Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is actively expanding its low-altitude economic footprint and anticipates growth in its digital business [1][3] - The establishment of a joint venture in Xinjiang aims to leverage local resources for rapid expansion in low-altitude economic orders [2] - The digital economy in Jiangsu province is projected to reach a core industry added value of 1.8 trillion yuan by 2027, indicating significant growth potential for the company's digital initiatives [3] Summary by Sections Company Developments - On March 28, the company established a joint venture, Jiangke Yili Engineering Consulting Co., Ltd., with a local transportation investment group, focusing on engineering management and digital services [1] - The company has secured multiple low-altitude economic projects in Jiangsu, including safety management and infrastructure design [2] Digital Business Growth - The company is positioned to benefit from Jiangsu's digital transformation plan, which aims to enhance smart city initiatives and digital infrastructure [3] - The subsidiary Jiangsu Zhihui Transportation Software Technology Co., Ltd. is advancing digital management technologies, including IoT and digital twin applications [3] Financial Forecasts - The company's net profit forecasts for 2024 and 2025 have been revised down to 254 million yuan and 279 million yuan, respectively, due to challenges in the real estate and infrastructure sectors [3] - The report projects a net profit of 324 million yuan for 2026, reflecting the anticipated growth in low-altitude and digital business sectors [3]

证券代码：300284 证券简称：苏交科 公告编号：2025-010 苏交科集团股份有限公司 关于部分募投项目结项并将节余募集资金永久补充流动资金的 公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 苏交科集团股份有限公司（以下简称"公司"）2021 年向特定对象发行股票 募集资金投资项目"大湾区区域研发中心项目"已实施完毕，达到预定可使用状 态，满足结项条件，公司拟对该募投项目进行结项并将节余募集资金永久补充流 动资金。根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监 管要求》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》等有关规定，该事项无需提交公司董事会、股东大会审议，亦无需监 事会、保荐机构发表意见。现将具体情况公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会证监许可[2021]2731 号文《关于同意苏交科集 团股份有限公司向特定对象发行股票注册的批复》同意注册，公司向特定对象广 州珠江实业集团有限公司发行人民币普通股（A 股）291,421,794 股，发行价格 为人民币 8.09 元 ...

证券代码：300284 证券简称：苏交科 公告编号：2025-009 苏交科集团股份有限公司 关于持股5%以上股东减持计划实施完毕的公告 公司持股 5%以上股东王军华先生保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 苏交科集团股份有限公司（以下简称"公司"）于 2024 年 11 月 21 日在巨潮 资讯网披露了《关于持股 5%以上股东、董事及其一致行动人减持股份的预披露 公告》（公告编号：2024-060），公司持股 5%以上股东王军华与其一致行动人上 海迎水投资管理有限公司－迎水晋泰 6 号私募证券投资基金（以下简称"迎水 6 号基金"）、上海迎水投资管理有限公司－迎水晋泰 10 号私募证券投资基金（以 下简称"迎水 10 号基金"）计划在减持股份预披露公告披露之日起 15 个交易日 后的 3 个月内（2024 年 12 月 12 日-2025 年 3 月 11 日）以集中竞价方式合计减 持不超过 950 万股公司股份（占公司总股本的 0. 7523%），具体内容详见该公告。 公司于近日收到王军华先生 ...

2025 年 2 月，公司为合并报表范围内资产负债率小于 70%的部分子公司合计 提供了 629.85 万元的担保；为合并报表范围内资产负债率大于 70%的部分子公司 合计提供了 1,152.10 万元的担保。本次担保在公司 2023 年度股东大会审议通过的 - 1 - 担保额度范围内，无需另行提交公司董事会、股东大会审议。具体情况如下： 证券代码：300284 证券简称：苏交科 公告编号：2025-008 苏交科集团股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 苏交科集团股份有限公司（以下简称"公司"或"苏交科"）于2024年4月14 日召开第五届董事会第十七次会议、第五届监事会第十四次会议，并于2024年5月 10日召开2023年度股东大会，审议通过了《关于公司及子公司2024年度申请综合授 信及担保事项的议案》，同意公司及子公司2024年度向银行申请不超过人民币125 亿元的综合授信额度，公司或子公司为合并报表范围内部分子公司向银行申请的 综合授信业务提供担保，总担保额度预计不超过人民币 ...

证券代码：300284 证券简称：苏交科 公告编号：2025-007 | 股东名称 | 是否为控股股东 | 本次解除质 | 占其所持 | 占公司总 | 质押起始 | | 质押解除 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 或第一大股东及 | 押股份数量 | 股份比例 | 股本比例 | 日期 | | 日期 | | | | | 其一致行动人 | （股） | | | | | | | | | 符冠华 | 否 | 5,000,000 | 3.94% | 0.40% | 2023 4 | 年 | 2025 3 | 年 | 中国银河证券 | | | | | | | 月 19 | 日 | 月 5 | 日 | 股份有限公司 | 二、股东股份累计质押情况 截至本公告披露日，符冠华先生及其一致行动人上海迎水投资管理有限公司－省 心享迎水晋泰嘉裕16号私募证券投资基金所持本公司股份均未质押。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 苏交科集团股份有限公司（以下简称"公 ...

关于持股5%以上股东部分股份质押及解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 苏交科集团股份有限公司（以下简称"公司"）近日接到持股 5%以上股东王军华 先生的通知，获悉其所持有本公司的部分股份质押以及部分股份解除质押，具体事项 如下： | | 是否为控 股股东或 | | 占其所 | 占公司 | 是否为限 售股（如 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本次质押数 | | | | 为补 | 质押起 | 质押到 | | 质押 | | 股东名称 | 第一大股 | 量（股） | 持股份 | 总股本 | 是，注明 | 充质 | 始日 | 期日 | 质权人 | 用途 | | | 东及其一 | | 比例 | 比例 | 限售类 | 押 | | | | | | | 致行动人 | | | | 型） | | | | | | | 王军华 | 否 | | | | 是（高管 | | 2025 年 | 2028 | 中国银 河证券 ...

公司董事长李大鹏、董事兼总裁朱晓宁、董事会秘书潘岭松、副总裁张海军 保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 证券代码：300284 证券简称：苏交科 公告编号：2025-005 苏交科集团股份有限公司 关于公司董事、高级管理人员减持计划期限届满的公告 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 苏交科集团股份有限公司（以下简称"公司"）于 2024 年 11 月 12 日在巨潮 资讯网披露了《关于公司董事、高级管理人员减持股份的预披露公告》（公告编 号：2024-055），公司董事长李大鹏、董事兼总裁朱晓宁、副总裁张海军、董事会 秘书潘岭松计划在减持股份预披露公告披露之日起 15 个交易日后的 3 个月内 （2024 年 12 月 4 日-2025 年 3 月 3 日）以集中竞价方式分别减持不超过 100 万 股、70 万股、100 万股、120 万股公司股份，具体内容详见该公告。 公司于近日收到李大鹏先生、朱晓宁先生、张海军先生出具的《股份减持计 划实施完毕的告知函》及潘岭松先生出具的《股份减持计划期限届满的告知函》， 本次减持计划期限已届 ...

Group 1: Company Overview - Sujiao Technology Group Co., Ltd. primarily serves as a supplier of engineering consulting solutions for public infrastructure, including traditional and emerging sectors like environmental protection and smart cities [2][3]. - 70% of the company's business is focused on highways, municipal projects, and rail transit, while 30% comes from environmental, water transport, and smart city projects [3]. Group 2: Revenue Breakdown - Domestic revenue accounts for approximately 85%, with overseas revenue making up about 15% [3]. - In terms of new orders, Jiangsu and Guangdong provinces contribute to 65% of the domestic revenue, while other regions like Fujian, Zhejiang, and traditional areas such as Gansu, Qinghai, and Xinjiang account for the remaining 35% [3]. Group 3: Project Lifecycle - The project lifecycle is divided into three phases: - Early planning and design account for around 40% - Mid-phase services like monitoring and research constitute over 30% - Post-project operations, including testing and upgrades, make up nearly 30% [3]. Group 4: Future Growth Points - Future growth is expected to come from the operation of existing infrastructure, as new construction investments are projected to slow down [4]. - The focus will shift towards maintenance, upgrades, and smart transformations of existing infrastructure, leveraging the company's strengths in testing and research [4]. Group 5: Low-altitude Application Services - The company has ventured into low-altitude application services, including drone inspections, cargo transport, and personnel transport [5][6]. - Sujiao Technology has established a joint venture, Jiangsu Tengyun Low-altitude Intelligent Technology Co., Ltd., to focus on low-altitude planning and consulting [6]. Group 6: Advantages in Low-altitude Business - The company collaborates with various institutions to establish a research institute focused on low-altitude economic development, emphasizing smart, innovative, and safe growth [10][11]. - The institute aims to address key technological challenges and enhance the overall innovation capacity of the industry [11].

Summary of the Conference Call for Sujiao Technology Industry Overview - The conference call primarily discusses the development of the low-altitude economy and its applications in intelligent transportation, highlighting the current status and future prospects of these sectors [3][18]. Key Points and Arguments Low-Altitude Economy - The low-altitude economy is expected to grow, but its development may not be as rapid as anticipated due to the need for initial planning and gradual improvement of application scenarios [3][18]. - Sujiao Technology has made progress in various application scenarios, such as the use of drones for law enforcement in Wuxi, which significantly improved efficiency [3][5]. - A low-altitude control management system developed in collaboration with the Ministry of Public Security has been piloted in Nanjing and is set for nationwide promotion [3][5][19]. - The company has also initiated a feasibility study and preliminary design for a government flight inspection service and management platform in Wuxi [3][5]. Intelligent Transportation - Sujiao Technology is involved in the construction of a city-level intelligent connected vehicle platform in Nanjing, with a total investment of approximately several billion yuan, expected to enhance urban traffic management [3][6][8]. - The company has partnered with the traffic management bureau to utilize data from 3,500 traffic lights in Nanjing to alleviate congestion through algorithmic management [3][9][10]. Financial Performance - In 2024, Sujiao Technology maintained stable revenue and profit levels, although there was an unusual loss in the third quarter due to slower government payments and stricter revenue recognition policies [12]. - The company has seen a slight increase in new orders, indicating stable development in mature business areas [12]. New Business Developments - The company has launched a water transport network platform aimed at multimodal transport, with cash flow exceeding 20 million yuan in January 2025 and projected annual transaction volume exceeding 1 billion yuan [13][14]. - The platform is expected to achieve profitability within the year, contributing to the company's development [13]. Future Opportunities and Challenges - Sujiao Technology recognizes significant opportunities in both the low-altitude economy and intelligent transportation but also faces challenges, particularly regarding the establishment of regulatory frameworks [7][23]. - The company is focused on enhancing its technical capabilities to meet rapidly changing market demands [7]. Market Expansion - The company is concentrating its efforts on the Jiangsu and Guangdong markets, with Guangdong's market share growing significantly from under 10% to 15% in 2024 [22][24]. - Despite slower progress in low-altitude projects in Guangzhou, the company is actively pursuing opportunities in this region [22]. Profitability Models - Future profitability in the low-altitude economy will come from operational services, detection services, and vocational training management, while the company is cautious about construction-related businesses [21]. Regulatory Environment - The development of the low-altitude economy is hindered by incomplete regulatory frameworks, but successful pilot projects could serve as models for other regions [18][25]. Technological Development - Sujiao Technology is collaborating with Zhongwang Software to develop domestic software solutions, although significant efficiency improvements are yet to be realized [29]. Other Important Insights - The intelligent transportation system differs fundamentally from autonomous driving, focusing on enhancing existing infrastructure communication capabilities [11]. - The company is leveraging traffic logistics data from its app to support urban planning and decision-making processes [17]. This summary encapsulates the key developments, challenges, and future directions for Sujiao Technology as discussed in the conference call.

证券代码：300284 证券简称：苏交科 公告编号：2025-004 苏交科集团股份有限公司 关于公司高级管理人员减持计划实施完毕的公告 公司副总裁凌晨先生保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 二、其他相关说明 1、凌晨先生已就本次减持事项进行了预披露，本次减持计划已实施完毕。 2、凌晨先生不是公司控股股东、实际控制人，不会对公司治理结构、股权 结构及未来持续经营产生重大影响，也不会导致公司控制权发生变更。 一、股东减持情况 （一）股东减持股份情况 | 股东名称 | 减持方式 | 减持期间 | | | | 减持均价 | 减持股数（股） | 减持比例 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 凌晨 | 竞价交易 | 2025 年 月 | 2 | 12 日 | 11.20 | 元/股 | 39,144 | 0.0031% | | | 合计 | | | | 11.20 | 元/股 | 39,144 | 0.0031% | 股东 ...