Summary of Beverage Industry Conference Call Industry Overview - The beverage market is experiencing overall growth, with major brands like Nongfu Spring and Huazhu showing significant sales increases. Nongfu Spring's overall growth is close to 20%, with its Dongfang Shuye brand growing over 20% and accounting for more than one-third of total sales [2][9]. - The dairy product industry is facing substantial inventory pressure, currently at one and a half months, with a decline in sales starting from March [1][5]. Key Points by Company Nongfu Spring - Dongfang Shuye's sales are strong, but overall terminal sales are sluggish, with inventory nearing 40 days [1][2]. - The green water product line accounts for about 30% of sales, with promotional efforts slowing down [9]. - Price adjustments have been made for bulk products, increasing from 9.9 yuan to 11.9 yuan [10]. Huazhu (怡宝) - Focused on high-end channels such as gas stations and schools, reducing traditional channel investments [2][4]. - A collective market action in May is expected to temporarily boost sales [11]. - The no-sugar tea segment has seen over 20% growth, although profit margins are declining due to increased competition [15]. Wahaha - Currently facing challenges with team stability and a weak foundation, despite achieving an 80% distribution rate [8]. - The company has reduced market investments, impacting overall growth [8]. Dongpeng Special Drink - Initiated a 100-day promotional campaign, with significant growth in Guangdong, particularly in Shenzhen (over 18%) and other cities exceeding 20% [1][6]. - Juice tea has a 90% market penetration but has recently seen a slowdown in sales, with promotional winning rates reduced to 30% [18]. Master Kong (康师傅) - Unified pricing for small bottled iced tea at three yuan to stimulate sales [7]. - The company is actively recruiting talent to address team structure issues, maintaining inventory at about one month [7]. Yili - The company has faced sales difficulties in March and April, with inventory pressures increasing to over 40 days [19]. - Despite a strong start in January and February, Yili's constant milk segment is expected to see no positive growth until next year [19][21]. - Low-temperature milk continues to perform well, maintaining growth since the pandemic [20]. Mengniu - Underwent organizational restructuring, including layoffs, to improve internal efficiency [23]. - The company is still experiencing a decline in constant milk sales, although there are signs of improvement [23][26]. Industry Trends - The beverage industry is shifting towards more precise promotional strategies, focusing on high-return channels rather than low-end markets [4][10]. - The dairy sector is more complex in terms of inventory management and sales dynamics compared to the beverage sector, with significant pressure on sales and inventory management [21]. - Low-temperature milk has shown a recovery trend, with double-digit growth rates expected in 2025 due to a low base from previous years [22][29]. Additional Insights - The competitive landscape is intensifying, with brands competing on price and brand recognition, particularly in the no-sugar tea segment [15]. - The restructuring and talent management strategies within companies like Mengniu and Yili are aimed at enhancing operational efficiency and market responsiveness [23][43]. - The overall market dynamics indicate a need for companies to adapt to changing consumer preferences and competitive pressures, particularly in the context of post-pandemic recovery [27].

Group 1: Asset Acquisition and Financial Performance - The company plans to acquire 100% equity of Guangzhou Metro Engineering Consulting Company for approximately CNY 5.11 billion to enhance its engineering consulting capabilities [1] - The first quarter performance showed fluctuations due to long project cycles in rail transit design, leading to a decline compared to previous years [2] - Asset impairment provisions increased in the first quarter, influenced by macroeconomic factors and slower payment progress [2] Group 2: Profitability and Cost Management - The gross profit margin for surveying and design business improved in 2024, attributed to project completion and effective cost control measures [2] - The company aims to strengthen production operations and control costs to achieve stable performance and return value to investors [2] Group 3: Business Expansion and Innovation - The company is exploring innovative integration of rail transit and low-altitude economy, successfully obtaining feasibility studies and contracts for related projects [3][4] - An overseas division has been established to expand into markets in Vietnam, Singapore, and other regions, with recent contracts signed for projects in Serbia and Hong Kong [4] Group 4: Dividend Policy - The company plans to distribute at least 30% of its distributable profits as cash dividends annually from 2024 to 2026, considering operational conditions and future development plans [4]

Group 1: Company Overview and Performance - The company experienced a decrease in new contracts for 2024 due to external market conditions and the approval cycle for rail transit projects, but has sufficient existing orders with stable contract conversion [1] - The engineering general contracting business has increased its share in 2024, primarily due to growth in civil defense engineering and the operation of energy-saving projects for rail transit air conditioning systems [1][2] Group 2: Financial Performance and Challenges - The company's first-quarter performance showed fluctuations, attributed to the long project cycles in rail transit design and increased depreciation costs from the new subway design building, leading to a decline compared to previous years [3] - The company aims to enhance operational efficiency and control costs to stabilize performance and provide returns to investors [3] Group 3: Future Growth Strategies - Future growth will focus on optimizing core rail transit design services, developing new business areas such as TOD, general contracting, underground space development, and municipal projects, as well as expanding into overseas markets [4] - The company plans to promote the industrialization of research results and engage in mergers and acquisitions to enhance core competitiveness and achieve further growth [4] Group 4: Dividend Policy - The company plans to distribute at least 30% of its distributable profits as cash dividends annually from 2024 to 2026, considering operational conditions and future development plans [6]

证券代码：003013 证券简称：地铁设计 公告编号：2025-043 广州地铁设计研究院股份有限公司 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。 曹云明先生在公司任职期间，勤勉尽责、恪尽职守，在促进公司规范运作、 高质量发展等方面发挥了重要作用。公司董事会对曹云明先生在任职期间为公司 发展所作出的贡献表示衷心感谢！ 特此公告。 广州地铁设计研究院股份有限公司 董 事 会 广州地铁设计研究院股份有限公司（以下简称"公司"）董事会于近日收到 公司独立董事曹云明先生提交的书面辞职报告。曹云明先生因个人原因申请辞去 独立董事及董事会相关专门委员会的职务，辞职后将不在公司及其控股子公司担 任任何职务。曹云明先生辞任上述职务不会影响公司董事会和公司的正常运行， 不会对公司的日常管理、生产经营等产生重大影响。 因独立董事曹云明先生辞任将导致公司董事会及相关专门委员会的人员构 成不符合相关规定，根据《上市公司独立董事管理办法》《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作》，上述独立董事的辞职报 告自股东会选举出新任独立董事后方可生效。在公司召 ...

因独立董事曹云明先生辞任将导致公司董事会及相关专门委员会的人员构 成不符合相关规定，根据《上市公司独立董事管理办法》《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作》，上述独立董事的辞职报 告自股东会选举出新任独立董事后方可生效。在公司召开股东会选举产生新任独 立董事履职前，曹云明先生将按照有关法律法规和《公司章程》的规定，继续履 行独立董事及董事会相关专门委员会的相关职责，公司将按照规定尽快完成独立 董事的补选工作。 截至本公告披露日，曹云明先生未持有公司股票，不存在应当履行而未履行 的承诺事项。 曹云明先生在公司任职期间，勤勉尽责、恪尽职守，在促进公司规范运作、 高质量发展等方面发挥了重要作用。公司董事会对曹云明先生在任职期间为公司 发展所作出的贡献表示衷心感谢！ 证券代码：003013 证券简称：地铁设计 公告编号：2025-043 广州地铁设计研究院股份有限公司 关于独立董事辞职的公告 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"）董事会于近日收到 公司独立董事曹云明先生提交的 ...

Core Viewpoint - The company has made significant progress in its strategic acquisition of 100% equity in Guangzhou Metro Engineering Consulting Co., which is now officially accepted by the Shenzhen Stock Exchange for the issuance of shares to purchase assets and raise supporting funds [1][2] Group 1: Company Overview - Guangzhou Metro Engineering Consulting Co. specializes in providing professional technical services for urban rail transit, municipal, and construction projects, with its core business focusing on engineering supervision for urban rail transit [1] - The acquisition will enhance the company's capabilities in engineering supervision and project management, extending its business chain from planning consulting and feasibility studies to full-process engineering consulting [1] Group 2: Strategic Implications - The transaction is part of the optimization of state-owned capital layout by Guangzhou, aiming to improve the structure of state-owned capital [1] - The acquired company, as a subsidiary, will allow the company to integrate various engineering consulting services, thereby enhancing its overall service capability and brand influence, which is expected to improve its sustainable profitability [2] - Post-transaction, the acquired company will be included in the company's consolidated financial statements, anticipated to increase asset scale and revenue levels, aiding in diversifying income sources and mitigating overall operational risks [2]

Group 1 - Taotao Automotive expects a net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year increase of 70.34% to 97.81% [1] - The company specializes in the research, production, and sales of all-terrain vehicles, electric golf carts, electric scooters, electric balance bikes, electric bicycles, and their accessories [1] - China Communications Construction Company plans to repurchase shares worth between 500 million to 1 billion yuan, with a maximum repurchase price of 13.58 yuan per share [1][2] Group 2 - Annoqi's subsidiary received a government subsidy of 1.65 million yuan, accounting for 34.77% of the company's latest audited net profit [2] - Annoqi focuses on the research, production, and sales of mid-to-high-end differentiated dyes [3] - Minfeng Special Paper announced the complete shutdown of its Nanhu plant, as its Haiyan plant is now capable of handling the production capacity [4] Group 3 - Aoto Electronics received a trademark registration certificate from Saudi Arabia, covering various electronic products [5] - Landi Group plans to acquire up to 20.1667% of the shares of Jujia Technology for a total price not exceeding 121 million yuan [6][7] - Lifan Pharmaceutical's Danpi phenol raw material drug has been approved for market launch, utilizing a new process that enhances efficiency and meets market demand [8] Group 4 - Shanghai Construction received a total of 548 million yuan in government subsidies, which accounts for 22.79% of the company's latest audited net profit [8] - Wanbangde's subsidiary received ethical approval for a key clinical trial of a new drug for Alzheimer's disease [8] - Prolo Pharmaceutical's subsidiary received approval for the market launch of a new raw material drug for liver cancer treatment [9] Group 5 - Chenguang New Materials received a government subsidy of 26 million yuan, representing 62.86% of the company's latest audited net profit [10] - Sanyou Medical's subsidiary received a government subsidy of 331,000 yuan, accounting for 28.86% of the company's latest audited net profit [11] - Weichai Heavy Machinery expects a net profit of 132 million to 151 million yuan for the first half of 2025, reflecting a year-on-year increase of 40% to 60% [12] Group 6 - Guanhao Biological announced the termination of its application for a specific stock issuance [13] - China Film plans to use up to 1.5 billion yuan of idle funds for cash management [14] - Aotai Biological intends to use up to 480 million yuan of idle raised funds for cash management [15] Group 7 - Helin Micro-Nano is planning to issue overseas shares and list on the Hong Kong Stock Exchange [17] - Jinpan Technology's vice president resigned due to personal health reasons [18] - Tongyi Zhong's chairman and general manager plan to reduce their shareholdings in the company [19] Group 8 - Naipu Mining signed an overseas contract worth 18.85 million USD [21] - Zhengye Technology completed an asset sale transaction worth 178 million yuan [23] - Lianxin Equipment won a bid for a project worth 157 million yuan from BOE [24] Group 9 - Smart Control plans to apply for a comprehensive credit line of up to 260 million yuan from banks [25] - Keyuan Pharmaceutical's application for issuing shares to purchase assets has been accepted by the Shenzhen Stock Exchange [27] - Meige Intelligent's H-share listing application materials have been received by the China Securities Regulatory Commission [29] Group 10 - Siwei Tuxin's subsidiary submitted an H-share listing application [32] - Metro Design's application for issuing shares to purchase assets has been accepted by the Shenzhen Stock Exchange [32] - Aeston submitted an application for H-share listing [34] Group 11 - Jiu Ri New Materials' shareholders plan to reduce their holdings by a total of 98,900 shares [34] - Yihua Tong's shareholder plans to reduce their holdings by up to 700,000 shares [35] - Xishanghai plans to distribute a cash dividend of 0.08 yuan per share [36] Group 12 - Zhejiang Natural plans to distribute a cash dividend of 1.97 yuan for every 10 shares [37] - Kouzi Jiao plans to distribute a cash dividend of 1.30 yuan per share [38] - Huitong Group plans to distribute a cash dividend of 0.023 yuan per share [40] Group 13 - Tongyong Co. plans to reduce its holdings by up to 0.31% of the company's shares [41] - China Shenhua plans to distribute a cash dividend of 2.26 yuan for every 10 shares [43] - Huangting International's executive director resigned due to personal reasons [45] Group 14 - Jinkai New Energy plans to distribute a cash dividend of 1 yuan for every 10 shares [46] - Heimu Dan plans to distribute a cash dividend of 0.041 yuan per share [47] - Feiyada plans to acquire all or part of the controlling stake in Chang Kong Gear [48]

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 的申请文件获得深圳证券交易所受理的公告 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"）。 公司于 2025 年 6 月 27 日收到深圳证券交易所（以下简称"深交所"）出具 的《关于受理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 金申请文件的通知》（深证上审〔2025〕112 号）。深交所根据相关规定对本次交 易申请文件进行了核对，认为申请文件齐备，决定予以受理。 证券代码：003013 证券简称：地铁设计 公告编号：2025-041 特此公告。 广州地铁设计研究院股份有限公司 董 事 会 2025 年 6 月 30 日 1 本次交易尚需履行多项审批程序方可实施，包括但不限于深交所审核通过、 中国证券监督管理委员会同意注册等。本次交易能否取得相关批准、审 ...

证券代码：003013 证券简称：地铁设计 公告编号：2025-042 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）（申报稿）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。 | 章节 | | 主要修订情况 | | --- | --- | --- | | | | 序。 | | 第一章 | 本次交易 | 1、根据已实施的现金分红方案，更新了本次交易发行价格、发行数量； | | | | 2、根据实际交易进程，更新了本次交易尚未履行的决策程序及报批程 | | 概况 | | 序。 | | 第三章 | 交易对方 | 补充披露交易对方即标的资产股东穿透人数情况。 | | 基本情况 | | | | 第四章 | 交易标的 | 更新了标的公司房屋建筑物租赁情况。 | | 基本情况 | | | | 第五章 | 发行股份 | 1、根据已实施的现金分红方案，更新了本次交易发行价格、发行数量； | | 情况 | | 2、更新了本次交易募投项目进展。 | | 第六章 | 标的资产 | 根据已实施的现金分红方案，更新了本次交易发 ...

Core Viewpoint - The company intends to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. from Guangzhou Metro Group through a share issuance and raise supporting funds [1] Group 1 - The company announced that it has received acceptance from the Shenzhen Stock Exchange for its application to issue shares for asset acquisition and to raise supporting funds [1] - The transaction requires multiple approval processes, including review by the Shenzhen Stock Exchange and registration approval from the China Securities Regulatory Commission [1] - The company will continue to advance the transaction and fulfill its information disclosure obligations [1]