钱难赚，账难收！中环洁IPO：应收逾期率80%，期后回款率9%

Core Viewpoint - The article discusses the challenges and opportunities faced by Zhonghuanjie Group Co., Ltd. as it seeks to enter the Beijing Stock Exchange, highlighting the competitive landscape of the sanitation industry and the company's financial struggles [1][5][37]. Group 1: Business Model and Revenue Sources - Zhonghuanjie primarily provides urban sanitation services, which include road cleaning, waste collection, and public toilet management, accounting for 98% of its revenue [7][41]. - The company operates in 19 provinces, with the Northeast region, particularly Shenyang, contributing over 35% of its revenue and achieving a gross margin close to 40% [10][44]. - The business is labor-intensive, employing approximately 25,000 workers, with labor costs being the largest expense [8][43]. Group 2: Financial Performance - In the first half of 2025, Zhonghuanjie's total revenue was approximately 108.77 million, with urban sanitation services generating 107.61 million [8][42]. - The company has seen a decline in its total contracts from 95.98 billion at the end of 2022 to 70.68 billion by September 2025, indicating a shrinking contract base [58]. - The gross margin for Zhonghuanjie is around 30%, which is better than the industry average, but the company faces significant challenges in cash flow management [11][45][34]. Group 3: Market Dynamics and Competition - The sanitation industry is highly competitive, with over 10,000 companies operating, but only 324 generating over 100 million in annual revenue [50]. - The market has reached a saturation point, with the annual project transaction amount increasing from 686 billion to 955 billion between 2020 and 2024, but the marketization rate has plateaued at 88% [19][53]. - Zhonghuanjie's market share is approximately 1.1%, ranking it eighth nationally, which reflects the intense competition in the sector [51][50]. Group 4: Contractual Risks - The sanitation service contracts are typically short-term, averaging around three years, which poses a risk of losing projects upon contract expiration [12][13]. - In 2024, the renewal rate for existing projects was about 90%, indicating a loss of 10% of projects due to expiration [52]. - The company relies heavily on government contracts, which are subject to competitive bidding and can be lost to other service providers [14][49]. Group 5: Financial Challenges - Zhonghuanjie has experienced a significant increase in accounts receivable, rising from 5.70 billion in 2021 to 18.12 billion by the third quarter of 2025, with a large portion being overdue [28][30]. - The company reported a credit impairment loss of 89.54 million in 2024, which has negatively impacted its profitability [34]. - To address its financial difficulties, Zhonghuanjie plans to raise 610 million through an IPO to improve its cash flow situation [36][37].