证券代码：300844 证券简称：山水比德 公告编号：2025-065 广州山水比德设计股份有限公司 关于更换持续督导保荐代表人的公告 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。 王梦茜，女，现任民生证券投资银行事业部高级业务副总裁，保荐代表人， 注册会计师，先后参与或负责了中国秦发(00866.HK)、海螺水泥(600585)、绿城 服务(02869.HK)等项目首发或年报审计工作，山水比德(300844)首发项目、安旭 生物(688075)首发项目、一彬科技(001278)首发项目、中天氟硅首发项目、敏达股 份首发项目、天演维真首发项目、欧伦电气(874628)新三板推荐挂牌等项目，在 保荐业务执业过程中严格遵守《保荐业务管理办法》等相关规定执业记录良好， 无监管机构处罚记录。 本次变更后，公司首次公开发行股票并在创业板上市的持续督导保荐代表人为朱仙 掌先生和王梦茜女士，持续督导期截至中国证券监督管理委员会和深圳证券交易所规定 的持续督导义务结束为止。 公司董事会对骆玉伟先生在公司首次公开发行股票并在创业板上市的持续督导期间 所作的工作表示衷心感谢！ ...

Market Performance - The engineering consulting services sector increased by 0.34% on September 10, with Tongji Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Top Gainers - Tongji Technology (600846) closed at 11.03, up 5.35% with a trading volume of 192,400 shares and a turnover of 208 million yuan [1] - Other notable gainers include: - Zhongliang Technology (301058) at 11.95, up 3.46% [1] - Shanshui Bide (300844) at 51.85, up 3.18% [1] - Hualan Group (301027) at 15.66, up 3.03% [1] Top Losers - The sector also saw some declines, with major losers including: - Zhongshe Consulting (833873) at 8.17, down 5.22% [2] - Matrix Co. (301365) at 20.66, down 4.13% [2] - Guozi International (836892) at 17.68, down 3.34% [2] Capital Flow - The engineering consulting services sector experienced a net outflow of 118 million yuan from institutional investors, while retail investors saw a net inflow of 105 million yuan [2][3] - Notable capital flows include: - Tongji Technology had a net inflow of 24.39 million yuan from institutional investors [3] - Zhongliang Technology saw a net inflow of 22.44 million yuan from institutional investors [3] Summary of Trading Data - The trading data for the engineering consulting services sector shows a mix of performance, with some stocks gaining significantly while others faced declines [1][2][3]

Core Viewpoint - Recently, Shanshui Bide (300844) won the design general contracting project for the Benggu (2025) No. 7 land development project in collaboration with Nanjing Second Architectural Design Institute [1] Group 1: Project Details - The project is located in the Economic Development Zone of Bengbu City, Anhui Province, covering an area of approximately 68,000 square meters [1] - Residential land accounts for about 51,000 square meters, while the green space and park area is approximately 17,000 square meters [1] Group 2: Service Scope - The design general contracting will provide integrated design services throughout the entire process, including scheme design, landscape design, and detailed construction drawing design [1]

人民财讯9月8日电，近日，山水比德联合南京市第二建筑设计院有限公司中标蚌挂(2025)7号地块开发 项目设计总承包项目。项目位于安徽省蚌埠市经开区，占地面积约6.8万㎡，其中居住用地约5.1万㎡， 代建绿地及公园约1.7万㎡。设计总承包提供全流程一体化设计服务，涵盖方案设计、景观设计、施工 图设计等全专业深化内容。 转自：证券时报 ...

1%整数倍的公告 证券代码：300844 证券简称：山水比德 公告编号：2025-064 广州山水比德设计股份有限公司 关于控股股东、实际控制人及其一致行动人持股比例被动稀释触及 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： 1、本次权益变动系广州山水比德设计股份有限公司（以下简称"公司"）2024 年 股票期权激励计划第一个行权期对应的股票期权行权致使公司总股本增加，公司控股股 东、实际控制人及其一致行动人所持有的公司股份数量不变，合计持股比例由 74.85% 被动稀释至 72.94%，变动触及 1%整数倍，不涉及股东股份减持或增持。 2、本次权益变动不涉及要约收购，不会导致公司控股股东、实际控制人发生变化， 不会影响公司控制权稳定性，不会对公司治理结构及持续经营产生影响。 因公司 2024 年股票期权激励计划第一个行权期对应的股票期权行权导致公司总股 本增加，公司控股股东山水比德集团有限公司（以下简称"山水集团"）、实际控制人 孙虎先生和蔡彬女士及其一致行动人珠海山盛投资合伙企业（有限合伙）（以下简称"山 盛投资"）、广州硕煜投资合伙企业（有 ...

Core Viewpoint - The company, Shanshui Bide, reported a significant increase in revenue and new contract signings, reflecting its strategic upgrades and focus on comprehensive services for urban and rural high-quality development [1][2][3] Financial Performance - The company achieved an operating income of 225 million yuan, representing a year-on-year growth of 24.98% [1] - The net profit attributable to shareholders was 1.9067 million yuan during the reporting period [1] - New contract value reached 657 million yuan, marking a year-on-year increase of 71.48% [1] Strategic Initiatives - The company is positioning itself as a comprehensive service provider for urban and rural high-quality development through a "Design+" full industry chain layout, strategic investment collaboration, and digital technology empowerment [1][2] - Shanshui Bide has expanded its qualifications by acquiring Beid Construction, enhancing its capabilities in municipal public engineering construction [1] - The company is actively involved in various sectors, including cultural arts, engineering construction, commercial management, agricultural services, and digital technology through investments and acquisitions [2] Technological Development - The company is focusing on a dual-driven strategy of "technology + ecology," aiming to create an open and collaborative smart design industry ecosystem [2] - The "Shanshui Zhijing" digital design software product matrix has received 10 software copyrights, including key technology modules like AI generation algorithms [2] - Collaborations with Baidu and Tsinghua University have significantly improved the company's intelligent design capabilities and efficiency [2] Future Outlook - The company anticipates an optimization of its profit structure driven by the expansion of the EPC model, comprehensive qualification upgrades, and breakthroughs in digital technology [3] - With national policies emphasizing urban renewal, green low-carbon initiatives, and digital transformation, the company is well-positioned to enhance its core competitiveness and explore sustainable growth avenues [3]

Core Viewpoint - The financial performance of Shanshui Bide (300844) for the first half of 2025 shows a significant increase in revenue but a drastic decline in net profit, indicating challenges in profitability despite revenue growth [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 225 million yuan, a year-on-year increase of 24.98% compared to 180 million yuan in 2024 [1]. - Net profit attributable to shareholders was 1.91 million yuan, down 84.36% from 12.19 million yuan in the previous year [1]. - The gross profit margin decreased to 45.01%, down 13.58% from 52.08% in 2024 [1]. - The net profit margin fell to 2.37%, a decline of 64.98% from 6.78% in the previous year [1]. - Total accounts receivable increased by 49.66%, rising from 228 million yuan to 342 million yuan [1][2]. - The company reported a significant increase in interest-bearing liabilities, which rose by 130.55% to 90.89 million yuan [1][2]. Cost and Expense Analysis - Operating costs increased by 43.43%, attributed to the normal operation of EPC and architectural design businesses, which were not present in the same period last year [2]. - Sales expenses rose by 33.08% due to increased market expansion efforts [2]. - Management expenses increased by 27.32% as a result of company expansion and related personnel costs [2]. - Financial expenses surged by 58.7%, driven by reduced bank interest income and increased borrowing costs [2]. Cash Flow and Financial Health - The net cash flow from operating activities decreased by 229.89%, primarily due to increased labor costs and procurement costs related to EPC business [4]. - The net cash flow from investing activities fell by 58.95% due to the company's purchase of financial products [4]. - The net cash flow from financing activities increased by 192.95% as the company secured short-term loans [5]. - The net increase in cash and cash equivalents dropped by 49.49%, influenced by the combined effects of operating, investing, and financing activities [5]. Business Model and Strategic Outlook - The company's business model relies heavily on research and marketing efforts, necessitating careful examination of the underlying drivers [6]. - The company aims to enhance profitability by combining market expansion with cost reduction initiatives [7]. - Future strategies include improving cash flow management and actively exploring external growth opportunities while ensuring the competitiveness of core business operations [7].

Summary of the Conference Call for Shanshui Bide Company Overview - Shanshui Bide, established in 2007 and headquartered in Guangzhou, specializes in landscape design, architectural design, and EPC (Engineering, Procurement, and Construction) services. The company holds multiple qualifications, including Class A in urban and rural planning and landscape engineering design [doc id='4'][doc id='5']. Financial Performance - In the first half of 2025, Shanshui Bide reported significant revenue growth of 24.98%, reaching 225 million yuan, while net profit decreased by 84.36% to 1.9067 million yuan due to strategic expansion and investments in new businesses [doc id='2'][doc id='3']. - The company signed new contracts worth 657 million yuan, a year-on-year increase of 71.48% [doc id='3']. - The expected bad debts and asset impairments for 2025 are projected to be between 30 million to 35 million yuan, showing a decrease from previous years due to improved customer structure [doc id='11'][doc id='12']. Business Strategy and Expansion - Shanshui Bide is currently in a growth investment phase, focusing on optimizing its profit structure for future growth [doc id='2'][doc id='9']. - The company is expanding its services beyond traditional landscape business to include architectural design and EPC services, which have lower profit margins [doc id='2'][doc id='7']. - As of now, Shanshui Bide has established 22 city branches across China, with new service points in Xinjiang and Hefei added in July 2025 [doc id='12'][doc id='13']. Technological Integration - The company collaborates with Rocky to leverage AI and AR technologies for urban renewal, creating digital twins and immersive experiences in cultural tourism [doc id='13'][doc id='22']. - Digital tools such as AI and parametric design are being integrated into the design process, enhancing efficiency and quality [doc id='6']. Market Outlook - Despite a challenging overall market, the demand for architectural design, landscape design, and EPC services remains strong. The company anticipates continued revenue growth but acknowledges that profit margins may remain under pressure in the short term [doc id='9'][doc id='17']. - The company aims for a revenue growth target of no less than 10% for 2025 and 21% for 2026, with net profit targets set at 15 million yuan and 20 million yuan, respectively [doc id='18']. Challenges and Risk Management - The expansion into architectural design and EPC services presents challenges, including increased capital requirements and potential receivables accumulation. The company plans to enhance financial management and optimize project execution to mitigate these risks [doc id='14'][doc id='15']. - The company maintains a focus on high-quality clients to reduce financial risks associated with new business ventures [doc id='14']. Industry Dynamics - The landscape industry is experiencing a downturn, but Shanshui Bide's strategic focus on professional and comprehensive services positions it well to capitalize on emerging opportunities [doc id='17'][doc id='19']. - Urban renewal policies are seen as a significant growth opportunity, with the company establishing a dedicated urban renewal group to adapt to market trends [doc id='20'][doc id='21']. Conclusion - Shanshui Bide is navigating a complex landscape of growth and investment, with a clear strategy to enhance its service offerings and leverage technology for future success. The company is poised to capitalize on urban renewal opportunities while managing the challenges of expanding into lower-margin business areas.

Core Viewpoint - Guangzhou Shanshui Bide Design Co., Ltd. (Shanshui Bide) has shown significant market expansion and financial performance in the first half of 2025, with a notable increase in new contract signings and revenue growth [1] Financial Performance - New contract amount reached 657 million yuan, a year-on-year increase of 71.48% [1] - Revenue for the first half of the year was 225 million yuan, reflecting a year-on-year growth of 24.98% [1] - Net profit attributable to shareholders was 1.9067 million yuan, marking a turnaround from losses [1] Business Segments Performance - Landscape design business generated 185 million yuan in revenue [1] - Architectural design business revenue was 15.7382 million yuan [1] - Revenue from garden greening engineering total contracting (EPC) was 23.7973 million yuan [1] Strategic Upgrades - The company is actively pursuing strategic upgrades, positioning itself as a comprehensive service provider for high-quality urban and rural development in China [1] - Initiatives include deepening the "Design+" full industry chain layout, enhancing strategic investment collaboration, and advancing digital technology empowerment [1] Project Developments - Acquisition of Bide Construction to enhance municipal public engineering contracting qualifications, completing the full-process service qualification system [2] - Successful completion of the EPC project in Yingtan, Jiangxi, demonstrating the advantages of the design-led EPC model [2] - Joint winning of the design and construction contract for the Meizhou Jiaoling County project, expanding market share in urban-rural integration [2] Investment Strategy - The company is building a collaborative industrial network around the "Design+Technology+Capital" strategy, establishing and acquiring subsidiaries in various sectors [3] - Investments include cultural arts, engineering construction, commercial management, agricultural services, and digital technology [3] - Establishment of investment subsidiaries to support core business foundations and future growth through technology innovation [3] AI and Technology Development - Shanshui Bide is implementing a dual-driven strategy of "Technology+Ecology" to create an open and collaborative smart design industry ecosystem [4] - Development of the "Shanshui Zhijing" digital design software product matrix, with 10 software copyrights obtained [4] - Strategic partnerships with Baidu and Tsinghua University to enhance intelligent design capabilities and efficiency [4]

Financial Performance - The company reported a significant revenue growth driven by the EPC business and architectural design collaboration, with a focus on improving profitability despite pressure on gross margins [2][3] - For 2024, the revenue base is set at CNY 459 million, with a target growth rate of at least 10% for 2025 and 21% for 2026 [3] Strategic Goals - The company aims to enhance profitability by combining market expansion with cost reduction, while also managing cash flow effectively to mitigate liquidity risks [3] - The company plans to explore external growth opportunities while ensuring the competitiveness of its core business [3] Competitive Landscape - The design industry is facing intensified competition due to macroeconomic controls in the real estate market, necessitating higher standards for design firms [4][5] - The company’s competitive advantages include: - **Talent Advantage**: Over 1,200 employees with a focus on talent development and training [5][6] - **Brand Advantage**: Established a strong brand presence with 929 awards in the landscape design sector [5][6] - **Client Advantage**: Strong relationships with local governments and leading real estate developers [5][6] - **Innovation Advantage**: R&D investment of CNY 17.1 million, representing 7.6% of revenue, with numerous patents and software copyrights [6] Market Expansion Strategy - The company has established a design and service network across 22 cities in China, with recent expansions into Xinjiang and Hefei [7] - The company is committed to a "market year" strategy, focusing on increasing market penetration and collaboration with state-owned enterprises [7] Technological Collaboration - The partnership with Lingban Technology aims to integrate AI and AR into design processes, enhancing urban renewal and tourism experiences [8][9] - Future projects will focus on smart city updates and immersive tourism experiences through technology [8][9] Urban Renewal Initiatives - The company is actively involved in urban renewal and village renovation projects, leveraging over a decade of experience [9] - Recent acquisitions have strengthened the company’s capabilities in municipal engineering and comprehensive service offerings [9]