南京市测绘勘察研究院股份有限公司2025年年度报告摘要深度解读
一、公司基本面与主营业务梳理
南京市测绘勘察研究院股份有限公司（简称“测绘股份”，股票代码：300826）是一家专注于地理信息产业的专业技术服务商，主营业务覆盖工程测勘技术服务、测绘服务、地理信息系统集成与服务三大板块。公司以地理信息资源开发与利用为核心，通过现代时空信息测勘方法和先进数据处理技术，服务于建设工程、城市管理、空间信息行业应用等多个领域，业务贯穿城市全生命周期，以及企业工程建设和资源运营管理全流程。
各主营业务板块细分
- 工程测勘技术服务： 覆盖建筑设计咨询、交通工程第三方测量与监测、结构病害监测、精密工程测量、岩土工程设计与检测等，为各类工程建设单位提供全周期服务。
- 测绘服务： 包括测绘监理、不动产测绘、地形测绘、GIS数据加工、地图编制、遥感影像处理、地理国情普查等，服务对象为政府部门及授权机构。
- 地理信息系统集成与服务： 重点打造“产品+服务+资源”三位一体解决方案，涵盖智慧水务、城市管网、智慧园林、数字孪生、三维建模等众多领域，客户覆盖政府和企业端。
公司还基于南京都市圈形成江南、江北两大区域板块，聚焦信息化、交通工程、城市管线及水治理、地下空间和自然资源五大专业板块，各板块均在区域内形成核心竞争力，并不断通过技术创新、能力升级、业务重构来提升市场份额和行业地位。
二、重大经营进展与战略布局（重点关注可能影响公司价值的事项）
- 信息化板块重大进展： 2025年度公司收购了顺国电子55%股权，顺国电子纳入合并报表范围。这一举措大幅增强了公司在国防动员、应急管理等高壁垒信息化领域的布局。顺国电子具备“军工+保密”资质，并拥有多项高等级认证，业务聚焦数字国动建设，具备分布式指挥中心、大数据中心等软硬件解决方案能力，未来有望形成“地理信息+国防动员”信息化服务生态。这一并购将为公司带来新的高成长赛道，提升盈利能力和抗风险能力，具有高度战略意义和潜在估值提升空间，属于明显利好。
- 交通工程板块： 技术应用方面，公司在自动化变形监测、三维激光扫描、高铁结构安全监测等领域已达到国内领先水平，深耕南京、苏州、杭州等城市轨道交通工程测量市场，形成区域优势。
- 城市管线及水治理板块： 以“标准引领+专家支撑+装备保障+数字赋能”为核心，形成了综合管线与专业管线业务双轮驱动体系，涵盖地下管线普查、排查诊断、非开挖修复等。公司依托无人机、无人船等设备推动管线业务智能化转型，致力于成为国内管线及水治理领域标杆服务商。
- 地下空间与自然资源板块： 前者聚焦城市地下空间全生命周期服务，后者融合AI+新型测绘技术，服务于十余个行业，为各行业提供三维数字底座和高质量数据服务，推动“全过程测绘咨询”新模式探索。
三、财务表现及分红方案（对股东最为关注）
- 2025年业绩大幅增长： 营业收入为8.32亿元，同比增长25.57%；归属于上市公司股东的净利润1,217万元，同比增长8.22%。不过，扣非净利润仅为263万元，同比下降21.47%，显示主营业务盈利能力有待提升。
- 资产规模提升： 总资产达27.17亿元，同比增长7.93%；归属于上市公司股东的净资产14.94亿元，同比增长9.18%。
- 分红及资本公积转增股本： 拟以1.73亿股为基数，每10股派发现金红利0.3元（含税），每10股以资本公积金转增3股。这一高送转方案有助于提升资本市场关注度和流动性，可能对股价形成正面刺激。
- 季度经营波动： Q4净利润出现亏损（-783万元），经营活动现金流全年下降47.86%至2,866万元，显示公司存在一定的资金回笼压力，值得投资者持续关注。
四、行业地位与市场拓展
- 龙头地位稳固： 公司为江苏省地理信息产业排名第一，全国地理信息产业百强第23位，累计主编、参编标准100余项，获得多项国家级、省级奖项。
- 区域外市场扩张： 公司正大力拓展北京、上海、浙江、山西、福建、安徽、广东等省外市场，已在多地设立分支机构，客户资源优质。
五、股权结构及前十大股东
- 控股股东： 南京高投科技有限公司持股40.87%，为最大股东。
- 股东结构稳定： 前十大股东持股较为分散，无表决权差异安排，无优先股股东。
六、对投资者的关键提示
- 顺国电子收购及国防动员信息化赛道拓展，属于重大潜在利好，有望提升公司估值预期和成长空间，值得持续关注。
- 公司高送转分红方案具备市场吸引力，可能带来股价正向波动。
- 主营业务盈利能力（扣非净利润）下滑及现金流压力需警惕，后续需关注公司现金回笼和成本管控能力。
- 公司行业地位突出，市场拓展顺利，长期成长逻辑良好。
免责声明
本文为基于南京市测绘勘察研究院股份有限公司2025年年度报告摘要的客观解读，不构成任何投资建议。投资有风险，入市需谨慎。
Nanjing Surveying and Mapping Institute Co., Ltd. 2025 Annual Report Key Takeaways
1. Company Fundamentals and Business Overview
Nanjing Surveying and Mapping Institute Co., Ltd. (“Surveying Mapping Shares”, 300826) is a leading professional service provider in the geographic information industry, focusing on engineering surveying, mapping services, and geographic information system integration. The company leverages advanced space-time information acquisition and data processing to serve construction, urban management, and resource operations across the full lifecycle of urban development and enterprise engineering projects.
Main Business Segments
- Engineering Surveying: Full-cycle services for construction projects including design consulting, third-party measurement, structure monitoring, geotechnical engineering, and municipal surveying.
- Mapping Services: Supervision, real estate mapping, topographic mapping, GIS data processing, map compilation, and remote sensing, mainly for government agencies.
- GIS Integration: Developing integrated “product + service + resource” solutions, including smart water management, city pipeline systems, smart landscaping, digital twin and 3D modeling for both government and corporate clients.
The company is also built around two core regional clusters (Jiangnan and Jiangbei around Nanjing), focusing on five key areas: informatization, transportation engineering, urban pipelines & water management, underground space, and natural resources, each aiming for technical and market leadership.
2. Major Developments and Strategic Moves (Potentially Price Sensitive)
- Informatization: In 2025, the company acquired 55% equity in Shunguo Electronics, integrating it into consolidated statements. Shunguo Electronics specializes in high-barrier informationization fields such as national defense mobilization and emergency management, possessing “military + confidential” qualifications and multiple advanced certifications. This acquisition is a clear positive, opening a new high-growth avenue and strengthening the company’s competitiveness and resilience.
- Transportation Engineering: Leading in automated deformation monitoring, 3D laser scanning, and high-speed rail safety monitoring, with a stronghold in Nanjing, Suzhou, and Hangzhou.
- Urban Pipeline & Water Management: Double-driven by integrated and specialized pipeline services, using unmanned aerial/ship devices for smart, efficient operations, aiming to be the benchmark service provider in this domain.
- Underground Space & Natural Resources: Providing end-to-end solutions for underground urban space and high-quality geoinformation services for over a dozen industries, exploring new models such as “full-process mapping consulting”.
3. Financial Performance and Dividend Policy
- 2025 Results: Revenue reached RMB 832 million, up 25.57%; net profit attributable to shareholders was RMB 12.17 million, up 8.22%. However, non-recurring profit was only RMB 2.63 million, down 21.47% YoY, showing that core business profitability needs improvement.
- Total assets: RMB 2.72 billion (+7.93%), net assets RMB 1.49 billion (+9.18%).
- Dividend and Capitalization: Proposed cash dividend of RMB 0.3 (tax included) per 10 shares, and 3 shares transferred per 10 shares from capital reserve—a high bonus plan with potential to boost market attention and liquidity.
- Quarterly volatility: Q4 net loss of RMB 7.83 million; operating cash flow for the year dropped 47.86% to RMB 28.66 million, indicating cash collection pressure.
4. Industry Position & Market Expansion
- Industry leader: No.1 in Jiangsu, ranked 23rd among national geoinformation enterprises, contributed to over 100 standards, and won multiple national and provincial awards.
- National expansion: Branches in Beijing, Shanghai, Zhejiang, Shanxi, Fujian, Anhui, Guangdong, with high-quality client base.
5. Shareholding Structure and Top Shareholders
- Major shareholder: Nanjing High-tech Investment Technology Co., Ltd. holds 40.87%.
- Stable structure: Top 10 shareholders are diversified, no differential voting rights or preferred shares.
6. Key Investor Takeaways
- Shunguo Electronics acquisition and entry into national defense IT is a major potential catalyst for valuation and growth.
- High bonus plan is attractive and may drive positive share price movement.
- Declining core profit and cash flow pressure deserve attention; investors should monitor collection and cost control closely.
- Long-term growth logic remains robust due to industry leadership and national expansion.
Disclaimer
This article is an objective analysis based on the 2025 annual report summary of Nanjing Surveying and Mapping Institute Co., Ltd. and does not constitute investment advice. Investment is risky; please exercise caution.
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