Core Viewpoint - The stock price of Zhongda An has experienced fluctuations, with a year-to-date increase of 41.98% but a recent decline in the last five and twenty trading days [2]. Company Overview - Zhongda An Co., Ltd. is located in Tianhe District, Guangzhou, Guangdong Province, and was established on August 8, 2000, with its listing date on March 31, 2017 [2]. - The company primarily engages in project management services, focusing on engineering supervision, including communication supervision, civil engineering supervision, bidding agency, project construction, and engineering consulting [2]. - The revenue composition of Zhongda An includes: 20.73% from power supervision, 19.72% from civil engineering supervision, 18.20% from consulting and construction, 16.97% from communication supervision, 16.03% from water conservancy supervision, 4.68% from bidding agency, 3.15% from power exploration, and 0.51% from photovoltaic power generation [2]. Financial Performance - As of June 30, Zhongda An reported a total revenue of 302 million yuan for the first half of 2025, representing a year-on-year decrease of 8.48%, while the net profit attributable to shareholders was 1.8478 million yuan, down 59.99% year-on-year [2]. - The company has distributed a total of 30.3829 million yuan in dividends since its A-share listing, with 1.3632 million yuan distributed over the past three years [3]. Market Activity - On October 16, Zhongda An's stock price fell by 2.04%, trading at 13.90 yuan per share, with a total market capitalization of 1.948 billion yuan [1]. - The stock has seen a net inflow of 269,600 yuan from main funds, with large orders accounting for 14.15% of purchases and 13.06% of sales [1].

Core Viewpoint - Zhongda An (300635.SZ) has been fined by the Zhongshan City Urban Management and Comprehensive Law Enforcement Bureau for failing to conduct special inspections on high-risk construction projects, resulting in a fine of 200,000 RMB [1][3]. Company Overview - Zhongda An was officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2017, becoming the first listed company in the engineering supervision sector [5]. - The company specializes in full-process engineering consulting, project management services, and provides various engineering-related services [5][6]. Regulatory Action - The fine was issued on October 10, 2025, under the administrative penalty document number: Yue Zhong Cheng Zhi Fan Zi (2025) No. 65 [1][3]. - The violation involved not conducting special inspections on a mobile operation platform project classified as high-risk, as required by safety management regulations [2][3]. Financial Performance - In the first half of 2025, Zhongda An reported a revenue of 302.08 million RMB, a decrease of 8.48% year-on-year [7]. - The net profit attributable to shareholders was 1.85 million RMB, down 59.99% compared to the previous year [7]. - The basic earnings per share were 0.0133 RMB, reflecting a decline of 60.77% year-on-year [7].

Group 1 - The core viewpoint of the news is that Zhongda An's stock has shown a significant increase in price and trading activity, with a year-to-date increase of 48.31% and a market capitalization of 2.035 billion yuan [1] - As of October 13, Zhongda An's stock price reached 14.52 yuan per share, with a trading volume of 44.3011 million yuan and a turnover rate of 2.60% [1] - The company has experienced a net outflow of main funds amounting to 572,400 yuan, with large single purchases accounting for 17.48% and sales for 18.77% of the total trading volume [1] Group 2 - Zhongda An's main business involves project management services, primarily engineering supervision, with revenue contributions from various sectors including power supervision (20.73%), civil engineering supervision (19.72%), and consulting and agency services (18.20%) [1] - As of June 30, the number of shareholders increased by 41.65% to 15,100, while the average circulating shares per person decreased by 29.02% to 7,967 shares [2] - For the first half of 2025, Zhongda An reported a revenue of 302 million yuan, a year-on-year decrease of 8.48%, and a net profit attributable to shareholders of 1.848 million yuan, down 59.99% year-on-year [2] Group 3 - Since its A-share listing, Zhongda An has distributed a total of 30.3829 million yuan in dividends, with 1.3632 million yuan distributed over the past three years [3]

Market Overview - The engineering consulting services sector increased by 0.96% on October 10, with Huajian Group leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Top Performers - Huajian Group (600629) closed at 29.74, up 5.09% with a trading volume of 1.0814 million shares and a transaction value of 3.097 billion [1] - Deepwater Planning Institute (301038) closed at 25.76, up 3.87% with a trading volume of 99,500 shares and a transaction value of 256 million [1] - Shenzhen Urban Transport (301091) closed at 34.61, up 2.91% with a trading volume of 149,900 shares and a transaction value of 516 million [1] Underperformers - Hualan Group (301027) closed at 17.80, down 7.34% with a trading volume of 183,800 shares and a transaction value of 336 million [2] - Zhongjie Design (603017) closed at 10.59, down 2.58% with a trading volume of 206,200 shares and a transaction value of 218 million [2] - Taiji Industry (600667) closed at 8.76, down 2.12% with a trading volume of 2.4624 million shares and a transaction value of 2.148 billion [2] Capital Flow - The engineering consulting services sector experienced a net outflow of 265 million from institutional investors, while retail investors saw a net inflow of 225 million [2][3] - The top net inflows from retail investors were observed in Deep City Transport (301091) with a net inflow of 634.58 million [3] - The main net outflows were from Huajian Group (301027) with a net outflow of 466.14 million from retail investors [3]

Core Viewpoint - The acquisition of Zhongda An by Xiamen Jianxi through a private placement is a strategic move to enhance the company's development and financial stability, enabling a transition towards comprehensive engineering consulting services [1][2]. Group 1: Company Overview - Zhongda An (300635.SZ) is primarily engaged in engineering supervision and project management consulting services in the construction industry [1]. - The company plans to issue up to 42.04 million shares to Xiamen Jianxi, raising no more than 366 million yuan [1]. Group 2: Financial Implications - The private placement will help Zhongda An reduce its debt ratio, which is projected to reach 70.86% by June 2025, thereby improving liquidity ratios and alleviating working capital pressure [1]. - The optimization of the debt structure is expected to lower financial costs and enhance the company's risk resistance and sustainability [1]. Group 3: Strategic Development - The new controlling shareholder, Xiamen Jianxi, is ultimately owned by Xinli Group, which focuses on the new energy and pharmaceutical sectors, aligning with the industrial development priorities of Jinan City [2]. - Xinli Group's subsidiary, Fuli New Energy, is involved in the core new energy industry chain and has plans for a Hong Kong IPO, indicating potential synergies with Zhongda An's business [2]. - The private placement is viewed as a critical step for Zhongda An to adapt to industry changes and achieve strategic upgrades, opening new avenues for profit growth and long-term value creation for investors [2].

中达安股份有限公司 关于终止收购山东留侯信息化咨询有限公司 100%股权的进展公告 证券代码：300635 证券简称：中达安 公告编号：2025-063 三、其他说明 截至本公告披露日，公司与田长录、宋立根、目标公司已完全履行终止协 议约定的全部义务，无任何未结清款项或未履行事项，不存在违约情形。终止 本次收购不会对公司现有经营业绩及财务状况产生不利影响，不存在损害公司 1 及全体股东利益的情形。公司后续将继续聚焦主营业务发展，努力做好经营管 理，不断完善公司发展战略，推动公司持续健康发展。 特此公告。 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。 一、交易概述 中达安股份有限公司（以下简称"公司"）于2025年8月18日召开第五届董 事会第八次会议，审议通过了《关于终止收购山东留侯信息化咨询有限公司 100%股权的议案》，经公司审慎研究，并与各方友好协商，一致同意决定终止 公司与田长录、宋立根、中达安信息咨询（山东）有限公司（原公司名称：山 东留侯信息化咨询有限公司，以下简称"目标公司"）于2024年8月签署的《附 条件生效的股权转让协议》和2025年2月 ...

Core Viewpoint - The stock of Zhongda An has shown a significant increase of 47.50% year-to-date, despite a recent decline of 1.57% over the last five trading days, indicating volatility in its performance [2]. Company Overview - Zhongda An Co., Ltd. is located in Tianhe District, Guangzhou, Guangdong Province, and was established on August 8, 2000, with its listing date on March 31, 2017 [2]. - The company primarily engages in project management services, focusing on engineering supervision, including communication supervision, civil engineering supervision, bidding agency, project construction, and engineering consulting [2]. - The revenue composition of Zhongda An includes: 20.73% from power supervision, 19.72% from civil engineering supervision, 18.20% from consulting and construction, 16.97% from communication supervision, 16.03% from water conservancy supervision, 4.68% from bidding agency, 3.15% from power exploration, and 0.51% from photovoltaic power generation [2]. Financial Performance - As of June 30, Zhongda An reported a total revenue of 302 million yuan for the first half of 2025, reflecting a year-on-year decrease of 8.48%, while the net profit attributable to shareholders was 1.8478 million yuan, down 59.99% year-on-year [2]. - The company has distributed a total of 30.3829 million yuan in dividends since its A-share listing, with 1.3632 million yuan distributed over the past three years [3]. Market Activity - On September 26, Zhongda An's stock price increased by 2.05%, reaching 14.44 yuan per share, with a trading volume of 17.0459 million yuan and a turnover rate of 1.00%, resulting in a total market capitalization of 2.024 billion yuan [1]. - The net inflow of main funds was 186,700 yuan, with large orders amounting to 2.928 million yuan, accounting for 17.18% of total purchases, while sales reached 2.7413 million yuan, making up 16.08% of total sales [1].

Core Viewpoint - The company, Zhongda An, plans to issue up to 42,040,200 shares to Xiamen Jianxi, raising no more than 366 million yuan, which will be used for working capital and debt repayment. This will result in a change of controlling shareholder and actual controller [1][3]. Group 1: Issuance Details - The issuance aims to raise funds not exceeding 366 million yuan, with all proceeds after issuance costs allocated to supplement working capital and repay debts [1]. - Xiamen Jianxi, established in May 2024, will hold shares in Zhongda An and has no current operating business [2]. Group 2: Shareholding Structure and Control Changes - Before the issuance, Xiamen Jianxi held no shares in Zhongda An, while Liko Dinsen was the controlling shareholder. Post-issuance, Xiamen Jianxi will own 23.08% of the shares, becoming the largest shareholder and gaining control of the company [3]. - The actual controller will shift from the Jinan Licheng District Finance Bureau to Wang Li [1][3]. Group 3: Competition and Related Transactions - Wang Li's controlled enterprises do not compete with Zhongda An's main business, and the issuance will not introduce significant adverse competitive impacts [4]. - The issuance constitutes a related transaction, but no new unfair related transactions will arise apart from the stock subscription [4]. Group 4: Control Change Considerations - The synergy between the new controlling entity's renewable energy business and Zhongda An's operations is expected to enhance business transformation and profitability [5]. - Wang Li possesses extensive management and investment experience, indicating capability in managing the company post-issuance [5]. Group 5: Reasons for Control Transfer - The Licheng District Finance Bureau is relinquishing control to focus on business transformation and attract smart manufacturing projects, aligning with local industrial development goals [6]. Group 6: Previous Financing Withdrawal Impact - The previous financing attempt was withdrawn in April 2024 due to market conditions, but this will not adversely affect the current issuance [7].

Core Viewpoint - Zhongda An has received an inquiry letter from the Shenzhen Stock Exchange regarding its application for a private placement of shares, indicating ongoing regulatory scrutiny and the need for compliance with financial disclosures [1] Group 1: Regulatory Updates - Zhongda An received an inquiry letter from the Shenzhen Stock Exchange on September 4 regarding its application for a private placement of shares [1] - The company, along with relevant intermediaries, is addressing the issues raised in the inquiry letter and updating the application documents accordingly [1] - The application for the private placement still requires approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, introducing uncertainty regarding the approval timeline [1] Group 2: Financial Disclosures - The company updated its application documents to reflect financial data following the release of its semi-annual report for 2025 on August 28 [1] - The updated application documents and responses to the inquiry letter were disclosed on the company's official announcement platform [1]

Core Viewpoint - The company, Zhongda An Co., Ltd., is facing challenges with negative net profit and declining gross margins due to increased competition and macroeconomic factors, but it is taking measures to enhance its operational efficiency and capitalize on new opportunities in the engineering consulting industry [2][3][4]. Financial Performance - The company's net profit attributable to the parent company has been negative for the years 2022 to 2024, with figures of -181.69 million, -7.74 million, and -47.95 million respectively [2]. - Gross margins have decreased from 27.45% in 2022 to 16.97% in 2024, attributed to heightened competition and rising costs in the engineering consulting sector [3]. - The asset-liability ratio has increased significantly from 55.33% in 2022 to 70.69% in 2024, indicating rising debt levels and financial pressure [4]. Operational Challenges - The company is experiencing a decline in revenue from its engineering supervision business due to market saturation and economic slowdowns, but it maintains a strong order reserve and a capable workforce [2]. - The company has implemented strategies to improve service quality, adjust market strategies, and optimize organizational structure to enhance efficiency [2]. Accounts Receivable and Bad Debt Provisions - As of June 30, 2025, the company reported accounts receivable of 231.33 million, with 45.29% aged over one year, and contract assets of 788.02 million, with 61.35% aged over one year [5]. - The company has adequately provisioned for bad debts, with a provision rate of 30.34% for contract assets, which is higher than the industry average [5]. Related Party Transactions - The company has engaged in transactions with its controlling shareholder, Licheng Holdings, for consulting services, which are deemed necessary and fair, although changes in control may affect future transactions [7]. Investment Strategy - The company’s investments in other entities are strategically aligned for business collaboration rather than classified as financial investments, indicating a focus on operational synergies [8]. Revenue and Gross Margin Verification - The company’s internal controls regarding revenue recognition have been verified as effective, with no significant or abnormal changes in revenue or gross margins reported [9].