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中达安回复定增审核问询函:剖析经营困境与发展策略
Xin Lang Cai Jing· 2025-09-25 11:52
Core Viewpoint - The company, Zhongda An Co., Ltd., is facing challenges with negative net profit and declining gross margins due to increased competition and macroeconomic factors, but it is taking measures to enhance its operational efficiency and capitalize on new opportunities in the engineering consulting industry [2][3][4]. Financial Performance - The company's net profit attributable to the parent company has been negative for the years 2022 to 2024, with figures of -181.69 million, -7.74 million, and -47.95 million respectively [2]. - Gross margins have decreased from 27.45% in 2022 to 16.97% in 2024, attributed to heightened competition and rising costs in the engineering consulting sector [3]. - The asset-liability ratio has increased significantly from 55.33% in 2022 to 70.69% in 2024, indicating rising debt levels and financial pressure [4]. Operational Challenges - The company is experiencing a decline in revenue from its engineering supervision business due to market saturation and economic slowdowns, but it maintains a strong order reserve and a capable workforce [2]. - The company has implemented strategies to improve service quality, adjust market strategies, and optimize organizational structure to enhance efficiency [2]. Accounts Receivable and Bad Debt Provisions - As of June 30, 2025, the company reported accounts receivable of 231.33 million, with 45.29% aged over one year, and contract assets of 788.02 million, with 61.35% aged over one year [5]. - The company has adequately provisioned for bad debts, with a provision rate of 30.34% for contract assets, which is higher than the industry average [5]. Related Party Transactions - The company has engaged in transactions with its controlling shareholder, Licheng Holdings, for consulting services, which are deemed necessary and fair, although changes in control may affect future transactions [7]. Investment Strategy - The company’s investments in other entities are strategically aligned for business collaboration rather than classified as financial investments, indicating a focus on operational synergies [8]. Revenue and Gross Margin Verification - The company’s internal controls regarding revenue recognition have been verified as effective, with no significant or abnormal changes in revenue or gross margins reported [9].