Summary of Huayang International Conference Call Company Overview - **Company**: Huayang International - **Industry**: Architectural Design and Digital Culture Key Points Industry and Business Performance - The architectural design sector has stabilized after a downturn, with contracts increasing by nearly 30% year-on-year in 2025, marking a rare positive trend in recent years [3] - The company has restarted campus recruitment in 2025 due to employee capacity saturation, indicating a stable operational environment [2][3] Digital Culture and Short Drama Platform - Huayang International has established a full-stack micro-drama platform with a team of approximately 130-140 people, having produced around 50 short dramas, with 20-30 already launched [2][4] - Revenue for the first quarter reached over 30 million, contributing to a total revenue of approximately 80-90 million [2][5] - The copyright operation is still in its early stages, with expectations for gradual establishment as the number of copyrights increases [5] Technology and AI Focus - The technology segment is focusing on AI applications, particularly in architectural design, with an emphasis on intelligent agents [2][6] - Despite breakthroughs in BIM technology, commercialization has faced challenges due to low willingness to pay, leading to a strategic retreat to AI design [8] - AI is seen as a means to reduce costs and enhance efficiency, with the potential for market differentiation [8] International Business Expansion - The Hong Kong subsidiary has performed well and is considered the best among all subsidiaries [7] - The company is exploring the establishment of a separate office in the Middle East to better expand local business [7] Future Development Plans - The core goal is to maintain a healthy financial position, targeting a net profit and cash flow of 100-200 million annually [9] - The company aims to extend its cultural offerings, particularly in micro-dramas, and actively pursue AI applications [9] - Plans to focus on large-scale expansions that support core business operations, while also considering cross-industry asset acquisitions [9] Market Dynamics and Competition - The micro-drama market is rapidly evolving, becoming a significant cultural phenomenon in China, with intense competition from various players [10][11] - The shift in business models from paid to free viewing, combined with backend copyright operations and brand integration, is transforming the industry landscape [11] - Huayang International faces challenges as a new entrant but has advantages such as a strong team and partnerships with major platforms [11] Order Growth and Market Strategy - The first quarter saw a 30% year-on-year increase in orders, the first positive growth in several quarters, boosting confidence [12] - The company plans to stabilize its scale and focus on new business development, even if order growth does not continue [12] Regional Market Focus - The company has reduced its scale, with revenue and personnel decreasing by approximately 30-40% and 50%, respectively, due to a strategic focus on the Greater Bay Area [13][14] - Future plans prioritize the Greater Bay Area, leveraging its strong influence and government project opportunities [14]

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。 特别提示： 一、本次可转换公司债券回售的公告情况 深圳市华阳国际工程设计股份有限公司（以下简称"公司"）根据《深圳证 券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第15号——可 转换公司债券》等法律法规及《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》的相关规定，分别于2025年5月20日、2025年5月24、 2025年5月29日在中国证监会指定信息披露媒体《证券时报》《中国证券报》和 巨潮资讯网披露了《关于"华阳转债"回售的公告》《关于"华阳转债"回售的 提示性公告》（公告编号：2025-037、2025-042、2025-043），提示投资者可在 回售申报期内选择将持有的"华阳转债"全部或部分回售给公司，回售价格为 101.644元/张（含息、税），回售申报期为2025年5月26日至2025年5月30日。 | 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2025-045 | | --- | --- | --- | | 债券代码：128125 | 债券简 ...

| 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2025-044 | | --- | --- | --- | | 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"华阳转债"恢复转股的公告 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。 特别提示： 1、 债券代码：128125 2、 债券简称：华阳转债 3、 转股起止期间：2021 年 2 月 5 日至 2026 年 7 月 29 日 4、 暂停转股期间：2025 年 5 月 26 日至 2025 年 5 月 30 日 5、 恢复转股时间：2025 年 6 月 3 日 "华阳转债"将在本次回售申报期结束的次一交易日，即2025年6月3日（星 期二）起恢复转股。敬请公司可转换公司债券持有人注意。 特此公告。 深圳市华阳国际工程设计股份有限公司 董事会 2025 年 5 月 30 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2025年5月 15日召开"华阳转债"2025年第一次债券持有人会议，2025年5月16日召开2024 年度股 ...

Core Viewpoint - The company has announced the additional repurchase terms for its convertible bonds, allowing bondholders to sell back their bonds under specific conditions, particularly if there are significant changes in the use of raised funds [2][6]. Summary by Sections Repurchase Overview - The company held a bondholders meeting on May 15, 2025, to discuss the repurchase of "Huayang Convertible Bonds" [2]. - The repurchase right is triggered if there are significant changes in the implementation of the investment projects compared to the commitments made in the prospectus [2]. Repurchase Price - The repurchase price is set at 101.644 CNY per bond, which includes interest and tax [5]. - The interest calculation for the bonds is based on a formula that considers the principal amount, interest rate, and the number of days [3]. - The applicable interest rate for the current period is 2.00%, and the interest for the repurchase period is calculated to be 1.644 CNY per bond [4][5]. Other Details - Bondholders can choose to sell back all or part of their bonds, and the repurchase is not mandatory [6]. - The repurchase period is from May 26 to May 30, 2025, during which bondholders must submit their repurchase requests [8]. - The company will publish announcements regarding the repurchase in designated media outlets [7]. Repurchase Process and Payment - The company will process repurchase payments through the China Securities Depository and Clearing Corporation [8]. - The funds will be credited to investors' accounts by June 9, 2025, following the repurchase [8]. Trading and Conversion During Repurchase Period - The "Huayang Convertible Bonds" will continue to be traded during the repurchase period, but conversion to shares will be suspended [9].

| 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2025-043 | | --- | --- | --- | | 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"华阳转债"回售的提示性公告 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。 特别提示： 1、 回售价格：101.644 元/张（含息、税） 8、 在回售资金发放日之前，如持有的本期债券发生司法冻结或划扣等情形， 债券持有人本次回售申报业务失效。 深圳市华阳国际工程设计股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日召开"华阳转债"2025 年第一次债券持有人会议，2025 年 5 月 16 日召 开 2024 年度股东大会，分别审议通过了《关于公开发行可转换公司债券部分募 投项目结项、终止并将节余募集资金永久补充流动资金的议案》。根据《深圳证 券交易所股票上市规则》以及《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》（以下简称"募集说明书"）的约定，"华阳转债" 的附加回售条款生效，现将"华阳 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Views - Infrastructure investment remains stable, with a focus on water conservancy and cleanroom engineering sectors [1] - The first four months of 2025 saw a 5.8% year-on-year increase in infrastructure investment, with notable growth in water management (30.7%), water transportation (26.9%), and air transportation (13.9%) [10][15] - The report highlights the resilience of the economy despite external pressures, with construction material retail sales showing a significant increase of 9.7% in April [15] Summary by Sections Industry Dynamics - The report notes that the overseas contracting business is expected to benefit from the Belt and Road Initiative, with new contract amounts reaching $76.59 billion, a 22.4% year-on-year increase [2][11] - Companies involved in specialized engineering sectors, energy conservation, and new energy infrastructure are anticipated to see growth opportunities [11] Market Performance - The construction and decoration sector experienced a decline of 0.97% in the week of May 19-23, 2025, while the broader market indices showed smaller declines [5] - The report suggests that the performance of construction companies remains stable, with a focus on state-owned enterprises and local government enterprises for potential valuation recovery [10] Policy and Economic Data - The report emphasizes the importance of proactive macroeconomic policies to support infrastructure investment, with expectations for increased fiscal policy support in the second quarter [10][15] - The construction PMI showed a decline, indicating weaker project expectations, which necessitates close monitoring of funding and policy impacts [10]

证券代码：002949 证券简称：华阳国际 公告编号：2025-041 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 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"）于 2025 年 4 月 于注销 2021 年股票期权激励计划部分股票期权的议案》，同意公司注销首次授予 股票期权激励对象持有的第四个行权期和预留授予股票期权激励对象持有的第 三个行权期已获授但不具备行权条件的股票期权及离职激励对象已获授但尚未 行权的股票期权，共影响激励对象 75 人，注销股票期权数量合计 1,402,000 份。 具 体 内 容 详 见 2025 年 4 月 25 日 披 露 在 《 证 券 时 报 》 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《关于注销 2021 年股票期权激励计划部分 股票期权的公告》（公告编号：2025-026）。 经中国证券登记结算有限责任公司深圳分公司审核确认，公司于 2025 年 5 月 23 日，已完成上述股票期权的注销事 ...

| 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2025-042 | | --- | --- | --- | | 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"华阳转债"回售的提示性公告 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。 特别提示： 1、 回售价格：101.644 元/张（含息、税） 8、 在回售资金发放日之前，如持有的本期债券发生司法冻结或划扣等情形， 债券持有人本次回售申报业务失效。 深圳市华阳国际工程设计股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日召开"华阳转债"2025 年第一次债券持有人会议，2025 年 5 月 16 日召 开 2024 年度股东大会，分别审议通过了《关于公开发行可转换公司债券部分募 投项目结项、终止并将节余募集资金永久补充流动资金的议案》。根据《深圳证 券交易所股票上市规则》以及《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》（以下简称"募集说明书"）的约定，"华阳转债" 的附加回售条款生效，现将"华阳 ...

| 证券代码：002949 | 证券简称：华阳国际 | 公告编号：2025-041 | | --- | --- | --- | | 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 关于部分股票期权注销完成的公告 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。 深圳市华阳国际工程设计股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第四届董事会第六次会议和第四届监事会第三次会议，审议通过了《关 于注销 2021 年股票期权激励计划部分股票期权的议案》，同意公司注销首次授予 股票期权激励对象持有的第四个行权期和预留授予股票期权激励对象持有的第 三个行权期已获授但不具备行权条件的股票期权及离职激励对象已获授但尚未 行权的股票期权，共影响激励对象 75 人，注销股票期权数量合计 1,402,000 份。 具体内容详见 2025 年 4 月 25 日披露在《证券时报》及巨潮资讯网 （http://www.cninfo.com.cn）上的《关于注销 2021 年股票期权激励计划部分 股票期权的公告》（公告编号 ...

Group 1 - The company's profit distribution plan for the fiscal year 2024 was approved at the shareholders' meeting held on May 16, 2025, with the announcement published on May 17, 2025 [1] - The profit distribution plan involves a cash dividend of 3.5 RMB per 10 shares (before tax) to all shareholders, with specific tax treatments for different types of shareholders [1][2] - The total share capital of the company as of the dividend application date (May 20, 2025) is 196,042,743 shares, and adjustments will be made if there are changes in share capital before the distribution [1] Group 2 - The record date for the profit distribution is set for May 28, 2025, and the ex-dividend date is May 29, 2025 [2] - The distribution will be directly credited to the shareholders' accounts through their custodial securities companies on the ex-dividend date [2] - The conversion price of the company's convertible bonds will be adjusted from 18.39 RMB per share to 18.04 RMB per share, effective May 29, 2025 [2]