Group 1: Company Performance - The company signed new orders in the first half of 2025, but the overall situation has declined due to industry competition, with a contract backlog exceeding 10 billion yuan as of mid-2025 [2] - Revenue from projects in Guangdong has increased, maintaining a strategy focused on the Guangdong-Hong Kong-Macao Greater Bay Area while gradually expanding to overseas markets [2] Group 2: Financial Management - The scale of accounts receivable has decreased year-on-year, with measures taken to enhance cash flow management, including integrating collection metrics into performance evaluations and conducting regular collection meetings [3] - The revenue share from engineering contracting has increased, primarily due to the actual confirmation of project progress, with engineering contracting revenue accounting for approximately 10% of total revenue for the year [3] Group 3: Project Development - The company has implemented energy management projects in Guangzhou and Shenzhen, with varying revenue scales from different projects [4] - A joint venture with Fuzhou Rail Transit Design Institute was established to focus on energy management projects in Fujian and surrounding areas, with ongoing projects in cities like Ningbo and Wuxi [4] Group 4: Strategic Expansion - The company is actively expanding into urban renewal and has comprehensive design capabilities across multiple sectors, including municipal and civil construction [4] - Plans to issue shares for asset acquisition aim to integrate internal consulting services, enhance company scale and performance, and improve competitiveness [4] Group 5: Future Growth Strategies - The company will focus on optimizing core rail transit design services, developing new business areas such as TOD and underground space development, and enhancing overseas market presence to ensure sustained revenue and profit growth [5]

来源：金融界 天眼查商业履历信息显示，广州地铁设计研究院股份有限公司，成立于1993年，位于广州市，是一家以 从事专业技术服务业为主的企业。企业注册资本40832.6898万人民币，实缴资本719.9999万人民币。公 司法定代表人为王迪军。 通过天眼查大数据分析，广州地铁设计研究院股份有限公司共对外投资了18家企业，参与招投标项目 5000次，知识产权方面有商标信息20条，专利信息1755条，此外企业还拥有行政许可296个。 金融界消息 截至2025年8月25日收盘，地铁设计（003013）报收于16.28元，上涨10.0%，换手率 3.72%，成交量14.87万手，成交金额2.42亿元。 资金流向方面，今日主力资金净流入4669.89万元，占比成交额19.32%。其中，超大单净流入4399.85万 元、占成交额18.2%，大单净流入270.04万元、占成交额1.12%，中单净流出流出2898.68万元、占成交 额11.99%，小单净流出1771.21万元、占成交额7.33%。 地铁设计最新一期业绩显示，截至2025中报，公司营业总收入13.17亿元、同比增长5.31%，归属净利润 2.21亿元，同比增长6 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated steady revenue and profit growth, with significant increases in engineering general contracting business revenue. The gross profit margin has shown a stable upward trend, and the business in Guangdong province has expanded its share [6][7] - The company is backed by its major shareholder, Guangzhou Metro, and possesses rich qualifications across multiple fields, leading to a technological advantage in the industry. The company is well-positioned to capitalize on the core business development of rail transit design consulting [6][8] Financial Performance Summary - In the first half of 2025, the company achieved total operating revenue of 1.317 billion yuan, a year-on-year increase of 5.31%. The net profit attributable to the parent company was 221 million yuan, up 6.58% year-on-year, while the net profit excluding non-recurring items was 216 million yuan, reflecting a 5.5% increase [7] - The gross profit margin for the first half of 2025 was 36.74%, an increase of 0.22 percentage points year-on-year, and the net profit margin was 16.89%, up 0.09 percentage points year-on-year. As of the first half of 2025, the company's asset-liability ratio was 51.46%, with a current ratio of 1.28 and a quick ratio of 1.05 [7] Business Segment Analysis - By business type, the company reported operating revenues of 1.08 billion yuan from exploration and design, 2.5 million yuan from planning consulting, 211 million yuan from engineering general contracting, and 10,000 yuan from other businesses in the first half of 2025, with year-on-year changes of +0.93%, -57.17%, +73.98%, and -17.15% respectively. The revenue distribution was 81.97%, 1.90%, 16.07%, and 0.06% [8] - Geographically, the company generated 982 million yuan in revenue from Guangdong province, a year-on-year increase of 21.46%, accounting for 74.56% of total revenue. In contrast, revenue from outside Guangdong was 335 million yuan, down 24.21% year-on-year, representing 25.44% of total revenue [8] Profit Forecast - The company has updated its profit forecasts for 2025-2027, expecting net profits attributable to the parent company to be 625 million yuan, 642 million yuan, and 678 million yuan respectively, with corresponding EPS of 1.53 yuan, 1.57 yuan, and 1.66 yuan. The current stock price corresponds to P/E ratios of 9.7, 9.4, and 8.9 times for the respective years [6][9]

Core Insights - The company reported a total revenue of 1.317 billion yuan for the first half of 2025, representing a year-on-year increase of 5.31% [1] - The net profit attributable to shareholders reached 221 million yuan, up 6.58% year-on-year [1] - The second quarter saw a significant revenue increase of 15.76% year-on-year, with a net profit surge of 60.73% [1] Financial Performance - Gross margin improved to 36.74%, an increase of 0.62% year-on-year, while net margin rose to 16.89%, up 0.51% [1] - Total operating expenses (selling, administrative, and financial) amounted to 130 million yuan, accounting for 9.84% of revenue, which is a 4.43% increase year-on-year [1] - Earnings per share (EPS) increased to 0.54 yuan, reflecting a 3.85% growth compared to the previous year [1] Cash Flow and Assets - Cash and cash equivalents decreased by 24.03% to 561 million yuan, while accounts receivable dropped by 22.88% to 273 million yuan [1] - The company’s interest-bearing debt rose by 22.87% to 726 million yuan [1] - The net cash flow from investment activities saw a significant change of -96.28%, primarily due to high investment expenditures in the previous period [3] Investment and Future Prospects - The company plans to acquire 100% equity of Guangzhou Metro Engineering Consulting Company for approximately 511 million yuan, which is expected to enhance future operational performance [6] - Analysts project the company's performance for 2025 to reach 535 million yuan, with an average EPS forecast of 1.31 yuan [5]

Core Viewpoint - The company, specializing in engineering consulting services, reported a modest growth in revenue and net profit for the first half of 2025, while facing challenges in cash flow management [1] Group 1: Financial Performance - For the first half of 2025, the company achieved a revenue of 1.317 billion yuan, representing a year-on-year increase of 5.31% [1] - The net profit attributable to shareholders was 221 million yuan, reflecting a year-on-year growth of 6.58% [1] - The net cash flow from operating activities was -521 million yuan, showing improvement compared to the same period last year [1] Group 2: Stock Performance - On August 22, the company's stock closed at 14.80 yuan, down 0.20% from the previous trading day [1] - The trading volume on that day was 35,419 hands, with a transaction amount of 52 million yuan [1] - Over the past five trading days, the cumulative net outflow of main funds was 29.6954 million yuan, accounting for 0.5% of the circulating market value [1] Group 3: Business Overview - The company operates in the engineering consulting service sector, focusing on surveying and design, planning consulting, and general contracting in the fields of rail transit, municipal projects, and construction [1] - The core business of the company is rail transit surveying and design, which is expected to remain a major component of its performance in the first half of 2025 [1]

第三届监事会第七次会议决议公告 证券代码：003013 证券简称：地铁设计 公告编号：2025-048 广州地铁设计研究院股份有限公司 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）上披露的《公 司 2025 年度半年度报告》，以及公司同日在《证券时报》、 《中国证券报》和巨潮 本公司及监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。 一、监事会会议召开情况 广州地铁设计研究院股份有限公司（以下简称"公司"）第三届监事会第七 次会议于 2025 年 8 月 22 日（星期五）以通讯表决方式召开，会议通知已于 2025 年 8 月 12 日以电子邮件的形式送达各位监事。本次会议应出席监事 5 人，实际 出席监事 5 人，无委托出席情况。会议由监事会主席方思源先生主持，本次会议 的召开和表决程序符合《公司法》等有关法律、行政法规、部门规章、规范性文 件和《公司章程》的规定。 二、监事会会议审议情况 与会监事以投票表决方式审议通过以下议案： （一）审议通过《关于 2025 年半年度报告及摘要的议案》 经核查，监事会认为：董事会编制和审核公司 2025 ...

Meeting Information - The company will hold its third extraordinary general meeting of shareholders on September 8, 2025, combining on-site and online voting methods [1] - The meeting will start at 15:00 on September 8, 2025, with online voting available during specific trading hours [1] Shareholder Eligibility - All shareholders registered by 15:00 on September 3, 2025, are entitled to attend the meeting and can appoint a proxy to vote on their behalf [2] - Proxies do not need to be shareholders of the company [2] Meeting Agenda - The proposals for the meeting have been approved by the company's board and supervisory committee, requiring a two-thirds majority for special resolutions [2] - Proposals affecting the interests of minority investors will be counted separately [2] Registration and Voting Procedures - Shareholders attending in person must present identification and proof of shareholding [2][3] - Online voting can be conducted through the Shenzhen Stock Exchange's trading system and internet voting system [3][5] - Specific procedures for online voting are provided, including the need for identity verification [5] Contact Information - The company has provided contact details for inquiries related to the meeting [3]

（文章来源：证券日报） 证券日报网讯 8月22日晚间，地铁设计发布公告称，公司第三届董事会第八次会议审议通过了《关于 2025年半年度报告及摘要的议案》等多项议案。 ...

Core Viewpoint - The company announced the approval of multiple proposals, including the "2025 Semi-Annual Report and Summary" during the seventh meeting of the third Supervisory Board [2] Group 1 - The company held its third Supervisory Board's seventh meeting on August 22 [2] - The meeting resulted in the approval of the "2025 Semi-Annual Report and Summary" [2]

（文章来源：证券日报） 证券日报网讯 8月22日晚间，地铁设计发布2025年半年度报告摘要称，2025年半年度公司实现营业收入 1，317，480，075.44元，同比增长5.31%；归属于上市公司股东的净利润为220，689，457.05元，同比 增长6.58%。 ...