记者从市场监管总局召开的新闻发布会上了解到，我国检验检测行业近年来发展迅速，营收稳定增长， 质量效益稳步提升。2024年，全国检验检测行业共实现营收4875.97亿元，同比增长4.41%，继续保持良 性增长势头，与上年比，平均每家机构营收增加51.51万元，平均每份报告营收增加110.89元，表明检验 检测机构和检验检测报告的"含金量"明显提升。(央视新闻) ...

Company Overview - Beikang Testing Technology Co., Ltd. (referred to as "Beikang Testing") is a leading domestic research and service institution for non-ferrous metal inspection and testing technology, primarily engaged in the R&D of inspection and testing technology for non-ferrous metal mineral resources, technical services, and instrument development [1][2] - As of the signing date of the prospectus, the Mining and Metallurgy Group directly holds 86.11% of the company's shares, making it the controlling shareholder, with the State-owned Assets Supervision and Administration Commission holding 100% of the Mining and Metallurgy Group [1] Industry Growth - The global inspection and testing industry has maintained rapid growth of over 10% annually, with the market size increasing from €107.7 billion in 2012 to €278.5 billion in 2023 [1] - In China, the inspection and testing industry market size grew from ¥206.51 billion in 2016 to ¥467.01 billion in 2023, with a compound annual growth rate of approximately 12.36% [1] Financial Performance - Beikang Testing's revenue from inspection and testing services for the years 2022, 2023, and 2024 is projected to be approximately ¥0.91 billion, ¥1.1 billion, and ¥1.38 billion respectively, with major clients including leading companies like Mining and Metallurgy Group and Shandong Gold [2][5] - The total revenue for the company during the reporting period is estimated at approximately ¥0.92 billion, ¥1.10 billion, and ¥1.48 billion, with fluctuating gross margins of 62.65%, 64.69%, and 61.43% respectively [7][8] Revenue Composition - The main revenue source for Beikang Testing is its inspection and testing business, which focuses on ores, mineral products, and smelting products, while other business areas remain relatively small [2][5] - The company’s total revenue for 2024 is projected to be ¥1.48 billion, with the inspection and testing business contributing ¥1.38 billion [5][8] Market Position - Beikang Testing has been authorized as a national quality inspection and testing center for non-ferrous metals since 1985 and has ranked first in market share in the domestic non-ferrous metal mineral product inspection and testing service sector, with market shares of 3.01%, 2.72%, and 3.04% in 2021, 2022, and 2023 respectively [7] Future Projections - For the first half of 2025, the company expects revenue between ¥0.81 billion and ¥0.90 billion, representing a year-on-year growth of approximately 23.75% to 37.50% [9][10] - The projected net profit for the same period is estimated to be between ¥0.308 billion and ¥0.350 billion, with a growth rate of approximately 7.83% to 22.53% [10] R&D Investment - Beikang Testing has been investing in R&D, with expenditures as a percentage of revenue being 5.57%, 7.44%, and 9.32% during the reporting period, which is lower than the industry average [10] - The company plans to raise approximately ¥1.79 billion through its IPO to fund advanced testing instrument R&D and enhance testing capabilities [10]

Core Insights - The inspection and testing industry in China is experiencing steady growth, with a total of 53,057 accredited institutions expected by the end of 2024 [1] - The industry generated a revenue of 487.597 billion yuan in 2024, reflecting a year-on-year growth of 4.41% [1] - The average revenue per institution increased by 5.94% year-on-year, while the revenue per employee rose by 5.20%, indicating improved operational efficiency [1] Industry Performance - The total number of inspection and testing reports issued reached 5.51 billion in 2024 [1] - The industry possesses 10.6701 million sets of various instruments and equipment, marking a year-on-year increase of 3.87% [1] - The original asset value of the instruments and equipment is 570.17 billion yuan, which represents an 8.01% year-on-year growth [1] Development Trends - The data suggests a trend towards structural optimization within the industry, with significant improvements in development efficiency and scale effects [1] - The characteristics of high-tech services are becoming increasingly prominent in the inspection and testing sector, reflecting an overall enhancement in professional standards [1]