关于"华阳转债"预计触发转股价格向下修正条款 | 证券代码：002949 | 证券简称：华阳国际 公告编号：2025-003 | | --- | --- | | 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 可转换公司债券募集说明书》（以下简称"《募集说明书》"）规定，"华阳转债" 自 2021 年 2 月 5 日起可转换为公司股份，初始转股价格为 25.79 元/股。 公司2020年度股东大会审议通过了《关于2020年度利润分配方案的议案》， 并于 2021 年 5 月 25 日实施了 2020 年度利润分配方案：向全体股东每 10 股派 4.00 元人民币现金（含税）。根据可转换公司债券转股价调整相关规定，"华阳转 债"的转股价格由 25.79 元/股调整为 25.39 元/股。调整后的转股价格于 2021 年 5 月 25 日生效。 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： 本次触发转股价格修正条件的期间从 2025 年 1 月 29 日开始计算，截至 2025 年 2 月 18 ...

Summary of Conference Call Company and Industry - The conference call involved **Huayang International**, a leading company in the **real estate design industry** focusing on technology transformation and digital cultural industry development [2][4]. Key Points and Arguments 1. **2024 Business Performance Overview**: - The company experienced a decline in contracts and cash flow, with a stable profit margin despite a decrease in overall profit figures [3][4]. - The management expressed confidence in maintaining stable profit and cash flow ratios over the next two to three years, despite pressures on new contracts [4][5]. 2. **Market Conditions and Future Outlook**: - The management anticipates a challenging environment for 2025, with potential for recovery as negative information in the industry has largely been released [4][6]. - There is a noted improvement in real estate sales data in Shenzhen since October of the previous year [4]. 3. **Business Segmentation**: - The company’s contracts from non-developers account for approximately 45-46% of total orders, with expectations of little change in this structure for 2025 [7]. - The decline in government contracts was highlighted, indicating a need for monitoring government policies affecting financial leverage [7][8]. 4. **AI and Technology Integration**: - The company is focusing on AI design, collaborating with major tech firms like Baidu to enhance architectural design capabilities [10][11]. - Current AI applications are primarily in conceptual design, with less impact on construction drawings due to the complexity of engineering attributes [12][13]. - The management believes that while AI can enhance efficiency, it will not fully replace human creativity in design [13][14]. 5. **Digital Cultural Business Development**: - The digital culture division has been operational for three months, with around 100 employees and several projects underway [16][17]. - The company aims to establish itself as a comprehensive short drama platform, covering scriptwriting, production, and distribution [19][20]. 6. **Market Trends and Competitive Landscape**: - The industry is shifting towards higher quality and diversified content, with new monetization channels emerging beyond traditional methods [22]. - The company is positioning itself to leverage these trends while maintaining a focus on technological advancements in AI and digital content [24][25]. Other Important Content - The management emphasized the importance of maintaining a robust financial foundation while pursuing new business opportunities in AI and digital culture [5][14]. - There is a recognition of the competitive nature of the digital content industry, with a clear strategy to differentiate through comprehensive service offerings [19][21]. - The call concluded with a note on the importance of ongoing monitoring of market conditions and strategic adjustments as necessary [26].

| 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].