中诚咨询冲击北交所，聚焦工程造价等业务，面临应收账款回收风险

Core Viewpoint - The Beijing Stock Exchange is set to review the IPO application of Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. on August 4, 2025, with Dongwu Securities as the sponsor [1] Company Overview - Zhongcheng Consulting was established in 2002 and listed on the National Equities Exchange and Quotations in December 2016, later moving to the innovation layer in May 2023 [1] - The company provides professional technical services including engineering cost, bidding agency, project supervision and management, BIM services, and engineering design [1] Shareholding Structure - As of the signing date of the prospectus, Xu Xuele holds 86.98% of the voting rights, while Lu Jun, the chairman and general manager, plays a significant role in decision-making despite not holding shares [1] - There is a risk of changes in the shareholding structure due to a buyback obligation of the actual controller [1] Financial Performance - In 2022 and 2023, Zhongcheng Consulting distributed cash dividends of 25 million and 30.4286 million respectively, primarily benefiting the major shareholder [2] - The company aims to raise approximately 200 million yuan for projects related to engineering consulting service network construction and R&D [2] Revenue Composition - The main business revenue is derived from engineering cost, bidding agency, project supervision and management, and other technical services, with engineering cost contributing over 50% of total revenue [5][6] - Revenue figures for the reporting period are approximately 303 million yuan, 368 million yuan, and 396 million yuan, with corresponding net profits of approximately 64 million yuan, 81 million yuan, and 105 million yuan [7] Market Dependency - Over 90% of the company's revenue comes from clients within Jiangsu Province, indicating a significant reliance on local customers [8][9] - The revenue from Jiangsu Province accounted for 98.36%, 96.85%, and 96.88% of total revenue from 2022 to 2024 [10] Accounts Receivable Risk - The accounts receivable balance has been increasing, with values of approximately 141 million yuan, 175 million yuan, and 209 million yuan over the reporting period, representing 46.50%, 47.52%, and 52.83% of total revenue [11] - If major clients face financial difficulties, it could impact the company's financial health due to potential delays or defaults in receivables [11]