雷达财经 文|冯秀语 编|李亦辉 10月20日，广州山水比德设计股份有限公司（证券简称：山水比德，证券代码：300844）公告，公司近日收到中国证券监督管理委员会广东监管局出具的警 示函。该警示函指出，在2021年9月至2023年8月期间，公司使用闲置募集资金进行现金管理时存在产品类型披露不准确、投资风险分析不足等问题，特别是 未充分披露本金安全性问题。 因此，公司及相关责任人包括董事长兼总经理蔡彬、董事会秘书秦鹏、时任董事长兼总经理孙虎、及时任董事会秘书兼财务总监周乔被认定为未能勤勉尽 责，并被采取了出具警示函的行政监管措施。目前，公司已承诺将严格按照要求整改，并加强法律法规学习以防止类似事件再次发生。 天眼查资料显示，山水比德成立于2007年04月09日，注册资本9049.6万人民币，法定代表人蔡彬，注册地址为广州市海珠区新港东路1166号201室202室203 室204室205室301室302室303室304室305室401室。主营业务为提供以整体性解决方案为核心的景观设计业务、建筑设计业务和园林绿化工程总承包（EPC） 业务（以下简称"EPC"或"工程总承包"）。 目前，公司董事长为蔡彬，董秘为秦鹏， ...

Core Viewpoint - The financial performance of Shanshui Bide (300844) for the first half of 2025 shows a significant increase in revenue but a drastic decline in net profit, indicating challenges in profitability despite revenue growth [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 225 million yuan, a year-on-year increase of 24.98% compared to 180 million yuan in 2024 [1]. - Net profit attributable to shareholders was 1.91 million yuan, down 84.36% from 12.19 million yuan in the previous year [1]. - The gross profit margin decreased to 45.01%, down 13.58% from 52.08% in 2024 [1]. - The net profit margin fell to 2.37%, a decline of 64.98% from 6.78% in the previous year [1]. - Total accounts receivable increased by 49.66%, rising from 228 million yuan to 342 million yuan [1][2]. - The company reported a significant increase in interest-bearing liabilities, which rose by 130.55% to 90.89 million yuan [1][2]. Cost and Expense Analysis - Operating costs increased by 43.43%, attributed to the normal operation of EPC and architectural design businesses, which were not present in the same period last year [2]. - Sales expenses rose by 33.08% due to increased market expansion efforts [2]. - Management expenses increased by 27.32% as a result of company expansion and related personnel costs [2]. - Financial expenses surged by 58.7%, driven by reduced bank interest income and increased borrowing costs [2]. Cash Flow and Financial Health - The net cash flow from operating activities decreased by 229.89%, primarily due to increased labor costs and procurement costs related to EPC business [4]. - The net cash flow from investing activities fell by 58.95% due to the company's purchase of financial products [4]. - The net cash flow from financing activities increased by 192.95% as the company secured short-term loans [5]. - The net increase in cash and cash equivalents dropped by 49.49%, influenced by the combined effects of operating, investing, and financing activities [5]. Business Model and Strategic Outlook - The company's business model relies heavily on research and marketing efforts, necessitating careful examination of the underlying drivers [6]. - The company aims to enhance profitability by combining market expansion with cost reduction initiatives [7]. - Future strategies include improving cash flow management and actively exploring external growth opportunities while ensuring the competitiveness of core business operations [7].

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]