近期，重庆至信实业股份有限公司（下称"至信股份"）回复了上交所发审委的第一轮问询函，并更新了招股书内容。 至信股份本次IPO始于今年6月，由申万宏源保荐冲刺上交所主板。公司拟募集13亿元用于多个生产线扩产和技术改造项目，其中3亿元将用 于补充流动资金。 IPO日报发现，公司服务于知名车企，但应收账款高企，应收账款周转率也不及同行平均水平。公司为哪吒汽车打工两年多，但却没收到多 少真金白银，正在苦苦打官司"讨薪"。上交所发审委还很关心，至信股份服务的车企爆雷，这样的被动的遭遇是否会重演？ 此外，申万宏源不仅是公司的保荐机构，也是公司董秘（实控人女儿）的前东家。 制图：佘诗婕 依赖大客户 至信股份主营汽车冲焊件以及相关模具的开发、加工、生产和销售。在三十余年的经营发展过程中，公司致力于汽车领域白车身冲焊件的研 发生产，并且围绕着冲焊件开发和生产环节，拓展了上游的模具开发、加工、生产以及自动化生产整体解决方案等领域。自动化生产整体解决方 案有效提升了公司智能制造水平，公司通过自主研发的算法和软件集成等核心技术，已具备离线编程、5G远程传输、柔性生产、一机多枪等技 术能力，实现产品开发、工艺流程、质量控制的全过程管控 ...

Core Viewpoint - The company Jin Dalai has filed a lawsuit against the Wan'an County People's Government for unpaid project compensation, amounting to approximately 40.8 million yuan, which includes both compensation and interest [1][2]. Group 1: Legal Action - Jin Dalai's subsidiary, Wan'an Jin Yuan Water Industry Co., Ltd., has initiated administrative litigation against the Wan'an County People's Government due to the latter's failure to pay project compensation [1]. - The lawsuit is based on a 2016 agreement where the government guaranteed compensation for losses incurred due to insufficient wastewater treatment [1][2]. - The government has only paid compensation for the years 2017, 2018, and part of 2019, leaving the remaining amounts from 2019 to 2024 unpaid [1]. Group 2: Financial Performance - In 2024, Jin Dalai reported a revenue of 409 million yuan, a year-on-year decrease of 19%, and a net profit attributable to shareholders of 137 million yuan, down 25.3% [2]. - The company recorded a net cash flow from operating activities of 182 million yuan, a decline of 40.4% compared to the previous year [2]. - As of the end of 2024, the total accounts receivable reached 1.192 billion yuan, with over 800 million yuan aged over one year, and 341 million yuan of this amount has been provisioned as bad debt [3]. Group 3: Cash Flow Management - To address the risks associated with accounts receivable, the company has strengthened its management processes across all project phases, from initiation to completion [3]. - In the first quarter of 2025, Jin Dalai achieved a revenue of 84.7 million yuan, a slight increase of 1.55%, and a net profit of 49.1 million yuan, up 25.56% year-on-year [4]. - The increase in cash flow from operations in the first quarter of 2025 was attributed to a rise in collection amounts, leading to a 171.62% increase in net cash flow to 88.6 million yuan [4].

Group 1 - The company Jin Dalai's subsidiary, Wan'an Jin Yuan Water Industry Co., Ltd., has filed an administrative lawsuit against the Wan'an County People's Government for overdue project compensation payments totaling approximately 40.8 million yuan [1][2] - The cooperation between Wan'an Jin Yuan and the Wan'an County People's Government began in 2016, with an agreement for the operation of a wastewater treatment project, which included a guarantee for compensation in case of annual losses due to insufficient wastewater treatment [2] - Jin Dalai has only received compensation for the years 2017, 2018, and part of 2019, with the remaining compensation from 2019 to 2024 still unpaid, leading to the current legal action [2] Group 2 - As of the end of 2024, Jin Dalai's total accounts receivable reached 1.192 billion yuan, with over 800 million yuan aged over one year, and 341 million yuan of these receivables have been provisioned for bad debts [3] - The company has emphasized the importance of strengthening accounts receivable management to mitigate risks and ensure healthy cash flow, implementing strict controls throughout the project lifecycle [5] - In the first quarter of 2025, Jin Dalai reported a slight revenue increase of 1.55% year-on-year, with net profit rising by 25.56%, attributed to improved collection efforts [5]

因认为万安县人民政府拖欠项目兜底补偿款，民营企业金达莱的子公司将万安县人民政府告上法庭。 每经记者｜黄海 每经编辑｜程鹏 张益铭 8月4日晚，金达莱披露公告称，公司控股子公司万安县金源水业有限公司（以下简称万安金源）就万安县人民政府拖欠项目兜底补偿款事项，向吉安市中 级人民法院提起行政诉讼，并于近日收到法院《受理案件通知书》等相关材料。本案涉案金额（兜底补偿款及利息）暂定为4080万元。截至公告披露日， 该案件尚未开庭审理。 称兜底补偿款未到位 万安金源与万安县人民政府的合作始于2016年。当年12月，双方签订污水处理厂特许经营权协议，约定由万安县人民政府授权万安金源负责万安县金泰源 产业园PCB（印刷电路板）污水处理项目的投资建设及运营。 彼时，万安县人民政府还向万安金源做出保证，在特许经营权期限内，若因污水处理量不足造成万安金源年度亏损，将由万安县人民政府对成本进行兜底 补偿。 据金达莱方面陈述，万安县人民政府仅支付了2017年、2018年的兜底补偿款及2019年部分兜底补偿款，2019年至2024年的剩余兜底款项则至今未付。 万安金源由此向法院提起诉讼，要求万安县人民政府支付对应兜底补偿款和相应利息合计 ...

Core Viewpoint - The Beijing Stock Exchange is set to review the initial public offering (IPO) application of Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. on August 4, 2025, with Dongwu Securities as the sponsor [1] Group 1: Company Overview - Zhongcheng Consulting was established in 2002 and listed on the National Equities Exchange and Quotations in December 2016, later moving to the innovation layer in May 2023 [1] - The company provides professional technical services and comprehensive consulting services, including engineering cost, bidding agency, project supervision and management, BIM services, and engineering design [1] - As of the signing date of the prospectus, Xu Xuelei holds 86.98% of the voting rights, with Lu Jun serving as the chairman and general manager, making them the actual controllers of the company [1] Group 2: Financial Performance - In 2022 and 2023, Zhongcheng Consulting distributed cash dividends of 25 million and 30.4286 million respectively, primarily benefiting the major shareholder [2] - The company aims to raise approximately 200 million yuan for projects related to engineering consulting service network construction and R&D and information technology [2] - The main business revenue consists of engineering cost, bidding agency, project supervision and management, and other technical services, with engineering cost contributing over 50% of total revenue [4] Group 3: Revenue Composition - For the years 2022, 2023, and 2024, the revenue breakdown is as follows: - Engineering Cost: 21,008.13 million (53.26%), 19,862.37 million (54.10%), 17,864.86 million (58.99%) [5] - Bidding Agency: 3,181.43 million (8.07%), 4,870.78 million (13.27%), 4,064.33 million (13.42%) [5] - Project Supervision and Management: 5,295.09 million (13.42%), 4,194.46 million (11.42%), 3,548.02 million (11.72%) [5] - Total Revenue: Approximately 3.03 billion, 3.68 billion, and 3.96 billion respectively, with net profits of approximately 640 million, 810 million, and 1.05 billion [4][5] Group 4: Market Position and Risks - Zhongcheng Consulting primarily serves clients in the construction, scientific research, technology services, manufacturing, and business services sectors, with over 90% of revenue generated from Jiangsu Province [7][8] - The company faces risks related to accounts receivable, with total accounts receivable increasing from approximately 141 million to 209 million over the reporting period, representing 46.50% to 52.83% of total revenue [9] - The company anticipates a decline in revenue for the first half of 2025, projecting a decrease of 2.64% year-on-year [6]

Core Viewpoint - The Beijing Stock Exchange is set to review the IPO application of Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. on August 4, 2025, with Dongwu Securities as the sponsor [1] Company Overview - Zhongcheng Consulting was established in 2002 and listed on the National Equities Exchange and Quotations in December 2016, later moving to the innovation layer in May 2023 [1] - The company provides professional technical services including engineering cost, bidding agency, project supervision and management, BIM services, and engineering design [1] Shareholding Structure - As of the signing date of the prospectus, Xu Xuele holds 86.98% of the voting rights, while Lu Jun, the chairman and general manager, plays a significant role in decision-making despite not holding shares [1] - There is a risk of changes in the shareholding structure due to a buyback obligation of the actual controller [1] Financial Performance - In 2022 and 2023, Zhongcheng Consulting distributed cash dividends of 25 million and 30.4286 million respectively, primarily benefiting the major shareholder [2] - The company aims to raise approximately 200 million yuan for projects related to engineering consulting service network construction and R&D [2] Revenue Composition - The main business revenue is derived from engineering cost, bidding agency, project supervision and management, and other technical services, with engineering cost contributing over 50% of total revenue [5][6] - Revenue figures for the reporting period are approximately 303 million yuan, 368 million yuan, and 396 million yuan, with corresponding net profits of approximately 64 million yuan, 81 million yuan, and 105 million yuan [7] Market Dependency - Over 90% of the company's revenue comes from clients within Jiangsu Province, indicating a significant reliance on local customers [8][9] - The revenue from Jiangsu Province accounted for 98.36%, 96.85%, and 96.88% of total revenue from 2022 to 2024 [10] Accounts Receivable Risk - The accounts receivable balance has been increasing, with values of approximately 141 million yuan, 175 million yuan, and 209 million yuan over the reporting period, representing 46.50%, 47.52%, and 52.83% of total revenue [11] - If major clients face financial difficulties, it could impact the company's financial health due to potential delays or defaults in receivables [11]

Financial Overview - The company achieved total operating revenue of 181 million yuan in Q1 2025, a year-on-year decrease of 20.77% [1] - The net profit attributable to shareholders was -27.649 million yuan, an increase of 13.51% year-on-year [1] - The net profit excluding non-recurring items was -32.4106 million yuan, up 14.56% year-on-year, indicating a narrowing of losses but an overall declining performance [1] Key Financial Indicators - Accounts receivable reached 1.226 billion yuan, representing 1159.32% of the latest annual net profit, indicating significant collection risk [3] - The average operating cash flow over the past three years was only 19.47% of current liabilities, raising concerns about cash flow management [3] Debt Repayment Ability - The company's cash and cash equivalents amounted to 365 million yuan, a year-on-year decrease of 22.85%, but overall cash assets remain relatively healthy [4] - Interest-bearing debt was 46.8515 million yuan, down 11.70% year-on-year, reflecting a proactive approach to debt management [4] Business Model and Future Development - The company's performance primarily relies on R&D and equity financing, with total financing since listing amounting to 1.46 billion yuan and total dividends of 70.312 million yuan, resulting in a dividend financing ratio of 0.05 [5] - Future strategies should focus on optimizing the business model, enhancing profitability, and improving management of accounts receivable and cash flow [5] Profitability Metrics - Gross margin was 19.4%, an increase of 104.29%, indicating improvements in cost control [6] - Net margin was -20.39%, a decrease of 8.63%, showing continued weakness in profitability [6] - Operating expenses accounted for 22.5% of revenue, up 26.38%, putting pressure on profits due to rising sales, administrative, and financial expenses [6] - Book value per share was 5.7 yuan, down 19.31%, reflecting a reduction in shareholder equity [6] - Operating cash flow per share was -0.62 yuan, an improvement of 14.24%, but still negative [6] - Earnings per share were -0.07 yuan, an increase of 12.5%, indicating a reduction in the extent of losses [6]

2024年度营收净利双增的同时，龙建路桥股份有限公司（600853.SH，以下简称"龙建股份"）却因2000 万元合同款陷入诉讼纠纷。 日前，龙建股份发布公告称，公司近日通过电子方式收到相关诉讼文书，涉及中泰路安交通工程有限公 司（以下简称"中泰路安"）起诉公司、二秦高速公路张家口管理处建设工程分包合同纠纷案件。 相应纠纷中，中泰路安主张龙建股份向其支付逾期工程款及质保金超2000万元，其中工程款应于2019年 4月支付，质保金应于2021年4月支付。照此计算，相应款项均已拖欠多年。 "此次诉讼涉及金额包括质保金，相应质保金还未到支付期限，我记得（期限）应该是在2025年4月23 日。"日前，龙建股份证券部工作人员向《中国经营报》记者表示，按规定质保金不是在工程完工后就 向对方支付，此次诉讼所涉质保金还未到支付期限。 不过，面对记者追问为何质保金支付期限与诉讼信息不一致及相应工程具体完工时间等问题，上述人士 表示相应工程细节问题需由专人回复。"我和他们沟通下，很快（会回复）。"上述人士表示。但截至发 稿，未获对方进一步回复。 因2000万元合同款陷诉讼纠纷 龙建股份此次诉讼纠纷涉及多年前一项道路工程分包事项。 ...

Overview of Financial Performance - The company reported a significant decline in overall performance for the year 2024, with total revenue of 354 million yuan, a year-on-year decrease of 31.15%. The net profit attributable to shareholders was 15.57 million yuan, down 73.9% year-on-year, and the net profit after deducting non-recurring items was 2.34 million yuan, a decrease of 95.22% year-on-year [1] - In the fourth quarter, total revenue was 108 million yuan, a year-on-year decline of 40.72%. The net profit attributable to shareholders was 7.79 million yuan, down 67.06% year-on-year, and the net profit after deducting non-recurring items was 4.22 million yuan, a decrease of 79.5% year-on-year [1] Profitability Analysis - The gross profit margin improved to 29.46%, an increase of 5.36 percentage points year-on-year. However, the net profit margin significantly decreased to 5.01%, a reduction of 61.74 percentage points year-on-year, indicating that while cost control has improved, overall profitability remains under significant pressure [2] Expense Control and Cash Flow - The proportion of the company's three expenses (financial expenses, selling expenses, and administrative expenses) relative to revenue increased significantly to 12.64%, a year-on-year increase of 62.07%. This was primarily due to increased investments in bank wealth management products, leading to reduced interest income, and higher interest expenses from bank loans [3] - The net cash flow from operating activities was 0.38 yuan per share, a year-on-year decline of 5.68%, mainly due to a significant decrease in the net amount of recovered deposits compared to the previous year [3] Asset and Liability Situation - The company's cash and cash equivalents amounted to 179 million yuan, a year-on-year decrease of 52.00%, primarily due to investments in bank wealth management products. Interest-bearing liabilities increased to 43.34 million yuan, a year-on-year increase of 123.87%, indicating an expansion in financing scale [4] - Accounts receivable stood at 352 million yuan, a year-on-year decrease of 7.96%, but still accounted for 2259.21% of profits, highlighting potential recovery risks [4] Business Composition and Regional Distribution - In terms of main business segments, revenue from conventional architectural design was 157 million yuan, accounting for 44.47% of total revenue, with a gross profit margin of 22.84%. Revenue from engineering quality inspection was 85.49 million yuan, accounting for 24.14% of total revenue, with a gross profit margin of 32.65%. The highest gross profit margin was from construction drawing review, reaching 58.11% [5] - Regionally, revenue from Anhui Province was 335 million yuan, accounting for 94.71% of total revenue, indicating a high concentration of business in the provincial market [5]