Group 1 - The core viewpoint of the article highlights that Tsinghua Design (SZ 300500) held its 12th meeting of the 5th board of directors on December 9, 2025, to discuss a proposal regarding the reduction of capital in a subsidiary and related transactions [1] - For the first half of 2025, Tsinghua Design's revenue composition was as follows: design consulting accounted for 79.98%, construction engineering for 12.63%, new energy and energy-saving for 3.92%, and others for 3.48% [1] - As of the time of reporting, Tsinghua Design had a market capitalization of 2.6 billion yuan [1]

Investment Rating - The report gives a "Buy" rating for Suzhou Planning, marking its first coverage [5]. Core Views - Suzhou Planning aims to acquire Dongjin Aviation Technology to enter the low-altitude economy sector, with a transaction price of 250 million yuan, and the acquisition has been approved by the shareholders [5][15]. - Dongjin Aviation is recognized as a pioneer in low-altitude digitalization, providing comprehensive solutions from airspace planning to air traffic management infrastructure [8][25]. - The acquisition is expected to create synergies, enhancing profitability and providing new solutions for urban three-dimensional planning [10][12]. Summary by Sections Company Overview - Suzhou Planning has a total share capital of 11.44 million shares, with a market capitalization of 2.48 billion yuan and a circulating market value of 1.62 billion yuan [2]. - The company has a debt-to-asset ratio of 27.94% and a net asset value per share of 8.38 yuan [2]. Acquisition Details - The acquisition of Dongjin Aviation involves issuing 10.873 million shares at 17.97 yuan per share, representing 8.68% of the post-transaction total share capital [5][18]. - Dongjin Aviation has committed to achieving net profits of no less than 15 million, 25 million, and 35 million yuan for the years 2026, 2027, and 2028, respectively [5][19]. Financial Analysis - Suzhou Planning's net profit for 2024 is projected at 29 million yuan, with a significant decline of 62.8% year-on-year [6]. - The report forecasts a net profit of 11 million yuan for 2025, with a recovery expected in 2026 and 2027, reaching 21 million and 25 million yuan, respectively [6][9]. - The expected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 220, 117, and 98, respectively [9]. Market Potential - The report highlights a significant market opportunity in the low-altitude economy, estimating a government-level market size in the hundreds of billions [10]. - Dongjin Aviation has a robust order backlog of 103 million yuan and is tracking contracts worth 760 million yuan [8][10]. Strategic Fit - The acquisition is seen as a strategic move to integrate ground and airspace planning capabilities, addressing industry pain points and aligning with the trends in low-altitude economic development [23][10]. - The report emphasizes the unique positioning of Suzhou Planning in the low-altitude digitalization sector post-acquisition, enhancing its competitive edge [10][12].

Group 1 - The company plans to invest 2 million yuan to establish a wholly-owned subsidiary, Anhui Jian Institute Lushi Development Co., Ltd., in Feixi County, Hefei City [1] - The investment was approved by the company's third board meeting on May 9, 2025, and does not require shareholder approval [1] - The purpose of this investment is to strengthen the company's operational capabilities in the construction and municipal design consulting market in Feixi County, enhancing its local market presence [1]

Core Viewpoint - The company has approved the 2022 Restricted Stock Incentive Plan, which involves granting up to 22.4068 million restricted shares to 102 individuals, representing 3.53% of the total share capital, at a price of 3.19 yuan per share [1] Group 1: Incentive Plan Approval - The board of directors has confirmed that the conditions for granting the restricted stock have been met, with the grant date set for February 21, 2022, for 21.7318 million shares to 99 recipients [2] - The total share capital of the company increased from 634.2096 million shares to 655.9414 million shares following the issuance of 21.7318 million shares [3] Group 2: Stock Repurchase and Adjustment - The company plans to repurchase 181,081 shares from two individuals due to their job changes, with the repurchase price adjusted to 2.5567 yuan per share [3] - The total number of restricted shares has been adjusted from 25.8971 million to 25.7039 million shares following the repurchase [5] Group 3: Performance Assessment and Unlocking Conditions - The first unlocking period for the restricted stock is set from March 3, 2025, to March 2, 2026, with performance metrics established for unlocking conditions [5] - The company achieved a net profit growth rate of 122%, exceeding the required 62%, and met other performance indicators necessary for unlocking [6] Group 4: Legal and Compliance Opinions - The remuneration and assessment committee has confirmed that the unlocking of shares complies with relevant laws and regulations, and the decision-making process was legal and compliant [9] - The supervisory board has validated the qualifications of the 98 recipients eligible for unlocking, affirming compliance with the incentive plan and legal requirements [10]