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暨关联交易 之 独立财务顾问报告 （注册稿） 独立财务顾问 签署日期：二〇二五年十二月 华泰联合证券 独立财务顾问报告 独立财务顾问声明和承诺 华泰联合证券有限责任公司（以下简称"华泰联合证券""本独立财务顾问"）接 受广州地铁设计研究院股份有限公司（以下简称"地铁设计""上市公司"或"公司"） 委托，担任本次发行股份购买资产并募集配套资金暨关联交易（以下简称"本次交易"） 的独立财务顾问，就该事项向上市公司全体股东提供独立意见，并制作本独立财务顾问 报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》《公 开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》《上 市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的监管要求》和《深圳证 券交易所上市公司重大资产重组审核规则》等法律法规及文件的规定和要求，以及证券 行业公认的业务标准、道德规范，经过审慎调查，本着诚实信用和勤勉尽责的态度， ...

相较于公司 2025 年 12 月 3 日披露的草案（上会稿），本次草案（注册稿） 主要对本次交易已履行的决策程序及批准情况、业绩承诺和补偿安排进行了补充 更新。 证券代码：003013 证券简称：地铁设计 公告编号：2025-077 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 报告书（草案）（注册稿）修订说明的公告 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。 广州地铁设计研究院股份有限公司（以下简称"公司"）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 100%股权并 向不超过 35 名特定投资者发行股份募集配套资金（以下简称"本次交易"）。 深圳证券交易所并购重组审核委员会于 2025 年 12 月 11 日召开 2025 年第 15 次并购重组审核委员会审议会议，对本次交易的申请进行了审议。根据深圳 证券交易所并购重组审核委员会发布的《深圳证券交易所并购重组审核委员会 2025 年第 15 次审议会议结果公告》，本次会议的审议结果为：本次交易符合重 组条件和信息披露要求。 公司结合实际 ...

Group 1 - Lu Kang Pharmaceutical plans to increase capital by 109 million yuan to its wholly-owned subsidiary Bio-Pesticide Company and 27 million yuan to Ze Run Company, aiming to expand its pesticide and sales sectors [1] - Hui Green Ecology intends to sell two properties in Ningbo for 12.52 million yuan, expecting a net profit impact of approximately 6.23 million yuan from the transaction [2] - Tianyuan Co., Ltd. plans to invest 185 million yuan in an intelligent upgrade project for its titanium dioxide production facilities [3] Group 2 - Metro Design has received approval from the Shenzhen Stock Exchange for its share issuance to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. for 511 million yuan [4] - South Network Energy announced a mid-term profit distribution plan for 2025, proposing a cash dividend of 0.07 yuan per 10 shares [5] - Qibin Group plans to establish two wholly-owned subsidiaries in Shenzhen with a registered capital of 100 million yuan each [6] Group 3 - All New Good received an administrative regulatory decision from the Shenzhen Securities Regulatory Bureau due to issues in financial accounting and information disclosure [7] - Luokai Co., Ltd. announced that its shareholders plan to reduce their holdings by up to 3% of the company's shares [8][9] - Jincheng Pharmaceutical's actual controller received an administrative penalty from the CSRC for stock manipulation, leading to the resignation of the chairman [10] Group 4 - Yicheng New Energy intends to acquire a 7.69% stake in Kaifeng Times for 10 million yuan, enhancing its strategic development [11] - Yujing Co., Ltd. signed a sales contract worth approximately 28.6 million USD with an overseas photovoltaic company [12] - Nuocheng Jianhua's TRK inhibitor, Zoltracitinib, has been approved for market entry in China [13] Group 5 - Nandu Power announced that its controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [14] - Xinxing Casting plans to acquire 100% equity of China Resources Steel for 1.244 billion yuan to focus on special steel development [15] - Xinlitai is planning to issue H-shares and list on the Hong Kong Stock Exchange [16] Group 6 - Blue Fan Medical's subsidiary received approval for a new medical device, the coronary artery scoring balloon dilation catheter [18] - China Iron & Steel plans to establish a joint venture with several companies to provide new energy transportation solutions with a registered capital of 500 million yuan [19] - Jifeng Technology intends to sign a cooperation framework agreement with Dongtai Lianfei for a total transaction amount not exceeding 100 million yuan [20] Group 7 - Zhongwei Electronics announced a change in its actual controller, with stock resuming trading [21] - Weihong Co., Ltd. plans to reduce its holdings by up to 1.15% of the company's shares [22] - Te Fa Information received a criminal judgment related to a fraud case involving the acquisition of Shenzhen Te Fa Dongzhi Technology Co., Ltd. [23] Group 8 - Sunshine Dairy's controlling shareholder's concerted action plans to reduce holdings by up to 3% of the company's shares [24] - Meikailong reported that Taobao Holdings and New Retail Fund collectively reduced their H-shares by 30.616 million shares [25] - Xinjubang plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [26] Group 9 - Beite Technology's application for issuing A-shares to specific objects has been approved by the Shanghai Stock Exchange [28] - Victory Energy's controlling shareholder is planning a change in control, with stock resuming trading [29] - Jiutian Pharmaceutical signed a patent and technology transfer agreement for a small molecule analgesic drug project, with a total transfer fee not exceeding 400 million yuan [29]

证券代码：003013 证券简称：地铁设计 公告编号：2025-076 广州地铁设计研究院股份有限公司 关于公司发行股份购买资产并募集配套资金暨关联 交易事项获深圳证券交易所并购重组审核委员会 审核通过的公告 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。 广州地铁设计研究院股份有限公司（以下简称"公司"）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 100%股权并 向不超过 35 名特定投资者发行股份募集配套资金（以下简称"本次交易"）。 深圳证券交易所并购重组审核委员会于 2025 年 12 月 11 日召开 2025 年第 15 次并购重组审核委员会审议会议，对本次交易的申请进行了审议。根据深圳 证券交易所并购重组审核委员会发布的《深圳证券交易所并购重组审核委员会 2025 年第 15 次审议会议结果公告》，本次会议的审议结果为：本次交易符合重 组条件和信息披露要求。 本次交易尚需取得中国证券监督管理委员会同意注册的批复后方可实施。本 次交易相关事项能否取得同意注册的批复以及最终取得的时间均存在不确定性。 公司将继续推进本 ...

地铁设计公告，公司发行股份购买资产并募集配套资金暨关联交易事项获得深圳证券交易所并购重组审 核委员会审核通过。公司拟通过发行股份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100%股权，并向不超过35名特定投资者发行股份募集配套资金。本次交易尚需取得中国证券监督 管理委员会同意注册的批复后方可实施。 ...

Core Viewpoint - As of December 10, 2025, the total number of shareholders (excluding margin trading accounts) for the company is 13,524 [1] Summary by Category - **Company Information** - The company, Metro Design (stock code 003013), has disclosed its shareholder count as part of its interaction with investors [1]

Core Viewpoint - The construction and decoration industry is experiencing a slowdown in fixed asset investment and new contract signings, with a focus on potential growth areas such as overseas construction, urban renewal, digital construction, and power engineering [2][5]. Investment Strategy - From January to October 2025, cumulative fixed asset investment decreased by 1.7% year-on-year, while infrastructure investment increased by 1.5%, with a sequential decline of 1.8 percentage points [2]. - New contracts in the construction industry totaled 21.30 trillion yuan from January to September 2025, down 4.6% year-on-year, with a notable slowdown in the decline of new orders in the third quarter [2]. - The backlog of construction orders stood at 59.95 trillion yuan, reflecting a year-on-year decrease of 1.8%, indicating that the decline in existing orders is less severe than that of new contracts [2]. Sector Performance - The construction decoration index rose by 6.8% from the beginning of 2025 to December 2, but underperformed compared to the broader market [2]. - The renovation and decoration service sector led the secondary market with a growth rate of 30.6% [2]. - The construction sector's allocation ratio was 0.62%, which is 0.94 percentage points lower than the industry standard [2]. Central Enterprises - The eight major central enterprises saw their new contracts remain stable in the first half of 2025, with overall revenue growth declining by 4.4% and net profit attributable to shareholders decreasing by 7.5% [3]. - Factors such as slowing infrastructure investment growth and prolonged repayment cycles due to local fiscal pressures have impacted the revenue of these enterprises [3]. Growth Opportunities - Overseas construction saw a cumulative completion amount of 134.18 billion USD from January to October 2025, with a year-on-year increase of 7.9%, particularly in Belt and Road countries [4]. - Urban renewal projects are expected to be funded through various sources, with plans to start renovating 25,000 old urban communities, of which 21,700 have already commenced [4]. - Digital construction is being driven by new productivity, with a focus on comprehensive digital transformation across urban areas [4]. - The power engineering sector is anticipated to benefit from significant opportunities in water resources and environmental projects from 2025 to 2030 [4]. - Local government bond issuance has accelerated, with a total issuance of 6.49 trillion yuan from January to September 2025, marking a year-on-year increase of 29.3% [4]. Investment Recommendations - The construction sector is expected to see a resonance of fundamentals, policies, and valuations, with a focus on marginal changes in overseas construction, urban renewal, digital construction, power engineering, and debt reduction [5]. - Recommended stocks include China Power Construction, China Energy Engineering, China Communications Construction, Tunnel Corporation, Metro Design, and Jianfa Heceng, particularly those with stable performance and low valuations [5].

Core Viewpoint - The acquisition proposal by Metro Design to purchase 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. from its controlling shareholder, Guangzhou Metro Group, is under regulatory review and shareholder voting, with a transaction value of 510 million yuan and a remarkable valuation increase of 380.48% for the target company [1][2][7]. Valuation Dispute - The transaction is officially classified as "not constituting a major asset restructuring" and "not constituting a restructuring listing" [2][6]. - The target company's total assets, net assets, and revenue for the end of 2024 represent 8.33%, 18.58%, and 15.83% of the corresponding metrics of the listed company, all below the 50% threshold [2][6]. - Control of the listed company remains unchanged, with Guangzhou Metro Group as the controlling shareholder before and after the transaction [2][6]. - The target company's valuation increased from a book value of 106 million yuan to an assessed value of 511 million yuan, resulting in an increase of 405 million yuan [3][8]. - The valuation is supported by a price-to-earnings ratio of 15.68 and a price-to-book ratio of 4.83, which are considered reasonable compared to comparable transactions [8]. Related Transaction Risks - The target company has a high proportion of related party transactions, with sales from related parties accounting for 51.37%, 42.84%, and 42.25% of revenue for the years 2023, 2024, and the first half of 2025, respectively [4][9]. - The company acknowledges that these related transactions are primarily obtained through bidding and are expected to continue due to industry and market conditions [9]. - There are concerns regarding the effectiveness of internal controls, which could allow the controlling shareholder to influence the target company and potentially harm the interests of the company and its investors [10]. - The target company has previously exceeded the allowable limit for labor dispatch workers, with the number of such workers being 532, 410, and 90 from the end of 2023 to June 2025, representing 43.32%, 33.91%, and 9.05% of total employees, respectively [10]. - The engineering supervision business is heavily concentrated in the Guangdong province, with over 81% of revenue coming from this region from 2023 to June 2025, raising concerns about revenue volatility if market conditions change significantly [5][10].

地铁设计公告称，公司拟发行股份购买广州地铁集团持有的广州地铁工程咨询有限公司100%股权，并 向不超35名特定投资者募资。深交所并购重组审核委员会定于2025年12月11日召开会议审核该交易。本 次交易尚需深交所审核通过及中国证监会同意注册，最终结果及时间不确定，公司将推进工作并及时披 露信息。 ...

证券代码：003013 证券简称：地铁设计 公告编号：2025-075 广州地铁设计研究院股份有限公司 关于收到深圳证券交易所并购重组审核委员会审核 公司发行股份购买资产并募集配套资金暨关联交易 事项会议安排的公告 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。 广州地铁设计研究院股份有限公司（以下简称"公司"）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%股权并向不超过 35 名特定投资者发行股份募集配套资金（以 下简称"本次交易"）。 根据《深圳证券交易所并购重组审核委员会 2025 年第 15 次审议会议公告》， 深圳证券交易所并购重组审核委员会定于 2025 年 12 月 11 日召开 2025 年第 15 次并购重组审核委员会审议会议，审核公司本次交易事项。 广州地铁设计研究院股份有限公司 董 事 会 2025 年 12 月 5 日 1 本次交易尚需深圳证券交易所审核通过以及中国证券监督管理委员会同意 注册后方可实施。本次交易能否取得相关部门的审核或注册，以及最终取得审核 或注册的时间均 ...