Group 1 - The report highlights the release of Guangzhou's "Mergers and Acquisitions Ten Articles," aiming to promote industrial development through mergers and acquisitions, targeting at least 60 deals by 2027 [3][35][38] - In the recent period, eight companies disclosed significant restructuring events, maintaining the same level as the previous period, with an equal number of companies involved in changes of actual controllers [3][12] - The restructuring index fell by 5.68%, underperforming compared to the Shanghai Composite Index (-3.37%) and the CSI 300 (-4.21%), while slightly outperforming the CSI 1000 (-6.48%) [3][25][29] Group 2 - The report analyzes key merger cases, including the acquisition of New潮传媒 by 分众传媒, valued at 8.3 billion yuan, which aims to integrate high-end urban resources with community resources in lower-tier cities [4][12] - The acquisition of 映日科技 by 呈和科技, valued at 1.8 billion yuan, focuses on technological synergy in the high-performance sputtering target materials sector, enhancing competitiveness in the display industry [4][12] - 湖南发展 plans to acquire four hydropower companies, increasing its installed capacity to 778,000 kilowatts, aligning with national carbon neutrality goals and enhancing operational synergy [5][12] Group 3 - The report identifies investment opportunities based on the "12218" industrial map, including strategic industry clusters such as 广汽集团 and 冠昊生物, and modern service industries like 广电计量 and 山水比德 [6][12][35] - The report emphasizes the encouragement of mergers and acquisitions in the biopharmaceutical and sports sectors, with various government departments advocating for financial support for these initiatives [35][36][38] - The report outlines the strategic focus on integrating upstream and downstream assets in key industries, aiming for significant mergers and acquisitions to enhance technological capabilities and market competitiveness [38]

| 名称 持有数量(万股) | | 占总股本比例 (%) | 增减情况(万 股) | | --- | --- | --- | --- | | 广州地铁集团有限公司 | 31100.31 | 77.77 | 不变 | | 广东省铁路建设投资集团有限公司 | 720.00 | 1.80 | 不变 | | 广州越秀集团股份有限公司 | 720.00 | 1.80 | 不变 | | 广州产业投资控股集团有限公司 | 513.94 | 1.29 | -5.00 | | 瀚阳国际工程咨询有限公司 | 278.89 | 0.70 | 不变 | | 珠海科硕投资合伙企业(有限合伙) | 140.33 | 0.35 | 不变 | | 珠海科锦投资合伙企业(有限合伙) | 139.34 | 0.35 | 不变 | | 珠海科耀投资合伙企业(有限合伙) | 124.40 | 0.31 | 不变 | | 沈伟民 | 100.00 | 0.25 | 新进 | | 林金龙 | 68.62 | 0.17 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 香港中央结算有限公司 | 88.40 | 0.22 | 退出 | | ...

北京市中伦（广州）律师事务所 关于广州地铁设计研究院股份有限公司 2024 年度股东会的 法律意见书 二〇二五年四月 北京市中伦（广州）律师事务所 关于广州地铁设计研究院股份有限公司 2024 年度股东会的 法律意见书 致：广州地铁设计研究院股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）受广州地铁设计研究 院股份有限公司（以下简称"公司"）委托，指派徐子林律师、胡婕律师（以下 简称"本所律师"）对公司召开的 2024 年度股东会（以下简称"本次股东会"） 进行见证。本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东会规则》《深圳证券交易所上市公司股东会网络投票实施细则》 等法律规定以及《广州地铁设计研究院股份有限公司章程》（以下简称"《公司 章程》"）、《广州地铁设计研究院股份有限公司股东会议事规则》的规定，对 公司本次股东会的召集和召开程序、出席会议人员资格（但不包含网络投票股东 资格）、召集人的资格、股东会的表决程序、表决结果等事宜的合法有效性进行 了核查和见证，并根据对事实的了解和法律的理解出具本法律意见书。 本所律师同意将本法律意见书作为公司本次股东会的必 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥577,682,317.52, a decrease of 5.60% compared to ¥611,922,851.78 in the same period last year[5] - Net profit attributable to shareholders was ¥55,170,415.58, down 47.00% from ¥104,089,282.07 year-on-year[5] - The basic earnings per share decreased by 46.15% to ¥0.14 from ¥0.26 in the previous year[5] - Total operating revenue for the current period is ¥577,682,317.52, a decrease of 5.4% from ¥611,922,851.78 in the previous period[21] - Net profit for the current period is ¥55,847,499.33, a decline of 47.3% compared to ¥105,524,220.55 in the previous period[23] - Earnings per share (EPS) for the current period is ¥0.14, down from ¥0.26 in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,737,324,129.58, a decline of 6.49% from ¥6,135,638,259.80 at the end of the previous year[5] - Current assets total 3,667,505,702.67 yuan, a decrease from 3,983,864,014.90 yuan, indicating a decline of about 7.9%[17] - Total liabilities decreased to ¥2,838,708,208.91 from ¥3,299,654,133.80, reflecting a reduction of approximately 13.9%[19] - Total equity increased to ¥2,898,615,920.67 from ¥2,835,984,126.00, showing a growth of about 2.2%[19] Cash Flow - Cash flow from operating activities showed a slight improvement, with a net cash flow of -¥509,305,744.30, a 0.42% increase compared to -¥511,449,750.21 last year[5] - Cash flow from operating activities is ¥361,735,064.13, a decrease from ¥412,092,473.70 in the previous period[24] - The net cash flow from operating activities was -$509.31 million, slightly improved from -$511.45 million in the previous period[25] - The ending cash and cash equivalents balance was $484.81 million, down from $782.20 million year-over-year[26] - The company reported a net increase in cash and cash equivalents of -$422.48 million, compared to -$540.80 million previously[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 16,697[12] - Guangzhou Metro Group Co., Ltd. holds 76.17% of the shares, amounting to 311,003,108 shares[12] - The total number of preferred shareholders is zero, indicating no preferred shares issued[14] Operational Highlights - The company did not report any new product developments or market expansion strategies during this quarter[5] - The company plans to issue shares to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. and raise matching funds[14] - The board approved the 2024 profit distribution plan and the annual report during the meetings held on March 31, 2025[15] - The company has no major changes in the participation of the top ten shareholders in margin trading and securities lending[14] Research and Development - Research and development expenses rose to ¥36,310,031.19, an increase from ¥31,810,376.01, indicating a focus on innovation[22] Other Financial Metrics - The weighted average return on equity fell to 1.98%, down 2.21% from 4.19% in the previous year[5] - Total operating costs decreased to ¥476,448,645.19, down 0.9% from ¥480,883,077.68[22] - The company reported a significant increase in other operating income, which rose to ¥434,660.63 from just ¥1.07 in the previous year, marking a dramatic increase of 40622388.79%[9] - Short-term borrowings increased by 33.24% to ¥427,023,310.30, primarily due to new working capital loans[8] - The company recorded a 100.23% increase in cash received from other operating activities, totaling ¥65,424,484.61 compared to ¥32,674,223.04 in the previous year[10] Accounting and Audit - The company did not undergo an audit for the first quarter report[27] - The company plans to implement new accounting standards starting in 2025[28]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 登录新浪财经APP 搜索【信披】查看更多考评等级 特别提示： 1.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"）于2025年1月21日披露的《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预案》及其摘要中已对本次 交易可能存在的风险因素以及尚需履行的审批程序进行了详细说明，敬请广大投资者注意投资风险。 2.截至本公告披露之日，除本次交易预案披露的风险因素外，公司尚未发现可能导致公司董事会或者交 易对方撤销、中止本次交易或者对本次交易方案作出实质性变更的相关事项。本次交易相关工作正在进 行中，公司将根据相关事项的进展情况，及时履行信息披露义务。 一、本次交易的基本情况 地铁设计拟通过发行股份的方式购买广州地铁集团有限公司持有的广州地铁工程咨询有限公司（以下简 称"标的公司"）100%股份（以下简称"标的资产"），并向不超过35名符合中国证券监督管理委员会 （以下简称"中国证监会"）规定的特定投资者募集配套资金（以下合称"本次交易"）。根据《上市公司 重大资产重组管理办法》 ...

特别提示： 1.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"） 于 2025 年 1 月 21 日披露的《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预案》及其摘要中已对本次交易可能存在的风 险因素以及尚需履行的审批程序进行了详细说明，敬请广大投资者注意投资风 险。 2.截至本公告披露之日，除本次交易预案披露的风险因素外，公司尚未发 现可能导致公司董事会或者交易对方撤销、中止本次交易或者对本次交易方案 作出实质性变更的相关事项。本次交易相关工作正在进行中，公司将根据相关 事项的进展情况，及时履行信息披露义务。 一、本次交易的基本情况 证券代码：003013 证券简称：地铁设计 公告编号：2025-029 广州地铁设计研究院股份有限公司 关于发行股份购买资产并募集配套资金 暨关联交易的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 2025 年 1 月 20 日，公司召开第三届董事会第二次会议、第三届监事会第二 次会议，审议通过了《关于公司发行股份购买资产并募集配套资金暨关联交易 方案的议案》等相关议案。同 ...

证券研究报告 建筑装饰 | 工程咨询服务 Ⅱ 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 18 日 | 收盘价（元） | | | | | | | 15.18 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 一 年 内 | | | | | | | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | | | 6,198.40 | | | 流通市值（百万元） | | | | | | | 6,070.45 | | | 总股本（百万股） | | | | | | | 408.33 | | | 资产负债率（%） | | | | | | | 53.78 | | | 每股净资产（元/股） | | | | | | | 6.74 | | | / 低 | 高 | 最 | | | | | 18.30/11.68 | | | 最 | | | | | | | | | | 基本数据 | | | 2025 | 年 | 04 | 月 | 18 | 日 | 地铁设计(003013.SZ) ——业绩提 ...

Industry Overview - The engineering consulting industry is closely linked to the scale of national fixed asset investment, with a gradual shift from rapid development to high-quality development in urban rail transit [1] - The average annual investment completion amount in urban rail transit construction has declined, but the demand for updates and renovations is increasing due to the growth in operational mileage and technological advancements [1][2] Financial Performance - In 2024, the company achieved an operating income of CNY 2.748 billion, a year-on-year increase of 6.79% [3] - The total profit reached CNY 571 million, up 13.93% from the previous year [3] - Net profit surpassed CNY 500 million for the first time, growing by 14.02% year-on-year to CNY 501 million [3] Future Growth Drivers - The company plans to strengthen its core business in rail transit surveying and design, while actively developing TOD, general contracting, underground space development, and municipal projects [4] - Focus on new business areas such as low-altitude economy and large-scale equipment updates, alongside overseas development [4] - Emphasis on the industrialization of research outcomes and potential mergers and acquisitions to enhance core competitiveness [4] Low-altitude Economy Initiatives - The company is advancing its business layout in the low-altitude economy, collaborating with Guangzhou Metro to develop infrastructure plans [5][6] - Strategic cooperation with Tonghao City Rail Transit Technology Co., Ltd. has led to projects in low-altitude flight test field renovation and application research [6] Market Value Management - The company prioritizes market value management, aiming for stable growth through standardized operations and effective investor relations [7] - Plans to optimize capital operations and pursue mergers and acquisitions to enhance company quality and value creation [7] Restructuring Plans - The company intends to acquire 100% of Guangzhou Metro Engineering Consulting Co. through a share issuance, aiming to improve the entire engineering consulting industry chain [8] - Related auditing and evaluation work for this transaction is still ongoing [8] Strategic Development Goals - The company aims to enhance urban quality and design a better future, implementing a "12433" development strategy focused on core competitiveness and business breakthroughs [9][10] - The overall goal is to become a leader in comprehensive technology services for urban construction and rail transit [10] Dividend Policy - The cash dividend plan for 2024 is CNY 4.80 per 10 shares (tax included), totaling CNY 196 million [10] - The company aims to maintain a stable dividend policy to reward shareholders based on overall operating conditions and future development plans [10]

随着轨道交通与低空经济建设力度加大，广东有望打造空地一体的现代化交通网络。 经营稳健，优势显著。公司在行业内的优势十分突出：1）拥有工程设计综合甲级资质，截至24 年1 月 底全国仅92 家企业具备，行业地位突出。2）灵活的激励机制：公司通过长短期激励相结合，构建了全 面的激励体系。3）重视研发与创新，持续加大投入，2024 年新公开的专利数量为297 个，同比增长 3.48%，创下历史新高。4）分红政策积极稳健，2020-2024年公司累计分红10 亿元；截至24Q3 上市以 来累计分红率45.17%，远超行业平均水平。在国资高比例持股的背景下，未来分红政策预计将保持稳 定并具备持续性。 背靠广州地铁集团，深耕广东拓展全国。公司是国内主要的城市轨道交通工程咨询企业之一，背靠控股 股东广州地铁集团（持股76.2%），并依托广东/广州国资背景，股权结构集中。2016至2024 年，公司 营收从11.1 亿元增长至27.5 亿元，年均复合增长率达12%；归母净利润由1.4 亿元提升至4.9 亿元，年均 复合增长率为16.7%。核心业务为轨道交通勘察设计，贡献超80%营收，毛利率稳定在35%左右。区域 布局方面，2 ...