华设设计集团股份有限公司2025年年度报告摘要深度解读

一、报告亮点及经营环境

2025年是“十四五”规划的收官之年，华设设计集团股份有限公司（以下简称“华设集团”）在复杂多变的国内外经济环境下，继续深耕基础设施勘察设计主业，并积极拓展数字智慧、低碳环保和城市更新等新兴业务领域。公司致力于以“让世界更通达、让城市更宜居”为使命，推动从传统基础设施向数字化、绿色化、韧性化转型。

二、关键财务数据与股东回报

• 营业收入：2025年公司实现营业收入41.10亿元，同比下降7.19%，为连续两年下滑，显示行业整体压力和项目落地难度加大。
• 净利润：2025年净利润2.79亿元，同比下降28.74%，归属于上市公司股东的净利润为2.74亿元，同比下降28.32%。扣非净利润为2.46亿元，同比下降34.78%，盈利能力显著承压。
• 总资产及净资产：2025年末总资产128.06亿元，同比下降1.40%；归属于上市公司股东的净资产为53.82亿元，同比增长3.97%，显示公司资产结构相对稳健。
• 分红预案：公司拟每10股派发现金红利1.25元（含税），合计派发8,547.46万元，现金分红比例为31.16%。并拟以资本公积金每10股转增2股，转增后总股本将增至8.21亿股，显示公司对股东回报的重视。

三、业务发展与行业趋势

• 宏观趋势：2025年国家超长期特别国债大幅增加，重大基础设施项目稳步推进，但固定资产投资及基础设施投资同比下降，项目落地及资金拨付均面临压力。
• 数字化转型：政府持续推进交通和城市基础设施数字化转型，人工智能与交通融合成为核心方向，推动智能交通、智慧城市等业务需求增长。
• 绿色低碳：“美丽中国先行区”建设和绿色低碳转型加速，公司生态环保、低碳业务矩阵不断完善，碳排放服务、智慧能源管理、新能源集成等成为新增长点。
• 低空经济：低空经济被列为国家新兴支柱产业，政策支持持续加码，公司研发低空经济产品并参与相关标准制定，抢占产业风口。
• 城市更新：城市更新及韧性城市建设持续推动，公司布局相关咨询、策划及运营服务，拓展新消费和产业融合新领域。

四、经营模式与市场地位

• 市场布局：公司坚持“走出去”战略，在全国布局长三角、粤港澳、京津冀、成渝、西北等区域，并加速国际化布局，布局东盟等海外市场。
• 客户与项目管理：公司采用完备的客户分级管理、项目评级和风险控制，提升项目“含金量”，严格合法合规经营。
• 质量管理：公司通过ISO9001等体系认证，获得AAA+认证，确保产品和服务高品质。
• 行业地位：2024年ENR“全球工程设计公司150强”第65位，数字化子公司获“国家级专精特新小巨人企业”称号，行业影响力持续提升。

五、股东结构与重要股东

• 股东人数：截至2025年末普通股股东数为29,262户，流通性良好。
• 主要股东：前十大股东持股比例较为分散，最大股东张跃军持股4.11%，不存在控股股东或实际控制人，股权结构较为市场化。

六、潜在影响股价的重要事项及风险提示

• 业绩下滑风险：公司营业收入和净利润连续两年下滑，显示行业景气度承压，需关注公司业务转型成效及新兴业务拓展进展。
• 分红及送转：高比例现金分红及转增股本政策，短期内或提振市场情绪，有助于提升股东回报和市场活跃度。
• 政策红利：低空经济、数字化基建、绿色环保等国家政策红利，有望成为公司新业务增长点或催化剂，但短期内对业绩贡献尚需验证。
• 无退市风险：年报披露后不存在退市风险警示或终止上市情形，基本盘稳健。

七、结论

华设集团正积极应对行业变化，加快数字化和绿色低碳转型，布局低空经济和城市更新新赛道。尽管2025年业绩承压，但公司资产结构稳定、现金流回升、股东回报力度加大，政策红利与新兴业务布局有望为未来带来新机遇。投资者需持续关注公司新业务拓展、行业政策落地及业绩改善进展。公司分红与送转方案、低空经济及数字化转型进展等，均有可能成为影响公司股价的重要因素。

免责声明：本资讯仅供参考，不构成任何投资建议。投资者据此操作，风险自担。

English Version

In-depth Analysis of Huace Design Group Co., Ltd. 2025 Annual Report Summary

1. Report Highlights and Operating Environment

2025 marks the concluding year of China’s 14th Five-Year Plan. Despite facing challenging domestic and international environments, Huace Design Group (“the Company”) continued to focus on infrastructure survey & design while actively expanding into digital, low-carbon, and urban renewal businesses. The company’s mission is to “make the world more accessible and cities more livable,” driving the transition from traditional infrastructure to digital, green, and resilient solutions.

2. Key Financials and Shareholder Returns

• Revenue: 2025 revenue was RMB 4.11 billion, down 7.19% year-on-year, marking the second consecutive annual decline and reflecting industry pressures.
• Net Profit: Net profit was RMB 279 million, down 28.74% YoY. Net profit attributable to shareholders was RMB 274 million, down 28.32%. Non-recurring profit was RMB 246 million, down 34.78%, showing significant margin contraction.
• Total & Net Assets: Year-end total assets were RMB 12.81 billion, down 1.40%; net assets attributable to shareholders were RMB 5.38 billion, up 3.97%, showing a stable asset structure.
• Dividend Plan: The company plans a cash dividend of RMB 1.25 per 10 shares (tax included), totaling RMB 85.47 million and a payout ratio of 31.16%. In addition, a 2-for-10 bonus share issue will raise total shares to 821 million, highlighting commitment to shareholder returns.

3. Business Development and Industry Trends

• Macro Trends: While the government increased special bonds and accelerated mega-infrastructure projects, fixed asset investment and infrastructure spending declined, highlighting implementation and funding challenges.
• Digital Transformation: Ongoing government push for digital infrastructure and AI/transport integration is driving demand for smart transport, smart city, and related services.
• Green & Low Carbon: “Beautiful China” and green transition initiatives are accelerating, and the company’s low-carbon matrix includes carbon monitoring, smart energy, and new energy integration.
• Low-Altitude Economy: Now a national strategic industry, policy support for drones, standards, and pilot projects is intensifying, and the company is actively developing related products and services.
• Urban Renewal: Urban renewal and resilient city initiatives continue, with the company providing consulting, planning, and operation services for new consumption and industrial integration.

4. Business Model and Market Position

• Market Coverage: Adhering to the “Go Global” strategy, the company covers major Chinese regions and is expanding internationally, especially into ASEAN markets.
• Customer & Project Management: Comprehensive customer grading and project rating/risk control systems are in place for higher project quality and compliance.
• Quality Management: The company holds ISO9001 and AAA+ certifications, ensuring high-quality products and services.
• Industry Standing: Ranked 65th in the 2024 ENR Global Design Firms 150, with its digital arm named a national “Little Giant” for specialisation, the company’s influence continues to rise.

5. Shareholding and Major Shareholders

• Shareholders: As of year-end, the company had 29,262 ordinary shareholders, reflecting good liquidity.
• Top Shareholders: The top 10 shareholders are relatively dispersed, with the largest holding 4.11%. No controlling shareholder or ultimate controller exists, reflecting a highly market-oriented structure.

6. Price-sensitive Items and Risks

• Earnings Risk: Revenue and profit have fallen for two consecutive years, highlighting industry headwinds. The success of new business expansion and transformation is crucial.
• Dividend & Bonus Issue: High payout and bonus issue may boost short-term sentiment and trading liquidity.
• Policy Catalysts: State focus on low-altitude, digital, and green infrastructure could become new profit drivers, but their earnings impact remains to be seen.
• No Delisting Risk: No delisting warnings or risk events post-annual report, indicating stability.

7. Conclusion

Huace Group is rapidly responding to industry changes, accelerating its digital and green transition, and developing in new sectors like the low-altitude economy and urban renewal. Despite 2025 earnings pressure, the company’s stable asset structure, rebounding cash flow, and robust shareholder returns, together with policy support and new business initiatives, offer future growth potential. Investors should watch for progress in new business, policy implementation, and earnings improvement. The dividend and bonus issue, as well as low-altitude and digital transformation initiatives, could be key share price drivers.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors act at their own risk.

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