Company Overview - Qidi Design Group Co., Ltd. is located in Suzhou Industrial Park, Jiangsu Province, and was established on March 3, 1988. The company was listed on February 4, 2016. Its main business includes architectural design, engineering testing, energy management information, and energy management services [1]. Financial Performance - As of September 20, 2025, Qidi Design achieved operating revenue of 456 million yuan, a year-on-year decrease of 38.75%. The net profit attributable to the parent company was 28.59 million yuan, reflecting a year-on-year increase of 31.48% [2]. - The company has cumulatively distributed 176 million yuan in dividends since its A-share listing, with 55.67 million yuan distributed over the past three years [3]. Stock Performance - On September 26, Qidi Design's stock price increased by 2.03%, reaching 13.60 yuan per share, with a trading volume of 18.54 million yuan and a turnover rate of 0.82%. The total market capitalization is 2.366 billion yuan [1]. - Year-to-date, the stock price has risen by 30.02%, with a 0.44% increase over the last five trading days, a 1.31% decrease over the last 20 days, and a 10.12% increase over the last 60 days [1]. Shareholder Information - As of September 20, 2025, the number of shareholders for Qidi Design is 16,600, a decrease of 3.74% from the previous period. The average number of circulating shares per person is 10,091, an increase of 3.89% [2]. - As of June 30, 2025, the eighth largest circulating shareholder is the Nuoan Multi-Strategy Mixed A Fund, holding 846,700 shares as a new shareholder [3]. Industry Classification - Qidi Design belongs to the construction decoration industry, specifically in the engineering consulting services sector. It is associated with concepts such as green buildings, design consulting, micro-cap stocks, small-cap stocks, and new urbanization [2].

建研院所属申万行业为：社会服务-专业服务-检测服务。所属概念板块包括：设计咨询、房屋检测、绿 色建筑、微盘股、新型城镇化等。 截至6月30日，建研院股东户数2.46万，较上期减少11.63%；人均流通股20242股，较上期增加13.16%。 2025年1月-6月，建研院实现营业收入3.24亿元，同比减少12.06%；归母净利润319.91万元，同比减少 83.08%。 分红方面，建研院A股上市后累计派现1.67亿元。近三年，累计派现5576.15万元。 9月11日，建研院盘中下跌2.21%，截至09:47，报4.42元/股，成交1148.30万元，换手率0.52%，总市值 21.97亿元。 资金流向方面，主力资金净流出114.46万元，大单买入109.78万元，占比9.56%，卖出224.24万元，占比 19.53%。 建研院今年以来股价涨15.56%，近5个交易日涨1.14%，近20日涨0.23%，近60日涨11.90%。 今年以来建研院已经1次登上龙虎榜，最近一次登上龙虎榜为3月17日，当日龙虎榜净买入4191.85万 元；买入总计8609.60万元 ，占总成交额比34.32%；卖出总计4417.75万元 ...

Core Viewpoint - The company is actively engaging in major national infrastructure projects, leveraging its comprehensive technical service advantages in engineering testing, material testing, and certification [1] Group 1 - The company has established a branch in Linzhi City, Tibet, to address inspection and testing needs related to the Yarlung Tsangpo River downstream hydropower project [1] - The company emphasizes the market opportunities presented by the Yarlung Tsangpo River downstream hydropower project and is preparing for its involvement [1] - The company has provided high-quality technical services and support for multiple significant engineering projects [1]

Group 1 - The company has engaged in providing engineering testing and energy efficiency assessment services for smart computing centers and data centers in certain cities, although the contract amounts are relatively small [2] - Investors have inquired about the company's participation in bidding for smart computing centers and data centers, highlighting the potential for large orders from other companies [2] - The company aims to leverage its advantages in major cities like Shenzhen to capture relevant project orders [2]

Investment Rating - The report suggests a focus on comprehensive testing leaders with clear internal operational turning points and high-quality leaders in sectors with clear demand recovery [5][37]. Core Insights - The testing service industry is transitioning from a high growth phase to a stable growth phase with a projected market size of approximately 487.6 billion yuan in 2024, reflecting a year-on-year growth of only 4.4% [5][18]. - The number of testing institutions has decreased to 53,057, marking a 1.4% decline year-on-year, the first decline in history [5][18]. - The report highlights the impact of the "anti-involution" policy, which is expected to stabilize the gross profit margins of testing institutions [5][9]. Summary by Sections Market Overview - The domestic testing market experienced a compound annual growth rate (CAGR) of approximately 14.6% from 2017 to 2021, but is expected to slow to about 6.0% from 2022 to 2024 [11][13]. - The number of practitioners in the industry is around 1.55 million, showing a year-on-year decrease of 0.76% [18]. Competitive Landscape - The report indicates that the price competition pressure is particularly evident in government-related testing (environmental and food testing), real estate and infrastructure testing, and automotive testing, where downstream demand is decreasing [11][22]. - Major companies like Guojian Group and Guangdian Measurement have seen significant declines in gross profit margins in environmental and food testing compared to 2020 [11][22]. Operational Strategies - Testing leaders are shifting from a phase of aggressive expansion to a focus on efficiency and cost control, with a reported average gross profit margin of 42.4% for 15 listed testing companies in 2024, a slight increase of 0.1 percentage points year-on-year [11][22]. - Companies are actively controlling employee growth and capital expenditures on new equipment, indicating a strategic pivot towards internal cost reduction and business structure adjustment [11][22]. Investment Recommendations - The report recommends focusing on comprehensive testing leaders with clear operational turning points, particularly Guangdian Measurement, and high-quality leaders in sectors with clear demand recovery, such as Su Shi Testing [5][37]. - Other companies to watch include Huace Testing, Xince Standard, and Puni Testing, which are expected to benefit from internal management reforms and market conditions [5][37].