Group 1 - The company plans to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. from Guangzhou Metro Group Co., Ltd. through a share issuance [1] - The company intends to raise supporting funds by issuing shares to no more than 35 specific investors [1] - The transaction is subject to approval from the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission, indicating uncertainty regarding the approval timeline [2] Group 2 - The company and its board ensure that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1] - The company will continue to advance related work and fulfill information disclosure obligations in accordance with relevant laws and regulations [2] - Investors are advised to pay attention to subsequent announcements and be aware of investment risks [2]

Group 1 - The company plans to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. from Guangzhou Metro Group Co., Ltd. through a share issuance and raise supporting funds from no more than 35 specific investors [1][2] - The revised draft of the report includes updates on the transaction's background, purpose, and necessity, as well as measures to ensure the stability of core personnel [2] - The company has made adjustments to the risk factors section, updating the importance ranking of major risks [2] Group 2 - The revised draft also supplements information regarding significant changes affecting the valuation of the target assets, including macroeconomic trends, industry policies, and tax incentives [2] - Additional details on related party transactions have been included in the report [2] - The company conducted a thorough review and self-check of the revised draft, ensuring that the restructuring plan remains unaffected by the changes [2]

Core Viewpoint - The company is responding to an inquiry from the Shenzhen Stock Exchange regarding its plan to acquire 100% of the equity of Guangzhou Metro Engineering Consulting Co., which is a related party transaction aimed at enhancing its comprehensive engineering consulting services and operational efficiency [1][3]. Group 1: Transaction Background and Necessity - The transaction involves the acquisition of Guangzhou Metro Engineering Consulting Co. from the controlling shareholder, Guangzhou Metro Group, which will help the company integrate its engineering consulting services [3]. - The acquisition is expected to increase the company's asset-liability ratio and dilute earnings per share [3]. - The company aims to provide a more integrated service by sharing customer resources and sales channels with the acquired entity [3][4]. Group 2: Synergy and Integration - Both the company and the target asset have similar order acquisition methods, primarily through bidding and direct commissioning, indicating potential synergy [4][7]. - The existing customer bases of both companies overlap significantly, allowing for shared maintenance of clients and reduced costs [16][17]. - The transaction will enable the company to offer a full range of engineering consulting services, enhancing project execution efficiency and reducing costs [19][28]. Group 3: Financial Impact - The transaction is projected to increase total assets by 6.02% and total liabilities by 7.95%, with a corresponding increase in revenue and net profit [25][26]. - The basic earnings per share are expected to decrease by 4.88% post-transaction, indicating a short-term dilution of returns [26][27]. - The asset-liability ratio will slightly increase by 0.98 percentage points, but overall financial health remains stable [27][31]. Group 4: Strategic Development - The acquisition will enhance the company's competitive edge in the engineering consulting sector, particularly in urban rail transit and municipal projects [28][29]. - The company plans to utilize the acquired company's project management expertise to improve its overall operational capabilities and expand its service offerings [15][20]. - The integration of technical resources and expertise from both companies is expected to accelerate innovation and improve project delivery efficiency [21][22].

Core Viewpoint - The transaction involves Guangzhou Metro Design Institute Co., Ltd. acquiring 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. from its controlling shareholder, Guangzhou Metro Group, which constitutes a related party transaction. This acquisition aims to enhance the company's comprehensive engineering consulting services and improve operational efficiency through resource sharing and business integration [2][3][11]. Group 1: Transaction Background and Necessity - The transaction is essential for the company to provide integrated engineering consulting services across the entire project lifecycle, thereby enhancing market competitiveness [3][14]. - The acquisition will lead to an increase in the company's asset-liability ratio and dilute earnings per share [3][27]. - The company and the target asset share similar order acquisition methods, primarily through bidding and direct commissioning, indicating potential synergies [3][7]. Group 2: Financial Impact - The transaction is projected to increase total assets from approximately 613.56 million yuan to 650.49 million yuan, a change of 6.02% [26]. - The company's total liabilities will rise from 329.97 million yuan to 356.19 million yuan, reflecting a 7.95% increase [27]. - The estimated operating revenue will grow from 274.80 million yuan to 317.18 million yuan, representing a 15.42% increase [27]. Group 3: Synergy and Integration - Post-transaction, the company will integrate engineering supervision and project management into its service offerings, creating a full-chain engineering consulting business [15][19]. - The combined entity will leverage shared customer resources and sales channels, enhancing marketing effectiveness and reducing maintenance costs [17][29]. - The transaction will facilitate the sharing of technical resources, improving project execution efficiency and overall service quality [21][24]. Group 4: Market Position and Competitive Advantage - Both the company and the target focus on urban rail transit, sharing a similar customer base, which allows for mutual customer maintenance and resource sharing [16][18]. - The company is positioned as a leading player in the urban rail transit consulting sector, with strong market competitiveness due to its comprehensive qualifications and experience [11][20]. - The acquisition will enhance the company's ability to undertake complex engineering projects, thereby increasing its market share and operational scale [29][30].

Core Viewpoint - The document discusses the legal opinions regarding the share issuance by Guangzhou Metro Design Institute Co., Ltd. to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. from Guangzhou Metro Group, along with the associated fundraising and related party transactions [1][2]. Group 1: Legal Compliance and Risks - The labor dispatch employment ratio of the target asset exceeded the regulatory limit of 10%, posing a risk of penalties from relevant authorities [3][7]. - Guangzhou Metro Group has committed to bear all losses if the target asset faces penalties or litigation due to labor dispatch issues from January 2023 until the transaction completion [3][10]. - The target asset has previously faced administrative penalties, indicating potential compliance issues [3][11]. Group 2: Audit and Verification Procedures - The law firm conducted thorough verification of legal matters and financial documents, adhering to professional standards and ethical norms [2][3]. - The verification included checking labor dispatch employment ratios, administrative penalties, and compliance with labor laws [6][8]. Group 3: Internal Control Measures - The target asset has implemented internal control measures to ensure compliance with relevant laws and regulations regarding engineering supervision responsibilities [17][28]. - The company has developed various management guidelines and safety protocols to mitigate risks associated with engineering projects [28][29]. Group 4: Incident Management - An incident occurred during a project leading to a serious injury, but the relevant authorities have concluded the investigation without imposing penalties on the engineering consulting company [16][17]. - The company has taken corrective actions and submitted a report to the authorities, demonstrating its commitment to safety and compliance [16][17].

华泰联合证券有限责任公司 《关于广州地铁设计研究院股份有限公司 发行股份购买资产并募集配套资金申请的 审核问询函的回复》之专项核查意见 独立财务顾问 1 | 目 | 录 2 | | --- | --- | | 问题 | 1：关于本次交易背景和收购必要性 3 | | 问题 | 2：关于标的资产生产经营合规性 18 | | 问题 | 3：关于标的资产业绩情况、合同资产 38 | | 问题 | 4：关于客户供应商 63 | | 问题 | 5：关于评估 99 | | 问题 | 6：关于配套募集资金 148 | | 问题 | 7：其他事项 170 | | | 其他 182 | 问题 1：关于本次交易背景和收购必要性 广州地铁设计研究院股份有限公司（以下简称"上市公司""公司"或"地 铁设计"）于 2025 年 7 月 11 日收到深圳证券交易所上市审核中心下发的《关于 广州地铁设计研究院股份有限公司发行股份购买资产并募集配套资金申请的审 核问询函》（审核函〔2025〕130011 号）（以下简称"审核问询函"）。公司 及相关中介机构就审核问询函所提问题进行了认真讨论分析，并按照要求在《广 州地铁设计研究院股份有限公司发 ...

北京市中伦律师事务所 关于广州地铁设计研究院股份有限公司 二〇二五年八月 北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 www.zhonglun.com 北京市中伦律师事务所 关于广州地铁设计研究院股份有限公司 发行股份购买资产并募集配套资金暨关联交易的 发行股份购买资产并募集配套资金暨关联交易的 补充法律意见书（一） 补充法律意见书（一） 致：广州地铁设计研究院股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受广州地铁设计研究院股份有限公 司（以下简称"公司"或"地铁设计"、"上市公司"）委托，担任公司拟发行股份购买 广州地铁集团有限公司（以下简称"广州地铁集团"）持有的广州地铁工程咨询有限公 司（以下简称"工程咨询公司"或"标的公司"）1 ...

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广州地铁设计研究院股份有限公司 关于深圳证券交易所 《关于广州地铁设计研究院股份有限公司 发行股份购买资产并募集配套资金申请的 审核问询函》的回复 独立财务顾问 签署日期：二〇二五年八月 深圳证券交易所上市审核中心： 广州地铁设计研究院股份有限公司（以下简称"上市公司""公司"或"地 铁设计"）于 2025 年 7 月 11 日收到深圳证券交易所上市审核中心下发的《关于 广州地铁设计研究院股份有限公司发行股份购买资产并募集配套资金申请的审 核问询函》（审核函〔2025〕130011 号）（以下简称"审核问询函"）。公司 及相关中介机构就审核问询函所提问题进行了认真讨论分析，并按照要求在《广 州地铁设计研究院股份有限公司发行股份购买资产并募集配套资金暨关联交易 报告书（草案）》（以下简称"重组报告书"）中进行了补充披露，现将相关回 复说明如下。 如无特别说明，本审核问询函回复中的简称或名词释义与重组报告书所定义 的词语或简称具有相同的含义。在本审核问询函回复中，若合计数与各分项数值 相加之和在尾数上存在差异，均为四舍五入所致。本审核问询函回复所引用的财 务数据和财务指标，如无特殊说明，指合并报表口径的财务数据和 ...