Zhongheng Design: The valuation risk is relatively high, with a static P/E ratio of 94.56.

（Source: 财闻）

          The company’s stock closed on March 30, 2026, March 31, 2026, and April 1, 2026, and within three consecutive trading days, the cumulative closing price increase deviation value reached 20%. In accordance with the relevant provisions of the Shanghai Stock Exchange’s Trading Rules, this situation is considered abnormal stock price fluctuations.            

On April 1, Zhongheng Design (603017.SH) released an announcement regarding abnormal stock trading fluctuations. The company’s stock closed on March 30, 2026, March 31, 2026, and April 1, 2026, and within three consecutive trading days, the cumulative closing price increase deviation value reached 20%. In accordance with the relevant provisions of the Shanghai Stock Exchange’s Trading Rules, this situation is considered abnormal stock price fluctuations.

In response to the company’s abnormal stock price fluctuations, the company conducted a verification of relevant matters. First, based on the company’s self-inspection, the company’s business activities and internal production and operating order are currently normal; the external market environment and industry policies have not undergone any major adjustments. Second, based on the company’s self-inspection, and after sending written inquiries to the company’s controlling shareholder and actual controller for confirmation, as of the date of disclosure of this announcement, the company’s controlling shareholder and actual controller do not have any material matters related to the company that should be disclosed but have not been disclosed, including but not limited to major asset restructuring, share issuance, acquisitions, debt restructuring, business restructuring, asset stripping, asset injection, share repurchase, equity incentive plans, bankruptcy reorganization, major business cooperation, and the introduction of strategic investors. In addition, based on the company’s self-inspection, the company has not found any media reports or market rumors that would require clarification or response. Meanwhile, based on the company’s self-inspection, the company has not found any other major events that could have a significant impact on the company’s stock price. During the period of abnormal stock trading fluctuations, the company’s directors, senior management, controlling shareholder, and actual controller have not engaged in buying or selling the company’s stock.

The company has pointed out multiple risks. On one hand, the company’s stock, on March 30, 2026, March 31, 2026, and April 1, 2026, saw the cumulative closing price increase deviation value reach 20% within three consecutive trading days. The company urges the majority of investors to pay attention to the risks of trading in the secondary market, make rational decisions, and invest prudently. On the other hand, as of the date of disclosure of this announcement, the company’s operating condition is normal, and its principal business has not undergone any major changes. The company belongs to the engineering technology services industry, and mainly engages in engineering design and consulting, general contracting, project management, and engineering supervision related to industrial services and the improvement of urban and rural construction quality. On October 28, 2025, the company disclosed its “2025 Third Quarterly Report” on the Shanghai Stock Exchange website. From January to September 2025, the company achieved operating revenue of CNY 778 million, a year-on-year decrease of 15.36%; and net profit attributable to shareholders of listed companies of CNY 56.2681 million, a year-on-year decrease of 15.85%.

In addition, the company also points out the risk of high valuation: according to the industry price-earnings ratios by the CSRC industry published by the China Securities Index Co., Ltd. after the close of April 1, 2026, the company’s professional technical services industry has a static price-earnings ratio of 36.22 and a trailing price-earnings ratio of 35.93; the company’s static price-earnings ratio is 94.56 and its trailing price-earnings ratio is 119.18. Both its static and trailing price-earnings ratios are significantly higher than the average level of companies in the same industry.

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