Group 1 - Shenzhen Ruijie (SZ 300977) announced an investor research meeting scheduled for August 29, 2025, from 15:00 to 16:00, with participation from key executives including the chairman and financial director [1] - For the first half of 2025, Shenzhen Ruijie's revenue composition was 99.78% from professional technical services and 0.22% from other businesses [1] - As of the report date, Shenzhen Ruijie's market capitalization was 2.9 billion yuan [1]

Strategic Overview - The company has launched the "X3 Strategy" to drive high growth from 2025 to 2027, focusing on three main sectors: large infrastructure, new insurance, and new industries [2][3] - The "X3 Strategy" aims to transform the company into a digital platform through advanced technology [3] Strategic Goals - Five key strategic upgrades include: 1. Transitioning from construction consulting to professional technical services (TIC) [3] 2. Expanding business model to include energy, new consumption, insurance, and large infrastructure sectors [3] 3. Shifting from a service + platform + data model to a service + platform + product integrated solution [3] 4. Moving from a labor-intensive model to a technology-driven approach [3] 5. Balancing internal growth with external mergers and acquisitions [3] Investment and R&D - The company plans to focus on investment and acquisitions under the "X3 Strategy," utilizing AI and new technologies for business enhancement [4] - R&D investment for H1 2025 was 15.23 million yuan, showing a slight increase year-on-year [5] - The company is collaborating with Hong Kong University of Science and Technology on a project that significantly improves efficiency in building inspections [5] Customer Structure and Revenue - In H1 2025, new customer contracts increased, with revenue from industrial and insurance clients rising by 13.72% and 46.79% respectively, while real estate client revenue dropped to 40.03% [6] Employee Incentives - The employee stock ownership plan has a 12-month lock-in period, while the stock incentive plan has a 36-month lock-in period, targeting different employee groups [6] - Total cost for the employee stock ownership plan is 4.78 million yuan, while the stock incentive plan's total cost over three years is 17.35 million yuan [7]

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]

Investment Rating - The report maintains a "Buy" rating for Shenzhen Ruijie, with a target price not specified [6]. Core Views - The company experienced a slight revenue decline of 4% year-on-year in H1 2025, with total revenue reaching 200 million. However, the net profit attributable to shareholders increased significantly by 80% to 19 million, driven by increased fair value gains and the reversal of credit impairment losses [1]. - The company has implemented an employee stock ownership plan and stock incentive plan, indicating strong confidence in future growth. The performance targets for 2025-2026 include revenue not less than 450 million, 600 million, and 800 million, or net profit not less than 45 million, 60 million, and 80 million respectively [2]. - The customer structure is continuously optimized, with a notable decrease in revenue from real estate clients, which now account for 40.03% of total revenue. New client acquisition is on the rise, particularly in the industrial and insurance sectors, with revenue growth of 13.72% and 46.79% respectively [3]. - The company reported a comprehensive gross margin of 36.5% in H1 2025, with a net profit margin of 9.7%, reflecting a year-on-year increase of 4.38 percentage points. Cash flow improved, with a net cash outflow of 48 million, which is 11 million less than the previous year [4]. Financial Data Summary - For 2025, the company is projected to achieve a revenue of 479.49 million, with a growth rate of 2.05%. The net profit attributable to shareholders is expected to be 47.12 million, with a significant growth rate of 283.60% [5]. - The company has a total market capitalization of approximately 2.94 billion, with a circulating market value of about 1.83 billion. The total share capital is 152.23 million shares, with a net asset value per share of 9.05 [7].

Core Insights - The company reported a total operating revenue of 200 million yuan, ranking 29th among disclosed peers, with a year-on-year decrease of 8.59 million yuan, representing a decline of 4.11% compared to the same period last year [1] - The net profit attributable to the parent company was 19.01 million yuan, with a negative cash flow from operating activities amounting to -47.85 million yuan, ranking 23rd among peers [1] Financial Performance - The latest debt-to-asset ratio is 7.53%, which is an increase of 1.08 percentage points from the previous quarter [3] - The latest gross profit margin is 36.50%, down by 0.33 percentage points compared to the same period last year [4] - The return on equity (ROE) is reported at 1.38% [4] - The diluted earnings per share (EPS) is 0.12 yuan [5] - The total asset turnover ratio is 0.13 times, ranking 23rd among peers, remaining flat year-on-year but down by 0.59% compared to the same period last year [5] - The inventory turnover ratio is 103.73 times, a decrease of 259.82 times compared to the same period last year, representing a decline of 71.47% [5]

Core Viewpoint - Shenzhen Ruijie announced a share buyback plan with a maximum amount of 17.84 million yuan and a maximum price of 29.74 yuan per share, which is 57.02% higher than the current price of 18.94 yuan [1] Group 1: Company Overview - Shenzhen Ruijie Technology Co., Ltd. was established on April 12, 2010, and listed on April 20, 2021 [1] - The company is located in Longgang District, Shenzhen, Guangdong Province, and its main business includes third-party evaluation, management, and consulting services for construction projects [1] - The revenue composition of the company is as follows: 57.84% from third-party evaluation, 41.44% from project management, and 0.72% from other services [1] Group 2: Financial Performance - As of August 20, the number of shareholders of Shenzhen Ruijie was 8,674, an increase of 0.78% from the previous period [2] - The average circulating shares per person decreased by 0.77% to 10,923 shares [2] - For the first half of 2025, the company achieved an operating income of 200 million yuan, a year-on-year decrease of 4.11%, while the net profit attributable to shareholders increased by 79.58% to 19.01 million yuan [2] Group 3: Shareholder and Dividend Information - Since its A-share listing, Shenzhen Ruijie has distributed a total of 127 million yuan in dividends, with 38.72 million yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders saw the exit of the CCB Trend Mixed A fund from the list [3]

2.本次员工持股计划的内容符合《公司法》《证券法》《指导意见》《自律 监管指引第 2 号》等有关法律、法规及规范性文件的规定，程序合法、有效。 3.公司在本次员工持股计划推出前已通过职工代表大会依法充分征求员工 意见，董事会、监事会在审议本员工持股计划时，关联董事、关联监事已根据相 关规定回避表决，审议本次员工持股计划相关议案的决策程序合法、有效。亦不 存在损害公司及全体股东利益的情形，亦不存在摊派、强行分配等方式强制员工 参与本次持股计划的情形。 4.公司董事会认为本次员工持股计划拟定的持有人名单均符合《指导意见》 《自律监管指引第 2 号》等相关法律、法规规定的持有人条件，符合本次员工持 股计划规定的持有人范围，其作为公司本次员工持股计划持有人的主体资格合 法、有效。 5.本次员工持股计划的实施有利于建立和完善员工与股东的利益共享机制， 改善公司治理水平，提高员工的凝聚力和公司竞争力，调动员工的积极性和创造 性，促进公司长期、持续、健康发展，不存在损害公司及全体股东利益的情形。 综上所述，董事会认为公司实施本次员工持股计划符合《指导意见》《自律 监管指引第 2 号》等相关规定。 深圳瑞捷技术股份有限公司董 ...

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 2025 年员工持股计划 （草案）摘要 二〇二五年八月 深圳瑞捷技术股份有限公司 2025 年员工持股计划（草案）摘要 声明 本公司及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担 法律责任。 1 深圳瑞捷技术股份有限公司 2025 年员工持股计划（草案）摘要 风险提示 一、公司员工持股计划须经公司股东大会通过后方可实施，本次 员工持股计划能否获得公司股东大会批准，存在不确定性。 二、有关本次员工持股计划的具体资金来源、出资金额、实施方 案等属初步结果，能否完成实施，存在不确定性。 三、若员工认购资金较低，则本次员工持股计划存在不能成立的 风险；若员工认购资金不足，本次员工持股计划存在低于预计规模的 风险。 四、公司后续将根据规定披露相关进展情况，敬请广大投资者谨 慎决策，注意投资风险。 2 深圳瑞捷技术股份有限公司 2025 年员工持股计划（草案）摘要 特别提示 一、深圳瑞捷技术股份有限公司（以下简称"深圳瑞捷"或"公 司"）2025 年员工持股计划（以下简称"本次员工持股计 ...

深圳瑞捷技术股份有限公司 2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 法定代表人：黄新华 主管会计工作负责人：郑琦 会计机构负责人：黄晟 | 其它关联资金 | | 往 来 方 与 | 上 上 市 公 司 核 | 2025 年 | 期 2025 | 年半年度往 | 2025 年半年度 | 2025 | 年半年 2025 | 年半年 | 往来形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 往来 | 资金往来方名称 | 市 公 司 的 | 关 算 的 会 计 科 | 初 往 来 | 资 | 来累计发生金额 | 往来资金的利 | 度 偿 | 还 累 计 度 | 期 末 往 来 | 原因 | 往来性质 | | | | 联关系 | 目 | 金余额 | | (不含利息) | 息(如有) | 发生金额 | | 资金余额 | | | | 控股股东、实际 控制人及其附 | | - | - - | | - | | - | - | - | - | - | - | | 属企业 | | - ...