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 ...

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]