| 证券代码：002949 | 证券简称：华阳国际 公告编号：2025-001 | | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | 深圳市华阳国际工程设计股份有限公司 2024 年第四季度可转债转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经中国证监会"证监许可[2020]1220 号文"批准，公司于 2020 年 7 月 30 日公开发行了 450.00 万张可转换公司债券，每张面值 100 元，发行总额 45,000.00 万元，期限 6 年。 （二）可转债上市情况 经深交所"深证上〔2020〕718 号"文同意，公司 45,000.00 万元可转换公 司债券于 2020 年 8 月 21 日起在深交所挂牌交易，债券简称"华阳转债"，债券 代码"128125"。 （三）可转换公司债券转股价格调整情况 根据《深圳证券交易所股票上市规则》等有关规定和《深圳市华阳国际工程 设计股份有限公司公开发行可转换公司债券募集说明书》的约定，本次发行的可 转债转股期自可转债发行结束之日（2020 年 8 月 5 日）满六 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.05 CNY per share, based on a 22x PE valuation for 2025 [29][30] Core Views - The company's traditional architectural design business has slowed down, prompting a strategic shift towards the digital culture sector, particularly micro-short dramas [1][40] - The micro-short drama market is rapidly expanding, with the market size reaching 37.39 billion CNY in 2023, a tenfold increase from two years ago, and is expected to surpass 100 billion CNY by 2027 [1][40] - The company has established a digital culture subsidiary and partnered with the Jiangxi government to develop a digital film and television industry base, leveraging policy support in the region [1][64] Business Transformation and Digital Culture Sector - The company has invested 100 million CNY to establish a digital culture industry development fund and set up a subsidiary, Huayang Digital Culture (Jiangxi) Company, focusing on micro-short dramas [32][35] - The company plans to collaborate with multiple platforms for content distribution and marketing, with a focus on paid content and advertising as primary revenue streams [7][9] - The micro-short drama industry is characterized by high revenue but low profitability, with significant costs associated with marketing and platform fees [7][49] Financial Performance and Projections - The company's revenue is expected to decline in 2024 due to the slowdown in its traditional architectural design business, but it is projected to recover in 2025 and 2026, with net profits of 151 million CNY, 188 million CNY, and 213 million CNY respectively [13][36] - The architectural design business, particularly in residential projects, is expected to see a decline in 2024 but recover in 2025 and 2026, with growth rates of -25%, 10%, and 10% respectively [70][72] - The engineering consulting business is expected to stabilize, with revenue growth of -15%, 15%, and 15% from 2024 to 2026, and a stable gross margin of around 40% [48][72] Industry and Market Analysis - The micro-short drama industry is highly competitive, with platforms dominating the revenue share due to their control over user traffic and marketing channels [7][9] - The company's entry into the micro-short drama market is seen as a strategic move to diversify its revenue streams and capitalize on the growing demand for digital content [1][40] - The company's partnership with the Jiangxi government provides a strategic advantage, with policy support for digital culture and streamlined approval processes for content production [64]

| 证券代码：002949 | 证券简称：华阳国际 公告编号：2024-101 | | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市华阳国际工程设计股份有限公司 深圳市华阳国际工程设计股份有限公司 董事会 关于提前归还暂时补充流动资金的闲置募集资金的公告 . 2024 年 12 月 26 日 深圳市华阳国际工程设计股份有限公司（以下简称"公司"）于2024年2月2 日召开第三届董事会第十七次会议、第三届监事会第十四次会议，审议通过了关 于归还募集资金后继续使用部分闲置募集资金暂时补充流动资金的议案》，同意 公司使用不超过人民币7,000万元首次公开发行股票闲置募集资金、不超过人民 币10,000万元公开发行可转换公司债券闲置募集资金暂时补充流动资金，使用期 限自该事项经董事会审议通过之日起不超过12个月。具体内容详见公司于2024年 2 月 3 日 刊 登 于 《 证 券 时 报 》《 上 海 证 券 报 》 和 巨 潮 资 讯 网 （http://www.cninfo. ...

Group 1 - The company Hunan Huayang Cultural Development Co., Ltd. has been recently established with a registered capital of 10 million yuan [2] - The legal representative of the newly formed company is Xu Qingping [2] - The business scope of the company includes online cultural operations, performance brokerage, TV drama distribution, TV drama production, and second-class value-added telecommunications services [2] Group 2 - Qichacha's equity penetration shows that the company is wholly owned by Huayang International [1]

AI and Digital Transformation - The company is actively promoting digital transformation and exploring the application of AI in architectural design, achieving intelligent design and automatic drawing in certain scenarios (e.g., stairs, parking spaces, underground spaces, prefabricated structures, and structural and mechanical-electrical applications) [2] - The company has been certified as a partner of Baidu's PaddlePaddle technology ecosystem, accelerating the implementation of AI application scenarios and promoting the deep integration of AI technology with architectural design [2] - The company is expanding its digital cultural industry, leveraging digital technology to create, produce, distribute, and service cultural content, aiming to enhance China's global cultural influence and create new business growth points [2] Financial Performance and Challenges - The company's net profit for the first three quarters of 2024 decreased by 19.46% year-on-year, with a slight improvement in net profit margin [4] - Revenue has declined due to the cyclical nature of the industry, but the company has ensured profitability and healthy cash flow through business structure adjustments and cost control [4] - The company's accounts receivable/revenue ratio has been increasing due to extended payment cycles from clients affected by the real estate industry's downturn. The company is strengthening accounts receivable management to mitigate bad debt risks [4] Market and Industry Analysis - The construction industry faces both opportunities and challenges, with urbanization and high-quality development driving demand for high-quality design services [3] - The industry is expected to see new market demands and development opportunities with the emergence of technologies like AI and the advancement of the "Belt and Road" initiative [3] - The real estate market has been in a downward trend, impacting the company's revenue as a design unit in the construction field [3] Strategic Measures and Future Plans - The company is focusing on the "Design + Technology" strategy, enhancing the commercialization of technological R&D and increasing the penetration rate of technological applications to strengthen core competitiveness [3] - Efforts are being made to optimize the business structure, establish a strict project evaluation system, and focus on high-quality clients and projects to ensure long-term competitiveness [4] - The company plans to improve operational efficiency by enhancing design quality, strengthening accounts receivable collection, and ensuring financial control to maintain cash flow security [4] Valuation and Investor Relations - The company's P/E and P/B ratios are below the industry average, influenced by economic conditions, policy environment, and market sentiment. The company aims to improve its valuation by enhancing operational performance and intrinsic value [4] - The company participated in the "2024 Shenzhen Listed Companies Investor Online Collective Reception Day" to engage with investors and address their concerns [1]

关于股票交易异常波动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 深圳市华阳国际工程设计股份有限公司（以下简称"公司"）股票（证券简称： 华阳国际，证券代码：002949）于 2024 年 12 月 10 日、12 月 11、12 月 12 日连续 三个交易日内收盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所交易规则》 的有关规定，属于股票交易异常波动情况。 二、对重要问题的关注、核实情况说明 | 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2024-100 | | --- | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | | 深圳市华阳国际工程设计股份有限公司 公司董事会确认，公司目前没有任何根据深交所《股票上市规则》等有关规 定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董 事会也未获悉公司有根据深交所《股票上市规则》等有关规定应予以披露而未披 露的、对公司股票及其衍生品种交易价格产生较大影响的信息；公司前期披露的 信息不存在需要更正 ...

| 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2024-099 | | --- | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | | 深圳市华阳国际工程设计股份有限公司 关于参加 2024 年度深圳辖区上市公司集体接待日活动的 公告 届时公司董事长唐崇武先生，董事、董事会秘书、财务总监徐清平先生就公 司业绩、公司治理、发展战略、经营状况、融资计划、股权激励和可持续发展等 投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 深圳市华阳国际工程设计股份有限公司 董事会 2024 年 12 月 6 日 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流工作，深圳市华阳国际工程设计股份有限 公司（以下简称"公司"）将参加由深圳证监局和深圳证券交易所指导、深圳上 市公司协会与深圳市全景网络有限公司联合举办的"2024 年度深圳辖区上市公 司集体接待日活动"，现将有关事项公告如下： 本次活动采取网络远程的方式举行，投资者可以登录"全景路演"网站 （http://r ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% within the next six months [5][14]. Core Views - The company has experienced a decline in revenue and profit in Q3, with a year-on-year revenue drop of 22.9% and a net profit decrease of 19.46% for the first three quarters of 2024. However, the company is accelerating its business transformation towards the digital cultural industry, including a 20 million yuan investment fund and a 10 million yuan investment in a new subsidiary [1][4]. - The gross margin has improved significantly, reaching 34.0% for the first three quarters of 2024, up 2.09 percentage points year-on-year, attributed to an optimization of the business structure and a focus on high-quality clients [2]. - The company has successfully reduced absolute values of expenses, with a net profit margin of 14.61% for the first three quarters of 2024, reflecting a slight year-on-year increase. Cash flow remains a focus area for improvement [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 812 million yuan, with a net profit of 112 million yuan. The Q3 revenue was 293 million yuan, with a net profit of 53 million yuan [1]. - The gross margin for Q3 2024 was reported at 45.2%, indicating a year-on-year increase of 3.64 percentage points [2]. - The company’s net profit forecast for 2024-2026 has been adjusted to 150 million, 180 million, and 210 million yuan respectively, with corresponding P/E ratios of 20, 17, and 15 times [4].

Financial Performance - The company's operating revenue for Q3 2024 was ¥292,543,296.63, a decrease of 16.03% compared to the same period last year[4] - The net profit attributable to shareholders for Q3 2024 was ¥52,645,485.12, down 23.50% year-on-year[4] - The basic earnings per share for Q3 2024 was ¥0.2685, reflecting a decline of 23.50% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥47,257,904.43, down 23.92% year-on-year[4] - The company experienced a year-to-date net profit of ¥111,877,918.84, which is a decrease of 19.46% compared to the same period last year[4] - Total operating revenue for Q3 2024 was CNY 812,138,688.70, a decrease of 22.9% compared to CNY 1,053,321,818.82 in the same period last year[15] - Net profit for Q3 2024 was CNY 118,654,487.76, a decline of 21.2% from CNY 150,449,553.10 in Q3 2023[15] - Earnings per share (EPS) for Q3 2024 was CNY 0.5707, down from CNY 0.7086 in the previous year[15] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥3,131,456,236.56, a decrease of 4.05% from the end of the previous year[4] - The total equity attributable to shareholders at the end of Q3 2024 was ¥1,541,143,304.70, down 2.65% from the end of the previous year[4] - Cash and cash equivalents decreased by 53.56% to ¥375,604,982.11 compared to the end of last year, primarily due to investments in financial products and increased expenditures on headquarters construction[6] - The company’s total liabilities decreased by 30.89% to ¥120,869,299.75, due to payments made for previously accrued employee compensation[6] - Total liabilities decreased to CNY 1,536,769,107.23 from CNY 1,597,004,944.70, reflecting a reduction of 3.8%[14] - Total equity decreased to CNY 1,594,687,129.33 from CNY 1,666,491,494.18, a decline of 4.3%[14] - The company’s total assets decreased to CNY 3,131,456,236.56 from CNY 3,263,496,438.88, a reduction of 4.0%[14] Cash Flow - The company reported a net cash flow from operating activities of -¥26,943,421.61 for the year-to-date period[4] - The net cash flow from operating activities improved by 10.5% to -¥26,943,421.61, reflecting better control over expenditures[7] - The net cash flow from investing activities dropped by 116.98% to -¥55,141,210.60, mainly due to increased payments for the headquarters construction and financial product purchases[7] - The net increase in cash and cash equivalents was -¥277,867,957.82, a decline of 259.90% year-on-year, driven by reduced sales collections and increased dividends[7] - Operating cash inflow for the period was CNY 988,914,770.14, down 43% from CNY 1,737,759,135.67 in the previous period[16] - Total cash inflow from operating activities was CNY 988,914,770.14, while total cash outflow was CNY 1,015,858,191.75, resulting in a net cash outflow[16] - The company reported a decrease in cash received from sales of goods and services, totaling CNY 766,347,754.46, down from CNY 1,006,334,985.62[16] Investments and Expenditures - The company’s fixed assets increased by 114.55% to ¥700,226,707.13, primarily due to the completion of the headquarters building[6] - The company’s research and development expenses decreased by 30.68% to ¥37,902,834.68, as the company focused on streamlining its R&D structure[6] - Investment income decreased by 80.21% compared to the same period last year, mainly due to reduced earnings from associated companies[6] - The company reported a decrease in financial expenses to CNY 1,566,745.50, down 54.2% from CNY 3,421,842.44 year-over-year[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 12,866, with the largest shareholder, Tang Chongwu, holding 26.48% of shares[8] - The company plans to transfer a total of 9,825,000 shares, representing 5.01% of the total share capital, to private equity funds[10] - The largest shareholder group, including Tang Chongwu and Xu Huafang, will hold a combined total of 84,131,000 shares, accounting for 42.92% of the total share capital after the transfer[11] - The company has a total of 1,070,300 shares held by Zhu Xingfu, a significant shareholder[9] Other Information - The company did not undergo an audit for the third quarter report[16] - The company plans to focus on market expansion and new technology development in the upcoming quarters[15]

| 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2024-097 | | --- | --- | --- | | 债券代码：128125 | 债券简称：华阳转债 | | 深圳市华阳国际工程设计股份有限公司 第四届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市华阳国际工程设计股份有限公司(以下简称"公司")第四届董事会第 二次会议于 2024 年 10 月 28 日以现场及通讯表决相结合的方式召开，经第四届 董事会全体董事同意豁免会议通知时间要求。会议应出席董事 9 名，实际出席董 事 9 名，会议由公司董事长唐崇武先生主持。本次会议的召集、召开及表决程序 符合有关法律、行政法规、部门规章、规范性文件及《公司章程》的规定。 二、董事会会议审议情况 1、审议通过《关于不向下修正"华阳转债"转股价格的议案》 一、董事会会议召开情况 深圳市华阳国际工程设计股份有限公司 董事会 2024 年 10 月 28 日 三、备查文件 1、第四届董事会第二次会议决议。 特此公告。 具体内容详见公司同日刊登于巨潮资讯网(http: ...