Core Viewpoint - The acquisition of 51% stake in Futai Technology enhances the company's competitiveness in urban governance [1] Group 1: Company Developments - In 2024, the company acquired a 51% stake in Futai Technology, a leading provider of smart urban governance solutions in China [1] - The company reported a revenue growth of 49.96% year-on-year and a net profit growth of 294.18% year-on-year in Q1 2025, indicating successful entry into the urban governance sector [1] - The company aims to achieve sales targets of 1.5-2.0 billion and 10 billion for its sanitation robots by 2025 and 2027, respectively, with a market share goal of around 10% [5] Group 2: Industry Insights - The sanitation market in China is expected to grow at a CAGR of 15.56% from 2025 to 2029, driven by urbanization and increasing demand for mechanized cleaning solutions [1] - The unmanned sanitation projects have shown significant cost savings, with a 40.24% reduction in personnel and a 28.5% decrease in total cleaning costs in specific projects [2] - The potential market size for urban governance robots is approximately 174 billion yuan per year, with the unmanned cleaning market estimated at 68 billion yuan [4] Group 3: Technological Advancements - The company has developed sanitation robots that utilize multi-source heterogeneous sensor solutions, enhancing perception accuracy and adaptability [4] - The robots are designed to handle complex cleaning scenarios, leveraging technologies such as end-to-end learning and force control strategies [4] - The company has accumulated significant industry-specific data, enabling the training of high-quality models for its unmanned sanitation projects [4]

上海荣正企业咨询服务（集团）股份有限公司 关于 许继电气股份有限公司 （三）公司本激励计划第一个解除限售期解除限售条件成就情况的说明 .... 10 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 一、释义 限制性股票激励计划。 一定数量的公司股票，该等股票设置一定期限的限售期，在达到本激励计划规 定的解除限售条件后，方可解除限售流通。 日。 性股票全部解除限售或回购之日止。 用于担保、偿还债务的期间。 第一个解除限售期解除限售条件成就及调整回 购价格并回购注销部分限制性股票相关事项 之 独立财务顾问报告 二〇二五年八月 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 二、声明 本独立财务顾问对本报告特作如下声明： （一）本独立财务顾问报告所依据的文件、材料由许继电气提供，本计划所 涉及的各方已向本独立财务顾问保证：所提供的出具本独立财务顾问报告所依 据的所有文件和材料合法、真实、准确、完整、及时，不存在任何遗漏、虚假 或误导性陈述，并对其合法性、真实性、准确性、完整性、及时性负责。本独 立财务顾问不承担由此引起的任何风险责任 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301027 | 华蓝集团 | 16.70 | -17.81% | 35.63万 | | 6.34亿 | | 301505 | 苏州规划 | 22.97 | -4.17% | 12.87万 | | 2.986.Z | | 300492 | 华图山路 | 61.90 | -3.66% | 4.25万 | | 2.55亿 | | 301365 | 矩阵股份 | 19.44 | -3.52% | 6 8.01万 | | 1.57亿 | | 300500 | 启迪设计 | 15.14 | -3.44% | 16.54万 | | 2.54亿 | | 301024 | 霍普股份 | 45.40 | -2.20% | 1.87万 | | 8500.63万 | | 603017 | 中衡设计 | 9.71 | -1.52% | 11.96万 | | 1.16亿 | | 300844 | 山水比德 | 43.53 | -1.20% | 6995.6 ...

Market Overview - The engineering consulting services sector experienced a decline of 0.42% on August 4, with Zhongshe Consulting leading the drop [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Stock Performance - Notable gainers in the engineering consulting sector included: - Suzhou Planning (301505) with a closing price of 21.88, up 3.01% [1] - Wenwu Liren (603153) with a closing price of 18.01, up 2.33% [1] - Hopu Co., Ltd. (301024) with a closing price of 45.99, up 2.18% [1] - Conversely, significant decliners included: - Zhongshe Consulting (833873) with a closing price of 8.61, down 4.33% [2] - Shenwater Planning Institute (301038) with a closing price of 30.35, down 3.80% [2] - Shiyan Institute (300732) with a closing price of 10.40, down 3.70% [2] Capital Flow - The engineering consulting sector saw a net outflow of 386 million yuan from institutional investors, while retail investors experienced a net inflow of 411 million yuan [2] - The capital flow for specific stocks indicated: - Shanghai Jianke (603153) had a net inflow of 17.28 million yuan from institutional investors [3] - Huayang International (002949) had a net inflow of 6.33 million yuan from institutional investors [3] - Zhongshe Consulting (833873) faced a net outflow of 11.3 million yuan from institutional investors [3]

Group 1 - The stock price of Hanjia Design on July 31 was 15.41 yuan, down by 0.47 yuan from the previous trading day, with a trading volume of 84,003 hands and a transaction amount of 132 million yuan [1] - Hanjia Design primarily engages in architectural engineering design and related consulting services, covering areas such as architectural design, decoration design, and landscape design [1] - The company is headquartered in Hangzhou, Zhejiang, and is one of the earliest private enterprises to enter the architectural design field in China [1] Group 2 - Hanjia Design's subsidiary, Futai Technology, is developing a smart water supply system using digital technology, which has been implemented in multiple provinces including Fujian, Shanxi, and Zhejiang [1] - The smart water supply system features functions such as pipeline monitoring, risk warning, and process intelligent control, utilizing a comprehensive sensing network for real-time water quality monitoring and establishing a closed-loop work order system [1] Group 3 - On July 31, Hanjia Design experienced a net outflow of main funds amounting to 11.6883 million yuan, accounting for 0.34% of its circulating market value [2]

Core Insights - The article discusses the importance of urban water supply systems and the innovative solutions provided by Hanjia Design's subsidiary, Futai Technology, to enhance safety and resilience in water supply through digital technologies [1][2] Group 1: Technology and Innovation - Futai Technology has developed a smart water supply system that integrates GIS, monitoring and early warning systems, and AI models to improve urban water supply services [1] - The system employs a comprehensive sensing network for risk early warning, with real-time monitoring at water intake points to capture risks such as algae [1] - Multi-parameter monitoring devices track indicators like residual chlorine and turbidity around the clock, ensuring timely risk alerts [1] Group 2: Operational Efficiency - The intelligent control system can automatically initiate emergency plans in response to fluctuations in raw water quality, providing recommendations for chemical dosing adjustments based on real-time data [1] - GIS visualization modules present clear pipeline information and dynamic models predict pollution paths to prevent risks at the source [1] - The system includes unified supervision of secondary water supply, with real-time monitoring of water tank status and automatic cleaning prompts to ensure safety at the end-user level [1] Group 3: Data Integration and Public Engagement - The system integrates multi-source data and connects cross-departmental information to support scientific decision-making through big data analysis [1] - A closed-loop work order system is established, expanding the "water quality health code" service to enhance public communication channels [1] - The solution is currently implemented in multiple provinces including Fujian, Shanxi, Zhejiang, Jiangsu, Shaanxi, Guangxi, and Hebei, with plans for further development of intelligent management across the entire supply chain [2]

Group 1 - The World Artificial Intelligence Conference 2025 (WAIC 2025) opened in Shanghai, featuring over 1,572 global leaders from 73 countries, showcasing significant advancements in robotics technology and its practical applications [2] - Futai Technology, a subsidiary of Hanjia Design, has been focusing on AI and robotics since 2019, particularly in the sanitation sector, with over 5,000 operational points for waste classification robots and a cumulative operational mileage exceeding 1 million kilometers [2][3] - Futai Technology's robot product system includes three models (3 tons, 1 ton, and 0.5 tons) designed for various operational scenarios, demonstrating a comprehensive approach to urban governance [3] Group 2 - In 2024, Futai Technology's robot sales reached 60 million yuan, with the sanitation segment accounting for approximately 30 million yuan, and the sales target for 2025 is set between 150 million to 200 million yuan [4] - The company aims for a long-term sales target of 1 billion yuan for sanitation robots by 2027, expecting to capture about 10% of the market share [4] - Futai Technology is actively expanding into international markets, engaging with partners in Singapore and Australia to explore multi-layered applications of intelligent systems and robotics [4]

Core Insights - The article emphasizes the urgent need for upgrading urban water supply systems due to challenges such as aging pipelines, high leakage rates, and delayed emergency responses [1][2] - Hanjia Design's subsidiary, Futai Technology, is leveraging digital and intelligent methods to create a comprehensive smart water supply system that ensures safety and stability in urban water supply [1] Group 1: Smart Water Supply System - Futai Technology has developed a smart water supply system that integrates GIS, monitoring and early warning, leakage control, and pipeline inspection functionalities [1] - The system provides dynamic displays of water supply operations by consolidating data from various monitoring points, allowing managers to quickly assess the overall water supply situation [1] Group 2: Digital Pipeline Management - Futai Technology has established a GIS system for pipeline management, creating a digital "pipeline map" that integrates data from underground pipelines, pump stations, and monitoring points [1] - This digital infrastructure supports precise data for daily maintenance and enhances operational efficiency [1] Group 3: Water Quality Monitoring and Emergency Response - The monitoring and early warning system is crucial for ensuring water supply safety, with real-time detection of key parameters such as water volume, pressure, and quality [2] - The system can quickly identify potential risks and initiate automated emergency responses, significantly reducing response times and preventing further issues [2] Group 4: AI Integration - Futai Technology has integrated AI technology into its operations, developing the "Smart Water Elf" application for convenient mobile water management solutions [2] - This application supports voice interaction across multiple scenarios, allowing staff to perform tasks like information retrieval and query through voice commands, thereby enhancing service quality [2]

Group 1 - The robotics sector has regained market attention, with companies' stock prices rising, particularly in the context of AI's next wave focusing on understanding the physical world and the integration of robotic systems across industries within the next decade [2] - The urban service robotics market is projected to exceed 100 billion annually, attracting significant investor interest, especially towards Han's Design and its subsidiary, Futai Technology, which are actively involved in this field [2] - Han's Design has engaged with 19 investment institutions, including major funds, to discuss its development strategy and showcase its robotic solutions for urban governance [2] Group 2 - Futai Technology, as a subsidiary of Han's Design, is focusing on the digitalization and automation trends in urban sanitation operations, supported by favorable policies and technological advancements [3] - The company offers integrated solutions across three business units: urban governance data services, intelligent equipment for urban management, and a software platform for decision-making in urban governance [3] - These business units are designed to work synergistically, enhancing the smart city initiative and advancing urban management towards higher levels of intelligence and precision [3] Group 3 - Futai Technology's competitive advantage lies in its robust R&D capabilities and extensive industry experience, enabling it to provide comprehensive smart city governance solutions [4] - The company has a strong technical team with over 50% of its workforce in R&D, and an average tenure of over ten years, contributing to its innovation and product delivery capabilities [4] - Futai Technology has served over 600 government clients and more than 100 corporate clients, establishing itself as a leader in the field with a wide implementation scope and successful commercialization [4] Group 4 - Since 2019, Futai Technology has launched multiple AI and robotics products, with over 5,000 operational points for waste sorting robots and deployment in over 20 cities across nine provinces for sanitation robots, accumulating over 1 million kilometers of operational mileage [5]

Group 1: Investor Relations Activity Overview - The investor relations activities took place on July 17 and 18, 2025, in Suzhou and Hangzhou, involving specific targeted research with various fund representatives [2]. - Participants included representatives from multiple funds such as Wan Jia Fund, Hua Xia Fund, and others, totaling over 20 individuals [2]. Group 2: Company Introduction and Business Focus - The activities included an introduction to Hanjia Design Group and its subsidiary, Futai Technology, covering their history, development strategy, and main business operations [3]. - Futai Technology focuses on three main business units: urban governance data service solutions, intelligent equipment for urban governance, and platform software for urban governance [4]. Group 3: Technological and Competitive Advantages - Futai Technology's core competitive advantages lie in its strong R&D capabilities and extensive industry experience, with over 50% of its 600 employees in the technical R&D team [5][6]. - The company has been recognized as a national high-tech enterprise for 16 consecutive years and has received over 20 national-level technology awards [7]. Group 4: Product and Market Development - Futai Technology's current product lineup includes three models of sanitation robots: 3-ton, 1-ton, and 0.5-ton, designed for various operational scenarios [9]. - The company serves over 600 government clients and more than 100 enterprise clients, making it a leader in urban governance solutions [11]. - The company has established operational points for garbage classification robots exceeding 5,000 and has deployed sanitation robots across over 20 cities, accumulating over 100,000 kilometers of operational mileage [11].