股票代码：002081 股票简称：金螳螂 公告编号：2025-046 苏州金螳螂建筑装饰股份有限公司 关于累计诉讼、仲裁事项的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州金螳螂建筑装饰股份有限公司（以下简称"公司"）根据《深圳证券交易 所股票上市规则》有关规定，对公司及子公司连续十二个月累计涉及诉讼、仲裁 事项进行了统计，现将有关统计情况公告如下： 一、累计诉讼、仲裁事项的基本情况 截至本公告披露日，公司及子公司连续十二个月内累计诉讼、仲裁案件合计 金额人民币 14.67 亿元，占公司最近一期经审计净资产的 10.78%。其中，公司及 子公司作为原告涉及的诉讼、仲裁案件金额合计为人民币 10.98 亿元，公司及子公 司作为被告涉及的诉讼、仲裁案件金额合计为人民币 3.69 亿元。 公司及子公司连续十二个月不存在单项金额占公司最近一期经审计净资产 绝对值 10%以上，且绝对金额超过人民币 1,000 万元的重大诉讼、仲裁事项。 三、本次公告的诉讼对公司本期利润或期后利润的可能影响 公司涉诉案件中多数案件为公司作为原告要求交易对方支付拖欠公司的工 程 ...

Core Insights - The renovation and decoration sector experienced a decline of 0.74% on November 6, with *ST Jianyi leading the drop [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Market Performance - The closing prices and performance of key stocks in the renovation and decoration sector are as follows: - *ST Baoying: 3.74, +5.06%, volume 49,900, turnover 18.66 million [1] - *ST Dongyi: 13.84, +5.01%, volume 613,600, turnover 827 million [1] - ST Keli Da: 6.56, +0.92%, volume 137,200, turnover 89.02 million [1] - *ST Jianyi: 11.55, -5.02%, volume 32,700, turnover 38.25 million [2] - Hainan Development: 15.80, -4.36%, volume 2,166,600, turnover 3.61 billion [2] Capital Flow - The renovation and decoration sector saw a net outflow of 537 million from institutional investors, while retail investors contributed a net inflow of 358 million [2] - The capital flow for specific stocks includes: - Jin Tanglang: 17.53 million net inflow from institutions, -21.12 million net outflow from retail [3] - Decai Co.: 16.01 million net inflow from institutions, -23.34 million net outflow from retail [3] - Jianghe Group: 10.68 million net inflow from institutions, -5.15 million net outflow from retail [3]

Group 1 - The company is actively responding to structural changes in the construction and decoration industry, demonstrating a proactive approach to transformation [2] - The company's confidence is primarily derived from its long-term focus on the public decoration main channel [2] - In sectors such as hotels, office spaces, commercial entertainment, and healthcare, the company has built a strong reputation and has a substantial order reserve, which serves as a "ballast" for its performance [2]

Group 1 - The company's stock price short-term fluctuations are influenced by multiple factors including macroeconomic conditions, industry cycles, and market sentiment [2] - Some institutional investors' trading behaviors are based on their independent strategies, and the core shareholder structure of the company remains stable [2] - Changes in the shareholder structure do not reflect a fundamental change in the company's intrinsic value [2]

Core Viewpoint - The company, Jin Tanglang, emphasizes its commitment to transparency and compliance with legal regulations regarding information disclosure, particularly concerning the identities of its major shareholders [2]. Group 1 - The company adheres to the "Management Measures for Information Disclosure of Listed Companies" and other relevant laws and regulations [2]. - Jin Tanglang has legally disclosed the names of its top ten shareholders as required [2]. - Detailed identity information of shareholders is considered confidential and cannot be disclosed publicly [2]. Group 2 - The company is dedicated to protecting the legitimate rights and interests of all investors [2]. - Jin Tanglang insists on conducting information disclosure in a standardized and transparent manner [2].

Core Insights - Urban renewal has become a new engine for high-quality development in the construction and decoration industry, with the Ministry of Housing and Urban-Rural Development releasing multiple lists of typical urban renewal cases, including projects involving the company Jin Tanglang [1][11] - Jin Tanglang is transitioning from a traditional construction company to a comprehensive service provider, leveraging urban renewal to enhance both project vitality and corporate growth [1][11] Urban Renewal Projects - The Nanjing Yihe Road historical cultural district has been revitalized, transforming 26 garden villas from the 1930s into a vibrant "urban living room" with boutique hotels and creative spaces while preserving their historical essence [2] - In the Shougang Old Industrial Area, industrial relics have been integrated into new venues, showcasing a unique industrial aesthetic and moving away from traditional real estate development [4] - The Qingdao Sifang Road historical cultural district, once a bustling commercial center, is undergoing revitalization to address issues of decay and lack of public facilities, aiming to restore its former vibrancy [6][9] Technological Integration - Jin Tanglang is utilizing Building Information Modeling (BIM) and other digital technologies to enhance project execution, transitioning from experience-driven to data-driven approaches [9][12] - The company has successfully implemented BIM in complex projects, such as the Jingdezhen Taoxichuan Grand Theatre, ensuring precision and efficiency in construction [9] Business Expansion and Diversification - Jin Tanglang's business capabilities now encompass various sectors, including the renovation of old residential areas, public venue upgrades, and historical district preservation, aligning with diverse market demands [10] - The company is also expanding its overseas business, which has seen a nearly 29% year-on-year revenue increase, indicating a shift towards higher-value projects and improved cash flow [11] Future Directions - Urban renewal is identified as a long-term strategic focus for Jin Tanglang, aiming to develop comprehensive capabilities in planning, construction, and operation within this sector [11] - The company is redefining its value proposition by integrating digital capabilities and multi-disciplinary management systems to contribute to national urban renewal efforts [13]

Core Viewpoint - Jin Tanglang is a leading company in the domestic construction decoration industry, with a comprehensive business model covering public decoration engineering design and construction, showcasing a differentiated advantage across the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Jin Tanglang reported revenue of 13.275 billion yuan, ranking 2nd in the industry, surpassing the industry average of 2.458 billion yuan and the median of 664 million yuan [2] - The main business composition includes decoration at 8.027 billion yuan (84.25%), curtain wall at 689 million yuan (7.23%), design at 652 million yuan (6.85%), and other segments at 12 million yuan (1.26%) [2] - The net profit for the same period was 394 million yuan, also ranking 2nd in the industry, exceeding the industry average of -21.417 million yuan and the median of -34.238 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Jin Tanglang's debt-to-asset ratio was 58.24%, lower than the previous year's 60.39% and below the industry average of 76.84%, indicating strong solvency [3] - The gross profit margin for the same period was 12.64%, slightly down from 12.93% year-on-year and below the industry average of 13.06% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.09% to 64,500, with an average holding of 41,000 circulating A-shares, which increased by 0.09% [5] - The top circulating shareholder, Hong Kong Central Clearing Limited, held 37.4651 million shares, a decrease of 8.5732 million shares from the previous period [5] Group 4: Order and Revenue Forecast - In the first three quarters of 2025, the company signed new orders worth 19.11 billion yuan, a year-on-year increase of 2.3%, with public decoration, residential, and design projects showing changes of +4.1%, -18.0%, and +6.3% respectively [5] - The projected revenues for 2025 to 2027 are 16.946 billion yuan, 17.378 billion yuan, and 18.326 billion yuan, with net profits of 457 million yuan, 506 million yuan, and 571 million yuan respectively [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 13.275 billion yuan for the first three quarters of 2025, a decrease of 9.20% year-on-year, and a net profit attributable to shareholders of 382 million yuan, down 18.48% year-on-year [7][8] - The company has maintained stable growth in new orders, with a total of 19.11 billion yuan in new contracts signed in the first three quarters of 2025, an increase of 2.3% year-on-year [7][8] - The projected revenues for 2025-2027 are 16.946 billion yuan, 17.378 billion yuan, and 18.326 billion yuan respectively, with net profits expected to be 457 million yuan, 506 million yuan, and 571 million yuan [7][8] Financial Performance Summary - Revenue for 2023A is 20,187 million yuan, with a projected decline of 7.5% in 2024A and 2025E [6][9] - Net profit for 2023A is 1,024 million yuan, with a significant projected decline of 46.9% in 2024A [6][9] - Earnings per share (EPS) is projected to decrease from 0.39 yuan in 2023A to 0.17 yuan in 2025E [6][9] - The price-to-earnings (PE) ratio is expected to be 19.9 in 2025E, decreasing to 15.9 by 2027E [6][9] Operational Metrics - The company’s gross profit margin for the first three quarters of 2025 is 12.64%, a decrease of 0.29 percentage points year-on-year [8] - The operating cash flow for the first three quarters shows a net outflow of 619 million yuan, which is an improvement compared to the previous year [8] - The company’s accounts receivable and inventory have decreased by 15.14% and 19.15% respectively compared to the beginning of the year [8]

Core Viewpoint - The company reported a decline in revenue and net profit for Q3 2025, attributed to slower project execution due to tight funding from downstream government investments, but maintains a positive long-term outlook due to consistent order growth since Q2 2023 [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 13.275 billion yuan, down 9.20% year-on-year, and a net profit of 382 million yuan, down 18.47% year-on-year [1] - In Q3 2025, revenue was 3.747 billion yuan, down 29.62% year-on-year and 20.98% quarter-on-quarter, with net profit at 23.67 million yuan, down 80.87% year-on-year and 83.54% quarter-on-quarter, falling short of expectations [1] - The gross margin for the first nine months of 2025 was 12.64%, a decrease of 0.29 percentage points year-on-year, while Q3 gross margin was 9.92%, down 1.73 percentage points year-on-year and 4.27 percentage points quarter-on-quarter [2] Cost and Expense Analysis - The company’s expense ratio increased due to a significant drop in revenue, with the nine-month expense ratio at 8.27%, up 0.62 percentage points year-on-year, and Q3 expense ratio at 9.74%, up 2.52 percentage points year-on-year [2] - The net profit margin for the first nine months of 2025 was 2.87%, down 0.33 percentage points year-on-year, while Q3 net profit margin was 0.63%, down 1.69 percentage points year-on-year and 2.40 percentage points quarter-on-quarter [2] Cash Flow and Balance Sheet - The company reported a negative operating cash flow of 619 million yuan for the first nine months of 2025, an improvement of 102 million yuan year-on-year, with a cash collection/payment ratio of 107.9%/103.0% [3] - As of Q3 2025, accounts receivable and contract assets were 11.047 billion yuan and 9.636 billion yuan, respectively, showing a significant reduction in receivables [3] - The company maintained a healthy balance sheet with interest-bearing liabilities of only 730 million yuan and cash reserves of 4.912 billion yuan, resulting in a debt ratio of 58.2%, down 2.15 percentage points year-on-year [3] Order Growth and Market Position - The company signed new orders worth 19.11 billion yuan in the first nine months of 2025, a year-on-year increase of 2.4%, with public decoration orders up 4.1% and residential orders down 18.0% [4] - The company has maintained positive order growth for ten consecutive quarters, indicating resilience in its market position [4] - As of Q3 2025, the total signed but uncompleted orders amounted to 19.3 billion yuan, providing a revenue safety cushion [4] Profit Forecast and Valuation - Future revenue growth forecasts have been adjusted downward due to slow project execution, with net profit estimates for 2025-2027 reduced by 16.37%, 17.38%, and 18.48% respectively [5] - The company is assigned a 2026 price-to-earnings (PE) ratio of 22x, with a target price adjustment to 4.12 yuan, reflecting a decrease from the previous target of 4.31 yuan [5]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of RMB 4.12 [7][5]. Core Views - The company reported a significant decrease in revenue and net profit for Q3 2025, primarily due to slower project execution influenced by tight funding from downstream government investments. However, new orders have been consistently growing since Q2 2023, indicating an increase in market share and a solid competitive position [1][5]. - The gross margin has declined year-on-year, and the expense ratio has increased due to a significant drop in revenue. Despite this, the company has managed to reduce accounts receivable significantly, indicating improved cash flow management [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of RMB 13.275 billion, down 9.20% year-on-year, and a net profit of RMB 382 million, down 18.47% year-on-year. In Q3 2025, revenue was RMB 3.747 billion, down 29.62% year-on-year and 20.98% quarter-on-quarter, with a net profit of RMB 23.67 million, down 80.87% year-on-year [1][2]. - The gross margin for the first nine months of 2025 was 12.64%, a decrease of 0.29 percentage points year-on-year, while the Q3 gross margin was 9.92%, down 1.73 percentage points year-on-year [2]. Cash Flow and Balance Sheet - The company reported a negative operating cash flow of RMB 619 million for the first nine months of 2025, but the cash collection ratio improved, with accounts receivable and contract assets significantly reduced [3]. - As of Q3 2025, the company had a healthy balance sheet with interest-bearing liabilities of only RMB 730 million and cash reserves of RMB 4.912 billion, resulting in a debt ratio of 2.16% [3]. Order Book and Future Outlook - The company signed new orders worth RMB 19.11 billion in the first nine months of 2025, representing a year-on-year increase of 2.4%. The order book as of Q3 2025 stood at RMB 19.3 billion, providing a safety cushion for future revenues [4]. - Future revenue growth estimates have been revised downwards due to slow project execution, with net profit forecasts for 2025-2027 adjusted down by 16.37% to 18.48% [5].