Group 1: Asset Acquisition and Financial Performance - The company plans to acquire 100% equity of Guangzhou Metro Engineering Consulting Company for approximately CNY 5.11 billion to enhance its engineering consulting capabilities [1] - The first quarter performance showed fluctuations due to long project cycles in rail transit design, leading to a decline compared to previous years [2] - Asset impairment provisions increased in the first quarter, influenced by macroeconomic factors and slower payment progress [2] Group 2: Profitability and Cost Management - The gross profit margin for surveying and design business improved in 2024, attributed to project completion and effective cost control measures [2] - The company aims to strengthen production operations and control costs to achieve stable performance and return value to investors [2] Group 3: Business Expansion and Innovation - The company is exploring innovative integration of rail transit and low-altitude economy, successfully obtaining feasibility studies and contracts for related projects [3][4] - An overseas division has been established to expand into markets in Vietnam, Singapore, and other regions, with recent contracts signed for projects in Serbia and Hong Kong [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 [4]

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]