广东中企华正诚资产房地产土地评估造价咨询有限公司《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 资金申请的第二轮审核问询函的回复》之专项核查意见 深圳证券交易所上市审核中心： 广州地铁设计研究院股份有限公司（以下简称"上市公司""公司"或"地 铁设计"）于 2025 年 9 月 23 日收到深圳证券交易所上市审核中心下发的《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申请的第 二轮审核问询函》（审核函〔2025〕130015 号）（以下简称"审核问询函"）。 评估机构会同上市公司及其他中介机构就审核问询函所提问题进行了认真讨论 分析，现就有关事项发表核查意见。现提交贵所，请予审核。 如无特别说明，本审核问询函回复中的简称或名词释义与重组报告书所定义 的词语或简称具有相同的含义。在本审核问询函回复中，若合计数与各分项数值 相加之和在尾数上存在差异，均为四舍五入所致。本审核问询函回复所引用的财 务数据和财务指标，如无特殊说明，指合并报表口径的财务数据和根据该类财务 数据计算的财务指标。 | 审核问询函所列问题 | 黑体（加粗） | | --- | --- | | 审核问询函 ...

广州地铁设计研究院股份有限公司 关于深圳证券交易所 《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申请的 第二轮审核问询函》的回复 独立财务顾问 签署日期：二〇二五年十月 深圳证券交易所上市审核中心： 广州地铁设计研究院股份有限公司（以下简称"上市公司""公司"或"地 铁设计"）于 2025 年 9 月 23 日收到深圳证券交易所上市审核中心下发的《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申请的第 二轮审核问询函》（审核函〔2025〕130015 号）（以下简称"审核问询函"）。 公司及相关中介机构就审核问询函所提问题进行了认真讨论分析，并按照要求在 《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）》（以下简称"重组报告书"）中进行了补充披露，现将相 关回复说明如下。 如无特别说明，本审核问询函回复中的简称或名词释义与重组报告书所定义 的词语或简称具有相同的含义。在本审核问询函回复中，若合计数与各分项数值 相加之和在尾数上存在差异，均为四舍五入所致。本审核问询函回复所引用的财 务数据和财务指标，如无特殊说明，指合并报表口径 ...

北京市中伦律师事务所 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的 补充法律意见书（二） 二〇二五年十月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty | | | 补充法律意见书（二） 释 义 除《法律意见书》的"释义"部分已明确的含义之外，在本补充法律意见书 中，除非文义另有所指，下列词语具有下述含义： | 报告期 | 指 | 2023 | 年 1 | 月 1 | 日至 | 2025 | 年 | 6 | 月 | 30 | 日 | | | --- | --- | - ...

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申请的 审核问询函的回复之专项核查意见 司农专字[2025]25001210085 号 目 录 | 问题 3:关于标的资产业绩情况、合同资产 | | --- | | 问题 4: 关于客户供应商 | | 问题 6: 关于配套募集资金……………………………………………86 | 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申请的 审核问询函的回复之专项核查意见 司农专字[2025]25001210085 号 深圳证券交易所上市审核中心: 广州地铁设计研究院股份有限公司(以下简称"上市公司""公司"或"地 铁设计")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 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的审 核问询函》(审核函〔2025〕130011号)(以下简称"审核间询函"),广东司农 会计师事务所(特殊普通合伙)对审核间询函中提到的需要会计师核查或发表意 见的问题进行了认真核查,现将相关回复说明如下: 如无特别说明,本审核问询函回复中的简称或名词释义与《广州地铁设计研 究院股份有限 ...

广州地铁工程咨询有限公司 2023 年度至 2025年 1-6 月审计报告 司农审字[2025]25001210029 号 目 | 审计报告 … | 1-5 | | --- | --- | | 合并资产负债表 …………………………………………………………… | 1 | | 合并利润表 | 2 | | 合并现金流量表 | 3 | | 合并所有者权益变动表 … | 4-6 | | 母公司资产负债表 · | 7 | | 母公司利润表 … | 8 | | 母公司现会流昌夫 | 9 | | 母公司所有者权益变动表 ……………………… | 10-12 | | 财务报表附注 · | 13-119 | 4-1-1 录 十 提 告 目 司农审字[2025]25001210029 号 广州地铁工程咨询有限公司全体股东: 一、审计意见 我们审计了广州地铁工程咨询有限公司(以下简称"工程咨询公司")财务报表, 包括 2025年 6 月 30 日、2024 年 12 月 31 日、2023 年 12月 31 日的合并及母公司 资产负债表,2025年1-6月、2024年度、2023年度的合并及母公司利润表、合并 及母公司现金流量表、合并 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability continues to improve, with steady growth in operating quality. For the first three quarters of 2025, the company achieved revenue of 1.933 billion, a year-on-year increase of 0.85%, and a net profit attributable to shareholders of 347 million, a year-on-year increase of 16.92% [4] - The company is actively expanding its business through mergers and acquisitions, particularly in the rail transit and low-altitude economy sectors, which are expected to open new growth opportunities [4] - The company has made significant progress in international markets, with recent contracts signed for projects in Serbia and Vietnam, indicating a steady advancement in overseas business [4] Financial Performance Summary - Revenue forecast for 2025 is 2.934 billion, with a year-on-year growth rate of 6.77% [3] - Net profit attributable to shareholders for 2025 is projected to be 553 million, with a year-on-year growth rate of 12.44% [3] - The company's gross margin for the first three quarters of 2025 was 38.97%, an increase of 2.88 percentage points year-on-year, with a significant rise in Q3 gross margin to 43.73% [4] - The company's net profit margin for the first three quarters of 2025 was 18.03%, an increase of 2.34 percentage points year-on-year [4] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 11.53, 10.70, and 9.75 respectively [3] - The company is focusing on expanding its low-altitude economy applications, particularly in drone inspection and low-altitude platform construction, to cultivate new growth drivers [4]

Core Viewpoint - The company reported a steady revenue growth in the first three quarters of 2025, with a significant increase in net profit, indicating strong operational resilience and improved profitability [1][2][5]. Revenue Performance - In the first three quarters of 2025, the company achieved a revenue of 1.933 billion yuan, a year-on-year increase of 0.85%. Quarterly revenue showed fluctuations: Q1 down 5.60%, Q2 up 15.76%, and Q3 down 7.55% [1][2]. - The net profit attributable to shareholders for the first three quarters was 347 million yuan, up 16.92% year-on-year, with Q3 net profit reaching 126 million yuan, a 40.87% increase year-on-year [1][2]. Profitability Improvement - The gross profit margin for the first three quarters was 38.97%, an increase of 2.88 percentage points year-on-year. The net profit margin was 18.03%, up 2.34 percentage points year-on-year [3]. - In Q3, the gross profit margin and net profit margin were particularly strong at 43.73% (up 8.44 percentage points) and 20.46% (up 6.87 percentage points) respectively [3]. Cash Flow and Financial Health - The operating cash flow for the first three quarters was a net outflow of 419 million yuan, which was an improvement of 111 million yuan year-on-year. Q3 saw a net inflow of 102 million yuan, a 53.64% increase year-on-year [4]. - As of the end of Q3 2025, the company had cash and cash equivalents of 594 million yuan, indicating a relatively strong liquidity position [4]. Business Strategy and Growth Prospects - The company is a leading player in urban rail transit design with strong competitive advantages and operational resilience. It is actively exploring new business lines, including energy-saving renovations and low-altitude economy projects [5]. - Revenue projections for 2025-2027 are optimistic, with expected revenues of 3.008 billion yuan, 3.266 billion yuan, and 3.519 billion yuan, representing year-on-year growth rates of 9.5%, 8.6%, and 7.7% respectively [5].

Investment Rating - The report maintains an investment rating of "Buy-A" for the company [6]. Core Views - The company has demonstrated strong performance in Q3 2025, with a significant year-on-year increase in net profit of 40.87% despite a decline in revenue [2][3]. - The company's profitability has improved markedly, with a net profit margin exceeding 20% in Q3 2025, reflecting enhanced operational efficiency [3]. - The company is actively expanding its business into new areas, including energy-saving renovations and low-altitude economy projects, which are expected to support long-term growth [10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.933 billion yuan, a year-on-year increase of 0.85%, and a net profit of 347 million yuan, up 16.92% year-on-year [1][2]. - In Q3 2025 alone, the company reported a revenue of 615 million yuan, down 7.55% year-on-year, but the net profit reached 126 million yuan, marking a 40.87% increase [1][2]. Profitability - The gross profit margin for the first three quarters of 2025 was 38.97%, an increase of 2.88 percentage points year-on-year, with Q3 showing a gross margin of 43.73%, up 8.44 percentage points [3]. - The net profit margin for the first three quarters was 18.03%, up 2.34 percentage points year-on-year, with Q3 net profit margin at 20.46%, an increase of 6.87 percentage points [3]. Cash Flow - The operating cash flow for the first three quarters was a net outflow of 419 million yuan, an improvement of 111 million yuan year-on-year, while Q3 saw a net inflow of 102 million yuan, a 53.64% increase year-on-year [4]. - As of the end of Q3 2025, the company had cash and cash equivalents amounting to 594 million yuan, indicating a relatively strong liquidity position [4]. Growth Prospects - The company is expected to achieve revenues of 3.008 billion yuan, 3.266 billion yuan, and 3.519 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 9.5%, 8.6%, and 7.7% [10]. - The projected net profits for the same years are 543 million yuan, 598 million yuan, and 652 million yuan, with growth rates of 10.3%, 10.1%, and 9.2% respectively [10].

Core Viewpoint - The company reported a slight increase in revenue and a significant rise in net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 1.933 billion yuan, representing a year-on-year growth of 0.85% [1] - The net profit attributable to shareholders reached 347 million yuan, reflecting a year-on-year increase of 16.92% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 342 million yuan, showing a year-on-year growth of 15.91% [1]

Core Viewpoint - The company, Guangzhou Metro Design Institute Co., Ltd., reported its Q3 2025 financial results, showing modest revenue growth and significant profit increases compared to the previous year [1][2]. Financial Performance - For the first three quarters of 2025, the company's operating revenue reached 1.933 billion yuan, a year-on-year increase of 0.85% [1]. - The net profit attributable to shareholders was 347 million yuan, reflecting a year-on-year growth of 16.92% [1]. - The basic earnings per share stood at 0.86 yuan [2]. - The gross profit margin for the first three quarters was 38.97%, up by 2.88 percentage points year-on-year, while the net profit margin was 18.03%, an increase of 2.34 percentage points [2]. Quarterly Insights - In Q3 2025, the gross profit margin was 43.73%, showing an increase of 8.44 percentage points year-on-year and a 5.52 percentage points increase quarter-on-quarter [2]. - The net profit margin for Q3 was 20.46%, up by 6.86 percentage points year-on-year, but down by 2.07 percentage points from the previous quarter [2]. Expense Analysis - Total expenses for the period were 284 million yuan, an increase of 12.05 million yuan compared to the same period last year [2]. - The expense ratio was 14.68%, up by 0.50 percentage points year-on-year [2]. - Sales expenses decreased by 4.72%, while management expenses fell by 1.45%. R&D expenses increased by 11.34%, and financial expenses surged by 232.92% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 14,400, a decrease of 189 from the end of the previous half-year, representing a decline of 1.29% [2]. - The average market value per shareholder increased from 402,900 yuan to 433,000 yuan, a growth of 7.49% [2]. Company Overview - Guangzhou Metro Design Institute Co., Ltd. was established on August 6, 1993, and went public on October 22, 2020 [3]. - The company specializes in urban rail transit, municipal engineering, and construction design, with its main revenue sources being design services (81.97%), engineering contracting (16.07%), and planning consulting (1.90%) [3]. - The company is categorized under the construction decoration and engineering consulting services industry [3].