Group 1: Research Basic Information - The research object is Metro Design, belonging to the engineering consulting service industry, and the reception time was on July 9, 2025. The listed company's receptionist was Sun Yihan from Metro Design [17] Group 2: Detailed Research Institutions - The receiving object type is institutional relevant personnel, and the receiving object is Kaiyuan Securities, a securities company, with Hu Yaowen [20] Group 3: Main Content Issuance of shares to purchase assets - The company plans to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. held by Guangzhou Metro by issuing shares and raise supporting funds to integrate engineering consulting businesses such as survey and design, planning and consulting, and engineering supervision. The transaction consideration is about 511 million yuan, and the injection of relevant assets is expected to further increase the company's operating performance in future years. The transaction has been reviewed and approved by the company's board of directors and shareholders' meeting and is now reported to the exchange for acceptance [24] Reasons for the decline in Q1 performance - The company's Q1 operating performance fluctuated due to the long - cycle of rail transit survey and design projects, different gross margins at different stages of projects, and the impact of specific project progress. Also, the depreciation increased after the Metro Design Building was put into use, leading to higher costs and expenses [24] Asset impairment situation - The company accrues and reverses asset impairment provisions according to actual collection periods and subsequent collections. The Q1 asset impairment accrual increased year - on - year due to factors like the macro - economy and slower collection progress. However, the company's clients have good credit and strong solvency, and the long - term collection risk is relatively small [24][25] Gross margin situation - The company's gross margin fluctuates within a normal range. In 2024, the gross margin of the survey and design business increased because some projects reached the revenue recognition node and the company's cost - control measures were effective [26] Low - altitude economy business - The company actively explores the innovative integration of rail transit and the low - altitude economy. In 2024, it cooperated with the owner to formulate the infrastructure layout plan for "rail transit + low - altitude" in Guangzhou, signed a strategic cooperation framework agreement, and won relevant projects. Recently, it won the "UAV inspection service project for the protection area of Changsha Metro Line 6" [26] Overseas business expansion - The company attaches great importance to overseas business expansion, established an overseas business department, and is based in Hong Kong and Macao to expand business in countries and regions such as Vietnam and Singapore. In 2024, it won the design project of the high - and low - voltage transformation project of the Hong Kong MTR and advanced the project management consulting service in Macao. Recently, it signed a technical consulting service contract for Belgrade Metro Line 1 in Serbia [27] Future dividend plan - According to the company's articles of association and the "Three - year (2024 - 2026) Shareholder Dividend Return Plan", the company will distribute no less than 30% of the distributable profit of the current year in cash under relevant conditions. In the future, it will maintain a stable dividend policy [27]

Group 1: Company Overview and Performance - The company experienced a decrease in new contracts for 2024 due to external market conditions and the approval cycle for rail transit projects, but has sufficient existing orders with stable contract conversion [1] - The engineering general contracting business has increased its share in 2024, primarily due to growth in civil defense engineering and the operation of energy-saving projects for rail transit air conditioning systems [1][2] Group 2: Financial Performance and Challenges - The company's first-quarter performance showed fluctuations, attributed to the long project cycles in rail transit design and increased depreciation costs from the new subway design building, leading to a decline compared to previous years [3] - The company aims to enhance operational efficiency and control costs to stabilize performance and provide returns to investors [3] Group 3: Future Growth Strategies - Future growth will focus on optimizing core rail transit design services, developing new business areas such as TOD, general contracting, underground space development, and municipal projects, as well as expanding into overseas markets [4] - The company plans to promote the industrialization of research results and engage in mergers and acquisitions to enhance core competitiveness and achieve further growth [4] Group 4: Dividend Policy - The company plans to distribute at least 30% of its distributable profits as cash dividends annually from 2024 to 2026, considering operational conditions and future development plans [6]