Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 989 million yuan for the first three quarters of 2025, representing a year-on-year increase of 19.89%. The net profit attributable to shareholders was 135 million yuan, up 42.62% year-on-year [7][8] - The company has seen rapid growth in design and soft decoration orders, while its engineering business is contracting. New orders signed in the first three quarters of 2025 reached 1.897 billion yuan, a 59.2% increase year-on-year, with design and soft decoration orders growing by 43.2% and 97.3% respectively [7][8] - The company is expected to achieve revenues of 1.365 billion yuan, 1.479 billion yuan, and 1.606 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 164 million yuan, 184 million yuan, and 210 million yuan for the same years [7][8] Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 37.38%, an increase of 3.54 percentage points year-on-year. The net profit margin was 13.69%, up 2.18 percentage points year-on-year [8] - The company's operating cash flow for the period was 182 million yuan, an increase of 27 million yuan compared to the same period last year [8] - The company’s earnings per share (EPS) for 2025 is projected to be 0.53 yuan, with a price-to-earnings (PE) ratio of 24.0 [6][9] Order and Revenue Outlook - As of the end of September 2025, the company had a total of 3.756 billion yuan in signed but uncompleted orders, with design, soft decoration, and engineering business orders amounting to 2.963 billion yuan, 699 million yuan, and 93 million yuan respectively [7][8] - The company’s revenue growth rate is expected to be 15.0% in 2025, followed by 8.3% in 2026 and 8.6% in 2027 [6][9]

Core Viewpoint - Zhengzhong Design (002811.SZ) reported its Q3 2025 financial results, showing a total revenue of 989 million yuan and a net profit attributable to shareholders of 135 million yuan, indicating a stable financial performance in the current fiscal year [1][2]. Financial Performance - The company's total revenue for the third quarter was 989 million yuan [2]. - The net profit attributable to shareholders was 135 million yuan [2]. - The net cash inflow from operating activities was 182 million yuan [2]. Financial Ratios - The latest debt-to-asset ratio is 45.54%, which is an increase of 4.09 percentage points compared to the previous quarter [4]. - The latest gross profit margin stands at 37.38% [5]. - The return on equity (ROE) is reported at 9.65% [5]. Earnings and Efficiency Metrics - The diluted earnings per share (EPS) is 0.47 yuan [6]. - The total asset turnover ratio is 0.39 times [6]. - The inventory turnover ratio is 3.93 times, which has decreased by 2.69 times compared to the same period last year, representing a year-on-year decline of 40.62% [6]. Shareholder Information - The number of shareholders is approximately 19,800, with the top ten shareholders holding a total of 187 million shares, accounting for 60.73% of the total share capital [6]. - The largest shareholder is Shenzhen Yatai Yizhao Investment Co., Ltd., holding 46.10% of the shares [6].

Core Insights - Zhengzhong Design (002811.SZ) reported a revenue of 989 million yuan for the first three quarters of 2025, representing a year-on-year growth of 19.89% [1] - The net profit attributable to shareholders of the listed company reached 135 million yuan, marking a year-on-year increase of 42.62% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 122 million yuan, showing a year-on-year growth of 59.23% [1] - The basic earnings per share stood at 0.47 yuan [1]

Core Viewpoint - Zhengzhong Design (002811.SZ) reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 989 million yuan, representing a year-on-year growth of 19.89% [1] - The net profit attributable to shareholders of the listed company was 135 million yuan, showing a year-on-year increase of 42.62% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 122 million yuan, reflecting a year-on-year growth of 59.23% [1] - Basic earnings per share stood at 0.47 yuan [1]

Core Viewpoint - Zhengzhong Design is a well-established architectural decoration company in China, with strong technical capabilities and rich project experience in high-end architectural decoration design and construction. The company has shown significant growth in revenue and net profit, positioning itself favorably within the industry. Group 1: Company Overview - Zhengzhong Design was established on December 26, 1994, and listed on the Shenzhen Stock Exchange on September 8, 2016. The company is headquartered in Shenzhen, Guangdong Province [1] - The main business of Zhengzhong Design includes high-end architectural decoration engineering design and construction, categorized under the building decoration industry [1] Group 2: Financial Performance - In Q3 2025, Zhengzhong Design reported revenue of 989 million yuan, ranking 11th out of 23 in the industry. The top competitor, Jianghe Group, had revenue of 14.55 billion yuan, while the industry average was 2.46 billion yuan [2] - The net profit for the same period was 135 million yuan, ranking 4th in the industry, with Jianghe Group leading at 510 million yuan. The industry average net profit was a loss of 21.42 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, Zhengzhong Design's debt-to-asset ratio was 45.54%, down from 55.70% year-on-year, significantly lower than the industry average of 76.84%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 37.38%, an increase from 33.83% year-on-year, which is higher than the industry average of 13.06%, reflecting robust profitability [3] Group 4: Executive Compensation - The chairman, Zheng Zhong, received a salary of 2.9463 million yuan in 2024, an increase of 327,500 yuan from 2023. The general manager, Liu Yungui, earned 2.1539 million yuan, up 649,500 yuan from the previous year [4] Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 20.18% to 19,800, while the average number of shares held per shareholder increased by 25.29% to 14,300 [5] Group 6: Business Highlights - In the first half of 2025, Zhengzhong Design achieved revenue of 632 million yuan, a year-on-year increase of 22.56%, and a net profit of 94 million yuan, up 45.90% [6] - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, with a payout ratio of 79.66% [6] - The design and soft decoration businesses showed strong growth, with revenues increasing by 29.92% and 43.75% respectively, and new orders growing by 41.2% and 132.5% [6]

深圳市郑中设计股份有限公司（以下简称"公司"）根据《深圳证券交易所 股票上市规则》等有关规定，为了更加真实、准确、公允地反映公司截至 2025 年 9 月 30 日的资产和财务状况，公司基于谨慎性原则，对合并报表范围内的资 产进行了分析，对存在减值迹象的资产计提相应的减值准备。具体情况如下： 证券代码：002811 证券简称：郑中设计 公告编号：2025-070 深圳市郑中设计股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 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。 经公司初步测算，对截至 2025 年 9 月 30 日存在减值迹象的资产进行减值测 试，计提信用减值损失 268.67 万元，计提资产减值损失 386.50 万元，明细如下： | 资产减值名称 | 本报告期计提金额（万元） | | --- | --- | | 信用减值损失 | 268.67 | | 其中：应收票据 | -1.41 | | 应收账款 | 129.55 | | 其他应收款 | 140.52 | | 资产减值损失 | 386.50 | | 其中：合同资产 | 454. ...

证券代码：002811 证券简称：郑中设计 公告编号：2025-071 深圳市郑中设计股份有限公司 2025 年第三季度装修装饰业务主要经营情况简报 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。 单位：万元 | 项目 类型 | 2025 年第三季度 新签订单金额 | | 截至报告期末累计 已中标未签订单金额 | 截至报告期末累计 已签约未完工订单金额 | | --- | --- | --- | --- | --- | | 设计 | | 47,750.09 | 13,483.25 | 296,330.99 | | 软装 | | 25,772.30 | 6,851.18 | 69,928.91 | | 工程 | | | | 9,290.53 | | 合计 | | 73,522.39 | 20,334.43 | 375,550.43 | 注：1、公司2025年第三季度不存在重大项目； 2、以上数据仅为阶段性数据且未经审计，仅供各位投资者参阅。 特此公告。 深圳市郑中设计股份有限公司董事会 2025 年 10 月 30 日 根据《深圳证券交易所股票上市规则》、《深圳 ...

证券代码：002811 证券简称：郑中设计 公告编号：2025-068 深圳市郑中设计股份有限公司 第五届董事会第十六次会议决议公告 深圳市郑中设计股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日以 电话、电子邮件等方式向全体董事发出召开第五届董事会第十六次会议的通知， 会议于 2025 年 10 月 30 日以现场结合通讯表决方式在公司四楼会议室召开。 本次会议应出席董事 8 名，实际出席会议董事 8 名，其中董事郑一茜女士、 KEN WEIJIAN HU (胡伟坚)先生、独立董事李斐先生、傅文波先生、丁明明女士 以通讯方式参加表决。本次会议由公司董事长郑忠先生主持，公司部分高管列席 了本次会议。会议的召开符合《中华人民共和国公司法》和《公司章程》的规定。 根据公司的生产经营和业务发展需要，拟向宁波银行股份有限公司深圳分行 申请人民币不超过 1.5 亿元综合授信，该笔授信使用期限为与银行签订相关协 议之日起一年。申请授信用途：补充流动资金、保函、银票等与公司相关的业务。 授信期限内，授信额度可循环使用，最终授信额度和期限以银行实际审批的为准。 公司董事会授权管理层在上述授信额度范围内与银 ...

Core Viewpoint - Zhengzhong Design (002811.SZ) reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and operational efficiency [1] Financial Performance - The company achieved operating revenue of 989 million yuan, representing a year-on-year increase of 19.89% [1] - Net profit attributable to shareholders reached 135 million yuan, reflecting a year-on-year increase of 42.62% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 122 million yuan, showing a year-on-year increase of 59.23% [1] - Basic earnings per share stood at 0.47 yuan [1]

Core Insights - Zhengzhong Design reported a revenue of 357 million yuan in Q3, representing a year-on-year increase of 15.45% [1] - The net profit attributable to shareholders for Q3 was 41.35 million yuan, showing a year-on-year growth of 35.67% [1] - For the first three quarters, the company achieved a total revenue of 989 million yuan, which is a 19.89% increase compared to the same period last year [1] - The net profit attributable to shareholders for the first three quarters reached 135 million yuan, reflecting a year-on-year increase of 42.62% [1]