广州地铁设计研究院股份有限公司（以下简称"上市公司"）于2025年7月11日收到深圳证券交易所上市 审核中心下发的《关于发行股份购买资产并募集配套资金申请的审核问询函》后，广东司农会计师事务 所（特殊普通合伙）对问询函涉及的标的资产业绩情况、合同资产、客户供应商及配套募集资金等问题 进行了专项核查并出具回复意见。核查结果显示，标的资产主营业务具备可持续性，境外业务及关联交 易定价公允，合同资产减值计提充分，募集资金用途已进行调整。 标的资产业绩可持续性获支撑 轨道交通领域收入占比超八成 公告显示，标的资产主要为城市轨道交通、市政、建筑等领域提供工程监理等专业技术服务，报告期内 收入高度集中于轨道交通领域。2023年度、2024年度及2025年1-6月，轨道交通领域收入占比分别为 81.02%、82.20%和84.84%，市政建设领域占比约10%，其他业务占比不足5%。 从地域分布看，标的资产深耕广东省市场，报告期内省内收入占比分别为82.01%、75.61%，境外（中 国澳门）收入占比逐年提升，2024年度达12.09%。财务数据显示，广东省内轨道交通领域固定资产投 资额由2013年的385.30亿元增至20 ...

Core Viewpoint - The company, Zhongda An Co., Ltd., is facing challenges with negative net profit and declining gross margins due to increased competition and macroeconomic factors, but it is taking measures to enhance its operational efficiency and capitalize on new opportunities in the engineering consulting industry [2][3][4]. Financial Performance - The company's net profit attributable to the parent company has been negative for the years 2022 to 2024, with figures of -181.69 million, -7.74 million, and -47.95 million respectively [2]. - Gross margins have decreased from 27.45% in 2022 to 16.97% in 2024, attributed to heightened competition and rising costs in the engineering consulting sector [3]. - The asset-liability ratio has increased significantly from 55.33% in 2022 to 70.69% in 2024, indicating rising debt levels and financial pressure [4]. Operational Challenges - The company is experiencing a decline in revenue from its engineering supervision business due to market saturation and economic slowdowns, but it maintains a strong order reserve and a capable workforce [2]. - The company has implemented strategies to improve service quality, adjust market strategies, and optimize organizational structure to enhance efficiency [2]. Accounts Receivable and Bad Debt Provisions - As of June 30, 2025, the company reported accounts receivable of 231.33 million, with 45.29% aged over one year, and contract assets of 788.02 million, with 61.35% aged over one year [5]. - The company has adequately provisioned for bad debts, with a provision rate of 30.34% for contract assets, which is higher than the industry average [5]. Related Party Transactions - The company has engaged in transactions with its controlling shareholder, Licheng Holdings, for consulting services, which are deemed necessary and fair, although changes in control may affect future transactions [7]. Investment Strategy - The company’s investments in other entities are strategically aligned for business collaboration rather than classified as financial investments, indicating a focus on operational synergies [8]. Revenue and Gross Margin Verification - The company’s internal controls regarding revenue recognition have been verified as effective, with no significant or abnormal changes in revenue or gross margins reported [9].