中诚咨询IPO：夫妻支配近87%股权，募资缩水1.3亿，分红超0.65亿

Core Viewpoint - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. (Zhongcheng Consulting) is preparing for its listing on the Beijing Stock Exchange, with East Wu Securities as the sponsor. The company provides various engineering consulting services, but faces challenges such as declining revenue and increasing accounts receivable [1][20][21]. Ownership and Control - The couple Lu Jun and Xu Xuele hold nearly 87% of the company's shares, with Xu directly owning 57.4% and indirectly controlling an additional 29.58% through partnerships [3][5]. - Lu Jun, despite not holding any shares, is recognized as a de facto controller due to his role as the chairman and general manager, influencing key business decisions [3][5][6]. Financial Performance - In the first half of the year, Zhongcheng Consulting reported a decline in both revenue and net profit, with revenue expected to fall between 1.84 billion and 1.94 billion yuan, a decrease of 2.64% to 7.66% year-on-year [21][20]. - The company has experienced a consistent increase in accounts receivable, which reached 2.09 billion yuan, accounting for 52.83% of total revenue [24]. IPO and Fundraising - The company aims to raise approximately 2 billion yuan through its IPO, down from an initial target of 3.3 billion yuan, with funds allocated for network construction and R&D projects [7][9]. - The IPO plans include upgrading existing offices and adding new staff, despite concerns about the necessity of such expansions given the limited income from current operations [11][15]. Dividend Distribution - Zhongcheng Consulting has distributed over 65 million yuan in dividends over the past three years, with Xu Xuele being the primary beneficiary, receiving more than 40 million yuan [17][18]. Research and Development - The company has seen fluctuations in its R&D expenditure, with rates lower than industry peers, indicating a need for increased investment in innovation [15][17]. Accounts Receivable Management - The rising accounts receivable and corresponding bad debt provisions have negatively impacted profits, highlighting the need for better management of receivables to mitigate losses [24][26].