北矿检测北交所IPO过会专注有色金属检测

Core Viewpoint - Beikang Testing has successfully passed the listing review by the Beijing Stock Exchange, aiming to raise 179 million yuan for advanced testing instrument development and working capital [1] Company Overview - Beikang Testing is a leading institution in the field of non-ferrous metal inspection and testing technology in China, involved in various sectors including mineral resources testing, technical services, and instrument development [1][2] - The company is recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise and has participated in the formulation of numerous international and national standards [2] Market Position and Financial Performance - Beikang Testing holds a significant market share in the domestic non-ferrous metal inspection sector, ranking first with market shares of 3.01%, 2.72%, and 3.04% in 2021, 2022, and 2023 respectively [3] - The company's revenue for the reporting periods was 94.61 million yuan in 2021, 91.74 million yuan in 2022, 110 million yuan in 2023, and 65.46 million yuan in the first half of 2024 [3] Industry Growth - The global inspection and testing industry has experienced rapid growth, with a market size increase from 107.7 billion euros in 2012 to 278.5 billion euros in 2023, reflecting a growth rate of over 10% [2] - In China, the inspection and testing industry market size grew from 206.51 billion yuan in 2016 to 467.01 billion yuan in 2023, with a compound annual growth rate of approximately 12.36% [2] Regulatory Scrutiny - The Beijing Stock Exchange has raised concerns regarding Beikang Testing's operational independence, the fairness of related party transactions, and the justification for its higher gross margin compared to industry peers [3][4] - The company reported gross margins of 65.59%, 62.65%, 64.69%, and 65.67% for the respective years, significantly higher than the industry average [4] Related Transactions and Justifications - Beikang Testing has disclosed that it engages in related transactions with its controlling shareholder, Minmetals Group, including sales and procurement of testing services [4] - The company asserts that its higher gross margin is primarily due to its arbitration testing business, which has a gross margin of 77.29%, while the gross margin for its commissioned testing business is 50.49%, aligning closely with industry averages [5][6]