Core Points - Zhengzhong Design announced a reduction in shareholding by its controlling shareholder, Shenzhen Yatai Yizhao Investment Co., Ltd. [2] - As of November 6, 2025, Yatai Yizhao reduced its shares by 2,276,800 shares, representing 0.74% of the total share capital [2] - Post-reduction, Yatai Yizhao and its concerted parties hold a total of 172,449,423 shares, decreasing their ownership from 56.73% to 56.00% of the total share capital [2] Summary by Category Shareholding Changes - Yatai Yizhao's share reduction was executed through centralized bidding [2] - The reduction affected the total share capital, with the percentage of shares held post-reduction being 57.50% when excluding shares in the repurchase account [2] Financial Impact - The reduction in shares indicates a significant change in the ownership structure of Zhengzhong Design, potentially impacting investor perception and market dynamics [2]

Core Viewpoint - Shenzhen Zhengzhong Design Co., Ltd. announced a share reduction by its controlling shareholder, Shenzhen Yatai Yizhao Investment Co., Ltd., which has decreased its shareholding from 56.73% to 56.00% through the sale of 2.2768 million shares, representing 0.74% of the total share capital [1][4]. Group 1: Background of the Reduction Plan - The initial plan was to reduce up to 8.9976 million shares, which would account for no more than 3% of the total share capital after excluding shares in the repurchase account [2]. - The reduction was planned to occur within three months following the announcement, utilizing both centralized bidding and block trading methods [2]. Group 2: Details of the Reduction - The reduction occurred between November 3 and November 6, 2025, with 2.2768 million shares sold through centralized bidding, accounting for 0.74% of the total share capital and 0.76% of the adjusted total share capital [3]. - The reduction was consistent with the previously disclosed plan and complied with relevant laws and regulations [3]. Group 3: Changes in Shareholding - Following the reduction, Yatai Yizhao and its concerted parties hold a total of 172,449,423 shares, down from 174,726,223 shares, representing a decrease in ownership from 56.73% to 56.00% of the total share capital [4]. - Yatai Yizhao's own shareholding decreased from 141,961,723 shares (46.10% of total) to 139,684,923 shares (45.36% of total), while the shareholding of its concerted parties remained unchanged at 30,516,750 shares [4]. Group 4: Impact on the Company - The company stated that the share reduction will not lead to a change in control and will not significantly impact its operations, with Yatai Yizhao remaining the largest shareholder and actual controller [5]. - The reduction plan is not yet fully executed, and any further reductions will be disclosed in accordance with regulations [5].

Core Viewpoint - Zhengzhong Design (002811.SZ) has received a notification from Yatai Yizhao regarding a reduction in shareholding that has reached a 1% integer threshold as of November 6, 2025 [1] Summary by Relevant Sections - **Shareholding Reduction** - Yatai Yizhao has reduced its shareholding in Zhengzhong Design by a total of 2.2768 million shares, which represents 0.74% of the company's total share capital [1] - After this reduction, Yatai Yizhao and its concerted parties now hold a total of 172 million shares, decreasing their ownership from 175 million shares, which lowers their stake from 56.73% to 56.00% of the total share capital [1] - **Impact on Total Share Capital** - The reduction also affects the shareholding percentage when excluding shares held in the repurchase special account, with the stake decreasing from 58.26% to 57.50% [1]

证券代码：002811 证券简称：郑中设计 公告编号：2025-072 深圳市郑中设计股份有限公司 关于控股股东减持股份触及 1%整数倍的公告 控股股东深圳市亚泰一兆投资有限公司保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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。 深圳市郑中设计股份有限公司（以下简称"公司"）于2025年9月26日披露 了《关于控股股东减持股份的预披露公告》（公告编号：2025-067）。持有公司 股份141,961,723股（占公司剔除回购专用账户中股份数量后总股本的47.33%）的 控股股东深圳市亚泰一兆投资有限公司（以下简称"亚泰一兆"）计划自减持预 披露公告披露之日起15个交易日后的3个月内，以集中竞价和大宗交易方式减持 公司股份不超过8,997,606股（占公司剔除回购专用账户中股份数量后总股本比例 不超过3%）。其中，以集中竞价交易方式减持股份数量不超过2,999,202股（占 公司剔除回购专用账户中股份数量后总股本比例不超过1%），以大宗交易方式 减持股份数量不超过5,998,404股 ...

Core Viewpoint - Zhengzhong Design (002811.SZ) has received a notification from Yatai Yizhao regarding a reduction in shareholding that has reached a 1% integer threshold [1] Summary by Relevant Sections Shareholding Changes - As of November 6, 2025, Yatai Yizhao has reduced its shareholding in Zhengzhong Design by 2.2768 million shares, which accounts for 0.74% of the company's total share capital [1] - After this reduction, Yatai Yizhao and its concerted parties now hold a total of 172 million shares, decreasing their ownership from 175 million shares, which reduces their stake from 56.73% to 56.00% of the total share capital [1] - When excluding shares held in the repurchase special account, the ownership percentage decreased from 58.26% to 57.50% [1]

Group 1 - The stock of Zhengzhong Design closed at 12.72 yuan on November 7, with a slight decline of 0.08% [1] - A block trade occurred involving 1 million shares, totaling 11.46 million yuan, with a discount rate of -9.91% [1] - The buyer was Dongfang Caifu Securities, while the seller was Huatai Securities [1] Group 2 - Over the past three months, there has been one block trade for Zhengzhong Design, amounting to 11.46 million yuan [1] - In the last five trading days, the stock has seen a cumulative decline of 0.55%, with a net outflow of 22.06 million yuan from main funds [1]

Group 1 - On November 7, Zhengzhong Design executed a block trade of 1 million shares, with a transaction amount of 11.46 million yuan, accounting for 14.52% of the total trading volume for the day [1][2] - The transaction price was 11.46 yuan, which represents a discount of 9.91% compared to the market closing price of 12.72 yuan [1][2]

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]