证券之星消息，9月4日装修装饰板块较上一交易日上涨0.39%，豪尔赛领涨。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。装修装饰板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002963 | 豪尔赛 | 12.93 | 3.19% | 11.35万 | | 1.47亿 | | 300621 | 维业股份 | 9.02 | 2.85% | 6.37万 | | 5739.37万 | | 002163 | 海南发展 | 9.25 | 2.32% | 21.32万 | | 1.97亿 | | 603828 | ST柯利达 | 4.69 | 1.96% | - 4.86万 | | 2292.04万 | | 002830 | 名雕股份 | 16.72 | 1.77% | 3.32万 | | 5570.51万 | | 002989 | 中天精装 | 36.00 | 1.69% | 10.07万 | | 3.63亿 | ...

Core Insights - Zhengzhong Design (002811) reported a total revenue of 632 million yuan for the first half of 2025, representing a year-on-year increase of 22.56% [1] - The net profit attributable to shareholders reached 94.13 million yuan, up 45.9% year-on-year [1] - The company's gross margin improved by 6.51% to 36.04%, while the net margin increased by 19.05% to 14.88% [1] Financial Performance - Total revenue for Q2 2025 was 363 million yuan, a 25.03% increase year-on-year [1] - Q2 net profit attributable to shareholders was 69.64 million yuan, showing a significant rise of 195.95% year-on-year [1] - The company's operating cash flow per share increased by 115.61% to 0.27 yuan [1] Cost and Efficiency - Total selling, administrative, and financial expenses amounted to 92.92 million yuan, accounting for 14.69% of revenue, a decrease of 15.97% year-on-year [1] - The company’s net asset per share rose by 27.36% to 4.67 yuan [1] Balance Sheet Changes - Cash and cash equivalents decreased by 24.59% due to the maturity of convertible bonds [11] - Accounts receivable decreased by 11.09% to 395 million yuan [1] - Interest-bearing debt significantly reduced by 86.52% to 67.23 million yuan [1] Operational Insights - Inventory increased by 47.85% due to new soft decoration projects [2] - The company saw a 134.29% increase in right-of-use assets due to new property leases [4] - Short-term borrowings rose by 72.8% due to increased factoring business settlements [5] Cash Flow Analysis - Net cash flow from operating activities increased by 144.08% due to higher collections from design and soft decoration services [11] - Net cash flow from investing activities rose by 130.51% as the scale of financial investments decreased [11] - Net cash flow from financing activities decreased by 101.98% due to the repayment of convertible bonds [12] Business Model and Market Position - The company's return on invested capital (ROIC) was 7.82%, indicating average capital returns [13] - The business model relies heavily on research and development, necessitating careful examination of underlying drivers [14] - Analysts expect the company's performance for 2025 to reach 121 million yuan, with an average earnings per share of 0.39 yuan [15]

Meeting Details - The shareholder meeting was held on August 26, 2025, at 14:00, with online voting available throughout the day [2][3] - The meeting took place at the company's conference room located in Shenzhen [4] - The meeting was convened by the company's fifth board of directors and was compliant with relevant laws and regulations [5] Attendance - A total of 236 shareholders attended the meeting, representing 176,976,333 shares, which is 59.0078% of the total voting shares [6] - Among them, 9 shareholders attended in person, representing 176,042,816 shares (58.6966% of total voting shares), while 227 participated via online voting, representing 933,517 shares (0.3113% of total voting shares) [7][8] - 231 minority shareholders attended, representing 1,763,778 shares (0.5881% of total voting shares) [9] Proposal Voting Results - Proposal 1: Change of Company Directors - Approved by 176,869,400 shares (99.9396% of valid votes) [13] - Proposal 2: Change of Registered Capital and Amendments to Articles of Association - Approved by 176,871,300 shares (99.9407% of valid votes) [16] - Proposal 3: Amendments to Internal Governance System - Approved by 176,870,600 shares (99.9403% of valid votes) [19] - Proposal 4: Amendments to Board Meeting Rules - Approved by 176,872,000 shares (99.9410% of valid votes) [22] - Proposal 5: Management Measures for Related Transactions - Approved by 176,871,300 shares (99.9407% of valid votes) [24] - Proposal 6: Management Measures for External Investments - Approved by 176,868,100 shares (99.9388% of valid votes) [27] - Proposal 7: Work Rules for Independent Directors - Approved by 176,866,700 shares (99.9381% of valid votes) [30] - Proposal 8: Fund Management System - Approved by 176,862,400 shares (99.9356% of valid votes) [33] Legal Opinion - The legal opinion provided by Beijing Zhonglun (Shenzhen) Law Firm confirmed that the meeting was convened and conducted in accordance with the Company Law and relevant regulations, and the voting results were valid [36]

ZHONG LUN 中倫律師事務所 特殊的普通合伙 Limited Liability Partnership 北京市中伦(深圳)律师事务所 关于深圳市郑中设计股份有限公司 2025 年第一次临时股东大会的 法律意见书 二〇二五年八月 北京 · 上海 · 深圳 · 广州 · 武汉 · 成都 · 重庆 · 青岛 · 杭州 · 南京 · 港口 · 东京 · 香港 · 伦敦 · 纽约 · 洛杉矶 · 日金山 · 阿拉木图 Beijing • Shanghiai • Sheezher • Guangziou • Wahm • Chengdu • Clingklau • Nanjing • Hakou • Tokyo • Hongzhou • Nanjing • Hong • London • New Yok • Los Angeles • San Fransis 广东省深圳市福田区益田路 5 57/58/59/F, Tower A, Ping An Finance Centre, 5033 Yitian Road 电话/Tel:+86 755 3325 6666 传直/Fax · +86 755 3320 6 北京市 ...

特别提示： 1、本次股东大会无否决提案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议的情况。 一、会议召开和出席情况 1、会议召开情况： （1）会议召开时间 证券代码：002811 证券简称：郑中设计 公告编号：2025-061 深圳市郑中设计股份有限公司 2025 年第一次临时股东大会决议公告 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。 （1）股东出席的总体情况： 现场会议时间：2025年8月26日（星期二）14:00 网络投票时间为：2025年8月26日 通过深圳证券交易所交易系统投票的具体时间为：2025年8月26日上午 9:15-9:25、9:30-11:30和下午13:00-15:00。 通过深圳证券交易所互联网投票系统投票的具体时间为：2025年8月26日 9:15-15:00期间的任意时间。 （2）现场会议地点：深圳市福田区卓越时代广场四楼公司会议室 （3）会议召开方式：本次股东大会采取现场会议投票与网络投票相结合的 方式。 （4）会议召集人：公司第五届董事会 （5）现场会议主持人：郑忠先生 （6）本次会议的召集、召开符合《中华 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown rapid growth in performance due to business structure optimization and has sufficient cash flow to support dividends [10] - The company reported a revenue of 632 million yuan for the first half of 2025, representing a year-on-year increase of 22.56%, and a net profit of 94 million yuan, up 45.90% year-on-year [10] - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, with a dividend payout ratio of 79.66% [10] Financial Performance - Revenue projections for 2025-2027 are 1.365 billion yuan, 1.479 billion yuan, and 1.606 billion yuan respectively, with net profits of 121 million yuan, 148 million yuan, and 172 million yuan [10][11] - The company achieved a gross margin of 36.04% in the first half of 2025, an increase of 2.2 percentage points year-on-year [10] - The company’s cash flow from operating activities for the first half of 2025 was 83 million yuan, an increase of 49 million yuan year-on-year [10] Business Segments - The design and soft decoration segments have shown strong growth, with revenues increasing by 29.92% and 43.75% respectively in the first half of 2025 [10] - New orders signed in the first half of 2025 totaled 1.162 billion yuan, a year-on-year increase of 65.9%, with design and soft decoration orders growing by 41.2% and 132.5% respectively [10] - As of June 30, 2025, the total amount of signed but uncompleted orders was 3.561 billion yuan, indicating a solid order reserve [10] Valuation Metrics - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 29.1, 23.7, and 20.4 respectively [10][11] - The return on equity (ROE) is expected to improve from -4.2% in 2023 to 19.5% by 2027 [11]

Financial Performance - The company's total operating revenue for the first half of 2025 was 632 million yuan, an increase of 116 million yuan compared to the same period last year, representing a year-on-year growth of 22.56% [1] - The net profit attributable to shareholders was 94.13 million yuan, an increase of 29.61 million yuan from the same period last year, achieving a year-on-year increase of 45.90% [1] - The net cash inflow from operating activities was 82.75 million yuan, up by 48.84 million yuan compared to the same period last year, reflecting a year-on-year increase of 144.08% [1] Profitability and Efficiency - The latest asset-liability ratio is 41.45%, a decrease of 5.27 percentage points from the previous quarter and a decrease of 13.23 percentage points from the same period last year [3] - The latest gross profit margin is 36.04%, an increase of 1.32 percentage points from the previous quarter and an increase of 2.20 percentage points from the same period last year, marking two consecutive years of growth [3] - The latest return on equity (ROE) is 6.55%, an increase of 0.82 percentage points from the same period last year [3] - The diluted earnings per share are 0.32 yuan, an increase of 0.08 yuan from the same period last year, achieving a year-on-year increase of 33.33% [3] - The total asset turnover ratio is 0.25 times, an increase of 0.05 times from the same period last year, reflecting a year-on-year increase of 24.40% [3] - The inventory turnover ratio is 3.24 times [3] Shareholder Structure - The number of shareholders is 24,900, with the top ten shareholders holding a total of 189 million shares, accounting for 61.25% of the total share capital [3] - The largest shareholder is Shenzhen Yatai Yizhao Investment Co., Ltd., holding 46.1% of the shares [3]

Core Viewpoint - The company has proposed a profit distribution plan for the first half of 2025, which includes a cash dividend of 2.5 yuan per share, amounting to a total of 74,980,051.75 yuan, representing 79.66% of the net profit attributable to shareholders [1][2][3] Summary by Sections Profit Distribution Plan - The company reported a net profit of 94,130,334.70 yuan for the first half of 2025, with actual distributable profits amounting to 100,003,575.58 yuan [1] - The total share capital is 307,970,005 shares, and the cash dividend will not involve capital reserve transfers or stock dividends, with any undistributed profits carried forward [2] Justification for the Profit Distribution Plan - The plan considers the company's operational status and future business needs, ensuring it aligns with legal and regulatory requirements, and will not adversely affect the company's liquidity [2][3] - The cash dividend amount does not exceed 100% of the current net profit but is over 50% of the available distributable profits [3] Decision-Making Process - The board of directors supports the profit distribution plan, stating it aligns with the company's operational conditions and development stage, balancing shareholder returns with future funding needs [3][4] - The supervisory board also endorses the plan, emphasizing its consideration of the company's profitability and financial health, reflecting a commitment to shareholder returns [3][4]

Group 1 - The company held the ninth meeting of the fifth supervisory board on August 25, 2025, with all three supervisors present, confirming compliance with legal and regulatory requirements [1] - The supervisory board unanimously approved the procedures for the preparation and review of the company's 2025 semi-annual report, affirming that the report accurately reflects the company's actual situation without any false statements or omissions [1][2] - The supervisory board also approved the 2025 semi-annual profit distribution plan, which considers the company's profitability and financial status, aiming to balance immediate and long-term shareholder interests [2]

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on September 12, 2025, at 14:30 [1] - Shareholders can participate through on-site voting or online voting via the Shenzhen Stock Exchange systems on the same date [2][5] - The online voting period is from 9:15 AM to 3:00 PM on September 12, 2025 [1][5] Voting Procedures - Shareholders must choose either on-site or online voting, with the first vote being the valid one in case of duplicates [2] - All shareholders registered by the close of trading on September 8, 2025, are entitled to attend the meeting and vote [2][4] - Proxy voting is allowed, and the proxy does not need to be a shareholder [2][4] Agenda Items - The meeting will review proposals including the establishment of a "Compensation Management System for Directors and Senior Management" [3][9] - The voting results for the proposals will be counted separately for minority investors to protect their rights [4] Registration and Contact Information - Natural person shareholders must present valid identification, while corporate shareholders must provide proof of their legal representative status [4][5] - Registration can also be done via mail or fax for distant shareholders, with a deadline of September 5, 2025 [5] - Contact details for inquiries include phone numbers and email addresses for company representatives [5]