中国 深圳 福田区 益田路6001号太平金融大厦11-12楼 邮政编码：518038 11-12F., TAIPING FINANCE TOWER,6001 YITIAN ROAD, FUTIAN, SHENZHEN, CHINA 电话(Tel.)：(0755) 88265288 传真(Fax.)：(0755) 88265537 网址（Website）：https://www.sundiallawfirm.com 关于 深圳瑞捷技术股份有限公司 2025 年员工持股计划 的法律意见书 广东信达律师事务所 法律意见书 广东信达律师事务所 关于深圳瑞捷技术股份有限公司 2025 年员工持股计划 的法律意见书 信达持股字（2025）第 008 号 致：深圳瑞捷技术股份有限公司 广东信达律师事务所（以下简称"信达"）接受深圳瑞捷技术股份有限公司 （以下简称"深圳瑞捷"或"公司"）的委托，担任深圳瑞捷 2025 年员工持股 计划项目的专项法律顾问，根据《中华人民共和国公司法》《中华人民共和国证 券法》《关于上市公司实施员工持股计划试点的指导意见》《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 ...

证券代码：300977 证券简称：深圳瑞捷 公告编号：2025-041 深圳瑞捷技术股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东持股情 况的公告 | | | | 持股数量 | 占公司无限售 | | --- | --- | --- | --- | --- | | 序号 | | 股东名称 | （股） | 条件流通股的 | | | | | | 比例（%） | | 1 | | 深圳市瑞皿投资咨询有限公司 | 13,012,650 | 13.73 | | 2 | | 深圳市瑞可投资咨询有限公司 | 12,502,350 | 13.19 | | 3 | | 范文宏 | 9,759,488 | 10.29 | | 4 | | 黄新华 | 9,376,763 | 9.89 | | 5 | | 深圳市瑞宏捷投资合伙企业（有限合伙） | 5,670,000 | 5.98 | | 6 | | 深圳市瑞华捷投资合伙企业（有限合伙） | 5,670,000 | 5.98 | | 7 | | 中国建设银行股份有限公司－诺安多策略 混合型证券投资基金 | 1,003,659 | 1.06 | | 8 | J. | P. ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301038 | 深水规院 | 29.46 | -5.46% | 12.87万 | 3.76亿 | | 300668 | 杰恩设计 | 18.51 | -3.44% | 6.58万 | 1.20亿 | | 300492 | 华图山鼎 | 63.71 | -1.30% | 1.05万 | 6698.12万 | | 300732 | 设研院 | 8.94 | -1.00% | 19.06万 | 1.69 Z | | 603153 | 上海建科 | 18.54 | 0.05% | 2.45万 | 4531.87万 | | 603357 | 设计总院 | 8.49 | 0.24% | 4.74万 | 4019.28万 | | 301505 | 苏州规划 | 22.06 | 0.27% | 2.20万 | 4856.00万 | | 300844 | 山水比德 | 51.36 | 0.35% | 1.81万 | 9262.72万 | | 003013 | 地铁 ...

关于回购公司股份的进展公告 证券代码：300977 证券简称：深圳瑞捷 公告编号：2025-040 深圳瑞捷技术股份有限公司 二、其他说明 公司后续将根据市场情况在回购期限内继续实施本次回购计划，并根据相关 法律法规和规范性文件的规定及时履行信息披露义务，敬请广大投资者注意投资 风险。 特此公告。 深圳瑞捷技术股份有限公司董事会 2025 年 9 月 3 日 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。 深圳瑞捷技术股份有限公司（以下简称"深圳瑞捷""公司"）第三届董事会 第七次会议审议通过了《关于回购公司股份方案的议案》，同意使用自有资金或 自筹资金以集中竞价交易方式回购公司部分发行的人民币普通股（A 股）股票， 用于股权激励或员工持股计划。预计本次回购股份约为 50 万-60 万股，占公司 目前总股本的 0.33%-0.39%，具体回购股份的数量以回购实施完成/回购期满时 实际回购的股份数量为准。本次回购价格不超过 29.74 元/股（含），该价格未超 过董事会通过回购股份决议前三十个交易日公司股票交易均价的 150%，具体回 购价格将综合公司二级市场股 ...

Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][4]. Core Insights - The construction industry faced pressure on revenue and profit in H1 2025, with total revenue of 3.75 trillion, down 5.7% year-on-year, and net profit of 87.5 billion, down 6.5% year-on-year [2][7]. - The industry experienced a relative stability in gross margin and net margin, with a gross margin of 9.9% and a net margin of 2.33% in H1 2025 [8][19]. - Operating cash flow showed improvement, with a net cash flow of -477.4 billion, a reduction in outflow by 15.1 billion year-on-year [3][12]. - The industry’s return on equity (ROE) decreased by 0.31 percentage points to 2.50% in H1 2025, indicating pressure on profitability [16][27]. Summary by Sections Financial Overview - In H1 2025, major listed companies in the construction industry reported revenues of 3.75 trillion, a decrease of 5.7% year-on-year, and net profits of 87.5 billion, down 6.5% year-on-year [2][7]. - Quarterly revenues for Q1 and Q2 were 1.84 trillion and 1.91 trillion, respectively, with year-on-year declines of 6.2% and 5.2% [2][7]. Profitability Analysis - The industry maintained a gross margin of 9.9%, a slight decrease of 0.2 percentage points year-on-year, and a net margin of 2.33%, down 0.02 percentage points [8][19]. - The ROE for the industry decreased to 2.50%, reflecting the impact of reduced investment and increased costs [16][27]. Cash Flow Improvement - The operating cash flow net amount was -477.4 billion, showing an improvement with a reduction in cash outflow by 15.1 billion year-on-year [3][12]. - The cash collection ratio improved to 103% in Q1 and 87% in Q2, with year-on-year changes of +0.85 percentage points and +11.65 percentage points, respectively [3][12]. Market Dynamics - The report highlights a shift in focus from growth to quality improvement among state-owned enterprises, with an emphasis on cash flow management and cost control [4][19]. - The construction industry is expected to see a recovery in revenue and cash flow in the second half of 2025, driven by anticipated government investment stimulus [4][19].

（记者 张喜威） 截至发稿，深圳瑞捷市值为29亿元。 每经头条（nbdtoutiao）——个人消费贷贴息明日开闸！贷30万元最多可享贴息3000元，一文读懂→ 每经AI快讯，深圳瑞捷（SZ 300977，收盘价：19.3元）发布公告称，2025年8月29日15:00-16:00，深圳 瑞捷接受长江证券等投资者调研，公司董事长范文宏、财务总监郑琦、董事会秘书孙维、保险风控事业 中心总经理武庄、证券事务代表付林辉参与接待，并回答了投资者提出的问题。 2025年1至6月份，深圳瑞捷的营业收入构成为：专业技术服务业占比99.78%，其他业务占比0.22%。 ...

证券代码：300977 证券简称：深圳瑞捷 深圳瑞捷技术股份有限公司投资者关系活动记录表 编号：2025-003 回复：公司积极拥抱人工智能，在科技赋能方面的四个维度取 得了进展。第一，通过引入无人机、红外热成像等工具提高工作效 率；第二，在算法层面进行建模运算，对采集到的数据进行风险预 测和改进建议提升服务能力；第三，对业务高频场景采用远程作业 模式，提高服务效能；第四，与物联网 AIoT 生态合作伙伴共同研 发，通过物联网提升数据密度和价值，减少对线下服务的依赖程 度。 4.公司在投资并购方面是否明确的方向或计划？ 回复：投资并购是未来重点发力的方向之一，在升级的"X3 战 略"指导下进行 1+X 方向投资，1 是指围绕公司各业务中心需求开 展投资，X 是指利用 AI 无人机、机器人等新技术赋能主业，对瑞捷 业务和产品进行科技重构。近年来，公司已在投资并购方面有所尝 试，接下来也将持续推进相关工作，且在"X"方向重点关注。尽 管目前已投资的标的金额未达到披露标准，但整体工作在有序推 5.2025 年 H1 研发投入同比有所增长，请问公司目前的技术研 发情况如何呢？ 回复：2025 年上半年研发投入 152 ...

Core Insights - The company reported a slight decline in revenue but achieved significant growth in net profit attributable to shareholders, driven by increased fair value gains and the reversal of credit impairment losses [1][3] - The company has launched employee incentive and stock ownership plans, reflecting confidence in future growth and aligning employee interests with company performance [1] Financial Performance - In H1 2025, the company achieved revenue of 200 million, a year-on-year decrease of 4%, while net profit attributable to shareholders reached 19 million, up 80% year-on-year [1] - The second quarter saw revenue of 124 million, down 5.6% year-on-year, but net profit attributable to shareholders increased by 99% to 15 million [1] - The overall gross margin for H1 2025 was 36.5%, a decrease of 0.33 percentage points year-on-year, with a net profit margin of 9.7%, an increase of 4.38 percentage points year-on-year [3] Business Segmentation - Revenue from third-party assessment and project management in H1 2025 was 116 million and 83 million, respectively, with year-on-year declines of 5% and 3.4% [2] - The company is optimizing its client structure, with new clients accounting for a growing proportion of new contracts, particularly in the industrial and insurance sectors, which saw revenue increases of 13.72% and 46.79% year-on-year [2] Strategic Initiatives - The company is focusing on expanding its service offerings in various fields, including risk reduction services for the insurance sector and engineering assessment services for public infrastructure [2] - The company is enhancing its operational presence in key urban areas such as Shanghai, Beijing, Wuhan, and Chengdu, while maintaining a leading position in the Greater Bay Area [2]

Financial Performance - The company reported total revenue of 200 million yuan for the first half of 2025, a decrease of 4.11% year-on-year [1] - The net profit attributable to shareholders was 19.01 million yuan, an increase of 79.58% year-on-year [1] - In Q2 2025, total revenue was 124 million yuan, down 5.6% year-on-year, while net profit attributable to shareholders was 14.75 million yuan, up 98.53% year-on-year [1] Key Financial Ratios - Gross margin was 36.5%, a decrease of 0.88% year-on-year, while net margin increased to 9.7%, up 82.35% year-on-year [1] - The ratio of selling, administrative, and financial expenses to revenue was 24.99%, an increase of 1.57% year-on-year [1] - Earnings per share rose to 0.12 yuan, a 71.43% increase year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable accounted for 47.42% of the latest annual revenue, indicating a significant amount of outstanding payments [1] - Operating cash flow per share was -0.31 yuan, an improvement of 18.93% year-on-year [1] Historical Performance and Investment Returns - The company's historical median Return on Invested Capital (ROIC) is 36.73%, indicating strong investment returns [3] - The worst year for ROIC was 2024, which recorded -1.83%, suggesting a need for further investigation into the causes of this performance [3] - The company has had one loss year since its listing, which occurred in 2024 [3] Debt and Liquidity - The company has a healthy cash position, with cash assets showing strong performance [3] - The ratio of average operating cash flow over the last three years to current liabilities is only 10.4%, indicating potential liquidity concerns [3]

公司报告 | 半年报点评 深圳瑞捷（300977） 证券研究报告 优化客户结构实现多元布局，发布股权激励彰显发展信心 收入小幅下滑，归母净利润实现高增长 深圳瑞捷 25H1 实现收入 2 亿，同比-4%，归母、扣非净利润为 0.19、0.08 亿，同比+80%、+9%；Q2 实现收入 1.24 亿，同比-5.6%，归母、扣非净利 润为 0.15、0.1 亿，同比+99%、-3%，归母净利润增速表现较好主要系公司 公允价值变动收益增加，以及信用减值损失转回。公司多元业务布局稳步 拓展，客户结构不断优化，参考公司的股权激励目标，我们看好公司发展 潜力，预计公司 25-27 年实现归母净利润为 0.47、0.6、0.8 亿（前值 25-27 年预测为 0.4、0.53、0.68 亿），维持"增持"评级。 发布股权激励（草案）及员工持股计划（草案），彰显发展信心 公司发布员工激励（草案）和股权激励（草案），股权激励草案中对于 25-26 年公司层面业绩考核要求，1）收入层面，25-27 年收入不低于 4.5、6、8 亿；或，2）25-27 年归母净利润不低于 0.45、0.6、0.8 亿。股权激励不仅 有助于提升公司 ...