Summary of Industry and Company Insights from Conference Call Industry Overview - **Dairy Products Market**: The dairy market shows significant differentiation, with the ambient milk segment experiencing a decline, though the rate of decline is narrowing. Yili shows signs of bottoming out, while Mengniu is affected by internal management issues. The low-temperature milk segment is primarily driven by fresh milk growth, with Junlebao and New Hope performing well due to regional expansion and product innovation, posing challenges to Yili and Mengniu [1][5][12]. - **Channel Transformation**: Traditional supermarket channels are in decline due to store closures and high costs. New retail channels, such as O2O platforms, are rapidly emerging, with dairy product sales exceeding 20% and maintaining high growth, significantly impacting traditional channels [1][7][8]. - **Brand Competition**: The beverage market is highly competitive, with brands investing heavily to capture large outlets. Nongfu Spring benefits from the Wahaha incident and market recovery, showing significant performance improvement, while China Resources Beverage faces a decline due to strategic missteps [1][15][17]. Key Company Insights - **Yili and Mengniu Performance**: Both companies are in a declining state in the ambient liquid milk segment, with Yili's decline around 6-7% year-on-year and Mengniu's around 10%. However, Yili shows signs of recovery, and both companies face intense price competition and rising raw material costs [5][12]. - **Ice Cream and Other Dairy Products**: Yili's ice cream and milk powder segments are growing, with ice cream increasing by over 10% and milk powder by around 10%. Mengniu also shows positive performance in its milk powder business [6]. - **Sales Channels**: The performance of sales channels varies, with traditional supermarkets declining significantly. New retail channels are growing, with Nongfu Spring achieving a 20% e-commerce sales ratio [7][23]. Market Trends and Future Outlook - **Sales Growth**: The overall dairy product sales growth is projected at 20-30% for 2025, with low-temperature milk growing by 30% and ambient milk showing no significant growth [10][11]. - **Future Projections for Major Brands**: Yili aims for a 2-3% growth in ambient products and 10% in low-temperature products, while Mengniu targets stability or slight growth in ambient products and 8-10% in low-temperature products [12]. - **Emerging Competitors**: Junlebao and New Hope are gaining market share due to effective marketing and regional expansion strategies, posing a threat to established players like Yili and Mengniu [13]. Beverage Market Dynamics - **Nongfu Spring's Strategy**: Nongfu Spring has adopted a strategy of inventory reduction and reduced pressure on annual targets, leading to strong performance in both water and sugar-free tea segments, with overall growth exceeding 15% [16]. - **Competitive Landscape**: The beverage industry is highly competitive, with brands increasing spending to secure market share. This has led to significant shifts in market dynamics, particularly in the restaurant and special channel sectors [15][18]. - **Market Challenges**: Traditional channels continue to face challenges, with small supermarkets and convenience stores struggling due to economic downturns and reduced consumer purchasing power [11][22]. Conclusion The dairy and beverage industries are undergoing significant transformations, with emerging competitors and changing consumer preferences shaping the market landscape. Companies like Yili and Mengniu are adapting to these changes, while new players like Junlebao and Nongfu Spring are capitalizing on growth opportunities. The future outlook remains cautiously optimistic, with potential for recovery and growth in specific segments.

证券代码：003013 证券简称：地铁设计 公告编号：2025-074 广州地铁设计研究院股份有限公司 1 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上市审核中心有关工作安排，拟于近期审核公司发行股 份购买资产并募集配套资金事项，具体会议时间待确定后另行公告。 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 或注册的时间均存在不确定性。公司将继续推进相关工作，严格按照相关法律法 规的规定和要求及时履行信息披露义务。敬请广大投资者关注后续公告并注意投 资风险。 特此公告。 广州地铁设计研究院股份有限公司 董 事 会 2025 年 12 月 3 日 关于深圳证券交易所上市审核中心审核公司 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 ...

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 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，就 本次交易认真履行尽职调查义务，对上市公司相关的申报和披露文件进行审慎核查后出 具的，旨在就本次交易行为做 ...

证券代码：003013 证券简称：地铁设计 上市地：深圳证券交易所 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） （上会稿） | 项目 | | 名称 | | --- | --- | --- | | 购买资产交易对方 | | 广州地铁集团有限公司 | | 募集配套资金认购方 | 不超过 35 | 名符合中国证监会规定的特定投资者 | 独立财务顾问 签署日期：二〇二五年十二月 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） 声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、上市公司声明 本公司及本公司全体董事、高级管理人员保证上市公司及时、公平地披露信息， 保证本报告书及其摘要内容的真实、准确、完整，不存在虚假记载、误导性陈述或者 重大遗漏，保证本报告书所引用的相关数据的真实性和合理性，并对所提供信息的真 实性、准确性、完整性负相应的法律责任。 本公司全体董事、高级管理人员承诺：如本次交易本人提供或披露的信息涉嫌虚 假记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者被中国证券监督管理委 员会立案调查 ...

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"）。 公司分别于 2025 年 8 月 9 日、2025 年 10 月 31 日、2025 年 11 月 15 日、2025 年 11 月 29 日披露了《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）（修订稿）》（以下简称"草案（修订稿）"） 等文件。 证券代码：003013 证券简称：地铁设计 公告编号：2025-073 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）（上会稿）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。 完善了少许表述，对重组方案无影响。 特此公告。 广州地铁设计研究院股份有限公司 董 事 会 2025 年 12 月 3 日 2 根据深圳证券交易所的进一步审核意见，公司对重组报告书做了相应修订， 形成并披露了《广州地铁设计研究 ...

Core Viewpoint - The company, Metro Design, is planning to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. from its controlling shareholder, Guangzhou Metro Group, at a significant premium of 380.48% over its assessed value [1][3]. Group 1: Acquisition Details - The assessed book value of the consulting company is 106 million yuan, while the valuation is 511 million yuan, resulting in an increase of 405 million yuan [1][3]. - The acquisition will involve issuing 43.7961 million shares and raising up to 128 million yuan to supplement working capital and repay debts [2][6]. - The consulting company has a high proportion of related party sales, accounting for 51.37%, 42.84%, and 42.25% of its revenue from 2023 to mid-2025 [4]. Group 2: Business Operations - The consulting company primarily provides engineering supervision and project management services in urban rail transit and municipal construction [3]. - The company's revenue from engineering supervision in Guangdong province is substantial, with figures of 186 million yuan, 200 million yuan, and 83.3461 million yuan for the years 2023, 2024, and mid-2025, respectively [4]. - The company has been addressing its labor dispatch issues, reducing the number of dispatched workers from 532 to 90 by mid-2025 [6][7]. Group 3: Financial Performance - For the first three quarters of 2025, Metro Design reported a revenue of 1.933 billion yuan, a year-on-year increase of 0.85%, and a net profit attributable to shareholders of 347 million yuan, up 16.92% [2][7]. - The company has maintained a cash dividend payout ratio of 40% to 50% over the past five years, with a total dividend distribution of 996 million yuan [8].

Core Viewpoint - The acquisition of Guangzhou Metro Engineering Consulting Co., Ltd. by Guangzhou Metro Design Institute Co., Ltd. aims to enhance the company's capabilities in the full-process engineering consulting market, addressing compliance issues and demonstrating the commercial rationale for the transaction [1][2][4]. Transaction Necessity - The primary goal of the acquisition is to fill gaps in qualifications and capabilities in engineering supervision and project management, creating a comprehensive service system covering "planning consulting - surveying and design - engineering supervision - project management" [2]. - The domestic full-process engineering consulting market is projected to grow from 147.2 billion yuan in 2021 to 577.7 billion yuan by 2025, with a compound annual growth rate of 40.8% [2]. - The transaction will enable both companies to form a consortium for bidding on projects, enhancing collaboration and efficiency [2]. Labor Compliance - The historical issue of excessive labor dispatching has been rectified, reducing the proportion of dispatched workers to 9.05% as of June 2025, down from a peak in 2021 [3]. - The company has implemented measures such as converting dispatched workers to formal employees and outsourcing certain tasks, ensuring compliance with labor regulations [3]. - The average labor cost per person has slightly increased from 11,467 yuan/month in 2024 to 11,862 yuan/month in 2025, with overall gross margin remaining stable [3]. Valuation Rationale - The 100% equity valuation of the engineering consulting company is 511 million yuan, representing a 380.48% increase over its book net assets [4]. - The high valuation is attributed to the company's light asset operating model, with minimal fixed assets and a high dividend payout ratio [4]. - The company's projected earnings and return on equity indicate strong operational advantages, with a net asset return rate of 31.74%, significantly higher than the industry average of 6.61% [4]. Market Expansion - The company plans to focus on the Guangdong-Hong Kong-Macao Greater Bay Area while also expanding into national and overseas markets [5]. - The share of new contracts from external markets reached 37.85% in the first nine months of 2025, with plans to enter markets in Vietnam and Singapore [5]. - Following the acquisition, the engineering consulting company will become a wholly-owned subsidiary, allowing for shared technological resources and enhanced collaboration in key areas [5].

广州地铁设计研究院股份有限公司（以下简称"上市公司"）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《关于发行股份购买资产并募集配套资金申请的审核问询函》后，广东司农会计师事务 所（特殊普通合伙）对问询函涉及的标的资产业绩情况、合同资产、客户供应商及配套募集资金等问题 进行了专项核查并出具回复意见。核查结果显示，标的资产主营业务具备可持续性，境外业务及关联交 易定价公允，合同资产减值计提充分，募集资金用途已进行调整。 标的资产业绩可持续性获支撑 轨道交通领域收入占比超八成 公告显示，标的资产主要为城市轨道交通、市政、建筑等领域提供工程监理等专业技术服务，报告期内 收入高度集中于轨道交通领域。2023年度、2024年度及2025年1-6月，轨道交通领域收入占比分别为 81.02%、82.20%和84.84%，市政建设领域占比约10%，其他业务占比不足5%。 从地域分布看，标的资产深耕广东省市场，报告期内省内收入占比分别为82.01%、75.61%，境外（中 国澳门）收入占比逐年提升，2024年度达12.09%。财务数据显示，广东省内轨道交通领域固定资产投 资额由2013年的385.30亿元增至20 ...

Group 1 - The company, Metro Design (SZ 003013), announced that its third board meeting for the year 2025 was held on November 28 via telecommunication voting, where it reviewed the proposal to convene the fourth extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, the revenue composition of Metro Design was as follows: surveying and design accounted for 81.97%, general contracting for 16.07%, planning consulting for 1.9%, and other businesses for 0.06% [1] - As of the report date, the market capitalization of Metro Design was 6.2 billion yuan [1]

1、股东会届次：2025 年第四次临时股东会 2、股东会的召集人：董事会 广州地铁设计研究院股份有限公司 关于召开 2025 年第四次临时股东会的通知 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"）第三届董事会第 十二次会议决定于 2025 年 12 月 15 日以现场投票与网络投票相结合的方式召 开 2025 年第四次临时股东会。现将本次股东会的有关事项通知如下： 一、召开会议基本情况 证券代码：003013 证券简称：地铁设计 公告编号：2025-071 3、会议召开的合法、合规性：本次会议的召集程序符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 15 日 15:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间 为 2025 年 12 月 15 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券 交易所互联网投票系统投票的具体时间为 2025 年 12 月 15 日 9: ...