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].

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]

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 ...