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Core Viewpoint - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. is preparing for its stock issuance on the Beijing Stock Exchange, following a lengthy approval process that lasted approximately two and a half years, significantly longer than the typical 12-18 months [3][4] Financial Performance - Revenue for Zhongcheng Consulting from 2022 to 2024 is projected to be approximately 303 million, 368 million, and 396 million yuan, with a compound annual growth rate (CAGR) of 14.19%, which is below the industry average compared to peers [5][6] - Net profit attributable to shareholders for the same period is expected to be 64 million, 81 million, and 105 million yuan, with a CAGR of 27.97%, ranking second among comparable companies [5][6] - In the first half of 2025, the company reported a revenue decline of 4.08% year-on-year, with net profit down 2.66% due to adverse macroeconomic conditions [6][10] - For the first three quarters of 2025, revenue is expected to decline by 2.56% to 6.17%, and net profit is projected to decrease by 1.14% to 3.89% [7][8] Order and Revenue Concentration - New orders for the first nine months of 2025 amounted to 196 million yuan, a decrease of 13.85% year-on-year, indicating a potential warning signal for future revenue [9] - The company has a high dependency on the Jiangsu province for revenue, with over 96% of income generated from this region, particularly from Suzhou, which accounts for over 81% [13] Related Party Transactions - Concerns have been raised regarding the fairness of related party transactions, as the top five customers accounted for 16.13% to 23.47% of sales from 2022 to 2025 [14][16] - The complexity of relationships is highlighted by the overlap between shareholders, customers, and suppliers, raising regulatory scrutiny [16][17] Impact of Real Estate Market - The downturn in the real estate market has significantly affected Zhongcheng Consulting, with a notable increase in bad debts and a slowdown in receivables collection [20][21] - The company has adjusted its business focus to prioritize state-owned enterprises and government projects in response to the challenges faced in the real estate sector [21] Fundraising and Regulatory Scrutiny - The company initially planned to raise approximately 330 million yuan but had to reduce this amount to 200 million yuan due to regulatory concerns and the cancellation of certain fundraising projects [23][25] - The reduction in fundraising plans reflects the company's attempts to address regulatory scrutiny regarding the necessity and rationality of its fundraising projects [25]