中衡设计总经理变更，业绩下滑与估值偏高引关注

Group 1: Management Changes - The company held a board meeting on February 3, 2026, to approve the change of general manager. Zhang Jin resigned from the position but will continue as chairman and chief engineer, while Lu Jianglong was appointed as the new general manager [2] - The company stated that this management change will not affect daily operations [2] Group 2: Recent Company Performance - As of January 12, 2026, the company's static price-to-earnings ratio was 78.74, and the rolling price-to-earnings ratio was 99.24, both exceeding the average levels in the professional technical services industry [3] - For the first nine months of 2025, the company reported revenue of 778 million yuan, a year-on-year decline of 15.36%, and a net profit attributable to shareholders of 56.27 million yuan, down 15.85% year-on-year [3] - The controlling shareholder's concerted action party, Suzhou Industrial Park Zhongheng Hengli Industrial Investment Co., Ltd., reduced its holdings by 1.75 million shares on January 8, 2026 [3] Group 3: Business Development - The company is actively expanding into urban renewal, green building, AI, and BIPV sectors, and has won multiple design projects for high-end manufacturing bases in commercial aerospace [4] - However, for the first nine months of 2025, revenue from commercial aerospace-related projects accounted for only 0.39% of total revenue, and the associated company, Zhihang Technology, is still in a loss-making state, which does not significantly impact operational earnings [4] - The revenue scale from these new business areas is relatively small, and attention should be paid to the subsequent order fulfillment [4]