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。 一、与专业投资机构共同投资概述 为进一步深化产业布局，促进主营业务发展，2025 年 2 月 19 日，深圳瑞捷 技术股份有限公司（以下简称"公司""深圳瑞捷"）全资子公司深圳瑞云捷投资 有限公司（以下简称"深圳瑞云捷"）作为有限合伙人与普通合伙人兼执行事务 合伙人广济惠达投资管理（天津）有限公司及其他有限合伙人签署了《广州广建 科创业投资基金合伙企业（有限合伙）合伙协议》（以下简称"合伙协议""本 协议"），共同投资广州广建科创业投资基金合伙企业（有限合伙）（以下简称"广 州基金"或"合伙企业"），全体合伙人认缴规模为人民币 4,076 万元，其中，深 圳瑞云捷以自有资金出资人民币 1,000 万元,占总认缴规模的 24.53%。具体内容 详见公司于 2025 年 2 月 20 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关 于与专业投资机构共同投资的公告》。 证券代码：300977 证券简称：深圳瑞捷 公告编号：2025-025 深圳瑞捷技术股份有限公司 关于公司全资子公司与专业投资机构共同 ...

证券代码：300977 证券简称：深圳瑞捷 公告编号：2025-024 深圳瑞捷技术股份有限公司 关于使用暂时闲置超募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。 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 4 月 8 日召开第三届董事会第四次会议和第三届监事会第三次会议，于 2025 年 5 月 6 日 召开 2024 年年度股东大会，审议通过了《关于 2025 年使用暂时闲置超募资金进行 现金管理的议案》，同意公司在不影响正常生产经营且确保超募资金安全的前提下， 使用不超过人民币 2.50 亿元（含本数）暂时闲置的超募资金进行现金管理，用于 购买安全性高、流动性好、有保本约定的投资产品（包括但不限于结构性存款、通 知存款、协定存款、定期存款、大额存单、收益凭证等），使用期限为自股东大会 审议通过之日起 12 个月内。在上述使用期限及额度范围内，资金可循环滚动使用。 公司董事会、监事会、保荐机构均发表了明确同意的意见。具体内容详见公司 2025 年 4 月 10 日 在 中 国 证 监 会 指 定 ...

Core Viewpoint - Shenzhen Ruijie Technology Co., Ltd. has approved the use of temporarily idle raised funds for cash management, allowing up to RMB 250 million for investment in low-risk financial products to enhance overall performance and shareholder returns [2][4]. Group 1: Fund Management - The company will use no more than RMB 250 million of temporarily idle raised funds for cash management, ensuring the safety of these funds while not affecting normal operations [2][4]. - The investment products include structured deposits, notice deposits, and other low-risk financial instruments with high liquidity and capital protection [2][3]. Group 2: Approval Process - The proposal for cash management has been approved by the company's board of directors, supervisory board, and shareholders' meeting, with all parties expressing clear agreement [2][4]. - The investment decisions will adhere to relevant regulations and company bylaws to ensure proper management and oversight of the funds [2][4]. Group 3: Investment Products - The company has signed cash management agreements for several products, including: - A structured deposit with China Merchants Bank, amounting to RMB 141.5 million with an expected annual yield of 1.30% or 1.60% [2]. - A structured deposit with Bank of China, amounting to RMB 100 million with an expected annual yield of 0.85% or 2.00% [2]. - The investment products are selected based on their safety, liquidity, and the reputation of the issuing institutions [3].

证券代码：300977 证券简称：深圳瑞捷 公告编号：2025-023 深圳瑞捷技术股份有限公司 关于使用暂时闲置超募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。 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 4 月 8 日召开第三届董事会第四次会议和第三届监事会第三次会议，于 2025 年 5 月 6 日 召开 2024 年年度股东大会，审议通过了《关于 2025 年使用暂时闲置超募资金进行 现金管理的议案》，同意公司在不影响正常生产经营且确保超募资金安全的前提下， 使用不超过人民币 2.50 亿元（含本数）暂时闲置的超募资金进行现金管理，用于 购买安全性高、流动性好、有保本约定的投资产品（包括但不限于结构性存款、通 知存款、协定存款、定期存款、大额存单、收益凭证等），使用期限为自股东大会 审议通过之日起 12 个月内。在上述使用期限及额度范围内，资金可循环滚动使用。 公司董事会、监事会、保荐机构均发表了明确同意的意见。具体内容详见公司 2025 年 4 月 10 日 在 中 国 证 监 会 指 定 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - Infrastructure investment continues to show high growth, with significant increases in water, electricity, fuel, and thermal investments, as well as water conservancy investments, which have seen year-on-year growth rates of +25.5% and +30.7% respectively in the first four months of 2025 [1][2] - The issuance of special bonds has accelerated, with a cumulative increase of 1,190.4 billion yuan in special bonds in the first four months of 2025, an increase of 467.9 billion yuan year-on-year, leading to optimism about the conversion of physical workload in infrastructure [1] - The report emphasizes the cyclical investment opportunities in coal chemical industries and suggests paying attention to the transformation opportunities of certain small and medium-sized construction companies [1] Summary by Sections Real Estate and Construction Data - From January to April 2025, real estate sales area decreased by 2.8% year-on-year, with new construction area down by 23.8% and construction area down by 9.7% [2] - In the same period, the completion area saw a year-on-year decline of 16.9% [2] Cement Industry - Cement production in the first four months of 2025 was 495 million tons, a decrease of 2.8% year-on-year, with April's production down by 5.3% [3] - The average cement shipment rate was 36%, remaining stable year-on-year, but the price pressure continues due to weak market demand [3] Glass Industry - Flat glass production from January to April 2025 was 31.86 million weight boxes, down 4.8% year-on-year, with April's production also declining [4] - The market demand for float glass was weak, leading to increased inventory levels among producers [4]

Group 1: Business Focus and Development - The company will focus on four main directions: industry, stock, insurance, and overseas expansion, with key industries being telecommunications, chain operations, new energy, and biomedicine [2][3] - In Q1 2025, new orders signed amounted to approximately CNY 180 million, representing a year-on-year growth of over 20%, with total orders on hand reaching about CNY 500 million by April 30, 2025 [3] Group 2: Insurance Business Progress - The company is developing insurance products such as IDI (Engineering Quality Defect Insurance), comprehensive housing insurance, and safety insurance for small projects, with premium sources being government subsidies and developers [3][4] - The company has achieved a market share of approximately 80% in the South China region, with new orders from other regions increasing to about 40% in Q1 2025 [4] Group 3: Overseas Expansion and Strategic Initiatives - The company has initiated overseas projects in regions like Africa, Dubai, Malaysia, and Indonesia, providing on-site management and third-party evaluation services [3][4] - The company aims to leverage its wholly-owned subsidiary in Hong Kong to respond to the "Belt and Road" initiative and secure more overseas orders [3] Group 4: Technological Development and Market Positioning - Three models related to risk prediction and defect analysis have been developed and localized in regions such as Hainan, Guizhou, and Sichuan, enhancing service efficiency and quality [5] - The company is actively pursuing opportunities in domestic substitution amid trade tensions, with management conducting overseas research and hiring experienced personnel to improve business capabilities [5]

Group 1: Macro Insights - The Federal Reserve maintained interest rates and emphasized increasing uncertainty, with market expectations for rate cuts in June and July at 20% and 80% respectively, and a total of three cuts expected for the year [4] - The current economic environment presents a dual challenge of stagnation versus inflation, with short-term liquidity crises and long-term recession concerns [4] Group 2: TMT Sector Analysis - The TMT sector shows high levels of crowding, suggesting a cautious approach as the market may continue to favor lower-performing sectors [5] - The industry rotation model indicates that cyclical sectors like non-ferrous metals, steel, food and beverage, and building materials are in a strong trend with low crowding, while TMT remains crowded [5] Group 3: Coal Industry Overview - As of Q1 2025, the coal industry is experiencing a significant downturn, with coal prices returning to levels seen in early 2021, and the average price of Q5500 coal at 657 RMB/ton, down 111 RMB/ton since the beginning of the year [14][15] - The total profit of large coal enterprises in Q1 2025 was 803.8 billion RMB, a year-on-year decrease of 47.7%, with over half of coal companies reporting losses [17] - Major coal companies like China Shenhua and Shaanxi Coal have substantial cash reserves, indicating strong dividend-paying capabilities despite the industry's challenges [7][9] Group 4: Media Sector Performance - The media sector showed a significant recovery in Q1 2025, with notable performances in gaming and cinema, and a positive outlook for the year [22] - The film industry, particularly, is expected to benefit from a strong lineup of releases, although some major films underperformed [26] Group 5: Home Appliance and Electric Vehicle Industry - The electric two-wheeler market is expected to see growth driven by brand and channel advantages, with a projected increase in demand primarily from replacement sales [22][23] - The home appliance sector is focusing on expanding smart product offerings and enhancing international market presence, with significant revenue growth reported in smart home products [28] Group 6: Medical and Biopharmaceutical Sector - Companies like Xinhua Medical and Anjisi are showing steady growth, with Xinhua Medical reporting a slight increase in revenue and profit, while Anjisi's revenue grew by 25.14% in 2024 [36][38] - The biopharmaceutical sector is focusing on diversifying revenue streams and expanding into international markets, with significant growth expected in the coming years [35][40] Group 7: Investment Recommendations - Key recommendations include investing in leading coal enterprises like China Shenhua and Zhongmei Energy, as well as companies showing potential for recovery like Qinfa [19][20] - In the media sector, companies with strong content pipelines and market positions are recommended for investment [26]

Group 1 - The company's total revenue for 2024 was 470 million, a decrease of 4.4%, with the decline narrowing by 10 percentage points compared to 2023 [1] - The net profit attributable to the parent company was -30 million, a decrease of 163% from the previous year's profit of 40 million [1] - The company's comprehensive gross margin for 2024 was 36.6%, down 3.2 percentage points, primarily due to intense competition in the real estate evaluation market and rigid cost structures [1] Group 2 - The proportion of revenue from real estate clients has decreased from a peak of 90% to 46% by the end of 2024, indicating a shift towards optimizing customer structure [2] - The company has increased investment in key business areas such as industry and insurance, with revenues from these sectors growing by over 100% and 30% respectively in 2024 [2] - The company is exploring new application scenarios based on a "service + platform + data" model, establishing partnerships with emerging clients like Huazhu and Shangmei [2] Group 3 - The company expects net profits attributable to the parent company for 2025-2027 to be 42 million, 63 million, and 77 million respectively, with significant year-on-year growth rates [2] - The current stock price corresponds to price-to-earnings ratios of 60, 40, and 33 times for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is experiencing a revenue decline of 4.4% in 2024, with total revenue expected to reach 470 million, showing a narrowing decline compared to 2023 [1] - The net profit attributable to the parent company is projected to be -26 million, a significant drop of 162.8% year-on-year [4] - The company is shifting its business focus from "engineering consulting" to "comprehensive technical services," aiming to optimize its customer structure and reduce reliance on real estate clients [3] Financial Performance Summary - **Revenue**: In 2024, the company expects total revenue of 470 million, down 4.4% from 2023, with a quarterly breakdown showing a recovery in Q3 and Q4 [1] - **Net Profit**: The net profit attributable to the parent company is forecasted to be -26 million in 2024, with a significant year-on-year decline [4] - **Gross Margin**: The overall gross margin for 2024 is expected to be 36.6%, a decrease of 3.2 percentage points, primarily due to competitive pressures in the real estate evaluation market [2] - **Cash Flow**: The company anticipates a net cash inflow from operating activities of 414 thousand in 2024, a decrease from the previous year [2] Business Strategy and Customer Structure - The company has reduced its reliance on real estate clients, with their revenue share dropping from 90% to 46% by the end of 2024 [3] - New business areas such as industry and insurance have seen revenue growth of over 100% and 30% respectively [3] - The company is exploring new application scenarios based on a "service + platform + data" model, collaborating with emerging clients in various sectors [3] Future Projections - The company projects net profits of 42 million, 63 million, and 77 million for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [3] - Earnings per share (EPS) are expected to be 0.28, 0.42, and 0.51 yuan for the years 2025, 2026, and 2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is experiencing a revenue decline of 4.4% in 2024, but the decline is narrowing compared to 2023, indicating a potential recovery point in performance [1] - The company is transitioning from an "engineering consulting" model to a "comprehensive technical service" model, focusing on optimizing customer structure and reducing reliance on high-risk clients [3] - The company expects significant growth in net profit from 2025 to 2027, with projected increases of 264%, 51%, and 21% respectively [3] Financial Performance Summary - In 2024, the company achieved total revenue of 470 million, down 4.4% year-on-year, with a net profit attributable to shareholders of -26 million, a decline of 162.8% [4] - The gross margin for 2024 is 36.6%, down 3.2 percentage points, primarily due to intense competition in the real estate evaluation market and rigid cost structures [2] - The company reported a net profit margin of -5.5% in 2024, a decrease of 14 percentage points year-on-year [2] Business Segment Analysis - Revenue from third-party evaluations and project management was 280 million and 190 million respectively in 2024, with year-on-year changes of -12% and +10% [1] - The company has successfully reduced the proportion of revenue from real estate clients from 90% to 46% by expanding into industries such as insurance and overseas markets [3] Future Projections - The company forecasts total revenue of 526 million in 2025, representing a year-on-year growth of 12.1% [4] - The expected earnings per share (EPS) for 2025 is 0.28 yuan, with a projected price-to-earnings (P/E) ratio of 59.8 [4]