每经评论员 付克友 他进一步提出回归生态自然、强调天然质朴的"大脚美学"和"大脚革命"，批判过度人工化的"小脚主 义"审美观。他表示："所有用力过猛的'设计'，都是对生命的误读。"这一理念挑战了追求奇花异木、形 式至上的传统景观设计观念，引导行业重新审视什么才是健康、可持续的美。 这份宝贵遗产，是从理论构思到大地作品的实践行动的总结。 建筑学家不仅需要构建理论，更需要用作品说话。俞孔坚教授是建筑思想家，更是实践者。他创办 的"土人设计"已在全球200多个城市完成1000多个项目，将生态理念转化为可感知、可体验的实际景 观。 "我的探秘，才刚刚开始。"这是俞孔坚教授留给世界最后的告白。 9月23日，这位知名建筑学家、北京大学建筑与景观设计学院院长在巴西潘塔纳尔湿地遭遇坠机事故不 幸遇难，终年62岁。 当天，他个人的微信视频号发布了最后一段影像，记录了他在这个地球上最大天然湿地、"最后的伊甸 园"探索"海绵地球"的情景。 俞孔坚教授身穿红色T恤的背影，消失在潘塔纳尔的落日余晖中，但他给世间留下一份沉甸甸的遗产， 值得后继者汲取并发扬光大，去持续推进人类与自然的和谐共生之路。 这份宝贵遗产，是从"海绵城市"到"大脚 ...

每经头条（nbdtoutiao）——"25基点太少，50基点太多"：美联储降息"走钢丝"，"特朗普代言人"投下唯 一反对票 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，奥雅股份（SZ 300949，收盘价：41.4元）9月19日晚间发布公告称，公司第四届第十四次 董事会会议于2025年9月19日在公司会议室以现场结合通讯方式召开。会议审议了《关于取消召开2025 年第三次临时股东会的议案》等文件。 2025年1至6月份，奥雅股份的营业收入构成为：综合文旅占比50.01%，景观设计占比42.62%，其他业 务占比7.37%。 截至发稿，奥雅股份市值为25亿元。 ...

Group 1 - The core viewpoint of the news is that Aoya Design Co., Ltd. has seen a significant increase in its stock price, rising by 5.25% to 43.47 CNY per share, with a total market capitalization of 2.622 billion CNY [1] - Aoya's main business involves landscape design and EPC contracting, with revenue composition being 50.01% from comprehensive cultural tourism, 42.62% from landscape design, and 7.37% from other sources [1] - The company is located in Shenzhen, Guangdong Province, and was established on December 14, 2001, with its listing date on February 26, 2021 [1] Group 2 - Xinhua Fund has a significant holding in Aoya, with its Xinhua Small and Medium-sized Value Selection Mixed Fund (519097) holding 11,100 shares, representing 0.86% of the fund's net value, making it the second-largest holding [2] - The fund has achieved a year-to-date return of 40.61%, ranking 1406 out of 8174 in its category, and a one-year return of 55.91%, ranking 2419 out of 7981 [2] - The fund manager, Wang Yongming, has been in position for 8 years and 210 days, with the fund's total asset size at 266 million CNY [3]

Group 1 - The core viewpoint of the articles highlights the successful launch of the "Exploration Collection" series of digital collectibles by Aoya Co., Ltd., which exceeded expectations with 180,000 visits within one hour, leading to server issues that required urgent upgrades [1][2] - Aoya Co., Ltd. is rewarding investors with a limited number of "Extraordinary Partner Medals" NFTs, which can be claimed by investors who provide valid identification and stock purchase proof, aiming to strengthen the emotional connection and value bridge between the company and its investors [1][2] - The company is advancing its digital IP strategy by launching the "Supreme Classics" and "Legendary Pioneers" series of digital collectibles, focusing on the long-term value of cultural tourism IP and the integration of digital technology with the cultural tourism industry [2] Group 2 - Aoya Co., Ltd. has partnered with Shenzhen Qiyi Fire Technology Co., Ltd. to launch the first round of digital collectibles on the "Luojia Friends Club" platform, with membership registration providing opportunities for users to participate in the collection [2] - The digital IP upgrade strategy is a key initiative for Aoya Co., Ltd. to align with the trends of the digital economy, leveraging over 20 years of experience in the landscape design industry as the first listed company in this sector [2] - The establishment of the subsidiary JoyKey in May this year aims to promote IP transformation, creating a full-chain service model of "IP+O+EPC," and utilizing blockchain technology to provide unique digital identities for Aoya's original IPs through NFT issuance [2]

Group 1 - The core viewpoint of the news is that Aoya Co., Ltd. experienced a decline in stock price, with a drop of 5.03% to 40.19 CNY per share, resulting in a total market capitalization of 2.425 billion CNY [1] - Aoya Co., Ltd. is primarily engaged in landscape design and EPC contracting, with revenue composition being 50.01% from comprehensive cultural tourism, 42.62% from landscape design, and 7.37% from other sources [1] Group 2 - Xinhua Fund has a significant holding in Aoya Co., Ltd., with its Xinhua Small and Medium-sized Value Selection Mixed Fund (519097) holding 11,100 shares, accounting for 0.86% of the fund's net value, making it the second-largest holding [2] - The Xinhua Small and Medium-sized Value Selection Mixed Fund has achieved a year-to-date return of 38.18% and a one-year return of 45.94%, ranking 1063 out of 8191 and 2646 out of 7967 respectively in its category [2]

Financial Performance - The company reported a significant revenue growth driven by the EPC business and architectural design collaboration, with a focus on improving profitability despite pressure on gross margins [2][3] - For 2024, the revenue base is set at CNY 459 million, with a target growth rate of at least 10% for 2025 and 21% for 2026 [3] Strategic Goals - The company aims to enhance profitability by combining market expansion with cost reduction, while also managing cash flow effectively to mitigate liquidity risks [3] - The company plans to explore external growth opportunities while ensuring the competitiveness of its core business [3] Competitive Landscape - The design industry is facing intensified competition due to macroeconomic controls in the real estate market, necessitating higher standards for design firms [4][5] - The company’s competitive advantages include: - **Talent Advantage**: Over 1,200 employees with a focus on talent development and training [5][6] - **Brand Advantage**: Established a strong brand presence with 929 awards in the landscape design sector [5][6] - **Client Advantage**: Strong relationships with local governments and leading real estate developers [5][6] - **Innovation Advantage**: R&D investment of CNY 17.1 million, representing 7.6% of revenue, with numerous patents and software copyrights [6] Market Expansion Strategy - The company has established a design and service network across 22 cities in China, with recent expansions into Xinjiang and Hefei [7] - The company is committed to a "market year" strategy, focusing on increasing market penetration and collaboration with state-owned enterprises [7] Technological Collaboration - The partnership with Lingban Technology aims to integrate AI and AR into design processes, enhancing urban renewal and tourism experiences [8][9] - Future projects will focus on smart city updates and immersive tourism experiences through technology [8][9] Urban Renewal Initiatives - The company is actively involved in urban renewal and village renovation projects, leveraging over a decade of experience [9] - Recent acquisitions have strengthened the company’s capabilities in municipal engineering and comprehensive service offerings [9]

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - There were no changes in the controlling shareholder or actual controller during the reporting period [3] - The company has no preferred shareholders or related holdings during the reporting period [3] Group 2 - The report emphasizes the importance of reviewing the full semi-annual report for a comprehensive understanding of the company's operational results, financial status, and future development plans [1] - All directors attended the board meeting that reviewed the report [1] - The company does not require retrospective adjustments or restatements of previous accounting data [2]

Core Viewpoint - The financial report of Aoya Co., Ltd. for the first half of 2025 reveals a significant transformation in its business strategy, marked by a substantial increase in cash flow despite a decline in revenue, indicating a shift from traditional EPC contracting to urban value operation [2][7]. Group 1: Financial Performance - Aoya achieved a revenue of 197 million yuan in the first half of 2025, while the net cash flow from operating activities turned from a net outflow of over 90 million yuan in the same period last year to a net inflow of 527.6 million yuan, representing a year-on-year growth of 681.71% [2]. - The company’s strategic shift has resulted in over 500 million yuan in operating cash flow, which is not a one-time occurrence but a result of its ongoing transformation since 2024 [2][3]. Group 2: Strategic Transformation - Aoya is transitioning from a traditional "heavy asset EPC contractor" to a "city value operator" through its "O+EPC+IP+O" model, which integrates design, general contracting, branding, and operations [2][7]. - The company has successfully implemented innovative approaches in government-led projects, achieving high prepayment ratios through "operational pre-positioning + EPC general contracting + IP integration + long-term operation" [3]. Group 3: Core Business Adjustments - The two core businesses of Aoya, landscape design and comprehensive cultural tourism, experienced revenue declines of 41% and 983.3 million yuan respectively, yet maintained strong gross margins, with landscape design achieving a gross margin of 45.87% [3][5]. - Aoya has strategically chosen to abandon low-priced real estate landscaping in favor of urban renewal and public landscape projects, aligning with the industry's value creation logic [3]. Group 4: Alignment with National Policies - Aoya's strategic choices align with national policy directions, particularly the emphasis on urban renewal and improving living quality as outlined by the Ministry of Housing and Urban-Rural Development [4]. - The company has established deep collaborations with leading real estate firms to create benchmark projects that validate the effectiveness of its "design + operation" approach in enhancing real estate value [4]. Group 5: Cultural Tourism and IP Development - In the cultural tourism sector, Aoya's gross margin slightly decreased to 20.96%, yet it demonstrated resilience amid industry fluctuations, leveraging its brands to build a complete industry chain [5]. - The company is accelerating the nationwide replication of light-asset projects and has established JoyKey to focus on independent IP operation and commercialization, marking its evolution from a design service provider to a content operator in cultural tourism [5]. Group 6: Technological Innovation - Aoya is intensifying its investment in strategic emerging fields, particularly in the "AI + IP" dual-engine layout, with its self-developed UrbanFlow model being widely applied across multiple projects [6]. - The collaboration with Web3 technology company Qiyihuo to explore the tokenization of real-world assets (RWA) indicates a commitment to integrating digital assets with physical consumption [6]. Conclusion - Aoya's mid-2025 report reflects a balance of reductions in revenue and increases in cash flow and strategic clarity, positioning the company to thrive in urban renewal, IP operation, and AI innovation, moving towards becoming a creator of valuable urban experiences rather than relying solely on the real estate cycle [7].

Company Summary - Aoya Co., Ltd. announced a provision for asset impairment losses totaling approximately RMB 15.34 million, which will reduce the company's total profit for the first half of 2025 by the same amount, thereby affecting the equity attributable to the parent company [1] - The asset impairment provision aims to more accurately reflect the company's financial status, asset value, and operational results as of June 30, 2025 [1] - As of the report date, Aoya Co., Ltd. has a market capitalization of RMB 2.6 billion [1] Revenue Composition - For the year 2024, Aoya Co., Ltd.'s revenue composition is as follows: landscape design accounts for 52.16%, comprehensive cultural tourism accounts for 40.37%, and other segments account for 7.47% [1]

Group 1 - The latest stock price of Aoya Co., Ltd. is 41.39 yuan, up 0.27% from the previous trading day, with a trading volume of 9,199 hands and a transaction amount of 0.38 billion yuan [1] - Aoya Co., Ltd. operates in the engineering consulting service sector, with revenue structure in 2024 showing landscape design accounting for 52.16% and comprehensive cultural tourism accounting for 40.37% [1] - Recently, Aoya Co., Ltd. won the bid for the Guangzhou Kangfang Clinical Research and Operation Asia-Pacific Headquarters project, which aims to create a headquarters park integrating office and ecological healing functions [1] Group 2 - On August 4, the net outflow of main funds was 439.20 million yuan, with a cumulative net outflow of 1,567.08 million yuan over the past five days [1] - The company appointed Ke Qi as the head of internal audit on July 31 [1]