深圳瑞捷技术股份有限公司 2025 年第三季度报告 证券代码：300977 证券简称：深圳瑞捷 公告编号：2025-054 深圳瑞捷技术股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末比 | | --- | --- | --- | --- | --- | | | | 期增减 | | 上年同期增减 | | 营业收入（元） | 126,273,029.08 | -1.53% | 326,545,648.89 | -3.13% | | 归属于上市公司股 | 8,116,695.35 | 38.32% | 27,12 ...

证券代码：300977 证券简称：深圳瑞捷 公告编号：2025-057 深圳瑞捷技术股份有限公司 关于修订《公司章程》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。 深圳瑞捷技术股份有限公司（以下简称"深圳瑞捷""公司"）于 2025 年 10 月 28 日召开第三届董事会第九次会议和第三届监事会第七次会议，审议通过了 《关于修订<公司章程>的议案》，该议案尚需提交股东大会审议。现将有关情况 公告如下： 一、修改《公司章程》的情况 根据《中华人民共和国公司法（2023 年修订）》《关于新<公司法>配套制度 规则实施相关过渡期安排》《深圳证券交易所创业板股票上市规则》等法律、法 规、规范性文件的规定，结合公司的实际情况，拟不再设立监事会，由董事会审 计委员会行使原监事会职权，《监事会议事规则》等监事会相关制度相应废止， 并对《深圳瑞捷技术股份有限公司章程》进行修订，其他各项规章制度中涉及公 司监事会、监事的规定不再适用。 监事会的全体监事在任职期间勤勉尽责，为公司规范运作发挥了积极作用， 公司对全体监事在任职期间为公司发展所做的贡献表示衷心感谢。本次不再 ...

一、拟续聘会计师事务所的基本情况 （一）机构信息 1.基本信息 中汇会计师事务所，于 2013 年 12 月转制为特殊普通合伙，管理总部设立于 杭州，系原具有证券、期货业务审计资格的会计师事务所之一，长期从事证券服 务业务。 证券代码：300977 证券简称：深圳瑞捷 公告编号：2025-055 深圳瑞捷技术股份有限公司 关于拟续聘会计师事务所的公告 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。 特别提示： 1.本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有 企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 事务所名称：中汇会计师事务所（特殊普通合伙） 成立日期：2013 年 12 月 19 日 组织形式：特殊普通合伙 注册地址：杭州市江干区新业路 8 号华联时代大厦 A 幢 601 室 首席合伙人：高峰 上年度末（2024 年 12 月 31 日）合伙人数量：116 人 上年度末注册会计师人数：694 人 上年度末签署过证券服务业务审计报告的注册会计师人数：289 人 最近一年（2024 年度）经审计的收入总额： ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - Infrastructure investment showed weakness in September, but the fourth quarter may benefit from increased funding and policy catalysts. The report highlights the importance of infrastructure as a stabilizing measure for the economy, with a focus on undervalued, high-dividend construction stocks [1][2] - The real estate sector saw a decline in sales area by 5.5% year-on-year from January to September, with a significant drop of 21.3% in September alone. However, the completion rate for real estate projects turned positive for the first time since 2024, indicating a potential recovery [2] - Cement demand is gradually weakening, with a production drop of 5.2% year-on-year from January to September. The report suggests that cement companies may seek to optimize supply and increase prices to recover profitability [3] - The flat glass market showed signs of improvement in September, with a slight increase in demand. However, overall production still declined by 5.2% year-on-year, and inventory levels have risen significantly [4] Summary by Sections Infrastructure Investment - Infrastructure investment from January to September showed a year-on-year increase of 1.1%, but September alone saw a decline of 4.7%. The report anticipates a recovery in the fourth quarter due to early fiscal funding and new policy financial tools [1][2] Real Estate Sector - Real estate sales area decreased by 5.5% year-on-year from January to September, with a notable drop of 11.9% in September. New construction area fell by 18.9% year-on-year, while completion area saw a slight increase in September, marking the first positive growth since 2024 [2] Cement Industry - Cement production from January to September was 1.259 billion tons, down 5.2% year-on-year. The average shipment rate was 41.3%, a decrease of 2.6 percentage points year-on-year. The report indicates that cement companies are likely to push for price increases to enhance profitability [3] Glass Industry - Flat glass production from January to September was 72.881 million weight cases, down 5.2% year-on-year. The report notes a slight improvement in demand in September, but overall inventory levels have increased significantly, indicating potential challenges ahead [4]

Group 1 - The company Shenzhen Ruijie (300977) reported that as of October 10, 2025, the number of shareholders is 8,403 [1]

Investment Rating - The industry investment rating is currently neutral, indicating that the industry is expected to perform in line with the overall market [22]. Core Insights - The fixed asset investment and manufacturing investment growth rates have continued to decline, with a cumulative year-on-year decrease of 0.5% for fixed asset investment from January to September 2025, and a 4.0% year-on-year increase in manufacturing investment, which is a decline of 1.1 percentage points compared to the previous month [3][4]. - Infrastructure investment is under pressure, with a year-on-year growth of 3.3% for total infrastructure investment and 1.1% for infrastructure investment excluding electricity, both showing a decline in growth rates compared to the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 13.9% from January to September 2025, and construction starts down by 18.9% [10]. Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is reported at 5.2%, with quarterly growth rates of 5.4%, 5.2%, and 4.8% respectively [3]. Infrastructure Investment - Infrastructure investment growth is under pressure, with specific sectors like transportation, water conservancy, and public utilities showing varying degrees of decline [4]. - Eastern regions experienced a year-on-year investment decline of 4.5%, while central and western regions saw a slight increase of 1.5% [4]. Real Estate Investment - Real estate investment has shown a significant decline, with expectations of a slow recovery due to challenges in supply and inventory replenishment [10]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain traction with the implementation of national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among others [14].

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The economic operation in the first three quarters of 2025 shows steady progress, with fixed asset investment and manufacturing investment growth continuing to decline. The GDP growth rates for Q1, Q2, and Q3 of 2025 are 5.4%, 5.2%, and 4.8% respectively, leading to a cumulative year-on-year fixed asset investment decrease of 0.5% [4][5] - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investment growth all facing challenges. The total infrastructure investment growth rate (including all categories) is 3.3%, down 2.1 percentage points from the previous month [5] - Real estate investment remains low, with a year-on-year decrease of 13.9% in the first nine months of 2025, indicating a weak recovery in investment [10] Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is 5.2%, with a decline in fixed asset investment and manufacturing investment growth rates [4][5] Infrastructure Investment - Total infrastructure investment growth is 3.3%, with specific sectors like transportation and public utilities showing negative growth [5] Real Estate Investment - Real estate investment has decreased by 13.9% year-on-year, with construction starts and completions showing slight improvements [10] Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility with national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction [14]

Core Viewpoint - Shenzhen Ruijie announced that as of September 30, 2025, the company has not repurchased any shares [2] Group 1 - The announcement was made on the evening of October 13 [2] - The report is sourced from Securities Daily [2]

Investment Rating - The report gives an "Overweight" rating for the construction and decoration industry, indicating a positive outlook compared to the overall market performance [2][9]. Core Insights - The construction industry is experiencing a slowdown in investment, leading to pressure on corporate profits. Despite this, infrastructure investment remains stable, acting as a stabilizing force in the overall economy [3][4]. - The report highlights that companies with a net profit growth rate below -10% include China Railway, China Metallurgical Group, and others, while those with growth rates above 20% include Jianfa Hecheng and Zhi Te New Materials [3][4]. - The report suggests that weak investment could lead to a valuation recovery for central state-owned enterprises in the construction sector, as current valuations are low with a PE ratio of 12.4X and a PB ratio of 0.82X as of October 10, 2025 [3][4]. Summary by Sections Investment Trends - Fixed asset investment growth has slowed, with infrastructure investment showing a year-on-year increase of 5.4% for the first eight months of 2025. The report notes that while manufacturing and real estate are under pressure, infrastructure investment remains relatively stable [3][4]. Profit Forecasts - The report provides a forecast for net profit growth rates for key companies in the industry, categorizing them into various growth ranges, with several companies expected to face profit pressures in 2025 [4]. Valuation Analysis - The report includes a valuation table for key companies in the construction industry, indicating their earnings per share (EPS), PE ratios, and projected net profit growth rates for 2024 to 2026. For instance, China Railway is projected to have a net profit decline of 17% in 2025, while Jianfa Hecheng is expected to see a significant increase of 45% [4].

Group 1 - Shenzhen Ruijie (SZ 300977) announced that as of September 30, 2025, the company has not repurchased any shares [1] - For the first half of 2025, Shenzhen Ruijie's revenue composition shows that professional technical services account for 99.78%, while other businesses account for 0.22% [1] - The current market capitalization of Shenzhen Ruijie is 2.8 billion yuan [2]