评估报告迟到23年，东方测控IPO前包良清打算交班了

Core Viewpoint - Dongfang Measurement and Control Technology Co., Ltd. (referred to as Dongfang Measurement) is preparing for an IPO on the Sci-Tech Innovation Board, marking a significant milestone as the first company from Dandong, Liaoning Province to apply for this listing. The company has undergone significant changes in management and ownership structure leading up to this event [1][29]. Group 1: Company Background and Management Changes - The company was founded in 1995 by Bao Liangqing, who transitioned from a sales manager to establish a foothold in the mining automation sector, contributing to the high-quality development of Chinese mining enterprises [1][29]. - Bao Caiyi, the son of Bao Liangqing, has progressively taken on more significant roles within the company, becoming a shareholder and part of the core management team [1][29]. - In a notable management shift, Bao Liangqing stepped down as general manager after nearly 30 years, passing the role to Zhao Hongtao, while retaining the position of chairman [1][29]. Group 2: Shareholding Structure and Valuation - Despite holding only 18.98% of the shares, Bao Liangqing and Bao Caiyi control 87.18% of the voting rights, indicating a strong family influence over the company [1][29]. - The company has seen a dramatic increase in valuation, with a reported 28-fold increase within three months following the introduction of external investors, including Zijin Zijdi and Jiangxi Copper [5][34]. - The estimated valuation of Dongfang Measurement post-IPO is approximately 4.4 billion yuan, reflecting a 91.3% increase over three years [23][29]. Group 3: Financial Performance and Challenges - Dongfang Measurement reported revenues of 603 million yuan in 2022, with a subsequent decline in 2023 and 2024, indicating a challenging financial environment [10][11]. - The company has experienced a continuous drop in net profit over the past two years, with a significant decrease in 2025's first half compared to the previous year [11][19]. - The proportion of accounts receivable to revenue has increased significantly, reaching 87.09% in the first half of 2025, raising concerns about cash flow and operational efficiency [12][19]. Group 4: Product and Market Position - Dongfang Measurement specializes in providing intelligent online detection and analysis equipment, control systems, and related services for various sectors, including non-ferrous and ferrous metal mining, cement, and petrochemicals [9][38]. - The company has undertaken significant projects, including the development of smart mining solutions for major copper and iron mines, establishing itself as a leader in the domestic market for neutron activation online detection technology [9][38]. - The company’s products have been increasingly adopted in international markets, with a growing share of revenue coming from overseas clients [11][19].