国元证券股份有限公司 关于中达安股份有限公司 之 发行保荐书 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二五年八月 声 明 国元证券股份有限公司（以下简称"国元证券""保荐机构""本保荐机构" 或"保荐人"）接受中达安股份有限公司（以下简称"中达安""发行人"或"公 司"）委托，担任其向特定对象发行股票的保荐机构，为本次发行出具发行保荐 书。 保荐机构及指定的保荐代表人根据《中华人民共和国公司法》 （以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司证券发行注册管理办法》（以下简称"《注册管理办法》"）、《〈上市公 司证券发行注册管理办法〉第九条、第十条、第十一条、第十三条、第四十条、 第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第 18 号》 （以下简称"《适用意见第 18 号》"）等有关法律、法规和中国证券监督管理 委员会（以下简称"中国证监会"）、深圳证券交易所（以下简称"深交所"） 的有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规 范和道德准则出具发行保荐书，并保证所出具文件的真实性、准确性和完整性。 若 ...

证券简称：中达安 股票代码：300635 中达安股份有限公司 Sino Daan Co., Ltd. （注册地址：广州市白云区沙太南路 668 号之二 901-903 房） 募集说明书 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二五年八月 中达安股份有限公司 募集说明书 发行人声明 发行人及董事会全体成员保证本募集说明书内容真实、准确、完整，并确 认不存在虚假记载、误导性陈述或重大遗漏。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证募集说明书中财务会计报告真实、完整。 证券监督管理机构及其他政府部门对本次发行所作的任何决定，均不表明 其对发行人所发行证券的价值或者投资人的收益作出实质性判断或者保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责，由此变化引致的投资风险，由投资者自行负责。 中达安股份有限公司 募集说明书 重大事项提示 一、重大风险提示 对公司核心竞争力、经营稳定性及未来发展可能产生重大不利影响的因素 及审批风险、股票价格波动的风险及净资产收益率和每股收益摊薄风险请参见 本募集说明书 ...

北京市君合律师事务所 关于 中达安股份有限公司 法律意见书 二零二五年八月 北京总部 电话: (86-10) 8519-1300 上海分所 电话: (86-21) 5298-5488 广州分所 电话: (86-20) 2805-9088 深圳分所 电话: (86-755) 2939-5288 传真: (86-10) 8519-1350 传真: (86-21) 5298-5492 传真: (86-20) 2805- 9099 传真: (86-755) 2939-5289 杭州分所 电话: (86-571) 2689-8188 成都分所 电话: (86-28) 6739-8000 西安分所 电话: (86-29) 8550-9666 青岛分所 电话: (86-532) 6869-5000 传真: (86-571) 2689-8199 传真: (86-28) 6739 8001 传真: (86-532) 6869-5010 重庆分所 电话: (86-23) 8860-1188 大连分所 电话: (86-411) 8250-7578 海口分所 电话: (86-898)3633-3401 香港分所 电话: (852) ...

国元证券股份有限公司 关于 中达安股份有限公司 之 二〇二五年八月 声明 国元证券股份有限公司（以下简称"国元证券""保荐机构""本保荐机构" 或"保荐人"）接受中达安股份有限公司（以下简称"中达安""发行人"或 "公司"）的委托，担任中达安 2025 年度向特定对象发行 A 股股票的保荐机构。 保荐机构和保荐代表人已根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券 发行上市保荐业务管理办法》 《上市公司证券发行注册管理办法》 上市保荐书 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 六、保荐机构关于发行人是否已就本次证券发行上市履行了《公司法》《证券法》 一、发行人基本情况 （一）发行人概况 公司全称 中达安股份有限公司 英文名称 SinoDaan Co., Ltd. 股票简称 中达安 股票代码 300635.SZ 股票上市地 深圳证券交易所 成立日期 2000 年 8 月 8 日 上市时间 2017 年 3 月 31 日 注册地址 广州市白云区沙太南路 668 号之二 901-903 房 法定代表人 陈天宝 注册资本 14,013 ...

Core Viewpoint - The company is undergoing a significant asset acquisition and capital raising process, with a focus on enhancing its engineering consulting capabilities through the purchase of 100% equity in a target company, which is expected to improve its operational efficiency and market competitiveness [1][8]. Assessment Summary Evaluation Methodology - The asset valuation for the target company was conducted using both the asset-based approach and the income approach, resulting in a valuation of 51,110 million yuan under the income approach, reflecting an increase of 40,472.67 million yuan, or a growth rate of 380.48% [2]. - The asset-based approach yielded a total equity value of 18,576.22 million yuan, indicating a significant discrepancy between the two valuation methods [2]. Financial Performance and Projections - The target company's engineering supervision business accounts for approximately 50%-60% of total revenue, with a projected revenue decline of 13% in 2024 compared to 2023, primarily due to a decrease in income from metro protection consulting services [2]. - The project management business is expected to grow due to winning a significant project worth approximately 301 million yuan (excluding tax) for the design and construction of the Macau Light Rail East Line [2]. Cost Structure and Profitability - The company has experienced a slight decline in gross profit margins compared to industry averages, particularly in the engineering supervision segment, which is attributed to a significant drop in contract prices for metro protection services [4]. - The average salary for production personnel in the company is higher than the regional average, indicating a competitive labor cost structure [16][17]. Market Environment and Strategic Outlook - The urban rail transit industry in China is transitioning towards high-quality development, with sustained investment expected to continue, maintaining a favorable outlook for the engineering consulting sector [6][7]. - The company aims to expand its market presence beyond Guangdong Province, leveraging its technical expertise and project experience to penetrate other regions and international markets [10][11]. Future Revenue and Order Forecast - The company has a substantial backlog of contracts, with a total of 175,281.79 million yuan in hand contracts as of the end of 2024, indicating a strong revenue pipeline [11]. - The projected new contract income for various business segments shows a cautious growth trajectory, with engineering supervision expected to generate significant new contracts in the coming years [12][13].

Core Viewpoint - The document discusses the legal opinions regarding the share issuance by Guangzhou Metro Design Institute Co., Ltd. to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. from Guangzhou Metro Group, along with the associated fundraising and related party transactions [1][2]. Group 1: Legal Compliance and Risks - The labor dispatch employment ratio of the target asset exceeded the regulatory limit of 10%, posing a risk of penalties from relevant authorities [3][7]. - Guangzhou Metro Group has committed to bear all losses if the target asset faces penalties or litigation due to labor dispatch issues from January 2023 until the transaction completion [3][10]. - The target asset has previously faced administrative penalties, indicating potential compliance issues [3][11]. Group 2: Audit and Verification Procedures - The law firm conducted thorough verification of legal matters and financial documents, adhering to professional standards and ethical norms [2][3]. - The verification included checking labor dispatch employment ratios, administrative penalties, and compliance with labor laws [6][8]. Group 3: Internal Control Measures - The target asset has implemented internal control measures to ensure compliance with relevant laws and regulations regarding engineering supervision responsibilities [17][28]. - The company has developed various management guidelines and safety protocols to mitigate risks associated with engineering projects [28][29]. Group 4: Incident Management - An incident occurred during a project leading to a serious injury, but the relevant authorities have concluded the investigation without imposing penalties on the engineering consulting company [16][17]. - The company has taken corrective actions and submitted a report to the authorities, demonstrating its commitment to safety and compliance [16][17].

Core Insights - The report provides a timely and predictive analysis of the engineering supervision industry, covering its development background, supply and demand situation, market size, and competitive landscape, while also offering a cautious forecast for the industry's future [2] Group 1: Industry Overview - The report defines the engineering supervision industry, differentiates it from similar concepts, and categorizes its various types [4] - It outlines the authoritative data sources and statistical standards used in the report [4] Group 2: Macro Environment Analysis - The report analyzes the policy environment, including the regulatory framework and standard system of the engineering supervision industry in China [5] - It examines the economic environment, including the current macroeconomic development and its correlation with the engineering supervision industry [5] - The social environment's impact on the engineering supervision industry is also assessed [5] - The technological environment is analyzed, focusing on key and emerging technologies, research investment, and innovation outcomes within the industry [5] Group 3: Global Market Insights - The report investigates the global engineering supervision industry's development history and macro environment, including economic, political, and technological factors [6] - It assesses the impact of the COVID-19 pandemic on the global engineering supervision industry [6] - The current state and market size of the global engineering supervision industry are analyzed [6] Group 4: Supply and Demand Analysis - The report details the development history of the engineering supervision industry in China and the types of market participants [8] - It provides insights into the scale and characteristics of market participants, including registered enterprises and their capital distribution [8] - The report analyzes the supply situation and the bidding market within the engineering supervision industry [8] Group 5: Competitive Landscape - The competitive layout of the engineering supervision industry in China is examined, including the entry process of competitors and their strategic distribution [7] - The report analyzes the market concentration and competitive dynamics using Porter's Five Forces model [7] Group 6: Investment and M&A Analysis - The report discusses the investment and financing status, including sources of funds and trends in mergers and acquisitions within the engineering supervision industry [7] - It provides a summary of significant M&A events and analyzes the motivations behind these activities [7] Group 7: Industry Chain Structure - The report outlines the structure of the engineering supervision industry chain and its ecological map [8] - It analyzes the value attributes of the industry and the demand potential in downstream application markets [8] Group 8: Case Studies of Key Enterprises - The report includes detailed case studies of key enterprises in the engineering supervision industry, analyzing their development history, business structure, and recent developments [8][10] Group 9: Future Outlook and Investment Strategies - The report conducts a SWOT analysis and evaluates the development potential of the engineering supervision industry [11] - It forecasts future trends and provides strategic investment recommendations, identifying potential investment opportunities in weak links and niche markets [11]