Core Insights - The engineering consulting services sector saw an increase of 0.97% on September 15, with Huajian Group leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Sector Performance - Huajian Group (600629) closed at 17.18, up 9.99% with a trading volume of 629,900 shares and a transaction value of 1.059 billion [1] - Youan Design (300983) closed at 23.25, up 7.14% with a trading volume of 36,500 shares and a transaction value of 83.3674 million [1] - Huatu Chuanxie (300492) closed at 77.00, up 7.09% with a trading volume of 40,700 shares and a transaction value of 307 million [1] - Other notable performers include Shanshui Bide (300844) up 3.37%, Shanghai Jianke (603153) up 2.49%, and Huashe Group (603018) up 2.19% [1] Fund Flow Analysis - The engineering consulting services sector experienced a net outflow of 330 million from institutional investors, while retail investors saw a net inflow of 281 million [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Fund Flow - Shanghai Jianke (603153) had a net outflow of 13.9475 million from institutional investors, while retail investors contributed a net inflow of 2.45666 million [3] - Huashe Group (603018) saw a net inflow of 9.5894 million from institutional investors, but a net outflow of 8.9502 million from retail investors [3] - Other stocks like Huatu Shanding (300492) and Youan Design (300983) also showed varied fund flows, indicating differing investor sentiments across the sector [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9][8] Core Viewpoints - The company is positioned for growth under the support of its major shareholder, the Jianfa Group, which enhances its operational platform and opportunities for development [8][9] - The company is actively seeking transformation opportunities in urban renewal and business extension, aligning with national policies promoting urban development [49][8] - The construction business is expected to grow significantly, with projected revenues and profits increasing over the next few years, reflecting resilience in a challenging market [9][7] Summary by Sections Company Overview - Jianfa Hecheng, established in 1995, specializes in engineering supervision, design consulting, and project management, and was listed on the Shanghai Stock Exchange in 2016 [18] - The company became controlled by the Xiamen State-owned Assets Supervision and Administration Commission after Jianfa Group acquired a 29.01% stake in 2021 [18] Business Expansion - The company has rapidly expanded its construction business, with revenues from this segment reaching 57 billion yuan in 2024, accounting for 86.2% of total revenue [24][22] - The construction business has seen a significant increase in revenue share from 30.2% in 2022 to 86.2% in 2024, indicating a strategic shift towards this area [24][22] Financial Data and Profit Forecast - Projected total revenue for 2025 is 9.371 billion yuan, with a year-on-year growth rate of 41.8% [7] - Expected net profit for 2025 is 122 million yuan, reflecting a growth rate of 27.4% [7] - The company’s earnings per share are projected to be 0.47 yuan in 2025, with a corresponding price-to-earnings ratio of 23X [9][7] Market Opportunities - The urban renewal initiative is anticipated to become a new growth engine for the construction industry, as the market transitions from new construction to renovation and maintenance of existing structures [49][8] - The company is actively pursuing mergers and acquisitions to expand its capabilities in new materials and technologies, enhancing its competitive edge in the evolving market landscape [48][8] Investment Analysis - The report estimates a market value of approximately 40 billion yuan for the company based on a conservative price-to-earnings multiple of 25.0X for 2027, indicating a potential upside of 34% from the current market capitalization of 28.3 billion yuan [9][8]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9][8][5] Core Views - The company is positioned for growth due to the synergy with its parent company, Jianfa Group, which provides a robust platform for development [8][54] - The construction business is expected to expand rapidly, benefiting from the strong performance of Jianfa Group in the real estate sector [8][54] - The shift towards urban renewal presents new growth opportunities as the industry transitions to a focus on existing buildings [56][54] Company Overview - Jianfa Hecheng, established in 1995, specializes in engineering supervision, design consulting, and project management, and was listed on the Shanghai Stock Exchange in 2016 [20][8] - The company became controlled by the Xiamen State-owned Assets Supervision and Administration Commission after Jianfa Group acquired a 29.01% stake in 2021 [20][8] Business Expansion - The company has seen rapid growth in its construction business, with total revenue reaching 6.609 billion yuan in 2024, a year-on-year increase of 67.5% [7][24] - The construction segment accounted for 86.2% of total revenue in 2024, indicating a significant shift in business focus [26][24] - The company aims to enhance its service capabilities and brand through its "Engineering Hospital" concept, which focuses on maintenance and renovation [56][54] Financial Data and Profit Forecast - The projected net profit for the company is expected to grow from 1.22 billion yuan in 2025 to 1.60 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 22.6% [9][7] - The company’s price-to-earnings (PE) ratio is projected to decrease from 23X in 2025 to 18X in 2027, indicating potential for valuation improvement [9][7] Market Position and Competitive Advantage - Jianfa Group's strong market presence and ongoing investment in land acquisition provide a competitive edge, with land acquisition amounts reaching 519 billion yuan in 2024 [41][54] - The company’s construction orders are expected to increase as the real estate market stabilizes, with a projected order volume of 131 billion yuan in 2025 [52][54] Urban Renewal Opportunities - The shift towards urban renewal is anticipated to become a new growth engine for the construction industry, as highlighted by recent government initiatives [56][54] - The company is actively seeking to expand its business through mergers and acquisitions in new materials and technologies, aligning with industry trends [56][54]

Group 1 - The company held its first extraordinary general meeting of shareholders in 2025 on September 5, 2025, at a designated location in Xiamen [3][4] - The meeting was convened by the board of directors and chaired by Chairman Lin Weiguo, complying with the Company Law and the company's articles of association [2][3] - All proposed resolutions at the meeting were approved, including adjustments to the 2025 annual related party transaction limits and amendments to the company's articles of association [3][5] Group 2 - Non-independent director Kang Mingxu submitted a resignation report due to internal work adjustments, but will continue to hold other positions within the company [9][10] - The company held an employee representative meeting on September 5, 2025, where Kang Mingxu was elected as the employee representative director, ensuring compliance with legal requirements [10][12] - Kang Mingxu holds 2,102,100 shares in the company, representing 0.81% of the total share capital, and meets the qualifications for a director as per relevant laws and regulations [12]

Meeting Overview - The shareholders' meeting of Jianfa Hecheng Engineering Consulting Co., Ltd. was held on September 5, 2025, at the conference room on the 11th floor of Jinshan Wealth Plaza, Xiamen [1] - The meeting was convened by the board of directors and presided over by Chairman Lin Weiguo, complying with the Company Law and the Articles of Association [1][3] Voting Results - All non-cumulative voting proposals were approved with significant support from shareholders, with the approval rates for various proposals ranging from 99.8457% to 99.9597% [1][2] - The voting results indicated that the majority of A-share shareholders voted in favor, with minimal opposition and abstentions [1][2] Legal Compliance - The lawyers present confirmed that the meeting's convening and voting procedures adhered to the relevant legal regulations, ensuring the legitimacy of the meeting and the validity of the voting results [3]

Group 1 - The company Jianfa Hecheng announced the approval of several proposals at its first extraordinary general meeting of shareholders for 2025, including the adjustment of the expected daily related transaction limit for 2025 [2]

Core Points - The company Jianfa Hecheng (603909) announced the resignation of non-independent director Mr. Kang Mingxu due to internal work adjustments [1] - Mr. Kang Mingxu will continue to serve in other roles within the company, including that of deputy general manager [1] - The employee representative assembly elected Mr. Kang Mingxu as a representative director for the fifth board, with a term lasting until the board's term ends [1]

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 ...