Core Viewpoint - The company, Zhonggong International, is focusing on upgrading traditional industries and developing emerging strategic industries, with no current involvement in stablecoins or charging pile businesses [1]. Group 1: Company Operations - The company has a strong technical advantage in airport logistics design consulting, covering the top twenty airports in China by passenger throughput [1]. - Zhonggong International has participated in various projects in industrial engineering and transportation engineering, including shipyards and port terminals, as part of its involvement in international capacity cooperation [1]. Group 2: Market Activity - On July 8, the company's stock closed at 8.56 yuan, with a slight increase of 0.35%, a turnover rate of 1.12%, a trading volume of 138,000 shares, and a transaction amount of 118 million yuan [1]. - The net outflow of main funds on July 8 was 21.87 million yuan, while speculative funds saw a net inflow of 15.47 million yuan, and retail investors had a net inflow of 6.41 million yuan [1].

一、核查的范围与程序 买卖公司股票情况，中国证券登记结算有限责任公司深圳分公司已出具《信息披露义务 人持股及股份变更查询证明》和《股东股份变更明细清单》。 二、核查对象买卖公司股票情况 限定内幕信息知情人范围，采取相应保密措施。公司已将本激励计划的商议筹划、论证 咨询、决策讨论等阶段的内幕信息知情人进行登记，内幕信息知情人严格控制在《内幕 信息知情人登记表》登记的人员范围，未发现信息泄露情况。 证券代码：300844 证券简称：山水比德 公告编号：2025-038 广州山水比德设计股份有限公司 关于 2025 年股票期权激励计划内幕信息知情人买卖公司股票情况的 自查报告 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。 广州山水比德设计股份有限公司（以下简称"公司"）于 2025 年 6 月 27 日公告实 施 2025 年股票期权激励计划（以下简称"本激励计划"），根据《上市公司股权激励 管理办法》《深圳证券交易所创业板上市公司自律监管指南第 1 号—业务办理》《2025 年股票期权激励计划（草案）》的规定，公司对相关内幕信息知情人在本激励计划公开 披露前 6 ...

Core Viewpoint - The company plans to repurchase its shares using self-owned or raised funds, with a total repurchase amount between RMB 225 million and RMB 450 million, aimed at implementing equity incentives or employee stock ownership plans [1] Group 1: Share Repurchase Plan - The company convened its board and supervisory meetings on April 27, 2025, to approve the share repurchase plan [1] - The maximum repurchase price per share has been adjusted from RMB 127.91 to RMB 91.33 [1] Group 2: Progress of Share Repurchase - As of June 30, 2025, the company repurchased 686,516 shares, accounting for 0.35% of the total share capital [2] - The total amount spent on the repurchase was approximately RMB 46.20 million, with the highest transaction price at RMB 69.14 and the lowest at RMB 64.20 per share [2] Group 3: Loan Commitment - The company received a loan commitment from CITIC Bank Chengdu Branch for a maximum of RMB 300 million, specifically for the share repurchase, with a loan term not exceeding 36 months [2] Group 4: Compliance and Future Plans - The share repurchase activities comply with relevant regulations and the company's established plan [3] - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations as required by law [3]

Group 1 - The core point of the article is the commencement of initial operations for the northern section of the Huangpu District Tram Line 2, which is managed by Metro Design [1] Group 2 - The specific segment of the tram line that has opened runs from Xiangxue Station to Kaiyuan Avenue East Station [1]

Core Viewpoint - The announcement details the resignation of the chairman of the supervisory board of Zhongheng Design Group due to retirement and the nomination of a new candidate for the supervisory board [1] Group 1: Supervisory Board Changes - The supervisory board of Zhongheng Design Group held its 11th meeting of the 5th session, complying with relevant laws and regulations [1] - Chairman Liao Chen resigned from his position due to personal retirement reasons [1] - Xu Tiantian has been nominated as a candidate for the non-employee representative supervisor, pending approval at the shareholders' meeting [1] Group 2: Voting Results - The voting results for the nomination were 3 votes in favor, 0 votes against, and 0 abstentions [1] Group 3: Candidate Profile - Xu Tiantian, born in 1981, is a member of the Communist Party and holds a bachelor's degree in management from Suzhou University [1] - She possesses professional qualifications as a national salary tax expert, a level two human resources manager, and a corporate culture expert [1] - Xu has previously served as the employee department manager at Jiangsu Ouso Software Co., Ltd. and currently holds the position of HR and Administration Director at the company [1]

Group 1 - The rules aim to standardize the behavior of China Communications Design Consulting Group Co., Ltd. and enhance the role of independent directors in corporate governance [1] - Independent directors must not hold any other positions in the company and should have no direct or indirect interests that could affect their independent judgment [1][2] - At least one-third of the board members must be independent directors, including at least one accounting professional [2] Group 2 - Independent directors have a duty of loyalty and diligence to the company and all shareholders, and they must fulfill their responsibilities according to relevant laws and regulations [2] - Independent directors must undergo an annual self-assessment of their independence and submit the results to the board [3] - Candidates for independent directors must meet specific legal and regulatory requirements, including having no significant business relationships with the company [4][5] Group 3 - Independent directors are required to participate in board decisions and provide professional advice to enhance decision-making quality [7][8] - They have special rights, including the ability to independently hire intermediaries for audits or consultations [8] - Independent directors must attend board meetings in person or delegate another independent director if unable to attend [9] Group 4 - The company must provide necessary working conditions and support for independent directors to fulfill their duties [33] - Independent directors should receive equal access to information as other board members and be kept informed about the company's operations [34] - The company is responsible for covering the costs incurred by independent directors when hiring intermediaries [37] Group 5 - Independent directors' remuneration should be commensurate with their responsibilities and approved by the board and shareholders [39] - The rules will take effect upon approval by the shareholders' meeting, and any amendments must also be approved [41][42]

Core Viewpoint - The company has announced the additional repurchase terms for its convertible bonds, allowing bondholders to sell back their bonds under specific conditions, particularly if there are significant changes in the use of raised funds [2][6]. Summary by Sections Repurchase Overview - The company held a bondholders meeting on May 15, 2025, to discuss the repurchase of "Huayang Convertible Bonds" [2]. - The repurchase right is triggered if there are significant changes in the implementation of the investment projects compared to the commitments made in the prospectus [2]. Repurchase Price - The repurchase price is set at 101.644 CNY per bond, which includes interest and tax [5]. - The interest calculation for the bonds is based on a formula that considers the principal amount, interest rate, and the number of days [3]. - The applicable interest rate for the current period is 2.00%, and the interest for the repurchase period is calculated to be 1.644 CNY per bond [4][5]. Other Details - Bondholders can choose to sell back all or part of their bonds, and the repurchase is not mandatory [6]. - The repurchase period is from May 26 to May 30, 2025, during which bondholders must submit their repurchase requests [8]. - The company will publish announcements regarding the repurchase in designated media outlets [7]. Repurchase Process and Payment - The company will process repurchase payments through the China Securities Depository and Clearing Corporation [8]. - The funds will be credited to investors' accounts by June 9, 2025, following the repurchase [8]. Trading and Conversion During Repurchase Period - The "Huayang Convertible Bonds" will continue to be traded during the repurchase period, but conversion to shares will be suspended [9].

Summary of the Conference Call for China Communications Design (中交设计) Company Overview - **Company**: China Communications Design (中交设计) - **Industry**: Engineering and Design Services Key Financial Performance - **2024 Revenue**: Decreased due to the divestment of engineering contracting business, but net profit attributable to shareholders reached 1.751 billion yuan, with a weighted average return on equity of 13% [2][4] - **2024 Gross Margin**: Improved to 29.3%, an increase of 2.2 percentage points year-on-year [4] - **Debt Ratio**: Reduced to 50%, indicating an optimized financial structure [2][4] - **Q1 2025 Performance**: New contracts signed amounted to 5.35 billion yuan, a 7% year-on-year increase; revenue was 1.67 billion yuan, with a net profit of 100 million yuan [5] Business Strategy and Future Growth - **Focus Areas**: - Upgrading core business in smart transportation and digital engineering management [6] - Enhancing high-end consulting services [6] - Expanding into emerging sectors like low-altitude economy and new energy infrastructure [6] - Increasing overseas business, targeting a growth in overseas revenue to 40%-50% [3][17] - **Integration of AI**: AI technology has been deeply integrated into operations, significantly enhancing productivity in design tasks [16] Market Dynamics and Industry Trends - **Order Growth**: Anticipated order growth of 3% in 2024 and 7% in 2025, supported by national market layout and central enterprise system regulation [2][11] - **Low-altitude Economy**: The sector has cooled in 2025 due to the need for improved safety management and market demand not yet reaching scale [12][14] - **Impact of National Policies**: The introduction of a 2 trillion yuan debt relief policy is expected to improve the financial situation of the industry, although its effects on the design sector are still to be observed [18] Competitive Landscape - **Internal Competition**: Minimal internal competition within the group, as the design institutes cover all relevant business areas [8] - **Order Acquisition**: Orders are primarily obtained through partnerships with engineering bureaus in a joint bidding model [9] Challenges and Considerations - **Integration of External Design Companies**: Difficulty in integrating external design companies into the group due to their high proportion of contracting business [10] - **Financial Pressure on Local Governments**: Ongoing financial strain on local governments may slow down the recovery of large projects and infrastructure investments [18] Outlook - **2025 Goals**: Aim for stable profits with a target of 3% profit growth, while maintaining a minimum dividend payout ratio of 30% to protect shareholder interests [20] - **New Five-Year Plan**: Anticipated increase in order volume due to the transition from the 14th to the 15th Five-Year Plan [19]

Core Viewpoint - The company has recently received multiple bid notifications for various projects, indicating a strong position in the market and potential revenue growth opportunities [1] Project Summaries - The company won the bid for the Anhui Jiaokong Group's 2025 Annual Service Area Comprehensive Renovation and Upgrade Project (EPC) with a bid amount of approximately 133 million yuan [1] - The company secured the feasibility study and preliminary design for the G36 Ningluo Expressway expansion project with a bid amount of 45.3 million yuan [1] - The company was awarded the feasibility study, preliminary design, and design consulting for the Ring Jiuhua Mountain Expressway Project (first section) with a bid amount of 32.8 million yuan [1] - The company won the bid for the survey design and design consulting for the Jiuhua River Navigation Channel Improvement Project (first section) with a bid amount of 32.68 million yuan [1] - The company received the bid for the G85 Yinkun Expressway and G93 Chengyu Ring Expressway expansion project with a bid amount of 31.0652 million yuan [1] - The company was awarded the center laboratory project for the S40 Ningguo to Zongyang Expressway with a bid amount of 18.4283 million yuan [1] - The company secured the design for the G345 Jiangdianzi to Xisanthipu section with a bid amount of 16.6 million yuan [1] - The company won the construction supervision for the G3 Jing-Tai Expressway expansion project with a bid amount of 14.8028 million yuan [1] - The company received the bid for the survey design and design consulting for the Qiu Pu River connecting the Yangtze River first-class navigation channel project (first section) with a bid amount of 26.98 million yuan, of which the company's share is 14.0296 million yuan [1] - The company was awarded the construction supervision for the S40 Ningguo to Zongyang Expressway with a bid amount of 13.8622 million yuan [1] - The company secured the construction supervision for the first phase of the S24 Hangzhou to Hefei Expressway with a bid amount of 12.5020 million yuan [1] - The company won the quality inspection service for the center laboratory of the S24 Hangzhou to Hefei Expressway with a bid amount of 12.3260 million yuan [1] - The company received the center laboratory project for the Dongzhi to Poyang Expressway with a bid amount of 12.0901 million yuan [1] - The company was awarded the construction supervision for the Dongzhi to Poyang Expressway with a bid amount of 11.6398 million yuan [1] - The company secured the preliminary consulting service for the Huan Shan County General Airport with a bid amount of 3.7556 million yuan [1]

Group 1: Company Strategy and Operations - The company acquired Guangxi Hualan Hydropower Engineering Design Co., Ltd. in 2023, focusing on water conservancy-related construction design and consulting services. Future mergers and acquisitions will be conducted steadily in line with the company's strategic planning [3]. - The company is emphasizing traditional business areas such as urban renewal and building repair, while also focusing on livelihood projects, including affordable housing and water infrastructure [3]. - In 2024, the company established a joint venture with Keshun Waterproof Technology Co., Ltd. to form the Hualan-Keshun Building Repair Division, targeting old community renovations and area updates [3]. Group 2: Financial Performance and Growth - The company’s contract energy management business saw significant growth in 2024, with a total contract signing amount of CNY 21.9451 million, a year-on-year increase of 166% [3]. - The company’s subsidiary, Guangdong Hualan Energy Development Co., Ltd., has connected projects totaling 97.97 MW to the grid, a substantial increase compared to the previous year [4]. - New signed distributed photovoltaic projects reached 90 MW, with cumulative electricity revenue of approximately CNY 34.86 million in 2024 [4]. Group 3: International Expansion - The company is actively expanding its presence in Southeast Asia under the "Belt and Road" initiative, focusing on infrastructure construction and industrial park development in countries like Cambodia and Laos [3]. - The company has engaged in several international projects, including the KSP Sugar Factory in Thailand and the BELES-1 Sugar Factory in Ethiopia, establishing a comprehensive project construction chain [3]. - An international business division was established in Cambodia in 2025 to enhance localized operations and improve service capabilities in overseas markets [4]. Group 4: Renewable Energy Initiatives - The financing cost for photovoltaic projects is relatively low, and the company has developed comprehensive capabilities in investment, design consulting, and engineering contracting for renewable energy projects [4]. - In 2024, the subsidiary Hualan Design (Group) Co., Ltd. undertook 50 renewable energy design projects, with a total contract amount of approximately CNY 25.59 million, reflecting a year-on-year increase of 145% [4].