[年报]广联达(002410):2024年年度报告摘要（英文版）
原标题:广联达:2024年年度报告摘要（英文版） Stock Code: 002410 Stock Abbreviation: Glodon Announcement No.: 2025-010 Glodon Company Limited Annual Report 2024 (Summary) I. Important Notice This summary of annual report is abstracted from the full text of the Annual Report 2024. In order to fully understand the Company’s operating results, financial position and future development plans, investors are advised to carefully read the full text of the Annual Report 2024 on the media designated by the China Securities Regulatory Commission. All directors have attended the board meeting reviewing this report. Non-standard audit opinion notification □Applicable ?Not applicable The profit distribution proposal for ordinary shares or the proposal to capital reserve capitalization for the Reporting Period as considered by the Board of Directors ?Applicable □Not applicable Whether to implement capital reserve capitalization □Yes ?No The profit distribution plan of the Company considered and approved by the Board of Directors is as follows: a cash dividend of RMB1.50 (including tax) for every 10 shares held by all the Shareholders, based on the total share capital of the Company as of the date of registration of shareholdings when implementing the profit distribution plan in 2025, with no bonus shares (including tax) and no conversion of capital reserve to share capital. Profit distribution proposal for preferred shares during the Reporting Period passed by the Board of Directors □Applicable ?Not applicable
Focusing on the entire lifecycle of a project and the business value chain, the Company divides its operations into three main business segments and other ancillary services during the Reporting Period. The three primary business segments are Digital Design, Digital Cost, and Digital Construction. Other business activities include digital innovation units that provide productive services to upstream and downstream stakeholders of project success, such as Digital Education, Digital Supply & Procurement, Digital Finance, Digital Developer, Digital City, and Digital Industry Services. These activities are further divided into domestic and overseas businesses based on global regions. The Digital Cost business primarily serves various participants in construction project management by offering software products and services under a SaaS model that integrate tools and data. By leveraging industry AI, it empowers clients to achieve refined, full-process cost management efficiently. The Digital Cost business encompasses Glodon’s quantity takeoff product series, pricing product series, engineering data services (including Guangcaiwang (广材网: An engineering construction materials pricing platform that primarily provides customers with building material price information) and Zhibiaowang (指标网: A professional platform offering construction cost index information for cost estimators)), and engineering transaction products. Each product line closely follows industry developments and continuously enhances its service capabilities through deep specialization in subfields. Enabled by the Company's industry AI, the Digital Cost business has achieved automated multi- dimensional data subject mapping, significantly improving clients’ precision in cost management. Annual Report 2024 (Summary) The Digital Construction business focuses on the construction phase of engineering projects, providing construction enterprises with platform-based solutions that span project management to enterprise management through a “platform + modular components” approach. This business segment includes project-level products targeting core production elements of construction, such as material management, labor management, and smart hardware, as well as enterprise-level products and integrated project-enterprise management solutions. By harnessing IoT, big data, and AI technologies, the Digital Construction business enhances project quality and efficiency. The Digital Design business primarily serves design institutes, developers, and other clients by providing a proprietary three-dimensional forward-design platform and services. These solutions cover various design needs across different project phases, including conceptual design, detailed design, construction, and operations. The Digital Design business includes products tailored for building construction, such as Concetto, Digital Building Design, BIMMake, and BIMFace, as well as products for infrastructure projects, including Digital Road Design and BIMTwins. By implementing interoperable data standards across the entire process, it enables seamless cross- stage BIM data applications. Leveraging AI capabilities, it supports automated generation of conceptual design schemes and road alignment solutions, delivering high-quality digital products and solutions to clients. Other business segments primarily include Digital Industry Services, Digital Education, Digital Developer, Digital City, Digital Supply & Procurement, and Digital Finance. Digital Industry Services: Rooted in the construction sector, this business segment focuses on industry regulators, service providers, and other key stakeholders. By leveraging BIM, big data, AI, and 5G technologies, it delivers systematic digital solutions, fostering an efficient and intelligent industry governance digital ecosystem. These solutions drive the digital transformation of industry governance and enhance governance capabilities. Digital City: This business centers on building a City Information Modeling (CIM) platform as the digital foundation for twin cities, while also developing CIM+ applications. It provides integrated urban solutions for planning, construction, management, operations, smart ecosystems, and urban renewal. Digital Education: Focused on talent development within the construction industry, this segment aims to provide specialized educational services, enhancing both cognitive and technical skills for key roles. It streamlines the talent cultivation and supply chain, fostering a skilled workforce to support the industry's transformation, upgrading, and sustainable development. Digital Developer: Designed to meet the digitalization needs of construction developers, including new energy enterprises, urban investment platforms, and state-owned real estate developers, this segment focuses on the investment, development, and Annual Report 2024 (Summary) solutions at both enterprise and project levels. Digital Supply & Procurement: This business deeply integrates digital technology with the construction materials supply chain, leveraging Pingfangwang (平方网: A leading building materials trading and service platform in the construction industry) to connect suppliers and buyers. It provides sourcing, supplier recruitment, procurement price comparison, and supplier evaluation services, along with digital procurement applications for construction enterprises. Additionally, it offers smart marketing solutions for a vast network of construction material suppliers across four key business scenarios: market insights, brand promotion, product marketing, and targeted customer acquisition. Meanwhile, leveraging Glodon's professional expertise and advanced technologies, it provides the industry with a one-stop smart hardware marketplace tailored for the construction sector. Digital Finance: It is driven by the core needs of broad-based financial clients for deep industry, enterprise, and project-level insights and operational transparency. Centered on the construction project lifecycle, it leverages industry and digital data as its foundation and aligns project progress with cash flow as its primary framework. This enables the development of a digital financial services platform for the construction industry. Through financial and insurance scenarios, the business delivers industry-specific digital financial risk control services and comprehensive digital solutions via technology-driven services. In terms of overseas operations, the Company provides end-to-end solutions covering design, performance analysis, cost management, and construction to global design institutes, consulting firms, and construction enterprises. Key products include the MagiCAD Innova series for the design phase, the CubiCost series for the cost management phase, and the GSite series for the construction phase. (2) Management Discussion and Analysis Overview of the Company’s performance during the Reporting Period In 2024, the Company achieved total revenue of RMB6.203 billion, representing a year-on-year decrease of 4.93%, while net profit attributable to shareholders of the listed company reached RMB250 million, marking a 116.19% year-on-year increase. During the Reporting Period, in response to changes in the external environment and shifts in customer demand due to business transformations, the Company proactively adjusted its operational strategies, optimized its product and business structures, and concentrated its business resources on core products, key regions, and major clients. This led to a more rational product portfolio and more efficient utilization of channel resources. The Company further focused its organizational resources on enhancing internal operational efficiency and overall service quality, deepened digital operations, and implemented multiple measures to effectively control costs and expenses, achieving significant results. During the Reporting Period, sales expenses, Annual Report 2024 (Summary) administrative expenses, and R&D expenses decreased by 5.97% year-on-year, further enhancing the Company's overall core competitiveness. By business segment, Digital Cost services generated operating revenue of RMB4.986 billion, a year-on-year decrease of 3.55%. Cloud contracts signed during the Reporting Period amounted to RMB3.424 billion, a year-on-year decrease of 3.93%. Digital Construction services achieved operating revenue of RMB787 million, a year-on-year decrease of 8.71%. Digital Design services generated operating revenue of RMB90 million, a year-on-year increase of 3.28%. Overseas business achieved operating revenue of RMB203 million, a year-on-year increase of 5.07%. Detailed Analysis of Key Business Segments 1. Digital Cost business: strong foundation with breakthrough growth in new business During the Reporting Period, the Digital Cost business continued its transition from single-position tools to comprehensive cost management application scenarios. The renewal rate and utilization rate of traditional cost estimation tools remained stable, while the cost calculation products deepened their penetration among major clients, leading to a continuous increase in their application rate. The growing demand for data services driven by customer business transformation has resulted in rapid growth in data-driven products such as Zhibiaowang and Procurement Recommendation Prices. Additionally, influenced by customers' increasing quality requirements for bidding processes and policy-driven factors, the bid evaluation business maintained rapid growth. During the Reporting Period, the coverage rate of individual-level indicators on Zhibiaowang increased from 53.78% to 79.25%, achieving 100% coverage of mainstream building types such as residential, office, and industrial facilities. This led to significant growth in application rates, customer satisfaction, and revenue. The bid evaluation product successfully transitioned to a SaaS model, achieving large-scale delivery and application. Enhanced by AI, its capabilities in bid document recognition and inspection improved significantly, demonstrating the product's value and driving rapid revenue growth. The cost calculation product underwent a value upgrade with the release of an "AI Intelligence" feature, improving accuracy to approximately 70% and reducing the time required for tasks from two days to one hour. The application rate among major clients continued to rise. On the marketing front, the Company successfully organized a cost management competition for construction enterprises, marking the first national competition in the cost management field. In collaboration with industry-leading experts, the Company established the first-ever digital cost management evaluation system for construction enterprises, promoting the industry's transition to refined cost management. The competition attracted 3,426 participating companies and empowered nearly 10,000 cost management professionals, driving comprehensive upgrades in cost Annual Report 2024 (Summary) 2. Digital Construction business: clear transformation results and upgraded value of core products During the Reporting Period, the Company proactively adjusted its operational strategy, shifting its focus from pursuing scale to prioritizing profit and cash flow management. On the product side, the Company concentrated on key production factors such as materials, labor, and machinery, as well as core business management scenarios in the construction process, offering project-level standardized products and reducing the proportion of low-margin products. On the marketing side, the Company focused on core regions and key clients, strengthening penetration of single products among major clients and building regional strongholds, achieving breakthroughs in enterprise- level products with key clients. As a result, the operational quality and management level of the Company's construction business significantly improved during the Reporting Period. During the Reporting Period, the Company achieved a breakthrough in intelligent tower crane anti-collision technology, securing a leading position in product competitiveness within the industry. In material management, the Company launched its first self-developed smart hardware, the Intelligent Inspection All-in-One Machine, which integrates board-level components and combines multiple functions, significantly enhancing product cost- effectiveness and user experience. In labor management, the Company transitioned from closed attendance systems to mobile attendance systems, expanding into new application areas such as wage management and labor quotas, highlighting its differentiated competitive advantages. On the marketing front, through multi-dimensional marketing campaigns, the Company effectively disseminated thought leadership in digital construction, reaching approximately 35,000 enterprises and 140,000 individuals during the Reporting Period. This created a favorable market environment and laid the groundwork for the subsequent large-scale adoption of its products. 3. Digital Design business: significant benchmark achievements and enhanced integrated value During the Reporting Period, the Company focused on combining application scenarios to create benchmarks for integrated digital building measurement and digital road design-to-construction drawing solutions, validating the value of integration. It strengthened product R&D and promotion efforts, building marketing capabilities for large-scale deployment, thereby laying the foundation for further expanding the market share of its digital design products. During the Reporting Period, the digital building design segment successfully established multiple value benchmarks, demonstrating the integrated value of design and measurement in actual production projects. By targeting the needs of niche market customers and continuously expanding supportable business formats, the unique advantages of design cost-effectiveness control became evident. The digital road design solution capabilities Annual Report 2024 (Summary) exponentially to 1,440. The AI route selection feature in digital road design improved design efficiency by 50%, and the number of enterprises adopting this feature increased by 240% year-on-year. During the Reporting Period, the digital road design segment completed benchmarking projects with multiple design institutes, marking the readiness of digital road construction drawings for production in benchmark client projects. On the marketing front, leveraging opportunities such as “BIM competitions” hosted by the Ministry of Housing and Urban-Rural Development, the China Municipal Engineering Association, and provincial survey and design associations, the Company accelerated the promotion of digital design across all stages. This effort successfully established the Glodon Digital Design brand on national competition platforms. 4. Overseas business expansion: strategic focus and accelerated internationalization progress The Company is accelerating its internationalization efforts by building global capabilities in product development, talent systems, financial systems, as well as brand, marketing, and operational systems. During the Reporting Period, the Digital Cost business achieved rapid revenue growth in Asian regions such as Malaysia and Indonesia, while the Digital Design business maintained a steady growth trajectory in Europe. In terms of the internationalization of the Digital Design business, the product value was significantly upgraded. MCINNOVA MEP (a globally-oriented, integrated 3D MEP design software platform developed based on Glodon's proprietary underlying platform, specifically designed for efficient and professional mechanical and electrical design) was released. Its professional design capabilities are on par with MaigCAD, and it supports localized design standards. Pilot customer projects have been initiated in the European market. For the internationalization of the Digital Cost business, the mass market in Malaysia and Indonesia was successfully tapped, achieving double-digit year-on-year revenue growth. By organizing and participating in international industry conferences, the Company enhanced its brand recognition in global markets. In the internationalization of the Digital Construction business, the Gsite product secured contracts and implementations with real clients in the UK, effectively establishing a foothold and achieving breakthroughs in the European market. (3) Work plan for 2025 The year 2025 marks the final year of Glodon’s second entrepreneurial phase. The Company will continue to advance and deepen its strategies for integrated design, refined cost management, detailed construction management, and globalization. Our goal is to help clients achieve high-quality control over cost, schedule, quality, and safety on major projects, ensuring the success of every engineering project and the achievement of every professional in the construction industry. Annual Report 2024 (Summary) Currently, the construction industry is undergoing an accelerated transformation. Real estate investment is shifting from incremental development to stock renewal. Investments in public and industrial buildings are expected to remain stable overall. Infrastructure investment will continue to play a counter-cyclical role, with steady growth projected, particularly in sectors such as new energy construction, water conservancy, environmental protection, and smart transportation, which are expected to see rapid growth. Urban renewal has gradually become a long-term focus of China’s urban development, with ongoing growth expected in areas such as the renovation of old residential areas and the transformation of underground utility networks. In December 2024, the Ministry of Housing and Urban-Rural Development issued the national "Standard for Bill of Quantities Valuation of Construction Projects" (referred to as the "New Bill of Quantities"), which will be implemented from September 1, 2025. The primary objective of the New Bill of Quantities is to improve the market-based cost management rules during the construction and contracting stages of engineering projects. It also clarifies market-based pricing methods and pricing bases, moving away from relying on government-set quotas and information prices as primary pricing references. Instead, the New Bill of Quantities incorporates market price information, construction cost databases, as well as factors such as the bidder's equipment level, management level, and cost consumption, all of which will be considered in determining project costs. This shift will drive industry stakeholders to better understand market data, enhance market awareness, and strengthen cost control capabilities. In response to these changes, participants in the construction industry are actively adjusting and responding by expanding into new business areas and regions, while placing greater emphasis on refined cost control. The transformation of client businesses and their increasing demand for management improvements have led to a variety of new digital needs. In 2025, the Company will continue to focus on core products, key regions, key clients, and profit-driven goals. Established products will develop steadily, while growth products will "cross the chasm." The Company will strive to achieve stable growth in business performance. Efforts will be intensified to expand into sectors such as urban renewal, highway and municipal construction, new energy, and water conservancy. At the same time, the Company will enhance the functionality and value of its products and increase investment in marketing resources. The Company will also focus on accelerating the integration of AI technology with mature products, leveraging the market-based pricing reform opportunities brought by the New Bill of Quantities, speeding up the value upgrade of data-related products, and further strengthening the Company's competitive advantage as the "cost expert" within the industry. The specific breakdown by business segment is as follows: 1. Advancement of integrated design strategy: Building on its self-developed graphics engine, the Company Annual Report 2024 (Summary) BIM technology. The solution utilizes a cloud-based collaborative platform for real-time multi-disciplinary coordination, seamlessly integrating the entire process from design, cost estimation, to construction. This ensures the efficient flow and reuse of data, leading to improvements in both design quality and design cost-effectiveness. In 2025, the Company will continue to deepen and drive the integrated design strategy, focusing on segmented markets, continuously iterating and updating its products, and achieving the scaled promotion of design products. The Company's digital building design solutions will expand their support across different types of buildings, improving both the efficiency and quality of integrated design cost management. The focus will be on design institutes under EPC general contractors, accelerating the large-scale development of integrated design cost benchmarks. The demonstration effect created by the large-scale application of these benchmarks will drive the widespread adoption and implementation of 3D BIM forward design in the industry. In the field of digital road design, both road planning and pipeline design have entered the scale-up phase, with a focus on large-scale promotion to key municipal design institutes and major city municipal agencies, aiming to increase market share. The Company will continue refining its ability to integrate designs with construction drawings, effectively supporting projects such as road expansion and city renewal. 2. Advancement of the precision cost strategy: The Company’s Digital Cost business relies on a fully self- developed 3D graphics platform, along with technologies such as cloud computing and big data. It also leverages years of expertise as cost specialists in the construction industry, along with accumulated industry-specific data. The Company focuses on full-process cost management for clients, creating a comprehensive product matrix and establishing a robust marketing and service system that fosters strong customer loyalty. The cost business will be built on cloud services, with AI technology as its core, combined with industry data, to construct an intelligent cost management system. This system will facilitate a leap from "quality and efficiency improvement" to "data-driven" transformation, further strengthening competitive barriers. In 2025, the Company will capitalize on the market opportunities brought by the New Bill of Quantities, fully utilizing the value of data and AI to meet clients' various cost management needs across the design, transaction, and construction stages. The Company will focus on both retaining existing customers and expanding its client base, ensuring overall stable growth. Key cost estimation tools such as quantity surveying and pricing software will aim for stable or slightly increased renewal rates while expanding into new markets like urban renewal, water conservancy, and municipal sectors. Cost estimation products will further build client application benchmarks and extend into sectors such as installation, decoration, roads, and water conservancy, addressing the diverse cost management and control needs across various industries. Annual Report 2024 (Summary) coverage in terms of industry, region, and specialization, meeting the rapidly growing demand for diversified data services from clients. The tender clearing products will seize the opportunity presented by the New Bill of Quantities to accelerate market expansion and maintain rapid growth. 3. Advancement of the precision construction strategy: The Company’s Digital Construction business integrates core technologies such as BIM, the Internet of Things (IoT), AI, and big data, focusing on a range of essential on-site needs, including materials, labor, machinery, safety, and progress. It offers comprehensive digital management solutions from project to enterprise level, enabling smart sensing and real-time connectivity of all construction site elements, thus meeting the demand for precise construction management. In 2025, the Company will continue to advance the transformation and upgrading of its construction business, focusing on payment collection and profit generation. The Company will concentrate on key production factors such as materials, personnel, and machinery, and increase its expansion into infrastructure sectors such as highways, railways, water conservancy, hydropower, and urban renewal. The Company will further optimize its organization and personnel structure to improve operational efficiency, with a core focus on key regions, striving to break through into key clients and achieving profitability across the entire value chain of core products. Material management software will target the infrastructure and construction markets, leveraging AI capabilities and self-developed hardware cost advantages to enhance competitiveness. Labor management products will continue to extend their value, moving from the highly competitive market of labor registration management to the emerging markets of mobile attendance and payroll management. Tower crane monitoring, with its advanced anti-collision capabilities, addresses the rigid safety management demands of large-scale construction projects, including multi-tower and group tower clients, rapidly expanding its market share. 4. Advancement of globalization strategy: In 2025, the Company will continue to strengthen its international business expansion, focusing on establishing overseas bases around its three core businesses: design, cost, and construction. This will enhance its global and scalable capabilities as well as its local adaptation capacity in international markets. In the cost management sector, the Company will complete the development and validation of global versions of quantity takeoff and cost estimation tools, while actively expanding incremental business in the mass market of Southeast Asia. In the construction sector, the Company will focus on establishing a scalable system for the Gsite product in the European market and accelerating the upgrade of data-sharing and collaboration products. In the design sector, the Company will prioritize expanding the market share of MagiCAD and launching the Innova MEP product in Europe. The newly established Hong Kong Client Division will serve as a key bridge Annual Report 2024 (Summary) application of the Cubicost series products. Additionally, the division will incubate international products, exploring BIM, construction, and education/training businesses. 5. Continuous enhancement of core capabilities ① Graphics platform: By 2025, the Company will support the key detailed requirements arising from the deepening application of its 3D graphics engine, addressing technical application gaps in the construction industry and further solidifying the unique advantages of its graphics platform. At the same time, the Company will upgrade its graphics technology capabilities for the manufacturing sector, developing an integrated graphics technology system encompassing BIM + CAD + Digital Twin to support intelligent construction in the building industry while progressively expanding into manufacturing. ② Industry PaaS platform: By 2025, the construction business platform will focus on the deep integration of business and technology, establishing systematic business connectivity capabilities. Through a “platform + component” model, it will encapsulate and reuse core capabilities, enabling dynamic connections and orchestration of integrated business scenarios. The platform will continuously accumulate data assets to support the exploration of value-driven applications for large models and AI agents. By leveraging BIM’s full-process core capabilities, the Company will empower industry partners and build a new ecosystem for industrial software. ③ AI technology: In 2025, the Company will continue to enhance investment and focus on AI technology, implementing an AI productization strategy that deeply embeds AI into business processes. Driven by customer value, the Company aims to overcome key AI technology bottlenecks, develop next-generation differentiated products for core application scenarios, and facilitate the AI-driven transformation of software products across the entire lifecycle of the construction industry. 6. Effective support system: (1) Operational Unit Strategy: The Company will establish a minimum operational unit mechanism for its branches and products, building a profit-centered accountability system that effectively transforms two key groups from executors into business operators. (2) Digital Support System: The Company will build a digital support system that enables a data-driven, AI-empowered research, marketing, sales, service, and management operation framework, enhancing frontline efficiency. 3. Major Accounting Data and Financial Indicators (1) Major accounting data and financial indicators for the previous three years Whether the Company need to retrospectively adjust or restate its accounting data for previous years
Unit: Yuan
Company’s quarterly financial reports or interim financial reports □Yes ?No 4. Share Capital and Shareholders (1) Table of number of ordinary shareholders and preferred shareholders with restored voting rights and the shareholdings of top 10 shareholders Unit: share
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