东方测控科创板IPO：迟到23年的评估报告难释疑 研发人员数量占比显著低于同行

Core Viewpoint - Dongfang Measurement and Control Technology Co., Ltd. (referred to as "Dongfang Measurement") has had its IPO application accepted on the Sci-Tech Innovation Board, but it faces significant historical funding issues, including a 23-year delayed capital contribution assessment and illegal debt contributions according to past company laws [1][2][17]. Financial Performance - Dongfang Measurement's main business involves providing intelligent online detection and analysis equipment for the non-ferrous metal mining sector and related services. The company reported revenues of CNY 603 million, CNY 521 million, CNY 567 million, and CNY 211 million for the years 2022-2024 and the first half of 2025, respectively. The net profit attributable to shareholders was CNY 93 million, CNY 75 million, CNY 73 million, and CNY 4 million for the same periods. The company experienced a decline in both revenue and net profit in 2023, with a slight revenue increase but no profit growth expected in 2024 [2][17]. Historical Funding Issues - Dongfang Measurement has a history of multiple funding irregularities, including shareholders failing to make timely contributions and using debt as a form of capital contribution without proper evaluation, which was prohibited by the company law at the time [2][5][20]. - The company completed its capital contributions late, with the initial shareholders not fulfilling their obligations until July 2002, despite being required to do so by June 1996 [3][18]. Recent Capital Increases - The company underwent three capital increases in 2022, with the last two occurring in September. The capital was raised from CNY 77.75 million to CNY 81.36 million and then to CNY 89.10 million by December 2022. The valuation increased significantly from approximately CNY 869 million to CNY 2.3 billion, a growth of about 165% [10][25]. Client Relationships and Valuation - Major clients, including Jiangxi Copper Group and Zijin Zijin, participated in the capital increases through their subsidiaries, which temporarily inflated Dongfang Measurement's valuation. However, this also comes with the risk of buyback agreements that could impose future financial obligations on the company if it fails to go public by the end of 2028 [11][26]. Research and Development Metrics - Dongfang Measurement's R&D personnel accounted for 23.84% of its total workforce, significantly lower than comparable companies such as Meiteng Technology (28.01%), Rongzhi Rixin (38.6%), and Tianma Zhikong (39.87%). The company's R&D expense ratio also fell below the industry average, with rates of 8.19%, 10.18%, 10.08%, and 12.03% for the years 2022-2024 and the first half of 2025, compared to the average rates of 10.59%, 12.28%, 11.31%, and 12.21% for its peers [12][28][30].