.41, an increase of 16.37% compared to the same period last year[6] - The net profit attributable to shareholders was ¥31,740,657.08, reflecting an 8.28% year-on-year growth[6] - The total profit for the period was ¥46,522,865.36, which is a 1.80% increase from the previous year[6] - The basic earnings per share for the quarter was ¥0.1218, up 8.27% from the same period last year[6] - The weighted average return on equity was 2.87%, an increase of 0.01 percentage points compared to the previous year[6] - The company's net profit for the first three quarters of 2025 reached CNY 92,544,237.67, an increase of 12.0% compared to CNY 82,064,435.79 in the same period of 2024[24] - Operating profit for the first three quarters of 2025 was CNY 115,771,834.34, up from CNY 106,502,583.75 in 2024, reflecting a growth of 11.9%[24] - The total revenue from operating activities in the first three quarters of 2025 was CNY 4,912,497,294.94, compared to CNY 4,235,203,743.15 in 2024, indicating an increase of 15.9%[25] - The company's total comprehensive income for the first three quarters of 2025 was CNY 92,544,237.67, compared to CNY 82,064,435.79 in 2024, marking a growth of 12.0%[24] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥5,557,270,921.24, representing a 20.37% increase from the end of the previous year[6] - Cash and cash equivalents as of September 30, 2025, amounted to ¥1,106,218,283.89, slightly up from ¥1,083,965,170.59 at the end of 2024[15] - Accounts receivable increased to ¥1,132,709,267.44 as of September 30, 2025, compared to ¥947,913,884.01 at the end of 2024, indicating a growth of 19.5%[17] - Contract assets rose significantly to ¥2,686,070,197.76 in Q3 2025, compared to ¥1,933,632,802.22 in Q3 2024, marking an increase of 38.9%[17] - The total assets of the company reached ¥5,557,270,921.24 as of September 30, 2025, compared to ¥4,616,780,322.11 at the end of 2024, reflecting a growth of 20.4%[18] - The total liabilities increased to ¥4,276,693,836.76 as of September 30, 2025, from ¥3,402,067,523.70 at the end of 2024, representing a rise of 25.7%[19] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥67,344,666.04, down 44.50% year-on-year due to increased costs in construction operations[9] - The cash flow from operating activities for the first three quarters of 2025 was CNY 67,344,666.04, down from CNY 121,352,474.88 in 2024, a decrease of 44.4%[26] - The company reported a significant increase in cash inflow from investment activities, totaling CNY 4,355,376,608.03 in 2025, compared to CNY 2,743,007,949.46 in 2024, representing a growth of 58.5%[26] - The net cash flow from investment activities was negative at CNY -5,165,088.30 for the first three quarters of 2025, an improvement from CNY -18,795,606.62 in 2024[26] Contracts and Revenue Segments - The company signed new contracts totaling ¥10.747 billion, with engineering consulting business contracts increasing by 0.11% and construction business contracts increasing by 149.57% year-on-year[13] - The engineering construction segment saw a significant revenue increase of 149.57%, with total revenue of ¥997,780.59 in Q3 2025 compared to ¥399,799.35 in Q3 2024[14] - The consulting segment's revenue from surveying and design increased by 11.97% year-on-year, totaling ¥49,404.26 in Q3 2025 compared to ¥44,122.22 in Q3 2024[14] Financial Adjustments - The company reported non-recurring gains and losses totaling ¥1,710,538.76 for the quarter[8] - The company incurred a financial expense of CNY -1,292,707.15, which is an improvement from CNY -1,351,538.57 in the previous year[24]

| 序号 | 内 容 | 页码 | | --- | --- | --- | | 一 | 二○二五年第二次临时股东会现场会议须知 | 2 | | 二 | 二○二五年第二次临时股东会会议议程 | 3 | | 三 | 二○二五年第二次临时股东会表决办法 | 4 | | 四 | 二○二五年第二次临时股东会议案 | - | | 非累积投票议案 | | | | 1 | 关于续聘会计师事务所的议案 | 6 | 二○二五年第二次临时股东会会议资料 建发合诚工程咨询股份有限公司 建发合诚工程咨询股份有限公司 二○二五年第二次临时股东会会议资料 二○二五年十一月 二○二五年第二次临时股东会会议资料目录 1 二○二五年第二次临时股东会会议资料 建发合诚工程咨询股份有限公司 二○二五年第二次临时股东会现场会议须知 为维护广大投资者的合法权益，确保本次股东会顺利召开，根据《公司法》《公司 章程》及《股东会议事规则》等有关规定，特制定本次股东会会议须知，望全体参会人 员遵守执行： 一、 股东会召开过程中，参会股东及股东代表应当以维护全体股东的合法权益、 确保会议正常秩序和议事效率为原则，认真履行法定职责。 二、 参会股东及股东代表依法享 ...

Investment Rating - The industry investment rating is currently neutral, indicating that the industry is expected to perform in line with the overall market [22]. Core Insights - The fixed asset investment and manufacturing investment growth rates have continued to decline, with a cumulative year-on-year decrease of 0.5% for fixed asset investment from January to September 2025, and a 4.0% year-on-year increase in manufacturing investment, which is a decline of 1.1 percentage points compared to the previous month [3][4]. - Infrastructure investment is under pressure, with a year-on-year growth of 3.3% for total infrastructure investment and 1.1% for infrastructure investment excluding electricity, both showing a decline in growth rates compared to the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 13.9% from January to September 2025, and construction starts down by 18.9% [10]. Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is reported at 5.2%, with quarterly growth rates of 5.4%, 5.2%, and 4.8% respectively [3]. Infrastructure Investment - Infrastructure investment growth is under pressure, with specific sectors like transportation, water conservancy, and public utilities showing varying degrees of decline [4]. - Eastern regions experienced a year-on-year investment decline of 4.5%, while central and western regions saw a slight increase of 1.5% [4]. Real Estate Investment - Real estate investment has shown a significant decline, with expectations of a slow recovery due to challenges in supply and inventory replenishment [10]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain traction with the implementation of national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among others [14].

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The economic operation in the first three quarters of 2025 shows steady progress, with fixed asset investment and manufacturing investment growth continuing to decline. The GDP growth rates for Q1, Q2, and Q3 of 2025 are 5.4%, 5.2%, and 4.8% respectively, leading to a cumulative year-on-year fixed asset investment decrease of 0.5% [4][5] - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investment growth all facing challenges. The total infrastructure investment growth rate (including all categories) is 3.3%, down 2.1 percentage points from the previous month [5] - Real estate investment remains low, with a year-on-year decrease of 13.9% in the first nine months of 2025, indicating a weak recovery in investment [10] Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is 5.2%, with a decline in fixed asset investment and manufacturing investment growth rates [4][5] Infrastructure Investment - Total infrastructure investment growth is 3.3%, with specific sectors like transportation and public utilities showing negative growth [5] Real Estate Investment - Real estate investment has decreased by 13.9% year-on-year, with construction starts and completions showing slight improvements [10] Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility with national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction [14]

Core Insights - The engineering consulting services sector saw a rise of 1.52% on October 15, with Matrix Co. leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Sector Performance - Matrix Co. (301365) closed at 23.70, with a significant increase of 20.00% and a trading volume of 181,400 shares, amounting to a transaction value of 417 million [1] - Guangzi International (920892) and Huajian Group (600629) also performed well, with increases of 13.02% and 10.01%, respectively [1] - The overall trading volume and transaction values for various companies in the engineering consulting sector indicate strong market activity [1] Fund Flow Analysis - The engineering consulting services sector experienced a net outflow of 36.57 million from institutional investors and 30.73 million from retail investors, while individual investors saw a net inflow of 67.30 million [2] - The fund flow data highlights a mixed sentiment among different investor categories, with retail investors showing a positive trend [2][3] Individual Stock Fund Flow - Huajian Group (600629) had a net inflow of 14.8 million from institutional investors, while Matrix Co. (301365) saw a net outflow of 27.51 million from retail investors [3] - The fund flow dynamics suggest varying levels of confidence among institutional and retail investors in different stocks within the sector [3]

Investment Rating - The report gives an "Overweight" rating for the construction and decoration industry, indicating a positive outlook compared to the overall market performance [2][9]. Core Insights - The construction industry is experiencing a slowdown in investment, leading to pressure on corporate profits. Despite this, infrastructure investment remains stable, acting as a stabilizing force in the overall economy [3][4]. - The report highlights that companies with a net profit growth rate below -10% include China Railway, China Metallurgical Group, and others, while those with growth rates above 20% include Jianfa Hecheng and Zhi Te New Materials [3][4]. - The report suggests that weak investment could lead to a valuation recovery for central state-owned enterprises in the construction sector, as current valuations are low with a PE ratio of 12.4X and a PB ratio of 0.82X as of October 10, 2025 [3][4]. Summary by Sections Investment Trends - Fixed asset investment growth has slowed, with infrastructure investment showing a year-on-year increase of 5.4% for the first eight months of 2025. The report notes that while manufacturing and real estate are under pressure, infrastructure investment remains relatively stable [3][4]. Profit Forecasts - The report provides a forecast for net profit growth rates for key companies in the industry, categorizing them into various growth ranges, with several companies expected to face profit pressures in 2025 [4]. Valuation Analysis - The report includes a valuation table for key companies in the construction industry, indicating their earnings per share (EPS), PE ratios, and projected net profit growth rates for 2024 to 2026. For instance, China Railway is projected to have a net profit decline of 17% in 2025, while Jianfa Hecheng is expected to see a significant increase of 45% [4].

Market Overview - The engineering consulting services sector increased by 0.96% on October 10, with Huajian Group leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Top Performers - Huajian Group (600629) closed at 29.74, up 5.09% with a trading volume of 1.0814 million shares and a transaction value of 3.097 billion [1] - Deepwater Planning Institute (301038) closed at 25.76, up 3.87% with a trading volume of 99,500 shares and a transaction value of 256 million [1] - Shenzhen Urban Transport (301091) closed at 34.61, up 2.91% with a trading volume of 149,900 shares and a transaction value of 516 million [1] Underperformers - Hualan Group (301027) closed at 17.80, down 7.34% with a trading volume of 183,800 shares and a transaction value of 336 million [2] - Zhongjie Design (603017) closed at 10.59, down 2.58% with a trading volume of 206,200 shares and a transaction value of 218 million [2] - Taiji Industry (600667) closed at 8.76, down 2.12% with a trading volume of 2.4624 million shares and a transaction value of 2.148 billion [2] Capital Flow - The engineering consulting services sector experienced a net outflow of 265 million from institutional investors, while retail investors saw a net inflow of 225 million [2][3] - The top net inflows from retail investors were observed in Deep City Transport (301091) with a net inflow of 634.58 million [3] - The main net outflows were from Huajian Group (301027) with a net outflow of 466.14 million from retail investors [3]

Core Viewpoint - Jianfa Hecheng's stock price has shown a year-to-date increase of 17.59%, with recent fluctuations indicating a slight decline in the short term, while the company continues to demonstrate growth in revenue and net profit [1]. Financial Performance - For the first half of 2025, Jianfa Hecheng achieved a revenue of 3.393 billion yuan, representing a year-on-year growth of 7.67% [1]. - The net profit attributable to shareholders for the same period was 45.0448 million yuan, reflecting a year-on-year increase of 32.33% [1]. Stock Market Activity - On September 26, Jianfa Hecheng's stock rose by 2.02%, reaching 10.63 yuan per share, with a trading volume of 7.207 million yuan and a turnover rate of 0.26% [1]. - The company has a total market capitalization of 2.771 billion yuan [1]. - The net inflow of main funds was 784,100 yuan, with large orders accounting for 10.88% of the total [1]. Shareholder Information - As of June 30, the number of shareholders for Jianfa Hecheng was 7,504, a decrease of 1.48% from the previous period [1]. - The average number of circulating shares per shareholder increased by 1.51% to 34,737 shares [1]. Dividend Distribution - Since its A-share listing, Jianfa Hecheng has distributed a total of 120 million yuan in dividends, with 64.1657 million yuan distributed over the past three years [2].

Group 1: Market Overview - The current market indicates increasing pressure in the bond market, with risks potentially exceeding the influences of fundamentals and liquidity [2][11] - Recent adjustments in the bond market are largely seen as preparations for a bullish market expected around the end of 2024 [2][11] - Observations are needed for signals indicating a turning point in market sentiment, particularly regarding bond market pressures and potential positive signals [2][11] Group 2: Company Analysis - Jianfa Heceng (建发合诚) - Jianfa Heceng, a comprehensive engineering management consulting company, is expected to see significant profit growth, with projected net profits of 122 million, 140 million, and 160 million from 2025 to 2027, representing year-on-year growth rates of 27.4%, 14.7%, and 14.3% respectively [10][16] - The company is positioned to benefit from its relationship with Jianfa Group, which provides a robust platform for development and opportunities in a challenging real estate market [10][12] - Jianfa Heceng is actively seeking opportunities in urban renewal and business extension, aligning with national policies promoting urban development as a new growth engine [12][16] Group 3: Industry Insights - Cloud Computing - The cloud computing market is witnessing a divergence in capital expenditure (Capex) expectations, with traditional tech giants forecasting a combined Capex exceeding 350 billion for FY25, reflecting a 54% year-on-year increase [13][15] - Emerging cloud computing firms are benefiting from high growth in remaining performance obligations (RPO), with Oracle reporting a 359% year-on-year increase in RPO, indicating strong demand for cloud services [14][15] - The competition landscape is evolving with the introduction of ASIC chips, which are becoming increasingly relevant in AI applications, highlighting the need for companies to adapt to technological advancements [15][17]

Investment Rating - The industry investment rating is "Overweight" [2][26]. Core Viewpoints - Fixed asset investment has continued to weaken, with a cumulative year-on-year increase of only 0.5% for January to August 2025, a decrease of 1.1 percentage points compared to July 2025. Manufacturing investment also saw a year-on-year increase of 5.1%, reflecting a similar decline [4][12]. - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investments all showing declining growth rates. Infrastructure investment (including all categories) increased by 5.4% year-on-year, down 1.9 percentage points from July 2025. Excluding electricity, the growth rate was only 2.0% [5][12]. - Real estate investment remains low, with a year-on-year decrease of 12.9% for January to August 2025, and construction starts down by 19.5% [12][18]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is 0.5%, down 1.1 percentage points from the previous month. Manufacturing investment growth is also down to 5.1% [4][12]. Infrastructure Investment - Infrastructure investment (all categories) shows a year-on-year increase of 5.4%, with a decline of 1.9 percentage points from the previous month. Excluding electricity, the growth rate is only 2.0% [5][12]. - Specific sectors like transportation and public utilities are experiencing significant pressure, with transportation investment growing by only 2.7% year-on-year [5][12]. Real Estate Investment - Real estate investment has decreased by 12.9% year-on-year, with construction starts down by 19.5% and completions down by 17.0% [12][18]. - The current cycle is characterized by excessive supply clearance and difficulties in inventory replenishment, leading to a slow recovery in investment [12][18]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility as national strategic layouts deepen. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among state-owned enterprises, and Zhi Te New Materials and Honglu Steel Structure among private enterprises [18].