Investment Rating - The report indicates a need for an IPO to address financial challenges faced by the company [1]. Core Insights - The company, Zhonghuanjie Group Co., Ltd., is focused on urban sanitation services, which account for 98% of its revenue, and is currently seeking to enter the Beijing Stock Exchange [4][6]. - The sanitation industry is transitioning from government-operated services to market-driven operations, creating opportunities for specialized sanitation companies [2][5]. Summary by Sections Business Model and Revenue - Zhonghuanjie primarily provides urban sanitation services, including road cleaning, waste collection, and public toilet management, which constitute the majority of its income [6]. - The company employs approximately 25,000 people, with labor costs being the largest expense [8]. - In 2024, the Northeast region contributed over 35% of the company's revenue, with a gross margin nearing 40%, significantly higher than other regions [11]. Contractual Challenges - The sanitation contracts are typically short-term, averaging around three years, which poses a risk of losing projects upon expiration [15][16]. - As of 2024, the total value of contracts held by Zhonghuanjie was 7.5 billion, with an annualized contract amount of approximately 2.5 billion [16]. Market Dynamics - The sanitation industry is highly competitive, with over 10,000 companies operating, but only 324 generating over 100 million in annual revenue [24]. - The market has seen a slowdown, with a decrease in annual project transaction amounts from 686 billion to 955 billion between 2020 and 2024, indicating a nearing saturation point [26]. Financial Health - The company has experienced a significant increase in accounts receivable, rising from 570 million to 1.753 billion from 2021 to 2024, with a concerning overdue rate of 80.5% by mid-2025 [35][38]. - In 2024, the company recorded a credit impairment loss of 89.54 million, which has negatively impacted profitability [40]. - The company is relying on short-term loans to maintain operations, with cash reserves of only 179 million against short-term borrowings of 1.104 billion [44].

来源：市值风云 急需IPO补血。 作者 | 萧瑟 编辑 | 小白 过去"扫大街"都是衙门的活儿，如今也成了门开放行当。 环卫市场化，指的是将原本由政府事业单位负责的清扫保洁、垃圾清运等公共服务，通过公开招标等方 式，转由专业环卫企业运营，从"自己动手"变成了"花钱买服务"。 这背后究竟是怎样一门生意呢？ 近期风云君关注到，一家专门的环卫公司——中环洁集团股份有限公司（"中环洁"）正卯着劲想冲进北 交所，目前已经过三轮问询。以这家公司为样本，或许可以帮我们一探究竟。 政府购买驱动，区域护城河加持 中环洁干的活儿，核心是城乡环卫服务，也就是广义上的"扫大街"，具体包括道路清扫、垃圾收运、绿 化养护、水域保洁、公厕管护等工作内容，这部分占了它收入的98%。 | | | | | | | | 甲位: 万元、% | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 項目 | 2025年1-6月 | | 2024 年度 | | 2023 年度 | | 2022 年度 | | | | 全顔 | 占此 | 金额 | 片比 | 金额 | 早出 | 金同 | 早 ...

急需IPO补血。 | 作者 | | 萧瑟 | | --- | --- | --- | | 编辑 | | 小白 | 过去"扫大街"都是衙门的活儿，如今也成了门开放行当。 环卫市场化，指的是将原本由政府事业单位负责的清扫保洁、垃圾清运等公共服务，通过公开招标等 方式，转由专业环卫企业运营，从"自己动手"变成了"花钱买服务"。 这背后究竟是怎样一门生意呢？ 近期风云君关注到，一家专门的环卫公司——中环洁集团股份有限公司（"中环洁"）正卯着劲想冲进 北交所，目前已经过三轮问询。以这家公司为样本，或许可以帮我们一探究竟。 | | | | | | | | 早1V: 月 几 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | 2024年1月-6月 | | 2023 年度 | | 2022 年度 | | 2021 年度 | | | | 金额 | 比例 | 金额 | 比例 | 金额 | 比例 | 金额 | 比例 | | | | (%) | | (%) | | (%) | | (%) | | 人工成本 | 48.889.55 | 64.63 | 1 ...