Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [9] Core Views - The construction sector exhibits characteristics such as low valuation, low institutional holdings, large market capitalization, and stable outlook for quality targets. The report identifies four key investment directions within the construction industry: 1) Companies with strong Q3 performance and short-term earnings certainty 2) High dividend yield stocks providing a safety cushion 3) Strong long-term growth potential 4) Large-cap stocks with low absolute valuations [5][6][7] Summary by Sections Valuation Metrics - As of the latest closing, the Jiangsu Construction Index has a PE ratio of 12.83, ranking 28th across all industries, with a 10-year percentile of 68.5%. The PB ratio stands at 0.84, ranking 31st, with a 10-year percentile of 16.22%. Notably, the construction sector and the banking sector are the only indices within the Jiangsu framework that are trading below book value [5][6] Institutional Holdings - The construction sector has historically low institutional holdings, which may reflect a weak outlook for the industry and a lack of attention from investors. This could lead to undervaluation of high-quality construction stocks [6] Market Capitalization - The construction sector has a limited number of listed companies, with eight major state-owned enterprises collectively valued at 941.19 billion, accounting for 47% of the Jiangsu Construction Index's market capitalization. These enterprises play a crucial role in stabilizing economic growth and are likely to be favored in a market shift towards undervalued sectors [6][7] Investment Directions - **Direction One**: Focus on companies with strong Q3 earnings, such as Sichuan Road and Bridge, China Chemical, and others, which show robust growth and sufficient order backlogs [7] - **Direction Two**: Invest in high dividend yield stocks like Jianghe Group (6.2%), Sichuan Road and Bridge (5.6%), and others, which provide a strong holding safety net [7] - **Direction Three**: Target companies with strong long-term growth potential, such as Honglu Steel Structure and others benefiting from semiconductor capital expenditure [7] - **Direction Four**: Invest in large-cap stocks with low absolute valuations, including eight major state-owned enterprises that are all trading below book value [7]

南京市测绘勘察研究院股份有限公司 关于测绘转债可能满足赎回条件的提示性公告 证券代码：测绘股份 证券简称：300826 公告编号：2025-099 债券简称：测绘转债 债券代码：123177 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。 特别提示： 自 2025 年 10 月 24 日至 2025 年 11 月 5 日期间，南京市测绘勘察研究院股 份有限公司（以下简称"公司"）股票已有 9 个交易日的收盘价格不低于"测绘 转债"当期转股价格的 130%（含 130%），后续可能会触发"测绘转债"的有条 件赎回条款，若触发前述有条件赎回条款，根据《南京市测绘勘察研究院股份有 限公司向不特定对象发行可转换公司债券并在创业板上市募集说明书》（以下简 称"募集说明书"）中的相关规定，公司董事会届时有权决定是否按照债券面值 加当期应计利息的价格赎回全部或部分未转股的"测绘转债"。敬请广大投资者 详细了解可转换公司债券相关规定，并关注公司后续公告，注意投资风险。 一、可转换公司债券基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意南京市测绘勘察研究院股份 ...

| 证券代码：300826 | 证券简称：测绘股份 | 公告编号：2025-098 | | --- | --- | --- | | 债券代码：123177 | 债券简称：测绘转债 | | 南京市测绘勘察研究院股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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。 南京市测绘勘察研究院股份有限公司（以下简称"公司"）于2025年4月20日召开 第三届董事会第十一次会议、第三届监事会第八次会议，分别审议通过了《关于公司 2025年度使用部分闲置募集资金进行现金管理的议案》，同意在不影响募投项目建设 和正常生产运营的前提下，公司使用不超过3.0亿元的闲置募集资金进行现金管理，投 资于安全性高、流动性好、满足保本要求、期限不超过12个月的产品，在授权额度范 围 内 资 金 可 循 环 使 用 。 具 体 内 容 详 见 2025 年 4 月 22 日 公 司 在 巨 潮 资 讯 网 （www.cninfo.com.cn）上刊登的《关于使用部分闲置募集资金进行现金管理的公告》 （公告编号：2025-027）及相关文件 ...

证券代码：测绘股份 证券简称：300826 公告编号：2025-095 债券简称：测绘转债 债券代码：123177 南京市测绘勘察研究院股份有限公司 关于公司高级管理人员减持股份实施情况公告 公司高级管理人员刘键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。 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。 本次减持股份来源为首次公开发行前已发行股份及资本公积金转增股本的 股份。 | 2、股东本次减持前后持股情况 | | --- | | 股东名称 | 股份性质 | | 本次减持前持有股份 | | 本次减持后持有股份 | | --- | --- | --- | --- | --- | --- | | | | 股数（股） | 占总股本比例 | 股数（股） | 占总股本比例 | | 刘键 | 合计持有股份 | 239,408 | 0.1468% | 189,408 | 0.1161% | | | 其中：无限售条件股份 | 59,852 | 0.0367% | 9,852 | 0.0060% | | | 有限售条件股份 | 179,556 | 0.1101% | ...

Core Viewpoint - The company, Chengdu Surveying and Mapping Co., Ltd. (测绘股份), announced its third board meeting for the year 2025, where it reviewed the Q3 report for 2025, indicating ongoing corporate governance and financial oversight [1] Financial Performance - For the year 2024, the company's revenue composition is as follows: 97.14% from surveying and geographic information services and 2.86% from property leasing, highlighting a strong focus on its core business area [1] - As of the report, the market capitalization of Chengdu Surveying and Mapping Co., Ltd. is 2.9 billion yuan [1]

Core Insights - The company reported a revenue of 385 million yuan for the first three quarters of 2025, representing a year-on-year growth of 8.03% [1] - The net profit attributable to shareholders was 20.0035 million yuan, showing a year-on-year increase of 27.41% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 13.1556 million yuan, reflecting a year-on-year growth of 23.63% [1] - The basic earnings per share stood at 0.12 yuan [1]

| 证券代码：300826 | 证券简称：测绘股份 公告编号：2025-097 | | --- | --- | | 债券代码：123177 | 债券简称：测绘转债 | 南京市测绘勘察研究院股份有限公司 以上授信额度不等于公司的融资金额，实际融资金额以公司在授信额度内与银行实 际发生的融资金额为准。授信内容包括但不局限于流动资金贷款、开立银行承兑汇票、 开立保函等银行授信业务。授信期限内，授信额度可循环使用。授信额度及授信品种最 终以银行实际审批为准。 董事会授权由公司总经理全权代表公司签署上述授信额度及额度内一切融资等相关 的合同、协议、凭证等各项法律文件。公司董事会不再就每笔信贷业务出具单独的董事 会决议。 特此公告。 2025年10月27日 南京市测绘勘察研究院股份有限公司（以下简称"公司"）于2025年10月26日召开第三 届董事会第十六次会议和第三届监事会第十一次会议，审议通过了《关于公司向银行申 请综合授信额度的议案》。现将相关事项公告如下： 鉴于公司未来发展和生产经营需要，公司拟向苏州银行南京分行、南京银行金融城 支行和工商银行南京城南支行分别申请不超过人民币5,000万元、5,000万元和10, ...

| 证券代码：300826 | 证券简称：测绘股份 | 公告编号：2025-094 | | --- | --- | --- | | 债券代码：123177 | 债券简称：测绘转债 | | 南京市测绘勘察研究院股份有限公司 会议审议并通过如下议案： 1、审议通过《关于公司2025年第三季度报告的议案》 第三届监事会第十一次会议决议公告 本公司及监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、监事会会议召开情况 1、南京市测绘勘察研究院股份有限公司（以下简称"公司"）第三届监事会第十 一次会议通知于2025年10月21日以电子通讯形式送达至各位监事，监事会会议通知中包 括会议的相关材料，同时列明了会议的召开时间、地点、内容和方式。 2、本次监事会于2025年10月26日在公司会议室召开，本次会议采取现场会议方式召 开。 3、本次监事会应到监事3人，实际出席会议人数为3人，均以现场会议方式出席会 议并表决。 4、本次监事会由卢金芳先生主持。 5、本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律法规 和《公司章程》的有关规定。 二、监事会会议审议情况 20 ...

| 证券代码：300826 | 证券简称：测绘股份 | 公告编号：2025-093 | | --- | --- | --- | | 债券代码：123177 | 债券简称：测绘转债 | | 南京市测绘勘察研究院股份有限公司 第三届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、南京市测绘勘察研究院股份有限公司（以下简称"公司"）第三届董事会第十 六次会议通知于2025年10月21日以电子通讯形式送达至各位董事，董事会会议通知中包 括会议的相关材料，同时列明了会议的召开时间、地点、内容和方式。 2、本次董事会于2025年10月26日召开，本次会议采取通讯会议的方式召开。 3、本次董事会应出席会议人数9人，实际出席会议董事人数为9人，所有董事以通 讯会议的方式出席会议并表决。 4、本次董事会应列席监事3人，实到3人。 5、本次董事会由储征伟先生主持，公司高级管理人员列席了会议。 6、本次会议的召集、召开和表决程序符合《中华人民共和国公司法》和《公司章 程》的有关规定。 二、董事会会议审议情况 会议审议并通过如下 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥160,826,941.25, representing a 14.01% increase compared to the same period last year[5] - Net profit attributable to shareholders was ¥13,003,000.41, a significant increase of 96.82% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥11,223,450.25, up 165.24% from the previous year[5] - Basic earnings per share increased by 150.00% to ¥0.10, while diluted earnings per share also rose by 150.00% to ¥0.10[5] - Net profit for the current period was ¥21,094,923.26, representing a 46.5% increase from ¥14,392,862.27 in the previous period[21] - Earnings per share (EPS) for the current period was ¥0.12, compared to ¥0.10 in the previous period, indicating a 20% increase[21] - The company reported a profit before tax of ¥21,655,638.69, up from ¥15,103,496.69, indicating a growth of 43.5%[21] - The total comprehensive income for the current period was ¥21,094,923.26, compared to ¥14,392,862.27 in the previous period, reflecting a significant increase[21] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥2,612,118,453.65, reflecting a 3.79% increase from the end of the previous year[5] - Total assets increased to ¥2,612,118,453.65 from ¥2,516,847,283.20, marking a growth of 3.8%[19] - Total liabilities rose to ¥1,155,629,494.83, up from ¥1,106,865,071.07, reflecting a 4.4% increase[19] - Total equity attributable to shareholders increased to ¥1,384,650,788.65 from ¥1,368,537,749.32, a growth of 1.2%[19] Cash Flow - Operating cash inflow for the current period was ¥449,929,096.10, a decrease of 4.6% compared to ¥471,647,786.63 in the previous period[22] - Net cash flow from operating activities was -¥98,522,732.68, worsening from -¥63,813,271.92 in the previous period[22] - Cash inflow from investment activities totaled ¥678,681,827.02, significantly increasing from ¥381,948,064.62 in the previous period[22] - Net cash flow from investment activities was -¥33,123,741.48, an improvement from -¥333,501,909.18 in the previous period[22] - Cash inflow from financing activities was ¥3,600,000.00, compared to ¥1,500,000.00 in the previous period[23] - Net cash flow from financing activities was -¥4,054,040.89, an improvement from -¥33,027,890.10 in the previous period[23] - The ending balance of cash and cash equivalents was ¥291,472,741.61, down from ¥325,575,061.06 in the previous period[23] - Total cash outflow from operating activities was ¥548,451,828.78, slightly increasing from ¥535,461,058.55 in the previous period[22] - Total cash outflow from investment activities was ¥711,805,568.50, a slight decrease from ¥715,449,973.80 in the previous period[22] - The company’s cash and cash equivalents decreased by ¥135,700,515.05 during the period, compared to a decrease of ¥430,343,071.20 in the previous period[23] Shareholder Information - The total number of common shareholders at the end of the reporting period is 10,658[11] - The largest shareholder, Nanjing Gaotou, holds 43.28% of shares, totaling 72,070,354 shares[11] - The company has a total of 1,971,131 shares held by the top shareholder in a private fund, indicating active investment strategies[12] - The company has not disclosed any related party relationships among shareholders, indicating potential independence in shareholder actions[11] Investments and Acquisitions - The company acquired 55% equity in Shandong Shunguang Electronic Technology Co., Ltd. for ¥88 million, which will become a subsidiary[15] - The company reported a 154.80% increase in investment income, amounting to ¥4,964,793.61, due to an increase in financial management scale and investment income from associates[8] Other Financial Metrics - The weighted average return on net assets was 0.95%, an increase of 0.44% compared to the previous year[5] - Research and development expenses for the current period were ¥27,619,685.01, compared to ¥25,433,951.58 in the previous period, showing an increase of 8.6%[20] - The company experienced a 32.21% decrease in cash and cash equivalents, totaling ¥291,942,822.61, due to payments for equity acquisitions and year-end bonuses[9] - Accounts receivable increased from ¥555,868,311.44 to ¥649,534,249.25, representing a growth of about 16.8%[17] - Inventory rose from ¥671,076,923.10 to ¥759,144,942.92, an increase of approximately 13.1%[17] - The total non-current assets include goodwill valued at ¥144,787,049.93, up from ¥93,646,551.84, indicating a significant increase of about 54.6%[17] - The total current assets at the end of the reporting period are ¥2,112,722,674.53, compared to ¥2,079,917,522.20 at the beginning, reflecting a slight increase of about 1.6%[17]